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1、PRIVATE CAPITAL ADVISORYInterimSecondaryMarket Report 2023 PRIVATE CAPITAL ADVISORYDisclaimerLazardhaspreparedthesematerialsbaseduponpubliclyavailableinformation,anecdotal information and Lazard Estimates(as defined below).Portions of the information herein may be based upon certain forward-lookings
2、tatements,estimates,projectionsandforecastswithrespecttotheanticipated future performance of markets referred to herein,which may notbe accurate.These materials shall neither be deemed an indication of thestate of such markets financial conditions or prospects,nor shall theyconstitute an indication
3、that there has been no change in such marketsfinancial conditions or prospects since the date of these materials or since thedate as of which Lazard prepared these materials.Neither Lazard nor any ofits affiliates or its or their respective employees or other agents assumeresponsibility for,or make
4、any representation or warranty,express or implied,with respect to,the accuracy,adequacy or completeness of the informationcontained in these materials.Each of Lazard and its affiliates and its and theirrespective employees and other agents expressly disclaim any liability basedon such information,er
5、rors therein or omissions therefrom.The information set forth herein is based upon economic,monetary,marketand other conditions as in effect on,and the information made available to usas of,the date hereof,unless expressly indicated otherwise herein.Thesematerials are summary in nature and do not in
6、clude all of the information thatsponsors,investors,companies or others should evaluate in considering anypossibletransaction,nordothesematerialsconstituteorincludearecommendation to,or not to,pursue or conclude any possible transaction.Nothing herein shall constitute a commitment or undertaking on
7、the part ofLazard or any related party to provide any service.These materials do notconstitute tax,accounting,actuarial,legal or other specialist advice,andLazard shall have no duties or obligations to you in respect of these materialsor otherwise.As used herein,“Lazard Estimates”refers to a global
8、survey that Lazardlaunched to take inventory on the secondary market in H123 and an internaldatabase at Lazard that tracks financial sponsor secondary transactions.Thedatabase aggregates information gathered from publicly available sources,discussions with secondary investors and transactions Lazard
9、 has executed inthe applicable calendar year.The database does not capture all financialsponsor secondary transactions,and certain values in the database areestimates.L A Z A R D P R I V A T E C A P I T A L A D V I S O R YRESILIENCE AMIDST A CHALLENGING MACROECONOMIC BACKDROPThe secondary market in
10、2023 has been confronted with two distinct market dynamics namely on the one hand,(i)in the LP-led market,buyers and sellers continued to have difficulties with bid/ask spreads persisting and(ii)in the GP-led market,secondary buyers have expressed the need for higher returns and margins of safety.On
11、 the other hand,buyer appetite remains resilient as investors continue to deploy capital into diversified LP-portfolios and best-in-class assets.Fundraising dynamics played acutely into buyside behavior in H123.Almost 70%of respondents indicated that they were raising capital for their flagship seco
12、ndaries vehicles.As such,the market was somewhat capital constrained in the first half,which contributed in large part to a reduction in overall volume to$43B in H123,28%fall from H122.With recent deals needing to be showcased to prospective LPs,there was an intense focus on valuation.While the LP m
13、arket saw meaningful discounts,pricing in the single-asset segment was remarkably strong with 58%of these transactions pricing at par or above.Proven,trophy assets where the go-forward plans were largely continuations of past successful strategies still garnered substantial buyside interest.H123 saw
14、 LP-led transactions reach$25B,dominating the global secondary market(60%of total market volume).The resurgence of LP-led transactions demonstrates ongoing secondary buyer interest in diversified portfolios.However,a significant portion of LP-led transactions closed at wider discounts,with 45%fallin
15、g below the 80%mark largely driven by more limited available leverage and hence more conservative underwriting.That said,we observed a marked improvement in pricing for LP-led portfolios towards the end of H123 as overall macro conditions stabilized and higher quality portfolios were brought to mark
16、et.Moving forward,we anticipate that the growing pressure on sponsors to provide their LPs with exits and lock in DPI will create strong momentum in the GP-led segment globally.As further closings occur over the remainder of the year,secondary capital will replenish to support more favorable market
17、conditions in H223 and early 2024.Moreover,bid/ask spreads in LP-led portfolio sales will likely continue to narrow as buyside appetite for deployment continues to build.Thank you for taking time to read our report,and we welcome the opportunity to discuss its findings in greater detail.Holcombe Gre
18、en IIIGlobal Head of Private Capital Advisory$43BEstimated Aggregate Secondary Deal Volume in H123Introductory Remarks Holcombe Green IIIL A Z A R D P R I V A T E C A P I T A L A D V I S O R Y40%Estimated GP-led Market Share in H12339%of Estimated GP-led Volume in Multi-Assets in H123$97Bof Capital
19、Expected to be Raised in 2023200Estimated LP-led Transactions Completed in H12370%Share of Respondents currently raising for Flagship FundSource:Bain&Company,Lazard Estimates.1)Based on invested capital(capital deployed by an individual investor into a transaction).2)Based upon majority feedback fro
20、m respondents.58%Estimated Share of Single-Asset Deals that priced at par or above(1)$118BExpected Market Volume for 2023(2)3Table of ContentsL A Z A R D P R I V A T E C A P I T A L A D V I S O R YIIIInterim Secondary Market Overview 20235IIIGP-Led Deep Dive8IVLP-Led Deep Dive15Outlook&Predictions19
21、4L A Z A R D P R I V A T E C A P I T A L A D V I S O R YInterim Secondary Market Overview 2023IH123 Secondary Volume Down YoY by 28%but Recovery Expected in H223 L A Z A R D P R I V A T E C A P I T A L A D V I S O R YNavigating a complex macroeconomic landscape,the secondary market witnessed a 28%de
22、crease in volume during H123 vs.H122.Nevertheless,high-quality concentrated GP-led transactions and diversified LP portfolios continue to generate strong buyer demand heading into H223 Note:Total figures may not add up as a result of rounding.Source:Lazard Estimates.H123 Secondary Volumes Lag Behind
23、 H122 Amid Ongoing Macro HeadwindsKey Market Themes/Drivers for H123Challenging Financing Markets Dampening Available Leverage and PricingFundraising Pressure Driving Flight to Quality as Recent Deals are Showcased in Shop-WindowHeightened Valuation Scrutiny Amidst Ongoing Macro VolatilityBid-Ask Sp
24、reads Contributing to More Limited Closed Deal VolumeLimited Traditional Exits Fueling Sellside Activity in Both GP-Led and LP-Led Markets Aggressive Buyside Triage of Opportunities given some OversupplySellside Themes(GPs&LPs)Buyside Themes(Secondary Investors)$37B$51B$55B$30B$63B$58B$32B$25B$16B$2
25、4B$28B$30B$63B$44B$28B$17B$53B$75B$83B$60B$126B$102B$59B$43B2017A2018A2019A2020A2021A2022AH122H123GP-Led Secondary Volume as a%of Total Estimated Secondary Volume30%32%34%50%GP-LedLP-Led50%43%47%40%(28%)I H 1 2 3 S E C O N D A R Y M A R K E T O V E R V I E W6Pricing Update Single-Asset GP-Led Transa
26、ctions Price Strongly in H123Recovery of public markets contributed to a more favorable valuation environment.This shift was prominently observed in the single-asset GP-led market,where 58%of transactions priced at or above NAV.The LP-led market maintained a conservative stance,with 45%of transactio
27、ns pricing below 80%,although pricing has shown signs of improvement in H223Public Market Rebound Eases Liquidity Pressure and Boosts Pricing,with Single-Asset GP-Led Transactions Benefiting from Robust MarksAverage Return Targets Maintain Comparable Levels to 2022(2)2.1x2022:Broadly unchangedSingle
28、-asset(GP-led)1.9x2022:2.0 xMulti-asset(GP-led)S&P 500 Climbs 17%in H123 Signaling Confidence in Public MarketsSource:FactSet,Lazard Estimates,Preqin Ltd.1)Rebased to 100 as of 31-Dec-22.2)Net of underlying GP economics.2%8%32%58%10%27%51%12%45%29%21%5%$50M commitments from syndicate investors in H1
29、23 vs.2021(16ppt)50%L A Z A R D P R I V A T E C A P I T A L A D V I S O R YI I G P-L E D D E E P D I V E%of commitments$100M 53%43%29%15%13%of commitments$50M%of respondents in the survey%of respondents in the survey11Secondary MarketStrategic&Sponsor-Backed M&AIPOThe Secondary Market Persists as a
30、Proven Liquidity Solution for GPsL A Z A R D P R I V A T E C A P I T A L A D V I S O R YIn a depressed M&A and public exit environment,sponsors continue to utilize the GP-led secondary market to explore innovative liquidity solutionsI I G P-L E D D E E P D I V E$1.1T$1.2T$2.1T$1.4T$0.9T$0.4T$2.9T$2.
31、5T$3.8T$2.4T$1.3T$1.0T$4.0T$3.7T$6.0T$3.8T$2.2T$1.4T2019A2020A2021A2022AH122H123StrategicSponsor-backed$195B$323B$607B$171B$93B$63B2019A2020A2021A2022AH122H123$83B$60B$126B$102B$59B$43B2019A2020A2021A2022AH122H123Global M&A Deal Value(US$T)Global IPO Proceeds(US$B)Total Secondary Market Volume(US$B)
32、H123 vs H122:Strategic:-23%Sponsor:-60%50%50%34%43%47%40%GP-led Volume as a%of Total Secondary Volume(32%)In H123,global M&A deal value experienced a 38%decline,primarily attributed to buyer and seller apprehension amid increasing interest rates and macroeconomic uncertaintiesThe strategic M&A marke
33、t witnessed stagnation in 2023,with Q1 representing the weakest first quarter in two decades;technology companies,in particular,faced significantly impacted valuationsSponsor-backed M&A was most severely affected(down 60%vs.H122),as heightened financing costs and substantial bid/ask spread over valu
34、ations contributed to reduced transaction volumesFollowing a substantial drop of over 70%during 2022,global IPO proceeds have still not recovered from the decline experienced since peak levels observed in 2021This reflects the ongoing challenges of slower global economic growth,tighter monetary poli
35、cies,and increasing geopolitical tensionsElevated interest rates and poor post-IPO share price performance have also driven investors to explore alternative investment asset classesDespite overall volumes being down in H123 vs.the prior year,the secondary market has demonstrated resilience,outperfor
36、ming traditional M&A and IPO marketsThe GP-led secondary market maintained a substantial share of total volume(40%),as GPs view the secondary market as a legitimate alternative to traditional liquidity options As evidenced by the strong pricing environment for single assets,there is still considerab
37、le investor appetite for high quality,blue-chip assets(28%)Traditional Liquidity RoutesSource:Bain&Company,Dealogic,EY,Lazard Estimates.(38%)(72%)1212120%50%100%150%200%250%01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000CV Size as a%of Flagship Fund Flagship Fund Size($m)Mid-market GPs are Usin
38、g CVs to Raise Large Capital Pools for Best-in-Class AssetsL A Z A R D P R I V A T E C A P I T A L A D V I S O R YMid-market sponsors are increasingly turning to the secondary market as a portfolio management tool to help efficiently manage large NAV exposures,whilst also rapidly growing their AUMTh
39、e Continuation Fund product has been particularly powerful in disrupting traditional exit routes for mid-market sponsors 70%of mid-market sponsors who launched continuation funds in H123 looked to raise a Continuation Fund amounting to at least 50%the latest flagship fund.Moreover,28%of these sponso
40、rs have raised or are seeking at least 100%of their latest flagship fund size through their continuation fundHistorically,mid-market sponsors would have in many cases looked to exit trophy assets to larger sponsors.Continuation Funds however have permitted mid-market sponsors to create liquidity for
41、 their LPs and efficiently manage large NAV exposures in existing funds,whilst maintaining ownership/governance and rapidly ramping up their total AUMI I I L P-L E D D E E P D I V EObservationH123 Launched Continuation Funds:Size as a%of the Sponsors Latest Flagship Fund15,00020,00070%of mid-market
42、sponsors with fund sizes up to$2bn have launched continuation funds equivalent to 50%or more than the size of the latest flagship fundSource:Lazard Estimates.13In H123,we found that 30%of respondents reported that the flagship fund had reinvested alongside the continuation fund in 50%of transactions
43、,up from 25%in 2022Viewed as an additional alignment source by secondary firms and can help in managing continuation fund size requirementsBuyers view positively The secondary market is starting to see exits from the first generation of single-asset continuation fundsWhile the data here is still lim
44、ited,67%of exits identified were at least 2x gross MoIC,while 44%were above 2.5x This emerging data underscores the notion that single-asset returns are likely to overperform the market given the intrinsic focus on proven,trophy businessesThere have been multiple failed secondary transactions in H12
45、3Common reasons included valuation expectations,financing hurdles,and observed market volatility earlier in the yearDiligence obstacles and competing opportunities contributed to failuresOther Notable GP-Led Market Trends in H123Our H123 survey also covered a number of current market themes,includin
46、g:(i)increasing frequency of a GPs flagship fund investing into deals alongside continuation funds,(ii)emerging single-asset exits and(iii)meaningful proportion of failed deals in the marketSource:Lazard Estimates.Flagship Fund Investment Alongside the CF25%30%2022H123%of Respondents who Experienced
47、 Flagship Fund Investment in 50%of Completed GP-Led TransactionsL A Z A R D P R I V A T E C A P I T A L A D V I S O R YEmerging Single-Asset ExitsProportion of Failed Deals in the Market43%26%9%13%9%0-20%21-40%41-60%61-80%81-100%of Failed Secondary Transactions(by%respondents)%of Failed Secondary Tr
48、ansactions(by%respondents)I I G P-L E D D E E P D I V E57%of respondents experienced failed deals in 20%of their transactions in H12317%17%22%17%28%3xGross MoIC for Single-Asset Continuation Fund Exits(by%identified exits)67%of single-asset exits achieved a return of at least 2x gross MoIC14L A Z A
49、R D P R I V A T E C A P I T A L A D V I S O R YLP-Led Deep DiveIIIH123 LP-Led Market at a GlanceH123 saw LP-led transactions dominate global secondary market volume to date(57%in 2022 to 60%in H123).Increased LP-led volume reflects continued secondary buyer appetite for diversified LP-led portfolios
50、Increasing number of buyers(64%of LP-led volume in H123 vs.52%in 2022)focusing their attention on smaller,targeted LP-led portfolios where they have existing GP relationships or carved out funds as part of a broader mosaic solutionVolume of LP-Led Transactions Completed in H12364%14%12%10%$1B510 in
51、H122buyers accounted for 50%of LP-led market volume in H123,highlighting how competitive a small number of buyers have been on executing,winning and transacting on LP-led deal flow55%of dry powder expected to be deployed in LP-led transactions in H223(strong desire by investors to allocate a greater
52、 portion of dry powder towards LP-led portfolios as appetite for diversified portfolios remains high)%of respondents in the surveySource:Lazard Estimates.L A Z A R D P R I V A T E C A P I T A L A D V I S O R Y200LP-led transactions closed in H123$2.5BAverage$1B+portfolio,similar size vs.H122was the
53、average diversified private market portfolio above the$1B+threshold in H123,mainly driven by North America pension funds seeking liquidity/overallocated to private equityI I I L P-L E D D E E P D I V ENumber of LP-Led Transactions Completed in H123%of respondents in the survey67%23%8%3%5 Deals6-10 D
54、eals11-15 Deals16+Deals16Most Sellers of all Types Sought Liquidity From Buyout and Middle Vintage FundsThe majority of LP-led portfolios were sold in North America,where pricing remains strongest.Buyout continues to be an attractive strategy to secondary buyers and visible source of liquidity for s
55、ellers relative to other private markets strategies%of LP-Led Deals Closed by Seller Type%of LP-Led Deals Closed by Seller Region%of LP-Led Deals Closed by Seller RationaleSale Rationale%Portfolio Management53%Liquidity26%Vehicle Wind Down11%Regulatory/Legislation7%Other2%Total100%of respondents in
56、the surveyWhile pension funds continue to be the most active sellers in the secondary market to rebalance their investment portfolio allocations,an increasing number of family offices explored secondary market sales to meet their liquidity needs.Secondary funds/fund of funds have also explored sales
57、 to generate DPI for their LPsPension Fund36%Sovereign Wealth Fund2%Financial Institution23%Secondary Fund or Fund-of-Fund12%Family Office14%Endowment/Foundation5%Other8%North America60%Western Europe28%Asia(ex.China)7%ROW6%Source:Lazard Estimates.L A Z A R D P R I V A T E C A P I T A L A D V I S O
58、R Y80%of known sellers pursued a secondary market transaction for portfolio management and liquidity reasons as limited partners increasingly sought liquidity where distribution activity has dried up%of respondents in the survey%of respondents in the survey%of LP-Led Deals Closed by Strategy%of LP-L
59、ed Deals Closed by Vintage%of respondents in the survey18%20%41%22%2012 or older-20182019 or younger%of respondents in the surveySmall/Mid-Market Buyout39%Large/Mega Buyout31%Venture&Growth12%Real Assets5%Credit6%Other7%Middle vintage funds have harnessed strong buyer appetite,given the
60、y are fully funded,entering or just entered the harvest stage,and exhibit greater perceived valuation appreciation from current marks such funds tend to yield strong pricingBuyout funds continue to constitute the deepest subsector of the LP-led secondary market continue to be the most attractive str
61、ategy to buyers on a risk-adjusted return basisI I I L P-L E D D E E P D I V E17LP-Led Pricing Improved by end of H123,Buyer Target Returns Have SqueezedL A Z A R D P R I V A T E C A P I T A L A D V I S O R YWhile LP-led portfolio pricing remained in double digit discount to NAV territory for most o
62、f H123 amongst survey participants,pricing improved towards end of H123,driven by increased use of deferred pricing structures and slightly reduced fund target returnsSellers are increasingly looking for liquidity with funds distribution activity slowing down,given M&A and IPO market routes to liqui
63、dity are not optimal in a high interest rate and inflationary environment in H123Pricing for LP-led portfolios began to markedly improve toward the end of H123 due to(i)public market appreciation and comparable company write ups,(ii)continued use of creative deferred structures,(iii)buyers seeking d
64、iversification away from single-asset continuation fund deals,(iv)improving macroeconomic indicators and projected trendlines,and(v)increased competition amongst secondary buyers for high quality assetsAs pricing across the LP-led market improves,we expect such improvements to unlock further LP-led
65、deal volume from sellers who may have been more price sensitive/opportunistic in the last 12-18 months22%23%29%18%7%70%70-79%80-89%90-94%95%+%of Completed LP-Led Deals Within Certain Price Ranges%of respondents in the survey15%23%28%16%18%70%70-79%80-89%90-94%95%+1.7x1.6x1.9x1.7x2022H1 2023Middle Vi
66、ntage LP SecondariesNewer Vintage LP SecondariesFund Target MoIC Returns Have Lowered in H123 vs.2022Appetite for Quality LP-Led Portfolios has Increased Competition Amongst Secondary Buyers Which has Sharpened LP-Led Pricing While Squeezing Secondary Buyer Target Fund Returns%of respondents in the
67、surveyI I I L P-L E D D E E P D I V E2022ObservationH123Bid/Ask Spreads on LP-led Portfolios Tightened During Most of H123 vs 2022In H123,75%of LP-led deals executed by survey respondents priced at a double-digit discount to NAV as buyers tighten their ability to“pay-up”for LP portfolios as a result
68、 of being cautious of the macro environment.Consequently,sellers have adjusted to accept a normalized level of discount to NAV Of LP-led portfolios priced at a double-digit discount to NAV compared to 65%of deals in 202275%Source:Lazard Estimates.18L A Z A R D P R I V A T E C A P I T A L A D V I S O
69、 R YOutlook&PredictionsIV$22B$22B$79B$37B$32B$47B$97B$251B$414B$333B$377B$327B$284B(70)30053002040608002002120222023 YTD2023 FYPredictionSecondary Capital RaisedBuyout Capital RaisedDry Powder Update and Fundraising OutlookWhile allocations for large-cap single-asset
70、 transactions have deployed the majority of their capital,record dry powder remains ready to be deployed into other secondary transactions and fundraising overall looking promising,despite some fears of a slowdownSource:Lazard Estimates,Preqin Ltd.1)Data per Preqin Ltd.YTD dry powder,excluding lever
71、age,non-traditional LP capital and impact of deferred payment structures on deployable capital.2)Buyout Capital Raised and Secondary Capital Raised data per Preqin Ltd.2023 FY Prediction based off Lazard estimates.Smaller Pools of Capital Remaining for Single Assets Contributed to Selective Buyside
72、Deployment and Smaller Ticket SizesL A Z A R D P R I V A T E C A P I T A L A D V I S O R YA key theme identified in this years survey was the over-deployment of capital in single-asset GP-ledsSurvey responses indicated that allocated capital to single assets has largely been spoken for the remainder
73、 of the year,leading to increased selectivity and smaller ticket sizesIn contrast,sufficient total secondary dry powder has remained available for other deals like multi-assets,which now occupy 39%of GP-led volumesBased on our survey,68%of respondents are currently fundraising for new flagship funds
74、,with roughly$97B of capital set to be raised in 2023.The outlook for secondaries fundraising clearly remains strong compared to the slump seen in buyout fundraisingDespite apparent room for optimism,mixed feelings were reflected in our survey;11%of respondents named new sources of secondary capital
75、 as an opportunity,while 17%stated a difficult fundraising environment as a potential challenge,showcased by extended fundraising periods(often lasting up to 24 months)ObservationI V O U T L O O K&P R E D I C T I O N S$66B$76B$102B$94B$124B$140B$125B$159B2000222023 YTDDedicated
76、 Secondary Dry Powder Levels(1)Aggregate Secondary Capital Raised(2)20$53B$75B$83B$60B$126B$102B$95B$120B$170B$118B$145B2017A2018A2019A2020A2021A2022A2023E2024EActual2023/2024 Low Estimate2023/2024 High EstimateOutlook for the Secondary Market in 2023 and 2024Despite volumes being down 28%year on ye
77、ar in H123,the market remains optimistic that volumes will recover in the second half of the year and produce a record year in 2024 once new capital comes online2023/2024 Outlook for Secondary Market VolumesKey Opportunities and Challenges for the Next 12 MonthsSource:Lazard Estimates.17A 24E CAGR:1
78、5%22A 23E CAGR:15%22A 24E CAGR:19%Top 3 Opportunities1More LPs looking to the secondary market for liquidity as distributions slow(39%of respondents)2Recovery of GP-leds as more capital comes online for deployment(25%of respondents)3Improving macroeconomic conditions and sentiment bringing more deal
79、s to market(25%of respondents)Top 3 Challenges1Bid/ask spread between buyers and sellers(52%of respondents)2Continued macroeconomic uncertainty and volatility(36%of respondents)3Increased cost of debt on new and existing leverage(26%of respondents)L A Z A R D P R I V A T E C A P I T A L A D V I S O
80、R YTighter bid/ask spreads in LP-led portfolios are expected to drive the second highest secondaries volume on record in 2023,despite a drop off in GP-led volumeHowever,GP-led volumes are expected to recover as sponsors look to create DPI events in an environment where traditional exits are still de
81、pressed and as new sources of capital come online Despite predictions of a potentially record breaking 2024,persistent inflation,higher interest rates and geopolitical tensions are still viewed as challenges by the market$145BI V O U T L O O K&P R E D I C T I O N S21Six Predictions for the Secondary
82、 Market in H223L A Z A R D P R I V A T E C A P I T A L A D V I S O R YSource:Lazard Estimates.Single-asset volume in H223 will slowdown as a fair amount of dedicated capital for the strategy has already been spoken for(pick-up of volume expected into 2024 as new allocations come online)1Strip sales
83、of select quality assets in a single fund or multiple funds will increase as a way for GPs to drive partial liquidity for their funds and create DPI events to support IRR23Bid/ask spreads in LP-led portfolio sales will continue to narrow as buyside appetite to deploy remains high and pricing expecta
84、tions adapt to todays market Fundraisings completed in 2023 will provide additional capital,which should be supportive of stronger market conditions after the summer/in early 20244I V O U T L O O K&P R E D I C T I O N S5Increased appetite for all-cash pricing on LP-led portfolios vs.deferred pricing
85、 as sellers evaluate the opportunity cost of such offers in the context of the current macro environment6Investors will increasingly seek exposure to impact orientated strategies,such as renewable energy,given the rising importance of socially responsible investments in the secondary market22Lazard
86、Private Capital Advisory BostonChicagoLondonLos AngelesNew YorkParisSan FranciscoSingapore222 Berkeley Street Suite 1100-A Boston MA 02116United States+1 617 342 8000300 North LaSalle StChicago IL 60654United States+1 312 407 660050 Stratton StLondon W1J 8LLUnited Kingdom+44 20 7187 20001999 Avenue
87、of the StarsSuite 1800Los Angeles,CA 90067United States+1 310 601 340030 Rockefeller PlazaNew York NY 10112United States+1 212 632 6000175 Bd Haussmann 75008 Paris France+33 1 44 13 01 114 Embarcadero Center24th FloorSan Francisco CA 94111Unites States+1 415 623 5000One Raffles Place#29-63 Tower 21
88、Raffles PlaceSingapore 048616+65 6534 2011For opportunities or further information please contactL A Z A R D P R I V A T E C A P I T A L A D V I S O R YI V O U T L O O K&P R E D I C T I O N SHolcombe Green IIIGlobal Head of PCAWilliam OsbornManaging DElizabeth DickeyDMatthew HouldenDMatt MarroneDPhi
89、lip ChapmanDJude WongDWilliam Riddle,Jr.Senior AChip DugginsManaging DNadira HudaManaging DNicholas MilesHead of Europe and Asia PEKevan ComstockHead of North American PEStephen SalyerGlobal Head of Distribution and Head of US PE Fund RJiananYangDJames JacobsHead of Global Real Estate and Real AAdam HandwerkerHead of US Real Estate and Real Assets ASpencer GyoryDMarion CossinManaging DAmanda Dupuy UgarteHead of US Secondary APatrick NoManaging DThomas HolmstromDDan KlimaManaging D23