关于私募股权筹资的全球见解（英文版）.pdf

Brought to you byGlobal Insights on PE FundraisingMarket insight reportIn partnership with2 | privateequitywire.co.uk PE FUNDRAISING REPORT | October 2019TMF MARKET INSIGHTContents03 PE fundraising has bandwidth to accommodate ESGnullelated regulationCapital is flowing into ESG investments. Many GPs are on the case. But to stay ahead, they will need credible evidence of impact, not nullst slick marketing.0null nullnullembourgnullsights on nullnullembourgnull Private Enulluity fundraising marketnull0 nullrseynully technology can play a role in PE fundraisingnull2 Guernseynullsights on Guernseynull Private Enulluity fundraising marketnullnull nullnull managers dominate fund raising activitynullnull nullia Pacificnullsights on nullia Pacificnull Private Enulluity fundraising marketnullnull nullited nullab EmiratesnullE is not a mature PE market but technology might help managersnullfundraising effortsprivateequitywire.co.uk | 3PE FUNDRAISING REPORT | October 2019TMF MARKET INSIGHTPE fundraising has bandwidth to accommodate ESG-related regulationCapital is flowing into ESG investments. Many GPs are on the case. But to stay ahead, they will need credible evidence of impact, not nullst slick marketing.Environmental, social and governance nullSGnullinvest nulling is fast becoming a nullggernaut. null European ESGnullriented funds, nullM grew null per cent to Enullnullnullbillion between nullnullnulland nullnullnull with nullnullESGnulloriented funds launched in nullnullnull null the null, nullM doubled over the same period, reaching almost nullnullnullbillion.nullnullo be nullgreennull or not to be. nullhat is the nulluestionnullnull states nullederinullue nullval, nullad of nullelationship Management and nullcal Sales, nullnullGroup nullunullembourgnull nullhat was considered a new trend nullnullyears ago for ESGnullocial nullesponsible nullvestment has evolved into a wakenullp call and real awareness at every level of the chain. Climate change and other factors combined to make people more aware of ESG investing. Suddenly investors became more concerned about how and where they wanted to invest, and what lay behind the assets in the funds they were allocating to nullthis signalled the start of impact investing gaining prominence in the global funds industry.nullSachin nullankalas, general manager of the nullnullembourg nullnance nullbelling nullency nullunullnullnullGnull which certi nullfies fundsnull ESG credentials, says ESG is playing an increasingly prominent role in the PE spacenullnullhe cap nullital deployed via PE has the potential to have much more impact compared to investments in listed enulluities. null | privateequitywire.co.uk PE FUNDRAISING REPORT | October 2019TMF MARKET INSIGHTBecause PE holdings typically involve significant enulluity stakes in portfolio companies and board representation, GPs know their portfolio companies better and can influnullence underlying ESG strategies. nulllding periods are also longer in many cases which is very compatible with susnulltainable investing.nullnullnullembourg is a wellnullnown regulated market and since the nullnull nullrective was formally transposed into law in nullly nullnullnullglobal PEnullE managers wishing to use nullnullembourg as a distribution hub have gotten increas nullingly comfortable with regulatory compliance. null well as offering a range of regulated fund products, nullnullembourg has an active listed green bond market and nullnullnullnullG, ref nullerenced above, is a foundation that awards the nullnullnullnullG label to funds that meet responsible investment criteria in nullcrofinance, Ennullronment, ESG nullnvironment, Social, Governancenull Climate Finance and Green bonds. nullhese initiatives, which apply to regulated fund vehicles, are also helping to influence the behaviour and investment practices of PEnullnullE managers running unregulated vehicles. nullat is a trend nullm now seeing,null observes nullval. null demands nulls recognise there are now more opportunities to have a positive impact on the world through PE. nullam Black, head of ESG nullsustainability at Coller Capital, a PE secondaries investor, says nulls want to be seen to be close to ESG investing. nullheir engagement is also becoming more sophisti nullcated,nullhe says. null few years ago they were asking GPs if they had an ESG policy in place. nulloday, they want to undernullstand the investment management process in some detail, the level of engagement with portfolio companies, and want to see evidence of an ESG policy being put to work, such as through case studies. nulley want to be shown that their ESG investment is not nullst a bonullticking enullercise.nullnullwever, there are distinct regional differences. nulle Coller Capital Global Private Equity Barometer, which reports on a survey of nullnullnull nullPs from around the world revealed that two thirds of European and nullianullPacific nulls were either taking climate change into account in their PE decisionnullaking or said they would be doing so within two to three years. null nullrth nullerica, it was one third. nulle report statednull null significant minority of nullrth nullerican investors continue to regard ESGnullelated investment criteria as irrelevant or inappropriate for their private enulluity funds.nullBut null nulldy Sloan, deputy chief enullecutive, strategy at Guernsey nullnance, says this is changing nulluicklynullnullbout a year ago nullwould have said there was very little interest from nullrth nullerican nulls in initiatives like our Guernsey Green nullnd nulla regulatory ESG nullitemarknullnullbut they are showing a lot more inter nullest now, particularly since the launch of the null nullliance for Sustainable nullnance nullSnullnull, which is supported by some of the worldnull largest financial institutions.nullnullere are also regional differences within Europe. nulle nullrdics and the nulltherlands in particular seem to have been at the forefront of ESG investing, although it is difficult to pin this down to any specific reason nullit seems to be a combination of cultural, structural and regulatory factors. nullalter van nulllvoirt, environmental and sustainability enullert in the private enulluity department at nullnull the nulltch development bank nullhich invests as an null into emerging market private enulluity funds and directly in EM corporatesnull says that in the nulltherlands, ESG has been recognised as an important factor in business risk mitigation for many years now. null points to a close interaction between the wider impact and development finance community and comnullmercial investors, who have mostly been welcoming of societynull views. null also says the liberal, more progressive Suddenly investors became more concerned about how and where they wanted to invest, and what lay behind the assets in the funds they were allocating to this signalled the start of impact investing gaining prominence in the global funds industry.”Frederique Duval, TMF Group (Luxembourg)privateequitywire.co.uk | nullPE FUNDRAISING REPORT | October 2019TMF MARKET INSIGHTgovernments of the nulltherlands and the nullrdics have probably also played a role nullinfluencing how businesses are governed and putting ESG high on the agenda.nullegulation will also have played its part. nullcording to Morningstarnullnullnulln the nulletherlands, pension plans are renulluired to disclose in their annual report whether or not ESG factors are incorporated and, if so, how. null Sweden, industry guidelines on marketing and information were updated to encompass ESG factors at the renulluest of the regulator.nullnull the null, itnull a variable picture, although pension funds on the whole appear to be a little behind the curve. nullck Spencer, founder of responsible investment advinullsory boutinullue, Gordian nullvice, saysnullnull would divide it into two groups. nullou have nullompliantnullpension funds that intenullgrate ESG into their investing policies as they are told to do it. nulld then there are those that are approaching this from a totally different mindset. nulley recognise that ESG intenullgration is now a renulluirement if you want to seek the best returns and mitigate the risks associated with investments.null nulle nullnullnullreport from nullrvard Business School, Why and How Investors Use ESG Information, based on a survey of nullnullnullsenior investment professionals from nullain nullstreamnullinvestment organisations nullot socially responsible investing fundsnull foundnull nullhe primary reason survey respondents consider ESG information in investment decinullsions is because they consider it financially material to investment performance . nullespondents believe that this information is primarily relevant for assessing a companullnynull reputational, legal and regulatory risk. nulle second reason relates to better ESG performance serving as a pronull for management nulluality.nullnullother trend, which is leading to even more null inter nullest, is the growth of private capital funding of PE. Sloan saysnullnullhis is a trend we have been seeing for over five years now. nulld those private capital providers are very interested in green and sustainable assets. nulley are also more likely to be nulluicker than larger institutional investors to move their asset allocations into the ESG space.nullMoreover, part of the reason for increased ESG investnulling in the PE space is down to the fact that millennial investors, who after all represent the nenull generation of investors, are far more switched on when it comes to socially responsible investing. Because of this, says nullval, fund sponsors are doubling their efforts nullo make sure they do not risk losing a booming segment of businullness created by the nullillennial effectnullnullnullodaynull millennial generation and soon the nullgeneration care about the future of the planet and PEnullE managers nullas well as longnullnly fund managers nullare building ESGnullcompliant funds to attract younger investors, and impact the environment in a more positive way,nullshe says. ESG innullesting correlating to better returnsnullis shift of null focus hasnnull caught PE by surprise. nulle Coller Capital ESG report 20nullnull reported on a survey of nullnullGPs representing nullnull PE funds and found that null per cent already have an ESG policy in placenullnull per cent integrate ESG principles into their investment processnulland nullnullper cent reported to their investors on ESG nullp from null per cent in nullnullnull. null is also a phenomenon clearly led by European GPs. Seventy two per cent have signed up to the nullnited nulltions supported Principles of nullesponsible nullvesting, compared with null per cent of nullian GPs and only nullnullper cent of nullorth nullmerican GPs, according to the ESG report.nullile PE interest in ESG is becoming more wide nullspread, the intensity of activity is also increasing. Black saysnullnullhere the ESG role started out in some firms as a function in investor relations or communications, today, firms are making more nullperationalnullESG hires to engage with their portfolio companies. nulley are realising the most important place for ESG skills is the deal team.nullPrivate Enulluity fund administrators are moving swiftly to null | privateequitywire.co.uk PE FUNDRAISING REPORT | October 2019TMF MARKET INSIGHTembrace the virtues of ESG investing in tandem with GPs and nulls, none more so than nullnullGroup, which has seen its PE clients increasingly adopt ESG principals into their investment decisionnullaking processes. null nullval enulllainsnullnullnullPnull has seen an increase of signatories and that testifies to this collective awareness and shows how important ESG has become. null nullnull Group, we are on board the ESG train and currently submitting our file to null Pnull supported by strong local initiatives, efforts and management.nullnullom nullelan, global head of private enulluity and partner at law firm nullgan nullvells, says the sharp increase in ESG investing activity by PE funds over the last two to three years isnnull necessarily driven by pressure from nulls or altruism. null says the biggest driver is that GPs are realising that ESG investing is highly correlated with better returns on investmentnullnullSG investing tends to be in highnullrowth sec nulltors anyway nullfor enullmple, an investment into recyclable or degradable packaging is oddsnullon to beat an investment into nonnullecyclable plastics. nullso, as more investors get into this space, you see valuation multiples being driven higher in comparison to nonnullSG investments.nullnullere is growing evidence to back this up. Bain null Company studied a sample of nullnullPEnulled enullts nulletween nullnullnulland nullnullnull in the nullianullacific region and found that the median multiple on invested capital was nullnull for deals with social and environmental impact, compared with nullnull for other deals. nullore and more of our PE clients in nullnullembourg are looking at ESG. null is being discussed more widely. nulle have a number of ESGnulloriented PE funds and we are seeing appetite grow in the market for these types of investments,nullconfirms nullval.nullgulation nullan unlinullely allynull GPs should also enullect regulation to accelerate null demand for ESG investments, and to impact on their own operations. nullance was an early regulatory mover. null nullnullnull it intronullduced nullticle nullnull, a mandatory reporting framework for institutional investors to demonstrate how climate change considerations are incorporated in their investment and risknullanagement processes. null the null, the government released its Green nullnannull Stratenull in nullly nullnullnull null enullects all listed companies and large asset owners to disclose in line with the recommendations of the nullnancial Stability Boardnull nullasnullnullrnull on nullimatenullelated nullnannullal nullsnullosures nullCnullnullby nullnull. null is also looking into the appropriateness of mandatory reporting.But it is the Enulls nulltion Plan on Financing Sustainable Growth, launched by the European Commission on nullh March nullnullnullthat will probably have the biggest impact. nulle nulltion Plan aims to connect finance with the spenullcific needs of the European and global economy for the benefit of the planet and has three obnullctivesnullnull nulleorient capital flows towards sustainable investments to achieve sustainable and inclusive growthnullnull Manage financial risks stemming from climate change, natural disasters, environmental degradation and social issuesnullandnull nullster transparency and a longnullerm outlook for finannullcial and economic activity.Part of this strategy will be to ensure that asset mannullagers, institutional investors, insurance distributors and investment advisors include economic, soci