DOCSLIB.ORG

Global Private Markets Update

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Global Private Markets Update GLOBAL PRIVATE MARKETS UPDATE Q1 2019 DATA FUNDRAISING INVESTMENT EXIT ACTIVITY Year-on-year (YoY) change in US Buyout key private markets metrics US Venture in Q1 2019 = European Buyout Asia Pacific The US buyout market remained investment jumped from $17.2 billion healthy in Q1 2019. Fundraising in Q1 2018 to $46.7 billion in the US BUYOUT was strong to start the year and first quarter of this year, driven by an we expect Limited Partner (“LP”) increase in average deal size. However, if demand to remain robust across the same quarterly pace was maintained 74.0% 2019 given an attractive pipeline of across 2019 transaction value would be YoY rise in UP managers in market. With public lower than in each of the last four years. fundraising market companies trading at a Public-to-private transactions accounted discount to private ones, public-to- for 42.7% of total value, reflecting more private transaction activity is likely attractive public market valuations. 42.7% to remain relatively strong. General By sector, technology, industrials, and Share of UP Partners (“GPs”) will continue to healthcare combined to account for investment sell out of public shares as markets 70.5% of total investment. allow, but IPO and dividend recap activity accounted In terms of exits, overall value was down activity are likely to remain subdued. for by public-to- year-on-year. The data shows that GPs private transactions LPs continue to signal their confidence continued to favor a path to full exit via in the asset class, with fundraising sponsors or strategic investors, with up 74.0% year-on-year in Q1 to M&A and public market sales activity $37.5 billion. Strong performance and relatively stable. M&A value slipped elevated distributions are encouraging 19.0% year-on-year to $23.4 billion, existing investors to reinvest and new but public market sales rose 13.0% ones to allocate for the first time, to $8.7 billion in Q1. IPO activity was, though more than 50% of the total was however, very muted, with just four accounted for by two funds: Thoma listings bringing in only $0.6 billion, while Bravo’s Fund XIII and Genstar Capital’s dividend recaps fell from $11.8 billion Fund IX. in Q1 2018 to $4.4 billion. Investment activity remained steady, Sources: PitchBook, S&P, CapitalIQ, Buyouts Magazine, SEC, Thomson Reuters. As of March 31, 2019. despite high purchase-price multiples breeding caution among GPs. On a direct year-on-year comparison basis, HARBOURVEST PARTNERS | JUNE 2019 p1 The US venture market remained the first quarter, after raising just strong in Q1 2019, with fundraising $7.0 billion across the whole of 2018, US VENTURE and investment rising and exit led by Technology Crossover Ventures’ activity stable after a record- tenth fund, TCV X. breaking 2018. We expect fundraising 19.2% to maintain this strength across Despite strong growth in fundraising, UP 2019, with several flagship venture investment continued to outpace YoY investment fundraising in Q1 2019, rising 19.2% growth firms raising new funds. Investment activity is expected to remain robust, year-on-year to $25.0 billion. If this pace with the pace of innovation creating was maintained across 2019, overall a rich landscape of opportunities. investment levels would equal last year’s $200m record high. The largest increases in UP A number of high-profile and high- Median M&A valuation venture listings are likely investment were in expansion and later- exit deal size to support overall exit activity across stage companies, continuing the trend of the year, while strategic acquirers managers looking to maintain exposure should continue to pay attractive to winners as they continue to grow prices for the right companies, within private markets. particularly in the software and Measures of exit activity were mixed in life sciences industries. Q1. IPO median post-offer value slid Fundraising by US venture funds rose slightly – falling 23.6% compared with 36.8% year-on-year in Q1 2019 to Q1 2018 – though it remained high on a $13.3 billion. Interest in venture capital historical basis. Meanwhile, though the continues to be fueled by increased number of M&A exits fell moderately, the distributions in recent years and select median deal size rose sharply, reaching outsized IPOs. The rise in fundraising $200 million, up from $120 million across in Q1 was mainly driven by early-stage 2018. This can be partly attributed to strategies, which attracted $5.8 billion of the acquisition of Qualtrics by SAP for the total, up from $2.4 billion in Q1 2018. $8 billion. Later-stage funds raised $4.0 billion in Sources: PitchBook, ThomsonOne. As of March 31, 2019. The fundraising environment of managers in the upper mid-market EUROPEAN remains positive for European and large-cap segments targeting funds buyout funds and the pipeline of more than €2 billion. Through Q1 BUYOUT continues to look strong for 2019, 2019, funds of over €2 billion accounted with several large-cap funds for 63.2% of total capital raised. This currently in market and holding continues the trend in 2018, when larger €0.7bn closings – most notably funds funds accounted for 70.3% of the total. Exit activity managed by Advent International, Permira, Apax Partners, and Cinven. Investment activity was relatively via IPO DOWN Investment and exit activity were subdued in Q1 2019, down 65.4% relatively subdued compared to Q1 year-on-year to €12.9 billion. While this 2018 yet remain strong by historical in part again reflects the strength of 28.2% standards. Several large deals are Q1 2018, GPs are being cautious in an environment of sustained high prices. YoY decline expected to close before the end of the year, which should boost Brexit fears likely contributed to very in fundraising DOWN limited deal activity in the UK. Large deals activity investment, while we anticipate stronger public markets will lift exit continue to drive investment activity and activity across the remainder of 2019. smaller deals – those valued below €500 million Enterprise Value – amounted Fundraising slipped on a year-on-year to just €2.4 billion. basis in the first quarter of the year, down 28.2% to €19.8 billion. However, As with other global markets, exit activity this largely reflects a base comparison via IPO was very weak in Europe in the with a strong Q1 2018. As noted above, first quarter at only €0.7 billion, down we expect this to be a strong year for from €1.9 billion in Q1 2018. M&A exit European fundraising. Fundraising activity activity also moderated, with a modest to-date has been broad-based, with a €35.8 billion reported. large number of funds currently in the Sources: PitchBook, Unquote Data, MergerMarket. market, and an especially deep pipeline As of March 31, 2019. HARBOURVEST PARTNERS | JUNE 2019 p2 After a record-breaking 2018, As in Q4 2018, investment continues to private markets activity moderated outpace fundraising, with $21.6 billion ASIA PACIFIC in the Asia Pacific region in Q1 put to work in the first quarter of the 2019, with declines in fundraising year, led by China and India. Though and investment on a year-on-year this investment total represents a 25.3% 10% basis. While China continued to decline from Q1 2018, it is still strong UP drive fundraising in the first quarter, YoY increase from a historical perspective. While investment and exit activity were in exit activity China was the single largest market more diversified, reflecting the increasing maturity of private (accounting for 25% of the total), $9.8bn markets in the region. We maintain investment fell 43% compared with our expectation that overall activity Q1 2018, with a notable slowdown DOWN Fundraising will cool across 2019, but the in late-stage investment in Chinese volume market should remain robust from a technology companies. historical perspective on the back of solid GDP growth across the region. Exit activity in the first quarter was driven by Japan, with notable exits Fundraising slowed, as expected, in from Marketo by SunBridge Partners the first quarter of 2019, with volume ($4.8 billion) and Ayumi Pharmaceutical sliding 35.7% year-on-year to $9.8 by Unison Capital ($1.0 billion). This billion. Many large funds completed helped raise overall exit volume across fundraising in 2017 and 2018, driving the region to $13.9 billion, compared to fundraising figures to new heights, $12.6 billion in Q1 2018. The majority and this relative slowdown should of exits (97%) were executed via trade be understood in that context. China sale or share buyback, with IPO activity accounted for more than half of the remaining muted. money raised in the first quarter, Sources: Asian Venture Capital Journal, Centre for Asia supported by closes on funds raised Private Equity Research, Emerging Market Private Equity by CITIC Capital and Boyu Capital. Association as of March 31, 2019. This communication does not constitute an offer to sell or the solicitation of an offer to buy interests in the Fund or any other fund or investment product sponsored by HarbourVest, or investment services provided by, HarbourVest Partners L.P. or its affiliates. Such an offer may be made only to qualified investors by means of delivery of a confidential Private Placement Memorandum or similar materials that contain a description of the material terms of such investment. No sale will be made in any jurisdiction in which the offer, solicitation, or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation or sale.
Load more

Recommended publications
  • Harbourvest—China: the Intersection of Innovation and E-Commerce
    PRIVATE MARKETS INSIGHTS CHINA: THE INTERSECTION OF INNOVATION AND E-COMMERCE Q&A WITH HARBOURVEST PARTNERS’ BEIJING-BASED In the following interview, Beijing-based Managing Director Sally MANAGING DIRECTOR SALLY SHAN Shan discusses the ongoing evolution of China’s digital economy, and explores some of the more promising areas for investment. One of our core, long-term investment themes focuses on the wave of technology-driven innovation sweeping the globe. Day after day, new products and services emerge that disrupt China has evolved into a global hub for innovation traditional business models, and fundamentally change the and e-commerce in a very short period of time. What have been the key drivers? way people communicate with each other and consume and To understand where we are at today, it’s helpful to trace the pay for goods and services. Nowhere are these dynamics more path of China’s digital economy and how it has matured to at play than in China, where the internet and rising demand the point where it now plays a key role in private equity for mobile technology are creating fertile ground for private strategies. There have been two 10-year periods that have investment opportunities. brought us to this point. The first came between 1998 and 2008, when we had the arrival of personal computers As always, the key to private investing success in China is and the birth of the internet. Unlike in the US – where partnering with local experts who have access to the most people embraced PCs, bought them, and put them in their proven managers.
    [Show full text]
  • Private Equity Firms Fueling the Growth of Electronic Trading June
    Private Equity Firms Fueling the Growth of Electronic Trading June 23, 2007 Article Excepts: Steve McLaughlin, managing partner in Financial Technology Partners, the only investment banking firm focused exclusively on financial technology deals, insists the trend is going to continue because there's always innovation in the space, but maybe not at the current pace. "It's going to slow because so much attention has been brought to this space recently," he says. "A lot of the better later-stage companies [already] have done their transactions." McLaughlin — who gave Liquidnet its eye-popping $1.8 billion valuation in 2005, which resulted in a $250 million investment from TCV and Summit Equity Investors — points to Liquidnet as an example. "Liquidnet is a very simple idea — the business plan and the idea you could write on the back of a postage stamp," he contends. "It was very elegant in the way that [the company] put it together and marketed itself as the Napster of electronic trading. ... Financial technology is more about using existing technologies to solve complex problems." FT Partner's McLaughlin, however, says, "There are still plenty of deals out there. A lot of the companies getting finance were created five or six years ago. There are plenty of firms being created now that in five or six years will be looking for capital. But a lot of the really good companies have been pursued by these private equity firms" Full Article: It's good to be in the financial technology industry these days — especially if your company is getting calls from private equity firms looking to invest in one of the economy's hottest growth sectors.
    [Show full text]
  • Avetta and BROWZ Combine to Form One of the World's Leading
    Avetta and BROWZ Combine to Form One of the World’s Leading Providers of Supply Chain Risk Management Transaction expands global network to 85,000 customers in over 100 countries with a configurable SaaS platform and industry leading customer service Feb. 14, 2019—OREM, Utah—Avetta and BROWZ, two leading providers of SaaS based supply chain risk management software, today announced they have combined to form a new, market leading organization focused on delivering the best in supply chain risk management services to companies world-wide. The transaction further solidifies Avetta’s position as a world-class organization, innovator and thought leader, expanding the company’s global network to 85,000 customers in over 100 countries in the fast growing $14 billion global marketplace for supply chain risk management solutions. Avetta and BROWZ combine more than three decades of experience in making industries safer, more sustainable and compliant by vetting and qualifying the suppliers that support their global clients. Avetta and BROWZ’s 450 combined clients include blue chip companies in industry verticals such as energy, chemicals, manufacturing, utilities, construction materials, facilities management, communications, transportation, logistics & retail, mining, aerospace & defense and food & beverage. These industry leaders require better visibility into supply chain risks, such as workplace health & safety, sustainability, modern slavery, data privacy, anti-bribery & corruption, regulatory and insurance compliance. Together, the companies’ market-leading technology platform and products strengthen sustainable connections between clients and suppliers, while streamlining and simplifying the engagement process for both parties. Avetta and BROWZ share a common vision of putting customers first and a belief that the solutions offered to their clients should be configurable to address the specific needs and requirements of their client base across industries and geographies.
    [Show full text]
  • Reporting Tool
    REPORT 2018ESG ANNUAL REVIEW OF HARBOURVEST’S ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ACTIVITIES CONTENTS 3 14 MESSAGE FROM THE EXECUTIVE SUPPORTING EMERGING AND MANAGEMENT COMMITTEE DIVERSE-LED MANAGERS IMPACT INVESTING, FEMALE-LED VC FUNDS 4 We’re driven by the APPROACH AND GOVERNANCE 20 belief that strong PROGRAM OVERVIEW, GLOBAL ESG COMMITTEE CORPORATE RESPONSIBILITY financial returns and DIVERSITY, COMMUNITY, TALENT DEVELOPMENT, positive social change 6 OPERATIONAL HIGHLIGHTS COMMITTED TO RESPONSIBLE INVESTING can be accomplished ESG INVESTMENT PROCESS, PRI ASSESSMENT, 24 in tandem. GP ESG RANKINGS OUTREACH AND EVENTS HARBOURVEST 2018 ESG REPORT / 1 MESSAGE FROM THE “ESG factors are becoming EXECUTIVE MANAGEMENT COMMITTEE more prominent in the We are pleased to present HARBOURVEST PARTNERS’ Perhaps our most gratifying highlight came in the form of an external investment decision-making 2018 ESG REPORT, our annual review of the initiatives validation of the progress we have made. Our ESG efforts are assessed process and will only grow in and activities we undertook in 2018 to support our independently each year by the PRI, and our most recent results across importance in the years ahead.” longstanding commitment to being conscientious three core categories—Strategy and Governance (A+), Indirect Investments investors and engaged corporate citizens. (A+), and Direct Investments (A)—were our best ever and placed us in the As a leading private markets manager and investor, as well as a proud top quartile of private equity managers (see p. 7). signatory to the Principles for Responsible Investment (“PRI”), we have a dual None of these achievements would be possible without our incredibly responsibility to continuously strengthen our own ESG capabilities, and to dedicated people.
    [Show full text]
  • Vol. 84 Wednesday, No. 171 September 4, 2019 Pages 46419
    Vol. 84 Wednesday, No. 171 September 4, 2019 Pages 46419–46652 OFFICE OF THE FEDERAL REGISTER VerDate Sep 11 2014 20:59 Sep 03, 2019 Jkt 247001 PO 00000 Frm 00001 Fmt 4710 Sfmt 4710 E:\FR\FM\04SEWS.LOC 04SEWS jbell on DSK3GLQ082PROD with FRONTWS II Federal Register / Vol. 84, No. 171 / Wednesday, September 4, 2019 The FEDERAL REGISTER (ISSN 0097–6326) is published daily, SUBSCRIPTIONS AND COPIES Monday through Friday, except official holidays, by the Office PUBLIC of the Federal Register, National Archives and Records Administration, under the Federal Register Act (44 U.S.C. Ch. 15) Subscriptions: and the regulations of the Administrative Committee of the Federal Paper or fiche 202–512–1800 Register (1 CFR Ch. I). The Superintendent of Documents, U.S. Assistance with public subscriptions 202–512–1806 Government Publishing Office, is the exclusive distributor of the official edition. Periodicals postage is paid at Washington, DC. General online information 202–512–1530; 1–888–293–6498 Single copies/back copies: The FEDERAL REGISTER provides a uniform system for making available to the public regulations and legal notices issued by Paper or fiche 202–512–1800 Federal agencies. These include Presidential proclamations and Assistance with public single copies 1–866–512–1800 Executive Orders, Federal agency documents having general (Toll-Free) applicability and legal effect, documents required to be published FEDERAL AGENCIES by act of Congress, and other Federal agency documents of public Subscriptions: interest. Assistance with Federal agency subscriptions: Documents are on file for public inspection in the Office of the Federal Register the day before they are published, unless the Email [email protected] issuing agency requests earlier filing.
    [Show full text]
  • Annual Report
    Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)).
    [Show full text]
  • FEDERAL TRADE COMMISSION Granting of Request for Early
    This document is scheduled to be published in the Federal Register on 08/10/2016 and available online at http://federalregister.gov/a/2016-18915, and on FDsys.gov [BILLING CODE: 6750-01S] FEDERAL TRADE COMMISSION Granting of Request for Early Termination of the Waiting Period Under the Premerger Notification Rules Section 7A of the Clayton Act, 15 U.S.C.§ 18a, as added by Title II of the Hart-Scott- Rodino Antitrust Improvements Act of 1976, requires persons contemplating certain mergers or acquisitions to give the Federal Trade Commission and the Assistant Attorney General advance notice and to wait designated periods before consummation of such plans. Section 7A(b)(2) of the Act permits the agencies, in individual cases, to terminate this waiting period prior to its expiration and requires that notice of this action be published in the Federal Register. The following transactions were granted early termination -- on the dates indicated -- of the waiting period provided by law and the premerger notification rules. The listing for each transaction includes the transaction number and the parties to the transaction. The grants were made by the Federal Trade Commission and the Assistant Attorney General for the Antitrust Division of the Department of Justice. Neither agency intends to take any action with respect to these proposed acquisitions during the applicable waiting period. 1 Early Terminations Granted April 1, 2016 thru April 30, 2016 04/01/2016 20160878 G MBK Partners Ltd. ; Doosan Infracore Co., Ltd. ; MBK Partners Ltd. 20160887 G Nordic Capital VIII Beta, L.P. ; Genstar Capital Partners VI, L.P.
    [Show full text]
  • 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
    [Show full text]
  • Want to Crush Competitors? Forget Softbank, Blackstone Suggests; It Can Write $500 Million Checks, Too
    September 20, 2019 Extra Crunch Want to crush competitors? Forget SoftBank, Blackstone suggests; it can write $500 million checks, too Connie Loizos @cookie JK: There are 2,600 altogether across 24 offices. an investing giant is the better gig? ack in January, Blackstone — the TC: Is your group investing a discreet pool of JK: If you’re an intellectually curious individ- investment firm whose assets un- capital? ual, there are so many signals [coming through der management surpassed a jaw- Blackstone] that it’s almost a proxy for the dropping half a trillion dollars earlier JK: At some point, we’ll have a dedicated pool world. It’s like manna from heaven. It’s not like Bthis year — quietly began piecing together a of capital, but as a firm, we’ve been investing in they’re doing a single-threaded approach. The new, growth equity platform called Blackstone growth equity for some time [so have relied on nature of the challenges across our companies Growth, or BXG. Step one was hiring away Jon other funds within Blackstone to date]. is so vast and so varying that whether you’re Korngold from General Atlantic, where looking at a fast-growing retailer or a cell phone he’d spent the previous 18 years, including TC: There’s no shortage of growth equity tower in another country, the nature of the tasks as a managing director and a member of its in the world right now. What is Blackstone is always changing. management committee. building that’s so different? Step two has been for Korngold, who is re- TC: SoftBank seems to have shaken things sponsible for running the new program, to build JK: The sheer scale of the operation is different.
    [Show full text]
  • Broken Confidences Sebastiaan Van Den Berg of Harbourvest Partners Are PE Players Losing Sleep Over Australia’S Super Fund Disclosure Rules? Page 7 Page 19
    Asia’s Private Equity News Source avcj.com February 25 2014 Volume 27 Number 07 EDITOR’S VIEWPOINT Bumper PE deal flow in 2013 flatters to deceive Page 3 NEWS Baring Asia, CalPERS, CDH, EQT, Fosun, GGV, Hopu, IDFC, IFC, INCJ, Kendall Court, Morningside, NSSF, Origo, Samena, Temasek Page 4 ANALYSIS Australia’s mid-market GPs wait patiently for a buyout rebound Page 16 INDUSTRY Q&A HESTA’s Andrew Major and QIC’s Marcus Simpson Page 11 Broken confidences Sebastiaan van den Berg of HarbourVest Partners Are PE players losing sleep over Australia’s super fund disclosure rules? Page 7 Page 19 FOCUS FOCUS Diversity in distress The collective spirit GPs adjust to evolving special situations Page 12 Crowdfunding gains traction down under Page 14 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM AUSTRALIA 2014 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Mirzaan Jamwal (852) 3411 4821 That was then, Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager this is now Helen Lee Research Manager Alfred Lam Research Associates Herbert Yum, Isas Chu, Jason Chong, Kaho Mak Circulation Manager FROM 2006 OR THEREABOUTS, AUSTRALIA pace during the second half of 2013. A total of Sally Yip Circulation Administrator suddenly became the destination in Asia for GPs nine PE-backed offerings raised record proceeds Prudence Lau focused on leveraged buyout deals.
    [Show full text]
  • Annual Report 2014 Contents Castle Private Equity AG 2014
    Annual Report 2014 Contents Castle Private Equity AG 2014 Contents 03 Castle Private Equity in 2014 04 Chairman’s statement 06 Investment manager’s report 14 Report of the statutory auditor on the consolidated financial statements 16 Consolidated financial statements 64 Report of the statutory auditor on the company financial statements 66 Company financial statements 74 Report of the statutory auditor on the remuneration report 76 Remuneration report 79 Corporate governance 90 Investors’ information Further information Periodic updates of elements of this annual report and supplementary information can be retrieved from the company’s website www.castlepe.com Publication date This report was released for publication on 4 March 2015. The subsequent event notes in the financial statements have been updated to 18 February 2015. Amounts in this report are stated in USD thousands (TUSD) unless otherwise stated. This document is for information only and is not an offer to sell or an invitation to invest. In particular, it does not constitute an offer or solicitation in any jurisdiction where it is unlawful or where the person making the offer or solicitation is not qualified to do so or the recipient may not lawfully receive any such offer or solicitation. It is the responsibility of any person in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of relevant jurisdictions. All statements contained herein that are not historical facts including, but not limited to, statements regarding anticipated activity are forward looking in nature and involve a number of risks and uncertainties. Actual results may differ materially.
    [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]