October 2013 Issue

    The Legal Power 30

    Who are the most influential lawyers working in the private equity industry today?

    Anti-social AIFMD

    The new EuSEF regulation is vital to protect social investment funds from the excesses of AIFMD, says NESsT’s Eva Varga.

    Too small to fail?

    The success of Synova’s sophomore fundraise shows there’s still plenty of LP appetite for smaller cap UK deals.

    Setter and the secret secondaries

    Setter Capital claims there were $15 billion of secondary deals in the first half of 2013 – more than twice previous estimates. Who’s right?

    Privately Speaking: Bregal Investments

    Bregal Investments is not your standard LP – it looks to take anchor stakes in funds and has been aggressively expanding its direct investment activity across multiple geographies and strategies.

    Nicholas Pye: Kill or be killed

    Everyone’s hopping mad at Big Shop at the moment, courtesy of the news that one of our competitors has just raised a massive new fund in double-quick time.

    A closer look at PE penetration data

    Pitchbook data suggesting that countries are under-served by private equity should be treated with extreme caution.

    GPs find value in RMB fundraising

    Limited scale, conflicts of interest and unrealistic LP demands have put many US dollar fund managers off raising RMB funds – but this may be changing.

    Ramping up returns

    KKR was able to generate approximately $2 billion in about a fortnight for its European Fund II LPs - highlighting the extent of the vehicle's recovery in the last two years.

    ILPA and higher diligence standards

    ILPA prepares a standardised due diligence questionnaire for vetting fund managers, Nicholas Donato looks at the likely pitfalls.

    LP Radar: Expensive expenses

    GPs taking advantage of lax fund expense rules need to get their house in order if they want to preserve strong LP relationships – not to mention avoid SEC scrutiny

    First Round: Spy games

    Here’s some news that will delight advocates of greater transparency in private equity: the CIA has its own private equity firm!

    First Round: Toilet humour

    In these uncertain times, it clearly makes sense to invest in something for which there will be guaranteed sustainable long-term demand. So First Round was intrigued to hear about a Netherlands-based buyout firm that hopes to give new meaning to the expression ‘flushing investors’ money down the toilet’.

    Georgia: PE on its mind

    Georgia’s employees’ retirement system may finally make its first investment in the asset class before the end of the year.

    First Round: Second service

    One of the things First Round admires most in private equity professionals (and indeed other, lesser, mortals) is conviction and constancy – the ability to stick to one’s guns, even in the face of the sternest opposition.

    Latin America: getting warmer?

    Activity levels in Latin America are still way short of 2011 levels – although the recovery of the mid-market does bode well for a region that seemed to be creaking under the weight of excess capital.

    Premium product

    Regulation may be scaring many insurers out of private equity – but the new vehicle of ‘profit with purpose’ investor LeapFrog is proving to be a notable exception.

    Briefing: Switzerland – a safe harbour?

    Switzerland has been unable to avoid the European economic malaise but there are signs it is starting to improve.

    Briefing: India – worries on worries

    India’s private equity market continues to be hampered by exchange rate concerns and structural barriers to portfolio company growth.

    On the Record: Trilantic's Vittorio Pignatti-Morano

    Trilantic Partners Europe has been actively targeting southern Europe. Chairman Vittorio Pignatti-Morano explains why.