July / August 2007 Issue

US distressed specialist MatlinPatterson has collected a 10.5x return on its investment in Brazilian airline Varig.

Abraaj Capital's $1.4 billion purchase of an Egyptian fertiliser business in June was a rare mega-deal for MENA private equity.

Abraaj Capital's $1.4 billion purchase of an Egyptian fertiliser business in June was a rare mega-deal for MENA private equity.

The high profile and personal network of Blackstone's Asia chairman helps explain how the firm came to do a $3 billion deal with the government of China.

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

The high profile and personal network of Blackstone's Asia chairman helps explain how the firm came to do a $3 billion deal with the government of China.

Seeking to produce a comprehensive defence of the industry, Australia's private equity association has left no stone unturned.

In June, London-based Duke Street Capital hit the headlines over pending job losses at portfolio company Burton's Foods and creditor losses at former portfolio company Focus DIY. Following Duke Street's investment in Burton's in March, UK MP Angela Eagle has been campaigning against the firm's plans for a Burton's biscuit factory in her Wallasey constituency, which may cost 660 jobs. Meanwhile the investment in Focus has been branded an example of lenders and bondholders being at risk in LBOs after sponsors cash out through recapitalisations. Duke Street recapitalised what was then Focus Wickes in 2002 and, having sold the Wickes business to a trade buyer, refinanced Focus once more in 2005 on a stand-alone basis. In January, Focus was put up for sale after it became obvious that the company was no longer able to service the £280 million of debt on its balance sheet. In June, US distressed debt specialist Cerberus bought the company for £1. The new owner will pay back £185 million of bank debt while the holders of £100 million worth of bonds will receive 40p in the pound. PEI caught up with Duke Street's managing partner Peter Taylor, who has been asked to appear before the Treasury Select Committee in the House of Commons in the coming weeks (at press time, a date had not yet been agreed), to quiz him about the recent events.

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

Seeking to produce a comprehensive defence of the industry, Australia's private equity association has left no stone unturned.

VMG partner David Baram will leverage his seven-year tenure as president of Hollywood talent agency The Firm to work branding magic at portfolio companies.

Tesla Motors recently completed a $45 million Series D financing round, pushing the Silicon Valley start-up's VC funding past the $100 million mark. As the star-studded waiting list for the company's flashy roadster continues to grow, investors are lining up for a piece of the action. Amanda Janis reports.

In June, London-based Duke Street Capital hit the headlines over pending job losses at portfolio company Burton's Foods and creditor losses at former portfolio company Focus DIY. Following Duke Street's investment in Burton's in March, UK MP Angela Eagle has been campaigning against the firm's plans for a Burton's biscuit factory in her Wallasey constituency, which may cost 660 jobs. Meanwhile the investment in Focus has been branded an example of lenders and bondholders being at risk in LBOs after sponsors cash out through recapitalisations. Duke Street recapitalised what was then Focus Wickes in 2002 and, having sold the Wickes business to a trade buyer, refinanced Focus once more in 2005 on a stand-alone basis. In January, Focus was put up for sale after it became obvious that the company was no longer able to service the £280 million of debt on its balance sheet. In June, US distressed debt specialist Cerberus bought the company for £1. The new owner will pay back £185 million of bank debt while the holders of £100 million worth of bonds will receive 40p in the pound. PEI caught up with Duke Street's managing partner Peter Taylor, who has been asked to appear before the Treasury Select Committee in the House of Commons in the coming weeks (at press time, a date had not yet been agreed), to quiz him about the recent events.

VMG partner David Baram will leverage his seven-year tenure as president of Hollywood talent agency The Firm to work branding magic at portfolio companies.

The hedge fund giant's recent take-private deal is part of a stealth strategy to become a force in global private equity.

The hedge fund giant's recent take-private deal is part of a stealth strategy to become a force in global private equity.

The Cleantech Group is launching a new web project to connect entrepreneurs and investors. If their recent forum in Frankfurt is any indication, it could receive a lot of interest. By Dave Keating.

The firm controlled by Ron Burkle is eyeing a huge ‘worker-friendly’ fund.

The firm controlled by Ron Burkle is eyeing a huge ‘worker-friendly’ fund.

US distressed specialist MatlinPatterson has collected a 10.5x return on its investment in Brazilian airline Varig.

Germany's most powerful trade union body is on a collision course with private equity.

Germany's most powerful trade union body is on a collision course with private equity.

BLACKSTONE 1, HATERS 0 2007-08-01 Staff Writer In an article profiling Stephen Schwarzman that appeared on the front page of the Wall Street Journal just days before Blackstone's initial public offering, the firm's c

BLACKSTONE 1, HATERS 0 2007-08-01 Staff Writer In an article profiling Stephen Schwarzman that appeared on the front page of the Wall Street Journal just days before Blackstone's initial public offering, the firm's c

In Europe's largest economy, private equity has long endured an uneasy relationship with public opinion – and with politicians. The economy is in its healthiest state for some years, but Angela Merkel's coalition government's latest display of ambivalence towards private equity is bound to hamper the industry's ability to grow further. For home-grown private groups, pending legislation could be disastrous. If domestic funds are driven abroad, the economy could suffer, too. James Taylor and Philip Borel repor/.

In Europe's largest economy, private equity has long endured an uneasy relationship with public opinion – and with politicians. The economy is in its healthiest state for some years, but Angela Merkel's coalition government's latest display of ambivalence towards private equity is bound to hamper the industry's ability to grow further. For home-grown private groups, pending legislation could be disastrous. If domestic funds are driven abroad, the economy could suffer, too. James Taylor and Philip Borel repor/.

Abraaj Capital's $1.4 billion purchase of an Egyptian fertiliser business in June was a rare mega-deal for MENA private equity.

The BVCA is looking for a new chief executive. Finding one will not be easy.

The BVCA is looking for a new chief executive. Finding one will not be easy.

The high profile and personal network of Blackstone's Asia chairman helps explain how the firm came to do a $3 billion deal with the government of China.

The BBC is no friend of private equity.

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

As the chorus of criticism against private equity grows, general partners are surprised that they are not receiving glowing testimonials from their customers. Nicholas Lockley investigates.

The BBC is no friend of private equity.

Seeking to produce a comprehensive defence of the industry, Australia's private equity association has left no stone unturned.

As the chorus of criticism against private equity grows, general partners are surprised that they are not receiving glowing testimonials from their customers. Nicholas Lockley investigates.

In Denmark, a law has been passed to remove the favourable tax status enjoyed by leveraged loans.

In June, London-based Duke Street Capital hit the headlines over pending job losses at portfolio company Burton's Foods and creditor losses at former portfolio company Focus DIY. Following Duke Street's investment in Burton's in March, UK MP Angela Eagle has been campaigning against the firm's plans for a Burton's biscuit factory in her Wallasey constituency, which may cost 660 jobs. Meanwhile the investment in Focus has been branded an example of lenders and bondholders being at risk in LBOs after sponsors cash out through recapitalisations. Duke Street recapitalised what was then Focus Wickes in 2002 and, having sold the Wickes business to a trade buyer, refinanced Focus once more in 2005 on a stand-alone basis. In January, Focus was put up for sale after it became obvious that the company was no longer able to service the £280 million of debt on its balance sheet. In June, US distressed debt specialist Cerberus bought the company for £1. The new owner will pay back £185 million of bank debt while the holders of £100 million worth of bonds will receive 40p in the pound. PEI caught up with Duke Street's managing partner Peter Taylor, who has been asked to appear before the Treasury Select Committee in the House of Commons in the coming weeks (at press time, a date had not yet been agreed), to quiz him about the recent events.

In Denmark, a law has been passed to remove the favourable tax status enjoyed by leveraged loans.

VMG partner David Baram will leverage his seven-year tenure as president of Hollywood talent agency The Firm to work branding magic at portfolio companies.

At a time when unity would be an asset, different factions within the European private equity industry appear deeply divided.

At a time when unity would be an asset, different factions within the European private equity industry appear deeply divided.

The hedge fund giant's recent take-private deal is part of a stealth strategy to become a force in global private equity.

In 1996, three Swiss investment bankers took the plunge and set up a tiny investment firm with a penchant for complicated investment products. In the years that followed, Partners Group gained a reputation for product innovation and turned itself into a leading investor in alternative assets. Last year the firm went public in a blow-out IPO in Zurich. Here, co-founder Urs Wietlisbach and Steffen Meister, CEO, discuss life as a public company, how to find investment management talent in Argentina and, crucially, the future of private equity. By Philip Borel.

In 1996, three Swiss investment bankers took the plunge and set up a tiny investment firm with a penchant for complicated investment products. In the years that followed, Partners Group gained a reputation for product innovation and turned itself into a leading investor in alternative assets. Last year the firm went public in a blow-out IPO in Zurich. Here, co-founder Urs Wietlisbach and Steffen Meister, CEO, discuss life as a public company, how to find investment management talent in Argentina and, crucially, the future of private equity. By Philip Borel.

The EVPA has grown to 54 members from 14 countries.

The EVPA has grown to 54 members from 14 countries.

The firm controlled by Ron Burkle is eyeing a huge ‘worker-friendly’ fund.

Big private equity in the dock – the Treasury Select Committee had rarely seen the like. James Taylor was there.

Germany's most powerful trade union body is on a collision course with private equity.

Big private equity in the dock – the Treasury Select Committee had rarely seen the like. James Taylor was there.

A Hong Kong venture capitalist takes sweat equity to the extreme.

A Hong Kong venture capitalist takes sweat equity to the extreme.

BLACKSTONE 1, HATERS 0 2007-08-01 Staff Writer In an article profiling Stephen Schwarzman that appeared on the front page of the Wall Street Journal just days before Blackstone's initial public offering, the firm's c

June saw private equity in the eye of media storms on both sides of the Atlantic. The quotes on this page about carried interest, partnership tax law, investment risk and the price of stone crabs tell the story of the past few weeks.

In Europe's largest economy, private equity has long endured an uneasy relationship with public opinion – and with politicians. The economy is in its healthiest state for some years, but Angela Merkel's coalition government's latest display of ambivalence towards private equity is bound to hamper the industry's ability to grow further. For home-grown private groups, pending legislation could be disastrous. If domestic funds are driven abroad, the economy could suffer, too. James Taylor and Philip Borel repor/.

June saw private equity in the eye of media storms on both sides of the Atlantic. The quotes on this page about carried interest, partnership tax law, investment risk and the price of stone crabs tell the story of the past few weeks.

The BVCA is looking for a new chief executive. Finding one will not be easy.

Editor's letter 2007-08-01 Staff Writer Given the intense level of scrutiny that private equity has been subject to over the past month, market participants are almost nostalgic for the good old days (that is, two or three months ago) when it seemed that private equity's perception problems had mainly to do

Editor's letter 2007-08-01 Staff Writer Given the intense level of scrutiny that private equity has been subject to over the past month, market participants are almost nostalgic for the good old days (that is, two or three months ago) when it seemed that private equity's perception problems had mainly to do

The BBC is no friend of private equity.

As the chorus of criticism against private equity grows, general partners are surprised that they are not receiving glowing testimonials from their customers. Nicholas Lockley investigates.

In Denmark, a law has been passed to remove the favourable tax status enjoyed by leveraged loans.

At a time when unity would be an asset, different factions within the European private equity industry appear deeply divided.

In 1996, three Swiss investment bankers took the plunge and set up a tiny investment firm with a penchant for complicated investment products. In the years that followed, Partners Group gained a reputation for product innovation and turned itself into a leading investor in alternative assets. Last year the firm went public in a blow-out IPO in Zurich. Here, co-founder Urs Wietlisbach and Steffen Meister, CEO, discuss life as a public company, how to find investment management talent in Argentina and, crucially, the future of private equity. By Philip Borel.

The EVPA has grown to 54 members from 14 countries.

Big private equity in the dock – the Treasury Select Committee had rarely seen the like. James Taylor was there.

A Hong Kong venture capitalist takes sweat equity to the extreme.

June saw private equity in the eye of media storms on both sides of the Atlantic. The quotes on this page about carried interest, partnership tax law, investment risk and the price of stone crabs tell the story of the past few weeks.

Tesla Motors recently completed a $45 million Series D financing round, pushing the Silicon Valley start-up's VC funding past the $100 million mark. As the star-studded waiting list for the company's flashy roadster continues to grow, investors are lining up for a piece of the action. Amanda Janis reports.

The Cleantech Group is launching a new web project to connect entrepreneurs and investors. If their recent forum in Frankfurt is any indication, it could receive a lot of interest. By Dave Keating.

US distressed specialist MatlinPatterson has collected a 10.5x return on its investment in Brazilian airline Varig.

Abraaj Capital's $1.4 billion purchase of an Egyptian fertiliser business in June was a rare mega-deal for MENA private equity.

The high profile and personal network of Blackstone's Asia chairman helps explain how the firm came to do a $3 billion deal with the government of China.

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

Seeking to produce a comprehensive defence of the industry, Australia's private equity association has left no stone unturned.

In June, London-based Duke Street Capital hit the headlines over pending job losses at portfolio company Burton's Foods and creditor losses at former portfolio company Focus DIY. Following Duke Street's investment in Burton's in March, UK MP Angela Eagle has been campaigning against the firm's plans for a Burton's biscuit factory in her Wallasey constituency, which may cost 660 jobs. Meanwhile the investment in Focus has been branded an example of lenders and bondholders being at risk in LBOs after sponsors cash out through recapitalisations. Duke Street recapitalised what was then Focus Wickes in 2002 and, having sold the Wickes business to a trade buyer, refinanced Focus once more in 2005 on a stand-alone basis. In January, Focus was put up for sale after it became obvious that the company was no longer able to service the £280 million of debt on its balance sheet. In June, US distressed debt specialist Cerberus bought the company for £1. The new owner will pay back £185 million of bank debt while the holders of £100 million worth of bonds will receive 40p in the pound. PEI caught up with Duke Street's managing partner Peter Taylor, who has been asked to appear before the Treasury Select Committee in the House of Commons in the coming weeks (at press time, a date had not yet been agreed), to quiz him about the recent events.

VMG partner David Baram will leverage his seven-year tenure as president of Hollywood talent agency The Firm to work branding magic at portfolio companies.

The hedge fund giant's recent take-private deal is part of a stealth strategy to become a force in global private equity.

The firm controlled by Ron Burkle is eyeing a huge ‘worker-friendly’ fund.

BLACKSTONE 1, HATERS 0 2007-08-01 Staff Writer In an article profiling Stephen Schwarzman that appeared on the front page of the Wall Street Journal just days before Blackstone's initial public offering, the firm's c

Germany's most powerful trade union body is on a collision course with private equity.

The BVCA is looking for a new chief executive. Finding one will not be easy.

In Europe's largest economy, private equity has long endured an uneasy relationship with public opinion – and with politicians. The economy is in its healthiest state for some years, but Angela Merkel's coalition government's latest display of ambivalence towards private equity is bound to hamper the industry's ability to grow further. For home-grown private groups, pending legislation could be disastrous. If domestic funds are driven abroad, the economy could suffer, too. James Taylor and Philip Borel repor/.

The BBC is no friend of private equity.

In Denmark, a law has been passed to remove the favourable tax status enjoyed by leveraged loans.

As the chorus of criticism against private equity grows, general partners are surprised that they are not receiving glowing testimonials from their customers. Nicholas Lockley investigates.

At a time when unity would be an asset, different factions within the European private equity industry appear deeply divided.

The EVPA has grown to 54 members from 14 countries.

In 1996, three Swiss investment bankers took the plunge and set up a tiny investment firm with a penchant for complicated investment products. In the years that followed, Partners Group gained a reputation for product innovation and turned itself into a leading investor in alternative assets. Last year the firm went public in a blow-out IPO in Zurich. Here, co-founder Urs Wietlisbach and Steffen Meister, CEO, discuss life as a public company, how to find investment management talent in Argentina and, crucially, the future of private equity. By Philip Borel.

A Hong Kong venture capitalist takes sweat equity to the extreme.

Big private equity in the dock – the Treasury Select Committee had rarely seen the like. James Taylor was there.

June saw private equity in the eye of media storms on both sides of the Atlantic. The quotes on this page about carried interest, partnership tax law, investment risk and the price of stone crabs tell the story of the past few weeks.

Editor's letter Staff 2007-08-01 Writer Given the intense level of scrutiny that private equity has been subject to over the past month, market participants are almost nostalgic for the good old days (that is, two or three months ago) when it seemed that private equity's perception problems had