Preqin Private Equity Spotlight April 2011

Private Equity Spotlight
April 2011
Fundraising - nal fundraising stats for Q1 2011. Page 13
Funds in Market - make-up of funds on the road going into Q2 2011. Page 14
Deals - buyout deals and exits in Q1 2011. Page 15
Performance - performance gures from the latest data. Page 16
Conferences - private equity events. Page 17
The Facts
FEATURED PUBLICATION:

The 2011 Preqin Private Equity
Secondaries Review

More information available at:
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Fundraising Assignment
Using the Preqin Investor Intelligence database our analysts undertake a fundraising
assignment for a rst time European mid-market buyout fund seeking 500mn in
commitments. Our Long List reveals just how many investors are interested in
a fund of this type, with the Short List detailing specic institutions believed to
represent the best prospects. Page 8
The 2011 Preqin
Private Equity Secondaries Review
Preqin News Exclusives
Each month Preqins analysts speak to hundreds of investors, fund managers and
intermediaries from around the world, uncovering vital, exclusive intelligence. This
months News Exclusives features important updates on KKR, Barclays and more.
Page 10
The Missing 1,500 PE Investors
You can download all the data in this months Spotlight in Excel.
Wherever you see this symbol, the data is available for free download on
Excel. J ust click on the symbol and your download will begin automatically.
You are welcome to use the data in any presentations you are preparing,
please cite Preqin as the source.
Welcome to the latest edition
of Private Equity Spotlight, the
monthly newsletter from Preqin
providing insights into private
equity performance, investors and
fundraising. Private Equity Spotlight
combines information from our online
products Performance Analyst,
Investor Intelligence, Fund Manager
Proles, Funds in Market, Secondary
Market Monitor and Deals Analyst.
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April 2011
Volume 7 - Issue 4
alternative assets. intelligent data.
Of the 4,300 institutional investors in private equity tracked by Preqin, 1,500 are
not considering new private equity fund opportunities. Why are so many investors
staying out of the market? Will they be coming back? Do they represent good
opportunities for secondary market buyers? Our feature article reveals all. Page 3
Fundraising
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Feature
The Missing 1,500 PE Investors:
Why are they missing? Will they come back? Are they selling?
Of the 4,300 investors in private equity funds that Preqin tracks 1,500 are not currently considering new private
equity investment opportunities. Helen Kenyon investigates why, and whether they represent opportunities
for secondary market buyers.
Private Equity Secondary Market
The past few years have seen some signicant shifts in the attitudes
of institutional investors towards private equity. Investor condence
suffered in the wake of the nancial crisis as a result of uncertainty
in the market and reduced valuations of portfolio holdings.
Of the 4,300 investors in private equity funds that Preqin tracks,
a signicant 1,500 past investors have revealed to us that they
are not currently considering new investment opportunities or are
over-allocated to the asset class. Although this is bad news for GPs
seeking capital for new funds, these investors represent a relatively
untapped source of potential deals for buyers of fund interests on
the secondary market.
In this article, we explore the reasons why these LPs are not
investing in the asset class and assess the likelihood that they will
recommence investments in the future. We also investigate how
likely these investors are to sell fund interests on the secondary
market and whether they represent good targets for secondaries
players.
Investors on Hold
Investors that placed their investments on hold during the worst
of the nancial crisis are gradually returning to the market. Our
December 2010 Investor Outlook report found that, of the investors
planning to make new commitments to funds in 2011, 18% are
investors that did not make any commitments in 2010 (see Fig. 1).
Of the 1,500 investors Preqin is currently tracking that are not
actively making new commitments, a third have decided to place
their investments on hold for a period of six months or more, but
intend to recommence investments within the next two years. Fig. 2
shows a breakdown of this group of investors by type of institution.
An example of an investor in this group is Dai-Ichi Life Insurance,
which placed its investments in alternatives, including private equity,
on hold in 2008, but expects to start making new commitments to
private equity funds at some point this year. It intends to commit
$50 million to two or three funds by the end of 2011.
A third of the 1,500 missing investors are therefore set to return to
the asset class within the next couple of years. This is good news
for GPs planning to start raising funds in the next year or so, and
they may nd it benecial to contact these investors now to begin
to establish a relationship with them ahead of the commencement
of full-scale fundraising efforts.
Investors in this category are not, however, such good targets for
secondary market buyers. Few of these investors intend to ofoad
stakes in funds on the secondary market, though there are some
exceptions. Esterad Investment Company is one such LP. It has
not added any new private equity funds to its portfolio in the past
couple of years, but has found that the denominator effect has left it
over-allocated to the asset class. As a result, Esterad is considering
selling private equity fund stakes during 2011.
Fig. 1: Amount of Capital Investors Plan to Commit to Private Equity
Funds in 2011 Compared to 2010 - December 2010 Survey Results
Source: Preqin
Fig. 2: Investors That Have Placed Their Private Equity Investments on
Hold Split by Type
Source: Preqin
Private Equity Spotlight, April 2011
Download Data
Over-Allocation to Private Equity
Over the past couple of years, we have seen
an increasing number of investors exceed their
targeted level of exposure to private equity.
More than 200 LPs are known to have current
allocations to private equity that exceed their
target allocations.
Typically, investors over-allocated to private
equity will signicantly reduce the amount
of capital they make available for new
commitments or will opt to halt new investments
in the asset class until their allocations fall
back within acceptable levels. The Teachers
Retirement System of Louisiana, for example,
has 12.2% of its total assets allocated to private
equity but has a target allocation of 10%. It has
set aside $245 million for new commitments in
the 2011 scal year, signicantly less than the
$1-1.2 billion set aside for new commitments in
the 2010 scal year.
A small proportion of investors are now over-
allocated to private equity as a result of a
decision to reduce the level of their exposure to
private equity. Pennsylvania State Employees Retirement System
is one such investor. It has 25.1% of its total assets in private equity
but intends to gradually reduce its exposure over the longer term to
15% in order to divert capital to other types of investment, including
xed income.
While not all investors that are over-allocated to private equity will
stop making new investments in the asset class, for many this
will be the case. Although this makes them poor targets for GPs
raising new vehicles, secondary market players may nd it worth
contacting them about the possibility of selling interests in funds in
order to alleviate their over-allocations. In fact, 54% of LPs planning
to sell stakes on the secondary market are motivated by the need
for liquidity and 28% by portfolio rebalancing, as shown in Fig. 3.
For example, WLD Enterprises, a family ofce, does not plan
to make new commitments to funds over the next few years as
it is exceeding its 15% private equity target allocation, and is
considering a secondary market sale in order to rebalance its
portfolio.
LPs No Longer Investing in Private Equity
Preqin currently monitors more than 800 investors that have some
previous exposure to private equity but that have opted to cease
investment in the asset class for the foreseeable future. These
investors account for more than half of the missing 1,500 LPs, as
shown in Fig. 4.
54%
28%
26%
7%
5%
0%
10%
20%
30%
40%
50%
60%
Requirement For
Liquidity
Portfolio
Rebalancing
Exit Poor
Performing Funds
Change In
Strategy (Exit
Non-Core Assets)
Other
Fig. 3: Investors Motivations for Selling Fund Stakes on the Secondary
Market - February 2011 Survey Results
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Motivations for Selling
Source: Preqin
Feature
Fig. 4: The Missing 1,500 Private Equity Investors
Source: Preqin
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Some of these investors only made one or two strategic investments
in funds in the past, but never had a specic allocation to private
equity. These investors account for around three-quarters of the
rms in this category and are unlikely to recommence investments
in the asset class. Others with more sizeable portfolios of private
equity investments have opted to cease investing as a result of a
change in strategy, perhaps prompted by changes in their liquidity
proles or in the level of acceptable risk in their portfolios. It is
possible that some of these institutions may return to the asset
class in the future but it is unlikely they will begin assessing new
opportunities for at least another few years.
It is also worth noting that this group contains all investors known
to have ever invested in a private equity fund that no longer invest
in the asset class. J ust 5% of the LPs known to no longer invest in
private equity chose to stop investing following a change in strategy
in the past couple of years, showing that few were motivated by
a lack of condence in the asset class prompted by the nancial
crisis.

Fig. 5: Proportion of LPs Not Actively Investing in New Opportunities
That Are Likely to Sell Fund Stakes over the Next 24 Months
Source: Preqin
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Investors that have stopped making private
equity investments represent the best
source of potential leads for secondary
market players. It is possible that many will
seek to liquidate their existing investments
in private equity in order to exit the asset
class fully and thereby free up capital to
use for investments in other asset classes.
Allied Irish Banks, for example, does not
anticipate making any further commitments
to private equity funds through its capital
markets division and is looking to sell off
its last stakes in a couple of venture funds
before the end of Q2 2011.
Good News for Both GPs and Secondary
Market Players
Fund managers planning to raise new
funds over the next few years should see
the results of this analysis as encouraging,
and there is certainly no cause for concern
regarding the longer-term future of the
private equity industry.
Over half of the missing 1,500 LPs intend
to return to the market at some point over
the next couple of years. As conditions
improve and stabilize, it is possible that
we could see more of these institutions re-enter the private equity
market as many have not ruled out reassessing the asset class in
the longer term.
This is good news for GPs intending to raise new funds in the
future. Identifying these institutions and getting in touch with them
prior to their return to the asset class could help GPs to increase
their chances of securing capital from them further down the line,
even if the institutions in question are not actively assessing new
opportunities at present.
In the short term, these LPs represent a good source of potential
deal ow for secondary market players, with many LPs from each
of the categories explored here considering ofoading stakes in
private equity funds on the secondary market. Having analyzed
a sample of 480 LPs not actively investing or over-allocated to
private equity, we can see that 16% are considering secondary
market sales within the next 12 to 24 months (Fig. 5). It is important,
therefore, that secondary market buyers identify these potential
sellers and target them early in order to gain access to the best
deal ow in the coming months.
Preqins newly upgraded online Secondary Market Monitor
now shows you who the missing 1,500 private equity investors
are. Secondary Market Monitor subscribers have the facility to
search Preqins Investor Intelligence database for the investors
that have placed their investments on hold, are over-allocated
to private equity or are no longer investing in the asset class
using the Find Possible Sellers function.
If youre a secondary market buyer, GP or intermediary
interested in searching for the prime seller targets and would
like more information or to apply for a demo please visit
www.preqin.com/secondaries
Feature
Private Equity Secondaries Market
Data Source:
2011 Preqin Private Equity
Secondaries Review
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The 2011 Preqin Private Equity Secondaries Review contains detailed information and profles for buyers, sellers, intermediaries,
transactions, funds, performance, fund of funds, pricing and more...
Key features of this publication include:
All PE fund types covered, including PERE
Profles for 82 specialist secondary fund of funds managers, 115 fund of funds managers with
secondaries allocations, 50 institutional investor buyers and 30 sellers, 62 intermediary frms
and placement agents, plus details for 100 investors in secondaries funds.
Detailed analysis examining the history and development of the industry, historic NAV vs.
trading price premiums and discounts, performance of secondaries funds, fund of funds
activity in secondaries, institutional investor buyers and sellers, intermediaries, placement
agents and more.
Results of surveys conducted with GPs, LPs and fund of funds managers.
Listings of 96 secondaries funds closed historically since 2005, 31 funds currently in the
market, individual net to LP fund performance for 408 funds including secondaries vehicles
and funds of funds with a secondaries allocation.
Listings of 138 secondaries transactions for 2008 onwards
The 2011 Preqin
Private Equity Secondaries Review
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Preqins Fundraising Assignment examines institutional investor
appetite for private equity funds of different size, strategy, location
and track record. Using exclusive data from Preqins Investor
Intelligence database, our analysts determine the level of demand
for our fund within the market, identifying key investor types
interested in the fund. The results are displayed in the Long List.
We then focus in closer, identifying a sample of specic institutional
investors that represent good targets for funds of this type in the
Short List.
The Long List
This month Preqin is looking at the potential appetite for a Europe-
focused rst-time buyout fund looking to raise 500 million in
capital commitments from global institutional investors. Although
some LPs will not commit to rst-time funds, preferring to invest
with more experienced GP teams, Preqins Investor Intelligence
database currently tracks 1,568 global LPs that will invest in rst-
time funds or spin-offs. When we narrow down to only include
investors that will also consider European buyout funds, the Preqin
Investor Intelligence database shows 831 institutional investors
that are potentially interested in the Fundraising Assignment.
Combined, these investors represent a little over 1 trillion currently
allocated to private equity.
The fund meets the investment criteria for 33% of all investors
based in Europe and 23% of LPs in North America (see Fig. 2).
13% of investors based in Rest of World are potential targets for
our fund, with some of these being major institutions such as the
UAE-based International Petroleum Investment Company, which
invested in the Falah Growth Fund, a rst-time buyout fund focused
on investing in the Commonwealth of Independent States. 10% of
investors in Asia would consider committing capital to our fund,
with Mizuho Corporate Bank is one such potential investor; it has
previously committed to the Europe-focused rst-time buyout fund
Magnum Capital.
Fund of funds managers and public pension funds are the types
of investors most likely to invest in our Europe-focused rst-time
buyout fund (see Fig. 3). Combined, they represent 35% of the
Long List of potential institutional investors in our fund and include
such investors as Altius Associates and California State Teachers
Retirement System.
The fundraising assignment is also likely to attract capital
commitments from private sector pension funds, which make up
11% of all potential investors on our database. The majority of these
investors are based in the US and Europe and include institutions
Download Data Feature
Europe-Focused Mid-Market Buyout Fund
Kevin Neadley utilises the Investor Intelligence database to examine potential institutional investor appetite for
a Europe-focused mid-market buyout fund being raised by a first-time fund manager.
Fig. 3: Breakdown of Long List by Investor Type
Source: Preqin
33%
23%
13%
10%
0%
5%
10%
15%
20%
25%
30%
35%
Europe North America Rest of World Asia
Fig. 2: Proportion of Investors with Interest in Fundraising Assignment
Split by LP Location
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LP Location
Source: Preqin
Fig. 1: The Fundraising Assignment
The Assignment
Fund Strategy Buyout
Fund Size (EUR million) 500
Fund Focus Europe
Track Record First-Time Fund
Source: Preqin
Download Data
such as Unilever UK Pension Fund, US-based Boeing Company
Pension Fund, and Denmark-based Industriens Pensionsforsikring.
Foundations account for 9% of investors with a potential interest in
our fund, while endowment plans and insurance companies each
account for 8% of potential investors. The Ford Foundation, Grinnell
College Endowment and Korea Life Insurance are examples of
possible targets within each of these investor groups.
The Investor Barometer in Fig. 4 shows how the overall universe
of investors is reduced down until we nally reach our Long List of
831 institutional investors. By adding further criteria to the fund,
investor appetite towards it changes. For instance, endowment
plans are more likely than private sector pension funds to invest
in a buyout fund, but less likely to invest in a Europe-focused
rst-time buyout fund. Interestingly, 59% of insurance companies
globally show an interest in Europe-focused buyout funds, a larger
proportion than public pension funds (49%). However, when you
lter the investor universe further, to include only those LPs that
are interested in rst-time funds, the proportion of insurance
companies with an interest in our fund reduces to just 30% of the
universe, while a higher proportion, 32%, of public pension funds
remain as potential targets.
Our list of 831 potential LP targets could be further reduced using
the Search by Past Investments tool on Investor Intelligence.
Preqin holds data on more than 40,000 fund commitments known
to have been made by LPs and this search allows us to lter the
data using detailed search criteria. Using this search, it is possible
to see that 144 investors are known to have previously invested
in 2008-2011 vintage Europe-focused buyout funds of between
400mn and 600mn in size. Seven of these LPs have invested in
three or more funds matching these criteria.
The Short List
The Short List (Fig. 5) shows a selection of institutional investors
which our analysts have identied as representing good possible
targets for our fundraising assignment, including the specic
rationale behind each inclusion. Preqin Online subscribers can
click on the investor name to see the full prole.
Feature
80%
70%
64%
61%
58%
54% 54%
51%
49%
60% 59%
49% 49%
39%
35% 36%
33%
39%
46%
30%
27%
32%
22%
18%
21% 20% 20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
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Buyout Buyout + Europe Buyout + Europe + First-Time Fund
Fig. 4: Investor Barometer: Proportion of Investors with Interest in
Fundraising Assignment by Type
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Source: Preqin
Fig. 5: The Short List
Investor Investor Type Location Details
Akina
Fund of Funds
Manager
Switzerland
Expected to invest 100-300 million across 5-12 private equity funds in
2011, investing through Euro Choice IV
First-time funds are considered for investments made through Euro
Choice IV
Previously invested in the vintage 2009 frst-time buyout fund, Xenon V
Focuses mainly on European buyout funds.
Greater Manchester Pension Fund Public Pension Fund UK
Anticipates making eight new fund commitments in 2011 and has
earmarked 80 million to be invested across these vehicles
Considers frst-time funds
Previously committed 5 million to frst-time fund, Zeus Private Equity
Fund I
Mount Sinai School of Medicine Endowment Plan US
Looking to forge new relationships with managers in 2011, including
investing in spin-of teams
Invests in several fund types including buyout funds
Typically invests $15-20 million per fund
Scottish Widows Investment
Partnership
Listed Fund of
Funds Manager
UK
Previously committed to the 2010 vintage frst-time buyout fund, Elysian
Capital I
Intends to invest in buyout funds targeting European opportunities in
2011
Looking to add up to 10 new funds to its portfolio in 2011. Estimates
investing between 100-200 million to these new vehicles
Kirkon Elkerahasto
Private Sector
Pension Fund
Finland
Investing a total of 15 million in new funds in 2011
Looking to target Europe-focused buyout funds
Looking to work with a mix of existing managers in its portfolio and
managers it has no prior relationship with in 2011, and will invest in frst-
time funds managed by spin-of teams
Source: Preqin
Sweet Medicine
KKR has agreed to purchase Capsugel, the pill casings division of
Pzer.
The deal, announced in April 2011, is worth $2.4bn and is expected
to be completed by J uly this year. Capsugel is the worlds leading
provider of hard capsules and an innovator in drug delivery systems
for the pharmaceutical, OTC and health and nutrition industries.
The rm generated approximately $750 million in revenue and
manufactured more than 180 billion hard capsules in 2010.
Barclays Go Forth with Fourth Fund
Barclays have launched a fourth private equity fund.
Barclays Private Equity European Fund IV began raising at the end
of March, and is seeking 1.5bn in commitments. It will act as a
launch pad for Barclays Private Equitys separation from its parent
company, Barclays Capital.
The fund will make majority stake investments in lower middle-
market companies across Europe with an enterprise value between
50mn and 300mn.
Barclays Private Equity is one of Europes leading mid-market
private equity investors, with extensive experience in most industry
sectors. The rm has developed specic expertise in the UK
nancial services, consumer and travel, and specialist engineering
sectors.
Danske to Shed Assets on Secondary Market
Danske Bank is considering selling off more of its assets on the
secondary market.
The Danish bank, which held off making secondary market sales
in 2009 due to market conditions, sold off some of stakes in Nordic
buyout funds in 2010. Over the course of 2011 it could sell more
fund interests on the secondary market now that prices are more
attractive to sellers.
Danske Bank was founded in 1871 as Den Danske Landmandsbank,
the Danish Farmers Bank. The bank provides payment services,
security trading, investment advice and the provision of short-term
and long-term nancing.
Looking to Latin America?
Allstate Investment Management could purchase Latin America-
focused fund stakes on the secondary market.
The $100mn insurance company, which has been active both as a
buyer and a seller on the secondary market in the past, has hinted
that it will consider buying interests in such funds managed by rms
with which it has already invested.
Allstate invests mainly in North America and Europe, with Latin
American interests accounting for a small part of its portfolio. It
may increase its allocation to the region once it becomes more
economically stable.
Big Investment Plans
Keva is to invest in 10 global private equity funds.
The 30bn public pension fund, which has a 5% target allocation
to the asset class, will commit 450mn to the funds over the
next 12 months. It is particularly interested in mid-market buyout
opportunities in North America and Europe.
It is likely to forge relationships with new managers, alongside
investing with those to which it has committed capital in the past,
and will consider rst-time managers. Keva is not looking to invest
in secondaries, mezzanine or distressed funds.
The Finland-based pension plan covers around 500,000 members
in total and is an experienced investor in alternatives. It generally
commits between 25mn and 75mn per fund interest, though will
consider investments outside of this scale.
Pension Plan to Plough More Money into PE
Shell Asset Management Company hopes to invest up to 500mn
in private equity over the next 12 months.
The 40bn rm, which manages the pensions of UK and Dutch Royal
Dutch/Shell Group staff, wants to take advantage of opportunities
in the emerging market and European buyout sectors. It will not
consider US-focused investments as it is currently over-allocated
to the region, and for strategic reasons it is not interested in venture
investments.
Download Data
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by Preqins analysts. Preqin Online subscribers can click on the investor/firm names to view the full profiles.
News
It typically invests 50mn per vehicle, but will consider both larger
and smaller commitments. Each pension scheme the rm manages
has its own target private equity allocation, which is generally
between 5% and 10%.
Over and Above
Waud Capital Partners III has closed above target.
The healthcare-focused buyout fund, which was targeting $350mn,
has just nished fundraising having collected $463mn. The fund is
the third raised by Chicago-based Waud Capital, a private equity
investment rm founded in 1993.
The rm makes investments of between $10mn and $50mn in
private companies with an enterprise value of $30mn to $250mn,
primarily within the healthcare industry. WCP also invests in niche
manufacturing, industrial/specialty distribution and business service
companies that can be grown internally, through acquisitions or as
part of an industry consolidation.
Target and Then Some
The latest Bessemer venture fund has closed above target.
Bessemer Venture Partners VIII nished fundraising this month,
having raised $1.6bn. It aimed to collect $1.5bn. The fund focuses
primarily on investing in high-growth companies across multiple
industries and geographies.
The rm will make investments out of its ofces in the US, India and
Israel. 25% of the capital will be allocated to opportunities in India.
Established in 1911, New York-based Bessemer Venture Partners
focuses on venture capital investments in cleantech, data security,
nancial services, healthcare, and software as a service.
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Equity
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Managing Director,
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Partners
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Download Data The Facts
Fig. 3: Top 10 Funds Closed during Q1 2011 by Final Close Size
Fund Firm Type Amount Close (mn) Manager Location Fund Focus
EnCap Energy Capital Fund VIII EnCap Investments Natural Resources 3,500 USD US US
Golder Thoma Cressey Rauner X GTCR Golder Rauner Buyout 3,250 USD US US
Baring Asia Private Equity Fund V Baring Private Equity Asia Balanced 2,460 USD Hong Kong ROW
Gores Capital Partners III Gores Group Buyout 2,064 USD US US
Yunfeng Fund Yunfeng Capital Early Stage 10,000 CNY China ROW
Blackstone Real Estate Special Situations Fund II Blackstone Group Real Estate 1,500 USD US US
InSight Venture Partners VII InSight Venture Partners Venture (General) 1,500 USD US US
Astorg V Astorg Partners Buyout 1,050 EUR France Europe
Sequoia Capital 2010 Sequoia Capital Early Stage 1,358 USD US US
Park Square Capital II Park Square Capital Partners Mezzanine 850 EUR UK Europe
Source: Preqin
Q1 2011 Fundraising Stats
Adam Counihan examines fundraising in the first quarter of the year.
Q1 2011 Fundraising Stats
20
4
17
2
27
3
11
2
8
12.6
2.4
5.8
0.6
9.4
0.3
2 2
8.7
0
5
10
15
20
25
30
B
u
y
o
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t
D
i
s
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r
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s
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R
e
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l

E
s
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a
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u
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V
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e
S
e
c
o
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d
a
r
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F
u
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d

o
f

F
u
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d
s
M
e
z
z
a
n
i
n
e
O
t
h
e
r
No. Funds
Raised
Aggregate
Capital
Raised
($bn)
Fig. 4: Private Equity Fundraising by Type, Q1 2011
Fund Type
Source: Preqin
47
25
24
28.5
7.7
9.9
0
5
10
15
20
25
30
35
40
45
50
North America Europe Asia and Rest of World
No. Funds
Raised
Aggregate
Capital
Raised ($bn)
Fig. 5: Private Equity Fundraising by Primary Geographic Focus,
Q1 2011
Source: Preqin
55.9
53.1
48.9
51.1
62.2
97.8
81.4
107.5
121.7
141.3
149.2
128.7
126.5
211.7
123.7
194.9
173.6
206.1
124.1
166
77.2
94.8
54.8
69.3
77
54.7
72.5
47.5
46.1
0
50
100
150
200
250
Q
1

2
0
0
4
Q
2

2
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Q
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Q
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Q
2

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Q
3

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Q
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Q
2

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Q
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3

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Q
4

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Q
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1
Fig. 1: All Private Equity Fundraising by Quarter, Q1 2004 - Q1 2011
Source: Preqin
18%
22% 22%
20%
11%
4%
2%
0%
5%
10%
15%
20%
25%
1-6 Months 7-12 Months 13-18
Months
19-24
Months
25-30
Months
31-36
Months
37 Months +
Fig. 2: Time Spent on the Road by Funds Closed in Q1 2011
Source: Preqin
P
r
o
p
o
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t
i
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o
f

F
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s

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a
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R
a
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e
d

(
$
b
n
)
Q2 2011 Funds in Market
Q2 2011 Funds in Market
Data Source:
Preqins Funds in Market database contains details of over 1,600 private equity funds on the road seeking capital, plus information on
every vehicle that has closed since 2003. For more information about this product and how it can assist you, please visit:
www.preqin.com/fmp
Fig. 3: 10 Largest Funds in Market
Fund Fund Manager Fund Type Fund Target (mn) Fund Status Location Focus
Fund Manager
Location
Blackstone Real Estate Partners VII Blackstone Group Real Estate 10,000 USD Raising North America US
KKR North American XI Fund Kohlberg Kravis Roberts Buyout 10,000 USD Raising North America US
Providence Equity Partners VII Providence Equity Partners Buyout 8,000 USD Raising US, West Europe,
North Africa
US
BC European Cap IX BC Partners Buyout 6,000 EUR First Close Europe UK
Cinven V Cinven Buyout 5,000 EUR Raising Europe UK
Lexington Capital Partners VII Lexington Partners Secondaries 6,000 USD Fourth Close Global US
EQT VI EQT Partners Buyout 4,250 EUR Raising Europe, Nordic Sweden
Coller International Partners VI Coller Capital Secondaries 5,000 USD Raising North America,
Europe, Asia
UK
Global Infrastructure Partners II Global Infrastructure Partners Infrastructure 5,000 USD Raising Global US
Berkshire Fund VIII Berkshire Partners Buyout 4,000 USD Raising North America US
Source: Preqin
1,624 1,673
1,622 1,574
1,582
1,562
1,522
1,547
1,594
1,644
889 887
807 754
691
636
560
571 602
661
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
No. Funds
on Road
Aggregate
Target
($bn)
Fig. 1: Funds in Market by Quarter
Source: Preqin
751
387
506
322
164
175
0
100
200
300
400
500
600
700
800
North America Europe Asia and Rest of World
No. Funds
on Road
Aggregate
Target ($bn)
Fig. 2: Composition of Funds in Market by Primary Geographic Focus
Source: Preqin
Anna Stumillo looks at the funds in market as we go into the second quarter of the year.
Download Data
The Facts
Buyout Deals and Exits in Q1 2011
Fig. 3: 10 Largest Buyout PE-Backed Deals Globally, Q1 2011
Name Date Type
Deal Size
(mn)
Currency Buyers Sellers Industry Location
Emergency Medical
Services
Feb-11 Public To Private 3,200 USD Clayton Dubilier & Rice Healthcare US
Citadel Broadcasting Mar-11 Merger 2,400 USD Bain Capital, Blackstone Group, Crestview
Partners, Cumulus Inc., Macquarie Bank,
Thomas H Lee Partners
JP Morgan Media US
Alinta Energy Mar-11 Restructuring 2,100 AUD TPG Energy Australia
Acosta, Inc. Jan-11 Buyout 2,000 USD Thomas H Lee Partners AEA Investors Marketing US
Elkem Jan-11 Add-on 2,000 USD Blackstone Group, Bluestar Orkla ASA Materials Norway
Ansaldo Energia Mar-11 Buyout 1,233 EUR Finmeccanica, First Reserve Corporation Power Italy
The Priory Group Jan-11 Buyout 925 GBP Advent International RBS Asset
Management
Healthcare UK
Patni Computer
Systems
Jan-11 Buyout 1,220 USD Apax Partners, iGate General
Atlantic
IT India
Capio Spanish
Hospitals
Jan-11 Buyout 900 EUR CVC Capital Partners Apax Partners,
Nordic Capital
Healthcare Spain
Phones4U Mar-11 Buyout 700 GBP BC Partners Providence
Equity
Partners
Telecoms UK
Buyout Deals and Exits in Q1 2011
Manuel Carvalho reveals some key stats relating to buyout deals and exits in Q1 2011.
0
50
100
150
200
250
300
0
100
200
300
400
500
600
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1,000
Q
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1
No. of Deals Aggregate Value of Deals ($bn)
Fig. 1: Number and Aggregate Value of PE-Backed Deals Globally,
Q1 2006 - Q1 2011
N
o
.

o
f

D
e
a
l
s
Source: Preqin
0
5
10
15
20
25
30
35
40
45
50
Q1
2008
Q2
2008
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
N. America Europe Asia and ROW
Fig. 2: Aggregate Value of PE-Backed Deals by Region,
Q1 2008 - Q1 2011
A
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e

V
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(
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Source: Preqin
A
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(
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Source: Preqin
Included as part of Preqins integrated 360 online private equity database, or available as a separate module, Deals Analyst
provides detailed information on private equity backed buyout deals and exits globally, including secondary buyout deals. The
product has in-depth data for over 21,000 buyout deals across the globe, including information on deal value, buyers, sellers,
debt nancing providers, nancial and legal advisors, company nancials and more.
www.preqin.com/deals
Data Source:
Bronwyn Williams looks at the latest changes in private equity fund performance, using data accurate to
September 2010.
Performance Update
Performance Update
7.0%
13.3%
10.6%
12.0%
13.5%
19.2%
14.1%
14.4%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
1 Year to
December 2009
1 Year to March
2010
1 Year to June
2010
1 Year to
September 2010
Non-
Weighted
Weighted
Fig. 1: Average Change in NAV for All Private Equity
Source: Preqin
6.7%
6.3%
2.0% 1.9%
1.7%
3.8%
1.9%
2.6%
2.4%
2.4%
4.3%
1.1%
1.0% 0.8%
-0.2%
1.2%
2.0%
-0.3%
1.5%
3.5%
2.9%
1.3%
2.0%
2.1%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
All Private
Equity
Buyout Fund of
Funds
Mezzanine Secondaries Venture
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Fig. 2: Weighted Quarterly Change in NAV by Fund Type
Source: Preqin
A
v
e
r
a
g
e

W
e
i
g
h
t
e
d

C
h
a
n
g
e

i
n

N
A
V

f
r
o
m

P
r
e
v
i
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s

Q
u
a
r
t
e
r

A
v
e
r
a
g
e

C
h
a
n
g
e

i
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N
A
V
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
1 Year to Sept 2010 3 Years to Sept 2010 5 Years to Sept 2010
All Private
Equity
S&P 500
MSCI
Europe
MSCI
Emerging
Markets
Fig. 3: Private Equity Horizon IRRs vs. Public Indices as of 30 Sept 2010
A
n
n
u
a
l
i
z
e
d

R
e
t
u
r
n
s
Fig. 1 shows the one-year change in net asset value (NAV) as
at each quarter end from December 2009 to September 2010.
The latest gures show an average change over the year to
September 2010 of 12.0% for the non-weighted metric and
14.4% for the weighted metric. The weighted metric takes
into account fund sizes, suggesting that the larger funds in
the industry increased in value more than the smaller funds.
It should be noted that larger funds had previously been more
affected by the nancial crisis than smaller funds.
The quarterly weighted change in NAV by fund type is shown
in Fig. 2. Q3 2010 data shows that all the private equity fund
types reported an increase in valuation: buyout funds reported
an increase of 3.5%, fund of funds 2.9%, mezzanine 1.3%,
secondaries 2.0% and venture 2.1%. Overall, the private equity
industry has shown a quarterly increase of 1.5% for September
2010.
Fig. 3 examines the horizon IRR of all private equity funds over
the one-, three- and ve-year periods and the returns achieved
by three public indices across the same timeframe through
September 2010. The overall private equity horizon IRR for
the one-year period stands at 16%, for the three-year period
at -2.2%, and for the ve-year period at 13.7%. Over the three-
and ve-year periods, returns for all private equity and MSCI
Emerging Markets are broadly similar, with the two signicantly
outperforming the S&P 500 and MSCI Europe. In the year to
September 2010, MSCI Emerging Markets posted 20.2%.
The comparison of private equity with listed equities needs to be
viewed with caution as the private equity asset class is illiquid.
Private equity investors are committed over a long period of
time and therefore these returns are not as relevant as they are
for the more liquid listed markets.
To provide an independent and unbiased assessment
of the industrys performance, Preqin has analyzed the
returns generated by private equity partnerships as
of 30 September 2010, using data from Performance
Analyst. Preqin currently holds transparent net-to-LP
performance data for over 5,300 private equity vehicles
of all types and geographic focus. In terms of aggregate
value, this represents around 70% of all capital raised by the
industry. For more information, please visit:
www.preqin.com/pa
Data Source:
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and corporate business development executives.
This years conference, focusing on the New Era of
Innovation, will feature 45+ industry experts, who will share
candid insights on the most critical issues in the sector
today; while, at the same time, providing an intimate
venue to network and grow impactful relationships to help
foster the development and financing of companies.
Information: http://medtechconference.com/

MedTech Investing Conference
Date: 20-22nd June 2011
Location: Miami, FL
Organiser: Terrapinn

The 5th annual Private Equity World Latin America is a
three day conference for investors and senior directors of
Latin American private equity funds. Book your spot now
to meet over 200 leading GPs, LPs and their advisors that
are gathering together to do business, be inspired and
identify future partners.

Information: www.terrapinn.com/pelatam

Private Equity World Latin America 2011
Date: 12th May 2011
Location: New York City, NY
Organiser: The Capital Roundtable

Designed to Meet the Needs of GPs, LPs, & Managers
of Buyout, Growth Equity, & Mezzanine Funds, As Well
as Officers & Directors of Their Portfolio Companies,
Independent Sponsors, and Investment Bankers, Lenders,
Industry Executives, Lawyers, & Other Advisors Who Work
With Them

Information: http://www.capitalroundtable.com/
masterclass/capital-roundtable-raising-private-equity-
funds-from-institutional-investors.html

Raising Private Equity Fundsfrom Institutional
Investors
Download Data Conferences Conferences Spotlight
Date: 26th May 2011
Location: London
Organiser: BIE Events

This, our second European Mid-Market Private Equity
Conference designed for practitioners operating in the
segment, will look at opportunities through the investment
cycle and offer an interactive forum for LPs and GPs for
discussing the most topical issues.

Information: http://www.bieevents.com/mm2011-details

The European Mid-Market PE Conference
Date: 25-27th May 2011
Location: Paris, Hotel Lutetia
Organiser: IIR

With over 200 attendees, 80 leading mezzanine
professionals, 26 different sessions and more networking
opportunities, our 9th Annual Pan-European Mezzanine
finance conference is your must-attend event
This year our speaker line up includes more experts from a
wider range of backgrounds than ever before including
more LPs, more Leverage Financiers & more Private Equity
sponsors as well as more networking opportunities

Information:
http://www.informaglobalevents.com/KM2313PQ
Pan European Mezzanine Finance & the
Subordinated Debt Market
Download Data
www.medtechconference.com
Co-Presented by:
Driving Innovation and
Investment
Opportunities in the
Multi-Billion Dollar
Medical Device Market
Register today
www.medtechconference.com
or contact Cathy Fenn, Registrar at
cathy@ibfconferences.com or at 516 765-9005.
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****1echnology SLarL-up 8aLe ConungenL on verlcauon****
Spring Rate
Genera| keg|stranon
Rates:
$1,295.00
$895.00
$1,395.00
$995.00
$795.00
Spring Rate
1echno|ogy Start-Up
Genera| keg|stranon
1echno|ogy
Start-up kate
Academic Rate
Lxp|ranon Date: D|scount Code:
GR1295PR
GR895PR
5/6/2011
5/6/2011
10th Anniversary
INVESTING CONFERENCE
MAY 19, 2011 - THE GRAVES 601 HOTEL, MINNEAPOLIS, MN
The New Era of Device Innovation Investment Trends, Regulatory Issues & Global Opportunities
CCNILkLNCL CC-CnAIkS
Kevin Wasserstein
Managing Director
versanL venLures
Mike Berman
President & CEO
Berman Medical
kLGICNAL nCS1
Da|e Wah|strom
President & CEO
LifeScience Alley and The BioBusiness Alliance of Minnesota
1nL IUNDING GA
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ln Larly SLage uevlce Companles? lf noL, who ls?
8||| narr|ngton
Partner
Three Arch Partners
A||an May
Founder, Life Science Angels
Managing Partner,
Emergent Medical Partners
M|ke Carus|
General Partner
Advanced 1echnology venLures
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Partner
MorgenLhaler venLures
Conferences

Preqin Private Equity Spotlight April 2011

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