April 2012 Issue

Investors are finding favour with private equity firms willing to undergo third party audits of their internal controls, with the ISAE 3402 becoming the international gold standard for examinations.

Buyout firms are citing a lack of internal capacity and expertise as a barrier to meeting investors’ unabated interest in responsible investment, according to a PwC study.

After an unexpected uptick in hiring in the mid-market segment last year, a majority of private equity firms expect to only maintain their current headcount in 2012.

A consortium of stakeholders has called the IOPA directive 'dangerous' ahead of the European Commission’s review of the pensions framework.

Experts say GPs should begin making preparations now, today, to meet their obligations under the US’s Foreign Account Tax Compliance Act (FATCA). The problem is that no one is sure yet how the rules will play out when they go live in 2013. We asked SJ Berwin tax partner Laura Charkin to look into her crystal ball and give fund managers a sense of the challenges to come.

From ‘economic substance’ to debt tax shields, PE Manager takes a look at some of the key issues on the horizon for US fund managers and investors.

What do investors look for in infrastructure funds before they commit money to them? Sister title Infrastructure Investor surveyed over 50 limited partners to find out their opinion on aspects of fund formation.

Citi duo Joe Patellaro and Massimo Zannella discuss the evolving nature of GP/LP relationships and conclude more sophisticated financial reporting is here to stay

Nothing takes the shine off a successful exit like a struggle to access the proceeds held in escrow. Paul Koenig and Mark Vogel (pic) of SRS explain how to guard against escrow money being locked-up improperly.

Waterford Wedgwood, the famous china and crystal company, almost went out of existence in 2009. Three years later it seems to be thriving under its new owner, New York-based turnaround firm KPS. PE Manager talks to the principals involved.

Distinguishing the ‘enterprise value tax’ debate from the carry debate is right in principle – but may be easier said than done.

An in-house commentary on carried interest provoked strong responses from readers, some of which went to the heart of the tax code's treatment of capital gains.

President Barack Obama’s recent proposal to lower corporate tax rates and streamline the US tax code could drive down returns for private equity firms and their portfolio companies.

The California LP's bespoke templates aim to reduce management costs, improve communication with GPs and expedite legal and investment processes.

Frequent findings of fraud will likely be rare, but better quality valuation and reporting would be welcome side-effects.