Don't even think about provoking our editorial team with the taunt: “What do you want, an award?” Actually, we already have three, we'll fire back.

In November, Private Equity International and private equityOnline.com were honoured in the British Venture Capital Association's Private Equity/Venture Capital Journalist of the Year Awards, with Philip Borel and Nicholas Lockley both receiving gongs. Prior to that Paul Fruchbom, the editor of sister publication Private Equity Real Estate, triumphed in the Media Awards held by M&A International. Allow us to gloat for a moment

Paul, a Southern California native and Harvard man, placed second in the category “Trade Print Press and Electronic Media”. His award came with $1000. In a prepared statement, Paul said: “I'm going to invest the award money in a private equity fund. Or a new set of golf clubs.” At press time, he was still mulling the allocation decision.

“The vast majority of [private equity firms] add value only through financial, rather than operational improvements, If you took any of GE's top managers and told them that you have to bring the [profit] figure from 4 to 7 in three years, and then they could drop the reins, almost any of them could do it.”

Jeffrey immelt, CEO of General Electric, reveals doubts about private equity investors' operational capabilities in an interview with the Financial Times.

“The default of a large private equity-backed company is increasingly inevitable

Hector Sants, managing director for wholesale business at the Financial Services Authority in London, commenting on the FSA's report on buyouts in November.

“A deal could go wrong, but it is not inevitable.”

David Bonderman, founder of Texas Pacific Group, Seaks up in defense of the industry following of FSA report. Addressing a crowd of industry professionals in Hong Kong, Bonderman also commented on the rise of the mega-funds: “There is no sense that fundraising has hit a ceiling. All the big guys believe that they can handle more funds. If Warren Buffett can, why can't Henry Kravis?”