Annual Report and Accounts 2020 Accounts and Report Annual HVPE

Total Page:16

File Type:pdf, Size:1020Kb

Annual Report and Accounts 2020 Accounts and Report Annual HVPE HVPE Annual Report and Accounts 2020 Annual Report and Accounts 31 January 2020 Building Long-term Wealth by Investing in Private Companies Introduction OUR PURPOSE HVPE 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 into private companies requires experience, skill, funds, helps to support innovation and growth in the and expertise. Our focus is on building a comprehensive global economy whilst seeking to promote improvement global portfolio of the highest quality investments, in a in environmental, social, and governance standards. proactive yet measured way, with the strength of our We connect the everyday investor with a broad base of balance sheet underpinning everything we do. private markets experts. The result is a distinct single Our multi-layered investment approach creates access point to HarbourVest Partners, and a prudently diversification, helping to spread risk, and is fundamental to managed global private companies portfolio designed our aim of creating a portfolio that no individual investor can to navigate economic cycles as smoothly as possible replicate. Our Investment Manager, HarbourVest Partners1, whilst striving to deliver outperformance of the public is an experienced and trusted global private markets asset markets over the long term. manager. HVPE, through its investments in HarbourVest 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. WHAT IS HVPE? HVPE: A COMPLETE AND FULLY-MANAGED PRIVATE HarbourVest Global Private Equity (“HVPE” or the MARKETS PROGRAMME “Company”) is a Guernsey incorporated, London listed, / Provides access to a broad range of global private FTSE 250 Investment Company with assets of $2.2 billion markets opportunities and a market capitalisation of £1.5 billion as at 31 January / Represents a distinct, high-quality private 2020 (tickers: HVPE (£)/ HVPD ($)). The Company provides markets portfolio access to investments in private companies and portfolios of / Well-diversified to limit downside risk from private companies through funds managed by HarbourVest individual holdings Partners (“HarbourVest” or the “Investment Manager”), an / Consistent and proven strategy independent, global private markets asset manager with / Maintains a prudent approach to balance more than $71 billion of assets under management2 and sheet management a long history of success. / Aims to deliver material outperformance of public markets over the long term By regularly committing capital across HarbourVest’s – Outperformance of 2.5% annualised compared primary (fund-of-funds), secondary, and direct co- to FTSE All-World Total Return (“FTSE AW TR”) investment programmes (see pages 36 and 37), HVPE has Index over the ten years to 31 January 2020 created a private markets portfolio that is diversified by geography, strategy, investment stage, vintage year, and FURTHER INFORMATION sector. As at 31 January 2020, HVPE’s portfolio was made up of 49 HarbourVest funds and seven secondary co- investments3. HVPE is structured to provide investors with p p broad exposure to a carefully selected range of exciting .10 .16 Update: Impact Business Model opportunities in private companies around the world, from of COVID technology start-ups to mature, established businesses looking for the next phase of growth. p.26 p.32 Managing the Managing the Portfolio Balance Sheet 1 Technically the Investment Manager of HVPE is HarbourVest Advisers L.P. which is an affiliate of HarbourVest Partners, LLC. However, we will refer to the Investment Manager as “HarbourVest Partners” throughout the report, being the firm’s recognised name. 2 As at 31 March 2020. 3 These include five Secondary Overflow III investments and Absolute, referred to as “HVPE Avalon Co-Investment L.P.”, and Conversus, referred to as “HVPE Charlotte Co-Investment L.P.”, in the Audited Consolidated Schedule of Investments. Absolute has been fully realised; however, $480,180 remains in escrow. Performance Snapshot Year to 31 January Strategic Report REPORT STRATEGIC NAV per Share Growth 1 Performance Snapshot 2 Chairman’s Statement NAV per Share Growth ($) 6 Investment Manager’s Report 12 Recent Events 13 Share Price Trading and Liquidity 14 KPIs and Investment Objective 16 Business Model +14.5%Financial Year (“FY”) 2019: +12.3% 18 A Deep Dive into Company FY2020 $27.58 Performance Drivers REPORT GOVERNANCE 22 Stakeholder Engagement FY2019 $24.09 24 Section 172 Statement 25 Summary of Net Assets Annualised Outperformance of FTSE AW TR 26 Managing the Balance Sheet Since Inception (2007) 30 Managing Costs 32 Managing the Portfolio 34 Principal Risks and Uncertainties Supporting Information +3.4%FY 2019: +3.8% 36 About HarbourVest 38 Our Value Creation Cycle STATEMENTS FINANCIAL 39 The Phases Total Shareholder Return 42 Manager Spotlight 44 Top Ten Direct Companies Share price ($) Governance Report 48 Board of Directors 50 Directors’ Report Independent Auditor’s Reports +28.8%FY 2019: +5.5% 68 Independent Auditor’s Report to the Members of HarbourVest Global FY2020 $24.15 SUPPLEMENTARY Private Equity Limited FY2019 $18.75 74 Independent Auditor’s Report to the Directors of HarbourVest Global Share price (£) Private Equity Limited Financial Statements 75 Audited Consolidated Financial Statements +28.8%FY 2019: +13.9% 79 Consolidated Schedule of Investments FY2020 £18.36 83 Notes to Consolidated Financial Statements FY2019 £14.26 Supplementary 92 Glossary of Private Market Terms 95 Alternative Performance Measures 98 Disclosures See pages 14 and 15 for more details on the Company’s Key Performance 100 Key Information Indicators (“KPIs”). Also refer to the Alternative Performance Measures (“APMs”) on pages 95 and 96 for calculations. HVPE has a US dollar denominated NAV. It has a sterling denominated share price (since 9 September 2015) and a US dollar-denominated share price (since 10 December 2018) – both quoted on the London Stock Exchange (“LSE”). The Total Shareholder Return KPI is measured in both currencies; the prices cited here are the LSE quoted prices in each of the currencies. HVPE Annual Report and Accounts 2020 1 Chairman’s Statement MICHAEL BUNBURY CHAIRMAN $27.58 NAV per share at 31 January 2020 14.5% NAV per share increase over year to 31 January 2020 Dear Shareholder, THE YEAR TO 31 JANUARY 2020 This Statement is the thirteenth and last Annual Chairman’s Performance and Asset Values Statement that I shall write as Chairman of HarbourVest Once again, HVPE had a very satisfactory year. Global Private Equity (“HVPE” or the “Company”) and the The Company’s functional currency is the US dollar circumstances under which I write it vie with the Global and the year to 31 January 2020 saw the seventh Financial Crisis of 2008/09 as the most challenging that consecutive year of double-digit growth in Net Asset your Company has faced since its creation in 2007. Value per share and eleventh consecutive year of positive This Statement is divided into three sections. First, routine NAV per share returns. Over the twelve months the NAV reporting on the affairs of the Company for the year to per share increased by 14.5% to $27.58. At the year end, 31 January 2020. Second, considering the profound the Company had net assets of $2.20 billion based on changes for HVPE, for all companies, individuals, and the 31 January 2020 valuations of its assets which consist societies brought about by the shock of COVID-19 which almost entirely of investments in funds managed by the hit the world in the Spring of 2020, the consequences of Company’s Investment Manager, HarbourVest Partners which have a long way to go before they are fully apparent. (“HarbourVest”). The Investment Manager’s Report, which Third, a look back at the development of HVPE over the follows this Statement, sets out in detail the performance twelve and a half years since the inception of the Company, of the Company’s assets during the year. the Board of which I have had the privilege to Chair. 2 HVPE Annual Report and Accounts 2020 I have written on previous occasions of the lag that occurs At the financial year end the Company’s borrowing facility of REPORT STRATEGIC between the movements of listed markets and the valuation $600.0 million, arranged in 2019 and committed to at least of private assets. Unlike the previous financial year, on this January 2026, and to be provided equally by Credit Suisse occasion the Company’s public market benchmark, the and Mitsubishi UFJ, was undrawn. FTSE All World Total Return Index, outpaced HVPE’s NAV As has been the case since the Company’s inception in 2007, growth, rising in US dollar terms by 16.7%. Nevertheless, the uncalled commitments shown on the Balance Sheet the NAV per share of HVPE continued to meet its goal exceeded cash and available borrowing. This has always of materially outperforming public markets over the long been as planned given the nature of most of the HarbourVest term by increasing by 2.5% per annum in excess of the funds in which HVPE is invested. Those funds take time to FTSE AW TR Index over the ten years to 31 January 2020. REPORT GOVERNANCE commit to underlying managers and it is even longer before Share Price Performance and Discount cash is drawn to invest in underlying companies. Thus the The sterling class is the most actively traded class of shares Board is satisfied that, given the particular nature of the and the majority of the Company’s shareholders are based Company’s business, the Balance Sheet is strong, and that in the United Kingdom. At 31 January 2020 the share price is confirmed at the date of signing of this Statement by the was £18.36, up from £14.26 a year earlier, an increase of Going Concern and Viability Statements contained within 28.8%.
Recommended publications
  • Benjamin M. Weadon Senior Associate
    Benjamin M. Weadon Senior Associate 704.444.1082 [email protected] Charlotte | Bank of America Plaza, 101 South Tryon Street, Suite 4000 | Charlotte, NC 28280-4000 Ben Weadon is a senior associate with Alston & Bird’s Corporate & Business Transactions Group. He advises private equity firms and their portfolio companies from coast to coast on leveraged buyouts, growth equity investments, merger and acquisition transactions, and general corporate matters. Ben has advised on deals in various industries, including software, semiconductor, telecommunications, and fleet management. Ben received his J.D., with high honors, from the University of North Carolina School of Law, where he was elected to the Order of the Coif. In law school, Ben was the executive editor of the North Carolina Banking Institute Journal. Ben received a B.A. in history, cum laude, from Duke University. Representative Experience Represented CommScope Holding Company Inc. in its $7.4 billion acquisition of ARRIS International plc. Represented The Carlyle Group in its $7.4 billion acquisition of Veritas, an information management system provider, from Symantec Corporation. Represented CommScope Holding Company Inc. in its $3 billion acquisition of TE Connectivity’s telecom, enterprise, and wireless businesses. Represented an entity controlled by The Carlyle Group in the acquisition of the Compute business of MACOM Technology Solutions and related joint venture with Oracle Corporation. Represented The Carlyle Group in its investment in ProKarma, a high-growth IT services firm. Represented Ridgemont Equity Partners in its acquisition of Munch’s Supply, a leading wholesale distributor of heating, ventilation, and air conditioning (HVAC) equipment. Represented Ridgemont Equity Partners in its acquisition of Dickinson Fleet Services, a technology-enabled service provider in the vehicle fleet maintenance industry.
    [Show full text]
  • 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
    [Show full text]
  • Before the FEDERAL COMMUNICATIONS COMMISSION Washington, D.C
    Before the FEDERAL COMMUNICATIONS COMMISSION Washington, D.C. 20554 In the Matter ofthe Application of SinglePipe Communications, Inc., Transferor, ALEC, Inc., Licensee ... ., --, and Integrated Broadband Services, LLC, Transferee For grant of authority pursuant to Section 214 ofthe Communications Act of 1934, as amended, and Section 63.04 ofthe Commission's Rules to Transfer Control of ALEC, Inc. I. INTRODUCTION A. Summary ofTransaction SinglePipe Communications, Inc. ("SinglePipe" or "Transferor"), ALEC, Inc. ("ALEC" or "Licensee") and Integrated Broadband Services, LLC ("IBBS" or "Transferee") (collectively, "Applicants"), through their undersigned l:ounsel and pursuant to Section 214 of the Communications Act, as amended l and Section 63.04 of the Commission's rules,2 respectfully request Commission approval to transfer control of Li>:ensee to Transferee. Licensee is a non- dominant carrier holding blanket domestic 214 authorization from the Commission to provide interstate telecommunications services under Section 63.01 ofthe Commission's ruIes.3 1 47 U.S.C. § 214. 2 47 C.F.R. § 63.04. 3 47 C.F.R. § 63.01. 1 DWT 14804192v2 0102461.QODOOl B. Request for Streamlined Processing Applicants respectfully submit that this application is eligible for presumptive streamlined processing under Section 63.03(b)(l)(ii) of the Commission's rules because the Transferee is not a telecommunications provider. 4 II. DESCRIPTION OF THE APPLICANTS A. Transferor and Licensee SinglePipe is a Kentucky corporation with its principal place of business at 11492 Bluegrass Parkway, Louisville, KY 40299, and is the direct, 100% parent of ALEC. SinglePipe is not a regulated telecommunications entity in any state, and has no subsidiaries, other than ALEC, that are regulated telecommunications entities.
    [Show full text]
  • PEI Investor Relations, Marketing & Communications Forum 2019
    June 19-20 | Convene, 730 Third Ave | New York Attendee list A.P. Moller Capital Bain Capital C-Bridge Capital Partners FTV Capital ACME Capital Banner Real Estate Group CCMP Capital Advisors Further Capital Partners Actis Barings Centerbridge Partners GCM Grosvenor Advent International Basis Investment Group Cerberus Capital Management General Atlantic AE Industrial Partners Battery Ventures Charlesbank Capital Partners General Catalyst Partners AEA Investors BBH Capital Partners The Chauncey F. Lufkin III Gennx360 AEW Capital Management BC Partners Foundation Genstar Capital AIMA The Beach Company The City of New York, Finance Global Infrastructure Partners Alcentra Berkshire Partners Civitas Capital Grain Management Alcion Ventures Bernhard Capital Partners Coller Capital Gryphon Investors Allianz Capital Partners Bicknell Family Holding Cornell Capital GTCR Altor Equity Partners Company Court Square Capital Partners Halstatt American Securities Bison Crescent Capital Group Hamilton Lane AMP Capital BKM Capital Partners CRV Hammes Angelo Gordon Blackstone Cypress Real Estate Advisors Hammond, Kennedy, Whitney Antares Capital Blue Heron Asset Managment Denham Capital & Co Apollo Global Management Blue Water Energy Duff & Phelps Hancock Capital Management ARC Financial Corp Bridge Investment Group Dyal Capital Partners Harvard Management Company ArcLight Capital Partners BroadVail Capital Edelman HCI Equity Partners Argosy Capital Brook Venture Partners EnCap Investments HGGC Arroyo Energy Investment Brookfield Asset Management EQT Partners
    [Show full text]
  • PEI June2020 PEI300.Pdf
    Cover story 20 Private Equity International • June 2020 Cover story Better capitalised than ever Page 22 The Top 10 over the decade Page 24 A decade that changed PE Page 27 LPs share dealmaking burden Page 28 Testing the value creation story Page 30 Investing responsibly Page 32 The state of private credit Page 34 Industry sweet spots Page 36 A liquid asset class Page 38 The PEI 300 by the numbers Page 40 June 2020 • Private Equity International 21 Cover story An industry better capitalised than ever With almost $2trn raised between them in the last five years, this year’s PEI 300 are armed and ready for the post-coronavirus rebuild, writes Isobel Markham nnual fundraising mega-funds ahead of the competition. crisis it’s better to be backed by a pri- figures go some way And Blackstone isn’t the only firm to vate equity firm, particularly and to towards painting a up the ante. The top 10 is around $30 the extent that it is able and prepared picture of just how billion larger than last year’s, the top to support these companies, which of much capital is in the 50 has broken the $1 trillion mark for course we are,” he says. hands of private equi- the first time, and the entire PEI 300 “The businesses that we own at Aty managers, but the ebbs and flows of has amassed $1.988 trillion. That’s the Blackstone that are directly affected the fundraising cycle often leave that same as Italy’s GDP. Firms now need by the pandemic, [such as] Merlin, picture incomplete.
    [Show full text]
  • Partners Group Private Equity
    SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-08-26 | Period of Report: 2020-06-30 SEC Accession No. 0001752724-20-174334 (HTML Version on secdatabase.com) FILER Partners Group Private Equity (Master Fund), LLC Mailing Address Business Address 1114 AVENUE OF THE 1114 AVENUE OF THE CIK:1447247| IRS No.: 800270189 | State of Incorp.:DE | Fiscal Year End: 0331 AMERICAS AMERICAS Type: NPORT-P | Act: 40 | File No.: 811-22241 | Film No.: 201137479 37TH FLOOR 37TH FLOOR NEW YORK NY 10036 NEW YORK NY 10036 212-908-2600 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of June 30, 2020 is set forth below: INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) Acquisition Fair Industry Shares Date Value Common Stocks (2.38%) Asia - Pacific (0.06%) Alibaba Group Holding Ltd. Technology 06/19/20 4,439 $ 957,581 APA Group Utilities 02/11/16 360,819 2,765,432 Total Asia - Pacific (0.06%) 3,723,013 North America (1.09%) American Tower Corp.
    [Show full text]
  • Semi-Annual Market Review
    Semi-Annual Market Review HEALTH IT & HEALTH INFORMATION SERVICES JULY 2019 www.hgp.com TABLE OF CONTENTS 1 Health IT Executive Summary 3 2 Health IT Market Trends 6 3 HIT M&A (Including Buyout) 9 4 Health IT Capital Raises (Non-Buyout) 14 5 Healthcare Capital Markets 15 6 Macroeconomics 19 7 Health IT Headlines 21 8 About Healthcare Growth Partners 24 9 HGP Transaction Experience 25 10 Appendix A – M&A Highlights 28 11 Appendix B – Buyout Highlights 31 12 Appendix C – Investment Highlights 34 Copyright© 2019 Healthcare Growth Partners 2 HEALTH IT EXECUTIVE SUMMARY 1 An Accumulating Backlog of Disciplined Sellers Let’s chat about fireside chats. The term first used to describe a series of evening radio addresses given by U.S. President Franklin D. Roosevelt during the Great Depression and World War II is now investment banker speak for “soft launches” of sell-side and capital raise transactions. Every company has a price, and given a market of healthy valuations, more companies are testing the waters to find out whether they can achieve that price. That process now looks a little more informal, or how you might envision a fireside chat. Price (or valuation) discovery for a company can range from a single conversation with an individual buyer to a full-blown auction with hundreds of buyers and everything in between, including a fireside chat. Given the increasing share of informal conversations, the reality is that more companies are for sale than meets the eye. While the healthy valuations publicized and press-released are encouraging more and more companies to price shop, there is a simultaneous statistical phenomenon in perceived valuations that often goes unmentioned: survivorship bias.
    [Show full text]
  • AIP-Client-List.Pdf
    Weekly Update 2021-09-27 #DTCC Public (White) AIP Member List (Distributors - Broker-Dealers/ Custodians / Clearing Firms) Participant Name Participant Type NSCC AIP Number Membership Live Date American Enterprise Investment Services Inc. {Ameriprise} Firm 3433 2/17/2012 American Portfolios Financial Services, Inc. Firm 9846 12/21/2015 Axos Clearing LLC Firm 0648 10/31/2016 Beta Capital Securities, LLC Firm 4394 12/9/2019 Cetera Investment Services LLC Firm 1768 9/5/2018 Charles Schwab & Co, Inc. Firm 3401 12/31/2009 Crowdkey, Inc. Firm 7291 12/13/2016 Dempsey Lord Smith, LLC Firm 5261 11/7/2016 Edward D. Jones & Co., L.P. Firm 1871 1/16/2013 Grove Point Investments, LLC Firm 3911 5/6/2021 HD Vest Investment Securities, Inc Firm 7242 7/24/2018 Hilltop Holdings, Inc. (formerly Southwest Securities, Inc.) Firm 1956 4/19/2013 ICapital Securities, LLC Firm 6523 5/18/2018 J.W.Korth & Company Limited Partnership Firm 9893 3/3/2016 Janney Montgomery Scott, LLC Firm 4073 4/16/2019 LPL Financial LLC Firm 3477 6/19/2013 LPL Financial LLC (AXA) Firm 6989 8/24/2015 # DTCC Public (White) AIP Member List (Distributors - Broker-Dealers/ Custodians / Clearing Firms) Participant Name Participant Type NSCC AIP Number Membership Live Date Matrix Trust Company Firm 1531 5/26/2015 Millennium Trust Company, LLC Firm 1659 7/20/2020 Morgan Stanley Smith Barney LLC Firm 1287 8/29/2014 National Financial Services LLC (NFS) Firm 3409 2/22/2011 National Securities Corporation Firm 9389 5/12/2016 Orion Advisor Services, LLC. Firm 8843 6/8/2018 Pershing LLC Firm 0838 10/1/2008 Provident Trust Group, LLC Firm 1237 7/11/2014 RBC Capital Markets, LLC Firm 3428 2/11/2011 Robert W.
    [Show full text]
  • Trs Investment Relationships As of June 2020
    TRS INVESTMENT RELATIONSHIPS AS OF JUNE 2020 Global Public Equity (Global Income continued) Acadian Asset Management Oaktree Capital Management AQR Capital Management Pacific Investment Management Company Arrowstreet Capital Pemberton Capital Advisors Axiom International Investors PGIM Dimensional Fund Advisors Proterra Investment Partners Emerald Advisers Riverstone Credit Partners Grandeur Peak Global Advisors Solar Capital Partners JP Morgan Asset Management Taplin, Canida & Habacht/BMO LSV Asset Management Taurus Funds Management Northern Trust Investments TCW Asset Management Company RhumbLine Advisers Varde Partners Strategic Global Advisors T. Rowe Price Associates Real Assets Wasatch Advisors Barings Real Estate Advisers The Blackstone Group Transition Managers Brookfield Asset Management The Carlyle Group Citigroup Global Markets CB Richard Ellis Loop Capital Dyal Capital Macquarie Capital Exeter Property Group Northern Trust Investments Fortress Investment Group Penserra Gaw Capital Partners Heitman Real Estate Investment Management Global Income INVESCO Real Estate AllianceBernstein LaSalle Investment Management Apollo Global Management Lion Industrial Trust Beach Point Capital Management Lone Star Cerberus Capital Management 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 Principal Real Estate Investors Hayfin Capital Management Proterra Investment Partners
    [Show full text]
  • Investment Committee Memorandum NB PA Co-Investment Fund LP
    Investment Committee Memorandum NB PA Co-investment Fund LP Private Equity Asset Class February 25, 2020 Page 1 PA SERS Private Equity Investment Recommendation Investment Recommendation SERS’ Investment Office Staff recommend that the State Employees’ Retirement System Investment Committee, subject to further legal due diligence, interview Neuberger Berman Alternative Advisors, LLC (“Neuberger Berman”, “NB” or the “Firm”) at the February 25, 2020 Investment Committee Meeting to consider a potential investment of up to $200 million to a separately managed account named the NB PA Co-investment Fund LP (“the SMA”, or the “Partnership”). SERS has not previously held an investing relationship with Neuberger Berman. As this SMA has been directly negotiated to have a custom investment mandate for SERS, it is a fund of one and the proposed commitment will be the fund size. Furthermore, there is no firm closing schedule, but SERS has agreed to target completing legal due diligence and closing by June 30, 2020 should approval be attained. Investment Rationale Staff identified NB PA Co-investment Fund as a strong candidate for SERS’ capital commitment as it offers: ➢ SMA strategy represents meaningful step forward in achieving funding objectives set out in PPMAIRC report; ➢ Bespoke co-investment solution crafted to satisfy numerous SERS objectives; ➢ Partnership with a top performing co-investment intermediary; ➢ High level of coverage with SERS’ existing core PE managers determined by cross checking Neuberger Berman track record and reference calls with SERS’ PE managers. SERS will benefit from joining with Neuberger Berman’s existing capacity, relationship history and negotiating power; ➢ Extendibility of partnership to other parts of Neuberger Berman’s platform including secondaries and private credit.
    [Show full text]
  • Annual Report
    Consolidated Financial Statements For the Year Ended March 31, 2021 Beginning on January 1, 2021, pursuant to regulations adopted by the Securities and Exchange Commission, paper copies of the Pomona Investment Fund’s shareholder reports, like this one, will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund. Instead, the reports will be made available on the Fund’s website and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive paper copies of shareholder reports and other communications from the Fund by requesting such information in writing to the Fund at 780 Third Avenue, 46th Floor, New York, NY 10017, or by calling toll-free at 1-(844)-2POMONA. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary. You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting them directly. Your election to receive reports in paper will apply to the Fund and all funds held through your financial intermediary, as applicable. Pomona Investment Fund Table of Contents For the Year Ended March 31, 2021 Report of Independent Registered Public Accounting Firm .
    [Show full text]
  • THE ASSETS TEST Assets Under Management Largest Registered Investment and Mutual Fund Advisers Based in N.C
    THE ASSETS TEST Assets under management Largest registered investment and mutual fund advisers based in N.C. pieDMOnt inVestMent DURHAM assets aDVisOrs llC, 5.6 (BilliOn) CapfinanCial CeO isaac Green formed firm in ’00 with sumali sanyal and Dawn alston RALEIGH assets paige. piedmont is among the largest U.s. minority-owned managers. partners llC, $173.6 (BilliOn) registered investment adviser owns Captrust, formed in ’89, and now has alUMina inVestMent offices in 15 states. assets grew by 15% in ’15. CeO is fielding Miller. CHARLOTTE assets ManaGeMent llC, 4.1 (BilliOn) BaBsOn Capital Greg Kares, formerly with Carlyle Group and Wells fargo, started ManaGeMent llC, the company in ’12. an ’00 grad of Wake forest, he has a 90% stake. assets CHARLOTTE 158.9 (BilliOn) Mutual fund adviser is owned by insurer MassMutual of springfield, Wells farGO inVestMent Mass. CeO is tom finke, a former first Union executive. CHARLOTTE assets institUte inC., 3.4 (BilliOn) the megabank started the research and strategy advisory unit in ‘14 sterlinG Capital and has a 74% stake. Wells fargo veteran Darrell Cronk is president. CHARLOTTE assets ManaGeMent llC, 51.2 (BilliOn) started in ‘70 by Olin nisbet iii. BB&t bought majority stake in ’05 and now HOriZOn inVestMents owns 51% of the firm. alexander Mcalister is president. CHARLOTTE assets llC, 3.3 (BilliOn) robbie Cannon started the mutual-fund adviser in ‘95 in Columbia, s.C. aMUnDi sMitH He owns 58%. ron saba is head of investment management. DURHAM assets BreeDen llC, 11.8 (BilliOn) Mutual fund adviser is 56% owned by paris-based amundi, which bought the MOrGan CreeK Capital company in ‘13.
    [Show full text]