VOLUME 13, ISSUE 9 ™ DECEMBER 2017 preain ternative esses ireligen! data PRIVATE EQUITY & VENTURE CAPITAL SPOTLIGHT PRIVATE EQUITY & VENTURE INTIS tS Se CAPITAL: 2017 IN REVIEW ‘As we approach the end of 2017, we take a look at some 12 of the research that Pregin has published over the past year and the key trends that have affected the industry, including: Csi = Concerns for Managers and Investors over 2017 ee ACTS = Women in Private Equity & Venture Capital ere AR ed = ARecord Year for Secondaries Fundraising ees Emerging Markets Assets under Management enya Consolidation in the Fund of Funds Industry OE aan Te Moats Capital Std THE RISE OF THE UNICORN eee Find out more on page 3 ri Deen eee Aileen Lee, founder of Cowboy Ventures, coined the term “unicorn’in 2013 to describe the rarity and distinction of $1bn+ valuations of venture capital companies. However, eared these companies today are hardly as unique. In this, dere Hiem TS article we take a look at the unicorns in the market today, acy Find out more on page 8 @ FEATURE = The Rise of the Unicorn @ CONFERENCES RECENTLY RELEASED: THE 2018 PREQIN PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT REVIEW er == Se eeu peeeeeere eee ty een ee re A Credit inteligence European and US Fund Services Awards Best Dat and hare pSe TL PnP Provider | Aria Global Fungs Awards 2016: Bert Reearch an Dat Provider | The Queens =n ‘Award fer Enterprise: Intemational ade | HedgeWeek Global Awards Best Global Hedge www.preqin.com/contact | info@preqin.com mvSuperReturn S West Date: 12 - 14 February 2018 Location: San Francisco We will be in San Francisco for this year’s SuperReturn US West event and are delighted to offer Spotlight readers a special 10% discount should you be planning to attend. Over 350 attendees, including 150+ GPs and 100+ LPs, will be gathering for the West Coasts leading private equity and venture capital event, Here are 5 reasons why you should join them. Learn from 100+ expert speakers including leading executives and influential institutional investors Take advantage of a wide range of interactive formats including roundtable discussions, too hot to touch closed door sessions and fireside chats Discover the latest trends driving private equity and venture capital markets Create valuable connections during the LP/GP speed networking and drinks receptions Gain specialist insight at our Secondaries and Fundraising summits Hook forward to seeing you there! Kindest regards Matk O'Hare For all bookings & enquiries, please contact the SuperReturn US West Team Quote VIP Code: FKR2457PRO for your 10% discount Tel: +44 (0) 20 7017 7200 Email: gfregistrationsioknect365.com Register online hereCapstone Global private equity fundraising Vance Street Capital We congratulate the Vance Street team on the successful closing of Vance Street Capital I 5250m Vance Street Capital Vance Street Capital I! em mid-market nly Peed in Nau) Pn Capstone wwwcsplp.com Americas ~ Europe ~ Middle East ~ Asia Pacific eraerFINRASPC Athrise by FNMAHE aware courry avenrune carta:2017 0 review PRIVATE EQUITY & VENTURE CAPITAL: 2017 IN REVIEW ‘Ase approach the end of2017, we take a ook at some of the research that Pegin has published over the pastyear and the key ends that funds has led to continued fundraising Fund Managers: Investors meee a 51% 86% rongesvreasoransiogerens, — 2hy¢l 3 51% with the average size of vehicles closed Environment. Deal Flow fecunenater Beh 3rd 4 34% 41% Performance Environment ‘The totals have been boosted by a series lof mega funds closed during the year. ‘Apollo Global Managementlosedthe VALUATIONS REMAIN A MAJOR. Both fund managers and investors largest ever private equty fund, Apollo CONCERN surveyed by Pregin in June 2017 identified Investment Fund Ion $28,7bn in July, With large sums ofapitalbeing allocated valuations as the key ise facing the while CVC Capital Partners Fund Vil tothe aset cles and a growing level of industry at present. As pricing continues (€16bn, Silver Lake Parine'sV($15bn), competition for assets, portfolio company _ to increase these groups are concerned Kt Americas Fue XI ($13.90) and valuations have continued torize in 2017, that is becoming increasingly dificult Vista Equity Partners Funa\VI{$11bn) all Among fund managers surveyed or the to acquite assets at reasonable valuations raised substantial sums of capital this Pregin Special Report: Private Equity and that this could affect future fune year Exceeding allo these funds by Fund Manager Outlook, H2 2017, 9% performance. As discussed in the Pregin considerable margin, Softbank held frst reported that pricing was higher than Investor Outlook: Alternative Assets, close for Softbank sion unsion$93bn one year ago, compared with jst 7% that H2 2017, 43% of investors believe that In May; the fund is targeting a total of, believed it was lower. igh valuations wil lead to lower portfolio s100bn. returns over the longer term, compared to Fig. 1: Average Size of Private Equity Funds Closed, Fig, 2: Investor Views on the Impact of Portfolio Company 2006-2017 YTD (As at November 2017), ‘Valuations on Private Equity Portfolio Returns a 8 pveage Free innd g 8 a Proprten of Reinders a ass 1G 3er re “Higher Returns Years Fina Cse ext 12 Months longer erm Sea Pein inate Ey Oe Source Pen vere, e017HE aware courry avenrune carta:2017 0 review ‘only one-quarter that believe twilllead to Fig. 3: Female Employees in Alternatives as Proportion of Total Employees by oe Sabu WOMEN IN PRIVATE EQUITY & VENTURE a aK 33% wet pm oe Terje uhih eben eas de 7 wuiagnccracmetes go Winmepraccautyeremeceptl 2 ea eee ey ene Bs ve i i ing Undervpreemedinthewoktoce As highlighted inthe Preqin SpecialReport: 2 °* Womenin Alternative Assets just 179% o* Hl Hl Hl sf ernployesspateequy fs and ae 1 gob Y Se e Pop goby Bog e ¢ Theresia coments i considerably by seniority ith the highest levels of representation seen among junior Junior Mid-Level = Senior employees: 36% of junior employees at eee firms are women and 9% at private equity 99 198 fimsand at prateeguyfme . ij i| iii ri wmsremenegenteon > LALIT 1 wal Hilf ravage eatery BS Sz S88 se 9z|5 88 8895588 proposed to address the gender imbalance poe 218 aoa zors ane and eliminate sexual harassment in the Date of Fal Close srdeimoateaneer ne se dedicat napa) ight profiled some of the initiatives os SSpctonmiseernwoweend Snhisssccvn'tn/oiaiad Spcoprebisr ety ttetOpént,aba0vseondaresincadngtainrpanteety | agesuccp ado Fundraising was particularly strong in Qt, Preqin in July 2017, 4086 reported having assets under management continued to when 10funds closed raising acombined noticed an increase in competition nthe _growand stood at $554 as of G3 2016, {otal of $20bn (Fig. 4). Funcrasing has fist half of the year. nearly Sx the $63bn that these vehicles been boosted by the closing of several accounted for atthe end of 2005s the Targe funds this year Siratesic Partners Vl EMERGING MARKETS ASSETS UNDER industey reaches maturity, these vehicles reached afnal close on $7Sbnin January, MANAGEMENT SURPASS $5505 hhave now joined North Armerica-and GGoldrnan Sachs AIMS Private Equity raised Private equity frms located in emerging __Europe-focused funds in distributing $7.2bnforViniage Fund VilinJuly and markets have faced some challenges significant sums of capital investors.HB avatecquiry eventure carrrat:201710 review Distbutions by emerging markets-focused Fig. 5:Emerging Markets Focused Private Equity Assets under Management, vehicles exceeded capital calls forthe first 2005-2016 time in 2015 and net distributions were 00 513 forthe frst three quarters of 2016. FUND OF FUNDS INDUSTRY SEES CONTINUED CONSOLIDATION = DryPowder ss unveateed : & has faced considerable challenges in recent years; with an increasingly sophisticated body of institutional investor allocating to private equity as well as heightened cutiny of fund cots, fundraising by ‘fund of funds vehicles asa proportion of total private equity fundraising has fallen noticeably since 2008/2009 Fig. 6). “The private equity fund of funds industry Value Sbnt Ase under Managemen (Son) cc! ET ‘As shown inthe Pregin Special Report: ta Pivct Eauty Fendt often ase Sauce ean Pt ty On ‘managers are responding tothe challenges Fig, 6: Private Equity Fund of Funds Fundraising asa Proportion of Total Private Equity imavariety of ways-by adapting thei’ fundraising, 20002017 YTD (heat September 2017) business model to concentrate on oe specie busines niches, and by making me increased use of aernaive investment we methods sucha separate accountsand corinvestments,and through consolidating 4% Srdmerging thei businesses 5m Consolidation is also increasingly marking ~ ” trenunesandcrtcarmecaes Fo land other asset managers seek to gain + 8 scale or access new investment strategies; am acquisitions in 2017 include Unigestion’s dequiton of Aina in Febraay and EEEGELER EE Schroders acquision of Aves indJuly. 2012 pon 2014 2016 ao oor of Fina Close —No.ofFunds Closed —Aggregate Capital Raised Eee ee ae cee ee eee eee ad oe a eee eee reeetrrecet Beier eecnaaett epee ee eee Se eg eae ee cee ey TDD rivet rautyavenie apts | Dacember2017 recin 2017 pean comiGlobal Forum SUMMIT “4 + Innovative approaches in deal sourcing and generating deal flow in varying market cycles, + Impending tax reforms by the Trump administration and it’s impact on fund governance and regulatory compliance + Successful methods for independent sponsors to downsize the risk and cost structure + The art of deal negotiations and developing mutually beneficial partnerships for successful deals + Unique differentiation strategies for independent sponsors to navigate a highly competitive PE landscape www.iglobalforum.com/isponsor6 Eeiglobaltorum Ei/iglobatforum [iglobal-forum JANUARY 16-17, 2018 | Dena We Ke) ie ea eel ese ice) fa) Pea M cane eset ory a canc ets ae} aad 50+ 60 El0le rt -o GPs Ses ened countr Join us on 15" February 2018 Berghe ence seul cen seed VIELODCPQ Latsee/ge) (ellen epee seelay [el Tee er M Eee Crue lea olg hg elec rien)HE case orth vutconn THE RISE OF THE UNICORN Inthisfeature we take a look at the proliferation of ventuecapitabacked companies teaching unicorn status over the past decade, Including insttationalinvestor participation and impact on fund performance. he term ‘unicorn was coined in 2013 by share of total value in the space. 2017 saw both have 38 known holdings. While Cowboy Venturesfounder and partner, arecerd $179bn in aggregate venture those managers top the lst of most active ‘Aileen Lee, to signify aventurecaptal- capital deal vale, buoyed by unicorn investors in Stbm# companies, ionlo backed company valuedat §tbn or more. deals such as Dic Chuxing and Meltuan- Ventures, Union Square Ventures and ON ‘What is known to most ara mysticalhorse, —Dianping,with financing of §Sbn and Capital manage the top three performing toLeetheterm encompassed therarity _$40bnrespectively.In 2017 0 far, unicorn funds wth unicorn holdings (ig 2. and distinction ofS1bn+ valuations atthe deal value stands at $65bn, accounting _Onaverage, funds invested in unicorns time However, $1on+ companies today for 37% of total venture capital deal value outperformed all other venture capital areharaly as unique: there are sxmore year-to-date funds fr vintages 2007 through 2014, with companies that have achieves unicorn an average net IRR of 18% vs. 138 forall status than when the term came tolfe in The prominence and exoansion ofthe __ other venture capital funds (Fg. 3) 2013, Sibn-+ portfolio companies have sprouted mixed feelings from investors ~ some ‘The internet sectors home tothe largest One ofthe factors driving unicorn growth arguethat isa sign of overinfation and proportion of $1bn+ valuations, nearly isthe abundance oflate stage capitan the an example ofrathin the market, while double the amount of the next most market. Late stage undrasing continues athersargue unicarn growth isa positive prominent sector software &related (21%, to grow:a record $11bn was aised in 2016, effect of productivity and technological Fig. 4) Moreover, the internet sector holds With « plethora of venture capital available, advancement almost half 49%) of total unicorn value, companies are choosing to remain private followed by telecoms with 21% of value forlonger pushing valuations higher and Sesuoin Capital leads the Industry by ‘More than two-thirs (68%) of institutional expanding the’$1bn+ Club numberof investments in unicorns, with investors with unicorn exposure are based 57 known holdings (Fig. 1)-Thefirrsholds in North Ameria, followed by Europe ‘while companies with $1on+ valuations over 20 more STbn+ companies than (18%) and Asia (128). llofthe top 10 representa small faction ofall venture- _thenext most active frms,Tige’ Global _investorsby number of known venture backed frm, they aesignificantin the’ Wianagement and Accel Parnes which __capitalfund investments with atleast Fig 1:Top Venture Capital ims by Number of Uni Fem No.of Known Unicorn Holdings Sequoia Capa 7 Tiger lobal Management 2 Accel Partnes us 2 ST Gaba Hong Kong 2 ndresssen Horowte us 2 Fig. 2:Tep Performing Venture Capital Funds with Unicorn Heldings® (As at November 2017) Fund Firm Vintage Type GeographicFocus Net ARI) Menlo Ventures ‘Menlo ventures 2011 Venture Capal(llStages)—NorthAmerica 757) Union Square ventures Union Squsreventures 2006 Fay Stage North Amerea 658 DDN Capita - Global Ventre Capt PN copia 2012 VentureCapital (stage) Europe eo FranerHeatheare FranerHealheareVentues 2013 VentureCaptal(Al Stages} Northmerca 520 valon Ventures Vi Dalen Ventures 207 En Stage: Seed North Ameics 515 reece that one paral compar vest sitoHIE rene oF rue uniconn ‘one unicorn holding US-based, led by University of Michigan Endowment with 61 known commitments to funds with ‘exposure to unicorn investments. The endowment plan is known to have made commitments to Battery Ventures and Technology Crossover Ventures Vl both top performing funds (net RRs of 26.3% sand 2.8% respectively) with at Teast one Stale Investment Boar's commitments to Menlo Ventures Xland TPG Growth I, both top performing 2011 vintage funds with net IRRe of 75.7% and 26.7% resnectivey ‘Also noteworthy is University oF Texas Investment Management Company's commitments to thiee ofthe top 10 performing funds with known unicorn holdings, more than any other institutional to 51bnt venture portfolio companies, accounting for 16% of all LPs with known unico fund holdings (Fig. 8). Founeations and public ane private sector pension funds fllow closely behind each accounting for 1584 of uniconn investors Unicorn holding. Investor ther notable investments made by institutional investors include Washington Fund offunds managers ae the mast active investor typeinterms of exposure Fig. 3: Average Net IRRs by Vintage Year: Venture Capital Funds Fig. 4:Proportion of Unicorns by Industry (As at November invested in Unicrns sl Other Venture Capa Fans ain Foe “oneal Fm how rg canta “4 fs : : bad : * po? om - 3 3720 30 029 382 2 8 secon Ettanene Fig, 5: Number of Commitments to Venture Capital Funds with Unicorn Holdings* (As at November 2017), Investor ype Location Aum (sin) Ne-et Known Univesity of chan Endowment Endowment lan us 37 a Greenspring Associates PrvateCqulyFundofFunds Manager US 59 2 ‘dae Stree Partners PrvateEqutyFund ofFundsManager US 29 a7 Harbours Partners PrvateCqulyFundafFunds Manager US 400 46 HP nc Penson Fun Private SectorPenvon Fund us na “4 Fig. 6: Investors Committed te Venture Capital Funds with Unicorn Holdings* (As at November 2017), Fig. 7: Number of Venture Capital Portfolio Companies to Reach Unicorn Status over Time (As at November 2017), nd otFand Manger lc entan Fund Prat gut om Seri Weatnrind Souci Capel Ole ‘era cata ithatiestor pore compan aed a SensHE case orth vutconn Fig. 8: Sample Unicorns Unicon company {ftltowwm, —valation(Son) ail) action away Q = oo 2 @ = Q nvm « a Q~= 5 © 8 Mm me ox o tts es 9 =~ “ np 8 oc on @Q con “ sete rane Co a Be se @ mien 5 SD eo @ wee Se w= « SSS Q mm eww ee Ga a BE vatetquy even captalspotght | December 2017 ‘© Pregn i.2017/ wan pregn.comu ° ae nd = % #3 | PRIVATE WEALTH MANAGEMENT APAC SUMMIT 16 - 18 April 2018, Conrad Macao, Cotai Central, Macao, China The Private Wealth Management APAC Summit is the premium forum bringing elite buyers and sellers together. {As an invitation: only event taking place behind closed doors, the summit offers regional SFOs, MFOs, wealth advisors, and international fund managers an intimate environment for a focused discussion of key new drivers shaping wealth preservation and investment strategy. DISTINGUISHED SPEAKERS INCLUDE Vile Gehman, Co-Founder, Blackcain Technologies EXtrenfely Blofessional event Feislalbhat, Founder & CEO, Qineticare planning, itiprovides an excellent Noor Que, Founder & CEO, N@Q International i f Elaine Chov inder & CEO, Trinity Capital ‘opportunity to interact wit! Sameer Mehta, Drecior, The Alas Far Office prospective clients and industry peers. Jack Sun, Managing Pather, Caidao Capi Ernest Miller, MO/Famly Office Executive, Metis Growth Partners CEO, Appletree Capital For more information, please contact Khadija Jaafar at SitiK@marcusevanskl.com ‘or read more here: hts://evente marcusevans-events.com /pwmapacsummit2018-mor THE P COMPLIANCE MANAGEMENT SEMINAR » The “NE te Equity © 18 ¥anuiary, London & ‘ One day, only £249 (for GPs) and will help you get ready for 2018. J ich! ie wits sam kay Hasta es Faw Shannessen wet Sito er eon 4 tr Capita ieee =} Tarek Fre te acl con Campane Or Irate iy Harbouwest ar. see ve Pthard Ein Soret tale Guy Waller Donat ae saaiber one other Becdopnen DMD nets enons fp | eeepnese ep Seer fom i cereal ayy A LPs attend free of charge. For details email Andras at andras.m@bieevents.com or call +44 (0) 203 286 1730. The number of delegate places is limited, register early www bieevents.com/mgt2018-detailsCONFERENCES DECEMBER 2017 Ta Cnt {20 Dscount— ‘ta esr Fon2017 T-aDeceninr0i7 Toe EES iyeyey RS AMNASngipreNetwotingbenks ——_-7Bxcenbe2017 Singapore ann - : arth Ametan Pvt Egy Markt = , ae ae taoecnbe2017 Aunt GG Make rian |vcAPaweret wth Pega ‘9oecember20i7 bes wen a - JANUARY 2018 enterece onte Location ___ovgainar_rreinSpeshar_Dscunt Cade PnteNacsivesmetfonm a flamaryaiia.—_scoudalgaz OME hancl : : MevcAAnpreateEquyFnum208—15-16muay20'8—Nangkorg =A. 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Dh Spey anc Sit 20-31 Juay2018 Newer Sb Fnum FEBRUARY 2018 Toy Dicom Speen se TM Febuay2aieSanRancico Pace ORDER 12 Deco 10 cavern nn 204 Isrebuny2018 Mens etCaneenes = em Dscon Blea AVetueCpilSumnit 15 soranmryaoie anche Make reg teltstSenina ARAN ray a8 nn sean . fest reo Lond ec ne See ara ane ne “a me : Polh vat Equity Conference 22 February 2018 Warsow Private Equity - - uty Cont " Insights serpent nection 1-108 dn SN :ereqin solutions a powered by Baxon PORTFOLIO MANAGEMENT MADE EASY Streamline and automate your entire portfolio management process with Preqin Solutions, our powerful web-based analytics platform designed exclusively for private capital investment professionals S ERB - Gates nH [9 MONITORING la, VALUATION tt} FUND ANALYSIS Automate your data collection Shorten your valuation cycle, Analyze fund investment workflows and portfolio ‘ensuring consistency and performance and utilize exit performance analysis. transparency. planning and benchmarking features. ° ° ° LIMITED PARTNER REPORTING Replicate and automate your existing LP reports, both in the cloud and in Excel, allowing your IR team to streamline your quarterly reporting process. o DATA INTEGRATION Now integrated with Preqin performance data on 8,602 private capital funds, in addition to LN, KS, PME+ and Direct Alpha PME methodologies, giving you the ability to benchmark your performance against private or public markets on the fl. @preqin POST Nay Pregin Solutions, formerly Baxon Solutions, delivers market-leading cloud collaboration software for monitoring, valuation, benchmarking and reporting on private capital portfo mrares Cree erence et eee ent paren? Sree ics eens {alized with reference to the broader market for internal and inPRIVATE MARKET INVESTMENT FORUM DATE: 8-10 January 2018 INFORMATION: wwwopalgroupnet/tek/pmife1806 hr LOCATION: Hyatt Regency Scottsdale, Scottsdale, AZ ORGANIZER: OpalGroup (Our Forum isa venue to foster apen dialogue and professional education for both institutional and high-net-vorth capital allocators and managers. Presented asa series of panel discussions and standalone presentations our lineup of expert speakers Will debate and discus the trends, esues ane challenges facing private markets 6TH INDEPENDENT SPONSOR SUMMIT DATE: 16-17 January 2018 INFORMATION: — wwwiglobalforum.convisponsors LOCATION: NewYork, NY ORGANIZER: (Global Forum Join us at Global Forums 6th independent Sponsor Summit on January 16-17th in NYC, The conference will ring together over 450 seri level capital providers and independent sponsor executives by combining high-Level networking and one-to-one ‘meetings, alongside in-depth content, 50 you can pick up the best strategies from industry experts, make valuable connections, andl improve your odds in generating successful deals. For mare information, please contac infowiglobalforum.corn. THE PE MANAGEMENT CONFERENCE DATE: 1B anvary 2018 INFORMATION: — wwwrbieevents.com LOCATION: London ORGANIZER: BIE Events ‘The "NEW" Private Equity: one-day event fr I, CFOs, COOs, legal and complance professionals to prepare you for 2018 and. beyond for oly £249 (for Gs}. LSE SU ALTERNATIVE INVESTMENTS CONFERENCE DATE: 22-23 January 2018 INFORMATION: — httpy/Awwwiseaicconvabout LOCATION: Mariott Hotel Grosvenor Square, London, WiK 6LP UK ORGANIZER: LSESU ARemative Investments Society The LSE SU Alternative Investments Conference (AIC was founded by a group of committed and entrepreneurial undergraduate students in 2007 who aimed to create a forum for rch dialogue and debate between the world’s leading hedge funds and private equity investors and students interested in these exciting industriesSUPERRETURN US WEST DATE: 12-14 February 2018 INFORMATION: — httpss/go0.glMgFzzk LOCATION: San Francisco ORGANIZER: SuperReturn Track trends and make connections. 350+ attendees. 150+ GPs, 1004 LPs Learn, network and do deals atthe leading West Coast private equity and venture capital event. With new and excting formats brand new for 2018, this san event you cat afford to miss. 0100 CONFERENCE VIENNA DATE: 15 February 2018 INFORMATION: — http:/iwww.0100conferences com/15-feb-2018-vienna-2018.html LOCATION: Vienna, Austria ORGANIZER: 0100 Conferences Where Western and Eastern European investors Meet” 1 day event dedicated tothe private equity industry covering from venture capital growth capital to buyouts, and secondaries Meet top ter 80+ speakers & 300+ high profile attendees leading VC/PE funds, family ofces, business angels, fund of funds, pension funds, and sovereign fund. PRIVATE EQUITY & VENTURE CAPITAL SUMMIT 2018 DATE: 19-20 February 2018 INFORMATION: — httpsy/iwwuwmseminarede/seminar_pdf_neu/1524/Anzeige_PE-Summit_2017_148x210_Englisch-new. ef LOCATION: Le Méridien Munich ORGANIZER: WM Gruppe (On 19-20 February 2018, The inaugural“Prvate Equity & Venture Capital Summit willbe held in Munich. The conference organized by Borsen-Zeitung, the German Fs intended to provide a high-class clscussion forum for allrelevant PE-related topics in the area of Law and Finance. NORDIC PRIVATE CAPITAL DAY DATE: March 2018 INFORMATION: http://www nordicprivatecaptaldayorg/ LOCATION: Stockholm ORGANIZER: Private Equiy Insights Nordic Private Capital Day provides unrivalled networking opportunites in the Norclcprivate equity market. On 8th March 2018, ‘meet over 60 LPs, 80 GPs and 40 Cx0s a the Grane Hotel in Stackholm.Register now by visting: wsaci.com ‘vpn dees’ Dacsmber 2097 2389 GMT barman terra firma iE N Oo RD | Cc 8TH MARCH 2018 | STOCKHOLM PRIVATES 80+ 100+ 70+ CAPITAL DAY 18 LPs GPs CxOS Register now 9, 300+ 50+ and get 30% Attendees Speakers Discount! marketing@pe-conference.org eernctaternecaealsar.cry {951.211 395966 i here DUGG RR Ree i i ah a) muNORDIC FUNDRAISING SUMMIT DATE: 14-15 March 2018 INFORMATION: — http:/nordifundralsingsummit com’ LOCATION: Deloitte, Weidekarnpsgade 6, 2300 Kabenhavn S ORGANIZER: DVCA- Danish Venture Capital and Private Equity Assocation Nordic Fundraising Summit (NFS) isa GLP matchmaking event. “The event takes place on 14-15 March 2018 in Copenhagen, Denmark, PRIVATE WEALTH MANAGEMENT SUMMIT - APAC DATE: 16-18 Aprii2018 INFORMATIOF htsps/events marcusevans-events.com/pwmapacsummit2018-more/ ‘Conrad Macao, Cota Central, Macao “The Private Wealth Management APAC Summits the ultimate meeting point, bringing together leading Aslan family offices ‘with fund managers ang consultant in an intimate environment fr a facused discussion on the key drives shaping wealth preservation ane robust investment strategy. “Taking place at the Conrad Macao, Cotal Centra, Macao on 16- 18 April 2018; attendees will benefit from visionary keynote presentations, reallifecasestucies and interactive sessions!Private Equity &V Summit 2018 eBoy ay SOE EEE conn ahs net Fru ats und Ov yeah; att en |: Se Bunn gn Fi | ol Gu en Se ears Messy FORUM ee eNO Secu aS ea KO) Opal Group