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Combining Banking with Private Equity Investing*
Unstable Equity? * Combining Banking with Private Equity Investing First draft: April 14, 2010 This draft: July 30, 2010 Lily Fang INSEAD Victoria Ivashina Harvard University and NBER Josh Lerner Harvard University and NBER Theoretical work suggests that banks can be driven by market mispricing to undertake activity in a highly cyclical manner, accelerating activity during periods when securities can be readily sold to other parties. While financial economists have largely focused on bank lending, banks are active in a variety of arenas, with proprietary trading and investing being particularly controversial. We focus on the role of banks in the private equity market. We show that bank- affiliated private equity groups accounted for a significant share of the private equity activity and the bank’s own capital. We find that banks’ share of activity increases sharply during peaks of the private equity cycles. Deals done by bank-affiliated groups are financed at significantly better terms than other deals when the parent bank is part of the lending syndicate, especially during market peaks. While bank-affiliated investments generally involve targets with better ex-ante characteristics, bank-affiliated investments have slightly worse outcomes than non-affiliated investments. Also consistent with theory, the cyclicality of banks’ engagement in private equity and favorable financing terms are negatively correlated with the amount of capital that banks commit to funding of any particular transaction. * An earlier version of this manuscript was circulated under the title “An Unfair Advantage? Combining Banking with Private Equity Investing.” We thank Anna Kovner, Anthony Saunders, Antoinette Schoar, Morten Sorensen, Per Strömberg, Greg Udell and seminar audiences at Boston University, INSEAD, Maastricht University, Tilburg University, University of Mannheim and Wharton for helpful comments. -
Freeing Trade Barriers in Asia Chairs: Mohammadou Gningue
SciMUNC 2018 World Trade Organization Topic: Freeing Trade Barriers in Asia Chairs: Mohammadou Gningue ([email protected]) Alysa Chen ([email protected]) Dear Delegates, Welcome to the Bronx High School of Science Model United Nations Conference (SciMUNC) 2018! We’re so excited to have you join us as delegations at the World Trade Organization at SciMUNC this year. My name is Mohammadou Gningue, and I’m elated to be serving as co-chair for this committee. I’ll be working closely with my co-chair, Alysa Chen, as well as your rapporteur Maliha Akter to make sure that this committee runs as smoothly as possible. I’m currently a senior at The Bronx High School of Science and have been participating in MUN since I was a sophomore and this is my second year chairing a committee. I’m really excited to be working with you all and hope that we have a very successful conference. I hope for the very best out of you all and for another wonderful SciMUNC! Hi, I’m your Co-Chair Alysa Chen. I’m a rising senior and I’ve been a part of Bronx Science Model UN Team for one year. This is my first time chairing a conference. What truly inspires me to continue enjoying MUN is working with people from all over the world. Outside of MUN, I am a huge environmental activist. My dream is to work for the UN Environmental Programme or practice environmental law in the ICJ one day! Hi, my name is Maliha Akter and I am Rapporteur. -
Staffing M&A Funders and Advisors
Global Market Information and Forecasts Staffing M&A Funders and Advisors 2 September 2020 | Adam Pode, Director of Research (EMEA & APAC) | [email protected] M&A Funders and Advisors Directory | 2 September 2020 Introduction Use this report to identify M&A • This directory provides full records for over 30 companies operating in the M&A space funders and advisors and around the world. Some firms provide services in just one market while others provide understand the nature of their international and cross-border M&A advice and services in up to 40+ countries. They are services listed in alphabetical order, and an index is provided at the rear of this document (page 34). • An additional 115+ firms who have been identified as providing M&A services are also shown (pages 28 to 33). We have tried to make this report as exhaustive as possible, but if there are additional companies you believe should be listed, or if you would like to contribute a “full” entry within this directory, please contact the author, shown below. • This report is designed as a standalone document but can also be read in conjunction with our M&A reports which are available to subscribers of Staffing Industry Analysts’ research services. These included our interactive dashboard of staffing and workforce solutions M&A activity, which details more than 1,300 transactions in the sector. • If you are interested in joining our service or require further information, please contact Tina McGarvey at [email protected]. In addition, you can subscribe free to our Daily News, which reports deals as and when they happen, by clicking here. -
The Future of Mobility: Scenarios for China in 2030 Ecola Et Al
The Future of Mobility: Scenarios for China in 2030 Ecola et al. et Ecola China in 2030 for Scenarios Mobility: of Future The i THE FUTURE OF MOBILITY Scenarios for China in 2030 Liisa Ecola, Johanna Zmud, Kun Gu, Peter Phleps, Irene Feige ISBN-10 0-8330-9035-6 R ISBN-13 978-0-8330-9035-5 56000 www.rand.org RR-991-ifmo $60.00 9 780833 090355 The Future of Mobility Scenarios for China in 2030 Liisa Ecola, Johanna Zmud, Kun Gu, Peter Phleps, Irene Feige For more information on this publication, visit www.rand.org/t/rr991 As a part of the agreement under which the research described in this document was funded, RAND grants the Institute for Mobility Research a nonexclusive, royalty-free license to duplicate and distribute this publication in any medium, either commercially or noncommercially. Library of Congress Cataloging-in-Publication Data is available for this publication. ISBN: 978-0-8330-9035-5 Published by the RAND Corporation, Santa Monica, Calif. © Copyright 2015 RAND Corporation RAND® is a registered trademark. Design: Bernhard Moosbauer, exsample.org All photographs via 123rf.com Limited Print and Electronic Distribution Rights This document and trademark(s) contained herein are protected by law. This representation of RAND intellectual property is provided for noncommercial use only. Unauthorized posting of this publication online is prohibited. Permission is given to duplicate this document for personal use only, as long as it is unaltered and complete. Permission is required from RAND to reproduce, or reuse in another form, any of its research documents for commercial use. -
Private Equity 05.23.12
This document is being provided for the exclusive use of SABRINA WILLMER at BLOOMBERG/ NEWSROOM: NEW YORK 05.23.12 Private Equity www.bloombergbriefs.com BRIEF NEWS, ANALYSIS AND COMMENTARY CVC Joins Firms Seeking Boom-Era Size Funds QUOTE OF THE WEEK BY SABRINA WILLMER CVC Capital Partners Ltd. hopes its next European buyout fund will nearly match its predecessor, a 10.75 billion euro ($13.6 billion) fund that closed in 2009, according to two “I think it would be helpful people familiar with the situation. That will make it one of the largest private equity funds if Putin stopped wandering currently seeking capital. One person said that CVC European Equity Partners VI LP will likely aim to raise 10 around bare-chested.” billion euros. The firm hasn’t yet sent out marketing materials. Two people said they expect it to do so — Janusz Heath, managing director of in the second half. Mary Zimmerman, an outside spokeswoman for CVC Capital, declined Capital Dynamics, speaking at the EMPEA to comment. conference on how Russia might help its reputation and attract more private equity The London-based firm would join only a few other firms that have closed or are try- investment. See page 4 ing to raise new funds of similar size to the mega funds raised during the buyout boom. Leonard Green & Partners’s sixth fund is expected to close shortly on more than $6 billion, more than the $5.3 billion its last fund closed on in 2007. Advent International MEETING TO WATCH Corp. is targeting 7 billion euros for its seventh fund, larger than its last fund, and War- burg Pincus LLC has a $12 billion target on Warburg Pincus Private Equity XI LP, the NEW JERSEY STATE INVESTMENT same goal as its predecessor. -
LAZARD GROUP LLC (Exact Name of Registrant As Specified in Its Charter)
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2008 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 333-126751 (Commission File Number) LAZARD GROUP LLC (Exact name of registrant as specified in its charter) Delaware 51-0278097 (State or Other Jurisdiction of Incorporation (I.R.S. Employer Identification No.) or Organization) 30 Rockefeller Plaza New York, NY 10020 (Address of principal executive offices) Registrant’s telephone number: (212) 632-6000 Securities Registered Pursuant to Section 12(b) of the Act: None Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. -
Longleaf Partners International Fund Commentary 2Q21
July 2021 Longleaf Partners International Fund Commentary 2Q21 Longleaf Partners International Fund added 1.19% in the quarter and 8.00% year-to- date, trailing the MSCI EAFE Index’s 5.17% and 8.83% for the same periods. US markets continued the monetary liquidity fueled run to ever sillier valuation levels, while non-US lagged relatively. The majority of our holdings were positive in the quarter. The Fund’s exposure to China and Hong Kong (including Netherlands-listed Prosus, whose business is driven by the Chinese consumer) was the biggest geographic headwind. FX was a moderate contributor to the Fund, as well as the MSCI EAFE index. Despite relative underperformance, it was a solid period for value per share growth at our holdings. “Value” had a (we believe temporary) pullback vs. “growth” in the second quarter on the back of lower interest rates and various other factors. Over the last year, we have seen interest rate consensus go from “low rates forever” for most of 2020 to “rates are definitely going up” in February/March of 2021 to what now feels like magical goldilocks thinking for growth stocks in the 1-2% US 10-year range. While we cannot predict precisely what rates will do in the near term, we welcome increased volatility on this all- Average Annual Total Returns for the Longleaf Partners International Fund (6/30/21): Since Inception (10/26/98): 7.45%, Ten Year: 4.50%, Five Year: 10.64%, One Year: 34.82%. Average Annual Total Returns for the MSCI EAFE (6/30/21): Since Inception (10/26/98): 5.62%, Ten Year: 5.89%, Five Year: 10.28%, One Year: 32.35%. -
HVPE Prospectus
MERRILL CORPORATION GTHOMAS// 1-NOV-07 23:00 DISK130:[07ZDA1.07ZDA48401]BA48401A.;44 mrll.fmt Free: 11DM/0D Foot: 0D/ 0D VJ J1:1Seq: 1 Clr: 0 DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;67 8 C Cs: 17402 PROSPECTUS, DATED 2 NOVEMBER 2007 Global Offering of up to 40,000,000 Shares of 1NOV200718505053 This document describes related offerings of Class A ordinary shares (the ‘‘Shares’’) of HarbourVest Global Private Equity Limited (the ‘‘company’’), a closed-ended investment company organised under the laws of Guernsey. Our Shares are being offered (a) outside the United States, and (b) inside the United States in a private placement to certain qualified institutional buyers (‘‘QIBs’’) as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), who are also qualified purchasers (‘‘qualified purchasers’’) as defined in the U.S. Investment Company Act of 1940, as amended (the ‘‘U.S. Investment Company Act’’) (the ‘‘Global Offering’’). We intend to issue up to 40,000,000 Shares in the Global Offering. In addition, we intend separately to issue Shares to certain third parties in a private placement in exchange for either cash or limited partnership interests in various HarbourVest-managed funds (the ‘‘Directed Offering’’ and, together with the Global Offering, the ‘‘Offerings’’). We will not issue, in the aggregate, more than 85,000,000 Shares in the Offerings. The Shares carry limited voting rights. No public market currently exists for the Shares. We have applied for the admission to trading all of the Shares on Euronext Amsterdam by NYSE Euronext (‘‘Euronext Amsterdam’’), the regulated market of Euronext Amsterdam N.V. -
GP Investments
1 GP Investments Earnings Release Fourth Quarter 2020 Earnings Release 2Q18 2 2020 highlights March 31, 2021 – This release reports the 4Q20 and full-year results of GP Investments, Ltd. (‘GP’) [B3: GPIV33], a leader in private equity and alternative investments. 2020 was a challenging year worldwide; and for GP Investments this was no different. At the beginning of the Covid-19 pandemic, most of the companies in GP’s portfolio that have physical premises had to close facilities or operate under restrictions. Brick-and-mortar stores had to be closed, restaurants had to depend mostly on delivery and take-out, and many businesses had to be reinvented fast. In March, GP moved 100% of its team members, across all its offices, to remote working, following procedures in its Business Continuity Plan. The transition to a work-at-home model was seamless, with no interruptions in our activities, and we have continued to leverage multiple digital technologies to enable our teamwork. The results reported by GP Investments in 2020 reflected the volatility of the financial markets, and the economic impacts of the pandemic. In the 4th quarter of 2020, GP posted net income of USD 33.8 million, which was driven by increases in the share prices of our listed companies – primarily Centauro – as well as the positive impact of the temporary BRL appreciation. Nevertheless, for the full year, mark-to-market adjustments in the companies in the portfolio have translated into significant net unrealized losses, which together with the rapid devaluation of the Brazilian Real have led to a total net loss of USD (91.8) million in 2020. -
PEI June2020 PEI300.Pdf
Cover story 20 Private Equity International • June 2020 Cover story Better capitalised than ever Page 22 The Top 10 over the decade Page 24 A decade that changed PE Page 27 LPs share dealmaking burden Page 28 Testing the value creation story Page 30 Investing responsibly Page 32 The state of private credit Page 34 Industry sweet spots Page 36 A liquid asset class Page 38 The PEI 300 by the numbers Page 40 June 2020 • Private Equity International 21 Cover story An industry better capitalised than ever With almost $2trn raised between them in the last five years, this year’s PEI 300 are armed and ready for the post-coronavirus rebuild, writes Isobel Markham nnual fundraising mega-funds ahead of the competition. crisis it’s better to be backed by a pri- figures go some way And Blackstone isn’t the only firm to vate equity firm, particularly and to towards painting a up the ante. The top 10 is around $30 the extent that it is able and prepared picture of just how billion larger than last year’s, the top to support these companies, which of much capital is in the 50 has broken the $1 trillion mark for course we are,” he says. hands of private equi- the first time, and the entire PEI 300 “The businesses that we own at Aty managers, but the ebbs and flows of has amassed $1.988 trillion. That’s the Blackstone that are directly affected the fundraising cycle often leave that same as Italy’s GDP. Firms now need by the pandemic, [such as] Merlin, picture incomplete. -
Partners Group Private Equity
SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-08-26 | Period of Report: 2020-06-30 SEC Accession No. 0001752724-20-174334 (HTML Version on secdatabase.com) FILER Partners Group Private Equity (Master Fund), LLC Mailing Address Business Address 1114 AVENUE OF THE 1114 AVENUE OF THE CIK:1447247| IRS No.: 800270189 | State of Incorp.:DE | Fiscal Year End: 0331 AMERICAS AMERICAS Type: NPORT-P | Act: 40 | File No.: 811-22241 | Film No.: 201137479 37TH FLOOR 37TH FLOOR NEW YORK NY 10036 NEW YORK NY 10036 212-908-2600 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of June 30, 2020 is set forth below: INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) Acquisition Fair Industry Shares Date Value Common Stocks (2.38%) Asia - Pacific (0.06%) Alibaba Group Holding Ltd. Technology 06/19/20 4,439 $ 957,581 APA Group Utilities 02/11/16 360,819 2,765,432 Total Asia - Pacific (0.06%) 3,723,013 North America (1.09%) American Tower Corp. -
Presenting Bank Sponsor Signature Sponsor Gold Sponsors
CO-HOSTS PRESENTING BANK SPONSOR SIGNATURE SPONSOR GOLD SPONSORS GOLD SPONSORS (Continued) SILVER SPONSORS CONTRIBUTING SPONSORS PARTICIPATING HOSTS HR Virginia, Virginia SHRM State Council Virginia Association of School Superintendents Virginia Association of Elementary School Principals Virginia Association for Career and Technical Education Virginia Early Childhood Foundation Virginia Foundation for Independent Colleges Virginia School Boards Association AGENDA WELCOME & OPENING REMARKS 9:30 AM Barry DuVal, President & CEO, Virginia Chamber of Commerce Paige Clay, Senior Partner, Mercer and Chair, Virginia Chamber of Commerce Board of Directors 9:35 AM SPECIAL ANNOUNCEMENT: PARTNERSHIP WITH STATE COUNCIL OF HIGHER EDUCATION FOR VIRGINIA (SCHEV) Barry DuVal 9:40 - KEYNOTE REMARKS 9:55 AM Dave Henderson, President, United States Operations, Commercial & State Government, CGI Introduced by: :Aaron Mathes, Vice President and Richmond Metro Leader, CGI 9:55 - PANEL DISCUSSION - CREATING DIVERSE PATHWAYS FOR IN DEMAND CAREERS 10:35 AM Moderated by: Peter Blake, Director, State Council of Higher Education for Virginia Panelists: Makola Abdullah, Ph.D. President, Virginia State University John Downey Ph.D., President, Blue Ridge Community College The Honorable Siobhan Dunnavant, Senate of Virginia 10:35 - PANEL DISCUSSION - TALENT DEVELOPMENT AND ITS IMPACT ON VIRGINIA'S ECONOMY 11:15 AM Moderated by: Stephen Moret, President & CEO, Virginia Economic Development Partnership Panelists: Greg Gartland, Chief Product Officer, S&P Global Glenn Youngkin, Chairman and Co-Founder, Virginia Ready Michel Zajur, President & CEO, Virginia Hispanic Chamber of Commerce 11:15 AM SPECIAL REMARKS J.D. Myers, II Senior Vice President & Virginia Region Manager, Cox Communications 11:20 AM - PANEL DISCUSSION - IMPROVING ACCESS AND EQUITY IN VIRGINIA EDUCATION 12:00 PM Moderated by: Maria Tedesco, President, Atlantic Union Bank Panelists: Dr.