Global private equity and venture capital news and research


4 November 2010

What is wrong with Venture – not innovation $

In the marriage between the assets of the limited partners (money) and the assets of entrepreneurs (ideas), venture capital as the matchmaker and derivative has failed to perform at scale. That realisation should not be confused with the wide-open opportunity of technology innovation (an 80 per cent greenfield). The derivative to innovation is broken, not the capacity of the US to innovate - an important distinction.

20 October 2010

Corporate governance in Luxembourg UCIs: are you ready to comply? $

The financial crisis has left few areas unscathed with corporate governance once again emerging as a key focal point for European political debate. The aim and purpose of corporate governance being to balance influence and powers between the various stakeholders, so that company objectives are better defined, means and resources more correctly allocated, and achievements more appropriately monitored.

12 October 2010

Not Your Parents’ Royalty Fund $

When investors think of royalty-related investments they frequently think of oil and gas royalty trusts or “Bowie bonds”. However, in the last ten years, healthcare royalty focused investment funds have firmly established themselves as providers of innovative alternative investment products for companies in the biopharmaceutical space and for fund investors looking for private equity investment opportunities with returns uncorrelated to the ebb and flow of the capital markets. These funds have provided financing options to issuer/sellers ranging from more traditional asset-backed notes to the acquisition of interests in existing royalty streams to structured revenue based investments, in each case incorporating features which are attractive to both investors and to issuer/sellers.

28 September 2010

JP Morgan Private Equity’s Gregory Getschow on secondaries $

Formerly known as Bear Sterns Private Equity, JP Morgan Private Equity (JPEL) is a London-listed investment company specialising in secondaries. AltAssets caught up with portfolio manager Gregory Getschow to discuss the state of the secondaries market, Asia, and the potential upside of US regulatory overhaul.

21 September 2010

Australian investors and emerging markets: a bridge too far? $

Australian and New Zealand institutional investors have been strong supporters of domestic private equity. In some cases, this has resulted in an under-allocation to GPs focused on North America, Europe; and especially, the rapidly growing Asian and developing markets. Whilst LPs and developing markets GPs are looking eagerly at the opportunity, a number of factors have discouraged significant commitments so far.

14 September 2010

Natalie Jaresko of Horizon Capital on the challenges and opportunities of Ukraine, Moldova and Belarus $

A US firm focused on investments in Ukraine, Moldova and Belarus, Horizon Capital recently made its first investment since 2008 with a $40m stake in Ukrainian diversified agricultural corporation Agro-Soyuz, quickly followed by a $15m investment in Moldovan Bostavan wineries group.

AltAssets caught up with co-managing partner and founder Natalie A Jaresko to discuss the unique challenges and opportunities presented by the firm’s three chosen markets.

14 September 2010

Chris Freund of Mekong Capital on private equity investing in Vietnam $

Chris Freund, the founder and managing partner of Mekong Capital, met with AltAssets to talk about why he was initially attracted to opening a private equity firm in Vietnam, how the country’s economy and business governance has transformed over the last 15 years, and the importance of fostering strong leadership within portfolio companies.

6 September 2010

New waves of disruptive innovation : why microcap VC is happening now $

Sophisticated investors know that significant excess returns are available if they can invest with the best venture capital managers. In the 1990s, a consensus emerged around a list of top venture brands, based on triple digit returns produced before the collapse of the tech bubble. Ten years later, the brands on that list retain significant cache among the limited partner community, despite profound changes in the opportunity set and disparities in recent performance. For investors without independent sources of information and context, the list of brand name VCs is a false friend.

24 August 2010

Duff & Phelps managing director Frank Bollmann on the use of fair value in private equity $

Fair value has been heavily criticised for exacerbating the financial crisis. Some argue that marking assets to market promoted procyclicality at a time when stability was needed. Others even commented that the application of fair value in accounting had caused the crisis in the first place. Yet, many believe that fair value accounting shined the light on poorly performing assets, allowing investors to see more clearly their real value.

17 August 2010

How the US improves other countries’ economies while hurting its own $

While the state of the US economy is suffering from one of the most devastating downturns since the Great Depression, some countries are actually enjoying good economic times. Where is that economic fuel coming from, and why aren’t we exploiting it?

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