High Net Worth Asset Allocator Study Insights into Private Equity. Study conducted by Scorpio Partnership Fifth in a series of semi-annual surveys

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1 High Net Worth Asset Allocator Study Insights into Private Equity Study conducted by Scorpio Partnership Fifth in a series of semi-annual surveys

2 Key findings Alternatives allocation has rebounded from a low of 7% in Q to 20% Allocation to gold has dropped by almost half to 10%, hedge funds has risen from 35% to 42%, private equity was up two points to 7%; with real estate and commodities roughly flat at 20% and 10% respectively. 16% expect to increase investment in private equity within the next 6 months with only 4% to decrease; around 40% intend to increase commodities and real estate. Respondents continue to expect private equity to deliver higher returns than any other alternative investment class, although the perception of risk has also increased from six months ago. Illiquidity is the greatest barrier to investing in private enterprises for nearly 80%. Liquidity is seen to be LPE s greatest attribute. About 40% of respondents are considering investing in listed private equity within the next 6 months, but uncertainty regarding future investment has increased. 2

3 Methodology and respondent profile 31 chief executive officers and senior investment professionals completed online survey between May and June Represented approximately $6.3 trillion in AUM, or about 40% of the $16.1 trillion global managed wealth management market. About 45% of respondents were from private banks, asset managers and Family Office, 14% Universal Banks. 44% are smaller institutions with AUM of under $3 billion; over a third had AUM between $3 and $10 billion; the remainder were larger companies with AUM of $50 to more than $500 billion. 60% have investment thresholds over $1 million. Two-thirds of respondents are headquartered in Europe. 3

4 Respondent profile Organisation Type Organisation Country 7% 14% 45% Private Banks Universal Bank Family Offices Asset Manager Other 3% 10% 69% Europe Americas Asia Pacific Other Assets Under Management Asset Threshold 7% 11% Under $3 billion 21% 7% Less than $250k 37% 44% $3 to $50 billion $50 to $500 billion Over $500 billion 41% 31% $250k-$1 million $1-$10 million >$10 million

5 Alternative allocations have held steady at 20% Alternatives Fixed Income Equities Cash 100% 10% 11% 4% 8% 6% 80% 60% 37% 49% 49% 46% 43% 40% 20% 0% 29% 30% 26% 31% 33% 24% 7% 20% 20% Q Q Q Q Q Based on overall changes in allocation for balanced portfolios 5

6 Average return (out of 10) Over the past 6 months, respondents perception of PE s return and risk have increased significantly HIGH RETURN / LOW RISK HIGH RETURN / HIGH RISK Private equity Real estate Hedge funds Commodities 4.50 Gold LOW RETURN / LOW RISK LOW RETURN / HIGH RISK Average risk (out of 10)

7 Allocations to hedge funds and PE have regained some ground while gold has declined Alternative Investments allocation Q2 2011* 2% 13% 16% 11% 58% Alternative Investments allocation Q % 10% 13% 35% Alternative Investments allocation Q Hedge funds 11% Real estate Gold Commodities 7% 11% 42% Private equity Other 10% 20% 19% * Gold not specified in Q2 survey 7

8 Real estate back in favour; commodities polarize opinion; PE allocations cautiously up Real estate 8% 31% 54% 4% 4% Commodities 4% 35% 46% 15% Increase a lot Private equity 4% 12% 80% 4% Increase Stay the same Hedge funds 12% 12% Decrease Decrease a lot Gold 12% 76% 12% 0% 20% 40% 60% 80% 100% % of Respondents Do you anticipate changing your allocations to the above in the next 6 months? 8

9 Only 3% of respondents are above their recommended PE benchmark 28% Significantly below recommended Slightly below recommended 10% Same as recommended 3% Slightly above recommended 41% Significantly above recommended Don't Know Please indicate how close your actual private equity allocation is to your recommended private equity allocation.

10 Illiquidity is the greatest barrier to investing in privately-held companies In contrast to sizeable allocations to public equities, private equities play a much smaller part within portfolios. What do you see as the key inhibitors to accessing exposure to private companies? Illiquidity of such investments 79% Costs of sourcing, due diligence, investment execution and monitoring 55% Concerns about corporate governance 28% High cost of achieving diversification Identification of the best privately-held businesses None Other 3% 3% 0% 20% 40% 60% 80% 100%

11 Liquidity is listed PE s strongest attribute Liquidity: the ability to access and exit on demand 55% Diversification 28% Getting exposure to private equity at discounted prices 28% Administrative simplicity 28% None 28% Ability to reach and control allocation to private equity Transparency of underlying investments 10% More preferable to hold listed private equity given regulatory constraints 3% 0% 10% 20% 30% 40% 50% 60% What do you see as the advantages of investing in listed private equity?

12 Nearly 40% of respondents plan to invest in listed private equity within 6 months Uncertainty has increased over past 6 months. Over the next 6 months, would you consider investing in listed private equity? 31% 38% Yes No Unsure 31% Combined sample 2Q

13 About LPEQ LPEQ is the European listed private equity trade body, founded in 2006 to increase awareness, understanding and interest in Listed Private Equity among investors, advisors, analysts and market commentators. Visit LPEQ commissions and publishes proprietary research, and supports academic research, on the Listed Private Equity sector and its investors. LPEQ works with its members to identify and address investor concerns, such as establishing and promoting best practice in investor communications. With a combined market capitalisation of over 8 billion LPEQ s members are: Aberdeen Private Equity Fund Altamir Amboise Conversus Capital LP Deutsche Beteiligungs AG Dinamia Capital Privado SCR SA Dunedin Enterprise Investment Trust PLC Electra Private Equity PLC F& C Private Equity Trust Gimv NV Graphite Enterprise Trust PLC HarbourVest Global Private Equity HBM BioVentures HgCapital Trust plc JP Morgan Private Equity Limited JZ Capital Partners Limted NB Private Equity Partners Limited Pantheon International Participations PLC Private Equity Holding AG Standard Life European Private Equity Trust PLC SVG Capital plc 13

14 About Scorpio Partnership Scorpio Partnership is the leading insight and business consultancy to the global wealth industry. The firm specialises in understanding the wealthy and the financial institutions they interact with. We have developed four transformational disciplines: SEEK building knowledge and insight THINK planning and strategic thinking SHAPE shaping existing businesses proactively CREATE developing pragmatic ideas for new businesses The firm is independent and owned by management. Our clients: Scorpio Partnership has conducted more than 300 global assignments across wealth for institutions in the banking, fund management, regulation, IT and technology, insurance and charity sectors. Our accolades: Scorpio Partnership has been voted best global consultancy to the wealth management industry for three consecutive years*. For more information go to *Wealth Briefing 14

15 Contacts Andrea Lowe Chief Executive LPEQ Ltd T: +44 (0) Catherine Tillotson Managing Partner Scorpio Partnership T: +44 (0)

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