Preqin Private Equity Spotlight November 2012

The Leading LP/GP Relations Private Equity & Venture Capital Forum Is Coming To Asia!
http://www.superinvestorasia.com/FKR2336PRQS
SuperInvestor Asia Main Conference: 29-30 January 2013
Fundraising Summit: 28 January 2013
Shangri-La Hotel, Singapore
Dear Spotlight reader,
We are very pleased to offer a 15% discount to Spotlight readers for places at the SuperInvestor Asia
conference in Singapore, 28 30 January 2013.
With a pan-Asian focus and digging deep into the current dynamics of the LP/GP relationship,
SuperInvestor Asia 2013 will bring together the very best local and international managers with the global
LP community.
This is your chance to learn from 100+ global and regional expert speakers, divulge in our excellent
networking opportunities and hear about the biggest topics in private equity. Whether there to fundraise
in the region or deploy capital, SuperInvestor Asia offers delegates the perfect opportunity to meet key
regional contacts, including LPs currently investing in private equity.
Ill be delivering a Data Presentation at the Fundraising Summit on January 28
th
, giving an analysis of
fundraising performance within & across Asia, as well as chairing the LP Perspectives Stream on Day 1 of
the main conference, which will host panels to discuss Allocation To Asia, Managed Accounts & Preferential
Deals plus Funds Of Funds Strategies. I hope to see you there!
Kindest regards
Mark OHare
Managing Director,
Preqin
For all bookings & enquiries, please contact the SuperInvestor Asia Team
Quote VIP: FKR2336PRQS for your 15% discount
Tel: +44 (0) 20 7017 7200
Fax: +44 (0) 20 7017 7807
Email: info@icbi.co.uk
Web: http://www.superinvestorasia.com/FKR2336PRQS

Private Equity Spotlight
November 2012
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.
FEATURED PUBLICATION:

The 2013 Preqin Private Equity
Compensation & Employment Review
www.preqin.com/compensation
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
month we focus on news regarding early stage venture capital funds.
Page 7.
IPO Pipeline - We explore the public listing of private equity-backed companies. Page 14.
Forthcoming Exits - Analysis of the latest data on potential buyout-backed exits. Page 16.
Secondaries - A breakdown of current fundraising data for secondaries funds. Page 17.
Corporate Investors - Key stats on these types of LPs. Page 19.
Performance Update - A look at Preqins latest performance gures. Page 20.
Conferences - Details of upcoming private equity conferences. Page 21.
The Facts
The 2013
Preqin Private Equity Compensation and Employment Review

alternative assets. intelligent data.
In association with:
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
November 2012
Volume 8 - Issue 11
Feature Article
Private Equity Compensation and Employment Review
In this months feature article we review the ndings from the 2013 Preqin Private
Equity Compensation and Employment Review. We examine the current levels of
employment across the private equity industry and analyze current compensation
practices.
Page 3.
Welcome to the latest edition
of Private Equity Spotlight, the
monthly newsletter from Preqin
providing insights into private equity
performance, investors, deals and
fundraising. Private Equity Spotlight
combines information from our online
products Performance Analyst,
Investor Intelligence, Fund Manager
Proles, Funds in Market, Secondary
Market Monitor, Buyout Deals Analyst
and Venture Deals Analyst.
Lead Article
Strong Growth in Emerging Markets Challenges Developed Markets
This month we examine recent developments in the private equity industry across Asia
and Rest of World, exploring fundraising trends and investor sentiment throughout
emerging markets.
Page 9.
Click here to sign up to receive your free edition of Private Equity Spotlight every month!
www.preqin.com/spotlight
Free Subscription:

Global private
equity fundraising
proven success
strategic
reach
personality
efcient
commitment
independence
ethical
expertise
We have a successful track record in raising capital for
private equity and real estate rms from around the world.
Our ability to differentiate our clients in a highly competitive
market and our longstanding relationships with active
investors in North America, Europe, Asia and the Middle East
are key to our success.
We are partners with each of our clients, helping them reach
the next level in fundraising.
North America
Tripp Brower
One Galleria Tower, 13355 Noel Road, Dallas, Texas 75240
+1.972.980.5800
Europe and Middle East
David Chamberlain
Grand-Rue 19, 1260 Nyon Switzerland
+41.22.365.4500
Asia
Alexandre Schmitz
Singapore
+32.495.24.32.66
www.csplp.com
Pan European buyouts in
aspirational brands
400m
Growth private equity
in China

$360m
Venture investments in direct
secondary opportunities and
limited partnership interests
$400m
Mid-Market Buyouts
in Continental Europe
700m
Industry Ventures
Fund VI, L.P.
Milestone China
Opportunities Fund III
Group Alpha
APEF 6
L Capital 3
L
Download Data
2012 Preqin Ltd. www.preqin.com 3
Feature Article
Private Equity Compensation and
Employment Review
Jessica Sutro provides a summary of the findings from Preqins latest review on the private equity industrys current
employment levels and remuneration practices.
Private Equity Fundraising Moves Towards Stabilization
Private equity rms and their employees have certainly been
impacted by the recent slowdown in the private equity fundraising
market that followed the nancial crisis in 2008; the number of
funds closed fell from 1,366 in 2008 to 878 in 2009, with the capital
raised falling by over half in the same time period (Fig. 1). However,
fundraising gures for 2011 showed a small uptick, with 870 funds
closing on an aggregate $306.7bn compared to the 835 funds that
closed on $285.2bn in 2010.
Although this is not a large increase, it demonstrates that the private
equity market is no longer experiencing the dramatic year-on-year
decreases that occurred immediately following the nancial crisis.
The gures from 2012 so far are slowly approaching those seen in
2011, with 530 funds having already raised an aggregate $254.4bn
in capital commitments. This suggests that the fundraising gures
from 2012 will likely be similar to both 2010 and 2011. Rather than
experiencing signicant increases or decreases, the private equity
fundraising market appears to be moving towards stabilization.
However, the fundraising levels in recent years are still signicantly
lower than those witnessed during the peak years of the private
equity fundraising market.
Number of Active Private Equity Firms
With private equity fundraising plateauing in recent years, it is
unsurprising that the number of active private equity rms has
experienced a similar pattern, with the growth in the number of
active rms slowing in recent years. Fig. 2 shows the number of
new fund managers joining the private equity sector each year
(calculated using the vintage of their rst fund to represent their
year of establishment). The consistent growth in the number of
active private equity rms in the lead-up to the nancial crisis has
tapered off, with 2012 seeing a small decrease in the total number
of active private equity rms compared to 2011 so far; however,
the amount is still similar to 2011, at around a little over 4,800 rms
in total. A number of rms are deemed to have become inactive in
2012 (meaning they have not raised a fund in the past 10 years),
further contributing to the small decrease in the total number of
active private equity rms.
Perhaps more signicantly, the number of new private equity rms
launching in 2012 to date fell in comparison to 2011, with 146 new
rms so far in 2012 compared to 278 in all of 2011. (The 2012
gure only includes rms that have reached one or more interim
closes on their debut funds in order to begin making investments.)
Uncertain conditions in the private equity fundraising market may
be impacting the number of new private equity rms choosing to
bring funds to market.
Employment Levels at Private Equity Firms
The pool of over 4,800 active private equity rms grows to over
8,000 when private equity rms that do not raise, or have not
yet raised, distinct private equity funds (i.e. those that manage
corporate or personal capital and those that manage third-party
capital without pooling into commingled private investment
vehicles) are included. These 8,000 rms currently employ an
estimated 89,000 individuals around the world.
However, the average number of staff at each private equity rm
varies signicantly based on the assets under management of
that rm. Fig. 3 shows that rms with the largest assets under
Private Equity Spotlight, November 2012
860
696
630
555
846
1056
1275
1429
1366
878
835
870
530
250.6
181.4
138.2
106.1
217
360.1
546.7
663.6
678.9
311.5
285.2
306.7
254.4
0
200
400
600
800
1,000
1,200
1,400
1,600
2
0
0
0
2
0
0
1
2
0
0
2
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
-
O
c
t

2
0
1
2
No. of Funds
Closed
Aggregate
Capital
Raised ($bn)
Year of Final Close
Fig. 1: Annual Private Equity Fundraising, 2000 - October 2012
Source: 2013 Preqin Private Equity Compensation and Employment Review
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1
9
8
0
1
9
8
1
1
9
8
2
1
9
8
3
1
9
8
4
1
9
8
5
1
9
8
6
1
9
8
7
1
9
8
8
1
9
8
9
1
9
9
0
1
9
9
1
1
9
9
2
1
9
9
3
1
9
9
4
1
9
9
5
1
9
9
6
1
9
9
7
1
9
9
8
1
9
9
9
2
0
0
0
2
0
0
1
2
0
0
2
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
2
0
1
2
New
Existing
Fig. 2: Number of Active Private Equity Firms over Time (by Vintage of
First Fund Raised)
Download Data
management, of $10bn or more, have the largest average number
of staff, standing just over 270 people. Although these rms
average number of staff is dramatically higher than rms of other
sizes, there are only an average of 10.8 employees per $1bn of
the rms AUM. The staff levels at these larger rms are balanced
by the income they receive from charging management fees to
their funds investors, which are usually based on a percentage of
investor commitments.
Despite having lower average numbers of staff, funds with smaller
assets under management have a much higher average number
of staff per each $1bn of their assets under management. Firms
with assets under management of less than $250mn only have an
average number of employees of around nine, but have an average
of around 77 staff members per $1bn of their AUM, a much higher
gure than that of funds with assets under management of $10bn
or more. Smaller sized rms may have fewer employees, but their
management fees are also charged based on smaller amounts of
investor commitments compared to the larger private equity rms;
this means that the operating economics of the largest funds, with
higher income from management fees, are often more favourable
for their managers.
Compensation on an Individual Level
The operating economics described above, which vary by a rms
assets under management, also impact the remuneration available
to individuals at each private equity rm. For example, a managing
general partner at rms participating in the survey conducted for
the 2013 Preqin Private Equity Compensation and Employment
Feature Article
9.1
13.2
18.6
35.8
99
273.5
77.3
38
27.1
19.4
16.5
10.8
0
50
100
150
200
250
300
L
e
s
s

t
h
a
n

$
2
5
0
m
n
$
2
5
0
-
4
9
9
m
n
$
5
0
0
-
9
9
9
m
n
$
1
-
4
.
9
b
n
$
5
-
9
.
9
b
n
$
1
0
b
n

o
r

M
o
r
e
Average No. of
Staff
Average No. of
Staff per $1bn
AUM
Fig. 3: Average Number of Employees by Firm Assets under
Management
The PE Investor Relations Conference
IR is a growing part of the business
13 December, London
The one and only pricate equity investor relations conference in Europe, now with more speakers and more topics
than ever before. World class speakers include:
LPs attend free of charge. For details email Andras at andras.m@bieevents.com or call +44 (0) 203 286 1730.
The number of delegate places is limited, register early.
www.bieevents.com/ir2012-details
Kevin Albert
Partner
Pantheon
Christina
Pamberg
Director
Alcyon Holding Ltd
Nathalie
Dolatschko
Investment Director
Munich Private
Equity Partners
Mark St John
Partner, Head of
Investor Relations
CVC
Mark Drugan
Managing Director
Capital Dynamics
Jon Moulton
Chairman
Better Capital
Nils
Johannessen
Partner
ATP Private Equity
Partners
Erick Bronner
Global Head of
Investor Relations
Riverside
Media partners Hosted by
Download Data
Review could have a median base salary at a rm with assets
under management of $1bn or more that is almost double the
median base salary of an individual in the same position at a rm
with assets under management of under $150mn.
Preqin has undertaken detailed analysis of the compensation
practices at participating private equity rms. Fig. 4 shows a
breakdown of average rm-wide changes in base salaries at
participating rms between 2011 and 2012. In a similar fashion to
both the private equity fundraising market and the number of active
private equity rms worldwide, base salaries at participating rms
are generally maintaining their current level or reporting only small
increases. Only a very small proportion (1%) of participating rms
reported a decrease in base salaries between 2011 and 2012, and
a substantial 42% reported no change. The largest proportion of
participating rms, 45%, reported an increase in base salaries that
ranged between 1% and 10%.
Fig. 5 shows the projected average rm-wide changes in base
salaries for participating rms between 2012 and 2013. Participating
rms projections for changes in base salaries in the coming
year mostly parallel changes recorded between 2011 and 2012.
Participating rms expecting to see an increase in base salaries of
1-10% between 2012 and 2013 make up 46% of all participating
rms, a similar proportion to the 45% of participating rms which
saw increases of 1-10% between 2011 and 2012.
Forty-three percent of participating rms expect to see no changes
in base salaries between 2012 and 2013, and only 1% expect
to see a decrease in the same time period. A small proportion of
participating rms anticipate a more substantial increase in base
salaries between 2012 and 2013, with 9% expecting an increase of
between 11% and 20%, and 2% an increase of 21-50%.
Participating rms also largely reported either an increase or no
change in their bonus pool size in the calendar/scal year 2011
compared to 2010, as shown in Fig. 6. Thirty-four percent of
participating rms reported that bonus pool sizes increased at their
rm compared to the previous year, but 19% reported a decrease
in their bonus pools in the calendar/scal year 2011 compared to
2010. Almost half (47%) of rms reported no change over the same
time period.
Feature Article
1%
42%
45%
8%
4%
1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Decrease No Change 1-10%
Increase
11-20%
Increase
21-50%
Increase
More than 50%
Increase
Fig. 4: Breakdown of Average Firm-Wide Changes in Base Salaries at
Participating Firms between 2011 and 2012
34%
47%
19%
Increase in Bonus
Payouts
No Change in Bonus
Payouts
Decrease in Bonus
Payouts
Fig. 6: Proportion of Participating Firms Reporting an Increase, a
Decrease, or No Change in Bonus Payouts for Performance in
Calendar/Fiscal Year 2011 Compared to Previous Year
1%
43%
46%
9%
2%
0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Decrease No Change 1-10%
Increase
11-20%
Increase
21-50%
Increase
More than 50%
Increase
Fig. 5: Breakdown of Projected Average Firm-Wide Changes in Base
Salaries at Participating Firms between 2012 and 2013
This article features data and analysis taken from Preqins latest
publication, the 2013 Preqin Private Equity Compensation and
Employment Review.
Compiled in collaboration with FPL Associates, the publication
provides an insight into the current compensation practices within
the private equity industry and analysis of growth and employment
levels for private equity globally.
For more information, please see p.6 or visit:
Data Source:
2013 Preqin Private Equity
Compensation and Employment Review
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 2013 Preqin Private Equity Compensation and Employment Review:
Single Copy:
$180 +$20 Shipping
110 +5 Shipping
130 +12 Shipping
Shipping costs will not exceed a maximum of 15 /
$60 / 37 per order when all shipped to same address.
If shipped to multiple addresses then full postage rates
apply for additional copies.
Additional Copies:
$300 / 180 / 220
Data Pack:
Data Pack contains all underlying data
for charts and graphs contained in the
publication. Only available alongside
purchase of the publication.
Produced in collaboration with leading compensation specialists FPL Associates, the 2013 Preqin Private Equity Compensation
and Employment Review is the industrys most comprehensive guide to compensation practices, featuring detailed benchmark
remuneration data for 40 positions, including 15 real estate-specifc positions, incorporating information from over 200 leading
frms globally. A source of reliable and accurate information on the latest trends in private equity compensation and employment is
a vital tool enabling decision-makers and advisors to examine existing compensation practices against wider industry benchmarks.
Key content includes:
Compensation data by position, including base salary, bonus, carry, and quartile splits.
Compensation data split by frm type, region and size where possible.
Survey of compensation practices at private equity frms.
Current employment within the private equity industry.
Growth of the industry.
The 2013
Preqin Private Equity Compensation and Employment Review

In association with:
Completed Order
Forms:
Post (to Preqin):
One Grand Central Place,
60 E 42nd Street,
Suite 2544 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)87 0330 5892
+65 6407 1001
Email:
info@preqin.com
Telephone:
+1 212 350 0100
+44 (0)20 7645 8888
+65 6407 1011
$1,495 +$40 Shipping
885 +10 Shipping
1,060 +25 Shipping
Visit www.preqin.com/compensation for more information

Download Data
News
Olivia Harmsworth delivers a round-up of the latest early stage venture capital news, featuring exclusive
intelligence on deals, investor activity and recently launched and closed funds, uncovered by Preqins analysts.
Preqin Online subscribers can click on the investor/firm names to view the full profiles.
An analysis of venture capital deals focusing on early stage
nancing, as shown in the Chart of the Month, shows clearly that
the number and aggregate value of these deals has been steadily
increasing since Q1 2009, when the number of deals taking place
that quarter stood at 226 and their aggregate value was just over
$880mn; in Q3 2012 the number of deals was more than double
that seen in Q1 2009 with 544 deals, and the aggregate value of
these deals was just under $1.7bn. The increase in the number of
deals taking place each quarter can be seen to be fairly incremental,
with particular growth occurring more recently in Q2 and Q3 2012,
with 548 and 544 deals respectively. In comparison, the aggregate
value of deals taking place in a quarter peaked in Q2 2011 at
over $1.7bn, largely due to two particularly large deals: 55tuan.
com, a Chinese group deals website, and Ascletis, an infectious
disease research centre. They received $200mn and $100mn each
respectively in early stage funding.
Looking at early stage deals throughout October, a number of North
America-based companies have recently raised seed nancing
capital. Notable among these is Monogram, an iPad application
developer, which raised $400k in seed nancing led by Quest
Venture Partners, with participation from Great Oaks Venture
Capital, Initialized Capital, Innovation Camp, 500 Startups and
several individual investors. Advertising company AdverCar also
received $2mn in seed funding in October 2012 from a syndicate
led by Canaan Partners; other investors included Branford Castle
Private Equity, New Orleans Startup Fund and TiE Angels. In
August 2011, mobile advertising solutions company ThinkNear
raised $1.6mn in seed nancing led by IA Ventures; the company
was acquired in October 2012 by Telenav for $22.5mn.
2012 has seen a signicant increase in the amount of capital early
stage funds have been able to attract, with 58 funds closing on
$10.0bn so far this year compared to 73 funds closing on $8.7bn
throughout the whole of 2011. A number of funds focusing on early
stage nancing have recently closed above target. Trinity Ventures
XI reached a nal close in October 2012, having raised $325mn,
$25mn above its original target. The fund, raised by Trinity Ventures,
focuses on investments in cloud and mobile infrastructure, social
commerce, digital media and other technology opportunities
in the US. Investors in the fund include San Francisco City &
County Employees Retirement System, which committed $20mn;
the investor previously committed $10mn to the predecessor
fund, Trinity Ventures X. China-focused fund Innovation Works
Development Fund II also recently closed $25mn above target,
having raised an aggregate $275mn in capital commitments.
Notable among the early stage funds currently in market is Fondo
Amerigo Innvierte Spain Technologies, launched by Kibo Ventures
in October 2012 targeting 45mn; the fund has already made a rst
close of 42mn, and concentrates on internet-based businesses
and mobile platforms. Another Europe-based early stage fund on
the road is Elaia Alpha Fund targeting between 50mn and 60mn;
the French-focused vehicle provides seed stage nancing to the
digital economy, and recently held a rst close of 45mn.
A number of investors are also expressing an interest in early
stage fund investments, including KLP Asset Management, a
Norway-based insurance company which is looking to make six
or seven new fund commitments over the next 12 months. The
rm will consider a variety of fund types, including early stage
funds, and has previously committed to a number of venture funds,
such as early stage fund Northzone V. KLP will re-up with existing
managers in its portfolio over the coming year, and will also form
new relationships with GPs it has not previously worked with.
0
200
400
600
800
1000
1200
1400
1600
1800
2000
0
100
200
300
400
500
600
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012
No. of Deals Aggregate Deal Value ($mn)
Chart of the Month: Number and Aggregate Value of Early Stage
Deals, 2009 - 2012 YTD (as of 9 November 2012)
Source: Preqin Venture Deals Analyst
N
o
.

o
f

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

D
e
a
l

V
a
l
u
e

(
$
m
n
)
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 spotlight@preqin.com and we will
endeavour to publish them in the next issue.
Preqin Global Data Coverage
Plus
Comprehensive coverage of:
- Placement Agents - Dry Powder
- Fund Administrators - Compensation
- Law Firms - Plus much more...
- Debt Providers
- Over 150 research, support and development staf
- Global presence - New York, London and Singapore
- Depth and quality of data from direct contact methods
- Unlimited data downloads
- The most trusted name in alternative assets
New York: +1 212 350 0100 - London: +44 (0)20 7645 8888 - Singapore: +65 6407 1011
www.preqin.com

The Preqin Difference
Fund Coverage: Funds
13,291 Private Equity* Funds
3,952 PE Real
Estate Funds
635 Infrastructure
Funds

27,447
Firm Coverage: Firms
6,709 PE Firms
1,679 PERE
Firms
349 Infra. Firms

13,721
Deals Coverage: Deals Covered; All New Deals Tracked
27,345 Buyout Deals** 33,675 Venture Capital Deals***
2,319 Infra. Deals

63,339
As of 7 November 2012
Investor Coverage: Institutional Investors Monitored,
Including 7,194 Verified Active**** in Alternatives and 74,264 LP Commitments to Partnerships
4596 Active PE LPs 3,850 Active Hedge Fund Investors 3,505 Active RE LPs

10,034
1,826 Active
Infra. LPS
Alternative Investment Consultant Coverage: Consultants Tracked
424
*Private Equity includes buyout, venture capital, distressed, growth, natural resources and mezzanine funds.
**Buyout deals: Preqin tracks private equity-backed buyout deals globally, including LBOs, growth capital, public-to-private deals, and recapitalizations. Our coverage does not include private debt and mezzanine deals.
***Venture capital deals: Preqin tracks cash-for-equity investments by professional venture capital frms in companies globally across all venture capital stages, from seed to expansion phase. The deals fgures provided by Preqin are based on
announced venture capital rounds when the capital is committed to a company.
****Preqin contacts investors directly to ensure their alternatives programs are active. We emphasize active investors, but clients can also view profles for investors no longer investing or with programs on hold.
Best Contacts: Carefully Selected from Our Database of over Active Contacts
220,163
Fund Terms Coverage: Analysis Based on Data for Around Funds
6,500
Fundraising Coverage: Funds Open for Investment/Launching Soon
Including 1,944 Closed-Ended Funds in Market and 491 Announced or Expected Funds
1,643 PE Funds
941 PERE
Funds
250 Infra. Funds

10,996
Performance Coverage: Funds (IRR Data for 4,710 Funds and Cash Flow Data for 2,179 Funds)
9,792
4,947 PE Funds
999 PERE
Funds
124 Infra. Funds
9,569 Hedge Funds
4,984 Hedge Fund Firms
3,722 Hedge Funds
8,162 Hedge Funds
Download Data
Lead Article
Strong Growth in Emerging Markets
Challenges Developed Markets
With Asia and Rest of World-focused fundraising levels set to exceed that of Europe-focused funds for a third
consecutive year in 2012, Kamarl Simpson examines investor sentiment and fundraising trends outside the
traditional markets of North America and Europe.
Private equity investment in Asia and Rest of World has grown
considerably over recent years and the current data held on
Preqins Fund in Market database suggests that 2012 is likely to
represent the third year in succession that annual fundraising for
Asia and Rest of World surpasses Europe.
The global nancial crisis and its subsequent effects have resulted
in increasing numbers of private equity investors committing
capital to Asia and Rest of World-focused funds, as these
economies are widely perceived to have been better protected
from the negative impact of the crisis. While the number of funds
closed and aggregate capital raised are still below the gures
seen during the industrys boom period of 2007 and 2008, there
has been a resurgence in the amount of capital raised by Asia
and Rest of World-focused funds in recent years.
The private equity industrys investment activity has expanded
rapidly over the past decade, particularly in South America
and Asia, alongside wider nancial growth in the regions.
Correspondingly, there has also been an expansion in the
number of sophisticated institutional investors based in these
locations. The prolonged uncertainty in Western nancial
markets, exacerbated by the eurozone sovereign debt crisis, has
further amplied the LP interest in Asia and other Rest of World
regions, often at the expense of allocations to funds targeting
the traditional private equity hubs of North America and Europe.
Consequently, Preqin has seen the reduction of the gap between
fundraising levels in Europe compared to Asia and Rest of World.
In this article, we analyze these shifts further using Preqins data
on funds with a main focus on Asia and Rest of World, which
does not necessarily include those funds that invest in the region
as part of a global investment strategy.
Asia and Rest of World Fundraising
Fig. 1 shows the percentage breakdown of private equity capital
raised for investment in regions worldwide by year, as well as the
proportion of capital currently being sought by GPs for investment
in each region. It demonstrates that the proportion that Asia
and Rest of World fundraising accounts for all of private equity
fundraising has increased signicantly over the last decade. Only
9% of capital raised in 2003 was raised by funds that primarily
focused on investment in Asia and Rest of World; this percentage
has progressively increased over the years, reaching a high of
25% in 2011, with 307 funds raising an aggregate $76.9bn in
capital commitments.
In both 2010 and 2011, Asia and Rest of World-focused
fundraising accounted for a greater percentage of capital raised
than Europe. In 2010, Asia and Rest of World-focused fundraising
represented 23% ($65.2bn) of all private equity capital raised,
while Europe accounted for 21% ($59.8bn). It is important to
note that while North America remains the largest private equity
market in the world, its economy has experienced a downturn
in the rate of growth, and intense competition for suitable deals
in the region has prompted many LPs to become more open to
investment in emerging markets.
Conversely, Chinas strong growth in GDP over recent years has
led to an increase in private equity investment, as the country
was seen as having the potential to generate higher returns in
comparison to the traditional, more mature markets of North
America and Europe. Investment in Asia and other Rest of
World markets is also proving benecial to LPs as a means of
geographically diversifying their portfolios.
Outside the traditional markets of North America and Europe,
Asia is the most attractive region for private equity investment,
followed by Latin America. Asia has consistently attracted at least
10% of all private equity capital raised year on year since 2005.
In 2011, Asia-focused fundraising peaked, with 221 Asia-focused
vehicles reaching a nal close raising an aggregate $54.1bn in
capital commitments; this accounted for 18% of all private equity
capital raised that year.
Of the vehicles currently in market, both Asia- and Rest of World-
focused funds are seeking slightly less capital than Europe-
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
-
O
c
t

2
0
1
2
F
u
n
d
s

in

M
a
r
k
e
t
Diversified Multi-
Regional
Africa
Middle East &
Israel
Australasia
Latin America
Asia
Europe
North America
Fig. 1: Breakdown of Aggregate Private Equity Capital Raised by
Region, 2003 - Octocber 2012 (Including Funds Currently Raising)
Source: Preqin Funds in Market
P
r
o
p
o
r
t
i
o
n

o
f

C
a
p
i
t
a
l

R
a
i
s
e
d
/
R
a
i
s
i
n
g
Download Data
focused funds, targeting aggregate commitments of $193.7bn and
$205.1bn respectively; this represents 24% and 26% respectively
of the aggregate capital targeted by all private equity funds on
the road. The largest fund that is primarily focused on investing
outside North America and Europe and is currently in market is
KKR Asia Fund II. Managed by Kohlberg Kravis Roberts, the
fund aims to raise $6bn in capital commitments for management
buyouts and growth equity investments, concentrating primarily
on J apan, China and Australia.
Country-Specific and Regional Fundraising
A breakdown of the proportion of capital raised across Asia and
Rest of World which is focused on country-specic investment
or regional investment from 2005 to present is shown in Fig.
2. In both Asia and Latin America fundraising, country-specic
funds account for the greatest proportion of capital raised, with
these funds representing 44% ($182.4bn) and 61% ($38.4bn)
respectively of the total capital raised for investment in each
region. It is unsurprising that a large proportion of country-
specic funds target investments in Brazil, India or China (BIC),
which have become more established private equity markets for
investment within Asia and Rest of World regions. India-focused
and China-focused funds combined account for 75% ($137bn)
of the capital raised for country-specic investment in the Asia
region.
Fig. 2 shows that GPs investing in the regions of Africa,
Australasia and the Middle East (including Israel) generally adopt
a broader opportunistic approach. These GPs invest across
whole regions in order to avoid being susceptible to the risk of
Lead Article
Lead Article
1.7
38.4
182.4
15.0
8.8
18.0
24.9
230.8
28.9
24.5
39.1
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Africa Latin
America
Asia Australasia Middle East
& Israel
Diversified
Multi-Regional
Country-Specific Regional Focus Diversified Multi-Regional
Fig. 2: Asia and Rest of the World Fundraising by Region and Country
Focus, 2005 - October 2012 ($bn)
P
r
o
p
o
r
t
i
o
n

o
f

C
a
p
i
t
a
l

R
a
i
s
e
d
- A Global Fund Managers Perspective on Investing in China
- How General Partners Think about the China Market Today
- What are Limited Partners Concerns about Investing in China
- Whats Behind the Increased Activity in Korea
- Is Private Equity in Japan Finally Ready for Prime Time
- Southeast Asia: Indonesia and the Rest
- India: Survival of the Fittest
- Liquidity and the Rise of the Secondaries Market in Asia
- What Limited Partners Want to See in Asian General Partners
- The Future of Private Equity in China
Topics to be addressed include:
The Hong Kong Venture Capital and Private Equity Association is delighted to announce the Asia Private Equity Forum 2013 to be
held on January 16, 2013. APEF 2013 is organized by HKVCA in conjunction with Hong Kongs major fnancial fagship event, the Asian Financial Forum,
which will take place at the same venue on January 14 and 15.
To view more speakers,
please visit: www.hkvca.com.hk/apef/
Download Data
focusing investments solely within individual countries situated
in these emerging markets. Ninety-two percent of capital raised
for investment in Africa is for funds that focus on investing across
the continent rather than in specic countries. Region-wide funds
in Australasia account for 66% of the capital, and in the Middle
East (including Israel) regional funds represent 74%.
It is important to note that some GPs invest across more than
one emerging market region in search of strong returns. Since
2005, $39.1bn in aggregate commitments has been raised by
funds that seek investment opportunities in more than one region
across Asia and Rest of World. The largest multi-regional fund to
close since 2005 is Citigroup International Growth Partnership II.
The $4.3bn fund held a nal close in 2008, and invests across
South America, Asia and Eastern Europe, with Chile, China,
India and Estonia as particular countries of interest.
Brazil, India and China continue to attract large proportions of the
investor capital that is committed to investments in Asia and Rest
of World, and will likely continue to see a signicant proportion
of the fundraising activity in the region over the coming years.
However, there is evidence to suggest that funds will increasingly
look for investment opportunities outside these three countries,
primarily due to concerns regarding intense competition for assets
and inated deal prices, slowing economic growth, difculties with
IPO exits, and regulatory restrictions for foreign investors.
LP Sentiment towards Asia and Rest of World
In mid 2012, Preqin conducted a survey of over 100 investors
to analyze the key geographies LPs will consider for investment
Lead Article
38% 38%
29% 29%
21% 21%
17%
7%
5%
7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
A
s
ia
C
h
in
a
S
o
u
t
h

A
m
e
r
ic
a
I
n
d
ia
A
f
r
ic
a
B
r
a
z
il
C
e
n
t
r
a
l
&

E
a
s
t
e
r
n

E
u
r
o
p
e
M
id
d
le

E
a
s
t
R
u
s
s
ia
O
t
h
e
r
Fig. 3: Countries and Regions within Emerging Markets that Investors
View as Presenting Attractive Opportunties*
Source: Preqin Investor Outlook: Private Equity, H2 2012
P
r
o
p
o
r
t
i
o
n

o
f

R
e
s
p
o
n
d
e
n
t
s
Has Preqin got the correct information on your firm?
Contact us to view your firm or fund profile, make sure the information is up to date, and
provide us with valuable feedback.
Thousands of finance professionals rely on Preqins databases and publications for insight and
information on the global alternative assets industry and you can help ensure that this data
is complete and accurate.
Some of these professionals, which include investors, fund managers, advisors and service
providers, will be looking at information on your firm or your fund. By giving your feedback
to Preqin you can help us to make sure that the data Preqin is displaying for your firm or your
fund is as accurate and representative as possible, increasing the likelihood of relevant and
qualified opportunities for you and your firm.
Email: feedback@preqin.com
Get in contact to view and update your rm or fund proles:
London
+44 (0)20 7645 8888
New York
+1 212 350 0100
Singapore
+65 6407 1011
Download Data
over the following 12 months, published in Preqin Investor
Outlook: Private Equity, H2, 2012. Fig. 3 presents the regions
and countries within emerging markets that investors view as
presenting attractive opportunities*. A substantial 72% of LPs
surveyed will invest or consider investing in emerging markets.
Of these LPs, 95% aim to increase their exposure to emerging
market regions over the next 12 months. Another encouraging
sign is that none of these LPs plan to reduce their exposure in
the long term. China and, more broadly, Asia remain attractive
locations for investment to the largest proportion of LPs (38%).
Good investment opportunities are also viewed to be on offer in
India and South America, each named by 29% of investors that
have an appetite for emerging markets.
Outlook for Asia and Rest of World Private Equity
It is evident that Asia and Rest of World regions are viewed as
attractive investment propositions for many LPs, with growing
interest in recent years in these regions. Asia particularly has
been buoyed by the strong growth of many of its constituent
economies and the increasing maturity of the domestic private
equity industry. The recent turmoil that has prevailed in more
developed nancial markets has inclined LPs and GPs alike to
pursue investment opportunities in the less developed private
equity markets in the regions of Asia and Rest of World. There has
also been signicant growth in the number of GPs based in these
regions. As investors gain greater condence and experience of
investing in Asia and Rest of World, the way they access these
investments is likely to evolve, and exposure to the region may
become a staple in the investment portfolios of many LPs.
*Respondents were not prompted to give their opinions on each fund type/country/
region individually; therefore the results display the fund types, countries and
regions at the forefront of investors minds at the time of the survey.
Lead Article Strong Growth in Emerging Markets
Fig. 4: Five Largest Asia and Rest of World-Focused Private Equity Funds in Market
Fund Name Firm Name Fund Type Fund Focus Target Capital (mn)
KKR Asia Fund II Kohlberg Kravis Roberts Buyout Asia 6,000 USD
TPG Asia VI TPG Buyout Asia 4,000 USD
RRJ Capital Master Fund II RRJ Capital Buyout Asia 4,000 USD
Actis 4 Actis Growth Diversied Multi-Regional 3,500 USD
Afnity Asia Pacic Fund IV Afnity Equity Partners Buyout Asia 3,500 USD
Subscribers to Funds in Market can click here to access details on the 590 private equity funds in market with a main focus on Asia
and Rest of World.
Funds in Market is the industrys leading source of intelligence on private equity fundraising. Not yet a subscriber? For more
information on how Preqins Funds in Market can help you, please visit:
www.preqin.com/fim
Subscriber Quicklink:
Download Data
New Coverage
Future Fund Searches and Mandates
Future Fund Searches and Mandates
The diference between success and failure in attracting institutional commitments can be the ability to identify which investors are
most likely to be interested in your fund.
To help with this task, Preqins Investor Intelligence now allows subscribers to identify likely investors in their fund by searching for
institutional investors by their future investment plans.
Preqin updates these details by speaking directly to investors saving you time and ensuring our intelligence is up to date and
accurate.
Whether youre hoping to secure new commitments for a US-focused buyout fund or launch a China-focused
growth vehicle, access to Preqins Investor Intelligence can help.
Investor Intelligence
For more information and to arrange a walkthrough of the service, please visit:
www.preqin.com/ii
Future Investment Plans - Investor profles include details of
investors future fund searches, detailing whether they are
targeting specifc private equity strategies and/or regions of
focus, and also contain summaries of their plans for the next
12 months.
Future Fund Searches and Mandates - Forward-looking search for
all the institutional investors that are looking to invest in funds
that match your criteria.
Filter potential investors by location, investor type, fund type
preferences for the next 12 months, regional preferences for
the next 12 months, and likely timeframe for their next fund
commitment.
14 2012 Preqin Ltd. www.preqin.com
Download Data
IPO Pipeline
The Facts
Jessica Hull looks at recent buyout and venture capital-backed portfolio companies that have filed for IPOs
IPO Pipeline
Fig. 1: IPO Pipeline Breakdown by Region
Buyout-Backed Venture Capital-Backed
Region No. of Expected IPOs
Aggregate Targeted IPO Value
($mn)
No. of Expected IPOs
Aggregate Targeted IPO Value
($mn)
North America 13 4,805 19 3,504
Europe 4 200 1 200
Asia 4 1,584 1 -
Sub-Total 21 6,589 21 3,704
No. of Expected IPOs Aggregate Targeted IPO Value ($mn)
Total (Buyout/Venture
Capital)
42 10,293
Source: Preqin Deals Analyst
Initial public offerings (IPOs) are an important method used by
private equity rms to exit an investment in a buyout- or venture
capital-backed company and involve the sale of stock by a private
company in the public market via listing on a stock market.
Over the last four years, IPOs and follow-on share sales have,
on average, accounted for 15% of all global exit activity in both
buyout- and venture capital-backed companies. An IPO is an exit
strategy that relies on favourable market conditions, and so far this
quarter, IPO activity has witnessed an uptick in momentum largely
due to improved public market conditions in North America.
At the start of November 2012, Preqins IPO pipeline data reveals
that there are 42 buyout- and venture capital-backed companies
globally set to list in the coming weeks, looking to raise $10.3bn
in initial public offerings. Of these 42 companies, 21 are buyout-
backed, with an aggregate targeted IPO value of $6.6bn. Currently,
21 venture capital-backed companies have also led for an IPO,
seeking to raise $3.7bn. Over three-quarters (76%) of companies
in the IPO pipeline are based in North America, making the region
the most prominent for forthcoming IPO activity. The 32 buyout-
and venture capital-backed companies based in North America
are targeting an aggregate IPO value of $8.3bn. Additionally,
there are currently ve Europe-based buyout- and venture capital-
backed companies that have led to list in the coming weeks,
planning to raise $400mn, and a further ve companies based in
Asia in the IPO pipeline; this puts Asia on par with Europe in
terms of forthcoming IPO activity. Interestingly, these Asia-based
companies are seeking to raise $1.6bn in public offerings, four
times the aggregate targeted IPO value of companies based in
Europe.
As of 2 November 2012, 23 buyout- and venture capital-backed
companies have completed their IPOs or follow-on share sales,
raising $5.5bn from their offerings so far in Q4 2012. This amount
is notably close to the aggregate IPO and follow-on share sales
amount raised throughout the entirety of Q3 2012, which amounted
to $6.5bn. This indicates that Q4 2012 looks set to see a rebound in
IPO activity globally, particularly given the healthy number of IPOs
in the pipeline. It is likely that Q4 2012 will surpass the previous
quarter in terms of IPO activity and could approach the levels
witnessed in the last two quarters of 2011, where over $10bn was
raised from IPOs in each quarter, as shown in Fig. 2. Even so,
IPO activity will struggle to reach the post-Lehman peak witnessed
in Q2 2011, when 79 buyout- and venture capital-backed public
offerings raised $33.8bn, or the more recent secondary peak in
the Facebook-led Q2 2012, which saw $27.6bn raised in public
offerings. Facebook accounted for $16bn of this total in its public
offering in May 2012.
Of the 23 IPOs and follow-on share sales that have occurred so
far in Q4 2012, notable public offerings include the 915.8mn IPO
of buyout-backed Ziggo and the $1.1bn IPO of US-based Realogy
Corporation. In relation to venture capital-backed companies, the
largest IPO so far this quarter was the $637mn IPO of Workday,
Inc., which saw the company listing on the NYSE.
Between J anuary and November 2012, North America-based
buyout- and venture capital-backed IPOs accounted for 61% of
the number and 62% of the value of public offerings globally. This
is a marked increase in the prominence of North American IPOs
in terms of both number and aggregate value, which since 2009
have accounted for less than 50% of global private equity-backed
IPO activity. The increasing amount and value of IPOs in the US
is probably due to improved market conditions in the region driven
by the increased stimulus in the economy in the run up to the US
elections.
European public offerings between J anuary and November
2012 accounted for 12% and 16% of the number and aggregate
value of public offerings respectively. This is in sharp contrast to
the previous two years, in which the proportion of the number
and aggregate value of deals was 19% and 35% respectively,
Download Data
highlighting a dip in the prominence of Europe-based IPO activity
so far this year.
Twenty-ve percent of the number and 17% of the value raised
in IPOs between J anuary and November 2012 are attributed to
companies based in Asia. So far this year, the Rest of World region,
which includes Africa, Central and South America, Australasia and
the Middle East, has accounted for 2% of the number and 5% of
the aggregate value of IPOs and follow-on share sales.
IPO and follow-on share sales have always been an important
route for private equity rms to exit their investments and between
J anuary and November 2012 have accounted for 13% of all buyout-
and venture capital-backed exits, which is roughly on par with the
last three years. From 2009 to November 2012, trade sales have
been the most popular route for venture capital and buyout rms
to exit their investments, with this exit type accounting for almost
two-thirds of all global buyout and venture capital-backed exits.
Sales-to-GPs, otherwise known as secondary buyouts, have
increased in prominence in the post-Lehman era. In 2009, sale-to-
GPs accounted for 10% of all global buyout- and venture capital-
backed exits, a much smaller proportion than the average of 20%
that sales-to-GPs account for over 2010 to November 2012.
Restructurings often involve a private equity rm giving up its
stake to a debt provider in a debt-to-equity swap, and account for
only 3% of buyout- and venture capital-backed exits this year. In
2009, restructurings accounted for 13% of all buyout- and venture
capital-back exits, owing to a higher number of companies facing
nancial difculty and bankruptcy at the height of the nancial
crisis.
There has currently been $5.5bn raised from buyout- and venture
capital-backed public offerings so far in Q4 2012, in comparison to
an aggregate IPO amount of $6.5mn raised throughout the entirety
of Q3 2012. These gures provide an indication that there will be a
further uptick in buyout- and venture capital-backed IPO activity if
improved market conditions persist, which will overshadow the low
witnessed in Q3 2012. In addition, there are currently 42 buyout-
and venture capital-backed companies which have led to list in
the coming weeks looking to raise $10.3bn, which indicates a high
potential that Q4 2012 could see further drive in exit activity via
the public markets.
IPO Pipeline
The Facts
Subscribers to Preqins Buyout Deals Anlayst can view further
details on the portfolio companies that have fled for IPOs here, and
Venture Deals Analyst subscribers can do the same here.
Not yet a subscriber? For more information on how Buyout Deals
Analyst and Venture Deals Analyst can help you, please visit:
www.preqin.com/deals
44%
38%
48%
35%
48%
44%
61% 62%
18%
13%
19%
35%
19%
35%
12%
16%
30%
35%
28%
27%
26%
14% 25%
17%
8%
14%
5% 3%
7% 7%
2%
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No. of IPOs Value of
IPOs
IPOs
IPOs
IPOs
2009 2010 2011 Jan - Nov 12
North America Europe Asia Rest of World
Fig. 3: Proportion of Number and Value of IPOs and Follow-ons by
Region, 2009 - November 2012 (as of 2 November 2012)
P
r
o
p
o
r
t
i
o
n

o
f

T
o
t
a
l
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012
No. of IPOs Aggregate IPO Amount Raised ($bn)
Fig. 2: Number and Value of Buyout- and Venture Capital-Backed
IPOs/Follow-ons, Q1 2009 - Q4 2012 (as of 2 November 2012)
N
o
.

o
f

I
P
O
s
/
F
o
l
l
o
w
-
o
n
s
A
g
g
r
e
g
a
t
e

E
x
i
t

V
a
l
u
e

(
$
b
n
)
64%
61% 60%
63%
10%
19%
22%
21%
13%
4%
4%
3%
13%
16%
14% 13%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 Jan - Nov 12
Trade Sale Sale to GP Restructuring IPO
Fig. 4: Proportion of Number of Buyout and Venture Capital-Backed
Exits by Exit Type, 2009 - November 2012 (as of 2 November 2012)
P
r
o
p
o
r
t
i
o
n

o
f

D
e
a
l
s
Download Data
Forthcoming Buyout-Backed Exits
The Facts
Jonathan Parker analyzes the market for potential forthcoming exits from buyout-backed private equity deals,
looking at the breakdown of these potential exits across industries and geographies.
Subscribers to Buyout Deals Analyst can click here to access
details of over 4,800 buyout-backed private equity deals that are
estimated to have potential forthcoming exits.
Forthcoming Buyout-Backed Exits
53%
68%
34%
27%
7%
3%
6%
3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No. of Deals Aggregate Deal Value
Fig. 2: Composition of Potential Forthcoming Exits* by Region
(as of 5 November 2012)
Source: Preqin Buyout Deals Analyst
P
r
o
p
o
r
t
i
o
n

o
f

D
e
a
l
s
70%
80%
86%
90%
96%
99% 100%
30%
20%
14%
10%
4%
1% 0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 YTD
Active Deals Exited Deals
Fig. 1: Proportion of Currently Held Buyout-Backed Portfolio
Companies by Initial Investment Date, 2006 - 2012 YTD (as of 5
November 2012)
P
r
o
p
o
r
t
i
o
n

o
f

N
u
m
b
e
r

o
f

D
e
a
l
s
12%
8%
15%
24%
34%
7%
4% 4%
13%
39%
38%
2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2003 and Earlier 2004 2005 2006 2007 2008 and Later
Fig. 4: Composition of Potential Forthcoming Exits* by Initial Investment
Date (as of 5 November 2012)
P
r
o
p
o
r
t
i
o
n

o
f

D
e
a
l
s
32%
19%
13%
8%
7% 7%
5% 5%
2% 2%
17%
21%
11%
10%
6%
13%
9%
3%
2%
8%
0%
5%
10%
15%
20%
25%
30%
35%
I
n
d
u
s
t
r
ia
ls
C
o
n
s
u
m
e
r

&
R
e
t
a
il
B
u
s
in
e
s
s
S
e
r
v
ic
e
s
H
e
a
lt
h
c
a
r
e
I
n
f
o
r
m
a
t
io
n
T
e
c
h
n
o
lo
g
y
T
e
le
c
o
m
s
&
M
e
d
ia
E
n
e
r
g
y

&
U
t
ilit
ie
s
F
o
o
d

&
A
g
r
ic
u
lt
u
r
e
M
a
t
e
r
ia
ls
O
t
h
e
r
Fig. 3: Composition of Potential Forthcoming Exits* by Industry
(as of 5 November 2012)
P
r
o
p
o
r
t
i
o
n

o
f

D
e
a
l
s
*Preqin has estimated potential forthcoming exits using a combination of factors, including initial investment date and fund vintage data.
Buyout Deals Analyst features the Potential Forthcoming
Exits tool that allows you to source deals by viewing portfolio
companies that are likely to be exited in the near future.
Featuring 27,000 buyout deals across the globe from 2006 to
present, Buyout Deals Analyst provides information on deal
value, buyers, sellers, debt fnancing providers, fnancial and legal
advisors, exit details and more.
For more information, please visit:
www.preqin.com/deals
Looking to Source Potential Investments?
Download Data
News
Secondaries Fundraising
Preqins Secondary Market Monitor is the industrys leading source of intelligence on the private equity secondary markets.
Subscribers can click here to view details of all secondaries funds currently in market.
Not yet a subscriber? For more information, please visit our website here or email info@preqin.com for a walkthrough of the databases.
www.preqin.com/smm
Secondaries Fundraising
Patrick Adefuye delivers a round-up of the latest fundraising statistics for private equity secondaries funds,
examining historical fundraising trends and a breakdown of the current fundraising market.
14
10
15
20
19
22
8
13.7
12.8
7.3
22.2
10.2
10.0
15.8
0
5
10
15
20
25
2006 2007 2008 2009 2010 2011 2012 YTD
No. of Funds Closed Aggregate Capital Raised ($bn)
Fig. 1: Annual Secondaries Fundraising, 2006 - 2012 YTD
Source: Preqin Secondary Market Monitor
10%
38%
17%
34%
$100mn or less
$101-500mn
$501mn-1bn
More than $1bn
Fig. 2: Breakdown of Secondary Funds in Market by Fund Size
Fig. 3: Five Largest Secondaries Funds Closed, January - November 2012
Fund Vintage Year Manager Final Size ($mn) Primary Fund Focus
AXA Secondary Fund V 2011 AXA Private Equity 7,100 Europe
Coller International Partners VI 2012 Coller Capital 5,500 Europe
CS Strategic Partners V 2011 CS Strategic Partners 2,400 US
Permal Private Equity Opportunities IV 2011 Permal Capital Management 403 US
CS Strategic Partners V RE 2011 CS Strategic Partners 300 US
Fig. 4: Five Largest Secondaries Funds in Market
Fund Vintage Year Manager Target Size ($mn) Primary Fund Focus
Vintage Fund VI 2012 Goldman Sachs Private Equity Group 4,500 US
Dover Street VIII 2011 HarbourVest Partners 2,900 US
Partners Group Secondary 2011 2011 Partners Group 2,824 Europe
Landmark Equity Partners XV 2012 Landmark Partners 2,500 US
Paul Capital Partners X 2012 Paul Capital 2,000 US
Download Data
The latest industry trends from the alternative assets
industrys leading source of data and intelligence:
Investors
Fundraising
Fundraising Outlook
Buyout and Venture Capital Deals
Exits
Dry Powder
Performance
And Much More
Q2 Special Guest Contributor: David Arthur, Brookfield Asset Management
The
Preqin Quarterly
Insight on the quarter fromthe leading provider of alternative assets data
Content Includes....
XX
xx
XX
xx
XX
xx

Infrastructure
Q3 2012 OCTOBER 2012

aalte
The
Preqin Quarterly
Investor Outlook
Investor sentiments on the
performance of real estate
investments, as well as key issues
facing the industry.
Target IRRs
We take a look at the targeted
IRRs of active real estate funds,
broken down by geographical
focus and vintage.
Performance Update
A look at the most up-to-date
private real estate performance
figures.
Fundraising Overview
The private real estate
fundraising market remains a
challenge for fund managers,
but is it improving?

Real Estate
I i ht Insight o Insight o Insight o Insight o g th n the qua n the qua n the qua n the qua q t f rter from rter from rter from rter fromth l d the lead the lead the lead the leadi i ing provi ing provi ing provi ing provi g p d f l der of al der of al der of al der of alt ti ternative ternative ternative ternative t d assets d assets d assets d assets d t ata ata ata ata
Investor Outlook
Investor sentiments on the
performance of real estate
investments, as well as key issues
facing the industry.
Target IRRs
We take a look at the targeted
IRRs of active real estate funds,
broken down by geographical
focus and vintage.
Performance Update
A look at the most up-to-date
private real estate performance
figures.
Fundraising Overview
The private real estate
fundraising market remains a
challenge for fund managers,
but is it improving?
The
Preqin Quarterly

Private Equity
Private Equity Assets under
Management Hit $3tn
For the first time ever the
aggregate AUMof private
equity funds has surpassed $3tn
an important milestone for the
industry at a time of heightened
regulatory, political and investor
scrutiny.
Future Fund Searches and
Mandates
Howare private equity investors
planning to commit to the
asset class in the future? Preqin
explores fund types targeted and
expected capital outlay.
Consistent Performing
Managers
Preqin has compiled a list of the
most consistent performing fund
managers in the private equity
market.
Private Equity Private Real Estate Infrastructure
www.preqin.com/quarterly
Click below to download your complimentary copy:
Preqin Quarterly - Q3 Edition Out Now!
All the latest statistics, analysis and commentary on key industry trends can be found in the Q3 2012 Preqin
Quarterly reports, covering the Private Equity, Private Real Estate and Infrastructure asset classes. Download your
free copy today!
Latest Free Preqin Quarterly Report Out Now!
Quarterly
Download Data
Corporate Investors
The Facts
Wang Ping Chia examines key data on corporate investors in private equity from around the world.
70%
81%
86%
45%
48%
28%
19%
45%
40%
44%
35%
36%
13%
19%
4%
27%
18%
7%
0%
18%
15%
5%
1%
0%
10%
5%
4%
9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Venture
Capital
Buyout
Growth
PE Fund of
Funds
Distressed PE
Mezzanine
Other
Fig. 3: Breakdown of Corporate Investors Fund Type Preferences by
Geographic Regions
Source: Preqin Investor Intelligence
P
r
o
p
o
r
t
i
o
n

o
f

C
o
r
p
o
r
a
t
e

I
n
v
e
s
t
o
r
s
Corporate Investors
Would you like to see the details of all 195 corporate investors
investing in private equity, including information on their areas of
interest, key contacts, future plans and more? Click here to view
the full list.
Not yet a subscriber? To see how Investor Intelligence can help you,
please visit:
www.preqin.com/ii
16%
28%
10%
31%
15%
Less than
$250mn
$250 -
999mn
$1 - 4.9bn
$5 - 9.9bn
$10 -
49.9bn
Fig. 2: Breakdown of Corporate Investors by Assets Under
Management
23%
24%
46%
7%
North America
Europe
Asia
Rest of World
Fig. 1: Breakdown of Corporate Investors by Geographic Regions
Fig. 4: Five Notable Corporate Investors that Are Considering Making New Private Equity Fund Commitments in 2013
Investor Country AUM ($mn) Fund Type Strategy Regional Strategy
ITOCHU Corporation J apan 82,938 Opportunistic Asia
SAP Germany 31,119 FoF Opportunistic
Swisscom Switzerland 21,164 Venture Europe
China Dongxiang (Group) China 1,137 Venture Asia
Oriental Union Chemical Corporation Taiwan 952 Opportunistic Opportunistic
Download Data
Performance Update
Gary Broughton reviews private equity performance as of the end of Q1 2012, using horizon IRRs across fund
type, J-curves by vintage and Preqins Private Equity Quarterly Index, PrEQIn.
Performance Update
The Facts
0%
5%
10%
15%
20%
25%
1 Year to March
2012
3 Years to March
2012
5 Years to March
2012
10 Years to March
2012
All Private Equity
Buyout
Venture Capital
Fund of Funds
Mezzanine
Fig. 1: Private Equity Horizon IRRs as of 31 March 2012
Source: Preqin Performance Analyst
A
n
n
u
a
l
i
z
e
d

R
e
t
u
r
n
s
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
0 1 2 3 4 5 6 7
Vintage 2005
Vintage 2006
Vintage 2007
Vintage 2008
Vintage 2009
Investment Year
Fig. 2: All Private Equity - J-Curve: Annual Median Net IRRs by Vintage
M
e
d
i
a
n

N
e
t

I
R
R
0
50
100
150
200
250
300
350
400
3
1
/
1
2
/
2
0
0
0
3
0
/
0
6
/
2
0
0
1
3
1
/
1
2
/
2
0
0
1
3
0
/
0
6
/
2
0
0
2
3
1
/
1
2
/
2
0
0
2
3
0
/
0
6
/
2
0
0
3
3
1
/
1
2
/
2
0
0
3
3
0
/
0
6
/
2
0
0
4
3
1
/
1
2
/
2
0
0
4
3
0
/
0
6
/
2
0
0
5
3
1
/
1
2
/
2
0
0
5
3
0
/
0
6
/
2
0
0
6
3
1
/
1
2
/
2
0
0
6
3
0
/
0
6
/
2
0
0
7
3
1
/
1
2
/
2
0
0
7
3
0
/
0
6
/
2
0
0
8
3
1
/
1
2
/
2
0
0
8
3
0
/
0
6
/
2
0
0
9
3
1
/
1
2
/
2
0
0
9
3
0
/
0
6
/
2
0
1
0
3
1
/
1
2
/
2
0
1
0
3
0
/
0
6
/
2
0
1
1
3
1
/
1
2
/
2
0
1
1
PrEQIn All Private
Equity
PrEQIn Buyout
PrEQIn Venture
Capital
PrEQIn Real Estate
PrEQIn Fund of Funds
PrEQIn Distressed
Private Equity
S&P 500
Fig. 3: PrEQIn Index: All Strategies (Rebased to 100 as of 31 December
2000)
I
n
d
e
x

R
e
t
u
r
n
s
0
100
200
300
400
500
600
3
1
/
1
2
/
2
0
0
0
3
0
/
0
6
/
2
0
0
1
3
1
/
1
2
/
2
0
0
1
3
0
/
0
6
/
2
0
0
2
3
1
/
1
2
/
2
0
0
2
3
0
/
0
6
/
2
0
0
3
3
1
/
1
2
/
2
0
0
3
3
0
/
0
6
/
2
0
0
4
3
1
/
1
2
/
2
0
0
4
3
0
/
0
6
/
2
0
0
5
3
1
/
1
2
/
2
0
0
5
3
0
/
0
6
/
2
0
0
6
3
1
/
1
2
/
2
0
0
6
3
0
/
0
6
/
2
0
0
7
3
1
/
1
2
/
2
0
0
7
3
0
/
0
6
/
2
0
0
8
3
1
/
1
2
/
2
0
0
8
3
0
/
0
6
/
2
0
0
9
3
1
/
1
2
/
2
0
0
9
3
0
/
0
6
/
2
0
1
0
3
1
/
1
2
/
2
0
1
0
3
0
/
0
6
/
2
0
1
1
3
1
/
1
2
/
2
0
1
1
Top Quartile
Second Quartile
Third Quartile
Fourth Quartile
Fig. 4: PrEQIn Index: Fund Quartiles (Rebased to 100 as of 31
December 2000)
I
n
d
e
x

R
e
t
u
r
n
s
Horizon returns, median net IRRs and the PrEQIn Index are available via Preqins Performance Analyst. With fund-level performance data
for over 6,000 named private equity funds, Performance Analyst is the worlds most extensive and transparent database of private equity
and venture capital fund performance. To fnd out how Performance Analyst can help you, please visit:
www.preqin.com/pa
Data Source:
Conferences Spotlight
Conference Dates Location Organizer
Private Equity Partners Saudi Arabia Conference 25 - 27 November 2012 Saudi Arabia IIR Middle East
SuperReturn Africa 2012 3 - 5 December 2012 Casablanca ICBI
The PE Investor Relations Conference 13 December 2012 London BIE Events
Asia Private Equity Forum 2013 16 J anuary 2013 Hong Kong HKVCA
16th Annual SuperReturn International 2013 25 - 28 February 2013 Berlin, Germany ICBI
6th Annual Women's Private Equity Summit 14 - 15 March 2013 Half Moon Bay, CA Falk Marques Group
SuperReturn China 8-11 April 2013 Beijing ICBI
SuperReturn US 3-6 J une 2013 Boston ICBI
SuperReturn Emerging Markets 24-27 J une 2013 Geneva ICBI
All rights reserved. The entire contents of Private Equity Spotlight are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic
or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Private Equity Spotlight is for information purposes only and
does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks
advice rather than information then he should seek an independent nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from
making following its use of Private Equity Spotlight.
While reasonable efforts have been made to obtain information fromsources that are believed to be accurate, and to conrmthe accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty
that the information or opinions contained in Private Equity Spotlight are accurate, reliable, up-to-date or complete.
Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Private Equity Spotlight or for any expense or other loss alleged to
have arisen in any way with a readers use of this publication.
Download Data
Conferences
Conferences Spotlight
The PE Investor Relations Conference
Date: 13th December 2012 Information: www.bieevents.com/ir2012-details
Location: London
Organiser: BIE Events
This is our 4th annual PE Investor Relations Conference, not just for IR professionals. As investor relations grows in importance due
to scarcer capital and greater LP demands, so does this conference. Seasoned veterans of the industry will cover all aspects of
investor relations at this popular one-day event.
Asia Private Equity Forum 2013
Date: 16th January 2013 Information: www.hkvca.com.hk/apef
Location: Hong Kong Convention and Exhibition Centre, Hong Kong
Organiser: Hong Kong Venture Capital and Private Equity Association (HKVCA)
The Hong Kong Venture Capital and Private Equity Association is delighted to announce the Asia Private Equity Forum 2013 to be
held on January 16, 2013. APEF 2013 is organized by HKVCA in conjunction with Hong Kongs major financial flagship event, the
Asian Financial Forum, which will take place at the same venue on January 14 and 15.

Preqin Private Equity Spotlight November 2012

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Preqin Private Equity Spotlight November 2012

Hochgeladen von

Copyright:

Verfügbare Formate

The Leading LP/GP Relations Private Equity & Venture Capital Forum Is Coming To Asia!

Das könnte Ihnen auch gefallen