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GPER Sample Page with New June Order Form.Indd Sample Pages ► 2 Contents Contents 2008 Preqin Global Private Equity Review Section One: The 2008 Preqin Global Private 5 Section Three: Fundraising Review 27 Equity Review “Has the Credit Crunch Affected Private Equity 28 Note from the Editor 6 Fundraising?” - Tim Friedman, Preqin “May You Live In Interesting Times” - Mark 6 “Fundraising Conditions from a Fund Manager’s 30 O’Hare, Preqin Perspective” - Natasha Hartrup, Preqin “Keynote Address” - Mounir Guen, MVision 8 How has the Private Equity industry evolved in 34 terms of Fundraising? Section Two: Overview of the Private Equity 11 Overview of Fundraising Market in 2007 36 Industry Overview of Current Private Equity Fundraising 39 Assets, Employment and Management Fees 12 Market Growth Prospects for Private Equity 16 Fundraising Review by Region: 42 “Communicating With a Wider Audience” - 18 • US 42 Douglas Lowenstein, Private Equity Council • Europe 43 “It was the Best of Times, It was the Worst of 19 • Asia and Rest of World 44 Times” - Marc St. John, CVC Capital Partners Fundraising Review by Fund Type: 45 “Opportunities in the Lower Mid-Market” - Vineet 20 • Buyout 45 Pruthi, Lincolnshire Management • Venture 47 “Challenges and Opportunities Ahead” - Simon 21 • Real Estate 49 Walker, BVCA • Fund of Funds 52 “Real Estate Methods of Exposure” - Tomas 22 Otterud & Jon Lekander, Aberdeen Property • Mezzanine Funds 54 Investors • Distressed Debt Funds 55 “Energy Funds: A Growing Market” - John E. 23 • Infrastructure 56 Buehler Jr, Energy Investors Funds • Natural Resources 57 “Fund of Funds: An Evolving Asset Class” - 24 • Secondaries 58 Charles Soulignac, Fondinvest Capital • Other Fund Types 59 “Private Equity In South Africa – Emerging Market 26 or Emerged?” - Thierry Dalais, Metier © 2008 Private Equity Intelligence Ltd. / www.preqin.com © 2007 Private Equity Intelligence Ltd. / www.preqin.com 3 ◄ Contents Section 4: General Partners 60 Section 7: Investors 118 Largest Active GPs by Fund Type 61 “What makes a good LP?” - Mr. X, Head of 119 Largest Active GPs by Region 67 Fundraising at Leading Buyout Firm Short Profi les for 25 Prominent General Partners 70 “LPs Treading Carefully” - Barometer Results, 121 Coller Capital Key Stats and Facts: 77 Interview - John Hattersley, South Yorkshire 123 • Buyout 77 Pension Authority • Venture 78 Overview of Limited Partner Universe By Type 124 • Real Estate 79 and Region • Fund of Funds 80 Make-Up of Investors in Recently Closed Funds 130 • Mezzanine Funds 81 Preqin LP Survey Results 135 • Distressed Debt Funds 82 League Tables for Biggest Investors by Type and 139 • Infrastructure 83 Region • Natural Resources 84 Top 25 Investors to Watch in 2008 144 • Secondaries 85 Real Estate Investors 150 Section 5: Deals 86 Section 8: Secondaries 153 Overview of Recent Activity, Key Stats, Trends 87 “Secondaries: An Evolving Market” - Mr. X, 154 and Notable Deals: Watson Wyatt • Global Buyout 87 Attitudes towards the Secondary Market, Preqin 155 • US Venture 92 Secondaries Survey Results • European Venture 96 A Sample of the Largest Secondary Transactions 158 in 2007 Section 6: Performance 99 Section 9: LP Advisors 161 “Bringing Transparency to the Performance of 100 Private Equity” - Etienne Paresys, Preqin Overview of Advisor Industry 162 Examination of Private Equity Performance, 101 Prominent LP Advisors: Tables and Stats 167 Overall and by Type Risk vs. Return in Private Equity 106 Section 10: Placement Agents 169 Benchmark Performance Figures, Overall and by 108 Overview of Placement Agent Use 170 Type Profi le of the Placement Agent Industry 174 “Private Equity in a Portfolio Context” - Michel 112 Preqin Placement Agent Survey Results 178 Degosciu, LPX Switzerland League Tables for Placement Agents 181 Private Equity Horizon Performance vs. Public 114 Indexes Section 11: Law Firms 183 Private Equity Returns for Pension Funds 115 League Tables for Law Firms 184 Cash Flows in Private Equity 116 Section 12: Orderform 186 Order Form For Preqin Products 187 © 2008 Private Equity Intelligence Ltd. / www.preqin.com Note from Editor As its name implies, the private equity industry is often a diffi cult asset class to research and fi nd information on. Even the most experienced of professionals working within the industry can fi nd gaining a decent perspective on developments affecting the asset class to be a challenging task. At Private Equity Intelligence we have always focused on unlocking some of the doors to the world of private equity. Our teams of dedicated analysts are continually working on updating and adding new information on all aspects of private equity: performance, deals, investors, fund terms, fundraising and more. Our online databases and our printed publications are the leading sources of information on private equity in the world, and are relied upon by thousands of professionals every day. The 2008 Preqin Private Equity Review is the fi rst publication of its type: a complete, accessible overview of the private equity industry featuring our industry-leading data and packed full of insightful commentary, both from our experienced team of in-house analysts, and also from some of the most infl uential names in private equity today. This year’s Review is intended for use as both an insightful overview on recent events affecting the industry, and also as a reference book which can be used for a multitude of different purposes throughout the year. It serves as an excellent introduction and overview of the industry for those wishing to learn more about this growing asset class, as well as providing the detailed stats and identifying the key trends that prove invaluable to private equity professionals. We hope that you enjoy your copy of the 2008 Preqin Private Equity Review, and as always we welcome any feedback, comments and suggestions that you may have. Tim Friedman, Editor © 2008 Private Equity Intelligence Ltd. / www.preqin.com 5 ◄ Sample Pages May You Live in Interesting Times Mark O’Hare, Preqin So goes the ancient Chinese curse. Well, record of creating value over the long expectations will now start to come into the past twelve months have been nothing term, and through different business line with reality, opening the door for if not interesting for fi nancial markets, environments, good and bad. Take a more deals. especially private equity. Penning these lines look at the savviest and most successful on January 22nd 2008, three ‘interesting’ institutional investors worldwide, and • Finally, private equity isn’t so much an features predominate: you’ll see a roll call of major LPs in asset class as a loose agglomeration private equity funds. Preqin surveyed of 77,000 entrepreneurs worldwide (our • Adverse Publicity: private equity has LP opinions again in December 2007, estimate of total employment in the endured a torrid time in the press on both and the answer came through loud and industry.) Its ability to innovate and fi nd sides of the Atlantic over the past year. clear – LPs may have become slightly new solutions to business opportunities is Inspired primarily by fear and envy, the more cautious after the credit crunch quite remarkable. asset class has come under closer public (who wouldn’t?), but their basic objective scrutiny than ever before, with calls for of increasing (52%) or maintaining (48%) The most profi table fund vintages to invest greater regulation or at the very least a their allocations to private equity remains in have often been those where the in-going tougher taxation environment. fi rmly in place. investments have been made in challenging times. 2008 may well be one of these. But • Credit Crunch: after two years of • Fuelled by its success in creating value, even that misses the key point: the most increasingly favourable lending private equity has grown tremendously successful investors in private equity have conditions, to the point where there was over the past few years, passing a been those with a consistent long-term widespread recognition among private landmark $2.0 trillion in assets under strategy, investing over a long period. At equity circles that lending terms were management in mid-2007, and raising heart nothing has changed: private equity unrealistically benign and unsustainable, just over $500 billion of new funds will continue to grow, and will continue to the credit crunch fi nally arrived in mid- in the process. Impressive as this is, deliver net returns well in excess of those 2007. Deal volumes shrank in the second private equity is still a rounding error, available in the public markets. half, and while the mid-market is open for compared with global stock markets with business again, things remain frozen at capitalization of $60 trillion private equity What about the adverse publicity, and the top of the market. amounts to around 3%. The potential its impact on the industry’s ability to do to grow further is enormous: we’re business? Two things have changed. First • Stock Market Declines: already dubbed predicting a $5 trillion industry over the is the nature of the private equity story: ‘Black Monday’, January 21st saw next fi ve to seven years. ten years ago it was all about venture, declines of between 4% and 6% for most easy to communicate – “these businesses indices worldwide, the worst declines • Lending conditions in early 2007 were didn’t exist before, they do now, thanks to since 9-11. Only the US, spared by the unsustainably benign, make no mistake. venture investment.” Venture is still vital MLK Day Holiday, escaped. Taken over But everyone in private equity knew today, but more of the focus is on buyouts. January 2008 to date, the S&P 500, that – and most GPs were telling their Equally valuable to the economy at large, Nikkei 225 and FTSE Eurofi rst are all off LPs not to expect things to roll on but a more subtle argument to make in between 10% and 15%.
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