Report: Guy Hands Seeking EMI Investors
February 11, 2010 at 4:55 AM (PT)
At an conference in BERLIN, TERRA FIRMA CAPITAL PARTNERS chief GUY HANDS attempted to convince investors to put up about $200 million "to salvage its investment in record label EMI," reports THE NEW YORK POST, which wrote HANDS told delegates that investors are likely to allocate 20-30% less capital to buyout firms this year.
"If ever there was a time when past performance is not going to be an indicator of future performance, now is that time," said HANDS. "Even the most experienced will have to approach fund raising as if this were their first fund."
Those comments have been interpreted by some as referring to TERRA FIRMA's investment in EMI. TERRA FIRMA is currently looking to raise $180 million from investors to avoid failing a debt covenant test at the end of MARCH (NET NEWS 2/8).