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Private Equity and Value Creation in Frontier Markets: the Need for an Operational Approach
WhatResearch a CAIA Member Review Should Know Investment Strategies CAIAInvestmentCAIA Member Member Strategies Contribution Contribution Private Equity and Value Creation in Frontier Markets: The Need for an Operational Approach Stephen J. Mezias Afzal Amijee Professor of Entrepreneurship and Family Enterprise Founder and CEO of Vimodi, a novel visual discussion with INSEAD, based at the Abu Dhabi campus application and Entrepreneur in Residence at INSEAD 42 Alternative Investment Analyst Review Private Equity and Value Creation in Frontier Markets Private Equity and Value Creation in Frontier Markets What a CAIA Member Should Know Investment Strategies 1. Introduction ership stakes, earning returns for themselves and the Nowhere else is the operational value creation approach LPs who invested with them. While this clarifies that more in demand than in the Middle East North Africa capturing premiums through ownership transactions is (MENA) region. Advocating and building operational a primary goal for GPs, it does not completely address capabilities requires active investment in business pro- the question of what GPs need to do to make the stakes cesses, human capital, and a long-term horizon. Devel- more valuable before selling the companies in question. oping the capabilities of managers to deliver value from There are many ways that the GPs can manage their in- operations will not only result in building capacity for vestments to increase value, ranging from bringing in great companies, but will also raise the bar for human functional expertise, e.g., sound financial management, talent and organizational capability in the region. In the to bringing in specific sector operational expertise, e.g., long term, direct support and nurturing of the new gen- superior logistics capabilities. -
DWS Equity 500 Index VIP Semiannual Report
June 30, 2021 Semiannual Report Deutsche DWS Investments VIT Funds DWS Equity 500 Index VIP Contents 3 Performance Summary 4 Portfolio Summary 4 Portfolio Manager 5 Investment Portfolio 13 Statement of Assets and Liabilities 13 Statement of Operations 14 Statements of Changes in Net Assets 16 Financial Highlights 19 Notes to Financial Statements 25 Information About Your Fund’s Expenses 26 Liquidity Risk Management 26 Proxy Voting 27 Advisory Agreement Board Considerations and Fee Evaluation This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest. Stocks may decline in value. Various factors, including costs, cash flows and security selection, may cause the Fund’s performance to differ from that of the index. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details. War, terrorism, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. -
Notifications to FIN-FSA of the Application of Exemptions from the Disclosure Obligation
1 (8) 8 July 2021 Notifications to FIN-FSA of the application of exemptions from the disclosure obligation The FIN-FSA has received notifications of application for exemptions from the disclosure obligation from the companies listed below. The exemptions are based on chapter 9, section 8 a of the Securities Markets Act (746/212, as amended) and earlier provisions. The exemptions concern fund management companies, collective investment undertakings and investment firms authorised within the European Economic Area. Parent companies of such companies do not have to sum up their holdings with the shareholdings of mutual funds managed by fund management companies, the shareholdings of collective investment under-takings, or the shareholdings managed by investment firms by virtue of asset management agreements, provided that the shares are managed independently of the parent company. Parent company Fund management company, collective investment Date of Journal Number undertaking or investment firms notification Acciona, S.A Bestinver Gestión S.A. SGIIC 19.12.2019 FIVA 2/02.05.11/2021 Fidentiis Gestión, SGIIC, S.A. Affiliated Managers Group, Inc Genesis lnvestment Management, LLP, United Kingdom 22.10.2018 FIVA 11/02.05.11/2018 AMG New York Holdings Corp. AMG Atlantic Holdings Ltd. AMG Genesis, LLC Genesis Asset Managers, LLP Affiliated Managers Group, Inc Veritas Asset Management LLP, United Kingdom 22.10.2018 FIVA 11/02.05.11/2018 AMG New York Holdings Corp. AMG UK Holdings Ltd. VAM Bidco Limited Affiliated Managers Group, Inc Artemis lnvestment Management LLP, United Kingdom 22.10.2018 FIVA 11/02.05.11/2018 AMG New York Holdings Corp. -
PRIVATE EQUITY SOLUTIONS PE Market Impact & Portfolio Update June 4, 2020
PRIVATE EQUITY SOLUTIONS PE Market Impact & Portfolio Update June 4, 2020 Visit us: www.go.dws.com/pe Marketing material. For professional investors only. For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. Not for retail distribution. DWS has prepared the material above based on data provided by third parties. DWS does not guarantee Ïhe accuracy and completeness of this information. Past performance is not indicative of future returns. There is no assurance that investment objectives will be achieved. This presentation is intended only for the exclusive benefit and use of our clients and prospects. This presentation was prepared, in order to illustrate, on a preliminary basis, a specific investment strategy and does not carry any right of publication or disclosure. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of DWS. CONTENTS 01 PE Market – Covid Impact 02 Our Perspective and Market Positioning 03 Executed Transactions 04 Current Opportunity Set 05 Team Biographies 06 Disclosures 01 PE MARKET – COVID IMPACT WHAT’S REALLY HAPPENING IN PE FUNDS? PE has reacted quickly but every fund is facing a different impact 01 02 03 Phase One: Q1 Phase Two: Q2 Phase Three: H2 What’s happening in my ‘Enforced’ stability & Opportunistic add-ons portfolio companies? defensive add-ons and M&A . 24/7 info gathering . Cash injections . Focus on winners . Focus on liquidity (bank . Government support (where . Add-ons and selective lines, fund lines, LP capital possible) and unwinding M&A calls) deals (where possible) . Stabilize other assets . -
Unlocking Corporate Venture Capital
OCTOBER, 2019 UNLOCKING CORPORATE VENTURE CAPITAL Finding success in the startup ecosystem LETTER FROM BEDY YANG How has corporate venture capital changed? In the decade since the Great Recession, we have seen digital upstarts – taking advantage of disruptive technologies from AI to IoT – reshape the economy and the corporate pecking order. Conventional wisdom dictated that incumbents should focus their innovation efforts on R&D and growing their cash cows while investing in a few startups. But the rate of change has accelerated and with it, the balance of internal versus external investment. We believe the new corporate landscape calls for new strategies. As one of the most active, early-stage investors in the world1, 500 Startups has a unique perspective on the innovation economy. Bedy Yang Since 2010, we’ve invested in over 2,200 startups through our funds. Through our ecosystem building initiatives, my team and I have MANAGING PARTNER educated more than 500 venture investors, including corporate venture capital (CVC) units. We’ve also advised leaders of some of the largest companies exploring this challenging environment on the creation and development of their corporate venture investing programs and funds. We anticipate that corporates have an increasingly outsized role to “ As one of the most play in the startup ecosystem, and our conversations with C-Suite active, early-stage executives have revealed the extent of the challenges they face while also highlighting new opportunities for growth. investors in the world, 500 Startups has a This report is the result of an extensive survey we conducted on corporate venture capital units. -
PSC IV, LP Form D/A Filed 2021-03-23
SECURITIES AND EXCHANGE COMMISSION FORM D/A Official notice of an offering of securities that is made without registration under the Securities Act in reliance on an exemption provided by Regulation D and Section 4(6) under the Act. [amend] Filing Date: 2021-03-23 SEC Accession No. 0001807467-21-000001 (HTML Version on secdatabase.com) FILER PSC IV, LP Mailing Address Business Address 656 EAST WING, 656 EAST WING, CIK:1807467| IRS No.: 981508882 | State of Incorp.:Y7 | Fiscal Year End: 1231 TRAFALGAR CT, LES TRAFALGAR CT, LES Type: D/A | Act: 33 | File No.: 021-363888 | Film No.: 21763701 BANQUES BANQUES ST PETER PORT Y7 GY1 ST PETER PORT Y7 GY1 3PP 3PP 44(0) 1481 749700 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL OMB Number: 3235-0076 Washington, D.C. 20549 June 30, Expires: FORM D 2012 Estimated average burden hours per 4.00 Notice of Exempt Offering of Securities response: 1. Issuer's Identity CIK (Filer ID Number) Previous Name(s) ☒ None Entity Type 0001807467 ☐Corporation Name of Issuer ☒ Limited Partnership PSC IV, LP ☐ Limited Liability Company Jurisdiction of Incorporation/ Organization ☐ General Partnership GUERNSEY ☐ Business Trust Year of Incorporation/Organization ☐Other ☐ Over Five Years Ago ☒ Within Last Five Years (Specify Year) 2019 ☐ Yet to Be Formed 2. Principal Place of Business and Contact Information Name of Issuer PSC IV, LP Street Address 1 Street Address 2 c/o Aztec Financial Services (Guernsey) 656, E. Wing, Trafalgar Ct, Les Banques City State/Province/Country ZIP/Postal Code Phone No. -
The Acceleration Point: Why Now Is the Time for European Venture Capital Invest Europe the Acceleration Point: Why Now Is the Time for European Venture Capital
EUROPEAN VENTURE CAPITAL The Acceleration Point: Why Now is the Time for European Venture Capital Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital C Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Contents What’s in this report 01 Foreword Section One: Section Two: Why Now is the Time Why Europe? Europe’s Innovation for European Venture Capital Why Now? Pages 04-15 Economy Pages 16-22 By Nenad Marovac Invest Europe Vice-Chair 1 2 Page 02 Page 04 Page 17 A strong economy committed European tech cities to growth Page 18 Page 05 Benelux European VC is experienced Page 19 Page 07 France, Spain & Switzerland Proven ability to create global leaders To find out more about Invest Europe please visit: Page 20 Page 09 Germany Increased exit options www.investeurope.eu Page 21 Page 11 UK & Ireland Outsized returns in a low-yield environment Page 22 Scandinavia Page 13 Robust fundraising Page 15 Page 23 Europe’s hottest sectors In conclusion For PDF download to your computer: Page 24 Please visit our website at www.investeurope.eu if you would like to download this report as References and data methodology a standalone PDF. Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Foreword Foreword by Nenad Marovac 02 Why now is the time for European venture capital The European venture capital (VC) industry has reached an acceleration point. Europe’s prospering economies, the unprecedented rise of the European tech industry and the region’s experienced fund managers make it the right time to invest in European venture capital. -
Portfolio of Investments
PORTFOLIO OF INVESTMENTS CTIVP® – Lazard International Equity Advantage Fund, September 30, 2020 (Unaudited) (Percentages represent value of investments compared to net assets) Investments in securities Common Stocks 97.6% Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Australia 6.9% Finland 1.0% AGL Energy Ltd. 437,255 4,269,500 Metso OYJ 153,708 2,078,669 ASX Ltd. 80,181 4,687,834 UPM-Kymmene OYJ 36,364 1,106,808 BHP Group Ltd. 349,229 9,021,842 Valmet OYJ 469,080 11,570,861 Breville Group Ltd. 153,867 2,792,438 Total 14,756,338 Charter Hall Group 424,482 3,808,865 France 9.5% CSL Ltd. 21,611 4,464,114 Air Liquide SA 47,014 7,452,175 Data#3 Ltd. 392,648 1,866,463 Capgemini SE 88,945 11,411,232 Fortescue Metals Group Ltd. 2,622,808 30,812,817 Cie de Saint-Gobain(a) 595,105 24,927,266 IGO Ltd. 596,008 1,796,212 Cie Generale des Etablissements Michelin CSA 24,191 2,596,845 Ingenia Communities Group 665,283 2,191,435 Electricite de France SA 417,761 4,413,001 Kogan.com Ltd. 138,444 2,021,176 Elis SA(a) 76,713 968,415 Netwealth Group Ltd. 477,201 5,254,788 Legrand SA 22,398 1,783,985 Omni Bridgeway Ltd. 435,744 1,234,193 L’Oreal SA 119,452 38,873,153 REA Group Ltd. 23,810 1,895,961 Orange SA 298,281 3,106,763 Regis Resources Ltd. -
Asset Manager's Guide 2021 Latam
ASSET MANAGER’S GUIDE 2021 LATAM FUNDS SOCIETY’S ASSET MANAGER’S GUIDE LATIN AMERICA DIRECTOR: Alicia Jimenez - [email protected] ADVERTISING OPPORTUNITIES: Elena Santiso - [email protected] SUBSCRIPTIONS: Luis Montenegro - [email protected] DIGITAL MARKETING: Madina Kurbanova - [email protected] MARKETING AND ADVERTISING: Elena Santiso - [email protected] Nazaret Mora - [email protected] DESIGN AND LAYOUT: El Sofá Verde PRINT: Gráfica Mosca FUNDS SOCIETY’S BOARD OF DIRECTORS Alicia Jimenez – Managing Partner Elena Santiso – Managing Parter – Business Development FUNDS SOCIETY is a trademark of KABE MAS LLC 1200 Brickell Avenue; 18th floor Miami, FL 33131 +1-786 429-0248 The contents and/or services provided by Funds Society are of a financial nature and are aimed specifically to the international or offshore financial industry professionals or experts, including information, opinion, charts, graphs and links to several financial media. Due to the number of sources from which information on Funds Society is obtained, there may be omissions or inaccuracies in such information. Funds Society may include facts, views, opinions and recommendations of individuals and organizations deemed of interest. Funds Society does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse, these views, opinions or recommendations. The content of this guide is not intended for the retail investor or for the wealth management professional who’s clients are residents of the U.S. 2 ESTIMADO LECTOR, Un año después de que la pandemia irrumpiera en nuestras vidas me parece que todos podemos estar satisfechos del papel que está jugando de la industria financiera. -
Welcome to the 12Th Annual INSEAD Private Equity Conference
Welcome to the 12th Annual INSEAD Private Equity Conference INSEAD welcomes you to the 12th Annual Private Equity Conference. The conference, inaugurated in 2003, has become the most successful private equity and venture capital event hosted by a European academic institution. With over 1,500 alumni working in the industry worldwide, INSEAD’s presence in the private equity community is well-recognized. This conference is a gathering amongst leading practitioners, academics and the INSEAD community to debate the forces shaping the private equity industry. We are delighted to host an impressive and diverse group of experienced industry professionals here on INSEAD Europe Campus. Since the financial crisis, one of the strongest trends in private equity has been increased focus on value creation. This year’s theme, “How to achieve alpha in the current environment,” aims to delve into the topic of generating returns through operational change, and assess the implications of this trend for the future of private equity. Our keynote speakers, leveraged buyouts and operational excellence panels will explore the topic of value creation deeper. Beyond value creation, the industry is further being shaped by a number of different dynamics and intense competition. To further develop the main theme, we have lined up a focused range of panels and have assembled a diverse group of outstanding panelists and moderators for you. Our panels will attempt to give an update on the current state in different parts of the industry, such as distressed investing, infrastructure and real assets, emerging strategies and limited partner relationships. The annual conference is organized by student and alumni members of the INSEAD Private Equity Club, Global Private Equity Initiative (INSEAD faculty body focused on research in Private Equity industry), Alumni Relations and Student Life offices. -
Building Momentum in Venture Capital Across Europe – France, Germany, Italy, Spain and the United Kingdom
France, Germany, Italy, Spain and the United Kingdom ∆Building Momentum in Venture Capital across Europe Imprint Published by Bpifrance 27–31, avenue du Général Leclerc 94710 Maisons-Alfort Cedex, France www.bpifrance.fr Cassa depositi e prestiti SpA (CDP) Via Goito 4 00185 Rome, Italy www.cdp.it Instituto de Crédito Oficial (ICO) Paseo del Prado 4 28014 Madrid, Spain www.ico.es British Business Bank Foundry House 3 Millsands Sheffield S3 8NH, United Kingdom www.british-business-bank.co.uk KfW Bankengruppe (KfW) Palmengartenstraße 5-9 60325 Frankfurt am Main, Germany www.kfw.de Authors Miguel Fernández Acevedo (ICO) Matt Adey, British Business Bank Claudio Bruno (CDP) Gino del Bufalo (CDP) Alexandre Gazaniol, Bpifrance Dr Vivien Lo (KfW) Dr Georg Metzger (KfW) Blanca Navarro Perez (ICO) Dan van der Schans, British Business Bank Baptiste Thornary, Bpifrance Editor Dr Georg Metzger (KfW) Layout and Design Bettina Apfelbach (KfW) Iris Brandt (KfW) Picture Credits Getty Images / Photograf Westend61 December 2016 Table of Contents Greetings 5 Foreword 7 1. General Part 11 1.1 Venture capital: what it is and why it is important 13 1.2 The EU venture capital market 14 1.3 Fostering the European VC market 23 1.4 Recommendations for building momentum in the venture capital markets in Europe 26 2. Country Reports 29 2.1 France 31 2.1.1 Development of the VC market 31 2.1.2 Role of public institutions 32 2.1.3 Specific challenges and needs 33 2.1.4 Policy recommendations 34 2.2 Germany 35 2.2.1 Development of the VC market 35 2.2.2 Role of the national -
Study on Equity Investments in Europe: Mind the Gap
Study on Equity Investments in Europe: Mind the Gap STUDY ON EQUITY INVESTMENTS IN EUROPE: MIND THE GAP European Commission Directorate-General for Research and Innovation Unit RTD TF.3 – Financial Instruments Contact Stéphane Ouaki Email sté[email protected] [email protected] European Commission B-1049 Brussels Manuscript completed in February 2021. 1st edition. This document has been prepared for the European Commission, however it reflects the views only of the authors, and the European Commission is not liable for any consequence stemming from the reuse of this publication. More information on the European Union is available on the internet (http://europa.eu). PDF ISBN 978-92-76-28648-6 doi: 10.2777/001375 KI-04-21-014-EN-N Luxembourg: Publications Office of the European Union, 2021 © European Union, 2021 The reuse policy of European Commission documents is implemented based on Commission Decision 2011/833/EU of 12 December 2011 on the reuse of Commission documents (OJ L 330, 14.12.2011, p. 39). Except otherwise noted, the reuse of this document is authorised under a Creative Commons Attribution 4.0 International (CC-BY 4.0) licence (https://creativecommons.org/licenses/by/4.0/). This means that reuse is allowed provided appropriate credit is given and any changes are indicated. For any use or reproduction of elements that are not owned by the European Union, permission may need to be sought directly from the respective rightholders. Image credits: Cover page: © Lonely #46246900, ag visuell #16440826, Sean Gladwell #6018533, LwRedStorm #3348265, 2011; kras99 #43746830, 2012. Source: Fotolia.com.