BVCA hosts IR & LP forum

BVCA hosts the first combined Investor Relations and LP Forum, London

On 22 June 2010, the BVCA's Investor Relations Committee combined forces with the recently established BVCA LP Advisory Board to host an industry IR forum with a difference.  Whereas, customarily, the BVCA IR Forums have been a meeting point for investor relations professionals from around the industry to network and share knowledge and insight, this summer's IR Forum invited and encouraged LPs to become involved in discussions that impact any corners of the investment community: how best to measure private equity performance, and just how influential historic performance can be in the decisions made by investors regarding their preferred fund managers.

Mark Drugan, Investment Management Team Director at Capital Dynamics, first took to the lectern to guide guests through the complexities of the BVCA Performance Measurement Survey 2009.  Now into its 16th year, the BVCA' Performance Measurement Survey is an essential element of the annual BVCA Research output and serves as the tool by which the private equity industry demonstrates the long term value creation available to institutional investors.  Click here to read the Performance Measurement Survey 2009 summary report.

Mark was joined by a panel of GPs and LPs: Annette Wilson, Managing Director: Investor Relations & Marketing, Palamon Capital Partners Ltd; Robert Coke, Head of Absolute Return and Buyout, The Wellcome Trust; George R. Anson, Managing Director, HarbourVest Partners; and Hugh Lenon, Managing Partner, Phoenix Equity Partners and chairman of the BVCA.  The panel examined the survey's findings.  Annette Wilson noted that the PMS is invaluable as it provides useful material for long term comparisons (i.e. 10 year plus comparisons) but warned that capital overhang is going to be a preoccupation in the coming year and could change the dynamics of future data, particularly as next year's survey wil include the 2006 vintage. The LPs on the panel were optimistic for the private equity asset class, commenting that the industry is well placed for the economic recovery and underlying performance is positive.