After several record-breaking years for the new kings of capitalism, life suddenly seems less than straightforward. Andy Thomson looks at some of the likely twists and turns in store for private equity in 2008.
Hamilton ‘Tony’ James is the day-to-day leader of what has now become one of Wall Street's most powerful and admired firms – Blackstone. His tenure as president and COO of Stephen Schwarzman's creation is not the first time he has dramatically upsized a private equity operation. As head of DLJ Merchant Banking, James presided over one of the dominant private equity business of the 1990s with loyal personnel across the US, Europe and Asia. He is now duplicating that success at Blackstone, but on a much larger scale. James met recently with David Snow for a conversation about where Blackstone is today and where he intends to steer it in the coming years.
If European venture is a hard sell, Italian venture is even tougher. But that didn't stop two former executives of large private equity groups from plunging into the space with a debut fund.
New York-based Shermen Capital Partners recently launched a SPAC to capitalise on what it maintains is an untapped market: the $271bn US agriculture industry.
The new service opens up a treasure trove of historic returns information.
Emboldened by another homerun in January, Index Ventures has added a new business line with a e400m growth capital fund.
Europe appears on the verge of a mezzanine revival.
There are challenging times ahead for buyout groups in Europe – and not just for the mega-funds.
Exponent Private Equity, a UK mid-market firm founded in 2004, has closed its second fund with commitments of £805 million ( €1 billion; $1.6 billion). The fund is double the amount raised in the first fund in 2004. Investors included funds managed by Pathway, Pantheon Ventures, Danske Private Equity, MassPRIM, OMERS Capital Partners, NYL Capital Partners and Bank of Scotland, as well as substantial US endowment and European private family sources. Hugh Richards, one of the firm's four founding partners, answers PEI's questions.
TOUGH ON TOYS 2008-02-01 Staff Writer The Service Employees International Union stepped up its toxic toys campaign in time for the holiday shopping season. The labour union organised a group of activists and mothers to protest outside Kohlberg Kravis Roberts' New York headquarters, with the goal of persuadin