DOCSLIB.ORG

Private Equity • Buyouts • M&A

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Private Equity • Buyouts • M&A 5 Mai 2011, 12,50 EUR Private Equity • Buyouts • M&A Magazin VentureCapital www.vc-magazin.de Magazin VentureCapital Das Magazin für Investoren und Entrepreneure Japan,Japan, LibyenLibyen undund diedie FolgenFolgen Was die Krisen für Private Equity bedeuten Mit virtueller Realität Anstoß Erfolgreiche Aufbauhilfe auf den Weltmarkt und Aufwind Nordost Icido: Wachstum mit Venture Standortinitiativen Investor im Portrait: Capital und Fördermitteln unterstützen Gründer Genius Venture Capital GmbH Wir stärken Ihr Eigenkapital. Die NRW.BANK fördert kleine und mittlere Unternehmen mit Eigenkapital- Finan- zierungen sowie Darlehen zur Stärkung des Eigenkapitals und zum Ausgleich mangelnder Sicherheiten. Fragen Sie uns danach: Tel. 0211 91741-1002. www.nrwbank.de/beteiligungen 25.02.11 Venture Capital Magazin 210x297.indd 1 14.02.11 10:32 Editorial www.biotech-bayern.de Das große Ganze im Auge behalten Bavaria: Germany’s No. 1 in Biotechnology Sehr geehrte Leserinnen und Leser, drug pipeline wenn es um aktuelle Berichterstattung geht, sind die Online-Medien führend – drug approval and vor allem seitdem sich Live-Ticker in development diesem Jahr inflationär verbreitet ha- ben. Stets auf der Jagd nach der nächs- number of companies ten Schlagzeile wurde damit die nächs- deals te Tempostufe gezündet. Ähnlich sieht Torsten Paßmann, Redaktionsleiter es bei den Tageszeitungen aus, die in excellence in science kurzen Abständen immer neue aufre- number of listed gende Themen auf ihre Titelseiten hie- ven müssen. Aus der öffentlichen Wahr - Ebenfalls Akteure mit wichtigen Rollen companies nehmung sind die Umwälzungen in Tu- sind die Technologie- und Gründerzen- ne sien und Ägypten somit weitgehend tren dieser Republik und die Verwalter ... and new inventions! ver schwunden und schnell hat sich auch der hiesigen Förderinfrastruktur: Viele der Umfang der jüngsten Krisenthemen junge Unternehmen brauchen diesen „Japan“ und „Libyen“ reduziert. Trotz- Rah men in ihren Start- und teilweise dem besitzen diese Fälle eine fortlau- auch in kritischen Phasen. So waren für fende Aktualität – auch hierzulande die Icido GmbH, ein Spezialist für Vir - und für die Private Equity-Branche. tual Reality, Förderprogramme und Forschungsprojekte ein Pfeiler in der Auf der einen Seite müssen Portfolio- Wirtschaftskrise der vergangenen Jahre unternehmen Lösungen finden, wenn (siehe S. 32–33). Im Interview berichtet beispielsweise wichtige Zulieferer oder auch Harry Böhme, CFO der Novaled AG, wesentliche Absatzmärkte ausfallen. welchen positiven Effekt die Förderin- Vor Problemen stehen ebenfalls ver- frastruktur ausüben kann (siehe S. 62– schiedene Finanzinvestoren, die sich 63). Allein diese zwei Beispiele zeigen, dort engagieren. Aus Deutschland bei- wie wichtig es ist, immer auch langfris- spielsweise ist TVM Capital betroffen, tig zu denken und das große Ganze im die einen speziellen Fonds für Nordafri- Auge zu behalten. ka und den Nahen Osten aufgelegt ha- ben. Was die Krisenregionen Nordafrika Ich wünsche Ihnen eine anregende und Japan konkret für die Branche be- Lektüre deuten, wollte Redakteurin Susanne Har - rer eigentlich „nur“ im Rahmen eines www.bio-m.org zweiseitigen Beitrags beleuchten. Bei Ihr ihren Recherchen hat sich das Thema allerdings als so spannend herausge- stellt, dass ihr Hintergrundbericht zur Munich/Martinsried: aktuellen Titelgeschichte angewachsen ist. Dabei hat sie auch positive Aspekte Top location in Germany gefunden, denn die Branche könnte eine wichtige Rolle bei der Suche nach Ant- 4 approved drugs worten der globalen Krisen spielen. [email protected] 70 clinical trials 350 Biotechnology and www.vc-magazin.de VentureCapital Magazin 5/2011 3 Pharma Companies 3 Editorial Das große Ganze im Auge behalten Auslese 6 Statistiken, Top-News und Tendenzen Titelthema 12 Japan, Libyen und die Folgen 32 Mit virtueller Realität auf den Weltmarkt 12 Japan, Libyen und die Folgen Was die Krisen für Icido: Wachstum mit Venture Was die Krisen für Private Equity bedeuten Capital und Fördermitteln Private Equity bedeuten Naturkatastrophen und der Atomunfall Mit ihren dreidimensionalen Simula - Märkte & Zahlen in Japan, politische Unruhen und Krieg in tionen erleichtert die Icido GmbH Pla- Nordafrika und dem Nahen Osten, die nungs-, Design- und Produktionspro- Ölpreisexplosion – seit Wochen beherr- zesse in der Automobil- und Transport- 18 Vis-à-vis schen globale Brandherde die Schlagzei - industrie sowie im Maschinenbau. För- „Es muss möglich sein, Ven- len und halten auch die Wirtschaft in derprogramme und Forschungspro- ture Capital mit inländischem Atem. Auch die Private Equity-Branche ist jekte des Bundesforschungsministeri- Kapital zu finanzieren“ von den Auswirkungen der globalen Kri- ums waren einer der Pfeiler, die das Un- Panel-Diskussion mit Werner sen betroffen. Bei der Suche nach Antwor - ternehmen in der Wirtschaftskrise ge- Dreesbach, Dr. Alois Flatz, ten könnte sie eine wichtige Rolle spielen. stützt haben. Hans Schreck und Dr. Peter Terhart 31 Privilegierter Zugang Mittelstand/Buyouts 20 Menschen & Macher zu Projekten Oliver Borrmann Charité legt den Biomedical 40 Lebhaftes Geschäft Inhalt Teil 52 der Serie Fund auf der Förderbanken Mehr Hilfe in und nach 22 Grüner Daumen bei Pflanzen-, 32 Case Study der Krise beansprucht Hightech- und Firmenwachstum Mit virtueller Realität Ein Blick auf die Benelux-Länder auf den Weltmarkt 42 Verträge gestalten und Hansjörg Sage, Annegret de Icido: Wachstum mit Venture Kaufpreise anpassen Baey-Diepolder, Gimv Capital und Fördermitteln Beteiligungen und Über - nahmen im Mittelstand 24 Executive Talk 34 Neue Wege in der Innovations - Dr. Guido Bohnenkamp, „Die Zukunft der Energiever- förderung und -finanzierung bm-t beteiligungsmanagement sorgung heißt, noch stärker Praxisbericht der Standortini- thüringen zu dezentralisieren“ tiative Invest-Impuls Interview mit Prof. Dr. Johann- 44 M&A-Kolumne Dietrich Wörner, Vorstandsvor- 35 Standpunkt Investor von Dr. Gernot Wunderle, sitzender des Deutschen Zen- Eine hervorragende Verzah- goetzpartners trums für Luft- und Raumfahrt nung privater und (halb-)öf- Private Equity in Deutschland fentlicher Angebote in der Secondary Buyout 26 Intensives Networking Christian Vogel, Einbahnstraße? in idyllischer Atmosphäre Süd Beteiligungen Vierter Unternehmertag Private Equity-Dachfonds am Tegernsee 36 Professionelle Hilfe durch Experten-Netzwerk 46 Ressourcen intensiv vor einem 28 Entscheidung vor Erfahrung Science4Life: bereits über Commitment einsetzen Aktuelle Studie gewährt Blick 1.000 Gründerideen Ein eigenes Private Equity Re- hinter die Kulissen von Start-ups search professionell aufsetzen Guido Happe, Manuela Megel, 37 „Wir mussten erst Andreas Binder, Wave Steinbach Consulting einen Ausfall verkraften“ Management Interview mit Thomas R. Early Stage & Expansion Villin ger, Geschäftsführer 48 Fondsportrait des Zukunfts fonds Heilbronn Eurofonds für den 30 VC-Kolumne von alten Kontinent Dr. Peter Güllmann, NRW.Bank 38 Anstoß und Aufwind Wealthcap Private Equity 13 Wichtige Impulse für einen Standortinitiativen attraktiven Wirtschaftsstandort unterstützen Gründer 49 Dachfonds-News 4 VentureCapital Magazin 5/2011 www.vc-magazin.de Gehen Sie nicht blind in Transaktionen. 38 Anstoß und Aufwind 58 Erfolgreiche Aufbauhilfe Nordost Standortinitiativen Investor im Portrait: Genius unterstützen Gründer Venture Capital GmbH Unternehmensgründern stellen sich bei Nach der Wiedervereinigung entstand in der Umsetzung ihrer Idee viele Fragen, Mecklenburg-Vorpommern eine gut orga - bei deren Beantwortung sie auf Hilfe an - nisierte Wirtschaftsförderstruktur, zuge - gewiesen sind. Auch in Zeiten, in denen schnitten auf technologieorientierte Unter - die Kapitalsuche schwieriger geworden ist, nehmen. Probleme bereitete indes die aus - wollen deutschlandweit zahlreiche Grün - reichende Versorgung mit Risikokapital. dungsinitiativen die Unternehmer zum Im Mai 1998 gründete sich Genius Ven- Schritt in die Selbstständigkeit motivie- ture Capital, um als Verwalterin öffentli - ren und ihnen auf dem Weg zum eige- chen Kapitals der Frühphasenfinanzierung nen Unternehmen zur Seite stehen. im Nordosten der Republik zu tilgen. Entrepreneurship 60 (Schnelle) Brüter für Gründer Unternehmensaufbau mit Tech - 50 Entrepreneurship-Flash nologie- und Gründerzentren Gewinnen Sie den 51 Standpunkt Gründer 62 „Ich finde es interessant, ein Norddeutsche Netzwerk-Perle Venture Capital-finanziertes Durchblick. für Gründer Unternehmen zu begleiten“ Houman Gieleky, Toptranslation Interview mit Harry Böhme, CFO der Novaled AG 52 „Gründer halten sich mit der Ideenentstehung nicht Datenbank an unsere Terminpläne“ Interview mit Friedrich-Wil- 64 Deal-Monitor helm Corzilius, stellvertreten- der Teamleiter und Netzwerk- 72 Events Koordinator bei start2grow Veranstaltungen für VCs, Gründer und Dienstleister 54 Business Design für Hightech Start-ups 72 Soeben erschienen Kaufmann Lutz ist Ihr Sichere Risikoeinschätzung in zuverlässiger Partner in frühen Gründungsphasen 73 Zitat des Monats Manuel Götzendörfer, allen Fragen rund um UnternehmerTUM 73 Ausblick/Impressum Venture Capital, Private 56 „Unserem Selbstverständnis 74 People Equity und M&A. nach haben wir auch einen Lernen Sie uns kennen. Standortauftrag“ Interview mit Dr. Ralph Eric Kunz, Präsident der DACH Unter www.vc-magazin.de Tech Tour 2011 G Alle 114 Teile der Serie Investor im Portrait 58 Investor im Portrait G Alle Dachfonds-Portraits Kaufmann Lutz Erfolgreiche Aufbauhilfe G Die Serie Business Angel-Netzwerke Rechtsanwaltsgesellschaft mbH
Load more

Recommended publications
  • 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.
    [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]
  • Genstar Capital Partners X, LP
    Investment Summary Genstar Capital Partners X, L.P. A North American Buyout Fund January 2021 Trade Secret and Confidential Trade Secret and Confidential EXECUTIVE SUMMARY OVERALL RATING Genstar Capital Partners LLC (“Genstar” or the “Firm”) has demonstrated an ability to build substantial value for limited partners through its in-depth sector knowledge, focus on talent management, M&A value creation strategy, and 29-member Strategic Advisory Board (“SAB”). Led by a seasoned and long tenured group of managing partners, Genstar has delivered strong performance across its four recent funds. Category Rating Business ✓ Staff ✓ Process ✓ Risk ✓ Operations ✓ Performance ✓ Terms &Conditions ✓ Aon has reviewed and performed an in-depth analysis of the above categories which includes, but is not limited to: ▪Retention of Limited Partners ▪Complementary Skill Sets ▪Market Opportunity ▪Institutional Investor Representation ▪Alignment of Interest ▪Stability of Strategy ▪Management Company Ownership ▪Turnover/Tenure ▪Investment Restrictions ▪Reporting Transparency ▪Depth of Team Resources ▪Approval process ▪Back-office Resources ▪Management Team Network ▪Ability to handle troubled deals ▪Firm Leadership ▪Exit strategy ▪Size of Fund ▪Consistency / Volatility of Returns ▪Management Fee and Offsets ▪Ability to Create Value in Deals ▪Realization Record ▪Priority of Distributions ▪Quality of Source ▪Unrealized Portfolio Performance ▪Clawback ▪Valuation Discipline ▪Write-Offs ▪Investment Period ▪Sole or Consortium Deals ▪Transaction Experience in Strategy
    [Show full text]
  • Investor Relations Marketing & Communications Forum
    Investor Relations Marketing & Communications Forum Virtual experience 2020 September 2-3 | Available anywhere The largest global event for PE Investor Relations, Marketing & Communications A new virtual experience Customize your agenda Available anywhere Industry leading IR and Mix and match 3 think tank Enjoy the Forum from the marketing content selections, 3 interactive comfort of your home office and The Forum’s in-depth sessions are discussion rooms, 12 breakouts on-demand access for up to 12 designed to help you formulate and panel sessions to your liking months after the event is over effective plans and develop crucial for a personalize event strategies to attract investors experience A new kind of networking Built-in calendar and Networking lounges Gain early access to the attendee automated reminders Explore and meet with industry list and start scheduling 1-to-1 Easily download and sync your service providers to discover the or small group meetings or direct event agenda with preferred latest trends and technologies message fellow attendees in tracks and 1-to-1 meetings to your advance own work calendar Speakers include Marilyn Adler Nicole Adrien Christine Anderson Mary Armstrong Michael Bane Managing Partner Chief Product Officer Senior Managing Senior Vice President, Head of US Investor Mizzen Capital and Global Head of Director, Global Head Global Head of Relations Client Relations of Public Affairs & Marketing and Ardian Oaktree Capital Marketing Communications Blackstone General Atlantic Devin Banerjee Charles Bauer Gina
    [Show full text]
  • The Fintech Spotlight
    plaid.com The Fintech Spotlight A look at what’s happening across the fintech ecosystem elcome to the Fintech Spotlight, a quarterly W report that provides insights and analysis on trends across the fintech ecosystem. The report is divided into six sections: • Personal financial management (PFM): The next frontier of rewards • Wealth: Blending traditional wealth management and robo-advisors • Lending & Advance access to funds: Targeting consumer needs • Consumer payments: Tender steering to ACH payments • Business financial management (BFM): Untapped opportunities among SMEs • Banking: A future in embedded finance A WORD FROM PLAID The three months since the last edition of the Fintech Spotlight might as “ The ability to tap a screen well have been three years. Multiple COVID vaccines were approved, a new and instantly have a car at administration was sworn into office, and a third stimulus package was your door or the latest movie passed by Congress (not to mention, Reddit paid a visit to Wall Street1). on your TV has upped the expectations for every aspect While the Biden-Harris administration faces a great number of challenges as of life—including banking.” 2021 continues to unfold, two particular areas of focus stand out beyond the immediate concerns over vaccine roll-out. First, there’s the mammoth task of ERIC SAGER rehabilitating the economy in a post-COVID world. Given the changes to Chief Operating Officer, Plaid both consumer circumstances and behavior over the past twelve months, this economic rebuild represents a continued opportunity for fintechs to meet consumers’ evolving needs and expectations. The ability to tap a screen and instantly have a car at your door or the latest movie on your TV has upped the expectations for every aspect of life—including banking.
    [Show full text]
  • Confirmed Attendees From
    Confirmed Attendees From: 17Capital Eller Capital Partners Mizzen Capital 1843 Capital Empire Global Ventures Monroe Capital LLC Abbott Capital Management LLC EnCap Investments Nautic Partners Abris Capital Partners European Investment Bank Nebrodi Partners ABS Capital Partners Evercore Neuberger Berman Actis eVestment Private Markets New Mountain Capital Advent International Fairview Capital Group NewQuest Capital Partners Aero Equity Franklin Templeton Investments Nonantum Capital Partners Alcion Ventures Frazier Healthcare Partners Northleaf Capital Partners Allianz Real Estate Frog Capital Norwest Equity Partners Alpha Square Group Frontier Capital Oak HC/FT Altas Partners General Atlantic Oaktree Capital AIMA General Catalyst Partners One Equity Partners American Investment Council GenNx360 Orchard Global Asset Management American Securities Genstar Capital Paine Schwartz Partners LLC Angelo Gordon Global Infrastructure Partners Patria Arcus Infrastructure Partners Goodwell Investments Pictet Alternative Advisors SA Ardian Great Hill Partners Pine Brook Partners Argosy Capital GRESB Pomona Capital Arroyo Energy Investment Partners LLC Gryphon Investors Pritzker Private Capital Arsenal Capital Partners Hamilton Lane Prosek Partners Atlantic-Pacific Capital Harbor Group International Providence Equity LLC Audax Harrison Street Social Infrastructure Fund PSP Investments Audax Group Harvest Partners Quantum Energy Partners Azimuth Capital Management HCI Equity Partners Resmark Equity Partners BackBay Communications HGGC Rhone Group Battery
    [Show full text]
  • Alumni Report
    Alumni Career Plans Report Huntsman alumni hail from across the U.S. and around the world, but what defines them is their international perspective. They share an eagerness to learn about languages, cultures and ideas different from their own—qualities that subsequently distinguish them as leaders in a variety of fields in the private, public and non-profit sectors. Huntsman graduates pursue careers around the world in diverse areas such as finance, consulting, politics, public policy, law, marketing, medicine, diplomacy, non-profit management, public health, international development, and technology, and many are entrepreneurs. Huntsman alumni have become Rhodes, Marshall and Fulbright Scholars, and many attend graduate and professional school, usually after a few years of work. Soon after the program held its 20th anniversary, in 2019 we surveyed all Huntsman alumni to learn about their career paths and how their time in the Huntsman Program and at Penn and Wharton shaped their careers. This report presents data on alumni career plans up to five, 10, 15, and 20 years after graduation, including transitions from their first jobs and changes over time leading up to their current roles, as well as graduate or professional school attainment. Over 460 alumni completed the survey, for a 56% response rate, helping us share a comprehensive overview of the wide range of career paths and professional accomplishments Huntsman alumni pursue, and their global impact. Report Contents Report Highlights Industry Breakdown Graduate and Professional
    [Show full text]
  • Q3 2017 Buyout Exits Through M&A
    52 | BUYOUTS | October 9, 2017 www.buyoutsnews.com 3RD QUARTER EXITS Q3 2017 Buyout Exits Through M&A Date Target Name Sponsor Industry Value ($mil) Acquiror 08/28/2017 HighJump Software Inc Accel Partners High Technology - Korber Logistics Systems GmbH 08/01/2017 inVentiv Health Inc Advent International Corp Media and Entertainment $4,279.60 INC Research Holdings Inc 07/18/2017 Sabart Aero Tech SAS AIAC Materials - Hangzhou Jinjiang Group Co Ltd 07/17/2017 Buffalo Parent Gulf Coast Terminals LLC Alinda Capital Partners LLC Financials $2,168.12 SemGroup Corp 07/13/2017 Reliance Home Comfort LP Alinda Capital Partners LLC Industrials $3,428.04 CKP (Canada) Holdings Ltd 09/18/2017 Quail Ridge Apartments,Plainsboro,New Angelo Gordon & Co Real Estate $190.00 Kushner Cos Jersey 09/18/2017 Altamira Santander Real Estate Sa-Cinema Apollo Global Management LLC Media and Entertainment - HIG Capital LLC Complexplaza Eboli 09/04/2017 Apollo Global Management LLC-Hotel Apollo Global Management LLC Media and Entertainment $629.60 INVESCO Real Estate Management Portfolio,Germany(13) Sarl 09/01/2017 Century 21 Real Estate LLC- Offices(2), Lake Apollo Global Management LLC Real Estate - Baird & Warner Real Estate Inc Zurich & Cary,IL 07/12/2017 Novitex Holdings Inc Apollo Global Management LLC Consumer Products and $2,800.00 Quinpario Acquisition Corp 2 Services 08/07/2017 Xbridge Ltd Aquiline Capital Partners LLC Financials $490.00 The Travelers Cos Inc 08/01/2017 Certara LP Arsenal Capital Partners LP Consumer Products and - EQT VII Ltd Services 08/09/2017
    [Show full text]
  • The 35 Most Sought-After US Mid-Market LBO Managers on the Secondary Market™ - Q2 2015
    The 35 Most Sought-After US Mid-Market LBO Managers on the Secondary Market™ - Q2 2015 Why do primary investors look at secondary demand? Strong secondary market demand suggests a fund The Most Sought After Manager Rankings are published by Setter Capital, across is popular among LPs and may be an interesting various types of funds and geographies. This report specifically ranks the Most primary candidate, while low secondary market Sought-After US Mid-Market LBO managers whose most recent funds are greater than $500 million USD and less than $2 billion USD. demand suggests additional liquidity risk in the future. How illiquid is your portfolio? What percent of your portfolio is in Unrated funds? Excellent funds? How do your funds price? Request a complimentary Setter Liquidity Report from Setter Capital. Where can I find the Setter Liquidity Ratings and Rankings? www.SecondaryLink.com Setter Capital Inc. 77 Bloor Street West - Ste 1901 Toronto, Ontario Canada - M5S 1M2 Phone: +1 (416) 964 9555 www.settercapital.com The 35 Most Sought-After US Mid-Market LBO Managers on the Secondary Market™ - Q2 2015 How do the Most Sought-After Funds Compare to Less Saleable Funds? Below is a comparison between the Most Sought-After US mid-market LBO managers (which are listed on the following pages) and Unrated US mid-market LBO managers. Most Sought-After (35 Fund Families) Unrated* (84 Fund Families) 70% Prices* 25% IRRs 50% Fund Sizes 45% 60% 20% 40% 50% 35% 15% 30% 40% 25% 30% 10% 20% Percent of Funds Percent of Funds Percent of Funds 20% 15% 5%
    [Show full text]
  • The 2008 Preqin Private Equity Performance Monitor - Sample Pages
    Sample Pages The 2008 Preqin Private Equity Performance Monitor - Sample Pages © 2008 Private Equity Intelligence Ltd 1 Sample Pages A Guide to the Performance of Private Equity Fund Managers © 2008 Private Equity Intelligence Ltd 2 Sample Pages Contents 1. Executive Summary 7 Fund of Funds 41 - DPI, RVPI and TVPI 2. Methodology 13 - Median Net IRR and Quartile Ranking - Fund Selection Performance 3. Overall Performance of Private Equity 19 - Relationship between Successor and Predecessor Fund - Fund Universe Mezzanine 45 - DPI, RVPI and TVPI - DPI, RVPI and TVPI - Median IRRs, Money Weighted IRRs and Pooled IRRs - Median Net IRR and Quartile Ranking - Performance by Geographic Region - Quartile Ranking by Fund Number - Relationship between Predecessor and Successor Fund Quartile Real Estate 49 - Experience Effect - DPI, RVPI and TVPI - Median Net IRR and Quartile Ranking 4. Performance by Fund Type 29 - Relationship between Successor and Predecessor Fund Buyout 31 Secondaries 53 - DPI, RVPI and TVPI - DPI, RVPI and TVPI - Median Net IRR and Quartile Ranking - Median IRR - Median, Weighted and Pooled IRRs Venture 55 - North American vs. European Buyout Funds - DPI, RVPI and TVPI - Large and Mega Buyout Funds - Median Net IRR and Quartile Ranking - Buyout Cash Flow Analysis - Median, Weighted and Pooled IRRs - Buyout Net Cash Flow by Vintage Year - Performance of Early Stage Funds - Performance at Different Points in Time - Performance of Industry Focused Funds - Relationship between Successor and Predecessor Fund Quartile - Venture Cash Flow Analysis Distressed Debt & Special Situations 39 - Venture Cash Flow by Vintage - DPI, RVPI and TVPI - Performance at Different Points in Time - Median IRR - Relationship between Successor and Predecessor Fund Quartile © 2008 Private Equity Intelligence Ltd 3 Sample Pages 5.
    [Show full text]
  • State of Connecticut Office of the Treasurer Shawn T
    State of Connecticut Office of the Treasurer Shawn T. Wooden Treasurer M E M O R A N D U M TO: Members of Investment Advisory Council FROM: Shawn T. Wooden, State Treasurer and Council Secretary DATE: May 8, 2020 SUBJECT: Investment Advisory Council Meeting – May 13, 2020 Enclosed is the agenda package for the Investment Advisory Council meeting on Wednesday, May 13, 2020 starting at 9:00 A.M. The following subjects will be covered at the meeting: Item 1: Comments by the Chair Item 2: Approval of the Minutes of the April 23, 2020 IAC Meeting Item 3: Opening Comments by the Treasurer Item 4: Economic and Market Update Meketa Investment Group will provide an update on capital markets and discuss endpoint bias relative to investment performance measurement. Item 5: Watch List Process & Assessment Factors Kevin Cullinan, Chief Risk Officer, will review the updated watch list process and discuss expanded assessment factors. Item 6: Private Markets Pacing Plan Overview Mark Evans, Principal Investment Officer, and Danita Johnson, Principal Investment Officer, will provide an overview of the Pacing Plan for Private Markets. Item 7: Presentation by and Consideration of Stellex Capital Partners Fund II, L.P. Mark Evans, Principal Investment Officer, will provide opening remarks and introduce Stellex Capital Partners Fund II, L.P., Private Investment Fund opportunity. Item 8: Presentation by and Consideration of Leeds Capital Partners VII, L.P. Mark Evans, Principal Investment Officer, will provide opening remarks and introduce Leeds Capital Partners VII, L.P., a Private Investment Fund opportunity. Item 9: Other Business • Discussion of the preliminary agenda for the June 10, 2020 IAC meeting We look forward to reviewing these agenda items with you at the May 13th meeting.
    [Show full text]
  • The 30 Most Sought-After Managers
    The 30 Most Sought-After Managers US Middle Market LBO - Q3 2017 First in the Secondary Market. Introduction The ‘Most Sought-After Manager Rankings’ are published by Setter on a quarterly and semi-annual basis to capture the ebb and flow of secondary demand across various fund strategies and geographies. The rankings are largely based on the Setter Liquidity Rating, which assigns funds a rating of Excellent, Very Good, Good or Unrated depending on the number of secondary buyers that want to buy and/or have recently priced a given fund. Please see Definitions at the end of this report for more details. The number of interested buyers for a given fund are determined by Setter’s team of professionals who passionately track the ever changing shortlists and demand of over 1300 secondary buyers both directly and via SecondaryLink.com, where buyers can enter their shortlists and connect with agents and access deals through the Deal Section. From a primary perspective, the ‘Most Sought-After Manager Rankings’ provide a unique perspective as strong secondary market demand suggests a fund manager is popular among LPs and low secondary market demand may signal diminishing market sentiment and additional future liquidity risk. We hope you enjoy! © 2017 Setter Capital Inc. All rights reserved. 2 | P a g e The 30 Most Sought-After Managers on the Secondary Market Strategy: US Middle Market LBO - Q3 2017 Setter Funds in Prior Prime First Rank Liquidity Fund Rank Fund Family Buyers Vintage Latest Closed funds Currency Fund Size Vintage Rating Family 1 — 1 ABRY Excellent 69 1989 8 ABRY VIII USD 1,900 2014 ABRY VII USD 1,600 2011 2 — 2 HIG Capital Excellent 49 1993 7 H.I.G.
    [Show full text]