Strategies for evaluating and selecting top performing fund managers.
There is no lack of private equity funds vying for institutional capital. Conducting due diligence is therefore necessary – not only to select the best performers, but to avoid costly disasters.
Edited by Kelly DePonte of Probitas Partners, Private Equity International’s Private Equity Fund Investment Due Diligence guide is a comprehensive and practical due diligence resource for investors looking to invest in the next great fund. Key areas such as track record analysis, benchmarking and staffing are covered, as well as new topics of growing importance, including operational due diligence, operating value creation, succession, co-investment and ESG.
For GPs on the fundraising trail or about to launch a new fund, this is a must-read guide that will inform how your future LPs will be diligencing your fund and firm.
What this guide covers:
- The fundamentals underpinning the due diligence process and how to do them well, including selection, track record analysis, emerging managers, benchmarking, as well as legal and operational due diligence.
- A deeper dive into specific sectors of venture capital, private debt, emerging markets and Latin America.
- Topics of growing interest including co-investment and secondaries, as well as how LPs target and access top-performing funds.
Who should buy this guide:
- LPs & GPs
- Fund of fund managers
- Consultants
- Gatekeepers
- Advisers
- Placement agents
- Asset managers
Foreword
Peter Freire, The Institutional Limited Partners Association
Contributors
Anna Dayn, Dayn Advisors
Edmond Ng, Axiom Asia
Chris Loh, Axiom Asia
Alex Lee, Axiom Asia
Marc Lau, Axiom Asia
Kelly DePonte, Probitas Partners
Jesse Reyes, J-Curve Advisors
Justin Long, Alignment Capital
Craig Dauchy, Cooley
Dean Collins, Dechert
Albert Tse, Dechert
Uwe Bärenz, P+P Pöllath + Partners
Tarek Mardini, P+P Pöllath + Partners
Duncan Woollard, Paul Hastings
Robin A. Painter, Proskauer
Kelly Chaplin, British Columbia Investment
Management Corporation
Michael Koening, Hamilton Lane
Natalie Fitch, Hamilton Lane
Tarang Katira, Hamilton Lane
Jason Scharfman, Corgentum Consulting
Natasha Buckley, Principles for Responsible
Investment
David York, Top Tier Capital Partners
Lisa Edgar, Top Tier Capital Partners
Matthias Unser, YIELCO Investments
Ernest JF Lambers, Liberty Global Advisors
Elvire Perrin, Pavilion Alternatives Group
Nicole Belytschko, CM Capital Advisors
Linda Calnan, Houston Firefighters’ Relief and Retirement Fund
Brian Gallagher, Twin Bridge Capital Partners
William Chu, Zurich Alternative Asset
Management
Brett Fisher, Fisher Lynch Capital
Charles Tingue, Landmark Partners
Kathryn Regan, Landmark Partners
John Stott, Landmark Partners
Section 1: Fundamental issues
1. Private equity fund manager due diligence and selection
Anna Dayn, Dayn Advisors
2. Track record due diligence
Edmond Ng, Chris Loh, Alex Lee and Marc Lau, Axiom Asia
3. Emerging manager due diligence
Kelly DePonte, Probitas Partners
4. Private equity benchmarking: Public market equivalent methods and analysis
Jesse Reyes, J-Curve Advisors and Austin Long, Alignment Capital
5. Legal due diligence: A panel session
Craig Dauchy, Cooley; Dean Collins and Albert Tse, Dechert; Uwe Bärenz and Tarek Mardini, P+P Pöllath + Partners; Duncan Woollard, Paul Hastings; and Robin A. Painter, Proskauer
6. Doing due diligence on the next fund: The importance of portfolio monitoring
Kelly Chaplin, British Columbia Investment Management Corporation
7. Staffing for success: The human capital factor
Michael Koening, Natalie Fitch and Tarang Katira, Hamilton Lane
8. Team building, succession planning and private equity fund management
Kelly DePonte, Probitas Partners
9. Operational due diligence
Jason Scharfman, Corgentum Consulting
10. Diligencing operational value creation capabilities
An experienced operating partner
11. ESG due diligence
Natasha Buckley, Principles for Responsible Investment
Section 2: Private equity sectors
12. Venture capital due diligence
David York and Lisa Edgar, Top Tier Capital Partners
13. Private debt funds: A fast growing sector
Matthias Unser, YIELCO Investments
14. Due diligence in emerging private equity markets
Ernest JF Lambers, Liberty Global Advisors
15. Latin America: An emerging market example
Elvire Perrin, Pavilion Alternatives Group
Section 3: Special issues of concern
16. Practical advice on targeting and accessing funds: A panel discussion
Nicole Belytschko, CM Capital Advisors; Linda Calnan, Houston Firefighters’ Relief and Retirement Fund; Brian Gallagher, Twin Bridge Capital Partners; and William Chu, Zurich Alternative Asset Management
17. Building a co-investment programme
Brett Fisher, Fisher Lynch Capital
18. Secondaries private equity fund pricing
Charles Tingue, Kathryn Regan and John Stott, Landmark Partners
Section 4: Appendices
1. ILPA Private Equity Principles
2. ILPA Due Diligence Questionnaire
3. PRI Limited Partners' Responsible Investment Due Diligence Questionnaire
