View from the Markets
David Darst, Morgan Stanley’s chief investment strategist, is sceptical of the recent rally in financial markets
Private equity
Resources
SVG in £220m fundraising plan
Sale of convertible bond and some portfolio assets in anticipation of a slowdown in activity at its main investment, buy-out firm Permira, caused by the bearish economic climate and the credit squeeze
Cerberus, CIC talk about working together
Group ‘interested in exploring opportunities’
PAI fund targets family-owned businesses
Private equity firm raises €5.4bn for buy-outs
Italian green fund seeks €250m
Nino Tronchetti Provera visits European and US investors
Private equity duo lift stake in Accor
Colony and Eurazeo ‘not aiming for control‘
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View from the Markets
Ciaran O’Hagan of Société Générale, says Libor must use a larger panel of banks, like Euribor, to become more reliable
Comment and Analysis
Private equity boom was nothing more than a clumsy trick
The market was happy to pay massive fees for a leveraged structure that could have been assembled in DIY fashion, writes Michael Gordon
Clear Channel brawl
Clear Channel and the sponsors claim the banks are derailing the deal by imposing shorter-term financing at the 11th-hour
How the levers fell off the buyout machine
Private equity still has a role to play, but whether it will regain the glory of a year ago remains questionable, writes Steven Rattner
Private equity adapts
Spreading thin resources across an array of smaller deals – not to mention fixing previous buy-outs gone awry – promises a period of long days and smaller rewards
Private equity and publicity
As the name implies, private equity is not naturally suited to the limelight. That is particularly true when things turn ugly
Man in the News: Guy Hands
As a restless risk-taker the Terra Firma chief thrives on tension. The 48-year-old’s near-maniacal obsession with work has been a feature since school
We need better analysis of private equity
If the industry is indeed more effective in adding real economic value than comparable quoted companies, then why should this be so and what lessons might be learnt, asks David Walker
On Asia: Chinese private equity set for boom
This being Asia, expect a few surprises next year, but one thing is for sure: analysts will try to link their research notes to the Beijing Olympics, writes Sundeep Tucker
