2018 Comprehensive Annual Financial Report
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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. -
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. -
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. -
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 -
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. -
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. -
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 $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)). -
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. -
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 -
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 -
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. -
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