March 2013 Issue

    A second look at secondaries(2)

    A report suggests secondary buyouts actually deliver better returns than primary deals, with less risk. But M&A activity is crucial – and that’s not easy at the moment

    Building Bridges(2)

    In the 10 years since the launch of Bridges Ventures, the UK group has witnessed a sea change in the way LPs think about social investment

    Findus and the weakest link(2)

    Findus’s implication in the UK horse meat scandal has illustrated how damaging supply chain issues can be to a portfolio company’s performance and reputation. But to what extent can GPs mitigate these risks?

    On the Record: Paul Yang of China Development Bank(2)

    Founded more than 50 years ago, Taiwan-based China Development Industrial Bank has now launched a private equity arm, CDIB Capital International, which already has 14 investments based on a mainland China ‘corridor’ strategy. Paul Yang, president and chief executive of the Bank and founder and chairman of CDIB, explains their different approaches.

    Nicholas Pye: Added value(2)

    Pye gets caught napping on value creation

    Deal Mechanic: Navis & TrimCo(2)

    TrimCo in 2005 was a small Hong Kong-based supplier of care-and-content labels to apparel brands that manufactured in Southern China. It was a 30-year-old, family-owned shop that had reached a plateau – just the kind of business that appeals to Navis Capital Partners, a small-cap buyout firm based in Malaysia.

    First Round: Heinz boss on the sauce(2)

    Lessons in leadership from Heinz CEO William Johnson

    First Round: Rubenstein and inglorious Congress(2)

    Why David Rubenstein thinks politicians are like giant pandas

    Turkey roundtable 2013: Maturing nicely?(2)

    Turkey has been tipped for some time to become a hotbed of private equity activity, given its geographic position between Europe and Asia and its strong supply of founder- and family-owned companies ripe for expansion. Now, nearly a decade since Turkish private equity got its start, and with GDP growth forecast to hit 5% in 2013, PEI talks to four of the market’s key players to find out if Turkish private equity is finally set to take off.

    First Round: Tony James's moment of clarity(2)

    Tony James, and the evils of 'clarity equity'

    Investor Base: LPs strengthen funds business(2)

    Two major LPs have been busy strengthening their traditional fund commitment operations.

    LP Radar: Ill-defined commitments(2)

    The shift from defined benefit to defined contribution models is already underway at US pension systems – which means alternative asset managers need to start offering different structures and relationships, writes Christopher Witkowsky.

    Slower, but smarter(2)

    China’s slowing GDP growth is squeezing retailers’ profit margins. But certain subsectors are handling the change better than others – and private equity is keen to take advantage.

    Privately Speaking: New Mexico State Investment Council(2)

    Only a few short years after it was torn apart by a pay-to-play scandal, the New Mexico State Investment Council has re-established itself as one of the most important limited partners in the industry, delivering top quartile returns. Sam Sutton meets state investment officer Steven Moise and deputy Vince Smith to find out how they turned things around

    Funds of funds Special: Evolving to survive(2)

    Funds of funds found it even harder to raise capital last year, as cash-strapped investors baulked at the extra layer of fees and the extra degree of separation from the underlying assets. What can fund of funds managers do to stay relevant in a changing world? By Jeremy Hazlehurst

    Nicholas Pye: Added value

    Pye gets caught napping on value creation

    Investor Base: LPs strengthen funds business

    Two major LPs have been busy strengthening their traditional fund commitment operations.

    LP Radar: Ill-defined commitments

    The shift from defined benefit to defined contribution models is already underway at US pension systems.

    On the Record: Paul Yang of China Development Bank

    Taiwan-based China Development Industrial Bank has launched a private equity arm, CDIB Capital International.

    Deal Mechanic: Navis & TrimCo

    In seven years Navis' made TrimCo a global player, and grew EBITDA by 3.3x, resulting in a 10x return.

    First Round: Heinz boss on the sauce

    Lessons in leadership from Heinz CEO William Johnson

    First Round: Tony James's moment of clarity

    Tony James, and the evils of 'clarity equity'

    First Round: Rubenstein and inglorious Congress

    Why David Rubenstein thinks politicians are like giant pandas

    Funds of funds Special: Evolving to survive

    What can fund of funds managers do to stay relevant in a changing world?

    Turkey roundtable 2013: Maturing nicely?

    PEI talks to four of the market’s key players to find out if Turkish private equity is finally set to take off.

    A second look at secondaries

    A report suggests secondary buyouts deliver better returns than primary deals, with less risk..

    Building Bridges

    Since Bridges Ventures launched, the UK group has witnessed a change in how LPs think about social investment.

    Findus and the weakest link

    Findus's lasagne showed how supply chain issues can damage a portfolio company  How can GPs mitigate the risks?

    Slower, but smarter

    China’s slowing GDP growth is squeezing retailers’ profit margins...

    Privately Speaking: New Mexico State Investment Council

    Steven Moise and Vince Smith discuss the how New Mexico State Investment Council has turned things around