Private Equity Salaries Increase

Private Equity Salaries Increase

Private Equity Salaries Increase in Financial Crisis

For many Americans, especially those working in the financial sector, the economic crisis has brought lower salaries or even lost jobs. Private equity is a different story. According to the 2009 Private Equity Compensation report, private equity compensation has not lowered in any categories and the majority of private equity positions showed increases in compensation. In fact, the report reveals a 6% increase in bonuses awarded to Principles, a striking contrast to the struggling investment banking firms.   For tips on how to make more money in a private equity career, see this free article.

Dealscape reports further on the private equity compensation data:
The total cash compensation (base salary and cash bonus) for senior associates at the largest buyout funds (those with $5 billion or more in assets) is now $435,000, a 4% increase over their 2007 levels....At the principal level, large buyout funds pay an average total cash compensation of $885,000, also a 4% increase from last year. Bonuses for principals at these funds rose 6% to an average of $607,000, which is included in the $885,000.
This is pretty startling considering the gloomy predictions for private equity lately, and the decline in most other financial sectors. Compared to this week's reported layoffs at Lehman Brothers and several major retail companies, the estimated 6% rise in bonuses is quite impressive. Private equity firms are well-known for paying high salaries to employees as a way of retaining talented deal-makers and attracting skilled young professionals to the industry. But there was plenty of reason to anticipate that private equity firms would make reductions in salaries and employees:
...private equity dealflow fell roughly 75% to $143 billion in the first half of 2008. Among megabuyouts, Kohlberg Kravis Roberts & Co. posted a loss of $1.1 billion for the first half as difficult credit markets took their their toll on the values of the firm's holdings. Blackstone Group LP posted a net loss of $156.5 million for the second quarter, compared with net income of $774.4 million a year earlier. Blackstone also had negative $198.6 million in performance fees for the first six months of 2008 (meaning it reversed previously recognized performance fees), compared to about $1.1 billion in performance fees it earned for the first six months of 2007. I'm not even going to bring up the price of Blackstone's stock.
The most reasonable cause for the increase in private equity compensation during such a poor year for deals is the impressive capital fund raising of 2008. Dealscape reveals "When combined with 2007, which set a record for capital inflows, private equity funds continued to have the resources to maintain compensation levels and in many cases increase them, according to Glocap."

Source: Dealscape and the 2009 Private Equity Compensation report

Tags: Private Equity Salary, Private equity salaries, private equity salaries report, private equity income, private equity compensation, private equity compensation report, private equity salary increase

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Private Equity Firms Data

Private Equity Firms Data

Chart Shows Private Equity Firms Formation History

Private Equity Database has created a chart of private equity firms formed since 1980. While it does not represent every private equity firm, because some firms choose not to disclose the formation date, the graph is a telling history of private equity. The chart shows the peak in private equity firms formed in 1998-1999 at about 60 firms and the subsequent drop (presumably following the tech bubble's burst). Then the recent spikes that preceded 2008's major decline to below 10 firms.

I suppose this is an appropriately gloomy illustration of the downturn in private equity to be posted on Halloween...

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Tags: Private Equity Data, Private Equity Statistics, Private Equity Firms By Year, Private Equity Firms Data, Private Equity Data and Firms, Private Equity Trends, Private Equity Firms Forming

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The Pac-Man Defense

The Pac-Man Defense

The Pac-Man Defense | What is the Pac-Man Defense?

The Pac-Man defense is a strategy in mergers and acquisitions that is used by a company facing a hostile takeover. The basic idea of the Pac-Man defense is that the company being acquired attempts to purchase the would-be buyer. Understanding the Pac-Man defense is important when considering executing a buyout.

Most people who grew up with video games remember the classic Pac-Man game, in which the player controls Pac-Man trying to consume various rewards while evading the ghosts in pursuit. Pac-Man is utterly defenseless and must run away from the ghosts until he consumes an "energizer" which allows Pac-Man to turn around and chase his pursuers for a period of time. (I promise, this does relate to private equity.)

Using the Pac-Man Defense
The Pac-Man defense follows the video game's concept because the once vulnerable company (i.e. Pac-Man) stops trying to avoid his enemy (i.e. acquirer) and strikes back with a hostile takeover of his own. This tactic has been employed by companies that do not wish to be purchased and so try to scare off buyers. The takeover target uses whatever resources available (even taking from its war chest) to defeat the acquisition, most often by purchasing a large amount of shares in the other company.

An Example of the Pac-Man Defense in an Acquisition
Although the Pac-Man defense has been employed on several occasions, the most cited example is the Bendix Corporation's attempted hostile takeover of the Martin Marietta Corporation. Bendix purchased a controlling stake in Martin Marietta, and essentially owned the company. However, in the brief period between Bendix owning and controlling the company, Martin Marietta's management sold off all non-essential assets to finance its own hostile takeover against Bendix. The Pac-Man defense was supported by United Technologies and Bendix was placed in the difficult position of fending off the counter-takeover. When the dust settled, Bendix was acquired, but not by Martin Marietta; instead, by the Allied Corporation.

Tags: The Pac-Man Defense, What is The Pac-Man Defense, How to use The Pac-Man Defense, Mergers and Acquisitions strategies, Mergers and Acquisitions, Bendix, Martin Marietta, Pac-Man Private Equity

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Institutional Investment Consultant Directory | Excel List & Contact Details of Institutional Investment Consultants

Institutional Investment Consultant Directory

Excel List & Contact Details of Institutional Investment Consultants


Looking for an Institutional Consultant Directory? Our team has constructed an Excel-based directory of institutional investment consulting firms which provides the full contact details with each listing. We have a large list of institutional consultants and we provide the firm name, an executive’s name, email address, phone number, and physical address as well. If you would like to improve your list of institutional consultants or obtain the full contact details of a large number of institutional consulting firms please type your first name and email address into the form below.



You may also learn more about our Institutional Investment Consulting Firms on our website online at InvestorDatabases.com.

Tags: Institutional Investment Consultant Directory, Directory of Institutional investment consultants, list of institutional consultants, institutional investment consultant contact details, institutional investment consultants

Link to This Resource: Institutional Investment Consultant Directory | Excel List & Contact Details of Institutional Investment Consultants

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Institutional Investment Consultant Database | Excel Directory of Institutional Consultants

Institutional Investment Consultant Database

Excel Directory of Institutional Consultants


Looking for an Institutional Investment Consultant Database? Our team has constructed our own Excel-based database of institutional consultants, we can provide you with full contact details on hundreds of valuable consultant contact details. Our databases provide you with the company name, individual name, email address, phone number and physical address for each institutional consulting firm listed within our database. To learn more about this please type your first name and email into the form below:


You may also learn more about our Institutional Investment Consultant Database on our website online at InvestorDatabases.com

Tags: Institutional Investment Consultant Database, Database of Institutional Consultants, Institutional Investment Consultant Databases, Top Institutional Consultants, Excel List of Institutional Investment Consultants, Institutional Investment Consultants in Excel, Directory of Institutional Consultants

Link to This Resource: Institutional Investment Consultant Database | Excel Directory of Institutional Consultants

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Angel Investor Directory | Excel List & Contact Details of Angel Investors

Angel Investor Directory

Excel List & Contact Details of Angel Investors

Looking for an Angel Investor Directory? Our team has constructed an Excel-based directory of angel investors which provides the full contact details with each listing. We have a large list of angel investors and we provide the firm name, an executive’s name, email address, phone number, and physical address as well. If you would like to improve your list of angel investors or obtain the full contact details of a large number of angel investors please type your first name and email address into the form below.



You may also learn more about our Angel Investor Directory on our website online at InvestorDatabases.com.

Tags: Angel Investor Directory, Directory of Angel Investors, List of angel investors, Angel investor Contact details, angel investor contact details, angel investors,

Popular private equity articles:
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  3. Career Guide
  4. Service Provider Directory
  5. Private Equity Associate

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Link to This Resource: Angel Investor Directory | Excel List & Contact Details of Angel Investors

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Private Equity Funds in the Financial Crisis

Private Equity in the Financial Crisis

Starting a Private Equity Fund in the Financial Crisis

While the current financial crisis has in some ways limited private equity, primarily by reducing a private equity firm's ability to leverage a buyout, the crisis could also yield huge returns to private equity firms that start funds for buying up profitable assets. Dwight Bush hopes that his new private equity fund will thrive by identifying and purchasing profitable assets at low prices from the government and other funds.


Making the Best of a Bad Situation
The financial crisis could be very profitable for private equity funds. At least this is the bet that some investors are making, hoping to capitalize on the weak assets available by fixing them up and selling them for a profit. One such optimist is Dwight Bush, an experienced corporate banker who is setting up a private equity fund, he is also the subject of a recent Washington Post article. One might wonder why he chose this bad economic period to start a private equity fund, or how he plans to raise capital from "cash-strapped" investors and more importantly how he hopes to give his Limited Partners more money than initial investment? Here are his basic answers to these questions:

Why choose a financial crisis to start a private equity fund?

Bush: "What we know is that the last time we had a mortgage meltdown, there were great fortunes made," Bush said. "In this type of fragmented environment, those people who can identify good assets that are undervalued . . . people like Joe Robert . . . and that can work with those assets over time to help realize their true value" will make lots of money."
What is his strategy for his private equity fund?
Bush: He said the private-equity fund plans to do two things: manage assets that the federal government buys from banks and buy assets that the "Paulson Plan" auctions, then fix them up and sell them -- hopefully at a profit.

Additionally, he hopes to make money of hedge funds dishing out assets at fire-sale prices. Some $43 billion came out of the hedge fund market in September because investors are demanding their money. Bush said hedge funds are selling off quality assets, from manufacturing companies to farmland to commodities, at low prices so they can give cash to their impatient investors.

Okay, sound strategy, but where will the private equity fund get money to buy the assets?

Bush: "Remember one thing," he said. "Every month, pension funds take in money and pension funds have an obligation to pay their retirees over time. So new capital is available in the market every month and the money has to be put to work."
What about the private equity buyout model based on leverage in light of the current credit crunch?

"In the short term, private-equity firms will tend to work more with strategic partners, and the assets acquired will be less leveraged," he said. "Over the long term, you've got to remember that banks have to lend to make money and that this too shall pass. My view is that the current situation should reach bottom some time in early to mid-2009, and by 2010 we should have a more robust economy again."

Dwight Bush presents a strong argument for why private equity can endure the financial crisis with what he sees as eternal investment capital (pension funds) and long-term lending from banks that necessarily lend in order to make money.

Tags: Private Equity, Private Equity Fund, Financial Crisis, Private Equity Funds, Private Equity Fund manager, Dwight Bush, Private Equity and the Credit Crunch, Private Equity Fund Management, Private Capital

Link to This Resource: Private Equity Funds in the Financial Crisis

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Leonard Green and Partners

Leonard Green & Partners

Leonard Green & Partners | Private Equity Firm

Leonard Green & Partners is a large private equity firm based in Los Angeles, California. Leonard Green & Partners was estimated to hold $9 billions in profits at the end of 2007. The firm has formed multiple private equity funds that raised more than $1 billion in private investment. Leonard Green & Partners has carved a niche for itself by investing in large and mid-market retail companies like Petco, Big Five and the Container Store.

The most recent and very high-profile investment is the purchase of a 17% stake in Whole Foods Market. Announced on November 5, 2008, Leonard Green & Partners' affiliate fund Green Equity Investors injected a large amount of capital into the struggling grocery chain.

Resource 1# Green Equity Investors Purchases 17% Share of Whole Foods
A private equity firm is buying a 17 percent stake in Whole Foods Market, a much-needed vote of confidence for a chain that is being battered by increased competition and a weak economy.

The news came as the company announced a huge drop in fourth-quarter earnings amid sputtering sales.

Under the terms of the agreement, Green Equity Investors, an affiliate of Los Angeles-based Leonard Green & Partners, will invest $425 million in the company.

Follow title link to full article

Tags: Leonard Green and Partners Invests in Whole Foods, Whole Foods, Leonard Green and Partners, Leonard Green and Partners Private equity Firm, Green Equity Investors, LA Private Equity

Link to This Resource: Leonard Green and Partners

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Harvard Private Equity Conference

Harvard Private Equity Conference

Private Equity Seminar | Mergers and Acquisitions

Harvard's Corporate Governance blog writes of an upcoming conference on private equity and mergers and acquisitions on Thursday, October 30 from 3:00 p.m. - 4:30 p.m. Eastern Time. The event is entitled "the Failure of Private Equity" and is free and open to the public. If you're like me, and can't make the trip to Wilmington, DE on a Thursday you can still attend it online. The sponsors have thankfully made this a webinar and details for attending either in-person or online can be found here.

The following is the overview of the conference and the speakers:

With the Lyondell Chemical case on appeal, and with the Huntsman/Hexion merger still generating litigation activity, M&A lawyers are looking forward to the presentation next Thursday afternoon by Professor Steven M. Davidoff (Click here for more information and to register). His principal topic (The Failure of Private Equity), on which he writes in a forthcoming article, is expected to focus on highlights from Delaware court decisions and proceedings in the past, tumultuous year, particularly as they reflect ambiguous contracting that has often proven ineffective to address the now-evident potential for market reversals. Additionally, Vice Chancellor Leo E. Strine, Jr. will join Professor Davidoff as commentator.

Writing as The Deal Professor, Davidoff is a commentator for the New York Times DealBook on the legal aspects of mergers, private equity and corporate governance. A former corporate attorney at Shearman & Sterling, he is a professor at the University of Connecticut School of Law. His columns are available at The Deal Professor blog.


Permanent Link: Harvard Private Equity Conference

Tags: Harvard Private Equity, Harvard Business School, Harvard Corporate Governance, Private Equity Conference, Private Equity Event, Private Equity Webinar, Harvard Private Equity Seminar, Private Equity

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New York Private Equity Tax

New York Private Equity Tax

New York City Private Equity Tax on Carried Interest

New York City Council members appear open to raising the tax on carried interest earned by local private equity managers by 20%, a move that would leapfrog the national debate over taxing carried interest.

According to the Working Families Party, the majority of New York City Council members would support raising the tax on carried interest earned by local private equity firm managers from 15% to 35%. This is a hotly debated national issue, as many view private equity and hedge fund managers earning 35% of the fund's profits to be unfair to investors and even to the public. The claim is that carried interest is an unfair loophole that causes an unbalance in tax system and hurts middle- and working class Americans.

Working Families estimates raising the tax would net $225 million each year for New York City; however the complaint is not likely to be acted upon anytime soon--if ever. The national debate over taxing carried interest is ongoing and so far nothing has been changed in the treatement of private equity and hedge fund manager's carried interest. To change New York City's tax toward carried interest would be surprising, as it is rare that a local or state tax system would deviate from national tax code.

Potential Issues With Locally Taxing Private Equity

In my personal opinion, there are several potential obstacles to New York taxing local carried interest: federal tax code, Mayor Michael Bloomberg and staunch opposition by private equity firms and hedge funds.a

The first obstacle is the fact that the federal tax code has not been changed to increase taxes on carried interest. As the President of Robert Willens LLC., a tax and accounting law firm, recently said "I would say the chances are about as close to zero as could be possible. State and local taxes are geared to the federal code. They almost never deviate." It would be highly irregular for New York City to do this.

The second obstacle, is the current Mayor Michael Bloomberg. The Mayor is known first as a very successful businessman and while it's unfair to say that he would favor business interest, but it's not likely he would go out of his way to hurt financial institutions either. Although his term is coming to a close, he is the incumbent candidate for Mayor next election. (Last week, the City Council passed an unprecedented vote to overturn the term limits, allowing Bloomberg a third term.)

Lastly, private equity firms and hedge funds have been able to resist national pushes to raise the tax on carried interest, so far. With all the resources and money available to the private equity and hedge fund industries, it is difficult to push such an unpopular tax on them. Additionally, forcing an unpopular cut in local private equity and hedge funds profits would potentially cost the city revenue if the firms changed location to avoid the tax.

The debate of taxing carried interest is ongoing and as political leadership shifts along with changes in the economy it's hard to predict which side will win.

Source: Dealscape

*Note: This article in no way endorses a particular position or represents financial advice.

Tags: New York Private Equity Tax, Private Equity New York, New York Private Equity, New York Private Equity Tax system, Carried interest, New York private equity firms, New York Carried interest tax, private equity and hedge funds carried interest

Link to This Resource: New York Private Equity Tax

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Private Equity Manufacturing

Private Equity Manufacturing

Private Equity Investment in the Manufacturing Industry

Manufacturing companies often require private equity investment to stay competitive and expand their businesses. Manufacturers need capital for many reasons such as to purchase new equipment, expand into new markets, research and development and growth initiatives. The credit crunch has limited the ability of mid-market manufacturers to borrow capital, leading many manufacturing firms to look for private equity.

Benefits of Private Equity Investment in Manufacturing Firms

There are several benefits for manufacturing firms seeking out private equity:
  • Adding a Strategic Planning Partner: Mid-market private equity firms often become involved with the manufacturer through a strategic planning partnership. A private equity firm may use its resources to help the manufacturing firm. For example, by adding an experienced board of directors to advise the manufacturer.
  • Long-Term Strategy: A big benefit of private equity, especially relevant for manufacturing firms, is the focus on creating a long-term strategy. Public investors tend to have less patience for long-term results. A public company's growth is measured quarterly while a private equity backed-company has more flexibility to make more profitable long-term decisions.
  • Global Expansion: Globalization has become increasingly important over recent years, especially for manufacturing firms trying to stay competitive. Private equity firms can provide the resources and expertise to help firms expand into new markets.
  • Increase Efficiency: Private equity firms may increase efficiency in manufacturing firms by assessing a firm's business model and making improvements. Private equity firms add a new perspective on the current market opportunities and suggest adjustments that will increase returns for the company and the private investors. A private equity firm's success is tied to the success of its investments so it is in their interest to improve the efficiency of the company through structural and management changes.

How Private Equity Firms Have Increased Earnings

Oliver Products Co., manufacturer of food and medical packaging products, partnered with Milwaukee-based private equity firm Mason Wells in May of 2007. After just one year, the company has been able to increase their revenue nearly 10%. Why? The partnership gave the management team the confidence and sense of empowerment it needed to move forward with strategic growth plans that had been on hold due to the economic outlook and the company's understandably cautious approach.

The influx of cash enabled Oliver Products to purchase new equipment and open an office in China. In addition, the company relocated its operations in the Netherlands to a larger facility, and R&D efforts have significantly ramped up to develop new products. Lean manufacturing principals were implemented throughout the organization, leading to improved production efficiency in the manufacturing processes.

As is typical in PE investments such as this, Mason Wells obtained a majority ownership position, with the balance of equity held by management. While the PE firm's leaders serve as advisors on the strategic direction of the business and serve as board members, the company was able to remain independent and the management team steers decision making and oversees day-to-day operations. - Industry Week article

Tags: Private Equity Manufacturing, Private Equity, Private Equity Manufacturing Industry, Manufacturing and Private Equity, Private Equity Investment in the Manufacturing Industry, Mid-market manufacturing

Link to This Resource: Private Equity Manufacturing

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Investing Private Equity Capital

Investing Private Equity Capital

Private Equity Hesitates to Invest Capital

Lately, private equity firms have often been described as "sitting on the sidelines," referring to the minimal private equity activity in the current financial crisis, while having a lot of capital waiting to be invested. This private equity "pause" is considered by Dealbook, which asks why private equity firms have taken this passive position in Why the Reluctant Vultures? Specifically, the piece focuses on those private equity buyout funds that have thrived in depressed markets like today's:

Other types of vultures, often those associated with private equity firms like Apollo or Cerberus, look to acquire controlling positions in companies through the bankruptcy process. Many of them are sitting on the sidelines, waiting for borrowers to get closer to default before they swoop in.

There’s the chance prices could fall more, especially if investors think historical recovery rates don’t reflect what they’ll be able to claw back if the companies go bust.

That’s possible — the debt issued in the most recent boom was, on average, of lower credit quality than that issued in earlier cycles, and it was festooned with borrower-friendly innovations that could impede lenders’ recovery.

Also, while there is now only $40 billion or so of United States leveraged buyout-related loans stuck on bank balance sheets — a sixth of last year’s peak — another overhang threatens. S.& P. estimates that hedge funds and structured investment vehicles hold $50 billion in loans they might be forced to sell.

Dealbook then concludes that this financial crisis may be too risky, even for those known for succeeding in an uneasy market.

Permanent Link: Private Equity Capital

Tags: Private Equity Capital, Private Equity Financial Market, Private Equity Sidelines, Dealbook, Private Equity Industry, Private Equity Boom, Private Equity Decline

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Private Equity Energy

Private Equity Energy

Private Equity Investment in Energy | Biotechnology

A recent article in the Financial Times chronicles the accelerated boom and bust of ethanol in the United States. Many influential people, especially politicians including President Bush, hailed ethanol as a promising step in loosening the United States' foreign oil dependency. As enthusiasm built, private equity investors sunk large amounts of capital into the biotechnology sector, anticipating big returns.

For some private equity firms, investing in Ethanol was an immensely profitable venture, while other private equity firms have lost considerable money in their biotechnology investments. The biggest winner was Morgan Stanley's former private equity arm Metalmark gained a 10-fold return on its 2003 purchase of Aventine after it went public in 2006. Those who, like Metalmark, bought into the alternative energy source early and were smart or lucky enough to sell before the bust made considerable sums. However, the Financial Times reports more losers than winners:

The losers in the ethanol investment frenzy, which some have compared to the dotcom mania of the late 1990s, include famous names, such as Mr Gates, Microsoft founder. His private investment firm has lost millions on its 2005 investment in a company called Pacific Ethanol. Mr Gates's firm, Cascade Investments, did not return calls seeking comment.

Other private equity firms and hedge funds that piled into the ethanol industry in the boom years of 2005 and 2006 have put in a mixed performance. Those who bought into ethanol and sold out at the earliest stages made substantial sums. Metalmark, the former private equity arm of Morgan Stanley, the US bank, reaped a 10-fold return on its 2003 purchase of Aventine when it went public in 2006.

Thomas H. Lee Partners, one of the biggest of the Boston private equity firms, suffered big losses on their purchase of Hawkeye Renewables. It bought the ethanol producer at the peak of the ethanol boom and were forced to stop its planned float after the bust. While there are many factors that forced these private equity firms to lose big, there was some obvious exposure to risk, especially in Thomas H. Lee's case. The firm bought into an ethanol producer in a tough market that FT suggests were already showing warning signs of going bust, most notably the overcrowding of the industry forcing down profits.

The lesson from this for private equity is to exercise extreme caution when buying in on a trend like an alternative energy source. Of course, private equity firms love to be the first investing in the next big thing because that means incredible returns, as was the case with Metalmark. The hard part, like in most forms of investing, was knowing when to get out and those who didn't pull out quick enough lost a lot of money. Private equity investment in ethanol shows both the extreme positives and extreme the negatives of trying to anticipate a new investment. This lesson is especially relevant as private equity energy investment grows and new alternative energy products are released.

Tags: Private Equity Energy, Private Equity Alternative Fuels, Private Equity Ethanol, Private Equity Energy Investment, Alernative Energy Private Equity, Private Equity and Ethanol, Private Equity News

Link to This Resource: Private Equity Energy

http://privateequityblogger.com/2008/10/private-equity-energy.html

Private Equity and Hedge Funds Jobs

Private Equity and Hedge Funds Jobs

Private Equity and Hedge Funds Jobs Resource

Private Equity Jobs is a resource for individuals interested in entering the private equity and hedge fund industry, as well as those existing private equity and hedge fund professionals who want to manage their future and view possible job opportunities. The website was started in March 2008 by a veteran recruiter with over ten years experience in the alternative investment space.


Private Equity Jobs uses a pre-qualifying method on candidates individually reviewing every candidate's background to ensure all community members possess the requisite educational background and work experience that is necessary for a job in the private equity or hedge fund industry. Currently, Private Equity Jobs more than 10,000 of these pre-qualified professionals its database. Private Equity Jobs offers weekly newsletters and job bursts to disseminate relevant real-time industry information, private equity and hedge fund job hiring news and career management tools. Since its inception Private Equity Jobs has hosted both front- and back-office positions, including job postings for Portfolio Managers, Partners, Principals, Quantitative Analysts, CFOs, COOs and Investment Associates.

Future of Private Equity Jobs
  • Private Equity Jobs hopes to launch a monthy webinars and the site is currently composing a compensation survey.
  • Although it has a single site now, Private Equity Jobs hopes to launch at least twenty more within the hedge fund and private equity industry over the next two years.
  • The majority of listings on Private Equity Jobs are based in the U.S. but the site is working to expand its listings of non-U.S. based positions.
In light of the volatile market, Private Equity Jobs now offers a new pricing structure for job postings. Presently, the site offers a 30 day job posting for $199 instead of the previous fee of $350. Non-U.S. based job postings are only $99 for 30 days.

Related Article: Free Private Equity Career Guide

Tags: Private Equity Jobs, Private Equity Jobs Resource, Privat Equity Jobs Database, Private Equity and Hedge Fund Jobs, Private Equity, Hedge Funds, Private Equity Career, Finding a Private Equity Job

Link to This Resource: Private Equity and Hedge Funds Jobs

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Private Equity in the Financial Crisis

Private Equity in the Financial Crisis

How Private Equity Will Survive the Financial Crisis

Private equity has suffered amid the financial crisis, especially in the stable area of private equity, leveraged buyouts. As banks are less and less willing to finance debt for big private equity buyouts, private equity firms are faced with unsettling prospects. A new report shows the challenges facing private equity and how firms are adapting. The report outlines areas of concern as well as opportunities for private equity firms trying to survive the financial crisis.

Private equity surviving through the current financial crisis
  • Improving the Business Model By Diversifying: The economic downturn may well present opportunities to expand into other asset classes. Private equity has shown a trend of growing the business beyond U.S. and European leveraged buyouts into other asset classes and investment areas that could perform better in a poor capital market. Beyond adopting other asset classes, private equity firms will likely take advantage of the failing investment banks by either buying large stakes (even a controlling interest) in banks or hiring talent from the investment banking industry. Taking on experienced staff from investment banking firms can help expand private equity geographically, enabling a profitable entry into emerging markets abroad.
  • Greater Accountability: There is a long-standing critique of private equity that is has very low transparency and accountability to investors. The traditional private equity view on heightened regulation and accountability has been negative because it would likely cut into profits. However, with the investment banking collapse putting a spotlight on corporate responsibility it is likely that private equity will necessarily adapt to increased accountability. Not only toward investors but also the environment. While the push toward "going green" presents some exciting and potentially profitable business opportunities, it also impacts the way companies operate and adds more liability. Environmental responsibility does not appear to be a passing trend, so private equity firms hoping to survive long-term should be more conscious of the environmental impact.
  • Reduce Tax Risk: Global expansion is a way for private equity firms to access new investment opportunities and new investors, but it also presents more complicated tax risks and structural concerns. With new less-developed investment territories come new tax issues such as permanent establishment and beneficial ownership. Additionally, in developed countries tax policy is evolving with new anti-avoidance measures and increased audit activity over transfer pricing and jurisdictional substance. On the other hand, some tax systems may treat firms more favorably and present exemptions and benefits as private equity expands globally.
  • Expanding to BRIC: The rapid growth in Brazil, Russia, India and China have attracted private equity firms hoping to profit from these evolving economies. BRIC present new investment opportunities and the potential private equity firms to profit from the considerable earnings growth prospect in these emerging nations. Understanding the risks and opportunities for each specific country is fundamental for a successful international private equity firm.
  • Long-term Focus: Larger private equity buyout deals tend to have a long-term focus but the small and middle-market deals often have shorter holding periods. An emphasis on long-term structural adjustments and management improvments may help private equity outlast the current poor financial market by improving the current investments until there is greater capital available for new investments.

Report: Seeking Differentiation at a Time of Change

Tags: Private Equity in the Financial Crisis, What will happen to Private Equity in the Financial Crisis?, Private equity future, economic crisis, financial crisis, private equity and investment banks, mortgage meltdown, private equity report, private equity industry future

Link to This Resource: Private Equity in the Financial Crisis

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Hedge Fund Blog | Investment Blog on Hedge Funds

Hedge Fund Blog

HedgeFundBlogger.com | Overview


This is a quick post to introduce my readers to http://HedgeFundBlogger.com. HedgeFundBlogger.com is a 1,000 article deep investment blog which focuses exclusively on hedge funds. This site tracks hedge fund trends, security purchases, news, networking events and offers dozens of educational resources.

Here are some links to the top 30 resources hosted on HedgeFundBlogger:

Hedge Fund Resources:
Hedge Fund Career Resources:
Tags: hedge fund blog, hedge fund blogs, blogs on hedge funds, investment blog, alternative investment blog, alternative investment blogs, blog on hedge fund managers and investments

Link to This Resource: Hedge Fund Blog | Investment Blog on Hedge Funds

http://privateequityblogger.com/2008/10/hedge-fund-blog-investment-blog-on.html

Philadelphia Private Equity

Philadelphia Private Equity

List of Private Equity Firms in Philadelphia | Pittsburgh

Philadelphia attracted a large amount of private equity during the technology boom of the late 1990's and beginning of this decade. But like other technology-based regions, private equity investment fell considerably following the internet bubble's burst around 2000-2002. The emphasis on venture capital and middle-market remains a focus for private equity in Philadelphia.

In 2008, Philadelphia private equity firms have continued the technology trend by investing a lot of capital into Bio-medical and pharmaceutical companies and website-based companies (notably an estimated $13 million to MyYearbook.com). According to the recently published "Money Tree" report, private equity investment in Philadelphia and surrounding cities in Pennsylvania have dropped by about $5 million dollars from this time last year. While this isn't great news, it is not terribly surprising given current market conditions. With its close proximity to private equity centers like Boston and New York, Philadelphia seems poised to become a venture capital and private equity leader.

Similar to articles on other private equity hubs, I am compiling a list of private equity firms located in the Philadelphia, Pennsylvania region.  For a directory of more than 1,000 private equity firms and their contact details follow this link.

List of Private Equity and Venture Capital Firms in Philadelphia
  • Alliance Holdings Inc.
  • Argosy Partners
  • Birchmere Ventures
  • Ben Franklin Technology Partners Southeastern PA
  • Berwind Corporation
  • Brown Brothers Harriman & Co.
  • Context Capital Partners
  • Cornerstone Capital Holdings
  • Edison Venture Fund
  • Element Partners
  • Eureka Growth Capital
  • First Round Capital
  • Gatshead Partners
  • Graham Partners
  • Huron Capital Partners
  • Inverness Graham Investments
  • Liberty Venture Partners
  • LLR Partners
  • Merion Partners
  • Milestone Partners
  • MVP Capital Partners
  • New Spring Capital
  • Pi Capital Group LLC
  • PNC Equity Partners
  • Quaker BioVentures
  • R.A.F. Industries
  • Robinson Venture Partners LP
  • Rosetta Capital Corporation
  • Safeguard Scientifics
  • Spring Capital
  • SR-One
  • Zon Capital Partners
For a database of 1,000+ private equity firms follow this link.

If you would like to have your firm listed please send me an e-mail at Theo@PEblogger.com

*Although this list is comprised of mostly private equity firms located in Philadelphia there are also firms located in other parts of Pennsylvania.

Tags: Philadelphia Private Equity, List of Philadelphia Private Equity Firms, Private Equity Firms List, Philadelphia Private Equity Firms List, Pennsylvania Private Equity Firms, Pittsburgh Private Equity Firms, Philadelphia Venture Capital Firms, Philadelphia Venture Capital, Pennsylvania Venture Capital

Link to This Resource: Philadelphia Private Equity

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Private Equity Jobs

Private Equity Jobs

Private Equity Jobs | Career Resource | Guide

A job in private equity can be both challenging and highly rewarding, which explains the very competitive private equity job competition. So gaining an advantage through articles, advice from professionals and research is increasingly valuable in finding a private equity job. 

One of the best ways to learn more about the industry and advance your career in private equity is to enroll in the Certified Private Equity Professional program.

I am often contacted by young professionals who are eager to get a job with a private equity firm and want to know what it takes to get there. Landing a job in this industry is no simple feat but with the right credentials, a great work ethic and dedication to working in private equity it is possible. I have compiled a free guide to help people interested in working in private equity with some knowledge that I can share as well as other resources that I have found helpful. I will be updating this guide to make it very comprehensive and a great tool for finding a private equity job.

If you are looking for a job, please see our Alternative Investments Jobs or if you would like to have a job listing posted on Alternative Investments Jobs, please e-mail me at Theo@PEblogger.com

Private Equity Job Opportunities

Private Equity Jobs Guide

Tags: Private equity jobs, private equity job, private equity jobs guide, guide to private equity jobs, private equity career, private equity careers, private equity, private equity resume, getting a job in private equity

Link to This Resource: Private Equity Jobs

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Private Equity Advertisement | Advertising with Private Equity Blogger

Private Equity Advertisement

Now Accepting Private Equity Advertisements


Private Equity Blogger is happy to announce that we are now open to relevant, targeted advertising options for this Private Equity website. These options include--but are not limited to--private equity advertising profiles and articles. However, we ask that all advertising be related to private equity.

This blog has grown to host hundreds of articles with over a thousand readers visiting the website each day and a quickly expanding network of private equity professionals. If you would like to learn more about this site or if you would like to set up an advertisement on this private equity blog, please e-mail Theo O'Brien at Theo@peblogger.com

Examples of Private Equity Advertising Options
  • Press Release Publishing
  • Service Provider Listing
  • Site Sponsorship - (120 x 30 banner ad on all pages)
  • Sponsored Niche Article Publishing (Search Engine Optimized)
Theo O'Brien
Advertising Questions: Theo@peblogger.com
(970) 316-2564



Tags: Private Equity Advertisement, Private Equity Advertisers, Private Equity Ad, Private Equity Sponsorship, Private Equity Sponsors, Private Equity Advertise, Private Equity Advertising

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Leveraged Buyouts

Leveraged Buyouts

Leveraged Finance for Private Equity Buyouts | LBOs

Leveraged finance has been a key resource for private equity as many deals use leverage to purchase companies that would otherwise be impossible to acquire. Many of the major private equity deals were financed primarily through debt, with the percentage of leverage sometimes being as high as 90% but typically in the 60-70% range. Leveraged buyouts have been very popular for most of this decade until the global credit crunch which has largely restricted the amount of leverage offered for LBOs.

How Leveraged Buyouts Work

Leveraged finance in private equity has its positives and negatives. Principally, the benefit is that private equity groups can acquire majority shares without first having the necessary capital; the negative is the risk involved in such a deal, financing a deal using a large amount of debt has an inherent risk that the deal will not be successful and the buyer is faced with having to pay off the loan. Often the private equity buyout uses the assets of the company it is acquiring as collateral for obtaining the loan. For this reason, leveraged buyouts (LBOs) have attracted a lot of criticism in the investment community, but these types of deals are still made and often times a successful leveraged buyout provides impressive returns to investors. Below is a graph from a report on leveraged buyouts by the Committee on the Global Financial System that shows how the typical leveraged buyout is structured (it's a little fuzzy but hopefully not too hard to read.)


The leveraged buyout firm usually repays the deal sponsors in three to seven years depending on the arrangement, and there are different ways in which the LBO firm repays this debt. Options for repayment include: dividend recapitalization, selling the acquired firm to other private equity firms or alternative buyers, or through an initial public offering (taking the company public through a stock offering). In this decade, there has been a noticeable resurgence in the popularity of leveraged buyouts; global leveraged buyout fund-raising increased from less than $100 billion in 2004 to more than $200 billion in 2007.

Advantages of Leveraged Buyouts

Leveraged buyouts have provided high returns to investors who are open to the element of risk that is present in financing deals through leverage. Beyond the aspect of returns to investors, private equity firms that acquire a controlling interest in a company are often able to improve performance by providing a heightened level of management oversight and improved corporate governance. Private equity investors enjoy greater freedom from SEC regulation than investors in public companies, and they use that freedom to sometimes actively manage the company. The methods by which the private equity backer will improve a company are direct oversight of management by the private investors, using pay-for-performance incentives for managers and addressing structural problems that eat away at profits.

Another benefit for a leveraged buyout of a public company is the reduction in inefficient use of free cash flows. Often managers of public companies that gather large operating profits but are unable to find good investment opportunities will be motivated to dump the money into low-return projects instead of returning the profits to investors. A firm acquired in a leveraged buyout will put that money toward debt repayment. Lastly, firms bought through an LBO tend to focus on the long-term because there is little pressure to provide short-term profits. Many view this as a benefit of leveraged buyouts because it allows for structural changes and long-term profit producing changes.

Leveraged Buyouts in a Bad Market

The mortgage meltdown has made leveraged buyouts very difficult as they rely on sizable loans which the investment banks are not as willing to offer now. The banks tightening the purse-strings has forced buyout firms to either scale back the size of their investments or seek other sources of capital. While leaders of top private equity like Steve Schwarzman and David Rubenstein have been optimistic this week over the return of leveraged buyouts, Bloomberg reports "Announced transactions by leveraged buyout firms have dropped more than 70 percent so far in 2008 from the same period a year earlier." Private equity firms hope that the injection of capital back into the banking system by the federal government will help solve some of the illiquidity in the market and revamp leveraged buyouts.

Tags: Leveraged buyouts, LBOs, LBO, Leveraged buyout definition, leveraged buyout, what is a leveraged buyout, benefits of leveraged buyouts, leveraged finance, What is an LBO?, Private Equity leveraged buyout, Leveraged buyouts news

Link to This Resource: Leveraged Buyouts

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Private Equity Future

Private Equity Future

Clues of Private Equity's Future from Jack Perkowski

Like most people, I have been anxiously following the recent financial developments, but especially in regards to private equity. The financial crisis has made it increasingly difficult to make predictions of the future of private equity; with so much chaos and fluctuation in the market there have been conflicting guesses as to private equity's future. Today, I found a great insight into what the top industry leaders are thinking through Jack Perkowski's blog Managing the Dragon.

Mr. Perkowski is a highly successful businessman in China and author of Managing the Dragon and he recently spoke at the SuperReturns conference along with big private equity names like David Rubenstein and Steve Schwarzman. Jack Perkowski reveals some points made at the event that found a general consensus among the private equity leaders speaking. I believe that these points provide some clues to the future of private equity from the best in the business:

  • Long Recovery: No one thought that the recovery from the current financial crisis would be quick. In fact, approximately 90 percent of the attendees thought that it would take three years or more for financial markets to recover to their 2007 highs. Of these, 38 percent thought it would take more than five years. Most felt that the United States and Europe, in particular, were in for long and nasty recessions.
  • Traditional PE Business Models Won’t Work: The days of using financial engineering (high leverage, “covenant light” debt and arbitraging higher exit multiples) to generate returns are gone. With the consolidation of the banking industry globally, there are fewer lenders today than there were yesterday, and the ones that are still standing have opportunities to buy existing debt in good companies at substantial discounts to their face values. While cost cutting can improve profitability, companies cannot cost-cut their way to prosperity. Therefore, the premium is on growth as the way to generate acceptable private equity returns in the future.
  • Minority Interests and Buffet: Traditionally, PE firms have taken control positions in companies and have generally shunned minority investments. In this turbulent financial world with debt financing scarce, the head of a major global PE firm expressed the view that minority interests and “buy and hold” strategies might become more prevalent, specifically citing Warren Buffet’s recent strategic investments in General Electric and Goldman Sachs as examples of what the future might hold. Following on this point, the moderator remarked that when Warren Buffet was asked to explain his strategy for determining when and under what circumstances to sell a company, he responded by saying: “I don’t know. I’ve never sold one.”
  • Emerging Markets versus Developed Markets: As readers of MTD know, the term “emerging markets” was coined by my friend, Antoine Van Agtmael http://managingthedragon.com/index.php/2008/09/28/2008-world-business-forum/ in the early 1980s. It now refers to about 200 countries—essentially all of the countries in the world outside the United States, Canada, Western Europe, Japan and Australia. A head of one of the major global firms thought that the term “emerging markets” had outlived its usefulness because it was now so broad. For example, lumping the countries of China and Chad into one category is not terribly meaningful. In the words of this individual, the term “developed markets” should be changed to “submerging markets.” More than anything, that remark characterized the views of the conference.
  • Places to Avoid Investing: Europe and commercial real estate, anywhere.
  • Highest Future Returns: Approximately 60 percent of the participants thought that the best returns over the next five years would come from the Asia and India region. While the current credit crisis would lead to recessions in many countries, most felt that it would merely slow the growth rates in China and India. In this context, the current crisis might actually be a blessing in disguise for China by providing an opportunity to cool down the overheating of the economy experienced in 2007.

-Managing the Dragon


Tags: Private Equity Future, Private Equity Future Outlook, Private Equity Industry, Private Equity and the Financial Crisis, The Future of Private Equity, jack perkowski, Private Equity Outlook

Link to This Resource: Private Equity Future

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Private Equity Media

Private Equity Media

Private Equity Investing in Media

Investing in the media can be both very profitable (as evident in the rise of internet media companies) and very risky (as is the case with private equity bids for major print-newspapers.) The incredible rise of the internet and mobile media has transformed the media industry and private equity firms are quickly recognizing the importance of the new media. Here is a great article, although a year or two dated, that considers private equity investment in media.

A recent example of media buyouts is the possible bid for Virgin Media by private equity firms the Blackstone Group, Cinven, KKR and Providence Equity. Estimates of the bid's value range from $6 billion to $7.5 billion. Venture capital funds invested significant capital into emerging technology and media firms, most notably during the dot-com bubble. The collapse of many of those venture capital-backed media and technology-based companies when the bubble burst reveals the risk to these private equity investors.

Internet and technology-based media is not the only form of media attracting private equity, there have also been numerous bids and executed buyout deals of major print newspapers. The evolution of internet and cable news has led to a general decline in print media, leaving many newspapers open to private equity acquisitions.

On October 13th 2008, Scott Sperling co-president of Boston private equity firm Thomas H. Lee Partners was asked about his firm's recently removed bid for the Knight Ridder newspaper chain. Sperling explained that newspapers were just too expensive and said of the major decline in print newspapers' revenue "I would have predicted a lesser decline than what we’ve seen… We were probably too kind in our assessment of the industry three years ago.” His most telling remark was his reply when asked if he reads the Wall Street Journal's hard copy, he admitted "Sometimes," to laughter from the crowd.

The major driving force behind private equity firms purchasing print-newspapers seems to be the potential for developing and implementing a more current news model that heavily incorporates video and internet resources. For example, the New York Times is adopting a format that is more techology-based, even adding several popular blogs, while still maintaining its journalistic reputation. Despite such turnaround efforts by the traditional newspapers, the new media sources have appear to have the upper-hand in attracting private equity.

Read full story on Thomas H. Lee and Knight Ridder

Permanent Link: Private Equity Media

Tags: Private Equity Media, Private Equity and the Media, Private Equity Media Investment, Media Takeovers, Media Mergers, Media Acquisitions, Mergers and Acquisitions of the Media, Media Buyouts, Media Buyout, Private Equity

Link to This Resource: Private Equity Media

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Private Equity in India

Private Equity in India

Value of Private Equity Deals in India Drops

India private equity has been developing impressively over recent years but September proved to be an indicator that even India is not immune to the struggling global market. Venture Intelligence reveals that the value of private equity deals in India fell by 28% in the period of July to September compared to last year at this time. While the number of deals completed stayed almost exactly the same as last year's number, the value fell to $3 billion compared to $4.2 billion at the same period last year.

Reuters reports further on the fall in India's private equity deals:

A stock market slump also dried up deals ahead of initial public offers, Chief Executive Arun Natarajan said.

There were six deals of more than $100 million each, with JPMorgan’s $250 million investment in coffee shop chain Cafe Coffee Day, topping the chart, he said.

In comparison, there were nine deals in the year-earlier period of over $100 million, with the top being a $700 million transaction.

“The pre-IPO market has dried up,” Natarajan said. Pre-IPO placements of shares and buyouts together comprised about 8 percent of total private equity investments in India in 2007, he said.

Total investments in the first nine months of 2008 stood at 330 deals worth $9.7 billion, against $9.5 billion invested across 296 deals in the same period of last year, Venture Intelligence said.

Private Equity Blogger articles related to India Private Equity:
India Private Equity Boom Overview
List of India Private Equity Firms

Tags: Private equity in India, Private Equity India, Private Equity Investment In India, India's Private Equity, Private equity report India, Private Equity and India, India Private Equity Investment

Link to This Resource: Private Equity in India

http://privateequityblogger.com/2008/10/private-equity-in-india.html

Acquisitions and Mergers

Acquisitions and Mergers

Strategies for Successful Acquisitions and Mergers

Acquisitions and mergers can bring big profits to companies but all-too often this is not the case because acquirers fail to notice some key problems that could be avoided. I recently read a relevant article on some common pitfalls for mergers and acquisitions that lead to big losses and big wastes for both parties involved. Today's post focuses on some of these problems and simple resolutions that can lead to successful mergers and acquisitions. The following issues are especially relevant to private equity groups in acquisitions.

Problems and Solutions for Company Acquisitions and Mergers
  1. Poor Match: There have been many mergers and acquisitions that have failed because the companies simply don't match; either operationally 0r strategically, and sometimes because the products and services of the companies are too different. When a company strays outside of its territory it can sometimes lead to poor performance. So, when considering a merger or acquisition, be realistic of the weaknesses and difficulties in taking on the other company.
  2. Give the People What They Want: A common problem in mergers and acquisitions is that the acquirer brings on the other company's staff but assumes that they will work as productive and contently in your completely different work environment. Different firms have different work environments and cultures that you should be sensitive to in a takeover. Taking into consideration the factors that make these professionals productive could save you some two week's notices and hopefully improve your company as a whole.
  3. Conducting Strict Due Diligence: Due diligence is a crucial aspect of Mergers and acquisitions, and if performed rigorously it saves a lot of time and trouble by catching potential issues and problems early. Conduct this process to the greatest degree possible but know that there are some problems that come up unexpectedly regardless.
  4. Betting the House: The implicit hope in a merger or acquisition is that it will benefit your company, but many deals end up hurting the acquirer. An example could be a high-growth rate company taking on a steady but slow-growth rate company, which could slow down the high-growth company and have a negative impact on business and profits. The idea is to be careful that conducting a merger or acquisition won't end up negatively impacting your firm's success. Another problem for your company could be simply betting too much on the success of the merger or acquisition, to the point that even a moderate failure can end up really hurting your firm. The typical case of this is a leveraged buyout that uses too much debt so that anything but a highly profitable success ends up costing the buyer more than it makes from the merger or acquisition.
  5. You Gotta Give a Little...Or a Lot: An acquisition is typically a major deal that requires the acquirer to give a large amount of resources in order for the acquisition to be beneficial. Don't think of it as sacrificing your resources, think of it as re-investing in your company because it's really adding value to a company that you are very much invested in. So adequately allocating resources for every stage of the deal is connected to, rather than separate from your business--from due diligence to structuring the deal to incorporating the firm into your company.
Both acquisitions and mergers are consuming and require a lot of investment from a company for it to be successful. These tips will help you toward an acquisition that benefits both parties involved and ultimately creates a better business.

Source: Bruce R. Evans is the Managing Partner at Summit Partners' Boston office. His article offers key points of success and failure in Mergers and Acquisitions.

Permanent Link: Mergers and Acquisitions

Tags: Mergers and Acquisitions, Mergers and Acquisitions Information, Corporate Mergers and Acquisitions, Mergers and Acquisitions of companies, Acquisitions and Mergers, Merger and Acquisitions, Private Equity Mergers and Acquisitions

Link to This Resource: Acquisitions and Mergers

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Middle East Private Equity Conference

Middle East Private Equity Conference

Dubai Private Equity Event Hosts Prominent Speakers

The Intercontinental Hotel in Festival City, Dubai will host some of the biggest names in private equity for the SuperReturn Middle East event. The prominent private equity speakers include the president and CEO of Investcorp, David Rubenstein of the Carlyle Group and Steve Schwarzman, the co-founder and CEO of Blackstone. Mr. Long said of the conference:
"We are delighted to be a principal partner of such a prestigious event. SuperReturn is the definitive private equity forum. Its success and standing in Europe is now being replicated here in the Middle East at a time of increasing excitement and opportunity for the local private equity industry."
The conference is sponsored by Investcorp, Gulf Capital, HGB Holdings, and Middle East private equity firm Ithmar Capital and Thomas H. Lee Partners located in the U.S. The conference takes place Sunday, Oct. 12 until Wednesday, Oct. 15. For more information click here.

If you'd like to know more about the trends and development in the Middle East, here is a video of the World Economic Forum in the Middle East 2007, again David Rubenstein is a distinguished speaker here.



Hopefully, this conference will be put online, it should be a great opportunity to learn more of the future of Middle East private equity.

Permanent Link: Middle East Private Equity

Tags: Middle East Private Equity, Middle East Private Equity Video, David Rubenstein, Steve Schwarzman, Middle East Private Equity Conference, Middle East Private Equity Event

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