Archive for February, 2010

Senator Grassley’s Letter to Goldman Sachs: Why Are You Charging 37% More in Fees for “Build America” Bonds?

Sunday, February 28th, 2010

This is a must read! Senator Grassley is chastising the firm for taking 37% more in underwriting fees for the Build America bonds than plain vanilla municipal bonds.  You be the judge! (Click full-screen)

Senator Charles E. Grassley’s Letter to Lloyd C. Blankfein

Berkshire Hathaway 2009 Letter to Shareholders (Must Read)

Saturday, February 27th, 2010

Please feel free to download or view in full screen.  This is certainly the best annual report I have read all year!

Berkshire-Letter-2009

Over 1,100 Top Private Equity Firms

Friday, February 26th, 2010

2i Capital Group
3 I
3i
4C Ventures
Aavin Equity Partners
Abacus Private Equity Group
Abell Venture Fund
Aberdare Ventures
Aberdeen Asset Managerment
Abingworth Venture Management
ABN AMRO Private Equity
ABS Capital Partners
ABS Ventures
Abundance Venture Capital Sdn. Bhd.
Accel Partners
Accel-KKR
Access Venture Partners
ACF Equity Atlantic
ACI Capital
Acorn Angels
Acorn Ventures
Adams Capital Management
ADD Partners
Advanced Equities
Advanced Technology Ventures
Advanced Technology Ventures
Advantage Capital Partners
Advent International
Advent Venture Partners
Adveq Management AG
Affarsstrategerna Sverige
Affinity Capital
Agio Capital Partners
Akers Capital
Alacrity Ventures
Albion Investors
Alchemy Partners
Alerion Capital Group
Alexander Hutton Venture Partners
Alice Ventures
Allegis Capital
Allegra Partners
Alliance Technology Ventures
Allied Capital
Alloy Ventures
Alpha Capital
Alta Communications
Alta Partners
Alta-Berkeley LLP
Altira Group
Altos Ventures
Altus Capital Partners
Ambient Capital Group
American Capital Strategies
American Industrial Partners
American Securities Capital Partners
Ampersand Ventures
Andlinger & Company, Inc.
Antares Capital Corporation
Anthem Capital Management
Apex Venture Partners
APV Technology Partners
Arbor Partners
Arbor Private Investment Company
Arcapita Inc. (Formerly Crescent Capital Investments, Inc.)
ARCH Venture Partners
Archelion Capital Partners
Ardent Services, LLC
Argentum Capital Partners
Argos Soditic
Argosy Capital
Argosy Partners
Arlington Capital Partners
Artemis Group
Ascend Technology Ventures
Ascent Venture Partners
Ashby Point Capital
Asset Management Company
Atlanta Equity
Atlas Venture
Audax Group
August Capital Management
August Equity
Aureos Capital
Aurora Capital Group
Aurora Funds
Austin Ventures
Avitas Capital
Axcel
Axxon Group
BA Venture Partners
Bachow & Associates
Bain Capital
Baird Capital Partners
Baird Venture Partners
Baker Capital
Bancroft UK – Bancroft Eastern Europe Fund
Band of Angels
Banyan Capital Partners
Baring Latin America Partners
Baring Private Equity Partners
Baring Private Equity Partners (India)
Baring Private Equity Partners Asia
Baring Vostok Capital Partners
Basileus Capital Partners, LLC
Batterson Venture Partners
Battery Ventures
Bay BG Bavarian Venture Capital Corporation
Bay Partners
Bayview Capital Group
b-business partners
BC Partners
BCE Capital
Beecken Petty O’Keefe & Company
Beer & Partners Limited
Behrman Capital
Belvedere Capital Partners
Ben Franklin Technology Center of Southeastern Pennsylvania
Benchmark Capital
Benelux Capital
Berkeley International Capital Corporation (BICC)
Berkshire Partners
Berwind Group
Bessemer Venture Partners
BG Affiliates
Bio Asia Investments
Blackford Capital
Blackrock
Blackwater Capital Group
Blue Chip Venture Company
Blue Point Capital Partners
Blue Rock Capital
Blue Water Capital
Blueprint Ventures
BlueRun Ventures
Bluestem Capital Partners
BlueStream Ventures
Blumberg Capital
Boston Capital Ventures
Boston Financial & Equity Corporation
Boston Millennia Partners
Boston Ventures Management
Boulder Ventures
Bow River Capital Partners
Bradford Equities Fund
Brandon Capital Group, Inc.
Brantley Partners
Brass Ring Capital, Inc.
Brentwood Private Equity
Brentwood Venture Capital
Brera Capital Partners
Bridge Ventures
Bridgepoint Capital
Brockway Moran & Partners
Broe Companies, Inc.
Brown Brothers Harriman
Bruckmann, Rosser, Sherrill & Company
Bunker Hill Capital
Business Partners
BV Capital
Calera Capital
Caltius
Caltius Capital Management
Cambria Group
Canaan Partners
Candover Partners
Capital 33 Investment Tech. Limited
Capital For Business
Capital International
Capital Investments
Capital Markets Group, Inc.
Capital Resource Partners
Capital Southwest Corporation
Capital Z Partners
Capitaline Advisors, LLC
Capitol Health Partners
Capitol Partners
CapMan Capital Management
Capricorn Holdings
CapStreet Group
CapVis Equity Partners
Cardinal Capital Partners, Inc.
Cardinal Growth
Cardinal Partners
Cardinal Ventures
Carela Pacific Prvate Equity
Caris & Company
Carlyle Group
Carmel Ventures
Carousel Capital
Castanea Partners
Castile Ventures
Castle Harlan
Catalana d’Iniciatives
Catalyst Equity Partners
Catalyst Fund Management & Research
Catterton Partners
CCG Venture Partners
CCMP Capital Advisors, LLC
CDC Capital Partners
CDC Group
Cedar Creek Partners
Cedar Fund
Celerity Partners
Centennial Ventures
CenterPoint Ventures
Centre Partners Management
Centura Capital
Century Capital Management
CGS Investment
Channel Medical Partners
Charles River Ventures
Charlesbank Capital Partners
Charter Ventures
Charterhouse
Charterhouse Group
CHB Capital Partners
Cherokee Investment Partners, LLC
Chicago Venture Partners
ChinaVest
Chisholm Private Capital Partners
Chrys Capital
Chrysalis Ventures
Churchill Capital
CID Capital
Cipher Securities (India) Private Limited
CIT Group/Venture Capital
Citizens Capital
City of London Investment Group
CIVC Partners
Clarity Partners
Clayton Associates
Clayton, Dubilier & Rice
ClearLight Partners, LLC
Clearstone Venture Partners
Clearview Capital
CM Equity Partners
CMEA Ventures
CMGI@Ventures
Code, Hennessy & Simmons, LLC
Cogent Partners
Coller Capital
Collinson Howe & Lennox
Colonial First State Private Equity
Columbia Capital
Columbia Capital Group
Columbia Partners Private Capital
Comcast Interactive Capital
Commerz Beteiligungsgesellschaft
Commonwealth Capital Group
Commonwealth Capital Ventures
Community Technology Fund
Companhia Riograndense de Participaçoes (CRP)
Compass Partners
Compass Technology Partners
ComSpace Development
ComVentures
Concord Ventures
Concourse Capital
Conexus Financial Partners
Connecticut Innovations
Conning & Company
Coral Ventures
Cordova Ventures
Core Capital Partners
Cornerstone Capital Holdings
Cornerstone Management Group
Corpfin Capital
Cortec Group
Cramer Rosenthal McGlynn
Crawford Capital
Crescendo Venture Management
Crescendo Ventures
Cross Atlantic Capital Partners
Cross Atlantic Partners, Inc.
CrossBow Ventures
Crosslink Capital
Crosspoint Venture Partners
Crystal Internet Venture Funds
Custer Capital
CVC Capital Partners
CVC Investment Managers
CW Group
Dakota Capital Partners
Dansk Kapitalanlaeg Aktieselskab
Danske Private Equity
Darby Overseas Investments
Dauphin Capital Partners
DB Capital Partners
De Novo Ventures
DEA Capital
Dearborn Capital Corporation
Delaware Innovation Fund
Delphi Ventures
Delta Partners
Delta Ventures
Demuth, Folger & Wetherill
Desai Capital Management
Detroit Investment Fund
DFJ Athena
DFW Capital Partners
DH Capital, LLC
Diamond State Ventures
Digital Partners
Digital Partners
Dimeling Schreiber & Park
Discovery Capital Corporation
Doll Capital Management
Dolphin Equity Partners
Domain Associates
Dome Capital
Dominion Ventures
Dougery Ventures
Doughty Hanson & Company
Draper Atlantic Management
Draper Fisher Jurvetson
Draper Richards
Dresdner Kleinwort Capital
Drug Royalty
Dubin Clark & Company
Duchossois TECnology Partners
Duff Ackerman and Goodrich
DynaFund Ventures
Earlybird Venture Capital
EarlyBirdCapital
East River Ventures
Eastern Technology Fund
Easton Hunt Capital Partners
Eccelera do Brasil Ltda
ECI Ventures
eCompanies-Evercore Venture Management (E2VM)
Edelson Technology Partners
EDF Ventures
Edgestone Capital Partners
Edgewater Capital Partners
Edgewater Funds
Edison Venture Fund
Egan & Talbot Capital
Egan Managed Capital
El Dorado Ventures
Elderstreet Investments
Electra Partners Asia
EM Capital/EM Management, Inc.
Emerging Markets Partnership
Eminent Capital Partners, LLC
Empire Ventures
Encore Consumer Capital
Endeavour Capital
EnerTech Capital Partners
Eno River Capital
Enterprise Development Fund
Enterprise Equity
Enterprise Partners
Entertainment Media Ventures
Envest Entrepreneurial Investments
EOS Partners
Equitas Partners
Equity Partners
Equity Ventures Limited
Equus Capital Management
Essex Woodlands Health Ventures
EuclidSR Partners
European Bank for Reconstruction and Development
European Investment Fund (EIF)
Euroventures Management
Excel Partners
Excel Partners S.A.
Excellere Partners
Explorador Capital Management
FA Technology Ventures
Fairfax Partners
Fairmont Capital
FCP Investors
FE Clean Energy Group Inc.
Fenway Partners
Fidelity Equity Partners
Fidelity Global Group
Fidelity Ventures
Financial Technology Ventures
Firemark Investments
Firestarter
First Analysis
First Atlantic Capital
First Capital Group
First New England Capital
First Reserve Corporation
Flag Venture Management
Flagship Partners
Flanders Language Valley Fund
Flatwater Ventures, LLC
Fluke Venture Partners II, LP
FNJ Group, INc.
Fond fondov
Fond Rizikového Kapitálu
FondElec Group Inc.
Fonds de solidarité des travailleurs du Québec
Forrest Binkley & Brown
Forward Ventures
Foundation Capital
Four Seasons Venture Capital
Fox Paine & Company
Francisco Partners
Frazier & Company
Freeman Spogli & Company
Freestone Partners
Fremont Group
Friedman Billings Ramsey
Friedman Fleischer & Lowe
Friend Skoler & Co., Inc.
Frontenac Company
Frontier Capital
Fulcrum Ventures
Funk Ventures, Inc.
G-51 Capital
Gabriel Venture Partners
Gaebler Ventures
Galen Partners
GE Equity Capital
Gemini Investors
Gemini Israel Fund
General Atlantic Partners
Generation Partners
Genesis Partners
Geneva Venture Partners
Genstar Capital
Geocapital Partners
Gilbert Global Equity Partners
Gilde Investment Management
GIMV
Giza Venture Capital
GLE Development Capital
Glencoe Capital LLC
Glenmount International
Global Environment Fund
Global Internet Ventures
Global Partner Ventures
Global Retail Partners (GRP)
Global Vision AG Private Equity Partners
GMT Communications Partners
Goense Bounds & Partners
Golder Thoma Cressey Rauner (GTCR)
Goldman Sachs Asset Management
Goldner Hawn Johnson & Morrison
Goode Partners
Graham Partners Investments
Grand Central Holdings
GrandBanks Capital (in partnership with SOFTBANK Inc.)
Granite Equity Partners
Granite Hall Partners
Granite Ventures
Granville Baird
Great Circle Capital
Great Hill Partners
Greenbriar Equity Group LLC
Gresham Partners
Greylock
Grosvenor Funds
Grotech Capital Group
Ground Swell Equity Partners
Growth Capital Partners
Growth Works
Growthworks Capital
Grumman Hill Group
Gruppo Levey & Company
Gryffindor Capital Partners
GSC Group
GTI Capital
Guide Ventures
H&Q Asia Pacific
Haddington Ventures
HAL Investments
Halder Holdings
Halpern, Denny & Company
Halyard Capital Fund
Hambrecht & Quist Capital Management
Hamilton Funding, Inc.
Hamilton Investment Partners, LLC
Hamilton Robinson
Hammond Kennedy Whitney & Co., Inc.
Hampshire Equity Partners
Hannover Finanz
Harbour Group
HarbourVest Partners
Harlingwood Equity Partners
Harren Equity Partners
Harris & Harris Group
Harvest Partners
Headway Capital
Health Business Partners
HealthCare Ventures
HealthEdge Investment Partners
Heartland Industrial Partners
Helios Investment Partners
Hellman & Friedman
Henderson Private Capital
Heritage Partners
HG Capital
Hibernia Capital Partners
Hickory Venture Capital Corporation
HIG Capital
High Ridge Capital
High Street Capital
Highland Capital Partners
HLM Management Company
HMS Hawaii Management Partners
HO2 Partners
Holland Venture
Horatio Capital
Horizon Holdings
Horizon Ventures
Horizonte Venture Management
Housatonic Partners
Houston Venture Partners
Howard Industries
HRL Morrison & Company
HSBC Private Equity
Humana Venture Capital
Hummer Winblad Venture Partners
Hunt Growth Capital
Hunt Private Equity Group
Hunt Ventures
Huron Capital Partners
Ibero American Investors Corporation
iD Ventures America, LLC
Idanta Partners
IDG Technology Venture Investment
IDG Ventures
IDJ Limited
IEG Venture Partners
Ignite Group
Impact Venture Partners
Imperial Capital
Index Ventures
Industri Kapital
Industrial Development & Investment (IDI)
Industrial Growth Partners
Industrics Capital Partners, Inc.
Infinity Capital
Infinity Fund
Inflection Point Ventures
InnoCal
Innova Capital
Innovacom
Innovations Kapital
In-Q-Tel
InSight Capital Partners
Institutional Venture Partners (IVP)
Integra Ventures
Intel Capital
Inter-Atlantic Group
Intermezzo Capital Limited
Internet Capital Group
Intersouth Partners
InterWest Partners
Invencor
Invesco Private Capital
Invest Equity Management
Invest Mezzanine Capital Management
Investar Sgr Spa
Investcorp
Investeringsmaatschappij voor Vlaande
Investment Fund for Central and Eastern Europe
Invus
Ironside Ventures
Ironwood Capital
ISIS Private Equity Partner
Island Forest Enterprises
Israel Seed Partners
IT Partners
ITC Ventures
J. Alan Enterprises, Inc.
J.L. Albright Venture Partners
J.W.Childs Associates
Jafco America Ventures
JatoTech Ventures
Jefferson Capital Partners
JK&B Capital
JM Galef & Company
JMI Equity Fund
Jupiter Partners
Kachi Partners
Kansas Technology Enterprise Corporation
Kansas Venture Capital
Katalyst Venture Partners
KB Partners
KBL Healthcare
Kelso & Company
Kennet Capital
Kestrel Venture Management
Key Principal Partners
Keystone Capital Inc.
Keystone Capital, Inc.
KfW Mittelstandsbank
Kidd & Company
Kildare Enterprises
Kinetic Ventures
Kirtland Capital
Kleiner Perkins Caufield & Byers
Kline Hawkes & Company
Knight Ridder Ventures
Knightsbridge Advisers
KPS Special Situations Fund
Kreos Capital
Labrador Capital, LLC
Labrador Ventures
Lake Capital
Lake Pacific Partners
Landmark Partners
LaSalle Capital Group Incorporated
Latin Healthcare Investments Management
Lazard Technology Partners
Leasing Technologies International (LTI)
Lee Munder Venture Partners
Levine Leichtman Capital Partners Incorporated
Levy Trajman Management Investment (LTMI)
Lewis Hollingsworth
Lexington Partners
LF Venture Capital
Liberty BIDCO Investment
Liberty Ridge Capital
Liberty Venture Partners
Liberty Venture Partners
Life Science Ventures
Life Science Ventures
Lightspeed Venture Partners
Lightyear Capital LLC
Lincolnshire Management, Inc.
Lion Selection Group
Litorina Kapital
LiveOak Equity Partners
LJH Global Investments
Lloyds Development Capital
LLR Equity Partners
Lombard Investments
Lone Star Equity Partners, LLC
Long Point Capital
LongueVue Capital, LLC.
Longworth Venture Partners
Lovett Miller & Company
Lynwood Capital Partners
M Group
M/C Venture Partners
Mad River Associates
Madison Dearborn Partners
Madrona Investment Group
Magic Venture Capital
Maguey Management
Malmohus Invest AB (MAIB)
Management Capital, LLC
Marathon Partners LLC
Mariseth Ventures
Marquette Venture Partners
Mason Wells
Massachusetts Technology Development Corporation (MTDC)
Massey Burch Capital
Matrix Capital Markets Group
Matrix Partners
Maveron
Mayfield Fund
MB Ventures
MC Venture Partners
McCown, De Leeuw & Company
McGraw-Hill Ventures Incorporated
McKenna Gale Capital
McLean Watson Capital
MCM Capital Partners
MCM Capital Partners, LP
MDS Capital
MDT Advisers
Medallion Capital
Medequity Investors
Medical Imaging Innovation & Investments
Medventure Associates
Mekong Capital
Mekong Capital
Melwood Capital
Menlo Ventures
Mentor Capital Partners
Mercanti Group
Mercantile Capital Group, LLC
Mercapital Servicios Financieros
Merchant Capital
Merchants Capital Partners
Meridian Management Group
Meridian Venture Partners
Merit Capital Partners
Merit Energy Company
Meritage Private Equity Fund
Meritech Capital Partners
Mesirow Financial
Metapoint Partners
Mid Oaks Investments
Mid-Atlantic Venture Funds
MidBlock Capital Management
Middlebury Partners
Middlefield Capital Fund
MidMark Capital
Midwest Mezzanine Funds
Milestone Captial Partners
Milestone Partners
Miller Group
Mission Ventures
Mofet
Mohr Davidow Ventures
Momentum Funds Management
Monarch Financial Group
Monitor Clipper Partners
Montauk Advisors
Montreux Equity Partners
Morgan Stanley Private Equity
Morgan Stanley Venture Partners
Morgenthaler Ventures
Morpheus, LLP
Mosaix Ventures
Mountaineer Capital
MPM Asset Management
MTI Partners Limited
Murphee Venture Partners
Murphree Venture Partners
myQube
Navigation Capital
Nazem and Company
Needham Capital Partners
NeoCarta Ventures Incorporated
Nephila
Nest Ventures
Net Partners
New Business Venture Fund
New Day EQUITY GROUP
New England Partners
New Enterprise Associates
New Horizons Venture Capital
New Millenium Partners
New Mountain Capital
New Vantage Group
New World Ventures
New York Business Development Corporation (NYBDC)
New York Life Venture Capital Group
Newbury Ventures
Newbury, Piret & Company
NewCastle Partners LLC
Newhaven Corporate Finance Limited
Newlight Associates
Newlight Capital LLC
NewSpring Ventures
Newton Technology Partners
NewVista Capital
Next Generation Fund
NextGen Capital
NextPoint Partners, L.P.
Nexus Group
NIB Capital Private Equity
Nordic Capital
Noro-Moseley Partners
North American Business Development Company
North Atlantic Capital
North Bridge Venture Partners
North Coast Technology Investors
North Hill Ventures
Northern Venture Managers
Northwest Capital Appreciation
Northwest Venture Associates
Northwood Ventures
Norwest Venture Capital
Norwest Venture Partners
Norwood Venture Corporation
Nova Capital Management Ltd
Novak Biddle Venture Partners
Noveltek Capital Corporation
Noventi
Novo A/S
NPM Capital
Oak Hill Capital Management Incorporated
Oak Investment Partners
Oaktree Capital Management
Oasis Private Equity
OCA Ventures
Octavian Growth Partners
Odeon Capital Partners
Odewald & Compagnie Gesellschaft für Beteiligungen
Odin Capital Group
Odyssey Investment Partners
Olive Capital LLC
Olympic Venture Partners
Olympus Partners
ONSET Ventures
OntologicsWorldwide
Open Prairie Ventures
OpenGate Capital
Opes Ventures
Oracle Investment Management Incorporated
Orchid Holdings
Oresa Ventures
Osprey Ventures
O’Sullivan Pullini
OVP Venture Partners
Oxford Bioscience Partners
PA Early Stage Partners
Pacesetter Capital Group
Pacific Century Group Ventures
Pacific Corporate Group
Pacific Equity Partners
Pacific Horizon Ventures
Pacific Mezzanine Fund
Pacific Venture Group
PALMETTO FUND LLC
Palomar Ventures
Panarama Capital LLC
Pappajohn Capital Resources
Pappas & Associates
Pappas Ventures
Parallel Investment Partners
Paramount Capital Investments
Parente Capital Group
Partech International
Parthenon Capital
Patria Finance
Paul Capital Partners
Peachtree Equity Partners
Peninsula Capital Partners, L.L.C.
Pennell Venture Partners
Permal Capital Management
Peterson Patners LP
Petra Capital Partners
Pfingsten Partners
Phillips Smith Machens Venture Partners
Phoenix Growth Capital
Pinecreek Capital
Plantagenet Capital
PME Investimentos
PNC Equity Management Corporation
Polaris Private Equity
Polaris Venture Partners
Polestar Capital Inc.
Pomona Capital
Portage Venture Partners
Portfolio Equities Inc.
PortView Communications Partners
Postern Fund Management
Pouschine Cook Capital Management
PPM America
PPM Ventures
Prairie Capital
Prelude Technology Investments
Primary Capital
Primedia Ventures
Primus Capital
Prism Capital
Prism Venture Partners
Private Equity Investors
Private Equity Partners
Private Equity Partners, Inc.
Procuritas Partners
Prometheus Partners
ProQuest Associates
Prospect Partners
Prospect Street Ventures
Providence Equity Partners
Psilos Group Managers
Quadrangle Group
Quaestus & Company
Quantum Capital Partners
Quantum Technology Ventures
Quester Capital Management
QuestMark Partners
R.D. Funding and Consulting
Radius Ventures
RAF Industries
Rankin Capital Investments
Ravenswood Capital
Red River Ventures
Red Rock Capital
Redleaf Group
Redshift Ventures
Redwood Capital Corporation
Redwood Capital Group
Redwood Venture Partners
Rein Capital
Ren-Cap Holdings
Rennaisance Ventures
Resilience Capital Partners
Retail & Restaurant Growth Capital
RFE Investment Partners
RHO Management Company
Rice Sangalis Toole & Wilson
Richland Ventures
Ridge Capital Partners
Ridgewood Capital
River Associates Investments, LLC
River Capital, Inc.
River Cities Capital Fund
Riverside Company, The
Riverside Partners
RLH Investors
Roark Capital Group
Rock Creek Capital
Rocket Ventures
RockWood Equity Partners
Roda Group
Roser Ventures
RoundTable Healthcare Partners
Royal Bank Ventures
RRE Ventures
Rutledge Capital
RWI Group
Safeguard International Fund
Safeguard Scientifics
Safron Advisors
Sage Capital Partners
SAIC Venture Capital Corporation
Sail Venture Partners
Salix Ventures
Samsung America Venture Capital
Sanderling Ventures
Sanders Morris Harris Incorporated
Sandler Capital Management
SÄNTIS Investment AG
Saratoga Partners
Saugatuck Capital Company
Saw Mill Capital
SawMill Capital
SB Partners
Schroder Ventures Group
Schroder Ventures International Life Sciences
Scottish Equity Partners
SCP Private Equity Partners
SE Interactive Technology Funds
Seacoast Capital Partners
Seaflower Associates
Seaport Capital
Seed Capital
Seidler Equity Partners, LP
Selby Venture Partners
Select Film Fund Management, LLC
Sentinel Capital Partners
Sentry Financial Corporation
Sequel Venture Partners
Sequoia Capital
Seven Hills Partners
Sevin Rosen Funds
SFW Capital Partners
SGF Soquia Incorporated
Shamrock Holdings
Sherbrooke Capital
Sherpa Partners
Shrem, Fudim, Kelner & Company (SFK)
Siemens Corporation
Sienna Ventures
Sierra Ventures
Sigma Partners
Signal Equity Partners
Siguler Guff & Company, LLC
Silicon Alley Venture Partners (SAVP)
Silver Brands Incorporated
Silver Creek Ventures
Silver Lake Partners
SilverHaze Partners
Siparex Group
Sipple Macdonald Ventures
SIRIS PARTENAIRES
SITRA (Finnish National Fund for R&D)
Skandia Investment
Slovak American Enterprise Fund (SAEF)
Sofinnova Partners
Sofinnova Ventures
Softbank Venture Capital
Solera Capital
Sonenshine Pastor /SP Capital
Sony Strategic Venture Investment
Sorrento Ventures
Source Capital
South Atlantic Venture Funds
Southcoast Investment Group
Southeast Interactive Technology Funds
Southeastern Technology Fund
Sovereign Capital
Sovereign Capital Limited
Spectrum Equity Investors
Spell Capital Partners
Spencer Trask Ventures
Spinnaker Ventures
Spire Capital Partners, LP
Spray Venture Partners
Spring Capital Partners
Sprout Group
S-Refit
SRIW
Staenberg Private Capital
STAR Capital Partners
Star Ventures Management
Starlight Capital
Start-up Australia
StarVest Management Company
Starwood Capital Group
Steel Capital
Steel Partners
Sterling Capital
Sterling Investment Partners, L.P.
Sterling Venture Partners
Sternhill Partners
Steve Walker & Associates
Still River Fund
Stolberg Equity Partners
Stolberg Equity Partners, LLC
Stone Point Capital
Stonebridge Partners
Stonington Partners
Strategic Advisory Group
Strategic Investments & Holdings, Inc.
Stratus Investimentos
Summer Street Capital Partners
Summit Park Partners
Summit Partners
Sustainable Jobs Fund
Sutter Hill Ventures
SV Investment Partners
Svenska Risk Kapital Foreningen
Svoboda, Collins
Swander Pace Capital
Synetro Capital
TA Associates
TALDE
Talon Equity Partners, LLC
Tamir Fishman Ventures
TCW/Crescent Mezzanine
TD Capital
Technnology Crossover Ventures
TechnoCap
Technology Crossover Ventures
Technology Funding
Technology Funding
Technology Partners
Technology Venture Partners
TechnoStart
Techxas Ventures
Telecommunications Development Fund
TeleSoft Partners
Telos Venture Partners
Tennessee Valley Ventures
Terra Firma Partners Limited
Teuza Management & Development
Texas Growth Fund
Texas Instruments
TGV Partners
Thayer Capital Partners
The Angels’ Forum
The Berkshires Capital Investors
The Compass Group International
The Cypress Group
The Gabriel Management Group
The Halifax Group
The Hermes Group LLC
The Renaldi Group
The Sangreal Group
The Shansby Group
The Shotgun Fund
The Sterling Group
The Succession Fund
The View Group
The Wicks Group of Companies
Thoma Cressey Bravo
Thompson Clive Partners
Thompson Street Capital Partners
Three Arch Partners
Three Cities Research
Tianguis Limited
Ticonderoga Capital
Timberline Venture Partners
TL Ventures
Top Technology
Tortoise Capital Partners
Toucan Capital
Transition Capital Partners
Trellis Partners
Triathlon Medical Ventures
Tricor Pacific Capital, Inc.
Trident Capital
Trimaran Capital Partners
Trinity Ventures
Triton Ventures
Trivest Incorporated
TriWest Capital Partners Inc.
Truffle Capital
TSG Equity Partners
Tsi Holding Company
Tullis-Dickerson
T-Venture
TVM Techno Venture Management
U. S. Bancorp Piper Jaffray Ventures
U.S. Venture Partners
UBS Capital
UNC Partners (UNCP)
Union Capital Corporation
Union Ventures
Unison Capital
United Max International
UPS Strategic Enterprise Fund
VækstFonden
Vanguard Venture Partners
Vantagepoint Venture Partners
Vaxa Capital Partners
VCF Partners
VCHub Venture
VC-Invest.com Management Service
Vector Capital
Velocity Capital
Vencon Management
VenGrowth Capital
Venrock Associates
Ventana Growth Funds
Venture Associates Partners
Venture Capital Fund of America
Venture Capital Partners
Venture Investment Management Company (VIMAC)
Venture Investors Management
Venture Management Services (VMS)
Venture Select
VentureHouse Group
Ventures West
Venturis
Verax Capital, LLC
Veritas Capital
Veronis Suhler Stevenson
Versant Ventures
Vertex Management
Vestar Capital Partners
Vestor Partners
Vintage Capital Group, LLC
Virginia Capital
Vision Capital
Vista Research and Management
Vortex Partners
Voyager Capital
vSpring Capital
Vulcan Ventures
W.J. Bradley Company
Wachovia Capital Associates
Wafra Partners
Wakabayashi Fund LLC
Wakefield Group
Walden Capital Partners
Walden Group of Venture Capital Funds
Walden International (WI)
Wales Fund Managers
Wand Partners
Warburg Pincus Global Private Equity Investing
Warwick Group
Wasatch Venture Fund
Washington Capital Ventures, L.L.C.
Washington Dinner Club
Washington Research Foundation Capital (WRF)
Waterland Private Equity Investments
Watermill Ventures
Waterside Capital Corporation
Waud Capital Partners
WI Harper Group
William Blair Capital Partners
Willis Stein & Partners
Winchester Capital Technology Partners
Wind Point Partners
Windward Ventures
Wingate Partners
Winston Partners Group
Wolf Ventures
Woodside Fund
Wynnchurch Capital, Ltd.
Yasuda Enterprise Development
YFM Group
Yozma Management and Investments
Zilkha Venture Partners
Zinno Group, Inc.
ZS Fund
Zurmont Finanz

Top Investment Banks

Friday, February 26th, 2010

Wall Street

A.G. Edwards Keefe, Bruyette & Woods
ABN Amro KeyCorp
Allen & Company Kidder, Peabody & Co.
Allegiance Capital Corporation KPMG Corporate Finance
AllianceBernstein Kleinwort Benson
Allianz Kuhn, Loeb & Co.
Alpha Omega Capital Partners L.F. Rothschild
Ambrian Ladenburg Thalmann
Babcock & Brown Lazard
Baird Lazard Capital Markets
Bank of America Merrill Lynch Lee, Higginson & Co.
Bank of NY Mellon Leerink Swann
Bank of Nova Scotia Lighthouse Capital Advisors
Bank Leumi USA Lincoln International
Barclays Lloyds TSB Group plc
BB&T Corp. M&T Bank
BCC Capital Partners Macquarie Bank
Bengur Bryan & Co. McColl Partners
Blackstone Group McGladrey Capital Markets
BMO Miller Buckfire
BNP Paribas Moelis & Co.
Boenning & Scattergood Mizuho Financial Group
Breckenridge Group Monte dei Paschi di Siena
Brisbane Capital Montgomery & Co.
Broadpoint Securities Montgomery Securities
Brookwood Associates Morgan Grenfell
Brown Brothers Harriman Morgan Joseph & Co.
Brown Gibbons Lang & Co. Morgan Keegan
Brown, Shipley & Co. Morgan Stanley
C.V. Lemmon & Co. Mosaic Capital
C.E. Unterberg, Towbin N M Rothschild & Sons
Calyon National City Corp.
Caymus Partners Needham & Company
Canaccord Adams Neuberger Berman, LLC
Cantor Fitzgerald Newbury Piret
Caris & Company Newsouth Capital Management inc.
Carnegie, Wylie & Company NIBC
Cascadia Corp. Noble Bank
CIBC Nomura
Citigroup Oppenheimer
Close Brothers Group P&M Corporate Finance
Comerica Park Lane
Commodities Corporation Penn Capital Group
Cowen Group, Inc. Perella Weinberg Partners
Credit Suisse Peter J. Solomon Company
Curtis Financial Group Petrie Parkman & Co.
D.A. Davidson & Co. Piper Jaffray
Deka Bank PNC Financial Services
Deloitte & Touche Corporate Finance Prarie Capital Advisors
Deutsche Bank Provident Capital Advisors
Dominion Partners Provident Healthcare Partners
Dresdner Kleinwort Prudential Securities
Duff & Phelps Putnam Lovell
E. F. Hutton Rabobank
Edgeview Partners Regions Financial Services
Evercore Partners Raymond James
Fifth Third Bancorp. Robert Fleming & Co.
Financo, Inc. Robert W. Baird & Company
First Horizon National Corp. Robertson & Foley
Focus Enterprises Robertson, Stephens
Fortis Bank Royal Bank of Canada
Fox-Pitt, Kelton Royal Bank of Scotland
Friedman Billings Ramsey Rutberg & Co.
G.H. Walker & Co. Ryan Beck & Co.
Gemini Partners Sagent Advisors
Genuity Capital Markets Salman Partners Inc.
Gerard Klauer Mattison Salomon Brothers
Goldman Sachs Sandler O’Neill + Partners
Grace Matthews Saxo Bank
Greenhill & Company Schroders
Greif & Co. Scotia Bank
Growth Capital Partners Shoreline Partners
Grupo Santander Societe Generale
GulfStar Group Soundview Technology Group
GW Equity SPP Capital Partners
H. B. Hollins & Co. Stephens Inc.
Harpeth Capital Stifel Nicolaus
Halsey, Stuart & Co. St. Charles Capital
Hambrecht & Quist SunTrust Banks, Inc.
Hambros Bank Susquehanna International Group, LLP (SIG)
Harris Williams & Company SVB Alliant
Harris, Forbes & Co. T. Rowe Price
Headwaters MB TD Securities
Heritage Capital Group The DAK Group
Herrera Partners ThinkEquity Partners, LLC
Hilco Corporate Finance, LLC ThinkPanmure LLC
Houlihan Lokey Howard & Zukin Thomas Weisel Partners
HSBC Toronto-Dominion Bank
Hyde Park Capital Advisors Transparent Value
Imperial Capital, LLC Trenwith Securities
ING Group Triangle Capital Partners
Investec TSG Partners, LLC
Investment Technology Group UBS AG
Ironwood Capital Unicredit
J. & W. Seligman & Co. Union Bank of California
Janes Capital Partners Vercore
Janney Montgomery Scott Verdant Partners
Jefferies & Co. Webster Financial Corp.
JMP Securities Wells Fargo
Jordan, Knauff & Company White Weld & Co.
JPMorgan Chase William Blair & Company
Kaupthing Bank WIT Capital
KBC Bank WR Hambrecht+ Co

Investment Idea #2: Micron Technology, Inc. (Buy, Target $13.50)

Friday, February 26th, 2010

MICRON TECHNOLOGIES, $9.07 CLOSE

INVESTMENT THESIS

Micron will continue to outperform as global business investment increases in the 1st & 2nd quarters.  There is a lack of capacity in the market, and as a result margins will continue to be resilient in the medium term.  Production and capital expenditures will continue to rise as companies foresee a rise in stimulus driven consumption.  The Chicago Fed recently released leading indicators for the month of January, and manufacturing is certainly leading.  Despite the recession, computer shipments have been rising globally.  DRAM has been in under-supply.

Together, Micron and Samsung have almost 50% of the memory market for NAND, DRAM, and NOR.  This gives them pricing power, which will benefit them as players in the semiconductor industry.  Samsung has about 30% of the market, which post-acquisition Micron has about 20%.

ACQUISITION

The acquisition of Numonyx will almost immediately add income to Micron’s bottom line due to cross selling opportunities with Numonyx’s clients and the fact that Numonyx’s equipment is fully depreciated, so moving operations to its facilities will be more profitable.  Although Numonyx’s revenue growth is not as high as Micron’s, it will contribute more to earnings than most think.  There may be risks in the future however of having to replace this equipment, but it is certainly not a short to medium term risk.

Numonyx, formerly a private company, will contribute 30% to Micron’s sales.  Numonyx focuses on the NOR Flash memory area, which is not growing rapidly, but will provide cash flow.  Gross margins are fairly similar across both companies.

Micron purchased Numonyx for 1.27 billion in stock at sales multiple of about 0.6x, which is relatively cheap.  The company also had no debt load.

REVENUE GROWTH

Micron’s management expects between 30 and 50% revenue growth over the previous year.

COST STRUCTURE

Micron’s cost structure is much leaner than its competitors and R&D as a % of Sales has fallen from 14% to 7% from 2007 to 2010. Sales, General & Administrative Expenses have fallen from 7% to 5% over the same period, and EBIT is expected to be 10% this year, as compared to -35% last year due to pricing pressures.

CASH FLOW

Cash flow from operations is expected to increase 25%+ from 2010, however total leverage is expected to stay the same.  The company will have to reinvest its extra cash into operations and is scalable enough to start new businesses in the memory space.

CAPITAL STRUCTURE

Total debt to capitalization is projected to fall from 36% in 2009 to 25% in 2010.

INVESTMENT RISKS

Micron is active in the intensely competitive DRAM and NAND Flash memory markets which could be adversely affected if demand suddenly drops.  Pricing and volume characteristics of the industry are highly dependent on business investment.

COMPANY DESCRIPTION

Micron Technology, Inc. is a global manufacturer and marketer of semiconductor devices, principally dynamic random access memory (DRAM) and Nandi Flash memory (NAND). In addition, the Company manufactures complementary metal-oxide semiconductor (CMOS) image sensor products under a wafer foundry arrangement. The Company operates in two segments, Memory and Imaging. The Memory segment’s primary products are DRAM and NAND Flash, which are memory components used in an array of electronic applications, including personal computers, workstations, network servers, mobile phones, Flash memory cards, universal serial bus (USB) storage devices, moving picture experts group layer-3 audio (MP3/4) players and other consumer electronics products. On July 10, 2009, the Company sold a 65% interest in Aptina Imaging Corporation (Aptina) to Riverwood Capital and TPG Capital.

COMPETITORS

SanDisk Corporation (NASDAQ:SNDK) is engaged in designing, developing and manufacturing products and solutions in a range of form factors using the flash memory, controller and firmware technologies.

Intel Corporation (NASDAQ:INTC) is a semiconductor chip maker, developing advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications.

Advanced Micro Devices, Inc. is a global semiconductor company that designs and sells microprocessors, chipsets and graphics processors.

NVIDIA Corporation (NASDAQ:NVDA) is a provider of visual computing technologies and the inventor of the graphic processing unit (GPU), a processor, which generates graphics on workstations, personal computers, game consoles and mobile devices.

Broadcom Corporation (NASDAQ:BRCM) is a provider of semiconductors for wired and wireless communications. Broadcom provides a portfolio of system-on-a-chip (SoC) solutions to manufacturers of computing and networking equipment and, broadband access products and mobile devices

.
PRICE TARGET

The LA team feels that a $13.50 target is appropriate for Micron, which provides 48% upside to yesterday’s close.  The valuation is at about 1.5x projected FY2010 sales, which is 25% below the company’s eight year average sales multiple.  The valuation is also at about 12x projected earnings.

Greek Debt Downgraded at Worst Moment!

Wednesday, February 24th, 2010

According to ZeroHedge, Greek debt was recently downgraded by Fitch.  Just today, S&P also announced that they would downgrade the country’s sovereign debt over the next month by 1 or 2 notches, driving up the country’s cost of capital in light of its current fiscal situation.

“And just as Greece was about to launch its 10 year bond offering… Where is Papandreou to claim that Fitch was bought by all the accounts (who may or may not invest in the €5 billion issue) to make the price even better. Because the spread to Bunds just jumped by about 10 bps to 325 following the news. Fitch notes: “The rating actions reflect Fitch’s view that the banks’ already weakening asset quality and profitability will come under further pressure due to anticipated considerable fiscal adjustments in Greece. In particular, Fitch believes the required fiscal tightening that needs to be made by the Greek government will have a significant effect on the real economy, affecting loan demand and putting additional pressure on asset quality. The latter could result in higher credit costs, ultimately weakening underlying profitability.” In the US, where any news is good news, equities jump following the headline.

From Fitch:

Fitch Ratings-Barcelona/London-23 February 2010: Fitch Ratings has today downgraded the Long-term and Short-term Issuer Default Ratings (IDR) of Greece’s four largest banks,  National Bank of Greece (NBG), Alpha Bank  (Alpha), Efg Eurobank Ergasias (Eurobank) and Piraeus Bank (Piraeus) to ‘BBB’ from ‘BBB+’ and ‘F3′ from ‘F2′ respectively. The Outlook on the Long-term IDRs is Negative.

At the same time, the agency has downgraded the banks’ Individual Ratings to ‘C’ from ‘B/C’, whilst the ratings of the banks’ senior, subordinated and hybrid capital instruments have all been downgraded by one notch. The Support Ratings and Support Rating Floors (SRF) of all four banks have been affirmed.

A full rating breakdown is provided at the end of this comment.  Separately, Fitch has also affirmed Agricultural Bank of Greece’s (ATEbank) Long-term IDR at ‘BBB-’, which is on its SRF, and Short-term IDR at ‘F3′. The Outlook on the Long-term IDR is Negative. ATEbank’s IDRs, Support Rating and SRF are based on sovereign support as the bank is majority-owned by the Greek state (rated ‘BBB+’/Negative Outlook).

The rating actions reflect Fitch’s view that the banks’ already weakening asset quality and profitability will come under further pressure due to anticipated considerable fiscal adjustments in Greece. In particular, Fitch believes the required fiscal tightening that needs to be made by the Greek government will have a significant effect on the real economy, affecting loan demand and putting additional pressure on asset quality. The latter could result in higher credit costs, ultimately weakening underlying profitability.

While the banks’ operations in South Eastern Europe (SEE) and Turkey add revenue diversification, such revenues are derived from more volatile economies – some of which have themselves experienced recessionary pressures.

The banks’ profitability is also likely to be affected by higher funding costs derived from increased funding and liquidity pressures on Greek banks which mostly resulted from the ongoing market perception of elevated risk surrounding the Greek sovereign. The uncertainties surrounding the Greek public finances have to a large extent constrained Greek banks’ access to wholesale markets and, to a lesser degree, interbank markets at reasonable prices. As a result, Greek banks continue to rely to some degree on European Central bank (ECB) funding. While unhindered access to ECB facilities provides short-term liquidity, Fitch would welcome a rebalancing of the banks’ funding and liquidity profiles towards more traditional funding sources. However, on a positive note, Fitch highlights that Greek banks continue to be primarily funded by customer deposits (86% of gross loans on average for the five largest Greek banks at end-Q309), highlighting limited reliance on non-bank wholesale funding. Additionally, wholesale funding maturities for 2010 are manageable and funding needs for the year should be limited.

Excluding ATEbank, the other four banks’ Long-term IDRs remain based on their individual financial strength, as expressed by Fitch’s Individual Rating. This takes into account their well-established domestic banking franchises, which support revenue generation and good deposit bases, sound and in most cases recently strengthened capitalisation and also some degree of geographical diversification.

The Negative Outlook on all the banks’ IDRs could be revised to Stable should Greek banks be successful in reducing ECB funding and be able to rebalance their funding and liquidity position without impairing their profitability, and if their underlying earnings capacity proves to be more resilient than currently anticipated to the expected prolonged recessionary environment in Greece and to a lesser extent in SEE.

The ratings of the Greek banks affected by today’s rating action are as follows:

  • National Bank of Greece S.A.Long-term IDR downgraded to ‘BBB’ from ‘BBB+’; Outlook NegativeShort-term IDR downgraded to ‘F3′ from ‘F2′Individual Rating downgraded to ‘C’ from ‘B/C’Support Rating affirmed at ’2′Support Rating Floor affirmed at ‘BBB-’Senior notes downgraded to ‘BBB’ from ‘BBB+’Subordinated notes downgraded to ‘BBB-’ from ‘BBB’Hybrid capital downgraded to ‘BB+’ from ‘BBB-’
  • Efg Eurobank Ergasias S.A.Long-term IDR downgraded to ‘BBB’ from ‘BBB+’; Outlook NegativeShort-term IDR downgraded to ‘F3′ from ‘F2′Individual Rating downgraded to ‘C’ from ‘B/C’Support Rating affirmed at ’3′Support Rating Floor affirmed at ‘BB+’Senior notes downgraded to ‘BBB’ from ‘BBB+’Subordinated notes downgraded to ‘BBB-’ from ‘BBB’Hybrid capital downgraded to ‘BB+’ from ‘BBB-’
  • Alpha Bank S.A.Long-term IDR downgraded to ‘BBB’ from ‘BBB+’; Outlook NegativeShort-term IDR downgraded to ‘F3′ from ‘F2′Individual Rating downgraded to ‘C’ from ‘B/C’Support Rating affirmed at ’3′Support Rating Floor affirmed at ‘BB+’Senior notes downgraded to ‘BBB’ from ‘BBB+’Subordinated notes downgraded to ‘BBB-’ from ‘BBB’Junior Subordinated notes downgraded to ‘BB+’ from ‘BBB-’Hybrid capital downgraded to ‘BB+’ from ‘BBB-’
  • Piraeus Bank S.A.Long-term IDR downgraded to ‘BBB’ from ‘BBB+’; Outlook NegativeShort-term IDR downgraded to ‘F3′ from ‘F2′Individual Rating downgraded to ‘C’ from ‘B/C’Support Rating affirmed at ’3′Support Rating Floor affirmed at ‘BB+’Senior notes downgraded to ‘BBB’ from ‘BBB+’Subordinated notes downgraded to ‘BBB-’ from ‘BBB’
  • Agricultural Bank of Greece (ATEbank)Long-term IDR affirmed at ‘BBB-’; Negative OutlookShort-term IDR affirmed at ‘F3′Individual Rating affirmed at ‘C/D’Support Rating affirmed at ’2′Support Rating Floor affirmed at ‘BBB-’

The rating impact, if any, from the above rating actions on Greek banks’ subsidiaries, securitisation transactions and covered bonds will be detailed in separate comments.”

For more information, see ZeroHedge…

Investment Idea #1: Invesco (BUY, Target $25)

Wednesday, February 24th, 2010

INVESCO (NYSE:IVZ), $19.55 CLOSE

ACQUISITION

Invesco recently bought Morgan Stanley’s retail fund operations, improving its retail distribution, product mix, and reach.  These funds include the popular Van Kampen funds.  There will be many revenue synergy opportunities to maximize the distribution of equity value and municipal bond funds to investors.  More than 60% of the M&A transaction was done using equity, so Invesco certainly has capital to shore up its balance sheet.

As equities continue to firm and perhaps rally, Invesco’s AUM should also go higher, driving up fee revenue.  Post acquisition, Invesco’s AUM should increase from $420 billion to $520+ billion.

OPERATIONS

Over 80% of Invesco’s funds perform in the top half of their Lipper (mutual fund rating) categories.  It also owns the popular PowerShares India Fund, AIM Mid Cap Core Equity Fund, and AIM Intl Growth Funds.

CAPITAL STRUCTURE

With respect to its capital structure, Invesco does not have debt (like other money managers).  It did not have and money market risk (like Legg Mason) did in 2008 and also paid off $300mm in debt last year.  Its total debt to cash ratio is less than 15% and its DEBT/EBITDA ratio has fallen below 0.9x.

DATA

  1. Range 19.13 – 19.63
  2. 52 week 9.33 – 24.07
  3. Open 19.17
  4. Vol / Avg. 4.16M/4.72M
  5. Mkt cap 8.38B
  6. P/E 26.04
  7. Div/yield 0.10/2.10
  8. EPS 0.75
  9. Shares 428.78M
  10. Beta     -
  11. Inst. own 86%

PRICE TARGET

The LA team has a price target of about $25 on the stock, and the team also expects the company to increase its dividends.

Below is a breakdown of INVESCO’s competitors and their mutual fund assets.  Invesco grew 15% in January, while the industry average growth was less than 5%.

Mutual Fund Assets (not AUM)
Legg Mason 189.8
T. Rowe Price 227.7
BlackRock 721.4
Eaton Vance 86.2
INVESCO 120.0
Industry 11,000.0

General Growth Properties Splitting in Two

Wednesday, February 24th, 2010

Many currently think that the offers General Growth Properties has received are very steep, especially since the country’s largest mall owner went through a debt restructuring last year….As a result, the company is splitting itself in two and will raise capital to ease its transition as the economy recovers.

You can refer to our first General Growth Article HERE…

According to Bloomberg, “General Growth Properties Inc. plans to split in two to exit bankrupty and will receive $2.63 billion in capital from Brookfield Asset Management Inc., according to a person with knowledge of the company’s plans.

The plan would value the shopping-mall owner at a minimum of $15 a share, said the person, who asked not to be named because the negotiations are private.

Simon Property Group Inc., the largest U.S. mall owner, offered to buy General Growth for more than $10 billion in a bid that would give equity investors about $9 a share.”

~I.S.

Credit Suisse Junk Bonuses Turn Into $5B

Wednesday, February 24th, 2010

All of you probably remember last year how Credit Suisse did something “unthinkable” by giving bonuses in the form of CDOs and ABS.  Now it seems that CS bankers were some of the most highly compensated during the recession!

Credit Suisse sign

Bankers’ ‘junk’ bonuses turn into $5bn

By Alex Ritson
Business reporter, BBC World Service

Bonuses made up of so-called toxic debt and given to bankers at Credit Suisse as a punishment for poor investments, have soared in value.

Their bonus pool, made up financial products originally thought to be worthless, is now worth $5bn (£3.2bn).

The bank lost $7bn last year, in part due to the investment decisions of some of its best-paid staff.

The toxic debt bonuses had been described as a way of giving the bankers to taste of their own medicine.

But it has now emerged the value of the toxic bonus pool has climbed by 72% – far outperforming many safer investments.

Well-deserved?

The money had been put into complicated financial products linked to the risky commercial debt secured on among other things, a Japanese shopping centre, an American supermarket chain and other commercial property that had plunged in value.

At the height of the financial crisis, many people thought these investments were worthless. To Credit Suisse, it seemed right to share them out as annual bonuses among the people who had apparently got things so wrong.

But as confidence has returned to the market – it has become clear that the toxic asset pool wasn’t nearly as toxic it had been thought.

The toxic bonus fund has soared in value by 72%. That compares with a 60% rise in the value of Credit Suisse shares over the same period – or a mere 19% rise in the main US share index the Dow Jones.

The bankers may well feel they have earned the money though.

Credit Suisse is safely back in profit – and unlike its rivals at UBS, Credit Suisse did not take a bail-out from the Swiss Government.

~Sourced by I.S.

Who Are Providers & Users of Capital?

Wednesday, February 24th, 2010

This video explains the capital markets in simple terms:

[youtube]http://www.youtube.com/watch?v=_LCdIEFJESQ&feature=related[/youtube]

~Saving & Investing