July / August 2008 Issue

Will Section 175 of the UK Companies Act of 2006 materially change the law on private equity directors’ conflicts of interest? 

Turmoil in the financial markets is making fair value an even bigger burden. 

Though FAS 157 only applies to US funds, fair value is still on the minds of GPs abroad. With the Private Equity Industry Guidelines Group’s standards, the International Private Equity and Venture Capital Guidelines, and the International Financial Reporting Standards to choose from, GPs in Europe and elsewhere have no shortage of direction. Amanda Janis recently spoke with Steve Darrington, CFO of UK middle market firm Phoenix Equity Partners, on how adopting fair value has impacted his firm. 

Three private equity chief financial officers and one valuation expert recently gathered in midtown Manhattan to discuss the impact of FAS 157 on their valuation procedures. Rob Kotecki and Jennifer Harris report on the exchange. 

Firm’s first office in the region will serve India, and Southeast Asia. 

Two decades after it laid the foundations for the private equity secondary market, Paul Capital continues to innovate. 

GPs collaborating on deals should pay attention to how other consortium members are valuing the company, since LPs and auditors already are. 

3i gets its message out in a glossy. 

 Calls for better performance metrics yield few answers.

McCown De Leeuw faces allegations of a breach in fiduciary duties to unsecured creditors during the wind down of a portfolio company four years ago. 

The private equity firm nabs a COO form Merril Lynch for the post. 

Brian Hamill has left his post at the head of international search firm Imprint to launch a new venture. 

Are GPs overstepping their mandates by buying up cheap debt? 

The IRS is closing the window to comply with 409A of the Internal Revenue Code statute concerning deferred compensation, and those that dawdle in compliance efforts will face stiff penalties. 

There are profits to be made in the emerging markets, but do your homework before rushing in. 

Addressing the pension liabilities of a UK company often requires that the private equity bidder sit down with the trustees early in the deal process. 

Forensic accountants can expose troubles before a deal closes, and help establish procedures to ensure that any balance sheet smoke never becomes a fire. Here are a few guidelines for when and how to use these experts. 

Three litigation attorneys share with PEI Manager their predictions for the most important sources of litigation and other risks for private equity firms in today’s uncertain markets. 

Former Lord Chancellor Lord Falconer has joined Gibson Dunn’s London office. 

How did 14 financiers in New York earn an impressive reputation for betting on Latin American power assets? 

Alternative investment vehicle (AIV) clauses in US partnership agreements grant GPs the flexibility to create the most tax efficient entity for an acquisition, but those entities do court their own risks. 

Millennium Technology Ventures brings on a new CFO as part of a dramatic expansion plan. 

The atmosphere at the Federal Reserve’s eighth annual conference on private equity was less sanguine than in years past. 

The private equity energy firm has tapped Cedric Burgher of engineering firm KBR. 

Seoul’s appellate court has overturned the conviction of a Lone Star executive, but regulators continue to delay approval for the firm’s KEB sale. 

The Federal Reserve is considering allowing private equity firms to buy large stakes in banks. 

Ahead of a planned IPO, the private equity behemoth has named its first CAO, added business lines and reorganized key fundraising roles. 

Financial services PR giant Kekst has merged with advertising firm Publicis.