- May 1, 2010: Vol. 4 No. 5

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Shop Talk: A Conversation with Stefan Hepp

by Richard Fleming

We know that investors are not happy with the way things turned out. What prompted you to undertake the review?

We work in the private equity and real estate business. We do a private equity terms and conditions study, and this is now in its eighth year. The private equity real estate terms and conditions study is basically a sister study that covers the real estate base.

Were you surprised by any of the findings?

We were surprised by a number of them, starting with the deal flow. We found a lot of first-time funds: in 2009, these represented more than half of all the funds reviewed. You wouldn’t expect that in such a difficult fund-raising environment; it takes extra bravery if you are not an established player to go out in the market and seek money from investors. One would have expected fewer first-time funds, but that didn’t happen — the numbers were the same as 2008 and only margin

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