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Combining Banking with Private Equity Investing*
Unstable Equity? * Combining Banking with Private Equity Investing First draft: April 14, 2010 This draft: July 30, 2010 Lily Fang INSEAD Victoria Ivashina Harvard University and NBER Josh Lerner Harvard University and NBER Theoretical work suggests that banks can be driven by market mispricing to undertake activity in a highly cyclical manner, accelerating activity during periods when securities can be readily sold to other parties. While financial economists have largely focused on bank lending, banks are active in a variety of arenas, with proprietary trading and investing being particularly controversial. We focus on the role of banks in the private equity market. We show that bank- affiliated private equity groups accounted for a significant share of the private equity activity and the bank’s own capital. We find that banks’ share of activity increases sharply during peaks of the private equity cycles. Deals done by bank-affiliated groups are financed at significantly better terms than other deals when the parent bank is part of the lending syndicate, especially during market peaks. While bank-affiliated investments generally involve targets with better ex-ante characteristics, bank-affiliated investments have slightly worse outcomes than non-affiliated investments. Also consistent with theory, the cyclicality of banks’ engagement in private equity and favorable financing terms are negatively correlated with the amount of capital that banks commit to funding of any particular transaction. * An earlier version of this manuscript was circulated under the title “An Unfair Advantage? Combining Banking with Private Equity Investing.” We thank Anna Kovner, Anthony Saunders, Antoinette Schoar, Morten Sorensen, Per Strömberg, Greg Udell and seminar audiences at Boston University, INSEAD, Maastricht University, Tilburg University, University of Mannheim and Wharton for helpful comments. -
HW&Co. Landscape Industry Reader Template
TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016 HARRIS WILLIAMS & CO. OVERVIEW HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM CONTENTS . DEAL SPOTLIGHT . M&A TRANSACTIONS – 2Q 2016 KEY FACTS . SOFTWARE M&A ACTIVITY . 25 year history with over 120 . SOFTWARE SECTOR OVERVIEWS closed transactions in the . SOFTWARE PRIVATE PLACEMENTS last 24 months OVERVIEW . SOFTWARE PUBLIC COMPARABLES . Approximately 250 OVERVIEW professionals across seven . TECHNOLOGY IPO OVERVIEW offices in the U.S. and . DEBT MARKET OVERVIEW Europe . APPENDIX: PUBLIC COMPARABLES DETAIL . Strategic relationships in India and China HW&Co. Office TMT CONTACTS Network Office UNITED STATES . 10 industry groups Jeff Bistrong Managing Director HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS [email protected] Sam Hendler SOFTWARE / SAAS INTERNET & DIGITAL MEDIA Managing Director [email protected] . Enterprise Software . IT and Tech-enabled . AdTech and Marketing . Digital Media and Content Services Solutions Mike Wilkins . Data and Analytics . eCommerce Managing Director . Infrastructure and . Data Center and . Consumer Internet . Mobile [email protected] Managed Services Security Software EUROPE Thierry Monjauze TMT VERTICAL FOCUS AREAS Managing Director [email protected] . Education . Fintech . Manufacturing . Public Sector and Non-Profit . Energy, Power, and . Healthcare IT . Professional Services . Supply Chain, Transportation, TO SUBSCRIBE PLEASE EMAIL: Infrastructure and Logistics *[email protected] SELECT RECENT HW&CO. -
Education Technology & Services Market
Market Update Education Key Highlights The top subsector stock performer in Q4 2019 Technology was digital educational content & services, up 13.7% year-over-year & Services On average, EBITDA multiples for the subsectors decreased 0.5x from the prior quarter and were Q4 2019 down 0.8x on a year-over-year basis 2020 Forecast…Sustained Robust Deal Activity Focused on High Quality Assets and Strong Outcomes-Driven Business Models For several years now, we have been predicting continued consolidation within the education technology and services market. Merger and acquisition activity of all types within the sector has been robust, with overall transaction volumes repeatedly surpassing year-over-year levels by healthy margins. Even with ongoing strategic consolidation in the space, ever-increasing private equity interest in the education sector has been the primary driver of continued strong transaction levels and increasing valuations. A record amount of available capital, or “dry powder,” and elevated interest in software-as-a-service (“SaaS”) business models were the primary underlying factors driving private equity interest levels in ed tech businesses. Interest in high quality education providers has also been robust, underpinned by strong outcome-driven theses behind businesses built to solve the “achievement gap” and/or “skills gap” problem with a keen focus on value proposition to the consumer. In the early childhood segment, activity levels remain high, driven by continued professionalization and consolidation within an otherwise highly fragmented global market. And in the proprietary postsecondary sector, after a “decade of pain,” M&A has made a comeback with several new investments by private equity investors seeking premium operators in markets with strong supply/ demand imbalances. -
Leadership Newsletter Winter 2020 / 2021
T���������, M���� ��� T����������������� Leadership Newsletter Winter 2020 / 2021 GTCR Firm Update Since the firm’s inception in 1980, GTCR has Technology, Media and Tele- partnered with management teams in more communications than 200 investments to build and transform growth businesses. Over the last twenty years alone, GTCR has invested over $16 billion in approximately 100 platform acquisitions, 30+ 95+ PLATFORMS ADD-ONS including more than 65 companies that have been sold for aggregate enterprise value of over $ $50 billion and another 14 companies that have 25B+ been taken public with aggregate enterprise value PURCHASE of more than $34 billion. In November 2020, PRICE we closed GTCR Fund XIII, the firm’s largest fund to date, with $7.5 billion of limited partner capital commitments. This fund follows GTCR Fund Acquisition Activity Since 2000 XII, which we raised in 2017, with $5.25 billion As of January 15, 2021* of limited partner capital commitments. GTCR currently has 25 active portfolio companies; ten of these companies are within the Technology, Media and Telecommunications (“TMT”) industry. Page 1 / Continues on next page Technology, Media and Telecommunications Group Update Since 2000, GTCR has completed over 30 new platform investments and over 95 add-on acquisitions within the TMT industry, for a total of over 125 transactions with a combined purchase price of over $25 billion. During just the past year, we have realized several of these investments, selling three businesses and completing the partial sale of two additional companies, for a combined enterprise value of over $9 billion. Our TMT franchise includes ten active portfolio companies and one management start-up, which together have completed nearly 30 add-on acquisitions under our ownership, representing approximately $3 billion of GTCR invested capital. -
Benjamin M. Weadon Senior Associate
Benjamin M. Weadon Senior Associate 704.444.1082 [email protected] Charlotte | Bank of America Plaza, 101 South Tryon Street, Suite 4000 | Charlotte, NC 28280-4000 Ben Weadon is a senior associate with Alston & Bird’s Corporate & Business Transactions Group. He advises private equity firms and their portfolio companies from coast to coast on leveraged buyouts, growth equity investments, merger and acquisition transactions, and general corporate matters. Ben has advised on deals in various industries, including software, semiconductor, telecommunications, and fleet management. Ben received his J.D., with high honors, from the University of North Carolina School of Law, where he was elected to the Order of the Coif. In law school, Ben was the executive editor of the North Carolina Banking Institute Journal. Ben received a B.A. in history, cum laude, from Duke University. Representative Experience Represented CommScope Holding Company Inc. in its $7.4 billion acquisition of ARRIS International plc. Represented The Carlyle Group in its $7.4 billion acquisition of Veritas, an information management system provider, from Symantec Corporation. Represented CommScope Holding Company Inc. in its $3 billion acquisition of TE Connectivity’s telecom, enterprise, and wireless businesses. Represented an entity controlled by The Carlyle Group in the acquisition of the Compute business of MACOM Technology Solutions and related joint venture with Oracle Corporation. Represented The Carlyle Group in its investment in ProKarma, a high-growth IT services firm. Represented Ridgemont Equity Partners in its acquisition of Munch’s Supply, a leading wholesale distributor of heating, ventilation, and air conditioning (HVAC) equipment. Represented Ridgemont Equity Partners in its acquisition of Dickinson Fleet Services, a technology-enabled service provider in the vehicle fleet maintenance industry. -
Staffing M&A Funders and Advisors
Global Market Information and Forecasts Staffing M&A Funders and Advisors 2 September 2020 | Adam Pode, Director of Research (EMEA & APAC) | [email protected] M&A Funders and Advisors Directory | 2 September 2020 Introduction Use this report to identify M&A • This directory provides full records for over 30 companies operating in the M&A space funders and advisors and around the world. Some firms provide services in just one market while others provide understand the nature of their international and cross-border M&A advice and services in up to 40+ countries. They are services listed in alphabetical order, and an index is provided at the rear of this document (page 34). • An additional 115+ firms who have been identified as providing M&A services are also shown (pages 28 to 33). We have tried to make this report as exhaustive as possible, but if there are additional companies you believe should be listed, or if you would like to contribute a “full” entry within this directory, please contact the author, shown below. • This report is designed as a standalone document but can also be read in conjunction with our M&A reports which are available to subscribers of Staffing Industry Analysts’ research services. These included our interactive dashboard of staffing and workforce solutions M&A activity, which details more than 1,300 transactions in the sector. • If you are interested in joining our service or require further information, please contact Tina McGarvey at [email protected]. In addition, you can subscribe free to our Daily News, which reports deals as and when they happen, by clicking here. -
Philadelphia Investment Trends Report
Venture impact Technology investment in the Greater Philadelphia region Trends and highlights, January 2008 to June 2013 Innovation, investment and opportunity On behalf of EY, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Greater Philadelphia Alliance for Capital and Technologies (PACT), we are pleased to present this review 421 companies of technology investment trends and highlights in the Greater Philadelphia region. $4.1 billion The technology investment community in the Greater Philadelphia region includes a wide variety of funding sources supporting a diverse array of companies and industry sectors. In this report, Total investment since we’ve analyzed more than a thousand investment rounds and January 2008 exits that occurred in the Philadelphia region since 2008 – including investments from venture capital fi rms (VCs), angel investors (Angels), corporate/strategic investors, seed funds, accelerators and other sources of funding. As shown in this report, 2012 reversed a post-recession slowdown in venture funding in Greater Philadelphia, and to date, 2013 has brought a welcome increase in the amount of new funds available at regional investment fi rms. These are positive signs for our region’s technology companies, as are the increasing number of exits via IPO and acquisition, which serve as further validation of the investment opportunities created by our region’s growing technology sector. We encourage you to explore this report, and we hope that it will provide useful insights into the current state of -
Venture Capital, Private Equity and Real Estate on the Blockchain
VENTURE CAPITAL, PRIVATE EQUITY AND REAL ESTATE ON THE BLOCKCHAIN Whitepaper July 2018 Contents Preamble ..........................................................3 About Us ...........................................................4 Introduction ....................................................5 The Market .......................................................6 Private Equity ................................................................6 VC Market .......................................................................8 Real Estate – Europe ...................................................9 Real Estate – USA .........................................................10 The L7 Platform ...............................................11 L7 Global Holdings ......................................................11 Our Investment Criteria for Private Equity .............11 Our Investment Criteria for Venture Capital ..........11 L7 Real Estate ................................................................12 L7 Real Estate Europe ..................................................12 Benefits for Investors ...................................................14 Fixed Coupon Payout ...................................................14 Value Proposition ...........................................15 Investment Process ......................................................16 Crowdfunding .................................................17 Level 7 Crowdfunding Platform .................................19 Blockchain Technology ..................................20 -
BMO Private Equity Trust PLC
BMO Private Equity Trust PLC Annual Report and Accounts 31 December 2019 BMO Private Equity Trust PLC Celebrating1 | BMO Private 20 Equity years Trust PLC– 1999 to 2019 Report and Accounts 2019 | PB 2 | BMO Private Equity Trust PLC Report and Accounts 2019 | 1 Overview Overview Contents Chairman’s statement Strategic Auditor’s Report Overview Independent Auditor’s Report 40 Company Overview 2 Report Financial Highlights 3 Summary of Performance 4 Financial Report Statement of Comprehensive Income 46 5 Balance Sheet 47 Chairman’s Statement Statement of Changes in Equity 48 Governance Statement of Cash Flows 49 Strategic Report Notes to the Financial Statements 50 Strategic Report – Introduction 7 M DisclosuresAIF 63 Principal Policies 9 Report Promoting the Success and Sustainability of the Company 11 Sustainability and ESG 12 Annual General Meeting Key Performance Indicators 13 Notice of Annual General Meeting 64 Investment Manager 14 Investment Manager’s Review 15 Other Information Auditor’s Shareholder Information 69 Portfolio Summary 19 Top Ten Holdings 20 History 70 Report Portfolio Holdings 22 Historical Record 70 Principal Risks 24 Alternative Performance Measures 71 Glossary of Terms 73 Governance Report w Ho to Invest 75 Corporate Information 76 d of BoarDirectors 26 Financial Report of the Directors 27 Report Corporate Governance Statement 31 Report of the Audit Committee 33 Report of the Nomination Committee 35 Directors’ Remuneration Report 36 Report of the Management Engagement Committee 38 Statement of Directors’ Responsibilities 39 AGM Other Information 2 | BMO Private Equity Trust PLC Report and Accounts 2019 | 1 185155 PET AR19 PRINT.indd 1 16/04/2020 13:58 BMO Private Equity Trust PLC Company Overview The Company BMO Private Equity Trust PLC (‘the Company’) is an investment trust and its Ordinary Shares are traded on the Main Market of the London Stock Exchange. -
Preqin Research Report Fig
Preqin Research Report Fig. 3 Comparison of Private Equity Performance by Fund Primary The Changing Dynamic Regional Focus for Funds of Vintage Years 1995 - 2007 The Rise of Asian Private Equity Such diffi culties in the fundraising market may come as November 2010 somewhat of a surprise – especially considering the relative resilience of Asia-focused private equity funds in terms of 0.25 performance. As Fig. 3 shows, following an extended period 0.2 of strong median fund performance since the turn of the Unprecedented Growth millennium, vehicles focusing on Asia have clearly weathered 0.15 the storm with more success than their European and US Europe The period 2003 – 2008 saw unprecedented growth within 0.1 the Asian private equity industry. Fig. 1 shows the increase counterparts, with median IRRs for all vintage years still Asia and Rest of World posting positive results while funds focusing primarily on the 0.05 in total capital raised annually by funds focusing on the US region between the period 2003 and 2008, when a record West are still in the red. IRR Median Net-to-LP 0 $91bn was raised by 194 funds achieving a fi nal close. 1995 1997 1999 2001 2003 2005 2007 The main factors behind the decline in Asia fundraising can -0.05 As Fig. 2 shows, the record level of capital raised saw the be identifi ed by examining the make-up of fund managers -0.1 Vintage Year importance of the Asian private equity industry growing on and investors in the region more closely. As Fig. -
Annual Report
Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)). -
TRS Contracted Investment Managers
TRS INVESTMENT RELATIONSHIPS AS OF DECEMBER 2020 Global Public Equity (Global Income continued) Acadian Asset Management NXT Capital Management AQR Capital Management Oaktree Capital Management Arrowstreet Capital Pacific Investment Management Company Axiom International Investors Pemberton Capital Advisors Dimensional Fund Advisors PGIM Emerald Advisers Proterra Investment Partners Grandeur Peak Global Advisors Riverstone Credit Partners JP Morgan Asset Management Solar Capital Partners LSV Asset Management Taplin, Canida & Habacht/BMO Northern Trust Investments Taurus Funds Management RhumbLine Advisers TCW Asset Management Company Strategic Global Advisors TerraCotta T. Rowe Price Associates Varde Partners Wasatch Advisors Real Assets Transition Managers Barings Real Estate Advisers The Blackstone Group Citigroup Global Markets Brookfield Asset Management Loop Capital The Carlyle Group Macquarie Capital CB Richard Ellis Northern Trust Investments Dyal Capital Penserra Exeter Property Group Fortress Investment Group Global Income Gaw Capital Partners AllianceBernstein Heitman Real Estate Investment Management Apollo Global Management INVESCO Real Estate Beach Point Capital Management LaSalle Investment Management Blantyre Capital Ltd. Lion Industrial Trust Cerberus Capital Management Lone Star Dignari Capital Partners LPC Realty Advisors Dolan McEniry Capital Management Macquarie Group Limited DoubleLine Capital Madison International Realty Edelweiss Niam Franklin Advisers Oak Street Real Estate Capital Garcia Hamilton & Associates