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More Than Just Looking for Profit
Analysis ROUNDTABLE SPONSORS APAX PARTNERS • ARDIAN • DECHERT • EURAZEO More than just looking for profit Four insiders tell Carmela Mendoza how the private equity industry in France has shifted amid political and fiscal changes and why sustainability has become a much bigger play n 15 April, three days year, a 13 percent jump from the previous election of Macron as president in 2017 before Private Equity year’s €16.5 billion and the highest ever has totally changed the attitude of for- International gathered since industry association France Invest eign investors toward France – from the four French private began tracking data in 1996, according to measures to attract talent into technology equity veterans to- its Activity of French Private Equity in 2018 or venture companies, to the end of the gether in Paris for a report. wealth tax.” Odiscussion on the market, a massive blaze The industry is also delivering: French Many funds did not want to touch hit the 850-year-old Notre Dame Cathe- private equity has generated a net internal France from 2010 to 2016, he says, with dral, destroying its iconic spire and a large rate of return of 10 percent-plus over 10 most London-based pan-European funds part of the roof. Thousands of Parisians years, data from France Invest show. looking almost exclusively at northern Eu- watched in horror as flames engulfed the Eddie Misrahi, president and chief exec- rope. “Brexit first happened, then Macron gothic masterpiece. utive of mid-market firm Apax Partners, says was elected nine months later and sudden- When we met on a warm spring after- the upward trajectory of French private eq- ly everybody wanted to be in France.” noon a few days later, Notre Dame and its uity is the result of the natural evolution of François Jerphagnon, managing direc- imminent restoration was on everyone’s the industry, partly helped by Brexit, which tor and head of expansion at Ardian, adds: minds. -
Portfolio Value-Adding by Private Equity Houses: Walking the Walk Or Just Talking the Talk?
Portfolio value-adding by private equity houses: Walking the walk or just talking the talk? June 2010 Dr Mike Hicks Catalysis Advisory Portfolio value-adding by private equity houses Participants Twenty five private equity houses - across a full range of sizes and styles of investment - provided input. In the tables and graphics below they have been divided into approximate size groups based on self-declared equity-cheques. Name Group/abbreviation Octopus Ventures Maven Capital Partners Small cap YFM Private Equity ISIS Equity partners Lyceum Capital August Equity Dunedin Capital Partners HIG Capital Lower mid-market (LMM) Canter Equity Partners Chamonix Private Equity Baird Capital Partners Europe Total Capital Partners Macquarie HgCapital Nova Capital Management GMT Communications Partners AAC Capital Partners HSBC Private Equity Upper mid-market (UMM) ECI Partners Palamon Capital Partners Silverfleet Capital Duke Street 3i CVC Big buy-out (BBO) Blackstone Mike Hicks: Catalysis Advisory Page 2 Portfolio value-adding by private equity houses Executive summary 1. This study fills a gap in knowledge of value-adding practices across the mid-market 2. Private equity houses have a good record of adding greater value than public companies and over the last decade more houses have worked to improve this area. But more is demanded both by circumstances and LPs and there is a perception that plenty of value is being left on the table. 3. In many cases value-adding approaches emerged to handle tactical problems and have evolved piecemeal. Large ticket investors benefit from more manpower while small cap houses run much more on a shoestring. But mid-market investors have adopted variations on the large buy-out model when it comes to applying resources post-deal. -
Annual Report
Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)). -
AGENDA = Board Action Requested
BOARD OF UNIVERSITY AND SCHOOL LANDS Pioneer Meeting Room State Capitol July 29, 2020 at 9:00 AM AGENDA = Board Action Requested 1. Approval of Meeting Minutes – Jodi Smith Consideration of Approval of Land Board Meeting Minutes by voice vote. A. June 25, 2020 – pg. 2 2. Reports – Jodi Smith A. June Shut-In Report – pg. 19 B. June Extension Report – pg. 25 C. June Report of Encumbrances -- pg. 26 D. June Unclaimed Property Report – pg. 31 E. April Financial Position – pg. 32 F. Investments Update – pg. 41 3. Energy Infrastructure and Impact Office – Jodi Smith A. Contingency Grant Round Recommendations – pg. 42 4. Investments – Michael Shackelford A. Opportunistic Investments – pg. 44 5. Operations – Jodi Smith A. Continuing Appropriation Authority Policy – Second Reading – pg. 100 B. Payment Criteria Policy – Repeal – pg. 103 C. Assigned Fund Balance – pg. 105 6. Litigation – Jodi Smith A. United States Department of Interior M – 37056 – pg. 109 B. Mandan, Hidatsa, and Arikara Nation vs. United States of America, 1:20-cv-00859-MCW C. Mandan, Hidatsa, and Arikara Nation vs. United States Department of Interior, et al., 1:20-cv-01918 Executive session under the authority of NDCC §§ 44-04-19.1 and 44-04-19.2 for attorney consultation with the Board’s attorneys to discuss: - Next Meeting Date – August 27, 2020 88 Minutes of the Meeting of the Board of University and School Lands June 26, 2020 The June 26, 2020 meeting of the Board of University and School Lands was called to order at 8:05 AM in the Coteau Meeting Room of the State Capitol by Chairman Doug Burgum. -
Private Equity Fund Formation in 2012
Presenting a live 90-minute webinar with interactive Q&A Private Equity Fund Formation in 2012 Navigating Capital Raising Under a New Regulatory Landscape: Dodd Frank, JOBS Act, the Volcker Rule, and ILPA Revised Principles WEDNESDAY, SEPTEMBER 12, 2012 1pm Eastern | 12pm Central | 11am Mountain | 10am Pacific Today’s faculty features: Scott W. Naidech, Partner, Chadbourne & Parke, New York Adam D. Gale, Counsel, Chadbourne & Parke, New York L. Charles Bartz, Senior Advisor, Berchwood Partners, New York The audio portion of the conference may be accessed via the telephone or by using your computer's speakers. Please refer to the instructions emailed to registrants for additional information. If you have any questions, please contact Customer Service at 1-800-926-7926 ext. 10. Sound Quality If you are listening via your computer speakers, please note that the quality of your sound will vary depending on the speed and quality of your internet connection. If the sound quality is not satisfactory and you are listening via your computer speakers, you may listen via the phone: dial 1-888-450-9970 and enter your PIN -when prompted. Otherwise, please send us a chat or e-mail [email protected] immediately so we can address the problem. If you dialed in and have any difficulties during the call, press *0 for assistance. Viewing Quality To maximize your screen, press the F11 key on your keyboard. To exit full screen, press the F11 key again. FOR LIVE EVENT ONLY For CLE purposes, please let us know how many people are listening at your location by completing each of the following steps: • In the chat box, type (1) your company name and (2) the number of attendees at your location • Click the SEND button beside the box If you have not printed the conference materials for this program, please complete the following steps: • Click on the + sign next to “Conference Materials” in the middle of the left- hand column on your screen. -
Investment Section
Investment Section Investment Overview Authority The Board has the responsibility to invest funds of the System in accordance with guidelines and limitations set forth in the Code and other applicable state law. Act 29 of 1994 authorizes the Board to invest the funds of the System using the “prudent person” standard that allows the Board to consider the probable safety of investments, avoid speculative investments, and invest as people of prudence, discretion, and intelligence would manage their own affairs. Policies and Objectives The Board is responsible for the formulation of investment policies for the System. The overall investment objectives of the System are to: (i) preserve capital in real terms; (ii) maximize total returns while limiting the risk of volatility through diversification; (iii) achieve returns in excess of the policy benchmark (the policy benchmark is a custom index created based on the Board established asset allocation structure to generate a return that meets the actuarial rate of return assumption); (iv) achieve a real rate of return over CPI over time; and, (v) provide sufficient liquidity to meet the current operating needs of the System. To achieve these objectives, the Board meets at least once per year to establish an overall asset allocation plan and investment policies for the System. Implementation of the investment policies is accomplished through external investment management firms who act as agents for the System and through internal investment managers. The Board also retains various investment consultants to assist with the formulation and implementation of investment policies. Operations The Board provides oversight of investment activities through the Finance Committee that makes recommendations to the Board. -
Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009
Emerging Markets Private Equity Quarterly Review A Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009 Viewpoint In This Issue The first half of 2009 has been a dismal time for private equity and venture capi- tal firms worldwide, and emerging markets PE fund managers are seeing their FEATURES share of challenges. The recent upswing in the emerging markets stock indices gives hope that the impact of the financial crisis has already hit bottom in these markets, ahead of developed countries. But even if this trend holds—and it is not Plugging the Financing Gap: yet clear it will—private equity and venture capital fund managers in developing Is There a Growing Role for countries are not out of the woods yet. Mezzanine and Debt Funds? 3 Fundraising for EM PE remains very difficult, with Q1 2009 totals down 71% year-on-year, with no clear rebound in sight. LPs retain a positive outlook for new 2009 LP Survey Results: EM PE investment opportunities and expect outperformance from legacy and LPs Still Find Emerging Markets new funds relative to developed market buyouts. However, near-term financing Private Equity Attractive Despite constraints among many Western LPs will limit their ability to commit substantial Global Economic Downturn 8 funds to the asset class this year. In the midst of this crisis, the financing gap for developing market companies is Fundraising and Investment raising its head, as equity and debt availability is constrained. Fund managers and Slows in Q1 2009 11 development finance institutions are looking at innovative ways to fill the gap us- ing debt and mezzanine fund structures and vehicles, but these nascent efforts are not yet off the ground. -
Private Equity Newsletter Quarterly Special | Edition 1+2/2021 Dear Friends
PRIVATE EQUITY Newsletter QUARTERLY SPECIAL | EDITION 1+2/2021 SIGNED DEALS for 2020 and Q1/2021 within the German-speaking region EUROPEAN PE MARKET Interview with Senior Partner Christof Huth and Principal Dr Thorsten Groth as well as digital expert Dr Ulrich Kleipaß MOST RECENT STUDIES by Roland Berger Private Equity Newsletter Quarterly Special | Edition 1+2/2021 Dear Friends, Christof Huth dear Clients, What a start to the year! The first quarter of 2021 has broken almost every record so far. This edition of the Newsletter provides an overview of the tremendous deal flow in the first quarter of 2021 in com- parison to last year and examines various developments influencing the PE market. Additionally, it offers an overview of recent Roland Berger studies. Dr Sascha Haghani The 2020 PE year (197 transactions) saw lower deal activity overall than 2019 (253 transactions), driv- en by declines in the first half of 2020 in particular. In the second half of 2020, there was a quick recovery in PE-related deal-making in German-speaking Europe, which continues into 2021 so far. With 90 deals, Q1 of 2021 not only surpassed the already strong Q3 of 2020 but represents the strongest quarter in the long history of the PE Newsletter. Economically, the dominant topic for 2020 was COVID-19 and its impact on deal-making, on portfo- Sven Kleindienst lio companies and on daily life. By now the PE industry has become used to successfully dealing with COVID-19-related restrictions during deal-making and is focused on companies’ development outlook beyond COVID-19. -
Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 3, Q3 2009 October 2009
Emerging Markets Private Equity Quarterly Review A Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 3, Q3 2009 October 2009 Viewpoint In This Issue With consensus growing that we are turning the corner to recovery, now seems an appropriate time to take stock of the impact of the crisis on emerg- FEATURES ing markets private equity. The good news is that most emerging economies weathered the crisis intact, RMB Funds—The Current State and and some are in fact leading the global recovery. The not-so-good news is Way Forward: A Legal and Tax Wish emerging market fund managers’ dependence on the hardest hit Western List (Expert Commentary) 3 institutional investors has made fundraising extremely difficult. As reported in this issue, fundraising through mid-year fell 55% year over year, testament to the internal capital constraints tying the hands of even the most enthusiastic Distressed Private Equity: potential investors for the next few quarters. The 52% year over year drop in Is There an Attractive investments, by contrast, seems to be a temporary side effect of the crisis. Investment Opportunity in Fund managers who have capital were waiting for markets to stabilize and the Emerging Markets? 9 valuations to sink lower. There are already signs of a pick-up in deal activity in the second half of the year. To put the gloomy start to 2009 into perspective, it’s important to note that fundraising and investment totals for the first six Fundraising and Investment Slows months of 2009 still exceed those for all of 2004, and are on pace to match Down Through Mid-Year 16 2006 activity levels. -
MENA Private Equity and Venture Capital Report
MENA Private Equity and Venture Capital Report 2014 2 MENA Private Equity and Venture Capital Report 3 MENA Private Equity and Venture Capital Report Foreword With Gratitude Dear friends and colleagues, and networks, and who benefit from the The MENA Private Equity Association Media Task Force experience of investing through economic I am honoured to introduce the 9th edition We are grateful for the public relations and media cycles and periods of political volatility. Extends its sincere appreciation to Zawya for sharing campaign support from the following: of the “Private Equity & Venture Capital primary data and industry and to our knowledge in the Middle East Report”, a publication Bringing such seasoned professionals partners Deloitte for developing the report analysis. Nahed Ashour, Senior Manager Arabic Content and that has become a leading barometer of together; the MENA Private Equity Media, Capital MSL our industry and, indeed, of the region’s Association gives the industry a strong and economic development. clear collective voice, and acts as a link to similar associations around the world. In the decade since the report began, private Deloitte Sponsors equity has established a strong foothold, Compiling this report is an important part of Declan Hayes, Managing Director, Deloitte Corporate weathered a global economic crisis, and the association’s work, serving to promote Finance Limited Without the support of the following generous emerged stronger. It is clear that although greater transparency in the industry and to sponsors, this report would not have been global perceptions may be clouded by news enhance knowledge of the impact of private Sam Surrey, Director, Deloitte Corporate Finance possible. -
ONS Acquisition Corp. Form S-1/A Filed 2021-07-19
SECURITIES AND EXCHANGE COMMISSION FORM S-1/A General form of registration statement for all companies including face-amount certificate companies [amend] Filing Date: 2021-07-19 SEC Accession No. 0001213900-21-037309 (HTML Version on secdatabase.com) FILER ONS Acquisition Corp. Mailing Address Business Address 407 N. MAPLE DRIVE, SUITE 407 N. MAPLE DRIVE, SUITE CIK:1810200| IRS No.: 000000000 | State of Incorp.:E9 | Fiscal Year End: 1231 GRD1 GRD1 Type: S-1/A | Act: 33 | File No.: 333-254495 | Film No.: 211096425 BEVERLY HILLS CA 90210 BEVERLY HILLS CA 90210 SIC: 6770 Blank checks 3103676825 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document As filed with U.S. Securities and Exchange Commission on July 16, 2021 Registration No. 333-254495 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ Amendment No. 3 to Form S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 __________________________________________ ONS Acquisition Corp. (Exact name of registrant as specified in its charter) __________________________________________ Cayman Islands 6770 N/A (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer Incorporation or organization) Classification Code Number) Identification No.) 407 N. Maple Drive, Ground Floor Beverly Hills, CA 90210 Telephone: (424) 210-9848 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) __________________________________________ Alexander Crutchfield Chief Executive Officer and Executive Chairman 407 N. Maple Drive, Ground Floor Beverly Hills, CA 90210 Telephone: (424) 210-9848 (Name, address, including zip code, and telephone number, including area code, of agent for service) __________________________________________ Copies to: Christian O. -
The People Who Matter Your Vote on European Private Equity’S Most Influential
olympic opportunitiEs > vEndor financing > partEch’s parting RealDeals 14 august 2008 For Europe’s private equity professional » E u r o p E The people who matter Your vote on European private equity’s most influential www.rEaldEals.Eu.com 20 MOST influential A tumultuous 12 months on from the onset of the credit crunch, we asked 500 of the industry’s biggest hitters to name the most powerful people in European private equity. 1: GUY HANDS (8) Guy Hands, chief executive of Terra Firma, The man who holds the future of embattled is embroiled in the most highly publicised music business EMI in his hands has shot to the private equity deal of recent times. But while top of the 20 most influential list this year as he all about him appear to doubt, he has remained attempts to drag the company’s creative prima committed to bringing uncompromising donnas into economic reality in the full glare of leveraged buyout efficiency to the extravagant the public spotlight. muso world. Despite frequent spats with pop idols – Robbie Williams’ manager accused Hands of running the business like a plantation owner – and a string of celebrity departures, including the Rolling Stones and Radiohead, as well as the painful fall-out of 2,000 job losses and the impact of the credit crunch on the deal itself, this unlikely rock and roll legend has managed to swing a company, hitherto spouting losses, into profit over recent months. There is still a long way to go before Hands can be declared a hit, of course, but what is clear is that the impact of the £3.2bn (¤4bn) deal will spread way beyond EMI’s walls.