November 2016 Issue

    Data Room: Everything is bigger in Texas

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

    Privately Speaking: David Rubenstein of The Carlyle Group

    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.

    15 years of PEI: 150th edition of Private Equity International

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

    15 years of PEI: Then and now

    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.

    15 years of PEI: The new GPs

    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.

    15 years of PEI: In memoriam

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

    Nordic roundtable: A chill in the air

    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: Broadway is off the mark with Dry Powder

    First Round spends a night at the theatre.

    First round: Let us give thanks

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

    Caesars Entertainment: The house doesn't always win

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

    First round: Icy reception for Bramson and Borrows

    What happens when an activist meets a former target?

    LPs monitor the denominator effect

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

    China SOEs the seeds

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

    China Everbright pushes for cross-border deals

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

    Deal mechanic: Brokering a deal for Optionshouse

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

    Asia's institutional investors: The risk business

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

    Data room: Haves and have-nots

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

    Where are they now? Fraser Duncan

    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 special: 10 crucial questions for investors

    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.

    Co-investing special: Seeking the sweet spot

    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.

    Co-investing special: GP survey – by the numbers

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

    Co-investing special: Fund charges – does size matter

    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-investing special: SwanCap – keynote interview

    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.