Fundraising

After several record-breaking years for the new kings of capitalism, life suddenly seems less than straightforward. Andy Thomson looks at some of the likely twists and turns in store for private equity in 2008.

Hamilton ‘Tony’ James is the day-to-day leader of what has now become one of Wall Street's most powerful and admired firms – Blackstone. His tenure as president and COO of Stephen Schwarzman's creation is not the first time he has dramatically upsized a private equity operation. As head of DLJ Merchant Banking, James presided over one of the dominant private equity business of the 1990s with loyal personnel across the US, Europe and Asia. He is now duplicating that success at Blackstone, but on a much larger scale. James met recently with David Snow for a conversation about where Blackstone is today and where he intends to steer it in the coming years.

If European venture is a hard sell, Italian venture is even tougher. But that didn't stop two former executives of large private equity groups from plunging into the space with a debut fund.

New York-based Shermen Capital Partners recently launched a SPAC to capitalise on what it maintains is an untapped market: the $271bn US agriculture industry.

The new service opens up a treasure trove of historic returns information.

Europe appears on the verge of a mezzanine revival.

Exponent Private Equity, a UK mid-market firm founded in 2004, has closed its second fund with commitments of £805 million ( €1 billion; $1.6 billion). The fund is double the amount raised in the first fund in 2004. Investors included funds managed by Pathway, Pantheon Ventures, Danske Private Equity, MassPRIM, OMERS Capital Partners, NYL Capital Partners and Bank of Scotland, as well as substantial US endowment and European private family sources. Hugh Richards, one of the firm's four founding partners, answers PEI's questions.

The Nordic buyout firm has raised a later stage venture technology fund a week after it closed a real estate fund specially set up to acquire Nordic hotels.

The Nordic buyout firm has raised a later stage venture technology fund a week after it closed a real estate fund specially set up to acquire Nordic hotels.

The alternative investment firm raised the vehicle in just two months, co-founder Howard Marks told PEO.