Analysis
Italy: Bankruptcy Act improves private equity's position
Like other European nations, Italy has enacted a number of emergency measures to respond to the market crisis. This goes far beyond the тЌ24bn emergency budgetary measures: one particularly interesting addition by the Italian government is an attempt...
German industry: Getting the European economy working
Manufacturing is one of the most important sectors in the German economy, and the country's heavy industry base seems to be experiencing a revival as the global economy improves. As Europe's biggest manufacturer, the health of German industry is also...
WorldPay: Bidders line up for quality asset
While European buyout activity has been on the up in early 2010, it has been largely restricted to mid-market deals: larger buyouts have hardly been seen since the financial crisis erupted, which makes the bidding war for RBS Global Merchant Services...
Renewable energy: When will activity match the spin?
There is clearly a buzz around the cleantech space in general and the renewable energy market in particular. And why not? After all if we are to face up to the challenges presented by global climate change we will need to invest massively in this area...
Fundraising: Funds trickle into the market
A raft of funds have recently closed, but it may come as a surprise to discover they broke their initial targets in a tough fundraising environment. HitecVision, Phoenix and Polaris have all successfully raised the capital they needed to start their latest...
Southern Europe: Investing in family value
Investindustrial's Carlo Umberto Bonomi speaks to Francinia Protti-Alvarez about the private equity market in Spain and Italy. He says the market is extremely promising, despite having faced difficulties in recent years.
Leverage: The return of warehoused debt
The $400m asset-backed warehouse facility used to back last week’s buyout of aircraft leasing company, Avolon, signalled a further thawing of the corporate loan market. However, it remains to be seen whether the revival will lead to a reversal of a recent...
Environmental investment: The many shades of green
Defining the environmental sector is not straightforward, as it overlaps with more ‘traditional’ sectors. The diversity of products and services that can be directly, or indirectly, categorised environmental technology goes well beyond the realm of environmental...
Spinouts: Private equity goes private
With the MBO of Barclays Private Equity from its listed parent bank Barclays underway, 2010 is likely to see at least one more spinout. This is the latest in a long line of private equity funds leaving their financial institutions to make their own way...
Private equity goes postal
Once again, British politicians are considering selling off some, or all, of the countryтs state postal service, Royal Mail. Private equity bidders have been linked to past attempts to buy the company, and may yet swoop on the opportunity. Despite continuing...
CEE private equity: Light at the end of the tunnel?
If people had been beginning to get comfortable with a slow, but steady recovery from the worst recession in living memory, the crisis surrounding the Greek economy will have served as something of a wake-up call. The issue, and the potential for dire...
AIFM Directive: The end is nigh
European finance ministers approved the Alternative Investment Fund Managersт (AIFM) Directive yesterday, more than a year after the controversial regulations were first proposed. Despite this long process, many of the private equity industryтs objections...
Reporting: Getting a fair view on fair value
Estimating 'fair value' for portfolio companies has become more complex since the financial crisis, due to volatile financial markets and the lack of relevant comparable transactions. The term itself was only incorporated into the private equity industry...
Call centre investments: Supporting the recovery
During the downturn, private equity firms invested defensively, particularly in the outsourced services sector. Now the economy is recovering, investors are looking to benefit from what is widely seen as a consolidating market. Mareen Goebel gives an...
LPs speak out on private equity communications
In a recent study undertaken by IE consulting, 60 Limited Partners from across the globe were invited to share their thoughts on the effects of the financial crisis on their private equity investing and to rate how well their private equity fund managers...
Chemicals: Is private equity getting the mix right?
While the alchemists of old never succeeded in turning lead into gold, private equity investors are seeing opportunities to profit from the chemicals sector. With a swathe of recent activity in the industry, including a major exit, chemicals companies...
German investment ordinance review - effects on private equity
German insurance companies constitute a significant class of German institutional investors in alternative investments, including private equity. After a period of stagnancy, the German Investment Ordinance on the Investment of Restricted Assets of Insurance...
Take-privates: Private equity firms scan the market
Despite a broad recovery in world stock markets, listing portfolio companies has been somewhat hit and miss in early 2010. While few companies have made the leap to public ownership, there have been a string of take-private deals in recent months, suggesting...
GP communications missing a trick
Many of Europeтs most prolific later stage investors have some way to go before they can consider themselves truly transparent, as Emanuel Eftimiu finds out.
Healthcare buyouts: a tonic for the market
Defensive sector or not, buyout activity in the healthcare area was as depressed as elsewhere during 2009. But things are looking up and a spate of deal completions and possible exits in the first few months of 2010 are providing a welcome tonic for a...
Gaming investments still worth a punt
Once considered a happy hunting ground for private equity, some gaming investments have turned sour in the past couple of years as many businesses have had to restructure their debt. That does not mean there are not profitable investments to be had, as...
Poundland: Advent sees the pounds roll in
This morning, Advent International successfully sold discount retailer Poundland, as part of a secondary buyout by Warburg Pincus.
IPO exits: The two faces of public markets
This month saw the biggest private equity IPO since the financial crisis hit, with Amadeus IT Holdings, a travel reservations specialist, listing on the Spanish stock exchanges, raising €1.33bn. John Bakie reports
AIFM: EVCA vows to fight on after 'disappointing' JURI vote
The European Venture Capital Association (EVCA) has vowed to fight on against the Alternative Investment Fund Managers (AIFM) Directive, which could prove disastrous for venture investors.