Toby Mitchenall is the Senior Editor for private equity at PEI Media. He is responsible for and regular contributor to the private equity coverage across Private Equity International, Secondaries Investor and private funds management and is based in PEI’s London office. Toby was previously a consultant advising private equity firms on marketing and public relations.
The Euronext-listed vehicle funded $77m-worth of debt purchases last year and saw a growing number of annex funds being raised. The firm also saw its NAV drop by 28% and said earlier this week it will cease making new commitments.
A proposed European directive differentiates between private equity and hedge funds, but has sparked concern among the European mid-market that managers and portfolio companies will be burdened with ‘costly and unwarranted’ reporting standards.
British Chancellor Alistair Darling announced plans for a £750m Strategic Investment Fund in today’s budget, which the UK’s private equity and venture capital trade body says is 'reminiscent of the 1970s'.
The troubled buyout firm has created the position of general counsel. Philip Price, who fills the role, was formerly the head of operations for SRM Global, a hedge fund group that sued the UK government over the Northern Rock crisis.
Terra Firma is splitting its chairman and CEO roles, with Terra Firma veteran Tim Pryce taking on the day-to-day running of the business. Hands’ responsibility will cover investors, investments and strategy as the group’s chairman and CIO.
The UK buyout house has booked a €1.3bn impairment – half the value of the equity investment – on the 2007 deal. It will also return €80m of carry to investors, because according to chief executive Guy Hands, 'our investors have suffered and therefore our rewards should suffer'.
Europe’s private equity industry has submitted a 300-page document to the European Parliament to begin a debate on industry regulation without ‘political colour’. An enforced code of conduct has become a necessary step, according to EVCA secretary general Javier Echarri.