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Private Equity Private Equity Spotlight www.preqin.com July 2008 / Volume 4 - Issue 7 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin, providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les & Funds in Market. This month’s issue contains details from our latest publication, The 2008 Preqin Infrastructure Review. Feature Article page 2 Investor Article page 20 Is the Infrastructure Explosion Sustainable? This month we take a close Infrastructure fundraising has hit record levels in recent look at family offi ces and years, sparking fears that too much capital might be foundations, and identify fl ooding the sector. We examine the factors surrounding some of the key players the recent growth, and make predictions on the future of in this important investor infrastructure funds. class. Performance Article page 6 As in other asset classes, benchmarks are widely used and quoted in private equity, but which benchmarks are best, Investor News and how can they be used to maximum eff ect? page 27 All the latest news on investors in private equity: Fundraising Article page 9 • National Pension Service of South Korea (NPS) appoints Global Fundraising Update - Q2 2008 new chief executive offi cer. This month’s Fundraising Spotlight takes an in-depth look at • University of Colorado Foundation is seeking distressed fundraising in the fi rst half of 2008. debt and western European managers. No. of Funds US Europe ROW Total on Road • NBIMC is considering making private equity investments Venture 200 88 150 438 in emerging markets. Buyout 143 65 78 286 Fund of Funds 93 55 39 187 • LAMPERS receives private equity energy fund Real Estate 172 110 103 381 recommendation. Other 121 56 60 241 Total 729 374 430 1,533 • LACERA sets up a discretionary separate account to invest in emerging private equity managers. If you would like to receive Private Equity Spotlight each month please email [email protected]. OUT NOW Subscribers to Performance Analyst and Investor Intelligence receive additional information not available The 2008 Preqin in the free version. If you would like further details please Infrastructure Review email [email protected] More information available at: Publisher: Private Equity Intelligence Ltd. www.preqin.com/infrastructure Fleet House, 8-12 New Bridge Street, London. EC4V 6AL Tel: +44 (0)207 822 8500 w: www.preqin.com PERFORMANCE • INVESTORS • FUNDRAISING © 2008 Private Equity Intelligence Ltd. / www.preqin.com ► 2 Feature Article Feature Article: Is the Infrastructure Explosion Sustainable? As other sectors of the private equity industry have seen overall fundraising starting to plateau recently, infrastructure stands out as one of the fastest growing sectors in the asset class today. In this month’s feature article we identify some of the reasons surrounding investors’ strong appetite for infrastructure funds, and examine whether the rapid growth experienced in recent years is sustainable in the long term. The market for unlisted infrastructure funds has grown dramatically in Fig. A: recent years, as an abundance of new opportunities in both developed and Growth of Infrastructure Funds on the Road emerging markets has paved the way for increasing numbers of vehicles to successfully raise capital. Investor appetite for infrastructure and the increase in opportunities available for managers has seen the average size of infrastructure funds increase signifi cantly, from $159 million in 2003 to $3.3 billion in 2008 year to date. Fundraising for the sector remains strong in 2008, and even before the midway point of the year a total of $13.1 billion had already been raised. Fund managers appear confi dent that there are more opportunities available, and this has to widen their horizons and consider market with a multi-regional focus. led to a record number of fi rms hitting new regions and types of investments, However, this trend of managers taking the road with new offerings. There are they still remain confi dent that they can on a more multi-regional investment currently 71 funds on the road seeking source the investments to create strong remit is mostly seen amongst those an aggregate $90.8 billion – a dramatic returns in the future. managing larger vehicles, and it is increase on 2005 when there were four also the case that some managers funds seeking $1.8 billion (Fig. A). Evidence of the increasingly global have responded to claims of increased nature of unlisted infrastructure fund competition for opportunities by raising Some sections within the industry have investing can be seen in the growth of very specifi c vehicles. Such vehicles expressed alarm at the current levels vehicles focusing on more than one might focus on only one country or small of capital being raised by new vehicles, region. As fund sizes have increased, region, or focus on only one specifi c and have questioned whether there managers are now considering type of investment, such as renewable might be too much capital chasing too investments that are further afi eld, often energy, with the highly specialised nature few opportunities. While such concerns in addition to the more established of their investments enabling them to certainly merit consideration, there regions which form their primary source investments that more broadly is good evidence that although the investment focus. The difference can be encompassing fund managers might fi nd number of infrastructure funds is rapidly seen between funds that have already harder to pick up. increasing, these funds will be more wide closed, and funds that are currently in reaching and global than ever before, market, with only 22% of funds closed Current concerns regarding infrastructure as new markets and opportunities between 2003 and 2008 focusing on and the wider global economic climate present themselves in the coming years. more than one main region, compared have led to a degree of plateauing Although fund managers may have with 32% of vehicles that are currently in in the fundraising market, with 2008 © 2008 Private Equity Intelligence Ltd. / www.preqin.com 3 ◄ Feature Article ... Fund managers appear confi dent that there are more “ opportunities available, and this has led to a record “ number of fi rms hitting the road with new offerings... fundraising unlikely to exceed the record breaking levels experienced in 2007. Fig. B: However, the long term indications in the infrastructure market are for growth, and Source of Infrastructure Allocation Preqin Infrastructure data would certainly suggest that the lack of further growth in 2008 is due more to some investors delaying making new investments rather than investors decreasing their allocations to the asset class. The high level of importance that investors are attaching to this emerging sector is demonstrated in the way in which investors class infrastructure fund investments. Many investors now treat the sector completely independently to other private equity and unlisted fund investments, as Fig. B shows, 47% of active investors in the sector now Fig. C: have a separate allocation specifi cally for infrastructure, while 43% include infrastructure funds in their private Make-up of Investor Universe by Investor Location equity portfolio and 10% include it in their real assets allocation. For those that have a separate infrastructure allocation, in the majority of cases this is made up of unlisted funds rather than direct investments, as the prices that infrastructure assets demand can be restrictive for most investors, and the level of expertise required to manage such assets can be diffi cult to acquire. Fig. C showing the geographical breakdown of investors in infrastructure funds indicates that European investors are actually the most active in this sector, far the largest number of investors. So changing, as well-publicised shortfalls making up a larger percentage of the why is there a disparity between the two, in US infrastructure have prompted overall market than their North American and is this likely to change in the future? authorities to change their stance counterparts. Drilling down further into on private and foreign investment in the fi gures shows that within North The US market has thus far not seen the infrastructure assets. In the future, with America, 33% are from Canada, leaving same levels of investment as Europe new initiatives being developed there only 67% of investors in this region from and emerging markets, where private are likely to be more fi rms successfully the US. This make up of the investor infrastructure investment legislation and raising funds focusing on the region, universe differs substantially from the the PFI/PPP model are well established. which in turn will undoubtedly lead wider institutional investor community for However, in the US the situation is now to increasing numbers of institutional private equity, where the US provides by © 2008 Private Equity Intelligence Ltd. / www.preqin.com ► 4 Feature Article Feature Article: Is the Infrastructure Explosion Sustainable? investors from the US allocating capital to conditions have led to some investors the sector. delaying their decisions on making new investments, with fund managers With new investors from the US and fi nding it harder to fi nd investors as a around the world entering the market, result. Our prediction is for continued and with new regions and industries growth in the sector, but that this will being opened up to the infrastructure come with increased competition for fund market all the time, the future for the managers. Awareness of competition in industry looks strong. However, there the market and a good understanding of are more infrastructure funds on the the infrastructure investor universe will road than ever before, and this has led be essential for all those fund managers to ever increasing levels of competition hitting the road and seeking investments amongst managers seeking investment in years to come.
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