DOCSLIB.ORG

Guide to the Secondary Market

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

GUIDE TO THE SECONDARY MARKET 2014 Edition Sponsored by: Cogent Partners-Print Ad Redesign-R5-PRINT.pdf 1 3/27/14 5:02 PM C M Y CM MY CY CMY K GUIDE TO THE SECONDARY MARKET 2014 Edition Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Yuliya Chernova, Sonja Cheung, Alec Macfarlane, Michael Wursthorn Research Victoria Camporeale Bradley, Sean Curran Advertising Joseph Koskuba, James Lindquist Production and Design Tara S. Cooper, Heather Graham, Tim White Editorial Director Nicholas Elliott Tel 609.520.7779 or 800.291.1800 | Dowjones.com/privatemarkets ISBN# 1-934391-18-2/978-1-934391-18-1 | Guide to the Secondary Market published May 2014 by Dow Jones & Company, Inc., located at 1211 Avenue of the Americas, New York , New York 10036. Dow Jones & Co. is a News Corporation company. Cover Price: $195. Contact [email protected]. Copyright © 2014 by Dow Jones & Company, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means – graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems – without the express written permission of Dow Jones & Company, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Dow Jones & Company, Inc., its officers, employees, or agents may hold positions in any of the securities mentioned herein. Photo credits - cover: ©istockphoto.com/BrainOnAShelf; p7: Zorabc/Shutterstock.com; p8: Paolo Bona Shutterstock.com; p11: ©istockphoto.com/WillSelarep; p13: ©istockphoto.com/Oliver Hoffmann; p18: ©istockphoto.com/Nikada; p20: ©istockphoto.com/photovideostock; p24: ©istockphoto.com/Dennis Oblander; p25: ©istockphoto.com/anyaivanova; p27: ©istockphoto.com/scibak; p28: ©istockphoto.com/sierrarat; p29: ©Tigger11th/Shutterstock.com; p30: Borislav Toskov/Shutterstock.com; p31: ©istockphoto.com/Matthew Dixon 55% recycled fiber 30% post consumer fiber GUIDE TO THE SECONDARY MARKET | | 3 Table of Contents I. Introduction Preface 4 By Laura Kreutzer, Assistant Managing Editor, Private Equity Large Portfolio Sales Put Secondary Market Back on Track 6 By Michael Wursthorn Secondary Market Timeline 16 Fundraising and Deal Volume, 2001-2013 Secondary Market Posts Big Year in 2013, but Exactly How Big? 18 By Laura Kreutzer and Michael Wursthorn Strong Pricing Drives Some Buyers Further Out on the Risk Spectrum 20 By Laura Kreutzer Fund Recaps Gather Steam Despite Challenges 25 By Michael Wursthorn More LPs Seek Secondary Deals, but Can They Fly Solo? 28 By Hillary Canada Secondary Buyers Bet Slow Growth in Asia Will Drive More Deals 30 By Sonja Cheung The Rise and Fall of Paul Capital 31 By Alec Macfarlane Nasdaq Takes Aim at Secondaries Market 33 By Yuliya Chernova Secondaries Reap Rewards of Boom Era Deals 34 By David Smagalla II. Sponsored Articles GP-Led Fund Restructurings and Recapitalizations: A Growing Market Solution 36 By Brian Mooney of Cogent Partners Discount to Net Asset Value: A Key Factor to Producing High Returns? 37 By Charles Soulignac of Fondinvest Capital 2014 Secondary Market Valuation Trends and Outlook Highlights for Private Funds and Companies World-Wide 39 NYPPEX Holdings LLC III. Firm Listings Secondary Market Buyer Listings 40 Secondary Direct Manager Listings 63 Intermediary Firm Listings 67 IV. Appendixes A. Investors That Have Backed Secondary Funds 75 B. Secondary Market Buyer: Interests Sought 78 C. Secondary Market Buyer & Direct Manager: Geographic Preferences 80 D. Secondary Market Direct Manager: Industry Preferences 82 E. Secondary Market Intermediary: Types of Clients Represented 83 F. Secondary Market Intermediary: Average Size of Deals Represented 84 V. Indexes Company Name 85 Contact Name 88 4 | | GUIDE TO THE SECONDARY MARKET Preface this report back in 2007, the secondary market was coming of age When we published as more institutional investors turned to secondary deals as a portfolio management tool, finally shedding the stigma that had often been attached to such sales. At that time, pricing for secondary deals had reached aggressive levels, in some cases exceeding 100% of a portfolio’s net asset value. Meanwhile, third-party debt also had made its way into the secondary market, raising questions about the level of risk secondary firms had assumed. Finally, stapled secondary deals, in which the buyer provides fresh capital for a new fund as part of the deal, also had become a more common component of transaction structures. Fast forward to 2014 and the secondary market has more than doubled in size since those days, both in transaction volume and in annual fundraising. Yet many of the issues that characterized the market back in 2007 appear to have resurfaced, according to our latest survey of secondary buyers. Once again, pricing has approached, if not exceeded, the net asset value for certain assets, prompting the highest percentage of buyers calling this a seller’s market since 2007. At the same time, third-party debt and stapled secondary transactions have re-emerged more commonly in deal structures. In this edition of the Dow Jones Guide to the Secondary Market, we examine how secondary buyers are positioning themselves in today’s competitive market and where they see the greatest potential for deal flow growth. We also look at the growing trend of fund recapitalizations and the complexities associated with such deals. Of course, you’ll also find the usual array of profiles of buyers and intermediaries, along with the fundraising, performance and deal volume statistics that have always characterized these guides. We hope you find this guide useful and, as always, welcome your feedback on how we can improve future editions. Sincerely, Laura Kreutzer Assistant Managing Editor, Private Equity Dow Jones & Co. [email protected] @LauraKreutzer Leading the way in secondary investing LGT Capital Partners is a leading private equity fund of funds manager and secondary specialist with over USD 22 billion in commitments and is acquiring private equity interests actively and discretely. LGT Capital Partners provides portfolio management and liquidity solutions since 1997 and leads secondary investments in: Buyout and Venture Capital partnerships European, US and Asian assets Special situations (unfunded positions, direct secondaries) For further information please contact André Aubert ([email protected]) or Sascha Gruber ([email protected]) LGT Capital Partners LGT Capital Partners SecondariesSecondaries House House of of the the Year Year 2013 2012 Pfaeffikon | New York | Dublin | London | Dubai | Beijing | Hong Kong | Tokyo [email protected] | www.lgtcp.com Pfaeffikon, New York, Dublin, London, Dubai, Beijing, Hong Kong, Tokyo www.lgtcp.com, [email protected] 6 | | GUIDE TO THE SECONDARY MARKET Large Portfolio Sales Put Secondary Market Back on Track By MICHAEL WURSTHORN What Percentage of Secondary Deals You Do Is Due to: start to 2013, the After a sluggish 40% 40% secondary market has 40% regained lost ground as a surge in big portfolio sales and a smattering of fund restructurings have put 2014 on pace to be one of the industry’s strongest years yet. 30 29% 25% 24% “The first half of last year was slow. But this year started off 22% 20% very strong,” said Tim Jones, chief executive of secondary 20 18% firm Coller Capital. “There’s two drivers behind it: Pricing has reached [net asset value] for sellers – so why not bring a book to market? – and there’s a strong desire for investors 10 9% 9% to reshape, rationalize and restructure their fund books.” 0 Strong stock market performance as well as a Economic Regulatory Their use as GP Other steady flow of distributions from private equity portfolios, concerns of changes a portfolio recapitalizations regulatory pressure and an ongoing desire among inexperienced management (or fund investors/distressed tool restructurings) investors to reduce the number of general partner relationships in their portfolios have all helped bring Mean Median more portfolios to market. Source: Guide to the Secondary Market, 2014 edition Many buyers remain confident the good times will continue at least through the rest of this year, according to the Strong pricing has also helped encourage limited partners results of the latest Dow Jones survey of secondary to clean up their portfolios. More investors have at least buyers. About two-thirds of secondary buyers surveyed put feelers out on fund portfolios to see whether buyers said they expect 2014 to be a record year for volume, an will pay close, or even above, net asset value for the increase from last year, when just over half of respondents portfolios on offer. expected 2013 to finish on a strong note. The survey reflected responses from 58 secondary buyers, including “Why not look to sell a portfolio if you can get close to many of the industry’s largest players. NAV?” Mr. Jones said. As in the 2013 survey, portfolio management remains the For example, Boston-based fund-of-funds manager biggest driver of deal volume, according to the survey. HarbourVest Partners may sell two separate private equity Portfolio management needs accounted for about 40% of portfolios, one valued at roughly $400 million and another secondary deals among respondents to this year’s survey, at around $100 million, according to people familiar with making it the biggest motivator of deal volume. the deal. The firm hopes to take advantage of the generous pricing conditions in the market, those people said, adding that it’s an “opportunistic” process. Do You Expect This Year to Be a Record Year Volcker Clock Ticks Down for Secondary Deal Volume? Regulatory pressure also continues to fuel deal flow after U.S. lawmakers finalized guidance on the Volcker rule, which limits the percentage of riskier assets, such as private equity and hedge funds, that financial institutions 34% Yes can carry on their balance sheets. 47% No 66% 53% Survey participants said regulatory changes drove an average of 29% of their deal flow as U.S.
Recommended publications
  • Harbourvest—China: the Intersection of Innovation and E-Commerce

    Harbourvest—China: the Intersection of Innovation and E-Commerce

    PRIVATE MARKETS INSIGHTS CHINA: THE INTERSECTION OF INNOVATION AND E-COMMERCE Q&A WITH HARBOURVEST PARTNERS’ BEIJING-BASED In the following interview, Beijing-based Managing Director Sally MANAGING DIRECTOR SALLY SHAN Shan discusses the ongoing evolution of China’s digital economy, and explores some of the more promising areas for investment. One of our core, long-term investment themes focuses on the wave of technology-driven innovation sweeping the globe. Day after day, new products and services emerge that disrupt China has evolved into a global hub for innovation traditional business models, and fundamentally change the and e-commerce in a very short period of time. What have been the key drivers? way people communicate with each other and consume and To understand where we are at today, it’s helpful to trace the pay for goods and services. Nowhere are these dynamics more path of China’s digital economy and how it has matured to at play than in China, where the internet and rising demand the point where it now plays a key role in private equity for mobile technology are creating fertile ground for private strategies. There have been two 10-year periods that have investment opportunities. brought us to this point. The first came between 1998 and 2008, when we had the arrival of personal computers As always, the key to private investing success in China is and the birth of the internet. Unlike in the US – where partnering with local experts who have access to the most people embraced PCs, bought them, and put them in their proven managers.
  • View Annual Report

    View Annual Report

    GLOBAL HEADQUARTERS OFFICES New York, New York Bogota, Colombia 800.223.6448 Boston, Massachusetts REGIONAL HEADQUARTERS Buenos Aires, Argentina Hong Kong, China Dubai, United Arab Emirates +852 3664 8800 Frankfurt, Germany London, United Kingdom Houston, Texas +44 20 3214 9000 Los Angeles, California Tokyo, Japan Melbourne, Australia +81 3 5218 1930 Milan, Italy Palm Beach, Florida ADDITIONAL PRIMARY PORTFOLIO MANAGEMENT CENTERS Paris, France Atlanta, Georgia Piscataway, New Jersey Chicago, Illinois San Francisco, California Dallas, Texas Seoul, South Korea The Hague, Netherlands Shanghai, China Singapore Taipei, Taiwan Tampa, Florida Toronto, Canada Totowa, New Jersey Wilmington, Delaware Zurich, Switzerland Neuberger Berman Group LLC 605 ird Avenue New York, NY 10158-3698 800.223.6448 L0317 04/15 ©2015 Neuberger Berman Group LLC. All rights reserved. www.nb.com NB002_2014_AR_Cover_QCR_Offset_042715_UG_R2.indd 1 5/3/15 8:21 AM Neuberger Berman is a private, independent, employee-owned investment firm, managing equity, fixed income, private equity and hedge fund portfolios for institutions, advisors and individuals. Our presence is worldwide, with offices in 18 countries and more than 2,000 professionals focused on serving global clients. Named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management, our firm is tenured, stable and long-term in focus. We foster an investment culture of fundamental research and independent thinking, in place since our founding in 1939. NB002_2014_AR_Cover_QCR_Offset_042715_UG_R1.indd 2 5/1/15 10:16 AM OUR MISSION IS TO PARTNER WITH OUR 1 CLIENTS TO ACHIEVE 1,649 79 % THEIR UNIQUE RESEARCH MEETINGS OF ALL WITH COMPANY INVESTMENT MANAGEMENT TEAMS NB PRIVATE OBJECTIVES.
  • Benjamin M. Weadon Senior Associate

    Benjamin M. Weadon Senior Associate

    Benjamin M. Weadon Senior Associate 704.444.1082 [email protected] Charlotte | Bank of America Plaza, 101 South Tryon Street, Suite 4000 | Charlotte, NC 28280-4000 Ben Weadon is a senior associate with Alston & Bird’s Corporate & Business Transactions Group. He advises private equity firms and their portfolio companies from coast to coast on leveraged buyouts, growth equity investments, merger and acquisition transactions, and general corporate matters. Ben has advised on deals in various industries, including software, semiconductor, telecommunications, and fleet management. Ben received his J.D., with high honors, from the University of North Carolina School of Law, where he was elected to the Order of the Coif. In law school, Ben was the executive editor of the North Carolina Banking Institute Journal. Ben received a B.A. in history, cum laude, from Duke University. Representative Experience Represented CommScope Holding Company Inc. in its $7.4 billion acquisition of ARRIS International plc. Represented The Carlyle Group in its $7.4 billion acquisition of Veritas, an information management system provider, from Symantec Corporation. Represented CommScope Holding Company Inc. in its $3 billion acquisition of TE Connectivity’s telecom, enterprise, and wireless businesses. Represented an entity controlled by The Carlyle Group in the acquisition of the Compute business of MACOM Technology Solutions and related joint venture with Oracle Corporation. Represented The Carlyle Group in its investment in ProKarma, a high-growth IT services firm. Represented Ridgemont Equity Partners in its acquisition of Munch’s Supply, a leading wholesale distributor of heating, ventilation, and air conditioning (HVAC) equipment. Represented Ridgemont Equity Partners in its acquisition of Dickinson Fleet Services, a technology-enabled service provider in the vehicle fleet maintenance industry.
  • Reporting Tool

    Reporting Tool

    REPORT 2018ESG ANNUAL REVIEW OF HARBOURVEST’S ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ACTIVITIES CONTENTS 3 14 MESSAGE FROM THE EXECUTIVE SUPPORTING EMERGING AND MANAGEMENT COMMITTEE DIVERSE-LED MANAGERS IMPACT INVESTING, FEMALE-LED VC FUNDS 4 We’re driven by the APPROACH AND GOVERNANCE 20 belief that strong PROGRAM OVERVIEW, GLOBAL ESG COMMITTEE CORPORATE RESPONSIBILITY financial returns and DIVERSITY, COMMUNITY, TALENT DEVELOPMENT, positive social change 6 OPERATIONAL HIGHLIGHTS COMMITTED TO RESPONSIBLE INVESTING can be accomplished ESG INVESTMENT PROCESS, PRI ASSESSMENT, 24 in tandem. GP ESG RANKINGS OUTREACH AND EVENTS HARBOURVEST 2018 ESG REPORT / 1 MESSAGE FROM THE “ESG factors are becoming EXECUTIVE MANAGEMENT COMMITTEE more prominent in the We are pleased to present HARBOURVEST PARTNERS’ Perhaps our most gratifying highlight came in the form of an external investment decision-making 2018 ESG REPORT, our annual review of the initiatives validation of the progress we have made. Our ESG efforts are assessed process and will only grow in and activities we undertook in 2018 to support our independently each year by the PRI, and our most recent results across importance in the years ahead.” longstanding commitment to being conscientious three core categories—Strategy and Governance (A+), Indirect Investments investors and engaged corporate citizens. (A+), and Direct Investments (A)—were our best ever and placed us in the As a leading private markets manager and investor, as well as a proud top quartile of private equity managers (see p. 7). signatory to the Principles for Responsible Investment (“PRI”), we have a dual None of these achievements would be possible without our incredibly responsibility to continuously strengthen our own ESG capabilities, and to dedicated people.
  • Startup Valuation THESIS V.35 (REVISADA)

    Startup Valuation THESIS V.35 (REVISADA)

    UNIVERSIDADE DE SÃO PAULO FACULDADE DE ECONOMIA, ADMINISTRAÇÃO E CONTABILIDADE PROGRAMA DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO Jose Roberto Securato Junior CLASSIFICATION, INVESTMENT SELECTION, AND VALUATION OF NEW VENTURE AND STARTUP COMPANIES CLASSIFICAÇÃO, SELEÇÃO DE INVESTIMENTOS, E VALUATION DE NEW VENTURES E STARTUPS Versão Corrigida (versão original disponível na Biblioteca da Faculdade de Economia, Administração e Contabilidade) São Paulo 2020 1 Prof. Dr. Vahan Agopyan Reitor da Universidade de São Paulo Prof. Dr. Fabio Frezatti Diretor da Faculdade de Economia, Administração e Contabilidade Prof. Dr. Moacir de Miranda Oliveira Junior Chefe do Departamento de Administração Prof. Dr. Eduardo Kazuo Kayo Coordenador do Programa de Pós-Graduação em Administração 2 Jose Roberto Securato Junior CLASSIFICATION, INVESTMENT SELECTION, AND VALUATION OF NEW VENTURE AND STARTUP COMPANIES Tese apresentada ao Programa de Pós- Graduação em Administração do Departamento de Administração da Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo, como requisito parcial para obtenção do título de Doutor em Ciências. Orientador: Prof. Dr. Jose Roberto Ferreira Savoia Versão Corrigida (versão original disponível na Biblioteca da Faculdade de Economia, Administração e Contabilidade) São Paulo 2020 3 4 Excellence precedes success 5 RESUMO Esta tese examina como a seleção de investimentos e a avaliação econômico-financeira de new ventures e startups variam ao longo do ciclo de vida destas companhias. A abordagem de pesquisa foi estruturada em 3 fases: i) revisão da literatura em new ventures e startups, ii) um questionário para 105 investidores qualificados e entrevistas públicas sobre perspectivas dos investidores, e iii) modelagem do retorno esperado ao longo do ciclo de vida das new ventures e startups com base em regressões robustas.
  • Analysis of Investment Performance

    Analysis of Investment Performance

    Town of Palm Beach Retirement System ANALYSIS OF INVESTMENT PERFORMANCE Fourth Quarter 2015 Lawrence Marino, CFA Rosemary Guillette Senior Vice President Senior Consultant Copyright © 2016 by The Segal Group, Inc. All rights reserved. TABLE OF CONTENTS SECTION FINANCIAL MARKET CONDITIONS…………………………………………………………………………………………. 1 COMPOSITE..…………………………………………………………………………………………………………...……….. 2 DOMESTIC EQUITY…………..………………………………………………….…………………………………………… …3 SSgA S&P 500 T. Rowe Price New Era Fund Geneva Mid Cap Growth TSW Mid Cap Value TSW Small Cap Value INTERNATIONAL EQUITY…………………………………………………………………………………………. ................. 4 Harris International Equity Artisan Non US Growth Acadian Emerging Market Equity Wells Large/Mid Cap Emerging Market Equity FIXED INCOME…………………………………………………………………………………………………………………. 5 Goldman Sachs Core Plus Fixed Income Vanguard Total Bond Market Neuberger Berman High Yield Vanguard Inflation Protected Securities ALTERNATIVES/HEDGE FUNDS ………………………………………………………………………………………………6 Wellington Diversified Inflation Hedges Mesirow Absolute Return Fund Weatherlow Offshore Fund I Standard Life Global Absolute Return Fund COMMODITIES………...………………………………………………………………………………………………… ………7 TAP Fund PRIVATE EQUITY ………………………………………………………………………………………………………………8 Landmark Partners XIV PEI Fund V HarbourVest Partners IX Pomona Capital VIII JPMorgan Venture Capital Fund V REAL ESTATE …………………………………………………………………………………………………………………….9 Gerding Edlen Green Cities II Westport Real Estate Fund IV Long Wharf Real Estate Partners Fund
  • TRS Contracted Investment Managers

    TRS Contracted Investment Managers

    TRS INVESTMENT RELATIONSHIPS AS OF DECEMBER 2020 Global Public Equity (Global Income continued) Acadian Asset Management NXT Capital Management AQR Capital Management Oaktree Capital Management Arrowstreet Capital Pacific Investment Management Company Axiom International Investors Pemberton Capital Advisors Dimensional Fund Advisors PGIM Emerald Advisers Proterra Investment Partners Grandeur Peak Global Advisors Riverstone Credit Partners JP Morgan Asset Management Solar Capital Partners LSV Asset Management Taplin, Canida & Habacht/BMO Northern Trust Investments Taurus Funds Management RhumbLine Advisers TCW Asset Management Company Strategic Global Advisors TerraCotta T. Rowe Price Associates Varde Partners Wasatch Advisors Real Assets Transition Managers Barings Real Estate Advisers The Blackstone Group Citigroup Global Markets Brookfield Asset Management Loop Capital The Carlyle Group Macquarie Capital CB Richard Ellis Northern Trust Investments Dyal Capital Penserra Exeter Property Group Fortress Investment Group Global Income Gaw Capital Partners AllianceBernstein Heitman Real Estate Investment Management Apollo Global Management INVESCO Real Estate Beach Point Capital Management LaSalle Investment Management Blantyre Capital Ltd. Lion Industrial Trust Cerberus Capital Management Lone Star Dignari Capital Partners LPC Realty Advisors Dolan McEniry Capital Management Macquarie Group Limited DoubleLine Capital Madison International Realty Edelweiss Niam Franklin Advisers Oak Street Real Estate Capital Garcia Hamilton & Associates
  • 15% Subscriber Offer

    15% Subscriber Offer

    Private Equity & Venture Capital Investing In China, India, Japan, Korea, SE Asia & Australia South East Asia Summit: 16 September LP/GP Relations Summit: 16 September Main Conference: 17-19 September JW Marriott Hotel, Hong Kong 15% Subscriber Offer Quote VIP: FKR2346SPOT on http://www.superreturnasia.com/fkr2346spot Dear Spotlight reader We will be in Hong Kong for this year’s SuperReturn Asia and as I am a speaker I’m pleased to offer Spotlight readers a special 15% discount should you be planning to attend. SuperReturn Asia 2013 brings together 160 speakers, including 55 international and Asian LPs and the best local GPs in a one-stop learning and networking shop, packed with interaction and high value face-to-face opportunities with around 800 senior attendees. I’ll be moderating a panel of Asian experts during the GP/LP Relations Summit on Fundraising Differentiation – The Insider View: How To Differentiate Yourself In A Crowded Fundraising Market. Kindest regards Mark O’Hare For all bookings & enquiries, please contact the SuperReturn Asia 2013 Team Quote VIP: FKR2346SPOT for your 15% discount Tel: +44 (0) 20 7017 7200 Email: [email protected] Web: http://www.superreturnasia.com/fkr2346spot Welcome to the latest edition of Private Equity Spotlight, the Private Equity Spotlight monthly newsletter from Preqin providing insights into private equity July 2013 performance, investors, deals and fundraising. Private Equity Spotlight combines information from our online Feature Article products Performance Analyst, Investor Intelligence, Fund Manager The Venture Capital Conundrum Profi les, Funds in Market, Secondary Market Monitor, Buyout Deals Analyst In this month’s feature article we look at the venture capital conundrum.
  • Boaml PE Team Spins out Newquest Capital Partners to Focus on Direct Secondaries in Asia Via Its $400 Million Fund

    Boaml PE Team Spins out Newquest Capital Partners to Focus on Direct Secondaries in Asia Via Its $400 Million Fund

    FUNDS [email protected] BoaML PE team spins out NewQuest Capital Partners to focus on direct secondaries in Asia via its $400 million fund AS WESTERN INVESTMENT BANKS COME Asia, we’re talking only about 10% and that’s cycle for some of the assets BoaML had held under increasing pressure to minimize their largely limited to the buy-out markets of Japan, in its portfolio for the past years. Massara risk – and have thus shed their alternative asset Korea and Australia. We think that it is largely notes that the "rm may announce its "rst exits investment units – Bank of America Merrill Lynch due to the fact that there are a limited number of in the coming months, and as well as new (BoaML) has taken a unique stance in the spin buyers focused on that part of the market” investments. o! of its private equity business, seeing its head Massara explains that the size of Asia’s un- “The fund currently has $400 million, of which professionals launch an independent, direct exited deal market is roughly US$150 billion. a signi"cant amount of that is dry powder for secondaries-focused "rm backed by the new investments,” says Jason Sambanju, region’s top LPs. Co-Head of Paul Capital Asia, NewQuest’s NewQuest Capital Partners, backed by cornerstone LP. “One way to tap into more a consortium consisting of Paul Capital, capital is thru NewQuest’s existing LPs. HarbourVest Partners, LGT Capital Partners So when the opportunity to increase the and Axiom Asia, has acquired “substantially fund size arises, we can easily step up to all” of BoaML’s non-real estate private put more money to work.” equity portfolio in Asia, launching the The BoaML-cum-NewQuest team $400 million NewQuest Asia Fund I, L.P., began discussions with Paul Capital, to manage the assets.
  • INVESTMENT VENDORS  the Following Is a Listing of the Investment Managers, Custodians, and Consultants That Serve the Massachusetts Public Pension Systems

    INVESTMENT VENDORS  the Following Is a Listing of the Investment Managers, Custodians, and Consultants That Serve the Massachusetts Public Pension Systems

    INVESTMENT VENDORS The following is a listing of the investment managers, custodians, and consultants that serve the Massachusetts public pension systems. The listing is based on information supplied by the retirement boards. RETIREMENT BOARD INVESTMENT VENDORS ADAMS • Capital Research and Management • Granite Investment Advisors Custodian: State Street Bank & Trust AMESBURY • PRIT ANDOVER • PRIT ARLINGTON • PRIT • Wilshire Associates Inc. Custodian: State Street Bank & Trust ATTLEBORO • Boston Advisors, LLC • Herndon Capital Management, LLC • PRIT Custodian: People’s United Bank • Daruma Capital Management, LLC • Invesco Core Real Estate USA, LP • Regions Timberland Consultant: Dahab Associates Inc. • Fidelity Institutional Asset Management • Invesco National Trust Company • State Street Global Advisors • Frontier Capital Management Co., LLC • Orleans Capital Management Corp. • Wells Capital Management Inc. • Hancock Natural Resource Group, Inc. BARNSTABLE COUNTY • Intercontinental Capital Management, LLC • PRIT • UBS Realty Investors, LLC BELMONT • AEW Capital Management, LP • Loomis Sayles & Company • RhumbLine Advisers Custodian: State Street Bank & Trust • Atlanta Capital • Pacific Investment Management Company, LLC • Rothschild Asset Management Inc. Consultant: New England Pension • Harbourvest Partners, LLC • PRIT • Scout Capital Management, LLC Consultants BERKSHIRE COUNTY • PRIT BEVERLY • PRIT BLUE HILLS REGIONAL • PRIT BOSTON (CITY) • 57 Stars, LLC • EnTrust Partners, LLC • Permal Asset Management, Inc. Custodian: State
  • Broken Confidences Sebastiaan Van Den Berg of Harbourvest Partners Are PE Players Losing Sleep Over Australia’S Super Fund Disclosure Rules? Page 7 Page 19

    Broken Confidences Sebastiaan Van Den Berg of Harbourvest Partners Are PE Players Losing Sleep Over Australia’S Super Fund Disclosure Rules? Page 7 Page 19

    Asia’s Private Equity News Source avcj.com February 25 2014 Volume 27 Number 07 EDITOR’S VIEWPOINT Bumper PE deal flow in 2013 flatters to deceive Page 3 NEWS Baring Asia, CalPERS, CDH, EQT, Fosun, GGV, Hopu, IDFC, IFC, INCJ, Kendall Court, Morningside, NSSF, Origo, Samena, Temasek Page 4 ANALYSIS Australia’s mid-market GPs wait patiently for a buyout rebound Page 16 INDUSTRY Q&A HESTA’s Andrew Major and QIC’s Marcus Simpson Page 11 Broken confidences Sebastiaan van den Berg of HarbourVest Partners Are PE players losing sleep over Australia’s super fund disclosure rules? Page 7 Page 19 FOCUS FOCUS Diversity in distress The collective spirit GPs adjust to evolving special situations Page 12 Crowdfunding gains traction down under Page 14 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM AUSTRALIA 2014 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Mirzaan Jamwal (852) 3411 4821 That was then, Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager this is now Helen Lee Research Manager Alfred Lam Research Associates Herbert Yum, Isas Chu, Jason Chong, Kaho Mak Circulation Manager FROM 2006 OR THEREABOUTS, AUSTRALIA pace during the second half of 2013. A total of Sally Yip Circulation Administrator suddenly became the destination in Asia for GPs nine PE-backed offerings raised record proceeds Prudence Lau focused on leveraged buyout deals.
  • RI Transparency Report Is One of the Key Outputs of This Framework

    RI Transparency Report Is One of the Key Outputs of This Framework

    RI TRANSPARENCY REPO RT 2019 Idinvest Partners An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact About this report The PRI Reporting Framework is a key step in the journey towards building a common language and industry standard for reporting responsible investment (RI) activities. This RI Transparency Report is one of the key outputs of this Framework. Its primary objective is to enable signatory transparency on RI activities and facilitate dialogue between investors and their clients, beneficiaries and other stakeholders. A copy of this report will be publicly disclosed for all reporting signatories on the PRI website, ensuring accountability of the PRI Initiative and its signatories. This report is an export of the individual Signatory organisation’s response to the PRI during the reporting period specified above. It includes their responses to mandatory indicators, as well as responses to voluntary indicators the signatory has agreed to make public. The information is presented exactly as it was reported. Where an indicator offers a response option that is multiple-choice, all options that were available to the signatory to select are presented in this report. Presenting the information exactly as reported is a result of signatory feedback which suggested the PRI not summarise the information. PRI disclaimer This document presents information reported directly by signatories. This information has not been audited by the PRI Secretariat or any other party acting on their behalf. While this information is believed to be reliable, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for any error or omission.