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With sluggish returns projected for many asset classes, institutional investors are turning to private equity as a source of alpha, but expect greater transparency, reporting and risk management from managers, according to a global survey report released today by SEI in collaboration with Greenwich Associates.
The survey report, entitled “The Logic of Fund Flows, points to a need for private equity managers to demonstrate better reporting and risk-management measures to retain and gain assets among an increasingly demanding institutional investor base.
The survey, of more than 400 institutional investors, consultants, and fund managers, revealed that while more than
Continuing the trend seen over the last three quarters, the Cambridge Associates LLC Australia Private Equity and Venture Capital Index outperformed the S&P/ASX 300 Index over the one-, three- and five-year horizons as of the quarter ended 31 March, 2011, with annualised returns of 7.7%, 1.5% and 4.8% respectively.
Thanks to the strength of the Australian dollar, the Australian benchmarks are even more impressive in US dollar terms, with one-, three- and five-year annualised returns of 21.3%, 7.5% and 13.0% respectively.
Post-crisis investments in particular have continued to perform strongly. Funds from the 2008 vintage year, as well as Australian
Hazel Capital’s two new Renewable Energy VCTs closed to new investment on 10 August, raising GBP41.6 million which, according to Hazel, makes them the most successful ever launch by a new entrant to the market. Shares were allotted to investors on 12 August.
Christian Yates (pictured), partner at Hazel Capital, says: “When we constructed the Hazel Renewable Energy VCTs we were conscious that they should invest in a diversified portfolio of renewable energy projects and not focus on one area. This approach proved popular with advisers and investors many of whom also recognised that this could be their last
China’s economic rebalancing will stimulate higher-quality growth while creating new investment opportunities in consumption- and infrastructure-related areas, according to Mike Shiao (pictured), investment director at Invesco Hong Kong…
Demographic developments in the China are adding impetus to the government’s efforts to reduce the country’s dependence on external demand by shifting the growth composition towards domestic activities.
China’s rapid urbanisation and increasing numbers of university graduates entering the workforce have supported the government’s policies to transition to a more domestic-driven economy, with services taking a more prominent role as manufacturing activities fade. China’s rapid urbanisation has seen about 21 million people
Some 55% of companies that sought to make a transaction in the last 12 months failed to do so, according to BDO’s annul M&A survey, which polls the views of CEOs and Financial Directors of mid-market companies.
The survey fund that on average one transaction has been completed for every eight considered in the last 24 months, while 84% of businesses believe that mergers and acquisitions they have completed over the last 24 months have met or exceeded expectations.
In addition, acquisitions are being sought as drivers for growth; 85% of respondents have growth targets in excess of inflation, with
F&C Private Equity Trusts has reported a share price total return for the six months of 37.6% for the ordinary shares, one of the best-performing investment trusts regardless of sector.
The trust’s Net asset value total return for the ordinary shares was 8.3% over the same period, while the restricted voting shares saw net asset value total return of 15.4%.
Other key points of the trust’s half-yearly financial results include: realisations of GBP19m during the period, an increase of 60% over the first half of 2010; drawdowns and new investments of GBP14m during the period; and gearing on the Ordinary
As of 30 June 2011, NB Private Equity Partners unaudited NAV per share was USD10.96, which represents an increase of 5.6% compared to the audited NAV per share of USD10.38 at 31 December 2010.
During the first six months of 2011, NBPE’s private equity portfolio generated realized gains of USD23.9 million. The portfolio also had net unrealized gains of USD13.2 million from privately held investments, credit-related fund investments and public equity securities.
Investment performance during the quarter was offset by USD9.9 million of net operating expenses (including credit facility interest and ZDP share accretion), foreign exchange translation and taxes.
According to the Emerging Markets Private Equity Association (EMPEA), which manages a global proprietary database of private equity activity across emerging markets, 89 funds raised USD22.6 billion in the first half of this year, versus USD23.5 billion raised in all of 2010, putting emerging markets on track to potentially double 2010 fundraising totals in 2011.
The majority of growth in new capital continues to be driven by a handful of markets, with funds dedicated to investment in China, India and Brazil collectively drawing 70% of capital raised between January and June, versus 50% in all of 2010.
Pinnacle West Capital Corporation has sold APS Energy Services, a full-service energy service company, to Ameresco, Inc, a leading energy efficiency and renewable energy company.
Harris Williams & Co acted as the exclusive advisor to Pinnacle West. The transaction was led by Brian Lucas, Luke Semple and Tiff Armstrong from the firm’s Energy & Power Group.
“The acquisition is a great example of the strength of M&A activity in the energy efficiency sector,” says Brian Lucas (pictured), a director in Harris Williams & Co’s Energy & Power Group. “Energy efficiency remains the most practical and cost-effective solution for reducing
Representatives from Guernsey Finance visited China last week to further strengthen relationships in Shanghai and Beijing.
Peter Niven (pictured), Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry internationally and Fiona Le Poidevin, Deputy Chief Executive, spent two days in Shanghai and three days in Beijing.
Their itinerary included a visit to the Island’s representative office which was established in Shanghai at the end of 2007, as well as meetings with several Chinese banks, the China Banking Regulatory Commission (CBRC), the Shanghai Stock Exchange (SSE), the China Trustee Association and the Shanghai Bar Association.
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