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Bloomberg Brief: Private Equity

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Wednesday July 20, 2016 www.bloombergbriefs.com FountainVest Seeks $1.75B for China Pool QUOTED BY AINSLIE CHANDLER, BLOOMBERG BRIEFS FountainVest Partners Co., the firm founded by four former Temasek Holdings "It's very clear to me that senior executives, has set a $1.75 billion target for its latest China fund, according to money is going to move out two people with knowledge of the fundraising. of Europe and into the U.S." The firm has set a $2.1 billion cap on the fund and recently held a first close on about — KKR's Henry McVey, speaking on $1.7 billion, one of the people said. Bloomberg TV on July 14 The Hong Kong, Shanghai and Beijing-based fund manager invests in sectors linked to buying habits of China's growing middle class, including health care, media and WEEK IN NUMBERS lifestyle companies, according to its website. If the cap is reached, the new fund would be more than 55 percent bigger than its 7.25% — New Hampshire predecessor, FountainVest China Growth Capital Fund II LP. Retirement System's new, lower The bigger fund comes despite a marked slow down in the Chinese economy in assumed rate of return recent years. FountainVest did not respond to requests for comment. The previous fund closed in November 2012 with $1.35 billion in commitments, 150M Euros — Amount Eiffel according to data compiled by Bloomberg. That fund had a net internal rate of return of Investment Group is trying to gather 48.5 percent and a 1.8 times multiple of invested capital at Dec. 31, according to data for renewable energy investments from investor Washington State Retirement System. That puts it in the top quartile among peer funds, according to the data compiled by Bloomberg. MEETING TO WATCH Other investors in the 2012 fund include Ontario Teachers' Pension Plan Board and Temasek Holdings Pte. Ltd. , according to the Bloomberg data. The Illinois Municipal Retirement FountainVest in August 2014 bought a stake in automotive components company Key Fund's investment committee is Safety Systems. The firm is a part-owner of Hong Kong-listed Imax China Holding Inc. expected to hear presentations from The firm, founded in 2007, is led by Chief Executive Frank Tang, who was previously the managers of three real estate a senior managing director and head of China investments at the Singapore state funds, then consider committing to investor Temasek. FountainVest managing directors Terry Hu, George Chuang and them, at its July 21 meeting. Chenning Zhao were all managing directors at Temasek, according to FountainVest's website. IN THIS ISSUE FUNDRAISING. Aldrich Capital Venture Fundraising Has Surged in 2016 Partners is trying to raise $250 million for its first fund. Stafford Capital Partners is gathering a fund for secondary infrastructure fund stakes. REGULATION. The European Union's investment regulator said some overseas alternative funds should qualify for the right to operate across the trade bloc. Q&A. H.I.G. Capital and Milan-based Idea Capital Funds have set up a vehicle to take Italian banks' non- performing loans and invest new money to help turn around the businesses. Giuseppe Mirante, managing director of H.I.G.'s Bayside distressed investing unit, explained Venture capital fundraising has rallied in 2016, with $34.8 billion of closings to July 19, the rationale for the fund and how it compared to $24.1 billion during the same period in 2015, according to data compiled by will work. Bloomberg. — Ainslie Chandler, Bloomberg Briefs FROM THE MINUTES COMPILED BY AINSLIE CHANDLER, BLOOMBERG BRIEFS July 20, 2016 Bloomberg Brief Private Equity 2 FROM THE MINUTES COMPILED BY AINSLIE CHANDLER, BLOOMBERG BRIEFS Illinois Considers Real Estate Managers; IFC Looks at Latin America Venture Capital Buenos Aires-based Nibulez SA is raising an early-stage venture capital Calpers Executes on Real Estate Fund Sales fund and an accelerator fund, according California Public Employees Retirement System has sold its stake in LaSalle to a document from a potential investor. French Fund II LP to Blackstone Group's Strategic Partners Real Estate Special World Bank Group's International Opportunities I LP, according to a July 7 regulatory filing in the U.K. Finance Corp. is considering investing Calpers announced in December it had sold $3 billion worth of interests in 43 up to $3 million in the accelerator, Certo different funds to Strategic Partners but did not disclose which funds. The sales are SA (trading as NXTP Labs), which has a part of Calpers' plan to cull the number of managers in its portfolio from 200 to about $38.5 million target, according to an IFC 100 by 2020, the pension said at the time. document. IFC is also considering Since November, it has also sold to Strategic Partners its stake in LaSalle Asia committing $17 million to NXTP Fund 2 Opportunity Fund II LP, Niam Nordic Fund IV LP, European Property Investors LP LP, which has a $120 million target, and and Harbert European Real Estate Fund II LP, according to separate regulatory $10 million in a related co-investment filings. The Strategic Partners secondary fund held a first close on about $614.7 vehicle. The lab will aim to support 300 million in October 2015, according to a regulatory filing in the U.S. high-growth technology startups across Click here for the U.K. filings and here for the U.S. filing Latin America and the fund will make — Ainslie Chandler, Bloomberg Briefs venture investments in high-growth technology companies in the same Nebraska Investment Council was Municipal Employees' Retirement region, according to the IFC document. due to discuss an asset liability study System of Michigan's board is due to >Click here for report. from adviser Aon Hewitt at its July 19 discuss its asset allocation and its 2017- and 20 education retreat, according to 20 strategic plan at its July 20 meeting, the agenda. The council is also due to according to the agenda. International Finance Corp. is also discuss a review of its investment considering a $1 million investment in > Click here for agenda consultant and legal counsel and to hear Capria Accelerator Fund, a venture presentations on fixed income investing capital fund formed to invest in early- City of Fresno Retirement Systems in the current economy. stage local fund managers in Sub- retained Oaktree Capital Management Saharan Africa, South and Southeast > Click here for agenda. and PCCP LLC as their value add and Asia and Latin America. Capria Ventures opportunistic real estate managers, LLC is trying to gather $5 million for the At its board planning session on July according to minutes from the pension's fund. 19, Washington State Investment June 28 meeting. The pension adopted a > Click here for report Board was slated to receive education 1.2 percent or $30 million allocation to on evaluating private equity funds with the asset class. different track records and fee structures, The Fresno pension also agreed to San Diego County Employees private equity incentives and partnership terminate its investment in the PIMCO Retirement Association has chosen dynamics and what happens when an Unconstrained Bond Fund and eventually Aon Hewitt Investment Consulting as its investment doesn't go as planned. The redirect the money to the manager's general consultant, according to a report board was also due to discuss its real Pimco Corporate Opportunities Fund II to the pension's board from chief estate, private equity and tangible assets and Pimco Bravo Fund III LP, according investment officer Stephen Sexauer, plans. to the minutes. taking over from BNY Mellon and Verus. > Click here for agenda. > Click here for the minutes. > Click here for letter New Hampshire Retirement System Illinois Municipal Retirement Fund's Louisiana State Employees' has cut its assumed rate of return from investment committee is expected to Retirement System's investment 7.75 percent to 7.25 percent, according hear presentations from the managers of committee is expected to receive to minutes from its June 14 meeting. The CBRE Strategic Partners U.S. Value 8 education regarding emerging markets pension had $7.3 billion in funds held in LP, AEW Partners VIII LP and Long private equity at its July 21 meeting and trust at April 30, up 1 percent for the Wharf Real Estate Partners V LP at its to discuss emerging markets mandate month but down 2 percent for the fiscal July 21 meeting, then approve search books, according to the meeting year to that date. allocations to those funds, according to agenda. > Click here for report. the meeting agenda. The committee is > Click here for agenda. also due to receive its annual private equity performance presentation for 2015. > Click here for the agenda FUNDRAISING July 20, 2016 Bloomberg Brief Private Equity 3 FUNDRAISING Stafford Aims for $275M for Infrastructure Fund Stakes Eiffel Eyes 150M Euros Stafford Capital Partners is trying to gather as much as 250 million euros ($275 For Renewables million) for a fund to buy secondhand stakes in existing infrastructure funds, according to a person with knowledge of the fundraising. Eiffel Investment Group is trying The firm started fundraising in March or April and has held a first close on 94.5 million to raise 150 million euros ($166 euros for Stafford Infrastructure Secondaries Fund II LP, the person said. million) for a fund to invest in small Since that first close, the firm has invested 20 million euros in a portfolio of more than renewable energy and energy 90 assets, according to an update on Stafford's website. A separate co-investment efficiency projects, according to vehicle, Stafford Infrastructure Co-Investment I, helped with the purchase, according to documents from the European the website.
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