November 2016 Issue

The state’s Teacher Retirement System is beating its colleagues in private equity returns, but is it size that counts?

In our first magazine we interviewed Carlyle co-founder David Rubenstein as he sought to build a brand with global recognition. This month, we meet again to assess how the firm – and the industry – has moved to the mainstream.

As Private Equity International celebrates 15 years, editorial director Philip Borel looks back on those heady first days.

The contents page of our first issue contains many topics that will be familiar to our readers today. We look back at what we said then, and examine how the industry has moved on in the intervening 15 years.

The pages of Issue 1 reveal a raft of familiar names which still play a central role in the industry today. But in a highly fluid industry, some of the most influential firms in the market were born after 2001.

Since the first issue of Private Equity International was published in December 2001, the industry has lost some of its brightest stars.

Excess liquidity is making it harder and harder to put capital to work in the Nordics, and the region is bracing for more headwinds.

First Round spends a night at the theatre.

A private equity Thanksgiving dinner, as imagined by First Round…

Apollo and TPG saw their equity stakes chopped in the recent bankruptcy reorganisation plan for casino company Caesars Entertainment.

What happens when an activist meets a former target?

US pension plans are torn between curbing private equity commitments to stay on target or increasing their exposure to boost returns.

China’s $53bn fund, backed by 10 major state-owned enterprises, signals a move from privatisation to consolidation.

China Everbright Limited’s push for cross-border deals underlines China’s determination to tap overseas markets.

General Atlantic used its deep knowledge of the retail brokerage space to merge two companies and execute a swift exit.

Asian insurance groups are diversifying their portfolios and flocking to private equity in the hunt for higher yield.

Global private equity fundraising slowed in Q3, but GPs with the right credentials - or in the right regions - are still faring well.

The former managing director at Terra Firma Capital Partners co-founded rotisserie chicken restaurant business Clockjack in 2011 with private equity consultant Jerry Goldberg.

Co-investing has soared in popularity in recent years. But with managers increasingly charging fees and competition for direct deals growing, there are good reasons to be wary when evaluating opportunities. We consider the issues LPs need to weigh up when considering the risk of co-investments.

Research suggests that co-investing can encourage fund managers to pursue bigger deals outside their area of expertise, with a potentially damaging effect on returns.

Private equity firms are stepping up efforts to comply with tougher SEC scrutiny of direct deals by enhancing disclosure in their fund agreements.

The latest fees and expenses survey from sister publication pfm provides an insight into the way that the terms of co-investments vary according to a firm's AUM.

Co-investment is one of the key pillars of SwanCap’s investment activity. PEI speaks to co-CEO and co-founder of the firm Florian Kreitmeier.