Private Equity, Venture Capital & Institutional Investor Summit
17-20 November 2009, Westin Hotel, Parishttp://www.icbi-events.com/superinvestor-preqsp15% Reader OferQuote VIP: KN2217PREQSPDear Spotlight readerWe are very pleased to be able to ofer a 15% discount or Spotlight readers or places at the SuperInvestor conerence in Paristhis November. In addition, all registrations made by September 25, will be eligible or an additional £500 saving.SuperInvestor brings together 180 o the most inuential thinkers in a one-stop learning and networking shop, packed withinteraction and high value ace-to-ace opportunities and a programme dense with the most critical issues acing the LP andGP community. Last year 700+ attended this blue chip private equity & institutional investment event, o which more than30% were LPs.I’ll be giving a State O The Union address in the morning during the Secondaries Summit, and hope to see you there.Kindest regardsMark O’HareMark O’HareManaging DirectorPreqin
For all bookings & enquiries, please contact the SuperInvestor 2009 Team &Quote the VIP: KN2217PREQSP or your 15% discount: Tel: +44 (0) 20 7017 7200Fax: +44 (0) 20 7017 7807Email: ino@icbi.co.uk Web: http://www.icbi-events.com/superinvestor-preqsp
© 2009 Preqin Ltd. / www.preqin.com
Private Equity
Spotlight
Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin, providing insights into privateequity performance, investors and fundraising. Private Equity Spotlight combines information from our online productsPerformance Analyst, Investor Intelligence, Fund Manager Pro
fi
les & Funds in Market.September 2009 / Volume 5 - Issue 9
PERFORMANCE • INVESTORS • FUNDRAISING • FUND MANAGERS
I you would like to receive Private Equity Spotlight each monthplease email spotlight@preqin.com. Subscribers to Perormance Analyst and Investor Intelligencereceive additional inormation not available in the ree version. I you would like urther details please email sales@preqin.comPublisher: Preqin Ltd.Scotia House, 33 Finsbury Square, London. EC2A 1BB Tel: +44 (0)20 7065 5100 w: www.preqin.com
www.preqin.com
Employment in Private Equity This month we examine how the
the number o proessionalsbeing employed by the industry has increased signicantly.
Feature Article
page 3
Benchmarking Private Equity Perormance This month we look at the di culties aced by investors and undmanagers alike, when trying to benchmark private equity undperormance.
Perormance Spotlight
page 9
This month’s Fundraising Spotlight takes an in-depth look at buyout,venture and lie science private equity undraising.
Fundraising Spotlight
page 15
All the latest news on private equity investors:
Including...
Banque Transatlantique • AG2R •
Investor News
page 25
Private Equity Employment Special
Buyout Dry Powder This month’s Fund Manager Spotlight looks at the amount o drypowder available to buyout und managers.
Fund Manager Spotlight
page 12OUT NOW The 2009 PreqinFund Terms Advisor More information available at:www.preqin.com/fta
Be the
fi
rst to know about all our exclusive researchreports and projects, follow us on
www.twitter.com/preqin
We look at the upcoming events in the private equity world.
Conerences Spotlight
page 23
Insurance Companies This month’s Investor Spotlight eatures results rom a recentsurvey o insurance companies, and looks at how they are dealingwith the crunch.
Investor Spotlight
page 19
This month’s Secondaries Spotlight takes a look at SMM and thelatest secondaries news.
Secondaries Spotlight
page 22
3
◄
© 2009 Preqin Ltd. / www.preqin.com
September 2009
The private equity industry has undergonetremendous growth in recent years, withfundraising levels increasing to recordlevels and fund sizes growing ever bigger.As the asset class has become a moreintegral part in the investment portfolios of institutional investors the world over, thenumber of professionals being employedby the industry has increased signi
fi
cantly.In this month’s feature article we haveused data taken from our online FundManager Pro
fi
les database in order to document both the current levels of employment within the industry, and alsoexamine how employment has beenincreasing over time.Number of Active Private Equity FundManagersThe private equity industry has undergoneenormous growth and the number of
fi
rmsactive within private equity has grownconsistently each year since the industrybegan. This growth is demonstrated inFig. 1, which shows the total number of existing active fund managers each year alongside the number of new managers,a
fi
gure based on the vintage of the
fi
rms’
fi
rst funds. It should be noted thatthere are additional private equity
fi
rmsnot included in these
fi
gures becausethey do not manage and invest out of distinct private equity funds. 1998 sawthe total number of fund managers pass1,000 for the
fi
rst time and since then thenumber has increased nearly four-fold.As of September 2009, there are 4,270
fi
rms currently active managing privateequity funds, 412 of which are new to
Feature Article:
Employment inPrivate Equity
Feature Article
Fig. 2:
578189106119149175207241278329385426490524576628673738780248171430263536375460446440555957755865
0100200300400500600700800900
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009*NewExisting
Total Number of Active Buyout Fund Managers per Year (by Vintage of First Fund Raised)
N o . o f A c t i v e B u y o u t F u n d M a n a g e r s
Fig. 3:
177196204224253281329386479557690890102811601250135414461543164716972010213134536510095141204150143100117105124135106135
02004006008001000120014001600180020001990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009*NewExisting
Total Number of Active Venture Fund Managers per Year (by Vintage of First Fund Raised)
N o . o f A c t i v e V e n t u r e F u n d M a n a g e r s
Fig. 1:
287346373422477561665789956112713581691193722072418268029623267360738586029505890110138176192246341264284230287307354390337412
0500100015002000250030003500400045001990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009*NewExisting
Total Number of Active Private Equity Fund Managers per Year (by Vintage of First FundRaised)
* / Raising
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