PDF GUIDE TO THE SECONDARY MARKET - Dow Jones & Company

GUIDE TO THE SECONDARY MARKET

2014 Edition

Sponsored by:

GUIDE TO THE SECONDARY MARKET

2014 Edition

Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Yuliya Chernova, Sonja Cheung, Alec Macfarlane, Michael Wursthorn Research Victoria Camporeale Bradley, Sean Curran Advertising Joseph Koskuba, James Lindquist Production and Design Tara S. Cooper, Heather Graham, Tim White Editorial Director Nicholas Elliott Tel 609.520.7779 or 800.291.1800 | privatemarkets ISBN# 1-934391-18-2/978-1-934391-18-1 | Guide to the Secondary Market published May 2014 by Dow Jones & Company, Inc., located at 1211 Avenue of the Americas,

New York, New York 10036. Dow Jones & Co. is a News Corporation company. Cover Price: $195. Contact newsletters.support@. Copyright ? 2014 by Dow Jones & Company, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means ? graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems ? without the express written permission of Dow Jones & Company, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Dow Jones & Company, Inc., its officers, employees, or agents may hold positions in any of the securities mentioned herein. Photo credits - cover: ?BrainOnAShelf; p7: Zorabc/; p8: Paolo Bona ; p11: ?WillSelarep; p13: ?Oliver Hoffmann; p18: ?Nikada; p20: ?photovideostock; p24: ?Dennis Oblander; p25: ?anyaivanova; p27: ?scibak; p28: ?sierrarat; p29: ?Tigger11th/; p30: Borislav Toskov/; p31: ?Matthew Dixon

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GUIDE TO THE SECONDARY MARKET | | 3

Table of Contents

I. Introduction

Preface

4

By Laura Kreutzer, Assistant Managing Editor, Private Equity

Large Portfolio Sales Put Secondary Market Back on Track

6

By Michael Wursthorn

Secondary Market Timeline

16

Fundraising and Deal Volume, 2001-2013

Secondary Market Posts Big Year in 2013, but Exactly How Big?

18

By Laura Kreutzer and Michael Wursthorn

Strong Pricing Drives Some Buyers Further Out on the Risk Spectrum

20

By Laura Kreutzer

Fund Recaps Gather Steam Despite Challenges

25

By Michael Wursthorn

More LPs Seek Secondary Deals, but Can They Fly Solo?

28

By Hillary Canada

Secondary Buyers Bet Slow Growth in Asia Will Drive More Deals

30

By Sonja Cheung

The Rise and Fall of Paul Capital

31

By Alec Macfarlane

Nasdaq Takes Aim at Secondaries Market

33

By Yuliya Chernova

Secondaries Reap Rewards of Boom Era Deals

34

By David Smagalla

II. Sponsored Articles

GP-Led Fund Restructurings and Recapitalizations: A Growing Market Solution

36

By Brian Mooney of Cogent Partners

Discount to Net Asset Value: A Key Factor to Producing High Returns?

37

By Charles Soulignac of Fondinvest Capital

2014 Secondary Market Valuation Trends and Outlook Highlights

for Private Funds and Companies World-Wide

39

NYPPEX Holdings LLC

III. Firm Listings

Secondary Market Buyer Listings

40

Secondary Direct Manager Listings

63

Intermediary Firm Listings

67

IV. Appendixes

A. Investors That Have Backed Secondary Funds

75

B. Secondary Market Buyer: Interests Sought

78

C. Secondary Market Buyer & Direct Manager: Geographic Preferences

80

D. Secondary Market Direct Manager: Industry Preferences

82

E. Secondary Market Intermediary: Types of Clients Represented

83

F. Secondary Market Intermediary: Average Size of Deals Represented

84

V. Indexes

Company Name

85

Contact Name

88

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