THE ANNUAL REVIEW 2010 - PEI Media

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page 44 private equity annual review 2010 Separately, MVision announced in the autumn that it was building out an infrastructure-focused team. In place of traditional fund-style investing, Guen said at the time he believed institutional investors were looking for a broader array of services including separatelymanaged accounts, direct investments, joint ventures and other forms of gaining exposure to the infrastructure asset class. Fund of fuNDS of THE YEAR 1. Capital Dynamics 2. Partners Group 3. LGT Capital Partners Switzerland plays host to the headquarters of six of the world’s 50 largest funds of funds – in terms of assets under management – between them investing nearly $50 billion into the asset class. While this may be fewer than either the US or the UK, in terms of quality in Europe it is Switzerland which Rio de Janeiro: one of CapDyn’s new outposts plays host to the crème de la crème, according to PEI readers. For the second year in a row, Capital Dynamics has fought off its compatriots to be crowned best fund of funds in Europe. The firm continued to grow its AUM in 2010. Of note was its vote of confidence from the $226 billion California Public Employees’ Retirement System, which brought CapDyn in to manage a $480 million clean energy programme, replacing incumbent manager Pacific Corporate Group. CapDyn also established a clean energy infrastructure offering for clients, as well as extending its own infrastructure, adding offices in Zurich (its base is in nearby Zug), Tokyo and Rio de Janeiro. Secondaries FIRm of THE YEAR 1. Coller Capital 2. AXA Private Equity 3. Pantheon behind one of the year’s marquee transactions: the spin-out of 40 private equity investments from Lloyds Banking Group (for more details see p. 49). The firm will hope limited partners are equally impressed by another strong year; Coller is currently in the market trying to raise $5 billion for its next vehicle. Special mention should be made of the two runners up, both of whom agreed stand-out transactions during 2010. AXA Private Equity was behind the acquisition of a massive $1.9 billion portfolio of fund interests from Bank of America while Pantheon backed the high profile spin-out of Candover Partners from its listed parent. Distressed DEBT FIRm of THE YEAR 1. Oaktree Capital Management 2. Apollo Global Management 3. Towerbrook Capital Management Oaktree Capital Management has once again won the distressed debt firm of the year category in Europe, where its European Principal Group began operating in 2005. Among the deals it executed in 2010 was the recapitalisation of Germany-based Beluga Shipping, a global supplier of heavy-lift shipping services that, after having enjoyed a period of growth, found itself in a liquidity crisis stemming from the global financial downturn and its impact on global trade. Oaktree provided about €150 million of new financing in the form of both debt and equity, which was used to fund the construction of previously ordered ships, opportunistic vessel purchases and other potential acquisitions. The structure of the deal allowed for the full financing of Beluga while allowing Oaktree to retain security in the most valuable vessels in the company’s fleet, providing both downside protection and “attractive upside potential”, the firm said. Oaktree’s London-based European Principal Group combines local presence in key markets with its in-house operating and legal restructuring expertise to pursue both distressed private-equity and distress-for-control transactions. It has made 17 controloriented investments in every major European country and has also purchased debt positions in more than 25 companies. Coller: doubling down In 2009 Coller Capital – led by industry pioneer Jeremy Coller – inked two of Europe’s most remarkable secondaries deals and was subsequently honoured twice in PEI’s awards in both the “Best secondaries firm in Europe” category and “Best private equity deal” category for its investment in listed firm SVG Capital. As an encore, 2010 has not disappointed. Once again Coller picks up two European awards – “Secondaries firm of the year in Europe” and “Secondaries deal of the year in Europe” – after it was Special situATIONS/tuRNAROund FIRm of THE YEAR 1. Sun European Partners 2. Oakley Capital 3. Endless Not to be outdone by its parent company, Sun Capital Partners, which won the award for Special Situations/Turnaround Firm of the Year in North America, Sun European Partners took the same prize in Europe by completing 14 deals in 2010 worth approximately $800 million, setting firm records for both the amount of transactions and combined deal value. Led by senior managing director Michael Kalb, Sun Europe has
OVER 10 YEARS AS A LEADING BUYOUT FIRM IN CENTRAL AND EASTERN EUROPE Largest Exit in CEE in 2010 Polish Quadruple -Play Operator, acquired March 2006; Exit Agreed December 2010 Second Largest Exit in CEE in 2010 Czech Broadcasting Operator, acquired November 2006; as part of the Falcon Group Exit Agreed December 2010 Lithuanian &Latvian Mobile Operator Acquired February 2007 Serbian Cable & Satellite Operator Acquired June 2007 Polish Healthcare Providers Acquired October 2007 Polish Healthcare Provider Acquired October 2007 Austrian Mobile Operator Acquired October 2007 Polish Healthcare Provider Acquired August 2008 Polish Healthcare Provider Acquired September 2008 Global Machinery Producer Acquired Feb 2006 & Sept 2008 Czech Mobile Operator Acquired November 2006, as part of the Falcon Group Slovenian Triple-Play Operator Acquired July 2009 Hungarian Telecoms Provider Acquired October 2009 Czech Photovoltaic Park Operator Acquired June 2010 WITH OVER 3 BILLION OF ASSETS UNDER MANAGEMENT AND TWENTY-SEVEN INVESTMENTS IN FIFTEEN COUNTRIES www.mideuropa.com BUDAPEST LONDON WARSAW
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