Preqin Private Equity Spotlight January 2014

Private Equity Spotlight
January 2014
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January 2014
Volume 10 - Issue 1
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.
Sign up to receive your free edition of Private Equity Spotlight every month!
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Free Subscription:

The 2014 Preqin Global Private Equity Report
This months Private Equity Spotlight features sample pages from the
2014 Preqin Global Private Equity Report, the most comprehensive
review of the private equity asset class ever undertaken, including:
Table of Contents - Page 2
Private Equity in 2014 - The Year Ahead - Page 5
Limited Partners Renew Focus on Risk in 2014 - Page 6
Assets under Management and Dry Powder - Page 8
Venture Capital GPs - Key Stats and Facts - Page 9
Performance Overview - Page 11
Private Equity Benchmarks - Page 13
Investor Appetite for Private Equity in 2014 - Page 14
Global Buyout Exit Overview - Page 16
Conferences Spotlight - Page 17

ISBN: 978-1-907012-62-4
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2014 Preqin Global
Private Equity
Report
MainConference:2527February
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2014 Preqin Ltd. / www.preqin.com
The 2014 Preqin Global Private Equity Report
Contents
CEOs Foreword 4
Section 1: The 2014 Preqin Global Private Equity Report
Keynote Address - Moose Guen, CEO, MVision 5
Section 2: Overview of the Private Equity Industry
Private Equity in 2014: The Year Ahead - Ignatius
Fogarty, Preqin
7
Education and Understanding Are Key to
Industry Progression - Tim Hames, Director
General, British Private Equity & Venture Capital
Association
8
Private Equity Investors Looking Beyond BRICs
for Growing Companies and Economies - Robert
W. van Zwieten, President & Chief Executive
Ofcer, EMPEA
9
Limited Partners Renew Focus on Risk in 2014 -
Michael Elio, Managing Director, Industry Affairs,
ILPA
10
Current State of Private Equity in Latin America
- Cate Ambrose, President & Executive Director,
LAVCA
11
When Preparation Meets Opportunity - Steve
Judge, President and CEO, PEGCC, and Bronwyn
Bailey, Vice President of Research, PEGCC
12
Section 3: Assets under Management, Dry Powder,
Employment and Compensation
Harvesting the Illiquidity Premium in Private Equity
- Peter Cornelius, Managing Director, Economics
& Strategy, AlpInvest Partners
13
Assets under Management and Dry Powder 14
Employment and Compensation 16
Section 4: Fundraising
Fundraising Trends in 2014 - Steve Standbridge,
Partner, Capstone Partners
19
2013: Another Year of Change for Private Fund
Regulation - Scott A. Moehrke, P.C., Lisa Cawley
and Kevin Bettsteller, Kirkland & Ellis LLP
21
The 2013 Fundraising Market 22
Current Funds in Market 25
Fundraising Momentum 26
North American Fundraising 27
European Fundraising 28
Asian Fundraising 29
Emerging Market Private Equity: Opportunity or
Illusion? - Chris Allen, Josh Lerner and Andrew
Speen, Harvard Business School and Bella
Research Group
30
Rest of World Fundraising 31
Buyout Fundraising 32
Distressed Private Equity Fundraising 33
Growth Fundraising 34
Mezzanine Fundraising 35
Natural Resources Fundraising 36
Venture Capital Fundraising 38
Section 5: General Partners
Shifts within Private Debt Markets - Benoit
Durteste, Managing Director, Head of European
Mezzanine, ICG
39
League Tables of Largest GPs 40
Buyout GPs - Key Stats and Facts 44
Distressed Private Equity GPs - Key Stats and
Facts
45
Growth GPs - Key Stats and Facts 46
Mezzanine GPs - Key Stats and Facts 48
Natural Resources GPs - Key Stats and Facts 49
Venture Capital GPs - Key Stats and Facts 50
Section 6: Performance
AIFMD Valuation Regulations Opportunity or
Cost? - Kevin OConnor, Director, Markit Portfolio
Valuations
51
Performance Overview 52
PrEQIn - Private Equity Quarterly Index 55
Private Equity Horizon Returns 56
Private Equity Returns for Public Pension Funds 57
Private Equity Benchmarks 58
Quantifying and Benchmarking
PE Portfolio Risk - Prof. Oliver Gottschalg of HEC
Paris, Head of Research, PERACS
61
Consistent Performing Fund Managers 62
Section 7: Investors
Private Equity and the Financial Advisor - Josh
Parrott, Director, Portfolio Management, Hatteras
Funds
65
The Evolution of the Limited Partner Universe 66
Make-Up of Investors in Recently Closed Funds 68
Investor Appetite for Private Equity in 2014 70
League Tables of Largest Investors By Region 75
League Tables of Largest Investors by Type 76
Liquid Returns From Private Equity Intelligence
- Ben Warwick, Founder and Chief Investment
Ofcer, Quantitative Equity Strategies
77
Investors to Watch in 2014 78
The 2014 Preqin Global Private Equity Report - Sample Pages
To nd out more and to order your copy, please visit: www.preqin.com/gper
3
Section 8: Separate Accounts
Investor and Fund Manager Use of Separate
Accounts
79
Section 9: Investment Consultants
Private Debt Makes Its Way Into Institutional
Portfolios - Sanjay Mistry, Director of Private Debt,
Mercer
81
Investment Consultants in Private Equity 82
Section 10: Buyout Deals
Private Equity-Backed Buyout Deals 85
Global Buyout Exit Overview 87
Make-Up of Private Equity-Backed Buyout Deals
in 2013 by Type, Value and Industry
89
Most Active Debt Providers and Advisors 91
Largest Buyout Deals and Exits 92
Section 11: Venture Capital Deals
Venture Capital Deals 93
Venture Capital Deal Flow by Industry, Stage and
Size
95
Most Active Firms, Largest Venture Capital Deals
and Notable Exits
97
Section 12: Fund Terms and Conditions
Challenging Market, Challenging Terms - Jonathan
Blake, Head of International Funds, King & Wood
Mallesons SJ Berwin
99
Private Equity Fund Terms and Conditions 100
Investor Attitudes towards Fund Terms and
Conditions - December 2013 LP Survey Results
102
Leading Law Firms in Fund Formation 104
Section 13: Funds of Funds
Evolution of Private Equity Funds of Funds 105
Fundraising Review Funds of Funds 106
Fund of Funds Managers - Key Stats and Facts 107
Section 14: Secondaries
Review of the Secondary Market and Investor
Appetite in 2013
109
Secondary Market Intermediaries 112
Secondary Fund of Funds Managers - Key Stats
and Facts
113
Secondaries Fundraising Review 114
Section 15: Cleantech
Cleantech Fundraising 115
Investors in Cleantech 117
Private Equity-Backed Cleantech Deals 118
Section 16: Placement Agents
Placement Agent Use in 2013 121
Prole of the Placement Agent Industry 123
Section 17: Fund Administrators
Fund Administrators 125
Section 18: Fund Auditors
Fund Auditors 127
Section 19: Preqin Products
Order Form 128
Datapack for the 2014 Preqin Global Private Equity
Report
The data behind all of the charts featured in the Report is available to purchase in Excel
format. It also includes ready-made charts that can be used for presentations, marketing
materials and company reports.
To purchase the datapack, please visit:
www.preqin.com/gper
Data Source:
The 2014 Preqin Global Private Equity Report contains the most up-to-date data available at the time of going to print.
For the very latest statistics and information on fundraising, institutional investors, fund managers and performance, or to
arrange a walkthrough of Preqins online services, please visit:
www.preqin.com/privateequity
2. Overview of the Private Equity Industry
5
Private Equity in 2014: The Year Ahead
- Ignatius Fogarty, Preqin
2013 has seen the highest aggregate
amount of capital raised by private equity
rms since 2008, with 873 funds reaching
a nal close and raising an aggregate
$454bn. In recent years, there has been
a prevailing sense that the private equity
industry has been hampered by economic
uncertainty and resultant investor caution,
which has led to a sluggish fundraising
environment. Fundraising has evidently
improved in 2013; can 2014 carry on the
same track?
Performance
Over the longer term, private equity has
performed well, as demonstrated by the
PrEQIn Private Equity Quarterly Index,
shown on page 55, and horizon IRRs over
10 years, shown on page 56, with private
equity outperforming public markets over
the longer term. Investors appear to be
pleased with the performance of their
private equity investment portfolios. In our
December 2013 survey, 77% of investors
indicated that they were satised with
the performance of their private equity
portfolios, and a further 13% of investors
stated that their returns had exceeded
their expectations.
Deals and Exits
2013 saw a record number of private
equity-backed buyout exits, with 1,348
such exits valued at $303bn witnessed.
This has resulted in a higher level of
distributions, and the improving liquidity
for investors has increased their capacity
for making new commitments to private
equity funds. 2013 also saw a record
year for venture capital exits, with 798
recorded throughout the year, the highest
number of exits in the period since 2007.
There has also been an increase in deal
activity, with 2013 seeing 5,979 venture
capital deals valued at $46bn and 2,836
buyout deals valued at $274bn. However,
there is a concern over the imbalance of
the venture capital environment. As deals
outweigh exits considerably, how many
of these investments will exit and return
capital to their investors?
With the improvements seen in private
equity fundraising levels, which have led to
new injections of capital into the industry,
there are positive signs for the number
of completed deals in the private equity
industry, with fund managers seeking to
deploy the capital raised in 2013.
Investor Appetite
Overall, investor appetite for private equity
in 2014 remains high. In Preqins recent
survey, 71% of investors that we spoke
to indicated that they would be making
a commitment to a private equity fund in
2014. However, investors are becoming
more cautious about how industry
regulation will affect their investment
portfolios, with 26% of investors stating
that this is the area that they are most
concerned with at present.
There has been a sense that investor
preferences have also been evolving and
becoming more risk averse. Enthusiasm
for emerging markets is on the wane
and this is reected in fundraising
gures. 2013 saw a decline of 37% in the
aggregate capital raised for Asia-focused
fundraising compared to 2012 and an
almost 50% decrease in the capital
raised for other regions outside of North
America and Europe. Conversely, North
America- and Europe-focused fundraising
has increased between 2012 and 2013.
This is likely to continue in 2014, with
investors indicating a decrease in appetite
for emerging markets in our December
survey. Investors are also showing a
reduced appetite for rst-time funds, with
56% of investors stating that they would
not invest in rst-time funds at all.
Average Fund Sizes
This year has seen an increase in the
average size of funds being raised by
GPs. What we have seen in 2013 is a
concentration within the private equity
industry, whereby LPs are investing
more of their capital with managers
that have extensive track records, and
are therefore, by nature, raising much
larger funds. First-time managers only
accounted for 7% of capital raised; we
are increasingly seeing investors invest
more capital but with fewer managers.
Despite LPs indicating that they largely
have a preference for mid-market buyout
funds, funds of a size equivalent to $1.5bn
or more accounted for 58% of all private
equity capital raised. Mega funds have
been particularly prominent in 2013 and
that year saw Apollo Global Management
close its mega buyout vehicle, Apollo
Investment Fund VIII, which successfully
surpassed its original fundraising target of
$12bn. After an interim close in July, Apollo
Investment Fund VIII held a nal close on
$18.4bn in December 2013, including
$17.5bn in LP commitments, making it the
larget private equity fund raised since the
onset of the nancial crisis in 2008.
Outlook
While it is clear that there is substantial
investor appetite for private equity, we are
seeing an increasingly competitive market.
There are over 2,080 funds currently
on the road, and though the amount of
aggregate capital being targeted has
decreased from 2012 to 2013, the market
is still very crowded, with a signicant
number of fund managers competing for
attention.
Investors are being very selective in
their commitments, taking more control
and becoming more risk averse; there
is clear evidence of a decline in interest
for emerging fund managers as well as
rst-time funds. The supply of private
equity funds outweighs the demand, as
investors look to commit to established
private equity fund managers in more
mature economies.
Although it is likely that 2014 will see
another increase in aggregate capital
raised for private equity funds, if the
fundraising market continues on its current
path, less established fund managers will
nd it difcult to raise capital and may
be forced to abandon their funds. Yes,
there is a sense of recovery in the private
equity market, but it is questionable if the
industry can attract sufcient capital for
the number of funds on the road.
Data Source:
Access comprehensive information
on all aspects of the private equity
industry on Preqins Private Equity
Online service. Constantly updated
by our team of dedicated research
analysts, the service features in-
depth data on fundraising, fund
managers, institutional investors,
net-to-LP fund performance, deals
and much more.
For more information on how
Preqins private equity data can help
you, please visit:
www.preqin.com/privateequity
6
Limited Partners Renew Focus on
Risk in 2014
- Michael Elio, Managing Director,
Industry Affairs, ILPA
The world is facing an investment
environment in transition. Industries have
continued their shift to a global presence,
public stock markets have reached new
all-time highs, and the energy revolution
has changed the opportunity set in
North America. In response to this and
many other factors, the world of private
equity has expanded its footprint beyond
its historical geographic and sector
boundaries and posted fundraising
statistics that mark a return to levels not
seen since the global nancial crisis.
An expanded and unfamiliar investment
environment has not often transitioned
in a rational way; this new and uncertain
world has pushed investor sensitivity to
any potential risk to the forefront. With
purchase multiples, debt levels and other
statistics mirroring the environment last
seen in 2007 and with the memory of the
downturn still fresh, institutional investors
are responding to this setting with an
increased focus on the identication,
measurement and mitigation of risk in
their private equity portfolios.
Why Measure Risk?
A common argument against measuring
risk in private equity has been the inability
of limited partners to do anything about it.
That scenario has also changed. Within
the asset class, a robust secondary
market, coupled with record distributions,
has allowed LPs to more directly shape
their portfolios. Though at some cost,
LPs can exit risky or unwanted fund
investments in the secondary market
and assess potential risk on the new
commitments made as they rebuild their
portfolios. More importantly, and more
readily available to all LPs, investors
can leverage the public markets to offset
any risk concentration perceived in the
private equity portfolio.
Data The New Tool for Risk
Private equity has not had a traditional
measure of risk. LPs historically
focused on qualitative factors to assess
managers. During the latest downturn,
the missing component of robust
quantitative data drove LPs to push
for increased transparency from their
general partners as they struggled to
monitor their investments. The ILPA Best
Practices in Reporting and other tools
by LPs and GPs have improved LPs
risk assessment capabilities. As markets
seem to have returned to a cyclical high,
this increased transparency has created
a more balanced platform to identify
potential metrics to quantify and measure
risk in their portfolios.
A New Perspective on Manager
Selection
This enhanced risk paradigm has
impacted analysis and oversight across
the LP organization. Armed with better
data in a more robust fundraising
environment, fund diligence teams are
more focused on risk assessment which
has led to a more detailed diligence
process. The ILPA responded to a request
from GPs to tackle the workload involved
in the diligence process and released
its Due Diligence Questionnaire Tool to
assist. Since the draft release in April
2013 and nal release in November 2013,
the DDQ Tool has been downloaded over
3,000 times and is now being used by
many LPs and GPs worldwide. The tool
outlines many of the concerns of LPs and
how they impact alignment, transparency
and governance.
The categories of risk have expanded or
been more formally dened to include GP
operational risk, Environmental, Social &
Corporate Governance (ESG) risk, credit
and currency risk, background risk,
headline risk, regulatory risk, valuation
risk and more. GPs should expect to hear
more questions about internal policies to
handle many of these dened risks.
Monitoring: Focus on Current Portfolio
Risk
As GPs provided additional data during
the fundraising process, private equity
portfolio managers expanded the use
of this data to their existing portfolios.
Many LPs have expanded risk groups or
policies to reveal any potential areas of
concern in existing portfolio companies
and GP relationships. These wide-
ranging analytics have gone beyond
deal attribution to include a focus on
debt covenants, leverage risk, cash
availability and more. In addition to
analytics, LPs will continue to increase
their use of annual or periodic onsite
operational audits to assess risks within
the GPs internal processes.
ESG: A New Entrant for Risk
The UN Principles for Responsible
Investing released a more detailed
Disclosure Framework in March 2013 that
continues to formalize ESG expectations
between LPs and GPs. Included as a
component within the ILPA Principles
released in 2011, the discussion of ESG
risk both within the GPs organization and
expanding to their portfolio companies,
is a growing concern among LPs and a
more common mandate in the diligence
process. Though the discussion of ESG
and its risks in a private equity portfolio
are more widespread in Europe, the
prole and impact of ESG continues to
increase in North America.
Going Forward
Though impossible to estimate every
risk, general partners should look to
limited partners to continue to rene
their internal data processes both in their
upfront manager sourcing, screening
and diligence, as well as their ongoing
monitoring workow, to include metrics
more commonly reserved for detailed risk
analysis. GPs that are more pro-active at
providing this data should see increased
return on investment in their relationship
with their LPs.
ILPA
The ILPA is the global, member-
driven organization dedicated to
advancing the interests of private
equity limited partners through
industry-leading education programs,
independent research, best practices,
networking opportunities and global
collaborations. Initially founded as an
informal networking group, the ILPA
is a voluntary association funded by
its members. The ILPA membership
has grown to include over 295
member organizations from around
the world representing over $1tn of
private assets globally.
www.ILPA.org
The 2014 Preqin Global Private Equity Report - Sample Pages 2. Overview of the Private Equity Industry
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Assets under Management
and Dry Powder
Since the beginning of the millennium,
the private equity industrys assets
under management* (AUM), dened
as the uncalled capital commitments
(dry powder) plus the unrealized value
of portfolio assets, have continued to
increase year on year. With the unrealized
portfolio value increasing steadily each
year, and dry powder remaining around
the $1tn mark, private equity assets
under management have attained the
highest gure to date at just under $3.5tn
as of 30 June 2013.
Continued Growth in Assets under
Management
Fig. 3.1 shows the private equity
industrys assets under management
from December 2000 to June 2013. From
the start of the time period shown, assets
under management grew gradually
between 2000 and 2004. This was then
followed by a boom period that saw
substantial increases in both dry powder
and unrealized value from 2004 to 2007
as a result of the high levels of deals
and fundraising activity in the pre-crisis
period.
However, the boom period was followed
by a attening out of assets under
management as the nancial crisis hit.
The crisis resulted in a sharp decline
of exit activity as illustrated by the
lower levels of distributions between
2008 and 2010 as shown in Fig. 3.2.
However during this time, fund managers
continued to call capital, albeit at lower
amounts compared to 2007. These
continued capital calls, in addition to
slightly improved fundraising and lower
exit activity, resulted in further increases
in the assets under management from
2009, in spite of write-downs in portfolio
valuations caused by the nancial crisis.
The slow exit environment between 2008
and 2010 resulted in increases in the
unrealized portfolio value each year, and
with lower exit levels, investors had less
capital returned from their private equity
portfolios to commit to new funds, leading
to a far more competitive fundraising
environment.
298
377 407 402 409
563
806
1,011
1,075
1,067
993
1,007
941
1,046
418
374 360
465
554
675
898
1,265
1,204
1,413
1,783
2,029
2,332
2,420
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
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Unrealized
Value ($bn)
Dry Powder
($bn)
Fig. 3.1: All Private Equity Assets Under Management, 2000 - 2013
Source: Preqin Fund Manager Proles and Preqin Performance Analyst
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Called
($bn)
Capital
Distributed
($bn)
Fig. 3.2: All Private Equity Annual Amount Called-Up and
Distributed, 2000 - 2013
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Value ($bn)
Dry Powder
($bn)
Fig. 3.3: All Private Equity Assets under Management by
Vintage Year as of June 2013
Vintage Year
The 2014 Preqin Global Private Equity Report - Sample Pages 3. Assets under Management , Dry Powder, Employment
and Compensation
Data Source:
Preqin tracks in-depth data on
the global private equity market.
Access detailed proles of over
7,400 private equity fund managers,
including estimated dry powder,
performance track records, funds
raised historically and those
currently open for investment.
For more information, please visit:
www.preqin.com/fmp
9
Venture Capital GPs
Key Stats and Facts
44%
36%
11%
9%
1 Fund
2-3 Funds
4-5 Funds
6 Funds or More
Fig. 5.39: Breakdown of Venture Capital Firms by Number
of Funds Raised
Source: Preqin Fund Manager Proles
Fig. 5.40: Number of Firms Actively Managing Venture
Capital Funds by Country
GP Location No. of Firms
US 770
China 87
UK 75
Canada 50
Japan 48
France 41
India 38
Germany 35
South Korea 34
Israel 33
67%
51%
48%
32%
25%
21% 21%
16%
13%
3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
I
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E
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Fig. 5.41: Venture Capital Firms Industry Preferences for
Underlying Investments
P
r
o
p
o
r
t
i
o
n

o
f

F
i
r
m
s
Fig. 5.43: Five Largest Venture Capital Funds Raised, All Time
Fund Firm Year Closed Final Size (bn) GP Location
Nanjing Jianning Zijin Equity Investment Fund I Nanjing Zijin Investment 2012 3.2 USD China
Invention Investment Fund II Intellectual Ventures 2008 2.8 USD US
New Enterprise Associates XIV New Enterprise Associates 2012 2.6 USD US
InSight Venture Partners VIII Insight Venture Partners 2013 2.6 USD US
Oak Investment Partners XII Oak Investment Partners 2006 2.6 USD US
Source: Preqin Funds in Market
Identify Top Performing Venture Capital Fund Managers
Preqins Performance Analyst can be used to identify consistently top performing private equity fund managers of all types,
using Preqins quartile ranking system.
www.preqin.com/pa
59%
38%
36%
37%
56%
1%
0%
10%
20%
30%
40%
50%
60%
70%
E
a
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Fig. 5.42: Breakdown of Venture Capital Firms by
Investment Stage Preferences
P
r
o
p
o
r
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i
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n

o
f

F
i
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m
s
The 2014 Preqin Global Private Equity Report - Sample Pages 5. General Partners
February 24 - 26, 2014
Ponte Vedra Beach Resort, Florida
HIGHLIGHTS
- Prcscnt tn and nctwnrk wIth famI!y nfcc Invcstnrs.
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give anpIe line for faniIy ofhce inveslors lo spend addilionaI line vilh lhe inveslnenl nanagers leyond lhe one-on-one neelings.
- Rc!cvant and InsIghtfu! cnnfcrcncc prngram cnntcnt crcatcd by !cadIng hcdgc fund and a!tcrnatIvc stratcgIcs Industry prnfcssInna!s.
Speakers incIude:
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Sluarl Z. IeIdnan - IideIily Inveslnenls
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- Thc nn!y cap Intrn cnnfcrcncc whnsc prngram advIsnry bnard Inc!udcs famI!y nfcc Invcstnrs.
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11
Performance
Overview
The private equity industry has been
in a state of healthy recovery since
the nancial crisis, with indications of
performance rebounding. Within fund
performance however, there is a spread
between the performance of individual
funds, with a large gulf between returns
generated by the best and worst
performing funds. For fund managers,
performance data is important to discover
how their funds relate to their peers and
to gain an insight into the performance of
the asset class as a whole and compared
to individual investment strategies. For
investors, comprehensive performance
data is vital in order to assess fund
selection and effectively balance asset
allocations.
Preqin provides net-to-LP performance
data for over 6,600 private equity funds
and offers a variety of metrics in order
to assist all private equity professionals
with their investment activity, and this
high level of coverage enables us to
offer access to the largest and most
comprehensive database of private
equity performance in the world.
Performance Analyst offers a wide range
of performance metrics to subscribers
and the following analysis aims to give
an indication of the variety of insights
which can be gained through analysis of
Preqins performance data.
The most well-known and widely used
fund performance metric is the IRR, a
money-weighted return which takes into
account the timing of fund managers
investment decisions. Fig. 6.1 shows the
median net IRRs for the whole private
equity industry, along with the top and
bottom quartile boundaries as of 30 June
2013.
0%
5%
10%
15%
20%
25%
30%
1
9
9
9
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
Top Quartile IRR
Boundary
Median
Bottom Quartile
IRR Boundary
Fig. 6.1: All Private Equity - Median Net IRRs and Quartile Boundaries by
Vintage Year as of 30 June 2013
Source: Preqin Performance Analyst
N
e
t

I
R
R

s
i
n
c
e

I
n
c
e
p
t
i
o
n
Vintage Year
0%
5%
10%
15%
20%
25%
30%
35%
1
9
9
7
1
9
9
8
1
9
9
9
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
Mega
Large
Mid-Market
Small
Fig. 6.3: Buyout Funds by Size* - Median Net IRRs by Vintage
Year
M
e
d
i
a
n

N
e
t

I
R
R

s
i
n
c
e

I
n
c
e
p
t
i
o
n

(
%
)
Vintage Year
35%
21% 20%
14%
26%
33%
25%
22%
23%
27%
28%
31%
16%
19%
27%
34%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
B
o
t
t
o
m

Q
u
a
r
t
i
l
e
P
r
e
d
e
c
e
s
s
o
r

F
u
n
d
T
h
i
r
d

Q
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t
i
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e
P
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d
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s
s
o
r

F
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d
S
e
c
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d

Q
u
a
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t
i
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e
P
r
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d
e
c
e
s
s
o
r

F
u
n
d
T
o
p

Q
u
a
r
t
i
l
e
P
r
e
d
e
c
e
s
s
o
r

F
u
n
d
Top Quartile
Successor Fund
Second Quartile
Successor Fund
Third Quartile
Successor Fund
Bottom Quartile
Successor Fund
Fig. 6.2: All Private Equity - Relationship between
Predecessor and Successor Fund Quartiles
*Buyout Fund Size Ranges:
Vintage 1992-1996: Small Buyout $200mn, Mid-Market Buyout $201mn-$500mn, Large Buyout > $500mn
Vintage 1997-2004: Small Buyout $300mn, Mid-Market Buyout $301mn-$750mn, Large Buyout $751mn-$2bn, Mega Buyout > $2bn
Vintage 2005-2014: Small Buyout $500mn, Mid-Market Buyout $501mn-$1.5bn, Large Buyout $1.6bn-$4.5bn, Mega Buyout > $4.5bn
The 2014 Preqin Global Private Equity Report - Sample Pages 6. Performance
Data Source:
Preqins Performance Analyst
is the industrys most extensive
source of net-to-LP private equity
fund performance, with full metrics
for over 6,600 named vehicles.
www.preqin.com/pa
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13
The 2014 Preqin Global Private Equity Report - Sample Pages 6. Performance
Private Equity
Benchmarks
Fund Type: Buyout Benchmark Type: Median
Geographic Focus: All Regions As At: 30 June 2013
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
2013 22 8.5 0.0 80.4 0.99 0.83 0.35 n/m n/m n/m n/m n/m
2012 42 17.1 0.0 94.8 1.12 1.00 0.83 n/m n/m n/m n/m n/m
2011 47 35.0 0.0 91.5 1.16 1.00 0.87 n/a n/a n/a n/a n/a
2010 43 53.3 2.7 104.3 1.29 1.13 1.04 19.7 9.0 4.2 42.5 -33.0
2009 33 71.3 17.0 102.6 1.46 1.23 1.08 19.1 11.5 6.6 88.5 -7.0
2008 81 82.5 25.9 97.8 1.55 1.25 1.13 18.8 10.7 4.9 40.0 -30.2
2007 95 90.4 33.3 88.7 1.51 1.35 1.14 15.9 10.1 5.6 43.0 -20.7
2006 84 93.6 61.7 78.4 1.59 1.39 1.21 13.4 8.4 4.3 28.0 -17.7
2005 78 97.3 86.9 62.4 1.69 1.48 1.22 16.3 10.2 5.8 68.0 -6.5
2004 36 97.3 138.6 48.2 2.28 1.86 1.61 29.0 17.0 9.8 79.9 -14.8
2003 36 99.9 134.8 36.1 2.54 1.79 1.37 34.9 18.0 10.3 57.0 -49.9
2002 24 97.2 171.4 13.3 2.25 1.86 1.42 31.6 20.7 13.1 52.1 -1.3
2001 29 98.0 194.0 7.2 2.79 2.10 1.77 40.3 29.1 13.8 94.0 -7.6
2000 63 97.5 175.1 7.8 2.34 1.87 1.54 26.2 17.8 11.3 34.6 -11.7
1999 39 98.5 159.1 1.2 2.04 1.71 1.35 17.4 12.5 6.4 35.6 -23.7
1998 52 99.7 149.8 0.0 1.90 1.54 1.25 17.8 9.3 3.1 31.9 -100.0
1997 46 100.0 149.9 0.0 2.11 1.50 1.06 15.2 8.1 1.4 84.0 -21.6
1996 26 99.4 147.7 0.0 2.18 1.48 0.90 21.3 10.4 0.2 147.4 -19.6
1995 24 100.0 164.7 0.0 2.30 1.67 1.08 28.7 12.7 1.5 59.9 -19.9
1994 31 100.0 188.9 0.0 2.26 1.89 1.51 34.9 17.9 10.9 58.0 -4.7
1993 18 100.0 215.1 0.0 3.26 2.15 1.24 30.2 19.1 7.7 58.0 0.8
1992 14 100.0 183.1 0.0 2.66 1.84 0.86 36.1 20.2 -6.1 41.4 -49.9
1991 8 100.0 246.9 0.0 3.04 2.47 2.04 42.5 25.4 23.5 54.7 -0.5
1990 13 99.9 191.9 0.0 2.45 1.92 1.38 25.0 18.2 7.9 72.0 2.4
Fund Type: Buyout by Fund Size Benchmark Type: Median
Geographic Focus: All Regions
Vintage
Mega Buyout Large Buyout Mid-Market Buyout Small Buyout
Median Fund Weighted Fund Median Fund Weighted Fund Median Fund Weighted Fund Median Fund Weighted Fund
Multiple
(X)
IRR
(%)
Multiple
(X)
IRR
(%)
Multiple
(X)
IRR
(%)
Multiple
(X)
IRR
(%)
Multiple
(X)
IRR
(%)
Multiple
(X)
IRR
(%)
Multiple
(X)
IRR
(%)
Multiple
(X)
IRR
(%)
2013 n/a n/m n/a n/m n/a n/m n/a n/m n/a n/m n/a n/m n/a n/m n/a n/m
2012 0.98 n/m 0.95 n/m 1.00 n/m 1.00 n/m 0.99 n/m 0.83 n/m 0.91 n/m 0.94 n/m
2011 1.04 n/m 1.09 n/m 1.05 n/m 1.07 n/m 1.00 n/m 1.04 n/m 0.90 n/m 0.90 n/m
2010 n/a n/a n/a n/a 1.07 4.5 1.09 5.1 1.11 9.6 1.13 8.6 1.07 8.3 1.04 7.9
2009 n/a n/a n/a n/a 1.19 9.9 1.21 8.9 1.15 10.9 1.23 9.0 1.20 11.7 1.31 14.7
2008 1.18 7.8 1.32 11.5 1.40 13.8 1.36 13.3 1.25 9.3 1.23 10.9 1.33 11.3 1.21 11.1
2007 1.20 6.6 1.22 6.2 1.35 9.7 1.33 9.5 1.36 10.3 1.37 10.8 1.33 12.8 0.95 9.5
2006 1.31 5.6 1.24 3.7 1.38 8.3 1.31 7.1 1.36 8.6 1.36 7.3 1.38 10.1 1.43 11.2
2005 1.75 11.4 1.73 11.7 1.33 6.8 1.39 9.9 1.38 9.4 1.45 11.5 1.52 11.1 2.02 21.7
2004 1.62 11.0 1.79 15.7 1.65 11.4 1.67 9.3 1.89 14.1 1.36 8.8 2.06 22.0 1.53 8.3
2003 1.87 20.3 2.04 24.0 1.96 19.4 2.07 20.9 1.54 14.6 2.07 16.7 1.76 19.5 1.77 15.0
2002 1.77 31.6 1.86 27.1 2.04 20.7 1.98 22.3 2.06 24.7 1.86 22.1 1.80 15.9 2.12 28.7
2001 2.37 29.0 2.48 32.7 1.93 24.0 2.07 25.4 1.97 24.6 2.15 26.0 2.30 30.9 1.71 17.8
2000 2.08 18.5 1.99 17.9 1.76 15.2 1.76 13.7 2.00 18.0 1.93 17.5 2.06 20.7 2.07 26.3
1999 1.73 11.5 1.63 8.5 1.56 8.9 1.40 5.5 1.92 10.2 1.92 11.5 1.70 14.1 1.22 4.6
1998 1.45 5.8 1.40 4.8 1.37 9.3 1.25 1.4 1.46 7.5 1.52 4.1 1.68 12.8 1.75 11.2
1997 1.70 9.9 1.49 5.9 1.72 11.8 1.78 18.0 1.12 1.9 1.15 2.5 1.62 11.4 1.42 8.4
Denition used for Mega, Large, Mid-Market, Small Buyout: Small Mid-Market Large Mega
Vintage 1992-1996 $200mn $201-500mn > $501mn -
Vintage 1997-2004 $300mn $301-750mn $751mn-$2bn > $2bn
Vintage 2005-2013 $500mn $501mn-$1.5bn $1.6-4.5bn > $4.5bn
Data Source:
Preqin provides free access to our industry-leading performance benchmarks,
which are calculated using performance returns for over 6,600 funds from Preqins
Performance Analyst online service on our Resesarch Center Premium.
For more information, please visit: www.preqin.com/rcp
14
The 2014 Preqin Global Private Equity Report - Sample Pages 7. Investors
Investor Appetite for
Private Equity in 2014
The private equity market is experiencing
a resurgence; despite 2013 seeing a
decrease in the number of funds raised,
there was a signicant 19% increase in
aggregate capital committed to funds
closed that year compared to 2012. In
2013, 873 funds reached a nal close,
raising $454bn, compared to 1,035 funds
raising $381bn in 2012, demonstrating
strong investor appetite for the asset
class over the last 12 months. However,
the growth in average fund size, at
$572mn for funds closed in 2013
compared to $405mn in 2012, means
that investors are focusing more of their
investment on larger funds.
In December 2013, we spoke with 100
LPs globally in order to determine their
current attitude towards private equity
and their future investment plans, in
order to get an idea of the strength of
investor appetite for the asset class in
2014. Seventy percent of investors made
commitments to private equity funds in
2013, compared to 60% of investors in
2012. Our conversations have shown
that investor appetite for private equity
will remain strong over the next year.
Investor Sentiment towards Private
Equity
The proportion of investors that felt their
private equity fund investments had
either met or exceeded their expectations
has continued to increase in recent
years, as shown by Fig. 7.10. Over
three-quarters (77%) of investors felt that
their investments had lived up to their
expectations, a slight increase compared
with 74% of investors in December
2012. Thirteen percent of investors felt
their investments had exceeded their
expectations, twice the proportion seen
in December 2011 that shared this view.
Challenges Faced by LPs
As the private equity industry has come
under increasing scrutiny since the global
nancial crisis, regulatory changes have
been perceived as the biggest challenge
facing LPs in 2014, as shown in Fig. 7.11.
Over a quarter (26%) of investors in the
asset class cited regulation as the main
challenge for the year ahead, compared
with only 15% in December 2012.
6%
11%
13%
75%
74%
77%
19%
15%
11%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec-11 Dec-12 Dec-13
Fallen Short of
Expectations
Met
Expectations
Exceeded
Expectations
Fig. 7.10: Proportion of Investors that Feel Their Private Equity Fund
Investments Have Lived up to Expectations, 2011 - 2013
Source: Preqin Investor Interviews, December 2013
P
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26%
22% 22%
15% 15%
11%
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30%
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O
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Fig. 7.11: Biggest Challenges Facing Investors Seeking to Operate an
Effective Private Equity Program in 2014
Source: Preqin Investor Interviews, December 2013
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Data Source:
Preqins Investor Intelligence features detailed proles of over 5,200 active private equity investors worldwide. Proles
include in-depth information on current and target allocations, known fund commitments, typical investment sizes, fund type
and geographic preferences, future investment plans and more.
For more information, or to arrange a demonstration, please visit: www.preqin.com/ii
EUROPEAN FAMILY
OFFICE WINTER
SYMPOSIUM
10-11 FEBRUARY 2014 / LONDON HILTON ON PARK LANE, LONDON, UK
The European Family Oce Winter Symposium will explore the
challenges and opportunities associated with investing in
emerging markets, alternative investments, real estate, global
credit & xed income markets along with numerous other asset
types. This family oce event is the premier event for high net
worth individuals and family oces. Private investors and asset
managers from around the world will visit this intimate setting for
two days of engaging discussions on the latest investment trends.
This conference will run in conjunction with the Institutional
Investors' Congress
If you are interested in attending,
sponsoring, speaking or exhibiting at this
event, please call 212-532-9898 or email
info@opalgroup.net
To register, visit us online at
www.opalgroup.net or email us at
marketing@opalgroup.net
Sponsorship and Exhibiting
Opportunities are Available
Register
ref code: EFOPWWA1404
7th Annual
Womens Private Equity Summit
March 1314, 2014
The Ritz-Carlton, Half Moon Bay, California
Join more than 400 of the top women in private equity and venture capital
GPs, LPs, and advisors to the industry as we gather in March
in Half Moon Bay for insightful and candid discussions on fundraising,
deal ow, portfolio management, liquidity, and more.
www.WomensPrivateEquitySummit.com | T: + 1 781.652.0900 | info@FalkMarquesGroup.com
PRODUCED BY:
PLATI NUM SPONSORS: GOLD SPONSORS:
WOMENS PRIVATE EQUITY
S U M M I T
THE MUST-ATTEND EVENT FOR
SENIOR-LEVEL WOMEN IN PRIVATE EQUITY
Access to I nformati on
16
Global Buyout
Exit Overview
In 2013, 1,348 private equity-backed
exits valued at $303bn were witnessed,
as shown in Fig. 10.5. This is the highest
annual number of exits in the period from
2006 to present, and the second highest
aggregate exit value in the same time
period, only surpassed by 2011, when
1,210 exits were valued at $313bn. In
addition, Preqins data shows that the
average exit size was up from $500mn in
2012 to $504mn in 2013.
However, there has been a drop in the
number of exits at the higher end of the
size range. Seventy-seven exits fell into
the large-cap value band (dened as
those valued at $1bn or more) in 2013,
whereas there were 84 exits in this size
range in 2012. The number of exits in
2013 was buoyed by an upsurge in the
number of IPOs and follow-on offerings,
particularly in H1, due to a renewed
condence in the performance of global
public markets.
Q2 2013 witnessed the highest quarterly
aggregate exit value in 2013 at $95bn
from 350 private equity-backed exits,
which also exceeded any quarterly
aggregate exit value in 2012. This quarter
included the two largest exits of the year,
with the sale of two companies within
the healthcare sector: the $8.7bn sale
of Bausch & Lomb by Warburg Pincus
and Welsh, Carson, Anderson & Stowe
to Valeant Pharmaceuticals, and the
$8.5bn sale of Warner Chilcott by Bain
Capital, CCMP Capital Advisors, GCM
Customised Fund Investment Group,
JPMorgan Partners and Thomas H. Lee
Partners to Actavis Group.
Private Equity-Backed Exits by Region
North America continued to be the most
prominent region for private equity-
backed exits in 2013, with the region
accounting for half of the number of exits
and the majority (56%) of aggregate exit
value globally, as shown in Fig. 10.6.
The annual number and aggregate
value of exits in the region had steadily
climbed over the period from 2009
to 2012, with the number of exits
decreasing by 5% from 2012 to 2013.
0
20
40
60
80
100
120
140
0
50
100
150
200
250
300
350
400
Q
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4
2006 2007 2008 2009 2010 2011 2012 2013
IPO Restructuring Sale to GP Trade Sale Aggregate Exit Value ($bn)
Fig. 10.5: Private Equity-Backed Exits by Type, Q1 2006 - Q4 2013
Source: Preqin Buyout Deals Analyst
N
o
.

o
f

E
x
i
t
s
0
10
20
30
40
50
60
70
80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010 2011 2012 2013
North America Europe Asia Rest of World
Fig. 10.6: Aggregate Value of Private Equity-Backed Exits by Region,
Q1 2008 - Q4 2013
Source: Preqin Buyout Deals Analyst
A
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(
$
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)
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(
$
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)
The 2014 Preqin Global Private Equity Report - Sample Pages 10. Buyout Deals
Data Source:
Preqins Buyout Deals Analyst provides detailed data on over 7,200 potential forthcoming exits. Search for possible
upcoming exits specically by industry, location, entry deal size, and entry investment type and view which sectors may
present more exit ow in the coming months. Buyout Deals Analyst features detailed proles for over 33,000 private equity-
backed buyout deals globally.
For more information, or to arrange a demonstration, please visit: www.preqin.com/buyoutdeals
Conferences Spotlight
Conference Dates Location Organizer Preqin Speaker Discount Code
SuperInvestor Asia
22 - 24 January
2014
Singapore ICBI Mark O'Hare
15% Discount -
FKR2363PRQW
German Private Equity Conference 24 January 2014 Frankfurt
Private Equity
Conference
- -
The Polish & CEE Private Equity
Conference
31 January 2014 Warsaw
Private Equity
Conference
- -
SuperInvestor US
3 - 5 February
2014
San
Francisco
ICBI Mark O'Hare
10% Discount -
FKR2354PRQWB
HBS Venture Capital and Private Equity
Conference
9 February 2014 Boston
Harvard Business
School
- -
Portfolio Company Optimization
10 - 11 February
2014
New York
Financial Research
Associates
-
10% Discount -
FMP187
European Family Ofce Winter
Symposium
10 - 11 February
2014
London
Opal Financial
Group
- -
Institutional Investors' Congress
10 - 11 February
2014
London
Opal Financial
Group
- -
Iberian Private Equity Conference 14 February 2014 Madrid
Private Equity
Conference
- -
SuperReturn Latin America
19 - 21 February
2014
Brazil ICBI Mark O'Hare
Wealth Management Insights Summit 24 - 26 February Florida nGage Events - -
SuperReturn International
24 - 27 February
2014
Berlin ICBI Mark O'Hare
15% Discount -
FKR2355PRQWB
Operations for Alternatives 5-7 March 2014 Florida
Alpha Research
Group
- -
Investment Consultants Forum 12 March 2014 New York
Opal Financial
Group
- -
Family Ofce Winter Forum 12 March 2014 New York
Opal Financial
Group
- -
2014 Women's Private Equity Summit
13 - 14 March
2014
California
Falk Marques
Group
- -
Conferences
Conferences Spotlight Conferences Spotlight
Private Equity Spotlight, January 2014
Conference Presentations
Preqin attends and speaks at many different alternative assets conferences throughout the year, covering topics from private equity
fundraising trends to alternative UCITS.
All of the conference presentations given by Preqin speakers, which feature charts and league tables from Preqins online products, can
be viewed and downloaded from Preqins Research Center Premium, for free.
For more information, and to register for Preqins Research Center Premium, please visit:
www.preqin.com/rcp
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.
2014 Preqin Ltd. www.preqin.com
17
2014 Preqin Ltd. www.preqin.com 18
Conferences
Date: 09 February 2014 Information: http://2014.vcpeconference.com/
Location: Harvard Business School
Organiser: Venture Capital and Private Equity Club, Harvard Business School
The annual Venture Capital & Private Equity Conference is the largest and most anticipated student-run industry conference at HBS,
attracting over 800 students, alumni, faculty and industry professionals alike. Through keynote addresses by distinguished industry
leaders as well as topic-specific panel discussions, the conference aims to address key issues and trends relevant to venture capitalists,
private equity investors and entrepreneurs.
HBS Venture Capital and Private Equity Conference
Date: 31 January 2014 Information: www.pe-conference.org/polish
Location: Intercontinental Hotel Warsaw
Organiser: Private Equity Conference
The Polish & CEE Private Equity Conference is a one-day event dedicated to top-executives from the regional best performing limited
partners, Private Equity funds, venture capitals or high growth potential companies, that facilitates a unique platform for insights and
networking opportunities. Expect exciting keynote speakers, thrilling panel discussions, and valuable networking opportunities
The Polish & CEE Private Equity Conference
Date: 10 - 11 February 2014 Information: http://www.frallc.com/conference.aspx?ccode=B904
Location: Doubletree Metropolitan - New York, NY
Organiser: Financial Research Associates
This conference is designed to enhance growth and innovation for your fund by ensuring that your investments are achieving great
results. Come away with ground-breaking strategies to help your portfolio companies thrive in these challenging times! 10% Discount -
FMP187
Portfolio Company Optimization
Date: 24 January 2014 Information: www.pe-conference.org/german
Location: Steigenberger Frankfurter Hof Hotel am Main
The German Private Equity Conference is a one-day concentrated event dedicated to Private Equity Management companies,
funds, venture capitals, Limited Partners, wealth managers and lawyers that facilitates a unique platform for discussions, insights, and
networking opportunities. Expect exciting keynote speakers, thrilling panel discussions, and valuable networking opportunities.
German Private Equity Conference
2014 Preqin Ltd. www.preqin.com 19
Conferences
Date: 14 February 2014 Information: www.pe-conference.org/iberian
Location: Hotel InterContinental Madrid, Spain
In a one-day event, we will have more than 300 participants from top tier Private Equity Funds, Portfolio Companies, Venture
Capitalists, Limited Partners, making the Iberian Private Equity Conference the most significant conference of Venture Capital and
Private Equity and a unique networking opportunity in the Iberian PE space.
Iberian Private Equity Conference
Date: 10-11 February 2014 Information: www.opalgroup.net/trk/iicc1417.html
Location: London Hilton on Park Lane
Organiser: Opal Finance Group
This Institutional Investors conference will bring together industry professionals throughout Europe and North America for two days
of engaging discussion on a wide range of common investment challenges and opportunities in both traditional and alternative
investments. The leaders and practitioners from the institutional investment community will bring to the fore lively discussion and
insight on contemporary investment topics in a relaxed environment optimized for information exchange, education and relationship
development.
Institutional Investors Congress
Date: 10-11 February 2014 Information: www.opalgroup.net/trk/efopwwc1418html
Location: London Hilton on Park Lane
The European Family Office Winter Symposium will explore the challenges and opportunities associated with investing in emerging
markets, alternative investments, real estate, global credit & fixed income markets along with numerous other asset types. This family
office event is the premier event for high net worth individuals and family offices. Private investors and asset managers from around the
world will visit this intimate setting for two days of engaging discussions on the latest investment trends.
European Family Office Winter Symposium
Date: 24 - 26 February 2014 Information: http://wmi2014.com/
Location: Ponte Vedra, FL
Organiser: nGage Events
The second annual Wealth Management Insights Summit is an invitation-only, fully hosted event for Family Office investors. Its not a
traditional conference. Rather, its a relationship-building 2-1/2 days of education, networking and exploring new strategies for alpha
generation.
Wealth Management Insights Summit
Conferences
Date: 12 March 2014 Information: www.opalgroup.net/trk/icfc1423.html
Location: New York Marriott Marquis
Opal Financial Groups investment consultants conference provides a unique environment for developing dialogue between plan
sponsors, managers and consultants. The role of the institutional consultant is more important than ever in making investment decisions,
often being asked to take on more than just the evaluation of investment managers. This event will feature panel-driven discussions
focused on specific investment techniques of fixed income and hedge fund managers, the evolving role of institutional consultants,
the manager evaluation process, transition management, investing in global markets, and more.
Investment Consultants Forum
Date: 12 March 2014 Information: www.opalgroup.net/trk/fowfc1421.html
Location: New York Marriott Marquis
As part of the Private Wealth Series, the Family Office Winter Forum will explore the challenges and opportunities associated with
investing in emerging markets, alternative investments, real estate, direct energy, numerous other asset classes and will also address
many of the softer issues related to the family office such as tax and regulation, asset protection, philanthropy, structuring a family
office, and many more. Come and join us for a highly intense day of engaging discussions on the latest investment trends and soft
issues with some of the most well established and senior Family offices, Private investors, money managers, and private wealth service
providers from around the globe.
Family Office Winter Forum
2014 Preqin Ltd. www.preqin.com 20 Private Equity Spotlight, January 2014
Date: 13-14 March 2014 Information: http://www.womensprivateequitysummit.com/
Location: The Ritz-Carlton, Half Moon Bay, California
Organiser: The Falk Marques Group
Join more than 400 senior-level women in private equity and venture capital - GPs, LPs, and industry advisors - as we gather in Half
Moon Bay for insightful and candid discussions on fundraising, deal flow, portfolio management, liquidity, and more.
7th Annual Womens Private Equity Summit
Date: 5 - 7 March 2014 Information: www.ofa-america.com
Location: PGA National Resort, Palm Beach Gardens, FL
Organiser: Alpha Research Group, LLC
Operations for Alternatives (OFA) is the ONLY operations and compliance event covering the convergence of Hedge Funds, Private
Equity, and 40 Act Funds. Created by the industry, for the industry, OFA goes basic regulatory and compliance issues, to focus on fund
governance, distribution issues, trading issues, and crisis management.
Operations for Alternatives

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