Capital Dynamics

[#Conferences] Oliver Schumann, Senior Managing Director on the Co-Investments team and Chairman of Private Equity Investment Committee, will join the discussion on “Best Sectors for Private Equity in the Current Investment Environment” at the Private Equity Insights DACH Conference in Munich. The panel will take place on October 8th from 10:50 am to 11:30 am. For more information about the event, please visit the website here: https://lnkd.in/dfg9WmDi   #PrivateAssests #PrivateEquity #CoInvestments #PrivateEquityInsights 

🚀 [#SolutionsToSuccess] 🚀 Welcome to the October edition of #SolutionsToSuccess! We are delighted to continue our collaboration with Marino Wasescha, a Master’s student in Banking & Finance at the Zurich University of Applied Sciences, and share new insights from his research on private equity (PE) and venture capital (VC) funds. In our previous post, Marino introduced the concept of the “remaining multiple” for private equity funds, highlighting that most of the value creation typically occurs between years 2 and 8. Building on this, his thesis introduces the “remaining excess multiple,” which adjusts for public market performance, providing a more comprehensive comparison of funds managed under varying market conditions. From a secondary investor's standpoint, understanding a manager’s value creation potential after acquisition is crucial. Marino’s analysis focuses on the period between years 6 and 13 — when funds are often considered by secondary investors — allowing us to identify the most promising managers who have conservative valuations relative to future distributions. Key insights for secondary investors include: 📈 Buyout and Growth PE funds tend to deliver higher returns compared to VC funds during the post-investment phase, signalling a stronger alignment between NAV (purchase price) and remaining cash flows. 🔍 42% of PE managers present a conservative entry valuation, while 39% are considered expensive. 💡 In contrast, 50% of VC managers have high entry valuations, with only 30% offering market-adjusted distributions exceeding the current NAV. These findings highlight why VC funds often trade at higher discounts to NAV in the secondary market, as their comparatively lower remaining performance leads to less favourable entry valuations. The results validate earlier observations that PE funds present more attractive opportunities during the post-investment period, assuming the funds are acquired at NAV. We would love to hear your thoughts on these findings – let’s discuss! Best Regards, Philippe Jost, PhD  

[#Benchmarking] The GRESB Results Are In – Proud to Share Our Outstanding Achievements! We are thrilled our CEI VIII fund has earned 5-Star GRESB Ratings and an impressive score of 99 out of 100 at both the Fund and Asset levels. Thank you to the team for their immense and ongoing efforts in achieving such exceptional results! To learn more, click here: https://lnkd.in/dvquk3Qu. GRESB is a top global benchmark for #ESG performance in real estate and infrastructure investments. #GRESBResults #GRESB #Sustainability #EnergyTransition #CleanEnergy #Renewables #OneTeam The third-party ratings shown were received by Capital Dynamics in the year indicated, based on activities undertaken in the prior calendar year. Capital Dynamics did not provide any direct compensation in connection with obtaining such third-party ratings, although in certain cases we have paid a fee to become members of an organization, which membership is a precondition to obtaining a rating, or have paid a fee in order to use the issuing organization’s logo in our marketing materials.

[#Article] Capital Dynamics featured at PEI’s Annual Co-Investment Roundtable. Andrew Bernstein, Senior Managing Director and Head of Private Equity, shared his insights at the latest Private Equity International’s Annual Co-investment Roundtable alongside other industry experts. Andrew highlighted how at Capital Dynamics we believe that a well-thought-out co-investment strategy can provide financial and strategic benefits, positioning Capital Dynamics as a partner of choice for leading GPs. “You need to be more than just a capital provider. We are involved at a board level in around a third of the deals that we do, either as a director or observ­er, and even where we are not, we find ways to support our GPs.” Our focus is not just on returns but also on consistency and being a reliable partner to our investors. #PrivateEquity #PEI #Coinvestment #privateassets

[#Conference] We are delighted to share that Philippe Jost, PhD, Managing Director, Head of Risk & Solutions, will be a keynote speaker at the upcoming BAI Symposium on October 1st in Frankfurt, where he will discuss “Benchmarking in Private Equity Investments”. #PrivateAssets #PrivateEquity  

[#NewJoiners] We are delighted to welcome Simona Scarlino and Yusra Ali to our team! Simona joins as an Associate in the Clean Energy team, and Yusra as the Financial Planning & Analysis Lead in our Milan and London offices, respectively. A warm welcome to both of you, Simona and Yusra — we are excited to have you on board! #TrulyInvested #OneTeam

[#Interview] Federico Braguglia, Senior Managing Director, Business Development Italy, was recently interviewed by Letizia Ceriani from MAG Magazine. In the interview, he shared insights on Capital Dynamics’ strategic focus and provided his perspectives on future market trends. The article is available in Italian here: https://lnkd.in/dEMBP-jZ #PrivateAssets #PrivateEquity #CleanEnergy

[#Conferences] IPEM Recap: We had a fantastic time in Paris last week, where we had the privilege of participating as panelists in the Secondaries discussion. chene yvan, Managing Director on our Secondaries team, provided insights into the evolving secondary market, highlighting anticipated valuation trends for 2024. We look forward to continuing these discussions and driving further innovation in the space!     #IPEMParis #Secondaries #PrivateEquity

🚨 Spoiler Alert #2! 🚨 Don't miss insights from Andrea Mazzaferro, Head of Primaries at Capital Dynamics, as he joins the opening panel at the 0100 Conference Mediterranean on 'PE & VC Environment in Europe and the Mediterranean: Current State & Future Perspectives'. Andrea shares his thoughts on key trends, the growing importance of ESG, and the promising opportunities in the European mid-market, particularly in healthcare, technology, and financial services. “As the market becomes increasingly competitive, General Partners who can demonstrate superior sector expertise, distinctive origination strategies, and robust operational capabilities will stand out. We expect the mid-market segment to continue leading the private equity landscape, particularly in a prolonged high-interest-rate environment. This is driven by the larger volume of deals in the mid-market and the ability to operate with less leverage compared to larger transactions”, he said 💡 . Read the full interview here: https://lnkd.in/dKZKMDSr The opening panel will also feature industry leaders Massimo Vendramini (AURELIUS), Wadih Manneh, CFA Manneh (Arab Bank (Switzerland) Ltd., Nicolas Petitjean (Partners Group), and Andrea Di Camillo (P101). Register for the conference here: https://lnkd.in/d-E5peFd   #PrivateEquity #VentureCapital #0100Conferences #MidMarket #ESG

[#Conferences] We are delighted to inform you that Andrew Bernstein, Senior Managing Director and Head of Private Equity, will be speaking at the MAPERS Fall Conference in Michigan. Join him for the “Alternative Manager” panel on September 24th at 9:00 am EDT, where he will share his expertise on navigating the evolving landscape of private equity. #MAPERS #PrivateEquity #PrivateAssets