Global private equity and venture capital news and research

Learning Curve

18 March 2008

Preempting Private Equity $

Executives often complain that Wall Street doesn’t appreciate the value of their companies, and they are often right. Research shows that companies’ shares can trade at up to a 30 per cent discount - either to what the companies would fetch if the pieces were on the market separately or to the value as seen by private equity investors. As the conventional institutional market has adopted passive strategies in which fund managers buy and sell companies to replicate indexes, the art of active investing has shifted to private equity firms, writes Booz Allen Hamilton.

10 March 2008

Sovereign funds in the spotlight $

In an environment of tightly constrained equity and debt markets, attention has swung to sovereign funds as a source of M&A deal flow, writes Robert Nicholson of Australian law firm Freehills.

23 January 2008

CDC 2008 Outlook: an interview with Richard Laing, chief executive $

Richard Laing, chief executive of CDC, the UK government-backed private equity emerging markets fund of funds investor, gives his outlook for 2008.

11 January 2008

Litigation: a growing risk factor for private equity $

It is a truism in the US economy that as a particular industry grows in size and influence, it becomes a magnet for litigation. Litigation risk for an industry follows a typical arc, trailing the industry upward as it grows, and then rapidly closing the gap with a proliferation of suits over scandals and misdeeds, both real and imagined, warn Timothy W Mungovan and Jonathan Sablone, partners at law firm Nixon Peabody.

10 January 2008

Will private equity investment in healthcare remain private? $

Have private equity investments in nursing homes compromised the quality of care provided to residents in these facilities? That is what the US Congress and several state legislatures want to know in the aftermath of a New York Times article claiming cost-cutting measures have been carried out in facilities that have been taken over by private equity sponsors, say partner Susan M Hendrickson and counsel Beth L Rubin of law firm Dechert.

9 January 2008

MAC and MAE clauses: uncertain provisions in uncertain times? $

In the midst of the credit crisis that began this summer, there are numerous reports of would-be buyers seeking to terminate or renegotiate signed acquisition agreements based on a claimed occurrence of a 'material adverse change' or 'material adverse effect' on the target, an event that would trigger what is commonly known as a 'MAC' or 'MAE' clause, says Patrick C Lord, an associate at law firm Dechert LLP.

31 December 2007

Argos Mid-Market Index H1 2007 $

The Argos Mid-Market index measures the evolution of European private mid-market company prices. Carried out by Epsilon Research for Argos Soditic and published every six months, it reflects median EV/EBITDA multiples, on a 12-month rolling basis, of mid-market M&A transactions in the euro zone. For H1 2007, the index is at an historic high.

19 December 2007

The Relationship between GPs and LPs: The Stony Road to Success $

With $432bn collected worldwide by private equity in 2006, new funds raised in ever shorter periods of time and fund sizes reaching new records every year, one needs to ask what implications these developments have on the alignment of interests between GPs and LPs and on future returns and what makes for a successful partnership today, writes Ralph Westermann of CAM Private Equity.

19 December 2007

Evaluating Mass Torts in a Private Equity Acquisition $

An important aspect of evaluating the possible acquisition of the stock or assets of a target portfolio company is the potential litigation liability that may be acquired simultaneously. If a target company is involved or could potentially become involved in complex litigation matters, particularly mass tort litigation, it presents both risk and opportunity to a private equity acquiror, Sean P. Wajert and R. Jeffrey Legath, partners at law firm Dechert say.

12 December 2007

The Changing Face of Private Equity $

Private equity has seen a spectacular evolution over the last few years. Fundraising in private equity has grown exponentially from $36bn in 2002 to $38bn in 2006 and the trend for the first six months of 2007 is unbroken, writes Uli Grabenwarter of the European Investment Fund.

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