October 2011 Issue
Bullish, or foolish?
It is either encouraging or troubling that pricing in the secondaries market is holding remarkably steady, writes David Snow.
Aureos flies the flag in Africa
Prime Minister David Cameron's visit to Africa included the announcement of Aureos' partnership with the UK government on a high-profile trade initiative.
Wonderful World for KKR
The firm's acquisition of Bug Music is not only a sweet tune for investors, but also conversationalists.
Loving the elevator
Twitter has breached the doors of one of Wall Street's most secretive firms, and apparently you can't spell genius without a G and a S.
Taken to the cleaners
Businesses are turning to an unlikely source of inspiration in an effort to stay ahead of their competition.
CrunchTime for Arrington
A popular tech blogger has made the leap from writing to venture capitalism, but not without a hitch.
Building in China
Terra Firma recently established a Beijing office to be headed by Bo Shi, a Chinese national who joined the firm in 2008. Shi and chairman Guy Hands explain the firm’s China strategy.
Fashion friction
A tangle of lawsuits surrounding the take-private of fashion retailer J. Crew highlight the potential conflicts that arise when executives appear to favour their proposed financial sponsors. By David Snow
The Vision proposition
Julian Mash, founder and CEO of Vision Capital, buys private equity-backed companies en gros. It’s a complex technique – and according to Mash, as David Hawkins and Philip Borel learned in September, the private equity industry needs it more than ever
Never mind the Great Firewall
A recent piece of Chinese fundraising news was a reminder that some venture veterans are placing their bets on the country’s internet start-ups, despite China’s tough supervision of the web
Wanted: more control
Limited partners continue to change the way they invest in private equity – with a little help from some big institutional investors who are new to the asset class, writes Christopher Witkowsky.
Currency coup
Chinese private equity pioneer Hony Capital, which is targeting around $2bn for its fifth USD fund, is the first to have done an RMB deal with a USD-denominated vehicle
Against the odds
It may be harder to raise a debut fund than it was before the financial crisis – but there’s no sign of manager or investor appetite waning, write James Taylor and Graham Winfrey
Mexican stand-off
Regulatory changes are making it easier for Mexican pensions to invest in private equity. But the business community still needs a bit of convincing
Time to reconsider US venture?
Forget the dotcom crash – a look at the fundamentals of today’s US venture capital market suggests there could be great opportunities for LPs, writes Nils Rode
Landesbanken draw back
The German regional banks only started building their exposure to private equity in the early 2000s. Now, thanks to their bailout terms, they’re getting out again via the secondary market
Carlyle, uncovered(ish)
An IPO filing can provide a wealth of previously unknown details about a private equity firm
Credit to Turkey
The decision to upgrade Turkey’s local currency credit rating to investment grade comes at a good time for a market that’s full of optimism
Billion dollar mezz bet
KKR’s newly raised $1bn mezzanine fund is an illustration of how popular this area has become with limited partners, who are increasingly attracted by its risk/reward profile
Hard to credit
A painful debt hangover continues to hamper Spain’s and Portugal’s economic recovery, not to mention the banks’ willingness to lend. But the turbulence is also throwing up opportunities from distressed sellers and previously reluctant family-owned companies, reports Nicholas Donato
BRIEFING: SWITZERLAND
With the euro’s fall and the Swiss franc’s ascent, Swiss fund managers are evaluating investments and portfolio management decisions amid great volatility and uncertainty. Oliver Smiddy and James Taylor report
3i gets relegated
After falling out of the FTSE 100, Britain’s oldest private equity investor and its chief executive need to deliver some better news soon