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The 2010 Preqin Private Equity Fund of Funds Review

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The 2010 Preqin Private Equity Fund of Funds Review The 2010 Preqin Private Equity Fund of Funds Review The 2010 Preqin Private Equity Fund of Funds Review www.preqin.com/PEFOF Dear Spotlight Reader, This month’s edition of Spotlight includes extensive analysis on the private equity fund of funds market. We have seen funds of funds accounting for a higher percentage of investors in closed funds in comparison with previous years, and are also seeing an increasing number of investors turning to funds of funds in 2009 compared with 2008. All analysis is taken from our newly released publication, The 2010 Preqin Private Equity Fund of Funds Review. Also in this month’s edition, we examine the use of investment consultants by institutional investors, reveal the latest changes in the returns and NAV of private equity funds, and uncover all the latest investor news. We hope you enjoy this month’s edition, and as ever we welcome any feedback, questions and suggestions for any research that you would like to see in Spotlight in the future. Kindest Regards, Tim Friedman Head of Communications Preqin Private Equity Spotlight www.preqin.com December 2009 / Volume 5 - Issue 12 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les & Funds in Market. PE Fund of Funds Special Feature Article Secondaries Spotlight page 3 page 16 The Growing Importance of Funds of Funds We look at statistics from Preqin’s industry-leading product, Secondaries Market Monitor, and uncover the latest secondaries With other institutional backers of private equity funds having news. less capital to commit than in recent years, funds of funds have become increasingly important - both as sources of capital for Investor Spotlight fund managers, and also as an investment proposition in their page 17 own right. This month’s extended feature article examines the importance of funds of funds in the current fi nancial climate in This month’s Investor Spotlight examines alternatives investment detail. consultants. Performance Spotlight Conferences Spotlight page 7 page 19 Private Equity Performance as of Q2 2009 This month’s Conferences Spotlight includes details of upcoming events in the private equity world. This month’s Performance Spotlight analyses the returns generated by private equity partnerships as at 30th June 2009 in order to provide an independent and unbiased description of the industry performance. Investor News page 21 Fund Manager Spotlight page 10 All the latest news on private equity investors including: California-Based Private Equity Firms • Industriens Pensionsforsikring This month’s Fund Manager Spotlight looks at private equity fi rms based in California. • Arizona State Retirement System Fundraising Spotlight page 12 Be the fi rst to know about all our exclusive research reports This month’s Fundraising Spotlight takes an in-depth look at and projects, follow us on buyout, venture and fund of funds fundraising. www.twitter.com/preqin If you would like to receive Private Equity Spotlight each month please email [email protected]. London: Scotia House, 33 Finsbury Square, London. EC2A 1BB OUT NOW +44 (0)20 7065 5100 The 2010 Preqin Private Equity The 2010 Preqin Private Equity Fund of Funds Review Fund of Funds Review New York: 230 Park Avenue, 10th fl oor, New York, NY 10169 +1 212 808 3008 More information available at: www.preqin.com/PEFOF www.preqin.com PERFORMANCE • INVESTORS • FUNDRAISING • FUND MANAGERS © 2009 Preqin Ltd. / www.preqin.com 3 ◄ Feature Article December 2009 Private Equity: The Growing Importance of Funds of Funds Private equity fund of funds have always Fig. 1: been amongst the most signifi cant and important providers of capital to private equity fund managers. In addition, they have provided a valuable investment Average Capital Contribution to Direct Private Equity Funds: Fund of Funds Managers vs. Other Investors opportunity for investors lacking the 100% funds or expertise to construct their own portfolio of primary funds. Following the 90% onset of the prevailing fi nancial crisis 80% their importance within the industry has grown even further. 70% Other Investors 78% 60% 84% Growing Importance of Funds of 50% Funds as Investors 40% Fund of Funds The importance of fund of funds 30% Managers managers as investors in new funds has grown considerably as other prominent 20% 22% investor types such as pension funds 10% 16% and endowments have cut back on the 0% number of new commitments they are 2008 2009 making, with some institutions ceasing Source: Preqin new investment activity altogether. With all their capital invested in one asset Fig. 2: class, fund of funds managers have not been affected by any denominator effect or lack of funds, and although many of them hold reservations towards certain Motivations for Investors Utilising Funds of Funds areas of the industry, they have retained 60% their ability to invest in new vehicles. 51% 50% Fig. 1 shows the investor make-up of the average fund closed in 2008 and 2009. Fund of funds managers have become 40% 35% increasingly signifi cant, growing from making up 16% of the average fund in 30% 2008 to 22% in 2009. A number of direct 22% fund managers that were previously 20% able to form a fund based on traditional 20% institutional investors such as pension Proportion of Respondents 11% funds have been increasingly turning 10% 8% to multi-managers when raising new 6% vehicles. 0% Diversification Manager Access to Lack of Lack of Size of Other A Compelling Investment Solution Expertise Specific Resources Experience Portfolio Funds/Markets Source: Preqin Funds of funds have also grown in can gain through investing in a fund funds managers in addition, or as an importance as investment propositions of funds, while the uncertainty that is alternative, to constructing a portfolio of for institutional investors over the surrounding the industry at present has direct fund investments themselves. As course of 2009. Investors with less led other investors to seek the expert Fig. 2 shows, the most common reason capital available to invest have been knowledge and experience of fund of for investors to seek a fund of funds is attracted by the diversifi cation that they © 2009 Preqin Ltd. / www.preqin.com 4 ◄ Feature Article December 2009 Fig. 3: Fig. 4: Fund of Funds Fundraising as a Percentage of Direct Fundraising, Proportion of Fund of Funds Managers Investing in Fewer 2009 2005 - 2009 Vintage Funds vs. 2008 Vintage Funds 12% 11% 10% 10% 9% 9% 8% 7% 6% 4% 2% 0% Fund of Funds as % Direct Fundraising 2005 2006 2007 2008 2009 Year Source: Preqin Source: Preqin due to the diversifi cation that vehicles of this percentage is likely to increase was ranked as most important by our this type offer. Manager expertise is also further. respondents, with investor sentiment a key factor, with the access that such and a lack of exit opportunities following vehicles can provide to leading direct How do Fund of Funds Managers closely behind. General economic funds also an important factor, albeit View the Market? uncertainty was also seen as an less important than in previous years important factor, as was the current level when many brand name funds were of new deal opportunities. With fund of funds managers becoming signifi cantly over-subscribed. an increasingly important source of capital, understanding their views and Fund Strategies of Interest for Fund Fundraising for new fund of funds concerns towards the industry is a vital of Funds Managers vehicles has dropped in capital terms consideration for fund managers seeking from previous years. However, their commitments. Our survey of 78 leading Fig. 6 shows some of the fund strategies size relative to the rest of the market fund of funds managers revealed some that fund of funds managers are viewing has increased in 2009. As Fig. 3 shows, important trends in this area. As Fig. 4 as providing compelling investment capital raised for funds of funds relative shows, although fund of funds managers opportunities in the current market. to direct funds has grown signifi cantly are still investing, a signifi cant 60% have Most popular are small to mid-market over the past year, with fund of funds made fewer investments this year than buyout funds, which a signifi cant 81% capital equivalent to 11% of capital raised they did in 2008. Fig. 5 highlights fund of of respondents saw as presenting for direct funds in 2009, up from 7% in funds managers’ most pressing concerns, interesting opportunities. In contrast, 2008 – a 57% increase. The fi gures for and reveals why a signifi cant proportion none of the fund of funds managers 2009 do not include December fi gures, are not investing at the same rate as in we surveyed saw large to mega buyout and with this month traditionally being a previous years. Concerns over fi nancing funds as a good opportunity at present. strong month for fund of funds closes, Fig. 5: Fig. 6: Factors Affecting the Private Equity Industry Ranked by Fund of Fund Types Presenting Interesting Opportunities in the Current Funds Managers Financial Climate Importance Rating Proportion of FoF Managers Factors Affecting the PE Industry Fund Type Source: Preqin Source: Preqin © 2009 Preqin Ltd. / www.preqin.com 5 ◄ Feature Article December 2009 Distressed vehicles were also seen as being of interest in the current market, Fig. 7: as were expansion funds. Venture funds and mezzanine funds were being considered by 25% of respondents, Investors’ Fund of Funds Allocations Intentions: Next Three Years with the small proportion of managers viewing real estate and infrastructure funds as good opportunities refl ecting the overall fundraising market, which has seen support for vehicles of these types decline dramatically over the past year.
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