Rainmaker: All batter, no fish. Why Permira needs to up its game to win over investors It is hard to avoid the feeling that the interests of Permira and the interests of Iglo - a great British company - are not entirely "aligned" - that most sacred of private equity watchwords. Despite a nightmare economy, Iglo has managed to run very fast to stay still. It has about 3pc organic growth a year, and has made €40m or so in cost synergies from its last major deal: Findus Italy. But over the last six years of Permira's ownership every pound has been defrosted and every cupboard laid bare. There are no more cost saving left in the kitty, any less and less cod filet left in the fishfinger. It is hard to believe that Permira will manage the market consolidation chief executive Martin Glenn has been dreaming of. The low-balling would-be buyers were planning to buy Findus France for less than €700m. If Permira stretches to cherry pick assets for Glenn it will be at a very high price and give the company another €10m or so in synergies. Not enough to change the company's earnings profile. Whatever Permira's strategy is, private equity needs to realise that holding companies for almost a decade without a major change or expansion in strategy is stiffening and risks undoing all the innovations the industry is capable of. Of course, it isn't all doom and gloom on Permira's menu. It has returned €2.7bn to investors in the past 12 months and it could also replicate the Valentino ruffles by selling its 67pc stake in German listed Hugo Boss. This can be done as a whole to someone like PPR or as a large share placing, which has been the chatter of many a salivating banker. But over the next six months Permira has to do more to create realisations for investors if it wants to remain in the big leagues of Europe's private equity industry and create historic returns of 22pc. Why Xstrata will be Qatar's biggest reputaional test to date Too long in the desert and it's hard to distinguish mirage from reality. Perhaps that's what Ivan Glasenberg, chief executive of Glencore, is mulling over as he takes his morning run in Zugg. The recent declaration by Qatar that it's turned itself into an activist investor has taken most people by surprise, especially Ivan. As Xstrata's second biggest shareholder after Glencore, Qatar has demanded better terms on the deal. But with a trillion dollars to spend in less than a decade and an investment holding period of over 50-years, many are confused why Qatar has chosen to make a fuss over what will end up being grains of sand. All a mirage? Ivan should tread carefully. Reputationaly, Qatar now has its back against the wall. If it backs down with Glencore it might forever be seen as "dumb money," the moniker it has been trying to shake off for years. City chat suggests it is the work of Lazard's head of metals and mining. But essentially, there are only three real decision makers in Qatar: the Prime Minister, Dr Hussain Ali Al-Abdulla and Ahmad Al-Seyed. And here lies part of the problem: As smart as the tight knit brain trust might be, the lean organaisation and the concentration of power with no institutional corporate governance is out of step with the quantum's of cash Qatar is spending at high velocity. If it wants to create real intelligent investment programme it needs to expand and professionalise its investing arm.