News & Analysis

Sir David Walker’s report on transparency and disclosure has encouraged UK industry body, the BVCA, to name, shame and expel non-compliers with his proposed code.
UK industry body the British Private Equity and Venture Capital Association (BVCA) is bowing to pressure to be more transparent. The BVCA’s chief executive Simon Walker said the self-regulatory proposals were tough but necessary.
Fortress reported a loss of $38 million for the third quarter, though it managed to avoid subprime-related losses, raised revenue by 80 percent and grew private equity assets under management by 60 percent.
Congressional interest in private equity-owned nursing homes remains high, as two committees in the US House of Representatives have now said they will hold hearings on the subject.
PCG spin-out StepStone will manage the State of Wisconsin Investment Board’s specialised private equity fund investments.
The search for a new chief executive has ended with the appointment of Simon Walker, a communications specialist and one time secretary to HM The Queen. He is also an adviser to the government on red-tape reduction.
StepStone, a San Diego area advisory firm founded by three ex-PCG executives including its former president, has hired PCG’s former head of research, Jay Rose. Rose is the sixth former PCG employee to move across town to StepStone.
UK buyout firm Electra Partners has agreed a £52 million take-private bid for listed fund manager Premier Asset Management, and appointed an outside non-executive director to its board.
US buyout giant Kohlberg Kravis Roberts has asked shareholders to invest a further $500 million in KKR Financial, its real estate investment arm, to offset difficulties caused by troubles in the US mortgage market.
Apollo will reportedly become the second major alternative asset manager to list a portion of its management company on Goldman’s private exchange. The private float is expected to follow sales of minority stakes to Abu Dhabi and possibly CalPERS.

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