Manon Mendez

Happy to share StepStone Group's 2023 Responsible Investment report that we released last week. There's a wealth of case studies highlighting our work in a range of areas from our promotion of financed emission measurement across private markets, our engagement with GPs on critical incidents, and how our Real Estate team engaged with a company to set science based net zero targets, where our additional investment was contingent upon the company committing to implement those targets. https://lnkd.in/eqxcCiVr

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#Hahn_Co Hahn & Co, a South Korean private equity firm founded by former Morgan Stanley banker Scott Sang-Won Hahn, has raised $3.4bn for a new buyout fund, making it the largest single-country focused vehicle in Asia this year, according to a report by Bloomberg. The report cite unnamed sources familiar with the matter as revealing that the fundraising effort includes a $140m co-investment with the fund attracting significant interest from a diverse set of investors. Asian investors contributed 35% of the total capital, while investors from the US and Canada accounted for 30%, and those from the Middle East contributed 20%. The fund surpassed its $3.2bn target and outstripped the $2.8bn raised by Carlyle Group for a Japan-focused vehicle earlier this year. This close comes at a time when other firms like PAG and Carlyle have struggled to meet fundraising expectations for larger Asia funds. https://lnkd.in/drY8brRJ

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It's remarkable what my former Lehman Brothers colleague Ricardo Lombardi and the Intermediate Capital Group (ICG) Strategic Equity team have built over the past decade in the GP-led private markets transactions space, long before it has become one of the most active strategies in today's private markets landscape, and no doubt, as industry pioneers, are making good progress in the raise of their largest-ever GP-led-focused fund when the manager holds its final close. The London-listed manager’s Strategic Equity unit has already raised more capital for its Strategic Equity V fund than the size of its predecessor and is still in fundraising mode. Fund V has a $6 billion target and launched in November 2022 and would be the largest dedicated fund focusing on single-asset continuation vehicle opportunities. Intermediate Capital Group (ICG) also plans to launch an evergreen fund this year which will invest via #secondaries. The firm also recently raised it's inaugural LP-secondary fund at $1 billion and had its second-largest year of fundraising with $13 billion raised. Interestingly enough, 11 percent came from the private wealth channel. Congratulations to all!  #alternativeassets #privatemarkets #fundmanagers #fundraising #london #privateequity #capitalmarkets #institutionalinvestors #liquidity #distributions #privatewealth https://lnkd.in/g994F-d5

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In a market landscape of liquidity droughts, leading European private equity fund manager BC Partners continues to deliver for limited partners. Who said #europe was out of favor? #alternativeassets #privatemarkets #privateequity #fundmanagers #trackrecord #capitalmarkets #exits #liquidity #distributions https://lnkd.in/gwk4U_f7

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"Diverse PE & VC firms invest in a different universe of deals" My own experience in investment management shows that the different views on deals is one fo the key success factors! 🏆 Working together in gender diverse teams or with people of different backgrounds is so inspiring and value generating and, in addition, provides better performance! It is so important for investors and the teams themselves to have more equal opportunities on all levels of an investment firm from junior to senior positions. 🚀 More information in our emma Ventures' post below:

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I had an interesting chat with Yuke Xie from the South China Morning Post SCMP recently on the evolving investment strategies of Middle Eastern institutions and family offices.    Traditionally centered on the US and Europe, these investors and institutions are now turning their attention to the dynamic economies of #SoutheastAsia.    Looking forward, I foresee Southeast Asia maturing significantly as an investment hub, driven by its vibrant entrepreneurial ecosystem and fast-growing middle class. I believe Southeast Asia could well become a third pillar of international diversification for Middle Eastern investment, and #healthcare could potentially be a focal point.    Exciting times lie ahead for our SEA team of investment professional & operators, and we are currently raising a Southeast Asia-focused healthcare growth capital fund to capitalize on this growth.   Read more about it in the following link:

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#wealthy_families_fuel Ultra-rich individuals and families worth more than $150bn are helping drive a resurgence in private equity buyouts, providing capital for some of the year’s biggest acquisitions to overcome a tough dealmaking environment. Wealthy clans that built their fortunes in industries from children’s toys to household boilers have been co-investors on nearly $20 billion of listed company takeovers this year, according to data compiled by Bloomberg. They’ve made a mark on Wall Street as go-to sources of capital for investment firms like KKR & Co. and Silver Lake, helping them get acquisitions over the line at a time when borrowed money remains expensive. https://lnkd.in/d48TEht6

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Impact investing may have originated in private markets, but it's gaining importance in public markets too. Our Positive Change strategy focuses not only on companies with strong social or environmental credentials, but also on those that can improve their impact through active ownership. #impact #global #equities

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In today’s blog, Jakub Lichwa dives into the recent merger discussions between BBVA and Banco Sabadell, which would strengthen BBVA’s SME franchise in the Spanish market and rebalance its reliance away from Mexico, towards Europe. Jakub looks at the M&A trend that is starting to form across Europe and concludes that we should not rule out further transactions in the European banking space. Read more: https://okt.to/EATCtQ #m&a #banks #europeanmergers

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I am very pleased to have had the opportunity to discuss LPs views on private credit at the IMpower Incorporating FundForum in Monaco. It was great to share the stage with José María Martínez-Sanjuán, CFA, CAIA and Alexandra Daly. Direct Lending continues to deliver attractive spreads and returns and to act as a compelling fixed income replacement or supplement in investors' portfolios, while providing lower volatility and stricter covenants and clauses to protect lenders from losses as compared to public debt markets. Despite banks stepping back into the lending space recently, the outlook for private credit should remain strong as alternative asset managers offer some critical benefits to corporates and PE sponsors like speed and certainty of execution, confidentiality of a bilateral agreement and bespoke terms to address specific borrower's needs.

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I find this story to be particularly interesting as I have closely followed Antoine Drean's career in private markets over the past 2 decades. He was the Founder and Chairman of leading boutique private markets advisory firm Triago which was recently successfully sold to advisory firm Houlihan Lokey, and is also a #Founder and Chairman of leading online private markets secondary market place Palico. Therefore, his leadership in identifying strong middle-market fund managers and LPs appreciative of this market are noteworthy and his firm Mantra Investment Partners are definitely a private markets fund manager to track. They aim to build a diverse portfolio of small GP stakes in up-and-coming managers, ranging in value from around USD 1 million to USD 15 million apiece. #gpstakes Mantra Investment Partners are also seeking specialized #privateequity opportunities for the primary fund strategy, selecting funds in sectors #uncorrelated to broader economic trends, such as litigation finance, #digital infrastructure and #agribusiness. It also targets small to #middlemarket #secondary transactions similarly unanchored to mainstream markets. The primary fund commitments will be primarily in the US, while secondaries a mix US/ #europe and some rest of world. I see the exciting alpha potential in GP stakes and private markets overall in the middle-market and niche strategies. I also highly value industry experience and respect for market cycles and industry data. This is definitely a group to track. #alternativeassets #privatemarkets #capitalmarkets #fundmanagers

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Is it possible for all new private equity funds raised to use the same standardized LPA? This was a one of many great discussions at Institutional Limited Partners Association (ILPA) European Roundtable 2024 in London today where LPs, GPs, and other industry participants gathered in an open forum to find common grounds on current challenges. The topic of standardized LPAs came up during the breakout session - Evolving from “one-way” to a ”Partnership” dynamic. The fund formation process and terms negotiation has been a source of much frustration for many LPs for a long time. A solution to streamline the process and to eliminate friction could be a standardized LPA. Do you think it would be possible to make such an LPA that would get widespread adoption? What are your thoughts?

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#Aegon Aegon has strengthened its largest workplace pension default fund with enhanced ESG integration and private markets investment offerings. The 700,000 members currently invested in the £12bn universal balanced collection fund will benefit from improved returns, value for money and a wider range of investment opportunities as a result of the transformation, set to take place from Q3 this year. The fund, available to investors in Aegon’s ‘Retirement Choices’, ‘One Retirement’ and some other platform products, will offer a bespoke solution managed by three asset managers – with private market allocations housed within long-term asset fund (LTAF) structures (subject to regulatory approval). https://lnkd.in/d2RvqHmX

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Highlights from Intermediate Capital Group (ICG) trading statement for the three months ended 30 June 2024: 📈 AUM of $101bn 🗓️ Strong quarter, with $4.7bn of new capital 🤝 Elevated transaction activity compared to Q1 FY24 🔭 Expectations remain unchanged from our FY24 results 🌿 Marking a decade of responsible investing at ICG with the publication of our latest Sustainability and People Report #PrivateMarkets #PrivateCapital #Alternatives Capital at risk. Past performance is not a reliable indicator of future results.

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The earnings season, the market's volatility, the economic slowdown and why we think it's not necessarily bad news... These are only a few of the topics we cover in our latest monthly investment comment. Enjoy!

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Leading private equity group EQT with $251 billion AUM has announced to buy United States digital consultancy group Perficient for $3 billion in an all-cash transaction, representing 75% premium to closing price on 29th April 2024.  The acquisition is made by EQT affiliate BPEA Private Equity Fund VIII.  Read - https://lnkd.in/dSx56JDm follow Caproasia | Driving the future of Asia Leading private equity group EQT with $251 billion AUM (EUR 232 billion) has announced to buy United States digital consultancy group Perficient for $3 billion in an all-cash transaction, representing 75% premium to closing price on 29th April 2024.  The acquisition is made by EQT affiliate BPEA Private Equity Fund VIII. Jeff Davis, Chairman of the Board of Perficient: “Today’s announcement is the result of a comprehensive review by the Board to maximize value for the company and its shareholders. We are proud of the role Perficient plays in delivering big thinking and innovative ideas, along with a practical approach to help the world’s largest enterprises and biggest brands succeed. With this agreement with EQT, we will provide our shareholders with compelling, certain cash value for their shares while continuing to support our clients in exceeding expectations, outpacing the competition, and growing their businesses.” Tom Hogan, President and CEO of Perficient: “Today marks a momentous next step for our company. This is an exciting new chapter that would not have been possible without our employees’ hard work and dedication to our clients, partners, and other stakeholders. EQT’s vision for Perficient aligns directly with ours, and I look forward to partnering with them as we continue on our global growth journey.” Hari Gopalakrishnan, Partner, EQT Private Capital Asia: “Perficient is well known for its world class end-to-end digital consulting capabilities, and unmatched global delivery. In recent years, the Perficient team has been successful in expanding the scope of their offerings, and we look forward to supporting them in driving further growth. We have significant experience investing in the digital technology space, and I am confident that this exciting partnership will help strengthen Perficient’s unique position in the marketplace.” EQT Group, Perficient, BPEA EQT

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Gain.pro's research got featured in the Financial Times :) more about the current state of PE below!

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🎉 New major release toward Roundtable vision (and live on Product Hunt!) The LinkedIn for investment in private markets with investor profiles and the first curated Roundtable European investor Database! To unleash investments in Private Markets, on top of a compliant and efficient structuration ( 👋 SPV and Fund as a Service), a people-centric approach is the key! That's why after conquering the European Market with private and public communities 6 months ago, we are now releasing the investor profiles feature with an extensive Investor Database! 🔥 This will enable : - Investors to showcase their investment thesis and activity status, portfolio of investment, expertise, and value-add! - Founders to gain visibility on the investor's ecosystem and finally easily navigate to find the right match which will help them grow their company - (Soon) All to connect to explore new investment horizons And we’re launching all this on Product Hunt today so please go upvote (in comments)! 👇 Thanks again to the amazing Roundtable team for the always so qualitative work - Nothing would be possible without you!! Julien Fissette, Simon Ternoir, Nicolas Delwaide, Julien Antoine, Alexis Guinebretière, Antoine Loiseau, Felix W. Schmitt, Marie Aurdal, Marina Lungu, Nick Surmanidze, Elora B., Charles Vallin, Zaineb E., Lebastard Thibaud, Marceau SAVIGNY, Nicolas Timillero, Quentin Nickmans, Thibaud Elziere, Amaury Sepulchre

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