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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. -
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. -
INVESTMENT VENDORS the Following Is a Listing of the Investment Managers, Custodians, and Consultants That Serve the Massachusetts Public Pension Systems
INVESTMENT VENDORS The following is a listing of the investment managers, custodians, and consultants that serve the Massachusetts public pension systems. The listing is based on information supplied by the retirement boards. RETIREMENT BOARD INVESTMENT VENDORS ADAMS • Capital Research and Management • Granite Investment Advisors Custodian: State Street Bank & Trust AMESBURY • PRIT ANDOVER • PRIT ARLINGTON • PRIT • Wilshire Associates Inc. Custodian: State Street Bank & Trust ATTLEBORO • Boston Advisors, LLC • Herndon Capital Management, LLC • PRIT Custodian: People’s United Bank • Daruma Capital Management, LLC • Invesco Core Real Estate USA, LP • Regions Timberland Consultant: Dahab Associates Inc. • Fidelity Institutional Asset Management • Invesco National Trust Company • State Street Global Advisors • Frontier Capital Management Co., LLC • Orleans Capital Management Corp. • Wells Capital Management Inc. • Hancock Natural Resource Group, Inc. BARNSTABLE COUNTY • Intercontinental Capital Management, LLC • PRIT • UBS Realty Investors, LLC BELMONT • AEW Capital Management, LP • Loomis Sayles & Company • RhumbLine Advisers Custodian: State Street Bank & Trust • Atlanta Capital • Pacific Investment Management Company, LLC • Rothschild Asset Management Inc. Consultant: New England Pension • Harbourvest Partners, LLC • PRIT • Scout Capital Management, LLC Consultants BERKSHIRE COUNTY • PRIT BEVERLY • PRIT BLUE HILLS REGIONAL • PRIT BOSTON (CITY) • 57 Stars, LLC • EnTrust Partners, LLC • Permal Asset Management, Inc. Custodian: State -
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 -
HVPE Prospectus
MERRILL CORPORATION GTHOMAS// 1-NOV-07 23:00 DISK130:[07ZDA1.07ZDA48401]BA48401A.;44 mrll.fmt Free: 11DM/0D Foot: 0D/ 0D VJ J1:1Seq: 1 Clr: 0 DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;67 8 C Cs: 17402 PROSPECTUS, DATED 2 NOVEMBER 2007 Global Offering of up to 40,000,000 Shares of 1NOV200718505053 This document describes related offerings of Class A ordinary shares (the ‘‘Shares’’) of HarbourVest Global Private Equity Limited (the ‘‘company’’), a closed-ended investment company organised under the laws of Guernsey. Our Shares are being offered (a) outside the United States, and (b) inside the United States in a private placement to certain qualified institutional buyers (‘‘QIBs’’) as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), who are also qualified purchasers (‘‘qualified purchasers’’) as defined in the U.S. Investment Company Act of 1940, as amended (the ‘‘U.S. Investment Company Act’’) (the ‘‘Global Offering’’). We intend to issue up to 40,000,000 Shares in the Global Offering. In addition, we intend separately to issue Shares to certain third parties in a private placement in exchange for either cash or limited partnership interests in various HarbourVest-managed funds (the ‘‘Directed Offering’’ and, together with the Global Offering, the ‘‘Offerings’’). We will not issue, in the aggregate, more than 85,000,000 Shares in the Offerings. The Shares carry limited voting rights. No public market currently exists for the Shares. We have applied for the admission to trading all of the Shares on Euronext Amsterdam by NYSE Euronext (‘‘Euronext Amsterdam’’), the regulated market of Euronext Amsterdam N.V. -
Business Products and Services Deals for April 2021
Business Products and Services Deals for April 2021 Company Name Description Deal Synopsis ACL Airshop Manufacturer and provider of ULD cargo control The company, a subsidiary of Ranger Aerospace, was acquired products, logistics solutions and leasing for the air cargo by Alinda Capital Partners through an LBO on April 22, 2021 for industry. The company offers pallets, containers, all an undisclosed sum. varieties of straps and nets, and other Cargo Control products from its own factory, it also offers technologies such as ULD Control, real-time bluetooth tracking, thereby, providing its clients and customers with better cargo efficiencies. Advanced Engine Management Manufacturer and supplier of electronic control and The company was acquired by Holley Performance Products, via monitoring systems for performance automotive its financial sponsors Sentinel Capital Partners and Brookside applications. The company offers carbon dashes, Capital Partners, through a $52 million LBO on April 15, 2021. adapters, gauges, injection systems, engine management equipment and boost controllers, making premium quality after-market products with advanced technology accessible to the racing masses. Advantage Engineers Provider of engineering and consulting services for The company was acquired by Network Connex, via its financial telecommunications, environmental and geotechnical sponsor ORIX Capital Partners, through an LBO on April 15, 2021 sectors. The company specializes in telecom site for an undisclosed sum. acquisition and engineering, laboratory and material testing, site assessments, zoning and permitting, construction management and verification for both wireless and fiber deployments, offering substantial solutions that accommodate client's unique infrastructure requirements. AFC Industries Provider of supply chain management services intended The company was acquired by Bertram Capital Management for original equipment manufacturers, defense and through an LBO on April 20, 2021 for an undisclosed sum. -
The 2018 HEC-Dowjones Private Equity Performance Ranking
For Release Thursday, February 14, 2019 The 2018 HEC-DowJones Private Equity Performance Ranking Executive Summary The 2018 HEC-DowJones Private Equity Performance Ranking lists the world’s Top PE firms in terms of aggregate performance based on all buyout funds raised between 2005 and 2014. This ranking answers the question: “Which firm(s) generated the best performance for their investors over the past years?” The ranking draws on a comprehensive set of data on PE fund performance provided by preqin and directly from PE Firms and uses a unique methodology to calculate the aggregate performance of a PE firm based on difference performance measures for all the funds managed by this firm. The method is able to aggregate performance across vintage years and considers relative and absolute returns. In total, we analyzed performance data from 502 PE firms and the 898 funds they raised between 2005 and 2014 with an aggregate equity volume of $1.293bn. 1 The Ranking: Top 20 out of over 502 PE Firms Rank Firm Performance Score 1 Thoma Bravo 2.28 2 Waterland Private Equity Investments 1.98 3 Clayton, Dubilier & Rice 1.68 4 Advent International 0.98 5 Hellman & Friedman 0.90 6 ABRY Partners 0.89 7 American Securities 0.89 8 Platinum Equity 0.81 9 Vista Equity Partners 0.80 10 AEA Investors 0.58 11 Silver Lake 0.56 12 Audax Group 0.51 13 Francisco Partners 0.42 14 Equistone 0.32 15 TDR Capital 0.30 16 Vitruvian Partners 0.30 17 Madison Dearborn Partners 0.27 18 Permira 0.27 19 Berkshire Partners 0.27 20 Leonard Green & Partners 0.26 2 Introduction The Private Equity industry is notorious for being opaque and access to any data is chronically difficult. -
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 -
PEI June2020 PEI300.Pdf
Cover story 20 Private Equity International • June 2020 Cover story Better capitalised than ever Page 22 The Top 10 over the decade Page 24 A decade that changed PE Page 27 LPs share dealmaking burden Page 28 Testing the value creation story Page 30 Investing responsibly Page 32 The state of private credit Page 34 Industry sweet spots Page 36 A liquid asset class Page 38 The PEI 300 by the numbers Page 40 June 2020 • Private Equity International 21 Cover story An industry better capitalised than ever With almost $2trn raised between them in the last five years, this year’s PEI 300 are armed and ready for the post-coronavirus rebuild, writes Isobel Markham nnual fundraising mega-funds ahead of the competition. crisis it’s better to be backed by a pri- figures go some way And Blackstone isn’t the only firm to vate equity firm, particularly and to towards painting a up the ante. The top 10 is around $30 the extent that it is able and prepared picture of just how billion larger than last year’s, the top to support these companies, which of much capital is in the 50 has broken the $1 trillion mark for course we are,” he says. hands of private equi- the first time, and the entire PEI 300 “The businesses that we own at Aty managers, but the ebbs and flows of has amassed $1.988 trillion. That’s the Blackstone that are directly affected the fundraising cycle often leave that same as Italy’s GDP. Firms now need by the pandemic, [such as] Merlin, picture incomplete. -
Partners Group Private Equity
SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-08-26 | Period of Report: 2020-06-30 SEC Accession No. 0001752724-20-174334 (HTML Version on secdatabase.com) FILER Partners Group Private Equity (Master Fund), LLC Mailing Address Business Address 1114 AVENUE OF THE 1114 AVENUE OF THE CIK:1447247| IRS No.: 800270189 | State of Incorp.:DE | Fiscal Year End: 0331 AMERICAS AMERICAS Type: NPORT-P | Act: 40 | File No.: 811-22241 | Film No.: 201137479 37TH FLOOR 37TH FLOOR NEW YORK NY 10036 NEW YORK NY 10036 212-908-2600 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of June 30, 2020 is set forth below: INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) Acquisition Fair Industry Shares Date Value Common Stocks (2.38%) Asia - Pacific (0.06%) Alibaba Group Holding Ltd. Technology 06/19/20 4,439 $ 957,581 APA Group Utilities 02/11/16 360,819 2,765,432 Total Asia - Pacific (0.06%) 3,723,013 North America (1.09%) American Tower Corp. -
PEI 300 Guess Who’S Back on Top?
Issue 165 | May 2018 | privateequityinternational.com PEI 300 Guess who’s back on top? THE ORACLE SPEAKS David Rubenstein on the future of private capital SECONDARIES ROUNDTABLE Keeping LPs front and centre WHY PRIVATE EQUITY? The asset allocation special PLUS: the PEI Q1 Fundraising Report; IRRs vs money multiples; introducing the CEPRES model portfolio; Texas TRS goes Canadian; inside the PE retail blowouts; and much more… Equistone announced the successful final We are one of close of Fund VI at its €2.8bn hard cap in March 2018. Europe’s most Equistone has made three investments for Fund VI and will continue to source deals active mid-market and build value with management teams across our target markets. investors. www.equistonepe.com Evercore acted as the exclusive global placement agent for Equistone Partners Europe Fund VI. © EQUISTONE PARTNERS EUROPE LIMITED Authorised and regulated by The Financial Conduct Authority. PE International Ad May 2018.indd 1 18/04/2018 15:18 Riding high historically it’s been successful, but it needs to ISOBEL ISSN 1474–8800 | ISSUE 165 | MARKHAM work hard to avoid becoming a victim of that MAY 2018 EDITOR'S success. The signs are already there that this LETTER is starting to happen. Senior Editor, Private Equity Toby Mitchenall Tel: +44 207 566 5447 Sandra Robertson, chief investment officer [email protected] and chief executive of the UK’s £3 billion ($4.3 Americas Editor, Private Equity Marine Cole billion; €3.4 billion) Oxford University Endow- Tel: +1 212 633 1455 [email protected] ment -
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