News & Analysis

Below is an excerpt of a letter sent recently by Howard Marks to investors. Marks is the chairman of Los Angeles-based alternative investment giant Oaktree Capital Management, which has a strong focus on the debt markets. In the letter, Marks lays out his analysis of the ongoing credit crisis and the role that mark-to-market accounting has played in it.

Unless more responses to Sir David Walker's UK transparency review imitate Terra Firma's informative report, the process risks resembling a PR exercise.

Lifeblood liaisons 2008-05-01 Staff Writer One hears much these days about how things are different in the deal market. For starters, debt is more expensive, less available, and if you do get any it's not nearly as sponsor-friendly. Returns will not come from financial engineering but from hard work on the o

Breaking down Blackstone 2008-05-01 Staff Writer <tr><td></td><td></td><td colspan="2"><b>Year Ended December 31</b></td><td></td><td></td><td>(Dollars in thousands)</td></tr><tr><td></td><td&

In an unusual move by a private equity firm, Dutch house AlpInvest Partners hired Peter Cornelius as in-house economist in 2005. Before joining AlpInvest, Cornelius was the group chief economist of Royal Dutch Shell, director of the World Economic Forum's Global Competitiveness Programme, head of international economic research at Deutsche Bank and a senior economist with the International Monetary Fund. Cornelius is based in Amsterdam and reports to AlpInvest managing partner Wim Borgdorff. AlpInvest has more than €30 billion in commitments to funds, secondaries, direct and co-investments.

The UK's Companies Act 2006 presents new challenges for directors' duties, particularly when dealing with private equity bids.

In the US and Europe, GPs are facing pressure to disclose more, which is changing the rules of investor relations.

LPs moan about standards, transparency and timeliness, but investor relations practices will not change so long as GP services are in high demand.

GPs have a wealth of choices among web-based reporting systems which are fast becoming the standard for delivering information to investors.

When placement agents and in-house investor relations pros work together, there are plenty of chances to step on each other's toes. Collaboration goes smoothly when both sides play to their strengths and define boundaries.