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SOURCING LP INVESTORS FOR VC, PE, REAL ESTATE, CRYPTO, CTA & HEDGE FUNDS

Capital Alts SPRING 2018

www.ALTSCAPITAL.com

Ron Geffner & Paul Marino Partners, Sadis & GOldberg

BEST PRACTICES FOR FINDING NEW

LPs / INVESTORS


TRANSPARENCY. CONFIDENCE. TRUST. Some things can’t be bought, sold or traded. Clients have relied on Duff & Phelps to help protect these fundamental ideals for more than 80 years. We deliver objective advice in the areas of valuation, disputes and investigations, M&A, restructuring, and compliance and regulatory consulting. Balancing proven technical skills with deep industry expertise, we help our clients address their most complex business needs. Learn more at www.duffandphelps.com

M&A advisory, capital raising and secondary market advisory services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory, capital raising and secondary market advisory services in the United Kingdom are provided by Duff & Phelps Securities Ltd. (DPSL), which is authorized and regulated by the Financial Conduct Authority. M&A advisory and capital raising services in Germany are provided by Duff & Phelps GmbH, which is a Tied Agent of DPSL. Valuation Advisory Services in India are provided by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the Securities and Exchange Board of India.


With over With 25over years 25experience years experience in the industry, in the industry, PhoenixPhoenix American American Financial Financial ServicesServices offers offers solutions solutions for today’s for today’s fund structures, fund structures, including: including: • Commodity • Commodity futuresfutures pools pools • Real •estate Real debt, estateequity debt, and equity derivatives and derivatives • Asset• backed Asset backed securities securities

The factors The factors that have that have driven private driven private equity growth equity growth could drive couldtotal drive assets total assets to to

$15$15 trillion trillion in the next in the10next years. 10 years. -Forbes -Forbes

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Capital AltsM A G A Z I N E MA GA ZINE TEA M

P UB L ISH ER & EDITOR -IN - C H I EF

CM O &

P H OTOG R APHER

C R E ATIV E DIR EC TOR

GEOFFERY MARCUS PRESIDENT•MARCUS & HAGSTROM

BOBBY KEOUGH

LEE ROBBINS

VICE PRESIDENT•ALTS CAPITAL

ED I TO R I AL BOARD

RON GEFFNER

PARTNER•SADIS & GOLDBERG LLP

LEE ROBBINS PHOTOGRAPHY

EDI TOR I AL B OAR D

PAUL MARINO

PARTNER•SADIS & GOLDBERG LLP

© 2018 Alts Captial Inc. All rights reserved. Reproduction in whole or part without written permission is prohibited. You can write Alts Capital at 30 Old Kings Highways South, Darien CT 06820. ALTS CAPTIAL PAGE:

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CONTRIBUTORS RON GEFFNER Partner, Sadis & Goldberg Ron is a member of the firm’s Executive Committee and also oversees the Financial Services Group. He regularly structures, organizes and counsels private investment vehicles, investment advisory organizations, broker-dealers, commodity pool operators and other investment fiduciaries. Mr. Geffner also routinely counsels clients in connection with regulatory investigations and actions.

PAUL MARINO Partner, Sadis & Goldberg Paul is a partner in the Financial Services and Corporate Groups. Mr. Marino focuses his practice in matters concerning financial services, corporate law and corporate finance. Mr. Marino provides counsel in the areas of private equity funds and mergers and acquisitions for private equity firms and public and private companies and private equity fund and hedge fund formation.

ANGELO ROBLES Founder & CEO, Family Office Association Angelo is the founder and CEO of the Greenwich CT based Family Office Association (FOA), an exclusive global membership organization that delivers proprietary thought leadership, research, best practices and global programming to multiple generations of exceptionally wealthy families and the professionals who run their single family offices (SFOs).

PETER MURRUGARRA Founder, Inti Capital; Co-Founder, ClearVest Advisers Peter is the Founder of Westport, CT-based Inti Capital, LLC, an investments & due diligence advisory group and Co-Founder of ClearVest Advisors, LLC, an alternative investment platform leveraging technology to ease the process around accessing alternative investments for independent wealth managers & their high net worth clients.

PREQIN -Alternative Assets Data Insight Preqin is the alternative assets industry’s leading source of data and intelligence. Our products and services are utilized by more than 60,000 professionals located in over 90 countries for a range of activities including investor relations, fundraising and marketing, and market research.

BARRET JACKSON - Collector Car Auctions Widely regarded as a barometer of the collector car industry, the auctions have evolved over the years into world-class automotive lifestyle events where thousands of the world’s most sought-after, unique and valuable automobiles cross the block in front of a global audience. ALTS CAPITAL PAGE:

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CONTENTS

Private equity & venture capital

fAmily OFfices

8

BIBLE FOR THE EMERGING PRIVATE EQUITY & VENTURE CAPITAL MANAGER ALTS CAPTIAL PAGE:

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SPRING 2018

16

Q & A WITH ANGELO ROBLES: FAMILY OFFICE ASSOCIATION CEO


Lifestyle investing

24

Classic car collecting: A worthy investment? top 10

Do’s & Don’ts of Alternative marketing

32

HEDGE FUNDs

Preqin: Know your Investors

47

54

Games for Commuters ALTS CAPITAL PAGE:

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PRIVATE EQUITY & VENTURE CAPITAL

BIBLE FOR THE EMERGING PRIVATE EQUITY& VENTURE CAPITAL MANAGER By Ron Geffner & Paul MArino ALTS CAPTIAL PAGE:

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T

CHAPTER ONE STRUCTURING THE PRIVATE EQUITY & VENTURE CAPITAL FUND

he initial step of each successful private equity or venture capital fund launch begins with knowing and targeting the right investor group. To do that you’ll also need to know what vehicle will appeal to those groups and structure your fund in a manner befitting to each. It is this reason why you need to understand what your investors are looking for in a fund vehicle and what each investor needs as a return profile (e.g., a pension fund has a different return profile/targeted return than an endowment and a family office and/or high net worth investor has a different return profile/targeted return than both—more on that in our next article). Sponsoring a private equity or venture capital fund is a natural progression for ambitious investment managers. The creation of a fund and committed capital provides: (i) the manager with greater flexibility to make immediate and time sensitive decisions with opportunistic investments; (ii) the manager with a more secure capital base, allowing the ability to scale the manager’s investment operations to more effectively oversee the portfolio investments; (iii) greater portfolio diversification; and (iv) the ability to access debt instruments that may enhance the manager’s and the investors’ range of investment opportunities. Successfully launching a private equity or venture capital fund is dependent upon a number of factors. Selecting the proper corporate structure and complying with regulations promulgated by regulatory agencies that govern funds and their managers is often the initial step in the process of launching a private fund. Structuring a fund involves both the creation of one or more entities through which investments will be made (domestic and offshore funds), as well as the management entities through which the advisory services will be provided to the funds (the general partner and/or the investment manager). The structure and domicile of the fund is primarily dependent upon two variables: (i) the nature and demographics of the prospective investors, and (ii) the investment strategy employed by the manager. The structure and domicile of the manager is primarily determined by the citizenship and tax considerations of its principals, as well as the regulatory regime of the domicile.

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“THE INITIAL STEP OF EA EQUITY OR VENTURE C BEGINS WITH KNOWING A INVESTOR

NATURE OF PROSPECTIVE INVESTORS Investors can be divided into three classes: (i) U.S. taxable investors, (ii) U.S. tax exempt investors, and (iii) non-U.S. investors. In the majority of circumstances, if the investors are U.S. taxable investors, the fund will be formed as a U.S. limited partnership. The U.S. fund is often referred to as a “domestic fund.” Most domestic funds are organized in Delaware. If the investors are US tax-exempt investors or non-US investors, the fund generally will be formed in a jurisdiction outside of the U.S. as a corporation (or other analogous entity). The non-U.S. entity is often referred to as an “offshore fund” or “blocker”. Most offshore funds organized on behalf of U.S. based managers are organized in the Cayman Islands or the British Virgin Islands. U.S. tax-exempt investors typically prefer to invest in an offshore fund set up as a corporation because U.S. tax-exempt investors are liable for income tax on any income derived from a trade or business which is regularly carried on and not substantially related to their tax-exempt purpose. This is known as “unrelated business taxable income” (“UBTI”). If ALTS CAPTIAL PAGE:

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ACH SUCCESFUL PRIVATE CAPITAL FUND LAUNCH AND TARGETING THE RIGHT R GROUP”

a U.S. tax exempt investor invests in a fund which is taxed as a partnership, the U.S. tax exempt investor will be treated as if they are participating directly in the activities of the fund and some or all of the income derived from those activities will have U.S. tax liability. The blocker allows U.S. tax-exempt investor to receive dividends from the blocker without being subject to UBTI. NonUS investors who are not generally required to file U.S. tax returns prefer to invest through a blocker to avoid triggering U.S. tax obligations. If non-US investors invest directly into a fund structured as a partnership they are treated as being engaged in the business of the fund and, to the extent that this includes any U.S. trade or business, will need to file a U.S. tax return and will bear U.S. tax liability. EXEMPTION FROM REGISTERING THE FUND AS AN INVESTMENT COMPANY The overwhelming majority of private equity and venture capital funds are exempt from registering as an investment company under the Investment Company Act of 1940 (“Company Act”) pursuant to either sections 3(c)(1) or 3(c)(7). Both sections 3(c)(1) and 3(c) (7) prohibit a private fund from conducting a public offering. This ALTS CAPITAL PAGE:

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Home.

It’s more than where you live


e

Your Real Estate Needs Are Our #1 Priority. Your Goals Are Our Goals…..CALL US! 500 West Putnam Ave, Suite 400 • Greenwich, CT 06830 Tel. (203) 325-1281 / M. (203) 829-8113 / M2. (203) 273-3743 Email: Hoffman2@optonline.net / Web: www.hoffmanip.com


is commonly referred to as the prohibition against general solicitation. The prohibition against general solicitation prevents private fund managers from soliciting investors they do not already know. Thus, a private fund manager needs to have a “substantive preexisting relationship” with the investor prior to solicitation. A “substantive preexisting relationship” is generally defined as a relationship whereby the private fund manager understands the investor’s financial circumstances and level of sophistication in financial matters prior to the solicitation. Merely knowing that an investor was wealthy or otherwise qualified as an accredited investor (for example, by reviewing a list of Fortune 500 CEOs) does not suffice, in the absence of a further relationship with such investor. Pursuant to section 3(c)(1), the fund may have no more than 100 investors, whereas a fund relying on section 3(c) (7) must have fewer than 2,000 investors to avoid having to register as a public company pursuant to section 12(g) of the Securities Exchange Act of 1934. To avoid from engaging in a public offering, private funds typically issue interests in their funds to investors pursuant to a private placement exemption under Rule 506 of Regulation D. Rule 506 is a safe harbor under the Securities Act of 1933 (“Securities Act”). Although Rule 506 allows fund interests

to be purchased by up to 35 non-accredited investors, most issuers avoid taking non-accredited investors because of the additional disclosure requirements which must be met, as well as the additional regulatory risk. Therefore, 3(c) (1) fund interests are generally offered and sold only to accredited investors. Conversely, 3(c)(7) fund interests are offered exclusively to persons who, at the time of acquisition of such securities, are qualified purchasers.

“REMEMBER – YOU WANT SUPERLATIVE SERVICE AT A FAIR PRICE – NOT FAIR SERVICE AT A SUPERLATIVE PRICE.”

CONCLUSION

The initial step of each successful private equity or venture capital fund launch begins with knowing and targeting the right investor group. To do that you’ll also need to know what vehicle will appeal to those groups and structure your fund in a manner befitting to each. It is this reason why you need to understand what your investors are looking for in a fund vehicle and what each investor needs as a return profile (e.g., a pension fund has a different return profile/targeted return than an endowment and a family office and/or high net worth investor has a different return profile/targeted return than both—more on that in our next article). In short, it is critically important, especially for emerging managers to select the appropriate service providers to help guide you through that process.

Photos shot at NEw York Distilling company ALTS CAPTIAL PAGE:

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It is important to engage and partner with firms that have relevant and commercial experience, a good reputation in the marketplace and are eager to work with you. For example (and it is because we deal with this leg of your journey) legal counsel will provide services to the fund prior and subsequent to its launch; it will be able to advise the sponsor not only with the appropriate structure, but will also guide the sponsor with regard to negotiations with investors, partners and employees, as well regulatory requirements and tax efficiency, commercial terms and trends, and introduction to and retention of appropriate service providers. Remember—you want superlative service at a fair price— not fair service at a superlative price. An “accredited investor” is defined under the Securities Act as (1) an individual with income in excess of $200,000 in each of the two most recent years or joint income with a spouse in excess of $300,000 in each of those years, or (2) at least $1,000,000 net worth, excluding the value of a principal residence. 1

The definition of “qualified purchaser” is defined in the Company Act and, in part, includes: (i) any natural person who owns not less than $ 5,000,000 in investments; (ii) any company that owns not less than $ 5,000,000 in investments and that is owned directly or indirectly by 2 or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption; (iii) any trust not covered by clause (ii) which was not formed for the purpose of acquiring the securities offered, and the trustee and each person who has contributed assets to the trust, is a person described in clause (i), (ii), 2

or (iv); (iv) any person, acting for its own account or the accounts of other qualified purchasers, who in the aggregate owns and invests on a discretionary basis, not less than $ 25,000,000 in investments, and (v) “knowledgeable employees” of the manager. For the purposes of the definition of qualified purchaser, the term “investments”, in part, means: (1) securities other than securities of an issuer that is controlled by or is under common control with, the prospective qualified purchaser;

(2) real estate held for investment purposes; (3) commodity interests held for investment purposes; (4) physical commodities held for investment purposes; and (5) cash and cash equivalents (including foreign currencies) held for investment purposes. Cash and cash equivalents include: (i) bank deposits and certificates of deposit held for investment purposes; and (ii) the net cash surrender value of an insurance policy.

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FAMILY OFFICES & ALTS INVESTING

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A Q&A WITH ANGELO ROBLES ALTS CAPITAL PAGE:

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A

ngelo Robles is the founder and CEO of the Greenwich CT based Family Office Association (FOA), an exclusive global membership organization that delivers proprietary thought leadership, research, best practices and global programming to multiple generations of exceptionally wealthy families and the professionals who run their single family offices (SFOs). Angelo is also the founder of Effective Family Office, a single family office think tank and masterclass program. Angelo is the author of the soon to be released book, “Effective Family Office: Best Practices and Beyond.” Angelo is the host of Angelo Robles’s Effective Family Office Podcast on iTunes and iHeart Radio. Angelo personally advises a small number of global families and SFO executives on improving results. Angelo’s expertise has been sought by media outlets such as Bloomberg Radio and Television, the Wall Street Journal, Forbes Blog and Institutional Investor, among others. Angelo continues to lead in the SFO community with creative proprietary thinking and resources on the future of the family office.

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Family Office Investing Q. What trends do you see within the Family Office community as it relates to investing? A. Well Geoff, as you have heard me say on countless occasions, if you know one single family office, you know one. Each family office is unique and each is going to have its own investment philosophy and set of objectives. It may be a bit simplistic, but in general, family office investment goals fall into one of two camps: wealth growth and wealth preservation. Some

family offices take advantage of their base of capital and use their deep Rolodexes and broad experience to grow family wealth. Others are more focused on wealth preservation. A wealth creator that has set up an SFO may want to be very hands on, very active, and could still be in growth mode. A multi-generation family office could strictly be focused on preserving the wealth for generations to come. But as I mentioned, each Family Office is unique. Families that are preserving wealth

are generally going to believe in the concept of the “endowment” model. They believe in creating an investment policy statement, developing a plan for strategic or tactical allocation, and then executing that plan. They believe in picking best in breed managers and effectively managing the managers. I would say that is going to be the most common way that most family offices are going to invest. On the other side, you have more of a “direct investing” model. That could mean direct investing

If you know One Single Family Office you know

one

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into public securities themselves or investing in privates. This involves building an internal team inside the single family office. The challenge is building this team and that takes time, that takes money, and that takes having the right talent and resources. Families have to ask themselves if they going to have the capability of building, managing, and developing culture within a team. Hedge Funds Q. Are family offices still active investors in the Hedge Fund sector? A. When I launched the Family Office Association in 2008, many families had LP investments in hedge funds, and ten years later, many still do. However, the percentage of families with hedge fund exposure has declined from

2008 levels, and many families that do invest in Hedge Funds allocate a smaller percentage of their portfolio to this asset class. I would estimate that probably 40% to 50% of Ultra-High Net Worth families still have some exposure to Hedge Funds. As with the rest of the LP community, families have shifted to a more robust manager selection and vetting process. There is also an expectation of lower risk and higher returns than there had been previously. Families are also looking for better transparency, but there is a realistic expectation of what they may be able to see. To sum it up, there still is interest, but it is more selective. Private Equity & Venture Capital Q. How do families currently perceive investments in Private

Equity and Venture Capital? A. Interest in Private Equity and Venture Capital is probably greater than in hedge funds, simply due to return. Direct and co-investments in private companies are also attractive for a family office. However, as mentioned earlier, it requires a large amount of effort to be an active investor in private deals. Most families will dabble a little bit in direct investments but will look for managers for active investing. Larger family offices will most likely spend between $10-$20 million or more on building an initial team to be active direct investors when they are playing in the multibillion dollar area. I expect this trend to continue. Smaller families are definitely

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going to be more active as LPs. So yes, there is an increased appetite for this risk basket. The investment rationale for families is that they are looking for a return of 300-500 basis points more than standard benchmarks. These larger returns should, over time, justify the risk of illiquidity. Co-Investing Q. Are Family Offices interested in Co-Investing? A. Yes. I would say that for many families, it is of great interest. Through co-investing, family offices are utilizing the sourcing and diligence talent inside of a venture or private equity firm. When evaluating an LP position, a family office may not only be looking for a fund investment, but it may also be looking to potentially work with that fund manager as a direct coinvestor. This structure enables

family offices to get some of the benefits of pure direct investing without a highly expensive and sometimes difficult to manage internal team. This is especially important as family offices look to streamline, leverage technology, and be not only more efficient but more effective. So again, some very large family offices are onboarding talent and building teams, but that is difficult. When they can get direct exposure where a fund manager is doing 99 percent of the heavy lifting, then that is something that can be very attractive. Crypto & Blockchain Q. What is the investment rationale for Family Offices in Blockchain and Crypto? A. Investors are attracted to the Blockchain/Crypto space because they feel that it is early stage, like the Internet might have been 30

years ago. They assume that there will be some big winners but there will also be some losers. Many single family offices are actively investing or at least taking a serious look. Q. Has investor interest in Blockchain/Crypto accelerated or decelerated over the past two years? A. From my experience I would say it is a notch or two lower than it had been, but there definitely is interest again, especially in a time when accomplishing real alpha is perceived to be difficult. I think it is getting harder and harder with public securities, without using extreme concentration or leverage, to get “outsized� returns, so other strategies are looking more attractive.


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LIFESTYLE INVESTING


CLASSIC

CAR COLLECTING A WORTHY INVESTMENT?

A LOOK INTO THE COMEBACK AND EXPANSION OF CAR COLLECTING BY BARRET JACKSON COLLECTOR CAR AUCTIONS


W

vith the continued economic recovery and Dow Jones achieving new heights in recent months, interest in the collector car hobby continues to be on the rise. Over the years, investors have found value in various segments of the collector car industry, but there is an inherent risk as trends change and the industry evolves. As many hold onto the nostalgia of their childhood dream cars, questions arise over how to get into the industry and whether or not it is a good investment. “We had a very solid auction in January and the Hagerty Market Index, now at 64.73, increased in March for the third consecutive month, showing that the market continues to expand,” said Chairman and CEO of BarrettJackson, Craig Jackson. The expansion, Jackson says, is from a strong economy that is providing more disposable income for many that have always had a passion for cars. “I also think the tax breaks here have helped and, with consumer confidence high, you see a lot of liquidity and people coming in to buy the cars of their dreams that they really want to enjoy.”

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The market growth, however, is not a blanket over the entire collector car industry. With the evolution of younger generations getting involved in the hobby, numerous trends have emerged that have seen values both rise and fall. “Certain areas at the top of the market, like ultra-rare European sports

cars and prewar classics, are struggling because older generations are slowly leaving the market,” Jackson added. It’s a natural, cyclical change that also occurred in the 1990s, when Jackson took control of the company and shifted focus to muscle cars, which he says his generation grew up loving. ALTS CAPITAL PAGE:

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Now the same trend is happening with Gen Xers and Millennials, who have had a noticeable presence at the auctions of late. “Especially over the last year we have seen a steady growth of younger bidders and, as expected, we’re seeing an increased interest in the cars of their generations.” Performance cars of the 1970s and 1980s, like the Trans Am, Fox Body Mustang and Buick Grand National, have all seen a rise in value. At the 2018 Scottsdale Auction, Barrett-Jackson sold five Grand Nationals, including a 1987 Grand National GNX VIN 003 for $126,500. ALTS CAPTIAL PAGE:

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That is not the only segment on the rise, though, as Resto-Mods – older vehicles with a classic look restored with new technology – are also a favorite among the next wave of collectors. Barrett-Jackson saw a 1958 Chevrolet Corvette Custom Convertible sell for a staggering $440,000 at Scottsdale, showing not just the strength of Resto-Mods, but the willingness of collectors to spend big money on them. “Corvettes are certainly among the most desirable of the Resto-Mod market. They continue to increase in value and we saw that in Scottsdale with 12 custom Corvettes each


selling for over $100,000,” Jackson added. Other emerging markets within the collector car industry also include modern supercars, providing the power, technology and look that checks the boxes for many collectors. In addition, Jackson added that many manufacturers are factoring in collectibility into their production plans, like the Ford GT and Shelby models, Chevrolet ZL1 Camaro and ZR1 Corvette, as well as the Dodge Demon and Hellcat, often offering a limited production and exclusive ownership to increase future value. Also rising in the market are some Japanese imports, exotics from the 1970s and 1980s like

Porsches, Ferraris and Lamborghinis, as well as SUVs and pickups, like a 1941 Dodge Power Wagon that sold in Scottsdale for $220,000. “Just like the baby boomers grew up in pickups and station wagons, which continue to be very popular, millennials have grown up with trucks and SUVs, that’s what they are comfortable in and one of the reasons that entire segment continues to grow.” In just the last three years, Barrett-

Jackson has seen a 55% increase in trucks and SUVs cross the block at its four annual auctions, including 76 at Scottsdale this year, up from 38 at Scottsdale in 2016. “Not only has the volume increased, but we’ve really seen some great custom work on trucks and SUVs recently, and we certainly see that trend continuing.” But for many intrigued by cars or just entering the industry, the question remains if it is a good investment and

what is a good starting point? “The first thing a buyer needs to decide is how he or she wants to use the car,” said Jackson. “Don’t just buy a car for an investment, buy something you love and are passionate about. If you plan to drive the car every day, get something drivable, like a Resto-Mod. On the other hand, if you’re looking for a show car, you might be better going after a matching-numbers car that has been fully restored.” ALTS CAPITAL PAGE:

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Capital Alts E v e n t s

LP Sourcing NYC

CRYPTO BREAKFAST

JUNE 2018

JUNE 2018

LP Sourcing TEXAS

LP Sourcing CHICAGO

FALL 2018

NYC

NOVEMBER 2018

Thought leadership and master classes in sourcing LP investors.


LP Sourcing Washington DC

LP Sourcing BOSTON

LP Sourcing SAN FRANCISCO

LP Sourcing BEVERLY HILLS

Fall 2018

JANUARY 2019

FALL 2018

SPRING 2019

www.altscaptial.com/EVENTS


10

DO‘S & DON‘TS OF ALTERNATIVE - MARKETING BY: PETER MURRUGARRA

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PETER MURRUGARRA

Peter Murrugarra is the Founder & Managing Member of Westport, CTbased Inti Capital, LLC, an investments & due diligence advisory group. A sought-after expert on matters regarding investment & operational due diligence, portfolio construction, and the evolution of accepted best practices for emerging managers, Peter has worked with clients ranging from institutional risk management consulting groups and fund of funds to select emerging managers. Peter continues to engage the community and is sought after in publications such as the CFA Journal and various panels & speaking engagements at industry conferences. Peter is also Co-Founder & Head of Due Diligence of ClearVest Advisors, LLC, an alternative investment platform leveraging technology to ease the process around accessing alternative investments for independent wealth managers & their high net worth clients. A unique fiduciary construct allows for advisors to benefit from the expertise & experience of the highly regarded senior team, addressing issues around sourcing, due diligence & research, compliance & regulatory concerns, an electronic subscription process, and delivery of investments in a singular manager access format or bespoke diversified alternative investment portfolios. Peter’s unique background blends hands on experience with the evolution of the alternative investment industry, financial technology, and the unique problems & applications in how they apply to established & emerging managers, and different investor groups. As the industry evolves, Peter continues to engage at the forefront of alternative investments - as an advisor to Atilma Group Consulting and BitBull Capital, in addition to being an advisor & mentor to Fairfield University’s StartUp program and Boston University’s BUild lab.

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№1 №2 do // Transparency C

onsider as part of your marketing, transparency and trust are of utmost importance, whether you are an emerging manager or an established bellwether manager. Increasingly, investors want to know what their funds are investing in. In some cases, they are even investing side by side on select deals. This still fits in line with keeping elements of the “secret sauce” secret, but fosters a path to identifying investors that may also be partners in some select, but increasingly more common scenarios.

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№2

№2

do not // Long Voicemails D

o not eave a 10-minute voicemail going over the highlights of your strategy, performance and so on. An allocator’s time is increasingly compromised. A quick soundbite is all that is needed with your contact details.

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â„–3 do // Thought leadership T

ake action on building your web presence here. Private investments are generally restricted to qualifying investors prior to sending out materials. This is a different way to get awareness of your existence out there. Find your messaging niche and have it available on your website and/available on LinkedIn. But don’t overdo it, manage your exposure effectively.

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№4 do not // ASk about e-mails O

nce you get the opportunity to connect with an allocator, do not ask about “my email I sent last Tuesday at 8:32am which shows that you opened and read it”. Facilitate and be friendly with gentle reminder. Over 1000 new funds launch in any given year in hedge funds alone, an allocator may get anywhere from 2-400 emails a day. It may not be true in theory, but an allocator can easily move on to the next opportunity.

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№5 do // Craft your story F

ind your story that you can connect your audience with. Are you another Long/Short Equity manager who focuses on “GARP” or a “Warren Buffet” style approach to equity investing? There are over 5000 other funds that have the same message. Why are you different? How are you different?

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The factors that have

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№6 do not // Waste Time T

ake up significant time when having the opportunity to meet an allocator at a networking event. I have personally seen and experienced where a salesperson is pitching their fund later on at night, with the allocator simply looking to exit the conversation. Tell the story in a brief manner, tie in some personal banter, whether it is about yourself “My kids would have loved to be here in Florida with me, do you have kids?” and then end the conversation after exchanging cards.

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â„–7 do // Consider asset Source c

onsider the kind of assets that are coming into your strategy/fund. Not all assets are the same, and may exit at the first sight of a drawdown. Also, consider what kind of questions you may have to answer one year, three years and five years down the road. Anything that takes away significant time from the message and strategy you are marketing, even if it’s only ten minutes, is ten minutes taken away from your story.

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â„–8 do not // Reach out on the weekend R

each out to an allocator during the weekend, especially if it’s their mobile, unless you are actually good friends with them. This has happened many times over the years, I have both experienced and heard of these stories. They never paint the salesperson, and by default, the fund in a good light.

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â„–9 do // Public Relationships P

ublic relations continue to be an under-utilized area by alternative asset management firms. Why not make yourself stand out as an extension of your messaging, whether it’s a new thought piece, key new hire, and so forth? Make sure you work with a PR group that is tuned into your target audience.

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â„–10 do not // Assume A

ssume that your strategy is the ideal fit for every allocator. Allocators are fiduciaries to their end clients, and need to ensure that the portfolios they construct meet the goals of their underlying clients. But this can lead to a DO. Learn what they are interested in, you may have a friend in your network that fits what this investor is looking for. Benefits of such a relationship may not end in a direct allocation right away, but it could lead to an investor introduction to a group who may be looking for your strategy right now.

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2014


KNOW

HEDGE FUNDs

YOUR

INVESTORS $2.03tn - invested in hedge funds by institutional investors. 45% of institutional investors allocate to hedge funds. by

Preqin Data insight. Preqin estimates that institutional investors allocate $2tn in hedge funds, approximately 58% of all capital invested in the industry today. In capital terms, this is the highest level Preqin has recorded; however, the level has fallen proportionally in recent years as institutional inflows have slowed in a period of growing appetite from private sources of wealth and retail clients. Nevertheless, gaining interest from institutional investors, with their long-term investment horizons and “sticky” capital, can be vital to the long-term development of a hedge fund business. However, under the umbrella of “institutional investor” falls many different types of institutions with different sets of challenges and portfolio needs that hedge funds help to solve. Therefore, gaining insight into the differences between types of investor – both on a macro level and an individual basis – is an important step towards securing capital from these investors. In this article we examine these allocators in more detail, based on data taken from Preqin’s online database, to help you understand the needs of institutions in 2018 and really “Know Your Investor”. ALTS CAPITAL PAGE:

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Public Pension Funds 473 public pension funds invest in hedge funds globally. 51% of public pension funds actively invest in hedge funds. Public pension funds have become prominent investors in hedge funds over the past decade and their actions and activity in the asset class has shaped the industry we see today. There has been much focus on these investors in recent years following the cuts made to hedge fund investments by CalPERS and a handful of other high-profile pension funds. However, the “will they – won’t they?” debate around the wider mass exit of public retirement funds from investment in hedge funds is landing firmly on the side of public pension funds remaining committed to hedge fund investment long-term. Today we see more public pension funds investing in hedge funds than ever before, collectively investing the largest sum of capital recorded by Preqin from this group. Much of the increase in capital coming from public pension funds continues to be driven by new funds making their first investments in the asset class, particularly as new regions open up to the possibility of hedge fund investment. Recent relaxation of regulations in South Korea, for instance, has led to investors such as National Pension Service making their first investments; others in the country, such as Yellow Umbrella Mutual Aid Fund, have also begun to consider investment for the first time. Although the average allocation to hedge funds by public pension funds has remained stable since 2016 (at 7.9%, Fig. 4), we have noted broader changes to their investment portfolios. Public pension funds continue to move away from a complete fund of hedge funds approach to a combined direct and multimanager portfolio. In 2016, 49% of public pension funds invested solely in funds of hedge funds, and 28% in both funds of hedge funds and directly; in 2017 this changed to 47% and 31% respectively (Fig. 5). Private Sector Pension Funds 766 private sector pension funds invest in hedge funds globally. 50% of private sector pension funds actively invest in hedge funds. Private sector pension funds account for 18% of all capital invested in hedge funds by institutional investors, making them the second leading institutional capital source next to their public sector equivalents (Fig. 2). However, unlike public pension funds, their average allocation to hedge funds has fallen over the past 12 months. As at December 2017, private sector pension ALTS CAPTIAL PAGE:

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funds invest an average of 11.0% of their portfolios in hedge funds, compared to 11.3% in December 2016. In fact, this is the first time that Preqin has noted a decrease in the average allocation of private sector pension funds since we began tracking this data in 2007. Although there has been a slight reduction in the average allocation of private sector pension funds, we have not seen any changes to the average make-up of their portfolios in relation to the types of products they use. The largest proportion (38%) of private sector pension funds allocate to hedge funds via both direct investment and funds of hedge funds (Fig. 5). The remaining private sector pension funds are split almost evenly in their approach to hedge fund investment between funds of hedge funds only (32%) and solely direct investment (30%). In comparison to public pension funds, private sector pension funds invest more capital directly in hedge funds; correspondingly, they also seek higher returns. On average, a private sector pension fund seeks


5,257

Investors tracked by Preqin

returns of 6.5%; in contrast, public pension funds look for hedge funds to return 5.6% on an annualized basis per annum. Sovereign Wealth Funds

Figure 1

25 sovereign wealth funds invest in hedge funds globally. 34% of sovereign wealth funds actively invest in hedge funds. Small in number, but mighty in influence, sovereign wealth funds are a vital part of the institutional investor landscape in the hedge fund industry. This group of 25 represents 10% of all institutional capital invested in hedge funds, an amount equal to endowment plans, of which there are over 30x more in number investing in hedge funds. Investment in hedge funds among sovereign wealth funds is relatively uncommon, with just over one-third allocating capital to the asset class. In comparison, 63% of sovereign wealth funds invest in infrastructure and real estate. Given the size of the sovereign wealth fund

Foundation Private Sector Pension Fund Fund of Hedge Funds Manager Endowment Plan Wealth Manager Public Pension Fund Asset Manager Family Office Insurance Company Superannuation Scheme Other

sector, even a small number of these making their first investments in or increasing their allocations to hedge funds would amount to a notable increase in capital available to fund managers. Sovereign wealth funds have, on average, increased their portfolio exposure over the course of 2017. As at December 2017, the average sovereign wealth fund invests 8.2% of its assets in hedge funds compared to 7.0% at the same time in 2016. The average sovereign wealth fund has been investing in the asset class for 13 years; however, given the size of sovereign wealth funds and the complexity of their portfolios, the majority of this group prefer to outsource at least some of the fund selection duties to funds of hedge funds. Sixty-five percent will consider both funds of funds and direct investments, while 10% invest solely in funds of hedge funds. However, we have seen a growing number of sovereign wealth funds access the asset class solely through direct investment: in 2016, 19% of sovereign funds allocated solely through single-manager funds. In 2017, this fell to 25%. Endowment Plans 599 endowment plans invest in hedge funds globally. 83% of sovereign wealth funds actively invest in hedge funds. Endowment plans were among the earliest adopters of hedge funds as part of a diversified portfolio, and have led the way in multi-asset-class investing. Today, 83% of endowment ALTS CAPITAL PAGE:

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Figure 4

plans tracked by Preqin allocate capital to hedge funds; this group accounts for 10% of the institutional capital invested in hedge funds. It is largely schemes linked to US institutions that make-up the endowment universe today: 93% of active endowment plans are based in the US. It is these US schemes – notably institutions like Harvard and Yale – that have paved the way through their large-scale use of alternative assets for other institutional investors to begin allocating capital to hedge funds. Endowment plans have amassed a sizeable exposure to hedge funds, with an average of 19.2% of total assets invested in hedge funds as at December 2017, a small increase from 19.0% at the same time in 2016. In fact, this group has typically invested between 18.5% and 20.0% of their portfolios in hedge funds since 2008, and have therefore rebalanced their portfolios over 2017, on average, in favour of a higher preferred exposure. As seasoned investors in the hedge fund space, with larger portions of their portfolios dedicated to investment in the asset class, a larger proportion of this group favour direct investment in funds compared to other types of institutional investors (Fig. 5). Foundations 955 foundations invest in hedge funds globally. 66% of foundations actively invest in hedge funds. Nearly two-thirds of foundations allocate capital to the hedge fund space. This group accounts for 18% of investors in hedge funds by number (Fig. 1); however, in comparison, they represent only 10% of the institutional capital invested in the asset class (Fig. 2). Although their relative contribution in monetary terms is smaller than their prominence in number, foundations have been growing their average exposure to hedge funds over the last several years, from 15.6% of total assets in 2013 to 18.9% in 2017, an allocation lower only than endowment plans’ (Fig. 4). Foundations represent a variety of institutions that use hedge funds to help protect assets for many Figure 5

Both Direct and Fund of Hedge Funds Fund of Hedge Funds Direct

2015

2016

2017

different pursuits, including funding scientific research, providing health services or funding religious or charitable endeavours. Each foundation will have its own needs from hedge funds driven by their own particular aims and requirements for their portfolio. As a result, foundations are split in their approach to investment in hedge funds. The most favoured (by 40% of investors) route to hedge fund exposure is through a combination of funds of hedge funds and direct investments (Fig. 5). However, 35% and 25% will invest just directly in hedge funds or solely in funds of hedge funds respectively. Insurance Companies 185 insurance companies invest in hedge funds globally. 29% of insurance companies actively invest in hedge funds. Insurance companies allocate the smallest proportion of their portfolios to hedge funds of all institutional investor groups discussed in this article. However, this has increased significantly over 2017: as at December 2016, the average insurance company invested 3.0% of its assets in hedge funds – this has grown to 3.6% as at December 2017. This is the greatest exposure we have recorded since 2011, when insurance companies invested an average of 3.8% of their AUM in the asset class. In addition to being relatively smaller investors, insurance companies also have a lower rate of participation in hedge funds compared to many other groups of institutional investors: just 29% of insurance companies tracked by Preqin have current investments in hedge funds. Even though insurance companies have relatively small allocations to hedge funds, in terms of the proportion of total assets invested in the sector, this can translate to relatively large amounts in capital terms. Insurance companies represent 4% of all institutional investors active in hedge funds by number (Fig. 1), and 7% by capital (Fig. 2).


Figure 3

Outlook Hedge funds have become an important part of the portfolio for many institutional investors. Currently, more than 5,200 institutions allocate capital to the asset class, a number we have seen grow significantly over the past decade, as investors sought out hedge funds following the GFC in an extended low interest rate environment. Today, the hedge fund industry has more than $3.5tn in AUM, and allocations from institutional investors combined represent 58% of these assets. Therefore, the influx of capital from institutions – such as pension funds, sovereign wealth funds, endowment Figure 2

Public Pension Fund Private Sector Pension Fund Sovereign Wealth Fund Endowment Plan Foundation Wealth Manager Insurance Company Asset Manager Family Office Bank

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plans, foundations and insurance companies – has been instrumental in shaping the industry we see today. And the industry will continue to evolve as this influential group of institutions grows, both in terms of the size of their portfolios as well as in investment sophistication. For instance, we see the increasing appetite for new strategies and changing needs leading to innovations in the hedge fund space, resulting in products such as alternative risk premia gaining attention. There are clear differences in the appetite for hedge funds between the groups of investors tracked by Preqin – as our analysis shows. In addition to this, each of the investors tracked by Preqin will have its own individual needs and requirements. Therefore. with institutions’ needs continuing to change and appetite for the asset class returning, it is more important than ever for fund managers to truly know their investors.


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