Private Equity Spotlight

Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity Private Equity Spotlight performance, investors, deals and March 2015 fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Feature Article Proﬁ les, Funds in Market, Secondary Market Monitor, Buyout Deals Analyst and Venture Deals Analyst. Secondary Market: Challenging the Illiquidity Myth

Preqin recently surveyed over 50 managers of dedicated secondaries assets to ﬁ nd out about their activity in 2014 and to assess their outlook on the market for 2015. We analyze March 2015 the key ﬁ ndings from these results. Volume 11 - Issue 3 Page 3 FEATURED PUBLICATION:

The 2015 Preqin Global Private Preqin Industry News Equity & Venture Capital Report

In this month’s Industry News we take a look at recent private equity activity focused on the oil & gas sector, including investors, fundraising and deal activity.

2015 Preqin Global Private Equity & Page 8 Venture Capital Report

The Facts

ISBN: 978-1-907012-77-8 $175 / £95 / €115 Energy-Focused Fundraising - A breakdown of funds and fund managers. Page 10 www.preqin.com alternative assets. intelligent data.

To find out more or to purchase Investors in Buyout and Venture Capital Funds - Attitudes and allocations. Page 12 your copy, please visit: European Buyout Deals and Exits - Statistics behind this growing space. Page 14 www.preqin.com/gper E-Commerce Venture Capital Deals - An overview of deals across the globe. Page 16 New York: One Grand Central Place Fund of Funds Managers Interested in Co-Investments - Latest Preqin data. Page 18 60 E 42nd Street Suite 630 Private Equity Performance: Secondaries - Latest data on secondaries funds. Page 19 New York, NY 10165 +1 212 350 0100 Conferences - Upcoming private equity conferences around the world. Page 21 London: 3rd Floor, Vintners’ Place 68 Upper Thames Street London, EC4V 3BJ +44 (0)203 207 0200 You can download all the data in this month’s Spotlight in Excel. Singapore: Wherever you see this symbol, the data is available for free download on One Finlayson Green Excel. Just click on the symbol and your download will begin automatically. You are welcome to use the data in any presentations you are preparing; #11-02 please cite Preqin as the source. Singapore 049246 +65 6305 2200

San Francisco: 1700 Montgomery Street Free Subscription Suite 134 Sign up to receive your free edition of Private Equity Spotlight every month! San Francisco CA 94111 www.preqin.com/spotlight +1 415 835 9455 w: www.preqin.com e: [email protected]

Twitter: www.preqin.com/twitter LinkedIn: www.preqin.com/linkedin alternative assets. intelligent data.

The 5th Annual SuperReturn China 2015 The Premier Chinese Private Equity & Venture Capital Conference 23 ‐25 March 2015, Kerry Hotel, Beijing

15% Reader Offer

Dear Spotlight reader,

We will be in Beijing for this year’s SuperReturn China and as I am a speaker I’m pleased to offer Spotlight readers a special 15% discount should you be planning to attend.

SuperReturn China brings together 100 of the region’s most influential speakers in a one‐stop learning and networking shop, packed with interaction and high value face‐to‐face opportunities with around 400+ global attendees, including 140 LPs.

Kindest regards

Mark O’Hare

For all bookings & enquiries, please contact the SuperReturn China 2014 Team Quote VIP: FKR2372PRQSP for your 15% discount Tel:) +44 (0 20 7017 7200 Email: [email protected] Web: www.superreturnchina.com/FKR2372PRQSP

Feature Article Secondary Market: Challenging the Illiquidity Myth Download Data

Secondary Market: Challenging the Illiquidity Myth

Preqin recently surveyed over 50 managers of dedicated secondaries assets to find out about their activity in 2014 and to assess their outlook on the market for 2015. Patrick Adefuye analyzes the key findings from these results.

2014 was not only a record year for secondaries transaction volume, Fig. 1: Expectations for the Amount of Capital to Be but has also been recognized as a record year for secondaries Deployed in the Secondary Market in 2015 Compared to fundraising; an aggregate $29bn was secured by the 27 secondaries 2014 funds that reached a ﬁ nal close during the year, the highest ever annual amount of capital secured. As a result, two-thirds of secondary fund of funds managers surveyed expect to deploy more capital in the asset class in 2015 compared to the previous year (Fig. 1). A 6% further 27% indicated that they expected to maintain their level of More Capital in spend in 2015. 2015 Compared to 2014 27% Pricing Same Amount of Capital in 2015 as It is clear that the secondary market is awash with capital, from in 2014 the managers of secondaries funds, fund of funds vehicles with allocations to the secondary market and opportunistic institutional 67% Less Capital in 2015 investors that are capable of gaining exposure to it. Inevitably, Compared to 2014 pricing is impacted by this strong demand for funds on the secondary market. Survey respondents indicated that the average price paid for buyout funds purchased on the secondary market was 90% of NAV, although this can be as low as 70% of NAV for mature assets. Source: Preqin Secondary Fund Manager Survey, February 2015 In 2015, 45% of respondents indicated that they expect the price paid for buyout funds on the secondary market to increase (discount to narrow), while 48% expect it to remain the same. Given the expected Leverage increase in spend from the majority of respondents, strong pricing does not appear to be deterring buyers. Not only is there capital One concern regarding the higher prices being paid for assets is the available to pay more (on a dollar basis, as well as on a percentage impact this may have on returns and that returns for assets bought to NAV basis given that NAVs are also rising), there is also the on the secondary market in this current climate are likely to be lower willingness to do so, as the sentiment towards private equity and than previous years. Anecdotally, it appears that secondary market particularly buyout funds is positive given the strong environment for buyers have turned increasingly to leverage to improve returns. exits and distributions. While the majority of fund managers that we spoke to did not use debt for acquiring funds (81%) or in funding a drawdown (89%) in 2014, debt is likely to play a bigger part in the secondary market

Fig. 3: Breakdown of Investor Types Managers of Fig. 2: Managers of Secondaries Funds’ Expectations for the Secondaries Funds Expect to Be Active in Selling Fund Amount of Debt Usage in the Secondary Market in 2015 Interests in 2015

All Investor Types 24% 0% Pension Funds 42% Increase in Debt Usage in 2015 Banks 36% Compared to 2014 34% Insurance Companies 29% Same Amount of Debt Usage in 2015 Fund of Fund Managers 27% as in 2014 Endowment Plans 20% 66% Decrease in Debt Usage in 2015 Family Offices 13% Compared to 2014 Foundations 11%

0% 10% 20% 30% 40% 50% Proportion of Respondents Source: Preqin Secondary Fund Manager Survey, February 2015 Source: Preqin Secondary Fund Manager Survey, February 2015

Fig. 5: Breakdown of Funds Purchased on the Secondary Fig. 4: Breakdown of Likely and Opportunistic Secondary Market by Managers of Secondaries Funds in 2014 by Fund Market Sellers’ Portfolios by Vintage Year Type

45% 41% Buyout 65% 40%

35% Growth 44%

30% Venture Capital 42% 25% Infrastructure 15% 20% 19% 17% 16% 15% Real Estate 13% Proportion of Funds 10% Private Debt 12% 6% 5% 2% Mezzanine 12% 0% Pre-1997 1997-2000 2001-2004 2005-2008 2009-2012 Post-2012 0% 10% 20% 30% 40% 50% 60% 70% Vintage Year Proportion of Respondents Source: Preqin Secondary Market Monitor Source: Preqin Secondary Fund Manager Survey, February 2015 in 2015. Thirty-four percent of respondents expect debt usage to from buyers (and frequently have sold stakes before) and; increase in 2015, while the remaining 66% predict it will remain the • Possible sellers, which are investors that are either over- same, as shown in Fig. 2. No respondents expect the level of debt allocated to a particular asset class and could consider the usage to decrease in the coming year. secondary market to rectify this, or investors that have put new investments on hold and therefore may be reviewing one or Secondary Market Sellers more of their manager relationships.

Managers of secondaries funds were asked to indicate which groups Analysis of the portfolios (specifi cally private equity) of likely and of investors would be selling funds in 2015, with pension funds opportunistic sellers show interesting results that further illustrate cited by 42% of respondents, as shown in Fig. 3. Pension funds their motivations for considering the secondary market. Fig. have become increasingly comfortable using the secondary market 4 shows the vintage year spread of the portfolios of likely and in recent years in order to achieve their desired portfolios. Banks opportunistic sellers profi led on Secondary Market Monitor and and insurance companies (cited by 36% and 29% of respondents shows that these investors are most exposed to funds that are 7-10 respectively) are also expected to be prominent sellers in the year years old, accounting for 41% of all funds held by these investors. ahead, both for regulatory reasons. Funds of vintage years 2005-2008 are considered the sweet spot for most secondary buyers, as funds of this age are typically at Preqin’s research team is in daily contact with institutional investors their realization phase returning capital to investors. Interestingly, in order to identify new sellers and update the investment plans of likely and opportunistic sellers have signifi cant exposure to funds existing investors. Sellers are classifi ed into two groups: that are 10 years old or more, representing 38% of funds held by these investors and therefore, in most cases, past their pre-agreed • Likely and opportunistic sellers that have pro-actively begun life-time. Collectively, these funds have a total of over $100bn in a process to sell funds or are generally open to approaches remaining, unrealized value.

Fig. 6: Sample of Frequently Traded Europe-Focused Buyout Funds in 2014

Fund Firm Vintage Fund Size ($bn) Firm Headquarters Apax Europe VII Apax Partners 2007 17.7 UK BC European Cap VIII BC Partners 2005 7.7 UK BlueGem BlueGem Capital Partners 2007 0.3 UK Bridgepoint Europe I Bridgepoint 1998 1.7 UK Charterhouse Capital Partners IX Charterhouse Capital Partners 2009 5.2 UK Cinven IV Cinven 2007 8.3 UK Doughty Hanson & Co V Doughty Hanson Partners 2007 4.0 UK Electra European Fund II Motion Equity Partners 2005 1.5 France EQT V EQT 2006 5.6 Sweden IK VII Fund IK Investment Partners 2012 1.8 UK PAI Europe V PAI Partners 2008 4.2 France

Source: Preqin Secondary Market Monitor

Funds Traded Transaction Types

The majority (65%) of managers of secondaries funds surveyed Managers of secondaries funds were asked about the types of indicated that they had purchased interests in buyout funds in transactions they completed in 2014. Transactions were classifi ed 2014 as shown in Fig. 5. Incidentally, a third of respondents expect into traditional fund transactions (portfolio and single interests), to expend more on purchasing buyout funds in 2015 than 2014. direct secondaries, GP restructurings, tail-end fund purchases and Growth capital funds were purchased by just under half (44%) of spin-outs. Unsurprisingly, the single fund purchase was the most respondents, with venture capital funds the next most purchased common transaction type completed, with over three-quarters (77%) by respondents (42%). Infrastructure and real estate funds were of respondents completing a transaction of this sort in 2014, as purchased by a small proportion of respondents (15% and 13% illustrated in Fig. 7. respectively). Sixty percent of respondents completed a purchase of a portfolio of Transactions funds, while a notable proportion (33%) completed purchases of tail- end funds and GP restructurings. A number of mature funds have Preqin’s improved Secondary Market Monitor can be used to pin- signifi cant unrealized value; it appears buyers see value in these point transactions involving specifi c managers and specifi c fund funds given the proportion of managers that completed transactions types (as an indicator of the level of demand for, and liquidity of, of this type in 2014. Furthermore, 25% of survey respondents those funds), recent sellers and certain fi rm types selling funds over anticipate increasing their activity relating to tail-end funds in 2015 different timeframes. compared to 2014 (Fig. 8).

Fig. 6 draws on this transaction data and shows some of the most GP restructurings are noted to have increased in prominence in frequently traded Europe-focused buyout funds in 2014. Funds such recent years as a solution for LPs and GPs for funds close to, or as these, that trade fairly frequently, can be sold relatively quickly past, their agreed term. Secondary buyers provide new capital to the on the secondary market as buyers require little to no additional GP while simultaneously buying out existing LPs; the complexity of information to offer a price indication for them. these transactions has not been a deterrent to some buyers. Indeed, as shown in Fig. 8, 19% of survey respondents anticipate completing more of these transactions in 2015.

Global Private Debt & Equity May 13, 2015 ASK 2015 Hedge Fund Summit Conrad Seoul Hotel May 14, 2015

ASK 2015 Global Private Debt & Equity and Hedge Fund Summit are meeting points and communication hub for both global fund managers and Korean institutional investors who are looking for overseas investment opportunities. Total AUM of Korean institutions will grow from USD 2tn to approx 5tn over the next 30 years.

Domestic market cannot provide sufficient attractive investment opportunities due to stagnant economic growth and aging society. Korean institutions are actively looking for return enhancement and diversification opportunities from overseas market in fields of real estate, infrastructure, private equity, private debt, hedge funds etc.

Finding alternatives to fixed income is the key theme of the summit as Korean institutions are allocating 60-80% to fixed income with low return. They are looking for solutions to diversify risk and enhance return.

As most Korean investors are still at the early stage of overseas investment, this summit program provides an overview of various strategies and regions for both private debt, equity, infrastructure and hedge fund.

ASK is well regarded for its high attendance from Korean investors. Last May there were 646 participants including 338 investors and 308 global managers and others.

For queries. please contact IK Song [email protected] +822 360 4209 www.asksummit.co.kr Feature Article Secondary Market: Challenging the Illiquidity Myth Download Data

Thirty-one percent of respondents completed direct secondaries Preqin tracks which types of transaction different buyers are open to; transactions in 2014; these transactions again reﬂ ect the amount of for a GP or an intermediary managing a restructuring process, it is capital locked in mature funds, with a secondary sale offering GPs vital to be able to identify buyers with the willingness and experience the opportunity to return capital to investors. Direct secondaries will to complete such transactions. In addition, Secondary Market continue to feature in 2015, with 21% of respondents anticipating Monitor shows which investors are open to stapled secondaries increasing their activity in direct secondaries transactions in 2015 transactions. For holders of tail-end funds, Preqin is keeping tabs on compared to 2014. the small but growing number of secondary buyers that see value in such transactions.

Fig. 8: Managers of Secondaries Funds’ Expectations for the Fig. 7: Breakdown of Transaction Types Completed by Level of Secondary Market Activity in 2015 Compared to Managers of Secondaries Funds in 2014 2014 by Transaction Type

100% 2% 2% 2% 0% 2% 0% Single Fund Purchase 77% 90% Expect Activity to Decrease in 2015 80% Compared to 2014 70% Portfolio Purchase 60% 60% 62% 60% 71% 77% 77% Expect Activity to 88% 50% Remain the Same in GP Restructuring 33% 40% 2015 as in 2014 30% Expect Activity to Tail-End Fund Purchase 33% 20% 37% 35% Increase in 2015 10% 25% 21% 19% Compared to 2014 Proportion of Respondents 10% 0% Direct Secondary 31% GP

GP Spin-Off 10% Direct Portfolio Purchase Purchase Secondary Purchase Single Fund GP Spin-Off Restructuring 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Tail-End Fund Proportion of Respondents Transaction Type Source: Preqin Secondary Fund Manager Survey, February 2015 Source: Preqin Secondary Fund Manager Survey, February 2015

Secondary Market: Challenging the Illiquidity Myth

This feature article is an extract from the recently released Preqin Special Report – Secondary Market: Challenging the Illiquidity Myth. The full report includes:

Content Includes: Secondary Market: Challenging the Illiquidity Myth

• Full results of Preqin’s most recent survey of managers of secondaries funds, which looks at the amount Fund Manager Outlook March 2015 Are managers of secondaries funds looking to invest more capital in of capital they plan to invest in 2015 and which types of investors they expect to be active in the year 2015 than in 2014?

Buyers

Which institutional investors are most likely to purchase ahead. fund interests on the secondary market?

• An overview of buyer activity that ascertains which institutional investors are most likely to purchase Pricing What is the average price paid for a fund interest on fund interests on the secondary market. the secondary market? Funds Traded

Which fund types were most commonly traded on the secondary market in • A look at average prices paid for fund interests on the secondary market. 2014?

Potential Sellers • Analysis of the funds most commonly traded on the secondary market in 2014. What are investors’ motivations for selling fund interests on the secondary market?

• Investors’ motivations for selling fund interests on the secondary market. alternative assets. intelligent data.

This free report has been compiled using detailed information and key data available on Preqin’s Secondary Market Monitor online service. To access the report, please click here, or visit the Preqin Research Center:

www.preqin.com/research

Data Source

Preqin’s Secondary Market Monitor contains detailed information on all 350 secondaries funds in market and closed historically, including interim and ﬁ nal closes, geographic preferences, sample investors and more.

Secondary Market Monitor can also be used to source potential sellers of fund interests, ﬁ nd out which LPs are looking to invest in secondaries, analyze the latest secondaries fundraising activity, view private equity market transactions and identify key secondary intermediaries.

For more information, please visit:

www.preqin.com/smm

News Preqin Industry News Download Data

Preqin Industry News

Oliver Senchal takes a look at recent private equity activity focused on the oil & gas sector, including investors, fundraising and deal activity.

Buyout Deal Activity Chart of the Month

In February 2015, NGP Energy Capital Management invested Private Equity Funds Closed that Include Oil & Gas $400mn in a newly formed Prairie Storm Energy Corp, a Canada- Investments as Part of a Wider Industry Focus, 2008 - based company engaged in acquiring, developing and exploiting 2014 oil & gas assets. The investment is thought to beneﬁ t from the volatility currently seen within the oil & gas market and increased 60 opportunities within Western Canada. 53 52 50 47 Also during February, the formation of Rio Oil and Gas II, LLC 41 was announced as a result of capital commitments of $350mn by 40 39.2 Quantum Energy Partners and the company management. Based 35 35 33.0 33.0 in the US, Rio II focuses on acquiring and developing oil and gas 30 assets in certain North American basins. 24 21.9 20 Additionally, in late January, Velvet Energy, an oil and gas 17.3 18.0 13.5 exploration and production company focused on the Western 10 Canadian Sedimentary Basin, announced a $100mn equity investment led by its existing backers Warburg Pincus, Trilantic 0 Capital Partners and ZAM Ventures. 2008 2009 2010 2011 2012 2013 2014 No. of Funds Aggregate Capital Raised ($bn)

Funds Seeking Investor Capital Source: Preqin Funds in Market

Riverstone Global Energy and Power Fund VI is the largest fund As the chart above shows, there were 52 private equity funds with a focus including oil & gas investments currently in market, closed in 2014 that targeted investments in the oil & gas industry, and will also invest in energy and power opportunities globally. either exclusively or as part of a wider industry focus. 2014 saw The natural resources fund, managed by Riverstone Holdings, is the largest amount of capital ($39.2bn) raised in the seven-year targeting $8bn and held a fi rst close last month on $1.5bn. period shown in the chart, surpassing the totals raised in 2013 and 2014 by $6.2bn. Kerogen Energy Fund II is managed by Hong Kong-based Kerogen Capital. The fund follows on from the success of its predecessor, However, EIV Capital Fund II is the only fund to have held a fi nal Kerogen Energy Fund, and is targeting $1.5bn. It aims to invest close in 2015 with a focus on oil & gas as part of a wider industry in international upstream oil & gas sectors outside North America focus, raising $267mn. The natural resources fund, managed by through the provision of growth and expansion capital to small and Houston-based EIV Capital, focuses on midstream businesses, mid-sized “junior” oil & gas companies. Kerogen Energy Fund II related services and expanded natural gas uses in the US. Only expects its portfolio to refl ect a diversifi ed exposure by hydrocarbon 39 vehicles have closed since 2008 that had a sole focus on oil type, development phase and geography. & gas investments, raising $18.2bn.

The largest solely oil & gas-focused fund currently in market is Ridgewood Energy Oil & Gas Fund III. The vehicle, managed by US-based Ridgewood Energy, is targeting $1.5bn for investments in the deep-water Gulf of Mexico.

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

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

alternative assets. intelligent data.

Fund Coverage: Funds 42,224 858 Infrastructure Funds 5,055 PE Real 16,914 Private Equity* Funds 17,779 Hedge Funds Estate Funds 1,618 Private Debt Funds Firm Coverage: Firms 19,846 444 Infrastructure Firms 2,520 PERE 8,696 PE Firms 7,473 Hedge Fund Firms Firms 713 Private Debt Firms

Performance Coverage: 19,505 Funds (IRR Data for 5,958 Funds and Cash Flow Data for 2,804 Funds) 1,299 180 Infrastructure 5,885 PE Funds 11,506 Hedge Funds PERE Funds 635 Private Debt

Fundraising Coverage: 16,742 Funds Open for Investment/Launching Soon Including 2,421 Closed-Ended Funds in Market and 351 Announced or Expected Funds 916 248 Infra. Funds 1,844 PE 13,484 Hedge Funds PERE Funds Funds 250 Private Debt Funds Deals Coverage: 131,897 Deals Covered; All New Deals Tracked

40,389 Buyout Deals** 80,551 Venture Capital Deals*** 10,957 Infra. Deals

Investor Coverage: 12,743 Institutional Investors Monitored, Including 9,006 Verified Active**** in Alternatives and 95,039 LP Commitments to Partnerships

4,894 Active Hedge 2,444 Active 1,422 Active 5,615 Active PE LPs 4,846 Active RE LPs Fund Investors Infra. LPs Private Debt Investors Alternatives Investment Consultant Coverage: 501 Consultants Tracked Fund Terms Coverage: Analysis Based on Data for Around 9,800 Funds Best Contacts: Carefully Selected from Our Database of over 312,249 Active Contacts

Plus The Preqin Difference - Over 200 research, support and development staff Comprehensive coverage of: - Global presence - New York, London, Singapore and San - Placement Agents - Dry Powder Francisco - Fund Administrators - Compensation - Depth and quality of data from direct contact methods - Law Firms - Plus much more... - Unlimited data downloads - Debt Providers - The most trusted name in alternative assets

New York: +1 212 350 0100 - London: +44 (0)20 3207 0200 - Singapore: +65 6305 2200 - San Francisco +1 415 835 9455 www.preqin.com

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

Energy-Focused Fundraising

Chloe Wong takes a deeper look into energy-focused fundraising, including the breakdown between specialist and non-specialist fund managers.

Fig. 1: Annual Energy-Focused Fundraising, 2008 - 2015 YTD Fig. 2: Fundraising by Specialist and Non-Specialist Fund (As at 23 February 2015) Managers, 2008 - 2014

60 60 1,600

53 1,400 Average Fund Size ($mn) 52 50 50 49 4949 50 1,200 45 40 1,000 40 36 No. of Funds 30 800 31 600 30 20 26 2726 Aggregate Capital 400 20 Raised ($bn) 10 20 19 200

Aggregate Capital Raised ($bn) 0 0 10 2008 2009 2010 2011 2012 2013 2014 6 Year of Final Close 2 Aggregate Capital Raised by Specialist Fund Managers ($bn) 0 Aggregate Capital Raised by Non-Specialist Fund Managers ($bn) 2008 2009 2010 2011 2012 2013 2014 2015 YTD Average Fund Size for Specialist Fund Managers ($mn) Year of Final Close Average Fund Size for Non-Specialist Fund Managers ($mn) Source: Preqin Funds in Market Source: Preqin Funds in Market

Fig. 3: Top Five Energy-Focused Funds by Final Size, 2014 - 2015 YTD (As at 23 February 2015)

Year of Final Final Close Size Fund Firm Fund Type Fund Focus Close ($bn) NGP Energy Capital NGP Natural Resources XI Natural Resources US 2014 5.3 Management Energy Capital Partners III Energy Capital Partners Infrastructure US 2014 5.1 Blackstone Energy Partners II Blackstone Group Natural Resources US 2015 4.5 Energy & Minerals Group Fund III Energy & Minerals Group Infrastructure US 2014 4.1 Warburg Pincus Energy Fund Warburg Pincus Natural Resources US 2014 4.0

Source: Preqin Funds in Market

Key Facts: Subscriber Quicklink

Proportion of energy-focused funds that Subscribers to Preqin’s Funds in Market can click here to 771%1% closed on or above target in 2014. use the Fundraising Momentum tool to analyze the fundraising progress of private equity funds currently in market.

Average time spent on the road See how long individual funds took to reach a ﬁ rst close dropped from 16 months in 2013 to 13 and how much capital was raised. Find out the proportion of  months in 2014. a fund’s target size that was achieved at the ﬁ rst close, the number of months spent in market so far and more. Proportion of capital raised in 2014 by 991%1% energy-focused funds that was primarily Filter the results by fund type, manager location, fund focused on North America. geographic focus, target size and much more.

Number of first-time energy-focused For more information, please visit: 2277 funds in market, targeting an aggregate $6.4bn. www.preqin.com/fim

PRIVATE EQUITY | HEDGE FUNDS | REAL ESTATE | INFRASTRUCTURE | PRIVATE DEBT

The 2015 reports form the most comprehensive review of the alternatives investment industry ever undertaken: yRead contributions from some of the industry’s leading figures. yUnderstand the latest trends. yAccess analysis and statistics on fundraising, performance, deals, investors, fund managers and much more.

yImprove your presentations, marketing materials and company reports.

yAnswer key questions - Who is investing? Where is the capital going? How much has been raised? What are the biggest deals?

2015 Preqin Global Infrastructure Report

2015 Preqin Global Hedge Fund 2015 Preqin Global Report ISBN: 978-1-907012-80-8 Real Estate $175 / £95 / €115 www.preqin.com alternative assets. intelligent data. Report

ISBN: 978-1-907012-78-5 $175 / £95 / €115 www.preqin.com alternative assets. intelligent data. 2015 Preqin Global

PrivateISBN: 978-1-907012-79-2 Equity & $175 / £95 / €115 Venturewww.preqin.com Capital alternative assets. intelligent data. Report

ISBN: 978-1-907012-77-8 For more information or to purchase your copies, please visit: $175 / £95 / €115 www.preqin.com alternative assets. intelligent data. www.preqin.com/reports

alternative assets. intelligent data. The Facts Investors in Buyout and Venture Capital Funds Download Data

Investors in Buyout and Venture Capital Funds

Scott Gibbs presents investors’ attitudes towards buyout and venture capital funds and the current and target allocations of those investors with a preference for, or that have previously committed to, these fund types.

Fig. 1: Investor Attitudes towards Buyout and Venture Capital Fig. 2: Proportion of Active Investors with a Preference for Funds at Present Buyout and Venture Capital Vehicles, 2012 - 2015

70% 63% Buyout – 11% 60% 60% 58% Large to Mega 56% 12% Areas of the Market 54% Investors View as 52% 51% 49% Presenting the Best 50% Opportunties Buyout Buyout – 49% 40% Small to Mid- Market 54% Areas of the Market Venture Investors Are 30% Capital Seeking to Invest in over 2015 20% 14% Proportion of Investors Venture Capital 26% 10%

0% 20% 40% 60% 0% Proportion of Respondents 2012 2013 2014 2015 Source: Preqin Investor Survey, December 2014 Source: Preqin Investor Intelligence

Fig. 3: Average Current and Target Allocations of Investors Fig. 4: Location of Investors with a Preference for or that with a Preference for or that Have Previously Committed to Have Previously Committed to Buyout and Venture Capital Buyout and Venture Capital Vehicles Vehicles

12.0% 100% 8% 7% 11.7% 90% 8% 12% 11.5% 80%

11.2% Buyout 70% 27% Rest of World Investors 26% 11.0% 10.8% 60% Asia Venture 50% Europe 10.5% Capital Investors 10.3% 40% North America 30% 57% Proportion of Investors 55% 10.0% 20%

10% 9.5% Current Allocation to Target Allocation to 0% Private Equity (% of AUM) Private Equity (% of AUM) Buyout Venture Capital Source: Preqin Investor Intelligence Source: Preqin Investor Intelligence

Data Source

Preqin’s Investor Intelligence contains detailed proﬁ les for over 890 LPs worldwide that are looking to make investments over the coming year. Use the Fund Searches and Mandates tool to ﬁ lter LPs by investor type and location, and by region and fund type preferences.

Access detailed information on assets under management, current and target allocations to private equity, fund type and geographic preferences and much more. For more information, or to arrange a demonstration, please visit:

www.preqin.com/ii

Automate the entire portfolio reporting process with Baxon PCMS. Improve efficiency, consistency and transparency with this powerful analytic platform for investment professionals.

Baxon PCMS, a web-based value added platform Accessibility: All performance information between portfolio companies, the PE/VC firm, centralized in one place; always the latest version, investment teams, portfolio management team available 24/7, from anywhere in the world. and partners offers multiple benefits, such as: Governance: Governance procedures related to reporting can be enforced by GPs through Saving time: Sensitive and time-consuming customizable work flows. tasks such as re-keying, formatting and calculations are avoided. Traceability: Information can be audited, with a clear trail of who edited what and when figures Better visibility of performance: Graphs to were changed. identify trends; alerts of deviations against budget; comment boxes and comparisons against Integrity: Data entered directly into the system benchmarks, investment cases or history are by portfolio companies, avoiding re-typing and some of the features we provide. reducing errors. Validation rules prevent invalid information input.

Request a Demo

Or contact us at +44 (0) 203 207 0480

Vintners' Place, 68 Upper Thames Street. EC4V 3BJ, London · www.baxonsolutions.com [email protected] · T. +44 (0) 203 207 0480 Portfolio Management for Private Equity

Baxon Solutions is part of the family London · Buenos Aires · New York · Singapore · San Francisco The Facts European Buyout Deals and Exits Download Data

European Buyout Deals and Exits

Preqin’s data reveals that aggregate deal value of private equity-backed buyouts in Europe has exceeded that of North America in 2015 YTD. Anthony Leung investigates further into the European deal and exit environment.

Fig. 1: Quarterly Number and Aggregate Value of Private Fig. 2: Breakdown of Aggregate Value of Private Equity- Equity-Backed Buyout Deals in Europe, Q1 2006 - Q1 2015 TD Backed Buyout Deals by Region, 2006 - 2015 YTD (As at 25 (As at 25 February 2015) February 2015)

450 90 100% 1% 3% 4% 6% 4% 6% 5% 4% 5%

Aggregate Deal Value (€bn) 7% 3% 4% 11% 400 80 8% 90% 10% 9% 10% 10% 13% 21% 350 70 80% 27% 31% 300 60 27% 28% 70% 33% 28% 36% 250 50 43% 60% 28% 53% 200 40 50%

No. of Deals 150 30 40% 100 20 67% 30% 62% 60% Proportion of Total 59% 50 10 52% 54% 47% 48% 41% 0 0 20% 36%

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 10%

0% 2015 TD 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD No. of Deals Aggregate Deal Value (€bn) North America Europe Asia Rest of World Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst

Fig. 3: Quarterly Number of Private Equity-Backed Exits in Europe by Type and Aggregate Exit Value, Q1 2006 - Q1 Fig. 4: Breakdown of Number of Private Equity-Backed Deals 2015 TD (As at 25 February 2015) in Europe by Type, 2006 - 2015 YTD (As at 25 February 2015)

200 60 Aggregate Exit Value (€bn) 100% 2% 2% 2% 1% 2% 2% 2% 1% 1% 1% 180 90% 14% 17% 16% 19% 160 50 22% 24% 23% 26% 24% 1% 1% 28% 140 80% 11% 1% 1% 40 11% 13% 1% 1% 120 70% 1% 14% 1% 1% 1% 2% 16% 15% 19% 18% 100 30 3% 14% 14% 60% 2% 2% 80 1% 2% 1% No. of Exits 60 20 50% 40 10 40% 20 71% 67% 66% 30% 60% 58% 0 0 Proportion of Total 54% 57% 54% 56% 57% 20% Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 10% 2015 TD 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 IPO Restructuring YTD Sale to GP Trade Sale LBO PIPE Growth Capital Aggregate Exit Value (€bn) Recapitalization Add-on Public to Private Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst

Fig. 5: Five Largest Deals in Europe, 2014 - 2015 YTD (As at 25 February 2015)

Investment Deal Size Bought From/ Primary Company Name Deal Date Deal Status Investor(s) Location Type (bn) Exiting Company Industry Reynolds Packaging SIG Combibloc Buyout Nov-14 3.75 EUR Announced Onex Corporation Switzerland Manufacturing Group Tornier, Vertical Group, Medical Wright Medical Group N.V. Merger Oct-14 3.3 USD Announced Warburg Pincus, Wright - Netherlands Devices Medical Group, Inc. TE Connectivity's Telecom, Carlyle Group, CommScope Enterprise and Wireless Add-on Jan-15 3.0 USD Announced TE Connectivity Ltd Switzerland Telecoms Inc. Businesses Constantia Constantia Flexibles Buyout Dec-14 2.3 EUR Completed Wendel Austria Logistics Packaging AG Lindorff Group Buyout Jul-14 2.3 EUR Completed Nordic Capital Altor, Investor AB Norway Outsourcing Source: Preqin Buyout Deals Analyst

C5’s Conference on CLOs and Leveraged Loans Strategies for successful management, structuring and investment whilst minimising new legal and regulatory risks

Featuring: Executive Sponsors: The Carlyle Group Pearl Diver Capital Pramerica Investment Cairn Capital Management CQS Citi Mediterranean Bank Plc 3i UniCredit Exhibitor: Deutsche Bank AG Guggenheim Partners UniCredit Media Partners: Star Mountain Capital Blackstone GSO Capital Beechbrook Capital ICG The European Banking Authority Apollo Global Management LLC

To register call +44 (0) 20 7878 6888 or register online at www.C5-Online.com/CLOs

MIDDLE EASTERN M&A AND PRIVATE EQUITY FORUM 2015 4 MAY 2015 RITZ CARLTON DIFC, DUBAI

Join 200+ senior delegates from the corporate and private equity communities in the Middle East and get insight into the major investment opportunities likely to be seen in the region throughout 2015.

Lead strategic partners: Strategic partners:

Book your place for $995 For more details about the event, including pricing, please visit mergermarketgroup.com/event/middleeast2015 email [email protected] or call +44 (0) 207 010 6219 The Facts E-Commerce Venture Capital Deals Download Data

E-Commerce Venture Capital Deals

As the aggregate value of venture capital deals in the e-commerce sector sees a record high, Emily Forbes takes a closer look at the statistics behind e-commerce venture capital deals across the globe.

Fig. 1: Quarterly Number and Aggregate Value of E-Commerce Venture Capital Deals, Q1 2007 - Q1 2015 TD Fig. 2: Proportion of Aggregate Value of E-Commerce Deals (As at 25 February 2015) by Region, 2007 - 2015 YTD (As at 25 February 2015)

350 5.0 100% 1% 1% 1% 1% 1% 2% Aggregate Deal Value ($bn) 4% 7% 2% 1% 4% 8% 4.5 5% 12% 300 90% 13% 6% 20% 20% 4.0 17% 80% 19% 250 3.5 17% 42% 11% 23% 3.0 70% 11% 48% 200 17% 42% 2.5 60% 18% 39% 150 2.0 50% 13% 27% No. of Deals 12% 100 1.5 8% 40% 12% 1.0 66% 50 30% 64% 12% 0.5 55% 19% 0 0.0 20% 43% 39% 39% 32%

Proportion of Aggregate Value 26%

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 10% 20% 0% 2015 TD 2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2008 2009 2010 2011 2012 2013 2014 YTD No. of Deals Aggregate Deal Value ($bn) North America Europe Greater China India Israel Other Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst

Fig. 4: Number and Aggregate Value of E-Commerce Fig. 3: Proportion of Number of E-Commerce Deals by Stage Venture Capital Deals as a Proportion of All Internet Venture 2007 - 2015 YTD (As at 25 February 2015) Capital Deals, 2007 - 2015 YTD (As at 25 February 2015)

100% 80% 1% 4% 3% 1% 3% 2% 3% Venture Debt 73% 90% 19% 27% Unspecified Round 70% 24% 27% 29% 30% 28% 80% 27% 5% Series D/Round 4 and 60% 56% 58% 52% 70% 3% 2% 7% Later 12% 3% 6% 2% 2% 3% 5% 3% 3% Series C/Round 3 50% 47% 47% 5% 5% 4% 44% 60% 10% 8% 7% 42% 44% 10% 11% 9% 7% 17% Series B/Round 2 40% 38% 37% 50% 14% 13% 35% 17% 20% 17% Series A/Round 1 21% 22% 1% 30% 26% 40% 2% 1% 24% 24% 1% PIPE 21% 20% 25% 3% 2% 30% 2% 3% 20% 17% 37% 26% Growth Proportion of No. Deals 34% 20% 24% 26% 10% 23% 23% Capital/Expansion Angel/Seed 10% 18% 11% 0% 5% 7% 5% 7% 0% 3% 5% 5% Add-on & Other 2007 2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015 YTD YTD Proportion of No. of Deals Proportion of Aggregate Deal Value Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst

Fig. 5: Top Five E-Commerce Venture Capital Deals in 2014 - 2015 YTD (As at 25 February 2015)

Deal Size Company Name Stage Deal Date Investors Location ($mn) Accel Partners, DST Global, GIC Private Limited, Iconiq Capital, Flipkart Series G/Round 7 Jul-14 1,000 Morgan Stanley Alternative Investment Partners, Naspers, Sofi na, India Tiger Global Management Baillie Gifford, DST Global, GIC Private Limited, Greenoaks Capital Management, Iconiq Capital, Naspers, Qatar Investment Authority, Flipkart Series H/Round 8 Dec-14 700 India Steadview Capital Management, T Rowe Price, Tiger Global Management Meituan.com Series D/Round 4 Jan-15 700 - China Snapdeal.com Unspecifi ed Round Oct-14 627 Recruit Holdings, ru-Net Ltd., Softbank India One97 Unspecifi ed Round Jan-15 575 Alibaba Group, Alipay, SAIF Partners India India Communications Source: Preqin Venture Deals Analyst

• Conduct market research and track industry trends

• Benchmark fund performance

• Access slide decks from Preqin presentations at conferences

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

Fund of Funds Managers Interested in Co-Investments

Preqin data confirms a strong appetite for co-investments, with a vast majority of private equity fund of funds managers actively investing in such opportunites. Francesca Braganza looks at the latest data for private equity fund of funds managers considering co-investments.

Fig. 1: Proportion of Private Equity Fund of Funds Managers Fig. 2: Private Equity Fund of Funds Managers Interested in that Are Interested in Co-Investment Opportunities Co-Investment Opportunities by Manager Location

3% 4% 8% Invest in Co-Investment Opportunities 24% North America

Do Not Invest in Co- Europe Investment 49% Opportunities Asia

Consider Investing in 39% Rest of World Co-Investment 73% Opportunities

Source: Preqin Investor Intelligence Source: Preqin Investor Intelligence

Fig. 3: Types of Funds that Private Equity Fund of Funds Managers Have a Preference for Co-Investing Alongside

90% 83% Data Source 80% 70% 61% Preqin’s Investor Intelligence has detailed proﬁ les for over 60% 180 private equity fund of funds managers that are interested 50% 46% in co-investment opportunities. 40% Proﬁ les include key contact information, investment 30% preferences, information about allocations, known investments 19% 19% 20% 14% and more. 10%

Proportion of Fund Managers 10% 3% 0% For more information, or to arrange a demonstration, please visit: Other Buyout Debt Growth Capital Special Venture

Situation www.preqin.com/ii Distressed Mezzanine Turnaround Fund Type Source: Preqin Investor Intelligence

Fig. 4: Five Largest Co-Investment Multi-Manager Vehicles* Currently in Market

Fund Firm Target Size (mn) Fund Status Hamilton Lane Co-Investment Fund III Hamilton Lane 1,000 USD Raising BlackRock Private Opportunities Fund III BlackRock Private Equity Partners 500 USD Third Close AXA Co-Investment Fund IV Ardian 400 EUR Third Close Performance Direct Investments III Performance Equity Management 400 USD Raising SL Capital European Co-investment Fund SL Capital Partners 250 EUR Raising Source: Preqin Funds in Market *A co-investment multi-manager vehicle is a ﬁ nancial instrument that seeks to co-invest in the deals of more than one fund vehicle. They are differentiated from co-investment funds which are created for the purpose of co-investing in the deals of a single vehicle or in a single deal.

18 Private Equity Spotlight / March 2015 © 2015 Preqin Ltd. / www.preqin.com The Facts Private Equity Performance Download Data Private Equity Performance: Secondaries Emma Underwood presents the latest data from Preqin’s Performance Analyst module on secondaries funds, highlighting the extent of outperformance of these vehicles compared to an All Private Equity benchmark.

Fig. 1: Secondaries - Median Called-up, Distributed and Fig. 2: Secondaries and Fund of Funds vs. All Private Equity Residual Value Ratios by Vintage Year Median Net IRRs by Vintage Year

180% 40

160% 35 Residual Value 140% to Paid-in 30 Capital (%) Secondaries 120% 25 Distributed to 100% Paid-in Capital All Private 20 Equity 80% (%)

Net IRR (%) 15 Fund of Funds 60% Called-up to Committed 10 40% Capital (%) 20% 5

0% 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Vintage Year Vintage Year Source: Preqin Performance Analyst Source: Preqin Performance Analyst

Fig. 4: Secondaries vs. All Private Equity Median Multiples by Fig. 3: Secondaries Funds - Quarterly Change in NAV Vintage Year

5.0% 2.00 4.7%4.6% 4.5% 1.90 4.2% 4.0% 3.8% 1.80 3.4% 1.70 3.5% 3.3% Secondaries 1.60 Median Multiple 3.0% 2.9% Non-Weighted 1.50 2.5% 2.4% 2.4% 2.4% 2.2% Weighted All Private Equity

Quarter 1.40 2.0% 1.9% Median Multiple 1.5% Net Multiple (X) 1.30 1.5% 1.1% 1.1% 1.20 1.0% 1.10 0.5% Average Change in NAV from Previous Change in NAV Average 0.1% 1.00 0.0%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 2012 2013 2013 2013 2013 2014 2014 Vintage Year Source: Preqin Performance Analyst Source: Preqin Performance Analyst

Fig. 5: Consistent Performing Secondaries Managers (As at 24 February 2015) Data Source

Total No. No. of Q1 No. of Q2 Average Preqin’s Performance Analyst is the industry’s most extensive Firm of Funds Funds Funds Rank source of net-to-LP private equity fund performance, with full DB Private Equity 3 2 0 1.67 metrics for over 7,300 named vehicles. Ardian 9 3 5 1.78 Coller Capital 5 2 2 1.80 Access comprehensive performance data and fund details, Venture Capital Fund including historical data and information on portfolio 8 3 3 2.00 of America companies, and create customized peer groups to compare Capital Dynamics 3 1 1 2.00 funds’ performance data against custom benchmarks. Hamilton Lane 3 1 1 2.00 For more information, please visit: Source: Preqin Performance Analyst www.preqin.com/pa

19 Private Equity Spotlight / March 2015 © 2015 Preqin Ltd. / www.preqin.com pre-scheduled 1:1 private meetings, WMI network at conference, golf, meals & cocktail hours Wealth Management Insights Summit “Having the opportunity to present at the 2014 Wealth Management Insights 6XPPLWFHUWDLQO\SDLGRIIIRURXUKHGJHIXQG2QHRIWKHIDPLO\RI¿FHVWKDWZH Cap Intro Event & Conference PHWDQGSUHVHQWHGWRKDVVLQFHDOORFDWHGWRXV,ILWZHUHQ¶WIRU:0,ZHZRXOG for Family Office Investors and QRWKDYHEHHQDEOHWRLGHQWLI\RUVSHQGUHODWLRQVKLSEXLOGLQJWLPHZLWKWKHP” Alternative Strategies Money Managers Hedge Fund participant

HIGHLIGHTS 3UHVHQWWRDQGQHWZRUNZLWKIDPLO\RIÀFHLQYHVWRUV Pre-arranged one-on-one meetings with investors who have interest in your strategy. ,QWHQWLRQDOO\OLPLWHGDWWHQGDQFHVL]H Networking time at the golf tournament, meals, FRFNWDLOVDQGHYHQLQJVRFLDOL]LQJHYHQWVJLYHDPSOHWLPHIRUIDPLO\RIÀFHLQYHVWRUVWRVSHQG additional time with the investment managers beyond the one-on-one meetings. &RQIHUHQFHSURJUDPVSHDNHUVLQFOXGH Rick Pitcairn, CIO, Pitcairn Aaron Brown, Risk Mgr., AQR Capital Management Stewart Massey, CIO, Massey, Quick & Co., LLC Bruce Frumerman, CEO, Frumerman & Nemeth Inc. Suzanne Currie, Partner, Currie Consulting Group Mark Okada, CIO, Highland Capital Management 7KHRQO\FDSLQWURFRQIHUHQFHZKRVHDGYLVRU\ERDUGLQFOXGHVIDPLO\RIÀFHLQYHVWRUV. )XOO\ KRVWHG FRPSOLPHQWDU\ DWWHQGDQFH IRU TXDOLÀHG IDPLO\ RIÀFH LQYHVWRUV LQFOXGLQJUHJLVWUDWLRQKRWHODQGDLUIDUH.

&RQWDFW5\DQ+DJDQWRLQTXLUHDERXWUHJLVWHULQJ ZZZZPLVXPPLWFRP [email protected] 407-212-5758 n age EVENTS Conferences Conferences Download Data

Conferences Spotlight

Conference Dates Location Organizer Preqin Speaker Discount Code Hong Kong Venture Capital 13 March 2015 Hong Kong HKVCA - - Forum 10% Discount: LP GP Connect Private Debt 17 March 2015 London LP GP Connect Mark O’Hare Preqin2014 15% Discount - SuperReturn China 2015 23 - 25 March 2015 Beijing ICBI Mark O’Hare FKR2372PRQSP £100 Discount - FundForum Asia 2015 13 - 16 April 2015 Hong Kong ICBI Amy Bensted FKN2443PRQEL Family Ofﬁ ce & Endowment 15 - 16 April 2015 Toronto, Canada Opal Finance Group - - Investment Forum Wealth Management Insights 19 - 21 April 2015 Florida nGage Events - - Summit 10% Discount - LP GP Connect 21 April 2015 London LP GP Connect - Preqin2014 CLOs and Leveraged Loans 29 - 30 April 2015 London C5 Communications - - Forum Middle Eastern M&A and Private Merger Market 4 May 15 Dubai -- Equity Forum 2015 Group Clean Technology Investment 5 - 8 May 2015 Singapore Terrapinn - - World Asia 2015 ASK 2015 Global Private Debt Seoul, South The Korea Economic 13 May 2015 Ryan Flanders - & Equity Korea Daily Private Equity World Latin 26 May 2015 Miami, FL Terrapinn - - America European Family Ofﬁ ce & 3 - 4 June 2015 Amsterdam Opal Finance Group - - Institutional Investment Forum

Emerging Managers Summit 8 - 9 June 2015 Chicago Opal Finance Group - -

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

Financial Research 15% Discount - Private Debt Investment Summit 25 June 2015 New York Ryan Flanders Associates, LLC FMP187 SuperReturn Emerging Markets 29 June - 2 July 2015 Amsterdam ICBI Mark O’Hare - 2015 £100 reader offer for FundForum International 2015 29 June - 2 July 2015 Monaco ICBI - Preqin Family Ofﬁ ce & Private Wealth 20 - 22 July 2015 Newport, RI Opal Finance Group - - Management Forum

Access Free Conference Slide Decks and Presentations

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

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

For more information, and to register for Preqin’s Research Center Premium, please visit:

www.preqin.com/rcp

Hong Kong Venture Capital Forum

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

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

Family Office & Endowment Investment Forum

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

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

Wealth Management Insights Summit

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

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

CLOs and Leveraged Loans Forum

Date: 29 - 30 April 2015 Information: www.c5-online.com/CLOs Location: Le Meridien Piccadilly Hotel, London Organizer: C5 Communications

This is your opportunity to stay one step ahead and meet with some of the leading investors, issuers, arrangers and industry partners whose core responsibility is to find growth and win new lucrative mandates for their firms and clients. Get the latest thinking on the best management, structuring and exit strategies.

Middle Eastern M&A and Private Equity Forum 2015

Date: 4 May 2015 Information: http://mergermarketgroup.com/event/middleeast2015 Location: Ritz Carlton DIFC, Dubai Organizer: Mergermarket

Mergermarket is delighted to host its fourth Middle Eastern M&A and Private Equity Forum in Dubai. Hear from over 25 expert speakers and network with more than 200 senior delegates from the corporate and private equity communities in the Middle East to get insight into the future investment trends likely to be seen in the region throughout 2015.

ASK 2015 Global Private Debt & Equity/ASK Hedge Fund Summit

Date: 13 May 2015/14 May 2015 Information: www.asksummit.co.kr Location: Seoul, South Korea Organizer: The Korea Economic Daily

Korean institutions are growing from $2tn to 5tn over the next 30 years and looking for substitute for fixed income in fields of private debt, equity, hedge fund, and infrastructure. Summit provides best access to investors by inviting top 10 investors as speakers, top 20 CIOs at VIP dinner, and around 250 investors at floor.

CVCA 2015 Annual Conference - Capitalizing on Change: Uncertainty & Opportunity in Canada’s Shifting Economy

Date: 19 - 21 May 2015 Information: http://conference.cvca.ca/ Location: Vancouver, BC Organizer: CVCA

The 2015 CVCA Annual Conference is Canada’s largest gathering of venture capital and private equity professionals. The three-day event will bring together leading voices in private capital for compelling panel discussions, keynote presentations, and networking opportunities and will deliver fresh industry insights and a comprehensive look at the investment landscape.

European Family Office & Institutional Investment Forum

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

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