private equity Features Archive > 2002 Openness, but at a price? 18/12/2002. Much has been made of general partners' outrage at UTIMCO's publication of its private equity portfolio performance and moves to force other US public pension plans to do the same. But how will it affect other limited partners – and the industry as a whole? Institutional investor profile: Peter Schwanitz, Managing Director/Geschäftsführer , Oppenheim Private Equity Manager 18/12/2002. Schwanitz on the consolidation of the fund of funds market, on the value of honesty, on why management fees should be lowered, on the disappointment that is the German market and on learning from your mistakes. Institutional investor profile: Mark Weisdorf, Vice President, Private Market Investments, CPP Investment Board 04/12/2002. Weisdorf on investing over truly long-term horizons, on putting together a totally new portfolio, on why CPPIB wants to disclose information on its private equity investments and on the subject of diversification. European buy-out firms: robust and realistic 27/11/2002. In what is arguably a gloomy time for Europe's private equity industry, the buy-out market is one sector that is showing some sign of life. An upcoming AltAssets research report, based on a survey of key participants, looks at exactly what is going on there. Institutional investor profile: Luc Maruenda, Managing Director, AGF Private Equity 27/11/2002. Maruenda on why he likes to meet as many teams as possible, on remaining objective during fund selection, on why investors should not be lowering their return expectations and on know-it-all newcomers to the industry. Institutional investor profile: Katja Salovaara, Portfolio Manager, Ilmarinen Mutual Pension Insurance Company 20/11/2002. Salovaara on the dangers of buying macro stories, on why secondaries have been risky over the last couple of years, on the incompleteness of IRRs, and on why the private equity industry should be beyond inconveniencing its investors by now. A matter of respect 13/11/2002. Times may be tough for fundraisers at the moment, but some of the best firms are still attracting high levels of interest. What can investors do to ensure that they are not frozen out of some of the industry's star performers? Institutional investor profile: George R Anson, Managing Director, HarbourVest Partners 13/11/2002. Anson on the impact of fund size on performance, on the current attraction of mezzanine, on the transparency debate and on what the future holds for levels of returns from private equity. The rules of the game 04/11/2002. Venture capital and buy-out portfolio valuations have clearly fallen over the last year or so, leading many to say that the late 1990s bubble has burst. But there are certain forces at work that mean that the private equity bubble will take much longer to deflate than that of other asset classes. The implication? There's much more bad news to come. Institutional investor profile: Gordon Hargraves, Vice President, Rho Fund Investors 04/11/2002. Hargraves on the attractiveness of the Japanese market, on the unattractiveness of emerging markets, on the push for disclosure and on why that's a good – and a bad – development for GPs and LPs. Asia: a convincing story for investors? 29/10/2002. Whether or not to invest in Asian private equity funds has long been a hotly debated issue. The funds themselves argue that there has never been a better time; investors, however, appear rather less certain. Institutional investor profile, Martin Anthonsen, Chief Investment Officer, Nordic Alternative Investment Advisors 29/10/2002. Anthonsen on why Nordic spun out of Lansforsakringar, on the importance of alignment of interests, on the scalability of private equity and on why fees will come down. Institutional investor profile, Leif Hasager, Senior Vice President, Bank//Pension 23/10/2002. Hasager on why GPs and LPs are over-optimistic about their returns expectations, on the mixed quality of funds of funds, on why some investors shouldn't even bother with private equity and on the prospects for the asset class in emerging markets. What next for European venture capital? 23/10/2002. The European venture capital market may not have been hit quite as badly over recent years as that in the US, but there's little cause for optimism. The question is, what should venture capitalists be doing at a time of such uncertainty and gloom? Mezzanine: alive and kicking hard 15/10/2002. After a slow start, 2002 has proved to be an exciting one for the mezzanine investing community. Not bad for an asset class that was said to be dead in the water just a few short years ago. What's up in mezzanine? 15/10/2002. Mezzanine is going through something of a renaissance at the moment: sponsors are increasingly turning towards it to help finance deals and cash-strapped investors are beginning to recognise some of its more attractive characteristics. We asked three specialists for their view on what is happening in the market. Institutional investor profile, David Chamberlain, Managing Director, Private Equity, Unigestion 15/10/2002. Chamberlain on why investing in a private equity fund is similar to investing in a public company, on the lack of clarity in portfolio valuations, on the importance of acting quickly when things are going wrong and on the potential influence of hedge funds on private equity. European venture capital: a fragmented picture 08/10/2002. European venture capital has been suffering noisily for some time. But a new piece of research from AltAssets finds the exact state of the market is not always as straightforward as the activity indicators would have you believe. The sector is riddled with anomalies and some parts of the Continent are actually pretty upbeat. Institutional investor profile: John Brakey, Head of Alternative Investments, Macquarie Bank 08/10/2002. Brakey on the importance of vintage year diversification, on the peculiarities of the Australian private equity market, on why he steers clear of corporate investors and on the dangers of crossover funds. Nordic institutions: hopeful but frustrated 02/10/2002. The good news is that Nordic institutions are optimistic about the prospects for private equity; the bad news is that, for the moment at least, their hands are tied by a number of restrictions that are beyond their control. Institutional investor profile: Markus Ableitinger, Private Equity Investment Management, RMF Investment Group 02/10/2002. Ableitinger on the force for professionalisation, on the dangers of going native, on the constant nature of private equity and on why luck is running out for many firms. Under the microscope 25/09/2002. When times were good for private equity, the limited partner-general partner relationship was taken at face value – investors committed to funds, who in turn invested their money in private companies. But now the climate has taken a turn for the worse, it is being scrutinised at every turn. Predictably, much of this scrutiny is centred on particular areas of the legal agreements between the two parties. But look beyond the details and there is much simpler message coming across. Institutional investor profile: Colin Wimsett, Managing Director, Europe, Pantheon Ventures 24/09/2002. Wimsett on never saying never, on box ticking, on avoiding the cookie-cutter approach to investing, on the evolution of control and strategy in private equity firms and on why venture capital is not a one-way bet. Institutional investor profile: Stefan Hepp, CEO and Founding Partner, Strategic Capital Partners 17/09/2002. Hepp on the bulging secondaries market, on the risks of niche investing, on the dangers of over-commitment and on why many institutions will simply stop investing in private equity over the medium term. Don't expect too much 17/09/2002. The potential for advisory boards of private equity firms to make any kind of difference is, and always will be, limited, argues Frank E Morgan II of US law firm Dewey Ballantine. In a response to an article we ran on the subject last month, he explains why. Institutional investor profile: Varun Sood, Founder and Managing General Partner, Capvent 10/09/2002. Sood on offering a service rather than a product, on the dangers of relationships in private equity, on why the principle of adverse selection applies to the asset class and on being exceptionally critical. Where to turn? 10/09/2002. More and more pension funds have been looking at investing in private equity as a means of boosting their overall returns over the long term. The problem is, there is no-one out there to offer them the kind of independent advice they need, says one AltAssets reader. And in some cases, that could even deter them from investing in the asset class at all. Institutional investor profile: Clint Harris, Managing Partner, Grove Street Advisors 04/09/2002. Harris on the problem with traditional gatekeepers, on adding value to investors and private equity firms, on why today's leaders may not be the stars of tomorrow and on how the market has changed over recent years. Bottom of the pile 04/09/2002. Predictions of a mass consolidation in the private equity market might lead some to assume that there will be a clear-out of all the market's worst performers. Some bottom quartile funds will certainly disappear from the scene; others, however, are likely to be more enduring. Good news among the bad 28/08/2002. On the surface, the latest fundraising figures from the US and Asia make depressing reading. But in fact, there is some cause for optimism amid the gloom. Institutional investor profile: Hamish Mair, Director, Private Equity, Martin Currie 28/08/2002. Mair on Continental Europe's future promise, on the risk of one-man bands, on the winners and losers of consolidation, on why track records don't tell the full story and on the weight of money currently in the market. Institutional investor profile: David White, Treasury Manager, BOC Group 21/08/2002. White on why private equity jargon makes people suspicious, on why chopping and changing in private equity causes problems, on why private equity's high level of fees causes difficulties for pension funds and on why hedge funds are a no-go area for BOC. More investors, more complexities 21/08/2002. Pan-European fund structures are becoming increasingly complicated as more European investors enter the private equity market, bringing with them an ever longer list of requirements. That new investors are committing to the asset class is a good thing, says SJ Berwin's Simon Witney, but more needs to be done on a Europe-wide level to start simplifying fund vehicles. A word to the wise 14/08/2002. Private equity firms have become increasingly focused on creating a plethora of advisory committees. But how useful are they in practice? And how ‘hands-on' are they able to become? Invesco's Ray Maxwell investigates. Institutional Investor Profile: Thomas Kubr, CEO, Capital Dynamics 14/08/2002. Kubr on the difficulties for non-US investors of committing to private equity, on why the industry is suffering from unjustified fright, on why secondaries trading will never be vibrant and on why private equity is all about successful selling. Institutional investor profile: Stefan Herzog, Managing Director, VCM 07/08/2002. Herzog on the dangers of subjectivity in the fund selection process, on why private equity is not scaleable, on why there will be a wholesale market correction and on why capital overhang is one of the industry's biggest issues. What's up in Australia? 06/08/2002. Australian private equity is set for a boost as wide-ranging legislative changes make it easier for institutions to invest in the country's funds. Henderson Private Capital's Giles Craig explores some of the developments and assesses their impact on the market. Institutional investor profile: Tim Cruttenden, Senior Investment Manager, VenCap International 31/07/2002. Cruttenden on why US venture is an exciting area at the moment, on why Europe is coming of age, on why there is no substitute for experience in private equity and on why mentoring matters in private equity. An embarrassment of riches 30/07/2002. Faced with an environment of lower company valuations and with increased investor pressure on fees, a whole raft of US venture firms have cut the size of their latest venture funds. But will this phenomenon cross the Atlantic to Europe? It's highly unlikely, says Martin Currie's Hamish Mair. Institutional investor profile: Urs Wietlisbach, Partner, Partners Group 24/07/2002. Wietlisbach on why private equity funds of funds are about more than partnership picking, on the increased bifurcation between smaller and larger groups, on the value of spotting mistakes early and on how survival of the fittest now applies to the private equity market. Venture capitalists: view from the other side 22/07/2002. Investors may have mixed experiences with venture capitalists, but then so do the entrepreneurs they invest with. Serial entrepreneurs Mike Southon and Chris West offer their side of the story – and it's far from positive. Biotech investing grows up 17/07/2002. The massive growth in interest in biotechnology from venture investors over the past few years has begun to raise concerns about the sustainability of the capital flowing into the sector. But a new piece of research by AltAssets suggests not just that recent experience is warranted by the fundamentals but that the medium-term prospects for the sector are brighter than ever. Institutional Investor Profile: Catherine Lewis, Founding Partner, Proventure 17/07/2002. Lewis on why Western Europe is the place to be, on the difficulties of fundraising, on the tightening of capital, on why many funds of funds will disappear and on the way in which many investors will lose money in private equity. Institutional investor profile: Luigi Santambrogio, Managing Director, Brederode (UK) 10/07/2002. Santambrogio on why secondaries may not be all they're cracked up to be, on the advantages of co-investing, on why private equity is more art than science and on why he hopes the asset class remains an inefficient market. The private equity paradox 10/07/2002. When Pantheon Ventures' Peter Flynn joined the world of private equity last year, he was struck by the industry's level of professionalism. But he was also rather perturbed by the lack of client focus prevalent in many firms. If the industry is to attract the scores of potential new investors to the asset class, he says, it had better give them what they want. Institutional investor profile: Maurice Simons, Portfolio Manager, Private equity, SPF Beheer 03/07/2002. Simons on why private equity isn't a diversifying investment, on differentiation between funds of funds, on getting in with the right managers and on why private equity suffers from an image problem. Growing pains 03/07/2002. The fund of funds industry has certainly seen an explosive growth over the last few years. The problem is, this expansion hasn't necessarily brought about the kind of sophistication that many investors need from their private equity investments – at least, not yet. In the slow lane 26/06/2002. For years, private equity fund managers argued that private equity had a low correlation to public markets. The past few years have shown investors otherwise, and yet many still stick to their guns on this issue. What's going on? Institutional investor profile: Scott Delman, President, Capital Z Investment Partners 25/06/2002. Delman on being a value-added investor, on succession problems, on why we'll see no more mega-funds, on the fragility of limited partnerships, on managing expectations and on the importance of secondaries. Queen for a year 19/06/2002. The new BVCA chairman Michael Queen may not have known what he was getting into when he first started in private equity 15 years ago, but his focus now is clear – a better deal for the industry from the regulators and government and a better deal for investors. We spoke to him to find out what was on his mind. Institutional investor profile: Lauge Sletting, Managing Director, Partner, Nordea Private Equity 18/06/2002. Sletting on theme-based investing, on the dangers of timing private equity markets, on why mistakes turn out to be blessings in disguise, on the increasing length of time to exit and on the decreasing focus on the liquidity premium. What's up in high tech VC? 12/06/2002. Technology and telecoms have become dirty words to many private equity fund investors over the last few years. Many have suffered heavy losses as a result of the euphoric highs and subsequent lows and many more are giving these sectors a wide berth. But now that valuations are way down and some of the dust has started to settle, isn't it a good time to start investing again? We asked a panel of experts for their opinions. Institutional investor profile: Wayne Harber, Managing Director, Hamilton Lane 12/06/2002. Harber on why Europe is exciting, on inaccurate performance figures, on aggressive GPs and on being realistic about your return expectations. Institutional investor profile: Donald Kendall, Managing Director and CEO, K2 Capital 05/06/2002. Kendall on the market's return to normality, on misleading performance information, on cycles of success, on limited partner revolts and on why they won't happen. The downside of corporate venture capital 05/06/2002. Following Lucent's recent sale of its venture capital arm to Coller Capital, many other corporate venturers are seeking to exit their VC operations in one way or another. It's a pattern we've seen before, says Edelson Technology Partners' Harry Edelson, who argues that building in-house corporate venturing teams is always destined to fail. Plus ça change… 29/05/2002. Private equity has been through extremely rapid growth since the early nineties and has changed almost beyond recognition. Or has it? Institutional investor profile: Fabrice Lepeltier, Partner, SG Asset Management 29/05/2002. Lepeltier on the importance of in-depth industry knowledge, on the relationship between limited and general partners, on why limited partners should talk more to each other, on not-so-smart money and on the drawbacks of investing in independent groups. Institutional investor profile, Jan Faber, Head of Fund Investments, Henderson Private Capital 22/05/2002. Faber on entrepreneurial private equity groups, on why a downturn is the best time to spot the best managers, on the concentration of capital in a few large funds and on fighting yesterday's battles. Cause for optimism 22/05/2002. Private equity has been through some tough times of late, but it's not the first time this has happened. Seasoned investor Stefan Marelid of SEB Investment Management takes a look at the highs and lows and predicts that the future is bright for this burgeoning asset class. Hanneke Smits, Partner, Adams Street Partners 15/05/2002. Smits on the dangers of allocating by geography, on why European venture has a long way to go, on organisational risk in private equity, on the problem of liquidity in the current market and on people who just won't take no for an answer (full profile available in AltAssets Institutional Investor Profiles: Volume II). Israeli venture capital: setting the record straight 15/05/2002. Israel has spawned some immensely successful venture-backed companies over recent years. So why isn't it getting the credit for this, asks Jon Medved of Israel Seed Partners. Concerned but committed 15/05/2002. European investors in private equity funds are unswerving in their loyalty to the asset class, but that is no reason for general partners to be complacent, says a new research report. There is still plenty of room for improvement in terms of transparency, more targeted marketing material and a more sophisticated reward structure. Hanneke Smits, Partner, Adams Street Partners 15/05/2002. Smits on the dangers of allocating by geography, on why European venture has a long way to go, on organisational risk in private equity, on the problem of liquidity in the current market and on people who just won't take no for an answer. Private versus public investment, some reflections 08/05/2002. Many people are predicting a wide-scale increase in private equity allocations among institutions – most of it coming from their public equity investments. The problem is, many new investors will be more used to dealing with the characteristics inherent in quoted investments. How private is private equity and how public need it be for the much-heralded, large-scale asset allocation shifts to occur, asks Martin Currie's Hamish Mair. Institutional Investor Profile: Topi Piela, Director, Finvest 08/05/2002. Piela on the importance of teamwork, on why venture is harder work than buy-outs, on the correlation between public and private equity and on keeping portfolio company managers motivated in a downturn. What's in a valuation? 01/05/2002. During the good times, investors took little notice of underlying portfolio company valuations. After all, it seemed that they could only go up. Now that times are harder, valuation techniques are coming under increasing scrutiny. They are far from perfect, says Invesco's Ray Maxwell, but what's the alternative? Institutional investor profile: Emmeram von Braun, general partner, von Braun & Schreiber 01/05/2002. Von Braun on secondaries investing outside the auction arena, on the demise of some of private equity's brand names, on the importance of investing consistently and over the long term and on the contraction of firms in the market. Private equity? Sorry, haven't got the time! 01/05/2002. Pension funds that already invest in private equity are generally convinced enough of its merits to be upping their allocations; those that don't just don't have the time to grapple with it - for the moment, at least. Institutional investor profile: Ad van den Ouweland, managing partner, Robeco Private Equity 24/04/2002. Van den Ouweland on the consistency of performance, on avoiding mediocre funds, on decreasing expected returns and on moving private equity from a product-based industry to a service-based one. Are you being served? 24/04/2002. The private equity investment market is changing and yet many fund managers still appear to be acting solely in their own interest. Isn't it about time they started responding to the needs of the institutions that supply their capital? Institutional investor profile, Ari Jauho, vice president, private equity and venture capital, Pohjola Group Insurance Corporation 17/04/2002. Jauho on the rise of private equity investing in Finland, on the importance of stock-picking in the asset class and on the vagaries of valuations. Life sciences and healthcare venture investing: Keeping feet on the ground 17/04/2002. Life sciences and healthcare venture investing is hot. Venture funds in this area raised a record amount in 2001 at $5.3bn, compared to the prior record of $4.3bn in 2000. After signing their agreements, some limited partners may now be left wondering whether the bandwagon is too large, or whether they got on too late. The following addresses several key issues in life sciences and healthcare venture investing for the next few years. Lessons to learn and live by 17/04/2002. The last few years have been a roller-coaster ride in the private equity industry. The question is, what can investors learn from the experience? All together now 10/04/2002. There has been much talk recently about the increasing power of limited partners. That's all well and good in theory, but what exactly are the options open to limited partners when faced with problem fund investments? Institutional investor profile: Jos van Gisbergen, director of alternative investments, MN Services 10/04/2002. Van Gisbergen on why European private equity will outperform the US market, on the pitfalls of investing in mezzanine, on the difficulties of finding distressed opportunities in Europe and on why management fees will never come down. Institutional investor profile: Rhonda Ryan, senior director, alternative investments, Clerical Medical 03/04/2002. Rhonda Ryan on the importance of teamwork, on the operational-financial mix, on the dangers of sector specialisation and on the thorny issue of succession problems. Institutional investor profile: Rhonda Ryan, senior director, alternative investments, Clerical Medical 03/04/2002. Rhonda Ryan on the importance of teamwork, on the operational-financial mix, on the dangers of sector specialisation and on the thorny issue of succession problems. Venture capital sports a new look 03/04/2002. The 2000 meltdown and the consequent shift in investor expectations have undoubtedly changed the face of venture capital. So what are the key characteristics for VC fund success now and in the future? Boston Millennia Partners' A Dana Callow Jr takes a look. Institutional investor profile: Daniel Barr, chief analyst, AP7 25/03/2002. Barr on consistency of performance, on why private equity doesn't offer you the diversification many people have claimed, on the benefits of diversification and on why general partners won't be able to continue charging higher fees than is the standard in other asset classes. Institutional investor profile: Daniel Barr, chief analyst, AP7 25/03/2002. Barr on consistency of performance, on why private equity doesn't offer you the diversification many people have claimed, on the benefits of diversification and on why general partners won't be able to continue charging higher fees than is the standard in other asset classes. A positive step for Europe's public markets 25/03/2002. European proposals to enforce the same standards on all public markets – including the second-tier exchanges – would pretty much have blocked IPOs as an exit option for private equity firms even once the climate improved for new issues. But to its credit, says SJ Berwin, the European Parliament has shown itself ready to listen to those lobbying against the move. Does size matter? 20/03/2002. As the private equity industry has grown, so have the fund sizes. Not that long ago, a $500m fund would have been big; these days there are tens of funds well over $1bn. The trouble is, many investors think these funds are arrogant and greedy. Why is this? Institutional investor profile: Wim Borgdorff, managing partner, NIB Capital 19/03/2002. Borgdorff on the benefits of a top-down approach to investing, on the value-adding myth and on the ways in which private equity's increasing maturity affects general and limited partners. Institutional investor profile: Jens Bisgaard-Frantzen, managing director, ATP Private Equity Managers 12/03/2002. Bisgaard-Frantzen on becoming an investor of choice, on rock-bottom valuations in the US, on what it means to add value and on seeing beyond the distortion created by the last few years. Risk and return in private equity: what does it all mean? 12/03/2002. The accepted wisdom is that the risk-adjusted rate of return on private equity is 500 basis points over public equities. Why is this? And what do we understand by risk, anyway, asks Invesco's Ray Maxwell. Catalysts for change 06/03/2002. Limited partners have long been attempting to get a better deal from their private equity fund managers, although progress has been slow. But two recent events could well provide the impetus for change that is needed to reform investment terms and transparency. Institutional investor profile: Bernd Kreuter, director private equity, Feri Alternative Assets 06/03/2002. Kreuter on developing an objective basis for private equity investing, on the emergence of new firms, on the lack of activity in the German market and on creating transparency. What's up in the mid-market? 26/02/2002. Tired of what they believe is the arrogance of the mega-funds and still reeling from the technology venture crash, limited partners are increasingly turning their attention to private equity's mid-market firms. But what exactly is the mid-market? And what are its current and future dynamics? We asked a handful of players to explain. Here's what they said. Institutional investor profile: Gunther Pamberg, president, Alcyon 26/02/2002. Pamberg on borrowed track records, on the unrealistic sales pitch of the self-funded private equity investment, on where IRRs are heading and on the industry's walking dead. Is it possible to have too much capital? 20/02/2002. The ‘record' amount of uninvested capital in the private equity industry at the moment is causing concern among investors, many of whom begrudge paying managers even while they are not investing. So what's the answer? Institutional investor profile: Richard Hotchkis, Cooperative Insurance Society 19/02/2002. Hotchkis on what adding value really means, on why no-one has to be in private equity and on why the issue of management fees just won't go away. Funds of funds - a growing industry, but for how long? 13/02/2002. Once a relatively small part of the private equity investment scene, funds of funds have become big business - so big that their numbers have tripled over the last three years. But is this growth sustainable? And does it really mean a greater choice for investors? Institutional investor profile: John Porter, Hamburgische Landesbank 12/02/2002. Porter on the current state of the German private equity market, on securitisation and other ways of attracting new investors to the asset class and on the importance of bottom-up selection. Institutional investor profile: Sandra Robertson, head of alternative assets, Wellcome Trust 06/02/2002. Robertson on why some venture capitalists earn their fees and carry and others don't, on the current capital overhang and on the transparency debate and where it's heading. Sale of the century? 06/02/2002. With the current downturn and Coller's recent Lucent acquisition, the secondaries market is something of a hot topic in private equity circles at the moment. And, as new research shows, this sub-set of the industry will become an increasingly important and innovative market as it starts shedding its shady image and enters the mainstream. One step forward… 30/01/2002. Germany's recent tax reforms will cause a surge in European M&A and buy-out activity – eventually. But in their current form they will also affect investors and the private equity industry in some rather unfortunate ways, says SJ Berwin. Institutional investor profile: Tim Jones, investment director, Coller Capital 30/01/2002. Tim Jones on Coller's recent Lucent deal and why that is unlikely to be the last of its kind, on chasing financial tornadoes and on why he thinks that secondaries deal flow is about to explode. What will encourage institutional investors to allocate more to private equity? 23/01/2002. There has been much debate surrounding the issue of what it will take to attract more institutional money to private equity. Alastair Ross Goobey has a few ideas as to why it has been such an uphill struggle. Institutional Investor Profile: Dominik Meyer, partner, Swiss Life Private Equity Partners 23/01/2002. Swiss Life Private Equity Partners is a fully owned subsidiary of Swiss Life and manages several private equity portfolios, including the ones for the Swiss Life group and Private Equity Holding. SLPEP currently has E2.6bn under management with a further E550m in commitments. Private equity investing in uncertain times 16/01/2002. It's been a rough ride for many private equity investors over the last 12 months or so. But the next 12 could be a great time to invest – as long as institutions follow the key rules, says Daniel Allen of Wilshire Associates. Institutional investor profile: Jeremy Golding, founder and managing partner, Golding Capital Partners 16/01/2002. Golding Capital Partners is a Munich-based fund of funds investment manager and advisor founded by Jeremy Golding. Working with private and institutional investors on private equity and venture capital transactions in Germany since 1999, Golding has advised on or committed funds to the value of almost E100m over the last 18 months. He has over 18 years experience with multinational corporations such as GE, BCG and KPMG. What's in store for 2002? 09/01/2002. The year 2001 won't go down in history as one of private equity's finest. But will the next 12 months be any better? We asked a sample of investors how they thought 2002 would pan out for the industry. Here are some of the themes they touched on, plus a few of our own predictions. Institutional investor profile: Joel Romines, founder and managing principal, Knightsbridge Advisers 08/01/2002. Established in 1983, Knightsbridge Advisers now has $1.4bn under management, split between early stage venture capital funds of funds and post-venture funds, which invest in post-IPO, venture-backed companies. Initially founded in London, the firm moved to the US in 1992. Should old 2001 be forgot? VCs say yes, set sights on better 2002 08/01/2002. The Chinese dubbed 2001 the year of the snake, but it may forever be remembered as the year of the post-tech wreck recovery, at least in venture capital circles. Private Equity Week's Robyn Kurdek offers a view from the US.