April 2019 issue

    Secondaries: ‘Complex and conflict-riddled’, but not all bad

    Investors have valid concerns about secondaries processes; that does not mean you should not be considering one

    Secondaries funds go super-size

    Private equity firms’ desire to hold assets for longer is creating misalignment with their LPs – and conditions for the secondaries market to thrive.

    Social governance: Death of a soft topic

    ESG has erupted into the mainstream of infrastructure investing with the ‘S’ sharply elbowing its way to centre stage.

    Regulation Watch: EU countries prepare for a no-deal Brexit

    Regulators’ plans for Britain crashing out of Europe; prepping for California’s incoming privacy law; and seeking better, not more, regulation for ‘shadow banking’ in Europe.

    Music royalties: deals that dance to a different beat

    A GP-led deal in the music royalties space shows how adventurous secondaries investors are getting and how readily existing deal types can be applied to new asset classes

    Take-privates are back on the menu

    Public-to-private deals reached their highest level since before the global financial crisis last year as private market valuations prompted buyers to seek value elsewhere.

    Final close: Goldman slacks

    The bank is one of many that's embracing a casual dress code.

    From Russia with little love for private equity

    Russian PE was languishing well before the arrest of the founder one of the country’s biggest private equity firms.

    Bill Browder on investing in Russia: ‘You risk going to jail or dying’

    Fund manager-turned-activist Bill Browder made his money investing in public equities in emerging markets; now he has all his capital invested in private equities in developed markets. As a man wanted dead by the Russian establishment, he has an interesting take on investment risk.

    FIRSTavenue: Anatomy of a fundraise

    Institutional investors may be increasing their allocations to private equity, but GPs still need to take a thoughtful and strategic approach to the fundraising market, say FIRSTavenue executives Michael Henningsen and Colin Dinneen.

    Three takeaways from the Responsible Investment Forum

    Data and diversity dominated discussion at the third annual gathering of responsible investment professionals in New York.

    Brookfield’s union with Oaktree: GDAM, they want credit

    With the addition of Oaktree, a respected credit business, Brookfield has shown how debt investing has risen to prominence post-global financial crisis and become crucial for being a global diversified asset manager.

    How Equistone kept a lid on its fundraise while tapping new LPs

    A heady fundraising environment buoyed the firm’s efforts to build new LP relationships for Fund VI, but created a headache when it came to whittling down allocations.

    McGlashan allegations: what they mean for impact investing

    The leader of TPG’s The Rise Fund, the most prominent impact investor in the industry, has been charged over his alleged role in a college admissions bribery and money laundering scam. The fallout could be significant.

    FIRSTavenue: Anatomy of a fundraise

    Institutional investors may be increasing their allocations to private equity, but GPs still need to take a thoughtful and strategic approach to the fundraising market, say FIRSTavenue executives Michael Henningsen and Colin Dinneen.

    Japan’s $18bn government PE fund suspends operations

    Japan Investment Corporation, which was set to make tech investments in Japan and the US, has ceased operations indefinitely following public outcry over senior executive pay.

    Private equity: Japan is now a top priority

    Five key themes which emerged from market discussions in Tokyo in March paint a broadly positive picture.

    How Japan Post Insurance will deploy its next $7bn in alternatives

    The $700bn investor’s 10-year roadmap for alternatives includes co-investments and backing growth and venture managers in Japan.

    Tokyo: Where to eat, drink and raise capital

    The top LP locations? The most jaw-dropping view? The best place for breakfast? Two Tokyo-based executives give their tips for first-time visitors.

    Japan roundtable: Land of opportunity

    Five of Japan’s top private equity investors discuss an influx of foreign firms, increasing dry powder and more demanding LPs

    Global firms march on Japan

    Overseas managers are being lured by the promise of corporate divestitures, but they face an uphill climb in breaking into Japan.

    J-STAR: Fresh faces 

    For Japanese industrial businesses, a key growth driver is a revitalised management team, say J-STAR managing partner Kenichi Harada and principal Hiroaki Kiriseko 

    Is the sun finally rising on Japanese private equity?

    The Japanese market has long held tantalising opportunities for private equity, but it’s only in the past few years that deals have started to come through. What does this mean for the performance of Japan-focused funds? By Vicky Meek

    NSSK: Coming into its own

    Japanese private equity may have had a few false dawns in the past, but the market today is very different from that of just 10 years ago, says NSSK founding partner Jun Tsusaka

    CLSA: How to make a success of succession

    Partnering with company founders provides contrarian private equity buyers a rich seam of investments, says CLSA Capital Partners president Megumi Kiyozuka.

    Neuberger Berman: ‘Each investor has a unique goal’

    Domestic LPs are taking a more sophisticated approach to private equity, which involves the greater use of separate accounts, says Ryo Ohira, Neuberger Berman’s head of East Asia

    Japanese insurers: searching for yield

    Japanese insurers are broadening their hunt for yield and pushing into more offshore private equity.