May 2018 Issue

    Nordic’s Melinder: LPs need time in complex GP-led deals

    What's it like being the GP at the centre of the largest ever GP-led restructuring? Nordic Capital managing partner Kristoffer Melinder discusses key learnings from its transaction.

    An IRRitating metric

    Is the internal rate of return the most appropriate way of presenting investment performance?

    Is private equity running on a ‘fad cycle’?

    UK public pensions have not been seduced into private equity’s growth as successfully as some other investors. Sarah Smart, chairwoman of pensions administrator TPT Retirement Solutions, suggests some reasons why.

    Archer’s freeze is the product of a changing market

    A shift in Australian private equity has left firms like Archer, which has decided not to continue raising its sixth fund, without deep institutional backing.

    Why Verdane’s buyout fund is an ‘edda-fying’ development

    The Nordic firm's Edda fund shows LPs are willing to back new propositions from GPs that can demonstrate an ability to deploy capital in a challenging environment.

    Stapled deals can push the boundaries of fiduciary duty

    Why it can be problematic to connect a GP-led secondaries deal to a primary fundraising.

    Retail apocalypse: why the model needs to change

    Retail blowouts are hitting the headlines, but many of the problems date from before the global financial crisis.

    Looking north, going direct

    Adopting the Canadian investment model is not impossible for US plans, but it takes time to transition, something Texas TRS understands.

    Why are some LPs still cautious about private equity?

    The asset class is an increasingly common component of investment portfolios, but some major potential investors won't take the plunge.

    Adams Street’s move to smaller GPs

    The firm has significantly altered its allocation to the lower end of the market in a bid to avoid possible macro-economic headwinds.

    Introducing the model portfolio

    CEPRES created a model portfolio to allow us to analyse the performance of the asset class. In this first instalment Simon Tang introduces the portfolio and examines performance to date.

    All change at the top of the PEI 300

    Three firms broke into the top 10 after leapfrogging a host of blue-chip players.

    Risers and fallers over a decade of the PEI 300

    PEI charts the progress of the 50 firms that appeared in our inaugural ranking in 2007.

    PEI 300 generates better IRR than last year

    Analysis by tech company Bison shows this year’s returns are rising.

    Who owns whom in the PEI 300?

    Firms taking stakes in other GPs means the ranking is becoming increasingly interconnected.

    Rubenstein’s take on the future as Carlyle tops PEI 300

    As Carlyle is once again named the largest PE firm in the world, David Rubenstein, the architect of its fundraising success, talks about the future of private capital.

    Carlyle reigns supreme at the top of the PEI 300

    This year’s PEI 300 ranking is record-breaking and sees Carlyle snatch back the crown. Is private equity in a second golden age?

    Keeping LPs centre-stage in the secondaries market

    Prioritising the needs of LPs is more important than ever in an increasingly complex strategy, our roundtable participants say.

    Why European VC returns are better than you think

    Removing sampling biases reveals greater parity between US and European venture capital performance than is often expected, according to a report from eFront.

    Idinvest builds bridges in China

    Cynicism about China is waning as its markets mature, says Idinvest Partners’ Solomon Moos.

    Peter Peterson: businessman, public servant and philanthropist…

    Peter Peterson is remembered for much more than co-founding Blackstone.

    Tech titans turn to PE

    With deep pockets and a long-term perspective, China’s BAT internet trio are changing the private equity investment story.

    Playing the long game in China

    The next decade will favour thematic investors that focus on China’s evolving mid-market, says Chris Lerner, head of Asia for Eaton Partners

    China’s hunger for succession

    Private equity has a key role to play in helping family-owned businesses find new owners, says Kyle Shaw, the founder of mid-market specialist ShawKwei & Partners.

    Performance room: Growing pains

    IRRs in China are comparable with those in US and Europe, but a maturing economy is forcing funds to work harder to generate returns.

    Why China funds are forced to look overseas

    Baker McKenzie partners Bee Chun Boo and William Holder describe a Chinese private equity industry looking overseas for deals.

    Riding the China buyout wave

    Adapting a US buyout model to China requires patience, local know-how and a willingness to learn from mistakes, says Yichen Zhang, the founder of CITIC Capital

    Where to eat, drink and raise capital in Shanghai

    The main LPs to meet? The most jaw-dropping view? The best breakfast spots? Shanghai-based executives Sun Dayi and Chris Lerner give hints for first-time visitors.