Preqin Private Equity Spotlight September 2012

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Private Equity Spotlight

September 2012
You can download all the data in this months Spotlight in Excel.
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FEATURED PUBLICATION:

The 2012 Preqin Private Equity
Performance Monitor
www.preqin.com/pm
Preqin Industry News
Each month Preqins analysts speak to hundreds of investors, fund managers and
intermediaries from around the world, uncovering vital, exclusive intelligence. This
month we focus on the latest updates from the Latin American private equity market.
Page 8.
Buyout Deals - An analysis of mid-market buyout deals in 2012 so far. Page 15.
Venture Capital Deals - We explore trends in recent angel/seed VC deals. Page 16.
Private Equity Performance - A look at the latest PE performance stats. Page 17.
Secondaries Intermediaries - Key data on secondaries intermediaries. Page 19.
Conferences - Details of upcoming private equity conferences. Page 20.
The Facts
The 2012
Preqin Private Equity Performance Monitor

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September 2012
Volume 8 - Issue 9
Feature Article
Growth in Distressed Private Equity: Is Europe Approaching a Turnaround?
Uncertain economic conditions look set to continue across many developed markets,
including Europe. However, recent turmoil has created increased distressed
opportunities for private equity LPs and GPs. This months feature article reveals
the latest trends, drawing on data from our recent survey of distressed private equity
investors.
Page 3.
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, Buyout Deals Analyst
and Venture Deals Analyst.
Lead Article
The Asia-Based Investor Universe
Preqin recently interviewed over 100 insitutional investors with an interest in investing
in Asia. How are these LPs investing in the region, and what are their future plans and
preferences regarding commitments to Asia-focused vehicles?
Page 10.
Click here to sign up to receive your free edition of Private Equity Spotlight every month!
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equity fundraising
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Pan European buyouts in
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2012 Preqin Ltd. www.preqin.com 3
Feature Article
Growth in Distressed Private Equity:
Is Europe Approaching a Turnaround?
Preqin recently interviewed LPs to gauge investor sentiment towards distressed private equity. Louise Maddy and
Joanna Nye explore the results of this survey and its potential impact on private equity markets such as Europe.
The renewed fears of recession and the ongoing eurozone
sovereign debt crisis have meant that distressed private equity,
with its countercyclical nature, has become increasingly attractive
to investors. In our Preqin Special Report: Distressed Private
Equity in October 2011, Preqin expected distressed private equity
to play a greater role in the private equity market and believed
the sovereign debt crisis in Europe would tempt a number of GPs
to launch funds hoping to cater to investor appetite for distressed
investment opportunities arising in the region.
Recent interviews with investors conducted by Preqin in August
provide new insight into changes in investor sentiment towards
distressed private equity. Combined with Preqins latest data on the
current distressed private equity market, these interviews highlight
both the changes and challenges in the current global fundraising
climate and whether the predicted increased competition in the
sector has materialized. Additionally, Preqin asked investors about
their appetite for different regions, providing insight into the Europe-
focused distressed private equity market and whether the region
has become more attractive to investors due to greater investment
opportunities resulting from the eurozone sovereign debt crisis.
Investors Intentions for Future Commitments
Preqin interviewed 35 investors that had previously indicated
a preference for distressed private equity funds. Of those
interviewed, 80% had already made commitments to distressed
private equity funds, with the remaining 20% expecting to make
their rst commitments to these funds at some point in the future.
As Fig. 1 shows, just under a fth of investors (17%) expect to
make their next commitments to distressed private equity funds
before the end of 2012, with the same number expecting to commit
to distressed private equity funds in 2013. Almost half of LPs (46%)
stated that their next investment in a distressed private equity fund
would likely be made on an opportunistic basis, committing to a
new fund should an attractive opportunity arise.
Current Investor Attitudes
Investing in distressed private equity on an opportunistic basis
seemed to be an attractive route for investors; 11% of LPs
interviewed cited this as the sole reason for their exposure to
investments in this area. However, investors also highlighted a
number of other reasons for investing in distressed funds, including
diversication of their investment portfolio, and the returns these
investments can provide.
A number of LPs have changed their opinions of distressed private
equity following turbulence in the nancial markets, but none have
stated that the impact has given them a more negative view of
distressed private equity. Over a third (37%) of investors interviewed
stated that their opinion of distressed private equity has been more
positive following the nancial crisis, with the majority naming the
opportunities for distressed private equity created by the nancial
crisis as the reason for this positive outlook. Over half (57%) of
LPs stated that the nancial crisis has not altered their opinion of
distressed private equity; several LPs recognized that the nancial
Growth in Distressed PE: Is Europe Approaching a Turnaround?
Private Equity Spotlight, September 2012
17% 17%
3%
14%
46%
3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
H2 2012 2013 2014 Longer Term Opportunistic N/A, No Longer
Investing in
Distressed
Private Equity
Funds
Fig. 1: Investors Plans for Future Commitment to Distressed Private
Equity
Source: Preqin
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Fig. 2: Top Five Distressed Private Equity Funds in Market
Fund Manager Type Target Size (Mn) Fund Focus
GSO Capital Solutions Fund II GSO Capital Partners Distressed Debt 4,000 USD US
Cerberus Institutional Partners (Series Five) Cerberus Capital Management Distressed Debt 3,750 USD US
Apollo European Principal Finance Fund II Apollo Global Management Distressed Debt 2,500 EUR Europe
Sankaty Credit Opportunities V Sankaty Advisors Distressed Debt 3,000 USD US
Wayzata Investment Partners III Wayzata Investment Partners Distressed Debt 2,500 USD US
Source: Preqin
Download Data
crisis has created good opportunities for investment, but believe
that opportunities were not lacking prior to this.
A number of investors with unchanged opinions on distressed
private equity cited that this is due to the fact that they only
invest in these funds on an opportunistic basis. For LPs investing
opportunistically in distressed private equity, the past performance
of the GPs funds plays an integral role in determining whether to
invest. As a result, evidence suggests that rst-time fund managers
will nd it even more difcult to raise a fund in this climate, with 95%
of distressed private equity funds closed so far this year coming
from established fund managers.
Distressed Private Equity Funds in Market
With LPs increased appetite for investing in distressed private
equity in recent years, it is no surprise to learn that there are now
a greater number of fund managers marketing distressed private
equity offerings to investors. In the rst quarter of 2009 there were
48 distressed private equity funds vying for LP capital commitments,
whereas the latest gures from Preqins Funds in Market database
show there are currently 62 distressed private equity funds in
market targeting an aggregate $40.3bn. These gures demonstrate
the increase in GP competition as fund managers try to tap into
investor enthusiasm for distressed opportunities produced by the
tough economic climate in recent years.
The largest fund currently in market is GSO Capital Solutions Fund
II, a distressed debt fund being raised by GSO Capital Partners with
a $4bn target size. This fund is seeking more than its predecessor,
GSO Capital Solutions Fund, which surpassed its target of $2bn
to raise $3.25bn in 2010, indicating an increase in the fundraising
condence of some fund managers in the sector. The largest
Europe-focused fund is Apollo European Principal Finance Fund
II, which is targeting 2.5bn, 1.1bn more than Apollo Global
Management garnered in 2010 from the rst fund in the series.
Preqins recent LP survey justies the condence of some GPs in
fundraising, with over a quarter of LPs (26%) expecting to increase
their allocations and 74% sustaining their current distressed
private equity allocations. No LPs are set to decrease their levels
of exposure in this area.
Distressed Private Equity Fundraising
Fig. 3 shows that between 2005 and August 2012 a total of 280
distressed private equity funds have closed across the globe,
raising an aggregate $237.5bn in capital commitments. During
the peak of distressed private equity fundraising in 2008, 43 funds
reached a nal close having raised $57.4bn in aggregate capital
commitments. The decline in investor condence at the beginning
of the nancial crisis meant that, along with the rest of the private
equity industry, distressed private equity fundraising was not able
to reach the same levels in 2009. In 2010, however, there was
Feature Article
Download Data
a return in investor condence and momentum in the distressed
private equity sector, more so than in the rest of the private equity
market, due to the investment opportunities arising from the
economic downturn. The industry sustained this momentum in
2011, and from J anuary to August of this year 20 funds have closed
on an aggregate $27.1bn, already surpassing the aggregate capital
raised in 2011.
In terms of the regional focus of distressed private equity
fundraising, distressed funds primarily focused on investing
in North America that have closed since 2005 have raised an
aggregate $183.8bn, $16.5bn of which was raised by the 11 funds
reaching a nal close in J anuary to August 2012. North America-
focused distressed funds that closed during 2011 accounted for
two-thirds of the global distressed private equity fundraising total
that year, while Europe-focused funds made up 29% ($7.7bn), up
from $4.8bn in 2010. This can partly be attributed to the largest
ever Europe-focused distressed private equity fund reaching a
nal close in 2011. OCM European Principal Opportunities Fund
III raised a total of 3bn in investor commitments. Europe-focused
distressed private equity funds closed in 2012 so far have raised
$6bn in capital commitments, and the aggregate total is expected
to exceed the record set by Europe-focused funds closed in 2011.
Asia and the Rest of World-focused distressed private equity
funds closed in 2012 so far have raised $4.6bn, up from $1.6bn
in 2011. This can largely be attributed to the nal closing of the
$4bn Mount Kellett Capital Partners II, an Asia-focused special
situations fund.
Geographic Preferences
Although distressed opportunities in North America attract the
majority of investor commitments at present, a greater proportion
of the capital is likely to be channelled into European opportunities
over the coming year. Preqin asked LPs about their preferred
regions for investment in distressed funds when targeting
investments in private equity on an international scale. As Fig. 4
highlights, over three quarters (77%) of LPs stated that they would
look to invest in distressed funds focused on North America, a
reduction from the 82% of LPs which planned to invest in North
America-focused distressed funds in October 2011. Europe is also
an attractive region among investors, with 69% of LPs stating they
would target distressed funds in this region, up from the 65% of
LPs that were looking to invest in Europe-focused distressed funds
in October 2011.
Europe-Focused Fundraising Conditions
As shown in Fig. 5, all distressed private equity funds that
reached a nal close in 2005-2008 were raised in less than 19
months. However, as fundraising periods across the private
equity industry increased due to the reduction in the ow of
investor commitments in the aftermath of Lehman Brothers
collapse, only 60% of funds closed from 2009 to August 2012
were raised in less than 19 months. Preqin data shows that
European distressed private equity fundraising was more resilient
than distressed private equity fundraising as a whole after 2009,
with the overall proportion raised within 12 months maintaining
the pre-2009 proportion of two-thirds. In contrast, globally, the
proportion of distressed private equity funds closing within 12
months has decreased from 80% to 40%. The average number
of months spent on the road by funds closed in 2012 so far has
mirrored 2011s gure for Europe of nine months, and has fallen
from 19 to 17 months for North America.
The average size of Europe-focused distressed private equity
funds closed between J anuary and August 2012 is just over $1bn,
a 30% increase in the average fund size compared to 2011. This is
a new record for the fund type. This gure has increased year on
year since 2009, when the average size of Europe-focused funds
was $409mn.
The short average fundraising time for Europe-focused vehicles
and the increasing average size of distressed private equity
funds reects the strong interest from investors wanting to
tap into the opportunities created by the increasing number of
distressed European companies with looming debt maturities and
insufcient leverage on offer from European banks. With the tough
economic conditions unlikely to abate, more distressed investment
opportunities will likely continue to emerge in the region.
Feature Article
34 34
43 43
34
38
34
20
16.0 16.1
51.2
57.4
12.9
29.8
27.0 27.1
0
10
20
30
40
50
60
70
2005 2006 2007 2008 2009 2010 2011 Jan - Aug
2012
No. of Funds
Raised
Aggregate
Capital
Commitments
($bn)
Year of Final Close
Fig. 3: Annual Distressed Private Equity Fundraising, 2005 - August 2012
Source: Preqin
77%
69%
26% 26%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
North America Europe Asia Rest of World
Fig. 4: Investors Geographic Preferences for Distressed Private Equity
Funds
Source: Preqin
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Feature Article
Outlook
Capital commitments to distressed funds closed in 2012 so far
have already exceeded those made to funds closed in 2011, and
2012s aggregate total is likely to be the largest in four years by
the end of the year. The importance of distressed private equity
within the private equity space is set to increase in the near future
to take advantage of the investment opportunities created by the
nancial crisis in Europe and across the globe. However, the large
number of fund managers competing for LP commitments means
fundraising conditions will remain tough for rms marketing funds.
The task is likely to prove even more challenging for rst-time fund
managers without a track record investing in the distressed private
equity space, which are raising 27% of the distressed private
equity funds currently in market. Distressed fund managers need
to ensure they can market a compelling offering to investors that
will allow them to stand out from the competition while also quelling
any concerns from investors.
This months feature article draws on data from Preqins latest in-depth interviews with investors in distressed private equity funds.
Subscribers to Preqins Investor Intelligence can click here to view a list of all 1,343 investors in distressed private equity.
Not yet a subscriber? For more information please visit:
www.preqin.com/ii
Subscriber Quicklink:
50%
33%
20%
33%
30%
33%
20%
33%
20%
33%
20%
17%
40%
17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Global DPE 2005 -
2008
Europe DPE 2005 -
2008
Global DPE 2009 -
August 2012
Europe DPE 2009 -
August 2012
19 - 24 Months
13 - 18 Months
7 - 12 Months
1 - 6 Months
Year of Final Close
Fig. 5: Breakdown of Time Spent on the Road by Distressed Private
Equity Funds
Source: Preqin
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2012 Preqin PE Performance Monitor
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The 2012 Preqin Private Equity Performance Monitor, now in its ninth edition, includes league tables showing the top performing
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broken out for all the major fund types. The 2012 Preqin Private Equity Performance Monitor contains new areas of analysis and key
metrics for more funds than ever before, with over 6,000 vehicles included, accounting for 70% of all private equity vehicles raised
historically by value.
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News
Continued economic uncertainty in many developed nancial
markets has led a number of investors to consider alternative
investment opportunities, particularly in emerging markets. These
growing private equity markets can provide many opportunities for
investors and fund managers alike, with LPs seeking investments
with better returns, and fund managers creating new funds to
compete for their capital. Latin America is one such market that
has seen increasing growth in recent years the Chart of the
Month shows that in 2011 38 Latin America-focused funds closed
on an aggregate $15bn in capital commitments, an increase on
the 27 funds that closed on $8.7bn in 2010. In 2012 so far 16 Latin
America-focused funds have closed on an aggregate $6.6bn.
A number of investors are making their rst commitments to funds
targeting opportunities in Latin America. Loyalty Alliance, a US-
based asset manager, is looking to make between four and six
new fund commitments over the next 12 months, and is actively
considering gaining exposure to Latin America for the rst time.
The asset manager has a preference for buyout and venture funds
and will look to commit to vehicles focusing on opportunities across
North America, Europe, and Asia; typically, it looks to commit
between $1mn and $10mn per fund. Loyalty Alliance plans to work
with both existing managers in its portfolio as well as managers it
has not worked with previously.
Elsewhere, Germany-based DEG is planning to commit 125mn
to emerging markets over the next 12 months, including Latin
America. The government agency is planning to invest the capital in
10 to 15 new funds of a variety of different types, including buyout,
venture capital, growth, and mezzanine. DEG typically commits
10mn per fund and will look to re-up with some existing managers
in its portfolio, as well as form new GP relationships.
Investor interest in the region has driven growth in the Latin
American private equity industry, with a number of fund managers
from around the globe entering the market with Latin America-
focused offerings for investors. Redpoint e.ventures, managed
by e.ventures, is a Brazil-focused early stage venture capital fund
and the rst Silicon Valley-afliated fund dedicated to the region.
The vehicle, which closed in J uly 2012 on $130mn, focuses on the
consumer Internet, mobile, media, and cloud services sectors and
will be managed by founding partners Yann de Vries and Anderson
Thees.
Another fund with an investment focus on the region is APEF
II, which launched earlier this year and is still in market. The
buyout fund, which has a target size of $300mn, invests in the
Andean region, with a special focus on Colombia and Peru and
targets a broad range of industries, including business services,
environmental services, and utilities.
In addition to activity in the region from fund managers based
elsewhere, a number of rst-time fund managers based in
Latin America are beginning to emerge in the regions growing
private equity market. Diamond X Alternative Investments (DXA
Investments) was established this year, with headquarters in Rio
de J aneiro, Brazil. Though the rm targets emerging markets in
general, it has a preference for Brazil and targets the hospitality,
entertainment and leisure, renewable energy, fashion, and retail
sectors within the country.
Brazil continues to grow as an signicant hub for private equity
in Latin America, with several private equity-backed venture
capital and buyout deals taking place there in recent months. In
J une, Baby.com.br, based in Brazil, raised $16.7mn in Series B
nancing led by Accel Partners, with participation from Tiger Global
Management and others. The rm had previously raised $4.4mn
in Series A funding in October 2011. Also in J une, Vinci Capital
Partners acquired a 70% stake in Cecrisa, a Brazil-based ceramic
tile manufacturer for around $122mn. In August, Printi, a Brazil-
based printing company, raised $1.2mn in Series A nancing, with
Greenoaks Capital Management leading the round.
Do you have any news you would like to share with the readers
of Spotlight? Perhaps youre about to launch a new fund, have
implemented a new investment strategy, or are considering
investments beyond your usual geographic focus?
Send your updates to spotlight@preqin.com and we will
endeavour to publish them in the next issue.
Jessica Sutro delivers a round-up of the latest private equity news from Latin America, featuring exclusive
intelligence on investors, funds in market, and deals in the region uncovered by Preqins analysts. Preqin Online
subscribers can click on the investor/firm names to view the full profiles.
8
11
21
23
30
31
27 27
38
16
1.0 0.8
4.1
6.5
8.2
10.5
4.4
8.7
15.0
6.6
0
2
4
6
8
10
12
14
16
0
5
10
15
20
25
30
35
40
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
No. of Funds Closed Aggregate Capital Commitments ($bn)
Chart of the Month: Annual Latin America-Focused Fundraising, 2003-
2012 (as of 10 September 2012)
Source: Preqin Funds in Market
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The Preqin Difference
Fund Coverage: Funds
13,170 Private Equity* Funds
3,543 PE Real Estate
Funds
541 Infrastructure
Funds

17,254
Firm Coverage: Firms
6,720 PE Firms 1,613 PERE Firms 346 Infra. Firms

8,679
Deals Coverage: Deals Covered; All New Deals Tracked
26,658 Buyout Deals** 28,906 Venture Capital Deals*** 2,279 Infra. Deals

57,843
As of 28th August 2012
Investor Coverage: Institutional Investors Monitored,
Including 7,062 Verified Active**** in Alternatives and 69,391 LP Commitments to Partnerships
4,436 Active PE LPs 3,368 Active RE LPs
1,786 Active
Infra. LPs

9,860
3,778 Active Hedge Fund
Investors
Alternative Investment Consultant Coverage: Consultants Tracked
419
*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
212,474
Fund Terms Coverage: Analysis Based on Data for Around Funds
2,500
Fundraising Coverage: Funds Open for Investment/Launching Soon
Including 1,908 Closed-Ended Funds in Market and 525 Announced or Expected Funds
1,622 PE Funds 958 PERE Funds 254 Infra. Funds

2,834
Performance Coverage: Funds (IRR Data for 4,650 Funds and Cash Flow Data for 2,058 Funds)
6,063
4,962 PE Funds 979 PERE Funds 122 Infra. Funds
Download Data
10 2012 Preqin Ltd. www.preqin.com
Lead Article
Preqin recently interviewed over 100 investors with an interest in investing in Asia in order to find out how they
are investing in the region and their future preferences - Louise Weller explores the results.
At present, there are 407 active private equity investors based in
Asia, representing 9% of the global active private equity investor
universe, according to Preqins Investor Intelligence database. As
shown in Fig. 1, these investors are split primarily between four
nations, which collectively account for almost three-quarters of the
Asian investor universe: J apan (23%), China (22%), South Korea
(15%) and India (13%).
Corporate investors are the most common type of private equity
investor in Asia, representing 18% of the universe, while banks
and investment banks account for 14% and insurance companies
12%. Foundations and endowments, two of the most common
investor types in Europe and North America, collectively make
up less than 8% of the Asia investor universe. Interestingly, even
though sovereign wealth funds only make up 3% of the Asia-based
investors by number, they account for over 10% of the aggregate
$21tn assets under management of the Asian investor private
equity universe.
In terms of investment preferences, Asia-based LPs favour
investments in venture capital or growth vehicles, which is indicative
of the rapid growth in relatively young companies across the region.
Sixty-three percent of Asia-based investors have invested in or are
looking to invest in venture capital funds, while 51% show an active
appetite for growth vehicles. Buyout funds attract interest from 44%
of the total investor pool in the region. Asia-based investors have
been more tentative than non-Asia-based investors when pursuing
newer private equity strategies, such as distressed private equity,
mezzanine, secondaries, and natural resources. However, as the
private equity industry continues to develop and mature, we would
anticipate that Asian LPs will diversify into new approaches to the
asset class.
Asia-based investors, like those based in other regions of the
world, tend to prefer to invest close to home, with 86% showing an
active appetite for private equity funds focused on investing in the
region itself. This gure is much higher than the 32% that consider
investments in North America and the 24% that target Europe-
focused private equity vehicles.
In terms of attitudes towards rst-time funds, 38% of Asia-based
investors will actively invest in rst-time funds, while a further 10%
will invest with spin-off managers. An additional 19% of the investor
pool in Asia is willing to consider rst-time funds on a case-by-case
basis, leaving 33% that will not commit to these vehicles.
Global Investor Survey Views on Asia
With the repercussions of the credit crunch in 2008 and the more
recent escalation of the eurozone sovereign debt crisis, institutional
investor interest in private equity investments in emerging
markets has continued to grow, with increasing numbers of LPs
looking towards less traditional markets for increased portfolio
diversity and performance. Asia in particular remains an attractive
investment destination for LPs, with Preqins H2 2012 Private
Equity Investor Outlook study revealing that a signicant 38% of
investors worldwide feel that the region is currently presenting the
best investment opportunities within emerging markets. In order to
assess LPs current attitudes towards Asia and their future plans
in more detail, we conducted over 100 in-depth interviews with
investors from around the world that have an interest in the region.
Allocations to Asia
Almost three-quarters (74%) of investors allocate up to half of
their private equity portfolio to Asia, as shown in Fig. 2, while a
23%
22%
15%
13%
7%
7%
6%
2%
5%
Japan
China
South Korea
India
Hong Kong
Singapore
Taiwan
Malaysia
Other
Fig. 1: Breakdown of Asia-Based Investors by Location
Source: Preqin
68%
6%
1%
16%
9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0-25% 26-50% 51-75% 76-100% No Set Allocation
Proportion of Private Equity Portfolio that Investors Allocate to Asia
Fig. 2: Proportion of Private Equity Portfolio That Investors Allocate to
Asia
Source: Preqin
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further 9% have no set allocation to Asia and instead take a more
opportunistic approach, preferring to invest as and when favourable
opportunities arise. Sixteen percent of LPs look to allocate 76-100%
of their private equity portfolio to investments in Asia, although the
vast majority of this group of investors are based within the region.
Geographical Preferences
Greater China continues to attract the most attention from LPs,
with over half (58%) of the investors we spoke to stating that the
region is presenting attractive investment opportunities within
Asia, followed by India, which was named by 36% of LPs. In a
similar study conducted last year, a higher 68% and 61% named
China and India respectively as presenting attractive investment
opportunities. Some investors named a number of fast growing
regions as presenting more favourable opportunities, including
countries such as Vietnam.
In terms of the geographical scope of the funds that investors
look to commit to, over one-third (35%) of LPs prefer to invest in
country-specic funds, allowing them to tap local expertise and to
control the geographic exposure they gain. A German insurance
company told us: We are likely to focus more on country-specic
funds going forward, as we are looking to target certain countries.
Thirty-one percent of LPs look to gain exposure to Asia through
pan-Asia funds, while 16% prefer to invest in funds focusing on
opportunities via a wider global mandate. Twenty-three percent
of LPs prefer to take an opportunistic approach when investing in
private equity in Asia.
Fund Manager Location Preferences
When considering which fund managers to work with when investing
in Asia, the vast majority of LPs expect the fund manager to have
some local presence within the region. Over half (55%) of LPs
prefer to invest with a local manager that has an ofce in the country
they will be investing in, while a further 24% will consider investing
with an international manager as long as they operate a local ofce.
Local presence and expertise are clearly viewed as important
factors by investors, though a signicant 21% of LPs told us they
have no particular preference with regards to fund manager location
and instead are primarily concerned with the past performance and
track record of the GP, as opposed to their physical location.
Investors continue to approach investing in rst-time funds
with caution and Asia-based fund managers are no exception.
Nevertheless, many LPs that target private equity investments in
Asia understand that the private equity industry in the region is still
developing and, as a result, are slightly more willing to invest with
emerging managers. Forty-two percent of LPs with an interest in
Asia will consider committing to a rst-time vehicle, which is higher
than the 34% of the limited partner universe as a whole that will
consider doing so. A further 6% of LPs with an interest in Asia will
commit to a fund raised by a spin-off team.
Fund Type Preferences
Over half (54%) of investors interviewed feel that growth funds are
presenting the best investment opportunities in Asia at present
(Fig. 3), which reects the fact that many markets in Asia are
Lead Article
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growing rapidly. One-quarter of LPs named small to mid-market
buyout funds as presenting attractive investment opportunities in
Asia, which is a considerably smaller proportion than the 49% of
LPs worldwide that named this fund type as the most favourable
in Preqins recent study. A US-based foundation noted: We have
not seen much buyout activity in Asia compared to other regions.
Similarly, distressed private equity funds have attracted less
attention in Asia than in more developed markets. J ust 3% of the
LPs we spoke to felt distressed private equity funds are presenting
attractive opportunities in Asia, as the majority of investors feel
there are more attractive distressed opportunities in Europe and
elsewhere.
Nearly half (48%) of investors prefer to gain exposure via funds
that focus solely on Asia, demonstrating the growing focus on
investment in the region. As the Asian economies have continued
to develop, investors are more condent in gaining exposure to
solely Asia-focused funds, as opposed to funds that only include
Lead Article
34%
49%
65%
45%
1%
6%
0%
20%
40%
60%
80%
100%
Next 12 Months Longer Term
Decrease
Allocation To Asia
Maintain
Allocation To Asia
Increase
Allocation To Asia
Fig. 4: Investors Intentions for the Proportion of their Private Equity
Portfolio Allocated to Asia
Source: Preqin
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12%
1%
1%
3%
9%
12%
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25%
54%
0% 10% 20% 30% 40% 50% 60%
None
Secondaries Funds
Mezzanine
Distressed Private
Equity
Large to Mega
Buyout
Fund of Funds
Venture
Small to Mid-Market
Buyout
Growth
Proportion of Respondents
Fig. 3: Fund Types Investors View as Currently Presenting the Best
Investment Opportunties in Asia
Source: Preqin
Download Data
This article features data from Preqins interviews with over 100 LPs from around the world with an interest in investing in Asia. The
interviews were conducted for the forthcoming Preqin Special Report: Asian Private Equity, an in-depth review of Asias private
equity market due to be released at the end of September.
To register your interest in the publication and be notified when it is released, please contact: info@preqin.com.
This survey, and others like it, represent a small portion of the vital data that our research analysts gather on a daily basis for the
Preqin Investor Intelligence online database. We contact investors directly to ensure that our information is accurate, up to date and
reliable.
Not yet a subscriber? For more information please visit:
www.preqin.com/ii
Data Source:
Asia as a part of a wider remit and that may only allocate a small
amount of capital to the region. However, it is important to recognize
that fund of funds vehicles remain a useful method of gaining
exposure to the asset class, and more specically Asia, for some
institutional investors. Fund of funds vehicles allow LPs to hold
more diverse portfolios of investments through smaller numbers of
commitments, and 13% of LPs stated they prefer to gain exposure
to Asia through funds of funds. One European investor told us: If
we were bigger we might look at direct funds, but funds of funds are
more appropriate for our size.
Future Intentions for Private Equity Investment in Asia
During 2012 so far, 35% of the LPs we spoke to have made new
commitments to private equity funds focusing on opportunities in
Asia, with the region looking set to remain an important part of LPs
investment portfolios over the next year. As shown in Fig. 4, over
one-third (34%) of LPs expect to increase their allocation to Asia
over the next 12 months, with a further 65% of investors looking to
maintain their current level of exposure to the region.
Investors generally agree that in the longer term Asia is likely
to continue to be an integral part of their portfolios, with almost
half (49%) of the investors we spoke to planning to increase their
private equity portfolio allocations to investments in Asia and 45%
inteding to maintain their current levels of exposure. As Asian
economies continue to develop and the local private equity industry
becomes ever more sophisticated, the future will likely see even
more interest from investors around the world.
Outlook for Asian Private Equity
From our conversations with institutional investors around the world,
it is evident that Asia remains an attractive investment proposition
for many LPs. In recent years we have seen growing interest in
the region, which has been buoyed by the rapid expansion of
many Asian economies, the increasing maturity of the local private
equity industry, and the recent turmoil that has prevailed in more
developed nancial markets. In addition, the region now plays host
to a number of nascent private equity hubs such as Mumbai and
Singapore, which is an encouraging sign for the future development
of the Asian private equity industry.
As LPs become more condent and experienced when investing in
Asia, the way they access the region will undoubtedly evolve and
there will be changes in the countries and regions they will look to
gain exposure to. However, should economic growth continue, it is
likely that the region will become more and more signicant for the
private equity asset class as a whole.
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New Coverage
Wealth Managers in Private Equity
Wealth Managers in Private Equity
Preqin has now launched coverage of wealth managers involved in the Private Equity, Real Estate,
Infrastructure and Hedge Fund asset classes.
Investor Intelligence Now Includes:
Wealth Manager Profles - constantly updated, searchable
profles of wealth managers and their real estate investment
preferences.
Wealth Manager Contact Details - access the details of wealth
managers key personnel and preferred methods of contact.
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alternative assets industry. Download your free copy now:
Wealth Managers Outlook: Alternative Assets
For more information or to arrange a walkthrough of the service, please visit:
www.preqin.com/wealth
33%
20%
14%
13%
20%
0%
5%
10%
15%
20%
25%
30%
35%
Less than $500mn $500mn - $999 mn $1bn - $1.9bn $2bn-$4.9bn Greater than $5bn
Fig. 1: Private Equity Wealth Managers by Funds under
Management
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Total Assets under Management
Source: Preqin Investor Intelligence
Download Data
Mid-Market Buyout Deals
The Facts
With uncertainty still pervasive in the economy, the number and aggregate value of mid-market deals, those
valued between $250mn and $999mn, dipped slightly in the first half of 2012. Jessica Hull investigates the key
trends in buyout deals during this period.
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
0
20
40
60
80
100
120
H1
2006
H2
2006
H1
2007
H2
2007
H1
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H2
2008
H1
2009
H2
2009
H1
2010
H2
2010
H1
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H2
2011
H1
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H2
2012
YTD
No. of Deals Aggregate Deal Value ($bn)
Fig. 1: Number and Aggregate Value of Disclosed Mid-Market
Private Equity-Backed Buyout Deals Globally: 2006 - 2012* (as of 5th
September 2012)
Source: Preqin Buyout Deals Analyst
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59% 60%
18% 17%
15%
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8%
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No. of Deals Aggregate Deal Value
Growth
Capital
Public to
Private
Add-On
Buyout
Fig. 2: Breakdown of Mid-Market Private Equity-Backed Buyout Deals
by Type: January - September 2012 (as of 5th September 2012)
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30%
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Fig. 4: Breakdown of Mid-Market Private Equity-Backed Buyout Deals
by Industry: January - September 2012 (as of 5th September 2012)
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19% 21%
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7%
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2006 2007 2008 2009 2010 2011 2012 YTD
Large-Cap
Mid-Market
Small-Cap
Fig. 3: Breakdown of Private Equity-Backed Buyout Deals Globally by
Value Band: 2006 - 2012 (as of 5th September 2012)
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Mid-Market Buyout Deals
Included as part of Preqins integrated 360 online private
equity database, or available as a separate module, Buyout
Deals Analyst provides detailed and extensive information on
private equity-backed buyout deals globally, including deals in
the mid-market value range. The product has in-depth data for
over 26,000 buyout deals across the globe from 2006 - present,
including information on deal value, buyers, sellers, debt
fnancing providers, fnancial and legal advisors, exit details
and more.
Subscribers to Buyout Deals Analyst, the industrys leading
source of intelligence regarding buyout transactions, can
click here to view the details of over 1,000 mid-market private
equity-backed buyout deals valued at $250-999mn globally,
including details of type, industry, and region.
Not yet a subscriber? For more information on how Buyout
Deals Analyst can help you, please visit: www.preqin.com/
deals.
Subscriber Quicklink: Data Source:
*Refers to deals disclosed with a value of $250-999mn.
Download Data
Angel and Seed Venture Capital Deals
The Facts
With early stage venture capital deals increasing in recent quarters, Jonny Parker investigates the trends in
angel and seed deals since 2009 and the industries and regions currently attractive to investors.
Angel and Seed Venture Capital Deals
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Q1
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Q2
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Q2
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Q3
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Q4
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Q1
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Q2
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Q3
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YTD
No. of Deals Aggregate Deal Value ($mn)
Fig. 1: Number and Aggregate Value of Angel and Seed Venture
Capital Deals: Q1 2009 - Q3 2012 (As at 5th September 2012)
Source: Preqin Venture Deals Analyst
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Angel/ Seed
Series A/Round 1
Series B/Round 2
Series C/Round 3
Series D/Round 4 and Later
Unspecified Round
Venture Debt
Add-On and Other
Grant
Growth Capital/Expansion
PIPE
Fig. 2: Breakdown of Venture Capital Deals by Stage: 2012 (As at 5th
September 2012)
Subscribers to Venture Deals Analyst, the industrys leading source of intelligence regarding venture capital transactions, can click here to
view the details of over 2,000 VC-backed angel and seed deals since 2009, with an aggregate value of over $1.5bn.
Not yet a subscriber? For more information on how Venture Deals Analyst can help you, please visit:
www.preqin.com/vcdeals
42%
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15%
7%
6%
5%
2% 2% 1%
2%
37%
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6% 6%
12%
1%
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Fig. 3: Breakdown of Number and Aggregate Value of Angel and Seed
Venture Capital Deals by Industry: 2012 (As at 5th September 2012)
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2009 2010 2011 2012 YTD
Asia and Rest of
World
Europe
North America
Fig. 4: Breakdown of Number of Angel and Seed Venture Capital
Deals by Region: 2009 - 2012 (As at 5th September 2012)
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Private Equity Performance
Anna Strumillo examines private equity performance figures as of 31st December 2011.
Private Equity Performance
The Facts
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
1 year to Dec 2011 3 years to Dec 2011 5 years to Dec 2011 10 years to Dec
2011
All Private Equity
Buyout
Venture Capital
Fund of Funds
Mezzanine
Fig. 1: Private Equity Horizon IRRs as of 31st December 2011
Source: Preqin Performance Analyst
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1 year to Dec 2011 3 years to Dec 2011 5 years to Dec 2011 10 years to Dec
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All Private Equity
S&P 500
MSCI Europe
MSCI Emerging
Markets
Fig. 2: Private Equity Horizon IRR vs. Public Indices as of 31st December
2011
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4.9%
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Q1 2011
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Fig. 3: Quarterly Change in Net Asset Value (NAV) by Fund Type
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0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7
Vintage 2005
Vintage 2006
Vintage 2007
Vintage 2008
Vintage 2009
Investment Year
Fig. 4: All Private Equity - J-Curve: Annual Median Net IRRs by Vintage
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Preqins Performance Analyst ofers fund-level performance data for over 6,000 private equity funds and is the worlds most extensive and
transparent database of private equity and venture capital fund performance.
Interested in fnding out how Performance Analyst can help you? Please visit:
www.preqin.com/pa
To register for free access to our private equity performance benchmarks service please visit:
www.preqin.com/benchmarks
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The latest industry trends from the alternative assets
industrys leading source of data and intelligence:
Investors
Fundraising
Fundraising Outlook
Buyout and Venture Capital Deals
Exits
Dry Powder
Performance
Fund Terms and Conditions
And Much More
Q2 Special Guest Contributor: David Arthur, Brookfield Asset Management
The
Preqin Quarterly
Insight on the quarter fromthe leading provider of alternative assets data
Content Includes....
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Infrastructure
Q2 2012 JULY 2012
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The
Preqin Quarterly
Q2 2012 JULY 2012
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Real Estate
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The
Preqin Quarterly

Private Equity
Q2 2012 JULY 2012
Fund Terms and Conditions
Pressure has been placed on GPs
to lower their headline fees and
align their interests with LPs. We
examine the latest figures and
analyze what has changed.
Appetite for Private Equity
of LPs in Different Regions
Preqin has conducted detailed
studies of LPs interest. See the full
results inside...
Latest Fundraising Figures
Fundraising activity remained
relatively steady compared to
previous quarters; we take a look
at the latest developments in
more detail.
Deals
Howhave the buyout and
venture capital deals markets
looked over the last quarter?
Private Equity Private Real Estate Infrastructure
www.preqin.com/quarterly
Click below to download your free copy today:
Preqin Quarterly - Q2 Edition Out Now!
All the latest statistics, analysis and commentary on key industry trends can be found in the Q2 2012 Preqin
quarterly reports, covering the Private Equity, Private Real Estate and Infrastructure asset classes. Download your
free copy today!
Latest Free Preqin Quarterly Report Out Now!
Quarterly
Download Data
For secondaries intermediaries, the value of the offerings to be
sold is a key factor when implementing a secondary transaction,
as not all intermediaries have the capacity to carry out certain
transactions or choose not to do a transaction based on its size.
As shown in Fig. 1, the majority of intermediaries (92%) will work
on transactions between $10mn and $99mn, while more than a
third (34%) will cover transactions greater than $1bn. Of all the
intermediaries on Preqins Secondary Market Monitor, 18% will
cover transactions of any size on behalf of their clients.
Fig. 2 shows the proportion of secondaries intermediaries
representing clients in various regions. Eighty-nine percent of
intermediaries will represent clients based in North America, and
the same proportion will represent clients based in Europe. There
is also a signicant proportion (80%) of intermediaries that will
represent clients located in Asia and Rest of World. The vast majority
(74%) of intermediaries will represent clients in all locations.
The top 10 secondaries intermediaries by total value of secondary
transactions represented are shown in Fig. 3. Cogent Partners has
represented the largest aggregate value of secondary transactions
at $60bn. UBS Investment Bank Private Funds Group is another
big player in the secondary market, having represented $31bn in
secondary transactions.
Secondaries Intermediaries
The Facts
Patrick Adefuye explores the latest data on intermediaries in the secondary market, including the size of the
transactions they carry out and the location of their clients.
63%
92%
82%
52%
34%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Less than $10mn $10-99mn $100-499mn $500-999mn $1bn+
Transaction Size
Fig. 1: Secondaries Intermediaries by Transaction Size Preferences
Source: Preqin Secondary Market Monitor
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Subscribers to Preqins Secondary Market Monitor, the industrys
leading source of intelligence on the private equity and private
real estate secondary fund markets, can click here to view a list
of all 65 secondaries intermediaries currently tracked by Preqin.

Not yet a subscriber? For an online demonstration of the database
please register your interest here or email info@preqin.com for a
walkthrough of the databases.
Secondaries Intermediaries
Intermediary Country Total Value of Transactions Represented ($mn)
Cogent Partners US 60,000
UBS Investment Bank Private Funds Group US 31,000
Campbell Lutyens UK 25,000
Credit Suisse Private Fund Group US 14,000
Paradigm Change Capital Partners UK 4,000
Greenhill & Co. US 3,873
Travers Smith UK 2,666
Axon Partners Switzerland 2,200
Scalar Partners US 2,000
Azla Advisors US 1,900
Fig. 3: Top 10 Secondaries Intermediaries by Total Value of Transactions Represented
89% 89%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
North America Europe Asia and Rest of World
Location of Clients
Fig. 2: Proportion of Secondaries Intermediaries Working with Clients
Based in Various Regions
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Conferences Spotlight
Conference Dates Location Organizer
SuperReturn Asia 18 - 20 September 2012 Hong Kong ICBI
Distressed Debt Investor Forum 19 - 20 September 2012 London Informa
SuperReturn Middle East 14 - 17 October 2012 Dubai ICBI
The Alternative Asset Summit 17 - 19 October 2012 Las Vegas Alternative Assets
SALT Singapore 2012 17 - 19 October 2012 Singapore SkyBridge Capital
Hedge Fund CIO Summit & PE/VC CIO Summit 18 October 2012 New York Alpha Institutes
3rd Emerging Marketing Investing Summit: BRIC & Beyond 24 October 2012 New York iGlobal Forum
4th Annual Women's Alternative Investment Summit 1 - 2 November 2012 New York Falk Marques Group
SuperInvestor Paris 6 - 9 November 2012 Paris ICBI
Private Equity Partners Saudi Arabia Conference 25 - 27 November 2012 Saudi Arabia IIR Middle East
SuperReturn Africa 2012 3 - 5 December 2012 Casablanca ICBI
16th Annual SuperReturn International 2013 25 - 28 February 2013 Berlin, Germany ICBI
6th Annual Women's Private Equity Summit 14 - 15 March 2013 Half Moon Bay, CA Falk Marques Group
Chief Investment Officer Summit
Date: 18th October 2012 Information: www.alpha-institutes.com
Location: The Harvard Club, NYC
Organiser: Alpha Institutes
Designed for the alternative investment community to relate to each other in an intimate environment. Panel topics are focused
on current institutional fund manager search techniques, asset allocation tactics, creative investment ideas and strategies, trends
and opportunities. Strategies and theories that are discussed at the conferences are derived empirically through actual market
experience.
Alternative Asset Summit 2012
Date: 17 - 19 October 2012 Information: www.AlternativeAssetSummit.com
Location: Wynn, Las Vegas
Organiser: Alternative Assets
The Alternative Asset Summit is a hyper-networked event collaboratively structured for industry professionals by industry
professionals. Started and organized by friends and friends of friends, the investor heavy and service provider light format
better allows for the highest concentration of leading industry professionals to acquire more takeaways while simultaneously
accomplishing their annual networking needs.
Download Data
Conferences
Cayman Alternative Investment Summit
Date: 31st October - 2nd November 2012 Information: www.caymanai.com
Location: The Ritz-Carlton, Grand Cayman, Cayman Islands
Organiser: Alternative Investment Research Ltd
The Cayman Alternative Investment Summit is an international conference that will bring together the worlds leading institutional
investors, fund managers, academics, economists and regulators in the Cayman Islands - the worlds leading domicile for
investment funds - to discuss and debate the fundamentals of a vibrant future for the alternative investments industry.
All rights reserved. The entire contents of Private Equity Spotlight are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic
or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Private Equity Spotlight is for information purposes only and
does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks
advice rather than information then he should seek an independent nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from
making following its use of Private Equity Spotlight.
While reasonable efforts have been made to obtain information fromsources that are believed to be accurate, and to conrmthe accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty
that the information or opinions contained in Private Equity Spotlight are accurate, reliable, up-to-date or complete.
Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Private Equity Spotlight or for any expense or other loss alleged to
have arisen in any way with a readers use of this publication.
SuperInvestor 2012
Date: 6th - 9th November 2012 Information: http://www.icbi-superinvestor.com/FKR2334PRQSP
Location: The Westin, Paris, France Call: +44 (0)20 7017 7200
Organiser: ICBI Email: info@icbi.co.uk
Register by 5/10/2012 to SAVE up to 600
Plus receive a 15% Discount - quote VIP Code: FKR2334PRQSP when registering
SuperInvestor 2012 is known for the quality of its attendees and its superb networking. In Paris this November, even more delegates
will come together than the 900 senior attendees ( including more than 250 LPs ) who enjoyed this event last year.
Read on to uncover some of the senior level speakers and authorities, cutting edge topics, sessions, features and excellent
networking that you could benefit from this autumn.
3rd Emerging Markets Investing Summit: BRIC & Beyond
Date: October 24th 2012 Information: www.iglobalforum.com/em3
Location: New York
Organiser: iGlobal Forum
iGlobal Forums 3rd Emerging Markets Investing Summit: BRIC & Beyond will provide a snapshot of the current climate for investing
in emerging markets and how investors should position their portfolios to maximize risk-adjusted returns. The event bring together
the best minds in the emerging markets arenaleading institutional & private equity investors, hedge funds, portfolio & asset
managers, economists & policymakersto present their best practice strategies.
Download Data
Conferences

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SuperInvestor 2012

6 - 9 November, The Westin, Paris

Private Equity Spotlight

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