Past Attendee List Past CFO, COO and and Senior Financial Executives Include…
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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. -
Leadership Newsletter Winter 2020 / 2021
T���������, M���� ��� T����������������� Leadership Newsletter Winter 2020 / 2021 GTCR Firm Update Since the firm’s inception in 1980, GTCR has Technology, Media and Tele- partnered with management teams in more communications than 200 investments to build and transform growth businesses. Over the last twenty years alone, GTCR has invested over $16 billion in approximately 100 platform acquisitions, 30+ 95+ PLATFORMS ADD-ONS including more than 65 companies that have been sold for aggregate enterprise value of over $ $50 billion and another 14 companies that have 25B+ been taken public with aggregate enterprise value PURCHASE of more than $34 billion. In November 2020, PRICE we closed GTCR Fund XIII, the firm’s largest fund to date, with $7.5 billion of limited partner capital commitments. This fund follows GTCR Fund Acquisition Activity Since 2000 XII, which we raised in 2017, with $5.25 billion As of January 15, 2021* of limited partner capital commitments. GTCR currently has 25 active portfolio companies; ten of these companies are within the Technology, Media and Telecommunications (“TMT”) industry. Page 1 / Continues on next page Technology, Media and Telecommunications Group Update Since 2000, GTCR has completed over 30 new platform investments and over 95 add-on acquisitions within the TMT industry, for a total of over 125 transactions with a combined purchase price of over $25 billion. During just the past year, we have realized several of these investments, selling three businesses and completing the partial sale of two additional companies, for a combined enterprise value of over $9 billion. Our TMT franchise includes ten active portfolio companies and one management start-up, which together have completed nearly 30 add-on acquisitions under our ownership, representing approximately $3 billion of GTCR invested capital. -
Private Equity Overview
Private Equity Overview Faegre Drinker’s national private equity practice FOCUSED on the has the experience to deliver success in large, middle market sophisticated transactions, as well as the agility and rate structure to equally excel in smaller transactions. Our private equity team is a core part of our 175-lawyer M&A practice, which over the past three years has OVER 175 dedicated closed over 725 deals with an aggregate value of over $100 billion. M&A professionals We know the private equity deal market, and we understand and apply the latest structures, strategies and practices for private equity deals, with extensive OVER 725 M&A deals experience on both the buy-side and the sell-side. We deliver value in advising funds, management, over the past three years co-investors and portfolio companies throughout the private equity life cycle. From acquisitions, to minority and control investments, day-to-day counseling, add- on acquisitions, recapitalizations and restructurings, OVER $100 BILLION and ultimately to the array of exit events, we provide aggregate deal value practical guidance and solutions throughout the full over the past three years range of opportunities and issues. We team with our national-level fund formation and governance professionals to offer additional levels of insight and experience, and we capitalize on the knowledge of our over 1,300 attorneys, consultants and professionals to deliver top-level value and results. Our team represents clients and leads transactions across a wide range of industries, including Sources say the group is manufacturing, consumer and retail, insurance, food and beverages, sports and entertainment, industrials, ‘excellent technically and, from a transportation and logistics, communications and media, health care, life sciences, education, financial customer service perspective, goes services, and technology. -
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 -
Venture Capital, Private Equity and Real Estate on the Blockchain
VENTURE CAPITAL, PRIVATE EQUITY AND REAL ESTATE ON THE BLOCKCHAIN Whitepaper July 2018 Contents Preamble ..........................................................3 About Us ...........................................................4 Introduction ....................................................5 The Market .......................................................6 Private Equity ................................................................6 VC Market .......................................................................8 Real Estate – Europe ...................................................9 Real Estate – USA .........................................................10 The L7 Platform ...............................................11 L7 Global Holdings ......................................................11 Our Investment Criteria for Private Equity .............11 Our Investment Criteria for Venture Capital ..........11 L7 Real Estate ................................................................12 L7 Real Estate Europe ..................................................12 Benefits for Investors ...................................................14 Fixed Coupon Payout ...................................................14 Value Proposition ...........................................15 Investment Process ......................................................16 Crowdfunding .................................................17 Level 7 Crowdfunding Platform .................................19 Blockchain Technology ..................................20 -
US PE Breakdown Report 1Q 2019
US PE Breakdown Report 1Q 2019 April 2019 1 Introduction After 2018’s blistering pace of dealmaking, 2019 environment. 1Q 2019 saw just one PE-backed IPO has gotten off to a sluggish start. Poor as GPs instead opted to sell portfolio companies to performance in leveraged loan and high-yield other financial sponsors or strategic acquirers, markets during 4Q 2018 had an adverse impact on continuing recent trends. Market tranquility was the cost of deal financing, causing many GPs to sustained throughout the end of the quarter, so hold off on finalizing deals. These deals often take analysts expect the 1Q lull in exit activity to be months to close, and difficulty securing financing is short-lived. often evident in lower deal flow the following quarter. The deals that did close, however, were at Fundraising—unlike deals and exits—is on pace to elevated multiples similar to what we have match 2018’s annual total with over $40 billion witnessed in recent years. Pricing ought to remain raised in the first quarter. Fewer but larger funds competitive because GPs have record dry powder are closing, pushing median and average fund sizes waiting to be invested, pressuring PE firms to act. even higher. Strategies beyond the vanilla buyout continue to proliferate, with technology focused Exits experienced an even greater downturn than and growth equity funds witnessing massive closes. deals. Public equity price decreases in 4Q 2018 The recent figures also speak to a longer-term likely led to GPs marking down portfolio change whereby GPs headquartered in the Bay companies, though to a lesser extent than seen in Area and Chicago accounting for a swelling portion public indices. -
Private Equity Spotlight January 2007 / Volume 3 - Issue 1
Private Equity Spotlight January 2007 / Volume 3 - Issue 1 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Private Equity Intelligence, providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence and Funds in Market. FEATURE ARTICLE page 01 INVESTOR SPOTLIGHT page 10 Overhang, what overhang? The favourable market and difficulty of getting allocations to With 2006’s $404 billion smashing all previous records for top quartile funds has led to increased LP interest in Asian private equity fund raising, some commentators are suggesting focused funds. We look at LPs investing in these funds. that there is now an ‘overhang’ of committed capital that the industry may struggle to invest. The facts suggest otherwise. • How do LPs perceive Asian focused funds? PERFORMANCE SPOTLIGHT page 05 • Who is making the most Growth in distributions to LPs and the rate of call-ups are significant investments? driving the fundraising market. Performance Spotlight looks at the trends. • Which types of investor are the most active? FUND RAISING page 06 After a record breaking year for fundraising in 2006, we • How much is being committed examine the latest news for venture and buyout funds, as well to the region? as examining the market for first-time fund vehicles. No. of Funds on INVESTOR NEWS page 12 US Europe ROW Road All the latest news on investors in private equity: Venture 202 97 83 382 • State of Wisconsin Investment Board posts high returns Buyout 100 48 36 184 boosted by its private equity portfolio Funds of Funds 65 47 12 124 • Somerset County Council Pension Fund seeks new fund of Other 129 31 42 202 funds manager • LACERA looks for new advisor Total 496 223 173 892 • Indiana PERF is set to issue real estate RFPs SUBSCRIPTIONS If you would like to receive Private Equity Spotlight each month • COPERA close to appointing new alternatives chief. -
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. -
Partners Group Private Equity (Master Fund)
SECURITIES AND EXCHANGE COMMISSION FORM N-Q Quarterly schedule of portfolio holdings of registered management investment company filed on Form N-Q Filing Date: 2017-02-28 | Period of Report: 2016-12-31 SEC Accession No. 0001398344-17-002471 (HTML Version on secdatabase.com) FILER Partners Group Private Equity (Master Fund), LLC Mailing Address Business Address 1114 AVENUE OF THE 1114 AVENUE OF THE CIK:1447247| IRS No.: 800270189 | State of Incorp.:DE | Fiscal Year End: 0331 AMERICAS AMERICAS Type: N-Q | Act: 40 | File No.: 811-22241 | Film No.: 17644875 37TH FLOOR 37TH FLOOR NEW YORK NY 10036 NEW YORK NY 10036 212-908-2600 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-22241 Partners Group Private Equity (Master Fund), LLC (Exact name of registrant as specified in charter) 1114 Avenue of the Americas, 37th Floor New York, NY 10036 (Address of principal executive offices) (Zip code) Robert M. Collins 1114 Avenue of the Americas, 37th Floor New York, NY 10036 (Name and address of agent for service) Registrant's telephone number, including area code: (212) 908-2600 Date of fiscal year end: March 31 Date of reporting period: December 31, 2016 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). -
Global Trends in Insurance M&A in 2014 and Beyond Looking Back on 2014: the Return of the Billion Dollar Transactions
GLOBAL TRENDS IN INSURANCE M&A IN 2014 AND BEYOND LOOKING baCK ON 2014: THE RETURN OF thE BILLION DOLLAR TRANSACTIONS In recent years, insurance companies have largely focused on improving their performance by 1. ACQUISITIONS ARE ON THE UP cutting costs amidst a slow post-global financial The big insurance groups are buying again, even those that crisis environment. However, the past two years suffered during the global economic crisis and have been have seen the tide change: the industry is now quiet on the M&A radar for some time. The number of seeking to bolster profits by embarking upon publically disclosed insurance deals in 2014 is up around both domestic and the potentially more lucrative 11 percent on 2013 from 316 to 354 (mergermarket). emerging market M&A. Economic confidence is growing and those insurance companies that suffered, yet survived, the rock bottom of the Not only are acquisitions on the up, the value is economic crisis are beginning to bounce back up, too. and consider opportunities to invest in their now well capitalized companies both internally and by external expansion. After a slow 2013, we saw with some billion dollar deals including Dai-ichi Life Insurance Company’s acquisition of Protective Life in a deal valued a significant uplift in M&A activity in the sector at US$5.7 billion, Canada Pension Plan Investment Board’s in 2014. For the first time in a number of years, (CPPIB’s) US$1.8 billion acquisition of Wilton Re, Manulife’s the industry has seen billion-dollar deals, some of US$4 billion acquisition of the Canadian operations which are identified in this paper.