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INVESTOR OUTLOOK FOR PRIVATE EQUITY IN 2017 40% Our latest investor survey revealed that a significant 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 SPOTLIGHT VOLUME 13, ISSUE 3 MARCH 2017 alternative assets. intelligent data. RECENTLY RELEASED: 2017 PREQIN GLOBAL PRIVATE EQUITY & VENTURE CAPITAL REPORT 2017 PREQIN GLOBAL PRIVATE EQUITY & VENTURE CAPITAL REPORT ISBN: 978-1-907012-97-6 $175 / £125 / €150 www.preqin.com VENTURE CAPITAL FUNDRAISING IN 2016 $55bn 2016 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 SIGN UP Sign up to Spotlight, our free monthly newsletter, providing insights into performance, investors, deals and fundraising, powered by Preqin data: Order Your Copy Download Sample Pages www.preqin.com/contact [email protected] | 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 12 14 16 CONFERENCES 18 IN THIS ISSUE All data in this newsletter can be downloaded to Excel for free Alt Credit Intelligence European and US fund Services Awards: Best Data and Information Provider | Africa Global Funds Awards 2016: Best Research and Data Provider | The Queen’s Award for Enterprise: International Trade | HedgeWeek Global Awards: Best Global Hedge Fund Research Provider | CAIA Corporate Recognition Award

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Page 1: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

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

SPOTLIGHT

VOLUME 13, 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

SIGN UP

Sign up to Spotlight, our free monthly

newsletter, providing insights into

performance, investors, deals and

fundraising, powered by Preqin data:

Order Your Copy Download Sample Pages

www.preqin.com/contact [email protected]|

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

Alt Credit Intelligence European and US fund Services Awards: Best Data and Information

Provider | Africa Global Funds Awards 2016: Best Research and Data Provider | The Queen’s

Award for Enterprise: International Trade | HedgeWeek Global Awards: Best Global Hedge

Fund Research Provider | CAIA Corporate Recognition Award

Page 3: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

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

INVESTOR OUTLOOK FOR PRIVATE EQUITY IN 2017

SATISFACTION WITH PRIVATE EQUITY

Institutional 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%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-15 Dec-16

IncreasedConfidence

No Change inConfidence

ReducedConfidence

Source: Preqin Investor Interviews, December 2015 - December 2016

Prop

ortio

n of

Res

pond

ents

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%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-14 Dec-15 Dec-16

Positive

Neutral

Negative

Source: Preqin Investor Interviews, December 2014 - December 2016

Prop

ortio

n of

Res

pond

ents

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%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

ortio

n of

Res

pond

ents

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%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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.

Page 4: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

© 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 2017

Positive 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

TARGETED

As 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%

100%

Dec-15 Dec-16

More Capital

Same Amountof Capital

Less Capital

Source: Preqin Investor Interviews, December 2015 - December 2016

Prop

ortio

n of

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

Page 5: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

© 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 ISSUES

While 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%

20%

30%

40%

50%

60%

70%

80%

90%

100%

NorthAmerica

Europe Asia EmergingMarkets

IncreaseAllocation

MaintainAllocation

DecreaseAllocation

Source: Preqin Investor Interviews, December 2016

Prop

ortio

n of

Res

pond

ents

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%

20%

30%

40%

50%

60%

70%

NorthAmerica

Europe Asia Rest of World EmergingMarkets

Source: Preqin Investor Interviews, December 2016

Prop

ortio

n of

Res

pond

ents

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.

Page 6: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

© 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%

20%

30%

40%

50%

60%

70%

80%

90%

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

ortio

n of

Res

pond

ents

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%

60%

70%

80%

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

kets

Regu

latio

n

Publ

ic P

erce

ptio

n of

Indu

stry

Tran

spar

ency

Source: Preqin Investor Interviews, December 2016

Prop

ortio

n of

Res

pond

ents

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

Page 7: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

We have a successful track record in raising capital for private equity,

credit, real assets and infrastructure firms from around the world.

Our ability to differentiate our clients in a highly competitive market

and our longstanding relationships with active investors in North

America, Europe, Asia and the Middle East are key to our success.

We are partners with each of our clients, helping them reach the next

level in fundraising.

Global private equity fundraising

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Securities placed through CSP Securities, LPMember FINRA/SIPCAuthorised by FINMA

Page 8: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

© 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 FOCUS

North 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.

OUTLOOK

Venture 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 10 13 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 3 53

5

6 7 6

5 8

22 125

14 14 13

2 2

22

2

1 2 2

302 316358

380 377

443 442

382

0

50

100

150

200

250

300

350

400

450

500

0

10

20

30

40

50

60

70

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

e Ca

pita

l Rai

sed

($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.

Page 9: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

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Preqin Solutions, formerly Baxon Solutions, delivers market-leading cloud collaboration software for monitoring, valuation, benchmarking and reporting on private capital portfolio investments. The software automates the compilation, analysis and exchange of all portfolio information including operating metrics (financial, KPIs, ESG), investment valuations, and ultimately investment and aggregate fund performance. Through the integration of Preqin data, this performance can be contextualized with reference to the broader market for internal and investor reporting purposes.

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Page 10: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

© 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

Page 11: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

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

NATURAL

RESOURCES

INVESTOR

COVERAGE

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

FUND

COVERAGE

16,415Private Equity

Funds

23,754Hedge Funds

6,261PE Real Estate

Funds

1,119Infrastructure

Funds

2,211Private Debt

Funds

1,671Natural Resources

Funds

FIRM

COVERAGE

10,722Private Equity

Firms

8,831Hedge Fund

Firms

3,775PE Real Estate

Firms

506Infrastructure

Firms

1,431Private Debt

Firms

899Natural Resources

Firms

PERFORMANCE

COVERAGE

5,737Private Equity

Funds

15,800Hedge Funds

1,639PE Real

Estate Funds

223Infrastructure

Funds

788Private Debt

Funds

472Natural Resources

Funds

FUNDRAISING

COVERAGE

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 & EXITS

COVERAGE

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 FUNDSFUNDS OPEN TO

INVESTMENT

INVESTORS

MONITORED

FUNDS WITH

PERFORMANCEDEALS & EXITS

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

Page 12: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

© 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.

254 305 322 309 289 385 525 632 678 671 615 593 558 672 687 752 869324 285 271 349 419496

630837 743 904

1,1061,200

1,3821,512

1,5521,635

1,617

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 10 29 4389

164225 237

3 5 1 5 11 48

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

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

www.preqin.com/reports

alternative assets. intelligent data.

2017 PREQIN GLOBAL ALTERNATIVES REPORTS

$175/£125/€150

Data, intelligence and insights on fundraising, investor appetite, performance, deals and fund terms across the following asset classes:

■ PRIVATE EQUITY & ■ VENTURE CAPITAL

■ HEDGE FUNDS

■ REAL ESTATE

■ INFRASTRUCTURE

2017PREQIN GLOBALHEDGE FUNDREPORT

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2017PREQIN GLOBALREAL ESTATEREPORT

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2017PREQIN GLOBALINFRASTRUCTUREREPORT

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2017PREQIN GLOBALPRIVATE EQUITY & VENTURE CAPITALREPORT

alternative assets. intelligent data.

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

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.

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© 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.

UNIGRAINS

AUM: €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 VENTURES

AUM: 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

Page 15: PRIVATE EQUITY & VENTURE CAPITALSPOTLIGHT...VENTURE CAPITAL REPORT Excel for free alternative assets. intelligent data. ISBN: 978-1-907012-97-6 $175 / £125 / €150 VENTURE CAPITAL

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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Register now online:pe-conference.org/iberian/register

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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

FirmTotal 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.

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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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The Latin Private Wealth Management Summit is the premium forum bringing leaders from America’s leading single and multi-family offices and qualified service providers together.• Schedule one on one business meetings with qualified buyers • Grow sales faster through a time efficient format• Network with high level executives in a luxurious and stimulating environment• All inclusive investment

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• Asset Allocation and Diversification Strategies – Identifying strategies to manage cash flow, improving ROI and managing liquidity

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KEY TOPICS TO BE DISCUSSED

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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.

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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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Co-Invest 2017 29 March 2017 New York, NY Financial Research Associates Leopold Peavy -

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APRIL 2017

Conference Dates Location Organizer Preqin Speaker Discount Code

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

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

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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 - -

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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

INFORMATION: http://events.marcusevans-events.com/latin-pwm-preqin/

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

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© 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

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Learn, network and discover new opportunities in North American private equity. Create new connections with 550+ attendees. Explore trends and drivers of private equity and venture capital in North America.

SUPERRETURN US EAST