DOCSLIB.ORG

Annual Report & Accounts 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report & Accounts 2020 ANNUAL REPORT & ACCOUNTS 2020 Apax Global Alpha Limited / Annual Report and Accounts 2020 INTRODUCTION WHO OUR OUR INVESTMENT WE ARE OBJECTIVE APPROACH Apax Global Alpha Limited (“AGA”, “Apax Our objective is to provide shareholders with Our investment approach seeks to provide Global Alpha” or the “Company”) is a superior long-term returns through capital investors with access to Apax's private closed-ended investment company that appreciation and regular dividends. equity funds across all stages of maturity, invests in a portfolio of private equity funds and their carefully selected portfolio of advised by Apax Partners LLP (“Apax”). It also AGA aims to build and maintain a global private companies. Leveraging Apax's holds debt and equity investments (“Derived portfolio of investments across four core insights derived from private equity Investments”) which are identified as a direct sectors, delivering sustained value across activities, AGA holds a focused portfolio of result of the private equity investment economic cycles. Our unique business model debt and equity investments that provides process, insights, and expertise of Apax. allows shareholders to access high-quality additional liquidity and flexibility for the companies in the Tech, Services, Healthcare Company with the aim of generating The Company has a Premium listing and is a and Consumer sectors through the private superior risk-adjusted returns. constituent of the FTSE 250 Index (LSE: equity funds advised by Apax (“Apax Funds”) APAX). as well as via direct investments. SECTORS NAV AND TARGET ANNUALISED ADJUSTED NAV TOTAL NAV RETURN 4 INVESTMENT ADVISOR bn % INVESTING EXPERIENCE €1.271% PE / 29% DI 12-15 TARGET DIVIDEND YIELD P.A. nearly YEARS % 50 5OF NAV SEE INVESTMENT SEE BUSINESS MODEL SEE INVESTMENT CASE MANAGER'S REPORT See page 2 See page 4 See page 12 OVERVIEW 01 Apax Global Alpha Limited provides shareholders with unique access to a diversified private equity portfolio across four core sectors, as well as a focused portfolio of debt and equity investments, derived from the insights gained by the Apax team. CONTENTS OVERVIEW 1 Directors' Report 64 Business Model 2 Viability Statement 66 Investment Case 4 Statement of Directors' Responsibilities 67 Key Highlights 8 FINANCIAL STATEMENTS STRATEGIC REPORT 10 Independent auditor's report 68 Chairman's Statement 10 Statement of financial position 72 Investment Manager's Report 12 Statement of profit or loss and other - About Apax 12 comprehensive income 73 - Responsible Investing 14 Statement of changes in equity 74 - Market Review 16 Statement of cash flows 75 - Performance Review 18 Notes to the financial statements 76 - Private Equity 22 Administration 94 Investment policy 95 - Derived Investments 34 AIFMD 96 Risk Management Framework 40 Quarterly returns since 1Q17 97 Portfolio allocations since 1Q17 98 GOVERNANCE REPORT 44 Summary of fee amendments 99 Board Activities 44 Glossary 100 Chairman's Introduction 46 Shareholder Engagement 49 AGA Board of Directors 50 Investment Manager Board 52 AGA Investment Committee 53 Directors' Duties 54 Governance Framework 56 Board Induction and Training 58 Introducing our New Director 59 Audit Committee Report 60 Remuneration Report 63 02 Apax Global Alpha Limited / Annual Report and Accounts 2020 BUSINESS MODEL Our objective is to provide shareholders with superior long-term returns through capital appreciation from our investment portfolio and regular dividends. In order to achieve the Company's THE COMPANY: APAX GLOBAL ALPHA LIMITED investment objective, AGA is: AGA is a publicly traded fund that provides shareholders with unique exposure to a portfolio of private equity funds advised by Apax. Through AGA, shareholders have access 1. a limited partner in funds raised to a diversified private equity portfolio across all stages of and advised by Apax (the “Apax maturity (investment, maturity, harvesting). Funds” or "the Funds"); and AGA also holds a portfolio of debt and equity investments, derived from the Apax team's insights, which provides 2. a direct investor in debt and equity additional capital flexibility and liquidity for the Company. instruments which are identified by leveraging the insights gained by As AGA is typically a sizeable investor in each Apax Fund, Apax during the private equity it benefits from better terms which are available to other investment activities. similar-sized third-party investors in those funds. Details about the Company's Board can be found in the The Company refers to these two Governance Section on page 50. investment activities as its “Private Equity investments" and “Derived Investments”, respectively. AGA SHAREHOLDERS APAXAGA GLOBAL ALPHA LIMITED WHAT AGA DOES – Sets Company objectives and investment strategy – Governance and risk management – Appointment and oversight of service providers Private Derived Equity Investments TECH SERVICES HEALTHCARE CONSUMER Portfolio companies OVERVIEW 03 INVESTMENT MANAGER: APAX INVESTMENT ADVISOR: APAX GUERNSEY MANAGERS LIMITED Apax is a leading global private equity AGA has appointed Apax Guernsey advisory firm. It looks for opportunities to Managers Limited ("AGML") as its partner with exceptional management discretionary Investment Manager. AGML teams to build great businesses and achieve is managed by a board of experienced transformative growth. The Apax Funds look investment professionals and operational for buyout opportunities in four key sectors: private equity executives. Biographies for Tech, Services, Healthcare and Consumer. the individual directors can be found on page 52. Apax has pursued this sector strategy for over 30 years, leveraging the firm’s digital expertise and Operational Excellence Practice to help accelerate value creation for its investors. More information about Apax can be found on page 12. APAXAGML GUERNSEY MANAGERS PROVIDESApax INVESTMENT ADVICE LIMITED IS THE INVESTMENT TO AGML AND THE APAX FUNDS MANAGER TO AGA WHAT APAX DOES WHAT AGML DOES – Identification and due diligence – Discretionary portfolio of investment opportunities management – Recommendation of potential – Investment decisions investments to AGML and the – Portfolio performance analysis Apax Funds for consideration and risk management – Provides investor relations services to AGA Derived Investments CONSUMER 04 Apax Global Alpha Limited / Annual Report and Accounts 2020 INVESTMENT CASE Why invest in AGA? UNIQUE PRIVATE DISTINCTIVE EQUITY ACCESS DERIVED AGA provides investors with access to the private equity funds advised INVESTMENT by Apax, which contain a carefully APPROACH selected and actively managed We employ a portfolio of debt portfolio of investments. Value and equity investments identified SECTORS creation is achieved through sector from the Apax team's insights focus, transformational ownership, in order to manage capital and operational value-add not invested in Private Equity, providing liquidity and flexibility for the portfolio while generating 4 SECTOR-DRIVEN enhanced risk adjusted returns STRATEGY Focus on four attractively positioned and dynamic sectors, benefitting from accelerating changes in global trends: Tech, Services, Healthcare, and Consumer ATTRACTIVE NET RETURNS AGA targets Total NAV Return of 12-15%, including a dividend target of 5% of NAV per year, aiming to generate both capital Exposure appreciation and an attractive yield income for investors to attractive sectors Apax has pursued a sector-based strategy for over 30 years, building specialist expertise in Tech, Services, Healthcare, and Consumer. As a result, the investment teams have developed deep knowledge and understanding of portfolio companies’ specific markets, their networks, and competitive environments, which can be applied across funds and investments. Within their core sectors, the investment teams focus on specific sub-sectors which demonstrate strong fundamentals and significant opportunities. These areas tend to: – grow faster than GDP; – lend themselves to producing market leaders that have sustainable competitive advantages in their respective niches; – have companies with multiple levers to improve performance and execute a “good to great” strategy; and – be in areas where the Apax team's expertise leads to better deal sourcing, due diligence, value add, and ultimately a clear exit strategy. This approach allows the Apax Funds to maximise support for the businesses in which they invest, helping them realise their full growth potential, by applying tried-and-tested business transformation models to deliver value creation. OVERVIEW 05 TECH This makes up the largest part of our portfolio and is an area which Apax has focused on since the early 1980s, experiencing first-hand how the sector has evolved over time, and gaining valuable insights into the essential elements which drive successful disruption and strategic growth. Strategic focus on fast growing sub-sectors that are transforming the global economy, including software, tech-enabled services, and telecoms. SERVICES The services industry remains the largest market in the world, and it continues to % evolve. Apax is at the forefront of these 9 CONSUMER changes which allows it to identify emerging Private Equity 9% trends and capitalise on them. Derived Investments 0% Strategic focus on building market leaders in innovative sub-sectors, including density- driven business models, outsourced sales & % marketing, and online marketplaces. 18 HEALTHCARE Private Equity 11% Derived Investments 7% HEALTHCARE Ageing populations and the increasing
Load more

Recommended publications
  • Annual Report and Audited Financial Statements
    Annual report and audited financial statements BlackRock Charities Funds • BlackRock Armed Forces Charities Growth & Income Fund • BlackRock Catholic Charities Growth & Income Fund • BlackRock Charities Growth & Income Fund • BlackRock Charities UK Bond Fund • BlackRock Charities UK Equity ESG Fund • BlackRock Charities UK Equity Fund • BlackRock Charities UK Equity Index Fund For the financial period ended 30 June 2020 Contents General Information 2 About the Trust 3 Charity Authorised Investment Fund 4 Charity Trustees’ Investment Responsibilities 4 Fund Manager 4 Significant Events 4 Investment Report 5 Report on Remuneration 15 Accounting and Distribution Policies 21 Financial Instruments and Risks 24 BlackRock Armed Forces Charities Growth & Income Fund 37 BlackRock Catholic Charities Growth & Income Fund 56 BlackRock Charities Growth & Income Fund 74 BlackRock Charities UK Bond Fund 95 BlackRock Charities UK Equity ESG Fund 111 BlackRock Charities UK Equity Fund 125 BlackRock Charities UK Equity Index Fund 138 Statement of Manager’s and Trustee’s Responsibilities 162 Independent Auditor’s Report 165 Supplementary Information 169 1 General Information Advisory Committee Members - BlackRock manager of the Funds, each of which is an alternative Armed Forces Charities Growth & Income investment fund for the purpose of the Alternative Fund: Investment Fund Managers Directive. Mr Michael Baines (Chairman) Mr Guy Davies Directors of the Manager Major General A Lyons CBE G D Bamping* Major General Ashley Truluck CB, CBE M B Cook Colonel
    [Show full text]
  • Description Iresscode Exchange Current Margin New Margin 3I
    Description IRESSCode Exchange Current Margin New Margin 3I INFRASTRUCTURE PLC 3IN LSE 20 20 888 HOLDINGS PLC 888 LSE 20 20 ASSOCIATED BRITISH ABF LSE 10 10 ADMIRAL GROUP PLC ADM LSE 10 10 AGGREKO PLC AGK LSE 20 20 ASHTEAD GROUP PLC AHT LSE 10 10 ANTOFAGASTA PLC ANTO LSE 15 10 ASOS PLC ASC LSE 20 20 ASHMORE GROUP PLC ASHM LSE 20 20 ABERFORTH SMALLER COM ASL LSE 20 20 AVEVA GROUP PLC AVV LSE 20 20 AVIVA PLC AV LSE 10 10 ASTRAZENECA PLC AZN LSE 10 10 BABCOCK INTERNATIONAL BAB LSE 20 20 BARR PLC BAG LSE 25 20 BARCLAYS PLC BARC LSE 10 10 BRITISH AMERICAN TOBA BATS LSE 10 10 BAE SYSTEMS PLC BA LSE 10 10 BALFOUR BEATTY PLC BBY LSE 20 20 BARRATT DEVELOPMENTS BDEV LSE 10 10 BARING EMERGING EUROP BEE LSE 50 100 BEAZLEY PLC BEZ LSE 20 20 BH GLOBAL LIMITED BHGG LSE 30 100 BOWLEVEN PLC BLVN LSE 60 50 BANKERS INVESTMENT BNKR LSE 20 20 BUNZL PLC BNZL LSE 10 10 BODYCOTE PLC BOY LSE 20 20 BP PLC BP LSE 10 10 BURBERRY GROUP PLC BRBY LSE 10 10 BLACKROCK WORLD MININ BRWM LSE 20 65 BT GROUP PLC BT-A LSE 10 10 BRITVIC PLC BVIC LSE 20 20 BOVIS HOMES GROUP PLC BVS LSE 20 20 BROWN GROUP PLC BWNG LSE 25 20 BELLWAY PLC BWY LSE 20 20 BIG YELLOW GROUP PLC BYG LSE 20 20 CENTRAL ASIA METALS PLC CAML LSE 40 30 CLOSE BROTHERS GROUP CBG LSE 20 20 CARNIVAL PLC CCL LSE 10 10 CENTAMIN PLC CEY LSE 20 20 CHARIOT OIL & GAS LTD CHAR LSE 100 100 CHEMRING GROUP PLC CHG LSE 25 20 CONYGAR INVESTMENT CIC LSE 50 40 CALEDONIA INVESTMENTS CLDN LSE 25 20 CARILLION PLC CLLN LSE 100 100 COMMUNISIS PLC CMS LSE 50 100 CENTRICA PLC CNA LSE 10 10 CAIRN ENERGY PLC CNE LSE 30 30 COBHAM PLC
    [Show full text]
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • Knowledgenow Conference Pressure Points October 2017 What’S Inside?
    KnowledgeNow Conference Pressure Points October 2017 What’s inside? THE INSIDE-OUT VIEW Tackling today’s biggest threats to business 02 Time, talent and energy Driving Sales Effectiveness Digital transformation At Boats Group Amazon The elephant in every room Invent Farma A smooth transition Unilabs A transformation story THE OUTSIDE-IN VIEW Global leaders provide perspective 10 Disjointed environments The rising tide of populism Globalization under attack Addressing the challenge 16 Who’s who? 18 The Operational Excellence team 20 References Introduction Pressure Points The theme of our seventh annual KnowledgeNow Conference, “Pressure Points”, explored the th complex combination annual of internal and external KnowledgeNow 7 forces that executives must navigate to evolve and grow their enterprise. The event combines the open sharing of knowledge between the Apax Funds’ portfolio companies in attendance with the tools and experience of the Operational Excellence Practice (OEP) to generate actionable insights. Apax Partners 01 Driving growth through operational excellence “Benign economic conditions, a plentiful supply of financing and record stock-markets have driven corporate valuations on both sides of the Atlantic to unsurpassed levels. Against this backdrop, the ability to materially accelerate portfolio growth is a crucial factor in driving returns.” Andrew Sillitoe Co-CEO, Apax Partners Operational improvements have accounted for circa The fact that the OEP has been our % fastest-growing team in recent years is real proof of the
    [Show full text]
  • HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No
    UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Chapter 15 HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No. 12-10631 (MG) Debtor in a Foreign Proceeding. ANDREW LAWRENCE HOSKING and BRUCE MACKAY, in Adv. Pro. No. 14-01848 (MG) their capacity as joint compulsory liquidators and duly authorized foreign representatives of HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA, Plaintiffs, -against- TPG CAPITAL MANAGEMENT, L.P., f/k/a TPG CAPITAL, L.P., and APAX PARTNERS, L.P., on behalf of themselves, -and- DAVID BONDERMAN, JAMES COULTER, WILLIAM S. PRICE III, TPG ADVISORS IV, INC., TPG GENPAR IV, L.P., TPG PARTNERS IV, L.P., T3 ADVISORS II, INC., T3 GENPAR II, L.P., T3 PARTNERS II, L.P., T3 PARALLEL II, L.P., TPG FOF IV, L.P., TPG FOF IV-QP, L.P., TPG EQUITY IV-A, L.P., f/k/a FIRST AMENDED COMPLAINT TPG EQUITY IV, L.P., TPG MANAGEMENT IV-B, L.P., TPG COINVESTMENT IV, L.P., TPG ASSOCIATES IV, L.P., TPG MANAGEMENT IV, L.P., TPG MANAGEMENT III, L.P., BONDERMAN FAMILY LIMITED PARTNERSHIP, BONDO-TPG PARTNERS III, L.P., DICK W. BOYCE, KEVIN R. BURNS, JUSTIN CHANG, JONATHAN COSLET, KELVIN DAVIS, ANDREW J. DECHET, JAMIE GATES, MARSHALL HAINES, JOHN MARREN, MICHAEL MACDOUGALL, THOMAS E. REINHART, RICHARD SCHIFTER, TODD B. SISITSKY, BRYAN M. TAYLOR, CARRIE A. WHEELER, JAMES B. WILLIAMS, JOHN VIOLA, TCW/CRESCENT MEZZANINE PARTNERS III NETHERLANDS, L.P., a/k/a TCW/CRESCENT MEZZANINE PARTNERS NETHERLANDS III, L.P., TCW/CRESCENT MEZZANINE PARTNERS III, L.P., a/k/a TCW/CRESCENT MEZZANINE FUND III, L.P., TCW/CRESCENT MEZZANINE TRUST III, TCW/CRESCENT MEZZANINE III, LLC, TCW CAPITAL INVESTMENT CORPORATION, DEUTSCHE BANK AG, and DOES 1-25, on behalf of themselves and a class of similarly situated persons and legal entities, Defendants.
    [Show full text]
  • Knowledgenow: Future Foundations
    KnowledgeNow: Future Foundations Apax Partners KnowledgeNow Conference October 2016 The 6th Annual Apax Partners Barcelona, KnowledgeNow Conference took place in Barcelona on October 2016 18 to 20 October 2016 What’s inside this report? Introduction Building the future for growth Putting the foundations in 02 12 20 place: case studies for success Building foundations for the future in Follow your North Star uncertain times Kyle Leahy Executive Vice President and A recipe for winning new customers Seth Brody Partner and Global Head of the General Manager of North America, Cole Haan Jon Simmons Operating Executive, Operational Excellence Practice, Apax Partners Apax Partners Mapping career paths to a strong future Greg Kayata Senior Vice President of Preparing for public markets Doug Ahrens CFO, GlobalLogic Shifting foundations in a Human Resources, Acelity 04 turbulent world The price of change Health and safety as a value driver Scott Kim CEO, Bankrate.com Cliff Dixon Vice President of Information Micro-opportunities, macro-knowledge Technology, Quality Distribution Building strength in carve-out situations Andrew Sillitoe Co-CEO and Nico Hansen Putting customers at the heart of Chief Investment Offi cer, Apax Partners Noel Goggin CEO, Aptos Matt Foster COO, Duck Creek Technologies systems planning Putting Brexit in a global context Vid Desai CIO, Vyaire Medical Sal Caruso CIO, One Call Care Management Andrew Sentance Senior Economic Nick Iozzo Operating Adviser, Apax Partners Adviser, PwC Extending your infl uence Rich Beattie Vice President, Multiply Using the Apax Portfolio Effi ciency The view from the Hill platform to get “large company” John Boehner 53rd Speaker of the United procurement States House of Representatives Edward Burgers Procurement & Facilities Manager, Exact Software Attendees The Operational Excellence team A differentiated platform for 26 28 30 value creation KnowledgeNow 2016 01 In attendance..
    [Show full text]
  • A Trial for Private Equity Firms
    TheSummer first 2009 in a series of Wharton Private Equity Reviews Wharton Private Equity Review NAVIGATING THE CHALLE N GES AHEAD http://knowledge.wharton.upenn.edu SPO N SORS WPEP 1-09:Wharton ad 1/9/2009 1:26 PM Page 1 Connecting Alumni in Private Equity WPEP is the community connecting the 2,500+ Members access resources that: Wharton and UPENN alumni who are leaders in • Offer unique opportunities for our members to private equity around the globe. network with their peers. An exclusive and growing network, WPEP is • Deliver the latest in market trends and industry limited to alumni who are GPs and/or LPs investing knowledge. in leveraged buyouts, growth capital, mezzanine, • Enhance Wharton’s standing in the private venture capital and secondaries. investor community. • Support the engagement of the alumnae members with the school. Formed in 1998, WPEP has grown to nearly 500 members with chapters in cities around the world. United States International Atlanta Los Angeles Silicon Valley London Hong Kong Boston Miami Texas Paris India Chicago New York Washington, D.C. The Middle East Philadelphia www.wpen.org Summer 2009 Wharton Private Equity Review NAVIGATING THE CHALLE N GES AHEAD Private equity (PE) firms will see unprecedented challenges over the next few years, given the depth and duration of the current financial crisis. In this special report, produced in cooperation with the Wharton Private Equity Club, Knowledge@Wharton looks at how markets are shifting and what participants can expect in the coming months. One example: Deals that settled for just 15% in equity a couple of years ago now require 35% to 40%, and up to 75% for some smaller buyouts.
    [Show full text]
  • FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments
    FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV.
    [Show full text]
  • The Rise of Latham & Watkins
    The M&A journal - Volume 7, Number 5 The Rise of Latham & Watkins In 2006, Latham & Watkins came in fifth in terms of deal value.” the U.S. for deal value in Thompson Financial’s Mr. Nathan sees the U.S. market as crucial. league tables and took second place for the num- “This is a big part of our global position,” he says, ber of deals. “Seven years before that,” says the and it is the Achilles’ heel of some of the firm’s firm’s Charles Nathan, global co-chair of the main competitors. “The magic circle—as they firm’s Mergers and Acquisitions Group, “we dub themselves—Allen & Overy, Freshfields, weren’t even in the top twenty.” Latham also Linklaters, Clifford Chance and Slaughters— came in fourth place for worldwide announced have very high European M&A rankings and deals with $470.103 million worth of transactions, global rankings, but none has a meaningful M&A and sixth place for worldwide completed deals presence in the U.S.,” Mr. Nathan says. Slaughter Charles Nathan worth $364.051 million. & May, he notes, has no offices abroad. What is behind the rise of Latham & Watkins Similarly, in the U.S., Mr. Nathan says that his in the world of M&A? firm has a much larger footprint than its domestic “If you look back to the late nineties,” Mr. rivals. “Unlike all the other major M&A firms,” Nathan says, “Latham was not well-recognized he says, “we have true national representation. as an M&A firm. We had no persona in M&A.
    [Show full text]
  • Private Equity Investors
    Private Equity Investors Press Release Guernsey, Channel Islands, October 2, 2006 KKR Private Equity Investors Makes $282.3 Million Investment in Philips Semiconductors Business KKR Private Equity Investors, L.P. (Euronext Amsterdam: KPE) announced that it has invested approximately $282.3 million in connection with the publicly announced transaction to acquire, by an investor group that includes Kohlberg Kravis Roberts & Co. (KKR), a controlling stake in the semiconductors business of Royal Philips Electronics, formerly known as Philips Semiconductors International B.V. The semiconductors business has been renamed NXP B.V. Royal Philips Electronics recently announced the closing of this transaction, pursuant to which a consortium that includes KKR, Silver Lake Partners, Bain Capital, Apax Partners and AlpInvest Partners NV acquired an 80.1% stake in NXP B.V. and Royal Philips Electronics retained a 19.9% stake in NXP B.V. The $282.3 million total investment was comprised of a $250.0 million co-investment and $32.3 million of capital contributions to KKR-sponsored private equity funds. The amount invested by KPE in NXP B.V. represents approximately 6.0% of KPE’s net asset value as of August 30, 2006. About KPE KKR Private Equity Investors, L.P. (KPE) is a Guernsey-based limited partnership that seeks to create long-term value primarily by participating in private equity investments sponsored by KKR. Formed in April 2006 to provide complementary capital for KKR-sponsored private equity funds, KPE enables certain non-U.S. public market investors and certain other qualified investors to invest in select KKR- sponsored investments.
    [Show full text]
  • Testimony of Richard Bressler Managing Director, Thomas H. Lee Partners on Behalf of the Private Equity Counci
    Testimony of Richard Bressler Managing Director, Thomas H. Lee Partners on behalf of the Private Equity Council Subcommittee on Telecommunications & the Internet March 11, 2008 Introduction Good morning. ) am pleased to be here today to share some perspectives on the role of private equity in today’s rapidly evolving media and telecommunications market. ) appear in my capacity as a Managing Director at Thomas (. Lee Partners T(L, but my views are also offered on behalf of the Private Equity Council, the trade association representing many of the largest private equity firms doing business in the United States today. ) have been with T(L for two years. T(L is a leading private equity firm based in Boston, Massachusetts. We focus on identifying and obtaining substantial ownership positions in large, growth‐oriented companies where, in partnership with outstanding managers, we bring managerial and strategic expertise to accelerate the long‐term growth of our portfolio companies. We have found, throughout our long history, that building good companies into great ones is the best way to create value for our investors, our portfolio company employees and all stakeholders. As one of the oldest and most successful private equity firms, T(L has raised approximately $ billion of equity capital and invested in more than businesses with an aggregate purchase price of more than $ billion. We seek to build companies of lasting value while generating superior returns for our investors and operating partners. Prior to joining the firm, ) held senior management positions at Viacom and Time Warner, where ) served as CFO and as a senior executive with a close working relationships with, and a deep understanding of, both the editorial and business units.
    [Show full text]
  • FTSE Russell Publications
    2 FTSE Russell Publications 19 August 2021 FTSE 250 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Infrastructure 0.43 UNITED Bytes Technology Group 0.23 UNITED Edinburgh Investment Trust 0.25 UNITED KINGDOM KINGDOM KINGDOM 4imprint Group 0.18 UNITED C&C Group 0.23 UNITED Edinburgh Worldwide Inv Tst 0.35 UNITED KINGDOM KINGDOM KINGDOM 888 Holdings 0.25 UNITED Cairn Energy 0.17 UNITED Electrocomponents 1.18 UNITED KINGDOM KINGDOM KINGDOM Aberforth Smaller Companies Tst 0.33 UNITED Caledonia Investments 0.25 UNITED Elementis 0.21 UNITED KINGDOM KINGDOM KINGDOM Aggreko 0.51 UNITED Capita 0.15 UNITED Energean 0.21 UNITED KINGDOM KINGDOM KINGDOM Airtel Africa 0.19 UNITED Capital & Counties Properties 0.29 UNITED Essentra 0.23 UNITED KINGDOM KINGDOM KINGDOM AJ Bell 0.31 UNITED Carnival 0.54 UNITED Euromoney Institutional Investor 0.26 UNITED KINGDOM KINGDOM KINGDOM Alliance Trust 0.77 UNITED Centamin 0.27 UNITED European Opportunities Trust 0.19 UNITED KINGDOM KINGDOM KINGDOM Allianz Technology Trust 0.31 UNITED Centrica 0.74 UNITED F&C Investment Trust 1.1 UNITED KINGDOM KINGDOM KINGDOM AO World 0.18 UNITED Chemring Group 0.2 UNITED FDM Group Holdings 0.21 UNITED KINGDOM KINGDOM KINGDOM Apax Global Alpha 0.17 UNITED Chrysalis Investments 0.33 UNITED Ferrexpo 0.3 UNITED KINGDOM KINGDOM KINGDOM Ascential 0.4 UNITED Cineworld Group 0.19 UNITED Fidelity China Special Situations 0.35 UNITED KINGDOM KINGDOM KINGDOM Ashmore
    [Show full text]