iShares S&P Listed Private Eqty GBX Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9666945

Here is a cute little (US-centric) video produced to promote the image of private equity industry.

I liked the quirky expression for turnaround specialists: “fixer-uppers”.

Valuta



May 10, 2012, 3:05 pm

Private Equity

Private Equity Explained, in a Cartoon Video

By WILLIAM ALDEN

The 1980s are officially over, as far as private equity is concerned.

The industry’s lobbying group, the Private Equity Growth Capital Council, has released an educational video portraying buyout firms as friendly business partners that give struggling companies a helping hand.

Absent is any trace of the swagger that the private equity industry projected in its heyday. Instead, with animated whiteboard drawings and an upbeat soundtrack, the video makes the industry appear wholesome.

In one scene, there’s even a beaming cartoon sun — with a smiley face.


Video (2:20 mins) + text (100 words)
http://dealbook.nytimes.com/2012/05/10/private-equity-explained-in-a-cartoon-video/
By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9666945&action=detail Mon, 21 May 2012 21:11:00 GMT Valuta tag:iii.co.uk,2003:tst.9656573
V By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9656573&action=detail Fri, 18 May 2012 07:58:00 GMT Valuta tag:iii.co.uk,2003:tst.9656565 Spain and Italy saw their borrowing costs spike again on Thursday as investor fears intensified that those two nations could be knocked sideways by a sudden Greek exit from the single currency, The Independent reports.


Valuta



Greek exit fears hit bond markets

Madrid and Rome see borrowing costs rise as fears of Greek contagion are ratcheted up

Ben Chu
Friday 18 May 2012


(500 words + comments)
http://www.independent.co.uk/news/business/news/greek-exit-fears-hit-bond-markets-7763962.html

By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9656565&action=detail Fri, 18 May 2012 07:57:00 GMT Valuta tag:iii.co.uk,2003:tst.9645997

Blackstone Group (IPRV’s fourth largest holding) and TPG Capital are among global firms being kicked aside as preferred investors in China, the world’s second-biggest private-equity market, as Bloomberg reports in this long article.


Valuta


China Kicks U.S. Private Equity Aside as Local Funds Rise (Update 1)

By Cathy Chan - May 15, 2012 7:38 PM GMT

(2,500 words + graphic + comments)
http://www.bloomberg.com/news/2012-05-14/china-kicks-u-s-private-equity-aside-as-local-funds-rise.html
By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9645997&action=detail Wed, 16 May 2012 07:38:00 GMT Valuta tag:iii.co.uk,2003:tst.9636635 3i, the UK’s largest listed private equity group, is set to name banker Simon Borrows as its new chief executive this week, the FT reports.

The debt-laden and lossmaking 3i Group is IPRV’s sixth largest holding, accounting for 4.37 percent of the fund’s assets.

Valuta



May 13, 2012 7:48 pm

3i set to appoint ex-City banker as chief

By Tanya Powley


Copyright The Financial Times Limited 2012.

(400 words + graphic + comments)
http://www.ft.com/cms/s/0/a712be6a-9d01-11e1-9327-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies%2Ffeed%2F%2Fproduct#axzz1unL4RgGM

By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9636635&action=detail Mon, 14 May 2012 07:45:00 GMT Valuta tag:iii.co.uk,2003:tst.9592995 Here are two pieces on KKR from the Wall Street Journal.


Valuta


• April 27, 2012, 2:24 PM

KKR Steps Away From The Club

By Shasha Dai



(300 words)
http://blogs.wsj.com/privateequity/2012/04/27/kkr-steps-away-from-the-club-2/

~

• April 30, 2012, 10:09 AM

The Morning Leverage: Why Those KKR Numbers Aren’t All A-OK

By Thomas Dunford

[EXTRACT]

Here’s a look at the top stories in this morning’s LBO Wire:

Kohlberg Kravis Roberts & Co. may have beaten analysts’ expectations with its first-quarter performance, but the firm is still down in terms of economic net income compared with the same period last year. KKR for the first quarter of 2012 posted $727.2 million in ENI, down from $742.5 million in Q1 2011. And while the New York firm’s PE portfolio appreciated 9% during the quarter, that growth was more than offset by lower monitoring and transaction fees, resulting in the decrease in ENI.

(100 words)
http://blogs.wsj.com/privateequity/2012/04/30/the-morning-leverage-why-those-kkr-numbers-arent-all-a-ok/

By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9592995&action=detail Mon, 30 Apr 2012 16:25:00 GMT Valuta tag:iii.co.uk,2003:tst.9540160
I don’t know whether KKR is the most active company in IPRV, but it seems to be the one which gets the most publicity.

This story in the Telegraph reports a supposed KKR to scheme to buy the divisions of BHP Billiton and Rio Tinto and fuse them, creating the world's third-largest diamond miner.

The story, it seems, emerged in yesterday’s Sunday Times and this Australian piece has additional detail.


Valuta



KKR eyes BHP and Rio Tinto diamond deal

The diamond industry could acquire another sparkler if private equity house KKR pulls off a plan to merge the gem operations of BHP Billiton and Rio Tinto.

By Rachel Cooper
8:42PM BST 15 Apr 2012



(200 words + graphic + comments)
http://www.telegraph.co.uk/finance/newsbysector/industry/mining/9205898/KKR-eyes-BHP-and-Rio-Tinto-diamond-deal.html

~



KKR plans to combine BHP and Rio's diamond assets

April 16, 2012


(200 words + graphic)
http://www.smh.com.au/business/kkr-plans-to-combine-bhp-and-rios-diamond-assets-20120415-1x1ni.html#ixzz1sBiaH5E9
By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9540160&action=detail Mon, 16 Apr 2012 08:04:00 GMT Valuta tag:iii.co.uk,2003:tst.9534272 Investors in private equity are increasingly turning to emerging markets to generate returns, despite lingering concerns around political risk and frothy valuations in some countries, the FT reports.


Valuta


April 12, 2012 10:34 pm

Private equity targeting emerging markets

By Stanley Pignal

Copyright The Financial Times Limited 2012.

(500 words + comments)
http://www.ft.com/cms/s/0/ab895dd0-84c1-11e1-b4f5-00144feab49a.html?ftcamp=published_links/rss/companies/feed//product#axzz1rsKyjksQ

By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9534272&action=detail Fri, 13 Apr 2012 07:44:00 GMT Valuta tag:iii.co.uk,2003:tst.9530448
This article from the FT’s Lex team:-

- takes a concise and incisive look at the oxymoronic listed private equity model
- dubs the IPOs of Blackstone, Fortress and Apollo “unmitigated disasters” for outside shareholders
- questions the merits of the Oaktree Capital and (likely) Carlyle Group IPOs.
- counsels investors to remember that the buyout industry’s golden years were during a long period of falling interest rates.

Valuta



April 11, 2012 7:39 pm

Private equity IPOs


Copyright The Financial Times Limited 2012.

(300 words + graphics + comments)
http://www.ft.com/cms/s/3/0d9ac810-83f5-11e1-82ca-00144feab49a.html#axzz1rWC6UpOY
By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9530448&action=detail Thu, 12 Apr 2012 09:35:00 GMT Valuta tag:iii.co.uk,2003:tst.9530417 This Reuters article notes the tepid response to the IPO of Oaktree Capital Management, which will begin trading on the New York Stock Exchange today under the ticker "OAK."

The lacklustre response to the IPO raised concerns that investors have become wary of private equity manager flotations, including the upcoming offering from Carlyle Group LP, which boasts $147 billion in assets under management.

Reuters notes that, of alternative asset managers’ two main income streams, management fees are steady and predictable, making them easy to value, whereas performance fees are volatile, making overall valuations challenging.


Valuta



Oaktree Capital IPO receives cool response

04/11/2012

By Olivia Oran and Greg Roumeliotis

NEW YORK | Thu Apr 12, 2012 2:17am BST

(600 words)
http://uk.reuters.com/article/2012/04/12/us-oaktree-ipo-idUKBRE83B02Z20120412




By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9530417&action=detail Thu, 12 Apr 2012 09:30:00 GMT Valuta tag:iii.co.uk,2003:tst.9522080
I am often struck by how several leaders of IPRV companies are at an age when many executives would be on the cusp of semi-retirement to a life of golf and good causes, enlivened by a couple of part-time directorships.

This article (published last week in Dealbook’s Spring 2012 Special Section ‘The Changing Face of Big Money’) examines the related issues of aging, retention and succession, with frequent mentions of IPRV companies KKR and Blackstone.


Valuta




April 4, 2012, 1:14 pm Private Equity | Special Section Spring 2012

Looking for the Next Generation in Private Equity

By PETER LATTMAN



(1,500 words + graphics)
http://dealbook.nytimes.com/2012/04/04/looking-for-the-next-generation-in-private-equity/

By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9522080&action=detail Tue, 10 Apr 2012 10:38:00 GMT Valuta tag:iii.co.uk,2003:tst.9519345 Correction – My third-from-last paragraph should have read:-

PSP is based on the Global Listed Private Equity Index, whereas IPRV aims to track the performance of the S&P Listed Private Equity Index.

V
By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9519345&action=detail Mon, 09 Apr 2012 12:31:00 GMT Valuta tag:iii.co.uk,2003:tst.9519341
Here from Seeking Alpha is an interesting US-orientated article on listed private equity, although using the author’s terminology (as in the heading) makes such a stock seem like an oxymoron.

The author discusses some history, then structure and performance, and follows up with a brief compare-and-contrast review of these stocks (I show in brackets the percentage of IPRV holdings as at 6 April 2012):-

- Fortress Investment Group LLC (NYSE: FIG) (2.44% of IPRV)
- American Capital Ltd. (Nasdaq: ACAS) (7.79% of IPRV)
- MCG Capital Corporation (Nasdaq: MCGC) (1.12% of IPRV)
- Apollo Investment Corporation (Nasdaq: AINV) (5.57% of IPRV)
- The Blackstone Group LP (NYSE: BX) (7.08% of IPRV)
- Ares Capital Corporation (Nasdaq: ARCC) (7.30% of IPRV).

Overall conclusion: Ares Capital comes top, though its stock "might be close to being priced to perfection."

The author then briefly reviews one ETF:-
PowerShares Global Listed Private Equity Portfolio (NYSE Arca: PSP).

PSP is based on a different index from IPRV (The Global Listed Private Equity Index), whereas IPRV aims to track the performance of the S&P Listed Private Equity Index.

I will not be rushing to buy PSP.

There are some insightful readers' comments.


Valuta



Private Equity That's Publicly Traded
April 8, 2012 | 13 comments | includes: ACAS, AINV, ARCC, BX, FIG, MCGC, PSP


(2,000 words + charts + comments)
http://seekingalpha.com/article/483021-private-equity-that-s-publicly-traded


~

The PowerShares Global Listed Private Equity Portfolio (Fund)
http://www.invescopowershares.com/products/overview.aspx?ticker=PSP

~
Global Listed Private Equity Index ETF List
http://etfdb.com/index/global-listed-private-equity-index/

By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9519341&action=detail Mon, 09 Apr 2012 12:28:00 GMT Valuta tag:iii.co.uk,2003:tst.9481667
“John Mack is a great leader who we believe will add enormous value to K.K.R.’s investors, partners and our portfolio,” Henry R. Kravis, the firm’s co-founder and co-chief executive, said in a statement announcing Mr Mack’s appointment as an adviser.

John Mack’s Wharton Leadership Lecture gives an insight into what was perhaps meant by Mr Kravis’s “great leader” designation, in this 26-minute video from the Wharton School (the business school of the University of Pennsylvania).

Valuta


John Mack on Saving Morgan Stanley, Inside the Bunker

Uploaded by KnowledgeAtWharton on 14 Oct 2009

During the depths of the global financial meltdown in September 2008, John Mack faced the most critical moment of his tenure as CEO of Morgan Stanley. The investment bank was nearly out of cash, its stock price was plunging into the single digits and Treasury officials were pressuring him to sell the firm to JPMorgan Chase for a price as low as $1. During a recent Wharton Leadership Lecture, Mack offered an insiders take on his battle to preserve thousands of jobs as well as one of the best-known names on Wall Street.

Video (26.22 mins)
http://www.youtube.com/watch?feature=player_embedded&v=R9sQtmPAYO0
By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9481667&action=detail Tue, 27 Mar 2012 16:38:00 GMT Valuta tag:iii.co.uk,2003:tst.9481628
KKR has hired John J. Mack, a former chairman and chief executive of Morgan Stanley, as one of its most prominent senior advisers yet, as DealBook in The New York Times reports.
KKR is IPRV’s second largest holding, accounting for 7.29 percent of the ETF’s assets at 26 March 2012.

Valuta



March 27, 2012, 9:13 am Private Equity | Revolving Door

K.K.R. Hires Mack as Senior Adviser

By MICHAEL J. DE LA MERCED


(400 words + graphic + comments)
http://dealbook.nytimes.com/2012/03/27/k-k-r-hires-john-mack-as-senior-adviser/
By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:IPRV.L&display=discussion&id=9481628&action=detail Tue, 27 Mar 2012 16:31:00 GMT Valuta