THE ANNUAL REVIEW 2010 - PEI Media

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page 20 private equity annual review 2010 s to r i e s o f t h e y e a r j a n | f e b | m a r | a p r | m a y | j u n e | j u ly | a u g | s e p | o c t | n o v | d e c e u ro p e a n t r a d e b o d i e s Leaving lobbyists As debate around the AIFM directive drew toward a conclusion, two prominent trade body members decided to step down from their posts Two years of rugged debate over the European Union Directive on Alternative Investment Fund Managers had the unintended consequence of transforming the European Private Equity and Venture Capital Association into a unified lobbying force for the industry. In June, the association’s long-time secretary general Javier Echarri said he would step down from his post before the end of the year. Echarri had been at the helm of the organisation since 2000. In a letter to contacts, he said the organisation had not achieved “everything that we set out to gain” in lobbying on the AIFM directive, but that it had “succeeded in having many of the most egregious proposals excluded”. He also praised 3i Group’s Jonathan Russell and Apax Partners’ Richard Wilson – two former chairman of EVCA – for “pulling the whole industry together to speak with a single voice over the past three years”. Echarri’s replacement would be unveiled later in the year as Dörte Höppner, the then head of the German private equity association BVK. Also in June, Wilson vacated the EVCA chair, making way for Uli Fricke, cofounder Echarri (left) and Höppner: EVCA’s changing guard and chief executive officer of the Triangle Group. An incoming Fricke said the AIFM poses ongoing challenges to the industry as a whole, but that EVCA was also looking ahead to tackle other issues on the table such as Solvency II, which could limit flexibility of LP investments in certain private equity funds. Later on in the year it would emerge that a replacement was being sought for Simon Walker, chief executive of the British Private Equity & Venture Capital Association. Walker, who has consistently worked to dispel criticism of the industry in the UK, indicated that he would be stepping down at some point in 2011. He was replaced by former Doughty Hanson pricipal Mark Florman ■ Dubai’s private equity retrench DIC’s woes prompted a parental takeover Dubai’s private equity retrench may be far from over. In mid-December 2009 Dubai International Capital, the private equity investment arm of Dubai Holding, was in earnest talks to negotiate the refinancing of $2.6 billion in debt, half of which matured at the end of November. In June 2010, it emerged that DIC was effectively rudderless following the dissolution of its board and the exit of the board’s non-executive chair, Sameer Al Ansari of SHUAA Capital. The changes put DIC under the direct control of its parent group Dubai Holding, which is currently looking to restructure $12 billion in debt of its own. By December the situation had eased for the private equity unit. A committee negotiating on the behalf of its lenders, which together holds 67 percent of the debt value, recommended the wider lending group accept a debt extension plan for up to 6 years, with $2 billion of the loans to receive a 2 percent cash interest coupon in exchange. ■ Dual deals renew PAI A long-standing name in European private equity returned to action In a signal that the “shake out” of the private equity industry may not be as severe as once thought, PAI Partners, a firm considered to be on the verge of implosion during 2009, returned to deal mode with a deal double. A spokesman for the firm described it as a return to “business as usual”, as the firm agreed to buy a majority stake in Cerba, a Franceheadquartered clinical laboratory business currently owned by IK Investment Partners, another European private equity firm. The investment in Cerba was inked just a week after the IPO of CHR Hansen, a biosciences firm PAI took private in a 2005 deal that valued it at around €1.1 billion. The IPO raised proceeds of DKK3.2 billion (€430 million; $513 million) for the company and gave the business a market capitalisation of DKK 12.4 billion. PAI retained a stake of 59.6 percent. The return to the business of making and exiting investments follow a turbulent year for the firm. The shock departure of chief executive Dominique Megrét in September, and his replacement with Lionel Zinsou, led to a protracted period of negotiation – during which the fund’s investment period was suspended – while LPs debated what should become of the €5.35 billion fund. Ultimately the fund had been slashed to €2.7 billion. ■
INSIDE THE LIMITED PARTNER A COMPENDIUM OF INVESTOR ATTITUDES TO PRIVATE EQUITY Getting to the heart of limited partner thinking: • Incisive fundraising intelligence summarised from PEI’s research into over 3,400 active private equity investors • Interviews with key industry professionals, including CalSTRS, Pantheon and SVG • Results from an extensive institutional investor survey on due diligence • In-depth chapters on investor activity, written by leading organisations such as Allianz, Capital Dynamics and Probitas Partners • Summary of an investor roundtable, covering the ILPA private equity principles, as well as other top issues For further details please visit www.peimedia.com/insidelp Order your copy today: Online www.peimedia.com/insidelp Phone +44 (0)20 7566 5444 Email fran.h@peimedia.com
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