The private equity industry is at a cross-roads. In the easy money years between 2004 and 2008, it was awash with investment, debt was easily obtained and some rash, over-leveraged deals were done by the so-called 'mega buy-out' funds. Today, fund managers are dealing with the legacy of those years, while also figuring out how best to attract new investment and make attractive returns in the age of deleveraging. Many firms are succeeding, some spectacularly, in both developed and emerging markets. Some have developed innovative new business models, while others have reinvented the old. This book contains exclusive interviews with the leaders of some of the world's most successful and innovative funds. These include US growth investors Steve Klinsky of New Mountain Capital and Ajit Nedungadi of TA Associates, Britain's controversial turnaround specialist Jon Moulton (Better Capital) and innovative backer of entrepreneurs, Wol Kolade, Niten Malhan of Warburg Pincus' Indian operation, Derek Sulger, an Anglo-American who transitioned from founding businesses in the country to backing indigenous entrepreneurs, pan-emerging market specialist Actis and innovative investors in Africa and the Middle East such as Citadel Capital's Hisham El-Khazindar and Abraaj Capital Limited's Mustafa Abdel-Wadood. These in-depth interviews tease out issues such as how private equity managers can best create enterprise value and out-perform public markets without returning to pre-crisis levels of leverage, techniques for differentiating a firm's capital, the sustainability of private equity in emerging markets, the role of the industry in low-income countries and alternatives to the established limited partnership governance model. The Future of Private Equity: Beyond the Mega Buy-Out is essential reading for anyone working in or with the private equity industry, anywhere in the world.
Introduction PART I An Industry at a Crossroads Jon Moulton, Chairman, Better Capital LLP Nick Ferguson, Chairman, SVG Capital John Hess, Chief Executive Officer, Altius Associates Limited Jeremy Coller, Partner and Chief Investment Officer, Coller Capital PART II Developed Markets Ajit Nedungadi, Managing Director, TA Associates L.P. Steve Klinsky, Managing Director, Founder and Chief Executive Officer, New Mountain Capital Wol Kolade, Managing Partner, ISIS Equity Partners Matthew Collins, Founding Partner, Hutton Collins Garry Wilson, Managing Partner, Endless LLP PART III Emerging Markets Derek Sulger, Partner, Lunar Capital Management Niten Malhan, Managing Director, Warburg Pincus LLP Martin Escobari, Managing Director, Advent International Mark Goldsmith, Director and Head of Environmental and Social Governance, Actis Rod Evison, Managing Director, Africa, CDC Group Hurley Doddy, Co-Chief Executive Officer, Emerging Capital Partners Mustafa Abdel-Wadood, Chief Executive Officer, Abraaj Capital Limited, and Tom Speechley, Chief Executive Officer, Riyada Enterprise Development Hisham El-Khazindar, Co-Founder and Managing Director, Citadel Capital Limited Conclusions
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