DOCSLIB.ORG

The Calm Before the Storm

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Calm Before the Storm Analysis ROUNDTABLE SPONSORS DEBEVOISE & PLIMPTON • CAMPBELL LUTYENS • INTERMEDIATE CAPITAL GROUP • EQT • ADAMS STREET PARTNERS The calm before the storm Headline risks and recession fears in the Asia-Pacific private equity markets have put a greater onus on managers to pursue growth levers, Alex Lynn writes torm clouds weigh heavy over are going downstream to professionals on the Hong Kong offices of De- the ground. It’ll take some time for that to bevoise & Plimpton as five leave the system, and it has a very real pos- private equity professionals sibility of slowing down one’s deployment, gather on a Friday morning to allocations or investment pace.” discuss the Asian markets. Certain sectors are already feeling the SThe ominous skies are fitting given re- heat. “What we hear from our portfolio cent events. At the time of writing, Hong companies is that some sectors, like auto in Kong had entered its 13th consecutive week China, seem to be heavily impacted,” says of protests, the most recent of which saw Wooseok Jun, head of Asia-Pacific and fund barricades torched in the streets, passengers manager for Asia subordinated and equity tear gassed at close quarters on the MTR funds at Intermediate Capital Group. system and Chinese military vehicles enter The impact on private equity could be the special administrative region as part of a mitigated by a movement away from those “routine” rotation. industries most at risk, with manufacturing Dramatic headlines have become a main- and exporting businesses having played a stay of Asian private equity over the past 18 less significant role in recent years. months. Before Hong Kong’s extradition “On the industrial side we’ve not really crisis, it was the ongoing Sino-US trade war touched anything that’s based on cost ex- that dominated much of the discourse. porting since 2010 because the direct work- “In an average CIO’s office or invest- force has been shrinking in China for years,” ment committee, headline risks take time Martin Mok, head of mid-market Asia at to come to the table as something to discuss EQT, notes. “If you listen to most indus- and then linger before they’re swept away,” trialists nowadays, you don’t make cheap says George Maltezos, co-head of Asia at things in China – that game’s long gone.” advisory firm Campbell Lutyens. The focus in Asia has instead shifted to “We’ve been talking about trade wars the tech-related sectors, financial services for quite a long time and now the CIOs and those linked to domestic consumption, are acutely aware of it; they can’t avoid the such as healthcare, according to Bain & headlines so they’re asking questions that Co’s Asia-Pacific Private Equity Report 2019. 52 Private Equity International • October 2019 Analysis PHOTOGRAPHY: GARRIDGE HO George Maltezos Wooseok Jun Gavin Anderson Martin Mok Sunil Mishra Partner, Head of Asia-Pacific, Partner, Partner, Partner, Campbell Lutyens Intermediate Capital Debevoise & Plimpton EQT Adams Street Partners Group Based in Hong Kong, Based in Hong Kong, Mok is an 18-year Based in Singapore, Maltezos heads Based in Hong Kong, Anderson serves veteran of EQT who Mishra is responsible Campbell Lutyens’ Jun serves as head as a member of the serves as partner for the sourcing and Asia-Pacific activities of Asia-Pacific and firm’s investment and head of EQT execution of Asian and looks after fund manager for funds and investment mid-market Asia. He investments ex-China, institutional investors Asia subordinated management group is a member of the specifically in India, in Australia and New and equity funds. advising sponsors and mid-market partners Australia, Japan, Zealand. He joined the firm in investors on a variety investment committee South-East Asia and 2013 as head of Korea of issues, including and the Greater Korea. He joined following an 18-year fund formation, China II investment the firm in 2007 stint leading financings co-investment, fund committee. following spells at Tata and acquisitions of restructurings and Group and Standard companies across the carried interest Chartered. Asia-Pacific region. arrangements. October 2019 • Private Equity International 53 Analysis Private equity firms deployed $87 billion across 580 transactions in Greater China in H1, compared with $130 billion in 1,069 deals in H2 2018, according to PwC. “We’ve been late cycle for the last two to three years now, so there’s broad consensus that there is a recession coming,” Mishra says. “We’re starting to see GPs being very cautious about what they’re buying and what they are paying, in terms of asset qual- ity, sectors they’re in and valuations. Most people think that during the life of this fund they’ll see the recession and want to deploy the capital gradually so they still have part of the fund to invest during the recession.” China is not immune to recession fears – its GDP growth plummeted to 6.2 percent in Q2 2019, a 27-year low – but the room remains bullish. “The Chinese government did say it won’t go below 6 percent and, without a more escalated trade war or the Hong Kong The internet and technology sectors, which protests blowing up into a national issue, it make up China’s new economy, have ac- “In an average CIO’s doesn’t look like it will,” Mok says. counted for almost 85 percent of the growth “Everybody’s holding the horse a bit in Greater China private equity since 2010. office or investment and recession fears may cause a temporary “When we first started 20 years ago, a falling off the cliff in speed of deployment lot of the capital demand across Asia was for committee, headline and exits, but 6 percent growth is still very building capacity,” Sunil Mishra, a Singa- respectable compared to where other coun- pore-based partner at global fund of funds risks take time to tries were at this stage of development.” Adams Street Partners, adds. Recession talk may be at least partly to “We quickly moved to a domestic con- come to the table as blame for a moderate slowdown in Asia-Pa- sumption economy and innovation invest- cific fundraising this year. Private equity ment themes, which has been driving our something to discuss firms had raised $33.6 billion for the region portfolio growth in recent years. Consump- across 67 funds as of early September, com- tion is a big part of our investment thesis and then linger before pared with $63 billion across 149 vehicles today across Asia – especially in India, Aus- throughout 2018, according to PEI data. tralia and increasingly China, where they’ve they’re swept away” Last year saw Hillhouse Capital Group gradually shifted the economy over a period raise $10.6 billion for Fund IV, the largest of time.” ever private equity fund dedicated to the GEORGE MALTEZOS region, followed by The Carlyle Group, Holding the horse Campbell Lutyens which raised $6.55 billion for Asia Partners Asian dealmaking slumped in the first half of V, and Hong Kong-headquartered PAG, 2019. Asia-Pacific M&A activity, excluding which collected $6.1 billion for its Asia III. Japan, fell 22 percent year-on-year in H1 to “You have a longer-term trend of the $341.3 billion across 4,095 deals, the lowest big getting bigger, with capital flowing to level since H1 2013, according to Dealog- a handful of brand-name firms,” Gavin An- ic. The decline was driven in no small part derson, partner at Debevoise & Plimpton, by China and India, where deal values fell notes. 31 percent and 52 percent year-on-year to “We’ve seen smaller fund managers can $175.6 billion and $31.2 billion, respectively. find it harder and it can take longer to raise 54 Private Equity International • October 2019 Analysis China M&A fell by 18% in the first six months of 2019, the largest single-period decline over the last decade “We’re starting to Value ($bn) Volume 140 1,400 see GPs being very 120 1,200 100 1,000 cautious about what 80 800 they’re buying and 60 600 40 400 what they are paying, 20 200 in terms of asset 0 0 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 quality, sectors they’re Source: PwC in and valuations” funds, particularly if they don’t have much son recalls a time when fund private place- of a track record behind them. There’s also a ment memoranda were primarily focused on creative destruction process, so if the small- Asia’s growth story, rather than operational SUNIL MISHRA er fund fails to raise capital, it probably still improvement. Adams Street Partners has good people and assets that can look for “The focus on operational partners and a home elsewhere.” sector expertise has really evolved and you But this two-speed fundraising environ- have new tools in terms of analytics to help ment could – in time – present opportuni- portfolio companies to look at markets, op- ties for those hunting lower down the food tions and strategies,” he says. “There’s enor- chain. mous opportunity to add value there.” “The trend of money flowing into the Market conditions are likely to favour larger funds has been happening for the those with a strong focus on value creation. last couple of years, but recently a lot of op- “The long tail of managers that are not portunities are brought to us by the second generation of funds,” Jun says. “From what we see in the mid-market space, there are tonnes of deals, whereas in the large mul- ti-billion space in South Korea and Australia the brand names don’t have enough deals.” Firms have completed just 20 private eq- uity deals in Australia in 2019, well below the 107 signed last year, according to a re- port by the Australian Investment Council and EY.
Load more

Recommended publications
  • PSC IV, LP Form D/A Filed 2021-03-23
    SECURITIES AND EXCHANGE COMMISSION FORM D/A Official notice of an offering of securities that is made without registration under the Securities Act in reliance on an exemption provided by Regulation D and Section 4(6) under the Act. [amend] Filing Date: 2021-03-23 SEC Accession No. 0001807467-21-000001 (HTML Version on secdatabase.com) FILER PSC IV, LP Mailing Address Business Address 656 EAST WING, 656 EAST WING, CIK:1807467| IRS No.: 981508882 | State of Incorp.:Y7 | Fiscal Year End: 1231 TRAFALGAR CT, LES TRAFALGAR CT, LES Type: D/A | Act: 33 | File No.: 021-363888 | Film No.: 21763701 BANQUES BANQUES ST PETER PORT Y7 GY1 ST PETER PORT Y7 GY1 3PP 3PP 44(0) 1481 749700 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL OMB Number: 3235-0076 Washington, D.C. 20549 June 30, Expires: FORM D 2012 Estimated average burden hours per 4.00 Notice of Exempt Offering of Securities response: 1. Issuer's Identity CIK (Filer ID Number) Previous Name(s) ☒ None Entity Type 0001807467 ☐Corporation Name of Issuer ☒ Limited Partnership PSC IV, LP ☐ Limited Liability Company Jurisdiction of Incorporation/ Organization ☐ General Partnership GUERNSEY ☐ Business Trust Year of Incorporation/Organization ☐Other ☐ Over Five Years Ago ☒ Within Last Five Years (Specify Year) 2019 ☐ Yet to Be Formed 2. Principal Place of Business and Contact Information Name of Issuer PSC IV, LP Street Address 1 Street Address 2 c/o Aztec Financial Services (Guernsey) 656, E. Wing, Trafalgar Ct, Les Banques City State/Province/Country ZIP/Postal Code Phone No.
    [Show full text]
  • Welcome to the 12Th Annual INSEAD Private Equity Conference
    Welcome to the 12th Annual INSEAD Private Equity Conference INSEAD welcomes you to the 12th Annual Private Equity Conference. The conference, inaugurated in 2003, has become the most successful private equity and venture capital event hosted by a European academic institution. With over 1,500 alumni working in the industry worldwide, INSEAD’s presence in the private equity community is well-recognized. This conference is a gathering amongst leading practitioners, academics and the INSEAD community to debate the forces shaping the private equity industry. We are delighted to host an impressive and diverse group of experienced industry professionals here on INSEAD Europe Campus. Since the financial crisis, one of the strongest trends in private equity has been increased focus on value creation. This year’s theme, “How to achieve alpha in the current environment,” aims to delve into the topic of generating returns through operational change, and assess the implications of this trend for the future of private equity. Our keynote speakers, leveraged buyouts and operational excellence panels will explore the topic of value creation deeper. Beyond value creation, the industry is further being shaped by a number of different dynamics and intense competition. To further develop the main theme, we have lined up a focused range of panels and have assembled a diverse group of outstanding panelists and moderators for you. Our panels will attempt to give an update on the current state in different parts of the industry, such as distressed investing, infrastructure and real assets, emerging strategies and limited partner relationships. The annual conference is organized by student and alumni members of the INSEAD Private Equity Club, Global Private Equity Initiative (INSEAD faculty body focused on research in Private Equity industry), Alumni Relations and Student Life offices.
    [Show full text]
  • Secondaries in FOCUS 2021
    Secondaries IN FOCUS 2021 In partnership with GP-LED RESTRUCTURING LP-LED TRANSACTIONS MARKET REBOUND Benefits and key considerations Deals led by investors expected Secondary market recovery for secondary market managers to increase continues into 2021 255 California Street 12th Floor San Francisco, CA 94111 A VALUED PARTNER TO COMPANIES AND INVESTORS Revelation Partners is a dedicated secondary investor in the healthcare space. We specialize in providing both capital and liquidity solutions to healthcare investors, companies, founders, and funds. We invest broadly across sectors, including medical devices, diagnostics, biopharmaceuticals, healthcare IT, and healthcare services. • Over $1.0 billion of committed capital. • Typical investment of $5.0 to $30.0 million. • We can invest over $100.0 million in conjunction with our limited partners. • Over 12-year track record dedicated to healthcare secondaries. • Over 50 years of combined private healthcare investing experience. Problem Solution ● Founders or employees desire liquidity ● Acquire shares to provide liquidity ● Existing investors lack reserves ● Provide capital on behalf of existing ● Investor syndicate is misaligned (in investors time horizon, financing strategy, etc.) ● Realign the investor base and participate in ● Company seeks investors to complete follow-on financings a financing ● Structure and participate in financing (both primary and secondary) Selected Portfolio Companies Scott Halsted Zack Scott, MD Mike Boggs Fred Lee Managing Partner Managing Partner Managing Partner Managing Director O: 415-905-7233 O: 415-905-7222 O: (415) 905-7261 O: (415) 905-7227 M: 415-706-8852 M: 415-710-0712 M: 619) 665-0613 M: (415) 308-3896 shalsted@revelation- zscott@revelation- mboggs@revelation- flee@revelation- partners.com partners.com partners.com partners.com OVERVIEW More LP-led deals expected as GP-led deals still dominate By A.
    [Show full text]
  • Home of the Brave Partners’ Robert Petty Discusses Asia Credit Are US Pension Funds Losing Their Appetite for Asian Private Equity? Page 7 Page 15
    Asia’s Private Equity News Source avcj.com June 30 2015 Volume 28 Number 24 EDITOR’S VIEWPOINT Chinese entrepreneurs and US compliance costs Page 3 NEWS Allegro, Carlyle, CHAMP PE, Crescent, CX Partners, Formation 8, IDG, KKR, Legend, Matrix, NSSK, Paine & Partners, Partners Group, SCPE Page 4 FOCUS Hedge funds pursue alpha in late-stage India technology rounds Page 12 INDUSTRY Q&A Clearwater Capital Home of the brave Partners’ Robert Petty discusses Asia credit Are US pension funds losing their appetite for Asian private equity? Page 7 Page 15 FOCUS FOCUS Meet the neighbors Building consensus Corporate China sets up in Silicon Valley Page 10 PE seeks access to US public infrastructure Page 13 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM USA 2015 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 Compliance costs Holden Mann (852) 3411 4964 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow CHINESE MOBILE GAME PUBLISHER $2.5 million, followed by an ongoing annual Senior Research Manager iDreamSky Technology went public on NASDAQ compliance cost of $1.5 million. These expenses Helen Lee in August 2014 after raising $116 million in its are described as generally higher than those in Research Associates Herbert Yum, Jason Chong, IPO. This windfall came with a price tag: the other markets.
    [Show full text]
  • The Growing Appetite for Infrastructure
    Analysis KEYNOTE INTERVIEW The growing appetite for infrastructure Infrastructure has come to play an indispensable role in investors’ portfolios, argues Campbell Lutyens’ James Wardlaw, and the asset class continues to evolve Which were the first institutions In the immediate aftermath of the financial SPONSOR to recognise the potential of crisis, the debate, in the UK at least, was all Q CAMPBELL LUTYENS infrastructure as an asset class? about the Canadian model and how to grow Macquarie was undoubtedly the first to a direct investment capability. Since then, latch on to the infrastructure proposition. coming from fixed income, we have some- there has been a growing realisation that It recognised the opportunity to raise funds thing like $12 trillion of sovereign bonds the compensation and governance structures from third-party investors back in the early with negative yields, so it’s not surprising required can be challenging. Having the 2000s. The big buyout houses, which had that the search for yield in asset classes like wherewithal to originate, execute and then been losing out on deals to the Australians, infrastructure and real estate continues. If asset manage in-house – for an allocation wanted a pool of money that was competi- the capital is coming from private equity that may be at most, say, 5 percent of the tive in terms of cost of capital. Investment allocations, the emphasis is on higher-risk, total AUM – just doesn’t work for the vast banks generally came at infrastructure from higher-returning assets. But the risk pa- majority of institutional investors. a structured finance perspective.
    [Show full text]
  • Press Release
    Campbell Lutyens & Co. Ltd 3 Burlington Gardens London W1S 3EP tel +44 (0)20 7439 7191 fax +44 (0)20 7432 3749 PRESS RELEASE www.campbell-lutyens.com For release on 13 June 2017 DR TEH KOK PENG JOINS CAMPBELL LUTYENS ADVISORY BOARD Campbell Lutyens, one of the largest global alternative asset advisory firms focused on fund placement and secondary transactions, is pleased to announce that Dr Teh Kok Peng has joined its Advisory Board. Dr Teh Kok Peng, Ph.D., BA, was President of GIC Special Investments from April 1999 to June 2011, and remained an Adviser to GIC’s Group Executive Committee for two years after that. Prior to that, he was concurrently a deputy managing director of GIC and the Monetary Authority of Singapore. Dr Teh obtained a first class honours economics degree at La Trobe University in Australia, a Ph.D. at Nuffield College, Oxford University and attended the AMP course at Harvard Business School in 1989. He began his career with the World Bank in 1975 under its Young Professionals Program. Dr Teh is Chairman of Azalea Asset Management and Lu International. He is a board member of OCBC Bank, Sembcorp Industries, Fullerton Health Corporation and Taikang Insurance Group. He is a Senior Adviser to China International Capital Corporation, Jasper Ridge Partners, and a member of the International Advisory Board of CMC Corporation. He is a member of the Trilateral Commission. Campbell Lutyens has expanded its presence in Asia significantly over the last year, growing its Hong Kong team to 12 operating in both primary fund raising and secondary advisory transactions.
    [Show full text]
  • Global Investor 30
    Private equity | Infrastructure | Private debt Global Investor 30 Campbell Lutyens November 2019 • privatedebtinvestor.com is a global and independent private capital advisor, focused on fund placement and Our inaugural ranking secondary advisory services. of the biggest investors With a global team of more than 150 operating from offices in London, New York, Hong Kong, Singapore, Chicago, Los Angeles and Charlotte, we are celebrating 30 years of delivering results through thoughtful, creative advice and meticulous execution. www.campbell-lutyens.com Member FINRA/SIPC | Authorised and regulated by the Financial Conduct Authority | Licensed and regulated by the Securities and Futures Commission | Licensed by the Monetary Authority of Singapore The Global Guide Understanding to Private Debt Private Debt in Europe A guide to the evolution of the market and investing in the The practitioner’s handbook to asset class navigating the asset class Edited and sponsored by EPIC Private Equity and Edited by EPIC Private Equity, this comprehensive European Capital, this book explores the private debt and detailed guide on the private debt market brings market in Europe, with expert contributions from a together the views and opinions of 19 of the number of market participants. world’s leading practitioners. It will help fund managers: It will help fund managers: • Understand how LPs are constructing private debt • Understand how LPs are navigating this new asset allocations within their portfolios class and constructing an allocation within their •
    [Show full text]
  • Private Capital Placement Agents
    PRIVATE CAPITAL PLACEMENT AGENTS PRIVATE CAPITAL PLACEMENT AGENTS We analyze the activity of placement agents servicing private capital funds closed so far in 2018 and those that are currently raising capital, as well as provide breakdowns of placement agent activity by asset class, fund size and more. Fig. 1: Prominent Placement Agents Servicing Private Capital Funds Closed in 2018 YTD (As at May 2018) No. of Known Private Capital Capital Raised by Known Firm Funds Closed Private Capital Funds Closed ($bn) Credit Suisse Private Fund Group 8 12.7 Eaton Partners 5 5.9 Park Hill Group 5 3.5 Rede Partners 4 8.0 MVision Private Equity Advisers 4 0.8 Evercore Private Funds Group 3 11.9 First Avenue 3 3.6 UBS Investment Bank Private Funds Group 3 1.8 Champlain Advisors 3 1.6 Equus Financial Consulting 3 1.4 Sixpoint Partners 3 1.3 M2O Private Fund Advisors 3 1.3 Picton 2 20.2 LarrainVial 2 9.5 Greenstone Equity Partners 2 8.7 Selinus Capital 2 4.9 KB Investment & Securities 2 4.2 Principle Advisory Services 2 2.5 Growth Capital Services 2 1.5 Park Madison Partners 2 1.4 Source: Preqin Fig. 2: Prominent Placement Agents Servicing Private Capital Funds in Market (As at May 2018) No. of Known Private Capital Capital Targeted by Known Firm Funds in Market Private Capital Funds in Market ($bn) Park Hill Group 16 20.1 Mercury Capital Advisors 15 11.4 Eaton Partners 15 7.4 Asante Capital Group 13 5.2 Lazard Private Capital Advisory 12 7.1 Credit Suisse Private Fund Group 11 10.7 UBS Investment Bank Private Funds Group 11 7.0 Evercore Private Funds Group 9 15.7 Campbell Lutyens 9 14.5 Jade Advisors 9 4.0 MVision Private Equity Advisers 8 8.0 First Avenue 8 3.8 Trinity Group Alternative Assets 7 11.2 JP Morgan Securities Inc.
    [Show full text]
  • Jul 14, 2020 50 South Capital Private Equity Secondary Market
    50 SOUTH CAPITAL PRIVATE EQUITY SECONDARY MARKET OBSERVATIONS: Pockets of Opportunity in Volatile Times July 2020 50 South Capital Advisors, LLC 50 South LaSalle Street Chicago, Illinois 60603 As COVID-19 spread across the globe, economies fell into sharp recessions and financial markets saw dramatic declines, although declines that have largely recovered as of the writing of this commentary piece. At present, while uncertainty remains high across financial markets, we see a number of attractive pockets of opportunity in the private equity secondary market. We think: (i) the opportunity set for secondary buyers has grown and evolved dramatically since the last financial crisis; (ii) private equity investors now have more creative options to achieve both their liquidity and portfolio construction goals than ever before; and (iii) investors in secondary funds today should be cognizant of the risks to which they are being exposed, as all secondary funds are not created equal. In this commentary piece, we highlight five trends we expect to be of particular focus for buyers and sellers alike in the post-COVID-19 world. Annual Secondary Market Transaction Volume and Pricing 110% 100 80 90% 60 70% 40 (%of NAV) 20 in Billions of $s Purchase Price 50% 0 Volume Annual 2002 2004 2006 2008 2010 2012 2014 2016 2018 Transaction Buyout Venture All Strategy Volume Pricing Pricing Pricing Source: Campbell Lutyens Secondary Market Surveys For context, 2019 marked another strong year of growth in the private equity secondary market, with deal volume eclipsing $88 billion – a 19% increase year over year – and more than 2011, 2012 and 2013 volume combined1.
    [Show full text]
  • 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 fundraising. Private Equity Spotlight August 2014 combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les, Funds in Market, Secondary The 2014 Preqin Private Equity Performance Monitor Market Monitor, Buyout Deals Analyst and Venture Deals Analyst. This month’s Private Equity Spotlight features the Executive Summary from the recently released 2014 Preqin Private Equity Performance Monitor, the industry’s most comprehensive guide to private equity performance. August 2014 Volume 10 - Issue 8 Page 3 FEATURED PUBLICATION: Preqin Industry News 2014 Preqin Private Equity This month’s Industry News looks at the private equity secondary market, including LPs Performance Monitor looking to sell fund interests on the secondary market, as well as investors looking to make commitments to secondaries funds. The 2014 Preqin Private Equity Performance Monitor Page 7 On the Network We examine the activity of the investors on Preqin Investor Network to see which private equity fund types and geographies are of current interest to investors, as well as which institutional investor types have been proactively looking at funds in July. alternative assets. intelligent data Page 9 To find out more, and to download sample pages, please The Facts visit: Fundraising Outlook - We look at funds expected to launch in the near future. Page 11 www.preqin.com/pm Investors - A detailed insight into investors’ geographic preferences. Page 12 New York: One Grand Central Place Buyout Deals - Analysis of consumer and retail deals.
    [Show full text]
  • Infrastructure Investments –
    INFRASTRUCTURE INVESTMENTS – EMPIRICAL EVIDENCE ON AN EMERGING ASSET CLASS DISSERTATION zur Erlangung des Grades eines Doktors der Wirtschaftswissenschaft eingereicht an der Fakultät für Wirtschaftswissenschaften der Universität Regensburg vorgelegt von DANIEL WURSTBAUER (MS CRE) Berichterstatter: Prof. Dr. Wolfgang Schäfers Prof. Dr. Klaus Röder Tag der Disputation: 19.11.2015 INFRASTRUCTURE INVESTMENTS – EMPIRICAL EVIDENCE ON AN EMERGING ASSET CLASS DANIEL WURSTBAUER TABLE OF CONTENTS TABLE OF CONTENTS 1 Introduction .................................................................................................................. 1 1.1 General Motivation ............................................................................................................ 1 1.2 Research Questions ............................................................................................................ 3 1.3 Course of Analysis .............................................................................................................. 5 1.4 References ......................................................................................................................... 7 2 Inflation Hedging and Protection Characteristics of Infrastructure and Real Estate Assets ............................................................................................................................ 8 2.1 Introduction ....................................................................................................................... 9 2.2 Intuition on
    [Show full text]
  • Name Whitepaper
    25.04.2019 Private equity Have your private equity cake and eat it Up until now, investors in private equity had to choose between the superior alpha of direct buy-outs or a secondary market that offered more liquidity and less risk. Not anymore. A new approach to private equity – what we call Partnership Solutions – aims to achieve the best of both strategies. Introduction Thanks to strong performance over many decades, global strategy targeting the alpha of direct PE with the more private equity (PE) assets have grown to about $3tn under attractive liquidity and risk profile of the secondary market. management.1 Investors in PE mostly gain exposure to Partnership Solutions focuses on later stage investments underlying companies either via funds, which own them within an existing PE fund portfolio. The strategy leverages directly, or funds of funds (collectively known as the primary a dynamic and collaborative approach to satisfy every market). Investors can also co-invest alongside PE funds stakeholder: the incumbent investors, PE fund managers, as into companies, or even go direct. well as the underlying portfolio companies. Alpha and The so-called secondary market is another route. It is superior returns can be created by: smaller – less than two per cent of private equity assets are estimated to trade hands each year – but growing fast due • Maintaining the key tenets of a secondary transaction to structural changes in the market. Rather than committing while tactically identifying individual, attractive assets money at the outset, secondary capital joins the party within an existing PE fund portfolio. several years later, providing liquidity to sellers and creating • Prioritising deal creation versus deal sourcing by an active and more transparent market place.
    [Show full text]