Transparency in Private Equity. General

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1 Transparency in Private Equity

2 Top Level Findings Institutional investor allocations to private equity are expected to increase over the next five years Investors expect increased levels of demand among investors for transparency around risk and performance from private equity managers Performance of underlying assets in each portfolio and risk exposures are the top areas where investors are demanding transparency Some investors would decrease their allocation to private equity if the push for greater transparency failed to materialise Illiquidity seen as the biggest obstacle to increasing levels of direct exposure to private equity funds State Street 2015 Asset Manager Survey conducted by FT Remark. All data in this presentation originates from this survey unless otherwise noted. 2

3 Allocation to Private Equity Over the Next Five Years Asset Owners Expect to Increase Their Allocation to Private Equity 59 percent of asset owners are set to increase their allocation Over the next five years do you think that institutional investor allocation to private equity will increase, decrease or stay the same? 3% Decrease significantly 3% Decrease slightly 13% Stay the same 23% Increase slightly 43% Increase significantly 16% 3

4 Demand for Transparency Increased Levels of Demand for Transparency Around Risk and Performance 47 percent of asset owners expect transparency to increase significantly What do you think will happen to levels of investor demand for transparency around risk and performance from private equity managers? 0% 14% 3% 1% Demand will increase significantly Demand will increase slightly 46% Demand will stay the same Demand will decrease slightly 36% Demand will decrease significantly 4

5 Areas for Improvement? Increased Levels of Demand for Transparency Around Risk and Performance 70 percent performance of underlying assets will see increasing levels of transparency In what areas are investors demanding increased levels of transparency from private equity managers? 4% NAVs 32% Fund cashflows 23% Factor exposures 13% Risk exposures 46% Performance of underlying assets in each portfolio 70% 5

6 If Transparency Doesn t Materialise? Allocation Would Remain if the Push for Transparency Does Not Happen 49 percent said allocation would remain the same If the push for greater transparency doesn t materialise, how might this impact allocation to private equity going forward? 4% Allocation would remain 49% Allocation would decrease significantly 8% Allocation would decrease slightly 28% Allocation would increase slightly Allocation would increase significantly 2% 10% 6

7 Obstacles to Direct Exposure Illiquidity and Lack of Investment Transparency Biggest Obstacles to Exposure 70 percent cite illiquidity as biggest obstacle to increasing levels of direct exposure What are the biggest obstacles to increasing levels of direct exposure to private equity funds? 5% In house expertise 29% Large minimum investments Benchmarking individual private equity funds Benchmarking private equity as an asset class Regulation 19% 21% 21% 24% Lack of investment transparency 38% Illiquidity 70% 7

8 Disclaimer State Street Global Exchange is a trademark of State Street Corporation (incorporated in Massachusetts) and is registered or has registrations pending in multiple jurisdictions. This document and information herein (together, the Content ) is subject to change without notice based on market and other conditions and may not reflect the views of State Street Corporation and its subsidiaries and affiliates ( State Street ). The Content provided is for informational, illustrative and/or marketing purposes only; it does not take into account any client or prospects particular investment or other financial objectives or strategies, nor any client s legal, regulatory, tax or accounting status, nor does it purport to be comprehensive or intended to replace the exercise of a client or prospects own careful independent review regarding any corresponding investment or other financial decision. The Content does not constitute investment, legal, regulatory, tax or accounting advice and is not a solicitation to buy or sell securities, nor is it intended to constitute any binding contractual arrangement or commitment by State Street of any kind. The Content provided was prepared and obtained from sources believed to be reliable at the time of preparation, however it is provided as-is and State Street makes no guarantee, representation, or warranty of any kind including, without limitation, as to its accuracy, suitability, timeliness, merchantability, fitness for a particular purpose, non-infringement of third-party rights, or otherwise. State Street disclaims all liability, whether arising in contract, tort or otherwise, for any claims, losses, liabilities, damages (including direct, indirect, special or consequential), expenses or costs arising from or connected with the Content. The Content is not intended for retail clients or for distribution to, and may not be relied upon by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulation. The Content provided may contain certain statements that could be deemed forward-looking statements; any such statements or forecasted information are not guarantees or reliable indicators for future performance and actual results or developments may differ materially from those depicted or projected. Past performance is no guarantee of future results. No permission is granted to reprint, sell, copy, distribute, or modify the Content in any form or by any means without the prior written consent of State Street State Street Corporation, All rights reserved. 8

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