Market view of Guy Hands / Terra Firma?
What is the market perception of guy hands and terra Firma following the EMI deal.. Still a top name? Still prestigious?
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He's about to come back to the market and raise a new Fund, I imagine he'll struggle as a lot of instutional LPs will be unwilling to re-up given his current reputation.
Saw a terra slide deck from 2007 not long ago, they are a perfectly credible buyout operator, but just went a bit mad in 06-087 - they are by no means alone in this regard!!
Still a name.
Note to Terra Firma, stay out of Asia. Your former LPs are still pissed.
starting a beijing office is what I heard, so the pitchforks might be coming out. he gets good dealflow and its not like his LPs are abandoning him.
Starting a Beijing office and being successful are two different things. Why would anyone go through Terra Firma to gain exposure to Greater China. The PE sector in China is crowded, to say the least, and capital abundant. So, I guess that does fit within Terra Firma's strategy of overpaying.
Good dealflow... how can you claim good deal flow if you're involved in auctions.
and yes, his LPs are abandoning him, at least in KR and JP.
They have not raised a fund for the last 10 years and have no money to invest, how can you call that a "good deal flow"?
fair enough. i think the European institutional relationships will hold though. I agree with you that people aren't happy about china. don't know enough about asian LPs to comment on that. you need to involved in auctions for large buyouts nowadays but there advantage to be played for there too (lender relationships, banker connects, management network, etc.)
strong name with strong people still, dealflow ok but not much going on in their investment size. Reputation damaged but still able to raise money thanks to guy hands relationships. But they are giving extremely favourable terms to their LPs to "apologise" in a way.
For PE in China - they are not going to do direct deals in China. Its from a portfolio company perspective i.e. expand in China market, Joint Ventures, etc.
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