Performance analytics all PE firms should have

MJ Hudson recently acquired Oliver Gottschalg’s fund performance analytics firm PERACS. You can read more about it here. To be blunt, Oliver’s work is damn impressive. It is the first time I have encountered someone that can distil alpha down into something a lot more useful and understandable. He takes out the market bias, the…

GP stakes investing: Part 1 – taking private equity exposure to the next level

An investor looking for exposure to alternative assets generally invests in alternative investment funds and may also co-invest in the funds’ portfolio companies. But a third option has hove into the public spotlight in the last decade: investing in the fund managers themselves. This is a relatively new and fast-growing part of the asset class…

Leveraging your acquisition: The devil in the detail

In this articlet we look, from a borrower’s perspective, at 10 potential flashpoints with lenders that can arise when leveraging an acquisition. When borrowing to fund an acquisition, leveraged loans have long been an active and robust asset class given the available liquidity in the market and the returns such loans can generate for lenders…

Private equity fund terms: What’s changed?

MJ Hudson regularly surveys the terms of private equity and venture capital fund agreements (where we are acting for either the fund manager or prospective investors) to get a sense of how private fund terms are evolving. Following is a digest of key findings from our analysis of a large, diverse sample of funds that…