September 2016 Issue

    Brexit special: Brave new world

    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.

    Brexit special: Private capital's bigger picture

    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.

    Brexit special: No sudden movements from LPs

    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.

    Brexit special: Life after AIFMD regulation

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

    Brexit special: The right political fit for private equity

    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.

    Brexit special: Gerry Murphy on shaping the PE debate

    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.

    Brexit special: Dear UK fund managers

    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

    Brexit special: Private equity survey findings

    Secondaries: Macro in mind

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

    Secondaries: Welcome to the Si30

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

    Secondaries: The sector's dirty little secret

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

    Secondaries: Monitoring best fund performance

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

    Secondaries: The benefits of preferred equity

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

    Secondaries: Anatomy of the VC market

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

    Secondaries: Partners Group – expert comment

    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.

    Secondaries: Park Hill on CFOs – expert comment

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

    Privately Speaking: Brijesh Jeevarathnam and the VC in crowd

    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: Byron's locusts on the menu

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

    First Round: A day in the life

    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…

    First Round: KKR's key takeaways

    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.

    Deal Mechanic: Intelligrated's package deal

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

    How to raise a billion-dollar debut fund

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

    Interview: Charlie Eaton on 30 years of fund placement

    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.

    Specialist financing: Lloyds Bank on bridging the gap

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

    Co-investment: Maintaining the right access

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

    Africa: Navigating rougher seas

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

    Data Room: Shadows and dust

    Data Room: Shadows and dust

    Africa: The best places for deals

    Our regional guide explores which countries offer the best opportunities.

    Africa: Proceeding with caution

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

    Africa: The big beasts prowling the block

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

    Africa: The LP Perspective from New York

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

    Africa: Plugging the power gap

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

    Africa Keynote Interview: Actis on the biggest opportunities

     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.  

    Africa: The challenge facing Africa’s agri sector

    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.

    Africa: Searching for a medical breakthrough

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

    Africa Keynote Interview: Ethos Private Equity

    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.  

    Africa Keynote Interview: 8 Miles on sourcing deals

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