PUBLICATIONS & NEWS

Triago Publications

Q&A NOV 2018
Q&A NOV 2018The Rise of Non-Traditional Secondary Buyers
QUARTERLY, JUL 2018
QUARTERLY, JUL 2018
WHITEPAPER, MAY 2018
WHITEPAPER, MAY 2018M&A Between PE Investment Managers

Press articles & News

MARCH 2018 - PRESS RELEASE

Triago appoints Kevin Rogers as principal in New York office

FEBRUARY 2018 - WSJ PRO

Leverage Rises in the Secondary Market

SEPTEMBER 2017 - CITY A.M.

ArchiMed Closes Above Target After Four Months

THOUGHTS FROM OUR ROUNDTABLE CONTRIBUTORS

  • “In many Latin American countries you’ll find truly exciting PE investments cropping up independently of macroeconomics.”

    NICK WOLLAK
    NICK WOLLAKFOUNDER & MANAGING PARTNER, AXXON GROUP
  • “One useful priority could be lowering the hurdle rate significantly. That could keep GPs and LPs better aligned in what is likely to be a relatively low-return environment going forward.”

    CHARLIE AYRES
    CHARLIE AYRESTRILANTIC CAPITAL PARTNERS , CHAIRMAN
  • “The sovereign debt crisis increases the appeal of investment in Europe, provided you can find the right GPs.”

    DAVID ALLEN
    DAVID ALLENCANADIAN PENSION PLAN INVESTMENT BOARD, MANAGING DIRECTOR OF PRIVATE DEBT
  • “There’s a degree of irony in reducing the relative importance of judgment to a percentage, but I’d say seventy percent of your final decision is based on qualitative judgments and only thirty percent on numbers you can crunch.”

    MICHAEL STUDER
    MICHAEL STUDERPARTNERS GROUP, HEAD OF PORTFOLIO & RISK MANAGEMENT
  • “The benefits of scale usually come by branching into new areas or specialties and using the same platform for fundraising, compliance and reporting.”

    CHRISTOPHE EVAIN
    CHRISTOPHE EVAINCEO, INTERMEDIATE CAPITAL GROUP
  • “The way to successfully deal with the different economics of buyer, seller and manager in a secondary market restructuring is through total transparency regarding everyone’s aims.”

    TOM KERR
    TOM KERRMANAGING DIRECTOR, HAMILTON LANE
  • “In such a complicated investment class, you should be devoting years to getting to know managers before you invest with them.”

    MICHAEL LINDAUER
    MICHAEL LINDAUER ALLIANZ CAPITAL PARTNERS, GLOBAL CO-HEAD OF FUND INVESTMENTS
  • “Another big challenge today is communications. At the best-run firms, the once generally accepted ad-hoc approach to investor relations has morphed into a formal, broad public relations function.”

    COLIN BLAYDON
    COLIN BLAYDON TUCK SCHOOL OF BUSINESS AT DARTMOUTH, PROFESSOR OF MANAGEMENT AND DIRECTOR OF THE CENTER FOR PRIVATE EQUITY AND ENTREPRENEURSHIP
  • “LPs looking to do co-investments must be able to identify the transactions where the GP has a real edge.”

    TOM KECK
    TOM KECKSTEPSTONE GROUP, CHIEF INVESTMENT OFFICER
  • “Recapitalizing general partners who have had trouble monetizing assets post-financial crisis, and who can’t raise capital in a traditional manner, could become a large part of secondary market volume in the next few years.”

    JONATHAN COSTELLO
    JONATHAN COSTELLOMORGAN STANLEY ALTERNATIVE INVESTMENT PARTNERS, EXECUTIVE DIRECTOR
  • “Scale can’t be underestimated when it comes to China’s appeal, in particular in relation to the country’s venture capital market.”

    YAR-PING SOO
    YAR-PING SOOPARTNER, ADAMS STREET PARTNERS
  • "One of the keys to investing success is only take stakes in start-ups in markets that really are as big as the entrepreneurs’ vision. That keeps business plans and investment burn rates in line with the opportunity."

    DEVEN PAREKH
    DEVEN PAREKHMANAGING DIRECTOR, INSIGHT VENTURE PARTNERS
  • “When you acquire mining assets it often takes years to develop cash-flow and profit. We couldn’t invest in mines with consistent success without private equity strategy.”

    ROSS BHAPPU
    ROSS BHAPPURESOURCE CAPITAL FUNDS, SENIOR PARTNER
  • “An average annual return of slightly more than 10 percent on secondaries is realistic in this new world.”

    VINCENT GOMBAULT
    VINCENT GOMBAULTAXA PRIVATE EQUITY, MANAGING DIRECTOR
  • “Growing numbers of LPs are recognizing the virtues of secondary market restructurings.”

    DAVID ATTERBURY
    DAVID ATTERBURYMANAGING DIRECTOR, HARBOURVEST PARTNERS
  • “Not all real assets always work as an inflation hedge, so that shouldn’t be a principle reason why investors buy them.”

    MARK BARNARD
    MARK BARNARDHOWARD HUGHES MEDICAL INSTITUTE, MANAGING DIRECTOR
  • “Macro-economic issues and market volatility should not impact a good general partner’s ability to produce superior long-term returns.”

    ALASTAIR GIBBONS
    ALASTAIR GIBBONSBRIDGEPOINT CAPITAL, SENIOR PARTNER
  • “A good investment all boils down to the price you pay, whether you are talking about fast or slow growing economies.”

    JEAN ERIC SALATA
    JEAN ERIC SALATA BARING PRIVATE EQUITY ASIA, FOUNDING PARTNER & CEO
  • “The issue of doing deals for fee flow is linked with secondary buyouts, which reached the shocking record of nearly 60 percent of total buyout value in 2010.”

    JON MOULTON
    JON MOULTONBETTER CAPITAL, CHAIRMAN
  • “Private equity is one of the few viable alternatives for companies seeking growth capital in Latin America.”

    THOMAS W. KEESEE
    THOMAS W. KEESEE PARTNER, BOZANO INVESTIMENTOS
  • "Globally, one of the most interesting developments of recent years is the collapse of European barriers to successful venture capital investing. Europe offers the prospect of 3x returns for fund investors for the first time."

    FRED DESTIN
    FRED DESTINPARTNER, ACCEL PARTNERS
  • “Across all emerging markets we want exposure to burgeoning consumer demand – this is the core appeal of developing economies.”

    JUAN DELGADO-MOREIRA
    JUAN DELGADO-MOREIRAHAMILTON LANE, MANAGING DIRECTOR
  • “By placing a discount or premium on assets, secondary market investors already give you an independent assessment of the accuracy of GP valuations.”

    KLAUS BJØRN RÜHNE
    KLAUS BJØRN RÜHNEATP PRIVATE EQUITY PARTNERS, PARTNER
  • “We’ve learned that the best protection against losses, particularly in difficult markets, is making sure a GP has enough of his own capital invested in his fund so that a loss hurts.”

    JAN FABER
    JAN FABERBREGAL INVESTMENTS, MANAGING DIRECTOR
  • “Combining L Capital’s Asian and European operations with Catterton’s network in North America and South America, gives us the kind of global offering that will maximize returns.”

    PHILIPPE FRANCHET
    PHILIPPE FRANCHETSENIOR PARTNER, L CAPITAL MANAGEMENT
  • “If you look at the relative promise of developed markets versus emerging markets, the latter are on every level where I want to be going forward.”

    SIMON MURRAY
    SIMON MURRAY GEMS, FOUNDER AND EXECUTIVE CHAIRMAN
  • “Good GPs in venture capital are optimists, and good GPs in buyouts are cynics.”

    PETER LAWRENCE
    PETER LAWRENCEFLAG CAPITAL MANAGEMENT, FOUNDING PARTNER
  • “Unorthodox PE structures often mean GPs sell services too cheaply to build sustainable businesses, or to deliver returns that satisfy investors.”

    CONNI JONSSON
    CONNI JONSSONEQT PARTNERS, MANAGING PARTNER & CHAIRMAN OF THE BOARD
  • “If you apply common sense it’s hard to imagine a scenario where the risks of investing in China outweigh the promise.”

    JONATHAN JIA ZHU
    JONATHAN JIA ZHUMANAGING DIRECTOR, BAIN CAPITAL
  • “With infrastructure, you can safely enhance returns with the same leverage levels as in traditional buyouts or, in some cases, with even more leverage.”

    KATHRYN LEAF WILMES
    KATHRYN LEAF WILMESPANTHEON VENTURES, HEAD OF GLOBAL INFRASTRUCTURE
  • “It might make sense to follow an index strategy in asset classes where the difference between the best and the worst is small, but spending time and money to weight your portfolio towards exceptional managers will always be the surest way to achieve optimum returns in private equity.”

    CHUCK FLYNN
    CHUCK FLYNNBREGAL PRIVATE EQUITY PARTNERS, MANAGING DIRECTOR
  • “If you don’t seek out the best GPs, adding private equity to your overall portfolio is not going to improve your risk/return profile.”

    DAVID BELMONT
    DAVID BELMONTCOMMONFUND, CHIEF RISK OFFICER
  • "Investments in Sub-Saharan Africa may make a better return than Asian investments, but investors need greater expertise, more local understanding and a bigger dollop of patience than what was required in Asia."

    MARLON CHIGWENDE
    MARLON CHIGWENDEMANAGING DIRECTOR AND CO-HEAD OF SUB-SAHARAN AFRICA, CARLYLE GROUP
  • “We all know that basic guideline for real estate investment - ‘location, location, location.’ Well, in Latin American private equity there’s also an overarching guideline for both LPs and GPs - ‘selection, selection, selection.’“

    CRISTINA ALCAIDE
    CRISTINA ALCAIDE SENIOR VICE PRESIDENT, PINEBRIDGE INVESTMENTS
  • “Organizational stability and generational transition were always risks that the industry needed to address, but the 2008 financial crisis amplified this.”

    CHRISTOPHER KOJIMA
    CHRISTOPHER KOJIMAGOLDMAN SACHS, GLOBAL HEAD OF THE ALTERNATIVE INVESTMENTS & MANAGER SELECTION GROUP
  • “Private equity performance in emerging markets is more negatively impacted by macro crisis than it is in developed markets.”

    FRANCESCA CORNELLI
    FRANCESCA CORNELLILONDON BUSINESS SCHOOL, CHAIR OF THE FINANCE FACULTY AND ACADEMIC DIRECTOR OF THE COLLER INSTITUTE OF PRIVATE EQUITY
  • “As an LP, we don’t try to adjust the risk profile of our existing private equity portfolio because GPs and portfolio company managements already do that.”

    DAVID TURNER
    DAVID TURNER GUARDIAN LIFE INSURANCE COMPANY OF AMERICA, HEAD OF PRIVATE EQUITY
  • “In 2000 there were 741 active venture capital GPs, and today there are 357. Annual capital flows in 2012 are again in the $15 billion to $20 billion range. Those figures are a better indicator of the opportunity to make good returns today than lagging indexes.”

    NORM FOGELSONG
    NORM FOGELSONGINSTITUTIONAL VENTURE PARTNERS, GENERAL PARTNER
  • “It strikes me as reasonable for retail investors to have the opportunity to access private equity, since it has substantially outperformed almost every other asset class.”

    DAVID JEFFREY
    DAVID JEFFREYSTEPSTONE GROUP, PARTNER, HEAD OF EUROPE
  • “For a secondary market fund restructuring to be attractive, uninvested capital, or fresh commitments, must be sufficient for add-ons and new investments..”

    WOUTER MOEREL
    WOUTER MOERELMANAGING DIRECTOR, ALPINVEST PARTNERS
  • “Acquisitions of smaller managers can be an attractive way for big managers to get access to sought after sector expertise.”

    ALISTAIR WATSON
    ALISTAIR WATSONSENIOR INVESTMENT MANAGER, ABERDEEN ASSET MANAGEMENTt
  • “There are some [frontier market] economies that are interesting, where you don’t see a lot of private equity activity. To justify more investment, there must first be more good GPs operating in these markets.”

    ERNEST LAMBERS
    ERNEST LAMBERSEMALTERNATIVES, CO-FOUNDER AND CIO
  • “It’s counterintuitive, but covenant-lite loans have positively impacted fund performance and the ability of challenged private equity-backed companies to bounce back.”

    STEVE PAGLIUCA
    STEVE PAGLIUCABAIN CAPITAL, MANAGING DIRECTOR
  • “Changing rules for corporate competition is the most risky thing in the directive for private equity and for the European economy.”

    JAVIER ECHARRI
    JAVIER ECHARRITHE EUROPEAN VENTURE CAPITAL ASSOCIATION, SECRETARY GENERAL
  • "Although the investment flow to Silicon Valley is higher by several orders of magnitude than flows going to other regions, the average returns in the Valley have been the greatest. In almost every conceivable new category pioneered in recent decades, the global leaders have emerged in Silicon Valley."

    GARY LITTLE
    GARY LITTLECO-FOUNDER & PARTNER, CANVAS VENTURE FUND
  • “Performance has almost nothing to do with the discount or premium paid relative to declared net asset value, though performance does correlate strongly with buyer ability to conduct analysis and forecast the value creation potential of all investments.”

    PHILIPP SCHNYDER
    PHILIPP SCHNYDERPARTNERS GROUP, MANAGING DIRECTOR, CO-HEAD OF PRIVATE EQUITY SECONDARIES
  • “We tell our investors that as the second largest economy in the world, China today is just a small step away from being the biggest. Understanding the big picture helps bring home the depth of the opportunity set in China.”

    DEREK SULGER
    DEREK SULGERPARTNER & FOUNDER, LUNAR CAPITAL
  • "In private equity, investing in a new geography is a way to protect your returns by diversifying them. You should not be trying to boost returns in exchange for greater risk."

    ARNAUD DE CREMIERS
    ARNAUD DE CREMIERSPARTNER, ADAMS STREET PARTNERS
  • "The majority of attractive investments in Sub-Saharan Africa – for us and others - concern the building of basic businesses that should exist but that simply don’t."

    ALYKHAN NATHOO
    ALYKHAN NATHOOPARTNER, HELIOS INVESTMENT PARTNERS

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