EUROPE – Specialist or generalist ?

"There is tremendous benefit to having a team focused on a number of sectors and with an international spread," he continued.

The view was not unanimous, with Argos Soditic partner Guy Semmens arguing against the need for sector specialisation. "Such specialists already exist within each company - they are called management. They know their market and space better than anyone we can introduce from outside." He was backed up by Graphite Capital managing partner Rod Richards: "Our role is to find good management. Good managers don't want others to tell them what to do and how to run a business. If we end up running a company ourselves, something has gone very wrong."

There was also concern that the zeal for certain sectors displayed by specialists may cause them to do deals even when the timing isn't right, such as during the current downturn.

The debate broadened to regional focus. Said Semmens: "I don't know how anyone runs a country-specific fund anymore outside the US, UK or France, which have sizeable markets. You need flexibility to dip into and out of markets as opportunities become available. There are no country-specific businesses anymore and so such funds don't make sense."

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