THE FUTURE OF ALTERNATIVES - Preqin
THE FUTURE OFALTERNATIVES
ALTERNATIVE ASSETS ARE CHANGING.Preqin and our panel of industry-expert contributors take a five-yearjump into the future, to gauge how the alternative assets industry willlook in 2023.Contributors:» Alter Domus» Aksia LLC» AXA Investment Managers» Backstop Solutions» BNP Paribas AssetManagement» Campbell Lutyens» Capital Dynamics» Credit Suisse» Eaton Partners» EQT» Fortius» Golden Gate Ventures» Hone Capital» Institutional Limited PartnersAssociation (ILPA)» Kirkland & Ellis» KPMG» LaSalle InvestmentManagement» Magna Entertainment Partners» Monroe Capital» National Pension Service ofKorea» Pantheon» SEI Investment ManagerServices» State Street» Stirling InfrastructureAll rights reserved. The entire contents of Preqin: The Future of Alternatives are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may becopied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without theexpress prior written approval of Preqin Ltd. The information presented in Preqin: The Future of Alternatives is for information purposes only and does not constitute and shouldnot 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 naturewhatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsiblein law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin: The Future of Alternatives. While reasonable efforts havebeen 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 make anyrepresentation or warranty that the information or opinions contained in Preqin: The Future of Alternatives are accurate, reliable, up-to-date or complete. Although every reasonableeffort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin: The Future of Alternatives orfor any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.1
THE FUTURE OF ALTERNATIVES2 Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENTCONTENTS46ALTERNATIVES IN 2023ASSETS UNDER MANAGEMENTThe alternative assets industry is set to reach 14tn in AUM by 2023, with both developed andemerging asset classes set for growth24SOURCES OF CAPITAL IN 202338A PORTFOLIO OF THE FUTURE46586672Capital originating outside North America and Europe will drive growth and provide a freshsource of fundraising for managersInvestors plan to shift their allocations away from traditional investments and towards alternativesin the long term, while also changing the way in which they access alternative assetsMARKETS IN 2023Both fund managers and investors are looking to emerging markets for new opportunities overthe coming years, particularly AsiaESG AND ALTERNATIVESESG investing will become increasingly important to the alternatives market in terms of bothproducing risk-adjusted returns and attracting investor capitalDIVERSITY IN ALTERNATIVESFund managers and investors are united in the belief that diversity is beneficial to achievinginvestment objectives, as more institutions look to introduce policiesTECHNOLOGY AND DATATechnology will become more important to investment operations, with firms planning to usemore sources of data and more advanced methods of analysis in the future3
THE FUTURE OF ALTERNATIVESALTERNATIVESIN 2023Welcome to ‘The Future of Alternatives’,Preqin’s crystal ball assessing the likelysize, shape and make-up of the globalalternative assets industry (meaningprivate capital plus hedge funds) in2023. What will our industry look like in five years’time?First, it will be significantly larger than today: 2023 global assets under management at 14tn( 59% vs. 2017); 34,000 fund management firms active globally( 21% vs. 2018).The drivers behind this growth are covered further inthe report, and will be familiar to most of you: Alternatives’ track record and enduring abilityto deliver superior risk-adjusted returns to itsinvestors; Investors’ need for alpha, the aforementionedability to find this in private capital vs. thedifficulty of finding it in public markets, leadingto widespread increases in allocations toalternatives; The steady decline in the number of listedstocks, as private capital is increasingly able tofund businesses through more of their lifecycle; The growing opportunities in private debt astraditional lenders decline; The massive opportunity in emerging markets.Could the 14tn forecast be too high? Possibly, butwe believe there is significantly more upside riskthan downside. There are several reasons for this; letme highlight four: Technology (especially blockchain): willfacilitate private networks and help investorsand fund managers transact and monitor theirportfolios, and reduce costs vs. public markets. Control and ESG: investors increasinglywant more control and influence over their4MARK O’HARECEO, Preqin investments, and the ability to add value; privatecapital provides this.Emerging markets: the Chinese venture capitalindustry already matches that of the US insize; further emerging markets growth will bea ‘double whammy’ of GDP growth higherpenetration of alternative assets.Private individuals: the ‘elephant in the room’,as the mass affluent around the world wouldlike to increase their investment in privatecapital if only the structures and vehicles (andregulation) permitted; technology will help.Preqin will stick with the 14tn forecast – but it ismore likely to be too low than too high.One factor in the success of the alternative assetsindustry in the past has been its ability to respond tochange and evolve to meet new challenges. The nextfive years will likely see more rapid and significantchanges than ever before, notable among which willbe: Routes to market: investors and fundmanagers alike see an increasing role forco-investments, separate accounts, directinvestments by LPs and other structures; Preqin Ltd. / www.preqin.com
ALTERNATIVES IN 2023 Transparency and monitoring: the ‘triplewhammy’ of growing allocations to alternatives,greater regulatory and governance oversight,and new technological possibilities is drivingthe increasing granularity of information thatinvestors expect on their alternatives portfolios;ESG: is increasingly mainstream as investors’expectations grow, and as fund managersengage with ESG as a performance-enhancer,not just an added cost;Emerging markets: will account for 50% ofglobal GDP growth over the next 20 years;they will likely account for more than 50% ofalternative assets growth.Preqin is investing heavily to evolve our offeringto meet the growing needs of you, our customers,in the global alternative assets industry. Threeparticular themes: Data: is the core of everything we do, andwe are investing globally to continue buildingand improving the dataset, most especially inemerging markets. (See page 26, Elias Latsis,Chief Data Officer.) Technology: we are investing in technologyright across the value chain – data sourcingand management, our brand new ‘Preqin Pro’customer platform, and data science to drivenew insights for our customers. (See page 76,Darren Thorpe, Chief Operating Officer.) Monitoring, Valuation and Fund Analysis:through our Preqin Solutions business we are atthe forefront of innovative new services to assistfund managers and investors. (See page 44,Chris Ferguson, CEO Preqin Solutions.)Data is vital; but individual expertise and talent arewhat translate data into insight and value; we areextremely grateful to over 20 of our friends fromacross the industry who have kindly contributedtheir insights to this report – all of them experts intheir field. Thank you to all. Their reflections are onthe pages that follow, and a list of contributors is onpage 1.We hope you find ‘The Future of Alternatives’ usefuland, as always, thank you for your continued supportand engagement.All survey results quoted in this reportare from surveys with 300 fund managersand more than 120 institutionalinvestors, carried out by Preqin in June2018.5
THE FUTURE OF ALTERNATIVESASSETSUNDERMANAGEMENT6 Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENTIN THIS SECTION:810121416182022AN ALTERNATIVE TIMELINEAUM PROJECTIONTHE CLASSES OF 2023PERFORMANCEFUND MANAGER LANDSCAPEFUTURE RELATIONSHIPSMANAGER EXPANSIONFUTURE FUNDS7
THE FUTURE OF ALTERNATIVESAN ALTERNATIVETIMELINENatural resourcesachieves all-timefundraising record( 85bn)Real estate achievespost-GFC fundraisingrecord ( 137bn)Private debt industryassets surpass 500bnHedge fundindustry assetssurpass 3tnReal estateindustry assetssurpass 500bnInfrastructureindustry assetssurpass 150bnSTRYNatural resourcesindustry assetssurpass 150bn 6.5tnMAUINDU 3.1tn2008200920102011201220132014201512.1% CAGR8 Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENT 14.0tnPrivate equity, privatedebt and infrastructureachieve all-time fundraisingrecordsPrivate equity industryassets surpass 3tnINREQIONPRCTOJEP 8.8tn201620172018201920208.0% CAGR20212022PREQIN’S 2023PROJECTIONSource: Preqin9
THE FUTURE OF ALTERNATIVESAUMPROJECTIONWe predict that the alternative assets industry will grow to reach 14tnin size by 2023. This is based on results from our surveys with 300 fundmanagers and more than 120 institutional investors, as well as our ownproprietary data. 14.0tn 8.8tn 6.5tn 3.1tn200820132017Preqin’s 2023ProjectionSource: Preqin10 Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENTThe outperformance of and demand forprivate funds will drive growth in AUMMICHAEL MURPHYManaging Director and Co-Head of the Private Fund Group,Credit SuisseIn my role at the Credit Suisse Private FundGroup (CS PFG), I expect that growth in AUMfor private funds will be driven by threefactors over the next several years: first, agrowth in investible assets generally; second,the outperformance that private funds continueto demonstrate compared with their publiccounterparts; and third, pension funds’ persistentneed to narrow their liability gap.the S&P 500 PR Index by 5% p/a since 2000. Assuch, many investors have been increasing theirallocations to the asset class or setting up anallocation to the asset class for the first time – Iexpect this trend to continue going forward. Indeed,as the secondary market continues to mature,thereby reducing the perceived illiquidity of the assetclass, this may well accelerate further in the years tocome.According to PwC, back in 2004 global AUM was amere 37tn; however, by 2025, they expect it to havereached 145tn – quadrupling over 20 years. This isthe first driver of increased AUM for private funds:even with a fixed allocation, a rising tide would lift allboats. However, allocations are not fixed.Finally, pension funds continue to suffer froma chronic underfunding problem, with Citibankestimating that the total value of unfunded orunderfunded government pension liabilitiesfor OECD countries exceeds 78tn. Given thedemonstrated outperformance of private funds,I believe they represent one of the few tools thatpension funds have for realistically closing that gap,which should result in increased allocations frompension funds over the coming years.Private funds have shown continued marketoutperformance for many years. Preqin estimatesthat buyout funds globally have outperformed“Could the 14tn forecast betoo high? Possibly, but webelieve there is significantlymore upside risk thandownside – it is more likelyto be too low than toohigh.”MARK O’HARECEO, Preqin11
THE FUTURE OF ALTERNATIVESTHE CLASSESOF 2023The alternative assets industry is set toexpand across all asset classes over thenext five years. The levels of growthexpected within the asset classesunderstandably vary, with the smallerasset classes set for sharper growth, while the moreestablished markets are expected to continue toattract larger amounts of capital.As at December 2017, the private equity and hedgefund industries represent a combined 6.7tn, or75%, of the 8.8tn alternative assets industry. Whileindustry participants are predicting this share todecrease over the next five years to 69%, as otheralternative asset classes look set for faster growth,these industries are expected to contribute themajority (56%, 2.9tn) of the growth in dollar termsover the next five years.The private debt market is predicted to doublein size, reaching 1.4tn in 2023 and, in doing so,overtake the real estate market to become the thirdlargest alternatives industry. Only the hedge fundindustry is expected to grow at a slower pace thanthe real estate industry over the next five years, at31% and 50% respectively.Representing 0.7tn (8%) of the alternative assetsindustry, the real assets universe is predicted tobe the fastest-growing area of alternatives overthe next five years. Driven by natural resources,real assets are expected to represent 13% of the 14tn alternatives industry by 2023 as an industryof 1.8tn, 1.5x the size of the combined naturalresources and infrastructure markets of 2018.Projected Increase in Assets2017Natural Resources2023 300% 0.8tnPrivate Debt 0.7tn 100% 1.4tn 0.2tnInfrastructure 150% 1.0tnPrivate Equity 3.1tn 58% 4.9tn 0.4tnReal Estate 0.8tn 50% 1.2tnHedge Funds 3.6tn 31% 4.7tnSource: Preqin12 Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENTAssets under Management by Asset Class 14tn 13tn 12tn 11tn 10tn 9tn 8tn 7tn 6tn 5tn 4tn 3tn 2tn 014201320122011201020092008 0Private EquityPrivate DebtHedge FundsReal EstateInfrastructureNatural ResourcesSource: PreqinUNLOCK THE POTENTIALPreqin Pro provides access to the industry’s mostcomprehensive private capital and hedge fund datasetsand tools. Alternative assets professionals rely on itto make data-driven decisions throughout the entireinvestment lifecycle.THE HOME OF ALTERNATIVES
THE FUTURE OF ALTERNATIVESPERFORMANCEThe performance of private vehicles since thefinancial crisis has been a key driver of thegrowth of the industry. For private capitalfunds of vintage 2008 and onwards, thenet IRRs since inception have, on average,exceeded 10% (with the exception of naturalresources strategies).This consistent strong performance has led to recordlevels of distributions in recent years as the level ofcapital distributed by GPs to LPs has exceeded thelevel of capital called in each of the past five years.As investors continue to receive distributions, thechallenge for LPs is how to re-invest this capital,and many look back to the private capital industry.It is this re-investment by liquid LPs that has drivenup the level of capital available to fund managersand spurred further growth in the private capitalindustry’s assets under management in recent years.Given the greater liquidity in the hedge fundindustry, asset flows are more volatile than thoseseen in the private capital market. After a period ofunderperformance in the hedge fund market, 2016saw investors withdraw a net 110bn from hedgefunds as they sought to evaluate their hedge fundholdings. It is this underperformance and negativesentiment that caused a slight tapering in the growthof the hedge fund industry, growing just 4% and 3%in 2015 and 2016 respectively, compared to growthof 8% in the private capital industry in each of theseyears.However, as hedge fund performance improves –as it has done since the turn of 2016 – so too doesinvestor sentiment, with investors allocating a net 44bn to hedge funds in 2017. Investors may well bein doubt as to whether this improved performancewill continue, as the hedge fund market is predictedto experience the slowest rate of growth in the nextfive years (see page 12). Meanwhile, the privatedebt and infrastructure industries are set for stronggrowth as liquid LPs look to increase their allocationsto these areas of the alternatives universe (see page41).Private Capital: Median Net IRRs by Strategy andVintage Year (Most up to Date)Private EquityPrivate DebtReal EstateInfrastructure*Natural Resources includes Natural Resources and Timberland funds only to avoid urce: Preqin Pro Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENTAnnual Capital Called up and Distributed by PrivateCapital Funds1,0008006004002000-200Capital Called up ( bn)Capital Distributed ( 0Net Cash Flow ( bn)Source: Preqin ProHedge Fund Asset Flows by Manager HeadquartersManagerHeadquarters2015( bn)2016( bn)2017( bn)H1 2018( bn)North a-Pacific-1.3-18.3-4.41.7Rest of World-38.6-0.413.5-9.3Total Industry71.4-109.844.415.8Source: Preqin ProKNOW WHERE YOU AREAccurately compare yourself against the competition soyou can outperform your peers. Access private and publicbenchmarks, surveys and exclusive compensation andfund term benchmarks.THE HOME OF ALTERNATIVES15
THE FUTURE OF ALTERNATIVESFUND MANAGERLANDSCAPEEstimated Number of Active Alternative Assets FundManagers 20182023 ProjectionPrivate CapitalHedge FundsSource: Preqin ProFIND WHAT YOU NEEDKnow the market with comprehensive data oninstitutional investors, fund managers, service providersand for each fund and transaction across all major assetclasses.THE HOME OF ALTERNATIVES16 Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENTP46%reqin Pro currently tracks nearly 28,000fund managers (firms managing third partycapital) across all asset classes. Preqinpredicts that by 2023 this number willbe closer to 34,000, driven mainly by theprivate capital industry with the consolidation andslower growth seen in the hedge fund industry inrecent years predicted to continue. Fund managersalso believe that the number of alternative assetsfund managers will continue to grow over the nextfive years, with 37% of respondents to our surveypredicting an increase and a further 9% expecting asignificant increase.of fund managers predict therewill be more active managers in2023 than there are at presentTechnology will of course play a major role inshaping the alternative assets industry in the nextfive years, and we explore this subject further inTechnology and Data (from page 72).However, consolidation within the industry is alsoanticipated. Eighty-four percent of those surveyedbelieve some or significant consolidation is likely tooccur by 2023 as fund managers look to strengthentheir value proposition.Consolidation in Alternatives within the Next FiveYears, According to Fund ManagersSALTERNAT IV ESPRIVATEEQUITYP RIVATEDEBTHED GEFUNDREALESTINFRANAATESTESRCR ALR U CT U RETUOR ES USignificant ConsolidationLikely to OccurSome ConsolidationLikely to OccurLittle/No ConsolidationLikely to OccurSource: Preqin Fund Manager Survey, June 201817
THE FUTURE OF ALTERNATIVESFUTURERELATIONSHIPS77%of investors believe the number of fundmanager relationships they have within theiralternatives programs will increase over thenext five yearsFund Manager Relationships Sought by Investors43%43%36%33%16% 17%2018Solely SpecializedManagersMore SpecializedManagers thanMulti-Managers0%3%A Mix of BothSolely Multi-Managers2%More Multi-Managersthan SpecializedManagers7%2023 ProjectionSource: Preqin Investor Survey, June 201818 Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENTStrategic partnerships with large GPs cancreate alphaHYUNG-DON CHOEHead of Global Alternative Division,National Pension Service of KoreaNational Pension Service (NPS) has beeninvesting in private equity for over 10years, and as such, our portfolio isalready maturing. Like other large LPs,NPS has a similar level of distributionsand capital calls, and therefore we must make large,new commitments every year ( 5-6bn) to increaseassets. However, due to the nature of Korean publicpensions, there are many restrictions that we face invarious areas, such as manpower.To overcome these constraints and create alpha, wehave been forming various strategic partnershipswith large GPs, which has provided us with coinvestment opportunities and reduced fees. Weare also actively seeking mid-cap opportunitiesthrough our overseas offices. We work with fund offunds managers to invest with emerging managers,emerging market managers and small-cap managers,which we are not able to cover due to the limitedresources in manpower.Different investment objectives demanddifferent fund manager partnershipsSTEVE NELSONChief Executive Officer, ILPAWe regularly see LPs engage in portfolioreview programs. And it oftenmakes headlines when the largestLPs (usually the high-profile publicplans) periodically initiate portfoliorealignment or manager rationalization programswhere they concentrate activities with a narrower setof managers. At the same time, the ceaseless questfor alpha drives all LPs to consider other vehicles likeseparate accounts, direct or co-investing or nichefunds of funds to add non-correlated cash flows totheir portfolios.As Preqin data suggests, these allocations can goto specialized managers. However, many allocatorsmay also choose to stay within the same fundfamily with whom they can negotiate preferentialeconomics or reduce their monitoring costs.A shift to specialist managers will also reflect theinterplay of the investment teams and their board ortrustees. Some leaders may have greater incentiveto not “rock the boat” where before “few people gotfired for hiring IBM”, or Blackstone or Carlyle. Otherteams may have different incentives riding on analpha calculation or relative benchmark, where thedesire to dig deeper, to look further afield opensoptions for specialized managers. Finally, the pushtowards specialized managers may also reflect nonalpha-related objectives, such as the desire to seedemerging managers, invest in impact funds or topursue a specific thesis to complement the balanceof the portfolio, e.g. direct lending.19
THE FUTURE OF ALTERNATIVESMANAGEREXPANSIONFund Managers’ Expected Source of Growth withinthe Next Five Years80%ORGANIC GROWTH– INCREASING REVENUES/INCOME INTERNALLY35%CAPITAL INVESTMENT GROWTH– THE USE OF INVESTMENT OR DEBT TO DRIVE GROWTH20%JOINT VENTURES19%ACQUISITIONS17%MERGERSSource: Preqin Fund Manager Survey, June 201820 Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENTThe growing demand from institutionalinvestors for alternative assets supportsthe outlook for the anticipated boom ofalternative assets under management overthe next five years: we expect the industry toexpand by some 5.2tn to 14tn by 2023. In order toget a slice of this capital, alternative asset managerswill need to adapt alongside their evolving clientbase, be it to move into new markets or launch newproducts. But will they buy, build or borrow to dothis?Perhaps unsurprisingly, given the strong appetite foralternative assets moving forwards, most managersare anticipating organic growth to form a significantpart of their expansion plans over the next five years.However, delving further into the results revealssome interesting findings.More than half (51%) of all private equity managersintend to seek capital investment to expand theirofferings over the next five years – a trend noticeablymore marked among venture capital managers (66%)than buyout managers (25%). Buyout managers,following strong fundraising in recent years, areexpecting more of the same in future, with 94%anticipating organic growth off the back of stronginvestor appetite to drive their firm onwards andupwards.In private debt, a sector in which we expect assetsto double over the next five years, managers aresimilarly bullish on their individual prospects inregards to organic growth: 93% expect this to helpthem expand their offering as a result of continuedstrong and growing interest from investors.Despite hedge funds expecting more consolidationin their industry than in other areas of the alternativeassets world (see page 17), hedge fund managersthemselves are not anticipating that consolidationto happen within their own businesses. No hedgefund managers that participated in the study plan toexpand their products through acquisition, and just7% expect to merge with another firm to meet theirwider business objectives.A large proportion of real estate and infrastructuremanagers are intending joint ventures with otheralternative assets managers to form a significant partof their strategy in the next five years: 30% and 43%respectively anticipate this will help them expandtheir offerings by 2023, perhaps in order to gainaccess to bigger deals. In addition, large proportionsof infrastructure managers (43%), alongside naturalresources firms (40%), are also expecting to acquireother alternative assets businesses to expand theirbusinesses.21
THE FUTURE OF ALTERNATIVESFUTURE FUNDSEsoteric alternatives will become a moremeaningful focus for LPs, driven byidiosyncratic risk/return opportunitiesANDREW KOTLIAROPartner and Portfolio Manager,Magna Entertainment Partnersver the next five years, generating alphathrough alternatives will require investorsto sharpen their pencils on esotericasset classes and off-the-run strategies.Those who rely solely on traditionalprivate market strategies risk leaving their portfoliosexposed to commoditization.All markets tend to close up mispricings,inefficiencies and arbitrage opportunities, andalternative assets are certainly no exception. Venturecapital, private equity and hedge funds increasinglyface similar overcrowding trends that allocators havegotten to know well in the long-only public equityand debt markets. Commensurately, some savvyallocators are turning to orphaned or non-marketassets and esoteric strategies off the beaten path.Intellectual property royalties, life settlements andspecialized farmland are all examples of such exoticasset classes, providing investors with uncorrelatedsources of alpha if executed properly.On paper, the allure is simple: less competition, lessmarket efficiency and greater competitive advantage,driven by a high requirement of domain knowledge.At the core: it is value investing in the most obscurecorners of private markets.In practice, devoting the resources required toevaluate opportunities in these niches is frequently achallenge for LPs. Few investors have or can afford todedicate the in-house manpower to become expertsin, for instance, structured credit collateralized byportfolios of music royalties.Average Institutional LPAllocationEsoteric and NicheAlternativesReal Estate and Other“Mainstream” AlternativesFixed IncomeEquities20182023Source: Magna Entertainment PartnersInvestors have a choice of homing in on specificnarrow niches or canvasing the esoteric space morebroadly. For example, our team originates highyielding, orphaned cash flow streams across themedia industry’s middle market. Meanwhile, a largermanager such as Cordillera Investment Partners canprovide allocators with a diversified exotics portfolioby aggregating several strategies from litigationfinance to boat marinas and spectrum licenses.Today, we estimate that exotic asset classesrepresent less than 5% of the portfolio of an averageinstitutional LP, while many family-office LPs haveno allocation at all. We firmly believe that by 2023, a10% allocation will be much more prevalent, at theexpense of broad-based private equity and privatedebt strategies. It will simply become too challengingfor allocators to ignore strategies that generateattractive, idiosyncratic risk/return profiles.Hence, a “time vs. alpha” dilemma emerges.22 Preqin Ltd. / www.preqin.com
ASSETS UNDER MANAGEMENTLPs demand greater transparency; how GPsprovide it will differentiate themCHAD ERWINSenior Vice President, Asset Owners, Backstop SolutionsYes, LPs are demanding greater transparency,and to a large extent, they are getting it. Buthow GPs provide this transparency can makelife more or less painful for their LPs anddrastically differentiate them against theircompetitors as a result.The first element is timely and consistent reportingto investors. Providing the information LPs requirewithout them having to ask for it is immenselyvaluable for their diligence and operations teams.The second is providing the information in acentralized location. LPs get many quarterly letters,usually via an investor portal that they must log intoin order to extract it. When multiplied by the numberof portals an LP must access, this can quickly getunwieldy. (Sidenote: asset owners can look at IntellXas a potential solution).Finally, and most importantly, GPs should thinkbeyond the quarterly letter. LPs are looking for morethan just information about returns; they are lookingfor insights, research and other nuggets that canhelp them assess their portfolio and its risks. Theyrely on information gathered from their underlyingmanagers to build their investment “worldview”, andGPs that provide this value will stand out, especiallyif they are performing inline or even slightlyunderperforming.Some of the less ‘eye-catching’ terms couldcatch the eye of investorsAMALA EJIKEMEInvestment Funds Partner, Kirkland & EllisWhen setting the terms for a new fund,private equity sponsors and theiradvisors need to be very thoughtfulabout making changes to the currentterms, as well as how such changes, ifproposed, will be presented to investors.While the temptation to seek to ‘ratchet up’ headlineeconomics may be real in an environment wherethere may be over-subscription, any changeswill need to be capable of support in order to bepalatable to investors (whether by reference to peergroup funds, the overall ‘
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?
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