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Private Equity Spotlight Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity Private Equity Spotlight performance, investors, deals and fundraising. Private Equity Spotlight August 2014 combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les, Funds in Market, Secondary The 2014 Preqin Private Equity Performance Monitor Market Monitor, Buyout Deals Analyst and Venture Deals Analyst. This month’s Private Equity Spotlight features the Executive Summary from the recently released 2014 Preqin Private Equity Performance Monitor, the industry’s most comprehensive guide to private equity performance. August 2014 Volume 10 - Issue 8 Page 3 FEATURED PUBLICATION: Preqin Industry News 2014 Preqin Private Equity This month’s Industry News looks at the private equity secondary market, including LPs Performance Monitor looking to sell fund interests on the secondary market, as well as investors looking to make commitments to secondaries funds. The 2014 Preqin Private Equity Performance Monitor Page 7 On the Network We examine the activity of the investors on Preqin Investor Network to see which private equity fund types and geographies are of current interest to investors, as well as which institutional investor types have been proactively looking at funds in July. alternative assets. intelligent data Page 9 To find out more, and to download sample pages, please The Facts visit: Fundraising Outlook - We look at funds expected to launch in the near future. Page 11 www.preqin.com/pm Investors - A detailed insight into investors’ geographic preferences. Page 12 New York: One Grand Central Place Buyout Deals - Analysis of consumer and retail deals. Page 13 60 E 42nd Street Suite 630 Venture Capital Deals - A breakdown of venture capital deals by industry. Page 15 New York, NY 10165 +1 212 350 0100 Performance Update - The latest performance fi gures as of Q4 2013. Page 16 London: Secondaries - We examine private equity secondaries fundraising. Page 17 Equitable House 47 King William Street Conferences - Upcoming private equity conferences around the world. Page 18 London, EC4R 9AF +44 (0)20 7645 8888 You can download all the data in this month’s Spotlight in Excel. Singapore: Wherever you see this symbol, the data is available for free download on One Finlayson Green Excel. Just click on the symbol and your download will begin automatically. You are welcome to use the data in any presentations you are preparing; #11-02 please cite Preqin as the source. Singapore 049246 +65 6305 2200 San Francisco: 1700 Montgomery Street Free Subscription Suite 134 San Francisco Sign up to receive your free edition of Private Equity Spotlight every month! CA 94111 www.preqin.com/spotlight +1 415 835 9455 w: www.preqin.com e: [email protected] Twitter: www.preqin.com/twitter LinkedIn: www.preqin.com/linkedin alternative assets. intelligent data. 29September–1October2014,HiltonAmsterdam http://www.superreturncfo.com/FKR2366PRQS 15%DISCOUNT–VIPCODE:FKR2366PRQS DearSpotlightreader, Weareverypleasedtooffera15%discounttoSpotlightreadersforplacesattheSuperReturnCFO/COO ForuminAmsterdam,29September–1October2014. ThisbrandnewadditiontotheSuperReturnseriesoffersauniqueplatformforthenonͲinvestment professionalinPrivateEquitytoshareinformationandbenchmarkbestͲpracticeaswellasinterfacewithkey LPs.PromisingtobeTHEmeetingͲpointfornonͲinvestmentprofessionalsinPrivateEquitytodiscusstheir issues,talkstrategiesandnetwork,thisisyouropportunitytomeetwiththepeopleattheforefrontof change,bringingthe“backͲoffice”intothelimelight. Whatcanyouexpect? x LeadingCFOsAndCOOsDebateTheBigQuestionsDominatingThePrivateEquityWorld,including ͲStuartHoward,PrincipalAndChiefOperatingOfficer,EuropeanListedProducts,HARBOURVEST PARTNERS ͲMikeTwinning,CFO,BCPARTNERS ͲWolKolade,CEO,ISISEQUITYPARTNERS x KeyPlayersShareTheirExperiencesOfWorkingInTheNewRegulatoryEnvironment,with ͲJohanBygge,COO,EQTPARTNERS ͲAndrewHaywood,GroupFinancialController,3iGROUP ͲPamelaHendrickson,Chief OperatingOfficer,THERIVERSIDECOMPANY x IndustryProfessionalsExchangeBestPracticeOnHowBestToRunAPrivateEquityFirm,hearfrom ͲTimClarke,Partner,AUGUSTEQUITY ͲSteveDarrington,Partner&CFO,PHOENIXEQUITYPARTNERS ͲRikkertBeerekamp,CFO,AVEDONCAPITAL x KeyLPsandFoFsDiscloseWhatTheyExpectFromGPs,withinsightfrom ͲGonzagueBernard,PortfolioManagerPrivateEquity&VentureCapital,BPPENSIONFUND ͲMaaikevanderSchoot,CorporateSocialResponsibilityOfficer,ALPINVESTPARNTERS ͲJosvanGisbergen,SeniorPortfolioManager,ManagerSelection,SYNTRUSACHMEA PleasevisittheSuperReturnCFO/COOForumwebsiteformoredetails: http://www.superreturncfo.com/FKR2366PRQS Ilookforwardtoseeingyouthere! Kindestregards MarkO’Hare ManagingDirector, Preqin Forallbookings&enquiries,pleasecontacttheSuperReturnCFO/COOForumTeam QuoteVIP:FKR2366PRQSforyour15%discount Tel:+44(0)2070177200 Fax:+44(0)2070177807 Email:[email protected] Web:http://www.superreturncfo.com/FKR2366PRQS Feature Article The 2014 Preqin Private Equity Performance Monitor Download Data The 2014 Preqin Private Equity Performance Monitor This month’s Private Equity Spotlight features the Executive Summary from the recently released 2014 Preqin Private Equity Performance Monitor, the industry’s most comprehensive guide to private equity performance. Record Highs Fig. 1: All Private Equity Assets under Management, 2000 - 2013 In last year’s Preqin Private Equity Performance Monitor, we acknowledged the economic turmoil that was endured by the 4,000 industry following the crash of 2008, the onset of the European 3,500 sovereign debt crisis, and the fl uctuations around these events. 3,000 All-in-all, the progress of the private equity market since the downturn six years ago has been encouraging, refl ected in the ever 2,500 2,546 2,332 increasing amounts of capital investors around the world commit to 2,000 2,029 1,4131,783 the asset class. 1,265 1,204 1,500 898 As confi rmed in Preqin’s latest Investor Outlook survey, LPs are 1,000 675 still looking to increase their allocations to private equity, and as 360 465 554 1174 500 418 374 101110751067 993 1007 941 Assets Under Management ($bn) 806 upticks are seen in annual fundraising fi gures, the industry’s assets 563 298 377 407 402 409 under management (AUM) have continued to climb ever higher. In 0 fact, since the turn of the millennium, the private equity industry’s AUM have risen year on year, and have attained the highest fi gure Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 to date of $3.7tn as of 31 December 2013. Preqin calculates AUM Dry Powder ($bn) Unrealized Portfolio Value ($bn) by adding the uncalled capital commitments (dry powder) to the unrealized value of portfolio assets, as displayed in Fig. 1, which Source: 2014 Preqin Private Equity Performance Monitor illustrates the steady incremental increases in unrealized portfolio value each year, and the record amount of private equity dry Risk and Return powder available as of December 2013. Also revealed in the 2014 Private Equity Performance Monitor Furthermore, and perhaps most notably for investors, performance is Preqin’s latest analysis of risk-return trade-offs, broken out by data shows that distributions have increased considerably over geographic focus, fund strategy and vintage year. By plotting the the past year, from $381bn in 2012 to $568bn in 2013, making median against the standard deviation of net IRRs, we are able it the highest level of capital LPs have ever received back from to examine which fund types have the most attractive risk-return their private equity investments in a year. Fig. 2 displays the new profi le. As explained in Chapter 12, and seen in Fig. 3, a signifi cant peak, and more trends in private equity dry powder and AUM are range is displayed across both axes for the different private equity discussed in Chapter 11 of the Performance Monitor. investment strategies. Though there are risks inherent in any Fig. 2: All Private Equity Annual Amount Called, Distributed and Unrealized Value Fig. 3: Risk and Return by Strategy (Vintage 2001 - 2011) 25% 600 3,000 Balanced Buyout 500 2,500 20% Distressed Private Equity Unrealized Value ($bn) Unrealized Value Capital Fund of Funds Called 400 2,000 ($bn) Growth 15% Infrastructure Capital 300 1,500 Distributed Mezzanine ($bn) 10% Natural Resources 200 1,000 Real Estate Unrealized Value 5% Secondaries ($bn) 100 500 Venture Capital Annual Amount Called/Distributed ($bn) Risk - Standard Deviation of Net IRR (%) Risk - Standard Early Stage 0% 0 0 0% 5% 10% 15% 20% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Return - Median Net IRR (%) Source: 2014 Preqin Private Equity Performance Monitor Source: 2014 Preqin Private Equity Performance Monitor 3 Private Equity Spotlight / August 2014 © 2014 Preqin Ltd. / www.preqin.com Feature Article 2014 Preqin Private Equity Performance Monitor Download Data illiquid market such as private equity, the level of risk between the Fig. 4: Rolling One-Year Horizon IRRs by Fund Type different fund types varies by some margin. 30% Secondaries funds emerge as the best performing fund type, with 25% All Private the highest median net IRR and a relatively low risk measure. Equity 20% The private equity secondary market has gone from strength to Buyout strength, breaking records for fundraising and transaction volume 15% year on year. The growth and maturation of the secondary market Horizon IRR 10% has been tracked by Preqin over time, as has
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