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Private Equity SpotlightJanuary 2016
Featured Publication
Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity performance, investors, deals and fundraising. Private Equity Spotlight combines information from our suite of Private Equity Online services.
Subscribe to receive your free edition of Private Equity Spotlight every month:
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2016 Preqin Global Private Equity &Venture Capital
Report
ISBN: 978-1-907012-87-7$175 / £105 / €150www.preqin.com
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2016 Preqin Global Private Equity & Venture Capital Report
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CEO’s Foreword 6
2015 Key Stats 7
Private Equity & Venture Capital in 2016 9
Assets under Management and Dry Powder 11
2015 Fundraising Market 13
Performance Overview 14
Performance Benchmarks: All Private Equity 16
Investor Appetite for Private Equity in 2016 18
Fund Manager Outlook for 2016 19
Private Equity-Backed Buyout Deals 20
Industry in Focus: Internet 22
Conferences 23
2016 Preqin Global Private Equity & Venture Capital Report
alternative assets. intelligent data.
2016 Preqin Global Private Equity &Venture Capital
Report
ISBN: 978-1-907012-87-7$175 / £105 / €150www.preqin.com
In our first Spotlight of the year, we feature an exclusive preview of the 2016 Preqin Global Private Equity & Venture Capital Report, the most comprehensive review of the asset class ever undertaken.
Content includes:
The World’s Largest Private Equity & Venture Capital Conference22 25 February 2016
InterContinental Hotel, Berlinwww.icbi superreturn.com/FKR2393PRQSP
Dear Spotlight reader,
We are very pleased to offer a 15% discount to Spotlight readers for registrations to SuperReturnInternational in Berlin, 22 – 25 February 2016.
Bringing together private equity leaders from around the world, including:• 1700 top private equity and venture capital attendees• 400+ LPs, including decision makers from pension plans, family offices, sovereign wealth funds,foundations and fund of funds• 300+ speakers, including global industry titans from the world’s biggest private equity housesand special guest speakers.
As well as offering you the perfect opportunity to connect with LPs via a networking app and otherfacilities, the conference will dig deeper into co investments and explore the current dynamics ofthe LP/GP relationship plus cover the hottest topics in private equity.
I hope to see you there!
Kindest regards
Mark O’HareChief Executive,Preqin
For all bookings & enquiries, please contact the SuperReturn International TeamQuote VIP: FKR2393PRQSP for your 15% discountTel: +44 (0) 20 7017 7200Email: info@icbi.co.ukWeb: www.icbi superreturn.com/FKR2393PRQSP
3 © 2015 Preqin Ltd. / www.preqin.com
The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
The 2016 Preqin Global Private Equity & Venture Capital Report - Contents
CEO’s Foreword - Introducing Private Capital 4
Section One: The 2016 Preqin Global Private Equity & Venture Capital Report
Keynote Address - Alex Navab, KKR 5
Section Two: Overview of the Private Equity & Venture Capital Industry
2015 Key Stats 7Private Equity & Venture Capital in 2016 - Christopher Elvin, Preqin
8
The Voice of the Middle Market - Gary LaBranche, FASAE, CAE and Richard Jaffe, ACG
9
Capital Markets Union: Next Steps - Tim Hames, British Private Equity & Venture Capital Association
10
First-Time Funds in Emerging Markets: Why Do They Matter? What Challenges Do They Face? Why Should Investors Allocate to Them? - EMPEA
11
Many Roads Lead to ESG - Bronwyn Bailey, PEGCC 12
Section Three: Assets under Management, Dry Powder and Compensation and Employment
Assets under Management and Dry Powder 13Compensation and Employment 15
Section Four: Fundraising
2015: The Year of Spin-outs - Clay Deniger, Capstone Partners
17
Will a Liquidity Squeeze Cause the Next Financial Crisis? - Kevin O’Connor, Markit
18
2015 Fundraising Market 19Funds in Market 23North American Fundraising 25European Fundraising 26Asian Fundraising 27Rest of World Fundraising 28
Section Five: Performance
Is Private Equity Really Illiquid? - Philippe Jost, and Mauro Pfi ster, Capital Dynamics
29
Persistence is Dead...Long Live Persistence - Prof. Oliver Gottschalg, PERACS
31
Key Performance Stats 33Performance Overview 34PrEQIn Private Equity Quarterly Index 37
Private Equity Horizon Returns 38Private Equity Returns for Public Pension Funds 39Performance Benchmarks: All Private Equity 40Performance Benchmarks: Public Market Equivalent 41Consistent Performing Fund Managers 42
Section Six: Investors
The Changing Private Equity Landscape - Mounir Guen, MVision
45
How Much Richer Are Benefi ciaries Thanks to Their Private Equity Program? - Prof. Oliver Gottschalg, PERACS
47
Key Investor Stats 48Evolution of the Limited Partner Universe 49Make-up of Investors in Recently Closed Funds 51Investor Appetite for Private Equity in 2016 53League Tables - Largest Investors by Region 60League Tables - Largest Investors by Type 61Investors to Watch in 2016 62
Section Seven: Fund Managers
European Marketing for Third Country Alternative Fund Managers - Ben Robins, Mourant Ozannes
63
League Tables - Largest GPs 64Fund Manager Outlook for 2016 65
Section Eight: Buyout
Transparency Made Possible - Matt Gower, Senior Writer for the Financial Services Industry
69
Key Buyout Stats 71Buyout Fundraising 72Buyout Fund Managers 73Buyout Performance Benchmarks 74Private Equity-Backed Buyout Deals 76Private Equity-Backed Buyout Deal Flow by Type, Value and Industry
78
Global Buyout Exit Overview 80Industry in Focus: Industrials 82Industry in Focus: Information Technology 83Industry in Focus: Consumer & Retail 84Most Active PE Firms, Debt Providers and Deal Advisors
85
Largest Buyout Deals and Exits 86
4
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The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
Section Nine: Venture Capital
Key Venture Capital Stats 87Venture Capital Fundraising 88Venture Capital Fund Managers 89Venture Capital Performance Benchmarks 90Venture Capital Deals 92Venture Capital Deal Flow by Industry, Stage and Size 94Global Venture Capital Exit Overview 96Industry in Focus: Internet 98Industry in Focus: Software & Gaming 99Industry in Focus: Healthcare 100Most Active Firms, Largest Deals and Notable Exits 101
Section Ten: Distressed Private Equity
Key Distressed Private Equity Stats 103Distressed Private Equity Fundraising 104Distressed Private Equity Fund Managers 105Distressed Private Equity Performance Benchmarks 106
Section Eleven: Mezzanine
Key Mezzanine Stats 107Mezzanine Fundraising 108Mezzanine Fund Managers 109
Section Twelve: Growth
Key Growth Stats 111Growth Fundraising 112Growth Fund Managers 113
Section Thirteen: Secondaries
Key Secondaries Stats 115Review of Secondary Market and Investor Appetite 116Secondaries Fundraising 119Secondary Fund of Funds Managers 120Secondary Intermediaries 121
Section Fourteen: Funds of Funds
Key Fund of Funds Stats 123Evolution of Private Equity Funds of Funds 124Fund of Funds Fundraising and Performance 125Fund of Funds Managers 127
Section Fifteen: Alternative Ways to Access the Asset Class
Investor and Fund Manager Use of Separate Accounts
129
Co-Investments 131
Section Sixteen: Service Providers
Placement Agents 135Fund Administrators 139Fund Auditors 140
Section Seventeen: Investment Consultants
Investment Consultant Outlook for 2016 141
Section Eighteen: Fund Terms and Conditions
Fund Terms and Conditions 143Investor Attitudes towards Fund Terms and Conditions 145Leading Law Firms in Fund Formation 147
Data Source:
The 2016 Preqin Global Private Equity & Venture Capital Report contains the most up-to-date data available at the time of going to print.
For information on how to access the very latest statistics and data on fundraising, institutional investors, fund managers and performance, or to arrange a walkthrough of Preqin’s online services, please visit:
www.preqin.com/privateequity
Data Pack for the 2016 Preqin Global Private Equity & Venture Capital Report
The data behind all of the charts featured in the Report is available to purchase in Excel format. Ready-made charts are also included that can be used for presentations, marketing materials and company reports.
To purchase the data pack, please visit:
www.preqin.com/gper
We have a successful track record in raising capital for private equity,
credit, real assets and infrastructure firms from around the world.
Our ability to differentiate our clients in a highly competitive market
and our longstanding relationships with active investors in North
America, Europe, Asia and the Middle East are key to our success.
We are partners with each of our clients, helping them reach the next
level in fundraising.
Global private equity fundraising
efficient
commitment
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www.csplp.comAmericas — Europe — Middle East — Asia Pacific
Securities placed through CSP Securities, LPMember FINRA/SIPCAuthorised by FINMA
6 © 2016 Preqin Ltd. / www.preqin.com
The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
CEO’s Foreword- Introducing Private CapitalJanuary 2016 fi nds private equity in good shape. Like any successful industry it faces many issues – high valuations, increasing regulation, a crowded fundraising market, fee pressures – all of which are covered in more detail by my colleague Christopher Elvin (see page 8), but the bottom line remains the same: private equity has delivered superior returns to its LPs, and most of them intend to increase their allocations to the asset class (see pages 34-41 and 53-57).
What I would like to focus on here is what precisely we mean by the phrase ‘private equity’ and how that is evolving.
The private capital industry has grown and changed immensely since Preqin fi rst began tracking it in 2003. The diversity of fund strategies has grown as managers and LPs target new areas to generate alpha; sectors such as private debt, infrastructure and natural resources, all once considered subsets of private equity, have grown and evolved into discrete asset classes. Meanwhile, industry terminology has struggled to keep pace, and ‘private equity’ has come to have interpretations as varied as buyout funds specifi cally, or closed-end private funds generally.
From the beginning of 2016, Preqin will be updating its terminology to better refl ect the growing diversity of the industry. Preqin reports and press releases will henceforth use the following terms:
• ‘Private Equity’ will refer to the core asset class centred on the buyout and venture capital industry, together with other closely related strategies.
• ‘Private Capital’ will refer to the broader spectrum of private closed-end funds, including private equity, private debt, private real estate, infrastructure and natural resources.
The table below indicates the fund types Preqin considers as constituting each asset class.
In this year’s 2016 Preqin Global Private Equity & Venture Capital Report you will fi nd an overview of the entire ‘private capital’ universe, followed by a deep dive into the key developments and trends in each of the ‘private equity’ strategies. You can fi nd a similar deep dive into private debt, real estate, infrastructure and natural resources in Preqin’s other annual reports.
The private capital industry continues to evolve rapidly, and Preqin strives to support investors, fund managers and their respective advisors with the best and most comprehensive information to help them make the best decisions and achieve their objectives. We are very grateful to our many customers for your support, feedback and suggestions and we are continuing to invest heavily in Preqin’s data and products to continue to serve you in 2016 and beyond.
Thank you,
Mark O’Hare
Closed-End Private CapitalPrivate Equity Private Debt Real Estate Infrastructure Natural Resources
Buyout Direct LendingPrivate Equity Real Estate Infrastructure
EnergyVenture Capital
Distressed DebtGrowth Agriculture/Farmland
Turnaround MezzaninePrivate Equity Real Estate
Fund of FundsInfrastructure Fund of
Funds
Metals & MiningOther Private Equity Special Situations Timberland
Private Equity Secondaries Venture Debt
Water
Private Equity Real Estate Secondaries Infrastructure Secondaries Natural Resources Fund
of FundsPrivate Equity Fund of Funds
Private Debt Fund of Funds
7
alternative assets. intelligent data.
Sec
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o: O
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uity & Ve
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2. Overview of the Private Equity& Venture Capital Industry
The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
2015 Key Stats
Private Capital* Highlights
$4.2tnPrivate capital assets under management reach a new high as of June 2015.
$551bnAggregate capital raised by 1,062 private capital funds closed in 2015.
3.8%Increase in total unrealized portfolio value from 2014. Total unrealized value stands at $2.8tn as of June 2015.
7.1%Increase in dry powder from 2014. Total dry powder stands at $1.3tn as of June 2015.
Buyout Activity Venture Capital Activity
Aggregate value of the 3,556 buyout deals in 2015.
Aggregate value of the 1,620 buyout exits in 2015.
Record aggregate value of the 9,241 venture capital deals** in 2015.
$136bn
*See page 6 for the defi nition of private capital.**Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.
Private Equity Highlights
$2.4tnPrivate equity assets under management reach a new high as of June 2015.
$288bnAggregate capital raised by 689 private equity funds closed in 2015.
$189bnTotal capital distributions in H1 2015. Momentum continues from the record distributions seen in 2014.
9.0%Increase in dry powder from 2014. Total dry powder stands at $755bn as of June 2015.
$411bn
$416bn $73bn Aggregate value of the 1,053 venture capital exits in 2015.
Paul GrahamCEOAlphaGen Capital
Taimoor LabibManaging Director, Head of Global PE Portfolio ManagementStandard Chartered
Howard Leedham,MBECEODalma Capital
Wassim MoukahhalSenior Vice PresidentSamena Capital
Dany FarhaCEOBECO Capital
Gary Dugan, CFACIOEmirates NBD
Umar Khan, CAIACEOGenghis Capital
Nadir S. QureshiCIOMakara Capital
Stephen OxleyVice ChairmanPAAMCO
Cedric KohlerHead of AdvisoryFundana SA
James Skeggs, CAIAManaging Director, GlobalHead of AlternativesSociete Generale PrimeServices
Omeir Jilani, CAIAExecutive DirectorHead of AlternativesNBAD
George TriplowMENA Wealth & Asset Management LeaderEY
Stephen Weiss (CNBC Market Commentator)CIO & Managing DirectorShort Hills Capital Partners
ModeratorYousef Gamal El-Din CEOMEDIALITERA
Author: “The Billion Dollar Mistake: Learning the Art of Investing from the Missteps of Legendary Investors”, “The Big Win: Learning from the Legends to Become a More Successful Investor ” and “UNHEDGED A Killing in the Market”
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transparency requirements by the SEC• How the direct investing environment is having an impact on private equity• Find the best opportunities for you in alternative co-investment
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Private Equity & Venture Capital in 2016 - Christopher Elvin, PreqinPrivate capital assets under management (AUM) now stand at $4.2tn as of June 2015 (latest data available) and the AUM of the core private equity strategies encompassing buyout, venture capital and other closely related strategies has expanded to $2.4tn of this total. This growth has been fuelled by another strong year for fundraising, a rise in dry powder levels and an increase in the unrealized value of portfolio assets. This growth, however, is not without its concerns; the fundraising market is more competitive than ever and dry powder levels continue to increase and put further stress on fi nding attractive entry prices for assets.
Fundraising Market
As a result of the record distribution levels seen in 2014, private equity fundraising in 2015 was robust, with 689 vehicles raising $288bn over the course of the year. While currently below 2014 levels, this number will increase as more data becomes available and it is likely that 2015 will be on a par with the total capital raised in 2014. The fundraising market is, however, more competitive than ever; there are currently 1,630 private equity funds on the road seeking $483bn. The gap is also widening between established fund managers and emerging managers; just 8% of the capital raised in 2015 was secured by new GPs and 54% of investors surveyed at the end of 2015 stated they would not consider investing in fi rst-time funds over the next 12 months.
Investor Appetite
As confi rmed by Preqin’s analysis of public pension fund returns (see page 39), private equity continues to deliver superior returns compared to all other asset classes over the longer term. The trend of distributions signifi cantly surpassing capital calls continued in 2015. As of June 2015 (the latest data available) $189bn was returned to investors compared with $117bn in capital calls, following on from 2014 when $475bn was distributed while only $294bn was called from LPs. This fl ow of capital
back to LPs has unsurprisingly helped to drive investor appetite for the asset class, and the results of Preqin’s latest investor survey showed that 94% of the investors surveyed felt that the performance of their private equity portfolios had met or exceeded expectations, compared with just 6% of respondents that felt returns had fallen short of their expectations. While the majority of LPs will be delighted with the returns they have received, many will now fi nd themselves with more work to do in order to maintain their allocation. However, the strong performance of the asset class and positive investor outlook means more capital will continue to fl ow into the asset class.
Valuations
Concern over pricing and the impact it may have on returns is clearly at the forefront of both fund managers’ and investors’ minds. The results of Preqin’s most recent LP and GP surveys (see pages 53 and 65) showed that 70% of LPs and 40% of GPs surveyed believe valuations to be the biggest challenge facing the industry in 2016. However, the survey results also highlighted that fund managers in different regions perceive themselves to face different challenges. Unlike their North America- and Europe-based counterparts, Asia- and Rest of World-based fund managers, while recognizing valuations as an important issue, in fact appear more concerned about fundraising.
Venture Capital
There can now be no doubt that the venture capital market is in a boom period. Following on from a strong 2014, venture capital funds raised a further $47bn in capital, which included the closing of the largest venture capital fund in history, the $3.4bn Insight Venture Partners IX. Venture capital funds also recorded the highest one-year horizon returns (20.5%) of any strategy and venture capital deal activity reached a record aggregate level with $136bn from 9,241 transactions. Investors have taken
note of this turnaround in fortune and 36% of investors surveyed by Preqin at the end of 2015 were looking to invest in venture capital funds in 2016.
Outlook for 2016
The outlook is bright for private equity & venture capital in 2016, but the year will not be without its challenges. Fundraising should remain strong due to investor demand, but the challenge of identifying the best investment opportunities in a competitive market remains for LPs. GPs will be excited by the prospect of fundraising in the year ahead, given the liquidity within the investor community, but less established fund managers face a diffi cult task vying for investor capital and meeting the demands of an increasingly sophisticated community.
Preqin’s fund manager survey confi rms that the majority of GPs are looking to deploy more capital in 2016 than they did in 2015 despite concern over valuations. The same market conditions that are making it challenging for GPs to fi nd investments at attractive entry prices continue to make it a seller’s market, and with many assets still to be exited from funds that are reaching the twilight stages of their lives, we are likely to see further strong exit activity in 2016 as well.
Data Source:
Private Equity Online is Preqin’s fl agship online private equity information resource and encompasses all of Preqin’s private equity databases. Private Equity Online provides a 360º view of all aspects of the asset class, including fundraising, fund managers, institutional investors, fund performance, deals and exits, service providers and more.
For more information, please visit:
www.preqin.com/privateequity
2. Overview of the Private Equity& Venture Capital Industry
The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
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The private capital industry’s total assets under management (AUM), defi ned as uncalled capital commitments (dry powder) plus unrealized value of portfolio assets, grew by 4.9% between December 2014 and June 2015, and currently stands at a record $4.2tn. Dry powder levels rose steadily in the six-month period, increasing from $1.25tn to $1.34tn. Similarly, the total unrealized portfolio value increased from $2.71tn to $2.82tn between December 2014 and June 2015.
Fig. 3.1 shows 15 consecutive years of growth in the private capital industry’s aggregate AUM since December 2000. Despite increasing levels of capital being distributed back to LPs in recent years, aggregate unrealized value is continuing to rise as GPs put more capital to work and portfolio valuations increase.
Funds holding real estate assets were the only fund type to see their portfolio values decrease in aggregate over the fi rst half of 2015, falling from $561bn in December 2014 to $541bn in June 2015. During the same period, all other fund types saw an increase in unrealized value. In particular, buyout saw an increase of
$49.6bn and venture capital an increase of $9.3bn; these two fund types combined accounted for half of the overall increase in the unrealized value of all private capital strategies.
Unrealized Assets – A Secondary Market Solution?
The average lifespan of funds across the whole private capital industry is increasing beyond the typical 10 years, and as seen in Fig. 3.2, older funds of vintages 2000-2005 still hold a substantial $204bn worth of investments, equating to 7.2% of total unrealized assets. For investors, the inability of a fund manager to exit investments in ageing funds is a deciding factor when considering committing to the GP’s future funds. One solution GPs are utilizing to help return capital back to their investors is a GP-led fund restructuring, which involves fi nding secondary buyers to purchase their stake in the fund. Vintage 2006-2008 funds, nearing the end of their planned lifetimes, account for $1.1tn of total unrealized assets as of June 2015, compared to $1.3tn as of June 2014. The managers of these older funds have therefore been taking advantage
of favourable exit conditions to realize assets, and have returned an aggregate $397bn back to LPs between June 2014 and June 2015. However, with $1.1tn in unrealized assets remaining in the funds, it is clear that further GP-led fund restructurings will remain on the agenda.
Dry Powder
During 2015, private capital dry powder increased by $120bn (Fig. 3.4). With the exception of infrastructure funds, all fund types have seen a growth in available capital, with the majority sitting in buyout funds. This is unsurprising as fund managers raise larger funds for buyout than any other fund type, and for buyout vehicles with a 2015 vintage, the average fi nal close size is $1.1bn.
Fig. 3.5 shows the ratio of year-end private equity total dry powder levels to the total capital called in the previous year between 2001 and 2014. These ratios represent the amount of capital overhang, expressed over a number of years; as of December 2014, dry powder was 3.2x the capital called in 2013. This is the highest ratio recorded since December 2010,
Assets under Managementand Dry Powder
296 374 402 401 404 556 799 1,002
1,075 1,066
1,000 1,028
966 1,240 1,254
1,343
413 370 356 460 548 668
892 1,256
1,202 1,414
1,791 2,056
2,361
2,583 2,718
2,822
0
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-15
Dry Powder ($bn) Unrealized Value ($bn)
Fig. 3.1: Private Capital Assets under Management, 2000 - 2015**
Source: Preqin Fund Manager Profi les and Preqin Performance Analyst
4 2 3 3 4 11 18 39 31 14 2885
133
270
394
291
12 13 7 13 27132
285
415366
179249
367 306
268
142
39
0
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Dry Powder ($bn) Unrealized Value ($bn)
Fig. 3.2: Private Capital Assets under Management by Vintage Year as of June 2015**
Source: Preqin Fund Manager Profi les and Preqin Performance Analyst
Vintage Year
In Brief
• Private capital* assets under management grew by 4.9% during the six months since December 2014, standing at $4.2tn as of June 2015.
• The level of capital overhang continues to grow, with the amount of private equity dry powder available to invest triple the amount of capital called in the previous year.
*See page 6 for the defi nition of private capital.**Direct lending is excluded prior to 2006.
The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
3. Assets under Management, Dry Powderand Compensation and Employment
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The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
4. Fundraising
2015 FundraisingMarket
Record distributions to LPs in 2014 helped 2015 become the third consecutive year in which private capital fundraising surpassed the $500bn mark. An aggregate $551bn was raised by 1,062 vehicles in 2015, less than the $589bn raised in 2014; however, this fi gure will increase as more data becomes available (Fig. 4.1). As a result, it is likely 2015 fundraising will surpass the levels seen in 2014, making it the highest amount of aggregate capital raised since the onset of the Global Financial Crisis. 2015 saw a 24% drop in the total number of funds closed compared to the previous year, and accordingly, the average fund size increased to $578mn, an all-time high.
A substantial amount of capital was channelled into the asset class via alternative routes to market beyond the traditional commingled fund structure. Some large LPs provided additional capital to existing separate account mandates in 2015 (see page 129: ‘Investor and Fund Manager Use of Separate Accounts’), while co-investments are also increasing in prevalence (see page 131: ‘Co-Investments’). In addition, 2015 witnessed a rise in prominence of pledge and search funds among emerging private capital fund managers. These alternative routes to market equip LPs with a platform to negotiate better fund terms and have greater control over their investments.
The largest 10% of private capital funds closed in 2015 accounted for 60% of aggregate capital raised, as seen in Fig. 4.2, slightly more than in 2014 (58%). This demonstrates the trend of LPs putting more capital to work with a select number of managers, notably experienced fi rms with proven track records. Furthermore, the 10 largest private capital funds closed raised a combined 17% of the total capital in 2015, compared to 13% in 2014. In 2015, 139 private capital funds closed on $1bn or more, a similar amount to the 145 funds of this size closed in 2014.
In Brief
• 2015 was the third consecutive year in which private capital fundraising surpassed the $500bn mark.
• Capital remains concentrated among fewer funds; 1,062 private capital funds held a final close in 2015, the lowest number since 2010.
246 285
440516
622
867
713634
558
862
1,109
1,331
1,527 1,510
9821,050
1,187 1,297
1,395 1,394
1,062
38 51 95 138 160238
173 134 105220
366
547
682 706
322 306 356415
569 589 551
0
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*
No. of Funds Closed Aggregate Capital Raised ($bn)
Fig. 4.1: Annual Global Private Capital Fundraising, 1995 - 2015
Source: Preqin Funds in Market
Year of Final Close
30%
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2013
2012
Fig. 4.2: Breakdown of Aggregate Capital Raised by Proportion of Private Capital Funds Closed, 2012 - 2015
Source: Preqin Funds in Market
Pro
po
rtio
n o
f A
gg
reg
ate
Ca
pita
l Ra
ised
Proportion of Funds Closed Each Year
*Data is correct as at time of publishing (15 January 2016); 2015 fundraising fi gures are expected to increase as further data becomes available.
13
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The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
Performance Overview
The years since the fi nancial crisis have seen the private capital* industry continue to grow in both prominence and size, with private capital assets under management standing at $4.2tn as at 30 June 2015. The asset class is becoming an ever more integral part of investors’ portfolios; 43% of LPs surveyed recently by Preqin stated they will increase the amount of capital they invest in private equity over the next year, compared to 33% at the same time last year. In contrast, only 13% of the LPs surveyed were looking to invest less capital over the next 12 months. Therefore, having access to comprehensive, transparent and up-to-date performance data is of great importance when assessing manager track records and conducting due diligence for future fund commitments. For fund managers, fund-level performance data is important to gain insight on the competition and also to assess industry trends as a whole.
Industry professionals including service providers, fund managers and investors are using Preqin’s performance data, which includes net-to-LP performance data for over 7,800 private capital funds raised by over 2,400 fund managers. This chapter highlights just some of the potential analysis that can be powered by Preqin performance data, and the wider trends and patterns in the industry.
Growth of the Asset Class
Since December 2000, the private capital industry has grown fi ve-fold in terms of assets under management. Fig. 5.1 highlights the growth in terms of both dry powder and unrealized value, the amount available for investment and invested in private capital respectively. In the six months to June 2015, total unrealized value has increased by 3.8%, despite the portfolio values of real estate
funds falling by 3%. As can be seen in Fig. 5.2, all other fund types have experienced rising valuations for portfolio companies, in particular growth funds. However, whether these funds will prove to be as successful upon liquidation as their unrealized values suggest is not certain. It will be interesting to see whether distributions from growth capital funds over the next few years match up to the large portfolio valuations currently being reported.
5%
13%
6%
14%
6%-3%
3% 3%
7%
-6%
-4%
-2%
0%
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16%
Buyo
ut
Dire
ct
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ress
ed
Priv
ate
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uity
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wth
Me
zza
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e
Re
al E
sta
te
Ve
ntu
reC
ap
ital
Infr
ast
ruc
ture
Oth
er
Fig. 5.2: Change in Unrealized Value by Fund Type between December 2014 and June 2015
Source: Preqin Performance Analyst
Ch
an
ge
in U
nre
aliz
ed
Va
lue
0%
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Top QuartileBoundary Net IRR
Median Net IRR
Bottom QuartileBoundary Net IRR
Fig. 5.3: All Private Equity Strategies Median Net IRRs and Quartile Boundaries
Source: Preqin Performance Analyst
Me
dia
n N
et
IRR
sin
ce
Inc
ep
tion
Vintage Year
296 374 402 401 404 556 799 1,0021,0751,0661,0001,028 9661,240
1,2541,343
413 370 356 460 548668
892
1,2561,2021,4141,7912,0562,361
2,5832,7182,822
0
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Jun
-15
Dry Powder ($bn) Unrealized Value ($bn)
Fig. 5.1: Private Capital Assets under Management, December 2000 - June 2015
Source: Preqin Performance Analyst*Direct lending is excluded prior to 2006.
*See page 4 for the defi nition of private capital.
14 © 2016 Preqin Ltd. / www.preqin.com
5. Performance
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Performance Benchmarks:All Private EquityFig. 5.15: Preqin Median Benchmarks: All Private Equity - All Regions (As of 30 June 2015)
Vintage No. of Funds
Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%)Called
(%)Dist (%)
DPIValue (%)
RVPI Q1 Median Q3 Q1 Median Q3 Max Min
2015 111 11.4 0.0 96.4 1.00 0.96 0.87 n/m n/m n/m n/m n/m2014 236 23.5 0.0 98.0 1.10 1.01 0.90 n/m n/m n/m n/m n/m2013 266 43.7 1.3 100.0 1.19 1.07 0.96 n/m n/m n/m n/m n/m2012 258 68.6 9.2 105.0 1.35 1.20 1.08 22.0 14.0 8.7 83.0 -42.92011 297 76.2 17.8 104.9 1.50 1.27 1.14 22.0 14.8 8.6 64.0 -84.22010 211 89.7 39.5 98.5 1.64 1.43 1.24 19.9 14.0 8.2 80.5 -28.42009 150 93.9 49.0 87.1 1.74 1.48 1.25 21.2 14.6 9.3 448.0 -17.52008 336 93.0 60.6 81.5 1.71 1.46 1.25 16.3 12.1 6.8 71.3 -32.02007 379 95.1 75.2 67.0 1.77 1.48 1.24 14.4 9.7 5.9 55.1 -51.92006 359 97.0 80.2 50.9 1.70 1.42 1.12 11.5 7.2 2.1 31.8 -100.02005 287 98.5 93.6 36.7 1.71 1.44 1.10 12.8 7.9 3.2 105.5 -100.02004 172 99.1 118.1 17.8 1.87 1.49 1.17 17.7 8.9 3.6 75.0 -26.02003 134 99.7 143.8 7.5 2.06 1.62 1.29 22.6 13.1 7.2 239.8 -49.92002 141 100.0 145.2 1.9 2.08 1.60 1.26 27.0 12.9 4.6 207.0 -47.22001 186 100.0 150.0 4.4 2.10 1.61 1.28 25.1 12.4 6.2 70.0 -23.92000 266 99.3 140.0 0.6 2.07 1.50 1.05 20.7 11.3 2.8 138.0 -96.01999 182 100.0 140.8 0.0 1.83 1.41 0.90 15.5 9.2 0.6 154.7 -40.61998 192 100.0 142.4 0.0 1.86 1.43 1.02 16.4 9.3 2.4 514.3 -100.01997 171 100.0 153.7 0.0 2.33 1.55 1.21 24.1 12.5 4.7 267.8 -45.71996 127 100.0 167.2 0.0 2.25 1.68 1.26 27.5 13.8 6.5 188.4 -33.31995 116 100.0 187.2 0.0 2.53 1.88 1.38 29.2 17.7 8.9 447.4 -22.01994 102 100.0 179.2 0.0 2.50 1.79 1.30 32.8 18.8 7.8 92.2 -22.61993 87 100.0 233.2 0.0 3.40 2.33 1.53 40.6 22.6 10.9 105.7 -29.11992 79 100.0 183.9 0.0 2.84 1.84 1.36 33.9 19.0 8.6 110.4 -49.91991 42 100.0 219.6 0.0 3.02 2.20 1.68 31.1 21.7 11.8 346.4 -0.5
Source: Preqin Performance Analyst
0%
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Top Quartile IRRBoundary
Median IRR
Bottom QuartileIRR Boundary
Fig. 5.16: All Private Equity - All Regions: Median Net IRRs and Quartile Boundaries by Vintage Year (As of 30 June 2015)
Source: Preqin Performance Analyst
Ne
t IR
R s
inc
e In
ce
ptio
n
Vintage Year
1.501.61 1.60 1.62
1.49 1.44 1.421.48 1.46 1.48 1.43
1.271.20
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2001
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2007
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2010
2011
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2013
2014
2015
Fig. 5.17: All Private Equity: Median Net Multiple Returns by Vintage Year (As of 30 June 2015)
Source: Preqin Performance Analyst
Me
dia
n N
et
Mu
ltip
le (
X)
Vintage Year
The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
5. Performance
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6. Investors
18
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Investor Appetite forPrivate Equity in 2016
In December 2015, Preqin spoke with 100 LPs globally to determine their current appetite for private equity & venture capital and their future investment plans. The positive survey results suggest that investor appetite for the asset class will remain strong over 2016; the majority (65%) of LPs maintain a buoyant perception of the industry, while only 6% currently perceive it in a negative light.
Investor Sentiment and Returns Expectations
Fig. 6.11 refl ects this optimistic perception of and outlook for the private equity market. Sixty-four percent of investors stated their private equity portfolio had met their expectations in 2015, with an additional 30% feeling their investments had exceeded expectations. Over the past fi ve years investors have become increasingly positive in regards to their private equity fund investments, with the proportion that had their expectations surpassed increasing fi vefold from 2011 to 2015. With record levels of distributions outstripping capital called, LPs are seeing more and more money returned to them, helping to explain the optimism.
As shown in Fig. 6.12, 95% of investors surveyed expect their private equity portfolio returns to exceed public market returns, which is a marginal decrease from 97% in the corresponding 2014 survey. The proportion of respondents that are expecting to receive returns of more than four percentage points over public markets has decreased considerably from December 2012 to December 2015. This is perhaps a knock-on effect of recent pricing concerns and an illustration that while LPs still expect superior returns to the public market, their expectation about the degree of outperformance has reduced.
In Brief
• The proportion of LPs that have seen private equity exceed their expectations has almost doubled since 2014, as record distributions continue to keep investors happy.
• North America has witnessed a resurgence in investor appetite; the region is viewed by over 70% of investors as providing the best private equity opportunities in 2016.
19% 15% 11% 8% 6%
75%74%
77%75%
64%
6% 11% 13% 17%30%
0%
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100%
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
ExceededExpectations
Met Expectations
Fallen Short ofExpectations
Fig. 6.11: Proportion of Investors that Feel Their Private Equity Fund Investments Have Lived up to Expectations, 2011 - 2015
Source: Preqin Investor Interviews, December 2015
Pro
po
rtio
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esp
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8%2% 3% 5%
9%11% 12%
18%
29%43%
49% 37%
54%43%
37% 40%
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100%
Dec-12 Dec-13 Dec-14 Dec-15
Public Market+4.1% and over
Public Market+2.1% to +4%
Public Market+2%
Same as PublicMarket
Fig. 6.12: Investors’ Return Expectations for Their Private Equity Portfolios, 2012 - 2015
Source: Preqin Investor Interviews, December 2015
Pro
po
rtio
n o
f R
esp
on
de
nts
7. Fund Managers
19
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The 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
In November 2015, Preqin surveyed 330 private equity and venture capital fund managers from around the world to gain insight into the current issues affecting the industry and their outlook on the year ahead.
Key Issues
Overall, valuations are seen by fund managers as the most widespread issue for private equity in 2016, with 40% of all respondents concerned about the price of portfolio companies. This issue has seen an eight percentage point rise from last year, and has overtaken fundraising to become the greatest challenge that fund managers perceive as facing them in 2016. However as Fig. 7.3 shows, there is signifi cant variation geographically in the perception of the biggest challenges for GPs in 2016. Of the North America-based GPs surveyed, concern over valuations outweighed any other issue by some margin, while a more equal proportion of Europe-based GPs highlighted a far wider range of issues as their area of primary concern, including valuations, fundraising, performance
and regulation. Asia- and Rest of World-based managers however, appear to be far more apprehensive about fundraising, with 54% and 57% of respondents selecting this issue respectively. As confi rmed by Preqin’s LP survey results (see page 55), the fact that the majority of LPs believe the more developed private equity markets are the regions presenting the best opportunities, combined with the rise of ‘unicorn’ valuations and greater competition for deals, perhaps goes someway to explain this geographic variation.
Performance, regulation and the ongoing volatility and uncertainty in global markets were all selected by signifi cant proportions of fund managers, with Asia-based managers unsurprisingly the most concerned about the global economic outlook moving into 2016. Europe-based managers were the most concerned about regulation, highlighting the long-term impact that the AIFMD and other regulation is having on the European private equity market. Additionally, 29% of Asia-based fund managers were concerned about exits, more than in the
other regions, possibly due to economic fears and the diffi culty of pulling off a successful IPO.
With valuations cited as the largest challenge for the coming year, this suggests that private equity managers have been struggling to fi nd the best investment opportunities at the right prices. When asked about the diffi culty of sourcing attractive investment opportunities compared to 12 months ago, 38% of fund managers expressed that it is more diffi cult now than last year. Only 9% of respondents suggested that it is now easier to fi nd attractive opportunities, the same proportion seen in last year’s survey. Over half (51%) of fund managers stated that they have seen no change in the diffi culty of fi nding attractive deal opportunities, despite the widespread concerns over valuations.
In spite of this, the majority (60%) of fund managers expect to increase the amount of capital deployed in private equity assets in the next 12 months. As shown in Fig. 7.4, Rest of World-based fund managers are the most likely to
Fund Manager Outlookfor 2016
In Brief
• Valuations are the primary concern for North America- and Europe-based fund managers in 2016, while fundraising is viewed as the biggest challenge for managers outside these regions.
• The majority of fund managers are looking to increase or maintain the amount of capital deployed in private equity investments over the next 12 months.
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NorthAmerica
Europe
Asia
Rest ofWorld
Fig. 7.3: Biggest Challenges Facing Private Equity Fund Managers in 2016 by GP Location
Source: Preqin Fund Manager Survey, November 2015
Pro
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f R
esp
on
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nts
20%30% 30%
61%30%
34%21%
17%42%26%
33%
17%4% 7%
9%2%4% 3% 6%2%
0%
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NorthAmerica
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Significantly LessCapital than in 2015
Slightly Less Capitalthan in 2015
Same Amount ofCapital as in 2015
Slightly More Capitalthan in 2015
Significantly MoreCapital than in 2015
Fig. 7.4: Amount of Capital Fund Managers Plan to Deploy in Private Equity Assets in 2016 by GP Location
Source: Preqin Fund Manager Survey, November 2015
Pro
po
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f R
esp
on
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GP Location
20 © 2016 Preqin Ltd. / www.preqin.com
8. BuyoutThe 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
Private Equity-BackedBuyout DealsAt $411bn, 2015 witnessed the highest annual aggregate value of private equity-backed deals since the 2007 peak, as shown in Fig. 8.12. Notably, 26% of that amount was represented by just two deals: the announced $67bn acquisition of EMC by Dell Inc., Silver Lake, MSD Capital and Temasek Holdings – the largest private equity-backed buyout on record – and the $40bn merger between H.J. Heinz Company, a portfolio company of Berkshire Hathaway and 3G Capital, and Kraft Foods Group.
This signifi cant aggregate value of private equity-backed buyout deals in 2015 represented an 18% increase on 2014’s total and denotes the sixth consecutive year of year-on-year rises. Based on data currently available, 6% fewer deals took place in 2015 (3,556) than in 2014. This has meant that the average size of a private equity-backed buyout deal has increased for the fourth consecutive year, and stands at $494mn in 2015. Q4 2014 saw the greatest number of deals take place in any quarter since Q2 2011, with the number of deals 14% lower in the fi rst quarter of 2015 at 876 transactions. However, the aggregate value increased by 17% with total quarterly deal value exceeding $100bn for the fi rst time since 2007, largely due to the aforementioned $40bn merger between H.J. Heinz Company and Kraft Foods Group. Deal activity for the remainder of the year was varied. Q4
2015 registered both the lowest quarterly number of deals (864) and the highest aggregate deal value ($131bn), once again exceeding the $100bn mark due to the announced $67bn EMC deal.
2015 in Context
• Deal fl ow has continued to recover since 2009, with 2014 deal volume (3,796) exceeding the 2007 record level (3,765).
• 2015 saw 3,556 deals take place, in line with the average number of deals annually since 2011 (around 3,600).
• Aggregate deal value has seen consistent growth each year since 2009, reaching $348bn in 2014 and increasing further to $411bn in 2015, a post-crisis high.
• However, despite aggregate deal value increasing by 254% since 2009, it is yet to reach the level seen in 2007 ($694bn).
Secondary Buyouts
Secondary buyouts (SBOs) are somewhat controversial within the private equity industry and at times are labelled negatively as ‘pass-the-parcel’ deals. Some LPs are sceptical of the value-enhancing strategies that a GP can bring to a portfolio company previously owned by another private equity fi rm, while there is also the possibility of an LP being exposed to the same portfolio
company via both buying and selling GPs. Conversely, others maintain that different private equity fi rms can take a portfolio company to the next stage of growth using their different skillsets and expertise, as well as injections of capital that may not have been available from the previous owners.
In 2015, there were 492 SBOs announced globally, valued at $72bn, representing a 3% decrease in number and 25% reduction in aggregate value compared to 2014 (Fig. 8.15). Nevertheless, SBOs accounted for 14% of the total number of buyout deals in 2015, a one percentage point increase on 2014 levels, suggesting that despite varying views with regards to SBOs, fund managers see them as both a viable exit route and as a potentially viable source of deal fl ow for new investments.
Outlook
2015 saw a fall in the number of private equity-backed buyout deals compared with 2014. The year will be remembered for concerns over high entry valuations while managers were placed under increasing pressure to put the growing stores of dry powder to work. Secondary buyouts accounted for one in every seven transactions for the second year in a row and add-on & merger deals accounted for a record 38% of the number of all private equity-backed buyout deals (see page 78). These fi gures are refl ective of
0
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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
No. of Deals Aggregate Deal Value ($bn)
Fig. 8.12: Number and Aggregate Value of Private Equity-Backed Buyout Deals Globally, Q1 2006 - Q4 2015*
Source: Preqin Buyout Deals Analyst
No
. of
De
als
1,5671,823
1,3961,119
1,4931,826 1,946 1,800
2,072 2,016
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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
North America Europe Asia Rest of World
Fig. 8.13: Number of Private Equity-Backed Buyout Deals by Region, 2006 - 2015*
Source: Preqin Buyout Deals Analyst
No
. of
De
als
Ag
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ea
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)
*Data is correct as at time of publishing (15 January 2016); 2015 deals fi gures are expected to increase as further data becomes available.
2016 Preqin Global Alternatives ReportsThe 2016 Preqin Global Alternatives Reports are the most detailed and comprehensive reviews of the alternative assets industry available, offering exclusive insight into the latest developments in the private equity, hedge fund, real estate and infrastructure asset classes.
• Access in-depth analysis and comprehensive statistics, helping you to understand the latest trends in fundraising, performance, investors, deals, fund managers, secondaries, fund terms, placement agents, consultants, law fi rms and much more.
• View historical data alongside the most important industry developments, enabling you to put recent developments into context.
• Read contributions from some of the industry’s leading fi gures.• Improve your presentations, marketing materials and company reports.• Discover the most important players in every area of the industry.• Answer key questions – Who is investing? How much has been raised? Where are the centres
of activity? Where is the capital going? What are the biggest deals? What is the outlook for the industry?
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9. Venture CapitalThe 2016 Preqin Global Private Equity& Venture Capital Report - Sample Pages
Industry in Focus:InternetThe impact of technological developments across the globe and the rise of the internet since the turn of the century has been felt in economies the world over. The infl uence on the venture capital industry has been great, with the internet sector growing to be responsible for over a quarter (27%) of the total number of venture capital deals and over a third (34%) of aggregate deal value in 2015, up one and six percentage points respectively from 2014.
In 2015, 2,489 venture capital fi nancings were announced globally in the internet industry, a slight decrease from 2,584
transactions in 2014 (Fig. 9.27). Despite this, aggregate value in 2015 ($46bn) was 77% higher than in the previous year, and represents the highest annual fi gure recorded in the period since 2007.
2015 was the fi rst year since 2007 that saw Greater China overtake Europe in terms of the number of venture capital fi nancings in the internet industry and surpass North America in terms of aggregate deal value (Fig. 9.28 and Fig. 9.29). Greater China saw 681 deals in the internet industry in 2015 with an aggregate value of $20bn, representing 27% of the total number of global internet
fi nancings and 44% of the value, the highest recorded for the region in the period 2007-2015.
The market share for North America fi nancings decreased in 2015 for both number of deals and aggregate value to 31% and 28% respectively for all global venture capital internet fi nancings, the smallest proportions for the region since 2007. Notably, the number of internet deals in India almost doubled from 192 in 2014 to 371, representing 15% of all global fi nancings in the industry in 2015.
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Fig. 9.29: Aggregate Value of Venture Capital Deals* in the Internet Industry by Region, 2007 - 2015**
Source: Preqin Venture Deals Analyst
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Fig. 9.30: Number and Aggregate Value of Venture Capital Exits in the Internet Industry, 2007 - 2015**
Source: Preqin Venture Deals Analyst
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No. of Deals Aggregate Deal Value ($bn)
Fig. 9.27: Number and Aggregate Value of Venture Capital Deals* in the Internet Industry, Q1 2007 - Q4 2015**
Source: Preqin Venture Deals Analyst
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Fig. 9.28: Number of Venture Capital Deals* in the Internet Industry by Region, 2007 - 2015**
Source: Preqin Venture Deals Analyst
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*Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt. **Data is correct as at time of publishing (15 January 2016); 2015 deals and exits fi gures are expected to increase as further data becomes available.
23 © 2016 Preqin Ltd. / www.preqin.com
Conferences Spotlight
Conferences
Private Equity Spotlight / January 2016
Conferences
Conference Dates Location Organizer Preqin Speaker Discount Code22nd Annual Wharton Private Equity and Venture Capital Conference
29 January 2016 Philadelphia, PA The Wharton School – –
SuperInvestor US 1 - 3 February 2016 San Francisco, CA ICBI Leopold Peavy 15% Discount – FKR2384PNWB
Cayman Alternative Investment Summit 4 - 5 February 2016 Grand Cayman CAIS Ltd – –
European Family Offi ce Winter Symposium 8 - 9 February 2016 London Opal Finance Group – –
AII Senior Delegates Roundtable 10 - 12 February 2016 Miami, FL AII Amy Bensted –
Private Equity Real Estate 2016 17 February 2016 London Informa – –
IPEM – International Private Equity Market 17 - 19 February 2016 Cannes, France EUROPEXPO – –
SuperReturn International 22 - 25 February 2016 Berlin ICBI TBC –
Co-Investment Summit 2 March 2016 New York iGlobal Forum – 10% Discount – Preqin
HBS Annual Venture Capital and Private Equity Conference 5 March 2016 Boston, MA Harvard Business
School – –
Family Offi ce Winter Forum 8 March 2016 New York Opal Finance Group – –
Investment Consultants Forum 8 March 2016 New York Opal Finance Group – –
Women's Private Equity Summit 9 - 11 March 2016 California Falk Marques Group _ –
12th Annual LBS PE & VC Conference 11 March 2016 London London Business
School (LBS) – –
LPGP Connect 2nd Annual Private Debt London 15 March 2016 London LPGP Connect – –
Alternative Investment Management Summit 30 - 31 March 2016 Abu Dhabi AIMA Amy Bensted –
Investors’ Conference on European CLOs and Leveraged Loans
4 April 2016 London IMN – –
IPEM – International Private Equity Market
Date: 17 - 19 February 2016 Information: www.ipem-market.com
Location: Palais des Festivals Cannes, France
Organizer: EUROPEXPO
Structured as a marketplace with hospitality suites and networking events to foster business opportunities, the International Private Equity Market (IPEM) is the world’s first international PE event to gather the whole value chain of the PE industry: GPs, LPs, Debt, Advisors, and business owners for 3 days of business meetings. IPEM will gather 1,500 participants from 25 countries.
24 © 2016 Preqin Ltd. / www.preqin.com
Conferences
Private Equity Spotlight / January 2016
Conferences
Women’s Private Equity Summit
Date: 9 - 11 March 2016 Information: www.womensprivateequitysummit.com
Location: The Ritz-Carlton, Half Moon Bay, CA
Organizer: Falk Marques Group
The 2016 Women’s Private Equity Summit, to be held March 9 – 11, 2016 at The Ritz-Carlton, Half Moon Bay, California, will bring together an impressive group of more than 500 private equity and venture capital leaders for two days of high-level discussion and non-stop networking.
12th Annual LBS PE & VC Conference
Date: 11 March 2016 Information: https://lbs.pickevent.com/e/londonpe-vcconference2016
Location: 8 Northumberland Avenue, London
Organizer: London Business School - PE&VC Club
The 2016 London Business School PE & VC Conference will examine the changing dynamics of the industry, with in-depth discussions focused on the success stories and the challenges of raising capital, value creation, and emerging market investing. Keynote addresses and focussed panels featuring industry leaders, advisors and other stakeholders will provide insights into today’s investment landscape.
Family Office Winter Forum
Date: 8 March 2016 Information: http://www.opalgroup.net/trk/fowfco1602.html
Location: New York
Organizer: Opal Finance Group
Delegates will enjoy a fast pace day of interactive panel discussions and networking breaks. While in the session room, trending investment topics including family governance, alternatives and impact investing will be addressed by some of Wall Street’s most sought after managers and advisors.
HBS Annual Venture Capital and Private Equity Conference
Date: 5 March 2016 Information: http://thevcpeconference.com/
Location: Boston, MA
Organizer: Harvard Business School
The Annual Venture Capital & Private Equity Conference is the VCPE Club’s marquee event and is one of the largest student-run conferences on campus. Each year the VCPE Club brings in high profile venture capitalists, LBO and private equity investors from around the world.
Co-Investment Summit 2016
Date: 2 March 2016 Information: www.iglobalforum.com/coinvest
Location: New York
Organizer: iGlobal Forum
iGlobal Forum is pleased to announce the upcoming Co-Investment Summit, taking place in New York on March 2nd. This event will discuss the sector of co-investing as it grows in popularity among both LPs and GPs. LPs are searching for lower costs and additional transparency, while GPs are using co-investments as a way to increase dealflow and attempting to target larger investments.
25 © 2016 Preqin Ltd. / www.preqin.comPrivate Equity Spotlight / January 2016
Conferences Conferences
3rd Annual Investors’ Conference on European CLOs and Leveraged Loans
Date: 4 April 2016 Information: http://www.imn.org/structured-finance/conference/Investors-Conference-European-CLOs-Leveraged-Loans-2016/
Location: London Hilton on Park Lane, London, UK
Organizer: IMN
IMN’s 3rd Annual Investors’ Conference on European CLOs and Leveraged Loans will bring together leading European CLO managers, regulators, and investors to discuss the potential for this market in Europe. The programme will feature extensive coverage on outlook for issuance in 2016, structural/legal considerations, relative value from research analyst and investor perspectives, ratings methodology, and more.
Alternative Investment Management Summit
Date: 30 - 31 March 2016 Information: www.aisummit.org
Location: Rosewood Hotel Abu Dhabi, UAE
Organizer: AIMA and AIM Summit Organisers
The Alternative Investment Management Summit is the leading alternative asset management conference for the region, welcoming up to 500 delegates on each day of the event. The conference focuses on quality over quantity, bringing together thought leaders with key industry representatives, decision makers and investors.
LPGP Connect 2nd Annual Private Debt London
Date: 15 March 2016 Information: www.lpgpconnect.com
Location: The Waldorf Hilton, Aldwych, London, WC2B 4DD
Organizer: LPGP Connect
LPGP Connect are hosting our second annual Private Debt investors forum in Central London on the 15th March 2016.We will bring together 150 LPs and GPs over the course of one day, with multiple networking opportunities for investment groups to discover the latest market trends and investment opportunities.
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