Estrategia de inversión Setiembre 2011

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Getting from “The World” to “Customer” in Only 42 Touches

Frequently, CEOs at my prospect companies will say to me, "We've called every prospect on our list once but no one wants to buy. Now what do we do?"

I ask them to tell me about the other 41 things they are doing to move a prospect through the pipeline into a paying customer. You see, it would be great if all we had to do in the business-to-business, enterprise sales & BD world was make one phone call and close a deal, but the reality is that it might take up to 41 more touches to move a one-time unknown prospect to a customer. For starters, potential customers will only buy if they have a relationship with your business. Every time a prospect comes into contact with the business a marketing relationship can be strengthened.

Let's discuss where the 42 touches occur through the sales and BD process:

Converting "The World" into a "Suspect":

The "World" includes the tens of thousands of organizations that spend money on "things." The things might be what you sell or they might not be. We have limited information on these companies and they usually enter our selling process off of lists that we've purchased, random names of companies that might have met our firm at an event, or any other lead generation activity. It takes an average of five touches to move from "The World" to Suspect, which we define as an entity that (1) should take action and (2) we have their info.

In general terms, some of the touches in this stage may include mass marketing activities such as emailing, web site content push, e-newsletters, networking at targeted events where your prospects congregate, and low-cost telemarketing. It's difficult at this stage to devote expensive outbound sales resources, so most of the focus should be on lower cost marketing activities.

At this stage, companies also need to tighten their positioning and vertical market focus. You only get a shot, maybe two if you're lucky, to make an impression at this stage.

Converting "Suspects" into "Prospects":

It takes an average of 7-13 touches to move from "Suspect" to "Prospect," which is a defined as an entity that wants to take action such as "make a buying selection in a certain period of time."  At this point, you're shifting them from entities that you know little about to real targets that you have data on, have contact information, perhaps a referral partner, or an understanding that there may be a need for the service or product. The marketing strategy here becomes a little more intense and focused. Depending on what we offer, we need to develop the relationship deeper. Perhaps we combine targeted marketing efforts, such as in-house seminars or specific-topic webinars into the mix in order to get the suspect to meet our sales people face to face. Maybe we get deeper with our referral partners here to get introductions or to conduct joint meetings.

At this stage, we should really have some specific information on these organizations and their needs and how likely they are to need our solution.

Going from "Prospect" to "Proposal"

It takes an average of 9-13 touches to move from "Prospect" to "Proposal."  Depending on the size of the deal, you will have multiple people to influence. The marketing activities give way to more involved sales tactics, such as demonstrations, referrals, and executive meetings, which are still touches. Marketing can play a big role here by producing evidence that might sway a specific target, such as directed white papers or case studies. The reality is some customers might be more demanding than others at this point, however there may be a dozen or so tactics that might have to happen for the deal to move to a realistic proposal.

"Proposal" to "Close":

As the great Alec Baldwin said in Glengarry Glen Ross, "Always be closing." In her seminal piece, "You Submitted the Proposal. Now What?" Ilise Benun noted, "Once you submit your proposal, there is more work to be done. There is more marketing, more nurturing of the relationship, and more showing what a pleasant and productive experience it would be to work with you."

We agree. The customer may ask for more referrals or conversations with your developers, engineers, or other partners. You may need to do a little more proactive networking to get the customer to select you as well. In this stage, it may require as many as eight more touches to move to the final stage.

By understanding that there are at least 42 touches required to move the prospect to a customer, you'll be able to implement a more realistic sales and marketing plan of attack.

FRED DIAMOND is committed to ensuring that his clients' BD and marketing strategy is sound, workable, and targeted properly.  He has years of marketing and business development success with a wide range of leading high tech and professional services companies including Apple, Compaq, Compuware, and high-flying start-ups in e-commerce and data storage.  His marketing experience spans market planning, product marketing, marketing communications, lead generation, and customer development.  With DIAMOND Marketing, since 2001, he has created and implemented marketing and sales programs for dozens of professional services, software, government contracting, software reselling, Internet hardware, and voice over IP, electronics, physical security, protective services, and computer security systems companies. He has been a guest speaker at Forum meetings in Virginia. He also is the co-founder of the Institute for Excellence in Sales & Business Development (IES&BD). 

Email address: 
fdiamond@diamondstrategicmarketing.com
Website: 
www.diamondstrategicmarketing.com

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PRIVATE EQUITY MANAGEMENT FEES REMAIN PROBLEMATIC

July 26, 2011 -   The latest Private Equity Spotlight published by Preqin has shown that management fees are still causing significant unrest amongst investors, but almost two-thirds are willing to pay more to access fund managers with strong track records. Other areas of contention include GP contributions, carry, hurdle rates and rebates.  The latest study was conducted for the 2011 Preqin Fund Terms Advisor, which shows the benchmark terms and conditions and also the actual terms employed by individual investment funds.
 
One finding of the study was that 69% of LPs would consider not investing in a fund if it did not conform to the ILPA Principles.
 
"In the difficult fundraising market, negotiating favorable fund terms and conditions are of the upmost importance to investors. That such a large proportion of LPs will not consider investing in a fund that does not conform to the ILPA principles is clear evidence of this," said Helen Kenyon of Preqin.
Another finding was that 61% of investors stated that they would be willing to pay higher fees for access to fund managers that they perceive to have the best track records.
"LPs are not necessarily demanding a specific management fee level; what is far more important is that the fees make sense in the context of the management of the fund. Our recent conversations with LPs have revealed that many will consider paying higher fees if this can be justified by higher performance, and if higher management fees are necessary to operate a superior firm effectively then many investors will see this as a price worth paying," said Ms. Kenyon.
 
Other Findings:
• 50% of LPs feel that there is a misalignment of interests between themselves and fund managers when it comes to management fees.
• 71% of investors are considering new GP relationships in 2011, and just 29% will only invest with existing fund managers.
• The mean management fee during the investment period for the largest funds has dropped to 1.71% in the past year.
• The mean rebate of transaction and other fees by buyout fund managers to LPs is now 83%, the highest level ever.
• A significant number of investors believe that GPs should invest more in their own funds in order to achieve a greater alignment of interests.
 
Preqin is a source of information for the alternative assets industry. The firm provides data and analysis via online databases, publications and bespoke data requests. Preqin has offices in London, UK; New York, NY and Singapore (www.preqin.com).
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7 Habits That Make Great Opportunities Happen

Liz Strauss

Everyone hears about that person who is "in the right place at the right time."  Maybe you know someone who seems to be that person all of the time. We have those friends who walk right into the perfect job and achieve the right promotions as if they have a crystal pointing them in the right direction. They get awarded the best projects and their presentations get praise and standing ovations from the special guests who showed up to hear them. How do they do that?

It's not fate or a great gene pool. It's not an accident. It's not even a lucky star. People who enjoy consistent success know what it takes to make great opportunities happen. Change a few habits and people might be wondering how you get so many opportunities, too.

It's true. You don't need luck if you can make things happen; you need strategy. Simply stated, strategy is a realistic plan to move forward by taking advantage of the opportunities that suit your unique abilities. It's a matter of having control. It takes time and some attention, but buying a lottery ticket takes that and money, too.

Want to make good things happen for you? Here are seven habits that make great opportunities happen.

1. Pay attention

Value curiosity and collect information. Make a habit of interacting with your environment. Notice things that happen around you. People who notice things know more than people who don't.

Notice the kind of preparation and responses people value.

Notice how you can make processes and meetings work better.

Notice what makes people's lives easier, faster and more meaningful.

Notice ways that you can add value without taking something away from those around you.

Develop a habit of paying attention. You'll grow as a person and you'll become a natural resource to the people who work with you. It will become natural for them to think of you when new opportunities happen.

2. Think of your work as important

No matter how dull, uninteresting, or seemingly useless the project, assume a higher purpose is driving it. Bring your best talents and most dedicated attitude to it. What you think changes how you feel and what you do. People will respond to the importance you place on the work that you're executing. Develop a habit of honoring your work. People will place more value on the work you do and start to look for opportunities where they might use your higher-level abilities.

3. Be aware of the potential of your impact

The way you look, the smile you give, the way you answer on your cellphone—each causes a response in someone you might never be told. Everything you do has an impact. When you make decisions, think them through to understand how they will affect other people. Develop a habit of considering how your actions affect the people around you. People will see that you make work easier, rather than making more work for them.

4. Imagine opportunities everywhere you look

Lucky people know that opportunity is always present. Look for ideas and trends that match your interests and your skill set. Bend and twist those ideas to make them uniquely yours. Develop a habit of looking at everything to see how you might improve it—how you'll make it more fun, faster, cooler, friendlier, easier, quieter, more musical, lighter, more romantic, more exciting, more inviting, more anything. Choose the opportunities that benefit other people and they will support your offer to take advantage of an opportunity.

5. Make yourself a magnet for jobs you do well

Be generous offering your help and counsel. When people help you, suggest your best skills as a way you might return the favors. Be on alert for the tiniest ways to match your best work with what the people around you might be doing. Talk about your favorite projects. Develop a habit of letting people know how much you love doing what you do well. People get impressed by folks who love their work and want to help.

6. Count and record the opportunities that suit you

Small ideas and opportunities have a way of getting bigger. Research shows that things we watch and measure get bigger and more plentiful. Develop a habit of attending to what suits you. People will notice that you record ideas and opportunities. They'll start listening and looking to find more. Soon you'll have a network of people who are offering you ideas they've collected for you.

7. Decide

When an opportunity is set before you, don't hesitate. Take the opportunity and use it to grow the skills that got you that far. You know which opportunities fit your interests and skills and which don't. Develop a habit of taking on new opportunities as a way of growing. Be clear that you'll always be noticing and learning and people will feel secure in offering you opportunities that grow with you.

So if you want to be the lucky someone, you can make great opportunities happen. Develop the seven habits that will get you seeing opportunities and other people seeing you. Once you start, you might be surprised who starts pitching in to help you. Seguir leyendo

Private Equity Fundraising Rebounds in 2011

By Paula Schaap 
April 11, 2011

Driven by a small number of funds that held large closes, U.S. and European private equity fund-raising rebounded in 2011, according to a new report.

According to figures from Dow Jones LP Source, U.S. private equity funds secured $31.6 billion for 89 funds during the first quarter, more than double the $13.5 billion raised for 81 funds during the same period last year. All sectors except mezzanine raised more capital than the same period last year.

European firms collected $8.2 billion during the quarter, up 39% from the $5.9 billion raised a year earlier, although the number of closings declined to 22 from 32, according to the data.

"In 2010, many private equity firms focused on trying to return capital and those efforts are starting to bring their investors back to the party," said Laura Kreutzer, managing editor of Dow Jones Private Equity Analyst. "But limited partners are still like bouncers at an exclusive night club. They're only letting the best looking groups behind the velvet rope. Everyone else still has to  Seguir leyendo

11 Stages of Selling a Company

by Peter Lehrman 

Selling a company is a long and complex process. Preparing for a sales process takes at least 12 months, and then the actual process itself can take another 12 months. If you think of selling your business as something similar to a very long multi-year enterprise sales cycle, you'll begin to realize that a business sales process is like any other sale process in that it can be broken down into its core component stages and elements.

This article provides an overview of the key stages of an M&A sale process, whether it's for a lower middle market company, a large public company, or anything in between.

Stage 1: Defining Potential Options and Exit Strategies

When considering the sale of a business, there are potentially a wide variety of transaction options. These options must be understood and evaluated by the CEO, owner, and/or board. Understanding these options and the decisions they lead are the most strategic decisions a company will ever make when it comes to realizing value. Leveraged buyout, strategic M&A sale, minority recapitalization, ESOP, etc — these are all fancy investment banker terms but they essentially boil down to various methods by which a company sells itself or part of itself or to whom it sells. Buyers break down at a high level into two categories:financial buyers and strategic buyers. They both have their pros and cons. Neither one is better by nature, it's highly situational. A good M&A banker will work with the business owner to understand the selling requirements, the range of valuation expectations, and strategic goals. This also includes defining: exit strategy alternatives; thinking through the most appropriate types of acquirers; timing of sale; tax consequences and owner's desire for future involvement with the company (or lack thereof).

Stage 2: Determining a Valuation Range For The Company

Determining a reasonable valuation range is a critical step in the process. If the banker thinks they can achieve a valuation range that isn't acceptable to the owner, the process should stop right there. Too many deals get derailed by sellers and buyers having completely different expectations about business value. While it's the job of the banker to close that gap with negotiation prowess and transactional expertise, immense gaps can't be bridged no matter how skilled you are. Valuation technique ranges from the highly academic and analytical methods of discounted cash flow and dividend discount models (DCF and DDM) to the more pragmatic comparable company valuation methodologies. Unfortunately, none of them is a replacement for the actual process of engaging with high quality and highly relevant buyers. Analysis and number-crunching is necessary but not sufficient, and will only take you so far. In the end, the price is determined in the market by the buyers and the quality of your engagement with them.

Stage 3: Pre-Marketing Value Enhancement

Often, Advisory firms will review a company's strategic and financial condition and have suggestions for how the company, over a 6-12 month period, can make some changes to make it more desirable. These should not be massive changes in strategy because those take too long and are risky, but should be valuable changes to management team or business strategy that make the business more attractive in a reasonably short period. Sometimes a trigger-happy CEO just wants to sell the company, but the best thing to do is make some changes and adjustments first before going to market. Again, working with a knowledgeable banker or informed board members that have relevant industry experience and business strategy context can be very valuable.

Stage 4: Information Gathering, Data Collection, and Presentation

Spending the time to properly aggregate, interpret, and present a company's financial and business history and future projections is a crucial element of the sale process. This requires trust between a business owner and his M&A Advisor because at this point, the kimono is being opened. The engagement letter should reflect the confidentiality that an investment bank commits to before they have access to such sensitive information. Business owners typically prepare their financial statements for tax purposes, not for business sale purposes. Using tax statements for business sale presentation is a major mistake, as it usually obscures the earnings capability of a business. Taking the time properly present a company's earnings power can have a big impact on how the buyers view the opportunity. Of course, the seller can go too far here and lose credibility, which is also a big mistake in the other direction. However, making sure that the appropriate financial adjustments are made is an important step and takes time and analysis by the CPA and the M&A team.

Stage 5: Marketing Materials Preparation

When potential acquirers evaluate a company, they expect the records and facts to be properly organized and documented. Disorganized or poorly collated material on a business delays the process, looks sloppy, and therefore hurts the seller tremendously. It's another area where many sellers are pennywise and pound-foolish and pay a terrible price for trying to save money in the wrong place. Well-packaged and presented business summaries increase a buyer's confidence and comfort level and increase the likelihood of a successful sale. A business owner spends years establishing name recognition, market niche, vendor relationships, operation & production systems, management, personnel, distribution channels, customer loyalty and numerous other intangibles. This is a story that needs to be properly told to educate potential buyers.

Stage 6: Buyer Research and Buyer Outreach Strategy

While large multi-billion dollar companies often have only a handful of relevant and sufficiently capitalized potential acquirers, lower middle market companies (this generally refers to businesses whose value ranges generally between $10M and $250M) often have an enormous number of potential buyers. Some of these potential buyers are known to the business owner, some might be known by the Advisor, but no one's rolodex is usually broad enough to know every potential buyer. This means that the banker and the business owner must have tools and resources to research and access the largest and most qualified data set of relevant buyers. Databases and tools of varying qualities exist out there, but there is no silver bullet. This research process should be exhaustive, not rushed. The banker should review competitors, customers, strategic buyers, private equity firms with relevant expertise, and other sources of highly suitable capital and partnership. This is one of the most time-intensive elements of the process but it often determines the overall success of the sale process. If you don't approach the best buyers, how can you get the best outcome?

Stage 7: Qualification of Potential Buyers

Many potential buyers that express interest in a business will not be qualified to purchase the company. These companies are referred to as tire-kickers. A good banker will know the right questions and have enough market intelligence and expertise to smoke these buyers out and pre-qualify the right potential acquirers before the tire-kickers impact the CEO or management team's time and attention. This isn't a particularly complex or time-intensive step, but if it isn't done, the CEO will waste a lot of time and effort speaking with unqualified buyers and increasing the confidentiality risk of the entire process.

Stage 8: Negotiation Process

There are many schools of thought on how to run the negotiation and buyer engagement process. Some Advisory firms suggest a negotiated process with only one highly targeted buyer. This strategy has tremendously high risk but can be extremely expedient if it works out. In general, Sellers are more likely to achieve a stronger outcome when negotiating with multiple qualified buyers, rather than just one or a handful. This can of course be taken too far as well, where every buyer feels like they are part of a huge auction process, in which case they walk away for fear of over-paying. Competition in a sale process does typically drive up purchase price and quicken the pace and accountability of buyers, but it should be handled carefully, respectfully and professionally.

Stage 9: Transaction Structure

The sale of a business has many financial and professional considerations for the management team / owner. The purchase price is only one component of the overall result. Other decisions and considerations include: stock sale versus asset sale; earnout; terms and interest rate on financing; liabilities assumed by the acquirer; employment contracts; non-compete agreements; current assets retained by the seller; stock ownership and equity options packages; relocation; employee preservation versus redundancy layoffs, etc.

Stage 10: IOIs, LOIs, and Purchase Agreements and Closing

Typically, buyers express interest in a company at three stages through three documents: the IOI, LOI and Purchase Agreement. The IOI is non-binding and provides the proposed terms, valuation and structure for a transaction. The owner will review this with their banker and make a determination as to whether or not to invite the buyer to learn more about the company and become more serious. LOIs (letters of intent) are a more serious signal of interest by the buyer; once they are jointly executed, the seller is typically under exclusivity with that buyer, such that they are not able to meet with other buyers during a stated period of time. Meanwhile, that buyer is beginning to conduct heavy due diligence on the business with the intent of acquiring it. During the exclusivity period, the buyer must move quickly to determine if they want to proceed. If so, the purchase agreement must be drafted to define all the details of the transaction: legal, financial, representations, warranties, etc. The purchase agreement is the definitive document outlining the terms of the sale.

Stage 11: Post-Closing Issues & Business Transition

The transition period typically involves a period of cooperation during which time the seller will assist the acquirer in transition. There are instances in which the seller is specifically not interested in doing this, however a lack of willingness to ease the transition typically lead to a lower valuation and in plenty of cases can derail the deal process entirely. Sellers should proceed with extreme caution if they elect to have no post-closing commitment. Post-closing commitments often include transferring customer relationships, explaining key management or market dynamics, and other proprietary information and trade secrets needed to operate the business optimally.

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El crecimiento de Alicorp en el tiempo será en base a adquisiciones: Leslie Pierce

Leslie Pierce Diez Canseco, Gerente General de Alicorp desde 1991, dijo durante la Junta Obligatoria Anual de Accionistas de Alicorp S.A.A., que: "… el crecimiento de Alicorp en el tiempo será en base a adquisiciones dentro y fuera del país", añadiendo que Alicorp tiene la posibilidad de expandirse en el Mercosur a través de Argentina y también en Centroamérica, que son los mercados a donde quieren llegar, pero admitió que para esto se deben presentar vendedores y esto es imprevisible.

Leslie Pierce dijo que el último lanzamiento de esa marca, Crema a la Huancaína, ha tenido un éxito de ventas que ha rebasado sus estimaciones iniciales, tanto así que ya están realizando un estudio para duplicar la capacidad de la planta."Las ventas de los productos de la marca Alacena son de 8 mil TM al año, alrededor de S/. 80 millones", agregó. Alacena es una marca de Alicorp que comercializa mayonesa, kétchup, salsa de rocoto y salsa de ají.

También Leslie Pierce se refirió a la posible incursión de Alicorp en China con la instalación de una planta para producir alimentos para camarones. "Esta semana, viajarán técnicos para ver la posibilidad de instalar una planta para producir alimentos de camarones en asociación con un grupo local que les facilite la introducción al mercado", dijo. Leslie Pierce dijo que a China exportan alimentos para camarones y encontraron una oportunidad de negocio al ser China el mayor consumidor mundial de este alimento. Ya desde hace años, veían a Asia como mercado de exportación. Para probar el mercado enviaron contenedores y realizaron convenios con granjas acuícolas, al mismo tiempo que prestaban servicios para granjas. En el 2010, Alicorp abrió una oficina comercial en Chile para la comercialización de productos de Nutrición Animal, con el nombre de Alicorp Trading (Shenzhen) Ltd. Co.

La expansión internacional de Alicorp comenzó el 1° de agosto del 2005, cuando empieza a operar su subsidiaria Agassycorp, con oficinas en Quito y Guayaquil y 11 mil puntos de venta, dedicándose a distribuir los productos de Alicorp. El 4 de mayo del 2007 compra Eskimo S.A., que se dedicaba a la producción y distribución de helados Eskimo en Ecuador, la segunda del mercado en ese país, invirtiendo US$ 8.3 millones. El 2008 Eskimo cambió su nombre por Alicorp Ecuador y perfecciona su distribución en Ecuador mediante una alianza con el Grupo Alarcón, que le permite llegar a 75 mil puntos de venta. En abril del 2010, Alicorp Ecuador S.A. se asocia con Heladosa S.A. para desarrollar en forma conjunta el negocio de producción, distribución y comercialización de helados en Ecuador.

En septiembre del 2006 inició sus operaciones en Colombia con su subsidiaria Alicorp Colombia, para la distribución de sus productos en ese país. El 10 de julio del 2008 compra Productos Personales S.A., Propersa, por US$ 7.4 millones; esta empresa se dedica a producir productos para el cuidado del cabello y cremas para niños con la marca BabySoft; cremas y fragancias para la mujer con la marca BodyCare; y geles y jabones antibacteriales con las marcas BacteriSoft y Germ-X.

En el 2008 se consolida en Centroamérica, principalmente en el mercado de alimentos balanceados para camarones con la marca Nicovita. El 7 de febrero del 2008 constituye Alicorp Honduras, que se encarga de la comercialización de productos de nutrición animal. El 1° de diciembre del 2009 inicia sus operaciones Alicorp Guatemala, que se encarga de la comercialización de alimentos y productos de limpieza.

Las mayores inversiones en el extranjero tuvieron como destino a Argentina. El 30 de mayo del 2008 Alicorp adquirió The Value Brands Company de Argentina S.C.A., TVBC S.C.A., The Value Brands Company de San Juan S.A.,  Sulfargén S.A. todas de Argentina, así como  The Value Brands Company de Perú S.R.L.  y The Value Brands Company de Uruguay S.R.L., por las que inviritó US$ 65 millones en la compra de las acciones y en asumir pasivos financieros. Para financiar esto, se suscribió un préstamo de US$ 60 millones con el ABN AMRO Bank N.V. a mediano plazo. El 31 de mayo del 2008, Alicorp compró Sanford S.A.C.F.I. y A., empresa que se dedica a la producción y venta de galletas marca Okebón en Argentina.

El principal accionista de Alicorp es la familia Romero, que controla el 51 % del total de las acciones, las 4 AFPs tiene el 33 %, Credicorp Ltd. y sus subsidiarias (sin incluir la participación de  Prima AFP) controla el 11 % y la familia Nicolini, el 2.9 %.

Fuente: Gato Encerrado

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Captación record en Latinoamérica: 8.100 millones para private equity

Datos de Latin America Venture Capital Association (LAVCA) para 2010

22:13 | 22/03/2011 | POR Alicia Jimenez

Las firmas de private equity que invierten en Latinoamérica han captado 8.100 millones de dólares en 2010, un 122% más que en 2009. Brasil sigue dominando en estas cifras pero otros países de la región van ganando terreno. Del monto total, 5.000 millones de dólares se comprometieron a fondos regionales que invierten en Brasil, México, Colombia, Perú, Chile y Argentina.

Southern Cross Group y Advent International han cerrado los dos fondos con mayor capital comprometido en la historia del sector en Latinoamérica, sumando 3.300 millones, con 1.680 millones de dólares y 1.650 millones captados respectivamente.

Estas cifras contrastan con el 7% de caída en las captaciones estadounidenses y el 32% de caída en Europa. "Estamos viendo un interés sin precedentes en los sectores de capital riesgo y private equity latinoamericanos por parte de la comunidad inversora global como activos para diversificar sus carteras" señala Cate Ambrose, presidente de LAVCA. La asociación apunta a la disponibilidad de capital local como uno de los factores determinantes para que tanto los fondos locales como los globales estén consiguiendo cifras tan sólidas de captación entre los institucionales de la región.

En 2010, cerca de 200 gestoras de fondos realizaron inversiones por 7.200 millones de dólares en la región, más que duplicando el total invertido en 2009. El número de transacciones no varió notablemente respecto a 2009, pero la cantidad de operaciones de más de 100 millones de dólares se multiplicó por dos, con un monto medio por operación de 41,1 millones de dólares en 2010, frente a los 18,6 millones de 2009.

Como es de esperar Brasil lidera el mercado, con un 46% de las operaciones y un 76% del capital invertido. Apax Partners, Silver Lake, TPG Capital y Warburg Pincus completaron operaciones por vez primera en Brasil durante el año pasado. Además, Blackstone Group tomó un 40% del capital de la gestora local brasileña Patriay JP Morgan adquirió Gavea Investimentos. "Hemos visto a las compañías líderes del mundo en private equity compitiendo por acceder al mercado local brasileño", comenta Ambrose, "sin embargo, aunque los recién llegados se están centrando en Brasil, los veteranos de la región buscan oportunidades de inversión en mercados menos competitivos, como México, Colombia, Perú y Argentina. También estamos viendo a algunos jugadores locales del mercado brasileño posicionándose de forma global en la región". Tanto Chile como Colombia han registrado incrementos notables tanto en capital captado como en operaciones cerradas.

Por tipo de inversión, la financiación de operaciones de expansión se llevó el 39% del capital, seguida por las adquisiciones (buyouts), que representa un 37%. Sin embargo, el capital dirigido a inversiones en estado muy incipiente fue el que más creció en 2010, un 54%, con el monto medio de este tipo de operaciones aumentando desde el millón de dólares a 1,6 millones en 2010. Por sectores, sanidad, manufacturas, IT, energías limpias y educación, fueron las que registraron mayor crecimiento.

El informe LAVCA Industry Data se elabora anualmente desde 2008 en base a una encuesta confidencial entre casi 200 gestores de fondos y otros partícipes del sector.

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Global private equity fundraising fails to pick up in Q1 2011

04-Apr-2011, CPI Financial

Funds primarily focusing on the US have raised the most capital during Q1 2011, with 45 funds raising a total of $25.9 billion. 24 primarily European-focused funds raised an aggregate $6.5 billion, while 24 funds focusing primarily on Asia and the Rest of World gathered a total of $9.9 billion.

Buyout funds raised the most capital, with 20 funds raising an aggregate $12.6 billion.    

Global private equity fundraising failed to pick up in Q1 2011. $42 billion was raised in Q1 2011 by funds holding a final close and fundraising remains at its slowest pace since 2003, according to Preqin. However, signs of life are starting to appear as more firms hold interim closes. 

According to Preqin data, 92 private equity funds worldwide reached a final close in Q1 2011 raising an aggregate $42.3 billion. This represents a small decrease from the $47.1 billion collected in Q4 2010, although Preqin said it would anticipate the latest quarterly figures rising slightly (10 per cent - 20 per cent) to match and possibly exceed the previous quarter's total as further information becomes available.

"It is clear that fundraising remains extremely challenging, and is occurring at a fraction of the rate that the industry was seeing in 2006 – 2008. However, there are some signs of life with a further 110 funds holding an interim close during the quarter, raising $26.3 billion towards their overall targets," Preqin said.

• Fundraising by Region: Funds primarily focusing on the US have raised the most capital during Q1 2011, with 45 funds raising a total of $25.9 billion. 24 primarily European-focused funds raised an aggregate $6.5 billion, while 24 funds focusing primarily on Asia and the Rest of World gathered a total of $9.9 billion.
• Fundraising by Type: Buyout funds raised the most capital, with 20 funds raising an aggregate $12.6 billion. This figure includes Golder Thoma Cressey Rauner X, which closed ahead of its $3 billion target on $3.25 billion. 27 venture funds closed raising a total of $9.4 billion, including Yunfeng Fund – a CNY 10 billion China-focused and managed early-stage vehicle, and InSight Venture Partners VII, a $1.5 billion US general venture fund. Four natural resources funds raised a total of $5.1 billion, including EnCap Energy Capital Fund VIII, which at $3.5 billion was the largest fund to achieve a final close during the quarter.
• Fundraising Momentum - Interim Closes: In addition to the 92 funds holding a final close, there were 110 funds which held an interim close during Q1 2011, raising a total of $26.3 billion towards their overall targets. Although Europe had a disappointing quarter for final closes, there were some significant interim closes for funds focusing on the region. This includes BC Partners' European Cap IX, which held a close of €4 billion on its way to a €6bn target – making it the largest single close of Q1. Montagu IV, another Europe focused buyout vehicle, held an interim close on €1 billion ahead of its €2 billion target.
• Funds in Market: After the number and aggregate fundraising target of funds in market fell consistently during 2009 and for most of 2010, Q1 2011 sees a continuation of the rise in both the number and value of funds being raised – a sure sign of rising confidence among fund managers that conditions are starting to improve. There are currently 1,649 funds on the road seeking $663 billion worldwide – this represents the highest ever number of managers in market at one time.
• Time Taken to Close Funds: For funds closed in Q1 2011 the average time spent in market was 16 months, significantly more than the 10.6 months required in 2005, but down from the average time taken of 20.4 months for funds closed in 2010.
• Looking Forward: While the number of funds achieving a final close has remained low, the LP community is growing in confidence, and is planning to commit to more private equity funds in 2011. In a survey of 100 investors conducted by Preqin in December 2010, 33 per cent of LPs were below their target allocation, compared to 13 per cent exceeding their targets. 54 per cent expected to invest more in 2011 than 2010, with 32 per cent intending to commit at the same levels and only 15 per cent stating that they would be investing less.
• Longer-Term Prospects: LPs are increasingly satisfied with how their private equity portfolios have performed, with 78 per cent stating that private equity returns had met expectations. 10 per cent of LPs stated that returns have exceeded expectations, while 13 per cent stated returns had fallen short of expectations – an improvement from earlier results in December 2009, which showed 23 per cent seeing returns falling short.

"The private equity fundraising market is currently in a transitional period. The majority of the significant funds which began fundraising prior to the onset of the financial crisis have now closed, with vehicles closing in Q1 2011 having mostly launched in 2009. With the typical fundraise now taking around 16 months from launch to finish, and with 2009 being a slow period for new fundraising launches, it is logical that Q1 2011 would be a slow period for final closes and we are anticipating an increase as 2011 progresses," said Tim Friedman from Preqin.

"Although overall figures are disappointing, there are signs of increasing investor confidence – especially in Europe where we have seen two significant interim closes for BC Partners and Montagu which point to a brighter future. With capital distributions picking up, LPs do have more cash available to invest, and this is reflected in the 54 per cent of investors interviewed who expect to put more capital to work in 2011 than last year," he added.

"As LP confidence returns, more and more fund managers are hitting the road, and the current number of funds in market is at a record level. Although overall levels for fundraising are set to increase, conditions for individual managers will be more competitive than ever."

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The Four Big Steps To Cutting The Cord

by Matt Burns on March 11, 2011 

Do it! Cut the cord and free yourself from the tyranny of the cable mafia. The movement is slowly gaining traction but the whole task is daunting. What do you do next? Where does your TV content come from? What are the options? So many questions you need answered before you take the scissors to the coax line.

What follows are the basic steps along with the best alternative services. Follow these steps and the transition from cable to Internet streaming will be painless as possible. Still, before you proceed, you must know that there is a break-in period. Cutting cable might be hard for some. Some will go crawling back to their cable provider. But press forward and take it a day at a time. You're going to be a better person without it.

1. Understand What You're Getting Yourself Into

Cutting the cord isn't for the timid. It's serious business and the process should include at least on family meeting. There isn't a service out there that can totally replace cable's feature set or passive nature and everyone in the household needs to know this.

Subscription TV is a mindless activity. Click on the box and your TV blasts to life with programming. That's not going to happen with the majority of the cable alternatives. Besides free over-the-air programming, the other options require viewers to hunt and search for programming that's considered old compared to when it first aired on live on TV. That's right, you're going to be watching old TV episodes and worse  yet, not all programming is available through alternative means. That's just the way it is right now.

Perhaps your household isn't ready to give up cable. It's a big step to give up watching SportsCenter in the morning and The Daily Show at night. In fact, most consumers are in this boat. The cable cutting movement is considered by the industry to be nonexistent. That doesn't mean you can't cut the cord and save some serious money every year.

2. Understand The Alternative Service Options

Once you understand the pitfalls that are on the path to pay TV freedom, it's time to look at the options. Some are free-ish while others charge a monthly fee. However all the options are a lot less than what Comcast or DirecTV charges hence their popularity.

Make a list of your favorite TV shows along and mark shows that you can't live without. This little list will come in handy as you explore the options.

• Over The Air

Antennas are alive and well. In fact, they can pull in an HD signal that will make some cable HD channels look like a VHS tape. The vast majority of flat screen TVs have an ATSC tuner and many late-model tube TVs even have the right goods. Simply plug-in an antenna, tell the TV to search for OTA stations, and you've got crystal clear HD programming. AntennaWeb.orgwill help fine tune the antenna.

The United States officially switched from analog NTSC broadcasts to the all digital ATSC signal in June 2009. All TV stations are using the digital broadcast standard now with most broadcasting an HD station along with a few SD stations as the ATSC spec allows for multiple signals, 5.1 audio and various resolutions.

OTA programming can easily supply TVs with live content from local network stations. ABC, CBS, NBC, Fox and PBS are the common networks. Since each local TV stations can now broadcast multiple channels, you may be surprised how many stations are available OTA. It's a solid option by itself and as a supplement to, say, Netflix.

• Netflix

Netflix is the fan favorite partly because it's on many TV appliances already. Many Blu-ray players, HDTVs, game systems and media streamers already support the service. Platform penetration is what lead Netflix's explosive growth over the last few years. Some systems like the Boxee Box and PS3 allows users access to the entire Netflix streaming library where other systems require users to add videos to a queue via the website.

There's a good deal of content available from Netflix, but like other streaming services, not everything is available and only 30% of the content features subtitles. Keep in mind that only a portion of Netflix's catalog can be streamed. Use this page to explore the Watch Instantly titles — or instantwatcher.com maintains a great list as well.

The streaming service runs $7.99 a month and doesn't require a contract. Netflix offers a one month trial but does require a credit card to sign up. Try it out and cancel if you're not happy.

• Amazon

Amazon has been in the streaming game nearly as long as Netflix, but up until just a few weeks ago, offered TV shows and movies on only a pay-per-play basis. That's still available, but the retailer just launched its Prime Instant Videos that offers 5,000 movies and TV shows available for free streaming to paying Prime subscribers. So just like Netflix, subscribers can simply select a title and watch it instantly.

Amazon followed Netflix's strategy and embraced numerous hardware platforms over the last year. If your TV set-top box is connected to the Internet, chances are it can get Amazon content. Only Roku boxes can stream Prime Instant Videos so far, though.

Even without the Prime Instant Videos, Amazon is still an attractive choice for cord cutters. TV episodes are often only $.99 and so an entire season of one TV show will cost around $24 — or rather a fraction of a monthly cable bill. The pay-per-play service is not for the heavy TV watchers, but might fill the void for others.

• Hulu Plus

Hulu's subscription service beta launched with much fanfare last summer, but then people used it and discovered it's not exactly the best thing in the world. The amount of content didn't line up with the $9.99 monthly price. Then in November the service exited beta and introduced a more competitive $7.99 monthly charge. But it was the additional content that was the biggest surprise.

Hulu Plus is positioned as a Netflix-alternative although the owners would argue it's the other way around. While it trails behind Netflix and Amazon in library size, Hulu Plus is a good bet for those looking to watch the latest TV episodes of popular programs as soon as possible. Many episodes major network programs are available through Hulu Plus a day after they air on network TV where they might come months later on Netflix or Amazon. Still, it's wise to look at your list of most important TV programs and peep the Hulu Plus selection before handing over your credit card.

Hulu Plus is also available on many popular devices including iOS devices, Android phones, Roku, PS3, Xbox 360, TiVo Premiere and various Internet-connected HDTVs.

But be warned, most Hulu Plus content has commercials of some sort. Sorry.

• Torrents and usenet

Um, yeah. It's safe to say that every TV show is downloadable in its entirety someone on Torrent sites or Usenet. It's also safe to say that it's a copyright violation to download this content. But it's there and with the right amount of Google'n your Internet can automatically download all your favorite TV programs. It's then a trivial task to hook up one of the various network streams like the Boxee Box or WD TV to watch this content on your TV.

Of course it's between you and your lawyer if you walk this line. However, where Netflix and Amazon use highly-compressed (read: ugly and pixelated) HD streams, downloads are often perfect HD rips free from commercials and general nonsense. So it's either beautiful and free HD content or eternal damnation at the hands of the copyright holders.

3. These Are The Hardware Options

• Boxee Box

Disclamer: I love the Boxee Box and so does my family. I needed to get that out of the way and declare my allegiance right way. I've tried every single media streamer on the market and this is the best one. It's fast, supports every media file I've tried, but most importantly, it's fun to use. Other boxes can get you to the same content, but the dry interface makes for a stale experience.

The Boxee Box is a great cord cutting device as it's really a  multifunction device aimed at two different demographics. One feature set serves up TV content currently available online for free from sites like ABC.com, NBC.com and the others through a clever interface. Plus, it can stream audio and video content stored anywhere on its local network. If all else fails, there's a gigantic app library that includes Netflix, Vudu, YouTube, Pandora, Revision3, RedditTV, and over a hundred more.

It's this triple threat approach that won me over. Average consumers should find the vast amount of  free content surprisingly complete since the Boxee Box simply plays videos from their official streaming sites. Then the downloader should enjoy the robust file support and automatic genre sorting. The apps are then the icing on the cake.

The Boxee Box by D-Link retails for $199 at major retailers but can often be found for a few dollars less online.

• Roku

The Roku is a TV appliance. It works without fail. Select the Netflix app and you can stream Netflix. It's that simple.

The Roku streamers might not be as flashy as the Boxee Box, but they work great and have a ton of content served up through Roku channels. All the major players are here with their subscription services: Netflix, Hulu Plus, Amazon Prime Instant, Pandora, along with nearly a bottomless library of other channels.

The best thing about Roku boxes is they're inexpensive with the top-tier XDS model running only $99. It's not a bare-bones unit either: 1080p HDMI, component video, optical audio, dual-band 802.11n, USB ports for playing back pictures and videos. There are even two cheaper models if you don't mind slumming it without a USB port or just 802.11g.

• Smart TVs

The latest trend in the HDTV market is to offer TVs with so-called apps. This started with on-screen widgets, but now smart TVs are rocking full versions of Netflix and Hulu Plus along with other services like Flickr, Pandora, and various weather services. Throw in an OTA antenna and these TVs themselves are legitimate alternatives to cable thanks to these baked-in features.

The sets cost slightly more than their "dumb" counterparts. In fact they're kind of hard to recommend since add-on boxes like the Boxee Box and Roku XDS are so inexpensive. The set-top box route might be a more cost effective and smarter move anyway as both the Roku and Boxee Box are backed by dedicated companies with proven track record of constant updates. Still, some consumers want to rid themselves entirely of boxes and so these TVs are available. People are clearly buying them because makers are constantly rolling the feature set downmarket.

• Game Systems

That Xbox 360 sitting in your kid's room? Yeah, it can be your ticket out of Comcastville. The Xbox 360 along with the PS3 and the Wii all stream Netflix with the former two featuring even more services. Even the original Xbox with the right mods can be an amazing streaming machine.

These game systems are computers in their purest form. Microsoft and Sony simply control the user experience so either you play by their rules and use the included systems and apps or you break the chains and jailbreak the system for even more functionality. Either way their streaming options might just be sufficient to justify canceling cable.

4. Profit!

Cable and satellite can be expensive. Here in mid-Michigan Comcast has the exclusive rights to serve me cable and this lack of competition creates crazy prices. My cable bill for just the expanded basic package and HD stations (along with 2 CableCards) runs $80 a month with my total bill including Internet services hitting nearly $120 a month. $80 a month is nearly $1,000 a year just on cable. Netflix on the other hand is just under $100 a year for a net savings of $900.

Of course cable provides infinity more options along with live news and sporting events. However, an OTA antenna paired with an ATSC tuner supplements downloads and streaming nicely. It's important to cut the cord only after realizing that nothing will totally replicate the sheer amount of content or even cable's user experience. Life is different without cable. But different is good.

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