dollars deduces jason giambi unless noted) coors filed reasons Bonds  |  Private Capital By Pav Jordan CALGARY, Alberta, May 29 (Reuters) - Investment guruscautioned Canadian investment managers this week not to gorunning after assets made cheaper by the global recession, butto give more time for valuations to settle. The panel of experts from Canada, the United States andEurope also told an investment conference in Calgary thatvaluations would likely not rise for some time, and that thespread between sellers' and buyers' expectations was stillquite wide. "There's no need to jump in and there's lots ofopportunities to go wrong," Seth Mersky, managing director ofCanadian private equity firm Onex Corp (OCX.TO), told anaudience of private capital managers on Thursday.More than 500 investors gathered in the capital ofCanada's oil patch this week for the annual Canadian VentureCapital and Private Equity Association (CVCA) conference, wherethey hope to chart the future of private capital even as thecountry struggles with the worldwide recession. Predictions of when global economic turbulence will endvary considerably, but the consensus seems to be that recoverywill not likely start before the middle of next year, and itwill be very slow and very gradual. "We may or may not be at the bottom, but we are far fromthe top," Mersky told the investors, who control capital poolsranging from small family fortunes worth millions, to bigpension funds with multiple billions under management.

The cautionary note comes as investors in private equityand venture capital explore ways to capitalize on deals acrossa range of businesses coors stadium . Canada's private equity sector, which traditionally looksat buyouts in companies with established revenue and profits,is on the edge of its seat to invest, its coffers brimming withas much as $30 billion raised in the past five years coors baseball . Investors are eyeing areas from infrastructure to realestate and fixed income, but some say more time is needed forthe economic turbulence to ease photos world series fan . "What has us a bit frozen is the lack of visibility,"Anthony DiNovi of U.S.-based private equity firm Thomas H LeePartners told the CVCA convention in downtown Calgary baseball . "We are more focused on 2010, 2011 and 2012 than on 2009,"he said. For Michael Phillips, managing partner at Apax Partners inGermany, the key message is that rushing in could provefoolish "There is no rush," he said. "This (downturn) is going tobe the longest "U" ever, or even an "L", and there's going tobe several years of great opportunities." (Reporting by Pav Jordan; editing by Rob Wilson) Bonds Private Capital.

* To buy back debt at 20 pct of par Russia * Will offer rollover options with discount and at par * To write down $1.1 bln after losing pledged securities * Sees total loss provisions at $2-3 bln (Adds background) ALMATY, May 29 (Reuters) - Kazakh bank Alliance ALLBq.L said on Friday itwould offer creditors the opportunity to recoup a limited amount of theirinvestment after losing $1.1 billion worth of U.S coors . Treasuries pledged in loandeals and writing down even more in bad loans coors filed . Alliance, the central Asian country's No.4 bank, defaulted on debtrepayments last month coors baseball . Kazakhstan's largest bank BTA BTAS.KZ and smallerlender Astana Finance have also defaulted since, citing asset quality problemsand repayment acceleration . Alliance needs to agree on restructuring soon or halt business activitiesaltogether, Chief Executive Maksat Kabashev told a conference call. "If by July 15 Alliance bank has not reached a satisfactory agreement (withcreditors) the Financial Supervision Agency will move Alliance intoconservation," he said, referring to a regulatory regime that may be followed bybankruptcy.