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  • Altius Associates: The Key to Private Equity Investing


    Elvire Perrin from Altius Associates, a private equity advisory and funds of funds firm at the marcus evans Elite Summit 2011, on successful private equity investing.

    Interview: Elvire Perrin, Partner – Head of Research, Altius Associates


    “The keyword in private equity investing is selectivity,” says Elvire Perrin, Partner – Head of Research, Altius Associates. “The range of performance between the best fund manager and the worst is more important in private equity investing than in public equity. At the end of the day, the level and quality of selection applied is what makes the difference on how the portfolio performs.” From a private equity advisory and funds of funds firm attending the marcus evans Elite Summit 2011 in Montreux, Switzerland, 25 - 27 May, Perrin shares her thoughts on manager selection and private equity asset allocation.

    How do you identify which assets have the potential to perform well?

    Elvire Perrin: The main driver of our fund selection process is deep analysis and manager comparison. We focus on many different aspects, including the management team, past performance and intangible drivers. As regards to the management team, we look into the experience, diversity of experience and chemistry within the team, and internal alignments of interest. All these affect the strength of the team. We also analyse the manager’s ability to add operational value, and the consistency of strategies. We do not like when managers deviate too much from their original strategy, i.e. the strategy on which we selected them.

    Regarding performance, we need to see a track record of funds we invest in. When it is a spin-off of an old fund, we dig into its past track record. Our return analysis always comprises an assessment of risk. We assess the level of risk the manager took to get to its returns. Fund selection represents an ongoing research process on our part.

    What private equity asset allocation strategies would you recommend?

    Elvire Perrin: In today’s environment, we advise investors to deploy between 55 and 60 per cent in the US (which is the biggest market for investment opportunities), 25 to 30 per cent in Europe and 10 to 20 per cent in Asia and other emerging markets.

    In terms of segments, we consider that the right type of asset allocation now is 70 per cent buyout, 15 per cent venture and growth, 10 per cent to emerging market growth and five per cent distressed and other special opportunities.

    What do you see as attractive investment opportunities right now?

    Elvire Perrin: In today’s environment, the energy and infrastructure sectors are representing attractive opportunities for two main reasons: they provide a hedge against inflation, which is what investors are currently looking and if well selected, energy and infrastructure provide an attractive risk return profile and attractive yields. In addition, we continue to see the US and European small and lower-mid markets as very attractive investment segments.

    Do you have a final piece of advice?

    Elvire Perrin: It is important for investors to remember that private equity investing is a long-term commitment. Private wealth managers should look at the bigger picture and ask themselves a few questions: What are the objectives we are pursuing when considering investing in private equity? Can the portfolio bear long-term, illiquid assets? To which extent?

    We consider it a good time to increase allocation to private equity. It is a cyclical industry which is now taking off again. Rising public equity markets are removing the denominator issues that many investors used to have, which means that the capital committed to the asset class is increasing again whereas investment opportunities have been improving.

    Sarin Kouyoumdjian-Gurunlian
    Press Manager
    marcus evans, Summits Division
    Tel: + 357 22 849 313

    About the Elite Summit 2011

    This unique forum will take place at the Fairmont Le Montreux Palace, Montreux, Switzerland, 25 - 27 May 2011. Offering much more than any conference, seminar or trade show, this exclusive meeting will bring together esteemed wealth management industry thought leaders and solution providers to a highly focused and interactive networking event. The summit addresses the most current wealth management trends, and provides attendees with fresh perspectives on adapting effectively to global changes and opportunities to sustain, grow and preserve family wealth.

    For more information please send an email to info@marcusevanscy.com or visit the event website at www.elitesummit.com
    marcus evans group - investment sector portal

    Please note that the summit is a closed business event and the number of participants strictly limited.

    About marcus evans Summits

    marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings. For more information, please visit www.marcusevans.com

    About Altius

    Altius is a global fund-of-funds and tailored portfolio manager, with a focus on private equity, infrastructure, energy and other real assets such as timber.  The firm has €14.2 billion in assets under management and advice, with offices in London (UK), Richmond, VA (US) and in Singapore. 


    All rights reserved. The above content may be republished or reproduced – kindly inform us by sending an email to press@marcusevanscy.com