AlpInvest Partners

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AlpInvest Partners
TypeSubsidiary
IndustryPrivate Equity
PredecessorsNIB Capital
Founded1999
HeadquartersNew York, New York, U.S.
Amsterdam, Netherlands
Hong Kong
Key peopleVolkert Doeksen, Chairman
Paul de Klerk, CFO/COO
ProductsFund investments, Secondaries, Co-Investments, Mezzanine
Total assets$48 billion (June 30, 2013)[1]
Employees130+ (2013)
ParentThe Carlyle Group
Websitewww.AlpInvest.com
 
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AlpInvest Partners
TypeSubsidiary
IndustryPrivate Equity
PredecessorsNIB Capital
Founded1999
HeadquartersNew York, New York, U.S.
Amsterdam, Netherlands
Hong Kong
Key peopleVolkert Doeksen, Chairman
Paul de Klerk, CFO/COO
ProductsFund investments, Secondaries, Co-Investments, Mezzanine
Total assets$48 billion (June 30, 2013)[1]
Employees130+ (2013)
ParentThe Carlyle Group
Websitewww.AlpInvest.com

AlpInvest Partners is a leading private equity asset manager with $48 billion of assets under management as of June 30, 2013. AlpInvest's global investor base includes two large Dutch pension funds (ABP and PFZW), which were previous shareholders of the company, as well as institutional investors from North America, Asia, Europe, South America and Africa.

AlpInvest operates three investment teams focused on private equity: Fund Investments, Secondary investments and Co-Investments.

AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, venture capital, growth capital, mezzanine, distressed and sustainable energy investments.

In 2011, the firm was acquired by a joint venture between AlpInvest management and The Carlyle Group and since August 2013, AlpInvest has operated as a subsidiary of Carlyle.

Founded in 1999, AlpInvest has offices in New York, Amsterdam, Hong Kong and Indianapolis with over 75 investment professionals and over 130 employees.

Investment Programs[edit]

The company flag outside its office in Amsterdam

With over $48 billion of funds under management, AlpInvest is one of the largest investors in the private equity asset class globally.[2][3][4][5] AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, venture capital, growth capital, mezzanine, distressed and sustainable energy investments. AlpInvest also invests across the range of private equity investment channels:

AlpInvest invests primarily in private equity limited partnerships and effectively acts as a fund investor, making commitments to private equity funds globally. Among the most notable firms with which AlpInvest is invested include: Kohlberg Kravis Roberts, Blackstone Group, Providence Equity Partners and TPG Capital as well as many of the leading middle-market private equity firms and venture capital firms.[6]

AlpInvest will invest with these firms either by making commitments to new investment funds or by purchasing funds through the private equity secondary market. AlpInvest is one of the largest private equity fund investors and is also among the largest and most active and experienced investors in private equity secondaries.

AlpInvest also invests directly alongside some of the largest private equity investors through an active co-investment program and will make mezzanine debt investments into companies owned by financial sponsors.[7]

Following this spin-off of its European middle market leveraged buyout platform, which was subsequently renamed Taros Capital[8] AlpInvest, by itself, no longer makes control investments directly in privately held companies, but rather invests alongside selected private equity managers.

Investors and beneficiaries[edit]

AlpInvest's primary beneficiaries are the 4.8 million participants in the pension funds Stichting Pensioenfonds ABP (ABP) and Stichting Pensioenfonds Zorg en Welzijn (PFZW, formerly PGGM), both based in the Netherlands.

ABP and PFZW collectively had assets of over $500 billion as of December 31, 2012 and are among the largest pension funds in the world.

Prior to 2011, AlpInvest had not historically solicited capital from other investors or institutions. Following its spinout from the Dutch pension funds, AlpInvest has been actively raising capital from institutional investors in North America, Europe, Asia, South America and Africa.

Among AlpInvest's most notable U.S. clients are Municipal Employees' Retirement System of Michigan (MERS)[9] and Indiana Public Retirement System (INPRS).[10][11]

History[edit]

The logo used by Alpinvest N.V., a publicly quoted investment vehicle and predecessor of AlpInvest Partners
The logo used by NIB Capital Private Equity, the direct predecessor of AlpInvest Partners

AlpInvest as it is currently known, was established in 1999 as an initiative by its two sponsors, the Dutch pension funds ABP and PFZW (then PGGM), to create an independent and professional manager for their private equity allocations.[12]

AlpInvest's predecessor, NIB Capital Private Equity, originally operated as one integrated investment firm with distinct teams focusing on fund investments as well as lead buyout investments in mid-sized companies located in the Benelux and Germany. As the firm evolved, AlpInvest shifted its focus toward an expansion of its investment management business.

In 2000, AlpInvest expanded its investment platform, by creating a dedicated equity co-investment team to invest in transactions alongside its core private equity managers. The following year, in 2001, the firm began a formal effort to make mezzanine investments. A year later, in 2002, AlpInvest launched a secondary investment platform, which has emerged as one of the largest buyers of private equity assets in the secondaries market.

Today, AlpInvest focuses exclusively on its investment management business as a fund investor as well as secondary investor and equity and mezzanine co-investor and has grown into one of the largest investors in the private equity asset class.

Milestones[edit]

The headquarters of AlpInvest in Amsterdam

The following is a timeline of significant milestones:

Press conference announcing the creation of a joint venture with The Carlyle Group.

Awards[edit]

In recent years, AlpInvest has won several industry awards based on its position as a leading limited partner.

YearAwardPublicationRef.
2012#1 Largest Private Equity Fund of FundsTowers Watson, Financial Times[23]
2008Limited Partner of the YearPrivate Equity International[24]
2008Most Influential European Limited PartnerPrivate Equity News[25]
2007Limited Partner of the YearPrivate Equity International[26]
2007Most Influential European Limited PartnerPrivate Equity News[27][28]
2007Buyout of the Year: VNU (Co-Investment)Thomson Financial's Acquisitions Monthly[29]
2006Limited Partner of the YearPrivate Equity International[26]
2006Large investment of the year: NXP (Co-Investment)Financial News[30]
2005Limited Partner of the Year*Private Equity International[31]

* This award was initiated in 2005. AlpInvest was the first recipient.

Private Equity Fund Investments[edit]

AlpInvest is among the largest investors in private equity funds, globally, historically allocating as much as €4 billion per year to leveraged buyout (large-cap, middle-market, lower middle market), venture capital and special situations funds, among other strategies. AlpInvest maintains relationships with many of the leading managers in difficult to access segments of private equity. In many cases, AlpInvest is a strategic investor and tends to be among the largest investors in each fund in which it invests. AlpInvest follows a deliberate allocation process that includes a top-down segment analysis and bottom-up general manager selection. The firm's funds team is made up of more than 25 professionals based globally in Europe, North America and Asia.

The following is a list of selected, notable private equity firms, with which AlpInvest has disclosed an investment as a limited partner, through its primary and/or secondary investment practices (the total list includes over 250 firms):

Source: AlpInvest website[6]

Secondary Investments[edit]

AlpInvest's secondary investments group focuses on the purchase of existing portfolios of private equity assets.

In the secondary market, AlpInvest operates as an independent investment group with a large dedicated team, comparable to other leading secondary firms and is one of the largest buyers of private equity assets in the secondaries market.[32] AlpInvest's secondary investments include purchases of limited partnership interests, spin-outs of captive private equity groups, stapled secondary transactions, securitizations, joint ventures and secondary direct transactions.

Although most secondary transactions are kept confidential, the following transactions have been disclosed:[33]

DateDeal DescriptionRef.
2008AlpInvest, together with Goldman Sachs Capital Partners and CPP, purchased a portfolio of interests in 32 European companies managed by AAC Capital Partners from ABN AMRO for $1.5 billion.[34][35]
2008AlpInvest, together with Goldman Sachs, purchased $400 million of interests in legacy investment funds managed by Court Square Capital Partners from Citigroup.[36][37]
2008AlpInvest, together with HarbourVest Partners, Pantheon Ventures, Partners Group, Paul Capital Partners, Portfolio Advisors and Procific completed a takeover of Macquarie Capital Alliance Group in one of the first public to private transactions of a publicly traded private equity company completed by secondary market investors.[38][39]
2006AlpInvest underwrote the equity of a $500 million newly formed vintage fund-of-funds consisting of approximately 40 underlying private equity partnerships in a joint venture with Swiss Re and Horizon 21, a fund manager.[33][40]
2006AlpInvest, together with Coller Capital and Goldman Sachs underwrote the equity tranche of Astrea, an $800 million securitization, of 46 private equity fund interests owned by Temasek, a Singapore based sovereign wealth fund.[33][40][41]
2006AlpInvest, together with HarbourVest Partners, completed a secondary transaction involving the establishment of a new fund, Paragon Partners. As a result of the transaction, Paragon Partners acquired an existing portfolio of three European companies providing an exit to German private equity fund manager Afinum.[33][42]
2005AlpInvest, together with AXA Private Equity, purchased a cornerstone interest in West Private Equity, subsequently renamed Lyceum Capital, and simultaneously made a new commitment to Lyceum Capital's second fund.[33][43]
2005AlpInvest, together with Lexington Partners purchased a $1.2 billion private equity portfolio from Dayton Power & Light, consisting of 46 fund interests. At the time of its completion, the DPL transaction represented one of the largest private equity funds portfolios acquired in the secondary market.[33][44][45][46]
2003AlpInvest was a lead investor in the €1.5 billion divestiture by Deutsche Bank of its direct and co-investment portfolio of private equity interests, consisting of over 100 underlying companies. The sale was part of a spin-out of what would become the private equity firm, MidOcean Partners. At the time of its completion, the MidOcean transaction was the largest secondary market completed.[33][47]

Private Equity and Mezzanine Co-investments[edit]

AlpInvest traditionally invests alongside leading financial sponsors in leveraged buyouts and growth capital transactions. Since inception, AlpInvest has invested more than €3 billion in over 100 transactions and is among the most active co-investors in private equity transactions. The firm's dedicated co-investment team is made up of more than 25 professionals across its equity and mezzanine products operating in Europe, North America and Asia.

The following is a list of selected notable companies that AlpInvest has invested in alongside other private equity general partners, either as an equity co-investor or as a mezzanine debt provider:

InvestmentDateFinancial Sponsor(s)Company DescriptionRef.
Alliance BootsApr 2007KKRA British based pharmacist and retailer[48]
AlltelMay 2007TPG Capital, GS Capital PartnersA mobile telecommunications company[49]
AMC TheatresDec 2004J.P. Morgan Partners, Apollo Global ManagementThe second largest movie theatre chain in North America.[50]
Avago TechnologiesDec 2005KKR; Silver Lake PartnersThe former semiconductor products division of Hewlett Packard and later Agilent Technologies 
AvayaOct 2007Silver Lake PartnersA telecommunications company specializing in enterprise telephony and call center technology[51]
BiometJune 2007KKRA medical device manufacturer of artificial joints[52]
Bushnell Corporation2007MidOcean PartnersLeading manufacturer of binoculars, spotting scopes, telescopes, night vision equipment, GPS and other optics and imaging products 
CapioNov 2006Apax PartnersA leading European healthcare provider 
CEVA LogisticsAug 2006Apollo Global ManagementA logistics company, formerly known as TNT Logistics[53]
Dollar GeneralMar 2007KKR, GS Capital PartnersA chain of discount stores operating in the U.S.[54]
Education Management CorporationOct 2006Providence Equity Partners, GS Capital Partners, Leeds Equity PartnersA private operator of post-secondary educational institutions in North America 
ExproJune 2008Candover, Goldman SachsA leading British-based oil and gas well management business[55][55][56]
Fairmount Food GroupMay 2003GTCR Golder RaunerA food products supplier[57]
Ferretti MotorsOctober 2006Candover, PermiraAn Italian yacht-building conglomerate (originally acquired in 1995 and taken private again in 2001)[58][59][60]
Gala Coral GroupAug 2005Candover, Cinven, PermiraA British betting shop, bingo and casino operator 
Gemplus InternationalDec 2005TPG CapitalA vendor of smart cards and other digital security products 
Grupo ONONov 2005Providence Equity Partners, CCMP Capital, THL Partners, QuadrangleA Spanish broadband company, providing telephone, television and Internet services 
Harrah's EntertainmentJan 2008Apollo Global Management, TPG CapitalA gaming company that owns and operates casinos, hotels, and six golf courses[61]
Iasis HealthcareMay 2004TPG CapitalA hospital operating company 
IMS HealthNov 2009TPG CapitalSupplier of sales data and consulting services to the pharmaceutical industry[62]
JostensJuly 2003DLJ Merchant Banking Partners, Investcorp, MidOcean PartnersA producer of high school and college class rings and publisher of school yearbooks 
LA FitnessMay 2007Madison Dearborn, CIVC PartnersAn American health club chain 
Masonite InternationalDec 2004KKRA producer of doors, door components and door entry systems, door components and door entry systems[63]
Nielsen CompanyJan 2006Blackstone Group, KKRA global information and media company (formerly known as VNU)[64][65]
Nuveen investmentsJune 2007Madison DearbornAn investment management company that provides a suite of mutual funds, particularly in municipal securities[66]
NXP SemiconductorsAug 2006KKR, Silver Lake PartnersA semiconductor company formerly part of Philips[67]
NycomedMar 2005Nordic CapitalA European pharmaceutical company[68]
Roundy'sJun 2002Willis Stein & PartnersA supermarket chain based in the midwestern U.S.[69]
SBS Broadcasting GroupJune 2007Permira, KKRA European broadcasting group, operating television, premium pay channels, radio stations and print businesses[70]
Seven Media GroupDec 2006KKRA media joint venture between with Australian Seven Network Limited formed in December 2006[71][72]
Sports AuthorityJan 2006Leonard Green & PartnersA leading retailer of sporting goods in the U.S.[73]
Spyder Active SportsJuly 2004Apax PartnersA manufacturer of branded ski apparel and the largest ski-specialty brand 
SunGardMar 2005Silver Lake Partners, Bain Capital, the Blackstone Group, Goldman Sachs Capital Partners, KKR, Providence Equity Partners, Texas Pacific GroupA provider of software and services to education, financial services and public sector organizations, acquired by a one of the largest consortia of private equity investment firms[74]
TXU (renamed Energy Future Holdings)Feb 2007KKR, TPG Capital, Goldman SachsAn energy company based in Texas, acquired in a $45 billion leveraged buyout, which at the time of its announcement, was the largest buyout in history[75]
Univision CommunicationsMar 2007Madison Dearborn, Providence Equity Partners, TPG Capital, L.P., THL Partners, Saban Capital GroupA Spanish language television broadcaster in the U.S.[76]
Vendex (renamed Maxeda)Mar 2004KKRA Netherlands based retail group that operates: Brico, de Bijenkorf, Claudia Sträter, M&S, Praxis and Vroom & Dreesmann and formerly operated HEMA, Hunkemöller, and Praxis[77]
VismaMay 2006HgCapital (Engel Holding AS)A Norwegian company providing enterprise resource planning and customer relationship management software and services[78][79]
Warner ChilcottOct 2004CCMP Capital, Bain Capital, DLJ Merchant Banking Partners, THL PartnersA specialty pharmaceutical company producing branded prescription products in women's healthcare and dermatology in the U.S.[80]
Weather ChannelSep 2008Blackstone Group, Bain Capital, NBC UniversalA media company operating The Weather Channel cable network[81]

Source: AlpInvest website[82]

See also[edit]

Notes[edit]

  1. ^ Source: Carlye Group website
  2. ^ AlpInvest reaches investment peak (DowJones PE News, 2008)
  3. ^ AlpInvest Top Euro PE Investor (Euromoney Institutional Investor, 2008)
  4. ^ AlpInvest Reaches Summit (Financial Times, 2004)
  5. ^ AlpInvest raises a mountain of money (TheDeal.com, 2004)
  6. ^ a b "AlpInvest Investment Portfolio". Alpinvest.com. 2012-12-31. Retrieved 2014-07-16. 
  7. ^ LPs Seeking Co-investment Opportunities in Emerging Markets (Emerging Markets Private Equity, Quarterly Review Q4 2006). Page 13.
  8. ^ taroscapital.com
  9. ^ Michigan To Put $750M In Carlyle, AlpInvest. Institutional Investor, July 13, 2011
  10. ^ Indiana Public Retirement System picks Carlyle, AlpInvest for state-focused strategy. Pension & Investments, March 4, 2013
  11. ^ The Carlyle Group and AlpInvest Assume Management of Two Indiana Life Sciences Funds of Funds Totaling $130 Million. Business Wire, October 17, 2013
  12. ^ Superfund ABP takes the crown for fourth year running DowJones Financial News, 13 Nov 2007.
  13. ^ European ABP-PGGM Tops GIMV Alpinvest Bid. Buyouts, 24 January 2000
  14. ^ William Hutchings (2004-02-01). "AlpInvest Partners comes out of NIB Capital Private Equity". DowJones Financial News. Retrieved 2008-04-27. [dead link]
  15. ^ In 2005, ABP and PGGM sold their interests in NIB Capital Bank to JC Flowers.
  16. ^ Dutch AlpInvest receives €11bn investment mandate from ABP and PGGM[dead link]
  17. ^ taroscapital.com
  18. ^ "AlpInvest spins off mid-market buy-out business. Unquote: 26th October 2005". Unquote.com. 2006-01-01. Retrieved 2014-07-16. 
  19. ^ AlpInvest receives €2bn mezzanine mandate from ABP, PGGM[dead link]
  20. ^ "AlpInvest targets UK mezzanine with office launch". Penews.com. 2007-07-23. Retrieved 2014-07-16. 
  21. ^ The Carlyle Group's AlpInvest Partners Reaches $4.2 Billion for Secondaries Program. October 16, 2013
  22. ^ Carlyle Buys Remaining 40% of AlpInvest as It Diversifies. Bloomberg, Jun 3, 2013
  23. ^ Top 50 Private Equity FoF Ranking. Towers Watson Global Alternatives Survey 2012, July 2012
  24. ^ Private Equity International Awards 2008[dead link]
  25. ^ "eFinancial News". eFinancial News. 2009-03-23. Retrieved 2014-07-16. 
  26. ^ a b "Global firms dominate the PEI Awards". Peimedia.com. Retrieved 2014-07-16. 
  27. ^ "eFinancial News". eFinancial News. 2008-03-10. Retrieved 2014-07-16. 
  28. ^ Europeans step up to global battlefield Private Equity News, p. 13-16
  29. ^ "Acquisitions Monthly 2007 Award Winners". Acquisitions-monthly-awards.com. Retrieved 2014-07-16. 
  30. ^ "KKR dominates at awards ceremony". Efinancialnews.com. Retrieved 2014-07-16. 
  31. ^ Engineering Success, p. 20
  32. ^ AlpInvest hires secondary investment specialists (AltAssets, 2007)
  33. ^ a b c d e f g AlpInvest Secondary Investments : Case Studies[dead link]
  34. ^ Secondary investment: "Goldman group snags ABN AMRO unit." Pensions&Investments, August 12, 2008.
  35. ^ Secondary investment: Discount offered to offload ABN Amro's Secondaries
  36. ^ Secondary investment: Kreutzer, Laura. "Citigroup shutting down VC arm after Metalmark buy." DowJones Private Equity News, May 29, 2008
  37. ^ Secondary investment: Secondaries players wait on the sidelines
  38. ^ "Macquarie Capital will spend $836m to go private". The Australian, June 17, 2008
  39. ^ "Macquarie Capital soars on buyout plan". The Sydney Morning Herald, June 16, 2008
  40. ^ a b Secondary investment: Structured secondaries increase risk and reward. Private Equity News, 5 Feb 2007
  41. ^ Secondary investment: Credit boom and leverage spark revolution in secondaries. Private Equity News, 5 Feb 2007
  42. ^ Secondary investment: HarbourVest and AlpInvest complete secondary transaction in Germany AltAssets, 22 February 2006.
  43. ^ Secondary investment: West Private Equity to re-brand as Lyceum Capital as the firm goes independent (AltAssets, 2006)
  44. ^ Secondary investment: DPL selling portfolio for $850M (Dayton Business Journal, 2005)M
  45. ^ Secondary investment: DPL to sell PE stakes for $850M (TheDeal.com, 2005)
  46. ^ Secondary investment: DPL, Inc. SEC Form 8-K Dated Feb. 18, 2005
  47. ^ Secondary investment: MidOcean Partners hits the fundraising trail Private Equity News, 9 January 2006
  48. ^ Co-Investment: Equity Firm Wins Bidding for a Retailer, Alliance Boots
  49. ^ Co-Investment: Seattle Times
  50. ^ Co-Investment: Acquisition of AMC Entertainment by Affiliates of J.P. Morgan Partners and Apollo Management is Completed - amctheatres.com - December 23, 2004
  51. ^ Co-Investment: Investment Firms Pick Up Avaya For $8.2 Billion
  52. ^ Co-Investment: Biomet Accepts Sweetened Takeover Offer
  53. ^ Co-Investment: Press Release: TNT Reaches Agreement to Sell its Logistics Division to Apollo Management
  54. ^ Co-Investment: "Dollar General being acquired for $6.87B by equity firm". The Tennessean. 2007-03-12. Retrieved 2007-03-12. 
  55. ^ a b Co-Investment: Jenny Wiggins (2008-04-16). "Expro accepts £1.6bn acquisition". FinancialTimes. Retrieved 2008-04-27. 
  56. ^ Co-Investment: Higher Offer For Maker Of Well Gear
  57. ^ Co-Investment: "GTCR Provides $200 Million Equity Commitment to Start Fairmount Food Group, LLC", Business Wire, May 8, 2003
  58. ^ Co-Investment: Judge, Elizabeth (October 28, 2006). "Times on line". Candover boards Ferretti in deal worth €1.7 billion (London). Retrieved November 15, 2006. 
  59. ^ Co-Investment: "MSNBC". Bidding war set off for Ferretti yachts. Retrieved November 9, 2006. [dead link]
  60. ^ Co-Investment: Permira had a 54 times return of its original investment from the company's brief listing on the Italian Stock Exchange from 2000 to 2001. "Business Week". Ferretti: That's Italian for Yacht. Archived from the original on 16 November 2006. Retrieved November 15, 2006. 
  61. ^ Co-Investment: Knightly, Arnold (2008-01-29). "MERGERS AND ACQUISITIONS: Deal closes: Harrah's now private". Archived from the original on 5 February 2008. Retrieved 2008-01-29. 
  62. ^ Co-Investment: IMS Gets $4 Billion Leveraged Buyout
  63. ^ Co-Investment: Masonite International Corporation to be Acquired by KKR
  64. ^ Co-Investment: Bloomberg.com: Europe
  65. ^ Co-Investment: Buyout Bid For Parent Of Nielsen
  66. ^ Co-Investment: Nuveen Investments to Be Acquired By Private Equity Group Led By Madison Dearborn Partners, LLC
  67. ^ Co-Investment: BLOOMBERG NEWS (2006-08-04). "TECHNOLOGY; Royal Philips Sells Unit for $4.4 Billion". New York Times. Retrieved 2008-04-27. 
  68. ^ Co-Investment: Press Release: Nordic Capital acquires a major shareholding in Nycomed from DLJ Merchant Banking and Blackstone in 2005.
  69. ^ Co-Investment: Willis Stein picks up Roundy's
  70. ^ Co-Investment: 2 Equity Firms Paying $7.6 Billion for Largest German TV Broadcaster
  71. ^ Co-Investment: "Seven to form $4 billion media joint venture with KKR" (PDF) (Press release). Seven Network. 2006-11-20. Retrieved 2007-02-01. 
  72. ^ Co-Investment: "Seven shareholders approve media spin off". Melbourne: The Age. December 22, 2006. Retrieved 2007-02-04. 
  73. ^ Co-Investment: Leonard Green buying Sports Authority for $1.3B
  74. ^ Co-Investment: "Capital Firms Agree to Buy SunGard Data in Cash Deal." Bloomberg L.P., March 29, 2005
  75. ^ Co-Investment: Lonkevich, Dan and Klump, Edward. KKR, Texas Pacific Will Acquire TXU for $45 Billion Bloomberg, February 26, 2007.
  76. ^ Co-Investment: F.C.C. Approves $12 Billion Sale of Univision Communications
  77. ^ Co-Investment: Kohlberg Kravis cancels $1.4 billion debt sale for Dutch retailer
  78. ^ Co-Investment: Offer by Engel Holding for Visma (PDF)
  79. ^ Co-Investment: Condition regarding antitrust clearance is satisfied.
  80. ^ Co-Investment: Warner Chilcott files $1 bln IPO
  81. ^ Co-Investment: NBC, Bain and Blackstone buy Weather Channel
  82. ^ AlpInvest Investment Portfolio: Co-Investments and AlpInvest Investment Portfolio: Mezzanine

References[edit]

External links[edit]