April 2016 Issue

    Private equity's restaurant feeding frenzy

    The feeding frenzy in Britain's restaurant sector may be coming to an end.

    Deal Mechanic: Citation

    ECI Partners transformed the culture at employment law and health and safety solutions business Citation to triple EBITDA and deliver an impressive return.

    Privately Speaking: PRIM's Mass appeal

    CIO Michael Trotsky and director of private equity Michael Bailey explain how PRIM intends to remain one of the best performing private equity programmes in the US.

    From unicorn to uni-corpse?

    The technology firm's staff are being targeted by a flyer campaign.

    MassPRIM: On dealing with 2015

    A challenging 12 months had a silver lining, says PRIM's CIO Michael Trotsky.

    Pack your skis if you want to work for Partners Group

    Private equity R&R reaches a new peak in Colorado.

    The venture capitalist's beach it costs $10 to walk along

    Vinod Khosla, co-founder of Sun Microsystems, appears to be drawing a line in the sand over access to his property.

    BC Partners breaks America

    BC Partners' investment in PetSmart, which is already returning capital to investors less than a year in, demonstrates the firm’s strengths as it seeks to raise €7bn for its 10th offering.

    'Brexit' puts a freeze on private equity deals

    The upcoming UK referendum on EU membership adds to an already uncertain global economic picture and is putting a brake on deal activity.

    Clashing over capital gains

    The taxation of carried interest has been a contentious issue for more than a decade, but tensions have reached a new level in the UK.

    Advent's 'comfortable' $13bn

    The global buyout firm has closed its eighth flagship vehicle, overshooting its $12bn target.

    Data Room: Pensions seek alternatives

    More private equity and better governance are increasingly on the shopping list of retirement funds, according to a State Street survey.

    Fundraising: Management fees

    Fundraising wild card: Questions are being asked over whether current fees arrangements are fair to investors.

    Fundraising: Carry structures

    Fundraising wild card: A benign fundraising environment is leading to innovative fund terms.

    Fundraising: Stapled secondaries

    Fundraising wild card: Managers are growing increasingly fond of fast-track fundraising.

    Fundraising: Relationship consolidation

    Fundraising wild card: Where CalPERS leads other LPs follow, and that could mean worrying news from some firms.

    Fundraising: Co-investment

    Fundraising wild card: The days of a GP investing alone are long gone.

    Fundraising: Shareholder activism

    Fundraising wild card: Strategies can be distracted by disruptive shareholders - or saved from misguided GPs.

    Fundraising: Long-term fund structures

    Fundraising wild card: Mega firms are increasingly marketing vehicles that break from the typical 10-year investments.

    Fundraising: Placement agents

    Placement agents may be threatened by in-house teams and electronic platforms, but they still have their place in the modern fundraising market.

    Japan Special: Is 2016 the year?

    Every year the private equity community in Japan hopes for increased dealflow and for its institutional investors to enter the asset class. In 2016, the hope is stronger than ever.

    Japan Special: Made in Japan

    With an ageing population and declining consumption, private equity firms are increasingly looking to overseas markets to create value.

    Japan Special: Roundtable

    Five industry veterans pass their verdict on the Japanese corporate landscape, its challenges and the rewards of investing in the country.

    Japan Special: Deal mechanic

    Tokio Marine Capital built Bushu Pharmaceuticals into Japan’s number one drug contract manufacturing company and a top 10 global player.

    Japan Special: LP watchlist

    Japan’s most active LPs have made more than 50 commitments to funds focused on the country since 2010.

    Legal Special: The implications of Brexit

    Private equity fund managers in the UK are scratching their heads at what an exit vote could potentially mean for marketing and fundraising in Europe.

    Japan Special: Ant Capital Partners

    Amid the subdued economic backdrop shadowing much of Japanese corporate activity, Ant Capital Partners is shining the light on an investment bright spot.

    Legal Special: GPs and the unions

    The rocky relationship between private equity and unions is growing more complex as some labour groups scrutinise firms with tools born out of industry regulation, while others seek change from within as LPs.

    Legal Special: Feeling the 'Ellen Pao' effect

    A discrimination lawsuit involving CVC Capital Partners and a former employee is a public reminder of another embarrasing episode for the industry, writes Annabelle Ju

    Legal Special: Carried interest tax reform

    For more than a decade carried interest’s tax status has found itself in the political crosshairs. But changes in the UK and carry’s recurring cameo in the US presidential elections, point to changes on the horizon.

    Legal Special: Pepper Hamilton

    With forethought, fairness and transparency, private equity managers and investors can recognise and resolve issues in everyone’s interest, write Pepper Hamilton’s Julia Corelli and Stephanie Pindyck Costantino.

    Legal Special: People moves

    PEI sister title Private Funds Management tracks the latest people moves in the world of private equity law

    Legal Special: Expert Commentary – Walkers

    There is a mismatch between the popular myths and the reality when it comes to the Cayman Islands, write Caroline Williams and Jason Allison.

    Legal Special: PP Pollath Partners

    Private equity professionals navigating national and cross-border regulations will need to address three legal changes set to take effect in Germany this year, writes Andreas Rodin