DOCSLIB.ORG

Partners Group Global Value SICAV

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Partners Group Global Value SICAV Partners Group Global Value SICAV Société d’Investissement à Capital Variable ("SICAV") Unaudited Semi-Annual Report 2016 Unaudited financial statements for the period from 1 January 2016 to 30 June 2016 R.C.S. Luxembourg B 124.171 No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter. TABLE OF CONTENTS Mangement and Administration 3 Board of Director’s Report 4 Statement of net assets as at 30 June 2016 8 Statement of operations and changes in net assets for the period ended 30 June 2016 9 Statement of net asset value per share for the period ended 30 June 2016 20 Statement of changes in the number of shares outstanding for the period ended 30 June 2016 22 Notes to the financial statements as at 30 June 2016 23 - 2 - Management and Administration Registered office 2, Place François Joseph Dargent, L-1413 Luxembourg Board of Directors Chairman Sérgio Raposo Partners Group (Luxembourg) S.A. Directors Dr. Helene Müller Schwiering Advokatgruppen Luxembourg Roland Roffler Partners Group AG Daniel Van Hove Orionis Management S.A. AIFM Name Partners Group (UK) Ltd. 110 Bishopsgate, 14th Floor Registered office London EC2N4AY, United Kingdom Administration and Advisors Legal Advisor Loyens & Loeff Luxembourg S.à r.l. 18-20 rue Edward Steichen, L - 2510 Luxembourg Depositary and Paying Agent, Registrar and M.M.Warburg & CO Luxembourg S.A. Transfer Agent 2, Place François Joseph Dargent, L-1413 Luxembourg Administrator and Domicilary Agent WARBURG INVEST LUXEMBOURG S.A. 2, Place François Joseph Dargent, L-1413 Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, L-2182 Luxembourg - 3 - Board of Director’s Report Positive NAV development (+2.5%) in volatile times With 2.5% year-to-date performance for the share class R (EUR), Partners Group Global Value SICAV (the “Fund”) has seen a solid first half of the year in 2016. Since inception in 2007, the Fund has outperformed the MSCI World TR by more than 30% on a net basis with continuously low volatility of only 5.2%. In an environment characterized by choppy public markets, the Fund continued its stable path of growth. Therefore it is expected to offer downside protection amid toppish equity markets given that, in contrast to public markets, valuations are rather earnings-based than sentiment-driven. Major performance drivers in the first half of 2016 were the Fund's direct investments, with VAT Group AG ( “VAT”) being the largest contributor. During the reporting period, the Fund sold a substantial part of its lead direct equity investment VAT. Due to supportive exit markets and Partners Group's active value creation at company level, the 10x oversubscribed IPO of VAT was successful with the company having priced its IPO at CHF 45 per share, which equals an enterprise valuation of CHF 1.6bn. Following the listing and the successful exercise of the over-allotment option, funds managed and/or advised by Partners Group and Capvis continue to hold approximately 45.8% of VAT's share capital. Since its listing, the share price has risen to CHF 61.70 1 representing an increase of 37%. According to the Financial Times, VAT was the largest IPO in Europe as of 30 April 2016. In cooperation with investment partner Capvis, Partners Group has initiated several projects which have contributed to the successful development of the company since it was acquired in 2014. Already in the due diligence phase, possibilities for improvement were identified by Partners Group's dedicated mid-market industry value creation team. These value creation initiatives included the optimization of VAT's global production and supply chain which was one of the key drivers of the company's significant margin improvement. Supply chain initiatives included a diversification and optimization of cost of goods through global sourcing which resulted in a reduced Swiss franc cost exposure while the production initiative implied the rollout of lean production principles which led to time savings of up to 54% in the assembly process of key products. Furthermore, VAT's leverage has been reduced by generating significant cash flows and successfully implementing a number of working capital initiatives. Overall in 2015, VAT increased its revenue by 13% whereas the EBITDA rose over-proportionally by 22% to CHF 127 million at a margin of close to 31%. Partners Group is confident of VAT's future prospects as a public company and Alfred Gantner, co-founder of Partners Group, intends to continue supporting the company in its next growth phase as the vice-chairman of the board of directors. Apart from VAT, the Fund's direct equity investments in Action, Pacific Bells as well as Project Gold Chain have contributed substantially to the Fund's value increase. The Dutch discount retailer Action continued its international expansion increasing the number of stores to over 720 from 256 at the time of acquisition. Pacific Bells, a franchisee of the Taco Bells and Buffalo Wild Wing brands has been positively revalued after completing its acquisition of RGT Foods, a network of 35 Taco Bell restaurants in Tennessee and Mississippi. The transaction was all-debt financed via an increase in the company's term loan. Overall, the ten largest value drivers contributed EUR 34.7 million to the Fund's performance. 1 Share price as of 30 June 2016 - 4 - Sustained high investment activity with an increased decline rate Partners Group's investment approach remained highly selective throughout the first half of 2016, rejecting 2'907 of the 2'981 screened investments, resulting in a decline rate of 98%. The investment focus remained predominantly on directs (equity and debt) in the small- and mid-cap space, which continued to offer relative value compared to the large-cap segment. Besides the direct transactions, the Fund became more active on the primary side whereas secondary investments were pursued only very selectively. Overall, the Fund invested EUR 166.1 million in twelve new direct as well as two secondary transactions and committed 73.6 million to eight primary investments. Direct investments Guardian Early Learning Group In March, Partners Group acquired Guardian Early Learning Group (Guardian), from exiting private equity firm Navis Capital, at an enterprise value of approximately AUD 440 million. Guardian is an early childhood education group and one of the largest Australian providers of company-sponsored childcare as well as childcare services to local community centers. Founded in 2004, Guardian currently has over 70 early learning centers that provide more than 10'000 families and their children with high-quality early learning and care on a daily basis. Guardian is an attractive investment opportunity given the strong underlying demand for childcare in Australia. Early childhood has been proven to be a crucial stage in a child's learning and development, and innovators like Guardian provide an essential service to society. Post-acquisition, Partners Group will draw on its experience in the childcare and education sectors to support the expansion of Guardian's network of centers. Au Housing Finance In June, Partners Group agreed to acquire Au Housing Finance, an Indian housing finance company in a corporate carve-out. The company provides housing loans to India's low and middle income segments. The market is defined by low default rates given strong lender rights coupled with low loan-to-value ratios and the cultural belief in the home as a family's most important asset. Partners Group had identified Au Housing as an attractive target ahead of the process and teamed up with an existing investor of the parent company, Kedaara Capital. This relationship, combined with Partners Group’s deep knowledge of the housing finance segment and its strong industrial partner network built during prior work in this segment, positioned the consortium as the management's preferred partner. Partners Group will support the company in driving its future growth strategy and help improve the company's processes and systems to absorb the growth. Netsmart Technologies Also in June, Partners Group made a debt investment in Netsmart Technologies. The investment supports the joint-acquisition of the company by its NASDAQ-listed competitor Allscripts Healthcare Solutions, alongside equity sponsor GI Partners. Netsmart, a provider of software and technology solutions to the healthcare industry, will be merged with Allscripts' homecare business. Netsmart's applications are used in areas such as electronic health records, patient management and billing. The company serves more than 24'000 home health, hospice and healthcare service organizations, with a network that includes over 500'000 care providers. - 5 - Secondary investment Project Nevada In May, the Fund invested in Project Nevada, a secondary transaction that comprises the acquisition of a direct equity stake in Europastry, the leader in the Spanish frozen dough sector and portfolio company of MCH fund III, together with a primary commitment to MCH fund IV. The direct investment is an attractive asset with strong margins and increasing international expansion opportunities. Partners Group was well-positioned to evaluate and execute the opportunity given its previous experience in the global private-label food sector. Primary investments Advent International Global Private Equity VIII-A L.P. In March, a primary commitment was made to Advent International GPE VIII, a fund managed by Advent International, a global mid-market buyout firm which typically takes a lead position in its investments. In addition to its team of over 170 investment professionals, Advent's Portfolio Support Group helps to define and align the business and strategic plans between the investment and management teams. Just like its predecessor funds, Advent GPE VIII will target control buyouts and recapitalizations in the US and Europe, with a focus on the industrial, healthcare, consumer, financial services and technology, media and telecommunications sectors.
Load more

Recommended publications
  • 2016 Cross-Border M&A Conference
    2016 CROSS-BORDER M&A CONFERENCE Investment, Digitization and Globalization in Times of Disruption DATE Tuesday, September 20, 2016 TIME 9.00 am - 4.00 pm CEST VENUE Hotel Bayerischer Hof, Munich Co-sponsored by Media Partners In partnership with 2016 CROSS-BORDER M&A CONFERENCE Investment, Digitization and Globalization in Times of Disruption US/Europe and Asia/Europe Cross-Border M&A and Activist Shareholders McDermott Will & Emery’s Munich M&A Conference In contrast with 2015, Q1of 2016 was considerably slow- (MuMAC) is celebrating its 6th year. We are looking forward er. M&A activity by deal volume globally was down by 24 to welcoming significant M&A market participants, strategic per cent this year, compared to Q1 of 2015. In the private and private equity investors, and individuals from the advi- equity market, buy-outs were down by 15.3 per cent and sory world to take part in discussions on topics relating to exits by 29.7 per cent over the same period. Was this as a cross-border M&A. result of the markets preparing for the uncertainty surround- ing the United Kingdom’s Brexit Referendum, or a sign of We would very much like to thank in advance our key note something wider? speaker Callum Mitchell-Thomson, Head of Investment Banking Germany for J.P. Morgan Chase & Co., and the MuMAC 2016 is the best place to get answers from experts. many speakers participating in the panel discussions. Come and join us. MuMAC 2016 will cover topics of major significance to the cross-border M&A markets, including regional investment trends in Europe, both from and into Asia and the United States.
    [Show full text]
  • Private Equity in Sweden
    PRIVATE EQUITY IN SWEDEN An analysis of the private equity industry in Sweden and two case studies on individual companies’ competitive strategy JOHAN MATTISSON MASTER THESIS LUND UNIVERSITY, 2017 Abstract Private equity is a growing global phenomena and private equity companies have become a major force in many of Sweden’s industries. These companies own portfolio companies which together employs around 190 000 people and have an annual revenue of over 318 billion SEK. The purpose of this thesis was to describe and analyze the Swedish private equity industry and individual companies’ competitive strategy to increase value of portfolio companies and to attract capital. The methodical approach of this thesis was qualitative and abductive. Only public data was used bar the two interviews that was conducted with the case companies. The theoretical framework for the industry analysis was Porters five forces. The case companies were analyzed on the corporate, business and operational levels of strategy. A resource based view was used to further analyze the case companies’ strategic capabilities. The main findings from the industry analysis was that the vast majority of investors in Swedish private equity funds are made by professional institutions and a large amount of the investments were of international origin. The large pool of investors makes it easier for Swedish private equity companies to attract capital. The number of new private equity funds have been declining since 2007 but at the same time the average fund size has grown. There are many differentiating factors between private equity companies. This differentiation is beneficial for the private equity companies as they become less commoditized from the viewpoint of an investor.
    [Show full text]
  • ANNUAL REVIEW 2017 Land of the Giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus
    ANNUAL REVIEW 2017 Land of the giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus Ares Management is honored to be recognized as Lender of the Year in North America for the fourth consecutive year as well as Lender of the Year in Europe Lender of the year in Europe Ares Management, L.P. (NYSE: ARES) is a leading global alternative asset manager with approximately $106 billion of AUM1 and offices throughout the United States, Europe, Asia and Australia. With more than $70 billion in AUM1 and approximately 235 investment professionals, the Ares Credit Group is one of the largest global alternative credit managers across the non-investment grade credit universe. Ares is also one of the largest direct lenders to the U.S. and European middle markets, operating out of twelve office locations in both geographies. Note: As of December 31, 2017. The performance, awards/ratings noted herein may relate only to selected funds/strategies and may not be representative of any client’s given experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. learn more at: www.aresmgmt.com | www.arescapitalcorp.com The battle of the brands the US market on page 80, advisor Hamilton TOBY MITCHENALL Lane said it had received a record number EDITOR'S of private placement memoranda in 2017 – ISSN 1474–8800 LETTER MARCH 2018 around 800 – and that this, combined with Senior Editor, Private Equity faster fundraising processes, has made it dif- Toby Mitchenall, Tel: +44 207 566 5447 [email protected] ficult to some investors to make considered Special Projects Editor decisions.
    [Show full text]
  • Private Equity
    Kuwait Financial Centre “Markaz” P R I V A T E E Q U I T Y U P D A T E Private Equity Month End February, 2008 Market Trends Private Equity update: Compiled from various public - The Private Equity market in 2008 has started off slow, with no sources expectation to pick up quickly. The sluggish start was expected for 2008, so this doesn’t come as a surprise to investors. Total leveraged buy-out volume so far in 2008 is down to $34 billion, two-thirds of the volume at this time the previous year. A single mega-deal from 2007 eclipses the total buy-out volume for 2008. While the level of activity has been slow-moving, the industry is still sitting on $820 billion of uncalled capital from investors. The average size of buy-outs this year, $120 million, is the lowest since 2001. - For the average private equity firm, about 38 individuals are employed for every $1 billion of assets under management, and this number decreases to 15 or less at many of the larger firms. With this type of a work force, it will prove influential since $10 billion buy-outs occur daily. However, if the investors deploy the funds across an array of smaller deals, it will result in longer waiting periods, as well as smaller returns. - Investors in the real estate market in 2008 are the most optimistic, due to predictions of higher or the same returns for this year. Investors intend on using the same type of strategy for deals in 2008.
    [Show full text]
  • 2018.Pdf 1 11/4/18 9:17
    AF_Cub-Anuario-ASCRI-2018.pdf 1 11/4/18 9:17 C M Y CM MY CY CMY K Anuario 2018 Directory Patrocinado por / Sponsored by: ANUARIO ASCRI 2018 Todos los derechos reservados ASCRI: Príncipe de Vergara, 55, 4ºD. 28006 Madrid DISEÑO EXTERIOR: Atela Comunicación Corporativa DISEÑO INTERIOR: Zingular FOTOMECÁNICA: Zingular IMPRENTA: Zingular 2 sumario / index CARTA DEL DIRECTOR GENERAL DE ASCRI 4 ASCRI Managing Director´s Letter QUÉ ES ASCRI 7 7 What is ASCRI PRIMEROS RESULTADOS DEL AÑO 2017 14 First results for the 2017 exercise LISTA DE ENTIDADES DE CAPITAL PRIVADO ORIENTADAS A INVERTIR EN VENTURE CAPITAL 26 Venture Capital entities LISTA DE ENTIDADES DE CAPITAL PRIVADO ORIENTADAS A CAPITAL EXPANSIÓN Y ÚLTIMAS ETAPAS DE INVERSIÓN 38 Private Equity entities DISTRIBUCIÓN GEOGRÁFICA DE LAS ENTIDADES DE VENTURE CAPITAL & PRIVATE EQUITY SOCIAS DE ASCRI 44 Geographical location of Venture Capital & Private Equity entities (ASCRI members) ÍNDICE DE TÉRMINOS QUE CONTIENEN LAS FICHAS 47 Index of terms included in this directory SOCIOS GESTORES 48 General Partners Members SOCIOS INVERSORES 150 Limited Partners Members SOCIOS ASESORES 160 Advisory Members LISTA DE PROFESIONALES DE LOS SOCIOS GESTORES E INVERSORES POR ENTIDAD 222 General Partners and Limited Partners Professionals listed by entity LISTA DE PROFESIONALES DE LOS SOCIOS GESTORES E INVERSORES POR APELLIDO 234 General Partners and Limited Partners Professionals listed by surname PROFESIONALES DE SOCIOS ASESORES POR EMPRESA 246 Advisory Members Professionals listed by entity PROFESIONALES DE SOCIOS ASESORES POR APELLIDO 256 Advisory Members Professionals listed by surname ASOCIACIONES EXTRANJERAS DE CAPITAL PRIVADO 266 Foreign Venture Capital & Private Equity Associations PUBLICACIONES DE INTERÉS 268 Publications related to the VC&PE Industry ANOTACIONES Y GLOSARIO DE TÉRMINOS 269 Notes and key words 3 I am honored to be leading the Spanish Venture Capital & Private Equity (ASCRI) (Asociación Española de Capital, Crecimiento e Inversión).
    [Show full text]
  • Private Equity Benchmark Report
    Preqin Private Equity Benchmarks: All Private Equity Benchmark Report As of 31st March 2014 alternative assets. intelligent data. Preqin Private Equity Benchmarks: All Private Equity Benchmark Report As of 31st March 2014 Report Produced on 9th October 2014 This publication is not included in the CLA Licence so you must not copy any portion of it without the permission of the publisher. All rights reserved. The entire contents of the report are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in the report is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of the report. While reasonable efforts have been used to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. Does not make any representation or warranty that the information or opinions contained in the report are accurate, reliable, up-to-date or complete.
    [Show full text]
  • EL CAPITAL PRIVADO, Impulso De La Economía Anuario 2019 Directory
    EL CAPITAL PRIVADO, impulso de la economía Anuario 2019 Directory Patrocinado por / Sponsored by: ANUARIO ASCRI 2019 Todos los derechos reservados ASCRI: Príncipe de Vergara, 55, 4ºD. 28006 Madrid DISEÑO EXTERIOR: Atela Comunicación Corporativa DISEÑO INTERIOR: Zingular IMPRENTA: Zingular 2 sumario / index CARTA DEL PRESIDENTE Y DEL DIRECTOR GENERAL DE ASCRI 4 ASCRI Chairman and Managing Director´s Letter QUÉ ES ASCRI 7 What is ASCRI PRIMEROS RESULTADOS DEL AÑO 2018 16 First results for the 2018 exercise LISTA DE ENTIDADES DE VENTURE CAPITAL, CORPORATE VENTURE E IMPACTO SOCIAL 28 Venture Capital, Corporate Venture and Social Impact entities LISTA DE ENTIDADES DE PRIVATE EQUITY 44 Private Equity entities DISTRIBUCIÓN GEOGRÁFICA DE LAS ENTIDADES DE VENTURE CAPITAL & PRIVATE EQUITY SOCIAS DE ASCRI 50 Geographical location of Venture Capital & Private Equity entities (ASCRI members) LISTA DE COMPAÑÍAS PARTICIPADAS 2018 53 Portfolio directory 2018 ÍNDICE DE TÉRMINOS QUE CONTIENEN LAS FICHAS 85 Index of terms included in this directory SOCIOS GESTORES 86 General Partners Members SOCIOS INVERSORES 204 Limited Partners Members SOCIOS ASESORES 216 Advisory Members LISTA DE PROFESIONALES DE LOS SOCIOS GESTORES POR ENTIDAD 288 General Partners Professionals listed by entity LISTA DE PROFESIONALES DE LOS SOCIOS GESTORES POR APELLIDO 300 General Partners Professionals listed by surname LISTA DE PROFESIONALES DE LOS SOCIOS INVERSORES POR ENTIDAD 312 Limited Partners Professionals listed by entity LISTA DE PROFESIONALES DE LOS SOCIOS INVERSORES POR APELLIDO
    [Show full text]
  • Our Credentials and Approach MAY 2021 Our Credentials and Approach
    our credentials and approach MAY 2021 our credentials and approach A new Alternative We launched Avonhurst, an advisory firm dedicated to the interests of sophisticated capital clients, to provide political strategy, legal advisory and capital services and the accompanying deal execution across Europe and beyond. As traditional law firms are focused on the model of billing by the hour in a manner that fails to align their interests with those of their clients, we listened to the concerns of the clients we have represented over the years and have built a new alternative. Rather than stick with the historic model, Avonhurst provides all the traditional legal services required by sophisticated capital but no longer uses the billable hour as the metric for determining value to clients. Instead we provide a blend of fixed fees, retainers and discounted fixed fees, contingent fees and discretionary fees. We are an advisory firm which finally aligns our interests with yours. Our partners and associates all hail from investment banks or top-tier international law firms and have decades of experience working for financial institutions, PE funds, credit funds and other sophisticated investors in high-profile transactions. We are fully aligned with our clients’ need for beneficial outcomes in any transaction and the need to work with all parties to secure these outcomes. Transaction delivery should be a process aimed at co-operation, efficient implementation and risk-allocation and Avonhurst is structured toward those ends. We supplement our base of experts with a targeted use of technology and smart insourcing to deliver efficient and effective services for lenders, borrowers, vendors and purchasers across markets, asset classes and geographies.
    [Show full text]
  • 1. Executive Summary - Sample Pages
    1. Executive Summary - Sample Pages 1. Executive Summary Fig. 1.1: Length of Time Taken to Raise Capital for Funds of Funds Compared to 12 Months Ago 5% Increased Executive Summary fi nal closes dropping from $369mn in 2007 49% to $234mn in 2011. Fund of funds managers have long played a 46% Stayed the Same signifi cant role in providing the private equity In addition to garnering smaller pools market with a fl ow of capital. They supply of capital from investors, fund of funds investors that possess insuffi cient knowledge managers are also taking longer to raise or experience to invest directly in private capital for their funds. In October 2011 equity funds with a way of accessing the Preqin surveyed 103 private equity fund of Decreased asset class, and are therefore an important funds managers to determine their current source of capital for fund managers. Despite views on the market and, as shown in Fig. the key position of multi-managers within 1.1, 49% of managers stated that the time the industry, the ongoing global economic taken to raise a vehicle has increased this volatility has left fund of funds managers year compared to 12 months ago. A further Fig. 1.2: Proportion of Investors in Funds of Funds that Anticipate Making a New Commitment to feeling the strain and under pressure to fi nd 46% stated that they have not seen an a Fund of Funds in the Next Three Years ways to maintain their position in the market. improvement in time taken to raise funds in Adapting to these uncertain fi nancial times 2011 compared to 2010, suggesting that the will be vital for fund of funds managers in the market is still sluggish and investors remain months ahead.
    [Show full text]
  • Crowdfunding Initiative from Finncap
    www.finnCap.com finnCap www.finnCap.com NOVEMBER 2014 THE ONLINE MONTHLY FOR THE ALTERNATIVE INVESTMENT MARKET JOURNAL In this issue ShareSoc wants nominee reform GENERAL NEWS Private shareholder pressure group UK to exercise. Holding shares via a nominee Quartix flotation Independent Shareholders Society (ShareSoc) account means that the investor is not a 02 has launched a campaign to reform UK share member of the company. ownership and in particular the system of In its document, Guaranteed Votes For nominee accounts. ShareSoc argues that the All Shareholders, ShareSoc argues: “The ADVISERS current nominee system has disenfranchised nominee system must be both reformed fAN Club crowd the majority of private shareholders and and usage curtailed, with most investors 03 undermined their right to have a say in the placed on the share register of the company. running of companies. It argues that there In addition, tax efficient vehicles such as should be substantial changes so it is easy for ISAs and SIPPs must support direct share NEWS all shareholders to vote. registration of investors rather than require MartinCo’s Legal Private shareholders predominantly hold the use of nominee accounts.” 04 move their shares in nominee accounts. ShareSoc ShareSoc highlights the Australian argues that the nominee system takes more settlement system (CHESS) because it retains account of the interests of brokers and the principle of individual shareholder names NEWS other advisers and many of the rights of being registered, which enables the company shareholders on the register are lost or difficult to continue to contact shareholders directly. Castleton 06 acquisition H-Scores point to performance DIVIDENDS Walker Greenback Company Watch says that the share prices of of less than 25.
    [Show full text]
  • Preqin Private Equity Benchmarks: Buyout Benchmark Report
    Preqin Private Equity Benchmarks: Buyout Benchmark Report As of 31st March 2014 alternative assets. intelligent data. Preqin Private Equity Benchmarks: Buyout Benchmark Report As of 31st March 2014 Report Produced on 9th October 2014 This publication is not included in the CLA Licence so you must not copy any portion of it without the permission of the publisher. All rights reserved. The entire contents of the report are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in the report is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of the report. While reasonable efforts have been used to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. Does not make any representation or warranty that the information or opinions contained in the report are accurate, reliable, up-to-date or complete.
    [Show full text]
  • Guidelinesmonitoringgroup Private Equity Monitoring Group on Transparency and Disclosure Third Report – December 2010
    GuidelinesMonitoringGROUP Private Equity Monitoring Group on Transparency and Disclosure THIRD REPORT – DECEMBER 2010 GUIDELINES MONITORING GROUP GUIDELINESMONITORINGGROUP THIRD REPORT – DECEMBER 2010 CONTENTS 1 Executive summary 3 2 Overview of the Guidelines 8 3 Review of conformity with the Guidelines 10 3.1 Introduction 10 3.2 Overview of findings 10 3.3 Private equity firms and Portfolio Companies covered by the Guidelines 10 3.4 Review of disclosure by Portfolio Companies 11 3.5 Review of disclosure by private equity firms 17 3.6 Other requirements and recommendations 18 Appendices 1 Private equity firms covered by the Guidelines 19 2 Portfolio Companies covered by the Guidelines 20 3 Guidelines for enhanced disclosure by Portfolio Companies and private equity firms 22 4 Guidance on the definition of a private equity firm for the purpose of the Guidelines 26 5 Recommendations for initiative by the industry association 27 6 Section 417 of the Companies Act 2006 31 GUIDELINES MONITORING GROUP GUIDELINESMONITORINGGROUP THIRD REPORT – DECEMBER 2010 3 EXECUTIVE SUMMARY 1 1.1 Introduction This is the third annual report of the Guidelines Monitoring Group (the “Group”) and provides a summary of the private equity industry’s conformity with the Guidelines for Disclosure and Transparency in Private Equity (the “Guidelines”) following their introduction in November 2007. The Group was established in March 2008 to monitor conformity with the Guidelines and make recommendations to the British Venture Capital Association (the “BVCA”) for changes to the Guidelines if required. The Group’s aim remains to guide and assist the industry in improving transparency and disclosure. 1.2 The Guidelines In February 2007, the BVCA asked Sir David Walker to undertake an independent review of the adequacy of disclosure and transparency in private equity, with a view to recommending a set of guidelines for conformity by the industry on a voluntary basis.
    [Show full text]