As conventional exit options dry up, direct secondaries transactions are beginning to hit GPs’ radars. Will the economic slowdown bring them into the mainstream?
Tuesday, 13th May 2008
Vulture 2.0
Posted at 12:00am
The blunder-prone David Bonderman of TPG Capital doesn’t inspire much sympathy among the general public. But he is at least vociferous in his defence of private equity, which is more than can be said for many of his peers. Read more
Posted at 12:00am
Bath time: LDC has exited its investment in kitchen and bathroom distributor PJH Group following its acquisition by Globe Union for an undisclosed sum. Read more
Posted at 12:00am
The first new cabaret in Paris since the 1970s has opened – with the backing of unnamed private equity investors. Read more
Posted at 12:00am
Terra Firma Capital Partners is a loner in the private equity world. It doesn’t do club deals or bid for traditional buyout targets. So teaming up with Wellcome Trust to take out British pharmacy chain Alliance Boots is novel. Read more
Posted at 12:00am
Another firm that does things its own way is Wendel. The obscure French private equity conglomerate does deals on its own terms and sells them when it is good and ready. Read more
Posted at 12:00am
Free of social responsibilities, big buyout houses can invest where they want (which is just as well, given their hit rate lately). But when the three big assets on the block are a tobacco company, a pharmacy and some private hospitals, it’s only a matter of time before some cynical journalist joins the dots. Read more
Posted at 12:00am
David Giampaolo, the dapper chief executive of Pi Capital, the exclusive investment club, must have known he would end up in the Vulture when he agreed to do an interview with the FT Weekend Style section. Read more
Posted at 12:00am
Angus McDonald, chief executive of eFinancial News, told the FT he chose to sell the publishing business to Dow Jones because he feared that the private equity-backed groups that had also shown interest would have slashed costs and jobs. Read more
Posted at 12:00am
While many people agree that private equity should open up, the education process might be just a bit too much for some idiots. Take Guardian columnist Michele Hanson’s recent comments on the newspaper’s Comment is Free blog. Read more
Posted at 12:00am
If there is any surprise in the recent adoption of covenant-lite packages in Europe, it is in how long they have taken to arrive. Read more
LATEST ISSUE
Leader
The sins of the parent
It is not often that the UK chief of a mid-market private equity house ups and leaves in the midst of an ignominious deal collapse. So when European Capital co-founder Simon Henderson walked away from the firm he helped create last week, the news was greeted with shock.
Top Story
The direct approach
As conventional exit options dry up, direct secondaries transactions are beginning to hit GPs’ radars. Will the economic slowdown bring them into the mainstream?
Feature
An interview with Doug Miller
The outgoing EVPA chairman talks about private equity’s cynics, the evolution of venture philanthropy, and why investors should not hide their charitable activities.
Comment
Full stream ahead
European GPs are increasingly adopting the US’s deal-by-deal approach to waterfall distribution. But it’s not all smooth sailing, says Stephen Sims of Macfarlanes.
News Analysis
Wellington partners: ready for battle
Exceeding its fundraising target was the easy part. Now for the US-style returns.
