News
Eaton Partners Increases Professional Staff with Two Senior Hires to Enhance Team’s Origination and Distribution Capabilities
Rowayton, CT – Eaton Partners, a leading independent global placement agent, is pleased to announce the addition of two senior team members to their London and La Jolla, California offices. Messrs. Olav Konig, based in London, and Christopher Maduri, based in La Jolla will further enhance the firm’s origination and distribution capabilities. Despite difficult market conditions over recent years, Eaton Partners has successfully raised capital from institutional investors globally for high quality funds across the broad spectrum of alternatives. Increased demand for global fundraising expertise and advice has driven the continued expansion of the Eaton Partners team, which has grown by 43% over the last two years making Eaton Partners one of the largest independent placement agents in the world.
London
Mr. Konig joins Eaton Partners as a Partner and will co-head the firm’s European fundraising efforts along with Franklyn Chang. Mr. Konig was most recently a Managing Director at Capital Dynamics, a global alternatives asset manager where, during his tenure as Head of Business Development, he was responsible for building out a global distribution and client coverage team. Most recently he was responsible for key clients and consultants coverage. Previously, Mr. Konig worked at a London-based venture capital firm, Sitka Partners, involved in fundraising and investments. Prior to Sitka Partners, he was a member of the structured and principal finance team at Dresdner Kleinwort Benson in London, where he was responsible for origination and structuring of European ABF and principal finance transactions.
Mr. Konig, a German national and qualified solicitor, earned his Master’s degree having read Law at Bonn University and Freiberg University in Germany.
La Jolla, California
Mr. Christopher Maduri joins Eaton Partners as a Vice President in its La Jolla office, where his focus will be on the distribution of the firm’s illiquid products. He brings over 12 years of professional management experience and five years of direct private equity and real estate experience. Prior to joining Eaton Partners, Mr. Maduri was a Vice President at Triton Pacific Capital, where he provided strategic advisory and private equity placement services to top-tier private equity real estate and infrastructure managers. Previously, he worked for Heitman, where he was responsible for identifying potential investments for joint ventures, separate account clients and in-house investment funds. Mr. Maduri received both a B.S. in economics and an MBA from the University of Missouri.
Mr. Charlie Eaton, founder of Eaton Partners, said, “In enlisting the talents of Olav and Chris, Eaton Partners continues to strengthen its professional staff with the best and the brightest individuals. Olav is a respected leader in Europe who possesses a breadth of global experience and strong relationships, significantly augmenting the firm’s distribution and origination efforts. The addition of Olav also cements the leadership of our London office with a local professional, and further builds-out the firm’s presence in Europe. Chris is an experienced salesman with a robust background in private equity and alternative assets, who will be a great complement to our established distribution team. We are pleased to welcome these esteemed professionals.”
About Eaton Partners
Eaton Partners is a leading independent global alternative asset placement agent, having raised over $33 billion of institutional capital across 70 funds. Since its founding in 1983, Eaton Partners has been dedicated to raising capital for investment managers throughout private equity, real estate, real assets and hedge fund/liquid strategies. Eaton Partners’ global platform consists of 50 employees located in six offices: Rowayton, Connecticut; Houston, Texas; La Jolla, California; London; Shanghai; and Hong Kong. To learn more, please visit www.eatonpartnersllc.com.
For more information, please contact:
Jeffrey S. Davis
Eaton Partners, LLC
Rowayton, CT
(203)831-2970
jsd@eatonpartnersllc.com
Eaton Partners LLC and a Premier Financial Services Firm to Form Exclusive Distribution Partnership in Singapore
Singapore – Eaton Partners LLC (“Eaton Partners”) and a premier Singaporean financial services firm (“the Firm”) are pleased to announce that they have entered into a mutually exclusive distribution partnership.
Under the partnership agreement, the Firm will be the exclusive distribution partner in Singapore for alternative investment products offered by Eaton Partners. The Firm will be offering the alternative investment products to institutional and accredited investors in Singapore.
This partnership represents an important step in the efforts that Eaton Partners has taken to satisfy diversified Asian regulatory requirements, strengthen its regional distribution capabilities and to accelerate the growth of its fund raising business in Asia.
Commenting on the partnership, Mr. David Love, Managing Partner of Eaton Partners said, “All of us at Eaton Partners are very pleased to establish this key relationship with the Firm. It gives us access to the growing Singapore market for alternative investment products by partnering with one of the most respected names in the region. The alignment with the Firm significantly extends the reach of Eaton Partners’ growing platform in Asia.”
Contact Person
Eaton Partners Advisor (HK) Limited
Jingjing Bai, Director
Tel: +852-39752-2633
JJ@eatonpartnersllc.com
Eaton Expands Professional Staff to Support the Firm’s Operations, and Strengthen its Origination, Execution and Distribution Capabilities
ROWAYTON, Conn., July 12, 2011 /PRNewswire/ –Eaton Partners, a leading global placement agent, is pleased to announce the addition of several key professionals to their Rowayton, London and Shanghai offices. Joseph Scanlon and Ajay Ahuja based in Rowayton, Silvia Calvo-Alcala and Charles Vernudachi based in London, and Chris Lerner, based in Shanghai, have all recently joined Eaton Partners to support the firm’s operations, and strengthen its global origination, execution and distribution capabilities.
Rowayton, CT
Joe Scanlon joins Eaton as a Partner in hedge fund/liquid products distribution and brings over 33 years of experience in asset management. Prior, Joe was a Principal at CRT, where he formed CRT’s asset management platform, Harbor Drive Asset Management. Previously, he served for 22 years as a Member of the Board of Directors, Managing Director/Director of Marketing and Sales at Ark Asset Management Co., Inc. Prior to Ark Asset Management, he worked at Lehman Management Company as a Senior Vice President. Joe began his career in the asset management sector in 1972 with Citibank.
Ajay Ahuja joins Eaton Partners as Chief Operating Officer and Chief Financial Officer, with 20 years of professional experience in managing, accounting, finance, operations, and compliance functions for financial institutions and alternative asset managers. Prior, Ajay was the Chief Financial Officer for Sagard Capital, a private equity fund investing in publicly traded small-cap companies. Previously, he held financial leadership roles for Singer Partners (recently acquired by William Blair), a start-up global macro hedge fund, Vertical Capital, a structured product and distressed asset manager, and Five Mile Capital Partners, a fixed income hedge fund and private equity firm.
London
Silvia Calvo-Alcala will focus on European distribution efforts and brings over 10 years of private equity experience. Prior, Silvia worked at Jefferies Fund Placement Group (formerly Helix), CBRE Investors (Investor Relations) and Bear Stearns Private Funds Group (formerly Crane Capital) where she played a key role in European origination and distribution. Previously, she worked in Leveraged Finance at Citigroup. Silvia began her career in Audit at Arthur Andersen in Spain.
Charles Vernudachi will focus on European hedge fund/liquid products distribution and brings over 10 years of institutional marketing experience. Prior, he worked at Key Asset Management (SEB Group) where he was responsible for the distribution of a variety of alternative funds to European investors. Previously, he was a partner and co-founder of Fairway Capital Partners (UK) LLP, a London based placement agent focused on hedge fund distribution. Before founding Fairway, Charles was an Executive Director at Goldman Sachs where he spent more than 6 years in Fixed Income Sales.
Shanghai
Chris Lerner will be responsible for leading the firm’s origination and execution of alternative funds in Asia. He brings over 13 years of investment banking and direct investment experience with over $10 billion in completed transactions. Prior, Chris was a Managing Partner for Mercer Street Capital, an independent strategic advisory and investment firm specializing in ‘venture to growth’ capital and cross-border transactions between the US and Asia. He started his career with Citigroup and its predecessor firm,Salomon Smith Barney. He was the firm’s first investment banking expatriate based in Mainland China and helped establish the department’s Asia Pacific Financial Institutions Group.
In addition to these new senior hires, Eaton has also added several Associates in its Rowayton, CT office. Christie Czernik and Andrew Symons join the team as Project Management Associates, focusing on the firm’s origination efforts and the execution of various alternative funds marketed by the firm. In addition, Melissa Iorio joins as a Distribution Associate, supporting the firm’s general distribution efforts.
Christie has over five years of experience in financial services, specifically in Investor Relations for hedge funds, and most recently served as an Investor Relations Analyst at Owl Creek Asset Management. Andrew, who began his career in the advertising and marketing field, previously worked in Private Banking at Credit Suisse, where he designed and implemented asset allocations for high net worth individuals and middle market institutions. Melissa brings several years of experience in the financial services industry and formerly served as a Marketing and Investor Relations Associate at FirstMark Capital, a venture capital firm in New York City.
Charlie Eaton, founder of Eaton Partners, said, “We are pleased to add such seasoned professionals to our already talented team. Joe possesses invaluable relationships and years of experience and expertise, strategically enhancing the team’s distribution and management efforts. Ajay is a distinguished leader who exemplifies the firm’s dedication to strengthening all facets of our operations. In bringing Chris, Silvia, and Charles on board, we are further solidifying our commitment to growing our global franchise. Each addition provides a valuable skill set and years of proven experience. We all look forward to our shared success.”
Eaton Partners has experienced increased demand for its alternative fund offerings in the past 12 months, and has therefore strengthened its organization to better capitalize upon these fundraising opportunities and the increased demand for global placement agents.
About Eaton Partners
The Firm is a leading alternative asset placement agent, having raised over $33 billion of institutional capital across 70 funds. Since its founding in 1983, Eaton Partners has been dedicated to raising capital for investment managers throughout private equity, real estate, real assets and hedge fund/liquid strategies. Eaton Partners’ global platform consists of 50 employees located in five offices: Rowayton, Connecticut; Houston, Texas; La Jolla, California; London; and Shanghai. Eaton is currently distributing 16 alternative investment funds, targeting over $8.0 billion of capital. To learn more, please visit www.eatonpartnersllc.com.
For more information, please contact:
Jeffrey S. Davis
Eaton Partners, LLC
Rowayton, CT
(203)831-2970
jsd@eatonpartnersllc.com
02/11/11
Sub Agency Agreement with Eaton Partners LLC
Sub Agency Agreement with Eaton Partners LLC
Eaton has entered into an mutually exclusive sub-agency agreement with a locally registered Japanese financial instrument firm. This firm is highly specialized in alternative fund products, with five Japanese professionals who have deep product expertise in global and domestic alternative products, and in marketing such products to sophisticated Japanese institutions and local pensions.
With this partnership, Eaton believes it is well positioned to introduce offshore fund products into Japanese pension client base where international GPs have very low penetration rate.
05/12/10
Eaton Expands London Office With Key Hire
Eaton Expands London Office With Key Hire
Georgina Wyatt to Strengthen Fund Placement Capacity in European Markets
London/Rowayton, CT, May 12, 2010 – Eaton Partners, LLC, d/b/a Eaton Partners, announced today that Georgina Wyatt has joined the firm as Senior Vice President in the firm’s London office to assist in European private equity, real estate, real asset and hybrid fundraising strategies.
With over 10 years of financial services experience, Ms. Wyatt previously served as vice president of Helix Associates, identifying and placing coverage for U.S. and European investors. She was involved in seven fundraisings totaling nearly $3 billion. Ms. Wyatt spent seven years at Helix and also worked at Altius Associates for five years.
Frank Chang, Partner and head of Eaton Partners European operations, said, “Georgina’s experience and well developed relationships in Europe will strengthen our distribution capabilities in a key market area for the firm.”
The Eaton Partners London team is led by Chang, who also covers the firm’s fundraising efforts in the Middle East. Vice President Janet Lee focuses on distribution in Scandinavia, while Vice President Stephanie Brendel handles France, Germany, Switzerland and Austria. The company is currently looking to hire a vice president to further develop the company’s European hedge fund distribution efforts.
03/04/10
Loren Boston Joins C.P. Eaton Partners
Loren Boston Joins C.P. Eaton Partners
Former Senior Fundraiser at Merrill Lynch and Citigroup to Lead Private Equity Fundraising
Rowayton, CT, March 4, 2010 – C.P. Eaton Partners announced today that Loren A. Boston has joined the firm as Managing Director and a member of the Management Committee with responsibility for leading the firm’s global private equity fundraising business.
With over 26 years of Wall Street experience, Mr. Boston was previously Managing Director and Global Head of Origination for Merrill Lynch’s Private Equity Funds Group. From 1999 through early 2004 he was Managing Director and Global Head of the Private Equity Fund Group at Citigroup Global Markets.
Mr. Boston brings to C.P. Eaton a large network of relationships in the private equity community. While at Merrill Lynch and Citigroup, he was responsible for many leading fund raising mandates for private equity strategies in the U.S., Europe and Asia-notable clients have included: Avista Capital Partners, Clessidra Capital Partners, Emerging Capital Partners, AIG Highstar Capital, ePlanet Ventures, EdgeStone Capital, Greenhill Capital Partners, Snow Phipps, Avenue Capital, Charterhouse Capital Partners (based in the UK), Citicorp Venture Capital, Nordic Capital, and Terra Firma Capital Partners.
Charles P. Eaton, founder of C.P Eaton, said, “We are delighted that Loren is joining us as we continue to broaden our business geographically and within specific product silos including Private Equity, Real Estate, Real Assets, and Hedge Funds/Liquid Products. We have raised more than $33 billion across 57 funds representing the full spectrum of alternative investment strategies. We are always looking for the most talented investment managers and the best internal team to serve those clients, and Loren is an exceptional strategic addition to the existing team.”
Mr. Boston said, “It is an exciting time to be joining C.P. Eaton. With the fundraising market starting to show signs of rebound, the firm is well positioned and strategically staffed to serve the needs of leading private equity firms around the globe. C.P. Eaton offers a business model that is unique among top agents in that all seasoned professionals have a significant ownership share in the business. With many firms in the placement community undergoing significant change, C.P. Eaton is well positioned to become a pre-eminent leader.”
The Firm is among the largest independent placement agents with over 35 employees located in four offices: Rowayton, Connecticut; La Jolla, California; London; and Shanghai; along with an increasing on-the-ground Real Asset sector presence in Texas led by Jeff Eaton. C.P. Eaton is currently distributing 14 alternative investment funds (including a co-investment), targeting over $8 billion of capital. In addition to Private Equity and Real Assets, C.P Eaton’s other primary product lines include Hedge Funds/Liquid Products, led by Thomas S. Kreitler, and Real Estate, led by W. Michael Crawford. The firm’s other senior members include David M. Love, who runs the firm’s expanding Asian strategies, which include private equity, real estate and real asset products, and Franklyn D. Chang, who leads the firm’s London-based activities.
01/27/10
C.P. Eaton Partners 2010 Global Fundraising Outlook
C.P. Eaton Partners 2010 Global Fundraising Outlook
It’s back to 2004 levels for fundraising, asset valuations and underwriting standards…
United States
- The economic downturn of 2009 severely impacted the fundraising industry, reflected by the lowest levels of capital commitments since 2004. As a result, the amount of time taken to raise a fund increased significantly, averaging approximately 18 months (twice as long as in 2005), as more general partners remained on the road seeking a severely limited supply of capital. The outlook for 2010 is brighter: according to a recent Preqin survey, a majority of LPs plan to make their next allocation(s) to private equity this year, saying that their current private equity investments have met or exceeded their expectations. Also, now that the associated risks of leverage-generated returns are better understood, LPs and GPs expect a return to private equity fundamentals (i.e. value-add strategies and a realignment of interests between LPs and GPs). Yet it is clearly still a “buyers market” and LPs are most apt to select strategies and managers where they have familiarity with proven pedigrees or realizations versus ones that are opportunistic, novel or emerging.
- Lower- and middle-market buyout and growth equity strategies make up the most broadly popular private equity funds at this time. These funds may be too small for large state plans and sovereign wealth funds, but more LPs talk about these strategies than any other. A “back to basics” movement has brought GPs to the surface that can build value for investors by working with investee companies to improve operations, management and market reach – achieving returns in tough credit markets without financial engineering. In addition, deals are getting done at a growing pace given the tens of thousands of companies that make up the lower- and middle-markets, and the financing crunch the majority have faced.
- Distressed funds have gained significant traction within the past year as managers move to take advantage of numerous distressed sellers offering quality assets. Distressed plays are interesting across private equity, real assets and soon, real estate; the attraction goes far beyond owning distressed securities as control is paramount. The general consensus is that the opportunity to make significant gains in liquid trading strategies has passed; rather, distressed-for-control remains popular given a wealth of ongoing market opportunities, and given that control funds resemble closed-end private equity funds, they are a natural fit for most investors.
- The timing for mezzanine is also very attractive right now, resulting in its growing popularity as LPs see the ability to: (a) diversify within the lower- and middle-markets, (b) add downside protection and (c) earn buyout-like returns with less risk. Mezzanine is also popular given opportune timing and strong recent returns. The demand for mezzanine capital is enormous given the private equity overhang and a wave of debt coming due soon which will drive a flood of refinancings. The supply of mezzanine financing has decreased significantly as hedge funds, business development companies and others have or are exiting the space. New mezzanine financing requirements over the next five years for private equity activity could amount to $400 billion. This could double when refinancings are taken into account. Today, only a mere $21 billion is being sought by mezzanine funds actively fundraising, according to Preqin.
- With regard to secondaries, residual effects from the credit crisis continue to apply pressure on managers to unload non-core portfolio holdings. While significant global interest in owning strong underlying portfolios from historically well-performing GPs remains, the bid-ask spread generally remained great enough to consistently stall execution. Secondary funds-of-funds seem to have high return hurdles and at this time last year were only looking for deals from highly motivated sellers and corresponding deep discounts. Seller distaste resulted in a pronounced removal of offering from the market. However, we anticipate that 2010 should see increased deal activity as buyers and sellers begin to align their expectations. New buyers like pensions, endowments and foundations will also continue to make their appetite known, as many see a perfect buying opportunity to buy into funds at a discount from managers they know and have already internally due diligenced and approved. To this point, a recent industry study predicts the secondary volume of partnership interests to double this year as compared to 2009.
- Real assets strategies stood out in the past year as investors sought strong and stable cash flows with downside protection. We expect real assets to continue drawing interest as lower commodity prices combined with seller distress should result in a favorable deal-entry environment. Fund managers are opportunistically stepping in to fill the financing gap left in the wake of decreased traditional capital markets activity and are finding attractive entry points in investments associated with oil and gas exploration and production; pipelines and other midstream energy investments; utility-scale wind and solar installations; timber, agriculture, mining and other commodity-focused investments; and other energy infrastructure. Real assets strategies will continue to attract investors as they seek to position themselves for an environment of increasing inflationary pressures over the medium to longer term as the global economy continues to recover.
- Interest in infrastructure in particular has cooled as we wait to see if deal flow in North America ever materializes in the volume predicted. Even as states face huge financial problems, the obstacles to privatizing infrastructure (both political and financial) prevailed in 2009. Given that $90 billion in fund capital has been raised over the last 5 years, and only $6 billion in 2009, LPs are clearly waiting for proof of investment thesis, not to mention that well over half of the $90 billion has yet to be deployed. However, given that trillions of dollars of assets, resources, and companies are owned privately in the energy and power industries in particular, LPs have been able to mount exposure to these industries and play the infrastructure card, versus waiting for bridges and tunnels to come to market or perform.
- After a turbulent 2008, hedge funds responded well in 2009. On average, managers were up 20%, making the past year the best for the industry in a decade. By the second half of 2009, redemptions had stabilized and investment activity increased as investors positioned to reduce their cash reserves and redeploy cash released by managers who had invoked gate. This trend was confirmed in the third quarter when funds experienced net inflows for the first time since the recession. Some limited partners who invest across asset classes looked to decrease their exposure to illiquid investments in favor of more liquid strategies, including hedge funds. This year looks to be a promising year for the industry as a renewed focus on liquidity and transparency will continue to drive investor interest among institutional limited partners. In the same way 2004 was a record year for hedge fund growth on the back of a market rebound in 2003, this year has the potential to be impressive from a capital-raising standpoint.
- Real estate transaction volume was down significantly from the peak years of 2006 and 2007, largely due to the return of traditional underwriting standards, much higher equity requirements and a nearly nonexistent CMBS market that last saw meaningful issuance volumes in the first half of 2008. For 2010, we expect to see both fund managers and investors continue to focus on troubled legacy assets as headline transactions (largely work-outs) will begin to set new comparable values enabling investors to mark their existing portfolios. It is anticipated that mid-2010 will reflect the bottom for commercial property values, much as the United Kingdom is said to have bottomed in the Summer of 2009. Fundraising remains available only to the highest quality Tier 1 managers without legacy distractions and with a demonstrated track record of distressed performance and/or those niche oriented operators who can unlock value through repositioning.
Europe
- European investors have seemingly retreated from the global stage, focused on local managers on the Continent. We believe European investors continue to chase alpha but are more protectionist at the same time, supporting European managers in their domestic and global efforts.
- Private equity continues to avoid large cap and highly leveraged buyout transactions given rebounding capital markets are unwilling to support significant debt and PIK financing. As a result, institutional investors feel the best opportunities in the space include lower- and middle-market buyout, growth equity and sector and country funds. Distressed, secondary and direct purchases of fund interests on the secondary market have also gained notice and commitments from European LPs.
- The majority of European LPs have pushed their 2009 real estate allocations into 2010 due to concern over the global macroeconomic picture and capital adequacy ratios. Uncertainty regarding the U.S. and Asian macro-economic situations and currency risks have mitigated European demand for non-Europe domiciled funds. Current LP interest in the UK market has shown indications of leveling valuations and a turnaround in the commercial real estate market. Additionally, there is building interest in Western Europe, but it lags the U.S. recovery given it is increasingly viewed as a local market. Continued stabilization of property markets, combined with revaluations downward of existing portfolios should drive improved LP interest for European focused opportunities.
Asia
- 2009 was characterized by increased confidence in private equity throughout Asia due to its relative better performance during the financial crisis as compared to the U.S. and Europe. Managers have recognized the significant market potential for China, India and Japan, leading many to establish country-specific funds to take advantage of those regional economies. Funds-of-funds continue to be attractive as well given that they allow LPs to access a number of geographies that require strong local networks and experience. Asia and other emerging markets continue to have a compelling value proposition – growth capital for growth companies in growth markets.
- In terms of real estate, Asia, especially China, proved itself one of the most resilient property economies globally with its markets and deal rankings in 2009. Seven out of 10 of the most active real estate markets in the world are located in China, led by Shanghai, which is recognized by Urban Land Institute Asia as the most attractive market for development or investment in the Asia region for 2010. The three most active global buyers of property are all Chinese development companies. Indeed, most investors believe the best proxy for China’s organic growth may be real estate. Investors are also realizing that securing a local partner and a local operating partnership is a critical key to success in China, as tax efficiency and local networks provide distinct advantages.
- Real assets strategies have been relatively slow to gain traction. The need for investment in India, Southeast Asia and other emerging markets is large, but we do not believe LPs are being offered the right opportunities. Real asset investment in most parts of Asia, especially in terms of infrastructure, is dominated by government initiatives or led by government-owned entities. The private sector has found it difficult to secure deals at an appropriate risk-adjusted return level. In addition, management teams that are both strong in operations and politics/regulations are critical to strategy execution. Funds focused on more liquid assets like transportation and toll roads have gained better traction with LPs.
- 2010 is likely to see a disproportionately positive rebound in fundraising for Asia, especially in private equity and real estate. On the macro front, China and India expect to have GDP growth of 9% or greater in 2010, but investors should be wary of the overheating credit market and inflation threat in the region. Look for private equity, specifically in the clean energy and infrastructure sectors, to gain significant ground this year as Chinese and Japanese authorities introduce regulations aimed at reducing the barrier for entry for private equity partnerships and allocations.
- The domestic LP base should continue to expand, especially as sovereign wealth funds including CIC and KIC replaced the void left by Western LPs last year. In fact, CIC reportedly may be due to receive a follow-on investment from Chinese authorities roughly equal to the $200 billion it launched with in 2007. Also, expect global LPs to target Asia to rectify relative under-allocation to Asian private equity in most institutional portfolios as well as to take advantage of strong regional economic performance.
If you would like to speak with Jeff Davis, Director in the U.S., Frank Chang, Director in London and/or Dave Love, Managing Director in Shanghai, about the trends/predictions noted above, please contact:
- Jon Schubin at Walek & Associates on 212-590-0529 or jschubin@walek.com or
-
Mary Beth Kissane at Walek & Associates on 212-590-0536 or mbkissane@walek.com
The valuations, forecasts, estimates, opinions and projections that may be contained herein involve elements of subjective judgment and analysis. Any opinions expressed in this material are subject to change without notice. This presentation may contain forward-looking statements. C.P. Eaton Partners undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. Any estimates or projections as to events that may occur in the future are based upon the best judgment of C.P. Eaton Partners. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material.
Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. C.P. Eaton Partners, its affiliates, directors, employees and/or agents expressly disclaim any and all liability relating or resulting from the use of all or any part of this presentation or any of the information contained therein.
This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The Company should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. No investment, divestment or other financial decisions or actions should be based solely on the information in this presentation.
C.P. Eaton’s Renewable Energy Manager Hudson Clean Energy Announces Inaugural Fund Closing, November 2009
Clean Energy Private Equity Firm Hudson Successfully Raises Fund Commitments in Excess of $1 Billion to Invest in Renewable Power, Alternative Fuels, Energy Efficiency and Storage
Teaneck, NJ, December 3, 2009 – Hudson Clean Energy Partners announced today that it has officially closed its debut fund, Hudson Clean Energy Partners, L.P., with commitments of $1.024 billion, successfully achieving its $1 billion target. Hudson will deploy this capital along with co-investment commitments to expand the firm’s current investment portfolio in the dynamic, fast-growing clean energy markets.
Founded in 2007, Hudson Clean Energy Partners is led by seasoned renewable energy executives Neil Auerbach and John Cavalier. Mr. Auerbach previously founded the highly successful U.S. Alternative Energy investing business within Goldman Sachs Group Inc.’s Special Situations Group, where he led several of Goldman’s most successful investments in renewable energy. Mr. Cavalier was formerly Vice Chairman of Credit Suisse’s Investment Banking Department and served as Chairman of the Energy Group and Head of Credit Suisse’s Global Renewable Energy efforts.
Hudson Co-Managing Partner John Cavalier commented, “We are extremely pleased to have overcome challenging economic times to exceed our fund target of $1 billion. This remarkable achievement is testament to the strength and collaboration of the Hudson team, and our track record of excellence in renewable energy investing.”
“In one of the most challenging fundraising environments in recent memory, Hudson is pleased to have earned the confidence of such a diverse, international and high quality group of investors,” stated Hudson Founder and Co-Managing Partner Neil Auerbach. “These investors have demonstrated a sincere commitment to investing in the future of our global energy supply, and we look forward to selectively deploying this capital and building the next generation of successful clean energy companies.”
Hudson’s current portfolio includes Element Power, a global utility-scale wind and solar power generator; Recurrent Energy, a distributed solar power company that develops, builds, owns and operates generation assets; CaliSolar, Inc., a solar photovoltaic (“PV”) wafer and cell manufacturer with an industry-leading cost structure; SoloPower, Inc., a manufacturer of solar PV thin-film cells and flexible modules; and Wind to Power Systems, a Madrid-based manufacturer of power electronics that enable connection of renewables to the grid.
C.P. Eaton Partners LLC served as lead placement agent for the fund, and was assisted by Credit Suisse Securities (USA) LLC (Alternative Investments) and Poalim Ventures Ltd.
This statement does not constitute an offer of sale, or a solicitation of investors or purchasers, in respect of the securities of any person in any jurisdiction.
For more information
Contact Neil Auerbach or John Cavalier, Hudson, tel +1 (201) 287-4100
About Hudson Clean Energy Partners
Hudson Clean Energy Partners is a private equity firm that invests in the dynamic and fast-growing clean energy market. Hudson invests in companies focused on renewable power, alternative fuels, energy storage and demand-side energy management. Hudson’s investment strategy focuses on high-growth, asset-based, capital-intensive segments of the clean energy value chain using commercialized technologies to extract energy from wind, solar, geothermal, biomass and other renewable sources. Further information about Hudson can be found at www.HudsonCEP.com
C.P. Eaton Partners Announces David Love to Lead Firm Efforts in Asia, Franklyn Chang to Lead Efforts in Europe and Promotion of Equity Members
Rowayton, Conn. (July 22, 2009) – C.P. Eaton Partners, LLC, a leading global independent placement agent, is pleased to announce the naming of David Love, Equity Member and Managing Director, to Head of the Asia Pacific region and Franklyn Chang, Equity Member and Managing Director, to Head the European region. The firm is also promoting three additional professionals to Equity Member and Director.
David Love will lead the firm’s efforts in the Asia Pacific region including fund selection, project management, and fund distribution. He will oversee the current team of professionals working in C.P. Eaton’s Shanghai office including Jingjing Bai, newly promoted to Senior Vice President, and Kah-Yi Chung, Vice President, who has expanded her responsibilities for distribution to Singapore, Korea and Taiwan.
Dave has been an Equity Member and Managing Director at C.P. Eaton for more than a decade and has been involved in the full spectrum of the investment management business for 41 years. Among his positions in the industry prior to joining C.P. Eaton, Dave was an investment analyst and Senior Vice President with H.C. Wainwright & Co., where he earned a national reputation and was twice named to a first team position on Institutional Investor’s All American Research Team.
“I am excited to take on this expanded leadership role at C.P. Eaton Partners and help the firm build on a highly successful track record as one of the most distinguished and accomplished placement agents in the Asia Pacific region,” said Mr. Love. C.P. Eaton has been a leader in sourcing and raising capital for top quality Asian managers following several recent successful fund offerings.
Franklyn Chang will lead C.P. Eaton’s London office, managing a team of five professionals. “The London office is an integral part of C.P. Eaton’s global strategy and well positions the firm to capture growth in both the sourcing of talented investment managers and fund distribution across Europe. I am enthusiastic about my new responsibility and look forward to building on our accomplishment and market leadership.”
Franklyn has been an Equity Member and Managing Director at C.P. Eaton for over 2 years and brings over 13 years of institutional sales and origination experience to C.P. Eaton. Prior to joining Eaton, Frank was a Managing Director at Farrell Marsh, focusing on origination and distribution of private equity, real estate and hedge fund partnerships and was a Vice President in the Debt Structuring and Loan Syndications group at Bank of America.
“We are very pleased to welcome Dave and Frank to lead our Asia Pacific and European operations respectively. Their strategic oversight will further enhance the team’s efforts in two highly important regions for our firm and our clients,” said Charles Eaton, Founder. “The firm will greatly benefit from their combined and extensive experience on both fund origination and distribution and further enhance our singular goal to pursue the highest quality investment opportunities available across the globe.”
In addition, the firm today announces the promotion of three senior professionals to Equity Members and Director:
Dawn Rinaldi currently Chief Operating and Financial Officer of C.P. Eaton Partners, has more than 21 years experience in financial services. Prior to joining C.P. Eaton Partners, she was the Chief Financial Officer at the once $5.8 billion Platinum Grove Asset Management, where she was responsible for institutionalizing its platform and procedures with respect to accounting, valuation and operational matters as well as co-managing credit relationships and related liquidity. Previously, she was part of the initial management team of Five Mile Capital Partners where she served as Managing Director, Controller and Chief Compliance Officer and led the creation of operating, finance, valuation, investor reporting and compliance protocols for what became a $1.3 billion multi-fund advisor during her tenure.
Peter Martenson has 18 years of diversified management and investment experience which includes 10 years of direct private equity funds investment experience. He was previously a Managing Director with Macquarie Funds Management, where he led a team of investment professionals structuring, fundraising and investing fund-of-funds and separate accounts into global private equity opportunities. He received a B.S. in Oceanography from the United States Naval Academy in Annapolis, MD, an M.B.A. from Yale University in New Haven, CT, and is a graduate of the U.S. Naval War College in Newport, RI.
Jeffrey Eaton has 11 years of experience in the financial services industry. Prior to joining C.P. Eaton Partners, he was a Director at Constellation Energy Commodities Group in their natural gas structuring and trading division where he led principal transactions. Previously, Jeff worked for Montrose International Corporation, an import and distribution company located in Shanghai, China. He began his career as an Institutional Equity Trader with Charles Schwab Capital Markets. Jeff holds a B.A. in both Economics and History from Duke University and an M.B.A. from the Fuqua School of Business at Duke University.
“We are delighted to accept these three distinguished individuals as Equity Members following their tremendous individual contributions to the firm,” Mr. Eaton said. “We look forward to their expanded leadership roles as we continue to source and present the highest quality investment opportunities to the institutional market.”
About C.P. Eaton
Founded in 1983, C.P. Eaton Partners, LLC, is one of the most experienced global placement agents, with more than $31 billion in total capital raised across 54 funds. C.P. Eaton is currently in the market with 11 funds across various asset classes including core capital assets, agricultural real estate, distressed corporate debt, renewable energy, middle market mezzanine debt, Western European real estate, Chinese real estate, a structured equity hedge fund, an activist hedge fund, a global macro hedge fund, and a leading hedge fund-of-funds. From offices in North America, Europe and Asia, the firm raises institutional capital for investment managers across the full range of alternative strategies. Partnering with a select number of the highest-quality fund managers, C.P. Eaton has worked with some of the most innovative funds of the last two decades. With extensive institutional relationships, deep sector knowledge, fresh insights and a partner-driven approach, C.P. Eaton is dedicated to every client’s success. C.P. Eaton is a member of FINRA www.FINRA.org. C.P. Eaton Partners (UK) LLP is authorized and regulated by the Financial Services Authority. To learn more, please visit www.eatonpartnersllc.com.
01/14/09
C.P. Eaton Partners 2009 Global Fundraising Outlook
C.P. Eaton Partners 2009 Global Fundraising Outlook
Global Investors maintain cautious stance as deleveraging process continues; seek to move higher in capital stack during “wait and see” period
U.S.
Shutdown of debt capital market and increased equity requirements create opportunities for balance sheet lenders and “dry powder” funds
- RMBS and CMBS origination and securitization, which provided liquidity and propped up asset values in recent years declined by more than 90% from $315B in 2007 to $28B in 2008, shutting down the large balance real estate transaction market. Today lenders require 30-40% equity from sponsors, up from 5-10% in The Bubble years, implying asset devaluation of at least 20-30% from peak value. Sellers will not acknowledge this asset re-pricing until they are forced to re-finance loans, the bulk of which have lenient covenants and do not mature until 2011-12. This sets the stage for a drawn-out re-pricing process while fundamentals begin to bottom and slowly recover from the current global recession. The broad-based capital market shutdown has created highly attractive opportunities for traditional balance sheet lenders and new fund investors who have fresh capital to deploy in the 2009-2011 vintage years.
- Real Assets strategies (energy, infrastructure, and core capital assets) continue to draw LP interest as investors seek strong and stable cash flows and downside protection. But traditional providers of capital for the space are now constrained, with commercial banks being forced to sell non-core assets to generate liquidity and shore up their Tier 1 capital ratios. The combined result of motivated sellers and tighter debt markets has been a major devaluation of leveraged assets. Real Asset fund managers are opportunistically stepping in to fill the financing gap and are finding very attractive entry points in assets such as rail cars, shipping terminals, gas pipelines, utility-scale wind and solar installations, and other energy infrastructure. The Obama Administration has indicated strong support for both private and public spending on energy infrastructure. Veteran real asset specialists with the expertise to identify the most attractive assets are seeing unprecedented investment opportunities.
- Investors will continue to migrate away from hedge fund strategies with significant market beta and use of leverage as the principal driver of returns. Capital will be re-deployed into strategies that have demonstrated low correlation to broad market moves – specifically direct lending, managed futures and distressed debt funds. Actively managed equity strategies with detailed value added initiatives for underlying portfolio companies will be preferred over long/short equity funds with net long exposure. The Madoff Scandal will place increased investment scrutiny on compliance, third party auditing, and risk management processes.
Europe
Portfolio diversification strategies and attractive relative value drive capital to EU markets; LP capital sources less impacted as earlier in their program
- EU private equity and real estate managers continue to benefit from capital flows from the U.S. and the Middle East as investors divert funds toward international markets to achieve further geographic diversification. Key Western European markets such as the U.K., which is well ahead of the U.S. with regards to asset re-pricing, offer tremendous value for fund investors who are well capitalized and can obtain the appropriate matched term financing to pursue deals in this environment.
- Corporate balance sheet restructurings have created a need for more sale leaseback activity, re-capitalizations, and asset divestitures. Corporates need to raise cash to reduce debt levels, support tier one capital ratios and strive to maintain investment grade ratings. This creates an opportunity for investors well-versed in complex deal structuring. Challenging economic conditions similar to the U.S. has created a difficult market for traditional large scale PE buyouts. Headline risk and large scale staff reductions on recently announced deals further increase investor aversion towards large cap buyout funds. Investors are seeking more traditional PE players with deep operational teams and strong track records managing through earlier downturns.
- European institutional investors are still allocating to alternatives, particularly in new areas like infrastructure, distressed and highly differentiated strategies. The Denominator Effect is less of a factor for European alternatives investors as the majority still are in the early phases of their allocation programs.
Asia
Asia continues to present attractive growth opportunities in a weak global economy and emerges as a new source of capital
- Foreign capital and private equity is increasingly welcome in Asia. In Korea, a recent court ruling in favor of Lone Star paved the way for a positive environment for foreign investment and private equity. The Chinese government is welcoming the participation of private equity funds in its effort to stimulate the economy and continue to lead the global economy with 8%+ GDP growth expectations.
- Asia has become a new source of LP capital. After years of high growth in this region, Asian LPs are now looking at diversifying outside of their home countries, with a focus on opportunities in other Asian countries and distressed assets in U.S. and Europe. Emerging sovereign wealth funds and pension funds will quickly move up the learning curve and become more engaged in global alternative investments.
- While Asia is not immune to the global financial slowdown, the region is well positioned for a quick and sustained recovery. The Asian banking system and corporate balance sheets are in relatively good shape. Consumers are also well-positioned, as they generally did not develop the same high levels of household debt as their Western counterparts. GPs are seeing highly attractive valuations, making 2009-2011 very exciting vintage years.
If you would like to speak with Dan Vene, Senior Vice President in the U.S., Anne Gales, Managing Director in London and/or Edward Greene, Managing Director in Shanghai, about the trends/predictions noted above, please contact:
Jon Schubin at Walek & Associates on +1 212 590 0529 or jschubin@walek.com or
Mary Beth Kissane at Walek & Associates on +1 212 590 0536 or mbkissane@walek.com
About C.P. Eaton Partners
Founded in 1983, C.P. Eaton Partners, LLC, is one of the oldest and most experienced placement agents in the world, having raised more than $31 billion across 55 funds. From offices in North America, Europe and Asia, the firm raises institutional capital for investment managers across a full range of alternative strategies – real estate, real assets, private equity and hedge funds. C.P. Eaton is currently in the market with ten funds whose strategies include: renewable energy, real estate, infrastructure, agriculture, buyout, structured equity and fund-of-funds. Partnering with a select number of the highest-quality fund managers, C.P. Eaton has worked with some of the most innovative funds of the last two decades. With extensive institutional relationships, deep sector knowledge, fresh insights and a partner-driven approach, C.P. Eaton is dedicated to every client’s success. To learn more, please visit www.eatonpartnersllc.com