DOCSLIB.ORG

Privcap Special Reports Privcap Special Reports Are Exclusively for Subscribers to Privcap, the Definitive Channel for Thought Leadership in Private Capital

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Privcap Special Reports Privcap Special Reports Are Exclusively for Subscribers to Privcap, the Definitive Channel for Thought Leadership in Private Capital Premium Content Exclusively for Privcap Subscribers Only / www.privcap.com Q1 2014 PRIVCAP / SPECIAL REPORTS Performance The 2004 Vintage, 10 Years Out IRRs & Bad Management Co-investment with Siguler Gu, Cambridge Associates & StepStone Portfolio One-on-one with Protección, Colombia’s second-largest pension Performance Equity Zurich Alternative Sovereign Investor Institute &Ardian finish On Privcap.c0m Videos in This Report This special report includes the following new video On Camera programs. Watch them at Privcap.com What the Sovereign Wealth Funds Want Sovereign Investor Institute’s Scott Kalb says the $6 trillion SWF sector wants more than returns from its GPs. Tips for Selecting a Quality GP Manager Frank Brenninkmeyer of Performance Equity on what his firm seeks in a GP manager and its history with GM’s pension group. Creating a PE Portfolio Omar Rueda Galvis of Colombia’s ProtecciÓn talks about his group’s entry into the PE market, dealing with foreign and local GPs, and where their focus lies in 2014. Andrea Auerbach, Cambridge Associates An Insurance Group Wagers on More PE Ferdinand Seibert of Zurich Alternative Asset Management dis- cusses PE’s role in a portfolio, the effects of regulation, and how to differentiate GP operating skills. Ardian Is the New AXA Vladimir Colas of Ardian describes the firm’s move to indepen- dence, its European middle-market roots, and its approach to primary and co-investing. How’s the 2004 Vintage Looking? What do we know about the average performance of PE funds in the 2004 vintage? With experts from StepStone, Cambridge Associ- ates, and Siguler Guff. Fund-Management Mistakes That Shave Off IRR Points “Deal guys” don’t always consider performance optimization of their fund, making mistakes that shave off IRR points. With experts from Cambridge Associates, StepStone, and Siguler Guff. Adding Alpha Through Co-investing A deep dive into Siguler Guff’s co-investment platform—how it helped the firm add alpha to its portfolio. Experts from Cambridge Associates and StepStone weigh in. COMING SOON on Privcap UPCOMING REPORTS Colombia’s Growing Appetite for PE PE’s Influences in Colombia Q2 Francisco Jose Arboleda of HarbourVest Alejandro Rodriguez of PineBridge Invest- Co-investment Partners talks about private equity in ments speaks with Privcap about private Energy Colombia, and the growth of the industry equity’s impact in Colombia, the country’s and talent in the country. pensions, and local and regional offices. On Privcap.com In Case You Missed It... Must-see thought leadership from Privcap.com KKR and Its Capital Partners CFOs Navigate the Headwinds Forklift to the Future: Suzanne Donohoe, who leads investor Scott Zimmerman of EY discusses the KKR’s Investment in KION relations for KKR, describes the evolving results of a survey of PE firm CFOs. Johannes Huth of KKR describes the needs of the firm’s institutional Despite regulatory and business thesis behind the firm’s successful investors clients. challenges, these team members are investment in KION, a German maker optimistic about the futures of their of forklifts and other industrial trucks. firms as they gear up for growth. From Defined Benefit to How Much Does a Profits, Impact, and Defined Contribution Fundraising Cost? Energy Efficiency The shift from defined-benefit to Three PE leaders discuss how much a GP Carter Bales and former NY State first defined-contribution plans in the U.S. should expect to spend raising a fund. lady Silda Wall Spitzer discuss the is inevitable—and it’s happening faster With Gene Wolfson of Catalyst Investors, investment strategy of their firm, than expected, says George Pandaleon Adam Blumenthal of Blue Wolf Capital NewWorld Capital Group, which backs of Inland Institutional Capital Partners. Partners, and Mounir Guen of MVision. companies fighting energy waste. About Privcap Special Reports Privcap Special Reports are exclusively for subscribers to Privcap, the definitive channel for thought leadership in private capital. Each month Privcap focuses on a critical theme and produces a “bundle” of thought-leadership content in multiple formats – a digital report, video interviews and panel discussions, and audio programs. We capture the market intelligence of leading authorities, whose expertise forms the core of each report. Privcap Special Reports help market participants better understand opportunities and practices in private capital, as well as gain deep insights into the people with whom they may become long-term investment partners. PRIVCAP 19 07 SPECIAL REPORTS finish In This Issue 2 0 Commentary 05 The long-term view required of private equity inves- 1 tors has its challenges and rewards, says Privcap CEO 4 David Snow. What Colombia’s Second-Largest LP 07 Wants Omar Rueda Galvis of Colombia’s Proteccion discusses the genesis of their PE program and why they want to invest with fewer GPs. PE Performance 26 07 10 Panelists from Siguler Guff, Cambridge Associates, and StepStone Group on co-investment rewards and risk, performance of the 2004 vintage, and missteps that 19 can shave off IRR points. Also: a look at Brazil’s PE funds. ◆Making Co-investment Work ◆Maximizing IRR PRIVCAP SPECIAL REPORTS ◆The 2004 Vintage Plus: Brazil Funds Gaining Strength Privcap Media David Snow Co-founder and CEO Gill Torren Co-founder and President Four LPs Talk Portfolio Matthew Malone Editorial Director 17 Privcap contributing editor Tom Franco talks with Content thought leaders from the LP community about PE in the Ainslie Chandler Senior Journalist portfolio, and the future of the asset class. Andrea Heisinger Associate Editor Kathleen O’Donnell Media Coordinator ◆Ardian’s Independence Day, with Vladimir Colas Cameron Faulkner Media Coordinator of Ardian Design ◆A Global Insurance Group’s Bet on PE, with Ferdinand Cecilia Salama Design Coordinator Seibert of Zurich Alternative Contributors ◆Breaking Down GP Manager Selection, with Frank Tom Stein Brenninkmeyer of Performance Equity Contacts ◆What Sovereign Funds Want in a GP, with Scott Kalb Editorial of Sovereign Investor Institute David Snow / [email protected] / 646.233.4558 From the Archives Matthew Malone / 21 Related content from Privcap.com [email protected] / 203.554.7261 Sponsorships & Sales From Our Sponsors Gill Torren / 22 Thought leadership from our sponsor: [email protected] / 646.233.4559 Gen II For subscriptions, please call 855-PRIVCAP or email [email protected] Copyright © 2014 by Privcap LLC Interviews in this report have been edited for length and clarity. PE PERFORMANCE AND PORTFOLIO / COMMENTARY Low-Frequency Trading The private equity asset class is both blessed and challenged by its very long holding periods f the stock market has a millisecond prob- you put into a private equity investment and how lem, private equity has a problem measured many you’ve gotten back. In this report, three ex- in decades. perts—Andrea Auerbach of Cambridge Associates, Mike Elio of StepStone, and Kevin Kester of Sigul- Among its many revelations, Michael Lewis’ er Guff—examine the DPI of private equity funds new book, “Flash Boys,” highlights the mind-bog- launched in 2004. As of Cambridge’s last measure- gling complexity of a mature, traded, technolo- ment date, the 2004 vintage funds have an average gy-dependent asset class. The U. S. stock market DPI of 1.02. That’s well behind typical distributions has moved so far beyond its origins in human bar- from funds entering their second decade. We can, tering that it now has been taken over by comput- perhaps, blame the lag on the Great Recession, dur- ers that snatch value out of the market in between ing which exits were few. But as our gathered ex- millisecond trade matches. perts point out, private equity fundraising rose all the way through 2008. Therefore, a huge amount Compare this bewildering state of affairs to the less of private equity’s hoped-for outperformance re- mature, less traded, and technologically underpen- mains trapped in a collection of portfolio compa- Market etrated private equity market. People aren’t kid- nies of unprecedented aggregate size. As Elio puts Analysis by ding when they say private equity is a long-term it, “If all your gain is still tied up, we have so many CEO asset class. You could commit capital to a private assets to liquidate, it’s going to be difficult.” David Snow equity fund, raise your kids and send them off to college before getting back the full value of your Secondary “Flash Boys” investment in cash. Perhaps this is as it should It’s clear that new participants in the private eq- be—left to your own fickle decision-making over uity asset class, armed with decades of such per- that roughly 15-year time horizon, you might have formance data, should know what they’re signing stopped investing and missed the prime buying up for—GP relationships that will span well be- opportunity, desperately sold your best assets in yond the advertised 10-year life of the individu- mid-recession, or blown the whole allocation at al funds. Investors still concerned about liquidity the top of the market. should also note the increasing size and dexterity of the private equity secondaries market, in which Instead, you paid a GP to laboriously deploy the opportunities to trade in and out of partnerships capital over a four-or five-year period, and then re- are not quite at “Flash Boys” levels, but are signif- main long-term greedy in deciding when and how icantly more technologically advanced than even to exit those investments. Sell that struggling con- five years ago. sumer business in 2010 just because LPs were com- plaining about needing liquidity? No way. Better to Driving liquidity in the private equity market is the wait it out. That’s called control and optionality. If removal of what was one the main impediment to you need liquidity, sell off your stock portfolio.
Load more

Recommended publications
  • FORM 8-K Walmart Inc
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 4, 2018 Walmart Inc. (Exact Name of Registrant as Specified in Charter) Delaware 001-06991 71-0415188 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 702 Southwest 8th Street Bentonville, Arkansas 72716-0215 (Address of Principal Executive Offices) (Zip code) Registrant’s telephone number, including area code: (479) 273-4000 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
    [Show full text]
  • 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.
    [Show full text]
  • How Will Financial Services Private Equity Investments Fare in the Next Recession?
    How Will Financial Services Private Equity Investments Fare in the Next Recession? Leading funds are shifting to balance-sheet-light and countercyclical investments. By Tim Cochrane, Justin Miller, Michael Cashman and Mike Smith Tim Cochrane, Justin Miller, Michael Cashman and Mike Smith are partners with Bain & Company’s Financial Services and Private Equity practices. They are based, respectively, in London, New York, Boston and London. Copyright © 2019 Bain & Company, Inc. All rights reserved. How Will Financial Services Private Equity Investments Fare in the Next Recession? At a Glance Financial services deals in private equity have grown on the back of strong returns, including a pooled multiple on invested capital of 2.2x in recent years, higher than all but healthcare and technology deals. With a recession increasingly likely during the next holding period, PE funds need to develop plans to weather any storm and potentially improve their competitive position during and after the downturn. Many leading funds are investing in balance-sheet-light assets enabled by technology and regulatory change. Diligences now should test target companies under stressful economic scenarios and lay out a detailed value-creation plan, including how to mobilize quickly after acquisition. Financial services deals by private equity funds have had a strong run over the past few years, with deal value increasing significantly in Europe and the US(see Figure 1). Returns have been strong as well. Global financial services deals realized a pooled multiple on invested capital of 2.2x from 2009 through 2015, higher than all but healthcare and technology deals (see Figure 2).
    [Show full text]
  • Inprs Cafr Fy20 Working Version
    COMPREHENSIVE ANNUAL FINANCIAL REPORREPORTT 2020 For the FiscalFiscal YearYear EndedEnded JuneJune 30,30, 20202019 INPRS is a component unit and a pension trust fund of the State of Indiana. The Indiana Public Retirement System is a component Prepared through the joint efforts of INPRS’s team members. unit and a pension trust fund of the State of Indiana. Available online at www.in.gov/inprs COMPREHENSIVE ANNUAL FINANCIAL REPORT 2020 For the Fiscal Year Ended June 30, 2020 INPRS is a component unit and a pension trust fund of the State of Indiana. INPRS is a trust and an independent body corporate and politic. The system is not a department or agency of the state, but is an independent instrumentality exercising essential governmental functions (IC 5-10.5-2-3). FUNDS MANAGED BY INPRS ABBREVIATIONS USED Defined Benefit DB Fund 1. Public Employees’ Defined Benefit Account PERF DB 2. Teachers’ Pre-1996 Defined Benefit Account TRF Pre-’96 DB 3. Teachers’ 1996 Defined Benefit Account TRF ’96 DB 4. 1977 Police Officers’ and Firefighters’ Retirement Fund ’77 Fund 5. Judges’ Retirement System JRS 6. Excise, Gaming and Conservation Officers’ Retirement Fund EG&C 7. Prosecuting Attorneys’ Retirement Fund PARF 8. Legislators’ Defined Benefit Fund LE DB Defined Contribution DC Fund 9. Public Employees’ Defined Contribution Account PERF DC 10. My Choice: Retirement Savings Plan for Public Employees PERF MC DC 11. Teachers’ Defined Contribution Account TRF DC 12. My Choice: Retirement Savings Plan for Teachers TRF MC DC 13. Legislators’ Defined Contribution Fund LE DC Other Postemployement Benefit OPEB Fund 14.
    [Show full text]
  • Annual Report 2019 Annual Report
    Annual Report 2019 Annual report 01 Report of the Managing Board 08 Consolidated financial statements 09 Consolidated balance sheet 10 Consolidated income statement 11 Consolidated cash flow statement 12 Notes to the consolidated financial statements 13 1. Accounting policies for the consolidated balance sheet 15 2. Accounting policies for the consolidated income statement 16 3. Financial instruments and risk management 17 4. Notes to the consolidated balance sheet 22 5. Notes to the consolidated income statement 25 6. Employees 26 Company financial statements 27 Company balance sheet 28 Company income statement 29 7. Notes to the company balance sheet 42 8. Supplementary information company financial statements 45 Other information 46 Independent auditor’s report B AlpInvest Annual Report 2019 Report of the Managing Board Market and economic tensions, 10-year yields ended the year at 1.92%, developments 2019 34bps above the yield on 2-year Treasuries. Slower Global Growth Amid Trade Tensions Substantial valuation gains in risk markets Global economic growth continued to lose steam Despite the slowdown in global economic growth, in 2019 as trade tensions undermined business equity markets around the world enjoyed sub- confidence. This slowdown was particularly visible stantial gains in 2019. While the S&P 500 index in the manufacturing sector. By contrast, services, rose 28.9% during the year, the Euro Stoxx 50 which are less exposed to external factors, index gained 24.8% (in euro terms). Although the remained comparatively robust. At the same time, FTSE 100 index increased comparatively more high levels of employment and moderate wage moderately, at the end of 2019 it was still 12.1% gains in major economies supported consump- higher than a year earlier.
    [Show full text]
  • 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
    [Show full text]
  • Crowdfunding Monitor Switzerland 2021
    Institute of Financial Services Zug IFZ Crowdfunding Monitor Switzerland 2021 hslu.ch/crowdfunding Prof Dr Andreas Dietrich, Dr. Simon Amrein We are grateful to the following platforms for supporting this study by providing data: Summary of key results In 2020 CHF 606.6 million (+2%) was raised in Switzerland. CHF 2.29 billion has been raised through crowdfunding since the launch of the first crowd- funding platform in Switzerland thirteen years ago. The highest growth from 2019 to 2020 was posted by reward-based crowdfunding / crowddonating (+82%, to CHF 44.6 million). Crowdlending posted growth (+7%, to CHF 448 m), but crowdinvesting declined in value compared to 2019 (-26%, to CHF 114 m). Some 270,000 people backed crowdfunding projects in Switzerland in 2020. 38 crowdfunding platforms were operating in Switzerland at the end of April 2021 (domiciled in Switzerland). That said, 2020 saw active funding campaigns recorded on only 28 Swiss platforms. Foreword Crowdfunding Monitor 2021 Foreword Crowdfunding is a means of raising finance via online platforms for a wide variety of projects. These can include loans for companies, participating in a business start-up, co-acquiring a property or fi- nancing social projects. Crowdfunding projects thus cover a range of areas. Nevertheless, they all have one thing in common: typically, a large number of people provide an amount that is often small, enabling the project to be realised. Direct, internet-based communication between those providing funds and those seeking funds is a key element of all types of crowdfunding. 38 active platforms are currently operating in Switzerland. The volumes reported by these crowdfund- ing platforms have again exhibited a positive trend in 2020: 2020 saw some CHF 607 million raised.
    [Show full text]
  • Enewsletter No. 457 | SECA | Swiss Private Equity & Corporate
    eNewsletter no. 457 Dear Reader 20 May 2016 It was a school project: Start a Business! Taylor Rosenthal of SECA Opelika, Alabama, did just that. He is a baseball player and thought it would be sensible to post First Aid Kits near the diamond or in Venture Capital fact any playground where kids may suffer injuries. He developed Private Equity – Swiss News the box and stocked it with necessities, filed a patent suit and started the company RecMed, and all that before he had his first Private Equity – Int. News shave.Taylor Rosenthal is only 14. The price of the First Aid Box is Corporate Finance a hefty 5 500 dollar, but recreation park chains and investors are Mergers & Acquisitions interested. Already Taylor Rosenthal has turned down an offer of 30 million dollar. You can't pull the wool over a guy's eyes just Management Buyout because he is young. He tends to his business, keeps going to Book of the Week school and persues new projects. Jobs If given a chance, I will invest in RecMed and wait for the First Aid Box in my gym in Zug, Switzerland. On the other hand: why not Agenda wait for his next venture? This guy will go places. Editor Have a nice week! Maurice Pedergnana Toolbox Print Newsletter Send Newsletter to a Friend Download as PDF SECA 15. SECA Private Equity & Corporate Finance Conference The conference will take place on Wednesday, 6 July 2016, in the SIX ConventionPoint in Zurich and is one of the biggest conferences in Switzerland, which brings together the private equity, venture capital and corporate finance industries.
    [Show full text]
  • Stepstone Atlantic Fund, L.P
    StepStone Atlantic Fund, L.P. Private Equity and Infrastructure Investment Plan Proposed: November 2020 Report Prepared For: Important Information This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, StepStone Conversus LLC, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use.
    [Show full text]
  • Operating Partners Forum
    Pricing Registration Preferred price Full price privateequityinternational.com/opny Registration type ends April 26 after April 26th [email protected] General delegate GPs Operating +1 212 633 1073 are defined as the in-house SAVE $500 finance and operations US $3,295 US $2,995 executivesPartners at private equity Forum andNew venture capital firmsYork 2019 Venue OctoberService provider 16-17 A| Convene, 117 West 46th Street Convene service provider is defined as any professional services 117 West 46th Street organization which provides New York, NY 10036 Theadvisor service largest and technology global event for solutions to private fund $3,495 privatemanagers and operating equity value creators partners. There is no Hotel accommodations discounted pricing for service Kimpton Muse Hotel providers. 130 W 46th St To register visit: www.privateequityinternational.com/opny New York, NY 10036 Now in its ninth year, Private Equity International’s Operating Partners Forum: New York is the single largest event in the world specifically dedicated to anyone concerned about private equity portfolio operational assessment and value creation. The Forum continues to be the signature meeting space to connect 400+ attendees with opportunities to network with leading operating partners, learn how to best position yourself in your career as an operating partner, explore the latest value creation plans, compare operational models and gain insight from seasoned value creators. Agenda highlights Wednesday, October 16 » Functional Business Series 1 » Women
    [Show full text]
  • Stepstone Atlantic Fund, L.P
    StepStone Atlantic Fund, L.P. Private Equity and Infrastructure Quarterly Monitoring Report For the period ending December 31, 2020 Report Prepared For: Important Information This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, StepStone Conversus LLC, Swiss Capital Alternative Investments AG and StepStone Group Europe Alternative Investments Limited or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use.
    [Show full text]
  • Evaluating Investments in Unlisted Equity for the Norwegian Government Pension Fund Global (Gpfg)1
    EVALUATING INVESTMENTS IN UNLISTED EQUITY FOR THE NORWEGIAN GOVERNMENT PENSION FUND GLOBAL (GPFG)1 This version: April 5, 2018 Trond M. Døskeland, NHH Per Strömberg, Stockholm School of Economics 1 We would like to thank Kyrre Stensnes, Hans-Jörgen Tranvåg, Adair Morse, David Robinson, Steve Kaplan, Josh Lerner, and Antti Ilmanen for helpful comments and suggestions. We are also grateful to Ludo Phalippou for sharing his data. Erik Stensrud and Laszlo Sajtos provided excellent research assistance. 1 Executive Summary The purpose of this report is to provide analysis and recommendation to assist the Ministry of Finance in assessing whether the mandate to GPFG should be altered to allow for investments in unlisted equity, or Private Equity (PE) investments. The PE market consists of different segments that differ depending on the types of firms they invest in: venture capital (investing in young companies and startups), growth equity (investing in somewhat more established but fast-growing companies), buyouts (investing in mature companies), and distress (focusing on turnaround situations). Still, the PE model of ownership and governance is quite similar across these segments. The focus of PE investors is on creating real value through active ownership and governance of firms in a way that is difficult to replicate in a public setting. Top PE investors possess unique skills to add real value to the companies they own beyond just financial engineering, and these skills are difficult to acquire and/or imitate. The bulk of PE investment is undertaken by specialized financial intermediaries, PE funds, in which PE fund managers raise capital from institutional investors.
    [Show full text]