July/August 2010 Issue

MAIN FEATURE

Slim pickings
What happened to the torrent of distressed investment opportunities expected to flood the US and UK markets?

Guest commentary: Insider appraisal
Is investing in distressed debt a good thing? That's a trick question, writes Oaktree Capital Management chairman Howard Marks

FEATURES

Reading the ripples
Despite market chatter to the contrary, Tim Collins intends to take his firm back to market

Brazil and beyond
The private equity party is starting to swing in Brazil, but many GPs are keen to point out that opportunities abound throughout the Latin American region

Hand holding
The private equity industry awaits resolution on the AIFM directive as three-way negotiations between the EU parliament, the Council of Ministers and the European Commission are expected to conclude in July

Eurozoned out
What does a jittery Euro mean for European private equity?

Who cares?
PEI's Responsible Investment Forum underscored the rapidly growing momentum now behind ESG practices in private equity - and also flagged many challenges

A rising tax tide
The hybrid measure to raise carried interest tax has stalled in the US Senate while the UK awaits a decision on the tax treatment of capital gains

Guest feature: Beware the road blocks
Enthusiasm for private equity investment in Indian infrastructure is justified by market fundamentals. But the opportunity is not straightforward, warn Zeus Capital's Ali Syed and Shaurya Doval

Privately speaking: PineBridge Investments
Defining moment
AIG Investments' private equity professionals faced issues unlike any of their peers as their parent fell apart in the 2008 financial meltdown. PEI gets the inside story on how its private equity team - now operating as Pinebridge - coped with the chaos

Roundtable: Germany
Mittelstand mettle
Five experts on Germany's private equity market gathered recently in Munich to discuss the country's changing private equity landscape and potential for stellar returns

LP interview: ATP PEP's Klaus Bjørn Rühne
The chair of EVCA's nascent LP platform tells PEI about the trials facing LPs on both the home front and further afield

REGULARS

First round
PEI takes a sideways look at the industry

Most-read last month
May's most-read news and commentary from PrivateEquityOnline.com

Letter from . Washington DC
Washington DC is a beautiful place in the springtime, but two organisations - The PEC and ACG - are not there for the weather

Stateside
It's official: strategy drift is bad for your fund, and focus is good

In Europe
The threat presented by Solvency II should not be underestimated

Asia monitor
China's unsustainable emphasis on key men has become an even more pressing issue

On the record
Steve Darrington, Phoenix Equity Partners

LP radar
More US public pensions are broadcasting their meetings to the public. GPs need to watch what they say

Funds in market
Round-up of private equity funds globally that are currently marketing or recently closed

PE Connect round-up
LP intelligence from PrivateEquityConnect.com

Inside PrivateEquityConnect.com
Tokio Marine Asset Management

PEI's highly subjective top ten
This issue: high profile assets

June 2010 Issue

MAIN FEATURE

generation next
A number of the world's most influential private equity firms still have their venerable founders at the helm. We ask which rising stars are well placed to one day take the wheel

FEATURES

Luxury travel, limited acceptance
CalPERS' well-liked private equity chief, Leon Shahinian, has been placed on administrative leave after allegedly failing to disclose gifts and travel from a placement agent

Tale of three buyouts
The fates of three of Europe's most significant leveraged buyouts done in the past market cycle show just how diverse the fortunes of boom-era deals can be

Head coach
Ian Davis - McKinsey's former worldwide managing director - will advise Apax chief Martin Halusa on the firm's global expansion

Fitter, happier, less expensive
Blackstone has started to assign 'nurse advocates' to higher risk employees as part of its portfolio-wide healthcare programme

Wit, candour, and contrarian thinking
PEI toasts the winner of its annual Private Equity Leader Award: Oaktree's Howard Marks

Venturing hope
US venture capitalists are strikingly upbeat on their industry's future - despite challenges including potential tax hikes on carry

Rising out of the mezz
Lehman Brothers' European mezzanine business is spinning out and rebranding

Privately speaking: Pantheon Ventures
Enter the Pantheon
Pantheon Ventures has a shiny new management structure backing its $4bn in dry powder. PEI catches up with one of the world's largest fund of funds managers

Roundtable: Central and Eastern Europe
The Warsaw pack
Three veterans of Central and Eastern European private equity gathered in Poland's capital to assess the damage wrought by the crisis and consider how the industry now moves forward

Country report: UK buyouts
Buyouts are back in the UK, but leading industry figures question whether recent growth can be sustained

REGULARS

First round
PEI takes a sideways look at the industry

Most-read last month
May's most-read news and commentary from PrivateEquityOnline.com

Letter from . Los Angeles
Rubbing shoulders with some of private equity's most influential individuals at the Milken Institute Global Conference, PEI finds GPs and LPs feeling good about the future . mostly

In Europe
An increase on CGT seems inevitable, but the silver lining in the UK may be government stability and possible asset sales

Stateside
Why are GPs so active in the exit market?

Asia monitor
Why the emerging appetite for secondary buyouts in Asia may not become widespread

On the record
Scott Sperling, Thomas H Lee Partners

LP radar
To ensure the continued flow of capital commitments, private equity firms must assume the role of teacher when approaching institutions - and not sugarcoat the facts

Funds in market
Round-up of private equity funds globally that are currently marketing or recently closed

PE Connect round-up
LP intelligence from PrivateEquityConnect.com

Inside PrivateEquityConnect.com
USS

PEI's highly subjective top ten
This issue: mythology

INCLUDED IN THIS ISSUE:

MAIN FEATURE: PEI 300

PEI 300
In PEI's fourth annual ranking of the world's largest private equity firms, there are many familiar names but also some notable shuffling in the ranks

FEATURES

London calling
Why HarbourVest is plotting to access the UK capital markets

Proceeds with caution
Recent lawsuits related to dividend recaps are reminders of potential legal liabilities

Global exposure
The $28bn Guardian Life Insurance Company of America is heading for new frontiers

The terms they are a-changing
Hurdle rates and carry distributions are among the terms attracting increased LP attention

Bringing brand legacy to China
Investindustrial's opening in Shanghai illustrates the importance of the Chinese consumer

LP interview: Christopher Ailman, CalSTRS
Surviving
The CIO of the US' second largest public pension talks to PEI about some of the clouds hanging over the private equity industry and the controversy surrounding the ILPA principles

The PERE 30
This year's proprietary ranking of the world's largest private equity real estate firms

Privately speaking: Jim Davidson, Silver Lake
Different strokes
PEI learns from the firm's co-founder how an intense passion for technology's potential, coupled with an approach different from many other large private equity firms, has kept Silver Lake firmly above water and expanding its business lines

REGULARS

First round
PEI takes a sideways look at the industry

Most-read last month
April's most-read news and commentary from PrivateEquityOnline.com

Letter from . Mexico City
Demand for Mexican private equity fund managers may help grow the supply

Stateside
The PEC attempts to build its membership - and not a moment too soon

In Europe
Jon Moulton's Better Capital is doing what most listed private equity funds can only dream of: trading at a premium

Asia monitor
Mongolia is fast becoming an investment destination in its own right and an indirect way to access the Chinese growth story

On the record
Samir Assaad, Invest AD

LP radar
GPs are complying with LP requests for co-investment opportunities and other highly tailored vehicles

Funds in market
Round-up of private equity funds globally that are currently marketing or recently closed

PE Connect round-up
LP intelligence from PrivateEquityConnect.com

Inside PrivateEquityConnect.com
Pensioenfonds PGGM

PEI's highly subjective top ten
This issue: Gold rush