James Taylor

The bumper results of three listed private equity vehicles suggest that the public markets remain positive about the asset class, although ICG chairman John Manser believes the coming year will see a downturn in performance.

A trade union-sponsored study has slammed the evidence cited in support of private equity’s record on job creation, one of the industry’s most commonly-used defences against accusations of asset-stripping. However, the BVCA has hit back at the claims.

Jupiter Asset Management, a UK fund manager recently bought out by management and TA Associates, has hit back at criticism of the £425 million “covenant-lite” loan it will use to finance the deal. The controversial structure, which was pioneered in the US but is now crossing over into Europe, removes many of the traditional protections for lenders.

Park Square Capital has tapped three of its existing investors to raise a credit opportunities fund, which could have firepower of up to €1.25 billion and will work in complement to its existing mezzanine fund.

Alliance Boots deputy chairman Stefano Pessina is set to land a windfall of more than £600 million if his take-private bid for the group is accepted – roughly the same amount that may be required to plug the company’s current pension deficit.

European social networking site Netlog has just received its first round of funding from European venture capital firm Index Ventures. Its success in rolling out its model across different geographies illustrates how European venture firms can help local firms become global winners, says James Taylor.

The Bank of England’s monthly financial stability report has warned that the recent meltdown in the US sub-prime mortgage sector could be repeated in the UK, as leveraged lenders exploit the benign economic conditions to increase their risk-taking.

The Private Equity Foundation, the industry’s recently-launched charitable initiative, has hired Shaks Ghosh, the former head of homelessness charity Crisis, to be its first chief executive.

Kohlberg Kravis Roberts’ £10.1 billion bid for Alliance Boots, potentially the largest European buyout to date, has become the latest deal to attract the ire of the UK-based GMB trade union, private equity’s most vociferous opponent.

Australian bank Macquarie has criticised the Alinta board for recommending a rival bid led by Babcock & Brown.