DOCSLIB.ORG

Operational Excellence October 2020 • Privateequityinternational.Com

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Operational Excellence October 2020 • Privateequityinternational.Com Operational Excellence October 2020 • privateequityinternational.com Value creation in action OpEx Awards winners revealed Are you preparing for the ‘new world’ of private equity? As a leading provider of tech-enabled fund services, we’re experienced in PRIVATE CAPITAL FUND helping private equity managers overcome their operational challenges. ADMINISTRATION SPV AND LOAN ADMINISTRATION We work with 80% of the Top 50 PEI firms across our network of over MIDDLE OFFICE AND SHADOW 30 countries. You can rely on our end-to-end capabilities, expert teams ACCOUNTING and state of the art technology to provide a truly customised offering. TECHNOLOGY AIFM MANCO Get in touch at [email protected] AIFMD DEPOSITARY to discuss your challenges with one of our REGULATORY AND COMPLIANCE funds experts. Regulatory information is detailed on intertrustgroup.com/legalnotice intertrustgroup.com Contents How to contact us Senior Editor, Private Equity, Americas Isobel Markham [email protected], +1 646 380 6194 Senior Editor, Private Equity, EMEA Adam Le Operational Excellence [email protected], +44 20 7566 5437 Senior Special Projects Editor Graeme Kerr [email protected], +44 20 3862 7491 ISSN 1474–8800 • OCTOBER 2020 Special Projects Editor Louise Fordham [email protected], +44 20 7566 5440 Senior Reporters Carmela Mendoza [email protected], +44 203 640 7512 Insight Rod James [email protected], +44 20 7566 5453 Senior Reporter – Asia Alex Lynn 2 [email protected], +852 3704 4638 Key trends PE’s value creation Contributors Amy Carroll, Claire Coe Smith, Vicky Meek, playbook looks to prove its worth Victoria Robson Value creation Four key learnings Managing Editor, Production: Mike Simlett Production Editors: Daniel Blackburn, from the OpEx Awards 6 Adam Koppeser EDITOR’S LETTER Value creation Copy Editors: Eric Fish, Nicholas Manderson reimagined for a new era 7 Art Director: Mike Scorer Head of Design: Miriam Vysna Senior Designer: Lee Southey Honour roll 16 Designers: Denise Berjak, Pio Blanco Analysis Meet the judges 18 Head of Marketing Solutions, Private Equity Group: Winners in the Americas 22 Alistair Robinson 8 Winners in Asia-Pacific 29 [email protected], +44 20 7566 5454 Subscriptions and reprints Driving value creation through Winners in EMEA 36 [email protected] data analytics Data insights can be Customer Service [email protected] key to improving portfolio company Kucher on why pricing should be Editorial Director, US: Rich Melville profitability, says RSM’s Rich Davis high on the value creation agenda 26 Editorial Director: Philip Borel The operating partner of tomorrow Director, Product: Amanda Janis Reassessing carve-outs’ value Why GPs are on the hunt for Director of Research and Analytics: Dan Gunner creation potential PE may do well individuals with more diverse Managing Director, Americas: Colm Gilmore to consider carve-out opportunities, Managing Director, Asia: Chris Petersen skill sets 10 say Friederich von Hurter and Filip Chief Commercial Officer: Paul McLean A challenging win PER’s Gail Chief Executive: Tim McLoughlin Debevc of PwC Germany 33 McManus on addressing gender Partnering with family-led firms imbalance in operating teams 13 CPP Investments’ Rodolfo Spielmann Why tech transformation is ‘critical’ on building relationships 40 to growth The pandemic has underlined the power of digitisation Why misjudged cuts can misfire in PE, says Intertrust Group’s Chitra Rework human capital strategies Baskar 14 before trimming budgets, says FMG Leading’s Matt Brubaker 41 Sustaining procurement’s impact For subscription information visit privateequityinternational.com on EBITDA Efficio explains how Cultivating human capital How strong procurement foundations can effective talent management can create long-term value 20 seed benefits across portfolios 42 Pricing: PE’s hidden gem? Simon- The secret CEO 44 October 2020 • Operational Excellence 1 Key trends Private equity’s value creation playbook looks to prove its worth amid today’s pandemic- induced uncertainty inancial engineering will [The crisis] has that not only did this intervention ever be integral to the “ save companies but helped them private equity model; underlined the thrive. McKinsey found that GPs with it is called leveraged operating groups achieved internal buyout for a reason. Still, importance of being rates of return roughly 500 basis the shift in GPs’ focus highly engaged in points higher than those without Ftowards creating value through on their 2009-13-vintage funds, a operational improvement has been good times and phenomenon unapparent in relation one of the most striking trends of the to other vintages. past 10 years, writes Rod James. bad ” A 2018 paper titled Private Equity Every one of the 25 largest Stewart Kohl, Riverside Company and Financial Fragility During the private equity firms in the world Crisis found sponsors’ willingness has an operating group focused on implementation and journey to to get stuck in not only helped supporting value creation in their exit, and possibly even beyond, if companies survive but also allowed portfolios, according to McKinsey. we reinvest in a business,” Geoff them to increase market share These teams are also getting more Tomlinson, value creation partner at versus non-PE-backed peers. hands on. In 2015, the consultancy LDC, told Private Equity International The situation today differs from found operating teams spent almost last year. “This is a much broader the GFC in several ways. Though a third of their time “monitoring and responsibility for operating partners extensive investment means GPs reporting” company performance. than has previously been the case, are better resourced to help than a In 2018 this dropped to 19 particularly in pre-deal.” decade ago, the unpredictability of percent, with “driving measurable the virus makes it harder for GPs to performance improvement” coming Lessons from the GFC provide strategic guidance to their to represent more than 50 percent It is prescient that a key driver of this businesses, the paper’s co-author of time spent. trend was the global financial crisis, Josh Lerner, a Harvard University “We aim to support portfolio when it became clear GPs would professor, tells PEI. companies throughout the life-cycle have to intervene, financially and The growth in operational of an investment – from pre-deal, operationally, to save businesses resources has also been matched by through the growth strategy under stress. With hindsight, it seems an expansion in the number of deals 2 Private Equity International • October 2020 NSSK Value Up Program in Ac�on! Winner - Opera�onal Excellence Award Insight replicated across our portfolio. They saw demand increase as sales to groceries boomed, and they met that demand while overcoming a strict lockdown, shipping challenges and scores of unknowns. They are an inspiration.” Further tests ahead For the aforementioned Northern European pension fund manager, the crisis has reaffirmed his belief in backing GPs with an operational focus, though he acknowledges his good fortune in being highly exposed to sectors such as software-as-a-service, whose spike in popularity during lockdown has that firms are doing, notes Daniel the US. It had shipped 40,000 masks helped buoy the whole portfolio. Winther, head of private equity as of the end of April and planned to Speaking to PEI in September, and infrastructure at Skandia Asset ship an additional 860,000. six months since much of the world Management, which has around Algerian pharmaceutical introduced lockdown measures, he €4 billion in PE assets and favours business Biopharm, acquired by is at pains to emphasise the worst of GPs with a focus on operational Development Partners International the crisis may not be over and the improvement. “What I worry is that in 2013, converted two production removal of state support could be a they have maxed out,” he says. lines dedicated to the manufacture death sentence for some sponsor- “When a crisis hits like this one, of topical creams and gels to backed businesses, even with the where every company is getting hurt, producing hydroalcoholic gel for best efforts of the operational team. these resources will help but it might hand sanitiser. It donated the first “Some manufacturers said [at the not be enough.” 30,000 to various public bodies and start of the crisis] ‘let’s burn through In May, a Northern European will sell further batches “practically at our excess inventory and not order pension fund manager told cost”, PEI reported. more’. They’ve now burned through PEI he took comfort in how “It is an entrepreneurial response it and they need to start the plant embedded operating partners are to this crisis,” Sriwatsan Krishnan, up again, but they are not at full in their portfolio companies. They a Mumbai-based partner at capacity because the demand is just A PASSION FOR understand the business intimately consultancy Bain & Co, told PEI. not there. So, once again we have a and their compensation is closely Mid-market buyout shop Riverside cost absorption problem. We are in aligned with that of management. Company has seen a modest a kind of twilight zone.” FUTURE-PROOFING Most were hired, however, during a increase in the value of its portfolio Despite the considerable decade-long bull run. They clearly since the start of the crisis, with year- uncertainty, there is no suggestion understand growth but what about to-date sales and EBITDA around yet that coronavirus will challenge COMPANIES distress? flat on last year, a product of the firm the fundamental pillars of the learning quickly “to do more with operational improvement playbook. Positive early signs less”, says co-chief executive officer If anything, it is likely to hammer While the crisis still has a long Stewart Kohl. He cites the success home the benefits of not just being a way to run, the initial response of of Galvanina, a sparkling water financial engineer. operating partners has given cause company from Northern Italy, one of “It has underlined the importance for optimism.
Load more

Recommended publications
  • 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]
  • 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]
  • Funds, Fees & Affiliates
    FUNDS, FEES & AFFILIATES (OH MY!) SEC OCIE’s Examination of the Private Fund World Moderators: James W. Van Horn, Jr., Hirschler Fleischer, PC Marc R. Lieberman, Kutak Rock LLP Presenters: Matthew D. Harris, Securities Exchange Commission, Chicago Office Edward Schwartz, ORG Portfolio Management NAPPA SEC Working Group Panel 2015 NAPPA Legal Education Conference June 25, 2015 AGENDA I. Overview Marc Lieberman II. OCIE Examinations Matthew Harris A. Examination Process B. Exam Priorities C. Examination Results III. Panel Discussion Jim Van Horn Marc Lieberman A. Fee Allocations, Disclosure & Transparency Matt Harris B. Fiduciary Duty of Private Fund Advisers Ed Schwartz C. Role of Fund Administrators & Auditors D. Independent Monitors IV. Questions F UNDS, FEES & AFFILIATES (OH M Y!) J UNE 25, 2015 2 OVERVIEW Increased Federal Oversight of Private Investment Funds 2010 – Dodd-Frank Act amends Investment Advisers Act of 1940 (Advisers Act) - Private Fund Advisers (PFAs) must register with SEC June 2011 – SEC Adopts Rules - PFAs ≥ $150 mm to register Oct. 9, 2012 – OCIE Letter to PFAs announcing “Presence Exams” May 2, 2012 – OCIE Director di Florio Speech – PFA Compliance with Advisers Act F UNDS, FEES & AFFILIATES (OH M Y!) J UNE 25, 2015 3 OVERVIEW Increased Federal Oversight of Private Investment Funds May 11, 2012 – OCIE Director Champ Speech - “What SEC Registration Means for Hedge Fund Advisers” January 9, 2014 – OCIE /NEP Examination Priorities for 2014 (PFAs prioritized) January 28, 2014 – OCIE “Risk Alert” re: investor
    [Show full text]
  • In the Matter of Blackstreet Capital Management, LLC and Murry N
    UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 77959 / June 1, 2016 INVESTMENT ADVISERS ACT OF 1940 Release No. 4411 / June 1, 2016 ADMINISTRATIVE PROCEEDING File No. 3-17267 In the Matter of ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS, BLACKSTREET CAPITAL PURSUANT TO SECTIONS 15(b) AND 21C MANAGEMENT, LLC OF THE SECURITIES EXCHANGE ACT OF and 1934, AND SECTIONS 203(e) AND 203(k) OF MURRY N. GUNTY, THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS AND A CEASE- Respondents. AND-DESIST ORDER I. The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 (“Exchange Act”), and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 (“Advisers Act”) against Blackstreet Capital Management, LLC (“BCM”) and Murry N. Gunty (“Gunty”) (collectively, “Respondents”). II. In anticipation of the institution of these proceedings, Respondents have submitted an Offer of Settlement (the “Offer”), which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over them and the subject matter of these proceedings, which are admitted, and except as provided herein in Section V, Respondents consent to the entry of this Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (“Order”), as set forth below.
    [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]
  • Exit Mechanisms in Joint Venture Agreements by Joan Hayden And
    Beginning with the End in Mind: Exit Mechanisms in Joint Venture Agreements By Joan Hayden and John Sullivan 1 Introduction “Hope springs eternal in the human breast.” – Alexander Pope “Man plans; God laughs.” – Yiddish Proverb Although partners generally enter into a real estate joint venture with great expectations and an alignment of their respective interests, things can change with the passage of time: events intercede, needs change and parties can fall out of love – with the property, with each other, and sometimes with both. A variety of mechanisms can be included in joint venture agreements to facilitate a parting of the ways when one partner wants to sell the joint venture’s investments or discontinue its relationship with its partner and the other partner does not share those objectives. The typical joint venture exit mechanisms are well known; one or more of them are almost reflexively included in joint venture agreements.2 However, a more thoughtful approach to those familiar devices will often yield a better result for both partners. The first step is to understand the legal structure of each of the partners, their relative resources, liquidity and bargaining power, and their respective motivations and business goals. With these issues in mind counsel should analyze how each of the exit mechanisms may impact the partners at different points in the life of the venture, taking into account the appropriate triggers and other critical issues such as tax concerns, lender rights, and guaranty and indemnity obligations. Proper planning at the formation of the joint venture can preserve or prolong the alignment of interests by minimizing conflicts between the partners, and ultimately assist each partner in achieving its primary goals with respect to the property and the partnership if and when it is time for a “divorce”.
    [Show full text]
  • Operating Partners Technology Forum Virtual Experience 2020 December 1-2 | Virtual Event (EST)
    Operating Partners Technology Forum Virtual Experience 2020 December 1-2 | Virtual Event (EST) Driving technology as a key value creation lever in PE & VC privateequityinternational.com/optech Contents » Virtual experience » Networking » Agenda highlights: Thinks tanks » Agenda highlights: Private equity » Agenda highlights: Venture capital » How it works » Speakers » Sponsors » Registration privateequityinternational.com/optech Utilize the virtual experience from anywhere in the world You also get: Without ever leaving the comfort and security of your » Built-in calendar to create your own home, you can enjoy ALL the 100 + value creation daily schedule so you don’t miss your experts sharing their practical guidance. Plus, you can favorite sessions participate in audience Q&A, polls, and download content and papers with just a few clicks. » Live panel discussions » Automated reminders » Interactive discussion boards » Networking meeting tools » Polling and surveys » On-demand playback, which gives you access to sessions for up to 6 months privateequityinternational.com/optech 3 of 14 | back to contents Networking at Take advantage of these benefits: 1. Use our searchable directory of delegates: your own pace Use our searchable directory of our delegates, solution providers and Online networking done right can speakers, so you can quickly find the right provide a very effective way for people people and companies to connect with. to build their professional relationships 2. Private messaging: and knowledge. Reach out privately and directly online (without having to expose email and phone number to “the world”). 3. Virtual meet-ups: Pre-schedule multi-person video conferences or one on one type meetups, allowing you to connect and talk about topics of interest.
    [Show full text]
  • Private Equity Report What’S Inside
    Private Equity Report What’s Inside Volume 3 Number 4 Summer 2003 3 Special Tax Issues for Tax- Exempt and Foreign Investors Are the Terms of U.S. and European in Private Equity Funds Private Equity Funds Converging? 4 The New 15% Tax Rate and the Opportunities It Creates In the Spring 2002 issue of this publication, we examined the differences between U.S. and 5 Grace Under Pressure: European private equity funds, and found that a number of the previously existing differences Revisiting Fraudulent Conveyance Risk had narrowed in the period from 1997 through 2001. In this issue, we look again at trends in structuring European private equity funds and ask the question: “Are the terms of U.S. and 6 Guest Column: European private equity funds converging?” In trying to answer this question, we reviewed the Be Wary of Consolidation in information added to our proprietary funds database since 2001. To refine our analysis further, Private Equity Transactions we took a more detailed look at 40 major European private equity funds raised in the last two 7 Update on Big-Boy Letters years. Finally, we canvassed the lawyers in our London, Paris and Frankfurt offices who work 8 A Structural Victory for the regularly in this area. We found that the trends identified in our Spring 2002 issue have con- European High-Yield Market tinued and that, in several respects, the terms of private equity funds sponsored by European 9 Hedging Bets on firms continue to move even closer to those of U.S. funds. We predict that this trend will continue.
    [Show full text]
  • PEI Operational Excellence Awards 2019
    Operational excellence 2019 October 2019 • privateequityinternational.com Asia-Pacific Turnaround Profit Expansion Growth StrategyAmericas margin Digitisation Customer service Customer ARE YOU EMEA Global ambitions State-of- PREPARED FOR THE Product launches the-art New DOWNTURN? facilities R&D Private equity investors and portfolio company executives turn to Alvarez & Marsal to get OpEx Awards: ahead of market volatility. Our approach towards revenue and cost optimization is focused M&A Know-how Who are the on commercial and operational efficiency to create sustainable EBITDA impact. best value Let’s discuss how we can create a plan that gets you ready for the downturn. creators? Best practice Visit us online to learn more at AlvarezandMarsal.com Buy-and-build Nick Alvarez | Managing Director Markus Lahrkamp | Managing Director Jeffrey Klein | Managing Director Robust [email protected] [email protected] [email protected] Exit multiples Sales spike IT systems +1 646 495 3550 +1 212 763 9558 +1 212 763 9626 technology Disruptive ESG Internal rate of return Cost savings Innovation NORTH AMERICA • EUROPE • MIDDLE EAST • LATIN AMERICA • ASIA INNOVATION INNOVATION INNOVATION INNOVATION We’re up to speed, INNOVATION INNOVATION so you can go full speed. SEE CHALLENGES BEFORE THEY’RE CHALLENGING. To make confident decisions about the future, middle market leaders need a different kind of advisor. One who starts by understanding where you want to go and then brings the ideas and insights of an experienced global team to help get you there. Experience the power of being understood. Experience RSM. rsm us.com A PASSION FOR DEVELOPING COMPANIES A DIFFERENTIATED GLOBAL INVESTMENT ORGANIZATION eqtgroup.com RSM US LLP is the U.S.
    [Show full text]
  • INTEL CORPORATION (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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): January 29, 2019 INTEL CORPORATION (Exact name of registrant as specified in its charter) Delaware 000-06217 94-1672743 (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 2200 Mission College Blvd., Santa Clara, California 95054-1549 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (408) 765-8080 Not Applicable (Former name or former address, if changed since last report.) 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: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ 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]
  • 1 Intel Corporation 2200 Mission College Boulevard Santa Clara
    Intel Corporation 2200 Mission College Boulevard Santa Clara, California 95054, U.S.A. INTEL CORPORATION 2006 EMPLOYEE STOCK PURCHASE PLAN, AS AMENDED AND RESTATED (THE "ESPP") INTEL IRELAND PROFIT SHARING SCHEME AND INTEL SHANNON PROFIT SHARING SCHEME (THE "IRISH PLANS") Prospectus for the employees of certain European Economic Area ("EEA") subsidiaries of Intel Corporation, subject to the applicable legislation in each country Pursuant to articles L. 412-1 and L. 621-8 of the Code monétaire et financier and its General Regulation, in particular articles 211-1 to 216-1 thereof, the Autorité des marchés financiers ("AMF") has attached visa number 19-265 dated June 14, 2019, onto this prospectus. This prospectus was established by the issuer and incurs the responsibility of its signatories. The visa, pursuant to the provisions of Article L. 621-8-1-I of the Code monétaire et financier, was granted after the AMF verified that the document is complete and comprehensible, and that the information it contains is consistent. The visa represents neither the approval of the worthiness of the operation nor the authentication of the financial and accounting information presented. This prospectus will be made available in printed form to employees of the EEA subsidiaries of Intel Corporation based in countries in which offerings under the plans listed above are considered public offerings, subject to the applicable legislation in each country, at their respective head offices. In addition, this prospectus along with summary translations (as applicable) will be posted on the intranets of Intel Corporation, and free copies will be available to the employees upon request by contacting the human resources departments of their employers.
    [Show full text]
  • ILPA Principles 3.0: Fostering Transparency, Governance and Alignment of Interests for General and Limited Partners
    ILPA Principles 3.0: Fostering Transparency, Governance and Alignment of Interests for General and Limited Partners ILPA2019 Principles 3.0 1 Contents Overview 5 Principles in Summary 9 GP and Fund Economics 10 Waterfall Structure Calculation of Carried Interest Recycling of Distributions Clawback Management Fees Fee Income Beyond the Management Fee Reasonable Organization and Partnership Expenses Fund Term and Structure 17 GP Commitment and Ownership Fund Term Extensions Vehicles Investing Alongside the Fund Key Person 19 Identification and Changes to Key Person(s) Time and Attention Key Person Triggers and Process to Resolve GP Removal and Replacement 2 Fund Governance 21 Fiduciary Duty Investment Management Considerations Changes to the Fund GP-led Secondary Transactions Cross-Fund Investments Co-Investment Allocations LPAC Best Practices Auditor Independence and Scope of the Fund Audit Financial Disclosures 33 Fees and Expenses Other Financial Information, Quarterly Financial Disclosures, Annual Capital Calls and Distributions Subscription Lines of Credit Portfolio Company Information Financial and Performance Reporting Fund Marketing Materials Information Access and Fund Audits Notifications and Policy Disclosures 38 ESG Policies and Reporting Other Policy Disclosures and Notifications LP Disclosures 40 Definitions 41 Acknowledgements 43 3 About the ILPA The Institutional Limited Partners Association (ILPA) engages, empowers and connects limited partners (LPs) to maximize their performance on an individual, institutional and collective basis. Serving more than 515 member institutions representing over $2 trillion USD of private equity assets under management (AUM), ILPA is the only global organiza- tion dedicated exclusively to advancing the interests of LPs and their beneficiaries through best-in-class education, content, advocacy and networking.
    [Show full text]