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A Guide to private equity fund of funds managers

Author: DePonte, Kelly Publisher: Private Equity International, 2008.Edition: 2nd ed.Language: EnglishDescription: 175 p. : Graphs ; 27 cm.ISBN: 9781904696339Type of document: Book
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Book Europe Campus
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Print REF220.1 .G86 2008
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001263626
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A Guide to Private Equity Fund of Funds Managers Contents Chapter 1 Funds of funds -- a brief history Kelly DePonte, Probitas Partners Definition and rationale At the creation: Separate accounts The late 1990s explosion: new funds and new structures After the boom: capacity, access, sector vehicles, and a return to separate accounts? Summary 7 7 7 10 11 13 Chapter 2 Why invest via a fund of funds? Stewart Hay and Richard Chapman, SL Capital Partners LLP Investing in private equity Why invest in funds of funds? Where does fund of funds investing fit into the private equity investment landscape? What is a fund of funds? Attractions of a fund of funds What is the cash flow profile of a fund of funds? Perceived drawbacks of investing in a fund of funds What should investors look for in a private equity fund of funds manager? 15 15 16 17 18 19 19 20 21 Chapter 3 Choosing a fund of funds: issues faced by investors when selecting a fund of funds product Dr Stefan Hepp, SCM Strategic Capital Management AG Reasons for investing in funds of funds Have return expectations been met? Further challenges: liquidity and flow of information How investors really choose funds of funds Issues faced when selecting a fund of funds product Due diligence -- a detailed view Role of advisors and gatekeepers in the selection process 23 23 23 24 24 25 25 28 Chapter 4 Private equity fund of funds investment strategy Hanneke Smits and Oliver Gardey, Adams Street Partners Introduction Investment strategy and process 31 31 31 31 34 35 36 36 37 Top-down analysis Bottom-up analysis Pre-transaction qualities Post-transaction qualities Organisational stability Conclusion Chapter 5 Beyond traditional fund of funds benefits Andre Frei and Michael Studer, Partners Group Traditional benefits of funds of funds 39 39 40 40 41 41 41 42 42 42 43 44 Portfolio diversification for the purpose of risk reduction Portfolio diversification for the purpose of return enhancement Negotiating terms and professional reporting Relative value assessment Integrated private equity management Private equity industry network Internal database The relative value assessment for regions and financing stages The relative value assessment for investment styles Conclusions Chapter 6 Legal issues on structuring a private equity fund of funds Solomon Wifa, O'Melveny and Myers LLP Introduction Considerations that influence the choice of a fund of funds structure Common fund of funds structures Regulatory issues Principal terms and conditions 45 45 45 46 49 50 Chapter 7 Private equity separate account investment vehicles Kelly DePonte, Probitas Partners Evolution of outsourced investing The return of separate accounts Focused separate accounts versus allocated separate accounts Key issues for investors Summary 53 53 54 55 56 57 Chapter 8 The Asian example Veronica John, IDFC Capital Global trends bode well for Asian funds of funds Asia ­ investors must allocate Asia-focused fund of funds landscape Why do investors favour the fund of funds route instead of going direct in Asia? What are the similarities or differences between Asia-focused funds of funds and the rest of the industry? What are the prospects for Asian funds of funds? Conclusion 59 59 59 60 60 61 61 62 Chapter 9 Co-investments in funds of funds and separate accounts Brian Gallagher, Twin Bridge Capital Partners 65 65 65 65 65 Background History of co-investment Current state of co-investment The benefits of co-investing to the LP Benefits to the equity sponsor The co-investment process Myths about co-investing Success factors in co-investing The future of co-investing 66 67 69 70 70 APPENDIX I THE SURVEY Current trends in the fund of funds market: a survey of practitioners Jessica Kinloch and Kelly DePonte, Probitas Partners 2007 subsector targets Future allocations and areas of interest Secondaries and co-investments Terms and structures Fears and concerns Summary 73 74 74 76 77 78 79 APPENDIX II THE DIRECTORY A comprehensive directory of fund of funds practitioners and advisors 83 About PEI Media 176

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