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Enewsletter No. 481 | SECA | Swiss Private Equity & Corporate Finance
eNewsletter no. 481 Dear Reader 27 September 2017 Radiation both saves lives and kills lives. Marie Curie, who SECA discovered and named it, was its victim. Venture Capital Maria Salomea Sklodowska moved to France to study physics, as this was not possible in her native Poland, then under Russian Private Equity – Swiss News control. She worked with and married Pierre Curie, and the two Private Equity – Int. News won the Nobel prize in 1903. They managed to get it in Stockholm only in 1905, shortly after the birth of their second daughter. A year Corporate Finance later, Pierre died in a road accident. Marie Sklodowska Curie Mergers & Acquisitions continued doing basic research and succeeded in isolating radium. Management Buyout 1911 she was awarded the second Nobel prize, this time in chemistry, the only woman who ever got two Nobels. When WW1 Book of the Week broke out, she took her scientific knowledge to the battle field. She Jobs helped set up 20 mobile and 200 stationary units to x-ray wounded soldiers with the help of her daughter Irène. Agenda Nobody knew the long-term effects of radiation at the time. Marie Editor Sklodowska Curie remains a radiant figure after her death in 1934. Even her pens and papers are still radioactive and are kept in lead vaults. Toolbox Have a nice week with innovative scientists! Print Newsletter Maurice Pedergnana Send Newsletter to a Friend Download as PDF SECA Björn Böckenförde verstorben Am 8. September 2017 ist unser langjähriges SECA Vorstandsmitglied Björn Böckenförde aus einem erfüllten und glücklichen Leben gerissen worden. -
Private Debt Spotlight
Volume 1, Issue 2 Private Debt Spotlight June 2016 Welcome to the latest issue of Private Debt Spotlight, the monthly newsletter from Preqin providing insights into private debt fundraising, Feature Article: Distressed Debt in North 2 investors, performance and more. Private Debt Spotlight America uses information from our In this month’s feature article, we analyze North America-focused distressed debt funds, including fundraising, dry powder, the largest funds to have award-winning Private Debt closed and more. Online service. Lead Article: Private Debt in Asia 5 Sign up to receive your free issue of Private Debt Here, we take a closer look at Asia-focused private debt fundraising, including Spotlight every month: funds closed in 2015 and those currently in market. www.preqin.com/signup NEWS Preqin Industry News 8 We present the latest private debt news, including recently closed funds, investors seeking new commitments and funds currently in market. Featured Publication The Facts The 2016 Preqin Sovereign Wealth Fund Review Private Debt Investors 9 Distressed Debt Fundraising 10 In association with: Fund Manager League Tables: Asia & Rest of World 11 alternative assets. intelligent data Conferences 12 2016 Preqin Sovereign Wealth Fund Review Upcoming private debt conferences around the world that Preqin will be attending in the near future, and available discount codes. www.preqin.com/swf Did you knnow...? Contact Us You can download all the data in this month’s Spotlight in Excel. Preqin operates from offi ces in New York, London, Wherever you see this symbol, the data is available for free download on Singapore, San Francisco, Excel. -
2011 Global Private Equity Report Contents
The 2011 Preqin Global Infrastructure Review - Sample Pages 2011 Global Private Equity Report Contents Editor’s Foreword 3 Fundraising Review - Natural Resources 38 Fundraising Review - Venture 39 Section One: The 2011 Preqin Global Private Equity Report Section Six: Placement Agents Keynote Address - Moose Guen, CEO, MVision 5 Overview of Placement Agent Use in 2009 41 Profi le of the Placement Agent Industry 42 Section Two: Overview of the Private Equity Industry Introduction 7 Section Seven: Fund Administrators Deal-Driven Optimism - Simon Walker, Chief 8 Fund Administrators 43 Executive, BVCA Proactively Engaging Legislation - Uli Fricke, 9 Chairwoman, EVCA Section Eight: Deals Challenges for the US Market - Doug 10 Relationships Really Matter - 45 Lowenstein, President, PEGCC Vineet Pruthi, Investment Professional, Lincolnshire Management The Rise of Emerging Markets - Sarah 11 Alexander, President and CEO, EMPEA Global Buyout Activity 46 Section Three: Assets under Management, Dry Power, Section Nine: Private Equity Performance Employment and Compensation An Examination of Private Equity Performance 51 Assets under Management and Dry Powder 13 Delivering Consistently High Private Equity 52 Employment and Compensation 15 Performance - Logan M. Cheek, III, Senior Managing Director, Pittsford Ventures Management Section Four: General Partners Consistent Performers 53 League Tables - Largest GPs 19 Private Equity Returns for Pension Funds 57 Buyout GPs - Key Stats and Facts 21 Private Equity Benchmarks 60 Distressed PE GPs - Key Stats -
Funds, Fees & Affiliates
FUNDS, FEES & AFFILIATES (OH MY!) SEC OCIE’s Examination of the Private Fund World Moderators: James W. Van Horn, Jr., Hirschler Fleischer, PC Marc R. Lieberman, Kutak Rock LLP Presenters: Matthew D. Harris, Securities Exchange Commission, Chicago Office Edward Schwartz, ORG Portfolio Management NAPPA SEC Working Group Panel 2015 NAPPA Legal Education Conference June 25, 2015 AGENDA I. Overview Marc Lieberman II. OCIE Examinations Matthew Harris A. Examination Process B. Exam Priorities C. Examination Results III. Panel Discussion Jim Van Horn Marc Lieberman A. Fee Allocations, Disclosure & Transparency Matt Harris B. Fiduciary Duty of Private Fund Advisers Ed Schwartz C. Role of Fund Administrators & Auditors D. Independent Monitors IV. Questions F UNDS, FEES & AFFILIATES (OH M Y!) J UNE 25, 2015 2 OVERVIEW Increased Federal Oversight of Private Investment Funds 2010 – Dodd-Frank Act amends Investment Advisers Act of 1940 (Advisers Act) - Private Fund Advisers (PFAs) must register with SEC June 2011 – SEC Adopts Rules - PFAs ≥ $150 mm to register Oct. 9, 2012 – OCIE Letter to PFAs announcing “Presence Exams” May 2, 2012 – OCIE Director di Florio Speech – PFA Compliance with Advisers Act F UNDS, FEES & AFFILIATES (OH M Y!) J UNE 25, 2015 3 OVERVIEW Increased Federal Oversight of Private Investment Funds May 11, 2012 – OCIE Director Champ Speech - “What SEC Registration Means for Hedge Fund Advisers” January 9, 2014 – OCIE /NEP Examination Priorities for 2014 (PFAs prioritized) January 28, 2014 – OCIE “Risk Alert” re: investor -
Shareholder 02 Behind the fi Gures Quarterly Magazine ING Group November 2006
Shareholder 02 Behind the fi gures Quarterly Magazine ING Group November 2006 Philippe Damas: Why knowledge matters Q3: Balancing growth and returns Private equity: blessing or curse? ING Shareholder 02 – November 2006 1 153187_Share02EN_025-048.indd 1 10-11-2006 17:11:31 Dear reader, The theme of the second issue of ING Shareholder Our feature stories in this edition continue the This magazine is a quarterly publication is dialogue. Alongside our website, this magazine dialogue theme. The article on private equity by ING Group for shareholders and others is itself one of the ways by which we try to keep highlights the importance of good dialogue interested in ING. you informed on activities within ING and the between management and shareholders, and Subscribe to ING Shareholder strategy and thinking that lies behind those indeed between investors and the wider world. Fax (+31) 411 65 21 25 activities. And if the piece on private banking tells us any- Mail P.O. Box 258, 5280 AG Boxtel thing, it is that the banks that will succeed in this The Netherlands But communication can hardly be called dialogue sector in the future are the ones that can enter a Internet: www.ing.com if it is all one-way. Which is why we would genuine dialogue with their highly-demanding encourage you to email us (address below). With clientele, one that goes deeper than just market- Editorial offi ce your views and comments on ING Shareholder, ing and good intentions. ING Group, Corporate Communications with topics you would like to see covered in Investor Relations Department future issues, with any wider questions you may It has been said that the highest form of dialogue P.O. -
The People Who Matter Your Vote on European Private Equity’S Most Influential
olympic opportunitiEs > vEndor financing > partEch’s parting RealDeals 14 august 2008 For Europe’s private equity professional » E u r o p E The people who matter Your vote on European private equity’s most influential www.rEaldEals.Eu.com 20 MOST influential A tumultuous 12 months on from the onset of the credit crunch, we asked 500 of the industry’s biggest hitters to name the most powerful people in European private equity. 1: GUY HANDS (8) Guy Hands, chief executive of Terra Firma, The man who holds the future of embattled is embroiled in the most highly publicised music business EMI in his hands has shot to the private equity deal of recent times. But while top of the 20 most influential list this year as he all about him appear to doubt, he has remained attempts to drag the company’s creative prima committed to bringing uncompromising donnas into economic reality in the full glare of leveraged buyout efficiency to the extravagant the public spotlight. muso world. Despite frequent spats with pop idols – Robbie Williams’ manager accused Hands of running the business like a plantation owner – and a string of celebrity departures, including the Rolling Stones and Radiohead, as well as the painful fall-out of 2,000 job losses and the impact of the credit crunch on the deal itself, this unlikely rock and roll legend has managed to swing a company, hitherto spouting losses, into profit over recent months. There is still a long way to go before Hands can be declared a hit, of course, but what is clear is that the impact of the £3.2bn (¤4bn) deal will spread way beyond EMI’s walls. -
Minnesota State Board of Investment Date
This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp MINNESOTA STATE DATE: January 17, 2020 BOARD OF INVESTMENT TO: Legislative Reference Library FROM: Mansco Perry III /J1. f ~ Executive Director and chfuf Investment Officer SUBJECT: Report on Investment Consultant Activities Board Members: The provisions of Minnesota Statutes, Section 1 lA.27 require the State Board of Investment to file with the Legislative Reference Library a report on investment Governor Tim Walz consultant activities. State Auditor The State Board of Investment (SBI) contracts with Aon Hewitt Investment Julie Blaha Consulting, Inc. (AON), Chicago, Illinois and Meketa Investment Group, LLC Secretary of State (Meketa), Portland, Oregon. AON serves as the SBI's general consultant and the Steve Simon annual contract fees are $515,000. Meketa serves as the SBI's special projects consultant and the contract fees are $285,000 per year. Attorney General Keith Ellison As part of their consultant services, AON and Meketa are available to the Board, staff and Investment Advisory Council to provide perspective, counsel and input on relevant investment related issues. Executive Director & Chief Investment During the period July 1, 2018 through June 30, 2019, AON and Meketa were Officer: involved in the following projects: Mansco Perry • AON provided research and implementation considerations in the Return Seeking Fixed Income asset group. 60 Empire Drive • Meketa reviewed the potential impact that climate change may have on Suite 355 St Paul, MN 55103 long-term investment risks to the SBI's investment portfolio and indicate (651) 296-3328 approaches that the SBI may take to address and mitigate identified investment risks. -
Preqin Special Report: the Private Debt Top 100
PREQIN SPECIAL REPORT: THE PRIVATE DEBT TOP 100 ■ The 100 Largest Fund Managers ■ The 100 Largest Institutional Investors AUGUST 2018 PREQIN SPECIAL REPORT: THE PRIVATE DEBT TOP 100 FOREWORD s reported in the 2018 Preqin Global Private Debt Report, the private debt asset class in 2017 was characterized by a trend Atowards greater capital concentration: 17% fewer funds reached a final close than in 2016, while a record $107bn was secured among fund managers. Average fund size increased to $869mn, a leap of $171mn from the previous year. Capital remains concentrated among the top GPs, as the 10 largest funds closed in 2017 secured over a third of total capital raised in the year. Institutional investor appetite for the private debt asset class is strong, with 98% of investors surveyed by Preqin at the end of 2017 planning to increase or maintain their private debt allocations in the long term. The 100 largest private debt LPs have a combined $172bn invested in the asset class, which represents nearly a quarter (22%) of all capital invested in the space. The top LPs are the main drivers behind the growth in prominence of the largest fund managers, as they require GPs to be of sufficient scale to accept and deploy increasingly large commitments. With the objective of providing greater insight into who the most influential players are, Preqin is pleased to provide a comprehensive ranking for the first time of the top 100 GPs and LPs within the private debt asset class, taken from our platform. For the purpose of this report, the GP rankings have been compiled based on the total value of private debt funds raised by each GP in the past 10 years – this includes any capital raised by owned subsidiaries. -
Alpinvest Annual Review 2013 02
1 AlpInvest Annual Review 2013 02 04 Our business 29 Remuneration policy 08 Chairman’s statement 30 Risk management 10 Strategic review 32 Financial performance and investment overview 14 Fund Investments 34 Fund Investments overview 16 Secondary Investments 37 Secondary Investments overview 18 Co-Investments 38 Equity Co-Investments overview 23 Governance 40 Mezzanine Co-Investments overview 24 Firm leadership 41 Private equity 27 Responsible investment 42 Important information 28 Human resources AlpInvest Annual Review 2013 Throughout this document, ‘AlpInvest’ or ‘AlpInvest Partners’ refers to AlpInvest Partners B.V. and its subsidiaries. In considering the past, targeted or projected performance and other financial information contained herein, readers should bear in mind that past, targeted or projected performance is not necessarily indicative of future results and there can be no assurance that targeted or projected returns will be achieved, that any AlpInvest fund or other investment will achieve comparable results or that the returns generated by an AlpInvest fund or other investment will equal or exceed those of other investment activities of AlpInvest. 033 AlpInvest is one of the largest We aim to offer clients a private equity investors in the customized approach to their world, with a 14-year track record investment needs, underpinned of consistent success. by a disciplined and discerning investment strategy. We invest in primary funds, secondaries and co-investments Our 72 investment professionals for investors across the globe. are dedicated to applying their collective skills, insights and Through our on-the-ground knowledge to maximize value presence in three continents, we for our investors. have built a deep understanding of the market and developed an extensive network of relationships that spans the world. -
Kn2212sra08br:GAIM Asia 14/5/09 16:15 Page 3
KN2212SRACOVER09:0 14/5/09 16:17 Page 1 Endowmentsfor Pension FREE& Foundations Funds, Private Equity & Venture Capital Investing In (subject to verification) China, India, Japan, Korea, SE Asia, Australia & Vietnam In Challenging Times What Makes SuperReturn Asia 4th Annual The “Must-Attend” 220 LPs SuperReturn Asia “ attended brings together the who’s Asian Private Equity in 2008 “ who of Asia & Venture Capital private equity Rebecca Xu, Asia Alternatives Event? Management LLC 50+ www.superreturnasia.com 220+ LPs – The Largest LP Speakers LP Perspectives From Around The World Gathering In Asia 800+ Attendees – The Industry All In One Place New – LP/GP Structured Speed Networking Jim Pittman Saguna Malhotra Erol Uzumeri John Mark Wiseman Volkert Doeksen Philip Bilden New – Knowledge & Vice President, Managing Senior Vice Schumacher Senior Vice CEO & Managing Managing Private Equity Director, Private President CEO President, Private Partner Director Networking Exchange For PSP Equity TEACHERS’ NEW YORK Investments ALPINVEST HARBOURVEST INVESTMENTS STANFORD PRIVATE LIFE CAPITAL CPP PARTNERS PARTNERS More Focused Discussions MANAGEMENT CAPITAL PARTNERS INVESTMENT (ASIA) COMPANY BOARD New – 3 Esteemed Renowned Industry Leaders Economists 2 Portfolio Companies Interviewed 150 Influential LP & GP Speakers – Only The Top Industry Titans & Influential Tim Draper Tim Sims Joe Skrzynski KY Tang Wu Shang Zhi Ajay Relan Michael B. Kim Founder & Managing Partner Founding Chairman & Chairman & Co-Founder Partner LPs Managing PACIFIC EQUITY Partner Managing Partner Managing Partner CX PARTNERS MBK Director PARTNERS CHAMP AFFINITY CDH PARTNERS DRAPER FISHER GROUP EQUITY INVESTMENTS More Structured JURVETSON PARTNERS Networking – SpotMe Meeting Planner For Every China Summit LP/GP Relations Summit Attendee Plus Hear from: Hear from: 2 Hardtalk LP Interviews – Capital Today, Hony Capital, SAIF Partners, CNEI Stanford Management, And many more…. -
Connections in the Middle Market
2015 DUANE MORRIS LP INSTITUTE TRANS-ATLANTIC SIMULCAST: LONDON-NEW YORK CONNECTIONS IN THE MIDDLE MARKET SUMMER 2015 INSIDE THE MIND of the LIMITED PARTNER III THIRD ANNUAL CONFERENCE PLANNING WHAT ARE FEATURING INSIGHTS FROM Adams Street Partners Buyouts Insider Hamilton Lane Monument Group OPTrust Private Markets Group 2015 DUANE MORRIS LP INSTITUTE TRANS-ATLANTIC SIMULCAST: LONDON-NEW YORK CONNECTIONS IN THE MIDDLE MARKET TABLE OF CONTENTS 04 DEAL AND FUNDRAISING ENVIRONMENT – WELCOME TO “CAPITAL SUPERABUNDANCE” 12 REGULATION: AIFMD AND SEC SCRUTINY SIGNS OF CAPITAL OVERABUNDANCE: 20 RISING SHADOW CAPITAL, CO- INVESTING AND LP VS. LP CONFLICTS 28 EVOLVING FUND STRUCTURES, BUT STILL A BIG FOCUS ON FEES 34 NEW INVESTORS – FAMILY OFFICES AND HNWI 38 APPETITE FOR EMERGING FUND MANAGERS CONCLUSION 43 44 OUR PANELISTS AND MODERATORS 48 ABOUT DUANE MORRIS A LETTER TO OUR READERS ThisTh marks the third annual Duane Morris LP Institute Inside the Mind of the LiLimited Partner event, which we launched to facilitate a deeper and richer trans- TAtlanticA dialogue on the challenging issues facing middle-market private equity investors. Our goal is to continually seek to contribute to the knowledge capital of the private equity industry for the benefit of LPs, private equity fund managers, corporates, regulators, business owners and the media. As with our past reports, we are excited to share with you esteemed views and supplementary industry information on leading trends and perspectives. We believe it is important to share, debate and clarify ideas that impact LPs, GPs and the broader economy. One of the most salient and consistent messages that we’ve heard over time is how much more work is needed to explain how private equity works—and how essential this task is in eliminating unnecessary and unproductive regulation, as well as in establishing a better public image. -
Read Full Article (PDF)
june 2007 private equity international page 1 global movers Global movers Our selection of the most influential people operating in private equity today brings together diverse strategies, geographies and personalities. The common denominator is their ability to shape events around them, adding their own sizeable footprints to the forward march of the asset class. Turn to the following pages and “Those included are the additions and subtractions you will uncover the identities of before we finally arrived at a list those private equity professionals helping to shape the that we felt best reflected what we who we have defined collectively evolution of the asset class were attempting to achieve. as “global movers”. This marks It could be argued, quite reason- the first occasion in which the at an absolutely crucial ably, that practitioners operating editorial team at PEI, following time in its history – when in North America and Western many discussions with those of Europe are over-represented in the you on the frontline, has drawn public scrutiny has never pages that follow. Certainly, it is up a global list of this nature. been higher and, too easy to assume that the world Which brings us immediately revolves around the more mature to a point of clarification: what consequently, so much markets when the reality is that follows is an alphabetical list, is at stake.” the profile (and, dare we say it, not a ranking. We have quite influence) of private equity’s deliberately assembled an eclectic emerging markets is increasing all mix, sprinkled with representatives from all corners of the time.