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LPEQ-Review-2015.Pdf Printed on FSC® certified paper, using fully sustainable, vegetable oil-based inks. The paper supplying mill is ISO 9001, ISO 14001 and OHSAS 18001 certified and operates to EMAS standards. The mill is fully integrated, manufacturing pulp and paper on site, therefore reducing energy consumption and carbon output. Designed: Pikku Design 2015. Printed: Nicholas Gray Limited www.nicgray.com Innovation beyond secondaries About LPEQ LPEQ is a not-for-profit association of listed private equity investment companies committed to raising awareness and understanding of listed private equity as a way to access private company growth. LPEQ upholds and promotes best practices in the long- term interests of the LPE sector as a whole. Competitive source of capital LPEQ was founded in 2006 as an initiative to raise understanding of private equity investment trusts, primarily in the UK. It has since developed into an international for listed private equity managers organisation with listed private equity members across Europe, and engages with investors and other stakeholders worldwide. Raise capital at net asset value, avoid constraints of debt LPEQ is governed by a board of directors that includes managers of member vehicles, representatives from the executive and a member chairman. fi nancing and keep portfolio-upside. FLEXIBILITY ALIGNMENT CONSISTENCY PROFESSIONAL Ability to invest between €5m Fully-aligned partnership 3 funds under management Multinational team of to €300m in concentrated or between the investor backed by prominent 17 highly-experienced LPEQ Limited diversifi ed global portfolios and 17Capital international institutions professionals 5th Floor East, Chancery House 53-64 Chancery Lane London WC2A 1QS CASE STUDIES T +44 (0)20 7492 0480 Listed PE Manager Listed PE Manager Limited Partner VCT Enquiries to [email protected] Capital for new investments Capital for new investments Balance sheet structure Co-investment for a improved secondary transaction www.LPEQ.com Nordic France Global UK 17Capital.com +44 (0) 20 7493 2462 17 Capital- Advert Amend - 13722 - v2.indd 1 08/04/2015 11:08 LPEQ Summer 2015 Contents Welcome to the Listed Private Equity Review 2015 3 Coming of Age 5 Overview of Companies in this Report 13 Member Profiles Altamir SCA 14 Deutsche Beteiligungs AG 16 Dinamia Capital Privado SCR, SA 18 Dunedin Enterprise Investment Trust PLC 20 Electra Private Equity PLC 22 F&C Private Equity Trust plc 24 Gimv NV 26 Graphite Enterprise Trust PLC 28 HarbourVest Global Private Equity Limited 30 HBM Healthcare Investments AG 32 HgCapital Trust plc 34 J.P. Morgan Private Equity Limited 36 JZ Capital Partners Limited 38 NB Private Equity Partners Limited 40 Oakley Capital Investments Limited 42 Pantheon International Participations PLC 44 Princess Private Equity Holding Limited 46 Spice Private Equity Limited 48 Standard Life European Private Equity Trust PLC 50 Directory of Members 53 Disclaimer 60 Contacts: Andrea Lowe Chief Executive [email protected] Louisa Symington-Mills Chief Operating Officer [email protected] Listed Private Equity Review Summer 2015 1 LPEQ Company Text Investment in private equity ... for the price of a share Making Private Equity Accessible 2 Listed Private Equity Review Summer 2015 Company LPEQ Welcome to the Listed Private Equity Review 2015 LPEQ was founded in 2006 with a clear purpose – to increase awareness and understanding of the listed private equity (LPE) sector among public market investors. Today, the commitment of our members to investor engagement and transparency seems more relevant than ever. Towards the end of 2014, the combined market capitalisation of the global listed private equity sector passed €100 billion for the first time. As a result, a growing number of public market investors across the world own shares in listed private equity companies. Meanwhile, the $2 trillion private equity asset class (including investments made through private limited partnership funds) is playing an ever larger role in the economies of both developed and emerging markets. Throughout the year, LPEQ publishes information about the LPE sector to contribute to the research that public market investors undertake themselves. We conduct regular sentiment surveys; we publish aggregated Cashflow data semi-annually; we provide educational materials including an LPE Expert Video Series; we act as a conduit for academic and industry research through our various social media channels; and we regularly host investor days and conferences across Europe. In addition LPEQ publishes best practice guidelines for LPE managers, such as our Investor Reporting guidelines, and we host an annual LPE Award for Investor Reporting Excellence, deliberated upon by a panel of independent investors and analysts. This ‘Listed Private Equity Review’ is an important addition to our annual output. It provides insight into the investment aim and strategy of each of LPEQ’s members’ vehicles, as well as an overview of recent developments, key portfolio data plus net asset value (NAV) and share price performance figures. It also includes contact information for each member. In addition to this, our website www.LPEQ.com has a wealth of information about LPE. As always, if you have questions or comments regarding any of these activities, I would be delighted to hear from you. Andrea Lowe Chief Executive, LPEQ [email protected] Listed Private Equity Review Summer 2015 3 To be presented at the JUDGES LPEQ Investor Conference 2 June 2015 Charles Armstrong Cazenove Capital Management The judging panel of investors and analysts will assess annual reports and investor sections of corporate websites Charles Cade for the quality of investor reporting for Numis Securities both ‘Direct’ and ‘Fund of Funds’ listed private equity companies. Benjamin Isler For more information about entry and LGT Capital Partners sponsorship opportunities, please email [email protected] Andrew McHattie The McHattie Group Innes Urquhart Winterflood Securities 4 Listed Private Equity Review Summer 2014 LPEQ Coming of Age Private equity firms invest – as the name suggests – in privately-held businesses, across all major sectors and in all stages of development. Investment targets encompass all forms of company ownership: founder-owned entrepreneurial companies; family businesses; unloved divisions of large corporations; out-of-favour listed companies; state-owned companies that are being privatised; distressed companies; and companies owned by other financial investors. The potential investment universe is far larger than the few thousand companies that are listed and exhaustively trawled on each of the various stock markets around the world. In this complex and varied environment, experience as well as a broad array of investment skills and established networks are important. As private equity matures as an industry, private equity firms increasingly have specific areas of expertise – whether by geography, industry sector, stage of a company’s development and/or by investment style. All this means that the opportunity set open to private equity is vast and the sector is extremely varied in terms of its underlying exposures. By contrast to this huge potential private market, the private equity industry is itself relatively small. This is partly a reflection of the extreme selectivity undertaken by private equity managers. Only a tiny proportion of the companies that go into the investment ‘funnel’ will ultimately receive investment. Managers expend great resource on identifying and conducting due diligence on the most promising ventures. Private equity funds will commonly make a large and often controlling investment in each investee company, ensuring a powerful say over the company’s strategy. Very often the private equity firm will take board seats and play an active role in setting the strategy of the company. This allows the investor to protect their downside risk while ensuring the company is run for the benefit of the company’s owners – in other words it is a powerful solution to the agency problem suffered by many larger companies. Successful private equity investment cannot rely on a stock-picking or passive investment approach. Realising the full potential of often young and innovative companies requires an engaged approach to investment, something that is both rare and much more difficult to achieve in a public market context. This influence also gives private equity investors more control over the timing and method of sale of the business to capture the best value. Listed Private Equity Review Summer 2015 5 LPEQ This ownership model affords other important benefits: Alignment of interests Private equity’s ‘sale-discipline’ provides an unambiguous benchmark around which to incentivise the private equity manager and company management, ensuring very close alignment of interests with its beneficial owners. There is no need for arbitrary bonuses based on irrelevant time periods. Typically these incentives are based on an 8% per annum performance ‘hurdle’. Patient owners Free from the pressures of continuous public financial disclosures, private equity- backed company managers can do two things: they can provide much more detailed and frequent information to the private equity manager without the fear of damaging their commercial interests; and they can plan for the longer-term. Typically private equity managers will seek an exit within a 3-5 year period, and be able to demonstrate a compelling proposition to the future owners of the business. Optimal
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