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 Institutional Investor Profile: Kristian Fok, Deputy Managing Director, Frontier Investment Consulting
17/12/2008. Kristian Fok on the attraction of distressed opportunities, on private equity asset markdowns in the year ahead, on direct investments in infrastructure, on the outlook for Frontier's next year and on Australia's minimised exposure to leverage.
 Karsten Langer of Riverside on the effects of the credit crunch
08/12/2008. Karsten Langer, head of origination at Riverside Europe, has spoken with AltAssets about challenges and opportunities in the mid market. Riverside has managed to keep deal flow up, but the firm is taking a slightly different approach to deal-making now.
Institutional Investor Profile: Chad Morgan, Director, Investure
03/12/2008. Chad Morgan on Investure's opportunistic approach, their selection process, distressed opportunities, secondaries, and why keeping a steady hand should pay off later.
The UK’s pre-budget report
24/11/2008. Against a backdrop of ongoing global economic uncertainty and with the UK economy on the brink of recession, the UK's Chancellor of the Exchequer, Alistair Darling, this week delivered his second pre-Budget Report. As had been expected and was widely reported in the press over the weekend, the report focused on introducing initiatives which are intended to provide a fiscal stimulus to the economy in an attempt to reduce the severity and the length of any recession, writes Pat Dugdale of SJ Berwin.
 Institutional Investor Profile: Hans van Swaay, Partner, Lyrique
18/11/2008. Hans van Swaay on why mega-funds continue to grow again, on the arrogance of LPs, on first-time funds, on his concerns about investing in emerging markets and on the huge amount of uninvested money in private equity.
The financial crisis and the collapse of ethical behavior
12/11/2008. Most assessments of the financial crisis that began in August of 2007 identify as the source of the problem such issues as poor risk controls, too much leverage, and an almost willful blindness to the bubble-like conditions in the housing market. Well, maybe. These issues were certainly the proximate causes of the crisis we find ourselves in, and if only one or two firms had drunk the Kool-Aid - a Drexel Burnham, let's say, or a Long Term Capital Management - we could buy the usual nostrums as the full story, says Gregory Curtis at Greycourt.
Round up the usual suspects
04/11/2008. We may only be in the early stages of the current distressed cycle, but a significant number of portfolio companies of private equity sponsors have already found their way into bankruptcy. One of the unfortunate consequences of bankruptcy is frequently the search by the debtor and its creditors for potential claims against the usual suspects, including the private equity sponsors who effected the LBO and owned the portfolio company, according to Christopher Machera and Joshua Peck of Weil, Gotshal & Manges.
Active CEE LPs regard region as increasingly attractive
29/10/2008. CEE is becoming much more mainstream and limited partners who have been investing in the region for years regard it as more attractive now than ever.
 Institutional Investor Profile: Mark Calnan CFA, Investment Consultant - Manager Research, Watson Wyatt Worldwide
21/10/2008. Mark Calnan on Watson Wyatt's hybrid model, on composing tailor-made portfolios for clients and on the challenges facing the private equity industry.
 Institutional Investor Profile: Saul Meyer, Partner, Aldus Equity
15/10/2008. Saul Meyer on the increasing attractiveness of mezzanine, on the appeal of first-time funds, on the importance of long-term relationships with fund managers and on building a good reputation for the private equity industry.
European Parliament votes on private equity and hedge funds
01/10/2008. Given the paradigm-shifting events in the world's financial markets in recent weeks - and the regulatory frameworks which they must call into question - one could be forgiven for assuming that Europe's legislators had more pressing matters to concern them than private equity. Not so for the European Parliament: last week it approved two reports which call for a series of 'legislative responses' to hedge funds and private equity. And while strenuous lobbying and political pressure has led to some of the more intemperate demands being removed from the final versions of the reports, and some welcome recognition of private equity's virtues included, anachronistic and misleading descriptions of the industry's activities remain, says Simon Witney of SJ Berwin.
German takeover rules and stakebuilding practice
24/09/2008. Many European private equity houses and hedge funds have been eyeing Germany's public markets for deal opportunities - either with a view to acquiring a strategic stake, to identify take-private candidates, or to benefit from ongoing developments in the market, says SJ Berwin partner Christian Cornett.
Equity investor: don't jump in the directorship pool unless you know where the rocks are
17/09/2008. When taking a significant equity position in a business organisation, many investors seek a board seat in order to protect that investment. They often make such investments in firms that have not issued publicly traded securities. Such a role makes a great deal of sense from the investor's perspective, but does it carry with it unexpected potential risk and responsibility, ask Steven A Lauer and Christopher A Myers of Global Compliance Services and Holland & Knight. If so, what does that risk represent? Can such an investor take steps to ameliorate that potential risk? If so, what steps should he or she take when assuming such a role?
Central and Eastern Europe Statistics 2007 - an EVCA special paper
10/09/2008. This document provides an update of annual statistics for the CEE private equity and venture capital markets in 2007. Since 2003, this recurring publication has showcased the evolution taken by private equity in the region. The new report reveals: fundraising in the CEE area reached a new all-time record in 2007, with an increase of 89 per cent compared to 2006, while investments in the region increased by 80 per cent.
 Institutional Investor Profile: Michael Pohlen, Principal, Piper Jaffray - Private Capital Group
03/09/2008. Michael Pohlen on the exciting opportunities in cleantech investments, an impending shake-out in the Chinese private equity market, the shut-down of the IPO window and on the attractiveness of the LBO and VC markets.
 Institutional Investor Profile: Lorenzo Lorenzotti, Managing Director, ACG Private Equity
27/08/2008. Lorenzo Lorenzotti on Central and Eastern Europe, on cleantech, on the attraction of sector-focused funds, on listed private equity firms and on the evolution of the financial industry.
Transparency and disclosure in Europe
20/08/2008. The European private equity industry took a further step towards openness and engagement at the end of June, when the Danish Venture Capital and Private Equity Association (DVCA) published its version of the UK's Walker Guidelines - just a few days after the Swedish association (SVCA) did the same.
 Institutional Investor Profile: Roland Reynolds, Managing Partner, Little Hawk Capital Management
13/08/2008. Roland Reynolds on why Little Hawk focuses on the smaller end of the private equity spectrum in the US, on why first-time funds can be attractive and on a framework for evaluating general partners.
 Institutional Investor Profile: Philip Frerichs, Managing Director, Wölbern Private Equity
06/08/2008. Philip Frerichs on Wölbern Private Equity's combined fund and direct investment strategy, on its preferences in the venture capital and buy-out segments, on emerging markets and on what makes a good fund manager.
 Institutional Investor Profile: Rainer Busch, Managing Partner, Mercury Partners
30/07/2008. Rainer Busch on the future of venture capital, on the risk of overheating in the secondaries market, on challenges in investing in emerging markets, on mega buy-out funds and on the impact that sovereign wealth funds may have on private equity.
 Institutional Investor Profile: Rupert Montagu, Co-Founder and General Partner, Montagu Newhall
23/07/2008. Rupert Montagu on fund and direct investments in the venture capital space, on opportunities in the secondaries market and on the challenge of finding venture fund managers who really do add value to their portfolio companies.
The digital divided
16/07/2008. The right to use the radio spectrum is a highly prized asset. The economics are obvious: the supply of available frequencies is naturally limited, and, because the spectrum is needed to operate every type of wireless service - from satellites and radars to broadcasting and mobile communications, the demand is huge and growing fast. Even now, the European Commission reckons that the total value of electronic communications that depend on the use of radio spectrum in the European Union exceeds €250bn, or 2.2 per cent of annual European GDP. Getting a share of that market - at the right price - is an attractive prospect.
Corporate governance and value creation
09/07/2008. To those who work in private equity, it is almost trite to say that the governance model - shorter communication lines, and more accountable management with aligned incentives - makes it easier to grow successful companies, drive out inefficiency and make necessary structural changes. But, as the recent public and political storm about private equity has demonstrated, the value generated by that model is not so obvious to those outside the industry, writes Simon Witney of SJ Berwin.
What the future of private equity in Europe could be like: EVCA releases Global Scenarios for Private Equity and Venture Capital study
02/07/2008. The future is about opportunities but also risks, threats and uncertainties. With its study Global Scenarios for Private Equity and Venture Capital, the European Private Equity and Venture Capital Association is trying to prepare the industry for unforeseen and unforeseeable changes. The study, which was conducted by Oxford Analytica, looks at four scenarios that might affect the world of private equity.
 Jonathan Russell's outlook for the year ahead - speech from EVCA Symposium, Madrid
20/06/2008. While private equity and venture capital have had a fantastic decade, Jonathan Russell, the newly elected chairman of the the European Private Equity and Venture Capital Association warns that now economic volatility is affecting us all and the private equity industry is attracting unprecedented attention from governments, unions and politicians across Europe.
Debt buybacks
18/06/2008. There has been some debate in the leveraged loan market recently about whether borrowers (or the funds that have invested in them) can, legally, buy back debt. With large swathes of underwritten debt still on banks' books many months after the start of the credit crunch, there are clear opportunities for the private equity industry to buy third party debt at a discount. But there are also opportunities to increase their exposure to their own investments by buying senior and second lien acquisition debt in portfolio companies, according to Robert Andrews, Simon Fulbrook and Brian Carne of SJ Berwin.
Legal services: a new destination for private equity capital?
11/06/2008. Cleantech, China, infrastructure, Russia – private equity investors always look for new areas in which they can apply their proven growth models to generate returns. The next hot area – at least for UK-focused private equity investors - could be legal services, as the Legal Services Act 2007 is gradually coming into force in the UK. By allowing for alternative business structures to be implemented, it is bound to fundamentally reform the way legal firms operate.
What is environmental investment?
04/06/2008. Many people confuse ethical investment, sustainability investment and environmental investment. These are the three main types of environmental investment that have arisen over the past 30 years, and while each has a contribution to make to the environment, they also have key differences that make them very different investment strategies.
What is environmental investment?
04/06/2008. Many people confuse ethical investment, sustainability investment and environmental investment. These are the three main types of environmental investment that have arisen over the past 30 years, and while each has a contribution to make to the environment, they also have key differences that make them very different investment strategies.
 Institutional Investor Profile: David G Pierce, CEO, Squadron Capital
28/05/2008. David Pierce on the rise of Asian private equity, on first-time funds, on the importance of local knowledge and on how the industry should deal with the immense growth it has seen over the past few years.
 Institutional Investor Profile: Christopher S Bödtker, CEO, LODH Private Equity ltd
21/05/2008. Christopher S Bödtker on European fund of funds and direct investments, on building diversified portfolios across the mid market and on the Euro Choice series' focus on Western and Eastern Europe.
The threat of further regulation
14/05/2008. As was made clear last week at SJ Berwin's debate on transparency and disclosure in UK private equity, the British private equity industry has responded well to calls for greater openness - the reaction to Sir David Walker's proposals is as good as he could have hoped. Although clearly not the only reason that private equity has receded from the headlines (and the agenda of British politicians), Walker's pragmatic, 'principles based' recommendations have helped to stave off calls for more black letter law, and may now be emulated in several other European countries. Walker's early successes are good news for the industry, because a knee jerk reaction to last year's furore could have had damaging consequences for private equity, and for the European economy, according to Simon Witney of SJ Berwin.
Sovereign wealth funds and private equity
07/05/2008. Sovereign wealth funds (SWFs) are not a new phenomenon, and have been enthusiastic investors into European private equity funds for a very long time. But their recent growth, and their investments into some of America's best known banking institutions - Citigroup, Morgan Stanley and Merrill Lynch, for instance - has alarmed some policy makers on both sides of the Atlantic. There is now a risk that the policy response could damage private equity.
R&D programmes give boost to Israeli-European cooperative efforts
25/04/2008. In this IVCJ article, Jessica Steinberg looks at some of the programmes that have been created over the years to promote wide-ranging Israeli-European research and business relationships.
 Institutional Investor Profile: Knightsbridge Advisers
23/04/2008. Managing principals Joel Romines, Barbara Piette and George Arnold on early stage investing, on deal quality, on adding value to portfolio companies, on pattern recognition and on the finite nature of the industry.
Further threat to final salary pension schemes in the UK
17/04/2008. This week, the UK government announced proposals to extend the 'moral hazard' provisions in existing pensions law, and to widen the powers of the Pensions Regulator. The proposals are flawed and will be of concern to all private equity houses doing UK deals, writes Wyn Derbyshire of SJ Berwin.
Pension schemes in the UK
10/04/2008. The defined benefit pension scheme - where employers effectively guarantee a certain future benefit for employees - is becoming increasingly hard to manage in Britain. The Pensions Regulator, established in April 2005, was put in place to protect the beneficiaries of such schemes, and its rules were seen as a threat to some private equity deals. It is true that the rules have strengthened the hands of pension fund trustees and put defined benefit schemes centre stage in many buyout negotiations. But a sensible clearance procedure - now, with revised guidance issued last month, moving further to a 'principles based' system - does at least mean that deals can be done without the threat of future regulatory action.
 Institutional Investor Profile: Colin Wimsett, Managing Partner, Pantheon Ventures
09/04/2008. Colin Wimsett on mega funds and venture capital, on Pantheon's due diligence process, on avoiding the tick-box approach, on emerging markets and on investment opportunities following the credit crunch.
 Institutional Investor Profile: Peter Derendinger, Partner and CEO, ALPHA Associates
02/04/2008. Peter Derendinger on Central and Eastern Europe, on managers with a regional focus, on market correction, on the appeal of co-investments and on the dangers of financial engineering.
 Institutional Investor Profile: Alan Feld, Partner, Vintage Venture Partners
26/03/2008. Alan Feld on the rise of Israeli private equity, on the advantages of having a regional focus, on the importance of early stage financing and on the escalating size of venture capital funds.
 The UK's Budget
19/03/2008. As it turned out, last week's UK Budget was a pretty uneventful affair, even if the opposition leader's conclusion - that it was 'delivered with all the excitement of a man reading out a telephone directory' - was perhaps a tad harsh. But the UK's private equity industry will have been relieved that there was no more bad news, and welcomed a few positive announcements, writes Simon Witney of SJ Berwin.
Clean energy in Italy
12/03/2008. European venture investors are clearly enthusiastic about the future for cleantech, according to SJ Berwin. Investments are reported to have increased by 34 per cent to €808m last year, and there is a continuing appetite from LPs in 2008. One of the key characteristics of this re-emergence of venture - perhaps the key difference to the technology boom - is the role of national government and European Union policy in creating opportunities.
Avoiding anti-trust issues
05/03/2008. Recently, a court in the US analysed for the first time whether "club deals", where private equity firms join forces to bid for a target company, can be anti-competitive. The concerns arose because of competition law rules on collusive bid-rigging and sharing sensitive information between bidders. The good news for the private equity community is that the US District Court in Seattle did not consider that the specific practices under review in that case were anti-competitive, write Elaine Gibson-Bolton and Gordon Christian of SJ Berwin.
 Institutional Investor Profile: Sergey Sheshuryak, Partner, Adams Street Partners
27/02/2008. Sergey Sheshuryak on the focus of Adams Street Partners' annual funds of funds, on people matters, on expanding into new territories, on secondaries investing and on the effects of the credit crunch.
Taxing non-doms
20/02/2008. The UK government is certainly in difficulty over controversial new rules affecting those people who are "resident" in the UK but have non-UK origin - so called "non-doms". These rules are still expected to come into force on 6 April 2008 - although in what form is now not entirely clear, following a partial climb-down by the government last week. Policy-makers have been left in no doubt that the changes will damage London's position as a leading financial centre, and the political question they now face is how to limit that damage without being accused of a complete U-turn.
 Institutional Investor Profile: Bob Long, CEO, Conversus Asset Management
12/02/2008. Bob Long on overcoming the J-Curve effect, on publicly-listed private equity, on asset allocation, on talent in the private equity world and on the importance of distressed debt to a balanced portfolio.
Marketing private equity funds in France: MIFID changes the rules
06/02/2008. Until now, it has been extremely difficult - if not impossible - to market private equity limited partnerships in France. The transposition into French law of the European Directive on Markets in Financial Instruments (known as the MiFID) has brought a welcome change to this situation, although it may not yet herald a greater use of LPs in France, says George Pinkham of SJ Berwin.
 Institutional Investor Profile: David Quysner, Chairman, Capital for Enterprise Board
30/01/2008. David Quysner on early stage investing, on the shortage of early stage venture capital in the UK and on how the government's Capital for Enterprise Board is acting as a fund of funds to help close the venture capital industry's equity gap.
 Institutional Investor Profile: Jason Andris, Managing Director, Venture Investment Associates
23/01/2008. Andris on investing in venture capital and buy-out funds, on the firm's breakdown of re-ups versus new fund relationships, on bite-sizes, on alignment of GP and LP interests and on the importance of understanding a fund manager's reputation in the market as part of the due diligence process.
The year ahead
16/01/2008. According to the BBC's Evan Davis, speaking at an SJ Berwin reception in London last week, 2008 will most likely be a year when the European economy takes its medicine. January's detox will last all year, or perhaps longer, he thinks - but the treatment will ultimately do us all good. He does not think the pain will ease very soon, but also says it is not likely that the economy will tailspin into recession.
Supporting small companies
09/01/2008. If the focus of recent media attention has been on the very largest private equity deals, and the industry's spokespeople have been busy dealing with the fallout, it is perhaps reassuring that the plight of smaller, fast growing companies remains firmly on the lobbying agenda.
 Institutional Investor Profile: John Holloway, Director, Investments, European Investment Fund
02/01/2008. John Holloway on European venture capital, on the benefits of operating in a niche segment, on investment opportunities in future EU member states and on the importance of good capital reflow.
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