DOCSLIB.ORG

Howard County Retirement Plans Meeting Materials

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Howard County Retirement Plans Meeting Materials MEETING MATERIALS HOWARD COUNTY RETIREMENT PLANS April 29, 2021 Margaret Belmondo, CIMA®, Partner Will Forde, CFA, CAIA, Principal Francesca LoVerde, Senior Consulting Analyst BOSTON | ATLANTA | CHARLOTTE | CHICAGO | DETROIT | LAS VEGAS | PORTLAND | SAN FRANCISCO TABLE OF CONTENTS Page March Flash Report 3 Correlation & Stochastic Analysis 12 High Yield Search Book 19 2 MARCH FLASH REPORT NEPC, LLC 3 CALENDAR YEAR INDEX PERFORMANCE 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Mar YTD S&P 500 2.1% 16.0% 32.4% 13.7% 1.4% 12.0% 21.8% -4.4% 31.5% 18.4% 4.4% 6.2% Russell 1000 1.5% 16.4% 33.1% 13.2% 0.9% 12.1% 21.7% -4.8% 31.4% 21.0% 3.8% 5.9% Russell 2000 -4.2% 16.3% 38.8% 4.9% -4.4% 21.3% 14.6% -11.0% 25.5% 20.0% 1.0% 12.7% Russell 2500 -2.5% 17.9% 36.8% 7.1% -2.9% 17.6% 16.8% -10.0% 27.8% 20.0% 1.6% 10.9% MSCI EAFE -12.1% 17.3% 22.8% -4.9% -0.8% 1.0% 25.0% -13.8% 22.0% 7.8% 2.3% 3.5% MSCI EM -18.4% 18.2% -2.6% -2.2% -14.9% 11.2% 37.3% -14.6% 18.4% 18.3% -1.5% 2.3% MSCI ACWI -7.3% 16.1% 22.8% 4.2% -2.4% 7.9% 24.0% -9.4% 26.6% 16.3% 2.7% 4.6% Private Equity 9.5% 12.6% 22.3% 14.6% 10.4% 10.3% 21.0% 13.1% 17.2% 13.0%* - - BC TIPS 13.6% 7.0% -8.6% 3.6% -1.4% 4.7% 3.0% -1.3% 8.4% 11.0% -0.2% -1.5% BC Municipal 10.7% 6.8% -2.6% 9.1% 3.3% 0.2% 5.4% 1.3% 7.5% 5.2% 0.6% -0.4% BC Muni High Yield 9.2% 18.1% -5.5% 13.8% 1.8% 3.0% 9.7% 4.8% 10.7% 4.9% 1.1% 2.1% BC US Corporate HY 5.0% 15.8% 7.4% 2.5% -4.5% 17.1% 7.5% -2.1% 14.3% 7.1% 0.1% 0.8% BC US Agg Bond 7.8% 4.2% -2.0% 6.0% 0.5% 2.6% 3.5% 0.0% 8.7% 7.5% -1.2% -3.4% BC Global Agg 5.6% 4.3% -2.6% 0.6% -3.2% 2.1% 7.4% -1.2% 6.8% 9.2% -1.9% -4.5% BC Long Treasuries 29.9% 3.6% -12.7% 25.1% -1.2% 1.3% 8.5% -1.8% 14.8% 17.7% -5.0% -13.5% BC US Long Credit 17.1% 12.7% -6.6% 16.4% -4.6% 10.2% 12.2% -6.8% 23.4% 13.3% -2.7% -8.4% BC US STRIPS 20+ Yr 58.5% 3.0% -21.0% 46.4% -3.7% 1.4% 13.7% -4.1% 20.9% 24.0% -6.9% -18.5% JPM GBI-EM Global Div -1.8% 16.8% -9.0% -5.7% -14.9% 9.9% 15.2% -6.2% 13.5% 2.7% -3.1% -6.7% JPM EMBI Glob Div 7.3% 17.4% -5.3% 7.4% 1.2% 10.2% 10.3% -4.3% 15.0% 5.3% -1.0% -4.5% CS Hedge Fund -2.5% 7.7% 9.7% 4.1% -0.7% 1.2% 7.1% -3.2% 9.3% 6.4% - 2.1% BBG Commodity -13.3% -1.1% -9.5% -17.0% -24.7% 11.8% 1.7% -11.2% 7.7% -3.1% -2.1% 6.9% Alerian MLP 13.9% 4.8% 27.6% 4.8% -32.6% 18.3% -6.5% -12.4% 6.6% -28.7% 6.9% 22.0% FTSE NAREIT Equity REITs 8.3% 18.1% 2.5% 30.1% 3.2% 8.5% 5.2% -4.6% 26.0% -8.0% 4.6% 8.9% Source: FactSet, Barclays, Thomson One *Private Equity return represents calendar year pooled IRR and is subject to a one quarter lag 4 TRAILING ANNUAL INDEX PERFORMANCE Equity Mar-21 Q1 YTD 1 YR 3 YR 5 YR 10 YR MSCI ACWI 2.7% 4.6% 4.6% 54.6% 12.1% 13.2% 9.1% S&P 500 4.4% 6.2% 6.2% 56.4% 16.8% 16.3% 13.9% Russell 1000 3.8% 5.9% 5.9% 60.6% 17.3% 16.7% 14.0% Russell 2000 1.0% 12.7% 12.7% 94.8% 14.8% 16.4% 11.7% Russell 2500 1.6% 10.9% 10.9% 89.4% 15.3% 15.9% 12.2% MSCI EAFE 2.3% 3.5% 3.5% 44.6% 6.0% 8.8% 5.5% MSCI EM -1.5% 2.3% 2.3% 58.4% 6.5% 12.1% 3.7% Credit Mar-21 Q1 YTD 1 YR 3 YR 5 YR 10 YR BC Global Agg -1.9% -4.5% -4.5% 4.7% 2.8% 2.7% 2.2% BC US Agg -1.2% -3.4% -3.4% 0.7% 4.7% 3.1% 3.4% BC Credit -1.6% -4.5% -4.5% 7.9% 5.9% 4.7% 4.8% BC US HY 0.1% 0.8% 0.8% 23.7% 6.8% 8.1% 6.5% BC Muni 0.6% -0.4% -0.4% 5.5% 4.9% 3.5% 4.5% BC Muni HY 1.1% 2.1% 2.1% 15.0% 7.3% 6.4% 7.1% BC TIPS -0.2% -1.5% -1.5% 7.5% 5.7% 3.9% 3.4% BC 20+ STRIPS -6.9% -18.5% -18.5% -22.2% 7.1% 3.9% 9.8% BC Long Treasuries -5.0% -13.5% -13.5% -15.8% 5.9% 3.1% 6.3% BC Long Credit -2.7% -8.4% -8.4% 8.9% 7.5% 6.7% 7.2% BC Govt/Credit 1-3 Yr 0.0% 0.0% 0.0% 1.6% 3.0% 2.0% 1.6% JPM EMBI Glob Div -1.0% -4.5% -4.5% 16.0% 4.0% 5.1% 5.6% JPM GBI-EM Glob Div -3.1% -6.7% -6.7% 13.0% -0.8% 3.1% 0.5% Real Assets Mar-21 Q1 YTD 1 YR 3 YR 5 YR 10 YR BBG Commodity -2.1% 6.9% 6.9% 35.0% -0.2% 2.3% -6.3% Alerian Midstream Index 7.8% 20.9% 20.9% 74.5% 4.2% 4.8% - FTSE NAREIT Equity REITs 4.6% 8.9% 8.9% 37.8% 9.5% 5.3% 8.6% Source: S&P, MSCI, Russell, Barclays, JPM, Alerian, FTSE, FactSet 5 Howard County Retirement Plans TOTAL FUND PERFORMANCE SUMMARY (GROSS) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Policy % YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ Total Fund Composite 1,321,944,102 100.0 100.0 0.9 1.8 17.5 27.9 9.5 10.3 8.1 7.7 Apr-97 Policy Index 0.7 1.6 15.7 25.8 8.6 9.1 7.5 7.6 Apr-97 Allocation Index 0.8 1.6 17.5 29.3 -- -- -- -- Apr-97 Total US Equity Composite 368,136,467 27.8 23.0 3.4 7.0 33.9 64.9 16.0 17.2 14.0 9.4 Jul-97 Russell 3000 3.6 6.3 33.2 62.5 17.1 16.6 13.8 8.8 Jul-97 US Equity Allocation Index 3.0 6.0 33.6 64.1 16.8 16.6 13.4 -- Jul-97 Total International Equity 229,322,030 17.3 17.0 1.4 3.5 32.1 57.8 9.1 11.8 5.9 5.5 Jul-97 MSCI ACWI ex USA 1.3 3.5 28.7 49.4 6.5 9.8 4.9 5.1 Jul-97 Total Fixed Income Composite 372,563,338 28.2 30.0 -1.1 -2.8 2.0 8.3 4.8 4.6 4.5 5.4 Jul-97 Fixed Income Policy Index -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 5.1 Jul-97 Total Real Assets Composite 44,638,613 3.4 7.0 0.0 0.0 6.0 -6.9 1.2 5.5 6.1 6.3 Jul-03 NCREIF Property Index 1 Qtr. Lag 0.02 0.0 0.9 1.6 4.9 5.9 9.0 8.3 Jul-03 Cash Composite 12,171,090 0.9 0.0 0.0 0.0 0.1 1.1 0.8 0.4 1.3 Dec-03 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 1.2 Dec-03 Hedge Fund Composite 135,793,418 10.3 8.0 0.5 2.3 10.9 17.1 5.9 5.6 5.2 5.2 Jan-11 HFRI FOF: Conservative Index 0.6 3.6 12.6 18.9 5.0 4.7 3.2 3.2 Jan-11 Private Equity Composite 156,819,146 11.9 10.0 0.0 0.0 18.0 11.5 16.2 16.1 14.3 13.2 Jul-08 C|A US All PE (1 Qtr Lag) 0.0 0.0 20.8 8.6 11.0 12.7 12.6 10.5 Jul-08 Private Debt 2,500,000 0.2 5.0 0.0 0.0 0.0 -- -- -- -- 0.0 Jun-20 S&P/LSTA Leveraged Loan TR 0.0 1.8 10.0 20.7 4.1 5.3 4.3 10.0 Jun-20 XXXXX Fiscal year end 6/30.
Load more

Recommended publications
  • In Eastern Partner Countries
    EU4Digital: supporting digital economy and society in the Eastern Partnership Market Assessment for Digital Innovation and Scale-up Initiative in Eastern partner countries Final report June 2020 1 About this study In early 2020, EU4Digital Facility launched activity ‘Market Assessment for Digital Innovation and Scale-up Initiative (DISC) in Eastern Partner Countries’ (hereinafter – study / research) The goal is to analyse the investment landscape for digital high tech companies in these countries: Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine. The activity was inspired by Digital Innovation and Scale-up initiative (DISC) in Central, Eastern and South Eastern Europe region (European Commission Factsheet). Based on the findings of this study, the European Commission will be able to adjust its plans to better serve the needs of the local markets, developing adapted financial support instruments. This research aims to: 1. Understand digital innovation and high-tech start-ups investment landscape and identify existing gaps on investment in Eastern partner countries. 2. Map the main private & corporate equity investors that provide financing to digital start-ups and fast growth companies in Eastern partner countries. 3. Map the main public sector investment programs in start-up / tech-oriented companies at the country-level. 4. Analyse micro-level data on private investments in start-up / tech-oriented companies in the region. 5. Provide recommendations to develop and use financial instruments for digital innovation and the scale-up of high-tech start-ups. The research focuses on start-ups at the creation and scale-up phases, rather than traditional SMEs on their path to digitalisation.
    [Show full text]
  • National Venture Capital Association Venture Capital Oral History Project Funded by Charles W
    National Venture Capital Association Venture Capital Oral History Project Funded by Charles W. Newhall III William H. Draper III Interview Conducted and Edited by Mauree Jane Perry October, 2005 All literary rights in the manuscript, including the right to publish, are reserved to the National Venture Capital Association. No part of the manuscript may be quoted for publication without the written permission of the National Venture Capital Association. Requests for permission to quote for publication should be addressed to the National Venture Capital Association, 1655 North Fort Myer Drive, Suite 850, Arlington, Virginia 22209, or faxed to: 703-524-3940. All requests should include identification of the specific passages to be quoted, anticipated use of the passages, and identification of the user. Copyright © 2009 by the National Venture Capital Association www.nvca.org This collection of interviews, Venture Capital Greats, recognizes the contributions of individuals who have followed in the footsteps of early venture capital pioneers such as Andrew Mellon and Laurance Rockefeller, J. H. Whitney and Georges Doriot, and the mid-century associations of Draper, Gaither & Anderson and Davis & Rock — families and firms who financed advanced technologies and built iconic US companies. Each interviewee was asked to reflect on his formative years, his career path, and the subsequent challenges faced as a venture capitalist. Their stories reveal passion and judgment, risk and rewards, and suggest in a variety of ways what the small venture capital industry has contributed to the American economy. As the venture capital industry prepares for a new market reality in the early years of the 21st century, the National Venture Capital Association reports (2008) that venture capital investments represented 2% of US GDP and was responsible for 10.4 million American jobs and 2.3 trillion in sales.
    [Show full text]
  • The Handbook of Financing Growth
    ffirs.qxd 2/15/05 12:30 PM Page iii The Handbook of Financing Growth Strategies and Capital Structure KENNETH H. MARKS LARRY E. ROBBINS GONZALO FERNÁNDEZ JOHN P. FUNKHOUSER John Wiley & Sons, Inc. ffirs.qxd 2/15/05 12:30 PM Page b ffirs.qxd 2/15/05 12:30 PM Page a Additional Praise For The Handbook of Financing Growth “The authors have compiled a practical guide addressing capital formation of emerging growth and middle-market companies. This handbook is a valuable resource for bankers, accountants, lawyers, and other advisers serving entrepreneurs.” Alfred R. Berkeley Former President, Nasdaq Stock Market “Not sleeping nights worrying about where the capital needed to finance your ambitious growth opportunities is going to come from? Well, here is your answer. This is an outstanding guide to the essential planning, analy- sis, and execution to get the job done successfully. Marks et al. have cre- ated a valuable addition to the literature by laying out the process and providing practical real-world examples. This book is destined to find its way onto the shelves of many businesspeople and should be a valuable ad- dition for students and faculty within the curricula of MBA programs. Read it! It just might save your company’s life.” Dr. William K. Harper President, Arthur D. Little School of Management (Retired) Director, Harper Brush Works and TxF Products “Full of good, realistic, practical advice on the art of raising money and on the unusual people who inhabit the American financial landscape. It is also full of information, gives appropriate warnings, and arises from a strong ethical sense.
    [Show full text]
  • Venture Capital Investing Conference June 3-5, 2009 the Palace Hotel • San Francisco, CA
    Updated: May 7, 2009 Alexandra Scott Christina Riboldi Chief Executive Officer Executive Vice President IBF Conferences, Inc. IBF Conferences, Inc. Inter International Business Forum International Business Forum Tel: (516) 765-9005 x 300 Tel: (516) 765-9005 x 180 Email: [email protected] Email: [email protected] 20th Annual Venture Capital Investing Conference June 3-5, 2009 The Palace Hotel • San Francisco, CA For 20 years, this conference has served as the premier industry gathering for over 400 venture capitalists and limited partners. Advisory Board Chairman: Conference Chairmen: Gary Morgenthaler Dixon Doll Navin Chaddha General Partner General Partner & Co-Founder Managing Director Morgenthaler Ventures DCM Mayfield Fund 1 Founding Advisory Board Members include: Richard Kramlich, Co-Founder & General Partner, New Enterprise Associates; Jim Swartz, General Partner, Accel; Brook Byers, General Partner, Kleiner Perkins Caufield & Byers; Irwin Federman, General Partner, U.S. Venture Partners; Paul Denning, Founder & CEO, Denning & Co.; Sandford Robertson, General Partner, Francisco Partners; Paul Denning, Founding Partner, Denning and Company; Alan Patricof, General Partner, Greycroft Partners 2009 Advisory Board Members: ; Lip-Bu Tan, Chairman, Walden International; Todd Chaffee, General Partner, Institutional Venture Partners; Ajit Nazre, General Partner, Kleiner Perkins Caufield & Byers; Bob Grady, Managing Director, The Carlyle Group; Susan Mason, General Partner, Onset Ventures; Navin Chaddha, Managing Director,
    [Show full text]
  • The-Business-Of-Venture-Capital-1
    The Business of Venture Capital By Jeff Weinstein November 5th, 2020 What is Venture Capital? • A subset of private equity (investing in private companies for a piece of ownership) financing. • Typically (but not exclusively) focused on early-stage high risk, young technology companies since those companies often have the highest growth potential. • Unlike PE, typically take minority stakes in companies and do not exert control. • Many of the most important companies in the U.S. (and virtually all its important tech companies) were venture-funded. History of Venture Capital • Business model began with whaling in the mid 1800s. • Unpredictable, high-risk, high-reward venture. • Returns follow a power-law distribution. Most ships would lose money, but a few were VERY profitable, making it a profitable endeavor on the whole. • Investors would collect large pots of money and diversify across multiple whaling ships to generate massive returns. • Average whaling vessel spent 3 years at sea! • Captains would be compensated by keeping a percentage of the profits. Origin of carried interest! Modern VC Structure • VCs are managed by General Partners “GPs”. • GPs typically put in 2% of the total fund as GP commit. • Typical VC fund charges “2 and 20” : 2% per year Management Fee, 20% Carried Interest • 10 year lockup + options for two 1 year extensions • 3-5 year investment period (sometimes higher fees up front that lower during “harvest period” • Capital is committed in entirety but only “called” in small tranches over first 3-5 years • Both carried interest and partnership gains are taxed as long-term capital gains (lower than ordinary incomes) History of Venture Capital • First VC “fund” in 1946 with ARD (American Research and Development) Corporation and J.H.
    [Show full text]
  • Wythes Paul Donated.Pdf
    National Venture Capital Association Venture Capital Oral History Project Funded by Charles W. Newhall III Paul Wythes Interview Conducted and Edited by Mauree Jane Perry 2006 All literary rights in the manuscript, including the right to publish, are reserved to the National Venture Capital Association. No part of the manuscript may be quoted for publication without the written permission of the National Venture Capital Association. Requests for permission to quote for publication should be addressed to the National Venture Capital Association, 1655 North Fort Myer Drive, Suite 850, Arlington, Virginia 22209, or faxed to: 703-524-3940. All requests should include identification of the specific passages to be quoted, anticipated use of the passages, and identification of the user. Copyright © 2009 by the National Venture Capital Association www.nvca.org This collection of interviews, Venture Capital Greats, recognizes the contributions of individuals who have followed in the footsteps of early venture capital pioneers such as Andrew Mellon and Laurance Rockefeller, J. H. Whitney and Georges Doriot, and the mid-century associations of Draper, Gaither & Anderson and Davis & Rock — families and firms who financed advanced technologies and built iconic US companies. Each interviewee was asked to reflect on his formative years, his career path, and the subsequent challenges faced as a venture capitalist. Their stories reveal passion and judgment, risk and rewards, and suggest in a variety of ways what the small venture capital industry has contributed to the American economy. As the venture capital industry prepares for a new market reality in the early years of the 21st century, the National Venture Capital Association reports (2008) that venture capital investments represented 2% of US GDP and was responsible for 10.4 million American jobs and 2.3 trillion in sales.
    [Show full text]
  • Value Creation in the Private Equity and Venture Capital Industry
    Value Creation in the Private Equity and Venture Capital Industry _______________ Kevin KAISER Christian WESTARP 2010/19/FIN Value Creation in the Private Equity and Venture Capital Industry By Kevin Kaiser* And Christian Westarp** These notes were prepared by Professor Kevin Kaiser (INSEAD) and Christian Westarp (2006 MBA, INSEAD and former Research Assistant, INSEAD). Several references have been used in the production of these notes and we have tried to provide all references throughout. This note is extremely incomplete and not yet ready for public dissemination. Please do not reproduce or quote without the permission of the author. * Affiliate Professor of Finance at INSEAD, Boulevard de Constance, 77305 Fontainebleau Cedex, France, Ph : +33 (0)1 60 72 41 31 ; Email : [email protected] ** Senior Consultant at Capgemini Consulting France Area, Paris, France, A working paper in the INSEAD Working Paper Series is intended as a means whereby a faculty researcher's thoughts and findings may be communicated to interested readers. The paper should be considered preliminary in nature and may require revision. Printed at INSEAD, Fontainebleau, France. Kindly do not reproduce or circulate without permission. VALUE CREATION IN THE PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY TABLE OF CONTENTS Section 1 The Role of the Private Equity and Venture Capital Industry...........................................1 1.1 The rise of the modern manager and accompanying agency costs........................................1 1.2 Private Equity: A response
    [Show full text]
  • Private Placement Activity Chris Hastings | [email protected] | 917-621-3750 1/15/2018 – 1/19/2018 (Transactions in Excess of $20 Million)
    Private Capital Group Private Placement Activity Chris Hastings | [email protected] | 917-621-3750 1/15/2018 – 1/19/2018 (Transactions in excess of $20 million) Trends & Commentary . This week, 11 U.S. private placement deals between $20 million and $50 million closed, accounting for U.S. VC Activity $372 million in total proceeds, compared to last week’s 9 U.S. deals leading to $292 million in total $ in Billions proceeds. This week also had 3 U.S. deals between $50 million and $100 million yielding $168 million, $120 12,000 compared to last week’s 5 deals resulting in $343 million in total proceeds. 10,406 10,463 . 2017 saw the highest total VC deal value in over a decade, reaching $84.2 billion across 8,076 deals. 9,183 10,000 This represents a 15% CAGR in deal value from 2010 to 2017, with a 6% CAGR in number of deals 8,635 for the same time period. (see figure) $90 7,849 8,076 . Private equity firms have been straying away from brick-and-mortar retailers; 2017 saw 64 deals for $84 8,000 U.S. retail companies in 2017, an 18% decrease from 2016. Instead, they have been trending towards 6,703 $79 $72 e-Commerce companies – 2017 saw 72 PE deals in the U.S. e-Commerce space, a 31% YoY $70 increase from 2016, despite a decline in overall U.S. PE deals. $60 5,351 6,000 . SurveyMonkey, an online polling company, has reportedly been in talks to choose bankers for a public offering during 2018.
    [Show full text]
  • Investor's Guide to the New Zealand Tech Sector
    The Investor's Guide to the NEW ZEALAND TECHNOLOGY SECTOR 2021 THANK YOU TO OUR SPONSORS WELCOME In the more than 20 years that TIN has tracked technology investment in New Zealand, we’ve seen the number of tech start-ups mushroom, the knowledge and experience of the sector grow deeper, and the emergence of an innovation eco-system around these companies that is creating a truly global opportunity. We have also seen confidence in New Zealand grow through investors backing companies in this country that have created wealth on an enormous scale. The Ministry of Business, Innovation and Employment ASX operates at the heart of Australia’s financial markets. (MBIE) is the Government’s lead business-facing Our integrated listings, trading, clearing and settlement We are a small nation that has demonstrated great resilience and agency. Its contribution to improving the well-being of businesses provide customers with efficient access to and flexibility in the face of global challenges – especially those that have New Zealanders is summarised in its stated purpose: to exchange of capital, management of risk, and provision impacted the world over the past years. As the need for technological grow New Zealand for all. ‘For all’ means all people have of data and other solutions. ASX operates across multiple change has accelerated, New Zealand is having a massive influence an opportunity to participate in and benefit from the asset classes including equities, fixed income, commodities on the world because we are doing a lot of things right. economy. For MBIE, a successful New Zealand looks like: and energy.
    [Show full text]
  • Private Equity Strategies Issue 116 | December 11, 2017 11
    Opalesque Private Equity Strategies Issue 116 | December 11, 2017 11 Issue 116 | December 11, 2017 In This Issue Private Equity strategies Brazil Bounces Back..... 2 Expectations Gap Persists Between LPs and GPs, Survey Shows..........4 Regs Watch: Brief Updates on Changes in Regulation for Private Equity.....................6 Welcome to the latest issue of Private Equity Strategies. In this issue, we take a look at how Brazil is bouncing back after recent turmoil in LatAm’s largest economy. Investor Communications: Private Equity’s Information Gap.......................7 Our data heavy year-end issue also looks at the expectations gap between investors and GPs both from a transparency standpoint and from a technology standpoint. Data Snapshot: Global Private Equity........9 Independent analyst Roger Beutler also takes a look at the fundraising environment as we head into a new year. Data Snapshot: Investors Eye European Data from Coller’s Private Equity Barometer shows that investors are warming to Private Equity........................10 European private equity as they look for new, global opportunities. This trend is backed up by an examination of recent changes in France by lawyers for Latham and Movers & Shakers: Silverpeak, NEXT Watkins - recent legal trends show positive regulatory changes for private equity in Investors, DSC Quantitative & Northleaf...12 France. French Employment and Tax Reforms Set To Finally, in our Movers & Shakers section, we highlight new transactions and funds Boost Private Equity Buyouts...14 from Silverpeak, NEXT Investors, DSC Quantitative & Northleaf. We hope you enjoy the issue - stay tuned for new releases in 2017 and please reach Quick Hits ............................................16 out if you would like to contribute.
    [Show full text]
  • Disrupting the Venture Landscape
    Disrupting the Venture Landscape Why the Startup Studio Model is Where Investors Find Capital Efficiency DISRUPTING THE VENTURE LANDSCAPE 01 About This Report AUTHOR This report was created by GSSN (Global Startup Nick Zasowski Studio Network). GSSN and its members share GSSN Director a collective focus: creating opportunities for Nick leads the studio community for GSSN, a highly startups around the world to access the human curated network of the world’s most innovative and financial capital they need to build powerful startup studios, venture studios, company builders businesses and make a meaningful impact, and venture builders. Prior to his time with GSSN, wherever they call home. Nick led global partnerships, curating the accelerator network for parent organization GAN. About GSSN Being involved with multiple stakeholders across startup ecosystems, Nick loves connecting the GSSN is a highly curated community of the world’s world’s leading innovators so that all can reach venture studios, startup studios, company builders, their next level of potential. and venture builders. GSSN brings together the most relevant information and peer community CONTRIBUTORS so that studio leaders can build the best opera- Sarah Anderson ting structure for your startup studio by providing Managing Director, Cintrifuse curated connections to talent and financial capital, giving studio leaders more time to create their next Douglas Beyer successful venture. Director of Investments, Radianx Capital John Carbrey Note to the Reader CEO and Founder, FutureSight Alper Celen Startup studios (referenced as “studios” throughout Founding Partner, Enhance Ventures this paper) are interchangeably known around the globe as venture studios, venture builders, or EDITORS company builders.
    [Show full text]
  • Atlanta Vcs Step Eming and Michael Henos — Bring Us Your Deals
    COVERING THE I l G W SOUTH'S I l G W EC0N0M1 www.digitalsouth.cani A WARFIELD MEDIA PUBLICATION :~ / Cl ATLANTA VCS STEP EMING AND MICHAEL HENOS — BRING US YOUR DEALS man COVERING THE I l G W SOUTH'S I l G W ECONOMY A SUMMER Ç\n "The first two rounds of financing we raised were unbelievably easy - it must have been a fluke." RICHARD HDLCOMB, CEO, HAHTSoftware j) (pj\ "Keeping real focused on a limited number of things ... have served us very well so far." CHARLES BREWER, CEO, MindSpring i m New Enterprise J Associates: How to turn /¿ I Venture capital firms $3.9 million into $320 million poured $1.3 billion into in three years. 13 Southern states last year. SUMMER 1117 5 digitalsouth digitalsouth SUMMER by martin donsky 1 97 www.digitalsouth.cnn PUBLISHED BY WARFIELO MEDIA CHAIRMAN/PUBLISHER editor's notebook Edwin Warfield IV [email protected] EDITOR-IN-CHIEF be made even more compact to save Martin Donsky [email protected] newsprint. DIRECTOR OF ADVERTISING We're committed to devoting all John D'Onofrio [email protected] of our energies to the technology ART OIHECTOR companies, venture capitalists, Patricia Hall [email protected] bankers and industry people who are driving the digital economy DESIGN CONSULTANTS what we're Martin Venezky throughout our 13-state region. Greg Paul all ABOUT Many of the entrepreneurs we will write about already are building INTERACTIVE MEDIA Glenn Ferber [email protected] WE STARTED digitalsouth to chronicle successful companies; others are David Sotnick [email protected] the growth of the technology eco- just starting out; still others have tried and failed.
    [Show full text]