Guy Hands is a straight-talking sort of man. "I
want recruits, not conscripts," he told his principal finance
team before they officially left Nomura in March. Some left.
Those that stayed with him have just completed their first
fund closing as an independent private-equity firm.
The success of Terra Firma's first fund since moving away from
Nomura is crucial for the firm. Many in the market would like to
see Hands fail. This negative sentiment stems from two sources:
personal dislike of the man and the fact that success at this stage
of a first-time fund in such a tough fundraising environment
reflects poorly on more established players unable to raise at
least as much.
One banker involved with private equity says of Hands: "You
rarely hear good things about him. He's not everybody's cup of
tea." Another says of the recent critical press that everyone has
his or her own agenda. Citing...
