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PE 2018/2019

Debevoise & Plimpton

2018/2019 PRIVATE EQUITY YEAR END REVIEW AND OUTLOOK

Private equity made another strong showing in 2018, limited only by the fierce competition for deals. To find opportunities while maintaining discipline, funds have gotten creative—through roll-up and add-on strategies, in the financing arrangements they offer acquisition targets, and in increased interest in new markets, such as impact investing. >more


Global Investment 2018 Survey

Invest Europe

2018 GLOBAL INVESTMENT DECISION MAKERS SURVEY

Europe’s attractiveness as an investment destination is on the rise compared to 2017, as the majority of global investors are more likely to invest in both the EU and the UK after Brexit, according to new survey findings. Nearly 90% of investors said Europe has become a more attractive investment destination over the last five years, according to Invest Europe’s Global Investment Decision Makers Survey 2018. >more


Global Venture Capital Q4 2018

KPMG

VENTURE PULSE Q4 2018

KPMG Enterprise’s Global Network for Innovative Startups launched the Q4’18 edition of the Venture Pulse Report. The report analyses the latest global trends in venture capital investment data and provides insights from both a global and regional perspective. This edition of the quarterly series provides in-depth analysis on venture capital investments across North America, EMA and ASPAC and will cover a range of issues such as financing and deal sizes, unicorns, industry highlights and corporate investment. >more


Start-ups January 2019

Ernst & Young

START-UP-BAROMETER DEUTSCHLAND: JANUAR 2019

German start-ups received more money in 2018 than ever before: a total of just under 4.6 billion euros was invested in German start-up companies last year - 7 percent more than in the previous year. The number of investments also reached a new high (615 compared with 507 transactions in the previous year). >more


Alternative Assets

PwC

REDISCOVERING ALTERNATIVE ASSETS IN CHANGING TIMES

Historically low interest rates and the enduring effect of quantitative easing are making markets expensive, so investors continue to turn to alternative asset classes where alpha looks better. But surplus capital and other factors have forced valuations up and prospective returns down. Changes in how we work and live, prompted by new technology, innovative business models, and geopolitical shifts, could render many real assets obsolete while creating opportunities elsewhere. We also see new entrants disrupting the sector, capturing value and market share.  In this report, PwC examines the fundamentals behind this transformation and the changes across several asset classes. >more


PE H2 2018

Ernst & Young

PRIVATE EQUITY: DER TRANSAKTIONSMARKT IN DEUTSCHLAND H2 2018

The German private equity market cooled down noticeably in 2018, but remains at a high level. After 227 deals in 2017, financial investors only made 216 in the current year. And the deal volume also fell from 19.4 billion euros to 17.9 billion euros. However, the previous year was exceptionally strong: it marked the highest number of deals and the second-highest transaction value since the financial crisis. >more


Global PE Winter 2018-19

Coller Capital

GLOBAL PRIVATE EQUITY BAROMETER: WINTER 2018-19

Three-quarters of the world’s private equity investors (Limited Partners or LPs) believe that international trade disputes will harm investment returns from private equity if they continue, according to Coller Capital’s latest Global Private Equity Barometer. As for Brexit, approaching half of the world’s LPs think there will be no new opportunities for private equity in Britain’s departure from the EU. A similar proportion think the opportunity will be limited to acquiring British assets on the cheap. Only 17% of Limited Partners see opportunities from a less demanding regulatory environment, and just 13% think private equity could benefit from better export opportunities for British companies. >more


M&A Panel          October 2018

CMS Hasche Sigle / FINANCE

M&A PANEL OKTOBER 2018

For the FINANCE M&A Panel, the FINANCE editorial staff, together with the law firm CMS Hasche Sigle, interviews M&A managers in companies and investment banks anonymously three times a year about their current market assessment. The report compiles the most exciting statements on deal drivers, deal breakers and the financing environment. >more


Private Equity Panel   October 2018

CMS Hasche Sigle / FINANCE

PRIVATE EQUITY PANEL OKTOBER 2018

For the Private Equity Panel, the FINANCE editorial team, together with the law firm CMS Hasche Sigle, interviews senior investment managers from more than 50 leading private equity houses in Germany three times a year about their current market assessment. The report compiles the most exciting statements on the business prospects of their portfolio companies, the attractiveness of certain sectors and the financing environment. >more


European Asset Management

McKinsey & Company

FULL SPEED AHEAD IN EUROPEAN ASSET MANAGEMENT

Europe’s asset-management industry enjoyed its ninth consecutive year of record performance in 2017: assets under management (AUM) rose by 8 percent, to €22.5 trillion, one of the best showings since the financial crisis. The global industry reached new highs as well, powered by strong performance in many of the world’s stock markets. >more


PE Indices

AssetMetrix

APPROACHES, CHARACTERISTICS AND IMPLICATIONS OF PRIVATE EQUITY INDICES

Due to private equity’s inherent non-public nature, performance measurement for the sector poses special challenges. Prior to any further calculation and deeper analysis, a suitable basis for making statements about value development over time has to be chosen. This places us directly into the realm of index construction. In the course of this paper, AssetMetrix explores different possibilities of implementing private equity indices. >more


PE and Digital Age

AssetMetrix

READY FOR THE CHANGE? PRIVATE CAPITAL OPERATIONS IN THE DIGITAL AGE

Digital transformation has meanwhile reached the private capital industry. Automated data capture, centralized data storage, customized reports, and integrated workflows are absolutely essential for conducting efficient operations. That is the main finding of the study carried out by AssetMetrix recently. In the course of the study, over 100 customers and market participants were surveyed to find out more about how they organize their back- and middle-office activities and the systems they deploy. >more


Investments in Southeast Asia

Bain & Company

INVESTING IN SOUTHEAST ASIA: WHAT’S BEHIND THE BOOM

Bain research shows that Southeast Asia’s investment ecosystem is entering a new phase of growth. By 2024, the region will give rise to at least 10 new companies with a market value of more than $1 billion each. More than 1,300 companies in Southeast Asia received a first round of seed financing since 2011, including 261 in 2017 — five times the level of 2011. Total deal value over the next five years is likely to reach $70 billion, double the level of the previous five years. >more


2018 Global Alternative Fund Survey

Ernst & Young

2018 GLOBAL ALTERNATIVE FUND SURVEY

Sweeping change has taken hold of the financial services industry: robotics and A.I are fundamentally changing the relationship that financial institutions have with end users, the vast proliferation of data is changing the way that institutions ultimately make business decisions, and the skill sets that are needed to drive the business forward are changing the mindsets of those that occupy the corner office, fundamentally changing the way that they conduct business. With this as a backdrop, it is a certainty that the pace of change will continue to gain momentum. And as with other segments of the financial services landscape, the alternative fund industry now finds itself at that defining moment as well – a tipping point in its evolution where disruptive technology represents a virtual signpost on the road to future success. >more


PE Market 2018 Snapshot

S&P Global

EMEA PRIVATE EQUITY MARKET SNAPSHOT

This issue leads with a review of EMEA’s struggle to attract new global PE investments as the year draws to a close. The negative trend, however, is stymied by the UK who had the highest number of deals in 2018 and represented 67% of the €17.4bn invested within the region. >more


PE and Tax Issues

Debevoise & Plimpton

THE PRIVATE EQUITY REPORT: FALL 2018 SPECIAL TAX ISSUE

The enactment of the Tax Cuts and Jobs Act (TCJA) left little untouched in the world of private equity, and it will be some time before its effects are fully known. This issue of the Private Equity Report takes a close look at the topics that should be at the top of firm agendas. >more


Star-up Report 2018

PwC

START-UP-STUDIE 2018

PwC has interviewed 1,000 founders in Germany about how satisfied they are with their location, what challenges they face, and how they finance themselves. You can find answers to these and many more questions in this report! >more


European Start-ups October 2018

Ernst & Young

START-UP-BAROMETER EUROPA: OKTOBER 2018

Never before have European start-ups received so much fresh capital in the first half of the year as this year: inflows of funds rose by 27 percent to 10.2 billion euros, while the number of financing rounds rose by 19 percent to 1,995. >more


Asset Management in Europe

European Fund and Asset Management Association (EFAMA)

ASSET MANAGEMENT IN EUROPE: AN OVERVIEW

This report aims at providing facts and figures on the financial assets managed through investment funds and discretionary mandates, focusing on where the assets are managed. The report is primarily based on data provided by EFAMA national member associations through a questionnaire. >more


PE Investors and CEOs

AlixPartners

SURVEY: MISALIGNMENT BETWEEN PRIVATE EQUITY INVESTORS, PORTFOLIO COMPANY CEOS TRIGGERING COSTLY TURNOVER

Our latest Private Equity/CEO study performed jointly with Vardis shows misalignment between the two groups on a surprisingly wide range of critical matters. At a glance: CEO turnover is unplanned for 34% of investments, leading to significantly worse returns and longer hold times for private equity firms. The first 100 days are ripe for misalignment, with varying expectations of support, assessments of the management team, performance metrics, and frequency of contact. Private equity investors tend to replace CEOs at the most disruptive times. >more


Blockchain and Real Estate

White & Case

BLOCKCHAIN AND REAL ESTATE: A GLOBAL REVOLUTION IN THE MAKING?

In 2008, bitcoin announced itself as the first blockchain application, introducing the world to distributed ledger technology — a secure and transparent peer-to-peer payment protocol. Fast-forward a decade and blockchain is transforming the way global business is done — across industries. This report highlights the potential to revolutionise the global real estate industry. >more


Private Debt Top 100

Preqin

PREQIN SPECIAL REPORT: THE PRIVATE DEBT TOP 100

With the objective of providing greater insight into who the most influential players are in the private debt industry, Preqin is pleased to provide a comprehensive ranking for the first time of the top 100 GPs and LPs within the private debt asset class, taken from our online platform. >more


Hedge Fund Industry

Alternative Investment Management Association (AIMA)

INDUSTRY LEADERS ON THE FUTURE OF THE HEDGE FUND INDUSTRY

The Alternative Investment Management Association spoke to 25 hedge fund industry leaders about innovations in the sector, from the impact of artificial intelligence and ESG to how the manager/investor relationship is evolving. The picture those individuals painted in our conversations was of an industry embracing change while staying true to its primary focus of delivering for investors. >more


German PE Q2 2018

KfW Research

GERMAN PRIVATE EQUITY BAROMETER: 2.QUARTAL 2018

The German Private Equity Barometer is based on a quarterly survey of the 200+ members of the German Private Equity and Venture Capital Association (Bundesverband Deutscher Kapital­beteiligungs­gesellschaften – BVK). The German Private Equity Barometer reports the business climate in the German private equity capital market. The responses provided by interviewees are weighted to reflect the volume of capital under management and the investment focus of all BVK members. >more


Alternative to Hedge Fund

Goldman Sachs

AN ALTERNATIVE TO HEDGE FUND INVESTING: A RISK-BASED APPROACH

In this paper, Goldman Sachs analyzes the hedge fund universe, systematic drivers of hedge fund performance and discusses the efficacy of the weight estimation procedure. >more


PE German Report H1 2018

Ernst & Young

PRIVATE EQUITY: DER TRANSAKTIONSMARKT IN DEUTSCHLAND H1 2018

Financial investors have been very active in Germany in the first half of 2018: The total volume of 10.7 billion euros is the highest value since the financial crisis. In the same period last year, the total volume was only 5.3 billion euros. At that time, there had not been a single deal worth more than one billion euros. Whereas this year recorded three of such deals already. >more


Alternative Investments in Europe

Preqin

PREQIN MARKETS IN FOCUS: ALTERNATIVE ASSETS IN EUROPE

In this comprehensive report, Preqin turns its attention to the evolving alternative assets industry in Europe, where the latest figures and trends are analyzed by Preqin’s own industry experts who give their views on where the private capital and hedge fund industries are headed. Also featuring exclusive commentary from alternatives professionals located throughout Europe, this report draws on our extensive data to provide a detailed overview of a changing market that is growing in both size and influence. >more


Global PE 2018

Baker & McKenzie

GLOBAL PRIVATE EQUITY INSIGHTS 2018: DISCOVERING OPPORTUNITIES IN AN UNCERTAIN WORLD

The 2018 edition of Global Private Equity Insights looks at some of the trends in the global private equity market and how industry leaders are finding opportunities in an uncertain world. The goal is to share perspectives from a diverse set of market participants in order to help you navigate through rough waters and stay on top of market developments. >more


PE Outlook Summer 2018

Coller Capital

GLOBAL PRIVATE EQUITY BAROMETER: SUMMER 2018

Limited Partners taking stakes in GP management companies via specialist funds is becoming a mainstream dynamic in private equity, according to Coller Capital’s latest Global Private Equity Barometer. One in six LPs already invests in this strategy, and this is likely to rise to over a third of LPs. >more


EU Tax

Invest Europe / KPMG

PRIVATE EQUITY TAX BENCHMARK STUDY 2018

In contrast to the period preceding the publication of the last edition of the Tax Benchmark Study where little progress was made on EU tax initiatives, the period from 2013-2018 has seen several tax proposals agreed at EU level with several more still under discussion. In particular, there has been a strong push towards transparency and disclosure of tax information with added momentum coming from high-profile revelations such as Panama Papers and Paradise Papers, in 2016 in 2017 respectively. >more


PE May 2018

CMS Hasche Sigle / FINANCE

PRIVATE EQUITY PANEL MAI 2018

More and more private debt funds are operating in the German private equity market. It is estimated that more than 50 firms are seeking business in Germany, while in the first quarter of the year they financed half of all private equity deals. But despite the increasing hype, these financing competitors to the banks in the private equity space have not gained as much ground as is often supposed. That is the key finding of this year’s second private equity panel survey, which is conducted every four months by CMS Germany and FINANCE magazine. >more


Real Estate Trend 2018 and H2 2017

Duff & Phelps

EUROPEAN REAL ESTATE MARKET STUDY - H2 2017 AND TRENDS FOR 2018

This edition of the European Real Estate Market Study provides an overview on the analysis of office, retail and logistic sectors in the European capital market during the past year and gives an outlook for upcoming months. >more


PE Report 2017

Invest Europe

EUROPEAN PRIVATE EQUITY ACTIVITY REPORT 2017

This annual survey, undertaken on behalf of Invest Europe, collects comprehensive and robust activity data on fundraising, investment and divestment from about 1,250 private equity and venture capital firms in Europe. The 2017 statistics cover 89% of the €640bn capital under management on the European market. >more


PE Spring 2018

Debevoise & Plimpton

PRIVATE EQUITY REPORT: SPRING 2018

With record amounts of dry powder chasing a finite number of deals and continued pressure from investors for returns, private equity funds are facing a highly competitive market on all fronts. General partners are responding by finding innovative ways of offering attractive terms at auction, meeting investor needs for liquidity and investing further in high-growth industries. >more


Private Markets 2018

eVestment

PRIVATE MARKETS DUE DILIGENCE SURVEY 2018

Now in its third year, eVestment’s annual private markets due diligence survey draws on a cross-section of the institutional investor and consultant market to explore the key components of their manager due diligence and selection processes. For the first time, eVestment also surveyed private funds managers to compare perspectives and experiences on various factors related to their investors’ due diligence process. >more


PE and Overheating

The Boston Consulting Group

PRIVATE EQUITY IS HOT BUT NOT OVERHEATING

In most news coverage about the private equity industry, one question recurs: After two decades of strong growth and high returns, is the industry overheating? Several indicators — including deal multiples, leverage ratios, and the amount of dry powder (that is, uninvested capital) — are at historically high levels, and new entrants continue to flood into the market. But BCG believes the PE industry still has significant room to grow. >more


Hedge Funds in 2017

Preqin

PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

This report takes a closer look at those funds that have reached the top of the performance ranks in 2017. Using data taken from Preqin’s online platform, it examines the top performing hedge funds over a one- and three-year basis, as well as those funds that have been performing consistently well over the past three and five years. >more


Real Estate Outlook 2018

PwC

EMERGING TRENDS IN REAL ESTATE: THE GLOBAL OUTLOOK 2018

Real estate continues to attract capital, demonstrating its stability and appeal over other asset classes in an otherwise uncertain investment world. However, reading across the three recently published Emerging Trends in Real Estate reports, an undercurrent of caution exists. Influenced by a gradual reversal of monetary policy, late-cycle property market and a fundamentally different demand environment. All interviewees for Global Emerging Trends in Real Estate 2018 agree, these are challenging times for an industry that must somehow strike the right balance between risk management, innovation and entrepreneurship. >more


PE 2018

PwC

PRIVATE EQUITY TREND REPORT 2018: THE COMING OF AGE

The latest trend analysis of PwC shows: Europe’s financial investors are adopting a much more cooperative approach than five or ten years ago. The European market continues to boom and deal volumes have achieved new heights. >more


German Private Equity 2017 and 2018

Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK)

DER DEUTSCHE BETEILIGUNGSKAPITALMARKT 2017 UND AUSBLICK AUF 2018

The German private equity market reported a record year in 2017. A total of €11.3 billion was invested in some 1,100 companies by private equity firms last year. Buyout investments totalled €8.94 billion, over three-quarters more than the previous year’s €5.02 billion. Once again, a few large transactions were largely responsible for this. The most spectacular transactions in 2017 were the takeovers of STADA, Germany’s biggest buyout in more than 10 years, and Ceramtec. >more


Alternative Assets H1 2018

Preqin

PREQIN INVESTOR OUTLOOK: ALTERNATIVE ASSETS, H1 2018

This report presents the results of a series of interviews with over 550 global institutional investors in alternatives, conducted at the end of 2017. With the industry going from strength to strength in recent years as investors have allocated heavily to alternatives and developed a more sophisticated understanding of these investments, this report explores investors’ satisfaction with their investments, their key concerns and their planned activity for the year ahead. >more


German Tech Start-Up

Ernst & Young

FAST GROWTH IN GERMANY: TECH START-UPS AND INVESTORS SETTING NEW BENCHMARKS

International investors and successful IPOs have lifted the German tech start-up scene to a new level in 2017. This report analyzes amongst other things the top 100 funded German start-ups, which had accumulated funding of more than USD 8b by the end of 2017 and set new benchmarks in Germany and Europe. About 70% of the raised venture capital was invested in Berlin-based start-ups and about half of the top 100 funded businesses are less than seven years old. >more


European PE 2018

Roland Berger Strategy Consultants

EUROPEAN PRIVATE EQUITY OUTLOOK 2018

The private equity industry anticipates more M&A transactions on the part of PE firms in 2018 than last year, confident that the favorable economic outlook will offset economic uncertainties like the ongoing Brexit negotiations. This is among the conclusions reached by the new "European Private Equity Outlook 2018", a study for which Roland Berger interviewed a cross-section of private equity professionals from around Europe. >more


Private Markets Review

McKinsey & Company

THE RISE AND RISE OF PRIVATE EQUITY

To understand the landscape, McK conducted the second annual review of private markets, drawing on new analyses from long-running research on private markets and conducting interviews with executives at some of the world’s largest and most influential general partners (GPs) and limited partners (LPs). The latest report summarizes all findings, looking at the industry’s capital flows in 2017, including fundraising, assets under management (AUM), and capital deployment. It also reviews the implications of these dynamics for the relationship between GPs and LPs as well as discusses ideas for finding continued success. >more


Venture Capital Q4 2017

KPMG

VENTURE PULSE: Q4 2017

KPMG Enterprise’s Global Network for Innovative Startups launched the Q4’17 edition of the Venture Pulse Report. The report analyses the latest global trends in venture capital investment data and provides insights from both a global and regional perspective. This edition of the quarterly series provides in-depth analysis on venture capital investments across North America, EMA and ASPAC and will cover a range of issues such as financing and deal sizes, unicorns, industry highlights and corporate investment. >more


Real Estate Investment

Ernst & Young

TRENDBAROMETER IMMOBILIEN-INVESTMENTMARKT 2018

The transaction volume of the real estate investment market (commercial and residential real estate) has increased by around 9.7 percent to 72.8 billion euros in 2017 (2016: 65.7 billion euros). This is one of the major results of the trend barometer for the Real Estate Investment Market 2018 of EY Real Estate. >more


Secondary PE Market

Blackstone

A PRIMER FOR TODAY'S SECONDARY PRIVATE EQUITY MARKET

The secondary private equity market has evolved considerably over the past two decades, evolving from a niche market characterized by distressed sellers and significant discounts to a functional and active marketplace with increasingly sophisticated participants. This primer explores the history of secondary private equity and answers investors' concerns on what's ahead for the asset class. >more


German Startup January 2018

Ernst & Young

STARTUP-BAROMETER DEUTSCHLAND: JANUAR 2018

German start-ups attracted record amounts of money in 2017: the total value of investments climbed from 2.3 to 4.3 billion euros - an increase of 88 percent. Especially very large deals with a volume of more than € 100 million explain the 2017 surge. Such blockbuster deals have been entirely missing in the previous year. >more


PE 2. HY 2017

Ernst & Young

PRIVATE EQUITY - DER TRANSAKTIONSMARKT IN DEUTSCHLAND 2. HALBJAHR 2017

The German private equity market was characterized by a lot of activity in 2017: financial investors made a total of 210 transactions - more than ever before. Thanks to some mega-deals, the deal volume in the second half of the year increased to 13.8 billion euros, which is almost three times as much as in the first half of the year. >more