December 2016 / January 2017 Issue

    Month: December
    Year: 2016

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    Privately Speaking: Orlando Bravo

    Thoma Bravo just closed Fund XII on $7.6bn, twice the size of its predecessor. Managing partner Orlando Bravo talks about how the firm evolved from a generalist private equity shop to a software specialist, and his own role in that transformation.

    First Round: The art of spin

    Ping pong brings private equity people together for a good cause.

    First Round: League of their own

    Private equity doesn't need fantasy football - it can invest in the real thing.

    Venture capital: Driving Australia's future

    The country’s sovereign wealth fund is confronting the low-yield environment by financing tech start-ups.

    Bill Janetschek on the changing role of the CFO

    Firms have evolved from private equity shops to large multi alternative asset managers, so KKR’s Bill Janetschek reflects on how the chief financial officer’s job has changed.

    Regulation: Trumpeting a change

    The departure of the Securities and Exchange Commission’s chairwoman and an anti-red tape Congress mean president-elect Trump could find it easy to reform regulation.

    London: The truth about Brexit

    Private equity and venture capital lawyer Shawn Atkinson of Orrick explains why the UK’s capital will remain a global financial centre, even after the country exits the EU.

    Deal Mechanic: Irving Place Capital

    Secondaries firm Coller Capital backed Irving Place Capital to add five years to its third fund and offer an attractive package to LPs.

    Michael Granoff: What I learned from Bill Clinton

    Pomona chief executive Michael Granoff talks about US politics, retail investors and the importance of being an intense listener.

    Emerging markets: Losing their lustre

    Enthusiasm for emerging markets has dropped, but they still have plenty of potential.

    Emerging markets: Big continent with small enterprises

    Halfway between private equity and senior debt, mezzanine finance could be the answer to a funding gap in Africa’s mid-market.

    Emerging markets: Brazil, redeemed

    As the political and economic landscape recovers, investors are beginning to set their sights on the country again.

    Emerging markets: All quiet on the eastern front

    Activity has been slim in Russia since economic sanctions were imposed in 2014, but the staff at the government’s direct fund says that is about to change, writes Isobel Markham.

    Emerging markets: Patient business in MENA

    Healthcare is a non-cyclical play across the region. But how do GPs guarantee returns?

    Emerging markets: Five Chinese reforms to watch out for

    What does China’s latest five-year plan mean for private equity?

    Emerging markets: Indonesia comes out of the shadows

    Indonesia's middle class is ready to emerge, but many businesses are still held in family hands.

    Emerging markets: Point of difference in Asia

    AlpInvest Partners’ chief economist Peter Cornelius explains why Asian developing markets are poised to benefit from a rise in fundraising.

    Emerging markets: Where others fear to tread

    The Overseas Private Investment Corporation’s Brooks Preston, vice-president, investment funds, explains how it seeks to encourage entrants into emerging markets.

    Secondaries: The importance of being boring

    As the firm celebrates its 20th anniversary, Ardian’s Benoît Verbrugghe talks about why keeping it simple makes the firm successful.

    US mid-market: Feeling the squeeze

    Steep valuations in the mid-market are hitting deal and exit activity.

    Emerging markets: Playing catch-up

    The fundamentals are in place in Central and Eastern Europe, but LPs seem unwilling to harness the region’s growth.

    US mid-market: Fundraising slowdown's knock-on effect

    A lack of exits is slowing down fundraising, and firms in the space have to think carefully about how – and whether – to market in Europe.

    Fund placement: When money is not enough

    Placement agents can no longer get by with just introducing managers to sought-after LPs, according to Rede Partners’ Adam Turtle and Scott Church.

    Where are they now? Simon Havers

    The former chief executive of Baird Capital Europe left the firm in 2012 after 10 years to join executive search firm Odgers Berndtson.

    Perspectives 2017: Full steam ahead

    Despite a tumultuous year, investors are still fully committed to private equity.

    Perspectives 2017: Ready for a tumble

    This has been a year of volatility and uncertainty for the European private equity market, and it doesn’t look as though 2017 will be any smoother.

    Perspectives 2017: On the mind of the top LPs

    From currency instability to GP discipline, investors divulge the issues that really make them fret in our end-of-year questionnaire for leading LPs.

    Perspectives 2017: Looking outward

     After a year in which volatility has roiled almost every market across the globe, European LPs have their eyes on a global economic slowdown.

    Perspectives 2017: Finding solace in private equity

    North American LPs remain committed to private equity, despite a downbeat assessment of the likely returns over the next 12 months.

    Perspectives 2017: Holding steady

    As emerging markets economies continue to rebalance towards consumption and services, LPs are keeping steady and cautious  

    Perspectives 2017: QIC looks to Asia

    Innovation and Asian consumption trends remain key growth drivers of QIC’s PE portfolio, says head of global private equity Marcus Simpson.

    Perspectives 2017: TRS talks tough on terms

    Teacher Retirement System of Texas, which generates some of the best private equity portfolio returns among US public pension funds, won’t invest if it thinks GPs are being greedy.

    Perspectives 2017: Desperately seeking disclosure

    After an initially lukewarm reception, there are signs that LPs could start reaping the rewards of the new ILPA fee template in 2017.

    Perspectives 2017: PGGM sees uncertainty ahead

    The rise in protectionism is a concern for long-term investors, says Erik-Jan Vink, head of private equity at €200 billion Dutch pension fund manager PGGM.  

    Perspectives 2017: Blurring the lines

    Secondaries players need not take a pause for breath just yet: LP activity in the space is set to increase.  

    Perspectives 2017: Terms of endearment

    In their ability to successfully negotiate LPA terms, LPs split into those that can make changes and those that must accept what they are given.

    Perspectives 2017: Doubling down on private equity

    Family offices are turning to private equity to boost returns.

    Perspectives 2017: Angolan SWF sees potential in private equity

    Angola’s sovereign wealth fund allocates nearly 60% of its capital to private equity. José Filomeno dos Santos, chairman of the board of directors of Fundo Soberano de Angola, explains how this is helping the economy to diversify into new areas.

    Perspectives 2017: Cinven – keynote interview

     In today’s tough deal-making environment, Cinven’s well-honed portfolio team helps the firm extract maximum value for investors in a sustainable, repeatable way.  

    Perspectives 2017: Debevoise & Plimpton – keynote interview

    Going into 2017, disclosure around fees and expenses is top of mind for limited partners, say Debevoise & Plimpton partners Sally Gibson and Geoffrey Kittredge.

    Perspectives 2017: PP Pollath and Partners – expert commentary

    With interest in German companies and investors on the rise, Michael Best and Peter Peschke examine key tax considerations for foreign and domestic fund managers.

    Perspectives 2017: MVision – keynote interview

    The dry powder available to the private equity industry is running at record levels, but chief executive Mounir Guen is unworried by the build-up of unspent capital.

    Perspectives 2017: RSM – keynote interview

    RSM US chief economist Joe Brusuelas describes the economic landscape following the UK’s vote to leave the European Union.