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  • INVESTOR OUTLOOK FOR PRIVATE EQUITY IN 2017

    40%Our latest investor survey revealed that a signifi cant 40% of institutional investors in private equity are planning to commit more capital to the asset class in 2017 than they did in 2016. Here, we provide detailed insight into investors’ plans for the next 12 months.

    Find out more on page 3

    PRIVATE EQUITY & VENTURE CAPITAL

    SPOTLIGHTVOLUME 12, ISSUE 3 ■ MARCH 2017

    alternative assets. intelligent data.

    RECENTLY RELEASED: 2017 PREQIN GLOBAL PRIVATE EQUITY & VENTURE CAPITAL REPORT

    2017PREQIN GLOBALPRIVATE EQUITY & VENTURE CAPITALREPORT

    alternative assets. intelligent data.

    ISBN: 978-1-907012-97-6$175 / £125 / €150www.preqin.com

    VENTURE CAPITAL FUNDRAISING IN 2016

    $55bn2016 marked the third consecutive year whereby venture capital fundraising topped $50bn. With fewer funds closed however, the average size reached a record $166mn.

    Find out more on page 8

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    FEATURE Investor Outlook for Private Equity in 2017

    3

    FEATURE Venture Capital Fundraising in 2016

    8

    INDUSTRY NEWS 10

    THE FACTS■ AUM and Dry Powder■ Investors to Watch■ Venture Capital Fund

    Managers

    121416

    CONFERENCES 18

    IN THIS ISSUE

    All data in this newsletter can be downloaded to Excel for free

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    Award for Enterprise: International Trade | HedgeWeek Global Awards: Best Global Hedge Fund Research Provider | CAIA Corporate Recognition Award

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  • © Preqin Ltd. 2017 / www.preqin.com3 Private Equity & Venture Capital Spotlight | March 2017

    INVESTOR OUTLOOK FOR PRIVATE EQUITY IN 2017

    SATISFACTION WITH PRIVATE EQUITYInstitutional investors surveyed by Preqin in December 2016 expressed a high level of satisfaction with private equity: 84% of investors reported a positive view of the asset class at present, up from 59% two years earlier (Fig. 1).

    Ninety-fi ve percent of investors reported that their private equity fund investments had met or exceeded expectations in 2016, including 24% for which they had

    exceeded expectations (Fig. 2). The 5% that felt that their investments had fallen short of expectations was the smallest proportion in the past six years.

    In terms of longer-term performance, investors are even more positive: 40% reported that their private equity investments had exceeded expectations over the past three years, second only to private real estate (42%). Despite this, the proportion of investors that reported that

    their confi dence in the ability of private equity to achieve portfolio objectives had fallen over the past year increased from 9% to 14% (Fig. 3), possibly due to concerns about whether fund managers can continue to deliver strong returns at a time of high valuations. Nevertheless, the vast majority (86%) of fund managers reported that their confi dence in the ability of private equity to achieve portfolio objectives was unchanged or had increased over the past 12 months.

    INVESTOR OUTLOOK FOR PRIVATE EQUITY IN 2017

    9% 14%

    74%76%

    18%10%

    0%

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    50%

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    Dec-15 Dec-16

    IncreasedConfidence

    No Change inConfidence

    ReducedConfidence

    Source: Preqin Investor Interviews, December 2015 - December 2016

    Prop

    ortio

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    Fig. 3: Investors’ Change in Confi dence in the Ability of Private Equity to Achieve Portfolio Objectives over the Past 12 Months, 2015 vs. 2016

    9% 6% 3%

    33%29%

    13%

    59%65%

    84%

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    Dec-14 Dec-15 Dec-16

    Positive

    Neutral

    Negative

    Source: Preqin Investor Interviews, December 2014 - December 2016

    Prop

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    Fig. 1: Investors’ General Perception of the Private Equity Industry, 2014 - 2016

    19% 15% 11% 8% 6% 5%

    75%74% 77%

    75%64% 71%

    6% 11% 13% 17%30% 24%

    0%

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    Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

    ExceededExpectations

    MetExpectations

    Fallen Short ofExpectations

    Source: Preqin Investor Interviews, December 2011 - December 2016

    Prop

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    Fig. 2: Investor Views on Private Equity Portfolio Performance over the Past 12 Months Relative to Expectations, 2011 - 2016

    12%19%

    8%16%

    6% 6%

    61% 48%

    53%49%

    43% 46%

    27% 33% 39% 36%

    52% 48%

    0%

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    Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

    IncreaseAllocation

    MaintainAllocation

    DecreaseAllocation

    Source: Preqin Investor Interviews, December 2011 - December 2016

    Prop

    ortio

    n of

    Res

    pond

    ents

    Fig. 4: Investors’ Intentions for Their Private Equity Allocations over the Long Term, 2011 - 2016

    Using data from the recently released Preqin Investor Outlook: Alternative Assets, H1 2017, we take a look at investor appetite for private equity in the year ahead, including allocations, strategies and geographies targeted, key issues and more.

    www.preqin.com/investoroutlook

  • © Preqin Ltd. 2017 / www.preqin.com4 Private Equity & Venture Capital Spotlight | March 2017

    INVESTOR OUTLOOK FOR PRIVATE EQUITY IN 2017

    Investor satisfaction with private equity is driving larger sums of capital to the asset class as investors look to maintain and increase their allocations. Over the longer term, almost half (48%) of respondents plan to increase their allocations to private equity, while a further 46% will maintain their allocations – these are some of the highest levels seen over the past six years (Fig. 4).

    INVESTOR ACTIVITY IN 2017Positive investor sentiment towards private equity is set to lead to further investment in the asset class in the year ahead, as 40% of investors plan to commit more capital to private equity funds in the next 12 months than they did over the past 12 months (Fig. 5). Although this represents a small decrease from 43% in December 2015, the proportion that plan to invest less capital

    over the next 12 months has also fallen over the same period, from 13% to 11%.

    With 89% of investors looking to invest the same amount or more capital in private equity in the next year, over three-quarters (76%) plan to make their next commitment in Q1 2017 and 7% intend to do so in Q2 (Fig. 6). A further 11% plan to invest in the second half of the year, with only 6% expecting to wait until 2018 or later for their next commitment.

    Investors are increasingly spreading their investment across a number of funds, with the proportion of investors that plan to commit to fi ve or more funds over the next 12 months increasing from 43% in the H2 2016 Investor Outlook to 51% at present (Fig. 7). Similarly, the proportion that intend to make just one or two

    investments has fallen from 34% to 26% over the same period.

    However, despite investing across a larger number of vehicles, for the majority of investors, the intended capital commitment to the asset class remains small: 52% of investors plan to invest less than $50mn in private equity over the next 12 months (Fig. 8). Nevertheless, a small but important group of investors will be making large commitments over the coming year: 13% of investors plan to invest $500mn or more in the asset class.

    STRATEGIES AND GEOGRAPHIES TARGETEDAs investors seek to commit greater sums of capital to private equity over the coming year, they continue to identify small to mid-market buyout funds as the most attractive

    52%

    10%

    18%

    7%

    13%

    Less than $50mn

    $50-99mn

    $100-349mn

    $350-499mn

    $500mn or More

    Source: Preqin Private Equity Online

    Fig. 8: Amount of Fresh Capital Investors Plan to Invest in Private Equity Funds over the Next 12 Months

    13% 11%

    45% 49%

    43% 40%

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    80%

    90%

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    Dec-15 Dec-16

    More Capital

    Same Amountof Capital

    Less Capital

    Source: Preqin Investor Interviews, December 2015 - December 2016

    Prop

    ortio

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    Res

    pond

    ents

    Fig. 5: Investors’ Expected Capital Commitment to Private Equity Funds in the Next 12 Months Compared to the Previous 12 Months, 2015 vs. 2016

    26%

    23%22%

    29% 1-2 Investments

    3-4 Investments

    5-6 Investments

    7 or More Investments

    Source: Preqin Private Equity Online

    Fig. 7: Number of Private Equity Fund Commitments Investors Plan to Make over the Next 12 Months

    76%

    7%

    8%

    3%6%

    Q1 2017

    Q2 2017

    Q3 2017

    Q4 2017

    2018 or Later

    Source: Preqin Investor Interviews, December 2016

    Fig. 6: Timeframe for Investors’ Next Intended Commitment to a Private Equity Fund

  • © Preqin Ltd. 2017 / www.preqin.com5 Private Equity & Venture Capital Spotlight | March 2017

    INVESTOR OUTLOOK FOR PRIVATE EQUITY IN 2017

    fund type, with 58% of investors believing they present the best opportunities (Fig. 9). This is up from 50% in the H2 2016 Investor Outlook, but remains below the fi gure for H1 2016 (61%). Venture capital followed, cited by 28% of respondents, although this has fallen from 36% in June 2016, possibly due to investor concerns about overinfl ated prices for venture capital companies and their potential impact on future returns.

    North America is considered the most promising region for private equity investment: 61% of investors believe it presents the best opportunities at present, followed by Europe (44%, Fig. 10). In terms of allocations, however, a greater proportion of LPs plan to increase their allocation to Europe (31%) than North

    America (25%) over the coming year, with 4% and 7% planning to reduce their allocations to these regions respectively (Fig. 11).

    Outside the established private equity markets of North America and Europe, 21% of investors saw Asia as among the most favourable regions for private equity investment. Eighteen percent of investors plan to increase their allocation to the region over the coming year, compared with only 5% that plan to decrease it.

    Emerging markets and the Rest of World region were seen as off ering the best opportunities by 19% and 7% of investors respectively. According to investors currently active in emerging markets, the most promising countries/regions are

    Emerging Asia (41%), China (39%) and India (20%, Fig. 12).

    KEY ISSUESWhile investor sentiment towards private equity is positive, there remain a number of challenges facing investors in the asset class. High valuations for portfolio companies remain the number one concern, cited by 70% of respondents (Fig. 13). Combined with record levels of dry powder and stiff competition for assets, investors are increasingly concerned about the impact high pricing will have on returns in future.

    With valuations high, the exit environment has also become a key issue for the industry, with investors concerned that it may become more diffi cult for fund

    7% 4% 5% 5%

    68%65%

    77% 75%

    25% 31%18% 20%

    0%

    10%

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    30%

    40%

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    60%

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    80%

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    NorthAmerica

    Europe Asia EmergingMarkets

    IncreaseAllocation

    MaintainAllocation

    DecreaseAllocation

    Source: Preqin Investor Interviews, December 2016

    Prop

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    Fig. 11: Investors’ Plans for their Private Equity Allocations over the Next 12 Months by Region

    2%

    9%

    11%

    11%

    17%

    17%

    20%

    39%

    41%

    0% 10% 20% 30% 40% 50%

    Russia

    Central & Eastern Europe

    Brazil

    Middle East

    Latin America

    Africa

    India

    China

    Emerging Asia

    Source: Preqin Investor Interviews, December 2016Proportion of Respondents

    Fig. 12: Countries and Regions* within Emerging Markets that Investors View as Presenting the Best Opportunities

    7%

    14%

    16%

    18%

    24%

    28%

    58%

    0% 10% 20% 30% 40% 50% 60% 70%

    Other

    Secondaries

    Fund of Funds

    Growth

    Large to Mega Buyout

    Venture Capital

    Small to Mid-Market Buyout

    Source: Preqin Investor Interviews, December 2016Proportion of Respondents

    Fig. 9: Fund Types* that Investors View as Presenting the Best Opportunities

    61%

    44%

    21%

    7%

    19%

    0%

    10%

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    40%

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    NorthAmerica

    Europe Asia Rest of World EmergingMarkets

    Source: Preqin Investor Interviews, December 2016

    Prop

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    Fig. 10: Regions* Investors View as Presenting the Best Opportunities

    *Respondents were not prompted to give their opinions on each fund type/region individually but to name those they felt best fi t these categories; therefore, the results display the fund types/regions at the forefront of investors’ minds at the time of the survey.

  • © Preqin Ltd. 2017 / www.preqin.com6 Private Equity & Venture Capital Spotlight | March 2017

    INVESTOR OUTLOOK FOR PRIVATE EQUITY IN 2017

    managers to realize their investments at current valuations. The proportion of investors citing the exit environment as a concern increased to 51% from 24% the previous year.

    Deal fl ow was also cited by 41% of investors, up from 34% in December 2015. Forty-fi ve percent of investors reported that it has become harder to fi nd attractive investment opportunities over the past

    year, compared with only 5% that are fi nding it easier (Fig. 14).

    In terms of broader macroeconomic developments aff ecting performance, the key factors that investors believe will aff ect their private equity portfolios in the year ahead are stock market volatility (49%), low interest rates (41%) and the geopolitical landscape (26%, Fig. 15).

    All of these issues may pose a challenge to investors as they become more ambitious in their return targets for their private equity portfolios. Just under half (49%) of investors reported that they are targeting returns of 4.1% or more above public markets for their private equity portfolios, up from 37% in December 2014 (Fig. 16).

    5% 8% 2% 3% 5% 6%7%

    9%11% 12%

    18% 15%

    25%29%

    43%49% 37% 30%

    63%54%

    43%37% 40%

    49%

    0%

    10%

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    30%

    40%

    50%

    60%

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    100%

    Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

    Public Market+4.1% and over

    Public Market+2.1% to +4%

    Public Market+2%

    Same as PublicMarket

    Source: Preqin Investor Interviews, December 2011 - December 2016

    Prop

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    Fig. 16: Investors’ Return Expectations for Their Private Equity Portfolios, 2011 - 2016

    70%

    51%41% 39%

    33%29% 25%

    15% 15%

    0%

    10%

    20%

    30%

    40%

    50%

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    70%

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    Valu

    atio

    ns

    Exit

    Envi

    ronm

    ent

    Dea

    l Flo

    w

    Fees

    Perfo

    rman

    ce

    Vola

    tility

    /Unc

    erta

    inty

    in G

    loba

    l Mar

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    Regu

    latio

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    Publ

    ic P

    erce

    ptio

    n of

    Indu

    stry

    Tran

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    ency

    Source: Preqin Investor Interviews, December 2016

    Prop

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    Fig. 13: Investor Views on the Key Issues Facing Private Equity in 2017

    45%

    50%

    5%

    Harder to Find AttractiveOpportunities

    No Change

    Easier to Find AttractiveOpportunities

    Source: Preqin Investor Interviews, December 2016

    Fig. 14: Investor Views on the Diffi culty of Identifying Attractive Investment Opportunities Compared to 12 Months Ago

    5%

    10%

    8%

    23%

    26%

    19%

    49%

    41%

    4%

    7%

    10%

    17%

    24%

    26%

    42%

    53%

    0% 20% 40% 60%

    Commodity Price Volatility

    China Economic Slowdown

    Brexit Vote

    Central Bank Intervention

    Geopolitical Landscape

    Currency Market Volatility

    Stock Market Volatility

    Low Interest Rates

    2016 2017Source: Preqin Investor Interviews, December 2016

    Proportion of Respondents

    Fig. 15: Investor Views on the Macroeconomic Factors that Had the Biggest Impact on Their Private Equity Portfolios in 2016 vs. Predictions for 2017

    PREQIN INVESTOR OUTLOOK: ALTERNATIVE ASSETS, H1 2017

    Preqin Investor Outlook: Alternative Assets, H1 2017 brings together the results of a series of in-depth interviews conducted by Preqin’s analysts with over 500 institutional investors. With the alternative assets industry larger than ever before, this report aims to provide insight into institutional investors’ portfolios and future plans, their confi dence in diff erent asset classes and the challenges they face in a turbulent geopolitical landscape.

    Download your copy now: www.preqin.com/investoroutlook

    PREQININVESTOR OUTLOOK:ALTERNATIVE ASSETSH1 2017

    alternative assets. intelligent data.

    Private Equity Hedge Funds Real Estate Infrastructure Private Debt Natural Resources

    www.preqin.com/investoroutlook

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  • © Preqin Ltd. 2017 / www.preqin.com8 Private Equity & Venture Capital Spotlight | March 2017

    VENTURE CAPITAL FUNDRAISING

    VENTURE CAPITAL FUNDRAISINGVENTURE CAPITAL FUNDRAISING IN 2016

    For the third consecutive year, annual venture capital fundraising has topped $50bn. Strong performance by post-GFC vintage funds, as well as steady growth in deal volume and value, has put venture capital on the radar of institutional investors and increased commitments to venture capital funds.

    Key Findings: ■ In 2016, 382 funds reached a fi nal

    close, securing $55bn. While this capital is on par with the previous record in 2015 (from 442 funds), as more information becomes available, the 2016 fi gure is likely to surpass 2015 (Fig. 1).

    ■ Consequently, average fund size reached a record high of $166mn in 2016, an increase of 16% from 2015.

    ■ Generalist venture capital funds had the greatest interest from investors: 40% of venture capital funds closed in 2016 invested across all stages and raised 45% ($24bn) of total venture capital (Fig. 2).

    ■ Information technology remains the most prominent industry; 57% ($31bn) of all capital raised in 2016 targets the sector.

    ■ Technology Crossover Ventures IX was the largest venture capital fund closed in 2016, securing $2.5bn in capital

    commitments, and seeks to make late stage investments in the technology sector – including internet, fi nancial services, communications and software – across North America.

    GEOGRAPHIC FOCUSNorth America continues to dominate the venture capital fundraising market, largely due to the high concentration of GPs in and around Silicon Valley. Proportionally, regional market share has remained relatively unchanged from 2014, with funds focused on North America, Europe, Asia and all other regions securing 62%, 11%, 24% and 3% of the capital raised in 2016 respectively.

    The regional breakdown is as follows: ■ North America: 222 funds focused

    on the region closed in 2016, raising an aggregate $34bn. California-based GPs managed $21bn (61%) of all North America-focused venture capital raised.

    ■ Europe: 53 Europe-focused funds raised a combined $6.1bn in 2016.

    ■ Asia: 80 Asia-focused funds secured $13bn, with China-focused funds accounting for 64% ($8.4bn) of all Asia-focused capital raised in 2016.

    ■ Rest of World: 27 funds secured $1.8bn for investment outside North

    America, Europe and Asia in 2016, led by Israel- and Australia-focused venture capital: eight Israel-focused vehicles secured $0.8bn, while six Australia-focused funds raised $0.5bn.

    OUTLOOKVenture capital is likely to remain an important part of private equity fundraising over 2017, with a record 940 funds currently seeking capital and $16bn already committed to funds that have held an interim close. Although the number of funds reaching a fi nal close was lower in 2016 than the year before, the aggregate capital raised remained strong. With record numbers of funds in market, managers face the challenge of convincing LPs that they can identify breakout potential among companies in order to secure institutional commitments in a competitive fundraising market.

    More than a quarter (28%) of investors surveyed by Preqin see venture capital as providing the best opportunities for investment, second only to small to mid-market buyout funds (58%). Additionally, 18% of investors expect to commit more capital to the asset class in the next 12 months than they did in the previous year, and 30% of investors also plan to increase their allocation over the longer term.

    7 8 1013 12 15

    19 214 410 3 6

    88

    10

    16 16

    2725

    14

    2929

    24

    0

    10

    20

    30

    40

    50

    60

    2009 2010 2011 2012 2013 2014 2015 2016

    Early Stage Expansion/Late Stage Venture Capital (All Stages)

    Source: Preqin Private Equity Online

    Aggr

    egat

    e Ca

    pita

    l Rai

    sed

    ($bn

    )

    Year of Final Close

    Fig. 2: Annual Venture Capital Fundraising by Fund Type, 2009 - 2016

    15 16 1623 20

    31 33 345 35

    35

    6 76

    5 8

    22 125

    14 1413

    2 2

    22

    2

    1 22

    302 316358

    380 377

    443 442

    382

    0

    50

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    0

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    2009 2010 2011 2012 2013 2014 2015 2016

    North America Europe Asia Rest of World No. of Funds Closed

    Source: Preqin Private Equity Online

    Aggr

    egat

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    pita

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    ($bn

    )

    Year of Final Close

    Fig. 1: Annual Venture Capital Fundraising by Primary Geographic Focus, 2009 - 2016

    No. of Funds Closed

    We examine venture capital fundraising in 2016 by region and fund type, and look at the prospects for the strategy in 2017.

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  • © Preqin Ltd. 2017 / www.preqin.com10 Private Equity & Venture Capital Spotlight | March 2017

    INDUSTRY NEWS

    INDUSTRY NEWS

    There are currently 416 first-time venture capital funds being raised, collectively targeting $41bn in commitments. The 10 largest funds in market account for roughly 34% of aggregate capital targeted by first-time venture capital funds, with the top four funds focused on Asia and all managers based in China. The largest first-time fund currently raising capital is Guangxi Beibu Gulf Industrial Investment Fund, managed by Guangxi Xijiang Venture Investment (a subsidiary of Guangxi Xijiang Development & Investment Group), which focuses on investing across all venture capital strategies, specifically China-based companies related to Beibu Gulf and West River Economic Belt. The fund is targeting $3.2bn to invest in environmental services, energy and resource-based sectors. Rounding out the five largest funds is US-based Breakthrough Energy Ventures Fund I, managed by Breakthrough Energy Ventures. This generalist venture capital fund is seeking $1bn and focuses on innovations in the cleantech sector specifically to reduce greenhouse-gas emissions in areas including electricity generation, storage, transportation, industrial processes, agriculture and energy-system efficiency. The fund has a 20-year duration and a global geographic focus.

    Of the 25 largest first-time funds in market, only two primarily focus on Europe. EMH Digital Growth Fund is managed by EMH Partners and invests in IT, technology and communication start-ups. Spirit Ventures I is managed by Spirit Ventures and aims to provide early stage start-up investments in mainly Northwestern European companies, focusing on key enabling technologies such as nanotechnology, semiconductor-related businesses and communications. Each fund is seeking $320mn.

    As at 22 February, 48 venture capital funds have reached a final close in 2017, raising an aggregate $6.6bn. The majority (60%) follow an early stage strategy, while 33% are generalist venture capital funds; the remaining 7% are expansion/late stage funds.

    The largest venture capital fund closed in 2017 so far is Rocket Internet’s early stage

    Rocket Internet Capital Partners Fund.Berlin-based Rocket Internet reached its initial target ($1bn) for its debut fund in January, which makes early stage and growth investments in companies focused on software, e-commerce, fintech, marketplaces and travel. Mithril II, managed by Mithril Capital Management in California, surpassed its initial target by $250mn to achieve a final close of $850mn. Together, these two funds account for 28% of the capital raised by venture capital funds closed so far this year.

    FIRST-TIME FUNDS IN MARKET

    59%

    16%10%

    14%

    2%

    48%

    32%

    9% 7% 5%

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    25 or Fewer 26-50 51-75 76-100 More than100

    2013-2014

    2015-2016

    Source: Preqin Private Equity Online

    Prop

    ortio

    n of

    Fun

    ds C

    lose

    d

    No. of Investors

    Concentration of LPs in Venture Capital Funds Closed, 2013 - 2016

    The edition’s Chart of the Month, taken from the recently launched 2017 Preqin Global Private Equity & Venture Capital Report, looks at the make-up of investors in venture capital funds closed from 2013 to 2016.

    On average, private equity funds closed in 2016 had 39 investors, a slight increase from 38 LPs per fund in 2015. This number remains in line with recent years despite average fund size reaching a record $471mn in 2016. However, diff ering trends can be seen among diff erent fund strategies in recent years. The proportion of buyout funds with 25 or fewer investors increased from 35% in 2013-2014 to 48% in 2015-2016, while the proportion with greater than 50 investors has fallen from 33% to 24%. On the other hand, the proportion of venture capital funds with 25 LPs or fewer has fallen from 59% to 48% over the same period, while the proportion with between 26 and 50 has increased from 16% to 32%.

    CHART OF THE MONTH

    We take a look at the latest news from the venture capital industry, including fi rst-time funds in market and recently closed venture capital funds.

    RECENTLY CLOSED FUNDS

    https://www.preqin.com/user/VentureCapital/Funds/FundProfile.aspx?Fundid=66361&src=2https://www.preqin.com/user/VentureCapital/Funds/FundProfile.aspx?Fundid=66361&src=2https://www.preqin.com/user/pe/gp_profile.aspx?FirmID=220692&src=2https://www.preqin.com/user/pe/gp_profile.aspx?FirmID=220692&src=2https://www.preqin.com/user/pe/FIM_details.aspx?Fundid=68062&ID=14&src=2https://www.preqin.com/user/pe/FIM_details.aspx?Fundid=68062&ID=14&src=2https://www.preqin.com/user/pe/gp_profile.aspx?FirmID=180739&src=2https://www.preqin.com/user/pe/gp_profile.aspx?FirmID=180739&src=2https://www.preqin.com/user/pe/FIM_details.aspx?Fundid=66797&ID=14&src=2https://www.preqin.com/user/pe/FIM_details.aspx?Fundid=66797&ID=14&src=2https://www.preqin.com/user/pe/gp_profile.aspx?FirmID=147874&src=2https://www.preqin.com/user/pe/gp_profile.aspx?FirmID=147874&src=2https://www.preqin.com/user/pe/FIM_details.aspx?Fundid=69481&ID=14&src=2https://www.preqin.com/user/pe/gp_profile.aspx?FirmID=225747&src=2https://www.preqin.com/user/pe/gp_profile.aspx?FirmID=68150&src=2https://www.preqin.com/user/pe/FIM_details.aspx?Fundid=56101&ID=14&src=2https://www.preqin.com/user/pe/FIM_details.aspx?Fundid=60569&ID=14&src=2https://www.preqin.com/user/pe/gp_profile.aspx?FirmID=91507&src=2www.preqin.com/gper

  • PREQIN GLOBAL DATA COVERAGE

    +PLUS

    Comprehensive coverage of:

    + Placement Agents + Dry Powder+ Fund Administrators + Compensation+ Law Firms + Plus much more...+ Debt Providers

    THE PREQIN DIFFERENCE+ Over 250 research, support and development staff+ Global presence - New York, London, Singapore, San Francisco, Hong Kong and Manila+ Depth and quality of data from direct contact methods+ Unlimited data downloads+ The most trusted name in alternative assets

    *Private equity includes buyout, growth, venture capital, turnaround, private equity fund of funds, private equity secondaries, direct secondaries, balanced, hybrid, hybrid fund of funds, PIPE, co-investment and co-investment multi-manager 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.

    alternative assets. intelligent data.

    PRIVATE EQUITY* HEDGE FUNDS REAL ESTATE INFRASTRUCTURE PRIVATE DEBT

    NATURALRESOURCES

    INVESTORCOVERAGE

    6,437Active

    Private Equity LPs

    5,132Active

    Hedge Fund Investors

    5,588Active

    Real Estate LPs

    2,969Active

    InfrastructureLPs

    2,539Active

    Private Debt Investors

    2,525Active

    Natural Resources Investors

    FUNDCOVERAGE

    16,415Private Equity

    Funds

    23,754Hedge Funds

    6,261PE Real Estate

    Funds

    1,119Infrastructure

    Funds

    2,211Private Debt

    Funds

    1,671Natural Resources

    Funds

    FIRMCOVERAGE

    10,722Private Equity

    Firms

    8,831Hedge Fund

    Firms

    3,775PE Real Estate

    Firms

    506Infrastructure

    Firms

    1,431Private Debt

    Firms

    899Natural Resources

    Firms

    PERFORMANCECOVERAGE

    5,737Private Equity

    Funds

    15,800Hedge Funds

    1,639PE Real

    Estate Funds

    223Infrastructure

    Funds

    788Private Debt

    Funds

    472Natural Resources

    Funds

    FUNDRAISINGCOVERAGE

    1,884Private Equity

    Funds

    15,806Hedge Funds

    1,072PE Real

    Estate Funds

    279Infrastructure

    Funds

    284Private Debt

    Funds

    251Natural Resources

    Funds

    Alternatives Investment Consultants Coverage:

    546Consultants Tracked

    Funds Terms Coverage: Analysis Based on Data for Around

    15,530Funds

    Best Contacts: Carefully Selected from our Database of over

    386,261Contacts

    DEALS & EXITSCOVERAGE

    BUYOUT VENTURE CAPITAL REAL ESTATE INFRASTRUCTURE

    78,323 Buyout Deals** and Exits

    128,941 Venture Capital Deals*** and Exits

    32,552Real Estate Deals

    26,148Infrastructure Deals

    2015 Annual CAIA Corporate

    As at 1 March 2017

    ALTERNATIVES COVERAGE

    FIRMS FUNDS FUNDS OPEN TO INVESTMENTINVESTORS

    MONITOREDFUNDS WITH

    PERFORMANCE DEALS & EXITS

    26,164 47,697 18,821 14,142 24,659 265,964

  • © Preqin Ltd. 2017 / www.preqin.com12 Private Equity & Venture Capital Spotlight | March 2017

    THE FACTS

    ASSETS UNDER MANAGEMENT AND DRY POWDERWe analyze private equity assets under management and dry powder by fund type, vintage year and more.

    254 305 322 309 289 385525 632 678 671 615 593 558 672 687

    752 869324 285 271349 419

    496630

    837 743 9041,106

    1,2001,382

    1,5121,552

    1,6351,617

    0

    500

    1,000

    1,500

    2,000

    2,500

    Dec

    -00

    Dec

    -01

    Dec

    -02

    Dec

    -03

    Dec

    -04

    Dec

    -05

    Dec

    -06

    Dec

    -07

    Dec

    -08

    Dec

    -09

    Dec

    -10

    Dec

    -11

    Dec

    -12

    Dec

    -13

    Dec

    -14

    Dec

    -15

    Jun-

    16

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

    Source: Preqin Private Equity Online

    Ass

    ets

    unde

    r Man

    agem

    ent (

    $bn)

    Fig. 1: Private Equity Assets under Management, 2000 - 2016

    528

    937137

    371

    105

    214

    57

    117

    0

    200

    400

    600

    800

    1,000

    1,200

    1,400

    1,600

    1,800

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

    Other

    Growth

    Venture Capital

    Buyout

    Source: Preqin Private Equity Online

    Fig. 2: Private Equity Assets under Management by Fund Type (As at June 2016)

    4 2 2 1 2 5 13 15 11 8 1029 43

    89

    164225 237

    3 5 1 5 1148

    137

    201 186

    92129

    226 193149

    14467 20

    0

    50

    100

    150

    200

    250

    300

    350

    2000

    2001

    2002

    2003

    2004

    2005

    2006

    2007

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

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

    Source: Preqin Private Equity Online

    Ass

    ets

    unde

    r Man

    agem

    ent (

    $bn)

    Vintage Year

    Fig. 3: Private Equity Assets under Management by Vintage Year (As at June 2016)

    0

    100

    200

    300

    400

    500

    600

    700

    800

    900

    Dec

    -03

    Dec

    -04

    Dec

    -05

    Dec

    -06

    Dec

    -07

    Dec

    -08

    Dec

    -09

    Dec

    -10

    Dec

    -11

    Dec

    -12

    Dec

    -13

    Dec

    -14

    Dec

    -15

    Dec

    -16

    Buyout Venture Capital Growth Other

    Source: Preqin Private Equity Online

    Dry

    Pow

    der (

    $bn)

    Fig. 4: Private Equity Dry Powder by Fund Type, 2003 - 2016

    2.7

    4.74.5

    3.4 3.3

    3.93.6

    2.5

    3.2

    3.9

    2.52.3

    2.6

    3.1

    2.5

    0.0

    0.5

    1.0

    1.5

    2.0

    2.5

    3.0

    3.5

    4.0

    4.5

    5.0

    Dec

    -01

    Dec

    -02

    Dec

    -03

    Dec

    -04

    Dec

    -05

    Dec

    -06

    Dec

    -07

    Dec

    -08

    Dec

    -09

    Dec

    -10

    Dec

    -11

    Dec

    -12

    Dec

    -13

    Dec

    -14

    Dec

    -15

    Source: Preqin Private Equity Online

    Ratio

    Fig. 5: Ratio of Year-End Private Equity Dry Powder Levels to Prior-Year Total Capital Called

    -200

    -100

    0

    100

    200

    300

    400

    500

    600

    Dec

    -00

    Dec

    -01

    Dec

    -02

    Dec

    -03

    Dec

    -04

    Dec

    -05

    Dec

    -06

    Dec

    -07

    Dec

    -08

    Dec

    -09

    Dec

    -10

    Dec

    -11

    Dec

    -12

    Dec

    -13

    Dec

    -14

    Dec

    -15

    Jun-

    16

    Capital Called-up ($bn) Capital Distributed ($bn)Net Capital Distributed ($bn)

    Source: Preqin Private Equity Online

    Fig. 6: Private Equity - Annual Amount Called up and Distributed, 2000 - H1 2016

  • For more information or to purchase your copies, please visit:

    www.preqin.com/reports

    alternative assets. intelligent data.

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    Also in this series: The 2017 Preqin Global Private Debt Report and the 2017 Preqin Global Natural Resources Report are due for release in March 2017.

    www.preqin.com/reports

  • © Preqin Ltd. 2017 / www.preqin.com14 Private Equity & Venture Capital Spotlight | March 2017

    THE FACTS

    INVESTORS TO WATCHWe provide examples of prominent investors in venture capital funds that are looking to make new commitments in the next 12 months.

    UNIGRAINSAUM: €1.2bn ($1.3bn)Type: Private Equity Firm (Investor)Location: Paris, FrancePlans for Next 12 Months: Will continue to invest in venture capital funds with an agribusiness focus.

    1

    1HIRTLE, CALLAGHAN & CO. AUM: $26bnType: Private Equity Fund of Funds ManagerLocation: Pennsylvania, USPlans for Next 12 Months: Will make up to six new fund commitments through its fund of funds vehicles, investing with managers it has not previously worked with.

    2

    2

    DIGITAL VENTURESAUM: THB 50mn ($1.4mn)Type: Investment CompanyLocation: Bangkok, ThailandPlans for Next 12 Months: Considering investment in venture capital vehicles only. Geographically, it seeks investment opportunities globally in a diversifi ed range of industries.

    3

    3

    AMERICAN RED CROSS AUM: $1.6bnType: Endowment PlanLocation: Washington DC, USPlans for Next 12 Months: Will invest in new buyout and venture capital funds over the next 12 months.

    4

    5

    AP-FONDEN 2 AUM: SEK 324bn ($35bn)Type: Public Pension FundLocation: Goteborg, SwedenPlans for Next 12 Months: Will invest in a limited number of new manager relationships primarily in buyout, early stage, growth and venture capital funds focused mainly on North America and, to a lesser extent, Europe and Asia.

    5

    4

    DATA SOURCE:

    Preqin’s Private Equity Online tracks over 4,200 institutional investors in venture capital, providing detailed information on their plans for investment, allocations and more.

    www.preqin.com/privateequity

    www.preqin.com/peowww.preqin.com/peo

  • 14th Annual AVCA Conference

    4th – 5th April 2017GP-LP Summit & Welcome Cocktails: 3rd April 2017

    Professional Development Programmes: 6th – 7th April 2017

    ABIDJAN, CÔTE D’IVOIRE#AVCACon2017 avcaconference.com

    11th May 2017 |

    Contact us: [email protected] +351 211 335 966

    The Iberian Private Equity Conference

    20% DISCOUNT!With Preqin!

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  • © Preqin Ltd. 2017 / www.preqin.com16 Private Equity & Venture Capital Spotlight | March 2017

    THE FACTS

    VENTURE CAPITAL FUND MANAGERS

    51%

    32%

    9%

    8%

    1 Fund

    2-3 Funds

    4-5 Funds

    6 or More Funds

    Source: Preqin Private Equity Online

    Fig. 1: Venture Capital Fund Managers by Number of Funds Raised

    77%

    52% 52%42%

    31% 30%23%

    18% 17%

    4%0%

    10%20%30%40%50%60%70%80%90%

    Info

    rmat

    ion

    Tech

    nolo

    gy

    Hea

    lthca

    re

    Tele

    com

    s, M

    edia

    &Co

    mm

    unic

    atio

    ns

    Cons

    umer

    Dis

    cret

    iona

    ry

    Busi

    ness

    Ser

    vice

    s

    Indu

    stria

    ls

    Ener

    gy &

    Util

    ities

    Food

    & A

    gric

    ultu

    re

    Mat

    eria

    ls

    Real

    Est

    ate

    Source: Preqin Private Equity Online

    Prop

    ortio

    n of

    Firm

    s

    Industry Preference

    Fig. 3: Venture Capital Fund Managers’ Industry Preferences for Underlying Investments

    68%

    53% 54%

    44%

    53%

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    80%

    Early

    Sta

    ge

    Early

    Sta

    ge:

    Seed

    Early

    Sta

    ge:

    Star

    t-up

    Expa

    nsio

    n/La

    te S

    tage

    Vent

    ure

    Capi

    tal

    (All

    Stag

    es)

    Source: Preqin Private Equity Online

    Prop

    ortio

    n of

    Firm

    s

    Investment Stage

    Fig. 4: Venture Capital Fund Managers by Investment Stage Preference

    Fig. 5: 10 Largest Fund Managers by Total Capital Raised for Venture Capital Funds in the Last 10 Years

    Firm Total Capital Raised in Last 10 Years ($bn)Total Estimated Dry

    Powder ($bn) Headquarters

    Tiger Global Management 12.0 3.5 New York, US

    New Enterprise Associates 8.2 1.9 Menlo Park, US

    Sequoia Capital 7.9 1.6 Menlo Park, US

    DST Global 7.2 2.3 Hong Kong

    Kleiner Perkins Caufi eld & Byers 7.1 1.9 Menlo Park, US

    Andreessen Horowitz 5.7 2.3 Menlo Park, US

    Accel Partners 5.5 1.9 Palo Alto, US

    IDG Capital Partners 5.0 1.1 Beijing, China

    Index Ventures 4.7 1.5 London, UK

    Lightspeed Venture Partners 4.6 1.9 Menlo Park, US

    Source: Preqin Private Equity Online

    Fig. 2: Number of Active Venture Capital Fund Managers by Location

    Headquarters No. of Firms

    US 1,020

    China 170

    UK 93

    India 68

    Japan 67

    Canada 60

    France 57

    South Korea 54

    Germany 44

    Israel 44

    Source: Preqin Private Equity Online

    We take a look at venture capital fund managers by number of funds raised, location, investment preferences and more.

  • April 27-28, 2017 | Panama City, Panama

    Chairman: Rodolfo J. Paiz, President and Founder, 55 Fidelius Family OfficeVeronica Yepez, Founder, Perpetum ConsultingRafael Alcantara-Lansberg, Founder and Managing Partner, Harbor IthakaFerran Fisas, CEO, TransmissionJaime Garcia, Managing Director, Strategic Capital Family Office

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    knowledgeAn investment in

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    The PE Investor Relations Conference27 April, London

    LPs attend free of charge. For details email Andras at [email protected] or call +44 (0) 203 286 1730.The number of delegate places is limited, register early.

    www.bieevents.com/ir2017-details

    Johanna BarrManaging DirectorAdvent International

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  • © Preqin Ltd. 2017 / www.preqin.com18 Private Equity & Venture Capital Spotlight | March 2017

    CONFERENCES

    CONFERENCES

    MARCH 2017

    Conference Dates Location Organizer Preqin Speaker Discount Code

    7th Annual Global Fund Finance Symposium 14 March 2017 New York Fund Finance Association Chris Elvin -

    AVCJ Private Equity and Venture Forum - China 2017 15 - 16 March 2017 Beijing AVCJ - -

    North American Pensions Summit 20 - 21 March 2017 Chicago, IL marcus evans Summits - -

    Jersey Finance Annual Funds Conference 2017 21 March 2017 London Jersey Finance Limited - -

    Polish & CEE Private Equity Conference 23 March 2017 Warsaw Private Equity Insights -20% Discount -

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    Global Sovereign Wealth Forum 29 - 30 March 2017 London IRN - -

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    APRIL 2017

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    14th Annual AVCA Conference 3 - 7 April 2017 Ivory Coast AVCA - -

    The 4th Annual Real Estate Private Equity Forum on Land, Homebuilding & Condo Development (East) 4 - 5 April 2017 Miami, FL IMN -

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    Family Offi ce & Private Equity Dealmakers Breakfast Series: Private Equity in Health, Fitness & Wellness 06 April 2017 New York, NY

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    Private Wealth Management Summit APAC 2017 10 - 12 April 2017 Macau marcus evans Summits - -

    Pension Bridge Annual Conference 18 - 19 April 2017 San Francisco, CA Pension Bridge - -

    The Private Equity Awards 2017 19 April 2017 London Real Deals - -

    Impact Investing Forum 2017 23 - 25 April 2017 Boca Raton, FL Opal Financial Group - -

    SuperReturn China 24 - 26 April 2017 Beijing KNect365 Ee Fai Kam -

    Latin Private Wealth Management Summit 27 - 28 April 2017 Panama City marcus evans Summits - -

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    Iberian Private Equity Conference 11 May 2017 Madrid Private Equity Insights -20% Discount -

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    European Pensions and Investments Summit 2017 15 - 17 May 2017 Montreux marcus evans Summits - -

    LPGP Connect Private Debt New York 16 May 2017 New York LPGP Connect Ryan Flanders -

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  • © Preqin Ltd. 2017 / www.preqin.com19 Private Equity & Venture Capital Spotlight | March 2017

    THE FACTS

    DATE: 4 - 5 April 2017

    INFORMATION: www.avcaconference.com

    LOCATION: Abidjan, Côte d’Ivoire

    ORGANIZER: African Private Equity and Venture Capital Association (AVCA)

    The annual AVCA Conference is the largest private equity gathering globally, attracting investors who collectively manage over US$1.5tn in assets.

    The conference will take place on Tuesday, 4th April – Wednesday, 5th April 2017 at Sofi tel Abidjan Hôtel Ivoire. A Welcome Cocktail will precede the conference on Monday, 3rd April 2017.

    14th ANNUAL AVCA CONFERENCE

    DATE: 27 - 28 April 2017

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    LOCATION: Panama City, Panama

    ORGANIZER: marcus evans Summits

    The Latin PWM Summit is the premium forum bringing leaders from Latin America’s leading single and multi-family offi ces and service providers together. As an invitation-only event, taking place behind closed doors, the Summit off ers service providers and executives from single and multi-family offi ces an intimate environment for a focused discussion of key new drivers shaping the future of the industry in the region.

    THE LATIN PWM SUMMIT

    DATE: 27 April 2017

    INFORMATION: www.bieevents.com/IR2017-details

    LOCATION: Ambassadors Bloomsbury Hotel, London

    ORGANIZER: BIE Events

    Now in its 8th iteration, this is the longest running conference serving the private equity and private infrastructure investor relations community in Europe.

    THE PE INVESTOR RELATIONS CONFERENCE

    DATE: 11 May 2017

    INFORMATION: http://pe-conference.org/iberian

    LOCATION: The Westin Palace, Madrid

    ORGANIZER: Private Equity Insights Ltd

    The Iberian PE Conference is a one-day event in Madrid with inspirational keynote speakers, enriching panel discussions, and valuable networking opportunities. We gather 50+ speakers and 250 attendees from across the PE ecosystem. With over 60 LPs, 70 GPs and 50 CEOs, IPEC is the place to be on 11th May 2017.

    IBERIAN PRIVATE EQUITY CONFERENCE

  • © Preqin Ltd. 2017 / www.preqin.com20 Private Equity & Venture Capital Spotlight | March 2017

    DATE: 16 May 2017

    INFORMATION: www.lpgpconnect.com

    LOCATION: New York

    ORGANIZER: LPGP Connect

    The LPGP Connect 3rd Annual Private Debt New York conference brings together over 200+ LPs & GPs within the global private debt community to analyse the latest trends in the market, discover new investment opportunities and build meaningful business relationships for long term growth.

    LPGP CONNECT PRIVATE DEBT NEW YORK

    DATE: 12 - 15 June 2017

    INFORMATION: https://fi nance.knect365.com/superreturn-us-east/?vip_code=FKR2437PRQW

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