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Private Capital Performance Update: Q2 2017 Private Capital Performance Update: Q2 2017 PRIVATE CAPITAL PERFORMANCE UPDATE: Q2 2017 PRIVATE CAPITAL PERFORMANCE UPDATE: Q2 2017 Fig. 1: Private Capital Horizon IRRs (As at 30 June 2017) Fig. 2: Private Capital Rolling One-Year Horizon IRRs 25% 30% Private Capital 25% 20% Buyout 20% Private Capital Venture Capital 15% 15% Buyout 10% Fund of Funds 5% Venture Capital 10% Mezzanine One-Year Horizon IRR 0% Annualized Return Distressed Private -5% 5% Equity Private Equity 0% 1 Year to 3 Years to 5 Years to 10 Years to Jun-17 Jun-17 Jun-17 Jun-17 Year1 Jun-13to Year1 Jun-14 to 1 Year Jun-15 to Year1 Jun-16to Year1 Jun-17 to 1 Year Sep-13 to Year1 Sep-14to Year1 Sep-15 to 1 Year Sep-16 to 1 Year1 Dec-13to Year1 Dec-14 to Year1 Dec-15to Year1 Dec-16to 1 Year1 Mar-13 to Year1 Mar-14to Year1 Mar-15to Year1 Mar-16 to Year1 Mar-17to Source: Preqin Source: Preqin Fig. 3: Private Capital Rolling Three-Year Horizon IRRs Fig. 4: Buyout Fund Horizon IRRs by Size* (As at 30 June 2017) 20% 25% 18% 16% 20% 14% Private Capital Mega Buyout 12% 10% Buyout 15% Large Buyout 8% 6% Venture Capital Mid Buyout 4% 10% Three-Year Horizon IRR 2% Annualized Return 0% Small Buyout 5% 0% 1 Year 3 Years 5 Years 3 Years to Jun-13 3 Years to Jun-14 3 Years to Jun-15 3 Years to Jun-16 3 Years to Jun-17 3 Years to Sep-13 3 Years to Sep-14 3 Years to Sep-15 3 Years to Sep-16 3 3 Years to Dec-13 3 Years to Dec-14 3 Years to Dec-15 3 Years to Dec-16 3 Years to Mar-13 3 Years to Mar-14 3 Years to Mar-15 3 Years to Mar-16 3 Years to Mar-17 to Jun-17 to Jun-17 to Jun-17 Source: Preqin Source: Preqin Fig. 5: Private Capital Horizon IRRs by Fund Primary Geographic Focus (As at 30 June 2017) DATA SOURCE 25% Preqin’s online platform is the industry’s most extensive source of net-to-LP private capital fund performance, with 20% full metrics for over 8,900 named vehicles. North America 15% For more information, or to arrange a demonstration, please visit: Europe 10% www.preqin.com/privateequity Asia Annualized Return 5% *Size ranges: Vintage 1992-1996: Small Buyout ≤ $200mn, Mid Buyout $201mn-$500mn, Large 0% Buyout > $500mn 1 Year 3 Years 5 Years Vintage 1997-2004: Small Buyout ≤ $300mn, Mid Buyout $301mn-$750mn, Large to Jun-17 to Jun-17 to Jun-17 Buyout $751mn-$2bn, Mega Buyout > $2bn Vintage 2005-2018: Small Buyout ≤ $500mn, Mid Buyout $501mn-$1,500mn, Large Source: Preqin Buyout $1,501mn-$4.5bn, Mega Buyout > $4.5bn 1 © 2018 Preqin Ltd. / www.preqin.com PRIVATE CAPITAL PERFORMANCE UPDATE: Q2 2017 Fig. 6: Private Capital Assets under Management by Vintage Year Fig. 7: Private Capital Assets under Management by Geographic (As at 30 June 2017) Focus (As at 30 June 2017) Vintage Year Dry Powder ($bn) Unrealized Value ($bn) Dry Powder Unrealized Value Geographic Focus ($bn) ($bn) 2000 3.6 3.7 North America 932.6 1,794.9 2001 1.9 3.0 Europe 411.6 756.8 2002 2.9 2.8 2003 1.2 5.9 Asia 251.2 513.1 2004 2.0 13.3 Latin America 19.1 57.7 2005 4.5 42.2 Diversified Multi-Regional 21.5 48.1 2006 13.0 124.1 Australasia 15.4 30.6 2007 12.3 188.4 Middle East & Israel 8.9 27.2 2008 13.8 215.2 Africa 10.3 25.6 2009 7.0 102.3 Source: Preqin 2010 7.6 139.6 Fig. 8: Private Capital Assets under Management by Fund Type 2011 26.2 296.8 (As at 30 June 2017) 2012 32.2 270.8 2013 60.3 249.6 Fund Type Dry Powder ($bn) Unrealized Value ($bn) 2014 121.4 252.3 Private Equity 970.1 1,850.5 2015 223.4 170.7 Real Estate 245.5 565.4 2016 329.2 106.0 Private Debt 226.8 410.5 2017 282.6 29.6 Infrastructure 149.3 268.4 Source: Preqin Natural Resources Only 70.9 158.2 Source: Preqin Fig. 9: Change in NAVPS and Share Price of Listed Private Equity Fig. 10: Private Capital Median Net IRRs by Fund Type by Quarter (As at 30 June 2017) 35% 35% 30% 30% 25% Private 20% 25% Capital 15% 10% 20% Buyout 5% 15% 0% Venture Previous Quarter -5% 10% Capital -10% Median Net IRR Average Change in NAV from 5% -15% Real Estate -20% 0% Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2009 2010 2011 2012 2013 2014 2015 2016 2017 -5% Change in NAVPS of Change in Share Price of 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Listed Private Equity Listed Private Equity Vintage Year Source: Preqin Private Equity Online Source: Preqin Fig. 11: Private Capital – J-Curve: Annual Median Net IRRs by Vintage Year 20% Vintage 2005 15% PREQIN’S PRIVATE EQUITY DATA PLATFORM Vintage 2006 10% Vintage 2007 Preqin provides unrivalled data and intelligence 5% Vintage 2008 on private equity and venture capital, including fundraising, fund managers, institutional investors, fund 0% Vintage 2009 performance, deals and exits, service providers, fund 0 1 2 3 4 5 6 7 8 9 10 11 12 terms and conditions and more. -5% Vintage 2010 Median Net IRR -10% Vintage 2011 : [email protected] -15% Vintage 2012 : www.preqin.com/privateequity Vintage 2013 -20% Vintage 2014 -25% Investment Year Source: Preqin 2 © 2018 Preqin Ltd. / www.preqin.com PRIVATE CAPITAL PERFORMANCE UPDATE: Q2 2017 Fig. 12: PrEQIn Quarterly Index: All Strategies 600 PrEQIn Private Capital 500 PrEQIn Buyout PrEQIn Venture Capital 400 PrEQIn Real Estate 300 PrEQIn Fund of Funds Index Return 200 PrEQIn Distressed Private Equity S&P 500 TR 100 (Rebased to 100 as of 31-Dec-2000) PrEQIn Private Equity 0 30-Jun-01 30-Jun-02 30-Jun-03 30-Jun-04 30-Jun-05 30-Jun-06 30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 31-Dec-00 31-Dec-01 31-Dec-02 31-Dec-03 31-Dec-04 31-Dec-05 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 Source: Preqin Fig. 13: Consistent Top Performing Buyout Fund Managers Total Funds Overall No. No. of Funds in No. of Funds in Average Quartile Firm Location Raised in Last of Funds with Top Quartile Second Quartile Rank 10 Years ($mn) Quartile Ranking Inflexion UK 3,292 5 5 0 1.00 Auctus Management Germany 503 4 4 0 1.00 Clearview Capital US 575 3 3 0 1.00 Main Capital Partners Netherlands 431 3 3 0 1.00 FIMI Israel 2,427 5 4 1 1.20 Altor Sweden 5,292 4 3 1 1.25 Wynnchurch Capital Partners US 1,840 4 3 1 1.25 Quadrant Private Equity Australia 3,136 6 5 0 1.33 Vista Equity Partners US 26,761 6 4 2 1.33 Altaris US 938 3 2 1 1.33 Corpfin Capital Spain 274 3 2 1 1.33 DFW Capital Partners US 577 3 2 1 1.33 Egeria Capital Management Netherlands 2,509 3 2 1 1.33 Gilde Equity Management Netherlands 633 3 2 1 1.33 Benelux Industrial Growth Partners US 1,400 3 2 1 1.33 Montefiore Investment France 964 3 2 1 1.33 Nautic Partners US 2,241 3 2 1 1.33 Platinum Equity US 13,000 3 2 1 1.33 Seidler Equity Partners US 1,173 5 4 0 1.40 Ethos South Africa 1,117 5 3 2 1.40 Source: Preqin Fig. 14: Consistent Top Performing Growth Fund Managers Total Funds Overall No. No. of Funds in No. of Funds in Average Quartile Firm Location Raised in Last of Funds with Top Quartile Second Quartile Rank 10 Years ($mn) Quartile Ranking Ampersand Capital Partners US 445 5 5 0 1.00 Trustbridge Partners China 1,975 5 5 0 1.00 KJK Capital Finland 183 3 2 1 1.33 Technology Crossover Ventures US 4,730 5 2 3 1.60 Amundi Private Equity France 334 3 1 2 1.67 Frontier Capital US 1,340 3 1 2 1.67 LLR Partners US 1753 4 1 3 1.75 Enfoca Inversiones Peru 1420 5 1 4 1.80 Spectrum Equity US 3055 6 2 3 1.83 Source: Preqin 3 © 2018 Preqin Ltd. / www.preqin.com PRIVATE CAPITAL PERFORMANCE UPDATE: Q2 2017 Fig. 15: Consistent Top Performing Venture Capital Fund Managers Total Funds Overall No. No. of Funds in No. of Funds in Average Quartile Firm Location Raised in Last of Funds with Top Quartile Second Quartile Rank 10 Years ($mn) Quartile Ranking Benchmark Capital US 1,497 3 3 0 1.00 Pontifax AgTech US 608 3 3 0 1.00 Third Rock Ventures US 1,558 3 3 0 1.00 Avalon Ventures US 552 6 5 1 1.17 OrbiMed Advisors US 5,349 5 4 1 1.20 Sequoia Capital US 12,377 5 4 1 1.20 General Catalyst Partners US 2,010 4 3 1 1.25 Union Square Ventures US 988 4 3 1 1.25 Vickers Venture Partners Singapore 367 4 3 1 1.25 CRCM Venture Capital Hong Kong 103 3 2 1 1.33 DN Capital UK 486 3 2 1 1.33 Forbion Capital Partners Netherlands 585 3 2 1 1.33 Future Venture Capital Japan 19 3 2 1 1.33 Battery Ventures US 2,825 10 7 2 1.40 BlueRun Ventures US 395 5 4 0 1.40 CDH Investments China 9,201 5 3 2 1.40 Charles River Ventures US 1,088 5 3 2 1.40 Summit Partners US 10,465 10 5 5 1.50 Matrix Partners US 3,122 6 4 1 1.50 Kleiner Perkins Caufield & Byers US 6,735 6 3 3 1.50 Scottish Equity Partners UK 744 4 3 0 1.50 Greycroft Partners US 999 4 2 2 1.50 Pappas Ventures US 97 4 2 2 1.50 Source: Preqin Fig.
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