Preqin Private Equity Spotlight April 2014

Private Equity Spotlight
April 2014
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Feature Article
Resurgent Europe
This months feature article looks at growing interest in Europe in light of increased investor
appetite and promising fundraising gures, as well as the outlook for the year ahead.
Page 3
Lead Article
The Troubles of First-Time Funds
Although private equity fundraising on the whole has improved in recent years, the aggregate
capital raised by rst-time private equity fund managers is at its lowest level of all time. We
analyze historical fundraising statistics and LP appetite for emerging managers.
Page 7
Preqin Industry News
This months industry news focuses on investor appetite for Europe-focused funds, including
LPs that have recently made commitments to vehicles predominantly focused on Europe
and those that plan to in the year ahead.
Page 11
The Facts
African Private Equity - A look at private equity fundraising in Africa. Page 13
Investors - LPs with an interest in distressed private equity. Page 14
Buyout Deals - Analysis of private equity-backed add-on transactions. Page 16
Venture Capital Deals - We examine venture capital deals in Asia. Page 17
Performance - A look at the performance of natural resources funds. Page 19
Secondaries - A breakdown of secondary market buyers and sellers. Page 21
Conferences - Upcoming private equity conferences around the world. Page 22
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

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Jessica Duong takes a look at growing interest in Europe as a prime private equity investment destination in light
of increased investor appetite and promising fundraising figures, and considers the outlook for the year ahead.
Resurgent Europe
Resurgent Europe
Private Equity Spotlight / April 2014
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Fig. 1: Proportion of Investors that Find European Investment
Opportunities Attractive by Investor Location
Investor Location
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In the last six to 12 months, there has been a certain shift in the
private equity landscape resulting in a real buzz surrounding
Europe, a region that was faced with notably negative investor
sentiment last year. A multitude of factors may have contributed
to this, but what is undeniable is the recent ramping up of private
equity activity and interest focused on the continent, as evidenced
by Preqins statistics on fundraising, deals and investor appetite.
Europe has historically been a major market in the private equity
universe, both in terms of the numbers of private equity fund
managers basing their operations there, and its status as a major
investment destination for investors. Following the economic
turmoil endured by the region as 2008s global nancial crisis
triggered a signicant decline in the GDP of the majority of the
European economies, the continent saw the onset of the sovereign
debt crisis in 2009. The latter in particular threatened the collapse
of economies in the south of the continent, most notably Portugal,
Italy and Spain. Ireland and Greece also suffered signicantly, and
the general condence across Europe as a whole tumbled.
Five years on, Europes economic picture has brightened, and
in the private equity realm the effects of this are reected in the
marked shifts seen in investor condence and the upward trends
of European fundraising activity in recent years.
Investor Appetite
Fig. 1 shows the increase observed in investor appetite for Europe-
focused fund opportunities from LPs based around the world.
There is a consistent pattern of increase across investors based
in North America, Europe, and Asia and other regions around the
world each year. North America has seen the biggest surge in
investor interest for Europe-focused private equity vehicles, with
just 27% of investors surveyed by Preqin in December 2012 citing
Europe as an attractive region for investment, compared to 60%
of LPs we interviewed in December 2013. LPs based in Asia and
other regions outside of North America and Europe recorded a six
percentage point increase in the same time period. Unsurprisingly,
almost three-quarters (73%) of the Europe-based LPs we spoke
to as a part of Preqins biannual survey of over 100 investors
indicated that they had appetite for private equity prospects in their
own continent. Preqins Investor Intelligence currently tracks 2,662
active private equity investors that have a preference for European
opportunities. These LPs collectively have $65.5tn of assets under
management.
Fundraising and Performance
Private equity fundraising in Europe has been increasing year on
year since 2010, with more and more capital being raised with a
primary focus on European investment opportunities. Fig. 2 shows
the upticks in aggregate capital raised annually since 2010, with a
regional breakdown by the primary geographic focus of the private
equity fund. 2013 saw $112bn of total capital secured by all funds
predominantly targeting Europe; 44% of this was placed in funds
that have a multi-regional focus within Europe, and another 44%
was specically for investment in Western European opportunities.
The next largest proportion of capital (9%) is intended for the Nordic
region and the remaining 3% is destined for Central & Eastern
Europe and Southern Europe.
Fig. 3 shows the PrEQIn Private Equity Index by primary geographic
focus of private equity funds. The PrEQIn Quarterly Index captures
the return earned by investors on average in their private equity
portfolios, based on the actual amount of money invested in private
equity partnerships. It shows that since 2004, Europe-focused
vehicles have consistently generated higher returns than their
Asia- or North America-focused counterparts, and as of 30 J une
2013, was recording an index return of 470.8, compared to 339.7
for Asia-focused funds and 223.7 for North America-focused funds.
81.6
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Fig. 2: Annual Europe-Focused Fundraising by Primary
Regional Focus, 2008 - 2013
Year of Final Close
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Feature Article
Download Data
Regional Breakdowns
In reality, Europe is a blanket term for a collection of fairly disparate
sub-regions that have their own economic conditions and unique
private equity landscapes. Europes most developed private equity
industries are to be found in Western Europe and the Nordic region,
reinforced by the greater amounts of aggregate capital raised by
private equity funds for investment in these regions. On the other
hand, Central and Eastern Europe and Southern Europe have
endured particularly difcult macroeconomic conditions in recent
years, leaving their respective private equity markets challenging
to navigate, though perhaps also with much potential untapped.
Many private equity rms have been spurred on by the brightening
prospects in these regions, particularly as the economic recovery
seems to be going from strength to strength in Southern Europe.
Furthermore, following the sovereign debt crisis, opportunistic fund
managers and investors have become eager to take advantage
of the emergence of distressed debt, turnaround and special
situation investment opportunities in the region. As reforms are
implemented, fears of a crisis relapse evaporate and equity prices
remain cheap compared to the rest of Europe, and numerous fund
managers are seeking deals in Spain and Italy in particular. Italy has
great appeal to private equity managers due to the rich investment
opportunities to be explored, given the countrys industrial heritage
and abundance of family-run businesses.
Optimism for Central and Eastern European private equity may be
shaken by the intense political unrest in Ukraine this year, but the
region still maintains some stability and will continue to represent a
strong niche for private equity players to allocate capital to. Russia,
which has the highest GDP per capita of all the BRIC countries,
is still an attractive investment destination for private equity
players. Its burgeoning middle-class, rising disposable income, low
unemployment rates and introduction of key pro-business reforms
are strong fundamentals that collectively form a solid foundation
for private equity investment opportunities. Examples that serve
as testament to the current appeal of Russian private equity can
be found in the numerous co-investments announced by Russian
Direct Investment Fund; over the past year, the rm has co-
invested with BlackRock, One Equity Partners, Cartesian Capital,
and CapMan.
External Factors
It is worth noting that the draws to be found in Europe are not the
only factors to take into account when considering the resurgence
of investor interest in the region. Activity (or lack of it) in geographies
outside may also play important roles in the rejuvenated appetite
for European private equity.
For instance, turbulence in emerging markets and rising
competition in US markets have forced some investors to turn away
from ventures in Asia, Latin America, and even North America, in
order to seek smoother paths to successful private equity deals.
The scrambling in previous years to invest in emerging regions
in attempts to diversify portfolios and take advantage of the
rapid rates of economic development in these geographies have
seen some LPs get burnt. Not only have vast inows of capital
in these countries damaged return proles, but events such as
the devaluation of currencies (e.g. the Brazilian Real, the South
African Rand and the Indian Rupee) and the moratorium on IPOs
in China which created a challenging exit environment in Asia, has
dampened investor condence in these regions.
These factors, in conjunction with the mounting condence in
Europes economic recovery, may well have contributed to the
resurgence of Europe as more investors turn to the continent
to seek investment opportunities and once again view it as an
attractive destination for their capital.
Outlook
Indeed, the level of capital that is available for investment into
Europe is extremely sizeable, with an estimated $277bn of private
equity dry powder awaiting deployment, as shown in Fig. 4. The
private equity industry has been involved in hot discussions in
recent months with the notion that a wall of money that has been
accumulating, shored up by the increasing amounts of aggregate
capital raised by private equity fund managers. The latest statistic
for Europes dry powder is the highest amount seen on record, and
is a direct result of the recent boosts seen in European fundraising
whereby the average fund size has jumped from $301mn in 2010
to $832mn in 2014 YTD.
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Fig. 3: PrEQIn Index by Primary Region Focus
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Fig. 4: Europe-Focused Private Equity Dry Powder, 2009 - 2014
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Resurgent Europe Feature Article
Download Data
As of April 2014, $28.3bn had been garnered by Europe-focused
funds closed in 2014 so far and there are 480 such vehicles
currently on the fundraising trail, seeking an aggregate $201bn.
Fig. 5 lists the largest Europe-focused funds closed historically.
The economy, along with investor condence in the region, has
clearly been invigorated and has made a slow but sure recovery
from the low points it experienced following the relatively recent
market crashes. Preqins deals data shows that 2013s aggregate
buyout deal value saw an 11% increase from the previous year,
and for venture capital nancing, the aggregate deal value rose by
43% from 2012 to 2013 (Fig. 6 and 7).
This indicates that the resurgence of European private equity has
fed into enthusiastic investor sentiment, which has led to successful
GP fundraises and increased deal volume. All of these factors then
feed back into the circuit, generating even more condence in the
markets and buoying the private equity industry for another exciting
period of activity.
Resurgent Europe Feature Article
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No. of Deals Aggregate Value of Deals ($bn)
Fig. 6: Number and Aggregate Value of Private Equity-
Backed Buyout Deals in Europe, Q1 2007 - Q1 2014
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No. of Deals Aggregate Deal Value ($bn)
Fig. 7: Number and Aggregate Value of Venture Capital
Deals* in Europe, Q1 2007 - Q1 2014
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Data Source:
Preqin offers a complete resource for those looking for intelligence on the European private equity market, including:
2,663 institutional investors proled on Investor Intelligence with a preference for investing in Europe.
4,816 primarily Europe-focused funds in market and closed historically listed on Funds in Market and Fund Manager Proles.
8,174 European private equity-backed buyout deals that have occurred since 2006 featured on Buyout Deals Analyst and
11,393 European venture capital deals on Venture Deals Analyst.
2,030 Europe-focused funds with detailed performance data listed on Performance Analyst.
For more information, or to arrange a demonstration, please visit:
www.preqin.com/privateequity
Fig. 5: Top Five Europe-Focused Private Equity Funds Closed, All Time
Fund Firm Vintage Type Target Size (bn) Final Size (bn) Manager Country
Apax Europe VII Apax Partners 2007 Buyout 8.5 EUR 11.2 EUR UK
CVC European Equity Partners V CVC Capital Partners 2008 Buyout 11.0 EUR 10.8 EUR UK
Permira IV Permira 2006 Buyout 11.0 EUR 11.1EUR UK
CVC European Equity Partners VI CVC Capital Partners 2013 Buyout 9.0 EUR 10.5 EUR UK
Advent Global Private Equity VII Advent International 2012 Buyout 7.0 EUR 8.5 EUR US
Download Data
Although private equity fundraising has improved in recent years, many first-time fund managers have struggled
to attract capital. Jessica Duong looks at historical fundraising statistics and LP appetite for emerging managers.
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First-Time Funds Non-First-Time Funds
Fig. 1: Annual Aggregate Capital Raised by Private Equity
Funds: First-Time Funds vs. All Other Funds, 2005 - Q1 2014
Year of Final Close
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Bifurcation was the main theme of 2013s private equity fundraising
landscape, with a clear dominance of established rms over
rst-time fund managers. LP sentiment seems to have waned
signicantly for maiden vehicles and the statistics from Preqins
Funds in Market online service indeed demonstrate a decline
in the proportion of investor capital allocated to rst-time fund
managers. Fig. 1 shows the split between rst-time rms and all
other managers and the proportion each group have contributed to
annual aggregate capital raised over the years.
Despite signs of recovering condence in the markets in recent
years, reected in the increasing amounts of total capital garnered
by all private equity funds from 2010 onwards, the amounts raised
and proportion represented by rst-time fund managers increased
from $40bn (14%) in 2010 to $56bn (17%) in 2011, then declined
year on year since (Fig. 1).
First-time funds have always faced challenges securing third-party
capital due to the nature of the private equity industry, which places
great emphasis and value on GP track record, history and the team
having worked together for a long time. Reluctance from LPs stems
from the risks associated with placing their money with a rm that
does not have any track record of success in private equity fund
management.
However, that is not to say that rst-time funds cannot thrive in the
fundraising marketplace. In the peak year of 2007, rst-time private
equity fund managers raised an aggregate $96bn for investment.
While the annual gure has since decreased due to the prevailing
economic conditions, billions of dollars are still successfully raised
every year by rst-time fund managers. In addition to the $5bn
raised by rst-time funds that have reached a nal close in 2014
so far, 39% of the 641 rst-time private equity funds currently in
market seeking capital have reached at least one interim close
already, garnering $25bn. With three-quarters of the year still to go,
2014 already seems to be painting a promising picture for rst-time
fundraising, with much potential for last years gure of $35bn to
be surpassed.
Some rst-time funds have raised signicant amounts of capital. An
example from 2014 YTD is SwanCap Investment Managements
nal close on $1.2bn for its debut vehicle, SwanCap Opportunities
Fund. The direct secondaries fund, however, initially was targeting a
slightly higher amount of $1.5bn, but the rm held a nal close after
less than 12 months on the road. Fig. 2 illustrates the proportion
of rst-time funds that have closed over time that have met, failed
to meet, or exceeded their fundraising targets. These statistics are
compared to the more experienced managers vehicles.
Fig. 3 lists the top ve rst-time funds ever raised, with all top spots
taken by vehicles raised before the 2008 global nancial crisis, all
with nal close sizes over $5bn.
Abandoned Funds
Failing to meet the initial fund target size is not the only issue that
can hit rst-time fund managers on the fundraising trail. During
2013, a total of 64 funds are known to have been abandoned; these
funds were seeking a combined $34bn. Further analysis reveals
that a majority of fund managers that abandoned a fund in 2013
were rst-time managers (57%), an increase on the proportion of
rst-time rms that abandoned funds in 2012 (48%). It is worth
noting the data for abandoned funds is limited as it is based on only
those fund managers willing to provide the date they terminated
their fundraising effort.
LP Sentiment
Investor appetite, which is crucial for any fund manager seeking to
raise a private equity vehicle, is comparatively lower for rst-time
funds and this trend has persisted over the years. Fig. 4 depicts
the proportion of investors that will consider committing to rst-
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Fig. 2: Fundraising Success of Private Equity Funds: First-Time
Funds vs. Non-First-Time Funds, 2011 - Q1 2014
Year of Final Close
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Lead Article
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time funds, using the results of Preqins biannual survey of over
100 LPs based across the globe. As of H1 2014, less than a fth
(19%) of investors surveyed conrmed that they would invest in
rst-time vehicles, which is a 10 percentage point decrease from
the proportion of investors that stated the same last year. 2013
was a record year for fundraising, with the standout fund Apollo
Investment VIII securing the largest nal close ($18.4bn) since
the onset of the nancial crisis, but, as mentioned previously, was
overwhelmingly dominated by established fund managers. There
is evident investor appetite for established GPs, as reected in
the success of their fundraises, and investors are drawn to the
prospects a rm with a proven track record can give them.
However, reluctance to invest in rst-time funds will not apply to
all LPs, and in fact, Preqin has noted a number of institutional
investors are looking to expand and develop emerging manager
programs as a part of their wider investment strategies in the year
ahead. Some examples include:
In March 2014, the California Public Employees Retirement
System (CalPERS) announced that it will allocate an additional
$200mn to its emerging manager program in the private equity
asset class. CalPERS will utilize a new fund of funds vehicle
to deploy the capital, focusing on high-potential emerging
manager funds. The pension funds goal is to generate
appropriate, risk-adjusted investment returns by identifying
early stage funds with strong potential for success.
Dallas Police & Fire Pension System has begun discussions
on the potential creation of a dedicated emerging manager
program. The $3.5bn public pension fund has a current
allocation to private equity of 21.9% of total assets and has
a preference for funds focusing on investment opportunities
in the US.
Four of New York Citys pension funds (Teachers Retirement
System of the City of New York, New York City Police Pension
Fund, New York City Employees Retirement System and New
York City Fire Department Pension Fund) have an in-house
emerging manager program, set up in an effort to reduce the
costs it would have incurred if the program was managed by
an external GP. The program is headed by Alex Done, who
was placed in the role in March 2012. In December 2012, the
four New York City pension funds committed a combined total
of $400mn to funds raised by minority- and women-owned
rms, and such investments whereby new GP relationships
are formed are conrmed to be a continued part of the pension
funds investment plans in 2014.
Spin-Outs
Fig. 4 also indicates that the appetite for spin-out funds has
undergone a steady decline over the years, from 21% of LPs that
participated in Preqins investor survey indicating that they would
invest in spin-off funds only when asked if they would be willing
to commit to rst-time vehicles. This proportion halved to 10% in
2012, remained low in 2013, and halved again in Preqins latest
survey in 2014. This trend is somewhat surprising as spin-off funds
are largely perceived to be lower risk than a regular rst-time fund.
Spin-out funds have some advantages over other rst-time funds,
in that they often attract commitments from investors that invested
with the previous rm, or are familiar with the management team. A
successful legacy portfolio or an experienced investment team will
also attract other investors to commit to funds managed by spin-off
teams, especially in contrast to a newly established rm launching
its rst private equity fund without any track record or notable
experience. However, it must be considered that the team spinning
out to form a new rm is not necessarily made up of the same
individuals responsible for generating the quality deal ow that was
seen in the parent company. Furthermore, in some instances, the
historical deal ow may not have even been driven by the private
equity team, but by the relationships of the sponsor involved.
Wariness surrounding spin-outs from institutional parents could
also involve questions regarding the extent of the new rms
independence. If an offering is coming from an environment where
the team was previously part of a bigger nancial institution, investors
will be cautious in ensuring the spin-out is true, particularly if the
larger organization is retaining a minority interest, or maintaining
inuence on investment decisions. Issues surrounding incentives
can also arise if the former parent has a signicant share of the
prots and carried interest.
37%
55% 56% 56%
21%
10% 10%
5%
14%
17%
6%
20%
28%
18%
29%
19%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec-10 Dec-11 Dec-12 Dec-13
Will Invest in First-
Time Funds
Would Consider
Investing in First-
Time Funds
Will Invest in Spin-
Off Only
Will Not Invest in
First-Time Funds
Fig. 4: Proportion of Investors that Will Consider Investing in
First-Time Funds, December 2010 - December 2013
P
r
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o
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o
f

I
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t
o
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Source: Preqin Investor Interviews, 2010 - 2013
Fig. 3: Top Five Funds Raised by First-Time Private Equity Fund Managers, All Time (As at 24 March 2014)
Fund Firm Vintage Year Fund Type Final Close Size (bn)
Terra Firma Capital Partners I Terra Firma Capital Partners 1994 Buyout 6.0 EUR
GS Infrastructure Partners I GS Infrastructure Investment Group 2007 Infrastructure 6.5 USD
CVI Global Value Fund I CarVal Investors 2007 Distressed Debt 5.8 USD
Global Infrastructure Partners Global Infrastructure Partners 2008 Infrastructure 5.6 USD
BMB Capital Sharia Fund of Funds BMB Capital 2006 Hybrid Fund Of Funds 5.0 USD
Lead Article
Download Data
Outlook
As Fig. 5 shows, the annual number of rst-time funds reaching
a nal close has been on the decline since the nancial crisis,
but while there is a lack of appetite for rst-time funds among
LPs at large, it is also possible to attribute the decrease to the
natural maturation of the private equity industry. The rst-time fund
managers of yesteryear are going to be the more experienced fund
managers of today. In order for the industry to grow, a continued
supply of rst-time fund managers is needed, offering investors
alternatives to the hard-to-access big brand names in the market
that may be better suited to their investment capabilities and
strategies and offer diversied strategies.
In spite of the challenging path that lies before private equity rms
launching debut vehicles, there is an abundance of rst-time funds
hitting the fundraising trail. As of April 2014, there were 641 such
funds in market seeking an aggregate $141bn. This includes
over 20 funds that are targeting $1bn or more, with Georgian Co-
Investment Fund ranking as the largest as it is aiming to secure
$6bn in total commitments. As discussed in Preqins previous
issue of Private Equity Spotlight, co-investment opportunities
have gained real pace in recent times as LPs appetite for direct
investments have grown and GPs have made moves to meet this
demand.
Statistics from Preqins Funds in Market online service reveals that
over $25bn has already been raised by these 641 funds via interim
closes a strong testament to the fact that there are indeed still
substantial levels of investor appetite for rst-time funds. Should
the investment strategy of the fund offering be compelling enough,
fund managers have a good chance of overseeing a successful
fundraise, regardless of the number the fund falls in the series.
Competition from their more experienced counterparts will have
less bearing should the rst-time fund manager have a clear
strategy that is consistent throughout the process, and attractive
prospects of niche investment opportunities suited to the LP that
cannot be offered by more mature private equity funds. Despite
the apparent deterrent of an unproven track record of a rst-time
fund manager, with no history of stability and outperformance from
an existing platform, investors will overall still be drawn to strong
macro-opportunities and the prospect of fruitful returns from a GP
at any stage.
Data Source:
Subscribers to Preqins Investor Intelligence can click here to view detailed proles for 2,089 LPs that consider investing in rst-
time funds, including spin-off teams. Detailed proles include:
Current and target allocations to private equity.
Fund type and geographic preferences.
Future investment plans.
Previous fund investments and much more.
For more information, or to arrange a demonstration, please visit:
www.preqin.com/ii
290
346
415
410
261
278 277
232
219
23
0
50
100
150
200
250
300
350
400
450
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
Q
1

2
0
1
4
Fig. 5: Number of First-Time Funds that Reached a Final
Close, 2005 - Q1 2014
Year of Final Close
N
o
.

o
f

F
u
n
d
s
Lead Article
Preqin Global Data Coverage
Plus
Comprehensive coverage of:
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The Preqin Difference
Fund Coverage: Funds
15,220 Private Equity* Funds
4,637 PE Real
Estate Funds
768 Infrastructure
Funds

35,828
Firm Coverage: Firms
7,667 PE Firms
1,881 PERE
Firms
419 Infra. Firms

16,621
Deals Coverage: Deals Covered; All New Deals Tracked
34,511 Buyout Deals** 58,372 Venture Capital Deals***
7,574 Infra. Deals

100,457
As of 1 April 2014
Investor Coverage: Institutional Investors Monitored,
Including 8,287 Verified Active**** in Alternatives and 88,160 LP Commitments to Partnerships
5,269 Active PE LPs 4,552 Active Hedge Fund Investors 4,337 Active RE LPs

11,740
2,240 Active
Infra. LPs
Alternatives Investment Consultant Coverage: Consultants Tracked
470
*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
274,627
Fund Terms Coverage: Analysis Based on Data for Around Funds
8,800
Fundraising Coverage: Funds Open for Investment/Launching Soon
Including 2,141 Closed-Ended Funds in Market and 360 Announced or Expected Funds
1,787 PE Funds
953 PERE
Funds
248 Infra. Funds

14,869
Performance Coverage: Funds (IRR Data for 5,368 Funds and Cash Flow Data for 2,489 Funds)
15,673
5,469 PE Funds
1,165 PERE
Funds
152 Infra. Funds
15,203 Hedge Funds
6,654 Hedge Fund Firms
8,887 Hedge Funds
11,881 Hedge Funds
Download Data
A number of investors have made commitments to Europe-
focused funds this year:
Virginia Retirement System, the $58.3bn US public pension fund,
committed $175mn to the eighth buyout fund raised by Nordic
Capital, which recently held a nal close on 3.5bn, above its target
of 3bn. The fund will primarily invest in Europe-based companies,
mainly in the Nordic region and German-speaking countries, and it
will operate in a wide range of industry sectors. Virginia Retirement
System is an active investor in private equity, currently allocating
8.6% of its total assets to private equity, below its target of 9.0%.
The pension fund invests in a wide range of fund types, including
buyout, venture capital and mezzanine vehicles.
Oregon State Treasury (OST) has made a commitment to the third
fund in the series raised by TDR Capital. The buyout fund has
a target size of $2bn, and will invest in West Europe. OST is a
$67.9bn pension fund that currently allocates 22% of total assets
to private equity, above its target allocation of 20%. It will invest
in a range of fund types, including distressed debt, growth and
secondaries vehicles.
Several investors are planning new commitments to Europe-
focused funds in the next 12 months:
KLP Asset Management will commit 300mn (NOK 2.5bn) to the
private equity asset class over the coming year, and will commit
between 20mn (NOK 167mn) and 40mn (NOK 335mn) per
fund. The NOK 300bn insurance company is open to investing in
a range of fund types in Europe and has previously invested in
venture capital, buyout, growth and distressed debt vehicles. KLP
Asset Management is currently operating on its target allocation
of 1.5% of its total assets to the asset class. For its forthcoming
fund commitments, the insurance company is open to forging new
relationships with managers it has not worked with before, as well
as re-upping with existing managers in its investment portfolio.
The 10.5bn public pension fund AEVWL is looking to commit
100mn across ve private equity funds over the next 12 months.
It plans to commit to small and mid-cap European buyout funds
as well as turnaround funds. Private equity currently accounts for
6% of its total asset exposure. The pension fund will look to re-
up with existing managers within its portfolio as well as form new
relationships with GPs.
Activity in the European secondary market:
The sixth vehicle of Ardian (formerly AXA Private Equity) is currently
on the road, but has been reported to have gathered more than
$5bn within a few months since its launch. The fund is reported to
have a $7bn target but it is likely that the fund of funds manager
will exceed this amount. Ardian Secondary Fund VI will pursue the
same strategy as its predecessors of seeking to acquire attractive
private equity assets on the secondary market. The vehicle includes
early secondaries and co-investment components.
HSBC Group is looking to sell a portfolio of fund interests on the
market, which is thought to consist primarily of stakes in buyout
vehicles, and is valued at 2bn. The $2.6tn British bank has hired
Campbell Lutyens to act as advisor to the bank for this secondary
market sale. This move to reduce the rms private equity assets
is a continuation in the trend of European banks reducing exposure
to the asset class in order to comply with Basel III. HSBC Group
has historically been an active participant in the private equity
arena, and currently has $2.9bn in private equity assets under
management.
Preqin Industry News
Lisa Parker looks at investor appetite for Europe-focused funds, including investors that have recently made
commitments to vehicles predominantly focused on Europe and the investors that plan to in the year ahead.
Patrick Adefuye also presents some examples from the secondary market to showcase activity in Europe.
News Preqin Industry News
How has investor appetite for Europe-
focused funds changed?
Chart of the Month: Proportion of Investors Searches
Issued For Europe-Focused Private Equity Funds
Source: Preqin Investor Intelligence
With the rst quarter of the year over, the Chart of the Month
shows the quarterly breakdown on investor appetite for Europe-
focused private equity funds. As of Q1 2014, the proportion of
investors that are intending to seek opportunities in vehicles
with a target on Europe stood at 63%, a sizeable jump from the
50% statistic of Q4 2013 and adding to the continuing upward
trend from previous quarters. It is clear that the private equity
community at large has mounting condence in the European
economic recovery and is making strategic moves to incorporate
Europe-focused funds into their investment strategies.
44%
48%
50%
63%
0%
10%
20%
30%
40%
50%
60%
70%
Q2 2013 Q3 2013 Q4 2013 Q1 2014
P
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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.
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Download Data
Private Equity in Africa
Africa remains a desirable destination for private equity investments, as its macro economic conditions continue
to improve. Christopher Hardy looks at the latest statistics for Africa-focused firms.
The Facts Private Equity in Africa
0.1 0.1 0.1 0.1 0.2 0.1
0.4
0.1 0.1
1.1
1.7
1.0
0.5 0.1
0.2
0.2
0.3
0.2
0.6
0.1
0.5
0.9
0.4 1.2
1.9
0.5
0.2
0.4
0.9
0.5
2.2 2.7
0.2
0.7
0.5
1.8
1.0
1.8
0.1
0.1
0.3
0.1
0.2
0.1
0.4
0.1
0.1
0
1
2
3
4
5
6
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
East Africa North Africa Pan-Africa
Sub-Saharan Africa West Africa
Fig. 1: Annual Africa-Focused Private Equity Fundraising by
Sub-Region Focus, 2004 - 2013
Year of Final Close
A
g
g
r
e
g
a
t
e

C
a
p
i
t
a
l

R
a
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d

(
$
b
n
)
41%
24%
17%
18%
Africa
Europe
North America
Rest of World
Fig. 3: Breakdown of Africa-Focused Private Equity Firms by
Location of Headquarters
24%
44%
17%
7%
8%
First-Time Fund
Manager
1 Fund Raised
Previously
2 Funds Raised
Previously
3 Funds Raised
Previously
4 or More Funds
Raised Previously
Fig. 4: Breakdown of Africa-Focused Private Equity Firms by
Number of Funds Previously Raised
Subscriber Quicklink:
Subscribers to Preqins Funds in Market can click here to view detailed information on all 77 primarily Africa-focused funds currently
in market, including target size, interim closes, industry preferences and more.
For more information, please visit: www.preqin.com/fim
106%
134%
100%
78%
97%
85%
79%
75%
0%
20%
40%
60%
80%
100%
120%
140%
160%
2006 2007 2008 2009 2010 2011 2012 2013
Fig. 2: Average Proportion of Target Size Raised at Final
Close by Africa-Focused Private Equity Funds, 2006 - 2013
Year of Final Close
A
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Fig. 5: Five Largest Africa-Focused Private Equity Funds Currently in Market (As at 02 April 2014)
Fund Firm Fund Type Target Size (mn) Sub-Regional Focus
Pan African Infrastructure Development Fund II Harith Infrastructure 1,200 USD Pan-Africa
COMESA Infrastructure Fund PTA Bank Infrastructure 1,000 USD Pan-Africa
Helios Investors III Helios Investment Partners Growth 1,000 USD Pan-Africa
Abraaj Africa III The Abraaj Group Buyout 800 USD Sub-Saharan Africa
ECP Africa Fund IV Emerging Capital Partners Growth 450 USD Pan-Africa
Download Data
Investor Appetite for Distressed Private
Equity
Preqin Investor Outlook: Alternative Assets, H1 2014 shows that almost a third of LPs intend to commit to distressed
private equity funds* in the next 12 months. Raisah Yusuf looks at investor appetite for this fund type.
The Facts Investor Appetite for Distressed Private Equity
26%
23%
30%
0%
5%
10%
15%
20%
25%
30%
35%
Dec-11 Dec-12 Dec-13
Fig. 1: Proportion of Investors that Plan to Invest in Distressed
Private Equity over the Next 12 Months, December 2011 -
December 2013
P
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Source: Preqin Investor Interviews, 2011 - 2013
36%
18%
7%
6%
6%
6%
6%
16%
Private Equity Fund of
Funds Manager
Public Pension Fund
Private Sector Pension
Fund
Family Office
Asset Manager
Endowment Plan
Insurance Company
Other
Fig. 2: Breakdown of Investors that Have Issued Searches for
Distressed Private Equity Funds over the Last 12 Months by
Investor Type
Fig. 4: Sample Investors Looking to Commit to Distressed Private Equity Funds in 2014
Investor Type Location Investment Plans
Birinco Family Ofce Family Ofce - Single Canada
Birinco Family Ofce plans to commit to around two new private equity vehicles over the
next 12 months. It plans to specically target Europe-focused operational turnaround and
distressed debt vehicles.
Bank Gutmann Group
Private Equity Fund of
Funds Manager
Austria
Bank Gutmann Group intends to focus on investing through its separate account mandates
over the next 12 months. The rm has a preference for investing in buyout, distressed debt,
mezzanine, special situations and turnaround vehicles, but may increase its exposure to
other fund types.
Feri Trust Asset Manager Germany
Feri Trust is looking to make between seven and eight new private equity fund commitments
over the next 12 months, specically targeting special situation and buyout vehicles in Europe
and North America.
Subscribers to Preqins Investor Intelligence can click here
to view detailed information for 1,536 private equity investors
that have a preference for, or have previously invested in
distressed private equity funds.
Proles include known fund commitments, future investment
plans, geographic preferences and more.
For more information please visit:
www.preqin.com/ii
57% 28%
9%
6%
North America
Europe
Asia
Rest of World
Fig. 3: Breakdown of Investors that Have Issued Searches for
Distressed Private Equity Funds over the Last 12 Months by
Investor Location
* Distressed private equity includes distressed debt, special situations and
turnaround funds.
Dynamic, up-to-date, and
industry-leading alternative
assets data.
Gaining access to Preqins Research Center Premium is easy
to register for free today, please visit:
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new Research Center Premium, including:
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Download Data
Private Equity-Backed Add-on Deals
Add-on deals, also known as bolt-on transactions, are a way for managers to strengthen their current holdings and
shield their investments from market volatility. Jonny Parker analyzes the latest statistics for add-on deals, which currently
account for a higher proportion of private equity-backed deals than at any other time since 2006.
The Facts Private Equity-Backed Add-on Deals
0
2
4
6
8
10
12
14
16
0
50
100
150
200
250
300
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
2006 2007 2008 2009 2010 2011 2012 2013 2014
No. of Deals Aggregate Deal Value ($bn)
Backed Add-on Deals, Q1 2006 - Q1 2014
N
o
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f

D
e
a
l
s
375
419
355 355
471
674 691
665
171
140
183
152
108
200
298
222
204
46
9
10
13
10
17
44
50
37
12
13
23
31
15
30
38
43
40
7
0
200
400
600
800
1,000
1,200
2006 2007 2008 2009 2010 2011 2012 2013 Q1
2014
North America Europe Asia Rest of World
Fig. 2: Number of Private Equity-Backed Add-on Deals by
Region, 2006 - Q1 2014
N
o
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f

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

D
e
a
l

V
a
l
u
e

(
$
b
n
)
18%
18%
20%
25%
26%
32%
31%
32%
34%
5% 5%
2%
8% 8%
11%
12%
13%
16%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2006 2007 2008 2009 2010 2011 2012 2013 Q1
2014
No. of Deals Aggregate Deal Value
Backed Add-on Deals as a Proportion of All Deals, 2006 - Q1
2014
P
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013 Q1
2014
Industrials Information Technology
Business Services Healthcare
Consumer & Retail Telecoms & Media
Energy & Utilities Food & Agriculture
Other
Fig. 4: Proportion of Number of Add-on Deals by Industry,
2006 - Q1 2014
P
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s
Subscribers to Buyout Deals Analyst can click here to view 6,173 add-on transactions that have occurred since 2006. Detailed
proles for each deal include deal date, size, location, industry and much more.
The Market Overview feature provides a breakdown of the number and aggregate value of private equity-backed buyout deals that
have occurred since 2006 by region, value band, industry and type.
www.preqin.com/buyoutdeals
Download Data
Venture Capital Financings in Asia
Gemma Morris presents an overview of venture capital financings in Asia, showing the significant rise in quarterly
aggregate deal value since Q3 2013, as well as a huge pick up in exit activity in the latter half of 2013.
The Facts Venture Capital Financings in Asia
0.0
0.5
1.0
1.5
2.0
2.5
3.0
0
50
100
150
200
250
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
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4
Q
1
Q
2
Q
3
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4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
2007 2008 2009 2010 2011 2012 2013 2014
No. Deals Aggregate Deal Value ($bn)
Financings in Asia*, Q1 2007 Q1 2014 YTD
N
o
.

o
f

D
e
a
l
s
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012 2013 Q1 2014
Internet Telecoms Consumer Disc.
Software & Related Health Care Industrials
Business Services Other IT Semic. & Electronics
Food and Ag. Clean Tech. Materials
Other
Fig. 2: Proportion of Number of Venture Capital Financings in
Asia by Industry*, 2007 Q1 2014
P
r
o
p
o
r
t
i
o
n

o
f

T
o
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A
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(
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b
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012 2013 Q1 2014
India China Singapore Japan South Korea Other
Fig. 3: Proportion of Number of Venture Capital Financings in
Asia by Country*, 2007 Q1 2014
P
r
o
p
o
r
t
i
o
n

o
f

T
o
t
a
l
Subscribers to Preqins Venture Deals Analyst can click
here to view detailed information on over 4,400 Asian venture
capital deals that have occurred since 2007.
For more information, or to arrange a demonstration, please
visit:
www.preqin.com/vcdeals
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0
5
10
15
20
25
30
35
Q
1
Q
2
Q
3
Q
4
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1
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2
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3
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4
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3
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4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
2007 2008 2009 2010 2011 2012 2013 2014
No. of Exits Aggregate Exit Value ($mn)
Exits in Asia, Q1 2007- Q1 2014
N
o
.

o
f

E
x
i
t
s
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012 2013 Q1 2014
IPO Trade Sale Sale to GP Write Off
Fig. 5: Proportion of Number of Venture Capital Exits in Asia
by Type, 2007 Q1 2014
P
r
o
p
o
r
t
i
o
n

o
f

T
o
t
a
l
* Figures exclude add-ons, grants, mergers, venture debt and secondary stock
purchases
A
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Alternative
Investor 2014
Portfolio Optimisation for Investors in Alternative Funds
REGISTER TODAY: Tel: +44 (0)20 7017 7790 or Fax +44 (0)20 7017 7824
Email: kmregistration@informa.com
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Performance Update: Natural
Resources Funds
Gary Broughton analyzes the performance of natural resources private equity funds and takes a look at median
net IRRs and multiples, as well as the PrEQIn Natural Resources Index.
The Facts Performance Update: Natural Resources Funds
-10%
-5%
0%
5%
10%
15%
20%
2005 2006 2007 2008 2009 2010 2011
Top Quartile
IRR Boundary
Median IRR
Bottom
Quartile IRR
Boundary
Fig. 1: Natural Resources Funds - Median Net IRR and
Quartile Boundaries by Vintage
Vintage Year
M
e
d
i
a
n

N
e
t

I
R
R
0.0
0.5
1.0
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9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
Median
Multiple
Money-
Weighted
Multiple
Fig. 2: Natural Resources Funds - Median and Money-
Weighted Net Multiple by Vintage
Vintage Year
N
e
t

M
u
l
t
i
p
l
e

(
x
)
Data Source:
Preqins Performance Analyst contains net-to-LP performance data for 165 natural resources funds, including detailed information
on fund size, vintage and type, as well as the amount of capital called-up and distributed, unrealized value, multiple and IRR.
View historical data points showing how a funds performance has changed over time and compare the performance of funds by
vintage year, geography, fund type and more.
For more information, please visit:
www.preqin.com/pa
0%
50%
100%
150%
200%
250%
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
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2
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9
2
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1
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2
0
1
1
2
0
1
2
2
0
1
3
Residual Value
to Paid-In
Capital (%)
Distributions to
Paid-In Capital
(%)
Called-Up to
Committed
Capital (%)
Fig. 3: Natural Resources Funds - Median Called-Up,
Distributed and Residual Value Ratios by Vintage Year
Vintage Year
0
50
100
150
200
250
3
1
-
D
e
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-
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-
J
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-
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-
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PrEQIn Natural
Resources
Index
PrEQIn All
Private Equity
Index
Fig. 4: PrEQIn Index: Natural Resources vs. All Private Equity
I
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2014 Preqin Global Alternatives Reports
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The 2014 Preqin Global Alternatives Reports are the most comprehensive reviews of the alternatives investment industry ever
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Key content includes:
Interviews and articles from the most important people in the industry today.
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Comprehensive source of stats - including fundraising, performance, deals, GPs,
secondaries, fund terms, investors, placement agents, advisors, law rms.
Numerous reference guides for different aspects of the industry - Where are the centres
of activity? How much has been raised? Where is the capital going? Who is investing?
What are the biggest deals? What is the outlook for the industry?

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Secondaries Sellers and Buyers
Investors around the world seem to be increasingly recognizing the growing investment opportunities the
secondary market can offer. Francesca Braganza provides a breakdown of the potential buyers and sellers that
are tracked on Preqins Secondary Market Monitor by type and location.
The Facts Secondaries Sellers and Buyers
20%
6%
7%
7%
7%
8%
8%
11%
13%
14%
0% 5% 10% 15% 20% 25%
Other
Endowment Plan
Insurance Company
Investment
Company
Private Sector
Pension Fund
Asset Manager
Foundation
Bank and
Investment Bank
Private Equity Fund
of Funds Manager
Public Pension Fund
Fig. 1: Breakdown of Potential Secondary Market Sellers by
LP Type
Proportion of Sellers
Source: Preqin Secondary Market Monitor
44%
44%
12%
Europe
North America
Asia & Rest of World
Fig. 2: Breakdown of Potential Secondary Market Sellers by
LP Location
Preqins Secondary Market Monitor can be used to access comprehensive information on all aspects of the secondary market.
View detailed proles for 378 potential buyers* of fund interests and 266 LPs that are looking to sell fund interests, as well as 35
secondaries funds currently in market and 203 closed since 2003.
This vital tool is constantly updated by Preqins team of dedicated analysts through direct contact with institutional investors and fund
managers around the world.
For more information, or to register for a demonstration, please visit:
www.preqin.com/smm
8%
2%
3%
5%
6%
8%
10%
11%
11%
13%
22%
0% 5% 10% 15% 20% 25%
Other
Bank
Family Office - Multi
Family Office - Single
Investment
Company
Foundation
Endowment Plan
Insurance Company
Asset Manager
Private Sector
Pension Fund
Public Pension Fund
Fig. 3: Breakdown of Potential Secondary Market Buyers by
LP Type
Proportion of Buyers
47%
40%
13%
North America
Europe
Asia & Rest of World
Fig. 4: Breakdown of Potential Secondary Market Buyers by
LP Location
* Excludes fund of funds managers
Download Data
Conferences Spotlight
Conference Dates Location Organizer Preqin Speaker Discount Code
Clean Technology
Investment World Asia 2014
22 - 25 April 2014 Singapore Terrapinn - -
Private Equity World Latin
America 2014
6 - 7 May 2014 Miami, Florida Terrapinn - -
ASK 2014 14 May 2014 Seoul, South Korea
The Korea Economic
Daily
- -
Alternative Investor 21 May 2014 London Informa Stuart Taylor -
European Family Ofce &
Private Wealth
1 J une 2014 Geneva Opal Finance Group - -
Mezzanine Finance & the
Private Debt Markets 2014
4 - 5 J une 2014 Paris Informa - -
SuperReturn US 9 - 12 J une 2014 Boston ICBI Mark O'Hare
15% Discount -
FKR2362PRQSP
SuperReturn Emerging
Markets
24 - 27 J une 2014 Geneva ICBI Mark O'Hare
15% Discount -
FKN2365PRE1
Family Ofce & Private
Wealth Forum
21 - 23 J uly 2014 Newport RI Opal Finance Group - -
Capital Creation 2014 8-10 Spetmeber 2014 Monte Carlo WBR - -
Conferences
Access Free Conference Slide Decks and 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
Clean Technology World Asia 2014
Date: 22 - 25 April 2014 Information: www.terrapinn.com/cleantechasia
Location: Resorts World Convention Centre, Singapore
Organiser: Terrapinn
Clean Technology World Asia is the regions most authoritative clean technology investment event which promotes partnership,
investment and capital raising for innovators, investors and financiers. In 2014, we have reformatted this exciting convention to
effectively connect global & Asian investors and partner communities with cleantech companies and other key stakeholders to explore
new investment and partnership opportunities in the region.
Private Equity World Latin America
Date: 6 - 7 May 2014 Information: www.terrapinn.com/pelatam
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. If you are looking to forge new partnerships, raise capital or stay on top
of the latest fund offerings and investment opportunities, then you must attend.
Download Data
Conferences
Alternative Investor 2014
Date: 21 May 2014 Information: http://www.iiribcfinance.com/FKW52757PQL
Location: London
Organiser: IIR & IBC Finance
This one-day conference has been designed to aid Family Offices, Pension Funds, Endowments & other Institutional Investors when
deciding which alternative strategies to pursue. The forum covers the entire spectrum of alternative investments, with expert
contributions from the leaders in Private Equity, Real Estate, Infrastructure, Private Debt & Hedge Funds. Learn more, see the latest
agenda and register today at http://www.iiribcfinance.com/FKW52757PQL. Quote VIP code FKW52757PQL to save 15% courtesy of
Preqin!
European Family Office & Private Wealth
Date: 4 - 6 June 2014 Information: www.opalgroup.net/trk/efopwc1418.html
Location: Intercontinental Geneve, Geneva, Switzerland
Organiser: Opal Financial Group
Following the success of Opals annual Family Office/Private Wealth Management Forum in the United States, we will bring this event
back to Europe in 2014. A part of the Private Wealth Series, this family office conference is Opals premier event for high net worth
individuals and family offices. Private investors and asset managers from around the world will visit this picturesque setting for three days
of engaging discussions on the latest investment trends. The conference 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
Family Office & Private Wealth Forum
Date: 21 - 23 July 2014 Information: www.opalgroup.net/trk/fopwc1410.html
Location: Hyatt Regency Newport, Newport, RI
Organiser: Opal Financial Group
As part of the Private Wealth Series, the Family Office/Private Wealth Management Forum is Opals premier conference and the
preeminent event in North America for high net worth individuals and family offices from around the world. Come and join us for three
days 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. The event will be held in
Newport, Rhode Island, where the history of private wealth spans many generations dating back the early settlement dates of America.
This event 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. Opal will kick off the event with its Annual
Regatta Cup, in which attendees will have the opportunity to work with a professional sailing charter crew while competing against
industry peers.
ASK 2014 Global Private Debt and Equity Summit
Date: 14 May 2014 Information: www.asksummit.co.kr
Location: Seoul, South Korea
Organiser: The Korea Economic Daily
Korean institutions are growing from $2tn to 5tn during next 30 years and looking for substitute for fixed income in fields of private debt,
equity, infrastructure, and real assets. Summit provides best access to investors by inviting top 20 investors as speakers, top 30 CIOs at VIP
dinner, and around 250 investors at floor.
The Private Equity Latin America Forum
Date: 19 - 20 May 2014 Information: http://www.latinmarkets.org/forums/private-equity-latin-america-forum/overview
Location: Private Club, NYC
Organiser: Latin Markets
The 3rd Annual Private Equity Latin America Forum is a meeting of the worlds largest international private equity managers and investors.
Keynotes from: Former President of Mexico, US Treasury Secretary, SilverLake, WL Ross & Co, Lee Equity Partners, Clayton Dubilier & Rice,
The Carlyle Group. Limited capacity, purchase tickets in advance.

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