preqin private equity spotlight february 2013

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Private Equity SpotlightFebruary 2013

The 2013 Preqin Global Private Equity Report

Preqins Private Equity Online service provides comprehensive data and intelligence on all aspects of the private equity industry.

For more information, please visit:

www.preqin.com/privateequity

alternative assets. intelligent data.

ISBN: 978-1-907012-62-4$175 / 95 / 115www.preqin.com

2013 Preqin Global Private Equity

Report

This months Private Equity Spotlight features sample pages from the 2013 Preqin Global Private Equity Report, the most comprehensive review of the private equity asset class ever undertaken, including:

Table of Contents - Page 2

Private Equity in 2013 - The Year Ahead - Page 4

Assets under Management and Dry Powder - Page 5

Overview of Current Funds in Market - Page 6

Distressed Private Equity GPs Key Stats and Facts - Page 7

PrEQIn Private Equity Quarterly Index - Page 9

Private Equity Benchmarks - Page 11

The Evolution of the Limited Partner Universe - Page 13

Make-up of PE-Backed Buyout Deals in 2012 by Type, Value and Industry - Page 14

Conferences Spotlight - Page 15

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February 2013Volume 9 - Issue 2

Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity performance, investors, deals and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les, Funds in Market, Secondary Market Monitor, Buyout Deals Analyst and Venture Deals Analyst.

Click here to sign up to receive your free edition of Private Equity Spotlight every month!

www.preqin.com/spotlight

Free Subscription:


You can download all the data in this months Spotlight in Excel.Click on this symbol to download the datapack for the 2013 Preqin Global Private Equity Report sample pages. You are welcome to use the data in any presentations you are preparing; please cite Preqin as the source.

2 2013 Preqin Ltd. / www.preqin.com

The 2013 Preqin Global Private Equity Report - Sample Pages

2013 Global Private Equity ReportContents

CEOs Foreword 5

Section One: The 2013 Preqin Global Private Equity Report

Keynote Address - Moose Guen, CEO, MVision 7

Section Two: Overview of the Private Equity IndustryPrivate Equity in 2013: The Year Ahead - Helen Kenyon, Preqin

11

Adapting and Thriving - Mark Florman, Chief Executive, BVCA

12

Silver Linings in Storm Clouds - Steve Judge and Bronwyn Bailey, PEGCC

13

Greater Communication was Best Response to the US Elections - Drte Hppner, Secretary-General, EVCA

14

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

Assets under Management and Dry Powder 15Employment and Compensation 17

Section Four: FundraisingPatience is a Virtue - Tripp Brower, Partner, Capstone Partners

19

Evolution of Fundraising Market in 2012 22Overview of Current Fundraising Market 25North American Fundraising 27European Fundraising 28Asian Fundraising 29Rest of World Fundraising 30Buyout Fundraising 31Distressed Private Equity Fundraising 32Growth Fundraising 33Mezzanine Fundraising 34Natural Resources Fundraising 35Venture Capital Fundraising 36

Section Five: General PartnersFilling the Europe Credit Void - Rolf Nuijens, Head of North Europe Mezzanine, ICG

37

League Tables - Largest GPs 39

Buyout GPs - Key Stats and Facts 43Distressed Private Equity GPs - Key Stats and Facts

44

Growth GPs - Key Stats and Facts 45Mezzanine GPs - Key Stats and Facts 46Natural Resources GPs - Key Stats and Facts 47Venture Capital GPs - Key Stats and Facts 48

Section Six: PerformancePerformance Overview 49PrEQIn - Private Equity Index 52Private Equity Horizon Returns 53Private Equity Returns for Public Pension Funds 54Private Equity Benchmarks 55Consistent Performing Fund Managers 58

Section Seven: Investors in Private EquityThe Evolution of the Limited Partner Universe 61Make-up of Investors in Recently Closed Funds 63Investor Appetite for Private Equity in 2013 65League Tables of Largest Investors by Region 70League Tables of Largest Investors by Type 71Investors to Watch in 2013 72

Section Eight: Separate AccountsInvestor Use of Separate Accounts 73

Section Nine: Investment ConsultantsOverview of Alternatives Investment Consultants 75

Section Ten: Buyout DealsOverview of Private Equity-Backed Buyout Deals 77Global Buyout Exit Overview 79Make-up of Private Equity-Backed Buyout Deals in 2012 by Type, Value and Industry

81

Most Active Debt Providers and Deal Advisors 83Largest Buyout Deals and Exits 84

Section Eleven: Venture Capital DealsOverview of Venture Capital Deals 85






Venture Capital Deal Flow by Stage 87Most Active Firms, Largest Venture Capital-Backed Deals and Notable Exits

89

Section Twelve: Fund Terms and ConditionsPrivate Equity Fund Terms and Conditions 91Investor Attitudes towards Fund Terms and Conditions - December 2012 LP Survey Results

93

Leading Law Firms in Fund Formation 95

Section Thirteen: Funds of FundsEvolution of Private Equity Funds of Funds 97Funds of Funds Managers - Key Stats and Facts 99Fundraising Review - Funds of Funds 100

Section Fourteen: SecondariesReview of the Secondary Market and Investor Appetite in 2013

101

Secondary Market Intermediaries 103Secondaries Fund of Funds Managers - Key Stats and Facts

104

Secondaries Fundraising Review 105

Section Fifteen: CleantechOverview of Cleantech Fundraising 107Investors in Cleantech 109Overview of Private Equity-Backed Cleantech Deals

110

Section Sixteen: Placement AgentsOverview of Placement Agent Use in 2012 113Profi le of the Placement Agent Industry 115

Section Seventeen: Fund AdministratorsOverview of Fund Administrators 117

Section Eighteen: Fund AuditorsOverview of Fund Auditors 119

Section Nineteen: Preqin ProductsOrder Forms 121

The data behind all of the charts featured in the 2013 Preqin Global Private Equity Report is available to purchase in Excel format.

Please contact [email protected] for more information and to purchase your data pack now.

The 2013 Preqin Global Private Equity Report contains the most up-to-date data available at the time of going to print. For the very latest statistics and information on fundraising, institutional investors, fund managers and performance, please visitwww.preqin.com/demo to register for a walkthrough of Preqins online databases.


Section Two: O

verview of the Private Equity Industry


4

Private Equity in 2013: The Year Ahead- Helen Kenyon, Preqin

Since 2008 and the onset of the global fi nancial crisis, private equity fundraising levels have remained fairly consistent, with $280-320bn raised by funds that closed each year. Fundraising in 2012 exceeded this; over the course of the year, 761 funds closed, raising an aggregate $327bn.

While volatility in the wider fi nancial markets and investor caution have contributed to lower levels of fundraising in recent years, what can we expect for fundraising in 2013 and beyond?

Private Equity Returns

Private equity funds have generally performed well over the longer term, as illustrated by our PrEQIn Private Equity Quarterly Index, shown on page 50, and horizon IRRs over 10 years, shown on page 51. This is refl ected in what LPs are telling us: 74% of investors interviewed for our December 2012 study were satisfi ed with the returns they had received from their private equity investments and a further 11% told us returns had exceeded their expectations.

The vast majority of investors are looking to increase or maintain their private equity allocations over both the short and long term (87% and 81% respectively), which is perhaps unsurprising as they seek to meet their returns targets for their overall investment portfolios in this generally low-returns environment. However, we have not seen this appetite translate into an increasing volume of new commitments being made to funds. In fact, 40% of LPs surveyed in December 2012 did not make a single new commitment that year.

Deals and Exits

One reason for the low level of commitment activity is the low level of distributions LPs have been receiving from their private equity investments, meaning they have less capital to re-inject into the asset class in new fund commitments. However, Q2 2011 saw record-breaking levels of private equity-backed buyout exits, and during 2012, exit levels remained fairly strong, with a greater number of exits taking place than in any year since 2006, though the aggregate exit value for the year was 11% lower than in 2011. In the venture capital space, we also saw exits reach

a fi ve-year high, with 650 exits taking place during 2012. Buyout deal fl ow in 2012 neared levels seen the year before. Though the number of buyout deals taking place remained fairly steady throughout 2012, the second half of the year saw aggregate deal value reach $148bn, in comparison to $106bn in H1 2012. Similarly, a greater number of venture capital deals took place in 2012 than in 2011, though these deals were valued at an aggregate $40bn, lower than the $50bn worth of deals in 2011.

With positive signs for deal and exit fl ow as we move into 2013, we may see greater numbers of LPs with capital available to invest in new funds in the coming months.

Average Fund Size

A notable increase was seen in the average fund size in the past year, with funds closed in 2012 raising $464mn on average, compared to $342mn for funds closed in 2011. In Europe, the shift was even more pronounced, from an average of $368mn in 2011 to an average of $585mn in 2012. We are seeing LPs frequently invest more with fewer managers, contributing to the increase in average fund size; our PrEQIn Quartile Indices on page 50 demonstrate the importance of manager selection and the considerable variation between the returns received when backing either the best or worst performing funds, which can perhaps explain why LPs are seeking to focus more capital on those stronger performing managers.

Investor Appetite

Our latest investor study shows that almost a quarter (24%) of investors plan to commit more capital to funds in 2013 than they did in 2012, and a further 52% intend to commit the same amount. Ten percent of investors that intend to make new commitments in 2013 did not commit to any new funds in 2012, showing that there are LPs set to return to the market in the coming months.

The type and location of the most active institutional investors in private equity has continued to evolve over the past couple of years. Incoming regulations, such as Solvency II, the Dodd-Frank Act and Basel III, have seen some of the key backers of funds in the past, like banks

and insurance companies, become less active, while others, such as sovereign wealth funds and Asian investors, have become more prominent sources of capital. These shifts present challenges for fund managers by drying up previous sources of capital.

We are also seeing increasing numbers of LPs explore methods of accessing the asset class in addition to commitments to blind pool funds. In particular, LPs have shown strong interest in separate accounts in the past year, though these continue to be utilized only by those LPs that are able to commit sizeable sums of capital to the asset class. This shift again presents challenges for fund managers seeking to raise capital, and the array of opportunities available also makes investors private equity portfolio allocation tasks ever more complex.

Outlook

Overall, it is clear that investors are generally satisfi ed with the returns they are receiving from their private equity portfolios and the majority remain committed to private equity over the short and longer term. However, it is unlikely that this will translate into considerable growth in fundraising in 2013, particularly as funds continue to take over 17 months on average to fundraise, meaning any gains now will take a while to be refl ected in the fundraising fi gures for closed vehicles. The number of funds on the road continues to rise, with 1,940 funds currently seeking an aggregate $795bn, meaning we can expect a huge amount of competition for investor capital in 2013.

The longer term future for private equity and its ability to attract signifi cant investment from institutional investors seems secure, however, with the asset classs demonstrated ability to produce attractive returns over the longer term ensuring that investors with high portfolio returns targets will continue to allocate in the coming years.

Preqins Private Equity Online service provides comprehensive information on all aspects of the industry, including funds, managers, investors, performance and deals.

www.preqin.com/privateequity


Section Three: Assets under M

anagement, D

ry Powder, Em

ployment and Com

pensation


5

Assets under Managementand Dry Powder

Assets under Management

For the fi rst time, assets under management (AUM) of the entire private equity industry, defi ned as the uncalled capital commitments made to private equity funds (dry powder) plus the unrealized value of portfolio assets, exceeded $3tn in December 2011. The latest fi gures available, June 2012, show private equity AUM at almost $3.2tn, as shown in Fig. 3.1. This represents a further increase of 5% from December 2011. The year-on-year growth in assets under management has averaged around 10% between 2009 and 2011, lower than the fi gures for the years preceding the crisis, which saw AUM increases of as much as 38% year on year.

As of June 2012, 69% of AUM was held as unrealized portfolio value, and 31% was attributed to dry powder. Since the fi nancial crisis, the proportion of assets under management represented by dry powder has declined as fundraising for new private equity funds has slowed; for example, as of December 2006, 47% of AUM was represented by dry powder.

Fig. 3.2 shows the assets under management as of June 2012 split out by fund type. Buyout funds hold the highest proportion of the aggregate AUM, with $1.29tn or 40% of the industry total. Real estate funds have $557bn (18%), while venture capital funds hold $384bn (12%).

Dry Powder by Fund Type Current dry powder estimates show that $946bn of capital is (as of December 2012) available to fund managers to make investments, as displayed in Fig. 3.3, considerably lower than the peak fi gure of $1,071bn as of December 2008. Current market conditions, which have resulted in a sustained increase in the time that funds are taking to raise capital, coupled with deal activity remaining higher than it was in the immediate aftermath of the fi nancial

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Fig. 3.1: Private Equity Assets under Management, 2000 - 2012

Source: Preqin Fund Manager Profi les and Preqin Performance Analyst


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Fig. 3.2: Private Equity Assets under Management by Fund Type, June 2012

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Preqins Fund Manager Profi les database provides details of over 6,800 private equity fi rms, including estimated dry powder, key contact details, and much more.


www.preqin.com/fmp




Overview of CurrentFunds in MarketThere are a record 1,940 private equity funds in market as of the start of 2013, targeting aggregate capital commitments of $795bn as Fig. 4.9 displays, representing a signifi cant increase from the previous year. The aggregate capital sought by funds has also increased for the second consecutive year.

Fund Type Breakdown

Buyout funds continue to seek the largest amount of capital, $230bn, as shown in Fig. 4.10. The second largest amount of aggregate capital is being sought by real estate funds; these funds are seeking $147bn from investors, and represent the largest number of funds in market of any type, with 449 vehicles currently on the road. Regional Focus Funds primarily focused on North America are the most numerous, with 873 vehicles targeting $407bn in aggregate capital. This is the regional focus with the largest collective target, and represents an increase of 17% in aggregate capital targeted the previous year. At present there are 456 Europe-focused funds on the road seeking $196bn, representing an increase of 11% compared to the number of funds the previous year. There are 388 Asia-focused vehicles seeking $128bn in aggregate capital from investors, and $64bn is being sought by 233 Rest of World-focused funds.

Time on the Road

Fig 4.11 shows the time spent on the road so far by fi rst-time funds currently in market compared to their experienced counterparts. It highlights that 67% of fi rst-time funds have spent over 12 months on the road thus far compared to 59% of non-fi rst-time funds.

Overall, competition in the fundraising market in 2013 looks set to remain intense. Nevertheless, 45% of the 1,940 funds in market have already held at least one interim close, having so far secured $167bn towards their fi nal targets, an increase of 32% from the previous year.

This highlights that fund managers with a compelling fund offering can still attract investor capital.

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Source: Preqin Funds in Market

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Fig. 4.11: Time Spent on the Road by Private Equity Funds Currently in Market

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No. of FundsRaising

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Fig. 4.9: Private Equity Funds in Market Over Time, 2009 - 2013


Data Source:Funds in Market provides comprehensive information on all 1,940 funds currently in market, including target size, interim closes, investors, geographic focus and much more. For more information, please visit:

www.preqin.com/fim

4. Fundraising



Distressed Private Equity GPsKey Stats and Facts

50%

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1 Fund

2-3 Funds

4-5 Funds

6 Funds or More

Fig. 5.21: Breakdown of Distressed Private Equity Firms by Number of Funds Raised

Fig. 5.22: Number of Firms Actively Managing Distressed Private Equity Funds by Country

GP Headquarters No. of FirmsUS 101UK 14Japan 9Hong Kong 6Italy 6India 5South Korea 5Germany 4Netherlands 4Australia 3

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Fig. 5.24: Distressed Private Equity Firms by Type of Fund Raised

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Fig. 5.25: 5 Largest Distressed Private Equity Funds Raised of All Time

Fund Firm Year Closed Fund Size (bn) GP LocationOCM Opportunities Fund VIIB Oaktree Capital Management 2008 10.9 USD USCerberus Institutional Partners (Series Four) Cerberus Capital Management 2007 7.4 USD USAvenue Special Situations V Avenue Capital Group 2008 6.0 USD USCVI Global Value Fund I CarVal Investors 2007 5.8 USD USMatlinPatterson Global Opportunities III MatlinPatterson Global Advisers 2007 5.0 USD US

Source: Preqin Fund Manager Profi les Source: Preqin Fund Manager Profi les

Source: Preqin Fund Manager Profi les Source: Preqin Fund Manager Profi les

Source: Preqin Fund Manager Profi les

5. General Partners

Preqins Fund Manager Profi les provides information on over 600 fund managers worldwide investing in distressed private equity. For more information about this product and how it can assist you, please visit:

www.preqin.com/fmp

Data Source:

F E B R U A R Y 2 0 th, 2 0 1 3

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PrEQIn Private EquityQuarterly Index

Returns from private equity funds are typically measured using IRRs and multiples. These are appropriate measures of the returns from these types of long-term investments and enable direct comparisons of private equity funds to other private equity funds.

However, a different metric is needed by investors seeking to compare their private equity portfolios with their overall investment portfolios. These asset allocation tasks call for metrics that can compare private equity returns and those of other asset classes. The PrEQIn Index captures in an index the return earned by investors on average in their private equity portfolios, based on the actual amount of money invested in private equity partnerships. This time-weighted measure provides a straightforward method of comparison of private equity to other asset classes since a defi ned point in time and across all vintages.

Fig. 6.8 shows the PrEQIn All Private Equity, Buyout, Venture Capital, Real Estate, Fund of Funds and Distressed Private Equity Indices together with the S&P 500 Index rebased to 100 as of 31st December 2000. By examining these indices, we gain an insight into the performance of the main private equity fund types in comparison to the whole industry. The PrEQIn All Private Equity Index shows an initial decline after the dot-com crash in the early 2000s, but then

steadily increases until December 2007, after which the fi nancial crisis of 2008 and 2009 caused signifi cant falls. The period 2009 to 2012 witnessed fairly steady quarterly increases in the All Private Equity Index, though there was a slight dip in Q2 2011 due to market instability resulting from concerns over European sovereign debt. The index reached its highest point of 215.2 as of 30th June 2012.

It is apparent that the PrEQIn Buyout Index closely follows the trends seen in the All Private Equity Index, as a large proportion of capital within the private equity industry is held in buyout funds. The PrEQIn Real Estate Index was the best performer prior to the downturn, but the sub-prime mortgage crisis resulted in large quarterly decreases during 2008 and 2009. The other fund type indices also show sharp declines during this time, reaching their lowest points in early 2009. However, the PrEQIn Real Estate Index continued its decline after this, reaching its lowest point in the latter half of 2010. The PrEQIn Distressed Private Equity Index shows that this fund type has consistently outperformed the private equity asset class as a whole and has been one of the best performing strategies within the industry. While this index also shows sharp quarterly decreases between Q2 2008 and Q1 2009, the subsequent recovery was achieved at a faster rate compared to other fund types as managers sought to take advantage of the relative abundance

of distressed investment opportunities following the economic downturn. With the exception of the PrEQIn Venture Capital Index, all of the PrEQIn Indices have outperformed the S&P 500 Index as of Q2 2012 over the period shown.

PrEQIn Fund Quartile Indices

Fig. 6.9 shows the PrEQIn Private Equity Quarterly Index rebased to 100 as of 31st December 2000 for funds within each performance quartile ranking. Following initial declines from Q4 2000, the PrEQIn Top Quartile Index recovered and moved back to above 100 in Q4 2002. Since the declines seen in each index due to the fi nancial crisis in 2008 and 2009, the PrEQIn Top Quartile Index has experienced signifi cantly higher quarterly increases compared to other fund quartiles, highlighting that the ability to select the best fund investments results in superior returns.

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Fig. 6.8: PrEQIn - Private Equity Quarterly Index: All Strategies

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PrEQIn TopQuartile Index

PrEQIn SecondQuartile Index

PrEQIn ThirdQuartile Index

PrEQIn FourthQuartile Index

Fig. 6.9: PrEQIn - Fund Quartile Indices

Ind

ex

Re

turn

s (R

eb

ase

d t

o 1

00 a

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f 31

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ce

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000)

Source: Preqin Performance Analyst Source: Preqin Performance Analyst

PrEQIn is the fi rst quarterly index for the whole private equity industry, enabling comparison of the performance of private equity funds against other asset classes.


www.preqin.com/pa

Data Source:

6. Performance

Preqin Global Data Coverage

PlusComprehensive coverage of:- Placement Agents - Dry Powder- Fund Administrators - Compensation- Law Firms - Plus much more...- Debt Providers

- Over 150 research, support and development staff- Global presence - New York, London and Singapore- Depth and quality of data from direct contact methods- Unlimited data downloads- The most trusted name in alternative assets

New York: +1 212 350 0100 - London: +44 (0)20 7645 8888 - Singapore: +65 6305 2200 - Silicon Valley +1 650 632 4345

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The Preqin Difference

Fund Coverage: Funds

13,604 Private Equity* Funds4,032 PE Real Estate Funds

661 Infrastructure Funds

28,340

Firm Coverage: Firms

6,866 PE Firms 1,700 PERE Firms

370 Infra. Firms

14,061

Deals Coverage: Deals Covered; All New Deals Tracked

28,455 Buyout Deals** 37,839 Venture Capital Deals*** 2,452 Infra. Deals

68,746

As of 8 February 2013

Investor Coverage: Institutional Investors Monitored,

Including 7,408 Verified Active**** in Alternatives and 77,942 LP Commitments to Partnerships

4,822 Active PE LPs 3,948 Active Hedge Fund Investors 3,560 Active RE LPs

10,341

1,930 Active Infra. LPS

Alternative Investment Consultant Coverage: Consultants Tracked 440

*Private Equity includes buyout, venture capital, distressed, growth, natural resources and mezzanine funds.**Buyout deals: Preqin tracks private equity-backed buyout deals globally, including LBOs, growth capital, public-to-private deals, and recapitalizations. Our coverage does not include private debt and mezzanine deals.***Venture capital deals: Preqin tracks cash-for-equity investments by professional venture capital firms in companies globally across all venture capital stages, from seed to expansion phase. The deals figures provided by Preqin are based on announced venture capital rounds when the capital is committed to a company. ****Preqin contacts investors directly to ensure their alternatives programs are active. We emphasize active investors, but clients can also view profiles for investors no longer investing or with programs on hold.

Best Contacts: Carefully Selected from Our Database of over Active Contacts 227,754

Fund Terms Coverage: Analysis Based on Data for Around Funds 6,500

Fundraising Coverage: Funds Open for Investment/Launching Soon

Including 1,910 Closed-Ended Funds in Market and 467 Announced or Expected Funds

1,614 PE Funds 915 PEREFunds

250 Infra. Funds

11,349

Performance Coverage: Funds (IRR Data for 4,926 Funds and Cash Flow Data for 2,234 Funds) 10,456

5,028 PE Funds 1,026 PERE Funds

126 Infra. Funds

10,208 Hedge Funds

5,125 Hedge Fund Firms

4,276 Hedge Funds

8,570 Hedge Funds



Private EquityBenchmarks

Vintage No. FundsMedian Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%)

Called (%) Dist (%) DPI Value (%) RVPI Q1 Median Q3 Q1 Median Q3 Max Min2012 22 6.3 0.0 84.4 0.99 0.84 0.54 n/m n/m n/m n/m n/m2011 44 21.2 0.0 90.9 0.97 0.91 0.83 n/m n/m n/m n/m n/m2010 34 38.1 0.0 96.4 1.13 1.04 0.88 n/m n/m n/m n/m n/m2009 36 57.7 2.1 101.0 1.34 1.16 1.03 16.7 10.0 5.5 94.9 -11.32008 67 67.4 13.0 99.9 1.42 1.18 1.02 17.7 8.2 1.5 43.8 -31.12007 90 86.1 24.0 95.6 1.44 1.28 1.09 15.0 9.9 4.0 43.0 -25.92006 75 92.3 36.5 91.0 1.50 1.30 1.13 13.3 8.9 3.4 33.4 -27.12005 78 95.2 67.0 72.8 1.63 1.41 1.25 16.0 9.4 6.2 76.9 -3.62004 39 92.6 119.0 62.0 2.15 1.83 1.59 27.2 16.3 10.2 80.2 -7.02003 32 97.0 143.8 39.5 2.56 1.80 1.43 35.5 20.7 12.4 57.5 -86.22002 30 97.4 157.0 19.5 2.26 1.89 1.32 36.6 19.2 9.1 72.0 -4.82001 32 96.0 189.2 16.0 2.78 2.11 1.67 42.8 28.8 14.4 94.0 6.12000 58 97.3 166.0 10.5 2.28 1.77 1.45 26.7 19.3 11.4 57.5 -5.71999 38 100.0 149.8 1.1 2.06 1.60 1.05 17.4 12.8 5.0 36.4 -25.11998 52 98.4 145.8 0.0 1.97 1.47 0.98 18.7 8.5 -1.9 31.9 -100.01997 44 100.0 162.3 0.0 2.13 1.64 1.10 19.9 9.9 2.3 84.0 -21.61996 26 99.8 171.6 0.0 2.32 1.72 0.88 22.0 11.1 -0.4 147.4 -19.61995 26 100.0 131.3 0.0 2.18 1.31 1.08 19.8 9.2 2.3 59.9 -15.51994 33 100.0 169.0 0.0 2.15 1.69 1.45 29.2 17.9 9.9 92.2 -5.01993 17 100.0 207.0 0.0 2.88 2.02 1.39 26.7 16.9 7.7 58.0 0.81992 18 100.0 206.1 0.0 3.22 2.06 1.49 37.6 21.2 7.9 60.6 -49.91991 9 100.0 260.5 0.0 3.75 2.61 2.07 48.7 26.0 25.0 54.7 -0.51990 20 100.0 238.0 0.0 3.30 2.38 1.43 31.1 18.6 7.9 72.0 2.4

Fund Type: Buyout Geographic Focus: All Regions

Benchmark Type: Median As At: 30 June 2012

Vintage

Mega Buyout Large Buyout Mid-Market Buyout Small BuyoutMedian Fund Weighted Fund Median Fund Weighted Fund Median Fund Weighted Fund Median Fund Weighted Fund

Multiple (X)

IRR (%)

Multiple (X)

IRR (%)

Multiple (X)

IRR (%)

Multiple (X)

IRR (%)

Multiple (X)

IRR (%)

Multiple (X)

IRR (%)

Multiple (X)

IRR (%)

Multiple (X)

IRR (%)

2012 n/a n/m n/a n/m 0.60 n/m 0.70 n/m 0.89 n/m 0.66 n/m 0.84 n/m 0.70 n/m2011 0.95 n/m 0.95 n/m 0.93 n/m 0.91 n/m 0.91 n/m 0.89 n/m 0.87 n/m 0.79 n/m2010 n/a n/m n/a n/m 1.03 n/m 0.98 n/m 0.90 n/m 0.93 n/m 1.01 n/m 1.02 n/m2009 1.12 6.8 1.16 6.6 1.12 8.8 1.19 17.4 1.13 11.7 1.17 10.8 1.24 9.2 1.21 15.12008 1.06 3.1 1.19 7.8 1.23 11.4 1.22 10.1 1.14 8.0 1.10 7.8 1.23 10.1 1.09 9.72007 1.18 6.2 1.13 4.1 1.29 9.9 1.24 8.5 1.28 10.0 1.29 10.3 1.28 10.4 1.31 9.42006 1.10 2.8 1.08 0.6 1.30 8.0 1.21 6.1 1.17 5.6 1.28 6.4 1.33 9.0 1.44 9.82005 1.60 10.3 1.65 10.7 1.27 6.4 1.35 9.8 1.32 8.7 1.44 12.4 1.51 12.4 1.83 22.32004 1.60 10.9 1.71 15.3 1.74 16.6 1.58 9.3 1.78 14.2 1.35 8.6 1.80 18.4 1.44 7.32003 1.83 23.9 2.07 26.3 1.98 19.0 2.11 21.4 1.57 14.3 1.71 17.3 1.53 20.5 1.81 17.02002 1.86 24.0 1.82 23.6 1.91 21.9 1.91 20.9 2.07 23.7 1.80 21.6 1.78 17.4 2.13 27.72001 2.41 28.9 2.48 32.9 1.99 24.8 2.13 25.8 1.96 24.7 2.10 25.6 2.03 29.0 1.74 17.42000 2.00 18.6 1.98 18.3 1.75 17.0 1.75 15.4 2.07 20.0 1.98 18.2 1.98 18.9 1.73 29.61999 1.81 11.5 1.63 7.9 1.61 9.7 1.52 5.9 1.90 10.5 1.95 12.2 1.65 14.3 1.20 4.61998 1.45 5.8 1.39 5.0 1.36 7.9 1.25 1.4 1.46 7.4 1.52 4.2 1.64 11.4 1.72 11.11997 1.70 10.0 1.50 5.9 1.72 11.8 1.78 19.1 1.12 2.2 1.15 2.6 1.60 10.9 1.41 8.3

Fund Type: Buyout by Fund Size Geographic Focus: All Regions

Benchmark Type: Median

Defi nition used for Mega, Large, Mid-Market, Small Buyout: Small Mid-Market Large MegaVintage 1992-1996 $200mn $201-$500mn > $500mn -Vintage 1997-2004 $300mn $301-$750mn $751mn-$2bn > $2bnVintage 2005-2012 $500mn $501mn-$1.5bn $1.6-$4.5bn > $4.5bn

Source: Preqin Performance Analyst

Source: Preqin Performance Analyst

6. Performance

The Preqin Private Equity Performance Benchmarks module offers the most meaningful benchmarking and comparative tools available in the industry. Get free access to median, pool, weighted and average benchmarks by fund type and region focus.


www.preqin.com/benchmarks

Data Source:

Asias leading private banking conference

12 14 March 2013, Marina Bay Sands Convention Centre, Singapore

Join us and learn how to improve the client experience in Asias future private banking environment. Network and form new business relationships with over 250 attendees from private banks, family of ces, and independent wealth managers.

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For more information, please contact Manmitha Srinivasan at +65 6322 2321 or [email protected]

www.terrapinn.com/pbasiaCo-located with:

Peter FlavelCEO

J.P. Morgan Private Wealth Management Asia

Joyce PhillipsCEOANZ

Claude HabererCEO

Pictet Wealth Management Asia

Rohit BhutaCEO

Religare Macquarie Wealth Management

Anne LeeDirector

Sing Lun Investments

En LeeDirector, Impact Partners

Impact Investment Exchange

Gina FyffeExecutive DirectorIntegra Global

Jenny WheatleyCEO

Vincent Fairfax Family Foundation

Speakers include:

PRIVATE EQUITYINVESTORS FORUM

March 14, 2013 | New York, NY

CENTER FOR INSTITUTIONAL INVESTOR EDUCATION



The Evolution of theLimited Partner UniverseWith stricter regulation affecting certain LPs in North America and Europe, fund managers have had to source an increasing amount of capital from different investor groups in a challenging fundraising environment. Furthermore, with LPs based in Asia and Rest of World becoming more experienced in investing in private equity, fund managers are now securing a greater proportion of capital from investors outside of traditional fi nancial markets. As a result of this, the make-up of the limited partner universe has continued to evolve over the past few years.

Types of Investors Active in Private Equity

Regulation of the industry and of its investors is becoming increasingly complex and stringent in developed markets, with banks likely to be affected signifi cantly by incoming regulations. The Volcker Rule, set to come into effect this year, will limit the amount of capital US banks can place into private equity, while Basel III will require European banks to also hold more liquid assets by 2019. As Fig. 7.1 displays, banks account for 6% of investors active within private equity, having fallen from 9% in Q1 2010.

Similarly, the proportion of overall capital invested in the asset class by banks has fallen over the past few years. The aggregate amount of capital currently invested in private equity is estimated to be $1.64tn as of June 2012; this is the amount invested in private equity and

does not include committed capital that has yet to be called up by fund managers. This fi gure is calculated using the sum of the remaining value of portfolios of private equity funds that have reached a fi nal close (excluding funds of funds, secondaries funds, real estate funds and infrastructure funds).

In June 2008, banks accounted for 11% ($115bn) of this total capital invested in private equity, whereas, as Fig. 7.2 displays, this fi gure had fallen to 6% ($100bn) as of June 2012, as many have started to wind down their private equity operations and sell fund interests on the secondary market.

The private equity activity of European insurance companies has also been affected by regulation. The Solvency II directive that is scheduled to come into effect early in 2014 will require these institutions to hold more liquid assets, restricting the amount that can be invested in private equity. In June 2008, insurance companies accounted for 13% ($140bn) of capital invested in private equity, compared to just 8% ($131bn) of invested capital in the asset class in June 2012.

While some types of investor have become less prominent sources of capital for private equity funds over recent years, other investor types have increased their activity in the asset class. Sovereign wealth funds have increased the amount of capital they have invested in private equity year on year since 2008,

representing 8% ($131bn) of invested capital as of June 2012, compared to just 5% ($50bn) in June 2008.

Locations of Investors Active in Private Equity

Europe-based LPs now represent a smaller proportion of active private equity investors than they did in the past; European LPs accounted for 32% of active LPs in Q1 2011, but now account for just 27%, as shown in Fig. 7.3. As displayed in Fig. 7.4, the proportion of total capital invested in the asset class accounted for by European LPs has also fallen, from 37% in June 2010 to 31% in June 2012.

Although the proportion of investors in private equity that are located in Asia and Rest of World has increased only slightly over recent years, the amount of capital invested in the asset class by these LPs has risen more substantially. In June

15%

12%11% 11%

8%7%

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Fig. 7.1: Make-up of Limited Partner Universe by Investor Type (Number of LPs)

Pro

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f In

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ors

Source: Preqin Investor Intelligence

29%

14%

9% 9%8% 8%

6%5% 4%

3% 3% 2%

0

50

100

150

200

250

300

350

400

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Fig. 7.2: Breakdown of Aggregate Capital Currently Invested in Private Equity by Investor Type (Excluding Funds of Funds and Asset Managers)

Am

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$bn

)

Source: Preqin Investor Intelligence

7. Investors

Preqins Investor Intelligence provides detailed and up-to-date information on investors current fund searches and open mandates helping GPs to source capital for funds.


www.preqin.com/ii

Data Source:



Make-up of PE-Backed Buyout Deals in 2012 by Type, Value and Industry

Deal Flow by Type

As shown in Fig. 10.8, leveraged buyouts (LBOs) continue to represent a signifi cant proportion of both the number of private equity-backed buyout deals and the aggregate deal value, accounting for 43% and 62% respectively. This is an increase in comparison to 2011, when LBOs accounted for 41% and 55% of the number and aggregate value of deals respectively, showing the continued interest in this traditional investment type.

Each year from 2008-2012, LBOs have accounted for more than half of the aggregate deal value, an increase in comparison to 2006 and 2007, when LBOs accounted for 41% of the total. Notable leveraged buyout deals which occurred during 2012 include the $7.15bn acquisition of El Paso Corporations oil and natural gas exploration and production assets by Access Industries, Apollo Global Management, Korea National Oil Corporation and Riverstone Holdings, and the $6.6bn acquisition of Cequel Communications by BC Partners and CPP Investment Board.

Add-on transactions continue to be an important investment type for private equity fi rms to enhance the value of existing portfolio companies through strategic acquisitions. 2012 follows a similar trend to 2011; add-on deals accounted for over 30% of the number of deals in both years, in comparison to only 18% in the years prior to the economic downturn. This rise in the prominence of add-on transactions is a refl ection of the increased importance that fund managers are giving to consolidating and strengthening their current portfolio companies as market and credit conditions remain volatile.

Growth capital deals make up a similar proportion of the number and aggregate value of deals to 2011: 15% of all global private equity-backed deals and accounting for 7% of the aggregate deal value in 2012.

Public-to-private transactions accounted for only 2% of all private equity-backed buyout deals in 2012, yet represented 12% of global aggregate deal value. On

43%

62%

33%

11%

15%

7%

3%

4%

4%

4%

2%12%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

No. of Deals Aggregate Deal Value

LBO Add-on Growth Capital Recapitalization PIPE Public To Private

Fig. 10.8: Breakdown of Number and Aggregate Value of Private Equity-Backed Buyout Deals in 2012 by Type

58%

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6%

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40%

50%

60%

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No. of Deals Aggregate Deal Value

Less than $100mn $100-249mn $250-499mn $500-999mn $1bn or More

Fig. 10.9: Breakdown of Number and Aggregate Value of Private Equity-Backed Buyout Deals in 2012 by Value Band

Pro

po

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f To

tal

Source: Preqin Buyout Deals Analyst

Pro

po

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f To

tal

Source: Preqin Buyout Deals Analyst

10. Buyout Deals

Deals Analyst features details of over 60,000 buyout and venture deals globally, including information on deal value, buyers, sellers, debt fi nancing providers, fi nancial and legal advisors, exit details and more.


www.preqin.com/deals

Data Source:


Conferences SpotlightConference Dates Location Organizer

Global Distressed Debt Investing Summit 20 Feb 2013 New York iGlobal Forum

SuperReturn International 25-28 Feb 2013 Berlin ICBI

Emerging Manager Forum Middle East 2013 3 March 2013 Dubai Terrapinn

SuperReturn Latin America 4-6 March 2013 Brazil ICBI

Private Equity World Middle East 2013 4-5 March 2013 Dubai Terrapinn

IBA/ABA Conference on Private Investment Funds 11-12 March 2013 London International Bar Association

Clean Energy Finance & Development 2012 11-13 March 2013 London Informa

Private Equity Investors Forum 14 March 2013 New York US Markets

6th Asian Family Offi ce & 9th Private Banking Asia Conference 2013 12-14 March 2013 Singapore Terrapinn

9th Annual London Business School Private Equity & Venture Capital Conference 15 March 2013 London London Business School

Private Banking Asia 2013

Date: 12-14 March 2013 Information: www.terrapinn.com/conference/private-banking-asia

Location: Singapore

Organiser: Terrapinn Singapore

Now in its 9th year, Private Banking Asia brings together Asias leading private banks, family offices and independent wealth managers

to discuss strategy, investment allocations, changing business models and new business opportunities in the Asian private wealth

sector. Co-located with the Asian Family Office Forum, for 8 years Private Banking Asia has been the premier forum for the leading

private banks, family offices and wealth managers to access Asias ever growing private wealth industry. For more information, please

visit www.terrapinn.com/privatebankingasia

Conferences Conferences Spotlight

4th Global Distressed Debt Investing Summit

Date: 20 February 2013 Information: www.iglobalforum.com/distressed4

Location: New York

Organiser: iGlobal Forum

iGlobal Forum is pleased to announce the 4th Global Distressed Debt Investing Summit due to take place on February 20th, 2013 in

New York City. The summit will present the perfect platform for networking and face-to face discussions with the leading Distressed

Fund Managers, Private Equity Funds, Hedge Funds, Investment Banks, Bankruptcy Advisors, Loan Originators, Debt Providers, and

Rating Agencies.


Conferences Conferences Spotlight

All rights reserved. The entire contents of Private Equity Spotlight are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Private Equity Spotlight is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Private Equity Spotlight.

While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Private Equity Spotlight are accurate, reliable, up-to-date or complete.

Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Private Equity Spotlight or for any expense or other loss alleged to have arisen in any way with a readers use of this publication.

The Private Equity Investor Forum

Date: 14 March 2013 Information: www.usmarkets.org/forums/private-equity-investor-forum/overview

Location: New York

Organiser: US Markets

US Markets Private Equity Investor Forum hosts some of the most well-respected allocators to PE today. This is a forum that puts the focus

back on the institutional investors understanding their objectives and constraints and how private equity is affecting their portfolios.

London Business School 9th Private Equity & Venture Capital Conference

Date: 15 March 2013 Information: www.londonpevcconference2013.org

Location: London

Organiser: London Business School Private Equity & Venture Capital Club

Hosted by the LBS Private Equity & Venture Capital Club, this flagship event attracts a variety of professionals from GPs to LPs,

recruiters, media, as well as enthusiastic business students and academic leaders, forming a diverse debate of trends, challenges and

opportunities in the private equity and venture capital space.

preqin private equity spotlight february 2013

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