Press
VIDEO | New Rule No. 2: Demonstrate Deep Insight
JAN 13
Rule 2 of 5 in the New Rules of the Private Equity Fundraising Market. David Snow, Mounir Guen, John Greenwood and Russell Steenberg discuss why GPs must demonstrate value-add insight in order to win LP commitments in a new fundraising market.
VIDEO | New Rule No. 3: The Fund As You Know It Will Not Be Your Next Fund
JAN 13
Rule 3 of 5 in the New Rules of the Private Equity Fundraising Market. David Snow, Mounir Guen, John Greenwood and Russell Steenberg talk about the fact that the LP agreement itself has morphed.
VIDEO | New Rule No. 4: Cash-on-Cash Has Maximum Cachet
JAN 13
Rule 4 of 5 in the New Rules of the Private Equity Fundraising Market. David Snow, Mounir Guen, John Greenwood and Russell Steenberg talk about how in today’s fundraising market there is “more confusion than ever” around private equity valuations. Hence the cachet of solid cash-on-cash performance figures from GPs.
VIDEO | New Rule No. 5: The Infuencers Are More Influential Than Ever
JAN 13
Rule 5 of 5 in the New Rules of the Private Equity Fundraising Market. David Snow, Mounir Guen, John Greenwood and Russell Steenberg discuss how LPs who might invest in your fund have more substantial influence over other LPs who might invest and how it's important that the influencers like you.
VIDEO | Expert Q&A with Mounir Guen
JAN 13
Mounir Guen, Founder and CEO of MVision talks about how passion and clarity of vision makes MVision unique.
MVision supports The EMPEA Fundraising Masterclass
MAY 13
Mounir Guen and Lina Russo took the stage at The EMPEA Fundraising Masterclass - an opportunity for fund managers to gain practical insight from emerging markets private equity's largest investors
Nexus Group raises $600 million for NG Capital Partners II, L.P.
MAY 13
Nexus Group, a pioneer of private equity in Peru, is pleased to announce that its second institutional fund, NG Capital Partners II, L.P., held its final closing on April 26th. NG reached the Fund’s hard cap of $600 million, exceeding its $500 million fundraising target.
MVision supports The Prince's Trust Woodlands course
APRIL 13
Twelve unemployed young people completed a Get into course with The Prince's Trust on the Duchy of Cornwall's Hereford Estate. The programme allowed the young people to gain practical experience and important qualifications, and developed their confidence, motivation and skills in forestry.
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Anchorage announces closing of Anchorage Capital Partners Fund II on A$250 million
APRIL 13
Anchorage Capital Partners, the Sydney based private equity firm focusing on special situations and turnaround investment in the Australian, New Zealand and Southeast Asian markets, today announced the A$250 million first and final closing of Anchorage Capital Partners II.
MVision opens an office in Sydney, Australia
FEB 13
Mounir Guen, CEO of MVision said, “We believe our Sydney office will allow us to not only reach investors and managers in the Asia Pacific region more effectively, but also better serve our existing client base in conjunction with our current Hong Kong operations.
VIDEO | New Rule No. 1: Expect everything to be more difficult
JAN 13
Privcap CEO and Founder David Snow talks to Mounir Guen of MVision, John Greenwood of Pantheon Ventures and Russell Steenberg of Blackrock Private Equity Partners about the New Rules of the Private Equity Fundraising Market. In New Rule No. 1 they talk about how everything is now harder, further, longer and costlier and what that means for Private Equity Fundraising.
Encore Consumer Capital Successfully Closes its Second Fund, Exceeding Target Fund Size
DEC 12
Encore Consumer Capital, a consumer goods focused private equity firm, has closed its second fund with $211 million of commitments, exceeding its target fund size of $200 million.
Equis Funds Group announces a US$647 million final closing
DEC 12
Equis Funds Group, a pan-Asian independent fund manager focused on Asian energy and infrastructure, has announced the final closing of its first fund, Equis Asia Fund I at US$647 million, exceeding the firm’s US$500 million fundraising target.
Southern Bridge Capital closes SBC Latin America Housing Fund at USD 150m
NOV 12
Southern Bridge Capital is pleased to announce the final closing of the SBC Latin America Housing Fund with total commitments of USD 150 million.
BLG Capital closes fund at EUR 142.35m
SEPT 12
BLG Capital Ltd. is pleased to announce the final closing of BLG Turkish Real Estate Fund LP with total commitments of EUR 142,350,000.
VIDEO | Expert Q&A With Jennifer Cho Rinehart
AUG 12
MVision Managing Partner Jennifer Cho Rinehart discusses how her firm helps GPs raise first-time funds, why MVision has a keen interest in this kind of client, and the questions LPs ask about the first-time funds.
Is the train leaving the station for Chinese GPs?
MAY 12
China remains the preferred emerging market for LPs – but are local managers doing enough to get the right investors on board? By Niklas Amundsson
VIDEO | In Search of Growth
MARCH 12
Peter Von Lehe of Neuberger Berman, Hussein Khalifa of MVision and Michael Elio of ILPA discuss changing LP appetites, including the limits of macroeconomic growth in driving returns, the need for managers to create alpha, and more.
VIDEO | Culling the GPs
FEB 12
Peter Von Lehe of Neuberger Berman, Hussein Khalifa of MVision and Michael Elio of ILPA discuss the reasons behind, and consequences of, the LP desire for fewer GPs in the portfolio.
VIDEO | Supply, Demand and Tears
FEB 12
In an exclusive interview with Privcap, MVision Private Equity Advisers CEO Mounir Guen details the fundraising markets of Europe and the US, and explains why the shortage of experienced GPs in the emerging markets will cause investors to shift their attention to the world’s most developed private equity opportunity.
VIDEO | Deep Diligence in the Portfolio
SEP 12
Best practices in conducting and facilitating portfolio-level due diligence. With Pawan Chaturverdi, a Partner at Altius Associates, Matthew Pedley, a Principal at The Blackstone Group, and Jennifer Cho Rinehart, a Managing Partner at MVision.
VIDEO | Track Records and Transitions
AUG 12
Transparency in fundraising – a discussion among three experts who share their insights into the importance of individual and team track record due diligence, especially when there is a change at the firm – a retiring founder, a spin-out, a transition of any sort. Matthew Pedley of The Blackstone Group, Pawan Chaturverdi of Altius Associates, and Jennifer Cho Rinehart of MVision notes.
CHAMP Ventures closes fund at A$475m
JUN 12
CHAMP Ventures, the lower mid-market specialists of the CHAMP Group, has announced the final closing of its seventh fund oversubscribed at A$475 million, exceeding its targeted ‘hard cap’ of A$450 million.
Capital International Private Equity Funds (CIPEF) closes $3.0 billion global emerging markets fund
MAY 12
Oversubscribed fund exceeds $2.5 billion target CIPEF VI becomes largest global emerging markets private equity fund in five years
VIDEO | Fresh Capital and the Future
MARCH 12
According to MVision CEO Mounir Guen, the allocation increases of big established limited partners will move the market more immediately than investments of new entrants to the market, such as sovereign wealth funds.
VIDEO | Expert Q&A With Hussein Khalifa of MVision
FEB 12
A conversation about the state of the fundraising market with placement expert Hussein Khalifa of MVision.
VIDEO | Realities of a Mature Market
JAN 12
Peter Von Lehe of Neuberger Berman, Hussein Khalifa of MVision and Michael Elio of ILPA discuss the signs of sophistication among LPs, the critical importance of understanding illiquidity, new best practices in portfolio construction and investment pacing, and more.
VIDEO | Fundraisers Face Invasive Due Diligence
SEP 12
Three experts review the types of data requests LPs are now making as part of the fundraising due diligence process. With Matthew Pedley, Principal at The Blackstone Group, Pawan Chaturverdi, Partner at Altius Associates, and Jennifer Cho Rinehart, Managing Partner at MVision Private Equity Advisers.
American Industrial Partners closes their fifth fund in under 60 days
DEC 11
American Industrial Partners, a leading middle market private equity group focused on acquiring and improving industrial businesses, announced today the first and final closing of American Industrial Partners Capital Fund V, L.P. at $700.0 million.
Financier Worldwide: Special report: Private equity
AUG 11
Skadden, Arps, Slate, Meagher & Flom LLP.
Chequers Capital XVI closes on its EUR 850 million hard cap after three month fundraise
JUNE 11
Chequers Capital, the Paris-based private equity firm investing principally in control buyouts of unquoted, leading French mid-market companies, is pleased to announce the final closing of Chequers Capital XVI on €850 million
EQT Credit secures commitments totalling EUR 350 million
JAN 11
diversification away from its core buyout strategy, with the setting up of a €350 million credit fund.
Perusa Partners Fund 2 closes on EUR 207 million after three month fundraise
NOV 11
Perusa Partners, the private equity firm investing principally in lower mid-market special situations in Germany and German-speaking countries, is pleased to announce the first and final closing of Perusa Partners Fund 2 on EUR 207 million.
Waterland Private Equity Investments announces a EUR 1.1 billion final closing for fifth fund
JULY 11
Waterland is pleased to announce the final closing of its fifth institutional fund, Waterland Private Equity Fund V, at EUR 1.1 billion, just five months after its initial launch.
Nexus group announces a $320 million final close
MAY 11
Nexus Group, a pioneer in Peruvian private equity, is pleased to announce the final closing of its first international institutional fund, NG Capital Partners I, L.P. at $320 million
Monomoy Capital Partners announces the final closing of its $400 million second fund
JAN 11
Monomoy’s Fund II exceeded the firm’s $350 million fundraising target, filled its $400 million legal “hard cap” for institutional limited partner commitments and was significantly oversubscribed at its final closing.
MVision - Ten years of private placement
DEC 11
As LPs have become more demanding and selective, placement agents have had to develop their offering too. MVision founder Mounir Guen talks about the changes.
unquote video: Fundraising: The importance of the placement agent
DEC 10
Emanuel Eftimiu talks to HarbourVest's George Anson and Mounir Guen of MVision about the current fundraising market and what LPs expect in this new economic environment.
Gilde Buy-Out Fund IV closes at EUR 800 million
JUNE 10
Successfully closed their latest fund, Gilde Buy-Out Fund IV, at EUR 800 million.
ELBRUS CAPITAL - Krukov, Savin and Thielen launch a Russia-focused private equity business
JUNE 10
Dmitri Krukov, former Managing Partner of Renaissance Private Equity a private equity business of Renaissance Group, Alexander Savin, former CEO of A1 Group, an investment arm of Alfa Group and Robert Thielen, founder and Managing Partner of Waterland Private Equity are launching ELBRUS CAPITAL, a Russia-focused private equity business.
Sofinnova Partners Announces Closing of Sixth Fund for € 260 million
JAN 10
Sofinnova Partners, a leading European venture capital firm, announced the closure of its sixth fund, Sofinnova Capital VI, raising € 260 million.
unquote: The placement agent expects Nordic GPs to be back in force
JAN 10
For many years, Nordic general partners and their portfolios – particularly in buyouts – outperformed their peers in private equity, generating some of the best realised returns in the asset class, accompanied by few losses.
Real Deals: Uncommon Market
OCT 10
Fundraising has been undeniably brutal in the past two years as supply far outstrips demand. Six top players from all sides of the industry discuss tactics, the art of humility, and a last-minute reprieve for Europe.
HitecVision hard caps new fund at USD 420 million
JUNE 10
HitecVision, Europe's largest private equity investor focusing exclusively on the oil and gas industry, announced today that it has accepted commitments of USD 420 million for its new fund, HitecVision Asset Solutions, exceeding the original USD 320 million target. The fundraising had strong support from existing as well as new international investors.
unquote: Q&A with Mounir Guen
MARCH 10
François Rowell speaks to Mounir Guen about the fundraising climate in 2010.
unquote Benelux: 2010: year of consolidation
JAN 10
Sentiment among private equity investors in Q4 2009 has improved considerably from the depths the market experienced in the first half of 2009, to a positive-to-neutral outlook today.
Anchorage Capital Partners closes A$200 million fund
MARCH 11
Anchorage Capital Partners, the Sydney based private equity firm which focuses on lower Australian mid market special situation and turnaround buyouts, today announced the A$200 million final closing of Anchorage Capital Partners I, L.P.
emerging Private Equity: Middle East, built on shifting sands?
DEC 09
It’s been a difficult 12 months for one of the Gulf’s richest states. Late in 2008, Kuwait’s Gulf Bank announced a US$1bn loss linked to foreign exchange bets and in January the government took a minority stake to rescue the bank.
AVCJ: The New Emerging (Fundraising) Market
SEP 09
After several heady years of growth in fundraising – which peaked in 2008 with 210 emerging market funds raising over $66.5 billion – the wave of private equity fundraising came to a halt in the face of the perfect storm.
emerging Private Equity: Egypt: still North Africa's bright spot
AUG 09
After a few years of rapid economic growth, Egypt’s economy has slowed over recent times. But the country’s private equity firms remain confident that its opportunities are sound and offer tremendous future potential.
Keytone Ventures LP holds final close at $200m
JULY 09
Keytone Ventures, the China focused venture capital group, today announced it has closed Keytone Ventures LP at $200m.
Emerging Private Equity: MENA's sleeping giant
JUNE 09
But will the region’s powerful family conglomerates turn out to be friend or foe?
PE Real Estate: Hong Kong traffic
MAY 09
Placement agents MVision and Probitas Partners are planning to open up shop in Hong Kong in a bid to service the needs of existing clients and establish themselves among a throng of more than 20 LPs in the city.
Buyouts: Head Abroad For Vacation From Denominator Effect
APRIL 09
“Some of the funds of funds have multiple sources of capital, such as the balance sheet of a parent company or owner, and don’t need to rely purely on the success of their marketing,” said Jennifer Rinehart, a partner at international placement agency MVision Private Equity Advisers.
Private Equity International: Why normality is on hold
APRIL 09
Limited partners need to be in full possession of the facts before resuming substantial investment in private equity.
AVCJ: A place for placement in troubled times
MARCH 09
Placement agents have little trouble justifying their role in an increasingly disjointed and struggling industry.
AVCJ: Australian deals and funds during the crisis
FEB 09
Raising and investing strategies facing the crunch.
Private Equity Europe: Back to the future
JAN 09
Mounir Guen, CEO of MVision Private Equity Advisers, on the general market backdrop and the effect this is likely to have on fundraising and fund performance.
Emerging Private Equity: New Funds, New Order?
JAN 09
After several years of record-breaking fundraising, firms in emerging markets are facing an altogether tougher environment. How are LPs likely to allocate their scarce capital? And what does this mean for T&Cs on new fund structures?
unquote: Care for a top-up?
NOV 09
Fundraising remains as challenging an activity now as it was 12 months ago. Many signs of life have been in the form of top-up funds – a signal that many LPs are not only honouring their commitments but also supporting their GPs.
PEI: A Guide to Fund Placement Specialists - Time to readjust and adapt
AUG 09
The private equity and private funds placement industry is going through perhaps the most transformational period: the global market decline has led to a dearth of closes, and bank restructurings have led to the disbanding of established teams.
REGULATION: EVCA code for placement agents
JULY 09
ECVA has published a draft Code of Conduct for placement agents as the industry continues to come under attack.
Buyouts: Fundraising Market Takes A Holiday
JULY 09
It’s time for general partners to polish up the tin cup and start rattling some coins to attract attention.
Emerging Private Equity: Southern Africa
JUNE 09
Leaving aside South Africa, Southern Africa is a relatively untapped private equity opportunity. But with some rich seams still to be mined, the question remains, who will take up the challenge?
Real Deals: Wrong time, Right placement
MAY 09
With the 2009 fundraising market undeniably desolate, it might be reasonable to assume that placement agents are in for a tough ride – not so, according to those on the ground.
Private Equity International Annual Review: 2009, the ups and downs
APRIL 09
As the year continues to unfold, what motivates industry professionals to get out of bed in the morning? And what gives them nightmares? PEI sought views from some leading figures.
Private Equity Real Estate: Continental Shift
MARCH 09
An otherwise flagging 2008 fundraising market was invigorated by high demand for Asian funds, according to proprietary data from PERE.
Emerging Private Equity: Global viewpoint: the year that shook the world
MARCH 09
Even if it started well for emerging markets in particular, 2008 will go down in history as a year that many would prefer to forget. Several months on, the question remains, 'how much of an impact will private equity in emerging markets feel in 2009?'
Nordic unquote": Time to reset the bar
FEB 09
Norwegian LP Argentum recently received a government rescue package of NOK 2bn in response to a dearth of capital in the PE industry. Rikke Lilla Eckhoff investigates how funds will fare in this new environment.
Financier Worldwide: Challenges in Private Equity
JAN 09
The last 12 months have seen unprecedented change in the private equity market.
Nordic unquote": The year ahead
JAN 09
Major players in the Nordic region give their predictions for 2009.
Preqin: Introduction to 2009
MARCH 09
Keynote address: Interview with Mounir Guen, CEO, MVision Private Equity Advisers.
Mergers and Acquisitions: Placing Placement Agents
DEC 08
The turmoil on Wall Street will likely impact the fund placement business.
Private Equity International: What lies ahead?
NOV 08
What does the global financial crisis mean for private equity fundraising over the next year? We asked a number of leading professionals for their views.
EQT Infrastructure fund closes at € 1.2 billion
NOV 08
EQT Infrastructure Limited has successfully closed EQT Infrastructure at € 1.2 billion. The fund will be advised by EQT Partners, the fund’s investment advisor, and specifically by an experienced team representing more than 50 years of collective infrastructure transaction experience led by Lennart Blecher.
Waterland announces close on € 800 million for its fourth mid-market fund
JUNE 08
Waterland Private Equity Investments announced the closing of Waterland Private Equity Fund IV . The new fund has closed at the fund’s hard cap of € 800 million three months after launch. The interest from both existing and new investors was strong and the new fund was significantly oversubscribed.
Renaissance Group raises USD 660 million for its first Russia / CIS private equity fund
MARCH 08
Renaissance Group, the specialist in creating value in high-opportunity emerging markets, is pleased to announce that it has received commitments of USD 660 million for its first private equity fund, Renaissance Private Equity Fund I, L.P.P., to pursue control and significant influence investments in Russia and the Former Soviet Union.
Capvis announces Final Closing on Over-Subscribed Fund Capvis Equity III
FEB 08
Capvis, the leading mid-market buyout firm in Switzerland, is pleased to announce the final closing of Capvis Equity III L.P. on € 600 million (about CHF 1 billion) of commitments, considerably exceeding its original target of € 500 million.
Financier Worldwide: Private Equity Outlook 2008
JAN 08
Private Equity Outlook 2008. By Stephan Grillmaier, MVision.
The Wall Street Journal: In private-equity survey, dark skies are seen ahead
DEC 08
The current financial crisis will be longer and deeper than even the most bearish members of the securities industry have been predicting, according to a survey of sentiment in Europe's private-equity industry.
EVCJ - Special Asia Report: Japan
NOV 08
With China and India seizing the limelight on the Asian circuit with their fast-paced economic development, Japan has often been viewed as a contradiction...
American Industrial Partners closes $ 405 million fund
AUG 08
American Industrial Partners, a leading middle market private equity group focused on acquiring and improving industrial businesses, announced today the final closing of American Industrial Partners Capital Fund IV, L.P. in excess of its target at $405 million.
Financier Worldwide Roundtable: Private Equity Outlook
JUNE 08
Times have certainly changed in the private equity industry. Twelve months ago financial sponsors were riding a boom, closing mega deal after mega deal. Today they are reducing the size of their deals, injecting more equity to help bridge the credit shortfall and diversifying their investment strategies. So how will general partners adapt to these new conditions and continue to generate attractive returns for their limited partners?
HitecVision hard caps new fund at USD 800 million following heavy oversubscription
FEB 08
HitecVision announced today that it has received commitments of USD 800 million for its new fund HitecVision V, exceeding the original USD 600 million target. Following strong support from existing investors and significant interest from new international investors the fund was heavily oversubscribed.
Investindustrial closes its fourth buyout fund
FEB 08
Investindustrial, the Southern European mid-market buyout group, has closed its fourth Southern European buyout fund, Investindustrial IV LP at the hard cap of €1 billion, exceeding its original €800 million target within 3 months of launching.
South Africa: Beyond preconceptions
JAN 08
Despite its improving reputations, South African private equity continues to be underestimated by local and international LPs.
Capital International Private Equity Funds closes $ 2.25 billion global emerging markets fund
MAY 08
Capital International Private Equity Funds, the dedicated global emerging markets private equity business of Capital International, Inc., announced the final close of Capital International Private Equity Fund V, totalling $2.25 billion. CIPEF V is the largest global emerging markets private equity fund closed this year.
Africa, leader of the pack
NOV 07
In 2006 South Africa chalked up several private equity-related firsts. “Local funds in South Africa have ZAR56.2bn (US$8.6bn at current exchange rates) under management and raised ZAR11.2bn (US$1.7bn) last year
Segulah announces first and only institutional close on SEK 5 billion
OCT 07
Fund more than five times oversubscribed seven weeks following the issue of its Private Placement Memorandum. 100% of existing investors re-invested.
Private Equity Internation Asia: Mirror, mirror
OCT 07
As more capital flows in to the region, Asian private equity firms are rapidly coming up the learning curve in fund administration, but finding experienced administrators is a challenge.
Financier Worldwide: The highs and lows of private equity
SEPT 07
Over the last 18 months the volume of buyouts has broken records. In 2006, buyouts reached $737.4bn globally, more than double the previous high of $352.3bn in 2005, according to Dealogic.
EQT Expansion Capital holds final closing at EUR 475 million
JUNE 07
EQT Expansion Capital II, the leading Northern European mezzanine fund, today announced that it has received commitments of EUR 475 million, significantly exceeding its original target of EUR 350 million.
Orlando Italy announces final close at €180 million
MAY 07
Orlando Italy, the Milan based private equity firm focused on Special Situations investments in Italy, announced the final closing of Orlando Italy Special Situations (“Orlando Italy”). The Fund received total capital commitments of €180 million, exceeding the initial target of €150 million.
PRIVATE EQUITY NEWS: Hedge funds outpace buyout firms in fundraising stakes
APRIL 07
The private equity industry may have attracted record levels of investment from institutional investors in the past few years, but the growth of assets under the management of hedge funds has far outstripped its expansion.
Unquote: Taking the plunge
APRIL 07
As LP allocations to alternative assets continue to rise, it is no surprise that some GPs, entrepreneurial by nature, are tempted to set up their own shop. But the road to independence is long and arduous, both in venture and buyout.
Nordic Private Equity News: EQT fundraising bonanza set
MARCH 07
The big daddy of the buyout market has raised a suitably mammoth fund, but other hopefuls should not be frozen out of the action.
IR function boosts return-happy LPs
FEB 07
GP complacency in the current climate of LP-eagerness is a risk and one Mounir Guen of MVision believes can be deflected by ensuring a firm has an effective IR function in place.
Monomoy Capital Partners announces its final close on $280m
JAN 07
Monomoy Capital Partners is pleased to announce the final close of its first fund on $280 million USD, exceeding its original target of $200 million.
Unquote Intelligence: Fundraising report
NOV 07
Last year’s flirtation with listed funds by the private equity market will prove more than just a flash in the pan.
Mid Europa Partners announces final close of the largest Central European buyout fund at €1.5 billion.
OCT 05
Mid Europa Partners, the largest private equity firm focused on buyouts in Central Europe, announced today the successful closing of its third fund, Mid Europa Fund III LP with capital commitments of €1.5 billion.
Emerging Private Equity: Country, regional or global funds?
OCT 07
Is there a right or wrong approach to gaining exposure to private equity’s emerging markets?
APAX Partners publishes global equity environment rankings
JULY 07
Apax Partners, a leading global buyout firm, today published the 2007 global private equity environment rankings, under the title: 'Private Equity in the Public Eye'.
Global movers
JUNE 07
Our selection of the most influential people operating in private equity today brings together diverse strategies, geographies and personalities. The common denominator is their ability to shape events around them, adding their own sizeable footprints to the forward march of the asset class.
Private versus public equity: which creates more value?
MAY 07
The public face of private equity has taken quite a bashing recently. As teh industry's growing financial clout continues to afford...
IFR Buyout Europe: Making the list
APRIL 07
As Blackstone and other big buyout firms consider listing their management companies, Robert Venes looks at 3i, one of Europe's longest-listed private equity PLCs.
DOW JONES: Between The US And The Far East Lies Untapped Opportunity
MARCH 07
We're thinking of a region of the world. Here are some clues: Annual GDP growth is expected to beat 5% for the foreseeable future, well ahead of growth in more developed nations.
Abingworth raises Europe’s largest ever life sciences venture fund
FEB 07
ABV V closes on £300 million.
Brait announces the close of Africa's largest private equity fund, the R6.1 billion Brait Fund IV
JAN 07
Brait, one of the most experienced private equity investors in South Africa, today announced the launch of Africa’s largest private equity fund to date, the R6.1 billion (US$ 880 million) Brait Fund IV.
PEE: Fundraising outlook for 2007
JAN 07
The year ahead is set to be busy, by Mounir Guen, chief executive, MVision
Real Deals:
Placement Agents Feature
JAN 07
Placement agents can provide a better view of the fundraising market than someone who only goes out, say, every few years. “An in-house person will really only get to see the market every three years and it’s like starting afresh every time,” says Mounir Guen, chief executive of MVision.
EQT V hard caps fund at €4.25bn
DEC 06
EQT, a Northern European private equity group, has closed its latest fund EQT V on €4.25 billion ($5.5 billion) turning away commitments of almost €2 billion.
EQT Greater China II closes on USD 545 million
DEC 06
EQT, a leading private equity group with operations in Greater China and Northern Europe, is pleased to announce that it has received commitments of USD 545 million for the EQT Greater China II fund ("EQT Greater China II" or the "Fund"), a fund focussed primarily on mid-market buyout and control investments based in or connected with China, Hong Kong and Taiwan ("Greater China").
Orlando Real Estate announces final close at €205m for its first fund
OCT 06
Orlando Real Estate GmbH, the Munich based private equity firm focused on Special Situations real estate investments in Germany and the German-speaking countries in Europe, today announced the final closing of Special Situations Realty Partners I (“SSRP I”). The fund, launched in February 2006, has closed on committed capital of €205 million, exceeding the initial target of €150 million. The interest from investors was substantially above the hard cap.
Successful Final Close for Chequers Capital XV at €600 million hard cap
JULY 06
Chequers Capital announced the final closing of Chequers Capital XV on €600m
LP/GP communications: The eight channel model
JUN 06
The balance of power between LPs and GPs has traditionally been finely poised. The supply of capital from LPs has increased, while buyout houses across the market have continued to raise ever larger vehicles. Since access to the best performing funds can still be an issue for some LPs the market has been characterised by a shift in power in favour towards the best performing GPs.
Focus Ventures Closes Oversubscribed Third Fund at $250m
MAY 06
Focus Ventures, LP - Silicon Valley's leading late stage investor in information technology - has announced the close of its third fund at its hard cap of $250m, having received significant interest in excess of this amount.
PEI Annual Review: Peak Time
JAN 06
Throughout 2005, private equity fundraising activity was as intense as it has ever been. Can - and should - last year’s pace be sustained?...
EVCJ: German venture looks to the future
JAN 06
The years of consolidation, of poor deal flow and weak exit markets are over, according to German VCs. Now the LPs just have to realise it. Tom Allchrome reports on how Germany is trying to pull itself out of doldrums.
Mercapital caps oversubscribed buyout fund at EUR 550 million
DEC 05
Mercapital has received commitments of EUR 550 million for Mercapital Spanish Buyout Fund III, above the original target of EUR 500 million.
Orlando Private Equity closes its second fund at €255 million
NOV 06
Orlando Management GmbH, the leading private equity investment advisor in Special Situations in the German middle market, today announced the closing of Special Situations Venture Partners II (“SSVP II”). The fund received collective commitments of €255 million.
Life at the top
SEP 06
A healthy appetite for European private equity has meant many GPs are now calling the shots. This is unlikely to last.
PE Asia: Fundraising. The macro factor
JUN 06
MVision’s Guen, who is currently in the market with an Asia-focused buyout fund, EQT Greater China, says he has noticed a keen interest among limited partners in understanding the macroeconomic landscape of China and India, where country risk is perceived to be higher. “It’s the first question they ask,” says Guen.
Waterland announces final close on €400 million for its third mid-market fund
MAY 06
Waterland Private Equity Investments, the private equity firm specialising in controlling investments in quality companies in fragmented growth markets to finance organic and acquisitive growth, today announced the final closing of Waterland Private Equity Fund III (“WPEF III”). The new fund, launched in November 2005, has closed on €400 million.
PEI Braving the waves
MARCH 06
Mounir Guen had a busy year last year, with his team at London-based placement specialist MVision helping to close new funds for French venture specialist Sofinnova Partners, German technology specialist Wellington Partners, Investindustrial in Italy, CHAMP Private Equity in Australia, and EQT in the Nordic market...
EVCJ: Renewed interest in Euro venture
JAN 06
In October the French Technology Fund-of-funds (FTF) was launched with €150m and a couple of months earlier Germany's Wellington Partners reached final close on its third fund, raising €150m compared with its original target of €120m.
The Stresses of Oversubscription
DEC 06
When demand for a fund becomes intense, placement agents have it easy, don’t they? Think again. Jennifer Cho Rinehart of MVision reflects on the many and various pressures generated by a popular offering.
Mid Europa raises €650m for Central Europe
DEC 05
The firm formerly known as EMP Europe has closed the largest private equity fund aimed at Central and Eastern Europe to date.
EVCJ: Feature: Placement Agents
NOV 05
Time was when all you needed to be a placement agent was a bulging book of contacts, good organisational skills, a taste for travel and great sales patter. And you could make a pretty good living out of it, too. There are probably a few in the industry who wish life was still that simple. But, as private equity has professionalised and matured over the years, so placement agents have had to do the same.
EVCJ: In the club
NOV 05
Club buyout deals are becoming increasingly common, as private equity house band together to purchase larger companies. But these deals do not always go smoothly and there are some concerns about what happens when houses fail to agree on strategy or exit timing and about the impact on LPs' investment diversification.
Investindustrial closes its third buyout fund at hard cap of €500 million
OCT 05
Investindustrial, the Southern European mid-market buyout group, has closed its third Southern European buyout fund, Investindustrial III at a hard cap of €500 million, exceeding its original €440 million target. Investindustrial III has attracted a number of major new investors as well as strong support from existing relationships with more than €1bn of interest.
EVCJ: German Venture: Not all bad
SEPT 05
There seems to be some light at the end of the tunnel when it comes to European venture. Munich-based Wellington Partners has reached a final close on Wellington Partners III Technology Fund at €150m, exceeding its original target of €120m
Wellington Partners closes new €150 million venture capital fund
JULY 05
Official Wellington Partners' press release for the closing of "Wellington Partners III Technology Fund". German version here.
EVCA: The Symposium Journal 2005
JUNE 05
The fundamentals of private equity fundraising.
EVCJ: The dash for cash
MARCH 05
With so many large and upper mid-market European funds embarking on the fund raising trail this year, investors look set to be spoilt for choice about where to commit their buyout allocations. But will they get into the funds they want?
WIRTSCHAFTSWOCHE: Großes Gedrängel
FEB 05
Viele Fonds brauchen in diesem Jahr frisches Geld von ihren Investoren. Für manche wird es eng.
Sofinnova Partners Closes Fifth Fund at €385m
FEB 05
Official Sofinnova Partners' press release for the closing of "Sofinnova Capital V".
Real Deals: The New Road
JAN 05
Placement agents are now established parts of the fundraising street furniture. But some of the most successful funds go it alone. It can be a long, long road. Do these advisers smooth the way?
Financier Worldwide: The changing face of private investments
JAN 05
..."In certain markets, like the US, there is a lot of undeployed capital in the hands of general partners. In Europe there is not the same volume - but there are plenty of US buyout firms looking to invest in Europe," says Mounir Guen, founder and CEO of MVision Private Equity Advisers. "With Central and Eastern European companies converging into the wider European platform, it is going to create added opportunities. It is similar to what we saw a number of years ago in Spain, Italy and Greece," says Mr Guen.
eFinancialNews: Funds face shortfall despite cash
JAN 05
Guen said: "Up to 80% will be increasing commitments to existing relationships. But this year there is going to be double the number of funds looking for money. It will be hard to increase the amount, let alone keep anything over to experiment"...
PEI: Waking giants
DEC 05
China versus India – where should investors place their bets? Andy Thomson explores the key characteristics of two markets demanding everyone’s attention.
PEI: IR imperatives
NOV 05
Because an up-to-scratch investor relations programme is no longer just optional for private equity firms, general partners are working hard to improve reporting systems and communication channels. One key message from limited partners back to managers is this: do professionalise, but keep it personal when dealing with clients.
PEI: Growth in the east
OCT 05
Private equity investing in Central and Eastern Europe continues to mature, helped by deeper pools of leveraged finance, a more uniform regulatory environment and a string of successful realisations. As more international investors discover the region, Aaron Lovell examines the drivers of CEE private equity one year after EU accession.
PEI: No-Nos in your PPM
SEPT 05
MVision’s Paula Chester points to ten things in private placement memoranda that will keep investors from reaching for their guns.
Castle Harlan Australian affiliate closes on A$950 million for CHAMP II funds
AUG 05
Castle Harlan, Inc., the New York private equity investment firm, announced today that it and CHAMP Private Equity, its Australian affiliate, had raised two new investment funds with aggregate commitments of A$950 million (US$730 million), making the CHAMP II Funds substantially larger than any other independent private-equity funds managed in Australasia...
Butler Capital Partners Announces a Single Close
JUNE 05
Fund oversubscribed and capped at €320 million.
EVCJ: Euro venture heads west
JUNE 05
With Euro venture funds having a job getting themselves noticed by LPs in the current fund raising rounds, some think the answer is to set up an office in the US...
Financier Worldwide: The fundamentals of private equity fundraising
MARCH 05
The fundamentals of private equity fundraising.
Freedom of information concerns may be overblown
MARCH 05
..."Some form of visiblity is going to come into the market place, and there's nothing wrong with that. The underlying issue is what does it mean? What is the process for accessing that infomation and how deep does it go?" says Mounir Guen
La Tribune: Le capital-investissement pourrait lever près de 250 milliards de dollars en 2005
FEB 05
Pourtant les chiffres de Private Equity Intelligence laissent sceptiques nombre de professionnels. Comme l’assure Mounir Guen, directeur général de l’agent de placement MVision, "2005 ne va pas reproduire l’époque 1999-2000 où les investisseurs ont considérablement augmenté la part qu’ils allouaient au private equity et où les fonds doublaient ou triplaient de taille".
Sofinnova V capped at €385m
FEB 05
Sofinnova Partners, the start-up and early-stage venture investor backing life science and IT companies across Europe, has closed a fully subscribed new venture capital fund, Sofinnova Capital V, at €385 million ($500 million). MVision Private Equity Advisers acted as placement agent for the firm.
eFinancialNews: Fundraisers set for record breaking year
JAN 05
Mounir Guen, chief executive of MVision, a private equity adviser, said: "2005 will be a record-breaker for fundraising, but not because funds are doubling in size; rather the market will be congested by the number of funds coming in at once."
EQT Opportunity Fund closes at EUR 350 million
DEC 05
EQT, the Northern European private equity group, announced the close of the EQT Opportunity Fund with commitments of approximately EUR 350 million. While EQT has received significant additional interest, the fund was capped at EUR 350 million, exceeding the initial target by EUR 100 million. The fundraising was officially launched in October.
Financier Worldwide: Too close for comfort
DEC 04
Moose Guen says: "For some the strategy is just to wait your turn when it comes to winning mandates in the next year. If you go for one and you don't get it, you wait for another one. In our model we only go after number one and if we don't get it we don't go for number two or three."
PEl: 'Equity, my precious'
NOV 04
Private equity and The Lord of the Rings may seem worlds apart to most of us. A journey along the fundraising trail can be every bit as tough as travelling from The Shire to Mordor and back again... Conni Jonsson is one of Europe's most powerful investment wizards. Backed by the mighty Wallenberg clan, he has turned EQT into a major force in the buyout market. When Jonsson prepares for a new fundraising adventure, he calls Mounir Guen,aka Moose, the intrepid London-based fund placement pro who knows the treacherous ways through the swamps of institutional Middle-earth like the back of his hand. MVision, Moose's burgeoning enterprise that helped raise EQT's latest fund...
Private Equity International: Northern Lights
OCT 04
...Segulah really has joined the ranks of elite funds that can pick and choose their investors. The fund is heavily oversubscribed... In the last two months alone, LBO specialist EQT raised €2.5 billion in just six months for its fourth fund...
Segulah announces first and final close on €250 million for its third Nordic mid-market fund
OCT 04
Fund more than four times oversubscribed in less than two months.
EVCJ: Competition? What competition
SEPT 04
...Mounir Guen, CEO of MVision, says: "The revenue earned on funds raising now is generally lower than it was five years ago. Also, the fee is spread over time so it can take two or three years to break even and this is difficult in an environment where banks expect to be up 10%-15% year-on-year in revenue."...
EQT IV holds final closing at EUR 2.5 billion
AUG 04
EQT, the Northern European private equity group, has during the summer had a final closing of EQT IV (the "Fund") at EUR 2.5 billion (approximately USD 3.0 billion), exceeding its original EUR 2.0 billion target in just six months after the launch of the fundraising in January 2004. Notwithstanding strong support from existing and new investors, EQT had decided from the outset to hard cap the Fund at EUR 2.5 billion.
eFinancialNews: French team breaks from Legal and General Ventures
July 04
Christophe Fercocq and Hervé Franc, the French investment team of Legal and General Ventures, are separating from the insurance group to form Cobalt Capital with plans to raise a €200m ($246m) mid-market fund.
LGV announce successful closing of new fund
JUNE 04
Legal and General Ventures ("LGV"), the private equity arm of Legal & General Group Plc, has closed its fourth private equity fund (LGV 4) since the appointment of Adrian Johnson as CEO in July 2000
Friedman Fleischer & Lowe closes Fund II at US$750m
JUNE 04
"FFL" is pleased to announce that it held a final closing in June on its second fund, Friedman Fleischer & Lowe Capital Partners II, L.P. ("Fund II"), with US$750 million of commitments from limited partners.
EVCJ : Grappling the Fund Management Problem
MARCH 04
Many European institutional investors arrived on the private equity scene alongside an explosion of fund raising activity globally... Finding firms to invest capital with was not a problem for institutional investors... what they are now grappling with is how to effectively manage these programmes that they jumped into with such gusto.
PEI: The Best and Worst of Times
MARCH 04
It was the best of times, it was the worst of times: a small elite enjoying speedy, heavily over-subscribed campaigns, the remainder scatching around for the crumbs, while a few unfortunate others go to the wall. 2003 was the year when private equity fundraising became polarised.
Initiative Europe: Tough times: Fundraising 2004
OCT 04
Mounir Guen explains that LPs have always had desire to gain exposure to the cycle and the bulge bracket has consistently provided the opportunity to do this...
Private Equity Europe: Is All Capital Good Capital?
OCT 04
...Mounir Guen of MVision Private Equity agrees with Barber: 'The importance of constructing a well diversified investor base is aimed at ensuring the long-term sustainability of a GP. One should aim for investors that are establishing new programmes, which means that - if anything - they will have more capital available when the next fund comes to market.'...
EVCJ: Is it possible to benchmark private equity performance?
SEPT 04
...Mounir Guen of placement agent MVision explains: "When using market comparables your nightmare comes in regard to the unrealised portfolio. When public markets were soaring, it was felt by investors that there was a lot of hidden value in private equity holdings. And when the market does an extreme tank, but you are holding everything at cost, 'is it worth that or did you buy things when they were too expensive?'," he asks.
The Deal: EQT sprints to $3bn fund closing
AUG 04
Swedish private equity firm EQT Partners AB said Wednesday, Aug. 4, it made a final closing of its new EQT IV fund at €2.5 billion ($3 billion), exceeding its original €2 billion target just six months after launching the fund in January with the help of placement agents MVision Private Equity Advisers
Bloomberg: Exponent Raises 400 Million Pounds for U.K. Buyouts
AUG 04
..."New groups usually have a hunger and dynamism," said Mounir Guen, chief executive of MVision Private Equity Advisers Ltd., which helps buyout firms raise funds. "That forces older players to work harder to stay at the cutting edge."...
Friedman Fleischer & Lowe closes Fund II at US$750m
JUNE 04
"FFL" is pleased to announce that it held a final closing in June on its second fund, Friedman Fleischer & Lowe Capital Partners II, L.P. ("Fund II"), with US$750 million of commitments from limited partners.
Financier Worldwide: A tough balancing act
JUNE 04
More sophisticated investors are creating a highly selective and demanding fundraising market.
EVCJ : When does a fund raising go stale?
MAY 04
European fund raising in 2003 continued its path of decline recording 37 final closes worth a combined €17.6bn compared with 72 fund closings worth €29.3bn in 2002, according to Almeida Research. This year has seen fund raising momentum pick up, but the increasing number of big names on the market struggling to meet their target begs the question, 'When is a fund past its sell-by date and how can you prevent a fund raising going stale?'
Waterland announces final closing on WPEF II
MARCH 04
Waterland Private Equity Investments has held a final closing on Waterland Private Equity Fund II ("WPEF II") with commitments of €170 million from such prominent investors as ATP Private Equity Partners I K/S, Delta Lloyd Private Equity B.V., Horsley Bridge International and JP Morgan Fleming Asset Management.
Mezza-Need: A Vital Deal Component
FEB 04
Mezzanine finance has grown from just another subordinated bridging strip to become an essential element in deal structures.
Real Deals: Hunting for funds
SEPT 04
Moose Guen says: "For some the strategy is just to wait your turn when it comes to winning mandates in the next year. If you go for one and you don't get it, you wait for another one. In our model we only go after number one and if we don't get it we don't go for number two or three."
Placement Agents market update
OCT 03
A depressed fund raising market has led to changes among players in the placement agent industry. The withdrawl 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, EVCJ reports.
Chester Joins Mvision
AUG 03
Paula Chester joins placement agent Mvision
Middle Eastern Equity
JULY 03
Private equity in the Middle East represents a compelling opportunity, but educating business owners, local and Western investors about this opportunity has been difficult. A small handful of Middle Eastern private equity firms are stepping up the effort in anticipation of major growth.
Placement Power
JULY 03
It's a truism that raising a private equity fund is much harder than it used to be for many firms - although a much smaller group of "halo funds" are now succeeding in attracting more commitments than they themselves had planned. And evermore embedded in the fundraising process is the placement agent. Here's why.
Technology: stick with it or stay away?
MAY 03
Andrew Sheehy asks what European LPs are making of the whirlwhind reshaping the technology industry.
Choosing a placement agent
OCT 03
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, EVCJ reports.
Abingworth announces $350 million biotech fund
JULY 03
London, UK, 31st July 2003 - Abingworth Management, the international life sciences venture capital group, today announced the closing of Abingworth Bioventures IV LP (ABV IV), its sixth life science venture fund. The fund closed on $325 million within the last week and expects to close shortly on a further $25 million pending minor legal formalities with two additional investors.
Waiting for the next wave
APRIL 03
Fundraising is hard work at present, and much less of it is going on. The relative drought of the past two years has been taxing on placement agents, not least because more of them have come into the market and have ended up competing for less business. But everyone is convinced that fundraising will come back in 2004. The trick is to be ready when this happens; the result is that banks, boutiques and one person-bands are feverishly preparing for this next wave.
Capvis announces Final Closing on Over-Subscribed Fund
JUNE 03
Capvis Equity Partners ("Capvis"), the leading Swiss mid-market buyout firm, is pleased to announce the final closing of Capvis Equity II LP ("Capvis II") on €340 million of commitments, considerably exceeding its original target of €300 million.
Chequers Capital closes first fund
OCT 02
Amid a sharp increase of activity in the French buyout market, the new fund from the former Charterhouse SA team has raised E300m
HealthCap IV established with committed capital of MSEK 3,000
SEPT 02
HealthCap IV was established in the summer of 2002 and
now announces its final closing with acommitted capital of
SEK 3 000 000 000.
The 50 most influential people in Europe
JUNE 02
Who is shaping the industry?
Talking, listening, placing
APRIL 02
Placement agents are becoming an increasingly critical factor in the fund raising process. David Hawkins finds out who does what, when and why.
A long and winding road?
FEB 02
The popular view is that only masochists are attempting to raise new private equity or VCfunds at present. Over-allocated investors and those still smarting from the implosion ofIT company valuations are just two groups who have apparently made the fundraising traila long and painful one for old and new firms alike. David Hawkins looks at how accuratea picture this is.
Do you invest in first time funds?
OCT 02
Lisa Bushrod reports
Spoilt for choice?
OCT 02
Placing private equity funds is increasingly hard even for the most compelling propositions. But there are more than enough placement agents in the market ready to assist.
Land of the raising fund
SEPT 02
Japanese pension funds and other institutional investors are slowly discovering, not always for the first time, the attractions of private equity as an asset class.
Quester Announces Strong Support for New Institutional Venture Capital Fund
APRIL 02
Quester, a leading UK venture capital firm specialising in early development stage investment, is pleased to announce over €115 million of commitments for its new institutional venture capital fund, Quester Venture Partnership ("QVP"). Quester has secured commitments from prominent institutions from the UK, Europe, North America and Japan. QVP is only open for investment to professional investors.
SSVP announces a successful final close at €163 million
APRIL 02
SSVP is pleased to announce the final closing of Special Situations Venture Partners LP (the "Fund"), on € 163 million, considerably exceeding its original target of € 125 million. The Fund is advised by Munich-based Orlando Management.
Much ado about mezzanine
JAN 02
Mezzanine is going strong, even though times are tough. What is the attraction to the buyside, who invests in mezzanine, and why are they buying it?
Chequers Capital Announces Final Closing on Over-Subscribed Fund
OCT 02
Chequers Capital, a leading French mid-market buyout firm, is pleased to announce the final closing of its debut fund on €300 million of commitments. The final close was 50% above the original target of €200 million due to strong demand from institutional investors worldwide.
