PEI LP Perspectives

Perspectives

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Question Title

* 1. Please rank, in order of importance, the top three factors you consider when managing your private equity portfolio:

Please select three factors only.

	1st	2nd	3rd
Establishing reliable performance metrics and benchmarks	Establishing reliable performance metrics and benchmarks 1st	Establishing reliable performance metrics and benchmarks 2nd	Establishing reliable performance metrics and benchmarks 3rd
Understanding and influencing drivers of returns	Understanding and influencing drivers of returns 1st	Understanding and influencing drivers of returns 2nd	Understanding and influencing drivers of returns 3rd
Pricing (and marks) in the secondary market	Pricing (and marks) in the secondary market 1st	Pricing (and marks) in the secondary market 2nd	Pricing (and marks) in the secondary market 3rd
Investment period extension requests	Investment period extension requests 1st	Investment period extension requests 2nd	Investment period extension requests 3rd
Fundraising extension requests	Fundraising extension requests 1st	Fundraising extension requests 2nd	Fundraising extension requests 3rd
The level of unfunded commitments	The level of unfunded commitments 1st	The level of unfunded commitments 2nd	The level of unfunded commitments 3rd
Shortening the J-curve	Shortening the J-curve 1st	Shortening the J-curve 2nd	Shortening the J-curve 3rd
Dealing with valuation / compliance issues	Dealing with valuation / compliance issues 1st	Dealing with valuation / compliance issues 2nd	Dealing with valuation / compliance issues 3rd
Dealing with tail-end funds	Dealing with tail-end funds 1st	Dealing with tail-end funds 2nd	Dealing with tail-end funds 3rd
Allocation to listed private equity	Allocation to listed private equity 1st	Allocation to listed private equity 2nd	Allocation to listed private equity 3rd

Question Title

* 2. Beyond track record, please rank the top three most important criteria to you when selecting a private equity fund manager

Please select three criteria only.

	1st	2nd	3rd
Team stability/retention strategy	Team stability/retention strategy 1st	Team stability/retention strategy 2nd	Team stability/retention strategy 3rd
Quality and quantity of GP communication	Quality and quantity of GP communication 1st	Quality and quantity of GP communication 2nd	Quality and quantity of GP communication 3rd
Adherence to ESG principles	Adherence to ESG principles 1st	Adherence to ESG principles 2nd	Adherence to ESG principles 3rd
Proven operational expertise	Proven operational expertise 1st	Proven operational expertise 2nd	Proven operational expertise 3rd
Length of investment period	Length of investment period 1st	Length of investment period 2nd	Length of investment period 3rd
Clarity of strategy	Clarity of strategy 1st	Clarity of strategy 2nd	Clarity of strategy 3rd
Competitive management fee	Competitive management fee 1st	Competitive management fee 2nd	Competitive management fee 3rd
Level of GP commitment	Level of GP commitment 1st	Level of GP commitment 2nd	Level of GP commitment 3rd
Preferential terms for early investors	Preferential terms for early investors 1st	Preferential terms for early investors 2nd	Preferential terms for early investors 3rd
Preferential terms for larger investors	Preferential terms for larger investors 1st	Preferential terms for larger investors 2nd	Preferential terms for larger investors 3rd
Level of carried interest	Level of carried interest 1st	Level of carried interest 2nd	Level of carried interest 3rd

Question Title

* 3. Please rank, in order of importance, the top three macro issues that are most likely to impact private equity over the next 12 months.

Please select three issues only.

	1st	2nd	3rd
The fate of the Eurozone	The fate of the Eurozone 1st	The fate of the Eurozone 2nd	The fate of the Eurozone 3rd
The slowdown in China	The slowdown in China 1st	The slowdown in China 2nd	The slowdown in China 3rd
Over-investment in emerging markets	Over-investment in emerging markets 1st	Over-investment in emerging markets 2nd	Over-investment in emerging markets 3rd
The LBO refinancing wall	The LBO refinancing wall 1st	The LBO refinancing wall 2nd	The LBO refinancing wall 3rd
Challenges posed by the switch to DC pension plans	Challenges posed by the switch to DC pension plans 1st	Challenges posed by the switch to DC pension plans 2nd	Challenges posed by the switch to DC pension plans 3rd
The performance of PE-backed IPOs	The performance of PE-backed IPOs 1st	The performance of PE-backed IPOs 2nd	The performance of PE-backed IPOs 3rd
Negative public perceptions of private equity	Negative public perceptions of private equity 1st	Negative public perceptions of private equity 2nd	Negative public perceptions of private equity 3rd
Tax or regulatory challenges	Tax or regulatory challenges 1st	Tax or regulatory challenges 2nd	Tax or regulatory challenges 3rd
Cheap debt pushing up prices	Cheap debt pushing up prices 1st	Cheap debt pushing up prices 2nd	Cheap debt pushing up prices 3rd
The impact of enforcement actions	The impact of enforcement actions 1st	The impact of enforcement actions 2nd	The impact of enforcement actions 3rd

Question Title

* 4. Please rank in order of importance, the top three issues around fees, terms and carry.

Please select three issues only.

	1st	2nd	3rd
Preferential terms for larger investors	Preferential terms for larger investors 1st	Preferential terms for larger investors 2nd	Preferential terms for larger investors 3rd
Waterfall arrangements	Waterfall arrangements 1st	Waterfall arrangements 2nd	Waterfall arrangements 3rd
Structuring separate account arrangements	Structuring separate account arrangements 1st	Structuring separate account arrangements 2nd	Structuring separate account arrangements 3rd
Current level of management fees	Current level of management fees 1st	Current level of management fees 2nd	Current level of management fees 3rd
Current level of carried interest	Current level of carried interest 1st	Current level of carried interest 2nd	Current level of carried interest 3rd
Paying fees to zombie funds	Paying fees to zombie funds 1st	Paying fees to zombie funds 2nd	Paying fees to zombie funds 3rd
Guarantees around future compliance liabilities	Guarantees around future compliance liabilities 1st	Guarantees around future compliance liabilities 2nd	Guarantees around future compliance liabilities 3rd
Division of expenses between LPs and GPs	Division of expenses between LPs and GPs 1st	Division of expenses between LPs and GPs 2nd	Division of expenses between LPs and GPs 3rd