Ian has recently taken over as fund manager of Henderson Private Equity Investment Trust PLC.
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Ian has twenty-five years of finance experience encompassing private equity investment and portfolio management, leveraged senior debt lending, corporate restructuring and small business ownership. He now manages Henderson Equity Partners' private equity fund of funds portfolios. He joined Henderson Equity Partners in 2005 having previously worked for Citigroup and Charterhouse Bank Limited. Ian has a BA (Hons) in Modern History from Oxford University.
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Fund Manager's Commentary - June 2010
Although the quantity and quality of private equity deal flow appears to be higher than for some time, June was a month of relatively few deal completions in the European mid-market buyout sector, HPEQ’s area of investment focus. Banks appear prepared to hold onto problem assets much longer than in previous recessions. Where possible they have been seeking to engineer equity participations in order to benefit from future recovery.
Over the past year valuations of HPEQ’s underlying portfolio of nearly seventy companies have stabilised, underpinned on the one hand by active management to drive cost reductions and operational efficiencies and on the other by generally improved public sector market comparators. A number of these leaner businesses are well-positioned to deliver revenue growth as the UK and European economies recover. Unfortunately, recent market concerns of a “double-dip” recession have raised new doubts about the timing of a significant improvement in the macroeconomic outlook.
More positively, it is likely that HPEQ will receive some modest distributions during the third quarter, although the relevant transactions have yet to complete.
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