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Speaking on a panel discussion at the Private Equity Analyst's Limited Partner Summit on international private equity, Janusz Heath, a managing director at Capital Dynamics, had plenty to say about the dynamics that limited partners are looking for in private equity partnerships.
"This is a period where the general partner's value-add is really going to be in the headlights," Heath said. "The companies that general partners are investing in are now competing in a global market, so if you're a midcap French-focused firm you still have to think about how to bring added value on an international basis as well." Looking at all the new Asia-focused funds popping up, Heath said, "In 20 years, 80% of these Asian funds will not exist. There are some huge checkbooks wandering around in Asia, which is adding to the destabilization of teams and funds there. [Nevertheless] we think that now is a good time to go into Asia because the [private capital] managerial talent is really becoming more mature. "I do feel sorry for first-time funds," Heath added, "because it's very hard for them to get through the door. The critical judgment we make about a first-time team is the team's cohesion. Will they be together in 10 to 15 years? That's a very difficult judgment to make." - George White See more on the Limited Partner Summit CategoriesPrivate capital video
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