Sunday, 3 May 2015
Last updated 2 days ago
Feb 26 2014 | 10:51am ET
Private equity firms aren't doing enough to bolster the industry's reputation, according to one of its most prominent executives.
Kohlberg Kravis Roberts co-founder Henry Kravis told the SuperReturn International conference in Berlin yesterday that "we've done a lousy job of telling our story. People think private equity is hedge funds. We have not done a good job as an industry."
Kravis did his best to argue that p.e. is neither a synonym for hedge funds nor the corporate raiders of yore.
"This is not a game of financial engineering," he said. Private equity firms need "a proper capital structure to invest in a business," and that loading debt onto portfolio companies "ain't gonna work." And he complained that banks are not helping the situation, offering leverage beyond "levels of safety" for U.S. buyouts.
The 70-year-old also assured the audience that neither he nor his cousin and co-CEO, George Roberts, were going anywhere.
"I love what I'm doing, George loves what he's doing," he said, adding that they plan to lead KKR as long as they are "healthy and having fun and our partners don't kick us out."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…