October 2010 Issue

A team of three operations professionals led by Curt Miller will work on procurement for TPG portfolio companies.

The London-based firm will have a team of 20 attorneys and tax advisors, specializing in corporate and M&A, banking, funds and tax advice, operating in Luxembourg.

The LP-focused industry group plans to issue guidelines for capital calls, distribution notices and portfolio company quarterly reports.

Former partner at 3i Ventures, Laurence Garrett, has joined Highland Capital as general partner to help drive the firm’s expansion strategy for Europe.

The London-based private equity firm could be the first of its kind to cease operations as a result of violating minimum capital requirements.

Boston-based Advent International has recruited former Samsonite boss, Marcello Bottoli, to join the firm’s operating partner programme.

Bruce Malott, appointed to the state’s Educational Retirement Board in 2004, revealed that he took a personal loan from the father of a placement agent doing business with the pension.

The New York law firm has expanded it alternatives team with two partners from O’Melveny & Myers.

The industry must band together to counter negative perceptions, Vincenzo Morelli told delegates at PEI’s CFO and COO conference in London.

Former Bain Capital finance director Michael Colato will replace Cinven's interim finance chief Manoj Khosla.

The recently passed UK Bribery Act 2010 could capture private equity houses worldwide under its provisions, meaning an increased cost of compliance and due diligence procedures.

London-based MJ Hudson, which will bill clients on a percentage of a successful fund or transaction as opposed to an hourly rate, has recruited private equity lawyer, John Dyson.

The UK’s legal and regulatory system has been flagged as the most favourable for LBO deals.

Fearing ‘unintended consequences’ resulting from the pending directive, the world’s largest venture capital associations met up this week to discuss the industry’s concerns.

The Washington, DC trade group has more than doubled its membership to include mid-market firms, and has created a committee to consider issues relating to the small and mid-market.

Limited partners are experiencing more favourable terms and conditions on management fees, clawback provisions and fee offsets, according to a study by Debevoise & Plimpton.

The directive – which could drastically impact non-EU managers – is in final stages of negotiations, according to the EU's markets commissioner.

Changing LP appetites for private equity have resulted in firms beefing up their investor relations teams.

Private equity fund investors are refusing to be lenient with managers who are not showing the expected results.

Retail manager Sir Stuart Rose joins the ranks of corporate and political veterans, such as James Crosby and Lord Patten, to advise the firm.

The initiatives are among several - including support of a state bill forcing placement agents to register as lobbyists - designed to ‘restore confidence, integrity and accountability’.