Preqin Special Report Women In Alternative Assets
PREQIN SPECIAL REPORT:WOMEN IN ALTERNATIVE ASSETSOCTOBER 2017alternative assets. intelligent data.
PREQIN SPECIAL REPORT: WOMEN IN ALTERNATIVE ASSETSFOREWORDIn recent years many industries have come under scrutiny for gender imbalance in the workforce, and alternative assets is nodifferent. Across all private capital and hedge fund industries, women are underrepresented: just one of every five alternative assetsprofessionals is female. While this depicts gender imbalance across the wider alternative assets landscape, the venture capital industry,in particular, has recently come under significant pressure following gender discrimination allegations at several high-profile firms. Asthe leading source of intelligence on alternative assets, Preqin has compiled the inaugural Women in Alternative Assets Report using adatabase of over 200,000 industry professionals to highlight the trends in the workforces of active fund managers and investors.We hope that you find this report useful and welcome any feedback you may have. For more information about Preqin and our servicesplease visit www.preqin.com or contact info@preqin.com.With thanks to our contributors: Joelle Faulkner, Area One FarmsCindy Padnos, Illuminate VenturesKelli O’Connell, NXT Capital Elena Naydenova and Steve Roberts, PwCCatherine Tan, Saga Tree Capital AdvisorsMichelle Kelner, Sandglass Capital Management LimitedKEY INFORMATION – METHODOLOGYThe data in this report is sourced from Preqin’s online databases, which feature profiles on thousands of fund managers from all assetclasses and institutional investors, including full contact information.Asset Class/Firm TypeNo. of FirmsNo. of ContactsPrivate Equity7,600 57,200 Venture Capital8,000 35,000 Hedge Funds9,000 54,300 Real Estate4,100 39,300 Infrastructure520 8,800 Natural Resources990 14,500 Private Debt1,500 20,600 Institutional Investors17,000 65,800 All administration and other support staff were excluded from this analysis.Seniority was allocated on the following basis: Junior employees included Analysts and Associates Mid-level employees included Senior Associates, Vice Presidents, Managers, Directors and Principals Senior employees included Managing Directors, Partners, Senior Managing Directors/Advisors, Managing General Partners andC-Suite ExecutivesContacts were also split into the following functions: Investor Relations/Marketing, Finance/Accountancy, Operations, PortfolioManagement and Investment Team.p3p7p9p12Women in AlternativesTransforming the PrivateEquity Business Model - PwCWomen in Private Equity &Venture CapitalWomen in Hedge Fundsp14p15p16p17Women in Real EstateWomen in Real AssetsWomen in Private DebtWomen at InstitutionalInvestorsAll rights reserved. The entire contents of Preqin Special Report: Women in Alternative Assets, October 2017 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored inany electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report: Women in Alternative Assets, October 2017 is forinformation purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeksadvice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of PreqinSpecial Report: Women in Alternative Assets, October 2017. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not makeany representation or warranty that the information or opinions contained in Preqin Special Report: Women in Alternative Assets, October 2017 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy ofthis publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Special Report: Women in Alternative Assets, October 2017 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.2 Preqin Ltd. 2017 / www.preqin.com
DOWNLOAD DATA PACK: www.preqin.com/WIAA17WOMEN IN : PreqinT27%22%5%Private DebtNatural ResourcesInfrastructureReal EstateHedge FundsVenture Capital26%21%20%0%Private Equity36%29%Private Equity5%36%35%Private Debt19.1%40%Natural Resources20.0%Infrastructure20.3%Real Estate17.9%18.6%20.6%Venture Capital20%20.5%Proportion of Total EmployeesProportion of Total Employees25%Fig. 2: Female Employees in Alternatives as a Proportion of TotalEmployees by Seniority and Asset ClassHedge FundsFig. 1: Female Employees in Alternatives as a Proportion of TotalEmployees by Asset ClassSource: Preqinhe role and representation of womenin alternative assets has come underincreasing scrutiny in recent years, moreso in some asset classes than others,with recent high-profile coverage ofgender disparity within venture capitalin particular highlighting the genderimbalance.estate has the highest representation ofwomen and private equity the lowest (Fig.1). When looking at the representation ofwomen in different levels of seniority, asexpected, female employees account for asignificantly smaller proportion of seniorpositions compared to more junior rolesacross all asset classes (Fig. 2).At present, women represent 19% ofemployees in the alternatives industry.This figure fluctuates between 17.9% and20.6% depending on the asset class: realROLE FUNCTIONInvestor relations/marketing has thehighest rates of gender equality across allasset classes and role functions, with anaverage of 48% of these positions held bywomen (Fig. 4). Women hold an average ofonly 15% of roles in the investment teamacross all asset classes, while less than onein 10 portfolio management employees athedge funds are women.In terms of seniority, women dominatejunior-level positions in investor relations/marketing roles –nearly three-quarters ofjunior positions at hedge funds are held bywomen. Female employees also representa significant proportion of junior finance/EUROPENORTH 7%21%19%22%19%19%18%Fig. 3: Female Employees in Alternatives as a Proportion of Total Employees by Location and Asset Class17%20%16%16%20%20%19%ASIAREST OF WORLDPrivate EquityVenture CapitalHedge FundsReal EstateInfrastructureNaturalResourcesPrivate Debt3alternative assets. intelligent data.
PREQIN SPECIAL REPORT: WOMEN IN ALTERNATIVE ASSETS18.8%45%The representation of women in thealternatives industry as a whole. Privateequity has the lowest at 17.9%.4.7%The average representation of women ininvestor relations/marketing roles acrossall asset classes.The average representation of womenat board level across all asset classes.Venture capital has the highest at 6.0%.47%25%47%/Accountancy33 %%1%8%1837% 11 %FinanceInve1 4 % 24Finance/Accountancy34 %47%%388%17 % 27%PRIVATEDEBT1728 %Although the largest proportion of womenat senior levels are in investor relations/marketing, this figure averages at only8%39 %OperationsOperationsaccountancy roles in each asset class,with more than half of junior positions innatural resources firms held by women.In contrast, across all asset classes, anaverage of only one-quarter of juniorinvestment team positions are held bywomen.%3010 %16 %ntmentme26%1%19geana11 %Portfolio M20% 15%15ng0%ing%10%18 %geana35 %Portfolio MINFRA5%298%mstInvestorRe66%lations/49 %amt Teentke%4%1851 %tikeararInveelati6 1 % o ns/4%3M46 %torRMtenmst%OperationsInvesmTea47% 43%%31Operations4933% 17%/AccountancyInve18 %Finance/Accountancy37 %46%%43VENTURECAPITAL232%22%39%36 %11%214% 410%ntmentme24%% 2geana16Portfolio M%%%%191021322711%18 %geana32 %Portfolio M%PRIVATEEQUITY*%nging%15 9 %8%tke3%%5tikearar5mstInvestorRe67%lations53 %/amt TeenFinanceela6 4 % ti o ns/M50 %torR1%InveseamtTenmstMInveFig. 4: Female Employees in Alternatives as a Proportion of Total Employees by Asset Class, Role Function and Seniority28% across all asset classes. The largestproportion of women at board level canbe found in venture capital firms andhedge funds, where, discouragingly, theymake up only 6.0% and 5.8% of all boardmembers respectively (Fig. 5).THE REGIONAL IMBALANCEThe representation of women in realestate leads on a global basis, driven bya level of 22% in North America (Fig. 3).Across venture capital firms, one-fifth ofemployees are consistently female – evenin regions outside North America, Europeand Asia, which would traditionally beconsidered slower in the journey togender equality, such as the Middle Eastand North Africa.With respect to seniority, at an average of36%, Asia has the highest representationof women in junior positions across all*Excludes venture capital firms.4 Preqin Ltd. 2017 / www.preqin.com
DOWNLOAD DATA PACK: www.preqin.com/WIAA1723%ns/32 %%38%2532%378%2212%Finance/Accountancy25 %35 %%337%1%43 %3.9%4.1%4.2%InfrastructureNatural Resources4.9%4.1%Real Estate4%5.8%3%2%1%Private Debt0%Hedge Funds51%Finance/Accountancy%399%34 %18%5%Venture Capitaling%%16.0%6%Private Equitytke26ntme1726 %Proportion of Board Membersar31%7%MInvens/8%geana15%7% 1916 %1Portfolio M%19 %14Fig. 5: Female Board Members as a Proportion of Total BoardMembers by Asset Class10%NATURALRESOURCES11ingelati o4%%ntmetorR56 %46 %1REALESTATEOperationsInves9%%12 6 %282539%geana%Operations%%13 %26%Portfolio Mntme22 5% 25 %11%ns/7%ing%geana%15%eamtTenmst48 %4265%910%18 %Portfolio MHEDGEFUNDStorRel67% atiotke5%110% 6tenmstInvesmTeatkear4% 13 %6 %Seniorar47 %Mid-LevelInvetorRe72%latioof employees in senior positions athedge funds in Asia are women – thehighest representation regionally.MtenmstInvesJuniorMInveTotal Female EmployeesmTea14%of employees at natural resources firmsin Europe are women – the highestrepresentation on a regional basis.Finance/Accountancy10.5%The average representation of women atsenior level across all asset classes.Source: PreqinOperationsasset classes (Fig. 6). Furthermore, 42%of Asia-based employees at a junior levelin the real estate industry are women.Conversely, women represent a muchsmaller proportion of the junior-levelworkforce in North America across all assetclasses, but women in mid-level roles arebetter represented in North America thanin all other regions (Fig. 7).An average of one in 10 senior positionsacross all asset classes and all regions areheld by women; however, this rises to 13%for North America-based venture capitalfirms and 14% for Asia-based hedge funds(Fig. 8).OUTLOOKWith the ongoing issue of genderinequality becoming increasinglyprominent in the media, and institutionalinvestors taking more of an active stanceon female underrepresentation, many inthe industry feel that the tides are shifting.Of course, more could be done across allasset classes, particularly in encouragingwomen into portfolio management andinvestment team roles. Furthermore,enabling women to progress to seniorroles across asset classes is important,especially as it can encourage morediversity in the longer term.5alternative assets. intelligent data.
PREQIN SPECIAL REPORT: WOMEN IN ALTERNATIVE ROPEASIA29%32%30%22%28%36%NORTH AMERICA39%35%26%33%28%27%25%23%Fig. 6: Female Junior Employees in Alternatives as a Proportion of Total Junior Employees by Location and Asset ClassREST OF 25%22%21%22%22%34%Fig. 7: Female Mid-Level Employees in Alternatives as a Proportion of Total Mid-Level Employees by Location and Asset ClassEUROPENORTH AMERICA19%26%18%17%22%20%18%ASIAREST OF WORLDEUROPENORTH 10%10%11%11%Fig. 8: Female Senior Employees in Alternatives as a Proportion of Total Senior Employees by Location and Asset Class8%10%10%8%9%9%10%ASIAREST OF WORLDPrivate Equity6Venture CapitalHedge FundsReal EstateInfrastructureNaturalResourcesPrivate Debt Preqin Ltd. 2017 / www.preqin.com
DOWNLOAD DATA PACK: www.preqin.com/WIAA17TRANSFORMING THE PRIVATEEQUITY BUSINESS MODEL- Elena Naydenova and Steve Roberts, PwCAccording to Preqin data, only 10,114of the 56,547 people employed globallyin the sector as of September 2017 arewomen, which equates to 17.9%. Thesituation in Western Europe is a little better(19.8%) than in North America (17.1%),and in the DACH region the proportionis even as high as 21.1% (more due toSwitzerland’s 23.9% than Germany’s18.8%.), but the bottom line is this:even compared with other alternativeinvestment classes, the proportion ofwomen in the private equity industry isparticularly low.In the venture capital industry, theproportion is, at least, 20.5%. In thereal estate sector, it is 20.6%. And,relatively speaking, with a proportionof 18.6%, there are even more womenworking in hedge funds than in privateequity. The picture becomes even moresobering when you focus in on seniorappointments. Only 2,346 women inthe private equity industry hold seniorpositions; this equates to only 9.4% whenmeasured against the 24,926 seniorpositions overall. Here again, the privateequity industry lagged behind the male RepresentationWhen the Californian private equityfirm Luminate Capital Partners recentlyannounced the closing of its debutfund with more than 265mn of capitalcommitments, that in itself was alreadynotable news. After all, it is not everynewly formed private equity firm thatcan achieve such an amount from astanding start. The news was, however,truly remarkable for another reason: thefounder of Luminate is Hollie Haynes,former Silver Lake Partners ManagingDirector. A woman at the head of a privateequity firm? Yes, this is still unusual.Private Equity - Female vs. Male by RegionProportion of Total StaffThere is hardly another sector wherethe proportion of women is as lowas in the private equity industry. Thetransformation of business models could,however, soon lead to 71,0833,39110%30%20%5%10%0%0%Western North Greater Far East NordicEurope America ChinaMaleFemaleCEEAfricaRoWFemale in %Source: Preqinof the alternative assets industry, withwomen in venture capital firms at leastoccupying 11.5% of the top positions; inthe real estate sector it is 9.9% and forhedge funds it is 11.2%.What lies behind all of this?The private equity industry has alwaysbeen male dominated, as demonstratedby the names that established and built itup in the 1980s and 90s: Kohlberg, Kravisand Roberts. All were men, just like StevenSchwarzmann, the Blackstone founder;or David Bonderman, James Coulter andWilliam S. Price, the founders of the TexasPacific Group. It is no contradiction to saythat a comparatively young industry looksrather old fashioned when it comes to thematter of gender. On the contrary: thefact that many private equity firms are stillbeing run by the founder generation islikely to make it more difficult to establishmodern corporate structures, and all themore so because private equity firms are,in terms of employee numbers, relativelysmall businesses. The senior managementlevel, which is often conservative,therefore exerts a strong influence on thewhole organization. Moreover, smallerfirms generally find it harder, at least forsenior positions, to help their femalemanagers find better ways of combiningcareer and family through part-timeworking.The lack of female role models maybe another reason for the significantunderrepresentation of women. Evenin the technology sector, which is alsovery male dominated, there are rolemodels such as the Facebook COOSheryl Sandberg, HP CEO Meg Whitmanor Marissa Meyer, the former Yahooboss; in the private equity industry,however, examples such as Luminatefounder Hollie Haynes or DominiqueSenequier, the founder of Ardian, arethe great exceptions. This could explainwhy talented young women, if in doubt,decide to enter other industries wherethey presume that there are betteropportunities for career progression and amore open working culture.As long as two years ago, Joan Solotar,then Head of External Relations andStrategy at Blackstone, drew attention tothe problem of the talent pool potentiallybeing too small: “Out of the roughly 1,000applicants applying to the associateposition, only about 100 were women.How are you going to get to 30% if only10% of applicants are women?”7alternative assets. intelligent data.
PREQIN SPECIAL REPORT: WOMEN IN ALTERNATIVE ASSETSThat said, it looks as if the private equityindustry has not only recognized theproblem but is also finally taking stepsto address it. An increasing number offinancial investors are starting internalinitiatives to better support female talent.At the same time, networks are beingformed such as “Level 20” which hasset itself the task of supporting femaleprivate equity managers with mentoringprograms. Another example is the London“Women in Private Equity Forum” whichis already taking place for the fourth timein November. And as many as six womenmade it on to this year’s Financial News“Rising Stars of Private Equity” list – 24% ofthe total 25 people selected.Private Equity - Female vs. Male Western Europe100%90%25%2044791,057689Proportion of Total 0%20%Female RepresentationNot even industry representatives denythat the striking predominance of men islikely to become a problem sooner or later– and not just for the industry itself, butalso beyond, as the influence from privateequity on the remaining corporate worldcontinues to increase. If, therefore, theprivate equity industry does not manageto attract the best female talent, then thecorresponding portfolio companies andthe economy as a whole will also at somepoint suffer as a result of this deficiency.5%10%0%0%GSABeneluxMaleFemaleUKRest of WEFemale in %Source: PreqinThe fundamental transformation of theprivate equity business model couldalso be a potential catalyst for change:the times when the industry soughtto increase the value of its portfoliocompanies first and foremost by financialengineering are definitely behindus. Nowadays, financial investors areinstead developing their investmentsoperationally, which is also resulting inradical changes in the internal structureof many private equity firms. In the past,the industry mainly recruited its stafffrom investment banks. Now, however,recruitment is focusing on companies inthe real economy and on consulting firms,i.e. sectors in which the proportion ofwomen is significantly higher than in thefinancial sector. There are therefore severalindications that, at some point, exampleslike Dominique Senequier or Hollie Hayneswill no longer be the exceptions.PwCPwC is the leading auditing and consulting firm in Germany with 1.9bn in turnover and 10,364 employees at 21 locations.PwCs dedicated Private Equity Group advises Private Equity firms, their funds and portfolio companies in all phases of aninvestment. We work with our clients to develop solutions that are tailored to their needs and assist in implementing them, whetherthey are of a financial, commercial, regulatory, tax or legal nature. Our ultimate goal is to help our clients achieve sustainablesuccess.At PwC, we acknowledge that diversity and inclusion is a key element of corporate strategy and is crucial for success. We haverecognised that a diverse workforce drives innovation, improved working environments and enhanced customer service. Our owndiversity journey illustrates that organisations need a diverse workforce to have impact and service our communities, stakeholdersand clients. PwC proudly backs the UN’s HeForShe initiative and is a founding 10x10x10 IMPACT champion.www.pwc.com8 Preqin Ltd. 2017 / www.preqin.com
DOWNLOAD DATA PACK: www.preqin.com/WIAA17WOMEN IN PRIVATE EQUITY& VENTURE CAPITAL10%9%8%3%4%2%NetherlandsSouth KoreaSwedenSwitzerlandCanadaHong KongFranceChinaUKUS0%Firm LocationSource: Preqin Private Equity OnlinePresidentPartnerManaging apan7%20%22%17%South . 12: Female Senior Employees at Venture Capital Firms in theTop 10 Countries** as a Proportion of Total Senior Employees25%15%14%10% 10%Source: Preqin Venture Capital OnlineProportion of Senior EmployeesProportion of Senior Employees16%8%0%Source: Preqin Private Equity OnlineFig. 11: Female Senior Employees at Private Equity Firms* in theTop 10 Countries** as a Proportion of Total Senior Employees11%8%5%5%PresidentPartnerManaging PartnerManaging DirectorGeneral ManagerFounderExecutive DirectorCOOCIOChairmanCFOCEO0%10%Managing Director7% 6%Hong Kong3%5%General utive Chairman20%CFO23%11.5%of all senior positions at venturecapital fund managersare occupied by women.Fig. 10: Female Senior Employees at Venture Capital Firms as aProportion of Total Senior Employees by PositionCEO25%Board MemberProportion of Senior EmployeesFig. 9: Female Senior Employees at Private Equity Firms* as aProportion of Total Senior Employees by Position9.4%of all senior positions at privateequity fund managers*are occupied by women.Board Member24%of all senior employees at HongKong-based venture capitalfund managers are women, thelargest proportion among thetop 10 countries**.Proportion of Senior Employees15%of all senior employees atChina-based private equityfirms* are women, the largestproportion among the top 10countries**.Firm LocationSource: Preqin Venture Capital Online*Excludes venture capital firms.**By aggregate capital raised by closed-end funds over the last 10 years.9alternative assets. intelligent data.
PREQIN SPECIAL REPORT: WOMEN IN ALTERNATIVE ASSETSCASE STUDY: KARMIJN KAPITAALKarmijn Kapitaal was founded by Désirée van Boxtel, Hadewych Cels and Cilian Jansen Verplanke in 2010. Karmijn invests equitycapital in Dutch SMEs, managed by a balanced team of men and women because the firm believes in the power and potential ofthese companies and in the added value of diversity.Established:2010Strategies Targeted: Management Buyout, Growth Finance, Succession, Majority or Minority ShareholdingsGeographic Focus:NetherlandsLatest Fund Closed:Karmijn Kapitaal Fund II (closed on 90mn in June 2016)CASE STUDY: ILLUMINATE VENTURESIlluminate Ventures focuses on funding and accelerating great founding teams in the B2B/Enterprise software space. Illuminateinvests in companies building SaaS platforms and applications that leverage vast datasets and enhanced analytics, such asmachine learning, to improve business results. Illuminate invests in innovative teams that frequently marry “creative destruction”with new technologies to solve old problems in new ways.Illuminate is typically a start-up’s first institutional investor, leading Series Seed equity financings – filling the gap between angelcapital and larger Series A rounds of traditional VCs.With three funds under management, Illuminate has been an early investor and board member in deep technology platforms andSaaS business applications that have gained profitable exits via IPO (NYSE: XTLY) and acquisitions by market leaders such as VistaEquity Partners, New Relic, Autodesk, Coupang and Cloudera.Established:2009Strategies Targeted: Information Technology - Seed, Early Stage, Start-up Venture CapitalGeographic Focus:North AmericaFunds in Market:Illuminate Ventures II, L.P. (targeting 30mn, first close completed)Latest Fund Closed:Illuminate Ventures I, L.P. (closed on 20mn in November 2013)I am delighted by the increase in the number of talented women entering the VC community in the last five years, but there isno question that the ecosystem would benefit from broader representation of women investors and entrepreneurs. There havehistorically been far too many barriers to partner-level diversity, some of them self-imposed, but many that are related to thefundamental nature of partnerships. The natural instinct of a team is to continue to bring in more people like themselves.Some aspects of our industry are changing rapidly, with many firms making a conscious effort to hire more diverse talent, but other thingsare likely to take much longer to change. Venture capital is unique in that the 10 year nature of a fund means that things like investmentdecision-making authority and carry allocation change very slowly – typically only as a new fund is raised. What I see is an evolution ratherthan a revolution.Illuminate has been proactively accessing a pipeline of more diverse founding teams since the inception of the firm. As a prior VC-backedfounder/CEO and the founder of a VC firm, the gap that exists between some amazingly talented entrepreneurs and the limited capitalthat is targeting them is obvious and spells opportunity. We don’t consider attributes like gender or ethnicity as investment criterion, but dogo out of our way to ensure that they are not barriers.Our thesis that an inclusive sourcing strategy would benefit our performance has proven out. We gain this expanded deal flow via supportfrom our Business Advisory Council members, our local MBA interns, our Students in Residence that are located outside of the Bay Area anda variety of other efforts such as the white paper we wrote documenting the high performance of women entrepreneurs. The networks weare building are designed to expand both access to and management of capital by a broader group of entrepreneurs and investors. Evenour investing team is split 50/50 female-male and across the Illuminate portfolio nearly 50% of our companies have at least one womanco-founder, an order of magnitude higher than the industry norm.- Cindy Padnos, Founder & Managing Partner10 Preqin Ltd. 2017 / www.preqin.com
Source new investors for fundsIdentify new investment opportunitiesConduct competitor and market analysisBenchmark fund performanceDevelop new businessPreqin provides comprehensive, global data and intelligence across alternativeassets. To find out how Preqin can help your business, please visit:www.preqin.comalternative assets. intelligent data.
PREQIN SPECIAL REPORT: WOMEN IN ALTERNATIVE ASSETSWOMEN IN HEDGE FUNDS18%11.2%of all senior positions at hedge fund managersare occupied by women.Fig. 13: Female Senior Employees at Hedge Fund Managers as aProportion of Total Senior EmployeesFig. 14: Female Senior Employees at Hedge Fund Managers inthe Top 10 Countries* as a Proportion of Total Senior Canada16%Proportion of Senior Employees6%4%2%Single-Manager Hedge FundFund of Hedge FundsSource: Preqin Hedge Fund OnlineChinaSwedenSwitzerland0%Hong Kong2%UK0%4%USProportion of Senior Employeesof all senior employees at China-based hedge fund managersare women, the largest proportion among the top 10 countries*.Manager LocationSource: Preqin Hedge Fund OnlineCASE STUDY: SAGA TREE CAPITAL ADVISORSBased in Singapore, Saga Tree Capital Advisors is an absolute-returns-focused, fundamental, value-biased pan-Asian equity house.Founded in 2011, Saga Tree focuses on finding good companies with strong management and superior cash flow generation, andlooks to buy these with a margin of safety, often by being contrarian. The firm manages Saga Tree Asia Fund, which is domiciled inthe Cayman Islands.Strategy Focus:Long/Short EquityGeographic Focus:AsiaFirm AUM: 431mn (as at August 2017)Active Funds:Saga Tree Asia FundAs studies and anecdotes consistently show, the gender imbalance in hedge funds, and across alternative assets, is severe andcan be detrimental to returns. Investing is not easy. However, the challenge derives not from an investor’s gender. It strikes us thatrather than exacerbate the difficult task of finding talented investors by narrowing the scope, it is incumbent upon us to broadenour searches and hire, train, encourage and promote women across the ranks. The markets don’t care whether your chromosomes are XXor XY – why not apply that same objectivity when hiring an analyst? We talk about the value of unconventional thinking when it comes tostock picking – why not apply that differentiated thinking when promoting a portfolio manager? Hopefully what seems unconventionalnow will become second nature before long.- Catherine Tan, CEO and Founder*By assets under management (as at June 2017).12 Preqin Ltd. 2017 / www.preqin.com
DOWNLOAD DATA PACK: www.preqin.com/WIAA17Fig. 15: Female Employees at Hedge Fund Managers as aProportion of Total Employees by Role FunctionFig. 16: Female Employees at Single-Manager Hedge Funds as aProportion of Total Employees by Seniority and Role Function80%29%26%30%25%19%18%17%14%15%Fund of HedgeFunds10%6% 7%5%60%Junior50%40%30%20%45%35% 32%26%Senior14%10%16%10%6%Fig. 17: Female Employees at Funds of Hedge Funds as aProportion of Total Employees by Seniority and 10%9%InvestmentTeam/PortfolioManagementSource: Preqin Hedge Fund OnlineDATA ketingOperationsRole FunctionSource: Preqin Hedge Fund OnlineProportion of Total Employees25%26%17%Role nvestorRelations/Marketing20%Hedge FundProportion of Total EmployeesPropo
hedge funds are women. In terms of seniority, women dominate junior-level positions in investor relations/ marketing roles –nearly three-quarters of junior positions at hedge funds are held by women. Female employees also represent a significant proportion of junior finance/ 17.9%
THE FUTURE OF ALTERNATIVES 4 Preqin Ltd. / www.preqin.com W elcome to 'The Future of Alternatives', Preqin's crystal ball assessing the likely size, shape and make-up of the global alternative assets industry (meaning private capital plus hedge funds) in 2023. What will our industry look like in fi ve years' time?
PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100 FOREWORD As reported in the recently released 2017 Preqin Global Private Equity & Venture Capital Report, the private equity industry's total assets under management (AUM), grew 4.2% from the end of December 2015 to reach a new record of 2.49tn as of June 2016 (the
2018 PREQIN GLOBAL HEDGE FUND REPORT - SAMPLE PAGES They say that a week is a long time in politics; well, a year is certainly a long time in hedge funds.My foreword to Preqin’s 2017 Global Report reflected on the extended period of disappointing returns that had sta
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the latest fund data available. Fund managers are increasingly recognizing the importance of providing us with accurate and up-to-date data. Preqin subscribers, many of which are institutional investors, use Preqin Pro to search for new investment opportunities and view performance on a fund level. Other sources of data include listed firm .
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Source: Preqin Real Estate Online Proportion of Total Year of Final Close Fig. 2: Closed-End Private Real Estate Fundraising by Emerging Managers as a Proportion of All Fundraising, 2007 - 2017 YTD (As at March 2017) FUNDRAISING E merging managers, defi ned in this report as fi rst- or second-time fund managers, have found the fundraising
The Leading Source of Intelligence on the Real Estate Industry Preqin’s Real Estate Online is the leading source of intelligence on the private real estate fund industry. This constantly updated resource includes details for all aspects of the asset class, including net-to-investor fund
