Secondaries

Even before the financial markets went off a cliff, we at PEI Manager found ourselves writing the word “granular” a lot. This usually came in the context of our reporting that LPs demand more granular detail from their GPs.

Swiss alternatives firm Capital Dynamics will augment its fund of funds platform by assuming management of HRJ’s $2bn in assets. The US fund of funds was reportedly burned by its over-commitment strategy last year, causing it to breach debt covenants and seek secondary sales.

Candover Investments has entered talks with interested parties on 'a range of options', including a possible takeover. The listed fund, which approached The Blackstone Group as it explores its options, has seen a 90% decline in its share price since its high last September.

Fresh from raising nearly €1bn for its eighth mid-cap fund, the French private equity firm is aligning itself to take advantage of market dislocation. It is also raising its third small-cap fund.

The listed Permira investor, which is now 20%-owned by Coller Capital, saw two-thirds of the book value wiped off its portfolio during 2008. Chief executive Andrew Williams has stepped down.

CVC, Hellman & Friedman, Welsh Carson, Advent and Actis are among the industry veterans to have won awards in the highly regarded Private Equity International Awards 2008.

Contestant: Tim Smith, CFO, Coversus Capital, Charlotte, North Carolina. How does an LP value its new stake in a fund to which it already has a commitment, and which was purchased on the secondary market? How does the secondary purchase impact the carrying value of the LP's original fund investment?

A new alliance between Clifford Chance and top Indian law firm AZB comes as moves toward liberalisation of India's legal industry gain steam

Industry practitioners and corporate veterans want to fine-tune the leadership skills of charity chiefs

Guy Hands’ firm has avoided shrinking its €5.4bn third fund by buying out three cash-strapped LPs at ‘a small premium’.