DOCSLIB.ORG

Guide to Secondary Buyers & Intermediaries

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

GUIDE TO SECONDARY BUYERS & PLACEMENT AGENTS 2017 Guide to Secondary Buyers & Intermediaries FEATURES OTHER INDICES Secondary Buyers Survey 3 Secondary Firms, By Type of Investments Desired 48 Guide to Secondary Buyers 5 Secondary Firms, By Geographic Preference 49 Guide to Secondary Intermediaries 43 Secondary Firms, By Preferred Age of Fund Investments 50 Secondary Guide Index 46 Secondary Intermediaries Index 47 SECONDARY BUYERS Guide To Secondary Buyers & Intermediaries 2017 BUYOUTS | VCJ | 3 GUIDE TO SECONDARY BUYERS 17CAPITAL 747 CAPITAL SCOPE OF OPERATIONS MAIN OFFICE MAIN OFFICE Year group began doing secondary deals: 1987 Number of employees working on secondary deals: 15 32 Grosvenor Gardens 880 Third Avenue Does your firm manage funds of funds? Yes London 17th floor Preferred secondary investment range: SW1W 0DH New York, NY 10022 • Minimum (US$millions): 1 UK USA • Maximum (US$millions): 80 17capital.com www.747capital.com +44 (0) 20 7493 2462 212-747-7474 DESCRIPTION OF SERVICES +44 (0) 20 7529 1908 Abbott was founded in 1986, with an objective of PERSONNEL providing long-term continuity and accountability PERSONNEL Gijs van Thiel to private equity portfolio management. Since its Pierre-Antoine de Selancy Managing Partner founding, the firm has focused solely on private Managing Partner [email protected] equity investment and management, and builds [email protected] diversified portfolios of primary and secondary Joshua Sobeck private equity investments across buyouts, growth Augustin Duhamel Partner equity, venture capital, and special situations Managing Partner [email protected] funds. Historically, Abbott had included secondary [email protected] Marc der Kinderen investments in its diversified portfolios of private Robert de Corainville Managing Partner equity fund interests. With the implementation of Partner [email protected] this dedicated ASO strategy, Abbott will build on [email protected] its broad knowledge of private equity investment SCOPE OF OPERATIONS developed over 30 years, maintaining its focus Beate Pelz Year group began doing secondary deals: 2008 on smaller transactions where Abbott may have Investor Relations Director Number of employees working on secondary deals: 3 relationship or information advantages. ASO will [email protected] Does your firm manage funds of funds? Yes allow Abbott to pursue interests in fund managers SCOPE OF OPERATIONS Preferred secondary investment range: with which Abbott has invested previously, as well as • Minimum (US$millions): 0.5 fund managers that are new to Abbott’s platform. Year group began doing secondary deals: 2008 • Maximum (US$millions): 10 Names of some of your institutional backers: DESCRIPTION OF SERVICES DESCRIPTION OF SERVICES Abbott has a broad range of institutional investors, 17Capital provides flexible short-to-medium term including: Public Pension Plans Corporate Pension Do you use leverage in your secondary deals? No financing for investors in private equity portfolios. Plans Endowments Foundations Taft-Hartley General and Limited Partners can raise capital Do you use leverage in your secondary deals? No for new investments or reduce their PE exposure, while avoiding the constraints of debt financing or a secondary sale. 17Capital can invest up ABBOTT CAPITAL MANAGEMENT, LLC to €300 million in concentrated or diversified MAIN OFFICE ADAMS STREET PARTNERS, LLC global portfolios, and has completed close to 30 transactions in Europe and North America. The 1290 Avenue of the Americas MAIN OFFICE firm has an international team of 17 professionals 9th Floor 1 N Wacker Dr Ste 2200 with both private equity and banking experience. New York, New York 10104 Suite 2200 17Capital has €800 million AUM across 3 funds. United States of America Chicago, IL 60606 www.abbottcapital.com United States of America 212-757-2700 www.adamsstreetpartners.com 212-757-0835 +1 (312) 553-7890 50 SOUTH CAPITAL ADVISORS LLC PERSONNEL +1 (312) 553-7891 MAIN OFFICE Meredith Rerisi PERSONNEL Affiliated company: Northern Trust Managing Director Jason S. Gull, CFA 50 South LaSalle St. [email protected] Partner & Head of Secondary Investments Chicago, IL 60603 Martha Cassidy [email protected] United States Director www.50southcapital.ntrs.com Jeffrey B. Akers [email protected] Partner PERSONNEL Jonathan Roth [email protected] Managing Director, President Adam Freda Troy L. Barnett, CFA Senior Vice President Leonard Pangburn Partner [email protected] Managing Director [email protected] Nick Lawler Jobst Klemme Joseph P. Goldrick Vice President Director Partner [email protected] [email protected] BRANCH OFFICE(S) SCOPE OF OPERATIONS Gregory J. Holden Abbott Capital Management (Europe), LLP Partner Year group began doing secondary deals: 2004 53 Davies Street [email protected] Secondary capital invested in 2016 (US$millions): 126 London Amount of secondary capital you expect to invest W1K 5JH Pinal Nicum in 2017 (US$millions): 100 United Kingdom Partner Preferred secondary investment range: [email protected] • Minimum (US$millions): 1 • Maximum (US$millions): 30 4 | BUYOUTS | VCJ Guide To Secondary Buyers & Intermediaries 2017 GUIDE TO SECONDARY BUYERS J. Gary Fencik AKINA PARTNERS ALPINVEST Partner & Head of Business Development [email protected] MAIN OFFICE MAIN OFFICE Charlie Denison Sihlstrasse 20 Jachthavenweg 118 Principal Zurich 1081 KJ Amsterdam [email protected] ZH Amsterdam 8021 Netherlands Kristof Van Overloop CH www.alpinvest.com Senior Associate http://www.akinapartners.com/home/ +31 20 540 7575 [email protected] 41442201625 +31 20 540 7500 BRANCH OFFICE(S) SCOPE OF OPERATIONS BRANCH OFFICE(S) London Year group began doing secondary deals: 2008 AlpInvest US Holdings, LLC 75 Davies St Number of employees working on secondary deals: 8 299 Park Avenue 4th Floor Does your firm manage funds of funds? Yes 35th Floor London Preferred secondary investment range: New York, NY 10171 W1K 5JN • Minimum (US$millions): 2.5 USA United Kingdom Singapore DESCRIPTION OF SERVICES #14 02 Raffles City Tower Do you use leverage in your secondary deals? No 250 North Bridge Rd ALTERNATIVE INVESTMENT MANAGEMENT, Singapore LLC 179101 Singapore ALLIANZ CAPITAL PARTNERS MAIN OFFICE Menlo Park MAIN OFFICE 757 Third Avenue 2500 Sand Hill Rd 12th Floor Suite 100 1633 Broadway New York, NY 10017 Menlo Park, CA 94025 42nd Floor www.aim13.com United States of America New York, NY 10019 212-557-6191 USA 212-937-3113 Beijing http://www.allianzcapitalpartners.com/en/ Level 24 Tower 3 China Commerce Central Pl 212.938-0630 77 Jianguo Rd Chaoyang District PERSONNEL ANGELO GORDON & CO. Beijing Martin Liebich 100025 Director MAIN OFFICE China [email protected] 245 Park Ave Tokyo Worth Groome New York, New York 10017 Shin-Kokusai Bldg 4F, 4-1 Director United States Marunouchi 3-chome [email protected] 212-692-2152 Chiyoda-ku Tokyo BRANCH OFFICE(S) 100 0005 Allianz Capital Partners GmbH Japan Theresienstrasse 6-8 ARCIS GROUP Munich 245 Park Avenue MAIN OFFICE Manhattan, New York 10019 D-80333 USA Germany 170-173 Piccadilly London SCOPE OF OPERATIONS Allianz Capital Partners GmbH Singapore Branch 12 Marina View #14-01, Asia Square Tower 2 W1J 9EJ Year group began doing secondary deals: 1986 Singapore United Kingdom Number of employees working on secondary deals: 12 18961 www.arcisgroup.com Does your firm manage funds of funds? Yes Singapore 44-20-7494 2110 Preferred secondary investment range: 44-20-7494 2105 • Minimum (US$millions): 5 SCOPE OF OPERATIONS PERSONNEL • Maximum (US$millions): 300 Year group began doing secondary deals: 1999 Arnaud Isnard DESCRIPTION OF SERVICES Number of employees working on secondary deals: 21 Does your firm manage funds of funds? No Managing Partner Do you use leverage in your secondary deals? No Preferred secondary investment range: [email protected] • Minimum (US$millions): 10 Henri Isnard • Maximum (US$millions): 150 Managing Partner DESCRIPTION OF SERVICES [email protected] Do you use leverage in your secondary deals? No Mark Burch Managing Partner [email protected] Romain Bouché Partner [email protected] Guide To Secondary Buyers & Intermediaries 2017 BUYOUTS | VCJ | 5 GUIDE TO SECONDARY BUYERS Andrew Healey Philippe POLETTI DESCRIPTION OF SERVICES Director Member of the Executive Comittee and Head of Mid Do you use leverage in your secondary deals? Yes [email protected] Cap Buyout [email protected] Anne Rousseau Partner & CFO Franck NGUYEN [email protected] Senior Managing Director ATLAS PEAK CAPITAL [email protected] BRANCH OFFICE(S) MAIN OFFICE Mark BENEDETTI 30 rue Galilée Managing Director 400 Montgomery Street Paris [email protected] Suite 900 75116 San Francisco, CA 94104 France Vladimir COLAS USA Managing Director 509 Madison Avenue www.atlaspeakcap.com [email protected] Suite 1602 415-967-0485 New York, N.Y. 10022 Jan Philipp SCHMITZ U.S.A. Managing Director [email protected] SCOPE OF OPERATIONS BEX CAPITAL Ingmar VALLANO 1993 Year group began doing secondary deals: Managing Director MAIN OFFICE 7 Number of employees working on secondary deals: [email protected] Does your firm manage funds of funds? No 79 rue La Boétie Preferred secondary investment range: Marie-Victoire ROZE Paris • Minimum (US$millions): 5 Managing Director 75008 • Maximum (US$millions): 100 [email protected]
Recommended publications
  • Harbourvest—China: the Intersection of Innovation and E-Commerce

    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.
  • MBA/IMBA 2017 Employment Report

    MBA/IMBA 2017 Employment Report

    Global Reach. Innovative Programs. Diverse Perspectives. LEADING Career Development Centre Schulich School of Business MBA/IMBA 2017 Employment Report Jacqueline Simatovic (MBA ’17) Territory Manager at Janssen Inc. Pharmaceutical Companies of Johnson & Johnson Congratulations on graduating from the Schulich School of Business! With the rigourous education and training you have received, yours is a future of endless possibility and potential. TABLE OF CONTENTS 1 Recruiting at Schulich 2 Compensation by Industry 2 Class of 2017 at a Glance 3 Compensation by Function 4 Companies Recruiting at Schulich 8 Meet the Career Development Centre Team Recruiting at Schulich “ We work to understand your needs and help you develop strategies to make sure you stand out in an increasingly competitive marketplace.” The Career Development Centre is here to help you find the right fit with the right company or organization. In the past year we have gone through some restructuring to better align our core services with Schulich’s extensive range of MBA specializations and programs and to better service the career objectives of our students and newest graduates. The good news is Schulich graduates continue to thrive in today’s increasingly competitive job market due to diverse perspectives, innovative programs and global reach of Canada’s preeminent business school. Robert Hines, JD Executive Director, Career Development Centre, Schulich School of Business CLASS OF 2017 CLASS OF 2017 EMPLOYMENT BY INDUStry GRADUATE EmpLOymENT AT A GLANCE Financial Services
  • Reporting Tool

    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.
  • Annual Report

    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 $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)).
  • 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

    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
  • Dialogue with the Osc 2007

    Dialogue with the Osc 2007

    DIALOGUE WITH THE OSC 2007 Tuesday, November 27, 2007 Metro Toronto Convention Centre, North Building KEYNOTE SPEAKER David Wilson, Chair, Ontario Securities Commission GUEST SPEAKERS Arthur Levitt, Former Chairman, U.S. Securities and Exchange Commission Linda Chatman Thomsen, Director of Enforcement, U.S. Securities and Exchange Commission ONTARIO SECURITIES COMMISSION REGISTER ONLINE www.osc.gov.on.ca/dialogue OSC Join senior OSC staff and industry leaders at Dialogue with the OSC 2007. Speakers will lead discussions on emerging issues affecting the world’s capital markets and the major regulatory developments impacting the Canadian marketplace. Don’t miss your chance to participate Register Now for Early-Bird Savings! in the dialogue on topics related to: Register now and take advantage of the early-bird registration price. • Enforcement Early-bird rate: $400 (Ends Thursday, November 1, 2007) • Disclosure Regular rate: $450 • Registration Reform The registration fee includes conference materials, continental breakfast, lunch and refreshments. • Financial reporting This conference is eligible for five IDA Continuing Education Credits and Institute of Corporate Directors credits. ONTARIO SECURITIES COMMISSION Register Online: www.osc.gov.on.ca/dialogue OSC The Ontario Securities Commission OSC Bulletin November 2, 2007 Volume 30, Issue 44 (2007), 30 OSCB The Ontario Securities Commission administers the Securities Act of Ontario (R.S.O. 1990, c. S.5) and the Commodity Futures Act of Ontario (R.S.O. 1990, c. C.20) The Ontario Securities
  • 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

    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.
  • Meet Our Speakers

    Meet Our Speakers

    MEET OUR SPEAKERS DEBRA ABRAMOVITZ Morgan Stanley Debra Abramovitz is an Executive Director of Morgan Stanley and serves as Chief Operating Officer of Morgan Stanley Expansion Capital. Debra oversees all financial, administrative, investor relations and operational activities for Morgan Stanley Expansion Capital, and its predecessor Morgan Stanley Venture Partners funds. Debra also serves as COO of Morgan Stanley Credit Partners. Debra joined Morgan Stanley’s Finance Department in 1983 and joined Morgan Stanley Private Equity in 1988, with responsibility for monitoring portfolio companies. Previously, Debra was with Ernst & Young. Debra is a graduate of American University in Paris and the Columbia Business School. JOHN ALLAN-SMITH Barclays Americas John Allan-Smith leads the US Funds team for Corporate Banking at Barclays and is responsible for coordinating the delivery of products and services from our global businesses; ranging from debt, FX solutions, cash management and trade finance, to working capital lending and liquidity structures. John joined Barclays in 2014 and has 20 years of experience in the funds sector. Prior to joining Barclays, John worked at The Royal Bank of Scotland (RBS) in London, Stockholm and New York, spending 10 years in the RBS Leveraged Finance team. Subsequently, John had responsibility for the portfolios and banking sector of the Non-Core division of RBS in the Americas. John holds an ACA qualification from the Institute of Chartered Accountants of England and Wales and is a qualified accountant. He also has a BSc (Hons) in Chemistry from The University of Nottingham. ROBERT ANDREWS Ashurst LLP Robert is a partner in the banking group at Ashurst and is one of the most experienced funds finance specialists in Europe.
  • Private Equity Fund

    Private Equity Fund

    Practical guidance at Lexis Practice Advisor® Lexis Practice Advisor® offers beginning-to-end practical guidance to support attorneys’ work in specific legal practice areas. Grounded in the real-world experience of expert practitioner-authors, our guidance ranges from practice notes and legal analysis to checklists and annotated forms. In addition, Lexis Practice Advisor provides everything you need to advise clients and draft your work product in 14 different practice areas. John McDonald Restructuring Your Way to a New Tomorrow: The Emerging Trend of “Stapled Secondary” Private Equity Fund Restructurings John McDonald is a partner at Troutman Sanders LLP As funds raised in the 2006–2008 heyday of private equity reach the ends of their 10-year terms, there has been a surge of restructurings of those funds utilizing a “stapled secondary” structure. The widely publicized $1.2 billion restructuring in March 2016 of a 2008 vintage buyout fund managed by private equity pioneer Thomas H. Lee is the latest example of this trend, showing that private equity fund restructurings have become mainstream. In the Lee Equity Partners restructuring, an investment group led by prominent secondaries investor AlpInvest Partners that included Harbourvest Partners, Pantheon Ventures, and the Canadian Pension Plan Investment Board purchased the LP interests of existing fund investors for approximately $900 million and committed approximately $300 million in capital to a new fund. Because sponsors face actual or perceived conflicts of interest when restructuring their funds, private equity fund restructurings have attracted the attention of the U.S. Securities and Exchange Commission (SEC). This article describes the process of private equity fund restructurings, discusses the key considerations involved in restructurings, and provides some action items for sponsors to use to reduce the risk of SEC enforcement action when restructuring their funds.
  • Ardian Extends Global Reach with Tokyo Office

    Ardian Extends Global Reach with Tokyo Office

    PRESS RELEASE ARDIAN EXTENDS GLOBAL REACH WITH TOKYO OFFICE Paris, Tokyo, 15 February 2018 – Ardian, a world-leading private investment house, today announces the opening of an office in Tokyo, Japan. As well as deepening already established relationships in Japan, the new office will consolidate the company’s growth across the Asia Pacific region. Adding to Ardian’s multi-local approach to managing client relationships, the company now has a total of 13 offices, with three in Asia, following the opening of offices in Singapore and Beijing in 2005 and 2012 respectively. Japan forms an important part of Ardian’s international development strategy. It will continue to be a significant base for the company in terms of both fundraising and investing, and will build on Ardian’s established strong presence in the region. Ardian has more than a dozen blue-chip clients in Japan, which represent over $2bn of AUM and comprise some of the most respected pension plans, insurance companies and financial institutions. The office will be led by Kanji Takenaka, who joins Ardian as Head of Japan and Managing Director. Mr Takenaka’s career includes senior roles at Simplex Real Estate, Fortress Investment Group, Norinchukin Bank and most recently at HarbourVest Partners, where he held the position of Principal. Dominique Senequier, President of Ardian, said: “The opening of our office in Japan is a natural progression for us as we continue our strategy of evolving and growing our business globally. Ardian has established itself as a leading player in the global investment industry and this latest office opening marks our commitment to the region.
  • Private Equity Spotlight September 2007 / Volume 3 - Issue 9

    Private Equity Spotlight September 2007 / Volume 3 - Issue 9

    Private Equity Spotlight September 2007 / Volume 3 - Issue 9 www.preqin.com Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin, providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence & Funds in Market. Feature Article page 02 Investor Spotlight page 11 Private Equity Real Estate Still Booming but increased Know Your Investors competition is set to make fundraising conditions considerably This month we examine harder in 2008. We examine the reasons behind the industry’s how the typical make up of continued growth, with forecasts and predictions for the investors in closed funds coming year. varies with size and type. We show how effectively page 06 Performance Spotlight targeting the right investors is essential in order to raise How Good Are Your Benchmarks? Benchmarks are vital a fund as successfully and for a range of purposes, including strategic asset allocation, effi ciently as possible. Featuring information from the recently tactical investment decisions, and competitive comparisons. upgraded Investor Intelligence database. How can you be sure the benchmarks you use are as accurate as possible? Investor News page 16 Fundraising page 08 All the latest news on investors in private equity: This month’s Fundraising Spotlight examines the latest data for buyout and venture funds, and also takes an in-depth look • TRS has issued an RFP at mezzanine fundraising.
  • Welcome to the 12Th Annual INSEAD Private Equity Conference

    Welcome to the 12Th Annual INSEAD Private Equity Conference

    Welcome to the 12th Annual INSEAD Private Equity Conference INSEAD welcomes you to the 12th Annual Private Equity Conference. The conference, inaugurated in 2003, has become the most successful private equity and venture capital event hosted by a European academic institution. With over 1,500 alumni working in the industry worldwide, INSEAD’s presence in the private equity community is well-recognized. This conference is a gathering amongst leading practitioners, academics and the INSEAD community to debate the forces shaping the private equity industry. We are delighted to host an impressive and diverse group of experienced industry professionals here on INSEAD Europe Campus. Since the financial crisis, one of the strongest trends in private equity has been increased focus on value creation. This year’s theme, “How to achieve alpha in the current environment,” aims to delve into the topic of generating returns through operational change, and assess the implications of this trend for the future of private equity. Our keynote speakers, leveraged buyouts and operational excellence panels will explore the topic of value creation deeper. Beyond value creation, the industry is further being shaped by a number of different dynamics and intense competition. To further develop the main theme, we have lined up a focused range of panels and have assembled a diverse group of outstanding panelists and moderators for you. Our panels will attempt to give an update on the current state in different parts of the industry, such as distressed investing, infrastructure and real assets, emerging strategies and limited partner relationships. The annual conference is organized by student and alumni members of the INSEAD Private Equity Club, Global Private Equity Initiative (INSEAD faculty body focused on research in Private Equity industry), Alumni Relations and Student Life offices.