DOCSLIB.ORG

2018 Comprehensive Annual Financial Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2018 Comprehensive Annual Financial Report 2018 ANNUAL REPORT Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 NYSTRS.org Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 STNYRS Committed to Providing Educators With a Secure Retirement Since 1921 NEW YORK STATE TEACHERS’ RETIREMENT SYSTEM Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 Our Mission: To provide our members with a secure pension. Our Vision: To be the model for pension fund excellence and exceptional customer service. Our Values: Integrity Excellence Respect Resourcefulness Diversity Diligence Balance In addition to the above, NYSTRS has five Strategic Objectives. These objectives serve as a guiding light for staff and are a daily reminder of our core beliefs. Each tabbed section divider in this report will examine one of the Strategic Objectives. When taken in concert with our Mission,Vision and Values, these ideals form the fabric of our culture. New York State Teachers’ Retirement System 10 Corporate Woods Drive Albany, NY 12211-2395 (800) 348-7298 NYSTRS.org xxx Table of Contents INTRODUCTION INVESTMENTS (cont.) ACTUARIAL (cont.) 88 Breakdown of Real Estate 117 History of Member Payroll and the 7 Board of Trustees Equity Portfolio Employer Contribution Rate 8 Organizational Structure & Geographic Distribution of the Schedule of Retired Members and Executive Staff Real Estate Equity Portfolio Benefciaries Added to and 9 NYSTRS Staff 89 Private Equity Net Asset Value by Removed from the Beneft Payroll 10 Letter of Transmittal Investment Type 118 Independent Actuarial Review 14 President’s Message Private Equity Net Asset Value 15 Summary of Benefts by Geography 90 Domestic Fixed Income and High STATISTICAL Yield Bonds Distribution FINANCIAL Domestic Fixed Income and High Demographic & Economic Information 23 Independent Auditors’ Report Yield Bonds Quality Distribution 121 Number of Active Members and 25 Management’s Discussion 91 Domestic Fixed Income Retired Members and Analysis Average Maturity 122 Distribution of Active Members by Global Bonds Quality Distribution Basic Financial Statements Age and Years of Service 92 Global Bonds Sector Distribution Distribution of Active Members 32 - Statements of Fiduciary Net Position Ten Largest Fixed Income Holdings by Age 33 - Statements of Changes in 93 Real Estate Debt by Property Type 123 Distribution of Active Members Fiduciary Net Position Breakdown of Real Estate by Service 34 - Notes to Financial Statements Debt Portfolio 126 Active Members and Annuitants 94 Geographic Distribution of the Required Supplementary Information 1922-2018 Real Estate Debt Portfolio 127 Number of Active Members by Tier 60 Schedule of Changes in the Private Debt Net Asset Value by 128 Retirement Statistics School Districts’ Net Pension Investment Type 130 Retirement Beneft Options and Liability (Asset) 95 Private Debt Net Asset Value Percent of Election 62 Schedule of the School Districts’ by Geography Net Pension Liability (Asset) Short Term Sector Distribution Retired Members’ Characteristics Schedule of the School 96 Annual Performance History 131 Distribution of Benefts Paid Districts’ Contributions 97 Investment Performance Results by County 64 Notes to Required 98 Manager Investment 132 Distribution of Retired Members Supplementary Information Performance Results and Benefciaries by Tier 66 Schedule of Investment Returns 100 Corporate Governance Retired Members — Remaining 67 Schedule of NYSTRS’ Net Securities Lending Program Purchasing Power Through 2018 OPEB Liability 101 Schedule of Investment Fees 133 Retired Members and Benefciaries 68 Schedule of NYSTRS and Other and Expenses With Monthly Benefts by Decade of Retirement Contributing Entity Contributions 102 Investment Advisory Committee Real Estate Advisory Committee Distribution of the Annual Beneft Other Supplemental Schedules 103 Investment Consultants of All Retired Members 70 Schedule of Administrative Expenses Master Custodian 134 Distribution of Monthly COLA 71 Schedule of Investment Expenses Securities Lending Increase Commencing External Investment Managers September 2018 & Advisors Distribution of Cumulative INVESTMENTS Monthly COLA Commencing September 2018 75 Report on Investment Activity ACTUARIAL 82 Asset Allocation 111 Actuarial Certifcation Letter Financial Trends Information Changes in Net Asset Value 113 Summary of Actuarial Methods 136 Changes in Fiduciary Net Position 83 Diversifcation of Investments and Assumptions 137 Breakdown of Income Sources 84 Domestic Equity Distribution 114 Actuarial Present Value of 138 Benefts and Return of Domestic Equity Externally Future Benefts Contributions by Type Managed Style Distribution 85 International Equity Funding Progress Operating Information Style Distribution 115 - Funding Progress Global Equity Style Distribution - Analysis of Funding Progress 141 Average Beneft Payments 86 Public Equity Holdings by - Percent Funded 142 Retired Members and Benefciaries Industry Distribution by Type of Beneft 116 Solvency Test Ten Largest Public Equity Holdings 144 Principal Participating Employers Analysis of Financial Experience 87 Public Equity Country Exposure Distribution Real Estate Equity by Property Type 2 Achievements :r '1 J Govcn1mcnl Finance OtTi ccrs Associmion Certificate of Achievement for Excellence in Financial Reporting Presented 10 New York State Teachers' Retirement System For ilS Comprehensive Annu al Fi nnnci 111 Report fo r the Fi scnl Ycw- Ended June 30, 2017 E~cculiw l)irectorlCEO .J Govcmmcnl Finance Officers Association Award for Outstanding Achievement in Popular Annual Financial Reporting Presented 10 New York State Teachers' Retirement System For i1s Annual Hnancial Rcpon for the Fiscal Year Ended June 30, 2017 F\ecuti~c Din:c1or 'CEO 3 Achievements PP C C Public Pension Coordinating Council Public Pension Standards Award For Funding and Administration 2017 Presented to New York State Teachers’ Retirement System In recognition of meeting professional standards for plan funding and administration as set forth in the Public Pension Standards. Presented by the Public Pension Coordinating Council, a confederation of National Association of State Retirement Administrators (NASRA) National Conference on Public Employee Retirement Systems (NCPERS) National Council on Teacher Retirement (NCTR) Alan H. Winkle Program Administrator 4 INTRODUCTION INTRODUCTION Governance Structure Maintaining a strong governance structure is how we ensure NYSTRS operates effectively, efficiently and ethically. It requires that we be fiscally responsible and transparent, and that we manage risk. The checks and balances built into the structure places a premium on compliance with all applicable laws and regulations. INTRODUCTION Page 7 Board of Trustees 8 Organizational Structure & Executive Staff 9 NYSTRS Staff 10 Letter of Transmittal 14 President’s Message 15 Summary of Benefits Introduction Board of Trustees Sheila Sullivan Buck Paul J. Farfaglia Stephen P. Feehan Rush-Henrietta Jordan-Elbridge Windsor Teacher Member Teacher Member School Boards Elected by NYSTRS Delegates Elected by NYSTRS Delegates Association Member First Elected 2017 First Elected 2009 Elected by Board of Regents First Elected 2016 David P. Keefe President Hempstead Retired Teacher Member Elected by NYSTRS Retirees First Elected 2004 Ron Gross Dr. Phyllis S. Harrington Daniel J. Hogarty Jr. William Floyd Oceanside Troy Teacher Member School Administrator Bank Executive Elected by NYSTRS Delegates Appointed by Elected by Board of Regents First Elected 2017 Commissioner of Education First Elected 2005 First Appointed 2010 Michael J. Masse Vice President Fayetteville School Boards Association Member Elected by Board of Regents First Elected 2009 Dr. L. Oliver Robinson Nicholas Smirensky Clifton Park Delmar School Administrator State Comptroller Appointee Appointed by First Appointed 2007 Commissioner of Education First Appointed 2010 7 Introduction Organizational Structure & Executive Staff Actuary Richard A. Young, Actuary y Actuarial Valuations y Fiscal Notes Chief Financial Offcer Noreen Jones, CFO Retirement Board y Finance y Investment Operations David P. Keefe, President y Risk Management Fixed Income Michael A. Wolfe Jr., Managing Director y Long/Short-Term Fixed Executive Director & Income Securities Chief Investment Offcer y Global Bonds y High Yield Bonds Thomas K. Lee Human Resources Beth Bonacquist, Director y Labor Relations y Personnel Classifcation y Recruitment & Training Legal Internal Audit Member Relations Sheila O. Gardella, Director Joseph J. Indelicato, General Counsel Kenneth R. Kasper, Director y Member and Employer y Assurance Services y Contract Review Services & Communications y Consulting Services y Legislation y Beneft Administration y Litigation y Public Relations y Domestic Relations Orders Operations Kevin J. Schaefer, Managing Director y Information Technology y Facilities Services Private Equity & Debt Gerald J. Yahoudy II, Managing Director y Private Equity Investments y Private Debt Opportunities Public Equity Frederick W. Herrmann, Managing Director y Domestic, International and Global Equity Investments Real Estate Equity & Debt David C. Gillan, Managing Director y Real Estate Equity Investments y Commercial Lending 8 Introduction NYSTRS Staff Executives Beth Bonacquist Kenneth R. Kasper Director of Human Resources Director of Internal Audit Sheila O. Gardella Kevin J. Schaefer Director of Member Relations Managing Director of Operations David C. Gillan
Load more

Recommended publications
  • Combining Banking with Private Equity Investing*
    Unstable Equity? * Combining Banking with Private Equity Investing First draft: April 14, 2010 This draft: July 30, 2010 Lily Fang INSEAD Victoria Ivashina Harvard University and NBER Josh Lerner Harvard University and NBER Theoretical work suggests that banks can be driven by market mispricing to undertake activity in a highly cyclical manner, accelerating activity during periods when securities can be readily sold to other parties. While financial economists have largely focused on bank lending, banks are active in a variety of arenas, with proprietary trading and investing being particularly controversial. We focus on the role of banks in the private equity market. We show that bank- affiliated private equity groups accounted for a significant share of the private equity activity and the bank’s own capital. We find that banks’ share of activity increases sharply during peaks of the private equity cycles. Deals done by bank-affiliated groups are financed at significantly better terms than other deals when the parent bank is part of the lending syndicate, especially during market peaks. While bank-affiliated investments generally involve targets with better ex-ante characteristics, bank-affiliated investments have slightly worse outcomes than non-affiliated investments. Also consistent with theory, the cyclicality of banks’ engagement in private equity and favorable financing terms are negatively correlated with the amount of capital that banks commit to funding of any particular transaction. * An earlier version of this manuscript was circulated under the title “An Unfair Advantage? Combining Banking with Private Equity Investing.” We thank Anna Kovner, Anthony Saunders, Antoinette Schoar, Morten Sorensen, Per Strömberg, Greg Udell and seminar audiences at Boston University, INSEAD, Maastricht University, Tilburg University, University of Mannheim and Wharton for helpful comments.
    [Show full text]
  • Leadership Newsletter Winter 2020 / 2021
    T���������, M���� ��� T����������������� Leadership Newsletter Winter 2020 / 2021 GTCR Firm Update Since the firm’s inception in 1980, GTCR has Technology, Media and Tele- partnered with management teams in more communications than 200 investments to build and transform growth businesses. Over the last twenty years alone, GTCR has invested over $16 billion in approximately 100 platform acquisitions, 30+ 95+ PLATFORMS ADD-ONS including more than 65 companies that have been sold for aggregate enterprise value of over $ $50 billion and another 14 companies that have 25B+ been taken public with aggregate enterprise value PURCHASE of more than $34 billion. In November 2020, PRICE we closed GTCR Fund XIII, the firm’s largest fund to date, with $7.5 billion of limited partner capital commitments. This fund follows GTCR Fund Acquisition Activity Since 2000 XII, which we raised in 2017, with $5.25 billion As of January 15, 2021* of limited partner capital commitments. GTCR currently has 25 active portfolio companies; ten of these companies are within the Technology, Media and Telecommunications (“TMT”) industry. Page 1 / Continues on next page Technology, Media and Telecommunications Group Update Since 2000, GTCR has completed over 30 new platform investments and over 95 add-on acquisitions within the TMT industry, for a total of over 125 transactions with a combined purchase price of over $25 billion. During just the past year, we have realized several of these investments, selling three businesses and completing the partial sale of two additional companies, for a combined enterprise value of over $9 billion. Our TMT franchise includes ten active portfolio companies and one management start-up, which together have completed nearly 30 add-on acquisitions under our ownership, representing approximately $3 billion of GTCR invested capital.
    [Show full text]
  • Value in Private Equity: Where Social Meets Shareholder 3 OPPORTUNITIES ALIGNED
    VALUE IN PRIVATE EQUITY WHERE SOCIAL MEETS SHAREHOLDER By Mark Hepworth Big Issue Invest March 2014 2 MOVING TOWARDS AN ERA OF OPPORTUNITY FOR ALL... The imbalance of opportunity in society is as striking today as it ever was. In my opinion though, this lack of opportunity is caused, not so much by opportunity not being there, but because of the lack of educational qualifications, or other criteria, such as direction and focus being absent in poorer sections of society. Clearly someone who attended private school, comes from a wealthy and educated family, and who completed their education to degree level is more likely to achieve than someone who was brought up as part of a one parent family, located in an inner city borough, didn’t attend much school and left at the earliest opportunity without any exam passes. Opportunity is always there for those naturally gifted, or lucky enough to spot it, or perhaps those educated enough to recognise it. I recently had lunch with a leading politician and mentioned my belief that we simply must find a way of linking the powerful stallions of free enterprise to the carriage of humanity that follows behind. It is essential in a modern democratic society that we work toward inclusion for all. Forget making the rich poorer, let’s make the poor richer. To most, the goal of private equity investment is typically seen as working in direct conflict to this goal of social inclusion. The media tends to distort and exaggerate the sector like a pantomime villain - asset stripping, job losses, financial engineering...the list goes on.
    [Show full text]
  • Venture Capital, Private Equity and Real Estate on the Blockchain
    VENTURE CAPITAL, PRIVATE EQUITY AND REAL ESTATE ON THE BLOCKCHAIN Whitepaper July 2018 Contents Preamble ..........................................................3 About Us ...........................................................4 Introduction ....................................................5 The Market .......................................................6 Private Equity ................................................................6 VC Market .......................................................................8 Real Estate – Europe ...................................................9 Real Estate – USA .........................................................10 The L7 Platform ...............................................11 L7 Global Holdings ......................................................11 Our Investment Criteria for Private Equity .............11 Our Investment Criteria for Venture Capital ..........11 L7 Real Estate ................................................................12 L7 Real Estate Europe ..................................................12 Benefits for Investors ...................................................14 Fixed Coupon Payout ...................................................14 Value Proposition ...........................................15 Investment Process ......................................................16 Crowdfunding .................................................17 Level 7 Crowdfunding Platform .................................19 Blockchain Technology ..................................20
    [Show full text]
  • US PE Breakdown Report 1Q 2019
    US PE Breakdown Report 1Q 2019 April 2019 1 Introduction After 2018’s blistering pace of dealmaking, 2019 environment. 1Q 2019 saw just one PE-backed IPO has gotten off to a sluggish start. Poor as GPs instead opted to sell portfolio companies to performance in leveraged loan and high-yield other financial sponsors or strategic acquirers, markets during 4Q 2018 had an adverse impact on continuing recent trends. Market tranquility was the cost of deal financing, causing many GPs to sustained throughout the end of the quarter, so hold off on finalizing deals. These deals often take analysts expect the 1Q lull in exit activity to be months to close, and difficulty securing financing is short-lived. often evident in lower deal flow the following quarter. The deals that did close, however, were at Fundraising—unlike deals and exits—is on pace to elevated multiples similar to what we have match 2018’s annual total with over $40 billion witnessed in recent years. Pricing ought to remain raised in the first quarter. Fewer but larger funds competitive because GPs have record dry powder are closing, pushing median and average fund sizes waiting to be invested, pressuring PE firms to act. even higher. Strategies beyond the vanilla buyout continue to proliferate, with technology focused Exits experienced an even greater downturn than and growth equity funds witnessing massive closes. deals. Public equity price decreases in 4Q 2018 The recent figures also speak to a longer-term likely led to GPs marking down portfolio change whereby GPs headquartered in the Bay companies, though to a lesser extent than seen in Area and Chicago accounting for a swelling portion public indices.
    [Show full text]
  • BMO Private Equity Trust PLC
    BMO Private Equity Trust PLC Annual Report and Accounts 31 December 2019 BMO Private Equity Trust PLC Celebrating1 | BMO Private 20 Equity years Trust PLC– 1999 to 2019 Report and Accounts 2019 | PB 2 | BMO Private Equity Trust PLC Report and Accounts 2019 | 1 Overview Overview Contents Chairman’s statement Strategic Auditor’s Report Overview Independent Auditor’s Report 40 Company Overview 2 Report Financial Highlights 3 Summary of Performance 4 Financial Report Statement of Comprehensive Income 46 5 Balance Sheet 47 Chairman’s Statement Statement of Changes in Equity 48 Governance Statement of Cash Flows 49 Strategic Report Notes to the Financial Statements 50 Strategic Report – Introduction 7 M DisclosuresAIF 63 Principal Policies 9 Report Promoting the Success and Sustainability of the Company 11 Sustainability and ESG 12 Annual General Meeting Key Performance Indicators 13 Notice of Annual General Meeting 64 Investment Manager 14 Investment Manager’s Review 15 Other Information Auditor’s Shareholder Information 69 Portfolio Summary 19 Top Ten Holdings 20 History 70 Report Portfolio Holdings 22 Historical Record 70 Principal Risks 24 Alternative Performance Measures 71 Glossary of Terms 73 Governance Report w Ho to Invest 75 Corporate Information 76 d of BoarDirectors 26 Financial Report of the Directors 27 Report Corporate Governance Statement 31 Report of the Audit Committee 33 Report of the Nomination Committee 35 Directors’ Remuneration Report 36 Report of the Management Engagement Committee 38 Statement of Directors’ Responsibilities 39 AGM Other Information 2 | BMO Private Equity Trust PLC Report and Accounts 2019 | 1 185155 PET AR19 PRINT.indd 1 16/04/2020 13:58 BMO Private Equity Trust PLC Company Overview The Company BMO Private Equity Trust PLC (‘the Company’) is an investment trust and its Ordinary Shares are traded on the Main Market of the London Stock Exchange.
    [Show full text]
  • Annual Report
    Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)).
    [Show full text]
  • Alternative Investment News November 10, 2008
    ain111008 6/11/08 19:18 Page 1 NOVEMBER 1O, 2008 LEHMAN/NOMURA PRIME BROKER VOL. IX, NO. 45 INTEGRATION HITS SYSTEMS SNAG Credit Suisse Cuts Combining the prime brokerage businesses of Nomura FoF Headcount Holdings and Lehman Brothers has reportedly hit a costly and The firm has trimmed 10 staffers from its fund of funds unit, with most of the unexpected snag that could delay full integration for an culled positions based in Europe. undetermined time, potentially stretching to several months or See story, page 9 over a year. An official involved with the merger integration plans told AIN that in Nomura’s acquisition of Lehman’s Asia, India and At Press Time European operations, it received the software for Lehman’s cash Zaragoza Likes Biotechs 2 prime brokerage system—which includes trading, analytics and (continued on page 19) The Americas Nonprofits To Add HFs 4 MELLON SUSPENDS SANCTUARY FUNDS Peloton Pro Sets Up Shop 4 Mellon Global Alternative Investments has suspended dealings on the $344 million Mellon RCG Bullish On Asia 6 Sanctuary Fund and the $426 million Mellon Sanctuary Fund II—its flagship event-driven Startup Readies Managed Account 7 and relative-value funds of hedge funds—as liquidity concerns have arisen from Europe unprecedented volatility in the markets. A number of the underlying funds “have invoked German Shop Revisits Launches 9 provisions that are intended for periods such as this where acute market illiquidity is coupled Pioneer Keen On Green 10 with extreme selling pressure,” stated an email sent to AIN by Spokesman Jamie Brookes. Mulvaney Sees Record Highs 11 (continued on page 20) Asia Pacific EX-FSA EXEC: SMALLER FUNDS NEED Infrastructure Firm Hires Trio 12 CLOSER SUPERVISION Japan Launch Pushed Back 13 The U.K.’s Financial Services Authority should monitor the behaviour of smaller hedge Middle East & Africa fund firms more closely because malpractice is more likely to go unnoticed in these firms.
    [Show full text]
  • PENSION FUND Annual Report and Financial Statements for the Year Ended 31 December 2020
    CERN/FC/6496 CERN/3571 Original: English 20 May 2021 ORGANISATION EUROPÉENNE POUR LA RECHERCHE NUCLÉAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH Action to be taken Voting procedures Simple majority of Member FINANCE COMMITTEE States represented and voting For recommandation th 377 Meeting and 51% of the contributions 16 June 2021 of all Member States Simple majority of Member OPEN COUNCIL States represented For decision 203th Session and voting 17-18 June 2021 PENSION FUND Annual Report and Financial Statements for the year ended 31 December 2020 Audited by representatives of the NATIONAL AUDIT OFFICE OF FINLAND The Finance Committee is invited to recommend to the Council and the Council is invited to approve the Annual Report and Financial Statements of the CERN Pension Fund for the year ended 31 December 2020 and to grant discharge to the Chief Executive Officer. PENSION FUND Annual Report and Financial Statements for the year ended 31 December 2020 The Financial Statements included in this Report are published in accordance with International Public Sector Accounting Standards (IPSAS) and the Rules and Regulations of the Pension Fund. Table of contents CHAIR’S LETTER .................................................................................................................................. 4 ANNUAL REPORT I. PENSION FUND GOVERNING BOARD REPORT .......................................................................... 8 1. Composition of the bodies of the Fund and Advisers (2020) .................................... 8
    [Show full text]
  • Grand Opening Marks New Bank of Oklahoma
    For Immediate Release: Charlesbank Capital Partners Acquires HDT Global from Metalmark Capital BOSTON – September 16, 2014 – Charlesbank Capital Partners announced today that it has acquired HDT Global, a leading provider of solutions for government, military, commercial and industrial customers, based in Solon, Ohio. Charlesbank purchased the company from Metalmark Capital, and the existing management team is making a significant co-investment in the transaction. Financial terms were not disclosed. Founded in 1937, HDT Global holds a portfolio of products aimed at creating and controlling environmental conditions to protect and optimize the functioning of critical equipment and personnel. Its innovative solutions include rapidly deployable shelters, sophisticated environmental control and power equipment, and nuclear, biological and chemical protection systems. Among its customers are major branches of the US military, international governments and large industrial companies. HDT Global’s senior executives average over 25 years in the industry. Sam Bartlett, Managing Director at Charlesbank, said, “We are proud to back this talented management team, which has built a leading portfolio of integrated products and services with an outstanding reputation for technology leadership, innovation, performance and support. We look forward to helping the HDT team continue to enhance its core offerings and expand the business internationally and through acquisitions.” “We are pleased with the progress HDT has made to become the leading provider
    [Show full text]
  • HVPE Prospectus
    MERRILL CORPORATION GTHOMAS// 1-NOV-07 23:00 DISK130:[07ZDA1.07ZDA48401]BA48401A.;44 mrll.fmt Free: 11DM/0D Foot: 0D/ 0D VJ J1:1Seq: 1 Clr: 0 DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;67 8 C Cs: 17402 PROSPECTUS, DATED 2 NOVEMBER 2007 Global Offering of up to 40,000,000 Shares of 1NOV200718505053 This document describes related offerings of Class A ordinary shares (the ‘‘Shares’’) of HarbourVest Global Private Equity Limited (the ‘‘company’’), a closed-ended investment company organised under the laws of Guernsey. Our Shares are being offered (a) outside the United States, and (b) inside the United States in a private placement to certain qualified institutional buyers (‘‘QIBs’’) as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), who are also qualified purchasers (‘‘qualified purchasers’’) as defined in the U.S. Investment Company Act of 1940, as amended (the ‘‘U.S. Investment Company Act’’) (the ‘‘Global Offering’’). We intend to issue up to 40,000,000 Shares in the Global Offering. In addition, we intend separately to issue Shares to certain third parties in a private placement in exchange for either cash or limited partnership interests in various HarbourVest-managed funds (the ‘‘Directed Offering’’ and, together with the Global Offering, the ‘‘Offerings’’). We will not issue, in the aggregate, more than 85,000,000 Shares in the Offerings. The Shares carry limited voting rights. No public market currently exists for the Shares. We have applied for the admission to trading all of the Shares on Euronext Amsterdam by NYSE Euronext (‘‘Euronext Amsterdam’’), the regulated market of Euronext Amsterdam N.V.
    [Show full text]
  • Energy Fundraising Saw a Significant Decline from the Previous Quarter, Falling to $450 Million
    AMERICAN INVESTMENT COUNCIL 2018-Q2 Private Equity Industry Investment Report Table of Contents Page Executive Summary 3 Business Products & Services 5 Consumer Products & Services 7 Information Technology 9 Financial Services 11 Healthcare 13 Materials & Resources 15 Energy 17 PAGE 2 Executive Summary In the first half of 2018, Business Products and Services (B2B), Consumer Products and Services (B2C), and Information Technology (IT) sectors received more than half of all private equity investment. Fund managers invested $19B in B2C companies, while IT-related companies and B2B companies each received approximately $18 billion in investment during the same period. In addition, fund managers provided $14 billion to Energy companies while businesses in the Financial Services, Healthcare, and Materials and Resources sector secured investments of $11 billion, $11 billion and $7 billion, respectively. Overall, quarterly private equity investment declined to $41 billion from $58 billion in Q2. Only Consumer Products and Services and Healthcare saw increases in investment compared to the previous quarter. Investment rose from $9 billion to $10 billion and from $5 billion to $6 billion in Consumer Products and Services and Healthcare, respectively. Investment in the Information Technology sector experienced the steepest quarterly decline, falling $8 billion to $5 billion in Q2. While investment in Energy companies fell to $4 billion from $10 billion, other sectors—Business Products and Services, Financial Services, and Materials and Resources—saw
    [Show full text]