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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. -
HW&Co. Landscape Industry Reader Template
TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016 HARRIS WILLIAMS & CO. OVERVIEW HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM CONTENTS . DEAL SPOTLIGHT . M&A TRANSACTIONS – 2Q 2016 KEY FACTS . SOFTWARE M&A ACTIVITY . 25 year history with over 120 . SOFTWARE SECTOR OVERVIEWS closed transactions in the . SOFTWARE PRIVATE PLACEMENTS last 24 months OVERVIEW . SOFTWARE PUBLIC COMPARABLES . Approximately 250 OVERVIEW professionals across seven . TECHNOLOGY IPO OVERVIEW offices in the U.S. and . DEBT MARKET OVERVIEW Europe . APPENDIX: PUBLIC COMPARABLES DETAIL . Strategic relationships in India and China HW&Co. Office TMT CONTACTS Network Office UNITED STATES . 10 industry groups Jeff Bistrong Managing Director HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS [email protected] Sam Hendler SOFTWARE / SAAS INTERNET & DIGITAL MEDIA Managing Director [email protected] . Enterprise Software . IT and Tech-enabled . AdTech and Marketing . Digital Media and Content Services Solutions Mike Wilkins . Data and Analytics . eCommerce Managing Director . Infrastructure and . Data Center and . Consumer Internet . Mobile [email protected] Managed Services Security Software EUROPE Thierry Monjauze TMT VERTICAL FOCUS AREAS Managing Director [email protected] . Education . Fintech . Manufacturing . Public Sector and Non-Profit . Energy, Power, and . Healthcare IT . Professional Services . Supply Chain, Transportation, TO SUBSCRIBE PLEASE EMAIL: Infrastructure and Logistics *[email protected] SELECT RECENT HW&CO. -
Education Technology & Services Market
Market Update Education Key Highlights The top subsector stock performer in Q4 2019 Technology was digital educational content & services, up 13.7% year-over-year & Services On average, EBITDA multiples for the subsectors decreased 0.5x from the prior quarter and were Q4 2019 down 0.8x on a year-over-year basis 2020 Forecast…Sustained Robust Deal Activity Focused on High Quality Assets and Strong Outcomes-Driven Business Models For several years now, we have been predicting continued consolidation within the education technology and services market. Merger and acquisition activity of all types within the sector has been robust, with overall transaction volumes repeatedly surpassing year-over-year levels by healthy margins. Even with ongoing strategic consolidation in the space, ever-increasing private equity interest in the education sector has been the primary driver of continued strong transaction levels and increasing valuations. A record amount of available capital, or “dry powder,” and elevated interest in software-as-a-service (“SaaS”) business models were the primary underlying factors driving private equity interest levels in ed tech businesses. Interest in high quality education providers has also been robust, underpinned by strong outcome-driven theses behind businesses built to solve the “achievement gap” and/or “skills gap” problem with a keen focus on value proposition to the consumer. In the early childhood segment, activity levels remain high, driven by continued professionalization and consolidation within an otherwise highly fragmented global market. And in the proprietary postsecondary sector, after a “decade of pain,” M&A has made a comeback with several new investments by private equity investors seeking premium operators in markets with strong supply/ demand imbalances. -
New Orleans Ranks 12Th Among U.S. Cities for Infrastructure Jobs, Report Finds
New Orleans ranks 12th among U.S. cities for infrastructure jobs, report finds TED JACKSON / THE TIMES-PICAYUNEThe U.S. Army Corps of Engineers dredge Wheeler works near head of passes in the lower Mississippi River, along with 5 other dredges keeping the channel open for shipping traffic, Tuesday, March 20, 2012. In the foreground is a river pilot boat headed downriver (and past the Wheeler) to pilot town. Print By Katherine Sayre, NOLA.com | The Times-Picayune Email the author | Follow on Twitter on May 09, 2014 at 7:20 AM, updated May 09, 2014 at 7:21 AM Workers operating refineries, engineering bridges, hauling containers and performing other labor focused on the nation's infrastructure make up nearly 13 percent of the New Orleans metro area workforce, one of the highest rates of infrastructure jobs in the country, according to a report released Friday. In total, infrastructure jobs -- defined as supporting the nation's assets in energy, trade, transportation, public works and other sectors -- make up 11 percent of the U.S. workforce, more than previously thought, according to the report from The Brookings Institution. Over the next decade, infrastructure jobs will grow by more than 9 percent, the report said, and 2.7 million workers will be needed to fill open positions from turnover and aging workers retiring. Researchers with Brookings' Metropolitan Policy Program took stock of the nation's infrastructure jobs, defining 95 occupations in 42 industries from civil engineers and urban planners to river pilots and and petroleum pump operators, calling it the first report of its kind. -
Philadelphia Investment Trends Report
Venture impact Technology investment in the Greater Philadelphia region Trends and highlights, January 2008 to June 2013 Innovation, investment and opportunity On behalf of EY, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Greater Philadelphia Alliance for Capital and Technologies (PACT), we are pleased to present this review 421 companies of technology investment trends and highlights in the Greater Philadelphia region. $4.1 billion The technology investment community in the Greater Philadelphia region includes a wide variety of funding sources supporting a diverse array of companies and industry sectors. In this report, Total investment since we’ve analyzed more than a thousand investment rounds and January 2008 exits that occurred in the Philadelphia region since 2008 – including investments from venture capital fi rms (VCs), angel investors (Angels), corporate/strategic investors, seed funds, accelerators and other sources of funding. As shown in this report, 2012 reversed a post-recession slowdown in venture funding in Greater Philadelphia, and to date, 2013 has brought a welcome increase in the amount of new funds available at regional investment fi rms. These are positive signs for our region’s technology companies, as are the increasing number of exits via IPO and acquisition, which serve as further validation of the investment opportunities created by our region’s growing technology sector. We encourage you to explore this report, and we hope that it will provide useful insights into the current state of -
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 -
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 -
Teneros Series A
PRESS RELEASE Press Contacts: Cynthia Harris (650) 520-8343 [email protected] TENEROS SECURES $7 MILLION IN SERIES A FUNDING FROM NEW ENTERPRISE ASSOCIATES AND SEVIN ROSEN FUNDS General Partners Join Board to Counsel Development and Growth MOUNTAIN VIEW, Calif. – July 12, 2004 – Teneros, Inc., developers of the first application continuity appliance addressing the need for zero-downtime of mission critical applications, announced today that it has closed Series A funding of $7 million from New Enterprise Associates (NEA) and Sevin Rosen Funds. "We are very pleased to have NEA and Sevin Rosin as investors and advisors in the development of our vision for application continuity solutions," said Steve Lewis, CEO of Teneros. "This funding is an important step in the timely delivery of products addressing a huge market need.” In addition, the company announced that partners from NEA and Sevin Rosin have taken board of director seats. Scott D. Sandell joined the Teneros board from NEA. He is currently a general partner at NEA and sits on the boards of Actional, Agami Systems, CenterBeam, Data Domain, Ensim, FineGround Networks, Foveon, and Spreadtrum Communications. Sandell formerly served on the boards of Amplitude Software (acquired by Critical Path), Neoteris (acquired by Juniper Networks, (NASDAQ: JNPR), NetIQ (NASDAQ: NTIQ) and WebEx (NASDAQ: WEBX). Nick Sturiale comes to the Teneros board from Sevin Rosen Funds where he serves as a general partner and sits on the boards of Chutney, NeoScale, RouteScience, SolidCore and Westbridge. Prior to Sevin Rosen, Sturiale spent many years as an entrepreneur in the enterprise software, flat panel display, and semiconductor industries. -
Overview of Cleveland's Health Care Industry and Bioenterprise Initiative
Overview of Cleveland’s Health Care Industry and BioEnterprise Initiative November 14, 2007 1 Overview • Regional Health Care Base: 2002 • Transformation: Role of State • BioEnterprise and Entrepreneurship • Lessons Learned 2 Cleveland Health Care Base Nationally-recognized leaders in clinical care and research … • > $450 Million in annual research • Numerous nationally-distinctive programs including: • Cardiovascular • Cancer • Neurology • Orthopedics • Surgery • Pediatrics • Medical imaging • Biomedical engineering • Stem cells & tissue engineering • Advanced materials • Molecular diagnostics • Anti-infectives • Prions • Destination for innovation and care 3 Cleveland Health Care Base … a broad industry base… • ~500 health care Biopharma- companies in region ceutical 16% • Five >$1 billion companies Device/ or divisions Equipment Other 68% • Over 20,000 employees 6% Health Care Services/IT 10% 4 Weak Commercialization …However, few companies were attracting growth equity CLEVELAND AREA CLEVELAND AREA HEALTH CARE VENTURE INVESTMENT HEALTH CARE VENTURE INVESTMENT $ Millions Companies Financed 6 33 5 8 2 01 02 0 0 0 001 2 2 2 20 5 Source: Dow Jones Venture Wire; Venture Source; BioEnterprise Broad Effort Required • Community- People wide effort Pipeline • Collaboration Growth Clinical • Connectedness … regionally Capital and nationally 6 2002: Commitment to Growth • Private • Renewed focus on entrepreneurs and innovation • Technology transfer culture capabilities significantly enhanced • Investment firms and professional services • Public