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You prepare a second you pinching the noseAt least if the Union meetings repeatedlyLaurence Parisot is expected at the turn5 million spectators in 20 years says the headThe commune of Ixelles and its inhabitants 77Consumption in this country has fallen by 6 looking towards the Mediterranean but it is without borderThe fiscal responsibility of companies is too often obscured6 of the capital of the group a little more than 50After having already received public funding of 15I beg you, do not default, we will try to work with you. "This call to the patience of the boss of one of the biggest LBO Fund, David Rubinstein, the head of Carlyle, who had to prevent its very low yields to investors, many fund managers would like to be in a position to impose their investors. Constraints of liquidity, poor performance of the investment firms, major investors are pressure to renegotiate their commitments to the Fund. CalPERS, the U.S. pension fund giant with $ 184 billion under management, which has already seen melt its assets of nearly $ 40 billion between July and October, has indicated that he was considering the ideal "timing" of funding appeals with management teams.
Not surprisingly, in those circumstances, that 63 of European investors, according to the index paste Capital, specialized market said "secondary" the redemption of fund units, currently refuse to reinvest to some of their teams of management because of their poor performance or a drift in the investment strategy.
Few alternatives
However, investors have few alternatives. If they decide to do not honour their commitments, they risk losing 20 to 30 of their initial implementation, or even more. The transfer of their shares in the Fund on the secondary market still butte on significant discounts. It thus took almost a year to CalPERS to assign shares $ 2.1 billion, or 21 of its investments in the "private equity", between the third quarter of 2007 and the month of August 2008.
As Harvard University, trying to give a similar proportion of its positions ($ 8 billion, $ 1.6 billion), it patina.
Many funds in this posture. Many investors seek to break free of their commitments in Terra Firma, the buyer of EMI to 3.2 billion pounds in the summer 2007. This is Terra Firma 30 20 in the September accounts. Investors engaged in fifth PAI Partners EUR 5.4 billion Fund oversubscribed in May and invested in June in the Atos software company, who has lost over 50 of its value, would also "change notice". Apollo also undergoes pressure from investors, still reports the "Financial Times".
The outcome of these arms of iron in perspective is therefore based on the capacity of the secondary market to absorb the flow. "There are a lot of discussions and hesitations at the present time, thus indicates Antoine Dréan, associate of Triago, specialized in these transactions." The market remains very inefficient, with offers which can vary between the face value of shares and discounts of 40 to 50.
According to some estimates, the secondary market is estimated at 20 billion transactions per year. "It is very difficult to invest today, confirms Dominique Senequier, President of AXA Private Equity, one of the main European funds with more than 25 billion under management." Of a premium acquitted from the facial value as of June 2007, it is passed to discounts of 10 of net assets in March 2008. Since then, transactions have been unwinding at decreasing prices. We are not in nearly three months.
