Private equity haiku&#42 of the month

In the fourth of a series, PEI applies an ancient art form to a modern (private equityrelated) setting:

Gulping down prime rib At the annual meeting Is it our last meal?

*Haiku is a short, naturalistic form of Japanese poetry, which first began as a kind of humorous light verse, known alternatively as haikai or hokku. It has three lines with 5, 7 and 5 syllables, respectively.

QUOTABLES
“I don't need the government's help in structuring my compensation. I get all the help I need from my partners.”

John Canning, chairman of Chicago-based private equity firm Madison Dearborn, tells Reuters that compensation might be a major (and unwelcome) focus of any partnership between government and the private sector

“We have a beer drinking investment strategy. We only invest in countries which drink more beer than wine.”

Ian Armitage, chief executive of London-based HgCapital, provides a surprising insight into his firm's strategic approach at a roundtable organised by the Association of Investment Companies

“It was on my list of things to get around to.”

Tom Wamberg, investment partner at Florida-based limited liability company WK CG investment, quoted in the Wall Street Journal about a missed capital call that resulted in a lawsuit being issued against WK CG by private equity firm CapGen Capital Advisors. Another investor in CapGen's fund, Chalice Fund, also received a lawsuit for the same reason

“I heard you – I heard you – very clear.”

Financial Accounting Standards Board chairman Robert Herz at a US House Financial Services Committee hearing on March 12 in which he was urged by lawmakers to revise fair value accounting rules. In early April, new FASB guidelines were announced giving GPs more room for manoeuvre in pricing investments

“Attorney General Andrew Cuomo may well have hit the mother lode in his investigation of endemic corruption in the state pension funds.”

Editorial in the New York Post concerning New York AG Cuomo's charges against political fixers who took sham finder fees from private funds (see p. 12)