Private Equity & Venture Capital

VOLUME 13, ISSUE 4 ■ MAY 2017

alternative assets. intelligent data. PRIVATE EQUITY & VENTURE CAPITAL SPOTLIGHT GLOBAL VENTURE CAPITAL IN THIS ISSUE OVERVIEW $62bn Venture capital funds in market focused on Asia are collectively seeking the most capital of any region, despite only accounting for 19% of the number of funds. FEATURE 3 Global Venture Capital Find out more on page 3 Overview

FEATURE 10 Mid-Market Buyout Deals MID-MARKET BUYOUT DEALS INDUSTRY NEWS 13 Since the Global Financial Crisis in 2008, mid-market buyout deals have increased their share of the market THE FACTS from 15% in 2008 to 20% of deals completed since ■ Private Equity in 15 2016, buoyed by the strong performance of mid-market Greater China buyout vehicles. ■ Venture Capital in the 18 Find out more on page 10 UK and Europe

CONFERENCES 21

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GLOBAL VENTURE CAPITAL OVERVIEW GLOBAL VENTURE CAPITAL OVERVIEW

Using data from Preqin’s Venture Capital Online database, we provide an overview of fundraising, deals & exits, dry powder and performance in the industry.

he venture capital industry has Fig. 1: Venture Capital Funds Closed by Primary Geographic Focus, 2010 - 2017 YTD Trebounded from what was a (As at April 2017) disappointing end to 2016 for many. 500 With a record number of funds in market, 450 20 37 along with a push for venture capital 400 28 funding in Asia, the regional shift within 36 37 121 350 27 126 84 venture capital has continued. While North 28 300 108 135 59 America remains on top across all areas of 77 69 250 163 venture capital, dry powder levels, along 133 61 with deal activity and fund performance, 200 57 have been up for Asia this year. Still, in a 150 66 No. of Funds Closed of Funds No. 52 245 234 255 sluggish exit environment, North America 100 198 167 716 has remained consistent, accounting 50 121 118 13 61 for over 80% of the aggregate value of 0 venture capital exits in 2017. 2010 2011 2012 2013 2014 2015 2016 2017 YTD Year of Final Close FUNDRAISING North America Europe Asia Rest of World North America-focused funds continue Source: Preqin Venture Capital Online to dominate the venture capital fundraising market, largely due to the high managers accounted for $23bn (66%) vehicles secured $0.9bn, while number of managers located in the US. of all North America-focused venture six Australia-focused funds raised Proportionally, regional market share has capital raised. $0.5bn. remained relatively unchanged from 2014, ■■ Europe: 59 Europe-focused funds with funds focused on North America, raised a combined $7.3bn in 2016. The average size of funds focused on Europe, Asia and Rest of World securing ■■ Asia: 84 Asia-focused funds secured Europe and Asia has more than doubled 61%, 13%, 23% and 3% of capital raised in $13bn, with China-based managers over the past seven years (Fig. 3). Asia- 2016 respectively. The regional breakdown accounting for $6.3bn (47%) of all focused funds have seen the greatest for 2016 is as follows (Fig. 1 and 2): Asia-focused capital raised in 2016. growth in average fund size, increasing ■■ North America: 255 funds focused ■■ Rest of World: 28 funds secured 151% in the period, followed by 112% for on the region closed in 2016, raising $1.9bn, led by funds focused on Israel Europe-focused funds. an aggregate $35bn. California-based and Australia: nine Israel-focused

Fig. 2: Aggregate Venture Capital Raised by Primary Geographic Fig. 3: Average Size of Venture Capital Funds by Primary Focus, 2010 - 2017 YTD (As at April 2017) Geographic Focus, 2010 vs. 2016 70 200 180 173 60 1.8 161 1.9 154 0.8 160 50 14.1 13.3 142 1.6 15.1 140 40 1.5 7.6 7.3 120 2010 23.0 12.4 1.7 5.8 30 100 1.1 5.5 2016 3.5 80 8.2 5.2 80 20 5.3 67 69 3.0 34.8 35.0 31.4 0.2 60 55 1.6

23.3 ($mn) Size Fund Average Aggregate Capital Raised Capital ($bn) Aggregate 10 21.3 16.1 17.5 2.9 40 7.8 0 20 2010 2011 2012 2013 2014 2015 2016 2017 YTD 0 Year of Final Close North America Europe Asia Rest of World North America Europe Asia Rest of World Primary Geographic Focus Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online

3 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com GLOBAL VENTURE CAPITAL OVERVIEW

As at April 2017, 97 venture capital funds Fig. 4: Venture Capital Funds in Market by Primary Geographic Focus (As at April 2017) have reached a final close in the year so far, 70 554 600

securing $13bn in aggregate capital. North Aggregate Capital Targeted ($bn) 62 America-focused vehicles have accounted 60 500 for two-thirds of both the number of 50 funds and the capital raised so far this 48 400 year. Thirteen Europe-focused funds have 40 reached a final close, making up 23% of 300 secured capital, followed by Asia-focused 30 193 200 vehicles which raised 13% of capital from 20 140 a total of 16 funds. Should fundraising in Market of Funds No. 108 continue at this pace, all regions are set to 10 12 10 100 fall short of 2016 fundraising totals, and 0 0 therefore it will take a strong second half North America Europe Asia Rest of World of the year to contend with successful venture capital fundraising in 2015 and Primary Geographic Focus 2016. No. of Funds Raising Aggregate Capital Targeted ($bn) Source: Preqin Venture Capital Online However, with a record 995 venture capital funds in market seeking an aggregate ASIA AT THE FOREFRONT zone, the fund will invest in innovative $132bn (Fig. 4) – of which $36bn has Attributing to the record number of technology and industrial upgrading already been secured through interim venture capital funds in market targeting projects, and also support technology closes – there is certainly the capacity Asia, and specifically China, is the innovation in state-owned enterprises, for 2017 fundraising totals to match or movement of the Chinese Government to especially those owned by the central surpass that of the previous two years. encourage entrepreneurship by providing government. Asia-focused funds, which account for support and financing for start-ups. Of just 19% of funds in market globally, are the five largest venture capital funds in There are currently 421 first-time venture seeking the most capital ($62bn) of any market (Fig. 5), four are focused on China. capital funds in market, seeking an region. North America, however, is the The largest of these is China State-Owned aggregate $45bn in capital. Asia-focused focus of the largest number (554) of funds Capital Venture Investment Fund, which is first-time venture capital funds in market on the road, which are seeking $48bn in set to become the largest venture capital make up the same proportion of both capital, followed by Europe (140) and Rest fund ever with a target size of $29bn. targeted capital and number of funds of World (108). Based in Shenzhen’s Qianhai freetrade (50% and 19% respectively) as all Asia-

Fig. 5: Five Largest Venture Capital Funds in Market (As at April 2017) Target Size Primary Fund Firm Type ($bn) Geographic Focus China State-Owned Capital Venture China Reform Fund Management Venture Capital (All Stages) 29.0 Asia Investment Fund Shanghai Integrated Circuit Investment Shanghai Integrated Circuit Venture Capital (All Stages) 7.5 Asia Fund Investment Fund Guangxi Beibu Gulf Industrial Investment Guangxi Xijiang Venture Investment Venture Capital (All Stages) 3.2 Asia Fund New Enterprise Associates 16 New Enterprise Associates Venture Capital (All Stages) 3.0 North America Baidu Capital Baidu Capital Expansion/Late Stage 3.0 Asia

Source: Preqin Venture Capital Online

Fig. 6: Five Largest First-Time Venture Capital Funds in Market (As at April 2017) Target Size Primary Fund Firm Type ($bn) Geographic Focus Shanghai Integrated Circuit Investment Shanghai Integrated Circuit Venture Capital (All Stages) 7.5 Asia Fund Investment Fund Guangxi Beibu Gulf Industrial Investment Guangxi Xijiang Venture Investment Venture Capital (All Stages) 3.2 Asia Fund Baidu Capital Baidu Capital Expansion/Late Stage 3.0 Asia SummitView IC Industry Fund Summitview Capital Venture Capital (All Stages) 1.6 Asia Banma Capital Zebra Investment Venture Capital (All Stages) 1.0 Asia

Source: Preqin Venture Capital Online

4 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com GLOBAL VENTURE CAPITAL OVERVIEW

focused funds in market. Sixteen of the deal value ($31bn) for Q1 2017 represents transactions, below its historical Asia-focused first-time funds in market an increase in value from both Q3 2016 average of 62% (2007-2014). are managed by firms based in China, and Q4 2016, which saw total deal values ■■ European deals account for 20% of targeting $18bn in capital, while 31 are of $29bn and $26bn respectively (Fig. all transactions in the quarter, up managed by India-based firms, seeking 7). The 19% increase over the previous from 19% in 2016. Other areas with just over $1bn in aggregate capital. quarter, while not fully returning to the significant deal activity this year are While venture capital interest in Asia has deal activity heights seen in 2015 and early India (9%) and Israel (2%). increased among GPs and LPs, the North 2016, is a good sign for the industry. American market continues to grow, with a In terms of aggregate deal value for total of 244 first-time funds focused on the The story at the end of 2016 was the 2017 YTD, North America retains the top region, seeking an aggregate $17bn. Fifty continuation of the shift in venture capital spot, with over $18bn (47%), followed first-time funds are targeting an aggregate activity from North America to Greater by Greater China with $11bn (29%) and $3bn to be invested in Europe, significantly China, a trend which persists. So far in Europe with $3.6bn (10%, Fig. 9). Venture less than for Asia and North America. The 2017: capital-backed financings in India have five largest first-time venture capital funds ■■ Greater China has seen 482 amounted to $3.1bn, representing 8% in market are shown in Fig. 6. financings, representing 17% of of all transactions so far this year, which transactions – this is more than is nearing its aggregate total for all of DEALS double its historical average of 8% 2016. Last year, India accounted for just As at April 2017, 2,779 venture capital (2007-2014). $4.1bn in aggregate value, a 53% decrease deals have been announced globally in ■■ North American venture capital from 2015. Financings in India have 2017, valued at a total of $38bn. Aggregate financings account for 40% of been anchored by one large transaction

Fig. 7: Number and Aggregate Value of Venture Capital Deals* Fig. 8: Number and Aggregate Value of Venture Capital Deals* in Globally, Q1 2012 - Q2 2017 TD (As at April 2017) 2017 YTD by Region (As at April 2017) 3,500 50 1,200 20 1,105 45 18 3,000 Aggregate Deal Value ($bn) 17.6 1,000 Aggregate Deal Value ($bn) 40 16 2,500 35 14 800 2,000 30 12 10.9 25 600 567 10 1,500 20 482

No. of Deals No. 8 No. of Deals No. 400 1,000 15 6 265 299 10 4 500 200 3.6 5 3.1 60 1.6 2 0 0 0 0.6 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 North Europe Greater India Israel Other 2012 2013 2014 2015 2016 2017 America China No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value ($bn) Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online

Fig. 9: Proportion of Aggregate Value of Venture Capital Deals* Fig. 10: Venture Capital Exits in 2017 YTD by Region (As at April by Region, 2007 - 2017 YTD (As at April 2017) 2017) 100% 100% 0.9 20 0.1 0.5 90% 7 0.6 Other 90% 21 80% 1.7 80% 19 Other 70% Israel 70% 56 Israel 60% India 60% 50% India 40% Greater China 50% Greater China

Proportion of DealsProportion 40% 15.7 30% Europe 20% Proportion of Total 30% 188 Europe 10% North America 20% North America 0% 10%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0%

2017 YTD 2017 No. of Exits Aggregate Exit Value ($bn) Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online

*Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.

5 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com GLOBAL VENTURE CAPITAL OVERVIEW

Fig. 11: Five Largest North American Venture Capital Deals in 2017 YTD (As at April 2017) Portfolio Company Stage Deal Size ($mn) Industry Location GRAIL, Inc. Series B/Round 2 900 Healthcare US Verily Life Sciences LLC Unspecified Round 800 Healthcare US Lyft, Inc. Series G/Round 7 600 Telecoms US Snap Inc. PIPE 500 Telecoms US Social Finance Series F/Round 6 500 Business Services US

Source: Preqin Venture Capital Online

Fig. 12: Five Largest Asian Venture Capital Deals in 2017 YTD (As at April 2017) Portfolio Company Stage Deal Size ($mn) Industry Location Flipkart Internet Private Limited Unspecified Round 1,400 Internet India Zhejiang Koubei Network Technology Unspecified Round 1,100 Telecoms China Co., Ltd. Toutiao Series D/Round 4 1,000 Telecoms China Ucar Series D/Round 4 667 Telecoms China Uxin Internet (Beijing) Information Series D/Round 4 500 Internet China Technology Co., Ltd

Source: Preqin Venture Capital Online involving Flipkart Internet Private Limited DRY POWDER PERFORMANCE which was valued at $1.4bn. Record dry powder held by venture capital As the industry is at different stages of funds should also lead to increased deal maturity across the globe, examining EXITS activity in 2017. As at April 2017, venture regional trends across a variety of datasets North America accounts for 60% of capital funds held a total of $166bn in dry and metrics can help institutional investors global venture capital exits in 2017 as powder (Fig. 13). North America-focused determine which areas will provide the at April, and an even larger proportion funds hold half of the industry’s dry best opportunities to suit their investment (81%) of aggregate exit value (Fig. 10). powder, while Asia-focused funds hold a mandates and return expectations (Fig. Exits from North America-based venture third. Asia-focused dry powder levels have 14). The key trends are as follows: capital-backed companies continue to grown substantially since the end of 2016, ■■ North America: while some of be led by the software (34%), healthcare up $21bn in roughly one quarter. the poorest performing funds for (19%) and telecoms (18%) industries. vintages 2000-2003 are focused on Seventeen percent of venture capital exits Throughout Asia, and primarily Greater North America, the region has seen in 2017 have been from Europe-based China, the most likely industries to stronger performance from more investments, although they account for benefit from this surplus of dry powder recent vintages, especially 2009- just 8% of aggregate value, while Asia are the internet and telecom industries, 2011. constitutes 16% of exits and 5% of global which have accounted for 27% and 41% ■■ Europe: among early vintage funds, exit value. respectively of deals in the region in 2017. those focused primarily on Europe have outperformed those focused

Fig. 13: Venture Capital Dry Powder by Primary Geographic Fig. 14: Venture Capital - Median Net IRRs by Vintage Year and Focus, 2000 - 2017 (As at April 2017) Geographic Focus 90 35%

80 30% 70 25% North America 60 20% 50 Europe 40 15%

30 10% Asia & Rest of Dry Powder ($bn) Dry Powder World 20 Net IRR since Inception Net IRR since 5% Global 10 0% 0 -5% Apr-17 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-11 Dec-12 Dec-14 Dec-15 Dec-16 Dec-10 Dec-13 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 North America Europe Asia Rest of World Vintage Year Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online

6 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com GLOBAL VENTURE CAPITAL OVERVIEW

on North America, mainly due to the Fig. 15: Venture Capital - Risk/Return by Geographic Focus (Vintage 2003-2013) influence of the dot-com crash on the 35% North American market. ■■ Asia & Rest of World: venture capital 30% funds focused on Asia & Rest of World have seen volatile performance 25% North America for funds of vintages 2000-2013. The top performing vintage years 20% Europe (2002, 2006, 2011 and 2012) have 15% all seen double-digit returns while Asia & Rest of World outperforming their regional 10% counterparts. 5% Risk - Standard Deviation of Net IRR Risk - Standard OUTLOOK The venture capital industry has picked up 0% speed in the first part of 2017 following a 5% 7% 9% 11% 13% 15% sluggish end to 2016, a positive sign for Return - Median Net IRR the fundraising and deal making prospects Source: Preqin Venture Capital Online for the industry through the remainder of the year. Additionally, there has been number of high-profile exits globally could a measured uptick in exits so far in 2017, certainly serve as a spark for managers to which could mean momentum in the right weigh deal-making prospects, which once direction for managers eager to begin again could start the process of capital the process of returning large stores of distributions in the near to medium term. unrealized value to investors. The growing

Fig. 16: Top Five Performing North America-Focused Venture Capital Funds (All Vintages) Fund Firm Vintage Fund Size (mn) Type Net IRR (%) Date Reported Column Group II The Column Group 2014 322 USD Early Stage 527.8 30-Sep-16 Matrix Partners V Matrix Partners 1998 200 USD Venture Capital (All Stages) 514.3 31-Mar-17 Crescendo I Crescendo Ventures 1995 13 USD Venture Capital (All Stages) 447.4 31-Mar-17 Pittsford Ventures IVc (Maple Pittsford Ventures 1991 1 USD Venture Capital (All Stages) 346.4 31-Mar-17 Leaf) Management Benchmark Capital Partners II Benchmark Capital 1997 125 USD Venture Capital (All Stages) 267.8 31-Mar-17

Source: Preqin Venture Capital Online

Fig. 17: Top Five Performing Europe-Focused Venture Capital Funds (All Vintages) Fund Firm Vintage Fund Size (mn) Type Net IRR (%) Date Reported CapMan - Other Swedestart II 1997 26 EUR Venture Capital (All Stages) 168.5 31-Mar-17 Investment Areas Seaya Ventures Fund Seaya Ventures 2013 57 EUR Venture Capital (All Stages) 81.8 31-Dec-16 Apax UK V Apax Partners 1995 164 GBP Venture Capital (All Stages) 76.2 31-Mar-17 DN Capital - Global Venture DN Capital 2012 144 EUR Venture Capital (All Stages) 72.9 30-Sep-16 Capital III Apax Partners - Germany II Apax Partners 1997 133 EUR Venture Capital (All Stages) 63.1 31-Mar-17

Source: Preqin Venture Capital Online

7 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com GLOBAL VENTURE CAPITAL OVERVIEW

Fig. 18: Top Five Performing Asia-Focused Venture Capital Funds (All Vintages) Fund Firm Vintage Fund Size (mn) Type Net IRR (%) Date Reported Finansa Fund Vietnam Equity Fund 2005 15 USD Expansion/Late Stage 104.9 31-Mar-17 Management CSK-VC bio-incubation Whiz Partners 1999 3,300 JPY Venture Capital (All Stages) 65.7 31-Mar-17 USIT I JAFCO (Japan) 1994 7,000 JPY Venture Capital (All Stages) 63.8 31-Mar-17 USIT II JAFCO (Japan) 1997 10,300 JPY Venture Capital (All Stages) 63.7 31-Mar-17 Vickers Venture Vickers Venture Fund IV 2012 81 USD Venture Capital (All Stages) 57.7 31-Dec-16 Partners

Source: Preqin Venture Capital Online

Fig. 19: Top Five Performing Rest of World-Focused Venture Capital Funds (All Vintages) Fund Size Primary Net IRR Date Fund Firm Vintage Type (mn) Geographic Focus (%) Reported AMWIN Innovation Fund CHAMP Ventures 1998 42 AUD Early Stage Australasia 1015.7 31-Dec-14 Venture Capital Nitzanim Fund (1993) Ltd. Infinity Group 1993 20 USD Middle East & Israel 121.4 31-Mar-17 (All Stages) Glilot Capital Partners I Glilot Capital Partners 2011 30 USD Early Stage Middle East & Israel 89.6 30-Sep-16 CRCM-Managed Account Diversified Multi- CRCM Venture Capital 2004 32 USD Early Stage 86.0 31-Mar-15 (Farallon Capital Mgt) Regional Venture Capital Periscope Fund I Evergreen Partners 1997 38 USD Middle East & Israel 81.5 31-Mar-17 (All Stages)

Source: Preqin Venture Capital Online

Fig. 20: Venture Capital Funds to Watch (Vintage 2014-2016) Net Fund Size Primary Date Fund Firm Vintage Type Multiple (mn) Geographic Focus Reported (X) Column Group II The Column Group 2014 322 USD Early Stage North America 2.42 30-Sep-16 Early Stage: NSI Ventures Northstar Group 2015 80 USD Asia 2.06 30-Jun-16 Start-up DCM Ventures China Fund Venture Capital DCM 2014 330 USD Asia 1.85 30-Jun-16 (DCM VII) (All Stages) Ventech China III Ventech China 2015 225 USD Early Stage Asia 1.60 30-Jun-16 Venture Capital PTV IV PTV Healthcare Capital 2014 96 USD North America 1.53 30-Jun-16 (All Stages)

Source: Preqin Venture Capital Online

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8 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com

MID-MARKET BUYOUT DEALS MID-MARKET BUYOUT DEALS

With more than half of fund managers recently surveyed by Preqin seeing an increase in competition for mid-market deals over the past 12 months, we take a look at the latest statistics for the mid-market buyout industry, using data from Preqin’s Private Equity Online.

ecent years have seen very little change market funds were less affected than their fluctuated around 13% since 2007, with Rto the constituent value bands of the larger counterparts by the financial crisis good fund selection investors are able to buyout market in terms of the number and have kept pace with small buyouts reach significantly better performance: top- of transactions; however, over a longer to be one of the top performing buyout quartile boundaries for mid-market vehicles timeframe, mid-market transactions (valued strategies. As at June 2016, the PrEQIn Mid- have averaged 20% for funds of vintage at $250-999mn) have increased their Market Buyout Index stands at 219.3 points 2008-2013 (Fig. 3). market share since the crisis, rising from (rebased to 100 as of December 2007), 45.9 15% of all private equity-backed buyout and 27.3 points above the Large Buyout Strong performance has influenced deals in 2008 to a fifth of deals in 2016-2017 and Mega Buyout indices respectively. institutional investor appetite. Small YTD (as at April 2017, Fig. 1). to mid-market buyout vehicles have Furthermore, mid-market funds are consistently been viewed as the fund Much of the growth in the mid-market has generally delivering the high absolute types presenting the best opportunities been down to the strong performance of returns that investors desire from buyout by institutional investors surveyed by mid-market vehicles. As seen in Fig. 2, mid- investment. While the median IRR has Preqin, and predictably, these vehicles

Fig. 1: Private Equity-Backed Buyout Deals by Value Band, Fig. 2: PrEQIn Buyout Index by Fund Size* 2008 - 2017 YTD (As at March 2017) (Rebased to 100 as of 31 December 2007) 100% 250

90% 12% 15% 14% 16% 15% 17% 20% 80% 22% 21% 19% 200 Small 70% Large 150 60% Mid-Market Mid-Market 50% 100 Large Index Return 40% Small Mega 30% 50 Proportion of No. of Deals of No. Proportion

20% 100 as of 31-Dec-2007)(Rebased to

10% 0

0% Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Source: Preqin Private Equity Online Source: Preqin Private Equity Online

Fig. 3: Mid-Market Buyout Funds - Median Net IRR and Quartile Fig. 4: Fund Types** that Investors View as Presenting the Best Boundaries by Vintage Year Opportunities 35% Small to Mid-Market Buyout 58% 30% 25% Venture Capital 28% Top Quartile Net 20% IRR Boundary Large to Mega Buyout 24% 15% Median Net IRR Growth 18% 10%

5% Bottom Quartile Fund of Funds 16% Net IRR since Inception Net IRR since 0% Net IRR Boundary Secondaries 14% -5% -10% Other 7%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 0% 10% 20% 30% 40% 50% 60% 70% Vintage Year Proportion of Respondents Source: Preqin Private Equity Online Source: Preqin Investor Interviews, December 2016

10 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com MID-MARKET BUYOUT DEALS

were significantly ahead of other fund $26bn to a post-crisis record of $42bn in As expected, out of all buyout deals GPs types in our most recent investor survey 2016 (Fig. 5). face the most competition for mid-market in December 2016. Fifty-eight percent of opportunities – where surveyed investors institutional investors felt small to mid- However, a result of the sector’s saw the best opportunities. More than half market buyout funds presented the best success is increased pressure on mid- of respondents active in the area saw an opportunities in the private equity industry market GPs, which now have to source increase in competition for mid-market at the time (Fig. 4). attractive opportunities in a competitive assets over 2016, the largest proportion environment, particularly when combined of any buyout value band (Fig. 6). More Furthermore, an outcome of strong with the increased participation from competition for transactions has pushed up performance generally across the industry strategic and institutional investors and the proportion of aggregate deal value that has led to high distributions, making increased demand for co-investment mid-market acquisitions represent in recent LPs more liquid and looking for new structures. As such, 42% of GPs surveyed years (Fig. 7). opportunities in order to reach their target in November 2016 had seen an increase in allocations to the asset class. As a result, GPs competition for private equity assets over have come to the market to meet demand 2016, although this is not always the case and fundraising in the mid-market has across distinct parts of the market. increased annually since 2013, rising from

Fig. 5: Aggregate Buyout Capital Raised by Fund Size*, Fig. 6: Fund Manager Views on the Level of Competition for 2008 - 2017 YTD (As at March 2017) Transactions Compared to 12 Months Ago by Value Band 250 100%

90% 200 35% 80% 44% 51% 114 90 70% 150 58 More Competition 107 35 60% No Change 100 50% 44 49 71 64 58 11 31 15 42 40% 50% Less Competition 29 18 37% 50 40 31 24 28 36 42 30% Aggregate Capital Raised Capital ($bn) Aggregate 35 26 43% 20 of Respondents Proportion 20 22 29 8 20% 27 18 17 17 24 25 24 23 10 0 15 5 10% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 15% 19% YTD 5% Year of Final Close 0% Small Mid-Market Large Mega Small Mid-Market Large Source: Preqin Private Equity Online Source: Preqin Fund Manager Survey, November 2016

Fig. 7: Aggregate Value of Private Equity-Backed Buyout Deals Fig. 8: Private Equity-Backed Mid-Market Buyout Deals by by Value Band, 2008 - 2017 YTD (As at March 2017) Location, 2008 - 2017 YTD (As at March 2017) 100% 100%

90% 90%

80% 80%

70% 70% Rest of World Large 60% 60% Asia Mid-Market 50% 50% 34% Europe 40% 33% 36% Small 40% 31% 30% 30% 28% 34% 31% 30% North America

26% of Deals of No. Proportion 20% 22% 20% Proportion of Aggregate Deal Value Deal of Aggregate Proportion 10% 10%

0% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Preqin Private Equity Online Source: Preqin Private Equity Online

*Vintage 1992-1996: Small Buyout ≤ $200mn, Mid-Market Buyout $201-500mn, Large Buyout > $500mn Vintage 1997-2004: Small Buyout ≤ $300mn, Mid-Market Buyout $301-750mn, Large Buyout $751mn - $2bn, Mega Buyout > $2bn Vintage 2005-2016: Small Buyout ≤ $500mn, Mid-Market Buyout $501-1,500mn, Large Buyout $1,501mn - $4.5bn, Mega Buyout > $4.5bn **Respondents were not prompted to give their opinions on each fund type individually but to name those they felt best fit these categories; therefore, the results display the fund types at the forefront of investors’ minds at the time of the survey.

11 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com Preqin Solutions One Page Ad v7.pdf 1 16-Jan-17 2:25:12 PM

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About Preqin Solutions Preqin Solutions, formerly Baxon Solutions, delivers market-leading cloud collaboration software for monitoring, valuation, benchmarking and reporting on private capital portfolio investments. The software automates the compilation, analysis and exchange of all portfolio information including operating metrics (nancial, KPIs, ESG), investment valuations, and ultimately investment and aggregate fund performance. Through the integration of Preqin data, this performance can be contextualized with reference to the broader market for internal and investor reporting purposes. INDUSTRY NEWS INDUSTRY NEWS

We take a look at the latest news from the venture capital industry, including the venture capital fund on the road with the largest target size in history and recent news from the venture capital investor universe.  LARGEST VENTURE CAPITAL FUND? CHART OF THE MONTH

China State-Owned Capital Venture Global Fundraising: Venture Capital vs. Private Equity*, 2010 - 2017 YTD Investment Fund, as mentioned in this (As at April 2017) month’s feature article, has the largest 598 600 577 target size of any venture capital fund 508 504 488 503 to date. The fund is currently targeting 500 468 473 $29bn, just under 22% of the targeted 428 427 396 408 capital for all venture capital funds on 400 377 the road. The fund is well on its way to 335 296 314 achieving this lofty goal, having held a 300 279 274 first close at roughly $19bn; all four known 200 168 185 investors are based in China. The largest 145 118 known commitment was just over $4bn 111 97 100 53 59 58 from Postal Savings Bank of China, with 48 42 34 29 13 another $2bn secured from Shenzhen 0 Investment Holdings. The fund supports PE VC PE VC PE VC PE VC PE VC PE VC PE VC PE VC technology innovation at state-owned 2010 2011 2012 2013 2014 2015 2016 2017 YTD enterprises; therefore one should expect No. of Funds Closed Aggregate Capital Raised ($bn) a majority, if not all, of investors to be Source: Preqin Private Equity Online located within China.

As at April 2017, venture capital and private equity* year-to-date fundraising stand RECENT INVESTOR NEWS at $13bn and $118bn and across 97 and 111 funds respectively, following a solid year in 2016 for both venture capital ($58bn) and private equity* ($314bn) managers. Preqin’s Venture Capital Online tracks Over the past 10 years, 483 private equity* funds have secured $244bn on average 4,382 investors in venture capital, along annually, while venture capital has raised an average of $42bn across 371 vehicles. If with fund commitments, investment private equity managers can maintain the pace set during the first third of the year, mandates and recent investor news. For fundraising will be on pace to surpass 2016, while venture capital fundraising will vintages 2016 and 2017, University of need to pick up slightly to match the previous year’s total. Michigan Endowment has committed to a total of 17 venture capital funds, more than any other investor. This includes three of $5-10mn with new venture capital $50mn commitments this year: Athyrium managers over the next 12 months. Opportunities Fund III, Deerfield Private Columbia Pacific Wealth Management SHARE YOUR NEWS Design Fund IV and Partners for Growth (CPWM), based in Seattle, will look to make V. This commitment size is on the higher much larger commitments to venture Do you have any news you would end of their typical investment size range capital funds over the next year: the like to share with the readers of $10-60mn. Among the investors with wealth manager typically invests $100- of Spotlight? Perhaps you’re known commitments to venture capital 300mn per fund and holds a preference for about to launch a new fund, have funds within this vintage range, six have North America-focused funds. implemented a new investment strategy, or are considering invested in over 10 funds. investments beyond your usual Utilizing Preqin’s investor tools such as geographic focus? Of the nearly 670 active investment Past Investments and Fund Searches and mandates within the venture capital Mandates can be beneficial for both GPs Send your updates to spotlight@ universe, 21 have been added by Preqin’s and LPs. While managers can easily locate preqin.com and we will endeavour to global research team in April. Among investors for their funds, investors are able publish them in the next issue. these, Iowa State University Foundation is to compare themselves to their peers to looking to make three or four investments identify trends among similar LPs.

*Excluding venture capital.

13 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com PREQIN GLOBAL DATA COVERAGE alternative assets. intelligent data.

FUNDS OPEN TO INVESTORS FUNDS WITH FIRMS FUNDS DEALS & EXITS ALTERNATIVES INVESTMENT MONITORED PERFORMANCE COVERAGE 26,814 48,519 18,793 14,280 25,057 275,463

PRIVATE NATURAL HEDGE FUNDS REAL ESTATE INFRASTRUCTURE PRIVATE DEBT EQUITY* RESOURCES 6,500 5,158 5,668 3,017 2,616 2,655 INVESTOR Active Active Active Active Active Active COVERAGE Private Equity Hedge Fund Real Estate Infrastructure Private Debt Natural Resources LPs Investors LPs LPs Investors Investors

FUND 16,923 23,896 6,387 1,133 2,273 1,634 COVERAGE Private Equity Hedge PE Real Estate Infrastructure Private Debt Natural Resources Funds Funds Funds Funds Funds Funds

FIRM 11,239 8,894 3,786 507 1,459 929 COVERAGE Private Equity Hedge Fund PE Real Estate Infrastructure Private Debt Natural Resources Firms Firms Firms Firms Firms Firms

PERFORMANCE 5,803 16,094 1,653 228 798 481 COVERAGE Private Equity Hedge PE Real Infrastructure Private Debt Natural Resources Funds Funds Estate Funds Funds Funds Funds

FUNDRAISING 1,924 15,723 1,086 290 295 378 COVERAGE Private Equity Hedge PE Real Infrastructure Private Debt Natural Resources Funds Funds Estate Funds Funds Funds Funds

BUYOUT VENTURE CAPITAL REAL ESTATE INFRASTRUCTURE DEALS & EXITS COVERAGE 79,753 133,190 35,474 27,046 Buyout Deals** and Exits Venture Capital Deals*** and Exits Real Estate Deals Infrastructure Deals

Alternatives Investment Consultants Funds Terms Coverage: Analysis Best Contacts: Carefully Selected from Coverage: Based on Data for Around our Database of over 555 16,050 392,367 Consultants Tracked Funds Contacts + PLUS THE PREQIN DIFFERENCE Comprehensive coverage of: + Over 250 research, support and development staff + Placement Agents + Dry Powder + Global presence - New York, London, Singapore, San Francisco, + Fund Administrators + Compensation Hong Kong and Manila + Law Firms + Plus much more... + Depth and quality of data from direct contact methods + Debt Providers + Unlimited data downloads + The most trusted name in alternative assets *Private equity includes buyout, growth, venture capital, turnaround, private equity fund of funds, private equity secondaries, direct secondaries, balanced, hybrid, hybrid fund of funds, PIPE, co-investment and co-investment multi-manager 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 fi rms in companies globally across 2015 Annual CAIA Corporate all venture capital stages, from seed to expansion phase. The deals fi gures provided by Preqin are based on announced venture apitalc RecogniƟ on Award Winner rounds when the capital is committed to a company. As at 3rd May 2017 THE FACTS PRIVATE EQUITY IN GREATER CHINA We take a look at the latest statistics surrounding private equity in Greater China, using data from Preqin’s Private Equity Online, including assets under management, fundraising, investors and deals.

Top Five Cities in Greater China for Private Equity Fund Managers and Investors KEY STATS $229bn Private equity capital BEIJING raised by Greater China- based GPs since 2009. 144 51% 89 Corporate investors, investment companies and insurance companies SHANGHAI make up more than half 125 of Greater China-based CHINA private equity LPs. 47 42% SHENZHEN Proportion of Greater 30 TAIPEI China-based private equity 12 20 capital raised by growth 24 funds since 2009.

HONG KONG No. of GPs 97 No. of LPs 43

Fig. 1: Greater China-Based Private Equity Assets under Fig. 2: Private Equity - Risk/Return by GP Location Management, 2009 - 2016 (Vintage 2004-2014 Funds) 300 45%

40% 250 North America 35% 200 30% Europe 168 162 150 25% Rest of World 101 121 20% 100 71 Greater China 49 15% 50 90 Assets under Management ($bn) Assets 30 Asia (excl. 20 72 60 73 10% 56 56 Greater China) 21 27 0 Deviation of Net IRR Risk - Standard 5%

0% Jun-16 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 9% 10% 11% 12% 13% 14% Dry Powder ($bn) Unrealized Value ($bn) Return - Median Net IRR Source: Preqin Private Equity Online Source: Preqin Private Equity Online

15 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com THE FACTS

Fig. 3: Five Largest Greater China-Based Private Equity Funds in Market (As at March 2017) Fund Firm Target Size (mn) Type Headquarters China State-Owned Capital Venture China Reform Fund Management 200,000 CNY Venture Capital Beijing, China Investment Fund The China Internet Investment Fund China Ministry of Finance 100,000 CNY Growth Beijing, China Shanghai Integrated Circuit Investment Shanghai Integrated Circuit Investment 50,000 CNY Venture Capital Shanghai, China Fund Fund GSR Global M&A Fund GSR Ventures 5,000 USD Buyout Beijing, China Guangxi Beibu Gulf Industrial Guangxi Xijiang Venture Investment 20,000 CNY Venture Capital Nanning, China Investment Fund

Source: Preqin Private Equity Online

Fig. 4: Five Largest Solely Greater China-Focused Private Equity Funds in Market Managed by International Fund Managers (As at March 2017) Fund Firm Target Size (mn) Type Headquarters Sino-Singapore (Chongqing) UOB Venture Management 100,000 CNY Growth Singapore Connectivity Private Equity Fund Sequoia Capital China Growth Fund IV Sequoia Capital 900 USD Growth Menlo Park, US Co-Investment Legacy Capital III Legacy Partners 500 USD Los Angeles, US Multi-Manager Sequoia Capital China Venture Fund VI Sequoia Capital 500 USD Early Stage Menlo Park, US Oppenheim Asset Management Clean Energy Environment Fund 300 USD Growth Luxembourg Services

Source: Preqin Private Equity Online

Fig. 5: Greater China-Based Private Equity Fundraising, Fig. 6: Strategy Preferences of Greater China-Based Institutional 2009 - 2017 YTD (As at March 2017) Investors, 2016 vs. 2017

250 80% 74% 210 70% 64% 200 60% 52% 50% 47% 44% 2016 150 133 140 40% 38% 117 115 100 95 30% 2017 70 64 20% 50 of Investors Proportion 11% 13% 7% 50 31 35 38 10% 6% 5% 24 19 21 2% 8 10 2 0% 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 Funds Buyout Capital Growth Fund of YTD Venture Balanced

Year of Final Close Secondaries No. of Funds Closed Aggregate Capital Raised ($bn) Fund Type Source: Preqin Private Equity Online Source: Preqin Private Equity Online

Fig. 7: Private Equity-Backed Buyout Deals in Greater China, Fig. 8: Venture Capital Deals* in Greater China, Q1 2009 - Q1 2017 TD (As at March 2017) Q1 2009 - Q1 2017 TD (As at March 2017) 70 16 700 20 Aggregate Deal Value ($bn) Aggregate Deal Value ($bn) 18 60 14 600 16 12 50 500 14 10 40 400 12 8 10 30 300 8

6 of Deals No. No. of Deals No. 20 200 6 4 4 10 100 2 2 0 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 TD Q1 TD 2009 2010 2011 2012 2013 2014 2015 20162017 2009 2010 2011 2012 2013 2014 2015 20162017 No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value ($bn) Source: Preqin Private Equity Online Source: Preqin Private Equity Online *Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.

16 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com 13 - 15 September, 2017 Le Meridien Beach Plaza, Monte Carlo

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Ref Code: FOPWA1703 THE FACTS VENTURE CAPITAL IN THE UK AND EUROPE We take a look at the latest venture capital data in the UK and Europe, including investors, fund managers, fundraising and deals.

265 $4.8tn 143 602 active venture capital investors are Aggregate assets under UK-based investors are considering of Europe’s 2,412 venture capital based in the UK, 143 of which are management of UK-based investors investing in first-time venture firms are based in the UK. based in London. in venture capital. capital funds.

Fig 1: Five Most Active UK-Based Investors by Number of Venture Capital Fund Commitments No. of Known Venture Capital Assets under Management Investor Type Commitments ($mn) Pantheon Private Equity Fund of Funds Manager 159 35,200 CDC Group Government Agency 72 2,999 West Midlands Pension Fund Public Pension Fund 53 14,325 Coller Capital Secondary Fund of Funds Manager 48 9,500 Aberdeen Private Equity Private Equity Fund of Funds Manager 40 12,500

Source: Preqin Venture Capital Online

Fig. 2: Five Largest UK-Based Venture Capital Investors by Assets under Management Assets under Management Investor Type ($mn) Pantheon Private Equity Fund of Funds Manager 35,200 West Midlands Pension Fund Public Pension Fund 14,325 Aberdeen Private Equity Private Equity Fund of Funds Manager 12,500 CDC Group Government Agency 2,999 British Business Bank Private Equity Fund of Funds Manager 1,370

Source: Preqin Venture Capital Online

Fig. 3: Five Largest UK-Based Venture Capital Fund Managers by Total Funds Raised in the Last 10 Years Firm Total Funds Raised in Last 10 Years ($mn) Estimated Dry Powder ($mn) Index Ventures 4,738 1,326 Atomico 1,390 848 Abingworth Management 1,062 270 Northzone Ventures 824 409 Balderton Capital 805 100

Source: Preqin Venture Capital Online

Fig. 4: Five Largest UK-Based Venture Capital Funds in Market (As at April 2017) Fund Type Target Size ($mn) Abingworth Bioventures VII Venture Capital (All Stages) 300 Ludgate Resource Efficiency Fund II Expansion/Late Stage 267 DN Capital - Global Venture Capital IV Venture Capital (All Stages) 221 Ariadne Ecosystem Economics Fund Venture Capital (All Stages) 187 Station 12 Fund Expansion/Late Stage 187

Source: Preqin Venture Capital Online

Fig. 5: UK-Based Venture Capital Fundraising, 2006 - 2017 YTD Fig. 6: Europe-Based Venture Capital Fundraising, (As at April 2017) 2006 - 2017 YTD (As at April 2017) 20 19 19 120 18 106 16 16 100 16 15 88 14 82 14 13 80 75 12 12 69 72 12 66 63 61 59 10 9 60 54 8 6 40 6 4 2.8 3.0 2.7 2.6 2.6 2 20 11 1.8 1.8 1.2 7.8 9.7 7.7 6.7 2 0.8 0.7 0.7 0.8 6.3 4.7 3.1 5.7 3.8 4.8 5.9 2.5 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD YTD Year of Final Close Year of Final Close No. of Funds Closed Aggregate Capital Raised ($bn) No. of Funds Closed Aggregate Capital Raised ($bn) Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online

Fig. 7: Investors Targeting West Europe-Focused Venture Capital Funds by Investor Location

NORTH AMERICA EUROPE

ASIA & REST OF WORLD

49% 40%

10%

Source: Preqin Venture Capital Online

Fig. 8: Number of Venture Capital Deals* in Europe by Region, Fig. 9: Aggregate Value of Venture Capital Deals* in Europe by 2007 - 2017 YTD (As at April 2017) Region, 2007 - 2017 YTD (As at April 2017) 2,500 20 18 2,000 16 14 1,500 12 1,896 1,935 1,618 1,752 1,789 10 14.4 15.0 1,000 8 No. of Deals No. 1,223 1,298 11.0 1,082 6 982 1,022 7.5

Aggregate Deal Value ($bn) Value Deal Aggregate 6.6 6.8 500 4 6.5 479 5.5 5.2 4.5 200 231 247 3.0 212 208 226 2 1.7 165 152 140 202 0.6 1.0 0.7 1.1 1.1 1.9 196 216 184 127 149 46 0.7 0.7 0.8 1.1 0.3 0 50 53 56 107 57 21 0 0.1 0.2 0.1 0.3 0.4 0.6 0.6 0.6 0.3 0.3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD YTD Central & Eastern Europe Nordic Western Europe Central & Eastern Europe Nordic Western Europe Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online *Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.

19 Private Equity & Venture Capital Spotlight | May 2017 © Preqin Ltd. 2017 / www.preqin.com ENGAGE WITH LEADING GLOBAL FOOD AND AG INNOVATORS

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Date 日期 : May 26, 2017 (Friday) / 2017 年 5 月 26 日（星期五） Time 時間 : 9:00 am - 5:30 pm （Followed by cocktail reception 其後為招待酒會） Venue 地點 : Forum – N101, Hong Kong Convention and Exhibition Centre (New Wing), 1 Expo Drive, Wan Chai, Hong Kong / 峰會 - 香港會議展覽中心 N101 廳（新翼）； Lunch – Bauhinia Room, Hong Kong Convention and Exhibition Centre / 午宴 - 香港會議展覽中心紫荊廳

Opening Remarks 開幕辭 Opening Keynote Luncheon Keynote Afternoon Keynote Closing Keynote Prof. K C Chan, GBS, JP 開幕主旨演講午宴主旨演講午後主旨演講閉幕主旨演講， Lei Cai 陳家強教授 ( 金紫荊星章太平紳士 ) Charles Li 李小加蔡蕾 Patrick Zhong 仲雷 Yan Liu 劉研 Chairman 董事長 Secretary for Financial Services Chief Executive 集團行政總裁 CIO 首席投資官及常務副總裁 Chairman 董事長 and the Treasury, HKSAR Hong Kong Exchanges JD Capital 九鼎投資 Wanda Group 萬達投資 Beijing TianXing Capital 香港特別行政區財經事務及庫務局局長 and Clearing 香港交易及結算所 Company 北京天星資本 (In reverse alphabetical order by company name) Xing Liu Pamela Fung Peter Chen Partner, Sequoia Capital China Principal, Jacob Chiu Eric Xin Alvin Li Senior Managing Director & CFO, Michael Weiss Morgan Stanley Alternative Managing Director, HQ Capital Senior Managing Director & Senior Managing Director & Investment Partners ZZ Capital Advisor, Sanpower Group Tun Lin Head of China Private Equity, Head of Direct Investments, David Han Timur Malikov Ryan Law Managing Director, Hony Capital CITIC Capital Partners CCB International Asset Managing Director, Management Co-founder & CEO, Yao Capital Director, Beijing Representative Shusong Ba Eric Mason Morgan Stanley Julian Cheng Office, Samruk-Kazyna Chief China Economist, Managing Director, Frank Yang Warburg Pincus Alexander Chan Roger Wu Hong Kong Exchanges and The Church Pension Fund Founding Partner & CEO, Partner, Maison Capital Blue Ocean Capital Group Kee Lock Chua Partner, Q Venture Partners Clearing Sing Wang Group President & CEO, Steve Wang Priscilla Huang Joseph Zeng CEO, China Minsheng Alison Nankivell Vertex Venture Holdings Managing Director & Co-Founder, Partner, KPMG Advisory (China) Partner & General Manager, Financial Holding Corporation Vice President, Funds and Co-investments, BDC Capital Steve Sun Pine Field Capital Asel Umurzakova Greenwoods Asset Ran Wang Partner & Managing Director, TPG Jie Gong Managing Director, Management Chairman & CEO, Rebecca Xu J.P. Morgan Asset Management CEC Capital Group Co-Founder & Managing Forest Lin Partner, Pantheon Ventures (HK) Richard Peng James Donnan Genesis Capital Hamilton Tang Director, Managing Partner, Joseph Chan Asia Alternatives Tencent Investment Founding Partner, Executive Director, Head of Fund Alain Lam Managing Director, Services, Intertrust Hong Kong CDIB Capital International Joseph Ferrigno Conrad Tsang Oriental Patron Financial Managing Director, Head of Services Group Karlton Wong Technology, Media and Telecom, Corporation Managing Partner, Founder & Chairman, AMCG Partners Strategic Year Holdings Bonnie Lo Executive Director & Board Member, Credit Suisse HyalRoute Communication Feng Chen Founding Partner & COO, Group Vice Director, Marketing NewQuest Capital Partners Department, Gordon Milner Paul Liu Organiser Co-organiser Media Partner Founder & Managing Partner, Shenzhen Stock Exchange Partner, Morrison & Foerster alternative assets. intelligent data. Huisheng Consulting Lorna Chen Jason Nelms Co-head of Greater China, Partner, Morrison & Foerster Email: [email protected] to apply for complimentary passes for Pension Funds, Fund of Funds, Shearman & Sterling Endowments, Foundations, Family Offices, DFIs and Sovereign Wealth Funds. Information in this leaflet is correct at the time of printing. HKVCA represents the right to amend any details due to unforeseen circumstances Quote "CPES2017_PREQIN" code to enjoy discount (non-member rate) of a ticket for all Preqin subscribers For further details, please visit cpes.hkvca.com.hk Tel: +852 2167 7518 Email: [email protected] 詳情請參閱 cpes.hkvca.com.hk 電話：+852 2167 7518 電郵：[email protected]

A5_Adv_Preqin for CPES 2017.indd 1 2017/5/5 下午2:57 CONFERENCES CONFERENCES

MAY 2017

Conference Dates Location Organizer Preqin Speaker Discount Code marcus evans European Pensions and Investments Summit 2017 15 - 17 May 2017 Montreux - - Summits Washington, 19th Annual Global Private Equity Conference 15 - 18 May 2017 IFC & EMPEA - - D.C. LPGP Connect Private Debt New York 16 May 2017 New York LPGP Connect Ryan Flanders - The Korea Economic ASK 2017 Private Debt & Equity Summit 17 May 2017 Seoul Tom Carr - Daily CAIA Chapter Event 17 May 2017 Zurich CAIA Elliot Bradbrook - Malaysian Private Equity Tech Conference 18 May 2017 Kuala Lumpur PETC Ltd. - - Private Equity 20% Discount - Swiss Private Equity Conference 18 May 2017 Zurich - Insights SPEC_Preqin 6th Annual Investors' Conference on CLOs & 24 - 25 May 2017 New York IMN - - Leveraged Loans HKVCA China Private Equity Summit 2017 26 May 2017 Hong Kong HKVCA - - 10% Discount - Private Debt European Forum 30 - 31 May 2017 Paris KNect365 - FKW53483PQAS Alcentra's Annual US Investor Conference 31 May 2017 New York Alcentra Ryan Flanders -

JUNE 2017

Conference Dates Location Organizer Preqin Speaker Discount Code Family Office & Private Equity Dealmakers Tricap Partners & Breakfast Series: Limited Partners & The 1 June 2017 New York Sam Mitchell - Co. Fundraising Environment ILPA Partner Expo 1 June 2017 Boston, MA ILPA - - marcus evans Private Wealth Management Summit 2017 4 - 6 June 2017 Orlando, FL - - Summits marcus evans Elite Summit 2017 7 - 9 June 2017 Montreux - - Summits 10% Discount - SuperReturn South & Southeast Asia 12 - 14 June 2017 Singapore KNect365 Mark O'Hare FKR2442PRQW 10% Discount - FundForum International 12 - 14 June 2017 Berlin KNect365 Amy Bensted FKN2489PQEM2 Mark O'Hare 10% Discount - SuperReturn US East 12 - 15 June 2017 Boston, MA KNect365 Chris Ferguson FKR2437PRQW Felice Egidio Nordic Private Equity Summit 20 June 2017 Denmark DVCA - - Operations & Compliance for Alternative Financial Research 15% Discount - 20 - 21 June 2017 New York - Investment Funds Associates FMP187 AVCJ Private Equity and Venture Forum - Japan 22 - 23 June 2017 Tokyo AVCJ - - 2017 10% Discount - SuperReturn Emerging Markets 26 - 28 June 2017 Amsterdam KNect365 Mark O'Hare FKR2434PRQEM Institutional and Alternative Lending Conference Euromoney 27 - 28 June 2017 New York - - New York 2017 Seminars

HKVCA CHINA PRIVATE EQUITY SUMMIT 2017

DATE: 26 May 2017 INFORMATION: http://cpes.hkvca.com.hk LOCATION: N101, Hong Kong Venture Capital and Private Equity Association (New Wing) ORGANIZER: Hong Kong Venture Capital and Private Equity Association (HKVCA) The HKVCA China Private Equity Summit 2017 will attract an even greater audience due to continuous growth amid the greater china market. Speakers from the limited partner sector include leading professionals from Asia Alternatives, BDC Capital, HQ Capital, and The Church Pension Fund, while general partner professionals hail from CCB International, Citic Capital Partners, JD Capital, JPMorgan, Morgan Stanley, Warburg Pincus and TPG Capital.

18TH ANNUAL US REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM

DATE: 25 - 27 June 2017 INFORMATION: https://www.imn.org/usopps2017 LOCATION: Newport, RI ORGANIZER: Information Management Network IMN’s 18th Annual US Real Estate PE Fund Forum will be at the new location of Newport, RI, June 25-27. IMN’s series of Real Estate PE Fund Forums occur twice annually, with 1000 attendees, including a who’s who of Real Estate PE Funds, Investors, Owners/Operators, Developers, Lenders, and Service Providers. IMN’s 18th Annual US Real Estate PE Fund Forum will be at the new location of Newport, RI, June 25-27. IMN’s series of Real Estate PE Fund Forums occur twice annually, with 1000 attendees, including a who’s who of Real Estate PE Funds, Investors, Owners/Operators, Developers, Lenders, and Service Providers.

GAI AGTECH WEEK 2017

DATE: 26 - 28 June 2017 INFORMATION: www.agtechweek.com LOCATION: Marriot Longwharf, Boston, MA ORGANIZER: HighQuest Group Join forward-thinking players who are allocating capital, building partnerships, and changing the trajectory of the global food system at AgTech Week 2017. Hear engaging keynote presentations, thought-provoking panels, investment case studies and interactive workshops that will educate and inspire you with a broad range of investment worldwide.

SUPERRETURN EMERGING MARKETS

DATE: 26 - 28 June 2017 INFORMATION: https://finance.knect365.com/superreturn-emerging-markets/?utm_source=Email&utm_medium=E- mail&utm_campaign=FKR2434 Preqin Email&utm_content=FKR2434PRQEM&tracker_id=FKR2434PRQEM LOCATION: Hotel Okura, Amsterdam ORGANIZER: SuperReturn CONNECTING EMERGING MARKET LPS & GPS In-depth market analysis and debate. 120+ LPs, 120+ GPs. Create new contacts.

FAMILY OFFICE & PRIVATE WEALTH MANAGEMENT FORUM 2017

DATE: 24 -26 July 2017 INFORMATION: http://opalgroup.net/conference/family-office-private-wealth-management-forum-2017/ LOCATION: Gurney’s Newport Resort & Marina, Newport, RI ORGANIZER: Opal Group In the course of three days, family offices, private investors, and investment managers navigate their way through the past recession, while continuing to explore the best ways to map out their portfolios. Come join Opal Group this July for fun, networking, and favorable prospects for preserving your family’s wealth.

CAPITAL CREATION 2017

DATE: 13 - 15 September 2017 INFORMATION: http://bit.ly/2pbZJvu LOCATION: Monte Carlo ORGANIZER: Worldwide Business Research Capital Creation is the premier gathering for senior private market professionals searching for European mid-market investments. Attracting over 300 qualified European private equity investors and fund mangers, Capital Creation offers critical analysis and new market data on Europe’s private market landscape and its future investment opportunities. Find new deal opportunities, managers that offer true value, and fund restructuring solutions with 80 expert speakers across 60 bespoke presentations and small-group formats. Book online and save 15% as a subscriber of “Preqin” - simply quote “PREQINCC15”. Visit here for pricing: http://bit.ly/2pCtVm0

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