Private Equity Skills

What Skills Students Should Learn for Private Equity

I’ve been traveling for the last three weeks and during the flights I have been going through some white papers that I’d been meaning to read.  One particularly interesting paper is by a professor at Stetson University titled “Understanding the Skills Needed for Careers in Private Equity Investing.”  The research identifies a major disconnect between general finance education and that needed for investing in private equity.

Although many professionals receive a general business school education and work one or two years at an investment bank or other finance firm, it would be great if an MBA included a more focused study on private equity to prepare graduates for a very unique field.  There are signs of a shift toward educating students on private equity is the Tuck School of Business’s Center for Private Equity and Entrepreneurship as well as the University of North Carolina’s Kenan-Flagler Private Equity Fund which is largely run by students.  I hope that more research is done to show how students and business schools would benefit from a curriculum with a strong focus on private equity.

It’s crucial that students at least have a basic understanding of how to value companies, structure a deal, complete accurate due diligence, manage a portfolio and negotiate with investors and keep them satisfied.  The price for on-the-job training for a venture capitalist could be millions of dollars from your investors, so it’s important to have a curriculum that addresses specific skills necessary for working in private equity.  The skills that private equity professionals should have beyond the existing MBA and finance degree curriculum are:

1. Being able to realistically value businesses in an illiquid start-up context 
2. Contractually structuring the investment
3. Maintaining an effective personal network to both ensure adequate deal flow, and also assist  portfolio companies in securing critical resources
4. Possess the negotiating skills associated with both purchasing and selling an investment
5. Be able to coordinating thorough and effective due diligence

If you have not developed these skills or your business school has not addressed these needs, the author prescribes ways to improve these crucial areas:

1. Do not rely on the “general business requirements” to meet these skills.  
2. Some of these skills are process skills, meaning that they are developed by practice – not merely through understanding the process.   
3. Due diligence is on virtually no one’s curriculum.  There are great books available and free resources online to give you at least a surface knowledge of this area. 
4. A course in private equity investing can be demonstrated to accomplish the purposes of the business capstone class, and might be offered in lieu of Strategic Management, for example.

To read the full white paper, see here.

See our private equity career guide for more information on what you need to succeed in private equity

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Directive on Alternative Fund Managers

Costs of EU’s Directive on Alternative Fund Managers

European hedge funds are facing tough regulation and stiff taxes from the UK and European Union.  Last month, the UK announced that it will begin taxing individuals earning more £150,000 (about $247,000) a year at a rate of 51%.  This decision led many hedge funds to leave the UK for more business-friendly countries, namely Switzerland.

Now, the European Union is considering a law that will effect not only private equity and hedge funds but also EU tax revenues.  The proposed rules are estimated to cost almost $3 billion in its first year and about $1.5 billion each following year.  The Directive on Alternative Investment Fund Managers seeks to regulate and impose capital requirements on funds managing more than 100 million euros.

A significant cost may fall on the hedge funds and private equity firms which will shoulder a major burden in compliance costs.  A recent survey estimates that compliance expenses will rise by about a third from the directive. 

London, home to at least 80 percent of Europe’s estimated $400 billion in hedge-fund assets and about 60 percent of Europe’s private-equity firms, may suffer as funds decide that leaving is easier than complying with new regulations, the survey authors said.

“Thousands of jobs and millions of pounds in tax revenues could be at stake,” according to a report by Mats Persson, research director at Open Europe. “There would be little incentive for fund managers to remain in the EU at all.” The survey showed 2 percent of investors in the funds support the proposal, while 46 percent oppose it.

Britain’s Financial Services Authority last week organized a one-day conference in London about the costs and consequences of the directive, which Paul Myners, the U.K. treasury minister called “flawed.” Poul Nyrup Rasmussen, the Danish former prime minister whose Socialist Party president introduced the legislation, said this month that the proposal may need “tightening.” source

Read about the UK Hedge Funds Tax

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Hedge Fund Transparency Regulation

SEC Hints at Regulation Increasing Hedge Fund Transparency

U.S. regulators are hesitant to impose any drastic rules on the hedge fund industry, as hedge funds post impressive results in 2009 signaling the beginnings of a recovery.  Security and Exchange Commission Chairman Mary Shapiro did say that she hopes to bring in a bit more transparency to the industry but it is far from the worst-case scenario some hedge funds have been bracing for. 

If Congress, as is expected, requires hedge funds to register with the agency, the SEC will in turn require “some level of public reporting,” Schapiro told a conference at Georgetown University on Friday. But the public shouldn’t expect to get the same peek at what hedge funds are doing as regulators will.

Schapiro said she is “very aware of the tension” hedge funds feel about greater disclosure, fearing that it will give their competitors a leg up. So instead of demanding detailed public disclosures, she said the SEC will seek “fairly detailed reporting to regulators and some level of public reporting to investors.”  Source

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HSBC Hedge Fund Losses

HSBC Alternative Investments Takes Biggest Losses

The hedge fund industry suffered heavy losses during the recession, unfortunately making the “biggest loser” a more competitive category than years past. HSBC Alternative Investments took the worst hit in terms of outflow.

The fund of hedge funds business failed to retain investors and lost 4.2 billion Swiss francs (almost $4 billion) in the first six months of this year. Since HSBC Alternative Investments hit its peak last September, its assets under management has fallen a staggering 52% from a combination of redemptions and losses on investments. The fund of hedge funds industry has been one of the hardest hit during the recession.

The Geneva-based fund of hedge funds business of HSBC reported the single-largest outflow, in absolute terms. Investors yanked 4.2 billion Swiss francs from the private bank in the first six months of the year, the Financial Times reports. That, combined with huge investment losses, leaves the firm’s fund of funds business with just US$22.27 billion, 52% less than it managed at its peak last September, when it boasted US$46.28 billion.

HSBC AI blamed its decision not to chase market share or deposits by increasing rates and lowering margins for the continued first-half redemptions, according to the FT. But CEO Alexandre Zeller said high-net worth clients are again finding a taste for risk and are looking to return to the market. Source

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Hedge Funds Deliver the Goods

Here is a video interview with Rick Steele, CEO of TechInvest. Mr. Steele runs the Intercept Capital Fund a long/short market neutral hedge fund. Within this video Mr. Steele comments on hedge funds and fund of hedge fund performance.

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Hedge Funds Deliver the Goods

Here is a video interview with Rick Steele, CEO of TechInvest. Mr. Steele runs the Intercept Capital Fund a long/short market neutral hedge fund. Within this video Mr. Steele comments on hedge funds and fund of hedge fund performance. If you are reading our daily email newsletter please click here to watch the video now.

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Below is a short article on what family offices and some ultra high net worth investors are investing in right now:

Simon Mellon, who’ll be heading up Bonner & Partners Family Office, our soon-to-be-launched money management and tax optimization service, is keeping in close contact with Notes HQ.

Simon is a global finance insider with a decade’s worth of experience working in capital markets. And right now he’s advising investors to remain cautious until a clearer picture emerges about the market’s direction.

When I was a child I could never sit still on a long road journey. I was always asking, “Are we there yet? Are we there yet? ARE WE THERE YET???” My father would always reply “Nearly, son… Nearly,” even though we were still miles from our destination.

This is exactly how the financial markets seem to me right now. It’s been more than two years since the credit crisis kicked off, and I’m getting itchy in my seat: I want to be back out there playing with the other financial (whizz) kids. But it feels like the end of this current rocky road is still on the distant horizon.

Wall Street wants you to believe things improving… that we are on the road to recovery… and that “green shoots” are starting to appear in the economy. Call me a cynic, but I’m just not convinced. Read more…

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Hedge Fund Infrastructure Investments

While we don’t usually publish videos put out by industry service providers, below is a very professional interview-based video created by Advent Software. Within this video they talk about hedge fund infrastructure, investing in improving operations, and the pay-off periods of doing so. Click here to view the embedded video below.

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The Demise of Hedge Funds

This video below talks about out Bull Path Capital Management and how they have converted their hedge fund into a mutual fund. While this is great free advertising for Bull Path, this is a misleading video about the hedge fund industry. We had over 100 professionals attend our hedge fund startup event in New York last week, one of the most popular articles on my website is on hedge fund startups, and last week a report showed that more hedge funds are starting right now than any other time within the past 3 years. I should have this line be the tagline of my whole blog: “I believe that hedge funds will be stronger than ever in just 3 years.”

Click on the image below to watch a video by Bloomberg on the “Demise of Hedge Funds.”

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New Hedge Funds Launched in 2009

Here is a great video put out by Bloomberg on how hedge funds are being started almost every day. The news caster is quoted as saying that 8 hedge funds are being started in July 2009 which will manage over $2B total. While I’m sure that this reporter is trying to stress that these are not all small hedge fund shops, I can assure you that there are far more than 18 hedge funds launching in July. Capital for these hedge funds is coming from seed capital providers, large banks and institutions looking to benefit from the cyclical nature of the markets. Many of these new funds are using managed accounts to provide banks with more transparency and less liquidity risk. If you are viewing this article via email please click here to watch the embedded video below.

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Hedge Funds Gains to Date in 2009

Fixed income and mortgage backed arbitrage are coming out as two of the highest performing strategies in the industry. To date hedge funds have returned over 10% to investors while the S & P has returned just over 4 percent to date. Some of the worst performers to date in 2009? ABL Funds and commodity pools. Below is a video on these results, if you are reading this via email and cannot see the embedded video below please click here.

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Hedge Fund Speeches

I am preparing for two speeches this week, one at the Marcus Evans Fund of Hedge Funds conferences in Boca Raton on June 15th and one for the TAAAP Hedge Fund Startup Panel in New York City on June 18th. In doing so I am trying to come up with the most common or critical questions that $1M-$900M hedge fund managers have on hedge fund marketing and hedge fund startups.

I have posted a few of the most common questions I have received below, but are there 3-5 pieces of information, advice or questions which you wish would be covered at one of these two events? Is there something you would like to hear talked about more within the areas of either hedge fund marketing, raising capital or starting a new fund?

If you do have a few points which we should be covering at these events please email your comments in to Richard@HedgeFundGroup.org. Below are some of the common questions I receive which will be covered at these two events:

• What is the best way to approach raising capital from wealth management firms and financial advisors?

• How should we look to work with family office wealth management firms?

• Investors want long track records and $100M+ in assets before investing but we cannot get there until a few try us out and help us get up to that size, what do we do?

• Do you know how to obtain seed capital for our hedge fund?

• What channels of investors should we invest our time in pursuing at different asset levels?

• How can I tell one prime brokerage firm from the rest? We are a small fund and we don’t want to work with four different prime brokerage firms at once.

• How can we get the attention of third party marketers and larger third party marketing firms to help us raise capital? Most that we speak to want $80-$100M and a 5 year plus track record before they will help us, but at that point we probably will not need their help.

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Hedge Fund Upates

Below is a video on recent hedge fund developments including the closing of two Boston-based hedge funds and the re-opening of a Equity/Bond hedge fund in Europe. To view this video via our daily hedge fund email newsletter please click here.

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Recent Hedge Fund Developments

Here are a series of recent videos released on developments within the hedge fund industry. If you are viewing this video through our daily hedge fund email newsletter please click here now to watch the embedded videos below.

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Connect with Me

A lot of my hedge fund related networking occurs over Linkedin.com which hosts over 50,000 professionals of professionals which work in the hedge fund industry.

I personally have around 3,000 direct connections on Linkedin.com you can benefit from that by connecting directly to me if you would like, here is my profile: http://www.linkedin.com/in/richardcwilson. You may connect directly to me by referencing the email address Richard@hedgefundgroup.org.

Tags: Linkedin.com, hedge fund managers on linkedin.com, hedge fund, hedge funds, private equity, investments, investment networking

Connect with Me

A lot of my hedge fund related networking occurs over Linkedin.com which hosts over 50,000 professionals of professionals which work in the hedge fund industry.

I personally have around 3,000 direct connections on Linkedin.com you can benefit from that by connecting directly to me if you would like, here is my profile: http://www.linkedin.com/in/richardcwilson. You may connect directly to me by referencing the email address Richard@hedgefundgroup.org.

Tags: Linkedin.com, hedge fund managers on linkedin.com, hedge fund, hedge funds, private equity, investments, investment networking

Connect with Me

A lot of my hedge fund related networking occurs over Linkedin.com which hosts over 50,000 professionals of professionals which work in the hedge fund industry.

I personally have around 3,000 direct connections on Linkedin.com you can benefit from that by connecting directly to me if you would like, here is my profile: http://www.linkedin.com/in/richardcwilson. You may connect directly to me by referencing the email address Richard@hedgefundgroup.org.

Tags: Linkedin.com, hedge fund managers on linkedin.com, hedge fund, hedge funds, private equity, investments, investment networking

Connect with Me

A lot of my hedge fund related networking occurs over Linkedin.com which hosts over 50,000 professionals of professionals which work in the hedge fund industry.

I personally have around 3,000 direct connections on Linkedin.com you can benefit from that by connecting directly to me if you would like, here is my profile: http://www.linkedin.com/in/richardcwilson. You may connect directly to me by referencing the email address Richard@hedgefundgroup.org.

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Hedge Fund & Bank Discussion Video

This video talks about the futures of hedge funds, regulation, and the stability of banks in the US vs. Europe.

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April 2009 Hedge Fund Performance

Here a recent video on hedge fund performance in April 2009. If you are viewing this through our email newsletter please click here to see the embedded video below.

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Andrew Lo Video

Here is another video of Andrew Lo seen on Fox Business News. This video discusses whether the Obama administration is targeting hedge funds unfairly right now. Lo believes that the US government is serious about regulating hedge funds but at the same time hedge funds are not at the center of this crisis and they are at the center of the solution to this crisis.

A great quote, “more than ever hedge funds have lately become a kind of bad word.”

Another…

“Right now hedge funds are the only game in town for investors who are seeking talented management right now.”

Please click on the picture below to watch this video:

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Thinning of the Hedge Fund Herd

Here is a short video trends affecting hedge funds right now and a view of what types of things can drag down performance of hedge funds. These two professionals used to trade for hedge funds and are now providing opinions that some hedge funds had based their returns mostly on leverage and now have trouble producing these same returns with less leverage.

I agree that a percentage of hedge funds were producing returns through the use of leverage, but perhaps that is the silver lining of this depression..maybe a thinning of the herd is healthy for the industry every 15-20 years. If you are viewing this article through our email newsletter please click here to watch the embedded video now.

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Andrew Lo and The Economy | Video

Here is a short video on the economy and hedge funds. Andrew Lo is one of the professionals speaking within this video, Lo is a professor at MIT and fund manager.

Within this video these professionals discuss how we are still in a recession but we are seeing glimmers of hope within the mortgage and manufacturing areas. In 2010 there may be enough momentum to pick up the economy and lift it out of the depression. This is a good video because they include professionals who consider psychology, the feeling of loss in society along with hard numbers, something not usually seen. If you are viewing this article through our daily hedge fund email newsletter please click here now to watch the embedded video below.

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Hedge Fund Developments This Week

Our team has been updating several Hedge Fund Tracker profiles over the last week. To read these news updates on specific hedge fund managers please see the following links:

• Traxis Partners LP
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• Highbridge Capital Management LLC

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