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Spotlight August 2009 SuperReturn Middle East 2009 3rd Annual Middle East, North Africa, Turkey and South Asia’s Private Equity and Venture Capital Summit 11th-14th October 2009, Grand Hyatt, Dubai http://www.icbi-events.com/KN2215PQEM1 Dear Spotlight Subscriber, Preqin is delighted to have arranged a special invitation and 15% discount for Spotlight readers who would like to attend SuperReturn Middle East 2009 in Dubai on October 11th-14th, 2009. SuperReturn Middle East has an entirely re-invented interactive, dynamic and networking agenda with a host of features and sessions designed to enable you to meet and exchange ideas with LPs and GPs alike – perfect for you to exploit every minute of your time at the event, and make every moment pay. Please contact the SuperReturn Middle East Forum 2009 Team directly: on +44 (0) 207 017 7200 or email [email protected], and be sure to quote the Priority code KN2215PQEM1 to secure your 15% discount. I’ll be chairing a session at the conference, and hope to have an opportunity to connect with you there. Kindest regards, Mark O’Hare Managing Director Preqin For more information contact the SuperReturn Middle East Forum 2009 Team directly: Quote Priority code: KN2215PQEM1 Call: +44 (0) 207 017 7200 Email: [email protected] Web: http://www.icbi-events.com/KN2215PQEM1 Private Equity Spotlight www.preqin.com August 2009 / Volume 5 - Issue 8 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin, providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les & Funds in Market. Investor Survey Results Special Fundraising Spotlight Feature Article page 3 page 13 Current Investor Attitudes to Private Equity This month’s Fundraising Spotlight takes an in-depth look at buyout, venture and fund of funds private equity fundraising. Over one week in July 2009 Preqin’s Investor Intelligence team conducted a survey of 100 of the most signifi cant institutional investors in private equity. This month’s feature article takes a look at the results and what this means for the fundraising market in the Conferences Spotlight second half of 2009. page 18 We look at the upcoming events in the private equity world. Performance Spotlight page 9 The Eff ect of Private Equity Performance on the Current Investor News page 21 Fundraising Environment All the latest news on secondaries and private equity investors; This month we look at how private equity performance has aff ected fundraising for new vehicles and why this years total Including... capital raised looks set to be signifi cantly lower than in previous years. • Adams Street Partners • ERA Foundation • Korea Investment Corporation Fund Manager Spotlight page 11 New York Buyout Firms • Jade Invest This month’s fund manager profi le looks at New York buyout fi rms and examines the number, size and preferences of the funds they raise. Be the fi rst to know about all our exclusive research reports and projects, follow us on www.twitter.com/preqin If you would like to receive Private Equity Spotlight each month please email [email protected]. Subscribers to Performance Analyst and Investor Intelligence OUT NOW receive additional information not available in the free version. If you would like further details please email [email protected] The 2009 Preqin Fund Terms Advisor Publisher: Preqin Ltd. Scotia House, 33 Finsbury Square, London. EC2A 1BB More information available at: www.preqin.com/fta Tel:T +44 (0)20 7065 5100 w: www.preqin.com PERFORMANCE • INVESTORS • FUNDRAISING • FUND MANAGERS © 2009 Preqin Ltd. / www.preqin.com 3 ◄ Feature Article August 2009 Feature Article: Current Investor Attitudes to Private Equity Much has changed in the private equity industry in the past year. The global Fig. 1: fi nancial crisis had a massive impact on the asset class, not just on the investments made by fund managers, When Are Investors Expecting to Next Make Private Equity Fund Commitments? but also on the institutional investors in private equity funds, their opinions of the 60% industry and their ability to make fresh 54% commitments. 50% The evidence for this can clearly be 40% seen in recent fundraising fi gures: in Q2 2009, 89 private equity funds 30% 25% reached a fi nal close securing $79.7bn between them, considerably less than 20% the $194.5bn raised by the 274 funds Proportion of Investors to hold a fi nal close in the same quarter 10% 7% 6% 7% the previous year. But to what extent is this drop in fundraising a result of shifting 0% investor attitudes to the asset class, how Will Invest in Will Invest in Will Invest in Considering Unlikely to Invest 2009 2010 2011 or later in Next 2 years permanent is the apparent decline in investor appetite for funds and when are investors likely to return to the market? Fig. 2: Using Investor Intelligence, Preqin’s database containing profi les for over 4,000 investors in private equity, we Investors’ Intentions for Their Private Equity Allocations conducted a survey of 100 signifi cant institutional investors over a single week in July 2009 to obtain a unique snapshot of their views of the industry at the current time and to see how active LPs anticipate being in the asset class in the coming months and years. This article contains some highlights from the full report, which can be found on our website: www.preqin.com/investorsurvey Proportion of Investors Future Private Equity Investments Just 41% of the investors we polled told us they had committed to private equity funds in the past six months. But when can we expect more LPs to return to the market and make fresh the asset class in the next 18 months, investing further in the next two years. commitments? As Fig. 1 shows, a reassuring news for fund managers We asked investors whether they considerable 79% of investors expect currently engaged in, or intending to expected their allocations to private equity to make new commitments to funds commence, fundraising. In fact, more to increase in the next 12 months and, in either this year or next, showing that than half of investors are seeking to addition, whether they foresaw their long- large numbers of investors can be make commitments before the end of term target allocations increasing over the expected to recommence investment in 2009. Just 7% told us they would not be next three to fi ve years. As Fig. 2 shows, © 2009 Preqin Ltd. / www.preqin.com 4 ◄ Feature Article August 2009 ... investor appetite for private equity is still strong and that “ most LPs still intend to remain active in private equity over the “ longer term... in the short term, investors’ allocations to private equity are expected to remain Fig. 3: broadly the same, with just 11% of investors informing us that they expected the overall level of their exposure to the Current Levels of Private Equity Allocations Compared to Target Allocations asset class would go up, whilst the vast majority, 80%, expected their current allocations to private equity to remain at the same level as a proportion of their overall investment portfolios. However, it is clear that investor appetite for private equity is still strong and that most LPs still intend to remain active in private equity over the longer term; just 6% of investors in the asset Proportion of Investors class anticipate decreasing their target allocations in three to fi ve years. In fact, 30% expect to increase their target allocations over the next few years, showing that, though investors have been holding off from investing in the asset class more recently, as the markets IBC’s Acclaimed Private Equity Transactions and Tax Series Register by 20094th & SeptemberSAVE £50 stabilise, actual investor appetite for the asset class has remained strong, and an increase in investor activity can be Private Equity expected. Current LP Views of the PE Market Tax Practices The Latest Developments and Thinking on Tax Minimisation Strategies for Fund and Deal With private equity valuations lagging Structures, Investors and Management Teams behind public markets, private equity Authoritative Presentations Addressing: Expert Speakers Include portfolios did not immediately refl ect • Tax Planning for the 50% Income Tax Rate & Anthony Stewart the new fi nancial situation and, as a Non-domiciled Executives Mark Baldwin MACFARLANES CLIFFORD CHANCE consequence, many private equity • International Fund & Deal Structuring • Management Team Issues Kathleen Russ Paul Megson investors found the proportion of their • Benelux Developments TRAVERS SMITH DELOITTE portfolios allocated to private equity • Refinancing Case Study & Panel Debate Willem Bon & Peter Moons Donald Rocap rising signifi cantly as their investments • HMRC Clearances & New Initiative on HNWIs LOYENS & LOEFF KIRKLAND & ELLIS LLP in public equities declined in value. The • Best Strategies for Delivering Carried Interest Tony Bullock • US Tax Issues for Inbound & Outbound Investments Anneli Collins past six months, however, have seen KPMG ERNST & YOUNG private equity valuations fall and as Fig. • VAT & Private Equity Transactions Sarah Woodall & Chris Damien Crossley 3 shows, just 17% of investors are now Plus - SAVE £200 - if you also register for Planning for Employment Related Securities Orchard MACFARLANES fi nding themselves overcommitted to the 14th October 2009, Radisson Blu Portman Hotel, London HM REVENUE & asset class, whereas a considerable 34% (Quote: KW5079DISCOUNT£200) See inside for more details or: CUSTOMS Tel: +44 (0) 20 7017 7790 • Fax: +44 (0) 7017 7824 of investors have yet to reach their target Email: [email protected] • Web: www.ibc-events.com/ERS allocations. Media Partners Organised by 10% DISCOUNT Furthermore, whilst just 12% of European VIP code: KW5072PQAD investors are at present exceeding their 1st October 2009, Le Meridien Piccadilly Hotel, London target allocations to private equity, almost REGISTER TODAY: Tel: +44 (0)20 7017 7790 • Fax: +44 (0)20 7017 7824 Email: [email protected] • Web: www.ibc-events.com/PEtaxpractices © 2009 Preqin Ltd.
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