Privcap Audio: Private Capital Talk

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Sheryl Schwarz, Managing Director of Perseus Finance and the former Managing Director for Alternative Investments at TIAA-CREF, shares her thoughts on the most attractive investment opportunities in 2013, starting the distressed play in Europe. Registered users of Privcap may access video program, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Leonard Tannenbaum, CEO Fifth Street Finance, gives his view on the best and worst places to invest in 2013. He shares why he’s bullish on infrastructure but doesn’t like the healthcare or education spaces. Registered users of Privcap may access video program, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick.

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Women entrepreneurs too often “fail to scale” – in other words, they are too often challenged in communicating to potential capital partners the ability of their business ideas to grow large, according to Kay Koplovitz, the Founder of USA Network and Chairman of Springboard Enterprises; andKerrie MacPherson a Partner with Ernst 8 Young. These two veterans of the entrepreneurial landscape give critical advice to capital seekers and also share why they feel optimistic about the continuing advances that women will make as business builders. Registered users of Privcap may access this 9-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Gary Crittenden, Managing Partner of Huntsman Gay Global Capital, offers his predictions for the coming year on how the need to "get liquid" and the uncertainties of the fiscal cliff will affect the market. View other 2013 predictions here. Registered users of Privcap may access this 2-minute video program, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: What’s it like to raise a private equity fund with a rock star? Kevin Albert is one of the few people who knows the answer. In 2005, the veteran fundraiser, now a partner at Pantheon Ventures, joined Elevation Partners to help the private equity firm raise its debut fund. Among the firm’s founding partners was U2 frontman Bono. In an interview with Privcap, Albert recounts what investor meetings were like with Bono in the room and describes the singer’s impressive people skills. (Albert shares his views on the evolving private equity asset class in a longer interview here). Registered users of Privcap may access this 5-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The private equity opportunity in Africa is directly tied to the rise of the African consumer, an incredible story that includes some 200 million people across the continent rapidly moving out of poverty. In this essential Privcap thought-leadership session, three veterans of the African private equity market analyze these trends and share case studies of actual consumer-facing deals. “The African Consumer” is the second of a three-part series on private equity in Africa includingHurley Doddy, Managing Director, Founding Partner and Co-CEO of Emerging Capital Partners,Fash Sawyerr, Director, Africa for Actis and Graham Stokoe, Associate Director, Transaction Advisory Services for Ernst 8 Young. The first segment is “Myths and Facts in African Private Equity.” Topics discussed include Actis’ investment in Vlisco Group, an African fashion retailer that is rapidly moving beyond its West African, upper-middle-class core market, ECP’s investment in Nairobi Java House coffee chain, the challenges that Africa’s lack of malls presents, how private equity is helping brands move across African border, and the investment opportunities up and down the socio-economic pyramid. Registered users of Privcap may access this 18-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: LPs are balancing limited resources with the need for more intensive due diligence, requiring GPs to work even harder to retain existing clients—and attract new ones, says Frank Angella, managing partner of Grove Street Advisors. In this wide-ranging video, Angella outlines this “new normal” in private equity investing, discusses how large institutions should approach venture capital investing, and highlights the opportunities in the healthcare services and energy sectors. Registered users of Privcap may access this 11-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Environmental, social and governance (ESG) investment mandates are especially important in the emerging markets, where many business are growing rapidly and in need of systems for improving performance and mitigating risk. Increasingly, private equity firms active in emerging markets are adding ESG programs to their value-add toolkits – often at their LPs’ insistence. “How ESG Creates Value in the Emerging Markets” is the first of a three-part thought leadership series featuring three experts in emerging markets private equity: Jeremy Cleaver, Portfolio Director of Africa at CDC Group, Dushy Sivanithy a Principal at Pantheon Ventures, and Sandile Hlophe, Africa Service Line Managing Partner for Transaction Advisory Services at Ernst 8 Young. Topics discussed include: how ESG is being used as a lever of value creation and risk management in private equity deals, why poor investment performance is often correlated with poor ESG implementation, and what LP expectations are for ESG in emerging markets private equity. The three experts share real examples of deals in which strong ESG, or weak ESG, made a big difference in the success of the investment and, in some cases, in the well-being of the employees. The program concludes with an expert Q8A with Sandile Hlophe of Ernst 8 Young, the sponsor of this series. Registered users of Privcap may access this 16-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick.

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The private equity market has changed greatly over the three decades that Carl Thoma, Managing Partner of Thoma Bravo, has been in the business. In a Privcap interview, Thoma describes why and how his firm transitioned from a financially focused investor to one that deploys operating partners as “coaches and mentors” for portfolio company executives. He also discusses his firm’s preference for sticking with original management post-acquisition and analyzes the increasing competitiveness in the buyout world. Registered users of Privcap may access this 5-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: One of the largest limited partners in the world had a challenge – its private equity portfolio was “just too diversified,” according to Barry Miller, Head of Private Equity, New York City Employees’ Retirement System. Under Miller’s leadership, the pension fund tapped the secondary market and began a strategy of paring GP relationships in order to position its portfolio for future out-performance. Privcap’s interview with Miller is essential viewing for anyone wishing to get inside the mind of a new breed of sophisticated private capital allocators. Topics discussed include: what Miller looks for in a GP team, why the ability to return capital is at a premium, the stark difference between manager selection in the buyout versus the venture markets, why failure to return LP phone calls may impair your next fund raise, the aftermath of the “over-commitment” strategy, and why Miller firmly believes that the ability of investors to meet actuarial assumptions will rest on putting “a significant amount of your capital into private equity.” Registered users of Privcap may access this 10-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: In 2008, the average 5-year-old private equity fund had distributed back 80 percent of LP contributions. Today, a similarly aged fund has distributed back only 25 percent, on average. This asset lock-up is leading to increased interest in direct secondary deals, according to David Wachter, Founding Partner of W Capital Partners. Wachter explains what a direct secondary is, and how these transactions typically come about. He discusses the alignment-of-interest risks that need to be considered in these transactions, explains why he doesn’t like the term “zombie fund,” and tells why the GP decision to distribute private shares instead of cash back to LPs can be “disastrous.” Registered users of Privcap may access this 9-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The political turmoil in Egypt does not change the fundamental economic attractiveness of the Egyptian market, argues Karim Sadek, Managing Director of Cairo-based Citadel Capital. In an interview with Privcap, Sadek describes the investment climate in a post-revolution, “new Egypt.” He discusses the opportunities that a massively deregulated energy sector will bring to private equity investors in Egypt, the complexities of doing joint-ventures with the government and what development-finance institutions expect from local investors. Registered users of Privcap may access this 10-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The healthcare game is changing dramatically in the US, giving rise to a challenge for private equity investors in this sector – how to underwrite risk when the risks are so hard to measure? Regulatory, reimbursement and political risks are the core focus of this fascinating conversation between James Elrod, Managing Director and Co-Head of the Healthcare Group for Vestar Capital Partners, Sherrill Neff, Founding Partner of Quaker Partners, and Tammy Hill, Partner for Transaction Advisory Services at McGladrey. This is the first of a four-part thought leadership series focused on the private equity opportunity in healthcare. Topics discussed include: the government as an increasingly dominant payer in healthcare, which services and products are likely to be hit with reimbursement cutbacks, why home health looks like a good bet but nursing homes and big-market therapeutics do not, and why these experts are closely following the development of state-level health-insurance exchanges. Thisprogram includes an expert Q8A with Tammy Hill. The series is sponsored by McGladrey. Registered users of Privcap may access this 16-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick.

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Africa – where growth is strong, debt levels are low, and populations are young. No wonder investor interest in Africa is accelerating. And yet misperceptions still exist about the true nature of the African private equity opportunity. Our three experts help to dispel these myths and also address the real challenges of investing in a dynamic, growing region. In the first of Privcap’s new three-part series on private equity in Africa, you will hear expert analysis from Hurley Doddy, Managing Director, Founding Partner and Co-CEO of Emerging Capital Partners, Fash Sawyerr, Director, Africa for Actis and Graham Stokoe, Associate Director, Transaction Advisory Services for Ernst 8 Young. Topics discussed include: why is Africa enjoying something of a private equity boom, why political risk and lack of exits are “exactly the opposite” of what firms like Actis and ECP are experience across this region, and how GPs are meeting the challenge of sourcing talent for their portfolio companies. The segment also includes an expert Q8A with Stokoe. Ernst 8 Young is the sponsor of this series. Registered users of Privcap may access this 16-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick.

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The exit of weaker GP teams from private equity will have a “salutary effect” on the asset class, according to Kevin Albert, a Partner at Pantheon Ventures. The veteran fundraiser, who now heads up client services for the investment advisory firm, details why he believes a significant number of private equity firms will need to wind down their activities in the current market. Albert also analyzes the morphing of the fund of funds industry, shares why he believes the Latin American market will quickly mature, predicts that investment-vehicle innovation will blossom in the next two to three years, transforming private equity in unprecedented ways. Registered users of Privcap may access this 15-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick