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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. -
Real Estate Pledge Funds: an Alternative in the Alternative Space
2013 Real Estate Pledge Funds: An Alternative in the Alternative Space THE CHALLENGING FUND-RAISING ENVIRONMENT of Background and Structure the past few years for the alternative asset market has drawn Pledge funds are often contractual arrangements taking the increasing attention to fund-raising alternatives, including a form of individual “investment” or “participation” agree- revival of interest in “pledge fund” structures.1 Pledge funds, ments between the sponsor and each investor. Pledge funds once more popular as precursors to true blind pool funds, can also be structured as sponsor-managed limited partner- UPDATE fell out of favor during the frothy fund-raising period of the ships or LLCs, with the participating investors admitted as mid-2000s. However, as fund sponsors have seen the fund- limited partners or members. Whether a pledge fund is raising market tighten and investors increase their interest structured as a contractual arrangement or as a partnership in “direct” investments, a market has begun to develop for or another vehicle, a new vehicle would typically be formed pledge funds. These fund structures can present an attrac- to facilitate each investment, admitting only those investors tive midpoint between the direct investment model and a that have opted in to make the investment. Investors that fully committed blind pool, enabling sponsors to have some opted out of the investment are therefore shielded from any amount of certainty in funding their deals and allowing in- exposure resulting from an investment they do not make. vestors to retain discretion over their investment decisions by being able to opt in or opt out on a deal-by-deal basis. -
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. -
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. -
BMO Private Equity Trust PLC
BMO Private Equity Trust PLC Annual Report and Accounts 31 December 2019 BMO Private Equity Trust PLC Celebrating1 | BMO Private 20 Equity years Trust PLC– 1999 to 2019 Report and Accounts 2019 | PB 2 | BMO Private Equity Trust PLC Report and Accounts 2019 | 1 Overview Overview Contents Chairman’s statement Strategic Auditor’s Report Overview Independent Auditor’s Report 40 Company Overview 2 Report Financial Highlights 3 Summary of Performance 4 Financial Report Statement of Comprehensive Income 46 5 Balance Sheet 47 Chairman’s Statement Statement of Changes in Equity 48 Governance Statement of Cash Flows 49 Strategic Report Notes to the Financial Statements 50 Strategic Report – Introduction 7 M DisclosuresAIF 63 Principal Policies 9 Report Promoting the Success and Sustainability of the Company 11 Sustainability and ESG 12 Annual General Meeting Key Performance Indicators 13 Notice of Annual General Meeting 64 Investment Manager 14 Investment Manager’s Review 15 Other Information Auditor’s Shareholder Information 69 Portfolio Summary 19 Top Ten Holdings 20 History 70 Report Portfolio Holdings 22 Historical Record 70 Principal Risks 24 Alternative Performance Measures 71 Glossary of Terms 73 Governance Report w Ho to Invest 75 Corporate Information 76 d of BoarDirectors 26 Financial Report of the Directors 27 Report Corporate Governance Statement 31 Report of the Audit Committee 33 Report of the Nomination Committee 35 Directors’ Remuneration Report 36 Report of the Management Engagement Committee 38 Statement of Directors’ Responsibilities 39 AGM Other Information 2 | BMO Private Equity Trust PLC Report and Accounts 2019 | 1 185155 PET AR19 PRINT.indd 1 16/04/2020 13:58 BMO Private Equity Trust PLC Company Overview The Company BMO Private Equity Trust PLC (‘the Company’) is an investment trust and its Ordinary Shares are traded on the Main Market of the London Stock Exchange. -
Annual Report
Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)). -
DENVER CAPITAL MATRIX Funding Sources for Entrepreneurs and Small Business
DENVER CAPITAL MATRIX Funding sources for entrepreneurs and small business. Introduction The Denver Office of Economic Development is pleased to release this fifth annual edition of the Denver Capital Matrix. This publication is designed as a tool to assist business owners and entrepreneurs with discovering the myriad of capital sources in and around the Mile High City. As a strategic initiative of the Denver Office of Economic Development’s JumpStart strategic plan, the Denver Capital Matrix provides a comprehensive directory of financing Definitions sources, from traditional bank lending, to venture capital firms, private Venture Capital – Venture capital is capital provided by investors to small businesses and start-up firms that demonstrate possible high- equity firms, angel investors, mezzanine sources and more. growth opportunities. Venture capital investments have a potential for considerable loss or profit and are generally designated for new and Small businesses provide the greatest opportunity for job creation speculative enterprises that seek to generate a return through a potential today. Yet, a lack of needed financing often prevents businesses from initial public offering or sale of the company. implementing expansion plans and adding payroll. Through this updated resource, we’re striving to help connect businesses to start-up Angel Investor – An angel investor is a high net worth individual active in and expansion capital so that they can thrive in Denver. venture financing, typically participating at an early stage of growth. Private Equity – Private equity is an individual or consortium of investors and funds that make investments directly into private companies or initiate buyouts of public companies. Private equity is ownership in private companies that is not listed or traded on public exchanges. -
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. -
Pt1~~'~ Sillman, Joseph Blalk, John Vl- I\Orkmg 36 Hours and the Next Team Now
Search for school planetarium director continues left for a teachmg pOSitIOn at mechamcal abIlIty, ImagInatIOn of the Community Performmg moo the curricula for elementary, By Margie Reins Smith aren't scheduled for any tIme Macomb CommunIty College He and creatIvIty for development of Arts Center and dedicated on middle and high school students StaN Writer soon - perhaps not until Septem- teaches phySICSand astronomy. programs, and a teachers' certIfi- Oct 27, 1982. Director Tim m Grosse Pomte. Planetariums are supposed to ber The $225,000 bUlldmg,which "It was an excltmg thmg," said Grosse Pomte IShavmg trouble cate. Skomeczny was hired away from Bob Thomson, director of the be dark Not 24 hOUl& a day, how. seats 36 people and features a Robert Welch, director of Secon- findmg another dIrector Accord- ever Not locked up tIght, wIth- SpItz projector and a 24-foot Roosevelt High School m Wyan- mg to VIncent LoCIcero, presI- planetarIUm at Adler Elemen- dotte, which had been forced to dary Curriculum In Grosse out VISltOls,wIthout dllectOl or dome, was constructed With dent of the Grosse Pomte school tary School m Southfield smce It close Its planetanum because of Pomte "I have nothmg but money flom the estate of BenJa board, planetarIum directors are opened m 1968, said he backed students the system's financial troubles praise for what has happened Grosse Pomte's foul and a-half mm Long a rare breed The pOSItIOnIS a mto the pOSitIOn "I taught as SkOnIeczny began an ambItIous there " The publIc school faclhty, one very speCialIzed field, Involvmg tlonomy m OhlO for five years year-old planetanum at NOlth senes of commumty programs The faCIlItywas closed last Au. -
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. -
Private Debt Spotlight
Volume 1, Issue 2 Private Debt Spotlight June 2016 Welcome to the latest issue of Private Debt Spotlight, the monthly newsletter from Preqin providing insights into private debt fundraising, Feature Article: Distressed Debt in North 2 investors, performance and more. Private Debt Spotlight America uses information from our In this month’s feature article, we analyze North America-focused distressed debt funds, including fundraising, dry powder, the largest funds to have award-winning Private Debt closed and more. Online service. Lead Article: Private Debt in Asia 5 Sign up to receive your free issue of Private Debt Here, we take a closer look at Asia-focused private debt fundraising, including Spotlight every month: funds closed in 2015 and those currently in market. www.preqin.com/signup NEWS Preqin Industry News 8 We present the latest private debt news, including recently closed funds, investors seeking new commitments and funds currently in market. Featured Publication The Facts The 2016 Preqin Sovereign Wealth Fund Review Private Debt Investors 9 Distressed Debt Fundraising 10 In association with: Fund Manager League Tables: Asia & Rest of World 11 alternative assets. intelligent data Conferences 12 2016 Preqin Sovereign Wealth Fund Review Upcoming private debt conferences around the world that Preqin will be attending in the near future, and available discount codes. www.preqin.com/swf Did you knnow...? Contact Us You can download all the data in this month’s Spotlight in Excel. Preqin operates from offi ces in New York, London, Wherever you see this symbol, the data is available for free download on Singapore, San Francisco, Excel.