European Venture Capital Journal articles from April 2007

European Venture Capital Journal archives from April 2007

Europe's class war takes to the streets of Frankfurt: private equity industry battles with its image while protestors battle the cold.(EDITOR'S NOTE)
April 1, 2007... But my deputy editor was not so fortunate in Frankfurt at the Super Return conference where delegates faced protestors shouting the slogan: "Super Return heisst Super-Ansbeutung! Super Return is called Super-Exploitation." Keynote speaker and...

Traces of transparency: a heavy hitting working group has been set up to write a 'comply or explain' code of conduct.(NEWS ANALYSIS)(British Venture Capital Association )
April 1, 2007... There is a prevailing sense in private equity circles that greater scrutiny of the mega deals that the industry is targeting and the information that sponsors should provide to a wider audience of stakeholders beyond the GP-LP information flow...

Private equity is public business: the industry needs to come out fighting if it's to win the battle for hearts and minds.(NEWS ANALYSIS)
April 1, 2007... David Bonderman, a founding partner of Texas Pacific, was the first speaker up on the podium at this year's Super Return conference in Frankfurt while protesters marched outside, and his opening remarks were to set the tone for the entire...

Insurance broking M&A up 25%: demand sees prices rise.(RESEARCH)
April 1, 2007... M&A of insurance brokers has increased in value by 25% over the past year according to a new report by UK financial consultants Deloitte. The last 12 months, driven by an upsurge in demand as insurers seek to increase distribution...

European buyouts hit all time high; Continental deals reach 121.5bn [euro] in 2006.(DEALS)
April 1, 2007... The buyout market on Continental Europe has trebled in value over the past five years, reaching a record 121.5bn [euro] in 2006 while the UK market enjoyed its best year ever, reaching 38.8bn [euro]. The statistics are latest to come from...

Japanese private equity gets a boost; regional institutions to triple commitments.(ASSETS)
April 1, 2007... Japanese institutional investors, with some of the worlds largest portfolio, plan to triple their investment in private equity over the next two to five years according to research conducted by Swiss fund-of-funds Adveq and Kyoto University....

Deal flow to drop: corporates hopeful over M&A activity.(RESEARCH)
April 1, 2007... After years of unbridled optimism, private equity firms are beginning to foresee a drop in deal flow as corporates predict the opposite as the M&A market opens up. Financial consultancy KPMG has published the latest edition of its European...

BVCA tackles disclosure; working group to be chaired by Sir David Walker.(INDUSTRY)
April 1, 2007... The British Private Equity and Venture Capital Association BVCA) is to launch a working group to examine ways in which levels of disclosure among companies backed by private equity firms could be improved. The group is to be overseen by Sir...

Eurazeo sells portfollox; AIGGIG buys fund positions.(SECONDARIES)
April 1, 2007... French private equity firm Euazeo has sold interests in 28 private equity funds to AIG Global Investment Group (AIGGIG) in a deal worth approximately 162m [euro], including unfunded commitments. For that price AIGGIG is acquiring 686m [euro] in...

Baird treks to India: UK firm links up with consultants.(EMERGING MARKETS)
April 1, 2007... Baird Capital Partners Europe has teamed up with Indian advisory group Tholons as the firm seeks to support its US and European portfolio companies with business strategies that include Asia, be they acquiring, forming partnerships with third...

Mourant merger: firm secures Cayman tie-up.(EXPANSION)(Quin and Hampson acquisitions)(Brief article)
April 1, 2007... Offshore law firm Mourant is to merge with Cayman firm Quin & Hampson, almost three years after it opened up its own office there. Quin & Hampson partners will become part of a new Mourant partnership in Cayman, and the employees of Quin &...

European VC isn't underfunded: index closes new fund in two months.(INDUSTRY)
April 1, 2007... According to one of the most influential VC houses in Europe, Index Ventures, European VC is not underfunded. The London and Geneva-based firm, made famous by its canny investments in Skype and Betfair closed its fourth fund aptly named, Index...

Amadeus' US$310m venture fund: one of the largest in the last five years.(CLOSURE)
April 1, 2007... Amadeus Capital Partners closed Amadeus III, above target, at over US$310m. This is one of the largest European venture funds raised in the last five years which, added to the Amadeus & Angels Seed fund of US$19m, raised at the end of 2006,...

Kaupthing's first PE fund raises quickest buck this year: Middle East move imminent.(ASSETS)
April 1, 2007... Iceland-headquartered Kaupthing Bank committed 200m [pounds sterling] to its first third party private equity fund, Kaupthing Capital Partners II and has raised an additional 300m [pounds sterling] from third party investors. Kaupthing will...

EIF makes first investment in Turkey: Actera Partners expect 250m [euro].(INVESTMENT)(European Investment Fund)(Brief article)
April 1, 2007... European Investment Fund, the risk capital arm of the European Investment Bank, has undertaken its first investment in the Turkish market by committing 44m [euro] to support the establishment of Actera Partners, a new fund which expects to...

CVC and Permira execs at Darwin: first fund reaches first close with help from Rothchild.(LAUNCH)
April 1, 2007... Derek Elliott, Jonathan Kaye and Kevin Street, three former senior investment executives from CVC and Permira have launched, Darwin, an independent private equity firm focused on the UK's lower mid-market. Darwin Private Equity I LP, the...

Six exits for CBPE since December: but no new fund on the cards.(SECONDARY)
April 1, 2007... Close Brother's Private Equity, the 1bn [euro], London-based house, sold Macclesfield-based flooring company Gradus for 41m [pounds sterling], V. Ships and Park Resorts. These deals make six disposals from CBPE's Fund VI since December...

Fashionable EQT takes on second clothing company: Apax and Cinven make for the exit.(SECONDARY)
April 1, 2007... Two of the largest private equity houses Apax and Cinven are selling German fashion group CBR--in which they are equal shareholders- to EQT V. EQT, the Scandinavian-based private equity house has owned another fashion group, BTX, since May...

DICs 1bn [pounds sterling] sale of Tussauds: a good fit for Blackstone's Merlin.(SECONDARY)(Merlin Entertainment Group)(Dubai International Capital L.L.C.)(The Tussauds Group)
April 1, 2007... Merlin Entertainment Group, controlled by the US$30bn private equity house Blackstone, has bought Tussauds from Dubai International Capital. DIC, the investment arm of the Dubai Government, will receive just over 1bn [pounds sterling] in...

Enterprise investors out of jam: Niewiadomski family provides 2.5x money multiple.(TRADE SALE)(Agros Nova)(Brief article)
April 1, 2007... Polish Enterprise Fund and Polish Enterprise Fund IV, managed by the 1.6bn [euro] private equity house Enterprise Investors (El), fully exited its 60% stake in Agros Nova, a Polish juice and jam producer. El funds sold the shares to Sonda which...

No waste for Montagu: Cory acquired.(SECONDARY)
April 1, 2007... London-headquartered mid-market firm Montagu Private Equity is to sell its investment in UK waste management company, Cory Environmental, to a consortium of infrastructure funds for an enterprise value of 588m [pounds sterling]. The...

Bridgepoint floats Safestore; equity stake cut by 40% as business achieves market cap of 449m [pounds sterling].(IPO)
April 1, 2007... UK buyouts firms Bridgepoint has sold 40% of its stake in UK self storage provider Safestore following the company's float on the main market of the London Stock Exchange with a market capitalisation of 449m [pounds sterling]. Return details...

VCs exit Acolyte; 3M buys UK biotech business.(TRADE SALE)
April 1, 2007... Acolyte Biomedica, a UK based specialist in fighting the MRSA superbug, has been sold to US technology company 3M by its venture backers Angle, Porton Capital, Dstl/Ploughshare Innovations and Partnerships UK. Acolyte Biomedica helps...

ABN Amro and CBPE make way for GI Partners at Park Resorts: management team remain on board.(SECONDARY)
April 1, 2007... ABN AMRO Capital sold Park Resorts Group to the 2bn [euro], i transatlantic private equity firm I GI Partners for 440m [pounds sterling], providing a money multiple of 2.4x with an IRR of 47%. GI Partners is backing the existing management team...

TA Associates buys and sells: Drive Assist and Jupiter within a month.(SECONDARY)
April 1, 2007... TA Associates, the US$10bn Menlo Park, Boston and London-based private equity house has sold its stake in Drive Assist UK to Charterhouse Capital Partners. As a result of the US$500m sale, TA realised a return of 3.2x on its investment. TA...

Adara makes first exit.(Tessera Inc. acquires Eyesquad from Adara Venture)(Brief article)
April 1, 2007... Spanish tech VC Adara Venture has sold Eyesquad, a German specialist in micro-camera technology, to Tessera, a US electronics business, for 15.2m [euro]. Eyesquad was founded in early 2005 and attracted 4m [euro] in a series A round from both...

Barclays Ventures sells SFS.(TRADE SALE)(UTC Fire & Security)(SFS Fire Services)(Brief article)
April 1, 2007... Barclays Ventures has sold SFS Fire Services, the UK's largest independent fixed fire protection business, to UTC Fire & Security for an undisclosed sum. It was acquired by Barclays in September as part of an 18.5m [pounds sterling] management...

Beringea picks up 2.5x tip.(TRADE SALE)
April 1, 2007... ProVen VCT manager Beringea and Chrysalis VCT have sold Ma Potters, the UK restaurant chain, for 14.5m [pounds sterling] to Tragus, the owner of the Cafe Rouge and Bella Italia chains controlled by Blackstone. The sale has generated a 2.5x...

Bonpoint sold.(TRADE SALE)
April 1, 2007... French buyout firm Edmond de Rothschild Capital Partners (ERCP) has made its first exit with the sale of luxury childrens' fashion brand Bonpoint to EPI, the investment vehicle owned by the Descours family. ECRP made a 3x return on the sale.

VCs sell Oxxon.(TRADE SALE)
April 1, 2007... Oxxon Therapeutics, a UK therapeutic veccine company, has been acquired by Oxford BioMedica in a deal that values the business at 16m [pounds sterling]. It was backed by ISIS Capital, MVM Life Science Partners, NIF Ventures, NeoMed and Quester....

South East England sets up seed fund; initiative fills funding gap.(INVESTMENT)(South East England Development Agency)(Brief article)
April 1, 2007... The South East England Development Agency (SEEDA) has launched a new fund for companies seeking investment of less than 3m [pounds sterling]. SEEDA, a UK government funded agency responsible for the economic development and regeneration in...

Investor incentives: g2i advises new businesses on how to increase their chances of investment.(ASSETS)
April 1, 2007... By taking better advantage of the tax incentives available, British start-up companies can boost investor interest, according to early-stage advisers gate way2investment (g2i). "Entrepreneurs planning to use external funds to help develop...

E-Synergy launches investor network; UK venture firm sets-up initiative for young companies.(PLACEMENT AGENT)(ANGELNET)(Brief article)
April 1, 2007... E-Synergy, the London based technology VC, has established a programme that gives experienced investors opportunities to invest in start-up and early-stage companies. ANGELNET operates a membership service for individual, professional and...

University spin-outs on par with US: over 160m [pounds sterling] raised for early stage funds in 2006.(RESEARCH)
April 1, 2007... University spin-out activity in the UK is on a level with the US according to Library House, the early-stage company research body, in a new report. The 590 spin-outs currently operating in the country managed to raise around 160m [pounds...

Imperial recycling hub takes on Stoneglass: glass waste specialists takes step towards commercialisation.(INCUBATOR)
April 1, 2007... Imperial Innovations, the technology commercialisation and investment company, has signed up Stoneglass Building Products to its recycling programme. The Imperial Innovations Recycling Commercialisation Centre is an incubator for...

NESTA launches 50m [pounds sterling] seed fund; early-stage companies to receive up to 500,000 [pounds sterling].(FUNDING)
April 1, 2007... The National Endowment for Science Technology and the Arts (NESTA) has set-up a 50m [pounds sterling] fund aimed at UK start-up companies. The new fund will invest up to 10m [pounds sterling] per year, investing 250,000 [pounds sterling]...

Deep in debt: Europe's debt markets have undergone something of a transformation over the last few years as new investors have flooded the market, creating unprecedented levels of liquidity. With so much cash washing around the system, how is this affecting the region's private equity sponsors?(DEBT)
April 1, 2007... A few short years ago, most private equity houses looking for acquisition finance for their deals went to a handful of banks they had good relationships with plus perhaps one or two mezzanine players, negotiated a decent debt package and that...

And if it all goes wrong?(DEBT)
April 1, 2007... The rapid institutionalisation of Europe's debt markets has clearly helped private equity firms do many deals that they might not have been able to do a few years ago. Deep and liquid debt markets have provided cheap and flexible capital. But...

Seed funding: seed investment carries a lot of risk, but investors who hold their nerve can gain rich rewards.(VENTURE)
April 1, 2007... Seed investment of startups is notoriously risky, but it would be a bleak future for European venture capital without it. Because of the high risks involved in seed and early stage investment, finding investors can be tougher, although getting...

University challenge: turning spin-outs into products.(VENTURE)
April 1, 2007... Universities are one of the key sources of technology start-ups, but turning a good idea into a marketable product is far from easy. But companies such as the UK's IP Group is seeking to commercialise an increasing number of inventions. ...

Secondary interests, primary concern: most LPs buy and sell secondaries.(DATA ROOM)(limited partnerships)
April 1, 2007... The secondaries market has become an established part of the private equity landscape according to research compiled by UK headquartered private equity consultants and placement agents Almeida Capital. For years secondaries have been...

Europe raises 90bn [euro] in 2006: top quarter of buyout funds generated 37.6% IRR, with venture delivering 23.5%.(DATA ROOM)(internal rate of returns )
April 1, 2007... European private equity raised 90bn [euro] in 2006, almost 20bn [euro] more than the previous year's figure, confirming a record year for firms raising money. The statistics come from the European Venture Capital Association's (EVCA)...

Balls juggling public opinion: Treasury minister backs industry as he reveals a review of the tax rules.(LEGAL AND REGULATORY)
April 1, 2007... Ed Balls, economic secretary to the Treasury, has become the latest British politician to add his contribution to the debate surrounding the activities of private equity in the UK. Trade unionists have been lobbying the Government of late and,...

Index expands: three new players at the forward-thinking house.(APPOINTMENTS)
April 1, 2007... Index Ventures the 1bn [euro] London and Geneva-based private equity house famous for investments in Betfair, the world's largest betting exchange and Skype, recently sold to eBay has hired three new employees. Saul Klein joins as venture...

3i appoints former Scottish Power head.(PEOPLE)
April 1, 2007... UK venture capital and private equity firm 3i continues to strengthen its commitment to the gas and power sector with the appointment of Ian Russell, the former CEO of Scottish Power plc, as an industrialist in residence. In this role,...

Pantheon adds client services.(PEOPLE)(Pantheon Ventures)(Brief article)
April 1, 2007... UK-based private equity fund-of-funds specialist Pantheon has made two senior hires to its global client service team: Marcus Alexis has been appointed as principal and head of US client services and Josephine Defty has been made a vice...

Knight's aboard.(PEOPLE)(Boat International Media appoints Sir David Arculus)(Brief article)
April 1, 2007... Boat International Media, the boat magazine publisher owned by August Private Equity, has appointed Sir David Arculus as chairman. August backed a 29m [pounds sterling] MBO of Boat International in December 2006, providing 13.4m [pounds...

Earlybird promotes.(PEOPLE)(Wolfgang Seibold)(Thorn Rasche)(Gayathri Radhakrishnan)(Brief article)
April 1, 2007... German VC has made two promotions with Wolfgang Seibold and Thorn Rasche elevated to partners, and has appointed Gayathri Radhakrishnan to its technology team. Seibold's experience includes leading several financing rounds and has...

Bryan Garnier appts tech director.(PEOPLE)(Bryan, Garnier & Co.)(Olivier Beaudouin )(Brief article)
April 1, 2007... Bryan, Garnier & Co, the independent pan-European investment bank focused on European growth companies, has named Olivier Beaudouin as a director in its corporate finance technology group in charge of the hardware and communications sector. ...

Astorg promotes.(PEOPLE)
April 1, 2007... Astorg Partners, the French midcap private equity firm, has promoted Frederic Sebbag as associate director. Sebbag joined Astorg in 2004 as an associate and since then, has been involved in several major deals including the Geoservices...

Tri-Artisan Partners tries in Europe.(PEOPLE)(Brief article)
April 1, 2007... US merchant bank Tri-Artisan Partners has landed in Europe with the opening of its London office, and has named four partners to establish the business, which will be known as Tri-Artisan Partners Europe. Julian Hirst, former head of...

Capital Dynamics hires Glenalta PE founders: the partnership continues.(MANAGING DIRECTORS)(Andrew Beaton)(David Smith )(Brief article)
April 1, 2007... UK private equity asset manager Capital Dynamics has appointed Andrew Beaton and David Smith as managing directors in the London office, with Smith joining the firm's investment committee. The two have a history of working together, first...

Mourant opens in New York.(PEOPLE)(Brief article)
April 1, 2007... Offshore law firm Mourant has become the first firm of its type to open an office in New York. The new office is to be headed up by senior associate Simon Felton, who is relocating from the London office. He will be Mourant's first foreign...

Gresham adds to investment team.(PEOPLE)
April 1, 2007... Gresham, the UK mid-market private equity house, has strengthened its investment team by recruiting Iain Wolstenholme as an investment director and Peter Lahoud as a research and origination manager. Wolstenholme joins from Ernst &...

Double hire for ICG.(PEOPLE)(Intermediate Capital Group PLC appoints Janine Peake and Aleksander Marcin Ferenc)(Brief article)
April 1, 2007... Intermediate Capital Group, the UK based provider of mezzanine finance, has appointed Janine Peake as head of debt investor relations; a newly created role, based at ICG's London office. Peake has worked for Bankers Trust, Nat-west Capital...

Capital Dynamics sails into HK.(PEOPLE)(Hong Kong)(Brief article)
April 1, 2007... Private equity manager Capital Dynamics has become the latest European firm to enter Asia by opening an office in Hong Kong. Markus Ableitinger, a director of Capital Dynamics, will head up the new office and will be responsible for building up...

Inflexion appoints new Parasol chair.(PEOPLE)(Parasol Group)(Ray Pierce)(Inflexion Private Equity)(Brief article)
April 1, 2007... UK mid-market firm Inflexion has installed Ray Pierce as chairman of Parasol Group, the UK provider of contractor payroll services it acquired in a 24m [pounds sterling] buyout in October 2006. Pierce will oversee the development of the...

Beringea opens office in Shanghai.(PEOPLE)(Brief article)
April 1, 2007... UK mid-market firm and investment bank Beringea has opened a new office in Shanghai, China. Top Shanghai television executive Amy Cheng has been appointed to head the new office. Cheng, one of China's most recognised television presenters and...

ING adds to leverage team.(ING Wholesale Banking appoints Thomas Lagemann)(Brief article)
April 1, 2007... ING Wholesale Banking continues to build out its successful leveraged finance and sponsor coverage group with the appointment of Thomas Lagemann (managing director) as head of the group's coverage of Germany, Switzerland and Austria. Lagemann...

Wilcock resigns from Quester.(PEOPLE)(Iain Wilcock)(Brief article)
April 1, 2007... Iain Wilcock, the deputy managing director of Quester, is leaving the firm for personal reasons after more than six years. He will hand over his healthcare responsibilities to Dr Jonathan Gee. "Iain has made a tremendous contribution to...

Abingworth appts venture partner.(PEOPLE)(Abingworth Management Ltd. appoints Dr Vincent Miles)(Brief article)
April 1, 2007... UK headquartered biotech VC Abingworth has named Dr Vincent Miles as venture partner. He will be based at the company's offices in Waltham, MA, US. His responsibilities will include evaluating new investment opportunities and supporting...

3i builds media presence.(PEOPLE)
April 1, 2007... 3i has named Wolfgang Kitza as a venture partner in 3i's global venture capital team as it seeks to beef up its media sector experience. Kitza was most recently, up until 2005, CEO and chairman at Worldres, worldleading online hotel...

Waterland continues recruitment drive.(PEOPLE)(Waterland Private Equity Investments B.V. appoints Erwin Vanderlinden)(Brief article)
April 1, 2007... Dutch mid-market firm Waterland Private Equity Investments has hired Erwin Vanderlinden as an investment analyst for Belgium. His previous positions include Deloitte Consulting and ING Corporate Finance. Vanderlinden started his career as...

LGV appoints.(PEOPLE)(Legal and General Ventures Ltd.)(Euan O'Sullivan )(Brief article)
April 1, 2007... Legal & General Ventures is expanding its investment team with the appointment of Euan O'Sullivan as an associate. He joins LGV from Close Brothers Finance where he advised on a number of company disposals as well as public company and private...

Kaupthing heads to the Middle East.(PEOPLE)
April 1, 2007... Iceland-headquartered Kaupthing Bank appointed Umar Ali as managing director of operations in the Middle East. Ali has 15 years experience in international finance and was previously employed at HSBC Bank and NatWest Markets where he had...

Jackson joins GPE.(PEOPLE)(Global Private Equity)(Gayle Jackson )(Brief article)
April 1, 2007... Gayle Jackson has joined Paris-based private placement agent Global Private Equity as a senior consultant. Jackson is currently president and founder of Energy Global, which advises companies on private placement activities in North America....

Partner for Hogan & Hartson.(PEOPLE)
April 1, 2007... Hogan & Hartson announced today the addition of Man Chiu Lee to the firm's corporate and securities practice. He joins as a partner in Hong Kong. Proficient in Chinese, Man Chin Lee is an experienced corporate transactions and US securities...

Citi promotes Black and Greatorex.(PEOPLE)(Citi Alternative Investments)(Andrew Black)(Tim Greatorex)(Brief article)
April 1, 2007... Citi Alternative Investments has promoted Andrew Black, Head of London Credit Structures and Tim Greatorex, Head of SIV Strategies, to co-heads of the Global Credit Structures business. GCS develops and provides investment, funding and...

Fraser director at SCCF.(PEOPLE)
April 1, 2007... Saffery Champness Corporate Finance, the specialist Corporate Finance arm of Saffery Champness focusing on mid-market transactions, has appointed Robert Fraser as a Director. Based primarily in the firm's Edinburgh Office, Fraser will...

Menzies to head Directorbank's London office.(PEOPLE)(Directorbank)(Brief article)
April 1, 2007... Directorbank, UK recruiter of non-executive and executive directors for Plcs and private equity-backed businesses, appointed Ian Menzies as a director to head up its London office and build the executive search side of the company. Menzies has...

Brown heads PE FoF: Mithra's new company.(LAUNCH)
April 1, 2007... Mithras Private Equity will be headed up by Gillian Brown, founder of Tandem. Gillian brings with her nineteen years' experience investing in private equity, and was formerly head of the private equity funds team at Hermes Private Equity. Prior...

LBO syndications arranged March.(BUYOUTS)
April 1, 2007... AHT TARGET NATION: AUSTRIA DATE ANNOUNCED: 03/12/06 DEAL TYPE: LBO ACQUIRER(S): QUADRIGA CAPITAL TOTAL VALUE: UNDISCLOSED MANDATED ARRANGER(S): DRESDNER KLEINWORT FINANCING: 225M [euro] Dresdner Kleinwort as...

Refinancing.(BUYOUTS)
April 1, 2007... AA TARGET NATION: UK DATE ANNOUNCED: 16/03/07 SPONSOR(S): PERMIRA MANDATED ARRANGER(S): BARCLAYS FINANCING: 1.85BN [pounds sterling] The Automobile Association's (AA) is seeking a waiver to allow a recapitalisation...

Private equity-backed takeovers subject to EU competition law.(BUYOUTS)(Company overview)
April 1, 2007... APCOA PRIVATE EQUITY BACKER(S): EURAZEO BUSINESS DESCRIPTION: CAR PARK OPERATOR DEAL VALUE: 885M [euro] NOTIFIED: 13/03/07 PROVISIONAL DEADLINE: 20/04/07 CLEARED: N/A Eurazeo has reached an agreement with...

Seeking buyers.
April 1, 2007... SEEKING BUYERS Seeking buyers includes listings of all European companies that have announced plans since February 15, 2007 until March 21, 2007 to sell divisions, stakes or their entire company. It also includes purported sales...

Calendar.(SEEKING BUYERS)
April 1, 2007... APRIL 2007 11 APRIL LAVA Investment Capital Conference United States--Los Angeles http://icc.lava.org/ 10-13 APRIL EVCA Institute--Foundation Course for Investment Professionals The Netherlands--Amsterdam ...

Announced deals.
April 1, 2007... ANNOUNCED DEALS Announced deals includes listing of private equity and venture capital transactions involving European targets announced between February 15, 2007 to March 21, 2007. The listings are ordered by target nation, and...

Hedge fund--bad boys: a change of image by David Silver and Peter Watson of Baird.(COMMENT)(Super Return, the private equity industry's conference)
April 1, 2007... Only three years ago the talk at Super Return, the private equity industry's best-attended conference, was all about the threat of hedge funds to the industry; competing for private equity assets and funds, and being an uncertain bedfellow in...