April 2012 Issue

    Private to Public: Rock and a hard place

    The balance between lobbying policymakers and spreading the private equity gospel is a tough one to strike, writes Amanda Janis.

    CalPERS’ awkward legacy

    The California Public Employees’ Retirement System’s Vista portfolio provides a stark example of the struggles LPs with mature portfolios have in managing out legacy funds, writes Christopher Witkowsky

    LP Radar: Carlyle eases open the lock

    For its sixth fund, Carlyle will allow LPs to sell their fund stakes twice a year, providing an easy path to early liquidity. It won’t be the last to do so, writes Christopher Witkowsky.

    Refinancing wall becomes refinancing hill?

    The “wall of refinancing” looks less precipitous than it did a year ago. But has the private equity industry just postponed its day of reckoning? Sam Sutton reports

    Nicholas Pye, Buyout Guy: The cast list

    Nicholas Pye explains why buyout guys don't always get on with bankers. (Or lawyers. Or PRs)

    Healthcare reform hits inflection point

    The fate of President Barack Obama’s healthcare reforms in the US Supreme Court will have important consequences for private equity

    Deal Mechanic: Gain in cats and dogs

    Three successive periods of private equity ownership have transformed Pets at Home into a billion-pound retail behemoth. James Taylor looks at how it happened

    Fundraising in Asia: Speeding ahead?

    Over 80% of Asian GPs managed to hit their fund targets in under 18 months last year, beating the global average

    Privately Speaking: Michael Kalb of Sun European Partners

    Sun Capital Partners’ European arm has hugely ramped up its activity in the last few years – thanks to a new strategic focus, a willingness to get deals done quickly and a strong emphasis on operating expertise. In March, James Taylor and Philip Borel met Michael Kalb, head of the London office, to find out why Europe has arguably become this US-headquartered firm’s most important market

    Small state aid

    The US Small Business Administration’s efforts to partner with private equity and venture capital firms appeal to both GPs and LPs, writes Graham Winfrey

    Fundraising in 2012: an uphill task

    In this unforgiving fundraising climate, even the very best performers will not find it easy to hit their targets. Other firms may not live to tell the tale. Helen Power reports

    First Round: Tie-break time

    There are some important debates swirling around the world of private equity at the moment: the performance of 2007 vintages, the fee structures of limited partnerships, and the taxation of carried interest, to name but a few. But in the grand scheme of things, there is surely nothing as important as this one: tie or no tie?

    SVG forces through strategy overhaul

    Having overcome vocal opposition from shareholder Coller Capital, SVG Capital is now free to invest beyond Permira. Oliver Smiddy reports

    PE leads the way on ESG

    Whatever private equity’s shortcomings on ESG, a new report suggests it’s doing much better than other asset classes, writes James Taylor

    Know your lender

    Having strong relationships with the right financing sources has become an increasingly important part of private equity investing. Graham Winfrey reports

    Quantifying the value creation challenge

    A new report attempts to quantify just how hard it will be for private equity to maintain returns through operational improvement. James Taylor reports

    Does New York pay too much in fees?

    The state’s $147bn pension system rebuts a senator’s claim that it has paid too much in fees to managers – but its peers have shown that big savings are possible

    On the Record: CalSTRS' Christopher Ailman

    Christopher Ailman, CIO of the $152bn California State Teachers’ Retirement System (CalSTRS), tells PEI why investing is more challenging than ever and why private equity still has something to prove

    Listed private equity: Narrowing the gap

    Listed private equity managers are grappling with a host of issues at present. Despite unfavourable conditions, managers are stoically attempting to realise greater value for shareholders. Oliver Smiddy examines how