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Private Equity Spotlight Welcome to the latest edition of Private Equity Spotlight, the Private Equity Spotlight monthly newsletter from Preqin providing insights into private equity September 2015 performance, investors, deals and fundraising. Private Equity Spotlight combines information from our online services Performance Analyst, Investor Intelligence, Fund Manager Feature Article Profi les, Funds in Market, Secondary Market Monitor, Buyout Deals Analyst 2015 Preqin Private Equity Fund Terms Advisor: Executive Summary and Venture Deals Analyst. In this month’s Private Equity Spotlight, we present the Executive Summary of the newly released 2015 Preqin Private Equity Fund Terms Advisor, the most comprehensive guide to September 2015 private equity fund terms and conditions ever produced. Page 3 Volume 11 - Issue 7 Lead Article FEATURED PUBLICATION: The Growing Prominence of Alternative Assets 2015 Preqin Alternative Assets Performance Monitor Following the release of the 2015 Preqin Alternative Assets Performance Monitor, this extract from the new-look publication explores the increasing prominence of alternative assets, as well as summarizing a selection of the key fi ndings with regards to private equity The 2015 Preqin Alternative Assets performance. Page 7 Performance Monitor Preqin Industry News Private equity fundraising for natural resources-focused funds has reached an all-time high A comprehensive guide to the performance of alternative assets as at the end of August 2015. We present the latest news stories relating to deals and ISBN: 978-1-907012-84-6 $175 / £105 / €145 fundraising in the industry. www.preqin.com Page 11 alternative assets. intelligent data. To find out more, download More from Preqin: New Private Equity Research sample pages or to obtain your copy, please visit: Featured new private equity research from Preqin this month. Page 12 www.preqin.com/pm The Facts New York: UK-Based Fundraising - Analysis of fundraising by managers based in the UK. Page 14 One Grand Central Place 60 E 42nd Street Investor Satisfaction with Returns - Survey results reveal investor expectations. Page 16 Suite 630 New York, NY 10165 Venture Capital Deals in Food & Agriculture - Breakdown of deals data. Page 18 +1 212 350 0100 North American Buyout Deals - Latest statistics for buyout deals in the region. Page 19 London: 3rd Floor, Vintners’ Place Funds of Funds Interested in Growth Funds - The latest data for these managers. Page 21 68 Upper Thames Street London, EC4V 3BJ +44 (0)203 207 0200 Conferences - Upcoming private equity conferences around the world. Page 23 Singapore: One Finlayson Green You can download all the data in this month’s Spotlight in Excel. #11-02 Wherever you see this symbol, the data is available for free download on Singapore 049246 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; +65 6305 2200 please cite Preqin as the source. San Francisco: One Embarcadero Center Suite 2850 Free Subscription San Francisco Sign up to receive your free edition of Private Equity Spotlight every month! CA 94111 +1 415 316 0580 www.preqin.com/spotlight w: www.preqin.com e: [email protected] Twitter: www.preqin.com/twitter LinkedIn: www.preqin.com/linkedin alternative assets. intelligent data. The 9th Annual SuperReturn Middle East 2015 The Largest Private Equity Gathering In The Middle East Egypt & North Africa Summit: 8th November, 2015 Fundraising & LP/GP Relations Summit: 8th November, 2015 Main Conference: 9th – 11th November, 2015 | Ritz‐Carlton DIFC, Dubai http://www.superreturnme.com/FKR2378PRQS Reader Offer ‐ 15% Discount – quote VIP Code: FKR2378PRQS We will be in Dubai for this year’s SuperReturn Middle East event and are delighted to offer Spotlight readers a special 15% discount should you be planning to attend. Over 400 private equity professionals including 120+ local and international LPs will be joining us this November to hear from a superb line‐up of 120+ global and regional expert speakers, divulge in excellent networking opportunities and hear about the biggest topics in private equity. Whether there to fundraise in the region or deploy capital, SuperReturn Middle East offers delegates the perfect opportunity to meet key regional and global contacts, including LPs currently investing in private equity. Top speakers already confirmed on the line‐up include: Kris De Souter, Executive Director, Investments, MAJID AL FUTTAIM TRUST Anthony Hamad, CEO, AL MASAR HOLDING Arslan Mian, Managing Director, BLACKROCK PRIVATE EQUITY PARTNERS Jesper Persson, Head of Unit, Private Equity, EUROPEAN INVESTMENT BANK Eyad Mashal, Managing Director & Head of MENA Investments, RIMCO INVESTMENTS Bob Diamond, Founder & CEO, ATLAS MERCHANT CAPITAL Jo Taylor, Head of EMEA, ONTARIO TEACHERS' PENSION PLAN Arslan Mian, Managing Director, BLACKROCK PRIVATE EQUITY PARTNERS Dr. John Hulsman, Geopolitical Expert & Life Member, US COUNCIL ON FOREIGN RELATIONS Dr. Fahad M. Alturki, Chief Economist & Head Of Research, JADWA INVESTMENT Angus Blair, President, SIGNET INSTITUTE I look forward to seeing you there! Kindest regards Mark O’Hare For all bookings & enquiries, please contact the SuperReturn Middle East Team Quote VIP Code: FKR2378PRQS for your 15% discount Tel: +44 (0) 20 7017 7200 Email: [email protected] Web: http://www.superreturnme.com/FKR2378PRQS Feature Article The 2015 Preqin Private Equity Fund Terms Advisor Download Data The 2015 Preqin Private Equity Fund Terms Advisor Here we present the Executive Summary of the newly released 2015 Preqin Private Equity Fund Terms Advisor, the most comprehensive guide to private equity fund terms and conditions ever produced. Navigating the Private Equity Fund Terms Space Fig. 1: Extent to Which LPs Believe that GP & LP Interests Are Properly Aligned, June 2012 - June 2015 Private equity fund terms and conditions are an important aspect 100% of fund agreements between GPs and LPs. It is essential that the 4% 4% 4% 10% Strongly Agree interests between the two parties in this area are closely aligned 90% that Interests Are Properly Aligned to ensure a harmonious and positive working relationship during 80% the lifetime of the fund, and potentially thereafter in the form of re- 70% Agree that ups or positive sentiment within the investor community. Should this 57% 63% 59% Interests Are sensitive area be neglected and fund terms and conditions favour 60% 60% Properly Aligned either the GP or LP, problems may be compounded and over the 50% longer term, parties can lose out economically. Fundamentally, it is Disagree that important for GPs to be appropriately remunerated and incentivized 40% Interests Are Properly Aligned for good performance while LPs have the right to guarantee clauses 30% that protect their capital and to ensure that they are getting a fair 31% 27% Proportion of Respondents 20% Strongly deal on their investments. 32% 27% Disagree that 10% Interests Are For GPs, adopting the most appropriate fund terms and conditions 8% 10% Properly Aligned 0% 1% 4% is no easy task. For one, it is well known that the opaque and Jun-12 Jun-13 Jun-14 Jun-15 confi dential nature of private equity investments means that fees Source: 2015 Preqin Private Equity Fund Terms Advisor are rarely disclosed to those outside the fund, and as such, it is diffi cult to benchmark fund terms and conditions against other GPs The 2015 Preqin Private Equity Fund Terms Advisor is here to help. and competitors throughout the wider industry. Moreover, LPs may In its 10th iteration, the Fund Terms Advisor compiles data from our have a perceived idea of fund terms industry benchmarks which may current databases, historical datasets and LP and GP surveys to not be in line with what GPs are offering, or perhaps the increase provide comprehensive and accurate insight into the private equity in LP negotiating power in this area is something that GPs do not fund terms universe. Using fund terms for over 4,500 funds with fully understand. Without solid evidence or awareness of current terms data, Preqin’s Fund Terms Advisor is the market-leading sentiment, this may cause investors to question the fund terms that source of data and intelligence in this area. they are being offered by GPs, or even decide against investing in a fund due to the proposed terms and conditions, which 91% of investors claim to have done on a frequent or occasional basis. Fig. 2: Investors’ Intentions for Their GP Relationships over the Fig. 3: Areas in Which LPs Believe LP and GP Alignment Can Next Two Years, June 2014 - June 2015 Be Improved 100% 45% 40% 40% 90% 35% 32% 80% 39% Increase No. of 30% 30% 47% GP 30% 70% Relationships 25% 21% 60% 20% Maintain No. of 14% 15% 13% 50% GP Relationships 10% 8% 40% 46% Proportion of Respondents 5% Decrease No. 30% 44% of GP 0% Proportion of Respondents Relationship 20% Other Hurdle 10% by GP Fees 15% Amount 9% Committed Increased Reducing at Fund Level 0% Transparency Performance Management Fees - Amount Are Charged Are Performance Jun-14 Jun-15 Period Lock-up Fees – How They Source: 2015 Preqin Private Equity Fund Terms Advisor Source: 2015 Preqin Private Equity Fund Terms Advisor This is an extract from the 2015 Preqin Private Equity Fund Terms Advisor. For more information, to download sample pages or to order your copy, please visit: www.preqin.com/fta 3 Private Equity Spotlight / September 2015 © 2015 Preqin Ltd. / www.preqin.com Feature Article The 2015 Preqin Private Equity Fund Terms Advisor Download Data Alignment of Interests between GPs and LPs Is Improving However, Despite Improvement, Areas of Contention Still Exist A recent Preqin study shows that 70% of private equity investors Although it would appear that the alignment of interests between reported that the interests of GPs and LPs are properly aligned, an GPs and LPs has notably improved, 30% of LPs reported that increase from the 63% and 67% of investors that thought the same interests between GPs and LPs are not aligned.
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