November 2013 Issue

    The PEI LP50: 2013

    The LP50 is a unique new ranking developed by PEI to identify the biggest and most active investors in private equity funds today.

    Nicholas Pye, Buyout Guy: Age before beauty

    Our hero is unimpressed by the new European operating partner (aka the guy who's spent his whole career running companies rather than buying them)

    Data Room: Loan star States

    Leverage levels remain lower than they were in the pre-crisis years - apart from in the US, where the good times seem to be back already.

    Investor Base: Double trouble

    The New York City Employees’ Retirement System is rudderless again, having lost its CIO just months after its head of private equity also quit

    LP Radar: Platform investment

    Online platforms are trying to revolutionise the way investors connect with fund managers. It’s hard to see them ever replacing the existing process — but they can certainly be a helpful additional tool

    Deal Mechanic: Bridges works it out at The Gym

    With The Gym Group, Bridges Ventures developed a business that opened up a whole new market segment in the UK.

    First Round: Runaway success

    On 6 October, Team PEI competed in the Royal Parks Half Marathon in London – and raised more than £26,000 for charity.

    First Round: ffirst out the blocks

    With the US SEC has eased fundraising regulations, First Round looks at a first mover - and suggests some more interesting options.

    First Round: Sour Mellons

    Jimmy Choo founder Tamara Mellon continues to be cross with the private equity people who made her very rich.

    'Australian returns not compelling'

    Australia’s returns are respectable, if not entirely compelling. But LPs seem less concerned about mediocre multiples than they are about getting cash back via realisations.

    Union attacks KKR-owned Alliance Boots over tax

    A trade union attack on KKR-owned Alliance Boots over tax avoidance is unlikely to be the last call for the ‘modernisation of taxation of private equity-backed businesses’.

    Greenpark merger: a solid solution?

    In October, Greenpark Capital announced it had been taken over by StepStone Group. For investors, it’s probably the best possible outcome from a difficult situation.

    Karmijn Kapitaal closes debut fund

    Karmijn Kapitaal closed its debut fund just below its €50m target last month for investments in Netherlands-based businesses partly led by women.

    India: secondary deals to rise?

    Are secondary deals the answer to India’s problems? Or just a way of kicking the can down the road?

    Asia Pacific funds attempt to raise $186 billion

    Why are Asia’s fundraising targets highest in the world when private equity investment in the region seems to be going backwards?

    Nordic Roundtable: Riding out the storm

    The Nordic region’s private equity market is in an enviable position but a number of challenges face the region's managers and investors.  

    Distressed investing: Still no flood

    The expected deluge of distressed deals may not have happened yet — but there are plenty of reasons for investors to be optimistic.

    Special Report: Inside the GP

    Six essays on some of the hottest topics on the minds of private equity COOs and CFOs.

    Privately Speaking: CalPERS 2.0

    After overhauling its entire approach, is CalPERS now ready to start committing $6bn a year to private equity?