March 2016 Issue

    Privately Speaking: Aberdeen's Andrew McCaffery

    Aberdeen Asset Management’s global head of alternatives explains how most of the building blocks are in place to make the firm's next phase all about organic growth.

    Data Room: 2016 outlook survey

    Private equity fund managers in North America appear to have a significantly more gloomy outlook for 2016 than their European cousins,

    Roundtable: Calm before the European mid-market storm

    Increasingly perceived as a steady ship in a sea of volatility, investors are clamouring to get into the European mid-market, but they should beware of clouds on the horizon.

    First Round: Dry Powder is a Broadway star

    The 'deliciously funny' world of private equity has finally made it to the stage.

    First Round: Trusting in Donald Trump

    The founder of Colony Capital, Tom Barrack, is a proud backer of his 'humble' and 'kind' friend.

    First Round: Leon Black's Picasso problem

    The Apollo chief executive has found himself in the centre of a row between the Picasso family, Larry Gagosian, the art dealer, and Qatari royalty.

    How Permira bought the China arm of Unitas Capital

    With Unitas's Shanghai team contemplating its next step and Permira exploring how to reach the next level in Asia, the deal seems a win-win.

    Deal Mechanic: Altor's prescription for success

    Altor Equity Partners capitalised on an opportunity presented by deregulation of the Swedish pharmacy sector to create an industry leader with Apotek Hjärtat.

    Is private equity's British care home model ageing badly?

    The UK’s care homes are nearly all private equity-owned, but the business model has become more challenging for fund managers including the sector’s largest operator, Terra Firma.

    Secondaries offer a new lease of life

    A generation of funds reaching the end of their lives coupled with longer hold periods means firms poised to take advantage of secondaries are in for a big year.

    Funds of funds: proving their worth

    The fund of funds market has been evolving to meet LP demands – so much so that some managers balk at being labelled as such given their growing capabilities and business lines.

    How private equity is adapting to DC pensions

    The growth of defined contribution pensions is creating a wave of innovation in private equity.

    Valuation: The GP's biggest challenge

    Using fair value has become routine for general partners, but measuring private equity assets isn't getting any easier.

    LP Radar: Keep calm and power on

    Investors are standing by their current energy investments despite falling oil prices, but whether or not they continue to pour as much money into energy funds — and back the same GPs — remains to be seen.

    Investor Base: Relentless regulation

    The importance of reporting has seen a huge rise, according to a survey by EY with Private Equity International.

    PEI Awards 2015: Game changer of the year

    Ruulke Bagijn, CIO of private markets for Dutch pension PGGM, has emerged as one of the most influential private equity voices in Europe.

    PEI Awards 2015: EMEA winners

    The biggest deals and the most successful firms in Europe, the Middle East and Africa.

    PEI Awards 2015: Americas winners

    From Canada to South America, the biggest and best firms and deals.

    PEI Awards 2015: Asia winners

    From large-cap firms to frontier dealmakers, the companies that stood out from the pack.

    Annual Review 2015: North America at the turning point

    High purchase price multiples, rising leverage levels and strong proceeds from realisations: 2015 started well for US private equity, before ominous questions began to be asked.

    Annual Review 2015: Europe's year of the exit

    GPs spent 2015 exiting at high multiples and with compelling returns as they took advantage of investors hungry to buy.

    Annual Review 2015: Asia's rising spenders, falling market

    Consumer sector plays were one of the drivers of Asian private equity activity last year, with China a key market despite slowing economic growth.

    Annual Review 2015: Emerging markets rollercoaster

    Despite a testing 2015, market participants were enthusiastic about opportunities in a number of emerging and ‘frontier’ markets.

    Annual Review 2015: Spotlight on direct and co-investing

    The growing appetite among limited partners for co-investment and direct opportunities dominated conversations about market trends in 2015.

    Annual Review 2015: The key data

    It was another strong 12 months for the private equity industry, with average fund sizes at their highest since 2010, according to PEI Research & Analytics.

    Annual Review 2015: Predictions for the year ahead

    Ten things that almost certainly won’t happen in 2016, courtesy of the PEI brains trust.