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…

Private equity: are we nearing a peak?

For investors facing unrelentingly low interest rates, private equity has been one of the best performing asset classes in the last six to seven years. According to Bain & Co’s most recent annual report on private equity, on a worldwide basis, private equity fund distributions have exceeded contributions every year since 2011; on average, investors…

Carried interest – going beyond ‘two and twenty’

Carried interest is believed to have originated as long ago as the fourteenth century, in Renaissance Italy. Land-based merchants would commission ships to export their merchandise to ports around the Mediterranean, with the ship’s captain and other crew members receiving an “interest” in the profits earned from the cargo that they carried. Today, carried interest…

The long game: The emergence of long-life funds

The traditional private equity fund model is a 10-year partnership between manager and investors, with an average investment holding period of three to five years. But as the industry matures, it is experimenting with variations on this theme from evergreen funds to long-life funds. Evergreen funds do away with term limits altogether – they aim…

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