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2011 Global Private Equity Report Contents

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2011 Global Private Equity Report Contents The 2011 Preqin Global Infrastructure Review - Sample Pages 2011 Global Private Equity Report Contents Editor’s Foreword 3 Fundraising Review - Natural Resources 38 Fundraising Review - Venture 39 Section One: The 2011 Preqin Global Private Equity Report Section Six: Placement Agents Keynote Address - Moose Guen, CEO, MVision 5 Overview of Placement Agent Use in 2009 41 Profi le of the Placement Agent Industry 42 Section Two: Overview of the Private Equity Industry Introduction 7 Section Seven: Fund Administrators Deal-Driven Optimism - Simon Walker, Chief 8 Fund Administrators 43 Executive, BVCA Proactively Engaging Legislation - Uli Fricke, 9 Chairwoman, EVCA Section Eight: Deals Challenges for the US Market - Doug 10 Relationships Really Matter - 45 Lowenstein, President, PEGCC Vineet Pruthi, Investment Professional, Lincolnshire Management The Rise of Emerging Markets - Sarah 11 Alexander, President and CEO, EMPEA Global Buyout Activity 46 Section Three: Assets under Management, Dry Power, Section Nine: Private Equity Performance Employment and Compensation An Examination of Private Equity Performance 51 Assets under Management and Dry Powder 13 Delivering Consistently High Private Equity 52 Employment and Compensation 15 Performance - Logan M. Cheek, III, Senior Managing Director, Pittsford Ventures Management Section Four: General Partners Consistent Performers 53 League Tables - Largest GPs 19 Private Equity Returns for Pension Funds 57 Buyout GPs - Key Stats and Facts 21 Private Equity Benchmarks 60 Distressed PE GPs - Key Stats and Facts 22 Mezzanine GPs - Key Stats and Facts 23 Section Ten: Investors in Private Equity Natural Resources GPs - Key Stats and Facts 24 Overview of the Limited Partner Universe 67 Venture GPs - Key Stats and Facts 25 Make-up of Investors in Recently Closed Funds 71 Investor Appetite for Private Equity in 2011 - 75 Section Five: Fundraising December 2010 LP Survey Results An Insider’s Guide to Fundraising in 2011 - Tripp 27 League Tables of Biggest Investors by Region 76 Brower, Capstone Partners League Tables of Biggest Investors by Type 77 Evolution of Fundraising Market in 2010 28 Investors to Watch in 2010 78 Overview of Current Fundraising Market 31 Fundraising Review - North America 32 Section Eleven: Investment Consultants Fundraising Review - Europe 33 Investment Consultants in Private Equity 79 Fundraising Review - Asia and Rest of World 34 Fundraising Review - Buyout 35 Section Twelve: Fund Terms and Conditions Fundraising Review - Distressed PE 36 Private Equity Fund Terms and Conditions 87 Fundraising Review - Mezzanine 37 1 The 2011 Preqin Global Infrastructure Review - Sample Pages Section Fourteen: Private Equity Cleantech Energy Effi ciency Investments Lighting the Way 90 - Michael O’Neill, Associate, Climate Change Capital Private Equity Evolution of Fundraising Market in 2010 91 Cleantech Funds On the Road 92 Overview of Private Equity Cleantech Managers 93 Investors in Cleantech 94 Section Fifteen: Funds of Funds Review of Private Equity Funds of Funds 95 Funds of Funds GPs - Key Stats and Facts 96 Fundraising Review - Funds of Funds 97 Listed PE FoF 98 Section Sixteen: Secondaries Secondary Market Introduction 99 Secondaries Pricing Analysis 100 Investor Appetite for the Secondary Market in 101 2010 - LP Survey Results Secondaries Intermediaries 104 Secondaries GPs - Key Stats and Facts 105 Fundraising Review - Secondaries 106 Section Seventeen: Order Forms Preqin Products 107 2 © 2011 Preqin Ltd. / www.preqin.com The 2011 Preqin Global Infrastructure Review - Sample Pages 2. Overview of the Private Equity Industry 2011: A Year of Recovery? - Tim Friedman, Preqin 2010 saw activity in the private equity- planning to launch funds this year. between 2005 and 2008, the majority backed buyout market recovering to The signifi cant pick-up in activity is of fi rms that are not able to raise new reach the kind of levels not seen since leading to capital now being pulled capital in the current market will still the onset of the fi nancial crisis. Q4 in through the private equity cash cycle continue to operate for a number of particular represented a very strong once again, and as a result, it will be years yet – some coming back to market quarter, with $64bn of new deals necessary for investors to make new in the future while others only continuing announced – the highest since Q2 investments if they wish to maintain to operate as long as they still hold an 2008 – and $72bn in exits – the highest their allocations to the asset class. In investment portfolio. quarter of all time. 2011 is already December 2010 we interviewed 100 continuing on a similar path, with high- leading LPs from around the world, For those that are able to communicate profi le deals such as Thomas H. Lee’s revealing that not only do the majority of strong past performance and a buyout of Acosta and Advent’s buyout investors intend to at least maintain their compelling investment strategy for of The Priory Group in the pipeline, and exposure to private equity (96%), 37% the current environment, they will a number of high profi le IPOs and other actually expect to increase allocations fi nd fundraising to be possible, but exits also slated. in the longer term. In terms of their those entering the market will fi nd planned activity, 78% expect to match an investor community which has The story in the fundraising market or exceed 2010 investment levels, with changed signifi cantly since the bumper was less encouraging, with the $225bn 45% expecting to commit more capital in conditions of four years ago. Investors raised over the course of the year being 2011 compared with 2010. are looking to reduce the number of the lowest total since 2004. However, existing relationships they hold, and will fundraising is to an extent a lagging Of course, the other effect of the be scrutinizing re-ups with great care. indicator. Funds, especially in the increase in investment activity is that Nothing is guaranteed. current environment, take some time to many fund managers are now running raise, and the dearth of new vehicles low on dry powder, and will need to Looking at geographies, Asia and achieving a fi nal close is more a hit the road in order to gain the new other emerging markets such as Latin refl ection of lacking institutional investor commitments that will allow them to America will grow to represent a major confi dence in 2009 than anything else. invest in new companies in the current part of the portfolio for a large number Although the 2009 fundraising fi gures cycle. We have already seen major fi rms of institutions. European managers are higher, a considerable amount of such as BC Partners, Vestar Capital had a particularly challenging year in funds that held a fi nal close during that Management and Berkshire Partners 2010, and with AIFM legislation serving period gathered the majority of their initiating new fundraising activity, to add additional burden to managers commitments before Lehman Brothers while other signifi cant fi rms including and investors alike, 2011 could again went under in late 2008. Providence Equity Partners are also present diffi culties for the industry. US primed to launch. managers should see conditions steadily With institutional investors remaining improving as certain institutions look to reluctant to commit new capital, the In recent months the total number put capital to work for the fi rst time since diffi culties seen in the fundraising and value of funds on the road has 2008. market of 2009 led to many prominent increased following two years of slow fund managers delaying fundraising decline, and this total is certain to In terms of strategy, mid-market funds, efforts until investor sentiment and cash increase further in 2011. Although there distressed vehicles, and growth and fl ow became more positive. As a result, are more investor dollars out there, they development capital funds will represent although the number of funds out there are being spent with more care and popular strategies, and we are also remained relatively high, many of the consideration than ever before, and likely to see an uptick in secondaries larger, more established fi rms were there are still nowhere near enough to activity as fund prices stabilize and holding back, and the number of funds satisfy the ambitions of the 1,600 fi rms specialist players such as Coller and on road fell. seeking $600bn worldwide. Lexington raise additional capital to add to the signifi cant reserves gathered by The success stories of fi rms such as Consolidation in the private equity other prominent fi rms in recent years. Infl exion (raising £375mn within four industry is a long process, and it is months of launch), and Atlas Capital only now that the total number of We have already seen an increase in Holdings (closing nearly 50% above active private equity fi rms is starting the levels of capital being called up and target on $365mn) show that for fi rms to decline in certain sectors, as fi rms distributed, and we expect such activity with strong past performance and a that last raised capital at the turn of the to remain at a relatively high level as well-informed, strong investor base, millennium reach the tail-end of their fi rms put remaining dry powder from fundraising was indeed possible, and in lifecycles and slowly close up shop, older vintages to work and exit some quick time at, or even above, targeted with not so many new fi rms being of the investments made during the amounts. This is certainly encouraging established to replace them. With the previous cycle. The recovery in fund news for a number of other fi rms last major fundraising cycle being seen NAVs is expected to continue, and 3 The 2011 Preqin Global Infrastructure Review - Sample Pages 2. Overview of the Private Equity Industry Deal-Driven Optimism - Simon Walker, Chief Executive, BVCA As the private equity industry limbers a degree of optimism for the year EVCA, will dedicate much of its time up for a fresh bout of fundraising, it’s ahead.
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