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Board of Director's Operating Report for Financial Statement At
Board of Director’s Operating Report for Financial Statement at December 31, 2008 126 Financial Statement 2008 - Management Report Shareholders, The 2008 financial statements, prepared on the basis of IAS/IFRS international accounting standards, report on your company’s twenty-eighth year in business, closing with a profit of 21.2 million euro (+ 18.7% over 2007), after payment of 7.8 million Euro in taxes. R.O.E. was 27.40%, significantly higher than in 2007 (24.05%). On the topic of competitive positioning, note that in 2008 the company ranked fifth in its sector in terms of outstanding credit, with a market share of 6.0%, and fourth in terms of advances and payments made, with a market share of 6.7% (source: Assifact). The annual profit, though it did reflect the effects of certain non-recurrent events, is definitely noteworthy in terms of management of regular operations. In the year 2008 profit margins reflected replacement of about 3.0 million Euro in gains from purchases of credit not at face value (now a residual activity), which were entered under “Other operating income” in 2007, with profit margins from characteristic operations, marking the completion of the commercial strategy undertaken since 2006 aiming to improve performance on the working capital market for customer companies, the number of which has definitely grown (+ 43% active transferring customers). The Operating Margin was 49.2 million euro, up 12.4% over 2007. This performance is primarily attributable to Interest Margin dynamics, which have settled at 34.0 million euro (+26.4% over 2007), while Net Commissions were worth 15.2 million euro (-10.0 % since 2007). -
Private Equity Spotlight January 2007 / Volume 3 - Issue 1
Private Equity Spotlight January 2007 / Volume 3 - Issue 1 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Private Equity Intelligence, providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence and Funds in Market. FEATURE ARTICLE page 01 INVESTOR SPOTLIGHT page 10 Overhang, what overhang? The favourable market and difficulty of getting allocations to With 2006’s $404 billion smashing all previous records for top quartile funds has led to increased LP interest in Asian private equity fund raising, some commentators are suggesting focused funds. We look at LPs investing in these funds. that there is now an ‘overhang’ of committed capital that the industry may struggle to invest. The facts suggest otherwise. • How do LPs perceive Asian focused funds? PERFORMANCE SPOTLIGHT page 05 • Who is making the most Growth in distributions to LPs and the rate of call-ups are significant investments? driving the fundraising market. Performance Spotlight looks at the trends. • Which types of investor are the most active? FUND RAISING page 06 After a record breaking year for fundraising in 2006, we • How much is being committed examine the latest news for venture and buyout funds, as well to the region? as examining the market for first-time fund vehicles. No. of Funds on INVESTOR NEWS page 12 US Europe ROW Road All the latest news on investors in private equity: Venture 202 97 83 382 • State of Wisconsin Investment Board posts high returns Buyout 100 48 36 184 boosted by its private equity portfolio Funds of Funds 65 47 12 124 • Somerset County Council Pension Fund seeks new fund of Other 129 31 42 202 funds manager • LACERA looks for new advisor Total 496 223 173 892 • Indiana PERF is set to issue real estate RFPs SUBSCRIPTIONS If you would like to receive Private Equity Spotlight each month • COPERA close to appointing new alternatives chief. -
CAFR) of the State Retirement Systems Administered by the Department of Management Services, Division of Retirement (Division)
Florida Retirement System Pension Plan And Other State Administered Systems Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2020 This aerial view shows the Lower Florida Keys, near Big Pine Key, FL, known for their pristine environment and eco-friendly attractions. The Lower Keys are home to two national wildlife refuges, a portion of a national marine sanctuary and a state park, and are surrounded by a marine environment fi lled with abundant terrestial and marine life. This photograph is courtesy of Andy Newman with the Florida Keys News Bureau. Division of Retirement Toll Free: 844-377-1888 P.O. Box 9000 Local: 850-907-6500 Tallahassee, FL 32399-9000 TTY: 800-955-8771 www.frs.myfl orida.com Ron DeSantis, Governor Jonathan Satter, Secretary David DiSalvo, State Retirement Director This report has been prepared by the Department of Management Services Division of Retirement. The photographs used throughout this report highlight various islands around the State of Florida. On the cover is a photograph of Amelia Island, courtesy of Amelia Island Convention & Visitor Bureau. Intentionally Left Blank 2 TABLE OF CONTENTS INTRODUCTORY SECTION .................................................................................................................................................................... 7 Transmittal Letter .................................................................................................................................................................................. 8 Management Staff ............................................................................................................................................................................. -
TRS Celebrates 70 Years
Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2009 Seasons of Change TRS Celebrates 70 Years Teachers’ Retirement System of the State of Illinois A component unit of the State of Illinois Statement of Purpose Retirement Security for Illinois Educators Mission Statement Safeguard benefit security through committed staff, engaged members, and responsible funding. Fiscal Year Highlights 2009 2008 Active contributing members 169,158 165,572 Inactive noncontributing members 101,606 98,550 Benefit recipients* 94,424 91,462 Total membership 365,188 355,584 Actuarial accrued liability (AAL) $73,027,198,000 $68,632,367,000 Less actuarial value of assets (smoothed assets in 2009 and market value assets in 2008) 38,026,044,000 38,430,723,000 Unfunded actuarial accrued liability (UAAL) $35,001,154,000 $30,201,644,000 Funded ratio (% of AAL covered by assets, based on smoothed assets in 2009 and market value assets in 2008) 52.1% 56.0% Total fund investment return (loss), net of fees (22.7%) (5.0%) Expenses Benefits paid $3,653,713,951 $3,423,981,732 Refunds paid 53,709,137 60,285,624 Administrative expenses 17, 3 8 7,93 6 16,613,364 Total expenses $3,724,811,024 $3,500,880,720 Income Member contributions $876,182,122 $865,400,168 Employer contributions 152,328,853 130,673,629 State of Illinois contributions 1,451,591,716 1,041,114,825 Total investment income (loss) (8,688,285,511) (2,014,902,366) Total income ($6,208,182,820) $22,286,256 * Benefit recipients includes retiree, disability, and survivor beneficiaries. -
Annual Investment Report Fiscal Year July 1, 2019 - June 30, 2020 State Board of Administration Table of Contents
Annual Investment Report Fiscal Year July 1, 2019 - June 30, 2020 State Board of Administration Table of Contents Executive Director’s Report and Transmittal ..................................................5 SBA Organizational Structure and Oversight ..................................................13 Advisors, Consultants and Auditors ..............................................................14 SBA Mandate Overview ................................................................................16 Asset Allocation ..............................................................................................18 Risk and the Investment Process .....................................................................19 Compliance with Investment Strategy ............................................................22 SBA’s Non-Investment Management Responsibilities ....................................23 Investment Policy Statements, Portfolio Guidelines and Trust Agreements .....................................................25 Florida Retirement System Pension Plan .........................................................26 Florida Retirement System Investment Plan .....................................................48 Florida PRIMETM .....................................................................................................53 Florida Hurricane Catastrophe Fund/State Board of Administration Finance Corporation .............................................................56 Lawton Chiles Endowment Fund ...................................................................59 -
PEI 300 Guess Who’S Back on Top?
Issue 165 | May 2018 | privateequityinternational.com PEI 300 Guess who’s back on top? THE ORACLE SPEAKS David Rubenstein on the future of private capital SECONDARIES ROUNDTABLE Keeping LPs front and centre WHY PRIVATE EQUITY? The asset allocation special PLUS: the PEI Q1 Fundraising Report; IRRs vs money multiples; introducing the CEPRES model portfolio; Texas TRS goes Canadian; inside the PE retail blowouts; and much more… Equistone announced the successful final We are one of close of Fund VI at its €2.8bn hard cap in March 2018. Europe’s most Equistone has made three investments for Fund VI and will continue to source deals active mid-market and build value with management teams across our target markets. investors. www.equistonepe.com Evercore acted as the exclusive global placement agent for Equistone Partners Europe Fund VI. © EQUISTONE PARTNERS EUROPE LIMITED Authorised and regulated by The Financial Conduct Authority. PE International Ad May 2018.indd 1 18/04/2018 15:18 Riding high historically it’s been successful, but it needs to ISOBEL ISSN 1474–8800 | ISSUE 165 | MARKHAM work hard to avoid becoming a victim of that MAY 2018 EDITOR'S success. The signs are already there that this LETTER is starting to happen. Senior Editor, Private Equity Toby Mitchenall Tel: +44 207 566 5447 Sandra Robertson, chief investment officer [email protected] and chief executive of the UK’s £3 billion ($4.3 Americas Editor, Private Equity Marine Cole billion; €3.4 billion) Oxford University Endow- Tel: +1 212 633 1455 [email protected] ment -
HOW to AVOID the PITFALLS in PRIVATE CREDIT Steer Clear of Mezzanine in Asia and China NPL Funds, Says Hamilton Lane
INVESTOR DIALOGUE HOW TO AVOID THE PITFALLS IN PRIVATE CREDIT Steer clear of mezzanine in Asia and China NPL funds, says Hamilton Lane. The ideal credit portfolio is a blend of special situations and direct lending By Alison Tudor-Ackroyd rivate markets promising these yield-hungry within a year, up from 37% in China. Bain Capital, KKR, investor Hamilton investors higher returns for the previous year’s survey. Hong Kong-based PAG, and P Lane sees traps lying unearthing deals outside of Private credit is one of Baring Private Equity Asia in wait for the herd of publicly traded markets. those alternative strategies. are all in the market raising institutional investors That has crushed the “It [private credit] is the funds to invest in NPLs in rushing to buy private debt premium investors usually fastest-growing area where Asia. instruments. expect as a form of hazard pay we need to answer to our However, as yet there are There is too much cash for backing riskier clients,” said Delgado- slim pickings and there is no waiting to be deployed into companies. “Now when you Moreira, outpacing buyouts guarantee that there will ever distressed debt in China allocate to credit in Asia you or growth strategies. “Around be a full-blown bad debt crisis while mezzanine in Asia is are much more focused on the four years ago we were seeing in China, where the state too risky for the slim reward absolute return than on the only about 90 funds a year, continues to dominate the the product offers, Juan spread to developed markets,” today we see over 140 funds a economy. -
Trs Contracted Investment Managers As of February 2018
TRS CONTRACTED INVESTMENT MANAGERS AS OF FEBRUARY 2018 Global Public Equity (Global Income continued) Acadian Asset Management Oaktree Capital Management, LLC Adrian Lee & Partners Pacific Investment Management Company, LLC AQR Capital Management Pemberton Capital Advisors Arrowstreet Capital PGIM, Inc. Axiom International Investors Riverstone BNP Paribas Solar Capital Partners LLC Channing Capital Management, LLC Taplin, Canida & Habacht Dimensional Fund Advisors LP Taurus Funds Management Emerald Advisers, Inc. TCW Asset Management Company JP Morgan Asset Management Westwood Management Corporation Levin Capital Strategies, LP LSV Asset Management Real Estate/Real Assets Mondrian Investment Partners Limited AQR Capital Management, LLC Northern Trust Investments, NA Barings Real Estate Advisers LLC RhumbLine Advisers Beacon Capital Partners Robeco Boston Partners BlackRock Strategic Global Advisors, LLC Blackstone Real Estate Advisors T. Rowe Price Associates, Inc. Bridgewater Associates, LP Wasatch Advisors Capri Capital Advisors, LLC CB Richard Ellis, Inc. Transition Managers Dyal Capital Fortress Investment Group Citigroup Global Markets, Inc. Gaw Capital Partners Loop Capital Heitman Real Estate Investment Management Macquarie Capital (USA) Inc. Hines Northern Trust Investments Inc. INVESCO Real Estate Penserra Transition Management LLC LaSalle Investment Management Lion Industrial Trust Global Income Lone Star Angelo, Gordon & Co. LPC Realty Advisors Apollo Global Management Madison International Realty Dolan McEniry Capital Management, -
Inside the Ranking of Private Equity's Biggest Fundraisers Welcome to This Year's PEI 300
PEI 300 Inside the ranking of private equity's biggest fundraisers Welcome to this year's PEI 300 The PEI 300 - 2021 06:19 The changing face of the PEI 300... in 30 seconds Click the button below to see how the ranking has evolved since it was launched in 2007, when $32bn earned top spot Headquartered in North America Europe The Carlyle Group 32,500 KKR 31,000 Goldman Sachs 31,000 Blackstone 28,360 TPG 23,500 Apax Partners 18,850 Bain Capital 17,300 CVC Capital Partners 15,650 Apollo Global Mgt 13,900 2007 Warburg Pincus 13,300 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Capital raised over preceding five years ($m) Source: Private Equity International 10 biggest risers The firms that made the biggest leap in this year's PEI 300 Headquartered in North America Europe Asia-Pacific Arcline Investment Management (Rank: 128) Up 157 places - Capital raised: $4,250m Värde Partners (135) Up 119 places - Capital raised: $3,980m Charlesbank Capital Partners (60) Up 108 places - Capital raised: $8,600m Wind Point Partners (192) Up 106 places - Capital raised: $2,579m 5Y Capital (171) Up 99 places - Capital raised: $2,872m Coatue Management (121) Up 91 places - Capital raised: $4,430m General Catalyst Partners (116) Up 86 places - Capital raised: $4,520m Vitruvian Partners (79) Up 84 places - Capital raised: $7,263m Vistria Group (112) Up 79 places - Capital raised: $4,664m Hover over the pointer to discover more about the firms making their mark on this Novacap (150) Up 78 places - Capital raised: $3,357m year's PEI 300 -
Interim Report for the Six Months Ended 30 June 2008
China Everbright Limited 中國光大控股有限公司 (Stock Code: 165) Interim Report For the six months ended 30 June 2008 簡單成就價值 Making Wealth Simple BOARD OF DIRECTORS Tang Shuangning Chairman Zang Qiutao Deputy Chairman Chen Shuang Chief Executive Officer Tang Chi Chun, Richard Chief Financial Officer + Wang Weimin * Ng Ming Wah, Charles * Seto Gin Chung, John * Lin Zhijun + Non-executive Director * Independent Non-executive Directors COMPANY SECRETARY LEGAL ADVISOR Chan Ming Kin Messrs. Wilkinson & Grist REGISTERED OFFICE SHARE REGISTRARS Room 4001, 40th Floor Tricor Secretaries Limited Far East Finance Centre 26th Floor, Tesbury Centre 16 Harcourt Road 28 Queen’s Road East Hong Kong Wanchai Hong Kong PRINCIPAL BANKERS AUDITORS Standard Chartered Bank (Hong Kong) Limited KPMG Bank of Communications Company, Limited Fubon Bank (Hong Kong) Limited Hang Seng Bank Limited WEBSITE ADDRESS http://www.everbright165.com.hk STOCK CODE: 165 China Everbright Limited Interim Report 2008 1 INTERIM RESULTS The Directors of China Everbright Limited (the “Company”) are pleased to announce the unaudited results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2008. The interim financial report is prepared on a basis consistent with the accounting policies and methods adopted in the 2007 audited accounts. The interim financial report is unaudited, but has been reviewed by KPMG, in accordance with Hong Kong Standard on Review Engagements 2410, “Review of interim financial information performed by the independent auditor of the entity” issued by the Hong Kong Institute of Certified Public Accountants, KPMG’s review report to the Board of Directors of the Company is included on page 23. -
Private Equity
PRIVATE EQUITY SPOTLIGHT www.preqin.com February 2006 Volume 2 Issue 2 Welcome to the latest edition of Private Equity Spotlight, the free monthly newsletter from Private Equity Intelligence, providing insights to private equity performance, investors and fund raising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence and Funds in Market, and our publications. FEATURE ARTICLE_____________________________ P1 INVESTOR NEWS ____________________________ P10 The Emerging Markets Opportunity: after years spent on All the latest news on investors in private equity: the sidelines, emerging markets private equity had a huge • WSIB surprises private equity observers fund-raising year in 2005 and the momentum looks set to continue in 2006. We explore the factors driving the market. • Ohio advertises for new CIO PERFORMANCE SPOTLIGHT ____________________P3 • Indiana Public Employees’ Retirement Fund set to revamp its private equity strategy Emerging Market Private Equity Funds: This month we look at how these funds have performed historically for the INVESTOR SPOTLIGHT _______________________ P11 vintage years 1994 - 2003. This month we focus on LPs’ interests in Emerging Markets Private Equity Funds. FUND RAISING _______________________________ P5 ⇒ An overview of the Private In addition to our usual look at buyout and venture fund Equity Asset Class in raising activity, this month we look at fund of funds, and also Emerging Markets. examine fund raising in emerging markets. ⇒ Who are the big players No. of Funds on US Europe ROW Total investing in Emerging Road Markets? Venture 171 74 68 313 Buyout 123 57 31 211 ⇒ Where are they looking to Fund of Funds 56 41 10 107 Other 46 16 18 80 invest? Total 396 188 127 711 ⇒ How are their strategies changing? SUBSCRIPTIONS _________________________________ *OUT NOW* If you would like to receive a free copy of Private Equity Spotlight each month please email [email protected]. -
Everbright Investment Conference 2014 Held in Xiamen
Everbright Investment Conference 2014 held in Xiamen More than 350 investors and industry experts participate to discuss investment opportunities exhibited locally and abroad On 29-31 October 2014, China Everbright Limited (“Everbright”, stock code: 165.HK) held the Everbright Investment Conference 2014 in Xiamen to explore the current economic development trends in China as well as investment opportunities and challenges China faces in the asset management industry, attracting a total of more than 350 investors and industry experts to participate in it. “Venturing Beyond Your Horizon” was the theme for the Investment Conference. Industry experts congregated to discuss the in-depth development trend of China’s economy and the asset management industry as well as to provide a comprehensive analysis of where China is situated in the global asset management market and the challenges to overcome. They explored how China can advance in the international capital market as well as further grasp global investment opportunities and to discover how to attract overseas capital into the Chinese market to further spring the momentum of China’s economic development. The conference began with a welcome remarks and opening speech by Everbright’s Executive Director and CEO Mr. Chen Shuang, followed by a keynote speech by Deputy General Manager of China Everbright Group Limited and Deputy Chairman of the Board of Directors of China Everbright Limited Dr. Liu Jun, and The National Council for Social Security Fund’s Vice-Chairman, Mr. Wang Zhongmin, talking about financial crisis and risk management as well as the economic ecosystem of internet investment. Mr. Chen Shuang, together with Sequoia Capital China’s Founding Managing Partner, Mr.