[tweetmeme source=”mattcg” service=”bit.ly” only_single=”false”]
Earlier this month I had the honour and pleasure to be invited onto a panel at the 6th Annual Private Equity Forum at my alma mater. The panel sought to address how LPs had been affected by the financial crisis and, not being a Limited Partner myself, I thought it prudent to ask some, beforehand. If you were one of the 60 institutional investors into private equity that responded to my questionnaire, many thanks!
In any case, and as my colleagues predicted, there was no real need to call upon the research findings during the event. But some of the findings were so intriguing that I wanted to share them with you. I hope you find them as interesting as I did.
The link below will take you to a summary of the results.
People prefer performance, and that will never change, but we found that many LPs had already ditched managers that they felt had not been communicating with them sufficiently well and some found that misalignment of interests between LP and GP (shock! horror! such DO exist!) had become more apparent during the crisis.
There’s much, much more in the full report, so I hope you will take the time to dive in. If you have any questions or comments, you know where to find me!
How solid is it /
Selling gas to get liquid? /
Don’t get in a state!
Biffa is supposedly trying to transform into a company that turns waste into energy, so why sell a division that does just that? Maybe LPs need distributions…not that distributing money to LPs is necessarily a bad thing, of course!
Of course, landfill gas collection is only a viable business as long as there are landfills producing gas. Given that landfills are increasingly unpopular with government and the general public and that collection of gas is only really viable for 20 years or so from each site, this is a pretty smart way to return some cash to invetors with out too adversely affecting the resale price of the business.
The Apax team had brought with them a crate of sandwiches, which they were looking to flog to the excited and hungry denizens of IE Consulting towers and our cohorts at Unquote” for the benefit of Great Ormond Street Hospital and the poorly lads and lasses it serves.
Well done Apax for putting in some personal effort to raise money for such a good cause. Not so well done on the quality of the sandwiches…I’m looking forward to Bridgepoint trying the same thing…