peHUB First Read

Some links to kick off your Friday:

* First Sallie Mae and now Alistair Darling. Chris Flowers is fast becoming the Elizabeth Taylor of private equity.

* Ten steps for those considering becoming an entrepreneur-in-residence at a VC firm, from somone who recently went there and did that.

* Dana Cimilluca says that 2008 might be the year of big pharma mergers, including mergers of mega-equals. Good prediction, but let me do an add-on: It might also be the year that private equity finally gives pharma its due, particularly if values go down as expected.

* Will Price has a 2008 VC outlook posted. He also made an interesting comment recently about how Facebook’s $15b valuation might have made its employees’ options worthless.

* John Carney on the Bush mortgage bailout.

* Oaktree is looking to raise over $1.8 billion for a new European distressed debt fund. More than three times the size of its last one, and further proof that what starts in America will eventually get to Europe. This is just a bit sooner than expected (a preemptive fund?).