FRANCE - AFIC party highlights serentiy of French private equity

AFIC's annual bash was a chance for the industry's leaders to gather and witness the handing over of the trade body's presidency from Eurazeo's Patrick Sayer to Apax's Eddie Misrahi, who, in his inaugural speech, stressed the importance of unity between the various segments of private equity, no doubt in response to last week's re-organsation of EVCA's structure. But beyond all this, the presence of the country's incoming budget minister Eric Woerth was seen as an encouraging governmental seal of approval, while the performance of French pop icon Patrick Bruel was a clear sign that private equity is now more than just a mysterious and marginal asset class. It also revealed the stark contrast with the UK, where private equity bosses have been having to justify their tax treatment.