24 27 J une

InterContinental Hotel Geneva

http://www.superreturnemergingmarkets.com/fkr2339presp

15% Reader Offer









Dear Spotlight reader

We will be in Geneva for this years SuperReturn Emerging Markets and as I am a speaker Im pleased to offer
Spotlight readers a special 15% discount should you be planning to attend.

SuperReturn Emerging Markets brings together over 150 GPs and 120 international LPs to discuss investment
opportunities and challenges across regions, including North and Sub-Saharan Africa, South East Asia, Brazil,
Turkey, India, China, Middle East, Russia and CEE, as well as GP/LP relations and impact investing.

Ill be moderating a debate on the topic What Is The Best Way To Access Emerging Markets Private Equity?
Fund of Funds Vs. Global Vs. Pan-Regional Vs. Country Specific? I will also be moderating an LP session on
exits and host a due diligence workshop, all on main conference Day 1.

I hope to see you there.

Kindest regards

Mark OHare













For all bookings & enquiries, please contact the SuperReturn Emerging Markets 2013 Team
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Private Equity Spotlight
May 2013
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.
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please cite Preqin as the source.
Preqin Industry News
This months industry news looks at mezzanine funds, including funds closed so far in
2013 and those currently in market, as well as investor appetite.
Page 7
Private Equity Mezzanine Fundraising The latest gures for mezzanine funds. Page 13
Co-Investors A look at investors with an appetite for co-investing. Page 14
Venture Capital Deals Data on deals in software & gaming industries. Page 16
Funds of Funds Analysis of fundraising in Q1 2013. Page 18
Performance Update Horizon IRRs as of 30th September 2012. Page 19
Conferences Details of upcoming private equity conferences. Page 20
The Facts
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Lead Article
Private Equity-Backed Portfolio Company Holding Periods
We analyze how average portfolio company holding periods of private equity-backed
buyout deals have changed recently and the impact this can have on investors and
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May 2013
Volume 9 - Issue 5
Feature Article
How Important is the First Close?
This months feature article explores the importance of the rst close in the private
equity fundraising cycle and how this can impact overall fundraising success.
Page 2
Welcome to the latest edition
of Private Equity Spotlight, the
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providing insights into private equity
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fundraising. Private Equity Spotlight
combines information from our online
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2013 Preqin Ltd. www.preqin.com 2
Feature Article
How Important is the First Close?
With attracting investor capital remaning a challenge, Louise Weller analyzes the importance of the first close in
the fundraising process. We take a look at whether fund managers are now taking longer to reach a first close
and if less capital is being secured, and how this can impact future fundraising success.
The rst close is often viewed as a signicant milestone in the private
equity fundraising process. Firstly, it demonstrates a fund manager
has attracted sufcient capital for investment from investors and
secondly, the fund is able to put the investor capital it has secured
to work and can begin making investments in suitable opportunities.
It is therefore interesting to look at the role of the rst close in the
fundraising process, and whether this is of increasing importance in
todays challenging economic climate.
Time Taken to Reach a First Close
Seventy-one percent of private equity funds that held a nal close
in 2007 held a rst close within six months of the start of their
fundraising process, as Fig. 1 displays; however, this gure dropped
to 61% for funds closed in 2012.
On average, funds that held a nal close in 2007 took ve months
to reach a rst close, whereas this increased to eight months for
funds that held a nal close in 2012, demonstrating fund managers
are nding it increasingly difcult to attract investor capital and are
having to spend longer in market before reaching a rst close.
Proportion of Target Raised by First Close
On average, private equity funds are taking longer to reach a rst
close, but the proportion of capital secured by the rst close has
not increased to compensate for this. As can be seen from Fig. 2, a
fth of funds that held a nal close in 2006 secured between 76%
and 100% of their target size by the rst close, while a further 11%
exceeded their target. However, fewer funds have achieved this feat
since, with just 12% of funds that held a nal close in 2012 securing
more than three-quarters of their target by the rst close. This gure
dropped to just 6% for funds closed so far in 2013.
Furthermore, the proportion of funds securing a quarter or less of
their target capital by the time they held a rst close has increased
each year, from 11% of funds closed in 2009, to almost a quarter
(23%) of funds closed in 2012. This demonstrates that many fund
managers are nding it increasingly difcult to attract LP capital
before an initial close.
Benefits of Investing Before a First Close
Investing in a fund before it has held a rst close and made any
investments can be advantageous to investors for a number of
reasons. As Fig. 3 shows, 41% of LPs we spoke to in December
2012 for Preqins Investor Outlook: Private Equity, H1 2013 actively
invest in funds before a rst close has been held.
Many investors told us the main reason they look to invest in a
fund before a rst close is because fund managers will often offer
more favourable fund terms and conditions, such as a reduction in
management fees or co-investment rights in order to gain investor
support early on. Furthermore, one Malaysian government agency
told us: It is benecial to be a cornerstone investor and commit
capital before the rst close, as you can often negotiate board
representation.
Funds offering incentives to investors that commit capital before
the rst close is now increasingly common. Permira V, for example,
offered a 5% reduction on its annual management fee for rst-close
investors, while CVC European Equity Partners VI offers no fees on
5% of fund commitments to LPs that commit before the rst close.
Furthermore, Tasman Capital Partners allows rst-close investors
a pro-rata 40% share of carry, a discount of 50 basis points on the
management fee and preferential co-investment rights.
How Important is the First Close?
Private Equity Spotlight, May 2013
40% 42% 41%
36%
30%
35% 36%
32%
21%
29%
22%
29%
27%
29%
25%
28%
19%
11%
19%
14%
15%
10%
15%
18%
12% 12% 11%
9%
15% 11%
12% 7%
7% 7% 8%
13% 14%
15%
12%
14%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013
YTD
More than 12
Months
10 - 12 Months
7 - 9 Months
4 - 6 Months
0 - 3 Months
Year of Final Close
Fig. 1: Time Taken to Reach a First Close by Year of Final Close,
2006 - 2013 YTD (As at 9 May 2013)
Source: Preqin Funds in Market
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11% 11% 11%
13%
22% 23% 22%
43% 40%
44%
36%
51%
38%
44%
37%
17%
26%
30%
36%
25%
29%
21% 35%
20%
18%
13% 16%
9% 9% 10%
6%
11%
5%
2% 1% 2% 2% 2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013
YTD
More than 100%
76-100%
51-75%
26-50%
0-25%
Year of Final Close
Fig. 2: Proportion of Target Raised by First Close by Year of Final
Close, 2006 - 2013 YTD (As at 9 May 2013)
Source: Preqin Funds in Market
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data and Preqin Investor Network to source fund investment opportunities and conduct initial due
diligence on their real estate, private equity, and infrastructure investments. Stand out among:
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Investing before a rst close can also help to build trust between
GPs and LPs, enabling closer relationships to be formed over a
period of time. In addition, certain LPs also view investing before the
rst close as benecial, as it can generate further interest in the fund
if investors see that notable LPs have already made a commitment.
This in turn helps the fund to grow and move closer towards its
target.
Investors that Consider Investing Before a First Close
Almost a quarter (23%) of investors we spoke to told us they consider
investing in funds before a rst close has been held, but often there
are restraints that affect their willingness or ability to do so.
A number of investors told us they will only consider investing in a
fund before the rst close if they have a prior relationship with the
GP or if they are a top-tier manager with a proven track record.
Although in general LPs are becoming more selective with which
fund managers they choose to re-up with, many feel more condent
investing in a fund before a rst close with existing managers in their
portfolio, as they are more familiar with their investment strategy
and ability to reach a nal close.
Some LPs cited timing as a hindrance to investing in a fund before
an initial close, particularly with extensive due diligence processes
that require board approval. One US-based public pension fund told
us: We will consider but rarely ever make a rst close due to the
various parts involved in our due diligence process.
To overcome this problem, some LPs have reviewed their
investment policy in an effort to be able to commit to funds before
a rst close in order to take advantage of the associated benets.
Nebraska Investment Council, for example, approved a policy in
Q3 2012 which allows investment staff to re-up with specic fund
Feature Article
How Important is the First Close?
41%
26%
47%
71%
64%
15%
15%
6%
13%
16%
44%
58%
47%
17%
20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0 - 3
Months
4 - 6
Months
7 - 9
Months
10 - 12
Months
More than
12 Months
Exceeded
Target
Met Target
Did Not Meet
Target
Time Taken to Reach a First Close
Fig. 4: Proportion of Private Equity Funds Closed in 2012 that Did Not
Meet, Met or Exceeded Target Size by Time Taken to Reach a First Close
Source: Preqin Funds in Market
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2
41%
23%
35%
Will Commit to a
Fund Before a First
Close
Will Consider
Committing to a
Fund Before a First
Close
Will Not Commit to a
Fund Before a First
Close
Fig. 3: Proportion of Investors that Will Commit to a Fund Before a
First Close
Source: Preqin Investor Outlook: Private Equity, H1 2013
Download Data
2013 Preqin Ltd. www.preqin.com 4
managers without having to obtain board approval, enabling the
public pension fund to commit to certain funds before a rst close if
favourable terms and conditions can be secured.
Investors that Will Not Invest Before a First Close
It is important to recognize, however, that over a third (36%) of LPs
do not consider investing before a rst close, as a UK-based public
pension fund told us: We dont see the need for taking the risk; if
you come in later you can see more.
Firstly, investors prefer to wait until after the rst close to view which
investors have already committed to the fund, as one Denmark-
based foundation told us: If we like the look of the other investors in
the fund then we are more likely to make a commitment. Secondly,
waiting until after the rst close allows LPs to view which investments
the fund has already made, and can then decide whether the funds
investment strategy is a match with theirs.
Furthermore, investors want reassurance that a GP will go on
to meet their fundraising goals and be able to hold a nal close;
a rst close goes some way towards this and shows that a fund
manager has attracted a certain degree of investor interest. One
US-based investor stated that: We have done this with the last two
commitments and one failed in its fundraising efforts; therefore we
are unlikely to invest before a rst close again.
Fundraising in 2012: Impact of First Close on Final Close Size
Fifty-eight percent of funds that held a nal close in 2012 met or
exceeded their target, while 42% fell short. Interestingly, of the funds
that held a nal close in 2012 and that reached a rst close within
three months of launching, 59% then went on to meet or exceed
their target size, as shown in Fig. 4. Furthermore, for funds that held
a rst close within four to six months, 58% went on to exceed their
initial target size, while an additional 15% met their target. Advent
International, for example, launched its latest fund, Advent Global
Private Equity VII, in March 2012 and held a rst close in J uly 2012
after securing 5.8bn towards its 7bn target. The fund then went
on to exceed its target and held a nal close in November 2012 on
8.5bn after less than a year in market; it is one of the largest private
equity funds closed in recent years.
However, Fig. 4 demonstrates that not reaching a rst close relatively
quickly can impact future fundraising success. If a rst close has not
been reached within six months, funds are more likely to fall short of
their nal target. Almost half (47%) of funds that reached a rst close
within seven to nine months did not reach their target, while 71% of
funds that took between 10 and 12 months, and 64% of funds that
look longer than a year to reach a rst close did not meet their nal
target size.
Importance of First Close by Fund Type
The time taken to reach a rst close varies signicantly by fund type.
As shown in Fig. 5, all secondaries funds closed in 2012 held a
rst close within three months, while a signicant 79% of natural
resources funds that held a nal close in 2012, reached a rst close
within six months.
The majority (64%) of buyout funds and distressed private equity
funds (60%) that closed in 2012 held a rst close within six months
of the start of fundraising. J ust 33% of mezzanine funds that closed
in 2012 held a rst close within six months, while 44% spent over a
year in market before reaching an initial close.
In terms of capital raised, half of natural resources funds that closed
in 2012 secured 50% or more of their target by the time a rst close
was held, as Fig. 6 displays.
Almost a fth (19%) of buyout funds that closed in 2012 secured
more than three-quarters of their target capital by the time of
reaching a rst close. Ares Corporate Opportunities Fund IV, for
example, secured $3.2bn towards its $4bn target by the time it held
a rst close in May 2012 and went on to exceed its target and close
on its hard-cap of $4.7bn in August 2012.
Funds Currently in Market
As of the beginning of Q2 2013, there are 1,922 private equity funds
currently in market seeking to raise an aggregate $793bn. Forty-
six percent of funds currently on the road have so far spent 13-24
months in market, while a further 28% have spent more than two
years seeking investor capital.
Almost half (46%) of funds currently in market have held a rst
close, 28% of which attracted LP capital quickly and held a rst
close within three months of beginning fundraising, while a further
20% reached a rst close within four to six months. However, it
is important to recognize that a notable 20% of funds currently in
Feature Article
How Important is the First Close?
Private Equity Spotlight, May 2013
13%
40%
27%
11%
33%
17%
41%
40%
45%
44%
78%
17%
100%
40%
28%
20%
18%
28%
11%
33%
30%
19%
17%
11%
17% 10%
9%
3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
B
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More than
100%
76-100%
51-75%
26-50%
0-25%
Fund Type
Fig. 6: Proportion of Target Raised by First Close by Private Equity
Funds Closed in 2012 by Fund Type
Source: Preqin Funds in Market
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26%
40%
50%
43%
22%
32%
100%
29%
38%
20%
25%
7%
11%
47%
23%
6%
20%
6%
18%
11%
5%
19%
21%
20%
6%
14%
11%
5%
6%
9%
13%
18%
44%
11%
23%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
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C
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More than 12
Months
10 - 12 Months
7 - 9 Months
4 - 6 Months
0 - 3 Months
Fund Type
Fig. 5: Time Taken to Reach a First Close by Private Equity Funds
Closed in 2012 by Fund Type
Source: Preqin Funds in Market
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Download Data
2013 Preqin Ltd. www.preqin.com 5
Subscriber Quicklink:
The data used in this article has been sourced from the new Fundraising Momentum feature on Preqins Funds in Market, which
analyzes fundraising progress for funds currently in market, including time taken to reach a rst close and proportion of capital secured.
Subscribers to Preqins Funds in Market can click here to use the new Fundraising Momentum feature and evaluate the current
fundraising market. Search for funds based on type, primary geographic focus and fund size.
Subscribers to Preqins Investor Intelligence can click here to view detailed proles for the 868 investors that consider committing to
a fund before a rst close.
www.preqin.com/privateequity
Download Data
Feature Article
How Important is the First Close?
Private Equity Spotlight, May 2013
market that have reached a rst close have taken longer than a
year to do so.
Outlook
In the present economic climate, private equity fund managers are
nding it increasingly difcult to attract LP capital. This is shown
in the fact that private equity funds are now on average taking
longer to reach a rst close, and are also securing a much smaller
proportion of their target capital than prior to 2008. Looking at funds
closed in 2012, it is evident that the time it takes for a fund to reach a
rst close can inuence whether a fund goes on to reach or exceed
its nal target or not. Reaching a rst close quickly indicates LP
demand, and therefore the fund is more likely to meet or exceed
its nal target, as opposed to funds that take a long time to reach a
rst close.
Sixty-four percent of investors will consider investing in a fund
before a rst close, many of which will do so to take advantage of
favourable terms and conditions that may be offered. However, it
is important to recognize that certain investors are cautious about
investing before a rst close and want to see evidence that a fund
will go on to reach a nal close before they make a commitment.
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A number of mezzanine funds have attracted
investor capital recently:
A number of investors are planning to make
new commitments to mezzanine funds over
the coming year:
Download Data
2013 Preqin Ltd. www.preqin.com 7
Download Data Download Data
Preqin Industry News:
Mezzanine Funds
News
Louise Weller takes a look at the latest news on mezzanine funds, including funds to have recently closed and
those that remain in market, as well as investor appetite for mezzanine vehicles.
Preqin Industry News
Highbridge Mezzanine Fund II held a nal close in March 2013
on $4.4bn, above its target of $3bn and represents 92% of the
aggregate capital raised by mezzanine funds that closed in Q1
2013. The fund invests approximately two-thirds of its capital in
North America, while the remaining third is focused on European
investments.
Managed by Falcon Investment Advisors, Falcon Strategic Partners
IV held a third close in March 2013 on $356mn and has an overall
target of $850mn. The fund makes investments in North American
companies in a variety of sectors. Its predecessor fund, Falcon
Strategic Partners III, held a nal close in J une 2009 on $729mn.
Adamas Asset Management, formerly Gen2 Partners, recently
rebranded and is raising its rst mezzanine fund. Greater China
Credit Fund is targeting $200mn to invest in healthcare, leisure,
natural resources and pharmaceutical companies in Greater China.
Ameritas Life Insurance Corporation expects to make ve or six
new private equity fund commitments over the coming year, and
plans to target North America-focused mezzanine funds, as well as
growth and mid-market buyout funds. It expects to primarily re-up
with existing managers but may choose to forge new relationships
with managers it has not worked with before.
J ohn Hancock Financial Services anticipates making new private
equity fund commitments over the next 12 months and will continue
to commit to mezzanine and buyout funds. The asset manager
plans to re-up with fund managers in its existing investment
portfolio, as well as forge new relationships with managers it has
not previously worked with.
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.
Chart of the Month: Proportion of Annual Mezzanine Fundraising
by Primary Fund Focus, 2006 - 2013 YTD (As at 14 May 2013)
Which Regions Have Attracted the Most
Capital for Mezzanine Investment?
71%
43%
82%
41%
77% 78%
59%
99%
27%
49%
11%
58%
14%
19%
31%
1% 2%
4%
5%
7%
2%
9%
1%
1% 2% 2%
3%
1% 1% 1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013
YTD
Middle East
& Israel
Australasia
Americas
Asia
Africa
Europe
North
America
Private Equity Spotlight, May 2013
Source: Preqin Funds in Market
Subscriber Quicklink:
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Market can create fully customized email digests of updates
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The Preqin Difference
Fund Coverage: Funds
13,870 Private Equity* Funds
4,090 PE Real
Estate Funds
687 Infrastructure
Funds

29,879
Firm Coverage: Firms
6,906 PE Firms
1,731 PERE
Firms
385 Infra. Firms

14,435
Deals Coverage: Deals Covered; All New Deals Tracked
29,316 Buyout Deals** 41,577 Venture Capital Deals***
2,633 Infra. Deals

73,526
As of 1 May 2013
Investor Coverage: Institutional Investors Monitored,
Including 7,635 Verified Active**** in Alternatives and 80,778 LP Commitments to Partnerships
4,979 Active PE LPs 4,095 Active Hedge Fund Investors 3,746 Active RE LPs

10,717
1,994 Active
Infra. LPs
Alternatives Investment Consultant Coverage: Consultants Tracked
444
*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
236,767
Fund Terms Coverage: Analysis Based on Data for Around Funds
6,500
Fundraising Coverage: Funds Open for Investment/Launching Soon
Including 1,931 Closed-Ended Funds in Market and 411 Announced or Expected Funds
1,588 PE Funds
934 PERE
Funds
253 Infra. Funds

12,157
Performance Coverage: Funds (IRR Data for 4,993 Funds and Cash Flow Data for 2,275 Funds)
11,585
5,101 PE Funds
1,057 PERE
Funds
130 Infra. Funds
11,232 Hedge Funds
5,487 Hedge Fund Firms
5,297 Hedge Funds
9,382 Hedge Funds
Download Data
2013 Preqin Ltd. www.preqin.com 9
Lead Article
Private Equity-Backed Portfolio Company
Holding Periods
As average holding periods for private equity-backed portfolio companies have increased in recent years,
Jonathan Parker examines the impact this has had on the wider private equity industry, including investors
and fundraising.
The holding period of portfolio companies can have a signicant
effect on the private equity cycle, as it determines how soon
investors are able to receive distributions from their commitments.
Due to tough economic conditions, the average portfolio company
holding period for private equity-backed buyout deals has
increased, as buyout fund managers have increasingly found it
difcult to make a protable exit from their investments. The result
of this is that the amount of capital distributed back to investors
has diminished, which has affected the amount of capital that
investors can recycle back into the asset class through new fund
commitments. However, over the last year or so there have been
signs of improvement with exit activity starting to pick up.
Deals Yet to Be Exited
Fund managers typically look to sell portfolio companies within three
to ve years, having increased the value of the company enough to
make a sufcient prot. Based on this practice, it was expected that
the majority of portfolio companies purchased during the buyout
boom of 2006-2007 would have been exited by now. However,
as Fig. 1 shows, 62% of companies purchased in 2006 are yet
to be realized, while almost three-quarters of those purchased
in 2007 have not yet been sold. This backlog of ageing portfolio
companies is likely to take time to sell and therefore continue to
drive up holding periods in the next few years.
Average Holding Period
The average holding period for portfolio companies held by private
equity buyout fund managers has increased from 3.9 years for
deals exited in 2008 to 5.0 years for deals exited in 2012, as Fig.
2 displays. This means that many of the companies exited in 2012
were purchased at peak prices prior to the onset of the nancial
crisis. With the subsequent drop in portfolio valuations due to the
deteriorating economic environment, fund managers have found
it increasingly difcult to exit investments made during the buyout
boom.
Despite the typical holding period for private equity-backed portfolio
companies being three to ve years, there are some notable
exceptions to this trend. In J uly 2011, Castle Harlan acquired
Norcast Wear Solutions for $190mn and announced the sale of the
company less than seven hours later, for $217mn.
Geographic Variations
There are notable geographical variations in average holding
periods for private equity-backed deals. As shown in Fig. 3, since
2006, the average holding period for portfolio companies based
in North America has increased from 3.9 years in 2006 to a high
of 4.9 years in 2012. At present, Europe has the longest average
holding period at 5.2 years, compared to a low of 3.8 years in
2008, demonstrating that over the past few years difcult economic
conditions have had a considerable impact on the ability of fund
managers to exit their investments.
The holding period for Asia-based portfolio companies has
increased from a low of 2.6 years in 2007 to 4.7 years for deals
exited so far in 2013. Holding periods in the Rest of World region
have uctuated since 2006, from a high of 4.9 years, to 3.8 years
for deals exited so far this year.
Private Equity-Backed Portfolio Company Holding Periods
Private Equity Spotlight, May 2013
62%
73%
79%
84%
92%
97%
99% 100%
38%
27%
21%
16%
8%
3%
1% 0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013
YTD
Realized Deals
Active Deals
Year of Investment
Fig. 1: Proportion of Private Equity-Backed Portfolio Companies Currently
Held by Initial Investment Date, 2006-2013 YTD (As at 17 April 2013)
Source: Preqin Buyout Deals Analyst
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4.1
4.6
4.7
5.0
4.9
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2006 2007 2008 2009 2010 2011 2012 2013 YTD
Year of Exit
Fig. 2: Average Holding Period for Private Equity-Backed Portfolio
Companies by Year of Exit, 2006 - 2013 YTD (As at 17 April 2013)
Source: Preqin Buyout Deals Analyst
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Download Data
2013 Preqin Ltd. www.preqin.com 10
Size of Deals
Large cap deals ($1bn or more) have seen the largest change in
average holding periods since 2006. Deals exited in 2008 had an
average holding period of just 2.1 years compared to deals exited
in 2013, when the average holding period reached a high of 6.1
years, as Fig. 4 illustrates. A signicant amount of large cap deals
took place prior to 2008, with fund managers purchasing companies
at peak prices during the buyout boom. Large cap deals accounted
for 14% of the number and 82% of aggregate deal value in 2006,
compared to 2009, when large cap deals only accounted for 3% of
the number and 35% of aggregate deal value. Many are reluctant
to sell until company valuations haven risen sufciently.
The average holding period for small cap deals (less than $250mn)
exited between 2006 and so far in 2013 has consistently been
between 4.0 years and 5.0 years. Mid cap deals ($250-$999mn)
have seen slightly more variation, from an average of just 2.9 years
in 2006 to 4.2 years for deals exited so far in 2013.
Exit Trends
In Q1 2009, the aggregate quarterly value of private equity-backed
exits fell to a low of just $5.2bn as fund managers struggled to
realize investments in the immediate wake of the onset of the
nancial crisis, as shown in Fig. 5. In recent years however, the
number and aggregate value of exits has generally been on an
upward trend, reaching a high of 352 exits valued at an aggregate
$126bn in Q2 2011. Despite the fact that a large number of portfolio
companies purchased in 2006 or 2007 are still being held, some
fund managers have still found exit opportunities in the challenging
economic climate.
Although holding periods are lengthening, partial exits have
become an increasingly valuable tool for fund managers, allowing
them to sell part of their stake in a company and distribute some
capital to LPs. In 2012, 33% of exits were classed as partial
compared to approximately 20% in 2006-2008. The prevalence of
partial exits serves as another potential contributory factor towards
the increase in holding periods, as fund managers are able to hold
portfolio companies for longer, while still drawing value before fully
exiting the investment.
Contributions vs. Distributions
The investment strategy of investors can be impacted signicantly
by the increased holding period of portfolio companies. Fig. 6 shows
that for vintage 2007 buyout funds, the median level of distribution
was 33% of paid-in capital after six years; however, after the same
time period, vintage 2001 buyout funds had distributed around
95%, which is nearly all of an investors paid in capital. If investors
base their annual commitment pace on expected contributions and
distributions, then this could have been affected given the fact that
fund managers are holding companies longer than the historical
average. Faced with less liquidity in their portfolios, many LPs are
likely to make fewer new commitments, or put their programs on
hold, until sufcient amounts of capital are returned, unless they
increase their target allocations to private equity.
The situation looks broadly the same for funds of more recent
vintage years. For example, after three years of investment, the
median level of distributions for vintage 2010 buyout funds stood at
2.6%, but for vintage 2003 buyout funds after the same time period
the gure was 18% of paid-in capital.
Lead Article
Private Equity-Backed Portfolio Company Holding Periods
Lead Article
3.9
4.0
4.1
4.4
4.8 4.8
4.9
4.8
4.3
4.0
3.8
4.2
4.7
4.8
5.2
5.2
3.1
2.6
2.7
3.3
3.7
4.1
4.5
4.7
4.9
4.0
3.3
3.5
3.9
4.1
4.6
3.8
0
1
2
3
4
5
6
2006 2007 2008 2009 2010 2011 2012 2013 YTD
North
America
Europe
Asia
Rest of
World
Year of Exit
Fig. 3: Average Holding Period for Private Equity-Backed Portfolio
Companies by Region, 2006 - 2013 YTD (As at 17 April 2013)
Source: Preqin Buyout Deals Analyst
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(
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)
0
1
2
3
4
5
6
7
2006 2007 2008 2009 2010 2011 2012 2013
YTD
Small Cap
(Less than $250mn)
Mid Cap
($250-$999mn)
Large Cap
($1bn or More)
Year of Exit
Fig. 4: Average Holding Period for Private Equity-Backed Portfolio
Companies by Deal Value, 2006 - 2013 YTD (As at 17 April 2013)
Source: Preqin Buyout Deals Analyst
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0
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2006 2007 2008 2009 2010 2011 2012 2013
IPO Restructuring Sale to GP Trade Sale Aggregate Exit Value ($bn)
Fig. 5: Number of Private Equity-Backed Exits by Type and
Aggregate Value, 2006 - 2013 YTD (As at 17 April 2013)
Source: Preqin Buyout Deals Analyst
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Private Equity Spotlight, May 2013
Download Data
2013 Preqin Ltd. www.preqin.com 11
Despite this, there is evidence to suggest that the annual level
of capital distributed to investors is increasing. As can be seen in
Fig. 7, 2011 was the rst year that overall distributions exceeded
contributions since 2005, whereas from 2007 to 2010, contributions
outweighed distributions quite signicantly. In addition, the data
currently available suggests that for the whole of 2012, distributions
may exceed the gure for 2011. This is positive for the overall
private equity cycle and will allow for many LPs to make new
private equity fund commitments.
Investor Appetite for Private Equity
The increase in distributions more recently is likely to have
contributed to increased levels of buyout fundraising over the past
year. Buyout funds closed in 2012 raised an aggregate $91bn
globally compared to $79bn and $77bn raised by buyout funds
closed in 2011 and 2010 respectively.
Furthermore, investor appetite for buyout funds remains strong
with Preqins Investor Outlook: Private Equity, H1 2013 report
showing that over half (51%) of LPs expecting to make new private
equity commitments in 2013 planned to focus on small to mid-
market buyout funds. Additionally, investor appetite for large to
mega buyout funds has increased more recently, with 23% of LPs
looking to make new commitments in 2013 expecting to commit to
such funds, compared to 13% in 2011.
Outlook
The drop in portfolio valuations as a result of the onset of the
nancial crisis has caused fund managers to struggle to make a
protable exit from their investments, resulting in portfolio company
holding periods increasing over recent years. This consequently
resulted in a sharp fall in the number and aggregate value of exits
and meant the distributions LPs received fell short of contributions.
However, since 2011, exit activity has been increasing and therefore
distributions have exceeded contributions; this has allowed
investors to increase their private equity investment activity which
has resulted in an uptick in fundraising. Therefore, if this continues
in 2013 and beyond, the rate at which capital moves through the
private equity cycle may be set for further improvement.
0
50
100
150
200
250
1 2 3 4 5 6 7 8 9 10 11 12 13
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Investment Year
Fig. 6: Historical Buyout Fund Median Distributions to Paid-in Capital
(DPI) by Vintage Year
Source: Preqin Performance Analyst
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2005 2006 2007 2008 2009 2010 2011 Q1-Q3
2012
Called ($bn)
Distributed
($bn)
Year
Fig. 7: Annual Amount of Capital Called and Distributed by Buyout
Funds, 2005 - 2012
Source: Preqin Performance Analyst
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Lead Article
Private Equity-Backed Portfolio Company Holding Periods
Private Equity Spotlight, May 2013
Subscriber Quicklink:
Subscribers to Preqins Buyout Deals Analyst can click here to view details of 5,958 potential forthcoming exits. Search for potential
exits by industry, location, deal size and investment type. Subscribers can also use the IPO Pipeline feature to view more information
on expected IPOs valued at $6.2bn.
Not yet a subscriber? For more information, or to register for a demo, please visit:
www.preqin.com/buyoutdeals
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Hear from 20+ leading speakers including:
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Director - Private Equity
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Partner
LEXINGTON PARTNERS
Simon Eckersley
Co-Founder and
Chief Executive Ofcer
HAO CAPITAL
Pak-Seng Lai
Managing Director
and Head of Asia
AUDA
Hiti Singh
Portfolio Director
CDC GROUP PLC
H. Chin Chou
Chief Executive Ofcer
MORGAN STANLEY
PRIVATE EQUITY ASIA
Thomas Kubr
Executive Chairman
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Managing Director
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Managing Director
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S
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Download Data
13 2013 Preqin Ltd. www.preqin.com
Private Equity Mezzanine Fundraising
Louise Maddy examines the latest statistics on mezzanine funds, including annual mezzanine fundraising and
mezzanine firms transaction preferences.
The Facts
Private Equity Mezzanine Fundraising
17
18
22
14
17 17
0
5
10
15
20
25
2008 2010 2012
Mezzanine
Funds
All Private
Equity Funds
Year of Final Close
Fig. 2: Average Time Taken to Achieve a Final Close: Mezzanine
Funds vs. All Private Equity Funds, 2008, 2010 and 2012
Source: Preqin Funds in Market
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5%
10%
50%
29%
27%
5%
10%
5%
10%
10%
14%
30%
5%
10%
14%
16%
75%
10%
43%
22%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2010 2012 Funds in Market
More than 50%
Increase
26% - 50%
Increase
1% - 25%
Increase
No Change
1% - 25%
Decrease
More than 25%
Decrease
Year of Final Close
Fig. 3: Size of Mezzanine Funds Compared to Predecessor Fund,
2008, 2010, 2012 and Funds in Market (As at 9 May 2013)
Source: Preqin Funds in Market
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Fig. 4: Mezzanine Firms Transaction Type Preferences
Source: Preqin Fund Manager Profles
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Fig. 5: Top Five Mezzanine Funds Closed in 2013 YTD (As at 9 May 2013)
Fund Firm Fund Size ($mn) Final Close Date Geographic Focus GP Location
Highbridge Mezzanine Fund II Highbridge 4,406 Mar-13 North America, Europe US
Capital Royalty Partners II Capital Royalty 805 May-13 Global US
Plexus Capital III Plexus Capital 150 May-13 US US
Seacoast Capital Partners III Seacoast Capital 150 Feb-13 US US
Ironwood Mezzanine Fund III* Ironwood Capital Advisors 143 J an-13 North America US
*Additional $164mn raised in 2012 by parallel fund Source: Preqin Funds in Market
44
25 25
35
27
8
67
30.9
7.4 7.6
12.3
14.5
5.8
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Aggregate
Capital Raised
/ Targeted
($bn)
Year of Final Close
Fig. 1: Annual Mezzanine Fundraising, 2008 - 2013 YTD and Funds
in Market (As at 9 May 2013)
Source: Preqin Funds in Market
Private Equity Spotlight, May 2013
Subscriber Quicklink:
Subscribers to Preqins Funds in Market can click here to view detailed information on all 67 mezzanine funds currently in market.
Analyze key information including fund size, primary geographic focus and interim closes.
Not yet a subscriber? For more information on how Preqins services can help you, please visit: www.preqin.com/fim
Download Data
14 2013 Preqin Ltd. www.preqin.com
Co-Investors
The Facts
Joanna Nye provides an insight into the make-up of investors with an appetite for co-investments and their
intentions for the future.
Co-Investors
43%
11%
46%
Actively Seek Co-
Investment
Opportunities
Consider Co-
Investment
Opportunities
Do Not Seek Co-
Investment
Opportunities
Fig. 1: Proportion of Institutional Investors in Private Equity with an
Appetite for Co-Investment Opportunities
Source: Preqin Investor Intelligence
21%
12%
8%
7% 7% 6% 6% 6% 6%
21%
0%
5%
10%
15%
20%
25%
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e
s
O
t
h
e
r
Investor Type
Fig. 2: Make-up of Investors with an Appetite for Co-Investment
Opportunities by Investor Type
Source: Preqin Investor Intelligence
P
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s
Investors are attracted to co-investment opportunities for a
number of reasons, including potential for increased returns,
lower fees, more control over their investment portfolio,
strengthened GP relationships and greater knowledge of
certain industries.
Forty-three percent of investors on Preqins Investor
Intelligence actively seek co-investment opportunities, while a
further 11% consider doing so (Fig. 1). Public and private sector
pension funds represent almost a fth (19%) of investors with
an appetite for co-investment opportunities (Fig. 2). It appears
that LPs with a large current allocation to private equity are
more likely to co-invest.
Over a third (34%) of LPs with an appetite for co-investing have
a current allocation to private equity of more than $1bn (Fig.
3). A signicant 83% of LPs that co-invest expect to increase
or maintain their level of co-investment activity in 2013 (Fig. 4).
10%
6%
23%
26%
34%
0%
5%
10%
15%
20%
25%
30%
35%
40%
$0-24mn $25-49mn $50-249mn $250-999mn $1bn +
Current Allocation to Private Equity
Fig. 3: Breakdown of Investors with an Appetite for Co-Investment
Opportunities by Current Allocation to Private Equity
Source: Preqin Investor Intelligence
P
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s
43%
50%
7%
Increase Activity in
2013 Compared to
2012
Maintain Activity in
2013 Compared to
2012
Decrease Activity
in 2013 Compared
to 2012
Fig. 4: Investors Expectations of the Level of Their Co-Investment
Activity in 2013
Source: Preqin Investor Intelligence
Private Equity Spotlight, May 2013
Subscriber Quicklink:
Premium subscribers to Preqins Investor Intelligence can
click here to access detailed proles for all 975 investors that
have an appetite for co-investments. Search for LPs by type,
location, industry preference and co-investment strategy.
Not yet a subscriber? For more information on how Preqins
services can help you, please visit:
www.preqin.com/ii
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The Facts
Venture Capital Deals: Software & Gaming Industries
Venture Capital Deals:
Software & Gaming Industries
Gemma Morris analyzes the latest data on venture capital deals in software and gaming industries, including
breakdowns by stage and industry.
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
0
50
100
150
200
250
300
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2008 2009 2010 2011 2012 2013
YTD
No. of Deals Aggregate Deal Value ($bn)
Fig. 1: Number and Aggregate Value of Software & Gaming Deals,
Q1 2008 - 2013 YTD (As at 22 April 2013)
Source: Preqin Venture Deals Analyst
N
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(
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7%
9%
13%
20%
25%
24%
21%
16%
18%
16%
14% 17%
18%
15%
10%
13% 7%
7%
8%
7%
8%
5%
5%
2%
5%
5%
3%
4%
3%
3%
29%
35%
27%
26%
30% 32%
1%
2%
7%
4%
3%
3%
8%
7%
8%
9% 11%
10%
3%
4%
6%
3% 2% 2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 YTD
Venture Debt
Add-on and Other
Growth
Capital/Expansion
Unspecified Round
Series D/Round 4
and Later
Series C/Round 3
Series B/Round 2
Series A/Round 1
Angel/Seed
Fig. 3: Proportion of Number of Software & Gaming Deals by Stage,
2008 - 2013 YTD (As at 22 April 2013)
Source: Preqin Venture Deals Analyst
P
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18%
16%
15% 15%
17%
23%
12%
10% 10%
10%
13%
20%
0%
5%
10%
15%
20%
25%
2008 2009 2010 2011 2012 2013 YTD
Proportion of No. of Deals Proportion of Aggregate Deal Value
Fig. 2: Breakdown of Number and Aggregate Value of Software &
Gaming Deals as a Proportion of all Venture Capital Deals, 2008 -
2013 YTD (As at 22 April 2013)
Source: Preqin Venture Deals Analyst
Fig. 5: Top Five Software & Gaming Venture Capital Deals 2013 YTD (As at 22 April 2013)
Source: Preqin Venture Deals Analyst
Company Name Stage Deal Date Deal Size (mn) Investors Location
AirWatch Series A/Round 1 Feb-13 200 USD Insight Venture Partners US
SevOne Growth Capital/Expansion J an-13 150 USD Bain Capital US
Supercell Unspecied Round Mar-13 130 USD Atomico, Index Ventures, Institutional Venture Partners Finland
New Relic, Inc. Unspecied Round Feb-13 80 USD
Allen & Company, Benchmark Capital, Dragoneer Investment
Group, Insight Venture Partners, T Rowe Price, Tenaya Capital,
Trinity Ventures
US
Infusionsoft, Inc. Growth Capital/Expansion J an-13 54 USD Arthur Ventures, Goldman Sachs US
73%
84%
19%
9%
2%
3% 2%
1% 2% 1%
2% 2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Proportion of No. of Deals Proportion of Aggregate Deal
Value
Other
Israel
India
Greater China
Europe
North America
Fig. 4: Proportion of Number and Aggregate Value of Software &
Gaming Deals by Region, 2008 - 2013 YTD (As at 22 April 2013)
Source: Preqin Venture Deals Analyst
Private Equity Spotlight, May 2013
Subscriber Quicklink:
Subscribers to Preqins Venture Deals Analyst can use the Advanced Search to analyze venture capital deals in software & gaming
industries globally since 2008. View in-depth information on deal value, date, investment stage, investors and much more.
Not yet a subscriber? For more information, or to register for a demo, please visit: www.preqin.com/vcdeals
Operational Due Diligence
on Alternative Investments
for Endowments & Foundations
INVESTORS
ONLY*
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The Facts
Fund of Funds Fundraising in Q1 2013
Fund of Funds Fundraising in Q1 2013
Patrick Adefuye reviews fundraising for private equity fund of funds vehicles in Q1 2013.
26
28
22
11
16
14
11
0
5
10
15
20
25
30
Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013
Date of Final Close
Fig. 1: Number of Private Equity Funds of Funds Closed in the First
Quarter, 2007 - 2013
Source: Preqin Funds in Market
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Fig. 4: Top Five Private Equity Funds of Funds Closed in Q1 2013
Fund Firm Fund Size ($mn) Primary Geographic Focus
Portfolio Advisors Private Equity Fund VII Portfolio Advisors 1,090 US
Partners Group Global Value 2011 Partners Group 884 Europe
SCM International Private Equity Select IV SCM Strategic Capital Management 250 Europe
Commonfund Capital Private Equity Partners VIII Commonfund Capital 218 US
Macquarie Asia Pacic Private Equity Fund II Macquarie Investment Management 143 Asia
Source: Preqin Funds in Market
55%
36%
9%
North America
Europe
Asia
Fig. 3: Geographic Breakdown of Private Equity Funds of Funds
Closed in Q1 2013 by Primary Geographic Focus
Source: Preqin Funds in Market
Private Equity Spotlight, May 2013
Subscriber Quicklink:
Subscribers to Preqins Funds in Market can click here to view
detailed information on all 158 fund of funds vehicles currently
in market. Search for funds of funds by size, fund type and
regional allocations, investment plans and much more.
Not yet a subscriber? For more information, or to register for a
demo, please visit:
www.preqin.com/fim
10.1
12.2
7.6
2.5
3.7
2.6
2.9
0
2
4
6
8
10
12
14
Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013
Date of Final Close
Fig. 2: Aggregate Capital Raised by Private Equity Funds of Funds
Closed in the First Quarter, 2007 - 2013
Source: Preqin Funds in Market
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(
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)
19 2013 Preqin Ltd. www.preqin.com
Download Data
The Facts
Q3 2013 Horizon IRRs
Q3 2012 Horizon IRRs
Gary Broughton takes a look at the latest private equity horizon IRRs as of September 2012.
0%
5%
10%
15%
20%
25%
1 Year to
Sep-12
3 Years to
Sep-12
5 Years to
Sep-12
10 Years to
Sep-12
All Private
Equity
Buyout
Venture
Capital
Fund of
Funds
Horizon Period
Fig. 1: Private Equity Horizon IRRs by Fund Type as of 30 September
2012
Source: Preqin Performance Analyst
H
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I
R
R
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
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2
All Private
Equity
Buyout
Venture
Capital
Fund of
Funds
Horizon Period
Fig. 2: Rolling One-Year Horizon IRRs by Fund Type, December 2003
- September 2012
Source: Preqin Performance Analyst
O
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Y
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a
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H
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I
R
R
-30%
-20%
-10%
0%
10%
20%
30%
40%
3

Y
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s

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Y
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S
e
p
-
1
2
All Private
Equity
Buyout
Venture
Capital
Fund of
Funds
Horizon Period
Fig. 3: Rolling Three-Year Horizon IRRs by Fund Type, December
2003 - September 2012
Source: Preqin Performance Analyst
T
h
r
e
e
-
Y
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a
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H
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r
i
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I
R
R
21.1%
13.3%
11.9%
17.4%
0%
5%
10%
15%
20%
25%
Small Buyout Mid Buyout Large Buyout Mega Buyout
Buyout Fund Size*
Fig. 4: One-Year Horizon IRRs as of 30 September 2012 for Buyout
Funds by Size*
Source: Preqin Performance Analyst
O
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a
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H
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i
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I
R
R
* Size Ranges:
Vintage 1992-1996: Small Buyout $200mn, Mid Buyout $201mn-$500mn, Large Buyout > $500mn
Vintage 1997-2004: Small Buyout $300mn, Mid Buyout $301mn-$750mn, Large Buyout $751mn-$2bn, Mega Buyout > $2bn
Vintage 2005-2012: Small Buyout $500mn, Mid Buyout $501mn-$1,500mn, Large Buyout $1,501mn-$4.5bn, Mega Buyout > $4.5bn
Private Equity Spotlight, May 2013
Subscriber Quicklink:
Subscribers to Preqins Performance Analyst can click here to view Horizon IRR data across fund strategy and regional focus, as
well as on a one- and three-year rolling basis.
Preqins Performance Analyst contains full performance metrics for over 6,200 funds, accounting for 70% of capital raised historically.
Not yet a subscriber? For more information, or to register for a demo, please visit:
www.preqin.com/pa
Conferences Spotlight
Conference Dates Location Organizer
Private Equity Southeast Asia 21 - 22 May 2013
IQPC Worldwide Pte
Ltd
Singapore
The European Mid-Market Private Equity Conference 22 May 2013 London BIE Events
SuperReturn US 3-6 J une 2013 Boston ICBI
Private Equity Symposium Event 2013 3 - 4 J une 2013 London
Coller Institute of Private
Equity
China Private Equity Summit 11 J une 2013 Hong Kong HKVCA
Venture Capital Investing Conference 11 - 12 J une 2013 San Francisco IBF Conferences
Private Debt and Mezzanine Finance 12 - 13 J une 2013 Paris IIR
AVCJ Europe Forum 13 J une 2013 London
AVCJ (Asian Venture Capital
J ournal)
Private Equity World Latin America 17-18 J une 2013 Florida Terrapinn
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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 frommaking following its
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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.
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2013 Preqin Ltd. www.preqin.com 20
Download Data Conferences
Conferences Spotlight
The HKVCA 12th China Private Equity Summit
Date: 11 June 2013 Information: http://hkvca.com.hk/enews/CPES2013/CPES2013.html
Location: N101, Hong Kong Convention and Exhibition Centre (New Wing)
Organiser: HKVCA
The China PE Summit is HKVCAs flagship event for more than 300 Venture Capital and Private Equity practitioners, leading
corporate, professionals and industry players around the region. In its 12th year, this Summit is recognized as the best practitioners
conference in presenting the cutting edge developments in all aspects in private equity investments in China.
Private Equity Findings Symposium
Date: 3 - 4 June 2013 Information: http://www.collerinstitute.com/Events/Show/90/
Location: Royal College of Physicians, London
Organiser: The Coller Institute of Private Equity
The annual Private Equity Findings Symposium is the Coller Institute of Private Equitys unique flagship-event, bringing together leading
practitioners and academic thought leaders. Under the headline The Private Equity Model: Still Fit For Purpose? day one comprises industry
discussions while on day two leading academics from around the world present and debate new research papers regarding Private Equity.
Venture 2013
Date: 11 - 12 June 2013 Information: www.venture2013.com
Location: The Omni Hotel - San Francisco, CA
Organiser: IBF, International Business Forum
The Venture Capital Investing Conference boasts an unparalleled history with regard to quality of program and seniority of both
speakers and attendees. Planned with the assistance of a prestigious advisory board and invaluable peer input, this years expert
presentations aim to help you compare best practices and track industry trends. To register visit www.venture2013.com. Use discount
Private Equity Spotlight, May 2013
2013 Preqin Ltd. www.preqin.com 21
Outsourced CIO Summit
Date: 24 - 25 June, 2013 Information: http://www.frallc.com/conference.aspx?ccode=B866
Location: The Ritz-Carlton South Beach - Miami, FL
Organiser: Financial Research Associates
This is the ONLY event specifically focused on the outsourced CIO issue. Subsribers of Preqin are eligible for a 10% registration discount.
Mention FMP187 during registration to enjoy this offer.
AVCJ Europe Forum 2013
Date: 13 June 2013 Information: www.avcjeurope.com
Location: Commonwealth Club, London
Organiser: Asian Venture Capital Journal (AVCJ)
This event is your opportunity to meet, learn from and mingle with leading GPs who have decades of experience on fundraising,
making deals and sourcing exits across Asia Pacific, plus influential LPs who have successfully navigated the Asian private equity
market and forged long-term relationships with the regions top fund managers.
Capital Creation 2013
Date: 16 - 18 September 2013 Information: www.capitalcreationeurope.com
Location: Monte Carlo, Monaco
Organiser: Worldwide Business Research
Capital Creation 2013 is the post-summer meeting place for the whos who of European and international leading private equity
players. The event features an unmatched quality of networking and will be perfectly timed to provide you with clear sense of the
parameters that will define the new era the private equity industry is entering.
Private Equity World Latin America 2013
Date: 17 - 18 June 2013 Information: www.terrapinn.com/PELatAmPreqin
Location: Four Seasons Hotel, Miami, FL
Organiser: Terrapinn
Private Equity World Latin America unites over 300 local and global investors, private equity funds and venture capitalists to discuss
the latest investment strategies and opportunities across the region.
InvestorOps Operational Due Diligence on Alternative Investments for Endowments and Foundations
Date: 20 - 21 June 2013 Information: www.investoropsforeandf.com
Location: Executive Conference Center, New York, NY
Organiser: IIR USA
The second annual Investor Ops for Endowments and Foundations, Operational Due Diligence on alternative investments, is an
exclusive investor industry event, bringing together like-minded institutional investors to explore best practices for maximizing
operational due diligence reviews targeted to alternative investments.
Private Debt & Mezzanine Finance
Date: 12 - 13 June 2013 Information: http://www.iiribcfinance.com/FKW52563PQF
Location: Hotel Lutetia, Paris
Organiser: IIR
The Europes leading gathering of private debt & mezzanine players is now in its 11th year and is the best place to network and
do business. This year our comprehensive programme has a much greater focus on the wider private debt markets, as well as the
continued leading insight into the mezzanine market.
Private Equity Spotlight, May 2013
Latin Americas leading
private equity and venture
capital event
17-18 June 2013, Four Seasons Hotel, Miami, FL
Register now on your phone!
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Private Equity World Latin America unites over 300 local and global investors, private equity funds
and venture capitalists to discuss the latest investment strategies and opportunities across the
region. If you are looking to forge new partnerships, raise capital or stay on top of the latest fund
offerings and investment opportunities, then you must attend.
Speakers conrmed include:
Suman Gera, Senior Director, International Portfolio Management, TIAA-CREF
David Britts, Managing Director, Co-Head of Latin American Private Equity, Gramercy
Brian Finerty, Senior Vice President, Equity International
www.terrapinn.com/pelatam