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Combining Banking with Private Equity Investing*
Unstable Equity? * Combining Banking with Private Equity Investing First draft: April 14, 2010 This draft: July 30, 2010 Lily Fang INSEAD Victoria Ivashina Harvard University and NBER Josh Lerner Harvard University and NBER Theoretical work suggests that banks can be driven by market mispricing to undertake activity in a highly cyclical manner, accelerating activity during periods when securities can be readily sold to other parties. While financial economists have largely focused on bank lending, banks are active in a variety of arenas, with proprietary trading and investing being particularly controversial. We focus on the role of banks in the private equity market. We show that bank- affiliated private equity groups accounted for a significant share of the private equity activity and the bank’s own capital. We find that banks’ share of activity increases sharply during peaks of the private equity cycles. Deals done by bank-affiliated groups are financed at significantly better terms than other deals when the parent bank is part of the lending syndicate, especially during market peaks. While bank-affiliated investments generally involve targets with better ex-ante characteristics, bank-affiliated investments have slightly worse outcomes than non-affiliated investments. Also consistent with theory, the cyclicality of banks’ engagement in private equity and favorable financing terms are negatively correlated with the amount of capital that banks commit to funding of any particular transaction. * An earlier version of this manuscript was circulated under the title “An Unfair Advantage? Combining Banking with Private Equity Investing.” We thank Anna Kovner, Anthony Saunders, Antoinette Schoar, Morten Sorensen, Per Strömberg, Greg Udell and seminar audiences at Boston University, INSEAD, Maastricht University, Tilburg University, University of Mannheim and Wharton for helpful comments. -
Private Equity Overview
Private Equity Overview Faegre Drinker’s national private equity practice FOCUSED on the has the experience to deliver success in large, middle market sophisticated transactions, as well as the agility and rate structure to equally excel in smaller transactions. Our private equity team is a core part of our 175-lawyer M&A practice, which over the past three years has OVER 175 dedicated closed over 725 deals with an aggregate value of over $100 billion. M&A professionals We know the private equity deal market, and we understand and apply the latest structures, strategies and practices for private equity deals, with extensive OVER 725 M&A deals experience on both the buy-side and the sell-side. We deliver value in advising funds, management, over the past three years co-investors and portfolio companies throughout the private equity life cycle. From acquisitions, to minority and control investments, day-to-day counseling, add- on acquisitions, recapitalizations and restructurings, OVER $100 BILLION and ultimately to the array of exit events, we provide aggregate deal value practical guidance and solutions throughout the full over the past three years range of opportunities and issues. We team with our national-level fund formation and governance professionals to offer additional levels of insight and experience, and we capitalize on the knowledge of our over 1,300 attorneys, consultants and professionals to deliver top-level value and results. Our team represents clients and leads transactions across a wide range of industries, including Sources say the group is manufacturing, consumer and retail, insurance, food and beverages, sports and entertainment, industrials, ‘excellent technically and, from a transportation and logistics, communications and media, health care, life sciences, education, financial customer service perspective, goes services, and technology. -
Staffing M&A Funders and Advisors
Global Market Information and Forecasts Staffing M&A Funders and Advisors 2 September 2020 | Adam Pode, Director of Research (EMEA & APAC) | [email protected] M&A Funders and Advisors Directory | 2 September 2020 Introduction Use this report to identify M&A • This directory provides full records for over 30 companies operating in the M&A space funders and advisors and around the world. Some firms provide services in just one market while others provide understand the nature of their international and cross-border M&A advice and services in up to 40+ countries. They are services listed in alphabetical order, and an index is provided at the rear of this document (page 34). • An additional 115+ firms who have been identified as providing M&A services are also shown (pages 28 to 33). We have tried to make this report as exhaustive as possible, but if there are additional companies you believe should be listed, or if you would like to contribute a “full” entry within this directory, please contact the author, shown below. • This report is designed as a standalone document but can also be read in conjunction with our M&A reports which are available to subscribers of Staffing Industry Analysts’ research services. These included our interactive dashboard of staffing and workforce solutions M&A activity, which details more than 1,300 transactions in the sector. • If you are interested in joining our service or require further information, please contact Tina McGarvey at [email protected]. In addition, you can subscribe free to our Daily News, which reports deals as and when they happen, by clicking here. -
Map of Funding Sources for EU XR Technologies
This project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement N° 825545. XR4ALL (Grant Agreement 825545) “eXtended Reality for All” Coordination and Support Action D5.1: Map of funding sources for XR technologies Issued by: LucidWeb Issue date: 30/08/2019 Due date: 31/08/2019 Work Package Leader: Europe Unlimited Start date of project: 01 December 2018 Duration: 30 months Document History Version Date Changes 0.1 05/08/2019 First draft 0.2 26/08/2019 First version submitted for partners review 1.0 30/08/2019 Final version incorporating partners input Dissemination Level PU Public Restricted to other programme participants (including the EC PP Services) Restricted to a group specified by the consortium (including the EC RE Services) CO Confidential, only for members of the consortium (including the EC) This project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement N° 825545. Main authors Name Organisation Leen Segers, Diana del Olmo LCWB Quality reviewers Name Organisation Youssef Sabbah, Tanja Baltus EUN Jacques Verly, Alain Gallez I3D LEGAL NOTICE The information and views set out in this report are those of the authors and do not necessarily reflect the official opinion of the European Union. Neither the European Union institutions and bodies nor any person acting on their behalf may be held responsible for the use which may be made of the information contained therein. © XR4ALL Consortium, 2019 Reproduction is authorised provided the source is acknowledged. D5.1 Map of funding sources for XR technologies - 30/08/2019 Page 1 Table of Contents INTRODUCTION ................................................................................................................ -
Financial Services & Technology
Leadership Newsleter Financial Services & Technology Fall 2015 GTCR Firm Update Since the firm’s inception in 1980, GTCR has partnered with management teams to build and transform growth businesses, investing over $12 billion in more than 200 companies. In January 2014, we closed GTCR Fund XI, the firm’s largest fund to date, with $3.85 billion of limited partner equity capital commitments. To date, we have made five investments in Fund XI. Financial Services & Technology Group Update GTCR's Financial Services & Technology group has stayed very busy in 2015: with the sale of three porfolio companies, Premium Credit Limited, Fundtech and AssuredPartners; the pending sales of Ironshore and The Townsend Group; and the acquisition by Opus Global of Alacra, a provider of KYC compliance workflow sotware to financial institutions. Industry Viewpoints During the extended bull market since the Great Recession, “fintech” has become one of the hotest segments of the economy in terms of media and investor focus. The space has received intense media atention and an influx of capital from venture capitalists and traditional strategic buyers looking to avoid falling behind the curve. Unlike many industries where wholesale technology changes can quickly upend a traditional landscape, financial services requires a more nuanced evolution of technological progress given heightened regulatory requirements, dependence on human capital and the need for trust in financial markets. Many new entrants in the fintech space (both companies and investors) have focused heavily on the “tech” and less on the “fin.” Unlike many new investors in the space, GTCR sees technology not as a separate subsector but as an integral part of financial services, and we have been investing behind the adoption of technology throughout the industry for over two decades. -
Future Finance & Investment Chapter
FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS OF THE GRI GLOBAL COMMITTEE FUTURE FINANCE & INVESTMENT CHAIRPERSON VICE-CHAIR Audrey Klein Peter Plaut Head of Investor Relations (Funds) Executive Director Kennedy Wilson Wimmer Family Office Investor Relations (Funds) Investor - Family Office Kennedy Wilson is a global real estate operator. We focus Wimmer Family Office offers both bespoke investment portfolio on multifamily, office and industrial properties located in the solutions for family offices and high net worth individuals as Western U.S., U.K., Ireland and Spain. Headquartered in Beverly well as its core investment trend following strategy through the Wimmer Wealth Protection Fund. Hills, CA, and London, UK, Kennedy Wilson has 16 global offices. Audrey Klein is the Head of Fundraising for Kennedy Wilson Europe. Prior to Peter Plaut is an Executive Director at Wimmer Family Office focused on origination, this she held Head of Fundraising roles at several firms but is best known for researching and structuring private debt and equity transactions across a broad range starting the European business out of London for the Park Hill Real Estate of industries including specializing in real estate across the residential, office and hotel Group, a Division of Blackstone, which she ran for 9 yrs. Prior to joining Park and hospitality sectors. Minimum transaction size is $100mm to well over $1 billion. Hill, she ran her own business for 5 yrs marketing alternative asset funds Mr. Plaut is consistently recognized as a leader in the industry. Among his many across all asset classes including private equity, real estate and hedge funds achievements and awards, he was ranked as one of the Top 20 Rising Stars of Hedge to European investors comprised of pension funds, banks, family offices and Funds during the 2008 financial crisis –a recognition of his ability to manage through high net worth individuals. -
Private Equity Investment in Health Care in 2018: a Year in Review Page 1 of 9
Private Equity Investment in Health Care in 2018: A Year in Review Page 1 of 9 Private Equity Investment in Health Care in 2018: A Year in Review PG Bulletin March 14, 2019 Alé Dalton (Bradley Arant Boult Cummings LLP, Nashville, TN) Cody G. Robertson (InnovAge, Denver, CO) Jed Roebuck (Chambliss Bahner & Stophel PC, Chattanooga, TN) This Bulletin is brought to you by AHLA’s Transactions Affinity Group of the Business Law and Governance Practice Group. 2018 saw a remarkable volume and breadth of private equity and venture capital investment in health care, with transactions spanning the spectrum of primary care, to specialty care, to whole hospital systems, and reaching beyond the direct provision of care to ancillary services involving data management and electronic health records. The industry saw similar breadth in transaction size, ranging from single practice acquisitions to multi-billion dollar take-private transactions. This Bulletin summarizes five notable transactions or clusters of transactions that were indicative of private equity investment in health care in 2018. Primary Care Enters the Conversation After years of private equity focus on specialty providers, 2018 saw significant investor interest in primary care. Two notable https://www.healthlawyers.org/Members/PracticeGroups/blg/alerts/Pages/Private_Equity_In... 4/6/2019 Private Equity Investment in Health Care in 2018: A Year in Review Page 2 of 9 transactions highlight the growing investment in the primary care space: the $350 million investment in One Medical by The Carlyle Group and a $100 million Series E investment in Iora Health. One Medical is the largest independently held primary care practice in the United States. -
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. -
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 -
Advancing the Role of the Finance Executive
Advancing the role of the finance executive Built on the back of in-depth conversations with private equity CFOs, a 20-year heritage of our CFO community and the annual conference Contents » Connect. Evolve. Advance. » Past attendees list » Testimonials » Product offering » Messaging platform functionality » Unlock your networking opportunities with our virtual platform » Events 2 of 13 Advance your career Get direct access to industry peers and specialists who are tackling the same problems and obstacles you face. Benchmark your strategies and solutions to progress Connect. with confidence. Evolve. Advance your team Successful CFOs have a strong support team. Give Advance. your COO, CIO CCO, Finance Director and Controller The industry defining CFO & COO Forum All Access. Dive into a wide range of operational hot is now just one of the many essential topics from tax and compliance to recruitment, data updates we’ll give you throughout the year security management and cyber risk. with your CFO All Access subscription, designed around you to unlock: » Insider know-how – from CFO leaders at the top firms, to the innovators in the mid and lower market Advance your firm » Sector specific xpertisee – from technology to human capital to ESG The world is changing faster than ever – driven by macro issues such as climate change, a pandemic » Regulatory insight – direct from SEC global recession and political uncertainty. Progressive executives and directors strategies on ESG and diversity are no longer nice to » Authoritative market commentary – haves. LPs are directing capital to firms that take these from our acclaimed editorial team topics seriously and can show it. -
Broken Confidences Sebastiaan Van Den Berg of Harbourvest Partners Are PE Players Losing Sleep Over Australia’S Super Fund Disclosure Rules? Page 7 Page 19
Asia’s Private Equity News Source avcj.com February 25 2014 Volume 27 Number 07 EDITOR’S VIEWPOINT Bumper PE deal flow in 2013 flatters to deceive Page 3 NEWS Baring Asia, CalPERS, CDH, EQT, Fosun, GGV, Hopu, IDFC, IFC, INCJ, Kendall Court, Morningside, NSSF, Origo, Samena, Temasek Page 4 ANALYSIS Australia’s mid-market GPs wait patiently for a buyout rebound Page 16 INDUSTRY Q&A HESTA’s Andrew Major and QIC’s Marcus Simpson Page 11 Broken confidences Sebastiaan van den Berg of HarbourVest Partners Are PE players losing sleep over Australia’s super fund disclosure rules? Page 7 Page 19 FOCUS FOCUS Diversity in distress The collective spirit GPs adjust to evolving special situations Page 12 Crowdfunding gains traction down under Page 14 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM AUSTRALIA 2014 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Mirzaan Jamwal (852) 3411 4821 That was then, Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager this is now Helen Lee Research Manager Alfred Lam Research Associates Herbert Yum, Isas Chu, Jason Chong, Kaho Mak Circulation Manager FROM 2006 OR THEREABOUTS, AUSTRALIA pace during the second half of 2013. A total of Sally Yip Circulation Administrator suddenly became the destination in Asia for GPs nine PE-backed offerings raised record proceeds Prudence Lau focused on leveraged buyout deals. -
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