Greenpark Capital ("Greenpark"), a leader in mid-market private equity secondaries, is delighted to announce the appointment of Daniel Green, previously an Investment Director, to the role of Chief Investment Officer.

Daniel joined Greenpark in 2001 and is responsible for leading the investment team’s activities, as well as being directly involved in the sourcing, evaluation and execution of transactions. Over the past 12 years he has been involved in numerous secondaries investments throughout Europe, the US and emerging markets. He is also a member of Greenpark’s Executive Team and Investment Committee.

The appointment marks the latest stage in Greenpark’s development as a leading global mid-market secondaries firm. Greenpark last year won a mandate from the International finance Corporation ("IFC") to collaborate on a major new initiative focusing on private equity secondaries in emerging markets-the first of its kind.

The promotion also follows Greenpark’s launch in March of a new office in Hong Kong, and the appointment of Chin Chin Teoh, formerly Managing Director and CoHead of the Asia Private Equity Group at Bank of America Merrill Lynch, as Head of Asia.

Greenpark expects to be able to take advantage of a large and growing market opportunity in secondaries, where activity continues to expand despite a sluggish primary market. 2012 is already set to be another record year for private equity secondaries in both developed and emerging markets. It is estimated that up to $30bn of transactions are likely to be completed globally this year, up from around $25bn in 2011 and $20bn the year before. Greenpark has seen strong growth in deal flow for the emerging markets in particular and expects its own deal flow in those regions to reach $3bn in 2012.

Daniel Green commented:

"The next few years promise to be an incredibly exciting time for Greenpark, and I am delighted to be playing a leading role in our expansion into new markets. Our collaboration with the IFC is a major milestone in Greenpark’s development and puts us on a truly global footing. In addition, we continue to see great opportunities for growth in our existing private equity secondaries operations in Europe."

Marleen Groen, CEO of Greenpark Capital, commented:

"Daniel has been a stalwart of the Greenpark team since the beginning, and this appointment is a testimony to his exceptional performance and dedication over the past decade. We are delighted to have someone of his calibre leading the investment team. Daniel will play an absolutely crucial role in Greenpark’s continuing development into a global institution of scale, and I look forward to working with him in his new role."

For further information please contact:

Equus Group
Sam Barton / Piers Hooper
+44 (0)20 7223 1100

Greenpark Capital ("Greenpark"), a global leader in mid-market private equity secondaries, has announced the launch of a new office in Hong Kong, to be headed by Chin Chin Teoh.

Ms Teoh, who will take the newly created role of Head of Asia, joins from Bank of America Merrill Lynch, where she was Managing Director and Co-Head of the Asia Private Equity Group.

At Greenpark, Ms Teoh will head up the Asia-Pacific operation, playing a leading role in the firm's emerging markets initiative with the IFC (International Finance Corporation). In addition, she will be responsible for sourcing investments across the region for Greenpark's funds.

The opening of the new office comes at a time of increasing interest in private equity secondaries in Asia. Record funds have been raised in the region in recent years which, combined with a reduction in exit activity, is forcing LPs to seek liquidity through other routes. Estimates suggest deal flow in Asia could reach over $1bn a year in the coming years.

Last year, Greenpark won a mandate from the IFC to collaborate on an emerging markets initiative. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. The partnership brings together Greenpark's deep expertise in secondaries with IFC's network, resources and intelligence in emerging markets.

Prior to Greenpark, Ms Teoh spent 14 years at Bank of America Merrill Lynch, initially in the Leveraged Finance Group and Global Private Equity Group, with a focus in Asia.

Chin Chin Teoh, Head of Asia at Greenpark Capital, commented:

"I am delighted to be joining Greenpark at this exciting time. Institutional investors and general partners in Asia are rapidly opening up to private equity secondaries, and the region is set to become a major source of capital and deals. This is a unique opportunity to join one of the world's most established private equity secondaries players and to help build a major new operation in the Far East."

Marleen Groen, CEO of Greenpark Capital, commented:

"We are delighted to welcome someone with Chin Chin's experience and ability to our team, and we look forward to building the team with her over the coming years. The new Asia operation is a crucial element of our global expansion plans, and will improve our relationships with local institutions that are becoming increasingly interested in private equity secondaries solutions."

For further information please contact:

Equus Group
Sam Barton / Piers Hooper
+44 (0)20 7223 1100
sam.barton@equusgroup.co.uk

Greenpark Capital (“Greenpark”), a global leader in customised mid-market secondaries solutions, is delighted to announce the promotion of Giuseppe Salamone to Associate Investment Director.

Giuseppe, who joined Greenpark in January 2007, is responsible for deal management, evaluation and execution and for investment sourcing. Prior to joining Greenpark he spent four years as an Investment Analyst at Merrill Lynch. He also completed internships in Unicredit Markets and Investment Banking in London and Epta Fund (San Paolo Group) in Milan.

Giuseppe is Italian and is fluent in English, he holds a degree in Institutions and Financial Markets Management from Bocconi University and a Masters in Finance from the London Business School. He received the Chartered Financial Analyst designation in 2007.

Note to Editors:

Greenpark Capital www.greenparkcapital.com

Greenpark Capital is Europe’s leading mid-market secondaries specialist, with a ten-year history of investing in private equity. Since its formation in 2000, the firm has maintained a consistent strategy, investing in mature positions in mid-market private equity funds and portfolios across Europe, and now has €1.5bn of assets under management.

The firm’s success is founded on a deep understanding of the markets in which it operates, and its multi-national team of executives has a reputation for excellence that spans every size and type of transaction.

Greenpark’s investors include blue-chip pension funds, insurance companies, banks, sovereign wealth funds and foundations.

For further information please contact:

Equus Group

Sam Barton/ +44 (0)20 7223 1100
Piers Hooper sam.barton@equusgroup.co.uk

• Transaction volume for secondaries back at a top level again
• Prices becoming more attractive to sellers
• New growth cycle expected for 2011 with an expected 10% increase in transaction volume
• Jump start for secondaries sales activity in Germany as a result of new regulatory requirements

Frankfurt am Main, February 18, 2011

Greenpark Capital, a leading global investor in private equity secondaries with an investment focus on the European mid-market, expects another successful year in 2011 with a significant increase in secondaries market transactions. The highest peak in transaction volume to date of almost USD 20 billion* was already achieved again last year in 2010. Due to a large pricing gap between buyers and sellers, 2009 showed a decline for the first time after years of steady increases. Prices are also currently moving measurably upwards again, which is a sign that buyers are conforming to market expectations. According to estimates for 2011, newly raised capital for secondaries is expected to exceed USD 26 billion* which would reach the level of the previous peak in 2008.

Strategic portfolio management via secondaries market transactions

Transactions involving participations in private equity funds in the secondaries market, so-called private equity secondaries, have developed into an important market since the late 1980s. Experts anticipate that this market will continue to develop dynamically in the future and that secondaries transactions will be used by investors in private equity to an even greater degree as a proven instrument for strategic portfolio management. Secondaries primarily involve the sale of fund units and not the sale of individual companies. It is estimated that over 80% of secondaries transactions worldwide involve limited partner positions, where a new secondaries investor takes over from an existing investor. In addition, there are numerous transactions in which entire private equity direct portfolios or parts of them are acquired – that is, individual companies pooled together in a portfolio – as part of a secondaries transaction and bundled into a new fund structure.

Strong driver for new growth cycle at private equity secondaries

The increasingly mature primary markets for private equity investments in Europe and North America will mean a healthy increase in activity and excellent opportunities in the global secondaries market. At the beginning of a new growth cycle, Greenpark expects a 10 % increase in global transaction volume to USD 22 billion.

The current drivers in the European private equity primary markets, which also influence the secondaries markets, are the increased availability of debt capital to finance acquisitions as well as the upcoming expiration of the contractual investment period of many younger funds, which are holding large capital volumes that need to be invested. In addition, the private equity secondaries market is being propelled forward by the sale of tail-end portfolios, which must be sold as the funds are returning to fundraising. Selling pressure on the banks and insurance companies is also increasing. Their investments in private equity direct funds are subject to higher equity capital requirements due to the implementation of numerous regulatory changes such as AIFM, Solvency II and Basel III. These parameters are bound to have a major positive effect on the secondaries market, leading to it being increasingly used as an important instrument in active portfolio management.

Germany: regulation jump-starts untapped potential

According to Greenpark, Germany is one of the most attractive European countries for direct private equity investment. This also justifies high expectations for the secondaries market. Nonetheless, the investment potential of the German primary market, especially in the mid-market segment, has not yet been realized due to the under-developed market for direct private equity investments. This also implies that the secondaries market remains relatively small in comparison to other European countries. According to Greenpark, the rapidly increasing pressure resulting from new regulatory requirements on banks and insurance companies is likely to jump-start the development of a secondaries market in Germany. This is because banks and insurance companies, especially in Germany, are among the major investors in private equity funds and are required to find new approaches to managing their investment portfolios.

Philippe Munch, investment director at Greenpark Capital and responsible for the German market, told journalists in Frankfurt: “Greenpark is already very experienced in the domestic secondaries market. We have been following the German market closely for ten years and in 12 transactions have invested more than 10% of our available capital locally. Greenpark specializes in the smaller to medium secondaries market, which is the dominant segment of the German primary market. Therefore, Greenpark is well positioned to benefit from further market developments in Germany”.

Accepted asset class with attractive risk-return profile

Secondaries is now an accepted asset class, both with alternative investors and in the private equity market. According to Greenpark, absolute returns of secondaries are not as high as those of direct funds, but in most cases they are higher than classic funds of funds and at the same time offer an attractive risk-return profile. This is characterized by solid returns and lower risk due to low volatility and high current yield resulting from the early repayment of capital. Secondaries have established themselves as a promising asset class, especially in times of economic decline and financial market turbulence, where it can provide liquidity to investors

*Sources: Cogent & UBS

• Transaktionsvolumen bei Secondaries wieder auf Spitzenniveau
• Preise deutlich gestiegen, verfügbares Kapital wächst stetig
• Neuer Wachstumszyklus mit 10 Prozent Anstieg für 2011 erwartet
• Initialzündung für Secondaries Verkaufsaktivität in Deutschland durch neue Regulierungsanforderungen

Frankfurt am Main, 18. Februar 2011

Greenpark Capital, ein weltweit führender Investor in Private Equity Secondaries mit Investmentschwerpunkt im europäischen Mid Market Segment, erwartet für 2011 erneut ein Erfolgsjahr mit einer deutlichen Zunahme an Sekundärmarkt Transaktionen. Bereits im vergangenen Jahr 2010 wurde der bisherige Höhepunkt im Transaktionsvolumen des weltweiten Sekundärmarkts aus dem Jahr 2008 von nahezu 20 Milliarden US Dollar wieder erreicht, nachdem 2009 allzu unterschiedliche Preisvorstellungen von Käufern und Verkäufern erstmals einen Rückgang nach langjährigem stetigem Anstieg ergeben hatten. Auch die Preise bewegen sich derzeit wieder deutlich nach oben als ein Zeichen, dass sich die Käufer den Erwartungen des Marktes anpassen. Das gesammelte Fondskapital für Secondaries liegt nach Schätzungen für 2011 bei 26,2 Milliarden USDollar und erreicht damit das Niveau des bisherigen Spitzenjahres 2008 (26,7 Milliarden).

Strategisches Portfolio Management über Sekundärmarkt Transaktionen

Transaktionen von Anteilen an Private Equity Fonds im Sekundärmarkt, sogenannte Private Equity Secondaries, haben sich seit den späten 1980er Jahren zu einem bedeutenden Markt entwickelt. Experten erwarten, dass dieser Markt sich in Zukunft weiter dynamisch entwickeln wird und Secondary Transaktionen von Investoren in Private Equity in noch größerem Maße als bewährtes Instrument eines strategischen Portfolio Managements genutzt werden. Bei Secondaries geht es vor allem um den Kauf von Fondsanteilen, nicht um den Kauf einzelner Unternehmen. Bei 83 Prozent der angebotenen Transaktionen handelt es sich um Limited Partner Anteile, die ein neuer Secondaries Investor von einem Altinvestor übernimmt. Daneben gibt es eine Vielzahl von Transaktionen, in denen ganze Private Equity Direktportfolios oder Teile davon – das heißt in Portfolios zusammengefasste Einzelunternehmen – im Rahmen einer Secondaries Transaktion erworben und an anderer Stelle in einem neuen Fonds gebündelt werden.

Starke Treiber für neuen Wachstumszyklus bei Private Equity Secondaries

Die zunehmend reifen Primärmärkte für Private Equity Investments in Europa und Nordamerika sorgen für eine dynamische Steigerung der Aktivität und hervorragende Chancen im globalen Sekundärmarkt. Zum Beginn eines neuen Wachstumszyklus erwartet Greenpark für das Jahr 2011 einen Anstieg des weltweiten Transaktionsvolumes um 10 Prozent auf 22 Milliarden US Dollar. Die aktuellen Treiber auch im europäischen Private Equity Primärmarkt, die den Sekundärmarkt bewegen, sind die wieder größere Verfügbarkeit von Fremdkapital zur Akquisitionsfinanzierung sowie das nahende Ende der vertraglichen Investitionsperiode vieler jüngerer Fonds mit weiterhin großen Volumina an Kapital, das investiert werden muss. Der Private Equity Secondaries Markt wird darüber hinaus getrieben durch Tail End Verkäufe alter Portfolios, die angesichts der Rückkehr der Fonds ins Fundraising abgestoßen werden müssen. Gleichzeitig steigt der Verkaufsdruck auf die Portfolios der Banken und Versicherungsgesellschaften, die in Private Equity Direktfonds investiert sind, durch die Umsetzung diverser Änderungen mit höheren Eigenkapitalanforderungen wie AIFM, Solvency II und Basel III weiter. Die Experten von Greenpark gehen davon aus, dass diese Parameter dem Sekundärmarkt erhebliche Impulse geben und Secondaries Transaktionen daher verstärkt als wichtiges Instrument im aktiven Portfolio Management eingesetzt werden.

Deutschland: Regulierung bringt Initialzündung für ungenutzte Potenziale

Deutschland ist laut Greenpark eines der attraktivsten Länder in Europa für direkte Private Equity Investments, so dass daher auch hohe Erwartungen in den Sekundärmarkt gesetzt werden. Jedoch sind viele Möglichkeiten im deutschen Primärmarkt, vor allem im Mid Market Segment, wegen der bisher zu wenig entwickelten Private Equity Direktinvestments noch nicht realisiert und der Sekundärmarkt somit im Verhältnis zu anderen europäischen Ländern noch vergleichsweise klein. Als Initialzündung für die Entwicklung des deutschen Sekundärmarkts sieht Greenpark den jetzt rapide steigenden Druck durch die neuen Regulierungsanforderungen an Banken und Versicherungen, die gerade in Deutschland zu den größten Investoren in Private Equity Fonds gehören und künftig Wege zum Management ihrer angesammelten Investmentportfolios finden müssen. Der deutsche Sekundärmarkt bietet darüber hinaus auch aufgrund vieler aktiver Fondsmanager und Investoren großes Potenzial und wird sich in Zukunft dynamisch entwickeln können.

Philippe Munch, Investment Director bei Greenpark Capital und verantwortlich für den deutschen Markt, sagte vor Journalisten in Frankfurt: „Greenpark verfügt bereits über viel Erfahrung im hiesigen Sekundärmarkt. Wir beobachten den deutschen Markt schon seit zehn Jahren aktiv und haben bisher mehr als 10 Prozent unseres verfügbaren Kapitals in 12 Transaktionen vor Ort investiert. Bei den Primär Investments des deutschen LBO Markts dominiert das kleinere und mittlere Marktsegment, auf das sich Greenpark im Sekundärmarkt fokussiert hat, so dass wir dazu optimal positioniert sind.”

Anerkannte Anlageklasse mit attraktivem Rendite Risiko Profil

Secondaries sind inzwischen eine anerkannte Anlageklasse sowohl bei alternativen Anlegern als auch im Private Equity Markt. Nach den Aussagen von Greenpark sind zwar die absoluten Renditen bei Secondaries in der Regel nicht so hoch wie bei Direktfonds, aber in der Regel höher als bei klassischen Dachfonds. Gleichzeitig ergibt sich jedoch ein attraktives Rendite Risiko Profil, das durch solide Renditen und weniger Risiko aufgrund geringerer Volatilität und hoher laufender Verzinsung durch frühere Kapitalrückflüsse gekennzeichnet ist. Secondaries haben sich inbesondere bei Konjunktur und Finanzmarkteinbrüchen als eine vielversprechende Anlageklasse erwiesen und stehen in solchen Phasen als Liquiditätsquelle für Private Equity Investoren bereit.

Über Greenpark Capital

Greenpark Capital (Greenpark) ist ein weltweit agierender Private Equity Secondaries Fondsmanager, der über zehn Jahre hinweg mit erfolgreichen Transaktionen im Mid Market eine führende Position bei Secondaries erreicht hat. Die Gesellschaft hat ihren Sitz am Londoner Green Park und verfügt über insgesamt mehr als 1,5 Milliarden Euro Investitionskapital in vier Fonds. Greenpark wurde im Jahr 2000 gegründet und ist spezialisiert auf die Entwicklung von maßgeschneiderten Lösungen bei komplexeren Secondaries Transaktionen, die in einem Exit oder Teil Exit aus dem Investment vor Ablauf der Haltefrist resultieren. Auf diese Weise können Pensionsfonds, versicherungsgesellschaften, Banken oder Asset Manager ihre Engagements in Private Equity Beteiligungen so abstimmen, dass sie optimale Renditen erzielen, ihre Portfolios anpassen und managen oder einfach nur Kapital freisetzen können.

Greenpark hat mit einem Team von 13 Investment Spezialisten seit Gründung nahezu 200 Investitionen weltweit getätigt und ist so über die Portfolios der investierten Fonds indirekt an mehreren Hundert Unternehmen beteiligt. Der Großteil des Investitionskapitals von Greenpark ist in Private Equity Fonds im Mid Market geflossen, also in Secondaries reifer, bald auslaufender Fonds vor allem im europäischen Raum. Ähnlich wie bei Dachfonds erreichen Secondaries Fonds eine große Diversifizierung, um das Risiko/Gewinn Verhältnis im Portfolio ausgeglichen zu halten und zu optimieren.

Greenpark Capital, a global leader in customised secondaries solutions, has promoted Naoki Ohta to Associate Investment Director. Naoki’s promotion follows three senior additions to Greenpark Capital’s highly successful and experienced multi-cultural team of 13 investment professionals over the last six months.

As Greenpark continues to develop into a financial institution of scale the strength and depth of its team will be the platform on which its success is built. Professionals of the right experience, linguistic ability and acute understanding of local markets will be able to respond actively to the market as it grows, investing well in multiple territories and identifying real value in an opaque environment.

The volume of secondaries deals brought to market in recent years has increased exponentially and is expected to continue to grow aggressively. Naoki’s promotion comes at a time when it is anticipated that the mid-market, where Greenpark has a particular focus, will see substantial secondaries deal volume, as year-end 2008 mark to market valuations as well as further NAV adjustments as at March and June 2009 generate more closable sale situations.

Since joining Greenpark Capital as an Investment Analyst in 2005, Naoki has been involved with the evaluation and execution of many secondaries investments across multiple jurisdictions. Prior to working with Greenpark Capital he spent seven years at KPMG, including three years in the Valuation Services team within Corporate Finance. Naoki is a qualified Chartered Accountant, has a degree in history from Durham University and is fluent in Japanese.

Joanna Jordan, Operations, IR Director and Co-founder, comments:

"While motivated sellers, particularly in the polarities of the large buyout and venture capital funds, are seeing distressed trades and are helping to ensure that the secondaries market continues developing to become a significantly more important part of the overall asset class, the mid-market is where the real volume will be seen. We’re well set to make the best investment choices with the right team of the right calibre."

"We are delighted to promote Naoki to Associate Investment Director. Naoki is a highly skilled professional with fantastic commitment and enthusiasm. His contribution will be invaluable as we develop as a financial institution of scale. His promotion follows rapidly on from three senior appointments and we continue to target high calibre professionals that are able actively to support Greenpark Capital’s vision."

Naoki Ohta comments:

"Greenpark Capital, currently ranked 15th globally, is a formidable secondaries player with an impressive reputation for innovation, value creation and discretion. It is great to be part of a team that is consistently developing in anticipation of major expansion and I am thrilled to have been promoted within such a highly skilled team of investment professionals."

Enquiries:

Greenpark Capital: Marleen Groen / Joanna Jordan + 44 20 7647 1400
Equus: Piers Hooper / Clare Simonds +44 20 7223 1100

Note to Editors:

Greenpark Capital www.greenparkcapital.com

Greenpark is an independent global private equity secondaries investment group, currently managing funds of €1.3 billion. Its culturally diverse investment team executes transactions across the global market with a focus on mid-sized European mature investments. Greenpark has an established reputation for structuring deals with expertise, innovation and discretion to deliver tailor-made solutions for its clients. Whether a seller requires liquidity for strategic, portfolio management or a myriad of other reasons, Greenpark delivers a customised response to their requirements.

Secondaries have been in existence since the late 1980s, when they developed as a way of allowing investors to trade out of illiquid positions in private equity funds. During the 1990s the market for secondaries steadily increased, but it was not until the early 2000s that secondaries came of age, as the secondaries market developed away from purely a means of generating short term liquidity into a proactive portfolio management tool. In the current market environment private equity investors are increasingly looking to secondaries both as a means to free up committed capital and as a highly effective tool to adjust exposures to particular asset classes or sectors, fully exit from funds or to release capital for other strategies.

Less than $10 billion was raised worldwide by secondary funds between 1995 and 2000, whereas $15 billion was raised in the secondaries market in 2007 alone. The vast amounts invested in private equity in recent years combined with the increasing liquidity pressures of the credit crunch are expected to produce good vintages for the counter-cyclical secondaries market over the next few years.

Greenpark advised funds, which are capitalised by major institutions including banks, pension funds and insurance companies from Europe, the US, Asia and the Middle East, have made over 140 fund investments. Greenpark combines experience and innovation to remain at the forefront of developments in the secondaries field.

Greenpark Capital Limited, a global leader in customised secondaries solutions, has recruited Eric Pathé as an Investment Director. Eric, who has spent over 8 years as a specialist in private equity, joins GCL’s expanding team of accomplished investment professionals, and will be responsible for deal sourcing and execution.

Eric joins Greenpark at an exciting time for the secondaries market as it develops to become a significantly more important part of the overall asset class. The volume of secondaries deals brought to market in recent years has increased from $10bn to $20bn* and is expected to grow aggressively. It is anticipated that the year-end 2008 mark to market valuation data will generate a new pricing floor for secondaries that will trigger real volume across the asset class. Further NAV adjustments as at March 2009 will get more sellers across the line as the bid-ask spread keeps narrowing. Larger funds, which are less than 40% invested, are already seeing positions trade at less than 20% of NAV but the mid market, where Greenpark has a particular focus, is expected to see the greatest deal volume. Predicted growth in this market has led Greenpark to implement a hire programme to ensure it is equipped with a high calibre team of the right experience and size to respond actively to the market as it grows. Eric is Greenpark’s third senior hire in 6 months.

Eric was a Principal and Founding Member of Langholm Capital, a mid-market buyout fund, with responsibility for deal generation and execution across Europe. Eric was previously a Senior Associate at McKinsey & Co., where he focused on financial services and technology related projects, and a Corporate Consultant at GE Capital. He has an MBA from INSEAD. Eric is French and is fluent in Spanish and English.

*SOURCE: Financial Times, December 7th 2008

Joanna Jordan, Operations, IR Director and Co-founder, comments:

"We are, once again, delighted to be welcoming another highly skilled professional to further strengthen our team. Eric’s hire fits neatly in with our appointment programme to ensure Greenpark Capital is best positioned to embrace the sharp increase in the size of the market we operate in. We are looking forward to Eric’s contribution to the continued success of the team."

Eric Pathé comments:

"In the eight years since it launched, Greenpark has built a well deserved track record as an impressive European mid market secondaries player. With the global economic downturn inevitably creating demand for secondaries, established and successful players such as Greenpark are in an excellent position to capitalise on current opportunities. I’m looking forward to playing a part in the company’s future development."

Enquiries:

Greenpark Capital: Marleen Groen / Joanna Jordan + 44 20 7647 1400
Equus: Piers Hooper / Clare Simonds +44 20 7223 1100

Note to Editors:

Greenpark Capital www.greenparkcapital.com

Greenpark is an independent global private equity secondaries investment group, currently managing funds of €1.3 billion. Its culturally diverse investment team executes transactions across the global market with a focus on mid-sized European mature investments. Greenpark has an established reputation for structuring deals with expertise, innovation and discretion to deliver tailor-made solutions for its clients. Whether a seller requires liquidity for strategic, portfolio management or a myriad of other reasons, Greenpark delivers a customised response to their requirements.

Secondaries have been in existence since the late 1980s, when they developed as a way of allowing investors to trade out of illiquid positions in private equity funds. During the 1990s the market for secondaries steadily increased, but it was not until the early 2000s that secondaries came of age, as the secondaries market developed away from purely a means of generating short term liquidity into a proactive portfolio management tool. In the current market environment private equity investors are increasingly looking to secondaries both as a means to free up committed capital and as a highly effective tool to adjust exposures to particular asset classes or sectors, fully exit from funds or to release capital for other strategies.

Less than $10 billion was raised worldwide by secondary funds between 1995 and 2000, whereas $15 billion was raised in the secondaries market in 2007 alone. The vast amounts invested in private equity in recent years combined with the increasing liquidity pressures of the credit crunch are expected to produce good vintages for the counter-cyclical secondaries market over the next few years.

Greenpark advised funds, which are capitalised by major institutions including banks, pension funds and insurance companies from Europe, the US, Asia and the Middle East, have made over 140 fund investments. Greenpark combines experience and innovation to remain at the forefront of developments in the secondaries field.

Matthew Arkinstall has joined Greenpark Capital, a global leader in customised secondaries solutions, as an Investment Director. Matthew joins a highly specialist, multi-lingual and multi-cultural team of more than 20 people, 11 of whom are investment professionals. He will have responsibility for deal sourcing and execution.

Matthew has spent the last 15 years as a specialist in private equity, originally in infrastructure direct investment. He spent nearly 10 years at MLC in Australia where he took a leading role in the development of a multi-billion dollar portfolio of private equity funds around the world. Matthew is Australian and has a First Class Honours degree in Applied Mathematics from the University of Sydney. Matthew is also an Associate of the Institute of Actuaries of Australia.

Joanna Jordan, Operations, IR Director and Co-founder, comments:
"We are delighted to be further strengthening our team following Robert Savage’s appointment in September, and welcome Matthew to the team. Given the increased opportunities for respected secondaries players in the current market, we will continue to recruit talented individuals. We are looking forward to working together to enhance our deal sourcing and execution still further."

Mathew Arkinstall comments:
"I am delighted to be joining Greenpark at such an exciting time for secondaries, in particular midmarket, European secondaries where we are focused. There is a huge opportunity for Greenpark to continue its development into a formidable mid market secondaries player and I am greatly looking forward to being a part of the company’s future success."

Contacts

Equus: +44 20 7223 1100
Piers Hooper
Clare Simonds

Greenpark Capital: +44 207 647 1400
Joanna Jordan

Notes to editors

Greenpark Capital is a dedicated secondaries specialist, with over 1.2 billion ($1.8 billion) of capital under management. Established in 2000, it specialises in providing liquidity for investors in buyout, venture and other private equity investments who are seeking to sell their investments before they reach maturity. Greenpark funds are capitalised by major institutions from Europe, the US, the Far East and the Middle East.

The Company’s multi-lingual, multi-cultural team has significant experience in corporate finance, ensuring the expert execution of transactions throughout Europe and across the world.

Greenpark Capital has a reputation for sound investment practices, innovative deal structuring and a highly responsive approach to sellers’ specific needs. It has the recognised expertise to deliver customised solutions to investors with total reliability and confidentiality. Greenpark specialises in two types of secondaries transactions: single positions or portfolios of limited partnership interests, and portfolios of direct investments, with or without incumbent managers. With a proven investment strategy focus on value rather than volume and with an emphasis on less competitive, mid-sized European transactions, Greenpark is able to avoid the volume-oriented bulk end of the secondaries market to deliver superior returns.

The secondaries market is maturing rapidly and is now an established portfolio management tool. As both demand for secondaries and the seller base increase, a range of specialised products are coming on to the market. Greenpark Capital is at the forefront of this innovation.

Greenpark Capital is delighted to announce that Robert Savage has joined the company as an Investment Director based in London.

Rob is a highly experienced private equity professional who spent 13 years at Doughty Hanson in London where he was involved at a senior level in several key transactions including the investment in the Priory. As a direct investor he was involved in transactions totaling invested capital of approximately €500 million that realized in excess of 3x equity.

Most recently Rob spent two years working as a consultant in the private equity industry. He has advised on a number of direct investments, working with a range of private equity firms, and helped a leading hedge fund establish their Global Principal Investment division targeting US$5bn funds under management.

Rob will be joining a solidly tenured and experienced team of over 20, 12 of whom are investment professionals. Rob’s appointment strengthens Greenpark Capital’s senior team and his extensive direct investing experience will enhance Greenpark Capital’s reputation for excellence, innovation and dynamism in a rapidly growing and increasingly complex market.

Joanna Jordan, Operations, IR Director and Co-founder, comments: “As we grow and prosper as a financial institution of scale we will continue to target high- calibre senior hires who are able actively to support our vision for Greenpark Capital. We look forward to reporting on other new appointments, already in the pipeline, to complete a well-balanced team in anticipation of our next fundraising.”

Robert Savage comments: “Greenpark Capital has grown rapidly to become a formidable player in the secondaries market with a reputation for innovation and value creation and now lies 15th in world rankings in its space. I look forward to being part of an enhanced team which will underscore Greenpark Capital’s hard earned reputation for innovation, professionalism and discretion in the rapidly developing secondaries market.”

Contacts

Equus: +44 20 7223 1100
Piers Hooper
Clare Simonds

Greenpark Capital: +44 207 647 1400
Joanna Jordan

Notes to editors

Greenpark Capital is a dedicated secondaries specialist, with over €1.3 billion of capital under management. Established in 2000, it specialises in providing liquidity for investors in buyout, venture and other private equity interests who are seeking to sell their investments before they reach maturity. Greenpark funds are capitalised by major institutions from Europe, the US, the Far East and the Middle East.

The Company’s multi-lingual, multi-cultural team has significant experience in corporate finance and cross-border M&A, ensuring the expert execution of transactions throughout Europe and across the world.

Greenpark Capital has a reputation for sound investment practices, innovative deal structuring and a highly responsive approach to sellers’ specific needs. It has the recognised expertise to deliver customised solutions to investors with total reliability and confidentiality. Greenpark has a proven investment strategy focus on value rather than volume, with an emphasis on less competitive, mid-sized European transactions, thus avoiding the volume-oriented bulk end of the secondaries market to deliver superior returns.

Greenpark Capital, one of Europe’s leading private equity secondaries fund managers, announces the final close of its €350m second fund, Greenpark International Investors II, L.P. The new fund follows on rapidly from its first fund raised in 2003 and brings total funds under management to c. $700m. The new fund has, again, been capitalised by major institutions from Europe, the US, the Far East and the Middle East.

The fund, which was hard capped by investors and had significant excess demand, is one of the fastest ever fund raisings in European private equity, having closed in just under three months from introduction to new investors.

The speed with which the fund closed is set against the backdrop of a competitive fund raising environment and reflects both the increasing importance of the secondaries market and the success of Greenpark Capital’s first fund. It also demonstrates the attraction to investors of Greenpark Capital’s specialist mid-market niche, which enjoys very attractive potential returns. Greenpark Capital’s first fund is already 80% invested in an attractive and diversified mix of assets. The team is fully geared up to continue its performance for fund two, thanks to its longstanding experience and reputation in the secondaries market.

The European secondaries market has grown significantly since it began in the early 1990s, as investing institutions seek the liquidity it offers. By enabling investors to trade assets before their natural maturity, secondaries can be used to support revised asset allocation models in order to achieve the optimum mix of risk, value, territory and sector. Additionally investors are increasingly seeking earlier returns from their private equity investments, particularly as primary funds choose to hold assets for longer and more recently as they find exits harder to achieve.

The expectation is that the growth of the secondaries market is set to continue. By 2005 total funds under secondaries fund management are expected to be c. $20bn compared with $3bn in 2000.

US placement agent: Denning & Co., San Francisco.

Enquiries:

Greenpark Capital: 00 44 207 647 1400
Marleen Groen
Joanna Jordan

Equus: 00 44 207 223 1100
Piers Hooper
Corinne Daniels
Photographs are available at www.visualmedia.co.uk or on request

Highlights of the study:

• German institutional investors have raised allocations to private equity by 25% increasing their commitments to the asset class at a pace markedly above normal maturity patterns
• A significant 7% of the allocation (as compared with a global average of 3%) is going to secondaries funds, demonstrating a high level of sophistication of allocation modelling.
• 62% of existing German Institutional Investors intend to invest in secondaries going forward, with 27% of respondents citing impressive returns and 23% citing risk diversification of portfolios as the key reasons for investing.
• Secondary transactions are regarded as an important portfolio management instrument, with the most important characteristics remaining discretion, a win-win solution, and the ability to structure complex transactions.
• Decisions to sell to secondaries funds are fundamentally based on achieving otherwise difficult exits (22% of respondents), active portfolio management (22%) and locking in a return (22%).

A recent study of German Institutional Investors1 has found that appetite for the private equity market is rapidly accelerating, with capital allocations up 25% from 2003. The study conducted by Prof. Dr. Stefan Jugel from the highly respected Wiesbadener Private Equity Institut in Germany shows a country accelerating its commitment to the asset class, particularly through secondaries funds, beyond the allocation patterns normally witnessed.

The backdrop for comparison purposes is that European private equity funds, in total, currently account for 27% ($306.5bn) of the total global funds raised between 1999 and 20052 (Global PE funds raised a total $1,129.1bn3). Secondaries funds globally account for 3% of the total funds under management at $37bn4 with Europe accounting for $10bn.

Key findings of this new study have shown that within this expanding market the German sector is rapidly maturing and has become considerably more institutionalised. While Germany is mirroring the investment modelling pattern previously observed in the US and UK, it is doing so at an accelerated pace. Its higher than average commitment to secondaries funds sets this trend in sharp relief. A noteworthy 62% of German Institutional Investors that have previously invested in private equity were cited as intending to commit to secondaries in the future. This marked interest in secondaries is highlighted with German Institutional investors allocating a significant 7% [to the asset class] compared to the global average of 3%.

The study showed that 18% of German Institutional investors have already invested in secondaries funds and 11% of the capital invested in Private Equity was sold via secondaries transactions. These figures highlight the increasing importance of secondaries funds to the primary market as a liquidity solution. Francesco di Valmarana at Unigestion commented:

“We are very encouraged by the findings of this research, which reinforce our positive internal forecasts for German private equity. With such a rapid increase in private equity allocations over the last three years, institutional investors have obviously understood the benefits of the asset class. Germany is set to become an increasingly significant market both for private equity fund of funds and dedicated secondaries players in the next few years.”

Joanna Jordan at Greenpark Capital added:

“This research confirms our own reading of German investors’ attitude towards secondaries market The characteristics cited as being important when considering a sale to a secondaries manager, namely discretion, being able to achieve a fair consideration for assets and the ability to structure complex transactions, show a high level of sophistication among German institutional investors.”

A copy of the research report is available upon request.

Contacts

Equus: Piers Hooper +44 20 7223 1100
Greenpark Capital: Joanna Jordan +44 20 7647 1400
Unigestion: Francesco di Valmarana +44 20 7529 4169

Note to Editors

Around 200 companies responded to the survey, which was carried out by Dr Stefan Jugel of the Wiesbadener Private Equity Institut.

Greenpark Capital

Greenpark Capital is one of the UK’s leading secondaries specialists, advising funds in excess of $700 million. Established in 2000, it specialises in providing liquidity for investors in buyout, venture and other private equity investments who are seeking to sell their investments before they reach maturity. Greenpark funds are capitalised by major institutions from Europe, the US, the Far East and the Middle East.

The Greenpark team has extensive experience in the secondaries market and a broad base of language and cultural skills, enabling the expert execution of transactions throughout Europe and across the world.

Greenpark has built a reputation for sound investment skills, innovative deal structuring and a highly responsive approach to sellers’ specific needs. It has the recognised expertise to deliver customised solutions to investors with total reliability and confidentiality.

Unigestion

Unigestion is a privately owned asset management firm that focuses exclusively on the management of innovative highly active strategies spanning the private and public capital markets. Employing over 100 people and operating through subsidiaries in Geneva, Paris, London, Guernsey and New York, Unigestion manages assets of €6.8 billion on behalf of leading pension funds, insurance companies, banks, charitable foundations and a select group of families. Established in 1971, Unigestion has been investing in private equity for over 20 years and manages a continuous series of top-quartile fund of funds and innovative specialist solutions for larger clients.

Unigestion’s services are characterised by a unique blend of assets and skills:

• With 74% of capital resources controlled by management, guaranteed independence
• €120 million of shareholders equity invested alongside its clients
• Forward thinking investment culture coupled with focused execution
• Steady asset growth and stable capital base to support long-term investment in new capabilities and systems
• An impressive proven track record.

Greenpark Capital, one of Europe’s leading private equity secondaries fund managers, announces the final close of its €350m second fund, Greenpark International Investors II, L.P. The new fund follows on rapidly from its first fund raised in 2003 and brings total funds under management to c. $700m. The new fund has, again, been capitalised by major institutions from Europe, the US, the Far East and the Middle East.

The fund, which was hard capped by investors and had significant excess demand, is one of the fastest ever fund raisings in European private equity, having closed in just under three months from introduction to new investors.

The speed with which the fund closed is set against the backdrop of a competitive fund raising environment and reflects both the increasing importance of the secondaries market and the success of Greenpark Capital’s first fund. It also demonstrates the attraction to investors of Greenpark Capital’s specialist mid-market niche, which enjoys very attractive potential returns. Greenpark Capital’s first fund is already 80% invested in an attractive and diversified mix of assets. The team is fully geared up to continue its performance for fund two, thanks to its longstanding experience and reputation in the secondaries market.

The European secondaries market has grown significantly since it began in the early 1990s, as investing institutions seek the liquidity it offers. By enabling investors to trade assets before their natural maturity, secondaries can be used to support revised asset allocation models in order to achieve the optimum mix of risk, value, territory and sector. Additionally investors are increasingly seeking earlier returns from their private equity investments, particularly as primary funds choose to hold assets for longer and more recently as they find exits harder to achieve.

The expectation is that the growth of the secondaries market is set to continue. By 2005 total funds under secondaries fund management are expected to be c. $20bn compared with $3bn in 2000.

US placement agent: Denning & Co., San Francisco.

Enquiries:

Greenpark Capital: 00 44 207 647 1400
Marleen Groen
Joanna Jordan


Equus: 00 44 207 223 1100
Piers Hooper
Corinne Daniels


Photographs are available at www.visualmedia.co.uk or on request

Greenpark Capital, the London based private equity secondaries firm, announces the successful closing of its first global private equity secondaries fund, Greenpark International Investors I, L.P., on target at $200 million.

In the face of difficult market conditions, the fund attracted capital from Europe, the Far East and Middle East, the USA and several other countries. Investors include a broad range of blue chip institutions such as insurance companies, state owned investment boards, asset managers, foundations and family offices.

Greenpark Capital was established in 2000 by Marleen Groen, Joanna Jordan and Andrew French, formerly executives at Coller Capital, another secondaries firm. Greenpark is one of only a few truly dedicated secondaries firms in Europe.

The Greenpark team has many years’ experience at the forefront of secondaries investing and the company has established itself as a prominent player in the secondaries market. The firm has gained a reputation for creative transaction structuring to suit sellers’ requirements as well as for seamless execution skills.

Marleen Groen, Chief Executive, said: “We are delighted with the excellent spread of investors that we have attracted to our first fund, and this is a real endorsement of the reputation that the firm has gained amongst major international investors.”

Greenpark completed a number of investments during its fundraising period. It has now stepped up the investment pace by converting some large deal opportunities into attractive investments for the fund and a Greenpark-led co-investment syndicate, which will significantly augment Greenpark’s total funds under management.

Greenpark purchases interests from: institutional and private investors who wish to divest some or all of their interests in private equity funds or other portfolios; general partners whose funds are close to – or already past – their maturity date; and organisations with portfolios of direct investments.

For further information, please contact:

Marleen Groen or Joanna Jordan at Greenpark Capital on Tel: +44 20 7499 2838