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ChrysCapital in talks with LPs over target of India’s biggest private…

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Side Letter: PE firms’ deal-by-deal pivot

What wasn’t (mostly) talked about at FFA Europe

Gtcr follows ‘leader’ into real estate.

The mid-market specialist, whose leadership is profiled in an in-depth PEI feature this month, has gained indirect exposure to real estate investing through its most recent acquisition.

In August, GTCR portfolio company Aligned Asset Managers purchased a majority stake in Chicago-based real estate advisory and investment firm The Townsend Group for an undisclosed sum.

“Townsend represents the ideal platform investment for Aligned,” said David Minella, chief executive officer at Aligned. “It embodies our strategy of focusing on industry leaders in growing asset classes, and we look forward to helping Townsend build on its strong track record and deep relationships with a world-class institutional investor base.”

In some ways, the transaction is a trademark deal for GTCR, whose “leaders strategy” involves backing CEOs and helping them build companies through add-on acquisitions and other operational changes. Since the mid 1980s, the firm’s modus operandi has always been the same: seek out an ideal CEO for a given platform, doggedly pursue him or her until the offer is accepted, then help the CEO build a company. GTCR partnered with Minella in January to form Aligned.

The investment marks a step in a new direction for GTCR, however, as it gives the mid-market specialist indirect exposure to real estate investing. GTCR traditionally operates in just three core sectors: financial services and technology, healthcare and information services and technology.

Whether GTCR’s investment thesis continues to lead the firm into less traditional areas than its usual bread and butter sectors, GTCR is expecting a very busy end of 2011, principal Phil Canfield told Private Equity International earlier this year. “I think it’s going to be a really exciting deal-making environment for us over the next six months. We have a lot of CEOs that we’re talking to right now who have active investment ideas and businesses we think we can buy and drive transformation. So I would anticipate a lot of activity.”

Magazine subscribers can read more about GTCR in an in-depth feature on the firm here .

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Private Equity Firm GTCR Amasses $11.5 Billion in Record Fundraise

(Refile to change "customer" to "consumer services" in last paragraph)

By Chibuike Oguh

NEW YORK (Reuters) -Private equity firm GTCR LLC has raised its largest fund ever, collecting $11.5 billion from investors to acquire companies that span the technology, healthcare, financial and consumer services sectors, it told Reuters on Tuesday.

The milestone defies fundraising challenges private equity funds are facing as investors avoid risk and hoard cash, fearing an economic slowdown.

U.S. buyout fundraising has reached $72 billion across 60 funds so far this year compared with $109.4 billion raised in nearly 100 funds over the year-ago period, according to London-based investment data provider Preqin.

"Our limited partners tell us that they don't have the resources to support as many general partner relationships and they will focus on their longest-term, quality relationships," GTCR co-Chief Executive Collin Roche said in an interview.

The new fund, GTCR Fund XIV, initially aimed to raise $9.25 billion. It amassed $11 billion from institutional investors, including from sovereign wealth funds, public and private pension funds, foundations and endowments. An additional $500 million was committed by GTCR employees, Roche said.

The new fund is larger than its predecessor, GTCR Fund XIII, which had collected $7.9 billion from investors in 2020.

That fund generated a net internal rate of return (IRR) of nearly 194% as of December last year, according to data from the Alaska Retirement Management Board (ARMB), an investor. GTCR's $5.4 billion Fund XII and the $4 billion Fund XI generated IRRs of about 36% and about 39%, respectively, the data showed.

Some of GTCR's fund investments include U.S. vaccine reagent vendor Maravai Life Sciences Holdings, in-flight internet provider Gogo Inc, and ticketing company Vivid Seats Inc. In 2021, GTCR partnered with buyout firm Reverence Capital Partners to acquire the asset management business of Wells Fargo & Co for $2.1 billion.

"In more than half of our deals, we find what we believe are the best talents in any particular industry we're working in and then go find businesses and assets for those leaders to build and transform," said GTCR co-CEO Dean Mihas.

Chicago-based GTCR was founded in 1980 and has more than $35 billion in assets under management across business services, media, telecoms, healthcare, technology, financial and consumer services sectors.

(Reporting by Chibuike Oguh in New York; Editing by Richard Chang)

Copyright 2023 Thomson Reuters .

Tags: funds , United States

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Mid Oaks Investments has sold Plastic Packaging Technologies to PPC Flexible Packaging, a portfolio company of GTCR

Plastic packaging technologies.

Plastic Packaging Technologies (PPT), based in Kansas City, Kansas, is a leading manufacturer of value-added flexible packaging solutions serving the pet care, food and beverage, specialty consumer and healthcare markets. PPT employs 425 people and operates four modern, state-of-the-art facilities in Kansas City, Kansas, and Columbus, Ohio, from which it produces a comprehensive portfolio of high-quality, custom flexible packaging solutions, including pre-made pouch and value-added roll stock formats. The company’s products offer a variety of value-added features and attributes, including various print finishes, closures, zippers and laser-perforations across an array of barrier substrates, including Thrive!, PPT’s line of sustainable / recyclable materials. The company is vertically integrated from printing through substantial pouch converting operations, giving it a significant competitive advantage in the market.

Acquired in 2010, Mid Oaks partnered with PPT’s management team to invest in innovative new machinery and equipment capacity to support growth, expand capabilities, integrate cutting-edge technology systems and successfully grow the customer base with numerous blue-chip customer wins. Mid Oaks was seeking liquidity on its investment in PPT, based on the achievement of investment objectives. Mid Oaks turned to Lincoln to execute a highly competitive and successful sale process given Lincoln’s flexible packaging expertise, real-time market insights and breadth and depth of resources.

Lincoln worked closely with Mid Oaks and PPT’s management team to highlight the company’s compelling investment thesis, while providing mergers and acquisitions (M&A) and industry expertise. Lincoln managed the marketing, diligence and negotiation process, driving competitive tension throughout the transaction. PPC Flexible Packaging, a leading printer and converter of flexible packaging products, targeted PPT to add a differentiated flexible packaging asset, complementing its existing flexible packaging capabilities and greatly expanding its pet care offering. The transaction resulted in an exceptional outcome for the shareholders and a strong fit for the management team.

David Staker, President and Chief Executive Officer of PPT, commented, “On behalf of the entire PPT team, we are delighted with the achieved result working with Lincoln International. Their process execution, flexible packaging market expertise and client focus allowed us to run a successful transaction resulting in a highly complementary partnership with PPC and GTCR.”

Our Perspective

Luke Webb, Managing Director in Lincoln’s Industrials Group who leads packaging, commented, “The PPT transaction is another example of our in-depth market knowledge in packaging, in combination with our hands-on approach to be market ready and crafting a highly compelling investment thesis to attract the highest levels of interest from both private equity and strategic acquirers. We continue to see heightened M&A activity in the packaging space for sought-after companies like PPT, ultimately resulting in outsized outcomes.”

Mid Oaks Investments is a private investment firm that invests its own capital in middle market companies that possess a substantial opportunity for value creation. The company seeks to partner with entrepreneurial management teams with the foresight and vision necessary to elevate an enterprise to the next level of performance. For more information, please visit www.midoaks.com .

PPC is a leading flexible packaging provider headquartered in Buffalo Grove, Illinois. PPC has steadily grown and evolved, both organically and through acquisitions, into a premier top 15 high-quality flexible packaging manufacturer. The company’s unique capabilities and speed to market have established it as a leader within the consumer and cleanroom markets. For more information, please visit www.ppcflex.com .

Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the business and consumer services, financial services and technology, healthcare and technology, media and telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $27 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com .

Related Perspectives

• Sustainability in Focus for Packaging M&A
• Recycled Plastics Market Draws Investor Attention

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View More Transactions in Packaging

Lincoln International advised ONCAP on the refinancing of Precision Global

Lincoln International advised Wingate Partners on its sale of The HC Companies to Platinum Equity

Lincoln International advised The Packaging Wholesalers on its sale to BOX Partners, a portfolio company of Charlersbank Capital Partners

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Lincoln International advised Sentinel Capital Partners on the sale of Nekoosa to Appvion, a portfolio company of Wynnchurch Capital

Lincoln International advised Findos on the sale of Monta to Seedamm Packaging

Lincoln International advised Behrman Capital on the sale of Plastic Industries to Altium

Lincoln International advised Delos Capital on the sale of FCA Packaging to Wynnchurch Capital

Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.

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Gtcr unloads revspring, its first portfolio company sale in over a year.

Mark Weinraub is a banking and finance reporter for Crain’s Chicago Business. He joined Crain's in 2023 from Reuters, where he spent the bulk of his career writing about commodities, agriculture, Chicago’s futures exchanges, government and other industries. Weinraub also previously worked in the agency’s Washington and New York bureaus. He is a graduate of Northwestern's Medill School of Journalism.

Chicago private-equity firm GTCR said it sold RevSpring, one of its portfolio companies, to investment firm Frazier Healthcare Partners.

RevSpring offers billing and communications platforms to businesses in the health care and financial services industries.

GTCR made its initial investment in RevSpring in 2016. Financial terms of the sale announced on March 12 were not disclosed.

“We had an ambitious thesis to take a business that was more of a physical communication billing business and transform it into digital patient engagement and payments inside of health care,” GTCR Managing Director K.J. McConnell said in an interview. “That transformation has largely been completed, and the team is in an absolutely great spot.”

RevSpring’s management will remain in place, McConnell said.

Morgan Stanley and TripleTree acted as co-lead financial advisers on the deal, while Kirkland & Ellis served as legal counsel to RevSpring, GTCR said in a statement.

The deal was GTCR’s first sale of one of its companies since January 2023, when the firm’s publicly traded Paya Holdings was acquired by Nuvei in a cash deal valuing the company at $1.3 billion.

GTCR was active on the acquisition front over the past year, including buying 55% of payments processing firm Worldpay from Fidelity National Information Services in its biggest deal ever. It also closed its 14th fund last year, raising a firm-record $11.5 billion for the buyout pool.

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AssetMark Signs Definitive Agreement to be Acquired by GTCR

Investment by leading private equity firm is premised on sustaining growth and product expansion at the Company

AssetMark Financial Holdings, Inc. (NYSE: AMK) (“AssetMark” or “Company”), a leading wealth management technology platform for financial advisors, today announced that it has signed a definitive agreement to be acquired by GTCR, a leading private equity firm with substantial investment expertise in financial technology, wealth and asset management.

AssetMark stockholders will receive $35.25 per share in cash, which represents a total equity valuation of approximately $2.7 billion. Under the terms of the agreement, GTCR will acquire a 100% interest in the Company.

AssetMark’s Board of Directors has unanimously approved the transaction and recommended the transaction to its stockholders. After AssetMark’s Board of Directors approved the transaction, the definitive agreement was signed, and the transaction was approved by written consent of stockholders representing a majority of the outstanding voting interests of the Company.

Based in Concord, California, AssetMark is a leading wealth management technology company with approximately $117 billion of assets on the platform. The Company delivers an extensive suite of technology solutions and service offerings which enable independent financial advisors to create and manage customized client investment portfolios, report and analyze performance, custody assets, attract new clients and grow their advisory business. AssetMark differentiates itself through its comprehensive end-to-end offering and the personalized, high-touch service model it delivers to its financial advisor customers. The AssetMark platform serves over 9,300 financial advisors and over 257,000 investor households.

“This transaction is a testament to the support and commitment of Huatai over the past seven years, and the hard work of the entire AssetMark team. Together with Huatai, we have accomplished remarkable results, and we look forward to partnering with GTCR on the next phase of growth,” said Michael Kim, CEO of AssetMark. “This transaction will deliver substantial value for our shareholders, supports key elements of our strategy, and creates new and exciting opportunities for our employees. In partnership with GTCR, we will continue to focus on expanding offerings for our clients with new product capabilities while maintaining our reputation for excellent client service.”

“AssetMark is a leader in the wealth technology industry, combining a high-quality service orientation with innovative technology and products that financial advisors rely on to support their clients,” said Collin Roche, Co-CEO and Managing Director at GTCR. “We would like to congratulate Huatai Securities, AssetMark’s majority shareholder, on the substantial increase in the scale and profile of the business during Huatai Securities’ majority ownership which began in 2016.”

Yi Zhou, CEO of Huatai Securities said, “AssetMark was an important strategic investment for Huatai with the business growing substantially during our ownership tenure. Today’s transaction will deliver a strong financial return to Huatai’s shareholders. We appreciate the support from AssetMark’s customers, employees and management team and remain confident in the Company’s future under GTCR’s ownership.”

Michael Hollander, Managing Director at GTCR, added “We are highly enthusiastic about the opportunity to partner with Michael Kim and the AssetMark team. In addition to organic initiatives, GTCR expects to support AssetMark as the Company pursues additional inorganic M&A opportunities to further expand the leading service offering it provides financial advisors.”

The transaction is subject to customary closing conditions and required regulatory approvals and is expected to close in Q4 2024. Upon completion of the transaction, AssetMark’s common stock will no longer be listed on any public market.

For further information regarding all terms and conditions contained in the definitive merger agreement, please see AssetMark’s Current Report on Form 8-K, which will be filed in connection with this transaction.

Morgan Stanley & Co. LLC served as exclusive financial advisor to AssetMark and Davis Polk & Wardwell LLP provided legal counsel. UBS Investment Bank and Barclays served as co-lead financial advisors to GTCR and are providing debt financing support for the transaction. BofA Securities and Jefferies LLC also served as financial advisors. Kirkland & Ellis LLP provided legal counsel and Paul Hastings LLP provided regulatory legal counsel.

The consummation of the transaction is not subject to any financing condition. The transaction will be financed with a credit facility and equity capital from funds affiliated with GTCR.

About AssetMark Financial Holdings, Inc.

AssetMark operates a wealth management platform that powers independent financial advisors and their clients. Together with our affiliates Voyant and Adhesion Wealth, we serve advisory firms of all sizes and business models at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Our ecosystem of solutions equips advisors with services and capabilities that would otherwise require significant investments of time and money, ultimately enabling them to deliver better investor outcomes and enhance their productivity, profitability, and client satisfaction. Founded in 1996 and based in Concord, California, the company has over 1,000 employees. Today, the AssetMark platform serves over 9,300 financial advisors and over 257,000 investor households. As of March 31, 2024, the company had $116.9 billion in platform assets.

Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 280 companies, and the firm currently manages $40 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com . Follow us on LinkedIn .

About Huatai

Incorporated in April 1991, Huatai Securities is a leading technology-driven securities group in China, with a highly collaborative business model, a cutting-edge digital platform and an extensive and engaging customer base. It provides comprehensive financial services to individual and institutional clients, including wealth management, investment banking, sales and trading, investment management, etc., with a substantial international presence. In 2023, it achieved a total revenue of RMB 36.6 billion (US$5.1bn) and a net profit attributable to the company's shareholders of RMB 12.8 billion (US$1.8bn), cementing its frontrunner position in the Chinese securities industry.

Forward Looking Statements

This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements about the Company’s ability to consummate the proposed transaction and the expected benefits of the proposed transaction, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the timing to consummate the proposed transaction, (ii) the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (iii) the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated, (iv) the risk of GTCR’s failure to obtain financing necessary to complete the proposed transaction, (v) the diversion of management time on transaction-related issues, (vi) risks related to disruption of management time from ongoing business operations due to the proposed transaction, (vii) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of the Company, (viii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (ix) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement, including in circumstances requiring the Company to pay a termination fee, (x) unexpected costs, charges or expenses resulting from the proposed transaction, (xi) potential litigation relating to the proposed transaction that could be instituted against the parties to the merger agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (xii) worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and impact the Company’s profitability and (xiii) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, raw material pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in the Company’s other filings with the SEC.

These forward-looking statements speak only as of the date of this communication, and the Company does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of the Company.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Additional Information about the Proposed Transaction and Where to Find It

In connection with the proposed transaction, AssetMark intends to file relevant materials with the SEC, including AssetMark’s information statement in preliminary and definitive form. AssetMark stockholders are strongly advised to read all relevant documents filed by AssetMark with the SEC, including AssetMark's information statement, because they will contain important information about the proposed transaction. These documents will be available at no charge on the SEC’s website at www.sec.gov . In addition, documents will also be available without charge by visiting the AssetMark website at www.assetmark.com .

Alaina Kleinman Head of PR & Communications, AssetMark [email protected]

Andrew Johnson Chief Marketing & Communications Officer, GTCR [email protected]

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424889628/en/

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PE firm GTCR to buy wealth management platform AssetMark for $2.7 bln

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Reporting by Niket Nishant in Bengaluru; Editing by Eileen Soreng, Shounak Dasgupta and Jonathan Oatis

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Thomson Reuters

Niket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.

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GTCR’s Kos sees 7to7 Dental practice buildout across Texas

'We got started with Avryo with a smaller equity check and our thesis is to invest more capital over time in partnership with Kelly (McCrann) and the team,' John Kos said.

After evaluating numerous platform investment opportunities since early 2022, GTCR managing director John Kos said his team, with local partner Kelly McCrann of Avryo Healthcare, zeroed in on the San Antonio, Texas market for its anchor investment, 7to7 Dental.

7to7 Dental, based in San Antonio, partnered with GTCR’s Avryo Healthcare platform in March to focus on the buildout of dental facilities.

The Avryo healthcare platform started out as a multi-site healthcare services platform focused on building a company that utilizes new technologies and operating strategies to enhance the patient experience accessibility.

Named for its wide availability of dentist appointments, having a procedure or check-up done over a 12-hour day, plus flexible weekend hours, 7to7 Dental represented a low-cost greenfield investment for GTCR to deploy organic growth levers to build a larger dental practice network across the Lone Star state.

“We got started with Avryo with a smaller equity check and our thesis is to invest more capital over time in partnership with Kelly and the team. They want to open a lot more patient centers, which will require primary capital,” Kos told PE Hub .

“Post-covid, a lot of residents found it hard to find a dentist at convenient times, while many dentists hung up their tools and hygienists were hard to find, making dental visits challenging for individuals and families,” Sean Cunningham, co-head of GTCR’s healthcare group, told PE Hub .

Currently 7to7 Dental operates at nine sites around the San Antonio market that provide dental and orthodontic functions, with plans to expand into the nearby Austin market and elsewhere in Texas, Kos said.

With population growth across the San Antonio-Austin region faster than the US average, Kos said the central Texas region was a top pick among regions the Avryo platform was evaluating.

Formed in 2008, 7to7 Dental’s services platform is focused on ‘de novo’ or new-build facilities at standalone sites. Capital costs for a new dental practice are consistent across various US geographies, with facilities using equipment from the same national suppliers. A determinant on where to open new sites is commercial rent prices, which makes Texas ideal over other states, Kos said.

“We intend to inject primary capital onto the balance sheet to support organic growth versus using capital just for acquisitions,” Kos said. “In this case, we would invest equity capital for the balance sheet for new patient centers, de novo facilities, along with recruiting more dentists and hygienists.”

Besides general dentistry and orthodontics, Kos said other near-term objectives are to build out specialty capabilities such as endodontics and oral surgery at specialty sites. 7to7 only has a few specialists, but it can direct patients to see specialists “in network” if needed.

The dental platform is opportunistic towards add-on acquisitions, though Kos said the platform would not likely evaluate a deal for expansion into new markets for a few years.

GTCR has made numerous healthcare services investments over the last few years, including Cloudbreak Health and Harpula , a drug research company also formed as a GTCR platform.

This year kicked off with a flurry of dental care-focused private equity investments , as PE Hub has reported. The dental services market is fragmented and ripe for consolidation, with some sources counting 100,000 standalone targets ready for new investors.

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The IV annual Alternative Investments Forum, organized by National Alternative Investment Management Association and KPMG took place in Moscow on October 19, 2017.

• 30 October 2017

This year, more than 30% of guests were representatives of family offices, 20% of guests were NAIMA members, the rest of the guests were equally divided between the speakers-moderators and other members of the investment community.

The event started with a session on the most discussed topic today: "Investing in crypto-currencies." Its moderators were: Nikolai Legkodimov, head of the advisory technology group at KPMG, and Olga Yasko from the legal practice (KPMG). The panelists included Alexey Ivanov (Polynom Crypto), Dmitry Sadovyi (Simargl Capital), Alexey Arkhipov (Qiwi), Anti Danylevsky (KickICO) and Alexei Kiriyenko (Exante). During the session, the panelists managed to discuss most of the issues that investors are currently concerned with: the types of crypto currency and their differences, the risks associated with their acquisition, the security of such investments, the mechanism of ICO (Initial Coin Offering), as well as some aspects of creating cryptophones and their audit. This session aroused great interest from the audience and allowed listeners to form their opinion on the prospects investing in these type of assets.

The second panel was called "Tapping the Right Investment Strategy and Talent - an Asset Allocators' Perspective" and was moderated by NAIMA's Chairman of the Hedge Fund Committee, Michael Boboshko. The panel consisted of Andrei Ivanov (LEON Family Office), Vladislav Matveev (SBD Global Fund), Irina Rybalchenko (TN Capital), Nikolai Vlasykhin (UBS Wealth Management), and Vyacheslav Pivovarov (Altera Capital). Amongst other things, the panelists each gave their views on their current asset allocation from both an asset class perspective and a geographic perspective, discussed their approach to using a combination of in-house research and external research resources and how this would be impacted by new legislation, and talked about current evolving attitudes towards manager compensation schemes, namely the relationship between management fees and performance fees.

"The grass is always greener on our side" was the name of the third Panel Discussion of the Forum, was dedicated to investments in Russia and was moderated by NAIMA’s Executive Director Alexander Pankov. Participants in the discussion, including representatives of leading investment funds, did not have trouble convincing the audience of the large investment potential in our country. The question was which strategies and sectors are most attractive.

The first word was taken by Dmitry Shuetzle, (VIY Management), who stressed that the Russian private equity market is now creating new opportunities, offering investors very attractive risk/return choices. As an example, he cited the recent IPO of Detsky Mir. His position was confirmed by Vadim Bochkarev, (DaVinci Capital Management), who announced an IPO of Softline within the next 12-18 months and emphasized the attractiveness and competitiveness of the Russian IT market in the international arena.

Vadim Ogneschikov,  (UFG Asset Management), noted that the Russian stock market can also provide a high rate of return with strong in-house expertise and competent risk management. The audience was impressed with the IRR figures of UFG RussiaSelect.

All participants agreed that it is extremely important to expand the capacity of local private and institutional investors to access strategies in the alternative investments space in Russian. This important fact was underscored by another speaker - Mikhail Klementyev,  (KPMG), who pointed to the increasing interest of professional participants in the use of investment partnerships and combined funds to structure investments in our jurisdiction.

The fourth session of the Forum was devoted to global investments. The moderator of this session was Kirill Nikolaev, Managing Partner of NICA Multi-Family Office. The speakers included Danilo Lakhmanovich, (Regency Project Management), Albert Sagiryan, (GEMCorp), Oleg Kuzhikov, (Maxfield Capital), and Sergey Sosulnikov, (Target Asset Management). The speakers included representatives of different asset classes and geographies from Angola and fixed income to venture financing and California. In general, everyone agreed that it is important to have physical presence in the market (“boots on the ground”) where the deal closes and remote entry into alternative investments does not seem realistic. Investors are watching the Asian market closely, but the difference in mentality and the specifics of doing business are still a barrier to the development of business with China.

The forum ended with a cocktail reception during which the participants shared their opinions on the Panel Discussions in an informal atmosphere.