October 2002 Issue

PEMI 2002-10-01 Staff Writer FundBVP Europe IIFirmLeman CapitalSectoral Foc

Venture debt sounds like a contradiction in terms: don't private companies win capital by trading their equity? They do, but they can also raise more cash by taking out a venture loan or lease from some specialist providers who - unlike their mainstream counterparts - won't put down the phone when you mention negative cashflow and some major pending capex. And you're not having to further dilute your equity - much.

Mezzanine is going strong, even though times are tough. What is the attraction to the buyside, who invests in mezzanine, and why are they buying it? Robin Burnett reports.

A close inspection of private equity in Italy reveals a market dominated by a small group of well-established players. Ricky Morton explores recent trends and asks those involved what it takes to get into the game.

Compared to other large economies in Europe, Spain has seen relatively little private equity activity so far. The mid-market, with its wealth of medium-sized, privately-owned companies, has the potential to change that. Local private equity managers as well as institutional investors are hoping to be in the right place when the market takes off, writes Ben Sills.

A number of large buyouts have closed in Italy and Spain this year already, but that is not the reason why many look to these markets with a sense of anticipation. The real promise lies in the mid-market, holding out the prospect of buy-and-build plays that will restructure and internationalise domestic industries.

Gatekeepers have long become fund managers in their own right. Critics say this has given rise to conflicts of interest that may yet come back to haunt them. But does the market really see it as a problem? Philip Borel finds out.

Keith Breslauer is building a business that is half real estate investor, half private equity house. Deepening Patron Capital's links with the European private equity industry is at the top of his agenda. Here's why.

The €300m mezzanine facility arranged to finance the buyout of Télédiffusion de France earlier this year was one of Europe's largest to date. It is worth a closer look - and not just because of its size.

US regulators are keen to make sure there won't be any Enrons in the future. But have regulators gone too far? Joe Bartlett fears recent events on the corporate scene are threatening the future of America's venture capital engine.

Gatekeepers turned poachers? 2002-10-01 Staff Writer Recent performance difficulties notwithstanding, private equity as an asset class has been remarkably successful over the past ten years, securing a permanent position as an important component of a growing number of asset allocation strategies worldwide.&