Privcap Audio: Private Capital Talk

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Switzerland’s private equity market features small and mid-sized investments driven in many cases by the thesis that Switzerland is an ideal base of operations for a pan-European company. This observation is one of many provided by Bernd Pfister, Managing Director, Paros Capital as well as the Chairman of SECA, the Swiss Private Equity 8 Corporate Finance Association. In an interview with Privcap, Prister discusses the German brain drain that benefits Switzerland, the robust asset management and life science industries, the strong local credit markets and SECA’s goal of making sure Swiss regulators understand that private equity “creates a competitive framework” in the country. This program is sponsored by and was produced at the annual conference of SECA in Zurich. Registered users of Privcap may access this 8-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 Just in time for huge uptick in public scrutiny of private equity, Bloomberg reporter Jason Kelly has authored the book, The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything. In an exclusive and wide-ranging interview with Privcap CEO David Snow, Kelly describes how a family trip to Legoland the inspired him to write the book, which “follows the money” flowing from institutional investors through private equity funds, into thousands of private businesses and back to investors, including public pensioners. Kelly discusses the reception he received from GPs while researching the book, what he learned about the individual “titans” he profiles, what GPs are saying privately about the Romney presidential campaign, and why he things the wealth creation opportunities of private equity’s golden era are over. 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

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Investing in a commodity business like contact lenses means there’s little room for error. Avoiding missteps means maintaining a laser focus, something that Fenway Partners Timothy Mayhew learned when investing in direct-to-consumer business 1-800-Contacts. Fenway understood that, in the end, the company was a customer service business—they outsourced manufacturing, enhanced the web site and mobile application, and partnered with Wal-Mart. 20/20 vision, indeed. In this program - the second in a four-part Privcap series on private equity success in the consumer sector – Mayhew is joined by Michael J. Grossman, Principal at McGladrey, and Joan McCabe, and the trio discuss how to address the evolving needs of the American consumer, and how online and bricks-and-mortar success need not be mutually exclusive. The program also includes an expert Q8A with Michael J. Grossman of McGladrey, the sponsor of this video series. Registered users of Privcap may access this 12-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: New, sustainable energy technologies require capital, and traditional venture capital funds are not the only source. Girish Nadkarni, Managing Director and Head of ABB Technology Ventures describes the mandate of his firm, a division of renewable energy corporation ABB. In an interview, Nadkarni explains the range of technologies that his firm is seeking to back, why he is optimistic about marine energy, and why some venture capital firms see corporate venture groups joining a consortium as a “double-edge sword.” 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 China and India private equity markets, with some 2,500 and 500 GPs already established, respectively, cannot be described as entirely fitting the “emerging” definition, at least from the point of view of the International Finance Corporation. But according to Vikram Raju, Senior Global Funds Specialist for the IFC, there remain huge swathes of Asia that are in need of support to help build out private capital ecosystems. In a Privcap interview, Raju describes the development of the Chinese and Indian private equity markets, the need for further development in certain out-of-the-way regions within these two countries, and why he believes Indonesia and Vietnam are at a “nice tipping point.” He discusses what hopeful GPs need to know about the IFC’s screening methods, and he gives an insider’s report on early private equity activity targeting Myanmar, a country that has only just recently opened up to foreign capital. Registered users of Privcap may access this 12-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: Don’t be fooled by the headlines – the Eurozone continues to represent 30 percent of global GDP and remains the largest economic zone in the world. And its private equity community remains very active taking advantage of interesting opportunities, according to Karsten Langer, a Partner at The Riverside Company and until June the Chairman of the European Private Equity 8 Venture Capital Association (EVCA). In an interview with Privcap, Langer discusses why Europe is not “one inflated Greece,” what progress he made while Chairman of the EVCA in helping European policymakers understand the benefits of private equity, the “binary” exit market, the new, tech-heavy opportunity in Eastern Europe, and why he remains optimistic about being a European GP. This program is sponsored by and was produced at the annual conference of SECA – the Swiss Private Equity 8 Corporate Finance Association. 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 glass is half full for Peter Cornelius, the Chief Economist for AlpInvest, an affiliate of The Carlyle Group and one of the largest private equity programs in the world. Via a database of some 7,000 underlying portfolio companies, Cornelius and AlpInvest have a deep view of performance. Cornelius concludes that while the asset class in Europe and around the world faces daunting challenges, it also has “room for rather attractive investment opportunites.” In an interview with Privcap, Cornelius begins by giving his analysis of the European private equity scene and then describes how fundraising struggles and newly appreciated liquidity risks will change the industry. He points out that dire predictions made about the private equity failure rate have been proved to be “massive exaggerations.” This program is sponsored by and was produced at the annual conference of SECA – the Swiss Private Equity 8 Corporate Finance Association. Registered users of Privcap may access this 9-minute, chaptered video program, 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: Part 2 of a fascinating 3-part conversation. It wasn’t so long ago that GPs could raise a new fund with little more than a PowerPoint deck and a private placement memorandum. Then the financial crisis hit and LPs started putting GPs under the microscope like never before. Today LPs are digging deeper and demanding more "invasive" transparency. Your expert guides to this crucial topic are Matthew Pedley, Principal at The Blackstone Group, Pawan Chatuverdi, Partner at Altius Associates, and Jennifer Cho Rinehart, Managing Partner at MVision Private Equity Advisers. The three examine the types of data requests LPs are now making as part of the fundraising due diligence process. They also discuss whether some LPs are pushing too hard and crossing the line in their efforts to squeeze more information from GPs. They reveal the sources of LP data demand and explain why it is now important for GPs to “bend over backward to accommodate any request from an LP,” as Pedley puts it. This program is a must-see for any GP about to hit the fundraising trail and for any LP researching best practices in the due-diligence process. The first video in this series, “Track Records and Transitions,” is available here. The segment also includes an expert Q8A with Jennifer Cho Rinehart of MVision, sponsor of this series. Registered users of Privcap may access the 18-minute chaptered video program, the full transcript and the 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 “public company game has changed dramatically” and increasingly private equity firms have a huge demand for operating talent, making it a good time for corporate executives to consider a career switch to private equity, according to William Conaty, an advisor on human capital matters to private equity firm Clayton, Dubilier 8 Rice. In a fascinating interview with Privcap, the 40-year veteran of GE tells how private equity has become “a bit of a threat to corporate public talent” and how the incentive structures between public corporations and private equity firms differ. Also discussed: Why having “skin in the game” is so appealing to executives today, most of whom are not “getting rich on stock options” in the current environment. Conaty also discusses his own transition from GE to Clayton Dubilier and how he continues to push his philosophy of “putting people before numbers” in a private-company setting. Human capital in private equity is also a key topic in a Privcap program about the importance of a change-embracing CEO called "Talent For Change." 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 consumer sector drives the US economy and is also a big  private equity target. But how can GPs make money amid such weak consumer spending? It’s a question our three experts are eager to answer. In this program - the first of a four-part Privcap series on private equity success in the consumer sector - Michael J. Grossman, Principal at McGladrey, Joan McCabe, Managing Partner of Brynwood Partners and Timothy Mayhew, Managing Director at Fenway Partners, explain how to identify consumer niches that are growing faster than the broader economy. Topics of discussion also include: identifying growth strategies, improving distribution channels (hello, Bentonville!) and how to profit by investing in a business with declining revenues. With consumer spending making up two-thirds of GDP, this video is essential viewing for any investor looking to grab a piece of it. The program also includes an expert Q8A with Michael J. Grossman of McGladrey, the sponsor of this video series. Registered users of Privcap may access this 17-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: If the mantra in real estate is location, location, location, in private equity it’s people, people, people. Indeed, nothing is more important to the success of a private equity investment than talented management. But human capital is also one of the hardest ingredients to get right. In the first of a ground-breaking video series, Robert Nolan, Managing Partner at Halyard Capital,John Brittain, CFO Partner at Tatum, and Lewis Raibley, Senior Managing Director of portfolio operations at Castle Harlan discuss the key traits they look for in portfolio company executives, which include adaptability, flexibility and the willingness to recognize limitations. The three industry veterans also share stories of deals in which it was necessary to replace key executives. This program is sponsored by Tatum. Registered users of Privcap may access this 22-minute, chaptered video program, 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: Latin American private equity has come of age, says officer in charge of investing the World Bank’s money throughout the region. In a wide-ranging interview with Privcap, Ralph Keitel, Principal Investment Officer of theInternational Finance Corporation (a division of the World Bank), describes a landscape in which distributions to investors now equal fundraising statistics – a healthy sign of value being realized in a market that has not always benefited from much liquidity. Keitel discusses the strength of the Colombian market, why Brazil still needs development capital, what his group looks for when considering backing a new GP team, and how the IFC will work to custom-create a private equity firm when a developing economy desperately needs one, as was the case recently in Haiti. Registered users of Privcap may access this 12-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 European deal scene must be a disaster, given the economic troubles in the region, right? Wrong, says Marco De Benedetti, Managing Director and Co-Head of Europe Buyout for The Carlyle Group. Despite macroeconomic troubles, Carlyle Europe recently completed an attractive deal in Italy as well as the exit of a UK-based portfolio company. In a fascinating interview with Privcap, De Benedetti discusses how his team is able to hunt for and realize value despite economic headwinds, what LPs are saying about the European private equity opportunity, and why he believes “the euro will not blow up.” He also shares details of Carlyle’s recent investment in Italian fashion brand Twin Set as well as the growth and exit of UK-based cash-counting machine maker Talaris to a Japanese corporate buyer. This program is sponsored by and was produced at the annual conference of SECA – the Swiss Private Equity 8 Corporate Finance Association. Registered users of Privcap may access this 10-minute, chaptered video program, 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: Karyn Koiffman, a partner in the New York office of law firm Baker 8 McKenzie with an expertise in Brazilian M8A and private equity law, speaks with Privcap about doing deals in the country. Koiffman discusses what is unique about the Brazilian M8A market, how a lack of documentation can slow the due diligence process, how Brazilian funds are regulated, how to navigate the restricted industries of Brazil, and labor laws. Registered users of Privcap may access this 7-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. September 201

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Track records – if you’ve got one, prepare for an amazing degree of scrutiny in today’s brave new era of transparency. In this kick-off program to a three-part series on transparency in fundraising, Privcap convenes a discussion among three experts, who share their insights into the importance of individual and team track record due diligence, especially when there is a change at the firm – a retiring founder, a spin-out, a transition of any sort. Matthew Pedley, a Principal at The Blackstone Group, Pawan Chatuverdi, a Partner at Altius Associates, and Jennifer Cho Rinehart, Managing Partner at MVision Private Equity Adviserscompare notes and fundraising war stories as they discuss why investors are determined to understand and verify individual team-member contributions to performance, the impact of founders on team dynamics, the delicate task of performing due diligence on spin-out groups, and how succession situations “become a referendum on how institutionalized the practice has become,” as Pedley puts it. This is required viewing for any GP about to hit the fundraising trail and for any LP looking for best practices in due diligence. The segment includes an expert Q8A with Jennifer Cho Rinehart of MVision, the sponsor of this series. Registered users of Privcap may access this 20-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