December 2009 / January 2010 Issue

    Month: December
    Year: 2009

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    ‘Locusts, tax dodgers and movie fiends’

    The private equity industry promotes itself as a force for societal good – adding value and creating jobs. Some choose to look past these positives, as our list below reveals


    LP intelligence from PrivateEquityOnline and PrivateEquityConnect

    Looking for the next big things

    USS has made substantial progress since its private equity programme was launched in 2007, but reined back new fund commitments in 2009. Head of alternatives Michael Powell tells Andy Thomson why he thinks targeting niche strategies will pay off in the end

    Not everyone likes toxic assets

    The largest pension in the world has declined to join those participating in the US government's programme to revive banks' balance sheets

    Playing politics

    New Jersey's young but growing private equity programme is on hold pending review

    Hitting the right notes

    Government action and a favourable confluence of other factors combined to protect Australia from the worst effects of the crisis. The country's private equity market breathed a sigh of relief – but now finds itself with one or two worries to contend with. Andy Thomson reports

    ‘Still playing catch-up’

    Richard Seewald has been specialising in the Central and Eastern European region for over ten years and is responsible for direct investments and secondary transactions at Swiss-based funds of funds manager Alpha Associates. PEI quizzed him on prospects for private equity in the region

    In search of liquidity

    GPs in Sub-Saharan Africa are reporting tough times on the fundraising trail. Toby Mitchenall examines just how hard it has become

    Haiku of the month

    Behold! A new dawn Hope restored from West to East Dark clouds behind us?

    A capital drought

    In North Africa and the Middle East, investors have been rethinking their strategies. Young firms that raised capital fast and invested at the top of the market are in danger of disappearing, finds Christopher Witkowsky

    Mad management

    Mad management 2010-01-01 Staff Writer The hit television show, Mad Men, introduced a thrilling plot twist in the final episode of the season – a management spin-out! Mad Men, set in a martini-swilling, skirt-chasing early 1960s advertising agency, has won a following largely due to th


    Southeast Asia is often bypassed in favour of the more developed private equity markets of China and India. But Siddharth Poddar finds the region presents a uniquely compelling investment case

    An acquisition too far

    An acquisition too far 2010-01-01 Staff Writer Stifled laughter at the PEI/EMPEA Emerging Markets Private Equity Forum in London as Chip Kaye, co-president of Warburg Pincus, punctuated a typically assured keynote speech with an untypical lapse. Reflecting on the firm's activities in Central and Eastern Euro

    Words can speak louder than actions

    Words can speak louder than actions 2010-01-01 Staff Writer Private equity firms with retailers in their portfolios may be missing a trick. While many GPs are no doubt dedicating considerable operational resource to steering these companies through a tough economic climate, they may find that the endorsement

    The relativity of emergence

    The relativity of emergence 2010-01-01 Staff Writer On the International Finance Corporation (IFC) website can be found the results of a survey conducted by Angus Maddison, a leading British economist. He traced countries' and regions' contributions to world GDP over a timeframe reaching back hundreds of yea

    Green light for the pensions

    Mexico may be set for substantial growth thanks to local institutions finally gaining entry to the asset class. Amanda Janis reports

    Sampa session

    Four veterans of Brazil's young private equity industry gathered in Sao Paulo to discuss a market primed to enter a robust adolescence. By David Snow

    On the rise in a downturn

    The world's emerging private equity markets face many challenges, but are collectively eating into the dominance of their developed counterparts. Andy Thomson reports on how views of prospects have been shaped by the crisis

    In the face of adversity

    As the new chairman of the EVCA, European private equity's industry association, Richard Wilson is now on the frontline of efforts to water down the harshest elements of the controversial EC Directive on Alternative Investment Fund Managers. Andy Thomson discovers that the Apax Partners senior executive is already learning to expect the unexpected

    RMB FUNDS<br/>Keen to commit

    New rules will encourage foreign private equity firms to launch local Chinese funds

    A place for patient capital?

    Why the time may be right for growth investing in the Middle East to garner support

    EUROPEAN VENTURE<br/>Where there's a will, there's a way

    Venture capital luminaries gathered in Berlin to assess current conditions and future prospects. Amanda Janis noted the talking points

    SECONDARY DEALS<br/>Another game of pass-the-parcel

    GPs looking for new deals are looking at each other

    INVESTMENT STRATEGY<br/>Keeping it in the family

    The Brenninkmeijers liked one of their GPs so much, they took it over

    PUBLIC IMAGE<br/>Benefiting from a bailout?

    With rivals subdued, LDC has ramped up its share of UK mid-market deals in 2009 – and courted controversy in the process

    In defence of the quick fix

    Many stressed and distressed portfolio companies have been the subject of balance sheet tinkering rather than deep restructuring. Is this a cause for concern?

    PERFORMANCE<br/>Lesser-known names grab limelight

    An academic who specialises in private equity-related statistics has created a ranking of best-performing GPs. Christopher Witkowsky explores the findings

    <bold>SECONDARY MARKET<br/></bold>Putting faith in GPs

    As minimally funded or unfunded LP interests flood the secondaries market, buyers are gambling on GPs rather than the underlying assets. Christopher Witkowsky reports

    BRAZIL'S MID-MARKET The Sao Paulo-Frankfurt connection

    A new firm in Brazil, launched by Hans Apostel, will target “hidden champions”

    Do managers matter?

    Yes, but often macro factors matter more – yet another reason to decline the ‘automatic re-up’

    The world this month

    The world this month 2010-01-01 Staff Writer PERFORMANCE FUND VALUATIONS MOVING UP Average private equity fund valuations were written up by 5.48 percent in the second quarter of 2009, according to unreleased