DOCSLIB.ORG

Defying Gravity Private Equity Confidence Survey Central Europe

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Defying Gravity Private Equity Confidence Survey Central Europe Defying gravity Private Equity Confidence Survey Central Europe July 2021 This publication contains general information only. The publication has been prepared on the basis of information and forecasts in the public domain. None of the information on which the publication is based has been independently verified by Deloitte and none of Deloitte Touche Tohmatsu Limited, any of its member firms orany of the foregoing’s affiliates (collectively the “Deloitte Network”) take any responsibility for the content thereof. No entity in the Deloitte Network nor any of their affiliates nor their respective members, directors, employees and agents accept any liability with respect to the accuracy or completeness, or in relation to the use by any recipient, of the information, projections or opinions contained in the publication and no entity in Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies thereon. Defying gravity | Private Equity Confidence Survey Central Europe Defying gravity Private equity is reinforcing its superpower An increased supply of capital supports high The last semester has seen a continuation to invest across cycles. With over a year pricing, and we see ample evidence of climbing of private equity-backed M&A: the acquiror of the pandemic behind us, it may be that valuations. Announced transactions are often benefits from its backer’s funding and expertise the extraordinary time is enabling the private at high entry multiples, and pipelines show no as it accelerates its entry into new markets equity (PE) market in Central Europe (CE) to sign of this abating: nearly half of respondents and/or verticals, while the acquiree owners emerge stronger as it utilizes its three decades (46%) claimed full pipelines, with nearly a third are able to take a step back or even fully exit of experience in building businesses to support (30%) claiming pipelines are picking up pace the business they’ve built up. companies on their paths back to growth. as they gain comfort and confidence in the The latest Deloitte Survey shows that the Index backdrop – reflecting our Survey’s latest Index. These sentiments on pricing and its impact has exhibited an almost gravity-defying climb ring true with our own recent experience over the last year, from 62 last summer to 149 We note in this Survey that a growing number and dialogues. Sourcing and assessing these now. This puts it very near its peaks in 2007 of respondents are looking to focus more on opportunities pose both a challenge and and 2011. selling in the coming months – nearly a fifth opportunity for the region’s deal-doers. (19%), up three-fold from the previous Survey We are standing by to work with them on The recovery in confidence is markedly (6%) – and high pricing may be behind that. helping to recapitalize the many companies steeper than after the Global Financial Crisis, ripe for the right financial backer in this with the sector’s experience in the time since Hefty price tags entice vendors, so in dynamic region. then a real differentiator. Most deal-doers addition to private equity firms looking have an armoury of proven growth creation to harvest portfolios, they should encourage strategies as well access to funding from their more business owners to consider external own vehicles, bank debt, LP co-invest and partners to sell to. This, combined with credit funds. The latter two were only nascent the unprecedented events of the last one a decade ago; now they have evolved into and a half years, may make the temptation established and increasing sources of capital. to bring on board an experienced private equity firm more appealing than ever. Mark Jung Partner, Private Equity Leader Deloitte Central Europe 3 Defying gravity | Private Equity Confidence Survey Central Europe Central European Private Equity Index: Key findings The Index continues its climb to its 2007 and 2011 peaks, with respondents optimistic about the economy, market activity and leverage availability – though also mindful of heightened pricing. While the proportion of deal-doers expecting the economy to improve has nearly doubled to 70% since our winter Survey, 41% of respondents feel it is more expensive to acquire businesses now than six months ago, a four-fold increase on six months ago. For the first time in two years, no respondents feel prices have come down. Looking ahead, over two-fifths of deal-doers (41%) expect pricing to continue its climb. This is impacting plans to buy and sell, with experienced deal-doers seemingly adopting a more cautious approach to buying as the pricing creates a strong divestment backdrop: The proportion of those expecting to sell more than they buy over the coming months has tripled from 6% in the winter to 19% now. At the same time, those expecting to buy more has dropped from 72% to 57%. Deals that take place now will continue to be supported by liquid leverage markets. A third of respondents (33%) expect the availability of debt finance to increase over the coming months, up from just 13% in our last Survey and the highest level in six years. 10 12 14 16 18 and going forward. going and business agility fuels vendors’ expectations of what prices they can command now is expectation of high prices continuing or even climbing further, as awall of capital and growing activity or stay to increase the same (61%) (37%), up from 83% last time. One important finding backdrop, nearly double our last Survey. Furthermore, 98% of respondents expect market optimism around the economy, with astaggering 70% expecting an improvement in the economic A number of indicators in our latest Survey attest to the continued confidence, namely ongoing very closely to the peaks landing seen at in avery 2007 and 2011, impressive 149. seen since the winter and –which saw our largest survey-on-survey climb –as the Index hovers Our latest Survey shows that the revival of confidence continues, maintaining the incredible uptick 5 Central Europe PE Confidence Index 20 40 60 80 0 0 0 0 0 - ar. 2003 10 0 ep. 003 15 6 ar. 2004 14 8 ep. 004 13 9 ar. 2005 15 4 ep. 005 14 9 ar. 2006 15 5 Oct. 006 15 3 Apr. 007 15 9 Oct. 2007 11 8 Apr. 008 10 Defying gravity | Private Equity Confidence Survey2 Central Europe Oct. 008 48 Apr. 009 78 Oct. 009 11 7 Apr. 010 14 0 Oct. 010 13 8 Apr. 011 15 3 Oct. 011 70 Apr. 012 10 1 Oct. 012 71 Apr. 013 10 1 Oct. 013 12 7 Apr. 014 14 4 ep. 014 11 4 Apr. 015 13 0 ep.2015 92 Apr. 016 12 4 ep. 016 10 9 Apr. 017 11 3 Nov. 017 13 0 ay. 018 12 3 Nov. 018 10 5 Jul. 019 10 2 Nov. 019 87 Jun. 020 62 ec. 020 123 Jun. 2021 149 Defying gravity | Private Equity Confidence Survey Central Europe Economic climate (December 2020 vs June 2021) Survey Results Economic climate There has been a near doubling to over two-thirds of participants The Index is perennially correlated to economic expectations, (70%) expecting the economy to improve. It is the third Survey and this time is no different. The Index has climbed even higher, in a row that perceived prospects around the economy are surpassing the single largest climb in our Survey’s history in improving, and – crucially – the first time since 2007 that no Winter 2020 from 62 to 123 to land at 149. 33% respondents expected conditions to worsen. Just under a third 37% (30%) expect conditions to remain the same, flat on last survey. Economic barometers bear out these stats. Poland, Central December Europe’s largest economy, is expected to grow 4% this year, 2020 The timing of our latest Survey polled participants as it became following a GDP contraction of 2.7% in 20201 . Romania’s GDP clear that a season of vaccinations was insufficient to suppress growth is expected to exceed 5% this year, up markedly from new variants of the Coronavirus from appearing. It also comes contracting 3.9% in 20202. While these rates are impressive, after Britain’s transition period after leaving the EU came they will reflect movement from a currently low base, with to a close. That both these meaningful events have done economists expecting we won’t reach pre-pandemic levels 30% nothing to deter deal-doers from believing in Central Europe’s of output before 2022. economic prospects says a great deal about the robustness of its dynamic economies. For this period, I expect the overall economic climate to: 100% 4% 2% 9% 7% 10% 9% 8% 10% 10% 10% 30% 16% 17% 90% 21% 21% 27% 25% 33% 30% 33% 30% 80% 31% 46% June 70% 59% 55% 61% 57% 47% 66% 68% 60% 62% 60% 2021 68% 64% 74% 50% 30% 74% 49% 69% 67% 75% 40% 70% 63% 73% 70% 63% 30% 62% 54% 43% 43% 19% 20% 39% 41% 32% 34% 37% 29% 30% 10% 24% 24% 26% 16% 13% 11% 12% 10% 3% 7% 2% 8% 0% Oct. Apr. Oct. Apr. Oct. Apr. Oct. Apr. Oct. Apr. Sep. Apr. Sep. Apr. Sep. Apr. Nov. May Nov. Jul. Nov. Jun. Dec. Jun. 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 Improve Remain the same 1 https://ec.europa.eu/info/business-economy-euro/economic-performance-and-forecasts/economic-performance-country/poland/economic-forecast-poland_en Decline 2 https://ec.europa.eu/info/business-economy-euro/economic-performance-and-forecasts/economic-performance-country/romania/economic-forecast-romania_en 6 Defying gravity | Private Equity Confidence Survey Central Europe Debt availability (December 2020 vs June 2021) Debt availability A third of respondents (33%) expect the availability of debt and financiers alike to have better conviction of executing finance to increase over the coming months, up from just on growth plans.
Load more

Recommended publications
  • Media Influence Matrix Slovakia
    J A N U A R Y 2 0 2 0 MEDIA INFLUENCE MATRIX: SLOVAKIA Government, Politics and Regulation Author: Marius Dragomir 2nd updated edition Published by CEU Center for Media, Data and Society (CMDS), Budapest, 2020 About CMDS About the author The Center for Media, Data and Society Marius Dragomir is the Director of the Center (CMDS) is a research center for the study of for Media, Data and Society. He previously media, communication, and information worked for the Open Society Foundations (OSF) policy and its impact on society and for over a decade. Since 2007, he has managed practice. Founded in 2004 as the Center for the research and policy portfolio of the Program Media and Communication Studies, CMDS on Independent Journalism (PIJ), formerly the is part of Central European University’s Network Media Program (NMP), in London. He School of Public Policy and serves as a focal has also been one of the main editors for PIJ's point for an international network of flagship research and advocacy project, Mapping acclaimed scholars, research institutions Digital Media, which covered 56 countries and activists. worldwide, and he was the main writer and editor of OSF’s Television Across Europe, a comparative study of broadcast policies in 20 European countries. CMDS ADVISORY BOARD Clara-Luz Álvarez Floriana Fossato Ellen Hume Monroe Price Anya Schiffrin Stefaan G. Verhulst Hungary, 1051 Budapest, Nador u. 9. Tel: +36 1 327 3000 / 2609 Fax: +36 1 235 6168 E-mail: [email protected] ABOUT THE MEDIA INFLUENCE MATRIX The Media Influence Matrix Project is run collaboratively by the Media & Power Research Consortium, which consists of local as well as regional and international organizations.
    [Show full text]
  • Penta Holding Limited /Annual Report 2007
    Penta Holding Limited / Annual Report 2007 It doesn´t take just seeding – it takes more to have a good harvest. We know how. With the right care a single seed can be grown into a strong plant and the whole fi eld can fl ourish from its fruitage. Contents 04 Tombstones 06 Financial Highlights 08 Our Profi le 10 Director’s Statement 14 Holding Structure 16 Partners 18 Operational Structure 20 Penta’s Key Investments 30 Management Discussion & Analysis 40 Penta Holding Limited 50 Penta Investments Limited 60 Contacts Completed Investments ADAST, a.s. Letisko Košice, a.s. Slovenské lodenice, a.s. manufacturing transport manufacturing Czech Republic Slovakia Slovakia Česká konsolidační agentura Reštitučný investičný fond, a.s. Slovnaft, a.s. fi nancial investment fund oil and gas Czech Republic Slovakia Slovakia Severomoravské vodovody Drôtovňa Hlohovec, a.s. a kanalizace Ostrava a.s. Tento, a.s. manufacturing utilities manufacturing Slovakia Czech Republic Slovakia Elektrovod Bratislava, a.s. Slovenská plavba a prístavy, a.s. VÚB Kupón utilities transport investment fund Slovakia Slovakia Slovakia Chemolak, a.s. Slovenská poisťovňa, a.s. manufacturing insurance Slovakia Slovakia Real Estate Projects Digital Park, a.s. The Port, a.s. real estate real estate Slovakia Slovakia Investments in Progress Mobile Entertainment Company, a.s./ AERO Vodochody a.s. MOBILKING VSŽ - slovenské investičné družstvo aerospace telecommunications metal industry Czech Republic Poland Slovakia Alpha Medical Ventures, s.r.o. MobilKom, a.s./U:fon ZSNP, a.s. health care telecommunications metal industry Slovakia Czech Republic Slovakia AVC, a.s. PM Zbrojníky, a.s. Žabka manufacturing food processing retail Slovakia Slovakia Poland, Czech Republic Dr.
    [Show full text]
  • Transparency Report 2013-14 V02.Indd
    RI TRANSPARENCY REPOR T 201 7 Axcel An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact About this report The PRI Reporting Framework is a key step in the journey towards building a common language and industry standard for reporting responsible investment (RI) activities. This RI Transparency Report is one of the key outputs of this Framework. Its primary objective is to enable signatory transparency on RI activities and facilitate dialogue between investors and their clients, beneficiaries and other stakeholders. A copy of this report will be publicly disclosed for all reporting signatories on the PRI website, ensuring accountability of the PRI Initiative and its signatories. This report is an export of the individual Signatory organisation’s response to the PRI during the 2017 reporting cycle. It includes their responses to mandatory indicators, as well as responses to voluntary indicators the signatory has agreed to make public. The information is presented exactly as it was reported. Where an indicator offers a response option that is multiple-choice, all options that were available to the signatory to select are presented in this report. Presenting the information exactly as reported is a result of signatory feedback which suggested the PRI not summarise the information. As a result, the reports can be extensive. However, to help easily locate information, there is a Principles index which highlights where the information can be found and summarises the indicators that signatories complete and disclose. Understanding the Principles Index The Principles Index summarises the response status for the individual indicators and modules and shows how these relate to the six Principles for Responsible Investment.
    [Show full text]
  • Map of Funding Sources for EU XR Technologies
    This project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement N° 825545. XR4ALL (Grant Agreement 825545) “eXtended Reality for All” Coordination and Support Action D5.1: Map of funding sources for XR technologies Issued by: LucidWeb Issue date: 30/08/2019 Due date: 31/08/2019 Work Package Leader: Europe Unlimited Start date of project: 01 December 2018 Duration: 30 months Document History Version Date Changes 0.1 05/08/2019 First draft 0.2 26/08/2019 First version submitted for partners review 1.0 30/08/2019 Final version incorporating partners input Dissemination Level PU Public Restricted to other programme participants (including the EC PP Services) Restricted to a group specified by the consortium (including the EC RE Services) CO Confidential, only for members of the consortium (including the EC) This project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement N° 825545. Main authors Name Organisation Leen Segers, Diana del Olmo LCWB Quality reviewers Name Organisation Youssef Sabbah, Tanja Baltus EUN Jacques Verly, Alain Gallez I3D LEGAL NOTICE The information and views set out in this report are those of the authors and do not necessarily reflect the official opinion of the European Union. Neither the European Union institutions and bodies nor any person acting on their behalf may be held responsible for the use which may be made of the information contained therein. © XR4ALL Consortium, 2019 Reproduction is authorised provided the source is acknowledged. D5.1 Map of funding sources for XR technologies - 30/08/2019 Page 1 Table of Contents INTRODUCTION ................................................................................................................
    [Show full text]
  • The Rise of Late-Stage Funding for European Technology Scale-Ups
    Blooming Late: The rise of late-stage funding for European technology scale-ups NOVEMBER 2019 Introduction Europe’s technology industry continues to grow up. Across the EU, Israel, Russia and Turkey, startup ecosystems are flourishing, expanding and - in a few places - maturing into veritable world-class hotbeds for innovation. Evidently, challenges remain and Europe will have to overcome many of them to even have a chance of staying competitive in an ever-evolving world - and with haste to boot. To continue scaling up and accelerate the maturation process of its key tech hubs, Europe has to play to its strengths and eliminate some of its inherent weaknesses to mitigate the risk of getting left behind. Two of these weaknesses have historically been the lack of major exits and late-stage financing rounds (€100 million and more) for Europe’s fastest-growing tech businesses as catalysts for growth. As we’ve detailed in previous reports on the influx of capital for Europe’s finest tech startups, there has been a tremendous increase in investment volume for early-stage and growth-stage companies in recent years, with no signs of a slowdown so far. Numbers only tell part of a story, but the rise in seed and growth capital (Series A-B-C) flowing to European tech businesses across the region paints a picture of a healthy collection of ecosystems with potential for further growth. But when it comes to really big rounds of financing, Europe hasn’t really seen many of those to date, certainly not in comparison to the US and, increasingly, China.
    [Show full text]
  • ANNUAL FINANCIAL REPOR T / APRIL R Egistration D Ocument / Y
    ANNUAL FINANCIAL REPORT / APRIL Registration Document / Year 2013 REGISTRATION DOCUMENT REGISTRATION financial annual Report 2013 ANNUAL FINANCIAL REPORT 2013 REGISTRATION DOCUMENT Pursuant to Article 212-13 of the general regulations of the French securities regulator (Autorité des Marchés Financiers, AMF), the present annual financial report was filed (in French) with the AMF as a registration document on March 31st, 2014. It may be used in market transactions provided that it is accompanied by a copy of a prospectus that has been duly approved by the AMF. This document has been drawn up by the issuer and is the responsibility of its signatory. Financial information manager: Marc Le Doze Chief Financial Officer APRIL, Tel. +33 (0)4 72 36 18 85 CONTENTS PART 1 PART 4 MAIN DOCUMENT STATUTORY FINANCIAL STATEMENTS 06 Responsibility for this financial report and audits 168 APRIL statutory financial statements and notes at 08 General information on the company and its share capital December 31st, 2013 16 Information on the company’s activities 200 Statutory Auditors’ general report on the annual financial statements 33 Net worth – Financial position – Earnings 201 Special Statutory Auditors’ report on regulated agreements 38 Corporate Governance and commitments 46 Recent developments and outlook 203 General Shareholders’ Meeting Resolutions PART 2 PART 5 MANAGEMENT REPORT APPENDIX 48 Management report 216 Description of the share buyback program 80 Five-year financial summary 217 Index of headings 81 Chairman of the Board of Directors’ report
    [Show full text]
  • Future Finance & Investment Chapter
    FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS OF THE GRI GLOBAL COMMITTEE FUTURE FINANCE & INVESTMENT CHAIRPERSON VICE-CHAIR Audrey Klein Peter Plaut Head of Investor Relations (Funds) Executive Director Kennedy Wilson Wimmer Family Office Investor Relations (Funds) Investor - Family Office Kennedy Wilson is a global real estate operator. We focus Wimmer Family Office offers both bespoke investment portfolio on multifamily, office and industrial properties located in the solutions for family offices and high net worth individuals as Western U.S., U.K., Ireland and Spain. Headquartered in Beverly well as its core investment trend following strategy through the Wimmer Wealth Protection Fund. Hills, CA, and London, UK, Kennedy Wilson has 16 global offices. Audrey Klein is the Head of Fundraising for Kennedy Wilson Europe. Prior to Peter Plaut is an Executive Director at Wimmer Family Office focused on origination, this she held Head of Fundraising roles at several firms but is best known for researching and structuring private debt and equity transactions across a broad range starting the European business out of London for the Park Hill Real Estate of industries including specializing in real estate across the residential, office and hotel Group, a Division of Blackstone, which she ran for 9 yrs. Prior to joining Park and hospitality sectors. Minimum transaction size is $100mm to well over $1 billion. Hill, she ran her own business for 5 yrs marketing alternative asset funds Mr. Plaut is consistently recognized as a leader in the industry. Among his many across all asset classes including private equity, real estate and hedge funds achievements and awards, he was ranked as one of the Top 20 Rising Stars of Hedge to European investors comprised of pension funds, banks, family offices and Funds during the 2008 financial crisis –a recognition of his ability to manage through high net worth individuals.
    [Show full text]
  • CEE/Cisan Overview of Trends in Select Sectors and Markets March 2009
    CEE/CISAn Overview of Trends in Select Sectors and Markets March 2009 Region Snapshot rivate equity investors face numerous and diverse challenges in the Central and Eastern Europe (CEE) includes: Central & Eastern Europe (CEE) and the Commonwealth of Indepen- Albania Bosnia and Herzegovina dent States (CIS) regions in the current economic climate. Once thought P Bulgaria immune to regional woes, the 10 CEE countries which acceded to the Eu- Croatia ropean Union (EU) in 2004 and 2007 are encountering domestic fiscal and Czech Republic economic problems, and worries about regional systemic risk are mounting. Estonia Hungary Among EU countries, Hungary and Latvia are struggling most. Despite a com- Latvia Lithuania bined US$35 billion in bailout funds from the IMF, GDP is expected to fall by 3% Montenegro in Hungary in 2009, and 12% in Latvia. In the CIS, growing worries about politi- Poland cal risk are compounding economic concerns. Russia’s August invasion of Geor- Republic of Macedonia gia accelerated investor fears, as have tensions surrounding the Anglo-Russian Romania oil joint venture TNK-BP Holding. Fallen energy prices threaten the economic sta- Serbia bility of the oil-centric economies of the CIS. Ukraine’s attempts to prop up its Slovakia Slovenia currency have failed, and the second tranche of a US$16.4 billion IMF bailout Turkey remains in question. Further, the ongoing power struggle between Prime Minis- The Commonwealth of Independent States (CIS) ter Yulia Tymoshenko and President Viktor Yushchenko have heightened worries includes: about Ukraine’s political stability. The IMF projects slight contractions in growth Armenia for both the CEE and CIS sub-regions in 2009, representing a significant slow- Azerbaijan down from growth rates of 5.4% and 8.6% growth, respectively, just two years prior.
    [Show full text]
  • Confronting Antisemitism in Modern Media, the Legal and Political Worlds an End to Antisemitism!
    Confronting Antisemitism in Modern Media, the Legal and Political Worlds An End to Antisemitism! Edited by Armin Lange, Kerstin Mayerhofer, Dina Porat, and Lawrence H. Schiffman Volume 5 Confronting Antisemitism in Modern Media, the Legal and Political Worlds Edited by Armin Lange, Kerstin Mayerhofer, Dina Porat, and Lawrence H. Schiffman ISBN 978-3-11-058243-7 e-ISBN (PDF) 978-3-11-067196-4 e-ISBN (EPUB) 978-3-11-067203-9 DOI https://10.1515/9783110671964 This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. For details go to https://creativecommons.org/licenses/by-nc-nd/4.0/ Library of Congress Control Number: 2021931477 Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available on the Internet at http://dnb.dnb.de. © 2021 Armin Lange, Kerstin Mayerhofer, Dina Porat, Lawrence H. Schiffman, published by Walter de Gruyter GmbH, Berlin/Boston The book is published with open access at www.degruyter.com Cover image: Illustration by Tayler Culligan (https://dribbble.com/taylerculligan). With friendly permission of Chicago Booth Review. Printing and binding: CPI books GmbH, Leck www.degruyter.com TableofContents Preface and Acknowledgements IX LisaJacobs, Armin Lange, and Kerstin Mayerhofer Confronting Antisemitism in Modern Media, the Legal and Political Worlds: Introduction 1 Confronting Antisemitism through Critical Reflection/Approaches
    [Show full text]
  • Board Meeting Agenda Wednesday, May 26, 2021, 9:30 A.M.* I
    Board Meeting Agenda Wednesday, May 26, 2021, 9:30 a.m.* I. Minutes (Voting Item) II. Executive Director/Chief Investment Officer Report A. PRIT Fund Performance and Markets Update B. Organizational Updates III. PRIM’s Investment Equity Diversity Program Update – “The FUTURE Initiative” IV. Investment Report A. Strategy Group 1. Portfolio Completion Strategies Performance Summary 2. Power Pacific China A-Shares Absolute Return Managed Account (Voting Item) 3. Risk – Benchmarking Review (Voting Item) B. Public Markets 1. Performance Summary 2. Other Credit Opportunities: New Investment Recommendation: Oaktree Fund-of-One (Voting Item) C. Private Equity 1. Performance Summary and Cash Flows 2. Commitment Summary 3. Follow-on Investment Recommendations: (Voting Item) a. Hellman & Friedman Capital Partners Fund X, L.P. b. TA Associates XIV, L.P. and TA Select Opportunities Fund II, L.P. c. Providence Strategic Growth Fund V, L.P. d. Insight Venture Partners XII, L.P., Insight Partners XII Buyout Annex Fund, L.P., and Insight Partners Fund X Follow-On Fund, L.P. e. Quad-C Partners X, L.P. f. Thompson Street Fund VI, L.P. 4. Follow-on Investment Recommendation: Flagship Pioneering Fund VII, L.P. (Voting Item) D. Real Estate and Timberland Performance Summary V. Finance & Administration Report A. Draft Fiscal Year 2022 Operating Budget (Voting Item) B. Issuance of a Request for Proposals (RFP) for Proxy Voting Services (Voting Item) C. Legal/Legislative Update D. Other Matters: 1. March 2021 PRIM Operating Budget 2. Travel Report 3. Client Services *This meeting will be held in accordance with the provisions of the Governor's Order of March 12, 2020 "Suspending Certain Provisions of the Open Meeting Law", and all members of the Board will participate remotely via audio/video conferencing, and public access to the deliberations of the Board will likewise be provided via telephone.
    [Show full text]
  • CVCA Private Equity Report a Paper Re Deal Activity in 2018 July 2019 CVCA Private Equity Report | a Paper Re Deal Activity in 2018
    CVCA Private Equity Report A paper re deal activity in 2018 July 2019 CVCA Private Equity Report | A paper re deal activity in 2018 Welcome to the 2018 Activity Report of the Czech Private Equity & Venture Capital Association, produced by Deloitte in association with the Czech Private Equity & Venture Capital Association. 2 CVCA Private Equity Report | A paper re deal activity in 2018 Introduction The Czech private equity market again and set to slow further as external risks – Mega-deals, typically quick to disappear made headlines in 2018, with the country such as Brexit-induced trade tensions in uncertain times, remain in the offing, home to one of Europe’s largest tech IPOs close to home and the US trade dispute with Sanofi’s sale of Zentiva to Advent when internet security firm Avast dual- with China – impact forecasts and GDP International topping value charts and listed on the London and Prague Stock growth is expected to end this year at making headlines. Last year also saw the Exchange in May. The deal was a welcome 2.3%. The Czech National Bank stepped Prague Intercontinental Hotel sold to R2G reminder to investors that Czech up its monetary tightening in 2018, with (completing this year); the same backer businesses can become world-beating late-2017 hikes continuing into 2018 to owns Pegas Nonwovens and announced companies given the right support. The end the year on 1.75%. This May saw the bolt-on acquisition of First Quality’s US year also saw a record level of fundraising a further rise to 2.0%, though we do not and China nonwoven operations.
    [Show full text]
  • Entrepreneurship in Spain
    All you need to know about entrepreneurship in Spain June 2021 edition A way to make Europe EUROPEAN REGIONAL DEVELOPMENT1 FUND CONTENT Part I – STARTING POINT • Creating a startup Part II – RESOURCES FOR STARTUPS • Resources for startups • Incubators • Accelerators • Specific services suppliers Part III – FINANCING FOR STARTUPS • How to obtain financing • Private sector • Public sector • European calls • National calls Part IV – EVENTS FOR STARTUPS • Events Part V – AUTONOMOUS REGIONS • Programs and subsidies for startups This guide is intended as a collection of resources for startups in their different stages of seeking public and/or private funding 2 Part I Starting point CREATING A STARTUP IN SPAIN The steps to establish a startup are the same as for any other company. The very first one is to determine the most appropriate legal form, a decision that will be influenced by the startup´s later needs regarding participation deals and receipt of third-party investment. The most used legal forms are: Spain • Limited Liability Company (Sociedad Limitada, S.L.) in • Corporation (Sociedad Anónima, S.A.). startup Both forms can also be set up as a sole-shareholder entity (Sociedad Anónima Unipersonal, S.A.U. and Sociedad Limitada Unipersonal, S.L.U. respectively) a at the time of incorporation or be converted into a sole-shareholder entity afterwards. While there are alternatives to these legal forms, they aren´t advisable for startups that will be seeking to add partners to the project and/or third-party investors. For information purposes, these include: Freelancer (Autónomo), Private partnership (Sociedad Civil) or Jointly-Owned Entity (Comunidad de creating Bienes), or a Cooperative (Cooperativa).
    [Show full text]