December 2018/January 2019 Issue


    Month: December
    Year: 2018

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    Direct investing and North America are top of mind for LPs

    Nearly half of global LPs surveyed plan on making direct investments in the next 12 months, says a report by financial technology provider Intralinks.

    Europe mid-market roundtable: Mega in the middle

    The European mid-market has taken on many of the characteristics of the large-cap space of old, but – say our panel – retains its most important differentiator: the scope for outperformance.

    The Gulf is a region on the cusp

    The region's economies have been through a tough transition, but Gulf Capital CEO Karim El Solh says economic restructuring has created a buying opportunity.

    MENA generalists: are their days numbered?

    As political volatility and the downfall of Abraaj Group weigh on the region, some private equity firms are looking to niche strategies for success.

    Investors venture into Africa’s start-up scene

    More capital than ever is flowing to the continent’s entrepreneurs. With venture capital deal sizes increasing and international VCs joining local counterparts, is African VC reaching critical mass? Vicky Meek reports

    A new approach to Asia

    Now that the market has matured, the Asian Development Bank’s private sector group has a new mission in the region.

    DPI sees opportunities all over Africa

    Runa Alam, co-founding partner and CEO of Development Partners International, tells us what is on the minds of African investors.

    Latin America opens the door for investors

    Many Latin American pension funds want to invest in international private equity – and it’s becoming easier for them to do so.

    Private equity ‘dares to touch’ Europe’s final frontier

    The continent’s emerging eastern markets can be an acquired taste, spelling opportunity for those willing to take a leap of faith.

    Is it Indonesia’s time to shine?

    The archipelago is the obvious choice for private equity firms wanting to capture opportunities the young and urban middle class provide.

    Indian secondaries: getting across the line

    A handful of successful GP-led processes, involving household names such as CDC and Coller Capital, represent a significant step forward for the Indian secondaries market in 2018.

    Actis on why cash isn’t making a comeback

    For Actis, fintech isn’t the most exciting investment opportunity in emerging markets – emerging markets are the most exciting opportunity in fintech, says partner Ali Mazanderani.

    Changing dynamics provide opportunity in South-East Asia

    High growth environments, more companies of investable size and economic reforms make the region the next hotspot for Asia private equity.

    Impact funds play the long game

    Permanent capital structures can help investors navigate volatility and complex regulation, but convincing limited partners can be slow going.

    IFC’s COO on managing a global footprint

    Ruth Horowitz, deputy CEO and COO for the asset management arm of the International Finance Corporation, on how following best practice and outsourcing where needed has helped it manage growth over the last decade.

    CDPQ’s Etroy on the indirect benefits of going direct

    The way the Canadian pension giant's Stephane Etroy sees it, pushing into directs has a positive effect on the whole private equity programme

    EM markets investors must look beyond the headlines

    The downfall of Abraaj Group, political risk and currency volatility have led to a less than rosy picture for EM fundraising this year.

    Why LPs should think positively about fund restructurings

    There is a cohort of crisis-era funds which investors would be better off getting out of or re-incentivising their GP.

    What happens when private equity deals dry up?

    Larger private debt managers have never had it so good, but possible over-reliance on the PE market may leave some regretting their neglect of the non-sponsored opportunity.

    Clarity counts with end-of-life funds

    The 2018 Fees and Expenses Benchmarking Survey from sister publication pfm shows a lack of clarity around who pays what at the end of a fund’s life.

    Global firms seek a piece of Japan carve-out action

    EQT and Apollo are the latest to eye Tokyo, but a lack of large deals in the country may pose a challenge.

    Impact: Time to put some flesh on the bones

    There is no lack of enthusiasm for impact investing, but a lack of definition risks undermining progress.

    Inside Meteor5’s ‘equity-like’ strategy to back new GPs

    The firm, which counts four MVision executives among its partners, is so confident its emerging manager fund will deliver stellar returns for investors, it’s setting the pref at 20%.

    Political uncertainty dampens Europe buy-and-build

    Add-on acquisitions dropped almost 15% in the first half of the year, according to a report by Silverfleet Capital Partners.

    Rattner: credit quality deterioration ‘well underway’

    The chairman and chief executive officer of Willett Advisors – which manages the personal and philanthropic investment assets of Michael Bloomberg – and former Counselor to the Secretary of the Treasury, shared his thoughts on the US economy at the PDI New York Forum in September.

    Future Fund: private equity is becoming less attractive

    High prices for assets and a lack of differentiation among GP business models is making the asset class less appealing, according to the $106bn SWF's head of PE Steve Byrom.

    ‘LPs are asking more about operational value creation’

    LPs are more focused than ever on operational capabilities — and that’s a good thing, says Scott Dahnke, global co-chief executive officer at L Catterton

    Extracting liquidity from tail-end assets

    The secondaries market is an efficient way to restructure maturing funds, but managers and LPs may need to consider other options, say Finbarr O’Connor and Gavin Farrell of BRG’s Alternative Investment Advisory group.

    Making an impact

    Impact investment is on the rise, with the increased involvement of more mainstream players in this part of the market. Partners Group’s Kevin Lu discusses how their entry is changing the market.

    Why mega-funds are on a roll

    MVision’s CEO Mounir Guen talks huge fundraises, new pools of capital and the value opportunities from Brexit.

    LPs demand a more customised approach

    Investment solutions tailored to an investor’s needs are gaining in popularity, say Ardian’s Martin Kessi and Krista Oertle

    Who gains from the fund admin M&A boom?

    This article is sponsored by SANNE Nothing makes a fund administrator happier than an overwhelmed CFO looking to get something off their desk, and given the increasing demands from LPs and regulators, plenty of service providers are probably giddy. It’s also created a boom in the industry and that’s translated into major M&A activity. Apex […]

    Reinventing LP-GP data exchanges and analytics

    Investors want more information about where their money is going and that is putting a strain on fund managers. GPs can gain a competitive advantage from managing these requests effectively, says eFront CEO Tarek Chouman

    Co-investments: Sharing isn’t always easy

    Today almost every GP is obliged to provide at least some co-investment deals to investors. Debevoise & Plimpton’s Katherine Ashton outlines the issues at stake.

    Four ways CalPERS could reach $13bn in PE deployment – updated

    As the US’s largest public pension discusses the plan for its revamped PE programme, we examine how it could hit its target annual deployment range.

    Secondaries: A bigger, more nuanced market

    Armed with the most recent data, Nigel Dawn, senior managing director at Evercore, reflects on the growth of the secondary market, what has surprised him the most in its evolution and where he sees it heading in the next decade