page 30 private equity annual review 2010 Welcome to the 2010 Private Equity International Awards Let the celebrations begin This time last year, a look down our awards market. Government bailouts, consolidation Gilde in the Netherlands and Archer Capital roll of honour spoke to the ability of certain and incoming regulation all encouraged in Australia, have been honoured. firms to weather horrendous market con- banks to dispose of assets, meaning big In recognition of the changing private ditions. As we honour 2010’s best-in-class opportunities in both the secondary and equity landscape, this year we have firms, transactions and advisors, it becomes primary markets. It is no surprise then, instituted some new categories into each clear that the brightest firms in the industry that the likes of Coller Capital, Advent of our regions’ rolls of honour. Two of those are now thriving, rather than just surviv- International, Bain Capital, Landmark categories have to do with the lifeblood of ing, in what is an industry landscape going Partners and AXA Private Equity all found the industry: limited partners. LPs are through structural and restorative changes. their way onto the honours list, having been increasingly on the hunt for direct and These awards, voted on by thousands of on the buy-side of bank-sourced deals. co-investment opportunities as they try to PrivateEquityInternational.com readers, Another theme – the bifurcation of boost returns and lighten their fee burdens. showcase the firms that have – in the eyes the private equity market between the They have also increasingly sought to of their peers – excelled and set the industry large global firms and small domestic integrate responsible investment practices benchmark. specialists – is becoming increasingly clear. into their portfolios, and by extension, their The results of these awards also reflect Among our winners, a handful of global fund managers’ day-to-day activities. This some of the wider themes prevalent in the firms have picked up awards on multiple year for the first time our readers have voted world of private equity during 2010. High continents: Apax Partners, Oaktree Capital for the LPs who have been leading the pack on this list of themes was the effect on the Management, Sequoia Capital and Partners on both of these fronts. industry of a dramatically changed banking Group. Likewise, domestic specialists like Congratulations to all our winners. ■ private equity leader 2010 Joseph Dear, chief investment officer, California Public Employees’ Retirement System Every year Private Equity International honours involving allegations of “pay-to-play” activity between some placement one individual who, over the course of their agents and fund managers. Since then he has led an overhaul of the career, has made a crucial contribution to the pension’s asset allocation model, initiated a wide ranging review of the development of private equity as an industry pension’s interaction with placement agents and brought managers to and an asset class. They have helped private account over high fees and misaligned interests. equity grow into the position of influence Dear has always been an authoritative supporter of the asset class. it occupies today and continue to lead by Before joining CalPERS, he was executive director for the Washington example. State Investment Board. During Dear’s tenure, the $77 billion pension The California Public Employees’ grew its private equity allocation from to a market leading 25 percent Dear: LP leader Retirement System has been at the forefront from 17 percent. Furthermore, he seems to be keeping the faith. “I don’t of the private equity limited partner community since 1990. But it is know how we make our return objectives without investing in illiquid not the organisation we honour this year; it is the man who makes the assets,” he told delegates at the Milken Institute Global Conference in investment decisions at the $220 billion pension, Joseph Dear, who is May 2010. Private Equity International’s fourth annual Private Equity Leader. Previous winners of the Private Equity Leader Award include Dear arrived at CalPERS (see p. 54 and p. 56 for more on the Oaktree Capital Management’s Howard Marks, Coller Capital’s pension) in March 2009, where he was to find a battered portfolio, an Jeremy Coller and the founder of Bridges Ventures and Apax over-weighted allocation to private equity and a soon-to-unfold scandal Partners, Sir Ronald Cohen. ■ page 32 private equity annual review 2010 The roll of honour PEI’s Private Equity Leader Award 2010 Joseph Dear, The California Public Employees’ Retirement System EUROPE Direct/co-investor of the year CPP Investment Board Large-cap firm of the year Apax Partners Responsible investor of the year The California Public Mid-market firm of the year HgCapital Employees’ Retirement Venture capital firm of the yea Index Ventures System Benelux Gilde Private equity deal of the year Interactive Data— Central and Eastern Europe Mid Europa Partners Warburg Pincus, Germany Triton Partners Silver Lake Partners Iberia Investindustrial Venture capital deal of the year Endgame Systems— Israel Jerusalem Venture Bessemer Venture Partners Partners Columbia Capital, Kleiner Italy Investindustrial Perkins Caufield & Byers Nordic EQT Partners and TechOperators Russia Baring Vostok Capital Private equity exit of the year Tommy Hilfiger— Partners Apax Partners Switzerland Capvis Equity Partners Venture capital exit of the year Facebook—Sequoia UK Bridgepoint Capital France AXA Private Equity Secondaries deal of the year Bank of America fund Law firm (fund formation) of the year SJ Berwin interest portfolio— Law firm (transactions) of the year Clifford Chance AXA Private Equity Debt provider of the year BNP Paribas Firm of the year in Latin America Actis M&A advisor of the year Rothschild Firm of the year in MENA Abraaj Capital Placement agent of the year MVision Private Equity Advisers Firm of the year in Africa Actis Fund of funds of the year Capital Dynamics Secondaries firm of the year Coller Capital ASIA Distressed debt firm of the year Oaktree Capital The PE Asia Leadership Award 2010 Jean Eric Salata, Baring Management Private Equity Asia Special situations/ turnaround firm Sun European Partners Large-cap firm of the year TPG Capital of the year Mid-market firm of the year Baring Private Equity Asia Mezzanine firm of the year ICG Group Venture capital firm of the year Sequoia Capital Limited partner of the year ATP Private Equity Australia Archer Capital Partners China CDH Investments Direct/co-investor of the year Partners Group Japan Japan Industrial Partners Responsible investor of the year Robeco Private Equity India Sequoia Capital India Private equity deal of the year RBS WorldPay—Bain Southeast Asia Navis Capital Partners Capital, Advent Law firm (fund formation) of the year O’Melveny & Myers International Law firm (transactions) of the year Debevoise & Plimpton Venture capital deal of the year Zong— Matrix Partners, Debt provider of the year Standard Chartered Advent Venture Partners, M&A advisor of the year Goldman Sachs Newbury Ventures Mezzanine provider of the year CLSA Capital Partners Private equity exit of the year Pets at Home— Placement agent of the year Mercury Capital Advisors Bridgepoint Fund of funds of the year Emerald Hill Capital Venture capital exit of the year Betfair—Balderton Partners Capital Management, Secondaries firm of the year Partners Group Index Ventures, Limited partner of the year Temasek Holdings Softbank Capital Direct/co-investor of the year Temasek Holdings Secondaries deal of the year Bank of Scotland Responsible investor of the year Squadron Capital Integrated Finance Large deal of the year [$500m+] Healthscope—TPG Capital, portfolio — Coller Capital The Carlyle Group Large exit of the year Shenzhen Development NORTH AMERICA Bank—TPG Capital Large-cap firm of the year The Blackstone Group Mid-sized deal of the year [$100m - $500m] Coffee Day Holdings— Mid-market firm of the year The Riverside Company Kohlberg Kravis Roberts, Venture capital firm of the year Sequoia Capital New Silk Route, Standard Firm of the year in Canada Onex Chartered PE Law firm (fund formation) of the year Debevoise & Plimpton Mid-sized exit of the year BPG Food & Beverage— Law firm (transactions) of the year Simpson Thacher & Lunar Capital Bartlett Management Debt provider of the year JPMorgan Small exit of the year Kasco—Next Capital M&A advisor of the year Goldman Sachs Placement agent of the year Credit Suisse Fund of funds of the year HarbourVest Partners AFRICAN, LATIN AMERICAN AND MENA Secondaries firm of the year Landmark Partners Firm of the year in Africa Actis Distressed debt firm of the year Oaktree Capital Firm of the year in Latin America Actis Management Firm of the year in MENA Abraaj Capital Special situations/ turnaround firm of the year Sun Capital Partners Mezzanine firm of the year GSO Capital Partners Limited partner of the year The California Public Employees’ Retirement System CapVis_300000_205x270_Inserat_160211b:2011_Capvis_Inserat 16.2.2011 10:46 Uhr Seite 1 page 34 private equity annual review 2010 www.capvis.com european awards Large-cap firm of the year company for a 2x money multiple. 1. Apax Partners On the buyside, Hg deployed a 2. CVC Capital Partners total of £710 million across eight 3. Cinven deals, most of which were agreed The deal team at Apax Partners can look in “a short, shallow buyer’s market” back over 2010 with a sense of achieve- at the beginning of the year, said Ian ment. Under the stewardship of chief exec- Armitage, the charismatic boss who utive officer Martin Halusa, the European has led the firm since 1990. In a web- private equity heavyweight made eight new cast following the two successful exits investments and completed $6.8 billion- late last year, Armitage summed up Armitage: keeping it 2010 worth of realisations.