THE ANNUAL REVIEW 2010 - PEI Media

Capital purSuit!
Putting the fun back into fundraising
to the victor go the spoils
Welcome to capital Pursuit, a board game devised by PEI to reflect some
of the highs and lows of private equity fundraising today.
The game is easy to play. All you need is a die, some small change to act
as markers and your friends. There’s no limit on how many fund managers
– or investors – can play.
Roll the die to determine who goes first. The player with the highest score
starts proceedings, the second-highest score goes second and so on.
When landing on a square, read the message within it to determine whether
you are fortuitous enough to advance forward, unlucky enough to be forced
backwards or have been forced to miss a go by a certain turn of events.
If you find yourself on a photograph, stay put, you’ve earned a
well-deserved break.
However you fare, fortune favours the brave, so get fundraising.
You allowed your LPs to
reduce their commitments by
10% at the height of the crisis.
They now have extra cash to
deploy and are choosing you
aDVaNCE 4 SpaCES
A spike in oil prices boosts
the coffers of certain
sovereign wealth funds that
are interested in investing in
your fund.
aDVaNCE 5 SpaCES
Stock markets crash creating
denominator problems for
several of your key LPs.
GO BaCK 4 SpaCES
Rather than re-up into your
blind pool fund, an existing
cornerstone investor asks
you to manage a separate
account instead.
GO BaCK 4 SpaCES
FirSt
close
Start
The Fed and the Euro
Central Bank both indicate
low base rates for the next
18 months. LPs loosen their
purse strings.
aDVaNCE 3 SpaCES
You hire a placement agent
with global reach. You quickly
begin to accrue capital (and
air miles!).
aDVaNCE tO
1st ClOSE
Your opportunistic investment
in distressed mezzanine
debt is regarded by your LPs
as style drift. They are not
impressed.
GO BaCK 3 SpaCES