EL CAPITAL PRIVADO, Impulso De La Economía Anuario 2019 Directory
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2016 Cross-Border M&A Conference
2016 CROSS-BORDER M&A CONFERENCE Investment, Digitization and Globalization in Times of Disruption DATE Tuesday, September 20, 2016 TIME 9.00 am - 4.00 pm CEST VENUE Hotel Bayerischer Hof, Munich Co-sponsored by Media Partners In partnership with 2016 CROSS-BORDER M&A CONFERENCE Investment, Digitization and Globalization in Times of Disruption US/Europe and Asia/Europe Cross-Border M&A and Activist Shareholders McDermott Will & Emery’s Munich M&A Conference In contrast with 2015, Q1of 2016 was considerably slow- (MuMAC) is celebrating its 6th year. We are looking forward er. M&A activity by deal volume globally was down by 24 to welcoming significant M&A market participants, strategic per cent this year, compared to Q1 of 2015. In the private and private equity investors, and individuals from the advi- equity market, buy-outs were down by 15.3 per cent and sory world to take part in discussions on topics relating to exits by 29.7 per cent over the same period. Was this as a cross-border M&A. result of the markets preparing for the uncertainty surround- ing the United Kingdom’s Brexit Referendum, or a sign of We would very much like to thank in advance our key note something wider? speaker Callum Mitchell-Thomson, Head of Investment Banking Germany for J.P. Morgan Chase & Co., and the MuMAC 2016 is the best place to get answers from experts. many speakers participating in the panel discussions. Come and join us. MuMAC 2016 will cover topics of major significance to the cross-border M&A markets, including regional investment trends in Europe, both from and into Asia and the United States. -
Private Equity in Sweden
PRIVATE EQUITY IN SWEDEN An analysis of the private equity industry in Sweden and two case studies on individual companies’ competitive strategy JOHAN MATTISSON MASTER THESIS LUND UNIVERSITY, 2017 Abstract Private equity is a growing global phenomena and private equity companies have become a major force in many of Sweden’s industries. These companies own portfolio companies which together employs around 190 000 people and have an annual revenue of over 318 billion SEK. The purpose of this thesis was to describe and analyze the Swedish private equity industry and individual companies’ competitive strategy to increase value of portfolio companies and to attract capital. The methodical approach of this thesis was qualitative and abductive. Only public data was used bar the two interviews that was conducted with the case companies. The theoretical framework for the industry analysis was Porters five forces. The case companies were analyzed on the corporate, business and operational levels of strategy. A resource based view was used to further analyze the case companies’ strategic capabilities. The main findings from the industry analysis was that the vast majority of investors in Swedish private equity funds are made by professional institutions and a large amount of the investments were of international origin. The large pool of investors makes it easier for Swedish private equity companies to attract capital. The number of new private equity funds have been declining since 2007 but at the same time the average fund size has grown. There are many differentiating factors between private equity companies. This differentiation is beneficial for the private equity companies as they become less commoditized from the viewpoint of an investor. -
PRIVATE EQUITY DEMYSTIFIED an Explanatory Guide
Financing Change PRIVATE EQUITY DEMYSTIFIED An explanatory guide John Gilligan and Mike Wright Financing Change An initiative from the ICAEW Corporate Finance Faculty This is the first report to be published under Financing Change, the thought leadership programme of the ICAEW Corporate Finance Faculty. The faculty is the world’s largest network of professionals involved in corporate finance and counts accountants, lawyers, bankers, other practitioners and people in business among its members. Financing Change aims to advance the economic and social contribution of corporate finance activity by promoting better understanding and practice. Once a niche market for finance, private equity today competes with the public markets as a provider of equity capital, and is the owner of many large companies which are household names and major employers. Private equity has been the subject of public debate in many jurisdictions and a number of common public policy challenges have arisen. If future private equity deals are to achieve their full economic potential and avoid being constrained unnecessarily by legislators and regulators, it is important that dealmakers continue to have regard to the context in which private equity transactions take place, and that greater effort is made to provide all stakeholders with clear, transparent and objective information. Private equity demystified – An explanatory guide was commissioned to shed light on the motivations of the main participants in private equity transactions and on their risks and rewards. It deals with issues of international relevance, using UK-specific examples to illustrate operating models, remuneration practices, employment regulations and taxation policy. The report also includes a review of academic studies on private equity transactions from around the world. -
ANNUAL REVIEW 2017 Land of the Giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus
ANNUAL REVIEW 2017 Land of the giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus Ares Management is honored to be recognized as Lender of the Year in North America for the fourth consecutive year as well as Lender of the Year in Europe Lender of the year in Europe Ares Management, L.P. (NYSE: ARES) is a leading global alternative asset manager with approximately $106 billion of AUM1 and offices throughout the United States, Europe, Asia and Australia. With more than $70 billion in AUM1 and approximately 235 investment professionals, the Ares Credit Group is one of the largest global alternative credit managers across the non-investment grade credit universe. Ares is also one of the largest direct lenders to the U.S. and European middle markets, operating out of twelve office locations in both geographies. Note: As of December 31, 2017. The performance, awards/ratings noted herein may relate only to selected funds/strategies and may not be representative of any client’s given experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. learn more at: www.aresmgmt.com | www.arescapitalcorp.com The battle of the brands the US market on page 80, advisor Hamilton TOBY MITCHENALL Lane said it had received a record number EDITOR'S of private placement memoranda in 2017 – ISSN 1474–8800 LETTER MARCH 2018 around 800 – and that this, combined with Senior Editor, Private Equity faster fundraising processes, has made it dif- Toby Mitchenall, Tel: +44 207 566 5447 [email protected] ficult to some investors to make considered Special Projects Editor decisions. -
Private Equity
Kuwait Financial Centre “Markaz” P R I V A T E E Q U I T Y U P D A T E Private Equity Month End February, 2008 Market Trends Private Equity update: Compiled from various public - The Private Equity market in 2008 has started off slow, with no sources expectation to pick up quickly. The sluggish start was expected for 2008, so this doesn’t come as a surprise to investors. Total leveraged buy-out volume so far in 2008 is down to $34 billion, two-thirds of the volume at this time the previous year. A single mega-deal from 2007 eclipses the total buy-out volume for 2008. While the level of activity has been slow-moving, the industry is still sitting on $820 billion of uncalled capital from investors. The average size of buy-outs this year, $120 million, is the lowest since 2001. - For the average private equity firm, about 38 individuals are employed for every $1 billion of assets under management, and this number decreases to 15 or less at many of the larger firms. With this type of a work force, it will prove influential since $10 billion buy-outs occur daily. However, if the investors deploy the funds across an array of smaller deals, it will result in longer waiting periods, as well as smaller returns. - Investors in the real estate market in 2008 are the most optimistic, due to predictions of higher or the same returns for this year. Investors intend on using the same type of strategy for deals in 2008. -
2018.Pdf 1 11/4/18 9:17
AF_Cub-Anuario-ASCRI-2018.pdf 1 11/4/18 9:17 C M Y CM MY CY CMY K Anuario 2018 Directory Patrocinado por / Sponsored by: ANUARIO ASCRI 2018 Todos los derechos reservados ASCRI: Príncipe de Vergara, 55, 4ºD. 28006 Madrid DISEÑO EXTERIOR: Atela Comunicación Corporativa DISEÑO INTERIOR: Zingular FOTOMECÁNICA: Zingular IMPRENTA: Zingular 2 sumario / index CARTA DEL DIRECTOR GENERAL DE ASCRI 4 ASCRI Managing Director´s Letter QUÉ ES ASCRI 7 7 What is ASCRI PRIMEROS RESULTADOS DEL AÑO 2017 14 First results for the 2017 exercise LISTA DE ENTIDADES DE CAPITAL PRIVADO ORIENTADAS A INVERTIR EN VENTURE CAPITAL 26 Venture Capital entities LISTA DE ENTIDADES DE CAPITAL PRIVADO ORIENTADAS A CAPITAL EXPANSIÓN Y ÚLTIMAS ETAPAS DE INVERSIÓN 38 Private Equity entities DISTRIBUCIÓN GEOGRÁFICA DE LAS ENTIDADES DE VENTURE CAPITAL & PRIVATE EQUITY SOCIAS DE ASCRI 44 Geographical location of Venture Capital & Private Equity entities (ASCRI members) ÍNDICE DE TÉRMINOS QUE CONTIENEN LAS FICHAS 47 Index of terms included in this directory SOCIOS GESTORES 48 General Partners Members SOCIOS INVERSORES 150 Limited Partners Members SOCIOS ASESORES 160 Advisory Members LISTA DE PROFESIONALES DE LOS SOCIOS GESTORES E INVERSORES POR ENTIDAD 222 General Partners and Limited Partners Professionals listed by entity LISTA DE PROFESIONALES DE LOS SOCIOS GESTORES E INVERSORES POR APELLIDO 234 General Partners and Limited Partners Professionals listed by surname PROFESIONALES DE SOCIOS ASESORES POR EMPRESA 246 Advisory Members Professionals listed by entity PROFESIONALES DE SOCIOS ASESORES POR APELLIDO 256 Advisory Members Professionals listed by surname ASOCIACIONES EXTRANJERAS DE CAPITAL PRIVADO 266 Foreign Venture Capital & Private Equity Associations PUBLICACIONES DE INTERÉS 268 Publications related to the VC&PE Industry ANOTACIONES Y GLOSARIO DE TÉRMINOS 269 Notes and key words 3 I am honored to be leading the Spanish Venture Capital & Private Equity (ASCRI) (Asociación Española de Capital, Crecimiento e Inversión). -
Private Equity: How Does It Work?
Faculty of Economics and Business Administration PRIVATE EQUITY: HOW DOES IT WORK?, FINAL BACHELOR'S PROJECT Author: Gonzalo Hernández Gajate Director: Ramón Bermejo Climent MADRID | April 2020 1 INDEX ABSTRACT .....................................................................................................................4 1. INTRODUCTION .................................................................................................................... 6 1.1. PE in the investment spectrum........................................................................................... 7 2. PRIVATE EQUITY BUSINESS MODEL ........................................................................... 8 2.1. Structure ............................................................................................................................ 8 2.2. Types of funds .................................................................................................................... 9 2.3. Phases of a PE investment ............................................................................................... 12 2.3.1. Sourcing ..................................................................................................................................................... 12 2.3.2. Execution ................................................................................................................................................... 16 2.3.3. Monitoring ................................................................................................................................................ -
Partners Group Global Value SICAV
Partners Group Global Value SICAV Société d’Investissement à Capital Variable ("SICAV") Unaudited Semi-Annual Report 2016 Unaudited financial statements for the period from 1 January 2016 to 30 June 2016 R.C.S. Luxembourg B 124.171 No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter. TABLE OF CONTENTS Mangement and Administration 3 Board of Director’s Report 4 Statement of net assets as at 30 June 2016 8 Statement of operations and changes in net assets for the period ended 30 June 2016 9 Statement of net asset value per share for the period ended 30 June 2016 20 Statement of changes in the number of shares outstanding for the period ended 30 June 2016 22 Notes to the financial statements as at 30 June 2016 23 - 2 - Management and Administration Registered office 2, Place François Joseph Dargent, L-1413 Luxembourg Board of Directors Chairman Sérgio Raposo Partners Group (Luxembourg) S.A. Directors Dr. Helene Müller Schwiering Advokatgruppen Luxembourg Roland Roffler Partners Group AG Daniel Van Hove Orionis Management S.A. AIFM Name Partners Group (UK) Ltd. 110 Bishopsgate, 14th Floor Registered office London EC2N4AY, United Kingdom Administration and Advisors Legal Advisor Loyens & Loeff Luxembourg S.à r.l. 18-20 rue Edward Steichen, L - 2510 Luxembourg Depositary and Paying Agent, Registrar and M.M.Warburg & CO Luxembourg S.A. Transfer Agent 2, Place François Joseph Dargent, L-1413 Luxembourg Administrator and Domicilary Agent WARBURG INVEST LUXEMBOURG S.A. -
Private Equity En Fiscaliteit
Belastingdienst Private equity en fiscaliteit Belastingdienst, Platform Versterking Vaktechniek Onder redactie van mw. mr. C.M. Groot Inhoud 1 Inleiding 9 1.1 Rapport Private equity en fiscaliteit 9 1.2 Opzet van het rapport 9 1.3 Samenstelling projectgroep 9 1.4 Inhoud van het rapport 10 I Zicht op private equity 11 2 Wat is private equity? 12 2.1 Inleiding 12 2.1.1 Ontstaansgeschiedenis private equity 13 2.1.2 Rol van private equity in de Nederlandse economie 14 2.1.3 Recente ontwikkelingen 18 2.2 Een definitie van private equity 19 2.2.1 Private equity als vermogens beheerarrangement 20 2.2.2 Kapitaal bijeengebracht door investeerders 22 2.2.3 Fonds dat beheerd wordt door een participatie maatschappij 23 2.2.4 Participeren in niet-beursgenoteerde onder nemingen 25 2.2.5 Zeggenschap in de portfolio-onder neming 27 2.2.6 Realisatie op termijn 28 2.2.7 Leverage – het hefboom effect 29 2.2.8 Carried interest 30 2.2.9 Rol van de fonds managers 31 2.3 Afbakening: private equity ten opzichte van andere financieringsvormen 31 2.3.1 Informal investors 31 2.3.2 Hedgefondsen 32 2.3.3 Crowdfunding 33 2.4 Private equity als vorm van onder nemingsfinanciering 34 2.4.1 Venture capital 36 2.4.2 Financiering door middel van private equity bij volwassen ondernemingen 38 2.5 Private equity als vorm van belegging 42 2.5.1 Investeerders in private equity 43 2.5.2 Co-investeringen 46 2.6 Participatiemaatschappijen 48 2.6.1 Verschillende soorten participatie maatschappijen 48 2.6.2 Private-equityhuizen 49 2.6.3 Participatiemaatschappijen van banken of verzekeraars -
Private Equity Benchmark Report
Preqin Private Equity Benchmarks: All Private Equity Benchmark Report As of 31st March 2014 alternative assets. intelligent data. Preqin Private Equity Benchmarks: All Private Equity Benchmark Report As of 31st March 2014 Report Produced on 9th October 2014 This publication is not included in the CLA Licence so you must not copy any portion of it without the permission of the publisher. All rights reserved. The entire contents of the report are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in the report is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of the report. While reasonable efforts have been used to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. Does not make any representation or warranty that the information or opinions contained in the report are accurate, reliable, up-to-date or complete. -
Inversión Responsable Para Un Futuro Sostenible ASCRI DIRECTORY PRIVATE EQUITY & VENTURE CAPITAL ANUARIO ASCRI CAPITAL PRIVADO 2020
ANUARIOANUARIO ASCRI ASCRI CAPITALCAPITAL PRIVADO PRIVADO 2020 2020 ASCRI DIRECTORYASCRI DIRECTORY PRIVATE EQUITYPRIVATE & EQUITYVENTURE & VENTURECAPITAL CAPITAL El CapitalEl Capital Privado: Privado: inversióninversión responsable responsable para unpara futuro un futuro sostenible sostenible ASCRI DIRECTORY PRIVATE EQUITY & VENTURE CAPITAL ASCRI DIRECTORY PRIVATE EQUITY & VENTURE CAPITAL ANUARIO ASCRI CAPITAL PRIVADO 2020 ANUARIO ASCRI CAPITAL PRIVADO 2020 ANUARIOANUARIO ASCRI ASCRI CAPITALCAPITAL PRIVADO PRIVADO 2020 2020 ASCRI DIRECTORYASCRI DIRECTORY PRIVATE EQUITYPRIVATE & EQUITYVENTURE & VENTURECAPITAL CAPITAL ANUARIO 2020 DIRECTORY Patrocinado por / Sponsored by: ANUARIO ASCRI 2020 Todos los derechos reservados ASCRI: Príncipe de Vergara, 55, 4ºD. 28006 Madrid DISEÑO EXTERIOR: Atela Comunicación Corporativa DISEÑO INTERIOR: Zingular IMPRENTA: Zingular 2 SUMARIO / INDEX CARTA DEL PRESIDENTE Y DEL DIRECTOR GENERAL DE ASCRI 4 ASCRI Chairman and Managing Director´s Letter QUÉ ES ASCRI 7 What is ASCRI PRIMEROS RESULTADOS DEL AÑO 2019 18 First results for the 2019 exercise LISTA DE ENTIDADES DE VENTURE CAPITAL, CORPORATE VENTURE E IMPACTO SOCIAL 30 Venture Capital, Corporate Venture and Social Impact entities LISTA DE ENTIDADES DE PRIVATE EQUITY 42 Private Equity entities DISTRIBUCIÓN GEOGRÁFICA DE LAS ENTIDADES DE VENTURE CAPITAL & PRIVATE EQUITY SOCIAS DE ASCRI 48 Geographical location of Venture Capital & Private Equity entities (ASCRI members) LISTA DE COMPAÑÍAS PARTICIPADAS 2019 51 Portfolio directory 2019 ÍNDICE DE TÉRMINOS QUE -
Corporate Financial Strategy This Page Intentionally Left Blank Corporate Financial Strategy
Corporate Financial Strategy This page intentionally left blank Corporate Financial Strategy 3rd edition Ruth Bender and Keith Ward AMSTERDAM • BOSTON • HEIDELBERG • LONDON NEW YORK • OXFORD • PARIS • SAN DIEGO SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO Butterworth Heinemann is an imprint of Elsevier Elsevier Butterworth-Heinemann Linacre House, Jordan Hill, Oxford OX2 8DP 30 Corporate Drive, Burlington, MA 01803 First published 1993 Reprinted 1993, 1994, 1995, 1997, 1998, 1999, 2000, 2001 Second edition 2002 Reprinted 2003 (twice), 2005 (twice) Copyright © 2009, Ruth Bender and Keith Ward. All rights reserved The rights of Ruth Bender and Keith Ward to be identifi ed as the authors of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988 No part of this publication may be reproduced in any material form (including photocopying or storing in any medium be electronic means and whether or not transiently or incidentally to some other use of this publication) without the written permission of the copyright holder except in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London, England W1T 4LP. Applications for the copyright holder’s written permission to reproduce any part of this publication should be addressed to the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone: (ϩ44) 1865 843830, fax: (ϩ44) 1865 85333, e-mail: [email protected]. You may also complete your request on-line via the Elsevier homepage (http://www.elsevier.com), by selecting ‘Customer Support’ and then ‘Obtaining Permissions’ British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN 978-0-7506-8665-5 Typeset by Charon Tec Ltd., A Macmillan Company.