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Capstone Headwaters Education Technology M&A Coverage Report
Capstone Headwaters EDUCATION TECHNOLOGY 2019 YEAR IN REVIEW TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW M&A Overview The Education Technology (EdTech) industry has continued to experience rapid consolidation with 195 transactions announced or completed in 2019. Active Buyers Heightened merger and acquisition (M&A) activity has been fueled by Notable Transactions persistent demand for disruptive and scalable technology as industry operators Select Transactions seek to expand product offerings and market share. In addition to robust transaction activity, recent investment patterns have targeted EdTech providers Public Company Data that offer innovative products for classroom teacher support and to streamline Firm Transactions in Market administrative operations in K-12 schools. Funding in the segment has risen Firm Track Record substantially with teacher needs and school operations garnering $95 million and $148 million in 2018, respectively, according to EdSurge.1 Large industry operators have remained acquisitive through year-end, evidenced by Renaissance Learning’s three acquisitions (page three) in 2019. CONTRIBUTORS EdTech providers have also utilized M&A as a means to diversify product offerings and end-markets outside of their core competencies. Notably, Health Jacob Voorhees & Safety Institute, a leader in environmental health and safety software and Managing Director, training services, acquired Martech Media, Inc, a provider of industrial Head of Education Practice, technology e-learning training solutions (December 2019, undisclosed). Head of Global M&A 617-619-3323 Private equity firms have remained active in the industry, accounting for 52% of [email protected] transaction volume. Operators that provide disruptive platforms and institutional business models, selling directly to schools districts, have garnered David Michaels significant investment interest and premium valuations. -
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 -
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 $1.293bn. 1 The Ranking: Top 20 out of over 502 PE Firms Rank Firm Performance Score 1 Thoma Bravo 2.28 2 Waterland Private Equity Investments 1.98 3 Clayton, Dubilier & Rice 1.68 4 Advent International 0.98 5 Hellman & Friedman 0.90 6 ABRY Partners 0.89 7 American Securities 0.89 8 Platinum Equity 0.81 9 Vista Equity Partners 0.80 10 AEA Investors 0.58 11 Silver Lake 0.56 12 Audax Group 0.51 13 Francisco Partners 0.42 14 Equistone 0.32 15 TDR Capital 0.30 16 Vitruvian Partners 0.30 17 Madison Dearborn Partners 0.27 18 Permira 0.27 19 Berkshire Partners 0.27 20 Leonard Green & Partners 0.26 2 Introduction The Private Equity industry is notorious for being opaque and access to any data is chronically difficult. -
Q2 2016 Venture Capital Deals and Exits Download the Data Pack July 2016
Q2 2016 Venture Capital Deals and Exits Download the Data Pack July 2016 Fig. 1: Global Quarterly Venture Capital Deals*, Q1 2011 - Fig. 3: Number of Venture Capital Deals in Q2 2016 by Q2 2016 Fig. 2: Venture Capital Deals* in Q2 2016 by Region Investment Stage 3,000 50 100% 1.5 187 0.6 Angel/Seed 45 1.0 Aggregate Deal Value ($bn) DealValue Aggregate 90% 53 2,500 237 40 80% 1% 8% Series A/Round 1 1% 3% 35 16.7 Series B/Round 2 2,000 70% 460 2% 30 3% 60% 33% Series C/Round 3 1,500 25 50% 407 7% 20 3.1 Series D/Round 4 and Later No. of Deals 1,000 40% 15 Growth Capital/Expansion Proportion of Total Proportion 30% 10 500 17.5 15% PIPE 5 20% 900 0 0 10% Grant Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0% 27% Venture Debt 2011 2012 2013 2014 2015 2016 No. of Deals Aggregate Deal Value ($bn) Add-on & Other No. of Deals Aggregate Deal Value ($bn) North America Europe Greater China India Israel Other Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online Fig. 5: Average Value of Venture Capital Deals, 2014 - Fig. 6: Number of US Venture Capital Deals* in Q2 2016 by Fig. 4: Venture Capital Deals* in Q2 2016 by Industry H1 2016 State 35% 120 111 111 31% 30% 96 27% 100 25% 2014 California 80 78 21% 21% 26% 20% 20% 16% 60 2015 New York 15% 13% 13% 44 39 37 Massachusetts 10% 9% 40 30 32 H1 2016 45% 25 Proportion of Total Proportion 5% 23 23 4% 4% Deal Size ($mn) Average 18 18 5% 3% 2% 3% 3% 20 10 12 3% Texas 1% 2% 1% 8 10 1% 1 2 0% 1 4% 0 Washington 8% Other Other Other IT Other Internet Business Services Clean Food & Food Series Series B/ Round 2 Round Round 1 Round Round 3 Round Telecoms Related Series Series A/ Series Series C/ 14% Agriculture Software & Healthcare Consumer Technology Angel/Seed Discretionary Expansion 4 andLater 4 Venture Debt Venture No. -
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 -
ILPA Releases Second Report in Diversity in Action Series
ILPA Releases Second Report in Diversity in Action Series Diversity in Action – Sharing Our Progress Report Details the Initiative’s Growth and Insights Into Integrating DEI Into Investment Strategies 1776 Eye St. NW August 31, 2021 (Washington, D.C.) The Institutional Limited Partners Association (ILPA) today released the Suite 525 second report in its Diversity in Action – Sharing Our Progress series. The report series is an extension of ILPA’s Washington, DC Diversity in Action initiative and aims to provide actionable recommendations on steps that can be taken to 20006 improve diversity, equity and inclusion in private markets. “The industry continues to respond positively to the Diversity in Action Initiative with new signatories joining every week,” said Steve Nelson, CEO of ILPA. “The Initiative now claims 180 signatories who have all been incredibly active in conversations with one another and have acted as tremendous partners to ILPA on our related work, having meaningfully contributed to our updated ILPA Diversity Metrics Template.” The Diversity in Action – Sharing Our Progress report series tracks the evolution of Initiative signatories by geography, strategy and fund size as well as progress on adoption of all the actions within the Framework. As of August 2021, the Initiative’s geographic reach is increasing, now with 38 signatories outside North America, a 52% increase in this cohort since April. The latest report focuses on how signatories are integrating diversity, equity and inclusion into investment strategies including -
Public Investment Memorandum Summit Partners Growth Equity
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM Public Investment Memorandum Summit Partners Growth Equity Fund X, L.P. Private Equity Fund Commitment Darren C. Foreman, CAIA Senior Manager, Private Markets Patrick G. Knapp, CFA Senior Investment Professional, Private Markets December 19, 2018 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM Recommendation: Staff, together with Hamilton Lane Advisors, L.L.C. (“Hamilton Lane”), recommends to the Board a commitment of up to $150 million to Summit Partners Growth Equity Fund X, L.P. (“Summit Growth Equity X” or the “Fund”). Summit Partners, L.P. (“Summit” or the “Firm”) is forming the Fund to continue its long history of investing in U.S. growth equity opportunities which spans nine U.S. growth equity funds with aggregate committed capital of $13.6 billion. Firm Overview: Summit Partners, L.P. is a global alternative investment firm managing investment vehicles focused primarily on growth companies. The Firm was founded in 1984 with a commitment to partner with exceptional entrepreneurs and management teams, providing capital and strategic support to help them achieve their growth objectives. Since inception, Summit has raised and managed more than $22 billion in capital dedicated to growth equity, fixed income, and public equity strategies, including 15 growth equity and venture capital funds with combined committed capital of approximately $17.4 billion and eight fixed income funds with combined committed capital of approximately $4.1 billion. Over the last three decades, Summit has invested in more than 475 companies in technology, healthcare and life sciences, and other growth industries — including more than 430 companies from the U.S. -
View Whitepaper
INFRAREPORT Top M&A Trends in Infrastructure Software EXECUTIVE SUMMARY 4 1 EVOLUTION OF CLOUD INFRASTRUCTURE 7 1.1 Size of the Prize 7 1.2 The Evolution of the Infrastructure (Public) Cloud Market and Technology 7 1.2.1 Original 2006 Public Cloud - Hardware as a Service 8 1.2.2 2016 - 2010 - Platform as a Service 9 1.2.3 2016 - 2019 - Containers as a Service 10 1.2.4 Container Orchestration 11 1.2.5 Standardization of Container Orchestration 11 1.2.6 Hybrid Cloud & Multi-Cloud 12 1.2.7 Edge Computing and 5G 12 1.2.8 APIs, Cloud Components and AI 13 1.2.9 Service Mesh 14 1.2.10 Serverless 15 1.2.11 Zero Code 15 1.2.12 Cloud as a Service 16 2 STATE OF THE MARKET 18 2.1 Investment Trend Summary -Summary of Funding Activity in Cloud Infrastructure 18 3 MARKET FOCUS – TRENDS & COMPANIES 20 3.1 Cloud Providers Provide Enhanced Security, Including AI/ML and Zero Trust Security 20 3.2 Cloud Management and Cost Containment Becomes a Challenge for Customers 21 3.3 The Container Market is Just Starting to Heat Up 23 3.4 Kubernetes 24 3.5 APIs Have Become the Dominant Information Sharing Paradigm 27 3.6 DevOps is the Answer to Increasing Competition From Emerging Digital Disruptors. 30 3.7 Serverless 32 3.8 Zero Code 38 3.9 Hybrid, Multi and Edge Clouds 43 4 LARGE PUBLIC/PRIVATE ACQUIRERS 57 4.1 Amazon Web Services | Private Company Profile 57 4.2 Cloudera (NYS: CLDR) | Public Company Profile 59 4.3 Hortonworks | Private Company Profile 61 Infrastructure Software Report l Woodside Capital Partners l Confidential l October 2020 Page | 2 INFRAREPORT -
GROWTHCAP INSIGHTS 2016 Top 40 Under 40 Growth Investors
GrowthCap 40 Under 40 | November 2016 GROWTHCAP INSIGHTS 2016 Top 40 Under 40 Growth Investors It gives us great pleasure to announce GrowthCap’s 2016 40 Under 40 Growth Investors list. Those appearing in this year’s list were first nominated by their firm, their peers or by GrowthCap. They were then evaluated based on breadth of experience (volume of completed deals, capital invested, number of exits, and realized returns, among other factors) as well as qualitative aspects contributing to their overall effectiveness working with peers, CEOs, LPs and deal professionals. We realized after the publication of our 2014 and 2015 lists, the influence the list can have on LPs evaluating new fund investments or CEOs deciding on prospective capital partners. In particular, the list has been helpful to large family offices in identifying talented investors in the growth equity asset class. The large majority of this year’s nominees provided information on their professional background and investment experience, which played a key role in our selection process and ranking methodology. GrowthCap also conducted interviews with select nominees and in some cases, has had the benefit of direct experience working with nominated individuals and/or represented firms. - RJ Lumba, Managing Partneraaaaa Clockwise from top left: Kapil Venkatachalam (Technology Crossover Ventures), Jason Werlin (TA Associates), Mohamad Makhzoumi (New Enterprise Associates), Chris Adams (Francisco Partners) Page 1 GrowthCap 40 Under 40 | November 2016 Kapil Venkatachalam joined Technology Crossover Ventures in 2006 as an 1 associate and now works as a general partner for the firm. Reflecting on his experience with TCV, Kapil remarks, “Technology is the heart of our business. -
1Q 2019 Relationship Management Purpose-Built for Finance Learn More at Affinity.Co
Co-sponsored by Global League Tables 1Q 2019 Relationship Management Purpose-Built for Finance Learn more at affinity.co IMPROVE ELIMINATE SUPPORT DISCOVER PROPIERTARY CROSSING YOUR NEW EXECUTIVE DEAL FLOW WIRES PORTFOLIO CONNECTIONS Learn why 500+ firms use Affinity's patented technology to leverage their network and increase deal flow “Within weeks of moving “The biggest problems Affinity “Let’s be honest, no one wants to Affinity, we were able to helps me solve are how to to use Salesforce reporting. easily discover and manage track all of my activity and how Affinity isn’t just better for most the 1,000s of entrepreneur to prioritize my time. It makes teams, it’ll make the difference and venture community me a better investor. All of the between managing your relationships already latent things I need to do on a day-to- pipeline to success, versus not within our team." day basis I now do in Affinity.” tracking it at all.” ERIC EMMONS KYLE LUI KEVIN ZHANG Managing Director Partner Principal MassMutual Ventures DCM Ventures Bain Capital Ventures [email protected]@affinity.co AffinityAffinity is a relationship is a relationship intelligence intelligence platform platform built to builtexpand to expandand evolve and theevolve traditional the traditional CRM. AffinityCRM. Affinityinstantly instantly surfaces surfaces all all www.affinity.cowww.affinity.co of yourof team’s your team’sdata to data show to you show who you is bestwho issuited best tosuited make to the make crucial the crucialintroductions introductions you need you to need close to your close next your big next deal. big deal. -
September 29, 2020
Plymouth County Retirement Association September 29, 2020 Meeting Materials BOSTON CHICAGO LONDON MIAMI NEW YORK PORTLAND SAN DIEGO MEKETA.COM Plymouth County Retirement Association Agenda Agenda 1. Estimated Retirement Association Performance As of August 31, 2020 2. Performance Update As of July 31, 2020 3. Current Issues Non-Core Real Estate RFP Respondent Review Non-Core Infrastructure Finalist Presentations 4. Disclaimer, Glossary, and Notes 2 of 129 Estimated Retirement Association Performance As of August 31, 2020 3 of 129 Plymouth County Retirement Association Estimated Retirement Association Performance Estimated Aggregate Performance1 August2 QTD YTD 1 YR 3 YR 5 YR 10 YR (%) (%) (%) (%) (%) (%) (%) Total Retirement Association 2.7 6.3 0.5 7.8 5.0 6.4 7.9 Policy Benchmark 3.1 6.8 3.0 10.1 6.9 7.7 8.5 Benchmark Returns August QTD YTD 1 YR 3 YR 5 YR 10 YR (%) (%) (%) (%) (%) (%) (%) Russell 3000 7.2 13.3 9.4 21.4 14.0 13.9 14.9 MSCI EAFE 5.1 7.6 -4.6 6.4 2.3 4.7 5.9 MSCI Emerging Markets 2.2 11.3 0.5 14.5 2.8 8.7 3.8 Barclays Aggregate -0.8 0.7 6.9 6.5 5.1 4.3 3.7 Barclays TIPS 1.1 3.4 9.6 9.0 5.7 4.6 3.7 Barclays High Yield 1.0 5.7 1.7 4.7 4.9 6.5 6.9 JPM GBI-EM Global Diversified (Local Currency) -0.3 2.7 -4.4 1.7 0.7 4.6 1.3 S&P Global Natural Resources 4.0 7.6 -13.0 -1.9 -0.1 5.6 1.5 Estimated Total Assets Estimate Total Retirement Association $1,106,611,546 1 The August performance estimates are calculated using index returns as of August 31, 2020 for each asset class.