November 2007 Issue

Banks and investment groups may have found a cure for debt indigestion in the form of the hung bridge fund. By Andy Thomson.

As energy deals surge, a New York sector specialist is seeking billions in fresh commitments.

As energy deals surge, a New York sector specialist is seeking billions in fresh commitments.

A reconstituting deal market may find some of its participants feeling sheepish about how they behaved during crunch time.

A reconstituting deal market may find some of its participants feeling sheepish about how they behaved during crunch time.

Serial entrepreneur Peter Dubens has launched a mid-market private equity fund with a difference.

Serial entrepreneur Peter Dubens has launched a mid-market private equity fund with a difference.

Nicholas Lockley, editor of PrivateEquityOnline.com, looks behind the recent headlines on the web.

Those hoping for the LBO market to take up where it left off may be in for disappointment.

Nicholas Lockley, editor of PrivateEquityOnline.com, looks behind the recent headlines on the web.

Those hoping for the LBO market to take up where it left off may be in for disappointment.

Washington-based Guggenheim Aviation Partners closed its second fund on $737 million ( e520 million) in late September. Fund II was substantially bigger than its predecessor, which closed on $278 million in June 2005. But the firm's strategy, which looks set to benefit from the dislocation in the credit markets, remains the same. Founder Steve Rimmer was previously founder of Curtis Power Company, an aircraft engine leasing firm that was sold to General Electric. He then partnered with Guggenheim Capital to get his current venture off the ground. Guggenheim Aviation Partners manages funds that acquire and lease aircraft, seeking assets that are undervalued by rating agencies and industry players. Part of the firm's strategy involves converting passenger carriers into aircraft cargo ? a market that the firm believes is currently underserved. Private Equity International spoke with Rimmer about his plans for the new fund, credit market developments and new players in the space.

The London Stock Exchange has launched a new market in an attempt to lure fund listings away from Amsterdam.

The London Stock Exchange has launched a new market in an attempt to lure fund listings away from Amsterdam.

Washington-based Guggenheim Aviation Partners closed its second fund on $737 million ( e520 million) in late September. Fund II was substantially bigger than its predecessor, which closed on $278 million in June 2005. But the firm's strategy, which looks set to benefit from the dislocation in the credit markets, remains the same. Founder Steve Rimmer was previously founder of Curtis Power Company, an aircraft engine leasing firm that was sold to General Electric. He then partnered with Guggenheim Capital to get his current venture off the ground. Guggenheim Aviation Partners manages funds that acquire and lease aircraft, seeking assets that are undervalued by rating agencies and industry players. Part of the firm's strategy involves converting passenger carriers into aircraft cargo ? a market that the firm believes is currently underserved. Private Equity International spoke with Rimmer about his plans for the new fund, credit market developments and new players in the space.

The UK government's proposed taxation of capital gains is a case study in clumsy policy-making.

The UK government's proposed taxation of capital gains is a case study in clumsy policy-making.

FOR BETTER OR WORSE 2007-11-01 Staff Writer Number of Google hits for following phrases (as at 15 October 2007):1. Private equity value creation: 2.08m2. Private equity job losses: 2.07m3. Private equity financial engineering: 2.00m4. Private equity positive contribution: 1.94m5.

Richard Branson's first institutional private equity fund is focused on green initiatives. Nicholas Lockley finds that the bottom line, more than a sense of altruism, is what drives the fund's investment team.

FOR BETTER OR WORSE 2007-11-01 Staff Writer Number of Google hits for following phrases (as at 15 October 2007):1. Private equity value creation: 2.08m2. Private equity job losses: 2.07m3. Private equity financial engineering: 2.00m4. Private equity positive contribution: 1.94m5.

FIRST ROUND 2007-11-01 Staff Writer Christopher Flowers is probably best known as the billionaire private equity guru who has played a role in the resuscitation of many banking groups around the world. He is currently being touted as a potential saviour of Northern Rock, the British bank battered by the sub-

Richard Branson's first institutional private equity fund is focused on green initiatives. Nicholas Lockley finds that the bottom line, more than a sense of altruism, is what drives the fund's investment team.

FIRST ROUND 2007-11-01 Staff Writer Christopher Flowers is probably best known as the billionaire private equity guru who has played a role in the resuscitation of many banking groups around the world. He is currently being touted as a potential saviour of Northern Rock, the British bank battered by the sub-

Changes have taken place in Spain's takeover climate following the adoption of a new Takeover Code earlier this year.

OAR INSPIRING 2007-11-01 Staff Writer For some, just taking part is not enough. You have to raise the biggest fund. Do the largest deal. Make the most money. In short, winning is what it is all about – because that's how you show the world who's best. And the point is, the world has to

Changes have taken place in Spain's takeover climate following the adoption of a new Takeover Code earlier this year.

Changes in the law are set to allow Spain's pension funds access to private equity. Toby Lewis reports.

OAR INSPIRING 2007-11-01 Staff Writer For some, just taking part is not enough. You have to raise the biggest fund. Do the largest deal. Make the most money. In short, winning is what it is all about – because that's how you show the world who's best. And the point is, the world has to

DISTRESSED SALE 2007-11-01 Staff Writer It sounds like a turnaround opportunity to us. After ignominiously losing three straight post-season games in early October, the Chicago Cubs baseball team has now gone 99 years without a World Series win. The Boston Red Sox, who hadn't won a World Series since 1918, b

Changes in the law are set to allow Spain's pension funds access to private equity. Toby Lewis reports.

A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.

DISTRESSED SALE 2007-11-01 Staff Writer It sounds like a turnaround opportunity to us. After ignominiously losing three straight post-season games in early October, the Chicago Cubs baseball team has now gone 99 years without a World Series win. The Boston Red Sox, who hadn't won a World Series since 1918, b

Editor's letter 2007-11-01 Staff Writer A recent survey conducted by global financial services giant Citi has confirmed a large and increasing appetite for allocations to private equity. Of the 50 pension fund chief investment officers canvassed, 75 percent said they will increase their allocation to the ass

A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.

Editor's letter 2007-11-01 Staff Writer A recent survey conducted by global financial services giant Citi has confirmed a large and increasing appetite for allocations to private equity. Of the 50 pension fund chief investment officers canvassed, 75 percent said they will increase their allocation to the ass

Banks and investment groups may have found a cure for debt indigestion in the form of the hung bridge fund. By Andy Thomson.

Over the following two pages you will find the responses of leading private equity professionals to the following question: “What do you think will be some of the key themes in relation to private equity fundraising over the next year?”

Katja Salovaara explains why the market lull will not divert Finnish pension Ilmarinen from increasing its commitment to private equity. By Andy Thomson.

Investors are piling into the renewable energy sector, but are in danger of overlooking the best opportunities. In the first of a two-part feature Sam Richardson, an investment director at London-based venture capital firm E-Synergy, considers right and wrong approaches. Part two, in the next issue of PEI, will look at the attitude of institutions toward renewable energy.

EchoStar's $380m purchase of Sling Media is just reward for a bold bet on digital media content possibilities, says Dave Keating.

Silicon Valley's Bessemer Venture Partners will go “carbon neutral” by the end of the year, a step that few other private equity firms appear poised to take. Jennifer Harris reports.

A GP with big ambitions is putting Colombia on the private equity map.

An African buyout fund has got off to a flyer on the fundraising trail, thanks to a little help from Saudi Arabian royalty.

Permira, a leading leveraged buyout proponent, returns to its growth capital roots.

The liquidity crisis may question assumptions regarding the nature of Asian investment risk.

Morgan Stanley continues to strengthen its private equity team as it raises a $6bn global fund – just three years after spinning out its in-house PE group.

Carlyle Group has hired international trade lawyer David Marchick as an in-house regulatory expert.

Amid a tight capital market, American Capital has monetised a chunk of its vast portfolio.

As energy deals surge, a New York sector specialist is seeking billions in fresh commitments.

A reconstituting deal market may find some of its participants feeling sheepish about how they behaved during crunch time.

Serial entrepreneur Peter Dubens has launched a mid-market private equity fund with a difference.

Those hoping for the LBO market to take up where it left off may be in for disappointment.

Nicholas Lockley, editor of PrivateEquityOnline.com, looks behind the recent headlines on the web.

The London Stock Exchange has launched a new market in an attempt to lure fund listings away from Amsterdam.

Washington-based Guggenheim Aviation Partners closed its second fund on $737 million ( e520 million) in late September. Fund II was substantially bigger than its predecessor, which closed on $278 million in June 2005. But the firm's strategy, which looks set to benefit from the dislocation in the credit markets, remains the same. Founder Steve Rimmer was previously founder of Curtis Power Company, an aircraft engine leasing firm that was sold to General Electric. He then partnered with Guggenheim Capital to get his current venture off the ground. Guggenheim Aviation Partners manages funds that acquire and lease aircraft, seeking assets that are undervalued by rating agencies and industry players. Part of the firm's strategy involves converting passenger carriers into aircraft cargo ? a market that the firm believes is currently underserved. Private Equity International spoke with Rimmer about his plans for the new fund, credit market developments and new players in the space.

The UK government's proposed taxation of capital gains is a case study in clumsy policy-making.

FOR BETTER OR WORSE 2007-11-01 Staff Writer Number of Google hits for following phrases (as at 15 October 2007):1. Private equity value creation: 2.08m2. Private equity job losses: 2.07m3. Private equity financial engineering: 2.00m4. Private equity positive contribution: 1.94m5.

FIRST ROUND 2007-11-01 Staff Writer Christopher Flowers is probably best known as the billionaire private equity guru who has played a role in the resuscitation of many banking groups around the world. He is currently being touted as a potential saviour of Northern Rock, the British bank battered by the sub-

Richard Branson's first institutional private equity fund is focused on green initiatives. Nicholas Lockley finds that the bottom line, more than a sense of altruism, is what drives the fund's investment team.

Changes have taken place in Spain's takeover climate following the adoption of a new Takeover Code earlier this year.

OAR INSPIRING 2007-11-01 Staff Writer For some, just taking part is not enough. You have to raise the biggest fund. Do the largest deal. Make the most money. In short, winning is what it is all about – because that's how you show the world who's best. And the point is, the world has to

Changes in the law are set to allow Spain's pension funds access to private equity. Toby Lewis reports.

DISTRESSED SALE 2007-11-01 Staff Writer It sounds like a turnaround opportunity to us. After ignominiously losing three straight post-season games in early October, the Chicago Cubs baseball team has now gone 99 years without a World Series win. The Boston Red Sox, who hadn't won a World Series since 1918, b

A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.

Editor's letter 2007-11-01 Staff Writer A recent survey conducted by global financial services giant Citi has confirmed a large and increasing appetite for allocations to private equity. Of the 50 pension fund chief investment officers canvassed, 75 percent said they will increase their allocation to the ass

Banks and investment groups may have found a cure for debt indigestion in the form of the hung bridge fund. By Andy Thomson.

Over the following two pages you will find the responses of leading private equity professionals to the following question: “What do you think will be some of the key themes in relation to private equity fundraising over the next year?”

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.

Katja Salovaara explains why the market lull will not divert Finnish pension Ilmarinen from increasing its commitment to private equity. By Andy Thomson.

Investors are piling into the renewable energy sector, but are in danger of overlooking the best opportunities. In the first of a two-part feature Sam Richardson, an investment director at London-based venture capital firm E-Synergy, considers right and wrong approaches. Part two, in the next issue of PEI, will look at the attitude of institutions toward renewable energy.

EchoStar's $380m purchase of Sling Media is just reward for a bold bet on digital media content possibilities, says Dave Keating.

Silicon Valley's Bessemer Venture Partners will go “carbon neutral” by the end of the year, a step that few other private equity firms appear poised to take. Jennifer Harris reports.

A GP with big ambitions is putting Colombia on the private equity map.

An African buyout fund has got off to a flyer on the fundraising trail, thanks to a little help from Saudi Arabian royalty.

Permira, a leading leveraged buyout proponent, returns to its growth capital roots.

Nicholas Lockley, editor of PrivateEquityOnline.com, looks behind the recent headlines on the web.

The liquidity crisis may question assumptions regarding the nature of Asian investment risk.

Washington-based Guggenheim Aviation Partners closed its second fund on $737 million ( e520 million) in late September. Fund II was substantially bigger than its predecessor, which closed on $278 million in June 2005. But the firm's strategy, which looks set to benefit from the dislocation in the credit markets, remains the same. Founder Steve Rimmer was previously founder of Curtis Power Company, an aircraft engine leasing firm that was sold to General Electric. He then partnered with Guggenheim Capital to get his current venture off the ground. Guggenheim Aviation Partners manages funds that acquire and lease aircraft, seeking assets that are undervalued by rating agencies and industry players. Part of the firm's strategy involves converting passenger carriers into aircraft cargo ? a market that the firm believes is currently underserved. Private Equity International spoke with Rimmer about his plans for the new fund, credit market developments and new players in the space.

Morgan Stanley continues to strengthen its private equity team as it raises a $6bn global fund – just three years after spinning out its in-house PE group.

Carlyle Group has hired international trade lawyer David Marchick as an in-house regulatory expert.

Amid a tight capital market, American Capital has monetised a chunk of its vast portfolio.

Richard Branson's first institutional private equity fund is focused on green initiatives. Nicholas Lockley finds that the bottom line, more than a sense of altruism, is what drives the fund's investment team.

As energy deals surge, a New York sector specialist is seeking billions in fresh commitments.

Changes have taken place in Spain's takeover climate following the adoption of a new Takeover Code earlier this year.

A reconstituting deal market may find some of its participants feeling sheepish about how they behaved during crunch time.

Changes in the law are set to allow Spain's pension funds access to private equity. Toby Lewis reports.

Serial entrepreneur Peter Dubens has launched a mid-market private equity fund with a difference.

A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.

Those hoping for the LBO market to take up where it left off may be in for disappointment.

The London Stock Exchange has launched a new market in an attempt to lure fund listings away from Amsterdam.

The UK government's proposed taxation of capital gains is a case study in clumsy policy-making.

FOR BETTER OR WORSE 2007-11-01 Staff Writer Number of Google hits for following phrases (as at 15 October 2007):1. Private equity value creation: 2.08m2. Private equity job losses: 2.07m3. Private equity financial engineering: 2.00m4. Private equity positive contribution: 1.94m5.

FIRST ROUND 2007-11-01 Staff Writer Christopher Flowers is probably best known as the billionaire private equity guru who has played a role in the resuscitation of many banking groups around the world. He is currently being touted as a potential saviour of Northern Rock, the British bank battered by the sub-

OAR INSPIRING 2007-11-01 Staff Writer For some, just taking part is not enough. You have to raise the biggest fund. Do the largest deal. Make the most money. In short, winning is what it is all about – because that's how you show the world who's best. And the point is, the world has to

DISTRESSED SALE 2007-11-01 Staff Writer It sounds like a turnaround opportunity to us. After ignominiously losing three straight post-season games in early October, the Chicago Cubs baseball team has now gone 99 years without a World Series win. The Boston Red Sox, who hadn't won a World Series since 1918, b

Editor's letter Staff 2007-11-01 Writer A recent survey conducted by global financial services giant Citi has confirmed a large and increasing appetite for allocations to private equity. Of the 50 pension fund chief investment officers canvassed, 75 percent said they will increase their allocat