Private Equity Spotlight

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Welcome to the latest edition of Private Equity Spotlight, the Private Equity Spotlight monthly newsletter from Preqin providing insights into private equity May 2015 performance, investors, deals and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Feature Article Investor Intelligence, Fund Manager Proﬁ les, Funds in Market, Secondary Sovereign Wealth Funds and Their Investments in Private Equity Market Monitor, Buyout Deals Analyst and Venture Deals Analyst. In conjunction with the publication of Preqin’s seventh Sovereign Wealth Fund Review, this month’s Spotlight turns to the community of sovereign wealth fund investors and looks at May 2015 their level of activity within the private equity space. Volume 11 - Issue 4 Page 3 FEATURED PUBLICATION: Lead Article The 2015 Preqin Sovereign Wealth Fund Review Buyout Holding Periods

The average time taken to exit private equity-backed buyout investments has increased

The 2015 year-on-year since 2008. We conduct an in-depth analysis of buyout holding periods. Preqin Sovereign Wealth Fund Review

Page 7

Preqin Industry News

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alternative assets. intelligent data As the average size of early stage funding (including angel/seed/series A ﬁ nancings) continues to climb, we take a look at the latest news stories for deals and funds focused on early stage venture capital. To find out more, download sample pages or to purchase your Page 11 copy, please visit: The Facts www.preqin.com/swf Buyout Fundraising - Analysis of current fundraising statistics. Page 13 New York: One Grand Central Place Investor Fund Searches and Mandates - Investors’ latest fund searches. Page 15 60 E 42nd Street Suite 630 Latin American Venture Capital Deals - Latest statistics for this growing space. Page 17 New York, NY 10165 +1 212 350 0100 Secondaries Investing in Venture Capital - Investigating buyers’ appetite. Page 19 London: 3rd Floor, Vintners’ Place Early Stage Venture Capital Performance - Latest data for index comparisons. Page 20 68 Upper Thames Street London, EC4V 3BJ +44 (0)203 207 0200 Conferences - Upcoming private equity conferences around the world. Page 22

Singapore: One Finlayson Green You can download all the data in this month’s Spotlight in Excel. #11-02 Wherever you see this symbol, the data is available for free download on Excel. Just click on the symbol and your download will begin automatically. Singapore 049246 You are welcome to use the data in any presentations you are preparing; +65 6305 2200 please cite Preqin as the source.

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The 7th Annual SuperReturn Emerging Markets 2015 The Leading Emerging Markets Private Equity & Venture Capital Conference 29 June – 2 July 2015, Hotel Okura, Amsterdam

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Meet 300 international private equity attendees, including 120+ LPs in Amsterdam 29 June – 2 July 2015. Hear from 100 speakers including:

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Feature Article Sovereign Wealth Funds and Their Investments in Private Equity Download Data

Sovereign Wealth Funds and Their Investments in Private Equity

In conjunction with the publication of Preqin’s seventh Sovereign Wealth Fund Review, this month’s Spotlight turns to the community of sovereign wealth fund investors and looks at their level of activity within the private equity space.

Fig. 1: Aggregate Sovereign Wealth Fund Assets under Fig. 2: Proportion of Sovereign Wealth Funds Investing in Management ($tn), 2008 - 2015 Each Asset Class, 2013 vs. 2014

7 100% 90% 86% 86% 6.31 82% 81% 6 80% 5.38 70% 5 Other Commodity 59% 60% 4.62 60% 54% 57% 2013 51% 4 3.95 Non-Commodity 50% 47% 3.59 40% 2014 3.22 33% 3 3.07 Hydrocarbon 31% 30% 24% Total Assets under 20%

Management ($tn) 2 Management 10% N/A Aggregate SWF Assets under 1 0% Proportion of Sovereign Wealth Funds Proportion of Sovereign Wealth

0 Real Estate Infrastructure Hedge Funds Mar-15 Private Debt* Private Equity Fixed Income Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Public Equities Source: 2015 Preqin Sovereign Wealth Fund Review Source: 2015 Preqin Sovereign Wealth Fund Review *Please note: Preqin has only been collecting private debt information on sovereign wealth funds since 2014.

Sovereign wealth funds, despite being small in number and secretive Despite Fall in Oil Prices, Most Sovereign Wealth Funds Grow in nature, continue to capture attention as a result of their ever over 2014 growing assets under management and corresponding infl uence on global fi nancial markets. Today, the total assets of sovereign wealth Twenty-nine percent of sovereign wealth funds have seen their funds top $6.31tn (Fig. 1), more than double the capital these entities assets fall in size since 2013; of those that have lost assets over this represented in 2008, the year Preqin launched its fi rst Sovereign time, half derived their capital from hydrocarbons. Falling oil prices Wealth Fund Review. over the second half of 2014 have led to signifi cant withdrawals from some sovereign wealth funds by governments highly funded by such Since the previous Preqin Sovereign Wealth Fund Review, launched assets in order to provide stabilization or prevent recession, and also in October 2013, these institutions have grown by over $900bn to fi ll funding gaps. despite commodity and oil prices, the source of funding for many of the largest sovereign wealth funds, falling over 2014. Instead, For example, the combined assets of Russia’s National Wealth the growth in assets of sovereign wealth funds has been driven by Fund (NWF) and Reserve Fund have declined by over $20bn since continued funding from governments and reserves as well as from 2013. The effect of falling oil prices, as well as the impact of events investment returns generated by these investors in their continued such as the Ukraine confl ict, have caused the Russian economy to hunt for long-term yield in a low interest rate environment. shrink, leading to growing defi cits in the country and the withdrawal of international funding for projects either as a result of uncertainty In previous years, growth in the sector has been partially driven by in the region or as a result of international sanctions. Russia has the creation of new sovereign wealth funds; however, in 2014 just withdrawn capital from its sovereign wealth funds to cover defi cits a single new sovereign wealth fund was formed. Ireland Strategic and to stimulate the economy through capitalizing banks in order Investment Fund (ISIF) was created in 2014 with the mandate to to provide funding for infrastructure investments and lending. Other invest its resources in areas that will support economic activity and governments, such as that of Ghana and its Stabilization Fund, have employment in Ireland. However, future sovereign wealth funds indicated they will also be raiding sovereign wealth funds in order to continue to be planned. The Government of Hong Kong has been cover shortfalls in oil revenue. recommended by a working group within the region to allocate up to a third of its annual budget surpluses into a proposed ‘Hong Kong However, despite the negative impact of oil prices on some Future Fund’, in order to meet the growing expenses resulting from sovereign wealth funds’ assets, since October 2013, 59% of an ageing population. sovereign wealth funds tracked by Preqin have accumulated more assets under management. One of these sovereign wealth funds is Norway’s Government Pension Fund Global (GPFG), which grew

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Fig. 3: Five Largest Sovereign Wealth Funds Investing in Private Equity by Total Assets under Management

Fund Name Location Total Assets ($mn) Abu Dhabi Investment Authority MENA 773,000 China Investment Corporation Asia 650,000 State Administration of Foreign Exchange Asia 567,900 Kuwait Investment Authority MENA 548,000 Hong Kong Monetary Authority Asia 414,661

Source: 2015 Preqin Sovereign Wealth Fund Review by almost $43bn over this period. However, this is a relatively small the $31bn Texas Permanent School Fund State Board of Education increase in its total assets compared to the previous year, when it (SBOE), which has its private equity investments managed in four added nearly $180bn in assets under management. The fund was limited partnerships, each with an external investment manager. established to safeguard Norway’s assets from oil production for future generations, rather than to provide short-term stabilization for A number of sovereign wealth funds choose to invest in private Norway’s economy. Therefore, even though infl ows have slowed, companies directly and therefore avoid fees charged by fund and falling oil prices may continue to impact short-term distributions managers. Direct investment in companies allows for greater to the fund, it currently looks set to remain a long-term investor in operational control over portfolio companies, which is especially its pursuit to meet the Norwegian Government’s objectives. As the attractive if the sovereign wealth fund has broader social and fund’s vast assets under management make it an infl uential market economic goals in a particular area. RAK Investment Authority, participant on a global scale, many will be paying close attention to for example, has a preference for direct investment in domestic the fortunes of the sovereign wealth fund and the impact of oil prices companies and has previously entered into joint ventures in order on this most infl uential investor. to form partnerships that are of benefi t to the local economy of Ras Al Khaimah. Alternative Investments Conversely, there are a notable proportion of sovereign wealth funds The nature of sovereign wealth funds, with their longer term that are not as compatible to the private equity asset class; 42% investment horizons and, in general, lack of short-term liabilities, of sovereign wealth funds are known not to include private equity allows them to take not only signifi cant stakes in the funds and as part of their investment strategy. Funds with their own liquidity securities in which they invest, but also to maintain investments for concerns and anticipation of economic stress often favour more longer periods of time. Sovereign wealth funds’ capital allocations liquid assets such as public equities and fi xed income instruments, both directly to securities or assets, as well as to funds, can be as exemplifi ed in the investment strategy of Fundo Soberano do characterized as among the “stickiest” of all institutional investors’ Brasil (FSB). allocations as they seek returns over long periods and have less need to disinvest in times of crisis or turmoil. Sovereign Wealth Funds Investing in Private Equity by Total Assets under Management Traditional investments, such as equities and fi xed income securities, are widely used by sovereign wealth funds and are a relatively stable The fi ve largest sovereign wealth funds that invest in private equity part of the portfolios of these investors (Fig. 2). Alternative assets have combined assets under management of almost $3tn; three of have emerged as an increasingly important portion of the portfolios these are based in Asia and two in the MENA region. The largest of many sovereign wealth fund investors over recent years, as these sovereign wealth fund that invests in the asset class is Abu Dhabi investors seek to diversify their portfolios and acquire assets that Investment Authority (ADIA), which manages total assets of $773bn can generate yield and help them meet their long-term objectives. Fig. 4: Proportion of Sovereign Wealth Funds Investing in Suitability to Private Equity Private Equity by Total Assets under Management

100% Preqin’s analysis shows that almost half (47%) of all sovereign wealth 100% funds invested in private equity in 2014. The long-term investment 90% 88% 80% approach and vast pools of capital available to sovereign wealth 72% funds often make them suitable investors in the private equity asset 70% class. The highly illiquid and relatively risky nature of private equity, 60% 57% though unmanageable for many other institutions, is far less of a 50% 40% concern for sovereign wealth funds, which do not need to consider 32% short-term obligations. Private Equity 30% 20% 13% 10%

Different sovereign wealth funds approach their investments in Proportion of SWF Investors in different ways. Emirates Investment Authority (EIA), for example, 0% invests in private equity through direct and fund investments; the

sovereign wealth fund considers investments in vehicles that focus $1bn More $1-9.9bn $10-49bn $50-99bn Less than on a diverse range of industries across the MENA region, but it will $250bn or $100-249bn also consider investing globally. Other sovereign wealth funds access Total Assets under Management the asset class via separate account mandates. This is the case with Source: 2015 Preqin Sovereign Wealth Fund Review

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and has a target allocation to private equity of approximately 8.0%. The ability to deploy large amounts of capital and the lack of The largest Asia-based sovereign wealth fund investing in private liabilities when compared with other institutional investors makes equity is China Investment Corporation (CIC), which has total assets sovereign wealth funds well suited to the private equity asset under management of $650bn. In general, the larger the sovereign class. The established economies of North America and Europe wealth fund, the more likely it is to be a private equity investor. Fig. offer the greatest choice of fund managers and strategies, and a 4 shows that of sovereign wealth funds with total assets under higher deal fl ow than regions where private equity is still relatively management of less than $1bn, only 13% invest in private equity. immature. However, there has been a shift towards a global focus There are, however, exceptions; most notably, GPFG (whose for investment in the asset class, with increasing proportions of $818bn makes it the largest sovereign wealth fund in the world sovereign wealth funds targeting investments further afi eld than the by total assets) is not permitted to invest in private equity due to traditional markets. The larger sovereign wealth funds are attracted restrictions imposed by the Government of Norway. Its investments to the long-term returns these markets can provide, and seize the are directed towards public markets and real estate. opportunity to diversify risk away from their primary national revenue source. Many of the larger funds do, however, have the resources Outlook to source their own deals. With this we see a continued appetite for direct investments, allowing funds to reduce the cost of fees and Despite a reduction in the price of a barrel of oil, sovereign wealth carry. As sovereign wealth funds grow, data would suggest that they funds’ assets continue to grow in aggregate. Investments made will likely commit more capital to the private equity asset class. by sovereign wealth funds account for an increasing proportion of aggregate private equity capital raised, with 14% of institutional capital raised by private equity funds coming from sovereign wealth funds. This is a signifi cant increase compared with the levels witnessed in 2013 and 2014.

The 2015 Preqin Sovereign Wealth Fund Review

This article is an extract from the recently released Preqin 2015 Sovereign Wealth Fund Review, The 2015 our largest and most comprehensive review of sovereign wealth funds and their investment activity yet, Preqin Sovereign Wealth Fund Review featuring detailed proﬁ les for 73 sovereign wealth funds worldwide.

The 2015 Preqin Sovereign Wealth Fund Review is a vital tool for all professionals seeking investment or looking to work with this inﬂ uential investor class, and provides a comprehensive source of information

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This year’s Review contains information on the following areas:

• Private Equity • Public Equities • Fixed Income • Hedge Funds • Real Estate • Infrastructure • Private Debt

Produced in association with PwC, this year’s edition has been fully updated, with more content than ever before. The Review contains exclusive information gained via direct contact with sovereign wealth funds and their advisors, plus valuable intelligence from ﬁ lings, ﬁ nancial statements and hundreds of other data sources.

For more information, to download sample pages or to order your copy, please visit:

www.preqin.com/swf

Lead Article Buyout Holding Periods Download Data

Buyout Holding Periods

The average time taken to exit private equity-backed buyout investments has increased year-on-year since 2008. Anna Strumillo and Ciantelle Lawrence conduct an in-depth analysis of buyout holding periods.

Private equity investments are traditionally long-term investments Fig. 1: Proportion of Number of Active and Realized Private with typical holding periods ranging between three and fi ve years. Equity-Backed Buyout Deals* Globally by Investment Year, Within this defi ned time period, the fund manager focuses on 2006 - 2015 YTD (As at 23 April 2015) increasing the value of the portfolio company in order to sell it at a 100% 1% 0% profi t and distribute the proceeds to investors. This in turn determines 7% 3% 15% how quickly and how much the investors can recycle back into the 90% 23% 33% 30% asset class through new fund commitments. Therefore, the holding 80% 39% period of portfolio companies can have a signifi cant effect on private 52% 70% equity fi rms’ ability to raise future funds as well as on the whole Realized private equity cycle in general. 60% 50% 99% 100% 93% 97% Active 85% Data from Preqin’s Buyout Deals Analyst shows that the average 40% 77% holding period has increased substantially in recent years. The shift is 67% 70%

Proportion of Total 30% 61% unsurprising given the tough economic conditions faced in the post- 48% crisis era, leading to buyout fund managers fi nding it increasingly 20% diffi cult to make a profi table exit from their investments. 10% 0% However, despite this overarching longer term trend, the exit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 environment appears to be fervent with the number and total value of YTD Investment Year private equity-backed exits in 2014 reaching their highest levels on record. In fact, Preqin’s latest 2015 YTD exit data shows a reduction Source: Preqin Buyout Deals Analyst in the average holding period which may indicate a signifi cant *Figures exclude add-on investments. milepost has been reached. Average Holding Period Deals Yet to Be Exited As illustrated in Fig. 2, the average holding period for portfolio Based on the traditional practice of private equity fi rms holding their companies for private equity buyout fund managers has increased investments for three to fi ve years, it was expected that the majority signifi cantly over recent years, from 4.1 years in 2008 to 5.9 years of portfolio companies purchased during the buyout boom of 2006- in 2014. This increase further alludes to the diffi culties found in 2007 would have been exited by now. However, as Fig. 1 shows, exiting companies acquired at high valuations during the buyout 48% of companies acquired in 2006 are yet to be fully realized, while boom. While not a full year fi gure, Preqin’s latest data shows that the the corresponding proportion for those investments made in 2007 average holding period for portfolio companies exited in 2015 YTD currently stands at 61%. This is in comparison to 57% and 67%, has dropped to 5.5 years. This goes to underline the favourable exit respectively, a year ago. conditions which on the one hand have created a sellers’ market,

Fig. 2: Global Average Holding Period by Year of Exit, 2006 - Fig. 3: Breakdown of Holding Periods by Year of Exit, 2006 - 2015 YTD (As at 23 April 2015) 2015 YTD (As at 23 April 2015)

7 100% 3% 3% 3% 5% 6% 6% 6% 8% 7% 4% 90% 12% 14% 12% 8% 5.9 12% 13% 14% 6 5.8 25% 5.5 5.5 80% 22% 5.3 29% 5.1 24% 5 70% 32% 27% 33% 10 Years or More 4.5 4.4 4.3 60% 43% 4.1 49% 7 - 9 Years 4 50% 53% 41% 39% 32% 4 - 6 Years 40% 3 Under 4 Years 30% 61% Proportion of Total 53% 56% 54% 2 20% 38% 32% 32% 32% 26% 30% 10% 1 Average Holding Period (Years) Average 0%

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2006 2007 2008 2009 2010 2011 2012 2013 2014

YTD 2015 YTD Year of Exit Year of Exit Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst

Fig. 4: Regional Average Holding Period by Year of Exit, 2006 Fig. 5: Global Average Holding Period by Industry for All Exits, - 2015 YTD (As at 23 April 2015) 2006 - 2015 YTD (As at 23 April 2015)

7 6 6.2 5.3 5.3 5.2 5.2 5.1 6.1 6.0 5.0 5.0 4.9 6 5.8 5.8 5.7 5 4.7 4.6 5.5 5.5 5.5 5.5 5.5 5.6 4.4 4.3 5.3 5.3 5.1 5.1 5.2 5.0 4.8 4.9 4 5 4.5 4.7 4.6 4.7 4.7 4.4 4.44.4 4.3 4.4 4.1 4.2 3.9 3.93.9 3 4 3.6 3.8 3.4 3.5 3.1 2 3 1 2

Average Holding Period (Years) Average 0 1 Average Holding Period (Years) Average 0 Materials

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Industrials Real Estate Healthcare Information YTD Technology Year of Exit Infrastructure Energy & Utilities North America Europe Asia Rest of World Business Services Clean Technology Consumer & Retail Telecoms & Media Food & Agriculture Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst and on the other, an opportunity for buyout managers to deploy Geographic Variations some of the estimated $469bn in dry powder at their disposal via secondary buyouts. There are notable geographical variations in average holding periods for private equity-backed deals. As shown in Fig. 4, since The additional breakdown provided in Fig. 3 reveals that while just 2006, the average holding period for portfolio companies based in over half (53%) of portfolio companies fully exited in 2006 had been North America increased from 4.4 years in 2006 to a high of 6.0 held by private equity ﬁ rms for under four years, this proportion years in 2014. Europe, however, has the longest average holding dropped to 26% of all companies exited in 2012 and currently stands period of all regions at 6.2 years for deals exited in 2014, compared at 32%. The opposite trend can be observed for companies held by to a European low of 4.1 years in 2008. The holding period for Asia- private equity ﬁ rms for seven to nine years: in 2006, the portfolio based portfolio companies has increased from 3.4 years in 2007 to companies fully exited after being held for this period accounted for 5.6 years for companies exited so far in 2015, while holding periods 12% of all companies exited that year; this proportion increased to in the Rest of World region increased from a low of 3.1 years in 2008 29% in 2014 and stands at a quarter of all companies exited in 2015 to a high of 5.5 years in 2012 and 2013. YTD. Holding Periods by Industry Nonetheless, there are some notable investments which are exceptions in the trend of longer holding periods, such as Warburg Fig. 5 displays the average holding periods for the period 2006-2015 Pincus’ investment in JHP Group Holdings, Inc. Warburg Pincus held YTD, broken down by the portfolio company’s industry. It is apparent the company for just over a year and in early 2014 sold it to TPG- that portfolio companies in the industrials, and consumer & retail backed Par Pharmaceutical Companies, Inc., reportedly reaping sectors have on average had the longest holding period of 5.3 years, three-times their investment. Similarly, earlier this year, Clearlake while the companies operating within the energy & utilities industry Capital Group made a quick three-times return on their investment have on average been held for one year less, with an average in PrimeSport, Inc. after holding a stake in the company for less than holding period of 4.3 years. 12 months.

Fig. 6: Average Holding Period for Private Equity-Backed Portfolio Companies by Deal Value, 2006 - 2015 YTD (As at Fig. 7: Private Equity-Backed Exits by Type, 2006 - 2015 YTD 23 April 2015) (As at 29 April 2015)

8 1,800 500 1,600 450 Aggregate Exit Value ($bn) 7 1,400 400 350 1,200 6 300 1,000 250 5 800 200

No. of Exits 600 4 150 400 100 3 200 50 0 0 Average Holding Period (Years) Average 2 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD YTD Year of Exit Year of Exit IPO Restructuring Small Cap (Less than $250mn) Mid Cap ($250-999mn) Sale to GP Trade Sale Large Cap ($1bn or More) Aggregate Exit Value ($bn)

Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst

Size of Deals Exits

On average, deals across all size classes have seen holding periods Although fund managers are largely holding onto portfolio companies lengthen over recent years, but large cap deals ($1bn or more) for longer, the number and aggregate value of private equity-backed have seen the largest change since 2006 (Fig. 6), reporting a low of exits have been on an upward trend, with 2014 witnessing a record three years in 2008 and a high of seven years in 2014. A signiﬁ cant number and aggregate value of private equity-backed exits. Last amount of large cap deals took place prior to 2008, with fund year, 1,686 exits valued at a total of $442bn took place, indicating managers purchasing companies at peak prices during the buyout that GPs are still capitalizing on suitable exit opportunities for their boom. Large cap deals accounted for 12% of the number and 79% investments. This positive trend can somewhat be attributed to the of aggregate deal value in 2006, compared with 2009 when they increasing prominence of partial exits in recent years. Such exits accounted for only 3% of the number and 39% of aggregate deal accounted for a third (33%) of all exits in 2014 in terms of number value. The average holding period for mid cap deals ($250-999mn) of exits, compared with just 21% of all private equity-backed exits in increased from just 3.2 years in 2006 to 6.4 years for portfolio 2006 and 19% in 2008. companies fully exited in 2014; and for small cap deals (less than $250mn) this increased from 3.5 years in 2008 to 5.8 years in 2014.

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As the average size of early stage funding (including angel/seed/series A financings) continues to climb, Jessica Duong takes a look at the latest news stories for deals and funds focused on early stage venture capital.

Early Stage Venture Capital Funding Chart of the Month

Early stage venture capital fi nancings (seed, angel, series A/round Average Value of Early Stage Venture Capital Deals, 1) are typically relatively modest amounts of capital provided to 2007 - 2015 YTD start-up companies to fi nance the early development of a new 6 product or service. It is interesting then, to observe the positive trend of average deal size for such fi nancings. The Chart of the 5.1 5 Month shows that for early stage venture capital deals in 2014, 4.7 the average size was $3.3mn, 57% greater than in 2012. In 2015 4.1 YTD, this climbs higher still, to a mean of $4.1mn. Comparatively 4 3.4 3.3 large deals in Q1 2015 – such as the $116mn seed funding of 21 3.1 3.1 Inc., a California-based digital currency start-up, and the CNY 3

500mn ($86mn) series A fi nancing of China-based travel insurance 2.1 2.3 provider, Ins110.com – have driven up the mean. 2 Average Deal Size ($mn) Average Data from Preqin’s Venture Deals Analyst shows that although the 1 increase in the average size of early stage venture capital deals is signifi cant, it is still some way behind the high of $5.2mn seen in 0 2007. However, with impressive innovation in the venture capital 2007 2008 2009 2010 2011 2012 2013 2014 2015 space, portfolio companies’ need for investments to rapidly grow YTD their business, plus the appetite of GPs to fi nd the next Whatsapp Source: Preqin Venture Deals Analyst or Nest Labs, this upward trend is likely to continue.

Deals Funds

In March 2015, Almaz Capital Partners and AVentures Capital Lux Ventures IV, focused on “futuristic science and technology co-led a round of $1.1mn seed funding for Petcube, a company ventures”, closed in March 2015. With a fi nal close size of $350mn, that keeps people connected with their pets via a camera feed. the vehicle is the largest early stage venture vehicle to close so far SOSventures and individual backers also participated in the round. this year. The fund was oversubscribed from Lux Capital’s initial The seed funding comes after a successful Kickstarter campaign target of $245mn and is the fi rm’s fourth offering. It targets emerging and sold-out fi rst batch of inventory. Now, Petcube looks to expand technology companies which are tackling global challenges in the to brick & mortar retail in the US and Canada. energy, technology and healthcare sectors.

Goldman Sachs Merchant Banking Division led $40mn series A Knightsbridge Advisers is a venture capital-focused fi rm that funding for CompareAsiaGroup in April 2015. CompareAsiaGroup has closed its eighth fund of funds in April 2015 on $203mn. was founded in 2013; it is based in Hong Kong but also has a Knightsbridge Venture Capital VIII will primarily invest in funds that presence in a number of ASEAN states. The fi rm operates as a target early stage venture capital companies in the US IT industry, fi nancial comparison platform which offers overview across various and to a lesser extent, the life sciences and energy technology fi nancial products. Returning backer Nova Founders Capital, with industries. Ace & Company, Route 66 Ventures and individual backers, also participated in the round.

Key Stats:

The largest angel financing deal The healthcare industry Record aggregate deal of 2015 YTD was for JSwipe, a firm accounts for the largest value was seen in 2014, that operates as a mobile dating proportion (23%) of early from 3,531 early stage $5mn 23% $11.8bn app that targets the Jewish stage venture capital deals venture capital deals. community. in terms of deal value.

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Fund Coverage: Funds 43,073 875 Infrastructure Funds 5,125 PE Real 17,213 Private Equity* Funds 18,182 Hedge Funds Estate Funds 1,678 Private Debt Funds Firm Coverage: Firms 20,448 455 Infrastructure Firms 2,696 PERE 8,931 PE Firms 7,617 Hedge Fund Firms Firms 749 Private Debt Firms

Performance Coverage: 19,995 Funds (IRR Data for 6,004 Funds and Cash Flow Data for 2,948 Funds) 1,305 181 Infrastructure 5,930 PE Funds 11,931 Hedge Funds PERE Funds 648 Private Debt

Fundraising Coverage: 16,943 Funds Open for Investment/Launching Soon Including 2,459 Closed-Ended Funds in Market and 333 Announced or Expected Funds 920 256 Infra. Funds 1,848 PE 13,657 Hedge Funds PERE Funds Funds 262 Private Debt Funds Deals Coverage: 136,100 Deals Covered; All New Deals Tracked

41,257 Buyout Deals** 83,608 Venture Capital Deals*** 11,235 Infra. Deals

Investor Coverage: 13,002 Institutional Investors Monitored, Including 9,152 Verified Active**** in Alternatives and 96,128 LP Commitments to Partnerships

4,975 Active Hedge 2,467 Active 1,549 Active 5,755 Active PE LPs 4,909 Active RE LPs Fund Investors Infra. LPs Private Debt Investors Alternatives Investment Consultant Coverage: 513 Consultants Tracked Fund Terms Coverage: Analysis Based on Data for Around 10,390 Funds Best Contacts: Carefully Selected from Our Database of over 318,897 Active Contacts

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*Private Equity includes buyout, venture capital, distressed, growth, natural resources and mezzanine funds. **Buyout deals: Preqin tracks private equity-backed buyout deals globally, including LBOs, growth capital, public-to-private deals, and recapitalizations. Our coverage does not include private debt and mezzanine deals. ***Venture capital deals: Preqin tracks cash-for-equity investments by professional venture capital firms in companies globallyacross all venture capital stages, from seed to expansion phase. The deals figures provided by Preqin are based on announced venture capital rounds when the capital is committed to a company. ****Preqin contacts investors directly to ensure their alternatives programs are active. We emphasize active investors, but clients can also view profiles for investors no longer investing or with programs on hold. The Facts Buyout Fundraising Download Data

Buyout Fundraising

High levels of distributions have resulted in increased demand for buyout opportunities over the course of the last year. Victoria Pitman looks at the current fundraising statistics for buyout vehicles in comparison with the levels seen during crisis years.

Fig. 1: Private Equity Buyout Fundraising by Primary Geographic Focus, 2008 - 2015 YTD (As at 28 April 2015)

North America Europe Asia Rest of World Global (Total) Aggregate Aggregate Aggregate Aggregate Aggregate Year of No. of Capital No. of Capital No. of Capital No. of Capital No. of Capital Final Close Funds Raised Funds Raised Funds Raised Funds Raised Funds Raised ($bn) ($bn) ($bn) ($bn) ($bn) 2008 110 116.5 72 87.2 25 17.0 23 8.7 230 229.4 2009 63 63.8 44 37.0 15 4.6 16 4.2 138 109.6 2010 64 46.4 39 17.7 15 6.9 14 7.8 132 78.8 2011 59 35.3 34 25.9 15 11.8 23 7.5 131 80.5 2012 80 48.6 37 35.8 14 7.2 18 6.8 149 98.4 2013 98 105.3 55 65.6 16 15.5 12 3.7 181 190.1 2014 104 112.5 48 41.0 21 24.0 13 7.8 186 185.3 2015 YTD 21 21.6 14 13.6 0 - 2 1.3 37 36.5

Source: Preqin Funds in Market Fig. 2: Breakdown of Private Equity Buyout Vehicles that Closed Below, At or Above Their Target Size, 2008 - 2015 YTD Fig. 3: Breakdown of Number of Buyout Funds Closed by (As at 28 April 2015) Fund Size*, 2008 - 2015 YTD (As at 28 April 2015)

100% 100% 1% 5% 5% 2% 3% 6% 5% 4% 8% 9% 5% 90% 90% 8% 8% 11% 16% 31% 80% 38% 80% 21% 29% 46% 20% 16% 25% 28% 18% 70% 56% 57% 70% 65% 64% 61% 21% Mega 8% Above Target 60% 60% 9% 21% Large At Target 50% 11% 50% Mid-Market 40% 10% 8% Below Target 40% 9% 71% 70% 67% 65% 30% 61% 11% 10% 30% 64% 64% Small 53% 58% 20% 43% 46%

Proportion of Funds Closed 20% Proportion of Funds Closed 34% 35% 26% 30% 10% 24% 10%

0% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015 YTD YTD Year of Final Close Year of Final Close Source: Preqin Funds in Market Source: Preqin Funds in Market *Buyout Fund Size Ranges: Vintage 2005-2014: Small Buyout ≤ $500mn, Mid Buy- out $501mn-$1,500mn, Large Buyout $1,501mn-$4.5bn, Mega Buyout > $4.5bn Key Facts: Fig. 4: Five Largest Buyout Funds Closed in 2015 YTD (As at 28 Average fund size is increasing, averaging April 2015) $1.3bn in 2015 YTD, up by $150mn in comparison with funds closed in 2014. Final Size Primary Fund  Fund Firm (mn) Focus Average time on the road is decreasing, with American Securities American 5,000 USD North America funds closed in 2014 spending an average of Partners VII Securities 14.5 months on the road, and funds closed in Bridgepoint Europe V Bridgepoint 4,000 EUR Europe 2015 so far spending just 12.3 months on the  road. PAI Europe VI PAI Partners 3,300 EUR Europe Crestview Crestview Partners III 3,250 USD North America Partners Eight large buyout funds accounted for $22bn Francisco 661%1% Francisco Partners IV 2,875 USD North America (61%) of buyout capital raised in 2015 YTD. Partners Source: Preqin Funds in Market

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Network with over 30 expert speakers and 200+ senior delegates from the corporate and private equity communities in Europe, to get insight into the key trends shaping the European M&A market over the next 12 months.

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Book your place for £795 + VAT For more details about the event, including pricing, please visit mergermarketgroup.com/event/europe2015 email [email protected] or call +44 (0) 207 010 6219 The Facts Investor Fund Searches and Mandates Download Data

Investor Fund Searches and Mandates

We take a look at the most sought-after fund types and regions according to the fund searches and mandates of private equity investors on Preqin’s Investor Intelligence.

Fig. 1: Breakdown of Private Equity Fund Searches Issued Fig. 2: Breakdown of Private Equity Fund Searches Issued over the Past 12 Months by Investor Type over the Past 12 Months by Investor Location

Fund of Funds Manager

15% Public Pension Fund 10%

26% Insurance Company 11% 4% North America Private Sector Pension Fund 5% Europe Family Offices 45% Asia 6% Asset Manager

Endowment Plan Rest of World 6% 15% Foundation 6% 34% 8% 9% Government Agency Other

Source: Preqin Investor Intelligence Source: Preqin Investor Intelligence

Fig. 3: Fund Types Sought by Private Equity Investors in the Fig. 4: Regional Preferences of Investors Seeking New Private Next 12 Months Equity Fund Investments in the Next 12 Months

80% 70% 73% 70% 60% 60% 60% 54%

50% 47% 50%

40% 37% 40% 30% 28% 33% 30% 20% 16% 25% 12% 11%

Proportion of Fund Searches 10% 4% 20% 1% 13%

0% Proportion of Fund Searches 10% Timber Buyout Growth Capital Venture 0% Natural Resources

Mezzanine North Europe Asia Pacific Emerging Rest of World Distressed Secondaries

Private Equity America Markets Fund of Funds Source: Preqin Investor Intelligence Source: Preqin Investor Intelligence

Fig. 5: Examples of Fund Searches Issued by Private Equity Investors in 2015

Investor Investor Location Fund Search Details Type The $1.4bn foundation plans to invest $70mn in three to four new private equity funds in the next UJA Federation of New North 12 months. It will predominantly target small cap and mid cap buyout vehicles, but will also consider Foundation York America venture capital funds. The foundation seeks only US-based opportunities and will look at both new and existing managers. The ¥610bn insurance company will invest approximately ¥1bn in two to three private equity funds in New China Life Insurance China the next 12 months. It has a preference for buyout, growth and mezzanine vehicles with a focus on Insurance Company China. The insurance ﬁ rm is looking at new technology and high-tech sectors. The UK-based pension fund will look to make new private equity fund commitments in the next 12 Public Lancashire County months. It will commit €120mn across six to eight new vehicles, investing €15mn and €20mn in each Pension UK Council Pension Fund fund. It holds a preference for investing in buyout and venture capital funds, and will target investment Fund opportunities in Europe and North America. Source: Preqin Investor Intelligence

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Portfolio Management for Private Equity Family Company The Facts Latin American Venture Capital Deals Download Data

Latin American Venture Capital Deals

Aggregate deal value for venture capital deals in Latin America has seen year-on-year increases since 2011 and reached a record high in 2014, despite a drop in the number of financings. Emily Forbes takes a closer look at the statistics.

Fig. 1: Number and Aggregate Value of Venture Capital Fig. 2: Proportion of Number of Venture Capital Deals in Latin Deals* in Latin America, 2007 - 2015 YTD (As at 30 April 2015) America by Stage, 2007 - 2015 YTD (As at 30 April 2015)

120 900 111 Angel/Seed 800 98 Aggregate Deal Value ($mn) 2% 100 Series A/Round 1 700 Series B/Round 2 80 75 600 28% 66 500 Series C/Round 3 60 37% 400 Add-on & Other

No. of Deals 39 40 35 300 Grant

21 24 200 Growth 20 17 13% Capital/Expansion 100 Series D/Round 4 and 1% Later 0 0 4% 1% 6% Unspecified Round 2007 2008 2009 2010 2011 2012 2013 2014 2015 5% 3% YTD Venture Debt No. of Deals Aggregate Deal Value ($mn) Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst

Fig. 3: Proportion of Number of Venture Capital Deals* in Fig. 4: Proportion of Number of Venture Capital Deals* in Latin America by Industry, 2007 - 2015 YTD (As at 30 April Latin America by Country, 2007 - 2015 YTD (As at 30 April 2015) 2015)

100% 100% 5% 4% 7% 6% 13% 13% 11% 2% 3% 90% 18% 17% 5% 6% 90% Other 3% 7% 8% 4% 5% 6% 80% 8% 14% 10% 80% Energy and Utilities 5% 8% 11% 12% 5% 13% 12% Business Services 14% 70% 70% 5% 3% 3% 11% 5% 12% Healthcare 25% 28% 60% 20% 15% 8% 60% Other IT 8% 50% 50% Consumer Disc. 6% Clean Tech. 40% 17% 40% 65% Industrials 30% 62% 63% 56% 53% 30% 51% 48% Telecoms 43% Proportion of No. Deals 20% Proportion of No. Deals 20% Software & Related 33% 10% Internet 10% 0% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD YTD Brazil Mexico Argentina Chile Colombia Other Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst

Fig. 5: Five Largest Venture Capital Deals* in Latin America in 2014-2015 YTD (As at 30 April 2015)

Portfolio Deal Size Primary Stage Deal Date Investor(s) Location Company Name ($mn) Industry GIC Private Limited, Iconiq Capital, Kaszek Ventures, NetShoes Unspecifi ed Round May-14 170 Brazil Internet Temasek Holdings, Tiger Global Management Virgin Mobile Series D/Round 4 May-14 86 Temasek Holdings Chile Telecoms Latin America Linio Unspecifi ed Round Jul-14 79 Access Industries, Northgate Capital Mexico Internet Hotel Urbano Series D/Round 4 Mar-14 50 Insight Venture Partners, Tiger Global Management Brazil Internet Movile Unspecifi ed Round Apr-15 40 Naspers Brazil Telecoms Source: Preqin Venture Deals Analyst *Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.

17 Private Equity Spotlight / May 2015 © 2015 Preqin Ltd. / www.preqin.com Private Debt & Mezzanine Finance: 3rd & 4th June 2015 Mid-Market Financing Summit: 2nd June 2015 Mariott Champs Elysees, Paris

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OpeningOpeO nini gRg RemarksRemarks KeynoteKeyynoteSe SpeakerSpeaker LuncheonLuncheonn KeKeynoteey Closing Keynote Prof.Proff. KCK C ChChan,an, GBGBS,S, JP, EricEricMc MMason,aason, Joe Lee,LLee, Shuang Chen, SecretarySecretary for FFinancialinancial ManagingManaging Director,Director, Chief StrateStrategygy OOfficer, Executive Director & Chief ServicesSerS vici es andd ththeheTe TTreasury,reasury, TheTh ChurchChurchPh PPensionenension FFundundd KuaiDiK iDi TechnTTechnologyh olo Co. Ltd. Executive Officer, Hong Kong SAR China Everbright Limited Andrew Teoh Eric Xin Brooke Zhou Jie Gong Jerry Chiang Ameba Capital CITIC Capital Partners LGT Capital Partners Pantheon Ventures (HK) SNSI Capital Management Inc. Rebecca Xu Management Limited Herry Han Qiwei Chen Vincent Chan Asia Alternatives Management Leenong Li Lightspeed Venture Partners PE Association of Shanghai Spring Capital Asia Jacob Chiu Commonfund Capital YR Cheng Steve Wang Weichou Su Auda Conrad Tsang Lunar Capital Pine Field Capital Partners StepStone Group Jonathan Zhu Hong Kong Venture Capital and Pamela Fung Velisarios Kattoulas Kenneth Lin Bain Capital Asia Private Equity Association Morgan Stanley Alternative The Poseidon Group Taiwan Private Equity Association William Hay SC Mak Investment Partners Danny Yeung Tsui-Hui Huang Baring Private Equity Asia Hong Kong Venture Capital and Ryan Law Prenetics Taiwan Venture Capital Association Yan Yang Private Equity Association Morgan Stanley Private Equity Asia Jie Lian Suzie Wu BlackRock Private Equity Partners Richard Hsu Thomas Chou Primavera Capital Group Tianxing Capital Danny Lee Intel Capital Morrison & Foerster Lorna Chen Ricky Lau Blue Pool Capital Rupert Chamberlain Richard Barton Shearman & Sterling TPG Asia Alvin Li KPMG in China Newgate Communications (HK) Chris Burch Daniel Shih CCB International Asset Darren Bowdern Bonnie Lo Shenzhen Capital Group Walmart China Management KPMG China NewQuest Capital Partners Organiser: Co-organiser: Media Partner: Yong Kai Wong Rico Kang Gabriel Li CITIC Capital Legend Capital Orchid Asia Group Management

Offficiial weebsitte: cpes..hkvvcaa.com..hhk 1MFBTFRVPUF“CPES_ PQ”DPEFUPFOKPZPGGEJTDPVOU *OGPSNBUJPOJOUIJTMFBnFUJTDPSSFDUBUUIFUJNFPGQSJOUJOH),7$"SFQSFTFOUTUIFSJHIUTUPBNFOEBOZEFUBJMTEVFUPVOGPSFTFFODJSDVNTUBODFT 5PSFHJTUFS'SFF-11BTT QMFBTFTFOEFNBJMUPDQFT!ILWDBDPNIL To register, please visit cpes.hkvca.com.hk Tel: +852 2167 7518 Email: [email protected] The Facts Secondaries Investing in Venture Capital Download Data

Secondaries Investing in Venture Capital

Raisah Yusuf explores the appetite of buyers on the secondary market for venture capital vehicles, finding that private equity fund of funds managers and North America-based firms are the most active in this sector.

Fig. 1: Secondary Market Buyers Interested in Acquiring Fig. 2: Secondary Market Buyers Interested in Acquiring Stakes in Venture Capital Funds by Type Stakes in Venture Capital Funds by Location

Private Equity Fund of Funds Manager 7% 2%4% Public Pension Fund 2% 2% 6% 4% Secondary Fund of Funds Manager North America 5% Private Sector Pension Fund 5% 45% Asset Manager Europe

Endowment Plan 28% Asia 59% 15% Private Equity Firm Rest of World Family Office - Single

16% Insurance Company

Other

Source: Preqin Secondary Market Monitor Source: Preqin Secondary Market Monitor

Fig. 3: 10 Largest Secondary Market Buyers with an Interest in Acquiring Stakes in Venture Capital Funds by Assets under Management

Firm Likelihood of Buying AUM (mn) Location Type Meiji Yasuda Life Insurance Company Possible JPY 33,000,742 Japan Insurance Company PGGM Possible EUR 180,000 Netherlands Asset Manager State of Wisconsin Investment Board Opportunistically USD 103,500 US Public Pension Fund AXA Winterthur Opportunistically CHF 89,603 Switzerland Insurance Company New Jersey State Investment Council Possible USD 78,600 US Public Pension Fund Virginia Retirement System Opportunistically USD 68,500 US Public Pension Fund Massachusetts Pension Reserves Investment Opportunistically USD 61,900 US Public Pension Fund Management Board Teachers’ Retirement System of the City of New York Possible USD 59,542 US Public Pension Fund New York City Employees' Retirement System Opportunistically USD 54,080 US Public Pension Fund Pennsylvania Public School Employees' Retirement Opportunistically USD 51,700 US Public Pension Fund System Source: Preqin Secondary Market Monitor

Fig. 4: Five Largest Secondaries Funds Closed with an Interest in Acquiring Stakes in Venture Capital Funds

Final Close Fund Firm Final Close Date Amount ($mn) Lexington Capital Partners VII Lexington Partners Jun-11 7,000 AXA Secondary Fund V Ardian Jun-12 5,085 Strategic Partners Fund VI Strategic Partners Fund Solutions Oct-14 4,400 Dover Street VIII HarbourVest Partners Jun-13 3,600 Dover Street VII HarbourVest Partners Apr-09 2,900 Source: Preqin Secondary Market Monitor

Preqin’s Secondary Market Monitor contains essential information on all aspects of the private equity secondary market, including information on over 700 potential buyers and 430 sellers, 255 secondaries funds and much more.

For more information, or to arrange a demonstration, please visit: www.preqin.com/smm

19 Private Equity Spotlight / May 2015 © 2015 Preqin Ltd. / www.preqin.com The Facts Early Stage Venture Capital Performance Download Data Early Stage Venture Capital Performance Emma Underwood investigates the difference in performance between early stage funds and venture capital vehicles investing across all stages.

Fig. 1: PrEQIn Early Stage vs. Venture Capital (Rebased to Fig. 2: PrEQIn Early Stage vs. Venture Capital and All Private 100 as of 31 December 2000) Equity (Rebased to 100 as of 31 December 2005)

120.0 250.0

100.0 200.0

80.0 150.0 60.0

100.0 40.0 of 31-Dec-2000) of 31-Dec-2005) 20.0 50.0

Index Returns (Rebased to 100 as 0.0 Index Returns (Rebased to 100 as 0.0 31-Dec-00 31-Dec-01 31-Dec-02 31-Dec-03 31-Dec-04 31-Dec-05 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-05 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 PrEQIn Early Stage PrEQIn Venture All Stages PrEQIn Early Stage PrEQIn Venture All Stages Source: Preqin Performance Analyst Source: Preqin Performance Analyst Fig. 3: Early Stage All Regions Median Net IRR and Quartile Boundaries by Vintage Year (Most up-to-date)

100.0 Data Source

80.0 Preqin’s Performance Analyst is the industry’s most extensive Top Quartile source of net-to-LP private equity fund performance, with full 60.0 Boundary Net IRR metrics for over 7,400 named vehicles. Median Net IRR 40.0 Access comprehensive performance data and fund details, Bottom Quartile including historical data and information on portfolio 20.0 Boundary Net IRR companies, and create customized peer groups to compare funds’ performance data against custom benchmarks.

Net IRR (%) since Inception 0.0 For more information, please visit: -20.0 www.preqin.com/pa 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Vintage Year Source: Preqin Performance Analyst Fig. 4: Top 10 Consistent Performing GPs* (Early Stage, Early Stage: Seed and Early Stage: Start-up)

Overall No. of Funds with No. of Funds in No. of Funds in Average Firm Location Fund Type Quartile Ranking Top Quartile Second Quartile Quartile Rank ff Venture Capital US Early Stage 3 3 0 1.00 Sequoia Capital US Early Stage 3 3 0 1.00 Spark Capital US Early Stage: Start-up 3 3 0 1.00 Union Square US Early Stage 3 3 0 1.00 Ventures Charles River US Early Stage 4 3 1 1.25 Ventures Bay Partners US Early Stage 3 2 1 1.33 BlueRun Ventures US Early Stage 3 2 1 1.33 Canaan Partners US Early Stage 3 2 1 1.33 Divergent Ventures US Early Stage 3 2 1 1.33 Avalon Ventures US Early Stage: Seed 8 5 2 1.50 Source: Preqin Performance Analyst *Produced 30 April 2015 and based on a universe of 17 ﬁ rms and 63 funds meeting the selection criteria. 20 Private Equity Spotlight / May 2015 © 2015 Preqin Ltd. / www.preqin.com Dynamic, up-to-date and industry-leading alternative assets data. For free.

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Conferences Spotlight

Conference Dates Location Organizer Preqin Speaker Discount Code

CVCA 2015 Annual Conference 19 - 21 May 2015 Canada CVCA - -

Private Equity World Latin 26 May 2015 Miami, FL Terrapinn - - America HKVCA 14th China Private 1 June 2015 Hong Kong HKVCA - - Equity Summit 8th Private Equity Findings Coller Institute of 1 - 2 June 2015 London -- Symposium Private Equity Private Debt & Mezzanine 15% Discount - 2 - 4 June 2015 Paris IIR - Finance FKW52932PQNL European Family Ofﬁ ce & 3 - 4 June 2015 Amsterdam Opal Finance Group - - Institutional Investment Forum

Emerging Managers Summit 8 - 9 June 2015 Chicago Opal Finance Group - -

4th Private Equity Secondaries 10 - 11 June 2015 London C5 Communications Patrick Adefuye - and Co-investments Conference 15% Discount - SuperReturn U.S. 2015 16 - 18 June 2015 Boston ICBI Mark O'Hare FKR2374PRQS European Corporate M&A Forum Merger Market 17 June 2015 London -- 2015 Group The Private Debt Investment Financial Research 15% Discount - 25 June 2015 New York Ryan Flanders Summit Associates, LLC FMP187 SuperReturn Emerging Markets 15% Discount - 29 June - 2 July 2015 Amsterdam ICBI Mark O'Hare 2015 FKR2379PRQSP £100 reader offer for FundForum International 2015 29 June - 2 July 2015 Monaco ICBI - Preqin 10% Discount - Secondaries Investor Forum 1 July 2015 London IIR - FKW52959PQL Family Ofﬁ ce & Private Wealth 20 - 22 July 2015 Newport, RI Opal Finance Group - - Management Forum SuperReturn CFO/COO Forum 15% Discount - 7 - 9 September 2015 Amsterdam ICBI Mark O'Hare 2015 FKR2377PRQS 14 - 16 September 15% Discount - SuperInvestor Africa 2015 South Africa ICBI Mark O'Hare 2015 FKR2383PNSL

SuperReturn Asia 2015 21 - 24 Sep 2015 Hong Kong ICBI Mark O'Hare -

European CLO Summit 14 - 16 October 2015 Monte Carlo Opal Finance Group - -

Family Ofﬁ ce & Private Wealth 28 - 30 October 2015 Napa, CA Opal Finance Group - - Management Forum – West 15% Discount - SuperReturn Middle East 2015 8 - 11 November 2015 Dubai ICBI Mark O'Hare FKR2378PRQS 17 - 20 November 15% Discount - SuperInvestor 2015 Amsterdam ICBI Mark O'Hare 2015 FKR2373PNSL 18 - 19 November Wealth Management Americas Miami, FL Terrapinn - - 2015 18 - 19 November America’s Family Ofﬁ ce Forum Miami, FL Terrapinn - - 2015

SuperReturn Africa 2015 1 December 2015 TBC ICBI Mark O'Hare -

CLO Summit 2 - 4 December 2015 Dana Point, CA Opal Finance Group - -

Alternative Investing Summit 9 - 11 December 2015 Dana Point, CA Opal Finance Group - -

HKVCA 14th China Private Equity Summit

Date: 1 June 2015 Information: http://cpes.hkvca.com.hk Location: N201, Hong Kong Convention and Exhibition Centre (New Wing) Organizer: Hong Kong Venture Capital and Private Equity Association (HKVCA)

The 14th China Private Equity Summit is the HKVCA’s flagship event. It is generally recognized as the preeminent, “must-attend” practitioners’ conference. The theme this year is on the growing global competitiveness of Chinese PE firms and their increasingly international outlook.

Private Debt & Mezzanine Finance

Date: 2 - 4 June 2015 Information: http://www.iiribcfinance.com/FKW52932PQNL Location: Mariott Champs Elysees, Paris Discount Code: FKW52932PQNL Organizer: IIR

There is no better time to attend the European Mezzanine industry’s annual forum.

Now in its 13th year, this event is the market leader and attracts over 200 senior mezzanine/private debt professionals & investors from all over Europe.

Exclusive 15% discount available, quote VIP Code FKW52932PQNL when registering.

European Family Office & Institutional Investment Forum

Date: 3 - 4 June 2015 Information: www.opalgroup.net/trk/efopwc1510.html Location: Amsterdam, Netherlands Organizer: Opal Finance Group

Opal Financial Group’s International Team is excited to bring you the European Family Office & Institutional Investment Forum. This two day event will bring together family offices, corporate pensions, public funds, and investment managers from all over the world. The Netherlands is an exciting location with endless financial opportunities and investment philosophies. By providing incentives to the world’s wealthiest families and institutions, the Netherlands has stimulated exceptional financial growth and advancement. As a source of development and innovation in globalization, solar energy, and fixed income, the Netherlands has become a promising financial hub. This conference will generate engaging discussions on the latest investment trends and be the foundation for stimulating conversations and networking opportunities.

4th Annual Private Equity Secondaries and Co-investments

Date: 10 - 11 June 2015 Information: http://c5-online.com/sec Location: Millenium Hotel London Knightsbridge Organizer: C5 Communications

Join us today for your critical role in matching LPs in need of portfolio restructuring with opportunistic investors looking for a quick win, dedicated secondary funds and industry partners looking to convey their companies’ message to the most influential private equity audience.

European Corporate M&A Forum 2015

Date: 17 June 2015 Information: http://mergermarketgroup.com/ event/europe2015?utm_source=Preqin&utm_ medium=website&utm_campaign=europe2015 Location: Jumeirah Carlton Tower, London Organizer: Mergermarket

Mergermarket is pleased to be returning to London for its fifth annual European Corporate M&A Forum. Network with more than 200 senior corporate M&A and private equity professionals, investment banks and financial and legal advisers, and get insight from over 30 expert speakers as they explore the future investment opportunities likely to be seen in Europe over the next 12 months.

The Private Debt Investment Summit

Date: 25 June 2015 Information: https://www.frallc.com/conference. aspx?ccode=B970 Location: The Princeton Club - New York, NY Discount Code: FMP187 Organizer: Financial Research Associates

Whether you’re an investor that’s looking into allocating funds into this space or already have a few deals under your belt, this one-day event is jam-packed with practical examples, real-world stories and up-to-the-minute research and data on the industry’s new and lucrative alternative to fixed income.

Secondaries Investor Forum

Date: 1 July 2015 Information: http://www.iiribcfinance.com/FKW52959PQL Location: London, tbc Discount Code: FKW52959PQL Organizer: IIR Events

IIR’s Secondaries Investor Forum will provide the perfect opportunity for secondary fund managers and limited partner investors to explore innovations in the secondaries market and gain insight into portfolio management techniques of Europe’s leading secondaries experts.