September 2007 Issue

Draper Fisher Jurvetson has been ramping up its global affiliate network, imprinting its brand around the world as it does so. Amanda Janis reports on the Silicon Valley venture firm's strategy and future plans.

Lifestyle and dating websites have grown in popularity with investors over the last few years, and as Bill Gates' recent $26m investment in PlanetOut demonstrates, niche plays are getting most of the attention. By Dave Keating.

As the Kings of Capitalism come under closer scrutiny than ever, we look at one venture firm on a money-making mission arguably beyond reproach. Nicholas Lockley and Toby Lewis investigate.

FIRST ROUND 2007-09-01 Staff Writer The official line is that private equity and hedge fund professionals enjoy a benign relationship – friendly, even. Many have been the times in recent years that buyout protagonists, on being asked whether they consider hedge funds a competitive threat, have pointed to the

FIRST ROUND 2007-09-01 Staff Writer The official line is that private equity and hedge fund professionals enjoy a benign relationship – friendly, even. Many have been the times in recent years that buyout protagonists, on being asked whether they consider hedge funds a competitive threat, have pointed to the

Operational heavyweight Bruno Deschamps swaps Clayton, Dubilier for 3i.

A famous VC, a giant boat and a tax liability

LBO funds buying into metal-processing businesses in Germany will need to get along with IG Metall.

Editor's letter 2007-09-01 Staff Writer In the July/August issue of Private Equity International, we speculated in this column that market participants might be feeling nostalgic for a return to the ‘good old days’ of two or three months prior when image problems were associated

FIRST ROUND 2007-09-01 Staff Writer The official line is that private equity and hedge fund professionals enjoy a benign relationship – friendly, even. Many have been the times in recent years that buyout protagonists, on being asked whether they consider hedge funds a competitive threat, have pointed to the

A famous VC, a giant boat and a tax liability

Editor's letter 2007-09-01 Staff Writer In the July/August issue of Private Equity International, we speculated in this column that market participants might be feeling nostalgic for a return to the ‘good old days’ of two or three months prior when image problems were associated

Nicholas Lockley, editor of PrivateEquityOnline.com, looks behind the headlines of the last four weeks on the web.

In 2004, The Israel Infinity Fund, along with Chinese venture capital fund CSVC, raised $15 million (€11 million), with an additional $25 million in co-investment commitments, for the first fund with foreign investors registered in China and denominated in renminbi (RMB). The registration number was 00001. The Tel Aviv-based firm's strategy, which it dubs the Israel-China model, is to invest in Israeli technology vendors looking to break into the Chinese market, as well as Chinese sales/marketing and manufacturing companies looking for new technology to improve their business. Infinity both invests and acts as a matchmaker for its portfolio companies, aiming to create synergies and improve the value of both parties. Investors appear to have been impressed. When Infinity began raising funds for its second China fund, the Israel-China Fund, the firm was targeting $150 million. But appetite was such that the firm has since revised its target upward to $350 million. PEI talked to Infinity managing partner Amir Gal-Or about the adoption of the Israel-China model and how the firm has fared since.

When corporate restructuring affects the security of a defined benefit pension scheme, trustees will insist they are invited to the negotiating table. Myles Pink looks at the ways in which corporate activity has been affected by changes to pensions legislation, the influence of scheme trustees in the negotiating process and what options are available for private equity acquirers.

Judith Völker and Marcus Mackensen discuss why holistic legal advice could be crucial to successful private equity investments.

The modestly sized Belgian private equity market is looking to family groups to drive deal flow.

In many countries around the world, private equity firms are having to answer some tough questions. Jo Nash explores how the asset class has come under pressure in the Netherlands.

Prompted by changing strategic priorities, corporates are not slow to offload investment portfolios that no longer fit.

With GPs in the venture space increasingly forced to examine liquidity options, secondary buyers are reporting encouraging deal flow. By Andy Thomson.

In the view of Graphite Capital, one of the UK's foremost mid-market private equity houses, dark clouds are gathering. Andy Thomson and James Taylor recently met with three of the firm's senior executives to discover their take on deal sourcing, relationship building – and the turning of the cycle.

Draper Fisher Jurvetson has been ramping up its global affiliate network, imprinting its brand around the world as it does so. Amanda Janis reports on the Silicon Valley venture firm's strategy and future plans.

As the Kings of Capitalism come under closer scrutiny than ever, we look at one venture firm on a money-making mission arguably beyond reproach. Nicholas Lockley and Toby Lewis investigate.

Lifestyle and dating websites have grown in popularity with investors over the last few years, and as Bill Gates' recent $26m investment in PlanetOut demonstrates, niche plays are getting most of the attention. By Dave Keating.

Kohlberg Kravis Roberts' £12bn (€17.8bn; $24.3bn) acquisition of health and beauty chain Alliance Boots was the largest buyout ever seen in Europe – but after global credit markets nosedived during the summer months, the underwriting banks were left with a record-sized headache. Toby Lewis traces the deal's progress.

Oaktree Capital Management is an alternative asset manager well placed to profit from this summer's liquidity crisis. In a rare interview, co-founder and chairman Howard Marks talked with PEI about changes in market cycles, his firm's innovative investment approach and the decision to float its management company, on Goldman's private exchange.

Lack of transparency is one of the sticks with which critics have beaten private equity. In a report commissioned by the industry, City of London grandee Sir David Walker suggests various methods of defence. He recently discussed his work-in-progress with Nicholas Lockley.

As economic and political conditions in the region stabilise, private equity has renewed its interest in Latin America.

Emerging Capital Partners managed to make a 3.4 times return from its stake in a rubber company with operations in the Ivory Coast, despite the country being wracked by civil war.

A new Softbank affiliate is making its mark across Asia.

RISK-RESISTANT 2007-09-01 Staff Writer France's world-famous Le Mans 24-hour car race is, as the name would suggest, a test of endurance. It is also, in at least equal measure, an examination of nerves. Two examples illustrate this well. In 1955

DLJ Merchant Banking spinout Avista has hired a former Time branding pro.

Sun Capital takes a second swing with a subprime lender.

Private equity hearings have been the hottest ticket in Washington, where a New York senator is demanding that, at the very least, all funds be treated equal.

A Palm Beach asset manager has created its first-ever third party vehicles.

Today Chrysler is again in need of emergency restructuring, and so is private equity's reputation.

This summer, Deutsche Beteiligungs listed Homag, a German portfolio company, in Frankfurt. Among the beneficiaries: Homag's octogenarian founder.

A UK mid-market GP has demonstrated its commitment to portfolio companies – all the way through the law courts.

Operational heavyweight Bruno Deschamps swaps Clayton, Dubilier for 3i.

LBO funds buying into metal-processing businesses in Germany will need to get along with IG Metall.

FIRST ROUND 2007-09-01 Staff Writer The official line is that private equity and hedge fund professionals enjoy a benign relationship – friendly, even. Many have been the times in recent years that buyout protagonists, on being asked whether they consider hedge funds a competitive threat, have pointed to the

A famous VC, a giant boat and a tax liability

Editor's letter 2007-09-01 Staff Writer In the July/August issue of Private Equity International, we speculated in this column that market participants might be feeling nostalgic for a return to the ‘good old days’ of two or three months prior when image problems were associated

LBO funds buying into metal-processing businesses in Germany will need to get along with IG Metall.

FIRST ROUND 2007-09-01 Staff Writer The official line is that private equity and hedge fund professionals enjoy a benign relationship – friendly, even. Many have been the times in recent years that buyout protagonists, on being asked whether they consider hedge funds a competitive threat, have pointed to the

A famous VC, a giant boat and a tax liability

Editor's letter 2007-09-01 Staff Writer In the July/August issue of Private Equity International, we speculated in this column that market participants might be feeling nostalgic for a return to the ‘good old days’ of two or three months prior when image problems were associated