October Issue

October issue

News highlights

CULS: a PtP stalemate solution?

Blackstone opens German office

Gartmore develops PE business

Mezzanine still popular

European Venture Philanthropy Association founded

Institutions favour lower risk

Deutsche Bank retains MGPE Italy

Power resurfaces at Inflexion

Greek venture capital association founded

Laporte opens advisory business

Dewey Ballantine goes Italian

EVCA’s first FoFs survey

Spain: investments up


Standard Life reaches €892m

New Nordic fund from Accent

Partners Group unveils secondaries fund

Astorg III underway

£40m for Scottish Co-Investment Fund

DBAG Fund IV final close

Evergreen Partners holds final close


Birthdays exit for 3i, Permira and PPM

First Fund III exit for Doughty Hanson

3i’s fast food return

GIMV makes partial exit on Capelle

Alchemy makes speedy sale

Media exit for LDC

3i exits Seaham

GIMV sells Nieuwe Havema

HgCapital provides Xyratex exit

LBO France gets Materis


ISIS new recruits

Dewey Ballantine goes Italian

Powell joins Gilde

Hotbed adds to team

Amethyst gets adviser

Davison to Bridgepoint

E&Y boosts team

Darbys gets 3i exec

Debevoise & Plimpton appts

HPE recruits

Electra boosts team

Advent International appts

New face at Acanthus Advisers

RBS hires

New faces at SJ Berwin

Curwen to Paris

Foulds to Duke Street

CSFB hires

Gresham expands

NVP Brightstar appts

MTI boosts team

Blackstone targets Germany

Advent International appts US partner

Cloherty heads Delta

CapMan expands in Norway

Castle steps down

AshtonPenney targets Europe

Power resurfaces at Inflexion

HVCA founded


Secondaries: what next?

The secondaries market is increasingly competitive and a growing number of dedicated funds is driving prices up and encouraging an easing of discounts. Since 1980, secondary funds (both dedicated and non-dedicated vehicles) have raised over $25bn to buy existing primary investments in private equity funds and direct company investments. Industry experts estimate between $6bn to $16bn of secondary deals will be completed by 2006. Angela Sormani reports on this and on developments in secondary investing beyond the traditional secondary funds.

Spain: Hidden treasure

Spain is flourishing; the economy has enjoyed several years of high economic growth, a decrease in unemployment rates, controlled inflation, low interest rates and small public budget deficits. So far in 2003 Spain has outperformed most of its European peers, posting a 2.7% GDP growth in the third quarter and it is heading toward achieving a balanced budget by year-end. Even stock market performance has improved during 2003 recovering from the five-year low reached in October 2002. So for private equity firms the time is now to promote their industry, but how sustainable is the asset class for Spanish institutions given the legal and regulatory hurdles they face? Angela Sormani reports.

Buyouts: Labour pains

Company restructuring is often needed to get the best out of an investment and improving efficiency can mean it is necessary to reshape the workforce. But the vagaries of employment law across Europe can turn what looks like an attractive investment into a minefield. How can private equity investors avoid falling foul of this regulatory labyrinth? Louise Cowley reports.

Legal & Regulatory Exchange: To elect or not to elect?

When UK Chancellor of the Exchequer Gordon Brown’s budget speech made a one line mention of simplification to company taxation little heed was paid until 105 pages of legislation appeared the following week, which caused the blood to drain from many faces in the private equity industry. Although things have since significantly progressed the industry remains for a large part confused about what these changes will mean to future deal structures. Lisa Bushrod reports.


Placement agents: market update

A depressed fund raising market has led to changes among players in the placement agent industry. The withdrawal of some placement groups has opened up opportunities for others, including new entrants. As the investment banks that offer the service thin out the boutique model appears to be in ascension. Louise Cowley reports

Choosing a placement agent

Life is difficult enough for private equity and venture capital firms looking to fund raise, but changes at the banks and boutiques that place those funds could complicate things before the fund raising process has even started. The fund placing business is evolving. Some players are expanding their services or forming new alliances, others have dropped out of the market and new ones are springing up in unexpected places. For general partners, the choice has never been so diverse. Louise Cowley reports

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