The Dynamics of the Limited Partners…
By Serge Ejzenberg [Sep. 22, 2006]
Limited Partners (or LP's) are the main provider of cash to Private Equity class asset. The funds providers are named LP's and the team managing the fund are called General Partners (GP's).
Over a period of twelve months roughly $ 320 billion has been committed to new funds by private equity investors. Even if its cumbersome to exactly number the LP's worldwide, several available data estimate that there are roughly 3 200 LP's active. These LP's have a combined aggregate allocation of approximately $ 1.3 trillion...
Who are they?
Eleven categories of LP's can be distinguished, with each specific investment focus.

Le Gouvernement d’entreprise : quelques recommandations
By Serge Ejzenberg [Jan. 18, 2006]
S’il est un sujet vaste et qui se prête à de nombreuses polémiques, c’est bien celui du « Gouvernement d’entreprise ».
A ce jour il n’existe pas de lois de règles universelles qui pourraient normaliser la notion et le fonctionnement de Gouvernance d’entreprise.
A contrario, d’abondants organismes de supervisions tels que l’Autorité des Marchés Financiers (AMF), l’Association Française de la Gestion Financière (AFG) et d’autres associations se sont penchées sur le contenu à donner à la Gouvernance d’entreprise.

THE FAMILY DYNAMICS OVER THE FAMILY OFFICE PERFORMANCE
By Serge Ejzenberg [Sep. 11, 2005]
It carries even greater inspiration today, as everyone from independent advisors to large financial services firm to third party wealth managers scrambles to find, garner, and retain the assets of the ultra wealthy. The commotion and confusion characterizing the increased focus on this lucrative segment can be attributed to the multiplication of family members and to inheritance projections regarding the expected wealth transfer over the next 50 years, which are surpassing the $40 trillion mark!

THE FAMILY BUSINESS AND THE ROLE OF GENERATIONS
By Serge Ejzenberg [Aug. 18, 2005]
My previous article described from a “theoretical” view the miscellaneous aspects of the “Family Governance” without really taking into account that families are entities built with ….humans!

Some statistics show that only 30% of family owned businesses in the USA survive the transition from founder to second generation
Only 10% of the businesses make it to the third generation and merely 4% are surviving into the fourth generation.

THE FAMILY GOVERNANCE AND THE NEW ROLE OF PRIVATE EQUITY IN EUROPE
By Serge Ejzenberg [Jul. 27, 2005]
Let’s focus on the French Small and Medium Enterprise (PME – Petite et Moyenne Entreprise).
Several studies agree that roughly between 500 000 and 750 000 PME will be confronted over the next 10 to some major ownership changes.
These changes will not happen over night, different steps will have to be accomplished and the role of the traditional Private Equity will also have to take into consideration these emerging new markets that have already been scrutinized by the traditional corporate banks and with some “consultants” seeing there an opportunity to expand their activities and attracting new customers.

THE ROLE OF THE "NON-EXECUTIVE CHAIRMAN"?
By Serge Ejzenberg [May 21, 2005]
Quite common in Europe, but rare in the USA a permanent board chair separate from the CEO is drawing renewed attention as we want to analyze corporate governance.

Can the concept of a non-executive chairman finally take root in America?....

THE ATTRACTION OF THE FRENCH PRIVATE EQUITY MARKET AND NEW RULING OF THE "FINANCIAL INVESTMENT ADVISOR"
By Serge Ejzenberg [May 4, 2005]
During 2004, France has confirmed its position as one of the leading destinations in Europe for Private Equity thanks to several legislative and regulatory changes which contributes to the development of the French Private Equity Sector.

PENSION MANAGEMENT: ATTRACTION OF THE SCRUTINY OF INVESTORS...
By Serge Ejzenberg [Apr. 13, 2005]
Today companies are questioning which class of assets will deliver sufficient return to cover mounting pension obligation.
Both analysts and investors want to know how companies are managing their risks effectively.
Some experts consider the traditional view that equity investment will provide the best returns over the long-term. But changes in accountancy rules and the of pension scheme deficits imply to have a look at the short-term.

THE SARBANES-OXLEY ACT (SOX) : THE REAL COSTS AND VALUE
By Serge Ejzenberg [Apr. 12, 2005]
Foreign companies listed in the USA, as well as those with more than 300 US shareholders, are bound by the requirements of the Sarbanes-Oxley Act. It introduces tough new regulations designed to prevent repeats of the Enron and Worldcom scandals. But it’s putting some European companies in bad mood.