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Listed Funds: Will 2008 be their year?
19/12/2007. Much ink has been spilt on the subject of listed private equity funds during 2007. As some funds decided to access permanent capital on Europe's stock markets, London tried to attract more of that business from Amsterdam and many predicted a stampede to list, writes Victoria Younghusband of SJ Berwin. More difficult market conditions and falling share prices among some of those newly quoted funds knocked the trend sideways - leaving some arguing that the traditional private model would continue to dominate private equity fund structures, and that other alternative asset classes might be more profitable targets for stock markets eager to attract business. 
 Institutional Investor Profile: Jos van Gisbergen, Senior Fund Manager, Private Equity, Commodities and Infrastructure, MN Services
12/12/2007. Jos van Gisbergen on the importance of value creation, on financial engineering, on opportunities in Europe, on portfolio construction and on why greed is not always good.
Modernisation in Germany
05/12/2007. Over the last decade, the German government has made some real improvements to the legal framework for commercial activity. Private equity has benefited from many measures and (although the connection may not be a direct one) deal volumes have reached an all-time high, writes SJ Berwin.
LPs slightly more optimistic about European early stage investing
28/11/2007. European limited partners are showing a bit more of an interest in the European venture capital market again, according to the EVCA study entitled The European Venture Capital Market: Scaling Beyond Current Boundaries, undertaken by the Private Equity Institute of London Business School and the Center for Entrepreneurial and Financial Studies (CEFS) of Technische Universität München.
 Institutional Investor Profile: Wolf-Dietrich von Wrede, Managing Director, Swift Capital Partners
21/11/2007. Wolf-Dietrich von Wrede on his team's focus on the European buy-out segment, on networks and experience, on the importance of continuously staying in touch with GPs and on recent trends and developments in the buy-out business.
Larger, later deals drive European venture capital investment up 22 per cent to €1.18bn in 3rd quarter
21/11/2007. European venture capital investment climbed to €1.18 bn in the third quarter of 2007, with half of this capital flowing exclusively to later-stage deals, according to the Quarterly European Venture Capital Report by Ernst & Young and Dow Jones VentureOne.
The Beauty of Being Quoted
14/11/2007. Private equity-backed companies race to become public on various listing platforms. There has been no respite in the number of private companies seeking to become publicly-quoted stocks. Between 5th October and 2nd November, there were 11 initial public offerings in which private equity investors have had an interest, and they have successfully raised US$6 billion from the public.
 Institutional Investor Profile: Bernd Kreuter, Head of Alternatives, Feri Institutional Advisors
07/11/2007. Bernd Kreuter on the benefits of a broad market knowledge, on sourcing good investments, on emerging managers and on the potential for falling returns at the larger end of the buy-out business.
 Institutional Investor Profile: Lauge Sletting, Managing Partner, North Sea Capital
31/10/2007. Lauge Sletting on his fund's interest in distressed debt, the benefits of a contrarian approach to investing, and on the risk that too much capital in the market could drive returns down.
 Institutional Investor Profile: Robert Womsley, European Head of Citi Private Equity
24/10/2007. Robert Womsley on Citi Private Equity's fund and direct investments, on the consequences of the US credit crunch and on the future outlook for the private equity business.
Institutional Investor Profile: Fabio Quaradeghini, Senior Fund Manager, and Jon-Ingvi Arnason, Head of Alternatives, Landsbanki
17/10/2007. Fabio Quaradeghini and Jon-Ingvi Arnason on Landsbanki’s focus on buy-out funds, on the market for distressed funds, on future investment opportunities and returns in the mid-market, and on why even as a generally cautious investor Landsbanki is looking at opportunities in new markets and segments.
The UK's pre-budget report from SJ Berwin
10/10/2007. On Tuesday 9 October, the UK's new Chancellor of the Exchequer, Alistair Darling, delivered his first set-piece, the 2007 Pre-Budget Report and Comprehensive Spending Review. In a break with the pattern established in recent years by Mr Darling's predecessor, Gordon Brown, now the UK's Prime Minister, the pre-budget report was delivered at short notice, early in the autumn, and immediately followed the ending of speculation as to whether there would be an autumn general election, says SJ Berwin.
British Company Law
03/10/2007. After nearly 10 years of deliberation, notes SJ Berwin, next week will see many of the changes to British company law that were so hotly debated last year come into force. On 1 October, UK companies will see the biggest change to the rules that apply to their governance in a generation, and many of them will affect portfolio companies of private equity firms.
 Institutional Investor Profile: Melissa Ma, Co-Founder and Managing Director, Asia Alternatives
26/09/2007. Melissa Ma on the rise of Asian private equity, on the benefits of local experience, on the case for risk-adjusted return and on the importance of a diversified portfolio.
Going semi-private
19/09/2007. Private equity sponsors have used so-called stub equity in a number of recent going private transactions, says Weil, Gotshal & Manges, including the acquisitions of Clear Channel Communications and Harman International Industries in the United States and Countrywide in the United Kingdom. In a going private transaction involving stub equity, target shareholders are offered the opportunity to retain a minority stake in the newly private company and thereby participate in its future growth. It is not clear whether the few stub equity deals that we have seen so far are a flash in the pan to address unique circumstances or whether this structure has legs.
 Institutional Investor Profile: Arne Trondsen, Investment Director, Argentum
12/09/2007. Arne Trondsen on the rise of private equity in Norway, on the need for new fund managers in the country, on the benefits of local knowledge, on due diligence and on supporting other LPs.
 Institutional Investor Profile: Marc Brugger, Director, LFPE
05/09/2007. Marc Brugger on why LFPE was established as a Western-Europe-focused fund of funds manager, on the future of the firm, on the buy-out segment, on venture capital, and on LFPE's portfolio construction strategy.
Corporate Governance
29/08/2007. Private equity and venture capital firms have always been justifiably proud of their corporate governance model. Alignment of interest between investors and managers is difficult to achieve in listed companies, with a diverse and largely indifferent shareholder base. But it is much less of a problem when a dominant shareholder, and invariably one with real industry and business expertise, oversees the executive management team.
 Institutional Investor Profile: Spur Capital
22/08/2007. AltAssets spoke to the team at Spur Capital Partners to find out about their views on early stage venture capital, on venture in the US and worldwide, on due diligence, on competition in the fund of funds market, and on what they think it takes to be successful in private equity investing.
Listed Private Equity Funds
15/08/2007. Recent listings of private equity and other alternative investment funds in Europe have not fundamentally changed the dominant model - that of the limited life, distributing, partnership style fund, aimed principally at institutional investors and not the retail market, notes SJ Berwin.
 Institutional Investor Profile: Ronan Cunningham, Head of Private Equity, National Pensions Reserve Fund
08/08/2007. Ronan Cunningham on setting up NPRF's private equity programme, on the prospects of venture capital, on the attractiveness of large buy-out funds, and on why access strategies are important when you are a new institutional investor.
 Institutional Investor Profile: David Hunter, Managing Director, NESTA Investments
01/08/2007. David Hunter on investing in early stage venture capital partnerships in the UK, on NESTA's regional focus and on how his team plans to help the early stage venture capital segment grow.
From star-power to branding, firms look for new ways to court private equity deals
25/07/2007. The days when private equity fund managers pursued proprietary deals at their own pace are long gone, says Knowledge Wharton. As more investment capital flows into the market, deal makers find themselves in a scramble to court potential targets using sourcing strategies ranging from hiring marquee-name rainmakers like Jack Welch, to hiring brokers, to relying on old-fashioned cold calling. According to experts from Wharton and private equity practitioners, deal sourcing techniques are becoming increasingly important as firms look for any kind of lead in the competitive market.
Central and Eastern Europe - just a geographical expression?
18/07/2007. In this article, Joanna James, managing director, Central Europe, at Advent International, argues that 'being local' is key to making successful private equity investments in Central and Eastern Europe.
 Institutional Investor Profile: Irwin C Loud III, Chief Investment Officer, Muller & Monroe Asset Management
11/07/2007. Irwin Loud III on why Muller & Monroe Asset Management focuses on the niche end of the private equity market, on first-time fund managers, on assessing risk, and on the mix of skill sets that a good fund management team should have.
From star-power to branding, firms look for new ways to court private equity deals
04/07/2007. The days when private equity fund managers pursued proprietary deals at their own pace are long gone, says, Knowledge Wharton. As more investment capital flows into the market, deal makers find themselves in a scramble to court potential targets using sourcing strategies ranging from hiring marquee-name rainmakers like Jack Welch, to hiring brokers, to relying on old-fashioned cold calling. According to experts from Wharton and private equity practitioners, deal sourcing techniques are becoming increasingly important as firms look for any kind of lead in the competitive market.
Terms and conditions of private equity funds
27/06/2007. It is perhaps surprising, says SJ Berwin, that the headline economic terms of European private equity funds have remained pretty constant for decades - despite the changing market environment in which they are being raised. If a fund cannot raise enough to close it is rarely because its terms are too rich, and improving the terms is unlikely to help. And an oversubscribed fund with a good track record will still find it hard to raise management fees or carried interest rates above well established market norms.
The great pushback
20/06/2007. Taking a public company private is no longer as straightforward a proposition as it used to be, says Weil, Gotshal & Manges. A number of recent sponsor-backed going private transactions have encountered increased opposition and resistance from several sources. Sponsors have recently faced challenges to signed deals by competing strategic and financial bidders, such as Community Healthcare’s bid for Triad, Apollo’s bid for EGL and Fillmore Capital’s bid for Genesis HealthCare. Sponsors are also experiencing increased judicial skepticism with respect to management’s conflicts of interest in going private transactions.
Private equity bidding wars: when capital-rich funds compete, intangibles win the deal
13/06/2007. With so much money pouring into private equity funds, says Knowledge Wharton, competitors for deals are able to match one another easily when it comes to price. Clearly, valuation remains the most important part of any transaction, but in today's capital-soaked private equity environment, bidders must also come up with other, less tangible ways to set themselves apart. According to private equity experts, timing, sound strategy, operational expertise and a track record of successful deals are the new currency in a market where money is no object.
 Institutional Investor Profile: David Currie, CEO, Private Equity Investments, Standard Life Investments
06/06/2007. David Currie on his team's focus on buy-out investments, on why he would select certain fund managers, on the Private Equity Investments group's expansion in the US, and on his team's opportunistic approach.
Institutional Investor Profile: CalPERS
30/05/2007. The California Public Employees' Retirement System is one of the major investors in private equity funds globally. Currently six per cent of the total fund, or about $15bn is invested in private equity, mostly in fund investments. AltAssets spoke with Clark McKinley, information officer,
CalPERS, about the organisation's private equity investment strategy.
 Institutional Investor Profile: André P Jaeggi, Managing Director, Adveq
23/05/2007. André Jaeggi on why Adveq prefers fund managers who take an active role in their portfolio companies, on the need for a diversified investor base, on why European venture is attractive, on investor discipline and on opportunities across the emerging markets.
Limited partner interest in emerging markets private equity
16/05/2007. A recent piece of research by EMPEA found that 78 per cent of the LPs they surveyed expect to increase commitments to emerging markets private equity over the next five years. LPs project emerging markets private equity will produce returns at a 5.4 per cent premium over US buy-outs and expect outperformance relative to developed market funds over the next five years.
 Institutional Investor Profile: Beat Bühlmann, Managing Director and Head of Investment Management, Horizon21 Private Equity
09/05/2007. Beat Bühlmann on Horizon21's acquisition of Swiss Re's private equity fund of funds business, on the latest fundraising effort and the strategy for Fund IV, on fund selection and on why his team is increasingly interested in the emerging markets.
Tax deductions for the cost of borrowing
02/05/2007. In recent weeks, says SJ Berwin, the private equity industry has faced the full glare of the media spotlight, particularly in the UK - and much of this has been unsympathetic. Unfortunately, the press has often compounded the negative image propagated by trade unions by repeating inaccurate assertions about the tax treatment of private equity.
Deal seekers down under
25/04/2007. The winds of buy-outs in Australia are becoming increasingly unpredictable, says APER. The respective investors interested in Flight Centre and Veda Advantage appeared to be on shaky ground to clinch the deals at first, but their fortunes soon changed. Such developments underscore the resourcefulness of deal makers in Australia, one of the most competitive buy-out markets in Asia.
Anti-money laundering rules: impact on private equity
18/04/2007. European rules on money laundering are designed to prevent and detect terrorist and other serious criminal activity, says SJ Berwin. No one disputes the paramount importance of that. But they also add a layer of bureaucracy to financial services activity, which - unless the rules are sensible and proportionate - could load unnecessary costs on to business and damage Europe’s competitiveness.
Private equity: the quiet (but effective) corporate governance revolution
11/04/2007. A lively roundtable on private equity published in the summer issue of the Journal of Applied Corporate Finance offers an insightful look at this misunderstood organisation form. The discussion by leading practitioners and academics lifts the veil on the leveraged buy-out process and highlights the link between governance and value creation.
 Institutional Investor Profile: Haydee Celaya, Director of the Private Equity and Investment Funds Department, International Finance Corporation
04/04/2007. Haydee Celaya on backing new and established managers in developing countries, on which countries and regions are hot in the emerging markets, and on why networks, reference checks and reputation are so very important when investing in riskier opportunities.
What went wrong with venturing?
28/03/2007. Over the past twenty years Mark Montgomery has communicated with entrepreneurs, professors, and communities all over the world who wanted to recreate the magic of Silicon Valley, but rather than follow the SV model, he often points them to Seattle, San Diego, Austin, or more recently Northern Virginia.
Listed private equity funds - coming soon
21/03/2007. In December, says SJ Berwin, the UK’s financial services regulator, the Financial Services Authority published a second consultation paper on updating the listing rules for investment entities, following on from its initial consultation in March last year. In its latest submission, the British Private Equity and Venture Capital Association welcomes the revised proposals. The FSA has taken on board the comments made by the BVCA in response to the previous consultation, and the suggested changes could open the door for private equity funds to achieve a London listing.
2006: another landmark year for European private equity
14/03/2007. A strong performance in 2006 has driven an increased allocation towards private equity, says the EVCA, while their figures set new European fundraising and investment records as well as confirming a boost for venture capital.
Private equity players hit the big time: an 'out-of-body experience'
07/03/2007. Stephen A Schwarzman, CEO and co-founder of The Blackstone Group, venture capitalist Timothy Draper, and David A Brandon, chairman and CEO of Domino's Pizza, examine the recent explosion in private equity deals and discuss its impact on business and investors. A Knowledge Wharton report from the Wharton Private Equity and Venture Capital Conference.
Science and innovation
28/02/2007. In recent years, says SJ Berwin, European governments have thought long and hard about how they can foster and support a more innovative economy, and one that delivers (and reaps the economic benefits of) scientific breakthroughs.
The return of infrastructure funds
21/02/2007. Infrastructure plays are in vogue after an absence of more than six years, says the APER. Since the beginning of the year, a number of infrastructure funds have been launched.
Private equity is on a roll, but are investors in for a let-down?
14/02/2007. With private equity investors of all types flush with cash - from venture capitalists and hedge funds to large leveraged buyout firms such as The Blackstone Group and The Carlyle Group - private financing hit record levels in 2006, says Knowledge Wharton, and is likely to remain strong in the new year, according to Wharton faculty and industry analysts.
 Institutional Investor Profile: Seong C Gweon, CEO, Korea Venture Investment Corporation
07/02/2007. Seong C Gweon on the Korea Venture Investment Corporation's investment strategy, its focus on venture capital funds and on why the private equity market in Korea is in a growth phase.
 Institutional Investor Profile: Charles Soulignac, Chairman and CEO, Fondinvest Capital
31/01/2007. Charles Soulignac on Fondinvest's independence from Caisse des Dépôts, on the firm's primary and secondary fund investments, and on the qualities a good GP should be able to demonstrate.
 Institutional Investor Profile: Jeremy Golding, Founder and Managing Director, Golding Capital Partners
24/01/2007. Jeremy Golding on his firm's focus on providing innovative private equity investment solutions for German institutional investors, on the growing importance of the German private equity market, and on his team's differentiated approach.
Feliz año nuevo (fiscal)
17/01/2007. It promises to be a Happy New (Tax) Year for private equity investors active in Spain. Not only are investment conditions looking very strong - 2006 was an excellent year for buyouts, following a record breaking 2005 - but the beginning of this year also saw some significant tax changes, many of which will benefit the private equity industry.
M&A will set records in 2007, as long as the Goldilocks economy continues
10/01/2007. The healthcare, media, financial services, energy and telecom sectors are to fuel activity, predicts PricewaterhouseCoopers.
VCs Bullish for 2007
03/01/2007. The NVCA's annual predictions for this year shows a strong level of interest in energy, new media and alternative exit strategies. But there will be fewer venture funds operating in 2007 as the technology bubble burst finally works its way through the system.
Funds: August 2003
28/08/2003. Charterhouse raises E2.7bn, Silver Lake Partners launches $4bn mega-fund, Abingworth oversubscribed for sixth biotech fund, Carlyle to launch $500m Russian fund, The Woodside Fund closes fifth fund and Draper Fisher Jurvetson launches $100m fund for Canada…
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