Due Diligence CHAPTER 14
|
|
- Ira Barnett
- 5 years ago
- Views:
Transcription
1 Due Diligence CHAPTER 14
2 Need for Due Diligence Areas of Due Diligence Objective of Alternative Investment Investment Process for Private Equity Alternative Investment Process for Hedge Funds Due diligence in Alternative Investments
3 Due Diligence Due diligence can be defined as research, examination, and analysis that an investor conducts to evaluate an investment opportunity prior to the decision making process. It essentially helps the investor take the decision whether to undertake an investment or not. It involves quantitative as well as qualitative analysis.
4 Due Diligence Due diligence is an indispensable tool in the hands of institutional investors to identify managers who are likely to generate alpha in the market and to discard others that are most likely to dissipate investor wealth
5
6 Need for Due Diligence Areas of Due Diligence Objective of Alternative Investment Investment Process for Private Equity Alternative Investment Process for Hedge Funds Due diligence in Alternative Investments
7 Areas of Due Diligence The main areas of financial due diligence includes: a. Quality of earnings, b. Debt and debt-like items, c. Tax structure, d. Human Resources
8 Commercial Due Diligence Commercial Due Diligence includes understanding the value proportion of the company, its market position, historical performance, and trends of the industry in order to evaluate the target company s ability to achieve its forecasted projections
9 Legal Due Diligence Legal Due Diligence focuses on confirming whether the target company is not subject to any current or future liabilities which may include regulatory issues, vulnerable or ongoing lawsuits, and unfamiliar or difficult contract provisions.
10
11 Need for Due Diligence Areas of Due Diligence Objective of Alternative Investment Investment Process for Private Equity Alternative Investment Process for Hedge Funds Due diligence in Alternative Investments
12 Alternative Investment Alternative investments are asset classes outside of publicly listed equities, fixed income products, and cash and include hedge funds, private equity funds, real estate, commodities, and infrastructure. Usefulness in asset liability management and growing public acceptance are cited in the literature as reasons for the growing popularity of alternative investments.
13 Objectives Traditional funds focus their investment strategies on long-term stock and bond investing, whereas non-traditional funds generally use more complex trading strategies. Non-traditional investment strategies are designed to produce investment outcomes different from those of traditional investment strategies.
14 Need for Due Diligence Areas of Due Diligence Objective of Alternative Investment Investment Process for Private Equity Alternative Investment Process for Hedge Funds Due diligence in Alternative Investments
15 Investment Process Private Equity investor must analyse several factors in order to ascertain whether any given opportunity for investment is a good one Investigation is needed in order to comprehend a company s financials, industry trends, market position, and debt financing obtainable
16 Investment Process Some of the fundamental methods by which PE firms can assist in creating value for the portfolio company are: a. Relationships in the industry b. Experience running companies c. Transformation of businesses d. Bolt-on acquisitions and creation of platforms e. Experienced sellers of businesses f. Financial engineering
17 Investment Process There are three primary methods used to increase the exit value realized by the equity holders in an LBO: a. EBITDA/Earnings Growth b. Multiple Expansion c. Free Cash Flow Generation
18 Exit Strategies Trade/ Strategic Sale A financial sponsor may recognize gains in the sale of a portfolio company investment to a strategic acquirer allowing for an instant liquidity event for the financial sponsor Usually the trade sale will generate the highest sale price
19 Exit Strategies Initial Public Offering (IPO) The primary benefit of an Initial Public Offering exit for a portfolio company is the prospective for a higher valuation, as long as that there is demand for the equity by the investor in the company as well as stable and favourable public market conditions An IPO involves high transaction costs
20 Exit Strategies Secondary Buyout When a financial sponsor sells a portfolio company to another financial sponsor in a leveraged buyout transaction, it is known as a secondary buyout. The name originates from the fact that the LBO is being sold to another sponsor in a separate LBO transaction.
21 Need for Due Diligence Areas of Due Diligence Objective of Alternative Investment Investment Process for Private Equity Alternative Investment Process for Hedge Funds Due diligence in Alternative Investments
22 Investment process for Hedge Funds Mill Creek Capital Advisors (MCCA) began managing hedge fund programs on behalf of its clients shortly after the firm began in Behavioural science as well as MCCA s real world experiences suggest that the risk tolerance of most investors is asymmetric.
23 Investment process for Hedge Funds MCCA specific biases are as follows a. Returns Dispersion b. Terms and Conditions c. Leverage d. Capacity e. Asset Size.
24 Need for Due Diligence Areas of Due Diligence Objective of Alternative Investment Investment Process for Private Equity Alternative Investment Process for Hedge Funds Due diligence in Alternative Investments
25 Due diligence in Hedge funds Hedge funds may voluntarily disclose information to existing investors or to potential investors, they are not legally required to do so. Due diligence can be a source of alpha and even a profit centre in hedge fund portfolio strategies
26 Due diligence in Hedge funds There are broadly two types of risks that affect hedge fund performance: a. Operational risk b. Financial risk.
27 Due diligence in Hedge funds The top five challenges that investor s face while conducting due diligence of hedge funds are: a. Selecting/monitoring managers b. Lack of transparency c. Investment frozen with a manager d. Redemptions e. Poor returns.
28 Due diligence in Private equity Private equity includes investments that are directly made into companies in private transactions or into public companies so as to take them private. The transparency and disclosure requirements required for publicly listed companies or securities do not apply to private equity partnerships
29 Due diligence in Private equity The transparency and disclosure requirements required for publicly listed companies or securities do not apply to private equity partnerships
30 Due diligence in Real estate There are certain risks specific to real estate investment. Global and economic factors affect value of real estate. Other risks inherent in real estate include the ability of mangers to select and manage properties, and changes in regulations
31 Diligence is the mother of good fortune. Benjamin Disraeli
32 THANK YOU
Equity Markets - Company Perspective
Equity Markets - Company Perspective Equity vs. Debt Reasons for issuing stocks Public vs. private equity Private equity IPO process Stock market investors Efficiency Diversification Corporate perspective
More informationLUMINA FOUNDATION FOR EDUCATION, INC. FINANCIAL STATEMENTS December 31, 2016 and 2015
FINANCIAL STATEMENTS December 31, 2016 and 2015 Indianapolis, Indiana FINANCIAL STATEMENTS December 31, 2016 and 2015 CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL
More informationFINANCIER. Private equity and venture capital ANNUAL REVIEW ONLINE CONTENT DECEMBER 2014 R E P R I N T F I N A N C I E R W O R L D W I D E.
R E P R I N T F I N A N C I E R W O R L D W I D E. C O M ANNUAL REVIEW Private equity and venture capital REPRINTED FROM ONLINE CONTENT DECEMBER 2014 2014 Financier Worldwide Limited Permission to use
More informationInvestment Committee Charter
Investment Committee Charter Mission Statement The Investment Committee (the Committee ) of the Northern Arizona University Foundation (the Foundation ) will assist the Board of Directors in fulfilling
More informationHow Private Equities Create Value. LBOs, Expansion deals and the future of PEs - Trends
How Private Equities Create Value LBOs, Expansion deals and the future of PEs - Trends 1 Contents - Introduction to Value Creation in PEs - LBOs - Operating Leverage - Financial Leverage - Recent trends
More informationPlease note that registration as an investment adviser does not imply a certain level of skill or training.
UBS Financial Services Inc. SEC File Number 801-7163 1000 Harbor Boulevard October 18, 2018 Weehawken, NJ 07086 (201)352-3000 http://financialservicesinc.ubs.com RETIREMENT PLAN CONSULTING SERVICES PROGRAM
More informationPrivate Equity Strategies. By Ascanio Rossini
Private Equity Strategies By Ascanio Rossini Outline 1. What is Private Equity (PE) and what distinguishes it from other asset classes? i. Definition ii. Key Features iii. Fund Structure 2. Private Equity
More informationINVESTMENT GUIDELINES FOR THE POOLED INVESTMENT FUND FOR THE EPISCOPAL CHURCH IN MINNESOTA
INVESTMENT GUIDELINES FOR THE POOLED INVESTMENT FUND FOR THE EPISCOPAL CHURCH IN MINNESOTA The Episcopal Church in Minnesota is a network of faith communities called to transformation by engaging God s
More informationETF s Top 5 portfolio strategy considerations
ETF s Top 5 portfolio strategy considerations ETFs have grown substantially in size, range, complexity and popularity in recent years. This presentation and paper provide the key issues and portfolio strategy
More informationNobleBridge Wealth Management, LLC
NobleBridge Wealth Management, LLC CRD No.146612 105 Bergen Ave Teaneck, NJ 07666 (866) 798-0354 www.noblebridgewealth.com March 23 rd, 2016 This brochure provides information about the qualifications
More informationTriton Pacific Investment Corporation A Private Equity Business Development Company
Triton Pacific Investment Corporation A Private Equity Business Development Company Disclaimers and Risk Disclosure This is not an offer to sell nor a solicitation of an offer to buy the securities described
More informationAlternative Investments
Alternative Investments Tap into greater opportunity with U.S. Trust 03 Sophisticated solutions to help meet your needs. 04 Complete your financial strategy. 05 Ways to access alternative investments.
More informationP2.T8. Risk Management & Investment Management
P2.T8. Risk Management & Investment Management Constantinides, Harris & Stulz, Handbook of the Economics of Finance Fung & Hsieh, Chapter 17: Hedge Funds Bionic Turtle FRM Study Notes Reading 72 By David
More informationA guide to investing in hedge funds
A guide to investing in hedge funds What you should know before you invest Before you make an investment decision, it is important to review your financial situation, investment objectives, risk tolerance,
More informationUNIT TITLE: INVESTMENT PRINCIPLES AND RISK
UNIT TITLE: INVESTMENT PRINCIPLES AND RISK Attainment Level Learning Outcome Indicative Content The characteristics, inherent Cash and cash equivalents: ability to analyse: risks, behaviour and correlation
More informationPrivate Capital Group, LLC
Private Capital Group, LLC FORM ADV PART 2A DISCLOSURE BROCHURE Town Center 29 South Main Street West Hartford, CT 06107 Phone: 860-561-1162 Fax: 860-561-1018 www.pcgct.com March 29, 2018 This disclosure
More informationLEADING WITH OPTIMISM IN TIMES OF UNCERTAINTY How companies, sponsors and investors view the middle market landscape post-election.
ANTARES COMPASS: LEADING WITH OPTIMISM IN TIMES OF UNCERTAINTY How companies, sponsors and investors view the middle market landscape post-election. Optimism is the prevailing sentiment within the middle
More informationNovember Deal Metrics Survey. A survey of Australian VC and PE deal activity in FY2012. In association with
November Deal Metrics Survey A survey of Australian VC and PE deal activity in FY In association with AVCAL Deal Metrics Report Message from the Chief Executive Welcome to the AVCAL and Pacific Strategy
More informationLUMINA FOUNDATION FOR EDUCATION, INC. FINANCIAL STATEMENTS December 31, 2017 and 2016
FINANCIAL STATEMENTS December 31, 2017 and 2016 Indianapolis, Indiana FINANCIAL STATEMENTS December 31, 2017 and 2016 CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL
More informationManaged Accounts.
Managed Accounts Managed Accounts Introduction In the aftermath of the financial crisis in 2008, managed accounts have grown in popularity as a result of demand for greater transparency and liquidity from
More informationGoing Private: A Guide to Private Investments
December 2016 WHITE PAPER Going Private: A Guide to Private Investments What Private Investments Can Bring to a Portfolio Nothing in life is to be feared, it is only to be understood. Now is the time to
More informationExecutive Partnership Program. Presentation 2014
Executive Partnership Program Presentation 2014 1 OPPORTUNITY BRIEF Overview: Executive Partnership Program: Deal Sourcing: Average Search: Geographic Markets: Investment Type: Target Investment: Industry
More informationAlternative Investments
Alternative Investments Tap into greater opportunity with Merrill Lynch 03 More choice. More opportunity. 04 Enhance your financial strategy. 05 Ways to access alternative investments. 06 The Merrill Lynch
More informationRESTRICTED SHARES AS COMPENSATION: THE BENEFIT THAT BENEFITS ALL. Valuation Services
RESTRICTED SHARES AS COMPENSATION: THE BENEFIT THAT BENEFITS ALL Valuation Services VALUATION SERVICES Restricted Shares as Compensation: The Benefit that Benefits All Executive compensation continues
More informationPomona Investment Fund
Pomona Investment Fund A Registered Fund Structured To Provide Streamlined Access To Private Equity An investor should consider the investment objectives, risks, charges and expenses of the Fund(s) carefully
More informationPrivate Equity CHAPTER 2
Private Equity CHAPTER 2 Concept and Emergence of private equity Structure of private equity firm Life cycle of private equity Types of private equity investments Divestment in private equity fund Due
More informationHedge Funds and Alternative Investments
Hedge Funds and Alternative Investments A Two Day course This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist Course
More informationInvestment Management Philosophy
Investment Management Philosophy Executive Overview The investment marketplace has grown increasingly complex and unpredictable for individual investors. This reality may make it difficult for many people
More informationQuarterly Asset Class Report Private Equity
Quarterly Asset Class Report canterburyconsulting.com Canterbury Consulting ( CCI ) is an SEC registered Investment Adviser. Information pertaining to CCI's advisory operations, services, and fees is set
More informationThird year B.Com (Financial Markets) Programme Revised Syllabus Semester 5
Third year B.Com (Financial Markets) Programme Revised Syllabus 2017-2018 Semester 5 1. Marketing in financial Services Electives Foundation of service marketing Service market segmentation Issues in marketing
More informationIntroduction. PEs: the invesment process and the Value Creation
Introduction PEs: the invesment process and the Value Creation 1 Contents - Introduction - PE Stages and Investment Process - Initial Strategic Definition: Types of deal and PEs - Deal Sourcing - Initial
More informationInvestment Selection A focus on Alternatives. Mary Cahill & Ciara Connolly
Investment Selection A focus on Alternatives Mary Cahill & Ciara Connolly On the process of investing We have no control over outcomes, but we can control the process. Of course outcomes matter, but by
More informationTHE ROLES OF ALTERNATIVE INVESTMENTS
HEALTH WEALTH CAREER THE ROLES OF ALTERNATIVE INVESTMENTS AUGUST 2016 1 Alternative investments is an umbrella term encompassing a wide variety of investments and strategies that can offer enhanced return
More information2013 CFA Exam. LOS 31.a SS 13
LOS 31.a 2013 CFA Exam SS 13 Describe common features of alternative investments and their markets and how alternative investments may be grouped by the role they typically play in a portfolio. Card 1
More informationSeparately Managed Accounts. Investment Advisory Solutions for Today s Complex Markets
Separately Managed Accounts Investment Advisory Solutions for Today s Complex Markets Contents Consulting Group Overview Resources The GIC and Global Investment Manager Analysis Separately Managed Accounts
More informationNATIONWIDE VARIABLE INSURANCE TRUST One Nationwide Plaza Mail Code Columbus, OH (800)
NATIONWIDE VARIABLE INSURANCE TRUST One Nationwide Plaza Mail Code 5 02 210 Columbus, OH 43215 (800) 848 0920 IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY June 14, 2018 Dear Shareholder: I d
More informationAlternative Investments in Employee Benefit Plans
Alternative Investments in Employee Benefit Plans January 2009 Topix Primer Series aicpa.org/ebpaqc EBPAQC@aicpa.org Introduction The AICPA Employee Benefit Plan Audit Quality Center has developed this
More informationCallan Manager Selection Process
Callan Manager Selection Process Open door policy; no charge to submit data to our database (www.callan.com) Real estate team conducts all real estate manager research In addition to client initiated mandates,
More informationKey reasons why you must attend this groundbreaking training course: Introducing the Investment Markets and Investment Fundamentals
Investment Management Effective Methods Course Highlights and Agenda Key reasons why you must attend this groundbreaking training course: You will get to grips with the practicalities of cutting-edge investment
More informationTHE ARBITRAGE FUNDS. The Arbitrage Credit Opportunities Fund (the Fund )
THE ARBITRAGE FUNDS The Arbitrage Credit Opportunities Fund (the Fund ) Supplement dated June 22, 2018 to the Prospectus dated September 30, 2017, as supplemented to date THIS SUPPLEMENT CONTAINS NEW AND
More informationFSIC Reports First Quarter 2018 Financial Results and Declares Regular Distribution for Second Quarter
FSIC Reports First Quarter 2018 Financial Results and Declares Regular Distribution for Second Quarter PHILADELPHIA, PA, May 10, 2018 FS Investment Corporation (NYSE: FSIC), a publicly traded business
More informationPlain talk about how ETFs work. Client education
Plain talk about how ETFs work Client education Contents 2 What are ETFs? 4 How ETFs work 8 Which ETFs are right for you? Exchange-traded funds (ETFs) are attracting evergreater attention from investors.
More informationPrivate Capital Reporting and Investing for Nonprofits
Private Capital Reporting and Investing for Nonprofits The webinar will begin in a few moments NOTE: Participants will receive an email within 48 hours with a link to the slide deck and recording. 1 Armanino
More informationALTERNATIVE INVESTMENTS
ALTERNATIVE INVESTMENTS 1 F.I = Fixed Income PE = Private Equity RE = Real Estate VC = Venture Capital LBO = Leverage Buyout ABS = Asset Backed Securities AIs = Alternative Investments MBS = Mortgage Backed
More informationIPOs and ESOPs as exit strategies: Prepare for the complexities
December 2016 IPOs and ESOPs as exit strategies: Prepare for the complexities An article by Marc R. Baluda, J.D., Tony Klaich, CPA, and Simon Little, CPA, CISA, CTP Audit / Tax / Advisory / Risk / Performance
More informationActiveAllocator Insights
ActiveAllocator Insights www.activeallocator.com DISCLAIMER: ActiveAllocator.com provides simple and useful analytical tools as well as education to help investors make better financial decisions. We rely
More informationTHE U.S. MIDDLE MARKET
THE U.S. MIDDLE MARKET An alternative source of income, growth and diversification ALTERNATIVE THINKING FS Investment Solutions, LLC (member FINRA/SIPC) is an affiliated broker-dealer that serves as the
More informationAlternative Investments. Innovative Strategies for Asset Allocation
Alternative Investments Innovative Strategies for Asset Allocation A Culture of Investment Excellence With a unique combination of resources and capabilities, Morgan Stanley offers quality advice and distinctive
More informationKey Factors for a Successful Private Equity Fund: People, Strategy, Market, Product. April, 2005 Zurich
Key Factors for a Successful Private Equity Fund: People, Strategy, Market, Product April, 2005 Zurich 3 Major Success Factors PEOPLE PEOPLE PEOPLE 2 Right mix and evolution of skills First Fund Second
More informationPrivate Equity. How to unlock the potential of private companies? David Maréchal Private Equity Investment Manager. 18 September 2014 München
Private Equity How to unlock the potential of private companies? David Maréchal Private Equity Investment Manager 18 September 2014 München Table of contents 1 Private Equity An overview 3 2 Why invest
More informationplural A NEW WAY OF VALUE INVESTING
plural A NEW WAY OF VALUE INVESTING Plural A NEW WAY OF INVESTING 2017 What Q3 is Plural ReportInvesting? Plural implements value investing by combining the human investor with machine learning models.
More informationUBS (CH) Global Alpha Strategies
UBS (CH) Global Alpha Strategies Other fund for alternative investments with special risk Prospectus with integrated fund contract September 2011 UBS (CH) Global Alpha Strategies, as a fund of funds under
More information8BURSA 12 SUKUK. c ontents SUQ AL-SILA SHARI AH COMPLIANT LISTED EQUITIES. ISLAMIC REAL ESTATE INVESTMENT TRUSTS (ireits)
c ontents 8BURSA SUQ AL-SILA 10 SHARI AH COMPLIANT LISTED EQUITIES 2 THE MALAYSIA INTERNATIONAL ISLAMIC FINANCIAL CENTRE (MIFC) INITIATIVE 4 BURSA MALAYSIA 6 ISLAMIC MARKETS 12 SUKUK 14 ISLAMIC REAL ESTATE
More informationAlternative Investments in a Changing World
NORTHERN TRUST 2010 PROGRAM SOLUTIONS CONFERENCE Investment Solutions in an Uncertain World: WHAT S NEXT? Alternative Investments in a Changing World Andrew C Smith, CFA, Chief Investment Officer, NTGA
More informationPart 3: Private Equity Strategies
Private Equity Education Series Part 3: Private Equity Strategies Reports in this series Report Highlights Page Part 1: What is Private Equity (PE)? Part 2: Investing in Private Equity Part 3: Private
More informationCLOSED-END FUND SERVICES. Spectra. Professional Services
CLOSED-END FUND SERVICES Spectra Professional Services Spectra Professional Services Spectra Professional Services is an advisory firm providing a wide spectrum of consulting and project management services
More informationDebunking Myths & Common Misconceptions of ETFs
Debunking Myths & Common Misconceptions of ETFs April 2015 Even as ETFs have grown in popularity, there is a still a great deal of misunderstanding over how they are structured and regulated, how they
More informationIndustry Consolidations Financing Alternatives for Acquisition-Driven Companies
Financing Alternatives for Acquisition-Driven Companies Charles A Sheffield President, Sheffield Capital Advisors This article focuses on the trends and financing opportunities for clients who are pursuing
More informationA STUDY OF MUTUAL FUNDS
International Journal of Management (IJM) Volume 8, Issue 3, May June 2017, pp.213 219, Article ID: IJM_08_03_024 Available online at http://www.iaeme.com/ijm/issues.asp?jtype=ijm&vtype=8&itype=3 Journal
More informationSmith Barney Citigroup Financial Services Conference New York, January 26, 2005
Smith Barney Citigroup Financial Services Conference New York, January 26, 2005 Brady Dougan Chief Executive Officer, Credit Suisse First Boston Member of the Executive Board, Credit Suisse Group DISCLAIMER
More informationImpact Assessment Case Study. Short Selling
Impact Assessment Case Study Short Selling Impact Assessment Case Study Short Selling Objectives of this case study This case study takes the form of a role play exercise. The objectives of this case study
More informationCORPORATE VALUATION METHODOLOGIES
CORPORATE VALUATION METHODOLOGIES What is the business worth? Although a simple question, determining the value of any business in today s economy requires a sophisticated understanding of financial analysis
More informationLiquid Alternatives: Dispelling the Myths
January 11, 2013 Topic Paper May 14, 2015 PERSPECTIVE FROM K2 ADVISORS KEY POINTS The requirement to invest at least 85% in liquid assets does not appear to have a negative impact on historical performance
More informationOverview of equity fund raising & role of investment bankers.
Overview of equity fund raising & role of investment bankers www.oureacapital.com Huge amount of capital formation will be required especially in SMEs to sustain this growth India needs to create 10-15
More informationIntroduction to Equity Derivatives on Nasdaq Dubai
Introduction to Equity Derivatives on Nasdaq Dubai CONTENTS Introduction to Derivatives» Introduction to Derivatives (Page4)» Benefits of Equity Futures (Page 5) Trading Equity Futures» Trading Equity
More informationTHE ALTERNATIVES BASKET
THE ALTERNATIVES BASKET Real Assets Real Estate Private Equity Hedge Funds Infrastructure Distressed Debt Alternatives: a spectrum of opportunities from low risk fixed income substitutes to high risk/high
More informationPrivate Equity. Panel Detail: Monday, May 2, :30 AM - 10:45 AM
Private Equity Panel Detail: Monday, May 2, 211 9:3 AM - 1:45 AM Speakers: Leon Black, Founding Partner, Apollo Management, LP David Bonderman, Founding Partner, TPG Capital Jonathan Nelson, CEO and Founder,
More informationI-4 UC Private Equity Program Review
I-4 UC Private Equity Program Review Committee on Investments / Investment Advisory Group February 22, 2011 Presentation Outline Industry Update Strategy Overview Portfolio Review Performance UC Private
More informationTHE HISTORIC PERFORMANCE OF PE: AVERAGE VS. TOP QUARTILE RETURNS Taking Stock after the Crisis
NOVEMBER 2010 THE HISTORIC PERFORMANCE OF PE: AVERAGE VS. TOP QUARTILE RETURNS Taking Stock after the Crisis Oliver Gottschalg, info@peracs.com Disclaimer This report presents the results of a statistical
More informationNortheastern University Report on Federal Financial Assistance Programs in Accordance with the OMB Uniform Guidance For the Year Ended June 30, 2016
Report on Federal Financial Assistance Programs in Accordance with the OMB Uniform Guidance For the Year Ended June 30, 2016 Entity Identification #04-1679980 Contents Part I Consolidated Financial Statements
More informationContact: Telephone: (201) Date: Subject: , the United. As more fully LLC. Eligible. to herein as. of market
EDGA & EDGX STOCK EXCHANGES Regulatory Information Circularr Circularr Number: 2012-060 Date: June 19, 2012 Contact: Telephone: Jeff Rosenstrock (201) 942-8295 Subject: United States Metals Index Fund
More informationEuropean Foundations: report on Top 50 ranking and database
W W W. W A T S O N W Y A T T. C O M European Foundations: report on Top 50 ranking and database A joint research project by Watson Wyatt and Prof. Elroy Dimson of London Business School February 2007 Content
More informationFund of Funds Financing: Secondary Facilities for PE Funds and Hedge Funds
Article Fund of Funds Financing: Secondary Facilities for PE Funds and Hedge Funds By Zachary K. Barnett, Todd Bundrant, Mark Dempsey and Ann Richardson Knox 1 Real estate, buyout, infrastructure, debt,
More informationQuarterly Asset Class Report Private Equity
Quarterly Asset Class Report canterburyconsulting.com Canterbury Consulting ( CCI ) is an SEC registered Investment Adviser. Information pertaining to CCI's advisory operations, services, and fees is set
More informationDebunking Myths & Common Misconceptions of ETFs
Debunking Myths & Common Misconceptions of ETFs July 2017 Even as ETFs have grown in popularity, there is a still a great deal of misunderstanding over how they are structured and regulated, how they trade,
More informationSwiss Family Offices Best Practices Research. Key Findings. Produced for
Swiss Family Offices Best Practices Research Key Findings Produced for April 2005 For further information please contact: Lucille Knapp Northern Trust Tel: +44 (20) 7982 2204 Email: lucille_knapp@ntrs.com
More informationFinancing Innovation: Accessing Private Capital. Innovation Conference June 27-28, 2017.
Financing Innovation: Accessing Private Capital Innovation Conference June 27-28, 2017. Traditional Sources of Equity Capital Risk/Reward Friends & Family Private Equity Public Equity Mezzanine Debt Public
More informationPRIVATE CAPITAL ADVISORY SERVICES EXPERTS WITH IMPACT TM
PRIVATE CAPITAL ADVISORY SERVICES EXPERTS WITH IMPACT TM IMPACTING CHANGE ACROSS THE BUSINESS CYCLE About FTI Consulting FTI Consulting is an independent global business advisory firm dedicated to helping
More informationDividends and Politics. Steve Bank (UCLA) Brian R. Cheffins (Cambridge) Marc Goergen (Sheffield)
Dividends and Politics Steve Bank (UCLA) Brian R. Cheffins (Cambridge) Marc Goergen (Sheffield) The Widely Held Company and Politics An issue that has captured much attention is the set of conditions that
More informationPortfolio Management Consultants Supporting Enterprises, Advisors, and their Clients
Portfolio Management Consultants Supporting Enterprises, Advisors, and their Clients Envestnet PMC is the ultimate advisor to the advisor. We offer an objective, unbiased approach to research, coupled
More informationKey risks and mitigations
Key risks and mitigations This section explains how we control and manage the risks in our business. It outlines key risks, how we mitigate them and our assessment of their potential impact on our business
More informationEUROPEAN COMMISSION S CONSULTATION ON HEDGE FUNDS EUROSYSTEM CONTRIBUTION
25 February 2009 EUROPEAN COMMISSION S CONSULTATION ON HEDGE FUNDS EUROSYSTEM CONTRIBUTION As a part of a wider review of the regulatory and supervisory framework for EU financial markets, the European
More informationN E W S L E T T E R A p r i l
N E W S L E T T E R A p r i l 2 0 1 0 RICHARD BIBB 2009 Annus Horribilis für Hedge Funds REBECCA BERLINGER The Alternative Investment Managers Directive (AIFMD) and the potential impact for the Alternative
More informationSEEKING RETURNS IN PRIVATE MARKETS
HEALTH WEALTH CAREER SEEKING RETURNS IN PRIVATE MARKETS FEBRUARY 2017 Of the maxims of orthodox finance, none, surely, is more anti-social than the fetish of liquidity, the doctrine that it is a positive
More informationAmended as of January 1, 2018
THE WALLACE FOUNDATION INVESTMENT POLICY Amended as of January 1, 2018 1. INVESTMENT GOAL The investment goal of The Wallace Foundation (the Foundation) is to earn a total return that will provide a steady
More informationIndex Information on Morgan Stanley SmartInvest Indices
INDEX SUPPLEMENT (To Prospectus dated November 19, 2014) Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-200365 GLOBAL MEDIUM-TERM SECURITIES, SERIES F Senior Securities Index Information
More informationExperienced investment management
BRINKER CAPITAL Experienced investment management 30 years of excellence in investment management Our time-tested and disciplined investment process Better outcomes through experience, consistency, and
More informationBLACKROCK SERIES, INC. BlackRock Small Cap Growth Fund II (the Fund )
BLACKROCK SERIES, INC. BlackRock Small Cap Growth Fund II (the Fund ) Supplement dated December 1, 2017 to the Summary Prospectus, the Prospectus and the Statement of Additional Information of the Fund,
More informationA guide to investing in mutual funds
A guide to investing in mutual funds What you should know before you buy Wells Fargo Advisors wants to ensure that you are investing in the mutual funds and the share classes that best suit your investment
More informationWikiLeaks Document Release
WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS22689 Taxation of Hedge Fund and Private Equity Managers Mark Jickling and Donald J. Marples, Government and Finance
More informationCOPYRIGHTED MATERIAL. The first known hedge fund was created by Alfred Winslow Jones in Introduction CHAPTER 1 DEFINITION OF HEDGE FUND
CHAPTER 1 Introduction The first known hedge fund was created by Alfred Winslow Jones in 1949. His fund should look familiar to today s hedge fund participants. The fund was organized as a limited partnership
More informationEVCA Quarterly Activity Indicator: Q Q Produced for EVCA by PEREP_Analytics
EVCA Quarterly Activity Indicator: Q1 27-Q3 211 Produced for EVCA by PEREP_Analytics 1 Executive Summary Fundraising stabilised above 1bn in Q3 211, confirming the recovery observed since the begining
More informationHEWINS FINANCIAL ADVISORS, LLC SEC File Number:
Item 1: COVER PAGE HEWINS FINANCIAL ADVISORS, LLC SEC File Number: 801 56865 Firm Brochure (Part 2A of Form ADV) May 17, 2013 Contact: Diane Kelvie, Chief Compliance Officer 400 South El Camino Real, Suite
More informationKENSINGTON PRIVATE EQUITY FUND MANAGEMENT DISCUSSION AND ANALYSIS AND FINANCIAL STATEMENTS FOR YEAR ENDED MARCH 31, 2017.
KENSINGTON PRIVATE EQUITY FUND MANAGEMENT DISCUSSION AND ANALYSIS AND FINANCIAL STATEMENTS FOR YEAR ENDED MARCH 31, 2017 June 30, 2017 This management discussion and analysis of the Kensington Private
More informationCONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Unaudited) As of June 30, 2017
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Unaudited) As of STIFEL, NICOLAUS & COMPANY, INCORPORATED 501 NORTH BROADWAY ST. LOUIS, MISSOURI 63102-2188 Telephone Number: (314) 342-2000 Consolidated
More informationFirst Trust Exchange-Traded Fund VI
First Trust Exchange-Traded Fund VI SUMMARY PROSPECTUS Small Cap US Equity Select ETF Ticker Symbol: RNSC Exchange: The Nasdaq Stock Market LLC Before you invest, you may want to review the Fund s prospectus,
More informationSecondary, tertiary (OR FOURTH) SUCCESSIVE
Secondary, tertiary (OR FOURTH) SUCCESSIVE buy-out in Germany by Dr. Andrea von Drygalski, P+P Pöllath + Partners A private equity fund has a limited life even if the number of the fund s life is a double
More informationRelationship Among a Firm Issuing Securities, the Underwriters and the Public
Investment Companies Relationship Among a Firm Issuing Securities, the Underwriters and the Public Four Phase of IPO The objectives of the chapter are to provide an understanding of: o o o o o o The market
More informationIndependent Discretionary Management Service (IDMS) Investment Philosophy
Independent Discretionary Management Service (IDMS) Investment Philosophy Introduction The IDMS is operated by Easton Asset Management (EAM) in conjunction with Momentum Global Investment Management (MGIM).
More informationNo securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. CI Funds PART B Fund Specific Information Simplified Prospectus dated July 27,
More information