PREQIN QUARTERLY UPDATE: INFRASTRUCTURE Q Content includes:
|
|
- Michael Williams
- 5 years ago
- Views:
Transcription
1 PREQIN QUARTERLY UPDATE: INFRASTRUCTURE Q1 218 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors Deals Fund Performance and Dry Powder
2 PREQIN QUARTERLY UPDATE: INFRASTRUCTURE, Q1 218 FOREWORD - Patrick Adefuye, Preqin Five unlisted infrastructure funds reached a final close in Q1 218 for an aggregate $5.7bn. Following a record year of fundraising in 217, this is not only the lowest amount of capital raised in a single quarter since Q3 213, but also the smallest number of funds closed since Q3 29. Funds closed in Q1 218 secured an average of 1 of their target, showing that investor demand is strong particularly for established managers. At the start of Q2 218, there are 178 unlisted infrastructure funds in market seeking an aggregate $133bn; these funds have already raised $52bn in interim closes, suggesting the possibility of a healthy fundraising environment for the rest of 218. The number and estimated aggregate value of infrastructure transactions in Q1 218 were both down on Q4 217 totals, standing at 564 transactions completed for an estimated $222bn, compared with 825 transactions worth $23bn. However, the average deal size has increased by 39% to reach $439mn. The combination of fewer deals with higher average values emphasizes the twin issues of finding attractive opportunities and high valuations facing infrastructure fund managers, both of which were highlighted as concerns by respondents to Preqin s fund manager survey at the end of 217. With regards to investment plans for the year ahead, institutional investors in infrastructure maintain a strong preference for domestic investment opportunities; however, North America-based investors are more interested in exposure to global infrastructure markets than investors in Europe and Asia. Showing more evidence of a continued strong appetite for the asset class, the proportion of investors looking to commit $1mn or more has increased from 39% in Q1 217 to 5% in Q1 218, and three-quarters of investors plan to invest in two or more funds in 218. We hope that you find this report useful and welcome any feedback you may have. For more information, please visit or contact info@preqin.com. p3 p4 p5 p6 p7 Fundraising Funds in Market Institutional Investors Deals Fund Performance and Dry Powder PREQIN S ONLINE SERVICES Preqin s online product is an unrivalled infrastructure information resource. Constantly updated by our team of dedicated researchers, it represents the most comprehensive source of industry intelligence available today, with global coverage and a wide variety of information included. Get in touch today to arrange a demo of Preqin s online products: : info@preqin.com : All rights reserved. The entire contents of Preqin Quarterly Update: Infrastructure, Q1 218 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 Preqin Quarterly Update: Infrastructure, Q1 218 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 financial 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 Preqin Quarterly Update: Infrastructure, Q While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Quarterly Update: Infrastructure, Q1 218 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 Preqin Quarterly Update: Infrastructure, Q1 218 or for any expense or other loss alleged to have arisen in any way with a reader s use of this publication. 2 Preqin Ltd. 218 /
3 DOWNLOAD DATA PACK: FUNDRAISING Unlike the record-setting highs of infrastructure fundraising in Q1 217 when bolstered by the $15.8bn closure of Global Infrastructure Partners III 21 funds secured $32bn, Q1 218 saw the lowest amount of capital raised in a single quarter since Q3 213, and the lowest number of funds closed since Q3 29. Five funds in total reached a final close, securing $5.7bn in aggregate capital over the period (Fig. 1). What has remained consistent, however, is the leading presence of Europe- and North America-focused funds within the market: in Q1 218, Europe-focused funds represented 7% ($4.bn) of aggregate capital raised, with the remaining 3% ($1.7bn) secured by North America-focused funds (Fig. 2). While many funds were not able to reach a final close in Q1 218, the five that were able to close achieved 1 of their target on average, with no funds falling short of their initial target amount (Fig. 3). The largest fund closed in the quarter was Partners Group Direct Infrastructure 216, which secured 11% of its initial 2bn target (Fig. 4). This was followed by Basalt Infrastructure Partners II, which raised $1.3bn, 29% above target. Fig. 1: Global Quarterly Unlisted Infrastructure Fundraising, Q Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q No. of Funds Closed Date of Final Close Aggregate Capital Raised ($bn) Fig. 2: Unlisted Infrastructure Fundraising in Q1 218 by Primary Geographic Focus Fig. 3: Average Proportion of Target Size Achieved by Unlisted Infrastructure Funds, Q North America Europe Asia Rest of World Primary Geographic Focus No. of Funds Closed Aggregate Capital Raised ($bn) Average Proportion of Target Size Achieved 14% 1 1% 8% 6% 4% % 1 98% 97% 98% 11% 9% Q1 218 Date of Final Close Fig. 4: Unlisted Infrastructure Funds Closed in Q1 218 Fund Firm Fund Size (mn) Geographic Focus Partners Group Direct Infrastructure 216 Partners Group 2,2 EUR Europe Basalt Infrastructure Partners II Basalt Infrastructure Partners 1,285 USD Europe Brookfield Infrastructure Debt Fund I Brookfield Asset Management 885 USD US Orion Energy Credit Opportunities Fund II Orion Energy Partners 816 USD US Green Return Fund - Core wpd Invest 4 EUR Europe 3
4 PREQIN QUARTERLY UPDATE: INFRASTRUCTURE, Q1 218 FUNDS IN MARKET At the start of Q2 218, there are 178 unlisted infrastructure funds in market collectively seeking $133bn in capital, compared to 174 funds targeting $128bn at the beginning of the year (Fig. 5). Alongside this increase in the number of funds on the road, funds currently in market are targeting an additional $5.bn. Of these funds, 61% have been in market for over a year, and 54% have held an interim close, securing $52bn; among these funds is Fondi Italiani Per Le Infrastrutture III, which secured 3.1bn for its first close, above its initial target of 3.bn. Europe-focused unlisted infrastructure funds constitute the largest proportion (46%) of funds currently in market, followed by vehicles targeting North America (26%); however, despite this, North America-focused funds are seeking $9.8bn more than their Europe-focused counterparts (Fig. 6). Therefore, there remains significant disparity between the average target size of funds in market across these regions: North America-focused funds are targeting an average of $1.6bn, compared with $632mn for Europe-focused funds. Renewable energy remains the sector targeted by the most funds in market: 34% have a main focus on this industry, representing 22% of aggregate target capital (Fig. 7). This is followed by the energy (excluding renewables) and transport sectors, which are Fig. 5: Unlisted Infrastructure Funds in Market over Time, targeted by 11% and 9% of funds respectively. Competition for investor capital in the market remains high, and this is reflected in the willingness of fund managers to take a more diversified approach to ensure the best quality investments are obtained: 43% of funds currently in market, representing 61% of aggregate target capital, have a diversified primary investment strategy Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Apr-18 No. of Funds Raising Aggregate Capital Targeted ($bn) 133 Fig. 6: Unlisted Infrastructure Funds in Market by Primary Geographic Focus Fig. 7: Unlisted Infrastructure Funds in Market by Primary Industry North America Europe Asia Rest of World Primary Geographic Focus No. of Funds Raising Aggregate Capital Targeted ($bn) Renewable Energy Energy (Excl. Renewables) Transport No. of Funds Raising Social Primary Industry Utilities Telecommunications Aggregate Capital Targeted ($bn) Diversified Fig. 8: Largest Unlisted Infrastructure Funds in Market Fund Firm Target Size (mn) Geographic Focus Energy Capital Partners IV Energy Capital Partners 6, USD US Alinda Infrastructure Fund III Alinda Capital Partners 5, USD US EIG Energy Fund XVII EIG Global Energy Partners 5, USD US ISQ Global Infrastructure Fund II I Squared Capital 5, USD US KKR Global Infrastructure Investors III KKR 5, USD US 4 Preqin Ltd. 218 /
5 DOWNLOAD DATA PACK: INSTITUTIONAL INVESTORS Over the next 12 months, institutional investors will continue to focus on investments in their domestic markets (Fig. 9). While investors in North America and Europe show a particularly strong preference for their home markets, Asia-based investors preferences are more evenly spread across more established markets and their own. Across all regions, unlisted funds remain the most common route to market for institutional investors active in the asset class (Fig. 1). Europe- and Asia-based investors have a significantly greater propensity for direct infrastructure investments, with 38% and 35% of these investors respectively seeking this route to market, compared with just 17% of North America-based investors. The proportion (13%) of investors looking to allocate $5mn or more to unlisted infrastructure in the next 12 months has nearly doubled compared to Q1 217 (Fig. 11), and the proportion of investors planning to commit less than $1mn has declined from 61% to 49%. This, combined with an increase in the proportion of investors looking to invest in four funds or more compared to Q1 217, indicates a promising year for the infrastructure asset class. As can be seen in Fig. 12, there is a clear implication that, although the fundraising environment may remain challenging, there are still clear opportunities for fund managers to find capital commitments. Fig. 9: Regions Targeted by Infrastructure Investors in the Next 12 Months by Investor Location Proportion of Fund Searches 8% 7% 6% 5% 4% 3% 1% % 6% 52% 26% 74% 59% 53% 8% 6% 7% 7% 6% North America- Based Investors 42% Europe-Based Investors 67% 45% Asia-Based Investors North America Europe Asia Rest of World Global Fig. 1: Preferred Route to Market of Infrastructure Investors for the Next 12 Months by Investor Location Proportion of Fund Searches 9% 8% 7% 6% 5% 4% 3% 1% % 85% 17% 13% 78% 79% 38% 9% North America- Europe-Based Based Investors Investors 35% 4% Asia-Based Investors Unlisted Funds Direct Investments Listed Funds Fig. 11: Amount of Capital Investors Plan to Commit to Unlisted Infrastructure Funds in the Next 12 Months, Q1 217 vs. Q1 218 Proportion of Fund Searches 1% 9% 8% 7% 6% 5% 4% 3% 1% % 7% 32% 61% 13% 37% 49% Q1 217 Q1 218 $5mn or More $1-499mn Less than $1mn Fig. 12: Number of Unlisted Infrastructure Funds Investors Plan to Commit to in the Next 12 Months, Q1 217 vs. Q1 218 Proportion of Fund Searches 1% 9% 8% 7% 6% 5% 4% 3% 1% % 21% 64% 14% 27% 48% Q1 217 Q Funds or More 2-3 Funds 1 Fund 5
6 PREQIN QUARTERLY UPDATE: INFRASTRUCTURE, Q1 218 DEALS In Q1 218, 564 transactions were completed for an estimated $222bn; compared with 825 deals worth an estimated $23bn in Q4 217, 32% and 3% lower respectively (Fig. 13). Average deal size increased by 39% in the same period to reach $439mn (Fig. 14), suggesting that while fewer investments are being made, investors are willing to pay higher ticket prices for assets in the market. North America and Europe continue to dominate the industry, with three-quarters of all infrastructure transactions completed in these regions in Q1 218 (4% and 35% respectively, Fig. 15). While the proportion of deals completed in Europe has remained the same compared to Q1 217, the proportion of deals completed in North America has increased by five percentage points. However, the average size of deals in North America has decreased significantly over the past 12 months, from $988mn in Q1 217 to $329mn in Q Comparatively, the average size of deals completed in Europe has risen from $33mn to $677mn over the same period. As has been the overall trend within the market for the past five years, the renewable energy sector represents the majority (53%) of completed deals in Q1 218 (Fig. 16), reflecting the trend within the fundraising market. Sixty-seven percent of infrastructure deals involved secondary-stage assets, a fall of two percentage points from Q1 217; this shift is in line with the decrease in the share of greenfield deals from 29% of all deals completed in Q1 217 to 26% in Q One notable deal completed in Q1 218 was the acquisition of a 1% stake in LUCID Energy a developer of hydropower technology by Riverstone Global Energy and Power Fund VI, West Street Capital Partners VII, West Street Fund I and West Street Infrastructure Partners III, for $1.6bn. Fig. 13: Infrastructure Deals Completed Globally, Q Q1 218 No. of Deals Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q No. of Deals Reported Aggregate Deal Value ($bn) Estimated Aggregate Deal Value ($bn) Aggregate Deal Value ($bn) Fig. 14: Average Size of Completed Infrastructure Deals, Q Q1 218 Average Deal Size ($mn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Fig. 15: Completed Infrastructure Deals by Region, Q1 217 vs. Q1 218 Proportion of Deals 1% 9% 8% 7% 6% 5% 4% 3% 1% % 3% 4% 9% 4% 5% 4% 12% 14% 35% 35% 35% 4% Q1 217 Q1 218 Australasia Latin America Africa Asia Europe North America Fig. 16: Infrastructure Deals Completed in Q1 218 by Industry 1% 8% 17% 7% 3%1% Renewable Energy Energy (Excl. Renewables) Transport Telecoms 53% Social Utilities Other 52% 38% 4% 2% 4% Solar Power Wind Power Hydropower Other Renewables Biomass 6 Preqin Ltd. 218 /
7 DOWNLOAD DATA PACK: FUND PERFORMANCE AND DRY POWDER Preqin s latest infrastructure performance data shows consistent returns over the long term, with an average median net IRR of 9.4% across vintages (Fig. 17). Volatility in median net IRRs appears to have decreased in more recent vintage years; however, the interquartile range has experienced a sharp rise in 214 and 215 vintage funds. This is perhaps due to a number of top performing funds with a 214 vintage year, with six funds posting double-digit returns. Fig. 18 compares the performance of infrastructure funds against that of all other private capital funds. It illustrates that across all vintages examined, infrastructure funds have returned median net IRR of 1%, in line with most other private capital strategies. Mega funds (those of $2bn or more in size) dominate the fundraising landscape, holding the largest proportion (46%) of dry powder as at March 218 (Fig. 19). This trend has been seen since 26; however, the dominance of mega funds has lessened over the past two years. The PrEQIn Infrastructure Index stands at 28.4 index points as at June 217, significantly higher than the PrEQIn Private Capital Index (19.9) at the same date, suggesting that infrastructure is offering higher average returns than the private capital industry as a whole (Fig. 2). The figures in the index have been rebased to 1 as at 31 December 27, and the value of 28.4 indicates that infrastructure funds have more than doubled their value between 27 and H Fig. 17: Unlisted Infrastructure: Median Net IRRs and Quartile Boundaries by Vintage Year Net IRR since Inception 15% 1% 5% % Top Quartile Net IRR Boundary Median Net IRR Bottom Quartile Net IRR Boundary Fig. 18: Unlisted Infrastructure vs. Other Private Capital Strategies: Median Net IRRs by Vintage Year Net IRR since Inception 18% 16% 14% 12% 1% 8% 6% 4% 2% % Infrastructure Buyout Natural Resources Private Debt Real Estate Venture Capital Vintage Year Vintage Year Fig. 19: Unlisted Infrastructure: Dry Powder by Fund Size, Fig. 2: PrEQIn Index: Infrastructure vs. Private Capital, Private Equity and Public Indices (Rebased to 1 as of 31 December 27) Proportion of Total Dry Powder 1% 9% 8% 7% 6% 5% 4% 3% 1% % 14% 11% 11% 19% 18% 22% 19% 17% 17% 16% 14% 15% 7% 9%1% 16%15%16% 16% 13% 14% 18% 16% 22% 21% 16% 16% 22% 23% 21% 22%19% 22% 26% 39% Dec-6 57% 57% 59% Dec-7 Dec-8 Dec-9 51% 44% 44% 46% 48% 4% 46% 38% 38% Dec-1 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Mar-18 Small Funds: Less than $5mn Medium Funds: $5-999mn Large Funds: $1-1.9bn Mega Funds: $2bn or More Index Return (Rebased to 1 as of 31-Dec-27) Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 PrEQIn Infrastructure PrEQIn Private Capital PrEQIn Private Equity S&P Global Oil Index TR S&P Global Infrastructure Index TR 7
8 PREQIN QUARTERLY UPDATE: INFRASTRUCTURE Q1 218 More than 6, alternative assets professionals rely on our global data, tools, insights and intelligence to achieve their objectives: Investors: asset allocation, manager selection and portfolio management Fund managers: fundraising, portfolio monitoring and investor relations Service providers and advisors: business development and in-depth market knowledge The wider alternative assets industry: insight, understanding and information New York London Singapore San Francisco Hong Kong Manila Guangzhou
PREQIN QUARTERLY UPDATE: INFRASTRUCTURE Q Content includes:
PREQIN QUARTERLY UPDATE: INFRASTRUCTURE 218 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors Deals Fund
More informationPREQIN QUARTERLY UPDATE: NATURAL RESOURCES Q Insight on the quarter from the leading provider of alternative assets data
PREQIN QUARTERLY UPDATE: NATURAL RESOURCES Q2 217 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors Fund
More informationPREQIN QUARTERLY UPDATE: NATURAL RESOURCES Q Insight on the quarter from the leading provider of alternative assets data
PREQIN QUARTERLY UPDATE: NATURAL RESOURCES Q3 217 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors Fund
More informationPREQIN QUARTERLY UPDATE: NATURAL RESOURCES Q Content includes:
PREQIN QUARTERLY UPDATE: NATURAL RESOURCES 218 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors Fund Performance
More informationPREQIN SECONDARY MARKET UPDATE
PREQIN SECONDARY MARKET UPDATE Q1 2018 PREQIN SECONDARY MARKET UPDATE, Q1 2018 FOREWORD In Q1 2018, five secondaries vehicles have successfully raised more capital than the 10 funds closed in Q4 2017 ($4.7bn
More informationPREQIN QUARTERLY UPDATE: PRIVATE DEBT Q Insight on the quarter from the leading provider of alternative assets data.
PREQIN QUARTERLY UPDATE: PRIVATE DEBT Q1 17 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors Dry Powder
More informationPREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK
PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK, H1 2018 FOREWORD The private equity industry continues to grow and evolve,
More informationPREQIN SECONDARY MARKET UPDATE Q alternative assets. intelligent data.
PREQIN SECONDARY MARKET UPDATE 217 alternative assets. intelligent data. PREQIN SECONDARY MARKET UPDATE, 217 FOREWORD Fundraising for secondaries funds slowed in 217; with five vehicles closing, the aggregate
More informationPREQIN QUARTERLY UPDATE: REAL ESTATE Q Content includes: Fundraising Funds in Market Deals Institutional Investors Dry Powder Fund Performance
PREQIN QUARTERLY UPDATE: REAL ESTATE 217 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Deals Institutional Investors Dry Powder
More informationThe Q Preqin Quarterly Update Private Debt
The 215 Preqin Quarterly Update Private Debt Insight on the quarter from the leading provider of alternative assets data Content includes... Fundraising North America-focused funds dominate 215 fundraising.
More informationPREQIN SPECIAL REPORT: SECONDARY FUND MANAGER OUTLOOK H alternative assets. intelligent data.
PREQIN SPECIAL REPORT: SECONDARY FUND MANAGER OUTLOOK H1 2017 alternative assets. intelligent data. PREQIN SPECIAL REPORT: SECONDARY FUND MANAGER OUTLOOK FOREWORD In January 2017, Preqin surveyed 40 secondary
More informationPREQIN SPECIAL REPORT: VENTURE CAPITAL FUND MANAGER OUTLOOK
PREQIN SPECIAL REPORT: VENTURE CAPITAL FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: VENTURE CAPITAL FUND MANAGER OUTLOOK, H1 2018 FOREWORD Venture capital is a unique strategy with characteristics
More informationPREQIN SPECIAL REPORT: REAL ESTATE FUND MANAGER OUTLOOK H alternative assets. intelligent data.
PREQIN SPECIAL REPORT: REAL ESTATE FUND MANAGER OUTLOOK H2 2017 alternative assets. intelligent data. PREQIN SPECIAL REPORT: REAL ESTATE FUND MANAGER OUTLOOK FOREWORD Our latest survey of private real
More informationPREQIN SPECIAL REPORT: INFRASTRUCTURE FUND MANAGER OUTLOOK H alternative assets. intelligent data.
PREQIN SPECIAL REPORT: INFRASTRUCTURE FUND MANAGER OUTLOOK H2 2017 alternative assets. intelligent data. PREQIN SPECIAL REPORT: INFRASTRUCTURE FUND MANAGER OUTLOOK FOREWORD In June 2017, Preqin surveyed
More informationPREQIN SPECIAL REPORT: ALTERNATIVE METHODS OF INVESTING IN INFRASTRUCTURE MAY alternative assets. intelligent data.
PREQIN SPECIAL REPORT: ALTERNATIVE METHODS OF INVESTING IN INFRASTRUCTURE MAY 2017 alternative assets. intelligent data. SOURCE new investors for funds or deals IDENTIFY new investment opportunities CONDUCT
More informationPREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK
PREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK, H1 2018 FOREWORD The private debt industry witnessed considerable growth throughout
More informationPreqin Special Report: North American Oil & Gas
Content Includes: Preqin Special Report: North American Oil & Gas Fundraising November 2016 Vehicles focused on North America represent 7 of total oil & gas capital raised over the past decade. Funds in
More informationPREQIN SPECIAL REPORT: HEDGE FUND MANAGER OUTLOOK H alternative assets. intelligent data.
PREQIN SPECIAL REPORT: HEDGE FUND MANAGER OUTLOOK H2 2017 alternative assets. intelligent data. PREQIN SPECIAL REPORT: HEDGE FUND MANAGER OUTLOOK FOREWORD In June 2017, Preqin surveyed 140 hedge fund managers
More informationInfrastructure. The Q Preqin Quarterly Update. Content includes...
The Q1 216 Preqin Quarterly Update Infrastructure Insight on the quarter from the leading provider of alternative assets data Content includes... Fundraising Amount of capital secured by infrastructure
More informationPREQIN QUARTERLY UPDATE: HEDGE FUNDS Q Content includes: Performance Largest Fund Managers Fund Launches Fund Searches
PREQIN QUARTERLY UPDATE: HEDGE FUNDS Q2 2018 Insight on the quarter from the leading provider of alternative assets data Content includes: Performance Largest Fund Managers Fund Launches Fund Searches
More informationPreqin Special Report: CTAs
Content Includes: Preqin Special Report: CTAs Investors in CTAs June 2016 More institutional investors currently invest in CTAs than ever before. Recent growth in investor numbers has been matched by significant
More informationPREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK H alternative assets. intelligent data.
PREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK H2 2017 alternative assets. intelligent data. PREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK FOREWORD So far in 2017, private debt fundraising
More informationInfrastructure. The Q Preqin Quarterly Update. Fundraising Difficult quarter for unlisted infrastructure fundraising.
The Q1 2 Preqin Quarterly Update Insight on the quarter from the leading provider of alternative assets data Content includes... Fundraising Difficult quarter for unlisted infrastructure fundraising. Funds
More informationPreqin Special Report: Impact of Brexit on Hedge Funds
Content Includes: Preqin Special Report: Impact of Brexit on Hedge Funds Investors and Managers Respond: Year-End 2016 Update Performance December 2016 Managers report that Brexit has had a significant
More informationPreqin Special Report: Investment Consultants in
Content Includes: Plans for 2015 Are investment consultants recommending their clients invest more capital in private debt in 2015 compared to 2014? Preqin Special Report: Investment Consultants in Private
More informationTHE PREQIN PRIVATE EQUITY COMMITTED CAPITAL INDEX
THE PREQIN PRIVATE EQUITY COMMITTED CAPITAL INDEX As of 30 September 2017 Report Produced in October 2017 The measurement of private equity fund performance has historically been based on the capital actually
More informationPREQIN QUARTERLY UPDATE: PRIVATE EQUITY & VENTURE CAPITAL Q Content includes:
PREQIN QUARTERLY UPDATE: PRIVATE EQUITY & VENTURE CAPITAL 218 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors
More informationPreqin Special Report: North American Endowments as Investors in Private Equity Funds
Content Includes Investor Universe An insight into how North America-based endowments fit into the overall private equity investor space. Preqin Special Report: North American Endowments as Investors in
More informationPREQIN INVESTOR OUTLOOK: PRIVATE EQUITY H2 2017
PREQIN INVESTOR OUTLOOK: PRIVATE EQUITY H2 2017 alternative assets. intelligent data. POSITIVE SENTIMENT DIPS BUT INVESTORS ARE SATISFIED Investors surveyed by Preqin in June 2017 are less positive about
More informationPREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT MARCH In association with
PREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT MARCH 2018 In association with PREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT FOREWORD The private capital industry
More informationPREQIN SPECIAL REPORT: PRIVATE EQUITY FUNDS OF FUNDS NOVEMBER alternative assets. intelligent data.
PREQIN SPECIAL REPORT: PRIVATE EQUITY FUNDS OF FUNDS NOVEMBER 217 alternative assets. intelligent data. PREQIN SPECIAL REPORT: PRIVATE EQUITY FUNDS OF FUNDS FOREWORD The private equity fund of funds market
More informationInfrastructure. The Q Preqin Quarterly Update. Fundraising Capital secured by funds closed in Q2 drops for the fourth consecutive quarter.
The 215 Preqin Quarterly Update Infrastructure Insight on the quarter from the leading provider of alternative assets data Content includes... Fundraising Capital secured by funds closed in drops for the
More informationPrivate Capital Fundraising Sees Fewer Funds Close in Q3 2016
Private Capital Fundraising Sees Fewer Funds Close in Q3 2 The private capital industry has seen fundraising falter again in the third quarter of the year. After an underwhelming first quarter, the industry
More informationPREQIN INVESTOR OUTLOOK: REAL ESTATE H2 2017
PREQIN INVESTOR OUTLOOK: REAL ESTATE H2 2017 alternative assets. intelligent data. INVESTOR APPETITE REMAINS STRONG So far in 2017, significant geopolitical events have led to high levels of uncertainty
More informationThe Q Preqin Quarterly Update Private Debt
The Q1 216 Preqin Quarterly Update Private Debt Insight on the quarter from the leading provider of alternative assets data Content includes... Fundraising Fundraising off to a slow start in 216. Strategies
More informationFor more information and analysis, please see the following factsheet.
Press Release th October 1 Unlisted Infrastructure Fundraising Accelerates in 1 Eight unlisted infrastructure funds closed in the third quarter, raising a combined $13.1bn, the fourth-highest aggregate
More informationPRIVATE CAPITAL: RECORD- SETTING PACE IN 2017 At the end of September, Preqin
Q4 217 Fundraising Update PRIVATE CAPITAL: RECORD- SETTING PACE IN 217 At the end of September, Preqin asked whether a dip in quarterly fundraising might represent a slowdown in overall activity, or simply
More informationPreqin Special Report: Hedge Fund Manager Outlook
Content Includes: Asset Flows The hedge fund industry saw inflows of $71.5bn during the course of 2015. Preqin Special Report: Hedge Fund Manager Outlook February 2016 New Fund Launches Equity strategies
More informationPREQIN INVESTOR OUTLOOK: REAL ESTATE H1 2017
PREQIN INVESTOR OUTLOOK: REAL ESTATE H1 2017 alternative assets. intelligent data. INVESTOR APPETITE REMAINS STRONG Institutional investors have continued to see strong returns from their real estate portfolios,
More informationPreqin Investor Outlook: Private Equity H2 2016
Preqin Investor Outlook: H2 2016 alternative assets. intelligent data. Investor Appetite High Despite Uncertainty in the Market Section Two: At the start of the year, the Preqin Investor Outlook: Alternative
More informationPREQIN QUARTERLY UPDATE: REAL ESTATE Q Content includes:
PREQIN QUARTERLY UPDATE: REAL ESTATE Q2 218 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Fund Launches Funds in Market Deals Institutional Investors
More informationPreqin Special Report: US Infrastructure
Content Includes: Preqin Special Report: US Infrastructure Fundraising May 216 Capital raised so far this year has already exceeded the total amount in 215. Fund Managers Almost half of infrastructure
More informationThe Q Preqin Quarterly Update Private Equity
The 216 Preqin Quarterly Update Private Equity Insight on the quarter from the leading provider of alternative assets data Content includes... Fundraising More venture capital funds closed than any other
More informationPRIVATE CAPITAL PERFORMANCE UPDATE: Q4 2017
PRIVATE CAPITAL PERFORMANCE UPDATE: Q 17 PRIVATE CAPITAL PERFORMANCE UPDATE: Q 17 Fig. 1: Horizon IRRs Fig. : Rolling One-Year Horizon IRRs 5 3 5 Annualized Return 15 1 5 1 Year to 3 Years to 5 Years to
More informationPREQIN SPECIAL REPORT: HEDGE FUNDS IN EUROPE JUNE alternative assets. intelligent data.
PREQIN SPECIAL REPORT: HEDGE FUNDS IN EUROPE JUNE 2017 alternative assets. intelligent data. PREQIN SPECIAL REPORT: HEDGE FUNDS IN EUROPE FOREWORD Europe, the second largest market for hedge funds globally,
More information4,000 active investors. 6,000 fund managers. 5,700 individual funds. 24,000 buyout deals. Preqin Private Equity Products & Services
Preqin Private Equity Products & Services 4,000 active investors 6,000 fund managers Performance metrics for 5,700 individual funds 24,000 buyout deals alternative assets. intelligent data. New York: +1
More informationPreqin Investor Outlook: Alternative Assets H2 2013
Preqin Investor Outlook: Alternative Assets H2 2013 Private Equity Hedge Funds Real Estate Infrastructure alternative assets. intelligent data. Contents Foreword... 2 Section One: Alternative Assets Overview
More informationPreqin Research Report. Infrastructure Deals. February 2010
Preqin Research Report Preqin Research Report: Unlisted infrastructure fund managers across the globe completed 130 deals in 2009, the lowest annual total since 2005. This represented a drop of nearly
More information1. EXECUTIVE SUMMARY. Fig. 1.1: Fund Types in Which Participating Firms Are Involved. Proportion of Participating Firms
THE 2018 PREQIN PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT REVIEW - SAMPLE PAGES 1. EXECUTIVE SUMMARY Fig. 1.1: Fund Types in Which Participating Firms Are Involved Preqin and FPL Associates have partnered
More information1. Executive Summary. The 2016 Preqin Private Equity Compensation and Employment Review
Executive Summary - Sample Pages The 2016 Preqin Private Equity Compensation and Employment Review 1. Executive Summary The 2016 Preqin Private Equity Compensation and Employment Review In order to analyze
More informationPreqin Special Report: Making the Case for First-Time Funds
Content Includes: Preqin Special Report: Making the Case for Investor Attitudes November 2016 Over half of LPs are open to investing in a first-time private capital fund. Outperformance First-time funds
More informationInvestors remain satisfied with private
1. EXECUTIVE SUMMARY Investors remain satisfied with private capital, with fundraising in 2017 surpassing the $800bn mark for the first time on record (Fig. 1.1). More capital was also distributed across
More informationPreqin Special Report: Private Equity Secondary Market
Content Includes: Preqin Special Report: Private Equity Will Growth Continue in 2013? Secondary Transactions March 2013 We review the private equity secondary market in 2012, including a look at the key
More informationPRIVATE CAPITAL: STILL ON COURSE FOR A RECORD YEAR? One question being asked of the
Fundraising Update PRIVATE CAPITAL: STILL ON COURSE FOR A RECORD YEAR? One question being asked of the private capital fundraising market in is will this be a record-breaking year? The signs are promising:
More informationPREQIN INVESTOR OUTLOOK: PRIVATE DEBT H2 2017
PREQIN INVESTOR OUTLOOK: PRIVATE DEBT H2 2017 alternative assets. intelligent data. INVESTORS HAVE CONFIDENCE IN PRIVATE DEBT Investor appetite for private debt remained strong in the first half of 2017;
More informationPREQIN SPECIAL REPORT: HEDGE FUNDS IN THE US
PREQIN SPECIAL REPORT: HEDGE FUNDS IN THE US JULY 2018 PREQIN SPECIAL REPORT: HEDGE FUNDS IN THE US FOREWORD The US is home to more hedge fund managers, investors and capital than any other region in the
More informationInfrastructure. Spotlight. Feature Article page 4. Investor News page 9. Fundraising Article page 7 Preqin Infrastructure page 3
Infrastructure Spotlight September 2008 / Volume 1 - Issue 1 www.preqin.com Welcome to the fi rst edition of Infrastructure Spotlight, the monthly newsletter from Preqin, providing insights into performance,
More informationPresentation Global private equity trends
Presentation Global private equity trends Alex Scott Partner Pantheon Ventures Global Private Equity Trends Alex Scott July 2018 Hitting the headlines IPOS ARE DWINDLING, SO IS THE NUMBER OF PUBLIC COMPANIES
More informationPREQIN QUARTERLY UPDATE: PRIVATE DEBT Q Content includes: Fundraising Funds in Market Institutional Investors Dry Powder Deals Fund Performance
PREQIN QUARTERLY UPDATE: PRIVATE DEBT Q2 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors Dry Powder Deals
More information2018 PREQIN GLOBAL PRIVATE DEBT REPORT SAMPLE PAGES
PRIVATE DEBT SAMPLE PAGES ISBN: 978-1-912116-09-6 CONTENTS CEO s Foreword - Mark O Hare 4 1: PRIVATE DEBT Keynote Address - Ted Koenig, Monroe Capital 6 Keynote Address: Private Debt Is Becoming a Staple
More informationFinding Winners: How Advanced Private Equity Benchmarking Can Identify the Skills that Lead to Future Outperformance
Content Includes: New Methodology Gain insight into the drivers of private equity value creation. Finding Winners: How Advanced Private Equity Benchmarking Can Identify the Skills that Lead to Future Outperformance
More information2018 YEARBOOK AUSTRALIAN PRIVATE EQUITY & VENTURE CAPITAL ACTIVITY REPORT NOVEMBER 2018
218 YEARBOOK AUSTRALIAN PRIVATE EQUITY & VENTURE CAPITAL ACTIVITY REPORT NOVEMBER 218 CONTENTS ABOUT THE REPORT 3 About AVCAL 3 About Preqin 3 FOREWORD 4 EXECUTIVE SUMMARY 5 1 ASSETS UNDER MANAGEMENT 6
More informationSHIFTING GEARS: INVESTORS HEAD TOWARD THE US LOWER MIDDLE MARKET JUNE In association with
SHIFTING GEARS: INVESTORS HEAD TOWARD THE US LOWER MIDDLE MARKET JUNE 2018 In association with ABOUT Following Preqin and NXT Capital s report Growing Interest in the Lower Middle Market in 2017, this
More informationPREQIN QUARTERLY UPDATE: PRIVATE EQUITY & VENTURE CAPITAL Q3 2017
PREQIN QUARTERLY UPDATE: PRIVATE EQUITY & VENTURE CAPITAL Q3 217 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional
More informationPress Release Immediate Release 9 th August 2010
Press Release Immediate Release 9 th Mixed Results Regarding PE Funds Adherence to ILPA Principles US Firms Resist Change to Whole Fund Carry Structure 71% of LPs Surveyed Would View Non-Adherence to Principles
More informationPREQIN SPECIAL REPORT: PRIVATE EQUITY IN EMERGING MARKETS
PREQIN SPECIAL REPORT: PRIVATE EQUITY IN EMERGING MARKETS MAY 218 PREQIN SPECIAL REPORT: PRIVATE EQUITY IN EMERGING MARKETS FOREWORD 217 was a landmark year for the global private equity industry. Record
More informationPreqin Investor Outlook: Private Equity. H The Opinions of 100 Leading LPs on the Market and Their Plans for the Next 12 Months
H2 2011 The Opinions of 100 Leading LPs on the Market and Their Plans for the Next 12 Months Methodology: Preqin, the alternative assets industry s leading source of data and intelligence, welcomes you
More information1. Executive Summary. The 2014 Preqin Private Equity Fund Terms Advisor
Executive Summary - Sample Pages The 2014 Preqin Private Equity Fund Terms Advisor 1. Executive Summary Fund terms and conditions are a key concern for institutions operating across the private equity
More informationPREQIN PRIVATE CAPITAL PERFORMANCE DATA GUIDE
PREQIN PRIVATE CAPITAL PERFORMANCE DATA GUIDE INTRODUCTION Preqin was founded in 2003 and pioneered the use of the Freedom of Information Act (FOIA) to collect fund level returns data from public pension
More information2014 Preqin Global Infrastructure Report
Sample Pages ISBN: 978-1-907012-73-0 The - Sample Pages The Contents CEO s Foreword 3 Section One: The Keynote Address - Michaela Sved, Director, MVision Investor Appetite for in 2014 32 League Tables
More informationPreqin Investor Outlook: Alternative Assets H2 2014
Preqin Investor Outlook: Alternative Assets H2 2014 Private Equity Hedge Funds Real Estate Infrastructure alternative assets. intelligent data. 1. Alternative Assets Contents Foreword... 2 Section One:
More information2018 PREQIN GLOBAL INFRASTRUCTURE REPORT SAMPLE PAGES
INFRASTRUCTURE SAMPLE PAGES ISBN: 978-1-912116-08-9 CONTENTS CEO s Foreword - Mark O Hare 3 1: INFRASTRUCTURE Keynote Address: Opportunities & Challenges in European Infrastructure - Martin Lennon, Infracapital
More informationPrivate Capital Market Update
Private Capital Market Update 2 nd Annual Asia-Pacific Fund Finance Symposium Christopher Elvin, Head of Private Equity 13 th June 218, Hong Kong About Preqin Private Equity & Venture Capital Hedge Funds
More informationa diffi cult one for many CTAs over much of the rest of the year, and by the end of 2015 the benchmark was underwater.
- Introduction underwent a revival in 2014, making gains of 9.96% and exceeding the Preqin All-Strategies Hedge Fund benchmark for the fi rst time since 2011. Although 2015 started well, with the All-
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 informationPreqin Australian Investor Outlook: Private Equity
Opinions of Leading Australian Institutional Investors on Private Equity and Plans for 2011 and Beyond in Association with AVCAL Methodology: Preqin welcomes you to our first Preqin Australian Investor
More informationPREQIN SPECIAL REPORT: PRIVATE EQUITY IN EMERGING MARKETS JULY alternative assets. intelligent data.
PREQIN SPECIAL REPORT: PRIVATE EQUITY IN EMERGING MARKETS JULY 217 alternative assets. intelligent data. PREQIN SPECIAL REPORT: PRIVATE EQUITY IN EMERGING MARKETS FOREWORD When Preqin profiled private
More informationPreqin Research Report Private Equity Investor Survey August 2009
Preqin Research Report Much has changed in the private equity industry in the past year. The global fi nancial crisis has had a massive impact on the asset class, not just on the investments made by fund
More informationPlus ça Change, plus c est la Meme Chose
Plus ça Change, plus c est la Meme Chose Private Equity s Evolving Role in the Economy and in Investor Portfolios July 2010 Cash Flows for Investors Valuations Net Returns for Investors Short Term, Long
More informationReal Estate Spotlight November 2007 / Volume 1 - Issue 6
Real Estate Spotlight November 2007 / Volume 1 - Issue 6 realestate.preqin.com Real Estate Spotlight is the monthly newsletter published by Preqin Real Estate packed full of vital information and data
More informationTechnical Analysis: Market Insight
Technical Analysis: Market Insight October 1987 vs. October 2017 Today (Oct. 19, 2017) marks the 30 th anniversary of Black Monday a global market crash during which the S&P 500 dropped 20% in one day.
More informationPreqin Research Report Survey of Insurance Companies Investing in Private Equity. October 2009
Preqin Research Report Investing in Private Equity Preqin s Investor Intelligence database shows that, on average, insurance companies aim to allocate 3.7% of their total assets to private equity. While
More informationInfrastructure Spotlight June 2010 / Volume 3 - Issue 6
Infrastructure Spotlight / Volume 3 - Issue 6 www.preqin.com Welcome to Infrastructure Spotlight, the monthly newsletter from Preqin providing insights into performance, investors, deals and fundraising.
More informationPrivate Equity Overview
Private Equity Overview June 10, 2010 State Universities Retirement System Rob Parkinson, Associate Agenda Asset Class Overview Market Update SURS Private Equity Portfolio Asset Class Overview Benefits
More informationPreqin Special Report: Distressed Private Equity
Content Includes Preqin Special Report: Distressed Private Equity October 2011 Expert Comment An interview with Howard Marks of Oaktree Capital Management LP Attitudes to Distressed Private Equity Results
More informationFTSE Diversified Factor Indexes
Product overview FTSE Diversified Factor Indexes Introduction The FTSE Diversified Factor Indexes are designed to evenly distribute risk across regions and industries, and provide exposure to securities
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 informationHedge Funds: The Fee Debate An End to 2 & 20?
2009 was a turbulent year for the hedge fund industry. The beginning of the year was the most testing time for the asset class as it witnessed the collapse of many funds following the fi nancial crisis
More informationMOBILIZING PRIVATE EQUITY AND DEBT FUNDS FOR SME AND INFRASTRUCTURE FINANCE IN EMERGING MARKETS AND DEVELOPING COUNTRIES
Public Disclosure Authorized Public Disclosure Authorized 101684 MOBILIZING PRIVATE EQUITY AND DEBT FUNDS FOR SME AND INFRASTRUCTURE FINANCE IN EMERGING MARKETS AND DEVELOPING COUNTRIES Public Disclosure
More informationNews from the Front Line
News from the Front Line 2018 Shining a new light: European venture capital The previous issue of FrontLine focused on the impact of foreign exchange on private equity performance. In light of this, this
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 informationGlobal ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016
Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016 Overview In USD terms, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index returned
More informationIPD Norway Annual Property Index 2014
IPD Norway Annual Property Index 2014 4 March 2015 Håvard Bjorå - MSCI 2015 MSCI Inc. All rights reserved. Real estate & IPD products As your business grows global, so does our coverage Thanks to our contributors
More informationStock Market Briefing: Daily Indexes
Stock Market Briefing: Daily Indexes September 18, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at www. blog. thinking outside the box Table Of Contents
More informationPreqin Special Report: Asian Private Equity
Content Includes: Preqin Special Report: Asian Private Equity Fundraising Average size of Asiafocused funds reached a record high in 214. Deal Flow Asian venture capital investment in 21 has already exceeded
More informationSpecial Report: Infrastructure Industry Themes
Content Includes: Special Report: Infrastructure Industry Themes Infrastructure Themes Ferguson Partners analyzes the current infrastructure industry, and how it is likely to evolve in the short and longer
More informationASSUMPTION vs REALITY AT BARINGS, WE BELIEVE THAT IDENTIFYING HIGH-QUALITY PRIVATE EQUITY MANAGERS
January 2019 DON T JUDGE A PRIVATE EQUITY FUND BY ITS NUMBER ASSUMPTION vs REALITY AT BARINGS, WE BELIEVE THAT IDENTIFYING HIGH-QUALITY PRIVATE EQUITY MANAGERS EARLY IN THEIR FIRM LIFECYCLE CAN DELIVER
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 informationAlternatives Market Briefing
Alternatives Market Briefing General Trends Public Pensions Allocations to Alternatives 1 Roughly 20% of public pension assets and 14% of corporate pension assets are invested in alternatives. The allocation
More informationPreqin Special Report: Asia-Pacific Private Equity
Content Includes Preqin Special Report: Asia-Pacific Private Equity September 2011 The Evolution of Asia-Pacific Private Equity Fundraising We assess the growing significance of Asia-Pacific to the private
More information