Chairman's letters and speeches

2007

01 December 2007

2007 Annual Review Letter

Welcome to the first Annual Review of Terra Firma and its portfolio businesses.

01 November 2007

2007 Q3 Investor Letter

As we are all well aware, the environment that private equity faces has changed dramatically in the last few months. Some weeks ago, I attended a conference for senior LPs and GPs and what I found amazing was how incredibly positive the GPs were on the prospects for private equity over the next few years.

01 November 2007

Guy Hands' speech at the SuperInvestor Conference - November 2007, Paris

After the onset of the credit crunch, the industry is paying for its excesses and the market change ‘is no blip’ and will spill into the broader economy. In the new world where bankers - like dogs - will not come out of their baskets, Guy Hands anticipates that ‘Transformer’ and ‘Focusser’ General Partners will be better investments than ‘traditionalists’ and ‘newbies’.

01 August 2007

2007 Q2 Investor Letter

As we are all well aware, the environment that private equity faces has changed dramatically in the last few months. Some weeks ago, I attended a conference for senior LPs and GPs and what I found amazing was how incredibly positive the GPs were on the prospects for private equity over the next few years.

01 May 2007

2007 Q1 Investor Letter

With the huge amount of capital raised in recent years, combined with highly favourable debt markets, private equity can approach pretty much any target it likes. Furthermore, with the power of equity bridges which are readily available, these numbers actually underestimate private equity’s true potential size.

01 February 2007

2006 Q4 Investor Letter

As a youngster, I was fascinated by those who excelled in their field and each Christmas received a Guinness Book of Records. However, it was never a wholly satisfying read. The records, facts and statistics were good for holiday trivia, but I never learnt the answers to the really interesting questions – what drove these people to achieve their record and how did they achieve it?