Profit from our unique insight

Private Equity

We work with private equity firms and their portfolio companies, and advise on more than 100 transactions each year. We are a strategic partner, who understands your aspirations and acts swiftly to help you stay one step ahead. You can trust us to act as a partner to senior management and PE sponsors during complex transactions and decision-making processes and to help free up senior management’s time. The bespoke advice you receive is delivered by an international team of cross-sector specialists, at a transparent fee.

Private Equity Firms

Private Equity Firms

Our strategies are clear and straightforward because we have a complete understanding of private equity investment models. In partnership with private equity sponsors, we work to appraise and hedge risk in the fund, and appreciate the specific issues and exposures that impact returns. Our aim is to protect the profitability of your investments.

Portfolio Companies

Portfolio Companies

For investee companies, our in-depth knowledge of the hedging requirements, at the point of acquisition and beyond, allows us to take into account all aspects of financial risk. Our expert team can also act as an extension of your finance team, providing specialist advice when you need it.

SOLUTIONS FOR THE Private Equity MARKET

We provide a range of hedging strategies and derivative solutions designed to reduce volatility and protect your profitability.

  • Interest Rate Hedging

    Often mandatory, but with the right advice you can make it work in your favour

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  • Interest Rate Hedging

    Management of a transaction’s interest rate exposure is often a condition of sanction from providing banks who directly benefit from providing ancillary services. We evaluate your interest rate risk and create a hedging strategy that satisfies any particular lending requirement and meets your business objectives. Unlike the bank, our strategy advice is impartial. As an independent firm, we have no other motive than to deliver a strategy that is best aligned to your business goals.

  • FX Hedging

    Mitigate losses and risk associated with currency fluctuations

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  • FX Hedging

    Importers, exporters and investors with overseas assets are all exposed to foreign exchange risk. Failure to analyse risk and implement a bespoke hedging strategy can lead to significant losses.

    We evaluate your business’s FX exposure: transactional and translational; short, medium or long term. Some FX exposures are easily identifiable, while others are less obvious. Optimal FX management involves the ability to work within credit constraints and around the inevitable fallibility of forecasts, while also considering natural hedges.

  • Commodity Hedging

    Your commodity exposure is connected to your commercial arrangements. We understand that

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  • Commodity Hedging

    We structure hedge solutions that match your objectives. We understand the interaction between your commodity exposure and other commercial arrangements such as debt covenants. Our pricing capabilities provide complete transparency on pricing, and our experience and contacts within this specialised area mean we can source the best hedge counterparties. 

  • Inflation Hedging

    How do you mitigate exposure to index-linked income/expenditure? We assist with this, and more

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  • Inflation Hedging

    Inflation risk can arise within a business either explicitly, through a contractual arrangement, or implicitly, through cost or revenue base. It is important when assessing inflation hedging requirements to identify any natural offsetting hedge already present in your business. We can advise you on how to mitigate exposure to index-linked income/expenditure. We offer you our expertise to assess the risk, ensure that the appropriate hedging structure has been chosen and negotiate fair and transparent pricing with the hedge provider. 

  • Valuations and Hedge Accounting

    We support your accounting teams to effectively manage your derivatives

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  • Valuations and Hedge Accounting

    Whether your accounting team requires support or additional expertise with hedge accounting under IFRS, USGAAP and new UKGAAP, or derivatives valuations for internal management or financial reporting, we tailor our services to meet your needs. Our service can ensure accuracy of the reporting of your derivative instruments. Through the full life cycle of hedge accounting, or just one part of the process, we can help ease the workload on your accounting team. We provide guidance on whether to apply hedge accounting, help you meet documentation and effectiveness assessment requirements, and deliver the analysis needed for the relevant disclosures. If you need to convert into IFRS, US GAAP - or into the new UK accounting standard, FRS 101/102 - we can complete a comprehensive analysis of the impacts and considerations and support you with your conversion project. With valuations, we understand that the introduction of CVA/DVA adjustments has deepened the complexity of traditional counterparty bank valuations. We use sophisticated technology and processes to deliver bespoke derivatives valuations.

  • Cash Management

    How do you manage surplus cash? Our independent advice ensures a strategy that’s best for you

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  • Cash Management

    The risks inherent in managing surplus cash are counterparty credit risk, concentration risk and liquidity risk. We work with you to establish the intentions for the cash holdings and consider the relative importance of security, liquidity and yield, as well as factors such as risk versus return and complete capital preservation. We advise on a wide range of short-term investment opportunities, including bank treasury deposits, call accounts and money market funds, designing and documenting bespoke cash management policies and strategies. Our independence means we refuse any introductory commissions from cash product providers, instead requesting that they divert this payment to you in the form of an improved rate of return.

  • Dispute resolution and expert witness

    Unbiased and expert opinion in hedging disputes based on forensic analysis and cross-sector experience

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  • Dispute resolution and expert witness

    If you have a hedging dispute related to hedge mis-selling, our experience and independence means we are well placed to help with the resolution of your case. We look at the core objectives of the borrower, review all correspondence and documentation pertaining to the hedge and the pricing, as well as any alternatives which may have been offered. Our systems recreate historical markets in which the instrument was traded to provide context and determine whether the hedge was suitable and appropriate at the time. A hypothetical hedging strategy and our opinion on what would have been the most suitable course of action are formulated. This is used to benchmark the hedge under dispute and provide guidance on an acceptable level of redress.

    You may need an expert witness, if you have initiated a legal claim and require independent input as part of the litigation process. We can assist under instruction from legal counsel on the case. Our service encompasses the aspects described above and delivers an in-depth appraisal of the communication between defendant and claimant pre, during and post hedge execution. In the UK, all reports comply with requirements set out in Practice Direction 35.

  • Derivatives Regulatory
    and Reporting

    We constantly monitor the regulatory environment and analyse how changes will impact your business.

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  • Derivatives Regulatory
    and Reporting

    We constantly monitor the regulatory environment and analyse how changes will impact your business. No matter how complex your organisation’s structure, we can ensure you meet AIFMD, EMIR and Dodd-Frank requirements. In a rapidly changing regulatory environment where your investors and regulators need reassurance that you are up-to-date with regulation, you can trust that our advice is clear, independent and correct.

Meet our private equity team
  • Samantha Bett

  • Jackie Bowie

  • Fabrice Centeno

  • Benoit Duhil de Benaze

  • Brian Phelan

  • Szymon Piecuch

  • Francesco Podestà

  • Joshua Roberts

  • Moritz Sterzinger

  • James Stretton

  • Hugh Sutcliffe

  • Andrew Walsh

Samantha Bett

Samantha joined JCRA in 2011 and is a Director based in our Edinburgh office. Sam has 20 years’ experience in Treasury markets having worked in foreign exchange (FX) trading at Bank of America in London and WestLB in Singapore. Latterly, she held senior positions at Clydesdale Bank and HBOS, undertaking client advisory mandates as well as leading the FX Sales team in Scotland at HBOS. Sam has two very sporty sons who keep her extremely busy with tennis, football, rugby, golf and skiing. Sam has a Bachelor's degree (First class Hons) in Finance from the University of Strathclyde. Sam also sits on the Capital and Finance committee at Social Investment Scotland, a charity and social enterprise that provides loans to other charities, social enterprises and community groups across Scotland.

Jackie Bowie

Jackie is the CEO of JCRA and a member of the JCRA Group Board. She has been with JCRA for over 12 years and in that time has worked across all of JCRA’s client sectors, advising on interest rate, FX and wider treasury management mandates. Jackie has 22 years of capital markets experience. She spent 10 years as a US Equity fund manager in various roles at Murray Johnstone and Aegon (now Kames) Asset Management. Jackie has a Bachelor's degree (Hons) in Economics, a Master's degree in Investment Analysis and is a member of the CFA Institute. Jackie is married with two daughters and is most frequently asked the question ‘Are you related to David?’

Fabrice Centeno

Fabrice is a Director at JCRA and head of the Western region of the US. He has over 12 years of capital markets and risk management advisory experience for multinational corporations and government sponsored entities. He was most recently at J.P. Morgan in London, heading a team which marketed derivatives based solutions to hedge specific balance sheet risks including interest rate, FX, inflation, credit and commodities. Fabrice enjoys collecting wine, though he is also something of a thrill-seeker and enjoys surfing and driving race cars. Fabrice attended the Magistère Banque Finance at Université Panthéon-Assas. He holds a dual Master’s degree in Financial Management and a Master's degree in Financial and Banking Techniques.

Benoit Duhil de Benaze

Benoit Duhil de Benaze is a Director at JCRA, focusing on FX and deal contingent hedging in the Financial Sponsor and Corporate markets across the UK and Europe. Benoit has over 11 years of investment banking experience (corporate, deal contingent FX and interest rate, institutional and sponsor coverage) and was most recently at Nomura. Benoit is an Actuary and graduated from the ISFA (Institut de Science Financière et d'assurance) in France, a Masters in International Finance Professional from the HEC School of Management, Paris, and he has also completed MCT Advanced Diploma in Treasury, Risk and Corporate Finance.

Brian Phelan

Brian is a Director at JCRA based in New York. Prior to joining JCRA in 2011, Brian worked on the Convertible Bond and Volatility Arbitrage desk at Concordia Advisors in New York and Bermuda, where he developed models for trading and valuation, including an automated hedging system that traded equities in international markets. Brian interests are varied, ranging from football to Physics – he represented Ireland at the International Physics Olympiad. Brian holds a Master’s degree in Quantitative Finance from The Michael Smurfit Graduate School of Business, University College Dublin and an Master's in Computer Science from The City University of New York, Graduate Center. He also has a Bachelor's degree in Mathematical Sciences from Dublin City University.

Szymon Piecuch

Szymon is an Associate based in our New York office, focusing on client service delivery across all our sectors. Prior to joining JCRA, Szymon worked at HSBC Global Banking and Markets where he was Senior Analyst, Interest Rate Derivative Valuation; and before HSBC he was as an Analyst at RBC Capital Markets. Szymon holds a Bachelor's degree in Economics and a Master's degree in Finance from St John's University, New York, as well as being a CFA charterholder.

Francesco Podestà

Francesco is an Associate Director at JCRA and has been part of the Private Equity and corporates team since 2015. He specialises in creating hedging solutions for interest rate, foreign exchange and commodity risk. Previously, Francesco spent seven years with J.P. Morgan as part of the Global Emerging Market team with focus on CEE and sub-Saharan African clients. Francesco has an Master's degree in Corporate Finance and Financial Markets from The University of Pisa; a Diploma in Economic Sciences from Scuola Superiore S.Anna; and a Bachelor's degree in Economics of Financial Markets from The University of Genoa. Francesco is something of a historian and has a keen interest in art and sports.

Joshua Roberts

Joshua joined JCRA as a Graduate Consultant within the Private Equity team following the completion of his Bachelor’s degree and Master’s degree in Mathematics, both from the University of Cambridge (Gonville & Caius College). Between study and starting JCRA he also gained work experience at VTB Capital (Russian investment bank focussed on emerging markets) and Odey Asset Management (hedge fund). Outside of work, Joshua plays the piano classically, as well as for musical theatre productions, and enjoys running and reading modern literature.

Moritz Sterzinger

Moritz joined JCRA in 2015 and is an Associate advising Private Equity clients on hedging solutions for interest rate, foreign exchange and commodity risk. He was previously with BNP Paribas’ Debt Capital Market team where he worked on bond issues, Securitisations and Capital transactions. He covered German, Austrian and Swiss banks and insurance clients. Moritz is often described as enthusiastic and proactive - exemplified by his hobbies outside of work: surfing, snowboarding, playing basketball and playing the guitar. Moritz graduated from Kiel University and holds an Master's degree in Quantitative Finance as well as a Bachelor's degree in Economics.

James Stretton

James is a Director responsible for JCRA's activities in foreign exchange risk management. He splits his time between London and Leeds but covers all geographic areas. Prior to joining JCRA in 2002 he ran his own consultancy after spending almost 12 years with Citibank in London, where he traded spot, forwards, futures and options, as well as hedging most of Citibank's European capital. In his spare time, James enjoys cooking, shooting and the somewhat unusual pastime of cultivating cacti. James holds a Bachelor's degree in Economics from Collingwood College, Durham.  

Hugh Sutcliffe

Hugh has been a Director and head of JCRA’s Canadian office since September 2015. He has over 25 years of capital markets experience, predominantly in the derivatives area and he currently sits on the board of JCRA Canada. Hugh founded Nauset Derivative Advisory, a practice providing cross-asset class derivative and hedging advice to corporations and financial sponsors in a variety of sectors including renewable power and infrastructure. Prior to founding Nauset, Hugh worked in the derivative teams in a variety of roles at RBC Capital Markets, General Re Financial Products, and CIBC World Markets. He is a CFA charterholder and graduated from Carleton University with a Bachelor's degree (Hons) in Economics. When not negotiating on behalf of JCRA’s clients, Hugh enjoys skiing and travel with his family.

Andrew Walsh

Andrew is based in the Leeds office and is responsible for JCRA's activities in interest rate risk management across the North of England. Andrew joined JCRA in London in 1998 and assumed responsibility for the North of England in 2003. Andrew graduated from the University of Cape Town with a Bachelor's degree in Microbiology (Hons) and Biochemistry.
Meet the rest of the team

How can we help you

Have you got a question about how you hedge your financial risks, or structure and arrange your debt?

Find out how we can help you by contacting us today.

 

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