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Economics and Business Exchange Supported by Deloitte. Future Trends in Private Equity Jim Sloane, Deloitte. We believe that private equity’s greatest growth is yet to come Apax Partners, April 2006. Stimuli. Risks. Low interest rates Stable regulatory environment

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Economics and business exchange supported by deloitte

Economics and Business ExchangeSupported by Deloitte.


Future trends in private equity jim sloane deloitte

Future Trends in Private Equity

Jim Sloane, Deloitte


Economics and business exchange supported by deloitte

Webelieve that private equity’s greatestgrowth is yet to come

Apax Partners, April 2006


Economics and business exchange supported by deloitte

Stimuli

Risks

Low interest rates

Stable regulatory environment

Liberal policies towards

Private enterprise

Entrepreneurship

New markets

Delisting

Strong debt market

  • Debt Market

  • Interest rates

  • Corporate collapse

  • Economies slow down

  • Exit values plunge

  • Overpriced assets

Webelieve that private equity’s greatest growth is yet to come

Apax Partners, April 2006


Economics and business exchange supported by deloitte

Fund Sizes

  • 8/9 funds in excess of $8 billion

    • Blackstone - $15 billion

    • Permira - $12 billion

  • 3 or 4 year duration

  • No issues raising funds


Economics and business exchange supported by deloitte

Webelieve that private equity’s greatest growth is yet to come

Apax Partners, April 2006

Barbarian at the gates

Financial Engineering& Arbitrage

Disposals

Active Ownership(Jack WelchLou Gerstner

Lord Hollick

Vivek Paul Millard Drexler)


Economics and business exchange supported by deloitte

Disposals

Active Ownership

Barbarian at the gates

Financial Engineering& Arbitrage

  • Public companies delisting

  • Ownership

  • Power to restructure

  • New management

  • Reward

  • Leverage full debt capacity

  • Talent flow

  • Increasing financial scale

  • FTSE 100 companies as targets


Economics and business exchange supported by deloitte

Club deals

ACTIVE OWNERSHIP

Management Teams

Maturity ofthe business

Scale

Opportunity

Strategic Buyers

Returns from going private

Owners as supervisors and managers


Economics and business exchange supported by deloitte

Opportunistic

Strategy, Vision, Mission

V.

  • Growth

  • Capital already invested

  • Exploit new opportunities

  • Agents for change

  • Buy, Build, Improve, Grow

  • Low hanging fruit taken


Economics and business exchange supported by deloitte

Implications

  • Increasingly important part of the economy

  • Stimulus for growth?

  • Private ownership delivers more?

  • Risk of tackling operational issues

  • Succession planning

  • Continual flow of M&A activity (all sizes)


Economics and business exchange supported by deloitte

Economics and Business ExchangeSupported by Deloitte.


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