Private Equity Spotlight

Welcome to the latest edition

of Private Equity Spotlight, the
monthly newsletter from Preqin
providing insights into private April 2011
equity performance, investors and
fundraising. Private Equity Spotlight
combines information from our online
products Performance Analyst,
Investor Intelligence, Fund Manager
Profiles, Funds in Market, Secondary
Market Monitor and Deals Analyst. The Missing 1,500 PE Investors

Of the 4,300 institutional investors in private equity tracked by Preqin, 1,500 are
April 2011 not considering new private equity fund opportunities. Why are so many investors
Volume 7 - Issue 4 staying out of the market? Will they be coming back? Do they represent good
opportunities for secondary market buyers? Our feature article reveals all. Page 3

FEATURED PUBLICATION:
Preqin News Exclusives
The 2011 Preqin Private Equity
Secondaries Review
Each month Preqin’s analysts speak to hundreds of investors, fund managers and
intermediaries from around the world, uncovering vital, exclusive intelligence. This
The 2011 Preqin
Private Equity Secondaries Review
month’s News Exclusives features important updates on KKR, Barclays and more.
Page 10

Fundraising Assignment

More information available at:

www.preqin.com/secreview Using the Preqin Investor Intelligence database our analysts undertake a fundraising
assignment for a first time European mid-market buyout fund seeking €500mn in
commitments. Our Long List reveals just how many investors are interested in
a fund of this type, with the Short List detailing specific institutions believed to
represent the best prospects. Page 8
London:
Equitable House,
47 King William Street,
The Facts
London, EC4R 9AF
+44 (0)20 7645 8888

Fundraising - final fundraising stats for Q1 2011. Page 13

New York:
230 Park Avenue, Funds in Market - make-up of funds on the road going into Q2 2011. Page 14
10th Floor, New York,
NY 10169 Deals - buyout deals and exits in Q1 2011. Page 15
+1 212 808 3008
Performance - performance figures from the latest data. Page 16
Singapore:
Samsung Hub, Conferences - private equity events. Page 17
3 Church Street,
Level 8,
Singapore 049483
+65 6408 0122
You can download all the data in this month’s Spotlight in Excel.
w: www.preqin.com Wherever you see this symbol, the data is available for free download on
e: info@preqin.com Excel. Just 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.
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alternative assets. intelligent data.

Fundraising
to the next level
We have a successful track record in raising
capital for private equity and real estateoUPV
IURPDURXQGWKHZRUOG

Our ability to differentiate our clients in a highly

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WKHPUHDFKWKHQH[WOHYHOLQIXQGUDLVLQJ

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North America
2QH*DOOHULD7RZHU1RHO5RDG'DOODV7H[DV
+1.972.980.5800

Europe
*UDQG5XH1\RQq6ZLW]HUODQG
+41.22.365.4500

Asia
6XLWH0HWUREDQN7RZHU<DQ$Q;,/X6KDQJKDLq&KLQD
+86.21.6124.2668

Securities placed through CSP Securities, LP

Member FINRA/SIPC
Feature Private Equity Secondary Market
The Missing 1,500 PE Investors:
Why are they missing? Will they come back? Are they selling?
Of the 4,300 investors in private equity funds that Preqin tracks 1,500 are not currently considering new private
equity investment opportunities. Helen Kenyon investigates why, and whether they represent opportunities
for secondary market buyers.
The past few years have seen some significant shifts in the attitudes
of institutional investors towards private equity. Investor confidence
suffered in the wake of the financial crisis as a result of uncertainty
in the market and reduced valuations of portfolio holdings.
Of the 4,300 investors in private equity funds that Preqin tracks,
a significant 1,500 past investors have revealed to us that they
are not currently considering new investment opportunities or are
over-allocated to the asset class. Although this is bad news for GPs
seeking capital for new funds, these investors represent a relatively
untapped source of potential deals for buyers of fund interests on
the secondary market.
In this article, we explore the reasons why these LPs are not
investing in the asset class and assess the likelihood that they will
recommence investments in the future. We also investigate how
likely these investors are to sell fund interests on the secondary
market and whether they represent good targets for secondaries
players.
Investors on Hold
Investors that placed their investments on hold during the worst
of the financial crisis are gradually returning to the market. Our
December 2010 Investor Outlook report found that, of the investors
planning to make new commitments to funds in 2011, 18% are
investors that did not make any commitments in 2010 (see Fig. 1).
Fig. 1: Amount of Capital Investors Plan to Commit to Private Equity
Funds in 2011 Compared to 2010 - December 2010 Survey Results
Source: Preqin
3 Private Equity Spotlight, April 2011
Download Data
Of the 1,500 investors Preqin is currently tracking that are not
actively making new commitments, a third have decided to place
their investments on hold for a period of six months or more, but
intend to recommence investments within the next two years. Fig. 2
shows a breakdown of this group of investors by type of institution.
An example of an investor in this group is Dai-Ichi Life Insurance,
which placed its investments in alternatives, including private equity,
on hold in 2008, but expects to start making new commitments to
private equity funds at some point this year. It intends to commit
$50 million to two or three funds by the end of 2011.
A third of the 1,500 missing investors are therefore set to return to
the asset class within the next couple of years. This is good news
for GPs planning to start raising funds in the next year or so, and
they may find it beneficial to contact these investors now to begin
to establish a relationship with them ahead of the commencement
of full-scale fundraising efforts.
Investors in this category are not, however, such good targets for
secondary market buyers. Few of these investors intend to offload
stakes in funds on the secondary market, though there are some
exceptions. Esterad Investment Company is one such LP. It has
not added any new private equity funds to its portfolio in the past
couple of years, but has found that the denominator effect has left it
over-allocated to the asset class. As a result, Esterad is considering
selling private equity fund stakes during 2011.
Fig. 2: Investors That Have Placed Their Private Equity Investments on
Hold Split by Type
Source: Preqin
© 2011 Preqin Ltd. www.preqin.com
Feature Private Equity Secondary Market Download Data

Over-Allocation to Private Equity

Over the past couple of years, we have seen

an increasing number of investors exceed their
targeted level of exposure to private equity. 2nd Annual Alternative
Investments Summit
More than 200 LPs are known to have current
allocations to private equity that exceed their

May 4th, 2011 | New York

target allocations.

Typically, investors over-allocated to private

KEY TOPICS:
equity will significantly reduce the amount ‡ Evolving State of Alternative Investing in the Current Economic and Regulatory Climate
of capital they make available for new ‡ Investor Concerns, New Asset Allocation Models, and the Role of Alternative Investments
commitments or will opt to halt new investments ‡ Hedge Fund Trends: What’s Hot, What’s Not?

in the asset class until their allocations fall ‡ Private Equity Prospects - Identifying the Most Promising Opportunities
‡ Strategies for Fund Formation
back within acceptable levels. The Teachers’
‡ Secondary Markets for Hedge Funds and Private Equity Funds
Retirement System of Louisiana, for example, ‡ Trading ETFs: Factors to Consider
has 12.2% of its total assets allocated to private ‡ Selecting the Best Hedge Fund Strategies for Your Portfolio and Objectives
equity but has a target allocation of 10%. It has ‡ Cashing in on Commodity Inflation with a Manager Futures Program

set aside $245 million for new commitments in ‡ Opportunities in Distressed and Credit Markets
‡ Plus, a special pre-conference workshop: Tail-Alpha: New Strategies for Managing Portfolio Tail Risk
the 2011 fiscal year, significantly less than the
$1-1.2 billion set aside for new commitments in
the 2010 fiscal year.
Visit us at
A small proportion of investors are now over-
allocated to private equity as a result of a
www.iglobalforum.com/2alternatives
decision to reduce the level of their exposure to
private equity. Pennsylvania State Employees’ Retirement System For example, WLD Enterprises, a family office, does not plan
is one such investor. It has 25.1% of its total assets in private equity to make new commitments to funds over the next few years as
but intends to gradually reduce its exposure over the longer term to it is exceeding its 15% private equity target allocation, and is
15% in order to divert capital to other types of investment, including considering a secondary market sale in order to rebalance its
fixed income. portfolio.

While not all investors that are over-allocated to private equity will
stop making new investments in the asset class, for many this
will be the case. Although this makes them poor targets for GPs
raising new vehicles, secondary market players may find it worth
contacting them about the possibility of selling interests in funds in
order to alleviate their over-allocations. In fact, 54% of LPs planning
to sell stakes on the secondary market are motivated by the need
for liquidity and 28% by portfolio rebalancing, as shown in Fig. 3.
LPs No Longer Investing in Private Equity
Preqin currently monitors more than 800 investors that have some
previous exposure to private equity but that have opted to cease
investment in the asset class for the foreseeable future. These
investors account for more than half of the missing 1,500 LPs, as
shown in Fig. 4.

Fig. 3: Investors’ Motivations for Selling Fund Stakes on the Secondary Fig. 4: The Missing 1,500 Private Equity Investors
Market - February 2011 Survey Results

60%
54%
Proportion of Respondents

50%

40%

30% 28%
26%

20%

10% 7%
5%

0%
Requirement For Portfolio Exit Poor Change In Other
Liquidity Rebalancing Performing Funds Strategy (Exit
Non-Core Assets)

Motivations for Selling

Source: Preqin Source: Preqin

4 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com

Feature Private Equity Secondary Market Download Data

Fig. 5: Proportion of LPs Not Actively Investing in New Opportunities

equity. These investors account for around three-quarters of the
That Are Likely to Sell Fund Stakes over the Next 24 Months
firms in this category and are unlikely to recommence investments
in the asset class. Others with more sizeable portfolios of private
equity investments have opted to cease investing as a result of a
change in strategy, perhaps prompted by changes in their liquidity
profiles or in the level of acceptable risk in their portfolios. It is
possible that some of these institutions may return to the asset
class in the future but it is unlikely they will begin assessing new
opportunities for at least another few years.

Source: Preqin
Some of these investors only made one or two strategic investments
in funds in the past, but never had a specific allocation to private
It is also worth noting that this group contains all investors known
to have ever invested in a private equity fund that no longer invest
in the asset class. Just 5% of the LPs known to no longer invest in
private equity chose to stop investing following a change in strategy
in the past couple of years, showing that few were motivated by
a lack of confidence in the asset class prompted by the financial
crisis.

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5 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com

Feature Private Equity Secondaries Market Download Data

Investors that have stopped making private

equity investments represent the best
source of potential leads for secondary
market players. It is possible that many will
seek to liquidate their existing investments
in private equity in order to exit the asset
class fully and thereby free up capital to
use for investments in other asset classes.
Allied Irish Banks, for example, does not
anticipate making any further commitments
to private equity funds through its capital
markets division and is looking to sell off
its last stakes in a couple of venture funds
before the end of Q2 2011.

Good News for Both GPs and Secondary

Market Players

Fund managers planning to raise new

funds over the next few years should see
the results of this analysis as encouraging,
and there is certainly no cause for concern
regarding the longer-term future of the
private equity industry.

Over half of the missing 1,500 LPs intend

to return to the market at some point over
the next couple of years. As conditions
improve and stabilize, it is possible that
we could see more of these institutions re-enter the private equity
market as many have not ruled out reassessing the asset class in
the longer term. Data Source:

This is good news for GPs intending to raise new funds in the
future. Identifying these institutions and getting in touch with them
prior to their return to the asset class could help GPs to increase
their chances of securing capital from them further down the line,
even if the institutions in question are not actively assessing new
opportunities at present.
In the short term, these LPs represent a good source of potential
deal flow for secondary market players, with many LPs from each
of the categories explored here considering offloading stakes in
private equity funds on the secondary market. Having analyzed
a sample of 480 LPs not actively investing or over-allocated to
private equity, we can see that 16% are considering secondary
market sales within the next 12 to 24 months (Fig. 5). It is important,
therefore, that secondary market buyers identify these potential
sellers and target them early in order to gain access to the best
deal flow in the coming months.
Preqin’s newly upgraded online Secondary Market Monitor
now shows you who the missing 1,500 private equity investors
are. Secondary Market Monitor subscribers have the facility to
search Preqin’s Investor Intelligence database for the investors
that have placed their investments on hold, are over-allocated
to private equity or are no longer investing in the asset class
using the Find Possible Sellers function.
If you’re a secondary market buyer, GP or intermediary
interested in searching for the prime seller targets and would
like more information or to apply for a demo please visit
www.preqin.com/secondaries

6 © 2011 Preqin Ltd. www.preqin.com

2011 Preqin Private Equity alternative assets. intelligent data.

Secondaries Review
The 2011 Preqin Private Equity Secondaries Review contains detailed information and profiles for buyers, sellers, intermediaries,
transactions, funds, performance, fund of funds, pricing and more...

Key features of this publication include:

• All PE fund types covered, including PERE

• Profiles for 82 specialist secondary fund of funds managers, 115 fund of funds managers with The 2011 Preqin
Private Equity Secondaries Review
secondaries allocations, 50 institutional investor buyers and 30 sellers, 62 intermediary firms
and placement agents, plus details for 100 investors in secondaries funds.
• Detailed analysis examining the history and development of the industry, historic NAV vs.
trading price premiums and discounts, performance of secondaries funds, fund of funds
activity in secondaries, institutional investor buyers and sellers, intermediaries, placement
agents and more.
• Results of surveys conducted with GPs, LPs and fund of funds managers.
• Listings of 96 secondaries funds closed historically since 2005, 31 funds currently in the
market, individual net to LP fund performance for 408 funds including secondaries vehicles
and funds of funds with a secondaries allocation. www.preqin.com/secreview
• Listings of 138 secondaries transactions for 2008 onwards

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Completed Order
Forms:
Payment Details: Shipping Details:
Post (to Preqin):
Equitable House, Cheque enclosed (please make cheque payable to ‘Preqin’) Name:
47 King William Street,
London, EC4R 9AF Credit Card Amex Mastercard Firm:

230 Park Avenue Visa Please invoice me Job Title:

10th Floor,
New York, NY 10169 Address:

Card Number:
Samsung Hub
3 Church Street
Name on Card:
Level 8
Singapore 049483
Expiration Date:
City:
Fax:
+44 (0)87 0330 5892 Security Code:
Post/Zip:
+1 440 445 9595
+65 6408 0101
Country:
Email:
info@preqin.com Telephone:

Telephone: Email:
+44 (0)20 7645 8888 American Express, four digit Visa and Mastercard, last
+1 212 808 3008 code printed on the front of three digits printed on the
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+65 6408 0122
Feature Fundraising Assignment Download Data

Fundraising Assignment
Europe-Focused Mid-Market Buyout Fund
Kevin Neadley utilises the Investor Intelligence database to examine potential institutional investor appetite for
a Europe-focused mid-market buyout fund being raised by a first-time fund manager.

Preqin’s Fundraising Assignment examines institutional investor Fig. 1: The Fundraising Assignment
appetite for private equity funds of different size, strategy, location
and track record. Using exclusive data from Preqin’s Investor
The Assignment
Intelligence database, our analysts determine the level of demand
Fund Strategy Buyout
for our fund within the market, identifying key investor types
Fund Size (EUR million) 500
interested in the fund. The results are displayed in the Long List. Fund Focus Europe
We then focus in closer, identifying a sample of specific institutional Track Record First-Time Fund
investors that represent good targets for funds of this type in the Source: Preqin
Short List.

The Long List UAE-based International Petroleum Investment Company, which

This month Preqin is looking at the potential appetite for a Europe-
focused first-time buyout fund looking to raise €500 million in
capital commitments from global institutional investors. Although
some LPs will not commit to first-time funds, preferring to invest
with more experienced GP teams, Preqin’s Investor Intelligence
database currently tracks 1,568 global LPs that will invest in first-
time funds or spin-offs. When we narrow down to only include
investors that will also consider European buyout funds, the Preqin
Investor Intelligence database shows 831 institutional investors
that are potentially interested in the Fundraising Assignment.
Combined, these investors represent a little over €1 trillion currently
allocated to private equity.
invested in the Falah Growth Fund, a first-time buyout fund focused
on investing in the Commonwealth of Independent States. 10% of
investors in Asia would consider committing capital to our fund,
with Mizuho Corporate Bank is one such potential investor; it has
previously committed to the Europe-focused first-time buyout fund
Magnum Capital.
Fund of funds managers and public pension funds are the types
of investors most likely to invest in our Europe-focused first-time
buyout fund (see Fig. 3). Combined, they represent 35% of the
Long List of potential institutional investors in our fund and include
such investors as Altius Associates and California State Teachers’
Retirement System.

The fund meets the investment criteria for 33% of all investors The fundraising assignment is also likely to attract capital
based in Europe and 23% of LPs in North America (see Fig. 2). commitments from private sector pension funds, which make up
13% of investors based in Rest of World are potential targets for 11% of all potential investors on our database. The majority of these
our fund, with some of these being major institutions such as the investors are based in the US and Europe and include institutions

Fig. 2: Proportion of Investors with Interest in Fundraising Assignment

Split by LP Location Fig. 3: Breakdown of Long List by Investor Type

35% 33%
Proportion of Investors in Region

30%

25%
23%

20%

15%
13%

10%
10%

5%

0%
Europe North America Rest of World Asia

LP Location
Source: Preqin Source: Preqin

8 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com

Feature Fundraising Assignment Download Data

Fig. 4: Investor Barometer: Proportion of Investors with Interest in

plans are more likely than private sector pension funds to invest
Fundraising Assignment by Type
in a buyout fund, but less likely to invest in a Europe-focused
first-time buyout fund. Interestingly, 59% of insurance companies
Buyout Buyout + Europe Buyout + Europe + First-Time Fund
90% globally show an interest in Europe-focused buyout funds, a larger
Proportion of Investor

80%
80%
70%
70% proportion than public pension funds (49%). However, when you
60% 64% 61%
59% 58%
60%
49% 49%
54% 54%
51% filter the investor universe further, to include only those LPs that
Type

46% 49%
50%
40% 32%
39%
35% 36% 33%
39% are interested in first-time funds, the proportion of insurance
30% 27%
30% 22%
18% 21% 20% 20% companies with an interest in our fund reduces to just 30% of the
20%
10% universe, while a higher proportion, 32%, of public pension funds
0%
remain as potential targets.
Insurance Companies

Private Sector Pension

Companies

Banks
Asset Managers

Foundations
Public Pension Funds

Endowment Plans
Fund of Funds

Investment
Managers

Our list of 831 potential LP targets could be further reduced using

Funds
the Search by Past Investments tool on Investor Intelligence.
Preqin holds data on more than 40,000 fund commitments known
Investor Type to have been made by LPs and this search allows us to filter the
Source: Preqin
data using detailed search criteria. Using this search, it is possible
to see that 144 investors are known to have previously invested
such as Unilever UK Pension Fund, US-based Boeing Company in 2008-2011 vintage Europe-focused buyout funds of between
Pension Fund, and Denmark-based Industriens Pensionsforsikring. €400mn and €600mn in size. Seven of these LPs have invested in
Foundations account for 9% of investors with a potential interest in three or more funds matching these criteria.
our fund, while endowment plans and insurance companies each
account for 8% of potential investors. The Ford Foundation, Grinnell The Short List
College Endowment and Korea Life Insurance are examples of
possible targets within each of these investor groups. The Short List (Fig. 5) shows a selection of institutional investors
which our analysts have identified as representing good possible
The Investor Barometer in Fig. 4 shows how the overall universe targets for our fundraising assignment, including the specific
of investors is reduced down until we finally reach our Long List of rationale behind each inclusion. Preqin Online subscribers can
831 institutional investors. By adding further criteria to the fund, click on the investor name to see the full profile.
investor appetite towards it changes. For instance, endowment

Fig. 5: The Short List

Investor Investor Type Location Details

• Expected to invest €100-300 million across 5-12 private equity funds in

2011, investing through Euro Choice IV
Akina
Fund of Funds
Switzerland
• First-time funds are considered for investments made through Euro
Manager Choice IV
• Previously invested in the vintage 2009 first-time buyout fund, Xenon V
• Focuses mainly on European buyout funds.
• Anticipates making eight new fund commitments in 2011 and has
earmarked £80 million to be invested across these vehicles
Greater Manchester Pension Fund Public Pension Fund UK • Considers first-time funds
• Previously committed £5 million to first-time fund, Zeus Private Equity
Fund I
• Looking to forge new relationships with managers in 2011, including
investing in spin-off teams
Mount Sinai School of Medicine Endowment Plan US
• Invests in several fund types including buyout funds
• Typically invests $15-20 million per fund
• Previously committed to the 2010 vintage first-time buyout fund, Elysian
Capital I
Scottish Widows Investment Listed Fund of
UK
• Intends to invest in buyout funds targeting European opportunities in
Partnership Funds Manager 2011
• Looking to add up to 10 new funds to its portfolio in 2011. Estimates
investing between £100-200 million to these new vehicles
• Investing a total of €15 million in new funds in 2011
Private Sector
• Looking to target Europe-focused buyout funds
Kirkon Eläkerahasto
Pension Fund
Finland • Looking to work with a mix of existing managers in its portfolio and
managers it has no prior relationship with in 2011, and will invest in first-
time funds managed by spin-off teams
Source: Preqin

9 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com

News Preqin News Exclusives
Preqin News Exclusives
Claire Wilson delivers a round-up of the latest private equity news, featuring exclusive intelligence uncovered
by Preqin’s analysts. Preqin Online subscribers can click on the investor/firm names to view the full profiles.
Sweet Medicine
KKR has agreed to purchase Capsugel, the pill casings division of
Pfizer.
The deal, announced in April 2011, is worth $2.4bn and is expected
to be completed by July this year. Capsugel is the world’s leading
provider of hard capsules and an innovator in drug delivery systems
for the pharmaceutical, OTC and health and nutrition industries.
The firm generated approximately $750 million in revenue and
manufactured more than 180 billion hard capsules in 2010.
Barclays Go Forth with Fourth Fund
Barclays have launched a fourth private equity fund.
Barclays Private Equity European Fund IV began raising at the end
of March, and is seeking €1.5bn in commitments. It will act as a
launch pad for Barclays Private Equity’s separation from its parent
company, Barclays Capital.
The fund will make majority stake investments in lower middle-
market companies across Europe with an enterprise value between
€50mn and €300mn.
Barclays Private Equity is one of Europe’s leading mid-market
private equity investors, with extensive experience in most industry
sectors. The firm has developed specific expertise in the UK
financial services, consumer and travel, and specialist engineering
sectors.
Danske to Shed Assets on Secondary Market
Danske Bank is considering selling off more of its assets on the
secondary market.
The Danish bank, which held off making secondary market sales
in 2009 due to market conditions, sold off some of stakes in Nordic
buyout funds in 2010. Over the course of 2011 it could sell more
fund interests on the secondary market now that prices are more
attractive to sellers.
Danske Bank was founded in 1871 as Den Danske Landmandsbank,
the Danish Farmers’ Bank. The bank provides payment services,
security trading, investment advice and the provision of short-term
and long-term financing.
10 Private Equity Spotlight, April 2011
Download Data
Looking to Latin America?
Allstate Investment Management could purchase Latin America-
focused fund stakes on the secondary market.
The $100mn insurance company, which has been active both as a
buyer and a seller on the secondary market in the past, has hinted
that it will consider buying interests in such funds managed by firms
with which it has already invested.
Allstate invests mainly in North America and Europe, with Latin
American interests accounting for a small part of its portfolio. It
may increase its allocation to the region once it becomes more
economically stable.
Big Investment Plans
Keva is to invest in 10 global private equity funds.
The €30bn public pension fund, which has a 5% target allocation
to the asset class, will commit €450mn to the funds over the
next 12 months. It is particularly interested in mid-market buyout
opportunities in North America and Europe.
It is likely to forge relationships with new managers, alongside
investing with those to which it has committed capital in the past,
and will consider first-time managers. Keva is not looking to invest
in secondaries, mezzanine or distressed funds.
The Finland-based pension plan covers around 500,000 members
in total and is an experienced investor in alternatives. It generally
commits between €25mn and €75mn per fund interest, though will
consider investments outside of this scale.
Pension Plan to Plough More Money into PE
Shell Asset Management Company hopes to invest up to €500mn
in private equity over the next 12 months.
The €40bn firm, which manages the pensions of UK and Dutch Royal
Dutch/Shell Group staff, wants to take advantage of opportunities
in the emerging market and European buyout sectors. It will not
consider US-focused investments as it is currently over-allocated
to the region, and for strategic reasons it is not interested in venture
investments.
© 2011 Preqin Ltd. www.preqin.com
News Preqin News Exclusives Download Data

It typically invests €50mn per vehicle, but will consider both larger Target and Then Some
and smaller commitments. Each pension scheme the firm manages
has its own target private equity allocation, which is generally The latest Bessemer venture fund has closed above target.
between 5% and 10%.
Bessemer Venture Partners VIII finished fundraising this month,
having raised $1.6bn. It aimed to collect $1.5bn. The fund focuses
Over and Above primarily on investing in high-growth companies across multiple
industries and geographies.
Waud Capital Partners III has closed above target.
The firm will make investments out of its offices in the US, India and
The healthcare-focused buyout fund, which was targeting $350mn, Israel. 25% of the capital will be allocated to opportunities in India.
has just finished fundraising having collected $463mn. The fund is
the third raised by Chicago-based Waud Capital, a private equity Established in 1911, New York-based Bessemer Venture Partners
investment firm founded in 1993. focuses on venture capital investments in cleantech, data security,
financial services, healthcare, and software as a service.
The firm makes investments of between $10mn and $50mn in
private companies with an enterprise value of $30mn to $250mn,
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11 © 2011 Preqin Ltd. www.preqin.com

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The Facts Q1 2011 Fundraising Stats Download Data

Q1 2011 Fundraising Stats

Adam Counihan examines fundraising in the first quarter of the year.

Fig. 1: All Private Equity Fundraising by Quarter, Q1 2004 - Q1 2011 Fig. 2: Time Spent on the Road by Funds Closed in Q1 2011

250 25%
22% 22%
211.7
206.1
20%
Total Capital Raised ($bn)

194.9
200

Proportion of Funds Closed

20% 18%
173.6
166
149.2
150 141.3
128.7 123.7 124.1 15%
121.7 126.5
107.5
97.8 94.8 11%
100
81.4 77.2 77 72.5 10%
55.9 62.2 69.3
53.1 51.1 54.8 54.7
47.5
50 48.9 46.1

5% 4%

0 2%
Q1 2004
Q2 2004
Q3 2004
Q4 2004
Q1 2005
Q2 2005
Q3 2005
Q4 2005
Q1 2006
Q2 2006
Q3 2006
Q4 2006
Q1 2007
Q2 2007
Q3 2007
Q4 2007
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011

0%
1-6 Months 7-12 Months 13-18 19-24 25-30 31-36 37 Months +
Months Months Months Months
Source: Preqin Source: Preqin

Fig. 3: Top 10 Funds Closed during Q1 2011 by Final Close Size

Fund Firm Type Amount Close (mn) Manager Location Fund Focus
EnCap Energy Capital Fund VIII EnCap Investments Natural Resources 3,500 USD US US
Golder Thoma Cressey Rauner X GTCR Golder Rauner Buyout 3,250 USD US US
Baring Asia Private Equity Fund V Baring Private Equity Asia Balanced 2,460 USD Hong Kong ROW
Gores Capital Partners III Gores Group Buyout 2,064 USD US US
Yunfeng Fund Yunfeng Capital Early Stage 10,000 CNY China ROW
Blackstone Real Estate Special Situations Fund II Blackstone Group Real Estate 1,500 USD US US
InSight Venture Partners VII InSight Venture Partners Venture (General) 1,500 USD US US
Astorg V Astorg Partners Buyout 1,050 EUR France Europe
Sequoia Capital 2010 Sequoia Capital Early Stage 1,358 USD US US
Park Square Capital II Park Square Capital Partners Mezzanine 850 EUR UK Europe
Source: Preqin

Fig. 5: Private Equity Fundraising by Primary Geographic Focus,

Fig. 4: Private Equity Fundraising by Type, Q1 2011 Q1 2011

30 50 47
27
45
25
20 No. Funds 40
20 Raised
35
17 No. Funds
15 30 28.5 Raised
12.6
11 Aggregate 25
9.4 25 24
Capital
10 8 8.7 Raised
5.8 20 Aggregate
($bn)
5 4 Capital
2.4 3 15 Raised ($bn)
2 2 2 2
0.6 0.3 9.9
0 10 7.7
Distressed

Infrastructure

Venture

Secondaries

Mezzanine
Buyout

Real Estate

Other
Fund of
Funds

5
Debt

0
North America Europe Asia and Rest of World

Fund Type
Source: Preqin Source: Preqin

13 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com

The Facts Q2 2011 Funds in Market Download Data

Q2 2011 Funds in Market

Anna Stumillo looks at the funds in market as we go into the second quarter of the year.

Fig. 1: Funds in Market by Quarter Fig. 2: Composition of Funds in Market by Primary Geographic Focus

1,800 800 751

1,624 1,673 1,644
1,622 1,574 1,562 1,594
1,600 1,582 1,522 1,547
700
1,400
600
No. Funds
1,200 No. Funds
on Road 506
500 on Road
1,000
889 887
387
807 754 400
800 691
636 661 322
571 602 Aggregate
600 560 Target 300 Aggregate
($bn) Target ($bn)
400 200 164 175

200
100
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0
2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 North America Europe Asia and Rest of World

Source: Preqin Source: Preqin

Fig. 3: 10 Largest Funds in Market

Fund Manager
Fund Fund Manager Fund Type Fund Target (mn) Fund Status Location Focus
Location
Blackstone Real Estate Partners VII Blackstone Group Real Estate 10,000 USD Raising North America US
KKR North American XI Fund Kohlberg Kravis Roberts Buyout 10,000 USD Raising North America US
Providence Equity Partners VII Providence Equity Partners Buyout 8,000 USD Raising US, West Europe, US
North Africa
BC European Cap IX BC Partners Buyout 6,000 EUR First Close Europe UK
Cinven V Cinven Buyout 5,000 EUR Raising Europe UK
Lexington Capital Partners VII Lexington Partners Secondaries 6,000 USD Fourth Close Global US
EQT VI EQT Partners Buyout 4,250 EUR Raising Europe, Nordic Sweden
Coller International Partners VI Coller Capital Secondaries 5,000 USD Raising North America, UK
Europe, Asia
Global Infrastructure Partners II Global Infrastructure Partners Infrastructure 5,000 USD Raising Global US
Berkshire Fund VIII Berkshire Partners Buyout 4,000 USD Raising North America US
Source: Preqin

Data Source:

Preqin’s Funds in Market database contains details of over 1,600 private equity funds on the road seeking capital, plus information on
every vehicle that has closed since 2003. For more information about this product and how it can assist you, please visit:

www.preqin.com/fmp

14 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com

The Facts Buyout Deals and Exits in Q1 2011 Download Data

Buyout Deals and Exits in Q1 2011

Manuel Carvalho reveals some key stats relating to buyout deals and exits in Q1 2011.

Fig. 1: Number and Aggregate Value of PE-Backed Deals Globally, Fig. 2: Aggregate Value of PE-Backed Deals by Region,
Q1 2006 - Q1 2011 Q1 2008 - Q1 2011

1,000 300 50

Aggregate Value of Deals ($bn)

Aggregate Value of Deals ($bn)

900 45
250
800 40

700 35
No. of Deals

200
600
30
500 150
25
400
100 20
300
15
200
50
10
100

0 0
5
Q1 2006

Q2 2006

Q3 2006

Q4 2006

Q1 2007

Q2 2007

Q3 2007

Q4 2007

Q1 2008

Q2 2008

Q3 2008

Q4 2008

Q1 2009

Q2 2009

Q3 2009

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

Q1 2011

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011

No. of Deals Aggregate Value of Deals ($bn) N. America Europe Asia and ROW

Source: Preqin Source: Preqin

Fig. 3: 10 Largest Buyout PE-Backed Deals Globally, Q1 2011

Deal Size
Name Date Currency Type Buyers Sellers Industry Location
(mn)
Emergency Medical Feb-11 Public To Private 3,200 USD Clayton Dubilier & Rice Healthcare US
Services
Citadel Broadcasting Mar-11 Merger 2,400 USD Bain Capital, Blackstone Group, Crestview JP Morgan Media US
Partners, Cumulus Inc., Macquarie Bank,
Thomas H Lee Partners
Alinta Energy Mar-11 Restructuring 2,100 AUD TPG Energy Australia
Acosta, Inc. Jan-11 Buyout 2,000 USD Thomas H Lee Partners AEA Investors Marketing US
Elkem Jan-11 Add-on 2,000 USD Blackstone Group, Bluestar Orkla ASA Materials Norway
Ansaldo Energia Mar-11 Buyout 1,233 EUR Finmeccanica, First Reserve Corporation Power Italy
The Priory Group Jan-11 Buyout 925 GBP Advent International RBS Asset Healthcare UK
Management
Patni Computer Jan-11 Buyout 1,220 USD Apax Partners, iGate General IT India
Systems Atlantic
Capio Spanish Jan-11 Buyout 900 EUR CVC Capital Partners Apax Partners, Healthcare Spain
Hospitals Nordic Capital
Phones4U Mar-11 Buyout 700 GBP BC Partners Providence Telecoms UK
Equity
Partners
Source: Preqin

Data Source:

Included as part of Preqin’s integrated 360° online private equity database, or available as a separate module, Deals Analyst
provides detailed information on private equity backed buyout deals and exits globally, including secondary buyout deals. The
product has in-depth data for over 21,000 buyout deals across the globe, including information on deal value, buyers, sellers,
debt financing providers, financial and legal advisors, company financials and more.

www.preqin.com/deals

15 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com

The Facts Performance Update Download Data

Performance Update
Bronwyn Williams looks at the latest changes in private equity fund performance, using data accurate to
September 2010.

Fig. 1: Average Change in NAV for All Private Equity Fig. 2: Weighted Quarterly Change in NAV by Fund Type

20.0% 19.2% 8.0%

18.0%

Average Weighted Change in NAV

7.0% 6.7%
6.3%
Average Change in NAV

16.0% Q4
14.1% 14.4% 6.0%
2009

from Previous Quarter

14.0% 13.5% 13.3%
12.0% Non- 5.0%
12.0% Weighted 4.3% Q1
10.6% 2010
4.0% 3.8%
10.0% 3.5%
2.9% Q2
8.0% 7.0% 3.0% 2.6%
2.4% 2.4% 2010
Weighted 2.0% 2.1%
6.0% 1.9% 1.9%
2.0% 2.0% 1.7% 2.0%
1.5% 1.3% Q3
4.0% 1.2% 1.1% 2010
1.0% 1.0% 0.8%
2.0%
-0.2% -0.3%
0.0%
0.0%
All Private Buyout Fund of Mezzanine Secondaries Venture
1 Year to 1 Year to March 1 Year to June 1 Year to
-1.0% Equity Funds
December 2009 2010 2010 September 2010
Source: Preqin Source: Preqin

Fig. 3: Private Equity Horizon IRRs vs. Public Indices as of 30 Sept 2010

25.0% Data Source:

20.0%
All Private To provide an independent and unbiased assessment
Equity
15.0% of the industry’s performance, Preqin has analyzed the
Annualized Returns

returns generated by private equity partnerships as

10.0% S&P 500
of 30 September 2010, using data from Performance
5.0% Analyst. Preqin currently holds transparent net-to-LP
MSCI
Europe
performance data for over 5,300 private equity vehicles
0.0%
1 Year to Sept 2010 3 Years to Sept 2010 5 Years to Sept 2010
of all types and geographic focus. In terms of aggregate
-5.0%
MSCI value, this represents around 70% of all capital raised by the
Emerging
Markets industry. For more information, please visit:
-10.0%

-15.0%
www.preqin.com/pa

Fig. 1 shows the one-year change in net asset value (NAV) as
at each quarter end from December 2009 to September 2010.
The latest figures show an average change over the year to
September 2010 of 12.0% for the non-weighted metric and
14.4% for the weighted metric. The weighted metric takes
into account fund sizes, suggesting that the larger funds in
the industry increased in value more than the smaller funds.
It should be noted that larger funds had previously been more
affected by the financial crisis than smaller funds.
The quarterly weighted change in NAV by fund type is shown
in Fig. 2. Q3 2010 data shows that all the private equity fund
types reported an increase in valuation: buyout funds reported
an increase of 3.5%, fund of funds 2.9%, mezzanine 1.3%,
secondaries 2.0% and venture 2.1%. Overall, the private equity
industry has shown a quarterly increase of 1.5% for September
2010.
Fig. 3 examines the horizon IRR of all private equity funds over
the one-, three- and five-year periods and the returns achieved
by three public indices across the same timeframe through
September 2010. The overall private equity horizon IRR for
the one-year period stands at 16%, for the three-year period
at -2.2%, and for the five-year period at 13.7%. Over the three-
and five-year periods, returns for all private equity and MSCI
Emerging Markets are broadly similar, with the two significantly
outperforming the S&P 500 and MSCI Europe. In the year to
September 2010, MSCI Emerging Markets posted 20.2%.
The comparison of private equity with listed equities needs to be
viewed with caution as the private equity asset class is illiquid.
Private equity investors are committed over a long period of
time and therefore these returns are not as relevant as they are
for the more liquid listed markets.

16 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com

Conferences Conferences Spotlight Download Data

Conferences Spotlight

Conference Dates Location Organizer

Brazil Investment Summit 2011 3 - 6 May 2011 Sao Paulo Terrapinn

2nd Alternative Investments Summit 04 May 2011 New York iGlobal Forum

China Venture Capital & Private Equity Forum 04 May 2011 New York Zero2IPO Group

Turkey Investment Summit 9 - 11 May 2011 Istanbul Terrapinn

Third Global M&A Symposium 10 - 12 May 2011 London AM&AA

SALT Conference 2011 11 - 13 May 2011 Las Vegas SkyBridge

Fundraising from Institutional LPs 12 May 2011 New York Capital Roundtable

CEE Private Equity Forum 18 - 19 May 2011 Warsaw C5

6th Asian Investment Summit 18 - 19 May 2011 Hong Kong AsianInvestor

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Fundraising Summit
The largest gathering of mezzanine and leveraged finance players in Europe!
For the 9th year in France More LPs than ever before, including:
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Mezz Advisory 24% LPs 21% With insights from the experts: Capital ● Fitch Ratings
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● Hutton Collins
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• Mid Market: Closing the Funding Gap
Pre-Conference Workshop: Tue 24 May 2011 ● Indigo Capital ● BNP Paribas
• The Current Structuring of European LBOs ● Kendall Court Capital
New for 2011! ● Commerzbank
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• Mezzanine: the Road Ahead Successful Structuring ● Park Square Capital ● Societe Generale
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• 25+ presentations including!

• LP Focus Gold Sponsors: Silver Sponsor: Bronze Sponsors: Media Partners:
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2. LP Allocation & Fundraising Outlook

17 Private Equity Spotlight, April 2011 © 2011 Preqin Ltd. www.preqin.com

Conferences Conferences Spotlight
Private Equity World Latin America 2011
Date: 20-22nd June 2011
Location: Miami, FL
Organiser: Terrapinn
The 5th annual Private Equity World Latin America is a
three day conference for investors and senior directors of
Latin American private equity funds. Book your spot now
to meet over 200 leading GPs, LPs and their advisors that
are gathering together to do business, be inspired and
identify future partners.
Information: www.terrapinn.com/pelatam
Raising Private Equity Fundsfrom Institutional
Investors
Date: 12th May 2011
Location: New York City, NY
Organiser: The Capital Roundtable
Designed to Meet the Needs of GPs, LPs, & Managers
of Buyout, Growth Equity, & Mezzanine Funds, As Well
as Officers & Directors of Their Portfolio Companies,
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Information: http://www.capitalroundtable.com/
masterclass/capital-roundtable-raising-private-equity-
funds-from-institutional-investors.html
18 Private Equity Spotlight, April 2011
Download Data
2nd Annual Alternative Investments Summit
Date: 4th May 4th, 2011
Location: New York
Organiser: iGlobal Forum
iGlobal Forum’s 2nd ALTERNATIVE INVESTMENTS SUMMIT:
New Strategies for a New Era will examine post-economic
meltdown opportunities for institutional investors and
allocators in hedge funds, private equity, mergers &
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credit markets. The Summit will unite pension funds,
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companies with top hedge funds, private equity firms,
commodity trading advisors (CTAs), distressed debt/credit
funds and asset managers. Attendees will benefit from a
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presentations from the country’s leading fund managers
and institutional investors.
Information: www.iglobalforum.com/2alternatives
MedTech Investing Conference
Date: 19th May 2011
Location: Graves 601 Hotel Minneapolis, 601 1st Avenue
North, Minneapolis, MN, 55403
Organiser: IBF Conferences, Inc./ International Business
Forum
The MedTech Investing Conference has become the
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This year’s conference, focusing on ‘the New Era of
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foster the development and financing of companies.
Information: http://medtechconference.com/
© 2011 Preqin Ltd. www.preqin.com
Conferences Conferences Spotlight Download Data

Pan European Mezzanine Finance & the The European Mid-Market PE Conference
Subordinated Debt Market
Date: 26th May 2011
Location: London
Date: 25-27th May 2011 Organiser: BIE Events
Location: Paris, Hotel Lutetia
Organiser: IIR This, our second European Mid-Market Private Equity
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With over 200 attendees, 80 leading mezzanine segment, will look at opportunities through the investment
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