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Combining Banking with Private Equity Investing*
Unstable Equity? * Combining Banking with Private Equity Investing First draft: April 14, 2010 This draft: July 30, 2010 Lily Fang INSEAD Victoria Ivashina Harvard University and NBER Josh Lerner Harvard University and NBER Theoretical work suggests that banks can be driven by market mispricing to undertake activity in a highly cyclical manner, accelerating activity during periods when securities can be readily sold to other parties. While financial economists have largely focused on bank lending, banks are active in a variety of arenas, with proprietary trading and investing being particularly controversial. We focus on the role of banks in the private equity market. We show that bank- affiliated private equity groups accounted for a significant share of the private equity activity and the bank’s own capital. We find that banks’ share of activity increases sharply during peaks of the private equity cycles. Deals done by bank-affiliated groups are financed at significantly better terms than other deals when the parent bank is part of the lending syndicate, especially during market peaks. While bank-affiliated investments generally involve targets with better ex-ante characteristics, bank-affiliated investments have slightly worse outcomes than non-affiliated investments. Also consistent with theory, the cyclicality of banks’ engagement in private equity and favorable financing terms are negatively correlated with the amount of capital that banks commit to funding of any particular transaction. * An earlier version of this manuscript was circulated under the title “An Unfair Advantage? Combining Banking with Private Equity Investing.” We thank Anna Kovner, Anthony Saunders, Antoinette Schoar, Morten Sorensen, Per Strömberg, Greg Udell and seminar audiences at Boston University, INSEAD, Maastricht University, Tilburg University, University of Mannheim and Wharton for helpful comments. -
Private Equity Overview
Private Equity Overview Faegre Drinker’s national private equity practice FOCUSED on the has the experience to deliver success in large, middle market sophisticated transactions, as well as the agility and rate structure to equally excel in smaller transactions. Our private equity team is a core part of our 175-lawyer M&A practice, which over the past three years has OVER 175 dedicated closed over 725 deals with an aggregate value of over $100 billion. M&A professionals We know the private equity deal market, and we understand and apply the latest structures, strategies and practices for private equity deals, with extensive OVER 725 M&A deals experience on both the buy-side and the sell-side. We deliver value in advising funds, management, over the past three years co-investors and portfolio companies throughout the private equity life cycle. From acquisitions, to minority and control investments, day-to-day counseling, add- on acquisitions, recapitalizations and restructurings, OVER $100 BILLION and ultimately to the array of exit events, we provide aggregate deal value practical guidance and solutions throughout the full over the past three years range of opportunities and issues. We team with our national-level fund formation and governance professionals to offer additional levels of insight and experience, and we capitalize on the knowledge of our over 1,300 attorneys, consultants and professionals to deliver top-level value and results. Our team represents clients and leads transactions across a wide range of industries, including Sources say the group is manufacturing, consumer and retail, insurance, food and beverages, sports and entertainment, industrials, ‘excellent technically and, from a transportation and logistics, communications and media, health care, life sciences, education, financial customer service perspective, goes services, and technology. -
Staffing M&A Funders and Advisors
Global Market Information and Forecasts Staffing M&A Funders and Advisors 2 September 2020 | Adam Pode, Director of Research (EMEA & APAC) | [email protected] M&A Funders and Advisors Directory | 2 September 2020 Introduction Use this report to identify M&A • This directory provides full records for over 30 companies operating in the M&A space funders and advisors and around the world. Some firms provide services in just one market while others provide understand the nature of their international and cross-border M&A advice and services in up to 40+ countries. They are services listed in alphabetical order, and an index is provided at the rear of this document (page 34). • An additional 115+ firms who have been identified as providing M&A services are also shown (pages 28 to 33). We have tried to make this report as exhaustive as possible, but if there are additional companies you believe should be listed, or if you would like to contribute a “full” entry within this directory, please contact the author, shown below. • This report is designed as a standalone document but can also be read in conjunction with our M&A reports which are available to subscribers of Staffing Industry Analysts’ research services. These included our interactive dashboard of staffing and workforce solutions M&A activity, which details more than 1,300 transactions in the sector. • If you are interested in joining our service or require further information, please contact Tina McGarvey at [email protected]. In addition, you can subscribe free to our Daily News, which reports deals as and when they happen, by clicking here. -
Portfolio Value-Adding by Private Equity Houses: Walking the Walk Or Just Talking the Talk?
Portfolio value-adding by private equity houses: Walking the walk or just talking the talk? June 2010 Dr Mike Hicks Catalysis Advisory Portfolio value-adding by private equity houses Participants Twenty five private equity houses - across a full range of sizes and styles of investment - provided input. In the tables and graphics below they have been divided into approximate size groups based on self-declared equity-cheques. Name Group/abbreviation Octopus Ventures Maven Capital Partners Small cap YFM Private Equity ISIS Equity partners Lyceum Capital August Equity Dunedin Capital Partners HIG Capital Lower mid-market (LMM) Canter Equity Partners Chamonix Private Equity Baird Capital Partners Europe Total Capital Partners Macquarie HgCapital Nova Capital Management GMT Communications Partners AAC Capital Partners HSBC Private Equity Upper mid-market (UMM) ECI Partners Palamon Capital Partners Silverfleet Capital Duke Street 3i CVC Big buy-out (BBO) Blackstone Mike Hicks: Catalysis Advisory Page 2 Portfolio value-adding by private equity houses Executive summary 1. This study fills a gap in knowledge of value-adding practices across the mid-market 2. Private equity houses have a good record of adding greater value than public companies and over the last decade more houses have worked to improve this area. But more is demanded both by circumstances and LPs and there is a perception that plenty of value is being left on the table. 3. In many cases value-adding approaches emerged to handle tactical problems and have evolved piecemeal. Large ticket investors benefit from more manpower while small cap houses run much more on a shoestring. But mid-market investors have adopted variations on the large buy-out model when it comes to applying resources post-deal. -
Digital When Possible Physical When Needed
Capio Annual Report 2017 Capio Annual Report 2 0 1 7 Digital when possible Physical when needed Contents This is Capio 2017 in brief 4 Comment by the President and CEO 6 Value creation model 8 Healthcare trends 10 Strategy and targets 12 Basic strategic elements 14 Strategic priorities 16 The Capio model 20 Capio’s financial model 22 Financial targets and development 23 Capio as an investment 24 The European healthcare market 26 Market overview 26 Sweden 30 Norway and Denmark 31 Value creation model France 32 8 Germany 33 Business overview Capio Nordic 34 Capio France 42 Capio Germany 46 Capio’s role in society 52 Sustainable society 52 Quality 54 Business ethics 56 Employees 57 Environment 61 Strategy and targets Risk management 62 12 Contents of financial reports 64 Administrative report 65 Group Financial reports 74 Notes 81 Parent Company Financial reports 113 Notes 117 Auditor’s report 122 Definitions 126 Sustainability statements 127 50 Capio’s role in society Corporate Governance Report 142 Group Management 149 Board of Directors 150 The share 153 History 154 Contact 155 The digital consultation on the cover image shows a fictitious dialogue. An innovative and reliable partner ... Our mission is to cure, relieve and comfort anyone seeking medical care from Capio. Depending on the patient’s diagnosis and circumstances in life, we typi- cally provide care during a care episode lasting between ten minutes and ten days. The aim of our work is always to achieve the best possible quality of life for every patient. Capio’s activities are based on three fundamental values, quality, compassion and care, which guide our day-to-day work and how we act in rela- tion to patients, relatives, colleagues and society in general. -
Capio Annual Report 2014 Capio Annual Report 2014
Capio Annual Report Capio Annual Report 2014 2014 Quality, compassion, care Kvalitet, medkänsla, omsorg Qualité, compassion, responsabilité Qualität, mitgefühl, fürsorge Contents This is Capio flap Capio is a leading, pan-European healthcare 2014 in brief 1 provider offering a broad range of high quality Comment by the President and CEO 2 medical, surgical and psychiatric healthcare Strategy and development 4 services in four countries through our hospitals, Healthcare in Europe 6 specialist clinics and primary care units. In The Capio model 12 2014, Capio’s 12,3571 employees provided The basis 14 healthcare services during 4.6 million2 patient The method 15 visits across our facilities in Sweden, Norway, The practice 16 France and Germany, generating net sales of Medical quality 18 Capio’s financial model 22 MSEK 13,200. 1 Number of employees as full-time equivalents on average during the year. Business overview 26 2 Number of inpatient and outpatient visits. Capio Nordic 28 Capio France 35 Capio Germany 38 Employees 40 Code of Conduct 42 European Works Council 43 Contents Financial Reports 44 Administrative report 45 Group Financial reports 54 Accounting principles 61 Notes 69 Parent Company Financial reports 91 Accounting principles 95 Notes 96 Auditor’s report 100 Definitions 101 Group Management 102 Board of Directors 104 History 106 Contact 106 Cover photographs, clockwise: Capio City Clinic Helsingborg Söder, Sweden Capio St Göran’s Hospital, Sweden Capio Geriatrics Dalen, Sweden Volvat Oslo Sentrum, Norway Capio Clinique Sainte Odile, France Capio St Göran’s Hospital, Sweden This is Capio Mission Cure. Relieve. Comfort. We have a mission: to cure, relieve and comfort anyone seeking medical care from Capio. -
Advancing the Role of the Finance Executive
Advancing the role of the finance executive Built on the back of in-depth conversations with private equity CFOs, a 20-year heritage of our CFO community and the annual conference Contents » Connect. Evolve. Advance. » Past attendees list » Testimonials » Product offering » Messaging platform functionality » Unlock your networking opportunities with our virtual platform » Events 2 of 13 Advance your career Get direct access to industry peers and specialists who are tackling the same problems and obstacles you face. Benchmark your strategies and solutions to progress Connect. with confidence. Evolve. Advance your team Successful CFOs have a strong support team. Give Advance. your COO, CIO CCO, Finance Director and Controller The industry defining CFO & COO Forum All Access. Dive into a wide range of operational hot is now just one of the many essential topics from tax and compliance to recruitment, data updates we’ll give you throughout the year security management and cyber risk. with your CFO All Access subscription, designed around you to unlock: » Insider know-how – from CFO leaders at the top firms, to the innovators in the mid and lower market Advance your firm » Sector specific xpertisee – from technology to human capital to ESG The world is changing faster than ever – driven by macro issues such as climate change, a pandemic » Regulatory insight – direct from SEC global recession and political uncertainty. Progressive executives and directors strategies on ESG and diversity are no longer nice to » Authoritative market commentary – haves. LPs are directing capital to firms that take these from our acclaimed editorial team topics seriously and can show it. -
HVPE Prospectus
MERRILL CORPORATION GTHOMAS// 1-NOV-07 23:00 DISK130:[07ZDA1.07ZDA48401]BA48401A.;44 mrll.fmt Free: 11DM/0D Foot: 0D/ 0D VJ J1:1Seq: 1 Clr: 0 DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;67 8 C Cs: 17402 PROSPECTUS, DATED 2 NOVEMBER 2007 Global Offering of up to 40,000,000 Shares of 1NOV200718505053 This document describes related offerings of Class A ordinary shares (the ‘‘Shares’’) of HarbourVest Global Private Equity Limited (the ‘‘company’’), a closed-ended investment company organised under the laws of Guernsey. Our Shares are being offered (a) outside the United States, and (b) inside the United States in a private placement to certain qualified institutional buyers (‘‘QIBs’’) as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), who are also qualified purchasers (‘‘qualified purchasers’’) as defined in the U.S. Investment Company Act of 1940, as amended (the ‘‘U.S. Investment Company Act’’) (the ‘‘Global Offering’’). We intend to issue up to 40,000,000 Shares in the Global Offering. In addition, we intend separately to issue Shares to certain third parties in a private placement in exchange for either cash or limited partnership interests in various HarbourVest-managed funds (the ‘‘Directed Offering’’ and, together with the Global Offering, the ‘‘Offerings’’). We will not issue, in the aggregate, more than 85,000,000 Shares in the Offerings. The Shares carry limited voting rights. No public market currently exists for the Shares. We have applied for the admission to trading all of the Shares on Euronext Amsterdam by NYSE Euronext (‘‘Euronext Amsterdam’’), the regulated market of Euronext Amsterdam N.V. -
Quarterly Report Q2 2009
PEARL HOLDING LIMITED QUARTERLY REPORT Q2 2009 Quarterly report for the period from 1 April 2009 to 30 June 2009 2 PEARL HOLDING LIMITED QUARTERLY REPORT Q2 2009 PEARL HOLDING LIMITED The convertible bond issued by Pearl Holding Limited provides access to the private equity asset class. For the fi rst time, investors have the opportunity to buy into the earnings poten- tial of a broadly diversifi ed private equity portfolio, while enjoying capital protection and a 2% coupon. Its tailor-made structure makes the convertible bond suitable for German pri- vate and institutional investors (i.e. “sicherungsvermögens- und spezialfondsfähig”). This document is not intended to be an investment ad- vertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using fi nan- cial information contained in the company’s books and records as of the reporting date. This information is be- lieved to be accurate but has not been audited by any third party. This report describes past performance, which may not be indicative of future results. The com- pany does not accept any liability for actions taken on the basis of the information provided. 3 TABLE OF CONTENTS 1 Investment manager´s report 4 2 Private equity market environment 8 3 Portfolio allocation 10 4 Portfolio 12 5 Portfolio overview 14 6 Financial figures 17 4 PEARL HOLDING LIMITED QUARTERLY REPORT Q2 2009 1 INVESTMENT MANAGER´S REPORT NAV in the context of the economic were offset to a certain extent by IFRS va- downturn luation methods used by the investment manager to refl ect the “fair value” of Pearl’s Against the backdrop of a persistently dif- portfolio. -
PEI June2020 PEI300.Pdf
Cover story 20 Private Equity International • June 2020 Cover story Better capitalised than ever Page 22 The Top 10 over the decade Page 24 A decade that changed PE Page 27 LPs share dealmaking burden Page 28 Testing the value creation story Page 30 Investing responsibly Page 32 The state of private credit Page 34 Industry sweet spots Page 36 A liquid asset class Page 38 The PEI 300 by the numbers Page 40 June 2020 • Private Equity International 21 Cover story An industry better capitalised than ever With almost $2trn raised between them in the last five years, this year’s PEI 300 are armed and ready for the post-coronavirus rebuild, writes Isobel Markham nnual fundraising mega-funds ahead of the competition. crisis it’s better to be backed by a pri- figures go some way And Blackstone isn’t the only firm to vate equity firm, particularly and to towards painting a up the ante. The top 10 is around $30 the extent that it is able and prepared picture of just how billion larger than last year’s, the top to support these companies, which of much capital is in the 50 has broken the $1 trillion mark for course we are,” he says. hands of private equi- the first time, and the entire PEI 300 “The businesses that we own at Aty managers, but the ebbs and flows of has amassed $1.988 trillion. That’s the Blackstone that are directly affected the fundraising cycle often leave that same as Italy’s GDP. Firms now need by the pandemic, [such as] Merlin, picture incomplete. -
Partners Group Private Equity
SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-08-26 | Period of Report: 2020-06-30 SEC Accession No. 0001752724-20-174334 (HTML Version on secdatabase.com) FILER Partners Group Private Equity (Master Fund), LLC Mailing Address Business Address 1114 AVENUE OF THE 1114 AVENUE OF THE CIK:1447247| IRS No.: 800270189 | State of Incorp.:DE | Fiscal Year End: 0331 AMERICAS AMERICAS Type: NPORT-P | Act: 40 | File No.: 811-22241 | Film No.: 201137479 37TH FLOOR 37TH FLOOR NEW YORK NY 10036 NEW YORK NY 10036 212-908-2600 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of June 30, 2020 is set forth below: INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) Acquisition Fair Industry Shares Date Value Common Stocks (2.38%) Asia - Pacific (0.06%) Alibaba Group Holding Ltd. Technology 06/19/20 4,439 $ 957,581 APA Group Utilities 02/11/16 360,819 2,765,432 Total Asia - Pacific (0.06%) 3,723,013 North America (1.09%) American Tower Corp. -
Capio AB (Publ) Interim Report Jan – Sep 2018
Capio AB (publ) Interim report Jan – Sep 2018 July – September 2018 January – September 2018 Net sales MSEK 3,816 (3,455). Organic sales growth Net sales MSEK 12,151 (11,250). Organic sales 2.1% (2.2) and total sales growth 10.4% (9.1) growth 1.6% (2.0) and total sales growth 8.0% (8.8) EBITDA1 MSEK 189 (168) and margin 5.0% (4.9). EBITDA1 MSEK 782 (766) and margin 6.4% (6.8). EBITDA increased by 12.5% EBITDA increased by 2.1% EBITA1 MSEK 66 (53) and margin 1.7% (1.5). EBITA EBITA1 MSEK 415 (427) and margin 3.4% (3.8). increased by 24.5% EBITA decreased by 2.8% Operating result (EBIT) MSEK -39 (18) and margin Operating result (EBIT) MSEK 260 (335) and margin -1.0% (0.5). EBIT decreased by 316.7% 2.1% (3.0). EBIT decreased by 22.4% Profit for the period2 MSEK -54 (-7). Earnings per Profit for the period2 MSEK 145 (215). Earnings per share after dilution2 SEK -0.36 (-0.03) share after dilution2 SEK 1.05 (1.53) All numbers in MSEK, if not else stated. CEO COMMENT: “Nordic develops well while France improves in a weak market and Germany is under restructuring.” Organic sales growth of 2.1% and EBITA growth The French segment improved in Q3 2018 in a market of 24.5% in the seasonally weak third quarter, characterized by low volume growth. Organic sales growth in especially impacting the French and German the quarter was supported by two more working days segments compared with the same period in 2017.