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4 Dean’s Court St. Paul’s Churchyard EC4V 5AA Tel: +44 (0)20 7778 0055 Fax: +44 (0)20 7778 0065 PEI_Issue6_June02.QXD 29/5/02 8:43 pm Page 28

28 Cover Story : The 50 most influential people in Europe

Cover Story The 50 most influential people in Europe Who is shaping the industry? The question is important, because private equity, despite its becoming a more mainstream, institutionalised asset class, fundamentally remains a people’s business. Private Equity International picks the people who make all the difference in European private equity.

This is not a ranking. Neither is it a list based on some succession and the prospects of newcomers on the sort of scoring system, designed to support claims to fundraising trail. objectivity. (How could there be such a thing?) It isn’t exhaustive, and there wasn’t enough space to accom- The complexity of the private equity investment process modate all of those who have distinguished themselves in requires any compilation of its key decision makers to European private equity. draw on a broad range of professional types. That is why you will find GPs, managers and investors, The people included in these pages have been selected placement agents and gatekeepers, bankers and during a deliberately subjective process. It’s an editor’s lawyers as well as one immensely influential bureaucrat choice, presented here in alphabetical order. on the list. As a result, you may not find all the names you expected, and you may well question the presence of others who Whether each of these groups has been given the you didn’t think have done enough to be included. We do representation it warrants is another point of debate, and expect this list to provoke some debate, and we’re keen some may lament for instance the relative scarcity of to hear your ideas. Who did we leave out? Who should M&A advisers and other such powerbrokers on the list. not be in? The reason is not that we are somehow unaware of the influence that these practitioners typically exert. But we The selection process began months ago by way of an did take the view that in the current climate of caution the in-house editorial meeting which led to a vast amount of spotlight should mainly be on GPs and LPs. It is these conversations with participants in the market place. The two groups that in our view are the main, but not question we asked ourselves and many others was: who exclusive, protagonists in the ongoing - and critical - are the people that are really shaping European private debate that will determine where private equity as an equity, either through contributions made over the course industry and asset class is headed. of their careers, or by being right in the thick of it today?

The question is obviously relevant. Private equity, despite Who did we leave out? the progress it is making towards becoming a more Email us with your ideas at: mainstream, institutionalised asset class, fundamentally [email protected] remains a people’s business. Just think of the endless debate surrounding key man clauses, general partner PEI_Issue6_June02.QXD 30/5/02 6:37 pm Page 29

Private Equity International June 2002 29

Kevin Albert Wanching Ang Tom Attwood Kate Bingham Jonathan Blake Merrill Lynch Allianz Private Equity Intermediate Capital Schroder Ventures SJ Berwin (Placement agent) Partners Group Life Sciences (Lawyer) (LP) (GP) (GP)

APEP is one of the results Lile APEP’s, this is anoth- Many regard biotechnolo- The private equity of the merging earlier this er one-but-several gy as one of the most practice group at UK year of Allianz and profiles, not least because slippery slopes for venture headquartered law firm SJ Dresdner Bank’s private Tom Attwood would want capitalists, with long Berwin has built an equity activities. Primary his fellow managing investment cycles, low impressive reputation for fund investments, sec- directors at ICG to be probabilities that portfolio fund formation expertise ondary fund activities and credited for being just as companies will come to co-investments all fall instrumental as he in fruition and mixed per- with the unit’s remit and it making this firm what one formance in the past. is headed by Helmut contact described as “the Nevertheless the sector is Although the days of the Wimmer who should take gorilla in the mezzanine still hugely in demand Merrill Lynch placement the credit for developing park.” Founders Tom amongst investors, and in team working on $25bn of the giant’s Bartlam (ex-Charterhouse Europe a number of prac- private equity fund asset management activi- buyout fund), Andrew titioners are leading the raisings in a year are past ties into alternative Jackson (the person who charge to catch up with – that was in the heady made the then Chemical the level of activity in the days of 2000 – it’s a good Bank a force in specialist US. One of them is Kate (it was again voted the reminder of how active a financing in the 80s) and Bingham, who is critical to best firm at this in the group they were then. And Jean-Loup Brousse de 2001 PrivateEquityOnline they still are. Although the Gersigny (who worked poll) as well as transac- fund raising totals are alongside Jackson) tional advice. Credit for naturally smaller, and the should all be acknowl- this should go to a num- staff number has shrunk edged. To many though, ber of members of the too, the Merrills place- Attwood is the public face team, including Josyane ment team, led by Kevin of the firm. Perhaps Gold and Mark Mifsud but Albert, continues to be assets. The person that because of his back- it is the team’s leader, one of the top placement has caught our attention ground at James Capel, Jonathan Blake, whose agents in the business. though is Wanching Ang. where he grew the firm’s name is mentioned most Albert, a seasoned practi- She now leads the team IPO business, Attwood Schroder Ventures’ often. His considerable tioner who joined Merrills that manages the group’s has a particular aware- biotech investment effort. experience - he became a over 20 years ago, makes private equity invest- ness of what it takes to Having joined Schroder partner in 1983 - along a point of working on a ments. She, along with get a deal done. And Ventures in 1991, she was with an unwavering variety of funds himself. Jim Kester, has developed involved three years later appetite for broader pri- So he will be the point a strong reputation for a in setting up the firm’s vate equity policy matters person for something as rigorous investment dedicated life sciences (he is an active EVCA sizeable (and high profile) approach. The team is arm, which today man- committee member as Guy Hands’ Terra also evidencing a marked ages $550m of capital besides conference Firma II targeted at €3bn appetite for the asset and has invested in over speaker) prompts some to or something arguably class, and their commit- 100 businesses. call him Europe’s “Mr more challenging as a first ments deliver a valuable Bingham, who a former Private Equity Law.” Now time or sector specific message to other heay- colleague says is so that the firm is building its fund. And few GPs would weight institutional bright that “you’ll do well office network across argue with the point that, investors in Europe who although there are many to keep up with her,” Europe, with offices if you’ve got Merrills as have been toying with more mezzanine deserves much of the already in Paris, Brussels, your placement agent, their private equity alloca- providers nowadays, credit for turning the firm Madrid, Frankfurt and more people are going to tions. Trail blazer? Maybe ICG’s phone number - into one of Europe’s lead- Munich (where Uwe take your calls. In these not. Benchmark? Very and Attwood’s in particu- ing players in health care Steininger and Tony tougher fund-raising possibly. lar – continues to be the and life science alongside Tulloch are enjoying a times (and when the first on the list for many Sir Chris Evans’ Merlin strong reputation with pri- competition has intensi- financial sponsors and Bioscience, Sofinnova vate equity clients), Blake fied too), expect Albert to their advisers. On the fund Partners, TVM Techno and his private equity be busy making sure his management side, ICG Venture and Index team will be looking to clients succeed. has become a leader in Ventures. extend their market share CDOs. across the continent.>> PEI_Issue6_June02.QXD 30/5/02 6:38 pm Page 30

30 Cover Story : The 50 most influential people in Europe

Gordon Bonnyman Wim Borgdorff Chris Brotchie Les Brun Sir Ronald Cohen Charterhouse NIB Capital Baring Private Equity Hamilton Lane Apax Partners (GP) (LP) Partners (Adviser) (GP) (GP)

With over €14bn of funds Chris Brotchie has been Les Brun, chairman of Sir Ronald set up his firm under management, NIB CEO of BPEP since 2000 Hamilton Lane, has built in prehis- Capital Private Equity is but has been instrumental the firm into one of the tory in 1972 and presided one of the largest private in helping shape the firm’s leading investment over its march through the equity investment firms in business and strategy for advisors for institutional industry’s dark ages. Europe. It manages far longer. He joined the investors contemplating Steering the company money for two key Dutch private equity team in dipping their toes in pri- through the early years clients: 1986 and was a key figure vate equity. Hamilton wasn’t easy, and Apax is ABP and PGGM. The firm in helping ensure the busi- Lane is already an advisor often praised for refusing invests in other private to a number of the major to be bogged down by Gordon Bonnyman has equity funds, co-invests new investment capital several seasons of want- been active in private equi- and invests directly itself sources in Europe. As ing returns. When ty for decades. Not only but we’ve selected Wim with other people in this European private equity has he built Charterhouse Borgdorff who is the list, Brun will be the first to finally took off, Apax rap- Development Capital into a managing partner in deflect credit towards his idly grew into one of the highly regarded buyout charge of funds colleagues at the firm but best-known brands this operation but he has won investment (Volkert the style and energy of the side of the Atlantic, play- both the respect and affec- Doeksen looks after business should be attrib- ing in both the venture tion from colleagues and direct investments). As uted to Brun. A graduate and the buyout league competitors along the way. one source put it: “These ness passed through the of social studies who and now managing more He has also mentored a guys are serious about flames of the Baring drove a cab in New York than €12bn of capital. number of other key fig- private equity and are Brothers implosion after leaving university, Along the way Sir Ronald ures in European private prepared to invest large unscathed. The character Brun has pushed the firm helped set up Easdaq, equity in their early careers when they want to.” of the business owes and today devotes con- - including Duke Street’s Although size isn’t much to him – and to his siderable energy to pro- Edmund Truell and former everything, the fact that sustaining a franchise moting a broader role for Bankers Trust and Merrills NIB will commit €100m many thought was one of venture capital in British man Matthew Collins. upwards if the fit is right Barings’ hallmarks: that of society as chairman of the Bonnyman led the team makes them hugely influ- innovative participation in Social Investment Task that bought Charterhouse ential. This preparedness often less mainstream Force. In 2001 he was out from HSBC in June last to make very sizeable markets. Hence BPEP has given a knighthood for year and the firm has made commitments has people like Gyuri Karady services to venture capi- a specialty of tracking prompted other institu- leading the team investing tal. Apax Partners is down talented manage- tional investors in Europe throughout Central hard to get to where it is. Europe’s response to the ment and under valued to contemplate doing the Europe, Mike Calvey and Arguably Hamilton Lane is US champions of private companies across Europe same and this will Alexey Kalinin doing the today the leading interna- in often neglected sectors continue to have a ripple same in Russia and CIS, tional gatekeeper (and a (the purchase and exit from effect that will further and further afield there’s major fund of fund railstock leasing company deepen the available Jean Salata opening up investor too.) Brun is an Porterbrook being a case capital pool in Europe. markets in Asia. BPEP eloquent and compelling in point). Although wary of The NIB team currently also cultivates local private equity commenta- publicity and disdainful of commit €2bn per annum, partnerships to win local tor. He is therefore a any cult of personality, on average, to private business – and works with persuasive exponent for Bonnyman is a compelling equity partnerships Procuritas on Scandinavian adding private equity to private equity investor who around the world. buyouts and Polytechnos your allocation model: inspires his own staff, his in the German technology something a growing equity moving towards investors and his bankers. sector. Now that the firm number of European institutionalisation, and Few doubt that the firm will manages over €2.3bn (81 investors are now Sir Ronald is the man who raise the targeted €3.5bn per cent being third party undertaking. made (and is still making) for its seventh fund, giving money, the balance from it happen. Bonnyman and his team parent ING) expect the firepower to go after Brotchie’s team to grow the really big deals, which this distinctive franchise will be interesting to watch. much further. >> PEI_Issue6_June02.QXD 29/5/02 8:43 pm Page 31

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32 Cover Story : The 50 most influential people in Europe

Jeremy Coller Matthew Collins Nigel Doughty and Charlie Geffen Anne Glover and Coller Capital Hutton Collins Richard Hanson, Ashurst Morris Crisp Hermann Hauser (GP) (Debt provider) Doughty Hanson (Lawyer) Amadeus Capital (GPs) Partners (GPs)

Mr Secondary. At a time Matthew Collins is proba- Putting the two founders The founders of Amadeus when delivering liquidity bly the most widely of Doughty Hanson Capital Partners are to private equity funds respected arranger of together is not meant to among Europe’s most and their investors is leveraged finance in be a way of packing this well-known information regarded as one of the Europe. Having learned list, but rather reflects technology investors. his trade at Morgan the fact that the two have Hauser and Glover, serial Grenfell working with jointly created one of the founders of technology Graham Hutton, Collins most distinctive private businesses, have cultivat- arrived at Bankers Trust in equity operations in ed an investment 1993 and took their lever- Europe. “They’re the approach that many in the aged group to the top of perfect couple” said one When Cinven successfully market regard as ‘no-non- the table by introducing source, “with Dick and jumped in the driving seat sense’, and succeeded in European financial spon- Nigel you’ve got the of the NCP auction in consolidating Amadeus’ sors to structures that few rough and the smooth.” May, Ashurst Morris Crisp reputation in the industry Europeans had seen What’s distinctive about was the law firm that fundamental necessities before let alone used in the firm, which is about mobilised a squad of over for the asset class to deals. His standing grew to start raising its latest 20 lawyers to help them achieve mature status, further after he’d moved fund targeted at €3bn, is win the day. And the key Jeremy Coller is a key to Merrill Lynch. But more that they are capable of figure in this group, as driver of this process. He managerial responsibili- surprises. “They make with so many buyout saw the potential of buy- ties left less time for doing bold moves and will take deals, was Charlie Geffen. ing discounted limited deals, and when the the kind of risks that Geffen heads the M&A partner positions long have previously been team at the UK-headquar- before the mainstream unknown in Europe, and tered law firm, and he stopped rubbishing the certainly from continues to be refer- at a time when many rivals idea. Since launching his Europeans” said one of enced as the man you got knocked. In the sec- secondaries business in our sources. They are want on your side when ond half of last year, the late 1980s, he has also serious about the going gets tough. He Amadeus not only kept built a reputation for investing in the US. Now is a dealmaker’s lawyer: investing, but also brought being consistently inno- with over €5bn under focussed, creative in in additional personnel, vative and ahead of the management and 50 finding solutions and including US-style venture market. Today, Coller has investment profession- pragmatic. “He knows the partners responsible for a string of trophy deals opportunity to launch his als, the firm is not only inside and the outside of a applying operational against his name and a own business came continuing to make its deal and knows what to expertise to portfolio com- billion dollar fund in the along, Collins jumped at presence felt in the get done, how to get it panies - a novelty in pipeline that looks as the chance. Reunited with buyout big league (where done and when to get it Europe. It also started rais- good as closed. He is a his old friend Hutton, the team are increasingly done by” was how one ing a small wireless fund to man with a propensity to many expect Collins to concentrating on deliver- supporter described his invest in very early stage do the unexpected and, once again use his formi- ing exits) but is now work approach. He also mobile companies which a as a natural competitor, dable imagination and pushing hard into has invaluable cross-bor- couple of weeks ago made takes pride in being in brainpower to reshape the European real estate der deal experience. its first investment. "They pole position in the map of European lever- investing. Expect more Without predicting a are extremely experi- secondary market in aged finance. At the eve surprises from the firm sudden leap in the enced, with the kind of Europe. Expect him to of the era of the multibil- over the coming number and value of investment skills that are give his all to stay there. lion euro buyout, this is a 12 months. LBOs in Europe, the next much harder to find in Secondary investing is prospect that has rattled 12 months will see a Europe than in the US", set to take off and we the competition and given series of major deals commented an investor predict that Coller will general partners some- finally close. And Geffen who is intimately familiar continue to play a key thing significant to look and the team will be with both environments. role in its development. forward to. making sure a number Amadeus manages £285m of these do reach the in two venture finish line. capital funds, investing on both sides of the Atlantic. >> PEI_evca 22/5/02 4:08 pm Page 1

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34 Cover Story : The 50 most influential people in Europe

Jason Glover Mounir Guen Robin Hall Guy Hands Richard Hayes Clifford Chance MVision Cinven Terra Firma CalPERS (Lawyer) (Placement agent) (GP) (GP) (LP)

Prior to founding his own Guy Hands burst onto the Institutional investors in business in 2001, Mounir scene in the mid-1990s alternative assets don’t Guen was a key part of with a genuinely innova- come any bigger than the Merrill Lynch place- tive investment approach, CalPERS, and the man ment team with particular and the amount of money responsible for their responsibility for Europe. this made both for back- $20bn stake in the global And it was during his time ers Nomura and himself private equity business is there that he developed easily makes him one of a natural entry on any list his views on the role and the biggest success sto- of private equity responsibilities of a place- ries to have surfaced in grandees. But Rick Clifford Chance is now a ment agent: the result is Cinven likes to keep a low the industry over the past Hayes’ claim to a seat at huge law firm (“a many- MVision. In particular, profile but we’ve selected decade. Hands spent this table is far from headed monster” joked Guen (“Moose” to those Robin Hall as the strate- seven years buying rela- based on numbers alone. one contact) so it’s tough who know him) is keen to gist who has made Cinven tively modest risk and Since taking over as to single out any one per- remove his activities from what it is – and what it delivering high ROI by CalPERS’ senior son whose relationship the plain agent role to that intends to be: one of the working it hard and refi- investment officer for with the private equity largest players in the nancing it early. This was alternative investment in community makes them European buyout space. before his appetite for 2001, Hayes has been stand out. We’ve selected “He’s a ballsy guy”, was large transactions quick to consolidate his Jason Glover though how one contact that become too ferocious for standing as one of the because of the frequency knows the firm well put it, Nomura’s balance sheet, main protagonists of with which his name was “and he’s helped trans- prompting Hands to set limited partner activism cited during our research. form the business into up shop on his own. at a time when the Other people mentioned one of the leading finan- Meanwhile others have pendulum of power has from the firm included cial buyers of major moved to put some of his swung away from James Baird, Simon assets across Europe.” tools into their own boxes, general partner groups. Tinkler and David Walker of an advisor. Hence fund Hall nonetheless prefers and while he is out look- CalPERS’ publishing of on deals and Stephen raising in his book means to stay out of the spot- GP performance data on Ross on fund documenta- a pretty much constant light, though assiduously its website last year tion. Glover has devel- process of marketing and maintaining a dialogue caused a sensation, and oped a considerable reporting - with MVision with Cinven’s limited part- even though the informa- appetite for private equity involved throughout. ners. Mention should also tion was subsequently matters and can be found Guen has strong views on be made of Andrew Joy, withdrawn, the episode working across the entire placement work and the the partner who led the showed just how spectrum of activities for private equity market as a fundraising effort for the enthusiastically Hayes is private equity clients: be whole - something that firm’s just closed Fund looking to champion the they VC or buyout draws both support and Three. With a final close in cause of transparency in specialists. He qualified in criticism from others. But April this year at €4.3bn ing to raise €3bn for the the asset class. Expect 1991 and became a part- few can deny that he and this was a telling indica- Terra Firma fund, the him to use both his ner in 1998. Having spent his growing team are tion of the esteem the question of whether CalPERS clout and his time in between as opera- ambitious, not simply for group is held in by institu- anyone – himself included captaincy of the tions director at Hambro MVision but for the funds tional investors: the target – can use a similar formu- Institutional Limited European Ventures and they work with. Guen’s had been €3.5bn. With la to emulate his past Partners Association to the Asian Infrastructure drive and enthusiasm has that firepower Hall’s vision success has captured the further turn up the heat Fund, he has useful first already won over signifi- looks sure to be realised. market’s imagination at on the industry. hand experience of the cant clients and a growing The latest illustration of present. Our prediction is needs of private equity number of investors are the Cinven approach was that he will continue to be firms. And another char- discovering the delights its last minute comeback ahead of the game, and acteristic mentioned by a of the asset class thanks in the NCP auction in May we expect to see him source: “Jason is to him. that saw the firm snatch swing into action as soon extremely hard working; the UK car park business as Terra Firma II is past a and extremely competitive.” from rivals Apax. first closing. Glover is keen for his firm to make the most of its considerable heft across Europe. PEI_Issue6_June02.QXD 29/5/02 8:43 pm Page 35

Private Equity International June 2002 35

David Hutchings Conni Jonsson Michael Klein Thomas Kubr Brian Larcombe Cambridge Associates EQT Partners Salomon Smith Barney Capital Dynamics 3i (Adviser) (GP) (Banker) (Fund of funds) (GP)

CA has developed a EQT Partners has been Securitised private equity Brian Larcombe differs strong reputation both travelling outside many products are still in their from most other private amongst LPs and GPs people’s radar until infancy, but there is a equity chiefs in more than for providing quality recently and that has growing band of Swiss one respect. Not only has research and guidance probably suited Conni practitioners who are 3i by far the largest head- for those wanting to Jonsson fine. As the working hard to apply count in the business, but chart the sometimes- team’s managing director CDO technology to the running a public company murky waters of private – and one of the founders asset class. At the fore- deprives its CEO of the equity investing. In their in 1994 – Jonsson has front of this is Thomas ‘private’ in private equity London office (they are worked hard to develop a Kubr, the agile founder of that many of his peers at Boston headquartered), distinctive methodology Private equity is an indus- funds of funds boutique the more conventional it is David Hutchings who to private equity investing try that thrives on the per- Capital Dynamics. Kubr, a general partnerships is delivering highly- that draws heavily on a sonalities of management former partner at fellow defend as such an essen- regarded advice to network of highly experi- and investors – and their Swiss innovator Partners tial element of their busi- European investors. enced, and well-connect- advisers play a critical role Group, distinguished him- ness model. When 3i’s Hutchings should be ed, industrialists. It’s been in making the right con- self by launching the recent push into technolo- credited for clarifying a nections deliver the right Prime Edge transaction, gy stalled amid the market lot of things in peoples’ result. Michael Klein is a the first-ever private equi- downturn, Larcombe and minds about private master of this. And he has ty fund to receive a credit his team moved decisive- equity’s fit in an a passion for private equi- rating that didn’t rely on ly to make corrections. allocation model: “He’s ty. Add to this the fact that Including job cuts and very astute and very he is vice chair and office closures, these good at explaining co-head of investment were painful at the time complex matters in an banking at Salomon Smith but have already started accessible way” was one Barney and you have an to bear fruit. By writing LP’s judgement. A GP explosive mix. Klein clearly down overvalued assets added: “He’s a model of a low-key approach that wants to see the bank more aggressively then integrity: he favours no has attracted increasing grow its already sizeable most others, 3i sent a one and always delivers attention as the invest- footprint in Europe. “He message to the market solid, objective advice.” ments and the firm’s stuck his head inside that wasn’t lost on many He’s also served his time, funds under management European private equity, an insurance wrap. Prime in the private equity com- having been with have grown in size. saw who was doing what Edge pulled in $175m munity. Larcombe, who Montague Ventures Another distinctive factor and then went to the key when it closed in February joined the firm in 1974 before joining CA, mean- is the relationship with people and invited them to 2002, but Kubr says the ing, like so many other Investor AB, the rethink their financing: with main thing was to demon- esteemed specialists, Wallenberg industrial Sollys at the centre” was strate the concept’s that it takes one to know holding company. Not one comment we had. potential to the market. It one. As private equity only was Jonsson with Klein, and the bank’s is early days for private continues its courtship of Investor for seven years Financial Entrepreneurs equity securitisation, but the European buyside, but the group has been a Group, expect to deliver supporters say the tech- expect to see Hutchings cornerstone investor in innovative ideas and the nology, once optimised, chaperoning many of EQT’s funds: another means to execute these to will serve a broad range of the prospects. reason why this remains a private equity groups the purposes. Kubr is eager valuable, and close, rela- world over. Klein also to prove that a lot more and took up the reins in tionship. Jonsson has spends an inordinate can be done, and is 1997, is also credited with created an industrialist’s amount of time thinking already contemplating internationalising the 3i interpretation of a private how private equity as an what Prime Edge 10 will brand, restructuring its equity firm and readers asset class works. Just look like. Expect more regional network and should expect Jonsson take a look at the web-cast securitised private equity leading the firm’s expan- and the EQT network to interview currently running product coming out of sion into new markets in be in the thick of the on PrivateEquityOnline.com Switzerland soon. the US and Asia. corporate restructuring to get a better sense of his process across Northern thoughts on this. Europe. >> PEI_Issue6_June02.QXD 29/5/02 8:43 pm Page 36

36 Cover Story : The 50 most influential people in Europe

Javier Loizaga Stefan Marelid Jonny Maxwell Nigel McConnell Doug Miller Mercapital SEB Asset Management Standard Life Electra Partners Europe International Private (GP) (LP) Investments (GP) Equity Ltd (Fund of funds) (Placement agent)

When Mercapital closed Having already committed Those who know him – Doug Miller must be the its most recent fund at circa. $1.5bn to private and it’s a fair bet that only person who has had €600m in December 2000 most in the industry do – to reinforce the floor of his some were taken aback describe Jonny Maxwell home to accommodate a that a Spanish fund could as bright, vocal, opinion- collection of private equity be so large. Those who ated and blessed with a fund PPMs. This is knew Mercapital though sense of humour that evidence of Miller’s ency- saw it as a logical out- works like a dream on clopaedic knowledge of come of the company’s conference panels. the industry as well as his commitment to private Maxwell, who runs the firms’ small and personal equity in Spain. It was private equity fund of It’s been less than three nature - he runs it from his also an affirmation of funds and direct invest- years since Nigel study at home. Miller has Javier Loizaga’s unswerv- equity, it’s clear that SEB’s ment business of McConnell moulded the claimed that he started ing dedication to both the asset management team Standard Life alongside deal that gave Electra its the business back in 1990 business and the asset are serious about the David Currie (an important independence, and since to give himself something class. People remark on asset class. Stefan figure in his own right) then the firm has invested to do after retiring from a the fact that the firm has Marelid heads up the pri- was among the relatively only a fraction of the stayed true to the vate equity group at the few who kept their cool as €1bn it raised in 2000. Is dedicated country fund firm and was mentioned well as their Euros during that too short a history for proposition and also by a number of our con- the technology craze. the house that McConnell praise the efforts it has tacts, not so much What’s more, he wasn’t leads to have made its made in educating because of the size of the shy to tell those who did- mark in the industry? capital pool he manages, n’t in pretty plain terms Arguably not, for the fact but rather because in their where he thought they is that few names came estimation he has devel- were heading. Part LP, up more regularly than his oped a rigorous and Part GP, Maxwell’s opin- when we quizzed practi- mature approach to ion tends to be heard - tioners about which up successful venture capital investing in this some- partly because he and and coming European and times awkward asset Currie successfully man- GPs they rated most high- career but this belies his class. “Stefan does his age increasingly large ly. McConnell, who joined influence in the industry - homework and has amounts of money (a new modern Electra’s prede- everyone seems to know quickly developed the €1bn fund of funds cessor in 1991, is given Miller and he is almost Spanish investors and experience to put particu- credit for breathing new universally respected. entrepreneurs about pri- lar stages in the cycle in life into a business that “Narrow and deep” is how vate equity. Both princi- context” said one. had looked dead in the one LP described Miller’s ples are close to Loizaga’s Although never an apolo- water, turning it into a penetration to investors - heart. Loizaga is the gist for private equity and hugely credible proposi- he has a long track public face of Mercapital VC investing (“to hear him tion to investors and vest- record, knows the LPs and both he as well as the speak at a conference you ing it with a sharp and well and is trusted by rest of the firm clearly sometimes think he’s disciplined approach to them. He also chooses delight in increasing their more anti- than pro- mid-market value invest- who he works with - his grip on the Spanish private equity” was one ing that many are certain interest in the fund’s aims private equity market. comment also made to launched in March) and will yield significant is often as important as Readers should also us) Marelid and SEB have partly because he makes rewards. His straightfor- the fee when deciding expect to see him take an clearly made a long-term a strong case as to why ward and team-player who he represents. One increasingly high profile commitment to private private equity practition- personal style is part of thing is certain: there is no role in disseminating the equity investing and, yes, ers should seek the initia- the appeal as well: to shortage of demand for private equity message: in they are big players. tive when dealing with the some he’s the prototypi- his services. particular with the EVCA’s That’s good for the indus- issues facing the asset cal private equity profes- IR committee. try as a whole, let alone class. That message sional for a new decade. the GPs they select. needs a sure voice and Maxwell is one who has it. PEI_Issue6_June02.QXD 30/5/02 6:45 pm Page 37

Private Equity International June 2002 37

Mario Monti Jon Moulton Paul Myners Dominique Peninon Bruno Raschle European Commission Alchemy Partners (Investor) Access Capital Partners Adveq Management (Regulator) (GP) (Fund of funds) (Fund of funds)

The Alchemy founder’s When Paul Myners, then The managing partner of Adveq has become one of reputation is one of the chairman of UK fund Access Capital Partners, the most influential conti- most distinctive in the manager Gartmore, pub- Dominique Peninon has to nental European funds of industry, and it is built on lished his long-awaited practice what he preach- a great deal more than review of institutional es. As a fund of funds just the Rover saga in investment in the UK in manager and a recent 2000. After 25 years in the March 2001, his work won chairman of EVCA’s business, Moulton has near-unanimous praise in investor relations commit- become a pivotal figure the market place. tee, Peninon has made an for European private equi- important contribution to The European buyout ty, because he embodies the way the industry treats space gets every one many of the characteris- its investors. He is a stern excited: the fundamentals tics that his peers like to advocate of better and seem right, the funds are think of as typifying their more consistent reporting funds operations and raised and the vendors profession. He is known practices, maintaining much of the credit should are increasingly ready to as unconventional, a that excessive flow of go to Bruno Raschle, its sell. But don’t forget the hardnosed and highly information from general founder. Having been other vital ingredient to creative dealmaker, and to limited partners can be active in venture investing that buy and build deal: seen as thriving in often as damaging as insuffi- for over 17 years, EC approval. Mario Monti complex and adverse Described by one practi- cient communication Raschle’s background is a is the Commissioner in corporate rescue situa- tioner as “the first rational between them. Peninon distinctive mix of poacher charge of competition and tions. More than anything work on regulation in the and gamekeeper (being heads a team who have it is this genuine and UK,” the review succeed- both LP and GP). Not only become far more active in longstanding appetite for ed in not only making the did he set up MC the past few years. What’s restructurings, turn- case for reforming Partners’ FoFs in interesting is that the arounds and public-to- Britain’s investment Switzerland at a time process of negotiating privates that makes him industry, it also boosted when this type of invest- with the Commission stand out, as he and his private equity’s profile as ment product was still in when seeking approval of Alchemy colleagues an asset class. Myners its infancy but he also has a deal is both art and habitually go after deals urged investors not to direct operational man- science. Monti has that few others want any- miss out on the benefits agement experience and endeavoured to bring a thing to do with. In doing of private equity invest- makes our list for this pro- has financed over a dozen structure to the process – ment and drafted a gressive approach to start-up companies. so you’ll get the chance blueprint for reform to investor relations and Adveq has now grown to for Phase I or Phase II ensure asset managers transparency and his become one of the largest (with remedies) approval – could no longer hide enthusiasm for promoting FoF management groups but it’s still vital that you behind regulatory obsta- best practice that will help in Europe and its funds develop a strong dialogue cles to justify their neglect make the asset class a have attracted a broad with the EC. “It’s horse of alternative assets. more LP-friendly place. spectrum of European trading” said one M&A Implementation of Peninon co-founded institutional investors. lawyer who advises pri- Myners’ ideas is a long- Access in 1999 after Raschle has helped instill vate equity firms, and this term and ongoing project, spending close to 20 a disciplined investment means you must get the so, he has helped the and there are other forces years as a practitioner in approach whilst retaining measure of the far from industry modify the per- at work determining French private equity, and the creative thinking that naïve EC team. And Monti ception held outside private equity’s future. But has since been instru- has given the firm its has worked hard to financial circles that the evidence is that many mental in turning the firm edge. As one industry ensure his team are private equity is little more hitherto apathetic UK into a European fund of insider put it: “Bruno’s a responsive: he’s alive to than just a deadly tool for institutions have started funds of some influence in major promoter of VC what private equity firms asset strippers. Another to take the asset class just three years. Access investing and a smart are trying to achieve, but of Moulton’s achieve- more seriously since he currently manages manager through the cycle.” is just as sensitive to ments worth noting here presented his ideas - and €250m in limited partner which deal could be anti- is the creation of the because he deserves at interests and is expected competitive. Alchemy Investment Plan, least part of the credit for to close a new fund, with a unique fundraising that, his place in this list a target of €400m, this instrument. is secure. summer. >> PEI_Issue6_June02.QXD 31/5/02 11:00 am Page 38

38 Cover Story : The 50 most influential people in Europe

Joseph Rice Leith Robertson Sandra Robertson Andreas Rodin David Rubenstein Clayton Dubilier & Rice Royal Bank of Scotland Wellcome Trust Pöllath + Partner The Carlyle Group (GP) (Banker) (LP) (Lawyer) (GP)

From the late 1970s “Leith came, played and Robertson is in charge of Andreas Rodin at Pöllath onwards, whilst the buy- stayed in the big league investing in alternative + Partner in Berlin has out business was the for financing” was a com- assets at the Wellcome more experience of declared fiefdom of finan- ment we had when we Trust, the UK charitable private equity in cial engineers, Clayton asked our sources to foundation that has Germany than most legal Dubilier & Rice was devel- name people who are €3.5bn already commit- specialists. In 1985, oping an approach that helping drive European ted to private equity. The Rodin and Reinhard was radically different. private equity. Leith Trust has been a Pöllath happened upon Anyone could come up Robertson has taken longstanding and active the mandate to structure with a clever leverage Royal Bank of Scotland to investor in the asset Schroder Ventures’ first structure, co-founder Joe the top of the debt class and Robertson is German country fund, Whenever David provider league tables- widely respected. “She and Rodin went on to Rubenstein puts in an and this is precisely what knows what she wants become one of the most appearance at a European he set out to achieve. and she’ll tell you” was widely known structuring private equity event, peo- Since jumping ship from one GP’s comment. The experts in the country. ple tend to gather around Bank of Scotland in 1993, Trust’s investment He and the firm also him and listen to what he’s he has put RBS’ balance approach is also interest- maintain close ties to got to say. Practitioners sheet and a good deal of ing for its diversity: the German high net worth clearly have a great deal of personal energy and portfolio includes early interest in how charm to maximum use stage and VC commit- Rubenstein’s project, the and turned the bank into a ments alongside a range development of an Rice maintained, but major provider of funding of international buyout umbrella brand for a glob- would that structure actu- for private equity funds. Whatever the mix, al portfolio of investment ally fit the business that it investors across Europe. Robertson never forgets alternatives within private was imposed upon? Rice Under his stewardship that her primary equity, is progressing. believed that to answer RBS used a platform in responsibility is to make Presently $12bn in assets this you had to add some the money she manages are managed by 500 serious operational deliver the best return Carlyle employees for as expertise to your financial with the least risk individuals, family offices many clients. These num- skill set. He and col- possible - one reason and institutions, another bers are evidence of the leagues at CD&R put the why the Trust works reason why Rodin is firm’s dominant role in idea into practice and closely with investment often consulted by developing the standing of went on to do deals -such adviser Cambridge general partners looking the asset class into a as Lexmark - that have Associates. And it’s a to raise money from local mainstream location for long been the stuff of leg- responsibility she takes investor. He is working a institutional capital. To end. The Rice way may very seriously; something tough environment: the drive the effort forward, not guarantee success, as the mid-market to aggres- that encourages a speed with which Rubenstein has assem- the recent collapse of sively expand into the refreshing frankness of Deutschland AG is bled a high-profile cast of Fairchild Dornier in realm of the Cegelecs, the approach. At last year’s changing its capital gains financial and political lumi- Germany has shown, but Messer Griesheims and, EVCA meeting in Rome, regimes, corporate naries, but his personal failed investments, most recently, the NCPs. on an LP panel debating taxation rules and contribution remains con- frankly, is part of what The coming year will be a fund performance, it was takeover codes consti- siderable. Going about his happens in private equity. challenge after the rapid she who reminded tutes a permanent job with single-minded Today most GPs claim to expansion of recent years, the audience: “You can’t challenge to legal determination, Rubenstein take an active operational but Robertson has eat IRRs”. practitioners. Rodin is claims to spend no less interest in their portfolio enough savvy – as well as among the leading than 320 days a year on companies. Ask any of some very competent col- advisers involved in this planes. This isn’t likely to them whether there’s any- leagues - to make sure process. One source change any time soon: one in the market whose RBS is ready and able to described him as the while Carlyle continues to style they admire - nine take it on. “most influential legal build its global franchise, times out of ten CD&R will mind in Germany Rubenstein will work as feature in the answer. responsible for advising hard as ever to ensure the on solutions to the market fully understands ever-changing German the proposition. legal and fiscal landscape.” PEI_Issue6_June02.QXD 29/5/02 8:43 pm Page 39

Private Equity International June 2002 39

Björn Savén Stephen Mike Smith Hanneke Smits David Swensen Industri Kapital Schwarzman CVC Capital Partners Adams Street Partners Yale Endowment (GP) Blackstone Group (GP) (Fund of funds) (LP) (GP)

Industri Kapital has When Stephen Although CVC is one of Hanneke Smits is building become one of the key Schwarzman set up the heavyweights in the Adams Street Partners’ forces in Nordic private Blackstone with Pete European buyout space, European fund of funds equity and this has in no Peterson in 1985 they chairman Mike Smith is investment business, small part be down to the probably could not have here on account of his which she was hired to focus of chairman and predicted that the firm foresight and ability in set up in 1997 after five chief executive Björn would grow into one of taking the pan-European years at Pantheon Savén. Like Conni the most powerful buyout proposition to US Ventures. Adams Street’s private equity groups in investors. The firm’s lat- expansion into Europe is a the world. Besides est fund is evidence of gradual process, based managing billions of dol- the success of this on the view that it is only “Sometimes you invite lars in its private equity approach, which closed in the last few years that people to speak at your funds (the latest having at €4.65bn in June last Europe has started to event, and then they don’t held a first close at $4bn) year. Smith has been produce opportunities say what you want them the firm is a leading force with the business for 20 that could match the qual- to.” This was the reaction in corporate finance and years, spending his form- ity of the US. Smits, who of a panellist following the advisory work – particu- ative years at the then key note speech David larly when it comes Citicorp Venture Capital, Swensen gave at EVCA’s Jonsson of EQT to restructurings. where he worked with annual investor gathering Partners, Savén has Schwarzman has been a the likes of John Botts, in Geneva last March. passed through the key factor in all of this Jon Moulton, Otto van This longtime advocate of “Wallenberg University” (the firm’s website notes der Wyck, Charles diversified fund strate- though Jonsson was with that he still approves all Gonszow and Frank gies, in which private Investor AB whilst Savén capital commitments), Neale. In 1993, Smith led equity plays a key role, was with their financial using his M&A skills and the MBO that created took the opportunity to services operation, SE clarity of purpose to CVC. He spends a huge give the industry a piece Banken. He helped buy ensure the firm has par- amount of his time nur- also heads up the firm’s of his mind on issues the IK operation from the ticipated in some of the turing investors, which is ongoing expansion into ranging from fund size to bank in 1993 and has most significant transac- another factor that Asia, works from the performance assessment since worked to grow the makes him stand out at premise that to follow the to GP compensation. firm into a major buyout the firm. As one US limit- herd is a dangerous thing Nevertheless the audi- player with over €3bn ed partner commented: to do in private equity, ence was mightily under management. As “Mike is a great adver- and many in the market impressed with one GP noted: “IK is tisement not just for CVC concur that she is suc- Swensen’s ideas, feasting capable of making bold, but for why Europe is so cessfully avoiding it on the fact that even his long-term investments.” compelling.” The fact herself - one reason why now downwardly revised Its most recent 2000 that Smith commented LPs rate her opinion and target allocation of 20 per fund closed in January last June that the firm GPs like to see Adams cent of Yale’s $10bn capi- last year at €2.1bn. The was ready for a transac- Street in their funds. tal pool to private equity recent IPO of Alfa Lavell tions of the past decade. tion of up to €7.5bn in Newcomers without was still a massive may have attracted much Although happy to size (when investing investment experience endorsement for the asset media coverage for the remain muted when it alongside another buy- need not apply, but a class. The word on the paring back of the issue comes to its European out firm) also evidences number of European first street is that if there is price but the deal plans, it’s safe to assume how big this proposition time funds that are led by anyone that a general was still a strong exit for that the company will be has become. seasoned private equity partner will do almost IK. As more multination- centre stage in a number professionals have anything to bring into a als within the region (and of major deals: so long already benefited from fund early on, it has got to beyond) reshape and as they are the right Smits’ making an early be Swensen. As a leading restructure, it’s a safe ones. Schwarzman is commitment. Expect her European GP put it: “If bet that IK will be an acutely aware of the to support more such new you’re looking for a bell- active participant in nuances that make oper- players as Adams Streets’ wether investor in private this process. ating in Europe a unique European effort gains equity, David is your man.” challenge as well as further momentum. opportunity. >> PEI_Issue6_June02.QXD 30/5/02 6:46 pm Page 40

40 Cover Story : The 50 most influential people in Europe

Rhoddy Swire Edmund Truell Otto van der Wyck Ivan Vercoutère Urs Wietlisbach Pantheon Ventures Duke Street Capital (Advisor) LGT Capital Partners Partners Group (Fund of funds) (GP) (Fund of funds) (Fund of funds)

Pantheon Ventures is one Over the past decade, Otto van der Wyck has Running the private equity of the biggest names in Edmund Truell has grown built one of the most arm of €2.5bn alternative global private equity fund Duke Street Capital, the powerful brands in asset managers LGT of funds management and business he co-founded European buyouts. BC Capital Partners, Ivan secondary investment, as Hambro European Partners, the business he Vercoutère’s approach to and chairman Rhoddy Ventures in 1988, into a co-founded in 1986 fund of funds manage- Swire, alongside chief leading player in the alongside John Burgess, ment is based on a view strategist and researcher stands out not only as a that return is often found Carol Kennedy, remains formidable buyer of off the beaten track, in the person most people industrial assets, but niche funds and first time cite as the main driver of also as possibly the most partnerships. Pursuing Few individuals will have the business. Swire is one genuinely pan-European relevant opportunities done more in recent years of the longest-serving player in the business. with great discipline has to tell the market about the Europeans in the industry, Unlike most of its multi- helped LGT perform well potential of securitisation having joined Pantheon’s national peers, who are throughout the cycle. in private equity than Urs then parent GT often seen as still being Vercoutère has distin- Wietlisbach, a co- Management in 1981 to dominated by their guished himself as a founder of prolific run its private equity London headquarters, representative of the view Zug-based product investment unit. In 1988, European middle market. BC Partners’ teams in that it is high time for designer Partners Group. he led a management Since 2001, the firm has Hamburg, Paris and private equity to evolve Set up in 1996, Partners buyout to take the busi- also been blazing a trail as Milan are seen as just as into a more transparent has continually set new ness independent. During a pioneer in diversified influential - and often asset class. Vercoutère’s standards for private its history Pantheon has alternative asset manage- more active - than the group, like compatriot equity based products that ment with Duchess, London office. A related houses Partners Group give access to investors currently Europe’s largest part of his legacy, and Capital Dynamics, is who find conventional CDO fund which success- according to a practition- also part of the Swiss limited partnership fully leverages Duke er who knows the movement that is actively structures unhelpful. Street’s credit analysis Dutchmen well, is to promoting private equity Partners drove skills to invest in LBO- have grown a general as an asset class to new Switzerland’s first listed related debt. Another partnership whose struc- investors groups. In 1997 private equity vehicle important contribution ture is less hierarchical LGT teamed up with Castle in 1997, and came in 2001 when Truell and more group-driven Partners to launch Castle, subsequently introduced became the highly than most. This makes it convertible debt products provided numerous dynamic chairman of the a blueprint that may yet such as Pearl and clients with first-time British Venture Capital become standard in an Princess, which once and access to the asset class, Association. Under his asset class that is for all demonstrated to the relying on an innovative chairmanship the BVCA maturing fast. Van der market that private equity approach to product took a widely visible Wyck may have retired commitments can indeed development that contin- stance on issues ranging from the firm last year, be used as collateral for ues to win the firm new from corporate gover- but his recent re- asset-backed securities. mandates. Today the firm nance to better reporting emergence at Coller Partners, led by CEO manages over $5bn and standards. Truell himself, Capital as an advisor Freddy Gantner, has maintains relationships convinced that private suggests he’s not ready the first private equity grown a team of over 30 with some 500 private equity has to change the to let go of the buyout product to list on the highly skilled profession- equity funds investing in way it deals with its own game entirely. Swiss stock exchange, in als, but we have singled Europe, the Americas, investors, has thrown his an effort to channel new out Wietlisbach as its most Asia and Africa. €750m of weight behind the capital into the asset class. visible spokesperson who assets under manage- campaign for greater has spent years encourag- ment are earmarked for transparency, incessantly ing often sceptical partici- investment in European urging the industry to deal pants around the globe to partnerships, and there is with the reporting and consider the potential of also a $400m-plus global disclosure issues it faces securitisation as a key for secondaries fund that is before others seize the the industry to open doors part of Pantheon’s initiative and deal with to new sources of capital. European coverage. them for it. PEI_Issue6_June02.QXD 31/5/02 11:05 am Page 41

Private Equity International June 2002 41

Europe’s finest A-Z Ones to watch Kevin Albert Wanching Ang Who will be on next year’s list? Private Equity International Tom Attwood Kate Bingham takes a look at some of those who look set to make a Jonathan Blake major impact in Europe going forward. Gordon Bonnyman Wim Borgdorff Chris Brotchie Jens Bisgaard-Frantzen, ATP Denmark (LP) Les Brun Jens Bisgaard-Frantzen heads up ATP Denmark’s private equity investment Ronald Cohen programme, which intends to allocate a hefty €4.5bn to the asset class Jeremy Coller over the next three years. Fundraisers across Europe are hoping for a piece Matthew Collins of the action. Nigel Doughty Charlie Geffen Loren Boston, Salomon Smith Barney (Placement agent) Anne Glover Boston, whose private placement business is part of Michael Klein’s private Jason Glover equity group, is currently out raising money for Gordon Bonnyman and Guy Mounir Guen Hands – deals that will put him firmly amongst Europe’s most important Robin Hall placement agents. Guy Hands Richard Hanson Emmeram von Braun, von Braun & Schreiber (Fund of funds) Hermann Hauser Munich-based fund of funds managers von Braun & Schreiber, already Richard Hayes looking after over €200m in assets, are widely expected to play an David Hutchings increasingly influential role in channelling new capital from German-speaking Conni Jonsson investors into the asset class. Co-founder Emmeram von Braun is Michael Klein leading the charge. Thomas Kubr Brian Larcombe Lyndon Lea, Hicks, Muse, Tate & Furst (GP) Javier Loizaga A young partner in Hicks, Muse’s London office, Lea has already established Stefan Marelid himself as a bright light in the European LBO market. Many thought his Jonny Maxwell contribution to the Yell transaction, PEO’s European LBO of 2001, was Nigel McConnell outstanding. Expect more of the same. Douglas Miller Mario Monti Thomas Pütter, Allianz Private Equity Holding (GP) Jon Moulton Following the recent integration of Dresdner Kleinwort Capital, Thomas Paul Myners Pütter will be aiming to further develop Allianz’s direct investment business Dominic Peninon as a dominant LBO player in Europe and a leading provider of growth Bruno Raschle capital globally. Joseph Rice Leith Robertson Robin Saunders, WestLB (Banker) Sandra Robertson The Financial Times’ recent declaration that Robin Saunders was now the Andreas Rodin City’s investment banker of choice may have been premature, but given her David Rubenstein profile and WestLB’s balance sheet, Saunders certainly has the ingredients Björn Savén to shake up Europe’s principal finance scene. Stephen Schwarzman Mike Smith John Shearburn, Goldman Sachs Asset Management (Fund of funds) Hanneke Smits Shearburn runs a global team that manages some $11bn in assets across an David Swensen increasingly diverse range of products. His private equity group has been Rhoddy Swire investing in European partnerships for five years, but opened an office in Edmund Truell London only recently. As one GP commented: “They have long been a force, Otto van der Wyck but now that John and Co have arrived in Europe, they are definitely Ivan Vercoutère going to be big.” Urs Wietlisbach .