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Real Deals Luxembourg Edition THE INDEPENDENT VOICE OF EUROPEAN PRIVATE EQUITY INSIDE BVCA Summit 2020 A round up of key discussions from the BVCA Summit 2020. //realdealseucom GP Workshop How to market a fund successfully. Sink or float GPs must undertake IPOs with caution. PEA Shortlist Deal, House and Advisory awards shortlists for the Private Equity Awards. THE KEY TO LUXEMBOURG Region focus: Why Luxembourg is a fund jurisdiction of choice. RD471-01.indd 1 23/10/2020 12:19 THANK YOU FOR YOUR SUPPORT DPE IV closed at its hard cap of €1bn. We look forward to partnering with more leading Mittelstand businesses and delivering value for our investors. www.dpe.de 8566 DPE Real Deals Tombstone Ad REVISED ARTWORK.indd 1 15/10/2020 19:30 / realdealseucom & Contents 18 Q&A: Alterdomus Editorial Fund admin and PE relations; and KYC processes. Leader Talya Misiri 4 Alphabites BWAM calls on industry, Pictet’s first thematic fund 20 and more. Lightbulb Credit Comment Trade credit ratings All grown up 6 and PE-backed growth. As the industry matures, it must become BVCA Summit 2020 A roundup of key discussions more aware of the responsibility it has from the BVCA Summit 2020. 21 Webinar: Staying to make a positive impact on its ahead of the curve Tech innovation and portfolio companies, but also the world. 8 managing risks. Luxembourg rebounds and ready to lead Luxembourg accelerates 22 digitalisation and ESG Q&A: Apex in alternatives. Challenges and opportunities facing PE. onus is on private equiteers to think beyond high returns, profit and their personal gains. Speaking at the BVCA Summit earlier this month [page 6], 11 BVCA chair and chair of Silverfleet Neil MacDougall Q&A: JTC 24 stated that the PE industry should invest to “solve Sustainable investment PEA Shortlist real world problems”. post-lockdown. Private Equity Awards’ Deal, PE has a critical role in supporting the economic House and Advisory shortlists. recovery and the UK’s transformation in the wake of Covid-19, he explained. David Gauke, head of Public Policy at Macfarlanes said at a time when there is 12 considerable need for economic investment in GP Workshop 32 businesses, PE is going to be absolutely vital. “I How to market a fund Organic growth hope there is a growing awareness and recognition successfully. Key examples of organic of how important that sector is going to be in growth success. changing the world.” Additionally, increasing demand from LPs in Real Deals the magazine has reached the ripe age of terms of transparency and accountability around 21 this month! ESG, combined with growing regulatory scrutiny 13 While we cannot celebrate our birthday in across the world, is forcing private equity and their Crestbridge 34 person, this year, we have taken to celebrating via portfolios to act more responsibly. Luxembourg LP Corner our first virtual Private Equity Awards [on the 3 Comment Lincoln Pensions: Impact of November], our upcoming celebration of diversity Small but mighty Navigating funds post-Brexit. carve-outs on DB pensions. and inclusion in the industry with our Future 40 Our focus on Luxembourg this issue also explores Diversity and Inclusion Leaders soon to be how the growth of the region has led to increased announced and a bumper 44-page issue! pressure to responsibly administer funds. As a fund In this magazine, we provide you with heaps of jurisdiction, Luxembourg is one to beat and content in our region focus on Luxembourg [page 8 although small, it is certainly mighty. 14 35 onwards] , a round up of one of the industry’s As a centre for financial services, the country Q&A: TMF Q&A: EY biggest events, the BVCA Summit 2020 [page 6], and and its many service providers continue to flex their The benefit of one stop The changing tax landscape more on the deals and moves shaping the industry. muscles and adapt to the ever changing financial shop providers. in Luxembourg. In a number of countries around the world, the landscape. Noted in our cover story [page 8], age of 21 is widely celebrated. The coming of age Luxembourg has emerged from this period of and transition into adulthood. In the US, 21 is the dislocation in good shape and eager to accelerate age where people are permitted to drink legally, it is digitalisation and ESG in the alternatives space. the “crown year” in Holland where the young adult The jurisdiction serves asset managers across 15 36 is treated like a King or Queen as part of a the globe and is able to match local structures. It is Podcast DIBS celebration, and in the UK, it is not uncommon for also increasingly providing one-stop-shop solutions In conversation with Jim A round up of deals from parents to speak about the growth they have seen in [as discussed on page 14] and is offering alternative Strang and Mounir Guen. the last few weeks. their child over their 21 years. Some fly the nest and options for funds post-Brexit [page 13]. The move onto the next stage in their lives. But for all, jurisdiction is a frontrunner when it comes to fund the step into adulthood brings much greater domiciliation and services and it is its continually responsibility. forward-looking approach that has helped it to achieve this. 16 38 Global responsibility The region has certainly stepped up and Sink or float People With the maturation of the industry, private equity continues to serve its existing and new clients GPs must undertake IPOs Appointments from Riverside, is being reminded of this responsibility too. The wholeheartedly. ● with caution. Alantra, Tikehau and more. 3 RD471-03.indd 3 23/10/2020 12:22 / realdealseucom Alphabites European PE outperforms BWAM calls on investment BRIEFS: listed equities - Arcano launches Invest Europe firms to promote racial equity secondary fund Arcano Asset Management has European buy-outs have had an The group has penned an open letter to encourage the investment launched the fourth generation annualised net IRR of 15 per cent for of its secondary market over a decade, compared with 5.84 per community to take meaningful action to dismantle systemic racism program, Arcano Secondary cent achieved by the MSCI Europe. Fund XIV, targeting €300m. This has been revealed by two new The new private equity fund will Invest Europe reports; Benchmarking invest globally, with a particular Public and Private Markets with the focus on Europe and the US. Public Market Equivalent and, The Arcano said it will invest at least Performance of European Private 80 per cent in the secondary Equity Benchmark 2019. Both reports market, while the remaining 20 examine PE’s long-term per cent will be used for direct outperformance of public equities. co-invests in companies. European growth investments and The fund aims to take venture capital also beat equities advantage of new opportunities benchmarks. Venture capital returned a to invest in private companies net IRR of 16.79 per cent over a 10-year at current, attractive prices. horizon, performing on par with North With the launch of the new American funds during the same period. fund, Arcano further Eric de Montgolfier, CEO of Invest strengthens its position in the Europe, said: “With the publication of alternative assets market. these two reports, Invest Europe is demonstrating European private equity’s clear outperformance, while EQT launches supporting the drive to more growth strategy consistent and robust performance metrics that can enable investors to EQT has launched EQT Growth, compare assets more easily.” ● a new investment strategy focused on partnering with founders and management teams from technology, tech- Triton Debt enabled and scalable businesses. As part of the new strategy, Opportunities EQT has hired Marc Brown, former Microsoft corporate II raises €744m vice president of corporate development, as partner and Triton Debt Opportunities II has head of EQT Growth. completed its fundraising with Having joined the firm earlier commitments of €744m, surpassing its this year, Carolina Brochado, targeted €550m. TDO II received strong EQT partner in London, will join support from existing investors and EQT Growth. EQT’s latest commitments from a range of expansion into growth, institutional investors globally, positions the firm as one of few particular from European and US private markets firms globally pension funds. with investment strategies that Triton has also raised a Separately ndustry organisation Black Women in Asset Furthermore, BWAM has made five recommendations for address the entire company Managed Account, which will serve as Management (BWAM) is calling on the investment investment firms and institutional investors. These are: build lifecycle. an overflow account for the fund. The industry to promote racial equity through their an anti-racist investment portfolio, promoting equity and new fund is already 40 per cent investment activities. justice; expand the pipeline of young Black women entering invested, deploying capital throughout The group has penned an open letter to investment careers; promote Black women to senior Earth Capital 2020. encourage the investment community to take leadership positions; develop partnerships with Black reshapes business As the market recovers, Amyn Pesnani, meaningful action to dismantle systemic racism. This can women to support investment activities and advocate for Head of TDO, said there is “a healthy Ibe done through promoting racial equity through policy changes that dismantles systemic racism in society. Earth Capital has its extended pipeline of exciting opportunities ahead.” investment portfolios, recruitment, community engagement “Dismantling systemic racism creates a more sustainable equity ownership of the TDO II will invest in the same and public advocacy. and equitable society, however, investment firms have been business. Earth Capital sectors and geographies as Triton’s The communication is being published during Black slow to see racism as a serious investment risk,” says co-founders Stephen Lansdown private equity funds, focusing on the History Month “to keep these issues front and centre within Jacqueline Taiwo, co-founder of BWAM and associate and Gordon Power have invited industrials, business services, the asset management industry”, BWAM said.
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