Little did we know we'd be setting a trend with our now well-established “Haiku of the month”. London's Evening Standard newspaper recently launched a haiku competition for Londoners, which it says has elicited thousands of entries – some of which have been projected onto a giant screen at Kings Cross rail station. The haikus – which controversially allow more or less syllables than the traditional 17 – are all on the subject of London in summer. One example from the Standard's thisislondon.co.uk website goes as follows:
What should annoy me Instead makes me love you more London is my home
Our haikus are, of course, private equity-focused. This in mind, our adaptation of the poem runs as follows:
New rules annoy me They make me move to Jersey London's not my home
“We have learned a lot and will coordinate ourselves better. Things needed to change and effectively the changes have already happened.”
Doerte Hoeppner, general manager of the German private equity and venture capital association BVK, tells members of the press that Europe's national private equity trade associations are forging closer ties with their Brussels-based counterpart the European Private Equity and Venture Capital Association.
“Buying companies never causes issues. It's when you exit a company with a big profit that you suffer negative publicity.”
Jay Kim, a partner at The Riverside Company in South Korea, comments on the attitude of the country's media towards private equity in sister publication PEI Asia.
“Russians are probably more used to crises than anyone else, but the boom of the last ten years has spoilt us.”
Moscow-based Giedrius Pukas, former chief investment officer of Troika Capital Partners and now founder of start-up firm Quadro Capital Partners, tells PEI that even among Russia's battle-worn business managers, not everyone is equipped to deal with the current downturn.
“Scarce capital, slower returns and political uncertainty are the immediate future for our industry. Living with these conditions will require all our celebrated spirit of partnership.”
Jeremy Coller, founder of secondaries firm Coller Capital and PEI's 2009 Private Equity Leader Award winner, adds an extra dose of realism to his firm's survey of limited partner sentiment. The Summer 2009 Coller Capital Global Private Equity Barometer found that investors expect a quarter of today's GPs to be unable to raise a new fund over the next seven years – in other words, to go out of business.