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U.K. buyout firms signing on to voluntary industry guidelines

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Published July 23, 2008 at 1:23 PM

A growing number of private capital firms in the U.K. are signing on to a set of recommendations aimed at increasing transparency and disclosure by the industry while quelling public criticism.

Dow Jones Financial News reports that 32 firms have signed on to follow a set of guidelines outlined by the British Private Equity and Venture Capital Association's Sir David Walker. The voluntary recommendations to participate, which will be followed by the firm's portfolio companies as well, include:

  • Having 1,000 U.K. employees
  • Getting 50% of revenues from the U.K.
  • Generating a market cap of at least £500 million ($999 million) for a secondary buyout and £300 million for an LBO
Signatories to the Walker guidelines include 3i Group plc, Advent International, Apax Partners, Bain Capital LLC, Blackstone Group LP, Bridgepoint, Candover, Carlyle Group, Cinven, Clayton Dubilier & Rice Inc., CVC Capital Partners, Doughty Hanson, Duke Street Capital, Kohlberg Kravis Roberts & Co., Montagu Private Equity, Permira Advisers and Terra Firma Capital Partners. - George White

See Financial News story (signup required)

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