Private Equity Spotlight

Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity Private Equity Spotlight performance, investors, deals and February 2015 fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Fund Manager Outlook for 2015 Investor Intelligence, Fund Manager Proﬁ les, Funds in Market, Secondary In an extract from the recently released 2015 Preqin Global Private Equity & Venture Capital Market Monitor, Buyout Deals Analyst Report, we analyze the results of Preqin’s latest survey of private equity and venture capital and Venture Deals Analyst. fund managers in order to gauge their concerns, views and plans for the year ahead. Page 3

February 2015 Listed Private Equity’s First $100bn - Andrea Lowe, LPEQ Volume 11 - Issue 2 After the market capitalization of the Listed Private Equity (LPE) sector passed €100bn for FEATURED PUBLICATION: the ﬁ rst time back in Q4 2014, Andrea Lowe, CEO of LPEQ, addresses what this means for the space and discusses why the future looks so promising for LPE. The 2015 Preqin Global Private Equity & Venture Capital Report Page 7

Preqin Industry News

2015 Preqin Global In this month’s Industry News we take a deeper look into private equity activity focused on Private Equity & Venture Capital Southern Europe, including fundraising, investor appetite and deal activity. Report

Page 10

The Facts

ISBN: 978-1-907012-77-8 $175 / £95 / €115 www.preqin.com alternative assets. intelligent data. European Fundraising - A breakdown of fund managers and funds by region. Page 12 To find out more or to purchase your copy, please visit: Investor Activity in the Coming Year - Preqin’s most recent LP survey results. Page 13

www.preqin.com/gper Buyout Deals in the Industrials Sector - Overview of buyout activity in industrials. Page 15

Asian Venture Capital Exits - Latest statistics behind this strong exit environment. Page 17 New York: One Grand Central Place Funds of Funds: Separate Accounts - Managers’ separate account mandates. Page 18 60 E 42nd Street Suite 630 Private Equity Performance - The latest horizon IRR data to Q2 2014. Page 20 New York, NY 10165 +1 212 350 0100 Conferences - Upcoming private equity conferences around the world. Page 21

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Feature Article Fund Manager Outlook for 2015 Download Data

Fund Manager Outlook for 2015

In an extract from the recently released 2015 Preqin Global Private Equity & Venture Capital Report, we analyze the results of Preqin’s latest survey of private equity and venture capital fund managers in order to gauge their concerns, views and plans for the year ahead.

In November 2014, Preqin surveyed 260 private equity and venture The increase in competition and pricing will emphasize the need for capital fund managers to gain insight into current issues affecting the funds to develop differentiated ways of creating value, in order to industry and their outlook for 2015. deliver good returns in a challenging market. Preqin’s survey results reveal that 44% of fund managers are reviewing more investment Key Issues opportunities than 12 months ago, demonstrating the increased efforts by GPs to source the most attractive deals possible to add Fundraising, valuations, performance, exits, and ongoing volatility to their portfolios; only 6% of GPs were reviewing less. Fig. 2 shows and uncertainty in global markets were all highlighted by signifi cant that an overwhelming majority of GPs (83%) are fi nding the market proportions of respondents as some of the biggest challenges more diffi cult to navigate. facing the private equity and venture capital industry in the year ahead (Fig. 1). However, signifi cant variation exists between fi rms Investors and Fundraising with differing strategies. Surveyed buyout fi rms felt that regulation and valuations were the most signifi cant challenges they will face; A 57% majority of survey respondents said they had seen an this is understandable considering the arrival of the AIFMD and the increase in investor appetite compared with 12 months ago (Fig. competitive buyout deals landscape driving high prices. The highest 4), with Europe and North America the most prominent geographic proportion of surveyed venture capital managers listed performance regions from which fund managers are seeking investor capital (Fig. as the key issue over the next year, despite producing the strongest 3). While the traditional geographies of North America and Europe one-year horizon returns of any private equity fund type, indicating remain the most prevalent regions for fund managers seeking that these managers are still feeling the pressure to deliver consistent capital, lower proportions (12%) of surveyed buyout fi rms will be returns to their investors. seeking capital from Asia than growth (19%) or venture capital fund managers (22%). Deal Flow Overall, a third (36%) of GPs that responded to the survey are looking The private equity deal market has seen strong deal fl ow in recent to source capital commitments from Asian LPs, and a fi fth (21%) times following a general shift in macroeconomic conditions post- from MENA-based investors. This demonstrates the importance of crisis. Fifty-four percent of survey respondents felt there had been these less mature private equity and venture capital regions as a a rise in competition for private equity transactions compared to 12 source of capital for fund managers. months ago; 39% felt levels had remained the same, while 1% felt competition levels had dropped. Only 44% of growth fi rms and 38% The survey results also indicate that GPs have seen increases in of venture capital fi rms felt there had been an increase in competition, appetite for the asset class in the last 12 months from a range of against 66% of buyout fi rms, again refl ecting the competitive market investor types, most notably family offi ces, with 60% of respondents for deals. The increased availability of debt and growing dry powder confi rming an increase in appetite (Fig. 5). Growth in the number of levels are likely to put pressure on pricing levels, which may impact family offi ces in recent times, in conjunction with increases in wealth, the returns seen by fund managers and, in turn, investors. has led to their greater participation in private equity. In contrast,

Fig. 2: Fund Managers’ Perception of Level of Difficulty in Fig. 1: Biggest Challenges Facing Private Equity & Venture Finding Attractive Investment Opportunities Compared to 12 Capital Managers in 2015 Months Ago

40% 37% 35% 32% 29% 30% 29% 28% 27% 0%3% 5% 9% Significantly More 25% Difficult 20% 19% More Difficult 15% 11% 9% 10% 34% No Change 5% 1%

Proportion of Respondents 0% Easier Exits Other Significantly Easier Deal Flow Valuations Regulation Fundraising 49% Performance Ongoing Unsure in Global Markets by the Public Volatility/Uncertainty Perception of the Industry of the Perception Fulfilling Investor Demands

Source: Preqin Fund Manager Survey, November 2014 Source: Preqin Fund Manager Survey, November 2014

Fig 5.3: Geographic Regions from Which Fund Managers Are Seeking Investor Capital*

Europe North 66% America 67% MENA Asia 21% 36%

South America 13% Australasia Other 4% 13%

*Percentages refer to the proportion of respondents that selected the region. Source: Preqin Fund Manager Survey, November 2014

12% and 11% of GPs saw a decline in appetite from public pension Regulation funds and insurance companies respectively. The decline in the latter mirrors the restrictions on investments that have been placed Regulatory reforms have been a hot topic in the industry of late, on European Union insurance companies through the Solvency II as well as a source of confusion, given the uncertainty of impact, Directive. complicated laws and frequently delayed implementation dates. We asked fund managers for their opinion as to how they see regulation The survey also reveals that 53% of fund managers expect to offer changing the private equity landscape in 2015, and the results are more co-investment opportunities to investors. This is in response to shown in Fig. 6. The largest proportion of fund managers surveyed demand from LPs that are looking to take advantage of opportunities (45%) believe that the change will be for the worse. A number of that offer lower fees, improved transparency and mitigation of the respondents speciﬁ cally stated that the increased bureaucracy J-curve effect, as capital is deployed faster than in a traditional heralded by new laws complicates the processes, and highlighted pooled private equity fund structure. the fact that fund managers are under pressure from a number of regulations, not least the Alternative Investment Fund Managers Directive (AIFMD), but also the Foreign Account Tax Compliance Act (FATCA) and Dodd-Frank, as well as having to stay on top of

Fig. 4: Fund Managers’ Perception of Change in Investor Appetite for Private Equity & Venture Capital in the Last 12 Fig. 5: Fund Managers’ Perception of Changes in Appetite Months for Private Equity by Investor Type

100% 50% 4% 3% 5% 5% 12% 8% 11% 45% 44% 90% Less Appetite for 80% 36% 40% Private Equity 70% 57% 48% 56% 35% 60% 66% 68% 64% No Change 30% 50% 40% 25% 30% 60% More Appetite for 20% 18% 20% 40% 40% 36% Private Equity

Proportion of Respondents 28% 27% 15% 13% 13% 10% 25% 10% Proportion of Respondents 10% 0%

5% 2% 0% Fund Insurance Company Sovereign

Significant Slight No Slight Significant Unsure Foundation Endowment Wealth Fund Family Office Pension Fund

Increase Increase Change Decrease Decrease Private Sector Public Pension Source: Preqin Fund Manager Survey, November 2014 Source: Preqin Fund Manager Survey, November 2014

directives that will infl uence the investment activities of target LPs. primary issue regarding AIFMD compliance (Fig. 7). Over a quarter Different private equity and venture capital fi rms have varying (28%) are concerned with the risks arising from uncertainty and operating dynamics, meaning that regulation will affect them in a lack of guidance, and a further 5% take issue with the level of different ways. Growth fi rms appear to be taking a more optimistic confi dentiality when it comes to information reported to regulators. view of regulation, with 28% specifying the changes will be for the better, more than double the proportion of surveyed venture capital Outlook fi rms (13%), and nearly fi ve times the proportion of surveyed buyout fi rms (6%). Sixty-three percent of the surveyed fund managers are already in market with a fund or are planning to launch a vehicle in 2015 (Fig. As of November 2014, over a quarter (28%) of fund managers 8), while Fig. 9 demonstrates that the majority of fund managers are surveyed were already compliant with the AIFMD, with a further looking to deploy more capital in the next 12 months compared to 13% stating their funds will be compliant by the end of H1 2015. 2014. A signifi cant 24% are awaiting fi nal changes and guidance before implementation. Some of those that are not planning to market under The results of the survey tell a mixed story. On the one hand, the AIFMD have quoted the minimum threshold size which makes investor appetite is increasing across the spectrum of LP types and their vehicles non-applicable and the fund managers are therefore the asset class is gaining prominence with investors outside the not required to comply. traditional, more mature markets. On the other hand, competition is increasing between GPs, pushing pricing levels up and making it The number one concern of participant fi rms was the cost of more diffi cult to fi nd attractive investment opportunities, which could compliance, with the largest proportion (41%) citing this to be the impact returns and, in turn, affect investor appetite.

Fig. 6: Fund Managers’ Perception of the Impact of Fig. 7: Fund Managers’ Primary Concerns Regarding AIFMD Regulation on the Private Equity Landscape in 2015 Compliance

5% Compliance Costs 16%

Will Change for the Better Risks Arising from 26% Uncertainty/Lack of 41% Guidance 45% Will Not Change Increasing Complexity in the Will Change for the Market Worse 39% Confidentiality of Information Reported to Regulators 28%

Source: Preqin Fund Manager Survey, November 2014 Source: Preqin Fund Manager Survey, November 2014

Fig. 8: Expected Timeline of Fund Managers Launching a Fig. 9: Expectations for the Amount of Capital to Be New Private Equity Fund Deployed in Private Equity Assets in the Next 12 Months

Already in Market (as of Q4 2014) Significantly More 3% 3% 7% than in the Past 12 Months H1 2015 26% 22% 29% Slightly More than in the Past 12 Months H2 2015 Same Amount as in the Past 12 Months 2016 35% 12% Slightly Less than in Unsure the Past 12 Months

24% Significantly Less than 26% 13% Not Planning to in the Past 12 Months Launch Another Private Equity Fund

Source: Preqin Fund Manager Survey, November 2014 Source: Preqin Fund Manager Survey, November 2014

This is an extract from the 2015 Preqin Global Private Equity & Venture Capital Report. For more information, or to purchase your copy, please visit: www.preqin.com/gper

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Securities placed through CSP Securities, LP Member FINRA/SIPC Authorised by FINMA Contribution Listed Private Equity’s First €100bn Download Data

Listed Private Equity’s First €100bn - Andrea Lowe, CEO, LPEQ

At some point during the fourth quarter of 2014, for the fi rst time, more resilient than many feared immediately post-fi nancial crisis the market capitalization of the Listed Private Equity (LPE) sector and has proven consistently strong since then. passed €100bn, according to Swiss data provider LPX Group. It wouldn’t take an outrageous optimist to predict that the sector will Moreover, the level of realizations – the proof in the pudding for pass such milestones at an increasing pace from here. Why so stock market investors – has been very strong, with net cash upbeat? infl ows into LPEQ member funds of funds in every quarter, save one which was cash neutral, since we began tracking cashfl ow Firstly, through our engagement with both the public and private data in Q1 2010. This Cashfl ow Compass, produced by LPEQ and equity markets, we have registered growing interest in the raising Deloitte, also shows the maturity of LPE funds of funds portfolios of new listed private equity funds – something that has been off- is at 7.3 years, suggesting that realization activity still has a long the-table for some time with pricing across the sector below par. way to run.

Last November LPEQ organized an event for private equity Third, as more managers list new private equity vehicles, so choice managers considering launching a listed vehicle. If the number and will increase, which is likely to attract more institutional investors calibre of attendees is anything to go by, there is now a very real in to this structure. Preqin/LPX analysis of 4,000 LP funds of interest among experienced managers, who see opportunities in around $2.7tn of capital within the LPX 50 NAV index revealed a the private market and have increasing interest in accessing these 93% correlation between NAVs of listed and unlisted private equity via listed structures. funds. Listed private equity is not a proxy for private equity, it is private equity – but with key advantages: It’s not just us observing this phenomenon. The Financial Times’ fi rst Big Read of the year, ‘Perpetual Cash Machines’, looked 1. Cashfl ows are managed by the LPE company rather than at the growing appetite for listed vehicles among private equity being distributed unpredictably through the life of the limited (and hedge fund) managers, and the newspaper subsequently partnership. published a response from LPEQ’s Chairman welcoming the development of the sector as a good thing for the economy and 2. Since existing vehicles have ‘ready-baked’ portfolios, investors stock market investors, while pointing out that ‘permanent capital’ don’t suffer a J-curve effect, which in turn means they are not is a well-trodden path. paying fees on committed but uninvested capital. Fees tend to be even more competitive versus limited partnership funds for A second and clearly connected reason is the improvement in those LPE companies that are internally managed. pricing across the sector, which means that the launch of new vehicles becomes more viable, and naturally increases the total 3. LPE offers daily liquidity. For larger institutional investors market cap. In 2008-2009, for those less familiar with the underlying that can suffer illiquidity, or that would need to move very private equity ownership model there was genuine fear as to the large orders, this advantage is perhaps less relevant. But impact of the global downturn on private equity portfolios. In the as Defi ned Contribution pension plans wrestle with how to event, the performance of the underlying assets has proved much include alternative assets in portfolios, listed private equity’s

Fig. 2: Market Capitalization for Listed Private Equity Fig. 1: LPE Premium/Discount to NAV Worldwide (€bn)

110 20% 103 Private Equity (LPX Europe) P/D 10% 100 Discount 23-Jan-15 90 0% 90 84 82 -10% 80 72 68 -20% 70 65 58 -30% 60 55 -40% 48 50 50 45 41 -50% 40 32 Premium/Discount in % -60% 30 29 30 28 23 23 -70% Market Capitalization (€bn) 20 14 13 -80% 9 10 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 31-Dec-03 31-Dec-04 31-Dec-05 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14

Source: LPEQ Source: LPX Group

daily pricing and liquidity have signifi cant merit. Additionally, in surveys of wealth managers, private banks and family offi ces, LPEQ liquidity is a key attraction of listed private equity, with family offi ces also mentioning administrative ease. Andrea Lowe is the CEO of LPEQ. She founded LPEQ in 2006 and is a Stanford MBA with over 20 years’ experience in investment management marketing, strategy research There are, of course, disadvantages to any structure, and and communications. LPEQ is a not-for-profi t association listed vehicles are no exception. For managers, there is a underwritten by private equity investment companies listed responsibility for public engagement. While this is for the most on stock exchanges internationally. Its mission is to increase part not particularly burdensome (so our members tell us), there awareness and understanding of Listed Private Equity among may be occasions, albeit rarely for most vehicles, when minority investors, advisers, analysts and market commentators. LPEQ shareholder activism becomes a distraction to business activities. hosts investor events and supports proprietary and academic research on all aspects of the Listed Private Equity sector and Meanwhile for investors, there is the reality that the share price and its shareholder base. In addition, LPEQ works with its members the NAV may diverge – the innovation of a structure that allows to identify and promote best practices, in areas such as investor illiquid investments to be held in a liquid format without any risk reporting and communications. build up. But it is an extra consideration. Over the longer term, the share price will track the NAV, and as more experienced and www.lpeq.com sophisticated investors enter the listed private equity markets, this relationship can only get stronger.

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Preqin Industry News

Jessica Duong and Matthew Morris take a deeper look into private equity activity focused on Southern Europe, including fundraising, investor appetite and deal activity.

Investors Interested in Investing in Southern Europe Europe-Focused Private Equity Fundraising

Caixa Capital – Sociedade de Capital de Risco is looking to make Europe-Focused Private Equity Fundraising by Primary further commitments to third-party private equity funds over the Regional Focus, 2008 - 2014 next 12 months. It will mainly target expansion/late stage venture capital funds and buyout vehicles. Geographically, it predominantly 120 seeks exposure in Portugal. The Lisbon-based private equity fi rm 6.7 will work with both new and existing managers. 100 2.3 Central & Eastern 2.8 Europe Buyout Deal Activity 35.5 26.1 80 West Europe 4.1 2.1 5.8 38.2 4.9 In January 2015, Permira bid to acquire Istituto Centrale delle 3.8 60 Southern Europe Banche Populari Italiane (ICBPI) for €2.2bn. The Italy-based 9.4 23.7 3.7 0.5 27.6 company provides outsourcing, fi nancial and payment services 1.0 3.8 4.3 Nordic 40 19.6 2.6 for banks. It has been reported that the decision to sell the ICBPI 17.4 65.9 5.6 3.6 holdings stemmed from the need to raise fresh capital following 55.2 1.5 3.1 Multi-Regional 1.8 2.7 46.1 the recent banking review which places some Italy-based fi nancial 20 40.4

Aggregate Capital Raised (€bn) 26.9 institutions under pressure to build up their capital base. 23.0 24.0 0 Black Toro Capital provided distressed debt funding for Spain- 2008 2009 2010 2011 2012 2013 2014 based company Carbures in January. Based in Cadiz, a port Year of Final Close Source: Preqin Funds in Market town, Carbures is a provider of carbon fi bre manufacturing and engineering services. Financial terms were not disclosed for the As the chart above shows, the majority of Europe-focused distressed debt deal. fundraising takes a multi-regional approach, looking to invest in opportunities in more than one region. Southern Europe- Funds Seeking Investor Capital focused fundraising, while relatively small, saw a marked resurgence in 2014, quadrupling from 2013’s level. This refl ects Clessidra Capital Partners III is currently on the road seeking €1bn. the progress seen in the wider economy of Southern Europe The buyout fund is the third in the series managed by Milan-based with an improving pipeline of deals coming from the region. Clessidra Capital Partners and is focused on investing solely within Given the outcome of the general election in Greece, as well as Italy, but across a range of industries. Following a launch in October continued developments in the Southern European economy, it 2014, Clessidra Capital Partners III is looking to hold its fi rst close will be interesting to see if the region will continue to grow in the on €400mn within Q1 of this year. coming year.

Abac Solutions I Fund is managed by Spanish private equity ﬁ rm, The largest fund in 2014 with a focus on Southern Europe was Abac Capital. It is a special situations fund aiming to collect €350mn the €600mn Italian Venture Capital Initiative, a co-investment for investments in proﬁ table Spanish companies that need funding multi-manager vehicle established by European Investment for growth or to reduce debt. The vehicle is anticipating an interim Fund (EIF) and Italian Investment Fund. It is focused on making close within the quarter and is looking to wrap up fundraising in the co-investments in SMEs in Italy, alongside direct lending, buyout summer. and venture capital funds at both early and late stages.

Key Stats:

Average target size The majority of Southern The largest proportion of funds currently in 663%3% Europe-focused funds are 338%8% of Southern Europe- €€192mn192mn market focused on managed by firms based focused funds follow a Southern Europe. in Spain. venture capital strategy.

Do you have any news you would like to share with the readers of Spotlight? Perhaps you’re about to launch a new fund, have implemented a new investment strategy, or are considering investments beyond your usual geographic focus?

Send your updates to [email protected] and we will endeavour to publish them in the next issue.

alternative assets. intelligent data.

Fund Coverage: 41,827 Funds 855 Infrastructure Funds 5,044 PE Real 16,746 Private Equity* Funds 17,572 Hedge Funds Estate Funds 1,610 Private Debt Funds Firm Coverage: 19,656 Firms 440 Infrastructure Firms 2,479 PERE 8,615 PE Firms 7,411 Hedge Fund Firms Firms 711 Private Debt Firms

Performance Coverage: 19,189 Funds (IRR Data for 5,889 Funds and Cash Flow Data for 2,804 Funds)

1,285 179 Infrastructure 5,811 PE Funds 11,291 Hedge Funds PERE Funds 623 Private Debt

Fundraising Coverage: 16,666 Funds Open for Investment/Launching Soon Including 2,457 Closed-Ended Funds in Market and 354 Announced or Expected Funds 954 249 Infra. Funds 1,841 PE 13,370 Hedge Funds PERE Funds Funds 252 Private Debt Funds Deals Coverage: 129,436 Deals Covered; All New Deals Tracked

39,890 Buyout Deals** 78,703 Venture Capital Deals*** 10,843 Infra. Deals

Investor Coverage: 12,681 Institutional Investors Monitored, Including 8,935 Verified Active**** in Alternatives and 94,414 LP Commitments to Partnerships

4,855 Active Hedge 2,426 Active 1,352 Active 5,596 Active PE LPs 4,806 Active RE LPs Fund Investors Infra. LPs Private Debt Investors Alternatives Investment Consultant Coverage: 502 Consultants Tracked

Fund Terms Coverage: Analysis Based on Data for Around 9,800 Funds

Best Contacts: Carefully Selected from Our Database of over 309,319 Active Contacts

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*Private Equity includes buyout, venture capital, distressed, growth, natural resources and mezzanine funds. **Buyout deals: Preqin tracks private equity-backed buyout deals globally, including LBOs, growth capital, public-to-private deals, and recapitalizations. Our coverage does not include private debt and mezzanine deals. ***Venture capital deals: Preqin tracks cash-for-equity investments by professional venture capital firms in companies globallyacross all venture capital stages, from seed to expansion phase. The deals figures provided by Preqin are based on announced venture capital rounds when the capital is committed to a company. ****Preqin contacts investors directly to ensure their alternatives programs are active. We emphasize active investors, but clients can also view profiles for investors no longer investing or with programs on hold. The Facts European Fundraising Download Data

European Fundraising

Europe is a diverse continent with varying private equity landscapes. Matthew Morris provides a breakdown of fund managers and funds raised focused on the different regions.

Fig. 1: Proportion of Funds Closed On or Above Target by Fig. 2: Active Europe-Based Private Equity Firms by Region Focus, 2014 Headquarters Location

80% 71% 72% 70% 10% 60% 58% 59% Western Europe 50% 12% 40% 33% Southern Europe 30% Nordic

Proportion of Funds 20% 13% 10% 65% Central & Eastern 0% Europe Nordic Multi- Europe Europe Western Europe Eastern Southern Regional Central & Region Focus Source: Preqin Funds in Market Source: Preqin Funds in Market

Fig. 4: European Funds in Market by Region Focus (As at 26 Fig. 3: Average Fund Size by Region Focus, 2008 - 2014 January 2015)

800 200 184 180 700 160 Central & Eastern 140 600 Europe 131 120 Nordic 500 100 Southern Europe 80 74 69.8 400 60 47 42.1 300 Western Europe 40 16 21.5 20 9.0 200 Multi-Regional 3.4 Average Fund Size (€mn) Average 0 Nordic Southern Central & Western Multi-Regional 100 Europe Eastern Europe Europe 0 Region Focus 2008 2009 2010 2011 2012 2013 2014 No. of Funds Aggregate Capital Sought (€bn) Year of Final Close Source: Preqin Funds in Market Source: Preqin Funds in Market

Subscriber Quicklink

Subscribers to Preqin’s Funds in Market can click here to use the Fundraising Momentum tool to analyze the fundraising progress of private equity funds currently in market.

See how long individual funds took to reach a ﬁ rst close and how much capital was raised. Find out the proportion of a fund’s target size that was achieved at the ﬁ rst close, the number of months spent in market so far and more.

Filter the results by fund type, manager location, fund geographic focus, target size and much more.

For more information, please visit:

www.preqin.com/fim

Investor Activity in the Coming Year

Katie Edwards collates the results from Preqin’s most recent LP survey and presents insight into the expected private equity investment activity for the year ahead. More results from our interviews with 100 private equity investors around the world can be found in the 2015 Preqin Global Private Equity & Venture Capital Report.

Fig. 1: Timeframe for Investors’ Next Intended Commitment Fig. 2: Fund Types Investors Are Seeking to Commit to over to Private Equity the Next 12 Months

Small to 72% Mid-Market Buyout 54% 25% Venture Capital 26% 15% H1 2015 10% Growth 18% Fund Types Investors 20% Fund of Funds Were Seeking to 18% H2 2015 Commit to in 2014 28% Secondaries 14% Distressed 30% 48% Private Equity 14% Unsure at Present Fund Types Investors 26% Mega Buyouts 12% Are Seeking to Commit to in 2015 32% 23% Do Not Anticipate Mezzanine 6% Investing Before at Cleantech 8% Least 2016 2% 7% Other 22% 5% 0% 20% 40% 60% 80% Proportion of Respondents Source: Preqin Investor Interviews, December 2014 Source: Preqin Investor Interviews, December 2013 - December 2014

Fig. 3: Regions Investors View as Presenting the Best Fig. 4: Investors’ Intentions for Forming New GP Relationships Opportunities in the Current Financial Climate over the Next 12 Months

70% Only Investing with New 2% 60% Managers 2% 60% 52% 12% Mostly New GP Relationships 50% 8% 2014 40% A Mix of Re-Ups and New GP 49% Relationships 44% 2015 30% Mostly Re-Ups, Consider Some 21% New GP Relationships 27% 20% 19% Proportion of Respondents 11% Entirely Allocated to Re-Ups with 15% 10% Existing Managers 19%

0% 0% 20% 40% 60% North America Europe Asia Rest of World Proportion of Respondents Source: Preqin Investor Interviews, December 2014 Source: Preqin Investor Interviews, December 2013 - December 2014

Data Source

Preqin’s Investor Intelligence contains detailed proﬁ les for over 870 LPs worldwide that are looking to make investments over the coming year. Use the Fund Searches and Mandates tool to ﬁ lter LPs by investor type and location, and by region and fund type preferences.

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[email protected] · www.baxonsolutions.com Portfolio Management for Private Equity The Facts Buyout Deals in the Industrials Sector Download Data

Buyout Deals in the Industrials Sector

The industrials sector consistently accounts for the largest proportion, though declining, of all private equity- backed buyout deals. Ciantelle Lawrence presents a breakdown of Preqin’s data on these transactions.

Fig. 1: Number and Aggregate Value of Private Equity- Fig. 2: Proportion of Number of Private Equity-Backed Buyout Backed Buyout Deals in the Industrials Sector, 2006 - 2014 Deals in the Industrials Sector by Primary Industry, 2006 - 2014

1,200 1,150 120 100% 4% 4% 3% 5% 5% 5% 6% 6% 3% 2% 4% 8% 3% 3% 5% 3% 4% 3% 5% 1,027 90% 5% 5% 4% 4% 5% Aggregate Deal Value ($bn) 6% 5% 4% 5% 4% 1,000 937 100 5% 5% 6% 6% 914 7% 5% 5% 6% 8% Other 80% 5% 7% 5% 8% 7% 8% 820 802 9% 10% 5% Engineering 800 761 784 80 70% 9% 9% 12% 4% 14% 14% Construction 60% 13% 600 60 33% Logistics 531 30% 33% 30% 25% 50% 34% 24% 20% 18% Distribution No. of Deals 400 40 40% Transportation

Proportion of Total 30% Industrial 200 20 20% 38% 38% 37% 39% 37% 37% 36% 35% 32% Manufacturing 10% 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 0% No. of Deals Aggregate Deal Value ($bn) 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst Fig. 4: Breakdown of Number of Private Equity-Backed Fig. 3: Average Size of Private Equity-Backed Buyout Deals in Buyout Deals in the Industrials Sector by Value Band the Industrials Sector by Region, 2006 - 2014 Globally, 2006 - 2014

700 100% 1% 4% 3% 4% 4% 10% 10% 7% 7% 8% 6% 8% 90% 10% 3% 6% 11% 600 8% 10% 8% 10% 8% 12% 9% 80% 8% 7% 9% 6% 15% $1bn or More 500 14% 20% 16% North America 70% 16% 18% 17% 17% $500-999mn 60% 400 Europe 16% $250-499mn Asia 50% 300 $100-249mn 40% Rest of World 77% 65% Less than Proportion of Total 30% 62% 63% 62% 60% 200 56% 57% $100mn Global 50% Average Deal Value ($mn) Deal Value Average 20% 100 10%

0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst

Fig. 5: Notable Private Equity-Backed Buyout Deals in the Industrials Sector in 2014

Investment Investment Deal Size Investment Bought from/ Firm Primary Firm Investor(s) Type Date (mn) Status Exiting Company Location Industry CPP Investment Board, Onex Gates Global Inc. Buyout Apr-14 5,400 USD Completed Blackstone Group US Manufacturing Corporation, Tomkins plc Reynolds Packaging SIG Combibloc Buyout Nov-14 3,750 EUR Announced Onex Corporation Switzerland Manufacturing Group Halla Visteon Hahn & Company, Climate Control PIPE Dec-14 3,600 USD Announced Visteon Corporation South Korea Transportation Hankook Tire Co. Corp. Signode Illinois Tool Works Buyout Feb-14 3,200 USD Completed Carlyle Group US Manufacturing Industrial Group Inc. Constantia Buyout Dec-14 2,300 EUR Announced Wendel One Equity Partners Austria Manufacturing Packaging AG Source: Preqin Buyout Deals Analyst

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Gaining access to Preqin’s Research Center Premium is easy – to register for free, please visit: www.preqin.com/RCP alternative assets. intelligent data. The Facts Asian Venture Capital Exits Download Data

Asian Venture Capital Exits Asian venture capital exits quadrupled in aggregate value from 2013 to 2014, feeling the positive impact of the reopening of the Chinese IPO market. Emily Forbes takes a closer look at the statistics behind the evidently strong exit environment.

Fig. 1: Number and Aggregate Value of Venture Capital Fig. 2: Number of Venture Capital Exits in Asia by Region, Exits in Asia by Type and Aggregate Exit Value, 2007 - 2014 2007 - 2014

160 40 160

140 35 Aggregate Exit Value ($bn) 140 120 30 120 100 25 100 80 20 80

No. of Exits 60 15

40 10 No. of Exits 60

20 5 40

0 0 20 2007 2008 2009 2010 2011 2012 2013 2014 IPO Write Off 0 Sale to GP Trade Sale 2007 2008 2009 2010 2011 2012 2013 2014 Aggregate Exit Value ($bn) Greater China South Asia Northeast Asia ASEAN Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst

Fig. 3: Proportion of Aggregate Value of Venture Capital Fig. 4: Proportion of Number of Venture Capital Exits in Asia Exits in Asia by Region, 2007 - 2014 by Industry, 2007 - 2014

100% 2% 3% 1% 2% 3% 2% 100% 7% 2% 4% 4% 5% 90% 90% 3% 11% 6% 80% 80% 70% 70% 60% 60% 50% 40% 50% 98% 97% 97% 95% 98% 90% 86% 30% 40% 83% 20% Proportion of No. Exits 30% 10% 20% 0% 2007 2008 2009 2010 2011 2012 2013 2014

Proportion of Aggregate Exit Value 10% Industrials Telecoms Other IT 0% Internet Semic. & Electronics Clean Technology 2007 2008 2009 2010 2011 2012 2013 2014 Software & Related Consumer Disc. Materials Greater China South Asia Northeast Asia ASEAN Business Services Healthcare Other Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst

Fig. 5: Notable Venture Capital Exits in Asia in 2014

Date of First Investor(s) Total Known Exit Exit Value Firm Firm Exit Date Acquiror (Exit) Industry Investment (Entry) Funding ($mn) Type ($mn) Location Fidelity Growth Alibaba 27-Oct-99 Partners Asia, 3,806 IPO 18-Sep-14 - 25,000 Internet China Group Goldman Sachs JD.com 21-Aug-07 Capital Today 2,388 IPO 21-May-14 - 1,780 Internet China Shanghai Pudong AsiaVest Montage Trade Science and 26-Jun-06 Partners, Intel 14 11-Jun-2014 693 Semiconductors China Technology Sale Technology Capital Investment Source: Preqin Venture Deals Analyst

Funds of Funds: Separate Accounts As the LP community shows more interest in alternative routes of investment outside the traditional private equity fund structure, Andrew White looks at the latest data for separate account mandates awarded to fund of funds managers.

Fig. 1: Five Largest Separate Account Mandates Awarded to Private Equity Fund of Funds Managers in 2014

Separate Account Account Manager Account Size (mn) GP Location Pathway Private Equity Fund XXV Pathway Capital Management 700 USD US BVK Private Equity 2014 Pantheon 504 EUR UK Horeca & Catering Pension Fund - AlpInvest AlpInvest Partners 500 EUR US CalPERS Private Equity Emerging Managers GCM Customized Fund Investment Group 200 USD US MD Asia Investors II Asia Alternatives Management 200 USD Hong Kong Source: Preqin Funds in Market

Fig. 2: Primary Fund Focus of Separate Accounts Awarded to Private Equity Funds of Funds in 2014

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11% Preqin’s Investor Intelligence has detailed proﬁ les for over

North America 450 active investors in private equity that have awarded a separate account mandate, or are considering doing so. 17% Europe Preqin’s Funds in Market database contains detailed 50% information on 788 separate account mandates that have Asia been issued, including size, geographic focus and more.

Rest of World For more information, or to arrange a demonstration, please 22% visit:

www.preqin.com/privateequity

Source: Preqin Funds in Market

Fig. 3: Five Largest Separate Account Mandates Awarded to Private Equity Fund of Funds Managers (All Time)

Separate Account Account Manager Year Established Account Size ($bn) GP Location APG/PGGM AlpInvest AlpInvest Partners 2011 13.0 US WP North America Private Equity WP Global Partners 2006 3.2 US Fond-ICO Global AXIS Participaciones 2013 1.6 Spain CalPERS II Grove Street Advisors 2000 1.3 US Pathway Private Equity Fund XIX Pathway Capital Management 2006 1.3 US Source: Preqin Funds in Market

Fig. 4: Ten Largest Fund of Fund Managers by Separate Account Private Equity Assets under Management

Separate Account Private Equity Assets under Fund Manager GP Location Management ($bn) AlpInvest Partners 14.4 US Pathway Capital Management 11.6 US Grove Street Advisors 7.1 US GCM Customized Fund Investment Group 5.8 US WP Global Partners 3.8 US Fairview Capital Partners 2.7 US Hamilton Lane 2.4 US Neuberger Berman 2.1 US AXIS Participaciones 1.6 Spain Pantheon 1.5 UK Source: Preqin Funds in Market

The Facts Private Equity Performance Download Data

Private Equity Performance

Madeleine Stretton investigates the strong short-term performance of private equity by analyzing horizon IRRs by strategy and region, as well as comparing the performance of private equity against other asset classes over a one-year period, using Preqin’s latest data to Q2 2014.

Fig. 1: Private Equity Horizon IRRs by Fund Type (As at 30 Fig. 2: Private Equity Regional Horizon IRRs (As at 30 June June 2014) 2014)

28 28 26 26 All 24 24 22 Buyout 22 20 20 North America 18 Venture Capital 18 16 16 Europe 14 Fund of Funds 14 12 12 Mezzanine Asia 10 10 Horizon IRR (%) Horizon IRR (%) 8 Distressed 8 6 Private Equity 6 4 4 2 2 0 0 1 Year to 3 Years to 5 Years to 10 Years to 1 Year to Jun 3 Years to Jun 5 Years to Jun Jun 2014 Jun 2014 Jun 2014 Jun 2014 2014 2014 2014 Source: Preqin Performance Analyst Source: Preqin Performance Analyst

Fig. 4: Public Pension Funds - One-Year Returns by Asset Fig. 3: One-Year Rolling Horizon IRRs by Fund Type Class (As at 30 June 2014)

80 25.0% 22.9% 60 All 19.9% 40 Buyout 20.0%

20 Venture Capital 15.7% 15.0% 0 Fund of Funds 12.4% -20 Mezzanine 10.0% 9.3%

One-Year Horizon IRR (%) One-Year -40 Real Estate One-Year Return One-Year 5.9% -60 5.0%

0.0% Listed Private Real Hedge Fixed Total Equity Equity Estate Funds Income Investment

1 Year to Jun-14 Portfolio 1 Year to Dec-00 1 Year to Dec-01 1 Year to Dec-02 1 Year to Dec-03 1 Year to Dec-04 1 Year to Dec-05 1 Year to Dec-06 1 Year to Dec-07 1 Year to Dec-08 1 Year to Dec-09 1 Year to Dec-10 1 Year to Dec-11 1 Year to Dec-12 1 Year to Dec-13 Source: Preqin Performance Analyst Source: Preqin Performance Analyst

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Conferences Spotlight

Conference Dates Location Organizer Preqin Speaker Discount Code 15% Discount - SuperReturn International 23 - 26 February 2015 Berlin ICBI Mark O’Hare FKR2368PRQSP 15% Discount - SuperReturn Latin America 2015 2 - 4 March 2015 Brazil ICBI Ryan Flanders FKR2369PRQW 11th Annual London Business London Business School Private Equity and 6 March 2015 London -- School Venture Capital Conference 21st Annual Columbia Business Columbia Business 10% Discount - School Private Equity & Venture 6 March 2015 New York - School Preqin_CBS15 Capital Conference

Investment Consultants Forum 10 March 2015 New York Opal Finance Group - -

Family Ofﬁ ce Winter Forum 10 March 2015 New York Opal Finance Group - -

Private Banking Asia 2015 10 - 11 March 2015 Singapore Terrapinn - -

8th Annual Women’s Private 11 - 13 March 2015 California Falk Marques Group - - Equity Summit (WPES) 10% Discount: LP GP Connect Private Debt 17 March 2015 London LP GP Connect Mark O’Hare Preqin2014

SuperReturn China 2015 23 - 25 March 2015 Beijing ICBI Mark O’Hare -

Canadian Family Ofﬁ ce & Private 15 - 16 April 2015 Toronto, Canada Opal Finance Group - - Wealth Management Forum Wealth Management Insights 19 - 21 April 2015 Florida nGage Events - - Summit 10% Discount - LP GP Connect 21 April 2015 London LP GP Connect - Preqin2014 CLOs and Leveraged Loans 29 - 30 April 2015 London C5 Communications - - Forum Clean Technology Investment 5 - 8 May 2015 Singapore Terrapinn - - World Asia 2015 Private Equity World Latin 26 May 2015 Miami, FL Terrapinn - - America

SuperReturn U.S. 2015 16 - 18 June 2015 Boston ICBI Mark O’Hare -

Financial Research 15% Discount - Private Debt Investment Forum 25 June 2015 New York Ryan Flanders Associates, LLC FMP187 SuperReturn Emerging Markets 29 June - 2 July 2015 Amsterdam ICBI Mark O’Hare - 2015

Access Free Conference Slide Decks and Presentations

Preqin attends and speaks at many different alternative assets conferences throughout the year, covering topics from private equity fundraising trends to alternative UCITS.

All of the conference presentations given by Preqin speakers, which feature charts and league tables from Preqin’s online products, can be viewed and downloaded from Preqin’s Research Center Premium, for free.

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The 11th Annual London Business School Private Equity & Venture Capital Conference

Date: 6 March 2015 Information: www.londonpevcconference2015.com Location: 8 Northumberland Avenue, London WC2N 5BY Organizer: London Business School Private Equity & Venture Capital Club

“Where To From Here? Generating Sustainable Value in a World of Low Interest Rates, Increased Competition and Sky-High Valuations”. The 11th edition of the annual London Business School conference will feature high-profile speakers from BC Partners, Pantheon, General Atlantic, Balderton Capital, KKR Capstone, Goldman Sachs, Charterhouse, White Star Capital and many more.

Family Office Winter Forum

Date: 10 March 2015 Information: www.opalgroup.net/trk/fowfc1514.htmll Location: New York Marriott Marquis, New York Organizer: Opal Finance Group

As part of the Private Wealth Series, the Family Office Winter Forum will explore the challenges and opportunities associated with investing in emerging markets, alternative investments, real estate, direct energy, numerous other asset classes and will also address many of the softer issues related to the family office such as tax and regulation, asset protection, philanthropy, structuring a family office, and many more. With today’s changing landscape in the wealth industry, family offices are becoming more and more prevalent. Today’s new wave of generational wealth is developing at a rapid pace all over North America and in many areas of the world. We are starting to see a shift in market dominance and the direction many high net worth families are taking with their investments. With, a rise in the need to include philanthropic endeavors into a family’s portfolio and making investments from an impact investing standpoint, soft issues are just as important as investment management to the family office now more than ever. Come and join us for a highly intense day of engaging discussions on the latest investment trends and soft issues with some of the most well established and senior Family offices, Private investors, money managers, and private wealth service providers from around the globe.

Private Banking Asia 2015

Date: 10 - 11 March 2015 Information: http://www.terrapinn.com/conference/ private-banking-asia/index.stm Location: Sands Expo and Convention Centre, Singapore Organizer: Terrapinn Pte Ltd

Private Banking Asia 2015 brings you Asia’s leading private banks, family offices and independent wealth managers to discuss strategy, investment allocations, changing business models and new business opportunities in the Asian private wealth sector. Join us as we change the way private banking is done in Asia.

Hong Kong Venture Capital Forum

Date: 13 March 2015 Information: hkvcf.hkvca.com.hk Location: KPMG Office, 23/F Hysan Place, Causeway Bay, Hong Kong Organizer: HKVCA

The Hong Kong Venture Capital and Private Equity Association (HKVCA) is proud to present its second annual Hong Kong Venture Capital Forum (HKVCF) on Friday, March 13, 2015. The theme of the Forum this year is “Future Technologies and Hong Kong”, a reflection of recent local innovation in the financial and medical technologies sectors and the rapidly growing interest in the “internet of things”. The Forum will serve as an important platform for bringing together leading industry investors, advisors and entrepreneurs.

Private Debt Investor Forum 2015

Date: 14 March 2015 Information: http://www.iiribcfinance.com/FKW52895PSF Location: London Organizer: IIR & IBC Events

Now in its 5th successful year, Private Debt Investor Forum is back and promises once again to provide you with compelling data and debate on the critical issues facing the industry. Don’t miss your unique opportunity to be part of the 2015 Forum which features new content, new formats, new data-driven research and new opportunities for networking & information sharing.

Family Office & Endowment Investment Forum

Date: 15 - 16 April 2015 Information: www.opalgroup.net/trk/focc1511.html Location: Sheraton Centre Toronto, Toronto, ON Organizer: Opal Group

The Family Office & Endowment Investment Forum is one of Opal’s premier events. Come and join us for engaging discussions on the latest investment trends with some of the most well established investors, money managers, and private wealth service providers from around the globe.

Wealth Management Insights Summit

Date: 19 - 21 April 2015 Information: www.wmisummit.com Location: Ponte Vedra Inn & Club, Ponte Vedra Beach, Florida Organizer: nGage Events

The third annual Wealth Management Insights Summit is an efficient, effective means for family offices to learn about new alternative investment and PE opportunities, allowing investors to conduct the important initial round of in-person meetings to gauge, beyond the data, which managers and funds are worth further due diligence.

European Family Office & Institutional Investment Forum

Date: 3 - 4 June 2015 Information: www.opalgroup.net/trk/efopwc1510.html Location: Amsterdam, Netherlands Organizer: Opal Finance Group

Opal Financial Group’s International Team is excited to bring you the European Family Office & Institutional Investment Forum. This two day event will bring together family offices, corporate pensions, public funds, and investment managers from all over the world. The Netherlands is an exciting location with endless financial opportunities and investment philosophies. By providing incentives to the world’s wealthiest families and institutions, the Netherlands has stimulated exceptional financial growth and advancement. As a source of development and innovation in globalization, solar energy, and fixed income, the Netherlands has become a promising financial hub. This conference will generate engaging discussions on the latest investment trends and be the foundation for stimulating conversations and networking opportunities.

FAMILY OFFICE & ENDOWMENT INVESTMENT FORUM A PRIVATE WEALTH SERIES EVENT

APRIL 15-16, 2015 SHERATON CENTRE TORONTO HOTEL, TORONTO, CANADA

This family office conference is Opal's premier event for high net worth individuals and family offices. The conference will explore the challenges and opportunities associated with investing in emerging markets, alternative investments, real estate, global credit & fixed income markets along with numerous other asset types.

Sponsorship and Exhibiting Opportunities If you are interested in attending, sponsoring, speaking or exhibiting at this event, please call 212-532-9898 or email [email protected] Opal Financial Group Your Link to Investment Education Register To register, visit us online at www.opalgroup.net or email us at [email protected] ref code: FOCA1506