Cornell warns private equity faces long road to recovery
Terra Firma managing director Peter Cornell has warned that he does not see any "meaningful recovery" in the private equity sector until 2013.Speaking at a Legal Week private equity forum earlier this month, the former Clifford Chance managing partner, now managing director of stakeholder relations at the buyout house, told delegates that the first stage of any upturn will not come until late 2011 at the earliest.
April 30, 2009 at 12:33 AM
2 minute read
LW private equity forum dominated by economy and Euro regulation
Terra Firma managing director Peter Cornell (pictured) has warned that he does not see any "meaningful recovery" in the private equity sector until 2013.
Speaking at a Legal Week private equity forum earlier this month, the former Clifford Chance managing partner, now managing director of stakeholder relations at the buyout house, told delegates that the first stage of any upturn will not come until late 2011 at the earliest.
During his keynote speech he said: "I do not see any meaningful recovery setting in until 2013. By the time things get going again there will have been, in all likelihood, a significant drop in the standard of living in the developed world – probably in an environment of some significant inflation."
However, on a more positive note he added that in the interim, the market holds some of the best opportunities seen in a generation for sponsors willing and able to take risks and make acquisitions.
The event, held at the Renaissance Chancery Court Hotel on 22 April, saw speakers discuss issues such as fundraising in a new post-economic crisis market, best practice after the market turmoil and responsible investing.
Some expressed concern about the potential impact of new European financial services regulation, which they fear could see private equity treated the same as hedge funds.
Omega Fund Management GC Claire Wilkinson said: "The upcoming EC directive on financial services – which I fear will see private equity funds and hedge funds lumped together – will clearly play a part in how we have to adapt."
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