Professional Documents
Culture Documents
2010
KOTAK INVESTMENT
ADVISORS LTD
LAKSHMI S PILLAI
SCHOOL OF MANAGEMENT STUDIES
NATIONAL INSTITUTE OF TECHNOLOGY,CALICUT
[STUDY ON THE ALTERNATIVE ASSET
CLASSES AND RESEARCH FOR
ADDITIONAL PROSPECTIVE INVESTORS]
2010
Study on the Alternative Asset classes and Investor base of Private Equity
Acknowledgement
The summer internship project at Kotak Investment Advisors Ltd was a excellent
opportunity for me to understand the working of a corporate office. I would like to
take this space and opportunity to thank the team at Kotak Investment Advisors
ltd, Mr Prakash Dalal, Head of Investor relations, Mr Rohit Nanda, Associate
Vice President, and Ms Snigdha Jain, Associate Vice President for their support
and cooperation towards the completion of this project work. I would like to
extend a special thanks to Mr Rohit Nanda for his constant guidance throughout
the period of project work. Also, I would like to thank Mr T Krishnakumar of
Kotak Mahindra bank , who has helped me get this wonderful opportunity.
Last but not the least I would like to thank Lord Almighty for giving me the
strength and patience to finish this project.
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Table of Contents
Executive Summary 5
1. Introduction 6
2. Investor base 19
3.1. History 21
4.1.1. Details 24
4.1.2. examples 25
4.2.1. Details 26
4.2.2. Examples 27
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Content
page no:
4.3.1. Details 28
4.3.2. Examples 29
References 33
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Executive Summary
Private equity is capital that is invested in companies which are not listed on a
stock exchange or capital which invested as part of buyouts of public companies
in order to make them private. Private equity firms seek out companies in which
they believe they can unlock significant value—by changing the business
strategy, investing new capital or injecting new managerial talent and invest in
them through pooled funds. Private equity firms seek capital from investors for
their funds. For an interested investor, by following this route does not have to
seek a suitable Company for placing his investment, rather, they invest in a
specific fund managed by a PE firm, becoming a limited partner in the fund, with
the PE firm doing the investment process, from the identification of the
opportunity, the delineation of the processes of investment, to monitoring the
company. Investors in private equity are a diverse group of investors that populate
the global markets. They can be broadly classified into pension funds, insurance
companies, sovereign funds, Endowments and foundations, Wealthy families and
individuals, & fund of funds.
Investments in private equity are for companies that seek funding without having
to list in the stock exchange or borrow from financial institutions. These type of
investments are apt for early stage companies or entrepreneurial companies
putting forth innovations as they have unpredictable cash flows which make it
hard to get debt investments. Private equity, in short, holds potential for giving
huge gains to investors.
Kotak Private Equity Group (KPEG) focuses more on helping emerging corporate
and mid-size enterprises evolve into tomorrow's industry leaders. KPEG provides
these companies a combination of equity capital, strategic support and other value
added services, playing a pro-active role with the entrepreneur in building the
business.
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1. Introduction
1.1. Private equity
As the names suggests, Private equity is investment made in companies which are
not listed on stock exchanges in the form of equity, to get higher returns by
providing the companies not only capital but also strategic support in
management. It is also referred to investments as a part of buyouts of loss making
public companies making them private and then restructuring them to get higher
returns. Unlike stocks, mutual funds, and bonds, private equity funds usually
invest in more illiquid assets, i.e. companies. By purchasing companies, the firms
gain access to the assets and revenue sources of those companies which can lead
to very high returns on the investments.
The capital which is invested by the private equity firms is raised from retail and
institutional investors. Such capital raised is used to fund new technologies or
restructure the existing system or just to infuse cash flow into the balance sheet.
The main players of private equity are the institutional investors who commit
large sums of money for long periods of time. Private equity investments demand
long holding periods as the time required to turnaround a distressed company or
the time to strengthen/establish a new venture so that it can attain liquidity
through an IPO or sale to a public company is very long. The most common
strategies in private equity include venture capital, growth capital, distressed
investments and mezzanine capital.
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Growth Capital: Growth capital investments are often done in companies that
have already been established but need some restructuring in operations or force
entry into new markets etc. such companies generate revenue and profits but are
unable to fund expansions. These companies are only looking for financial
transformation and hence the investments are always not very large.
1
As quoted in Wikipedia explanation of private equity(link: http://en.wikipedia.org/wiki/Private_equity )
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secondary transactions, they are generally done through third party funds similar
to fund of funds.
Energy and Power: They are investments in companies engaged in the production
and sale of energy, including fuel extraction, manufacturing, refining and
distribution (Energy) or companies engaged in the production or transmission of
electrical power (Power).3
Private equity funds are pooled investments which are used for making
investments in companies in the form of venture capital or growth funds or
distressed debt. Such funds are structured as limited partnerships where the
investors are the limited partners (LPs). General partners (GPs) are generally the
private equity firms which invest in the companies on behalf of the investor. The
GP is responsible for managing the fund and hence assumes all liabilities arising
out of the investments. In most cases the GP delegates the responsibility of
managing the investments made by the fund to a fund manager. These fund
managers are always related to the GP. They earn a management fee in return for
managing and also making investments on part of the limited partnership.
2
As citied in Wikipedia article on private equity (link: http://en.wikipedia.org/wiki/Private_equity )
3
As citied in Wikipedia article on private equity (link: http://en.wikipedia.org/wiki/Private_equity )
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Normally, a single private equity firm manages a series of distinct private equity
funds and attempts to raise a new fund every 3 to 5 years as the previous fund is
fully invested.
4
As quoted by Keningston Capital partners.(link: http://kcpl.ca/private_equity/structure )
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The private equity industry has developed substantially over the years but the
basic principle has remained constant: a group of investors buy out a company
and use that company's earnings to pay themselves back.
Placement agents are employed to raise money from investors. Placement agents
are external fund raising teams. They approach potential investors for the fund
manager and charge nearly 1% of the capital they are able to raise as fee.
Capital to be invested is usually drawn down in the first three to four years of the
funds life. This period is known as the commitment period. Once the fund is
closed the manager monitors and maximizes the value of investments by
providing strategic support to the companies. During the later period of funds
capital maybe drawn but new investments are not done. This period is called the
holding period and it lasts from five to 10 years. Management fees and operating
expenses are drawn from the LPs over the course of the funds life.
When the investments are realized at the end of the holding period, the fund will
distribute the proceeds to the LPs. In this process first the capital contributions of
the LPs are distributed. After the capital contributions are distributed, the next
distributions made are of the profits made by the fund. The profits are allocated
between the GP and LPs. The GP usually gets 20% of the overall profits, which is
referred to as the carried interest.
The manager of the fund typically earns a management fee of 1.5% to 2.5% per
year, throughout the life of the fund. During the commitment period, management
fee is based on the aggregate capital committed to the fund and after that it si
decided as per the actual amount invested. The management fee represents an
expense of the fund, and is typically recouped by the limited partners before the
manager is paid the carried interest. As a fund approaches its termination date, its
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Because partnerships have finite lives, the private equity managers who serve as
general partners must regularly raise new funds in order to stay in business. In
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The origins of the modern private equity industry can be traced back to 1946 with
the formation of the first venture capital firms. The thirty-five year period from
1946 through the end of the 1970s was characterized by relatively small volumes
of private equity investment, rudimentary firm organizations and limited
awareness of and familiarity with the private equity industry.5
Study on the Alternative Asset classes and Investor base of Private Equity 2010
the first steps toward a professionally-managed venture capital industry was the
passage of the Small Business Investment Act of 1958. The 1958 Act officially
allowed the U.S. Small Business Administration (SBA) to license private "Small
Business Investment Companies" (SBICs) to help the financing and management
of the small entrepreneurial businesses in the United States.7
In India, private equity is reasonably young, dating back to the mid-1990s. Indian
companies received almost no Private Equity (PE) or Venture Capital (VC)
funding a decade ago. The environment heated up in the end of the ‘90s with the
IT boom. This scenario began to change in the late 1990s with the growth of
India’s IT companies and with the simultaneous dot-com boom in India. VCs
started making large investments in these sectors; however, the bust that followed
led to huge losses for the PE and VC community, especially for those who had
invested heavily in start-ups and early-stage companies. After almost three years
of downturn in 2001-2003, the PE market began to recover towards the end of
2004.8 PE investors began investing in India again, except this time they began
investing in sectors BPO and most investments were in late-stage companies.
Early-stage investments have been dwindling or have, at best, remained stagnant
right through mid-2007. In recent years, there has been a resurgence of these
firms, with India’s stock markets booming and sectors like the life sciences,
infrastructure and most recently, real estate being growth stories for the future.
Global firms such as Warburg Pincus, Blackstone and the Carlyle Group have a
presence in India while Indian players like ICICI Venture and ChrysCapital also
have a large presence.9
7
History of private equity and venture capital( link: http://en.wikipedia.org/wiki/History_of_private_equity_and_venture_capital )
8
Written by Yogesh Thakker on Nov 1,2008.(link: http://knol.google.com/k/yogesh-thakker/private-equity-in-india/167x67nr4tn24/2# )
9
Written by Yogesh Thakker on Nov 1,2008.(link: http://knol.google.com/k/yogesh-thakker/private-equity-in-india/167x67nr4tn24/2# )
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The year 2009 began badly with the full gloom of the credit crunch with new
loans virtually unavailable for acquisition financing. During the year private
equity sponsors navigated, among other obstacles, difficult fundraising markets,
liquidity constrained limited partners and portfolio company loan amendments,
restructurings and bankruptcies. The difficult fund raising environment of 2008
continued into 2009. New sponsors had difficulty raising any capital and even
many brand name sponsors were required to reduce the target size of their funds
or to postpone fund raising. According to Dow Jones LP Source, a total of $95.8
billion was raised by U.S. private equity funds in 2009, the lowest total since
2003 and 68 percent off the pace in 2008. Even the traditional LPs faced liquidity
issues during the year.
But it can be said that the private equity model seems to be still very attractive to
the investors. It is said that that though fund raising will be difficult during 2010,
there will be a solid surge in the deal activities. Debt seems to be a prospective
area of investment for PE investors. So are the emerging markets. In short it can
be said that Private equity is shaken but not broken.
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Private equity markets are an important source of capital for venture firms,
distressed firms, and public firms seeking buyouts. Private equity markets have
been the fastest growing markets in the last few years and have outrun public
equity and bonds. Since private equity does not involve any transactions in the
public market its exempt from registering with the Securities and Exchange
Commission of India. The reverse side of this is that information about private
equity markets is limited and hence analyzing these markets become difficult.
Till late 1970s wealthy families, industrial corporations etc used to directly invest
in companies, it was after 1980s when the sizes of investments and the amount of
capital invested grew that they started turning to professional private equity firms
to manage the investments on behalf of the investors.
Private equity encompasses other markets that are distinct from the organized
market. One is the market for angel capital, investments in small, closely held
companies by wealthy individuals, many of whom have experience operating
similar companies. Angel capitalists may have substantial ownership stakes and
may be active in advising the company, but they generally are not as active as
professional managers in monitoring the company and rarely exercise control.
10
The economics of private equity, December 1995, Board of Governors of the Federal Reserve System Washington, DC 20551
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Another distinct market is the informal private equity market. In the informal
market, in which unregistered securities are sold to institutional investors and
accredited individuals, the number of investors in any one company typically is
larger, and minimum investments smaller, than in either the organized private
equity market or the angel capital market.11
1. TPG
2. Goldman Sachs Capital Partners
3. The Carlyle Group
4. Kohlberg Kravis Roberts
5. Apollo Global Management
6. Bain Capital
7. CVC Capital Partners
8. The Blackstone Group
9. Warburg Pincus
10. Apax Partners
Because private equity firms are continuously in the process of raising, investing
and distributing their private equity funds, capital raised can often be the easiest to
measure. Other metrics can include the total value of companies purchased by a
firm or an estimate of the size of a firm's active portfolio plus capital available for
new investments. But the list does not provide any indication as to relative
investment performance of these funds or managers. Additionally Preqin
11
The economics of private equity, December 1995, Board of Governors of the Federal Reserve System Washington, DC 20551
12
As quoted by Wikipedia in private equity article (link: http://en.wikipedia.org/wiki/Private_equity#Private_equity_firms )
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2. Investors base
Investors in private equity are a diverse group of investors who invest in the
global markets. These investors can be broadly classified into pension funds,
insurance companies, sovereign wealth funds, endowments and foundations,
wealthy families and high net worth individuals, & fund of funds.
A pension fund is a pool of assets formed from the contributions of a pension
plan. These funds invest solely for the purpose of financing the pension plan
benefits. California State Pension Retirement System (CALPERs) is an example
of a large pension fund.
A sovereign wealth funds (SWF) are basically owned and instituted by the
government. It composes of assets such as stocks, bonds, real estate and other
financial instruments. Examples of Sovereign wealth funds include Abu Dhabi
Investment Council, China Investment Council etc.
Wealthy families and high net worth individuals invest substantial amounts of
capital in private equity, but the growth of amounts invested by the pension funds
and university endowments has reduced its importance. But these are still
prevalent as investors in most emerging markets. Fleming Family and Partners is
example of a family office which invests on behalf of wealthy families.
Though many investors begin investments as LPs, large investors eventually turn
to direct investments. But the ability of the institution to manage its own funds
and also select the most profitable investments decides its future. Many large
investors also turn to co-investments. Public pension funds who have limited
access to deals and little experience, are the least likely to invest directly.
In fund of fund style of investment, funds invest in portfolios of other funds rather
than investing directly. They are also referred to as multi manager funds. A fund
of hedge funds is a fund of funds that invests in portfolios of different hedge
funds to mitigate the risks associated with a single investment fund. Funds of
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hedge funds select hedge fund managers and construct portfolios based on them
and they make investments in private equity. Fund of Funds which invests in
Private equity includes examples like Arden Asset Management, Culross Global
Management Limited etc.
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3.1. History13
While the Kotak Group has been associated with Private Equity investments since
1997, it commenced its private equity activity through setting up of Kotak
Mahindra Venture Capital Fund in 2000. In 2004, Kotak launched an India
Growth fund as a part of its private equity fund. To bring a sharper focus to the
Group's Alternate Assets strategy, Kotak Mahindra Bank initiated its first
structured third party Private Equity Fund in early 2005. Since then, the Alternate
Assets business of the Group has grown to over USD 1.35 billion under
management across two asset classes namely – Private Equity & Real Estate, both
led by independent investment teams.
13
This information is taken from Wikipedia article on Kotak Mahindra Bank (link: http://en.wikipedia.org/wiki/Kotak_Mahindra_Bank )
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has grown to over USD 1.40 billion under management across two asset classes
namely - Private Equity & Realty Funds, both led by independent investment
teams. 14
Kotak India Growth Fund I, has invested in companies such as Home Solutions -
a subsidiary of Pantaloon Retail Ltd which is India's fastest growing chain of
home improvement stores; INX Media- the media entertainment company , DRS
Logistics - a leading player in the 3PL logistics space in India, BFW - the largest
14
The information cited in this heading is taken from the Kotak Mahindra site (link: www.kotak.com )
15
The information cited in this heading is taken from the Kotak Mahindra site (link: www.kotak.com )
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KPEG is led by Nitin Deshmukh, who has put together an experienced investment
team with a successful track record in venture capital / private equity investments.
The other partners in the team are K.V. Ramakrishna and Vamesh Chovatia. The
three partners of the Fund collectively bring in over 55 years of industry and
private equity vestment experience with strong deal origination and networking
capabilities.
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4.1.1. Details
Asset reconstructions funds are also known as distressed debt funds. In these
funds, PE firms buy nonperforming assets (NPAs) of companies and restructure
them through operations and exit by getting higher returns. Such NPAs are called
as Distressed Assets. These assets are distressed because of operational
deficiencies and not because of market conditions. The most common is the
commercial loan which the company has defaulted on payments of interest or
principal. These types of investments are ideal in times of recession only and
hence are undertaken only by few firms. Such type of investing requires specific
skills and firms with them can reap high profits from these types of investments.
These funds can be categorized into Turnaround operators and Asset liquidators.16
The turnaround operators believe in the entity’s growth potential and thus work to
turn-around the troubled entity over a period of several years. They play an active
role in key management decisions and their investment is valued based on the
cash flows generated from regular business operations. Investment exit is
available in the form of a stock exchange listing or through a strategic sale
The asset liquidators believe in generating value by acquiring a portfolio of
distressed assets and then negotiating with borrowers to strike the best deal
possible. Such transactions are completed in a relatively lower time period with
very little time commitment and involvement from the management. The
investment is valued based on the discount realized while settling each lender
16
VC Circle article dated Jan 26th,2010, SARFARAZ AGBOATWALA & RISHIKA CHANDAN, ISB (link: http://www.vccircle.com/500/news/distressed-assets-
investing-–-an-emerging-private-equity-strategy )
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400 Q Street
Suite E4800
Sacramento,
CA 95811
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4.2.1. Details
Investors are always in lookout for new sources of return and diversification of
risks in investment. It is in these situations that infrastructure fund s find place.
Whether private or public, infrastructure needs large amounts of capital.
Infrastructure investments have different risk and return profiles from traditional
investments.
The majority of investments in infrastructure funds to date seem to have gone into
transport (airports, ports, toll roads) but investors are trying to diversify into other
sectors, such as communication infrastructure, waste, renewable energy and social
infrastructure.
The investment industry deduces a number of favorable investment characteristics
of infrastructure assets:
1. Stable and predictable cash flows
2. Long term income streams
3. Often inflation-linked (helping with liability-matching)
4. In some countries, tax-effective
5. returns insensitive to the fluctuations in business, interest rates, stock markets
6. Relatively low default rates
7. Low correlations with other assets classes (offering diversification potential)
8. socially responsible investing (SRI) (providing public goods essential to
society)
The importance of infrastructure sector also follows from the fact that foreign
investors are now looking at infrastructural development as a yardstick for
directing their investments. In fact infrastructural development had taken
precedence over wage levels in assessing the investment potential in developing
countries. In India infrastructure sector itself is becoming an attractive
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investment area for FDIs. The bulk of infrastructure investments in India were in
the public sector. To encourage foreign funds flow into the infrastructure sector,
the Financing Ministry has allowed Foreign Institutional Investors (FIIs) also to
invest in unlisted companies. This was aimed at helping infrastructure
companies as they would not be in a position to list their shares in the initial
phase. But because of the long gestation period, and many social implications,
the infrastructure sector compares unfavorably with manufacturing and many
other sectors.17
4.2.2. Examples
17
As citied in the article about Indian Infrastructure (link: http://www.asiatradehub.com/India/intro.asp )
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4.3.1. Details
Funds of funds provide an important role within the hedge fund community. Not
only do they provide the benefits of in-house due diligence, but they also offer a
unique layer of diversification to the investor.
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4.3.2. Examples
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Many large institutions find themselves with money in employee retirement plans
that needs to be managed, the senior management of an airplane manufacturer or
pharmaceutical company, for example, may not be the most qualified at knowing
how to invest the funds of its employee’s pensions. In addition, they may not
have the expertise to pick the right portfolio manager to do this for them. This is
where the investment consultant comes in. These are the "gatekeepers" that allow
asset managers the chance to manage money for large institutions i.e. they are the
ones who suggest the asset managers to the investor.
Since there are large number of investment managers, consultants are a necessary
intermediary who provide the essential matching function. They match asset
managers expertise to their clients investment needs. Because this is the
consultant's area of expertise, they generally have screening methods and
extensive contacts in the industry.
Investment consultants are often used in the due diligence process because some
firms are either too small or lack the expertise to staff a department to search
about the investment managers. Even if it is a large sophisticated firm, an
investment consultant may be needed to help it appear unbiased in its decision
making. The point is to make sure that people feel that the portfolio manager was
selected based on appropriate criteria. The investment consultant helps guide
clients towards the best asset allocation. A consultant can also help define the
formal investment guidelines that will guide asset allocation (an investment policy
statement). Their main business is to help choose the best portfolio manager.
Advisers also typically provide negotiation services for their clients. They
evaluate the terms of the offering such provisions as general partner fees and rules
regarding the calculation of carried interest in the context of current market
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Private equity has grown remarkably in India in the past years as a separate asset
class. They attract huge amounts of capital every year from investors like pension
funds, university endowments, foundations, trusts, insurance companies, high net
worth individuals etc. As such, private equity investments provide these investors
with newer avenues to put in their money and reap higher returns. In the
international avenue PE investments have grown significantly over years, in India
PE has developed mostly in the last decade. Till the recent credit crunch, the PE
market was very competitive and the deal sizes where big. But during the last year
the sizes of deals have dropped but we can say that this asset class still continues
to be an area of interest in the emerging markets.
India as an emerging market provides immense scope for PE investments and
should be at the top of recovery chart of PE investments. Indian markets maybe
attractive to investors because of many reasons. Firstly, because of the strong
economic growth and the rate of recovery from the economic depression,
secondly because of the huge investment base available and also the developing
infrastructure. These factors together with the tough market conditions in
developed economies make India a strong contender in the PE market. China is a
strong contender for Indian PE market but it can be said that India stands ahead
because of factors like English speaking society, entrepreneurial status etc. Along
with favorable factors there are also unfavorable factors which act as barriers to
entry for PE investors like the complex regulatory norms, same investment
opportunities for multiple investors etc. Overall it can be said that India will
continue to attract large amounts of PE funding in the coming years.
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References
2. http://en.wikipedia.org/wiki/Private_equity
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