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1 ◄ SuperReturn US 2009 April 27-30, 2009 The Ritz-Carlton, Key Biscayne, FL www.icbi-events.com/U2405PE1E1 Successfully navigating private equity & venture capital portfolios in challenging market conditions Dear Spotlight Subscriber, Preqin is delighted to have arranged a special invitation and 15% discount for Spotlight readers who would like to attend SuperReturn US 2009 in Florida on April 27-30 2009. SuperReturn US, the key meeting place for senior level private equity, growth capital and venture capi- tal thought leaders and investors. Over 70 LPs and Funds of Funds from the US and overseas have already committed to attending the event. And with more than 130 speakers drawn from the very best in the industry, you can be sure that you will have face time with key contacts from both the LP and GP communities. Please contact the SuperReturn team directly : on +1 (888) 670-8200 or +1 (941) 951-7885 or email [email protected], and be sure to quote the Priority code U2405PEIE1 to secure your 15% discount. I’ll be chairing a session at the conference, and hope to have an opportunity to connect with you there. Kindest regards, Mark O’Hare Managing Director For more information, quote Priority code U2405PEIE1 Call: +1 (888) 670-8200 or +1 (941) 951-7885 Email: [email protected] Web: www.icbi-events.com/U2405PE1E1 © 2009 Preqin Ltd. / www.preqin.com Private EquitySpotlight www.preqin.com March 2009 / Volume 5 - Issue 3 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, Fund Manager Profi les & Funds in Market. This month’s issue contains details from our latest publication, The 2009 Preqin Private Equity Secondaries Review. Private Equity Secondaries Special Feature Article page 3 Fundraising Spotlight page 12 Secondaries in the Spotlight This month’s Fundraising Spotlight takes an in-depth look at Featuring exclusive information from the newly released 2009 buyout, venture and secondaries fundraising. Preqin Private Equity Secondaries Review, this month’s feature article examines the rise of secondaries activity. Features key stats and trends, plus predictions for the future of this important market. Investor Spotlight page 15 Performance Spotlight page 7 Adams Street Interview: Fund Valuation - The Emerging Picture Preqin’s Mark O’Hare talks with Jason Gull, Global Head of LPs worldwide are waiting to see how private equity fund Secondaries at Adams Street valuations develop over the next few quarters. Most LPs are still Partners regarding the latest working on the basis of September 30th valuations, with the key activity in the secondaries December 31st valuations eagerly anticipated. What are the early market. indications? Fund Manager Spotlight page 10 Investor News The Global Buyout Industry: Dry Powder, League Tables page 23 and Fundraising All the latest news on investors in private equity: Every month Preqin examines a group of private equity fund managers to gain some insights into the nature of the industry in • Alpinvest Partners boosts its allocation to distressed diff erent areas and geographies. This month we examine the global debt funds. buyout industry, featuring information on dry powder available and total funds raised in the last 10 years by buyout players. • Powys County Council Pension Fund has appointed a new general consultant. • Unigestion has started fundraising for its fi rst cleantech focused fund of funds. If you would like to receive Private Equity Spotlight each month please email [email protected]. Subscribers to Performance Analyst and Investor OUT NOW Intelligence receive additional information not available in the free version. If you would like further details please The 2009 Preqin Private Equity email [email protected] Secondaries Review Publisher: Preqin Ltd. More information available at: Scotia House, 33 Finsbury Square, London. EC2A 1BB www.preqin.com/secondaries Tel: +44 (0)20 7065 5100 w: www.preqin.com PERFORMANCE • INVESTORS • FUNDRAISING © 2009 Preqin Ltd. / www.preqin.com 3 ◄ Feature Article Feature Article: Secondaries in the Spotlight The events of the second half of 2008 catapulted the secondaries industry to Fig. A: a new position of prominence within the private equity industry. The steep Likelihood of Investors Selling Fund Interests on the Secondary Market decline in the value of listed equities in the Next 24 Months left many institutional investors suffering from the well-documented denominator effect, with fears over meeting capital calls also becoming a worry for many. In addition, the drastic change in the global fi nancial landscape left many concerned over the make-up of their portfolios, with investments in mega buyout funds appearing considerably less attractive in the post-Lehman landscape of late 2008/early 2009. The result has been a signifi cant increase in interest towards the secondary market. Investors forced to extremely likely to be making a sale. recently entering the market. restructure their portfolios have created Although this may not appear to be It is interesting to note that a number a large swing towards the supply an especially large proportion in light of investors polled had used the side of the secondary market, and of the heightened press speculation secondary market in the past, and as a result, fund interests have been and coverage of the sector, with would do so again in the future, but felt priced signifi cantly below their most private equity global assets under that the infl ux of sellers had pushed recent net asset values. There have management currently standing at $2.5 prices down to an unacceptable even been stories emerging regarding trillion, it does still indicate that the level. As a result they would not be investors willing to write off the entire number and/or value of funds changing entering the market until the supply value of existing investments, selling hands will be signifi cant in the coming and demand levels returned to a more funds at a 100% discount to NAV in year. balanced level. order to avoid further capital call-ups. Of the investors that stated they Such responses highlight the fact that How Widespread are Secondary would be considering making sales the secondary market has evolved Sales? on the secondary market, gaining in recent years, with some of the liquidity was the most popular reason stigma that was attached to it in the According to the results of a Preqin given as to why they would be earlier days of the industry having survey of private equity investors selling, with the denominator effect, lessened considerably. The secondary carried out during December 2008 rebalancing portfolios and wishing to market has proved to be a useful - January 2009, a total of 9% of exit poorly performing funds amongst tool for investors wishing to reduce institutions with private equity fund the other responses. With 63% of their administrative burden, those holdings are considering selling fund those polled either at or above their wishing to rebalance their portfolio at interests on the secondary market private equity allocations, liquidity a strategic level, and for those seeking within the next two years, with an and the denominator effect are major to exit tail-end private equity funds. additional 1% classing themselves as contributing factors for investors Ironically, those investors that have © 2009 Preqin Ltd. / www.preqin.com 4 ◄ Feature Article ...Investors forced to restructure their portfolios have created a “ large swing towards the supply side of the secondary market, and as a result, fund interests have been priced signifi cantly “ below their most recent net asset values... been using the market for these more Fig. B: sophisticated portfolio management reasons have been pushed out of the market somewhat, as the infl ux of Secondary Fund of Funds - Top, Median and Bottom IRR Quartiles sellers has driven prices down to too low a level for secondary sales to be effective in this way. A Buyer’s Market? As previously mentioned, stories of fund interests changing hands at values signifi cantly below NAVs have been widespread, and all the signs certainly point towards a buyer’s market. However, despite the increasing spread between NAVs Net IRR (%) Since Inception and asking prices, the actual number of deals going through has not yet increased as dramatically as one might Vintage Year expect given the circumstances. It is likely that only those investors most desperate to liquidate investments believes future valuations will be Who are the Buyers? would be content to exit at such a signifi cantly reduced. With new FASB low price. There are certainly many 157 legislation being introduced, and Specialist secondary fund of funds potential sellers who are in a position with new performance data becoming managers maintain a signifi cant to wait until market conditions become available, it is certain that offi cial fund presence in the market. Since 2007, more favourable, and it is likely that valuations will be dropping in the future secondary fund of funds managers we will see more sellers entering the as underlying investment portfolios have raised an aggregate $19.4 billion market over the course of 2009 and are hit, exit conditions are poor, for making purchases on the secondary beyond, increasing the proportion of and volatility in the global economy market, and they are seeking a further investors considering a sale beyond remains. $28.3 billion in new commitments for the current 10% that our poll indicates. funds currently on the road. It is also This may bring confi dence to the market important to note that standard fund In the 2009 Preqin Private Equity for both buyers and sellers, and will of funds managers will also include Secondaries Review, we feature the serve to reduce the risk involved with a small allocation towards secondary profi les of over 20 investors currently making a secondary purchase – thereby purchases, and it is likely that this will looking to sell private equity fund increasing the number of transactions.
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