SEE WHAT’S NEW AND NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 99 - June 14, 2013: - What’s Hot in PE for Europe?; Coller Capital Barometer - M&A Global Activity Up and Down - Billion Dollar Dole Buyout in the Works - Hollywood Star Ashton Kucher’s Dealmaking To Go Institutional - PE Optimism Driven By Increased Liquidity and Deal Flow; Rothstein Kass Survey - Quote of the Week: Blackstone’s Energy Fund Gets Returns

1. SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 98
DIGEST 99
June 07, 2013
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What’s Hot in PE for Europe?; Coller
Capital Barometer
M&A Global Activity Up and Down
Billion Dollar Dole Buyout in the Works
Hollywood Star Ashton Kucher’s
Dealmaking To Go Institutional
PE Optimism Driven By Increased
Liquidity and Deal Flow; Rothstein
Kass Survey
Quote of the Week: Blackstone’s
Energy Fund Gets Returns

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WHAT’S HOT IN PE FOR EUROPE?;
COLLER CAPITAL BAROMETER
Three quarters of LPs see attractive PE op-
portunities in Europe in the next two to three
years with target allocations to private equity
and real estate rising, according to the latest
Coller Capital Global Private Equity Barom-
eter – Summer 2013.
Investors believe that GPs are improving the
operations of their portfolio companies. Half
of LPs surveyed are targeting investments in
private debt funds. Interestingly, many LPs
face hostility to PE from influential colleagues
within their own organizations, which will
cause the industry to respond and justify its
investments and its attractiveness.
Other key findings
• Three quarters of LPs think European restructuring will provide good PE opportunities in the
next couple of years, though most (63%) think these will be restricted to parts of Europe –
Northern Europe especially.
• 88% of LPs said they don’t plan to accelerate their commitments to large buyout funds in the
next 2-3 years.
• Over two thirds of LPs said they regard PE funds raised by publicly-quoted GPs as less attrac-
tive than those raised by private managers.
• Also noted in the report was that the appetite for hedge funds remains mixed, with the same
proportion of LPs planning to decrease their target allocation to the asset class as increase it.
M&A GLOBAL ACTIVITY UP AND DOWN
Various news outlets are reporting M&A revivals in the UK and US. In the Middle East the news is also
positive where there is talk of a “revival”, according to Reuters. But India is down 66% this year, ac-
cording to Silicon India and so is Europe, according to CityAM. Clearly, the picture is not the same
across the world’s economic zones.
Bloomberg reports that UK stocks advanced this week due to an increase in M&A activity which are
ongoing despite concern that central banks may scaleback stimulus measures. The US is a particular-
ly bright spot, according to InvestorPlace, which published a longer report with views on why dealmak-
ing is stronger this year, but still not as strong as last year to date, and how long the trend might last.

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BILLION DOLLAR DOLE BUYOUT IN THE
WORKS
This week’s deal of the week comes from Reuters, which says that 90 year old David H. Murdock, the
CEO and currently largest shareholder of Dole Food Co., has made an offer to take private the world’s
largest fresh produce company in a USD 1.1 billion deal. It is not the first time Murdoch has stepped in
to acquire large chunks of the company best known for its pineapple products. He’s been involved with
it for more than a decade and last took it private in 2003.
HOLLYWOOD STAR ASHTON KUCHER’S
DEALMAKING TO GO INSTITUTIONAL
A-Grade Investments LLC, a small early stage and seed inves-
tor based in the US, is about to open up to outside investors,
according to a report on TechCrunch. A-Grade’s move is news
because one of its founders is Hollywood producer and film
star, Ashton Kutcher. He created the venture fund with two
other high profile Hollywood executives, Ron Burkle and Guy
Oseary. What’s interesting for DealMarket Digest readers is
that it is one more example of the going-international trend
amongst PE and VC investors. A-Grade, despite its size and
location, has been international from the start. Its investment
portfolio has several European startups, such as Y-plan (Lon-
don), Spotify (Sweden), Shazam (London), Soundcloud, and
Amen, both founded in Berlin. The potential valuation for such companies, most of which are digital
media and mobile plays, just went up a notch this week with Google reportedly offering more than a
billion dollars for a tiny Israel-based Internet startup called Waze.
(Image Source: Yahoo.com

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NEW TREND: LPS SEEK LOCAL MANAG-
ERS IN EMERGING MARKETS; PEI
PE OPTIMISM DRIVEN BY INCREASED
LIQUIDITY AND DEAL FLOW; ROTHSTEIN
KASS SURVEY
Private Equity firms are predicting strong returns and hoping for more investment opportunities de-
spite heightened competition and ongoing regulatory pressure, according to the latest Rothstein Kass
private equity outlook survey. There is a new optimism driven by the recovering US economy and an
anticipated liquidity boost from increased exit opportunities, along with a strong belief that there will
be more attractive investment opportunities in 2013 than there were in 2012. The majority of the sur-
vey respondents are US-based (83%) with Europe and Asia combined representing a little over 8%.
Other findings
• The overwhelming majority of firms polled (80 percent) are targeting double digit returns for 2013.
Only eight percent of firms are targeting returns between five and ten percent
• More than three quarters of respondents (78 percent) believe there will be more investment oppor
tunities in 2013 than there were in 2012.
• Co-investment will likely increase in the months and years to come, creating both upside and down
side for general partners and investors
• Roughly five percent of those polled currently face an “invest it or lose it” situation with un-deployed
cash
(Image Source: RK

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NEW TREND: LPS SEEK LOCAL MANAG-
ERS IN EMERGING MARKETS; PEI
QUOTE OF THE WEEK: BLACKSTONE’S
ENERGY FUND GETS RETURNS
Who said it: Stephen Allen Schwarzman - Co-Founder, Chair-
man of Blackstone Group Management L.L.C, Chief Executive
Officer and Chairman of Executive Committee
In Context: The quote about the outstanding PE returns and
high rate of return on a USD 2.5 billion energy fund are from a
transcript of Schwarzman speaking to attendees of the Mor-
gan Stanley Financials Conference 2013 this week. Schwarz-
man was answering a question about where he sees good
investment opportunities and the quote above was part of that
response. Energy, as indicated by the quote above, is where
Blackstone is targeting investment due to a number of rea-
sons, which Schwarzman details. Other areas where Black-
stone sees growth in Detroit’s auto industry, as well as hous-
ing and real estate, and while there are opportunities
“We have a large private equity fund. The returns we’re getting on our BCP VI fund are really strong…
[they have] been 30s -- 20s, net 20s. For the investments we’re making in Private Equity that’s not so
bad for those of you in the investment business. Our energy fund is only compounding at the moment
at around 88%, and that is not a typo. There aren’t many people who compound at 88%. … Our historic
record in energy has been a 40% compound rate of return.”
and the quote above was part of that response. Energy, as indicated by the quote above, is where
Blackstone is targeting investment due to a number of reasons, which Schwarzman details. Other
areas where Blackstone sees growth in Detroit’s auto industry, as well as housing and real estate, and
while there are opportunities in Europe and Asia, the deals are under constraints and made with an
informed view, which he generously outlines at length in the transcript. Fund Evaluation Group has a
good report on the private energy investing universe with historical returns for those of you interested
in learning more.
(Image Source: YouTube Forbes Summit)
• Regulatory pressures, tax uncertainty and fee pressures weigh on the minds of most firms accord-
ing to the survey. In fact, 79 percent of respondents believe that private equity funds will more fre
quently turn to outside consultants to understand evolving regulatory demands.
• More than 60 percent of the private equity respondents believe there will be more exit opportunities
for portfolio holdings in 2013 compared with 2012. Nearly 58 percent agree that there will be in
creased initial public offering (IPO) activity this year. However, those polled were almost unanimous
in their belief that mergers and acquisitions (M&A) activity will provide the lion’s share of liquidity in
2013.

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