Preqin Private Equity Spotlight June 2013

Private Equity Spotlight
June 2013
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Preqin Industry News
This months industry news looks at investor appetite for large and mega buyout funds,
examining the growth in investor appetite for these fund types recently.
Page 6
Private Equity Zombie Funds A look at the growing number of zombie funds Page 10
Future Fund Searches and Mandates Analysis of investors latest plans. Page 11
Buyout Deals Data on private equity-backed initial public offerings. Page 13
Venture Capital Deals A breakdown of venture capital activity in the US. Page 14
Performance Update Preliminary Q4 2012 benchmark data. Page 16
Secondaries A breakdown of current fundraising gures. Page 18
Conferences Details of upcoming private equity conferences. Page 20
The Facts
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2013 Preqin Investor Network
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Lead Article
Placement Agent Survey: Signs of Success and Accessing the Top-Tier
In this excerpt from the newly-launched 2013 Preqin Investor Network Global Alternatives
Report, we explore the results of Preqins interviews with placement agents around the
world.
Page 8
Industry Contribution
Taken from the newly-launched 2013 Preqin Investor Network Global Alternatives Report,
David M. Rubenstein, Co-Founder and Co-Chief Executive Ofcer, Carlyle Group, talks
to us about the challenges and opportunities for private equity in the upcoming year.
Page 4
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June 2013
Volume 9 - Issue 6
Feature Article
The Preqin Investor Network and What It Means For You
Following the launch of the 2013 Preqin Investor Network Global Alternatives Report,
Mark OHare, CEO of Preqin, provides an insight into Preqin Investor Network.
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.
Click here to sign up to receive your free edition of Private Equity Spotlight every month!
www.preqin.com/spotlight
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alternative assets. intelligent data.
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2013 Preqin Ltd. www.preqin.com 3
Download Data
Following the launch of the 2013 Preqin Investor Network Global Alternatives Report,
we interview Mark OHare, CEO, Preqin to gain an insight into Preqin Investor Network,
and its benefits to both the institutional investor community and the wider private
equity industry.
3 2013 Preqin Ltd. www.preqin.com
The Preqin Investor Network and
What It Means For You
The launch of the Preqin Investor Network (PIN) has been
a great success. For readers who are not familiar with the
concept of the Preqin Investor Network, what does it do?
PIN is designed to provide institutional investors with everything they
need for asset allocation, fund selection and manager due diligence
in their private equity, real estate, hedge fund and infrastructure
programs. The service provides investors with information on fund
returns, manager track records, funds open for investment and
detailed fund manager and placement agent contacts in an online
portal. This gives investors all the available investment opportunities
and enables them to spot the ones of most interest for them, and
connect with the fund manager or placement agent to get more
information. Best of all, PIN is a free service for investors.
Sounds good, but why now? Why is PIN especially relevant
today?
Alternative assets are now of core importance to most investors,
yet the challenges of constructing and managing an effective
alternatives program are magnied by ve factors:
1. Growth: allocations to alternatives have grown signicantly,
and make a real impact on the entire portfolios performance;
2. Dispersion: the variance in performance between the best and
worst alternatives managers is huge, so picking the right funds
and managers makes a big difference;
3. Illiquidity: with many alternatives strategies inherently illiquid,
the consequences of investment decisions are long-lasting;
4. Segmentation: alternatives encompass a wider range of
strategies than ever before good news for investors seeking
diversication to be sure but the challenges of selecting
between a multitude of geographies and managers should not
be underestimated; and
5. Opacity: alternatives are generally less transparent and reliable
data is less readily available than in other asset classes.
So PIN is cutting through these challenges and helping investors
see the totality of investment opportunities open to them, hone in on
the ones of greatest interest and connect with the fund managers
and placement agents. The responses from both sides of the tables
LPs and GPs has been phenomenal: already over 2,300 LPs
are using the service, and GPs are nding the ow of new enquiries
to be an enormous help in these challenging times for fundraising.
Sounds like a great product, but whats in it for Preqin? Why
offer a free service to investors?
Preqins core business is in helping GPs and LPs with data to inform
their fundraising and investment strategies. Preqin Investor Network
is a phenomenal tool and platform to help both sides of the industry.
The core PIN service is free for LPs, but in addition, there are value
added services for GPs, placement agents and consultants.
Sounds great for LPs, but what impact does PIN have on the
rest of the market and the industry for GPs and advisors?
Private equity fundraising is nally an improving trend once more.
However it is still scarily competitive today there are 1,969 new
funds on the road seeking $790 billion about 2.5 times what was
actually raised last year. This is the new normal: it is just incredibly
tough for GPs and placement agents to get themselves heard above
the noise. But LPs want to invest.
As a fund manager/placement agent what can you do?
Task 1 Make sure investors can nd you so ensure that PIN has
the data on your fund.
Task 2 Make use of the soon-to-be launched premium tools that
will be available on PIN to help you reach out to potential new
investors. Contact feedback@preqin.com for more information.
The Preqin Investor Network and What It Means For You
Feature Article
Are you an investor?
Join Preqin Investor Network to get free access to all
alternative assets funds in market, key contact details and fund
manager performance track records.
www.preqin.com/pin
Are you a fund manager?
Make sure investors can nd you. Contact us to view your rm
or fund prole, make sure the information is up to date, and
provide us with valuable feedback.
feedback@preqin.com
Are you interested in a digital copy of our first
investor-tailored report?
The 105-page 2013 Preqin Investor Network Global Alternatives
Report is freely accessible on Preqins website.
To download a digital copy of the Report, please visit:
www.preqin.com/PIN2013
Private Equity Spotlight, June 2013
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Industry Contribution
Challenges and Opportunities
for Private Equity
- David M. Rubenstein, Co-Founder and
Co-Chief Executive Officer,
Carlyle Group
All asset classes were hit hard by the global nancial crisis,
and private equity was no exception: investing, fundraising, and
distribution volumes all dropped dramatically after 2008. There
were concerns that major private equity rms might fail; that large
limited partners might not be able to honour capital calls; that
many of the most visible buyout deals would go bankrupt; and that
governments would take steps which would signicantly hamper
the industrys future viability.
These concerns turned out to be, on the whole, unfounded. Six
years after the global nancial crisis began, private equity remains
an asset class that is widely recognized for its unique capabilities
and growing investor appeal.
Evolution of the Industry
The relative strength of the industry is due to a number of
factors: improved general partner/limited partner alignment; the
blossoming of transparency and ESG practices; the strengthening
of investment and lending discipline; and greater development of
value-added operational capabilities.
As the industry has evolved and become more mainstream,
rather than alternative, and more global rather than focused
on developed markets, there are several key challenges and
opportunities which should be addressed if private equity is to
reach its full potential.
Challenges (and Opportunities) Remain
First among these challenges is the need to improve the industrys
image by de-mystifying how private equity actually works and how
it adds value to society. Although measurable progress has been
made in this area over the last few years, the industrys image took
a hit during the recent US presidential election.
A second challenge is the need to ensure that governments and
regulators around the world do not take actions that inhibit private
equity rms from achieving superior returns for their investors,
many of which are pension funds that represent blue collar and
middle income workers.
Third among the challenges is making certain that returns for
the industrys investors continue to outpace those that might be
achieved in traditional asset classes and that this outperformance
is clearly communicated. While, on an absolute basis, returns will
likely come down from earlier peak levels, on a relative basis,
returns will still almost certainly outpace those from most other
asset classes. The industry needs to prepare investors for the
decline in absolute returns by delivering both better means to
measure private equity returns as well as better means to compare
those returns with the returns of other asset classes.
The fourth challenge is ensuring attractive returns are in fact
achieved in any investment environment. The industry needs to
continue to expand its post-investment, value-add capabilities;
failing to do so in a time of uncertain-to-modest underlying economic
growth will threaten the industrys ability to achieve the same levels
of performance in the future. In the future, returns will likely be
generated from operational improvements, and developing that in-
house skillset will be essential for every private equity rm.
And the fth and nal challenge is the need to democratize the
private equity investor base by developing with the approval of
regulators investment vehicles (with appropriate safeguards)
which enable smaller individual investors to access the higher return
levels that up until now have only been available to institutional
investors and high-net-worth individuals. Arguably, it is the smaller
individual investor which most needs these higher returns, and it
is the smaller individual investor which can be the industrys new
source of capital as it continues to expand throughout the world.
Outlook
To be clear, addressing these ve challenges will not solve all of
the industrys problems, or address all of the concerns expressed
by the industrys critics. However, the industrys full potential can
be much more readily achieved if the need for further change is
recognized and steps along the lines described here are taken.
Challenges and Opportunities for Private Equity
The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset
manager with $176 billion of assets under management across
114 funds and 76 fund of funds vehicles as of March 31, 2013.
Carlyles purpose is to invest wisely and create value on behalf
of its investors, many of whom are public pensions. Carlyle
invests across four segments Corporate Private Equity, Real
Assets, Global Market Strategies and Solutions in Africa,
Asia, Australia, Europe, the Middle East, North America and
South America. The Carlyle Group employs more than 1,400
people in 34 ofces across six continents. This article does not
constitute an offer for any Carlyle fund.
www.carlyle.com
Global Alternatives Report
The Report is the most comprehensive review of the alternatives industry
aimed exclusively at institutional investors ever undertaken. It includes
in-depth analysis on:
Investor Network
For more information, or to download a free copy, please visit:
www.preqin.com/PIN2013
Methods of investing in alternative
assets.
Performance of alternative assets,
including industry benchmarks.
Alternative funds open for investment,
including league tables.
Consistent performing managers, and
top performing funds.
Terms and conditions, funds of funds,
secondary market, and more.
www.preqin.com/pin
Global Alternatives
Report
Investor Network
Plus hear from some of the industrys most significant voices, including
David Rubenstein, Josh Lerner, and Luke Ellis.
Many investors made commitments to large
and mega buyout funds which have recently
held a final close
Over the coming year, a number of investors
plan to continue investing in large or mega
buyout funds
Download Data
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Preqin Industry News:
Changing Investor Appetite for Large to
Mega Buyout Funds
News
With investor appetite for large to mega buyout funds increasing recently, Francesca Braganza looks at which
funds have recently held a final close, and the investors that plan to commit to these funds in the next 12 months.
Preqin Industry News
Washington State Investment Board (WSIB) is among investors
in Warburg Pincus Private Equity XI, which held a nal close on
$11.2bn. The $68bn public pension fund committed a signicant
$750mn to the latest offering from Warburg Pincus. Other investors
in the fund include Florida State Board of Administration, which
committed $200mn, and Kansas Public Employees Retirement
System, which committed $50mn.
MetLife Insurance Company is among investors in two recently
closed large buyout vehicles. The $490bn insurance company
re-upped with Cinven to make a commitment to the fund managers
most recent offering. Cinven V held a nal close on 5bn, and
focuses on European investment opportunities, including those
in France, Germany, Netherlands and the UK. The insurance
company also re-upped with fund manager Court Square Capital
Partners to make a commitment to Court Square Capital Partners
III, which recently held a nal close on 3bn.
Temasek Holdings made an anchor commitment to RRJ Capital
Master Fund II, which held a nal close on $3.5bn. The amount
committed to the buyout fund by the Singapore-based sovereign
wealth fund is reported to be the largest ever LP commitment to
a single fund. The second Asia-focused fund from RRJ Capital
focuses on opportunities in China, Indonesia and Malaysia, as well
as taking an opportunistic approach to other ASEAN markets.
KIRKBI is looking to commit to between one and three new funds
over the next 12 months, committing between 30mn and 120mn
to the asset class in total. It is looking to commit to large-cap buyout
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 Investors Planning to Make New
Commitments to Buyout Funds in the Next 12 Months, 2009 - 2012
How Has Investor Appetite for Buyout Funds
Changed in Recent Years?
9%
13%
16%
23%
53%
52%
49%
51%
0%
10%
20%
30%
40%
50%
60%
Dec-09 Dec-10 Dec-11 Dec-12
Large to Mega
Buyout Funds
Small to Mid-
Market Buyout
Funds
Source: Preqin Investor Interviews, 2009 - 2012
vehicles focused on investment opportunities in Europe and the
US. The family ofce is looking to form new GP relationships for its
forthcoming fund commitments, as well as re-up with managers in
its existing investment portfolio.
AustralianSuper will target two or three new private equity
commitments in 2013, committing between $300mn and $500mn in
total to the asset class. It will only invest in buyout funds, including
large to mega vehicles. The superannuation scheme seeks global
exposure to the asset class.
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Investor appetite for large and mega buyout funds has increased year
on year since December 2009, when just 9% of LPs planning new
private equity funds were looking to target such funds, compared to
December 2012, when almost a quarter (23%) anticipated committing
to large or mega buyout funds in the following 12 months. This has been
demonstrated by a number of large and mega buyout funds holding
nal closes recently that have attracted a signicant amount of investor
capital. Investor interest in small to mid-market buyout funds has
been consistent in recent years, with roughly 50% of investors that are
planning new private equity fund commitments each year expecting to
target these vehicles.
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The Preqin Difference
Fund Coverage: Funds
13,927 Private Equity* Funds
4,121 PE Real
Estate Funds
688 Infrastructure
Funds

30,190
Firm Coverage: Firms
6,942 PE Firms
1,758 PERE
Firms
383 Infra. Firms

14,627
Deals Coverage: Deals Covered; All New Deals Tracked
29,550 Buyout Deals** 42,421 Venture Capital Deals***
2,674 Infra. Deals

74,645
As of 1 June 2013
Investor Coverage: Institutional Investors Monitored,
Including 7,700 Verified Active**** in Alternatives and 81,211 LP Commitments to Partnerships
5,040 Active PE LPs 4,137 Active Hedge Fund Investors 3,794 Active RE LPs

10,801
2,001 Active
Infra. LPs
Alternatives Investment Consultant Coverage: Consultants Tracked
447
*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
239,873
Fund Terms Coverage: Analysis Based on Data for Around Funds
7,500
Fundraising Coverage: Funds Open for Investment/Launching Soon
Including 1,939 Closed-Ended Funds in Market and 403 Announced or Expected Funds
1,587 PE Funds
939 PERE
Funds
253 Infra. Funds

12,322
Performance Coverage: Funds (IRR Data for 4,993 Funds and Cash Flow Data for 2,275 Funds)
11,743
5,101 PE Funds
1,057 PERE
Funds
130 Infra. Funds
11,454 Hedge Funds
5,544 Hedge Fund Firms
5,455 Hedge Funds
9,543 Hedge Funds
Download Data
Lead Article
Placement Agent Survey: Signs of
Success and Accessing the Top-Tier
In this excerpt from the 2013 Preqin Investor Network Global Alternatives Report, Bogusia Glowacz examines
what placement agents look for in fund managers and their thoughts on how investors can improve their
chances of gaining access to potentially oversubscribed funds.
Placement agents play a key role in the alternative assets industry.
Fund managers hire placements agents to garner commitments
from investors, relying on their fundraising expertise, experience
and networking capabilities to reach investors that they may not
otherwise be able to secure capital from. Placement agents are
also important to investors, presenting them with opportunities they
might not usually have access to.
Preqin recently surveyed 72 placement agents from around the
world, in order to better inform the investor community about
fundraising. This article seeks to reveal what placement agents
look out for when deciding whether to represent a fund manager,
and what top-tier fund managers look for when deciding which
investors to take commitments from in a potentially oversubscribed
vehicle.
Indications that a Manager Will Be Successful in Fundraising
When placement agents were asked which traits are the most
important when selecting a fund manager to work with, a large
majority (83%) of respondents cited experience/expertise with a
specic strategy as being important if they are to represent the
fund, as shown in Fig. 1. This is a clear indication of the importance
placement agents place on specialist knowledge within a given
private equity eld. Regarding a successful performance track
record, it is interesting to note that a signicant 80% of placement
agents interviewed require managers to have been successful on
a team level, compared to 61% which require a good track record
on a rm level.
Additionally, several survey participants mentioned characteristics
such as low team turnover and stability, with one placement agent
valuing team cohesion and returning base of investors.
We also asked placement agents which attributes a fund manager
needs in order to successfully fundraise. Experience and expertise
with fund strategy were again suggested by the highest proportion
of respondents (84%), as demonstrated in Fig. 2. Track record was
stated as the next most important factor, with 81% stating that a
successful performance track record at team level was a good
indication of the manager being able to meet its fundraising target;
additionally, 51% of placement agents stated that a successful
track record at rm level is an important attribute in fund managers.
One placement agent stated a managers willingness to be
exible on terms and conditions as important when fundraising,
3%
6%
40%
55%
62%
63%
71%
78%
85%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Higher Fundraising Target than Predecessor
Fund
Lack of Firm Presence in Markets They Are
Looking to Fundraise in
Lack of Firm Presence in Markets They Are
Looking to Invest in
Lack of Firm Experience
Poor Performance Track Record of Firm
Manager Changing Investment Strategy
from Previous Fundraise
Lack of Experience/Expertise with Fund
Strategy
Poor Performance Track Record of Team
Lack of Team Experience
Proportion of Respondents
Fig. 3: Warning Signs Placement Agents Look for that Suggest a
Manager Will be Unsuccessful with Fundraising
Source: Preqin Placement Agent Survey, April 2013
1%
26%
26%
26%
33%
40%
51%
81%
84%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Firm Presence in Markets They Are Looking to
Fundraise in
Firm Success Raising Capital with Previous
Funds
Team Success Raising Capital with Previous
Funds
Hired Specialist Market-Specific Placement
Agents
A Unique Fund Strategy
Firm Presence in Markets They Are Looking to
Invest in
Successful Performance Track Record at Firm
Level
Successful Performance Track Record at
Team Level
Experience/Expertise with Fund Strategy
Fig. 2: Placement Agents Views on the Most Important Traits a
Fund Manager Needs to Possess in Order to Meet its Fundraising
Target
11%
25%
34%
39%
49%
61%
80%
83%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Firm Presence in Markets They Are Looking
to Fundraise in
Team Success Raising Capital with
Previous Funds
Firm Success Raising Capital with Previous
Funds
Firm Presence in Markets They Are Looking
to Invest in
Unique Fund Strategy
Successful Track Record at Firm Level
Successful Track Record at Team Level
Experience/Expertise with Specific
Strategy
Fig.1: Placement Agents Views on the Most Important Traits Fund
Managers Need to Exhibit for Placement Agents to Fundraise on
Their Behalf
Download Data
while another highlighted that the rst closing is crucial, as are
investments, particularly involving commitments from existing
investors.

Conversely, placement agents also look for warning signs that
might suggest a manager will be unsuccessful with fundraising,
which is certainly something for investors to consider when
deciding whether to commit to a fund. As Fig. 3 displays, lack
of team experience was mentioned by the highest proportion of
respondents (85%). Again, poor performance track record of team
(78%) and rm (62%) were other major concerns, as was lack of
experience/expertise with the fund strategy they are in market with
(71%).

Accessing Top-Tier Fund Managers
While new managers or those with a less established performance
track record may nd it challenging to attract investor capital,
managers with a proven performance track record may be
oversubscribed. Placement agents are divided about how selective
top-tier fund managers are when choosing which investors commit
to their funds. Forty-eight percent stated that managers are not
selective about which institutions they take capital from; however,
52% state that managers are selective about which investors can
commit to their funds, as shown in Fig. 4.

When asked what investors need to do to access top-tier funds,
75% of placement agents cited willingness to make a sizeable
commitment to the fund, as Fig. 5 illustrates. Some investors not
long established in alternatives may have difculty investing with
top-tier managers, with 52% of placement agents stating that
having a widely recognized name within alternatives is key to being
accepted by a top-tier manager.
Some placement agents cited that top-tier managers seek out
long-term compatibility with an investor, seeking potential re-ups in
successor funds. One respondent labelled this requirement as the
need to nd sticky capital.

We also asked placement agents about the potential obstacles
investors had to be aware of when trying to gain access to top-
tier fund managers. As shown in Fig.6, the overwhelming majority
(96%) of placement agents told us that top-tier fund managers
decline investors if they are too demanding with fund terms and
conditions. With investor-fund manager alignment of interest a
much discussed subject in the current climate, investors should be
aware of pushing fund managers too far when negotiating on fund
terms and conditions.
Outlook
Positioned between investors and fund managers, placement
agents, and their views on the alternative assets industry, can
provide an insight for investors into key areas that impact the
investment process.
Preqins interviews with placement agents demonstrate that
experience and track record are of clear importance to both
investors and fund managers. Placement agents are often wary
of backing a fund manager without a sufcient track record. Many
believe that top-tier fund managers may be unwilling to take
commitments from investors that are not established investors in
alternatives. Other key factors for investors to take into account
with top-tier managers are the importance placed on making a
sizeable commitment to a fund, as well as the possibility of pushing
fund managers too far in attempting to negotiate over fund terms
and conditions, a current point of much contention in the industry.
Lead Article
Lead Article
8%
44%
47%
1%
Yes, Very Selective
Yes, Fairly Selective
No, Are Likely to
Accept Most
Capital
Commitments
No, Are Likely to
Accept All Capital
Commitments
Fig. 4: Placement Agents Views on Whether Top-Tier Fund Managers
Are Selective About Which Investors Commit to Their Funds
75%
52%
48%
15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Willingness to
Make a Sizeable
Commitment
to the Fund
Widely Recognized
Name Within
Alternative
Investments
Flexibility with Fund
Terms and
Conditions
Willingness
to Co-invest
Fig. 5: Placement Agents Views on Attributes Top-Tier Managers
Look for from Investors
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96%
29%
10%
1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Too Demanding
with Fund Terms
and Conditions
Not Willing/Able to
Commit as Much as
Other Investors
Not an Established
Name Within
Alternative
Investments
Unwillingness to
Co-invest
Fig. 6: Placement Agents Views on Factors that Lead Top-Tier
Managers to Decline Investors
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Private Equity Zombie Funds
When there are no portfolio realizations, the dead will walk among us Jessica Duong takes a look at the
ever growing number of zombie funds and their impact on the industry.
The Facts
Private Equity Zombie Funds
68%
57%
39%
17%
29%
16%
126%
114%
99%
65%
44%
27%
0%
20%
40%
60%
80%
100%
120%
140%
2001 2002 2003 2004 2005 2006
Zombie Funds
All Private Equity
Vintage Year
Fig. 1: Median Distributions to Paid-In Capital by Vintage Year: All
Private Equity Funds vs. Zombie Funds
Source: Preqin Performance Analyst
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l

(
%
)
38
67
111
223
496
610
696
0
10
20
30
40
50
60
70
0
100
200
300
400
500
600
700
2001 2002 2003 2004 2005 2006 2007
No. of
Unrealized
Investments
Aggregate
Value of
Unrealized
Investments
($bn)
Year of Investment
Fig. 2: Number and Aggregate Value of Unrealized Investments
Made by Zombie Funds, 2001 - 2007
Source: Preqin Buyout and Venture Deals Analyst
N
o
.

o
f

D
e
a
l
s
A
g
g
r
e
g
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D
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V
a
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u
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(
$
b
n
)
There is growing concern in the private equity space for funds raised
several years ago that are slowly becoming the living dead. Preqin
data indicates that there are $116bn worth of private equity assets
trapped in funds past their typical holding period, and the GP has no
clear plans to raise a successor fund. Dubbed as zombie funds, it is
unlikely that the GP will see any returns from the assets that they are
holding. The funds continue to charge management fees in spite of
this, and tie up the LPs cash for longer than any party initially intended.
Poor Performance
Firms plagued by poor performance face being shut out of raising
capital for several years. Preqins Funds in Market estimates that there
are around 1,200 funds that can be described as zombie funds. How
can you identify a zombie fund? The methodology used by Preqin to
identify these funds is to look at active rms managing a fund with a
2001-2006 vintage, which have not raised a follow-on fund after 2006.
Looking at performance is also key. Preqins Performance Analyst
shows that zombie funds have a much lower median distribution to
paid-in capital compared to their peers, demonstrating the lack of
returns investors in these funds have received. As shown in Fig. 1, for
all private equity funds with a 2003 vintage, 99% of paid-in capital has
been distributed back to investors, whereas zombie funds with a 2003
vintage have only distributed 39% of paid-in capital back to investors.
Unrealized Investments
Using Preqins Buyout and Venture Deals Analyst products, we have
identied approximately 1,732 portfolio companies currently held
by zombie funds. As shown in Fig. 2, $116bn worth of assets have
yet to be realized.These portfolio companies may prove interesting
opportunities for fund managers and other potential acquirers looking
to purchase assets at a discounted price.
Secondary Buyouts
The secondary market offers some solution to both GPs with zombie
funds and LPs that are investors in such funds. Through secondary
purchases, a fund manager can take over the assets of a zombie fund,
thereby creating an exit opportunity and liquidity for the primary vendor.
An example of a rm that does so is Vision Capital. The London-based
GP specializes in acquiring mature portfolios of mid-market European
companies. Its latest fund, Vision Capital Partners VII, closed in 2009
on 680mn, almost double the size of its predecessor. The fund series
has a preference for control positions with transaction sizes of 50mn
to 1bn.
The Fundraising Market
No one is a winner when zombie funds are involved and it presents
a clear misalignment of interests between the fund manager and
investor. Consequently, GPs should be eager to realize investments
and return capital to investors so that there is not any reputational
damage that adversely affects their ability to raise a follow on fund.
The secondary buyout market goes some way in offering a solution to
return capital to investors.
This situation however is not having a detrimental impact on investors
appetite for new investments in the asset class. Investors as a whole
are satised with the returns that they are receiving from their private
equity portfolios and are looking to continue investing in the asset
class. Preqins Funds in Market reveals from 2012 to 2013 YTD, 1,148
private equity funds reached a nal close, securing an aggregate
$506bn. A signicant 87% of investors interviewed in December 2012
planned to maintain or increase their allocation to private equity in the
next 12 months.
Subscriber Quicklink:
Which funds fall within the denition of zombie fund? What
portfolio companies do they hold, and do they represent
potentially attractive investment opportunities?
Subscribers to Preqins Private Equity Online services can see
all the details. Not yet a subscriber? For more information, or to
register for a demonstration, please visit:
www.preqin.com/privateequity
Download Data
Future Fund Searches and Mandates
The Facts
Tom Carr takes a look at private equity investors latest fund searches and mandates. What strategies and
regions are being sought? Which investors are likely to be most active over the next 12 months?
Future Fund Searches and mandates
Subscribers to Preqins Investor Intelligence can click here to
use the Future Fund Searches and Mandates feature.
This powerful tool features extensive searches and mandates
for 1,832 investors planning new commitments and who could
be interested in your private equity fund. Investors can be
ltered by targeted strategies and locations, investor type,
investor location and timeframe of planned commitments.
Not yet a subscriber? For more information, or to register for a
demonstration, please visit:
www.preqin.com/ii
21%
12%
10%
9%
7%
6%
6%
6%
5%
18%
Public Pension Funds
Foundations
Private Sector
Pension Funds
Endowment Plans
Fund of Funds
Managers
Asset Managers
Investment
Companies
Family Offices
Insurance
Companies
Other
Fig. 1: Proportion of Private Equity Searches Issued in May 2013 by
Investor Type
Source: Preqin Investor Intelligence
58%
17%
15%
9%
North America
Europe
Asia
Rest of World
Fig. 2: Proportion of Private Equity Searches Issued in May 2013 by
Investor Location
74%
64%
57%
40%
39%
38%
34%
21%
9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
B
u
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e

C
a
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i
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a
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G
r
o
w
t
h
F
u
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d

o
f

F
u
n
d
s
D
i
s
t
r
e
s
s
e
d

D
e
b
t
M
e
z
z
a
n
i
n
e
S
e
c
o
n
d
a
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i
e
s
N
a
t
u
r
a
l

R
e
s
o
u
r
c
e
s
T
i
m
b
e
r
Fund Type
Fig. 3: Fund Types Targeted by Private Equity Investors in the Next
12 Months that Issued New Fund Searches in May 2013
P
r
o
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t
i
o
n

o
f

F
u
n
d

S
e
a
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c
h
e
s
Investor Investor Type Investor Location Next 12 Months Plan
Finnish State
Pension Fund
Public Pension
Fund
Europe
The 15.5bn public pension fund anticipates committing 120mn to the private equity
asset class over the next 12 months. It will consider a range of fund types, but is planning
to focus mainly on small to mid-market buyout funds with a global focus. The pension
plan will consider working with GPs it does not have an existing relationship with, as well
as re-upping with some existing managers in its portfolio.
Alfred I. duPont
Testamentary
Trust
Foundation North America
The North America-based foundation is looking to commit between $75mn and $150mn
across ve to 15 private equity funds over the coming year. It will consider working with
both existing managers in its portfolio, as well as forming new GPs relationships. The
foundation is targeting a variety of fund types on a global scale, although it currently
views venture capital and growth funds as presenting the best opportunity.
CIBC Merchant
Banking
Investment Bank North America
CIBC Merchant Bank is looking to make between one and three new private equity fund
commitments over the next 12 months, committing between C$5mn and C$30mn in
total to the asset class. The investment bank expects to target buyout funds focusing
on opportunities in Canada, though it is open to investing outside of this region in funds
targeting the nancial services industry.
Fig. 4: Examples of Fund Searches Issued in May 2013
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Download Data
The Facts
Buyout Deals: Initial Public Offerings
Buyout Deals:
Initial Public Offerings
The $20.4bn raised through private equity buyout-backed IPOs / follow-ons in Q1 2013 represents the highest
quarterly aggregate value obtained via this exit type since Q2 2011. Anna Strumillo explores the trends in this
exit strategy.
0
5
10
15
20
25
30
35
0
10
20
30
40
50
60
70
80
Q
1
Q
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3
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4
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2006 2007 2008 2009 2010 2011 2012 2013
YTD
No. of IPOs /
Follow-ons
Aggregate
IPO / Follow-
on Value
($bn)
Fig. 2: Quarterly Number and Aggregate Value of Private Equity
Buyout-Backed IPOs / Follow-ons, 2006 - 2013 YTD (As at 29 May 2013)
Source: Preqin Buyout Deals Analyst
N
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I
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/

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(
$
b
n
)
Region
Number of Expected
IPOs
Aggregate Targeted IPO
Value ($mn)
North America 9 3,560
Europe 5 1,409
Asia 4 398
Rest of World 2 100
Fig. 1: Breakdown of IPO Pipeline by Region (As at 29 May 2013)
4%
1%
16% 16%
4%
8% 7%
4%
11%
12%
31%
37%
27%
13%
23% 28%
40% 41%
15%
11%
39%
39% 22%
32%
45% 45%
38%
35%
29%
39%
48%
35%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013
YTD
North
America
Europe
Asia
Rest of World
Fig. 3: Proportion of Aggregate Value of Private Equity Buyout-Backed
IPOs / Follow-ons by Region, 2006 - 2013 YTD (As at 29 May 2013)
P
r
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o
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t
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/
F
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-
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s
17% 17%
15% 14%
7% 6%
10%
21%
17%
20%
17%
12% 13% 12%
23%
1% 1%
1%
0%
6%
10%
25%
14%
6%
5%
5%
4% 4%
2%
5%
30%
32%
32%
33%
29%
32%
17% 16%
26%
28%
28%
31% 27% 32%
22%
52%
50%
52% 53%
59%
52%
48% 49%
51%
47%
50%
53%
56%
54%
50%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H
1

2
0
0
6
H
2

2
0
0
6
H
1

2
0
0
7
H
2

2
0
0
7
H
1

2
0
0
8
H
2

2
0
0
8
H
1

2
0
0
9
H
2

2
0
0
9
H
1

2
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1
0
H
2

2
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0
H
1

2
0
1
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H
2

2
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H
1

2
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1
2
H
2

2
0
1
2
H
1

2
0
1
3

Y
T
D
IPO / Follow-on Restructuring Sale to GP Trade Sale
Fig. 4: Proportion of Number of Private Equity Buyout-Backed Exits
by Exit Type, 2006 - 2013 YTD (As at 29 May 2013)
P
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o
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i
o
n

o
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N
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E
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Firm Investment Date Known Investors (Entry) Exit Date Exit Value ($mn) Primary Industry Location
Quintiles Transnational
Corporation
Dec-07 3i, Bain Capital, TPG May-13 947 Pharmaceuticals US
Busch Entertainment
Corporation
Oct-09 Blackstone Group Apr-13 702 Leisure US
North American business of
Taylor Wimpey
Mar-11
Oaktree Capital Management,
TPG
Apr-13 629 Construction US
Pinnacle Foods Group Feb-07 Blackstone Group Mar-13 580 Food US
Evertec Jul-10
Apollo Global Management,
Banco Popular
Apr-13 505 Financial Services Puerto Rico
Fig. 5: Notable IPOs in 2013 YTD (As at 29 May 2013)
Subscribers to Preqins Buyout Deals Analyst can click here to
use the IPO Pipeline and view details of expected IPOs.
Not yet a subscriber? For more information, please visit:
www.preqin.com/buyoutdeals
Download Data
The Facts
Venture Capital Deals: Breakdown of Activity in the US
Venture Capital Deals: Breakdown of
Activity in the US
The US has been consistently at the forefront of the venture capital industry, with two-thirds of all venture
capital deals globally based there. In the past, California has dominated the venture capital industry but
there are signs of recent growth in other US states. Anna Strumillo looks at the key trends in the sector.
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
2008 2009 2010 2011 2012 2013 YTD
California Rest of US Europe Asia Rest of World
Fig. 2: Aggregate Value of Venture Capital Deals Globally by
Region, 2008 - 2013 YTD (As at 29 May 2013)
Source: Preqin Venture Deals Analyst
A
g
g
r
e
g
a
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D
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V
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(
$
b
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)
46% 44% 43%
40%
38% 38%
11%
11%
11%
12%
9%
7%
7%
8% 10%
10%
9%
10%
4%
4%
4%
4%
4%
3%
4%
4%
4%
3%
3%
4%
28% 29% 28%
31%
37% 38%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 YTD
California Massachusetts New York Texas Washington Other US States
Fig. 3: Proportion of Number of US Venture Capital Deals by US
State, 2008 - 2013 YTD (As at 29 May 2013)
P
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N
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s
6% 7%
9%
11% 10% 9%
11%
7%
16%
6% 7% 9%
19%
17%
15%
22% 22%
17%
5%
4%
1%
7%
1%
2%
11%
11%
7%
14%
11%
10%
25%
14%
44% 16%
24%
21%
17%
34%
6%
17%
20%
26%
6% 6% 2%
7%
5% 6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
C
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S
S
t
a
t
e
s
Clean
Technology
Healthcare
Internet
Other IT
Semiconductor
& Electronics
Software &
Related
Telecomms
Other
Fig. 4: Proportion of Number of US Venture Capital Deals by Industry
by US State, 2008 - 2013 YTD (As at 29 May 2013)
P
r
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p
o
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t
i
o
n

o
f

N
o
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D
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s
29% 29% 28% 27%
25%
22%
35%
36% 37% 39%
40%
37%
23%
22% 21% 18%
19%
23%
8% 8% 9%
10%
9%
10%
5% 5% 5% 6% 7% 8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 YTD
California Rest of US Europe Asia Rest of World
Fig. 1: Proportion of Number of Venture Capital Deals Globally by
Region, 2008 - 2013YTD (As at 29 May 2013)
P
r
o
p
o
r
t
i
o
n

o
f

N
o
.

o
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D
e
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s
5%
9%
3%
6% 5% 6%
24%
28%
23%
31%
29% 28%
8%
7%
3%
4%
5% 4%
10%
8%
6%
8%
7%
6%
14%
15%
13%
13%
14%
11%
17%
19%
21%
18%
20%
16%
1%
1%
1%
1%
1%
1%
2%
3%
2%
4%
1%
3%
1%
2%
1%
2%
14%
6%
21%
8%
10%
16%
5% 4%
6% 6% 7% 7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
C
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s
Add-on and other
Angel/Seed
Grant
Growth Capital/Expansion
PIPE
Series A/Round 1
Series B/Round 2
Series C/Round 3
Series D/Round 4 and Later
Unspecified Round
Venture Debt
Fig. 5: Proportion of Number of US Venture Capital Deals by Stage
by US state, 2008 - 2013 YTD (As at 29 May 2013)
P
r
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r
t
i
o
n

o
f

N
o
.

o
f

D
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s
Subscribers to Preqins Venture Deals Analyst can use the
Advanced Search feature to view a breakdown of venture
capital activity in different US states. Search by deal stage,
size, industry and date.
Not yet a subscriber? For more information, or to register for a
demonstration, please visit:
www.preqin/com/vcdeals
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The Facts
Q4 2012 Preliminary Benchmarks
Q4 2012 Preliminary Benchmarks
Gary Broughton examines preliminary private equity performance figures as of 31st December 2012*.
0%
20%
40%
60%
80%
100%
120%
140%
160%
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
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7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
Residual Value
to Paid-In
Capital (%)
Distributions to
Paid-In Capital
(%)
Called-up to
Committed
Capital (%)
Vintage Year
Fig. 1: All Private Equity - Median Called, Distributions and Residual
Value Ratios by Vintage Year as of 31-Dec-2012
Preqins Performance Analyst contains full metrics for over 6,300 individual named funds. Identify which fund managers have the best
track record with performance benchmarks for private equity funds of all types and geographic locations.
To nd out how Performance Analyst can help you, or to register for a demonstration, please visit:
www.preqin.com/pa
0%
5%
10%
15%
20%
25%
30%
35%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
All Private Equity
Buyout
Venture Capital
Vintage Year
Fig. 2: Median Net IRRs - All Private Equity, Buyout and Venture
Capital as of 31-Dec-2012
M
e
d
i
a
n

N
e
t

I
R
R
Vintage
No.
Funds*
Median Fund Multiple Quartiles(X) IRR Quartiles(%) IRR Max/Min (%)
Called
(%)
Dist (%)
DPI
Value
(%) RVPI
Q1 Median Q3 Q1 Median Q3 Max Min
2012 104 14.5 0.0 95.3 1.04 0.96 0.87 n/m n/m n/m n/m n/m
2011 161 31.2 0.0 96.3 1.14 1.03 0.91 n/m n/m n/m n/m n/m
2010 111 58.0 6.7 104.2 1.27 1.15 1.04 n/m n/m n/m n/m n/m
2009 101 70.4 11.1 95.6 1.38 1.17 1.03 20.7 12.2 3.9 91.5 -17.4
2008 232 78.9 21.0 96.4 1.35 1.18 1.05 15.6 9.0 2.8 45.7 -32.1
2007 249 88.1 26.0 91.5 1.33 1.19 1.04 12.1 7.5 2.8 53.7 -32.4
2006 257 92.9 31.0 79.6 1.41 1.22 0.97 10.4 6.3 -0.1 28.0 -33.2
2005 225 97.0 55.3 68.7 1.62 1.28 1.05 13.0 6.9 2.5 105.5 -25.5
2004 131 98.0 89.3 47.5 1.73 1.35 1.08 17.8 8.4 3.6 80.0 -26.0
2003 112 99.0 119.0 35.3 1.83 1.52 1.30 24.5 14.8 8.8 59.4 -29.8
2002 92 100.0 129.9 15.0 2.06 1.57 1.33 27.0 13.7 8.3 93.0 -47.2
2001 136 99.1 138.9 14.6 2.18 1.60 1.27 27.1 14.1 6.9 94.0 -18.6
2000 189 100.0 135.0 10.3 2.00 1.52 1.13 20.0 11.3 2.7 137.9 -66.2
Fig. 3: All Private Equity - Preliminary Benchmarks as of 31-Dec-2012
*Preqins Performance Analyst contains performance data for over 6,300 private equity funds. The data used in Fig. 3 above is based on
preliminary data as of Q4 2012, and therefore is based on a smaller pool of funds.
Download Data
The Facts
Secondaries Fundraising
Secondaries Fundraising
Patrick Adufeye provides a round-up of the latest private equity secondaries fundraising statistics.
10
23
14 14
10
15
20 20
21
15
5
4.6
8.5
5.8
13.7
12.8
7.3
22.2
10.2
10.0
20.3
4.0
0
5
10
15
20
25
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
YTD
No. of
Funds
Closed
Aggregate
Capital
Raised
($bn)
Year of Final Close
Fig. 1: Annual Secondaries Fundraising, 2003 - 2013 YTD (As at 03 June
2013)
Source: Preqin Secondary Market Monitor
Subscribers to Preqins Secondary Market Monitor can click
here to access detailed information on the 36 secondaries
funds that are currently in market. Search by geographic focus,
GP location and fund size.
Not yet a subscriber? For more information, please visit:
www.preqin.com/smm
458
388
445
977
1,282
519
1,235
601 589
1,561
806
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
YTD
Year of Final Close
Fig. 2: Average Size of Secondaries Funds by Year of Final Close, 2003 -
2013 YTD (As at 03 June 2013)
A
v
e
r
a
g
e

F
u
n
d

S
i
z
e

(
$
m
n
)
27%
31%
15%
27%
$100mn-$250mn
$251mn-$500mn
$501mn-$1,000mn
>$1,000mn
Fig. 3: Breakdown of Secondaries Funds in Market by Target Size (As at
03 June 2013)
Fund Name Firm Final Size ($mn) Close Year
AXA Secondary Fund V AXA Private Equity 7,100 2012
Lexington Capital Partners VII Lexington Partners 7,000 2011
Vintage Fund V Goldman Sachs Private Equity Group 5,500 2009
Coller International Partners VI Coller Capital 5,500 2012
Coller International Partners V Coller Capital 4,800 2007
Fig. 4: Five Largest Secondaries Funds Raised of All Time
Fund Name Firm Target Size ($mn) Fundraising Status
Dover Street VIII HarbourVest Partners 3,000 Second Close
Vintage Fund VI Goldman Sachs Private Equity Group 3,000 Fifth Close
Landmark Equity Partners XV Landmark Partners 2,500 Raising
Paul Capital Partners X Paul Capital 2,000 First Close
NB Secondary Opportunities Fund III Neuberger Berman 1,600 First Close
Fig. 5: Five Largest Secondaries Funds in Market (As at 03 June 2013)
Conferences Spotlight
Conference Dates Location Organizer
Private Equity World Latin America 17 - 18 June 2013 Florida Terrapinn
Investor Ops: Operational Due Diligence on Alternatives
Investments for Endowments and Foundations
20 - 21 June 2013 New York IIR USA
SuperReturn Emerging Markets 24-27 June 2013 Geneva ICBI
The Outsourced CIO Summit 24 - 25 June 2013 Florida
Financial Research
Associates
AM&AA Summer Conference 2013 9 - 11 July 2013 Chicago AM&AA
SuperReturn Asia 16 - 19 September 2013 Hong Kong ICBI
Capital Creation 16 - 18 September 2013 Monte Carlo World Business Research
SuperReturn Middle East 6 - 9 October 2013 Abu Dhabi ICBI
Deutches Family ofce Forum 2013 29 - 30 October 2013 Munchen Terrapinn
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 from sources that are believed to be accurate, and to conrm the 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
Download Data Conferences
Conferences Spotlight
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.
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.
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.
15th Annual AM&AA Summer Conference: Shining a Light on the Middle Market
Date: 9 -11July 2013 Information: www.mandaconnection.org
Location: Radisson Blu Aqua Hotel, Chicago, IL
Organiser: Alliance of Merger & Acquisition Advisors
Our conference theme reflects the importance of the Middle Market segment of the economy as growth begins to accelerate
domestically and abroad. The conference will provide the forum to establish new connections, foster existing relationships, and learn
from leading M&A professionals. The conference will feature stimulating panel discussions, focused conversations and dynamic
dialog among leading M&A professionals. The conference will also continue to build on the powerful focused networking and deal
sourcing activities you have come to expect from the AM&AA.
Leveraged Finance 2013 Conference
Date: 2 - 3 September 2013 Information: www.euromoneyseminars.com/levfin13
Location: Landmark Hotel, London
Organiser: Euromoney Seminars
**Quote PQLI20 when booking to save 20%**
Now in its 7th year, Leveraged Finance remains the must attend event for senior industry professionals, and with all signs pointing
towards a key turning point for leveraged finance, your peers will be meeting under one roof in order to discuss the topics that will
affect your business dealings in 2014. Industry experts from companies including JP Morgan, Credit Suisse, Babson Capital, Carlyle,
Liberty Global and Capital Dynamics have already confirmed their attendance.

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