private equity Features Archive > 2001 Institutional investor profile, Simon Thornton, Landmark Partners Europe 19/12/2001. Landmark Partners is a US-based firm with $3.5bn under management, of which 75 per cent is dedicated to private equity. The remainder is invested in real estate. Established in 1984, the firm specialises in secondaries investments, but also commits capital to first-time funds. Landmark Partners Europe, which is headed by Simon Thornton, advises Landmark on European and Middle Eastern activities. Emerging from the shadows 17/12/2001. The secondaries market is attracting a lot of interest at the moment. As many limited partners seek to liquidate their private equity interests, others are jostling to buy them. But what does this mean for the industry? And is there anything worth buying anyway? Institutional investor profile: Michael Granoff, Pomona Capital 12/12/2001. Set up in 1994, Pomona Capital is mainly known for its secondaries investing, but the firm also manages a series of fund of funds. It is currently raising its fifth secondaries fund, with a target of $400m. Pomona has $1bn under management and has offices in New York and London. Russian private equity: right time, right place? 11/12/2001. Just a couple of years ago, few investors would have touched Russia. Now, largely untainted by the new economy boom that has affected Western economies and with economic reforms starting to take effect, Russia is looking increasingly attractive. And, as one of the few financing options available to fledgling companies in this huge market, private equity looks set to reap the benefits, says Nikoil's Steve Geiger. Keep laying those golden eggs 05/12/2001. Terms and conditions in private equity investments are outdated and unfair. General partners make money no matter how well – or poorly – they invest limited partners' money. Isn't it time for more innovative and equitable agreements between the two parties? Institutional investor profile: Arianne Leuftink, managing director, Wilshire Associates 05/12/2001. Wilshire Associates is a fund of funds manager with $2bn under management. In the private equity industry since 1984, the firm has 24 investment professionals in its private markets group. Wilshire is currently raising its fifth fund with a target of between $400m and $500m. The fund invests in the US and Europe and has offices in the US, Europe and Australia. Arianne Leuftink has 17 years of investment experience. Good (and old) news 29/11/2001. The pre-Budget report offered few surprises, especially the announcements that affect the private equity industry. That is mainly because the government has consulted so widely on so many issues. But if it consults, it must also listen to what is being said, says SJ Berwin. A venture too far? 28/11/2001. Corporate venturers have come in for some harsh criticism lately for their short-term attitudes – and not without reason in many cases. Yet they can add real value to portfolio companies, enhancing returns for venture capitalists investing alongside. But only if they're in it for the long term. Institutional investor profile: Philippe Poggioli, Access Capital Partners 27/11/2001. Access Capital Partners is a European fund of funds. It launched its first fund in 1999 and raised E250m. It is currently raising its second fund, with a target of around E400m, allowing for market conditions. Institutional investor profile: Jacques Lilli, advisor to the chief executive, European Investment Fund 21/11/2001. The European Investment Fund is part owned by the European Investment Bank, part by the European Commission and part by a group of 30 European financial institutions. With E2bn under management, the EIF's mission is to support the creation, growth and development of small, entrepreneurial companies in Europe, but by acting independently and commercially. The king is dead. Long live the king 19/11/2001. The private equity industry has grown at astonishing speed over the last ten years. The problem is, many firms appear to have neglected one very important issue – succession. Institutional investor profile: Ivan Vercoutere, managing partner, LGT Capital Partners 14/11/2001. LGT Capital Partners has E2.6bn under management, E1.8bn of it committed to private equity. The firm manages fund of fund vehicles on behalf of the Leichtenstein Princely Family, runs special mandates for pension funds and has a separate vehicle, Castle private equity, which was launched in 1997. The firm is currently raising a fund of funds with a target of E150 to E200m and is expecting a final close by the end of the year. Ivan Vercoutere has worked in private equity investing for 12 years. Time for action? 13/11/2001. As an investor, it's no use complaining about the lack of transparency in private equity or unfair terms and conditions unless you're prepared to do something about them. Institutional investor profile: Michael Taylor, director of finance, Surrey County Council 06/11/2001. Surrey County Council pension fund has been investing in private equity since 1986, allocating around one per cent to the asset class. It has recently decided to increase its allocation to between three and five per cent. We talked to Michael Taylor about why the fund wanted to put more in private equity and how it went about the process. Directors' responsibilities 02/11/2001. Lawmakers must strike the right balance between ensuring that company director responsibilities are not so burdensome as to stifle entrepreneurialism and that investors and creditors are properly protected against rogue operators. But, just as importantly, they must do so with clarity. Institutional investor profile, Claus Stenbaek, executive director and partner, Danske Private Equity 31/10/2001. Danske Private Equity is part of the Danske Bank Group and runs two direct funds, Danske Venture Partners and Danske Life Sciences. It also runs two fund of funds vehicles, the E500m Danske Private Equity Partners I and Danske Private Equity Partners II, which is currently raising E600m, with a first closing expected before the end of this year. Claus Stenbaek has been with Danske since 2000 and was previously founder of London-based Richmond Capital. German private equity: short-term pain for long-term gain? 31/10/2001. Germany's wide-ranging reforms have long promised rich pickings for private equity investors. The problem is, many of the promised opportunities haven't yet materialised and Germany is now suffering as badly as other European markets. So what next for the world's third largest economy? A new report by AltAssets has some of the answers. Institutional investor profile: Graham Sturrock, head of investments and mezzanine 25/10/2001. Bank of Scotland is a relative newcomer to private equity fund investing, although it has made direct investments for a number of years. It set up a fund of funds to invest from its own balance sheet three years ago. High-tech hysteria or hiccup? 23/10/2001. Venture capitalists in the early-stage, high-tech arena are looking and feeling pretty sick right now. Meanwhile, investors in their funds are standing by with reactions ranging from concern to mild panic. No-one said it was going to be this ugly. But look a little closer and you might find some cause for optimism. Investor Profile: Roger Pett, Eiger Capital 17/10/2001. Pett on why first-time funds are worth backing, on what makes a good private equity manager and on why investors need to be more demanding of the managers they back. Letter from Latin America, Dirk Donath, Pegasus Venture Capital 17/10/2001. The news coming out of Latin America hasn't exactly been too good for some time. Argentina has been in a recession for three and a half years. Brazil hasn't looked positive for the last six months. And now Mexico, which had been in forging ahead because of its ties with the US, is sharing its neighbour's downturn. Many people must be wondering what happened to the promise that Latin America held for investors in the early 1990s. The funds of the future 10/10/2001. Many investors won't touch first-time funds, however good their potential. This is a mistake, argues Eiger Capital's Roger Pett. They are missing out on some great investment opportunities to invest in some of tomorrow's star performers. Investor profile: Stuart Imeson, head of pensions and investments, West Yorkshire Pension Fund 10/10/2001. With £5bn of assets, the West Yorkshire Pension Fund is one of the UK's largest local authority funds. After investing small amounts in private equity since the early nineties, it has recently decided to increase its allocation to two per cent by investing in specially created funds, other funds and fund of funds. And, should these investments perform well, there is every chance of that allocation increasing. Investor profile: Ray Maxwell, managing director, INVESCO Asset Management 03/10/2001. Maxwell on why fee structures are biased, on the argument against large buy-out funds and on the re-emergence of internet investments. Where's the upside? 03/10/2001. Funds raised in 1999 and 2000 are unlikely to return stunning results to investors following the momentary madness that hit private equity firms and their investors alike. However, as with most things, there has to be an upside. But what exactly is it? The impact of law 26/09/2001. Talks between EVCA and the EU to improve the environment for the private equity market in Europe may well bear fruit, but national governments and national venture capital associations are going to have to do their part, too, says SJ Berwin. Secondary sense 26/09/2001. Secondary buy-outs have become an increasingly popular exit route over recent years and there's every indication that they will become still more so in the future. Should investors be worried? Investor profile, Bruno E. Raschle, managing director, Adveq Management 24/09/2001. Raschle on why private equity is not a free ride, why he thinks institutions are increasing their allocations to the asset class and on what the tech crash really means. A trustee guide to private equity 19/09/2001. Paul Myners has urged pension fund trustees to consider investing in non-traditional asset classes, including private equity. But where do they start? And what is private equity, anyway? Independent trustee Terry Johnston offers a quick explanation. A glimmer of hope? 18/09/2001. With ever more uncertainty in the markets and company valuations moving increasingly southwards, what's on the minds of private equity professionals? We found out at a venture capital gathering last week. Investor profile: Jonny Maxwell, chief executive, private equity, Standard Life Investments 17/09/2001. Maxwell on why he thinks that some firms are fleecing their investors, on cowboy fund of funds managers and on what he's most excited about in private equity. Where's the smart money going? 07/09/2001. Private equity fund managers invested in some real turkeys at the end of the 1990s – that much has now become apparent. And, now that IPOs have disappeared as a quick exit route, it's easy to dismiss the asset class as a has-been. However, there are still plenty of great opportunities out there, you just need to be smart enough to take advantage of them, says INVESCO's Ray Maxwell. The Calpers debacle 07/09/2001. Calpers' decision to publish the performance results of its individual private equity investments was a bold move, whether it realised it at the time or not. But even with today's news that it has taken them off its web site, it's not the end of the story. Far from it. The turnaround business 24/08/2001. With the slowdown in the economy, there are plenty of turnaround deals out there for private equity firms. But investors should be wary of firms that claim to be experts in this difficult – and sometimes dangerous – field. The paper barrier to private equity investment 16/08/2001. Partnership agreements are unnecessarily complex and lengthy – and they tend to be in favour of the private equity firm rather than the investor. Isn't it high time that agreements were standardised, asks the Railways Pension Trustee Company's Susan Adeane. Invest with a clear mind 06/08/2001. Confused about private equity? You wouldn't be alone. Kerrin Rosenberg of Bacon & Woodrow dispels a few myths about this rapidly developing asset class and explains why pension funds should at least consider investing in it. Stage set for star European performance 31/07/2001. There's no shortage of bad news about Europe's stalling economies and exit routes drying up. But look a little further and you'll find that, in the medium term, the prospects for Europe's key private equity markets look bright. Aiming at the wrong target? 20/07/2001. Moves on harmful tax competition by the OECD could affect offshore private equity fund structures. SJ Berwin analyses the latest developments in this saga. The listening chairman 20/07/2001. The BVCA's new chairman, Edmund Truell, has a packed in-tray, brimming with tasks such as encouraging pension funds to invest in private equity and lobbying the government on red tape. Still, he tells us, he's on the hunt for more problems to tackle. Private equity: the long road to acceptance 16/07/2001. Editorial: Institutions are undoubtedly becoming more interested in private equity as an asset class, but the industry and the funds themselves still have much to do to allay their fears. Institutional investor profile: Hermes Investment Management 02/07/2001. Where does one of the UK's best known private equity fund investors place its money? And what does the stock market downturn mean for venture capital firms? We asked Hermes' Guy Eastman. The direct route 29/06/2001. Co-investments look set to increase as firms are finding it hard to raise funds and large buy-outs continue to provide good deal flow. The question is, should institutions consider them? Venture capitalists: parasites or prey? 29/05/2001. For years, the press has demonised private equity. Ray Maxwell of Invesco asks - is this justified? Or is it simply that we don't like people who make lots of money? High-speed information for a changing investment world 29/05/2001. The way we make our investment decisions will need to change radically if we are to take the Myners recommendations on board. The launch of this ground-breaking new service can help us do just that, says Dr Ann Robinson. More experts, please 29/05/2001. The pressure is on for UK institutions to at least take a look at private equity. Trouble is, there isn't much information on the subject says Tony Golding. It's high time we started catching up with the US, where there is a whole army of private equity experts. In a spin 29/05/2001. There has been an increasing trend for captive private equity firms to seek independence and for established venture capitalists to go it alone and set up their own firms. Richard Rivlin looks at what motivates them to do this and whether their new, spin-out firms are a good investment for institutions. Like some cashback? 29/05/2001. An increasing number of private equity firms are deciding to halt fund raising or returning money to their investors. This is unprecedented. What does this mean for the market? And how does it affect investors? Welcome to AltAssets.net 29/05/2001. Editorial: Thank you for visiting our new site. What are we all about? And what will you find here?