October 2011 Issue


    Month: October
    Year: 2011

    Back to Print Editions

    Bullish, or foolish?

    It is either encouraging or troubling that pricing in the secondaries market is holding remarkably steady, writes David Snow.

    Aureos flies the flag in Africa

    Prime Minister David Cameron's visit to Africa included the announcement of Aureos' partnership with the UK government on a high-profile trade initiative.

    Wonderful World for KKR

    The firm's acquisition of Bug Music is not only a sweet tune for investors, but also conversationalists.

    Loving the elevator

    Twitter has breached the doors of one of Wall Street's most secretive firms, and apparently you can't spell genius without a G and a S.

    Taken to the cleaners

    Businesses are turning to an unlikely source of inspiration in an effort to stay ahead of their competition.

    CrunchTime for Arrington

    A popular tech blogger has made the leap from writing to venture capitalism, but not without a hitch.

    Building in China

    Terra Firma recently established a Beijing office to be headed by Bo Shi, a Chinese national who joined the firm in 2008. Shi and chairman Guy Hands explain the firm’s China strategy.

    Fashion friction

    A tangle of lawsuits surrounding the take-private of fashion retailer J. Crew highlight the potential conflicts that arise when executives appear to favour their proposed financial sponsors. By David Snow

    The Vision proposition

    Julian Mash, founder and CEO of Vision Capital, buys private equity-backed companies en gros. It’s a complex technique – and according to Mash, as David Hawkins and Philip Borel learned in September, the private equity industry needs it more than ever

    Never mind the Great Firewall

    A recent piece of Chinese fundraising news was a reminder that some venture veterans are placing their bets on the country’s internet start-ups, despite China’s tough supervision of the web

    Wanted: more control

    Limited partners continue to change the way they invest in private equity – with a little help from some big institutional investors who are new to the asset class, writes Christopher Witkowsky.

    Currency coup

    Chinese private equity pioneer Hony Capital, which is targeting around $2bn for its fifth USD fund, is the first to have done an RMB deal with a USD-denominated vehicle

    Against the odds

    It may be harder to raise a debut fund than it was before the financial crisis – but there’s no sign of manager or investor appetite waning, write James Taylor and Graham Winfrey

    Mexican stand-off

    Regulatory changes are making it easier for Mexican pensions to invest in private equity. But the business community still needs a bit of convincing

    Time to reconsider US venture?

    Forget the dotcom crash – a look at the fundamentals of today’s US venture capital market suggests there could be great opportunities for LPs, writes Nils Rode

    Landesbanken draw back

    The German regional banks only started building their exposure to private equity in the early 2000s. Now, thanks to their bailout terms, they’re getting out again via the secondary market

    Carlyle, uncovered(ish)

    An IPO filing can provide a wealth of previously unknown details about a private equity firm

    Credit to Turkey

    The decision to upgrade Turkey’s local currency credit rating to investment grade comes at a good time for a market that’s full of optimism

    Billion dollar mezz bet

    KKR’s newly raised $1bn mezzanine fund is an illustration of how popular this area has become with limited partners, who are increasingly attracted by its risk/reward profile

    Hard to credit

    A painful debt hangover continues to hamper Spain’s and Portugal’s economic recovery, not to mention the banks’ willingness to lend. But the turbulence is also throwing up opportunities from distressed sellers and previously reluctant family-owned companies, reports Nicholas Donato

    BRIEFING: SWITZERLAND

    With the euro’s fall and the Swiss franc’s ascent, Swiss fund managers are evaluating investments and portfolio management decisions amid great volatility and uncertainty. Oliver Smiddy and James Taylor report

    3i gets relegated

    After falling out of the FTSE 100, Britain’s oldest private equity investor and its chief executive need to deliver some better news soon