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The Private equity secondaries market: a complete guide to its structure, operation and performance

Author: Lutyens, Campbell Publisher: PEI Media, 2008.Language: EnglishDescription: 210 p. : Graphs/Ill. ; 27 cm.ISBN: 9781904696285Type of document: Book
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Book Europe Campus
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Print HG4751 .P75 2008
(Browse shelf)
Available 001246841
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The Private Equity Secondaries Market A Complete Guide to its Structure, Operation and Performance Contents PART I Chapter 1 INTRODUCTION AND CONTEMPORARY ANALYSIS OF THE SECONDARY MARKET 9 Introduction 11 Andrew Sealey, Campbell Lutyens Recent developments Chapters summary 11 13 15 15 15 Chapter 2 Different types of secondaries E. Livingstone and Richards, Pantheon Ventures Portfolio secondaries The emergence of "early secondaries" Secondary directs ­ "spin-outs" Secondary directs ­ "buy-ins" Stapled transactions Structuring Cash and paper deals Retaining upside potential Vendor financing Leverage and securitisation Transfer of economic interest The minimum requirements for a secondary transaction Secondary transactions versus direct investing The future of the secondary market 16 17 17 17 17 18 18 19 19 19 20 20 PART II Chapter 3 LIQUIDITY IN THE MARKET FOR PORTFOLIO FUND TRANSACTIONS Key issues in portfolio fund transactions Michael Granoff, Mark Maruszewski and Tom Bradley, Pomona Capital Competitiveness Maturity of portfolio GP involvement GP consent Transfer restrictions Asset mix Leverage Information access Secondary fund lifecycle 21 23 23 23 24 24 24 25 25 25 26 27 27 27 29 Chapter 4 Trends towards active portfolio management in private equity Oliver Gardey and Jason Gull, Adams Street Partners Introduction A case study of portfolio management Larger private equity allocations drive increases in active portfolio management Facilitating active portfolio management Key considerations in a secondary portfolio sale Conclusion 30 31 33 Chapter 5 Alternative routes to liquidity: securitising private equity Filip Henzler, Capital Dynamics Introduction Rationale of securitising private equity The process of securitising private equity Market outlook 35 35 37 39 42 PART III Chapter 6 THE MARKET FOR SECONDARY DIRECT TRANSACTIONS The linkage between the primary and secondary markets Wouter Moerel, Alpinvest Partners Introduction Market overview Conflicting interests and objectives Creating the win-win Case study: Lyceum Capital Conclusion 43 45 45 46 47 49 50 50 Chapter 7 The rise and rise of the secondary direct David Williamson, Nova Capital Management Introduction Defining our space Fitting into the broader market What are secondary directs? Sellers and buyers What do the transactions involve? Key issues The future 53 53 53 54 54 55 56 57 58 Chapter 8 Investment considerations in direct secondary transactions David Atterbury, HarbourVest Partners (UK) Limited Evolution of the secondary market: new sources of deal flow to manage The GP: relationships matter Appropriate due diligence: a balancing act Financing: creative approaches to maximise returns Structure and terms: a custom fit Post-completion: relationships remain key 61 61 62 62 63 64 64 Chapter 9 Legal and tax considerations to secondary and other sales Mark Mifsud, Kirkland Er Ellis International LLP and David Schwartz, Debevoise Er Plimpton LLP Introduction Secondaries involving existing limited partnerships Secondaries involving direct private equity investments Conclusion 67 67 67 75 77 PART IV Chapter 10 INNOVATIONS AND NEW DEVELOPMENTS IN SECONDARY TRANSACTIONS Private equity -- fund leverage Ian Shanks, Bank of Scotland Background When is unrated "senior debt" being used and why? How is senior debt typically deployed? Senior debt leverage characteristics Return benefit The future 79 81 81 82 82 83 85 86 87 87 87 88 88 88 89 90 91 91 92 93 94 Chapter 11 The use of insurance capital solutions in the secondary market Daniel Max, Marsh Introduction The relationship between risk and reward Portfolio fund transfers Insurance based solutions The insurance of unknown liabilities The insurance of known liabilities Conclusion Chapter 12 Structured private equity vehicles and their demand for secondaries Sam Robinson, SVG Advisers Quote unquote Too much cash is a drag Structured for enhanced returns Conclusion Chapter 13 The role of the financial adviser in secondary transactions Immanuel Rubin, Campbell Lutyens Sale of a portfolio of fund interests: adviser acting for the vendor Advising on stapled transactions 95 95 98 Chapter 14 Opportunities in emerging markets Pablo Colo, Valerie Chen and Kennon Koay, AIG Investments Introduction Overview of private equity in emerging markets Size of the secondary market Supply side of secondary deal flow Pricing of secondary transactions Implications on exit risk Conclusions 101 101 101 102 102 103 104 105 Chapter 15 Property fund secondaries Gary P Stevens and James). Sunday, Landmark Partners Evolution of the real estate secondary market Real estate secondary market dynamics Differences between real estate and private equity secondary markets Outlook Conclusions for the real estate secondary market 107 107 108 111 117 114 PART V Chapter 16 CONCLUSION Conclusion Andrew Sealey, Campbell Lutyens Outlook for the secondaries market and future trends 117 119 121 APPENDIX I THE SURVEY Ben Pearce, Campbell Lutyens The private equity secondaries market survey Introduction Sell-side survey results Buy-side survey results Conclusions 125 127 127 128 132 137 APPENDIX II CASE STUDIES Case study 1 Secondaries - a tool for increasing efficiency in fund of funds management Francesco di Valmarana, Unigestion Case study 2 Opting for a hybrid direct-indirect secondary structure in Vivendi/Tempo deal Philippe Charquet, Tempo Capital Partners 139 141 145 Case study 3 Paul Capital's Project Ritz: bringing in a "for hire" manager Elaine L. Small, Paul Capital Partners 149 Case study 4 Creating a win-win solution for an orphaned portfolio Sebastian Junoy and Laura Shen, Headway Capital Partners 151 Case study 5 Selling a portfolio of fund interests and of minority direct investments Infineon Technologies Andre Aubert and Sascha Gruber, LGT Capital Partners Case study 6 How to sell "non-core" divisions fast - the Northern Foods way Thierry de Panafieu, Vision Capital Case study 7 Unlocking the portfolio of French Government development agency Oseo Benjamin Breard, Dahlia Partners Case study 8 Siemens - active portfolio management by a global corporate investor Tom S. Anthofer, Cipio Partners 155 159 161 165 Case study 9 Astrea - securitisation as a path to secondary liquidity Filip Henzler, Capital Dynamics and Manuel Etter 167 APPENDIX III THE DIRECTORY Managers of secondary funds 171 173 APPENDIX IV IN THE NEWS News stories from PEI Media's online news service, Private Equity Online ( 201 About PEI Media About Campbell Lutyens 212 212

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