The 2007 Limited Partner Universe - Sample Pages 1
Transcription
The 2007 Limited Partner Universe - Sample Pages 1
The 2007 Limited Partner Universe - Sample Pages The 2007 Limited Partner Universe - Sample Pages © 2007 Private Equity Intelligence Ltd 1 The 2007 Limited Partner Universe - Sample Pages Contents - Directory: 1. Methodology 2. Profiles of Top 250 LPs Sorted by Type: - Asset Managers Banks & Investment Banks Corporate Investors Corporate Pension Funds Endowment Plans Family Offices / Foundations Government Agencies Insurance Companies Investment Companies Private Equity Firms Private Equity Fund of Funds Public Pension Funds 3. Profiles of 1,250 Other LPs Sorted by Type: - Asset Managers Banks & Investment Banks Corporate Investors Corporate Pension Funds Endowment Plans Family Offices / Foundations Government Agencies Insurance Companies Investment Companies Private Equity Firms Private Equity Fund of Funds Managers Public Pension Funds 4. Indices: - LPs by Alphabetical Order - LPs by Country/State - LPs by Type © 2007 Private Equity Intelligence Ltd 2 The 2007 Limited Partner Universe - Sample Pages Contents - Analysis: 1. Executive Summary 6. In-Depth Analysis of Investors by Region 2. Methodology North America - US - Canada 3. Breakdown of LP Universe by Type and Region 4. Make-Up of Investors in Recently Closed Funds 5. In-Depth Analysis of Investors by Type: - Asset Managers Banks & Investment Banks Corporate Investors Corporate Pension Funds Endowment Plans Family Offices / Foundations Government Agencies Insurance Companies Private Equity Fund of Fund Managers Public Pension Funds © 2007 Private Equity Intelligence Ltd Europe - UK - Switzerland - France - Germany - Scandinavia - Europe - Other Rest of World - Australia - Asia Middle East 3 Executive Summary Fig. A: Increasing Allocations to Private Equity Over the past three years institutional investor interest in private equity has risen to previously unparalleled levels. Buoyed by strong returns and the prospects of diversification, new investors continue to enter the asset class, while existing investors are increasing their allocations, and investors from emerging regions are entering the private equity arena at an everincreasing pace. Average Allocation to Private Equity (As % of Total Assets) Executive Summary 12.0% 10.0% 9.7% 8.0% 6.0% 7.1% 7.8% 4.0% 2.0% 0.0% 2006 2007 Target Allocation Evidence for the increase in investor enthusiasm for private equity funds, and their confidence in the billion, 44% higher than in 2005. Mega funds such as Private Equity Intelligence data demonstrates how market can be seen in the record-breaking levels of the $15 billion Blackstone Capital Partners V were increasing allocations to the private equity asset class fundraising witnessed by the industry over recent getting increasingly large, as fund managers were have influenced such bumper fundraising conditions. years. In 2005 global aggregate fundraising broke able to take advantage of unparalleled levels of At this point one year ago, the global average through the $300 billion mark for the first time in the enthusiasm from investors. 2007 is continuing the institutional allocation to private equity stood at 7.1%. history of the asset class, with the emergence of trend, with Goldman Sachs raising a record $20 billion Over a period of just twelve months this has now mega-funds such as the $8.5 billion GS Capital for their sixth fund, and fundraising again reaching increased to 7.8%, an increase of nearly 10%, and the Partners V being a key factor in the bumper high levels, passing $260 billion for the first six months growth does not stop there. The current average fundraising conditions. Fundraising in 2006 was to of 2007. target allocation to private equity for the institutions on increase even further, and massively exceeded the our database stands at 9.7%, over 20% higher than levels of 2005, with aggregate fundraising hitting $457 their current © 2007 Private Equity Intelligence Ltd average allocations, indicating the 4 Executive Summary potential for significant further growth (See fig. A). geographical preferences of the whole universe of LPs Although perceived as a more risky investment With aggregate global commitments to private equity are examined, a total of 52% of investors identify choice, well selected first-time funds can provide standing at roughly $1.5 trillion, this suggests that emerging markets focused funds as being of potential excellent returns, and there are certain benefits to be anything up to $300 billion of new capital could be interest to them. had with forming an early relationship with first-time pumped into the industry in the near future – with this fund managers that go on to become established and capital being in addition to the further commitments sought-after managers in the future. The evidence for necessary to maintain investors’ current allocations to One aspect of the fundraising market that is often lost investor support for these vehicles is strong: our data the asset class – no small task in itself in a climate of amongst the headline aggregate commitment levels is shows that exactly 50% of investors questioned would generous distributions from existing fund investments. the increasingly challenging market conditions facing definitely invest with a first-time fund manager, while a managers hitting the road. Although the value of funds further 16% would consider such an investment. achieving a final close has increased dramatically, the In order to fulfil these targets, investors are becoming number of funds achieving a final close has risen at a increasingly plans. far slower rate. Although fundraising increased 44% Clearly in order to be successful in such a congested Fundraising within emerging markets has seen between 2005 and 2006, the number of vehicles market, fund managers must ensure that their enormous growth over the past few years, with funds achieving a final close only increased by 8%, as the fundraising efforts are as focused and streamlined as raised in Asia and the Rest of World growing from just majority of the bumper fundraising has been due to possible. $13bn in 2004 to $54bn in 2006. Investors are increasing fund size rather than an increasing number examines in detail the investor groups by region and becoming increasingly confident, with more and more of funds achieving a final close. During the same type, and enables fund managers and marketers to of then making their first forays into emerging markets period the number of funds on the road seeking capital target specific investors based on their individual funds, their has doubled. As a result, fund managers face a huge preferences in terms of fund type, regional focus, allocations. In addition, there has been an increase in challenge in effectively marketing their funds with so attitude to first-time funds and investment plans over domestic investors entering the market within certain many other managers also vying for attention. the next twelve months. We hope that you find this and global existing in their investors investment increasing The 2007 Limited Partner Universe regions outside of the more established markets of year’s publication to be a useful and informative North America and Europe, with Middle Eastern fundraising tool, and as ever welcome any feedback managers in particular witnessing a large rise in In such a congested market, the challenges facing domestic investment in their funds. When the first-time fund managers have never been greater. © 2007 Private Equity Intelligence Ltd that you may have. 5 The 2007 Limited Partner Universe - Sample Pages In-Depth Analysis of Investors by Type: © 2007 Private Equity Intelligence Ltd 6 Analysis of Investors by Type - Sample Pages Fig. 17: Asset Managers - Future Private Equity Allocation Plans Asset Managers 21% Asset managers are an important source of capital for private equity funds and will continue to be a Increasing 4% significant investor type in the future. They are quite Decreasing a diverse group of investors, with large differences in size and location, from small firms to corporate 75% No Change giants with trillions of dollars in assets under management. More and more are realising that superior returns can be achieved from private equity and are now viewing the asset class as a crucial part of their portfolio. Furthermore, asset managers are becoming more sophisticated with their private of limited partner, with only private equity fund of equity fund investments and are looking further funds managers and both public and corporate afield when making these investments. pension funds committing more to the asset class. Furthermore, asset managers made up 2% of all Preqin’s database lists 188 asset managers worldwide that are actively investing in private equity funds. They therefore account for 5.3% of all limited partners. Similarly, the aggregate allocation to limited partners in private equity funds that reached a final close in 2006, demonstrating the continued support and enthusiasm for the asset class from this group of LPs. Looking to the Future Asset managers are overwhelmingly enthusiastic about the private equity market and the vast majority are expecting to commit more to the asset class in the longer term. Fig. 17 shows the long-term plans of asset managers with regard to their private equity allocations. A huge 75% of asset managers private equity from this investor type equates to 6% anticipate that their allocations to private equity will of the total global allocation. Measured in this way, increase, with a further 21% of those surveyed asset managers rank as the fourth most prolific type planning to maintain their current allocations. Just © 2007 Private Equity Intelligence Ltd 7 Analysis of Investors by Type - Sample Pages 4% of asset managers are planning to reduce their Fig. 18: Make Up of Asset Managers by Geographic Location allocations to private equity vehicles, demonstrating the confidence asset managers have in the asset 18% class. 44% Asset mangers look set to continue to commit a North America large amount of capital to private equity vehicles in Europe the near future. Asset mangers have, on average, 17.2% of total assets committed to private equity and 38% Rest of World have set, on average, a target allocation of 18.2% to the asset class. Many asset managers therefore have unfilled target allocations and will be looking to commit a significant amount of capital to private equity funds to reach these targets. Signature Financial Management, for example, has an unfilled target allocation; it currently has 10% committed but has set a target allocation of 15% to the asset class. Regional Breakdown the US is the country with the most asset managers The largest, most significant asset managers are and is the base for 37% of all asset managers spread fairly evenly across the globe, with Europe worldwide. 38% of asset managers are based in being home to the largest number of key asset Europe, and 18% are located in Asia and the Rest of managers by only a small margin. Of the 20 largest World and asset managers measured by total assets under locations, management, nine are European, seven are based accounting for 10% and 6% respectively, of all asset in North America and four are located in the Rest of mangers worldwide. World region. Within Europe, two of the largest asset region. Switzerland Asset managers are quite widely spread geographically and no particular region dominates. are Within the Europe, most the popular UK As illustrated in fig. 18, North America is the most managers common location, with 44% of asset managers Management and UBS Global Asset Management. are Swiss-based UBS Wealth based in the US or Canada. As would be expected, © 2007 Private Equity Intelligence Ltd 8 Analysis of Investors by Type - Sample Pages League Tables: Top 20 Asset Managers by Private Equity Allocation: Canada Private Equity Allocation ($bn) 12.4 Private Equity Allocation (% of AUM) 55.8% OMERS Capital Partners Canada 5.3 10.0% SEI Investment US 5.0 1.6% Strategic Capital Management (SCM) Switzerland 4.0 80.0% Verizon Investment Management Corporation US 4.5 7.5% Bregal Investments UK 3.3 83.0% Morley Fund Management UK 3.0 1.0% UBS Global Asset Management Switzerland 2.6 0.4% MLC Group Australia 1.7 2.5% Public Investment Corporation South Africa 1.7 2.0% British Columbia Investment Management Corporation Canada 1.6 2.5% Scottish Widows Investment Partnership UK 1.6 0.8% SPF Beheer Netherlands 1.5 6.8% Insight Investment UK 1.4 0.7% Alberta Investment Management Canada 1.0 2.0% Old Mutual Asset Management (South Africa) South Africa 0.9 1.6% Advantus Capital Management US 0.8 5.0% Munich Ergo Asset Management Germany 0.7 0.3% Nordcapital Germany 0.6 22.5% UBS Sauerborn Germany 0.5 3.3% Investor Country CDP Capital - Private Equity Group © 2007 Private Equity Intelligence Ltd 9 The 2007 Limited Partner Universe - Sample Pages In-Depth Analysis of Investors by Region: © 2007 Private Equity Intelligence Ltd 10 Analysis of Investors by Region - Sample Pages Fig. 95: Canadian LPs - Future Private Equity Allocation Plans Canada Canadian private equity somewhat overshadowed investors are by larger their often 21% US Increasing neighbours but they play a significant role in the global private equity market. Canadian LPs are 14% Decreasing 65% increasingly positive about private equity with more investors and capital entering the asset class. In No Change some cases, LPs have doubled or even tripled their allocation to private equity funds. CPP Investment Board, the largest of all Canadian LPs has doubled its private equity allocation from C$10 bn in December 2005 to C$20bn to date. Ontario Teachers’ Pension Plan (OTPP) and OMERS Capital the Intelligence database have an average allocation of The average allocation of Canadian LPs to private favourable market conditions and have more than $1.98bn to private equity funds, higher than the equity is currently 9.5% of total assets, significantly doubled, and in OMERS’s case tripled, their average allocation of LPs in any other country in the larger than the global average allocation of 7.8%. allocations from C$7.3bn to C$15bn and C$2bn to world, illustrating their enthusiasm for the asset class. Canadian LPs have proved to be a significant group Partners have also taken advantage of of investors in private equity funds with both their C$6.1bn respectively. Preqin’s Investor Intelligence database identifies 104 active LPs in Canada. These LPs represent approximately 2.9% of all global investors, and in terms of capital Canada accounts for 5.4% of total global allocations. Canadian investors on the Investor © 2007 Private Equity Intelligence Ltd Over 50% of Canadian LPs are based in two major average current and target allocations larger than cities. Of the 104 active investors in Canada, 53 are the global average. If all Canadian LPs were to based in Toronto and Montreal alone. Both of these reach their target allocations to the asset class, the cities are within the top 20 cities worldwide with the average allocation to private equity funds would be highest number of private equity investors in the 10.6%, one of the highest in the world. In the longer world, ranked 12th and 18th respectively. term, Canadian LPs regard the future of the private 11 Analysis of Investors by Region - Sample Pages equity market positively and are set to continue Fig. 96: Make Up of Canadian LPs by Number of LPs and Private Equity Allocation investing in the asset class. As shown in fig. 95, roughly 65% of Canadian LPs are looking to increase their allocation in the longer term and a 6% further 21% hope to maintain their current allocation, overall illustrating strong and continued support for the private equity asset class. b. Make Up by PE Allocation: a. Make Up by No. of LPs: 5% 4% 6% 19% 5% 4% 6% 7% 14% 26% 59% 8% 13% 8% 10% The Canadian LP universe is dominated by pension plans with corporate pension funds accounting for roughly 19% of all Canadian investors, whilst public pension funds represent a further 14%, as shown in fig 96a. Public pension funds are not only numerous Corporate Pension Funds Asset Managers Corporate Investors Fund of Fund Managers Private Equity Firms Others Public Pension Funds Family Offices / Foundations Endowment Plans Investment Banks Insurance Companies Public Pension Funds Asset Managers Fund of Fund Managers Private Equity Firms Others but also, as illustrated in fig. 96b, account for 59% of Canadian aggregate allocations to private equity. Asset managers are also a weighty group of With private equity activity in emerging markets investors, however, are convinced by the prospect of investors; in sheer number terms they represent 13.5 increasing, and competition in the traditional markets investing in emerging markets. The Hospitals of % of all Canadian LPs and contribute 26.4% of becoming increasingly fierce, many investors are Ontario Pension Plan (HOPP) will continue to focus aggregate allocations. When looking at the top 10 finding themselves becoming more open to investing on the US, Canadian and European markets, where Canadian private equity investors, 9 out of the 10 are in less developed markets. Canadian LPs show it believes excellent investment opportunities can be public pension funds or asset managers. The two significant enthusiasm for emerging markets with found despite increased competition from other LPs. largest Canadian investors are both public pension 46.2% of those sampled expressing an interest. In funds, CPP Investment Board and Ontario Teachers’ February 2007, OMERS Capital Partners allocated Pension Plan, with a combined total of C$35bn C$200mn for investment in Asia but has set a longer committed to the asset class. term vision of having between 4% and 8% of its assets committed to the region. Not all Canadian © 2007 Private Equity Intelligence Ltd 12 The 2007 Limited Partner Universe - Sample Pages League Tables: Top 5 Canadian Cities by Number of Active LPs: Top 10 Canadian Investors by Private Equity Allocation: Investor Private Equity Allocation ($bn) 14.2 Private Equity Allocation (% of AUM) 14.3% 12.8 55.8% 7.7 7.0% Asset Manager 5.8 10.0% Public Pension Fund 2.5 10.0% Private Equity Firm 2.4 Fund of Funds Manager 2.0 100.0% Asset Manager 2.0 2.5% Public Pension Fund 1.2 5.0% Public Pension Fund 1.2 4.6% Type Ontario Teachers' Pension Plan Public Pension Fund CDP Capital - Private Equity Asset Manager Group CPP Investment Board Public Pension Fund OMERS Capital Partners Public Sector Pension Investment Board Société Générale de Financement du Quebec TD Capital Private Equity Investors British Columbia Investment Management Corporation British Columbia MoF Hospitals of Ontario Pension Plan © 2007 Private Equity Intelligence Ltd City Torono Montreal Vancouver Edmonton Ottowa Number of Active Investors 29 24 9 7 7 13 The 2007 Limited Partner Universe - Sample Pages Profiles of Top 250 LPs Sorted by Type: © 2007 Private Equity Intelligence Ltd 14 250 - Public Pension Funds - Sample Pages New Hampshire Retirement System 54 Regional Drive, Concord, NH 03301, US Tel: +1 603 410 3500 www.state.nh.us/retirement Fax: +1 603 410 3501 [email protected] The New Hampshire Retirement System (NHRS) manages a pool of assets for both the Pension Plan and the Post Retirement Medical Plan. The Defined Benefit Pension Plan offers eligible retirees a secure lifetime pension. To date, there are 51,000 active members in the System with around 18,000 retirees currently collecting monthly pension benefits. The New Hampshire Retirement System invests in domestic equity, international equity, domestic fixed income, global fixed income, commercial real estate and alternative investments including private equity. As of May 2007, New Hampshire Retirement System is evaluating its private equity program. The retirement system currently has around 5% of its total assets invested in alternatives but does not have defined plans or set target allocation for private equity. The analysis is a general overview for its whole alternative investments and will determine what direction it will go in. The retirement system will continue investing opportunistically, considering any investment opportunities that may arise, whilst the analysis is undergoing. A decision is expected to be made in the second half of 2007. Total Funds Under Management USD (mn) 5,600 Allocation to Alternatives 280 Buyout • • N. America Europe • • Mezzanine Secondaries Real Estate Asia Global Emerging 2005 Buyout US 1,300 USD Fremont Strategic Property Partners II 2004 Real Estate US 500 USD MatlinPatterson Global Opportunities II 2003 Dis. Debt US 1,665 USD 30.0 Prism Venture Partners II-A 2002 Venture US 14 USD 2.2 EuclidSR Biotechnology Partners 2001 Early Stage US 50 USD 15.0 MatlinPatterson Global Opportunities 2001 Dis. Debt US 2,200 USD 30.0 Prism Venture Partners IV 2001 Venture US 429 USD 30.0 Zero Stage Capital VII 2001 Early Stage US 300 USD 11.8 Brand Equity Ventures II 2000 Venture US 113 USD 16.5 Castle Harlan Australian Mezzanine I USA 2000 Buyout US 149 USD 17.5 Crescendo IV 2000 Venture US 640 USD 20.0 Euclid eCorporate Partners 2000 Early Stage US 10 USD 15.0 20.0 F of F's Other First-Time Funds Yes Next 12 months Typically Invest (mn) No. of new fund investments Est. Amount (mn) USD 1-20 4-5 100-140 Excelsior VI 2000 Venture UK Lightspeed Venture Partners VI 2000 Early Stage US 704 USD 25.0 Prism Venture Partners III 2000 Venture US 338 USD 25.0 Sterling Venture Partners 2000 Venture US 150 USD 20.0 Contact Name Position Email Tel Jeff Gendron Investment Analyst [email protected] +1 603 271 3351 x276 Richard Joyal Finance Manager [email protected] +1 603 271 3351 x225 New Jersey State Investment Council Division of Investment, PO Box 290, Trenton, NJ 08625-0290, US Advisor: Evaluation Associates Sample Fund Investments www.state.nj.us/treasury Tel: +1 609 633 6565 Size (mn) Committed (mn) Vintage Type Location Lone Star Fund V 2005 Real Estate US 5,000 USD Prism Venture Partners V 2005 Venture US 250 USD 25.0 Technology Venture Partners 2005 Early Stage US 100 USD 10.0 © 2007 Private Equity Intelligence Ltd 20.0 1,100 USD 5.0 % Preferences Venture VSS Communication Partners IV The New Jersey State Treasury - Division of Investment is among the 50 largest public or private money managers in the United States. The pension funds represent the retirement plans for over 600,000 active and retired employees. 15 250 - Public Pension Funds - Sample Pages The New Jersey State Investment Council is optimistic about the private equity asset class and In September 2006, the New Jersey State Investment Council almost doubled its allocation to private equity from USD 2.2 billion to USD 4.1 billion. This move follows an adjustment to its investment strategy and is accompanied by increased allocations to both hedge funds and real estate. In order to reduce risk, the council’s investments will be carried out in a range of geographic locations and industries. New Jersey State Investment Council has a preference for US based funds but has made commitments outside this region and will continue to look for new fund investment opportunities on a global basis. New Jersey State Investment Council makes direct commitments to large buyout funds, distressed debt funds, mezzanine funds and real estate funds. It will rely on fund of funds to gain exposure to venture capital and funds managed by new fund managers. The investment council has set allocation to each fund type. In 2006 it had set a target of USD 100 million to both mezzanine and distressed debt funds but had invested above this original target at the expense of its venture capital and co-investment funds, which had received commitments of USD 30 million of the USD 50 million respectively. The New Jersey State Investment Council has made a number of investments to secondary funds, with commitments to secondaries totalling USD 150 million for 2006. This was a huge increase from 2005, where it committed USD 30 million to secondaries. It will continue to invest in secondaries on an opportunistic basis and evaluate prospects as they arise. As of June 2007, New Jersey State Investment Council is likely to make around 15-20 new fund commitments over the next 12 months, investing a total of USD 1.5 to 2 billion. Total Funds Under Management USD (mn) 93,615 Allocation to Alternatives 17,786 19.0 % Current Private Equity Commitments 2,266 2.4 % Target Private Equity Allocation 4,155 4.4 % Preferences Venture Buyout • • N. America Europe • • Mezzanine Secondaries Real Estate F of F's Other • • • Asia Global Emerging First-Time Funds • • • No Next 12 months Typically Invest (mn) No. of new fund investments Est. Amount (mn) USD 75-125 15-20 1500-2000 Advisor: Strategic Investment Solutions © 2007 Private Equity Intelligence Ltd Size (mn) Committed (mn) Sample Fund Investments Vintage Type Location Avenue Special Situations V 2007 Dis. Debt US Blackstone Real Estate Partners VI 2007 Real Estate US Capri Urban Investors 2007 Real Estate US CB Richard Ellis Strategic Europe Fund III 2007 Real Estate US CIM Urban Real Estate Fund III 2007 Real Estate US KPS Special Situations Fund III 2007 Special Sit. US 1,200 USD Lehman Crossroads Series XVIII 2007 Fund of Funds US 750 USD* 50.0 MacFarlane Urban Real Estate II 2007 Real Estate US 1,200 USD* 75.0 MatlinPatterson Global Opportunities III 2007 Dis. Debt US New Mountain Partners III 2007 Buyout US Silver Lake Partners III 2007 Buyout US 8,000 USD* 100.0 TPG Star 2007 Buyout US 1,000 USD* 100.0 Vista Equity Fund III 2007 Buyout US Audax Mezzanine Fund II 2006 Mezzanine US 700 USD 50.0 50.0 10,000 USD* 100.0 65.0 Avenue Asia Special Situations Fund IV 2006 Dis. Debt US 3,000 USD Avenue Special Situations IV 2006 Dis. Debt US 1,648 USD 20.0 BDCM Opportunity Fund II 2006 Dis. Debt US 1,000 USD 40.0 Blackstone Capital Partners V 2006 Buyout US 15,600 USD 100.0 Blackstone Real Estate Partners V 2006 Real Estate US 5,250 USD 75.0 Capmark Commercial Realty Partners II 2006 Real Estate US 655 USD 75.0 Carlyle Realty Partners V 2006 Real Estate US 1,500 USD* 100.0 Centerbridge Capital I 2006 Dis. Debt US 3,200 USD 80.0 16 The 2007 Limited Partner Universe - Sample Pages Profiles of 1,250 Other LPs Sorted by Type: © 2007 Private Equity Intelligence Ltd 17 1,250 - Corporate Investors - Sample Pages Shire Fund Types: Hampshire International Business Park, Chineham, Basingstoke, Hampshire RG24 8EP, UK Tel: +44 (0)1256 894 160 Investment Preferences: Total Assets: GBP 2,252 mn PE Allocation: GBP 60 mn Fund Types: Investment Preferences: Target PE Allocation: n/a Venture Buyout Mezzanine Real Estate F of F’s Europe • • Asia Emerging Buyout • • N. America Europe First-Time Funds Position Email CFO [email protected] +39 063 688 2188 Pasquale Pistorio President [email protected] +39 063 688 2188 Email Tel Cléa Rosenfeld VP - Finance & Admin [email protected] +44 (0)1256 894 160 One Time Warner Center, New York, NY 10019, US +44 (0)1256 894 127 Tel: +1 212 484 8000 Wittelsbacherplatz 2,, Munich D-80312, Germany www.siemensventurecapital.com Tel: +49 (0)89 636 36585 [email protected] Fax: +49 (0)89 636 34884 PE Allocation: n/a Fund Types: Investment Preferences: USD 121,783 mn PE Allocation: USD 396 mn Fund Types: Target PE Allocation: n/a Buyout Mezzanine Real Estate F of F’s Other • • N. America Europe Asia Emerging First-Time Funds • • • • • Considering Sample Investments: Vertex Israel III(2007), Carmel Venture Fund II(2005), Euro-China Investment Fund(2005), INC Fund VI(2005), Mission Ventures III(2005), NGEN Partners II(2005), MedVenture Associates V(2004), Paladin Homeland Security Fund(2004), Galen Partners IV(2003), SVE X(2003), Carmel Software Fund(2000), Millenium Materials Technologies Fund II(2000) Contact Name Position Doris Blasel Email www.timewarner.com Fax: +1 212 489 6183 Total Assets: Investment Preferences: Venture Tel Time Warner Siemens Venture Capital EUR 700 mn Venture Target PE Allocation: n/a Buyout Mezzanine N. America Europe • • Asia Contact Name Position Email Jeffrey L. Bewkes President and COO [email protected] +1 212 484 8198 Leonard Lovallo Director of Corporate Funds [email protected] +1 212 484 8000 Wayne Pace CFO [email protected] Tel Primary Investment Analyst [email protected] +49 (0)89 636 31608 Sabine Zindera Vice President [email protected] +49 (0)89 636 34488 Total Assets: JPY 13,101,100 mn PE Allocation: n/a Fund Types: Investment Preferences: www.telecomitalia.it EUR 80,500 mn n/a © 2007 Private Equity Intelligence Ltd Target PE Allocation: n/a +1 212 484 8430 Tokyo Electric Power Company Kai Brockmann PE Allocation: First-Time Funds Sample Investments: Tel: +81 (0)3 4216 1111 Total Assets: Emerging No 1-3, Uchisaiwai-cho 1-chome, Chiyoda-ku, Tokyo 100-8560, Japan Fax: +39 063 688 2965 Other Carmel Software Fund(2000), Israel Seed Partners IV(2000), Jerusalem Global Ventures Fund(2000) +49 (0)89 636 34135 Tel: +39 063 688 2188 F of F’s • Managing Partner Fund of [email protected] Funds Telecom Italia Real Estate • Tel Corso d'Italia 41, Rome 00198, Italy First-Time Funds Enrico Parazzini Position Total Assets: Emerging Other Contact Name GeneChem Therapeutics Venture Fund (2000) [email protected] Asia F of F’s Clessidra Capital Partners(2005), The Golden Mouse Partnership(2002), Jerusalem Global Ventures Fund(2000) Contact Name CFO Real Estate • Sample Investments: Angus Russell Mezzanine Sample Investments: Other • N. America Venture www.shire.com www.tepco.co.jp Target PE Allocation: n/a Venture Buyout Mezzanine Real Estate Europe Asia Emerging F of F’s Other • N. America First-Time Funds • Sample Investments: Advent Digital Media & Communications III(2001), FondElec Latin America Clean Energy Services Fund(2001) Contact Name Position Y Katsumata President Email Tel +81 (0)3 4216 1111 18 1,250 - Corporate Investors - Sample Pages United Microelectronics Corp. No. 3, Li-Hsin 2nd Road, Hsinchu Science Park, Hsinchu, Taiwan Tel: +886 (0)3 578 2258 Fax: +886 (0)3 578 2258 Total Assets: TWD 347,000 mn PE Allocation: n/a Fund Types: Investment Preferences: www.umc.com [email protected] Sample Investments: Gresham Private Equity Fund 2(2004) Contact Name Position Richard Goyder MD +61 (0)8 9327 4211 Gene Tilbrook Finance Director +61 (0)8 9327 4301 Tel Target PE Allocation: n/a Venture Buyout Mezzanine Real Estate F of F’s Other • • N. America Europe Asia • Emerging First-Time Funds Yuen Foong Yu Paper MFG. Co. 15F, No. 51, Sec. 2, Chung Ching S. Road, Taipei, Taiwan Tel: +886 (0)2 2396 1166 • TWD 16,100 mn PE Allocation: TWD 1,000 mn Pacific Technology Partners(2000) Contact Name Position Email Tel Chairman/CEO [email protected] +886 (0)3 578 2258 ext 33579 Fund Types: Jackson Hu +886 (0)3 578 2258 Investment Preferences: Senior VP [email protected] Walton Investment Partners 4150 Alxandria Park Ste 1, Walton, KY 41094, US No Website Available www.yfy.com Fax: +886 (0)2 2351 7021 Total Assets: Sample Investments: Stan Hung Email Target PE Allocation: TWD 5,000 mn Venture Buyout • • N. America Europe • • Mezzanine Real Estate Asia Emerging • • F of F’s Other • First-Time Funds Considering Contact Name Position Email Tel Melody Chiu Chairman [email protected] +886 (0)2 2396 1166 Tim Huang Manager [email protected] +886 (0)2 2396 1166 Tel: +1 859 547 5409 Total Assets: n/a PE Allocation: n/a Fund Types: Investment Preferences: Yulon Group Target PE Allocation: n/a Venture Buyout • • N. America Europe • • Mezzanine Real Estate Asia Emerging F of F’s Other First-Time Funds 16F, No.2, Sec.2, Tun Hua South Rd., Taipei, Taiwan Tel: +886 (0)2 2325 5909 Total Assets: TWD 4,627 mn PE Allocation: n/a Sample Investments: Blackstone Capital Partners IV(2003), Thomas H Lee V(2001), Madison Dearborn Capital Partners IV(2000), TA IX(2000), Welsh Carson Anderson & Stowe IX(2000) Fund Types: Contact Name Position Investment Preferences: Melissa Hermes Email Tel Partner Level 11, Wesfarmers House, 40 The Esplanade, Perth, WA 6000, Australia Fax: +61 (0)8 9327 4216 Total Assets: AUD 8,332 mn PE Allocation: AUD 250 mn Fund Types: Investment Preferences: www.wesfarmers.com.au Venture [email protected] Target PE Allocation: n/a Venture Buyout Mezzanine Real Estate Europe Asia Emerging F of F’s Other • N. America First-Time Funds • +1 859 547 5409 Wesfarmers Tel: +61 (0)8 9327 4211 www.yulongroup.com.tw Fax: +886 (0)2 2700 3078 Sample Investments: Shin Sheng Venture Capital Investment Corp.(2002), FuYu Venture Capital Investment Corp.(2000) Contact Name Position Allen Hsu Partner DMD, Investments [email protected] Kenneth K.T. Yen CEO Email Tel +886 (0)2 2325 5909 [email protected] +886 (0)2 2325 5909 Target PE Allocation: n/a Buyout Mezzanine Real Estate Asia Emerging • • F of F’s Other • N. America © 2007 Private Equity Intelligence Ltd Europe First-Time Funds 19 2007 Limited Partner Universe: Order Form The 2007 Limited Partner Universe is a two volume publication providing the most comprehensive printed guide to private equity limited partners available today: • Directory: Comprehensive listings for 1,500 of the world’s most important investors in private equity. • Analysis: In-depth, vital analysis on the latest trends within the private equity universe. For more information please visit: www.preqin.com/lpu ------------------------------------------------------------------------------------2007 Limited Partner Universe Order Form - Please complete and return via fax, email or post I would like to purchase the 2007 Limited Partner Universe £675 + £10 Shipping $1,345 + $40 Shipping €895 + €25 Shipping I would like to purchase the 2007 Investor Package (publication plus 12 month’s access to Investor Intelligence Online) £1,795 + £10 Shipping $3,275 + $40 Shipping €1,995 + €25 Shipping (Prices include 50% discount on full publication price) $180 + $40 Shipping €115 + €25 Shipping Additional Copies £95 + £10 Shipping (Shipping costs will not exceed a maximum of £15 / $60 / €37 per order) Name: Firm: Job Title: Address: City: Post / Zip Code: Telephone: Email: Country: PAYMENT OPTIONS: Cheque enclosed (please make cheque payable to ‘Private Equity Intelligence’) Credit Card Visa Amex Card Number: Please invoice me Mastercard Expiration Date: Name on Card: Private Equity Intelligence - Fleet House, 8 - 12 New Bridge Street, London, EC4V 6AL w: www.preqin.com / e: [email protected] / t: +44 (0)20 7822 8500 / f: +44 (0)87 0330 5892 or +1 440 445 9595 © 2007 Private Equity Intelligence Ltd. / realestate.preqin.com