Fund Management

Despite recent turmoil in the credit markets, confidence in prospects for emerging markets remains high. By Nicholas Lockley.

As Merrill Lynch, Citi and Morgan Stanley reeled from the sub-prime meltdown, alternative investment executives loomed as potential saviors.

Until the middle of this year, private equity exits were continuing to set new records in terms of value and number. But, in the second half, it was clear that the wheels had fallen off the bandwagon. Andy Thomson reports on the results of a new survey.

Several big buyouts have collapsed as a result of the liquidity crunch. For private equity firms, getting out of a broken deal can be a long and painful process.

Warburg Pincus' new fund enjoys a term concession more common to hedge funds.

Five Food Groups 2008-01-01 Staff Writer <strong><bold>HOSPITALITY<br /> Colony and Eurazeo snap up shares in Europe's largest hotels owner</bold></strong><br /> Private equity firms Colony Capital and Eurazeo have been forced on the defensive after unveiling plans to in

Asia Alternatives goes large * China sovereign fund dampens foreign fears * Dubai's HBG nears $200m target * Ex-Temasek executives fundraising for China * First close for Sharia vehicle on $200m * Aureos backed by Kazakhstan FoF

Western GPs seeking access to China are pondering how the growth of locally denominated funds might work to their advantage.

Guido Gamucci is chairman of Permira's operation in Asia. Previously responsible for the firm's Milan office, he relocated to Japan in 2005 and is poised to move to Hong Kong when the UK buyout group opens its second office in the region next year. In October, Permira made headlines for doing not just one, but two large deals in Asia. First came an $838 million investment for a 20 percent stake in Galaxy Entertainment, a Macau-based casino operator; then followed a $2.2 billion secondary deal to acquire Arysta Lifescience, a Japanese agrochemical company, from Olympus Capital. For Permira, it was the first investment in Japan since its arrival two years ago.

In the past, private equity-backed Chinese companies often listed in London and New York. Now the smart money is on well-designed "onshoring" strategies instead, writes Robert Abbanat.