DOCSLIB.ORG

Perspectives

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Perspectives PRIVATE EQUITY INDUSTRY INSIGHTS PERSPECTIVES FALL 2019 IN THIS ISSUE FOREWORD n Feature Article RETAIL INVESTMENTS WELCOME TO THE INAUGURAL ISSUE OF PERSPECTIVES, IN PRIVATE FUNDS �����������2 our quarterly publication featuring news, trends and legal developments in the private equity industry� We are n FOCUS ON FINANCE ���������5 thrilled to launch this new publication, which includes contributions from a cross section of our global team� n HEALTHCARE CORNER ������6 With a preeminent global private equity practice, we see n ASIA ANGLE ��������������������8 the market through a wide-angle lens—encompassing the full spectrum of fund and deal types and sizes—which n PE MARKET WATCH ����������9 informs our perspective� Each quarter, PErspectives will highlight noteworthy trends and other developments n SELECT relevant to private equity clients in the U�S� and around TRANSACTIONS �������������10 the world� In this Fall 2019 issue, we highlight: the SEC’s recent debate over whether to expand access to private funds to retail investors and retirees; the increased focus on partnerships with digital health companies; the rise of SPACs in the Asia market; the erosion of the “marketing period” in syndicated all-bank acquisition financings; and recent market trends around the use of rep & warranty insurance in lieu of seller indemnification (as observed Law Firm through data collected in our deals database)� of the Year “Leveraged Buyouts and We encourage you to reach out to any member of your Private Equity” Ropes & Gray team (or to the authors noted herein) with any “Private Funds/Hedge Funds” questions regarding the contents of this newsletter or any other legal developments of interest to you� We look forward U.S. News–Best Lawyers 2020 to continuing to bring our private equity clients timely news, trends and legal developments in the future� PERSPECTIVES FALL 2019 1 PRIVATE EQUITY INDUSTRY INSIGHTS PERSPECTIVES On June 18, 2019, the SEC published its Concept Release RETAIL INVESTMENTS IN PRIVATE FUNDS on Harmonization of Securities Offering Exemptions (the Regulatory Obstacles and Opportunities “Concept Release”) to solicit public comment on exemp- tions from registration under the Securities Act of 1933 INTRODUCTION (the “Securities Act”).4 Most of the Concept Release OVER THE PAST SEVERAL YEARS, regulators and market par- describes the requirements and limitations of Securities ticipants increasingly have called for the expansion of Act registration exemptions that make up the existing investment opportunities for retail investors and retirees. exempt offering framework and solicits responses to a These calls for expanded opportunities have cited market wide range of questions.5 Commenters’ responses are structure changes, the looming retirement crisis and basic intended to help the SEC assess whether changes to appli- fairness to retail investors and retirees who do not meet cable statutes and regulations are necessary or desirable existing regulatory proxies for investor “sophistication.” to improve specific exemptions and, more generally, the SEC Chairman Jay Clayton, for example, observed that, existing exempt offering framework. in 2018, more capital was raised in the private markets than in the public markets, and that retail investors STATE OF THE MARKET should (but currently do not) have access to those oppor- AT A HIGH LEVEL, the federal securities laws and ERISA tunities.1 Because retail investors are generally limited to essentially foreclose significant retail investment in private investments in public companies, market trends suggest funds. As described below, direct investment in private that the investment opportunities available to retail inves- funds is generally available only to investors who meet both the “qualified purchaser” and “accredited inves- tor” standards under the 1940 Act and the Securities Act, respectively. While a handful of “registered funds of private funds” currently exist in the marketplace, an SEC SEC Chairman Jay Clayton, for staff position requires that these products be sold only to example, observed that, in 2018, more accredited investors, which drastically limits their avail- ability in the marketplace. In addition, practical consid- capital was raised in the private markets erations and legal risks largely deter sponsors of defined than in the public markets, and that contribution plans (including 401(k) sponsors) from retail investors should (but currently do offering exposure to private funds to plan participants. not) have access to those opportunities. FEDERAL SECURITIES LAWS Private funds generally rely on an exclusion from the definition of “investment company” under Section 3(c)(7) of the 1940 Act to avoid registration as an investment tors have decreased.2 Calls for expansion of retail invest- company.6 To rely on the Section 3(c)(7) exclusion, a ment opportunities have also noted that lack of access to private fund’s securities must be owned exclusively by investments in private funds3 is contributing negatively to persons who, at the time of acquisition of the securities, the retirement savings of many U.S. workers. Comment- are “qualified purchasers.”7 In our experience, most ers have also noted the direct link between retail inves- private funds of any significant size are Section 3(c)(7) tors’ access to investment opportunities, on one hand, and funds that accept investments only from qualified private companies’ and small businesses’ access to invest- purchasers. Approximately 98% of U.S. households are 8 ment capital, on the other hand. not qualified purchasers. PERSPECTIVES FALL 2019 2 PRIVATE EQUITY INDUSTRY INSIGHTS PERSPECTIVES The investor protection policies underlying the definitions of “qualified purchaser” and “accredited investor” have been a key feature of the federal securities laws. Investors who are neither accredited investors nor qualified Welcome LATERAL PARTNERS purchasers—i.e., retail investors—are effectively blocked WE ARE PLEASED to announce that eight from investing directly in private funds. high-profile lateral partners with extensive experience serving private equity clients ERISA joined Ropes & Gray in 2019. Defined benefit plans are significant investors in private funds, and there is evidence that exposure to private fund investments is contributing to the outperformance of defined benefit plans compared to defined contribution plans.9 Over the past few decades, however, employer- sponsored retirement accounts have migrated sharply Scott Abramowitz Eve Ellis away from defined benefit plans and toward defined Private Equity Asset Management New York London contribution plans as the sole retirement plans for employees. This shift has resulted in increasing numbers of plan participants and their beneficiaries being deprived of the benefits of exposure to alternative asset classes in their retirement plans, despite sponsors and fiduciaries of Andrea Hwang Leonard Klingbaum defined contribution plans having shown interest in hedge Finance | New York Finance | New York funds and private equity investments.10 The DOL could facilitate investment in private funds by defined contribution retirement plans by providing formal guidance that (i) reaffirms the long-standing Violetta Kokolus Edward McNicholas principle that a 401(k) fiduciary must consider the Intellectual Property Data, Privacy & totality of factors related to investment options as Transactions Cybersecurity New York Washington, D.C. opposed to just focusing on liquidity and fees and (ii) expands the safe harbor for plan fiduciaries who are making good faith efforts, well informed by expertise on long-term retirement investing, to provide participants with access to alternative asset classes that offer the potential for Cristine Pirro Carolyn Vardi attractive gains and greater diversification to hedge risk. Schwarzman Private Equity Business Restructuring New York New York POTENTIAL BENEFITS OF PRIVATE FUNDS The policy argument for expanding opportunities for retail investors to obtain exposure to private funds is that most such investors are missing out on an increasingly important set of investment opportunities. Some commenters claim inequality in the U.S.11 Separately, the significant number that the federal securities laws, by foreclosing most of households that are not prepared for retirement also investors from access to private offerings, facilitate wealth supports expanding retail access to private funds.12 PERSPECTIVES FALL 2019 3 PRIVATE EQUITY INDUSTRY INSIGHTS PERSPECTIVES POSSIBLE ALTERNATIVES tribution networks capable of marketing to retail investors We examine three possible approaches to expanding retail and may not have the operational or administrative capac- access to private funds: (i) direct access, (ii) investment ity to service large numbers of retail investors. A potential through a registered vehicle organized as a “registered fund solution to these operational and administrative challenges of private funds,” and (iii) investment through a feeder might involve an unregistered “feeder” fund sponsored by a fund advised by a registered investment adviser (“RIA”). financial intermediary. An unregistered feeder would require regulatory changes similar to those described above. REGISTERED FUND OF PRIVATE FUNDS In a “registered fund of private funds” model, a fund Three possible approaches to sponsor would organize a registered investment company expanding retail access to private funds: that would invest its assets in a number of underlying (i) direct access,
Load more

Recommended publications
  • Transparency Report 2013-14 V02.Indd
    RI TRANSPARENCY REPOR T 201 7 Axcel An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact About this report The PRI Reporting Framework is a key step in the journey towards building a common language and industry standard for reporting responsible investment (RI) activities. This RI Transparency Report is one of the key outputs of this Framework. Its primary objective is to enable signatory transparency on RI activities and facilitate dialogue between investors and their clients, beneficiaries and other stakeholders. A copy of this report will be publicly disclosed for all reporting signatories on the PRI website, ensuring accountability of the PRI Initiative and its signatories. This report is an export of the individual Signatory organisation’s response to the PRI during the 2017 reporting cycle. It includes their responses to mandatory indicators, as well as responses to voluntary indicators the signatory has agreed to make public. The information is presented exactly as it was reported. Where an indicator offers a response option that is multiple-choice, all options that were available to the signatory to select are presented in this report. Presenting the information exactly as reported is a result of signatory feedback which suggested the PRI not summarise the information. As a result, the reports can be extensive. However, to help easily locate information, there is a Principles index which highlights where the information can be found and summarises the indicators that signatories complete and disclose. Understanding the Principles Index The Principles Index summarises the response status for the individual indicators and modules and shows how these relate to the six Principles for Responsible Investment.
    [Show full text]
  • Financial Services & Technology
    Leadership Newsleter Financial Services & Technology Fall 2015 GTCR Firm Update Since the firm’s inception in 1980, GTCR has partnered with management teams to build and transform growth businesses, investing over $12 billion in more than 200 companies. In January 2014, we closed GTCR Fund XI, the firm’s largest fund to date, with $3.85 billion of limited partner equity capital commitments. To date, we have made five investments in Fund XI. Financial Services & Technology Group Update GTCR's Financial Services & Technology group has stayed very busy in 2015: with the sale of three porfolio companies, Premium Credit Limited, Fundtech and AssuredPartners; the pending sales of Ironshore and The Townsend Group; and the acquisition by Opus Global of Alacra, a provider of KYC compliance workflow sotware to financial institutions. Industry Viewpoints During the extended bull market since the Great Recession, “fintech” has become one of the hotest segments of the economy in terms of media and investor focus. The space has received intense media atention and an influx of capital from venture capitalists and traditional strategic buyers looking to avoid falling behind the curve. Unlike many industries where wholesale technology changes can quickly upend a traditional landscape, financial services requires a more nuanced evolution of technological progress given heightened regulatory requirements, dependence on human capital and the need for trust in financial markets. Many new entrants in the fintech space (both companies and investors) have focused heavily on the “tech” and less on the “fin.” Unlike many new investors in the space, GTCR sees technology not as a separate subsector but as an integral part of financial services, and we have been investing behind the adoption of technology throughout the industry for over two decades.
    [Show full text]
  • Private Equity Investment in Health Care in 2018: a Year in Review Page 1 of 9
    Private Equity Investment in Health Care in 2018: A Year in Review Page 1 of 9 Private Equity Investment in Health Care in 2018: A Year in Review PG Bulletin March 14, 2019 Alé Dalton (Bradley Arant Boult Cummings LLP, Nashville, TN) Cody G. Robertson (InnovAge, Denver, CO) Jed Roebuck (Chambliss Bahner & Stophel PC, Chattanooga, TN) This Bulletin is brought to you by AHLA’s Transactions Affinity Group of the Business Law and Governance Practice Group. 2018 saw a remarkable volume and breadth of private equity and venture capital investment in health care, with transactions spanning the spectrum of primary care, to specialty care, to whole hospital systems, and reaching beyond the direct provision of care to ancillary services involving data management and electronic health records. The industry saw similar breadth in transaction size, ranging from single practice acquisitions to multi-billion dollar take-private transactions. This Bulletin summarizes five notable transactions or clusters of transactions that were indicative of private equity investment in health care in 2018. Primary Care Enters the Conversation After years of private equity focus on specialty providers, 2018 saw significant investor interest in primary care. Two notable https://www.healthlawyers.org/Members/PracticeGroups/blg/alerts/Pages/Private_Equity_In... 4/6/2019 Private Equity Investment in Health Care in 2018: A Year in Review Page 2 of 9 transactions highlight the growing investment in the primary care space: the $350 million investment in One Medical by The Carlyle Group and a $100 million Series E investment in Iora Health. One Medical is the largest independently held primary care practice in the United States.
    [Show full text]
  • HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No
    UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Chapter 15 HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No. 12-10631 (MG) Debtor in a Foreign Proceeding. ANDREW LAWRENCE HOSKING and BRUCE MACKAY, in Adv. Pro. No. 14-01848 (MG) their capacity as joint compulsory liquidators and duly authorized foreign representatives of HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA, Plaintiffs, -against- TPG CAPITAL MANAGEMENT, L.P., f/k/a TPG CAPITAL, L.P., and APAX PARTNERS, L.P., on behalf of themselves, -and- DAVID BONDERMAN, JAMES COULTER, WILLIAM S. PRICE III, TPG ADVISORS IV, INC., TPG GENPAR IV, L.P., TPG PARTNERS IV, L.P., T3 ADVISORS II, INC., T3 GENPAR II, L.P., T3 PARTNERS II, L.P., T3 PARALLEL II, L.P., TPG FOF IV, L.P., TPG FOF IV-QP, L.P., TPG EQUITY IV-A, L.P., f/k/a FIRST AMENDED COMPLAINT TPG EQUITY IV, L.P., TPG MANAGEMENT IV-B, L.P., TPG COINVESTMENT IV, L.P., TPG ASSOCIATES IV, L.P., TPG MANAGEMENT IV, L.P., TPG MANAGEMENT III, L.P., BONDERMAN FAMILY LIMITED PARTNERSHIP, BONDO-TPG PARTNERS III, L.P., DICK W. BOYCE, KEVIN R. BURNS, JUSTIN CHANG, JONATHAN COSLET, KELVIN DAVIS, ANDREW J. DECHET, JAMIE GATES, MARSHALL HAINES, JOHN MARREN, MICHAEL MACDOUGALL, THOMAS E. REINHART, RICHARD SCHIFTER, TODD B. SISITSKY, BRYAN M. TAYLOR, CARRIE A. WHEELER, JAMES B. WILLIAMS, JOHN VIOLA, TCW/CRESCENT MEZZANINE PARTNERS III NETHERLANDS, L.P., a/k/a TCW/CRESCENT MEZZANINE PARTNERS NETHERLANDS III, L.P., TCW/CRESCENT MEZZANINE PARTNERS III, L.P., a/k/a TCW/CRESCENT MEZZANINE FUND III, L.P., TCW/CRESCENT MEZZANINE TRUST III, TCW/CRESCENT MEZZANINE III, LLC, TCW CAPITAL INVESTMENT CORPORATION, DEUTSCHE BANK AG, and DOES 1-25, on behalf of themselves and a class of similarly situated persons and legal entities, Defendants.
    [Show full text]
  • The Learning Experience the Learning Experience
    School Research in US Table of Content The List of Schools 1 2 3 The Learning Children's Light House The Goodard School Experience 4 5 6 Children’s Learning Candence Education Prime Rose Schools Adventure The Learning Experience The Learning Experience Overview Location Details . School Name: The Learning Experience The school is located in 18 states with 225 centers across the US . Website: https://www.thelearningexperience.com/ . States: AZ, CA, CO, C, FL, IA, MA, MD, MI, NC, NJ, . Founder: The Weissman Family NY, OH, PA, RI, SC, TX, VA . Foundation Year: 1980 . Center Details: Read More Key Facts Tuition Fee Details . Revenue: $48.1 million . The average tuition fees in a month is $860 . 210% increase in 5 year system-wide revenue growth Capacity . 45.5% compounded 5 year annual revenue growth . 300+ corporate partners who refer their employees to The Learning Experience . The average licensed capacity in each center ranged . 170+ centers open and operating between 200-300 . 35+ centers opening annually . The Learning Experience at Warren, NJ has licensed capacity of 255. Read More Why The Learning Experience? . Focus on programs that advance scholastic preparation . Prepares children academically and socially via innovative scholastic and enrichment programs such as the L.E.A.P. curriculum . Organizes advance learning programs, such as philanthropy, Yippee 4 Yoga™, Music 4 Me®, Movin' N Groovin'®, manners and etiquette, and foreign language The Learning Experience – Business Model and Competition Business Model Overview . The school operates in both franchise and company Business Units 250 owned setup model. However, majority of the business is 198 200 running through franchise model.
    [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]
  • 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]
  • CVCA Private Equity Report a Paper Re Deal Activity in 2018 July 2019 CVCA Private Equity Report | a Paper Re Deal Activity in 2018
    CVCA Private Equity Report A paper re deal activity in 2018 July 2019 CVCA Private Equity Report | A paper re deal activity in 2018 Welcome to the 2018 Activity Report of the Czech Private Equity & Venture Capital Association, produced by Deloitte in association with the Czech Private Equity & Venture Capital Association. 2 CVCA Private Equity Report | A paper re deal activity in 2018 Introduction The Czech private equity market again and set to slow further as external risks – Mega-deals, typically quick to disappear made headlines in 2018, with the country such as Brexit-induced trade tensions in uncertain times, remain in the offing, home to one of Europe’s largest tech IPOs close to home and the US trade dispute with Sanofi’s sale of Zentiva to Advent when internet security firm Avast dual- with China – impact forecasts and GDP International topping value charts and listed on the London and Prague Stock growth is expected to end this year at making headlines. Last year also saw the Exchange in May. The deal was a welcome 2.3%. The Czech National Bank stepped Prague Intercontinental Hotel sold to R2G reminder to investors that Czech up its monetary tightening in 2018, with (completing this year); the same backer businesses can become world-beating late-2017 hikes continuing into 2018 to owns Pegas Nonwovens and announced companies given the right support. The end the year on 1.75%. This May saw the bolt-on acquisition of First Quality’s US year also saw a record level of fundraising a further rise to 2.0%, though we do not and China nonwoven operations.
    [Show full text]
  • Facility Services INDUSTRY UPDATE | Winter 2020 Houlihan Lokey Facility Services Update
    Facility Services INDUSTRY UPDATE | Winter 2020 Houlihan Lokey Facility Services Update Dear Clients and Friends, Houlihan Lokey is pleased to present its Facility Services Industry Update for winter 2020. We have included important news stories, transaction announcements, a public markets overview and industry insights to help you stay ahead in our dynamic and constantly evolving industry. We have also highlighted several recent deals in the sector that Houlihan Lokey worked on in 2019. We hope that you will find this quarterly newsletter to be informative and that it serves as a valuable resource to you in staying up-to-date on the market. If there is additional content you would find useful for future updates, please don’t hesitate to call or email us with your suggestions. We look forward to staying in touch with you. Regards, Larry DeAngelo Jon Harrison Jeff Ackerman Head of Business Managing Director Director London New York Services Atlanta [email protected] [email protected] [email protected] 44 (0) 20 7747 7564 212.497.7866 404.495.7019 Additional Facility Services Group Contacts Jordan Mendel Leon Vayntraub Brandon Bleakley [email protected] [email protected] [email protected] 646.259.7465 212.497.7899 646.259.7488 Jason Weisbaum Caroline Weakland Yash Srivastav [email protected] [email protected] [email protected] 212.497.4265 212.497.7916 212.497.7863 Industry Sectors Covered AVIATION SERVICES FOODSERVICE HVAC AND PLUMBING JANITORIAL LANDSCAPING LAUNDRY PEST CONTROL RESIDENTIAL SERVICES SECURITY 2 Select Recent Transactions Headquartered in Irving, Texas, G2 Secure Staff (G2) is leading provider of mission-critical ground handling and aviation support services to the U.S.
    [Show full text]
  • PEI Investor Relations, Marketing & Communications Forum 2019
    June 19-20 | Convene, 730 Third Ave | New York Attendee list A.P. Moller Capital Bain Capital C-Bridge Capital Partners FTV Capital ACME Capital Banner Real Estate Group CCMP Capital Advisors Further Capital Partners Actis Barings Centerbridge Partners GCM Grosvenor Advent International Basis Investment Group Cerberus Capital Management General Atlantic AE Industrial Partners Battery Ventures Charlesbank Capital Partners General Catalyst Partners AEA Investors BBH Capital Partners The Chauncey F. Lufkin III Gennx360 AEW Capital Management BC Partners Foundation Genstar Capital AIMA The Beach Company The City of New York, Finance Global Infrastructure Partners Alcentra Berkshire Partners Civitas Capital Grain Management Alcion Ventures Bernhard Capital Partners Coller Capital Gryphon Investors Allianz Capital Partners Bicknell Family Holding Cornell Capital GTCR Altor Equity Partners Company Court Square Capital Partners Halstatt American Securities Bison Crescent Capital Group Hamilton Lane AMP Capital BKM Capital Partners CRV Hammes Angelo Gordon Blackstone Cypress Real Estate Advisors Hammond, Kennedy, Whitney Antares Capital Blue Heron Asset Managment Denham Capital & Co Apollo Global Management Blue Water Energy Duff & Phelps Hancock Capital Management ARC Financial Corp Bridge Investment Group Dyal Capital Partners Harvard Management Company ArcLight Capital Partners BroadVail Capital Edelman HCI Equity Partners Argosy Capital Brook Venture Partners EnCap Investments HGGC Arroyo Energy Investment Brookfield Asset Management EQT Partners
    [Show full text]
  • Breakdown of Equities, Year-End 2020
    Breakdown of equities, year-end 2020 Listed Danish equities Company Number of Ownership of Voting rights Market value Company domicile equities share capital number per cent per cent DKKm ALK-Abello Denmark 830,794 7.46 4.10 2,077.0 Ambu Denmark 4,818,951 1.91 0.86 1,268.3 AP Moller - Maersk Denmark 253,690 1.27 0.90 3,358.9 Asetek Denmark 2,722,415 10.30 10.30 210.3 Bang & Olufsen Denmark 17,092,036 13.92 13.92 573.6 Bavarian Nordic Denmark 5,904,171 10.11 10.11 1,104.1 Carlsberg Denmark 1,227,664 0.84 0.27 1,197.2 Chr Hansen Denmark 1,381,570 1.06 1.06 865.4 Coloplast Denmark 1,310,347 0.61 0.35 1,218.1 Danske Bank Denmark 13,693,257 1.60 1.60 1,378.2 DFDS Denmark 1,949,162 3.32 3.32 536.4 DSV PANALPINA Denmark 2,281,956 1.00 1.00 2,327.6 Genmab Denmark 1,166,965 0.09 0.09 1,544.8 GN Store Nord Denmark 3,166,046 2.24 2.24 1,542.5 H Lundbeck Denmark 931,964 0.47 0.47 194.6 H+H International Denmark 2,107,893 11.72 11.72 278.2 Huscompagniet Denmark 615,000 3.08 3.08 76.9 INVISIO Communications Denmark 3,183,701 7.22 7.22 589.2 ISS Denmark 4,551,135 2.46 2.46 479.7 Jyske Bank 1 Denmark 455,709 0.63 0.00 106.2 Matas Denmark 1,846,027 4.82 4.82 159.5 Netcompany Group Denmark 1,660,500 3.33 3.33 1,033.7 Nilfisk Holding Denmark 1,436,062 5.29 5.29 189.0 NKT Denmark 2,637,690 6.14 6.14 715.3 Novo Nordisk Denmark 7,546,288 0.32 0.11 3,219.6 Novozymes Denmark 1,724,215 0.61 0.23 602.6 Nordic Transport Group Denmark 1,086,064 4.80 4.80 278.0 Pandora Denmark 2,153,187 2.16 2.16 1,466.3 Per Aarsleff Holding Denmark 2,064,304 10.13 6.34 636.8 Ringkjoebing
    [Show full text]
  • Private Equity & Venture Capital
    VOLUME 14, ISSUE 6 ■ AUGUST 2018 PRIVATE EQUITY & VENTURE CAPITAL SPOTLIGHT THE RISE OF VENTURE AND IN THIS ISSUE GROWTH CAPITAL IN EUROPE €11bn in capital has already been secured by venture and growth capital funds focused on Europe that have closed this FEATURE 3 year; this is the highest figure seen at this stage in recent The Rise of Venture years. We put activity in the region under the microscope, examining the economic factors that have contributed to and Growth Capital in this. Europe Find out more on page 3 INDUSTRY NEWS 7 THE FACTS ■ Private Equity in the 9 PRIVATE EQUITY IN THE NORDIC Nordic Region REGION ■ Public Pension Funds 12 Investing in Private With the capital raised by managers based in the Nordic Equity region reaching record highs, we take a look at the growing private equity market in terms of fundraising activity, investor make-up and largest exits in the region. CONFERENCES 14 Find out more on page 9 RECENTLY RELEASED: THE 2018 PREQIN PRIVATE CAPITAL FUND TERMS THE 2018 PRIVATE CAPITAL All data in this newsletter ADVISOR can be downloaded to PREQIN FUND TERMS ADVISOR Excel for free Order Your Copy Download Sample Pages Sign up to Spotlight, our free monthly newsletter, providing insights into performance, investors, deals and fundraising, powered by Preqin data: Alt Credit Intelligence European and US Fund Services Awards: Best Data and Information Provider | Africa Global Funds Awards 2016: Best Research and Data Provider | The Queen’s SIGN UP Award for Enterprise: International Trade | HedgeWeek Global Awards:
    [Show full text]