UNQUOTE

Anchors away

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Headlines are rife with updates on the credit crunch and every week a new bank is said to be in need of some sort of a bailout in the US or UK, yet somehow some positive news has been sailing through on the fundraising front. Recent closings of funds by veterans such as Investindustrial, which raised EUR1bn, illustrate the appetite for tried-and-true GPs. Even newcomers are attracting commitments as demonstrated by Magnum, which closed with EUR866m for its debut vehicle

When speaking to someone in the industry, a metaphor was offered: just like in sailing, investors and GPs have been returning to the discipline of basics. They are readjusting the sail and looking to the direction the winds are turning. Based on this, they will decide how much sail (funds) to deploy, how (strategy) and in which direction (sector), all that, while adapting to the winds and currents (market trends) making the most of current conditions.

Southern Europe might be caught in the tail of the liquidity storm, but that has certainly not dampened the spirits of investors or GPs. There are still projects brewing at the lower-mid- and mid-market levels and GPs are returning to plans for preparing companies for industrial sales. Funds such as Efilog, solely dedicated to maritime logistics, will deploy a more industrial strategy. Meanwhile emerging markets, whether close to home (Central and Eastern Europe, Turkey) or further away (India, China), also present interesting opportunities.

Yours sincerely,

Francinia Protti-Alvarez

Editor, Southern Europe unquote"

Tel: +44 20 7004 7476

francinia.protti-alvarez@incisivemedia.com.

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