Invirtiendo en Private Equity

8 respuestas
Invirtiendo en Private Equity
Invirtiendo en Private Equity
#1

Invirtiendo en Private Equity

Una de las compañías que más escuchamos en nuestro día a día en los mercados son las de private equity. Generalmente son los sospechosos habituales detrás de las grandes operaciones corporativas, reestructuraciones a nivel mundial.

Sus portfolios incluyen varios sectores desde el real estate, industria, etc. Aquí os dejo con una lista de los más grandes

1. The Blackstone Group Inc.
Founded in 1985 and headquartered in New York, with offices in London, Hong Kong, Beijing, and Dubai, The Blackstone Group Inc. (BX) leads with $571 billion in total assets under management (AUM).

The company invests across a broad range of market sectors, including energy, retail, and technology. While private equity ($183 billion) is its largest category of investments, Blackstone also has hundreds of billions of dollars in holdings in real estate, credit, and hedge fund solutions. Among its 94 portfolio companies are financial data provider Refinitiv, electric power transmission products company Gates Corp., and theme park operator Merlin Entertainments.3


2. Neuberger Berman Group LLC
Neuberger Berman Group LLC has $356 billion in total AUM, including $89 billion in alternative investments, of which private equity is a part. Add in commitments, and the total for alternatives rises to $98 billion.4 Citing more than 30 years of experience in alternative investments, Neuberger Berman employs more than 160 professionals in the field in seven locations worldwide.


3. Apollo Global Management Inc.
Apollo Global Management Inc. (APO) has $331 billion in total AUM.5 Apollo was founded in 1990 by Leon Black, formerly of Drexel Burnham Lambert. The company is headquartered in New York, with other offices in the U.S., Europe, and Asia.

Its private equity unit has $77 billion in AUM, and "pursues many paths to value, including through opportunistic buyouts and build-ups, corporate carve-outs, and distressed investments, often going 'against the grain' of what other investors are doing."6

4. The Carlyle Group Inc.
The Carlyle Group Inc. (CG) has total AUM of $224 billion, employs over 1,775 professionals worldwide and operates through 32 offices located in North America, South America, Europe, Africa, the Middle East, Asia, and Australia.7

The company was founded in 1987 and is headquartered in Washington, DC. Its corporate private equity unit has AUM of $86 billion, and notable current holdings include Chesapeake Energy Corp., The Nature's Bounty Co., and Orion Breweries Ltd. of Japan.8

5. KKR & Co. Inc.
KKR & Co. Inc. (KKR), formerly Kohlberg Kravis Roberts & Co., has total AUM of $218 billion.9 Founded in 1976 and headquartered in New York, KKR is known for being one of the first firms to engage in large scale leveraged buyouts (LBOs), which are still one of the firm's specialties.


Among the firm's noteworthy transactions are its 1989 leveraged buyout of RJR Nabisco and its 2007 buyout of TXU, the largest leveraged buyout on record. Among its current portfolio holdings are Fiserv Inc., Gardner Denver, Optiv, and PetVet.10

6. Bain Capital LP
Bain Capital LP, founded in 1984 and headquartered in Boston, is one of the most widely recognized private equity firms worldwide. With $105 billion in total AUM, Bain has 19 offices globally, including London, Hong Kong, Mumbai, Tokyo, Shanghai, and Melbourne.11

The firm currently manages approximately $65 billion in private equity assets. Its current portfolio includes Bob's Discount Furniture, Canada Goose, IQVIA, Michaels, NortonLifeLock, and US Renal Care.12

7. CVC Capital Partners
CVC Capital Partners has nearly $81 billion of total AUM, but almost $135 billion of funds committed by investors. Founded in 1981, CVC employs over 525 people, including 250 investment professionals, in 24 offices worldwide. Its private equity division has over $55 billion of AUM.13 Its private equity portfolio includes 84 companies from across the globe.14

8. Warburg Pincus LLC
Warburg Pincus LLC has over $58 billion in total AUM, invested in 190 companies, with particular exposure to China.15 The firm's roots are in E.M. Warburg & Co., founded in 1939, and Warburg Pincus was established in 1966. Headquartered in New York, it has 14 offices in 11 countries.

9. Vista Equity Partners
With over $52 billion in assets under management, Vista Equity Partners invests in software, data, and technology-enabled organizations, exclusively. The company has strategic investments across companies in healthcare, event ticketing, advertising and risk management, among other industries. In September of 2019, Vista closed a $16 billion technology fund, the largest fund ever raised by an independent PE firm.

10. EQT AB
Based in Sweden, EQT AB has total AUM of 41 billion euros, or nearly $45 billion at the current exchange rate. Founded in 1994, the firm has more than 700 employees in 15 countries across Europe, North America, and the Asia-Pacific region.16 Flying Tige


Lo interesante es que muchas de estas compañías cotizan en bolsa y luego de las caídas del pasado marzo varias de ellas cotizan con fuerte descuento. No es raro que en la cartera de grandes fondos hayan aparecido estas compañías como principales posiciones. 

Os dejo un análisis de KKR

KKR (KKR): KKR is well positioned to benefit from the pandemic in the longer term. The firm has in excess of $160B of fee-paying capital that is “locked up” and will continue to pay fees through the slow down. KKR can also call an additional $60B of capital (dry powder) from LPs to further increase management fee income, and the pandemic will likely improve the returns for capital deployed during this period. KKR should also be a beneficiary on the fundraising side since private equity is the most credible path to 8% annual returns with interest rates hovering around 0% and the losses recently seen in the public equity markets.

Our returns from holding KKR will have four drivers: The balance sheet investments, management fees, incentive fees, and capital market fees. Given that the vast majority of KKR’s balance sheet is invested in KKR funds, there will certainly be a mark down for the most recent quarter. As a point of reference, KKR’s 2018 decline in investments was approximately half that of the Russell 2000. In the short-term, the firm’s balance sheet has likely taken a hit on the order of $3+ per share. The losses may be reversed if and when the world recovers. 

The second  driver of returns, which will certainly take a short- or medium-term hit, are the incentive fees. In early March, KKR announced that their realized monetizations would total approximately $500M in Q1. Given the breadth and diversity of KKR funds across geographies and asset classes, while incentive fees will decline, it is unlikely that they will disappear entirely. Fortunately, employees own more than 40% of the equity and the compensation structure at KKR has a large variable component, such that as incentive fees ebb and flow, expenses do as well. Private equity remains one of the best business models in the world and KKR remains one of the best positioned to take advantage of the growth. The strong balance sheet, high insider ownership, and 40-year track record all remain in place. They will be investing mountains of capital at distressed prices. KKR is built to withstand just about anything, including a pandemic. 

#2

Re: Invirtiendo en Private Equity

Siempre es interesante seguir a los grandes Privates equities, ya que suelen puclicar grande informes a nivel macro y de mercado, además de poder ver y cojer ideas sobre las compañías que llevan en cartera. Respecto a las que has comentado añadiría Brookfield y por poner una nacional, Alantra.
#3

Re: Invirtiendo en Private Equity

hay un ETF de las empresas cotizadas de private equity.
Aparte de las que citas, está alguna más como la británica 3i, que tiene fama de haberlo hecho siempre muy bien, pero cotizando muy cara.

iShares Listed Private Equity UCITS ETF   distribución semestral
https://www.blackrock.com/es/productos/251918/IPRV
ETF gratuito en  Degiro con el ISIN IE00B1TXHL60.

#4

Re: Invirtiendo en Private Equity

Visión sobre KKR de Alphyn Capital Management

KKR is one of the preeminent private equity managers. The business model is quite simply to use both their balance sheet ($16bn) and client funds ($218bn in AUM) to buy companies/assets, grow their value through a combination of operational improvement and financial engineering, and sell at a premium. In this way KKR earns management fees on fee-paying AUM (a recurring earning stream, especially on capital locked in for 8+years), earns performance fees based on the rates of return generated, and grows the value of its balance sheet. Despite its size, KKR still has plenty of room to grow earnings as it scales relatively new strategies, such as in real estate, healthcare, energy, and hedge funds, by a factor of 4-5x over the next decade, and then harvest performance fees as the strategies mature. 
Current conditions will certainly impact KKR’s portfolio companies, especially given their liberal use of debt. I expect it to leverage its in-house full service Capital Markets division, which has raised cumulatively approx. $1tr in equity and debit for both KKR companies an external clients since inception in 2007, and political access to find creative financing solutions. As point of reference, businesses backed by the private equity industry employ more than 8.8 million Americans at over 35,000 companies, accounting for 5% of the United States’ GDP. 7 This gives the industry significant clout, perhaps explaining why it is lobbying to have access to the $377 billion of small business loans and grants baked into the U.S.'s $2 trillion coronavirus relief bill. 8 As of year end 2019, KKR could reasonably be valued at ~$35 per share, by adding the balance sheet value of $19.26 per share to the KKR fee generating business value of $16 per share ($1.67 per share in after tax distributable earnings valued at a reasonable 10x). Even allowing for significant write downs to the portfolio in the next couple of quarters given market conditions, KKR is priced with a margin of safety in the low $20’s where we bought the shares.
#5

Re: Invirtiendo en Private Equity

Son todas muy buenas firmas y conocidas.

#6

Re: Invirtiendo en Private Equity

Se podría añadir Brookfield Asset Management, es un gigante con 500 billones de dólares en activos gestionados. El precio de su acción lo ha hecho muy bien pero tienen una estructura muy difícil de comprender y mucha deuda. También se puede invertir en sus filiales de gestión de infraestructuras o real estate, además de en algunos de sus fondos que cotizan. Eso sí, no es private equity al uso enfocado a empresas de cualquier sector, sino que se especializan más en infraestructuras o real estate, donde los retornos son más bajos.

#7

KKR adquiere Global Atlantic

Aquí el comunicado

NEW YORK & HAMILTON, Bermuda--(BUSINESS WIRE)--KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group Limited (“Global Atlantic”) today announced the signing of a strategic transaction where KKR will acquire all of the outstanding shares of Global Atlantic, a leading retirement and life insurance company. After closing, Global Atlantic will continue to operate as a separate business with its existing brands and management team.


Global Atlantic serves more than two million policyholders through its retirement and life insurance products. It is one of the largest fixed rate and fixed indexed annuity providers in the United States, offering annuities for individuals through a network of banks, broker-dealers, and insurance agencies as well as life insurance for individuals and corporates. Global Atlantic is also a leader in the institutional channel, providing customized reinsurance solutions to its life and annuity company clients.

“We are thrilled to have a new, long-term partner in KKR,” said Allan Levine, Chairman and Chief Executive Officer of Global Atlantic. “With its global presence, investment acumen and long-term focus, we believe we will be even better positioned – financially and strategically – both to help Americans address the financial challenges they face today and to help our institutional channel clients achieve their strategic, risk, and capital management goals.”

“This is a transformative event for KKR,” said Henry Kravis and George Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “Global Atlantic is a best-in-class business with a like-minded entrepreneurial management team. Our businesses are complementary and our partnership will benefit all of our collective stakeholders.”

Joseph Bae and Scott Nuttall, Co-Presidents and Co-Chief Operating Officers of KKR, added: "This transaction is highly strategic for KKR — it meaningfully expands our base of permanent capital, further diversifies and scales our business, and significantly grows our position within the insurance industry, which has been increasing its exposure to alternative investment strategies. Insurance providers play a critical role in supporting the financial security for millions of individuals. This transaction positions KKR to support Global Atlantic policyholders through our global network and asset management and origination capabilities.”

Strategic Rationale

  • Best-in-class business with a strong management team. Global Atlantic’s business, focused on attractive, predictable and growing segments of insurance, has delivered industry leading financial results. Adjusted Operating Earnings and Book Value have compounded at annual growth rates of 17% and 16%, respectively, from 2016 to 20191.
  • Global Atlantic policyholders to benefit from KKR’s asset management and origination capabilities. KKR also plans to serve as Global Atlantic’s investment manager subject to receipt of applicable regulatory approvals. Global Atlantic will gain access to KKR’s leading direct origination platforms and asset management capabilities while maintaining its current high-quality bias and investment grade focus.
  • Significant expansion of strategically important growth vertical. The global insurance industry, with over $30 trillion of assets, is a key strategic focus for KKR. The acquisition of Global Atlantic represents a significant and natural extension of KKR’s existing insurance business, which includes managing $26 billion of assets on behalf of insurance companies across our strategies and products.
  • Significantly increases permanency of assets under management (AUM). Pro forma for the transaction, as of March 31, 2020, KKR’s AUM would increase from $207 billion to $279 billion. Additionally, permanent capital as a percentage of KKR’s total AUM would increase from 9% to 33%, and permanent capital, together with our long-term strategic investor partnership capital, would represent 42% of KKR’s AUM.
  • Enhances book value compounding opportunity. Global Atlantic’s strong track record and potential for continued book value growth will further KKR’s focus on building, growing and compounding its permanent capital base on behalf of its shareholders.
  • A platform for continued growth. Global Atlantic has a history of innovation and growth, including expanding through mergers and acquisitions – a track record that will be increasingly valuable in the rapidly consolidating life and annuity industry.

  • Accretive to KKR shareholders across key metrics. In the first year post closing, the transaction is expected to be accretive to KKR shareholders on an AUM, FPAUM, Book Value, Fee Related Earnings and After-tax Distributable Earnings per Adjusted share basis.
Key Transaction Terms

Under the terms of the agreement, KKR will pay Global Atlantic shareholders an amount equal to 1.0x Global Atlantic’s Book Value as of the date of closing, subject to an equity roll-over for certain existing shareholders. As of March 31, 2020, Global Atlantic’s Book Value was approximately $4.4 billion. KKR expects to fund the acquisition, net of equity roll-over participation, from a combination of cash on hand, proceeds from potential minority co-investors and the issuance of new debt and/or equity by KKR.

The investment in Global Atlantic will be held on KKR’s balance sheet and through a proprietary vehicle established for others to invest alongside KKR’s balance sheet, not in any client funds.

Upon close, Global Atlantic will continue to be run by its existing senior leadership team led by Allan Levine, Global Atlantic’s Chairman and Chief Executive Officer.

The transaction, which is expected to close in early 2021, is subject to required regulatory approvals and certain other customary closing conditions.

KKR was advised by Simpson Thacher & Bartlett LLP and Willkie Farr & Gallagher LLP. Debevoise & Plimpton LLP acted as legal advisor to Global Atlantic

#8

Resultados Blackstone

Blackstone Reports Fourth Quarter and Full Year 2020 Results New York, January 27, 2021: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2020 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone achieved record results in the fourth quarter. Despite the highly challenged economic backdrop in 2020, we continued to deliver differentiated investment performance for our limited partners, leading to nearly $100 billion of capital inflows – the fourth consecutive year at this level or better. Looking forward, we have an extraordinary range of growth initiatives across every area of the firm, with an increasing focus on perpetual capital. The firm ended 2020 in a position of strength and we have great confidence in the path ahead.” Blackstone issued a full detailed presentation of its fourth quarter and full year 2020 results, which can be viewed at www.blackstone.com. Dividend Blackstone has declared a quarterly dividend of $0.96 per share to record holders of Class A common stock at the close of business on February 8, 2021. This dividend will be paid on February 16, 2021.

#9

Resultados Apollo



Apollo Global Management, Inc. Reports Fourth Quarter and Full Year 2020 Results New York, February 3, 2021 — Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the fourth quarter and full year ended December 31, 2020. "The last decade has been a time of remarkable growth for Apollo and we believe our diversified platform has never been stronger. In the past year alone, we have added $124 billion in AUM or 38% – including $22 billion in the last quarter – to bring our total AUM to $455 billion," said Leon Black, Founder, Chairman and Chief Executive Officer. "As part of our firm’s continued development, we are working on enhancements to our corporate governance that, subject to approvals, will be industry leading. In addition, we continue to evolve our leadership structure, including the recent naming of Marc Rowan as my successor as CEO. I have full confidence that Marc, along with Josh, Jim, Scott and our entire leadership team have the experience and acumen to lead our firm forward and continue to deliver industry leading returns.” "Amidst great uncertainty and a volatile market backdrop, Apollo has once again demonstrated the durability and resilience of our FRE and the strength of our business model," said Josh Harris, Co-Founder. "This year, thanks to the hard work and collaboration among our deep bench of talent, we generated record inflows and invested record amounts of capital across our business." Apollo issued a full detailed presentation of its fourth quarter and full year ended December 31, 2020 results, which can be viewed through the Stockholders section of Apollo’s website at http://www.apollo.com/stockholders. Dividends Apollo has declared a cash dividend of $0.60 per share of its Class A Common Stock for the fourth quarter ended December 31, 2020. This dividend will be paid on February 26, 2021 to holders of record at the close of business on February 19, 2021. Apollo intends to distribute to its Class A common stockholders on a quarterly basis substantially all of its distributable earnings after taxes and related payables in excess of amounts determined by the executive committee of its board of directors to be necessary or appropriate to provide for the conduct of its business and, at a minimum, a quarterly dividend of $0.40 per share. Apollo has declared a cash dividend of $0.398438 per share of each of its Series A Preferred Stock and Series B Preferred Stock, which will be paid on March 15, 2021 to holders of record at the close of business on March 1, 2021. The declaration and payment of dividends on Class A Common Stock, Series A Preferred Stock and Series B Preferred Stock are at the sole discretion of the executive committee of Apollo Global Management, Inc.’s board of directors. Apollo cannot assure its stockholders that they will receive any dividends in the future. 

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