LP Profiles Archive > 2003 Institutional investor profile: Britta Lindhorst, Managing Director, AMB Generali Private Equity 10/12/2003. Lindhorst on the increasing attractions of the European market, on setting up a formal private equity investment programme and on why it’s so important, on the necessary balance of taking top-down and bottom-up approaches to fund selection and on why she expects to be pleasantly surprised. Institutional investor profile: Hans van Swaay, Head of Private Equity, Pictet & Cie 26/11/2003. Van Swaay on private equity as a maturing industry, on the failed ambitions of some mid-market firms, on the negatives of negotiation and on the problems of secondary buy-outs. Institutional investor profile: Austin M Long III, Managing Partner, Alignment Capital Group 19/11/2003. Long on the difference between a series of pleasant meetings and building a portfolio, on the persistence of performance among private equity managers, on faith in financial markets and on avoiding conflicts of interest. Institutional investor profile: Rafael Astruc, Partner, and Rob Voeks, Managing Director, Private Advisors 04/11/2003. Astruc and Voeks on the definition of proprietary deal flow, on the opportunities and threats in the US mid-market, on buzzwords and operational experience and on the increasing importance of value-add. Institutional investor profile: Kevin Kester, Director of Alternative Investments, Colorado PERA 29/10/2003. Kester on changing return expectations, on the importance of integrity, on the difficulties of emerging markets and on what it takes to get a re-up from Colorado. Institutional investor profile: John Barber, Managing Partner, Citigroup Private Equity 20/10/2003. Barber on the need for diversification in a fund of funds portfolio, on the negative impact of mark to market in the private equity industry, on the danger of an imbalanced management team and on the importance of a consistent strategy to add value. Institutional investor profile: Philip S Paul, Chairman, Paul Capital Partners 15/10/2003. Paul on the outlook for US early stage, on the lessons that GPs have learned over the last few years, on who is selling in the secondary market and on the impact of negative media coverage on the industry. Institutional investor profile: Geoffrey G Clark and J Christopher Kojima, Managing Directors and Michael J Brandmeyer and Harold P Hope III, Vice Presidents, Goldman Sachs Private Equity Group 24/09/2003. The Goldman Sachs team on the growth of direct (or synthetic) secondary transactions, on the need for liquidity in the private equity market, on the increasing sophistication of sellers and on why auctions don't always fetch the best price. Institutional investor profile: Dr Rolf Wickenkamp, Co-Founder and Managing Partner, CAM Private Equity 17/09/2003. Wickencamp on independent versus captive funds, on the attractions of continental Europe, on the cyclical behaviour of investors, on the problems caused by US Freedom of Information Acts and on the fragile nature of investor confidence. Institutional investor profile: Christopher S Bödtker, Principal and Head of Private Equity, Lombard Odier Darier Hentsch & Cie 10/09/2003. Bödtker on the attractions of the mid market in Europe, on firms that raise too much money, on looking beyond IRRs, on increasing self-awareness among managers and on firms that aren't meant to outlive their founders. Institutional investor profile: Ronald Sandquist, Managing Director - Private Equity, Advantus Capital Management 03/09/2003. Sandquist on telling the bad news as well as the good, on being passionate about building businesses, on the tricky business of judging a fund by its track record, on the irritations of management fees and on patient investing. Institutional investor profile: Hanse Halligan, Chairman and Chief Investment Officer, Fairview Venture Management 27/08/2003. Halligan on emerging managers, on fund investing prospects in the near-term, on why unsuccessful deals are often orphans, on the difficulty of judging past performance in the current environment and on instant experts. Institutional investor profile: Daniel Keller, Director, LUMA Capital 19/08/2003. Keller on the attraction of fund innovations, on the difficulties of co-investing as a small investor, on why he's optimistic about the US venture capital market, and on the over-dependency of private equity on institutional money. Institutional investor profile, Barry Kohout, Managing Director, Glenmede Trust 13/08/2003. Kohout on the lack of fund opportunities in the market, on deciding which funds to re-up with, on annex funds and conflict of interest issues and on why we'll all make the same mistakes we made in the past. Institutional investor profile: Reinhard Hartl, Director, Global Vision Private Equity Partners 06/08/2003. Hartl on the fading attractions of the large buy-out market, on the cyclicality of private equity, on the need for dynamic incentive structures, on the prospects for Germany and on the lack of patience among fund managers and investors. Institutional investor profile: Roberto Pilotto, Funds Director, PPM Ventures 30/07/2003. Pilotto on the attraction of mid-market country-specific funds, on adding value as an investor, on the changing nature of competition in private equity, and on what terms can tell you about a manager's motivations. Institutional investor profile: Sam Armstrong, Managing Partner, Quay Partners 23/07/2003. Armstrong on the challenges of servicing the appetite for private equity among Australian institutions, on the latent promise of early-stage venture capital in Australia, on fund of fund innovation and on never saying never. Institutional investor profile: Martin V Hansen, Investment Director, Danish Investment Fund 16/07/2003. Hansen on the opportunities in the Danish market, on what proprietary deal flow should mean, on the virtues of appointing independent directors and on the need for differentiation among funds of funds. Institutional investor profile: Charles Froland, Managing Director, General Motors Investment Management Corporation 09/07/2003. Froland on going beyond arbitrage opportunities, on improving the top line as well as the bottom line, on empire builders, on why taking a conservative approach will not serve most LPs and on investors and their comfort food. Institutional investor profile: Ashton Newhall, Principal and Co-founder, Montagu Newhall 02/07/2003. Newhall on the promise of early-stage opportunities, on the difference between US and European venture capital markets, on the persistence or otherwise of brand names and on the lack of experience of many VC fund managers. Institutional investor profile: Brad Heppner, Chairman and CEO, The Crossroads Group 25/06/2003. Heppner on the opportunities presented by the recent US tax changes, on the optimism creeping into the market, on the lack of exit focus among many firms, on the public disclosure of private equity numbers and on deliberate defaulting by institutions. Institutional investor profile: Harold Weiss, Head of Private Equity Fund of Funds Unit, Swiss Re 18/06/2003. Weiss on the increased need for operational skills in private equity, on wishful thinking among general partners, on the unfairness of deal-by-deal carried interest and on sticking to the areas you know best. Institutional investor profile: Helen Steers, Managing Director, Private Equity Europe, Russell 10/06/2003. Steers on why private equity will continue to outperform other asset classes, on firms manipulating their track records, on whether private equity is a scaleable business and on how it can become a mainstream asset class in Europe. Institutional investor profile: Peter Hielscher, Head of Private Equity, Gerling Insurance 02/06/2003. Hielscher on the difficulties of co-investing, on the lack of comparable performance information in the industry, on private equity's fall from grace in Germany and on why things could still take a turn for the worse. Institutional investor profile: Jason Andris, Principal, Venture Investment Associates 28/05/2003. Andris on the opportunities in the US venture capital market, on the lack of opportunities in the secondaries space, on the dangers of constantly re-upping, on GP hubris and on the short-sightedness of punitive terms and conditions. Institutional investor profile: Tom Thompson, Director, Private Equity Group, WestAM 21/05/2003. Thompson on the dangers of style drift, on the importance of strong deal flow, on the return to fundamentals in private equity, on the lack of operational capability among many fund managers and on the opportunities stemming from the succession issue. Institutional investor profile: Giuseppe Campanella, Chief Investment Officer, Mediolanum State Street 13/05/2003. Campanella on the difficulties of co-investing, on the Italian market's potential, on why general partners are storing up trouble for the future and on the need for education among limited partners. Institutional investor profile: Gus Long, Managing Partner, Fort Washington Capital Partners 07/05/2003. Long on the attractions of specialist funds, on the dangers of following the crowd, on the effect of Sarbanes-Oxley on smaller companies, on the acceptance of private equity as an asset class and on the disclosure debate. Institutional investor profile: Xavier Caron, Managing Partner, CPR Private Equity 30/04/2003. Caron on maintaining discipline in private equity, on the importance of genius in fund managers, on the consequences of further bad news from the asset class, on exit opportunities and on why private equity can be difficult for European investors. Institutional investor profile: Stephen Lowe, Investment Consultant, Railways Pension Trustee Company 23/04/2003. Lowe on the complications of private equity investing, on the downward pressure on fees, on being a contrarian investor and on the promise held by Asia. Institutional investor profile: Thomas Dorr, Managing Director, Morgan Stanley Alternative Investment Partners 16/04/2003. Dorr on the attractions of entrepreneurial firms, on the importance of judgment in private equity, on the herd mentality, on the irrelevance of since inception IRRs and on the difficult exit environment. Institutional investor profile: John Hess, Chief Executive Officer and Director, Altius Associates 09/04/2003. Hess on why manager selection is not astrophysics, on the persistence of outperformance, on what it will take to drive the European secondaries market forward and on the difficulties of secondary buy-outs for investors. Institutional investor profile: Stefan Mårelid, Head of Private Equity, SEB Asset Management 02/04/2003. Mårelid on the dangers of over-diversification, on the problem of staff retention among institutions, on why general partners should commit more of their own money to their funds and on the difficulty of investing with preferential terms. Institutional Investor Profile: Chris Manser, Head of Alternative Investments, Winterthur Group 26/03/2003. Manser on wishful thinking among limited partners, on the lack of discipline among some funds, on incoherent strategies, on the perils of direct investing and on hopes for a pick-up in trade sales. Institutional investor profile, Marc Brugger, Senior Project Manager, Venture Capital and Private Equity, KfW Group 19/03/2003. Brugger on the German market, on tough financing decisions, on the promise of later stage deals and on whether it is possible for the private equity industry to regain investors' confidence. Institutional investor profile: Rod Selkirk, Head of Private Equity, Hermes Pensions Management 11/03/2003. Selkirk on the hazards of relying too much on past performance, on the attractions of spin-out groups, on the prospects for exits and on what it will take to change management fee structures in private equity. Institutional investor profile: John Greenwood and Stuart Waugh, Managing Directors, TD Capital 04/03/2003. Greenwood and Waugh on wanting to be an investor of choice, on the untapped pool of Canadian capital, on the effect of the capital overhang on the industry and on the opportunity for newer markets to change private equity investment patterns. Institutional investor profile: Roger Wilkins, Private Equity Manager, Morley Fund Management 25/02/2003. Wilkins on why investors should not be lowering their return expectations, on the increasing power of limited partners, on the attractions of France versus Germany and on investors that dip in an out of the market. Institutional investor profile: Richard Allanic, Investment Manager, 123Venture 19/02/2003. Allanic on the attractions of the French market, on the value of the large buy-out funds for the private equity industry as a whole, on why the US venture capital market is not applicable to Europe and on the prospects for the buy-out arena. Institutional investor profile: Lou Gerken, Founder and Chairman, Gerken Capital Associates 12/02/2003. Gerken on the sophomoric attitude of some private equity fund managers, on why the industry missed an opportunity in the disclosure debate, on why he's positive about private equity and on the difficulty of judgment calls. Institutional investor profile: Thomas Kohlmeyer, Partner, Extorel Private Equity Advisers 05/02/2003. Kohlmeyer on the gap between logic and the actions taken by some investors, on the limited scalability of private equity, on the frustrations of the German tax and legal situation and on what the future holds for the fund of funds market. Institutional investor profile: Anders Stromblad, Head of Alternative Investments, Second Swedish National Pension Fund - AP2 29/01/2003. Stromblad on taking a step-by-step approach to private equity, on why private equity is challenging for investors, on the importance of finding good managers and on the value of investing with teams with a broad mix of skills. Institutional investor profile: James Pitt, Managing Director, Primary Fund of Funds, AXA Private Equity 22/01/2003. Pitt on the attraction of small, regional funds, on the inherent inertia in private equity investing, on the living dead of the asset class and on faddish funds. Institutional investor profile: Brian Stewart, Managing Director, Private Markets, University of Toronto Asset Management Corporation 15/01/2003. Stewart on the importance of partnership in private equity investing, on why now is a good time to be in the asset class, on the publication of IRRs and on why mergers between firms will not improve the market. Institutional investor profile: Marc der Kinderen, Managing Partner, 747 Capital 08/01/2003. Der Kinderen on the hunger of smaller funds, on finding teams with an ‘edge', on the pitfalls of cornerstone investors, on investors who blame the industry for their own mistakes and on not following the herd.