The 2

nd
Annual
SuperReturn Latin America 2012

Winning Strategies For Maximising Successful
Private Equity & Venture Capital Investment In Latin America

12-14 March 2012, Tivoli Sao Pulo, Brazil

15% Reader Offer


Dear Spotlight reader,

We will be in Sao Paulo for this years SuperReturn Latin America Conference and as I am a speaker Im
pleased to offer Spotlight readers a special 15% discount should you be planning to attend.

SuperReturn Latin America brings together 100 of the regions most influential speakers in a one-stop
learning and networking shop, packed with interaction and high value face-to-face opportunities with around
300+global attendees, including 120 LPs.

Ill be chairing and giving a presentation on Fundraising at the event, and hope to see you there.


Kindest regards

Mark OHare
CEO
Preqin



For all bookings & enquiries, please contact the SuperReturn Latin America 2012 Team
Quote VIP: FKR2326PRSP for your 15% di scount
Tel: +44 (0) 20 7017 7200
Email: info@icbi.co.uk
Web: http://www.informaglobalevents.com/FKR2326PRSP







Private Equity Spotlight
February 2012
FEATURED PUBLICATION:

The 2012 Preqin Global Private
Equity Report
www.preqin.com/gper
2012 Preqin Global
Private Equity
Report

alternative assets. intelligent data.
$175 / 95 / 115
www.preqin.com
Preqin Industry News
Each month Preqins analysts speak to hundreds of investors, fund managers and
intermediaries from around the world, uncovering vital, exclusive intelligence. This
months Industry News features important updates regarding Asia-focused private
equity.
Page 7.
Record Funds on the Road
Investor Appetite for Co-Investments - more private equity investors are favouring co-investment
opportunities - what are the current attitudes towards this method of accessing the asset class?
Page 11.
Performance - private equity is more than just buyout funds and venture - how does the performance
of the more niche strategies stack up? Page 12.
Secondary Seller Preferences - 2012 is expected to be a big year for secondary transactions;
which funds are investors looking to sell? We examine the selling preferences of investors.
Page 13.
Conferences - details of upcoming private equity conferences from around the world. Page 14.
The Facts
Add-On Deals
Volatile market conditions, restricted credit opportunities and an uncertain economic
future have seen more private equity fund managers using add-on deals as a vital
tool for protecting and improving their current portfolio investments. What are the
trends and what does this mean for the industry?
Page 8.
You can download all the data in this months Spotlight in Excel.
Wherever you see this symbol, the data is available for free download on
Excel. J ust click on the symbol and your download will begin automatically.
You are welcome to use the data in any presentations you are preparing,
please cite Preqin as the source.
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
Profles, Funds in Market, Secondary
Market Monitor and Deals Analyst.
New York:
One Grand Central Place
60 E 42nd Street
Suite 2544
New York, NY 10165
+1 212 350 0100
London:
Equitable House
47 King William Street
London, EC4R 9AF
+44 (0)20 7645 8888
Singapore:
Asia Square Tower 1
#07-04 8 Marina View
Singapore
018960
+65 6407 1011
w: www.preqin.com
e: info@preqin.com

Twitter: www.twitter.com/preqin
LinkedIn: Search for Preqin
February 2012
Volume 8 - Issue 2
alternative assets. intelligent data.
Following the promising fundraising conditions seen in H1 2011, more fund
managers than ever came back to market seeking capital. With over 1,800 funds
currently fundraising and still more sitting on the sidelines, will the environment be
too crowded for funds to be successful? This months feature explores further.
Page 3.
Global private equity fundraising
We are pleased to announce the successful
closing of L Capital 3.
Capstone Partners (www.csplp.com) is a leading independent placement
agent focused on raising capital for private equity frms. The Capstone team
includes 25 experienced professionals in North America, Europe and Asia.
www.csplp.com
North America
One Galleria Tower, 13355 Noel Road, Dallas, Texas 75240
+1.972.980.5800
Europe
Grand-Rue 19, 1260 Nyon Switzerland
+41.22.365.4500
Asia
Suite 1106, Metrobank Tower, 1160 Yan An Xi Lu, Shanghai 200052 China
+86.21.6124.2668
Securities placed through CSP Securities, LP
Member FINRA/SIPC
Global private equity fundraising
We are pleased to announce the successful
closing of L Capital 3.
Capstone Partners (www.csplp.com) is a leading independent placement
agent focused on raising capital for private equity frms. The Capstone team
includes 25 experienced professionals in North America, Europe and Asia.
www.csplp.com
North America
One Galleria Tower, 13355 Noel Road, Dallas, Texas 75240
+1.972.980.5800
Europe
Grand-Rue 19, 1260 Nyon Switzerland
+41.22.365.4500
Asia
Suite 1106, Metrobank Tower, 1160 Yan An Xi Lu, Shanghai 200052 China
+86.21.6124.2668
Securities placed through CSP Securities, LP
Member FINRA/SIPC
3 2012 Preqin Ltd. www.preqin.com
Download Data
Feature
Record Funds on the Road:
Log Jam Ahead?
At present there are record numbers of funds currently seeking capital from investors. Nicholas Jelfs examines
the current crowded fundraising climate and evaluates the outlook for fund managers thinking of coming
to market in 2012.
Following the successful start to 2011 for private equity fundraising,
more and more GPs have returned to market in the hope of raising
fresh capital. Yet following the slump in confdence across the
global economy and suppressed private equity fundraising through
the latter part of the year, what are the prospects for successfully
raising a fund in 2012?
The Evolution of the Fundraising Market
The beginning of 2011 brought a glimmer of hope to the private
equity industry following two years of falling fundraising and
reduced deal levels. Fundraising through the frst two quarters of
the year picked up dramatically from the lows of 2010, with almost
$156bn in capital commitments raised through 368 funds holding
a fnal close, the largest amount of capital raised since H1 2009.
With respect to deals, H1 2011 saw a 49% increase in the value of
private equity exits completed compared to H2 2010, with $209bn
realized from 328 deals in the frst part of 2011, compared to
$140bn generated by 377 exits throughout the latter half of 2010.
As a result, this prompted many fund managers to return to the
fundraising market to take advantage of the capital being pulled
through the private equity cash cycle once again.
Fig. 1 displays the change in the levels of private equity funds on
the road between the start of 2008 and the start of 2012. As the
fow of capital from LPs stalled following the impact of the crisis in
2008, the fundraising marketplace became saturated due to a build
up of GPs having to extend their fundraising periods, in conjunction
with the continued fow of new offerings coming to market. Where
possible, fund managers delayed returning to market to avoid
the tough conditions, but for many this was only possible for a
fnite period. As a result, we have recently seen more GPs begin
fundraising with lower expectations with regards to target sizes and
expected time to reach fnal close.
At the start of 2009, 1,624 funds were on the road seeking
over $888bn in capital commitments. This followed the most
successful fundraising year for the private equity industry, with
1,338 funds attracting $682bn throughout 2008. Theoretically,
at this time it would have taken approximately 15 months for the
funds on the road to complete fundraising based on the previous
years commitment fow. In light of wider economic conditions
subsequent fundraising years have been depressed, with 2011
seeing 656 funds raise $277bn in capital. As a result of this there
are now effectively three years worth of private equity funds
looking to raise capital from investors, with 1,859 private equity
vehicles currently in market, seeking an aggregate $756bn.
Who Is in Market?
Real estate funds currently constitute the largest number of
vehicles in market, with 472 funds targeting just shy of $170bn in
capital. This is followed by venture capital funds, with 376 vehicles
seeking aggregate commitments of $53.6bn. Buyout funds are
targeting the largest amount of capital, with a total of 234 funds
aiming to raise $178.5bn, as shown in Fig. 2.
With respect to the geographical breakdown of funds currently
on the road, 50% are being raised by GPs based across North
America, as highlighted in Fig. 3. A slightly lower proportion of
the funds in market have a fund focus within the North American
Record Funds on the Road: Log Jam Ahead?
Private Equity Spotlight, February 2012
Fig. 1: Funds on the Road over Time, January 2008 - January 2012
Source: Preqin
1304
1624
1561
1619
1651
1682
1769
1823
705.0
888.4
698.5
606.9
665.3 675.1
707.6
739.6
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Jan-08 Jan-09 Jan-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12
No. Funds in Market
Aggregate Target
($bn)
Fig. 2: Breakdown of Funds in Market by Fund Type
Source: Preqin
472
376
234
192 189
145
65 61
31 26
63
169.9
53.6
178.5
62.3
47.1
90.0
47.7
22.8
35.0
21.8
29.5
0
50
100
150
200
250
300
350
400
450
500
R
e
a
l
E
s
t
a
t
e
V
e
n
t
u
r
e

C
a
p
it
a
l
B
u
y
o
u
t
G
r
o
w
t
h
F
u
n
d

o
f

F
u
n
d
s
I
n
f
r
a
s
t
r
u
c
t
u
r
e
D
is
t
r
e
s
s
e
d

P
E
M
e
z
z
a
n
in
e
N
a
t
u
r
a
l
R
e
s
o
u
r
c
e
s
S
e
c
o
n
d
a
r
ie
s
O
t
h
e
r
No. of Funds
Aggregate Target
($bn)
4 2012 Preqin Ltd. www.preqin.com
Download Data
region, and collectively these funds are seeking 49% ($368.8bn) of
the total capital being sought by funds on the road. Europe-based
fund managers account for 26% of the funds currently being raised,
and 23% of funds will focus their investments within the continent.
Funds predominantly targeting opportunities across Asia are only
just behind Europe-focused funds in terms of number of funds,
with 20% of all funds in market concentrating their efforts on the
region. With respect to the level of capital being deployed across
the two continents, Europe-focused funds are seeking $191.6bn of
the aggregate target capital, while Asia-focused funds are targeting
$122.9bn.
As shown in Fig. 4, Warburg Pincus is currently raising the largest
fund in market, the eleventh fund in a succession of balanced
vehicles targeting a variety of venture, growth, buyout and special
situations investments across a diversifed range of sectors and
geographies. The fund is seeking $15bn in capital commitments,
the same amount the previous fund closed on in April 2008 having
surpassed its target of $12bn.
Of the top 30 fund managers by total funds raised over the last 10
years, a third are not currently in the market with a private equity
fund and many of these frms completed fundraising over the last
18 months. Firms not currently in market include CVC Capital
Partners, Advent International, 3i and EQT Partners. It has been
announced that CVC Capital Partners is due to launch a sixth fund
in the series of Europe-focused buyout vehicles in the second
quarter of this year.
Key Trends for Funds Coming to Market
Preqins latest LP investor study revealed that of the investors that
intend to make new commitments in 2012, 49% intend to commit
the same amount to private equity funds in 2012 as they did in
2011, while a further 27% intend to commit more and 12% will
make new commitments having not done so in 2011. Although this
is a positive indicator for the industry, the current private equity LP
universe is unable to meet the demand for capital being sought by
the record number of fund managers on the fundraising trail.
In such a diffcult fundraising environment, experienced fund
managers with strong past performance tend to attract the majority
of investor capital, while frst-time fund managers struggle to stand
out from the crowd. The investor study revealed that 62% of LPs
plan to maintain or decrease the number of GP relationships they
have. Despite this, the majority are at least open to consideration
of some new manager relationships, a particularly signifcant
point for the 559 funds currently in market being raised by frst-
time fund managers. Collectively, these funds are targeting an
aggregate $205.9bn and have successfully raised $40bn through
228 funds reaching an interim close to date. Of these emerging
fund managers, 164 are raising real estate investment vehicles,
while a further 115 are seeking capital commitments for venture
capital funds.
The average target size of funds in market fell substantially over
the years following the fnancial crisis. Before the 2009 downturn,
the average size of funds in market stood at $525mn, noticeably
greater than the current fgure of $411mn. Traditionally, many GPs
have raised larger amounts of capital with each successive fund
in a series; however, many experienced fund managers have now
taken to reducing the target size of their vehicles in the hope of
having a more successful fundraising period. Preqin has identifed
a total of 129 funds currently in market that are targeting less
than the previous fund raised in the same series, with a further
38 that are seeking the same amount as the predecessor fund.
Notable examples include Providence Equity Partners VII, which
is targeting $6bn following the previous fund in the series closing
on $12bn in 2007, and the ffth distressed debt fund from WL Ross
& Co, which is seeking $2.5bn after its predecessor raised a total
of $4bn.
Feature
Private Equity Spotlight, February 2012
Record Funds on the Road: Log Jam Ahead?
Fig. 3: Proportion of Funds in Market Breakdown by GP Location and
Fund Focus
Source: Preqin
50%
45%
26%
23%
15%
20%
9%
12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
GP Location Fund Focus
Rest of World
Asia
Europe
North America
Fig. 4: Top 10 Largest Private Equity Funds Currently Raising Capital by Target Size
Fund Fund Manager Type Target Size (mn) Fund Focus
Warburg Pincus Private Equity XI Warburg Pincus Balanced 15,000 USD US
Apax Europe VIII Apax Partners Buyout 9,000 EUR Europe
Blackstone Real Estate Partners VII Blackstone Group Real Estate 10,000 USD US
KKR North American XI Fund Kohlberg Kravis Roberts Buyout 10,000 USD US
Permira V Permira Buyout 6,500 EUR Europe
BC European Cap IX BC Partners Buyout 6,000 EUR Europe
Cinven V Cinven Buyout 5,000 EUR Europe
Providence Equity Partners VII Providence Equity Partners Buyout 6,000 USD US
Riverstone Global Energy and Power Fund V Riverstone Holdings Natural Resources 6,000 USD US
Coller International Partners VI Coller Capital Secondaries 5,000 USD Europe
Source: Preqin
5 2012 Preqin Ltd. www.preqin.com
Download Data
Fund managers currently raising private equity funds have
collected an aggregate $133.6bn in capital commitments towards
their targets through interim closes. Forty percent (754) of funds
currently raising have completed at least one interim close since
coming to market, with 186 of these vehicles having completed
more than one.
What Can Fund Managers Do to Stand Out?
GPs are likely to fnd themselves needing to do more than ever
to ensure that they hit their fundraising targets. The employment
of a placement agent to assist in fundraising can be very useful,
especially in a tough fundraising climate. Of the funds to complete
their fundraising throughout 2011, 55% enlisted the services of a
placement agent. Almost 70% of the funds that used the assistance
of placement agent met or beat their target sizes compared to 62%
of funds that did not use their services. As for funds currently in
market, 42% of funds are using the help of a placement agent.
Before approaching prospective contributors to their funds, GPs
must know themselves, their competitors and their potential
investor base. In competitive fundraising conditions intelligence and
preparation are vital, as basic mistakes, amateur presentation and
brute force marketing strategies are unlikely to be tolerated. Which
investors are likely to be attracted to your strategy? Can you stick
to your mandate? Will you look to tap into the increasing number
of LPs that have an appetite for co-investment opportunities? Will
you be able to negotiate on fund terms such as management fees?
How does your team and record stack up against your direct peers?
Investors expect prospective GPs to be able to articulate a well
thought out, cohesive and clear plan, and so as a consequence
knowing the answers to the above and more besides is key in
standing out from the crowd.
Outlook for 2012
It is likely that 2012 will see further consolidation and evolution of the
private equity fundraising market. Many frst-time fund managers
will struggle to raise capital in such a crowded marketplace and
those LPs that are open to consideration of forming new manager
relationships will be key to their fortunes. On top of the already
saturated fundraising market, it is expected that a further 311
private equity vehicles are anticipated to come to market during
2012, exacerbating the situation further.
Even if confdence returns to the global fnancial market, LP
commitments across the foreseeable future will not be able to
match the current level of capital being sought, and as shown with
the recent structural change at Duke Street to invest on a deal-by-
deal basis, even experienced fund managers will need to adapt to
survive the impending log jam of funds on the road. Fund managers
hoping to launch new funds in the near future must ensure that they
are well prepared in order to give themselves the best chance of
hitting their targets.
This months feature article primarily draws from data provided
by Preqins Funds in Market product, the industrys leading
source of private equity fundraising information, including
details of all funds of all types being raised worldwide, with key
information on target sizes, interim closes, placement agents,
lawyers, investors and more.
Subscribers can click here to access data on the ever-changing
landscape of private equity fundraising market place, fully
searchable by type, geography and industry focus, as well as
historical fundraising, outlook and league tables.
Not yet a subscriber? To see how Funds in Market can help you
please visit:
www.preqin.com/fim
Subscriber Quicklink:
Feature
Record Funds on the Road: Log Jam Ahead?
2012 Preqin Global Alternatives Reports
Payment Details:
Credit Card
Visa
Amex Mastercard
Cheque enclosed (please make cheque payable to Preqin)
Please invoice me
Card Number:
Security Code:
Name on Card:
Expiration Date:
American Express, four digit
code printed on the front of
the card.
Visa and Mastercard, last
three digits printed on the
signature strip.
Shipping Details:
Name:
Address:
Firm:
J ob Title:
City:
Telephone:
Post/Zip:
Country:
Email:
I would like to purchase:
The 2012 Preqin Global Alternatives Reports are the most comprehensive reviews of the alternatives investment industry ever
undertaken, and are a must have for anyone seeking to understand the latest developments in the private equity, real estate
and infrastructure markets.
Key content includes:
Interviews and articles from the most important people in the industry today;
Detailed analysis on every aspect of the industry with a review of 2011, and predictions
for the coming year;
Comprehensive source of stats - including fundraising, performance, deals, GPs,
secondaries, fund terms, investors, placement agents, advisors, law frms;
Numerous reference guides for different aspects of the industry - Who is the biggest?
Where are the centres of activity? How much has been raised? Where is the capital
going? Who is investing? What are the biggest deals? What is the outlook for the
industry?

alternative assets. intelligent data.
Completed Forms:
Post (address to Preqin):
One Grand Central Place
60 E 42nd Street
Suite 2544, New York
NY 10165
Equitable House
47 King William Street
London, EC4R 9AF
Asia Square Tower 1
#07-04
8 Marina View
Singapore 018960
Fax:
+1 440 445 9595
+44 (0)870 330 5892
+65 6407 1001
Email:
info@preqin.com
Telephone:
+1 212 350 0100
+44 (0)20 7645 8888
+65 6407 1011
Name 1 Copy
2 Copies
(10% saving)

5 Copies
(25% saving)

10 Copies
(35% saving)

Data Pack*
(Please Tick)
Private Equity $175/95/115 $315/170/205 $655/355/430 $1,135/620/750
Real Estate $175/95/115 $315/170/205 $655/355/430 $1,135/620/750
Infrastructure $175/95/115 $315/170/205 $655/355/430 $1,135/620/750
All Titles (33% Saving!) $350/190/230 $630/340/410 $1,310/710/860 $2,270/1,240/1,500
* Data Pack Costs: $300/180/185 for
single publication
**Enterprise Licence allows for unlimited
distribution within your frm.
For more information visit: www.preqin.com/reports
2012PreqinGlobal
Infrastructure
Report

alternative assets. intelligent data.
ISBN: 978-1-907012-17-4
$175 / 95 / 115
www.preqin.com
2012PreqinGlobal
Real Estate
Report

alternative assets. intelligent data.
$175 / 95 / 115
www.preqin.com
2012PreqinGlobal
Private Equity
Report

alternative assets. intelligent data.
$175 / 95 / 115
www.preqin.com
Name Single-User Licence Enterprise Licence**
Data Pack*
(Please Tick)
Private Equity $175/95/115 $1,000/550/660
Real Estate $175/95/115 $1,000/550/660
Infrastructure $175/95/115 $1,000/550/660
All Titles (33% Saving!) $350/190/230 $2,000/1,100/1,320
PRINT:
DIGITAL:
If you would like to order more
than 10 copies of one title,
please contact us for special rate.
(Shipping costs will not exceed a maximum of $60 / 15 / 37 per
order when all shipped to same address. If shipped to multiple
addresses then full postage rates apply for additional copies)
Shipping Costs: $40/10/25 for single publication
$20/5/12 for additional copies
Asia-Focused Private Equity
Fundraising for Asia-focused private equity funds has proven to be
resilient to the effects of the recent fnancial upheaval and volatility,
with many investors particularly keen on tapping into the rapidly
maturing private equity industry in the region. While traditionally
it has been foreign GPs that have dominated the Asia-focused
market, this is no longer the case, with recent years characterized
by a higher proportion of capital coming into funds managed by
local frms.
Moving into 2012, J anuary saw the second largest China-focused
private equity fund ever fnish its fundraising, when Hony Capital
Fund V closed on $2.37bn. The fund, which invests in Chinese and
foreign companies focused on the Chinese market, raised $1bn
more than the previous fund in the series, and is the frms ffth mid-
market buyout fund to date.
Hoping to emulate this fundraising success, Golden China PE has
just launched Huajin International Pharmaceutical and Medical
Fund I. With a target of CNY 1bn, it is looking for opportunities
to invest in both the traditional Chinese medicine and modern
medicine industries in China. TPG, meanwhile, recently held frst
closes on its two yuan-denominated funds and has raised a total of
CNY 4bn to date. Both funds, TPG Western China Growth Partners
I and TPG China Partners I, are targeting CNY 5bn. The former
is looking for growth opportunities, while the latter will invest in
medium and large Chinese companies in the fnancial services,
consumer, retail and healthcare industries.
Investors looking to commit to Asia-focused private equity funds
include Meiji Yasuda Insurance Company, a J apanese investor
that has previously made private equity investments in Europe and
the US. The insurance company, which is looking to increase its
exposure to emerging markets, plans to make three or four new
private equity investments in the next 12 months. Elsewhere,
Northwest Health Foundation is keen to pursue attractive
opportunities in Asia and expects to invest in buyout funds this year.
Of current investors in the region, Government of Singapore
Investment Corporation is looking to sell a $750mn private equity
portfolio on the secondary market. The sovereign wealth fund,
which is looking to consolidate its fund manager relationships, has
hired UBS Investment Bank Private Funds Group to assist in the
sale.
Recently, several signifcant private equity-backed deals involving
Asian assets have been fnalized. In October 2011, industry giant
Bain Capital entered into an agreement to acquire a majority stake
in Skylark, valued at $3.4bn including leverage, with Bain providing
$2.1bn in equity. As part of the transaction, Nomura Group exited
its holding in the company. Elsewhere, in November last year,
Alibaba Group received a signifcant investment from Silver Lake,
DST Global, Tamasek Holdings and Yunfeng Capital. Silver Lake
and Tamasek Holdings agreed to invest around $300mn each, with
the total investment in the frm totalling $1.6bn.
30%
42%
24%
37%
31%
29%
49%
57%
61%
50%
61%
70%
58%
76%
63%
69%
71%
51%
43%
39%
50%
39%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
J
a
n
u
a
r
y

2
0
1
2
F
u
n
d
s

in

M
a
r
k
e
t
Non-Asia-Based Fund
Managers
Asia-Based Fund
Managers
Chart of the Month: Breakdown by Fund Manager Headquarters of
Aggregate Commitments to Asia-Focused Funds
Source: Preqin
P
r
o
p
o
r
t
i
o
n

o
f

A
g
g
r
e
g
a
t
e

C
o
m
m
i
t
m
e
n
t
s
Do you have any news you would like to share with the readers
of Spotlight? Perhaps youre about to launch a new fund, have
implemented a new investment strategy, or are considering
investments beyond your usual geographic focus?
Send your updates to cwilson@preqin.com and we will
endeavour to publish them in the next issue.
Data Source:
7 2012 Preqin Ltd. www.preqin.com
Preqin Industry News
Claire Wilson delivers a round-up of the latest private equity news, featuring exclusive intelligence uncovered by
Preqins analysts. Preqin Online subscribers can click on the investor/firm names to view the full profiles.
News
Preqin Industry News
Private Equity Spotlight, February 2012
8 2012 Preqin Ltd. www.preqin.com
Download Data
Lead
Add-On Deals
The Increasing Importance of Consolidation
As market and credit conditions remain challenging, fund managers are increasingly turning to add-on deals
to consolidate and strengthen their current portfolio companies in these turbulent times. Manuel Carvalho
investigates.
Add-on deals are an important weapon in the armoury of a fund
manager, allowing them to strengthen their portfolio companies
through strategic acquisitions and to protect investments against
a backdrop of economic uncertainty. In recent years, this type
of transaction has increased in prominence in the private equity
sector, yet often remains far from the headlines, as other, more
glamorous and larger-sized deals grab the spotlight. Despite this,
with add-ons at record levels, it is important to turn our attention to
this strategic acquisition type.
Also known as bolt-on transactions, add-on deals are where a
private equity-backed company acquires the assets or whole
business of another, typically smaller, company in the same industry
to form a combined entity. These tactical purchases allow private
equity frms to consolidate and strengthen the market position of
a portfolio company by making use of their dry powder and cash
reserves - a valuable tool when dealing with investments that are
in distress due to volatile market conditions.
Add-on deals are typically small and mid-sized deals, and can
potentially increase a portfolio companys value signifcantly
through a relatively small investment, once wider market conditions
improve. This type of deal also adds incremental revenue to the
parent portfolio company, and can lead to a reduction in overheads
and costs by combining the structure of the two businesses.
The Rise of the Add-On
Fig. 1 displays the number and aggregate value of private equity-
backed add-on deals, demonstrating the upward trend in add-on
activity in recent years. During the buyout boom era of 2006 -
2007, there were approximately 500 add-on transactions per year,
with over $30bn in add-ons completed across both years. With
the onset of the global fnancial crisis in 2008, however, the value
of add-ons came to a near stand-still at $3.4bn, but the number
of deals remained consistent with boom-era levels, an indication
that smaller add-ons remained prevalent in the credit-starved
environment.
Add-on levels remained similarly subdued in 2009, before
witnessing a 50% increase in volume and over two-fold increase
in value during 2010. This surge in add-on activity continued into
2011, when 963 add-ons valued at $28.4bn were announced.
This represented a 44% increase in number and a 58% increase
in value from the previous year, and around double the average
number of add-ons per year witnessed in prior years.
The Importance of Add-On Transactions in Tough Economic
Conditions
This increase in add-on activity has correlated with a changing
private equity environment, where the post-crisis buyout landscape
has seen a decrease in prominence of deals valued at over $1bn.
Fig. 2 displays the proportion of aggregate buyout deal value
(including add-ons) by size band, demonstrating the decline in
large deals in the private equity space. Large transactions, which
accounted for over three-quarters of value across all buyout deals
in the boom era, represented just under half of all deal value in
2010 and 2011. In J anuary 2012 only a quarter of the value of all
deals announced during the month was in deals valued at over
Add-On Deals
Private Equity Spotlight, February 2012
Fig. 1: Number and Aggregate Value of Private Equity-Backed Add-
on Deals, 2006 - 2011
Source: Preqin
459
575
467
437
666
963
0
5
10
15
20
25
30
35
0
200
400
600
800
1000
1200
2006 2007 2008 2009 2010 2011
No. of Add-On Deals Aggregate Deal Value ($bn)
N
o
.

o
f

A
d
d
-
O
n

D
e
a
l
s
A
g
g
r
e
g
a
t
e

D
e
a
l

V
a
l
u
e

(
$
b
n
)
6% 7%
19%
28%
18% 17%
37%
13%
17%
29%
38%
36%
37%
38%
81%
76%
52%
34%
46% 46%
25%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 YTD
Small (Less than $250mn) Mid ($250 - 999mn) Large ($1bn+)
Fig. 2: Proportion of Private Equity-Backed Buyout Deals by Value
Band, 2006 - 2012 YTD (As at 10th February 2012)
Source: Preqin
P
r
o
p
o
r
t
i
o
n

o
f

A
g
g
r
e
g
a
t
e

D
e
a
l

V
a
l
u
e
9 2012 Preqin Ltd. www.preqin.com
Download Data
$1bn. In the aftermath of the global fnancial crisis and persistent
diffcult market conditions, the declining prominence of large and
mega buyouts has led fund managers to increasingly turn their
attention to small and mid-sized opportunities, and particularly add-
on deals.
When examining the make-up of all private equity-backed deals by
type, Fig. 3 demonstrates the marked increase in the proportion of
add-on transactions, which increased from representing a ffth of
all deals prior to the collapse of Lehman Bros., to now making up
35% of all deals. Above all, there has been a notable jump in add-
on activity during the most turbulent economic periods, for example
during the tough credit conditions of 2009, and following concerns
regarding the European debt crisis in 2011. This correlation
highlights both the viability and importance of such transactions for
fund managers looking to negotiate tough economic periods.
Interestingly, while the prevalence of add-ons has increased,
growth capital deals which are often smaller in size and not reliant
on credit markets have maintained a steady share of the market.
In contrast, heavily leverage-reliant LBO deals have witnessed a
decline in prominence as credit markets have tightened, declining
from 60% of all deals in the pre-crisis period, to around 45% in the
current market.
Add-On Deals by Region
While the proportion and number of add-on investments have
increased steadily in recent years, the geographic make-up of
these deals has remained relatively constant, with the vast majority
of bolt-on deals being located in North America. During the pre-
crisis era, 70% of add-ons were located in North America, dipping
slightly to 67% of deals in 2008, before rebounding to a signifcant
75% of all add-ons during 2009. This surge in 2009 suggests
that North American portfolio companies in particular were in the
process of consolidation in the immediate aftermath of the onset of
the global fnancial crisis. The proportion of North American add-
ons has since stabilized to around 67% of such transactions, and
stood at 73% of add-ons in J anuary 2012.
Mirroring wider industry trends, the proportion of add-ons in Asia
and Rest of World has increased in recent years, with only 5% of
all add-ons based in the region in 2006 and 2007, increasing to 7%
in 2011 and 8% in the current year. The number of Asian private
equity-backed deals as a whole has increased in recent years as
the region has expanded and local markets have matured.
Europe-based add-ons have typically remained around the 25%
mark, and interestingly have had the lowest market share of such
investments in the immediate aftermath of turbulent periods. During
2009 Europe accounted for 21% of all add-ons, and in J anuary
2012, with continuing volatility in the face of the debt crisis, the
region accounted for 19% of all add-ons.
Industry Preferences
The industrials sector is typically the most popular sector for
investment activity amongst buyout fund managers, which favour
this traditionally mature industry, and has also generally been the
most prominent area for add-on investment since 2006. In 2011,
23% of all add-ons were in the industrials sector; however, this is
the lowest proportion in recent times, having declined from the pre-
crisis levels where around a third of these transactions took place
in the sector.
Notably, there is an increasing trend towards add-on investments
in the business services (including fnancial services) and
Lead
Private Equity Spotlight, February 2012
20% 20% 21%
27%
28%
36% 35%
63%
60% 60%
53%
48%
44%
45%
12%
13%
15%
14%
18%
14% 15%
5%
7%
4%
6% 6% 6% 5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 January 2012
Add-on LBO Growth Capital Public To Private
Fig. 3: Proportional Breakdown of Deals by Type, 2006 - January 2012
Source: Preqin
P
r
o
p
o
r
t
i
o
n

o
f

D
e
a
l
s
Add-On Deals
34%
32% 31% 31%
27%
23%
19%
14% 17%
13% 14%
16%
21%
21%
12% 9%
14%
14%
16% 15%
11%
10%
7% 8%
12% 11%
14%
16%
18%
17% 15%
14%
13%
12%
12%
3%
4%
3%
3%
5%
5%
3%
4%
6%
7%
5% 6%
4%
4%
5%
7%
10%
6% 7% 6%
12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 January 2012
Industrials Business Services Healthcare
Information Technology Consumer & Retail Energy & Utilities
Telecoms & Media Other
Fig. 5: Proportional Breakdown of Add-ons by Industry,
2006 - January 2012
Source: Preqin
P
r
o
p
o
r
t
i
o
n

o
f

A
d
d
-
O
n
s
71%
69%
67%
75%
67% 67%
73%
24% 27%
26%
21%
27%
26%
19%
5% 4%
7%
4% 6% 7% 8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 January 2012
Asia and Rest of
World
Europe
North America
Fig. 4: Proportional Breakdown of Add-ons by Region,
2006 - January 2012
Source: Preqin
P
r
o
p
o
r
t
i
o
n

o
f

A
d
d
-
O
n
s
10 2012 Preqin Ltd. www.preqin.com
Download Data
healthcare sectors, which have gone from representing 15% and
10% of add-ons respectively in 2006 and 2007, to representing
21% and 15% of all add-ons in 2011. This is a clear indication of
fund managers bolting on businesses to companies in the sector in
order to consolidate their positions. Other notable areas for add-on
investments are the IT sector, which has witnessed a slight uptick
in add-on investments in the post-Lehman era, and the retail and
consumer sector, which is currently seeing less add-on activity in
comparison to pre-crisis levels.
Outlook
The increasing prominence of add-on deals in recent years, in
particular as a response to diffcult economic conditions, has
shown the importance that fund managers place on this strategic
investment type. More fund managers are turning to bolt-on
transactions in order to strengthen their current holdings and shield
their investments from market uncertainty. With market conditions
remaining unfavourable and credit opportunities restricted, it is
likely that we will continue to see add-ons remain at record levels
in the coming months, as fund managers turn their attentions to
consolidating their current holdings with primarily small and mid-
sized add-on acquisitions.
Preqins Deal Analyst currently has data regarding over 3,600
add-on deals completed from 2006 to present, representing
aggregate value of over $115bn. Subscribers can click here to
see the full list of this increasingly prominent transaction type.
Not yet a subscriber? To find out more information on how Deals
Analyst can help you, please visit:
www.preqin.com/deals
Subscriber Quicklink:
Lead
Add-On Deals
Fig. 6: Five Notable Add-ons, 2011 - January 2012
Firm Deal Date Deal Size ($) Investors Location Industry
Lawson Software Apr-11 2,000mn Golden Gate Capital, Infor Global Solutions US IT
Elkem J an-11 2,000mn Blackstone Group, Bluestar Norway Materials
SunGard Higher Education Aug-11 1,775mn Datatel, Inc., Hellman & Friedman, J MI Equity US IT
HCA-HealthONE J un-11 1,450mn
HCA Inc., Bain Capital, Citigroup, Kohlberg Kravis Roberts, Merrill Lynch
Global Private Equity, Ridgemont Equity Partners
US Healthcare
Donlen J ul-11 930mn
Carlyle Group, Clayton Dubilier & Rice, Hertz, Merrill Lynch Global
Private Equity
US Industrials
Source: Preqin
Bogusia Glowacz provides an insight into private equity investors views on co-investment opportunities. Is
co-investment on the rise?
Investor Appetite for Co-Investments
Preqin currently tracks 667 institutional investors in private equity
that have an appetite for co-investments alongside GPs, and an
additional 156 LPs that are considering such opportunities.
LPs choose to co-invest alongside GPs for a variety of reasons,
such as taking more control over investments, reducing overall
fee burdens, increasing investment returns, and strengthening
relationships with GPs. One Canadian investment company, for
instance, is looking to continue pursuing co-investments alongside
GPs. It commented: [We] fnd it more effcient in comparison
to fund investments and [we] also like to take minority stakes in
companies.
Preqins H1 2012 Investor Outlook: Private Equity shows that
40% of all investors have an appetite for participating in direct
private equity opportunities in some form, with 22% seeking direct
investments on a proprietary basis and 33% having an appetite for
co-investing alongside GPs in portfolio companies. Of the LPs that
already actively seek co-investment opportunities, 58% are looking
to increase this activity over the coming year, while a further 39%
expect to maintain their level of activity in this area going forward.
As illustrated in Fig. 1, LPs with an appetite for co-investments tend
to have sizeable allocations to private equity. Sixty-eight percent
of LPs with such an appetite have over $250mn allocated to the
asset class, and a signifcant 14% have a private equity allocation
in excess of $5bn. At the other side of the scale, only 10% of LPs
that look to pursue co-investments have less than $50mn allocated
to private equity.
For example, the $23bn Employees Retirement System of Texas,
with a target allocation to private equity at 8% of total assets, has
recently begun its co-investment program. It anticipates increasing
activity in this area going forward and it will look for co-investment
opportunities across the geographic and industry spectrum.
Fig. 2 displays the make-up of LPs interested in pursuing co-
investment opportunities alongside fund managers by investor
type. Over one-quarter (26%) of those LPs that have shown an
interest in co-investing alongside GPs are fund of funds managers.
Public pension funds account for 11% of the universe and insurance
companies represent 8% of LPs with an interest in co-investing.
Northwestern Mutual Life Insurance Company is an example of an
insurance company that actively seeks co-investment opportunities
alongside GPs. It allocates 30% of its private equity portfolio to
such opportunities and has been co-investing for the past 27 years.
Elsewhere, foundations and endowment plans each account for 4%
of LPs interested in co-investment opportunities. Alfred I. duPont
Testamentary Trust, a foundation based in Florida, is looking to
increase its exposure to co-investments in the future as it sees
attractive opportunities lying ahead.
Data Source:
Preqins Investor Intelligence currently has information regarding 667
LPs that are open to co-investment opportunities. Subscribers can click
here to access the full list and view profles for these investors.
Not yet a subscriber? For more information on how Preqin can help
you, please visit:
www.preqin.com/ii
11 2012 Preqin Ltd. www.preqin.com
Download Data The Facts Investor Appetite for Co-Investments
Private Equity Spotlight, February 2012
P
r
o
p
o
r
t
i
o
n

o
f

I
n
v
e
s
t
o
r
s
Fig. 1: Make-Up of LPs Interested in Co-Investing by PE Allocation Size
Source: Preqin
6%
4%
22%
27%
19%
8%
14%
0%
5%
10%
15%
20%
25%
30%
$
0
-
2
4
m
n
$
2
5
-
4
9
m
n
$
5
0
-
2
4
9
m
n
$
2
5
0
-
9
9
9
m
n
$
1
,
0
0
0
-
2
,
4
9
9
m
n
$
2
,
5
0
0
-
4
,
9
9
9
m
n
$
5
,
0
0
0
m
n
+
Private Equity Allocation
Fig. 2 : Make-Up of LPs interested in Co-Investing by Type
Source: Preqin
26%
11%
7%
7%
7%
7%
5%
6%
24%
Fund of Funds Managers
Public Pension Funds
Insurance Companies
Investment Companies
Asset Managers
Banks & Investment Banks
Private Sector Pension
Funds
Family Offices
Other
Due to the large number of private equity funds focusing on
buyout and venture strategies, there is a focus on the performance
of these fund types; however there are also many funds with
investment approaches that are considered to be more niche.
Preqins Performance Analyst tracks funds spanning the full range
of private equity investment preferences, including less common
strategies such as balanced, co-investment, co-investment multi-
manager, direct secondaries, natural resources and timber.
Fig. 1 gives an indication of the risk and return trade-off for these
more niche private equity strategies. The risk and the return of
each fund type are represented by the standard deviation and the
median of the net IRRs respectively, and the total commitments
to each strategy are shown by the relative size of each sphere.
By plotting the spheres against their respective median IRRs and
associated level of risk, we can compare the risk and return trade-
off for each niche fund type, where the sphere located nearest the
bottom right of the graph represents the most favourable strategy
when taken in isolation and not as part of a wider portfolio. The graph
shows that direct secondaries is the riskiest niche strategy, with a
standard deviation of net IRR of 22.5%; however, with a median
net IRR of 19.1%, this strategy also produces the highest median
return. Timber represents the strategy with the least risk, but
correspondingly produces the lowest median return of 2.1%.
The net IRR dispersion by vintage year for these niche fund types
is shown in Fig. 2, with each data point representing the net IRR
of an individual fund. A vintage 2000 fund is currently showing
the highest net IRR (73.0%), which is being achieved by a fund
investing in natural resources. The lowest net IRR of -35.0% is
currently being generated by a vintage 2008 balanced fund;
however returns produced by funds with more recent vintages
could improve as fund managers add value to their investments.
12 2012 Preqin Ltd. www.preqin.com
Download Data The Facts
Performance of Niche Strategies
Private Equity Spotlight, February 2012
Performance of Niche Strategies
Gary Broughton examines the returns of niche private equity strategies.
0.0
5.0
10.0
15.0
20.0
25.0
30.0
-5.0 0.0 5.0 10.0 15.0 20.0 25.0
Natural Resources
Balanced
Co-investment
Co-Investment Multi-Manager
Direct Secondaries
Timber
Return - Median Net IRR (%)
Fig. 1: Risk and Return by Fund Strategy, Vintages 1999 - 2009
Source: Preqin
R
i
s
k

-

S
t
a
n
d
a
r
d

D
e
v
i
a
t
i
o
n

o
f

N
e
t

I
R
R
s

(
%
)
-60.0
-40.0
-20.0
0.0
20.0
40.0
60.0
80.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Natural
Resources
Balanced
Co-investment
Co-investment
Multi-Manager
Direct
Secondaries
Timber
Vintage Year
Fig. 2: Net IRR Dispersion by Fund Strategy, Vintages 2000 - 2009
Source: Preqin
N
e
t

I
R
R

s
i
n
c
e

I
n
c
e
p
t
i
o
n

(
%
)
Preqins Performance Analyst ofers fund-level performance data and information regarding portfolio valuations of over 5,700 private equity funds and is
the worlds most extensive and transparent database of private equity and venture capital fund performance. Subscribers can access performance data for
over 350 funds with niche investment strategies.
Interested in fnding out how Performance Analyst can help you? Please visit:
www.preqin.com/pa
Data Source:
Antonia Lee examines the preferences of investors looking to sell on the secondary market.
Secondaries Selling Preferences
Investors selling preferences by fund type are illustrated in Fig.
1. Venture funds are the most common fund type that investors
are looking to sell, as 66% of the potential sellers that stated a
preference acknowledged this as a type of investment they wish
to exit. Buyout fund offerings are also common among secondary
market sellers, with 61% of investors looking to sell interests in
such funds. Given the large number of buyout and venture funds
in existence, these results are unsurprising. Growth funds are also
a common fund type that investors are looking to sell, with 37%
stating this fund type.
Some investors also specify particular regions that they are looking
to exit via the secondary market. Of those sellers that have stated
regional selling preferences, a considerable 74% are looking to
sell their interests in funds with a primary focus on Europe. Fifty
percent are selling North America-focused funds, whereas just
31% are looking to sell stakes in funds investing in Asia and Rest
of World countries.
While markets remain volatile, which could potentially bring
valuations down, investors are still bringing portfolios to the
secondary market. Fig. 3 shows three of the largest secondary
market offerings currently available to secondary market buyers
- the largest of which is being sold by Harvard Management
Company and equates to $1.5bn worth of fund stakes.
Fig. 3: Three of the Largest Secondary Market Offerings in the Market
Seller Intermediary Sale Details
Harvard Management Company
UBS Investment Bank Private Funds
Group & Cogent Partners
Harvard Management Company is looking to sell $1bn worth of its US buyout
fund stakes on the secondary market. UBS Investment Bank Private Funds
Group is acting as intermediary. It is also in the process of taking bids for a
$500mn portfolio of energy funds through Cogent Partners.
New York City Retirement
Systems
UBS Investment Bank Private Funds
Group
The New York City Retirement System hired UBS Investment Bank Private
Funds Group to run the sale of a portfolio of private equity interests worth
around $750mn. The system - which includes the New York City Employees'
Retirement System, New York City Fire Department Pension Fund, New York
City Police Pension Fund and New York City Teachers Retirement System
is seeking to reduce the number of active managers, while also making space
for new managers. The offering is believed to consist mainly of buyout fund
interests.
BNP Paribas -
BNP Paribas is considering the sale of a portfolio of more than 50 private
equity funds worth around $700mn in the face of forthcoming liquidity and
capital constraints to be imposed by Basel III.
Source: Preqin
13 2012 Preqin Ltd. www.preqin.com
Download Data The Facts Secondaries Selling Preferences
Private Equity Spotlight, February 2012
66%
61%
37%
24%
21%
40%
0%
10%
20%
30%
40%
50%
60%
70%
Venture Buyout Growth Mezzanine Distressed
Private Equity
Other
Fund Types
Fig. 1: Investor Selling Preferences by Fund Type
Source: Preqin
P
r
o
p
o
r
t
i
o
n

o
f

S
e
l
l
e
r
s

S
t
a
t
i
n
g

P
r
e
f
e
r
e
n
c
e
s
50%
74%
31%
0%
10%
20%
30%
40%
50%
60%
70%
80%
North America Europe Asia & Rest of World
Fund Regional Focus
Fig. 2: Investor Selling Preferences by Region
Source: Preqin
P
r
o
p
o
r
t
i
o
n

o
f

S
e
l
l
e
r
s

S
t
a
t
i
n
g

P
r
e
f
e
r
e
n
c
e
s
Conferences Spotlight
Conference Dates Location Organizer
Global Absolute Return Congress 20 - 22 February 2012 Singapore Global ARC Singapore
Global Investor Relations Summit 22 - 23 February 2012 Amsterdam European Networking Group
SuperReturn International 27 February - 1 March 2012 Berlin ICBI
Private Equity World Africa 2012 28 February - 1 March 2012 London Terrapinn
Investment Consultants Forum 02 March 2012 New York Opal Group
2012 UCLA Private Equity Summit 02 March 2012 Los Angeles UCLA/Saybrook Capital
Institutional Investors' Congress 5 - 6 March 2012 London Opal Group
Private Equity Southeast Asia Summit 7 - 8 March 2012 Singapore IQPC
Clean Energy Finance & Development 2012 12 - 14 March 2012 London Informa Energy
Asian Family Offce Forum 2012 12 March 2012 Singapore Terrapinn
SuperReturn Latin America 12 - 14 March 2012 Sao Paulo ICBI
The Womens Private Equity Summit 15 - 16 March 2012 Half Moon Bay, CA Falk Marques Group
2nd Annual European Secondary Private Equity 21 - 22 March 2012 London C5
2012 UCLA Private Equity Summit
Date: 2 March 2012 Information: http://www.anderson.ucla.edu/x35274.xml
Location: UCLA Anderson School of Management, Los Angeles, California
Organiser: UCLA Anderson & Fink Center
The only event of its kind, UCLA gathers the worlds leading private equity academics together with PE thought leaders including
LPs, consultants, and a limited number of GPs to present and foster research in support of developing the long term durability of
the asset class. Research is presented, views are debated, and policy is considered.
Private Equity Southeast Asia Summit
Date: 7 - 8 March 2012 Information: http://www.private-equityseasia.com/Event.aspx?id=629552&MAC=PREQIN
Location: Marina Mandarin Hotel, Singapore
Organiser: IQPC Singapore
Assessing high growth SEA sectors through private equity investments. Join over 150 of the regions leading CEOs, chairmen
and business owners focused on buyouts, growth capital, distressed asset and venture capital investment assessing the top
opportunities in Indonesia, Vietnam, Singapore, Malaysia, Thailand and the rest of Southeast Asia.

14 2012 Preqin Ltd. www.preqin.com
Conferences
Private Equity Spotlight, February 2012
Conferences Spotlight
SuperReturn Latin America 2012
Date: 12 - 14 March 2012 Information: http://www.informaglobalevents.com/FKR2326PRQNWB
Location: Tivoli, Sao Paulo
Organiser: ICBI
Winning Strategies For Maximising Successful Private Equity & Venture Capital Investment In Latin America at the Regions Leading
Private Equity and Venture Capital Event

Clean Energy Finance & Development 2012
Date: 12 - 14 March 2012 Information: http://www.informaglobalevents.com/event/cleanenergy
Location: London
Organiser: Informa
The only renewable energy event to bridge the gap between the finance provider and the developer, CEFD 2012 explores
the opportunities for maximising investments into clean energy production and returns on investment. Discover the full range
of financing options, alternative investment opportunities, renewable energy market models, global energy trends, innovative
clean energy technologies and much more. Quote VIP code: FKE2226PQNL for a 10% discount.
2nd Annual Private Equity Secondaries
Date: 21 22 March 2012 Information: www.c5-online.com/Secondaries
Location: Crowne Plaza London, St. James, London
Organiser: C5
C5 Presents its Second Annual Conference on Private Equity Secondaries. Join this comprehensive and dedicated event,
thoroughly tailored to the imminent needs and challenges of the secondary players and get the most up-to-date and unbiased
information.
15 2012 Preqin Ltd. www.preqin.com
Conferences
Private Equity Spotlight, February 2012
Conferences Spotlight
Main conference: 7 - 8 March 2012 Workshop: 9 March 2012 Venue: Marina Mandarin Hotel, Singapore
Assessing high growth SEA sectors through private equity investments
PHONE: (65) 6722 9388 | FAX: (65) 6720 3804 | EMAIL: enquiry@iqpc.com.sg | WEB: www.private-equityseasia.com
Researched &
Developed by:
Sponsor:
Key LPs presenting include
Marcus along with Sebastiaan and two other LP experts will be
evaluating LP concerns and sentiments over private equity and venture
capital what is required from GPs for increased allocation?
Key Conference Highlights include:
Establish local connections within Southeast Asias growing
markets to facilitate your entry and growth into the regions
hottest sectors and industries looking for investors
Meet institutional LPs waiting to capitalise on rapidly
emerging private equity investment markets in the region
Develop a deeper understanding of Southeast Asias often
complex GP-LP and GP-investee company relationships
to warrant greater success in deal sourcing, structuring and
fundraising.
Markus Ableitinger
Director
CAPITAL DYNAMICS
Nicholas, Rahul, as well as Georgiadis Saki, Head of Asia from Hermes GPE
will debate on global private equity trends and implications for SE Asian
private equity funds
Sebastiaan van den Berg
Managing Partner
HARBOURVEST
Nicholas Bloy
Managing Director
NAVIS CAPITAL
Rahul Mathur
Managing Director,
Co-Head Leveraged &
Sponsor Finance
ASIA PACIFIC, GE CAPITAL
Media Partner:
Q
u
o
t
e

P
Q
A
D

t
o

e
n
j
o
y

1
0
%

D
I
S
C
O
U
N
T
To fnd out more details, please contact us
at (65) 6722 9388 or log on to
www.private-equityseasia.com
CONTACT US NOW!!
16 2012 Preqin Ltd. www.preqin.com
Conferences
Private Equity Spotlight, February 2012
Conferences Spotlight
Over 85 Top Global Business Leaders Speaking
85+ Speakers
60+ Topics
200+ Active Experts
10+ Interactive Speaking Formats
3 Multi-Stream Afternoons
10+ Official Networking Opportunities
What Makes CEFD 2012s Must Attend Event For You And Your Business?
For the latest programme or to register, please visit http://www.informaglobalevents.com/FKE2226PQAD. Call +44 (0) 20 7017 6333. Fax: +44 (0) 20 7017 7884. Email: iee@informa.com
Mr Stefan Bnte
Head of Finance
E.ON CLIMATE & RENEWABLES
Mr Simon Virley, Director General,
Energy Markets & Infrastructure
Group, DEPARTMENT OF
ENERGY AND CLIMATE CHANGE
Mr Philippe Lenoble
Managing Director, Infrastructure
Investment Group
GOLDMAN SACHS
Mr Jonathan Cole
Managing Director
SCOTTISH POWER
RENEWABLES
Mr Graham Weale
Chief Economist
RWE AG
Mr Victor Hoek
Head of Project Finance
ATRADIUS DUTCH STATE
BUSINESS
10% Discount for Preqin Subscribers
Quote VIP Code: FKE2226PQAD
85+
Speakers
Scan with smartphone
QR Reader App
World Leading Clean Energy Event For Content And Networking
Bridging The Gap Between Finance Providers And Developers
www.cefd-event.com
Utility Finance UK EMR New Finance Offshore Wind
Global
Economy
Export Credit
Agencies
Offshore Wind Summit
3 Full
Days
60+
Topics
10+ Speaking
Formats
3 Multi-Stream
Afternoons
Mr Gokhan
Baykam
CEO
RELIGHT
ENERGY
Mr Fintan Whelan
Co-Founder &
Corporate
Finance Director
MAINSTREAM
RENEWABLE
POWER
Dr Peter Radgen
Head of E.ON
Innovation Center,
Carbon Capture
& Storage
E.ON NEW
BUILD &
TECHNOLOGY
Onshore Wind Waste & Biomass Offshore Wind Carbon Capture & Storage
Mr Peter Jones
OBE
Chairman
WASTE2TRICITY
Offshore &
Onshore Wind
Wave & Tidal
CCS & Geothermal
Waste
Biomass
Solar PV & CSP
Clean Technologies at CEFD
Unique Clean Technology Highlights
12th March 2012 Offshore Wind Summit
13th to 14th March 2012
Clean Energy Finance & Development Conference
Follow us on
@CleanEnergy_IEE
Clean Energy Finance &
Development
DISCOUNT!
For Small Companies & Sole
Traders On Application To
sarah.williams@informa.com
CEFD Policy Keynote
Address 2012
Mr Philip Lowe
Director General, Energy DG
EUROPEAN COMMISSION
12th March 2012
Global Markets Larger & Deeper
Financing Offshore Wind Challenges for Developers
Accessing the Grid and Supply Chain
Special Focus for 2012
Dr Gunter Fischer
Principal Officer
EUROPEAN
INVESTMENT
BANK
Ms Faheen
Allibhoy
Senior Investment
Officer
INTERNATIONAL
FINANCE
CORPORATION
(WORLD BANK)
Clean Energy Funds Opportunities & Challenges
17 2012 Preqin Ltd. www.preqin.com
Conferences
Private Equity Spotlight, February 2012
Conferences Spotlight