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Speaking at The Deal's Fifth Annual Private Capital Symposium Wednesday morning, Stephen M. Besen, a partner at Shearman & Sterling LLP spoke about the higher profile that sovereign wealth funds have been taking over the last year.
"Some of these sovereign wealth funds have been around for a long time, and many these entities have been investing in private equity funds for years," said Berger. Besen did caution against painting all sovereign wealth funds with the same brush. "You can't just say sovereign wealth funds are all in the same pocket. Some are merely passive financial players, and others are very active. They're not a new source of capital; they're an increasing source of capital." "Some of them are very much financial investors, and some of them have stated goals of fostering investment in thier home countries ... what's the real difference between a sovereign wealth fund and a quasi-private fund like Ontario Teachers, which has been able to co-exist with private equity pretty well," Besen continued. "In Europe [sovereign wealth funds] are becoming more competive with private equity; some funds like Temasek and Dubai are probably going to continue becoming more competitive." "I do think that the U.S. is starting to become more protectionist; there's a great fear in the U.S. when some see billions suddenly pouring into companies," he said. "But I think we should not try and constrain this flow of capital." - George White See Private Capital Symposium agenda See more posts from the Private Capital Symposium CategoriesPrivate capital video
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