THE ANNUAL REVIEW 2010 - PEI Media

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Your firm becomes the
target of a sustained
attack by labour unions
and the press. Miss a turn
while new LPs consider
the reputational risk of
committing to your fund.
Your firm suffers sizeable
write downs in its past two
funds, prompting new LPs to
reject making commitments.
GO BaCK 5 SpaCES
An existing fund suffers a
claw-back, but you pay back
the capital gross of taxes
paid. Your LPs are extremely
impressed.
aDVaNCE 3 SpaCES
You’ve gone PRI-compliant,
pleasing heavyweight
European
and US LPs.
.
Can you believe it? One of
your key executives quits midfundraising
to join a rival.
An in-kind distribution you
foolishly made in
2007 is now worth 20%
of its distributed value.
Your LPs are livid.
aDVaNCE 1 SpaCE
rEturN tO Start
GO BaCK 2 SpaCES
Your LPs are pushing you on
terms, and your fund’s dealby-deal
carry provisions look
to be under threat.
Your key US public pension
LPs ban the use of placement
agents, restricting your
fundraising capabilities in the
process.
Several Australian
superannuation funds really
like your strategy and they’re
sharing notes with their
peers.
GO BaCK 2 SpaCES
GO BaCK 3 SpaCES
aDVaNCE 1 SpaCE
You invest in a new IR team
that includes a politics
veteran. Your LPs are charmed
beyond reason.
aDVaNCE 5 SpaCES
One of your largest existing
LPs is shifting
to direct investments.
GO BaCK 2 SpaCES
You have plenty of dry
powder, but the risk-adjusted
returns in your target
market are not compelling.
Stay put until the market
improves.