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Preqin Research Report Fig
Preqin Research Report Fig. 3 Comparison of Private Equity Performance by Fund Primary The Changing Dynamic Regional Focus for Funds of Vintage Years 1995 - 2007 The Rise of Asian Private Equity Such diffi culties in the fundraising market may come as November 2010 somewhat of a surprise – especially considering the relative resilience of Asia-focused private equity funds in terms of 0.25 performance. As Fig. 3 shows, following an extended period 0.2 of strong median fund performance since the turn of the Unprecedented Growth millennium, vehicles focusing on Asia have clearly weathered 0.15 the storm with more success than their European and US Europe The period 2003 – 2008 saw unprecedented growth within 0.1 the Asian private equity industry. Fig. 1 shows the increase counterparts, with median IRRs for all vintage years still Asia and Rest of World posting positive results while funds focusing primarily on the 0.05 in total capital raised annually by funds focusing on the US region between the period 2003 and 2008, when a record West are still in the red. IRR Median Net-to-LP 0 $91bn was raised by 194 funds achieving a fi nal close. 1995 1997 1999 2001 2003 2005 2007 The main factors behind the decline in Asia fundraising can -0.05 As Fig. 2 shows, the record level of capital raised saw the be identifi ed by examining the make-up of fund managers -0.1 Vintage Year importance of the Asian private equity industry growing on and investors in the region more closely. As Fig. -
Themiddlemarket.Comt M
OCTOBER 2017 GO GO BIG SMALL OR GO HOME Private equity investors are heading to the lower middle market and the 350,000 companies that populate it TheMiddleMarket.comT m 0C1_MAJ100117 1 9/1/2017 11:40:00 AM B:8.125” T:7.875” S:7.375” Your clients’ wealth has multiplied. B:10.75” T:10.5” So has their S:10” need for advice. We know, because we know you well. Knowing clients well gives us the insight to help with their wealth— and their lives. Together, with your expertise and ours, we’ll help your clients before, during and after the sale of their business. Find out how strong relationships lead to 95% client satisfaction. 844-208-7863 | bnymellonwealth.com | @BNYMellonWealth Source: 2016 Client Satisfaction Survey. BNY Mellon Wealth Management conducts business through various operating subsidiaries of The Bank of New York Mellon Corporation. ©2017 The Bank of New York Mellon Corporation. All rights reserved. 002_MAJ1017 2 8/30/2017 5:39:07 PM WGMT “ADVICE” AD - SIZE A 33/34/65/5 PUB: MERGERS & ACQUISITIONS Filename: 724476-5_J0176_WGMT_Advice_Size_A_V3R.indd CLIENT: BNY MELLON PRODUCT: Print Ad Agency Job Number: J0176 Cradle Job Number: 724476-5 JOB#: J0176 SPACE: 4C Proof #: 3, release Path: EG-PLUS-NY:Volumes:EG-PLUS-NY:EGPlus_Departments:Print:A‚ÄîF:TBWA:BNY_ Created: 8-3-2017 12:00 PM BLEED: 8.125” x 10.75” MELLON:724476-5_J0176_WGMT_ Advice_Size_A_Ad:MECHANICALS:724476-5_J0176_WGMT_Advice_Size_A_V3R.indd Saved: 8-3-2017 2:15 PM TRIM: 7.875” x 10.5” Operators: april_relucio / Daniel-Rivera Printed: 8-3-2017 2:15 PM SAFETY: 7.375” -
Private Equity Review
the Private Equity Review Private Private Equity Review Eighth Edition Editor Stephen L Ritchie Eighth Edition Eighth lawreviews © 2019 Law Business Research Ltd Private Equity Review Eighth Edition Reproduced with permission from Law Business Research Ltd This article was first published in June 2019 For further information please contact [email protected] Editor Stephen L Ritchie lawreviews © 2019 Law Business Research Ltd PUBLISHER Tom Barnes SENIOR BUSINESS DEVELOPMENT MANAGER Nick Barette BUSINESS DEVELOPMENT MANAGER Joel Woods SENIOR ACCOUNT MANAGERS Pere Aspinall, Jack Bagnall ACCOUNT MANAGERS Olivia Budd, Katie Hodgetts, Reece Whelan PRODUCT MARKETING EXECUTIVE Rebecca Mogridge RESEARCH LEAD Kieran Hansen EDITORIAL COORDINATOR Tommy Lawson HEAD OF PRODUCTION Adam Myers PRODUCTION EDITOR Robbie Kelly SUBEDITOR Charlotte Stretch CHIEF EXECUTIVE OFFICER Paul Howarth Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK © 2019 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply. The information provided in this publication is general and may not apply in a specific situation, nor does it necessarily represent the views of authors’ firms or their clients. Legal advice should always be sought before taking any legal action based on the information provided. The publishers accept no responsibility for any acts or omissions contained herein. Although the information provided is accurate as at April 2019, be advised that this -
ANNUAL REVIEW 2017 Land of the Giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus
ANNUAL REVIEW 2017 Land of the giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus Ares Management is honored to be recognized as Lender of the Year in North America for the fourth consecutive year as well as Lender of the Year in Europe Lender of the year in Europe Ares Management, L.P. (NYSE: ARES) is a leading global alternative asset manager with approximately $106 billion of AUM1 and offices throughout the United States, Europe, Asia and Australia. With more than $70 billion in AUM1 and approximately 235 investment professionals, the Ares Credit Group is one of the largest global alternative credit managers across the non-investment grade credit universe. Ares is also one of the largest direct lenders to the U.S. and European middle markets, operating out of twelve office locations in both geographies. Note: As of December 31, 2017. The performance, awards/ratings noted herein may relate only to selected funds/strategies and may not be representative of any client’s given experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. learn more at: www.aresmgmt.com | www.arescapitalcorp.com The battle of the brands the US market on page 80, advisor Hamilton TOBY MITCHENALL Lane said it had received a record number EDITOR'S of private placement memoranda in 2017 – ISSN 1474–8800 LETTER MARCH 2018 around 800 – and that this, combined with Senior Editor, Private Equity faster fundraising processes, has made it dif- Toby Mitchenall, Tel: +44 207 566 5447 [email protected] ficult to some investors to make considered Special Projects Editor decisions. -
PEI June2020 PEI300.Pdf
Cover story 20 Private Equity International • June 2020 Cover story Better capitalised than ever Page 22 The Top 10 over the decade Page 24 A decade that changed PE Page 27 LPs share dealmaking burden Page 28 Testing the value creation story Page 30 Investing responsibly Page 32 The state of private credit Page 34 Industry sweet spots Page 36 A liquid asset class Page 38 The PEI 300 by the numbers Page 40 June 2020 • Private Equity International 21 Cover story An industry better capitalised than ever With almost $2trn raised between them in the last five years, this year’s PEI 300 are armed and ready for the post-coronavirus rebuild, writes Isobel Markham nnual fundraising mega-funds ahead of the competition. crisis it’s better to be backed by a pri- figures go some way And Blackstone isn’t the only firm to vate equity firm, particularly and to towards painting a up the ante. The top 10 is around $30 the extent that it is able and prepared picture of just how billion larger than last year’s, the top to support these companies, which of much capital is in the 50 has broken the $1 trillion mark for course we are,” he says. hands of private equi- the first time, and the entire PEI 300 “The businesses that we own at Aty managers, but the ebbs and flows of has amassed $1.988 trillion. That’s the Blackstone that are directly affected the fundraising cycle often leave that same as Italy’s GDP. Firms now need by the pandemic, [such as] Merlin, picture incomplete. -
Probitas Partners 2021 Institutional Investors Private Equity Survey December 2020 Table of Contents
Probitas Partners 2021 Institutional Investors Private Equity Survey December 2020 Table of Contents Topic Page . Survey Highlights 2 . Background and Appetite 3 . Sectors of Interest 9 . Geographies of Interest 18 . Middle-Market Buyouts 25 . Venture Capital 28 . Niche Sectors 31 . Structural Issues 38 . Investor Fears 43 . Summary 46 Confidential and Trade Secret © 2020 Probitas Partners 1 Survey Highlights – and The Pandemic . The Pandemic has had a roller coaster impact on institutional investors during 2020 as the normal market environment of January plunged into volatility and uncertainty in March and April followed by a slow rebound in public market and private market valuations . By late October prices for many firms returned to January levels as various stimulus plans mitigated certain economic impacts and progress in developing vaccines gave hope for a return to “normal” sometime in 2021 . Probitas’ latest annual survey was taken over the first two weeks of November after the markets had recovered significantly from the depths of April – and the results of a survey done in April would have been very different from what we are showing now . In private equity, investors are still heavily focused on U.S. and European Middle- Market Buyouts and U.S. Growth Capital, though interest in Asian private equity has increased from this time last year . In the second and third quarter of 2020 there was sharply increased interest in secondaries and distressed private equity – but at this point, many investors seem to have already made their bets in these sectors and are waiting for their commitments to be invested before committing too much more to these sectors . -
Shareholder 02 Behind the fi Gures Quarterly Magazine ING Group November 2006
Shareholder 02 Behind the fi gures Quarterly Magazine ING Group November 2006 Philippe Damas: Why knowledge matters Q3: Balancing growth and returns Private equity: blessing or curse? ING Shareholder 02 – November 2006 1 153187_Share02EN_025-048.indd 1 10-11-2006 17:11:31 Dear reader, The theme of the second issue of ING Shareholder Our feature stories in this edition continue the This magazine is a quarterly publication is dialogue. Alongside our website, this magazine dialogue theme. The article on private equity by ING Group for shareholders and others is itself one of the ways by which we try to keep highlights the importance of good dialogue interested in ING. you informed on activities within ING and the between management and shareholders, and Subscribe to ING Shareholder strategy and thinking that lies behind those indeed between investors and the wider world. Fax (+31) 411 65 21 25 activities. And if the piece on private banking tells us any- Mail P.O. Box 258, 5280 AG Boxtel thing, it is that the banks that will succeed in this The Netherlands But communication can hardly be called dialogue sector in the future are the ones that can enter a Internet: www.ing.com if it is all one-way. Which is why we would genuine dialogue with their highly-demanding encourage you to email us (address below). With clientele, one that goes deeper than just market- Editorial offi ce your views and comments on ING Shareholder, ing and good intentions. ING Group, Corporate Communications with topics you would like to see covered in Investor Relations Department future issues, with any wider questions you may It has been said that the highest form of dialogue P.O. -
Market Insight – October 2019
SYDNEY MELBOURNE Level 15 Level 9 60 Castlereagh Street 41 Exhibition Street SYDNEY NSW 2000 MELBOURNE VIC 3000 Tel 61 2 9235 9400 Tel 61 3 9653 8600 Market Insight – October 2019 “Movers & Shakers” INVESTMENT & CORPORATE BANKING Investment Banking • Hein Vogel has departed Investec where he was Head of Emerging Companies & Financial Services. • Duncan Hogg who was Managing Director, Investment Banking at BAML has joined EY as a Partner in Sydney. • Steven Boggiano has joined Allier Capital as Managing Director. Steven previously founded Magnes Capital and was also Managing Director & Head of Healthcare, Consumer, Retail & Real Estate at Barclays. • Anna Ellis previously Investment Director with Besen in Melbourne, has also joined EY as Director, PE & Deal Origination, Transaction Advisory Services. • Grant Mansell has joined Investec as Director, Corporate Advisory. He has prior experience as Director, M&A with HSBC. Pierre Josset also joins Investec’s Corporate Advisory team, he was previously an Associate with Aura Group. • Nomura has hired Srihari Sharma as a Senior Associate, FIG from Investec, Ben St Claire as an Associate from Blackpeak Capital and Henry Ball, ex EY as an Investment Banking Analyst, Consumer, Retail & Healthcare. • Benjamin Gribble has joined Houlihan Lokey as an Associate, he was previously with Moelis Australia as an Investment Banking Associate & Houlihan Lokey in London. • Nicholas Tregoning joined Moelis Australia as Senior Analyst, Investment Banking, Nicholas joins from Shaw & Partners. • Gigi Li has joined Ironstone Capital as an Analyst from KPMG. • Samantha Riegel (ex FTI Consulting) & Ice Tan & have joined Highbury Partnership as Analysts. • Macquarie Capital has hired Anthony Yao, ex Lazard, as an Analyst in the General Industrials teams, Rita Dalton joins as an Analyst in the TMET team from Nomura & James Watkins ex Flagstaff Partners Analyst joins the firm’s resources team. -
VENTURA COUNTY EMPLOYEES' RETIREMENT ASSOCIATION BOARD of RETIREMENT BUSINESS MEETING May 19, 2014 AGENDA
VENTURA COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION BOARD OF RETIREMENT BUSINESS MEETING May 19, 2014 AGENDA PLACE: Ventura County Employees' Retirement Association Second Floor Boardroom 1190 South Victoria Avenue Ventura, CA 93003 TIME: 9:00 a.m. ITEM: I. CALL TO ORDER Master Page No. II. APPROVAL OF AGENDA 1 – 4 III. APPROVAL OF MINUTES A. Disability Meeting of May 5, 2014. 5 – 13 IV. CONSENT AGENDA A. Approve Regular and Deferred Retirements and 14 – 15 Survivors Continuances for the Month of April 2014. B. Receive and File Report of Checks Disbursed in April 16 – 25 2014. C. Receive and File Budget Summary for FY 2013-14 26 Month Ending April 2014. D. Receive and File Statements of Fiduciary Net Position, 27 – 38 Statements of Changes in Fiduciary Net Position, Investments & Cash Equivalents, and Schedules of Investment Management Fees for the Periods Ending March 31, 2014, and April 30, 2014. MASTER PAGE NO. 1 BOARD OF RETIREMENT May 19, 2014 AGENDA BUSINESS MEETING PAGE 2 V. STANDING ITEM A. Receive an Oral Update on Pensionable Compensation and PEPRA. VI. ANNUAL INVESTMENT PRESENTATIONS A. Receive Annual Investment Presentation, Bridgewater 39 – 91 Associates LP, Joel Whidden, Senior Relationship Manager, and David Greely, Senior Research Associate (30 Minutes). B. Receive Annual Investment Presentation, Tortoise 92 – 117 Capital Advisors LLC, Ken Malvey, Managing Director, and Andy Goldsmith, Head of Institutional Sales and Consultant Relations (30 Minutes). VII. INVESTMENT INFORMATION A. NEPC – Don Stracke, Senior Consultant, Chris Hill, Research Consultant. 1. Receive and File Performance Report Month 118 – 124 Ending April 30, 2014. 2. Receive and File Investment Summary – Quarter 125 – 176 Ending March 31, 2014. -
The People Who Matter Your Vote on European Private Equity’S Most Influential
olympic opportunitiEs > vEndor financing > partEch’s parting RealDeals 14 august 2008 For Europe’s private equity professional » E u r o p E The people who matter Your vote on European private equity’s most influential www.rEaldEals.Eu.com 20 MOST influential A tumultuous 12 months on from the onset of the credit crunch, we asked 500 of the industry’s biggest hitters to name the most powerful people in European private equity. 1: GUY HANDS (8) Guy Hands, chief executive of Terra Firma, The man who holds the future of embattled is embroiled in the most highly publicised music business EMI in his hands has shot to the private equity deal of recent times. But while top of the 20 most influential list this year as he all about him appear to doubt, he has remained attempts to drag the company’s creative prima committed to bringing uncompromising donnas into economic reality in the full glare of leveraged buyout efficiency to the extravagant the public spotlight. muso world. Despite frequent spats with pop idols – Robbie Williams’ manager accused Hands of running the business like a plantation owner – and a string of celebrity departures, including the Rolling Stones and Radiohead, as well as the painful fall-out of 2,000 job losses and the impact of the credit crunch on the deal itself, this unlikely rock and roll legend has managed to swing a company, hitherto spouting losses, into profit over recent months. There is still a long way to go before Hands can be declared a hit, of course, but what is clear is that the impact of the £3.2bn (¤4bn) deal will spread way beyond EMI’s walls. -
Private Equity Forecast & Desk Book
Private Equity Forecast & Desk Book 2014 On an ongoing basis, Probitas Partners offers research and investment tools for the alternative investment market to aids its institutional investor and general partner clients. Probitas Partners compiles data from various trade and other sources and then vets and enhances that data via its team’s broad knowledge of the market. probity ¯¯˘ n. [from Latin probitas: good, proper, honest.] adherence to the highest principles, ideals and character. Probitas Partners is pleased to present its Private Equity Forecast & Desk Book 2014. The purpose of this paper is to offer our forward view of likely trends for 2014 and beyond based on our review of 2013 and our ongoing dialog with (and surveys of) the global institutional investor marketplace. The paper starts with our forecast for this year, then presents a summary review of the dominant trends that shaped 2013 and the details behind those trends. We encourage you to obtain copies of our research reports, surveys, and desk books from our firm’s library at: www.probitaspartners.com/alternative_investments_publications/ Contents Private Equity Outlook .............................................................. 2 Private Equity Fundraising ....................................................... 4 Deal Volume and Capital Overhang ....................................... 7 The Buyout Market: Investor Focus and Concerns ............... 9 U.S. Venture Capital ................................................................ 13 Distressed Private Equity ....................................................... -
NYSCRF Monthly Transacation Report December 2017
THOMAS P. DiNAPOLI 110 STATE STREET STATE COMPTROLLER ALBANY, NEW YORK 12236 STATE OF NEW YORK OFFICE OF THE STATE COMPTROLLER NEW YORK STATE COMMON RETIREMENT FUND Thomas P. DiNapoli New York State Comptroller MONTHLY TRANSACTION REPORT December 2017 Global Equity The New York State Common Retirement Fund (CRF) invests with external managers to meet its global equity allocation. This report will include additions and terminations of external managers or addition or removal of assets from an existing manager. The Channing Capital Management Domestic Equity account was funded with an additional $227 million in December 2017. The account was funded from cash. No placement agents were involved in this transaction. The Brown Capital Management Domestic Equity account was reduced by $300 million in December 2017 and allocated to cash. No placement agents were involved in this transaction. Private Equity CRF invests in private equity partnerships directly and through separately managed accounts. Significant activity includes new commitments to private equity partnerships, as well as new commitments made through separately managed accounts. Affinity Equity Partners – Affinity Asia Pacific Fund V, L. P. - $350 million commitment. Affinity will make investments across a diverse mix of industries within Asia, focusing on 4 regions; Korea, Australia/New Zealand, Southeast Asia and China. The funding of capital calls will come from cash. Affinity is an existing relationship for the CRF. No placement agents were involved in this transaction. This investment closed on December 15, 2017. New York State Common Retirement Fund Monthly Transaction Report December 2017 Page 2 DCP Capital I, L. P. – through Asia Alternatives IV, L.