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5 Cures for Portfolio Troubles

5 Cures for Portfolio Troubles

The troubles pension funds and other institutional investors are having with their private equity (PE) portfolios have been making headlines, and regulators are reacting with more oversight. There is talk of diminished PE returns and a broken PE business model. Nevertheless, some industry experts still see potential in private equity, albeit with a healthy dose of applied knowledge and understanding [...]

Quote of the Week: Outmaneuvering Strategics in Food & Consumer Investing

Quote of the Week: Outmaneuvering Strategics in Food...

Strategic buyers have always dominated food and consumer industry M&A. If you go back a decade, they do anywhere from eighty nine to ninety percent of the deals, and last year they were 91%. So we always saw strategic corporate buyers as our primary competition and we focus on finding ways to outmaneuver them or compete with them … Who [...]

Quote of the Week: Cool Factor Driven M&A

Quote of the Week: Cool Factor Driven M&A

“I don’t know if they teach this to budding investment bankers at Harvard Business School, but often in the Valley and around the world companies are acquired not for lowering costs, increasing revenues, product, or geographical reach, but to increase ‘coolness’…   Who said it: Rob McIntosh, head of corporate development at Autodesk   In Context: In the chapter on [...]

Quote of the Week: Indian VC Stage Shifts

Quote of the Week: Indian VC Stage Shifts

If it is a very strong shift, investment firms have to inform their limited partners. When SAIF started doing Series C investments, we informed our limited partners of the shift.   Who said it: Mukul Singhal, Principal, SAIF Advisors (New Delhi)   In Context: India’s resurgent ecommerce and tech startup scene is attracting big name investors, but the economics and [...]

Quote of the Week: Finding Long Shots

Quote of the Week: Finding Long Shots

"Our main investment objective is to put money where money is scarce…And oil and gas, and especially oil in Alberta, is a sector that is under more stress than it has been in a long time."   Who said it: Bruce Flatt, CEO of Brookfield Asset Management   In Context:  There are still places in the world where capital is [...]

Quote of the Week: Confrontations with White Knights

Quote of the Week: Confrontations with White Knights

"The PEP team first showed up like a bunch of white knights and were very impressive … then they promptly turned hostile, which was quite confronting. But since then, the relationship has been a big success for us, them, and our other shareholders…"   Who said it: Greg Pritchard, Managing Director Energy Development   In Context: A rare first-hand account of [...]

Quote of the Week: The Carbon Energy Gamble

Quote of the Week: The Carbon Energy Gamble

…it’s very dangerous to think that oil is going to recover so that it is worth investing in carbon energy. Once the storage issue is solved, and I do believe there will be a breakthrough in the next 5 to 10 years, technology moves much faster than you think. Once they solve that, quite frankly the carbon industry goes...   [...]

Quote of the Week: Add a Zero To That Offer

Quote of the Week: Add a Zero To That Offer

The valuations they were offering, I felt offended. I remember telling them, listen, if you don't add a zero to that; we're not going to consider it.”   Who said it: Abdulaziz Al Loughani, Vice Chairman and Executive Director of the USD 7 bn Kuwait National Fund for SME Development   In Context: Valuations for Internet startups were below other [...]

Quote of the Week: New model for the next decade

Quote of the Week: New model for the next decade

In short, some Giants are realizing that harvesting PE Alpha in the decade to come will require breaking the existing model and doing things differently.   Who Said It: Ashby Monk, Executive Director, Stanford Global Projects Center   In Context:  The Giants that Dr Ashby Monk speaks of are multi-billion fund managers, sovereign wealth funds, pension funds and endowments who [...]

Quote of the Week: Time for Some Bordeaux

Quote of the Week: Time for Some Bordeaux

  … it might still sound like a lot of money for one of the best wines in the world to be spending [GBP 500] a bottle but there are enough wealthy people in the world who might just do that… There were far less [buyers] at 1,000 pounds a bottle, less still at 1,500… It’s all about where people [...]

Quote of the Week: In Praise of Going Private

Quote of the Week: In Praise of Going Private

It’s been much easier managing the business through a private entity... I think you could see some more based on the discussions I’ve been having with other colleagues.”   Who said it: Michael Dell, CEO of Dell Inc.   In Context: Dell took his company private last year after wrangling with activist investors. He founded it in 1984 when he [...]

Quote of the Week: Bubble Mitigating Advice for Impact Investors

Quote of the Week: Bubble Mitigating Advice for ...

“We’re making sure that there’s a little bit of a moderating voice, hopefully getting ahead of the potential hype or bubble… All around the world, the next generation and women wealth holders are thinking more about social impact. It’s got a lot of potential but that doesn’t mean that it’s without flaws.”   Who said it: Abigail Noble, Associate Director, [...]

Quote of the Week: Tapping the XX Factor

Quote of the Week: Tapping the XX Factor

I think the next Steve Jobs may well be a woman. The reason I say that is for so much of the world women are an untapped talent resource and more and more women are getting technical educations.   Who said it: John Sculley, angel investor and former Apple and Pepsico CEO   In Context: Sculley made the comment about [...]

Quote of the Week: Clean Energy Leapfrogging

Quote of the Week: Clean Energy Leapfrogging

Clean energy is the low-cost option in a lot of these [emerging market] countries. The technologies are cost-competitive right now. Not in the future, but right now.”   Who said it: Ethan Zindler, Analyst at Bloomberg New Energy Finance   In Context: Emerging markets are installing renewable energy projects at almost twice the rate of more developed nations, according to [...]

Quote of the Week: Re-Defining Smart Money

Quote of the Week: Re-Defining Smart Money

“There was a time when endowments were considered the best partners – smart, timely and with long-term horizons. They are still smart; it’s just that other client types have since become equally capable through their own experience and that of their advisors.”   Who said it: Timothy Barron, CAIA, Chief Investment Officer, Segal Rogercasey   In Context: Barron is commenting [...]