Take note limited partners: For the second consecutive year, private equity pummeled hedge funds by nearly double digits, yet again demonstrating the industry’s agile, opportunistic, and team-oriented approach beats their rivals’ best strategies.
Michael Beal: carrying his team to victory
Well, at least when it comes to charity basketball. In a fundraiser for non-profit organisation Youth, I.N.C, a squad composed entirely of private equity professionals defeated their rivals, 32-24, in the second annual private equity versus hedge fund all-star game yesterday in New York.
“We’re faster and quicker than them – on and off the court,” said Rob Berner, a partner at CVC Capital Partners who played point guard for his high-school basketball team.
The event, which featured former New York Knicks players Allan Houston and Walt Frazier as guest coaches, raised money for New York area high schools that can’t afford gymnasium time for their basketball teams.
The private equity team was captained by Ted Virtue, chief executive officer at MidOcean Partners and co-chair of Youth, I.N.C. Marc Lasry, a partner at distressed investment group Avenue Capital, led the hedge fund squad.
Morgan Stanley analyst Michael Beal led the private equity squad, slashing to the basket early and often to give his team an early lead it never surrendered.
Photo ©2008 ImageLinkPhoto.com/Geoff Chesman