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Private Equity Spotlight May 2007 / Volume 3 - Issue 5

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Private Equity Spotlight May 2007 / Volume 3 - Issue 5 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin, providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence & Funds in Market. FEATURE ARTICLE page 01 INVESTOR SPOTLIGHT page 11 Private Equity - Superior Returns This month’s feature article examines the performance of private equity funds vs. This month we examine the top Canadian LPs: listed stocks, based upon analysis taken from our latest • How has the Canadian publication, The 2007 Private Equity Performance Monitor - market grown? the most in-depth study of private equity performance ever • Is there potential for further undertaken. growth? • Who are the biggest investors in the region? FUNDRAISING page 05 This month’s Fundraising Spotlight looks at the latest news • What are the latest trends? for venture, buyout and private equity real estate funds, as well as examining the market for private equity mega funds. INVESTOR NEWS page 13 No. of Funds on Road US Europe ROW All the latest news on investors in private equity: Venture 233 102 101 436 • Helvetia Patria Versicherungen selling portfolio of private equity fund interests on the secondary market. Buyout 132 51 28 211 Funds of Funds 75 51 14 140 • TMNFI aiming to increase its exposure to private equity Real Estate 87 18 19 124 opportunities in Japan and the rest of the world Other 69 18 23 110 • SBCERA commits to distressed debt funds Total 618 248 190 1056 • OTPP sees high returns from private equity investments • Albany Ventures is set to start making private equity fund investments on behalf of the Alliance Trust SUBSCRIPTIONS If you would like to receive Private Equity Spotlight each month please email [email protected]. Subscribers to Performance Analyst and Investor Intelligence OUT NOW receive additional information not available in the free version. If you would like further details please email [email protected] The 2007 Private Equity Performance Monitor Publisher: Private Equity Intelligence Ltd Fleet House, 8-12 New Bridge Street, London. EC4V 6AL More information available at: Tel: +44 (0)207 822 8500 w: www.preqin.com www.preqin.com/PM • PERFORMANCE • INVESTORS • FUNDRAISING ...the data points to a clear and unambiguous conclusion: investors’ Private Equity returns from private equity have far Spotlight exceeded the stock market. Feature Article: This month’s feature article is based upon analysis taken from our latest publication, The 2007 Private Equity Performance Monitor. The analysis and listings in this year’s Monitor are based upon data from our largest ever sample of funds, with net returns data for over 3,400 private equity funds of all types being used in order to produce the most in-depth study of private equity performance ever undertaken. A History of Superior Returns indices to track their performance. These indices – in particular the flagship LPX50 - demonstrate that total The industry’s growth has been driven by its investment returns from listed private equity have been good performance, and the resulting LP appetite for greater compared to returns from other leading indices (see allocations. Despite this, debate continues in academic Fig. A), whether measured on an absolute or risk and financial circles as to how LPs’ private equity adjusted basis. returns compare with those from listed equities. Part of the debate is clearly generated by the challenges of Most private equity investments are, of course, made comparing a long term, illiquid investment like private through limited partnerships, not listed vehicles. Preqin equity with listed stocks. However, at Preqin we believe compared the performance of these limited that the data points to a clear and unambiguous partnerships with listed private equity investments on conclusion: investors’ returns from private equity have the basis of IRRs from inception to date. Our total far exceeded the stock market. sample of limited partnerships now includes net returns data for more than 3,400 private equity funds of all The most direct comparison is to compare listed private types and sizes globally, accounting for just over 70% equity with other listed stocks. Although only a small of the total universe of private equity funds by value. proportion of private equity investment vehicles are listed (perhaps 5% of the total), they nevertheless now The money-weighted benchmark gives the best have an aggregate capitalization of around EUR 85 estimate of the returns that an LP is likely to earn on a billion, and Swiss company LPX has created a family of well-diversified portfolio of fund interests, and this was Fig. A: Return of LPX vs Selected Global Incides (Dec 1993 - Dec 2006) Source: LPX 01 © 2007 Private Equity Intelligence Ltd. / www.preqin.com May 2007 Private Equity Spotlight compared with the cumulative return from the LPX over The conclusions are clear: investment in private equity the same period. The results are shown in Fig. B, with limited partnerships has delivered better returns than returns from limited partnerships generally exceeding listed private equity, which in turn has done very well in those from listed private equity by a significant 5 – 10% comparison with other listed stocks. per annum in most years. (The unlisted benchmark lags a year or so behind the LPX50 for the simple reason that partnership investments are made over a Performance Persistence and Manager Selection period of years. The most recent vintage years are also affected by the well known J-curve.) Average returns are only part of the story, however. The most successful LPs manage to consistently earn superior returns by investing with the best private equity Fig. B: LPX50 Annualised Return vs. Preqin All Private Equity Money Weighted IRR Source: LPX Fig. C: All Private Equity - Relationship between Predecessor and Successor Fund Quartile 02 © 2007 Private Equity Intelligence Ltd. / www.preqin.com May 2007 Private Equity Spotlight firms. Their success hinges on two factors unique to the In conclusion, private equity has delivered excellent net private equity asset class: returns to its investors, and continues to do so. LPs’ target allocations are growing, and new investors •Dispersion of returns: the gap between the best continue to enter the asset class. Effective manager private equity funds and the rest is huge, around 10% selection is vital for success, and the track record of per year between the median and first / third quartiles. funds and firms is therefore a necessary ingredient of In other words, a fund needs to beat the median return LPs’ planning and due diligence. by at least 10% per year to make it into the first quartile, or to fall short by 10% per year to fall into the bottom We are grateful to LPX for their assistance with quartile. The leverage from choosing the right funds – performance information on the LPX50 index. or the penalty for choosing the wrong ones – is large. For more information please visit: www.lpx.ch •Persistence of returns: not only is the gap between the best funds and the rest very high, but these differences tend to persist over time. Preqin analyzed This month’s feature article draws upon the 2007 the odds on a firm’s next fund being Q1 / Q2 / etc. Performance Monitor. This year’s Monitor gives our based upon the performance of the firm’s current fund. most comprehensive ever analysis of private equity There is a consistent pattern across all types of private performance, with vital returns data for over 1,000 equity fund, including fund of funds: the best firms are firms and over 3,400 funds. remarkably consistent in their ability to produce superior performance fund after fund. Conversely, it is For further details please visit quite unlikely for a firm whose current fund is performing poorly to turn this around to a Q1 www.preqin.com/PM performance next time. (See Fig. C) 03 © 2007 Private Equity Intelligence Ltd. / www.preqin.com May 2007 2007 Private Equity Performance Monitor Your Essential Guide to Private Equity and Venture Capital Fund Performance • Transparent performance data for over 3,000 private equity and venture capital funds of all geographies and types • Detailed analysis of market trends and benchmarks, with in-depth analysis by individual fund type, sections examining risk, plus a study into the relative performance of private equity compared with other asset classes historically • Detailed profiles for over 1,000 separate private equity firms worldwide • View which GPs deliver consistent good performance • Quartile rankings - see who the top performers are • More information is available at: www.preqin.com/PM Order before Friday May 25th to benefit from a special 25% pre-publication discount PUBLICATION ORDER FORM: Complete this form and return it by post/fax I would like to order the 2007 Private Equity Performance Monitor at the special pre-publication discount: £495 + £10 shipping $995 + $40 shipping €725 + €25 shipping I would like to order the 2007 Performance Package (Publication plus 12 month’s access to Performance Analyst Online): £1,295 + £10 shipping $2,595 + $40 shipping €1,995 + €25 shipping (Prices include 50% discount on full publication price) Additional Copies £95 + £5 shipping $180 + $20 shipping €135 + €12 shipping (Shipping Costs will not exceed a maximum of: £15 / $60 / €37 per order) Name: Firm: Job Title: Address: City: Post/Zip Code: Country: Telephone: Email: Payment Options: Cheque enclosed (please make the cheque payable to ‘Private Equity Intelligence’) Credit Card Visa Amex MasterCard Card No: Expiration Date: Name on Card: Private Equity Intelligence - Fleet House, 8 - 12 New Bridge Street, London, EC4V 6AL w: www.preqin.com / e: [email protected] / t: +44 (0)20 7822 8500 / f: +44 (0)87 0330 5892 or +1 440 445 9595 04 © 2007 Private Equity Intelligence Ltd.
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