private equity features - updated weekly 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. Listed Funds: Will 2008 be their year? 19/12/2007. Much ink has been spilt on the subject of listed private equity funds during 2007. As some funds decided to access permanent capital on Europe's stock markets, London tried to attract more of that business from Amsterdam and many predicted a stampede to list, writes Victoria Younghusband of SJ Berwin. More difficult market conditions and falling share prices among some of those newly quoted funds knocked the trend sideways - leaving some arguing that the traditional private model would continue to dominate private equity fund structures, and that other alternative asset classes might be more profitable targets for stock markets eager to attract business. Institutional Investor Profile: Jos van Gisbergen, Senior Fund Manager, Private Equity, Commodities and Infrastructure, MN Services 12/12/2007. Jos van Gisbergen on the importance of value creation, on financial engineering, on opportunities in Europe, on portfolio construction and on why greed is not always good. Modernisation in Germany 05/12/2007. Over the last decade, the German government has made some real improvements to the legal framework for commercial activity. Private equity has benefited from many measures and (although the connection may not be a direct one) deal volumes have reached an all-time high, writes SJ Berwin. LPs slightly more optimistic about European early stage investing 28/11/2007. European limited partners are showing a bit more of an interest in the European venture capital market again, according to the EVCA study entitled The European Venture Capital Market: Scaling Beyond Current Boundaries, undertaken by the Private Equity Institute of London Business School and the Center for Entrepreneurial and Financial Studies (CEFS) of Technische Universität München. Institutional Investor Profile: Wolf-Dietrich von Wrede, Managing Director, Swift Capital Partners 21/11/2007. Wolf-Dietrich von Wrede on his team's focus on the European buy-out segment, on networks and experience, on the importance of continuously staying in touch with GPs and on recent trends and developments in the buy-out business. Larger, later deals drive European venture capital investment up 22 per cent to €1.18bn in 3rd quarter 21/11/2007. European venture capital investment climbed to €1.18 bn in the third quarter of 2007, with half of this capital flowing exclusively to later-stage deals, according to the Quarterly European Venture Capital Report by Ernst & Young and Dow Jones VentureOne. The Beauty of Being Quoted 14/11/2007. Private equity-backed companies race to become public on various listing platforms. There has been no respite in the number of private companies seeking to become publicly-quoted stocks. Between 5th October and 2nd November, there were 11 initial public offerings in which private equity investors have had an interest, and they have successfully raised US$6 billion from the public. Institutional Investor Profile: Bernd Kreuter, Head of Alternatives, Feri Institutional Advisors 07/11/2007. Bernd Kreuter on the benefits of a broad market knowledge, on sourcing good investments, on emerging managers and on the potential for falling returns at the larger end of the buy-out business. Institutional Investor Profile: Lauge Sletting, Managing Partner, North Sea Capital 31/10/2007. Lauge Sletting on his fund's interest in distressed debt, the benefits of a contrarian approach to investing, and on the risk that too much capital in the market could drive returns down. Institutional Investor Profile: Robert Womsley, European Head of Citi Private Equity 24/10/2007. Robert Womsley on Citi Private Equity's fund and direct investments, on the consequences of the US credit crunch and on the future outlook for the private equity business. Institutional Investor Profile: Fabio Quaradeghini, Senior Fund Manager, and Jon-Ingvi Arnason, Head of Alternatives, Landsbanki 17/10/2007. Fabio Quaradeghini and Jon-Ingvi Arnason on Landsbanki’s focus on buy-out funds, on the market for distressed funds, on future investment opportunities and returns in the mid-market, and on why even as a generally cautious investor Landsbanki is looking at opportunities in new markets and segments. The UK's pre-budget report from SJ Berwin 10/10/2007. On Tuesday 9 October, the UK's new Chancellor of the Exchequer, Alistair Darling, delivered his first set-piece, the 2007 Pre-Budget Report and Comprehensive Spending Review. In a break with the pattern established in recent years by Mr Darling's predecessor, Gordon Brown, now the UK's Prime Minister, the pre-budget report was delivered at short notice, early in the autumn, and immediately followed the ending of speculation as to whether there would be an autumn general election, says SJ Berwin. British Company Law 03/10/2007. After nearly 10 years of deliberation, notes SJ Berwin, next week will see many of the changes to British company law that were so hotly debated last year come into force. On 1 October, UK companies will see the biggest change to the rules that apply to their governance in a generation, and many of them will affect portfolio companies of private equity firms. Institutional Investor Profile: Melissa Ma, Co-Founder and Managing Director, Asia Alternatives 26/09/2007. Melissa Ma on the rise of Asian private equity, on the benefits of local experience, on the case for risk-adjusted return and on the importance of a diversified portfolio. Going semi-private 19/09/2007. Private equity sponsors have used so-called stub equity in a number of recent going private transactions, says Weil, Gotshal & Manges, including the acquisitions of Clear Channel Communications and Harman International Industries in the United States and Countrywide in the United Kingdom. In a going private transaction involving stub equity, target shareholders are offered the opportunity to retain a minority stake in the newly private company and thereby participate in its future growth. It is not clear whether the few stub equity deals that we have seen so far are a flash in the pan to address unique circumstances or whether this structure has legs. Institutional Investor Profile: Arne Trondsen, Investment Director, Argentum 12/09/2007. Arne Trondsen on the rise of private equity in Norway, on the need for new fund managers in the country, on the benefits of local knowledge, on due diligence and on supporting other LPs. Institutional Investor Profile: Marc Brugger, Director, LFPE 05/09/2007. Marc Brugger on why LFPE was established as a Western-Europe-focused fund of funds manager, on the future of the firm, on the buy-out segment, on venture capital, and on LFPE's portfolio construction strategy. Corporate Governance 29/08/2007. Private equity and venture capital firms have always been justifiably proud of their corporate governance model. Alignment of interest between investors and managers is difficult to achieve in listed companies, with a diverse and largely indifferent shareholder base. But it is much less of a problem when a dominant shareholder, and invariably one with real industry and business expertise, oversees the executive management team. Institutional Investor Profile: Spur Capital 22/08/2007. AltAssets spoke to the team at Spur Capital Partners to find out about their views on early stage venture capital, on venture in the US and worldwide, on due diligence, on competition in the fund of funds market, and on what they think it takes to be successful in private equity investing. Listed Private Equity Funds 15/08/2007. Recent listings of private equity and other alternative investment funds in Europe have not fundamentally changed the dominant model - that of the limited life, distributing, partnership style fund, aimed principally at institutional investors and not the retail market, notes SJ Berwin. Institutional Investor Profile: Ronan Cunningham, Head of Private Equity, National Pensions Reserve Fund 08/08/2007. Ronan Cunningham on setting up NPRF's private equity programme, on the prospects of venture capital, on the attractiveness of large buy-out funds, and on why access strategies are important when you are a new institutional investor. Institutional Investor Profile: David Hunter, Managing Director, NESTA Investments 01/08/2007. David Hunter on investing in early stage venture capital partnerships in the UK, on NESTA's regional focus and on how his team plans to help the early stage venture capital segment grow. From star-power to branding, firms look for new ways to court private equity deals 25/07/2007. The days when private equity fund managers pursued proprietary deals at their own pace are long gone, says Knowledge Wharton. As more investment capital flows into the market, deal makers find themselves in a scramble to court potential targets using sourcing strategies ranging from hiring marquee-name rainmakers like Jack Welch, to hiring brokers, to relying on old-fashioned cold calling. According to experts from Wharton and private equity practitioners, deal sourcing techniques are becoming increasingly important as firms look for any kind of lead in the competitive market. Central and Eastern Europe - just a geographical expression? 18/07/2007. In this article, Joanna James, managing director, Central Europe, at Advent International, argues that 'being local' is key to making successful private equity investments in Central and Eastern Europe. Institutional Investor Profile: Irwin C Loud III, Chief Investment Officer, Muller & Monroe Asset Management 11/07/2007. Irwin Loud III on why Muller & Monroe Asset Management focuses on the niche end of the private equity market, on first-time fund managers, on assessing risk, and on the mix of skill sets that a good fund management team should have. From star-power to branding, firms look for new ways to court private equity deals 04/07/2007. The days when private equity fund managers pursued proprietary deals at their own pace are long gone, says, Knowledge Wharton. As more investment capital flows into the market, deal makers find themselves in a scramble to court potential targets using sourcing strategies ranging from hiring marquee-name rainmakers like Jack Welch, to hiring brokers, to relying on old-fashioned cold calling. According to experts from Wharton and private equity practitioners, deal sourcing techniques are becoming increasingly important as firms look for any kind of lead in the competitive market. Terms and conditions of private equity funds 27/06/2007. It is perhaps surprising, says SJ Berwin, that the headline economic terms of European private equity funds have remained pretty constant for decades - despite the changing market environment in which they are being raised. If a fund cannot raise enough to close it is rarely because its terms are too rich, and improving the terms is unlikely to help. And an oversubscribed fund with a good track record will still find it hard to raise management fees or carried interest rates above well established market norms. The great pushback 20/06/2007. Taking a public company private is no longer as straightforward a proposition as it used to be, says Weil, Gotshal & Manges. A number of recent sponsor-backed going private transactions have encountered increased opposition and resistance from several sources. Sponsors have recently faced challenges to signed deals by competing strategic and financial bidders, such as Community Healthcare’s bid for Triad, Apollo’s bid for EGL and Fillmore Capital’s bid for Genesis HealthCare. Sponsors are also experiencing increased judicial skepticism with respect to management’s conflicts of interest in going private transactions. Private equity bidding wars: when capital-rich funds compete, intangibles win the deal 13/06/2007. With so much money pouring into private equity funds, says Knowledge Wharton, competitors for deals are able to match one another easily when it comes to price. Clearly, valuation remains the most important part of any transaction, but in today's capital-soaked private equity environment, bidders must also come up with other, less tangible ways to set themselves apart. According to private equity experts, timing, sound strategy, operational expertise and a track record of successful deals are the new currency in a market where money is no object. Institutional Investor Profile: David Currie, CEO, Private Equity Investments, Standard Life Investments 06/06/2007. David Currie on his team's focus on buy-out investments, on why he would select certain fund managers, on the Private Equity Investments group's expansion in the US, and on his team's opportunistic approach. Institutional Investor Profile: CalPERS 30/05/2007. The California Public Employees' Retirement System is one of the major investors in private equity funds globally. Currently six per cent of the total fund, or about $15bn is invested in private equity, mostly in fund investments. AltAssets spoke with Clark McKinley, information officer, CalPERS, about the organisation's private equity investment strategy. Institutional Investor Profile: André P Jaeggi, Managing Director, Adveq 23/05/2007. André Jaeggi on why Adveq prefers fund managers who take an active role in their portfolio companies, on the need for a diversified investor base, on why European venture is attractive, on investor discipline and on opportunities across the emerging markets. Limited partner interest in emerging markets private equity 16/05/2007. A recent piece of research by EMPEA found that 78 per cent of the LPs they surveyed expect to increase commitments to emerging markets private equity over the next five years. LPs project emerging markets private equity will produce returns at a 5.4 per cent premium over US buy-outs and expect outperformance relative to developed market funds over the next five years. Institutional Investor Profile: Beat Bühlmann, Managing Director and Head of Investment Management, Horizon21 Private Equity 09/05/2007. Beat Bühlmann on Horizon21's acquisition of Swiss Re's private equity fund of funds business, on the latest fundraising effort and the strategy for Fund IV, on fund selection and on why his team is increasingly interested in the emerging markets. Tax deductions for the cost of borrowing 02/05/2007. In recent weeks, says SJ Berwin, the private equity industry has faced the full glare of the media spotlight, particularly in the UK - and much of this has been unsympathetic. Unfortunately, the press has often compounded the negative image propagated by trade unions by repeating inaccurate assertions about the tax treatment of private equity. Deal seekers down under 25/04/2007. The winds of buy-outs in Australia are becoming increasingly unpredictable, says APER. The respective investors interested in Flight Centre and Veda Advantage appeared to be on shaky ground to clinch the deals at first, but their fortunes soon changed. Such developments underscore the resourcefulness of deal makers in Australia, one of the most competitive buy-out markets in Asia. Anti-money laundering rules: impact on private equity 18/04/2007. European rules on money laundering are designed to prevent and detect terrorist and other serious criminal activity, says SJ Berwin. No one disputes the paramount importance of that. But they also add a layer of bureaucracy to financial services activity, which - unless the rules are sensible and proportionate - could load unnecessary costs on to business and damage Europe’s competitiveness. Private equity: the quiet (but effective) corporate governance revolution 11/04/2007. A lively roundtable on private equity published in the summer issue of the Journal of Applied Corporate Finance offers an insightful look at this misunderstood organisation form. The discussion by leading practitioners and academics lifts the veil on the leveraged buy-out process and highlights the link between governance and value creation. Institutional Investor Profile: Haydee Celaya, Director of the Private Equity and Investment Funds Department, International Finance Corporation 04/04/2007. Haydee Celaya on backing new and established managers in developing countries, on which countries and regions are hot in the emerging markets, and on why networks, reference checks and reputation are so very important when investing in riskier opportunities. What went wrong with venturing? 28/03/2007. Over the past twenty years Mark Montgomery has communicated with entrepreneurs, professors, and communities all over the world who wanted to recreate the magic of Silicon Valley, but rather than follow the SV model, he often points them to Seattle, San Diego, Austin, or more recently Northern Virginia. Listed private equity funds - coming soon 21/03/2007. In December, says SJ Berwin, the UK’s financial services regulator, the Financial Services Authority published a second consultation paper on updating the listing rules for investment entities, following on from its initial consultation in March last year. In its latest submission, the British Private Equity and Venture Capital Association welcomes the revised proposals. The FSA has taken on board the comments made by the BVCA in response to the previous consultation, and the suggested changes could open the door for private equity funds to achieve a London listing. 2006: another landmark year for European private equity 14/03/2007. A strong performance in 2006 has driven an increased allocation towards private equity, says the EVCA, while their figures set new European fundraising and investment records as well as confirming a boost for venture capital. Private equity players hit the big time: an 'out-of-body experience' 07/03/2007. Stephen A Schwarzman, CEO and co-founder of The Blackstone Group, venture capitalist Timothy Draper, and David A Brandon, chairman and CEO of Domino's Pizza, examine the recent explosion in private equity deals and discuss its impact on business and investors. A Knowledge Wharton report from the Wharton Private Equity and Venture Capital Conference. Science and innovation 28/02/2007. In recent years, says SJ Berwin, European governments have thought long and hard about how they can foster and support a more innovative economy, and one that delivers (and reaps the economic benefits of) scientific breakthroughs. The return of infrastructure funds 21/02/2007. Infrastructure plays are in vogue after an absence of more than six years, says the APER. Since the beginning of the year, a number of infrastructure funds have been launched. Private equity is on a roll, but are investors in for a let-down? 14/02/2007. With private equity investors of all types flush with cash - from venture capitalists and hedge funds to large leveraged buyout firms such as The Blackstone Group and The Carlyle Group - private financing hit record levels in 2006, says Knowledge Wharton, and is likely to remain strong in the new year, according to Wharton faculty and industry analysts. Institutional Investor Profile: Seong C Gweon, CEO, Korea Venture Investment Corporation 07/02/2007. Seong C Gweon on the Korea Venture Investment Corporation's investment strategy, its focus on venture capital funds and on why the private equity market in Korea is in a growth phase. Institutional Investor Profile: Charles Soulignac, Chairman and CEO, Fondinvest Capital 31/01/2007. Charles Soulignac on Fondinvest's independence from Caisse des Dépôts, on the firm's primary and secondary fund investments, and on the qualities a good GP should be able to demonstrate. Institutional Investor Profile: Jeremy Golding, Founder and Managing Director, Golding Capital Partners 24/01/2007. Jeremy Golding on his firm's focus on providing innovative private equity investment solutions for German institutional investors, on the growing importance of the German private equity market, and on his team's differentiated approach. Feliz año nuevo (fiscal) 17/01/2007. It promises to be a Happy New (Tax) Year for private equity investors active in Spain. Not only are investment conditions looking very strong - 2006 was an excellent year for buyouts, following a record breaking 2005 - but the beginning of this year also saw some significant tax changes, many of which will benefit the private equity industry. M&A will set records in 2007, as long as the Goldilocks economy continues 10/01/2007. The healthcare, media, financial services, energy and telecom sectors are to fuel activity, predicts PricewaterhouseCoopers. VCs Bullish for 2007 03/01/2007. The NVCA's annual predictions for this year shows a strong level of interest in energy, new media and alternative exit strategies. But there will be fewer venture funds operating in 2007 as the technology bubble burst finally works its way through the system. Whole business securitisations 20/12/2006. Recapitalisations have been a hallmark of 2006, says SJ Berwin. Not without some controversy, many funds have taken advantage of buoyant credit markets to refinance their portfolio companies and so take cash out before being ready to exit. Following an interesting development last month, next year could see more re-financing activity - but this time taking advantage of a different financing technique. The upside of investing in African markets 13/12/2006. Africa's political leaders are taking major steps to build a better foundation for investment, according to the chairperson of Circle Capital Ventures, Mamphela Ramphele, addressing the 14th annual Wharton Africa Business Forum. Ramphele, a former managing director of the World Bank, said that the continent has made historic efforts to affirm good governance, build strong institutions and fight corruption. Private equity and hedge funds: a meeting of giants 06/12/2006. There's a blurring of the line between private equity and hedge funds, driven primarily by hedge funds seeking higher returns, says the ACG and Grant Thornton, as well as more capital to manage and diversification of risk. Institutional Investor Profile: Frank Brenninkmeyer, Principal, Performance Equity Management 30/11/2006. Frank Brenninkmeyer on fund selection criteria, on the qualities his team seeks in a good GP, and on portfolio construction issues. European Commission proposes common private placement regime 29/11/2006. The European Commission’s two-year project to review and update the European legislative framework for investment funds culminated recently in the publication of a White Paper, says SJ Berwin. ERISA update: good news for fund managers 22/11/2006. Generally speaking, says SJ Berwin, when legislators pass new law without considering the needs of the private equity industry, it is bad news. However, this summer, the new US Pension Protection Act of 2006 bucked the trend - tucked away in the legislation was a provision that will benefit many private equity fund managers who take commitments from US pension fund investors. Land of buy-out promises 15/11/2006. Australia has further consolidated its position as the land for mega buyouts When Kohlberg Kravis Roberts & Co. announced that it has clinched the deal to acquire the waste management and industrial services businesses from Brambles Industries, it was another confirmation that Australia is fast becoming the land for mega buy-outs, says the APER. Institutional Investor Profile: Giorgio Buggio, Portfolio Manager, Compagnia di San Paolo 07/11/2006. Giorgio Buggio on Compagnia di San Paolo's allocation to private equity, on what kind of funds his team seeks, and on the foundation's mission to support the Italian economy and society. Institutional Investor Profile: Roberto Pilotto, Funds Director, PPM Managers 18/10/2006. Roberto Pilotto on investing in Asia, the CEE region and Europe, on why his team benefits from the firm's background in direct investments, and on the increasing challenges for country-specific funds in Europe. Institutional Investor Profile: SPF Beheer bv 11/10/2006. SPF Beheer's private equity team talked to AltAssets about its investments in Europe and the US and about how the team's strategy has developed over the past five years. Institutional Investor Profile: Giuseppe Campanella, Chief Executive Officer, State Street Global Investments 04/10/2006. Giuseppe Campanella on his team's focus on companies investing in and/or from Italy, on high management fees and the misalignment of LP/GP interests, and on why he is keen to invest in first-time funds. Institutional Investor Profile: Emmanuel Roth, Managing Director, Paris Orléans 27/09/2006. Emmanuel Roth on Paris Orléans's fund and direct investments, on the firm's global investment strategy, and on being part of the Rothschild Group. Access to finance 20/09/2006. In April 2003, the UK Government declared its intention to create a new type of venture fund - a public/private partnership, modelled on the Small Business Investment Company in the United States, which would help to bridge the equity gap for businesses seeking small amounts of finance. So far this year, says SJ Berwin, the Government has announced six pathfinder Enterprise Capital Funds (ECFs), which together will raise over £160 million (€230 million) for equity investments that are each less than £2 million (€2.9 million). Institutional Investor Profilea: Carsten Schmeding (managing director), Mark Lippert and Mathias Radeck (both investment directors), Equity Partners 13/09/2006. Carsten Schmeding, Mark Lippert and Mathias Radeck on Equity Partners´ approach to private equity investing, on the advantage of being a direct investor into companies as well as a fund investor, and on how you can further differentiate yourself as an institutional investor in the current environment. Turnaround specialist Jon White on working with private equity portfolio companies 06/09/2006. Turnaround specialist Jon White, head of the Turnaround & Change Management Practice at interim management provider AshtonPenney talked in an interview with AltAssets about how his team works with private equity firms and their portfolio companies, the structure of turnarounds, and the hurdles that turnaround professionals need to overcome in a very limited period of time. Managing risk in venture capital investing 30/08/2006. Risk is part of the landscape when investing in start-up firms, and venture capitalists need to approach this peril across a range of dimensions, including geography, industry and the timing of investments in the product development cycle, says Knowledge Wharton. Institutional Investor Profile: Thomas Kubr, a Managing Director and the Chief Executive of Capital Dynamics 23/08/2006. Thomas Kubr on ideal portfolio composition, on giving GPs enough freedom to adjust their strategies to changing market conditions, and on mega versus smaller buy-out funds. A European PIPE-dream, or a new pipeline? 16/08/2006. Last year, Britain’s biotechnology companies rallied around calls to make it easier for them to raise new money after they had floated on London’s stock exchange, says SJ Berwin. Many were frustrated by the inflexibility of the British system - which requires any new issue of shares to be offered first to existing shareholders in proportion to their shareholdings, unless the shareholders have agreed in advance to waive their anti-dilution rights. How not to legislate 09/08/2006. Unfortunately, notes SJ Berwin, it isn't the first time that a European government has made a mess of introducing new rules - and it certainly won't be the last - but the process of changing the regime that applies to protect British employees when businesses are disposed of following insolvency is an object lesson in how not to legislate. Institutional Investor Profile: Paul G Renaud, Senior Vice President and Chief Financial Officer, OMERS 02/08/2006. Paul G Renaud on why OMERS is increasingly interested in alternative assets, on the pension fund's investment strategy, and on why this year is a good year for private equity investors looking to invest in top-tier funds. Institutional Investor Profile: Ralph Günther, Managing Partner, bmp AG 26/07/2006. Ralph Günther on analysing track records, on the prospects of venture capital investing in Europe, on access issues and how to overcome them, and on the role of retail investors in private equity. Aiming High 18/07/2006. Research published in April by the British Venture Capital Association showed the importance of healthy stock markets for the venture capital and private equity community, says SJ Berwin. About one-fifth of divestments in the UK since 1998, measured by acquisition cost, have been by way of an IPO. Experts report on private equity 12/07/2006. When policy makers take an active interest in private equity it is hard not to get worried, says SJ Berwin. The industry is still not well understood by politicians, the media or the public, so it is rarely good news when it is put under the spotlight. Are emerging markets striking back, or out? The view from investors 05/07/2006. This Knowledge Wharton roundtable on investing in emerging markets features, among others, such luminaries as Assaad Jabre, acting executive vice president of the International Finance Corporation and Harry Alverson, managing director of The Carlyle Group, who is responsible for investor relations and fund formation in the Middle East and Europe. Institutional Investor Profile: Peter Keehn, Head of Alternative Investments, Allstate Investments, LLC 29/06/2006. Peter Keehn on Allstate's preference for industry sector-specific funds, on the qualities that his team is keen to see in a good GP, on what puts them off investing with certain funds, and on Allstate's thorough due diligence process.