Published in November 2008 by PEI Media Ltd Second Floor ...

Published in November 2008 by 

PEI Media Ltd 

Second Floor 

Sycamore House 

Sycamore Street 

London EC1Y 0SG 

United Kingdom 

Telephone: +44 20 7566 5444 

© 2008 PEI Media Ltd. 

ISBN 978-1-904696-58-2 

This publication is not included in the 

CLA Licence so you must not copy 

any portion of it without the permission 

of the publisher. 

All rights reserved. No parts of this 

publication may be reproduced, stored 

in a retrieval system or transmitted, in 

any form or by any means, electronic, 

mechanical, photocopy, recording or 

otherwise, without the prior written 

permission of the publisher. 

Although every reasonable effort has 

been made to ensure the accuracy of 

this publication, the publisher accepts 

no responsibility for any errors or 

omissions within this publication or for 

any expense or other loss alleged to 

have arisen in any way in connection 

with a reader's use of this publication.

CONTENTS: Volume 1 

Introduction and Methodology .....................................................................................5 

Profiles 

Advisors / Fund of Funds Managers ..............................................................................................7 

Asset Managers .........................................................................................................................327 

Bank / Financial Services...........................................................................................................437 

Corporate ...................................................................................................................................783 

Family Office ............................................................................................................................1229 

Government Agency.................................................................................................................1299 

Indexes .....................................................................................................................1417 

Index 1 - Investors by Type of Institution .................................................................................1418 

Index 2 - Investors by Geographic Location ............................................................................1427 

Index 3 - Investment Remits by Geography.............................................................................1438 

Index 4 - Investment Remits by Fund Type .............................................................................1456 

Index 5 - Investment Remits by Sector ....................................................................................1479 

Appendixes ..............................................................................................................1487 

Appendix 1 – Investors with Appetite for Other Investment Opportunities ..............................1488 

Appendix 2 – U.S. Investors by State ......................................................................................1494 

Appendix 3 – About PEI ..........................................................................................................1498 

Alphabetical Listing of Profiles ..............................................................................1499 

© 2008 PEI Media Group Ltd. The Global Limited Partners Directory – Third Edition 

3

CONTENTS: Volume 2 

Introduction and Methodology .....................................................................................5 

Profiles 

Foundation / Endowment ...............................................................................................................7 

Insurance Company ...................................................................................................................401 

Investment Firm..........................................................................................................................581 

Pension Fund .............................................................................................................................959 

Secondary Fund.......................................................................................................................1427 

Indexes .....................................................................................................................1445 

Index 1 - Investors by Type of Institution .................................................................................1446 

Index 2 - Investors by Geographic Location ............................................................................1456 

Index 3 - Investment Remits by Geography.............................................................................1467 

Index 4 - Investment Remits by Fund Type .............................................................................1489 

Index 5 - Investment Remits by Sector ....................................................................................1515 

Appendixes ..............................................................................................................1523 

Appendix 1 – Investors with Appetite for Other Investment Opportunities ..............................1524 

Appendix 2 – U.S. Investors by State ......................................................................................1529 

Appendix 3 – About PEI ...........................................................................................................1536 

Alphabetical Listing of Profiles ..............................................................................1537 

The Global Limited Partners Directory – Third Edition 

4 

© 2008 PEI Media Group Ltd.

Introduction & Methodology. 

INTRODUCTION AND METHODOLOGY 

Welcome to this, the Third Edition of PEI Media’s 

Global Limited Partners Directory. It is our 

largest and most comprehensive directory of 

institutional investors active in the private equity 

asset class yet. It includes detailed profiles of over 

2500 LPs, and in order to accommodate them all, 

we decided to publish the Directory in two 

volumes for the first time. 

For General Partners planning to raise their next 

private equity fund, the two volumes are an 

indispensible resource – especially in the current 

market environment where access to capital is as 

essential a business requirement as ever. The 

Directory aims to help private equity firms looking 

to raise capital from the institutional investor base 

to understand the universe better. A successful 

fundraising needs to be organised, well planned 

and, above all, targeted. Knowing which investors 

to approach with a fund offering is key. We are 

confident that this Directory will once again assist 

General Partners in this regard. Ultimately we 

hope that it will help the private equity or venture 

capital fundraiser to raise funds easier, faster and 

with more confidence. 

The Directory is global in scope. Drawn from PE 

Connect, our online database of investors in 

private equity, the records in these two volumes 

include LPs from around North America, Western 

Europe, Asia-Pacific, the Middle East and 

elsewhere. We cover local authority pension funds 

from the UK, banks from India, corporate 

investors from Japan, insurance companies from 

Finland, funds of funds from France and 

government agencies from Singapore. And you 

will also find the public plan sponsors and 

foundations and endowments from North America 

that you would expect. 

PEI Media’s team of multi-lingual researchers has 

built the Directory from the ground up using a 

well-honed mix of primary and to a lesser extent 

secondary research techniques. Targets for 

inclusion in the Directory were sent a survey to fill 

in, asking them for details on their private equity 

investment appetite. The process of chasing 

responses to this survey formed the bulk of the 

research time for the Directory. In many cases we 

were able to go through the survey with an 

institution over the telephone, a process that is 

invaluable for teasing out some of the nuances of 

an institution’s appetite for the private equity asset 

class. 

Many institutions responded to the survey and 

provided us with the information sought and we 

are grateful for the time and effort taken by so 

many people. As would be expected, however, 

many respondents either only partially filled in the 

survey or chose to ignore it altogether. Many 

institutions have little need for any publicity and 

are, in point of fact, deluged with fund offerings. In 

such cases, however, we had some success with 

the argument that the more information the 

institution provided us the less solicitations from 

private equity fund managers it would receive, as 

users of the Directory would know whether their 

fund offering was a match for the institution’s 

private equity appetite. 

In cases where a Limited Partner did not respond, 

we were often able to obtain the necessary 

information directly from the institution via other 

means, with websites and annual reports proving 

invaluable in this regard. In some cases, however, 

information has been sourced from third-party 

publicly available sources. Users of the Directory 

should bear this in mind. 

Even in those cases where we have had to resort 

to external sources we have made every effort to 

ensure the information provided is as accurate as 

possible. However, the publisher accepts no 

responsibility whatsoever for any errors or 

omissions within this publication or for any 

expense or other loss alleged to have arisen in 

any way in connection with a reader’s use of this 

publication. 

Nothing in this Directory should be construed as 

the giving of investment advice. The profiles 

contained within are provided merely for 

information purposes. Users are encouraged to 

supplement the information with their own 

research and, wherever necessary, take thirdparty 

professional advice. 

The profiles that make up the bulk of the Directory 

have been categorised by institution type, with 

eleven broad categories. Volume 1 includes: 

• Advisor / Fund of Funds Managers 

• Asset Managers 

• Banks / Financial Services 

• Corporates 

• Family Offices 

• Government Agencies 

Volume 2 comprises: 

• Foundations / Endowments 


5

Introduction & Methodology. 

• Insurance Companies 

• Investment Firms 

• Pension Funds 

• Secondary Funds 

The beginning of each section has a short 

explanatory note on what each category contains. 

Users are encouraged to refer to these notes as in 

some cases we have made categorisation 

decisions that may not be immediately apparent 

(corporate pension funds, for example, are 

categorised under Corporate and not Pension 

Funds). 

Within each section profiles are ordered 

alphabetically. Each profile follows a standard 

format and we have tried to be as consistent as 

possible, to assist users of the Directory in finding 

the desired information as easily as possible. 

Each profile begins with basic contact details 

(including, where relevant, branch offices), plus 

information on assets / funds under management, 

the year the institution first invested in private 

equity, the institution’s allocation to private equity 

and/or alternatives in general, the number of 

funds the institution has committed to and capital 

committed to date. 

Next up are the all-important private equityspecific 

contacts, where we have named the 

person or person(s) responsible for the asset 

class. Wherever possible we have obtained direct 

telephone numbers and email addresses. 

Whether a contact is based at the head office or a 

branch office is also made clear. 

This is followed by background information on the 

institution. In many cases it is in this section that 

some of the nuances of the institution’s private 

equity investment appetite are revealed (such as 

the institution is currently fully invested, or that it is 

seeking a fund of funds manager for a European 

mandate, for example). 

The next two sections – Private Equity Investment 

Allocation Breakdown and Private Equity 

Investment Appetite – are the heart of the profile. 

The former provides a breakdown in percentage 

terms of the institution’s allocation to private 

equity, in terms of geography, fund type and 

investment opportunities. In many cases this 

information is absent as the institution in question 

does not have a detailed breakdown of its private 

equity allocation. 

Private Equity Investment Appetite provides an 

indication either of the institution’s current appetite 

for different types of private equity investment 

opportunities, or that the institution has invested in 

such vehicles / opportunities in the past. It is in 

this table that a reader can see whether an 

institution has an appetite, for example, for 

Western European buyout funds or North 

American distressed funds. 

The final section of each profile provides details 

on the actual fund commitments that the institution 

in question is believed to have made, including, 

wherever possible, the amount of capital 

committed by the institution. 

A number of indexes and appendixes follow the 

profiles. These are intended to make the use of 

the Directory easier and more efficient. There are 

five indexes in total: institution type; geographic 

location; remits geography; fund type; and sector 

appetite. 

A series of Appendixes expand on these two 

indexes and provide listings of investors in 

particular types of private equity product, such as 

those undertaking direct investment or coinvestment. 

The indexes and appendixes have 

been drawn from the allocation, appetite and fund 

commitments tables discussed above. 

Finally, there follows a simple alphabetical listing 

of all the profiles contained in the Directory. 


6 


Advisor / Fund of Funds Manager. 

ADVANCED CAPITAL GROUP 

HEAD OFFICE 

Via Brera, 5 

Milano 

20121 

Italy 

Tel: 39 02 799 555 

www.advancedcapital.com 

ASSETS / FUNDS UNDER MANAGEMENT 

EUR 600 million as of 31 Mar 2008 

ALLOCATION TO ALTERNATIVES 

100% 

ALLOCATION TO PRIVATE EQUITY 

100% 

AMOUNT ALLOCATED TO PRIVATE EQUITY 

EUR 600 million 

YEAR FIRST INVESTED IN PRIVATE EQUITY 

2000 

CONTACTS 

Mr. Giusette Rizzo 

Analyst 

Milano 

Italy 

Tel: 39 02 799 555 

gr@advancedcapital.com 

Mr. Robert Tomei 

CEO 

Milano 

Italy 

rjt@acpep.com 

BACKGROUND 

Advanced Capital ("AC") is a fund of funds manager established in March 2000. AC mission consists in providing its investors with innovative 

financial products which have high returns, a limited risk and which are de-correlated from traditional investments. Advanced Capital invests in 

venture capital, buyout, mezzanine and distressed funds in Europe, US and Asia. The group also undertakes direct and co-investments as part 

of its private equity investment activities, and recently launched funds focused on energy, emerging markets and private equity real estate. 

PRIVATE EQUITY INVESTMENT ALLOCATION BREAKDOWN 

Provides a breakdown in percentage terms of the institution's allocation to private equity, in terms of geography, fund type and investment 

opportunities. 

Number of GPs committed to 10 - 30 

Capital committed to private equity funds to date EUR 400 million 

Number of private equity funds committed to >45 

Bite Size 

GEOGRAPHY 

North America 60% 

Western Europe 30% 

Central & Eastern Europe 5% 

Middle East / Africa 

Asia Pacific 5% 

Latin America 

FUND TYPE 

Generalist 

Buyout / Later Stage 

Venture 

Mezzanine / Subordinated Debt 

Fund of Funds 

Mid-Market 

Infrastructure 

Turnaround / Distressed 

Secondary Fund Interests 

Other 

Yes 

Yes 

Yes 

Yes 

SECTORS 

Energy Oil / Gas 

Biotech / Life Science 

Clean Tech / Renewable 

Retail 

Manufacturing 

Natural Resources 

Financial Services 

Leisure / Entertainment 

Transport 

TMT 

No sector preference 

Other 

 

 

INVESTMENT OPPORTUNITIES 

Secondary Directs 

Co-invests 

Directs 

First Time Funds 

PRIVATE EQUITY INVESTMENT APPETITE 

Provides an indication either of the institution's current appetite for different types of private equity investment opportunities, or that the institution has 

invested in such vehicles / opportunities in the past. 

North America Western Europe Central & Eastern Middle East / Africa Asia Pacific Latin America 

Europe 

Generalist 

Buyout / Later Stage 

Venture 

Mezzanine / Subordinated Debt 

Fund of Funds 

Mid-Market 

Infrastructure 

Turnaround 

Secondary Fund Interests 

Other 


7



Future Number of GPs to commit to 30 - 50 

Approx. Future Capital to be Invested 

Approx. Number of Funds Commit to in Future 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

 



Directs 


 

 

 

ADVEQ 

HEAD OFFICE 

Affolternstrasse 56 

Zurich 

CH-8050 

Switzerland 

Tel: 41 4 3288 3200 

Fax: 41 4 3288 3210 

www.adveq.com 

info@adveq.com 


USD 3.2 billion as of 2 Apr 2008 


100% 


100% 


USD 3.2 billion 


1997 

CONTACTS 

Mr. Philippe Bucher 

Chief Financial Officer 

Zurich 

Switzerland 

Mr. André Jaeggi 

Managing Director 

Zurich 

Switzerland 

andre.jaeggi@adveq.com 

Mr. Peter Laib 

Managing Director 

Zurich 

Switzerland 

BACKGROUND 

Adveq is a European fund of funds manager based in Zurch, Switzerland. Founded in 1997 by Bruno Raschle, a group of around 30 

professionals manages seven funds of funds. Investors in Adveq vehicles are offered three investment programs: 1) High technology, early 

stages, worldwide. This program invests in high technology and technology application focused limited partnerships in the United States that 

concentrate their investments primarily on the early stages. 2) Europe, all stages and sectors including buyout. This program invests in private 

equity limited partnerships in Europe that concentrate on early stage, growth or on buyout opportunities. 3) Asia program, which invests in 

venture capital, development capital and buyout opportunities in Asia. In June 2008, Adveq closed its second “opportunity” fund of funds at $458 

million. The fund will target special and unique investment strategies outside the traditional private equity sectors of venture capital and buyouts 

in the United States. 




Number of GPs committed to 

Capital committed to private equity funds to date USD 3 billion 


Bite Size 

GEOGRAPHY 

North America 

Western Europe 

Central & Eastern Europe 


Asia Pacific 


Yes 

Yes 

Yes 

Yes 

Yes 

Yes 

FUND TYPE 

Generalist 

Yes 


Yes 

Venture 

Yes 


Fund of Funds 

Mid-Market 


Turnaround / Distressed Yes 


Other 

Primarily venture capital and buyout 


8 



SECTORS 




Retail 





Transport 

TMT 


Other 

 




Directs 






Europe 

Generalist 


Venture 


Fund of Funds 

Mid-Market 


Turnaround 


Other 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

PRIVATE EQUITY FUND COMMITMENTS INCLUDE: 

Fund Name Manager Size Year Fund Type Region Commitment 

New Atlantic Venture Fund III New Atlantic Ventures USD 175 mn 2007 Venture North America 

Capital 

Investindustrial IV Investindustrial EUR 1 bn 2007 Buyout 

Sofinnova Venture Partners Sofinnova Ventures USD 375 mn 2006 Early-Stage North America 

VII 

Investindustrial III Investindustrial EUR 500 mn 2005 Buyout Western Europe 

Alpha Private Equity Fund 5 Alpha Group USD 890 mn 2005 Buyout Western Europe 

Innova/4, L.P Innova Capital EUR 225 mn 2005 Buyout Central/Eastern 

Europe 

Apax Europe VI Apax Partners EUR 4 bn 2005 Buyout Western Europe 

Segulah III Segulah L.P. USD 312 mn 2004 Buyout Western Europe 

Forward Ventures V Forward Ventures USD 145 mn 2004 Early-Stage North America 

Delphi Ventures VI Delphi Ventures USD 110 mn 2003 Early-Stage North America 


9

Asset Managers. 

GARTMORE INVESTMENT MANAGEMENT 

HEAD OFFICE 

Gartmore House 

8 Fenchurch Place 

London 

EC3M 4PB 



GBP 24 billion as of 31 Mar 2008 


EUR 2.5 billion 


1991 

Tel: 44 20 7782 2000 

Fax: 44 20 7782 2075 

www.gartmore.co.uk 

BRANCHES 

Frankfurt am Main, Germany 

Tokyo, Japan 

Madrid , Spain 

CONTACTS 

Mrs. Louise Chesworth 

Investor Relations 

London 


louise.chesworth@gartmore.com 

Mr. Peter Gale 

Head of Private Equity 

London 


peter.gale@gartmore.com 

Ms. Lucy Warren 

Investor Relations 

London 


lucy.warren@gartmore.com 

BACKGROUND 

Gartmore Group is a global investment organisation, which is committed to delivering maximum returns through a highly disciplined investment 

process. The business offers a wide range of investment products and services, tailored to meet the varying needs of both institutional and retail 

investors. Gartmore’s private equity arm currently has €2.5 billion under management and has been investing in private equity since 1991. 

Gartmore Private Equity has a 90% allocation to buyout investments, and 90% of the investments are made in Western and Central Europe. 

Gartmore allocates approximately 10% of investments to Asia. They also have an appetite for secondary and co-investments, with a 30% 

allocation for co-investments. 


Provides a breakdown in percentage terms of the institution’s allocation to private equity, in terms of geography, fund type and investment 



Capital committed to private equity funds to date USD 3.5 billion 

Number of private equity funds committed to 120 

Bite Size 

GEOGRAPHY 

North America 






10% Asia and Rest of the World 

FUND TYPE 

Generalist 

Yes 

Buyout / Later Stage 95% 

Venture 

Yes 

Mezzanine / Subordinated Debt Yes 

Fund of Funds 

Mid-Market 

Yes 


Turnaround / Distressed Yes 

Secondary Fund Interests Yes 

Other 

5% mixture 

SECTORS 




Retail 





Transport 

TMT 


Other 



Co-invests 30% 

Directs 



7

Asset Managers. 


Provides an indication either of the institution’s current appetite for different types of private equity investment opportunities, or that the institution has 



Europe 

Generalist 


Venture 

 


 

Fund of Funds 

Mid-Market 

 


Turnaround 

 


 

Other 

The focus is mainly on Western and Central Europe along with a few investments in Asia. 


Future Number of GPs to commit to 



On a yearly basis. 




Directs 


 



Halder-GIMV Germany II Halder Holdings EUR 325 mn 2007 Buyout 

Aksìa Capital III The Aksìa Group EUR 150 mn 2007 Buyout Western Europe 

Edmond de Rothschild LBO Edmond de Rothschild Capital EUR 300 mn 2007 Buyout Western Europe 

Fund II 

Partners 

SEP III Scottish Equity Partners GBP 160 mn 2006 Venture Western Europe 

Capital 

Ironbridge Fund II Ironbridge Capital AUD 1050 mn 2006 Buyout Asia/Pacific 

HgCapital V HgCapital GBP 950 mn 2005 Buyout Western Europe 

HgCapital V HgCapital GBP 950 mn 2005 Buyout Western Europe 

Barclays Private Equity Barclays Private Equity EUR 1650 mn 2005 Buyout Western Europe 

European Fund II 

Synergy with Entrepreneurs Synergy SGR EUR 300 mn 2005 Venture Western Europe 

Capital 

Alpha Private Equity Fund 5 Alpha Group USD 890 mn 2005 Buyout Western Europe 


8 


Banks / Financial Services. 

BANK AUSTRIA CREDITANSTALT 


EUR 30.3 billion 

HEAD OFFICE 

1010 Wien 

Am Hof 2 1030 Wien 

Vienna 

13 

Austria 

Tel: 43 50505 25 

www.bankaustria.at 

info@unicreditgroup.at 

CONTACTS 

Mr. Erich Hampel 

CEO 

Vienna 

Austria 

Mr. Hannes Roubik 

Head of Asset Management 

Vienna 

Austria 

Tel: 43 505 055 5015 

hannes.roubik@amg.co.at 

BACKGROUND 

Creditanstalt was founded in 1855. On 12 August 2002, Bank Austria AG and Creditanstalt AG merged to form Bank Austria Creditanstalt AG. 

Close cooperation between the two largest Austrian banks started in 1997. Ba-CA changed its name to Bank Austria and as been operating 

under this name since 31 March 2008. The bank only invests in venture capital funds in Austria and its surrounding regions. 




GEOGRAPHY 

North America 




Asia Pacific 


FUND TYPE 

Generalist 


Venture 100% 


Fund of Funds 

Mid-Market 




Other 





Europe 

Generalist 


Venture 

 


Fund of Funds 

Mid-Market 


Turnaround 


Other 







Directs 


 



Sigmableyzer SE European 

Fund IV 

Sigmableyzer EUR 250 mn 2007 Buyout Central/Eastern 

Europe 

South East Europe Equity 

Fund II (SEEF II) 

Bedminster Capital 

Management 

USD 200 mn 2006 Venture 

Capital 

Central/Eastern 

Europe 

GED Southeastern European 

Fund II 

GED Private Equity Group EUR 150 mn 2005 Generalist Western Europe 


7

Corporates. 

FUJITSU LIMITED 

HEAD OFFICE 

Shiodome City Center 1-5-2 

Higashi-Shimbashi, Minato-Ku 

Tokyo 

105-7123 

Japan 


USD 38.2 billion as of 31 Mar 2008 


Family Office. 

KIRKBI INVEST 

HEAD OFFICE 

Koldingvej 2 

Billund 

7190 

Denmark 

Tel: 45 7533 8833 


USD 2.5 billion as of 31 Mar 2008 


10-15% 


10% 


USD 250 million 

CONTACTS 

Mr. Gunnar Brodersen 

Head of Private Equity 

Billund 

Denmark 

Tel: 45 7533 8833 

BACKGROUND 

Kirki A/S was incorporated in 1926 as an investment company to manage and diversify the investments of the Kirk Kristiansen family and is 

wholly owned by them. Kirkbi is also the legal owner of the LEGO brand and has minority holding in a variety of quoted companies and 

participates in ventures. In Dec 2007 Kirkbi A/S demerged into two companies Kirkbi Invest and Kirkbi Capital. Kirkbi Invest has USD2.5bn 

assets under management as on March 2008. It has invested about USD325m in around 30 private equity funds and is looking at investing 

USD100m in the next one year preferably in buyout and distressed funds. 





Capital committed to private equity funds to date USD 325 million 


Bite Size 

10 - 50m 

GEOGRAPHY 

North America 




Asia Pacific 


Yes 

Yes 

Yes 

Yes 

Yes 

Yes 

FUND TYPE 

Generalist 


Venture 


Fund of Funds 

Mid-Market 




Other 

Yes 

Yes 

Yes 

Yes 

Yes 

The company prefers buyout funds 

SECTORS 




Retail 





Transport 

TMT 


Other 

 




Directs 






Europe 

Generalist 


Venture 


Fund of Funds 

Mid-Market 


Turnaround 


Other 

Preferably in buyout and distressed funds 


7

Family Office. 





in the next year 




Directs 


SECTORS 




Retail 





Transport 

TMT 


Other 

 



Polaris Private Equity II Polaris Private Equity EUR 270 mn 2005 Buyout Western Europe 

Polaris I Polaris Private Equity EUR 215 mn 2002 Buyout Western Europe 

Symbion Capital I Symbion Capital A/S USD 36 mn 2001 Venture 

Capital 



8 


Government Agency. 

MALAYSIA VENTURE CAPITAL MANAGEMENT 

(MAVCAP) 

HEAD OFFICE 

Level 11, Bangunan Bank Industri 

1016 Jalan Sultan Ismail 

Kuala Lumpur 

50250 

Malaysia 


MYR 1 billion as of 13 Mar 2008 


100% 


2003 

Tel: 603 2050 3000 

Fax: 603 2698 3800 

www.mavcap.com 

investment@mavcap.com 

CONTACTS 

Mr. Norazharuddin Abu Talib 

Chief Executive Officer 

Kuala Lumpur 

Malaysia 

investment@mavcap.com 

Ms. Renee Chandran 

Senior Investment Manager 

Kuala Lumpur 

Malaysia 

renee@mavcap.com 

BACKGROUND 

Malaysia Venture Capital Management (MAVCAP) was incorporated on 19th April 2001 by the Government of Malaysia and was allocated 

RM500 million by the Minister of Finance Inc for investment in, nurturing and growing the technology sector, as well as investment in and the 

nurturing of the venture capital market in Malaysia. MAVCAP first invested in private equity funds in 2003 and has to date committed 

approximately MYR 150 million to 6 venture capital funds in Asia Pacific. They tend to invest between MYR25-30 million per venture capital fund 

and are looking to invest in 4 such funds over the next 12 months. 




Number of GPs committed to < 10 

Capital committed to private equity funds to date MYR 150 million 


Bite Size 

10 - 50m 

GEOGRAPHY 

North America 






FUND TYPE 

Generalist 


Venture 100% 


Fund of Funds 

Mid-Market 




Other 

SECTORS 




Retail 





Transport 

TMT 


Other 

 




Directs 


Yes 

Yes 





Europe 

Generalist 


Venture 

 


Fund of Funds 

Mid-Market 


Turnaround 


Other 


7




Approx. Future Capital to be Invested MYR 120 million 

Approx. Number of Funds Commit to in Future 4 

over the next 12 months 



Directs 


 

 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

SWISS STATE SECRETARIAT FOR ECONOMIC 

AFFAIRS (SECO) 

HEAD OFFICE 

Effingerstrasse 1 

Bern 

3003 

Switzerland 


CHF 217 million 


10% 

ADVISORS 

Sifem 

Tel: 41 31 324 0915 

Fax: 41 31 324 0962 

www.seco-cooperation.ch 

info@seco-cooperation.ch 

CONTACTS 

Mr. Claude Barras 

Director, Investments 

Bern 

Switzerland 

Tel: 41 31 310 0931 

BACKGROUND 

Swiss State Secretariat for Economic Affairs (SECO) is a Swiss governmental competence centre for all core issues relating to economic policy. 

SECO is responsible for the promotion of investment in developing and transition countries. Swiss Investment Fund for Emerging Markets 

(Sifem) manages the investment portfolio of SECO. SECO primarily invests in private equity funds providing development capital and funds that 

invest in small and medium-sized enterprises (SMEs) located in emerging market countries. Its commitments typically range between 15-30% of 

total fund size, and do not usually exceed $12.5m per investment. Direct investments are capped at $8m. Usually, not more than 20% of Sifem’s 

total capital commitment is invested in any single country or industry with the exception of the financial services industry. 




Number of GPs committed to 10 - 30 

Capital committed to private equity funds to date 


Bite Size 

GEOGRAPHY 

North America 



Middle East / Africa 25% 


Latin America 25% 

Invests in Emerging Market Countries Only 

FUND TYPE 

Generalist 


Venture 


Fund of Funds 

Mid-Market 




Other 

Yes 

Yes 

Yes 

Yes 

Primarily Development Capital funds. 


8 



SECTORS 




Retail 





Transport 

TMT 


Other 

 

 

 




Directs 


Yes 

Yes 

Diversified 





Europe 

Generalist 


Venture 


Fund of Funds 

Mid-Market 


Turnaround 


Other 

Development capital 





over the next 18 months 



Directs 


 

 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

 

 

Diversified 



Maghreb Private Equity Fund Tuninvest Finance Group EUR 124.5 mn 2008 Buyout Middle East/Africa 

II 

Fidelity Equity Fund II Fidelity Capital Partners USD 25 mn 2007 Generalist Middle East/Africa 

Aureos Latin America Fund Aureos Capital USD 300 mn 2007 Buyout Latin America 

VenturEast Proactive Fund VenturEast Fund Advisors USD 150 mn 2007 Venture 

Capital 

BTS India Private Equity Fund BTS Investment Advisors USD 80 mn 2006 Diversified Asia/Pacific USD 12 mn 

Private Equity 

Mekong Enterprise Fund II Mekong Capital USD 50 mn 2006 Buyout Asia/Pacific 

Vantage Mezzanine Fund Vantage Risk Capital ZAR 1 bn 2006 Mezzanine Middle East/Africa 

Vietnam Equity Fund Finansa EUR 15 mn 2005 Growth / 

Expansion 

Capital 

African Infrastructure 

Investment Fund 

African Infrastructure 

Investment Managers (Pty) 

Limited 

ZAR 1.32 bn 2004 Infrastructure 

Aureos East Africa Fund I Aureos Capital USD 40 mn 2003 Buyout Middle East/Africa 


9

Foundation / Endowment. 

ALFRED I. DUPONT TRUST 

HEAD OFFICE 

Suite 500 

Building 200 

Jacksonville 

FL 

32246 

United States of America 

Tel: 1 904 232 4121 

Fax: 1 904 232 4124 

www.alfrediduponttrust.org 

info@aidtt.org 


USD 4 billion 


10% 


10% 


2000 

CONTACTS 

Mr. Michael Beblo 

Director of Alternative Investments 

Jacksonville 


Mr. David Gonino 

Chief Investment Officer 

Jacksonville 


Mr. Carlos Herrero 

Investment Analyst 

Jacksonville 


BACKGROUND 

The Alfred I. duPont Testamentary Trust was established in 1935 to support the care and treatment of ill and disabled children. The trust's 

primary beneficiary is The Nemours Foundation. The trust has been investing in private equity since 2000. The trust has invested in over 60 

limited partnership funds so far, with a capital commitment of around $733 million. It invests in 10-12 funds per year on average and invests 

around $10 million - $40 million per fund. 







Bite Size 

GEOGRAPHY 

North America 




Asia Pacific 


Yes 

Yes 

Yes 

Long term portfolio allocation: 70% North America, 

15% Western Europe, 15% Asia. 

FUND TYPE 

Generalist 


Venture 


Fund of Funds 

Mid-Market 




Other 

Yes 

Yes 

Yes 

Yes 

Yes 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

 

 

More tilted towards buyouts in long term. 



Co-invests 5% 

Directs 






Europe 

Generalist 


Venture 


 


Mid-Market 


Turnaround 

 



7




Approx. Future Capital to be Invested USD 40 million 


Before 2007 



Directs 


 

 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

 

 



Flybridge Capital Partners III Flybridge Capital Partners USD 280 mn 2008 Venture 

Capital 

Riverside Europe Fund III The Riverside Company EUR 315 mn 2007 Buyout Western Europe 

Axiom Asia Private Capital Axiom Asia Private Capital USD 440 mn 2007 Fund of Funds Asia/Pacific 

Fund I 

OVP VII OVP Venture Partners USD 250 mn 2006 Early-Stage North America 

Golub Capital Partners V Golub Capital Partners USD 1 bn 2006 Mezzanine North America 

OCM Opportunities Fund VI Oaktree Capital Management USD 1800 mn 2005 Turnaround / North America 

Distressed 

Brockway Moran & Partners III Brockway Moran & Partners USD 700 mn 2005 Buyout North America 

Inc 

Oak Investment Partners XI Oak Investment Partners USD 1500 mn 2004 Venture North America 

Capital 

CMEA Ventures VI CMEA Ventures USD 300 mn 2004 Venture North America 

Capital 

Endeavour Capital Fund IV Endeavour Capital USD 280 mn 2004 Buyout North America 

GEORGE WASHINGTON UNIVERSITY 

HEAD OFFICE 

2100 M Street, NW 

Suite 305 

Washington 

DC 

20037 


Tel: 1 202 994 8925 

Fax: 1 202 994 9157 

www.investment.gwu.edu 

investment@gwu.edu 


USD 1 billion as of 31 Dec 2007 


40% 


10% 




1987 

CONTACTS 

Mr. Rodney Lake 

Investment Analyst 



Mr. Donald Lindsay 

Chief Investment Officer 



Ms. Jennifer Mandeville 

Senior Investment Analyst 



jmandeville@gwu.edu 

BACKGROUND 

George Washington University was established in 1821. Its affiliated schools and colleges teach arts, sciences, international affairs, business & 

management, medicine, engineering and professional studies. Investments are made through the university's $1 billion endowment. The 

endowment has been investing in private equity since 1987 and allocates a maximum of 40% of total assets to alternative investments (including 

real estate, although it does not classify real estate as an alternative). In terms of the institution's future appetite, the endowment would consider 

investing in all types of foreign private equity funds including global funds. 


8 






GEOGRAPHY 





Asia Pacific 


FUND TYPE 

Generalist 


Venture 


Fund of Funds 

Mid-Market 




Other 

Mainly distressed and energy funds 

Yes 

Yes 

Yes 

Yes 

Yes 





Europe 

Generalist 


Venture 



Mid-Market 


Turnaround 


Other 



Resource Capital Fund III Resource Capital Funds USD 240 mn 2004 Energy / Oil & North America 

Gas 

Commonfund Capital Venture Commonfund Capital, Inc. USD 682 mn 2001 Fund of Funds North America 

Partners VI 

Parthenon Investors II Parthenon Capital USD 750 mn 2001 Buyout North America 

Endowment Venture Partners 

II 

Commonfund Capital, Inc. USD 175 mn 1993 Fund of Funds North America 


9

Insurance Company. 

LIFE INSURANCE CORPORATION OF INDIA 

(LIC) 

HEAD OFFICE 

Yogakshema 

Mumbai 

India 

Tel: 91 22 2202 2151 

Fax: 91 22 2202 8943 

www.licindia.com 


USD 136 billion 


Insurance Company. 





NA 



Directs 


 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

 



VenturEast Proactive Fund VenturEast Fund Advisors USD 150 mn 2007 Venture 

Capital 

India Advantage Fund VII ICICI Venture USD 110 mn 2006 Mezzanine Asia/Pacific 

(Mezzanine Fund I) 

IDFC Private Equity Fund II IDFC Private Equity USD 440 mn 2005 Infrastructure Asia/Pacific 

Ascent India Fund UTI Venture Funds USD 175 mn 2005 Venture Asia/Pacific 

Capital 

Leverage India Fund Infrastructure Leasing & USD 153 mn 2004 Later-Stage Asia/Pacific 

Financial Services Ltd (IL&FS) 

AP Biotechnology Venture APIDC Venture Capital USD 12 mn 2003 Biotech/Life Asia/Pacific 

Fund 

Sciences 

India Development Fund IDFC Private Equity USD 192 mn 2002 Infrastructure Asia/Pacific 

Indivision Indian Partners Future Capital USD 400 mn Buyout Asia/Pacific 


8 


Investment FIrm. 

BIP INVESTMENT PARTNERS 

HEAD OFFICE 

Rue des Coquelicots 1 

Luxembourg 

1356 

Luxembourg 

Tel: 352 2600 261 

Fax: 352 2600 2650 

www.bip.lu 

info@bip.lu 

CONTACTS 

Mr. Marc Cardinael 

Investment Director 

Luxembourg 

Luxembourg 

marc.cardinael@bip.lu 

Mr. Olivier Meyers 

Senior Investment Manager 

Luxembourg 

Luxembourg 


EUR 800 million as of 9 Jul 2008 


25% -30% 




2000 

BACKGROUND 

BIP Investment Partners S.A. (BIP) was founded on 17 April 2000 at the initiative of Banque Générale du Luxembourg, a member of the Fortis 

Group. Originally named BGL Investment Partners, the firm changed its name to BIP Investment Partners in February 2006 due to the 

rebranding of Banque Générale to Fortis. The company manages €800 million in assets (as of Q2 2008) allocates 25 - 30% to private equity and 

invests primarily in venture capital and buyouts. The firm has a history of investing in secondaries but is no longer doing so. In terms of 

geography, BIP invests predominantly in Western European vehicles, with past commitments made in Israel and North American vehicles. BIP 

are looking to invest in German and French buyout vehicles whilst investing more in pan-European venture capital vehicles. As of Q2 2008, BIP 

intends to invest in 3 funds over the next 12 months. 







Bite Size 

GEOGRAPHY 

North America 




Asia Pacific 


SECTORS 




Retail 





Transport 

TMT 


Other 

FUND TYPE 

Generalist 


Venture 


Fund of Funds 

Mid-Market 




Other 




Directs 


Yes 

Yes 

Yes 

Yes 





Europe 

Generalist 


 

Venture 

 


Fund of Funds 

Mid-Market 


Turnaround 


Other 


7

Investment Firm. 





In the next 12 months 




Directs 


 

 

 


Blackstone Capital Partners V Blackstone Capital Partners USD 21 bn 2006 Buyout North America 

New Tech Venture Capital Mangrove Capital Partners 2005 Venture Western Europe EUR 5 mn 

Fund II 

Capital 

Life Science Partners III Global Life Science Ventures EUR 150 mn 2005 Biotech/Life Western Europe EUR 5 mn 

GmbH 

Sciences 

Mangrove II Mangrove Capital Partners 2005 Venture Western Europe 

Capital 

Highland Capital Partners VII Highland Capital Partners 2005 Venture North America 

Capital 

Carlyle Europe Technology Carlyle Group EUR 200 mn 2005 Biotech/Life Western Europe EUR 5 mn 

Fund 

Sciences 

Coller International IV Coller Capital Limited USD 2.6 bn 2002 Secondaries North America 


Carlyle Venture Partners II Carlyle Group USD 600 mn 2001 Venture 

Capital 

North America 


New Tech Venture Capital Mangrove Capital Partners USD 50 mn 2000 Venture North America 

Fund 

Capital 

Millennium Materials 

Technologies Fund 

Millennium Materials 

Technologies Fund 


Capital 

Middle East/Africa 

FIER PARTNERS 

HEAD OFFICE 

393, rue Saint-Jacques 

bureau 500 

Montréal 

Québec 

H2Y 1N9 

Canada 

Tel: 1 514 844 9994 

Fax: 1 514 844 9995 

www.fierpartenaires.com 


CAD 180 million 


100% 


100% 


CAD 180 million 


2005 

CONTACTS 

Ms. Sylvie Pinsonnault 

Chief Executive Officer 

Montréal 

Canada 

Tel: 1 514 844 9994 

sylvie.pinsonnault@fier-partenaires.com 

BACKGROUND 

FIER Partners, which manages over C$180 million in assets, is a limited partnership that supports the creation of sector development funds and 

helps finance development projects. FIER concentrates on increasing the amount of venture capital available in every region of Québec. FIER 

Partners started investing in private equity funds in early-2005, and has since then committed to 8 funds. FIER invests only in venture capital 

vehicles with managers based and/or invest in Quebec. FIER typically invests in 2-3 funds per year, with an average of C$ 10 million invested 

per fund. FIER also invests directly. 







Bite Size 

GEOGRAPHY 





Asia Pacific 


Quebec only. 

FUND TYPE 

Generalist 


Venture 100% 


Fund of Funds 

Mid-Market 




Other 


8 


Investment FIrm. 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

 

 

 




Directs 


Yes 

Yes 





Europe 

Generalist 


Venture 

 


Fund of Funds 

Mid-Market 


Turnaround 


Other 



Approx. Future Capital to be Invested CAD 30 million 

Approx. Number of Funds Commit to in Future 2-3 

Per year on average 



Directs 


 

 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

 

 

 



iNovia Investment Fund II iNovia Capital CAD 107 mn 2008 Venture North America CAD 25 mn 

Capital 

Rho Canada Rho Capital Partners CAD 100 mn 2007 Venture 

CAD 10 mn 

Capital 

GO Capital Fund BDC Venture Capital CAD 50 mn 2006 Venture North America CAD 25 mn 

Capital 

Garage Technology Ventures Garage Technology Ventures USD 50 mn 2006 Seed North America USD 10 mn 

Canada I 

CTI Life Sciences Fund CTI Capital CAD 100 mn 2006 Biotech/Life North America CAD 25 mn 

Sciences 

Brightspark Ventures II Brightspark Holdings USD 100 mn 2004 Venture Western Europe CAD 5 mn 

Capital 

Propulsion Ventures III Propulsion Ventures CAD 60 mn 2004 Venture North America CAD 10 mn 

Capital 

AgeChem Ventures GeneChem Management CAD 65.65 mn Venture 

Capital 

North America CAD 10 mn 


9

Pension Fund. 

CALIFORNIA PUBLIC EMPLOYEES' 

RETIREMENT SYSTEM (CALPERS) 

HEAD OFFICE 

400 Q Street 

Lincoln Plaza East 

Sacramento 

CA 

95814 





33% target 


Approved allocation 10%, actual figure is 7.5% 



Tel: 1 916 795 3400 

Fax: 1 916 795 3344 

www.calpers.ca.gov 

CONTACTS 

Mr. Mark Joncarlo 

Portfolio Manager, Private Equity 

Sacramento 


mark_joncarlo@calpers.ca.gov 

Mr. Dave Merwin 

Alternative Investments 

Sacramento 


Tel: 1 916 795 2742 

david_merwin@calpers.ca.gov 

Mr. Leon Shahinian 

Head of Alternative Investments 

Sacramento 


leon_shahinian@calpers.ca.gov 

BACKGROUND 

The California Public Employees' Retirement System (CalPERS) manages retirement and health plans for the state and public employees of 

California, retirees, and their families. CalPERS provides health and retirement benefits to more than 1.5 million state and local public employees 

and their families. As of December 2007, the pension fund had a target allocation of about 33% of total assets to all alternative investments 

(including hedge funds, private equity, real estate and an inflation-linked asset class). In the past, CalPERS had expressed a wish to narrow 

down their investments in private equity to just 20 - 30 fund managers. They currently invest with up to 160 fund managers. Although there will 

be some sort of reserve of 30 - 40 managers, those managers in the portfolio for sale are unlikely to receive any commitments in the future. In 

March 2008, it was announced that CalPERS was expected to invest in Bridgepoint Europe IV, after investing in Bridgepoint’s previous funds. 







Bite Size 

GEOGRAPHY 



Central & Eastern Europe Yes 

Middle East / Africa 1.5% 


Latin America 1.5% 

70% US, 2% Canada. Western Europe allocation 

includes Central and Eastern Europe 

FUND TYPE 

Generalist 

Yes 

Buyout / Later Stage 53% 

Venture 18% 

Mezzanine / Subordinated Debt 2% 

Fund of Funds 

Mid-Market 

Yes 


Yes 

Turnaround / Distressed 7% 

Secondary Fund Interests 3% 

Other 17% 

Expansion capital 14%, special situations 3%. 

Investments include healthcare and natural resources. 

SECTORS 




Retail 





Transport 

TMT 


Other 

Chemicals 

 

 




Directs 2% 



7

Pension Fund. 





Europe 

Generalist 


Venture 



Mid-Market 


Turnaround 


Other 

Expansion capital, special situations, healthcare and natural resources. 





each year 

USD 3 billion 



Directs 


 

 

 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

 

 

 

 

 

Chemicals 



TPG Partners VI Texas Pacific Group USD 20 bn 2008 Buyout North America USD 950 mn 

Yucaipa American Alliance Yucaipa Companies USD 2 bn 2008 Growth / 

USD 400 mn 

Fund II 

Expansion 

Capital 

Capital Link Fund II Centinela Capital 2008 Fund of Funds USD 500 mn 

Apollo Credit Opportunities Apollo Management USD 1 bn 2008 Turnaround / 

USD 1 bn 

Distressed 

Carlyle Europe Technology Carlyle Group EUR 500 mn 2008 Buyout EUR 75 mn 

Partners II 

Carlyle Riverstone Global E&P Carlyle Group USD 6 bn 2008 Buyout USD 500 mn 

Fund IV 

Huntsman Gay Capital Huntsman Gay Capital USD 1 bn 2008 Buyout USD 180 mn 

Partners 

Partners 

CVC Asia Pacific Fund III CVC Capital Partners USD 4.1 bn 2007 Buyout Asia/Pacific 

TPG Asia V Texas Pacific Group USD 5 bn 2007 Buyout Asia/Pacific USD 400 mn 

PCG Cleantech fund Pacific Corporate Group 2007 Buyout North America USD 400 mn 


8 


Secondary Funds. 

HEADWAY CAPITAL PARTNERS 

HEAD OFFICE 

16 Old Bond Street 

4 th Floor 

London 

W1S 4PS 


Tel: 44 20 7518 8888 

Fax: 44 20 7900 3160 

www.headwaycap.com 

info@headwaycap.com 




100% 


100% 




2005 

CONTACTS 

Mr. Julian Asquith 

Chief Financial Officer 

London 


Mr. Christiaan de Lint 

Partner 

London 


Tel: 44 20 7518 8878 

christiaan@headwaycap.com 

Ms. Laura Shen 

Partner 

London 


Tel: 44 20 7518 8887 

laura@headwaycap.com 

BACKGROUND 

Headway Capital was founded in 2004 by Christiaan de Lint, Sebastian Junoy and Laura Shen, who worked together previously at Coller 

Capital. Headway is an independent private equity secondaries firm providing a full range of liquidity solutions to institutions and individuals 

seeking exits or alternatives for their private equity investments. Headway invests on behalf of a select number of family offices and purchases 

assets primarily in Europe and the US. The company invests predominantly in secondaries and prefers venture and buyout funds. However, it 

also undertakes direct investments and purchases minority stakes in single companies as part of its investment activities. Headway invests 

across sectors and in all regions, although it has allocated the majority of its portfolio to domestic, North American and Western European 

vehicles. Headway prefers to commit about €0.5 million to fund managers they are working with for the first time, but will make larger 

investments as the relationships with the GPs develop. 


Provides a breakdown in percentage terms of the institution’s allocation to private equity, in terms of geography, fund type and investment 



Capital committed to private equity funds to date EUR 52 million 


Bite Size 

< 1m 

GEOGRAPHY 



Central & Eastern Europe








Directs 


 

SECTORS 




Retail 





Transport 

TMT 


Other 

 

LEXINGTON PARTNERS, INC 

HEAD OFFICE 

660 Madison Avenue 

23rd floor 

New York 

NY 

10021 


Tel: 1 212 754 0411 

Fax: 1 212 754 1494 

www.lexingtonpartners.com 

info@lexpartners.com 




100% 


100% 




1994 

BRANCHES 

London, United Kingdom 

Boston, United States of America 

Menlo Park, United States of America 

CONTACTS 

Mr. Brent Nicklas 

Managing Partner 

New York 


Mr. Bart Osman 

Partner 

New York 


Mr. James Pitt 

Managing Director, Investments 

London 


BACKGROUND 

Lexington Partners is a global private equity sponsor primarily involved in providing liquidity to owners of interests in private equity limited 

partnerships and in providing equity co-investments alongside leading private equity sponsors. Lexington Partners is the largest independent 

manager of secondary private equity and co-investment funds with more than $12 billion in committed capital. Lexington also invests in primary 

partnership funds and has committed to more than 125 new partnerships in the U.S., Europe, and the Asia-Pacific region. Lexington make a 

limited number of strategic investments in newly formed buyout, mezzanine, venture capital and international partnerships. 






Number of private equity funds committed to 125+ 

Bite Size 

50 - 100m 

GEOGRAPHY 







FUND TYPE 

Generalist 


Venture 


Fund of Funds 

Mid-Market 




Other 

Yes 

Yes 

Yes 

Yes 

Yes 

Yes 

Yes 


8 



SECTORS 




Retail 





Transport 

TMT 


Other 

 




Directs 






Europe 

Generalist 


Venture 


Fund of Funds 

Mid-Market 


Turnaround 


Other 







Directs 


 

 

 

SECTORS 




Retail 





Transport 

TMT 


Other 

 



Wellington Partners III 

Technology Fund 

Wellington Partners EUR 50 mn 2007 Venture 

Capital 

North America 


American Capital Equity I American Capital Strategies USD 1 bn 2006 Buyout North America 

EGL Ventures IV EGL Investment Arm USD 90 mn 2004 Venture North America 

Capital 

Scale Venture Partners II Scale Venture Partners USD 400 mn 2004 Technology North America 

Buyouts 

Edison Venture Fund V Edison Venture Fund USD 142 mn 2002 Growth / North America 

Expansion 

Capital 

CVC European Equity CVC Capital Partners USD 4000 mn 2001 Buyout Western Europe 

Partners III 

Advent Global Private Equity 

IV 

Advent International EUR 2000 mn 2001 Generalist North America 


Lucent Venture Partners III Lucent Venture Partners USD 251 mn 2001 Venture North America 

Capital 

PacVen Walden Ventures V Walden International USD 741 mn 2001 Diversified 

Private Equity 

North America 


GMT Communications 

Partners II 

GMT Communications 

Partners 


Capital 



9

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