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Unseemly scramble towards the e-conomy
 A leading figure in the global buy-out industry is out fund-raising. He has a meeting, the story goes, with a particularly truculent prospective investor representing one of the large US endowment funds. "So," asks the investor, "how come your fund is not differentiated?" The question refers to the trend for buy-out houses to specialise, for instance, by industry sector. ...more
EUROPEAN OPPORTUNITIES:
Old economy, new private optimism
Competition for private equity deals in Europe intensified earlier this year when stock markets across Europe downgraded old economy companies and their shares languished at all time lows. Private equity investors searched, and continue to search, for opportunities to buy these companies cheaply. ...more
TOM HICKS:
The art of keeping ahead is reinvention
In January 1994, Tom Hicks spearheaded a $48m investment to buy three radio stations in Sacramento, launching a sweeping consolidation of the industry that has grown into a $1.3bn investment today. That initial deal was sparked by his passion for the radio business, dating back to his teens when he worked as a disc jockey. ...more
E-COMMERCE SUPPORT:
Backers beef up old economy's web presence
With the abrupt end of the fashion for dotcom investing, venture capitalists are keener now to emphasise the safer way they can pursue net-based opportunities by encouraging e-commerce in their existing 'old economy' investments. ...more
NEW ENTRANTS:
New guises keep funds on their toes
The venture capital and private equity industry is keeping the agencies which specialise in devising names for new companies busy. Each day new venture capital funds emerge. ...more
JAPAN:
Vultures renew happiness
Until recently Kofuku bank was best known among foreign investors for its ironic name. For though the bank's name literally means "Happiness" in Japanese, this small regional bank collapsed last year under the weight of large bad loans, causing deep distress in the Osaka region. ...more
US OPPORTUNITIES:
E-ventures mesmerise US investors
It is only 12 years since US financial markets were gripped by the takeover of RJR Nabisco by Kohlberg Kravis Roberts, in a deal that seemed at the time to be the high water mark of private equity buy-out activity. ...more
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