PwC to help find best practice for private equity

Sir Mike Rake

PwC has been commissioned to produce a best practice guide for private equity
companies trying to comply with code of conduct for the industry.

The news comes as the
Guidelines Monitoring Group
, chaired by Sir Mike Rake, former head of KPMG
Internantional and now chairman of BT, released its second annual review of
private equity.

The code outlines guidelines for transparency for private equity firms.
Currently 34 private equity firms and 60 portfolio companies are covered by the

The review found that all private equity firms had conformed with the
guidelines. Of the portfolio companies just 45 strictly complied with the guide
on transaprency.

The review said: “There continues to be a high level of commitment to the
guidelines from the private equity industry. In particular, the disclosures made
by the private equity firms themselves have improved significantly and all
private equity firms covered by the guidelines met all the requirements without

The statement on PwC said: “With this in mind Pwc have been commissioned by

the Group to produce guidance on best practice in conforming with the
This guidance will include an analysis of the detailed requirements and a
summary of
best practice, using examples from the reviews conducted over the last two
years. The
guidance will be made available in early 2010.”

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