Our LPE (Listed Private Equity) Focus publication provides regular analysis of
private equity funds of funds that are listed and traded on a stock exchange.
Gross assets for this sector currently total £12bn.
! In this report we consider how the 21 companies in our universe are faring in
light of current market conditions. We also include the results of our regular
fund manager survey, in which we ask managers to report on underlying asset
allocation, unfunded commitments and their outlook for private equity over
the next 12 months.
! We profile Lehman Brothers Private Equity Partners, which listed on Euronext
Amsterdam in July 2007. We include a review of the company’s strategy and
portfolio, and explain why we believe its current discount to NAV offers a
significant opportunity for investors.
! Elsewhere in this issue we interview Jonathan Russell, Chairman of the
European Private Equity & Venture Capital Association, and include a guest
comment from Cogent Partners on current pricing trends within the private
equity secondary fund market.

Contents
In brief 2
“The best time to go fishing is when the weather is at its worst” – Eskimo proverb
Keynote interview 8
The European Private Equity and Venture Capital Association (‘EVCA’) is a
member-based, non-profit trade association. It was established in 1983. We
recently spoke to EVCA’s Chairman, Jonathan Russell, about some of the
challenges currently facing the private equity industry.
Guest comment 13
Cogent Partners specialises in providing investment banking services for the private
equity secondary fund market. In a guest comment for this issue of LPE Focus Colin
McGrady (co-founder of Cogent Partners) and Brad Heffern give us their views on winter
2008 pricing trends.
Company profile 20
Lehman Brothers Private Equity Partners listed on Euronext Amsterdam in July 2007. It
is managed by the private fund investments division of Neuberger Berman, and invests
in a range of third-party fund interests with a current focus on top-tier buyout and special
situations funds.
Listed private equity funds of funds 42
This section provides detailed coverage of our universe of exchange-traded private
equity funds of funds, including background information, structural advantages,
growth in assets and a review of secondary market liquidity.
ABN AMRO survey – January 2009 52
This section displays the results of our recent survey of the listed private equity fund
of funds sector. Our survey results concentrate on asset allocation and
commitments, and aim to provide a means of differentiation across the universe.
Performance 71
In this section we consider how our universe of listed funds has performed in light of
recent market conditions, in both NAV and price terms. We also include information
on valuations and indices.
Euronext Amsterdam 79
This section provides detailed coverage of the private equity funds of funds listed on
Euronext Amsterdam. The exchange saw a flurry of IPOs between 2006 and 2007,
and is host to five companies with combined assets of £5.9bn.
London Stock Exchange 91
This section provides detailed coverage of the private equity funds of funds listed on
the London Stock Exchange. The LSE is currently host to 11 different companies,
with total gross assets of £4.3bn.
Zurich Stock Exchange 115
This section provides detailed coverage of the private equity funds of funds listed on
the Zurich Stock Exchange. This exchange is host to five companies, which floated
between 1998 and 2001, with total gross assets of £1.7bn.
Other stock exchanges 126
In addition to Euronext Amsterdam, the London Stock Exchange and the Zurich
Stock Exchange, we are also aware of private equity funds of funds listed in
Australia, Denmark, Sweden and Finland.
Glossary 128
Alternative Investment Fund Research 130
ABN AMRO produces a range of dedicated research on closed-end funds that
invest in ‘alternative assets’; as well as this publication LPE Focus, we produce
reports covering listed hedge funds, and ‘new’ alternatives.
Team contacts 131
The Alternative Investment Funds Team is part of the Equities division of RBS
Global Banking & Markets and delivers a fully integrated service for the specialist