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George Anson, managing director, HarbourVest Partners (UK)

1) What is the single most damaging unintended consequence of this year's wave of regulation? 
Uncertainty. Two years of uncertainty remain before we will know how the AIFMD will be implemented and it's, therefore, impossible to assess the real impacts of it today. Markets and investors hate uncertainty. It is destabilising and it threatens to discourage investment at a moment when it is vitally needed to underpin the economic recovery.
2) How far along the path to recovery are we?
I believe we are just past the end of the beginning, but not yet at the beginning of the end. A leading indicator for us is quarterly average weekly cashflows from our funds' portfolios. These have now turned hugely positive with distributions outpacing capital calls by as much as 2:1 on a weekly basis. That could signal the end of the near-three year funding shortfall for investors and the return in 2011 of those who stepped back from private equity investment at the start of the downturn.

Financial News asked senior figures from across the private equity community for their opinions on the unintended consequences of the latest regulations and the path to economic recovery.

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Fareed Sahloul

Trading Places: Barclays hires new M&A boss, Julius Baer restructures again

Private equity’s wealth spree in the spotlight as AFH deal terms raise conflict concerns

FCA chief executive Nikhil Rathi reappointed for second term

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Find out who is on the move in the City and beyond this week

HSBC hands Blackburn top risk role as shake-up continues

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The UK lender has given the leading compliance job to a 20-year veteran

Barclays hires Centerview dealmaker Woeber to lead global M&A

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The UK lender has tapped a veteran dealmaker to head up a key area of growth

Once an heir apparent for Larry Fink, Wiedman now tops the list of potential successors to PNC chief Bill Demchak.

PNC Names Former BlackRock Star Mark Wiedman as President

The European Union has a plan to counteract the swathe of tariffs U.S. President Trump is planning to impose on foreign goods, European Commission President Ursula von der Leyen said.

EU Has Plan to Retaliate on U.S. Tariffs, Von der Leyen Says

The Japanese investment firm is entwining its fortunes with a company that expects to lose billions of dollars for years to come, in the hope that it will emerge as the leader in AI.

How Is SoftBank Funding Its Mega Investment in OpenAI? A Lot of Debt

The BlackRock CEO says he wants individuals to have better access to the menu of private and illiquid investments that have long been core holdings of pensions, endowments and other institutions.

Larry Fink Says Regular Americans Need Private Assets Too

The prospect of a radical escalation in the global trade war in the coming days has nearly doubled the probability of a recession in the U.S. economy in the next 12 months to around 35%, according to Goldman Sachs.

Goldman Sachs Lifts U.S. Recession Probability to 35%

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