September 2016 Issue

After the shock of Britain's decision to leave the EU comes the reality of plotting a route for the years ahead. PEI takes an in-depth look at what Brexit will mean for private capital.

Whether you invest in private equity, real estate or infrastructure, Britain's vote to leave Europe is a game-changer. We gathered four industry veterans to discuss the risks and opportunities arising from Brexit.

Better prepared to weather uncertainty, limited partners are not fleeing UK and European funds like they did in 2009. In fact, some see opportunities on the horizon.

There are a number of potential models on which the UK could base its new relationship with the EU. Here are five options and how they are expected to affect fund managers.

In taking the UK out of AIFMD jurisdiction, Brexit could offer American GPs easier access to British capital.

As the shock of the referendum recedes, it is fortunate the private equity industry has strong national and European representation to help firms understand and shape the debate.

A veteran capital raiser for private equity and hedge funds who works with Swiss-qualified investors offers UK fund managers some advice on negotiating with the EU.

Brexit special: Private equity survey findings

Secondaries players are keeping a close eye on the bigger picture.

Top of the asset class: our exclusive ranking of the world’s largest secondaries firms shows a market that has come of age.

Just because everyone uses debt, it doesn’t mean you can’t be competitive without it, a survey shows.

Examine the performance of the world’s largest secondaries firms and you will find that it may not be size that matters.

Direct secondaries pioneer Vision Capital is the latest firm to join a new and growing market.

Adam Howarth, co-head of private equity secondaries at Partners Group, explains how heightened anxiety in the market is impacting activity at the firm and why secondaries returns will become increasingly mixed.

VC-focused secondaries seems like a niche sector, but don’t be fooled: there is more to it than meets the eye.

CFOs can offer investors another route into a growing market, write Park Hill’s Adrian Millan and Pablo Caló.

As venture capital enters a new cycle, co-head of global venture fund investment for Adams Street Partners Brijesh Jeevarathnam says having access to the best funds is more important than ever.

First Round remembers well the last time it reported on locusts, or heuschrecken as they are known in Germany.

Over the summer First Round - and every other being in the private equity universe with access to the internet - came across The New York Times's fancy infographic "This Is Your Life, Brought to You by Private Equity" and got to thinking of its own version…

When First Round was invited to lunch with Henry Kravis, we were of course keen to see what tasty morsels of market intel would be on offer.

Permira saw in Intelligrated two sectors it had been targeting — and a business ripe for value creation.

It is a rare thing to raise a debut fund above $1bn; it pays to be different.

Charlie Eaton, founder of Eaton Partners, has seen the fund placement business change dramatically in 30 years. He talks about what the future holds for his firm.

Fund finance has entered the mainstream, writes the global head of financial sponsors at Lloyds Bank Commercial Banking.

Candice Choh and Andrew Friedman of Gibson Dunn outline how firms should manage their LP co-investment programmes.

 It may be a tough time for the continent, but that can make it a great time to invest.  

Data Room: Shadows and dust

Our regional guide explores which countries offer the best opportunities.

 After the excitement of the last few years, investor enthusiasm has begun to wane in the face of macro headwinds and lacklustre growth.  

 Strong fundraising over the last two years has produced a brace of billion-dollar funds targeting Africa.  

 New York State Common Retirement Fund’s head of private equity Brian Hughes explains the role Africa plays in the fund’s portfolio.  

 Success in Africa requires deep knowledge of its different markets and boots on the ground to hunt out the right partners, says Actis head of private equity Natalie Kolbe.  

 The energy sector offers plenty of opportunities for private investors, but the lack of bankable projects remains a challenge.  

Better regulation is needed to realise the continent’s potential to become a major agribusiness player, writes Juraj Neuwirth of law firm Norton Rose Fulbright.

More than 30 years after it was founded, Ethos Private Equity is still a pioneering force. CEO Stuart MacKenzie discusses the firm’s latest endeavours.  

Healthcare presents some unique investment challenges, but a nimble strategy can capitalise on the sector’s sturdy growth story.

Helping founder-owned businesses progress to the next level requires an intensive hands-on approach, says 8 Miles co-founder Doug Agble.