DOCSLIB.ORG

Private Equity Spotlight

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Private Equity Spotlight Welcome to the latest edition of Private Equity Spotlight, the Private Equity Spotlight monthly newsletter from Preqin providing insights into private April 2011 equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les, Funds in Market, Secondary Market Monitor and Deals Analyst. The Missing 1,500 PE Investors Of the 4,300 institutional investors in private equity tracked by Preqin, 1,500 are April 2011 not considering new private equity fund opportunities. Why are so many investors Volume 7 - Issue 4 staying out of the market? Will they be coming back? Do they represent good opportunities for secondary market buyers? Our feature article reveals all. Page 3 FEATURED PUBLICATION: Preqin News Exclusives The 2011 Preqin Private Equity Secondaries Review Each month Preqin’s analysts speak to hundreds of investors, fund managers and intermediaries from around the world, uncovering vital, exclusive intelligence. This The 2011 Preqin Private Equity Secondaries Review month’s News Exclusives features important updates on KKR, Barclays and more. Page 10 Fundraising Assignment More information available at: www.preqin.com/secreview Using the Preqin Investor Intelligence database our analysts undertake a fundraising assignment for a fi rst time European mid-market buyout fund seeking €500mn in commitments. Our Long List reveals just how many investors are interested in a fund of this type, with the Short List detailing specifi c institutions believed to represent the best prospects. Page 8 London: Equitable House, 47 King William Street, The Facts London, EC4R 9AF +44 (0)20 7645 8888 Fundraising - fi nal fundraising stats for Q1 2011. Page 13 New York: 230 Park Avenue, Funds in Market - make-up of funds on the road going into Q2 2011. Page 14 10th Floor, New York, NY 10169 Deals - buyout deals and exits in Q1 2011. Page 15 +1 212 808 3008 Performance - performance fi gures from the latest data. Page 16 Singapore: Samsung Hub, Conferences - private equity events. Page 17 3 Church Street, Level 8, Singapore 049483 +65 6408 0122 You can download all the data in this month’s Spotlight in Excel. w: www.preqin.com Wherever you see this symbol, the data is available for free download on e: [email protected] Excel. Just click on the symbol and your download will begin automatically. You are welcome to use the data in any presentations you are preparing, please cite Preqin as the source. Twitter: www.twitter.com/preqin LinkedIn: Search for Preqin alternative assets. intelligent data. Fundraising to the next level We have a successful track record in raising capital for private equity and real estateoUPV IURPDURXQGWKHZRUOG Our ability to differentiate our clients in a highly FRPSHWLWLYHPDUNHWDQGRXUORQJVWDQGLQJ UHODWLRQVKLSVZLWKDFWLYHLQYHVWRUVLQ1RUWK $PHULFD(XURSH$VLDDQGWKH0LGGOH(DVWDUH NH\WRRXUVXFFHVV :HDUHSDUWQHUVZLWKHDFKRIRXUFOLHQWVKHOSLQJ WKHPUHDFKWKHQH[WOHYHOLQIXQGUDLVLQJ ZZZFVSOSFRP North America 2QH*DOOHULD7RZHU1RHO5RDG'DOODV7H[DV +1.972.980.5800 Europe *UDQG5XH1\RQq6ZLW]HUODQG +41.22.365.4500 Asia 6XLWH0HWUREDQN7RZHU<DQ$Q;,/X6KDQJKDLq&KLQD +86.21.6124.2668 Securities placed through CSP Securities, LP Member FINRA/SIPC Feature Private Equity Secondary Market Download Data The Missing 1,500 PE Investors: Why are they missing? Will they come back? Are they selling? Of the 4,300 investors in private equity funds that Preqin tracks 1,500 are not currently considering new private equity investment opportunities. Helen Kenyon investigates why, and whether they represent opportunities for secondary market buyers. The past few years have seen some signifi cant shifts in the attitudes Of the 1,500 investors Preqin is currently tracking that are not of institutional investors towards private equity. Investor confi dence actively making new commitments, a third have decided to place suffered in the wake of the fi nancial crisis as a result of uncertainty their investments on hold for a period of six months or more, but in the market and reduced valuations of portfolio holdings. intend to recommence investments within the next two years. Fig. 2 shows a breakdown of this group of investors by type of institution. Of the 4,300 investors in private equity funds that Preqin tracks, a signifi cant 1,500 past investors have revealed to us that they An example of an investor in this group is Dai-Ichi Life Insurance, are not currently considering new investment opportunities or are which placed its investments in alternatives, including private equity, over-allocated to the asset class. Although this is bad news for GPs on hold in 2008, but expects to start making new commitments to seeking capital for new funds, these investors represent a relatively private equity funds at some point this year. It intends to commit untapped source of potential deals for buyers of fund interests on $50 million to two or three funds by the end of 2011. the secondary market. A third of the 1,500 missing investors are therefore set to return to In this article, we explore the reasons why these LPs are not the asset class within the next couple of years. This is good news investing in the asset class and assess the likelihood that they will for GPs planning to start raising funds in the next year or so, and recommence investments in the future. We also investigate how they may fi nd it benefi cial to contact these investors now to begin likely these investors are to sell fund interests on the secondary to establish a relationship with them ahead of the commencement market and whether they represent good targets for secondaries of full-scale fundraising efforts. players. Investors in this category are not, however, such good targets for Investors on Hold secondary market buyers. Few of these investors intend to offl oad stakes in funds on the secondary market, though there are some Investors that placed their investments on hold during the worst exceptions. Esterad Investment Company is one such LP. It has of the fi nancial crisis are gradually returning to the market. Our not added any new private equity funds to its portfolio in the past December 2010 Investor Outlook report found that, of the investors couple of years, but has found that the denominator effect has left it planning to make new commitments to funds in 2011, 18% are over-allocated to the asset class. As a result, Esterad is considering investors that did not make any commitments in 2010 (see Fig. 1). selling private equity fund stakes during 2011. Fig. 1: Amount of Capital Investors Plan to Commit to Private Equity Fig. 2: Investors That Have Placed Their Private Equity Investments on Funds in 2011 Compared to 2010 - December 2010 Survey Results Hold Split by Type Source: Preqin Source: Preqin 3 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com Feature Private Equity Secondary Market Download Data Over-Allocation to Private Equity Over the past couple of years, we have seen an increasing number of investors exceed their targeted level of exposure to private equity. 2nd Annual Alternative More than 200 LPs are known to have current allocations to private equity that exceed their Investments Summit target allocations. May 4th, 2011 | New York Typically, investors over-allocated to private KEY TOPICS: equity will signifi cantly reduce the amount Evolving State of Alternative Investing in the Current Economic and Regulatory Climate of capital they make available for new Investor Concerns, New Asset Allocation Models, and the Role of Alternative Investments commitments or will opt to halt new investments Hedge Fund Trends: What’s Hot, What’s Not? in the asset class until their allocations fall Private Equity Prospects - Identifying the Most Promising Opportunities back within acceptable levels. The Teachers’ Strategies for Fund Formation Secondary Markets for Hedge Funds and Private Equity Funds Retirement System of Louisiana, for example, Trading ETFs: Factors to Consider has 12.2% of its total assets allocated to private Selecting the Best Hedge Fund Strategies for Your Portfolio and Objectives equity but has a target allocation of 10%. It has Cashing in on Commodity Inflation with a Manager Futures Program set aside $245 million for new commitments in Opportunities in Distressed and Credit Markets the 2011 fi scal year, signifi cantly less than the Plus, a special pre-conference workshop: Tail-Alpha: New Strategies for Managing Portfolio Tail Risk $1-1.2 billion set aside for new commitments in the 2010 fi scal year. Visit us at A small proportion of investors are now over- www.iglobalforum.com/2alternatives allocated to private equity as a result of a decision to reduce the level of their exposure to private equity. Pennsylvania State Employees’ Retirement System For example, WLD Enterprises, a family offi ce, does not plan is one such investor. It has 25.1% of its total assets in private equity to make new commitments to funds over the next few years as but intends to gradually reduce its exposure over the longer term to it is exceeding its 15% private equity target allocation, and is 15% in order to divert capital to other types of investment, including considering a secondary market sale in order to rebalance its fi xed income. portfolio. While not all investors that are over-allocated to private equity will LPs No Longer Investing in Private Equity stop making new investments in the asset class, for many this will be the case. Although this makes them poor targets for GPs Preqin currently monitors more than 800 investors that have some raising new vehicles, secondary market players may fi nd it worth previous exposure to private equity but that have opted to cease contacting them about the possibility of selling interests in funds in investment in the asset class for the foreseeable future.
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • Alternative Investment News November 10, 2008
    ain111008 6/11/08 19:18 Page 1 NOVEMBER 1O, 2008 LEHMAN/NOMURA PRIME BROKER VOL. IX, NO. 45 INTEGRATION HITS SYSTEMS SNAG Credit Suisse Cuts Combining the prime brokerage businesses of Nomura FoF Headcount Holdings and Lehman Brothers has reportedly hit a costly and The firm has trimmed 10 staffers from its fund of funds unit, with most of the unexpected snag that could delay full integration for an culled positions based in Europe. undetermined time, potentially stretching to several months or See story, page 9 over a year. An official involved with the merger integration plans told AIN that in Nomura’s acquisition of Lehman’s Asia, India and At Press Time European operations, it received the software for Lehman’s cash Zaragoza Likes Biotechs 2 prime brokerage system—which includes trading, analytics and (continued on page 19) The Americas Nonprofits To Add HFs 4 MELLON SUSPENDS SANCTUARY FUNDS Peloton Pro Sets Up Shop 4 Mellon Global Alternative Investments has suspended dealings on the $344 million Mellon RCG Bullish On Asia 6 Sanctuary Fund and the $426 million Mellon Sanctuary Fund II—its flagship event-driven Startup Readies Managed Account 7 and relative-value funds of hedge funds—as liquidity concerns have arisen from Europe unprecedented volatility in the markets. A number of the underlying funds “have invoked German Shop Revisits Launches 9 provisions that are intended for periods such as this where acute market illiquidity is coupled Pioneer Keen On Green 10 with extreme selling pressure,” stated an email sent to AIN by Spokesman Jamie Brookes. Mulvaney Sees Record Highs 11 (continued on page 20) Asia Pacific EX-FSA EXEC: SMALLER FUNDS NEED Infrastructure Firm Hires Trio 12 CLOSER SUPERVISION Japan Launch Pushed Back 13 The U.K.’s Financial Services Authority should monitor the behaviour of smaller hedge Middle East & Africa fund firms more closely because malpractice is more likely to go unnoticed in these firms.
    [Show full text]
  • 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.
    [Show full text]
  • Unilabs 2008 16 Sept
    Capio Case Study: Using Lean and Six Sigma to Advance Integrated Care in the Hospital ”A Journey towards the LEAN Laboratory supporting LEAN Healthcare” Tom M. Pettersson, Ph.D., Head of Development, Capio Diagnostics/Unilabs, St. Görans Hospital, Stockholm, Sweden [email protected] Unilabs 2008 16 Sept We are a leading supplier of laboratory-and radiology services in Europe. We supply diagnostic services – laboratory medicine and radiology services – to public and private health care units, insurance companies, occupational health units as well as to drug development companies. 1 Basic facts about Unilabs Operations in 11 European countries Denmark, Finland, France, Italy, Norway, Portugal, Russia, Spain, Sweden, Switzerland and the UK. Previous Capio Diagnostics No of employees: 3,100 No of radiology examinations: 700,000 Radiology units: 20 CD Stockholm CD Sörmland CD Skaraborg No of mammography screenings: 95,000 Mammography units: 11 No of laboratory medicine analyses: 28 million No of laboratories: 80 Turnover: € 360 M Capio — a pan European company • Leading European healthcare services provider to the public and private sector: – hospitals – primary care – specialist clinics – management contracts • Diverse customer base: – local, regional and national – health authorities Capio Diagnostics Capio Healthcare – insurance companies At StGörans Hospital – private customers • Only industry player with a real multi-country presence in Europe • 16,500 employees • 2006 turnover CHF 2,210 million (SEK 13,000 million) TP20071016 - 02 2 The HealthCare Value Stream Increasing Pressure Demand ”More For Less” Patient ”Third HC Laboratory IVD / MD / IT “The HC Party Providers Services Industry Consumer” Payer” Our Piece Process LEAN Healthcare LEAN Six Sigma LEAN In Product Six Sigma Six Sigma Design in HealthCare ISO? / QMS Towards the LEAN Laboratory 1999 ……….
    [Show full text]
  • Ramsay Générale De Santé's Offer for Capio Closes With
    ASX ANNOUNCEMENT 9 November 2018 RAMSAY GÉNÉRALE DE SANTÉ’S OFFER FOR CAPIO CLOSES WITH 98.51% ACCEPTANCE Ramsay Health Care Limited (Ramsay) advises that the extended acceptance period for Ramsay Générale de Santé’s (RGdS) public offer (Offer) for all the shares in Capio AB (publ) (Capio) closed on 7 November 2018. At the close of the extended acceptance period, shareholders holding approximately 98.51 per cent of the shares in Capio had accepted the Offer. Settlement in respect of shares tendered during the extended acceptance period (approximately 2.49 per cent of the shares in Capio) is expected to commence on or around 15 November 2018. Ramsay also advises that RGdS has decided not to further extend the acceptance period and intends to initiate a compulsory buy-out procedure with respect to the remaining shares in accordance with the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)). In connection with such compulsory buy-out procedure, RGdS intends to seek a delisting of Capio’s shares from Nasdaq Stockholm. Contacts: Craig McNally Carmel Monaghan Managing Director Chief of Staff Ramsay Health Care Ramsay Health Care + 61 2 9220 1000 + 61 438 646 273 About Ramsay Health Care Ramsay was established by Paul Ramsay AO, in Sydney, Australia, in 1964 and has grown to become a global hospital group offering a broad range of healthcare services across its network of hospitals, day surgery centres, rehabilitation units, mental health clinics and retail pharmacies. Ramsay currently owns and operates facilities across six countries including Australia, France, the United Kingdom, Italy, Indonesia and Malaysia, with 25,500 hospital beds and employing 64,000 staff.
    [Show full text]
  • Ramsay Générale De Santé's Public Offer for Capio Accepted by 96% Of
    ASX ANNOUNCEMENT 28 October 2018 RAMSAY GÉNÉRALE DE SANTÉ’S PUBLIC OFFER FOR CAPIO ACCEPTED BY 96% OF SHAREHOLDERS. THE OFFER IS NOW UNCONDITIONAL. Ramsay Health Care Limited (Ramsay) is pleased to advise that the public offer by its French subsidiary, Ramsay Générale de Santé (RGdS) of SEK 58 cash per share (Offer) for all the shares in Capio AB (publ) (Capio), has been accepted by shareholders holding approximately 96 per cent of the shares in Capio. The total value of the Offer (for 100% of the issued shares) is SEK8,187 million (€788 million (equiv)1 or AUD1,269 million (equiv) 2). As such, all conditions for the completion of the Offer have been satisfied and RGdS has announced that it will complete the Offer. Settlement in respect of shares tendered during the initial acceptance period (i.e., up until 25 October 2018) is expected to commence on or around 7 November 2018. Unconditional clearance was also received from the French Competition Authority. RGdS has decided to extend the acceptance period to 7 November 2018 in order to give remaining shareholders an additional possibility to accept the Offer. Settlement in respect of shares tendered during the extended acceptance period is expected to commence on or around 15 November 2018. RGdS intends to initiate a compulsory buy-out procedure with respect to the remaining shares in accordance with the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)). In connection with such compulsory buy-out procedure, RGdS intends to promote a delisting of Capio’s shares from Nasdaq Stockholm. Ramsay CEO and RGdS Chairman Craig McNally said this was a major milestone for the Company giving it a pan European footprint across seven countries with market leading positions in France and the Nordics, which are stable and growing markets with favourable fundamentals.
    [Show full text]
  • The Positive Role of Profit in the Field of Health Care
    November 2014 Health Care Series The Positive Role of Profit in the Field of Health Care by Yanick Labrie Are these beliefs justified? This Economic However, the revenues of privately run medic- Few topics of public Note will shine a light on this question, based al facilities depend on the number of pa- on the experiences of countries in Europe. In tients they treat. In order to attract clients, debate elicit more these countries, the private sector plays a they have to maintain their reputations. They emotion in people than leading role within health care systems that, have to adapt their practices to the expecta- the role of the private like Canada’s, are based on universal cover- tions and preferences of patients and con- age, but where patients can choose which tinually look for new and better ways of re- sector in health care. facilities will treat them, and where public sponding to their needs. In a competitive It is often argued that funding follows the patient. environment where the money follows the profit has no place in patient, hospitals that cut on service quality Does the profit motive encourage drive away their clients and simply cannot this sector, especially “the cutting of corners”? make a profit. when it comes to hospital care. Some As both experience and economic theory This popular belief is also contradicted by teach us, private companies must necessarily numerous foreign experiences. La Ribera people think that the offer goods and services that are valued by University Hospital in the Valencia region of profit motive would consumers if they want to prosper.
    [Show full text]
  • Getting in France
    THE BEST HOSPITALS AN INTERNATIONALLY RENOWNED HEALTHCARE SYSTEM GETTING MEDICAL TREATMENT IN FRANCE SEVEN MAJOR MEDICAL SPECIALITIES AND HOSPITALS READY TO WELCOME YOU › GETTING MEDICAL TREATMENT IN FRANCE / EDITORIAL › GETTING MEDICAL TREATMENT IN FRANCE / SUMMARY EDITORIAL SUMMARY The quality of care and the tradition of welcoming in France are well known. For the first time, French Healthcare is presented in a booklet for patients around the world. Healthcare in France 2 France is a land of medical innovation. Our teams of doctors, Practical information surgeons and researchers, trained at the highest level, are 6 used to world firsts in many therapeutic areas. In order to help international patients benefit from their expertise, Cardiology 8 French hospitals set new standards for people who choose to travel for care. Gynaecology – obstetrics 10 One of the priorities of the association French Healthcare (https://frenchhealthcare.fr), which brings together Neurology institutions and health professionals wishing to promote 12 French know-how abroad, is to propose a framework guaranteeing the satisfaction of patients and the quality of Oncology 14 care throughout their stay. The objectives of this approach include easier access to Orthopaedic services 16 «French» care, obtaining visas for health reasons, optimal reception in institutions for patients and their families, Paediatrics customized services, and specially trained staff. 18 Patients who do not have the health care provision in their Rehabilitation services 20 country of residence will now be able to find in France the best treatments and medical care, in terms of efficiency, cost and quality of reception. Thousand and one treasures of Discover France, a unique experience 22 French cities and territories also await them.
    [Show full text]
  • 2018 Comprehensive Annual Financial Report
    2018 ANNUAL REPORT Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 NYSTRS.org Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 STNYRS Committed to Providing Educators With a Secure Retirement Since 1921 NEW YORK STATE TEACHERS’ RETIREMENT SYSTEM Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 Our Mission: To provide our members with a secure pension. Our Vision: To be the model for pension fund excellence and exceptional customer service. Our Values: Integrity Excellence Respect Resourcefulness Diversity Diligence Balance In addition to the above, NYSTRS has five Strategic Objectives. These objectives serve as a guiding light for staff and are a daily reminder of our core beliefs. Each tabbed section divider in this report will examine one of the Strategic Objectives. When taken in concert with our Mission,Vision and Values, these ideals form the fabric of our culture. New York State Teachers’ Retirement System 10 Corporate Woods Drive Albany, NY 12211-2395 (800) 348-7298 NYSTRS.org xxx Table of Contents INTRODUCTION INVESTMENTS (cont.) ACTUARIAL (cont.) 88 Breakdown of Real Estate 117 History of Member Payroll and the 7 Board of Trustees Equity Portfolio Employer Contribution Rate 8 Organizational Structure & Geographic Distribution of the Schedule of Retired Members and Executive Staff Real Estate Equity Portfolio Benefciaries Added to and 9 NYSTRS Staff 89 Private Equity Net Asset Value by Removed from the Beneft Payroll 10 Letter
    [Show full text]
  • PRESS RELEASE July 3, 2017 Capio Acquires a Danish Orthopedic
    PRESS RELEASE July 3, 2017 Capio acquires a Danish orthopedic specialist clinic in Aarhus Capio has acquired 100% of the shares in GHP OPA Privathospital Aarhus A/S (“OPA Privathospital”). The clinic is primarily specialized in orthopedic surgery and is well-known for spine surgery, children orthopedics and sports injuries. Net sales in 2016 were MDKK 29. The operations at OPA (Ortopædic Hospital Aarhus) Privathospital are conducted in state of the art premises with modern equipment in the center of Aarhus, Denmark’s second largest city located on Mid Jutland. OPA Privathospital also includes a physiotherapy unit to complement the orthopedic offering. OPA Privathospital will be included in Capio’s Danish operations, Capio CFR, which have been part of Capio since January 1, 2017. Following the acquisition, Capio CFR is now active in four out of five Danish health regions. One of Capio’s current hospitals in Denmark is located in Skørping on North Jutland, and the acquisition is expected to complement the current activities and strengthen Capio’s footprint in Jutland, as well as the orthopedic offering in Denmark. Some synergies are expected from the acquisition, for example by sharing resources between the two Jutland units. Going forward, Capio also expects to grow OPA Privathospital by increasing the number of specialties provided at the clinic. The acquisition, which is not subject to approval by the authorities, was signed and closed on June 30, 2017. The acquisition is not expected to significantly impact the Group’s earnings in 2017. For information, please contact: Olof Bengtsson, CFO Telephone: +46 761 18 74 69 Kristina Ekeblad, IR manager Telephone: +46 708 31 19 40 Capio AB (publ) is a leading, pan-European healthcare provider offering a broad range of high quality medical, surgical and psychiatric healthcare services through its hospitals, specialist clinics and primary care units.
    [Show full text]
  • Institutional Non Bank Lending and the Role of Debt Funds
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Kraemer-Eis, Helmut; Battazzi, Francesco; Charrier, Remi; Natoli, Marco; Squilloni, Matteo Working Paper Institutional non bank lending and the role of debt funds EIF Working Paper, No. 2014/25 Provided in Cooperation with: European Investment Fund (EIF), Luxembourg Suggested Citation: Kraemer-Eis, Helmut; Battazzi, Francesco; Charrier, Remi; Natoli, Marco; Squilloni, Matteo (2014) : Institutional non bank lending and the role of debt funds, EIF Working Paper, No. 2014/25, European Investment Fund (EIF), Luxembourg, http://www.eif.org/news_centre/publications/EIF_Working_Paper_2014_25.htm This Version is available at: http://hdl.handle.net/10419/176655 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben
    [Show full text]