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US West Coast Private Equity and Venture Capital Alternative Assets The Facts US West Coast Private Equity and Venture Capital alternative assets. intelligent data. US West Coast Private Equity and Venture Capital The private equity and venture capital market of the US West Coast is rich, evolving and possesses a particularly strong appetite for innovation. Here, Preqin provides a snapshot of activity in the states of Alaska, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, and Wyoming. Fig. 1: Breakdown of US West Coast-Based Investors in Private Fig. 2: Average Allocations to Private Equity of US West Equity by State Coast-Based Investors by State (As a Proportion of AUM) 16% 15.2% 1% California 15.2%14.0% 1% 14% 2% Colorado 11.9% 12.3% 2% 1% 12% 11.7% 2% 11.6%10.8% 10.6% 5% 1% Washington 10% 9.7% 9.8% Current 8.6%8.5% Allocation Oregon 8.5% 8% 7.5% 7.4% 11% 6.6% 6.6% Hawaii 6.1% 6% 5.2% 5.7% Nevada Target Equity (% of AUM) 4% 2.7% Utah Allocation 2% 11% Alaska Allocation to Private Average 64% 0% Idaho Utah Wyoming Idaho Alaska Hawaii Oregon Nevada Montana Wyoming Colorado Montana California Washington Investor Location Source: Preqin Investor Intelligence Source: Preqin Investor Intelligence Fig. 3: Five Largest US West Coast-Based Private Equity Investors by Current Allocation Firm Type Current Allocation to PE ($bn) Location Pathway Capital Management Private Equity Fund of Funds Manager 30.6 CA California Public Employees' Retirement System Public Pension Fund 30.5 CA (CalPERS) California State Teachers' Retirement System Public Pension Fund 21.1 CA (CalSTRS) Washington State Investment Board Public Pension Fund 17.7 WA Oregon State Treasury Public Pension Fund 14.9 OR Source: Preqin Investor Intelligence Fig. 4: Assets Under Management of US West Coast- Fig. 5: Breakdown of US West Coast-Headquartered Fund Headquartered Private Equity Fund Managers* Managers by Primary Investment Strategy 400 350 4% 2%2% Venture Capital 122118 2% 300 105 7% 106 Buyout 110 250 Dry Powder 116 ($bn) Growth 200 109114 16% Distressed Private 80 150 Equity 260264 Unrealized 67 237 Value ($bn) Balanced 100 66 204219 48 63 61 61 172 67% 29 138140 50 113 Mezzanine 67 87 47 61 48 46 52 0 Other Jun-14 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Source: Preqin Fund Manager Profi les Source: Preqin Fund Manager Profi les *Excludes capital raised by private real estate and infrastructure funds Page 1 of 3 © 2015 Preqin Ltd. / www.preqin.com The Facts US West Coast Private Equity and Venture Capital alternative assets. intelligent data. Fig. 6: 10 Largest US West Coast-Headquartered Fund Managers by Total Funds Raised in the Last 10 Years* Total Funds Raised in the Last 10 Estimated Dry Firm Headquarters Main Investment Strategy Years ($bn) Powder ($bn) Oaktree Capital Management CA Distressed Private Equity 48.7 5.6 Hellman & Friedman CA Buyout 28.2 12.8 Silver Lake CA Buyout 21.6 8.5 Ares Management CA Buyout 12.8 3.7 Vista Equity Partners CA Buyout 12.1 6.3 Leonard Green & Partners CA Buyout 12.0 2.6 Sequoia Capital CA Venture Capital 10.7 2.8 Crescent Capital Group CA Mezzanine 8.0 1.5 New Enterprise Associates CA Venture Capital 7.6 1.2 Francisco Partners CA Buyout 7.2 3.1 *Excludes capital raised by private real estate and infrastructure funds Source: Preqin Fund Manager Profi les Fig. 7: 10 Largest Funds Currently in Market Raised by US West-Coast-Headquartered Fund Managers* Fund Firm Type Target Size ($mn) Fund Status Primary Fund Focus Oaktree Opportunities Fund X Oaktree Capital Management Distressed Debt 10,000 Raising US Invention Investment Fund III Intellectual Ventures Early Stage: Seed 3,000 Raising US Venture Capital New Enterprise Associates XV New Enterprise Associates 2,500 Raising US (All Stages) KSL Capital Partners IV KSL Capital Partners Buyout 2,250 Raising US Oaktree Principal Fund VI Oaktree Capital Management Distressed Debt 1,800 Third Close US Yucaipa American Alliance Fund III Yucaipa Companies Buyout 1,600 Raising US Friedman Fleischer & Lowe Capital FFL Buyout 1,500 Raising US Partners IV Oaktree Mezzanine Fund IV Oaktree Capital Management Mezzanine 1,500 First Close US Ares Special Situations Fund IV Ares Management Special Situations 1,000 Second Close US Horsley Bridge XI Venture Horsley Bridge Partners Fund of Funds 1,000 Raising US *Excludes capital raised by private real estate and infrastructure funds Source: Preqin Funds in Market Fig. 8: Most Consistent Performing US West-Coast-Headquartered Fund Managers Overall No. of Funds with No. of Funds No. of Funds in Average Firm Type Headquarters Quartile Ranking in Top Quartile Second Quartile Quartile Rank Sequoia Capital Venture Capital CA 4 4 0 1.00 Benchmark Capital Venture Capital CA 3 3 0 1.00 Vista Equity Partners Buyout CA 4 3 1 1.25 Platinum Equity Buyout CA 3 2 1 1.33 Canaan Partners Venture Capital CA 3 2 1 1.33 BlueRun Ventures Venture Capital CA 3 2 1 1.33 Pelion Venture Partners Venture Capital UT 3 2 1 1.33 Industry Ventures Fund of Funds CA 9 6 2 1.44 Avalon Ventures Venture Capital CA 8 5 2 1.50 Source: Preqin Performance Analyst Preqin’s Private Equity Data: A Vital Tool Preqin’s Private Equity Online contains detailed information on all aspects of the private equity industry, including: 21,248 private equity funds closed historically and currently in market 10,670 fund managers worldwide 5,685 institutional investors in the asset class 122,085 private equity-backed buyout and venture capital deals. For more information, please visit: www.preqin.com/privateequity Page 2 of 3 © 2015 Preqin Ltd. / www.preqin.com The Facts US West Coast Private Equity and Venture Capital alternative assets. intelligent data. Fig. 9: Number and Aggregate Value of US West Coast Fig. 10: Proportion of Number and Aggregate Value of US Private Equity-Backed Buyout Deals, Q1 2007 - Q1 2015 TD West Coast Private Equity-Backed Buyout Deals by Industry, (As at 5 March 2015) Q1 2007 - Q1 2015 TD (As at 5 March 2015) 120 25 100% 3% 1% 2% 3% Aggregate Deal Value ($bn) Aggregate Deal Value 4% 3% Other 90% 4% 100 7% 20 9% Materials 80% 7% 80 9% 13% Energy & Utilities 70% 15 Food & Agriculture 60 60% 14% 13% Telecoms & Media 10 50% No. of Deals 40 16% 20% Healthcare 40% 5 Business Services 20 Proportion of Total 30% 16% 18% Consumer & Retail 0 0 20% Information Technology Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 10% 22% 16% Industrials Q1 TD 0% 2007 2008 2009 2010 2011 2012 2013 20142015 No. of Deals Aggregate Deal No. of Deals Aggregate Deal Value ($bn) Value Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst Fig. 11: Number and Aggregate Value of US West Coast Fig. 12: Proportion of Number and Aggregate Value of US Venture Capital Deals, Q1 2007 - Q1 2015 TD** (As at 5 March West Coast Venture Capital Deals by Industry, Q1 2007 - 2015) Q1 2015 TD** (As at 5 March 2015) 700 12 100% 3% 4% Other 2% 2% Aggregate Deal Value ($bn) Aggregate Deal Value 2% 1% 90% 4% 5% 600 10 5% Business Services 80% 10% 500 11% Consumer Discretionary 8 70% 10% 400 12% Semiconductors & 6 60% 12% Electronics 300 Clean Technology 50% 17% No. of Deals 4 21% Other IT 200 40% 2 22% Telecoms 100 Proportion of Total 30% 18% Healthcare 0 0 20% Software & Related Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 22% 10% 17% Q1 TD 0% Internet 2007 2008 2009 2010 2011 2012 2013 20142015 No. of Deals Aggregate Deal No. of Deals Aggregate Deal Value ($bn) Value Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst **Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt deals Key Stats: Amount of dry powder available No. of LPs based on the US West to US West Coast-based fund Coast. $382bn 568 managers as of June 2014. Aggregate value of buyout deals Aggregate capital currently in 2014 compared to $34.3bn for sought by US West Coast-based $71.1bn $43.3bn venture capital deals in same fund managers. year. Page 3 of 3 © 2015 Preqin Ltd. / www.preqin.com.
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