The Preqin Quarterly Update: Private Equity

Q1 2013

Content Includes:

Fundraising

We review the latest fundraising figures, including regional breakdown, time spent on the road, and the largest funds to close in the quarter.

Investors

We take a look at investor appetite for private equity in the year ahead, including geographies and strategies to be targeted.

Buyout Deals

We examine private equity buyout deals and exits in Q1 2013 by type, value and region.

Venture Capital Deals

We provide a breakdown of the latest venture capital deal activity by value, region and stage.

Performance

We analyze the latest performance data for private equity funds, featuring dry powder figures, IRRs by fund type and vintage and the PrEQIn Private Equity Quarterly Index.

alternative assets. intelligent data. The Preqin Quarterly Update: Private Equity, Q1 2013 Download Data

Foreword

Private equity fundraising in the fi rst quarter of 2013 was relatively robust, with 130 funds closed having raised an aggregate $67.2bn. However, in an increasingly competitive fundraising market – 1,906 funds are in market as of the start of Q2 2013 – many LPs are choosing to invest in funds raised by more established managers. First-time funds that closed in Q1 2013 secured just $4.2bn in aggregate capital, compared to the peak of $31.6bn in Q2 2008. However, Preqin’s interviews with private equity investors in December 2012 reveal that investor attitudes towards fi rst-time fund managers are more positive moving forwards; half of LPs interviewed will consider committing to fi rst-time funds or those managed by spin-off teams in the following 12 months.

More generally, investor appetite for the asset class remains strong, with 86% of investors interviewed looking to maintain or increase their allocation to the asset class over the next 12 months. The strong performance of private equity has contributed to investor conﬁ dence; the PrEQIn - All Private Equity Index continues to outperform the S&P 500 and gained 6.3 points over the three months to 30th September 2012.

The quarter also witnessed the two largest buyout deals announced since the buyout boom period of 2006-2007 – the $24.4bn Silver Lake-backed privatization of Dell Inc. and the $28bn Berkshire Hathaway and 3G Capital-backed buyout of H.J. Heinz Company. As a result, in Q1 2013 private equity-backed buyout deal value reached the highest level seen since Q3 2007. In contrast, venture capital activity decreased, with $8.5bn worth of venture capital deals announced in Q1 2013, the lowest quarterly value since the $8.1bn seen in Q3 2010.

Behind every data point in this report is a wealth of individual ﬁ rm- and fund-level data from Preqin’s private equity online databases, gathered through Preqin’s direct contact with industry professionals from across the globe. We hope you ﬁ nd this report useful, and welcome any feedback you may have. For more information, please visit www.preqin.com or contact [email protected].

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Contents

Fundraising in Q1 2013 p3. Institutional Investors in Private Equity p4. Buyout Deals p5. Venture Capital Deals p6. Fund Performance p7.

All rights reserved. The entire contents of The Preqin Quarterly Update: Private Equity, Q1 2013 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in The Preqin Quarterly Update: Private Equity, Q1 2013 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent ﬁ nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of The Preqin Quarterly Update: Private Equity, Q1 2013.

While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to conﬁ rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in The Preqin Quarterly Update: Private Equity, Q1 2013 are accurate, reliable, up-to-date or complete.

Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within The Preqin Quarterly Update: Private Equity, Q1 2013 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. 2 © 2013 Preqin Ltd. / www.preqin.com Download Data The Preqin Quarterly Update: Private Equity, Q1 2013

Fundraising in Q1 2013

In Q1 2013, 130 private equity funds closed having raised an Fig. 1: Quarterly Global Private Equity Fundraising: New vs. Existing aggregate $67.2bn. First-time funds that closed in Q1 2013 GPs, Q1 2009 - Q1 2013 secured a total of just $4.2bn, compared to the peak of $31.6bn in Q2 2008. Six percent of total capital raised by funds closed in 100% Q1 2013 was secured by ﬁ rst-time fund managers, compared 90% to a high of 23% in Q3 2011 (Fig. 1). Buyout funds secured an 80% aggregate $26.3bn in Q1 2013, accounting for 39% of total capital 70% Capital raised by funds closed in Q1 2013. North America-focused funds 77% Raised by 60% 82% 80%84% 86% 86%88%84% 88% 86% 87% Experienced secured an aggregate $36.6bn in capital commitments (Fig. 2). 90% 89% 91%92% 93%94% 50% GPs

Funds that closed in Q1 2013 took an average of 18.2 months 40% Capital Raised by to hold a ﬁ nal close (Fig. 3). The average size of funds closed in 30% New GPs Q1 2013 was $537mn, which is the highest ﬁ gure seen since Q2 20%

2009. Cinven V was the largest fund to close in Q1 2013, raising Capital Raised Proportion of Total 23% 10% 18% 20%16% 14% 14%12%16% 12% 14% 13% €5bn (Fig. 4) and accounted for 29% of total buyout capital raised 10% 11% 9% 8% 7% 6% 0% in Q1 2013. At the beginning of Q2 2013, there are 1,906 private Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 equity funds in market, targeting an aggregate $795bn in capital 2009 2010 2011 2012 2013 commitments. Date of Final Close Source: Preqin Funds in Market

Fig. 2: Breakdown of Funds Closed in Q1 2013 by Primary Fig. 3: Average Time Taken for Funds to Achieve a Final Close by Geographic Focus Year of Final Close

70 25 63 60 20 18.2 17.7 18.2 50 16.9 No. of Funds 16.2 Closed 15 14.5 40 36.6 Aggregate 11.7 30 11.1 30 28 Capital Raised ($bn) 10 22.0 20

5 10 6.6 8 Average Time Spent in Market (Months) Average 2.0 0 0 North America Europe Asia Rest of World 2006 2007 2008 2009 2010 2011 2012 Q1 2013 Geographic Focus Year of Final Close Source: Preqin Funds in Market Source: Preqin Funds in Market

Fig. 4: 10 Largest Funds to Hold a Final Close in Q1 2013

Fund Firm Type Final Size (bn) Firm Country Fund Focus Cinven V Cinven Buyout 5.0 EUR UK Europe EnCap Energy Capital Fund IX EnCap Investments Natural Resources 5.0 USD US US Highbridge Mezzanine Fund II Highbridge Mezzanine 4.4 USD US US RRJ Capital Master Fund II RRJ Capital Buyout 3.5 USD Hong Kong Asia TowerBrook Investors IV TowerBrook Capital Partners Buyout 3.5 USD UK US EQT Infrastructure II EQT Funds Management Infrastructure 1.9 EUR UK Europe AEA Investors Fund V AEA Investors Buyout 2.0 USD US US Equistone European Fund IV Equistone Partners Europe Buyout 1.5 EUR UK Europe Crown Global Secondaries III LGT Capital Partners Secondaries 2.0 USD Switzerland Europe EnerVest Energy Institutional Fund XIII EnerVest Natural Resources 2.0 USD US US

Source: Preqin Funds in Market

Looking for information on private equity funds in market? Preqin’s Funds in Market and Fund Manager Profi les can help. View comprehensive information on all 1,906 private equity funds in market and over 15,700 funds closed historically. Find out which fi rms are currently on the road and analyze historic fundraising by target sizes, interim closes, fund strategy and location.

For more information, please visit: www.preqin.com/privateequity

Institutional Investors in Private Equity

Our interviews with private equity investors from around the world Fig. 1: Investors’ Intentions for Their Private Equity Allocations in in December 2012 show that 86% of LPs intend to maintain or Private Equity increase their allocation to private equity in 2013 (Fig. 1). Of those investors looking to make new commitments in 2013, almost a 100% 13% quarter (24%) plan to commit more capital to the asset class in 90% 19%

2013 than in 2012, and a further 10% expect to recommence 80% investing in private equity (Fig. 2). 70% Decrease Allocation Although many investors are cautious towards ﬁ rst-time fund 60% 59% 48% managers, half of LPs will consider ﬁ rst-time funds in 2013 or 50% Maintain Allocation those managed by spin-off teams (Fig. 3). In order to enhance 40% their private equity portfolios, many LPs will look to invest in new Increase Allocation strategies and geographies in the year ahead, indicating that 30% Proportion of Respondents fundraising in 2013 may be set for further growth (Fig. 4 & Fig. 5). 20% 33% 27% 10% Looking to identify potential investors for new vehicles? Preqin’s 0% Investor Intelligence is constantly updated by our team of research Next 12 Months Longer Term analysts around the world and contains detailed profi les for over 4,900 active investors in private equity, showing key information Source: Preqin Investor Outlook: Private Equity, H1 2013 on the types of funds they are actively seeking to invest in. For more information, please visit: www.preqin.com/ii

Fig. 2: Amount of Capital Investors Plan to Commit to Private Fig. 3: Investor Attitudes towards Investing in First-Time Funds Over Equity Funds in 2013 Compared to 2012 the Next 12 Months, 2009-2012

100% Did Not Invest in 2012 But Investing in 2013 90%

6% 10% Significantly More 8% 80% 38% 37% Capital in 2013 than 9% 50% Will Not Invest in in 2012 55% 70% First-Time Funds Slightly More Capital in 2013 than in 2012 60% Will Invest in Spin- 15% off Funds Same Amount of 19% 21% 50% Capital in 2013 than 4% Will Consider First- in 2012 7% Time Funds 40% 10% 52% 12% Slightly Less Capital in 14% Will Invest in First- 2013 than in 2012 30% Time Funds 17% Proportion of Respondents Significantly Less 20% 39% Capital in 2013 than 31% 28% in 2012 10% 18%

0% Dec-09 Dec-10 Dec-11 Dec-12

Source: Preqin Investor Outlook: Private Equity, H1 2013 Source: Preqin Investor Outlook: Private Equity, H1 2013

Fig. 4: Investor Attitudes Towards Different Fund Types at Present Fig. 5: Countries and Regions within Emerging Markets that Investors View as Presenting the Best Opportunities

Small to Mid- 39% Asia 43% Market Buyout 51% 49% 17% China 33% Venture Capital 28% 31% Areas of the 17% 23% Secondaries Funds 23% Market South America 27% Investors View Large to Mega 19% as Presenting India 12% Buyout 23% 22% the Best Dec-11 Distressed Private 26% Opportunities Central & 12% Equity 23% Eastern Europe 20% Growth 14% 5% 14% Africa 18% Areas of the Funds of Funds 16% 0% Dec-12 11% Market Middle East 14% Investors Are Mezzanine 9% 25% 7% Seeking to Brazil 12% Invest in Over 6% Natural Resources 2013 5% 5% Russia 8% 16% Other 16% 8% Other 4% 0% 10% 20% 30% 40% 50% 60% 0% 10% 20% 30% 40% 50% 60% Proportion of Respondents Proportion of Respondents Source: Preqin Investor Outlook: Private Equity, H1 2013 Source: Preqin Investor Outlook: Private Equity, H1 2013 4 © 2013 Preqin Ltd. / www.preqin.com Download Data The Preqin Quarterly Update: Private Equity, Q1 2013

Buyout Deals

There were 665 private equity-backed buyout deals announced Fig. 1: Quarterly Number and Aggregate Value of Private Equity- globally in Q1 2013 valued at $86bn, representing the highest Backed Buyout Deals Globally, Q1 2006 - Q1 2013 quarterly value since the $127bn seen in Q3 2007 (Fig. 1). This was driven by the two largest deals announced in the quarter, 1000 300 the $24.4bn Silver Lake-backed privatization of Dell Inc. and the 900 250 Aggregate Deal Value ($bn) $28bn Berkshire Hathaway- and 3G Capital-backed buyout of 800 700 H.J. Heinz Company (Fig. 4). Eighty-two percent of the aggregate 200 value and 56% of the number of private equity-backed buyout 600 deals occurred in North America (Fig. 2). 500 150

400 A total of 290 private equity-backed exits were announced during No. of Deals 100 300 Q1 2013, with an aggregate value of $47bn, in comparison to 200 329 private equity-backed exits valued at $77bn announced in 50 Q4 2012 (Fig. 3). 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Analyze over 29,000 private equity buyout deals globally using 2006 2007 2008 2009 2010 2011 2012 2013 Preqin’s Buyout Deals Analyst. For more information, please visit: No. of Deals Aggregate Deal Value ($bn) www.preqin.com/buyoutdeals Source: Preqin Buyout Deals Analyst

Fig. 2: Quarterly Aggregate Value of Private Equity-Backed Buyout Fig. 3: Global Number of Private Equity-Backed Exits by Type and Deals by Region, Q1 2008 - Q1 2013 Aggregate Exit Value, Q1 2006 - Q1 2013

80 400 140

70 350 120 Aggregate Exit Value ($bn) 60 300 100

50 250 80 40 200 60

30 No. of Exits 150 40 20 100

Aggregate Deal Value ($bn) Aggregate Deal Value 20 10 50

0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013 North America Europe Asia Rest of World IPO Restructuring Sale to GP Trade Sale Aggregate Exit Value ($bn)

Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst

Fig. 4: 10 Largest Private Equity-Backed Buyout Deals Announced in Q1 2013

Bought Investment Deal Size Firm Current Status Deal Date Investors From/Exiting Location Primary Industry Type (mn) Company H.J. Heinz Public To Announced Feb-13 28,000 USD 3G Capital, Berkshire Hathaway - US Food Company Private Public To Dell Inc. Announced Feb-13 24,400 USD MSD Capital, Silver Lake - US Hardware Private Public To Gardner Denver Announced Mar-13 3,900 USD Kohlberg Kravis Roberts - US Industrial Private Albertsons LLC, Cerberus Capital Management, Kimco New Albertson's, SUPERVALU Add-on Completed Jan-13 3,300 USD Realty Corporation, Klaff Realty LP, Lubert-Adler US Retail Inc. Inc. Partners, L.P, Schottenstein Real Estate Group Bain Capital, Cerved Buyout Announced Jan-13 1,130 EUR CVC Capital Partners Clessidra Italy Financial Services Capital Partners CSM Bakery Buyout Announced Mar-13 1,050 EUR Rhone Capital - Netherlands Food Supplies Computer Ofﬁ ce Max Merger Announced Feb-13 1,200 USD BC Partners, Ofﬁ ce Depot - US Services Mold Masters Add-on Completed Feb-13 950 USD CCMP Capital Advisors, Milacron Inc 3i Canada Industrial Inghams Buyout Announced Mar-13 880 AUD TPG - Australia Food Public To Actis, Warburg 7 Days Inn Group Announced Mar-13 688 USD Actis, Carlyle Group, Sequoia Capital China Leisure Private Pincus

Venture Capital Deals

Venture capital deal fl ow decreased in Q1 2013, with the Fig. 1: Number and Aggregate Value of Venture Capital Deals aggregate value of deals in the quarter reaching a low of $8.5bn Globally, Q1 2008 – Q1 2013 from 1,206 venture capital fi nancings (Fig. 1). The largest venture capital deal completed in Q1 2013 was the Series D fi nancing 1,600 16 of internet company, 360Buy by Kingdom Holding Company, for 1,400 14 Aggregate Deal Value ($bn) $400mn in February 2013 (Fig. 4). 1,200 12

North America was the most prominent region in terms of the 1,000 10

number of announced venture capital deals, with 762 deals in Q1 800 8 2013 (Fig. 2). India was the only region to see an increase in the

number of deals in comparison to the previous quarter, from 57 No. of Deals 600 6 in Q4 2012 to 64 in Q1 2013. Series A deals accounted for 13% 400 4 of all deals in Q1 2013, with Series B, C, D and later accounting 200 2 for a cumulative 16% of global venture capital deals in Q1 2013 (Fig. 3). 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Examine details for over 40,300 venture capital deals globally 2008 2009 2010 2011 2012 2013 using Preqin’s Venture Capital Deals Analyst. For more information, No. of Deals Aggregate Deal Value ($bn)

please visit: www.preqin.com/vcdeals Source: Preqin Venture Deals Analyst

Fig. 2: Number of Venture Capital Deals by Region, Q1 2008 – Q1 Fig. 3: Proportion of Number of Venture Capital Deals by Stage, 2013 Q1 2013

1,600 Add-on and Other 1,400 Grant 1% 2% 1% 3% 9% 1,200 Growth Capital/Expansion 1,000 PIPE 36% 19% 800 Angel/Seed Series A/Round 1

No, of Deals 600 Series B/Round 2 13% 400 3% Series C/Round 3 4% 9% 200 Series D/Round 4 and Later 0 Unspecified Round Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Venture Debt 2008 2009 2010 2011 2012 2013 North America Europe China India Israel Other

Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst

Fig. 4: 10 Largest Venture Capital Deals in Q1 2013

Portfolio Deal Deal Size Primary Stage Investors Location Company Name Date (mn) Industry

360Buy Feb-13 Series D/Round 4 400 USD Kingdom Holding Company Internet China

AirWatch Feb-13 Series A/Round 1 200 USD Insight Venture Partners Software US

Andreessen Horowitz, Bessemer Venture Partners, FirstMark Capital, Pinterest Feb-13 Series D/Round 4 200 USD Internet US Valiant Capital Partners

SevOne Jan-13 Growth Capital/Expansion 150 USD Bain Capital Software US

Truphone Feb-13 Unspeciﬁ ed Round 75 GBP - Telecoms UK

Amazon, Grotech Ventures, J.P. Morgan, Lightspeed Venture Partners, LivingSocial Feb-13 Unspeciﬁ ed Round 110 USD Internet US Revolution, T Rowe Price, US Venture Partners

Lynda.com, Inc. Jan-13 Growth Capital/Expansion 103 USD Accel Partners, Meritech Capital Partners, Spectrum Equity Investors InternetUS

Supercell Mar-13 Unspeciﬁ ed Round 100 USD Atomico, Index Ventures, Institutional Venture Partners Gaming Finland

Allen & Company, Benchmark Capital, Dragoneer Investment Group, New Relic, Inc. Feb-13 Unspeciﬁ ed Round 80 USD Insight Venture Partners, T Rowe Price, Tenaya Capital, Trinity Software US Ventures

Nest Labs Jan-13 Unspeciﬁ ed Round 80 USD Google Ventures, Venrock Energy US

Source: Preqin Venture Deals Analyst

Fund Performance

Dry powder levels across the private equity industry fell over the Fig. 1: Private Equity Dry Powder by Fund Type, 2003 - 2013 course of 2012, from just over $1tn at the end of 2011 to $946bn by the end of 2012 (Fig. 1). Buyout fund dry powder fell from $392bn to $357bn over this period. 1,200 Other

The PrEQIn Index (Fig. 4) captures in an index the return 1,000 Venture Capital earned by investors on average in their private equity portfolios, Real Estate based on the actual amount of money invested in private equity 800 partnerships. The latest ﬁ gures show that the PrEQIn - All Private Mezzanine 600 Equity Index gained 6.3 points over the three months to 30th Infrastructure September 2012, an increase of around 3% from the previous 400 Growth quarter-end. Dry Powder ($bn) Distressed Preqin’s Performance Analyst: A Vital Tool 200 Private Equity Buyout

Analyze fund-level performance data for over 6,200 individual 0 named funds with Preqin’s Performance Analyst and identify Mar-13 which fund managers have the best track record. For more Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

information, please visit: www.preqin.com/pa Source: Preqin Performance Analyst

Fig. 2: All Private Equity - Median Net IRRs and Top and Bottom Fig. 3: Median Net IRRs by Fund Type and Vintage Year Quartile Boundaries by Vintage Year

30 30

All Private Equity 25 25

Top Quartile Net Buyout 20 20 IRR Boundary Venture Capital 15 15 Median Net IRR Mezzanine 10 10 Fund of Funds 5 Bottom Quartile

5 Net IRR Net IRR since Inception (%) Distressed Private Net IRR since Inception (%) Boundary 0 Equity Secondaries 0 -5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

-5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Vintage Year Vintage Year Source: Preqin Performance Analyst Source: Preqin Performance Analyst

Fig. 4: PrEQIn - Private Equity Quarterly Index: All Strategies

400

PrEQIn - All Private Equity 350 Index

300 PrEQIn - Buyout Index

250 PrEQIn - Venture Capital Index 200 PrEQIn - Real Estate Index

150 Index Returns PrEQIn - Fund of Funds 100 Index

PrEQIn - Distressed Private 50 Equity Index (Rebased to 100 as of 31-Dec-2000)

0 S&P 500 Index 30-Jun-2011 30-Jun-2012 30-Jun-2010 30-Jun-2007 30-Jun-2008 30-Jun-2009 30-Jun-2003 30-Jun-2004 30-Jun-2005 30-Jun-2006 30-Jun-2001 30-Jun-2002 30-Sep-2011 30-Sep-2012 30-Sep-2010 30-Sep-2007 30-Sep-2008 30-Sep-2009 30-Sep-2003 30-Sep-2004 30-Sep-2005 30-Sep-2006 30-Sep-2001 30-Sep-2002 31-Mar-2011 31-Mar-2012 31-Mar-2010 31-Mar-2007 31-Mar-2008 31-Mar-2009 31-Mar-2003 31-Mar-2004 31-Mar-2005 31-Mar-2006 31-Mar-2001 31-Mar-2002 31-Dec-2011 31-Dec-2010 31-Dec-2007 31-Dec-2008 31-Dec-2009 31-Dec-2003 31-Dec-2004 31-Dec-2005 31-Dec-2006 31-Dec-2000 31-Dec-2001 31-Dec-2002

Source: Preqin Performance Analyst

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