Walker Report
By Peter Taylor, Managing Partner, Duke Street
In 2007, Sir David Walker was commissioned by the BVCA and a group of leading Private Equity firms to enquire into the adequacy of transparency and disclosure of information by members of the BVCA. After extensive consultation, final guidelines were published on 20 November 2007.
We share the view that the Private Equity industry should work to provide a better understanding of its function and its contribution to economic performance, in terms of employment, productivity, investment and growth.
We are very happy to confirm our commitment to conform with the final guidelines and we will certainly work to promote conformity amongst our portfolio companies.
History and Investment Focus
Duke Street was established in 1988 as a subsidiary of Hambros Bank. It executed a buy-out in 1998 and has operated since then as an independent entity owned primarily by its employees. Its focus is on mid-market buy-outs, principally of UK and French companies with transformation opportunities. Duke Street’s average hold period is over three years.
More detail on our successful approach can be found in the key differentiators and portfolio sections of this site.
Management
Duke Street’s holding company is Duke Street Holdings Limited which has responsibility for the operation of the Group. Its Chairman is John Loveless and its senior independent Non-Executive Director is Eric Priestley. Reporting to this board are the Operating Committee and Remuneration Committee.
Peter Taylor, Managing Partner, Peter has primary responsibility for our work in the UK and France respectively.
Duke Street has three entities that are regulated by the Financial Services Authority. These are Duke Street III Limited, Duke Street General Partner Limited and Duke Street V Limited which are responsible for the management of our four existing funds, Duke Street III, IV, V and VI, all of which are wholly owned subsidiaries of Duke Street Holdings.
Limited partners by Geography and Type
DSC VI by geographical split
DSC VI by type of investor
Remuneration Policy
Key Principles:-
Our Remuneration Committee provides advice on remuneration within the following guidelines:-
Our goal is a participative remuneration structure which reflects our enterprising corporate culture;
We wish to provde the clearest possible link between individual contribution/performance and returns;
Our emphasis for our investment team should be on rewarding success in delivering the long-term capital appreciation of our funds;
We should ensure competitive salaries and bonuses for all team members.
Charitable Work
Duke Street supports the Prince's Trust both through corporate donation and commitment from Duke Street staff. In addition, significant contributions are made by individual staff members to charities of their personal choice.
Conflicts of Interest
Duke Street has sought to structure itself to avoid potential conflicts of interest.
However, as in any investment business potential conflicts are possible. To resolve any potential issue, we operate a Conflicts Policy which all staff are aware of and work to. This is designed to help identify potential conflicts and to provide a process for avoiding or resolving them.
In the first instance, this involves referral to Duke Street’s compliance officer and/or Managing Partners. If appropriate, any conflict may then be referred to the Fund Advisory Committee established by the relevant fund documentation (and consisting of investors potentially affected by any potential conflict) or the Duke Street senior independent Non-Executive Director.