Tag Archives: Private Equity

“By yon bonnie banks” – rigour and determination

Posted on September 17, 2025 by henry tapper

  I am up here in the Cameron House on the edge of Loch Lomond with people who want to talk about defined benefit pension schemes. There is no way to understand how people feel but by with them morning … Continue reading →

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Private equity disappearing up its own rear orifice!

Posted on August 25, 2025 by henry tapper

“Our view is that we find better risk-return opportunities in the first chapter of a CV than a second,” said Stepstone’s Johnston. This is a private equity commentator at Stepstone explaining succinctly a problem which the rest of us have … Continue reading →

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Short-termism of financiers a mis-match for the horizon of pensions

Posted on August 14, 2025 by henry tapper

I ran a blog about the infinite horizons of pensions, I was writing in 2020 when the idea that our pension system would be generally in surplus was ludicrous. I argued that it was and that the PPF would not … Continue reading →

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We need IPOs and cash buyers not just continuation funds for private assets!

Posted on July 23, 2025 by henry tapper

The FT is good in explaining this point – one that appeals to my common sense. If you are selling companies to a fund you control, it is you not others who decides what the company is worth. How long … Continue reading →

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Wares to be wary of! Our skills must match the private dealmakers’.

Posted on July 15, 2025 by henry tapper

Patrick Jenkins has written a great opinion piece, inspired it seems by the acquisition of one insurance company (PIC) by a private equity company Athora. He is also struck by Legal & General, who last week struck a deal with … Continue reading →

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The privilege of wealth is free to everyone through pensions!

Posted on June 25, 2025 by henry tapper

The headline in today’s FT reminds me that I will be seeing Toby Nangle speak again at lunchtime. Toby now writes for the FT and he understands better than anyone (but Ludovic Phallipou ) what a waste of money most … Continue reading →

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Should private equity fill the pot holes on the road to retirement?

Posted on January 7, 2025 by henry tapper

The FT report that the Private Equity lobby in the United States can’t wait for President Trump V 2.0.   So it’s time to tap people’s pension pots. It should be noted that the existing purchasers know what they are … Continue reading →

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Scale improves VFM but not a pension’s capacity to invest long-term

Posted on September 11, 2024 by henry tapper

I’ve had an intriguing question from a friend, perhaps prompted by my recently published submission. What proportion of PSH assets would be in Private Equity or infrastructure? To what extent would the latter vary at different amounts of AUM? Private … Continue reading →

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Private equity is not for dummies

Posted on June 9, 2024 by henry tapper

In this weekend’s FT, Gillian Tett sets out the problems she has with the determination of a state court of Louisiana (in New Orleans) , throwing out demands for greater disclosure and transparency from the managers of and those funded … Continue reading →

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Labour’s private equity tax puzzler

Posted on March 16, 2024 by henry tapper

It’s a rich person’s problem how to minimise tax. Private Equity managers are rich and they stay rich by managing their tax affairs, as they are entitled to , by using non-dom tax concessions and having their revenue taxed as … Continue reading →

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