THE ANNUAL REVIEW 2010 - PEI Media

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THE DIFFERENCE. With 40 years of private equity experience, Adams Street Partners offers investors an independent and employee-owned firm recognized for its disciplined investment approach and strong performance. Leveraging an integrated global platform of primary, secondary and direct investments, Adams Street operates as a cohesive team to successfully navigate the complexities of the private equity marketplace. Dedicated to excellence in serving its investors, Adams Street has managed through the most challenging investment cycles. By maintaining a disciplined approach that values quality over quantity, Adams Street provides tailored portfolio solutions born of experience and access to top investment opportunities. FUND OF FUNDS / SECONDARIES VENTURE CAPITAL & GROWTH EQUITY / BUYOUT CO-INVESTMENTS For information, contact Gary Fencik in London at +44 20 7823 0640 GFencik@AdamsStreetPartners.com www.AdamsStreetPartners.com CHICAGO | MENLO PARK | LONDON | SINGAPORE
private equity annual review 2010 pa g e 1 the pei annual review 2010 A market recovers i s s n 1 4 7 4 – 8 8 0 0 It’s been a tough few years for the global private equity industry. The uncertainty and dislocation resulting from the credit collapse and global financial crisis in 2008 was followed in 2009 by market unpredictability and upheaval. A dearth of leverage brought buyout markets to a standstill; too many portfolio companies were showing severe signs of distress; fund valuations were written down dramatically; limited partners kept tighter grips on their purse strings; and critics once again were taking aim at an industry whose core tenets were being called into question. Evidence of the revolution and evolution that detractors, as well as industry insiders, were subsequently calling for, however, is plain to see. Examining headlines carried in 2010 by PrivateEquityInternational.com – this review’s cover image – shows an industry firmly in recovery mode, adapting its approach as market cycles change. For instance: “Scholars find buyout funds produce alpha”; “Blackstone, Bain fund interests back at par”; “PE portfolios surge at CalPERS, CalSTRS”; and “Private equity IPOs trump market average”. There are plenty more. This edition looks back at some of the year’s key issues: the shifting relationships between fund managers and their investors; the revival of M&A activity; the secondaries surge fuelled by the withdrawing banking sector; and the widely anticipated distressed investment boom that didn’t quite happen as expected. We chronicle the year’s top stories (p. 6), from the rise of RMB funds in China and impressive momentum in emerging markets, to regulatory challenges and veteran private equity firms’ changing compositions post-crisis. We also, of course, highlight the investors, managers, advisors and transactions that particularly stood out from the crowd in 2010 with our annual awards section (p. 30). The list of winners, decided by thousands of voters from around the world, makes plain that the brightest players in the industry are now thriving, rather than just surviving. Reading back through these pages, it’s clear that 2010 marked a much-needed turning point for the private equity industry. That’s not to say it’s all smooth sailing ahead, but if the energy and resolve displayed by hardworking GPs and investors in 2010 continues, then 2011 should be filled with even more positive headlines. Enjoy the Review, Amanda Janis Senior Editor Senior Editor, Private Equity Amanda Janis Tel: +44 20 7566 4270 amanda.j@peimedia.com Editor, Private Equity International Toby Mitchenall Tel: +44 20 7566 5438 toby.m@peimedia.com Editor, PrivateEquityInternational.com Christopher Witkowsky Tel: +1 212 633 1072 christopher.w@peimedia.com Contributors Jenny Blinch Nicholas Donato Jenna Gottlieb Aston Tan Hsiang-Ching Tseng Graham Winfrey Editor-at-Large David Snow Tel: +1 212 633 1455 david.s@peimedia.com Editorial Director Philip Borel Tel: +44 20 7566 5434 philip.b@peimedia.com Head of Marketing Paul McLean Tel: +44 20 7566 5456 Paul.m@peimedia.com Design and Production Manager Joshua Chong Tel: +44 20 7566 5433 joshua.c@peimedia.com Head of Production Tian Mullarkey Tel: +44 20 7566 5436 tian.m@peimedia.com Group Managing Director Tim McLoughlin Tel: +44 20 7566 4276 tim.m@peimedia.com Co-founder David Hawkins Tel: +44 20 7566 5440 david.h@peimedia.com Co-founder Richard O’Donohoe Tel: +44 20 7566 5430 richard.o@peimedia.com Head of Advertising Alistair Robinson Tel: +44 20 7566 5454 alistair.r@peimedia.com Head of Business Development Jeff Gendel Tel: +1 212 633 1452 jeff.g@peimedia.com
Page 1: THE ANNUAL REVIEW 2010 PE portfolio
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THE ANNUAL REVIEW 2010 - PEI Media

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