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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 In association with: 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. San Francisco: 1700 Montgomery Street Free Subscription Suite 134 San Francisco Sign up to receive your free edition of Private Equity Spotlight every month! CA 94111 +1 415 835 9455 www.preqin.com/spotlight w: www.preqin.com e: [email protected] Twitter: www.preqin.com/twitter LinkedIn: www.preqin.com/linkedin alternative assets. intelligent data. The 7th Annual SuperReturn Emerging Markets 2015 The Leading Emerging Markets Private Equity & Venture Capital Conference 29 June – 2 July 2015, Hotel Okura, Amsterdam 15% Reader Offer Dear Spotlight reader, Meet 300 international private equity attendees, including 120+ LPs in Amsterdam 29 June – 2 July 2015. Hear from 100 speakers including: Courtney Villalta, Teacher Retirement System of Texas Hemal Naran, Government Employees Pension Fund (GEPF) Ruulke Bagijn, PGGM Tim Dattels, TPG Capital Anouk van der Boor, Cambridge Associates Nick O’Neil, Macquarie Infrastructure & Real Assets (MIRA) Neil W. Harper, Morgan Stanley Alternative Investment Partners See the attendee list and schedule meetings 2 weeks beforehand plus attend several social and networking functions at the event. Kindest regards Mark O’Hare For all bookings & enquiries, please contact the SuperReturn Emerging Markets 2015 Team Quote VIP: FKR2379PRQSP for your 15% discount Tel: +44 (0) 20 7017 7200 Email: [email protected] Web: www.superreturnemergingmarkets.com/FKR2379PRQSP 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 To find out more and to order your copy, please visit: www.preqin.com/swf 3 Private Equity Spotlight / May 2015 © 2015 Preqin Ltd. / www.preqin.com Feature Article Sovereign Wealth Funds and Their Investments in Private Equity Download Data 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.
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