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8/8/2019 Preqin Private Equity Spotlight August 2010
1/22
Dear Spotlight reader,
Heres some good news!
Ill be speaking at The Capital Roundtables MasterClass on PE Investor Relations beingheld at the University Club in New York City on Thursday, September 30.
If youre in the city that day, Id enjoy seeing you. Weve negotiated a special rate for
friends of Preqin. To get the special rate, contact Shaina Mardinly at 212-832-7333 ext.103, or email her at [email protected]. Please be sure to use my name.
The full title of this year s conference is -- PE Investor Relations -- Actionable Tactics YouNeed to Use in 2011 To Keep Your LPs Interested.
This full-day conference is being co-chaired Martha Cassidy -- director in the investmentmanagement team at Capital Dynamics in New York, and Kate Goodall -- investorrelations manager at SVG Advisers in London. Along with Martha and Kate, youll hearfrom other prominent IR professionals and GPs from a variety of funds, leading LPs,
and other PE industry specialists who specialize in management, communication, andfundraising best practices.
For more details -- click here -- http://www.capitalroundtable.com/masterclass/Capital-Roundtable-Investor-Relations-Conference-2010.html
I hope to see you on the 30th for what promises to be a great day.
Best regards,
David Lawrence
Preqinwww.preqin.com
2010 Preqin Ltd. / www.preqin.com
8/8/2019 Preqin Private Equity Spotlight August 2010
2/22
Private EquitySpotlight
Welcome to the latest edition o Private Equity Spotlight, the monthly newsletter rom Preqin providing insights into private equity
perormance, investors and undraising. Private Equity Spotlight combines inormation rom our online products Perormance Analyst,
Investor Intelligence, Fund Manager Profles, Funds in Market, Secondary Market Monitor and Deals Analyst.
August 2010 / Volume 6 - Issue 8
DEALS PERFORMANCE INVESTORS FUNDRAISING FUND MANAGERS
www.preqin.com
Buyouts: A Changed Industry?
This months eature article looks at the uture o buyout unds,
and how the market has changed since the global fnancial crisis.
Feature Articlepage 5
Mega, Large, Mid-Market and Small Buyout Funds
Using Preqins new perormance benchmark, Perormance
Spotlight examines the perormance o dierent sized buyout
unds.
Performance Spotlightpage 9
Investor Newspage 22
Buyout Special
A detailed look at the und type preerences o buyers and sellers
in the secondary market.
Secondaries Spotlight page 16
Investor Views on Buyout Funds
Poor perormance during the fnancial crisis dented theconfdence o many investors in buyout unds; this survey looks
at how appetite or these unds has changed as a result.
Investor Spotlight page 17
OUT NOW
The 2010 Preqin Buyout Review
More inormation available at:
www.preqin.com/buyoutreview
2010 Preqin Ltd. / www.preqin.com
What would you like to see in Private Equity Spotlight?Email us at: [email protected]
Fundraising Spotlight page 12
London:
Scotia House, 33 Finsbury Square, London, EC2A 1BB+44 (0)20 7065 5100
New York:
230 Park Avenue, 10th Floor, New York, NY 10169+1 212 808 3008
www.preqin.com
Join our group on: search for Preqin
Follow us on: www.twitter.com/preqin
You can now download all the data in
this months Spotlight in Excel.
The 2010 Preqin Private EquityBuyout Review
Fund Manager Spotlight page 14
Deals Spotlight page 10
Industrials Sector
This month we examine some o the characteristics o buyout
deals in the industrials sector.
Buyout Funds in Market
This months undraising spotlight examines the buyout
undraising market and looks at the average time taken or such
unds to close.
Buyout Firms
We take an in-depth look at buyout frms, including a breakdown
by size, location and investment preerences.
All the latest news on private equity investors.
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AWARDS 2009
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4/22
4
August 2010
You can now download all the data in
this months Spotlight in Excel.
2010 Preqin Ltd. / www.preqin.com
This month Spotlight contains a detailed look at the global private equity-backed buyouts industry, featuring an in-depth look at the latest
developments in fundraising, performance and investor sentiment. We also take a look at the deals being done in 2010 speci fically
examining the industrial sector in our Deals Spotlight.
Our Performance article uses newly developed Preqin Benchmarks to examine how the performance of buyout funds varies by size. Dont
forget that we offer free access to our online private equity benchmarks service. If youre not already signed up you can do so at
www.preqin.com/benchmarks and view median and quartile returns (multiples and net IRRs) for different vintage years across fund types,geographies and now sizes.
Our Fundraising Spotlight examines buyout funds in market, including an analysis of funds with interim closes and how successful firms
have been in exceeding their targets.
The future of the buyout industry is closely linked to investor appetite for funds of this type in the future. Our investor survey examines both
short terms and long term preferences of LPs for buyout funds, and includes information on fund size preferences and how these have
changed since the onset of the financial crisis.
Much of the analysis in this months Spotlight is taken from our newest publication, the 2010 Preqin Private Equity Buyout Review. This newly
released premium publication provides a comprehensive overview of the industry, including profiles for the top 500 firms worldwide, and the
most important 600 LPs. For more information, please visit www.preqin.com/buyoutreview
We hope that you find this months issue of Spotlight to be informative and useful, and as ever we welcome any suggestions that you may
have for future issues.
Best Regards,
Tim Friedman,
Editor
P.S. Dont forget that you can download all the charts in Spotlight in Excel format to use in your own presentations. Just click the link at the
bottom of every page to get the file.
Editors Foreword:
Editors Foreword
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2010 Preqin Ltd. / www.preqin.com
August 2010
You can now download all the data in
this months Spotlight in Excel.
Feature Article:
Buyouts: A Changed Industry?
Feature Article
Over the past 10 years, the buyout sector has undergone a
number of important changes, evolving into an industry of
increased significance on the global economic stage. After
suffering a dip in fundraising during the economic downturn
following the turn of the millennium, the market grew
significantly from 2003 onwards in terms of both the overall
capital being raised and the size of funds achieving a final
close. Fuelled by strong returns, institutional investor appetite
for funds reached its peak in 2008, when funds raised an
aggregate $248 billion overfive times the $44 billion whichmanagers garnered in 2003 (Fig. 1).
Dramatic Change
The abundance of leverage available in the markets amplified
the increase experienced in fundraising, and in 2006 the total
deal value for private equity-backed buyout deals reached a
peak of $685 billion worldwide over 10 times the $66 billion in
global PE-backed dealflow seen in 2001 (Fig. 2). Consequently,
when the global downturn struck, the effect was felt especially
hard by the global buyout industry. Fund managers lacked the
available financing or market stability required to undertake new
deals, and the value of portfolio companies bought at the height
of the market boom saw significant write-downs, sending fund
performance deep into the red. Investors that had previously
been pumping money into the asset class held back from
making new commitments.
2009 was a year of extreme uncertainty, with the value of global
deal flow falling to $81.6 billion only the second time since
the turn of the millennium that private equity-backed deal flow
was at sub-$100 billion levels. However, with fund managers
having around $500 billion in equity available to them to spend
in the form of uncalled commitments, this figure was especially
concerning, and with one-year performance of buyout funds
standing at -33% as of March 2009, the management fees
being charged on this vast outstanding amount became a
source of unrest for institutional investors, many of which were
halting new fund commitments altogether as a result of poor
performance, continued uncertainty and growing dissatisfaction
at fund terms and conditions.
The impact can clearly be seen in the total capital that the
industry was able to raise during the course of the year, with just
$107 billion being raised by funds holding a final close during
2009. With some of these funds having spent a considerable
amount of time on the road before closing, the real amount of
capital actually committed in 2009 specifically is likely to be
significantly lower than this figure would suggest. Many fund
managers had to abandon their fundraising efforts as conditions
became increasingly competitive, with the average amount of
time required to close a fund increasing to 18.8 months in 2010
up from 11 months in 2005.
The Bigger They Are...
A major contributing factor to the overall growth experienced
in the global buyout industry up to 2008 was the increase in
the number and size of both buyout funds and buyout deals.
Following the launch of Goldman Sachs $8.5 billion fund
in 2005, 24 funds have been raised with a size exceeding
$8 billion between 2005 and 2010. With these funds
typically employing the highest levels of leverage, they were
particularly affected by the market downturn and fund NAVs
Fig. 1:
90
121
181
228 228220
96
3644
69
147
223
246 248
107
31
0
50
100
150
200
250
300
2003 2004 2005 2006 2007 2008 2009 H1 2010
No. ofFunds
AggregateCapitalRaised($bn)
Source: Preqin
Annual Number and Value of Buyout Funds Raised:2003 - H1 2010
Fig. 2
0
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500
600
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800
0
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1,000
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 H12010
No. of Deals Aggregate Deal Value ($bn) Source: Preqin
Number and Value of Exits: 2000 H1 2010
No.ofExits
AggregateExitValue($bn)
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6/22
6
2010 Preqin Ltd. / www.preqin.com
August 2010
You can now download all the data in
this months Spotlight in Excel.
for these largest vehicles dropped by more than their smaller
counterparts. This prompted institutions to turn their backs on
the mega fund - only two vehicles with a size exceeding $8
billion held a final close in 2009 with a considerable proportion
of this capital having been raised before September 2008. The
proportion of private equity-backed deals occurring at values
above $1 billion fell to just 3% of the total, down from 8% in
2008. Smaller and mid-market deals saw their share of the total
number of deals grow, with deals valued at less than
$500 million accounting for 81% of the total in 2009,
up from 73% in 2008.
The Road to Recovery
As the global economy has begun to recover, with
equities prices increasing and the balance sheets of
banks being bolstered, the global buyout industry has
also started to show signs of improvement. Fund net
asset values have risen steadily following a turning
point in March 2009, and one-year performance for
the industry turned positive as of December 2009.
After the largest buyout funds were most affected
by the downturn, they are now showing the highest
recovery levels, with NAVs for mega buyout funds
consistently improving by the highest factor betweenquarter year periods. In the markets, the number
and value of private equitybacked deals has seen
improvement, with deals totalling $67 billion in value
having been announced in the first half of 2010,
compared with $81.6 billion for the whole of 2009.
Although some way short of the near $700 billion
levels being seen in 2006-2007, it is a positive and
encouraging trend that suggests the industry is on its
way to recovery.
Problems in the Fundraising Market
One area in which the buyout sector continues tostruggle is with new fundraising. The first half of 2010
saw just $31 billion being raised by new funds achieving a final
close. So with performance improving and deal flow picking up,
what are the reasons behind the sluggishness still apparent in the
fundraising market?
Although investors are still somewhat cautious when considering
making new investments, the results of Preqins survey of 300
leading LPs does indicate that the majority of investors (60%)
Fig. 3:
Source: Preqin
LPs Plans for Their Buyout Allocations in the Next 12 Months
Feature Article
Fig. 4:
0
10
20
30
40
50
60
0
20
40
60
80
100
120
140
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
Q12010
Q22010
Trade Sale Secondary Buyout Sale Restructuring IPO Aggregate Exit Value ($bn)Source: Preqin
Number and Value of Exits by Type: Q1 2008 Q2 2010
No.ofExits
AggregateExitValue($bn)
Register: 516-876-8006 or www.dealflow.com
Decreased activity in the IPO and M&A markets over the last several years has
left many private company stakeholders without a path to liquidity, creating a
growing secondary market for private company stock. While welcomed, this
comes with a host of legal, investment and tax considerations. These issues
and more are explored at The Private Company Stock Conference in Palo Alto.
THE PRIATE COMPANYSTOCK CRENCE 2010//exit strategies.investment opportunities.networking
A DealFlow Media Event
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2010 Preqin Ltd. / www.preqin.com
August 2010
You can now download all the data in
this months Spotlight in Excel.
are still seeking to maintain their allocations to private equity in the
next 12 months. There is even evidence that some investors are
seeking to increase their allocations to private equity, with 18% of
those polled indicating a planned rise in private equity investments
compared with only 10% that plan to reduce their exposure (the
remaining 12% are investing opportunistically) (Fig. 3).
The main reason for the drop off in new commitments being made
to buyout funds is therefore the cash flow position in which investors
are finding themselves in. With the majority of investors seeking to
simply maintain allocations for the time being, their commitments to
new vehicles will be driven by both the amount of capital that they
have called up in their funds and the distributions that they have
been receiving from maturing investments, as they will have to
reinvest this capital in order to maintain their allocations. An increase
in fundraising will therefore only really be seen once the number
of exits in the market begins to increase, and there is certainlyencouraging news on this front. Q2 2010 saw $40.5 billion in exits,
representing the second-highest quarter since the onset of the
financial downturn. Capital is once again beginning to churn through
the private equity machine, and as a result an upturn in private equity
fundraising is looking increasingly likely for the end of 2010 and into
2011.
A Changed Industry?
After emerging from the most dramatic global financial downturn in
living memory, the buyout industry does look somewhat different, and
has undergone changes as a result of the experiences of the past
two years. Investor attitudes to funds have changed significantly,
with institutions now taking far more time and care when selecting
fund managers to commit to. Automatic re-ups are a thing of the past
as institutions are scrutinizing their existing relationships and closely
examining all new opportunities. There has been a growth in appetite
for mid-market deals as opposed to mega-sized deals, and this has
been reflected in a growing number of smaller deals taking place,
both from dedicated mid-market players and also from some of the
larger fund managers with mega-sized funds.
In this ever-changing landscape, it is more important than ever
before for investors, fund managers, advisors, placement agents,
consultants, law firms and other private equity professionals to
access a comprehensive resource detailing all the latest trends
affecting this global market.
As a result, Preqin is launching a new publication specifically
examining the buyout industry. The 2010 Preqin Buyout Review
provides a comprehensive overview of this vital sector, includingprofiles for the most important 500 firms and 600 investors
worldwide. The Review also included detailed analysis of every
aspect of the market, plus fund listings, terms and conditions data,
performance plus much more.
For more information, to order or to view
sample pages, please visit:
www.preqin.com/buyoutreview
Feature Article
Tim Friedman
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The 2010 Preqin Private Equity Buyout Review is the ultimate guide to the global buyout market, featuringdetailed analysis on all aspects of the market, comprehensive fund listings, plus profiles for the mostprominent and active fund managers and institutional investors worldwide.
Key features of this publication include:
Detailed analysis examining the history and development of the industry, fundraising trends,performance analysis, dealflow, fund manager universe, institutional investors, buyout serviceproviders, fund terms and conditions and much more...
Profiles for 500 buyout firms, including direct contact details, firm investment strategies, recent deals,fund details and more.
Listings for over 600 investors in buyout funds, including sample investments, fund size preferences
and direct contact details.
Listings for funds raised historically, funds currently raising, performance metrics for over 1000 funds,league tables for biggest firms and much more...
2010 PreqinPrivate Equity Buyout Review:Order Form
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2010 Preqin Ltd. / www.preqin.com
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Preqin has launched a new performance benchmark forbuyout funds based on size, aiming to measure and comparereturns generated by mega, large, mid-market and smallvehicles. These benchmarks are calculated using data fromthe Performance Analyst database, which contains net returnsto LPs for 1,210 buyout partnerships. In terms of aggregate
value, this represents over 80% of all capital ever raised bybuyout firms.
The return multiples of buyout funds are generally between1.50x and 2.00x for vintages 1997 to 2002, with someexceptions (see Fig. 1). Mega and small buyout funds ofvintage 2001 have produced the highest returns, with multiplesin the region of 2.20x. Multiples have generally decreased foreach vintage year from 2003 to 2005, dropping from 1.50x toaround 1.00x. All but one of the median multiples are below1.00x from vintage 2006 onwards.
IRR returns for mega buyout funds with vintages 2000 to 2003are between 20% and 35%. Mega buyout funds of vintages2004 and 2005 have significantly lower returns, with medianIRRs of 6.9% and 9.7% respectively. Net IRRs of mega fundsof vintages 2006 and 2007 are currently in the red and belowthose of other fund sizes. Large, mid-market, and small buyoutfunds are all posting slightly lower returns than mega buyoutsfor the vintages 2000 to 2003. Small buyout funds of vintages2005 and onwards are performing better than larger funds. Asthey do not normally use a large amount of leverage, smallerfunds were less affected by the financial crisis.
It must be emphasized that the performance for recentvintages is not yet fully meaningful as these funds arerelatively immature and their performance is likely to improveover time. The information here shows that funds of differentsizes have produced characteristically different returns overtime, with the very largest funds performing best in certain
conditions but also being most affected by the current financialcrisis.
Private Equity Performance:
Mega, Large, Mid-Market and SmallBuyout Funds
Perormance Spotlight
Fig. 1:
0.00
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199719981999200020012002200320042005200620072008
Mega Buyout
Large Buyout
Mid-Market Buyout
Small Buyout
Median Net Multiple by Buyout Fund Size
Source: Preqin
NetMedianMultiplesinceInception
(X)
Vintage
Fig. 2:
-20%
-10%
0%
10%
20%
30%
40%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Mega BuyoutIRR
Large BuyoutIRR
Mid Buyout IRR
Small BuyoutIRR
Median Net IRR by Buyout Fund Size
Source: Preqin
NetMedianIRRsinceInception(%)
Vintage
Preqins Performance Benchmark module is availablefree to industry professionals. To sign up for this freeprivate equity benchmark service please visit:
www.preqin.com/benchmarks
Etienne Paresys
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10/22
10
2010 Preqin Ltd. / www.preqin.com
August 2010
You can now download all the data in
this months Spotlight in Excel.
0.0
2.0
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Q32010QTD
No. of Dea ls Aggregate Deal Va lue ($bn)
Deals Spotlight: Industrial Deals
Fig. 1:
Source: Preqin
Number and Aggregate Value of Industrial Buyouts Globally:Q1 2008 - Q3 2010 QTD
Fig. 2:
57%67%
19%5%
14%
9%
5%9%
3%2%
2%8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No. of Deals Aggregate Deal Value
Bu you t Add-on Growth Capital Recapitalization PIPE Pu blic to Private
Source: Preqin
Each month Preqin focuses on a private equity sector to examine the nature of the industry in different areas and geographies. Thismonth we look at some of the characteristics of buyout deals globally in the industrials sector.
Number and Aggregate Value of Industrial Deals by Type:2010 YTD
Deals Spotlight
55%
8%
29%
22%
7%
11%
4%
14%
4%
45%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No. of Deals Aggregate Deal Value
Less than $100mn $100-249mn $250-499mn $500-999mn $1bn+
Fig. 3:
Source: Preqin
Number and Aggregate Value of Industrial Buyouts by ValueBand: 2010 YTD
Fig. 4:
Five Largest Industrial Buyouts Globally 2010 YTD
Name Location Type Deal Value Date Buyers Sellers Industry
Tomkins plc UK Buyout USD 4.5bn Jul-10CCP Investment Board, Onex
CorporationEngineering
Avolon Ireland Recapitalization USD 1.4bn May-10Cinven, CVC Capital Partners,
Oak Hill Capital PartnersTransportation
American TireDistributors
US Buyout USD 1.3bn Apr-10 TPGBerkshire Partners, Greenbriar
Equity Group, InvestcorpDistribution
BwayCorporation
US Public to PrivateUSD
915mnMar-10 Madison Dearborn Partners Kelso & Company Industrial
The HillmanCompanies, Inc.
US Buyout USD815mn
Apr-10 Oak Hill Capital PartnersCode Hennessy & Simmons,
Ontario Teachers' Pension PlanBoard
Distribution
Included as part of Preqins integrated 360 online private
equity database, or available as a separate module, DealsAnalyst provides detailed and extensive information on
private equity backed buyout deals globally.
The product has in-depth data for over 13,000 buyout
deals across the globe, including information on deal value,
buyers, sellers, debt financing providers, financial and legal
advisors, exit details and more.
For more information please visit:
www.preqin.com/deals
No.ofDeals
AggregateDealValue($bn)
Source: Preqin
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11/22
Included as part of Preqins integrated 360 online private equity database, or available as a separatemodule, Deals Analyst provides detailed and extensive information on private equity backed buyout dealsglobally. The product has in-depth data for over 13,000 buyout deals across the globe, including information
on deal value, buyers, sellers, debt financing providers, financial and legal advisors, exit details and more.
Key features of this powerful database include:
Buyout Deals: View detailed information on over 13,000 deals globally, including comprehensive data on all buyouts
from 2007-present, and 10 year buyout data for the largest 100 global buyout firms.
Market Overview: Allows users to view quarterly and annual dealflow, plus details on global exit activity. Filter
results by region, deal type, location, value band and industry.
Search for Portfolio Companies: View extensive information regarding private equity investments made, including
key financial data relating to the company.
Search for Fund Managers: View current and historical investment data for private equity firms, including
comprehensive data on buyout investments, most frequently used advisors and debt financing providers, average
investment sizes, preferred deal industries, number and value of deals by location, value band, deal type and much
more.
Access League Tables: Largest deals, most active firms by investment size and number of deals, financial advisors,
debt financing providers, legal advisors.
Search for Service Providers: View details on financial and legal advisors in deals, including information on
whether they acted on behalf of the buyer or the seller on the transaction.
Search for Debt Financing and Mezzanine Providers: View details including
amount of debt provided in the transaction.
Recent Deals and Exits: View recently announced deals and recently realized
exits.
Advanced Search: Use our powerful search tool to access
information on buyout deals globally, including searching by
company and investor location, industry, deal size, date, deal
status, deal type, investment stake and key company financials.
Product In Focus: Deals Analyst
www.preqin.com
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To find out more about Deals Analyst, or to register for a demo, please visit:
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Fundraising Spotlight:
Buyout Funds in Market
Fundraising Spotlight
33%
6% 5%2%
49%
55%
64%
51%
0%
10%
20%
30%
40%
50%
60%
70%
Firs t C lose Second C lose Th ird C lose Fourth C lose
% of Buyout Fun ds onthe Road
% of Target Capita lCollected
Fig. 1:
Source: Preqin
Breakdown of Buyout Funds on the Road by Fund Status
Fig. 2:
11.4 10.611.8
14.8
18.519.5
11.0 10.7
12.014.1
17.919.2
0
5
10
15
20
25
2005 2006 2007 2008 2009 H1 2010
All PrivateEquity
Buyout
Source: Preqin
Average Time Spent on the Road, Buyout vs. All Private EquityFunds: 2005 - H1 2010
Funds on the Road by Fund StatusNearly half of buyout funds on the road have reached aninterim close. 33% of buyout funds in market have reacheda first close, with the average amount of capital collected bythese fund at first close totalling 49% of overall target fundsize. Funds that have reached a second close account for6% of total buyout funds on the road and have, at this stage,collected an average of 55% of target capital. Funds thathave reached a third close have collected an average of 64%of the total capital they are targeting, but funds that havereached a fourth close have raised an average of just 51%of their overall targets. This is a similar amount to funds ona first close and could be due to a tendency for funds thathave been in the market seeking capital for a long time tohold multiple interim closes along the way. The largest fundcurrently seeking capital to have reached an interim close
is Morgan Stanley Capital Partners V, which held afi
rstclose on $2.5 billion in July 2008 and has a target size of $6billion.
Length of Time Spent on the RoadFig. 2 shows the average time spent on the road by buyoutfunds. Since 2006, the average time taken by buyout fundsto reach a final close has steadily increased. In 2006 thisfigure stood at 10.7 months, but by H1 2010 it was 19.2months. During 2006 and 2007 buyout funds took slightlylonger to raise than the average private equity fund. Thedifference between the average length of time private equityfunds and buyout funds have taken to complete fundraisinghas never been more than seven months for the period
shown.
Initial TargetsFig. 3 illustrates that between 2005 and 2008 buyout fundswere not only meeting, but were also exceeding target sizes,and at the peak in 2006 the average amount by which buyoutfunds were surpassing their target capital amounts was 15%.Due to difficult conditions induced by the credit crisis, 2009saw funds struggling to meet their initial targets, with theaverage deficit between target capital and capital raised forfunds closed in 2009 at 11%. H1 2010 has shown signs of ahealthier fundraising environment, with funds exceeding theirtarget capital commitments by an average of 7%.
AverageTime(mo
nths)
Adam Counihan
Year of Final Close
Fig. 3:
11%
15% 14%
1%
-11%
7%
-15%
-10%
-5%
0%
5%
10%
15%
20%
2005 2006 2007 2008 2009 H1 2010
Source: Preqin
Average Difference between Target and Close Amount:2005 - H1 2010
Pe
rcentageDifferencefromTarget
Amount
Year of Final Close
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Fundraising Spotlight
Fig. 3
Final Close Barometer
121
64
41
126
66
46
0
20
40
60
80
100
120
140
Jan-Ju l 2008 Jan-Ju l 2009 Jan-Ju l 2010
No. of Fun dsRaised
AggregateCommitments($bn)
Funds on the RoadNorth
AmericaEurope RoW Total
Number of Funds 100 35 68 203
Aggregate Target($bn)
55 12 35 102
Average Size ($mn) 550 348 510 502
Buyout Funds on the Road
Fund Manager Target Size (Mn) Location Focus
Morgan Stanley Capital Partners V Morgan Stanley Private Equity 6,000 USD Global
Golder Thoma Cressey Rauner X GTCR 3,000 USD US
Metalmark Capital Partners Fund II Metalmark Capital 3,000 USD US
China Cultural Industry Investment Fund BOCI Private Equity 20,000 CNY China, Greater China
GP Capital China International Capital Corporation PrivateEquity
20,000 CNY China, Greater China
Lion Capital Fund III Lion Capital 2,000 EUR North America, Europe
Trident Fund V Stone Point Capital 2,250 USD North America, West Europe
Aquiline Financial Services Fund II Aquiline Capital Partners 2,000 USD North America, Europe,Global
Francisco Partners III Francisco Partners 2,000 USD US
Yucaipa American Alliance Fund II Yucaipa Companies 2,000 USD North America
Abraaj Buyout Fund IV Abraaj Capital 2,000 USD Middle East, North Africa
Blackstone Capital Partners VI
Manager: Blackstone GroupTarget Size (mn): 15,000 USDClosings (mn): First Close: 7,101 USD(Jul-08), Second Close: 8,718 USD (Jun-09), Third Close: 8,800 USD (Aug-09),Final Close: 13,500 USD (Jul-10)Geographic Focus: North America,Europe, GlobalIndustry Focus: DiversifiedPlacement Agent: Park Hill Group
Law Firm: Simpson Thacher & BartlettSample Investors: Alaska PermanentFund Corporation, Alberta InvestmentManagement Corporation
Madison Dearborn Capital Partners VI
Manager: Madison Dearborn PartnersTarget Size (mn): 7,500 USDClosings: First Close: 3,100 USD (Apr-08), Second Close: 3,200 USD (Oct-08),Final Close: 4,100 USD (May-10)Geographic Focus: North AmericaIndustry Focus: DiversifiedSample Investors: Conversus AssetManagement, Daniels Fund, GrupoGuayacn, Harvard Management
Company, Illinois State Board ofInvestment, Los Angeles CountyEmployees Retirement Association
Veritas Capital Fund IV
Manager: Veritas CapitalTarget Size (mn): 950 USDClosings: First Close: 300 USD (Dec-09), Second Close: 500 USD (Feb-10),Final Close: 1,225 USD (Jul-10)Geographic Focus: USIndustry Focus: Technology, Software,Defence, Aerospace, GovernmentServicesPlacement Agent: UBS Investment Bank
Private Funds GroupSample Investor: Teachers RetirementSystem of the State of Illinois
Fundraising Spotlight:
Buyout Funds
Recently Closed Buyout Funds
Source: PreqinLargest Buyout Funds on the Road
Source: Preqin
Source: Preqin
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Fund Manager Spotlight:
Buyout Firms
Fund Manager Spotlight
Fig. 1:
Source: Preqin
Breakdown of Buyout Firms by Size
Fig. 2:
Source: Preqin
Breakdown of Buyout Firms by Location
For the purposes of this analysis, buyoutfirms have been classified into one ofthree different groups, according to thesize of the largest buyout fund that theyhave raised. Small funds are deemedto be those with a size of less than$500 million, mid-sized funds are those
between $500 million and $1.5 billionin size, and large funds are those inexcess of $1.5 billion in size. More than850 buyout firms that have been activesince 2005 have been classified intocorresponding small, medium and largegroups based on the size of their largestfund. Fig. 1 shows that 65% of buyoutfunds fall into the small category, 24%are classified as mid-sized firms, and
11% are deemed to be large buyout fundmanagers.
Fig. 2 displays the breakdown of activebuyout firms by geographical region.Private equity buyout investmentswere pioneered in the US and the
buyout market is still predominatelyheadquartered in North America. Justunder a third offirms are based inEurope and 17% are based in Asia andRest of World.
Investment Criteria of Buyout Firms -Transaction Size, Annual Revenue andCompany ValueOn average, large buyout firms seek to
carry out buyout transactions that rangebetween $251 million and $3 billion.In comparison, mid-sized buyout firmsseek to make buyout deals with averagesizes between $69 million and $550million, and small buyout firms seekbuyout deals between $22 million and
$164 million. Large buyout firms targetaverage company values of between$269 million and $3.3 billion. Mid-sizedbuyout firms seek companies valued atbetween $84 million and $687 million onaverage. Full preference details can beseen in Fig. 3.
Transaction Size, Annual Revenue and Company Value Preferences by Buyout Fund Size
Buyout Firm SizeAverage
Transaction Size(Min $mn)
AverageTransaction Size
(Max $mn)
Average TargetedAnnual Revenue
(Min $mn)
Average TargetedAnnual Revenue
(Max $mn)
Average CompanyValue (Min $mn)
Average CompanyValue (Max $mn)
Mega/Large 251 2,976 124 1,401 269 3,335
Mid 69 550 50 571 84 687Small 22 164 21 217 31 241
Fig. 3:
Source: Preqin
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Fund Manager Spotlight
Board Representation and ShareholdingPreferencesFig. 4 shows the shareholding preferences ofbuyout firms. 56% of large buyout firms requirea controlling interest in the companies theyinvest in, and a further 30% prefer a controllinginterest. 52% of mid-sized buyout firms requirecontrolling positions, while only 35% of smallbuyout firms do. Of the active large buyoutfirms, 86% require board representation in theirportfolio companies, followed by 85% of mid-
sized buyout firms and 78% of small buyoutfirms.
Industry FocusAs Fig. 5 displays, telecoms, media andcommunications is the most targeted industrysector with 32% of buyout firms investing in thisarea. 30% of the firms focus on the consumerproducts and consumer services sectors, makingit the second most targeted industry.
Board Representation and Shareholding Preferences by Buyout Fund Size
Board Representation Shareholding Preferences
Buyout FirmSize
Prefer Required Not Required Controlling Prefer Controlling MinorityPrefer
MinorityNo Preference
Mega/Large 14% 86% 0% 56% 30% 2% 0% 13%
Mid 15% 85% 0% 52% 35% 3% 1% 10%
Small 21% 78% 0.4% 35% 40% 3% 2% 20%
Fig. 4:
Source: Preqin
Included as part of Preqins integrated 360online private equity database, or available
as a separate module, Fund ManagerProfiles provides detailed and extensive
information on private equity fund managers.
For more information please visit:
www.preqin.com/fmp
Fig. 5:
32%
30%
21% 21%
14%
10% 10%
4%2%
0%
5%
10%
15%
20%
25%
30%
35%
Telecoms,
Mediaand
Communications
Consumer
Discretionary
Healthcare
BusinessServices
Industrial
Energy&Utilities
Food&Agriculture
Information
Technology
Materials
Source: Preqin
Percentage of Buyout Firms Investing in Each Industry
Lola Aboderin
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61%
43%
34%
0%
10%
20%
30%
40%
50%
60%
70%
Buyout Venture Real Estate
Secondaries Spotlight:Preqins Secondary Market Monitor (SMM) comprises a comprehensive database of secondary market players. Included are bothtraditional and non-traditional buyers of private equity fund interests, potential sellers of fund interests, and secondary marketintermediaries.
According to Preqins unique pricing model, a $10,000,000 commitment to the median 2008 buyout fund - which would have called
$2,570,000 and has a reported net asset value (NAV) of $2,264,170 - would today fetch $1,766,000 on the secondary market, or
approximately 78% of its NAV.
F&C Private Equity has closed its first dedicated secondaries
fund.
The EUR 450 million fund of funds manager has closed TheAurora Fund on its target of EUR 45 million. The Aurora Fund isprimarily targeting European mid-market buyout funds, but willconsider purchasing stakes in other private equity fund types. Todate, through one secondary market transaction, the vehicle haspurchased 24 private equity fund stakes matching its mandate.Investors in the fund include Merseyside Pension Fund and RoyalCounty of Berkshire Pension Scheme. F&C Private Equity alsolooks to take part in secondary market transactions through itsprimary fund of funds vehicles, F&C European Capital Partnersand F&C Private Equity Trust.
Bank of America Equity Partners is looking to sell an
additional USD 1.2 billion in private equity fund stakes on thesecondary market.
This follows the banks recent sale of USD 1.9 billion of privateequity fund interests to AXA Private Equity and is part of anongoing effort to reduce its exposure to the asset class. Theportfolio consists of funds managed by private equity fundmanager Warburg Pincus. Lexington Partners and ChinaInvestment Corporation are reported to have an expressed aninterest in the portfolio and may purchase USD 600 million of theportfolio each.
Secondaries News
Secondaries Spotlight
39% of all investors considering the possibility of selling fund stakes onthe secondary market on the SMM have stated which fund types they arelooking to exit. Of those, 53% are looking to sell real estate fund stakes,31% are selling buyout funds and 27% are looking to exit venture funds.
Antonia Lee
Fig. 1:
53%
31%27%
0%
10%
20%
30%
40%
50%
60%
Real Estate Buyout VentureSource: Preqin
Although a large proportion of LPs take an opportunistic approachwhen buying fund stakes on the secondary market, a significant56% of all potential buyers on the SMM have stated fund typepreferences. Fig. 1 illustrates that buyout funds are the most popularamong these investors, with 61% having a preference for them.
Venture and real estate funds are also favoured fund types amonginvestors looking to purchase fund stakes in the secondary market.
Investor Buying Preferences by Fund Type Investor Selling Preferences by Fund Type
Fig. 2:
Source: Preqin
Secondary Market Monitor (SMM) is a service available free of charge to accredited LPs. The service enables LPs to obtain
indicative pricing indications on all or part of their private equity and private equity real estate portfolios. For more information,
please visit: www.preqin.com/smm.
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Investor Survey:
Investor Views on Buyout Funds
Buyout funds that reached a final close in 2009 raised $107 billion,less than half the $233 billion raised the year before. The financialcrisis made conditions for buyout investments more challengingand fundraising for the sector has suffered as a result. Distributionsfrom funds to LPs have fallen due to the difficult exit environment,meaning that LPs have not had to make new commitments tomaintain their allocations to the sector.
This, coupled with increased caution amongst LPs, has meant that
securing new commitments from LPs has become a challengingprospect for many GPs.
In order to ascertain investor attitudes towards buyout funds in thecurrent financial climate, Preqin surveyed 301 institutional investorsin private equity funds in May 2010, and sought to establish howtheir allocations to buyout funds are set to change in the future.
LPs Attitudes towards Buyout Funds in the Wake of theFinancial CrisisThe financial crisis has had a significant impact on investorattitudes towards private equity and on the areas of the market towhich they are seeking to gain exposure. As shown in Fig. 1, themajority (57%) of LPs feel that their attitudes towards small andmid-cap buyout funds have not changed following the financial
crisis and more than a third, 36%, have become more positive.Only 2% of the surveyed investors have become more negativetowards the smaller end of the buyout market. One such investortold us that the portfolio companies of small buyout firms will havea more difficult time accessing capital since they rely on bankfinance and not capital markets finance. Large portfolio companies(typically backed by large buyout funds) do not have this problem.
Perhaps unsurprisingly, LP attitudes towards large and megabuyout funds were more negatively affected by the credit crunch.
As shown in Fig. 2, almost half of LPs (48%) said they viewed largeand mega buyout funds more negatively following the financialcrisis. Just 3% of LPs told us they had become more positive aboutsuch funds.
Current LP Attitudes to the Buyout MarketA high proportion of investors are targeting small and mid-marketfunds, as Fig. 3 demonstrates. 95% of surveyed LPs that indicatedfund size preferences are targeting mid-market funds and 81%
are planning to invest in small funds. A number of LPs felt thatsuch funds were more appealing than large and mega funds. OneJapanese investor stated: Mega funds are not really creating valuebut just passing around portfolio companies. One German investorsuggested: There is currently a huge capital overhang in the megaand large end of the buyout market, whereas the very small end ofthe market has been able to consume capital.
Although a smaller proportion of LPs are targeting mega funds, it isstill an area of interest for some investors, with 29% of respondentsindicating that they will invest in such funds. Over half, 57%, saidthey would invest in large buyout vehicles. A European assetmanager that has always included small and mid-cap buyout fundsin its mandate stated: There are some interesting and experiencedlarge-cap buyout managers out there that we would look at.
Future Allocations to Buyout FundsIt is clear that the financial crisis has had an impact on investorappetite for buyout funds. In order to establish investors futureplans for investment in the sector, we asked LPs how theyenvisage their allocations to such funds changing in the next 12months.
Fig. 4 shows that 78% of respondents anticipate either increasingor maintaining their allocation to buyout funds and 12% of
Investor Spotlight
Fig. 1:
Change in LP Attitudes towards Small and Mid-Cap BuyoutFunds after the Financial Crisis
Source: Preqin
Fig. 2:
Change in LP Attitudes towards Large and Mega Buyout Fundsafter the Financial Crisis
Source: Preqin
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Conferences Spotlight:
Forthcoming Events
Conerences Spotlight
CONFERENCE/EVENT DATES LOCATION ORGANISER
Nordic Investors Forum 2010 7 - 8 September 2010 Stockholm IQPC
2010 Investment Forum for Endowments, Foundations andPension Funds
14 September 2010 New York Argyle Executive Forum
Private Equity Summit for Institutional Investors 15 - 16 September 2010 San Francisco Opal Financial Group
Capital Creation 2010 15 - 17 September 2010 Monte Carlo Worldwide BusinessResearch
African Investor Index Series Summit 17 September 2010 New York African Investor Alternative Investments Summit 21 - 22 September 2010 San Diego IMN
Emerging Markets Summit: BRIC & Beyond 22 September 2010 New York iGlobal Forum
Investing in Distressed Debt 2010 22 - 23 September 2010 London IIR
PEI Turkey Forum 22 - 23 September 2010 Istanbul PEI Media
RAMESH CHETWANI
INK Business Media Pvt. Ltd.
T: +9 1 22 4208 1777
D: +91 22 4208 1702
M: +91 98202 28030
For Sponsorship & SpeakingOpportunities Contact: For Registration Contact:
28th -29th OCTOBER 2010
Taj President, Mumbai, INDIA
BHAVESH KOTHARI
INK Business Media Pvt. Ltd.
T: +91 22 4208 1777
D: +91 22 4208 1754
M: +91 98204 36076
Indian Private InvestorsConference (IPIC 2010) isa 2-Day event where GlobalSector Agnostic and Sector
LPs, GPs, FoFs, FamilyOffices, PE Funds, HedgeFunds and Advisors willmeet Indian PE and HedgeFunds and discuss statusand issues of investmentsin India.
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Who Should Attend?Indian & Internationalffices
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DAY 2
SuggestedSessions & Topics
Macro Economic Factor
Fund Allocations to Indiapost GFC (LPs or FoF focused)
Deal Flow, Exits and DealStructuring
Secondary Market & ItsLiquidity
Corporate overnance andTalent anagement
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The Middle East, North Africa, Turkey &
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Unique Financial Perspectives
Why LPs Should Attend
Hear global titans give their verdict on thefuture of private equity
Focus on global emerging markets outsideof the MENA region
Network with the best international andlocal players in the industry
Hear from fellow LPs on how they aremanaging relationships with GPs in volatileconditions
Why GPs Should Attend
Three panels of regional i nvestors Now alternating between Dubai & AbuDhabi to attract a more diverse array ofwealth managers
More dedicated region focused content onSaudi Arabia, Turkey, North Africa & TheLevant
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Indian Private Investors Conference
Conerences Spotlight
Date: 27-28 October 2010
Location: Mumbai, INDIA
Organiser: INK Business Media Pvt. Ltd.
Indian Private Investors Conference (IPIC) is a 2-Day Conferencewhere Global Sector Agnostic and Sector Focussed and AsiaFocussed LPs, GPs, FoFs, Family Offices, PE Funds, HedgeFunds and Advisors will meet Indian PE and Hedge Funds anddiscuss status and issues of investments in India. IPIC is a director-level, interactive conference experience. Speakers and panellistsare industry leaders drawn from India and abroad. A high profiledconference where ideas, intelligence and relationships will really
make a difference to yours and your customers businesses.
Information:
www.inkbusinessmedia.com/ipic2010/index.html
Date: 18 - 20 October 2010
Location: The Fairmont Hotel, Bab Al Bahr, Abu Dhabi
Organiser: ICBI
Super Return Middle East 2010 tackles the hard questions aboutthe challenges the industry faces head on. Included in the agendaare two panels of regional investors, a formal debate betweenregional thought-leaders, and an increased focus on the keyregions of Saudi Arabia, Turkey, Egypt & North Africa.
Information:
www.icbi-events.com/KR2249PREWEB
Super Return Middle East 2010
UK Pensions & Investments Summit 2010
Date: 18 20 October 2010
Location: Wyndham Grand London Chelsea Harbour
Hotel, London, UK
Organiser: marcus evansIn time for a much needed ideas and strategies exchange, thehighly acclaimed UK Pensions & Investments Summit provides aunique interactive forum for the gate keepers of the UK pensionfunds and leading asset managers all aiming to explore investmentbest practices and their application as drivers for maximum returnand minimum risk.
Information:
www.ukpensions-summit.com/Preqinel
Date: 15 - 17 September, 2010
Location: Le Meridien Beach Plaza, Monte Carlo
Organiser: WBR
Since the last Capital Creation Monaco event in September 2009,the world of Private Equity has seen significant changes. Low creditavailability, a collapse in end-user demand, a shortage of viableexits and a lack of capital are all key factors in driving dramaticchange in the industry. Meet over 250 LPs and GPs at CapitalCreation 2010 to gauge the trends in your industry, find out how thedownturn has affected your competitors and what new strategieswill ensure success in the post-recession world.
Information: www.capitalcreationeurope.com
Capital Creation Monaco
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2010 Preqin Ltd. / www.preqin.com
August 2010
You can now download all the data in
this months Spotlight in Excel.
Investing in Distressed Debt
Date: 28 -29 September
Location: ETC Venues, The Hatton, London
Organiser: IIR Global Conferences
Investing in Distressed Debt brings together an exceptionalpanel of leading international distressed debt & restructuringexperts. Your experience wont stop with the content this eventis renowned as a superb place to network, so you can continueto benefit after the speeches. Now is the time to get ready toprofit from the credit cycle and to be prepared to grasp all theopportunities you can.
Information:www.informaglobalevents.com/KM2249PRE
Date: 27 September, 2010
Location: Four Seasons, Silicon Valley
Organiser: DealFlow Media
Decreased activity in the IPO and M&A markets over the lastseveral years has left many private company stakeholders withouta path to liquidity. This demand for liquidity has created a growingsecondary market for private company stock. The private stockmarket has become an attractive investment option for venturecapitalists, family offices, high-net worth individuals and otherinvestors. This conference explores the strategic, legal andinvestment issues related to the private stock market from the
perspectives of both buyers and sellers.Information:
www.dealflow.com/privatestock
The Private Company Stock Conference
Date: October 24-26, 2010
Location: The Breakers, Palm Beach, Florida
Organiser: DealFlow MediaNational Summit for Middle Market Funds is the premier nationalconference for practitioners in the middle market of the privateequity industry. The Summit offers a unique environment to networkwith 300+ private equity fund managers, investment bankers,institutional investors, and other limited partners, over the course ofthree days.
Information:
www.PESummit.org
National Summit for Middle Market Funds
Dow Jones Private Markets
Sponsors:
Principal Sponsor
Organised by:
Principal Sponsor
BookToday,
SaveUpto610
Celebrating 10 years Of Successfully Bringing Together The Private Equity Community
The quality of speakers and
participants makes it one of the
most productive eventsRichard Green, Chairman,
August Private Equity
15TH 17TH September 2010,
Le Meridien Beach Plaza, Monte Carlo
www.capitalcreationeurope.com
Europes premium Private Equity Conference, uncovering the hard facts behinddevelopments and trends in the Private Equity and Venture Capital industry
Financial News readers receive an additional 10% off their conference place Quote PQN when registering
Contact us to receive the conference agenda,find out who attends and how this event can benefit you:T. +44 (0) 20 7368 9465 www.capitalcreationeurope.com [email protected]
Peter Mckellar,
Chief InvestmentOfficer,
SL Capital Partners
Mark Boyle,Director, Private Equity
Funds, NorthwesternMutual
Jussi Saarinen,
Investor RelationsDirector,
EQT Partners
Denis Robin,
Global Head ofEuropean Healthcare,
3i
Hear how industry-leading experts areresponding to the latest challenges, including:
For 10 successful years, this private equityconference offers you keynote addresses,industry-led panel debates and peer-to-peerroundtable discussions, focusing on the keypriorities for the industry and will highlight themost profitable strategies for investment in 2011.
Attracting over 250 senior-level GPs andLPs, Capital Creation is your ideal platformto network with thought leaders, establishnew relationships and increase your overallawareness of key market trends.
Conerences Spotlight
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August 2010
GKM Newport is looking for investmentopportunities in Hawaii.The USD 1 billion California-based fund offunds manager will be investing USD 20-50million over the next 12 months throughits recently closed GKM Newport HitipFund I, which it manages as a separateaccount mandate on behalf of Employees
Retirement System of the State of Hawaii.The fund of funds plans to invest in fiveor six underlying vehicles and will look toinvest in venture capital funds that targetHawaiian-based early-stage technologycompanies. GKM Newports preceding fundof funds vehicles are all fully committed tounderlying funds.
Siguler Guff anticipates committing toeight new funds during the next year.The New York-based fund of fundsmanager, which manages private equityassets of USD 8.5 billion, expects toinvest USD 1 billion across eight private
equity funds over the next 12 months.It plans to approach new investmentsopportunistically, typically committing USD10-200 million to each fund. Siguler Guffis open to investing in venture, distresseddebt, special situation, turnaround andsmall-cap buyout funds around the world.The fund of funds managers latest vehicle,Siguler Guff Distressed Opportunities FundIV, held a first close in March.
Storebrand Kapitalforvaltning plans tocommit EUR 150 million during the next12 months.The Norwegian firm, which typically
makes commitments of approximatelyEUR 15 million, anticipates investingthe capital across eight to ten funds. Ithas a preference for buyout funds butalso invests in venture, growth capital,turnaround and distressed debt funds.Storebrand Kapitalforvaltning recentlyclosed Storebrand International PrivateEquity X having secured capital ofapproximately NOK 740 million. The fund offunds has a primary focus on opportunitiesin North America and Europe, with a lesserallocation to Asia and Latin America.The firm launches new private equityvehicles annually and plans to commencefundraising for its next fund of funds in early2011.
Capvent is seeking to commit a furtherUSD 20 million to opportunities in India.The Zurich-based fund of funds managerclosed its India-focused vehicle at theend of June and has already committedapproximately 70% of capital to sevenfunds and two co-investments. The USD 70million Capvent India Private Equity Fund
aims to make ten fund investments in totaland is open to participating in a variety offund types, including buyout, venture, andgrowth and expansion funds. Capvent isalso looking to gain further exposure to thewider Asia region. The firm, which managesassets totalling USD 2.2 billion, is nowseeking to raise capital for a fund of fundsthat will target opportunities in Asia. Thenew vehicle, Capvent Asia Private EquityFund, has a target of USD 400 million.
AEVWL anticipates increasing its privateequity allocation in the long term.The EUR 8.5 billion public pension fund
is currently below its target allocation toprivate equity with 3.8% of total assetsallocated to private equity investments.It expects to make new private equitycommitments in the second half of 2010.AEVWL expects to increase its exposureto the asset class over the coming year,and anticipates this increase to continue forthe next three to five years. AEVWL looksto invest in a range of private equity fundsand is particularly interested in distressedprivate equity vehicles at present. It has apreference for investing in Europe-focusedfunds and prefers to gain exposure to theUS via funds of funds.
International Finance Corporation (IFC)anticipates increasing its private equityactivities in Africa.The government agency currently has USD2 billion allocated to private equity fundsand has been actively investing in Africanfunds over the last 12 months. Having seenseveral good investment opportunities inAfrica, it is looking to increase its exposureto the region. IFC will also be seekingopportunities to invest in growth capitalfunds over the next 12 months. Over thecourse of the coming year, IFC expects toinvest USD 400-500 million across 20-25private equity funds, working with existingmanagers in its portfolio as well as looking
to forge some new relationships withmanagers it has not previously investedwith.
Ameritas Life Insurance Corporationis planning to re-up with some of itsexisting managers over the next 12months.
The USD 15.5 billion insurance companycurrently has less than 1% of total assetsallocated to private equity funds and islooking to increase its exposure to theprivate equity asset class in the comingmonths, having slowed such investmentsin 2008 and 2009. The insurance companyinvests in the asset class on an annualbasis and over the next 12 months islooking to invest up to USD 20 million withthree to four fund managers with which italready has a relationship. Ameritas LifeInsurance Corporation invests in a varietyof fund types including buyout and venture.
Investor Spotlight:
LP News
LP News
Each month Spotlight provides
a selection of the recent news oninstitutional investors in private equity.
More news and updates are available
online for Investor Intelligence and
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In the last month, Preqin analysts
have added 54 new investors
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Emma Dineen