October 2016 Issue

    Privately Speaking: The rise of Henry 'Jackpot' Jackson

    As OpCapita celebrates its 10th anniversary by holding a ‘one-and-done’ on its new fund at more than three times the size of the previous vehicle, founder and managing partner Henry Jackson explains why Comet failed and GAME succeeded.

    Asia roundtable: The road ahead

    Five top professionals in Asian private equity discuss why a new breed of LPs and record-breaking Chinese M&A are signs of a maturing industry.

    First Round: Which way to the beach?

    NorthEdge might just have found the ultimate private equity portfolio company.

    First Round: Golfing around

    Secondaries isn't all about money, money, money.

    First Round: Mooncake crash landing

    A mooncake made of French pastry? Dough!

    SEC tightens the private equity screw

    The US regulator has been hitting private equity firms with fines, and regulators across the world are also about to get tough.

    Deal Mechanic: SPIG's towering success

    Against the backdrop of the Arab Spring and the oil price slump, Ambienta managed to pull off a successful exit from industrial cooling systems business SPIG.

    KKR plans for its next decade in Asia

    The firm is reshuffling its senior ranks as it prepares to raise Asia’s largest private equity fund.

    Donald Trump's $64 private equity question

    In the world of private equity, Trump supporters are keeping their preferences to themselves for fear of upsetting investors.

    Land of the fee

    State legislatures are piling into the fee disclosure debate – but are they doing more harm than good?

    The struggle for SVG

    Listed private equity funds look like tempting targets for secondaries firms, but don’t expect a wave of consolidation.

    How First Reserve was hit by a perfect storm

    The restructuring of First Reserve’s 2006 fund failed due to a ‘perfect storm’.

    The rise of Hildred Capital Partners

    The Solomons sold their pharma business for $28bn, made 10 investments through their family office and are now considering raising third-party capital.

    What worries your general counsel?

    Key themes from our in-house lawyer roundtable: BEPS, AIFMD and the next big controversy.

    Guest comment: Benjamin Lehrer on threats to private equity

    Winter is coming: Mid-market private equity firms must adapt to new ways of thinking or risk ending up on the wrong side of history.

    Data Room: More money, more problems?

    GPs are sitting on record amounts of cash awaiting investment but managers are eager to show they can maintain their discipline.

    Where are they now? Graeme Faulds and Graham Paterson

    Two former partners at SL Capital Partners, Graeme Faulds and Graham Paterson, founded TopQ, a tech startup focused on the private equity sector in 2013.

    Opex Awards 2016: Licence to boom

    New research shows private equity owners really do grow their portfolio companies faster than corporate owners, going some way toward safeguarding the industry’s licence to operate.

    Opex Awards 2016: The best value creators in the business

    KKR and Permira are among those named in our annual celebration of the GPs that have done the most to transform a portfolio company.

    Opex Awards 2016: Meet the judges

    An influential panel of industry experts from around the world assessed the relative merits of the submissions.

    Opex Awards 2016: Americas, upper mid-market – KPS

    KPS Capital Partners’ work with Motor Coach Industries International is a great example of turning around a company by focusing on improving its operations rather than financial engineering.

    Opex Awards 2016: Americas, lower mid-market – Riverside

    By the time the Riverside Company exited in December 2015, water heater maker Eemax was No. 1 in all three of its market segments.

    Opex Awards 2016: Americas, small-cap – Serent Capital

    Serent Capital secured strong returns for its investors on its acquisition of mortgage technology firm Optimal Blue after following through on its promise to help the company through its next phase of growth.

    Opex Awards 2016: Americas, large-cap – Permira

    When London-based Permira came across package distribution and sorting provider Intelligrated in 2012, it was quick to spot growth opportunities.

    Opex Awards 2016: Asia, small-cap – DRC Capital

    A 'shrink-to-grow' policy paid dividends for DRC Capital when it acquired PayDesign.

    Opex Awards 2016: Asia, upper mid-market – NewQuest

    Adding operational value can be an acrimonious process, as NewQuest Capital Partners discovered.

    Opex Awards 2016: Asia, lower mid-market – Navis Capital Partners

    Navis Capital Partners generated a 3.6x return when it sold one of Thailand’s largest chicken processors earlier this year.

    Opex Awards 2016: EMEA, small-cap – Mediterrania Capital Partners

    Investment in new production capacity paid off when Mediterrania Capital Partners acquired a stake in Algerian nappy manufacturer CEPRO.

    Opex Awards 2016: Asia, large-cap – Actis

    Chinese hotel operator Plateno Hotel Group was transformed under Actis’s ownership.

    Opex Awards 2016: EMEA, lower mid-market – Palamon

    Palamon’s acquisition of Towry is a 'remarkable case of the power of operational excellence and active private equity ownership', one of the judges said.

    Opex Awards 2016: EMEA, upper mid-market – EQT Partners

    It was the growth figures for Atos Medical under the ownership of EQT Partners that impressed the judges in the EMEA upper mid-market category.

    Opex Awards 2016: EMEA, large cap – KKR

    Dutch firm Alliance Tire Group made big strides under KKR’s ownership.

    Operational Excellence: Connecting the digital dots

    Digital innovation offers a huge opportunity for value creation at portfolio company level. Ignoring it is an enormous risk.

    Operational Excellence: Buy and build with bolt-on strategies

    A buy and build strategy can generate significant value. The relationship between the GP and management is central to its success.

    Operational Excellence: How Cinven built Synlab

    Through buy and build, Cinven has created Synlab, a market leader in the European clinical laboratory industry.

    Operational Excellence: Operating Partners Forum lessons

    Five things we learnt when the industry’s leading value creators gathered for Private Equity International’s Operating Partners Forum Europe.

    Operational Excellence: The ultimate deal mechanic

    Every portfolio company’s value creation story is different, but there are a few common operational levers private equity firms can pull to stimulate growth and boost returns.

    Operational Excellence: The vital role of CFOs

    The chief financial officer of a portfolio company has an increasingly crucial part to play in creating value to secure a successful sale.

    Operational Excellence: Getting the harmony right

    The challenge of delivering strong returns is forcing operating partners to take a more hands-on approach towards portfolio companies, says Jim Strang, a managing director at Hamilton Lane.

    Operational Excellence: Productivity in assembly operations

    Joe Haviv, chairman of Protostar Partners, explores the productivity issues in assembly operations.

    Operational Excellence: Off the record with secret squirrel

    If you can keep up with the pace of change, working in private equity-backed business can be a rewarding experience, says our anonymous financial controller.

    Operational Excellence: Blue Ridge Partners – keynote interview

    Kick-starting revenue generating opportunities early in the investment cycle is critical to boosting shareholder returns, says Blue Ridge Partners' Jim Corey.

    Operational Excellence: ECI Partners – keynote interview

    Having just completed its 100th mid-market exit, ECI Partners has finely honed its value-creation method, and is delivering the returns to prove it, say partner Lewis Bantin and investment director Joe Garrood.

    Operational Excellence: RSM – expert commentary

    A growth framework can keep a 100-day plan on track by providing valuable operational insights, says Jonathan Caforio, a principal at RSM.

    Operational Excellence: Alter Domus – expert commentary

    As regulatory requirements increase, a big concern is ensuring that investment teams are not choked by administration, say Robert Brimeyer, the chief operating officer, and Alan Dundon, the chief marketing officer, of Alter Domus.