April 2018 Issue

    First-time funds are not the riskiest

    Data reveal first-time funds have posted the highest recovery rates.

    Pollen Street’s long haul to a successful fundraise

    Pollen Street Capital took more than two years to raise its third fund but beat its target. PEI speaks to founder Lindsey McMurray and head of fundraising and IR Magnus Christensson about the journey.

    Ask a fundraiser

    Your capital raise hits a major roadblock  — what should you do? The experts on some well-known industry nightmares.

    Mega-firms and their flagship funds: when did they last raise?

    At least three of the 20 largest private equity firms are expected to raise flagship funds this year.

    You can no longer avoid secondaries

    There has never been a better time for LPs and GPs to utilise the market.

    The storms that blew Abraaj off course – timeline

    The emerging markets specialist has suspended fundraising for its global fund and has released LPs from their commitments. What could this mean for the wider market?

    Placement agents follow direct investing shift

    LPs’ increased interest in direct investing is an opportunity for placement agents to diversify their revenue streams.

    Bain & Co: long-hold funds could double your PE returns

    The strategy could generate double the investment multiple of a typical buyout fund over a 24-year period, according to Bain & Company’s Global Private Equity Report 2018.

    Why Alaska’s tiny PE team are rock stars

    The $65bn Alaska Permanent Fund is creating a supercharged private equity portfolio.

    You’ve been doing it wrong

    A seismic shift in attitude is needed to redress the gender imbalance in the private fund industry.

    Endowment tax could lead to allocation shift

    The tax reform law hits these institutional investors and could lead to long-term consequences.

    Execution is the key to a successful spin-out

    Making the business case for spinning out is often easy; the potential pitfalls come from the details of doing it.

    Shift in carry models is ‘complicating’ fund comparisons

    The range of carry models being employed make it more complicated for LPs to compare funds, says MJ Hudson managing partner Eamon Devlin.

    Carlyle’s De Benedetti: Brexit is causing wait-and-see syndrome

    The UK referendum has had an impact on the investment firm's business, according to Marco De Benedetti, co-head of European buyout.

    Beware the PE echo chamber

    In the face of rampant LP demand, should private equity firms worry about the industry’s wider reputation?

    Destination: Japan

    In search of dealflow and LP capital, private equity firms and professionals are heading east.

    Japan: Seven key trends

    A surge in both fundraising and deal volume is being hailed as a ‘golden era’ for Japan’s private equity industry.

    Japan in eight charts

    Fundraising surged in 2017 and all the funds met or exceeded their targets, according to data compiled by PEI's research team

    Japan roundtable: A certain future

    As the country's private equity market continues to evolve and thrive, five leading investors discuss why the mid-market is primed to be more competitive in the next decade.

    Japan Post’s private equity package

    Japan Post has corralled $1.1bn for co-investments in Japan and is building a powerhouse investment team.

    Why Japan is entering a golden era for PE

    NSSK managing partner Jun Tsusaka describes how the Japanese PE market is gaining lasting momentum.

    Japan’s mid-market: Ready for take-off

    The Japanese mid-market has reached a tipping point. With memories of some pre-financial crisis poor performance fading in light of a robust stream of recent realisations and domestic LPs clamouring to put capital to work locally, last year saw a wave of fundraising. The local LP appetite is indicative of the industry’s evolution from an […]

    How to pick a winner in Japanese healthcare

    Increasing competition for healthcare opportunities in Japan has caused private equity firms to look for new niche areas, say J-STAR’s Satoru Arakawa and Masayoshi Nakajima

    Carlyle turns to care for Japanese cashflow

    Carlyle tapped into some fertile growth areas when it bought Tokyo-based medical outsourcing and long-term elderly care provider Solasto

    GDPR: The no-panic approach

    Complying with the EU’s new data protection regime is a marathon, not a sprint

    Ardian’s head of Japan: ‘tight labour market is a challenge’

    The Paris-based manager likes the look of the country's mid-market, but see hiring and investment opportunities as challenges.

    The bear, the bull and return on investment: PE’s climb to the top

    A decade on from the financial crisis, private equity is thriving. Its renaissance owes much to the resilience of global markets and the ability of fund domiciles such as the Cayman Islands to adapt to new regulatory models, write Caroline Williams and Jason Allison from Walkers

    The VAT dispute dividing Germany and the EU

    Private equity continued making inroads in the German economy in 2017, but there was controversy surrounding whether private equity funds should get VAT exemptions, writes Andreas Rodin of P+P Pöllath + Partners

    Should end of life be a new beginning?

    Negotiations and arrangements for the remaining portfolio can prove fiendishly complicated when a fund approaches the end of its term. Julie Corelli of Pepper Hamilton considers the challenges

    30 under 40 PE lawyers: finalists revealed

    Presenting the finalists from sister publication pfm's search for the top 30 private fund lawyers under the age of 40.

    Five key litigation risks for private funds

    From conflicts of interest to subscriptions lines, lawyers flag up the five issues most likely to trigger court action.

    Balancing the needs of investors and managers

    Plans to simplify the limited partnership agreement are ambitious, lawyers say.

    The SEC isn’t taking its eye off private funds

    The US regulator may not have named the industry as a priority in 2018, but that doesn’t mean managers can relax.