July / August 2017 Issue

In 2016 the death of Clessidra’s founder and figurehead threw the Italian firm into disarray and threatened to scupper a fundraising process. PEI meets the man charged with riding to the rescue.

Institutional investors around the world are tailoring their allocations. The good news for GPs? Most of them are going up

The moments that have shaped private equity since 1997, against the backdrop of fundraising and returns generated by vintage.

The Ford Foundation’s $1bn mission-related investing programme is sending a message not only to GPs but also to its peers.

The splintered UK public pension system has been amalgamated into eight funds. PEI investigates how the new pools work and the way each will treat private equity.

Can past performance help LPs pick future winners?

The low interest rate environment and a shrinking domestic market means Korean institutional investors have nowhere to go but alternatives.

Valuations are sky-rocketing across Europe thanks to plenty of capital, and Germany is no exception. In this environment, GPs must relentlessly drive dealflow — because not investing is not an option.

We know subscription credit lines can boost IRRs and dampen money multiples, but what does that look like in practice? Private equity advisory firm TorreyCove models it out.

Jeff Johnston, chairman of the Fund Finance Association, and FFA secretary Mike Mascia, an attorney at Cadwalader, Wickersham and Taft, say use of the facilities is widespread.

Olivier Carcy, who oversees a $3.2bn private equity programme at wealth manager Indosuez, argues LPs should be compensated for the use of their credit rating.

Over nearly seven years, Warburg more than doubled EBITDA at China Biologic Products and created a booming plasma-based drugs company.

CVC’s €16bn Fund VII commanded €30bn of interest, despite a 6% hurdle rate and no early-bird discount.

In a high-valuation environment, traditional buyouts are not always the most attractive.

Apollo’s ability to buy cheaply and adapt investment strategy will count in its favour as it tries to raise the largest PE fund ever.

For the second time in a year, the British electorate delivered a surprise. The PEI team asks what it means for private equity.

Do key-person provisions achieve what they are supposed to?

The transforming Japanese landscape will prove key to the successful deployment of KKR’s newly minted $9.3bn fund.

Investors should be wary of ploughing money into stranded assets, irrespective of President Trump pulling the US out of the Paris agreement.

There is a new head for the enforcement division at the US Securities and Exchange Commission and moves to increase oversight on pension fund investments in alternatives.

After the adrenalin-rush of private equity, Adams Street Partners’ former head of secondaries is enjoying retirement training with Olympians in Utah.

Why Luxembourg isn't quite as bad as Coventry.

The threat of digital attack is expected to increase dramatically over next five years.

Private equity makes a good showing in the annual JPMorgan corporate challenge.

Private equity comes together for Manchester.

Diversification is key for institutional investors, but the upstream and midstream sectors yield some of the most attractive opportunities.

After a tough couple of years, energy secondaries prices have shown signs of bouncing back in 2017. We look at the drivers behind the recovery and where the investment opportunities lie.

Leading pensions and insurers have made their views known in stark terms after the US president’s decision to ‘get out’ of the Paris agreement.

Tim Macready, chief investment officer at Christian Super, explains why its energy strategy is geared towards emerging markets, with a focus on renewables.

EISER’s arbitration victory over the Spanish government’s retroactive subsidy cuts gives hope to investors.

Is battery storage finally coming of age as an asset class? There is no doubting its growth potential to tackle the intermittency issues from solar and wind power.

The downward pressure on oil prices is reflected in a slump in energy fundraising over the last 18 months.

A stabilised oil price is driving renewed M&A activity, but will gas assets emerge as the most profitable option in the long term?

The US energy industry annually demands vast amounts of growth capital, says Doug Kimmelman, the founder of Energy Capital Partners, but availability is uneven and debt supply is constrained for smaller energy firms, creating an opportunity for specialised lenders to earn attractive risk-adjusted returns in the private credit market.

The global energy market is undergoing a once-in-a-lifetime upheaval, opening up opportunities across generation, flexible grid infrastructure such as energy storage, transmission and distribution. Dan Wells, partner at Foresight Group, discusses how investors can take advantage.

Limited partners are becoming more selective about managers amid fierce competition for capital.