Chairman's letters and speeches

2013

20 November 2013

Guy Hands Speech at SuperInvestor Paris – "Unlocking Value in a New Era of Private Equity"

Where is the private equity industry heading? Clearly 2008 through 2012 was tough for private equity, but the industry has recovered from the great credit crisis and today is doing as well as ever. During the period of recovery, private equity firms diverged between the large players, who are often public or aiming to go public, and specialist GPs.

14 November 2013

2013 Q3 Investor Letter (Extracts)

After five years of waiting, we can just about claim to have a global recovery, with GDP now growing at a respectable pace in the US, the UK and Japan, and even Europe enjoying a slow recovery. However, it is a recovery based on huge monetary stimulus from governments and central banks. Without this support, it looks fragile at best.

14 August 2013

2013 Q2 Investor Letter (Extracts)

Nearly five years after the failure of Lehman Brothers tipped the western world into financial crisis and recession, there are growing signs that a recovery is under way.

07 June 2013

Guy Hands speech at SuperReturn US - "Why One Should Invest in Europe"

The economic crisis may have passed its most acute phase, and while last year’s crisis was never as bad as the press reported, there will be more crises to follow. Indeed it is difficult to see anything but political and economic volatility over the next few years with no clear way forward being agreed for the European Union. However, it is important not to underestimate the political will of many countries and senior politicians in Europe to keep Europe together and to keep driving the European project forward.

21 May 2013

2013 Q1 Investor Letter (Extracts)

As economic and political difficulties continue to rumble on in Europe, we find investors growing tolerant of what has become background noise. Most are returning to normal levels of investment activity, as evidenced by the rallying of global stock markets in the past 12 months.

30 April 2013

Letter from the Chairman, Terra Firma Annual Review 2012

We have continued to invest in our portfolio businesses, reflecting our strong commitment to making each one a top performer in its sector.

09 April 2013

Guy Hands speech at SuperReturn China - "Private Equity Investing: What Lessons Can The Private Equity Community In China Learn From The Mistakes Others Have Made Elsewhere"

As the private equity market in China continues to develop and mature, I think it would be useful to look at the global private equity industry’s recent past to see what lessons can be learnt. Private equity has made a number of mistakes, and by identifying and understanding them, Chinese private equity may be able to avoid a repeat of these errors.

27 February 2013

Guy Hands speech at SuperReturn Berlin - "Ex-Growth Europe: How Will Private Equity Continue To Produce Good Returns?"

Five years ago at a similar conference, I suggested that the banking community wasn’t going to be providing substantial levels of credit to the European private equity community any time soon.

04 February 2013

2012 Q4 Investor letter (Extracts)

As we enter 2013, the biggest global trend I see this year is that of markets taking a backseat to politics. From 1982 to 2007, we largely had markets in the driver’s seat, with financial institutions being given ever increasing freedom and support. However, since the 2008 credit crunch, the politicians have taken over. This makes it much harder to know where to invest.