The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Can Hands maintain his grip?

Guy Hands built a reputation for private-equity innovation while at Nomura, which had deep pockets he could depend on. His new venture, Terra Firma, has managed to impress investors enough to raise its own funds but must now also out-think rivals that have adopted many of Hands' ideas.

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 more established funds, he asks: "How would it look if they couldn't raise as much?"

Terra Firma has managed to raise e1.1 billion in its first closing, with an eventual target of around e3 billion. This includes e900 million of new money and e100 million from Nomura, the Japanese firm where Hands built a glittering reputation with a string of acquisitions in the 1990s often financed through securitization.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree