February 2007 Issue


    Month: February
    Year: 2007

    Back to Print Editions

    All to play for(5)

    For many investors, Irish venture capital is a niche industry within European private equity. However, recent developments anticipate a bright future for the market, writes Jo Nash.

    Green is good for Hg(5)

    As the renewable energy sector prepares for its biggest ever year, one private equity firm looks well positioned to take advantage. By James Taylor.

    Energy levels rising(5)

    2006 might be remembered as the year when private equity interest in the energy sector exploded, but there are signs that the boom is only just beginning. James Taylor reports.

    LET'S TALK FEES(5)

    Smaller funds are introducing potential investors to comparative economics.

    They've never had it so good(5)

    Through higher fees and more carry on ever-larger funds, LBO groups are cashing in on their unprecedented popularity. This side of a downturn, LPs must grit their teeth and pay up. Andy Thomson reports.

    ONE HUNDRED PERCENTER(5)

    As Pacific Corporate Group loses clients, its owner continues to explore change.

    Building and stealing(5)

    Your firm has grown and you need more talent. If you haven't done a good job building a deep bench, be prepared to pay big bucks for someone else's investment pro. David Snow surveys the competitive market for private equity human capital.

    LET THEM SOLICIT(5)

    The SEC's attempt to update Reg D should include dropping the ‘general solicitation’ ban on fundraisers.

    Parisian power(5)

    Over the past decade, France-based AXA Private Equity has grown into a global private equity investor with more than€10 billion of capital under management. Dominique Senequier is in charge. Late last year, she met with Philip Borel.

    VENTURESCOPE(10)

    The numbers are in, and despite the feeling among US VCs that the stock market remains a poor exit option, 2006 saw a larger amount raised through venture-backed IPOs than the previous year. Dave Keating reports.

    VENTURESCOPE(9)

    Recent developments in the direct secondary market anticipate a more positive future for European early stage capital, writes Jo Nash.

    SOUTH AFRICA BECKONS(5)

    On the south side of the equator and east of the Atlantic lies a country that some private equity heavyweights increasingly consider to be a hidden gem.

    A SWEETER SMELL(5)

    German industry and private equity have not always made easy bedfellows. A recent deal suggests they're getting closer.

    TIDYING THE BOOKS(5)

    New accounting rules in China could make life a lot easier for private equity firms.

    A BULLISH DECLINE(5)

    Amid the prospect of less buoyant times, investors in private equity are more enthusiastic than ever.

    CRASH LANDING?(5)

    Despite celebrity endorsement, the offer for Australian airline Qantas is far from being to everyone's liking.

    LP, WHERE ART THOU?(5)

    Professional investors in private equity funds should do more to explain the benefits of the asset class to its detractors.

    GAME FOR A CHALLENGE(5)

    The head of the new Private Equity Council is a former video game defender.

    FIRST ROUND(5)

    FIRST ROUND 2007-02-01 Staff Writer A flurry of excitement rippled through PEI's offices at the back end of last year as some of the usual LBO suspects announced they had clubbed together to buy Warsaw-based orthopedic products firm Biomet. After all, at $10.9 billion (€8.3 billion), was this not the largest

    ASSEMBLING ASSETS(5)

    The rise of infrastructure investing is creating a hot private equity play.

    Editor's letter(5)

    Editor's letter 2007-02-01 Staff Writer Much has been written of private equity's good fortune in recent months to be able to attract some of the highest-octane executives to portfolio companies. Firms have been able to accomplish this in part because they have so much more money in play, but also because of

    PEO 2.0:<br/>A SWIFT END(4)

    Nicholas Lockley, editor of PrivateEquityOnline.com, looks through his online window on the industry.

    ON THE RECORD(4)

    Thompson Dean, formerly the head of Credit Suisse First Boston's private equity arm DLJ Merchant Banking, formed New York-based private equity firm Avista Capital Partners in 2005. He brought with him to the new firm 15 of his Credit Suisse colleagues. Avista focuses on the US, primarily in the energy, healthcare and media industries. Avista's most recent acquisition came in December, when the firm bought The Star Tribune Company, a Minnesota-based media group, from newspaper publisher The McClatchy Company for $530 million (€399 million). The Star Tribune Company consists of the Star Tribune, which is the largest newspaper in the Twin Cities area with a daily circulation of approximately 360,000, as well as the newspaper's digital affiliate, StarTribune.com.

    The structure of things(4)

    From toll roads in Australia to airports in the UK, infrastructure has become one of the fastest growing asset classes in the world. As private equity firms look to capitalise on the trend, financial and political challenges loom large. By Paul Fruchbom.

    Your mission, should you decide to accept it(4)

    The Private Equity Council, the recently formed trade association that plans to present a kinder and gentler face of private equity to the public and politicians, faces challenges worthy of super spy Ethan Hunt of Mission Impossible fame. By Tom Franco.

    PEO 2.0:<br/>A SWIFT END(3)

    Nicholas Lockley, editor of PrivateEquityOnline.com, looks through his online window on the industry.

    ON THE RECORD(3)

    Thompson Dean, formerly the head of Credit Suisse First Boston's private equity arm DLJ Merchant Banking, formed New York-based private equity firm Avista Capital Partners in 2005. He brought with him to the new firm 15 of his Credit Suisse colleagues. Avista focuses on the US, primarily in the energy, healthcare and media industries. Avista's most recent acquisition came in December, when the firm bought The Star Tribune Company, a Minnesota-based media group, from newspaper publisher The McClatchy Company for $530 million (€399 million). The Star Tribune Company consists of the Star Tribune, which is the largest newspaper in the Twin Cities area with a daily circulation of approximately 360,000, as well as the newspaper's digital affiliate, StarTribune.com.

    THE PLAYERS(4)

    Below is a selection of venture capital groups active in Ireland:

    PEO 2.0:<br/>A SWIFT END(2)

    Nicholas Lockley, editor of PrivateEquityOnline.com, looks through his online window on the industry.

    All to play for(4)

    For many investors, Irish venture capital is a niche industry within European private equity. However, recent developments anticipate a bright future for the market, writes Jo Nash.

    ON THE RECORD(2)

    Thompson Dean, formerly the head of Credit Suisse First Boston's private equity arm DLJ Merchant Banking, formed New York-based private equity firm Avista Capital Partners in 2005. He brought with him to the new firm 15 of his Credit Suisse colleagues. Avista focuses on the US, primarily in the energy, healthcare and media industries. Avista's most recent acquisition came in December, when the firm bought The Star Tribune Company, a Minnesota-based media group, from newspaper publisher The McClatchy Company for $530 million (€399 million). The Star Tribune Company consists of the Star Tribune, which is the largest newspaper in the Twin Cities area with a daily circulation of approximately 360,000, as well as the newspaper's digital affiliate, StarTribune.com.

    Green is good for Hg(4)

    As the renewable energy sector prepares for its biggest ever year, one private equity firm looks well positioned to take advantage. By James Taylor.

    The structure of things(3)

    From toll roads in Australia to airports in the UK, infrastructure has become one of the fastest growing asset classes in the world. As private equity firms look to capitalise on the trend, financial and political challenges loom large. By Paul Fruchbom.

    Energy levels rising(4)

    2006 might be remembered as the year when private equity interest in the energy sector exploded, but there are signs that the boom is only just beginning. James Taylor reports.

    Your mission, should you decide to accept it(3)

    The Private Equity Council, the recently formed trade association that plans to present a kinder and gentler face of private equity to the public and politicians, faces challenges worthy of super spy Ethan Hunt of Mission Impossible fame. By Tom Franco.

    The structure of things(2)

    From toll roads in Australia to airports in the UK, infrastructure has become one of the fastest growing asset classes in the world. As private equity firms look to capitalise on the trend, financial and political challenges loom large. By Paul Fruchbom.

    LET'S TALK FEES(4)

    Smaller funds are introducing potential investors to comparative economics.

    THE PLAYERS(3)

    Below is a selection of venture capital groups active in Ireland:

    Your mission, should you decide to accept it(2)

    The Private Equity Council, the recently formed trade association that plans to present a kinder and gentler face of private equity to the public and politicians, faces challenges worthy of super spy Ethan Hunt of Mission Impossible fame. By Tom Franco.

    They've never had it so good(4)

    Through higher fees and more carry on ever-larger funds, LBO groups are cashing in on their unprecedented popularity. This side of a downturn, LPs must grit their teeth and pay up. Andy Thomson reports.

    All to play for(3)

    For many investors, Irish venture capital is a niche industry within European private equity. However, recent developments anticipate a bright future for the market, writes Jo Nash.

    THE PLAYERS(2)

    Below is a selection of venture capital groups active in Ireland:

    Green is good for Hg(3)

    As the renewable energy sector prepares for its biggest ever year, one private equity firm looks well positioned to take advantage. By James Taylor.

    All to play for(2)

    For many investors, Irish venture capital is a niche industry within European private equity. However, recent developments anticipate a bright future for the market, writes Jo Nash.

    LET'S TALK FEES(3)

    Smaller funds are introducing potential investors to comparative economics.

    Energy levels rising(2)

    2006 might be remembered as the year when private equity interest in the energy sector exploded, but there are signs that the boom is only just beginning. James Taylor reports.

    Parisian power(4)

    Over the past decade, France-based AXA Private Equity has grown into a global private equity investor with more than€10 billion of capital under management. Dominique Senequier is in charge. Late last year, she met with Philip Borel.

    They've never had it so good(3)

    Through higher fees and more carry on ever-larger funds, LBO groups are cashing in on their unprecedented popularity. This side of a downturn, LPs must grit their teeth and pay up. Andy Thomson reports.

    LET'S TALK FEES(2)

    Smaller funds are introducing potential investors to comparative economics.

    VENTURESCOPE(8)

    The numbers are in, and despite the feeling among US VCs that the stock market remains a poor exit option, 2006 saw a larger amount raised through venture-backed IPOs than the previous year. Dave Keating reports.

    They've never had it so good(2)

    Through higher fees and more carry on ever-larger funds, LBO groups are cashing in on their unprecedented popularity. This side of a downturn, LPs must grit their teeth and pay up. Andy Thomson reports.

    VENTURESCOPE(7)

    Recent developments in the direct secondary market anticipate a more positive future for European early stage capital, writes Jo Nash.

    SOUTH AFRICA BECKONS(4)

    On the south side of the equator and east of the Atlantic lies a country that some private equity heavyweights increasingly consider to be a hidden gem.

    Building and stealing(3)

    Your firm has grown and you need more talent. If you haven't done a good job building a deep bench, be prepared to pay big bucks for someone else's investment pro. David Snow surveys the competitive market for private equity human capital.

    TIDYING THE BOOKS(4)

    New accounting rules in China could make life a lot easier for private equity firms.

    Building and stealing(2)

    Your firm has grown and you need more talent. If you haven't done a good job building a deep bench, be prepared to pay big bucks for someone else's investment pro. David Snow surveys the competitive market for private equity human capital.

    Parisian power(3)

    Over the past decade, France-based AXA Private Equity has grown into a global private equity investor with more than€10 billion of capital under management. Dominique Senequier is in charge. Late last year, she met with Philip Borel.

    CRASH LANDING?(4)

    Despite celebrity endorsement, the offer for Australian airline Qantas is far from being to everyone's liking.

    GAME FOR A CHALLENGE(4)

    The head of the new Private Equity Council is a former video game defender.

    Parisian power(2)

    Over the past decade, France-based AXA Private Equity has grown into a global private equity investor with more than€10 billion of capital under management. Dominique Senequier is in charge. Late last year, she met with Philip Borel.

    VENTURESCOPE(6)

    The numbers are in, and despite the feeling among US VCs that the stock market remains a poor exit option, 2006 saw a larger amount raised through venture-backed IPOs than the previous year. Dave Keating reports.

    ONE HUNDRED PERCENTER(4)

    As Pacific Corporate Group loses clients, its owner continues to explore change.

    ONE HUNDRED PERCENTER(3)

    As Pacific Corporate Group loses clients, its owner continues to explore change.

    ASSEMBLING ASSETS(4)

    The rise of infrastructure investing is creating a hot private equity play.

    VENTURESCOPE(5)

    The numbers are in, and despite the feeling among US VCs that the stock market remains a poor exit option, 2006 saw a larger amount raised through venture-backed IPOs than the previous year. Dave Keating reports.

    VENTURESCOPE(4)

    Recent developments in the direct secondary market anticipate a more positive future for European early stage capital, writes Jo Nash.

    LET THEM SOLICIT(4)

    The SEC's attempt to update Reg D should include dropping the ‘general solicitation’ ban on fundraisers.

    ONE HUNDRED PERCENTER(2)

    As Pacific Corporate Group loses clients, its owner continues to explore change.

    LET THEM SOLICIT(3)

    The SEC's attempt to update Reg D should include dropping the ‘general solicitation’ ban on fundraisers.

    VENTURESCOPE(3)

    Recent developments in the direct secondary market anticipate a more positive future for European early stage capital, writes Jo Nash.

    SOUTH AFRICA BECKONS(3)

    On the south side of the equator and east of the Atlantic lies a country that some private equity heavyweights increasingly consider to be a hidden gem.

    LET THEM SOLICIT(2)

    The SEC's attempt to update Reg D should include dropping the ‘general solicitation’ ban on fundraisers.

    SOUTH AFRICA BECKONS(2)

    On the south side of the equator and east of the Atlantic lies a country that some private equity heavyweights increasingly consider to be a hidden gem.

    TIDYING THE BOOKS(3)

    New accounting rules in China could make life a lot easier for private equity firms.

    A SWEETER SMELL(4)

    German industry and private equity have not always made easy bedfellows. A recent deal suggests they're getting closer.

    A SWEETER SMELL(3)

    German industry and private equity have not always made easy bedfellows. A recent deal suggests they're getting closer.

    TIDYING THE BOOKS(2)

    New accounting rules in China could make life a lot easier for private equity firms.

    CRASH LANDING?(3)

    Despite celebrity endorsement, the offer for Australian airline Qantas is far from being to everyone's liking.

    A BULLISH DECLINE(4)

    Amid the prospect of less buoyant times, investors in private equity are more enthusiastic than ever.

    A BULLISH DECLINE(3)

    Amid the prospect of less buoyant times, investors in private equity are more enthusiastic than ever.

    A SWEETER SMELL(2)

    German industry and private equity have not always made easy bedfellows. A recent deal suggests they're getting closer.

    CRASH LANDING?(2)

    Despite celebrity endorsement, the offer for Australian airline Qantas is far from being to everyone's liking.

    LP, WHERE ART THOU?(4)

    Professional investors in private equity funds should do more to explain the benefits of the asset class to its detractors.

    GAME FOR A CHALLENGE(3)

    The head of the new Private Equity Council is a former video game defender.

    LP, WHERE ART THOU?(3)

    Professional investors in private equity funds should do more to explain the benefits of the asset class to its detractors.

    FIRST ROUND(4)

    FIRST ROUND 2007-02-01 Staff Writer A flurry of excitement rippled through PEI's offices at the back end of last year as some of the usual LBO suspects announced they had clubbed together to buy Warsaw-based orthopedic products firm Biomet. After all, at $10.9 billion (€8.3 billion), was this not the largest

    A BULLISH DECLINE(2)

    Amid the prospect of less buoyant times, investors in private equity are more enthusiastic than ever.

    GAME FOR A CHALLENGE(2)

    The head of the new Private Equity Council is a former video game defender.

    ASSEMBLING ASSETS(3)

    The rise of infrastructure investing is creating a hot private equity play.

    FIRST ROUND(3)

    FIRST ROUND 2007-02-01 Staff Writer A flurry of excitement rippled through PEI's offices at the back end of last year as some of the usual LBO suspects announced they had clubbed together to buy Warsaw-based orthopedic products firm Biomet. After all, at $10.9 billion (€8.3 billion), was this not the largest

    Editor's letter(4)

    Editor's letter 2007-02-01 Staff Writer Much has been written of private equity's good fortune in recent months to be able to attract some of the highest-octane executives to portfolio companies. Firms have been able to accomplish this in part because they have so much more money in play, but also because of

    LP, WHERE ART THOU?(2)

    Professional investors in private equity funds should do more to explain the benefits of the asset class to its detractors.

    ASSEMBLING ASSETS(2)

    The rise of infrastructure investing is creating a hot private equity play.

    Editor's letter(3)

    Editor's letter 2007-02-01 Staff Writer Much has been written of private equity's good fortune in recent months to be able to attract some of the highest-octane executives to portfolio companies. Firms have been able to accomplish this in part because they have so much more money in play, but also because of

    FIRST ROUND(2)

    FIRST ROUND 2007-02-01 Staff Writer A flurry of excitement rippled through PEI's offices at the back end of last year as some of the usual LBO suspects announced they had clubbed together to buy Warsaw-based orthopedic products firm Biomet. After all, at $10.9 billion (€8.3 billion), was this not the largest

    Editor's letter(2)

    Editor's letter 2007-02-01 Staff Writer Much has been written of private equity's good fortune in recent months to be able to attract some of the highest-octane executives to portfolio companies. Firms have been able to accomplish this in part because they have so much more money in play, but also because of

    PEO 2.0:<br/>A SWIFT END

    Nicholas Lockley, editor of PrivateEquityOnline.com, looks through his online window on the industry.

    ON THE RECORD

    Thompson Dean, formerly the head of Credit Suisse First Boston's private equity arm DLJ Merchant Banking, formed New York-based private equity firm Avista Capital Partners in 2005. He brought with him to the new firm 15 of his Credit Suisse colleagues. Avista focuses on the US, primarily in the energy, healthcare and media industries. Avista's most recent acquisition came in December, when the firm bought The Star Tribune Company, a Minnesota-based media group, from newspaper publisher The McClatchy Company for $530 million (€399 million). The Star Tribune Company consists of the Star Tribune, which is the largest newspaper in the Twin Cities area with a daily circulation of approximately 360,000, as well as the newspaper's digital affiliate, StarTribune.com.

    The structure of things

    From toll roads in Australia to airports in the UK, infrastructure has become one of the fastest growing asset classes in the world. As private equity firms look to capitalise on the trend, financial and political challenges loom large. By Paul Fruchbom.

    Your mission, should you decide to accept it

    The Private Equity Council, the recently formed trade association that plans to present a kinder and gentler face of private equity to the public and politicians, faces challenges worthy of super spy Ethan Hunt of Mission Impossible fame. By Tom Franco.

    THE PLAYERS

    Below is a selection of venture capital groups active in Ireland:

    All to play for

    For many investors, Irish venture capital is a niche industry within European private equity. However, recent developments anticipate a bright future for the market, writes Jo Nash.

    Green is good for Hg

    As the renewable energy sector prepares for its biggest ever year, one private equity firm looks well positioned to take advantage. By James Taylor.

    Energy levels rising

    2006 might be remembered as the year when private equity interest in the energy sector exploded, but there are signs that the boom is only just beginning. James Taylor reports.

    LET'S TALK FEES

    Smaller funds are introducing potential investors to comparative economics.

    They've never had it so good

    Through higher fees and more carry on ever-larger funds, LBO groups are cashing in on their unprecedented popularity. This side of a downturn, LPs must grit their teeth and pay up. Andy Thomson reports.

    Building and stealing

    Your firm has grown and you need more talent. If you haven't done a good job building a deep bench, be prepared to pay big bucks for someone else's investment pro. David Snow surveys the competitive market for private equity human capital.

    ONE HUNDRED PERCENTER

    As Pacific Corporate Group loses clients, its owner continues to explore change.

    Parisian power

    Over the past decade, France-based AXA Private Equity has grown into a global private equity investor with more than€10 billion of capital under management. Dominique Senequier is in charge. Late last year, she met with Philip Borel.

    VENTURESCOPE(2)

    The numbers are in, and despite the feeling among US VCs that the stock market remains a poor exit option, 2006 saw a larger amount raised through venture-backed IPOs than the previous year. Dave Keating reports.

    LET THEM SOLICIT

    The SEC's attempt to update Reg D should include dropping the ‘general solicitation’ ban on fundraisers.

    VENTURESCOPE

    Recent developments in the direct secondary market anticipate a more positive future for European early stage capital, writes Jo Nash.

    QUITTING WHILE AHEAD

    Lawyers have notoriously itchy feet, as the esteemed fund franchise of SJ Berwin has discovered.

    A SWEETER SMELL

    German industry and private equity have not always made easy bedfellows. A recent deal suggests they're getting closer.

    SOUTH AFRICA BECKONS

    On the south side of the equator and east of the Atlantic lies a country that some private equity heavyweights increasingly consider to be a hidden gem.

    TIDYING THE BOOKS

    New accounting rules in China could make life a lot easier for private equity firms.

    A BULLISH DECLINE

    Amid the prospect of less buoyant times, investors in private equity are more enthusiastic than ever.

    CRASH LANDING?

    Despite celebrity endorsement, the offer for Australian airline Qantas is far from being to everyone's liking.

    LP, WHERE ART THOU?

    Professional investors in private equity funds should do more to explain the benefits of the asset class to its detractors.

    GAME FOR A CHALLENGE

    The head of the new Private Equity Council is a former video game defender.

    FIRST ROUND

    FIRST ROUND 2007-02-01 Staff Writer A flurry of excitement rippled through PEI's offices at the back end of last year as some of the usual LBO suspects announced they had clubbed together to buy Warsaw-based orthopedic products firm Biomet. After all, at $10.9 billion (€8.3 billion), was this not the largest

    ASSEMBLING ASSETS

    The rise of infrastructure investing is creating a hot private equity play.

    Editor's letter

    Editor's letter Staff 2007-02-01 Writer Much has been written of private equity's good fortune in recent months to be able to attract some of the highest-octane executives to portfolio companies. Firms have been able to accomplish this in part because they have so much more money in play, but a