Contents
In brief 2
”Opportunity knocks!”
Keynote interview 12
Electra Partners LLP is an independent private equity fund manager, responsible for
managing the assets of the oldest London-listed investment trust, Electra Private
Equity. We recently interviewed Tim Syder, deputy managing partner, about
Electra’s history, strategy and portfolio.
Guest comment 16
In a guest comment for this issue of LPE Focus, Brooks Zug, founder and senior
managing director of HarbourVest Partners, reviews the role of private equity funds of
funds and explains why he believes funds of funds are a relevant investment tool in
today’s market environment.
Secondary market pricing review 23
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
pricing trends over 1H09.
Company profile 29
In this section we profile J.P. Morgan Private Equity, a private equity fund of funds, which
listed on the LSE in June 2005. First known as Bear Stearns Private Equity, it was
renamed in September 2008 following the collapse of Bear Stearns and the manager’s
integration into J.P. Morgan.
Sector overview 53
This section provides detailed coverage of our universe of listed private equity
companies, including background information, structural advantages, growth in
assets and a review of secondary market liquidity.
ABN AMRO manager survey – August 2009 62
This section displays the results from our August 2009 survey of listed private equity
companies. The survey concentrates on manager resources, asset allocation and
commitments, and aims to provide a means of differentiation across the universe.
Performance 86
In this section, we consider how the listed private equity companies in our universe
have performed over the course of 2009 to date, in both NAV and share price
terms. We also include information on valuations and indices.
Single-manager private equity funds 95
This section provides detailed coverage of the single-manager private equity funds
in our universe. We currently cover nine companies that are listed on the London
Stock Exchange or Euronext Amsterdam. This peer group has combined assets of
£6.2bn.
Multi-manager private equity funds 115
This section provides detailed coverage of the multi-manager private equity funds in
our universe of companies. These are listed across Euronext Amsterdam, the
London Stock Exchange and the Swiss Stock Exchange. Gross assets currently
total £5.6bn.
Appendix I 146
Glossary
Appendix II 148
Alternative Investment Fund Research
Appendix III 149