Final Rule: Political Contributions by Certain Investment Advisers
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Themiddlemarket.Comt M
OCTOBER 2017 GO GO BIG SMALL OR GO HOME Private equity investors are heading to the lower middle market and the 350,000 companies that populate it TheMiddleMarket.comT m 0C1_MAJ100117 1 9/1/2017 11:40:00 AM B:8.125” T:7.875” S:7.375” Your clients’ wealth has multiplied. B:10.75” T:10.5” So has their S:10” need for advice. We know, because we know you well. Knowing clients well gives us the insight to help with their wealth— and their lives. Together, with your expertise and ours, we’ll help your clients before, during and after the sale of their business. Find out how strong relationships lead to 95% client satisfaction. 844-208-7863 | bnymellonwealth.com | @BNYMellonWealth Source: 2016 Client Satisfaction Survey. BNY Mellon Wealth Management conducts business through various operating subsidiaries of The Bank of New York Mellon Corporation. ©2017 The Bank of New York Mellon Corporation. All rights reserved. 002_MAJ1017 2 8/30/2017 5:39:07 PM WGMT “ADVICE” AD - SIZE A 33/34/65/5 PUB: MERGERS & ACQUISITIONS Filename: 724476-5_J0176_WGMT_Advice_Size_A_V3R.indd CLIENT: BNY MELLON PRODUCT: Print Ad Agency Job Number: J0176 Cradle Job Number: 724476-5 JOB#: J0176 SPACE: 4C Proof #: 3, release Path: EG-PLUS-NY:Volumes:EG-PLUS-NY:EGPlus_Departments:Print:A‚ÄîF:TBWA:BNY_ Created: 8-3-2017 12:00 PM BLEED: 8.125” x 10.75” MELLON:724476-5_J0176_WGMT_ Advice_Size_A_Ad:MECHANICALS:724476-5_J0176_WGMT_Advice_Size_A_V3R.indd Saved: 8-3-2017 2:15 PM TRIM: 7.875” x 10.5” Operators: april_relucio / Daniel-Rivera Printed: 8-3-2017 2:15 PM SAFETY: 7.375” -
Private Equity Review
the Private Equity Review Private Private Equity Review Eighth Edition Editor Stephen L Ritchie Eighth Edition Eighth lawreviews © 2019 Law Business Research Ltd Private Equity Review Eighth Edition Reproduced with permission from Law Business Research Ltd This article was first published in June 2019 For further information please contact [email protected] Editor Stephen L Ritchie lawreviews © 2019 Law Business Research Ltd PUBLISHER Tom Barnes SENIOR BUSINESS DEVELOPMENT MANAGER Nick Barette BUSINESS DEVELOPMENT MANAGER Joel Woods SENIOR ACCOUNT MANAGERS Pere Aspinall, Jack Bagnall ACCOUNT MANAGERS Olivia Budd, Katie Hodgetts, Reece Whelan PRODUCT MARKETING EXECUTIVE Rebecca Mogridge RESEARCH LEAD Kieran Hansen EDITORIAL COORDINATOR Tommy Lawson HEAD OF PRODUCTION Adam Myers PRODUCTION EDITOR Robbie Kelly SUBEDITOR Charlotte Stretch CHIEF EXECUTIVE OFFICER Paul Howarth Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK © 2019 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply. The information provided in this publication is general and may not apply in a specific situation, nor does it necessarily represent the views of authors’ firms or their clients. Legal advice should always be sought before taking any legal action based on the information provided. The publishers accept no responsibility for any acts or omissions contained herein. Although the information provided is accurate as at April 2019, be advised that this -
Probitas Partners 2021 Institutional Investors Private Equity Survey December 2020 Table of Contents
Probitas Partners 2021 Institutional Investors Private Equity Survey December 2020 Table of Contents Topic Page . Survey Highlights 2 . Background and Appetite 3 . Sectors of Interest 9 . Geographies of Interest 18 . Middle-Market Buyouts 25 . Venture Capital 28 . Niche Sectors 31 . Structural Issues 38 . Investor Fears 43 . Summary 46 Confidential and Trade Secret © 2020 Probitas Partners 1 Survey Highlights – and The Pandemic . The Pandemic has had a roller coaster impact on institutional investors during 2020 as the normal market environment of January plunged into volatility and uncertainty in March and April followed by a slow rebound in public market and private market valuations . By late October prices for many firms returned to January levels as various stimulus plans mitigated certain economic impacts and progress in developing vaccines gave hope for a return to “normal” sometime in 2021 . Probitas’ latest annual survey was taken over the first two weeks of November after the markets had recovered significantly from the depths of April – and the results of a survey done in April would have been very different from what we are showing now . In private equity, investors are still heavily focused on U.S. and European Middle- Market Buyouts and U.S. Growth Capital, though interest in Asian private equity has increased from this time last year . In the second and third quarter of 2020 there was sharply increased interest in secondaries and distressed private equity – but at this point, many investors seem to have already made their bets in these sectors and are waiting for their commitments to be invested before committing too much more to these sectors . -
Private Equity Forecast & Desk Book
Private Equity Forecast & Desk Book 2014 On an ongoing basis, Probitas Partners offers research and investment tools for the alternative investment market to aids its institutional investor and general partner clients. Probitas Partners compiles data from various trade and other sources and then vets and enhances that data via its team’s broad knowledge of the market. probity ¯¯˘ n. [from Latin probitas: good, proper, honest.] adherence to the highest principles, ideals and character. Probitas Partners is pleased to present its Private Equity Forecast & Desk Book 2014. The purpose of this paper is to offer our forward view of likely trends for 2014 and beyond based on our review of 2013 and our ongoing dialog with (and surveys of) the global institutional investor marketplace. The paper starts with our forecast for this year, then presents a summary review of the dominant trends that shaped 2013 and the details behind those trends. We encourage you to obtain copies of our research reports, surveys, and desk books from our firm’s library at: www.probitaspartners.com/alternative_investments_publications/ Contents Private Equity Outlook .............................................................. 2 Private Equity Fundraising ....................................................... 4 Deal Volume and Capital Overhang ....................................... 7 The Buyout Market: Investor Focus and Concerns ............... 9 U.S. Venture Capital ................................................................ 13 Distressed Private Equity ....................................................... -
Corruption Perceptions Index 2019
CORRUPTION PERCEPTIONS INDEX 2019 Transparency International is a global movement with one vision: a world in which government, business, civil society and the daily lives of people are free of corruption. With more than 100 chapters worldwide and an international secretariat in Berlin, we are leading the fight against corruption to turn this vision into reality. #cpi2019 www.transparency.org/cpi Every effort has been made to verify the accuracy of the information contained in this report. All information was believed to be correct as of January 2020. Nevertheless, Transparency International cannot accept responsibility for the consequences of its use for other purposes or in other contexts. ISBN: 978-3-96076-134-1 2020 Transparency International. Except where otherwise noted, this work is licensed under CC BY-ND 4.0 DE. Quotation permitted. Please contact Transparency International – [email protected] – regarding derivatives requests. CORRUPTION PERCEPTIONS INDEX 2019 2-3 14-15 22-23 Map and results Asia Pacific Western Europe & Indonesia European Union 4-5 Papua New Guinea Malta Executive summary Estonia Recommendations 16-17 Eastern Europe & 24-25 Central Asia Trouble at the top 6-8 Armenia Global highlights TABLE OF CONTENTS TABLE Kosovo 26 Methodology 9-11 18-19 Political integrity Middle East & North 27-29 Transparency in Africa Endnotes campaign finance Tunisia Political decision-making Saudi Arabia 12-13 20-21 Americas Sub-Saharan Africa United States Angola Brazil Ghana TRANSPARENCY INTERNATIONAL 180 COUNTRIES. 180 SCORES. -
Pay-To-Play Restrictions on Campaign Contributions from Government Contractors, 2016
Pay-to-Play Restrictions on Campaign Contributions from Government Contractors, 2016 by Craig Holman, Ph.D., Public Citizen; and Kyung rok Wi, Democracy Law Project at Penn Law Pay-to-play is the all-too-common practice of an individual or business entity making campaign contributions to a public official with the hope of gaining a lucrative government contract. Usually, though not always, pay-to-play abuses do not take the form of outright bribery for a government contract. Rather, pay-to-play more often involves an individual or business entity buying access for consideration of a government contract. Using campaign contributions to influence the awarding of government contracts not only damages the integrity of the contracting process and undermines the public’s confidence in government, it can also endanger otherwise promising careers of those who may be tempted to cross the line. Illinois Governor George Ryan, who was once rumored to be in the running for a Nobel Peace Prize, instead was convicted of corruption and spent five years in prison. This report identifies 15 states, the federal government and the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) with some form of campaign contribution limits on contractors. Several other jurisdictions have disclosure-only requirements on government contractors and dozens of municipalities also have such restrictions. The laws vary widely in effectiveness and scope. The strongest pay-to-play laws will have several key elements, including: (i) a broad definition of contractors subject to the restrictions to include senior executive personnel; (ii) special disclosure requirements so that compliance can be easily monitored; (iii) forfeiture of the contract and future contract business for serious violations; and (iv) a cure provision to clean up inadvertent mistakes. -
Private Equity Institutional Investor Trends for 2015 Survey Probity ¯¯˘ N
Private Equity Institutional Investor Trends for 2015 Survey probity ¯¯˘ n. [from Latin probitas: good, proper, honest.] adherence to the highest principles, ideals and character. On an ongoing basis, Probitas Partners offers research and investment tools for the alternative investment market to aid its institutional investor and general partner clients. Probitas Partners compiles data from various trade and other sources and then vets and enhances that data via its team’s broad knowledge of the market. Private Equity Institutional Investor Trends for 2015 Survey © 2014 Probitas Partners Contents The Private Equity Fundraising Environment ......................2 Private Equity Institutional Investor Survey...........................3 Overview of Survey Findings .......................................................3 Profile of Respondents ..................................................................4 Sectors and Geographies of Interest .......................................10 U.S. Middle-Market Funds ............................................................24 Venture Capital................................................................................25 Distressed Private Equity .............................................................26 Credit Focused Funds ....................................................................27 Real Asset Funds .............................................................................28 Secondary Market ..........................................................................30 Co-Investments -
Michael J. Hoffmann, Probitas Partners
October 6, 2009 Ms. Elizabeth M. Murphy Secretary SECURITIES & EXCHANGE COMMISSION 100 F Street, NE Washington, DC 20549-1090 Re: Release No. IA-2910 (“Release”); File No. S7-18-09; Political Contributions by Certain Investment Advisors Dear Ms. Murphy and the Commissioners, We appreciate the opportunity to respond to the above-referenced Release, and specifically to the proposed ban on placement agents. In addition to presenting our position, we took the liberty to present a summary of the feedback from all commentators that we have been tracking during the comment period. For your benefit, Probitas Partners is an independent investment bank with over 50 professionals located in San Francisco, London, New York and Hong Kong. We have leading franchises in fund placement and secondary intermediation (helping investors manage portfolio liquidity needs via sales of existing limited partnership positions) and offer portfolio management advice and services. We started our business in 2001. Each of our senior members posses over 15 years of industry experience. Finally, we are proud to offer one of the most extensive investor- focused research efforts that includes the sharing of proprietary market reports, white papers and other thought pieces on a gratis basis with the institutional investor community. We invite you to view this material and to learn more about our firm at: www.probitaspartners.com. Response to Release No. IA-2910 October 6, 2009 Page 2 Probitas Position Summary We believe that placement agents offer a valuable and important service to the investment community that directly results in benefits to public fund beneficiaries. The placement industry is not well understood. -
Oregon Investment Council February 4, 2015 OPERF Fixed Income Portfolio Review
Oregon Investment Council February 4, 2015 9:00 AM PERS Headquarters 11410 S.W. 68th Parkway Tigard, OR 97223 Dick Solomon Chair John Skjervem Chief Investment Officer Ted Wheeler State Treasurer OREGON INVESTMENT COUNCIL 2015 Schedule Meetings Begin at 9:00 am PERS Headquarters Building 11410 S.W. 68th Parkway Tigard, OR 97223 Wednesday, February 4, 2015 Wednesday, March 4, 2015 Wednesday, April 29, 2015 Wednesday, June 3, 2015 Wednesday, July29, 2015 Wednesday, September 16, 2015 Wednesday, October 28, 2015 Wednesday, December 9, 2015 OREGON INVESTMENT COUNCIL Agenda February 4, 2015 9:00 AM PERS Headquarters 11410 S.W. 68th Parkway Tigard, OR 97223 Time A. Action Items Presenter Tab 9:00-9:05 1. Review & Approval of Minutes Dick Solomon 1 December 3, 2014 Regular Meeting OIC Chair Committee Reports John Skjervem Chief Investment Officer 9:05-9:50 2. OPERF Private Equity Review Sam Green 2 Investment Officer Tom Martin TorreyCove Capital Partners 9:50-10:05 -------------------- BREAK -------------------- 10:05-10:50 3. OPERF Fixed Income Review Perrin Lim 3 Director of Capital Markets Tom Lofton Investment Officer B. Information Items 10:50-11:00 4. Annual Placement Agent Report John Skjervem 4 11:05-11:10 5. Asset Allocations & NAV Updates John Skjervem 5 a. Oregon Public Employees Retirement Fund b. SAIF Corporation c. Common School Fund d. HiEd Pooled Endowment Fund Dick Solomon Katy Durant Rukaiyah Adams Keith Larson Ted Wheeler Steve Rodeman Chair Vice-Chair Member Member State Treasurer PERS Director OIC Meeting Agenda February 4, 2015 Page 2 6. Calendar — Future Agenda Items 6 7. -
Funds in the Market & Real Estate and Hard Asset Deskbook
Funds in the Market & Real Estate and Hard Asset Deskbook M a r c h 2 0 0 9 2009© Probitas Partners Introduction Probitas Partners is a leading independent knowledge, innovation and solutions provider to private markets clients. It has three integrated global practices that include placement of alternative investment products, portfolio management and liquidity management. These services are offered by a team of employee owners dedicated to leveraging the firm’s vast knowledge and technical resources to provide the best results for its clients. probity ¯˘ ¯ n. [from Latin probitas: good, proper, honest.] adherence to the highest principles, ideals and character. On an ongoing basis, Probitas Partners offers research and investment tools on the alternative investment markets as aids to its institutional investor and general partner clients. Probitas Partners compiles data from various trade and other sources and then vets and enhances that data via its team’s broad knowledge of the market. Probitas Partners also surveys institutional investors in order to directly determine their perceptions of various aspects of the market, and the findings from our surveys of infrastructure and real estate investors included as part of this paper is part of that process. Included within this Real Estate & Real Assets Deskbook is our listing of Real Estate and Hard Asset Funds in or Thought to Be Coming to Market Over the Next 12 Months. A few important user notes on the funds listing: • The list does not track funds smaller than $100 million or €75 million, as these are not often targeted by institutional investors; • Information is collected from various data sources, but dynamically and accurately tracking when funds are launched and when they are finally closed is a difficult business. -
Pay to Play” Politics Examined, with Lessons for Campaign-Finance Reform
SUBSCRIBE NOW AND RECEIVE CRISIS AND LEVIATHAN* FREE! “The Independent Review does not accept “The Independent Review is pronouncements of government officials nor the excellent.” conventional wisdom at face value.” —GARY BECKER, Noble Laureate —JOHN R. MACARTHUR, Publisher, Harper’s in Economic Sciences Subscribe to The Independent Review and receive a free book of your choice* such as the 25th Anniversary Edition of Crisis and Leviathan: Critical Episodes in the Growth of American Government, by Founding Editor Robert Higgs. This quarterly journal, guided by co-editors Christopher J. Coyne, and Michael C. Munger, and Robert M. Whaples offers leading-edge insights on today’s most critical issues in economics, healthcare, education, law, history, political science, philosophy, and sociology. Thought-provoking and educational, The Independent Review is blazing the way toward informed debate! Student? Educator? Journalist? Business or civic leader? Engaged citizen? This journal is for YOU! *Order today for more FREE book options Perfect for students or anyone on the go! The Independent Review is available on mobile devices or tablets: iOS devices, Amazon Kindle Fire, or Android through Magzter. INDEPENDENT INSTITUTE, 100 SWAN WAY, OAKLAND, CA 94621 • 800-927-8733 • [email protected] PROMO CODE IRA1703 “Pay to Play” Politics Examined, with Lessons for Campaign-Finance Reform —————— ✦ —————— FRED S. MCCHESNEY I don’t care if she waddles like a duck And talks with a lisp. I still think I’m in good luck If the dollar bills are crisp . ’Cause if the purse is fat That’s where it’s at. William Robinson Jr. and Robert Rogers, “First I Look at the Purse” (BMI) 1 nce upon a time, at least as popularly portrayed, politics was about public service, not personal gain. -
The Evolution of Private Equity Secondary Activity in the United States: Liquidity for an Illiquid Asset
Routes2Liquidity_text_MS.QXD 3/26/04 3:41 PM Page 23 The evolution of private equity secondary activity in the United States: liquidity for an illiquid asset Kelly DePonte, Principal, Probitas Partners* In any market, secondary activity is driven by two major factors tionship with a fund manager they are already invested in. Other – volume in the primary market and investment structure. Even buyers use the secondary market to manage portfolio issues, though institutional private equity vehicles have existed in the such as limiting the J-curve impact on a new portfolio, or rebal- U.S. since the 1940s, the volume of activity in the primary ancing exposure between market sub-sectors. market did not warrant an institutional approach to secondary activity until the mid-1980s, and only in the late 1990s did the Overview of the primary private equity market market really begin to dramatically expand. This chapter will briefly explore the evolution of secondary activity in the U.S. Institutionalised private equity is a very recent phenomenon. In Chart 1 and some of the primary factors in the growth of what is now 1946 two firms were formed in the U.S. to focus on bringing clearly a global market. technical innovations developed during World War II into the Why do Institutions Why do Institutions commercial market – American Research and Development SELL Existing Private BUY Secondary Private What drives the need for liquidity? Corporation and J. H. Whitney & Company. (See Timeline on 23 Equity Positions? Equity Positions? page 24.) Those firms had a number of successes – the creation Before delving into history, however, it is useful to cover moti- of Minute Maid, the company that commercialised orange juice Most often, sales of private Institutions purchase second- vation.