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

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

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. These order to alleviate their over-allocations. In fact, 54% of LPs planning investors account for more than half of the missing 1,500 LPs, as to sell stakes on the secondary market are motivated by the need shown in Fig. 4. for liquidity and 28% by portfolio rebalancing, as shown in Fig. 3.

Fig. 3: Investors’ Motivations for Selling Fund Stakes on the Secondary Fig. 4: The Missing 1,500 Private Equity Investors Market - February 2011 Survey Results

60% 54%

50%

40%

30% 28% 26%

20%

10%

Proportion of Respondents 7% 5%

0% Requirement For Portfolio Exit Poor Change In Other Liquidity Rebalancing Performing Funds Strategy (Exit Non-Core Assets)

Motivations for Selling Source: Preqin Source: Preqin

Fig. 5: Proportion of LPs Not Actively Investing in New Opportunities equity. These investors account for around three-quarters of the That Are Likely to Sell Fund Stakes over the Next 24 Months ﬁ rms in this category and are unlikely to recommence investments in the asset class. Others with more sizeable portfolios of private equity investments have opted to cease investing as a result of a change in strategy, perhaps prompted by changes in their liquidity proﬁ les or in the level of acceptable risk in their portfolios. It is possible that some of these institutions may return to the asset class in the future but it is unlikely they will begin assessing new opportunities for at least another few years.

It is also worth noting that this group contains all investors known to have ever invested in a private equity fund that no longer invest in the asset class. Just 5% of the LPs known to no longer invest in private equity chose to stop investing following a change in strategy in the past couple of years, showing that few were motivated by Source: Preqin a lack of confi dence in the asset class prompted by the fi nancial crisis. Some of these investors only made one or two strategic investments in funds in the past, but never had a specifi c allocation to private

Hear from June 20 – 22, Four Seasons Hotel, Miami, FL

Luis Solórzano Managing Director Advent International Seeking out new opportunity

Fernando Borges Managing Director, Head of South America Buyouts Value creation for private equity funds and investors The Carlyle Group Learn from the best - 10 new case studies

Identify opportunities across Brazil, Mexico, Andes, the Southern Cone and overlooked markets

Alejandro Pérez-Reyes Chief Investment Ofﬁcer Understand how LPs are reviewing private equity in their portfolio AFP Prima

www.terrapinn.com/pelatam

Silver sponsor: Bronze sponsor: Cocktail sponsor: Produced by:

Aldo Lepori Cappelletti General Manager ONP (Ofﬁce of Provisional Normalization of Peru)

BOOK NOW! online www.terrapinn.com/pelatam | email [email protected] | phone +1 212 379 6320 | fax +1 212 379 6319

Investors that have stopped making private equity investments represent the best source of potential leads for secondary market players. It is possible that many will seek to liquidate their existing investments in private equity in order to exit the asset class fully and thereby free up capital to use for investments in other asset classes. Allied Irish Banks, for example, does not anticipate making any further commitments to private equity funds through its capital markets division and is looking to sell off its last stakes in a couple of venture funds before the end of Q2 2011.

Good News for Both GPs and Secondary Market Players

Fund managers planning to raise new funds over the next few years should see the results of this analysis as encouraging, and there is certainly no cause for concern regarding the longer-term future of the private equity industry.

Over half of the missing 1,500 LPs intend to return to the market at some point over the next couple of years. As conditions improve and stabilize, it is possible that we could see more of these institutions re-enter the private equity market as many have not ruled out reassessing the asset class in the longer term. Data Source:

This is good news for GPs intending to raise new funds in the future. Identifying these institutions and getting in touch with them Preqin’s newly upgraded online Secondary Market Monitor prior to their return to the asset class could help GPs to increase now shows you who the missing 1,500 private equity investors their chances of securing capital from them further down the line, are. Secondary Market Monitor subscribers have the facility to even if the institutions in question are not actively assessing new search Preqin’s Investor Intelligence database for the investors opportunities at present. that have placed their investments on hold, are over-allocated to private equity or are no longer investing in the asset class In the short term, these LPs represent a good source of potential using the Find Possible Sellers function. deal fl ow for secondary market players, with many LPs from each of the categories explored here considering offl oading stakes in If you’re a secondary market buyer, GP or intermediary private equity funds on the secondary market. Having analyzed interested in searching for the prime seller targets and would a sample of 480 LPs not actively investing or over-allocated to like more information or to apply for a demo please visit private equity, we can see that 16% are considering secondary market sales within the next 12 to 24 months (Fig. 5). It is important, www.preqin.com/secondaries therefore, that secondary market buyers identify these potential sellers and target them early in order to gain access to the best deal fl ow in the coming months.

The 2011 Preqin Private Equity Secondaries Review contains detailed information and profi les for buyers, sellers, intermediaries, transactions, funds, performance, fund of funds, pricing and more...

Key features of this publication include:

• All PE fund types covered, including PERE • Profi les for 82 specialist secondary fund of funds managers, 115 fund of funds managers with The 2011 Preqin secondaries allocations, 50 institutional investor buyers and 30 sellers, 62 intermediary fi rms Private Equity Secondaries Review and placement agents, plus details for 100 investors in secondaries funds. • Detailed analysis examining the history and development of the industry, historic NAV vs. trading price premiums and discounts, performance of secondaries funds, fund of funds activity in secondaries, institutional investor buyers and sellers, intermediaries, placement agents and more. • Results of surveys conducted with GPs, LPs and fund of funds managers. • Listings of 96 secondaries funds closed historically since 2005, 31 funds currently in the market, individual net to LP fund performance for 408 funds including secondaries vehicles and funds of funds with a secondaries allocation. www.preqin.com/secreview • Listings of 138 secondaries transactions for 2008 onwards

Order before Friday 29th April for your 25% pre-publication discount!

I would like to purchase the 2011 Preqin Private Equity Secondaries Review:

Single Copy: Additional Copies: Data Pack:

£595 + £10 Shipping £110 + £5 Shipping $300 / £175 / €185 Data Pack contains all underlying data $995 + $40 Shipping $180 + $20 Shipping for charts and graphs contained in the publication. Only available alongside €710 + €25 Shipping €115 + €12 Shipping purchase of the publication.

All prices include 25% pre-publication discount. Shipping costs will not exceed a maximum of £15 / $60 / €37 per order when all shipped to same address. If shipped to multiple addresses then full postage rates apply for additional copies. Completed Order Forms: Payment Details: Shipping Details: Post (to Preqin): Equitable House, Cheque enclosed (please make cheque payable to ‘Preqin’) Name: 47 King William Street, London, EC4R 9AF Credit Card Amex Mastercard Firm:

230 Park Avenue Visa Please invoice me Job Title: 10th Floor, New York, NY 10169 Address:

Card Number: Samsung Hub 3 Church Street Name on Card: Level 8 Singapore 049483 Expiration Date: Fax: City: +44 (0)87 0330 5892 Security Code: +1 440 445 9595 Post/Zip: +65 6408 0101 Country: Email: [email protected] Telephone:

Telephone: Email: +44 (0)20 7645 8888 American Express, four digit Visa and Mastercard, last +1 212 808 3008 code printed on the front of three digits printed on the signature strip. +65 6408 0122 the card. Feature Fundraising Assignment Download Data

Fundraising Assignment Europe-Focused Mid-Market Buyout Fund

Kevin Neadley utilises the Investor Intelligence database to examine potential institutional investor appetite for a Europe-focused mid-market buyout fund being raised by a first-time fund manager.

Preqin’s Fundraising Assignment examines institutional investor Fig. 1: The Fundraising Assignment appetite for private equity funds of different size, strategy, location and track record. Using exclusive data from Preqin’s Investor The Assignment Intelligence database, our analysts determine the level of demand Fund Strategy Buyout for our fund within the market, identifying key investor types Fund Size (EUR million) 500 interested in the fund. The results are displayed in the Long List. Fund Focus Europe We then focus in closer, identifying a sample of speciﬁ c institutional Track Record First-Time Fund investors that represent good targets for funds of this type in the Source: Preqin Short List.

The Long List UAE-based International Petroleum Investment Company, which invested in the Falah Growth Fund, a fi rst-time buyout fund focused This month Preqin is looking at the potential appetite for a Europe- on investing in the Commonwealth of Independent States. 10% of focused fi rst-time buyout fund looking to raise €500 million in investors in Asia would consider committing capital to our fund, capital commitments from global institutional investors. Although with Mizuho Corporate Bank is one such potential investor; it has some LPs will not commit to fi rst-time funds, preferring to invest previously committed to the Europe-focused fi rst-time buyout fund with more experienced GP teams, Preqin’s Investor Intelligence Magnum Capital. database currently tracks 1,568 global LPs that will invest in fi rst- time funds or spin-offs. When we narrow down to only include Fund of funds managers and public pension funds are the types investors that will also consider European buyout funds, the Preqin of investors most likely to invest in our Europe-focused fi rst-time Investor Intelligence database shows 831 institutional investors buyout fund (see Fig. 3). Combined, they represent 35% of the that are potentially interested in the Fundraising Assignment. Long List of potential institutional investors in our fund and include Combined, these investors represent a little over €1 trillion currently such investors as Altius Associates and California State Teachers’ allocated to private equity. Retirement System.

The fund meets the investment criteria for 33% of all investors The fundraising assignment is also likely to attract capital based in Europe and 23% of LPs in North America (see Fig. 2). commitments from private sector pension funds, which make up 13% of investors based in Rest of World are potential targets for 11% of all potential investors on our database. The majority of these our fund, with some of these being major institutions such as the investors are based in the US and Europe and include institutions

Fig. 2: Proportion of Investors with Interest in Fundraising Assignment Split by LP Location Fig. 3: Breakdown of Long List by Investor Type

35% 33%

30%

25% 23%

20%

15% 13%

10% 10%

5% Proportion of Investors in Region

0% Europe North America Rest of World Asia LP Location Source: Preqin Source: Preqin

Fig. 4: Investor Barometer: Proportion of Investors with Interest in plans are more likely than private sector pension funds to invest Fundraising Assignment by Type in a buyout fund, but less likely to invest in a Europe-focused fi rst-time buyout fund. Interestingly, 59% of insurance companies Buyout Buyout + Europe Buyout + Europe + First-Time Fund 90% 80% globally show an interest in Europe-focused buyout funds, a larger 80% 70% proportion than public pension funds (49%). However, when you 70% 64% 61% 60% 59% 58% 60% 54% 54% 49% 49% 51% 49% fi lter the investor universe further, to include only those LPs that 50% 46% 39% 36% 39% are interested in fi rst-time funds, the proportion of insurance Type 40% 32% 35% 33% 30% 27% 30% 22% 18% 21% 20% 20% companies with an interest in our fund reduces to just 30% of the 20% 10% universe, while a higher proportion, 32%, of public pension funds Proportion of Investor 0% remain as potential targets. Banks Our list of 831 potential LP targets could be further reduced using Investment Companies Managers Foundations Fund of Funds Funds

Asset Managers Asset the Search by Past Investments tool on Investor Intelligence. Endowment Plans Endowment

Public Pension Funds Preqin holds data on more than 40,000 fund commitments known Insurance Companies Private Sector Pension Pension Sector Private Investor Type to have been made by LPs and this search allows us to fi lter the Source: Preqin data using detailed search criteria. Using this search, it is possible to see that 144 investors are known to have previously invested such as Unilever UK Pension Fund, US-based Boeing Company in 2008-2011 vintage Europe-focused buyout funds of between Pension Fund, and Denmark-based Industriens Pensionsforsikring. €400mn and €600mn in size. Seven of these LPs have invested in Foundations account for 9% of investors with a potential interest in three or more funds matching these criteria. our fund, while endowment plans and insurance companies each account for 8% of potential investors. The Ford Foundation, Grinnell The Short List College Endowment and Korea Life Insurance are examples of possible targets within each of these investor groups. The Short List (Fig. 5) shows a selection of institutional investors which our analysts have identifi ed as representing good possible The Investor Barometer in Fig. 4 shows how the overall universe targets for our fundraising assignment, including the specifi c of investors is reduced down until we fi nally reach our Long List of rationale behind each inclusion. Preqin Online subscribers can 831 institutional investors. By adding further criteria to the fund, click on the investor name to see the full profi le. investor appetite towards it changes. For instance, endowment

Fig. 5: The Short List

Investor Investor Type Location Details

• Expected to invest €100-300 million across 5-12 private equity funds in 2011, investing through Euro Choice IV Fund of Funds • First-time funds are considered for investments made through Euro Akina Switzerland Manager Choice IV • Previously invested in the vintage 2009 fi rst-time buyout fund, Xenon V • Focuses mainly on European buyout funds. • Anticipates making eight new fund commitments in 2011 and has earmarked £80 million to be invested across these vehicles Greater Manchester Pension Fund Public Pension Fund UK • Considers fi rst-time funds • Previously committed £5 million to fi rst-time fund, Zeus Private Equity Fund I • Looking to forge new relationships with managers in 2011, including investing in spin-off teams Mount Sinai School of Medicine Endowment Plan US • Invests in several fund types including buyout funds • Typically invests $15-20 million per fund • Previously committed to the 2010 vintage fi rst-time buyout fund, Elysian Capital I Scottish Widows Investment Listed Fund of • Intends to invest in buyout funds targeting European opportunities in UK Partnership Funds Manager 2011 • Looking to add up to 10 new funds to its portfolio in 2011. Estimates investing between £100-200 million to these new vehicles • Investing a total of €15 million in new funds in 2011 • Looking to target Europe-focused buyout funds Private Sector Kirkon Eläkerahasto Finland • Looking to work with a mix of existing managers in its portfolio and Pension Fund managers it has no prior relationship with in 2011, and will invest in fi rst- time funds managed by spin-off teams Source: Preqin

Preqin News Exclusives

Claire Wilson delivers a round-up of the latest private equity news, featuring exclusive intelligence uncovered by Preqin’s analysts. Preqin Online subscribers can click on the investor/firm names to view the full profiles.

Sweet Medicine Looking to Latin America?

KKR has agreed to purchase Capsugel, the pill casings division of Allstate Investment Management could purchase Latin America- Pﬁ zer. focused fund stakes on the secondary market.

The deal, announced in April 2011, is worth $2.4bn and is expected The $100mn insurance company, which has been active both as a to be completed by July this year. Capsugel is the world’s leading buyer and a seller on the secondary market in the past, has hinted provider of hard capsules and an innovator in drug delivery systems that it will consider buying interests in such funds managed by ﬁ rms for the pharmaceutical, OTC and health and nutrition industries. with which it has already invested. The ﬁ rm generated approximately $750 million in revenue and manufactured more than 180 billion hard capsules in 2010. Allstate invests mainly in North America and Europe, with Latin American interests accounting for a small part of its portfolio. It may increase its allocation to the region once it becomes more Barclays Go Forth with Fourth Fund economically stable.

Barclays have launched a fourth private equity fund. Big Investment Plans Barclays Private Equity European Fund IV began raising at the end of March, and is seeking €1.5bn in commitments. It will act as a Keva is to invest in 10 global private equity funds. launch pad for Barclays Private Equity’s separation from its parent company, Barclays Capital. The €30bn public pension fund, which has a 5% target allocation to the asset class, will commit €450mn to the funds over the The fund will make majority stake investments in lower middle- next 12 months. It is particularly interested in mid-market buyout market companies across Europe with an enterprise value between opportunities in North America and Europe. €50mn and €300mn. It is likely to forge relationships with new managers, alongside Barclays Private Equity is one of Europe’s leading mid-market investing with those to which it has committed capital in the past, private equity investors, with extensive experience in most industry and will consider fi rst-time managers. Keva is not looking to invest sectors. The fi rm has developed specifi c expertise in the UK in secondaries, mezzanine or distressed funds. fi nancial services, consumer and travel, and specialist engineering sectors. The Finland-based pension plan covers around 500,000 members in total and is an experienced investor in alternatives. It generally commits between €25mn and €75mn per fund interest, though will Danske to Shed Assets on Secondary Market consider investments outside of this scale.

Danske Bank is considering selling off more of its assets on the secondary market. Pension Plan to Plough More Money into PE

The Danish bank, which held off making secondary market sales Shell Asset Management Company hopes to invest up to €500mn in 2009 due to market conditions, sold off some of stakes in Nordic in private equity over the next 12 months. buyout funds in 2010. Over the course of 2011 it could sell more fund interests on the secondary market now that prices are more The €40bn ﬁ rm, which manages the pensions of UK and Dutch Royal attractive to sellers. Dutch/Shell Group staff, wants to take advantage of opportunities in the emerging market and European buyout sectors. It will not Danske Bank was founded in 1871 as Den Danske Landmandsbank, consider US-focused investments as it is currently over-allocated the Danish Farmers’ Bank. The bank provides payment services, to the region, and for strategic reasons it is not interested in venture security trading, investment advice and the provision of short-term investments. and long-term ﬁ nancing.

It typically invests €50mn per vehicle, but will consider both larger Target and Then Some and smaller commitments. Each pension scheme the fi rm manages has its own target private equity allocation, which is generally The latest Bessemer venture fund has closed above target. between 5% and 10%. Bessemer Venture Partners VIII fi nished fundraising this month, having raised $1.6bn. It aimed to collect $1.5bn. The fund focuses Over and Above primarily on investing in high-growth companies across multiple industries and geographies. Waud Capital Partners III has closed above target. The fi rm will make investments out of its offi ces in the US, India and The healthcare-focused buyout fund, which was targeting $350mn, Israel. 25% of the capital will be allocated to opportunities in India. has just fi nished fundraising having collected $463mn. The fund is the third raised by Chicago-based Waud Capital, a private equity Established in 1911, New York-based Bessemer Venture Partners investment fi rm founded in 1993. focuses on venture capital investments in cleantech, data security, fi nancial services, healthcare, and software as a service. The fi rm makes investments of between $10mn and $50mn in private companies with an enterprise value of $30mn to $250mn, primarily within the healthcare industry. WCP also invests in niche manufacturing, industrial/specialty distribution and business service companies that can be grown internally, through acquisitions or as part of an industry consolidation.

The European Mid-Market PE Conference 26 May 2011, London

The conference for all involved in European mid-market private equity. World class speakers include

Peter Besthof, Mark Drugan, Graeme Gunn, John Hartz, Partner, Managing Partner, Managing Partner, Managing Director, Standard Life Inﬂ exion Private Quadriga Capital Capital Dynamics Capital Partners Equity

Christophe Philippe Eddie Misrahi, Paul Newsome, Poggioli, Nicolas, Chairman and CEO, Managing Director, Managing Partner, Executive Director, Apax Partners Unigestion Access Capital Morgan Stanley AIP Partners

LPs attend free of charge. For details email Andras at [email protected] or call +44 (0) 203 286 1730. The number of delegate places is limited, register early. http://www.bieevents.com/mm2011-details

Media partner Hosted by

The Oxford Private Equity Programme

This prestigious executive development Dates: programme provides a deep understanding Apply now for 4-7 July 2011 of the private equity industry, with access www.sbs.oxford.edu/pe to world class research, renowned Oxford To learn more about how to transform your faculty and unrivalled business networks. thinking contact [email protected] or on +44(0)1865 422 727 Delivered in association with CFA Institute, it offers a comprehensive framework for assessing opportunities and likely future trends in this key asset class. The Facts Q1 2011 Fundraising Stats Download Data

Q1 2011 Fundraising Stats

Adam Counihan examines fundraising in the first quarter of the year.

Fig. 1: All Private Equity Fundraising by Quarter, Q1 2004 - Q1 2011 Fig. 2: Time Spent on the Road by Funds Closed in Q1 2011

250 25% 22% 211.7 22% 206.1

) 194.9 20% 200 20% bn 18% 173.6

($ 166 149.2 150 141.3 128.7 123.7 124.1 15% 121.7 126.5 107.5 97.8 100 94.8 11% 81.4 77.2 77 72.5 10% 55.9 62.2 69.3 53.1 54.8 54.7 51.1 47.5 50 48.9 46.1 Total Capital Raised Total 5% 4% Proportion of Funds Closed 0 2%

0% 1-6 Months 7-12 Months 13-18 19-24 25-30 31-36 37 Months + Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Months Months Months Months Source: Preqin Source: Preqin

Fig. 3: Top 10 Funds Closed during Q1 2011 by Final Close Size

Fund Firm Type Amount Close (mn) Manager Location Fund Focus EnCap Energy Capital Fund VIII EnCap Investments Natural Resources 3,500 USD US US Golder Thoma Cressey Rauner X GTCR Golder Rauner Buyout 3,250 USD US US Baring Asia Private Equity Fund V Baring Private Equity Asia Balanced 2,460 USD Hong Kong ROW Gores Capital Partners III Gores Group Buyout 2,064 USD US US Yunfeng Fund Yunfeng Capital Early Stage 10,000 CNY China ROW Blackstone Real Estate Special Situations Fund II Blackstone Group Real Estate 1,500 USD US US InSight Venture Partners VII InSight Venture Partners Venture (General) 1,500 USD US US Astorg V Astorg Partners Buyout 1,050 EUR France Europe Sequoia Capital 2010 Sequoia Capital Early Stage 1,358 USD US US Park Square Capital II Park Square Capital Partners Mezzanine 850 EUR UK Europe Source: Preqin

Fig. 5: Private Equity Fundraising by Primary Geographic Focus, Fig. 4: Private Equity Fundraising by Type, Q1 2011 Q1 2011

30 50 47 27 45 25 20 No. Funds 40 20 Raised 35 17 No. Funds 15 30 28.5 Raised 12.6 11 Aggregate 25 9.4 25 24 10 8.7 Capital 8 Raised 20 5.8 ($bn) Aggregate 4 Capital 5 3 2.4 2 2 2 2 15 Raised ($bn) 0.6 0.3 9.9 0 10 7.7

5 Other Funds Buyout Fund of Debt

Venture 0 Distressed Distressed Mezzanine Real Estate North America Europe Asia and Rest of World Secondaries Infrastructure Fund Type Source: Preqin Source: Preqin

Q2 2011 Funds in Market

Anna Stumillo looks at the funds in market as we go into the second quarter of the year.

Fig. 1: Funds in Market by Quarter Fig. 2: Composition of Funds in Market by Primary Geographic Focus

1,800 800 751 1,624 1,673 1,644 1,622 1,574 1,562 1,594 1,600 1,582 1,522 1,547 700 1,400 600 No. Funds 1,200 on Road No. Funds 506 500 on Road 1,000 889 887 387 807 754 400 800 691 636 661 322 571 602 Aggregate 600 560 Target 300 Aggregate ($bn) Target ($bn) 400 200 164 175 200 100 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 North America Europe Asia and Rest of World Source: Preqin Source: Preqin

Fig. 3: 10 Largest Funds in Market

Fund Manager Fund Fund Manager Fund Type Fund Target (mn) Fund Status Location Focus Location Blackstone Real Estate Partners VII Blackstone Group Real Estate 10,000 USD Raising North America US KKR North American XI Fund Kohlberg Kravis Roberts Buyout 10,000 USD Raising North America US Providence Equity Partners VII Providence Equity Partners Buyout 8,000 USD Raising US, West Europe, US North Africa BC European Cap IX BC Partners Buyout 6,000 EUR First Close Europe UK Cinven V Cinven Buyout 5,000 EUR Raising Europe UK Lexington Capital Partners VII Lexington Partners Secondaries 6,000 USD Fourth Close Global US EQT VI EQT Partners Buyout 4,250 EUR Raising Europe, Nordic Sweden Coller International Partners VI Coller Capital Secondaries 5,000 USD Raising North America, UK Europe, Asia Global Infrastructure Partners II Global Infrastructure Partners Infrastructure 5,000 USD Raising Global US Berkshire Fund VIII Berkshire Partners Buyout 4,000 USD Raising North America US Source: Preqin

Data Source:

Preqin’s Funds in Market database contains details of over 1,600 private equity funds on the road seeking capital, plus information on every vehicle that has closed since 2003. For more information about this product and how it can assist you, please visit:

www.preqin.com/fmp

Buyout Deals and Exits in Q1 2011

Manuel Carvalho reveals some key stats relating to buyout deals and exits in Q1 2011.

Fig. 1: Number and Aggregate Value of PE-Backed Deals Globally, Fig. 2: Aggregate Value of PE-Backed Deals by Region, Q1 2006 - Q1 2011 Q1 2008 - Q1 2011

1,000 300 50 Aggregate ) 900 45 bn 250 800 ($ 40

700 200 35 V

600 alue of Deals 30 500 150 25 400 alue of Deals 20

100 V No. of Deals 300 15 200 50 ($ 10 100 bn 5 0 0 ) Aggregate 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 2006 Q1 2006 Q2 2006 Q3 2006 Q4 2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011

No. of Deals Aggregate Value of Deals ($bn) N. America Europe Asia and ROW

Source: Preqin Source: Preqin

Fig. 3: 10 Largest Buyout PE-Backed Deals Globally, Q1 2011

Deal Size Name Date Type Currency Buyers Sellers Industry Location (mn) Emergency Medical Feb-11 Public To Private 3,200 USD Clayton Dubilier & Rice Healthcare US Services Citadel Broadcasting Mar-11 Merger 2,400 USD Bain Capital, Blackstone Group, Crestview JP Morgan Media US Partners, Cumulus Inc., Macquarie Bank, Thomas H Lee Partners Alinta Energy Mar-11 Restructuring 2,100 AUD TPG Energy Australia Acosta, Inc. Jan-11 Buyout 2,000 USD Thomas H Lee Partners AEA Investors Marketing US Elkem Jan-11 Add-on 2,000 USD Blackstone Group, Bluestar Orkla ASA Materials Norway Ansaldo Energia Mar-11 Buyout 1,233 EUR Finmeccanica, First Reserve Corporation Power Italy The Priory Group Jan-11 Buyout 925 GBP Advent International RBS Asset Healthcare UK Management Patni Computer Jan-11 Buyout 1,220 USD Apax Partners, iGate General IT India Systems Atlantic Capio Spanish Jan-11 Buyout 900 EUR CVC Capital Partners Apax Partners, Healthcare Spain Hospitals Nordic Capital Phones4U Mar-11 Buyout 700 GBP BC Partners Providence Telecoms UK Equity Partners Source: Preqin

Data Source:

Included as part of Preqin’s integrated 360° online private equity database, or available as a separate module, Deals Analyst provides detailed information on private equity backed buyout deals and exits globally, including secondary buyout deals. The product has in-depth data for over 21,000 buyout deals across the globe, including information on deal value, buyers, sellers, debt fi nancing providers, fi nancial and legal advisors, company fi nancials and more.

www.preqin.com/deals

Performance Update

Bronwyn Williams looks at the latest changes in private equity fund performance, using data accurate to September 2010.

Fig. 1: Average Change in NAV for All Private Equity Fig. 2: Weighted Quarterly Change in NAV by Fund Type

20.0% 19.2% 8.0%

18.0% 7.0% 6.7% 6.3% 16.0% 14.4% 6.0% Q4 14.1% 2009 14.0% 13.5% 13.3% 12.0% Non- 5.0% 12.0% Weighted 4.3% Q1 10.6% 2010 4.0% 3.8% 10.0% 3.5% 2.9% Q2 8.0% 7.0% 3.0% 2.6% 2.4% 2.4% 2010 Weighted 2.0% 2.1% 6.0% 1.9% 2.0% 1.9% Average Change in NAV Average 2.0% 1.7% 2.0% 1.5% 1.3% Q3 4.0% from Previous Quarter 1.2% 1.1% 2010 1.0% 1.0% 0.8% 2.0% Average Weighted Change in NAV Change in NAV Weighted Average -0.3% 0.0% -0.2% 0.0% All Private Buyout Fund of Mezzanine Secondaries Venture 1 Year to 1 Year to March 1 Year to June 1 Year to Equity Funds December 2009 2010 2010 September 2010 -1.0% Source: Preqin Source: Preqin

Fig. 3: Private Equity Horizon IRRs vs. Public Indices as of 30 Sept 2010

25.0% Data Source:

20.0% All Private To provide an independent and unbiased assessment Equity 15.0% of the industry’s performance, Preqin has analyzed the returns generated by private equity partnerships as S&P 500 10.0% of 30 September 2010, using data from Performance

5.0% Analyst. Preqin currently holds transparent net-to-LP MSCI Europe performance data for over 5,300 private equity vehicles 0.0% of all types and geographic focus. In terms of aggregate Annualized Returns 1 Year to Sept 2010 3 Years to Sept 2010 5 Years to Sept 2010 MSCI -5.0% value, this represents around 70% of all capital raised by the Emerging Markets industry. For more information, please visit: -10.0%

-15.0% www.preqin.com/pa

Fig. 1 shows the one-year change in net asset value (NAV) as Fig. 3 examines the horizon IRR of all private equity funds over at each quarter end from December 2009 to September 2010. the one-, three- and fi ve-year periods and the returns achieved The latest fi gures show an average change over the year to by three public indices across the same timeframe through September 2010 of 12.0% for the non-weighted metric and September 2010. The overall private equity horizon IRR for 14.4% for the weighted metric. The weighted metric takes the one-year period stands at 16%, for the three-year period into account fund sizes, suggesting that the larger funds in at -2.2%, and for the fi ve-year period at 13.7%. Over the three- the industry increased in value more than the smaller funds. and fi ve-year periods, returns for all private equity and MSCI It should be noted that larger funds had previously been more Emerging Markets are broadly similar, with the two signifi cantly affected by the fi nancial crisis than smaller funds. outperforming the S&P 500 and MSCI Europe. In the year to September 2010, MSCI Emerging Markets posted 20.2%. The quarterly weighted change in NAV by fund type is shown in Fig. 2. Q3 2010 data shows that all the private equity fund The comparison of private equity with listed equities needs to be types reported an increase in valuation: buyout funds reported viewed with caution as the private equity asset class is illiquid. an increase of 3.5%, fund of funds 2.9%, mezzanine 1.3%, Private equity investors are committed over a long period of secondaries 2.0% and venture 2.1%. Overall, the private equity time and therefore these returns are not as relevant as they are industry has shown a quarterly increase of 1.5% for September for the more liquid listed markets. 2010.

Conferences Spotlight

Conference Dates Location Organizer

Brazil Investment Summit 2011 3 - 6 May 2011 Sao Paulo Terrapinn

2nd Alternative Investments Summit 04 May 2011 New York iGlobal Forum

China Venture Capital & Private Equity Forum 04 May 2011 New York Zero2IPO Group

Turkey Investment Summit 9 - 11 May 2011 Istanbul Terrapinn

Third Global M&A Symposium 10 - 12 May 2011 London AM&AA

SALT Conference 2011 11 - 13 May 2011 Las Vegas SkyBridge

Fundraising from Institutional LPs 12 May 2011 New York Capital Roundtable

CEE Private Equity Forum 18 - 19 May 2011 Warsaw C5

6th Asian Investment Summit 18 - 19 May 2011 Hong Kong AsianInvestor

Pan European 10% discount VIP Code: KM2313PQAD Mezzanine Finance Register by 26th March 2010 & the Subordinated Debt Market – Save up to £1200! Wednesday 25th May - Friday 27th May 2011, Hotel Lutetia, Paris Paris 2011 Including 3rd day: Register Today: Call +44 (0) 20 7017 7790 Fax +44 (0) 20 7017 7824 Email us: [email protected] Fundraising Summit For the latest programme or to register, please visit: www.iir-events.com/KM2313PQAD The largest gathering of mezzanine and leveraged finance players in Europe! More LPs than ever before, including: For the 9th year in France With Over 80 Expert Matthias Unser Ari Jauho Oliver Huber Christine Panier DB PRIVATE POHJOLA PEP GOLDING EIF Speakers From: What’s new for 2011? EQUITY CAPITAL ● Adams Capital Partners ● Providence Equity Capital PARTNERS • New speakers! ● AlpInvest Markets ● Credit Suisse • More LPs • More Leverage Financiers ● Sankaty Advisors Ed Claessen Claudio Tatiana Chopova Francois ● DB Private Equity • More Mezz Funds • More Mezz Advisory ● ● Syntaxis EUROPEAN Siniscalco ALPINVEST Lacoste European Investment Fund • More Private Equity Sponsors INVESTMENT HARBOURVEST IDINVEST ● Golding Capital Partners ● Vantage Risk Capital ● HarbourVest FUND PARTNERS ● Augusta & Co ● Idinvest Partners Breakdown of Attendees ● I C G ● Avebury Capital Partners ● Mezz Advisory 24% Northwestern Mutual ● Axonia Partners LPs 21% With insights from the experts: Capital ● Fitch Ratings Leverage Joe Truelove ● Pohjola Private Equity Robin Doumar Duncan Oliver Wriedt Partners ● Ipes Financiers KLEINWORT PARK SQUARE Woollard 14% PROVIDENCE ● Darby Overseas Investments ● Kleinwort Benson BENSON CAPITAL SJ BERWIN EQUITY ● EQT ● Latham & Watkins Mezz Funds 34% ● KKR Private Equity Sponsors 7% ● Lloyds Banking Group Ed Eyerman David Wilmot James Simon Hood ● PAI Partners FITCH Chesterman CVC CORDATUS ● Alcentra ● Loyens Loeff BABSON ● networking! RATINGS CAPITAL LATHAM & Babson Capital ● Preqin • More ● Beechbrook Capital WATKINS ● ● Crescent Consulting Proskauer New panels! ● CVC Cordatus ● Sanne Group • Nigel Michael Crosby Frederic Nadal Jason Block • LP Commitments to Mezzanine ● Ember Capital ● SJ Berwin Strachan PROSKAUER MEZZVEST ICG ● Hutton Collins ● SMW Law • Bank, Mezzanine & Sponsor Relationships IPES ● I C G • Mid Market: Closing the Funding Gap ● IFE Mezzanine ● Bank of Ireland Pre-Conference Workshop: Tue 24 May 2011 ● Indigo Capital ● BNP Paribas • The Current Structuring of European LBOs ● Kendall Court Capital New for 2011! ● Commerzbank • Liquidity in Primary & Secondary Markets Partners Mezzanine Mezzanine ● Mezzanine Management ● M&G Investments • European Bank Sourced Leverage ● MezzVest ● RBC Capital Markets ● • Emerging Markets Update Documentation Neovara ● RBS Fundraising Summit ● Palio Capital Partners Road Ahead Successful Structuring ● ● Societe Generale • Mezzanine: the Friday 27th May 2011 Park Square Capital in a Pan-European Context ● UBS • 25+ presentations including! • LP Focus Gold Sponsors: Silver Sponsor: Bronze Sponsors: Media Partners: • GP Strategies • Legal Issues: • Ratings Agency Views • New Research! 1. Risk & Return in Deals & Transactions 2. LP Allocation & Fundraising Outlook

Private Equity World Latin America 2011 2nd Annual Alternative Investments Summit

Date: 20-22nd June 2011 Date: 4th May 4th, 2011 Location: Miami, FL Location: New York Organiser: Terrapinn Organiser: iGlobal Forum

The 5th annual Private Equity World Latin America is a iGlobal Forum’s 2nd ALTERNATIVE INVESTMENTS SUMMIT: three day conference for investors and senior directors of New Strategies for a New Era will examine post-economic Latin American private equity funds. Book your spot now meltdown opportunities for institutional investors and to meet over 200 leading GPs, LPs and their advisors that allocators in hedge funds, private equity, mergers & are gathering together to do business, be inspired and acquisitions, managed futures, distressed debt and identify future partners. credit markets. The Summit will unite pension funds, endowments, foundations, family offices and insurance companies with top hedge funds, private equity firms, Information: www.terrapinn.com/pelatam commodity trading advisors (CTAs), distressed debt/credit funds and asset managers. Attendees will benefit from a full day of networking, panel discussions, and compelling presentations from the country’s leading fund managers and institutional investors. Raising Private Equity Fundsfrom Institutional Investors Information: www.iglobalforum.com/2alternatives

Date: 12th May 2011 Location: New York City, NY Organiser: The Capital Roundtable MedTech Investing Conference

Designed to Meet the Needs of GPs, LPs, & Managers of Buyout, Growth Equity, & Mezzanine Funds, As Well Date: 19th May 2011 as Officers & Directors of Their Portfolio Companies, Location: Graves 601 Hotel Minneapolis, 601 1st Avenue Independent Sponsors, and Investment Bankers, Lenders, North, Minneapolis, MN, 55403 Industry Executives, Lawyers, & Other Advisors Who Work Organiser: IBF Conferences, Inc./ International Business With Them Forum

Information: http://www.capitalroundtable.com/ The MedTech Investing Conference has become the masterclass/capital-roundtable-raising-private-equity- leading event in the US for device investors, entrepreneurs funds-from-institutional-investors.html and corporate business development executives. This year’s conference, focusing on ‘the New Era of Innovation,’ will feature 45+ industry experts, who will share candid insights on the most critical issues in the sector today; while, at the same time, providing an intimate venue to network and grow impactful relationships to help foster the development and financing of companies.

Information: http://medtechconference.com/

Pan European Mezzanine Finance & the The European Mid-Market PE Conference Subordinated Debt Market

Date: 26th May 2011 Location: London Date: 25-27th May 2011 Organiser: BIE Events Location: Paris, Hotel Lutetia Organiser: IIR This, our second European Mid-Market Private Equity Conference designed for practitioners operating in the With over 200 attendees, 80 leading mezzanine segment, will look at opportunities through the investment professionals, 26 different sessions and more networking cycle and offer an interactive forum for LPs and GPs for opportunities, our 9th Annual Pan-European Mezzanine discussing the most topical issues. finance conference is your must-attend event This year our speaker line up includes more experts from a Information: http://www.bieevents.com/mm2011-details wider range of backgrounds than ever before including more LPs, more Leverage Financiers & more Private Equity sponsors as well as more networking opportunities

Information: http://www.informaglobalevents.com/KM2313PQ

1 0th Anniversary Driving Innovation and Investment Opportunities in the Multi-Billion Dollar Medical Device Market INVESTING CONFERENCE MAY 19, 2011 - THE GRAVES 601 HOTEL, MINNEAPOLIS, MN

The New Era of Device Innovation – Investment Trends, Regulatory Issues & Global Opportunities

d,&hE/E''W Register today ĂŶsƐƐƟůůďĂůĂŶĐĞƚŚĞƌŝƐŬͬƌĞǁĂƌĚĞƋƵĂƟŽŶƚŽũƵƐƟĨǇŝŶǀĞƐƟŶŐ www.medtechconference.com or contact Cathy Fenn, Registrar at ŝŶĂƌůǇ^ƚĂŐĞĞǀŝĐĞŽŵƉĂŶŝĞƐ͍/ĨŶŽƚ͕ǁŚŽŝƐ͍ [email protected] or at 516 765-9005.

ΎŝƐĐŽƵŶƚŝƐŶŽƚĐŽŵďŝŶĂďůĞǁŝƚŚĂŶǇŽƚŚĞƌƉƌŽŵŽƟŽŶĂůŽīĞƌƐ͘Ύ ŝůů,ĂƌƌŝŶŐƚŽŶ DŝŬĞĂƌƵƐŝ Partner General Partner ΎΎΎΎdĞĐŚŶŽůŽŐǇ^ƚĂƌƚͲƵƉZĂƚĞŽŶƟŶŐĞŶƚŽŶsĞƌŝĮĐĂƟŽŶΎΎΎΎ Three Arch Partners ĚǀĂŶĐĞĚdĞĐŚŶŽůŽŐǇsĞŶƚƵƌĞƐ Rates: ǆƉŝƌĂƟŽŶĂƚĞ͗ ŝƐĐŽƵŶƚŽĚĞ͗

Spring Rate $1,295.00 5/6/2011 GR1295PR ůůĂŶDĂǇ ,ĂŶŬWůĂŝŶ 'ĞŶĞƌĂůZĞŐŝƐƚƌĂƟŽŶ Founder, Life Science Angels Partner Managing Partner, DŽƌŐĞŶƚŚĂůĞƌsĞŶƚƵƌĞƐ Spring Rate $895.00 5/6/2011 GR895PR Emergent Medical Partners dĞĐŚŶŽůŽŐǇ^ƚĂƌƚͲhƉ

'ĞŶĞƌĂůZĞŐŝƐƚƌĂƟŽŶ $1,395.00 KE&ZEKͲ,/Z^

Kevin Wasserstein Mike Berman dĞĐŚŶŽůŽŐǇ $995.00 Managing Director President & CEO ^ƚĂƌƚͲƵƉZĂƚĞ sĞƌƐĂŶƚsĞŶƚƵƌĞƐ Berman Medical Academic Rate $795.00 Z'/KE>,K^d Co-Presented by: ĂůĞtĂŚůƐƚƌŽŵ President & CEO LifeScience Alley and The BioBusiness Alliance of Minnesota ® www.medtechconference.com