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The 3rd Annual SuperReturn Latin America 2013
Winning Strategies For Maximising Successful Private Equity
& Venture Capital Investment In Latin America
4-6 March 2013, Windsor Barra Hotel, Rio de Janeiro, Brazil
15% Reader Offer Dear Spotlight reader We will be in Rio de
Janeiro for this years SuperReturn Latin America and as I am a
speaker Im pleased to offer Spotlight readers a special 15%
discount should you be planning to attend. SuperReturn Latin
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Private Equity SpotlightFebruary 2013
The 2013 Preqin Global Private Equity Report
Preqins Private Equity Online service provides comprehensive
data and intelligence on all aspects of the private equity
industry.
For more information, please visit:
www.preqin.com/privateequity
alternative assets. intelligent data.
ISBN: 978-1-907012-62-4$175 / 95 / 115www.preqin.com
2013 Preqin Global Private Equity
Report
This months Private Equity Spotlight features sample pages from
the 2013 Preqin Global Private Equity Report, the most
comprehensive review of the private equity asset class ever
undertaken, including:
Table of Contents - Page 2
Private Equity in 2013 - The Year Ahead - Page 4
Assets under Management and Dry Powder - Page 5
Overview of Current Funds in Market - Page 6
Distressed Private Equity GPs Key Stats and Facts - Page 7
PrEQIn Private Equity Quarterly Index - Page 9
Private Equity Benchmarks - Page 11
The Evolution of the Limited Partner Universe - Page 13
Make-up of PE-Backed Buyout Deals in 2012 by Type, Value and
Industry - Page 14
Conferences Spotlight - Page 15
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February 2013Volume 9 - Issue 2
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 online products
Performance Analyst, Investor Intelligence, Fund Manager Profi les,
Funds in Market, Secondary Market Monitor, Buyout Deals Analyst and
Venture Deals Analyst.
Click here to sign up to receive your free edition of Private
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You can download all the data in this months Spotlight in
Excel.Click on this symbol to download the datapack for the 2013
Preqin Global Private Equity Report sample pages. You are welcome
to use the data in any presentations you are preparing; please cite
Preqin as the source.
-
2 2013 Preqin Ltd. / www.preqin.com
The 2013 Preqin Global Private Equity Report - Sample Pages
2013 Global Private Equity ReportContents
CEOs Foreword 5
Section One: The 2013 Preqin Global Private Equity Report
Keynote Address - Moose Guen, CEO, MVision 7
Section Two: Overview of the Private Equity IndustryPrivate
Equity in 2013: The Year Ahead - Helen Kenyon, Preqin
11
Adapting and Thriving - Mark Florman, Chief Executive, BVCA
12
Silver Linings in Storm Clouds - Steve Judge and Bronwyn Bailey,
PEGCC
13
Greater Communication was Best Response to the US Elections -
Drte Hppner, Secretary-General, EVCA
14
Section Three: Assets under Management, Dry Powder, Employment
and Compensation
Assets under Management and Dry Powder 15Employment and
Compensation 17
Section Four: FundraisingPatience is a Virtue - Tripp Brower,
Partner, Capstone Partners
19
Evolution of Fundraising Market in 2012 22Overview of Current
Fundraising Market 25North American Fundraising 27European
Fundraising 28Asian Fundraising 29Rest of World Fundraising
30Buyout Fundraising 31Distressed Private Equity Fundraising
32Growth Fundraising 33Mezzanine Fundraising 34Natural Resources
Fundraising 35Venture Capital Fundraising 36
Section Five: General PartnersFilling the Europe Credit Void -
Rolf Nuijens, Head of North Europe Mezzanine, ICG
37
League Tables - Largest GPs 39
Buyout GPs - Key Stats and Facts 43Distressed Private Equity GPs
- Key Stats and Facts
44
Growth GPs - Key Stats and Facts 45Mezzanine GPs - Key Stats and
Facts 46Natural Resources GPs - Key Stats and Facts 47Venture
Capital GPs - Key Stats and Facts 48
Section Six: PerformancePerformance Overview 49PrEQIn - Private
Equity Index 52Private Equity Horizon Returns 53Private Equity
Returns for Public Pension Funds 54Private Equity Benchmarks
55Consistent Performing Fund Managers 58
Section Seven: Investors in Private EquityThe Evolution of the
Limited Partner Universe 61Make-up of Investors in Recently Closed
Funds 63Investor Appetite for Private Equity in 2013 65League
Tables of Largest Investors by Region 70League Tables of Largest
Investors by Type 71Investors to Watch in 2013 72
Section Eight: Separate AccountsInvestor Use of Separate
Accounts 73
Section Nine: Investment ConsultantsOverview of Alternatives
Investment Consultants 75
Section Ten: Buyout DealsOverview of Private Equity-Backed
Buyout Deals 77Global Buyout Exit Overview 79Make-up of Private
Equity-Backed Buyout Deals in 2012 by Type, Value and Industry
81
Most Active Debt Providers and Deal Advisors 83Largest Buyout
Deals and Exits 84
Section Eleven: Venture Capital DealsOverview of Venture Capital
Deals 85
2 2013 Preqin Ltd. / www.preqin.com
The 2013 Preqin Global Private Equity Report - Sample Pages
-
3 2013 Preqin Ltd. / www.preqin.com
The 2013 Preqin Global Private Equity Report - Sample Pages
3 2013 Preqin Ltd. / www.preqin.com
Venture Capital Deal Flow by Stage 87Most Active Firms, Largest
Venture Capital-Backed Deals and Notable Exits
89
Section Twelve: Fund Terms and ConditionsPrivate Equity Fund
Terms and Conditions 91Investor Attitudes towards Fund Terms and
Conditions - December 2012 LP Survey Results
93
Leading Law Firms in Fund Formation 95
Section Thirteen: Funds of FundsEvolution of Private Equity
Funds of Funds 97Funds of Funds Managers - Key Stats and Facts
99Fundraising Review - Funds of Funds 100
Section Fourteen: SecondariesReview of the Secondary Market and
Investor Appetite in 2013
101
Secondary Market Intermediaries 103Secondaries Fund of Funds
Managers - Key Stats and Facts
104
Secondaries Fundraising Review 105
Section Fifteen: CleantechOverview of Cleantech Fundraising
107Investors in Cleantech 109Overview of Private Equity-Backed
Cleantech Deals
110
Section Sixteen: Placement AgentsOverview of Placement Agent Use
in 2012 113Profi le of the Placement Agent Industry 115
Section Seventeen: Fund AdministratorsOverview of Fund
Administrators 117
Section Eighteen: Fund AuditorsOverview of Fund Auditors 119
Section Nineteen: Preqin ProductsOrder Forms 121
The data behind all of the charts featured in the 2013 Preqin
Global Private Equity Report is available to purchase in Excel
format.
Please contact [email protected] for more information and to
purchase your data pack now.
The 2013 Preqin Global Private Equity Report contains the most
up-to-date data available at the time of going to print. For the
very latest statistics and information on fundraising,
institutional investors, fund managers and performance, please
visitwww.preqin.com/demo to register for a walkthrough of Preqins
online databases.
The 2013 Preqin Global Private Equity Report - Sample Pages
-
Section Two: O
verview of the Private Equity Industry
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4
Private Equity in 2013: The Year Ahead- Helen Kenyon, Preqin
Since 2008 and the onset of the global fi nancial crisis,
private equity fundraising levels have remained fairly consistent,
with $280-320bn raised by funds that closed each year. Fundraising
in 2012 exceeded this; over the course of the year, 761 funds
closed, raising an aggregate $327bn.
While volatility in the wider fi nancial markets and investor
caution have contributed to lower levels of fundraising in recent
years, what can we expect for fundraising in 2013 and beyond?
Private Equity Returns
Private equity funds have generally performed well over the
longer term, as illustrated by our PrEQIn Private Equity Quarterly
Index, shown on page 50, and horizon IRRs over 10 years, shown on
page 51. This is refl ected in what LPs are telling us: 74% of
investors interviewed for our December 2012 study were satisfi ed
with the returns they had received from their private equity
investments and a further 11% told us returns had exceeded their
expectations.
The vast majority of investors are looking to increase or
maintain their private equity allocations over both the short and
long term (87% and 81% respectively), which is perhaps unsurprising
as they seek to meet their returns targets for their overall
investment portfolios in this generally low-returns environment.
However, we have not seen this appetite translate into an
increasing volume of new commitments being made to funds. In fact,
40% of LPs surveyed in December 2012 did not make a single new
commitment that year.
Deals and Exits
One reason for the low level of commitment activity is the low
level of distributions LPs have been receiving from their private
equity investments, meaning they have less capital to re-inject
into the asset class in new fund commitments. However, Q2 2011 saw
record-breaking levels of private equity-backed buyout exits, and
during 2012, exit levels remained fairly strong, with a greater
number of exits taking place than in any year since 2006, though
the aggregate exit value for the year was 11% lower than in 2011.
In the venture capital space, we also saw exits reach
a fi ve-year high, with 650 exits taking place during 2012.
Buyout deal fl ow in 2012 neared levels seen the year before.
Though the number of buyout deals taking place remained fairly
steady throughout 2012, the second half of the year saw aggregate
deal value reach $148bn, in comparison to $106bn in H1 2012.
Similarly, a greater number of venture capital deals took place in
2012 than in 2011, though these deals were valued at an aggregate
$40bn, lower than the $50bn worth of deals in 2011.
With positive signs for deal and exit fl ow as we move into
2013, we may see greater numbers of LPs with capital available to
invest in new funds in the coming months.
Average Fund Size
A notable increase was seen in the average fund size in the past
year, with funds closed in 2012 raising $464mn on average, compared
to $342mn for funds closed in 2011. In Europe, the shift was even
more pronounced, from an average of $368mn in 2011 to an average of
$585mn in 2012. We are seeing LPs frequently invest more with fewer
managers, contributing to the increase in average fund size; our
PrEQIn Quartile Indices on page 50 demonstrate the importance of
manager selection and the considerable variation between the
returns received when backing either the best or worst performing
funds, which can perhaps explain why LPs are seeking to focus more
capital on those stronger performing managers.
Investor Appetite
Our latest investor study shows that almost a quarter (24%) of
investors plan to commit more capital to funds in 2013 than they
did in 2012, and a further 52% intend to commit the same amount.
Ten percent of investors that intend to make new commitments in
2013 did not commit to any new funds in 2012, showing that there
are LPs set to return to the market in the coming months.
The type and location of the most active institutional investors
in private equity has continued to evolve over the past couple of
years. Incoming regulations, such as Solvency II, the Dodd-Frank
Act and Basel III, have seen some of the key backers of funds in
the past, like banks
and insurance companies, become less active, while others, such
as sovereign wealth funds and Asian investors, have become more
prominent sources of capital. These shifts present challenges for
fund managers by drying up previous sources of capital.
We are also seeing increasing numbers of LPs explore methods of
accessing the asset class in addition to commitments to blind pool
funds. In particular, LPs have shown strong interest in separate
accounts in the past year, though these continue to be utilized
only by those LPs that are able to commit sizeable sums of capital
to the asset class. This shift again presents challenges for fund
managers seeking to raise capital, and the array of opportunities
available also makes investors private equity portfolio allocation
tasks ever more complex.
Outlook
Overall, it is clear that investors are generally satisfi ed
with the returns they are receiving from their private equity
portfolios and the majority remain committed to private equity over
the short and longer term. However, it is unlikely that this will
translate into considerable growth in fundraising in 2013,
particularly as funds continue to take over 17 months on average to
fundraise, meaning any gains now will take a while to be refl ected
in the fundraising fi gures for closed vehicles. The number of
funds on the road continues to rise, with 1,940 funds currently
seeking an aggregate $795bn, meaning we can expect a huge amount of
competition for investor capital in 2013.
The longer term future for private equity and its ability to
attract signifi cant investment from institutional investors seems
secure, however, with the asset classs demonstrated ability to
produce attractive returns over the longer term ensuring that
investors with high portfolio returns targets will continue to
allocate in the coming years.
Preqins Private Equity Online service provides comprehensive
information on all aspects of the industry, including funds,
managers, investors, performance and deals.
www.preqin.com/privateequity
The 2013 Preqin Global Private Equity Report - Sample Pages
-
Section Three: Assets under M
anagement, D
ry Powder, Em
ployment and Com
pensation
alternative assets. intelligent data.
5
Assets under Managementand Dry Powder
Assets under Management
For the fi rst time, assets under management (AUM) of the entire
private equity industry, defi ned as the uncalled capital
commitments made to private equity funds (dry powder) plus the
unrealized value of portfolio assets, exceeded $3tn in December
2011. The latest fi gures available, June 2012, show private equity
AUM at almost $3.2tn, as shown in Fig. 3.1. This represents a
further increase of 5% from December 2011. The year-on-year growth
in assets under management has averaged around 10% between 2009 and
2011, lower than the fi gures for the years preceding the crisis,
which saw AUM increases of as much as 38% year on year.
As of June 2012, 69% of AUM was held as unrealized portfolio
value, and 31% was attributed to dry powder. Since the fi nancial
crisis, the proportion of assets under management represented by
dry powder has declined as fundraising for new private equity funds
has slowed; for example, as of December 2006, 47% of AUM was
represented by dry powder.
Fig. 3.2 shows the assets under management as of June 2012 split
out by fund type. Buyout funds hold the highest proportion of the
aggregate AUM, with $1.29tn or 40% of the industry total. Real
estate funds have $557bn (18%), while venture capital funds hold
$384bn (12%).
Dry Powder by Fund Type Current dry powder estimates show that
$946bn of capital is (as of December 2012) available to fund
managers to make investments, as displayed in Fig. 3.3,
considerably lower than the peak fi gure of $1,071bn as of December
2008. Current market conditions, which have resulted in a sustained
increase in the time that funds are taking to raise capital,
coupled with deal activity remaining higher than it was in the
immediate aftermath of the fi nancial
298 377 407 405 409563
8061,011 1,075 1,067 994 1,007 997418 374
360 465554
675
898
1,265 1,2041,413
1,7832,028 2,197
0
500
1,000
1,500
2,000
2,500
3,000
3,500
De
c-0
0
De
c-0
1
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2
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4
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7
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8
De
c-0
9
De
c-1
0
De
c-1
1
Jun
-12
UnrealizedValue ($bn)
Dry Powder($bn)
Fig. 3.1: Private Equity Assets under Management, 2000 -
2012
Source: Preqin Fund Manager Profi les and Preqin Performance
Analyst
Source: Preqin Fund Manager Profi les and Preqin Performance
Analyst
394
89476
161
63
88
75
135
36
83
154
422
123
261
75
152
0
500
1,000
1,500
2,000
2,500
Dry Powder ($bn) Unrealized Value ($bn)
Other
Venture Capital
Real Estate
Mezzanine
Infrastructure
Growth
Distressed Private Equity
Buyout
Fig. 3.2: Private Equity Assets under Management by Fund Type,
June 2012
0
200
400
600
800
1,000
1,200
De
c-0
3
De
c-0
4
De
c-0
5
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6
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c-1
2
Other
Venture Capital
Real Estate
Mezzanine
Infrastructure
Growth
Distressed Private Equity
Buyout
Fig. 3.3: Private Equity Dry Powder by Fund Type, 2003 -
2012
Dry
Po
wd
er (
$bn
)
Source: Preqin Fund Manager Profi les and Preqin Performance
Analyst
Preqins Fund Manager Profi les database provides details of over
6,800 private equity fi rms, including estimated dry powder, key
contact details, and much more.
For more information, please visit:
www.preqin.com/fmp
The 2013 Preqin Global Private Equity Report - Sample Pages
-
6 2013 Preqin Ltd. / www.preqin.com
The 2013 Preqin Global Private Equity Report - Sample Pages
Overview of CurrentFunds in MarketThere are a record 1,940
private equity funds in market as of the start of 2013, targeting
aggregate capital commitments of $795bn as Fig. 4.9 displays,
representing a signifi cant increase from the previous year. The
aggregate capital sought by funds has also increased for the second
consecutive year.
Fund Type Breakdown
Buyout funds continue to seek the largest amount of capital,
$230bn, as shown in Fig. 4.10. The second largest amount of
aggregate capital is being sought by real estate funds; these funds
are seeking $147bn from investors, and represent the largest number
of funds in market of any type, with 449 vehicles currently on the
road. Regional Focus Funds primarily focused on North America are
the most numerous, with 873 vehicles targeting $407bn in aggregate
capital. This is the regional focus with the largest collective
target, and represents an increase of 17% in aggregate capital
targeted the previous year. At present there are 456 Europe-focused
funds on the road seeking $196bn, representing an increase of 11%
compared to the number of funds the previous year. There are 388
Asia-focused vehicles seeking $128bn in aggregate capital from
investors, and $64bn is being sought by 233 Rest of World-focused
funds.
Time on the Road
Fig 4.11 shows the time spent on the road so far by fi rst-time
funds currently in market compared to their experienced
counterparts. It highlights that 67% of fi rst-time funds have
spent over 12 months on the road thus far compared to 59% of non-fi
rst-time funds.
Overall, competition in the fundraising market in 2013 looks set
to remain intense. Nevertheless, 45% of the 1,940 funds in market
have already held at least one interim close, having so far secured
$167bn towards their fi nal targets, an increase of 32% from the
previous year.
This highlights that fund managers with a compelling fund
offering can still attract investor capital.
449
379
270
217194
137
70 6838 36
82
147
50
230
6547
85
50
23 2739
32
0
50
100
150
200
250
300
350
400
450
500
Re
al E
sta
te
Ve
ntu
re C
ap
ital
Buyo
ut
Gro
wth
Fun
d o
f Fu
nd
s
Infr
ast
ruc
ture
Dis
tre
sse
d P
E
Me
zza
nin
e
Sec
on
da
ries
Na
tura
l Re
sou
rce
s
Oth
er
No. of FundsRaising
AggregateTargetCapital ($bn)
Fig. 4.10: Composition of Current Funds in Market by Fund
Type
Source: Preqin Funds in Market
14% 12% 15%
25%22%
26%
21%21%
21%
21%20%
21%
20%25%
17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
All Funds in Market First-Time Funds Non-First-Time Funds
More than 24 Months
19-24 Months
13-18 Months
7-12 Months
Less than 6 Months
Fig. 4.11: Time Spent on the Road by Private Equity Funds
Currently in Market
Pro
po
rtio
n o
f Fu
nd
s
Source: Preqin Funds in Market
1,6241,561 1,594
1,8141,940
888
699602
744 795
0
500
1,000
1,500
2,000
2,500
January 2009 January 2010 January 2011 January 2012 January
2013
No. of FundsRaising
AggregateTarget Capital($bn)
Fig. 4.9: Private Equity Funds in Market Over Time, 2009 -
2013
Source: Preqin Funds in Market
Data Source:Funds in Market provides comprehensive information
on all 1,940 funds currently in market, including target size,
interim closes, investors, geographic focus and much more. For more
information, please visit:
www.preqin.com/fim
4. Fundraising
-
7 2013 Preqin Ltd. / www.preqin.com
The 2013 Preqin Global Private Equity Report - Sample Pages
Distressed Private Equity GPsKey Stats and Facts
50%
35%
7%8%
1 Fund
2-3 Funds
4-5 Funds
6 Funds or More
Fig. 5.21: Breakdown of Distressed Private Equity Firms by
Number of Funds Raised
Fig. 5.22: Number of Firms Actively Managing Distressed Private
Equity Funds by Country
GP Headquarters No. of FirmsUS 101UK 14Japan 9Hong Kong 6Italy
6India 5South Korea 5Germany 4Netherlands 4Australia 3
41% 40%
29%
22%
30%
47%
31%
28%
14%
29%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Busi
ne
ss S
erv
ice
s
Co
nsu
me
r Disc
retio
na
ry
Ene
rgy
an
d U
tiliti
es
Foo
d a
nd
Ag
ricu
lture
He
alth
ca
re
Ind
ust
rials
Info
rma
tion
Te
ch
no
log
y
Ma
teria
ls
Re
al E
sta
te
Tele
co
ms,
Me
dia
an
dC
om
mu
nic
atio
ns
Fig. 5.23 Distressed Private Equity Firms Industry Preferences
for Underlying Investments
Pro
po
rtio
n o
f Fi
rms
43%
39%
26%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Distressed Debt Special Situations Turnaround
Fig. 5.24: Distressed Private Equity Firms by Type of Fund
Raised
Pro
po
rtio
n o
f Fi
rms
Fig. 5.25: 5 Largest Distressed Private Equity Funds Raised of
All Time
Fund Firm Year Closed Fund Size (bn) GP LocationOCM
Opportunities Fund VIIB Oaktree Capital Management 2008 10.9 USD
USCerberus Institutional Partners (Series Four) Cerberus Capital
Management 2007 7.4 USD USAvenue Special Situations V Avenue
Capital Group 2008 6.0 USD USCVI Global Value Fund I CarVal
Investors 2007 5.8 USD USMatlinPatterson Global Opportunities III
MatlinPatterson Global Advisers 2007 5.0 USD US
Source: Preqin Fund Manager Profi les Source: Preqin Fund
Manager Profi les
Source: Preqin Fund Manager Profi les Source: Preqin Fund
Manager Profi les
Source: Preqin Fund Manager Profi les
5. General Partners
Preqins Fund Manager Profi les provides information on over 600
fund managers worldwide investing in distressed private equity. For
more information about this product and how it can assist you,
please visit:
www.preqin.com/fmp
Data Source:
-
F E B R U A R Y 2 0 th, 2 0 1 3
N E W YO R K
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TPG
Warburg Pincus
KEYNOTE SPEAKERSKurt Bjrklund Co-Managing Partner, PermiraArif
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9TH ANNUAL
PRIVATE EQUITY & VENTURE CAPITAL CONFERENCENAVIGATING
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Friday 15 March 2013Church House Conference Centre, Westminster,
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Media Sponsors:
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The 2013 Preqin Global Private Equity Report - Sample Pages
PrEQIn Private EquityQuarterly Index
Returns from private equity funds are typically measured using
IRRs and multiples. These are appropriate measures of the returns
from these types of long-term investments and enable direct
comparisons of private equity funds to other private equity
funds.
However, a different metric is needed by investors seeking to
compare their private equity portfolios with their overall
investment portfolios. These asset allocation tasks call for
metrics that can compare private equity returns and those of other
asset classes. The PrEQIn Index captures in an index the return
earned by investors on average in their private equity portfolios,
based on the actual amount of money invested in private equity
partnerships. This time-weighted measure provides a straightforward
method of comparison of private equity to other asset classes since
a defi ned point in time and across all vintages.
Fig. 6.8 shows the PrEQIn All Private Equity, Buyout, Venture
Capital, Real Estate, Fund of Funds and Distressed Private Equity
Indices together with the S&P 500 Index rebased to 100 as of
31st December 2000. By examining these indices, we gain an insight
into the performance of the main private equity fund types in
comparison to the whole industry. The PrEQIn All Private Equity
Index shows an initial decline after the dot-com crash in the early
2000s, but then
steadily increases until December 2007, after which the fi
nancial crisis of 2008 and 2009 caused signifi cant falls. The
period 2009 to 2012 witnessed fairly steady quarterly increases in
the All Private Equity Index, though there was a slight dip in Q2
2011 due to market instability resulting from concerns over
European sovereign debt. The index reached its highest point of
215.2 as of 30th June 2012.
It is apparent that the PrEQIn Buyout Index closely follows the
trends seen in the All Private Equity Index, as a large proportion
of capital within the private equity industry is held in buyout
funds. The PrEQIn Real Estate Index was the best performer prior to
the downturn, but the sub-prime mortgage crisis resulted in large
quarterly decreases during 2008 and 2009. The other fund type
indices also show sharp declines during this time, reaching their
lowest points in early 2009. However, the PrEQIn Real Estate Index
continued its decline after this, reaching its lowest point in the
latter half of 2010. The PrEQIn Distressed Private Equity Index
shows that this fund type has consistently outperformed the private
equity asset class as a whole and has been one of the best
performing strategies within the industry. While this index also
shows sharp quarterly decreases between Q2 2008 and Q1 2009, the
subsequent recovery was achieved at a faster rate compared to other
fund types as managers sought to take advantage of the relative
abundance
of distressed investment opportunities following the economic
downturn. With the exception of the PrEQIn Venture Capital Index,
all of the PrEQIn Indices have outperformed the S&P 500 Index
as of Q2 2012 over the period shown.
PrEQIn Fund Quartile Indices
Fig. 6.9 shows the PrEQIn Private Equity Quarterly Index rebased
to 100 as of 31st December 2000 for funds within each performance
quartile ranking. Following initial declines from Q4 2000, the
PrEQIn Top Quartile Index recovered and moved back to above 100 in
Q4 2002. Since the declines seen in each index due to the fi
nancial crisis in 2008 and 2009, the PrEQIn Top Quartile Index has
experienced signifi cantly higher quarterly increases compared to
other fund quartiles, highlighting that the ability to select the
best fund investments results in superior returns.
0
50
100
150
200
250
300
350
400
31-D
ec
-00
30-J
un
-01
31-D
ec
-01
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un
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un
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-07
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un
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un
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ec
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un
-11
31-D
ec
-11
30-J
un
-12
PrEQIn All PrivateEquity Index
PrEQIn BuyoutIndex
PrEQIn VentureCapital Index
PrEQIn RealEstate Index
PrEQIn Fund ofFunds Index
PrEQIn DistressedPrivate EquityIndex
S&P 500
Fig. 6.8: PrEQIn - Private Equity Quarterly Index: All
Strategies
Ind
ex
Re
turn
s (R
eb
ase
d t
o 1
00 a
s o
f 31
De
ce
mb
er 2
000)
0
100
200
300
400
500
600
700
31-D
ec
-00
30-J
un
-01
31-D
ec
-01
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un
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ec
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un
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ec
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un
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ec
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un
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ec
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un
-06
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ec
-06
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un
-07
31-D
ec
-07
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un
-08
31-D
ec
-08
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un
-09
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ec
-09
30-J
un
-10
31-D
ec
-10
30-J
un
-11
31-D
ec
-11
30-J
un
-12
PrEQIn TopQuartile Index
PrEQIn SecondQuartile Index
PrEQIn ThirdQuartile Index
PrEQIn FourthQuartile Index
Fig. 6.9: PrEQIn - Fund Quartile Indices
Ind
ex
Re
turn
s (R
eb
ase
d t
o 1
00 a
s o
f 31
De
ce
mb
er 2
000)
Source: Preqin Performance Analyst Source: Preqin Performance
Analyst
PrEQIn is the fi rst quarterly index for the whole private
equity industry, enabling comparison of the performance of private
equity funds against other asset classes.
For more information, please visit:
www.preqin.com/pa
Data Source:
6. Performance
-
Preqin Global Data Coverage
PlusComprehensive coverage of:- Placement Agents - Dry Powder-
Fund Administrators - Compensation- Law Firms - Plus much more...-
Debt Providers
- Over 150 research, support and development staff- Global
presence - New York, London and Singapore- Depth and quality of
data from direct contact methods- Unlimited data downloads- The
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www.preqin.com
alternative assets. intelligent data.
The Preqin Difference
Fund Coverage: Funds
13,604 Private Equity* Funds4,032 PE Real Estate Funds
661 Infrastructure Funds
28,340
Firm Coverage: Firms
6,866 PE Firms 1,700 PERE Firms
370 Infra. Firms
14,061
Deals Coverage: Deals Covered; All New Deals Tracked
28,455 Buyout Deals** 37,839 Venture Capital Deals*** 2,452
Infra. Deals
68,746
As of 8 February 2013
Investor Coverage: Institutional Investors Monitored,
Including 7,408 Verified Active**** in Alternatives and 77,942
LP Commitments to Partnerships
4,822 Active PE LPs 3,948 Active Hedge Fund Investors 3,560
Active RE LPs
10,341
1,930 Active Infra. LPS
Alternative Investment Consultant Coverage: Consultants Tracked
440
*Private Equity includes buyout, venture capital, distressed,
growth, natural resources and mezzanine funds.**Buyout deals:
Preqin tracks private equity-backed buyout deals globally,
including LBOs, growth capital, public-to-private deals, and
recapitalizations. Our coverage does not include private debt and
mezzanine deals.***Venture capital deals: Preqin tracks
cash-for-equity investments by professional venture capital firms
in companies globally across all venture capital stages, from seed
to expansion phase. The deals figures provided by Preqin are based
on announced venture capital rounds when the capital is committed
to a company. ****Preqin contacts investors directly to ensure
their alternatives programs are active. We emphasize active
investors, but clients can also view profiles for investors no
longer investing or with programs on hold.
Best Contacts: Carefully Selected from Our Database of over
Active Contacts 227,754
Fund Terms Coverage: Analysis Based on Data for Around Funds
6,500
Fundraising Coverage: Funds Open for Investment/Launching
Soon
Including 1,910 Closed-Ended Funds in Market and 467 Announced
or Expected Funds
1,614 PE Funds 915 PEREFunds
250 Infra. Funds
11,349
Performance Coverage: Funds (IRR Data for 4,926 Funds and Cash
Flow Data for 2,234 Funds) 10,456
5,028 PE Funds 1,026 PERE Funds
126 Infra. Funds
10,208 Hedge Funds
5,125 Hedge Fund Firms
4,276 Hedge Funds
8,570 Hedge Funds
-
11 2013 Preqin Ltd. / www.preqin.com
The 2013 Preqin Global Private Equity Report - Sample Pages
Private EquityBenchmarks
Vintage No. FundsMedian Fund Multiple Quartiles (X) IRR
Quartiles (%) IRR Max/Min (%)
Called (%) Dist (%) DPI Value (%) RVPI Q1 Median Q3 Q1 Median Q3
Max Min2012 22 6.3 0.0 84.4 0.99 0.84 0.54 n/m n/m n/m n/m n/m2011
44 21.2 0.0 90.9 0.97 0.91 0.83 n/m n/m n/m n/m n/m2010 34 38.1 0.0
96.4 1.13 1.04 0.88 n/m n/m n/m n/m n/m2009 36 57.7 2.1 101.0 1.34
1.16 1.03 16.7 10.0 5.5 94.9 -11.32008 67 67.4 13.0 99.9 1.42 1.18
1.02 17.7 8.2 1.5 43.8 -31.12007 90 86.1 24.0 95.6 1.44 1.28 1.09
15.0 9.9 4.0 43.0 -25.92006 75 92.3 36.5 91.0 1.50 1.30 1.13 13.3
8.9 3.4 33.4 -27.12005 78 95.2 67.0 72.8 1.63 1.41 1.25 16.0 9.4
6.2 76.9 -3.62004 39 92.6 119.0 62.0 2.15 1.83 1.59 27.2 16.3 10.2
80.2 -7.02003 32 97.0 143.8 39.5 2.56 1.80 1.43 35.5 20.7 12.4 57.5
-86.22002 30 97.4 157.0 19.5 2.26 1.89 1.32 36.6 19.2 9.1 72.0
-4.82001 32 96.0 189.2 16.0 2.78 2.11 1.67 42.8 28.8 14.4 94.0
6.12000 58 97.3 166.0 10.5 2.28 1.77 1.45 26.7 19.3 11.4 57.5
-5.71999 38 100.0 149.8 1.1 2.06 1.60 1.05 17.4 12.8 5.0 36.4
-25.11998 52 98.4 145.8 0.0 1.97 1.47 0.98 18.7 8.5 -1.9 31.9
-100.01997 44 100.0 162.3 0.0 2.13 1.64 1.10 19.9 9.9 2.3 84.0
-21.61996 26 99.8 171.6 0.0 2.32 1.72 0.88 22.0 11.1 -0.4 147.4
-19.61995 26 100.0 131.3 0.0 2.18 1.31 1.08 19.8 9.2 2.3 59.9
-15.51994 33 100.0 169.0 0.0 2.15 1.69 1.45 29.2 17.9 9.9 92.2
-5.01993 17 100.0 207.0 0.0 2.88 2.02 1.39 26.7 16.9 7.7 58.0
0.81992 18 100.0 206.1 0.0 3.22 2.06 1.49 37.6 21.2 7.9 60.6
-49.91991 9 100.0 260.5 0.0 3.75 2.61 2.07 48.7 26.0 25.0 54.7
-0.51990 20 100.0 238.0 0.0 3.30 2.38 1.43 31.1 18.6 7.9 72.0
2.4
Fund Type: Buyout Geographic Focus: All Regions
Benchmark Type: Median As At: 30 June 2012
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small BuyoutMedian
Fund Weighted Fund Median Fund Weighted Fund Median Fund Weighted
Fund Median Fund Weighted Fund
Multiple (X)
IRR (%)
Multiple (X)
IRR (%)
Multiple (X)
IRR (%)
Multiple (X)
IRR (%)
Multiple (X)
IRR (%)
Multiple (X)
IRR (%)
Multiple (X)
IRR (%)
Multiple (X)
IRR (%)
2012 n/a n/m n/a n/m 0.60 n/m 0.70 n/m 0.89 n/m 0.66 n/m 0.84
n/m 0.70 n/m2011 0.95 n/m 0.95 n/m 0.93 n/m 0.91 n/m 0.91 n/m 0.89
n/m 0.87 n/m 0.79 n/m2010 n/a n/m n/a n/m 1.03 n/m 0.98 n/m 0.90
n/m 0.93 n/m 1.01 n/m 1.02 n/m2009 1.12 6.8 1.16 6.6 1.12 8.8 1.19
17.4 1.13 11.7 1.17 10.8 1.24 9.2 1.21 15.12008 1.06 3.1 1.19 7.8
1.23 11.4 1.22 10.1 1.14 8.0 1.10 7.8 1.23 10.1 1.09 9.72007 1.18
6.2 1.13 4.1 1.29 9.9 1.24 8.5 1.28 10.0 1.29 10.3 1.28 10.4 1.31
9.42006 1.10 2.8 1.08 0.6 1.30 8.0 1.21 6.1 1.17 5.6 1.28 6.4 1.33
9.0 1.44 9.82005 1.60 10.3 1.65 10.7 1.27 6.4 1.35 9.8 1.32 8.7
1.44 12.4 1.51 12.4 1.83 22.32004 1.60 10.9 1.71 15.3 1.74 16.6
1.58 9.3 1.78 14.2 1.35 8.6 1.80 18.4 1.44 7.32003 1.83 23.9 2.07
26.3 1.98 19.0 2.11 21.4 1.57 14.3 1.71 17.3 1.53 20.5 1.81
17.02002 1.86 24.0 1.82 23.6 1.91 21.9 1.91 20.9 2.07 23.7 1.80
21.6 1.78 17.4 2.13 27.72001 2.41 28.9 2.48 32.9 1.99 24.8 2.13
25.8 1.96 24.7 2.10 25.6 2.03 29.0 1.74 17.42000 2.00 18.6 1.98
18.3 1.75 17.0 1.75 15.4 2.07 20.0 1.98 18.2 1.98 18.9 1.73
29.61999 1.81 11.5 1.63 7.9 1.61 9.7 1.52 5.9 1.90 10.5 1.95 12.2
1.65 14.3 1.20 4.61998 1.45 5.8 1.39 5.0 1.36 7.9 1.25 1.4 1.46 7.4
1.52 4.2 1.64 11.4 1.72 11.11997 1.70 10.0 1.50 5.9 1.72 11.8 1.78
19.1 1.12 2.2 1.15 2.6 1.60 10.9 1.41 8.3
Fund Type: Buyout by Fund Size Geographic Focus: All Regions
Benchmark Type: Median
Defi nition used for Mega, Large, Mid-Market, Small Buyout:
Small Mid-Market Large MegaVintage 1992-1996 $200mn $201-$500mn
> $500mn -Vintage 1997-2004 $300mn $301-$750mn $751mn-$2bn >
$2bnVintage 2005-2012 $500mn $501mn-$1.5bn $1.6-$4.5bn >
$4.5bn
Source: Preqin Performance Analyst
Source: Preqin Performance Analyst
6. Performance
The Preqin Private Equity Performance Benchmarks module offers
the most meaningful benchmarking and comparative tools available in
the industry. Get free access to median, pool, weighted and average
benchmarks by fund type and region focus.
For more information, please visit:
www.preqin.com/benchmarks
Data Source:
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PRIVATE EQUITYINVESTORS FORUM
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13 2013 Preqin Ltd. / www.preqin.com
The 2013 Preqin Global Private Equity Report - Sample Pages
The Evolution of theLimited Partner UniverseWith stricter
regulation affecting certain LPs in North America and Europe, fund
managers have had to source an increasing amount of capital from
different investor groups in a challenging fundraising environment.
Furthermore, with LPs based in Asia and Rest of World becoming more
experienced in investing in private equity, fund managers are now
securing a greater proportion of capital from investors outside of
traditional fi nancial markets. As a result of this, the make-up of
the limited partner universe has continued to evolve over the past
few years.
Types of Investors Active in Private Equity
Regulation of the industry and of its investors is becoming
increasingly complex and stringent in developed markets, with banks
likely to be affected signifi cantly by incoming regulations. The
Volcker Rule, set to come into effect this year, will limit the
amount of capital US banks can place into private equity, while
Basel III will require European banks to also hold more liquid
assets by 2019. As Fig. 7.1 displays, banks account for 6% of
investors active within private equity, having fallen from 9% in Q1
2010.
Similarly, the proportion of overall capital invested in the
asset class by banks has fallen over the past few years. The
aggregate amount of capital currently invested in private equity is
estimated to be $1.64tn as of June 2012; this is the amount
invested in private equity and
does not include committed capital that has yet to be called up
by fund managers. This fi gure is calculated using the sum of the
remaining value of portfolios of private equity funds that have
reached a fi nal close (excluding funds of funds, secondaries
funds, real estate funds and infrastructure funds).
In June 2008, banks accounted for 11% ($115bn) of this total
capital invested in private equity, whereas, as Fig. 7.2 displays,
this fi gure had fallen to 6% ($100bn) as of June 2012, as many
have started to wind down their private equity operations and sell
fund interests on the secondary market.
The private equity activity of European insurance companies has
also been affected by regulation. The Solvency II directive that is
scheduled to come into effect early in 2014 will require these
institutions to hold more liquid assets, restricting the amount
that can be invested in private equity. In June 2008, insurance
companies accounted for 13% ($140bn) of capital invested in private
equity, compared to just 8% ($131bn) of invested capital in the
asset class in June 2012.
While some types of investor have become less prominent sources
of capital for private equity funds over recent years, other
investor types have increased their activity in the asset class.
Sovereign wealth funds have increased the amount of capital they
have invested in private equity year on year since 2008,
representing 8% ($131bn) of invested capital as of June 2012,
compared to just 5% ($50bn) in June 2008.
Locations of Investors Active in Private Equity
Europe-based LPs now represent a smaller proportion of active
private equity investors than they did in the past; European LPs
accounted for 32% of active LPs in Q1 2011, but now account for
just 27%, as shown in Fig. 7.3. As displayed in Fig. 7.4, the
proportion of total capital invested in the asset class accounted
for by European LPs has also fallen, from 37% in June 2010 to 31%
in June 2012.
Although the proportion of investors in private equity that are
located in Asia and Rest of World has increased only slightly over
recent years, the amount of capital invested in the asset class by
these LPs has risen more substantially. In June
15%
12%11% 11%
8%7%
6%5% 5%
4% 4% 4%3%
2% 2%1%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Fou
nd
atio
ns
Priv
ate
Se
cto
r Pe
nsi
on
Fun
ds
Pu
blic
Pe
nsi
on
Fu
nd
s
End
ow
me
nt
Pla
ns
Fun
d o
f Fu
nd
s M
an
ag
ers
Insu
ran
ce
Co
mp
an
ies
Ban
ks &
Inve
stm
en
t Ba
nks
Fam
ily O
ffic
es
We
alth
Ma
na
ge
rs
Ass
et
Ma
na
ge
rs
Inve
stm
en
t C
om
pa
nie
s
Co
rpo
rate
Inve
sto
rs
Go
vern
me
nt
Ag
en
cie
s
Priv
ate
Eq
uity
Firm
s
Sup
era
nn
ua
tion
Sc
he
me
s
Sove
reig
n W
ea
lth F
un
ds
Fig. 7.1: Make-up of Limited Partner Universe by Investor Type
(Number of LPs)
Pro
po
rtio
n o
f In
vest
ors
Source: Preqin Investor Intelligence
29%
14%
9% 9%8% 8%
6%5% 4%
3% 3% 2%
0
50
100
150
200
250
300
350
400
450
500
Pu
blic
Pe
nsi
on
Fu
nd
s
Priv
ate
Se
cto
r Pe
nsio
n F
un
ds
End
ow
me
nt
Pla
ns
Fou
nd
atio
ns
Sove
reig
n W
ea
lth F
un
ds
Insu
ran
ce
Co
mp
an
ies
Ban
ks &
Inve
stm
en
t Ba
nks
Fam
ily O
ffic
es
Inve
stm
en
t C
om
pa
nie
s
Sup
era
nn
ua
tion
Sc
he
me
s
Go
vern
me
nt
Ag
en
cie
s
Co
rpo
rate
Inve
sto
rs
Fig. 7.2: Breakdown of Aggregate Capital Currently Invested in
Private Equity by Investor Type (Excluding Funds of Funds and Asset
Managers)
Am
ou
nt
of
Ca
pita
l In
vest
ed
inP
riva
te E
qu
ity (
$bn
)
Source: Preqin Investor Intelligence
7. Investors
Preqins Investor Intelligence provides detailed and up-to-date
information on investors current fund searches and open mandates
helping GPs to source capital for funds.
For more information, please visit:
www.preqin.com/ii
Data Source:
-
14 2013 Preqin Ltd. / www.preqin.com
The 2013 Preqin Global Private Equity Report - Sample Pages
Make-up of PE-Backed Buyout Deals in 2012 by Type, Value and
Industry
Deal Flow by Type
As shown in Fig. 10.8, leveraged buyouts (LBOs) continue to
represent a signifi cant proportion of both the number of private
equity-backed buyout deals and the aggregate deal value, accounting
for 43% and 62% respectively. This is an increase in comparison to
2011, when LBOs accounted for 41% and 55% of the number and
aggregate value of deals respectively, showing the continued
interest in this traditional investment type.
Each year from 2008-2012, LBOs have accounted for more than half
of the aggregate deal value, an increase in comparison to 2006 and
2007, when LBOs accounted for 41% of the total. Notable leveraged
buyout deals which occurred during 2012 include the $7.15bn
acquisition of El Paso Corporations oil and natural gas exploration
and production assets by Access Industries, Apollo Global
Management, Korea National Oil Corporation and Riverstone Holdings,
and the $6.6bn acquisition of Cequel Communications by BC Partners
and CPP Investment Board.
Add-on transactions continue to be an important investment type
for private equity fi rms to enhance the value of existing
portfolio companies through strategic acquisitions. 2012 follows a
similar trend to 2011; add-on deals accounted for over 30% of the
number of deals in both years, in comparison to only 18% in the
years prior to the economic downturn. This rise in the prominence
of add-on transactions is a refl ection of the increased importance
that fund managers are giving to consolidating and strengthening
their current portfolio companies as market and credit conditions
remain volatile.
Growth capital deals make up a similar proportion of the number
and aggregate value of deals to 2011: 15% of all global private
equity-backed deals and accounting for 7% of the aggregate deal
value in 2012.
Public-to-private transactions accounted for only 2% of all
private equity-backed buyout deals in 2012, yet represented 12% of
global aggregate deal value. On
43%
62%
33%
11%
15%
7%
3%
4%
4%
4%
2%12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No. of Deals Aggregate Deal Value
LBO Add-on Growth Capital Recapitalization PIPE Public To
Private
Fig. 10.8: Breakdown of Number and Aggregate Value of Private
Equity-Backed Buyout Deals in 2012 by Type
58%
7%
20%
10%
8%
11%
6%
17%
8%
55%
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 or
More
Fig. 10.9: Breakdown of Number and Aggregate Value of Private
Equity-Backed Buyout Deals in 2012 by Value Band
Pro
po
rtio
n o
f To
tal
Source: Preqin Buyout Deals Analyst
Pro
po
rtio
n o
f To
tal
Source: Preqin Buyout Deals Analyst
10. Buyout Deals
Deals Analyst features details of over 60,000 buyout and venture
deals globally, including information on deal value, buyers,
sellers, debt fi nancing providers, fi nancial and legal advisors,
exit details and more.
For more information, please visit:
www.preqin.com/deals
Data Source:
-
15 2013 Preqin Ltd. / www.preqin.com
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Organiser: Terrapinn Singapore
Now in its 9th year, Private Banking Asia brings together Asias
leading private banks, family offices and independent wealth
managers
to discuss strategy, investment allocations, changing business
models and new business opportunities in the Asian private
wealth
sector. Co-located with the Asian Family Office Forum, for 8
years Private Banking Asia has been the premier forum for the
leading
private banks, family offices and wealth managers to access
Asias ever growing private wealth industry. For more information,
please
visit www.terrapinn.com/privatebankingasia
Conferences Conferences Spotlight
4th Global Distressed Debt Investing Summit
Date: 20 February 2013 Information:
www.iglobalforum.com/distressed4
Location: New York
Organiser: iGlobal Forum
iGlobal Forum is pleased to announce the 4th Global Distressed
Debt Investing Summit due to take place on February 20th, 2013
in
New York City. The summit will present the perfect platform for
networking and face-to face discussions with the leading
Distressed
Fund Managers, Private Equity Funds, Hedge Funds, Investment
Banks, Bankruptcy Advisors, Loan Originators, Debt Providers,
and
Rating Agencies.
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16 2013 Preqin Ltd. / www.preqin.com
Conferences Conferences Spotlight
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The Private Equity Investor Forum
Date: 14 March 2013 Information:
www.usmarkets.org/forums/private-equity-investor-forum/overview
Location: New York
Organiser: US Markets
US Markets Private Equity Investor Forum hosts some of the most
well-respected allocators to PE today. This is a forum that puts
the focus
back on the institutional investors understanding their
objectives and constraints and how private equity is affecting
their portfolios.
London Business School 9th Private Equity & Venture Capital
Conference
Date: 15 March 2013 Information:
www.londonpevcconference2013.org
Location: London
Organiser: London Business School Private Equity & Venture
Capital Club
Hosted by the LBS Private Equity & Venture Capital Club,
this flagship event attracts a variety of professionals from GPs to
LPs,
recruiters, media, as well as enthusiastic business students and
academic leaders, forming a diverse debate of trends, challenges
and
opportunities in the private equity and venture capital
space.