Coller warns of private equity ‘scandal’ and calls for greater transparency
Déjà en 2005 …
The result of the opacity of performance data across the industry was a persistence of mediocrity, [Jeremy Coller] said. ‘The private nature of private equity has allowed too much poor performance to be hidden by smoke and mirrors,’ Coller said.
He proposed four steps that fund managers should make compulsory to improve governance; a requirement for all funds to be audited by one of the big four accounting firms, the use of custodians by PE firms, no-fault divorce clauses in all limited partners agreements, and the complete abolition of deal by deal carry.