Chairman's letters and speeches

2011

31 December 2011

2011 Annual Review Letter

After an encouraging first half, 2011 turned out to be a tough year as further weaknesses in the European banking system were revealed, Europe struggled to find fiscal policy consensus and global recovery speeds became increasingly uneven.

21 November 2011

2011 Q3 Investor Letter (Extracts)

In 2007, the European markets, along with others around the world, were booming. There was a vast amount of equity and debt available. The banking sector was seen as very strong, and expectations of GDP growth were high. Four years on, the world has changed, and Europe in particular is a different place.

02 November 2011

2011 Q3 Investor Letter - TFCP II and III

In 2007, the European markets, along with others around the world, were booming. There was a vastamount of equity and debt available. The banking sector was seen as very strong, and expectations of GDP growth were high. Four years on, the world has changed, and Europe in particular is a different place.

02 November 2011

2011 Q3 Investor Letter - TFDA

In 2007, the European markets, along with others around the world, were booming. There was a vast amount of equity and debt available. The banking sector was seen as very strong, and expectations of GDP growth were high. Four years on, the world has changed, and Europe in particular is a different place.

01 November 2011

Guy Hands' speech at SuperInvestor, Paris - "The best and worst of Private Equity; lessons from the wilderness years"

These are ‘the wilderness years’ for the Private Equity industry in Europe. And we look set to continue to endure, harsh economic conditions and volatile and illiquid capital markets.

01 October 2011

Words from Guy's Rome speech

First, it must be asset-backed.  This helps to protect the value of our investments and limits downside risk.  At present there is an increasing focus on investing in hard assets.  We are lucky as this has always been a core focus of the Terra Firma approach.

01 October 2011

Words from Guy Hands' Speech at Terra Firma's LP Conference, Rome

First, it must be asset-backed.  This helps to protect the value of our investments and limits downside risk.

02 August 2011

2011 Q2 Investor Letter - TFCP II and III

As I have said over the last few years, high levels of volatility in financial markets are set to continue for theforeseeable future.

01 August 2011

2011 Q2 Investor Letter - TFDA

As I have said over the last few years, high levels of volatility in financial markets are set to continue for theforeseeable future.

01 June 2011

Guy Hands' Speech Super Return, Boston - “Private Equity: now we are still here, what does the future hold?”

The Western financial services sector has survived a near fatal shockwave, not seen for over 70 years. 

01 May 2011

2011 Q1 Investor Letter - TFCP II and III

The New Year brought with it the hope of reinvigorated markets and a general sense of economic improvement. Whether the hope of a full recovery will grow into a financial reality in much of the West is something I don’t expect for some time.

01 May 2011

2011 Q1 Investor Letter - TFDA

Despite turmoil in the Middle East, the tragic tsunami and nuclear disaster in Japan, ongoing financial instability in peripheral Europe and volatile oil and commodity prices, financial markets continued to rise in the first quarter.

01 February 2011

2010 Q4 Investor Letter - TFDA

The global economic environment was relatively benign in 2010 after several years of upheaval. The economies in which Terra Firma largely invests continued a slow process of recovery, experiencing modest growth in most sectors.

01 February 2011

2010 Q4 Investor Letter - TFCP II and III

The global economic environment was relatively benign in 2010 after several years of upheaval. The economies in which Terra Firma largely invests continued a slow process of recovery, experiencing modest growth in most sectors. At the same time, financial markets globally continued to recover from their lows of March 2009 and provided greater liquidity across almost every asset class.