DOCSLIB.ORG

Santa Barbara County Employees' Retirement System

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Santa Barbara County Employees' Retirement System Santa Barbara County Employees’ Retirement System 2021 Private Equity Strategic Plan Agenda • Program Review 3 • Portfolio Snapshot and Performance Summary 9 • Strategic Plan 13 • Appendix 20 Program Review PE Portfolio Highlights - September 30, 2020 Hamilton Lane (“HL”) is entering our 15th year of building the Santa Barbara County Employees’ Retirement System (“SBCERS”) PE Program Performance • Since inception IRR of 12.67% outperforms the benchmark (Russell 3000 + 300 bps) by 28 bps • Double-digit performance for the one-year period, with a point-to-point IRR of 14.96% Strategic Objectives • Fulfilled all objectives outlined in the 2020 Strategic Plan • PE target of 10% established in 2016; Portfolio at 11.45% as of September 30, 2020 • Established a strong foundation of top tier managers Additional Highlights • Accessed highly sought, oversubscribed funds • Received preferred legal terms for one fund in 2020 as a result of the HL platform • Presented Private Equity 101 to new Board Members Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 4 SBCERS’ Private Equity Investment Milestones Hamilton Lane was hired by SBCERS in 2006 to select new investments, monitor, and provide advice for the private equity portfolio 2005 - Lexington Capital Partners VI • First private equity investment (made by SBCERS) 2006 - HL hired to build long-term PE allocation to 5% • Original contract allowed HL to invest $80M on behalf of SBCERS 2008 - Amendment to contract giving HL full discretion • Recommended annual commitment pacing of $40M to reach long term target 2009/2010 - Target allocation temporarily lowered • Cautious commitment pacing as a result of the Global Financial Crisis 2011 - Target increased to 8% as global markets recover • Annual commitment allocation increased to gradually reach target 2013 - Target allocation is set at 7% • Annual commitments of $60M in 2013 and 2014 to reach and maintain target 2015 - Investment Tranche extended • Approved allocation of up to $250M over three years 2016 - Target allocation is increased to 10% • Annual commitments of $60 - $70M to reach target 2019 - Allocation to PE within 10 bps of target amount • Allocation to PE is 9.94% as of September 30, 2019 SBCERS’ PE Allocation $90 14% $80 12% $70 Allocation Target PE 10% $60 $50 8% $40 6% $ Million$ $30 4% $20 2% $10 $0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Commitment Allocation PE Target Allocation Exposure Actual PE Exposure Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 5 SBCERS’ Private Equity Activity SBCERS’ Portfolio Growth $800 80 $700 70 $600 Number of Funds 60 $500 50 $400 40 ($ ($ in Millions) $300 30 $200 20 $100 10 $0 0 9/30/06 9/30/07 9/30/08 9/30/09 9/30/10 9/30/11 9/30/12 9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18 9/30/19 9/30/20 SBCERS' Aggregate Commitments SBCERS' Market Value SBCERS' Aggregate Funds • As of September 30, 2020, SBCERS committed $729.4M to 81 partnerships across 35 managers • Consistent vintage year allocation, market environment and fund/manager quality all factors in annual commitment pacing Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 6 SBCERS’ Performance and Growth 2007 Initial IRR strong due to investment in Lexington secondary fund 2008 Net IRR decline as a result of investing in primary funds (j-curve effect) 2009 Performance increases through Global Financial Crisis (GFC) 2010 J-curve broken after two years 2011 Performance continues to improve post GFC 2012 Since inception IRR approaches double digits 2013 Performance increases each quarter reaching a new apex 2014 IRR apex of 13% achieved 2015 IRR stabilizes despite the lag in shorter-term public benchmarks performance 2016 NAV increase to just below $200M, IRR stable at 11% 2017 Since Inception IRR rises above 12% 2018 Total commitments reached just below $600M 2019 D/PI reached a high watermark of 0.8x 2020 Portfolio weathered impact from COVID-19 and rebounded strongly SBCERS’ PE Portfolio $400 20% 15% $300 10% $200 IRR 5% $100 Portfolio NAV Portfolio 0% $0 (5%) ($100) (10%) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Portfolio NAV Cumulative IRR Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 7 Strategically Building the Portfolio Strategic Diversification by Exposure 9/30/2015 9/30/2020 Secondaries - Direct Venture Capital Venture Capital 10% Secondaries 2% 9% Growth 3% Mega Buyout Mega Buyout Equity Growth Equity 21% Strategy: Buyout 27% exposure remains 9% Distressed3% largest exposure; Distressed Debt Debt 5% 10% Growth Equity Special Situations Strategy increased while Special 4% Situations Distressed Debt 4% Large Buyout Large Buyout declined Small Buyout 18% 13% 11% Small Buyout 11% Mid Buyout Mid Buyout 19% 19% ROW ROW 5% 6% North Asia Asia America 6% 5% 70% Geography: Continues to be North weighted towards Europe Europe America Geography 19% North America 18% 70% Utilities Consumer Real Estate Comm. Utilities 3% Discretionary Services 3% 2% Consumer Comm. 17% 9% Services Industry: Remains Discretionary Materials 23% 11% well diversified; IT 4% Materials Consumer 5% Staples and Consumer 3% Discretionary Information Information Consumer Technology exposure Technology Staples Energy increased while 15% 4% Industry 9% 16% Energy exposure Energy decreased 6% Industrials Financials Financials Industrials 13% 8% Healthcare 7% 16% Healthcare 12% 11% Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 8 Portfolio Snapshot and Performance Summary Portfolio and Performance Summary SBCERS PE Portfolio Since Inception Summary As of As of $ in Millions Net Change 9/30/2019 9/30/2020 • Active partnerships increased by six over the Active Partnerships 75 81 6 LTM ending September 30, 2020 Active GP Relationships 31 35 4 • Market value increased 19% over the year Committed Capital $657.3 $729.4 $72.1 Unfunded Commitment $247.8 $259.7 $11.9 Paid-In Capital $502.2 $566.5 $64.3 Distributions $401.3 $452.7 $51.4 D/PI 0.8x 0.8x - Net Invested Capital $100.8 $113.8 $13.0 Market Value $316.8 $378.3 $61.5 Total Exposure $564.6 $638.0 $73.4 Average Age of Commitments 5.9 years 5.9 years - SBCERS PE Portfolio Annual Performance Summary As of $ in Millions • Strong net value gains of $48.6M during the LTM period 9/30/2019 9/30/2020 Beginning Market Value $280.4 $316.8 • Three out of four quarters generated gains during Paid-in Capital 67.2 64.3 this period Distributions 61.4 51.4 • Since inception IRR increased 22 bps YoY Unrealized Gain/(Loss) 30.5 48.6 Ending Market Value $316.8 $378.3 Point-to-Point IRR 10.80% 14.96% Since Inception IRR 12.45% 12.67% Total Value Multiple 1.4x 1.5x Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 10 Activity Review Portfolio Cash Flow Activity $80 $60 $40 $20 $0 ($ ($ in Millions) ($20) ($40) ($60) ($80) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Contributions Distributions Net Cash Flow • Net cash outflow of $1.5M in 2020 • Record annual distribution activity in 2020 • 18 funds generated distributions greater than $1M during the year Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 11 Top Manager Exposure Investment Guidelines limits exposure to one manager to a maximum of 25% of total Program • Portfolio is well diversified by manager with top exposure at 9.7% of the total Program Top 5 GP Relationships by Total Exposure* As of September 30, 2020 Number of Total Exposure % of Total Since General Partner Investment Strategy Funds ($M) Portfolio Inception IRR Hamilton Lane Venture Capital 6 $61.8 9.7% 18.5% Gridiron Capital Small/Mid Buyout 3 49.8 7.8% 26.0% Technology Crossover Ventures Growth Equity 5 40.5 6.3% 23.9% Platinum Equity Capital Partners Mid/Large/Mega Buyout 4 36.1 5.7% 28.9% CVC Capital Partners Mega Buyout 4 33.8 5.3% 15.8% Total 22 $222.0 34.8% 21.1% *Total Exposure defined as Reported Market Value plus Unfunded Commitment • Top five manager exposures are all generating double-digit since inception returns • In aggregate the managers are generating an IRR over 20% • Technology Crossover Ventures and CVC Capital are new to the list; commitments to both managers closed in 2020 Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 12 Strategic Plan 2020 Strategic Plan Update Review of themes and objectives identified for 2020 Continue to Manage • Met target commitment range with $81M in commitments; reached PE PE Exposure Exposure target of 10% Manager • Four closed commitments represent existing managers, four new managers Concentration (Bridgepoint, Sterling Group, Symphony Technology Group, GTCR) Strategic Exposure • Added four commitments to Mid-Buyout Geographic Allocation • Added two commitments to European managers Board and Staff • Presented education on Private Markets in February 2020 Education Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 14 Portfolio Targets Sector Target Exposure vs. Actual Exposure • As of September 30, 2020, all strategy Current Proposed exposures are at or near target ranges Strategy/Sub-strategy 9/30/2019 9/30/2020 Target Range Target Range identified in the PE Investment Policy Corporate Finance/Buyout 60-70% 60-80% 70% 71% • Based on macro trends the bands have been Large/Mega Buyout 20-30% 25-45% 40% 40% updated to represent a more efficient Small/Mid Buyout 30-40% 25-45% 30% 30% portfolio Special Situations 10-20% 0-20% 12% 10% Distressed Debt 10-15% 0-10% 7% 5% • Venture/Growth breakout: Venture at Secondaries 0-10% 0-10% 1% 0% 10%, Growth Equity at 9% Secondaries – Direct 0-10% 0-10% 0% 0% Special Situations 0-10% 0-10% 4% 4% Venture/Growth Equity 5-15% 10-30% 18% 19% Geographic Target Exposure vs.
Load more

Recommended publications
  • Leadership Newsletter Winter 2020 / 2021
    T���������, M���� ��� T����������������� Leadership Newsletter Winter 2020 / 2021 GTCR Firm Update Since the firm’s inception in 1980, GTCR has Technology, Media and Tele- partnered with management teams in more communications than 200 investments to build and transform growth businesses. Over the last twenty years alone, GTCR has invested over $16 billion in approximately 100 platform acquisitions, 30+ 95+ PLATFORMS ADD-ONS including more than 65 companies that have been sold for aggregate enterprise value of over $ $50 billion and another 14 companies that have 25B+ been taken public with aggregate enterprise value PURCHASE of more than $34 billion. In November 2020, PRICE we closed GTCR Fund XIII, the firm’s largest fund to date, with $7.5 billion of limited partner capital commitments. This fund follows GTCR Fund Acquisition Activity Since 2000 XII, which we raised in 2017, with $5.25 billion As of January 15, 2021* of limited partner capital commitments. GTCR currently has 25 active portfolio companies; ten of these companies are within the Technology, Media and Telecommunications (“TMT”) industry. Page 1 / Continues on next page Technology, Media and Telecommunications Group Update Since 2000, GTCR has completed over 30 new platform investments and over 95 add-on acquisitions within the TMT industry, for a total of over 125 transactions with a combined purchase price of over $25 billion. During just the past year, we have realized several of these investments, selling three businesses and completing the partial sale of two additional companies, for a combined enterprise value of over $9 billion. Our TMT franchise includes ten active portfolio companies and one management start-up, which together have completed nearly 30 add-on acquisitions under our ownership, representing approximately $3 billion of GTCR invested capital.
    [Show full text]
  • Private Equity Firms Fueling the Growth of Electronic Trading June
    Private Equity Firms Fueling the Growth of Electronic Trading June 23, 2007 Article Excepts: Steve McLaughlin, managing partner in Financial Technology Partners, the only investment banking firm focused exclusively on financial technology deals, insists the trend is going to continue because there's always innovation in the space, but maybe not at the current pace. "It's going to slow because so much attention has been brought to this space recently," he says. "A lot of the better later-stage companies [already] have done their transactions." McLaughlin — who gave Liquidnet its eye-popping $1.8 billion valuation in 2005, which resulted in a $250 million investment from TCV and Summit Equity Investors — points to Liquidnet as an example. "Liquidnet is a very simple idea — the business plan and the idea you could write on the back of a postage stamp," he contends. "It was very elegant in the way that [the company] put it together and marketed itself as the Napster of electronic trading. ... Financial technology is more about using existing technologies to solve complex problems." FT Partner's McLaughlin, however, says, "There are still plenty of deals out there. A lot of the companies getting finance were created five or six years ago. There are plenty of firms being created now that in five or six years will be looking for capital. But a lot of the really good companies have been pursued by these private equity firms" Full Article: It's good to be in the financial technology industry these days — especially if your company is getting calls from private equity firms looking to invest in one of the economy's hottest growth sectors.
    [Show full text]
  • Avetta and BROWZ Combine to Form One of the World's Leading
    Avetta and BROWZ Combine to Form One of the World’s Leading Providers of Supply Chain Risk Management Transaction expands global network to 85,000 customers in over 100 countries with a configurable SaaS platform and industry leading customer service Feb. 14, 2019—OREM, Utah—Avetta and BROWZ, two leading providers of SaaS based supply chain risk management software, today announced they have combined to form a new, market leading organization focused on delivering the best in supply chain risk management services to companies world-wide. The transaction further solidifies Avetta’s position as a world-class organization, innovator and thought leader, expanding the company’s global network to 85,000 customers in over 100 countries in the fast growing $14 billion global marketplace for supply chain risk management solutions. Avetta and BROWZ combine more than three decades of experience in making industries safer, more sustainable and compliant by vetting and qualifying the suppliers that support their global clients. Avetta and BROWZ’s 450 combined clients include blue chip companies in industry verticals such as energy, chemicals, manufacturing, utilities, construction materials, facilities management, communications, transportation, logistics & retail, mining, aerospace & defense and food & beverage. These industry leaders require better visibility into supply chain risks, such as workplace health & safety, sustainability, modern slavery, data privacy, anti-bribery & corruption, regulatory and insurance compliance. Together, the companies’ market-leading technology platform and products strengthen sustainable connections between clients and suppliers, while streamlining and simplifying the engagement process for both parties. Avetta and BROWZ share a common vision of putting customers first and a belief that the solutions offered to their clients should be configurable to address the specific needs and requirements of their client base across industries and geographies.
    [Show full text]
  • A Listing of PSERS' Investment Managers, Advisors, and Partnerships
    Pennsylvania Public School Employees’ Retirement System Roster of Investment Managers, Advisors, and Consultants As of March 31, 2015 List of PSERS’ Internally Managed Investment Portfolios • Bloomberg Commodity Index Overlay • Gold Fund • LIBOR-Plus Short-Term Investment Pool • MSCI All Country World Index ex. US • MSCI Emerging Markets Equity Index • Risk Parity • Premium Assistance • Private Debt Internal Program • Private Equity Internal Program • Real Estate Internal Program • S&P 400 Index • S&P 500 Index • S&P 600 Index • Short-Term Investment Pool • Treasury Inflation Protection Securities • U.S. Core Plus Fixed Income • U.S. Long Term Treasuries List of PSERS’ External Investment Managers, Advisors, and Consultants Absolute Return Managers • Aeolus Capital Management Ltd. • AllianceBernstein, LP • Apollo Aviation Holdings Limited • Black River Asset Management, LLC • BlackRock Financial Management, Inc. • Brevan Howard Asset Management, LLP • Bridgewater Associates, LP • Brigade Capital Management • Capula Investment Management, LLP • Caspian Capital, LP • Ellis Lake Capital, LLC • Nephila Capital, Ltd. • Oceanwood Capital Management, Ltd. • Pacific Investment Management Company • Perry Capital, LLC U.S. Equity Managers • AH Lisanti Capital Growth, LLC Pennsylvania Public School Employees’ Retirement System Page 1 Publicly-Traded Real Estate Securities Advisors • Security Capital Research & Management, Inc. Non-U.S. Equity Managers • Acadian Asset Management, LLC • Baillie Gifford Overseas Ltd. • BlackRock Financial Management, Inc. • Marathon Asset Management Limited • Oberweis Asset Management, Inc. • QS Batterymarch Financial Management, Inc. • Pyramis Global Advisors • Wasatch Advisors, Inc. Commodity Managers • Black River Asset Management, LLC • Credit Suisse Asset Management, LLC • Gresham Investment Management, LLC • Pacific Investment Management Company • Wellington Management Company, LLP Global Fixed Income Managers U.S. Core Plus Fixed Income Managers • BlackRock Financial Management, Inc.
    [Show full text]
  • September 5, 2017 GTCR XII $150 Million September 5, 2017 Francisco Partners V $250 Million August 17, 2017 NGP Natural Resource
    JOHN D. SKJERVEM PHONE 503-431-7900 CHIEF INVESTMENT OFFICER FAX 503-620-4732 INVESTMENT DIVISION STATE OF OREGON OFFICE OF THE STATE TREASURER 16290 SW UPPER BOONES FERRY ROAD TIGARD, OREGON 97224 OREGON INVESTMENT COUNCIL SEPTEMBER 20, 2017 MEETING MINUTES Members Present: Rukaiyah Adams, Tobias Read, John Russell, Rex Kim, Rick Miller and Steve Rodeman Staff Present: John Skjervem, Perrin Lim, David Randall, Deena Bothello, Karl Cheng, May Fanning, Michael Langdon, Jen Plett, Jen Peet, James Sinks, Michael Viteri, Tony Breault, Amanda Kingsbury, Austin Carmichael, Dana Millican, Ricardo Lopez, Jo Recht, Ben Mahon, Debra Day, Tom Lofton, Angela Schaffers, Priyanka Shukla, Roy Jackson, Garrett Cudahey, Mike Mueller, Steven Chang, Andy Coutu, Cassie Lallack, Dmitri Palamateer, Kim Olson, Aliese Jacobsen, William Hiles, Cassie Lallak, Amy Wojcicki Consultants Present: Tom Martin, Nic DiLoretta, David Fan, (TorreyCove); Allan Emkin, Christy Fields (PCA); Jim Callahan, Uvan Tseng, Janet Becker-Wold (Callan) Legal Counsel Present: Dee Carlson, Oregon Department of Justice The September 20th, 2017 OIC meeting was called to order at 8:59 am by Rukaiyah Adams, OIC Chair. I. 9: 01am Review and Approval of Minutes MOTION: Treasurer Read moved approval of the August 9th, 2017 OIC meeting minutes, and Mr. Kim seconded the motion which then passed by a 5/0 vote. II. 9:06 am Committee Reports and CIO Update Committee Reports: John Skjervem, OST Chief Investment Officer gave an update on the following committee actions taken since the August 9, 2017 OIC meeting: Private Equity Committee September 5, 2017 GTCR XII $150 million September 5, 2017 Francisco Partners V $250 million Alternatives Portfolio Committee August 17, 2017 NGP Natural Resources XII $250 million Opportunity Portfolio Committee None Real Estate Committee None OREGON INVESTMENT COUNCIL September 20, 2017 Meeting Summary Mr.
    [Show full text]
  • Financial Services & Technology
    Leadership Newsleter Financial Services & Technology Fall 2015 GTCR Firm Update Since the firm’s inception in 1980, GTCR has partnered with management teams to build and transform growth businesses, investing over $12 billion in more than 200 companies. In January 2014, we closed GTCR Fund XI, the firm’s largest fund to date, with $3.85 billion of limited partner equity capital commitments. To date, we have made five investments in Fund XI. Financial Services & Technology Group Update GTCR's Financial Services & Technology group has stayed very busy in 2015: with the sale of three porfolio companies, Premium Credit Limited, Fundtech and AssuredPartners; the pending sales of Ironshore and The Townsend Group; and the acquisition by Opus Global of Alacra, a provider of KYC compliance workflow sotware to financial institutions. Industry Viewpoints During the extended bull market since the Great Recession, “fintech” has become one of the hotest segments of the economy in terms of media and investor focus. The space has received intense media atention and an influx of capital from venture capitalists and traditional strategic buyers looking to avoid falling behind the curve. Unlike many industries where wholesale technology changes can quickly upend a traditional landscape, financial services requires a more nuanced evolution of technological progress given heightened regulatory requirements, dependence on human capital and the need for trust in financial markets. Many new entrants in the fintech space (both companies and investors) have focused heavily on the “tech” and less on the “fin.” Unlike many new investors in the space, GTCR sees technology not as a separate subsector but as an integral part of financial services, and we have been investing behind the adoption of technology throughout the industry for over two decades.
    [Show full text]
  • Annual Report
    Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)).
    [Show full text]
  • VP for VC and PE.Indd
    EUROPEAN VENTURE PHILANTHROPY ASSOCIATION A guide to Venture PhilAnthroPy for Venture Capital and Private Equity investors Ashley Metz CummingS and Lisa Hehenberger JUNE 2011 2 A guidE to Venture Philanthropy for Venture Capital and Private Equity investors LETTER fROM SERgE RAICHER 4 Part 2: PE firms’ VP engAgement 20 ContentS Executive Summary 6 VC/PE firms and Philanthropy PART 1: Introduction 12 Models of engagement in VP Purpose of the document Model 1: directly support Social Purpose Organisations Essence and Role of Venture Philanthropy Model 2: Invest in or co-invest with a VP Organisation Venture Philanthropy and Venture Capital/Private Equity Model 3: found or co-found a VP Organisation Published by the European Venture Philanthropy Association This edition June 2011 Copyright © 2011 EVPA Email : [email protected] Website : www.evpa.eu.com Creative Commons Attribution-Noncommercial-No derivative Works 3.0 You are free to share – to copy, distribute, display, and perform the work – under the following conditions: Attribution: You must attribute the work as A gUIdE TO VENTURE PHILANTHROPY fOR VENTURE CAPITAL ANd PRIVATE EqUITY INVESTORS Copyright © 2011 EVPA. Non commercial: You may not use this work for commercial purposes. No derivative Works: You may not alter, transform or build upon this work. for any reuse or distribution, you must make clear to others the licence terms of this work. ISbN 0-9553659-8-8 Authors: Ashley Metz Cummings and dr Lisa Hehenberger Typeset in Myriad design and typesetting by: Transform, 115b Warwick Street, Leamington Spa CV32 4qz, UK Printed and bound by: drukkerij Atlanta, diestsebaan 39, 3290 Schaffen-diest, belgium This book is printed on fSC approved paper.
    [Show full text]
  • Private Equity 05.23.12
    This document is being provided for the exclusive use of SABRINA WILLMER at BLOOMBERG/ NEWSROOM: NEW YORK 05.23.12 Private Equity www.bloombergbriefs.com BRIEF NEWS, ANALYSIS AND COMMENTARY CVC Joins Firms Seeking Boom-Era Size Funds QUOTE OF THE WEEK BY SABRINA WILLMER CVC Capital Partners Ltd. hopes its next European buyout fund will nearly match its predecessor, a 10.75 billion euro ($13.6 billion) fund that closed in 2009, according to two “I think it would be helpful people familiar with the situation. That will make it one of the largest private equity funds if Putin stopped wandering currently seeking capital. One person said that CVC European Equity Partners VI LP will likely aim to raise 10 around bare-chested.” billion euros. The firm hasn’t yet sent out marketing materials. Two people said they expect it to do so — Janusz Heath, managing director of in the second half. Mary Zimmerman, an outside spokeswoman for CVC Capital, declined Capital Dynamics, speaking at the EMPEA to comment. conference on how Russia might help its reputation and attract more private equity The London-based firm would join only a few other firms that have closed or are try- investment. See page 4 ing to raise new funds of similar size to the mega funds raised during the buyout boom. Leonard Green & Partners’s sixth fund is expected to close shortly on more than $6 billion, more than the $5.3 billion its last fund closed on in 2007. Advent International MEETING TO WATCH Corp. is targeting 7 billion euros for its seventh fund, larger than its last fund, and War- burg Pincus LLC has a $12 billion target on Warburg Pincus Private Equity XI LP, the NEW JERSEY STATE INVESTMENT same goal as its predecessor.
    [Show full text]
  • Federal Register/Vol. 84, No. 78/Tuesday, April 23
    16854 Federal Register / Vol. 84, No. 78 / Tuesday, April 23, 2019 / Notices EARLY TERMINATIONS GRANTED MARCH 1, 2019 THRU MARCH 31, 2019—Continued 20191014 ...... G Novacap Industries IV, L.P.; GHP Group, Inc.; Novacap Industries IV, L.P. 03/25/2019 20191004 ...... G Blackbird HoldCo, Inc.; Irving Place Capital Partners III SPV, L.P.; Blackbird HoldCo, Inc. 20191008 ...... G AP Drive, L.P.; EQT Infrastructure II Limited Partnership; AP Drive, L.P. 03/26/2019 20191019 ...... G Concrete Pumping Holdings, Inc.; A. Keith Crawford and Melinda Crawford; Concrete Pumping Holdings, Inc. 03/29/2019 20190912 ...... G George J. Pedersen; Kforce Inc.; George J. Pedersen. FOR FURTHER INFORMATION CONTACT: FEDERAL TRADE COMMISSION waiting period prior to its expiration Theresa Kingsberry, Program Support and requires that notice of this action be Specialist, Federal Trade Commission Granting of Requests for Early published in the Federal Register. Termination of the Waiting Period Premerger Notification Office, Bureau of The following transactions were Under the Premerger Notification Competition, Room CC–5301, granted early termination—on the dates Rules Washington, DC 20024, (202) 326–3100. indicated—of the waiting period By direction of the Commission. Section 7A of the Clayton Act, 15 provided by law and the premerger notification rules. The listing for each April J. Tabor, U.S.C. 18a, as added by Title II of the Hart-Scott-Rodino Antitrust transaction includes the transaction Acting Secretary. Improvements Act of 1976, requires number and the parties to the [FR Doc. 2019–08081 Filed 4–22–19; 8:45 am] persons contemplating certain mergers transaction. The grants were made by BILLING CODE 6750–01–P or acquisitions to give the Federal Trade the Federal Trade Commission and the Commission and the Assistant Attorney Assistant Attorney General for the General advance notice and to wait Antitrust Division of the Department of designated periods before Justice.
    [Show full text]
  • Want to Crush Competitors? Forget Softbank, Blackstone Suggests; It Can Write $500 Million Checks, Too
    September 20, 2019 Extra Crunch Want to crush competitors? Forget SoftBank, Blackstone suggests; it can write $500 million checks, too Connie Loizos @cookie JK: There are 2,600 altogether across 24 offices. an investing giant is the better gig? ack in January, Blackstone — the TC: Is your group investing a discreet pool of JK: If you’re an intellectually curious individ- investment firm whose assets un- capital? ual, there are so many signals [coming through der management surpassed a jaw- Blackstone] that it’s almost a proxy for the dropping half a trillion dollars earlier JK: At some point, we’ll have a dedicated pool world. It’s like manna from heaven. It’s not like Bthis year — quietly began piecing together a of capital, but as a firm, we’ve been investing in they’re doing a single-threaded approach. The new, growth equity platform called Blackstone growth equity for some time [so have relied on nature of the challenges across our companies Growth, or BXG. Step one was hiring away Jon other funds within Blackstone to date]. is so vast and so varying that whether you’re Korngold from General Atlantic, where looking at a fast-growing retailer or a cell phone he’d spent the previous 18 years, including TC: There’s no shortage of growth equity tower in another country, the nature of the tasks as a managing director and a member of its in the world right now. What is Blackstone is always changing. management committee. building that’s so different? Step two has been for Korngold, who is re- TC: SoftBank seems to have shaken things sponsible for running the new program, to build JK: The sheer scale of the operation is different.
    [Show full text]
  • The Definitive Review of the US Venture Capital Ecosystem Credits & Contact
    Q4 2019 In partnership with Angel & seed deal value remains Value of VC deals with 2019 marks record year for elevated in 2019 at $9.1B nontraditional investor VC exit value despite tepid exit Page 7 participation approaches $100B for activity in Q4 second consecutive year Page 32 Page 27 The definitive review of the US venture capital ecosystem Credits & contact PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Vice President, Research & Analysis Content NIZAR TARHUNI Director, Research JAMES GELFER Senior Strategist & Lead Analyst, VC ALEX FREDERICK Senior Analyst, VC CAMERON STANFILL, CFA Analyst II, VC KYLE STANFORD Analyst, VC VAN LE Senior Data Analyst RESEARCH Contents [email protected] Report & cover design by CONOR HAMILL Executive summary 3 National Venture Capital Association (NVCA) BOBBY FRANKLIN President & CEO NVCA policy highlights 4 MARYAM HAQUE Senior Vice President of Industry Advancement Overview 5-6 CASSIE HODGES Director of Communications DEVIN MILLER Manager of Communications & Digital Angel, seed & first financings 7-8 Strategy Early-stage VC 9-10 Contact NVCA nvca.org Late-stage VC 11-12 [email protected] SVB: Resilience is the theme for 2020 14-15 Silicon Valley Bank Deals by region 17 GREG BECKER Chief Executive Officer MICHAEL DESCHENEAUX President Deals by sector 18-21 BEN STASIUK Vice President SVB: Global trade tensions create stress—and opportunity 22-23 Contact Silicon Valley Bank svb.com Female founders 24-25 [email protected] Nontraditional investors 27-28 Carta: How dual-class and single-class companies Carta 29-30 MISCHA VAUGHN Head of Editorial compare JEFF PERRY Vice President of Revenue D’ARCY DOYLE Senior Vice President of Investor Exits 32-33 Services Sales VINCENT TIMONEY Director of Channel Strategy Fundraising 34-35 Contact Carta Methodology 37 carta.com 2 Q4 2019 PITCHBOOK-NVCA VENTURE MONITOR Executive summary The big question mark at the start of 2019 was how VC deal value would fare after a historic showing in the year prior.
    [Show full text]