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ANNUAL REVIEW 2017 Land of the Giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus

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ANNUAL REVIEW 2017 Land of the giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus Ares Management is honored to be recognized as Lender of the Year in North America for the fourth consecutive year as well as Lender of the Year in Europe Lender of the year in Europe Ares Management, L.P. (NYSE: ARES) is a leading global alternative asset manager with approximately $106 billion of AUM1 and offices throughout the United States, Europe, Asia and Australia. With more than $70 billion in AUM1 and approximately 235 investment professionals, the Ares Credit Group is one of the largest global alternative credit managers across the non-investment grade credit universe. Ares is also one of the largest direct lenders to the U.S. and European middle markets, operating out of twelve office locations in both geographies. Note: As of December 31, 2017. The performance, awards/ratings noted herein may relate only to selected funds/strategies and may not be representative of any client’s given experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. learn more at: www.aresmgmt.com | www.arescapitalcorp.com The battle of the brands the US market on page 80, advisor Hamilton TOBY MITCHENALL Lane said it had received a record number EDITOR'S of private placement memoranda in 2017 – ISSN 1474–8800 LETTER MARCH 2018 around 800 – and that this, combined with Senior Editor, Private Equity faster fundraising processes, has made it dif- Toby Mitchenall, Tel: +44 207 566 5447 [email protected] ficult to some investors to make considered Special Projects Editor decisions. Graeme Kerr, Tel: +44 203 862 7491 [email protected] This chimes with what we hear from other Americas Editor, Private Equity investors: that the number of funds in the Marine Cole, Tel: +1 212 633 1455 [email protected] It is the story that that’s been playing out for market at the moment is making it tricky to do Editor, Private Equity International a decade. Big firms getting bigger and using anything but re-up with existing relationships. Isobel Markham, Tel: +1 646 380 6194 [email protected] their brand capital to grow their franchises This is turn gives rise to a recurring com- Asia Reporter upwards and outwards. plaint we hear about the advent of more GP-led Carmela Mendoza, Tel: +852 2153 3148 The growth of powerful franchises happens secondaries transactions (as we explore on [email protected] in two ways and both are on abundant display page 10): “If I have my hands full with the day Reporters Rod James, Tel: +44 207 566 5453 in this year’s Annual Review. First is the fund job of assessing managers and making com- [email protected] size growth. Contributing to the $411 billion mitments, why should I be forced to reassess Alex Lynn, Tel: +44 207 566 5463 [email protected] raised across all private equity funds last year a fund to which I have already committed?” It Contributor were the largest ever euro-denominated fund is an issue that we expect to hear more about Adam Le (CVC Capital Partners’ Fund VII), the largest in the months to come. Senior Production Editor Mike Simlett, Tel: +44 20 7566 5457 ever Asia-focused fund (KKR’s third Asia fund) New managers, or even established man- [email protected] and the largest fund ever, full stop (Apollo’s agers looking to forge new relationships, are Production and Design Manager Miriam Vysna, Tel: +44 20 7566 5433 Fund IX). struggling to get a foot in the door unless they [email protected] However, a series of banner fundraises do have something genuinely extraordinary and a Head of Marketing Solutions Alistair Robinson not alone explain the growth of the market, spotless record to offer. Tel: +44 20 7566 5454 [email protected] or indeed the growth of the individual buyout One normally associates a flight to quality shops. Yes, fund size is increasing; the average with times of uncertainty or turmoil. While Subscriptions and Reprints Andre Anderson, +1 646 545 6296 fund raised in 2017 was $754 million. In 2014 today’s market is characterised by some of the [email protected] it was just $508 million. However, if you look former we have not yet seen much of the latter. Jack Wharton, +44 203 862749 [email protected] at the largest three funds raised in any year, However, the consolidation of capital among Sigi Fung, +852 2153 3140 they tend to account for around 20 percent of some of the established brands in the private [email protected] the buyout market, which held true in 2017 equity business – and indeed their dominance For subscription information visit www.privateequityinternational.com. (see page 71). of our 2017 Awards roll of honour in both Director, Digital Product Development The second contributor to private equity vanilla private equity and emerging strategies Amanda Janis, Tel: +44 207 566 4270 [email protected] franchise growth has been the sideways expan- and specialist sectors – suggests investors are Editorial Director sion into new strategies, geographies and asset seeking comfort in the familiar. For more on Philip Borel, Tel: +44 207 566 5434 [email protected] classes, as explored on page 6. Whatever you the awards turn to page 36. Director of Research & Analytics do, don’t call it style drift; it is established Dan Gunner, [email protected] managers with the infrastructure, connec- Enjoy the review. Publishing Director Paul McLean, [email protected] tions and know-how to offer their investors a comprehensive set of products to access private Chief Executive Tim McLoughlin, [email protected] markets, which appears to be what they want. Managing Director — Americas What does this mean for institutional inves- Toby Mitchenall Colm Gilmore, [email protected] tors? In a nutshell, more work and tight due Managing Director — Asia e: [email protected] Chris Petersen, [email protected] diligence deadlines. As noted in our review of annual review 2017 private equity international 1 CONTENTS STORIES OF THE YEAR 4 Succession, succession, 24 Investing in GPs everywhere 26 10 new firms making waves 6 GPs branch out in 2017 We profile the top debut fundraises 8 Credit line controversy 30 Friday’s best 10 GP-led secondaries deals The highlights from PEI’s Friday Letters over the last 12 months 12 LPs going direct 32 Transformative powers 14 The growth in cov-lite loans Our Operational Excellence Awards provide a reminder of how private 16 Korean LPs to the fore equity can create lasting value 18 Apollo’s mega-raise 34 Privately spoken The pick of the responses from our 20 The rise of Japan monthly Privately Speaking feature interview 22 Long-term funds KEY THEMES 2017 THE PRIVATE EQUITY 69 The year in fundraising 82 Europe: Winds of change INTERNATIONAL AWARDS 2017 Strength in numbers The French presidential election and 36 Introduction Britain’s impending exit from the EU 74 Secondaries: Powering ahead come amid worries about a possible 38 The roll of honour Fundraising and transaction bear market volumes hit new highs in the 39 The private equity game changer secondaries market in 2017, with 84 Asia: Picking up speed of the year deals expected to smash records The year delivered strong exits for 40 Global again in 2018 GPs, increased dealflow in Japan, South Korea and Australia as well 43 EMEA 80 North America: Going supersize as a rise in fundraising As the economic cycle approaches its 54 Americas peak, it can be challenging to predict 86 Emerging markets what will happen in 2018, but one Emerging markets fundraising is 59 Asia-Pacific thing is almost certain: more money showing signs of bouncing back with will flow into private equity Asia leading the way AND FINALLY: 88 Best of Final Close A sideways look at private equity 90 PEI Fortune Teller What do I do if there is GFC II? 92 Quotables 74 84 The best soundbites of the year NEW YORK Private Equity International is published © PEI 2018 be aware that external contributors 130 West 42nd Street, Suite 450 10 times a year by PEI. may represent firms that may have New York, NY 10036 No statement in this magazine is to an interest in companies and/or +1 212 633 1919 To find out more about PEI please visit: be construed as a recommendation their securities mentioned in their Fax: +1 212 633 2904 www.thisisPEI.com to buy or sell securities. Neither this contributions herein. publication nor any part of it may LONDON PRINTED BY: Stephens & George Ltd. be reproduced or transmitted in any Cancellation policy: you can 100 Wood Street www.stephensandgeorge.co.uk form or by any means, electronic or cancel your subscription at any London EC2V 7AN mechanical, including photocopying, time during the first three months +44 20 7566 5444 recording, or by any information of subscribing and you will receive Fax: +44 20 7566 5455 storage or retrieval system, without a refund of 70 percent of the total HONG KONG the prior permission of the publisher. annual subscription fee. Thereafter, no 19F On Hing Building Whilst every effort has been made to refund is available. Any cancellation 1 On Hing Terrace ensure its accuracy, the publisher and request needs to be sent in writing Central, Hong Kong contributors accept no responsibility [fax, mail or email] to the subscriptions +852 2153 3240 for the accuracy of the content in departments in either our London or Fax: +852 2110 0372 this magazine.
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