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Private Equity Spotlight Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity performance, investors, deals and Private Equity Spotlight fundraising. Private Equity Spotlight combines information from our online March 2014 products Performance Analyst, Investor Intelligence, Fund Manager Profi les, Funds in Market, Secondary Feature Article Market Monitor, Buyout Deals Analyst and Venture Deals Analyst The State of Co-Investments This month’s feature article explores the attraction of co-investment opportunities and presents the results of Preqin’s survey of LPs and GPs relating to their attitudes and activities March 2014 within the co-investment space. Volume 10 - Issue 3 Page 3 FEATURED PUBLICATION: 2014 Preqin Global Private Equity Lead Article Report The Diversification of Secondaries Transactions We look at the different types of strategies that are being increasingly adopted by maturing secondary buyers and sellers, providing details of example transactions featured on Preqin’s Secondary Market Monitor. 2014 Preqin Global Private Equity Report Page 8 Preqin Industry News This month’s Industry News focuses on investor appetite for private equity co-investments, ISBN: 978-1-907012-62-4 presenting examples of investors that have recently made such commitments, and those $175 / £95 / €115 www.preqin.com alternative assets. intelligent data. that plan to do so in the near future. To find out more and to order your Page 12 copy please visit: www.preqin.com/gper The Facts New York: Women in Private Equity - A focus on women employed in the industry. Page 14 One Grand Central Place 60 E 42nd Street Investors - Changing allocations to private equity. Page 15 Suite 630 Buyout Deals - Analysis of US private equity-backed buyout deals. Page 17 New York, NY 10165 +1 212 350 0100 Venture Capital Deals - We examine deals in the software and related industries. Page 18 - Preliminary Q3 2013 private equity benchmarks. London: Performance Page 20 Equitable House Funds of Funds - A look at fund of funds managers that co-invest. Page 21 47 King William Street London, EC4R 9AF Conferences - Upcoming private equity conferences around the world. Page 23 +44 (0)20 7645 8888 Singapore: One Finlayson Green You can download all the data in this month’s Spotlight in Excel. #11-02 Wherever you see this symbol, the data is available for free download on Singapore 049246 Excel. Just click on the symbol and your download will begin automatically. +65 6305 2200 You are welcome to use the data in any presentations you are preparing; please cite Preqin as the source. San Francisco: 580 California Street Suit 1638 San Francisco Free Subscription CA 94104 Sign up to receive your free edition of Private Equity Spotlight every month! +1 415 635 3580 www.preqin.com/spotlight w: www.preqin.com e: [email protected] Twitter: www.preqin.com/twitter LinkedIn: www.preqin.com/linkedin alternative assets. intelligent data. The 4th Annual SuperReturn China 2014 Bringing Together The International & Chinese PE & VC Communities 7-9 April 2014, Kerry Hotel, Beijing 15% Reader Offer Dear Spotlight reader, We will be in Beijing for this year’s SuperReturn China and as I am a speaker I’m pleased to offer Spotlight readers a special 15% discount should you be planning to attend. SuperReturn China brings together 100 of the region’s most influential speakers in a one-stop learning and networking shop, packed with interaction and high value face-to-face opportunities with around 400+ global attendees, including 100 LPs. Kindest regards Mark O’Hare For all bookings & enquiries, please contact the SuperReturn China 2014 Team Quote VIP: FKR2357PRQSP for your 15% discount Tel: +44 (0) 20 7017 7200 Email: [email protected] Web: http://www.superreturnchina.com/FKR2359PRQSP Feature Article The State of Co-Investments Download Data The State of Co-Investments Jessica Duong explores the attraction of co-investment opportunities and presents the results of Preqin’s recent survey of LPs and GPs relating to their attitudes and activities within the co-investment space. Many fund managers offer co-investment opportunities (investments Fig. 1: LPs’ Current Level of Co-Investment Activity made in portfolio companies alongside a GP) to their limited partners whereby the private equity fi rm involved will typically exercise control and perform monitoring functions. Such opportunities are usually at Actively Co-Investing the discretion of the GP rather than a matter of entitlement for the 7% LP, but in recent years, there has been a rise in appetite for such investments in the industry. Generally speaking, co-investments are 16% Opportunistically Co- offered primarily to the larger LPs in the fund, and/or to those which Investing were cornerstone investors in the fi rst close, but now investors of all 40% sizes seem to be showing increasing levels of interest in participating in co-investments with their GPs. Considering Co- Investing in the Future But Have Not Co- A Win-Win Invested Yet Co-investments are passive, non-controlling investments, a provision Not Co-Investing and 37% No Plans to Co-Invest of separate equity that is often not subject to fees. Though they in the Future carry a greater level of risk and complexity, co-investments bring a myriad of benefi ts to both the investor and fund manager. This can include better returns, diversifi cation of portfolio, better alignment of Source: Preqin LP Co-Investment Survey, February 2014 interests between partners and increased effi ciency. Specifi c pulls for the investor could include lower management fees and reduced the breakdown of LPs’ current plans for co-investments, with 40% carried interest, exposure to quality private equity assets, an ability to actively seeking co-investment opportunities at present and 37% evaluate the risk-return profi le, which is not necessarily available in doing so on an opportunistic basis. traditional fund investments, better transparency and mitigation of the J-curve effect as capital is deployed faster. Furthermore, experience Preqin was interested to test the hypothesis that co-investments are in deal-making gained through co-investing alongside GPs gives mainly the domain of larger LPs with more assets under management, LPs the opportunity to expand their internal capabilities, acquire which many in the industry have assumed. Fig. 2 shows the typical valuable experience in direct investments, and gain direct exposure proportion co-investments account for in an LP’s portfolio by current to industries they may not have access to otherwise. allocation to private equity. It shows that there is no real trend to support the assumption that larger LPs typically allocate a greater Increasing Prominence proportion of their portfolio to co-investment opportunities. For instance, 31% of investors surveyed with less than $250mn allocated In February 2014, Preqin conducted a survey of 140 private equity to the private equity asset class have less than 2% of their portfolio LPs based around the globe in an effort to ascertain their current made up of co-investments; 11% of investors with $501mn to $1bn attitudes towards co-investments and their activities within the space. allocated to private equity and 43% of investors with more than $5bn Results revealed that the vast majority (73%) of investors surveyed allocated fall in the same category of low co-investment activity. have co-invested alongside a GP in a deal in the past. Fig. 1 shows Fig. 2: Proportion of LPs’ Total Private Equity Portfolio Made Fig. 3: GPs’ Views on the Benefits of Offering Co-Investment Up of Co-Investments by Current Allocation to Private Equity Rights to LPs 100% 7% 6% 7% Builds a Stronger Relationship with 14% 76% 90% 7% LPs 37% 25% 21% 80% 14% More than Access to Additional Capital for 20% 51% 70% 29% 0% Deals 14% 11-20% 60% 19% Improves the Chance of a 11% 29% 44% 7% Successful Fundraise 50% 6-10% 26% 40% 26% Benefits the Portfolio Company 7% 25% 2-5% 30% 50% 43% 20% 16% Less than None 4% 31% Proportion of LP Respondents 2% 10% 25% 11% 0% Other 1% Up to $251mn $501mn $1.1bn More than $250mn to $500mn to $1bn to $5bn $5bn 0% 20% 40% 60% 80% Current Allocation to Private Equity Proportion of GP Respondents Source: Preqin LP Co-Investment Survey, February 2014 Source: Preqin GP Co-Investment Survey, February 2014 3 Private Equity Spotlight / March 2014 © 2014 Preqin Ltd. / www.preqin.com Feature Article The State of Co-Investments Download Data Institutional investors across the board are increasingly seeking new Fig. 4: GPs’ Views on the Downside of Offering Co- ways to extract value from their private equity portfolios and a growing Investment Rights to LPs number are setting aside capital specifi cally for private equity co- investments. Several different motivations are behind this trend, as shown in Preqin’s survey results. A signifi cant 70% of LPs surveyed Slows/Delays Deals Process 58% specifi ed the reduced costs associated with co-investments as a top Negative Impact on Relationships pull factor and 75% cited the real potential for higher returns. Forty-six with LPs that Are Not Offered Co- 33% percent of respondents acknowledged the fact that co-investments Investment Rights also allow LPs to strengthen their GP relationships. A favourable relationship with a GP will increase the likelihood that the LP is at the Additional Costs 23% top of the list when a good investment opportunity arises. Co-Investors Have More Control 7% GPs are becoming more willing to offer co-investment rights, over the Investment acknowledging the substantial investor appetite apparent in the industry and perhaps also using it as a strategy to navigate through Other 7% the diffi culties of the current private equity fundraising environment.
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