Comment

The converging market

Private equity firms should be applauded for trying to increase their product range – but GPs must not hedge their bets.


From a distance

An on-the-ground presence is simply not necessary – there are more ways than one to access regional deal flow.


Local authority

There’s simply no substitute to having a presence on the ground when it comes to sourcing, completing and exiting regional investments.


Reality bites

As buyout euphoria wears off, reality is starting to kick in.


Distressed discipline

Many LPs are turning to distressed specialists in search of blockbuster returns. But the investment approach required in this arena is quite different.


The reverse bodmin explained

There aren’t the words to describe the LBO industry’s predicament. So here are some suggestions.


Look on the lite side

Transactional uncertainty and high costs have stymied the flow of small-cap take privates. A new “take-private lite” approach could turn the tap back on.


The venture guardians

A group of Platonic decision-makers are the only cure for the venture investing malaise in Europe.


 Challenging the VC model

During 2007, clean tech became the leading venture sector in the US, and Europe is close behind. But where there are opportunities, there are also risks.


A learning process

Josh Lerner’s private equity survey finds that the best-performing LPs favour smaller funds.


Q&A with Simon Walker

The new chief executive of the BVCA has big ambitions for the UK’s venture capital and private equity industry in 2008.


French lessens

Recent innovations in French LBO financings have been brought down to earth in the aftermath of the liquidity crisis.


Impressions of superinvestor

The recent French strikes could teach herd-like LPs a thing or two about investment.


Annus incredibilis

The current competitive market, combined with the credit crunch, will make 2008 the year to run hard and early on new deals and work on those key relationships.


The new debt providers

A new breed of debt provider is emerging to cater for private equity firms through the complete investment cycle.


BRIDGING THE GULF

For those who view infrastructure as a subset of private equity, the most interesting investment opportunities could be found in Dubai.


The reit way to go

Despite the popularity of the new tax-transparent Reits, no hotel-focused vehicle has yet been created.


Minerva’s owl takes off

It is possible that we are only now beginning to understand the US venture model fully, because it is already “broken”.


Taxing times

Ashley Greenbank of Macfarlanes analyses how new UK tax rules for 2008 will affect the private equity industry.


Bring on the substitute

If current buyout fund sizes become untenable, GPs will be forced to return capital or watch investors seek alternative outlets for their money.


History the operator

History shows us that the current credit crisis is nothing new – and nor is the herd mentality of banks in reaction to it.


Intellectual Priority

The future winners will be those who own and effectively manage intellectual property.


Value Creation

Increasing a company’s worth requires more than cold analysis.
The 21st-century boardroom needs creative thinking to succeed.


BANKING ON PANIC

There is no rational reason why the US sub-prime mortgage crisis should lead to widespread defaults on European corporate debt.


Seeding the future

Europe’s seed capital market might want more support from LPs, but VCs need to get their offering right first.


BACK TO THE FUTURE

Today’s financial age has become a period of unbridled excess, with accepted risk soaring out of proportion to possible reward.


THE MOMENT OF TRUTH

KKR’s commitment to press on with its takeover of Boots, despite trustee concerns about pension fund liabilities, may well set the tone for future bids.


ADDING VALUE THE HUMAN WAY

While “hard” issues are often the top priority for private equity firms undertaking a buyout, the disruptive impact on a company’s workforce should be carefully handled.


ARE INVESTORS ELECTRIC SHEEP?

The evidence is clear: private equity should be in every investor’s portfolio. So why do so many deny that the figures add up?


FAILING CONVENTIONALLY

InnovationsKapital recently made 80 times its money on a trade sale. So why are international LPs not fighting to invest?


A NEW GOLD STANDARD

The announcement by Standard & Poor’s of a new investable private equity index is an interesting development and could be yet another nail in the coffin of the traditional private equity model or, at least, in its universality. It is also perhaps a sign of private equity falling victim...


TIME TO TAKE STOCK

The recent IPO of Fortress has thrown into prominence the new role being played by quoted vehicles across the whole private equity spectrum.


OUT OF AUCTION

Received wisdom – and usually the advice from the financial advisory community – is that when you are looking to exit a portfolio company, the best means of maximising value is to go through an auction.


CHARITY, TRANSPARENCY AND POWER

In recent weeks the private equity industry has once again found itself on the receiving end of criticism. But Peter Linthwaite says this presents an opportunity to champion the benefits of the asset class.


A LESSON IN ANCIENT GREEK

It may not seem immediately obvious that the Greek city states in the 6th century BC have anything in common with private equity firms today, but it may be that they form an appropriate image for the two different extremes of partnership dynamics.


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LATEST ISSUE

Leader

A new name, a fresh approach A new name, a fresh approach

Of all the topics covered in this column over the past six years, the overriding issue that demands a definitive answer is “how private should private equity be?”

Top Story

Q&A with Brian Blakemore Q&A with Brian Blakemore

After 20 years shaping one of the few successful captive buyout operations, the man who said “sod this” to an education is stepping down at Barclays Private Equity.


Feature

The Private Equity Awards The Private Equity Awards

The seventh Real Deals/BVCA Private Equity Awards recognised the best that the industry had to offer during 2007.


Comment

The converging market The converging market

Private equity firms should be applauded for trying to increase their product range – but GPs must not hedge their bets.


News Analysis

Scraping the barrel Scraping the barrel

The Environmental Technology Fund’s recent £110m (€139m) close of its maiden fund has highlighted the ever-growing interest in clean technology investment opportunities, with the sector fast cementing its position as the third pillar of the venture world.




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