Operating Partners Forum: Europe London 2020 5-6 October Hilton Tower Bridge
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Corporate Governance Positions and Responsibilities of the Directors and Nominees to the Board of Directors
CORPORATE GOVERNANCE POSITIONS AND RESPONSIBILITIES OF THE DIRECTORS AND NOMINEES TO THE BOARD OF DIRECTORS LIONEL ZINSOU -DERLIN (a) Born on October 23, 1954 Positions and responsibilities as of December 31, 2014 Age: 60 Positions Companies Countries Director (term of office DANONE SA (b) France from April 29, 2014 to the end of the Shareholders’ Meeting to approve the 2016 financial statements) Chairman and Chair- PAI PARTNERS SAS France man of the Executive Business address: Committee 232, rue de Rivoli – 75001 Paris – France Member of the Number of DANONE shares held Investment Committee as of December 31, 2014: 4,000 Director INVESTISSEURS & PARTENAIRES Mauritius Independent Director I&P AFRIQUE ENTREPRENEURS Mauritius Dual French and Beninese nationality KAUFMAN & BROAD SA (b) France PAI SYNDICATION GENERAL PARTNER LIMITED Guernsey Principal responsibility: Chairman of PAI partners SAS PAI EUROPE III GENERAL PARTNER LIMITED Guernsey Personal backGround – PAI EUROPE IV GENERAL PARTNER LIMITED Guernsey experience and expertise: Lionel ZINSOU-DERLIN, of French and Beninese PAI EUROPE V GENERAL PARTNER LIMITED Guernsey nationality, is a graduate from the Ecole Normale PAI EUROPE VI GENERAL PARTNER LIMITED Guernsey Supérieure (Ulm), the London School of Economics and the Institut d’Etudes Politiques of Paris. He holds Chairman and Member LES DOMAINES BARONS DE ROTHSCHILD SCA France a master degree in Economic History and is an Asso- of the Supervisory (LAFITE) ciate Professor in Social Sciences and Economics. Board Member of the Advisory MOET HENNESSY France He started his career as a Senior Lecturer and Pro- Council fessor of Economics at Université Paris XIII. Member of the CERBA EUROPEAN LAB SAS France From 1984 to 1986, he became an Advisor to the French Supervisory Board Ministry of Industry and then to the Prime Minister. -
A Listing of PSERS' Investment Managers, Advisors, and Partnerships
Pennsylvania Public School Employees’ Retirement System Roster of Investment Managers, Advisors, and Consultants As of March 31, 2015 List of PSERS’ Internally Managed Investment Portfolios • Bloomberg Commodity Index Overlay • Gold Fund • LIBOR-Plus Short-Term Investment Pool • MSCI All Country World Index ex. US • MSCI Emerging Markets Equity Index • Risk Parity • Premium Assistance • Private Debt Internal Program • Private Equity Internal Program • Real Estate Internal Program • S&P 400 Index • S&P 500 Index • S&P 600 Index • Short-Term Investment Pool • Treasury Inflation Protection Securities • U.S. Core Plus Fixed Income • U.S. Long Term Treasuries List of PSERS’ External Investment Managers, Advisors, and Consultants Absolute Return Managers • Aeolus Capital Management Ltd. • AllianceBernstein, LP • Apollo Aviation Holdings Limited • Black River Asset Management, LLC • BlackRock Financial Management, Inc. • Brevan Howard Asset Management, LLP • Bridgewater Associates, LP • Brigade Capital Management • Capula Investment Management, LLP • Caspian Capital, LP • Ellis Lake Capital, LLC • Nephila Capital, Ltd. • Oceanwood Capital Management, Ltd. • Pacific Investment Management Company • Perry Capital, LLC U.S. Equity Managers • AH Lisanti Capital Growth, LLC Pennsylvania Public School Employees’ Retirement System Page 1 Publicly-Traded Real Estate Securities Advisors • Security Capital Research & Management, Inc. Non-U.S. Equity Managers • Acadian Asset Management, LLC • Baillie Gifford Overseas Ltd. • BlackRock Financial Management, Inc. • Marathon Asset Management Limited • Oberweis Asset Management, Inc. • QS Batterymarch Financial Management, Inc. • Pyramis Global Advisors • Wasatch Advisors, Inc. Commodity Managers • Black River Asset Management, LLC • Credit Suisse Asset Management, LLC • Gresham Investment Management, LLC • Pacific Investment Management Company • Wellington Management Company, LLP Global Fixed Income Managers U.S. Core Plus Fixed Income Managers • BlackRock Financial Management, Inc. -
VP for VC and PE.Indd
EUROPEAN VENTURE PHILANTHROPY ASSOCIATION A guide to Venture PhilAnthroPy for Venture Capital and Private Equity investors Ashley Metz CummingS and Lisa Hehenberger JUNE 2011 2 A guidE to Venture Philanthropy for Venture Capital and Private Equity investors LETTER fROM SERgE RAICHER 4 Part 2: PE firms’ VP engAgement 20 ContentS Executive Summary 6 VC/PE firms and Philanthropy PART 1: Introduction 12 Models of engagement in VP Purpose of the document Model 1: directly support Social Purpose Organisations Essence and Role of Venture Philanthropy Model 2: Invest in or co-invest with a VP Organisation Venture Philanthropy and Venture Capital/Private Equity Model 3: found or co-found a VP Organisation Published by the European Venture Philanthropy Association This edition June 2011 Copyright © 2011 EVPA Email : [email protected] Website : www.evpa.eu.com Creative Commons Attribution-Noncommercial-No derivative Works 3.0 You are free to share – to copy, distribute, display, and perform the work – under the following conditions: Attribution: You must attribute the work as A gUIdE TO VENTURE PHILANTHROPY fOR VENTURE CAPITAL ANd PRIVATE EqUITY INVESTORS Copyright © 2011 EVPA. Non commercial: You may not use this work for commercial purposes. No derivative Works: You may not alter, transform or build upon this work. for any reuse or distribution, you must make clear to others the licence terms of this work. ISbN 0-9553659-8-8 Authors: Ashley Metz Cummings and dr Lisa Hehenberger Typeset in Myriad design and typesetting by: Transform, 115b Warwick Street, Leamington Spa CV32 4qz, UK Printed and bound by: drukkerij Atlanta, diestsebaan 39, 3290 Schaffen-diest, belgium This book is printed on fSC approved paper. -
Joshua Smith
Joshua Smith Associate London | 160 Queen Victoria Street, London, UK EC4V 4QQ T +44 20 7184 7824 | F +44 20 7184 7001 [email protected] Services Mergers and Acquisitions > Private Equity > Corporate Finance and Capital Markets > Corporate Governance > Joshua Smith practices in the area of corporate law, advising on a wide range of domestic and cross-border mergers and acquisitions, private equity transactions, joint ventures, fundraisings, public offerings, reorganisations and other general corporate matters. Mr. Smith trained at Dechert and qualified as a solicitor in 2014. EXPERIENCE Hellenic Telecommunications Organization S.A (OTE) in connection with the sale of its stake in fixed telecommunications operator Telekom Romania for €268 million to Orange Romania. ICTS International N.V. and ABC Technologies B.V. on (i) a US$60 million equity investment by an affiliate of TPG Global into ABC, a subsidiary of ICTS and the owner of Au10tix Limited, a leader in the ID documentation and know-your-customer on- boarding automation software industry and (ii) a further US$20 million equity investment by Oak HC/FT into ABC and related shareholder agreements. The transactions valued Au10tix at US$280 million. A substantial family office as investor in a substantive venture investment in a UK ticketing and events hosting company. Centaur Media plc, as part of its strategic divestment program on the sale of (i) its financial services division to Metropolis Group; (ii) Centaur Human Resources Limited, to DVV Media International Ltd; (iii) Centaur Media Travel and Meetings Limited, to Northstar Travel Media UK Limited; and (iv) its engineering portfolio, including The Engineer and Subcon, to Mark Allen Group. -
Private Equity 05.23.12
This document is being provided for the exclusive use of SABRINA WILLMER at BLOOMBERG/ NEWSROOM: NEW YORK 05.23.12 Private Equity www.bloombergbriefs.com BRIEF NEWS, ANALYSIS AND COMMENTARY CVC Joins Firms Seeking Boom-Era Size Funds QUOTE OF THE WEEK BY SABRINA WILLMER CVC Capital Partners Ltd. hopes its next European buyout fund will nearly match its predecessor, a 10.75 billion euro ($13.6 billion) fund that closed in 2009, according to two “I think it would be helpful people familiar with the situation. That will make it one of the largest private equity funds if Putin stopped wandering currently seeking capital. One person said that CVC European Equity Partners VI LP will likely aim to raise 10 around bare-chested.” billion euros. The firm hasn’t yet sent out marketing materials. Two people said they expect it to do so — Janusz Heath, managing director of in the second half. Mary Zimmerman, an outside spokeswoman for CVC Capital, declined Capital Dynamics, speaking at the EMPEA to comment. conference on how Russia might help its reputation and attract more private equity The London-based firm would join only a few other firms that have closed or are try- investment. See page 4 ing to raise new funds of similar size to the mega funds raised during the buyout boom. Leonard Green & Partners’s sixth fund is expected to close shortly on more than $6 billion, more than the $5.3 billion its last fund closed on in 2007. Advent International MEETING TO WATCH Corp. is targeting 7 billion euros for its seventh fund, larger than its last fund, and War- burg Pincus LLC has a $12 billion target on Warburg Pincus Private Equity XI LP, the NEW JERSEY STATE INVESTMENT same goal as its predecessor. -
Screening Investment Memo
PAI PARTNERS CLOSES PAI EUROPE VI AT €3.3 BILLION, IN EXCESS OF €3.0 BILLION HARD CAP Paris, 13 March 2015 – The Executive Committee of PAI Partners (“PAI”), a leading European private equity firm headquartered in Paris, today announces the successful final closing of its latest fund, PAI Europe VI (“Fund VI” or “the Fund”), at €3.3 billion (including GP commitment), above the hard cap of €3.0 billion which was raised to meet demand from investors. PAI has a long and successful track record of investing in market-leading European companies with a focus on companies headquartered in Continental Europe. With PAI Europe VI, it continues a tradition of long-term business-building across its five key sectors: Business Services, Food & Consumer Goods, General Industrials, Healthcare and Retail & Distribution. PAI has already announced six investments for the Fund: Custom Sensors & Technologies, Euro Media Group, DomusVi, Labeyrie Fine Foods, VPS and AS Adventure. PAI Europe VI is backed by a diverse and global investor base, including public and private pension funds, sovereign wealth funds, insurance companies and high net worth individuals with approximately 60% of commitments coming from Europe, 20% from North America, 15% from Asia and 5% from the Middle East and Latin America. Existing institutional investors have increased their allocation to the Fund by an average of 30% compared to PAI Europe V. Michel Paris, Partner and Chief Investment Officer at PAI, said: “We would like to thank investors for their support and trust in PAI. Fund VI will build on PAI’s long-standing and unique position in Continental Europe and the team is very focused on continuing to find investments with real potential for transformation and growth. -
Food and Beverage Industry Insight September 2017
www.peakstone.com Food and Beverage Industry Insight September 2017 0 Food and Beverage Industry Insight | September 2017 Food and Beverage M&A Update Food and Beverage categories continue to be active in M&A activity For 2017 YTD, total U.S. F&B announced transactions of 273 deals are on track to exceed 2016 record levels of 380 Transaction Date Status Target Buyer Size Select Recent Notable Publicly Announced U.S. M&A Transactions Transaction Sep-2017Date Status Target Undisclosed Buyer Size Closed Transaction Date Status Target Buyer Sep-2017 UndisclosedSize Closed Dec-2016Sep-2017 Undisclosed Closed Mar-2016Dec-2016Sep-2017 Undisclosed Closed Mar-2016Dec-2016Jul-2017 Announced $4.20Undisclosed billion ClosedClosed Mar-2016Jun-2017Jul-2017 Announced $14.62$4.20Undisclosed billion billion Closed Jun-2017Jul-2017 Announced $14.62$4.20 billion billion Jun-2017 Announced $14.62 billion www.peakstone.com 1 Food and Beverage Industry Insight | September 2017 Labriola sold to J&J Snack Foods Peakstone served as exclusive financial advisor to Labriola Baking Company, in connection with its sale to J&J Snack Foods, Corp., a leader and innovator in the snack food industry with a $2.4 billion public market capitalization. The transaction is Peakstone's fifth closed sale in 2017 to a multi-billion public company and represents our ability to access large strategic buyers on behalf of our clients. Labriola Baking Company is a premium baker of breads and artisan soft pretzels, located in Alsip, IL. Labriola Baking began in 1993 as a local delivery bakery in the Chicago suburbs and grew into a nationwide provider of superior prebaked breads, rolls, and soft pretzels for retail instore bakery and foodservice outlets. -
Charles Hayes
Charles Hayes Co-head of Financial Sponsors Group and Partner Corporate and M&A He is universally viewed as a rising talent in the context of high-end private equity deals. Some of the firm's most significant financial sponsor clients benefit from his 'fantastic' expertise. Chambers 2020 Primary practice Corporate and M&A 01/10/2021 Charles Hayes | Freshfields Bruckhaus Deringer About Charles Hayes <p><strong>Charles is global co-head of our financial sponsors group.</strong> <strong>He specialises in high-profile and complex acquisitions, carve-outs, take-privates and exits for some of the world’s largest financial sponsors.</strong></p> <p>Charles is sought after by clients who value his technical and commercial excellence on a full range of financial sponsor deal types. He works across sectors, specialising in financial services, media and healthcare. He has also advised on a number of high-profile sports investments.</p> <p>His client base covers global private equity houses, pension funds, sovereign wealth funds and corporates. Having spent time on secondment with Goldman Sachs and in Freshfields’ MENA offices, Charles has a thorough understanding of the needs of our global financial sponsor clients.</p> <p>Charles speaks English, French and German.</p> Recent work <ul> <li>Advising <strong>CVC Capital Partners </strong>on its participation with Fédération de Internationale Volleyball (“FIVB”) and partnership in Volleyball World.</li> <li>Advising <strong>GIC </strong>on an investment made -
Private Equity-Style Investing in Public Markets
Private Equity-Style Investing in Public Markets I had the pleasure of speaking with Adrian Warner, chief investment officer of Sydney-based Avenir Capital a few years ago. Adrian shared his insights into public equity investing with a private equity mindset. In doing so, Adrian drew upon more than two decades of experience as a private equity investor in the U.S. and Australia. The following transcript has been edited for space and clarity. John Mihaljevic, MOI Global: Adrian Warner has a background in private equity and was highly successful in that field prior to starting Sydney, Australia-based Avenir Capital, a value-oriented investment firm in public markets. Adrian, tell us about your path and what motivated you to make the switch from private to public equity. Adrian Warner, Avenir Capital: I’ve spent close to 20 years in the private equity industry, both in Australia and in the US. I started out in the early 1990s after spending some years at Bain & Co in consulting. I finished my education in the 1980s, when the efficient market hypothesis was at its peak. I did a First-Class Honors degree in finance, having it drilled into me very firmly that public markets were efficient, and there was no way to effectively beat them over the long term. With that backdrop, I sought otherwise to apply investing in markets I felt were less efficient. Private equity in the early 1990s was such a place. It was still a fairly small and under-the-radar industry, and there were great opportunities there to hunt down businesses available for much less than I felt they were worth. -
OPERF Private Equity Portfolio
Oregon Public Employees Retirement Fund Private Equity Portfolio As of December 31, 2019 ($ in millions) Vintage Capital Total Capital Total Capital Fair Market Total Value Partnership IRR2 Year Commitment Contributed Distributed Value Multiple 1,2 2000 2000 Riverside Capital Appreciation Fund $50.0 $45.7 $80.4 $0.0 1.80x 19.1% 2003 2003 Riverside Capital Appreciation Fund $75.0 $80.7 $157.2 $0.0 2.06x 17.2% 2012 A&M Capital Partners $100.0 $68.8 $82.9 $50.2 2.16x 28.8% 2018 A&M Capital Partners Europe I $151.5 $17.9 $0.0 $13.4 0.75x NM 2018 A&M Capital Partners II $200.0 $33.5 $0.0 $32.9 0.98x NM 2016 ACON Equity Partners IV $112.5 $58.9 $7.7 $42.4 0.83x ‐10.8% 2019 Advent Global Technology $50.0 $0.0 $0.0 ($0.6) 0.00x NM 2019 Advent International GPE IX $100.0 $11.5 $0.0 $10.4 0.91x NM 2008 Advent International GPE VI A $100.0 $100.0 $195.2 $15.8 2.11x 16.8% 2012 Advent International GPE VII C $50.0 $47.1 $45.7 $39.7 1.82x 15.7% 2015 Advent Latin American Private Equity Fund VI C $75.0 $56.8 $15.0 $61.4 1.35x 17.3% 2019 Advent Latin American Private Equity Fund VII $100.0 $0.0 $0.0 $0.0 0.00x NM 2018 AEP IV OPERS Co‐Investments $37.5 $21.5 $0.0 $24.9 1.15x NM 2006 Affinity Asia Pacific Fund III $100.0 $95.3 $124.6 $10.9 1.42x 9.0% 2007 Apax Europe VII $199.5 $220.7 $273.6 $6.0 1.29x 4.5% 2016 Apax IX $250.0 $231.0 $6.6 $317.6 1.42x NM 2012 Apax VIII‐B $150.4 $158.8 $149.7 $115.5 1.70x 14.9% 2018 Apollo Investment Fund IX $480.0 $88.4 $0.9 $77.8 0.89x NM 2006 Apollo Investment Fund VI $200.0 $257.4 $385.2 $3.8 1.69x 8.7% 2008 Apollo -
[Title Goes Here]
CVC CAPITAL PARTNERS ACQUIRES SISAL GROUP S.P.A.FROM PERMIRA, APAX AND CLESSIDRA Milan – 30 May 2016 – CVC Capital Partners announced today that funds advised by CVC Capital Partners (“CVC”) have agreed to acquire a 100% equity stake in Italian gaming and payments operator, Sisal Group S.p.A. (“Sisal”), from funds advised by Apax Partners, Permira and Clessidra. The value of the transaction, which is expected to close by the end of September, was €1.0bn. Headquartered in Milan, Sisal is a leading operator in the Italian gaming market and the number one provider of payments services. Established in 1946, Sisal was the first Italian company to operate in the gaming sector as a Government Licensee. Through its capillary network of 45,000 points of sale, the company offers the public in excess of 500 payment services. Sisal employs about 2000 people. CVC has a strong track record in the gaming industry through its strategic investments in Sky Bet (UK), Tipico (Germany) as well as its previous investment in William Hill. Giampiero Mazza, Partner and Head of CVC’s Italian team, said: “We are very pleased to have the opportunity to invest in Sisal. The Company is a well diversified entertainment business with a historical brand in Italy and strong market positions across gaming, lotteries, betting and convenience payments. Under its previous shareholders and the management team led by Emilio Petrone, Sisal was able to grow and reshape its business perimeter thorough a period of difficult macro conditions and regulatory uncertainty. Sisal today is ideally positioned to capture growth in a number of areas. -
ILPA Releases Second Report in Diversity in Action Series
ILPA Releases Second Report in Diversity in Action Series Diversity in Action – Sharing Our Progress Report Details the Initiative’s Growth and Insights Into Integrating DEI Into Investment Strategies 1776 Eye St. NW August 31, 2021 (Washington, D.C.) The Institutional Limited Partners Association (ILPA) today released the Suite 525 second report in its Diversity in Action – Sharing Our Progress series. The report series is an extension of ILPA’s Washington, DC Diversity in Action initiative and aims to provide actionable recommendations on steps that can be taken to 20006 improve diversity, equity and inclusion in private markets. “The industry continues to respond positively to the Diversity in Action Initiative with new signatories joining every week,” said Steve Nelson, CEO of ILPA. “The Initiative now claims 180 signatories who have all been incredibly active in conversations with one another and have acted as tremendous partners to ILPA on our related work, having meaningfully contributed to our updated ILPA Diversity Metrics Template.” The Diversity in Action – Sharing Our Progress report series tracks the evolution of Initiative signatories by geography, strategy and fund size as well as progress on adoption of all the actions within the Framework. As of August 2021, the Initiative’s geographic reach is increasing, now with 38 signatories outside North America, a 52% increase in this cohort since April. The latest report focuses on how signatories are integrating diversity, equity and inclusion into investment strategies including