After the storm

In November, unquote" hosted its third annual Italia Private Equity Congress in Milan (see page 14). It was great to see so many familiar faces. More than 150 people attended the day-long event, with most speakers conceding that the next 12-18 months will be difficult, particularly in relation to over-leveraged buyouts closed at the peak of the boom years. There was also a sense that despite the difficulties faced by the sector over the last 28 months, the medium- to long-term impact of the current crisis will be positive.

Certainly, there was a noticeable change in LPs' attitude towards their fund managers; when it came to what they expected from GPs, LPs reiterated that a successful track record would not be sufficient to guarantee re-ups. In fact, efficient portfolio management/reporting, transparency and GPs' relationships with lenders are now paramount to LPs as their demands increase. Yes, we are clearly noticing a shift in the balance of power, which is increasingly evident when we consider the concessions that funds like Carlyle have had to make recently (see News Analysis, page 16).

Yours sincerely,

Francinia Protti-Alvarez

Editor, Southern Europe unquote"

Tel: +44 20 7004 7476

francinia.protti-alvarez@incisivemedia.com.

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