Professional Documents
Culture Documents
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interaction and high value face-to-face opportunities and a programme dense with the most critical issues facing the LP and
GP community. Last year 700+ attended this blue chip private equity & institutional investment event, of which more than
30% were LPs.
I’ll be giving a State Of The Union address in the morning during the Secondaries Summit, and hope to see you there.
Kindest regards
Mark O’Hare
Mark O’Hare
Managing Director
Preqin
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Private Equity Spotlight www.preqin.com
September 2009 / Volume 5 - Issue 9
Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin, providing insights into private
equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products
Performance Analyst, Investor Intelligence, Fund Manager Profiles & Funds in Market.
This month we examine how the the number of professionals This month’s Investor Spotlight features results from a recent
being employed by the industry has increased significantly. survey of insurance companies, and looks at how they are dealing
with the crunch.
Including...
Feature Article:
Employment in
Private Equity
The private equity industry has undergone
tremendous growth in recent years, with Fig. 1:
fundraising levels increasing to record
levels and fund sizes growing ever bigger.
As the asset class has become a more Total Number of Active Private Equity Fund Managers per Year (by Vintage of First Fund
integral part in the investment portfolios of Raised)
4500
institutional investors the world over, the
number of professionals being employed 4000 412
337
by the industry has increased significantly. 3500 390
In this month’s feature article we have
354
used data taken from our online Fund 3000
307
Manager Profiles database in order 287
2500
to document both the current levels of 230
New
employment within the industry, and also 2000 284
3858 Existing
264
examine how employment has been 3267
3607
1500 341
increasing over time. 246
2680
2962
2418
192 2207
1000 1937
176 1691
Number of Active Private Equity Fund 110
138 1358
90 1127
Managers 500
60 29 50 58
561 665 789
956
Fig. 2: Fig. 3:
Total Number of Active Buyout Fund Managers per Year (by Vintage of Total Number of Active Venture Fund Managers per Year (by Vintage of
900
First Fund Raised) First Fund Raised)
2000
65
800
No. of Active Venture Fund Managers
No. of Active Buyout Fund Managers
58 1800
135
75 106
700
1600 135
57
124
600 59
1400 105
55 117
40 1200 100
500
64 143
New
1000 New
400 44 Existing 150
780 Existing
738
60
800 1647 1697
673 204 1543
628 1446
300 54
576 1354
37 524 600 141 1250
490 1160
36 95 1028
426
200 35 385 100 890
26 329
400
65 690
30 278 53 557
14 241 34
100 17 207 21 31 479
8 175 200 20 10 386
24 149 281 329
106 119 196 204 224 253
81 89 177
57
0 0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009*
* / Raising
“
“ ... there is a consistent growth taking place annually in the
number of private equity fund managers based in North
America, Europe and Asia and Rest of World ...
2000 154
176
The number of active managers that 150
Fig. 5: Fig. 6:
Total Number of Europe-based Fund Managers per Year (by Vintage of Total Number of Asia and Rest of World-based Fund Managers per
First Fund Raised) Year (by Vintage of First Fund Raised)
1400 900
Number of Asia and Rest of World-based Fund
Number of Europe-based Fund Managers
800
113
1200
99 700 91
92
1000 87
127 600
103 101
Managers
800 500
80
62 New 81 New
66 Existing 400 Existing
600 59 723
80 1068 38 648
1002 300
89 49 573
879
400 787 39 475
110 709
652 200 54 398
77 588 339
509 32 304
59 425 31 257
200 222
39 315 100 16 24 169
32 11 14 137
16 241 8 8 107
11 19 187 6 4 84
9 10 117 148 54 68
15 73 84 101 24 28 36 43
40 55 63 0 18
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Preqin currently employs over 50 staff directly involved with collecting comprehensive data, compiling accurate contact
information, producing reports and developing the functionality of our online products. In addition we also have a significant
number of Client Services Consultants located in our London and New York offices in order to ensure that our clients are
always able to receive a high level of support.
As a result Preqin is the trusted source of data and intelligence with 80% of the largest firms worldwide using our online
services, in addition a large number of smaller firms of all different types are included amongst our clients. In total, over
2,000 users worldwide use Preqin’s online services in order to leverage their resources and increase efficiency. Additionally
over 30,000 people have access to our research by subscribing to our monthly Spotlight newsletters.
If you are not already using Preqin’s services, please visit our website in order to learn more and register for trial access:
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Solution:
Preqin’s high level of coverage enables us to produce the most meaningful benchmarking and comparative tools available
in the industry. Key features of the Preqin Performance Benchmarks module include:
• Median, pool, weighted and average benchmarks by fund type and region focus.
• View Benchmarks ratios for called-up, distribution, value and top, median and bottom quartile IRRs and multiples.
• View benchmarks calculated using the most up-to-date data available in the industry and at specific quarter-ends.
• Assess the performance of your own funds or your portfolio of funds and see in what quartile they ranked.
• View what funds are included in the benchmarks (Performance Analyst users are able to see the individual fund
performance of each fund).
• Download the benchmarks to spreadsheet for further analysis.
To find out more about this industry-leading new service, or to start using Preqin’s Private Equity Benchmarks,
please visit:
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Performance Spotlight:
Benchmarking Private Equity
Comparing investment performance greater proportion of the larger funds so, fund of funds, mezzanine, real estate
is essential for private equity investors in terms of value, the database accounts private equity, early stage and venture
and fund managers alike, but the lack for 70% of all private equity funds ever funds across North America, Europe and
of reliable tools often make it difficult to raised. Asia and Rest of World. Performance
establish consistent and comprehensive ratios for called-up, distribution, unrealised
benchmarks. Many financial data Preqin sources its data using a variety of value, multiples and IRRs are calculated
providers are competing to offer in-depth means, including Freedom of Information for median, average, money-weighted
comparison tools for other investment Act requests, previously published and pooled benchmarks.
classes but data is very limited for private information and voluntary data sharing.
equity. Moreover the few institutions Limited partners are our primary source Preqin’s median benchmark simply ranks
which are monitoring the performance of of performance data and to-date we the fund performance from the best to
the private equity industry are providing have gathered data from almost 300 the worst and is particularly helpful to
very different tools that vary in both public pension funds and endowments. compare specific funds against a typical
coverage and quality. Therefore, to fulfil GPs have also become an increasingly median return. This type of benchmark is
the needs of private equity professionals important source of data and the number also used to identify the top, median and
and institutional investors, Preqin is of contributors of this type now totals 800. bottom quartile IRRs and multiples, and
now offering free access to its powerful With thousands of prospective investors therefore can be used to identify which
benchmarks which provide solid viewing the performance data on a fund funds are ranked top quartile or bottom
performance data. level, GPs now recognise the importance quartile.
of providing the most accurate and up-
Preqin calculates complete and to-date data. As our research program Money-weighted and pooled benchmarks
transparent performance benchmarks grows more extensive, it allows us to are both aimed at assessing the
using data from its online product cross-check the data for individual funds performance of a portfolio of funds.
Performance Analyst. We currently with information from different sources, The performance ratios are weighted
hold net-to-LP data for a total of 4,808 thereby increasing its reliability. As a result according to the size of each fund
funds of all types on a global scale, the benchmarks we produce are accurate therefore reflecting the total returns that
with performance data for around 44% and representative, and have become LPs can expect to earn on their private
of all funds of vintages 1990 to 2006. relied upon by thousands of private equity equity investments as a whole.
However, even this figure understates the professionals on a daily basis.
true coverage of our performance data: Pooled benchmark IRRs are the most
generally we have performance data for a Preqin calculates benchmarks for buyout, accurate measurement as it also
takes into account the timing of each
contribution and distribution. Pooled cash
flow IRRs are calculated by aggregating
cash flows for a portfolio of funds; and
calculating the resulting IRR. Money-
weighted is a benchmark that takes the
performance ratios of each individual fund
and calculates a weighted average using
the size of each fund. Figures calculated
using the money-weighted methodology
are very close to pooled cash flow IRRs
but the universe of funds is much larger
and the results are therefore more robust.
the industry the opportunity to gain free Get the insights and knowledge as well as the
access to our powerful benchmarks. connections you need to overcome the challenges of
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event for GPs and LPs seeking access to the Central
and Eastern European market
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1 4 th
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The 2009 Preqin Infrastructure Review is the most comprehensive examination of the
unlisted infrastructure fund market ever produced. With exclusive information on over 250
firms, 400 funds and over 230 investors in the sector, plus detailed analysis reviewing
every aspect of the industry, the Preqin Infrastructure Review is a vital purchase for fund
managers, fundraising professionals, advisors, consultants, legal firms and investors in this
rapidly growing market. Features of this year’s publication include:
• Detailed analysis examining the history and development of the infrastructure market;
recent funds closed; current fundraising market; fund terms and conditions; investors;
performance; the listed fund market; plus separate sections showing key facts and figures
for the most important regions.
• Fund terms and conditions listings for 27 vehicles, plus transparent performance data for
62 infrastructure funds (all performance data is net to investors).
• Profiles for over 250 infrastructure firms and 400 funds, including detailed investment For more information please visit:
strategies and key information. www.preqin.com/infrastructure
• Profiles for over 230 investors in the sector, including investment plans and key contact
details.
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2009 Preqin Infrastructure Review Order Form - Please complete and return via fax, email or post
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Fig. 2: Fig. 3:
Dry Powder Available to Buyout Funds by Fund Size Dry Powder Available to Buyout Funds by
Region Focus
300 300
250 250
200 200
$bn
150 150
$bn
100
100
50
50
0
0
Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Sep 2009
Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Sep 2009
Mega Buyout (> $3.5bn) Large Buyout ($1.0bn - $3.5bn) Mid Market ($300mn-$1.0bn) Small Buyout (< $300mn)
US Europe Asia and Rest of World
What Makes on
s
China, India, Japan, Korea, SE Asia, Australia SuperReturn Asia
& Vietnam In Challenging Times
The “Must-Attend” Asian
LPs 4th Annual
220 nded www.superreturnasia.com
Private Equity & Venture
atte2008
in
“ SuperReturn Asia
brings together the who’s
who of Asia
private equity
“ Capital Event?
Review
Despite the global turmoil that has seen the assets of other institutional investors drop over the course of 2008/2009,
the formation of a number of significant new sovereign wealth funds has seen the aggregate capital controlled by these
giant investment vehicles grow by 6% from 2008 figures.
Sovereign wealth funds currently control an aggregate $3.22 trillion in assets under management, up from $3.05 trillion
in 2008. They remain a vitally important source of capital, and have been making important investments across all the
different asset classes over the past year. In response to a call for more information, we have expanded this year’s
edition of the Preqin Sovereign Wealth Fund Review to include comprehensive information on all aspects and areas of
sovereign wealth fund investments. This year’s review contains information on equities, fixed income, private equity,
hedge funds, real estate and infrastructure.
• Full profiles for all sovereign wealth funds, including: • Separate analysis sections identifying all key trends and
patterns for sovereign wealth fund activity in:
Fund background
Contact details Equities
Key financial information Fixed income
Overall investment plan Private equity
Asset class specific investment plans and Real estate
preferences Hedge funds
Fund investments and public/private holdings Infrastructure
Advisors and consultants used
• League table showing the top sovereign wealth funds,
by assets under management.
• Key contact information for each of these sovereign
wealth funds, including direct email addresses and
phone numbers.
• Overview of the sovereign wealth fund market, its history To see sample pages, an executive summary, and
and our predictions for the future of the market.
further information on ordering your copy online,
• Details and information on planned and recently please visit: www.preqin.com/swf
established sovereign wealth funds.
1.................................................................................................. EXECUTIVE SUMMARY 7........................................ SOVEREIGN WEALTH FUNDS INVESTING IN REAL ESTATE
2................................................................... SOVEREIGN WEALTH FUNDS OVERVIEW 8.............................. SOVEREIGN WEALTH FUNDS INVESTING IN INFRASTRUCTURE
3.................... PLANNED & RECENTLY ESTABLISHED SOVEREIGN WEALTH FUNDS 9..................................... SOVEREIGN WEALTH FUNDS INVESTING IN HEDGE FUNDS
5................................... SOVEREIGN WEALTH FUNDS INVESTING IN FIXED INCOME 11....................................................................... SOVEREIGN WEALTH FUND PROFILES
Fundraising Spotlight:
Buyout
Buyout Funds on the Road Final Close Barometer
160 144
Funds on the US Europe ROW Total 140 131
Road
120
No. of Funds 129 65 63 259 100
Aggregate Target 80 68
124 36 37 197 60 53
Size ($bn)
40
Average Size
959 549 587 760 20
($mn)
0
Jan-Sept 2008 Jan- Sept 2009
No. of Funds Aggregate Capital ($bn)
Buyout Funds on the Road
KKR E2 Investors - Annex Fund Sample Investors: Princess Private Equity Holding
Fundraising Spotlight:
Venture
Venture Funds on the Road Final Close Barometer
Fundraising Spotlight:
Life Science
Life Science Funds on the Road Final Close Barometer
Aggregate Target 12
3.134 1.613 0.284 5.031 10 9
Size ($bn)
8
Average Size ($mn) 174.1 161.3 94.7 162.3 6
3.77
4 2.61
2
0
Jan-Sept 2008 Jan-Sept 2009
No. of Funds Aggregate Capital ($bn)
Preqin’s
Secondary Market
Monitor
www.preqin.com/secondarymonitor
Investor Spotlight:
Insurance Companies’ Activity
Following the Financial Crisis
This month’s Investor Spotlight
examines some of the results of a Fig. 1:
recent survey of insurance companies.
We look at how the financial crisis has
affected their private equity plans, how What Changes Have Been Made to Your Private Equity Plans In The Wake of the Financial
they expect their allocation to change Crisis?
in the future, and what returns they 35%
90%
80% Performance Expectations
70% 50% Decrease
60% 66% A barrier to insurance companies
Proportion
r s, d 9TH ANNUAL Brand New – Access to all delegates ahead of the event
Fo und An HEAD TO HEAD with LEADING LP
ree n F nts ns
F io e tio ion) David Turner, Managing Director & Head of Private Equity
ns m da ifica
t THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
is questioned by
Pe dow un to ver Save Josh Lerner, Jacob H Schiff Professor of Investment Banking
n
E F j o ect HARVARD BUSINESS SCHOOL
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Securing Funding & Maintaining Robust And Loyal LP/GP Relations In
A Transforming Private Equity Market
Glean Insight From 180+ Industry Leaders, Including: Plus Wisdom From These Principal European Law Firm Sponsor:
Brilliant Minds
THE CREDIT
MARKET GURU
Derek Murphy Maarten Vervoort George Siguler Hanneke Smits Jon Moulton
First Vice President Head Partner Fund Managing Director & Chief Investment Officer Managing Partner Co-Sponsors:
of Private Equity Investments Europe Founding Principal ADAMS STREET ALCHEMY PARTNERS Ed Altman
PSP INVESTMENTS ALPINVEST PARTNERS SIGULER GUFF PARTNERS Max L Heine Professor of Finance
NYU STERN SCHOOL OF BUSINESS
LEADING PRIVATE
EQUITY ACADEMIC
Jonny Maxwell Chris Masterson David Roux Guy Hands Jeremy Coller Josh Lerner
Global Head Private Chief Executive Co-Founder & Chairman, Chief CEO Jacob H Schiff Professor of Investment Banking
Equity Fund of Funds MONTAGU PRIVATE Co-Chief Executive Investment Officer & COLLER CAPITAL HARVARD BUSINESS SCHOOL
ALLIANZ PRIVATE EQUITY SILVER LAKE Founder
EQUITY PARTNERS TERRA FIRMA RENOWNED
GLOBAL ECONOMY
SPECIALIST
ICBI
Stephen Pope
Chief Global Market Strategist
Charles Baillie John Singer Ivan Vercoutere
CANTOR FITZGERALD Secondaries Summit: 17 November 2009
Kurt Björklund Hans Albrecht
Global Co-Head Alternative Chairman Co-Managing Senior Partner Partner Main Conference: 18-20 November 2009
Investments & Manager ADVENT Partner NORWIND CAPITAL LGT CAPITAL AWARD-WINNING
Selection INTERNATIONAL PERMIRA PARTNERS ENTREPRENEUR
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GOLDMAN SACHS EUROPE
Don’t miss the brand new Secondaries Summit on 17 November 2009 Tel: +44 207 017 7200
Sponsored by Nick Basing, Former CEO
Fax: +44 207 017 7807
PARAMOUNT RESTAURANTS www.icbi-superinvestor.com
Secondaries Spotlight
Preqin’s Secondary Market Monitor (SMM) has attracted a great deal of interest since its launch in May. Attracted by the opportunity
to obtain free, indicative portfolio pricing indications from both Preqin and third-party buyers, 118 LPs and potential sellers of fund
interests are currently using the LP service. The SMM LP service user base is comprised of a variety of institutional types and
includes a number of significant investors in the private equity asset class.
The SMM LP service user base is diversified geographically, with A variety of institutions are currently using the SMM LP service.
the majority of users (54%) based in North America. The service Pension funds (26%), family offices and foundations (13%) and
is also being used by a number of LPs based throughout ROW, asset managers (14%) feature prominently, while endowment plans
forming 16% of the current user base. comprise 12% of the user base, and banks form 9%.
According to Preqin's unique pricing model, a $10,000,000 commitment to the median 2007 buyout fund - which would
have called $3,110,000 - would today fetch $1,142,840 on the secondary market, or 46.1% of its net asset value.
Secondaries News
Teachers’ Retirement System of the State of Illinois plans to for larger acquisitions. JPEL feels there are good opportunities
purchase fund interests on the secondary market. available on the secondary market, and it will be targeting
The USD 29 billion retirement system plans to develop a sellers who are eager for liquidity.
programme for the purchase of private equity fund interests
on the secondary market in 2010. Buying fund stakes on the
secondary market will contribute to it reaching its long-term
private equity target of 10% of assets under management, Secondary Market Monitor (SMM)
which was increased from its former level of 8% in May 2009.
The decision to establish a secondaries programme coincides
with the recent approval of the pension fund’s plan to invest
USD 1.2 billion in private equity next year. Secondary Market Monitor (SMM) Premium – Do you
want to know which LPs are potential sellers of their fund
JP Morgan Private Equity (JPEL) has raised over USD 75 interests? Get details of sellers and the funds they would
million to exceed its fundraising target by over 50%. like to sell.
The London-listed secondaries fund, managed by Bear Stearns
Asset Management (JPMorgan Asset Management), raised
the capital at a premium to the stock price through a series of For more information, please visit
closings in July and August. JPEL will now be looking for cheap
secondary market deals of USD 5 million and below. The fund www.preqin.com/smm
feels that this strategy will enable it to avoid competing against
bigger players on the secondary market, who will be looking
Conferences Spotlight:
Forthcoming
Events
Featured Conferences:
Global economic crisis hasn’t spared anyone. Available funding Keep abreast of developments in the leveraged finance market
is drying up and companies in virtually all sectors are struggling as the industry continues to de-leverage! This continues to be
to remain afloat. List of businesses in distress is growing THE event, attracting hundreds of high yield and leveraged loan
longer by the minute. Even the most successful companies find investors, bankers and legal, accounting and rating agency
themselves facing distressed situations, opening another window of professionals and private equity sponsors from across the industry
opportunities for investing in distressed debt across the globe. each year.
The event will unite Distressed Fund Managers, Private Equity Fund
Managers, Hedge Fund Managers, M&A and Turnaround Advisors,
Investment Bankers, Bankruptcy Advisors, Loan Originators, Debt Information: www.sifma.org/leveragedfinance2009
Providers, and Rating Agencies.
Private Equity World Africa 2009 IBF Media India Private Equity
Conference 2009
Date: 26-29 October, 2009 Date: 28 October, 2009
Location: Sandton Convention Centre, Johannesburg Location: Taj Mahal Palace and Tower Hotel, Mumbai, India
Organiser: Terrapinn Organiser: IBF Media
The IBF Media India Private Equity Conference is the largest private
The time has never been better for industry leaders across equity conference in India, delivering unrivaled insight and analysis
the continent to get together and discuss the changes about the most-timely issues affecting the industry. This year’s
and challenges facing this asset class. Private Equity conference will address the dramatic challenges - and opportunities
World Africa 2009 brings you this insight at the Sandton - created by the new market environment, and where are the new
Convention Centre, Johannesburg from 26 - 29 October opportunities.
2009. Don’t miss the greatest opportunity to learn and
implement industry best practice.
Information: http:// www.ibfmedia.com
Conferences Spotlight:
Forthcoming
Events
Hear from 180 of the most influential thinkers in a one-stop learning The time has come again for leading private equity professionals to
and networking shop, packed with interaction and high value face- get together for C5’s CEE Private Equity Forum which continues to
to-face opportunities and a programme dense with the most critical attract hundreds of participants since its inception in 1996. This key
issues facing the LP and GP community. Last year 700+ attended industry event covers an area of strong interest to institutional and
this private equity & institutional investment event, of which more private investors targeting positive returns in adverse conditions.
than 30% were LPs!
Other Conferences:
Investor News
Wichita State University Endowment is seeking its first flexible in terms of the fund types it invests in and views turnaround
investments in Europe and ROW. and distressed debt opportunities as particularly appealing in the
current market.
The endowment, which is a relatively new investor in the private
equity market, has invested solely in US focused funds since making
its maiden investment to the asset class in 2008. After finding Tennessee Consolidated Retirement System (TCRS) has
its feet in the US private equity market Wichita State University made its maiden investments in private equity.
Endowment feels that the time is right for it to seek investment
opportunities further afield. It is holding an opportunistic view as Since July 2009, when Tennessee state law changed allowing
to the specific location of any European or Asia and Rest of World public funds to invest in private equity, Tennessee Consolidated
focussed investments over the next 12 months. Retirement System has committed a total of USD 150 million to
three private equity vehicles. TCRS committed USD 75 million
to Hellman & Friedman VII, USD 25million to Khosla Ventures
Teachers’ Retirement System of the State of Illinois plans Expansion Fund and USD 50 million to TA XI. In Q1 2009, the
on investing between USD 700 million and USD 1.2 billion in public pension fund appointed Lamar Villere as its director of private
private equity over the course of the fiscal year. equity. TCRS may invest two or three more private equity funds in
2009, with the aim of increasing its private equity commitments to
In May 2009 Teachers’ Retirement System of the State of Illinois to USD 300 million by the end of the year.
(TRS) increased its allocation to private equity from 8% to 10% of
its total assets under management. As of June 2009, the public
pension fund had just 7.8% of its assets under management Banque Transatlantique is reviewing its private equity
invested in private equity and is now planning on making new investments with a view to implementing a new strategy.
investments in the asset class in a bid to reach its new target.
Following this increased allocation to the asset class TRS hired an The Paris-based bank is currently monitoring the private equity
alternative investments officer, Zachary Doehla, who will focus on market and expects that it will make commitments to funds of funds
overseeing the public pension plan’s investments in private equity. in the future. While it is yet to establish a specific strategy, Banque
Following a new state ethics law, TRS also reappointed RV Kuhns Transatlantique anticipates that it could commit EUR 20 million to
& Associates as its general investment consultant. four or five vehicles, annually. The bank includes private equity
within the wealth management and advisory services offered to
clients but its general investment activity has traditionally focused
Clemens Haindl Verwaltungs is seeking its maiden investment on listed equity.
in emerging markets.
The German family office has typically invested in private equity Finnish Industry Investment has promoted Anne Riekki to
opportunistically, a strategy which has led to investments in a investment director.
variety of fund types and geographies, but has, until now, not
included investments in emerging markets. Clemens Haindl Ms. Riekki, who joined the company in 2007, was previously an
Verwaltungs is now seeking its maiden investment in an emerging investment manager. The government-owned investment company,
market focused fund and expects to make its first commitment in which focuses on stimulating the growth and internationalisation of
Q4 2009 or 2010. Finnish businesses, is known to have made a commitment of EUR
9.7 million to the Verdane Capital VII fund in June 2009. This was
the first commitment made by the investment company to a direct
AG2R plans to make four new commitments to private equity secondaries fund. Finnish Industry Investment tends to make
funds over the next 12 months. investments within venture and mezzanine funds but is also known
to have invested in buyout funds as well as directly in companies.
The insurance company, which currently allocates 2.5% of assets
to private equity, is seeking to commit approximately EUR 15 million
to the asset class during the next year. While legal restraints mean
AG2R’s investments primarily focus on France, the company is
Hanna Ohlsson
Each month Spotlight provides a selection of the recent news on institutional investors in private equity.
More news and updates are available online for Investor Intelligence and Secondary Market Monitor subscribers.
Contact us for more information - info@preqin.com