DOCSLIB.ORG

Fondos Soberanos 2014 Índice 3

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Fondos Soberanos 2014 Índice 3 Fondos Soberanos 2014 Dr. Javier Santiso Profesor de Economía de ESADE Business School Vicepresidente de ESADE Center for Global Economy and Geopolitics (ESADEgeo) Índice Prefacio 5 Introducción 7 La inversión de los fondos soberanos en 2013q : Una bús ueda constante de operaciones de calidad 11 I $Q¢OLVLV*HRJU¢ĄFR 19 )RQGRVVREHUDQRVHQ(VSD²D\$PªULFD/DWLQD 21 Las inversiones en renta variable del GPFG de Noruega: Un fondo soberano europeo para Europa 49 (OVXH²RQRUWHDPHULFDQR)RQGRVS»EOLFRVHVWDGRXQLGHQVHV\FDQD GLHQVHV 633 II Análisis Sectorial 77 Inversión de los fondos soberanos en infraestructuras 79 )RQGRVVREHUDQRV\UHDOHVWDWH(OGHVSHUWDUGH(VSD²D 91 /DLQYHUVL´QGHORVIRQGRVVREHUDQRVHQVHUYLFLRVĄQDQFLHURV& RQODYLVWDHQHOSDVDGRDQWLFLSDQGRHOIXWXUR 97 5DQNLQJ(6$'(JHR)RQGRVVREHUDQRVx 105 Fondos soberanos 2014 Índice 3 Prefacio Fondos soberanos 2014 Prefacio 5 1. Prefacio Durante 2014 la recuperación de la economía mundial ha En la presente edición, el informe analiza las principales actividades continuado avanzando, aunque de manera más moderada de lo llevadas a cabo por los fondos soberanos durante 2013 y principios inicialmente previsto y dando muestra de una significativa de 2014, además de sus estrategias, decisiones de inversión y heterogeneidad, debido principalmente a las desiguales tasas de alianzas o colaboraciones con otros fondos y otros inversores crecimiento registradas en los diferentes países. Repuntó la institucionales. Además, se analizan en profundidad tres nuevas actividad en las economías avanzadas, aunque no al mismo ritmo áreas. En primer lugar, se estudia en detalle la estrategia inversora y en todas ellas. Por su parte, las economías emergentes ajustaron la cartera de activos del fondo soberano más grande del mundo: el sus tasas de crecimiento a niveles ligeramente inferiores a los Government Pension Fund Global noruego. En segundo lugar, se registrados en años anteriores. No obstante, han continuado realiza un estudio detallado de los fondos públicos norteamericanos escalando posiciones en la economía mundial, avanzando a tasas y los principales fondos de pensiones canadienses. En tercer lugar, significativamente más elevadas que las economías avanzadas y se analiza en detalle la presencia de los fondos soberanos en tres ejerciendo de motor de la economía global. sectores: infraestructuras, inmobiliario y servicios financieros. Así, economías como China, Rusia o Emiratos Árabes Unidos son Al igual que en ediciones anteriores, el informe centra la atención exportadoras de capitales cada vez más importantes, debido a su en España y sus empresas, que, en los últimos años, han alcanzado cómoda posición fiscal, sus tasas de ahorro interno y su abundante un importante protagonismo en Europa como receptoras de dotación de materias primas. En este contexto, estos países inversión de fondos soberanos y empresas estatales, sobre todo en desempeñan un rol cada vez más relevante como emisores de aquéllas con presencia en Latinoamérica. El posicionamiento inversión extranjera directa en el mundo: en 2013 las economías en estratégico de las empresas españolas, tanto geográfico como desarrollo generaron más del 33% de las salidas mundiales de sectorial, junto con el conocimiento y experiencia de sus equipos Inversión Extranjera Directa, cuando en 2000 representaron tan directivos, contribuirán a que España continúe siendo un importante solo el 12%. destino para estos inversores internacionales en los próximos años. Tal y como quedó reflejado en las ediciones anteriores del presente Esperamos que esta nueva edición del estudio sobre el papel que Informe, algunos de estos países están canalizando su creciente están teniendo los fondos soberanos en la economía mundial poder inversor a través de fondos soberanos, cuyas decisiones cuente con su interés. estratégicas cuentan con un impacto cada vez mayor en la economía mundial. Debido al relevante y creciente papel que desempeñan estos instrumentos de inversión, ESADE Business School, KPMG e ICEX-Invest in Spain, presentan la tercera edición del Informe de Fondos Soberanos, con el objetivo de seguir profundizando en el estudio de la estrategia y las tendencias mundiales de los fondos soberanos. FIRMADO Jaime García-Legaz Secretario de Estado de Comercio Javier Solana, Presidente, ESADEgeo John Scott, Presidente, KPMG España Fondos soberanos 2014 Prefacio 6 Introducción Javier Santiso Profesor de Economía, ESADE Business School Vicepresidente, ESADE Center for Global Economy and Geopolitics (ESADEgeo) Fondos soberanos 2014 Introducción 7 2. Introducción Este informe Fondos Soberanos 2014 es el tercero realizado por ê El fenómeno de los fondos soberanos continúa su expansión por ESADEgeo, con el apoyo de KPMG e ICEX-Invest in Spain. todas las regiones emergentes, no sólo por Asia y Medio Oriente, Quisiéramos empezar agradeciendo a ambas instituciones el apoyo sino también por África y América Latina. Existen en la actualidad 84 recibido, que hace realidad este tercer informe anual sobre fondos fondos soberanos operativos y sus activos alcanzan los 5,9 billones soberanos. Además, agradecemos a Javier Capapé y a Tomás de dólares. La cifra de fondos constituidos y potenciales está por Guerrero su excelente trabajo de análisis y coordinación del encima de la centena. Se mantiene la concentración de las Informe; por último, a Samuel Granados, por el diseño de inversiones: los fondos más grandes aglutinan la mayoría de las infografías de primer nivel internacional, como demuestra su operaciones. Los sectores receptores clásicos –inmobiliario y servicios reciente incorporación como editor sénior en The Washington Post. financieros– atrajeron nuevo capital. En concreto, la inversión en inmobiliario muestra bien la paradoja de muchos inversores Este trabajo no es un esfuerzo aislado. Se enmarca en una serie de institucionales en el sector: los fondos aumentan su tamaño medio y actividades impulsadas por ESADEgeo a lo largo de los últimos tres con ello experimentan mejoras de competitividad. Sin embargo, ese años. En 2011, Javier Santiso asesoró al gobierno colombiano junto al mayor tamaño también supone una dificultad a la hora de invertir entonces Ministro de Finanzas, Juan Carlos Echeverry, y su equipo, eficientemente volúmenes de capital cada vez mayores. para la creación de su fondo soberano (hoy dedicado a la innovación). También se ha lanzado una serie de conferencias sobre ê El análisis de las tendencias globales de los fondos refleja dos mercados emergentes, ESADEgeo Globalization Lab, ya que muchos tendencias importantes. Primero, se recuperan las inversiones en de estos países cuentan con instituciones de este tipo. El 30 de mayo “consorcio”: en 2013 el número de operaciones directas de 2011 se celebró un Lab sobre fondos soberanos con Victoria desarrolladas por los fondos de manera conjunta (varios fondos Barbary, entonces en Monitor Group (Londres). El 7 de febrero co-invirtiendo en el mismo activo) superó a las operaciones de 2012 contamos con Christopher Balding de la Peking University individuales. Esto no ocurría desde 2009, mostrando un aprendizaje: HSBC Business School (Shenzhen, China), quien presentó su último el fortalecimiento del conocimiento mutuo entre estos fondos. libro. Además, también contribuimos en el libro editado por Karl Segundo, destaca el interés de las inversiones Sur-Sur, que de nuevo Sauvant, Sovereign Investment, con un capítulo sobre el sesgo político alcanzan un puesto prioritario para los fondos soberanos. En este de las inversiones de los fondos soberanos. Durante el pasado curso sentido, destacamos que las dos operaciones más importantes de 2013-2014 hemos participado en la elaboración de un capítulo sobre 2013 tienen como telón de fondo un acuerdo de entendimiento los fondos soberanos y América Latina en el Global Public (MOU) entre un gobierno y un fondo soberano; en ambos casos, InvestorsbHGLWDGRSRU20),) /RQGUHV $GHP¢VKHPRV esos acuerdos se han establecido con gobiernos de países reforzado nuestra colaboración con The Fletcher School (Tufts emergentes o frontera. Qatar Investment Authority comprometió University) al incorporar el análisis de tendencias de los fondos 5.000 millones de dólares en Malasia para desarrollar un nueva área elaborado por Patrick Schena; también en 2014 presentamos un industrial petroquímica al sur de la Península; por su parte, overview de la industria de los fondos soberanos en Sciences Po Mubadala, ha firmado un acuerdo valorado en otros 5.000 millones (París). El Informe ya se ha establecido como referencia internacional: de dólares para incrementar las exportaciones de bauxita en Guinea, se trata de la única fuente especializada en fondos soberanos citada además de construir un puerto y una refinería de aluminio. por el World Investment Report 2013, editado por la UNCTAD (Ginebra). ê En el Informe 2012 resaltamos que Europa fue la principal región receptora de inversiones en 2011 y, dentro de Europa, España y sus El presente Informe se estructura en tres bloques temáticos. En el empresas fueron el principal destino de los fondos soberanos con primero abordamos las principales tendencias que han seguido los 8.340 millones de dólares de inversión, por delante de Francia, fondos soberanos a lo largo del año 2013 (Patrick Schena y Neeraj Reino Unido y Alemania. En 2013, mostramos que España continúa Prasad). En el segundo bloque, dedicado al análisis geográfico: como un objetivo prioritario de los fondos soberanos, con la centramos el objetivo sobre España y Latinoamérica (Javier Santiso y ampliación de capital de
Load more

Recommended publications
  • Alternative Investment News November 10, 2008
    ain111008 6/11/08 19:18 Page 1 NOVEMBER 1O, 2008 LEHMAN/NOMURA PRIME BROKER VOL. IX, NO. 45 INTEGRATION HITS SYSTEMS SNAG Credit Suisse Cuts Combining the prime brokerage businesses of Nomura FoF Headcount Holdings and Lehman Brothers has reportedly hit a costly and The firm has trimmed 10 staffers from its fund of funds unit, with most of the unexpected snag that could delay full integration for an culled positions based in Europe. undetermined time, potentially stretching to several months or See story, page 9 over a year. An official involved with the merger integration plans told AIN that in Nomura’s acquisition of Lehman’s Asia, India and At Press Time European operations, it received the software for Lehman’s cash Zaragoza Likes Biotechs 2 prime brokerage system—which includes trading, analytics and (continued on page 19) The Americas Nonprofits To Add HFs 4 MELLON SUSPENDS SANCTUARY FUNDS Peloton Pro Sets Up Shop 4 Mellon Global Alternative Investments has suspended dealings on the $344 million Mellon RCG Bullish On Asia 6 Sanctuary Fund and the $426 million Mellon Sanctuary Fund II—its flagship event-driven Startup Readies Managed Account 7 and relative-value funds of hedge funds—as liquidity concerns have arisen from Europe unprecedented volatility in the markets. A number of the underlying funds “have invoked German Shop Revisits Launches 9 provisions that are intended for periods such as this where acute market illiquidity is coupled Pioneer Keen On Green 10 with extreme selling pressure,” stated an email sent to AIN by Spokesman Jamie Brookes. Mulvaney Sees Record Highs 11 (continued on page 20) Asia Pacific EX-FSA EXEC: SMALLER FUNDS NEED Infrastructure Firm Hires Trio 12 CLOSER SUPERVISION Japan Launch Pushed Back 13 The U.K.’s Financial Services Authority should monitor the behaviour of smaller hedge Middle East & Africa fund firms more closely because malpractice is more likely to go unnoticed in these firms.
    [Show full text]
  • 2018 Comprehensive Annual Financial Report
    2018 ANNUAL REPORT Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 NYSTRS.org Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 STNYRS Committed to Providing Educators With a Secure Retirement Since 1921 NEW YORK STATE TEACHERS’ RETIREMENT SYSTEM Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 Our Mission: To provide our members with a secure pension. Our Vision: To be the model for pension fund excellence and exceptional customer service. Our Values: Integrity Excellence Respect Resourcefulness Diversity Diligence Balance In addition to the above, NYSTRS has five Strategic Objectives. These objectives serve as a guiding light for staff and are a daily reminder of our core beliefs. Each tabbed section divider in this report will examine one of the Strategic Objectives. When taken in concert with our Mission,Vision and Values, these ideals form the fabric of our culture. New York State Teachers’ Retirement System 10 Corporate Woods Drive Albany, NY 12211-2395 (800) 348-7298 NYSTRS.org xxx Table of Contents INTRODUCTION INVESTMENTS (cont.) ACTUARIAL (cont.) 88 Breakdown of Real Estate 117 History of Member Payroll and the 7 Board of Trustees Equity Portfolio Employer Contribution Rate 8 Organizational Structure & Geographic Distribution of the Schedule of Retired Members and Executive Staff Real Estate Equity Portfolio Benefciaries Added to and 9 NYSTRS Staff 89 Private Equity Net Asset Value by Removed from the Beneft Payroll 10 Letter
    [Show full text]
  • Institutional Non Bank Lending and the Role of Debt Funds
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Kraemer-Eis, Helmut; Battazzi, Francesco; Charrier, Remi; Natoli, Marco; Squilloni, Matteo Working Paper Institutional non bank lending and the role of debt funds EIF Working Paper, No. 2014/25 Provided in Cooperation with: European Investment Fund (EIF), Luxembourg Suggested Citation: Kraemer-Eis, Helmut; Battazzi, Francesco; Charrier, Remi; Natoli, Marco; Squilloni, Matteo (2014) : Institutional non bank lending and the role of debt funds, EIF Working Paper, No. 2014/25, European Investment Fund (EIF), Luxembourg, http://www.eif.org/news_centre/publications/EIF_Working_Paper_2014_25.htm This Version is available at: http://hdl.handle.net/10419/176655 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben
    [Show full text]
  • SURVEY Venture Capital & Private Equity in Spain
    SURVEY Venture Capital & Private Equity in Spain 2014 WITH THE SPONSORSHIP OF SURVEY Venture Capital & Private Equity in Spain 2014 Príncipe de Vergara, 55 4º D • 28006 Madrid tel. (34) 91 411 96 17 • www.ascri.org CUBIERTA Informe ASCRI 2014-ingles.indd 1 15/04/14 12:45 ascri asociación española de entidades de capital - riesgo SURVEY 2014 Accuracy Venture Capital & Private Equity in Spain THIS SURVEY WAS ELABORATED BY: Dominique Barthel (ASCRI Managing Director) and Ángela Alférez (ASCRI Head of Research), from the data obtained and collected by José Martí Pellón (Universidad Complutense of Madrid) and Marcos Salas de la Hera (Webcapitalriesgo.com) Copyright ASCRI 2014 ascri asociación española de entidades de capital - riesgo The Spanish Private Equity & Venture Capital Association (ASCRI) is a non-profitmaking association that was set up in 1986 to represent, manage and defend its member`s professional interests, and to foster and promote the creation of companies whose corporate purpose consists of acquiring temporary stakes in the capital of non-financial companies whose shares are not quoted on the primary market of the Stock Exchanges. REPORT 2014 INDEX INDEX 5 CHAIRMAN´S LETTER 7 SUMMARY OF THE YEAR 2013 9 1. FUNDRAISING 12 2. TOTAL FUNDS UNDER MANAGEMENT 14 3. INVESTMENT 16 4. DIVESTMENT 20 5. PORTFOLIO 21 6. VENTURE CAPITAL 22 STATISTICS 27 A NEW REGULATORY FRAMEWORK FOR THE VENTURE CAPITAL 49 & PRIVATE EQUITY SECTOR IN SPAIN FOND-ICO GLOBAL INITIATIVE 53 COMPANIES INCLUDED IN THIS SURVEY 54 Our goal is to support the expansion
    [Show full text]
  • Asset-Lite Or Asset Backed
    Investment themes Who owns what Management advisors Mapping the changes in portfolio mix Intelligence tables from LaingBuisson Who and why SECOND EDITION Private Equity in Healthcare Independent. Intelligent. Insightful. Asset-liteXxxxx xxx xx xxxxxxx or asset backed Infrastructure funds have led a return to asset backed investments The leading adviser to the UK healthcare sector Rothschild & Co is one of the world’s largest independent financial advisory groups, with 2,800 people in over 40 countries worldwide. Our Global Advisory business has an impartial and insightful perspective on M&A, strategy and financing advisory to help our clients formulate and achieve their strategic goals. We advise on more healthcare deals in the UK and in Europe than any of our competitors. This provides our dedicated healthcare team of over 30 bankers in London with exceptional insight into the sector, and the experience to advise on the most complex transactions. The Cambian Group Oasis Healthcare Alliance Medical Group Acorn Care and Education (2016) (2016) (2016) (2016) • Adviser to Cambian on the £377m • Adviser to Bridgepoint and • Adviser to M&G Investments • Adviser to Ontario Teachers’ disposal of its adult services business management on the £835m sale and management on the £760m Pension Plan and other to Cygnet Health Care, a subsidiary of of Oasis Healthcare to Bupa sale of the business to Life shareholders on disposal of Acorn Universal Health Services Healthcare Group to the National Fostering Agency Abbey Care Homes The Priory Group Care
    [Show full text]
  • Business Outlook 2019
    NAVIGATE, INNOVATE, 2019 Business Outlook ACCELERATE 1 christie.com 2 NAVIGATE, INNOVATE, ACCELERATE CONTENTS 4 6 8 Managing Valuation & Bank Support Director’s Capital Markets & Business Statement Recovery 10 12 13 Regional Christie Christie Overview Finance Insurance 14 18 21 Medical Care Consultancy- Healthcare 22 26 30 Childcare & Retail Leisure Education 33 36 39 Pubs Restaurants Hotels 42 43 50 Consultancy- International Transaction Hotels Tables 57 58 Venners and Charity Orridge Activity 3 christie.com 2018 was surprisingly upbeat for some. Uncertainty fuelled by ongoing Brexit negotiations only became apparent in the last few weeks of the year as Parliament failed to reach a consensus on how to proceed. CHRIS DAY As ever, consumer confidence is key in driving these markets, which are more complex than Global Managing Director economic and business performance and, in traditional real estate. whilst there have been a number of metrics CHRISTIE & CO and findings to suggest high street spending is falling, this may not be the most reliable Our markets continue to function very method to establish consumer sentiment. As effectively and front end KPIs in transactions, we move towards online platforms, this looks such as interest and offers received, have Managing to be the most indicative way of measuring been robust. However, towards the end of how people are spending their money. 2018 there has been a slowdown within the tail end of some deal processes. As we The highly publicised struggles of big chain Director’s approach the deadline for a Brexit deal, we’ve brands in the casual dining space have cast seen some caution from banks who are doubt in the market, however, the issues really Statement taking longer to provide loans and capital, stem from oversupply rather than a lack of causing a domino effect and slowing some customer demand.
    [Show full text]
  • Private Equity Spotlight
    Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity Private Equity Spotlight performance, investors, deals and fundraising. Private Equity Spotlight August 2014 combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les, Funds in Market, Secondary The 2014 Preqin Private Equity Performance Monitor Market Monitor, Buyout Deals Analyst and Venture Deals Analyst. This month’s Private Equity Spotlight features the Executive Summary from the recently released 2014 Preqin Private Equity Performance Monitor, the industry’s most comprehensive guide to private equity performance. August 2014 Volume 10 - Issue 8 Page 3 FEATURED PUBLICATION: Preqin Industry News 2014 Preqin Private Equity This month’s Industry News looks at the private equity secondary market, including LPs Performance Monitor looking to sell fund interests on the secondary market, as well as investors looking to make commitments to secondaries funds. The 2014 Preqin Private Equity Performance Monitor Page 7 On the Network We examine the activity of the investors on Preqin Investor Network to see which private equity fund types and geographies are of current interest to investors, as well as which institutional investor types have been proactively looking at funds in July. alternative assets. intelligent data Page 9 To find out more, and to download sample pages, please The Facts visit: Fundraising Outlook - We look at funds expected to launch in the near future. Page 11 www.preqin.com/pm Investors - A detailed insight into investors’ geographic preferences. Page 12 New York: One Grand Central Place Buyout Deals - Analysis of consumer and retail deals.
    [Show full text]
  • JPEL Company Summary
    J.P. Morgan Private Equity Limited (“JPEL”) 30 September 2009 Quarter End Review Professional Investors Only – Not For Public Distribution Objective JPEL JPEL’s core strategy is to purchase private equity fund interests in the secondary market. Company Summary Launched 30 June 2005 US$ Zero Dividend Zero Dividend Fund Level – Investment Strategy1,2 Equity Preference Preference JPEL Share Share 2013 Share 2015 Warrants Infrastructure Net Asset Value (“NAV”) 5% per share US$ 1.32 56.05p 52.01p N/A Special Situations No. of shares in issue 367.74 mm 63.37 mm 16.09 mm 58.08 mm 20% Currency of Quotation US$ £ Sterling £ Sterling US$ Ticker JPEL JPEZ JPZZ JPWW Buyout 50% Sedol B07V0H2 B07V0R2 B00DDT8 B60XDY5 Venture ISIN GB00B07V0H27 GB00B07V0R25 GG00B00DDT81 GG00B60XDY53 Capital 16% ABN Amro Cazenove Cazenove ABN Amro Cazenove Collins Stewart Collins Stewart Cazenove Real Estate Market Makers HSBC Bank HSBC Bank HSBC Bank HSBC Bank 9% Winterflood Winterflood Fund Level – Investment Type1 All figures as at 30 September 2009. Funded Primary Company Description Primary 5% 12% J.P. Morgan Private Equity Limited (“JPEL” or the “Company”) is a global private Co-Investment Secondary equity fund listed on the London Stock Exchange. JPEL’s core strategy is to purchase 6% 77% private equity fund interests in the secondary market. JPEL pursues the following strategies to seek to meet its investment objectives • Acquires secondary portfolios of direct investments and significantly invested partnership investments to accelerate NAV development. • Opportunistically invests in buyout, venture capital, and other special situations funds and investments throughout the world based on attractive transaction values, advantageous market conditions, and compelling risk- adjusted return potential.
    [Show full text]
  • 2020 Comprehensive Annual Financial Report
    Table of Contents Introduction Investments (cont.) Actuarial (cont.) 7 Board of Trustees 81 Geographical Distribution of the 109 Schedule of Retired Members and 8 Organizational Structure Real Estate Equity Portfolio Beneficiaries Added to and 9 Executive Staff 82 Private Equity Net Asset Value by Removed from the Benefit Payroll 10 Letter of Transmittal Investment Type 110 Independent Actuarial Review 15 President’s Message Private Equity Net Asset Value 16 Summary of Benefits by Geography 83 Domestic Fixed Income and High-Yield Statistical Financial Bonds Distribution Demographic & Economic Information Domestic Fixed Income and High-Yield 113 Number of Active Members, Retired 21 Independent Auditors’ Report Bonds Quality Distribution Members and Beneficiaries of Deceased 23 Management’s Discussion 84 Domestic Fixed Income 114 Distribution of Active Members by and Analysis Average Maturity Age and Years of Service Global Bonds Quality Distribution Distribution of Active Members Basic Financial Statements 85 Global Bonds Sector Distribution by Age 30 – Statements of Fiduciary Net Position Ten Largest Fixed Income Holdings 115 Distribution of Active Members 31 – Statements of Changes in 86 Real Estate Debt by Property Type by Service Fiduciary Net Position Breakdown of Real Estate 116 Active Members and Annuitants 32 – Notes to Financial Statements Debt Portfolio 1922-2020 87 Geographical Distribution of the 117 Number of Active Members by Tier Required Supplementary Information Real Estate Debt Portfolio 118 Retirement Statistics 56 Schedule
    [Show full text]
  • 2015 Comprehensive Annual Financial Report
    New York State Teachers’ Retirement System Guided by Values. Committed to Integrity. Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2015 New York State Teachers’ Retirement System Mission: To provide our members with a secure pension Vision: To be the model for pension fund excellence and exceptional customer service Values: Integrity Excellence Respect Resourcefulness Diversity Diligence Balance Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2015 Table of Contents Table of Contents Introduction Financial Investments Page Page Page 7 ......Board of Trustees 23.......Independent Auditors’ Report 67....... Report on Investment Activity 8.......Organizational Structure 25.......Management’s Discussion 74....... Diversification of Investments 9.......Executive Staff and Analysis 75....... Asset Allocation 10.......Letter of Transmittal 75....... Annual Performance History 14.......President’s Message Basic Financial Statements 76....... Investment Performance Results 15.......Summary of Benefits 30....... - Statements of Fiduciary 77....... Manager Investment Net Position Performance Results 31....... - Statements of Changes 81....... Domestic Equity Distribution in Fiduciary Net Position 81....... Domestic Equity Externally 32....... - Notes to Financial Statements Managed Style Distribution 82....... Domestic Equity Holdings Required Supplementary Information by Industry Distribution 82....... Ten Largest Equity Holdings 52.......Schedule of Changes in the 83....... Domestic Fixed Income School Districts’
    [Show full text]
  • The Role of Private Equity in UK Health & Care Services
    L A I N G The Role of Private Equity in & UK Health & Care Services July 2012 B U I S S O researched and written on behalf of N healthcare market intelligence A “the UK’s most prominent healthcare thought leader” Market Reports Business Newsletters Conferences Awards www.laingbuisson.co.uk healthcare market intelligence Contents CONTENTS Acknowledgements iv 1. Executive Summary and Conclusions 1 2. Scale of Health, Social Care and Special Education Services in the UK, and Private Equity’s Share 5 2.1 Private equity definition and scope of the report 6 2.2 Scale of private equity involvement in UK health and social care 7 3. Market Structures, Drivers and Challenges 9 3.1 Care homes for older and physically disabled people 10 3.2 Care homes for younger adults with learning disabilities and mental health problems 14 3.3 Domiciliary social care and supported living sector 16 3.4 Other non-residential social care services sector 17 3.5 Dental services sector 17 3.6 Special education and children’s social care sector 18 3.7 Acute medical/surgical hospital sector 20 3.8 Community health and home healthcare sector 22 3.9 Primary medical care sector 23 3.10 Mental health and learning disabilities hospital sector 24 3.11 Community mental health sector 26 4. Quality 27 5. Frequency of Capital Restructuring Amongst Private Equity Backed Companies 29 6. Can Private Equity be Trusted With Healthcare Services? 32 Appendix 1: Private Equity Healthcare Holdings 34 Appendix 2: Further reading from Laing & Buisson 50 LAING & BUISSON The Role of Private Equity in UK Health & Care Services July 2012 iii LAING & BUISSON Acknoweldgements In November 2011 the British Venture Capital Association (BVCA) commissioned Laing & Buisson to prepare an independent report on the role of private equity companies in UK health and care services.
    [Show full text]
  • Private Equity Deskbook Mid-Year Update 2008
    Private Equity Deskbook Mid-Year Update 2008 2008 © Probitas Partners Contents Introduction ......................................................................... 1 The Perfect Storm: The Credit Cycle & Private Equity .................................................................... 2 The Market for Buying Companies .................................. 2 Defaults & Bankruptcies ..................................................... 4 Fundraising & Distressed Investing ............................... 9 “The Best & the Brightest” .............................................. 11 The Venture Capital Market: No Exit .......................... 13 The Secondary Market ..................................................... 14 Conclusion ........................................................................... 18 Funds in or Coming to Market ....................................... 20 Introduction Probitas Partners is a leading independent knowledge, innovation and solutions provider to private markets clients. It has three integrated global practices that include placement of alternative investment products, portfolio management and liquidity management. These services are offered by a team of employee owners dedicated to leveraging the firm’s vast knowledge and technical resources to provide the best results for its clients. probity ¯¯˘ n. [from Latin probitas: good, proper, honest.] adherence to the highest principles, ideals and character. On an ongoing basis, Probitas Partners offers research and investment tools on the alternative investment
    [Show full text]