DOCSLIB.ORG

Capstone Headwaters

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Capstone Headwaters Capstone Headwaters ELEARNING, CORPORATE & PROFESSIONAL TRAINING 2019 Year in Review TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW M&A Overview Segment Highlight: Sales Eighty-nine mergers and acquisitions (M&A) were announced or closed in the Training & Enablement eLearning, Corporate, & Professional Training industry in 2019, representing a 14% year-over-year activity increase. Amid the tight U.S. job market, retaining Segment Highlight: and developing individuals within an organization remains a top priority and Certifications buyers are most frequently targeting companies that offer talent management Client Case Studies solutions including employee development and/or coaching. This included the Notable Transactions Capstone Headwaters’ advised sales of Caliper Corporation, Inc. (talent- management solution) to PSI Services LLC in December and The Richardson Select Transactions Company (sales training and coaching) to Belgian private equity firm Kartesia Report Contributors Advisor LLP in November (deal terms are confidential). Firm Transactions in Market Notably, the largest disclosed 2019 transaction was private equity firm Thoma Firm Track Record Bravo, LLC’s announced acquisition of Instructure, Inc. (NYSE:INST) for $1.9 billion in December. Instructure offers cloud-based learning management platforms Canvas (for students in K-12 and higher education) and Bridge (for CONTACTS employees in the workforce). Capstone remains an active advisor in the Education & Training industry and, in addition to closing three advised Jacob Voorhees transactions in the space in 2019 (see pages four through six), has more than 15 Managing Director, active transactions in process. Head of Education Practice, Head of Global M&A M&A Activity: eLearning, Corporate & Professional Training 617-619-3323 [email protected] 100 89 75 78 Shawn Keenan 80 62 Director 60 53 50 312-550-5304 [email protected] 40 20 Jesse Betzner Vice President Number of Transactions 0 617-619-3355 2014 2015 2016 2017 2018 2019 [email protected] Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research www.capstoneheadwaters.com February 2020 3 eLearning, Corporate & Professional Training | 2019 Year in Review SEGMENT HIGHLIGHT: SALES TRAINING & ENABLEMENT More than 50% of sales representatives missed their quota Notable Segment Transactions in 2018, according to a recent ASLAN study.1 The majority of salespeople consider selling today to be much harder Capstone Headwaters advised two transactions in the than it was five years ago as individuals are now being Sales Training & Enablement space in 2019: Caliper on its constantly inundated with emails and calls, according to a sale to PSI Services and The Richardson Company on its survey by Marc Wayshak Sales Research & Insights.2 sale to Sales Performance International. In addition to Amid the changing landscape, Sales Training & these deals (detailed on pages four and five) recent Enablement has become a proven method for notable transactions are highlighted below: organizations to upskill employees to improve sales execution and to drive corporate revenue optimization. Korn Ferry Acquires Miller Heiman Group (September 2019, Undisclosed) – Leading global Service providers in the space enable sales representatives organizational consulting firm Korn Ferry (NYSE:KFY) by offering a range of content, technology, sales process acquired Miller Heiman Group for an undisclosed strategies, and coaching. Technology has been a key sum. Founded in 1960, Miller Heiman boasts that it segment driver, offering transparency into sales activity, “invented modern selling” and offers a range of sales tracking actionable insights into the science of sales, and training, consulting, technology, and research tools delivering data-driven methods with predictable to improve organizational sales techniques and outcomes. More than 67% of organizations that have effectiveness. The acquisition will expand Korn invested in Sales Training & Enablement have realized a Ferry’s portfolio of content and strengthen its digital positive return on investment, according to Sales offerings. Korn Ferry acquired Miller Heiman from Management Association Chairman Bob Kelly.3 As corporate training provider TwentyEight, Inc. along companies seek to benefit from a structured, predictable with Achieve Forum (leadership development) and sales approach, the share of organizations with sales Strategy Execution (project management training). enablement climbed from 32.7% in 2016 to 61.3% in 2019, with the largest increase occurring between 2016 and Commenting on the three acquisitions in a press 2017, according to CSO Insights.4 release, Korn Ferry CEO Gary D. Burnison stated: “The combination brings a world-class portfolio of This rapid adoption of Sales Training & Enablement has learning, development, and performance been followed by industry movement and consolidation improvement offerings and expertise to Korn Ferry through M&A as companies seek to gain market and will bolster our firm’s substantial leadership dominance and build comprehensive product portfolios development capabilities.”7 (see right). Investors have also been actively pursuing opportunities in the space. In April, Outreach, a sales Leeds Equity Partners, LLC Acquires VitalSmarts engagement platform that uses machine learning to track L.C. (September 2019, Undisclosed) – Prior to its patterns and increase deal pipelines, secured $114 million sale to Korn Ferry, Miller Heiman Group sold its 2014 in a Series E funding round led by Lone Pine Capital, acquisition, VitalSmarts, a provider of research-driven valuing the company at $1.1 billion post-funding. corporate training methods, to Leeds Equity Partners. “Through market education andcreatingaproductthat Terms of the deal were not disclosed. The delivers on the promise of an inherently better workflow transaction follows Leeds’ June acquisition of The for all customer-facing teams, we have built the sales Center for Legal Studies, a Capstone advised sale (see engagement category from the ground up and are page six). uniquely positioned to leverage this momentum across the entire enterprise,” Manny Medina, Outreach CEO, said "Leeds Equity has a proven track record of success in in a press release.5 More recently in November, Sverica the training sector," VitalSmarts CEO Andrew Capital Management completed an undisclosed Shimberg in a press release. "We are confident that investment in Gryphon Networks Corp., a provider of an Leeds Equity is the right partner for us and shares our enterprise-grade platform that offers real-time screening vision of providing best-in-class experiences and and data collection on sales calls and emails. “Gryphon outcomes for corporate clients and learners. With addresses key challenges facing sales executives today, Leeds Equity's help, we aim to train more than one namely capturing sales activity that is not simply self- million people annually with crucial workplace reported, connecting activity to results, and protecting advancement skills.“8 their brands with compliant communications,” Sverica’s Ryan Harstad, said in press release.6 2 eLearning, Corporate & Professional Training | 2019 Year in Review SEGMENT HIGHLIGHT: CERTIFICATIONS The Certification segment of the eLearning, Corporate, Occupations Requiring/Recommending Certifications and Professional Training industry has a strong level of Projected Employment Growth, 2018-2028 recurring revenue and high level of recession resiliency due to the many jobs that demand certification to meet government regulated employment Healthcare Occupations Job Growth Median Salary requirements. Healthcare specifically has a high Healthcare number of positions where certificates are either required or recommended to work in the sector. As Medical Assistant 23% $33,610 showninthetabletotheright,manyofthese healthcare occupations are projected to see double- Massage Therapist 22% $41,420 digit growth through 2028, according to the U.S. Substance Abuse and Mental 22% $44,630 Bureau of Labor, with median salaries and growth Health Counselor projections well above the national average. Veterinary Assistant 19% $34,420 In addition to specialized occupational certifications, Diagnostic Medical 14% $67,080 many certificates exist to ensure that individuals and Sonographer professionals in the larger community are employing Psychologist 14% $79,010 the most innovative safety practices. This includes nationally-certified courses such as First Aid, Dental Assistant 11% $38,660 Cardiopulmonary Resuscitation (CPR), and Licensed Practical and Lifeguarding—all of which require renewal every two 11% $46,240 Vocational Nurse years. Additionally, many professionals, including doctors, nurses, medical technicians, paramedics, and Medical Lab Technician 11% $52,330 law enforcement, are required to acquire and maintain CPR certification. Medical Records Technician 11% $40,350 Radiologic and MRI 9% $61,240 While some jobs require a certification in addition to a Technologist postsecondary degree, other occupations (such as Flight Attendant or Real Estate Agent) can be entered Emergency Medical Technician 7% $34,320 with the completion of a qualified professional Pharmacy Technician 7% $32,700 certificate. With the rising cost of a postsecondary education and the subsequent debt that many Other graduates incur, certifications are an attractive alternative, providing jobseekers with a specialized Athletic Trainer 19% $47,510 skillset
Load more

Recommended publications
  • 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.
    [Show full text]
  • Vol. 84 Wednesday, No. 171 September 4, 2019 Pages 46419
    Vol. 84 Wednesday, No. 171 September 4, 2019 Pages 46419–46652 OFFICE OF THE FEDERAL REGISTER VerDate Sep 11 2014 20:59 Sep 03, 2019 Jkt 247001 PO 00000 Frm 00001 Fmt 4710 Sfmt 4710 E:\FR\FM\04SEWS.LOC 04SEWS jbell on DSK3GLQ082PROD with FRONTWS II Federal Register / Vol. 84, No. 171 / Wednesday, September 4, 2019 The FEDERAL REGISTER (ISSN 0097–6326) is published daily, SUBSCRIPTIONS AND COPIES Monday through Friday, except official holidays, by the Office PUBLIC of the Federal Register, National Archives and Records Administration, under the Federal Register Act (44 U.S.C. Ch. 15) Subscriptions: and the regulations of the Administrative Committee of the Federal Paper or fiche 202–512–1800 Register (1 CFR Ch. I). The Superintendent of Documents, U.S. Assistance with public subscriptions 202–512–1806 Government Publishing Office, is the exclusive distributor of the official edition. Periodicals postage is paid at Washington, DC. General online information 202–512–1530; 1–888–293–6498 Single copies/back copies: The FEDERAL REGISTER provides a uniform system for making available to the public regulations and legal notices issued by Paper or fiche 202–512–1800 Federal agencies. These include Presidential proclamations and Assistance with public single copies 1–866–512–1800 Executive Orders, Federal agency documents having general (Toll-Free) applicability and legal effect, documents required to be published FEDERAL AGENCIES by act of Congress, and other Federal agency documents of public Subscriptions: interest. Assistance with Federal agency subscriptions: Documents are on file for public inspection in the Office of the Federal Register the day before they are published, unless the Email [email protected] issuing agency requests earlier filing.
    [Show full text]
  • Capstone Headwaters Education Technology M&A Coverage Report
    Capstone Headwaters EDUCATION TECHNOLOGY 2019 YEAR IN REVIEW TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW M&A Overview The Education Technology (EdTech) industry has continued to experience rapid consolidation with 195 transactions announced or completed in 2019. Active Buyers Heightened merger and acquisition (M&A) activity has been fueled by Notable Transactions persistent demand for disruptive and scalable technology as industry operators Select Transactions seek to expand product offerings and market share. In addition to robust transaction activity, recent investment patterns have targeted EdTech providers Public Company Data that offer innovative products for classroom teacher support and to streamline Firm Transactions in Market administrative operations in K-12 schools. Funding in the segment has risen Firm Track Record substantially with teacher needs and school operations garnering $95 million and $148 million in 2018, respectively, according to EdSurge.1 Large industry operators have remained acquisitive through year-end, evidenced by Renaissance Learning’s three acquisitions (page three) in 2019. CONTRIBUTORS EdTech providers have also utilized M&A as a means to diversify product offerings and end-markets outside of their core competencies. Notably, Health Jacob Voorhees & Safety Institute, a leader in environmental health and safety software and Managing Director, training services, acquired Martech Media, Inc, a provider of industrial Head of Education Practice, technology e-learning training solutions (December 2019, undisclosed). Head of Global M&A 617-619-3323 Private equity firms have remained active in the industry, accounting for 52% of [email protected] transaction volume. Operators that provide disruptive platforms and institutional business models, selling directly to schools districts, have garnered David Michaels significant investment interest and premium valuations.
    [Show full text]
  • DENVER CAPITAL MATRIX Funding Sources for Entrepreneurs and Small Business
    DENVER CAPITAL MATRIX Funding sources for entrepreneurs and small business. Introduction The Denver Office of Economic Development is pleased to release this fifth annual edition of the Denver Capital Matrix. This publication is designed as a tool to assist business owners and entrepreneurs with discovering the myriad of capital sources in and around the Mile High City. As a strategic initiative of the Denver Office of Economic Development’s JumpStart strategic plan, the Denver Capital Matrix provides a comprehensive directory of financing Definitions sources, from traditional bank lending, to venture capital firms, private Venture Capital – Venture capital is capital provided by investors to small businesses and start-up firms that demonstrate possible high- equity firms, angel investors, mezzanine sources and more. growth opportunities. Venture capital investments have a potential for considerable loss or profit and are generally designated for new and Small businesses provide the greatest opportunity for job creation speculative enterprises that seek to generate a return through a potential today. Yet, a lack of needed financing often prevents businesses from initial public offering or sale of the company. implementing expansion plans and adding payroll. Through this updated resource, we’re striving to help connect businesses to start-up Angel Investor – An angel investor is a high net worth individual active in and expansion capital so that they can thrive in Denver. venture financing, typically participating at an early stage of growth. Private Equity – Private equity is an individual or consortium of investors and funds that make investments directly into private companies or initiate buyouts of public companies. Private equity is ownership in private companies that is not listed or traded on public exchanges.
    [Show full text]
  • INVESTMENT VENDORS  the Following Is a Listing of the Investment Managers, Custodians, and Consultants That Serve the Massachusetts Public Pension Systems
    INVESTMENT VENDORS The following is a listing of the investment managers, custodians, and consultants that serve the Massachusetts public pension systems. The listing is based on information supplied by the retirement boards. RETIREMENT BOARD INVESTMENT VENDORS ADAMS • Capital Research and Management • Granite Investment Advisors Custodian: State Street Bank & Trust AMESBURY • PRIT ANDOVER • PRIT ARLINGTON • PRIT • Wilshire Associates Inc. Custodian: State Street Bank & Trust ATTLEBORO • Boston Advisors, LLC • Herndon Capital Management, LLC • PRIT Custodian: People’s United Bank • Daruma Capital Management, LLC • Invesco Core Real Estate USA, LP • Regions Timberland Consultant: Dahab Associates Inc. • Fidelity Institutional Asset Management • Invesco National Trust Company • State Street Global Advisors • Frontier Capital Management Co., LLC • Orleans Capital Management Corp. • Wells Capital Management Inc. • Hancock Natural Resource Group, Inc. BARNSTABLE COUNTY • Intercontinental Capital Management, LLC • PRIT • UBS Realty Investors, LLC BELMONT • AEW Capital Management, LP • Loomis Sayles & Company • RhumbLine Advisers Custodian: State Street Bank & Trust • Atlanta Capital • Pacific Investment Management Company, LLC • Rothschild Asset Management Inc. Consultant: New England Pension • Harbourvest Partners, LLC • PRIT • Scout Capital Management, LLC Consultants BERKSHIRE COUNTY • PRIT BEVERLY • PRIT BLUE HILLS REGIONAL • PRIT BOSTON (CITY) • 57 Stars, LLC • EnTrust Partners, LLC • Permal Asset Management, Inc. Custodian: State
    [Show full text]
  • NB Private Equity Partners: Overview Presentation
    NB Private Equity Partners: Overview Presentation Financial Information as of 30 September 2019, Unless Otherwise Noted November 2019 Why Invest in NBPE? Key Investment Merits Access to a portfolio of direct private equity investments, sourced from over 55 distinct private equity firms; diversified private company exposure without single GP risk Sourcing and execution through Neuberger Berman’s ~$80 billion private equity business Strong Historic Performance Capital appreciation from equity investments and income through dividend No second layer of management fees or carried interest on vast majority of direct investments, offering significant fee efficiency vs listed fund of funds vehicles1 1. Approximately 98% of the direct investment portfolio (measured on 30 September 2019 fair value) is on a no management fee, no carry basis to underlying third-party GPs. Key Information Document is available on NBPE’s website. NB PRIVATE EQUITY PARTNERS INVESTOR UPDATE 2 NBPE Position in the Listed Private Equity Landscape NBPE is focused on direct investments, invested alongside over 55 private equity sponsors Hyper Diversified Fund of Funds • Primary & Secondary, some co-investment NB Private Equity Partners exposure • Dual fee layer • Multi-Sponsor Exposure • Need to over-commit or • Single layer of fees on majority of 1 suffer cash drag direct investments Direct Focus, Single GP • Single GP Concentration Concentrated • Single fee layer at vehicle level, carry typically higher than NBPE Lower Higher Fee Efficiency Note: as of 30 September 2019. The above graphic is intended to be a representation of the funds’ investment strategy of direct vs fund investments and investments into third-party or funds managed by an affiliated investment manager of the listed company.
    [Show full text]
  • Partners Group Private Equity
    SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-08-26 | Period of Report: 2020-06-30 SEC Accession No. 0001752724-20-174334 (HTML Version on secdatabase.com) FILER Partners Group Private Equity (Master Fund), LLC Mailing Address Business Address 1114 AVENUE OF THE 1114 AVENUE OF THE CIK:1447247| IRS No.: 800270189 | State of Incorp.:DE | Fiscal Year End: 0331 AMERICAS AMERICAS Type: NPORT-P | Act: 40 | File No.: 811-22241 | Film No.: 201137479 37TH FLOOR 37TH FLOOR NEW YORK NY 10036 NEW YORK NY 10036 212-908-2600 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of June 30, 2020 is set forth below: INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) Acquisition Fair Industry Shares Date Value Common Stocks (2.38%) Asia - Pacific (0.06%) Alibaba Group Holding Ltd. Technology 06/19/20 4,439 $ 957,581 APA Group Utilities 02/11/16 360,819 2,765,432 Total Asia - Pacific (0.06%) 3,723,013 North America (1.09%) American Tower Corp.
    [Show full text]
  • Overview Presentation Financial Information As of 31 August 2019, Unless Otherwise Noted October 2019 Why Invest in NBPE? Key Investment Merits
    NB Private Equity Partners: Overview Presentation Financial Information as of 31 August 2019, Unless Otherwise Noted October 2019 Why Invest in NBPE? Key Investment Merits Access to a portfolio of direct private equity investments, sourced from over 55 distinct private equity firms; diversified private company exposure without single GP risk Sourcing and execution through Neuberger Berman’s $74 billion private equity business Strong Historic Performance: 13.0% YTD IRR on direct equity investments; total portfolio 11.5% YTD IRR. Three year direct equity investments gross IRR of 18.6%; three year total portfolio gross IRR of 15.1% Capital appreciation from equity investments and income through dividend No second layer of management fees or carried interest on vast majority of direct investments, offering significant fee efficiency vs listed fund of funds vehicles1 1. Approximately 98% of the direct investment portfolio (measured on 31 August 2019 fair value) is on a no management fee, no carry basis to underlying third-party GPs. Key Information Document is available on NBPE’s website. NB PRIVATE EQUITY PARTNERS INVESTOR UPDATE 2 NBPE Position in the Listed Private Equity Landscape NBPE is focused on direct investments, invested alongside over 55 private equity sponsors Hyper Diversified Fund of Funds • Primary & Secondary, some co-investment NB Private Equity Partners exposure • Dual fee layer • Multi-Sponsor Exposure • Need to over-commit or • Single layer of fees on majority of 1 suffer cash drag direct investments Direct Focus, Single GP • Single GP Concentration Concentrated • Single fee layer at vehicle level, carry typically higher than NBPE Lower Higher Fee Efficiency Note: as of 31 August 2019.
    [Show full text]
  • Capital Flows to Education Innovation 1 (312) 397-0070 [email protected]
    July 2012 Fall of the Wall Deborah H. Quazzo Managing Partner Capital Flows to Education Innovation 1 (312) 397-0070 [email protected] Michael Cohn Vice President 1 (312) 397-1971 [email protected] Jason Horne Associate 1 (312) 397-0072 [email protected] Michael Moe Special Advisor 1 (650) 294-4780 [email protected] Global Silicon Valley Advisors gsvadvisors.com Table of Contents 1) Executive Summary 3 2) Education’s Emergence, Decline and Re-Emergence as an Investment Category 11 3) Disequilibrium Remains 21 4) Summary Survey Results 27 5) Interview Summaries 39 6) Unique Elements of 2011 and Beyond 51 7) Summary Conclusions 74 8) The GSV Education Innovators: 2011 GSV/ASU Education Innovation Summit Participants 91 2 1. EXECUTIVE SUMMARY American Revolution 2.0 Fall of the Wall: Capital Flows to Education Innovation Executive Summary § Approximately a year ago, GSV Advisors set out to analyze whether there is adequate innovation and entrepreneurialism in the education sector and, if not, whether a lack of capital was constraining education innovation § Our observations from research, interviews, and collective experience indicate that there is great energy and enthusiasm around the PreK-12, Post Secondary and Adult (“PreK to Gray”) education markets as they relate to innovation and the opportunity to invest in emerging companies at all stages § Investment volume in 2011 exceeded peak 1999 – 2000 levels, but is differentiated from this earlier period by entrepreneurial leaders with a breadth of experience including education, social media and technology; companies with vastly lower cost structures; improved education market receptivity to innovation, and elevated investor sophistication.
    [Show full text]
  • September 29, 2020
    Plymouth County Retirement Association September 29, 2020 Meeting Materials BOSTON CHICAGO LONDON MIAMI NEW YORK PORTLAND SAN DIEGO MEKETA.COM Plymouth County Retirement Association Agenda Agenda 1. Estimated Retirement Association Performance As of August 31, 2020 2. Performance Update As of July 31, 2020 3. Current Issues Non-Core Real Estate RFP Respondent Review Non-Core Infrastructure Finalist Presentations 4. Disclaimer, Glossary, and Notes 2 of 129 Estimated Retirement Association Performance As of August 31, 2020 3 of 129 Plymouth County Retirement Association Estimated Retirement Association Performance Estimated Aggregate Performance1 August2 QTD YTD 1 YR 3 YR 5 YR 10 YR (%) (%) (%) (%) (%) (%) (%) Total Retirement Association 2.7 6.3 0.5 7.8 5.0 6.4 7.9 Policy Benchmark 3.1 6.8 3.0 10.1 6.9 7.7 8.5 Benchmark Returns August QTD YTD 1 YR 3 YR 5 YR 10 YR (%) (%) (%) (%) (%) (%) (%) Russell 3000 7.2 13.3 9.4 21.4 14.0 13.9 14.9 MSCI EAFE 5.1 7.6 -4.6 6.4 2.3 4.7 5.9 MSCI Emerging Markets 2.2 11.3 0.5 14.5 2.8 8.7 3.8 Barclays Aggregate -0.8 0.7 6.9 6.5 5.1 4.3 3.7 Barclays TIPS 1.1 3.4 9.6 9.0 5.7 4.6 3.7 Barclays High Yield 1.0 5.7 1.7 4.7 4.9 6.5 6.9 JPM GBI-EM Global Diversified (Local Currency) -0.3 2.7 -4.4 1.7 0.7 4.6 1.3 S&P Global Natural Resources 4.0 7.6 -13.0 -1.9 -0.1 5.6 1.5 Estimated Total Assets Estimate Total Retirement Association $1,106,611,546 1 The August performance estimates are calculated using index returns as of August 31, 2020 for each asset class.
    [Show full text]
  • NB Private Equity Partners Investor Presentation 2020 Annual Results
    NB Private Equity Partners Investor Presentation 2020 Annual Results and 2021 Year to Date Update 22 April 2021 THIS PRESENTATION MAY CONTAIN FORWARD LOOKING STATEMENTS THIS PRESENTATION HAS BEEN CREATED WITH THE BEST AVAILABLE INFORMATION AT THIS TIME. INFORMATION FLOW IN THE PRIVATE EQUITY ASSET CLASS OFTEN LAGS FOR SEVERAL MONTHS. THE PRESENTATION MAY CONTAIN FORWARD LOOKING STATEMENTS, PROJECTIONS AND PRO FORMA INFORMATION BASED UPON THAT AVAILABLE INFORMATION. THERE CAN BE NO ASSURANCE THAT THOSE STATEMENTS, PROJECTIONS AND PRO FORMA NUMBERS WILL BE CORRECT; ALL OF THEM ARE SUBJECT TO CHANGE AS THE UNDERLYING INFORMATION DEVELOPS. THE INFORMATION IN THIS PRESENTATION IS BASED ON THE 31 DECEMBER 2020 ANNUAL FINANCIAL REPORT, UNLESS OTHERWISE NOTED. 2 Neuberger Berman – a leading private market investor An industry leader with assets of over $70bn and a long track record of value creation A Global Private Markets Platform A Recognised Leader in ESG • 30+ years as a private market investor • A Leader in Responsible and Sustainable Investing • Over 150 investment personnel across 10 offices • NB Private Markets has been ESG-integrated in private equity investing since 2007 • Committed ~$13 billion annually on average to private markets over the past 3 years • Awarded an A+ Top Score in the most recent UN- supported Principles for Responsible Investment (PRI) • Unique position in the private market ecosystem assessment • A recognised private equity manager within the industry NB PRIVATE EQUITY PARTNERS INVESTOR PRESENTATION 3 NB Private
    [Show full text]
  • State of Connecticut Office of the Treasurer Shawn T
    State of Connecticut Office of the Treasurer Shawn T. Wooden Treasurer M E M O R A N D U M TO: Members of Investment Advisory Council FROM: Shawn T. Wooden, State Treasurer and Council Secretary DATE: May 8, 2020 SUBJECT: Investment Advisory Council Meeting – May 13, 2020 Enclosed is the agenda package for the Investment Advisory Council meeting on Wednesday, May 13, 2020 starting at 9:00 A.M. The following subjects will be covered at the meeting: Item 1: Comments by the Chair Item 2: Approval of the Minutes of the April 23, 2020 IAC Meeting Item 3: Opening Comments by the Treasurer Item 4: Economic and Market Update Meketa Investment Group will provide an update on capital markets and discuss endpoint bias relative to investment performance measurement. Item 5: Watch List Process & Assessment Factors Kevin Cullinan, Chief Risk Officer, will review the updated watch list process and discuss expanded assessment factors. Item 6: Private Markets Pacing Plan Overview Mark Evans, Principal Investment Officer, and Danita Johnson, Principal Investment Officer, will provide an overview of the Pacing Plan for Private Markets. Item 7: Presentation by and Consideration of Stellex Capital Partners Fund II, L.P. Mark Evans, Principal Investment Officer, will provide opening remarks and introduce Stellex Capital Partners Fund II, L.P., Private Investment Fund opportunity. Item 8: Presentation by and Consideration of Leeds Capital Partners VII, L.P. Mark Evans, Principal Investment Officer, will provide opening remarks and introduce Leeds Capital Partners VII, L.P., a Private Investment Fund opportunity. Item 9: Other Business • Discussion of the preliminary agenda for the June 10, 2020 IAC meeting We look forward to reviewing these agenda items with you at the May 13th meeting.
    [Show full text]