November 2007 Issue


    Month: November
    Year: 2007

    Back to Print Editions

    Fundraising Special(10)

    Banks and investment groups may have found a cure for debt indigestion in the form of the hung bridge fund. By Andy Thomson.

    BIG RIVERSTONE(4)

    As energy deals surge, a New York sector specialist is seeking billions in fresh commitments.

    BIG RIVERSTONE(3)

    As energy deals surge, a New York sector specialist is seeking billions in fresh commitments.

    I KNOW WHAT YOU DID LAST SUMMER(4)

    A reconstituting deal market may find some of its participants feeling sheepish about how they behaved during crunch time.

    I KNOW WHAT YOU DID LAST SUMMER(3)

    A reconstituting deal market may find some of its participants feeling sheepish about how they behaved during crunch time.

    DUBENS' LATEST VENTURE(4)

    Serial entrepreneur Peter Dubens has launched a mid-market private equity fund with a difference.

    DUBENS' LATEST VENTURE(3)

    Serial entrepreneur Peter Dubens has launched a mid-market private equity fund with a difference.

    PEO 2.0:<br/>HAIR SHIRTS ALL ROUND(4)

    Nicholas Lockley, editor of PrivateEquityOnline.com, looks behind the recent headlines on the web.

    A CONSERVATIVE FUTURE(4)

    Those hoping for the LBO market to take up where it left off may be in for disappointment.

    PEO 2.0:<br/>HAIR SHIRTS ALL ROUND(3)

    Nicholas Lockley, editor of PrivateEquityOnline.com, looks behind the recent headlines on the web.

    A CONSERVATIVE FUTURE(3)

    Those hoping for the LBO market to take up where it left off may be in for disappointment.

    STEVEN RIMMER<br/>CHIEF EXECUTIVE OFFICER<br/>GUGGENHEIM AVIATION PARTNERS(4)

    Washington-based Guggenheim Aviation Partners closed its second fund on $737 million ( e520 million) in late September. Fund II was substantially bigger than its predecessor, which closed on $278 million in June 2005. But the firm's strategy, which looks set to benefit from the dislocation in the credit markets, remains the same. Founder Steve Rimmer was previously founder of Curtis Power Company, an aircraft engine leasing firm that was sold to General Electric. He then partnered with Guggenheim Capital to get his current venture off the ground. Guggenheim Aviation Partners manages funds that acquire and lease aircraft, seeking assets that are undervalued by rating agencies and industry players. Part of the firm's strategy involves converting passenger carriers into aircraft cargo ? a market that the firm believes is currently underserved. Private Equity International spoke with Rimmer about his plans for the new fund, credit market developments and new players in the space.

    LONDON CALLING(4)

    The London Stock Exchange has launched a new market in an attempt to lure fund listings away from Amsterdam.

    STEVEN RIMMER<br/>CHIEF EXECUTIVE OFFICER<br/>GUGGENHEIM AVIATION PARTNERS(3)

    Washington-based Guggenheim Aviation Partners closed its second fund on $737 million ( e520 million) in late September. Fund II was substantially bigger than its predecessor, which closed on $278 million in June 2005. But the firm's strategy, which looks set to benefit from the dislocation in the credit markets, remains the same. Founder Steve Rimmer was previously founder of Curtis Power Company, an aircraft engine leasing firm that was sold to General Electric. He then partnered with Guggenheim Capital to get his current venture off the ground. Guggenheim Aviation Partners manages funds that acquire and lease aircraft, seeking assets that are undervalued by rating agencies and industry players. Part of the firm's strategy involves converting passenger carriers into aircraft cargo ? a market that the firm believes is currently underserved. Private Equity International spoke with Rimmer about his plans for the new fund, credit market developments and new players in the space.

    LONDON CALLING(3)

    The London Stock Exchange has launched a new market in an attempt to lure fund listings away from Amsterdam.

    NEVER MIND THE BABY(4)

    The UK government's proposed taxation of capital gains is a case study in clumsy policy-making.

    NEVER MIND THE BABY(3)

    The UK government's proposed taxation of capital gains is a case study in clumsy policy-making.

    FOR BETTER OR WORSE(4)

    FOR BETTER OR WORSE 2007-11-01 Staff Writer Number of Google hits for following phrases (as at 15 October 2007):1. Private equity value creation: 2.08m2. Private equity job losses: 2.07m3. Private equity financial engineering: 2.00m4. Private equity positive contribution: 1.94m5.

    ALTERNATIVE ENERGY(4)

    Richard Branson's first institutional private equity fund is focused on green initiatives. Nicholas Lockley finds that the bottom line, more than a sense of altruism, is what drives the fund's investment team.

    FOR BETTER OR WORSE(3)

    FOR BETTER OR WORSE 2007-11-01 Staff Writer Number of Google hits for following phrases (as at 15 October 2007):1. Private equity value creation: 2.08m2. Private equity job losses: 2.07m3. Private equity financial engineering: 2.00m4. Private equity positive contribution: 1.94m5.

    FIRST ROUND(4)

    FIRST ROUND 2007-11-01 Staff Writer Christopher Flowers is probably best known as the billionaire private equity guru who has played a role in the resuscitation of many banking groups around the world. He is currently being touted as a potential saviour of Northern Rock, the British bank battered by the sub-

    ALTERNATIVE ENERGY(3)

    Richard Branson's first institutional private equity fund is focused on green initiatives. Nicholas Lockley finds that the bottom line, more than a sense of altruism, is what drives the fund's investment team.

    A CODE WITH CLOUT(4)

    Changes have taken place in Spain's takeover climate following the adoption of a new Takeover Code earlier this year.

    FIRST ROUND(3)

    FIRST ROUND 2007-11-01 Staff Writer Christopher Flowers is probably best known as the billionaire private equity guru who has played a role in the resuscitation of many banking groups around the world. He is currently being touted as a potential saviour of Northern Rock, the British bank battered by the sub-

    OAR INSPIRING(4)

    OAR INSPIRING 2007-11-01 Staff Writer For some, just taking part is not enough. You have to raise the biggest fund. Do the largest deal. Make the most money. In short, winning is what it is all about – because that's how you show the world who's best. And the point is, the world has to

    A CODE WITH CLOUT(3)

    Changes have taken place in Spain's takeover climate following the adoption of a new Takeover Code earlier this year.

    IBERIA II(4)

    Changes in the law are set to allow Spain's pension funds access to private equity. Toby Lewis reports.

    OAR INSPIRING(3)

    OAR INSPIRING 2007-11-01 Staff Writer For some, just taking part is not enough. You have to raise the biggest fund. Do the largest deal. Make the most money. In short, winning is what it is all about – because that's how you show the world who's best. And the point is, the world has to

    DISTRESSED SALE(4)

    DISTRESSED SALE 2007-11-01 Staff Writer It sounds like a turnaround opportunity to us. After ignominiously losing three straight post-season games in early October, the Chicago Cubs baseball team has now gone 99 years without a World Series win. The Boston Red Sox, who hadn't won a World Series since 1918, b

    IBERIA II(3)

    Changes in the law are set to allow Spain's pension funds access to private equity. Toby Lewis reports.

    IBERIA(4)

    A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.

    DISTRESSED SALE(3)

    DISTRESSED SALE 2007-11-01 Staff Writer It sounds like a turnaround opportunity to us. After ignominiously losing three straight post-season games in early October, the Chicago Cubs baseball team has now gone 99 years without a World Series win. The Boston Red Sox, who hadn't won a World Series since 1918, b

    Editor's letter(4)

    Editor's letter 2007-11-01 Staff Writer A recent survey conducted by global financial services giant Citi has confirmed a large and increasing appetite for allocations to private equity. Of the 50 pension fund chief investment officers canvassed, 75 percent said they will increase their allocation to the ass

    IBERIA(3)

    A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.

    Editor's letter(3)

    Editor's letter 2007-11-01 Staff Writer A recent survey conducted by global financial services giant Citi has confirmed a large and increasing appetite for allocations to private equity. Of the 50 pension fund chief investment officers canvassed, 75 percent said they will increase their allocation to the ass

    Fundraising Special(4)

    Banks and investment groups may have found a cure for debt indigestion in the form of the hung bridge fund. By Andy Thomson.

    FUNDRAISING SPECIAL(3)

    Over the following two pages you will find the responses of leading private equity professionals to the following question: “What do you think will be some of the key themes in relation to private equity fundraising over the next year?”

    ASSET CLASS(2)

    Katja Salovaara explains why the market lull will not divert Finnish pension Ilmarinen from increasing its commitment to private equity. By Andy Thomson.

    DEVELTHE RUSH TO RENEWABLES: PART ONE(2)

    Investors are piling into the renewable energy sector, but are in danger of overlooking the best opportunities. In the first of a two-part feature Sam Richardson, an investment director at London-based venture capital firm E-Synergy, considers right and wrong approaches. Part two, in the next issue of PEI, will look at the attitude of institutions toward renewable energy.

    DIGITAL ON THE GO(2)

    EchoStar's $380m purchase of Sling Media is just reward for a bold bet on digital media content possibilities, says Dave Keating.

    CARBON-CUTTING CAPITAL(2)

    Silicon Valley's Bessemer Venture Partners will go “carbon neutral” by the end of the year, a step that few other private equity firms appear poised to take. Jennifer Harris reports.

    BOGOTA'S BRAND NAME INVESTOR(2)

    A GP with big ambitions is putting Colombia on the private equity map.

    ZEPHYR'S PRINCELY SUM(2)

    An African buyout fund has got off to a flyer on the fundraising trail, thanks to a little help from Saudi Arabian royalty.

    BACK TO THE FUTURE(2)

    Permira, a leading leveraged buyout proponent, returns to its growth capital roots.

    A RE-EVALUATION OF RISK(2)

    The liquidity crisis may question assumptions regarding the nature of Asian investment risk.

    BACK IN THE GAME(2)

    Morgan Stanley continues to strengthen its private equity team as it raises a $6bn global fund – just three years after spinning out its in-house PE group.

    PLAYING BY THE RULES(2)

    Carlyle Group has hired international trade lawyer David Marchick as an in-house regulatory expert.

    AMERICAN SECONDARY(2)

    Amid a tight capital market, American Capital has monetised a chunk of its vast portfolio.

    BIG RIVERSTONE(2)

    As energy deals surge, a New York sector specialist is seeking billions in fresh commitments.

    I KNOW WHAT YOU DID LAST SUMMER(2)

    A reconstituting deal market may find some of its participants feeling sheepish about how they behaved during crunch time.

    DUBENS' LATEST VENTURE(2)

    Serial entrepreneur Peter Dubens has launched a mid-market private equity fund with a difference.

    A CONSERVATIVE FUTURE(2)

    Those hoping for the LBO market to take up where it left off may be in for disappointment.

    PEO 2.0:<br/>HAIR SHIRTS ALL ROUND(2)

    Nicholas Lockley, editor of PrivateEquityOnline.com, looks behind the recent headlines on the web.

    LONDON CALLING(2)

    The London Stock Exchange has launched a new market in an attempt to lure fund listings away from Amsterdam.

    STEVEN RIMMER<br/>CHIEF EXECUTIVE OFFICER<br/>GUGGENHEIM AVIATION PARTNERS(2)

    Washington-based Guggenheim Aviation Partners closed its second fund on $737 million ( e520 million) in late September. Fund II was substantially bigger than its predecessor, which closed on $278 million in June 2005. But the firm's strategy, which looks set to benefit from the dislocation in the credit markets, remains the same. Founder Steve Rimmer was previously founder of Curtis Power Company, an aircraft engine leasing firm that was sold to General Electric. He then partnered with Guggenheim Capital to get his current venture off the ground. Guggenheim Aviation Partners manages funds that acquire and lease aircraft, seeking assets that are undervalued by rating agencies and industry players. Part of the firm's strategy involves converting passenger carriers into aircraft cargo ? a market that the firm believes is currently underserved. Private Equity International spoke with Rimmer about his plans for the new fund, credit market developments and new players in the space.

    NEVER MIND THE BABY(2)

    The UK government's proposed taxation of capital gains is a case study in clumsy policy-making.

    FOR BETTER OR WORSE(2)

    FOR BETTER OR WORSE 2007-11-01 Staff Writer Number of Google hits for following phrases (as at 15 October 2007):1. Private equity value creation: 2.08m2. Private equity job losses: 2.07m3. Private equity financial engineering: 2.00m4. Private equity positive contribution: 1.94m5.

    FIRST ROUND(2)

    FIRST ROUND 2007-11-01 Staff Writer Christopher Flowers is probably best known as the billionaire private equity guru who has played a role in the resuscitation of many banking groups around the world. He is currently being touted as a potential saviour of Northern Rock, the British bank battered by the sub-

    ALTERNATIVE ENERGY(2)

    Richard Branson's first institutional private equity fund is focused on green initiatives. Nicholas Lockley finds that the bottom line, more than a sense of altruism, is what drives the fund's investment team.

    A CODE WITH CLOUT(2)

    Changes have taken place in Spain's takeover climate following the adoption of a new Takeover Code earlier this year.

    OAR INSPIRING(2)

    OAR INSPIRING 2007-11-01 Staff Writer For some, just taking part is not enough. You have to raise the biggest fund. Do the largest deal. Make the most money. In short, winning is what it is all about – because that's how you show the world who's best. And the point is, the world has to

    IBERIA II(2)

    Changes in the law are set to allow Spain's pension funds access to private equity. Toby Lewis reports.

    DISTRESSED SALE(2)

    DISTRESSED SALE 2007-11-01 Staff Writer It sounds like a turnaround opportunity to us. After ignominiously losing three straight post-season games in early October, the Chicago Cubs baseball team has now gone 99 years without a World Series win. The Boston Red Sox, who hadn't won a World Series since 1918, b

    IBERIA(2)

    A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.

    Editor's letter(2)

    Editor's letter 2007-11-01 Staff Writer A recent survey conducted by global financial services giant Citi has confirmed a large and increasing appetite for allocations to private equity. Of the 50 pension fund chief investment officers canvassed, 75 percent said they will increase their allocation to the ass

    Fundraising Special(2)

    Banks and investment groups may have found a cure for debt indigestion in the form of the hung bridge fund. By Andy Thomson.

    FUNDRAISING SPECIAL

    Over the following two pages you will find the responses of leading private equity professionals to the following question: “What do you think will be some of the key themes in relation to private equity fundraising over the next year?”

    Embracing the cycle

    Oaktree Capital Management is an alternative asset manager well placed to profit from this summer's liquidity crisis. In a rare interview, co-founder and chairman Howard Marks talked with PEI about changes in market cycles, his firm's innovative investment approach and the decision to float its management company, on Goldman's private exchange.

    ASSET CLASS

    Katja Salovaara explains why the market lull will not divert Finnish pension Ilmarinen from increasing its commitment to private equity. By Andy Thomson.

    DEVELTHE RUSH TO RENEWABLES: PART ONE

    Investors are piling into the renewable energy sector, but are in danger of overlooking the best opportunities. In the first of a two-part feature Sam Richardson, an investment director at London-based venture capital firm E-Synergy, considers right and wrong approaches. Part two, in the next issue of PEI, will look at the attitude of institutions toward renewable energy.

    DIGITAL ON THE GO

    EchoStar's $380m purchase of Sling Media is just reward for a bold bet on digital media content possibilities, says Dave Keating.

    CARBON-CUTTING CAPITAL

    Silicon Valley's Bessemer Venture Partners will go “carbon neutral” by the end of the year, a step that few other private equity firms appear poised to take. Jennifer Harris reports.

    BOGOTA'S BRAND NAME INVESTOR

    A GP with big ambitions is putting Colombia on the private equity map.

    ZEPHYR'S PRINCELY SUM

    An African buyout fund has got off to a flyer on the fundraising trail, thanks to a little help from Saudi Arabian royalty.

    BACK TO THE FUTURE

    Permira, a leading leveraged buyout proponent, returns to its growth capital roots.

    PEO 2.0:<br/>HAIR SHIRTS ALL ROUND

    Nicholas Lockley, editor of PrivateEquityOnline.com, looks behind the recent headlines on the web.

    A RE-EVALUATION OF RISK

    The liquidity crisis may question assumptions regarding the nature of Asian investment risk.

    STEVEN RIMMER<br/>CHIEF EXECUTIVE OFFICER<br/>GUGGENHEIM AVIATION PARTNERS

    Washington-based Guggenheim Aviation Partners closed its second fund on $737 million ( e520 million) in late September. Fund II was substantially bigger than its predecessor, which closed on $278 million in June 2005. But the firm's strategy, which looks set to benefit from the dislocation in the credit markets, remains the same. Founder Steve Rimmer was previously founder of Curtis Power Company, an aircraft engine leasing firm that was sold to General Electric. He then partnered with Guggenheim Capital to get his current venture off the ground. Guggenheim Aviation Partners manages funds that acquire and lease aircraft, seeking assets that are undervalued by rating agencies and industry players. Part of the firm's strategy involves converting passenger carriers into aircraft cargo ? a market that the firm believes is currently underserved. Private Equity International spoke with Rimmer about his plans for the new fund, credit market developments and new players in the space.

    BACK IN THE GAME

    Morgan Stanley continues to strengthen its private equity team as it raises a $6bn global fund – just three years after spinning out its in-house PE group.

    PLAYING BY THE RULES

    Carlyle Group has hired international trade lawyer David Marchick as an in-house regulatory expert.

    AMERICAN SECONDARY

    Amid a tight capital market, American Capital has monetised a chunk of its vast portfolio.

    ALTERNATIVE ENERGY

    Richard Branson's first institutional private equity fund is focused on green initiatives. Nicholas Lockley finds that the bottom line, more than a sense of altruism, is what drives the fund's investment team.

    BIG RIVERSTONE

    As energy deals surge, a New York sector specialist is seeking billions in fresh commitments.

    A CODE WITH CLOUT

    Changes have taken place in Spain's takeover climate following the adoption of a new Takeover Code earlier this year.

    I KNOW WHAT YOU DID LAST SUMMER

    A reconstituting deal market may find some of its participants feeling sheepish about how they behaved during crunch time.

    IBERIA II

    Changes in the law are set to allow Spain's pension funds access to private equity. Toby Lewis reports.

    DUBENS' LATEST VENTURE

    Serial entrepreneur Peter Dubens has launched a mid-market private equity fund with a difference.

    IBERIA

    A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.

    A CONSERVATIVE FUTURE

    Those hoping for the LBO market to take up where it left off may be in for disappointment.

    LONDON CALLING

    The London Stock Exchange has launched a new market in an attempt to lure fund listings away from Amsterdam.

    NEVER MIND THE BABY

    The UK government's proposed taxation of capital gains is a case study in clumsy policy-making.

    FOR BETTER OR WORSE

    FOR BETTER OR WORSE 2007-11-01 Staff Writer Number of Google hits for following phrases (as at 15 October 2007):1. Private equity value creation: 2.08m2. Private equity job losses: 2.07m3. Private equity financial engineering: 2.00m4. Private equity positive contribution: 1.94m5.

    FIRST ROUND

    FIRST ROUND 2007-11-01 Staff Writer Christopher Flowers is probably best known as the billionaire private equity guru who has played a role in the resuscitation of many banking groups around the world. He is currently being touted as a potential saviour of Northern Rock, the British bank battered by the sub-

    OAR INSPIRING

    OAR INSPIRING 2007-11-01 Staff Writer For some, just taking part is not enough. You have to raise the biggest fund. Do the largest deal. Make the most money. In short, winning is what it is all about – because that's how you show the world who's best. And the point is, the world has to

    DISTRESSED SALE

    DISTRESSED SALE 2007-11-01 Staff Writer It sounds like a turnaround opportunity to us. After ignominiously losing three straight post-season games in early October, the Chicago Cubs baseball team has now gone 99 years without a World Series win. The Boston Red Sox, who hadn't won a World Series since 1918, b

    Editor's letter

    Editor's letter Staff 2007-11-01 Writer A recent survey conducted by global financial services giant Citi has confirmed a large and increasing appetite for allocations to private equity. Of the 50 pension fund chief investment officers canvassed, 75 percent said they will increase their allocat