preqin global private equity report 2012 sample pages
TRANSCRIPT
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Editorrsquos Foreword 5
Section One The 2012 Preqin Global Private
Equity Report
Keynote Address - Moose Guen CEO
MVision
7
Section Two Overview of the Private Equity
Industry
Introduction - The Year Ahead - Helen Kenyon
Preqin
11
Overcoming the Challenges - Mark Florman
Chief Executive BVCA
12
Emerging Markets Room to Grow - Sarah Alexander President and CEO EMPEA
13
Moving Forward on Shifting Sands - SteveJudge and Bronwyn Bailey PEGCC
14
Reputation and Regulation Changing theFace of Private Equity - Doumlrte HoumlppnerSecretary-General EVCA
15
Section Three Assets under Management Dry
Powder Employment and Compensation
Assets under Management and Dry Powder 17
Employment and Compensation 19
Section Four General Partners
League Tables - Largest GPs 21
Buyout GPs - Key Stats and Facts 25
Distressed PE GPs - Key Stats and Facts 26
Growth GPs - Key Stats and Facts 27
Mezzanine GPs - Key Stats and Facts 28
Natural Resources GPs - Key Stats and Facts 29
Venture GPs - Key Stats and Facts 30
Section Five Fundraising
Weathering the Storm How to Maintain theGPLP Relationship in Tough Times - Tripp
Brower Partner Capstone Partners
31
Evolution of Fundraising Market in 2011 34
Overview of Current Fundraising Market 37
North American Fundraising 38
European Fundraising 39
Asia and Rest of World Fundraising 40
Buyout Fundraising 41
Distressed PE Fundraising 42
Growth Fundraising 43
Mezzanine Fundraising 44
Natural Resources Fundraising 45
Venture Fundraising 46
Section Six Placement Agents
Overview of Placement Agent Use in 2011 47
Prole of the Placement Agent Industry 49
Section Seven Fund Administrators
Fund Administrators 51
Section Eight Fund Auditors
Fund Auditors 53
Section Nine Deals
Talking Deals - Vineet Pruthi Senior ManagingDirector Lincolnshire Management
55
Overview of PE-Backed Buyouts and Exits 56
Make-up of PE-Backed Buyout Deals in 2011
by Type Value and Industry
60
Most Active Debt Providers and Deal Advisors 62
Largest PE-Backed Buyouts and Exits 63
Section Ten Performance
Examination of Private Equity Performance 65
Private Equity Horizon Returns 69
Consistent Performing Fund Managers 70
Private Equity Returns for Pension Funds 73
Private Equity Benchmarks 74
2012 Global Private Equity Report
Contents
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Section Eleven Investors
Overview of Limited Partner Universe 77
Make-up of Investors in Recently ClosedFunds
79
Investor Appetite for Private Equity in 2012 -December 2011 LP Survey Results
81
League Tables - Largest Investors by Region 87
League Tables - Largest Investors by Type 88
Investors to Watch in 2012 89
Section Twelve Investment Consultants
Investment Consultants in Private Equity 91
Section Thirteen Fund Terms and Conditions
Mid-Market Focus - Sam Kay InvestmentFunds Partner Travers Smith
93
Overview of Fund Terms and Conditions 94
Investor Attitudes towards Fund Terms andConditions - December 2011 LP SurveyResults
97
Sample of 25 Leading Law Firms in FundFormation
99
Section Fourteen Sovereign Wealth Funds
Sovereign Wealth Funds Investing in PrivateEquity
101
Section Fifteen Cleantech
Cleantech Fundraising Market in 2011 103
Cleantech Funds in Market 104
Overview of Private Equity Cleantech Fund
Managers
105
Investors in Cleantech Funds 106
Section Sixteen Funds of Funds
Review of Private Equity Funds of Funds 107
Fund of Funds Managers - Key Stats andFacts
108
Fundraising Review - Funds of Funds 110
Listed Private Equity Funds of Funds 111
Section Seventeen Secondaries
Review of the Secondary Market and Investor Appetite in 2012
113
Perspectives on the Secondary Market -Franccedilois Gamblin CEO Secondcap
116
Secondaries Intermediaries 118
Secondaries GPs - Key Stats and Facts 119
Fundraising Review - Secondaries 120
Section Eighteen Preqin Products
Order Forms 121
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
Moving Forward on Shifting Sands- Steve Judge Interim President and CEO PEGCC
- Bronwyn Bailey Vice President of Research PEGCC
One year ago the PEGCC wrote abouta number of legislative challenges facingprivate equity Many of the debatesover tax policy and regulatory reformanticipated in early 2011 continue todayWe expect that additional nancialregulations affecting private equity willbe nalized this year and the industrywill continue to face key battles in thearea of tax policy Congressional efforts
to reduce the public debt and increaseUS competitiveness will expedite acomprehensive review of tax policyand policymakers will debate variousways to nance tax reforms Howeverthe context of these debates will likelychange due to increased scrutiny of theindustryrsquos business practices resultingfrom a Presidential contest that includesa candidate who was a successful privateequity general partner Throughout thesediscussions the PE industry will needto aggressively promote the value of itsinvestments
The Politics of Private Equity
The political discourse around nancialregulations and tax policy will likely beshaped by the upcoming elections Forthe rst time in US history a founder ofa major private equity rm has becomea front-runner for the RepublicanPresidential nomination As a result thescrutiny of Mr Romneyrsquos past careerhas put the business model of the entireprivate equity industry under a politicalmicroscope The increased attentionto the industry will likely heightenuncertainty around regulatorsrsquo and
legislatorsrsquo decisions on issues importantto private equity The result will be a morechallenging environment to promote theinterests of the private equity industry inthe regulatory and tax policy discussionsanticipated for 2012
Regulatory Issues
Regulatory actions in the Dodd Frank Act moved forward in 2011 on multiplefronts The private equity industry madeprogress to reduce the burdens of certainproposed rules but other signicantchallenges remain One notable positive
development is that the SEC will onlyrequire private equity fund advisers to le
requested information on Form PrivateFund (ldquoForm PFrdquo) annually within 120days of the end of the scal year ratherthan quarterly within 15 days of the endof the quarter as originally proposed TheSECrsquos nal Form PF rule also removedseveral requirements that would havebeen unworkable and unnecessary forprivate equity advisers Finally the SECchanged the threshold for a ldquolarge private
fund adviserrdquo for private equity advisersto $2bn from $1bn in AUM
A number of other nancial regulationshave yet to be nalized ProposedVolcker Rule regulations released inOctober might impact the ability of privateequity rms to raise capital from certaingroups of investors including non-USbanking entities insurance companiesrsquogeneral and separate accounts bank-sponsored ldquocustomer fundsrdquo and bank-afliated pension plans Another criticalregulatory issue is the Financial StabilityOversight Councilrsquos second proposedrule on designation of certain non-banknancial companies as ldquosystemicallyimportant nancial institutionsrdquo (SIFIs)which would subject them to capitalrequirements The PEGCC has providedcomments on both regulatory proposals
Tax Reform
Two issues on the Congressionalagenda watched closely by investorsratings agencies and the public willbe reducing the federal decit andfundamental tax reform In the context ofthese discussions at least three specic
policy areas are of interest to privateequity While it is not guaranteed that anyof these proposals will move forward thePEGCC plans to engage actively on allthree areas in 2012
1 Taxation of Flow-Through EntitiesSome have suggested that imposingan entity level tax on ow-throughentities such as business partnershipswould help to reduce tax rates on ldquoCcorporationsrdquo ie corporations with nolimit on the number of shareholdersThe PEGCC strongly opposes such aproposal for the following reasons
(1) Under current tax law partnershipspay one level of tax and C corporations
pay two levels of tax The solution thatadds simplicity to the current tax code isto revise the law so all forms of businessare subject to only one level of taxationinstead of requiring double taxation onmore enterprises
(2) Based on estimates from Ernst ampYoung ow-through businesses wouldsee their tax burden rise by 8 ($27bn)
per year under budget neutral corporate-only tax reform This added burden onmany companies that are the enginesof job creation would hinder economicgrowth
2 Interest DeductibilityThe tax treatment of interest oncorporate debt is also likely to comeunder scrutiny this year as a potentialsource of additional revenue to nancea lower corporate tax rate Reducing thedeductibility of interest would decreaseincentives for corporations to nanceexpansion and capital investment withdebt Although private equity rms andfunds generally have little to no leveragemany private equity portfolio companiesdo utilize debt in their operations ThePEGCC believes that reforming the taxcode in this manner would have negativeconsequences for US businesses capitalmarkets and economic growth
3 Carried InterestPresident Obama and someCongressional Democrats continueto advocate taxing carried interest asordinary income rather than as long-termcapital gains Last fall the bipartisan JointSelect Committee on Decit Reduction
(aka the ldquosupercommitteerdquo) could notnd a compromise solution for lling a$12tn decit gap over the next 10 yearsSome Democrats and Republicansmay continue to seek alternative decitreduction plans in 2012 that couldimplicate the tax treatment of carriedinterest as a revenue source
During this election year the PEGCCwill continue to correct misconceptionsand to provide facts about the industrywhile also pushing forth the views of theprivate equity industry on issues relatedto tax and regulatory reform The year
2012 will be an exciting and challengingone for our organization and the industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 3 AUM Dry Powder Employment and Compensation
Number of Active Private Equity Firms
The fall in fundraising over the past threeyears has affected the number of newrms entering the private equity marketto raise a fund for the rst time Fig 35shows the number of new fund managers joining the sector each year (calculatedusing the vintage of their rst fund torepresent their year of establishment) Any rms that have not raised a fund inthe past 10 years are considered to have
become inactive
At the height of the fundraising boomin 2007 a large number of rms wereestablishing private equity funds forthe rst time More than 450 new rms joined the sector in that year the highestnumber of any year Since then howeverthe number of rms raising a fund forthe rst time has fallen signicantlywith only around 150 new rms in 2011as of November (The 2011 gure onlyincludes rms that have reached one ormore interim closes on their debut fundsin order to begin making investments)
With a number of rms becoming inactivedue to last having raised a fund 10 yearsago this means that the total number ofactive rms in the industry has remainedat a similar level to 2010 at around 4500managers
When analyzing the number of rmsover time by fund type and geographiclocation it is clear that a signicantproportion of the rms dropping out of theindustry were venture capital rms thatlast raised funds in the tech bubble andhave since been unable to raise furthercapital from investors
Employment Levels at Private Equity Firms
When private equity rms that do notraise or have not yet raised distinctprivate equity funds (ie those thatmanage corporate or personal capitaland those that manage third-party capitalwithout pooling into commingled privateinvestment vehicles) are includedthe total number of active rms underconsideration increases from the 4500previously mentioned to more than 7500In total these rms employ an estimated85000 people It is important to note thatour estimate here constitutes the ldquocorerdquo
of the industry taking into considerationrms managing capital committed byinstitutional and other large investorsBeneath this lies a further tranche ofsmaller rms that invest lesser sumsof capital raising money from privatesources
Economies of Scale
The number of employees at privateequity rms naturally varies signicantly
with the assets under management ofthe rms in question as Fig 36 showsFirms with less than $250 mn in assetsunder management have an average of92 employees while rms with morethan $10 bn in total assets employan average of more than 230 peopleHowever the larger rms tend to havefar fewer employees per $1 bn in assetsunder management than the smallerrms thus beneting from economies ofscale when it comes to charging
Employment and
Compensation
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
1 9 8 0
1 9 8 1
1 9 8 2
1 9 8 3
1 9 8 4
1 9 8 5
1 9 8 6
1 9 8 7
1 9 8 8
1 9 8 9
1 9 9 0
1 9 9 1
1 9 9 2
1 9 9 3
1 9 9 4
1 9 9 5
1 9 9 6
1 9 9 7
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
2 0 1 0
2 0 1 1
New
Existing N u m b e r o f F i r m s
Fig 35 Number of Active Private Equity Firms over Time (by Vintage of First Fund Raised)
92 155
220
380
858
2316
868
437312
208126 105
0
50
100
150
200
250
L e s s t h a n
$ 2
5 0 m n
$ 2 5 0 - 4 9 9 m n
$ 5 0 0 - 9 9 9 m n
$ 1
- 4 9
b n
$ 5
- 9 9
b n
$ 1 0 b n
o
r M o r e
Average No ofStaff
Average No ofStaff per $1bnAUM
Fig 36 Average Number of Employees by Firm Assets under Management
8132019 Preqin Global Private Equity Report 2012 Sample Pages
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Fig 44 Buyout - 20 Largest GPs by Total Funds Raised in Last 10 Years
Rank Firm Name
Total FundsRaised inLast 10
Years ($bn)
FirmHeadquarters
1 Blackstone Group 442 US
2 TPG 439 US
3 Carlyle Group 425 US
4 Kohlberg Kravis Roberts 416 US
5 CVC Capital Partners 330 UK
6 Bain Capital 316 US
7 Goldman Sachs 291 US
8 Apollo Global Management 248 US
9 Apax Partners 241 UK
10 Hellman amp Friedman 207 US
11 Advent International 205 US
12 Permira 180 UK
13 Providence Equity Partners 164 US
14 BC Partners 159 UK
15 EQT Partners 157 Sweden
16 JC Flowers amp Co 144 US
17 Silver Lake 141 US
18 3i 134 UK
19Charterhouse CapitalPartners
131 UK
20 Bridgepoint Capital 128 UK
Fig 45 Buyout - 20 Largest GPs by Estimated Dry Powder
Rank Firm NameEstimated
Dry Powder($bn)
FirmHeadquarters
1 Blackstone Group 158 US
2 Carlyle Group 114 US
3 CVC Capital Partners 91 UK
4 Hellman amp Friedman 90 US
5 BC Partners 89 UK
6 Goldman Sachs 85 US
7 TPG 76 US
8 Bain Capital 71 US
9 Advent International 66 US
10 EQT Partners 65 Sweden
11 Kohlberg Kravis Roberts 63 US
12 Berkshire Partners 48 US
13 Bridgepoint Capital 45 UK
14Charterhouse CapitalPartners
44 UK
15 Silver Lake 43 US
16 Apollo Global Management 41 US
17 Summit Partners 40 US
18 TA Associates 36 US
19 Montagu Private Equity 36 UK
20 Lindsay Goldberg 34 US
2722
13 16 14 14 13 14 15
7378
87 84 86 86 87 86 85
0
10
20
30
40
50
60
70
80
90
100
2003 2004 2005 2006 2007 2008 2009 2010 2011
CapitalRaised byExistingGPs
CapitalRaised byNew GPs
Fig 43 Annual Private Equity Capital Raised New vs Existing GPs
P r o p o r t i o n o f T o t a l C a p i t a l R a i s e d
Year of Final Close
All tables exclude funds of funds and secondary funds of funds
Fund Manager Profles is theindustryrsquos leading source of prolesand data on private equity fundmanagers It contains detailedproles for over 6200 fund managersspecializing in buyout venturecapital mezzanine distressed debtand other private equity investmentsand includes more than 23000 keycontacts at these rms
To nd out more please visit
wwwpreqincomfmp
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The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Growth GPs
Key Stats and Facts
61
31
6 2
1 Fund
2-3 Funds
4-5 Funds
6 Funds or More
Fig 426 Breakdown of Growth Firms by Number of Funds Raised Fig 427 Number of Firms Actively Managing Growth Funds byCountry
GP Headquarters No of Firms
US 87
China 56
India 39
UK 26
Hong Kong 21
France 15
Singapore 14
Italy 12
South Korea 12
Australia 9
4045
22
17
43 44
48
16
6
40
0
10
20
30
40
50
60
B u s i n e s s S e r v i c e s
C o n s u m e r
D i s c r e t i o n a r y
E n e r g y a n d
U t i l i t i e s
F o o d a n d
A g r i c u l t u r e
H e a l t h C a r e
I n d u s t r i a l s
I n f o r m a t i o n
T e c h n o l o g y
M a t e r i a l s
R e a l E s t a t e
T e l e c o m s M e d i a
a n d
C o m m u n i c a t i o n s
Fig 428 Growth Firmsrsquo Industry Preferences for UnderlyingInvestments
Fig 430 10 Largest Growth Funds Raised of All Time
Fund Firm Name Year Closed Fund Size (bn) GP Location
Citigroup International Growth Partnership II Citi Venture Capital International 2008 43 USD UK
Technology Crossover Ventures VII Technology Crossover Ventures 2007 30 USD US
Baring Asia Private Equity Fund V Baring Private Equity Asia 2011 25 USD Hong Kong
3i Growth Capital Fund 3i 2010 12 EUR UK
CDH China Fund III CDH China Management Company 2007 16 USD China
Citigroup International Growth Partnership Citi Venture Capital International 2005 16 USD UK
Baring Asia Private Equity Fund IV Baring Private Equity Asia 2008 15 USD Hong Kong
TPG Star TPG 2008 15 USD US
Shanxi Energy Industry Investment FundChina Science amp Merchants Capital
Management2009 100 CNY China
CDH China Fund IV CDH China Management Company 2010 15 USD China
66
14
17
4
0
10
20
30
40
50
60
70
$0-50mn $51-100mn $101-500mn gt $500mn
Fig 429 Breakdown of Growth Firms by Maximum Equity InvestmentSize
P r o p o r t i o n o f F i r m s
P r o p o r t i o n o f F i r m s
Maximum Equity Investment Size
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The 2012 Preqin Global Private Equity Report - Sample Pages 5 Fundraising
Overview of Current
Fundraising Market
As of the start of 2012 there are a record1814 funds in market targeting aggregatecapital commitments of $7442bn Thesegures represent a 14 increase in thenumber of funds on the road and a 24increase in the aggregate capital soughtfrom the beginning of 2011 Fig 59shows that the beginning of 2012 marksthe rst rise in aggregate capital soughtsince 2009 when 1624 funds weretargeting a record $8884bn in aggregatecapital The January 2012 gure of 1814funds on the road is a new record for theprivate equity industry
Fig 510 reveals that buyout funds areseeking the largest amount of capitalof all fund types with $1774bn beingtargeted by 230 vehicles In terms ofaggregate capital sought this representsa substantial 81 increase from the$980bn targeted by 180 funds in January2011 Real estate funds are seeking thesecond largest amount of capital from thehighest number of funds with $1645bn
sought by 450 vehicles Aggregatecapital targeted by real estate funds inmarket has increased by 18 from oneyear ago and the number of funds on theroad has risen by nearly 5
Regional Focus
As shown in Fig 511 798 primarily North America-focused funds are seeking$3483bn in capital commitments This isa 21 rise from the $2885bn targeted
by 713 North America-focused funds inJanuary 2011 The aggregate capitalsought by primarily Europe-focusedfunds has increased by 38 to $1971bnfrom the beginning of 2011 and therehas been a marginal rise in the numberof funds from 389 in January 2011 to 412at the start of 2012
For the second consecutive year Asiaand Rest of World-focused vehiclesoutnumber their European counterpartsThere are currently 604 funds focusedprimarily on Asia and Rest of Worldtargeting an aggregate $1988bnreecting increases of 23 and 17respectively on January 2011 guresWithin this category Asia makes up thegreatest proportionwith 379 funds inmarket targeting$1233bn inaggregate capitalLatin America-
focused fundsare targeting thesecond highestamount of capital$215bn and fundstargeting the MiddleEast and Israel areseeking a combined$157bn
Recent data highlights the fact thatthe fundraising climate is especiallychallenging at present with a recordnumber of funds currently on the roadcompeting for capital commitments froman investor community that remainscautious about making new private equityinvestments However it is also worthnoting that 40 of private equity fundscurrently seeking capital have alreadyachieved at least one interim closehaving secured commitments totalling$1267bn towards their fundraisingtargets which demonstrates that thereis still a ow of capital commitmentsentering the marketplace
450
230
144
370
194 185
66
27
60
28
60
1645 1774
932
546 594 488 476
200 216
273298
0
50
100
150
200
250
300
350
400
450
500
R e a l E s t a t e
B u y o u t
I n f r a s
t r u c t u r e
V e n t u r e
G r o w t h
F u n d o f F u n d s
D i s t r e s s e d P E
S e c o n d a r i e s
M e
z z a n i n e
N
a t u r a l
R e
s o u r c e s
O t h e r
No Funds Raising
Aggregate Target($bn)
Fig 510 Composition of Current Fundraising Market by Fund Type
798
412
604
3483
1971 1988
0
100
200
300
400
500
600
700
800
900
North America Europe Asia and Rest of World
No FundsRaising
AggregateTarget ($bn)
Fig 511 Composition of Current Fundraising Market by Fund PrimaryGeographic Focus
1304
16241561 1594
1814
7050
8884
6985
6018
7442
0
200
400
600
800
1000
1200
1400
1600
1800
2000
January 2008 January 2009 January 2010 January 2011 January 2012
No Funds Raising
Aggregate Target($bn)
Fig 59 Private Equity Funds in Market over Time 2008 - 2012
Primary Geographic Focus
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The 2012 Preqin Global Private Equity Report - Sample Pages 10 Performance
Private Equity
Benchmarks
Fund Type BuyoutGeographic Focus All Regions
Benchmark Type MedianAs At 30 Jun 11
Fund Type Buyout by Fund SizeGeographic Focus All Regions
Benchmark Type Median
VintageNo
Funds
Median Fund Multiple Quartiles (X) IRR Quartiles () IRR MaxMin ()
Called()
Dist ()DPI
Value() RVPI
Q1 Median Q3 Q1 Median Q3 Max Min
2011 7 40 00 305 nm 030 nm nm nm nm nm nm2010 21 200 00 945 107 097 091 nm nm nm nm nm2009 28 392 00 1041 125 109 099 nm nm nm nm nm2008 51 477 51 958 130 110 094 219 69 -24 457 -2382007 46 711 142 995 132 120 101 147 85 11 545 -300
2006 65 889 160 940 130 115 104 119 64 16 280 -2912005 61 939 426 858 160 135 118 166 101 60 769 -1212004 35 922 836 831 213 167 127 273 169 112 817 -782003 26 985 1144 586 245 179 146 333 183 96 590 -6042002 19 995 1644 280 224 192 128 383 257 78 720 -202001 24 960 1791 189 275 197 151 433 247 139 941 612000 51 972 1643 218 229 184 152 260 207 120 575 461999 36 993 1388 69 203 155 112 171 121 63 374 -2511998 36 1000 1438 05 184 148 098 172 87 -25 313 -10001997 33 1000 1606 00 214 161 110 223 87 13 840 -1911996 19 980 1799 00 236 181 077 226 169 -33 1474 -891995 24 1000 1372 00 218 137 114 300 97 23 599 -861994 27 1000 1887 00 247 189 151 363 226 110 922 -141993 16 1000 2015 00 288 202 138 232 167 77 580 081992 17 1000 2074 00 322 208 156 376 212 79 606 -4991991 10 1000 2465 00 365 247 202 490 253 202 547 -05
1990 19 1000 2147 00 342 215 138 294 195 93 720 24
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small Buyout
Median 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()
2010 nm nm nm nm 094 nm 096 nm 092 nm 089 nm 097 nm 091 nm
2009 106 nm 107 nm 103 nm 106 nm 102 nm 109 nm 106 nm 107 nm
2008 100 -03 109 52 115 159 109 133 104 41 103 56 113 99 117 91
2007 114 56 108 25 114 82 113 75 119 99 118 66 113 81 112 72
2006 110 28 107 08 121 75 114 50 115 66 117 58 119 77 115 37
2005 145 104 148 100 131 77 133 117 128 81 133 95 141 142 154 1802004 163 123 175 185 143 170 138 207 165 135 181 217 157 149 160 166
2003 189 295 206 296 199 191 206 191 162 125 167 145 164 113 167 185
2002 197 325 191 278 190 225 183 197 155 173 158 164 180 185 182 216
2001 212 289 239 308 190 258 210 266 200 246 214 265 198 334 204 251
2000 186 182 191 184 163 135 164 130 197 210 191 202 197 179 189 164
1999 184 147 173 107 151 12 146 20 162 101 176 121 137 145 138 105
1998 145 59 142 50 138 81 133 19 139 71 139 22 162 114 167 108
1997 162 99 141 57 164 118 178 180 110 15 112 23 158 99 142 78
Denition used for Mega Large Mid-Market Small Buyout Small Mid Large Mega
Vintage 1992-1996 le $200mn $201-$500mn gt $501mn -
Vintage 1997-2004 le $300mn $301-$750mn $751-$2000mn gt $2000mn
Vintage 2005-2011 le $500mn $501-$1500mn $1501-$4500mn gt $4500mn
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The 2012 Preqin Global Private Equity Report - Sample Pages 11 Investors
Investor Appetite
for Private Equity in 20122011 has been another challenging yearfor fundraising and the number of fundsreaching a nal close over the course ofthe year has remained low 616 fundsclosed having raised an aggregate$2656bn in commitments over the courseof the year However there have beensigns of improvement our conversationswith investors have revealed that thevast majority of LPs are seeking newopportunities and many are picking up
the pace of their commitments Preqininterviewed 100 prominent investorsfrom around the world in December 2011to nd out about their attitudes towardsthe current private equity market andtheir plans for investment in the assetclass going forward
Investor Appetite in 2011
Two-thirds of investors we spoke tomade new commitments over the courseof 2011 which is an increase from the58 of investors that had made newcommitments over the course of 2010
in a similar study conducted at the sametime last year
Furthermore as Fig 1111 illustratesa third of investors committed morecapital in 2011 than they did in 2010and 27 committed the same amountover the course of 2011 as they did in2010 Although 28 of investors slowedthe pace of new commitments in 2011compared to 2010 it is worth notingthat 12 of investors that made newcommitments in 2011 did not invest inany new funds in 2010 suggesting anincrease in overall investor appetite for
committing to new funds
Forty-nine percent of investors arecurrently at their targeted level ofexposure to the asset class as Fig1112 demonstrates and 16 are abovetheir target allocation Over a third (35)of LPs are currently below their targetallocations to private equity therefore themajority of investors are likely to continueto make new commitments to privateequity funds in order to build or maintaintheir level of exposure to the asset classOne Danish investor we spoke to that isbelow its target allocation commented
ldquo[We] have had a hesitant PE program
for the last three years and so have a lotof dry powder to invest at the momentrdquo
Investorsrsquo Returns Expectations
Fig 1113 shows that 95 of investorsexpect their private equity investmentsto achieve returns above their publicmarket benchmark Sixty-three percentof investors expect returns of more than400 basis points over the public marketsfrom their private equity portfolio and
a further quarter of investors expect
returns of 200-400 basis points abovepublic market returns
On the whole investors have beensatised with the returns their privateequity investments have achieved AsFig 1114 illustrates three-quarters ofinvestors feel their private equity fundinvestments have met their expectationsand a further 6 feel that their privateequity investments have exceededtheir expectations Many investors have
adjusted their expectations in light of
15
18
27
17
11
12
Significantly MoreCapital in 2011 than in2010
Slightly More Capital in2011 than in 2010
Same Amount ofCapital in 2011 as in2010
Slightly Less Capital in2011 than in 2010
Significantly Less Capitalin 2011 than in 2010
Did Not Invest in 2010but Investing in 2011
Fig 1111 Amount of Capital Investors Committed in 2011 Compared to 2010
33 36 35
54 45 49
1319 16
0
10
20
30
40
50
60
70
80
90
100
Dec-2010 Jun-2011 Dec-2011
Above TargetAllocation
At TargetAllocation
Below TargetAllocation
Fig 1112 Proportion of Investors At Above or Below Their Target Allocations to Private Equity
P r o p o r t i o n o f R e s p o n d e n t s
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2012 Preqin Global Alternatives Reports
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The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
industry
alternative assets intelligent data
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
2copy 2012 Preqin Ltd wwwpreqincom
Section Eleven Investors
Overview of Limited Partner Universe 77
Make-up of Investors in Recently ClosedFunds
79
Investor Appetite for Private Equity in 2012 -December 2011 LP Survey Results
81
League Tables - Largest Investors by Region 87
League Tables - Largest Investors by Type 88
Investors to Watch in 2012 89
Section Twelve Investment Consultants
Investment Consultants in Private Equity 91
Section Thirteen Fund Terms and Conditions
Mid-Market Focus - Sam Kay InvestmentFunds Partner Travers Smith
93
Overview of Fund Terms and Conditions 94
Investor Attitudes towards Fund Terms andConditions - December 2011 LP SurveyResults
97
Sample of 25 Leading Law Firms in FundFormation
99
Section Fourteen Sovereign Wealth Funds
Sovereign Wealth Funds Investing in PrivateEquity
101
Section Fifteen Cleantech
Cleantech Fundraising Market in 2011 103
Cleantech Funds in Market 104
Overview of Private Equity Cleantech Fund
Managers
105
Investors in Cleantech Funds 106
Section Sixteen Funds of Funds
Review of Private Equity Funds of Funds 107
Fund of Funds Managers - Key Stats andFacts
108
Fundraising Review - Funds of Funds 110
Listed Private Equity Funds of Funds 111
Section Seventeen Secondaries
Review of the Secondary Market and Investor Appetite in 2012
113
Perspectives on the Secondary Market -Franccedilois Gamblin CEO Secondcap
116
Secondaries Intermediaries 118
Secondaries GPs - Key Stats and Facts 119
Fundraising Review - Secondaries 120
Section Eighteen Preqin Products
Order Forms 121
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
Moving Forward on Shifting Sands- Steve Judge Interim President and CEO PEGCC
- Bronwyn Bailey Vice President of Research PEGCC
One year ago the PEGCC wrote abouta number of legislative challenges facingprivate equity Many of the debatesover tax policy and regulatory reformanticipated in early 2011 continue todayWe expect that additional nancialregulations affecting private equity willbe nalized this year and the industrywill continue to face key battles in thearea of tax policy Congressional efforts
to reduce the public debt and increaseUS competitiveness will expedite acomprehensive review of tax policyand policymakers will debate variousways to nance tax reforms Howeverthe context of these debates will likelychange due to increased scrutiny of theindustryrsquos business practices resultingfrom a Presidential contest that includesa candidate who was a successful privateequity general partner Throughout thesediscussions the PE industry will needto aggressively promote the value of itsinvestments
The Politics of Private Equity
The political discourse around nancialregulations and tax policy will likely beshaped by the upcoming elections Forthe rst time in US history a founder ofa major private equity rm has becomea front-runner for the RepublicanPresidential nomination As a result thescrutiny of Mr Romneyrsquos past careerhas put the business model of the entireprivate equity industry under a politicalmicroscope The increased attentionto the industry will likely heightenuncertainty around regulatorsrsquo and
legislatorsrsquo decisions on issues importantto private equity The result will be a morechallenging environment to promote theinterests of the private equity industry inthe regulatory and tax policy discussionsanticipated for 2012
Regulatory Issues
Regulatory actions in the Dodd Frank Act moved forward in 2011 on multiplefronts The private equity industry madeprogress to reduce the burdens of certainproposed rules but other signicantchallenges remain One notable positive
development is that the SEC will onlyrequire private equity fund advisers to le
requested information on Form PrivateFund (ldquoForm PFrdquo) annually within 120days of the end of the scal year ratherthan quarterly within 15 days of the endof the quarter as originally proposed TheSECrsquos nal Form PF rule also removedseveral requirements that would havebeen unworkable and unnecessary forprivate equity advisers Finally the SECchanged the threshold for a ldquolarge private
fund adviserrdquo for private equity advisersto $2bn from $1bn in AUM
A number of other nancial regulationshave yet to be nalized ProposedVolcker Rule regulations released inOctober might impact the ability of privateequity rms to raise capital from certaingroups of investors including non-USbanking entities insurance companiesrsquogeneral and separate accounts bank-sponsored ldquocustomer fundsrdquo and bank-afliated pension plans Another criticalregulatory issue is the Financial StabilityOversight Councilrsquos second proposedrule on designation of certain non-banknancial companies as ldquosystemicallyimportant nancial institutionsrdquo (SIFIs)which would subject them to capitalrequirements The PEGCC has providedcomments on both regulatory proposals
Tax Reform
Two issues on the Congressionalagenda watched closely by investorsratings agencies and the public willbe reducing the federal decit andfundamental tax reform In the context ofthese discussions at least three specic
policy areas are of interest to privateequity While it is not guaranteed that anyof these proposals will move forward thePEGCC plans to engage actively on allthree areas in 2012
1 Taxation of Flow-Through EntitiesSome have suggested that imposingan entity level tax on ow-throughentities such as business partnershipswould help to reduce tax rates on ldquoCcorporationsrdquo ie corporations with nolimit on the number of shareholdersThe PEGCC strongly opposes such aproposal for the following reasons
(1) Under current tax law partnershipspay one level of tax and C corporations
pay two levels of tax The solution thatadds simplicity to the current tax code isto revise the law so all forms of businessare subject to only one level of taxationinstead of requiring double taxation onmore enterprises
(2) Based on estimates from Ernst ampYoung ow-through businesses wouldsee their tax burden rise by 8 ($27bn)
per year under budget neutral corporate-only tax reform This added burden onmany companies that are the enginesof job creation would hinder economicgrowth
2 Interest DeductibilityThe tax treatment of interest oncorporate debt is also likely to comeunder scrutiny this year as a potentialsource of additional revenue to nancea lower corporate tax rate Reducing thedeductibility of interest would decreaseincentives for corporations to nanceexpansion and capital investment withdebt Although private equity rms andfunds generally have little to no leveragemany private equity portfolio companiesdo utilize debt in their operations ThePEGCC believes that reforming the taxcode in this manner would have negativeconsequences for US businesses capitalmarkets and economic growth
3 Carried InterestPresident Obama and someCongressional Democrats continueto advocate taxing carried interest asordinary income rather than as long-termcapital gains Last fall the bipartisan JointSelect Committee on Decit Reduction
(aka the ldquosupercommitteerdquo) could notnd a compromise solution for lling a$12tn decit gap over the next 10 yearsSome Democrats and Republicansmay continue to seek alternative decitreduction plans in 2012 that couldimplicate the tax treatment of carriedinterest as a revenue source
During this election year the PEGCCwill continue to correct misconceptionsand to provide facts about the industrywhile also pushing forth the views of theprivate equity industry on issues relatedto tax and regulatory reform The year
2012 will be an exciting and challengingone for our organization and the industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 3 AUM Dry Powder Employment and Compensation
Number of Active Private Equity Firms
The fall in fundraising over the past threeyears has affected the number of newrms entering the private equity marketto raise a fund for the rst time Fig 35shows the number of new fund managers joining the sector each year (calculatedusing the vintage of their rst fund torepresent their year of establishment) Any rms that have not raised a fund inthe past 10 years are considered to have
become inactive
At the height of the fundraising boomin 2007 a large number of rms wereestablishing private equity funds forthe rst time More than 450 new rms joined the sector in that year the highestnumber of any year Since then howeverthe number of rms raising a fund forthe rst time has fallen signicantlywith only around 150 new rms in 2011as of November (The 2011 gure onlyincludes rms that have reached one ormore interim closes on their debut fundsin order to begin making investments)
With a number of rms becoming inactivedue to last having raised a fund 10 yearsago this means that the total number ofactive rms in the industry has remainedat a similar level to 2010 at around 4500managers
When analyzing the number of rmsover time by fund type and geographiclocation it is clear that a signicantproportion of the rms dropping out of theindustry were venture capital rms thatlast raised funds in the tech bubble andhave since been unable to raise furthercapital from investors
Employment Levels at Private Equity Firms
When private equity rms that do notraise or have not yet raised distinctprivate equity funds (ie those thatmanage corporate or personal capitaland those that manage third-party capitalwithout pooling into commingled privateinvestment vehicles) are includedthe total number of active rms underconsideration increases from the 4500previously mentioned to more than 7500In total these rms employ an estimated85000 people It is important to note thatour estimate here constitutes the ldquocorerdquo
of the industry taking into considerationrms managing capital committed byinstitutional and other large investorsBeneath this lies a further tranche ofsmaller rms that invest lesser sumsof capital raising money from privatesources
Economies of Scale
The number of employees at privateequity rms naturally varies signicantly
with the assets under management ofthe rms in question as Fig 36 showsFirms with less than $250 mn in assetsunder management have an average of92 employees while rms with morethan $10 bn in total assets employan average of more than 230 peopleHowever the larger rms tend to havefar fewer employees per $1 bn in assetsunder management than the smallerrms thus beneting from economies ofscale when it comes to charging
Employment and
Compensation
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
1 9 8 0
1 9 8 1
1 9 8 2
1 9 8 3
1 9 8 4
1 9 8 5
1 9 8 6
1 9 8 7
1 9 8 8
1 9 8 9
1 9 9 0
1 9 9 1
1 9 9 2
1 9 9 3
1 9 9 4
1 9 9 5
1 9 9 6
1 9 9 7
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
2 0 1 0
2 0 1 1
New
Existing N u m b e r o f F i r m s
Fig 35 Number of Active Private Equity Firms over Time (by Vintage of First Fund Raised)
92 155
220
380
858
2316
868
437312
208126 105
0
50
100
150
200
250
L e s s t h a n
$ 2
5 0 m n
$ 2 5 0 - 4 9 9 m n
$ 5 0 0 - 9 9 9 m n
$ 1
- 4 9
b n
$ 5
- 9 9
b n
$ 1 0 b n
o
r M o r e
Average No ofStaff
Average No ofStaff per $1bnAUM
Fig 36 Average Number of Employees by Firm Assets under Management
8132019 Preqin Global Private Equity Report 2012 Sample Pages
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8copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
5copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Fig 44 Buyout - 20 Largest GPs by Total Funds Raised in Last 10 Years
Rank Firm Name
Total FundsRaised inLast 10
Years ($bn)
FirmHeadquarters
1 Blackstone Group 442 US
2 TPG 439 US
3 Carlyle Group 425 US
4 Kohlberg Kravis Roberts 416 US
5 CVC Capital Partners 330 UK
6 Bain Capital 316 US
7 Goldman Sachs 291 US
8 Apollo Global Management 248 US
9 Apax Partners 241 UK
10 Hellman amp Friedman 207 US
11 Advent International 205 US
12 Permira 180 UK
13 Providence Equity Partners 164 US
14 BC Partners 159 UK
15 EQT Partners 157 Sweden
16 JC Flowers amp Co 144 US
17 Silver Lake 141 US
18 3i 134 UK
19Charterhouse CapitalPartners
131 UK
20 Bridgepoint Capital 128 UK
Fig 45 Buyout - 20 Largest GPs by Estimated Dry Powder
Rank Firm NameEstimated
Dry Powder($bn)
FirmHeadquarters
1 Blackstone Group 158 US
2 Carlyle Group 114 US
3 CVC Capital Partners 91 UK
4 Hellman amp Friedman 90 US
5 BC Partners 89 UK
6 Goldman Sachs 85 US
7 TPG 76 US
8 Bain Capital 71 US
9 Advent International 66 US
10 EQT Partners 65 Sweden
11 Kohlberg Kravis Roberts 63 US
12 Berkshire Partners 48 US
13 Bridgepoint Capital 45 UK
14Charterhouse CapitalPartners
44 UK
15 Silver Lake 43 US
16 Apollo Global Management 41 US
17 Summit Partners 40 US
18 TA Associates 36 US
19 Montagu Private Equity 36 UK
20 Lindsay Goldberg 34 US
2722
13 16 14 14 13 14 15
7378
87 84 86 86 87 86 85
0
10
20
30
40
50
60
70
80
90
100
2003 2004 2005 2006 2007 2008 2009 2010 2011
CapitalRaised byExistingGPs
CapitalRaised byNew GPs
Fig 43 Annual Private Equity Capital Raised New vs Existing GPs
P r o p o r t i o n o f T o t a l C a p i t a l R a i s e d
Year of Final Close
All tables exclude funds of funds and secondary funds of funds
Fund Manager Profles is theindustryrsquos leading source of prolesand data on private equity fundmanagers It contains detailedproles for over 6200 fund managersspecializing in buyout venturecapital mezzanine distressed debtand other private equity investmentsand includes more than 23000 keycontacts at these rms
To nd out more please visit
wwwpreqincomfmp
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
6copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Growth GPs
Key Stats and Facts
61
31
6 2
1 Fund
2-3 Funds
4-5 Funds
6 Funds or More
Fig 426 Breakdown of Growth Firms by Number of Funds Raised Fig 427 Number of Firms Actively Managing Growth Funds byCountry
GP Headquarters No of Firms
US 87
China 56
India 39
UK 26
Hong Kong 21
France 15
Singapore 14
Italy 12
South Korea 12
Australia 9
4045
22
17
43 44
48
16
6
40
0
10
20
30
40
50
60
B u s i n e s s S e r v i c e s
C o n s u m e r
D i s c r e t i o n a r y
E n e r g y a n d
U t i l i t i e s
F o o d a n d
A g r i c u l t u r e
H e a l t h C a r e
I n d u s t r i a l s
I n f o r m a t i o n
T e c h n o l o g y
M a t e r i a l s
R e a l E s t a t e
T e l e c o m s M e d i a
a n d
C o m m u n i c a t i o n s
Fig 428 Growth Firmsrsquo Industry Preferences for UnderlyingInvestments
Fig 430 10 Largest Growth Funds Raised of All Time
Fund Firm Name Year Closed Fund Size (bn) GP Location
Citigroup International Growth Partnership II Citi Venture Capital International 2008 43 USD UK
Technology Crossover Ventures VII Technology Crossover Ventures 2007 30 USD US
Baring Asia Private Equity Fund V Baring Private Equity Asia 2011 25 USD Hong Kong
3i Growth Capital Fund 3i 2010 12 EUR UK
CDH China Fund III CDH China Management Company 2007 16 USD China
Citigroup International Growth Partnership Citi Venture Capital International 2005 16 USD UK
Baring Asia Private Equity Fund IV Baring Private Equity Asia 2008 15 USD Hong Kong
TPG Star TPG 2008 15 USD US
Shanxi Energy Industry Investment FundChina Science amp Merchants Capital
Management2009 100 CNY China
CDH China Fund IV CDH China Management Company 2010 15 USD China
66
14
17
4
0
10
20
30
40
50
60
70
$0-50mn $51-100mn $101-500mn gt $500mn
Fig 429 Breakdown of Growth Firms by Maximum Equity InvestmentSize
P r o p o r t i o n o f F i r m s
P r o p o r t i o n o f F i r m s
Maximum Equity Investment Size
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 5 Fundraising
Overview of Current
Fundraising Market
As of the start of 2012 there are a record1814 funds in market targeting aggregatecapital commitments of $7442bn Thesegures represent a 14 increase in thenumber of funds on the road and a 24increase in the aggregate capital soughtfrom the beginning of 2011 Fig 59shows that the beginning of 2012 marksthe rst rise in aggregate capital soughtsince 2009 when 1624 funds weretargeting a record $8884bn in aggregatecapital The January 2012 gure of 1814funds on the road is a new record for theprivate equity industry
Fig 510 reveals that buyout funds areseeking the largest amount of capitalof all fund types with $1774bn beingtargeted by 230 vehicles In terms ofaggregate capital sought this representsa substantial 81 increase from the$980bn targeted by 180 funds in January2011 Real estate funds are seeking thesecond largest amount of capital from thehighest number of funds with $1645bn
sought by 450 vehicles Aggregatecapital targeted by real estate funds inmarket has increased by 18 from oneyear ago and the number of funds on theroad has risen by nearly 5
Regional Focus
As shown in Fig 511 798 primarily North America-focused funds are seeking$3483bn in capital commitments This isa 21 rise from the $2885bn targeted
by 713 North America-focused funds inJanuary 2011 The aggregate capitalsought by primarily Europe-focusedfunds has increased by 38 to $1971bnfrom the beginning of 2011 and therehas been a marginal rise in the numberof funds from 389 in January 2011 to 412at the start of 2012
For the second consecutive year Asiaand Rest of World-focused vehiclesoutnumber their European counterpartsThere are currently 604 funds focusedprimarily on Asia and Rest of Worldtargeting an aggregate $1988bnreecting increases of 23 and 17respectively on January 2011 guresWithin this category Asia makes up thegreatest proportionwith 379 funds inmarket targeting$1233bn inaggregate capitalLatin America-
focused fundsare targeting thesecond highestamount of capital$215bn and fundstargeting the MiddleEast and Israel areseeking a combined$157bn
Recent data highlights the fact thatthe fundraising climate is especiallychallenging at present with a recordnumber of funds currently on the roadcompeting for capital commitments froman investor community that remainscautious about making new private equityinvestments However it is also worthnoting that 40 of private equity fundscurrently seeking capital have alreadyachieved at least one interim closehaving secured commitments totalling$1267bn towards their fundraisingtargets which demonstrates that thereis still a ow of capital commitmentsentering the marketplace
450
230
144
370
194 185
66
27
60
28
60
1645 1774
932
546 594 488 476
200 216
273298
0
50
100
150
200
250
300
350
400
450
500
R e a l E s t a t e
B u y o u t
I n f r a s
t r u c t u r e
V e n t u r e
G r o w t h
F u n d o f F u n d s
D i s t r e s s e d P E
S e c o n d a r i e s
M e
z z a n i n e
N
a t u r a l
R e
s o u r c e s
O t h e r
No Funds Raising
Aggregate Target($bn)
Fig 510 Composition of Current Fundraising Market by Fund Type
798
412
604
3483
1971 1988
0
100
200
300
400
500
600
700
800
900
North America Europe Asia and Rest of World
No FundsRaising
AggregateTarget ($bn)
Fig 511 Composition of Current Fundraising Market by Fund PrimaryGeographic Focus
1304
16241561 1594
1814
7050
8884
6985
6018
7442
0
200
400
600
800
1000
1200
1400
1600
1800
2000
January 2008 January 2009 January 2010 January 2011 January 2012
No Funds Raising
Aggregate Target($bn)
Fig 59 Private Equity Funds in Market over Time 2008 - 2012
Primary Geographic Focus
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The 2012 Preqin Global Private Equity Report - Sample Pages 10 Performance
Private Equity
Benchmarks
Fund Type BuyoutGeographic Focus All Regions
Benchmark Type MedianAs At 30 Jun 11
Fund Type Buyout by Fund SizeGeographic Focus All Regions
Benchmark Type Median
VintageNo
Funds
Median Fund Multiple Quartiles (X) IRR Quartiles () IRR MaxMin ()
Called()
Dist ()DPI
Value() RVPI
Q1 Median Q3 Q1 Median Q3 Max Min
2011 7 40 00 305 nm 030 nm nm nm nm nm nm2010 21 200 00 945 107 097 091 nm nm nm nm nm2009 28 392 00 1041 125 109 099 nm nm nm nm nm2008 51 477 51 958 130 110 094 219 69 -24 457 -2382007 46 711 142 995 132 120 101 147 85 11 545 -300
2006 65 889 160 940 130 115 104 119 64 16 280 -2912005 61 939 426 858 160 135 118 166 101 60 769 -1212004 35 922 836 831 213 167 127 273 169 112 817 -782003 26 985 1144 586 245 179 146 333 183 96 590 -6042002 19 995 1644 280 224 192 128 383 257 78 720 -202001 24 960 1791 189 275 197 151 433 247 139 941 612000 51 972 1643 218 229 184 152 260 207 120 575 461999 36 993 1388 69 203 155 112 171 121 63 374 -2511998 36 1000 1438 05 184 148 098 172 87 -25 313 -10001997 33 1000 1606 00 214 161 110 223 87 13 840 -1911996 19 980 1799 00 236 181 077 226 169 -33 1474 -891995 24 1000 1372 00 218 137 114 300 97 23 599 -861994 27 1000 1887 00 247 189 151 363 226 110 922 -141993 16 1000 2015 00 288 202 138 232 167 77 580 081992 17 1000 2074 00 322 208 156 376 212 79 606 -4991991 10 1000 2465 00 365 247 202 490 253 202 547 -05
1990 19 1000 2147 00 342 215 138 294 195 93 720 24
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small Buyout
Median 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()
2010 nm nm nm nm 094 nm 096 nm 092 nm 089 nm 097 nm 091 nm
2009 106 nm 107 nm 103 nm 106 nm 102 nm 109 nm 106 nm 107 nm
2008 100 -03 109 52 115 159 109 133 104 41 103 56 113 99 117 91
2007 114 56 108 25 114 82 113 75 119 99 118 66 113 81 112 72
2006 110 28 107 08 121 75 114 50 115 66 117 58 119 77 115 37
2005 145 104 148 100 131 77 133 117 128 81 133 95 141 142 154 1802004 163 123 175 185 143 170 138 207 165 135 181 217 157 149 160 166
2003 189 295 206 296 199 191 206 191 162 125 167 145 164 113 167 185
2002 197 325 191 278 190 225 183 197 155 173 158 164 180 185 182 216
2001 212 289 239 308 190 258 210 266 200 246 214 265 198 334 204 251
2000 186 182 191 184 163 135 164 130 197 210 191 202 197 179 189 164
1999 184 147 173 107 151 12 146 20 162 101 176 121 137 145 138 105
1998 145 59 142 50 138 81 133 19 139 71 139 22 162 114 167 108
1997 162 99 141 57 164 118 178 180 110 15 112 23 158 99 142 78
Denition used for Mega Large Mid-Market Small Buyout Small Mid Large Mega
Vintage 1992-1996 le $200mn $201-$500mn gt $501mn -
Vintage 1997-2004 le $300mn $301-$750mn $751-$2000mn gt $2000mn
Vintage 2005-2011 le $500mn $501-$1500mn $1501-$4500mn gt $4500mn
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The 2012 Preqin Global Private Equity Report - Sample Pages 11 Investors
Investor Appetite
for Private Equity in 20122011 has been another challenging yearfor fundraising and the number of fundsreaching a nal close over the course ofthe year has remained low 616 fundsclosed having raised an aggregate$2656bn in commitments over the courseof the year However there have beensigns of improvement our conversationswith investors have revealed that thevast majority of LPs are seeking newopportunities and many are picking up
the pace of their commitments Preqininterviewed 100 prominent investorsfrom around the world in December 2011to nd out about their attitudes towardsthe current private equity market andtheir plans for investment in the assetclass going forward
Investor Appetite in 2011
Two-thirds of investors we spoke tomade new commitments over the courseof 2011 which is an increase from the58 of investors that had made newcommitments over the course of 2010
in a similar study conducted at the sametime last year
Furthermore as Fig 1111 illustratesa third of investors committed morecapital in 2011 than they did in 2010and 27 committed the same amountover the course of 2011 as they did in2010 Although 28 of investors slowedthe pace of new commitments in 2011compared to 2010 it is worth notingthat 12 of investors that made newcommitments in 2011 did not invest inany new funds in 2010 suggesting anincrease in overall investor appetite for
committing to new funds
Forty-nine percent of investors arecurrently at their targeted level ofexposure to the asset class as Fig1112 demonstrates and 16 are abovetheir target allocation Over a third (35)of LPs are currently below their targetallocations to private equity therefore themajority of investors are likely to continueto make new commitments to privateequity funds in order to build or maintaintheir level of exposure to the asset classOne Danish investor we spoke to that isbelow its target allocation commented
ldquo[We] have had a hesitant PE program
for the last three years and so have a lotof dry powder to invest at the momentrdquo
Investorsrsquo Returns Expectations
Fig 1113 shows that 95 of investorsexpect their private equity investmentsto achieve returns above their publicmarket benchmark Sixty-three percentof investors expect returns of more than400 basis points over the public marketsfrom their private equity portfolio and
a further quarter of investors expect
returns of 200-400 basis points abovepublic market returns
On the whole investors have beensatised with the returns their privateequity investments have achieved AsFig 1114 illustrates three-quarters ofinvestors feel their private equity fundinvestments have met their expectationsand a further 6 feel that their privateequity investments have exceededtheir expectations Many investors have
adjusted their expectations in light of
15
18
27
17
11
12
Significantly MoreCapital in 2011 than in2010
Slightly More Capital in2011 than in 2010
Same Amount ofCapital in 2011 as in2010
Slightly Less Capital in2011 than in 2010
Significantly Less Capitalin 2011 than in 2010
Did Not Invest in 2010but Investing in 2011
Fig 1111 Amount of Capital Investors Committed in 2011 Compared to 2010
33 36 35
54 45 49
1319 16
0
10
20
30
40
50
60
70
80
90
100
Dec-2010 Jun-2011 Dec-2011
Above TargetAllocation
At TargetAllocation
Below TargetAllocation
Fig 1112 Proportion of Investors At Above or Below Their Target Allocations to Private Equity
P r o p o r t i o n o f R e s p o n d e n t s
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2012 Preqin Global Alternatives Reports
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The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
Moving Forward on Shifting Sands- Steve Judge Interim President and CEO PEGCC
- Bronwyn Bailey Vice President of Research PEGCC
One year ago the PEGCC wrote abouta number of legislative challenges facingprivate equity Many of the debatesover tax policy and regulatory reformanticipated in early 2011 continue todayWe expect that additional nancialregulations affecting private equity willbe nalized this year and the industrywill continue to face key battles in thearea of tax policy Congressional efforts
to reduce the public debt and increaseUS competitiveness will expedite acomprehensive review of tax policyand policymakers will debate variousways to nance tax reforms Howeverthe context of these debates will likelychange due to increased scrutiny of theindustryrsquos business practices resultingfrom a Presidential contest that includesa candidate who was a successful privateequity general partner Throughout thesediscussions the PE industry will needto aggressively promote the value of itsinvestments
The Politics of Private Equity
The political discourse around nancialregulations and tax policy will likely beshaped by the upcoming elections Forthe rst time in US history a founder ofa major private equity rm has becomea front-runner for the RepublicanPresidential nomination As a result thescrutiny of Mr Romneyrsquos past careerhas put the business model of the entireprivate equity industry under a politicalmicroscope The increased attentionto the industry will likely heightenuncertainty around regulatorsrsquo and
legislatorsrsquo decisions on issues importantto private equity The result will be a morechallenging environment to promote theinterests of the private equity industry inthe regulatory and tax policy discussionsanticipated for 2012
Regulatory Issues
Regulatory actions in the Dodd Frank Act moved forward in 2011 on multiplefronts The private equity industry madeprogress to reduce the burdens of certainproposed rules but other signicantchallenges remain One notable positive
development is that the SEC will onlyrequire private equity fund advisers to le
requested information on Form PrivateFund (ldquoForm PFrdquo) annually within 120days of the end of the scal year ratherthan quarterly within 15 days of the endof the quarter as originally proposed TheSECrsquos nal Form PF rule also removedseveral requirements that would havebeen unworkable and unnecessary forprivate equity advisers Finally the SECchanged the threshold for a ldquolarge private
fund adviserrdquo for private equity advisersto $2bn from $1bn in AUM
A number of other nancial regulationshave yet to be nalized ProposedVolcker Rule regulations released inOctober might impact the ability of privateequity rms to raise capital from certaingroups of investors including non-USbanking entities insurance companiesrsquogeneral and separate accounts bank-sponsored ldquocustomer fundsrdquo and bank-afliated pension plans Another criticalregulatory issue is the Financial StabilityOversight Councilrsquos second proposedrule on designation of certain non-banknancial companies as ldquosystemicallyimportant nancial institutionsrdquo (SIFIs)which would subject them to capitalrequirements The PEGCC has providedcomments on both regulatory proposals
Tax Reform
Two issues on the Congressionalagenda watched closely by investorsratings agencies and the public willbe reducing the federal decit andfundamental tax reform In the context ofthese discussions at least three specic
policy areas are of interest to privateequity While it is not guaranteed that anyof these proposals will move forward thePEGCC plans to engage actively on allthree areas in 2012
1 Taxation of Flow-Through EntitiesSome have suggested that imposingan entity level tax on ow-throughentities such as business partnershipswould help to reduce tax rates on ldquoCcorporationsrdquo ie corporations with nolimit on the number of shareholdersThe PEGCC strongly opposes such aproposal for the following reasons
(1) Under current tax law partnershipspay one level of tax and C corporations
pay two levels of tax The solution thatadds simplicity to the current tax code isto revise the law so all forms of businessare subject to only one level of taxationinstead of requiring double taxation onmore enterprises
(2) Based on estimates from Ernst ampYoung ow-through businesses wouldsee their tax burden rise by 8 ($27bn)
per year under budget neutral corporate-only tax reform This added burden onmany companies that are the enginesof job creation would hinder economicgrowth
2 Interest DeductibilityThe tax treatment of interest oncorporate debt is also likely to comeunder scrutiny this year as a potentialsource of additional revenue to nancea lower corporate tax rate Reducing thedeductibility of interest would decreaseincentives for corporations to nanceexpansion and capital investment withdebt Although private equity rms andfunds generally have little to no leveragemany private equity portfolio companiesdo utilize debt in their operations ThePEGCC believes that reforming the taxcode in this manner would have negativeconsequences for US businesses capitalmarkets and economic growth
3 Carried InterestPresident Obama and someCongressional Democrats continueto advocate taxing carried interest asordinary income rather than as long-termcapital gains Last fall the bipartisan JointSelect Committee on Decit Reduction
(aka the ldquosupercommitteerdquo) could notnd a compromise solution for lling a$12tn decit gap over the next 10 yearsSome Democrats and Republicansmay continue to seek alternative decitreduction plans in 2012 that couldimplicate the tax treatment of carriedinterest as a revenue source
During this election year the PEGCCwill continue to correct misconceptionsand to provide facts about the industrywhile also pushing forth the views of theprivate equity industry on issues relatedto tax and regulatory reform The year
2012 will be an exciting and challengingone for our organization and the industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 3 AUM Dry Powder Employment and Compensation
Number of Active Private Equity Firms
The fall in fundraising over the past threeyears has affected the number of newrms entering the private equity marketto raise a fund for the rst time Fig 35shows the number of new fund managers joining the sector each year (calculatedusing the vintage of their rst fund torepresent their year of establishment) Any rms that have not raised a fund inthe past 10 years are considered to have
become inactive
At the height of the fundraising boomin 2007 a large number of rms wereestablishing private equity funds forthe rst time More than 450 new rms joined the sector in that year the highestnumber of any year Since then howeverthe number of rms raising a fund forthe rst time has fallen signicantlywith only around 150 new rms in 2011as of November (The 2011 gure onlyincludes rms that have reached one ormore interim closes on their debut fundsin order to begin making investments)
With a number of rms becoming inactivedue to last having raised a fund 10 yearsago this means that the total number ofactive rms in the industry has remainedat a similar level to 2010 at around 4500managers
When analyzing the number of rmsover time by fund type and geographiclocation it is clear that a signicantproportion of the rms dropping out of theindustry were venture capital rms thatlast raised funds in the tech bubble andhave since been unable to raise furthercapital from investors
Employment Levels at Private Equity Firms
When private equity rms that do notraise or have not yet raised distinctprivate equity funds (ie those thatmanage corporate or personal capitaland those that manage third-party capitalwithout pooling into commingled privateinvestment vehicles) are includedthe total number of active rms underconsideration increases from the 4500previously mentioned to more than 7500In total these rms employ an estimated85000 people It is important to note thatour estimate here constitutes the ldquocorerdquo
of the industry taking into considerationrms managing capital committed byinstitutional and other large investorsBeneath this lies a further tranche ofsmaller rms that invest lesser sumsof capital raising money from privatesources
Economies of Scale
The number of employees at privateequity rms naturally varies signicantly
with the assets under management ofthe rms in question as Fig 36 showsFirms with less than $250 mn in assetsunder management have an average of92 employees while rms with morethan $10 bn in total assets employan average of more than 230 peopleHowever the larger rms tend to havefar fewer employees per $1 bn in assetsunder management than the smallerrms thus beneting from economies ofscale when it comes to charging
Employment and
Compensation
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
1 9 8 0
1 9 8 1
1 9 8 2
1 9 8 3
1 9 8 4
1 9 8 5
1 9 8 6
1 9 8 7
1 9 8 8
1 9 8 9
1 9 9 0
1 9 9 1
1 9 9 2
1 9 9 3
1 9 9 4
1 9 9 5
1 9 9 6
1 9 9 7
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
2 0 1 0
2 0 1 1
New
Existing N u m b e r o f F i r m s
Fig 35 Number of Active Private Equity Firms over Time (by Vintage of First Fund Raised)
92 155
220
380
858
2316
868
437312
208126 105
0
50
100
150
200
250
L e s s t h a n
$ 2
5 0 m n
$ 2 5 0 - 4 9 9 m n
$ 5 0 0 - 9 9 9 m n
$ 1
- 4 9
b n
$ 5
- 9 9
b n
$ 1 0 b n
o
r M o r e
Average No ofStaff
Average No ofStaff per $1bnAUM
Fig 36 Average Number of Employees by Firm Assets under Management
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Fig 44 Buyout - 20 Largest GPs by Total Funds Raised in Last 10 Years
Rank Firm Name
Total FundsRaised inLast 10
Years ($bn)
FirmHeadquarters
1 Blackstone Group 442 US
2 TPG 439 US
3 Carlyle Group 425 US
4 Kohlberg Kravis Roberts 416 US
5 CVC Capital Partners 330 UK
6 Bain Capital 316 US
7 Goldman Sachs 291 US
8 Apollo Global Management 248 US
9 Apax Partners 241 UK
10 Hellman amp Friedman 207 US
11 Advent International 205 US
12 Permira 180 UK
13 Providence Equity Partners 164 US
14 BC Partners 159 UK
15 EQT Partners 157 Sweden
16 JC Flowers amp Co 144 US
17 Silver Lake 141 US
18 3i 134 UK
19Charterhouse CapitalPartners
131 UK
20 Bridgepoint Capital 128 UK
Fig 45 Buyout - 20 Largest GPs by Estimated Dry Powder
Rank Firm NameEstimated
Dry Powder($bn)
FirmHeadquarters
1 Blackstone Group 158 US
2 Carlyle Group 114 US
3 CVC Capital Partners 91 UK
4 Hellman amp Friedman 90 US
5 BC Partners 89 UK
6 Goldman Sachs 85 US
7 TPG 76 US
8 Bain Capital 71 US
9 Advent International 66 US
10 EQT Partners 65 Sweden
11 Kohlberg Kravis Roberts 63 US
12 Berkshire Partners 48 US
13 Bridgepoint Capital 45 UK
14Charterhouse CapitalPartners
44 UK
15 Silver Lake 43 US
16 Apollo Global Management 41 US
17 Summit Partners 40 US
18 TA Associates 36 US
19 Montagu Private Equity 36 UK
20 Lindsay Goldberg 34 US
2722
13 16 14 14 13 14 15
7378
87 84 86 86 87 86 85
0
10
20
30
40
50
60
70
80
90
100
2003 2004 2005 2006 2007 2008 2009 2010 2011
CapitalRaised byExistingGPs
CapitalRaised byNew GPs
Fig 43 Annual Private Equity Capital Raised New vs Existing GPs
P r o p o r t i o n o f T o t a l C a p i t a l R a i s e d
Year of Final Close
All tables exclude funds of funds and secondary funds of funds
Fund Manager Profles is theindustryrsquos leading source of prolesand data on private equity fundmanagers It contains detailedproles for over 6200 fund managersspecializing in buyout venturecapital mezzanine distressed debtand other private equity investmentsand includes more than 23000 keycontacts at these rms
To nd out more please visit
wwwpreqincomfmp
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Growth GPs
Key Stats and Facts
61
31
6 2
1 Fund
2-3 Funds
4-5 Funds
6 Funds or More
Fig 426 Breakdown of Growth Firms by Number of Funds Raised Fig 427 Number of Firms Actively Managing Growth Funds byCountry
GP Headquarters No of Firms
US 87
China 56
India 39
UK 26
Hong Kong 21
France 15
Singapore 14
Italy 12
South Korea 12
Australia 9
4045
22
17
43 44
48
16
6
40
0
10
20
30
40
50
60
B u s i n e s s S e r v i c e s
C o n s u m e r
D i s c r e t i o n a r y
E n e r g y a n d
U t i l i t i e s
F o o d a n d
A g r i c u l t u r e
H e a l t h C a r e
I n d u s t r i a l s
I n f o r m a t i o n
T e c h n o l o g y
M a t e r i a l s
R e a l E s t a t e
T e l e c o m s M e d i a
a n d
C o m m u n i c a t i o n s
Fig 428 Growth Firmsrsquo Industry Preferences for UnderlyingInvestments
Fig 430 10 Largest Growth Funds Raised of All Time
Fund Firm Name Year Closed Fund Size (bn) GP Location
Citigroup International Growth Partnership II Citi Venture Capital International 2008 43 USD UK
Technology Crossover Ventures VII Technology Crossover Ventures 2007 30 USD US
Baring Asia Private Equity Fund V Baring Private Equity Asia 2011 25 USD Hong Kong
3i Growth Capital Fund 3i 2010 12 EUR UK
CDH China Fund III CDH China Management Company 2007 16 USD China
Citigroup International Growth Partnership Citi Venture Capital International 2005 16 USD UK
Baring Asia Private Equity Fund IV Baring Private Equity Asia 2008 15 USD Hong Kong
TPG Star TPG 2008 15 USD US
Shanxi Energy Industry Investment FundChina Science amp Merchants Capital
Management2009 100 CNY China
CDH China Fund IV CDH China Management Company 2010 15 USD China
66
14
17
4
0
10
20
30
40
50
60
70
$0-50mn $51-100mn $101-500mn gt $500mn
Fig 429 Breakdown of Growth Firms by Maximum Equity InvestmentSize
P r o p o r t i o n o f F i r m s
P r o p o r t i o n o f F i r m s
Maximum Equity Investment Size
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The 2012 Preqin Global Private Equity Report - Sample Pages 5 Fundraising
Overview of Current
Fundraising Market
As of the start of 2012 there are a record1814 funds in market targeting aggregatecapital commitments of $7442bn Thesegures represent a 14 increase in thenumber of funds on the road and a 24increase in the aggregate capital soughtfrom the beginning of 2011 Fig 59shows that the beginning of 2012 marksthe rst rise in aggregate capital soughtsince 2009 when 1624 funds weretargeting a record $8884bn in aggregatecapital The January 2012 gure of 1814funds on the road is a new record for theprivate equity industry
Fig 510 reveals that buyout funds areseeking the largest amount of capitalof all fund types with $1774bn beingtargeted by 230 vehicles In terms ofaggregate capital sought this representsa substantial 81 increase from the$980bn targeted by 180 funds in January2011 Real estate funds are seeking thesecond largest amount of capital from thehighest number of funds with $1645bn
sought by 450 vehicles Aggregatecapital targeted by real estate funds inmarket has increased by 18 from oneyear ago and the number of funds on theroad has risen by nearly 5
Regional Focus
As shown in Fig 511 798 primarily North America-focused funds are seeking$3483bn in capital commitments This isa 21 rise from the $2885bn targeted
by 713 North America-focused funds inJanuary 2011 The aggregate capitalsought by primarily Europe-focusedfunds has increased by 38 to $1971bnfrom the beginning of 2011 and therehas been a marginal rise in the numberof funds from 389 in January 2011 to 412at the start of 2012
For the second consecutive year Asiaand Rest of World-focused vehiclesoutnumber their European counterpartsThere are currently 604 funds focusedprimarily on Asia and Rest of Worldtargeting an aggregate $1988bnreecting increases of 23 and 17respectively on January 2011 guresWithin this category Asia makes up thegreatest proportionwith 379 funds inmarket targeting$1233bn inaggregate capitalLatin America-
focused fundsare targeting thesecond highestamount of capital$215bn and fundstargeting the MiddleEast and Israel areseeking a combined$157bn
Recent data highlights the fact thatthe fundraising climate is especiallychallenging at present with a recordnumber of funds currently on the roadcompeting for capital commitments froman investor community that remainscautious about making new private equityinvestments However it is also worthnoting that 40 of private equity fundscurrently seeking capital have alreadyachieved at least one interim closehaving secured commitments totalling$1267bn towards their fundraisingtargets which demonstrates that thereis still a ow of capital commitmentsentering the marketplace
450
230
144
370
194 185
66
27
60
28
60
1645 1774
932
546 594 488 476
200 216
273298
0
50
100
150
200
250
300
350
400
450
500
R e a l E s t a t e
B u y o u t
I n f r a s
t r u c t u r e
V e n t u r e
G r o w t h
F u n d o f F u n d s
D i s t r e s s e d P E
S e c o n d a r i e s
M e
z z a n i n e
N
a t u r a l
R e
s o u r c e s
O t h e r
No Funds Raising
Aggregate Target($bn)
Fig 510 Composition of Current Fundraising Market by Fund Type
798
412
604
3483
1971 1988
0
100
200
300
400
500
600
700
800
900
North America Europe Asia and Rest of World
No FundsRaising
AggregateTarget ($bn)
Fig 511 Composition of Current Fundraising Market by Fund PrimaryGeographic Focus
1304
16241561 1594
1814
7050
8884
6985
6018
7442
0
200
400
600
800
1000
1200
1400
1600
1800
2000
January 2008 January 2009 January 2010 January 2011 January 2012
No Funds Raising
Aggregate Target($bn)
Fig 59 Private Equity Funds in Market over Time 2008 - 2012
Primary Geographic Focus
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The 2012 Preqin Global Private Equity Report - Sample Pages 10 Performance
Private Equity
Benchmarks
Fund Type BuyoutGeographic Focus All Regions
Benchmark Type MedianAs At 30 Jun 11
Fund Type Buyout by Fund SizeGeographic Focus All Regions
Benchmark Type Median
VintageNo
Funds
Median Fund Multiple Quartiles (X) IRR Quartiles () IRR MaxMin ()
Called()
Dist ()DPI
Value() RVPI
Q1 Median Q3 Q1 Median Q3 Max Min
2011 7 40 00 305 nm 030 nm nm nm nm nm nm2010 21 200 00 945 107 097 091 nm nm nm nm nm2009 28 392 00 1041 125 109 099 nm nm nm nm nm2008 51 477 51 958 130 110 094 219 69 -24 457 -2382007 46 711 142 995 132 120 101 147 85 11 545 -300
2006 65 889 160 940 130 115 104 119 64 16 280 -2912005 61 939 426 858 160 135 118 166 101 60 769 -1212004 35 922 836 831 213 167 127 273 169 112 817 -782003 26 985 1144 586 245 179 146 333 183 96 590 -6042002 19 995 1644 280 224 192 128 383 257 78 720 -202001 24 960 1791 189 275 197 151 433 247 139 941 612000 51 972 1643 218 229 184 152 260 207 120 575 461999 36 993 1388 69 203 155 112 171 121 63 374 -2511998 36 1000 1438 05 184 148 098 172 87 -25 313 -10001997 33 1000 1606 00 214 161 110 223 87 13 840 -1911996 19 980 1799 00 236 181 077 226 169 -33 1474 -891995 24 1000 1372 00 218 137 114 300 97 23 599 -861994 27 1000 1887 00 247 189 151 363 226 110 922 -141993 16 1000 2015 00 288 202 138 232 167 77 580 081992 17 1000 2074 00 322 208 156 376 212 79 606 -4991991 10 1000 2465 00 365 247 202 490 253 202 547 -05
1990 19 1000 2147 00 342 215 138 294 195 93 720 24
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small Buyout
Median 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()
2010 nm nm nm nm 094 nm 096 nm 092 nm 089 nm 097 nm 091 nm
2009 106 nm 107 nm 103 nm 106 nm 102 nm 109 nm 106 nm 107 nm
2008 100 -03 109 52 115 159 109 133 104 41 103 56 113 99 117 91
2007 114 56 108 25 114 82 113 75 119 99 118 66 113 81 112 72
2006 110 28 107 08 121 75 114 50 115 66 117 58 119 77 115 37
2005 145 104 148 100 131 77 133 117 128 81 133 95 141 142 154 1802004 163 123 175 185 143 170 138 207 165 135 181 217 157 149 160 166
2003 189 295 206 296 199 191 206 191 162 125 167 145 164 113 167 185
2002 197 325 191 278 190 225 183 197 155 173 158 164 180 185 182 216
2001 212 289 239 308 190 258 210 266 200 246 214 265 198 334 204 251
2000 186 182 191 184 163 135 164 130 197 210 191 202 197 179 189 164
1999 184 147 173 107 151 12 146 20 162 101 176 121 137 145 138 105
1998 145 59 142 50 138 81 133 19 139 71 139 22 162 114 167 108
1997 162 99 141 57 164 118 178 180 110 15 112 23 158 99 142 78
Denition used for Mega Large Mid-Market Small Buyout Small Mid Large Mega
Vintage 1992-1996 le $200mn $201-$500mn gt $501mn -
Vintage 1997-2004 le $300mn $301-$750mn $751-$2000mn gt $2000mn
Vintage 2005-2011 le $500mn $501-$1500mn $1501-$4500mn gt $4500mn
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The 2012 Preqin Global Private Equity Report - Sample Pages 11 Investors
Investor Appetite
for Private Equity in 20122011 has been another challenging yearfor fundraising and the number of fundsreaching a nal close over the course ofthe year has remained low 616 fundsclosed having raised an aggregate$2656bn in commitments over the courseof the year However there have beensigns of improvement our conversationswith investors have revealed that thevast majority of LPs are seeking newopportunities and many are picking up
the pace of their commitments Preqininterviewed 100 prominent investorsfrom around the world in December 2011to nd out about their attitudes towardsthe current private equity market andtheir plans for investment in the assetclass going forward
Investor Appetite in 2011
Two-thirds of investors we spoke tomade new commitments over the courseof 2011 which is an increase from the58 of investors that had made newcommitments over the course of 2010
in a similar study conducted at the sametime last year
Furthermore as Fig 1111 illustratesa third of investors committed morecapital in 2011 than they did in 2010and 27 committed the same amountover the course of 2011 as they did in2010 Although 28 of investors slowedthe pace of new commitments in 2011compared to 2010 it is worth notingthat 12 of investors that made newcommitments in 2011 did not invest inany new funds in 2010 suggesting anincrease in overall investor appetite for
committing to new funds
Forty-nine percent of investors arecurrently at their targeted level ofexposure to the asset class as Fig1112 demonstrates and 16 are abovetheir target allocation Over a third (35)of LPs are currently below their targetallocations to private equity therefore themajority of investors are likely to continueto make new commitments to privateequity funds in order to build or maintaintheir level of exposure to the asset classOne Danish investor we spoke to that isbelow its target allocation commented
ldquo[We] have had a hesitant PE program
for the last three years and so have a lotof dry powder to invest at the momentrdquo
Investorsrsquo Returns Expectations
Fig 1113 shows that 95 of investorsexpect their private equity investmentsto achieve returns above their publicmarket benchmark Sixty-three percentof investors expect returns of more than400 basis points over the public marketsfrom their private equity portfolio and
a further quarter of investors expect
returns of 200-400 basis points abovepublic market returns
On the whole investors have beensatised with the returns their privateequity investments have achieved AsFig 1114 illustrates three-quarters ofinvestors feel their private equity fundinvestments have met their expectationsand a further 6 feel that their privateequity investments have exceededtheir expectations Many investors have
adjusted their expectations in light of
15
18
27
17
11
12
Significantly MoreCapital in 2011 than in2010
Slightly More Capital in2011 than in 2010
Same Amount ofCapital in 2011 as in2010
Slightly Less Capital in2011 than in 2010
Significantly Less Capitalin 2011 than in 2010
Did Not Invest in 2010but Investing in 2011
Fig 1111 Amount of Capital Investors Committed in 2011 Compared to 2010
33 36 35
54 45 49
1319 16
0
10
20
30
40
50
60
70
80
90
100
Dec-2010 Jun-2011 Dec-2011
Above TargetAllocation
At TargetAllocation
Below TargetAllocation
Fig 1112 Proportion of Investors At Above or Below Their Target Allocations to Private Equity
P r o p o r t i o n o f R e s p o n d e n t s
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2012 Preqin Global Alternatives Reports
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The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
industry
alternative assets intelligent data
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The 2012 Preqin Global Private Equity Report - Sample Pages 3 AUM Dry Powder Employment and Compensation
Number of Active Private Equity Firms
The fall in fundraising over the past threeyears has affected the number of newrms entering the private equity marketto raise a fund for the rst time Fig 35shows the number of new fund managers joining the sector each year (calculatedusing the vintage of their rst fund torepresent their year of establishment) Any rms that have not raised a fund inthe past 10 years are considered to have
become inactive
At the height of the fundraising boomin 2007 a large number of rms wereestablishing private equity funds forthe rst time More than 450 new rms joined the sector in that year the highestnumber of any year Since then howeverthe number of rms raising a fund forthe rst time has fallen signicantlywith only around 150 new rms in 2011as of November (The 2011 gure onlyincludes rms that have reached one ormore interim closes on their debut fundsin order to begin making investments)
With a number of rms becoming inactivedue to last having raised a fund 10 yearsago this means that the total number ofactive rms in the industry has remainedat a similar level to 2010 at around 4500managers
When analyzing the number of rmsover time by fund type and geographiclocation it is clear that a signicantproportion of the rms dropping out of theindustry were venture capital rms thatlast raised funds in the tech bubble andhave since been unable to raise furthercapital from investors
Employment Levels at Private Equity Firms
When private equity rms that do notraise or have not yet raised distinctprivate equity funds (ie those thatmanage corporate or personal capitaland those that manage third-party capitalwithout pooling into commingled privateinvestment vehicles) are includedthe total number of active rms underconsideration increases from the 4500previously mentioned to more than 7500In total these rms employ an estimated85000 people It is important to note thatour estimate here constitutes the ldquocorerdquo
of the industry taking into considerationrms managing capital committed byinstitutional and other large investorsBeneath this lies a further tranche ofsmaller rms that invest lesser sumsof capital raising money from privatesources
Economies of Scale
The number of employees at privateequity rms naturally varies signicantly
with the assets under management ofthe rms in question as Fig 36 showsFirms with less than $250 mn in assetsunder management have an average of92 employees while rms with morethan $10 bn in total assets employan average of more than 230 peopleHowever the larger rms tend to havefar fewer employees per $1 bn in assetsunder management than the smallerrms thus beneting from economies ofscale when it comes to charging
Employment and
Compensation
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
1 9 8 0
1 9 8 1
1 9 8 2
1 9 8 3
1 9 8 4
1 9 8 5
1 9 8 6
1 9 8 7
1 9 8 8
1 9 8 9
1 9 9 0
1 9 9 1
1 9 9 2
1 9 9 3
1 9 9 4
1 9 9 5
1 9 9 6
1 9 9 7
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
2 0 1 0
2 0 1 1
New
Existing N u m b e r o f F i r m s
Fig 35 Number of Active Private Equity Firms over Time (by Vintage of First Fund Raised)
92 155
220
380
858
2316
868
437312
208126 105
0
50
100
150
200
250
L e s s t h a n
$ 2
5 0 m n
$ 2 5 0 - 4 9 9 m n
$ 5 0 0 - 9 9 9 m n
$ 1
- 4 9
b n
$ 5
- 9 9
b n
$ 1 0 b n
o
r M o r e
Average No ofStaff
Average No ofStaff per $1bnAUM
Fig 36 Average Number of Employees by Firm Assets under Management
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
5copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Fig 44 Buyout - 20 Largest GPs by Total Funds Raised in Last 10 Years
Rank Firm Name
Total FundsRaised inLast 10
Years ($bn)
FirmHeadquarters
1 Blackstone Group 442 US
2 TPG 439 US
3 Carlyle Group 425 US
4 Kohlberg Kravis Roberts 416 US
5 CVC Capital Partners 330 UK
6 Bain Capital 316 US
7 Goldman Sachs 291 US
8 Apollo Global Management 248 US
9 Apax Partners 241 UK
10 Hellman amp Friedman 207 US
11 Advent International 205 US
12 Permira 180 UK
13 Providence Equity Partners 164 US
14 BC Partners 159 UK
15 EQT Partners 157 Sweden
16 JC Flowers amp Co 144 US
17 Silver Lake 141 US
18 3i 134 UK
19Charterhouse CapitalPartners
131 UK
20 Bridgepoint Capital 128 UK
Fig 45 Buyout - 20 Largest GPs by Estimated Dry Powder
Rank Firm NameEstimated
Dry Powder($bn)
FirmHeadquarters
1 Blackstone Group 158 US
2 Carlyle Group 114 US
3 CVC Capital Partners 91 UK
4 Hellman amp Friedman 90 US
5 BC Partners 89 UK
6 Goldman Sachs 85 US
7 TPG 76 US
8 Bain Capital 71 US
9 Advent International 66 US
10 EQT Partners 65 Sweden
11 Kohlberg Kravis Roberts 63 US
12 Berkshire Partners 48 US
13 Bridgepoint Capital 45 UK
14Charterhouse CapitalPartners
44 UK
15 Silver Lake 43 US
16 Apollo Global Management 41 US
17 Summit Partners 40 US
18 TA Associates 36 US
19 Montagu Private Equity 36 UK
20 Lindsay Goldberg 34 US
2722
13 16 14 14 13 14 15
7378
87 84 86 86 87 86 85
0
10
20
30
40
50
60
70
80
90
100
2003 2004 2005 2006 2007 2008 2009 2010 2011
CapitalRaised byExistingGPs
CapitalRaised byNew GPs
Fig 43 Annual Private Equity Capital Raised New vs Existing GPs
P r o p o r t i o n o f T o t a l C a p i t a l R a i s e d
Year of Final Close
All tables exclude funds of funds and secondary funds of funds
Fund Manager Profles is theindustryrsquos leading source of prolesand data on private equity fundmanagers It contains detailedproles for over 6200 fund managersspecializing in buyout venturecapital mezzanine distressed debtand other private equity investmentsand includes more than 23000 keycontacts at these rms
To nd out more please visit
wwwpreqincomfmp
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
6copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Growth GPs
Key Stats and Facts
61
31
6 2
1 Fund
2-3 Funds
4-5 Funds
6 Funds or More
Fig 426 Breakdown of Growth Firms by Number of Funds Raised Fig 427 Number of Firms Actively Managing Growth Funds byCountry
GP Headquarters No of Firms
US 87
China 56
India 39
UK 26
Hong Kong 21
France 15
Singapore 14
Italy 12
South Korea 12
Australia 9
4045
22
17
43 44
48
16
6
40
0
10
20
30
40
50
60
B u s i n e s s S e r v i c e s
C o n s u m e r
D i s c r e t i o n a r y
E n e r g y a n d
U t i l i t i e s
F o o d a n d
A g r i c u l t u r e
H e a l t h C a r e
I n d u s t r i a l s
I n f o r m a t i o n
T e c h n o l o g y
M a t e r i a l s
R e a l E s t a t e
T e l e c o m s M e d i a
a n d
C o m m u n i c a t i o n s
Fig 428 Growth Firmsrsquo Industry Preferences for UnderlyingInvestments
Fig 430 10 Largest Growth Funds Raised of All Time
Fund Firm Name Year Closed Fund Size (bn) GP Location
Citigroup International Growth Partnership II Citi Venture Capital International 2008 43 USD UK
Technology Crossover Ventures VII Technology Crossover Ventures 2007 30 USD US
Baring Asia Private Equity Fund V Baring Private Equity Asia 2011 25 USD Hong Kong
3i Growth Capital Fund 3i 2010 12 EUR UK
CDH China Fund III CDH China Management Company 2007 16 USD China
Citigroup International Growth Partnership Citi Venture Capital International 2005 16 USD UK
Baring Asia Private Equity Fund IV Baring Private Equity Asia 2008 15 USD Hong Kong
TPG Star TPG 2008 15 USD US
Shanxi Energy Industry Investment FundChina Science amp Merchants Capital
Management2009 100 CNY China
CDH China Fund IV CDH China Management Company 2010 15 USD China
66
14
17
4
0
10
20
30
40
50
60
70
$0-50mn $51-100mn $101-500mn gt $500mn
Fig 429 Breakdown of Growth Firms by Maximum Equity InvestmentSize
P r o p o r t i o n o f F i r m s
P r o p o r t i o n o f F i r m s
Maximum Equity Investment Size
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7 copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 5 Fundraising
Overview of Current
Fundraising Market
As of the start of 2012 there are a record1814 funds in market targeting aggregatecapital commitments of $7442bn Thesegures represent a 14 increase in thenumber of funds on the road and a 24increase in the aggregate capital soughtfrom the beginning of 2011 Fig 59shows that the beginning of 2012 marksthe rst rise in aggregate capital soughtsince 2009 when 1624 funds weretargeting a record $8884bn in aggregatecapital The January 2012 gure of 1814funds on the road is a new record for theprivate equity industry
Fig 510 reveals that buyout funds areseeking the largest amount of capitalof all fund types with $1774bn beingtargeted by 230 vehicles In terms ofaggregate capital sought this representsa substantial 81 increase from the$980bn targeted by 180 funds in January2011 Real estate funds are seeking thesecond largest amount of capital from thehighest number of funds with $1645bn
sought by 450 vehicles Aggregatecapital targeted by real estate funds inmarket has increased by 18 from oneyear ago and the number of funds on theroad has risen by nearly 5
Regional Focus
As shown in Fig 511 798 primarily North America-focused funds are seeking$3483bn in capital commitments This isa 21 rise from the $2885bn targeted
by 713 North America-focused funds inJanuary 2011 The aggregate capitalsought by primarily Europe-focusedfunds has increased by 38 to $1971bnfrom the beginning of 2011 and therehas been a marginal rise in the numberof funds from 389 in January 2011 to 412at the start of 2012
For the second consecutive year Asiaand Rest of World-focused vehiclesoutnumber their European counterpartsThere are currently 604 funds focusedprimarily on Asia and Rest of Worldtargeting an aggregate $1988bnreecting increases of 23 and 17respectively on January 2011 guresWithin this category Asia makes up thegreatest proportionwith 379 funds inmarket targeting$1233bn inaggregate capitalLatin America-
focused fundsare targeting thesecond highestamount of capital$215bn and fundstargeting the MiddleEast and Israel areseeking a combined$157bn
Recent data highlights the fact thatthe fundraising climate is especiallychallenging at present with a recordnumber of funds currently on the roadcompeting for capital commitments froman investor community that remainscautious about making new private equityinvestments However it is also worthnoting that 40 of private equity fundscurrently seeking capital have alreadyachieved at least one interim closehaving secured commitments totalling$1267bn towards their fundraisingtargets which demonstrates that thereis still a ow of capital commitmentsentering the marketplace
450
230
144
370
194 185
66
27
60
28
60
1645 1774
932
546 594 488 476
200 216
273298
0
50
100
150
200
250
300
350
400
450
500
R e a l E s t a t e
B u y o u t
I n f r a s
t r u c t u r e
V e n t u r e
G r o w t h
F u n d o f F u n d s
D i s t r e s s e d P E
S e c o n d a r i e s
M e
z z a n i n e
N
a t u r a l
R e
s o u r c e s
O t h e r
No Funds Raising
Aggregate Target($bn)
Fig 510 Composition of Current Fundraising Market by Fund Type
798
412
604
3483
1971 1988
0
100
200
300
400
500
600
700
800
900
North America Europe Asia and Rest of World
No FundsRaising
AggregateTarget ($bn)
Fig 511 Composition of Current Fundraising Market by Fund PrimaryGeographic Focus
1304
16241561 1594
1814
7050
8884
6985
6018
7442
0
200
400
600
800
1000
1200
1400
1600
1800
2000
January 2008 January 2009 January 2010 January 2011 January 2012
No Funds Raising
Aggregate Target($bn)
Fig 59 Private Equity Funds in Market over Time 2008 - 2012
Primary Geographic Focus
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The 2012 Preqin Global Private Equity Report - Sample Pages 10 Performance
Private Equity
Benchmarks
Fund Type BuyoutGeographic Focus All Regions
Benchmark Type MedianAs At 30 Jun 11
Fund Type Buyout by Fund SizeGeographic Focus All Regions
Benchmark Type Median
VintageNo
Funds
Median Fund Multiple Quartiles (X) IRR Quartiles () IRR MaxMin ()
Called()
Dist ()DPI
Value() RVPI
Q1 Median Q3 Q1 Median Q3 Max Min
2011 7 40 00 305 nm 030 nm nm nm nm nm nm2010 21 200 00 945 107 097 091 nm nm nm nm nm2009 28 392 00 1041 125 109 099 nm nm nm nm nm2008 51 477 51 958 130 110 094 219 69 -24 457 -2382007 46 711 142 995 132 120 101 147 85 11 545 -300
2006 65 889 160 940 130 115 104 119 64 16 280 -2912005 61 939 426 858 160 135 118 166 101 60 769 -1212004 35 922 836 831 213 167 127 273 169 112 817 -782003 26 985 1144 586 245 179 146 333 183 96 590 -6042002 19 995 1644 280 224 192 128 383 257 78 720 -202001 24 960 1791 189 275 197 151 433 247 139 941 612000 51 972 1643 218 229 184 152 260 207 120 575 461999 36 993 1388 69 203 155 112 171 121 63 374 -2511998 36 1000 1438 05 184 148 098 172 87 -25 313 -10001997 33 1000 1606 00 214 161 110 223 87 13 840 -1911996 19 980 1799 00 236 181 077 226 169 -33 1474 -891995 24 1000 1372 00 218 137 114 300 97 23 599 -861994 27 1000 1887 00 247 189 151 363 226 110 922 -141993 16 1000 2015 00 288 202 138 232 167 77 580 081992 17 1000 2074 00 322 208 156 376 212 79 606 -4991991 10 1000 2465 00 365 247 202 490 253 202 547 -05
1990 19 1000 2147 00 342 215 138 294 195 93 720 24
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small Buyout
Median 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()
2010 nm nm nm nm 094 nm 096 nm 092 nm 089 nm 097 nm 091 nm
2009 106 nm 107 nm 103 nm 106 nm 102 nm 109 nm 106 nm 107 nm
2008 100 -03 109 52 115 159 109 133 104 41 103 56 113 99 117 91
2007 114 56 108 25 114 82 113 75 119 99 118 66 113 81 112 72
2006 110 28 107 08 121 75 114 50 115 66 117 58 119 77 115 37
2005 145 104 148 100 131 77 133 117 128 81 133 95 141 142 154 1802004 163 123 175 185 143 170 138 207 165 135 181 217 157 149 160 166
2003 189 295 206 296 199 191 206 191 162 125 167 145 164 113 167 185
2002 197 325 191 278 190 225 183 197 155 173 158 164 180 185 182 216
2001 212 289 239 308 190 258 210 266 200 246 214 265 198 334 204 251
2000 186 182 191 184 163 135 164 130 197 210 191 202 197 179 189 164
1999 184 147 173 107 151 12 146 20 162 101 176 121 137 145 138 105
1998 145 59 142 50 138 81 133 19 139 71 139 22 162 114 167 108
1997 162 99 141 57 164 118 178 180 110 15 112 23 158 99 142 78
Denition used for Mega Large Mid-Market Small Buyout Small Mid Large Mega
Vintage 1992-1996 le $200mn $201-$500mn gt $501mn -
Vintage 1997-2004 le $300mn $301-$750mn $751-$2000mn gt $2000mn
Vintage 2005-2011 le $500mn $501-$1500mn $1501-$4500mn gt $4500mn
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The 2012 Preqin Global Private Equity Report - Sample Pages 11 Investors
Investor Appetite
for Private Equity in 20122011 has been another challenging yearfor fundraising and the number of fundsreaching a nal close over the course ofthe year has remained low 616 fundsclosed having raised an aggregate$2656bn in commitments over the courseof the year However there have beensigns of improvement our conversationswith investors have revealed that thevast majority of LPs are seeking newopportunities and many are picking up
the pace of their commitments Preqininterviewed 100 prominent investorsfrom around the world in December 2011to nd out about their attitudes towardsthe current private equity market andtheir plans for investment in the assetclass going forward
Investor Appetite in 2011
Two-thirds of investors we spoke tomade new commitments over the courseof 2011 which is an increase from the58 of investors that had made newcommitments over the course of 2010
in a similar study conducted at the sametime last year
Furthermore as Fig 1111 illustratesa third of investors committed morecapital in 2011 than they did in 2010and 27 committed the same amountover the course of 2011 as they did in2010 Although 28 of investors slowedthe pace of new commitments in 2011compared to 2010 it is worth notingthat 12 of investors that made newcommitments in 2011 did not invest inany new funds in 2010 suggesting anincrease in overall investor appetite for
committing to new funds
Forty-nine percent of investors arecurrently at their targeted level ofexposure to the asset class as Fig1112 demonstrates and 16 are abovetheir target allocation Over a third (35)of LPs are currently below their targetallocations to private equity therefore themajority of investors are likely to continueto make new commitments to privateequity funds in order to build or maintaintheir level of exposure to the asset classOne Danish investor we spoke to that isbelow its target allocation commented
ldquo[We] have had a hesitant PE program
for the last three years and so have a lotof dry powder to invest at the momentrdquo
Investorsrsquo Returns Expectations
Fig 1113 shows that 95 of investorsexpect their private equity investmentsto achieve returns above their publicmarket benchmark Sixty-three percentof investors expect returns of more than400 basis points over the public marketsfrom their private equity portfolio and
a further quarter of investors expect
returns of 200-400 basis points abovepublic market returns
On the whole investors have beensatised with the returns their privateequity investments have achieved AsFig 1114 illustrates three-quarters ofinvestors feel their private equity fundinvestments have met their expectationsand a further 6 feel that their privateequity investments have exceededtheir expectations Many investors have
adjusted their expectations in light of
15
18
27
17
11
12
Significantly MoreCapital in 2011 than in2010
Slightly More Capital in2011 than in 2010
Same Amount ofCapital in 2011 as in2010
Slightly Less Capital in2011 than in 2010
Significantly Less Capitalin 2011 than in 2010
Did Not Invest in 2010but Investing in 2011
Fig 1111 Amount of Capital Investors Committed in 2011 Compared to 2010
33 36 35
54 45 49
1319 16
0
10
20
30
40
50
60
70
80
90
100
Dec-2010 Jun-2011 Dec-2011
Above TargetAllocation
At TargetAllocation
Below TargetAllocation
Fig 1112 Proportion of Investors At Above or Below Their Target Allocations to Private Equity
P r o p o r t i o n o f R e s p o n d e n t s
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2012 Preqin Global Alternatives Reports
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PostZip
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I would like to purchase
The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
industry
alternative assets intelligent data
Completed Forms
Post (address to Preqin)One Grand Central Place60 E 42nd StreetSuite 2544 New YorkNY 10165
Equitable House47 King William StreetLondon EC4R 9AF
Asia Square Tower 107-048 Marina ViewSingapore 018960
303 Twin Dolphin DriveSuite 600Redwood CityCA 94065
Fax+1 440 445 9595+44 (0)870 330 5892+65 6407 1001
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2012 Preqin Global
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Real Estate
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Private EquityReport
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8132019 Preqin Global Private Equity Report 2012 Sample Pages
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8copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
5copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Fig 44 Buyout - 20 Largest GPs by Total Funds Raised in Last 10 Years
Rank Firm Name
Total FundsRaised inLast 10
Years ($bn)
FirmHeadquarters
1 Blackstone Group 442 US
2 TPG 439 US
3 Carlyle Group 425 US
4 Kohlberg Kravis Roberts 416 US
5 CVC Capital Partners 330 UK
6 Bain Capital 316 US
7 Goldman Sachs 291 US
8 Apollo Global Management 248 US
9 Apax Partners 241 UK
10 Hellman amp Friedman 207 US
11 Advent International 205 US
12 Permira 180 UK
13 Providence Equity Partners 164 US
14 BC Partners 159 UK
15 EQT Partners 157 Sweden
16 JC Flowers amp Co 144 US
17 Silver Lake 141 US
18 3i 134 UK
19Charterhouse CapitalPartners
131 UK
20 Bridgepoint Capital 128 UK
Fig 45 Buyout - 20 Largest GPs by Estimated Dry Powder
Rank Firm NameEstimated
Dry Powder($bn)
FirmHeadquarters
1 Blackstone Group 158 US
2 Carlyle Group 114 US
3 CVC Capital Partners 91 UK
4 Hellman amp Friedman 90 US
5 BC Partners 89 UK
6 Goldman Sachs 85 US
7 TPG 76 US
8 Bain Capital 71 US
9 Advent International 66 US
10 EQT Partners 65 Sweden
11 Kohlberg Kravis Roberts 63 US
12 Berkshire Partners 48 US
13 Bridgepoint Capital 45 UK
14Charterhouse CapitalPartners
44 UK
15 Silver Lake 43 US
16 Apollo Global Management 41 US
17 Summit Partners 40 US
18 TA Associates 36 US
19 Montagu Private Equity 36 UK
20 Lindsay Goldberg 34 US
2722
13 16 14 14 13 14 15
7378
87 84 86 86 87 86 85
0
10
20
30
40
50
60
70
80
90
100
2003 2004 2005 2006 2007 2008 2009 2010 2011
CapitalRaised byExistingGPs
CapitalRaised byNew GPs
Fig 43 Annual Private Equity Capital Raised New vs Existing GPs
P r o p o r t i o n o f T o t a l C a p i t a l R a i s e d
Year of Final Close
All tables exclude funds of funds and secondary funds of funds
Fund Manager Profles is theindustryrsquos leading source of prolesand data on private equity fundmanagers It contains detailedproles for over 6200 fund managersspecializing in buyout venturecapital mezzanine distressed debtand other private equity investmentsand includes more than 23000 keycontacts at these rms
To nd out more please visit
wwwpreqincomfmp
8132019 Preqin Global Private Equity Report 2012 Sample Pages
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10copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
6copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Growth GPs
Key Stats and Facts
61
31
6 2
1 Fund
2-3 Funds
4-5 Funds
6 Funds or More
Fig 426 Breakdown of Growth Firms by Number of Funds Raised Fig 427 Number of Firms Actively Managing Growth Funds byCountry
GP Headquarters No of Firms
US 87
China 56
India 39
UK 26
Hong Kong 21
France 15
Singapore 14
Italy 12
South Korea 12
Australia 9
4045
22
17
43 44
48
16
6
40
0
10
20
30
40
50
60
B u s i n e s s S e r v i c e s
C o n s u m e r
D i s c r e t i o n a r y
E n e r g y a n d
U t i l i t i e s
F o o d a n d
A g r i c u l t u r e
H e a l t h C a r e
I n d u s t r i a l s
I n f o r m a t i o n
T e c h n o l o g y
M a t e r i a l s
R e a l E s t a t e
T e l e c o m s M e d i a
a n d
C o m m u n i c a t i o n s
Fig 428 Growth Firmsrsquo Industry Preferences for UnderlyingInvestments
Fig 430 10 Largest Growth Funds Raised of All Time
Fund Firm Name Year Closed Fund Size (bn) GP Location
Citigroup International Growth Partnership II Citi Venture Capital International 2008 43 USD UK
Technology Crossover Ventures VII Technology Crossover Ventures 2007 30 USD US
Baring Asia Private Equity Fund V Baring Private Equity Asia 2011 25 USD Hong Kong
3i Growth Capital Fund 3i 2010 12 EUR UK
CDH China Fund III CDH China Management Company 2007 16 USD China
Citigroup International Growth Partnership Citi Venture Capital International 2005 16 USD UK
Baring Asia Private Equity Fund IV Baring Private Equity Asia 2008 15 USD Hong Kong
TPG Star TPG 2008 15 USD US
Shanxi Energy Industry Investment FundChina Science amp Merchants Capital
Management2009 100 CNY China
CDH China Fund IV CDH China Management Company 2010 15 USD China
66
14
17
4
0
10
20
30
40
50
60
70
$0-50mn $51-100mn $101-500mn gt $500mn
Fig 429 Breakdown of Growth Firms by Maximum Equity InvestmentSize
P r o p o r t i o n o f F i r m s
P r o p o r t i o n o f F i r m s
Maximum Equity Investment Size
8132019 Preqin Global Private Equity Report 2012 Sample Pages
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12 copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
7 copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 5 Fundraising
Overview of Current
Fundraising Market
As of the start of 2012 there are a record1814 funds in market targeting aggregatecapital commitments of $7442bn Thesegures represent a 14 increase in thenumber of funds on the road and a 24increase in the aggregate capital soughtfrom the beginning of 2011 Fig 59shows that the beginning of 2012 marksthe rst rise in aggregate capital soughtsince 2009 when 1624 funds weretargeting a record $8884bn in aggregatecapital The January 2012 gure of 1814funds on the road is a new record for theprivate equity industry
Fig 510 reveals that buyout funds areseeking the largest amount of capitalof all fund types with $1774bn beingtargeted by 230 vehicles In terms ofaggregate capital sought this representsa substantial 81 increase from the$980bn targeted by 180 funds in January2011 Real estate funds are seeking thesecond largest amount of capital from thehighest number of funds with $1645bn
sought by 450 vehicles Aggregatecapital targeted by real estate funds inmarket has increased by 18 from oneyear ago and the number of funds on theroad has risen by nearly 5
Regional Focus
As shown in Fig 511 798 primarily North America-focused funds are seeking$3483bn in capital commitments This isa 21 rise from the $2885bn targeted
by 713 North America-focused funds inJanuary 2011 The aggregate capitalsought by primarily Europe-focusedfunds has increased by 38 to $1971bnfrom the beginning of 2011 and therehas been a marginal rise in the numberof funds from 389 in January 2011 to 412at the start of 2012
For the second consecutive year Asiaand Rest of World-focused vehiclesoutnumber their European counterpartsThere are currently 604 funds focusedprimarily on Asia and Rest of Worldtargeting an aggregate $1988bnreecting increases of 23 and 17respectively on January 2011 guresWithin this category Asia makes up thegreatest proportionwith 379 funds inmarket targeting$1233bn inaggregate capitalLatin America-
focused fundsare targeting thesecond highestamount of capital$215bn and fundstargeting the MiddleEast and Israel areseeking a combined$157bn
Recent data highlights the fact thatthe fundraising climate is especiallychallenging at present with a recordnumber of funds currently on the roadcompeting for capital commitments froman investor community that remainscautious about making new private equityinvestments However it is also worthnoting that 40 of private equity fundscurrently seeking capital have alreadyachieved at least one interim closehaving secured commitments totalling$1267bn towards their fundraisingtargets which demonstrates that thereis still a ow of capital commitmentsentering the marketplace
450
230
144
370
194 185
66
27
60
28
60
1645 1774
932
546 594 488 476
200 216
273298
0
50
100
150
200
250
300
350
400
450
500
R e a l E s t a t e
B u y o u t
I n f r a s
t r u c t u r e
V e n t u r e
G r o w t h
F u n d o f F u n d s
D i s t r e s s e d P E
S e c o n d a r i e s
M e
z z a n i n e
N
a t u r a l
R e
s o u r c e s
O t h e r
No Funds Raising
Aggregate Target($bn)
Fig 510 Composition of Current Fundraising Market by Fund Type
798
412
604
3483
1971 1988
0
100
200
300
400
500
600
700
800
900
North America Europe Asia and Rest of World
No FundsRaising
AggregateTarget ($bn)
Fig 511 Composition of Current Fundraising Market by Fund PrimaryGeographic Focus
1304
16241561 1594
1814
7050
8884
6985
6018
7442
0
200
400
600
800
1000
1200
1400
1600
1800
2000
January 2008 January 2009 January 2010 January 2011 January 2012
No Funds Raising
Aggregate Target($bn)
Fig 59 Private Equity Funds in Market over Time 2008 - 2012
Primary Geographic Focus
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14copy 2012 Preqin Ltd wwwpreqincom
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8copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 10 Performance
Private Equity
Benchmarks
Fund Type BuyoutGeographic Focus All Regions
Benchmark Type MedianAs At 30 Jun 11
Fund Type Buyout by Fund SizeGeographic Focus All Regions
Benchmark Type Median
VintageNo
Funds
Median Fund Multiple Quartiles (X) IRR Quartiles () IRR MaxMin ()
Called()
Dist ()DPI
Value() RVPI
Q1 Median Q3 Q1 Median Q3 Max Min
2011 7 40 00 305 nm 030 nm nm nm nm nm nm2010 21 200 00 945 107 097 091 nm nm nm nm nm2009 28 392 00 1041 125 109 099 nm nm nm nm nm2008 51 477 51 958 130 110 094 219 69 -24 457 -2382007 46 711 142 995 132 120 101 147 85 11 545 -300
2006 65 889 160 940 130 115 104 119 64 16 280 -2912005 61 939 426 858 160 135 118 166 101 60 769 -1212004 35 922 836 831 213 167 127 273 169 112 817 -782003 26 985 1144 586 245 179 146 333 183 96 590 -6042002 19 995 1644 280 224 192 128 383 257 78 720 -202001 24 960 1791 189 275 197 151 433 247 139 941 612000 51 972 1643 218 229 184 152 260 207 120 575 461999 36 993 1388 69 203 155 112 171 121 63 374 -2511998 36 1000 1438 05 184 148 098 172 87 -25 313 -10001997 33 1000 1606 00 214 161 110 223 87 13 840 -1911996 19 980 1799 00 236 181 077 226 169 -33 1474 -891995 24 1000 1372 00 218 137 114 300 97 23 599 -861994 27 1000 1887 00 247 189 151 363 226 110 922 -141993 16 1000 2015 00 288 202 138 232 167 77 580 081992 17 1000 2074 00 322 208 156 376 212 79 606 -4991991 10 1000 2465 00 365 247 202 490 253 202 547 -05
1990 19 1000 2147 00 342 215 138 294 195 93 720 24
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small Buyout
Median 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()
2010 nm nm nm nm 094 nm 096 nm 092 nm 089 nm 097 nm 091 nm
2009 106 nm 107 nm 103 nm 106 nm 102 nm 109 nm 106 nm 107 nm
2008 100 -03 109 52 115 159 109 133 104 41 103 56 113 99 117 91
2007 114 56 108 25 114 82 113 75 119 99 118 66 113 81 112 72
2006 110 28 107 08 121 75 114 50 115 66 117 58 119 77 115 37
2005 145 104 148 100 131 77 133 117 128 81 133 95 141 142 154 1802004 163 123 175 185 143 170 138 207 165 135 181 217 157 149 160 166
2003 189 295 206 296 199 191 206 191 162 125 167 145 164 113 167 185
2002 197 325 191 278 190 225 183 197 155 173 158 164 180 185 182 216
2001 212 289 239 308 190 258 210 266 200 246 214 265 198 334 204 251
2000 186 182 191 184 163 135 164 130 197 210 191 202 197 179 189 164
1999 184 147 173 107 151 12 146 20 162 101 176 121 137 145 138 105
1998 145 59 142 50 138 81 133 19 139 71 139 22 162 114 167 108
1997 162 99 141 57 164 118 178 180 110 15 112 23 158 99 142 78
Denition used for Mega Large Mid-Market Small Buyout Small Mid Large Mega
Vintage 1992-1996 le $200mn $201-$500mn gt $501mn -
Vintage 1997-2004 le $300mn $301-$750mn $751-$2000mn gt $2000mn
Vintage 2005-2011 le $500mn $501-$1500mn $1501-$4500mn gt $4500mn
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9copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 11 Investors
Investor Appetite
for Private Equity in 20122011 has been another challenging yearfor fundraising and the number of fundsreaching a nal close over the course ofthe year has remained low 616 fundsclosed having raised an aggregate$2656bn in commitments over the courseof the year However there have beensigns of improvement our conversationswith investors have revealed that thevast majority of LPs are seeking newopportunities and many are picking up
the pace of their commitments Preqininterviewed 100 prominent investorsfrom around the world in December 2011to nd out about their attitudes towardsthe current private equity market andtheir plans for investment in the assetclass going forward
Investor Appetite in 2011
Two-thirds of investors we spoke tomade new commitments over the courseof 2011 which is an increase from the58 of investors that had made newcommitments over the course of 2010
in a similar study conducted at the sametime last year
Furthermore as Fig 1111 illustratesa third of investors committed morecapital in 2011 than they did in 2010and 27 committed the same amountover the course of 2011 as they did in2010 Although 28 of investors slowedthe pace of new commitments in 2011compared to 2010 it is worth notingthat 12 of investors that made newcommitments in 2011 did not invest inany new funds in 2010 suggesting anincrease in overall investor appetite for
committing to new funds
Forty-nine percent of investors arecurrently at their targeted level ofexposure to the asset class as Fig1112 demonstrates and 16 are abovetheir target allocation Over a third (35)of LPs are currently below their targetallocations to private equity therefore themajority of investors are likely to continueto make new commitments to privateequity funds in order to build or maintaintheir level of exposure to the asset classOne Danish investor we spoke to that isbelow its target allocation commented
ldquo[We] have had a hesitant PE program
for the last three years and so have a lotof dry powder to invest at the momentrdquo
Investorsrsquo Returns Expectations
Fig 1113 shows that 95 of investorsexpect their private equity investmentsto achieve returns above their publicmarket benchmark Sixty-three percentof investors expect returns of more than400 basis points over the public marketsfrom their private equity portfolio and
a further quarter of investors expect
returns of 200-400 basis points abovepublic market returns
On the whole investors have beensatised with the returns their privateequity investments have achieved AsFig 1114 illustrates three-quarters ofinvestors feel their private equity fundinvestments have met their expectationsand a further 6 feel that their privateequity investments have exceededtheir expectations Many investors have
adjusted their expectations in light of
15
18
27
17
11
12
Significantly MoreCapital in 2011 than in2010
Slightly More Capital in2011 than in 2010
Same Amount ofCapital in 2011 as in2010
Slightly Less Capital in2011 than in 2010
Significantly Less Capitalin 2011 than in 2010
Did Not Invest in 2010but Investing in 2011
Fig 1111 Amount of Capital Investors Committed in 2011 Compared to 2010
33 36 35
54 45 49
1319 16
0
10
20
30
40
50
60
70
80
90
100
Dec-2010 Jun-2011 Dec-2011
Above TargetAllocation
At TargetAllocation
Below TargetAllocation
Fig 1112 Proportion of Investors At Above or Below Their Target Allocations to Private Equity
P r o p o r t i o n o f R e s p o n d e n t s
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2012 Preqin Global Alternatives Reports
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The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
industry
alternative assets intelligent data
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2012 Preqin Global
Infrastructure
Report
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ISBN 978-1-907012-17-4$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Real Estate
Report
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2012 Preqin Global
Private EquityReport
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Name Single-User Licence Enterprise Licence Data Pack(Please Tick)
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DIGITAL
If you would like to order morethan 10 copies of one title
please contact us for special rate
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Shipping Costs $40pound10euro25 for single publication $20pound5euro12 for additional copies
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 4 General Partners
Growth GPs
Key Stats and Facts
61
31
6 2
1 Fund
2-3 Funds
4-5 Funds
6 Funds or More
Fig 426 Breakdown of Growth Firms by Number of Funds Raised Fig 427 Number of Firms Actively Managing Growth Funds byCountry
GP Headquarters No of Firms
US 87
China 56
India 39
UK 26
Hong Kong 21
France 15
Singapore 14
Italy 12
South Korea 12
Australia 9
4045
22
17
43 44
48
16
6
40
0
10
20
30
40
50
60
B u s i n e s s S e r v i c e s
C o n s u m e r
D i s c r e t i o n a r y
E n e r g y a n d
U t i l i t i e s
F o o d a n d
A g r i c u l t u r e
H e a l t h C a r e
I n d u s t r i a l s
I n f o r m a t i o n
T e c h n o l o g y
M a t e r i a l s
R e a l E s t a t e
T e l e c o m s M e d i a
a n d
C o m m u n i c a t i o n s
Fig 428 Growth Firmsrsquo Industry Preferences for UnderlyingInvestments
Fig 430 10 Largest Growth Funds Raised of All Time
Fund Firm Name Year Closed Fund Size (bn) GP Location
Citigroup International Growth Partnership II Citi Venture Capital International 2008 43 USD UK
Technology Crossover Ventures VII Technology Crossover Ventures 2007 30 USD US
Baring Asia Private Equity Fund V Baring Private Equity Asia 2011 25 USD Hong Kong
3i Growth Capital Fund 3i 2010 12 EUR UK
CDH China Fund III CDH China Management Company 2007 16 USD China
Citigroup International Growth Partnership Citi Venture Capital International 2005 16 USD UK
Baring Asia Private Equity Fund IV Baring Private Equity Asia 2008 15 USD Hong Kong
TPG Star TPG 2008 15 USD US
Shanxi Energy Industry Investment FundChina Science amp Merchants Capital
Management2009 100 CNY China
CDH China Fund IV CDH China Management Company 2010 15 USD China
66
14
17
4
0
10
20
30
40
50
60
70
$0-50mn $51-100mn $101-500mn gt $500mn
Fig 429 Breakdown of Growth Firms by Maximum Equity InvestmentSize
P r o p o r t i o n o f F i r m s
P r o p o r t i o n o f F i r m s
Maximum Equity Investment Size
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The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
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The 2012 Preqin Global Private Equity Report - Sample Pages 5 Fundraising
Overview of Current
Fundraising Market
As of the start of 2012 there are a record1814 funds in market targeting aggregatecapital commitments of $7442bn Thesegures represent a 14 increase in thenumber of funds on the road and a 24increase in the aggregate capital soughtfrom the beginning of 2011 Fig 59shows that the beginning of 2012 marksthe rst rise in aggregate capital soughtsince 2009 when 1624 funds weretargeting a record $8884bn in aggregatecapital The January 2012 gure of 1814funds on the road is a new record for theprivate equity industry
Fig 510 reveals that buyout funds areseeking the largest amount of capitalof all fund types with $1774bn beingtargeted by 230 vehicles In terms ofaggregate capital sought this representsa substantial 81 increase from the$980bn targeted by 180 funds in January2011 Real estate funds are seeking thesecond largest amount of capital from thehighest number of funds with $1645bn
sought by 450 vehicles Aggregatecapital targeted by real estate funds inmarket has increased by 18 from oneyear ago and the number of funds on theroad has risen by nearly 5
Regional Focus
As shown in Fig 511 798 primarily North America-focused funds are seeking$3483bn in capital commitments This isa 21 rise from the $2885bn targeted
by 713 North America-focused funds inJanuary 2011 The aggregate capitalsought by primarily Europe-focusedfunds has increased by 38 to $1971bnfrom the beginning of 2011 and therehas been a marginal rise in the numberof funds from 389 in January 2011 to 412at the start of 2012
For the second consecutive year Asiaand Rest of World-focused vehiclesoutnumber their European counterpartsThere are currently 604 funds focusedprimarily on Asia and Rest of Worldtargeting an aggregate $1988bnreecting increases of 23 and 17respectively on January 2011 guresWithin this category Asia makes up thegreatest proportionwith 379 funds inmarket targeting$1233bn inaggregate capitalLatin America-
focused fundsare targeting thesecond highestamount of capital$215bn and fundstargeting the MiddleEast and Israel areseeking a combined$157bn
Recent data highlights the fact thatthe fundraising climate is especiallychallenging at present with a recordnumber of funds currently on the roadcompeting for capital commitments froman investor community that remainscautious about making new private equityinvestments However it is also worthnoting that 40 of private equity fundscurrently seeking capital have alreadyachieved at least one interim closehaving secured commitments totalling$1267bn towards their fundraisingtargets which demonstrates that thereis still a ow of capital commitmentsentering the marketplace
450
230
144
370
194 185
66
27
60
28
60
1645 1774
932
546 594 488 476
200 216
273298
0
50
100
150
200
250
300
350
400
450
500
R e a l E s t a t e
B u y o u t
I n f r a s
t r u c t u r e
V e n t u r e
G r o w t h
F u n d o f F u n d s
D i s t r e s s e d P E
S e c o n d a r i e s
M e
z z a n i n e
N
a t u r a l
R e
s o u r c e s
O t h e r
No Funds Raising
Aggregate Target($bn)
Fig 510 Composition of Current Fundraising Market by Fund Type
798
412
604
3483
1971 1988
0
100
200
300
400
500
600
700
800
900
North America Europe Asia and Rest of World
No FundsRaising
AggregateTarget ($bn)
Fig 511 Composition of Current Fundraising Market by Fund PrimaryGeographic Focus
1304
16241561 1594
1814
7050
8884
6985
6018
7442
0
200
400
600
800
1000
1200
1400
1600
1800
2000
January 2008 January 2009 January 2010 January 2011 January 2012
No Funds Raising
Aggregate Target($bn)
Fig 59 Private Equity Funds in Market over Time 2008 - 2012
Primary Geographic Focus
8132019 Preqin Global Private Equity Report 2012 Sample Pages
httpslidepdfcomreaderfullpreqin-global-private-equity-report-2012-sample-pages 810
14copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
8copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 10 Performance
Private Equity
Benchmarks
Fund Type BuyoutGeographic Focus All Regions
Benchmark Type MedianAs At 30 Jun 11
Fund Type Buyout by Fund SizeGeographic Focus All Regions
Benchmark Type Median
VintageNo
Funds
Median Fund Multiple Quartiles (X) IRR Quartiles () IRR MaxMin ()
Called()
Dist ()DPI
Value() RVPI
Q1 Median Q3 Q1 Median Q3 Max Min
2011 7 40 00 305 nm 030 nm nm nm nm nm nm2010 21 200 00 945 107 097 091 nm nm nm nm nm2009 28 392 00 1041 125 109 099 nm nm nm nm nm2008 51 477 51 958 130 110 094 219 69 -24 457 -2382007 46 711 142 995 132 120 101 147 85 11 545 -300
2006 65 889 160 940 130 115 104 119 64 16 280 -2912005 61 939 426 858 160 135 118 166 101 60 769 -1212004 35 922 836 831 213 167 127 273 169 112 817 -782003 26 985 1144 586 245 179 146 333 183 96 590 -6042002 19 995 1644 280 224 192 128 383 257 78 720 -202001 24 960 1791 189 275 197 151 433 247 139 941 612000 51 972 1643 218 229 184 152 260 207 120 575 461999 36 993 1388 69 203 155 112 171 121 63 374 -2511998 36 1000 1438 05 184 148 098 172 87 -25 313 -10001997 33 1000 1606 00 214 161 110 223 87 13 840 -1911996 19 980 1799 00 236 181 077 226 169 -33 1474 -891995 24 1000 1372 00 218 137 114 300 97 23 599 -861994 27 1000 1887 00 247 189 151 363 226 110 922 -141993 16 1000 2015 00 288 202 138 232 167 77 580 081992 17 1000 2074 00 322 208 156 376 212 79 606 -4991991 10 1000 2465 00 365 247 202 490 253 202 547 -05
1990 19 1000 2147 00 342 215 138 294 195 93 720 24
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small Buyout
Median 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()
2010 nm nm nm nm 094 nm 096 nm 092 nm 089 nm 097 nm 091 nm
2009 106 nm 107 nm 103 nm 106 nm 102 nm 109 nm 106 nm 107 nm
2008 100 -03 109 52 115 159 109 133 104 41 103 56 113 99 117 91
2007 114 56 108 25 114 82 113 75 119 99 118 66 113 81 112 72
2006 110 28 107 08 121 75 114 50 115 66 117 58 119 77 115 37
2005 145 104 148 100 131 77 133 117 128 81 133 95 141 142 154 1802004 163 123 175 185 143 170 138 207 165 135 181 217 157 149 160 166
2003 189 295 206 296 199 191 206 191 162 125 167 145 164 113 167 185
2002 197 325 191 278 190 225 183 197 155 173 158 164 180 185 182 216
2001 212 289 239 308 190 258 210 266 200 246 214 265 198 334 204 251
2000 186 182 191 184 163 135 164 130 197 210 191 202 197 179 189 164
1999 184 147 173 107 151 12 146 20 162 101 176 121 137 145 138 105
1998 145 59 142 50 138 81 133 19 139 71 139 22 162 114 167 108
1997 162 99 141 57 164 118 178 180 110 15 112 23 158 99 142 78
Denition used for Mega Large Mid-Market Small Buyout Small Mid Large Mega
Vintage 1992-1996 le $200mn $201-$500mn gt $501mn -
Vintage 1997-2004 le $300mn $301-$750mn $751-$2000mn gt $2000mn
Vintage 2005-2011 le $500mn $501-$1500mn $1501-$4500mn gt $4500mn
8132019 Preqin Global Private Equity Report 2012 Sample Pages
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9copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 11 Investors
Investor Appetite
for Private Equity in 20122011 has been another challenging yearfor fundraising and the number of fundsreaching a nal close over the course ofthe year has remained low 616 fundsclosed having raised an aggregate$2656bn in commitments over the courseof the year However there have beensigns of improvement our conversationswith investors have revealed that thevast majority of LPs are seeking newopportunities and many are picking up
the pace of their commitments Preqininterviewed 100 prominent investorsfrom around the world in December 2011to nd out about their attitudes towardsthe current private equity market andtheir plans for investment in the assetclass going forward
Investor Appetite in 2011
Two-thirds of investors we spoke tomade new commitments over the courseof 2011 which is an increase from the58 of investors that had made newcommitments over the course of 2010
in a similar study conducted at the sametime last year
Furthermore as Fig 1111 illustratesa third of investors committed morecapital in 2011 than they did in 2010and 27 committed the same amountover the course of 2011 as they did in2010 Although 28 of investors slowedthe pace of new commitments in 2011compared to 2010 it is worth notingthat 12 of investors that made newcommitments in 2011 did not invest inany new funds in 2010 suggesting anincrease in overall investor appetite for
committing to new funds
Forty-nine percent of investors arecurrently at their targeted level ofexposure to the asset class as Fig1112 demonstrates and 16 are abovetheir target allocation Over a third (35)of LPs are currently below their targetallocations to private equity therefore themajority of investors are likely to continueto make new commitments to privateequity funds in order to build or maintaintheir level of exposure to the asset classOne Danish investor we spoke to that isbelow its target allocation commented
ldquo[We] have had a hesitant PE program
for the last three years and so have a lotof dry powder to invest at the momentrdquo
Investorsrsquo Returns Expectations
Fig 1113 shows that 95 of investorsexpect their private equity investmentsto achieve returns above their publicmarket benchmark Sixty-three percentof investors expect returns of more than400 basis points over the public marketsfrom their private equity portfolio and
a further quarter of investors expect
returns of 200-400 basis points abovepublic market returns
On the whole investors have beensatised with the returns their privateequity investments have achieved AsFig 1114 illustrates three-quarters ofinvestors feel their private equity fundinvestments have met their expectationsand a further 6 feel that their privateequity investments have exceededtheir expectations Many investors have
adjusted their expectations in light of
15
18
27
17
11
12
Significantly MoreCapital in 2011 than in2010
Slightly More Capital in2011 than in 2010
Same Amount ofCapital in 2011 as in2010
Slightly Less Capital in2011 than in 2010
Significantly Less Capitalin 2011 than in 2010
Did Not Invest in 2010but Investing in 2011
Fig 1111 Amount of Capital Investors Committed in 2011 Compared to 2010
33 36 35
54 45 49
1319 16
0
10
20
30
40
50
60
70
80
90
100
Dec-2010 Jun-2011 Dec-2011
Above TargetAllocation
At TargetAllocation
Below TargetAllocation
Fig 1112 Proportion of Investors At Above or Below Their Target Allocations to Private Equity
P r o p o r t i o n o f R e s p o n d e n t s
8132019 Preqin Global Private Equity Report 2012 Sample Pages
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2012 Preqin Global Alternatives Reports
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Shipping Details
Name
Address
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PostZip
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I would like to purchase
The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
industry
alternative assets intelligent data
Completed Forms
Post (address to Preqin)One Grand Central Place60 E 42nd StreetSuite 2544 New YorkNY 10165
Equitable House47 King William StreetLondon EC4R 9AF
Asia Square Tower 107-048 Marina ViewSingapore 018960
303 Twin Dolphin DriveSuite 600Redwood CityCA 94065
Fax+1 440 445 9595+44 (0)870 330 5892+65 6407 1001
Emailinfopreqincom
Telephone+1 212 350 0100+44 (0)20 7645 8888+65 6407 1011+1 650 632 4345
Name 1 Copy 2 Copies
(10 saving)
5 Copies(25 saving)
10 Copies
(35 saving)
Data Pack(Please Tick)
Private Equity $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Real Estate $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Infrastructure $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
All Titles (33 Saving) $350pound190euro230 $630pound340euro410 $1310pound710euro860 $2270pound1240euro1500
Data Pack Costs$300pound180euro185 forsingle publication Enterprise Licenceallows for unlimiteddistribution withinyour 1047297rm
For more information visit wwwpreqincomreports
2012 Preqin Global
Infrastructure
Report
alternativeassets intelligentdata
ISBN 978-1-907012-17-4$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Real Estate
Report
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Private EquityReport
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
Name Single-User Licence Enterprise Licence Data Pack(Please Tick)
Private Equity $175pound95euro115 $1000pound550euro660
Real Estate $175pound95euro115 $1000pound550euro660
Infrastructure $175pound95euro115 $1000pound550euro660
All Titles (33 Saving) $350pound190euro230 $2000pound1100euro1320
DIGITAL
If you would like to order morethan 10 copies of one title
please contact us for special rate
(Shipping costs will not exceed a maximum of $60 pound15 euro37 perorder when all shipped to same address If shipped to multipleaddresses then full postage rates apply for additional copies)
Shipping Costs $40pound10euro25 for single publication $20pound5euro12 for additional copies
8132019 Preqin Global Private Equity Report 2012 Sample Pages
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12 copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
7 copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 5 Fundraising
Overview of Current
Fundraising Market
As of the start of 2012 there are a record1814 funds in market targeting aggregatecapital commitments of $7442bn Thesegures represent a 14 increase in thenumber of funds on the road and a 24increase in the aggregate capital soughtfrom the beginning of 2011 Fig 59shows that the beginning of 2012 marksthe rst rise in aggregate capital soughtsince 2009 when 1624 funds weretargeting a record $8884bn in aggregatecapital The January 2012 gure of 1814funds on the road is a new record for theprivate equity industry
Fig 510 reveals that buyout funds areseeking the largest amount of capitalof all fund types with $1774bn beingtargeted by 230 vehicles In terms ofaggregate capital sought this representsa substantial 81 increase from the$980bn targeted by 180 funds in January2011 Real estate funds are seeking thesecond largest amount of capital from thehighest number of funds with $1645bn
sought by 450 vehicles Aggregatecapital targeted by real estate funds inmarket has increased by 18 from oneyear ago and the number of funds on theroad has risen by nearly 5
Regional Focus
As shown in Fig 511 798 primarily North America-focused funds are seeking$3483bn in capital commitments This isa 21 rise from the $2885bn targeted
by 713 North America-focused funds inJanuary 2011 The aggregate capitalsought by primarily Europe-focusedfunds has increased by 38 to $1971bnfrom the beginning of 2011 and therehas been a marginal rise in the numberof funds from 389 in January 2011 to 412at the start of 2012
For the second consecutive year Asiaand Rest of World-focused vehiclesoutnumber their European counterpartsThere are currently 604 funds focusedprimarily on Asia and Rest of Worldtargeting an aggregate $1988bnreecting increases of 23 and 17respectively on January 2011 guresWithin this category Asia makes up thegreatest proportionwith 379 funds inmarket targeting$1233bn inaggregate capitalLatin America-
focused fundsare targeting thesecond highestamount of capital$215bn and fundstargeting the MiddleEast and Israel areseeking a combined$157bn
Recent data highlights the fact thatthe fundraising climate is especiallychallenging at present with a recordnumber of funds currently on the roadcompeting for capital commitments froman investor community that remainscautious about making new private equityinvestments However it is also worthnoting that 40 of private equity fundscurrently seeking capital have alreadyachieved at least one interim closehaving secured commitments totalling$1267bn towards their fundraisingtargets which demonstrates that thereis still a ow of capital commitmentsentering the marketplace
450
230
144
370
194 185
66
27
60
28
60
1645 1774
932
546 594 488 476
200 216
273298
0
50
100
150
200
250
300
350
400
450
500
R e a l E s t a t e
B u y o u t
I n f r a s
t r u c t u r e
V e n t u r e
G r o w t h
F u n d o f F u n d s
D i s t r e s s e d P E
S e c o n d a r i e s
M e
z z a n i n e
N
a t u r a l
R e
s o u r c e s
O t h e r
No Funds Raising
Aggregate Target($bn)
Fig 510 Composition of Current Fundraising Market by Fund Type
798
412
604
3483
1971 1988
0
100
200
300
400
500
600
700
800
900
North America Europe Asia and Rest of World
No FundsRaising
AggregateTarget ($bn)
Fig 511 Composition of Current Fundraising Market by Fund PrimaryGeographic Focus
1304
16241561 1594
1814
7050
8884
6985
6018
7442
0
200
400
600
800
1000
1200
1400
1600
1800
2000
January 2008 January 2009 January 2010 January 2011 January 2012
No Funds Raising
Aggregate Target($bn)
Fig 59 Private Equity Funds in Market over Time 2008 - 2012
Primary Geographic Focus
8132019 Preqin Global Private Equity Report 2012 Sample Pages
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14copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
8copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 10 Performance
Private Equity
Benchmarks
Fund Type BuyoutGeographic Focus All Regions
Benchmark Type MedianAs At 30 Jun 11
Fund Type Buyout by Fund SizeGeographic Focus All Regions
Benchmark Type Median
VintageNo
Funds
Median Fund Multiple Quartiles (X) IRR Quartiles () IRR MaxMin ()
Called()
Dist ()DPI
Value() RVPI
Q1 Median Q3 Q1 Median Q3 Max Min
2011 7 40 00 305 nm 030 nm nm nm nm nm nm2010 21 200 00 945 107 097 091 nm nm nm nm nm2009 28 392 00 1041 125 109 099 nm nm nm nm nm2008 51 477 51 958 130 110 094 219 69 -24 457 -2382007 46 711 142 995 132 120 101 147 85 11 545 -300
2006 65 889 160 940 130 115 104 119 64 16 280 -2912005 61 939 426 858 160 135 118 166 101 60 769 -1212004 35 922 836 831 213 167 127 273 169 112 817 -782003 26 985 1144 586 245 179 146 333 183 96 590 -6042002 19 995 1644 280 224 192 128 383 257 78 720 -202001 24 960 1791 189 275 197 151 433 247 139 941 612000 51 972 1643 218 229 184 152 260 207 120 575 461999 36 993 1388 69 203 155 112 171 121 63 374 -2511998 36 1000 1438 05 184 148 098 172 87 -25 313 -10001997 33 1000 1606 00 214 161 110 223 87 13 840 -1911996 19 980 1799 00 236 181 077 226 169 -33 1474 -891995 24 1000 1372 00 218 137 114 300 97 23 599 -861994 27 1000 1887 00 247 189 151 363 226 110 922 -141993 16 1000 2015 00 288 202 138 232 167 77 580 081992 17 1000 2074 00 322 208 156 376 212 79 606 -4991991 10 1000 2465 00 365 247 202 490 253 202 547 -05
1990 19 1000 2147 00 342 215 138 294 195 93 720 24
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small Buyout
Median 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()
2010 nm nm nm nm 094 nm 096 nm 092 nm 089 nm 097 nm 091 nm
2009 106 nm 107 nm 103 nm 106 nm 102 nm 109 nm 106 nm 107 nm
2008 100 -03 109 52 115 159 109 133 104 41 103 56 113 99 117 91
2007 114 56 108 25 114 82 113 75 119 99 118 66 113 81 112 72
2006 110 28 107 08 121 75 114 50 115 66 117 58 119 77 115 37
2005 145 104 148 100 131 77 133 117 128 81 133 95 141 142 154 1802004 163 123 175 185 143 170 138 207 165 135 181 217 157 149 160 166
2003 189 295 206 296 199 191 206 191 162 125 167 145 164 113 167 185
2002 197 325 191 278 190 225 183 197 155 173 158 164 180 185 182 216
2001 212 289 239 308 190 258 210 266 200 246 214 265 198 334 204 251
2000 186 182 191 184 163 135 164 130 197 210 191 202 197 179 189 164
1999 184 147 173 107 151 12 146 20 162 101 176 121 137 145 138 105
1998 145 59 142 50 138 81 133 19 139 71 139 22 162 114 167 108
1997 162 99 141 57 164 118 178 180 110 15 112 23 158 99 142 78
Denition used for Mega Large Mid-Market Small Buyout Small Mid Large Mega
Vintage 1992-1996 le $200mn $201-$500mn gt $501mn -
Vintage 1997-2004 le $300mn $301-$750mn $751-$2000mn gt $2000mn
Vintage 2005-2011 le $500mn $501-$1500mn $1501-$4500mn gt $4500mn
8132019 Preqin Global Private Equity Report 2012 Sample Pages
httpslidepdfcomreaderfullpreqin-global-private-equity-report-2012-sample-pages 910
9copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 11 Investors
Investor Appetite
for Private Equity in 20122011 has been another challenging yearfor fundraising and the number of fundsreaching a nal close over the course ofthe year has remained low 616 fundsclosed having raised an aggregate$2656bn in commitments over the courseof the year However there have beensigns of improvement our conversationswith investors have revealed that thevast majority of LPs are seeking newopportunities and many are picking up
the pace of their commitments Preqininterviewed 100 prominent investorsfrom around the world in December 2011to nd out about their attitudes towardsthe current private equity market andtheir plans for investment in the assetclass going forward
Investor Appetite in 2011
Two-thirds of investors we spoke tomade new commitments over the courseof 2011 which is an increase from the58 of investors that had made newcommitments over the course of 2010
in a similar study conducted at the sametime last year
Furthermore as Fig 1111 illustratesa third of investors committed morecapital in 2011 than they did in 2010and 27 committed the same amountover the course of 2011 as they did in2010 Although 28 of investors slowedthe pace of new commitments in 2011compared to 2010 it is worth notingthat 12 of investors that made newcommitments in 2011 did not invest inany new funds in 2010 suggesting anincrease in overall investor appetite for
committing to new funds
Forty-nine percent of investors arecurrently at their targeted level ofexposure to the asset class as Fig1112 demonstrates and 16 are abovetheir target allocation Over a third (35)of LPs are currently below their targetallocations to private equity therefore themajority of investors are likely to continueto make new commitments to privateequity funds in order to build or maintaintheir level of exposure to the asset classOne Danish investor we spoke to that isbelow its target allocation commented
ldquo[We] have had a hesitant PE program
for the last three years and so have a lotof dry powder to invest at the momentrdquo
Investorsrsquo Returns Expectations
Fig 1113 shows that 95 of investorsexpect their private equity investmentsto achieve returns above their publicmarket benchmark Sixty-three percentof investors expect returns of more than400 basis points over the public marketsfrom their private equity portfolio and
a further quarter of investors expect
returns of 200-400 basis points abovepublic market returns
On the whole investors have beensatised with the returns their privateequity investments have achieved AsFig 1114 illustrates three-quarters ofinvestors feel their private equity fundinvestments have met their expectationsand a further 6 feel that their privateequity investments have exceededtheir expectations Many investors have
adjusted their expectations in light of
15
18
27
17
11
12
Significantly MoreCapital in 2011 than in2010
Slightly More Capital in2011 than in 2010
Same Amount ofCapital in 2011 as in2010
Slightly Less Capital in2011 than in 2010
Significantly Less Capitalin 2011 than in 2010
Did Not Invest in 2010but Investing in 2011
Fig 1111 Amount of Capital Investors Committed in 2011 Compared to 2010
33 36 35
54 45 49
1319 16
0
10
20
30
40
50
60
70
80
90
100
Dec-2010 Jun-2011 Dec-2011
Above TargetAllocation
At TargetAllocation
Below TargetAllocation
Fig 1112 Proportion of Investors At Above or Below Their Target Allocations to Private Equity
P r o p o r t i o n o f R e s p o n d e n t s
8132019 Preqin Global Private Equity Report 2012 Sample Pages
httpslidepdfcomreaderfullpreqin-global-private-equity-report-2012-sample-pages 1010
2012 Preqin Global Alternatives Reports
Payment Details
Credit Card
Visa
Amex Mastercard
Cheque enclosed (please make cheque payable to lsquoPreqinrsquo)
Please invoice me
Card Number
Security Code
Name on Card
Expiration Date
American Express four digitcode printed on the front ofthe card
Visa and Mastercard lastthree digits printed on thesignature strip
Shipping Details
Name
Address
Firm
Job Title
City
Telephone
PostZip
Country
I would like to purchase
The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
industry
alternative assets intelligent data
Completed Forms
Post (address to Preqin)One Grand Central Place60 E 42nd StreetSuite 2544 New YorkNY 10165
Equitable House47 King William StreetLondon EC4R 9AF
Asia Square Tower 107-048 Marina ViewSingapore 018960
303 Twin Dolphin DriveSuite 600Redwood CityCA 94065
Fax+1 440 445 9595+44 (0)870 330 5892+65 6407 1001
Emailinfopreqincom
Telephone+1 212 350 0100+44 (0)20 7645 8888+65 6407 1011+1 650 632 4345
Name 1 Copy 2 Copies
(10 saving)
5 Copies(25 saving)
10 Copies
(35 saving)
Data Pack(Please Tick)
Private Equity $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Real Estate $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Infrastructure $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
All Titles (33 Saving) $350pound190euro230 $630pound340euro410 $1310pound710euro860 $2270pound1240euro1500
Data Pack Costs$300pound180euro185 forsingle publication Enterprise Licenceallows for unlimiteddistribution withinyour 1047297rm
For more information visit wwwpreqincomreports
2012 Preqin Global
Infrastructure
Report
alternativeassets intelligentdata
ISBN 978-1-907012-17-4$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Real Estate
Report
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Private EquityReport
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
Name Single-User Licence Enterprise Licence Data Pack(Please Tick)
Private Equity $175pound95euro115 $1000pound550euro660
Real Estate $175pound95euro115 $1000pound550euro660
Infrastructure $175pound95euro115 $1000pound550euro660
All Titles (33 Saving) $350pound190euro230 $2000pound1100euro1320
DIGITAL
If you would like to order morethan 10 copies of one title
please contact us for special rate
(Shipping costs will not exceed a maximum of $60 pound15 euro37 perorder when all shipped to same address If shipped to multipleaddresses then full postage rates apply for additional copies)
Shipping Costs $40pound10euro25 for single publication $20pound5euro12 for additional copies
8132019 Preqin Global Private Equity Report 2012 Sample Pages
httpslidepdfcomreaderfullpreqin-global-private-equity-report-2012-sample-pages 810
14copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 2 Overview of the Private Equity Industry
8copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 10 Performance
Private Equity
Benchmarks
Fund Type BuyoutGeographic Focus All Regions
Benchmark Type MedianAs At 30 Jun 11
Fund Type Buyout by Fund SizeGeographic Focus All Regions
Benchmark Type Median
VintageNo
Funds
Median Fund Multiple Quartiles (X) IRR Quartiles () IRR MaxMin ()
Called()
Dist ()DPI
Value() RVPI
Q1 Median Q3 Q1 Median Q3 Max Min
2011 7 40 00 305 nm 030 nm nm nm nm nm nm2010 21 200 00 945 107 097 091 nm nm nm nm nm2009 28 392 00 1041 125 109 099 nm nm nm nm nm2008 51 477 51 958 130 110 094 219 69 -24 457 -2382007 46 711 142 995 132 120 101 147 85 11 545 -300
2006 65 889 160 940 130 115 104 119 64 16 280 -2912005 61 939 426 858 160 135 118 166 101 60 769 -1212004 35 922 836 831 213 167 127 273 169 112 817 -782003 26 985 1144 586 245 179 146 333 183 96 590 -6042002 19 995 1644 280 224 192 128 383 257 78 720 -202001 24 960 1791 189 275 197 151 433 247 139 941 612000 51 972 1643 218 229 184 152 260 207 120 575 461999 36 993 1388 69 203 155 112 171 121 63 374 -2511998 36 1000 1438 05 184 148 098 172 87 -25 313 -10001997 33 1000 1606 00 214 161 110 223 87 13 840 -1911996 19 980 1799 00 236 181 077 226 169 -33 1474 -891995 24 1000 1372 00 218 137 114 300 97 23 599 -861994 27 1000 1887 00 247 189 151 363 226 110 922 -141993 16 1000 2015 00 288 202 138 232 167 77 580 081992 17 1000 2074 00 322 208 156 376 212 79 606 -4991991 10 1000 2465 00 365 247 202 490 253 202 547 -05
1990 19 1000 2147 00 342 215 138 294 195 93 720 24
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small Buyout
Median 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()
2010 nm nm nm nm 094 nm 096 nm 092 nm 089 nm 097 nm 091 nm
2009 106 nm 107 nm 103 nm 106 nm 102 nm 109 nm 106 nm 107 nm
2008 100 -03 109 52 115 159 109 133 104 41 103 56 113 99 117 91
2007 114 56 108 25 114 82 113 75 119 99 118 66 113 81 112 72
2006 110 28 107 08 121 75 114 50 115 66 117 58 119 77 115 37
2005 145 104 148 100 131 77 133 117 128 81 133 95 141 142 154 1802004 163 123 175 185 143 170 138 207 165 135 181 217 157 149 160 166
2003 189 295 206 296 199 191 206 191 162 125 167 145 164 113 167 185
2002 197 325 191 278 190 225 183 197 155 173 158 164 180 185 182 216
2001 212 289 239 308 190 258 210 266 200 246 214 265 198 334 204 251
2000 186 182 191 184 163 135 164 130 197 210 191 202 197 179 189 164
1999 184 147 173 107 151 12 146 20 162 101 176 121 137 145 138 105
1998 145 59 142 50 138 81 133 19 139 71 139 22 162 114 167 108
1997 162 99 141 57 164 118 178 180 110 15 112 23 158 99 142 78
Denition used for Mega Large Mid-Market Small Buyout Small Mid Large Mega
Vintage 1992-1996 le $200mn $201-$500mn gt $501mn -
Vintage 1997-2004 le $300mn $301-$750mn $751-$2000mn gt $2000mn
Vintage 2005-2011 le $500mn $501-$1500mn $1501-$4500mn gt $4500mn
8132019 Preqin Global Private Equity Report 2012 Sample Pages
httpslidepdfcomreaderfullpreqin-global-private-equity-report-2012-sample-pages 910
9copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 11 Investors
Investor Appetite
for Private Equity in 20122011 has been another challenging yearfor fundraising and the number of fundsreaching a nal close over the course ofthe year has remained low 616 fundsclosed having raised an aggregate$2656bn in commitments over the courseof the year However there have beensigns of improvement our conversationswith investors have revealed that thevast majority of LPs are seeking newopportunities and many are picking up
the pace of their commitments Preqininterviewed 100 prominent investorsfrom around the world in December 2011to nd out about their attitudes towardsthe current private equity market andtheir plans for investment in the assetclass going forward
Investor Appetite in 2011
Two-thirds of investors we spoke tomade new commitments over the courseof 2011 which is an increase from the58 of investors that had made newcommitments over the course of 2010
in a similar study conducted at the sametime last year
Furthermore as Fig 1111 illustratesa third of investors committed morecapital in 2011 than they did in 2010and 27 committed the same amountover the course of 2011 as they did in2010 Although 28 of investors slowedthe pace of new commitments in 2011compared to 2010 it is worth notingthat 12 of investors that made newcommitments in 2011 did not invest inany new funds in 2010 suggesting anincrease in overall investor appetite for
committing to new funds
Forty-nine percent of investors arecurrently at their targeted level ofexposure to the asset class as Fig1112 demonstrates and 16 are abovetheir target allocation Over a third (35)of LPs are currently below their targetallocations to private equity therefore themajority of investors are likely to continueto make new commitments to privateequity funds in order to build or maintaintheir level of exposure to the asset classOne Danish investor we spoke to that isbelow its target allocation commented
ldquo[We] have had a hesitant PE program
for the last three years and so have a lotof dry powder to invest at the momentrdquo
Investorsrsquo Returns Expectations
Fig 1113 shows that 95 of investorsexpect their private equity investmentsto achieve returns above their publicmarket benchmark Sixty-three percentof investors expect returns of more than400 basis points over the public marketsfrom their private equity portfolio and
a further quarter of investors expect
returns of 200-400 basis points abovepublic market returns
On the whole investors have beensatised with the returns their privateequity investments have achieved AsFig 1114 illustrates three-quarters ofinvestors feel their private equity fundinvestments have met their expectationsand a further 6 feel that their privateequity investments have exceededtheir expectations Many investors have
adjusted their expectations in light of
15
18
27
17
11
12
Significantly MoreCapital in 2011 than in2010
Slightly More Capital in2011 than in 2010
Same Amount ofCapital in 2011 as in2010
Slightly Less Capital in2011 than in 2010
Significantly Less Capitalin 2011 than in 2010
Did Not Invest in 2010but Investing in 2011
Fig 1111 Amount of Capital Investors Committed in 2011 Compared to 2010
33 36 35
54 45 49
1319 16
0
10
20
30
40
50
60
70
80
90
100
Dec-2010 Jun-2011 Dec-2011
Above TargetAllocation
At TargetAllocation
Below TargetAllocation
Fig 1112 Proportion of Investors At Above or Below Their Target Allocations to Private Equity
P r o p o r t i o n o f R e s p o n d e n t s
8132019 Preqin Global Private Equity Report 2012 Sample Pages
httpslidepdfcomreaderfullpreqin-global-private-equity-report-2012-sample-pages 1010
2012 Preqin Global Alternatives Reports
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Please invoice me
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Shipping Details
Name
Address
Firm
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Telephone
PostZip
Country
I would like to purchase
The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
industry
alternative assets intelligent data
Completed Forms
Post (address to Preqin)One Grand Central Place60 E 42nd StreetSuite 2544 New YorkNY 10165
Equitable House47 King William StreetLondon EC4R 9AF
Asia Square Tower 107-048 Marina ViewSingapore 018960
303 Twin Dolphin DriveSuite 600Redwood CityCA 94065
Fax+1 440 445 9595+44 (0)870 330 5892+65 6407 1001
Emailinfopreqincom
Telephone+1 212 350 0100+44 (0)20 7645 8888+65 6407 1011+1 650 632 4345
Name 1 Copy 2 Copies
(10 saving)
5 Copies(25 saving)
10 Copies
(35 saving)
Data Pack(Please Tick)
Private Equity $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Real Estate $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Infrastructure $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
All Titles (33 Saving) $350pound190euro230 $630pound340euro410 $1310pound710euro860 $2270pound1240euro1500
Data Pack Costs$300pound180euro185 forsingle publication Enterprise Licenceallows for unlimiteddistribution withinyour 1047297rm
For more information visit wwwpreqincomreports
2012 Preqin Global
Infrastructure
Report
alternativeassets intelligentdata
ISBN 978-1-907012-17-4$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Real Estate
Report
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Private EquityReport
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
Name Single-User Licence Enterprise Licence Data Pack(Please Tick)
Private Equity $175pound95euro115 $1000pound550euro660
Real Estate $175pound95euro115 $1000pound550euro660
Infrastructure $175pound95euro115 $1000pound550euro660
All Titles (33 Saving) $350pound190euro230 $2000pound1100euro1320
DIGITAL
If you would like to order morethan 10 copies of one title
please contact us for special rate
(Shipping costs will not exceed a maximum of $60 pound15 euro37 perorder when all shipped to same address If shipped to multipleaddresses then full postage rates apply for additional copies)
Shipping Costs $40pound10euro25 for single publication $20pound5euro12 for additional copies
8132019 Preqin Global Private Equity Report 2012 Sample Pages
httpslidepdfcomreaderfullpreqin-global-private-equity-report-2012-sample-pages 910
9copy 2012 Preqin Ltd wwwpreqincom
The 2012 Preqin Global Private Equity Report - Sample Pages 11 Investors
Investor Appetite
for Private Equity in 20122011 has been another challenging yearfor fundraising and the number of fundsreaching a nal close over the course ofthe year has remained low 616 fundsclosed having raised an aggregate$2656bn in commitments over the courseof the year However there have beensigns of improvement our conversationswith investors have revealed that thevast majority of LPs are seeking newopportunities and many are picking up
the pace of their commitments Preqininterviewed 100 prominent investorsfrom around the world in December 2011to nd out about their attitudes towardsthe current private equity market andtheir plans for investment in the assetclass going forward
Investor Appetite in 2011
Two-thirds of investors we spoke tomade new commitments over the courseof 2011 which is an increase from the58 of investors that had made newcommitments over the course of 2010
in a similar study conducted at the sametime last year
Furthermore as Fig 1111 illustratesa third of investors committed morecapital in 2011 than they did in 2010and 27 committed the same amountover the course of 2011 as they did in2010 Although 28 of investors slowedthe pace of new commitments in 2011compared to 2010 it is worth notingthat 12 of investors that made newcommitments in 2011 did not invest inany new funds in 2010 suggesting anincrease in overall investor appetite for
committing to new funds
Forty-nine percent of investors arecurrently at their targeted level ofexposure to the asset class as Fig1112 demonstrates and 16 are abovetheir target allocation Over a third (35)of LPs are currently below their targetallocations to private equity therefore themajority of investors are likely to continueto make new commitments to privateequity funds in order to build or maintaintheir level of exposure to the asset classOne Danish investor we spoke to that isbelow its target allocation commented
ldquo[We] have had a hesitant PE program
for the last three years and so have a lotof dry powder to invest at the momentrdquo
Investorsrsquo Returns Expectations
Fig 1113 shows that 95 of investorsexpect their private equity investmentsto achieve returns above their publicmarket benchmark Sixty-three percentof investors expect returns of more than400 basis points over the public marketsfrom their private equity portfolio and
a further quarter of investors expect
returns of 200-400 basis points abovepublic market returns
On the whole investors have beensatised with the returns their privateequity investments have achieved AsFig 1114 illustrates three-quarters ofinvestors feel their private equity fundinvestments have met their expectationsand a further 6 feel that their privateequity investments have exceededtheir expectations Many investors have
adjusted their expectations in light of
15
18
27
17
11
12
Significantly MoreCapital in 2011 than in2010
Slightly More Capital in2011 than in 2010
Same Amount ofCapital in 2011 as in2010
Slightly Less Capital in2011 than in 2010
Significantly Less Capitalin 2011 than in 2010
Did Not Invest in 2010but Investing in 2011
Fig 1111 Amount of Capital Investors Committed in 2011 Compared to 2010
33 36 35
54 45 49
1319 16
0
10
20
30
40
50
60
70
80
90
100
Dec-2010 Jun-2011 Dec-2011
Above TargetAllocation
At TargetAllocation
Below TargetAllocation
Fig 1112 Proportion of Investors At Above or Below Their Target Allocations to Private Equity
P r o p o r t i o n o f R e s p o n d e n t s
8132019 Preqin Global Private Equity Report 2012 Sample Pages
httpslidepdfcomreaderfullpreqin-global-private-equity-report-2012-sample-pages 1010
2012 Preqin Global Alternatives Reports
Payment Details
Credit Card
Visa
Amex Mastercard
Cheque enclosed (please make cheque payable to lsquoPreqinrsquo)
Please invoice me
Card Number
Security Code
Name on Card
Expiration Date
American Express four digitcode printed on the front ofthe card
Visa and Mastercard lastthree digits printed on thesignature strip
Shipping Details
Name
Address
Firm
Job Title
City
Telephone
PostZip
Country
I would like to purchase
The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
industry
alternative assets intelligent data
Completed Forms
Post (address to Preqin)One Grand Central Place60 E 42nd StreetSuite 2544 New YorkNY 10165
Equitable House47 King William StreetLondon EC4R 9AF
Asia Square Tower 107-048 Marina ViewSingapore 018960
303 Twin Dolphin DriveSuite 600Redwood CityCA 94065
Fax+1 440 445 9595+44 (0)870 330 5892+65 6407 1001
Emailinfopreqincom
Telephone+1 212 350 0100+44 (0)20 7645 8888+65 6407 1011+1 650 632 4345
Name 1 Copy 2 Copies
(10 saving)
5 Copies(25 saving)
10 Copies
(35 saving)
Data Pack(Please Tick)
Private Equity $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Real Estate $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Infrastructure $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
All Titles (33 Saving) $350pound190euro230 $630pound340euro410 $1310pound710euro860 $2270pound1240euro1500
Data Pack Costs$300pound180euro185 forsingle publication Enterprise Licenceallows for unlimiteddistribution withinyour 1047297rm
For more information visit wwwpreqincomreports
2012 Preqin Global
Infrastructure
Report
alternativeassets intelligentdata
ISBN 978-1-907012-17-4$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Real Estate
Report
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Private EquityReport
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
Name Single-User Licence Enterprise Licence Data Pack(Please Tick)
Private Equity $175pound95euro115 $1000pound550euro660
Real Estate $175pound95euro115 $1000pound550euro660
Infrastructure $175pound95euro115 $1000pound550euro660
All Titles (33 Saving) $350pound190euro230 $2000pound1100euro1320
DIGITAL
If you would like to order morethan 10 copies of one title
please contact us for special rate
(Shipping costs will not exceed a maximum of $60 pound15 euro37 perorder when all shipped to same address If shipped to multipleaddresses then full postage rates apply for additional copies)
Shipping Costs $40pound10euro25 for single publication $20pound5euro12 for additional copies
8132019 Preqin Global Private Equity Report 2012 Sample Pages
httpslidepdfcomreaderfullpreqin-global-private-equity-report-2012-sample-pages 1010
2012 Preqin Global Alternatives Reports
Payment Details
Credit Card
Visa
Amex Mastercard
Cheque enclosed (please make cheque payable to lsquoPreqinrsquo)
Please invoice me
Card Number
Security Code
Name on Card
Expiration Date
American Express four digitcode printed on the front ofthe card
Visa and Mastercard lastthree digits printed on thesignature strip
Shipping Details
Name
Address
Firm
Job Title
City
Telephone
PostZip
Country
I would like to purchase
The 2012 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 real estate
and infrastructure marketsKey content includes
bull Interviews and articles from the most important people in the industry today
bull Detailed analysis on every aspect of the industry with a review of 2011 and predictionsfor the coming year
bull Comprehensive source of stats - including fundraising performance deals GPssecondaries fund terms investors placement agents advisors law firms
bull Numerous reference guides for different aspects of the industry - Who is the biggestWhere are the centres of activity How much has been raised Where is the capitalgoing Who is investing What are the biggest deals What is the outlook for the
industry
alternative assets intelligent data
Completed Forms
Post (address to Preqin)One Grand Central Place60 E 42nd StreetSuite 2544 New YorkNY 10165
Equitable House47 King William StreetLondon EC4R 9AF
Asia Square Tower 107-048 Marina ViewSingapore 018960
303 Twin Dolphin DriveSuite 600Redwood CityCA 94065
Fax+1 440 445 9595+44 (0)870 330 5892+65 6407 1001
Emailinfopreqincom
Telephone+1 212 350 0100+44 (0)20 7645 8888+65 6407 1011+1 650 632 4345
Name 1 Copy 2 Copies
(10 saving)
5 Copies(25 saving)
10 Copies
(35 saving)
Data Pack(Please Tick)
Private Equity $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Real Estate $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
Infrastructure $175pound95euro115 $315pound170euro205 $655pound355euro430 $1135pound620euro750
All Titles (33 Saving) $350pound190euro230 $630pound340euro410 $1310pound710euro860 $2270pound1240euro1500
Data Pack Costs$300pound180euro185 forsingle publication Enterprise Licenceallows for unlimiteddistribution withinyour 1047297rm
For more information visit wwwpreqincomreports
2012 Preqin Global
Infrastructure
Report
alternativeassets intelligentdata
ISBN 978-1-907012-17-4$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Real Estate
Report
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
2012 Preqin Global
Private EquityReport
alternativeassets intelligentdata
$175 pound95 euro115wwwpreqincom
Name Single-User Licence Enterprise Licence Data Pack(Please Tick)
Private Equity $175pound95euro115 $1000pound550euro660
Real Estate $175pound95euro115 $1000pound550euro660
Infrastructure $175pound95euro115 $1000pound550euro660
All Titles (33 Saving) $350pound190euro230 $2000pound1100euro1320
DIGITAL
If you would like to order morethan 10 copies of one title
please contact us for special rate
(Shipping costs will not exceed a maximum of $60 pound15 euro37 perorder when all shipped to same address If shipped to multipleaddresses then full postage rates apply for additional copies)
Shipping Costs $40pound10euro25 for single publication $20pound5euro12 for additional copies