Private Equity. Industry Investment Report 2015-Q2.

Size: px
Start display at page:

Download "Private Equity. Industry Investment Report 2015-Q2. www.pegcc.org"

Transcription

1 Private Equity Industry Investment Report 2015-Q2

2 2 Table of Contents Page Executive Summary 3 Business Products & Services 5 Consumer Products & Services 6 Information Technology 7 Financial Services 8 Healthcare 9 Materials & Resources 10 Energy 11

3 3 Executive Summary In the second quarter of 2015, Business Products & Services and Consumer Products and Services were the top industries receiving private equity investment. Investment in four industries grew (Business Products & Services, Information Technology, Healthcare, and Energy), while Consumer Products & Services, Financial Services, and Materials & Resources saw declines in investment. Investment in Business Products & Services (B2B) remained steady from Q1, but the trend suggests lower investment levels in 2015 than in Volume ticked up to $37 billion while deals dropped slightly. The buyout of Indiana Toll Road Concession Company for $5.7 billion dominated acquisitions in Q2. Consumer Products and Services (B2C) investment dropped by $4 billion to $33 billion from last quarter. The largest deal included Life Time Fitness, valued at $4.1 billion. Consumer spending is expected to increase and stabilize later this year, which may make this sector more attractive to private equity investors. Private equity funds also put more capital into Information Technology (IT) companies in Q2. IT, which experienced steady investment over the past year, saw volumes increase from $14 billion in Q1 to $17 billion in Q2. Major deals include Riverbed Technology ($3.6 billion) and Blue Coat Systems ($2.4 billion). After a significant drop since Q1 2014, investment in Healthcare companies saw a small upturn of $2 billion in Q1 to $9 billion in Q2. Volume levels and the number of deals still remain at historical averages. Investment in both Financial Services and Materials & Resources dropped $1 billion and sit near the lowest levels since Top deals in both of these industries during Q2 were valued less than $1 billion. Finally, the volume of private equity investment in Energy experienced a slight bump, with larger increases in the number of deals suggesting that firms are targeting smaller investments. Projections in the energy sector are uncertain as energy prices remain volatile. Similarly, fundraising dropped by one-third from $12.8 billion in Q to $8.2 in Q

4 2015-H1 Industry Investment Totals 4

5 5 Business Products & Services (B2B) Indiana Toll Road Concession Company 5/28/15 $5.7 IFM Investors Air Medical Group Holdings 4/28/15 $2.1 Kohlberg Kravis Roberts WASH Multifamily Laundry Systems 4/13/15 $1.0 EQT Partners

6 6 Consumer Products & Services (B2C) Life Time Fitness 6/4/15 $4.1 Leonard Green & Partners, LNK Partners, TPG Capital Great Wolf Resorts 5/12/15 $1.4 Centerbridge Partners Driven Brands 4/17/15 $0.6 Roark Capital Group

7 7 Information Technology Riverbed Technology 4/24/15 $3.6 Elliott Management, Ontario Teachers' Pension Plan, Thoma Bravo Blue Coat Systems 5/26/15 $2.4 Bain Capital Cadillac Jack 6/1/15 $0.4 American Gaming Systems, Apollo Global Management

8 8 Financial Services American Beacon Advisors 4/30/15 $0.7 Estancia Capital Management, Kelso & Co. Drawbridge Realty 6/19/15 $0.4 Kohlberg Kravis Roberts Preston Hollow Capital 6/1/15 $0.4 Stone Point Capital

9 9 Healthcare Air Medical Group Holdings 4/28/15 $2.1 Kohlberg Kravis Roberts Paradigm Management Services 6/2/15 $0.5 Summit Partners VetCor Professional Practices 4/20/15 $0.5 Cressey & Company, Harvest Partners

10 10 Materials & Resources Zep 6/26/15 $0.7 New Mountain Capital Infiltrator Water Technologies 5/28/15 $0.5 Ontario Teachers' Pension Plan Reichhold 4/2/15 $0.1 Black Diamond Capital Management, JP Morgan Chase & Co., Simplon Partners, Third Avenue Management

11 11 Energy Petroleum Products Corporation 4/14/15 $1.2 ArcLight Capital Partners Bayonne Energy Center 4/1/15 $0.7 Macquarie Funds Group Luxe Energy 5/4/15 $0.5 Natural Gas Partners

12 12 Energy (Fundraising)

CANADIAN PRIVATE EQUITY BUYOUT REVIEW

CANADIAN PRIVATE EQUITY BUYOUT REVIEW CANADIAN PRIVATE EQUITY BUYOUT REVIEW First Half 2015 REUTERS / Mark Blinch Table of Contents Canada s Buyout & PE Market in H1 2015 3 $ Invested and # Companies Financed 5 Top Buyout Deals 9 Canada by

More information

For more information and analysis, please see the factsheet that follows.

For more information and analysis, please see the factsheet that follows. Press Release 5 th January 215 214 Equity-Backed Buyout Deals and Exits Reach Highest Levels Since the Global Financial Crisis The total value of exits from private equity-backed portfolio companies throughout

More information

CANADIAN VENTURE CAPITAL & PRIVATE EQUITY REVIEW

CANADIAN VENTURE CAPITAL & PRIVATE EQUITY REVIEW REUTERS CANADIAN VENTURE CAPITAL & PRIVATE EQUITY REVIEW Preliminary Results Full Year 2015 Amount Invested (CAD $ Millions) # of Deals Venture Capital Investment in Canadian Companies $2.5 Billion in

More information

Mergers & Acquisitions Environment for the Battery Power Industry

Mergers & Acquisitions Environment for the Battery Power Industry Mergers & Acquisitions Environment for the Battery Power Industry 1 Current Themes in M&A U.S. M&A activity returned strongly since 2010 after a drop off in volume in 2009 and has remained relatively healthy

More information

AN ENERGY FUTURE HOLDINGS BANKRUPTCY?

AN ENERGY FUTURE HOLDINGS BANKRUPTCY? Snapshot Report: AN ENERGY FUTURE HOLDINGS BANKRUPTCY? MARCH 2014 tcaptx.com P1 An Energy Future Holdings Bankruptcy? Energy Future Holdings ( EFH ), the Dallas-based energy giant, teeters close to bankruptcy.

More information

Pension Fund Investment in Infrastructure

Pension Fund Investment in Infrastructure Pension Fund Investment in Infrastructure Evolution, Problems and the Way Forward Raffaele Della Croce Financial Affairs Division Directorate for Financial and Enterprise Affairs Contents Global Interest

More information

AN ENERGY FUTURE HOLDINGS BANKRUPTCY

AN ENERGY FUTURE HOLDINGS BANKRUPTCY Snapshot Report: AN ENERGY FUTURE HOLDINGS BANKRUPTCY MARCH 2014 tcaptx.com P1 An Energy Future Holdings Bankruptcy Energy Future Holdings ( EFH ), the state s largest electric company, has declared bankruptcy.

More information

INFRASTRUCTURE INVESTOR

INFRASTRUCTURE INVESTOR infrastructureinvestor.com FOR THE WORLD S INFRASTRUCTURE MARKETS INFRASTRUCTURE INVESTOR 30 a n a l y s i s Rise and rise of the independent funds The evolution from the bank-affiliated fund model to

More information

Private Equity Alert

Private Equity Alert March 1, 2013 Private Equity Alert Final FATCA Regulations Released Impact on Private Investment Funds On January 17, 2013, the US Treasury and the IRS released final regulations under the Foreign Account

More information

Developing by Public Private Partnership (PPP): Meeting infrastructure needs successfully.

Developing by Public Private Partnership (PPP): Meeting infrastructure needs successfully. Developing by Public Private Partnership (PPP): Meeting infrastructure needs successfully. Vicky D. Kefala Head, Investments & Development Projects Consolidated Contractors Company (CCC) MBA Finance, BA

More information

Global Alternatives Survey 2013

Global Alternatives Survey 2013 Global Alternatives Survey 2013 Including the top 100 alternative investment managers Including the top alternative asset manager rankings July 2013 2013 Towers Watson. All rights reserved. Survey statistics

More information

Sales Velocity Surges as Rents Push Higher

Sales Velocity Surges as Rents Push Higher Research & Forecast Report GREATER PHOENIX MULTIFAMILY 2 Sales Velocity Surges as Push Higher Key Takeaways > > The Greater Phoenix multifamily market continued to improve in the fourth quarter, capping

More information

Market Overview. September 23, 2004

Market Overview. September 23, 2004 Market Overview September 23, 2004 Agenda Overview : US Market Annuity Sales Annuity Market Competition AXA Financial Annuity Market Share and Rank Life Sales Life Insurance Market Competition AXA Financial

More information

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations.

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. Please turn to page two. 1 For the nine months to December, net revenue

More information

Private Equity Alert

Private Equity Alert February 12, 2013 Private Equity Alert Periodic Regulatory Filings and Annual Compliance Obligations Applicable to Private Fund Sponsors by Venera Ziegler There have been many changes to the regulatory

More information

Québec s Venture Capital Market in 2010

Québec s Venture Capital Market in 2010 Québec s Venture Capital Market in 2010 A REPORT PREPARED FOR RÉSEAU CAPITAL Quebec s Private Equity and Venture Capital Association FEBRUARY 2011 2011 by Thomson Reuters (Canada); All Rights Reserved

More information

MBA Forecast Commentary Joel Kan

MBA Forecast Commentary Joel Kan MBA Forecast Commentary Joel Kan Mortgage Originations Estimates Revised Higher MBA Economic and Mortgage Finance Commentary: February 2016 In our most recent forecast, we presented revisions to our mortgage

More information

Names, Addresses and Experience of Directors and Officers

Names, Addresses and Experience of Directors and Officers Page 1 Names, Addresses and Experience of Directors and Officers Woodbury Casino, LLC is wholly owned by Caesars Growth Partners. Caesars Acquisition Company is the managing member of Caesars Growth Partners.

More information

Business Model Highlights 2010 Q1 2011 Outlook

Business Model Highlights 2010 Q1 2011 Outlook MLP Company Presentation Reinhard Loose, CFO JP Morgan Insurance Mini Conference June 17, 2011 Agenda Business model Highlights 2010 Q1 2011 Outlook and summary Appendix Page 2 MLP a broad-based consulting

More information

AMP Limited reports third quarter cashflows, AUM and Australian wealth protection update

AMP Limited reports third quarter cashflows, AUM and Australian wealth protection update 23 October 2015 AMP Limited reports third quarter cashflows, AUM and Australian wealth protection update AMP Limited today reported cashflows, assets under management (AUM) and an update on its Australian

More information

International Conference Call Banco do Brasil 3 rd Quarter Earnings Results November 14 th, 27

International Conference Call Banco do Brasil 3 rd Quarter Earnings Results November 14 th, 27 International Conference Call Banco do Brasil 3 rd Quarter Earnings Results November 14 th, 27 Operator: Good morning ladies and gentlemen, thank you for standing by. We will now begin Banco do Brasil

More information

2013 SEC Government-Business Forum on Small Business Capital Formation

2013 SEC Government-Business Forum on Small Business Capital Formation 2013 SEC Government-Business Forum on Small Business Capital Formation Crowdfunding: Crystal ball-- Now that you raised the money, what s next for the company and the markets? CROWD INSTINCT: The Evolution

More information

The Adjusted-Present-Value Approach to Valuing Leveraged Buyouts 1)

The Adjusted-Present-Value Approach to Valuing Leveraged Buyouts 1) IE Aufgabe 4 The Adjusted-Present-Value Approach to Valuing Leveraged Buyouts 1) Introduction A leveraged buyout (LBO) is the acquisition by a small group of equity investors of a public or private company

More information

LC Paper No. CB(1)1621/05-06(01)

LC Paper No. CB(1)1621/05-06(01) LC Paper No. CB(1)1621/05-06(01) Response to the follow up questions for the FA Panel meeting held on 4 May 2006 a. The size, portfolio, return and relevant parameters of the Norwegian Government Pension

More information

Frequently Asked Questions Q3 2007

Frequently Asked Questions Q3 2007 Frequently Asked Questions Q3 2007 1. Can you comment on the performance of CIBC Retail Markets during the quarter? CIBC Retail Markets reported net income for the third quarter of $555 million, up 14%

More information

LNC provides its partners with flexible capital solutions and the strategic support to drive value creation for all stakeholders

LNC provides its partners with flexible capital solutions and the strategic support to drive value creation for all stakeholders LNC provides its partners with flexible capital solutions and the strategic support to drive value creation for all stakeholders LNC Partners is a Northern Virginia based investment firm with over $235

More information

Senator Harkin s Findings Regarding Veterans and For Profit Colleges

Senator Harkin s Findings Regarding Veterans and For Profit Colleges Senator Harkin s Findings Regarding Veterans and For Profit Colleges $150 $133 Where are Federal G.I. Bill Dollars Going? Top Ten Recipients of Post 9/11 G.I. Bill Benefits $120 $113 $99 $96 Dollars in

More information

Q2 2012 Global Digital Advertising Update

Q2 2012 Global Digital Advertising Update Q2 2012 Global Digital Advertising Update Adobe Digital Index Q2 2012 Global Digital Advertising Update Table of contents 1: Executive summary 2: Overall search trends 4: Search by device type 6: Facebook

More information

DISCOVER FINANCIAL SERVICES REPORTS THIRD QUARTER RESULTS

DISCOVER FINANCIAL SERVICES REPORTS THIRD QUARTER RESULTS DISCOVER FINANCIAL SERVICES REPORTS THIRD QUARTER RESULTS Earnings Per Share $0.42; Net Income of $202 Million Board of Directors Declares $0.06 Dividend Riverwoods, IL, September 25, 2007 -- Discover

More information

MULTI-ASSET PORTFOLIO FUNDS

MULTI-ASSET PORTFOLIO FUNDS INTRODUCING MULTI-ASSET PORTFOLIO FUNDS Irish Life has developed five Multi-Asset Portfolio Funds: > If you are a low risk or high risk investor, there is a fund that may suit you > The funds invest in

More information

European private equity investment over 40bn in 2014, exits hit record levels, new EVCA data shows

European private equity investment over 40bn in 2014, exits hit record levels, new EVCA data shows European private equity investment over 40bn in 2014, exits hit record levels, new EVCA data shows Brussels 12 May 2015 European private equity investment rises 14% to 41.5bn in 2014 Over 5,500 European

More information

EIOPA Risk Dashboard September 2015 Q2 2015 data PUBLIC. EIOPA-FS-15/651 Frankfurt, 16th September 2015

EIOPA Risk Dashboard September 2015 Q2 2015 data PUBLIC. EIOPA-FS-15/651 Frankfurt, 16th September 2015 EIOPA Risk Dashboard September 2015 Q2 2015 data PUBLIC EIOPA-FS-15/651 Frankfurt, 16th September 2015 Summary The release of this EIOPA Risk Dashboard is based on 2015- Q2 indicators submitted on a best

More information

INTRODUCING MULTI-ASSET PORTFOLIO FUNDS

INTRODUCING MULTI-ASSET PORTFOLIO FUNDS PENSIONS INVESTMENTS LIFE INSURANCE INTRODUCING MULTI-ASSET PORTFOLIO FUNDS Irish Life has developed five Multi-Asset Portfolio Funds: If you are a low risk or high risk investor, there is a fund that

More information

Pennsylvania Public School Employees Retirement System. Roster of Investment Managers, Advisors, and Consultants. As of March 31, 2013

Pennsylvania Public School Employees Retirement System. Roster of Investment Managers, Advisors, and Consultants. As of March 31, 2013 Pennsylvania Public School Employees Retirement System Roster of Investment Managers, Advisors, and Consultants As of March 31, 2013 List of PSERS Internally Managed Investment Portfolios Emerging Markets

More information

Secondary Private Equity: A Growing Source of Returns and Liquidity

Secondary Private Equity: A Growing Source of Returns and Liquidity Secondary Private Equity: A Growing Source of Returns and Liquidity May 19, 2009 0 What Is The Private Equity Secondary Market? The aftermarket buying and selling of security interests in private equity

More information

The Allstate Corporation

The Allstate Corporation The Allstate Corporation Barclays Global Financial Services Conference Thomas J. Wilson: Chairman, President, and Chief Executive Officer September 10, 2014 Safe Harbor This presentation contains forward-looking

More information

Investing with composure in volatile markets. Staying focused on long-term economic and market expectations

Investing with composure in volatile markets. Staying focused on long-term economic and market expectations NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Investing with composure in volatile markets Staying focused on long-term economic and market expectations The key to successful investing is not predicting

More information

Note on Leveraged Buyouts

Note on Leveraged Buyouts Note on Leveraged Buyouts Introduction A leveraged buyout, or LBO, is an acquisition of a company or division of another company financed with a substantial portion of borrowed funds. In the 1980s, LBO

More information

Earnings Release Q4 FY 2015 July 1 to September 30, 2015

Earnings Release Q4 FY 2015 July 1 to September 30, 2015 Munich, Germany, November 12, 2015 Earnings Release FY 2015 July 1 to September 30, 2015 Strong finish for fiscal 2015»We delivered what we promised, and are well positioned to deliver on our plans for

More information

DISCOVER FINANCIAL SERVICES REPORTS FOURTH QUARTER RESULTS: NET INCOME OF $371 MILLION AND EARNINGS PER SHARE OF $0.63

DISCOVER FINANCIAL SERVICES REPORTS FOURTH QUARTER RESULTS: NET INCOME OF $371 MILLION AND EARNINGS PER SHARE OF $0.63 DISCOVER FINANCIAL SERVICES REPORTS FOURTH QUARTER RESULTS: NET INCOME OF $371 MILLION AND EARNINGS PER SHARE OF $0.63 Riverwoods, IL, Dec. 17, 2009 - Discover Financial Services (NYSE: DFS) today reported

More information

U.S. LEVERAGED BUYOUT MARKET 1980-2002

U.S. LEVERAGED BUYOUT MARKET 1980-2002 M E R G E R S & A C Q U I S I T I O N S U.S. LEVERAGED BUYOUT MARKET 1980-2002 MAY 2003 Douglas J. Lawson Vice President 312-920-2139 dlawson@pjc.com Tina D. Chan Associate 312-920-2148 tchan@pjc.com TABLE

More information

Benefits of Separately Managed Accounts

Benefits of Separately Managed Accounts 703 Market Street, 18th Floor San Francisco, CA 94103 800.541.7774 Benefits of Separately Managed Accounts Separately Managed Accounts are known under a number of other names including individually managed

More information

Global Alternatives Survey 2015

Global Alternatives Survey 2015 Global Alternatives Survey 2015 Including the top alternative asset manager rankings July 2015 2015 Towers Watson. All rights reserved. Survey statistics 623 entries are included in the survey. The majority

More information

Leveraged Loan Funds: Debunking the Myths

Leveraged Loan Funds: Debunking the Myths Leveraged Loan Funds: Debunking the Myths SM Leveraged Loan Funds: Debunking the Myths Contents 2 Myth #1: Managing liquidity in actively managed leveraged loan mutual funds is difficult. 3 Myth #2: In

More information

Private Equity in Asia

Private Equity in Asia Private Equity in Asia October 21 Asia private equity, in particular China, has increasingly attracted attention from institutional investors due to the region s faster economic recovery, greater growth

More information

Global Alternatives Survey 2014

Global Alternatives Survey 2014 Global Alternatives Survey 2014 Including the top alternative asset manager rankings July 2014 2014 Towers Watson. All rights reserved. Survey statistics 589 entries are included in the survey. The majority

More information

US PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013

US PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013 US PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013 In 2013, US private equity and venture capital turned in their best annual performance since 2006 and 1999, respectively. Strong

More information

RIA Industry Transactions Year-end 2015

RIA Industry Transactions Year-end 2015 RIA Industry Transactions Year-end 2015 Advisor Services Media Contacts Rob Farmer Mayrav Weiss (415) 667-0083 (718) 801-8864 Rob.Famer@schwab.com sas@neibartgroup.com March 2016 2016 & Co., Inc. ( Schwab

More information

Industry Presentation 14 th Annual Factoring Conference San Diego, CA. Milestone Advisors, LLC. Commercial Finance Industry Overview.

Industry Presentation 14 th Annual Factoring Conference San Diego, CA. Milestone Advisors, LLC. Commercial Finance Industry Overview. Industry Presentation 14 th Annual Factoring Conference San Diego, CA April 9 12, 2008 MERGERS & ACQUISITIONS CORPORATE FINANCE MERCHANT BANKING Milestone Advisors, LLC Milestone Advisors, LLC ( Milestone

More information

By James J. Green Data Compiled by Liana Roberts. Visit ThinkAdvisor.com to view the 2014 directory of independent broker-dealers.

By James J. Green Data Compiled by Liana Roberts. Visit ThinkAdvisor.com to view the 2014 directory of independent broker-dealers. Broker-dealers Investment 2014 Advisor s Broker-Dealer Reference Guide By James J. Green Data Compiled by Liana Roberts Some observers of the independent broker-dealer universe might be tempted to explain

More information

Buying power. How consortiums are changing the benefits landscape

Buying power. How consortiums are changing the benefits landscape Buying power How consortiums are changing the benefits landscape Buying power How consortiums are changing the benefits landscape Two basic fundamentals have held true over time: Big fish eat the little

More information

Higher Education Employment Report

Higher Education Employment Report Higher Education Employment Report First Quarter 2015 / Published May 2015 Executive Summary The number of jobs in higher education noticeably declined in 2015. This is in contrast to the past two years

More information

Software, Information, and Business Services Industries

Software, Information, and Business Services Industries 1H15 DEAL NOTES M&A and Investments Review Software, Information, and Business Services Industries 1H15 Review of M&A and Investment Activity in the Software, Information, and Business Services Industries:

More information

Investors G u i d e 201 0 1 Investors Guide 2011

Investors G u i d e 201 0 1 Investors Guide 2011 2011 Investors 2011 Guide 1. 2. 3. 01 Investors Guide 2011 1 2 5 3 4 6 Investors Guide 2011 02 03 Investors Guide 2011 1 2 3 4 5 Investors Guide 2011 04 1 2 2 2 05 Investors Guide 2011 3 3 3 4 5 5 5 Investors

More information

Fundamental perspective

Fundamental perspective Fundamental perspective Focused on growth from the bottom up MARCH 2015 overview PCJ Investment Counsel Ltd. provides discretionary investment management of Canadian equity securities. PCJ s distinctive

More information

Study of Australian Superannuation Fund attitudes to Private Equity investing

Study of Australian Superannuation Fund attitudes to Private Equity investing Study of Australian Superannuation Fund attitudes to Private Equity investing Australian study 2005 FOREWORD In Australia, superannuation funds are a major source of capital for the development of the

More information

The Adjusted Present Value Approach to Valuing Leveraged Buyouts 1

The Adjusted Present Value Approach to Valuing Leveraged Buyouts 1 Chapter 17 Valuation and Capital Budgeting for the Levered Firm 17A-1 Appendix 17A The Adjusted Present Value Approach to Valuing Leveraged Buyouts 1 Introduction A leveraged buyout (LBO) is the acquisition

More information

Chazen Society Fellow Interest Paper Private Equity in Africa: Impact of the Financial Crisis on Global Investment s Last Frontier

Chazen Society Fellow Interest Paper Private Equity in Africa: Impact of the Financial Crisis on Global Investment s Last Frontier Chazen Society Fellow Interest Paper Private Equity in Africa: Impact of the Financial Crisis on Global Investment s Last Frontier SAWA NAKAGAWA MBA/MIA 09 1 Columbia Business School Columbia University

More information

The Adjusted Present Value Approach to Valuing Leveraged Buyouts 1 Introduction

The Adjusted Present Value Approach to Valuing Leveraged Buyouts 1 Introduction Chapter 18 Valuation and Capital Budgeting for the Levered Firm 18A-1 Appendix 18A The Adjusted Present Value Approach to Valuing Leveraged Buyouts 1 Introduction A leveraged buyout (LBO) is the acquisition

More information

Preqin Research Report Survey of Insurance Companies Investing in Private Equity. October 2009

Preqin Research Report Survey of Insurance Companies Investing in Private Equity. October 2009 Preqin Research Report Investing in Private Equity Preqin s Investor Intelligence database shows that, on average, insurance companies aim to allocate 3.7% of their total assets to private equity. While

More information

Swiss Balance of Payments and International Investment Position 2014

Swiss Balance of Payments and International Investment Position 2014 Swiss Balance of Payments and International Investment Position 214 Swiss Balance of Payments and International Investment Position 214 Volume 1 Contents Page 1 Overview 4 Innovations 4 Changes in the

More information

The Impact of Private Equity Acquisitions and Operations On Capital Spending, Sales, Productivity, and Employment

The Impact of Private Equity Acquisitions and Operations On Capital Spending, Sales, Productivity, and Employment The Impact of Private Equity Acquisitions and Operations On Capital Spending, Sales, Productivity, and Employment Robert J. Shapiro and Nam D. Pham January 2009 SONECON The Impact of Large Private Equity

More information

ASSET MANAGER DEALS:

ASSET MANAGER DEALS: //////////////////////////////////////////////////////////////// ASSET MANAGER DEALS: Trends in Asset Manager M&A Five-Year Empirical Deal Study Christopher S. Harrison Schulte Roth & Zabel LLP Negotiating

More information

Pennsylvania Public School Employees Retirement System. Roster of Investment Managers, Advisors, and Consultants. As of September 30, 2015

Pennsylvania Public School Employees Retirement System. Roster of Investment Managers, Advisors, and Consultants. As of September 30, 2015 Pennsylvania Public School Employees Retirement System Roster of Investment Managers, Advisors, and Consultants As of September 30, 2015 List of PSERS Internally Managed Investment Portfolios Bloomberg

More information

Real Estate Syndication: A Look at Current Market Rates

Real Estate Syndication: A Look at Current Market Rates Crowdfunding for real estate Quick Stats Updated August, 2013 Private Real Estate Investing: A Look at Current Market Rates for Real Estate Syndications Realty Mogul is a marketplace for accredited investors

More information

T H E l o s a n g E l E s o F F I C E C o R P o R a T E C a P I T a l M a R K E T s M E R g E R s & a C Q U I s I T I o n s

T H E l o s a n g E l E s o F F I C E C o R P o R a T E C a P I T a l M a R K E T s M E R g E R s & a C Q U I s I T I o n s Los Angeles Office attorney advertising 1 T H E l o s a n g e l e s O F F I C E 3 C O R P O R AT E 3 C A P I T AL M A R K E T S 4 M E R G E R S & A C Q U I S I T I ONS 7 b a n ki n g & cre d it 8 P R I

More information

How To Invest In High Yield Bonds

How To Invest In High Yield Bonds Investment Perspectives For high-yield bonds, market volatility can bring new opportunities Kevin Lorenz and Jean Lin, portfolio managers for TIAA-CREF High-Yield Fund Article Highlights: The decline in

More information

THE McGRAW-HILL COMPANIES REPORTS FIRST QUARTER EARNINGS PER SHARE OF 39 CENTS. Revenue Grows by 9.7% Operating Margin Improves in All 3 Segments

THE McGRAW-HILL COMPANIES REPORTS FIRST QUARTER EARNINGS PER SHARE OF 39 CENTS. Revenue Grows by 9.7% Operating Margin Improves in All 3 Segments For Immediate Release THE McGRAW-HILL COMPANIES REPORTS FIRST QUARTER EARNINGS PER SHARE OF 39 CENTS Revenue Grows by 9.7% Operating Margin Improves in All 3 Segments New York, NY, April 27, 2004 The McGraw-Hill

More information

FUNDMARKET INSIGHT REPORT

FUNDMARKET INSIGHT REPORT FUNDMARKET INSIGHT REPORT AUGUST 2013 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q2 2013 CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the

More information

The Bank Information Report by Sageworks U.S. banks seeing higher earnings, lending more, showing less risk

The Bank Information Report by Sageworks U.S. banks seeing higher earnings, lending more, showing less risk Sageworks Bank Information 5565 Centerview Drive Raleigh, NC 27606 P 919.851.7474 F 919.851.6718 www.sageworks.com The Bank Information Report by Sageworks U.S. banks seeing higher earnings, lending more,

More information

CREATING A CLEAR PATH TO PENSION PLAN DE-RISKING PENSION RISK TRANSFER STRATEGIES

CREATING A CLEAR PATH TO PENSION PLAN DE-RISKING PENSION RISK TRANSFER STRATEGIES CREATING A CLEAR PATH TO PENSION PLAN DE-RISKING PENSION RISK TRANSFER STRATEGIES STRENGTH STABILITY & INNOVATION DEFINED BENEFIT PLAN SPONSORS FACE UNPRECEDENTED RISK As plan sponsors look down the path

More information

Investment Industry Association of Canada

Investment Industry Association of Canada Investment Industry Association of Canada Small Dealer Symposium Guy Armstrong Senior Consultant and Managing Director Keith Sjögren Senior Consultant and Managing Director, Consulting June 7, 2012 Presentation

More information

ROTCE 1 14% Net payout LTM 3,4 52% Overhead ratio 1 59% Common equity Tier 1 1,2 11.0% Firmwide Balance Sheet CCB

ROTCE 1 14% Net payout LTM 3,4 52% Overhead ratio 1 59% Common equity Tier 1 1,2 11.0% Firmwide Balance Sheet CCB 270 Park Avenue, New York, NY 10017-2070 NYSE symbol: JPM www.jpmorganchase.com News release: IMMEDIATE RELEASE JPMORGAN CHASE REPORTS SECOND-QUARTER 2015 NET INCOME OF $6.3 BILLION, OR $1.54 PER SHARE,

More information

Tenet, United Surgical Partners International and Welsh Carson to Create the Nation s Largest Ambulatory Surgery Platform

Tenet, United Surgical Partners International and Welsh Carson to Create the Nation s Largest Ambulatory Surgery Platform NEWS RELEASE Tenet, United Surgical Partners International and Welsh Carson to Create the Nation s Largest Ambulatory Surgery Platform Tenet and USPI to Combine Their Ambulatory Surgery and Imaging Centers

More information

California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2014. Vintage Year.

California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2014. Vintage Year. Total 40,563,497,470 32,421,776,641 27,672,361,736 11.54 ACON Equity Partners III LP 2011 70,000,000 36,131,275 601,911 2.29 Acon-Bastion Partners II, L.P. 2006 40,000,000 36,615,642 42,284,275 11.90 Advent

More information

TRADITIONAL VALUES. INVESTMENT INSIGHT.

TRADITIONAL VALUES. INVESTMENT INSIGHT. History Organized by the Partners of Alex. Brown & Sons. ABR was established in 1972 to originate real estate investments for the partners and clients of Alex. Brown & Sons (formerly the oldest investment

More information

INVESTOR SURVEY & MARKET OUTLOOK SENIORS HOUSING & CARE

INVESTOR SURVEY & MARKET OUTLOOK SENIORS HOUSING & CARE INVESTOR SURVEY & MARKET OUTLOOK SENIORS HOUSING & CARE February 2016 A CBRE Valuation & Advisory Services Publication Investor Survey & 2016 In This Issue: Key Observations....pg 2...pg 3...pg 4...pg

More information

2014 Fourth Quarter & Full Year Refinance Report Borrowers Who Refinanced in 2014 to Save Approximately $5 Billion in Interest Payments

2014 Fourth Quarter & Full Year Refinance Report Borrowers Who Refinanced in 2014 to Save Approximately $5 Billion in Interest Payments 2014 Fourth Quarter & Full Year Refinance Report Borrowers Who Refinanced in 2014 to Save Approximately $5 Billion in Interest Payments As the origination market evolves from a refinance boom to a purchasemoney

More information

Strategic Focus: High Dividend Stock Strategy

Strategic Focus: High Dividend Stock Strategy Strategic Focus: High Dividend Stock Strategy September 2011 333 South Grand Avenue, Los Angeles, CA 90071 WHY ARE HIGH DIVIDEND STOCKS APPEALING? I Support from Robust Corporate Profits and Improving

More information

OFFICE MARKET ANALYSIS SUBURBAN CHICAGO. According to Costar Property, the Suburban Chicago office market is distributed as follows:

OFFICE MARKET ANALYSIS SUBURBAN CHICAGO. According to Costar Property, the Suburban Chicago office market is distributed as follows: OFFICE MARKET ANALYSIS SUBURBAN CHICAGO Market Composition & Distribution According to Costar Property, the Suburban Chicago office market is distributed as follows: Office Submarket Cluster Distribution

More information

Local Consumer Commerce

Local Consumer Commerce March 2016 LOCAL CONSUMER COMMERCE DECEMBER 2015 Local Consumer Commerce December 2015 DEC 2015 2.3 % The Local Consumer Commerce Index (LCCI) increased 2.3 percent year-over-year in December 2015. Figure

More information

Canadian Consumer Credit Trends. Q3 2013 Prepared by: Equifax Analytical Services

Canadian Consumer Credit Trends. Q3 2013 Prepared by: Equifax Analytical Services Canadian Consumer Credit Trends Q3 2013 Prepared by: Equifax Analytical Services About Equifax Inc. Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses

More information

Leveraged Finance Market Update

Leveraged Finance Market Update Spring 2015 Leveraged Finance Market Update Kelly Martin kmartin@williamblair.com +1 312 364 8832 Michael Ward mward@williamblair.com +1 312 364 8529 Mark Birkett mbirkett@williamblair.com +1 312 364 5483

More information

Impact Investing 101. Catherine Godschalk, Calvert Foundation Catherine.Godschalk@calvertfoundation.org

Impact Investing 101. Catherine Godschalk, Calvert Foundation Catherine.Godschalk@calvertfoundation.org Impact Investing 101 Catherine Godschalk, Calvert Foundation Catherine.Godschalk@calvertfoundation.org Investment philosophies focused on social impact have many names Socially Responsible Investing Sustainable

More information

Employment Recovery in Urban Areas following the Great Recession

Employment Recovery in Urban Areas following the Great Recession Employment Recovery in Urban Areas following the Great Recession Ryan Howley Economist Bureau of Labor Statistics, Washington, DC Toby Paterson Economist Employment Security Department, Washington State

More information

NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016

NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016 NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016 FISCAL 2016 SECOND QUARTER KEY FINANCIAL HIGHLIGHTS Revenues of $2.16 billion compared to $2.26 billion in the prior year; Excluding the

More information

Statement by Kasper Rorsted Chairman of the Management Board Conference-Call November 11, 2015, 10.30 a.m.

Statement by Kasper Rorsted Chairman of the Management Board Conference-Call November 11, 2015, 10.30 a.m. Statement by Kasper Rorsted Chairman of the Management Board Conference-Call November 11, 2015, 10.30 a.m. Welcome to our conference call today. As you will have seen, this morning we sent out our news

More information

Statement by Kasper Rorsted Chairman of the Management Board Conference-Call August 12, 2015, 10.30 a.m.

Statement by Kasper Rorsted Chairman of the Management Board Conference-Call August 12, 2015, 10.30 a.m. Statement by Kasper Rorsted Chairman of the Management Board Conference-Call August 12, 2015, 10.30 a.m. Welcome to our conference call. This morning you will have received our news release and our financial

More information

monitor money > Increase confidence to invest IN THIS ISSUE > Reduce your risks with the right investments > Money Monitor notes

monitor money > Increase confidence to invest IN THIS ISSUE > Reduce your risks with the right investments > Money Monitor notes Newsletter for Canada Life s segregated fund investors Summer 2010 monitor money Increase confidence to invest If you re hesitant to get back into the market, you re not alone. Some investors still feel

More information

Responsible Investments An Analysis of Socially Responsible U.S. Mutual Funds

Responsible Investments An Analysis of Socially Responsible U.S. Mutual Funds Responsible Investments An Analysis of Socially Responsible U.S. Mutual Funds November 2008 introduction: This document examines the impact of Social Responsible Investing (SRI) in the U.S. mutual fund

More information

Q3 2014 Results Conference Call

Q3 2014 Results Conference Call Q3 2014 Results Conference Call November 6, 2014 at 15:00 CET Good afternoon, everybody, and welcome to Magyar Telekom s third quarter 2014 results conference call. I am Chris Mattheisen, Magyar Telekom

More information

Kansas City 4Life Insurance Company

Kansas City 4Life Insurance Company Kansas City 4Life Insurance Company 2009 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Morgan Stanley Reports First Quarter Net Income of $848 Million; Return on Equity of 16%

Morgan Stanley Reports First Quarter Net Income of $848 Million; Return on Equity of 16% Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports First Quarter Net Income of $848 Million; Return on Equity of

More information

whitepaper 2005 Email Marketing Response By Morgan Stewart Key Findings at a Glance www.exacttarget.com

whitepaper 2005 Email Marketing Response By Morgan Stewart Key Findings at a Glance www.exacttarget.com whitepaper 2005 Email Marketing Response Rate Study By Morgan Stewart ExactTarget s 2004 groundbreaking study of which day of the week was the best day for marketers to send emails caused many to re-evaluate

More information

MARQUEST MUTUAL FUNDS INC.

MARQUEST MUTUAL FUNDS INC. MARQUEST MUTUAL FUNDS INC. EXPLORER SERIES FUND SEMI- ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Period ended June 30, 2015 SEMI - ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2015 MARQUEST MUTUAL FUNDS

More information

Form 8-K. Texas Competitive Electric Holdings CO LLC - TXU. Filed: October 05, 2007 (period: October 05, 2007)

Form 8-K. Texas Competitive Electric Holdings CO LLC - TXU. Filed: October 05, 2007 (period: October 05, 2007) Form 8-K Texas Competitive Electric Holdings CO LLC - TXU Filed: October 05, 2007 (period: October 05, 2007) Report of unscheduled material events or corporate changes. Table of Contents ITEM 8.01. ITEM

More information

Summary. Key Players in Canada

Summary. Key Players in Canada Summary Canadian Pension Funds: Investment Partners in the U.S. Real Estate, Energy, Infrastructure & Beyond Gina Rebelo Bento Pierre-Alexandre Renaud July 2014 U.S. private and public sectors should look

More information

Total solutions for attracting, retaining, and rewarding top talent SEC PROPOSAL ON EXPANDED EXECUTIVE COMPENSATION DISCLOSURES SEC PROPOSAL SUMMARY

Total solutions for attracting, retaining, and rewarding top talent SEC PROPOSAL ON EXPANDED EXECUTIVE COMPENSATION DISCLOSURES SEC PROPOSAL SUMMARY Total solutions for attracting, retaining, and rewarding top talent Second Quarter 2006 THE BOTTOM LINE EXECUTIVE AND DIRECTOR BENEFITS AND BOLI FASB PENSION AND OTHER POSTRETIREMENT BENEFITS ACCOUNTING

More information