Privcap Audio: Private Capital Talk

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: 3i, one of the biggest private equity firms in the world, did its first Brazilian deal in December 2011 with a 100 million reais ($54 million) investment in Blue Interactive, a cable provider. In an exclusive interview with Privcap, Marcelo Di Lorenzo, 3i’s new Head of Brazil reveals the analysis behind the Blue Interactive deal and describes a market in which pent-up demand for digital services is enormous. Thanks to stringent regulations, “Cable TV has been frozen for almost 20 years in Brazil,” says Di Lorenzo. Also discussed: 3i’s interest in Brazil’s education and healthcare sectors, its ability to bring global expertise to bear in smaller Brazilian companies, and the importance of Brazil’s new stock market, the Most important trends – reduced volatility and creation of the Bovespa New Market, which has paved an easier path to IPO for Brazilian entrepreneurs and made private equity firms more attractive partners. This program is sponsored by Ernst 8 Young. Registered users of Privcap may access this 8-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Many limited partners have made responsible investment a priority of their investment programs. But how do they work with their GPs to ensure that the definition of “responsible” is mutually understood, and that efforts are in place to systematically screen investments for possible environmental, social and governance (ESG) problems? In the second of a two-part conversation, Tom Rotherham, Director of Private Markets at Hermes Equity Ownership Services (a division of BT Pension Scheme) and Jordan Berger, Director of Policy Compliance at Canada’s OPTrust, discuss their roles in bringing ESG risk-screening to bear in the private capital asset classes. Topics of discussion include screening deals by geography and sector, the impact that development agencies have had on emerging markets ESG, the risk of LP-LP misalignment, and the importance of standards such as the United Nations Principles for Responsible Investment. The first segment of this series is called "Risk, Return and ESG." Registered users of Privcap may access this 14-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Growth equity firms have been major players in private capital for a long time, and yet, positioned between the venture and buyout asset classes, many growth equity investors have long felt they “didn’t really have a home” with regard to regulator and public awareness, according to Bruce Evans, Managing Director of Boston-based Summit Partners. In an exclusive interview with Privcap, Evans describes why he is helping the National Venture Capital Association (NVCA) to form a special growth equity group within the advocacy organization. The conversation begins with Evans’ definition of “growth equity” and how should be viewed and measured in an institutional portfolio. He explains why growth equity should be seen as a “natural extension of the venture capital business” and why it is troubling that growth equity seems to have ended up on the “wrong side of the line” in the eyes of US regulators. The conversation ends with Evans’ saying why he thinks the JOBS Act is a “great thing” for growing businesses. Registered users of Privcap may access this 20-minute, chaptered video program, full transcript, audio-only version, as well as Privcap's entire archive of thought-leadership content. Register here -- http://www.privcap.com - it's free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Will India’s bustling technology scene give rise to the next Google? It’s the wrong question, say three veterans of the private capital markets. “We don’t need to create the next Google – we need to solve India’s problems,” says Mukul Gulati, Managing Director of Zephyr Peacock India Management. Gulati joins Sev Vettivetpillai, CEO of Aureos Capital (an Abraaj division), and Parag Saxena, Founding General Partner and CEO of New Silk Route, in a fascinating conversation about the nature of India’s venture capital and innovation ecosystem, and how this ecosystem is giving rise to crucially needed adaptations of Western ideas – sometimes called “Gandhi engineering” or “frugal innovation.” Also discussed: real examples of healthcare innovation coming out of poor Indian villages, the effects of the reverse brain drain, why Western talent is coming to India, and why emerging markets corporations will soon become big acquirers of Western businesses. This is the third of a three-part series on India. Part one is "Subcontinental Deal Flow." Part two is "India's Macro Story." The series is sponsored by Ernst 8 Young. Registered users of Privcap may access this 11-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: What does it take to be a successful distressed investor? According to distressed veteran Mark Patterson, the first trait he looks for in a young hire is decisiveness. Distressed investors should be "terrified" by the "range of uncertainties" but able to make "decisive recommendations," as opposed to merely providing a set of facts, says the Chairman of MatlinPatterson Global Advisors. This fascinating conversation is the second of a two-part interview with Patterson. The first segment is called "Terrifying Landscape For Distressed." Topics discussed in this segment also include why Patterson believes the distressed strategy does not require a separate allocation within an institutional portfolio, his recommendations for investing in distressed vehicles through economic cycles, and why the "highly unpredictable level of government intervention" makes it harder for him to be as decisive an investor today versus during prior downturns. Registered users of Privcap may access this 8-minute, chaptered video program, full transcript, audio-only version, as well as Privcap's entire archive of thought-leadership content. Register here -- http://www.privcap.com - it's free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Central and Eastern Europe – “Emerging” Europe – was among the most popular destinations for emerging markets private equity because of the “convergence” story. GPs and LPs alike were excited at the many ways that business between East and West would grow and synergize. Amid the wreckage of the Eurozone downturn, how does the convergence story look now? Privcap posed this question to Baris Gen, Senior Investment Officer for Private Equity Funds - Europe, Middle East 8 North Africa at the IFC, Robert Graffam, Senior Managing Director of Darby Overseas Investments, and Ralph Jaeger, Managing Director, Siguler Guff 8 Company. Also discussed: Why pan-European roll-ups are difficult from an Eastern European starting point, but companies built across markets that share historic and cultural affinities remain a big opportunity; why Jaeger and Gen prefer GPs focused on specific markets over pan-Continental platforms, the exceptionalism of Turkey and what makes Jaeger and Graffam nervous about its popularity, and why these three veterans remain bullish on the long-term opportunity in Emerging Europe. This is the second segment of a three-part Privcap thought-leadership series on private equity in Emerging Europe. The first segment is called “Eastern Shock.” This program includes an expert audio interview with Peter Wells, a Partner with Ernst 8 Young in Prague. The program is sponsored byErnst 8 Young. Registered users of Privcap may access this 20-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The growth of the biggest emerging markets has caused many to worry about the environmental impact of greenhouse gas emissions. For its part, the World Bank’s International Finance Corporation (IFC) has created a new investment mandate that it hopes will help battle climate change via the private markets. In an in-depth interview, Chenggang Jerry Wu, Principal Investment Officer and Lead for Climate Change Funds in the Global Private Equity Funds Group of the IFC describes the goals of his mandate as well as how his team decides which GPs to back, given that “9 out of 10” PPMs sent his way are from first-time fund managers in the emerging markets. Also discussed is the impact of the biggest emerging markets such as China and India, why Wu would like to see more funds from Africa, and why wind power in particular has shown pleasing progress as a viable energy alternative. The program is sponsored by Ernst 8 Young. Registered users of Privcap may access this 14-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Why are the words “Brazil” and “tech” not used in the same sentence more often by international investors? Miguel Perrotti, Co-CEO and Founder of Sao Paulo-based Invest Tech argues in this in-depth interview that Brazil benefits from a unique entrepreneurial and engineering background and that its tech scene is turning a corner, which spells investment opportunity. Topics discussed include Perrotti’s own background as a tech entrepreneur in Brazil, the regulatory genesis of Brazil’s “do-it-yourself” IT culture, the big investment themes in technology, including mobility, healthcare and cleantech. This program is sponsored by the Brazilian Private Equity and Venture Capital Association (ABVCAP) and the Brazilian Trade and Investment Promotion Agency (Apex Brasil). Registered users of Privcap.com may access this 10-minute, chaptered video, full transcript, as well as Privcap’s entire archive of thought-leadership video programs. Register here – it’s quick and free

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Since its inception in 2002, Abraaj Capital has moved from an upstart, Dubai-based investor to among one of the largest private equity firms in the world and a dominant player across the emerging markets. Its acquisition this year of Aureos Capital give the firm a presence in 30 countries. And according to Abraaj CEO Mustafa Abdel-Wadood, the growth of Abraaj has only just begun. In an exclusive interview with Privcap, Abdel-Wadood discusses how his firm has built upon its initial success in the Middle East by expanding to contiguous geographies, the importance of the Aureos Capital acquisition, how Abraaj can be competitive in newer markets like Latin America, the business connections that are growing between emerging markets, the “pent up demand” for goods and services among emerging middle-class consumers around the world, how the MENA region moved away from being “a source of capital as opposed to a target for capital,” and why the firm recently launched a fund targeting investment in Palestine. This program is sponsored by Ernst 8 Young. Registered users of Privcap may access this 20-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Some 95 percent of Brazilian companies in the midmarket are family-owned, passed down from one generation to the next over the decades. As a result, there historically have been few motivations for world class corporate governance in Brazilian business. “Change and Exits in Brazil: Innovation and Private Equity in Corporate Brazil” is the third installment in a fascinating Privcap discussion series featuring Marcos Marinho Lutz, CEO of Cosan, andChristopher Meyn, partner at Brazilian private equity firm Gavea Investimentos. Also joining the conversation is Carlos Asciutti of Ernst 8 Young Terco in Brazil. The discussion delves into the types of corporate governance most needed in the market and the degree to which Brazilian companies need to be more international. Also considered is the potential wave of private equity-backed IPOs on the horizon in Brazil and what private equity firms can do to help Brazilian companies go public. The video also includes an expert Q8A with Asciutti. The panel discussion was filmed at the 2012 Congresso ABVCAP, the premier private equity event in Brazil. The first program in this Brazil series, “Sugar Startup: How Gavea Backed Cosan,” is available here. The second segment, "Sense of Urgency,” is available here. This program is sponsored by Ernst 8 Young. Registered users of Privcap may access this 21-minute, chaptered video program, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: How will India's macro story affect private equity performance? It's what international investors watching macroeconomic and regulatory challenges multiply in India have been wondering. These three experts have some strong views to share. As you will learn from Mukul Gulati, Managing Director of Zephyr Peacock India Management,Sev Vettivetpillai, CEO of Aureos Capital (an Abraaj division), and Parag Saxena, Founding General Partner and CEO of New Silk Route, Indian businesses “have tremendous energy” and enjoy “such a demand for good products or good services” that an economic slowdown should serve as a poor excuse for investment failure. This is the second of a three-part discussion series. The first segment is called "Subcontinental Deal Flow." Topics include the crucial skills that entrepreneurs must have to survive a weak macro story, how economic backdrop does not dictate destiny, worry over a tax policy aimed at foreign capital, the surprising strength of Indian-African business ties, and how trends in the capital markets will affect exit opportunities. This program is sponsored by Ernst 8 Young. Registered users of Privcap may access this 23-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: This tour-de-force of the distressed investment strategy is a must-watch. Mark Patterson, Chairman of one of the world’s largest distressed investment firms, MatlinPatterson Global Advisors, shares his candid analysis of the economic crisis gripping the world. Patterson talks about the challenges of successful investing in today's distressed opportunity, why sovereign debt levels should “frighten the daylights out of you,” the “truly laughable” European response to bank weakness, why former US Treasury Secretary Hank Paulson was “dead right,” how due diligence differs between trading and control distressed strategies, how to profit even in declining industries, the pitfalls of government intervention and what he’s learned from his own failed deals. This is the first segment of two fascinating Privcap interviews with Patterson. Registered users of Privcap may access this 18-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Why are increasing numbers of LPs adopting “ESG” programs with regard to their private market portfolios? Tom Rotherham, Director of Private Markets at Hermes Equity Ownership Services (a division of BT Pension Scheme) and Jordan Berger, Director of Policy Compliance at Canada’s OPTrust, discuss the benefits of working with GPs to ensure that environmental, social and governance risks are taken into consideration when private equity deals are done. This is the first segment of a two-part thought-leadership series on ESG (environmental, social, governance) issues in private capital. Topics discussed include: Why the time is right for more LPs to adopt responsible-investment programs and for GPs to welcome them, why ESG programs are not “one-size-fits-all,” how ESG can be integrated into the due diligence process to uncover risks and opportunities, how OPTrust and Hermes have structured their own programs, and why private capital is uniquely positioned to effect outcomes at the portfolio level. Also – Rotherham and Berger share real examples of how ESG programs have avoided risks and enhanced performance. As Rotherham says: “But the risk, manage it, get the return.” Registered users of Privcap may access this 17-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick. July 201

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: An outside observer might surmise that private equity in Emerging Europe (primarily Central 8 Eastern Europe) is tough-going right now. But long-term investors in these countries say that the economic picture is more nuanced. To gain an expert perspective on the most important macroeconomic facts affecting Emerging Europe today, Privcap sat down with Baris Gen, Senior Investment Officer for Private Equity Funds - Europe, Middle East 8 North Africa at the IFC, Robert Graffam, Senior Managing Director of Darby Overseas Investments, and Ralph Jaeger, Managing Director, Siguler Guff 8 Company. Topics discussed include why Emerging Europe has been “hit harder than other emerging markets,” the massive deleveraging of banks and the aftermath of rising consumer leverage, the Eastern exposure to Western European banks, how “good GPs” are responding to challenging times, where LPs are carrying fund valuations, how sponsors are playing tough with lenders in restructurings, how Emerging Europe competes with other markets for dollars, and why the GP landscape across the region is “by and large not a pretty picture.” This is the first segment of a three-part Privcap thought-leadership series on private equity in Emerging Europe. The program includes an expert audio interview with Peter Wells, a Partner withErnst 8 Young in Prague. This program is sponsored by Ernst 8 Young. Registered users of Privcap may access this 22-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick. July 201

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: India has huge populations of people, private businesses and an impressive array of private equity firms, and yet the private equity opportunity there faces significant challenges, as our three expert panelists discuss in the first of a three-part series on private equity in India. As you will learn from Mukul Gulati, Managing Director of Zephyr Peacock India Management,Sev Vettivetpillai, CEO of Aureos Capital (an Abraaj division), and Parag Saxena, Founding General Partner and CEO of New Silk Route, doing private equity deals in India requires an intense, bottoms-up partnership with management as well as looking for opportunities beyond the biggest cities. You will learn from these investment veterans about the bottom-up effort that is required to source and grow promising companies, about the surprising “absence of talent at almost every level” in India that crimps private equity strategies, about the degree to which deal intermediaries have penetrated the M8A market, about the “low-hanging fruit” of operating improvements and the difficulties of instituting these changes, and about the exit market. This program is sponsored by Ernst 8 Young. Registered users of Privcap may access this 18-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick