May 2010 Issue

Abhijit Sen was to have joined KKR India as chief financial officer on 1 April, but will reportedly remain in his role at Citigroup instead.

Former members of Linklaters’ “flying squad” of emerging markets pros will be split between London and Romania.

To facilitate a smoother fundraise, make sure to prepare this information beforehand.

The French and German foreign minsters have come out strongly against the ‘third country’ rules in the latest draft of the Alternative Investment Fund Managers (AIFM) directive, currently being discussed by the Council and the European Parliament.

The Health Care and Education Affordability Reconciliation Act of 2010, which President Obama signed into law 30 March, includes Medicare tax provisions that will negatively impact fund managers and investors.

As the Private Equity Council gears up to add more members, officials from two leading private equity trade associations share their perspective how to build association membership while staying true to the core mission.

The MENASA-focused firm has cut its buyout fund's target in half, citing a difficult fundraising environment and changed deal landscape. Its annual report disclosed LPs were allowed to reduce existing commitments - a move several mega-funds have made.

Despite concerns from the fund management industry, KPMG’s CEO believes that the adoption of IFRS will be a good thing for US companies.

The pension’s CIO Joseph Dear said LPs that can 'stick together' in the face of GP opposition will be able to win more LP-friendly terms.

Wes Edens' firm is approaching existing LPs in a $1.2bn co-investment fund raised in 2007 for additional commitments to help pay down debt in the portfolio.

Simon Lund, who helped establish SVG’s Singapore office in 2008, has joined HarbourVest Partners as the head of sales and marketing for the EMEA regions.

Though little attention has been paid to private equity fund managers in the debates over US financial regulatory reform, a planned amendment from Senator Jack Reed could make the Senate’s bill much less friendly to venture and private equity fund managers.

The Monetary Authority of Singapore has set up a dedicated department to supervise intermediaries in the fund management industry.

Blackstone’s Tony James gave more details about the firm’s healthcare group purchasing programme at a recent pension meeting, including the nurse advocates Blackstone employs to monitor ‘high-risk’ employees.

In addition to extended scrutiny from LPs, GPs raising funds are now finding that placement agents are driving harder bargains and charging more in retainer and other fees.

When a private equity firm goes public, the job of the CFO changes substantially.

Jean-Paul Gauzes, the rapporteur for Directive on Alternative Investment Fund Managers, has suggested creating a tiered system of access to EU markets to replace the controversial third-country rules. The idea is similar to an earlier EVCA proposal.

Lobbying organization the Private Equity Council is welcoming more members into the fold – but many firms are cautious about joining a club launched by mega buyout GPs.

In a letter to its LP base, Apollo characterised an agreement to reduce CalPERS’ fees by $125 million over five years as an “enhancement” of its relationship with the pension, and said that it plans to accommodate a trend toward separate accounts.

Before taking a dividend out of a portfolio company, make sure all these boxes are checked to protect yourself from legal liability.