Pitchbook's Annual Global League Tables
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TEACHERS' RETIREMENT SYSTEM of the STATE of ILLINOIS 2815 West Washington Street I P.O
Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2020 Performed as Special Assistant Auditors for the Auditor General, State of Illinois Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2020 Table of Contents Schedule Page(s) System Officials 1 Management Assertion Letter 2 Compliance Report Summary 3 Independent Accountant’s Report on State Compliance, on Internal Control over Compliance, and on Supplementary Information for State Compliance Purposes 4 Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 8 Schedule of Findings Current Findings – State Compliance 10 Supplementary Information for State Compliance Purposes Fiscal Schedules and Analysis Schedule of Appropriations, Expenditures and Lapsed Balances 1 13 Comparative Schedules of Net Appropriations, Expenditures and Lapsed Balances 2 15 Comparative Schedule of Revenues and Expenses 3 17 Schedule of Administrative Expenses 4 18 Schedule of Changes in Property and Equipment 5 19 Schedule of Investment Portfolio 6 20 Schedule of Investment Manager and Custodian Fees 7 21 Analysis of Operations (Unaudited) Analysis of Operations (Functions and Planning) 30 Progress in Funding the System 34 Analysis of Significant Variations in Revenues and Expenses 36 Analysis of Significant Variations in Administrative Expenses 37 Analysis -
Review Risk Management Institue
NOV 2016 · VOL 3 PRIVATE EQUITY GOSS INSTITUTE OF RESEARCH MANAGEMENT LIMITED NATIONAL UNIVERSITY OF SINGAPORE REVIEW RISK MANAGEMENT INSTITUE HAITAO JIN Qianhai Fund of Fund, LLP Exploring the Business Model of China’s Private Equity/Venture Capital (PE/VC) Fund of Funds (FOF) Investments KATAHIRA MASAKI Eastasia Investment (International) Limited New Findings on Japan’s Capital Market: A Study on Japan Post Group’s Successful Transformation through Capital Market WEI CUI, MIN DAI, AND STEVEN KOU Risk Management Institute’s New Research Initiative A Pricing and Risk Management System for Chinese Bonds PRIVATE EQUITY REVIEW PRIVATE EQUITY REVIEW CONTENTS EDITORIAL BOARD Darrell Duffie, Stanford University MESSAGE FROM THE EDITORS Quanjian Gao (Editor-in-Chief), GOSS Institute of Research COVER ARTICLE Management Ltd. 01 Exploring the Business Model of Jeff Hong (Co-Editor), China’s Private Equity/Venture Capital (PE/VC) City University of Hong Kong Fund of Funds (FOF) Investments Li Jin, Haitao Jin Oxford University Steven Kou (Co-Editor), ACADEMIC INSIGHTS National University of Singapore 10 New Findings on Japan’s Capital Market: Neng Wang, A Study on Japan Post Group’s Successful Columbia University Transformation Through Capital Market Houmin Yan, Katahira Masaki City University of Hong Kong Lin Zhou, CASE STUDY Shanghai Jiao Tong University 22 Will Private Equity (PE) Firms Continue to Invest in China’s Auto Consumption and Sales Industry? Yankun Hou ADVISORY BOARD 32 Quantitative Methods for Venture Capital Investment Weijian Shan, -
Wharton Class of 2002
Wharton0B Undergraduate Class of 2011 Career19B Plans Survey Report 20U 11U Number of Degrees Awarded 676 Number of Completed Surveys 600 Response20B Rate 88.8% SUMMARY OF POST-GRADUATION PLANS Additional Non-Grad Education Seeking Graduate This report summarizes responses from Graduate School 0.3% School 5.3% 0.2% December 2010 and May/August 2011 Seeking Employment Wharton Bachelor of Science in Part-time Employed 4.2% Other 0.3% Economics degree recipients. 0.5% Short-term Employed 1.2% Even though the national unemployment Self-Employed rate remained stubbornly high during the 2.2% 2010-2011 academic year, the Wharton students fared extremely well in their job and graduate school searches. Most students (89.5%) entered the working world, while another 5.6 pursued further education. The average base salary rose significantly to $66,412, nearly $3,000 Full-time Employed more than the average salary for the Class 85.8% of 2010. JOB FUNCTIONS OF WHARTON GRADUATES The Class of 2011 entered a wide range of job functions upon graduation with investment banking, consulting, sales and trading, investment management and marketing/sales being top areas of interest for our students. Large employers such as Goldman Sachs, Citi, Morgan Stanley, J.P. Morgan, Boston Consulting Group and McKinsey hired the greatest number of Wharton graduates. However, students accepted employment in smaller numbers with a wide range of other employers including Abercrombie & Fitch, Kraft Foods, Google, L’Oreal, Prophet, PepsiCo and Teach for America. Report prepared by Barbara Hewitt, Senior Associate Director, Career Services, University of Pennsylvania, November 2011 METHODOLOGY Students were asked via several e-mail requests during Spring 2011 to complete an online version of the Career Plans Survey. -
Valuation Multiples by Industry
Valuation Multiples by Industry https://www.eval.tech SIC Sector: (6000-6799) Finance, Insurance and Real Estate Report Date: 30 July 2021 Country: United States of America (U.S.A.) Industry Valuation Multiples The table below provides a summary of median industry enterprise value (EV) valuation multiples, as at the Report Date. The data is grouped by industry SIC code: EV Multiple Max # Rev EBITDA EBIT TotAss TanAss National Commercial Banks (6021) 80 2.46 6.58 7.16 0.10 0.11 State Commercial Banks (6022) 159 2.72 6.14 7.08 0.10 0.10 Commercial Banks, Nec (6029) 22 3.25 10.61 18.61 0.12 0.12 Savings Institution, Federally Chartered (6035) 41 2.80 8.39 9.48 0.12 0.12 Savings Institutions, Not Federally Chartered (6036) 17 2.93 7.94 8.35 0.11 0.11 Personal Credit Institutions (6141) 11 4.36 8.34 9.67 1.02 1.02 Mortgage Bankers & Loan Correspondents (6162) 6 3.43 6.16 6.41 0.66 0.66 Finance Services (6199) 27 3.93 10.93 10.93 0.86 0.86 Security & Commodity Brokers, Dealers, Exchanges & Services 10 7.03 19.47 19.10 1.11 1.18 (6200) Security Brokers, Dealers & Flotation Companies (6211) 26 4.03 12.50 13.42 0.62 0.64 Investment Advice (6282) 41 3.34 11.26 11.47 1.46 2.00 Life Insurance (6311) 20 0.64 6.65 6.16 0.06 0.06 Accident & Health Insurance (6321) 5 1.35 7.83 8.04 0.17 0.17 Hospital & Medical Service Plans (6324) 10 0.73 13.79 14.93 1.42 1.79 Fire, Marine & Casualty Insurance (6331) 51 1.27 7.33 8.06 0.34 0.34 Surety Insurance (6351) 8 4.83 8.87 8.87 0.75 0.76 Title Insurance (6361) 5 1.05 4.32 4.90 0.46 0.51 Insurance Agents, Brokers -
2015 GIOA Corporate Attendees
2015 GIOA Corporate Attendees Last Name First Name Title Entity Hall Wes Vice President, Investments Alamo Capital Mullally Ben Vice President, Investments Alamo Capital Bove Dave Managing Director Amherst Pierpont Brudzinski Beau Vice President Amherst Pierpont DiCamillo, CFA Dan Vice President Amherst Pierpont Markaity Dan Consultant Amherst Pierpont Teifeld Mike Managing Director Amherst Pierpont Holmen Christopher Investments Andress Enterprises Deshmukh Nisha Vice President, Business Development ASPN Solutions Li Shen Trader Bank of America Merrill Lynch Hayes Sean Vice President, SSA Origination & Syndicate Bank of Montreal Conley Craig Vice President - Fixed Income Bank of the West Ching Jerry Agency Trader Barclays Fisher Michael Rates Sales Barclays Bjursten Peter Director Barclays Capital Boyd Lewis Agency Trader BB&T Capital Markets Short Tom Senior Vice President BB&T Capital Markets Tollefsen Ed Senior Vice President Blaylock Beal Van LLC Graham Scott Co-Head Fixed Inc Sales US/Head Prim Dealer BMO Capital Markets Pilsbury Bill Interest Rate Sales BMO Capital Markets Mitrovich Mark Vice Pres - Institutional Market BMO Harris Bank Preiner David B. National Director - Relationship Devel BMO Trust & Custody Services Gavula Steve Vice President - Fixed Income BNP Paribas Mulhern Stephen Vice President BNP Paribas Shubert Craig Director BNP Paribas Hennessy Anna Vice President, Sales BNY Mellon Isaac David Managing Director BNY Mellon Jacobs Christopher Head of Sales BNY Mellon Coughlin Sean Vice President BNY Mellon Capital Markets Jemison Johnnie VP, Senior Portfolio Manager BNY Mellon Wealth Management Glidden Jason Vice Pres - Institutional Fixed Income BOSC, Inc Lewis Camee Vice President BOSC, Inc Maher Brian Taxable Trader BOSC, Inc Rietveld Joel Fixed Income Strategy BOSC, Inc Fitzpatrick Michael (Mike) Managing Director Brean Capital, LLC Sapoch William (Bill) Director Brean Capital, LLC Wells Les Marketing Consultant Business Data Links, Inc. -
Philadelphia Investment Trends Report
Venture impact Technology investment in the Greater Philadelphia region Trends and highlights, January 2008 to June 2013 Innovation, investment and opportunity On behalf of EY, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Greater Philadelphia Alliance for Capital and Technologies (PACT), we are pleased to present this review 421 companies of technology investment trends and highlights in the Greater Philadelphia region. $4.1 billion The technology investment community in the Greater Philadelphia region includes a wide variety of funding sources supporting a diverse array of companies and industry sectors. In this report, Total investment since we’ve analyzed more than a thousand investment rounds and January 2008 exits that occurred in the Philadelphia region since 2008 – including investments from venture capital fi rms (VCs), angel investors (Angels), corporate/strategic investors, seed funds, accelerators and other sources of funding. As shown in this report, 2012 reversed a post-recession slowdown in venture funding in Greater Philadelphia, and to date, 2013 has brought a welcome increase in the amount of new funds available at regional investment fi rms. These are positive signs for our region’s technology companies, as are the increasing number of exits via IPO and acquisition, which serve as further validation of the investment opportunities created by our region’s growing technology sector. We encourage you to explore this report, and we hope that it will provide useful insights into the current state of -
Articles of Association (Approved at the Extraordinary General Meeting Held on 28 September 2020)
上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (a joint stock limited company incorporated in the People’s Republic of China) (Stock Code: 1385) Articles of Association (Approved at the Extraordinary General Meeting held on 28 September 2020) (This Articles of Association is written in both Chinese and English, and the English version is only an English translation of the Chinese version. In case of inconsistency, the Chinese version shall prevail) *for identification only INDEX Page Chapter 1 General Provisions ……………………………………………………..... 2 Chapter 2 Objectives and Scope of Business …………………………….………..... 3 Chapter 3 Shares and Registered Capital ………………………………….……..… 3 Chapter 4 Reduction of Capital and Repurchase of Shares ………………………… 5 Chapter 5 Financial Assistance for the Purchase of Company Shares ……….…….. 7 Chapter 6 Share Certificates and Register of Shareholders …………………..…….. 9 Chapter 7 Rights and Obligations of Shareholders ……………….………………… 12 Chapter 8 Shareholders’ General Meetings ………………………………………… 14 Chapter 9 Special Procedures for Voting by Different Classes of Shareholders …… 21 Chapter 10 Board of Directors ……………………………………………………….. 23 Chapter 11 Secretary to the Board of Directors ……………………………………… 27 Chapter 12 General Manager ……………………………………………………….... 27 Chapter 13 Board of Supervisors …………………………………………………….. 28 Chapter 14 Qualifications and Duties of the Company’s Directors, Supervisors, General Manager and Other Senior Management Staff ……..…………... 29 Chapter 15 Financial and Accounting Systems and Distribution -
Announcing: Finalists Circle for the Prestigious M&A
GLOBAL MAJOR MARKETS CONGRATULATIONS to all the OUTSTANDING FINALISTS of the YEAR, 2014 ANNUAL AWARDS GALA DINNER June 12, 2014, New YORK, USA. Global M&A Network congratulates the distinguished group of finalists nominees for the one and only, GLOBAL MAJOR MARKETS, M&A ATLAS AWARDS. Prestigious awards exclusively honors excellence from all corners of the globe for executing M&A transactions valued above a billion dollars as always in the categories of: 40 Deal, 7 Outstanding Firm and 4 Global M&A Dealmakers of the Year awards. In a highly competitive process, a total of 185 transactions closed during January 2013 to January 31, 2014 were evaluated. From the pool of 185 deals, 106 deals are included in the finalists list. Eventually, only 40 deals will win at the annual awards gala. Prestige: Winning the M&A ATLAS AWARDS conveys a resounding message that the winner has accomplished the highest performance and excellence standards, worldwide. As always, the winners are selected independently for closing the best value-generating and game- changing transformational transactions based on identifiable criteria such as deal novelty/structure, sector/jurisdiction/market complexities, synergies/rationale/style, financial value, brand competitiveness, leadership, tenacity, resourcefulness and additional related metrics. Winners Circle Celebration: Winners are honored at the awards dinner trophy presentation ceremony held on June 12, 2014 at the Harvard Club of New York. WHAT to DO if you are among the coveted group of distinguished finalists? If you submitted nominations, please confirm your guest attendance for the annual Awards Gala Dinner, held on the evening of June 12, 2014, NY. -
Software Sector Summary Report
SOFTWARE SECTOR REPORT Q1 2019 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders LEEDS PARIS FRANKFURT MANCHESTER MUNICH ZURICH NAGOYA TOKYO LONDON SHANGHAI NEW YORK MILAN NEW DELHI OSAKA TEL AVIV FUKUOKA SAN FRANCISCO TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY Global platform: Sector expertise: Exceptional cross- 21 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 400 employees and deep Over a third of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies 2 GCA operates as GCA in America and Asia, and GCA Altium in Europe GCA OVERVIEW The GCA Software Team US Team Paul DiNardo Daniel Avrutsky Rupert Sadler Josh Wepman Managing Director Managing Director Managing Director Managing Director Software HCM Software Software, Travel & Telematics Software & Digital Media [email protected] [email protected] [email protected] [email protected] James Orozco Clark Callander Chris Gough Kevin Walsh Managing Director Managing Director Managing Director Managing Director Financial Sponsors Technology Real Estate Tech Software & Digital Media [email protected] [email protected] -
TRS Contracted Investment Managers
TRS INVESTMENT RELATIONSHIPS AS OF DECEMBER 2020 Global Public Equity (Global Income continued) Acadian Asset Management NXT Capital Management AQR Capital Management Oaktree Capital Management Arrowstreet Capital Pacific Investment Management Company Axiom International Investors Pemberton Capital Advisors Dimensional Fund Advisors PGIM Emerald Advisers Proterra Investment Partners Grandeur Peak Global Advisors Riverstone Credit Partners JP Morgan Asset Management Solar Capital Partners LSV Asset Management Taplin, Canida & Habacht/BMO Northern Trust Investments Taurus Funds Management RhumbLine Advisers TCW Asset Management Company Strategic Global Advisors TerraCotta T. Rowe Price Associates Varde Partners Wasatch Advisors Real Assets Transition Managers Barings Real Estate Advisers The Blackstone Group Citigroup Global Markets Brookfield Asset Management Loop Capital The Carlyle Group Macquarie Capital CB Richard Ellis Northern Trust Investments Dyal Capital Penserra Exeter Property Group Fortress Investment Group Global Income Gaw Capital Partners AllianceBernstein Heitman Real Estate Investment Management Apollo Global Management INVESCO Real Estate Beach Point Capital Management LaSalle Investment Management Blantyre Capital Ltd. Lion Industrial Trust Cerberus Capital Management Lone Star Dignari Capital Partners LPC Realty Advisors Dolan McEniry Capital Management Macquarie Group Limited DoubleLine Capital Madison International Realty Edelweiss Niam Franklin Advisers Oak Street Real Estate Capital Garcia Hamilton & Associates -
DENVER CAPITAL MATRIX Funding Sources for Entrepreneurs and Small Business
DENVER CAPITAL MATRIX Funding sources for entrepreneurs and small business. Introduction The Denver Office of Economic Development is pleased to release this fifth annual edition of the Denver Capital Matrix. This publication is designed as a tool to assist business owners and entrepreneurs with discovering the myriad of capital sources in and around the Mile High City. As a strategic initiative of the Denver Office of Economic Development’s JumpStart strategic plan, the Denver Capital Matrix provides a comprehensive directory of financing Definitions sources, from traditional bank lending, to venture capital firms, private Venture Capital – Venture capital is capital provided by investors to small businesses and start-up firms that demonstrate possible high- equity firms, angel investors, mezzanine sources and more. growth opportunities. Venture capital investments have a potential for considerable loss or profit and are generally designated for new and Small businesses provide the greatest opportunity for job creation speculative enterprises that seek to generate a return through a potential today. Yet, a lack of needed financing often prevents businesses from initial public offering or sale of the company. implementing expansion plans and adding payroll. Through this updated resource, we’re striving to help connect businesses to start-up Angel Investor – An angel investor is a high net worth individual active in and expansion capital so that they can thrive in Denver. venture financing, typically participating at an early stage of growth. Private Equity – Private equity is an individual or consortium of investors and funds that make investments directly into private companies or initiate buyouts of public companies. Private equity is ownership in private companies that is not listed or traded on public exchanges. -
WARSAW, Poland & BUDAPEST, Hungary
WARSAW, Poland & BUDAPEST, Hungary--(BUSINESS WIRE)-- MCI Group, a leading Central European private equity firm with headquarters in Warsaw (Poland), announced today that their Fund MCI.EuroVentures is selling a portion of its shares in Netrisk, the leading online insurance brokerage in Hungary, to global growth private equity firm TA Associates for EUR 55 million (PLN 235 million). As a result of the partial exit, MCI.EuroVentures (buyout fund of MCI Group) has realized a return on investment of 3.0x CoC and 73% IRR. ● MCI Group, one of the leading investors in the Central and Eastern European (EU-CEE) region, remains an important investor in Netrisk and is retaining a 23.7% stake in the company to actively help build value for the insurtech leader on a larger, regional scale. ● TA Associates and Netrisk’s management will hold 75% and 1.3% of the company’s shares, respectively. ● Minority shareholder AMC Capital IV S.c.Sp., advised by Mezzanine Management, is selling all of its shares in Netrisk. ● TA Associates is one of the most experienced global growth private equity firms, having raised USD 33.5 billion in capital since its founding in 1968, and has a long history of investing in companies focused on the digital economy. ● In addition to sustained organic growth, Netrisk will consider acquisition opportunities in CEE, including online, multi-channel and offline companies involved in the distribution of personal- line insurance products. MCI.EuroVentures invested in Netrisk in 2017. The non-life insurance market in Hungary is estimated at USD 1.8 billion, of which the online channel accounts for more than 20%, which is significantly more than other countries in the region, including Poland.