Roger Altman, who runs Evercore Partners Inc. (NYSE: EVR), is a consummate dealmaker, with an amazing network of influential people -- he was formerly a U.S. Deputy Treasury Secretary during the Clinton years. Even though the global economy is in turmoil, he sees lots of opportunity, especially in countries like China.
To this end, Evercore has put together a joint venture (JV) with Citic Securities called Citic Securities International Partners. It's certainly a big deal as Citic is the biggest securities firm in China.
In the JV, Evercore and Citic will engage in an assortment of activities like direct investments and cross-border M&A advisory.
True, China is coming under some pressure, but this may help spur dealmaking because companies will need to consolidate and restructure. In fact, Citic Securities also plans to raise a $500 million private equity fund to capitalize on the investment opportunities.
JVs can be difficult to pull off as there are usually complex cultural issues to deal with. However, in the case of Evercore, the firm has been successful with JV arrangements, especially in Latin America and Europe.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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