March 2012 Issue

    Our money, our problem

    Never mind the US Securities and Exchange Commission enquiry; LPs should have all the protection they need via their own due diligence procedures, writes Christopher Witkowsky

    On the Record: SL Capital Partners' David Currie

    David Currie, chief executive of private equity at SL Capital Partners, talks to PEI about areas where fund of funds managers can still add tangible value.

    Deal Mechanic: Crystal clear

    Waterford Wedgwood, the famous china and crystal company, almost went out of existence in 2009. Three years later it seems to be thriving under its new owner, New York-based turnaround firm KPS. James Taylor talks to the principals involved

    First Round: Brought to heel

    First Round had always got the impression that private equity’s long-standing involvement with Jimmy Choo, the all-conquering designer shoes and accessories empire, had been a rather successful affair. Last year it was sold to German group Labelux for £500 million – nearly three times as much as its most recent private equity owner, Towerbrook Capital Partners, paid for it in 2007.

    Private To Public: Getting real

    Private equity can’t afford to ignore the ongoing controversy around carried interest and taxation

    First Round: A princely commitment

    First Round enjoys the sort of champagne receptions that private equity firms seem to be fond of throwing. But generally, you don’t expect to find placement agents and sausage-makers rubbing shoulders while talking about turning unemployed urban youths into budding horticulturists.

    First Round: Kourtney and Kim take PE

    First Round: Kourtney and Kim take PE 2012-03-02 Having once had the misfortune to see reality TV show ‘Keeping up with the Kardashians’, First Round finds it difficult to believe that Kim, Kourtney and Khloe add much value to anything, much less a private equity portfolio. However, Th

    First Round: An LP worth having

    A few months ago, if you’d asked US rapper Ja Rule for his views on limited partners, he’d probably have thought you were asking about that time he recorded a couple of songs with Jennifer Lopez.

    Co-investment: Why it pays to be diversified

    A Capital Dynamics study suggests that a diversified portfolio of co-investments substantially reduces risk, relative to primary funds, without decreasing the potential for extraordinary returns. By David Smith, Andrew Beaton, Ivan Herger and Maria Prieto

    Investor Base: Looking for love

    Panellists at a recent Harvard Business School private equity conference revealed how the negativity that once existed around secondary transactions has gone away, and the strategy has become essential for GPs.

    Currency hedging: cashing in on special FX

    In volatile markets, currency hedging can make a big difference to returns – and also help on the fundraising trail, write Philip Bowkley and Andrew Brock

    In memoriam: Nigel Doughty

    Nigel Doughty, the co-chairman and co-founder of UK-based private equity firm Doughty Hanson, passed away unexpectedly in February at the age of 54

    Fund of Funds Special: Niche players

    ‘Specialist fund of funds’ may sound like a contradiction in terms – but lurking in the shadows of the the global multi-manager platforms are a lesser known group of players executing niche strategies.

    Fund of Funds Special: Is bigger better?

    In a world where fundraising is harder, clients are more demanding and regulation is more intrusive, scale is becoming increasingly important for funds of funds, writes Helen Power

    Expanding horizons

    Abraaj Capital’s inexorable rise accelerated in February with the acquisition of emerging markets specialist Aureos Capital, writes Oliver Smiddy.

    Privately Speaking: Joe Giannamore of AnaCap Financial Partners

    What happens when you launch a private equity firm dedicated to investing in financial services at a time when asset valuations are so madly inflated you can’t find anything to buy? You adjust your strategy and build start-ups. But then what do you do when Lehman Brothers blows up and turns an already challenging predicament into something altogether more dangerous? Throw in the towel? In his first ever interview, AnaCap Financial Partners founder Joe Giannamore, a former internet entrepreneur and horse riding professional, explains to Philip Borel how and why his firm has managed to get through it all

    Turkey round-table: Back to school

    Domestic regulatory changes and Eurozone troubles are among the issues causing Turkey’s burgeoning private equity industry to re-evaluate the status quo. PEI spoke to four local professionals about these and other challenges – and asked whether they are likely to constrain this exciting market’s potential for growth

    Comparing pay packets

    PEI’s compensation survey provides an intriguing snapshot of the salary packages industry professionals currently command