Download - Private Equity Spotlight · Venture Capital Report ISBN: 978-1-907012-77-8 $175 / £95 / €115 alternative assets. intelligent data. 2015 Preqin Global Private Equity & Venture Capital

Private Equity SpotlightJanuary 2015

FEATURED PUBLICATION:

The 2015 Preqin Global Private Equity & Venture Capital Report

To find out more, or to order your copy today, please visit:

www.preqin.com/gper

New York: One Grand Central Place60 E 42nd StreetSuite 630New York, NY 10165+1 212 350 0100

London: 3rd Floor, Vintners’ Place68 Upper Thames StreetLondon, EC4V 3BJ+44 (0)203 207 0200

Singapore:One Finlayson Green #11-02 Singapore 049246 +65 6305 2200

San Francisco:1700 Montgomery StreetSuite 134San FranciscoCA 94111+1 415 835 9455

w: www.preqin.come: [email protected] Twitter: www.preqin.com/twitterLinkedIn: www.preqin.com/linkedin

January 2015Volume 11 - Issue 1

Free Subscription

Sign up to receive your free edition of Private Equity Spotlight every month!

www.preqin.com/spotlight

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.

alternative assets. intelligent data.

ISBN: 978-1-907012-77-8$175 / £95 / €115www.preqin.com


2015 Preqin Global Private Equity &Venture Capital

Report




Report


Contents - Page 3

2014 Key Stats - Page 5

Private Equity & Venture Capital in 2015 - A Competitive and Sophisticated Market - Christopher Elvin, Preqin - Page 6

Assets under Management - Page 8

Key Fundraising Stats - Page 9

Performance Overview - 0

Performance Benchmarks - Page 12

Investor Appetite for Private Equity in 2015 - Page 14

Improving the Porfolio Monitoring and Valuation Process - Jorge Hansen, Baxon - Page 15

Venture Capital Deal Flow by Industry, Stage and Size - Page 16


In this month’s edition of Private Equity Spotlight we feature sample pages from the 2015 Preqin Global Private Equity & Venture Capital Report, the most comprehensive review of the private equity asset class ever undertaken, including:

Conferences

In addtion, we provide details of upcoming private equity conferences around the world - Page 17

www.preqin.com/gper

www.preqin.com/gper

www.preqin.com/gper

www.preqin.com/gper

www.preqin.com/gper

www.preqin.com/spotlight

Main Conference: 24‐26 February

German Private Equity Summit: 23 February

Private Debt & Mezzanine Finance Summit: 23 February

InterContinental Hotel Berlin

http://www.icbi‐superreturn.com/FKR2368PRQSP

Dear Spotlight reader,

We are very pleased to offer a 15% discount to Spotlight readers for registrations to SuperReturn

International in Berlin, 23 – 26 February 2015.

Bringing together private equity leaders from around the world, including:

• 1500 top private equity and venture capital attendees

• 350+ LPs, including decision makers from pension plans, family offices, sovereign wealth funds,

foundations and fund of funds

• 250+ speakers, including global industry titans from the world’s biggest private equity houses

and special guest speakers.

As well as offering you the perfect opportunity to connect with LPs via a networking app and other

facilities, the conference will dig deeper into co‐investments and explore the current dynamics of

the LP/GP relationship plus cover the hottest topics in private equity.

I’ll be on the session “Stake Your Fortune” on Tuesday 24 February with panellists from Earlybird

and Opcapita. I hope to see you there!

Kindest regards

Mark O’Hare

Managing Director,

Preqin

For all bookings & enquiries, please contact the SuperReturn International Team

Quote VIP: FKR2368PRQSP for your 15% discount

Tel: +44 (0) 20 7017 7200

Email: [email protected]

Web: http://www.icbi‐superreturn.com/FKR2368PRQSP

http://www.icbi-superreturn.com/FKR2368PRQSP

http://www.icbi-superreturn.com/FKR2368PRQSP

3 © 2015 Preqin Ltd. / www.preqin.com

The 2015 Preqin Global Private Equity & Venture Capital Report - Contents

CEO’s Foreword 4

Section One: The 2015 Preqin Global Private Equity & Venture Capital Report

Keynote Address - Marc St John, CVC Capital Partners

5

Section Two: Overview of the Private Equity & Venture Capital Industry

Private Equity & Venture Capital -2014 Key Stats

7

Private Equity & Venture Capital in 2015 - A Competitive and Sophisticated Market - Christopher Elvin, Preqin

8

2014 Has Been Good - 2015 Looks Like It Is Going to Be Even Better - Yasser El-Ansary, AVCAL

9

The Relationship Between Government, Regulation and the Private Equity Industry - Tim Hames, British Private Equity & Venture Capital Association

10

Local Pension Capital in Emerging Markets - Robert W. van Zwieten, EMPEA

11

From Cottage Industry to Financial Leaders - Steve Judge and Bronwyn Bailey, PEGCC

12

Section Three: Assets under Management, Dry Powder, Employment and Compensation

Assets under Management and Dry Powder 13Employment and Compensation 15

Section Four: Fundraising

Growth in High-Demand-Offerings - David Chamberlain, Capstone Partners

17

Europe Offers Greatest Opportunity in 2015 - Benoit Durteste, ICG

19

Key Fundraising Stats 202014 Fundraising Market 21Funds in Market 24North American Fundraising 26European Fundraising 27Asian Fundraising 28Rest of World Fundraising 29Buyout Fundraising 30Distressed Private Equity Fundraising 31Growth Fundraising 32

Mezzanine Fundraising 34Natural Resources Fundraising 35Venture Capital Fundraising 36

Section Five: General Partners

Private Equity: 2014 in Review - Moose Guen, MVision

37

Fund Manager Outlook for 2015 39League Tables - Largest GPs 42Buyout GPs - Key Stats and Facts 46Distressed Private Equity GPs - Key Stats and Facts 47Growth GPs - Key Stats and Facts 49Mezzanine GPs - Key Stats and Facts 50Natural Resources GPs - Key Stats and Facts 52Venture Capital GPs - Key Stats and Facts 53

Section Six: Performance

Post-Trade Valuations: Is Outsourcing Becoming the New Norm? - Kevin O’Connor, Markit

55

Improving Public Equity Portfolios with Private Equity Data - Matt Dority, Quantitative Equity Strategies

56

Key Performance Stats 58Performance Overview 59PrEQIn - Private Equity Quarterly Index 62Private Equity Horizon Returns 64Private Equity Returns for Public Pension Funds 65Performance Benchmarks 66Consistent Performing Fund Managers 70

Section Seven: Investors

Solving the Private Equity Liquidity Challenge - Jim Cass, SEI Investment Manager Services

73

Private Equity: An Investor’s Perspective - John Gripton, Capital Dynamics

74

Key Investor Stats 76The Evolution of the Limited Partner Universe 77Make-Up of Investors in Recently Closed Funds 79Investor Appetite for Private Equity in 2015 81League Tables - Largest Investors by Region 88League Tables - Largest Investors by Type 89Investors to Watch in 2015 90

The 2015 Preqin Global Private Equity& Venture Capital Report - Sample Pages

4


Section Eight: Separate Accounts

Investor and Fund Manager Use of Separate Accounts

91

Section Nine: Investment Consultants

Investment Consultant Outlook for 2015 93

Section Ten: Buyout Deals

Improving the Portfolio Monitoring and Valuation Process - Jorge Hansen, Baxon

95

Key Buyout Deals Stats 96Private Equity-Backed Buyout Deals 97Global Buyout Exit Overview 99Make-Up of Private Equity-Backed Buyout Deals in 2014 by Type, Value and Industry

101

Most Active Debt Providers and Deal Advisors 104Largest Buyout Deals and Exits 105

Section Eleven: Venture Capital Deals

Key Venture Capital Deals Stats 107Venture Capital Deals 108Venture Capital Deal Flow by Industry, Stage and Size

110

Most Active Firms, Largest Venture Capital-Backed Deals and Notable Exits

112

Section Twelve: Fund Terms and Conditions

A Review of Private Equity Fund Terms and Conditions - Jonathan Blake, King & Wood Mallesons

115

Private Equity & Venture Capital Fund Terms and Conditions

116

Investor Attitudes towards Fund Terms and Conditions 118Leading Law Firms in Fund Formation 120

Section Thirteen: Funds of Funds

Evolution of Private Equity Funds of Funds 121Fund of Funds Managers - Key Stats and Facts 122Fundraising Review - Funds of Funds 123

Section Fourteen: Secondaries

Preferred Equity: An Attractive Source of Capital for Private Equity Investors - Pierre-Antoine de Selancy,17Capital

125

Key Secondaries Stats 126Review of the Secondary Market and Investor Appetite in 2014

127

Secondary Fund of Funds Managers - Key Stats and Facts

130

Secondaries Fundraising Review 131Secondary Market Intermediaries 132

Section Fifteen: Placement Agents

Placement Agent Use in 2014 133

Section Sixteen: Fund Administrators

Fund Administrators 137

Section Seventeen: Fund Auditors

Fund Auditors 139

Data Pack for the 2015 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. It also includes ready-made charts that can be used for presentations, marketing materials and company reports. To purchase the data pack, please visit:

www.preqin.com/gper

Data Source:

The 2015 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


www.preqin.com/privateequity

www.preqin.com/gper

2. Overview of the Private Equityand Venture Capital Industry

5


Sec

tion Tw

o: O

vervie

w o

f the Priva

te Eq

uity and

Venture

Ca

pita

l Industry

Venture Capital Activity

Aggregate venture capital deal value in 2014.*

LARGEST VENTURE CAPITAL DEAL IN 2014

Uber Technologies Inc. received $1.2bn in Series D financing in June, and a further $1.2bn in Series E in December.

2014 saw 1,049 venture capital exits, with an aggregate value of $120bn.

LARGEST VENTURE CAPITAL EXIT IN 2014

The $25bn IPO of Alibaba Group in September 2014.

Buyout Activity

Aggregate buyout deal value in 2014.

LARGEST BUYOUT DEAL IN 2014

The $11.53bn Tim Hortons Inc. add-on in August by 3G-backed Burger King.

2014 saw 1,604 buyout exits, with an aggregate value of $428bn.

LARGEST BUYOUT EXIT IN 2014

The trade sale of Alliance Boots GmbH, acquired by Walgreen Co. for $15bn.

PRIVATE EQUITY AND VENTURE CAPITAL HIGHLIGHTSPrivate equity and venture capital assets under management reach a new high as of June 2014.

Increase in dry powder on 2013. Total dry powder now stands at $1.2tn as at December 2014.

Aggregate capital raised by private equity and venture capital funds in 2014.

Total capital distributions in H1 2014. Momentum continues from the record distributions seen in 2013.

One-year rolling horizon IRR to June 2014 shows venture capital outperforming all other strategies.

Private Equity & Venture Capital - 2014 Key Stats

$3.8tn$3.8tn

$332bn$332bn

$495bn$495bn11.9%11.9%

$86bn$86bn

$428bn$428bn $120bn$120bn

$444bn$444bn 25.9%25.9%

*Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.

TAXI



Private Equity & Venture Capital in 2015 – A Competitive and Sophisticated Market - Christopher Elvin, Preqin

Strong Fundraising and Continued Growth in AUM

The record levels of capital returned to investors in 2013 helped to facilitate another healthy year of fundraising in 2014, with $495bn of aggregate capital raised by 994 funds over the course of the year. This fi gure is likely to increase as more information becomes available, which means 2014 is on a par with fundraising levels seen in 2013, when $528bn was secured. 2014 also saw a $128bn increase in dry powder since December 2013, and combined with an increase in the unrealized value of portfolio assets, the industry’s total AUM stands in excess of $3.8tn. As of January 2015 there were 2,235 funds looking to raise an aggregate $793bn; when compared against 2014 fundraising fi gures, this gives a clear indication of the level of competition currently in the market.

Returns

The PrEQIn Index, shown on page 62, confi rms that the private equity and venture capital model is working, with superior returns compared to the public markets delivered over the long term. Preqin’s latest investor survey also confi rmed this, with 75% of respondents stating that they are satisfi ed with the returns they have seen from their portfolios, and a further 17% stating that returns have exceeded expectations.

Of particular note in 2014 was the improvement in venture capital performance. Previously tarnished by generally underwhelming returns for all but a few managers since the burst of the dot-com bubble, venture capital returns registered a one-year horizon IRR to June 2014 of 25.9%, the highest of all private equity strategies. Some institutional investors appear to have taken note of this change in fortunes, with 26% of investors surveyed in December intending to commit to venture capital vehicles in the next 12 months, a considerable increase from the 15% of respondents to the same survey the year before.

Deals and Exits

Improved market conditions in 2014 resulted in the highest ever aggregate exit value for private equity buyout fund

managers, with a total of 1,604 exits globally valued at $428bn, 30% more than the total value of exits in 2013. This meant that as of June 2014 (the latest data available) $224bn had been returned to investors in buyout distributions, nearly the same as the full-year 2013 amount of $226bn and signifi cantly more than total capital called, resulting in ongoing liquidity for investors.

The total value of buyout deals in 2014 reached $332bn globally, the highest annual amount since 2007, while a total of 7,475 venture capital fi nancings were announced globally with an aggregate value of $86bn. This represents an 11% fall in number compared to 2013, but a 58% rise in aggregate value.

There is ongoing concern that high dry powder levels are increasing competition for deals, making it harder for GPs to fi nd attractive investment opportunities which may ultimately impact returns. Sixty percent of buyout managers, 44% of growth managers and 39% of venture capital managers surveyed confi rmed that they had seen a rise in competition for transactions compared to 12 months ago. Page 14 of this report provides some evidence that the asset class is managing to deal with the overhang; however, with GPs armed with readily available capital, competition for the best deals in 2015 is likely to remain rife.

Investor Appetite

Investor appetite for the asset class remains robust and many LPs are below their target allocations as a result of the disparity between distributed and called capital.

Forty-six percent of respondents to Preqin’s latest investor survey are currently below their target allocations, compared to 39% of respondents in 2013 and 28% in 2012. Given LP satisfaction with returns, it is unsurprising that 79% of LPs surveyed are looking to maintain or increase their allocations to the asset class in the next 12 months.

The dominance of established managers continued in 2014, with just 7% of aggregate capital raised by fi rst-time managers, the same level as in 2013. The percentage of LPs looking to

increase the number of GP relationships in their portfolio fell by 11 percentage points compared to 2013, indicating new managers will have to present an even more compelling argument in order to secure LP capital.

LPs are becoming increasingly sophisticated and many are seeking alternative ways in which to access the asset class. More tailored solutions such as co-investments and separate accounts are attracting LPs due to lower fees, greater transparency and greater liquidity. Many GPs are responding accordingly; 53% of fi rms surveyed in December confi rmed they are looking to offer more co-investment opportunities to investors. Regulation

Regulatory reform continues to be a topic of concern and confusion among fund managers and investors alike. Forty-fi ve percent of fund managers recently surveyed believe that changes in regulation will have a negative effect on the industry in 2015, 39% believe it will have no impact and 16% believe any changes will be positive. LPs also appear to be concerned with the impact such changes may have on their investments, with 21% of survey respondents citing regulation as one of the biggest challenges facing investors in the year ahead.

Outlook for 2015

2014 has been a successful year for the private equity and venture capital asset class and with healthy market conditions, cash-rich fund managers and generally content investors, 2015 has the potential to follow suit. However, signifi cant challenges face both GPs and LPs.

While investors will be enjoying the liquidity delivered to them by ongoing high levels of distributions, the market is saturated with a record number of funds seeking capital, and investors consequently face the challenge of identifying the best investment opportunities. On the other hand, fund managers are confronted with intense competition, not only with fundraising, but also in fi nding attractive deal entry prices while at the same time having to meet increased demands from both investors and regulatory bodies.

2. Overview of the Private Equityand Venture Capital Industry


3. Assets under Management, Dry Powder,Employment and Compensation

8


Sec

tion Thre

e: A

ssets und

er M

ana

ge

me

nt, Dry Po

wd

er, Em

plo

yme

nt and

Co

mp

ensa

tion

The private equity and venture capital industry’s total assets under management* (AUM) continued to grow in 2014. Compared to June 2013, the total amount of dry powder available has increased by 9.3%, and a $224bn increase in unrealized portfolio values from December 2013 to June 2014 has driven total AUM to a new high of $3.8tn.

Fig. 3.1 shows the growth in the private equity industry’s assets under management from December 2000 to June 2014. Between December 2008 and June 2014 total AUM has expanded by 66%. This growth has largely been driven by the increase in unrealized portfolio value of private equity and venture capital assets from $1.2tn to $2.6tn.

North America accounts for the majority of total AUM (57%), followed by Europe (24%), Asia (13%) and Rest of World (6%). This pattern is unsurprising given the varying levels of maturity of the industry across these regions; however, with the asset class gaining prominence in regions such as Asia, it is likely that these areas will become an increasingly important part of the private equity and venture capital universe.

Fig. 3.2 shows AUM as of June 2014 by vintage year. Vintage 2006-2008 funds still account for 38% ($945bn) of total AUM, a refl ection of the high levels of fundraising and investment seen during the pre-crisis boom period and the challenging

exit conditions which resulted post-2008. Compared to June 2013, this represents a 7% decrease for 2006-2008 vintage funds whose total AUM was valued at $1.05tn, confi rming that fund managers have been able to take advantage of more favourable pricing and an improved exit environment over the last year.

Dry Powder

Dry powder levels increased in 2014 by $128bn and stand at $1.2tn as of December 2014 (Fig. 3.4). Buoyed by improved fundraising over the last few

years, buyout (13.3% up on 2013), growth (10.8%), real estate (16.9%) and venture capital (13.3%) funds all witnessed growth when compared to levels as of December 2013.

There has been much comment within the industry that continued growth in capital overhang levels will increase competition between GPs, push up deal prices and impact returns. Fig. 3.5 shows the ratio of year-end total dry powder levels to the total capital called in the previous year between 2001 and 2013. Despite dry powder levels reaching $1.1tn in

298 377 407 401 404 559 796 999 1,066

1,057 954 1,002 940

1,074 1,144 418 374 360 465 554

675

898 1,265

1,204 1,413 1,783

2,029 2,332

2,546 2,644

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

De

c-0

0

De

c-0

1

De

c-0

2

De

c-0

3

De

c-0

4

De

c-0

5

De

c-0

6

De

c-0

7

De

c-0

8

De

c-0

9

De

c-1

0

De

c-1

1

De

c-1

2

De

c-1

3

Jun

-14

UnrealizedPortfolio Value($bn)

Dry Powder($bn)

Fig. 3.1: All Private Equity Assets under Management, 2000 - 2014

Source: Preqin Fund Manager Profi les and Performance Analyst

3 2 1 1 2 8 26 44 53 29 54144

212

323239

14 13 13 24 48

174

388

487 434

187

234

291205

111

17

0

100

200

300

400

500

600

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

UnrealizedValue ($bn)

Dry Powder($bn)

Fig. 3.2: Private Equity Assets under Management by Vintage Year as of June 2014


Vintage Year

0

500

1,000

1,500

2,000

2,500

3,000

Dry Powder ($bn) Unrealized Value ($bn)

Other

Venture Capital

Real Estate

Mezzanine

Infrastructure

Growth

DistressedPrivate Equity

Buyout

Fig. 3.3: Private Equity Assets under Management by Fund Type as of June 2014


*Preqin defi nes a fi rm’s assets under management as the uncalled capital commitments (dry powder) plus the unrealized value of portfolio assets.

Assets underManagement



Key FundraisingStats

Preqin’s Funds in Market provides comprehensive profi les for over 18,660 private equity funds closed historically and over 2,200 currently in market, including information on fund type, investment preferences, target and fi nal close size and much more.

www.preqin.com/fim

NorthAmerica$290bn

Aggregate Capital Raised by Private Equity Funds in 2014 by Primary Geographic Focus

Europe$131bn

Asia$55bn

DiversifiedMulti-

Regional$4bn

A Competitive Marketplace

Number of funds on the road as of January 2015, up from 2,081 in January 2014.

Proportion of private equity and venture capital vehicles that closed above target in 2014.

Average number of months spent on the road by funds closed in 2014.

Fundraising Insight

Average fund size for all funds closed in 2014, a new record.

$9.6bn was raised by Asia-focused venture capital funds in 2014, 2.7x more capital than 2013.

Size of the largest fund to close in 2014: buyout vehicle, Hellman & Friedman VIII.

Fundraising Highs

Buyout funds secured the highest amount of private equity capital in 2014.

Number of venture capital funds closed in 2014, the highest of any fund type.

Average final close size of a venture capital fund in 2014, the highest for over a decade.

Rest of World$16bn

2,2352,235

51%51%

$177bn$177bn

273273

$10.9bn$10.9bn1717 $180mn$180mn

$544mn$544mn

$9.6bn$9.6bn

4. FundraisingThe 2015 Preqin Global Private Equity& Venture Capital Report - Sample Pages

www.preqin.com/fim

6. Performance

10


Performance Overview

The private equity industry has seen a healthy recovery since the market turmoil of 2008 and 2009, becoming an integral part of institutional investors’ portfolios. By choosing the best performing fund managers, investors can generate premium, long-term returns in order to boost the performance of their overall portfolio; therefore for fund managers, being able to stand out in the crowd and demonstrate a strong and consistent performance track record is imperative when raising capital for new vehicles.

The importance of gaining access to reliable, consistent and up-to-date performance data is clear for all private equity and venture capital professionals. Preqin provides net-to-LP performance data for over 7,200 private equity and venture capital funds raised by over 2,200 fund managers. By examining this data, investors, fund managers and service providers alike can gain a valuable insight into the industry. The following analysis highlights the recent trends in the industry and shows some of those insights available to Preqin’s subscribers.

Growth of the Asset Class and Strong Short-Term Performance

Notably, in the past few years, the private equity asset class has been steadily growing in size. Fig. 6.1 highlights the growth in terms of capital invested in the industry year-on-year. The data shows that during 2013, the total value of unrealized investments grew by 9.2%

and by a further 3.9% during the fi rst half of 2014, as favourable market conditions during this time saw rising valuations for portfolio companies lead to further increases in the value of assets owned by the industry, despite the continuing high rate of realizations. Favourable conditions and continued investment in the industry has produced sustained growth in the asset class, despite record distributions during 2013 (as shown in Fig. 6.2).

Recent market conditions combined with high levels of distributions over the last 18 months are driving short-term performance within the asset class. To

highlight the performance of various asset classes in relation to an institutional investor’s portfolio over fi xed periods of time, Preqin reviews the fi nancial statements of over 100 public pension funds. Fig. 6.3 shows the median one-year returns generated by public pension funds (for more in-depth analysis, see page 65). The analysis shows that private equity generated a one-year return of 19.9% to 30 June 2014, with only listed equity generating a greater return during this time period, indicating that investors are seeing the benefi t of this favourable short-term performance within their private equity portfolios.

418 374 360465

554675

898

1,2651,2041,413

1,783

2,029

2,3322,546

2,644

0

500

1,000

1,500

2,000

2,500

3,000

De

c-0

0

De

c-0

1

De

c-0

2

De

c-0

3

De

c-0

4

De

c-0

5

De

c-0

6

De

c-0

7

De

c-0

8

De

c-0

9

De

c-1

0

De

c-1

1

De

c-1

2

De

c-1

3

Jun

-14

Fig. 6.1: All Private Equity: Unrealized Value, 2000 - 2014

Source: Preqin Performance Analyst

Un

rea

lize

d V

alu

e (

$bn

)

0

100

200

300

400

500

600

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

CapitalCalled($bn)

CapitalDistributed($bn)

Fig. 6.2: All Private Equity: Annual Amount Called and Distributed, 2000 - 2014


22.9%

19.9%

12.4%

9.3%

5.9%

15.7%

0%

5%

10%

15%

20%

25%

ListedEquity

PrivateEquity

Real Estate HedgeFunds

FixedIncome

TotalInvestment

Portfolio

Fig. 6.3: Public Pension Funds: One-Year Returns by Asset Class (As at 30 June 2014)


On

e-Y

ea

r Re

turn

s


2015 Preqin Global Alternatives Reports

Payment Details:

Credit Card

Visa

Amex Mastercard

Cheque enclosed (please make cheque payable to ‘Preqin’)

Please invoice me

Card Number:

Security Code:

Name on Card:

Expiration Date:

American Express, four digit code printed on the front of the card.

Visa and Mastercard, last three digits printed on the signature strip.

Shipping Details:

Name:

Address:

Firm:

Job Title:

City:

Telephone:

Post/Zip:

Country:

Email:

I would like to purchase:

The 2015 Preqin Global Alternatives Reports are the most comprehensive reviews of the alternatives investment industry ever undertaken, and are a must-have for anyone seeking to understand the latest developments in the private equity, hedge fund, real estate and infrastructure asset classes.

Key content includes:

• Interviews and articles from the most important people in the industry today.

• Detailed analysis on every aspect of the industry with a review of 2014 and predictions for the coming year.

• Comprehensive stats - including fundraising, performance, deals, managers, secondaries, fund terms, investors, placement agents, advisors, law fi rms.

• Numerous reference guides for different aspects of the industry - where are the centres of activity? How much has been raised? Where is the capital going? Who is investing? What are the biggest deals? What is the outlook for the industry?


Completed Forms:

Post (address to Preqin):One Grand Central Place 60 E 42nd StreetSuite 630, New York NY 10165

3rd FloorVintners’ Place68 Upper Thames StreetLondonEC4V 3BJ

One Finlayson Green#11-02Singapore 049246

1700 Montgomery StreetSuite 134San FranciscoCA 94111

Fax:+1 440 445 9595+44 (0)870 330 5892+65 6491 5365

Email:[email protected]

Telephone:+1 212 350 0100 +44 (0)20 3207 0200+65 6305 2200+1 415 835 9455

Name 1 Copy 2 Copies

(10% saving) 5 Copies

(25% saving) 10 Copies

(35% saving) Data Pack*

(Please Tick)

Private Equity $175/£95/€115 $315/£170/€205 $655/£355/€430 $1,135/£620/€750

Hedge Funds $175/£95/€115 $315/£170/€205 $655/£355/€430 $1,135/£620/€750

Real Estate $175/£95/€115 $315/£170/€205 $655/£355/€430 $1,135/£620/€750

Infrastructure $175/£95/€115 $315/£170/€205 $655/£355/€430 $1,135/£620/€750

All Titles (25% Saving!) $525/£285/€345 $945/£510/€620 $1,965/£1,065/€1,290 $3,410/£1,850/€2,240

* Data Pack Costs: $300/£180/€220 for single publication **Enterprise Licence allows for unlimited distribution and printing within your fi rm. Printing is disabled on Single-User Licences.

For more information visit: www.preqin.com/reports

Name Single-User Licence Enterprise Licence** Data Pack*

(Please Tick)

Private Equity $175/£95/€115 $1,000/£550/€660

Hedge Funds $175/£95/€115 $1,000/£550/€660

Real Estate $175/£95/€115 $1,000/£550/€660

Infrastructure $175/£95/€115 $1,000/£550/€660

All Titles (25% Saving!) $525/£285/€345 $3,000/£1,650/€1,980

PRINT:

DIGITAL:

If you would like to order morethan 10 copies of one title, please

contact us for a special rate.

(Shipping costs will not exceed a maximum of $60 / £15 / €37 per order when all shipped to same address. If shipped to multiple addresses then full postage rates apply for additional copies)

Shipping Costs: $40/£10/€25 for single publication $20/£5/€12 for additional copies

State:

Digital copies are exclusive of VAT where applicable.



2015 Preqin Global Infrastructure

Report



2015 Preqin Global Hedge Fund

Report



2015 Preqin Global Real Estate

Report




Report


PerformanceBenchmarksFund Type: Buyout Geographic Focus: All RegionsBenchmark Type: Median As at: 30 June 2014

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

2014 24 5.4 0.0 87.5 0.92 0.88 0.64 n/m n/m n/m n/m n/m2013 51 20.5 0.0 94.6 1.06 0.98 0.86 n/m n/m n/m n/m n/m2012 53 32.6 0.6 102.9 1.33 1.06 0.97 n/m n/m n/m n/m n/m2011 51 53.0 2.8 100.0 1.24 1.13 0.96 16.7 11.0 4.7 55.0 -14.82010 45 68.2 17.7 104.7 1.54 1.34 1.10 22.9 15.1 8.1 40.8 -25.02009 32 84.9 41.2 95.1 1.65 1.40 1.21 25.1 16.6 10.5 72.4 -7.22008 76 87.8 47.4 93.0 1.72 1.48 1.29 19.6 11.7 8.6 50.2 -20.62007 91 93.7 57.6 82.2 1.65 1.46 1.29 16.3 11.7 7.8 43.0 -12.62006 91 94.0 76.0 73.8 1.83 1.53 1.24 14.2 9.7 5.1 39.9 -14.72005 88 96.3 100.7 41.6 1.89 1.53 1.27 16.2 11.3 6.8 87.0 -24.62004 35 97.6 159.0 32.0 2.33 1.89 1.65 28.0 18.5 10.6 65.8 -16.92003 37 100.0 157.1 14.1 2.34 1.88 1.44 31.8 19.8 9.6 56.0 -49.92002 32 99.1 167.0 13.3 2.25 1.90 1.44 33.6 20.2 11.1 72.0 -10.22001 33 95.7 205.7 0.7 2.81 2.10 1.54 39.4 28.5 11.7 64.4 -9.22000 78 97.3 192.9 0.4 2.51 2.09 1.64 27.2 20.8 11.6 46.0 -10.61999 50 97.5 155.7 0.0 2.02 1.56 0.99 17.9 12.5 4.9 35.7 -25.11998 58 98.5 157.3 0.0 2.00 1.60 1.13 18.0 9.3 0.4 58.2 -100.01997 50 100.0 158.3 0.0 2.15 1.59 1.08 17.0 10.5 2.2 84.0 -21.61996 32 98.1 173.5 0.0 2.18 1.74 0.94 22.5 10.7 -1.3 147.4 -19.61995 30 100.0 166.9 0.0 2.30 1.67 1.14 25.4 14.6 4.0 59.9 -19.91994 39 100.0 188.9 0.0 2.36 1.89 1.49 37.3 20.5 12.0 92.2 -22.61993 18 100.0 219.7 0.0 3.45 2.20 1.39 39.2 20.6 7.8 66.1 0.81992 21 100.0 200.0 0.0 3.22 2.00 1.36 38.1 21.2 10.7 60.6 -49.91991 9 100.0 267.2 0.0 2.99 2.67 2.07 29.8 25.0 21.4 54.7 -0.51990 20 100.0 238.0 0.0 3.30 2.38 1.56 31.1 19.5 8.9 72 2.6


Fund Type: Buyout by Fund Size Geographic Focus: All RegionsBenchmark Type: Median As at: Most Up-to-Date*

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 1.15 n/m 1.16 n/m 1.06 n/m 1.09 n/m 1.01 n/m 1.07 n/m 1.10 n/m 1.14 n/m2011 1.13 10.3 1.16 12.7 1.24 14.4 1.30 16.2 1.13 8.4 1.08 8.2 1.00 2.3 1.22 5.52010 n/a n/a n/a n/a 1.30 13.2 1.31 13.5 1.28 15.6 1.34 16.2 1.31 15.2 1.06 15.72009 n/a n/a n/a n/a 1.43 15.6 1.36 14.0 1.33 13.2 1.38 13.7 1.38 14.3 1.80 22.02008 1.34 11.2 1.47 14.0 1.57 15.8 1.52 15.6 1.35 10.1 1.37 11.1 1.52 11.7 1.36 12.52007 1.41 8.8 1.38 8.9 1.53 11.5 1.47 10.6 1.45 11.8 1.49 12.1 1.50 13.2 1.11 14.62006 1.47 7.1 1.39 5.7 1.50 8.7 1.41 7.9 1.47 8.6 1.47 8.1 1.44 9.9 1.51 9.72005 1.98 13.2 1.91 12.6 1.43 7.1 1.44 10.3 1.47 9.3 1.55 11.4 1.55 11.5 2.28 26.02004 1.77 11.7 1.87 15.8 1.90 11.2 1.68 9.1 1.82 14.0 1.36 8.8 1.83 19.9 1.83 15.72003 1.90 20.8 2.04 21.9 2.09 19.5 2.13 20.7 1.57 14.1 2.08 17.0 1.76 20.8 1.77 15.02002 1.82 32.1 1.88 27.0 2.06 22.6 2.02 22.9 1.99 20.1 1.79 17.8 1.79 16.1 2.13 27.72001 2.39 29.0 2.50 32.7 1.93 23.8 2.05 22.5 2.08 24.6 2.21 26.4 2.17 28.0 1.78 16.62000 2.10 17.5 2.01 17.8 1.76 15.0 1.75 13.6 1.88 16.5 2.01 18.0 2.07 20.7 1.86 20.71999 1.72 11.6 1.64 9.0 1.56 9.8 1.42 6.0 1.94 10.1 1.90 12.2 1.70 15.6 1.22 4.61998 1.46 5.8 1.41 4.7 1.38 9.3 1.27 1.9 1.46 7.0 1.70 5.2 1.65 12.8 1.74 12.71997 1.78 11.6 1.53 5.8 1.73 10.6 1.77 18.5 1.12 2.2 1.15 2.7 1.67 11.8 1.44 8.6


Defi nition Used for Mega, Large, Mid-Market, Small Buyout: Small Mid-Market Large MegaVintage 1992-1996 ≤ $200mn $201-500mn > $501mn -Vintage 1997-2004 ≤ $300mn $301-750mn $751mn-$2bn > $2bnVintage 2005-2013 ≤ $500mn $501mn-$1.5bn $1.6-4.5bn > $4.5bn

*Data points in this benchmark range between 31 December 2012 and 30 September 2014.

6. PerformanceThe 2015 Preqin Global Private Equity& Venture Capital Report - Sample Pages

10 – 11 March 2015Sands Exhibition & Convention CentreSingapore

Asia’s leading private banking conference

BOOK ONLINE

NOW

Private Banking Asia 2015 brings you Asia’s leading private banks, family offi ces and independent wealth managers to discuss strategy, investment allocations, changing business models and new business opportunities in the Asian private wealth sector. Join us as we change the way private banking is done in Asia.

Parag KhannaManaging PartnerHybrid Reality

Kong Eng HuatChief Executive Offi cer, Singapore & Southeast AsiaEFG Bank, Singapore

Alvin LeeRegional Head Wealth ManagementMaybank

Robert CormieManaging Director and Head of Private BankingAsia Bank of Montreal

Hans DiederenChief Executive, Private Banking, AsiaCredit Agricole (Suisse) S.A

Tuan HuynhHead of Discretionary Portfolio Management, Wealth Management, Asia Pacifi cDeutsche Asset & Wealth Management

Sundar RamaniManaging Director and Global Head of Non Resident Indian (NRI) ClientsJ.P. Morgan Private Bank

Mohammad Al DuaijManaging DirectorAlea Global Group, Kuwait

Thomas R. MeierCEO AsiaBank Julius Baer

Alain BernasconiCOO Private Banking South East AsiaCredit Suisse

Chuck LymanPartnerStrategy&

Shiraz PoonevalaDirector, InvestmentsG P Group

BOOK NOWGo to

www.terrapinn.com/pbasia or call (65) 6322 2700 for more

information

Silver Sponsors Session Sponsor Organized by:

PBA 15 190x133 ad.indd 1 20/1/15 10:04 am

THE 21ST ANNUAL COLUMBIA BUSINESS SCHOOL

PRIVATE EQUITY & VENTURE CAPITAL CONFERENCE MARCH 6, 2015 ● WALDORF ASTORIA NEW YORK

Columbia Business School’s Private Equity & Venture Capital Club cordially invites you to attend our 21st Annual Private Equity & Venture Capital Conference on Friday, March 6, 2015 at the Waldorf Astoria New York. Each year, the conference attracts hundreds of industry leaders, professionals, faculty, alumni, and students. Confirmed keynote speakers this year include Josh Kushner (Founder and Managing Partner, Thrive Capital) and Alexander Navab CC ‘87 (Head of Americas Private Equity, KKR). A limited number of discounted tickets are available. For more information and to register, please visit our website.

7. Investors

14


Investor Appetite for Private Equity in 2015

Investor appetite for private equity has proven to be robust and is evident in Preqin’s positive survey results and fundraising data, as LPs continue to place substantial amounts of capital with private equity and venture capital fund managers. In 2014, 994 funds reached a fi nal close, accumulating an aggregate $495bn.

At the end of 2014, Preqin spoke with over 100 LPs globally, of which 54% made new commitments to private equity and venture capital funds in 2014, in order to gain an insight into their current attitudes towards the asset class and their future investment plans. Our investor survey indicates that in the coming year, appetite will remain strong.

Investor Sentiment

Over the past three years, the majority of investors have consistently had the expectations of their private equity fund investments met or exceeded, as shown in Fig. 7.11. In 2014, 75% of LPs we spoke to stated that their private equity portfolios had met expectations, and a further 17% felt their private equity investments had exceeded expectations, demonstrating continued positive sentiment towards the asset class. Further encouragement can be taken from the fact that the proportion of investors that have had their private equity investments surpass their expectations has increased each year from 2012.

Challenges Faced by LPs

A signifi cant proportion of LPs (39%) stated that fees are their biggest cause for concern in operating an effective private equity program in 2015. This represents a substantial increase compared to the same survey carried out in December 2013, when 15% of investors identifi ed fees as the biggest challenge. Management fees, which are typically set at 2% of committed capital, have been a contentious issue, with many LPs demanding a decrease, or for fees to be aligned with the performance of GPs. One respondent from a Europe-based private sector pension plan suggested that fund managers could do more to align their interests by increasing the level of GP commitment. Added to this is the fact that committed but uncalled capital is at a record high,

and LPs are especially dissatisfi ed with paying management fees to the subset of GPs whose funds are now dormant and unlikely to invest further or raise new funds.

Regulatory action in response to the fi nancial crisis has placed the private equity industry under greater scrutiny and remains a cause for concern for investors, with 21% of respondents quoting regulation as a challenge in the

year ahead. However, Preqin’s latest survey reveals that regulation has caused only 8% of LPs to amend their private equity allocations so far. This suggests that regulatory changes, while causing signifi cant uncertainty among investors, have yet to have a widespread impact on LPs’ allocations. One UK-based pension fund stated: “It [the AIFMD] will not affect our allocation but it does make it harder as now European fund managers cannot approach us, we have to approach

15% 11% 8%

74%77%

75%

11% 13% 17%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-12 Dec-13 Dec-14

ExceededExpectations

MetExpectations

Fallen Short ofExpectations

Fig. 7.11: Proportion of Investors that Feel Their Private Equity Fund Investments Have Lived up to Expectations, 2012 - 2014

Source: Preqin Investor Interviews, December 2014

Pro

po

rtio

n o

f R

esp

on

de

nts

39%

24%21% 21%

18% 16%13%

6%4% 2% 1%

5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Fee

s

Eco

no

mic

Envi

ron

me

nt

Re

gu

latio

n

Pe

rfo

rma

nc

e

Tra

nsp

are

nc

y

Inve

stm

en

tO

pp

ort

un

itie

s

Liq

uid

ity

Exit

Op

po

rtu

niti

es

Vo

latil

ity

Co

rre

latio

n

Co

nso

lida

tion

Oth

er

Fig. 7.12: Biggest Challenges Facing Investors Seeking to Operate an Effective Private Equity Program in 2015

Source: Preqin Investor Interviews, December 2014

Pro

po

rtio

n o

f R

esp

on

de

nts


10. Buyout Deals

15


Sec

tion Te

n: Buyout D

ea

ls

Improving the PortfolioMonitoring and Valuation Process

- Jorge Hansen, Managing Director, BaxonIn private equity, as in other asset classes, data management has become both a challenge and a tool that can help create and maintain a competitive advantage in the market.

The Challenge

In the current competitive environment, private equity fi rms are expected to demonstrate not only consistent superior returns, but also that they can deliver the demanding level of services required by investors. LPs’ growing demand for transparency and data is putting pressure on GPs to generate reliable, granular and timely information related to their investment performance.

As a result, more and more fund managers are turning to technology solutions in order to meet the regulations and expectations of the investment community and maintain a competitive edge in the market.

The Tool: Reporting and Operational Efficiency

Automation is the ultimate form of effi ciency. The generation of internal and external reporting of investment performance and portfolio company operating performance has typically been produced in spreadsheets, which are manually intensive, error prone and have limited functionality for analysis. Scaling this reporting granularity and quality can become very expensive and a slow and painful process without the right tools. In addition, in spite of ongoing initiatives such as ILPA or AltExchange, which intend to standardize reporting, not all investors are necessarily asking for the same data. It is therefore vital to adapt GPs’ infrastructure to provide intelligent information to meet specifi c needs.

In order to meet this demand GPs need to:

1. Defi ne clear processes for collecting data from their portfolio companies and deal teams;

2. Count on tools that allow them to further automate a traditionally manual intensive process; and

3. Adopt best practices to ensure data quality and consistency, including data traceability and audit trails, formal sign-off processes, etc.

The main focus is to streamline two processes in the post-acquisition lifecycle: portfolio company monitoring and portfolio company valuation.

Portfolio Monitoring

Improving the process of data collection and the management of portfolio companies’ performance data is key to any fund manager regardless of the size of the fi rm. Investors are demanding more and more details about their holdings, so it is essential that private equity fi rms have an effective system for monitoring the key metrics of each investment over time, such as P&L, balance sheets, cash fl ows, and the operating KPIs of its portfolio companies.

Once information has been updated, a robust platform allows for workfl ow confi gurations to support sign off of changes and versions, in addition to detailed consistency checks. Once data has been collected, approved and automated, a reporting module allows generation of high quality and visually rich reports. Users can then access the resultant dynamic reports and dashboards from any device (not limited to Microsoft Excel) and share specifi c data with specifi c groups of users. Interactive dashboards and analytics tools combined with other existing reports mean that deal teams can access all data on the go, from any type of device.

This interaction allows investors to automatically answer many of their queries, reducing the need to get staff from their investor relations teams involved, thus reducing operating costs. This approach is an important step toward fulfi lling LPs’ goal of visualizing data from GPs in a form beyond the traditional PDF report.

Portfolio Company Valuation

The quarterly or semi-annual process of valuation is another example of an extremely manual process, relying on the use of spreadsheets, which are shared among different stakeholders (typically deal teams, fi nance teams and valuation committee members). The main benefi ts of rolling out specialized portfolio management software in the portfolio valuation process include ensuring a structured process, control of consistency

across the portfolio, full traceability, audit trails and a log of changes. At the same time the software maintains the level of fl exibility required to adapt to multiple methodologies, different levels of complexity of waterfalls, etc.

It is also important for portfolio company management systems to be able to cater to the specifi c needs of the different users within a private equity fi rm. Deal teams need a way to access updated data and embed it in their own spreadsheets, while fi nance and investor relations teams require a robust application to automate their monthly and quarterly reporting packs, as well as a way of easily querying data to respond to specifi c questions from investors or senior managers. Finally, partners and senior management want to be able to gain a high-level summarized view that can be easily accessed from their tablets or laptops, with the ability to interact with dashboards and graphs, and intuitively drill down if needed.

Investing in a robust and fl exible portfolio company management solution is not only a way of further improving effi ciency and automation, but also a way of improving internal capabilities to service internal users and investors, as well as demonstrating transparency, compliance and adoption of best practices.

Baxon Solutions

Baxon Portfolio Company Management System (PCMS) is a 100% cloud solution to streamline the collection of fi nancial and monitoring information directly from portfolio companies, and automate the portfolio monitoring analysis, reporting and valuation processes. The Baxon platform concentrates the reporting information for more than 1,000 companies worldwide with clients exceeding $180bn in assets under management.

Founded in 2005, Baxon is based in London and has a global client base of leading private equity and venture capital fi rms. Preqin Ltd. is a strategic partner and signifi cant minority investor in Baxon.

www.baxonsolutions.com


www.baxonsolutions.com


Venture Capital Deal Flowby Industry, Stage and SizeNumber and Aggregate Value of Venture Capital Deals by Stage

Fig. 11.5 shows the breakdowns of the number and aggregate value of venture capital deals that occurred in 2013 and in 2014 by stage. Early stage investments, with fi nancings classed as Series A and earlier, accounted for 36% of the number of deals in 2014 and therefore continue to dominate the venture capital market, although their market share decreased by two percentage points between 2013 and 2014. In terms of aggregate value, early stage investments saw their market share decline by fi ve percentage points, but saw a 26% increase in absolute terms from $8.8bn to $11.1bn.

Angel/seed fi nancings remain the most prominent stage of investment, with 1,743 such deals taking place during 2014, comprising a fi fth of the total number of investments for the year. The prominence of early stage investments relates to the appetite of investors for ‘home run deals,’ whereby a relatively small investment has the potential to generate stellar returns. However, angel/seed fi nancings saw a fi ve percentage point decline on the market share it comprised in 2013. At $1.7bn, the aggregate value of angel/seed deals is 6% lower than in 2013.

In contrast, the aggregate value of Series A investments rose from $7.0bn raised via 1,262 fi nancings in 2013 to $9.5bn invested through 1,344 deals in 2014. The largest fi rst round investment was the CNY 2bn (approx. $324mn) funding received by Meizu Telecom Equipment Co., Ltd., a Chinese smartphone manufacturer, from undisclosed investors.

Series B fi nancings made up 9% of venture capital-backed deals in 2014 and accounted for 11% of the aggregate deal value. Although the latter is one percentage point lower than the proportion this stage accounted for in 2013, Series B actually saw a 77% rise in absolute aggregate deal value from $7.9bn in 2013 to $14.0bn in 2014, due to a number of large second rounds. The largest Series B fi nancing was received by California-based Magic Leap, Inc.; the company raised $542mn in a round which was led by Google and included Andreessen Horowitz, KKR, Legendary Entertainment, Kleiner Perkins Caufi eld & Byers, Obvious Ventures, Vulcan Capital and Qualcomm Ventures.

2014 saw prominent venture capital-backed portfolio companies themselves increasing their investment activities, resulting in add-ons accounting for nearly a third of this year’s aggregate deal value, up from 10% in 2013. The largest venture capital-backed add-on deal of 2014 was the acquisition of WhatsApp by Facebook for $19.65bn.

Venture Capital Deals by Industry

Venture capital investment activity in 2014 was once again led by the internet sector in terms of both the number of

deals and the aggregate capital invested. The proportion of the number of deals the sector accounted for increased slightly between 2013 and 2014 from 25% to 26% respectively, with the proportion of the aggregate value of deals increasing from 23% to 29% (Fig. 11.6). Under the infl uence of blockbuster funding rounds, such as the $1bn investment in Flipkart in July 2014, the average deal size in the internet sector in 2014 was twice that in 2013, rising from $8mn to $16mn.

The software sector remained the second most prominent industry in 2014

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

No. of Deals AggregateDeal Value


2013 2014

Add-On & Other

Venture Debt

Unspecified Round

PIPE

Growth Capital/Expansion

Series D/Round 4 and Later

Series C/Round 3

Series B/Round 2

Series A/Round 1

Angel/Seed

Fig. 11.5: Proportion of Number and Aggregate Value of Venture Capital Deals by Stage, 2013 - 2014

Source: Preqin Venture Deals Analyst

Pro

po

rtio

n o

f To

tal

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



2013 2014

Other

Industrials

Semiconductors &Electronics

Clean Technology

Business Services

Consumer Discretionary

Other IT

Telecoms

Healthcare

Software & Related

Internet

Fig. 11.6: Proportion of Number and Aggregate Value of Venture Capital Deals by Industry, 2013 - 2014*

Source: Preqin Venture Deals Analyst

Pro

po

rtio

n o

f To

tal

*Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.

11. Venture Capital DealsThe 2015 Preqin Global Private Equity& Venture Capital Report - Sample Pages

Conferences SpotlightConference Dates Location Organizer Preqin Speaker Discount CodeThird Annual Research & Due Diligence for Wealth Management Platforms Summit

26 - 27 January 2015 New York Financial Research Associates - 15% Discount -

FMP187

Private Placements Industry Forum 27 - 29 January 2015 Miami, FL IIR USA - -

Wharton Private Equity and Venture Capital Conference 30 January 2015 Philadelphia, PA

Wharton Private Equity and Venture

Capital Club- -

HBS Annual Venture Capital and Private Equity Conference 1 February 2015 Boston, MA Harvard Business

School - -

SuperInvestor Asia 2015 2 - 4 February 2015 Singapore ICBI - -

6th Global Distressed Investing Summit 4 February 2015 New York iGlobal Forum - -

European Family Offi ce Winter Symposium 9 - 10 February 2015 London Opal Finance Group - -

SuperInvestor U.S. 2015 9 - 11 February 2015 San Francisco ICBI Mark O’Hare -

Amsterdam Investor Forum 11 February 2015 Amsterdam AMB AMRO Clearing - -

SuperReturn International 23 - 26 February 2015 Berlin ICBI Mark O’Hare 15% Discount -FKR2368PRQSP

Columbia Business School’s 21st Annual Private Equity & Venture Capital Conference

6 March 2015 New York Columbia Business School - -

Family Offi ce Winter Forum 10 March 2015 New York Opal Finance Group - -

Private Banking Asia 2015 10 - 11 March 2015 Singapore Terrapinn - -

8th Annual Women’s Private Equity Summit (WPES) 11 - 13 March 2015 California Falk Marques Group - -

Family Offi ce & Endowment Investment Forum 15 - 16 April 2015 Toronto, Canada Opal Finance Group - -

Wealth Management Insights Summit 19 - 21 April 2015 Florida nGage Events - -

LP GP Connect 21 April 2015 London LP GP Connect - 10% Discount - Preqin2014

CLOs and Leveraged Loans Forum 29 - 30 April 2015 London C5 Communications - -

Clean Technology Investment World Asia 2015 5 - 8 May 2015 Singapore Terrapinn - -

Private Equity World Latin America 26 May 2015 Miami, FL Terrapinn - -

Private Debt Investment Forum 25 June 2015 New York Financial Research Associates, LLC - 15% Discount -

FMP187

Conferences Conferences

17 © 2015 Preqin Ltd. / www.preqin.comPrivate Equity Spotlight / January 2015

Third Annual Research & Due Diligence for Wealth Management Platforms Summit

Date: 26 - 27 January 2015 Information: https://www.frallc.com/conference.aspx?ccode=B939

Location: The Princeton Club, New York, NY Discount Code: FMP187

Organizer: Financial Research Associates

Discover the industry best-practices that will impact research and due diligence for wealth management platforms in the next year—you’ll see how thought leaders at the forefront are preparing for changes in the investing landscape and get real-world examples of how top professionals have navigated these complex assessments in the past.


Conferences

Private Equity Spotlight / January 2015

Conferences

European Family Office Winter Symposium

Date: 9 - 10 February 2015 Information: www.opalgroup.net/trk/efopwwc1511.html

Location: London Hilton on Park Lane, London

Organizer: Opal Finance Group

The European Family Office Winter Symposium will explore the challenges and opportunities associated with investing in emerging markets, alternative investments, real estate, global credit & fixed income markets along with numerous other asset types. This family office event is the premier event for high net worth individuals and family offices. Private investors and asset managers from around the world will visit this intimate setting for two days of engaging discussions on the latest investment trends.

Wharton Private Equity and Venture Capital Conference

Date: 30 January 2015 Information: http://www.whartonpeconference.org/

Location: Union League, Philadelphia, PA, USA

Organizer: Wharton Private Equity and Venture Capital Club

With over 400 attendees, the conference is one of the largest student-run industry events, bringing together prominent industry professionals with Wharton students and faculty to discuss the most critical issues facing the private equity and venture capital industry today. This year, William Cornog (KKR) will feature as the keynote speaker.

Family Office Winter Forum

Date: 10 March 2015 Information: www.opalgroup.net/trk/fowfc1514.htmll

Location: New York Marriott Marquis, New York

Organizer: Opal Finance Group

As part of the Private Wealth Series, the Family Office Winter Forum will explore the challenges and opportunities associated with investing in emerging markets, alternative investments, real estate, direct energy, numerous other asset classes and will also address many of the softer issues related to the family office such as tax and regulation, asset protection, philanthropy, structuring a family office, and many more. With today’s changing landscape in the wealth industry, family offices are becoming more and more prevalent. Today’s new wave of generational wealth is developing at a rapid pace all over North America and in many areas of the world. We are starting to see a shift in market dominance and the direction many high net worth families are taking with their investments. With, a rise in the need to include philanthropic endeavors into a family’s portfolio and making investments from an impact investing standpoint, soft issues are just as important as investment management to the family office now more than ever.Come and join us for a highly intense day of engaging discussions on the latest investment trends and soft issues with some of the most well established and senior Family offices, Private investors, money managers, and private wealth service providers from around the globe.

European Family Office Winter Symposium

Date: 10 - 11 March 2015 Information: http://www.terrapinn.com/conference/private-banking-asia/index.stm

Location: Sands Expo and Convention Centre, Singapore

Organizer: Terrapinn Pte Ltd

Private Banking Asia 2015 brings you Asia’s 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. Join us as we change the way private banking is done in Asia.

Private Placements Industry Forum

Date: 27 - 29 January 2015 Information: www.PrivatePlacementsForum.com

Location: Turnberry Isle, Miami, Florida

Organizer: IIR USA

The 28th Annual Private Placements Industry Forum is the proven global event for deal making. The complete private placements community including issuers, investors, agents, experts, and global participants from the largest private placement markets: US, Europe, and Australia. January 27 – 29, 2015.

Sponsorship and Exhibiting OpportunitiesIf you are interested in attending, sponsoring, speaking or exhibiting at this event, please call 212-532-9898 or email [email protected]

To register, visit us online at www.opalgroup.net or email us at [email protected]

ref code: ICFA1506

Opal Financial GroupYour Link to Investment Education Register

INVESTMENTCONSULTANTS FORUMMARCH 10, 2015NEW YORK MARRIOTT MARQUIS, NEW YORK, NY

Opal Financial Group's investment consultants conference provides a unique environment for developing dialogue between plan sponsors, managers and consultants. This event will feature panel-driven discussions focused on specific investment techniques of fixed income and hedge fund managers, the evolving role of institutional consultants, the manager evaluation process, transition management, investing in global markets, and more.

F E B R U A R Y 4 th, 2 0 1 5 | N E W YO R K

6th Global DistressedInvesting Summit KEY TOPICS THAT WILL BE COVERED:

next big wave of distressed opportunities will materialize

exploit distress in the energy

drivers of distress in Europe

potential for distress in the retail sector

the availability of capital for distressed borrowers

REGISTER TODAY AT@iglobalforum /iglobalforum /iglobalforum

Use

discount code

PREQIN for

10% off

Download - Private Equity Spotlight · Venture Capital Report ISBN: 978-1-907012-77-8 $175 / £95 / €115 alternative assets. intelligent data. 2015 Preqin Global Private Equity & Venture Capital

Top Related