September 2011 Issue

    Month: September
    Year: 2011

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    Secondaries Special: Secondaries for beginners

    Secondary platforms are helping smaller investors to engage with this burgeoning market. However, some GPs are concerned about the potential risks.

    Secondaries Special: Emerging, slowly

    The International Finance Corporation will anchor a fund raised by Greenpark Capital to target emerging market secondary trades. The market is maturing – but is it mature enough.

    IPO show-stopper

    The private equity-backed US IPO market had appeared to be rebounding after three off-years – but the S&P downgrades put a stop to that

    Secondaries Special: Banks prove prickly

    Banks are likely to provide a great source of dealflow for secondaries specialists in the coming years. But making these deals work will present GPs with some thorny logistical challenges.

    Question mark over MatlinPatterson

    The New York-based firm’s second and third funds have underperformed LPs’ expectations, and some large investments in its most recent fund have struggled. But the firm has some unrealized investments that may yet be game changers

    Making compliance easier

    The best way to deal with constant regulatory change is to embed a compliance culture throughout the organisation – and the impetus has to come from the top, writes Peter Moore of The IMS Group.

    Secondaries Special: Meet the buyers

    The secondaries market has come a long way in a relatively short space of time. Since a handful of pioneers carved out this specialist niche back in the early 1990s, the industry has grown to such an extent that the merry band of early prospectors now looks more like a gold rush.

    Secondaries Special: Meet the sellers

    Financial institutions and public pensions have been the most active sellers on the secondaries market this year, but the friendly pricing environment is also encouraging the likes of endowments and foundations to seek out deals.

    Chasing yield

    High-yield issuance in the US and Europe surged to record levels during the first half of 2011, but the recent market volatility has ensured an uncertain outlook for the rest of the year

    Secondaries Special: You got Skyped!

    Buying and selling in the secondaries market means taking views on specific portfolio companies. But sometimes these views can suddenly be proved entirely wrong.

    Siguler Guff off to a flying start in Brazil

    The fund of funds has already committed $90m to local managers since opening its Brazil office in February – and it’s not the only firm to be bullish about the country’s prospects

    Russia returns

    The merger of Russia’s two biggest exchanges should boost Moscow’ status as a financial centre – but it’s also a feather in the cap for Russian private equity

    Secondaries Special: Crest of a wave

    Changing macroeconomic conditions could impact what so far has been a record-setting year for the secondaries market

    Dunedin’s good sports

    Red Commerce is a UK recruitment company that specialises in SAP experts; founded in 2000, it operates around the world and has built up a roster of more than 200,000 candidates in 80 countries, chalking up profits of £5.5 million in its last financial year. It’s also been a nice little earner for UK mid-market […]

    LETTER FROM … JERSEY: David v. Goliath

    Small offshore island Jersey is lobbying hard to ensure it retains access to Europe’s lucrative capital markets. Nicholas Donato reports

    Buyout execs take sporting chance

    Buyout execs take sporting chance 2011-09-01 Staff Writer It’s not always easy being a private equity executive, especially if you find yourself thrust unwillingly into the public spotlight. Back in 2007, Blackstone’s David Blitzer was one of those dragged before the UK government’s Treasury Select

    Challenge to opportunity

    Scott Edwards of Sun Capital Partners talks to PEI about special situations and recapitalisations. The firm has just generated more than twice its investment via the recap of Exopack, a packaging company built up through a series of add-on deals.

    Intimidation tactics

    The growing trend for LPs to demand private investor sessions without the GP present highlights the limitations of LP advisory committee meetings, writes Christopher Witkowsky.

    Secondaries Special: Securitisation, not secondaries

    Competition is hotting up for large secondary portfolios, driving down returns. But there’s another option for sponsors, debt markets permitting – securitising their assets. Christian Diller and Marco Wulff explain.

    Distant gratification

    Private equity’s benefits are inherently far-away benefits. This needs to be stressed again and again.

    Trouble in Taiwan

    KKR’s recently blocked bid for a Taiwanese electronics maker has left onlookers wondering whether private equity is really welcome on the island

    Full of Eastern promise

    Turkey’s attractive fundamentals are generating high levels of private equity interest from foreign and local funds. But the increased competition brings fresh challenges, writes Vicky Meek

    The Chicago School

    Chicago-based GTCR has one of the most prolific heritages in all of private equity, dating back to the 1980s. As the firm begins to deploy its tenth and largest fund, chairman Bruce Rauner is in the process of handing over leadership to the next generation of principals. Graham Winfrey meets Phil Canfield and Collin Roche, two of the three heirs to the throne.

    Keep calm and carry on

    Does the sovereign debt crisis represent a clear and present danger to the future of European private equity? Or is it creating the most promising market conditions in 20 years? It depends who you ask, writes James Taylor