Steppes Alternative Asset Management is Expanding due to Exceptional Opportunities

Transcription

1 Steppes Alternative Asset Management is Expanding due to Exceptional Opportunities

2 Contents 1. Introduction 3 2. Business Overview 7 3. Market Overview Industry Overview Summary 22 Exhibit I 26 Exhibit II 28 Reference 31 www. steppesalternativeassetmanagement 2

3 1. Introduction Natural Resources and Infrastructure an Underserved Market Worth $6.1 trillion www. steppesalternativeassetmanagement 3

4 Executive Summary Steppes Alternative Asset Management Limited Steppes is a global alternative asset management business producing upper quartile returns and is focused on natural resources and infrastructure. Steppes existing investment management platform is focused on equity funds, credit funds and advisory business. Steppes is expanding its offering and geographical footprint to take advantage of current significant market opportunities. Steppes current footprint of Europe, the Middle East and Australia will be expanded into South East and North East Asia. For the year ending 31 st December 2016 Steppes produced earnings per share of $0.44 and had a net asset value per share of $1.34 at the year end. Steppes current Assets Under Management (AUM) of $3.1 billion as at 31 st December Public listing on the Frankfurt Stock Exchange will facilitate expansion. All numbers in US Dollars unless otherwise stated 4

5 Steppes Opportunity The current macro and micro economic conditions together with the positive long term outlook have resulted in a unique opportunity in the natural resources and Infrastructure sectors where Steppes is focused. We are entering a new infrastructure era fuelled by mass urbanisation, population growth and new government initiatives*and new large infrastructure projects**. The infrastructure era and population growth will create significant demand pressure for natural resources, which have been under invested due to underperformance. The opportunities are not just in providing the natural resources needed to provide current and future needs but are also in investing into renewable and more efficient solutions for the future. The natural resources and infrastructure sectors are set for exponential growth yet are relatively underserved by the alternative asset management industry thus creating a significant opportunity for Steppes to build out a major franchise. * e.g. Recently announced US government initiative. ** e.g. China s one belt one road initiative Steppes Alternative Asset Management All Rights Reserved.

6 Historical and projected performance Net Asset Value per Share Net Income per Share $0.89 $1.34 $1.76 $2.32 $3.08 Actuals Projected $0.35 $0.44 $0.49 $0.62 $0.83 Actuals Projected A A P P P A A P P P Proprietary Assets Third Party Assets Under Management $384m $566m $801m $1,093m $1,504m Actuals Projected $1.88bn $2.55bn $4.81bn $6.37bn $8.42bn Actuals Projected A A P P P A A P P P 6

7 2. Business Overview Investment Solutions Focused on Near Term Performance and Long Term Growth www. steppesalternativeassetmanagement 7

8 Steppes Business Footprint Focused on large underserved sectors Natural Resources Demand pressure from population growth and urbanisation will result in long term price increases Private Equity Steppes private equity division manages the company s proprietary private equity. The Private Equity division has historically focused on natural resources and has an average annual return of 21.95% since inception in Operating Divisions Public Capital Steppes public capital division is where the company will develop its public private equity positions. Unlike private equity that has a fixed term prior to distribution public private equity is evergreen as the public listing provides investor liquidity. Advisory Services Steppes Advisory is the company s asset management division and provides asset management services to third parties as well as to other divisions within the group. In addition Steppes advisory also provides capital markets services to portfolio companies and third parties. Infrastructure Current & Planned Coverage Currently available infrastructure finance is less than 50% of the amount needed to meet forecast demand Innovative Solutions * London Zurich * Geneva * Gibraltar * Dubai Hong Kong The development of new products for renewable energy and the natural resources that provide energy should reap significant rewards * Current offices Planned offices Singapore * Sydney 8

9 Steppes - Past, Present and Future Past Present Future Business Established 2009 Initial private equity fund launched in Completed initial acquisition in 2014 with further acquisitions in 2015 and Acquisitions have increased overall offering and assets under management. As at the end 2016 proprietary assets under management of $566m and third party assets under management of $2,546m. Management and advisory fees for the 12 months ending 31 st December 2016 of $128.3m and fair value gains and realizations of $98.72m. Business focused on natural resources sector with three operating divisions; Private Equity, Public Capital and Advisory. The Private Equity division derives income from increases in value in the proprietary private equity portfolio. The Public Capital division derives income from increases in value in the proprietary public capital portfolio. Steppes Advisory division derives revenues from asset management fees and advisory fees earned by capital markets activities for portfolio companies and third parties. Asset management fees have not included carry historically. Public listing planned for Q Increase geographical footprint and expand infrastructure offering. New funds and funds of targeted acquisition will include carry as well as asset management fees. Public listing will enable Steppes to expand coverage, launch new funds and to build out a platform capable of taking advantage of market need in Europe and the Asia Pacific for Alternative Asset Management products. 9

10 Breakdown of Assets Under Management Geographical Split Proprietary Assets Under Management Geographical Split Third Party Assets Under Management Asia Asia 15% 26% 20% 39% Africa & the Middle East North America Europe 9% 16% 22% 53% Africa & the Middle East North America Europe Split of Assets Under Management by Segment $627.9m $566m $1918.6m Third Party Equity Third Party Debt Proprietary Equity 10

11 Expansion should increase returns Expansion Strategy is forecast to further increase upper quartile returns. Listed below is a comparison of Steppes historic return against various market indices. Steppes historical return is above the upper quartile private equity funds average return*. Index 31st December st December st December st December st December st December 2016 Average Return Over 5 Years MSCI ACWI % per annum S&P , , , , , % per annum ASX 100 3, , , , , , % per annum FTSE 100 5, , , , , , % per annum DAX PI 5, , , , , , % per annum S&P LPE % per annum Steppes* % per annum * Prequin analysis of all 2010 vintage private equity funds show a median return of 13.5% with first quartile funds showing an average return of 20%. **Steppes figure based on one dollar invested as at first closing of initial fund on 6th December 2010, therefore return for the period ending 31st December 2011 is for 12 months and 25 days whereas other indices are for 12 months to 31st December

12 3. Market Overview Steppes is Looking to Establish a Major Alternative Asset Management Franchise in Natural Resources and Infrastructure Markets that are Underserved www. steppesalternativeassetmanagement 12

13 STEPPES PRODUCTS STEPPES SECTORS Economic Growth will fuel trends in Natural Resources and Infrastructure Investments Natural Resources and Infrastructure worth $6.1 trillion per annum INFRASTRUCTURE Infrastructure & Services $2.5 to $3 trillion per annum NATURAL RESOURCES Mined Products $1.3 trillion per annum + Energy Commodities $2.3 trillion per annum Need for more Products Currently under $500 billion* of Private Equity Capital invested in Infrastructure and Natural Resources Equity Funds Debt Funds * Towers Watsons Global Alternatives Survey 13

14 Market Opportunity in Natural Resources The overall need for natural resources is going to increase significantly in the medium and long term due to demand pressure. The current price outlook for certain commodities with short term oversupply is forecast to be at least constant between now and 2025; commodities without oversupply forecasting steady price growth over the same period. It is inevitable that the recent sell off in certain commodities caused by recent volatility will create exceptional opportunities for investors over the next 24 months. Steppes global network and long term outlook enables Steppes to take advantage of opportunities in the natural resources market throughout all stages of the market cycle. Steppes has a unique sector focus and geographical footprint in the key natural resource sectors and underserved growth markets on which Steppes is focusing. 14

15 Market Opportunity in Infrastructure From 2015 to 2030, global demand for new infrastructure could amount to more than USD $90 trillion; the value of the world s existing infrastructure is estimated at USD $50 trillion. Current infrastructure spending of USD $2.5 trillion to USD $3 trillion a year is only half the amount needed to meet the estimated USD $6 trillion of average annual demand. Infrastructure demand by infrastructure class ( ): Transport 29%, Energy 40%, Telecom 7%, and Water and Waste 19%. McKinsey estimates that private institutional investment in infrastructure could increase by USD $1 trillion to USD $1.5 trillion a year from current levels of USD $300 billion to USD $400 billion per year. Providing investment products for sustainable infrastructure investment should generate significant rewards for Alternative Asset Managers that are focused upon the infrastructure sector. Infrastructure investment funds currently account for only 6% of total alternative assets under management. 15

16 Macro-Economic Conditions Favorable Key long term themes all point to increased demand for natural resources, energy and infrastructure. All of these sectors are currently underserved by the alternative asset management industry and will benefit from GDP growth, population growth and urban growth. The GDP of the top 20 economies is forecast to grow by over 240% between Top 20 by GDP 2015 Top 20 by GDP 2030 Top 20 by GDP

17 Urban Growth 1.45 Million People Per Week Between 1990 and 2015 approximately 1.1m people per week urbanised, between 2015 and 2050 approximately 1.45m people per week are projected to urbanise. Between 1990 and 2015 of the 1,427m people who urbanised 471m were in China, 630m were in the rest of Asia and 272m were in Africa. Between 2015 and 2050 of the 2,638m people who are projected to urbanise 291m are in China, 596m in the rest of Asia and 759m in Africa. Asian Urban Growth African Urban Growth ROW Urban Growth ,012m 2,113m 3,000m m 471m 1,230m ,062m 1,116m 2,108m

18 4. Industry Overview Macro Economic Trends Extremely Favourable for Asset Management Industry www. steppesalternativeassetmanagement 18

19 The Global Asset Management Industry will be worth over USD $100 Trillion by 2020 Global Investable Funds in the wealth management industry have grown from USD $31 trillion in 2002 to USD $74 trillion in 2014 and are forecast to grow to more than USD $100 trillion by Changing markets and investor needs will create significant opportunities for specialist fund managers between now and 2020 (and beyond). Institutional assets under management in developing markets are projected to grow from USD $5 trillion in 2014 to USD $30 trillion by Steppes will expand its current offering and build a portfolio of specialised alternative investment products that will service targeted large market opportunities. Global banks have to offload USD $1.4 trillion of non-core assets due to new regulations causing an unprecedented opportunity for specialist companies like Steppes. 19

20 Alternative Assets are forecast to grow to US$13.6t - $15.3t by 2020 US $ trillion $15.3t $7.9t $13.6t $4.6t $2.5t $5.0t $2.9t 6 $5.3t $2.9t $2.5t $1.0t $0.5t $1.0t $2.0t $1.4t $7.4t $0.8t $6.5t $3.6t $2.5t (base case) 2020 (high case) Private Equity Assets Real Assets Hedge Funds & Fund of Funds 20

21 Market Need in North East and South East Asia for Alternative Asset Managers North East and South East Asia s asset management industry is forecast to grow rapidly with ongoing deregulation and deepening capital markets. China s overall asset management industry is forecast to grow from $4.3 trillion at the end of 2015 to $16.1 trillion by % of Global GDP 25% % of Global Population 30% % of Global Alternatives 1% % NE & SE Asia 75% ROW % NE & SE Asia 70% ROW % NE & SE Asia 99% ROW 21

22 5. Summary Focus on Near Term Returns and Long Term Growth will Enable Steppes to Continue to Outperform www. steppesalternativeassetmanagement 22

23 Key Value Drivers in 2017 Public listing on the Frankfurt Stock Exchange will facilitate expansion strategy. Complete targeted acquisitions that will enhance and expand product range. Increase geographical footprint to facilitate expansion in North East and South East Asia. Launch of new products, increase coverage and increase market intelligence. Enter into strategic joint venture that will increase distribution capability. Build out of industrial strength back office platform that will facilitate growth. 23

24 Corporate Snapshot Current Key Statistics * Ordinary shares 434,960,000 Net Assets per share as at 31 st December 2016 $1.34 Assets Under Management as at the 30 th June 2016 $3.1 billion Projected Net Assets per share as at 31 st December 2017 $1.76 Projected Net Assets per share as at 31 st December 2018 $2.32 Historical and Projected Performance Fiscal Year ending 31 st December 2015 Actual 2016 Actual 2017 Projected 2018 Projected 2019 Projected Net Income $150m $190m $225m $293m $408m Net Assets $384m $576m $801m $1,095m $1,504m Shares Outstanding 430,000, ,960, ,500, ,000, ,500,000 Earnings Per Share $0.35 $0.44 $0.49 $0.62 $0.83 Net Assets Per Share $0.89 $1.34 $1.76 $2.32 $3.08 Assets Under Management $2.27 billion $3.11 billion $5.61 billion $7.46 billion $9.92 billion 24

25 Summary Steppes believes the time is right to build out its profitable base business to create a substantial alternative asset management business. Experienced management has been assembled to build out a substantial alternative asset management company. Targeted expansion in North and South East Asia which make up 25% of global GDP, 30% of global population and under 1% of the alternative asset management industry. Steppes has a strong balance sheet with tangible assets of $566 million. Planned launch of additional funds and expansion of offering will significantly enhance shareholder value. Steppes expansion strategy, once targeted acquisition completed, is projected to result in growth in AUM of 25% per annum and growth in proprietary assets of 30% per annum. www. steppesalternativeassetmanagement 25

26 Exhibit I Management 26

27 Experienced Management David Clarke - Director & CEO: David Clarke was until the end of the first quarter 2013 the CEO of The First Investor ( TFI ) based in Doha, Qatar. He joined TFI in early TFI is a full service investment banking firm in Qatar. It offers investment management, real estate and investment banking services including merchant banking and private equity investments in a range of industries. Over the past 25 years, David has played a part in many significant acquisitions, investments, and equity and debt offerings. Prior to this, David was Group CFO of Batelco, the incumbent publicly quoted then $2bn market capitalised telecom operator in Bahrain. He joined Batelco from Arab Banking Corporation in Bahrain where he was Managing Director and Head of Corporate Finance. Previously at Deutsche Bank, David was a Managing Director in the Global Corporate Finance Group and Co-Head of Telecoms Investment Banking in Asia Pacific, based in Tokyo. He was also a Principal at Broadview in London and New York, one of the leading technology focused investment banks. John Lister - Director: John Lister is the proprietor of Capital Growth Limited which is a licensed financial services provider that has been established for over 20 years and is regulated and licensed by the Financial Services Commission Gibraltar. Predominately, Capital Growth Limited provide advisory and consultancy services to private and corporate clients in the areas of finance, banking, etc., with full offshore corporate administration, trust and foundation services. Through its business relationships Capital Growth Limited have extensive relationships and networks with various Independent Financial Advisors across the world, spreading from Gibraltar and mainland Europe, Russia, through to the U.A.E., the Middle East, to Singapore and the Far East. James Odier Director: James Odier is a member of the Swiss banking family of Lombard Odier. He spent much of his career as a private banker with UBS. His final position with them was as Managing Director of the Private Wealth Division looking after French and Greek clients. He then left UBS to co-found, Etienne, Pythoud, Odier & Cie, a wealth management company for private clients, which also ran several funds including a Mining & Exploration Fund. John Reeve - Director: John Reeve has undergraduate and postgraduate qualifications in Natural Resource Economics and Supply Chain Management from the University of Queensland and Monash University respectively. His professional career has been focused on commodity hedge advisory in Australia and the USA and commodity banking in Asia for leading commodity focused banks, including Commonwealth Bank, Goldman Sachs and Standard Chartered Bank. Over the course of his career, John has specialised in hedging, swap, price risk management in the physical commodity business. John has set up commodity trading businesses for some of the most well-known financial institutions, and has led to them entering new markets in Australia, Philippines, Vietnam, India, Bangladesh, Africa and Middle East. Justin Zhang Director: Justin Zhang spent the last 9 year as Managing Director of Greater China Transaction Services at Ernst and Young in London, leading a team focused on cross board transactions between UK/Europe and China. Prior to that Justin was head of Greater China for London and Partners. Prior to that, Justin was a Senior Executive at the Ministry of Commerce in Beijing, China. 27

28 Exhibit II Competitive Landscape 28

29 Experienced Top 30 Alternative Management Asset Management Companies Trade on an average PE of and an average price to book of 4.00 Company David Name Clarke - Director & CEO: David Symbol Clarke Exchange was until the end Price of the first 52W quarter HIGH/LOW 2013 the Mkt. CEO Cap. (US$m) of The First Investor PE ( TFI ) Net Assets based (US$m) in Doha, M Qatar. Book He joined FUM TFI (USD in m) early TFI is a full service investment banking firm in Qatar. It offers investment management, real estate and investment banking services including merchant banking and Blackstone Group LP BX NYQ USD / , , ,000 Brookfield private Asset Management equity investments Inc. in a range BAM.A of industries. TOR Over the CAD past years, 49.37/41.05 David has played 35, a part in many NS significant acquisitions, 25,307 investments, 1.39 and equity 250,000 and debt Macquarie offerings. Group Limited Prior to this, David was Group MQG CFO of ASX Batelco, the AUD incumbent publicly 89.88/61.05 quoted then 22, $2bn market capitalised telecom 11,529 operator in Bahrain He joined 371,435 Batelco from Principal Arab Financial Banking Group Inc. Corporation in Bahrain PFG where he was NYQ Managing USD Director and 64.65/38.04 Head of Corporate 17, Finance. Previously at Deutsche 10,227 Bank, David was 1.75 a Managing Director 547,700 in the KKR & Co. Global LP Corporate Finance Group and KKR Co-Head of NYQ Telecoms USD Investment Banking 18.50/11.63 in Asia Pacific, 14, based in Tokyo He was also 5,940 a Principal at Broadview 2.48 in London 131,000 and New CBRE Group York, Inc. one of the leading technology focused CBG investment NYQ banks. USD / , , ,600 AMP Limited (AMP Capital) AMP ASX AUD / , NS 5, ,400 Oaktree John Capital Lister Group LLC - Director: John Lister is OAK the proprietor NYQ of Capital USD Growth Limited 49.65/36.95 which is a licensed 6, financial services provider that 806 has been established 8.64 for over 20 98,000 years and GPT Group GPT ASX AUD /4.38 6, , ,262 is regulated and licensed by the Financial Services Commission Gibraltar. Predominately, Capital Growth Limited provide advisory and consultancy services to private and Lendlease Group LLC ASX AUD / , , ,779 corporate clients in the areas of finance, banking, etc., with full offshore corporate administration, trust and foundation services. Through its business relationships Capital Carlyle Group LP CG NSQ USD / , NS ,000 Jones Lang Growth LaSalle Limited Inc. have extensive relationships JLL and NYQ networks USD with various Independent /86.62 Financial 4, Advisors across the world, spreading 2,790 from Gibraltar 1.75 and mainland 59,000 Europe, Apollo Global Russia, Management through LLC to the U.A.E., the Middle APO East, to Singapore NYQ and USD the Far East / , ,000 Aberdeen Asset Management PLC ADN LSE p / , , ,900 Ares Management James Odier LP Director: James Odier ARES is a member NYQ of the USD Swiss banking 23.25/12.08 family of Lombard 3, Odier. He spent much of his career 592 as a private 6.59 banker with UBS. 97,000 His final Magellan position Financial with Group them Limited was as Managing Director MFG of the ASX Private Wealth AUD Division 26.05/19.76 looking after French 3, and Greek clients He then left 271 UBS to co-found, Etienne, Pythoud, 27,748 Odier & Man Group Cie, PLC a wealth management company for EMG private clients, LSE which p also ran several / funds including a 2, Mining & Exploration NS Fund. 1, ,400 Platinum Investment Manage. Limited PTM ASX AUD /4.64 2, ,779 Charter Hall Group CHC ASX AUD /4.24 1, , ,966 John Reeve - Director: John Reeve has undergraduate and postgraduate qualifications in Natural Resource Economics and Supply Chain Management from the University Pantheon International PLC PIN LSE 1,769.32p 1,798.0/1, , NS 1, ,000 of Queensland and Monash University respectively. His professional career has been focused on commodity hedge advisory in Australia and the USA and commodity banking Harbourvest Global Private Equity Ltd. HVPE LSE 1,236.00p 1,274.0/ , NS 1, ,000 Westwood in Asia Holdings for Group leading Inc. commodity focused WHG banks, including NYQ Commonwealth USD Bank, 63.99/49.01 Goldman Sachs and Standard Chartered Bank. 146 Over the course 3.18 of his career, 21,300 John has Cowen specialised Group Inc. in hedging, swap, price risk COWN management NSQ in the USD physical commodity 16.75/10.92 business. John has set up commodity NS trading businesses 773 for some 0.58 of the most 13,700 well-known Och-Ziff financial Capital Management institutions, Group and LLC has led to them OZM entering NYQ new markets USD in 2.34 Australia, Philippines, 4.78/2.15 Vietnam, India, Bangladesh, NS Africa and Middle -466 East. N/A 39,200 Blue Sky Alt. Investments Limited BLA ASX AUD / ,100 HFA Holdings Edmund Limited Newton Specialist Funds: HFA Edmund ASX Newton is a AUD former 2.14 Swiss Banker 2.73/1.90 who spent most of his banking career with UBS, 254 before finishing 0.98 with their private 8,400 bank, Medley Ferrier Management Lullin Inc. & Cie. His areas of expertise MDLY were client NYQ acquisition USD 8.00 and relationship 10.65/5.10 management, portfolio management, NS investment -2 advice, and the N/A management of 5,000 a portfolio CVC Limited of 1,000 clients. At Ferrier Lullin, he was CVC the manager ASX of the Anglo AUD 1.81 Saxon, Asian 1.96/1.40 and Middle Eastern group of clients ,000 Fifth Street Asset Management Inc. FSAM NSQ USD / NS 3 N/A 5,000 K2 Asset Management Holdings Limited KAM ASX AUD / NS TOTAL/AVERAGE 207, , ,269,670 Notes: All financial data taken from ft.com as of 24th March All currency conversions as required taken from currency section of yahoo.com on the same date Steppes Alternative Asset Management All Rights Reserved

30 Top 30 Public Private Equity Companies Trade on an average PE of and an average price to book of 2.72 Company Name Symbol Exchange Price 52W HIGH/LOW Mkt. Cap. (US$m) PE Net Assets (US$m) M Book FUM (USD m) Blackstone Group LP BX NYQ USD / , , ,000 KKR & Co. LP KKR NYQ USD / , , ,000 Partners Group Holding AG PGHN SWX CHF / , , ,484 Fosun International Limited 656 HKG HKD / , , ,204 Leucadia National Corp. LUK NYQ USD / , , ,556 3i Group PLC III LSE p / , NS 5, ,805 Onex Corp. ONEX TOR CAD / , NS -490 N/A 22,600 Oaktree Capital Group LLC OAK NYQ USD / , ,000 Wendel SE MF PAR EUR / , NS 3, ,803 Carlyle Group LP CG NSQ USD / , NS ,000 Eurazeo SA RF PAR EUR / , NS 4, ,402 Apollo Global Management LLC APO NYQ USD / , ,000 Ares Management LP ARES NYQ USD / , ,000 Electra Private Equity PLC ELTA LSE 5,043.30p 5,150.0/3, , NS 2, ,490 Gimv NV GIMB BRU EUR / , , ,945 Pantheon International PLC Exhibit II PIN LSE 1,769.32p 1,798.0/1, , NS 1, ,000 Harbourvest Global Private Equity Ltd. HVPE LSE 1,236.00p 1,274.0/ , NS 1, ,000 HBM Healthcare Investments AG HBMN SWX CHF / , ,043 HgCapital Trust PLC HGT LSE 1,589.00p 1,620.0/1, NS ,224 Princess Private Equity Holding Ltd. PEY LSE EUR / NS ,867 NB Private Equity Partners Limited NBPE AEX USD / ,000 ICG (ex. Graphite) Enterprise Trust PLC ICGT LSE p / NS ,334 SVG Capital PLC SVI LSE p / NS 1, ,469 JZ Capital Partners Limited JZCP LSE p / NS ,107 Standard Life European PE Trust SEP LSE p / NS N/A Altamir SCA LTA PAR EUR / Deutsche Beteiligungs AG DBAX.N GER EUR / ,100 J.P. Morgan Private Equity Limited JPEL LSE USD / NS ,000 Oakley Capital Investments Limited OCL LSE p / NS F&C Private Equity Trust FPEO LSE p / NS TOTAL/AVERAGE 148, , ,398,261 Notes: All financial data taken from ft.com as of 24th March All currency conversions as required taken from currency section of yahoo.com on the same date Steppes Alternative Asset Management All All Rights Reserved

31 Top 30 Public Private Equity Companies Company Name Symbol Exchange Price 52W HIGH/LOW Mkt.Cap. (US$m) PE Net Assets (US$m) M Book Blackstone Group LP BX NYQ USD / , , KKR & Co. LP KKR NYQ USD / , , Fosun International Limited 656 HKG HKD / , , Partners Reference Group Holding AG PGHN SWX CHF / , , i Group PLC III LSE p / , NS 5, Leucadia National Corp. LUK NYQ USD / , NS 10, Onex Corp. ONEX TOR CAD / , NS -163 N/A Oaktree 1. PwC Capital Group The LLC World in OAK NYQ USD / , Wendel SE MF PAR EUR / , NS 3, Carlyle Group LP CG NSQ USD / , NS Ares Management LP ARES NYQ USD / , Eurazeo 2. Credit SA Suisse Emerging Markets RF to boost share PAR of Global EUR Capital Markets / , , Apollo Global Management LLC APO NYQ USD / , Electra Private Equity PLC ELTA LSE 4,620.00p 4,866.68/3, , NS 2, Gimv NV GIMB BRU EUR / , , Pantheon 3. UN International Reports PLC World Urbanisation PIN Prospects. LSE 1,713.00p 1,755.00/1, , NS 1, Harbourvest Global Private Equity HVPE LSE 1,199.00p 1,219.00/ , NS 1, SVG Capital PLC SVI LSE p / NS 1, HBM Healthcare Investments AG HBMN SWX CHF / , HgCapital 4. OECOL Trust PLC Observer. HGT LSE 1,544.25p 1,567.00/ NS NB Private Equity Partners Limited NBPE AEX USD / Princess Private Equity Holding Ltd. PEY LSE EUR / NS ICG (ex. Graphite) Enterprise Trust PLC ICGT LSE p / NS EOI Africa Business Outlook. Standard Life European PE Trust SEP LSE p / NS JZ Capital Partners Limited JZCP LSE p / NS Deutsche Beteiligungs AG DBAX.N GER EUR / Altamir SCA LTA PAR EUR / World Bank Commodity Forecast. J.P. Morgan Private Equity Limited JPEL LSE USD / NS Oakley Capital Investments Limited OCL LSE p / NS F&C Private Equity Trust FPEO LSE p / NS TOTAL/AVERAGE 142, , Asset Management in the UK: Notes: All financial data taken from ft.com as of 23 rd January All currency conversions as required taken from currency section of yahoo.com on the same date Steppes Alternative Asset Management All All Rights Rights Reserved. Reserved