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Leadership Newsletter Winter 2020 / 2021
T���������, M���� ��� T����������������� Leadership Newsletter Winter 2020 / 2021 GTCR Firm Update Since the firm’s inception in 1980, GTCR has Technology, Media and Tele- partnered with management teams in more communications than 200 investments to build and transform growth businesses. Over the last twenty years alone, GTCR has invested over $16 billion in approximately 100 platform acquisitions, 30+ 95+ PLATFORMS ADD-ONS including more than 65 companies that have been sold for aggregate enterprise value of over $ $50 billion and another 14 companies that have 25B+ been taken public with aggregate enterprise value PURCHASE of more than $34 billion. In November 2020, PRICE we closed GTCR Fund XIII, the firm’s largest fund to date, with $7.5 billion of limited partner capital commitments. This fund follows GTCR Fund Acquisition Activity Since 2000 XII, which we raised in 2017, with $5.25 billion As of January 15, 2021* of limited partner capital commitments. GTCR currently has 25 active portfolio companies; ten of these companies are within the Technology, Media and Telecommunications (“TMT”) industry. Page 1 / Continues on next page Technology, Media and Telecommunications Group Update Since 2000, GTCR has completed over 30 new platform investments and over 95 add-on acquisitions within the TMT industry, for a total of over 125 transactions with a combined purchase price of over $25 billion. During just the past year, we have realized several of these investments, selling three businesses and completing the partial sale of two additional companies, for a combined enterprise value of over $9 billion. Our TMT franchise includes ten active portfolio companies and one management start-up, which together have completed nearly 30 add-on acquisitions under our ownership, representing approximately $3 billion of GTCR invested capital. -
Venture Capital, Private Equity and Real Estate on the Blockchain
VENTURE CAPITAL, PRIVATE EQUITY AND REAL ESTATE ON THE BLOCKCHAIN Whitepaper July 2018 Contents Preamble ..........................................................3 About Us ...........................................................4 Introduction ....................................................5 The Market .......................................................6 Private Equity ................................................................6 VC Market .......................................................................8 Real Estate – Europe ...................................................9 Real Estate – USA .........................................................10 The L7 Platform ...............................................11 L7 Global Holdings ......................................................11 Our Investment Criteria for Private Equity .............11 Our Investment Criteria for Venture Capital ..........11 L7 Real Estate ................................................................12 L7 Real Estate Europe ..................................................12 Benefits for Investors ...................................................14 Fixed Coupon Payout ...................................................14 Value Proposition ...........................................15 Investment Process ......................................................16 Crowdfunding .................................................17 Level 7 Crowdfunding Platform .................................19 Blockchain Technology ..................................20 -
US PE Breakdown Report 1Q 2019
US PE Breakdown Report 1Q 2019 April 2019 1 Introduction After 2018’s blistering pace of dealmaking, 2019 environment. 1Q 2019 saw just one PE-backed IPO has gotten off to a sluggish start. Poor as GPs instead opted to sell portfolio companies to performance in leveraged loan and high-yield other financial sponsors or strategic acquirers, markets during 4Q 2018 had an adverse impact on continuing recent trends. Market tranquility was the cost of deal financing, causing many GPs to sustained throughout the end of the quarter, so hold off on finalizing deals. These deals often take analysts expect the 1Q lull in exit activity to be months to close, and difficulty securing financing is short-lived. often evident in lower deal flow the following quarter. The deals that did close, however, were at Fundraising—unlike deals and exits—is on pace to elevated multiples similar to what we have match 2018’s annual total with over $40 billion witnessed in recent years. Pricing ought to remain raised in the first quarter. Fewer but larger funds competitive because GPs have record dry powder are closing, pushing median and average fund sizes waiting to be invested, pressuring PE firms to act. even higher. Strategies beyond the vanilla buyout continue to proliferate, with technology focused Exits experienced an even greater downturn than and growth equity funds witnessing massive closes. deals. Public equity price decreases in 4Q 2018 The recent figures also speak to a longer-term likely led to GPs marking down portfolio change whereby GPs headquartered in the Bay companies, though to a lesser extent than seen in Area and Chicago accounting for a swelling portion public indices. -
Energy Fundraising Saw a Significant Decline from the Previous Quarter, Falling to $450 Million
AMERICAN INVESTMENT COUNCIL 2018-Q2 Private Equity Industry Investment Report Table of Contents Page Executive Summary 3 Business Products & Services 5 Consumer Products & Services 7 Information Technology 9 Financial Services 11 Healthcare 13 Materials & Resources 15 Energy 17 PAGE 2 Executive Summary In the first half of 2018, Business Products and Services (B2B), Consumer Products and Services (B2C), and Information Technology (IT) sectors received more than half of all private equity investment. Fund managers invested $19B in B2C companies, while IT-related companies and B2B companies each received approximately $18 billion in investment during the same period. In addition, fund managers provided $14 billion to Energy companies while businesses in the Financial Services, Healthcare, and Materials and Resources sector secured investments of $11 billion, $11 billion and $7 billion, respectively. Overall, quarterly private equity investment declined to $41 billion from $58 billion in Q2. Only Consumer Products and Services and Healthcare saw increases in investment compared to the previous quarter. Investment rose from $9 billion to $10 billion and from $5 billion to $6 billion in Consumer Products and Services and Healthcare, respectively. Investment in the Information Technology sector experienced the steepest quarterly decline, falling $8 billion to $5 billion in Q2. While investment in Energy companies fell to $4 billion from $10 billion, other sectors—Business Products and Services, Financial Services, and Materials and Resources—saw -
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. -
New Litigation Document
Case 20-32564 Document 955 Filed in TXSB on 11/25/20 Page 1 of 66 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ) In re: ) Chapter 11 ) STAGE STORES, INC., et al.,1 ) Case No. 20-32564 (DRJ) ) Debtors. ) (Jointly Administered) ) SUPPLEMENTAL DECLARATION OF JOSHUA A. SUSSBERG IN SUPPORT OF THE DEBTORS’ APPLICATION FOR ENTRY OF AN ORDER AUTHORIZING THE RETENTION AND EMPLOYMENT OF KIRKLAND & ELLIS LLP AND KIRKLAND & ELLIS INTERNATIONAL LLP AS ATTORNEYS FOR THE DEBTORS AND DEBTORS IN POSSESSION EFFECTIVE AS OF MAY 10, 2020 I, Joshua A. Sussberg, being duly sworn, state the following under penalty of perjury: 1. I am the president of Joshua A. Sussberg, P.C., a partner of the law firm of Kirkland & Ellis LLP, located at 601 Lexington Avenue, New York, New York 10022, and a partner of Kirkland & Ellis International, LLP (together with Kirkland & Ellis LLP, collectively, “Kirkland”).2 I am the lead attorney from Kirkland working on the above-captioned chapter 11 cases. I am a member in good standing of the Bar of the State of New York, and I have been admitted pro hac vice in the United States Bankruptcy Court for the Southern District of Texas. There are no disciplinary proceedings pending against me. 2. I submit this supplemental declaration on behalf of Kirkland (the “Supplemental Declaration”) in further support of the Debtors’ Application for Entry of an Order Authorizing the Retention and Employment of Kirkland & Ellis LLP and Kirkland & Ellis International LLP as 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are: Stage Stores, Inc. -
Healthcare Deals
AMERICAN INVESTMENT COUNCIL 2018-Q4 Private Equity Industry Investment Report Table of Contents Page Executive Summary 3 Business Products & Services 5 Consumer Products & Services 6 Information Technology 7 Financial Services 8 Healthcare 9 Materials & Resources 10 Energy 11 PAGE 2 Executive Summary In 2018 private equity funds invested approximately $331 billion. Companies in the Business Products and Services (B2B), Consumer Products and Services (B2C) and Information Technology sectors received over $200 billion in investment last year. Fund managers invested $80 billion in B2C companies, while B2B companies received approximately $60 billion in investment. Companies in the information technology sector received $65 billion in investment in 2018. And $50 billion was invested in companies in the Healthcare sector. Investment in the remaining sectors went as follows, Energy companies received $35 billion in investment while businesses in the Financial Services, and Materials and Resources sectors secured investments of $28 billion and $12 billion, respectively. One of the largest investments of the fourth quarter was the buyout of the Refinitiv, a financial markets data provider, which was purchased for approximately $11 billion dollars. PAGE 3 2018 and 2017 Industry Investment 2018 2017 $331 Billion $305 Billion Note: Figures in this report are rounded PAGE 4 Business Products & Services (B2B) Deals Top Deals 2018-Q4 Company Date Investment Value (Bil) Financial Sponsor Sedgwick Claims Management 12/31/2018 $6.70 The Carlyle Group -
Private Equity Holdings Disclosure 06-30-2019
The Regents of the University of California Private Equity Investments as of June 30, 2019 (1) Capital Paid-in Capital Current Market Capital Distributed Total Value Total Value Description Vintage Year (2) Net IRR (3) Committed (A) Value (B) (C) (B+C) Multiple (B+C)/A) Brentwood Associates Private Equity II 1979 3,000,000 3,000,000 - 4,253,768 4,253,768 1.42 5.5% Interwest Partners I 1979 3,000,000 3,000,000 - 6,681,033 6,681,033 2.23 18.6% Alta Co Partners 1980 3,000,000 3,000,000 - 6,655,008 6,655,008 2.22 13.6% Golder, Thoma, Cressey & Rauner Fund 1980 5,000,000 5,000,000 - 59,348,988 59,348,988 11.87 30.5% KPCB Private Equity (Legacy Funds) (4) Multiple 142,535,631 143,035,469 3,955,643 1,138,738,611 1,142,694,253 7.99 39.4% WCAS Capital Partners II 1980 4,000,000 4,000,000 - 8,669,738 8,669,738 2.17 14.0% Brentwood Associates Private Equity III 1981 3,000,000 3,000,000 - 2,943,142 2,943,142 0.98 -0.2% Mayfield IV 1981 5,000,000 5,000,000 - 13,157,658 13,157,658 2.63 26.0% Sequoia Private Equity (Legacy Funds) (4) Multiple 293,200,000 352,355,566 167,545,013 1,031,217,733 1,198,762,746 3.40 30.8% Alta II 1982 3,000,000 3,000,000 - 5,299,578 5,299,578 1.77 7.0% Interwest Partners II 1982 4,008,769 4,008,769 - 6,972,484 6,972,484 1.74 8.4% T V I Fund II 1982 4,000,000 4,000,000 - 6,744,334 6,744,334 1.69 9.3% Brentwood Associates Private Equity IV 1983 5,000,000 5,000,000 - 10,863,119 10,863,119 2.17 10.9% WCAS Capital Partners III 1983 5,000,000 5,000,000 - 9,066,954 9,066,954 1.81 8.5% Golder, Thoma, Cressey & Rauner Fund II 1984 -
The Rise of Latham & Watkins
The M&A journal - Volume 7, Number 5 The Rise of Latham & Watkins In 2006, Latham & Watkins came in fifth in terms of deal value.” the U.S. for deal value in Thompson Financial’s Mr. Nathan sees the U.S. market as crucial. league tables and took second place for the num- “This is a big part of our global position,” he says, ber of deals. “Seven years before that,” says the and it is the Achilles’ heel of some of the firm’s firm’s Charles Nathan, global co-chair of the main competitors. “The magic circle—as they firm’s Mergers and Acquisitions Group, “we dub themselves—Allen & Overy, Freshfields, weren’t even in the top twenty.” Latham also Linklaters, Clifford Chance and Slaughters— came in fourth place for worldwide announced have very high European M&A rankings and deals with $470.103 million worth of transactions, global rankings, but none has a meaningful M&A and sixth place for worldwide completed deals presence in the U.S.,” Mr. Nathan says. Slaughter Charles Nathan worth $364.051 million. & May, he notes, has no offices abroad. What is behind the rise of Latham & Watkins Similarly, in the U.S., Mr. Nathan says that his in the world of M&A? firm has a much larger footprint than its domestic “If you look back to the late nineties,” Mr. rivals. “Unlike all the other major M&A firms,” Nathan says, “Latham was not well-recognized he says, “we have true national representation. as an M&A firm. We had no persona in M&A. -
Expansion Guide North America / Summer 2016
Retail & Restaurant Expansion Guide North America / Summer 2016 interactive menu click to get started INTRODUCTION ICSC PERSPECTIVE APPAREL ENTERTAINMENT ARTS / CRAFTS / HOBBIES FINANCIAL SERVICES AUTOMOTIVE FOOD-RELATED BEER / LIQUOR / WINE GROCERY BOOKS / MEDIA / TOYS HEALTH AND BEAUTY CARDS / GIFTS / NOVELTY HOME-RELATED CHILDCARE / LEARNING CENTERS JEWELRY CONSUMER ELECTRONICS MISCELLANEOUS RETAIL DEPARTMENT STORE PETS / PETCARE DISCOUNTERS / SUPERSTORES RESTAURANTS DRUG STORE / PHARMACY SPORTING GOODS North American Retail & Restaurant Expansion Guide Summer 2016 INTRODUCTION Welcome to the inaugural edition of the Cushman & Wakefield North American Retailer and Restaurant Expansion Guide In this report, we track the growth plans of thousands of major retail and restaurant chains and public statements made by company executives, and reliable “word on the street” throughout the United States and Canada. This is not your typical retail research report gathered from the retail and brokerage communities. Additionally, in cases where we were in that the purpose of the Expansion Guide is not to create hard metrics or to provide either unable to obtain reliable data or where we received questionable information, we numbers-driven statistical analysis. Certainly, our tracking of such data heavily informs provided our own estimates of current unit counts and likely growth in the year ahead. our standard research efforts from our quarterly reports to white papers on special topics. These estimates were based upon a mix of factors, including recent growth history and But the ultimate goal of this publication is to provide a glimpse of likely growth over the sector health. coming year across all of the major retail sectors from a mix of various concepts as we know or understand them. -
2018 Highlights 2018 Year-End Summary the Sun Transformation System
2018 HIGHLIGHTS 2018 YEAR-END SUMMARY THE SUN TRANSFORMATION SYSTEM 2018 came to an end in much the way it began, with a concentrated amount of Sun Capital looks to collaborate with management teams to leverage their deal activity. At the start of 2018, we invested in one new platform investment, experience and uses The Sun Transformation System - a dynamic set of tools – ClearChoice, while successfully exiting Robertshaw, Aclara, and Albéa. These three to help management teams tackle nearly every challenge in a systematic, exits had a combined enterprise value of $3.5 billion and all three were among rigorous, and comprehensive way. our five largest profit dollar exits in our 24+ year history. At the end of 2018, we closed two new platforms: Tier One Relocation and StonePoint Materials, with a DIRECT TOOLS ENABLER TOOLS combined investment of $212.6 million. Our existing portfolio companies also made significant progress last year, and • Superior Product/Service Offerings • Establish Priorities strengthened their business positions through add-on acquisitions and expanding • Pricing Excellence T • Align Team with Priorities R E E E CU A their leadership teams, aligning with their Sun Transformation System objectives • Sales Force Efficiency & Effectiveness H U L M • Culture Building G N T I E U & R H V to facilitate improvement. • Digital Marketing & Selling E E • Project Management Teams R Other highlights for 2018 included: PORTFOLIO COMPANY Completing four platform and ten add-on acquisitions L O C O W T S Realizing ~$1.8 billion of gross proceeds across the portfolio E A S S R E E • Procurement Excellence T R C • Financial Reporting S G O Completing 18 financings for approximately $1.5 billion • Continuous Improvement PR • Value Realization Processes • Facility & Footprint Optimization • Exit Preparation Process Promoting Melissa Klafter and Mark Hajduch to Managing Directors on • Spend Benchmarking & Prioritization • Sun Capital Partners Committees our infrastructure team As we enter 2019, the momentum of our transaction activity continues. -
INTERIM REPORT for the Period from 1 January 2007 to 30 September 2007 INTERIMSTATEMENT REPORT of the INVESTMENT MANAGER
INTERIM REPORT for the period from 1 January 2007 to 30 September 2007 INTERIMSTATEMENT REPORT OF THE INVESTMENT MANAGER INVESTMENT MANAGER’S REPORT PRINCESS’ NET ASSET VALUE UP 11% IN 2007 Princess continued its positive development during the third quarter of 2007. Despite the recent turbulence in the finan- cial markets and the weakness of the US dollar, the net asset value (NAV) increased by another 3.1% during the past three months to stand at EUR 98.64 per share at the end of Sep- Princess Private Equity Holding Limited (“Princess”) is an investment holding company tember 2007. A number of the underlying partnerships in the portfolio – especially buyout funds and partnerships in the domiciled in Guernsey that invests in private equity and private debt investments. North American region – reported write-ups, leading to reval- uations in the Princess private equity portfolio. Adjusted for Investments include primary and secondary fund investments, direct investments and the dividend that was paid out in April, the NAV has gained 11% since the beginning of the year. listed private equity. Princess aims to provide shareholders with long-term capital The recent concerns over the US subprime mortgage market growth and an attractive dividend yield. that spilled over to the wider credit market had no significant impact on the NAV development of the Princess portfolio and are not expected to materially affect the portfolio. Princess has no direct sub-prime exposure and while it has some The shares deliverable in the form of co-ownership interests in a global bearer certifi- exposure to the credit market through mezzanine invest- ments under its special situations allocation, these invest- cate are traded on the Frankfurt Stock Exchange.