Schroder GAIA II - Specialist Private Equity - Private equity in a semi-liquid structure - Carrington RHT ...
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Schroder GAIA II – Specialist Private Equity
Private equity in a semi-liquid structure
Q2 2021 Marketing Marketing
material formaterial
accredited
for professional
investors and
investors
institutional
or advisors
clients only.
Schroder GAIA II – Specialist
Private Equity
Specialist Private Equity strategy
– Building on Schroder Adveq’s 20 years relationships
– 100% private equity; global focus
– US and European SME buyouts and Asia growth companies
Semi-liquid
– Focus on buyouts using high level of secondaries and co-investments
– Liquidity tools in fund design: monthly subscriptions, quarterly redemptions
limited to 5% NAV
Increased access and flexibility
– Flexibility on holding period and rebalancing
– Simplified subscription process and evergreen format
– Transparent and economical fee structure
Source: Schroder Adveq, 2021.
Images shown are a representative sample of Schroder Adveq investments for illustrative purposes only.
2
Why Schroder Adveq
Investment Track Institutionalization ESG Client Data
Strategy Record Service Science
Global private equity Strong absolute and Schroders structure of High emphasis on Client orientated fund In-house
investor since 1997 relative performance strict governance and responsible investing operation and support data science team
control processes and UNPRI ‘A+’ rated teams located in Asia,
Focus on specialist 19% net IRR1 across all Proprietary database
Europe and USA
segments with investments since 2010 Multi-layered risk Enhanced ESG and and AI based analytics
attractive performance framework SDGs2 reporting and Dedicated Client to support investment
100+ co-investments
returns assessment framework Solutions team practice
with a 31%1 net IRR on
realised investments
Past performance is not a guide to future performance and may not be repeated.
Source: Schroder Adveq, 2021.
1Including investments from 2010–2019. Net of underlying fund fees, expenses and performance fees and gross of Schroder Adveq’s fund fees, expenses and performance fees, as calculated in €. Data as of
Q4 2020. 2UN Sustainable Development Goals.
3
Investment strategies
Global private equity focus around 3 specialist capabilities
Small to mid sized Growth investments Global
buyout investments in Asia venture capital
in Europe and US
– Upside potential through business – China and India investment focus – Emphasis on technology and life
transformation – Emphasis on domestic demand sciences
– Reduced pricing cyclicality and including consumer services and – Early stage financing of
conservative use of leverage the growing middle class game-changing companies
– Work with specialized fund – Differentiation through direct – Invest with leading access-
managers access to China RMB private restricted venture managers
equity
Source: Schroders, 2021.
4
Investment focus on five industry sectors
Alignment ensures deep insight to strategic developments
Healthcare Technology Consumer Services Industrials
Fragmented markets Disruptive technologies Rise of digital consumers Tech enablement Engineering and
manufacturing innovation
Increased consumerism Shift to the Cloud Omni-channel distribution Asset light businesses
Industrial automation
Culture of innovation Growing demand for data Consumers ‘going green’ Evolving regulation
Ownership transitions
Source: Schroder Adveq, 2021.
The logos constitute a sample of direct and indirect Schroder Adveq investments for illustrative purposes only. Performance of different investments will vary. Logos shown are the property of their respective
entity.
5
Investing and partnering with specialist managers
Focus on specialist and hard-to-access managers where investment opportunities are
most attractive
90% 50% ~ $1.5bn
of primary fund in co-investments and invested annually
investment in funds secondaries1 across specialist
smaller than $1bn1 private equity sectors1
Source: Schroder Adveq, 2021.
1Amounts are indicative of current investment volumes.
6
Strong performance track-record
IRR of all investments across strategies by vintage year
31.1%
24%
22% 21.0%
20.3% 20.1% 20.2%
20% 19.2%
17.9%
18% 16.9%
16.3%
16% 15.2%
14%
12%
10%
8%
6%
4%
2%
0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Past performance is not a guide to future performance.
Source: Schroder Adveq, 2021.
Figures shown are as of Q4 2020 and net of underlying fund fees, expenses and performance fees and gross of Schroder Adveq’s fund fees, expenses and performance fees, as calculated in €. It is not possible
to present the investment vintage performance data net of Schroder Adveq fund fees, expenses and performance fees as they vary according to the fund vehicles that invested. Further information to simulate
the net performance of the investments under specific arrangements are available upon request.
7
Specialist Private Equity Fund investment strategy
SME1 focus differentiates from other semi-liquid funds
Target allocation
– Global investment strategy focusing on
Asia Primary buyout and growth strategies
Venture/ 10–30% 0–20%
Growth 25% – SME focus to differentiate from public
markets and other private equity semi-
liquid funds
Large buyout 10–15%
US Secondaries – High emphasis on co-investments plus
30–50% 30–50%
gives high fee efficiencies
Mid buyout – Target cash balance of 10–20%,
30%
managed according to subscription
levels, liquidity requirements and
market conditions
Europe Co-Investment
Small buyout 30–50% 30–50% – Seed capital and credit facility provided
30%
by Schroders Group
Strategy Region Type
Source: Schroders, 2021.
1Small to Medium size enterprises defined as companies
2.2x TVPI on small buyouts vs. 1.8x for
large buyouts1
Smaller end of
the market Of deal flow from entrepreneurs, families
presents most >70% or corporates2
attractive
dynamics in Discount in small and mid-market
western buyout ~25% transactions vs. large buyouts for Europe
and the US3
Past performance is not a guide to future performance.
Source: Schroder Adveq, 2021.
1Total Value to Paid-in (net multiple), i.e. sum of all distributions and capital values, divided by paid-in capital. Preqin data based on top
quartile pooled performance for total sample of 2600 European and US Buyout Funds for the period 1987–2017. 2Unquote data 2021.
3Baird 2020, S&P 2020, Schroder Adveq, 2021.
9
Most deals from entrepreneurs, families, corporates
High transformation potential
Small European buyout deals by deal source
100%
>60% of deal flow in the small buyout space is sourced
90% from families
80%
70%
Family owned deals are usually proprietary sourced, which
60% give GPs strong negotiation power and attractive entry
50% prices
40%
30% Family-owned business are often subject to operational
inefficiencies, which offers strong upside potential for
20%
investors without the use of leverage
10%
0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Family/private Corporate Secondary Public to private
Source: Unquote data, Schroder Adveq, 2021.
Small buyouts: dealsSmall buyouts in Europe and US have healthy entry
pricing
EV/EBITDA purchase multiples small and EV/EBITDA purchase multiples small and large
large buyouts (Europe) buyouts (US)
Pro forma trailing EBITDA multiples Pro forma trailing EBITDA multiples
12.0x 12.0x
11.0x 11.0x
10.0x 10.0x 2.3x
9.0x 9.0x
2.3x
8.0x 8.0x
7.0x 7.0x
6.0x 6.0x
5.0x 5.0x
4.0x 4.0x
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Small buyouts: €/$500 million EV
Source: Baird 2020, S&P 2020, Schroder Adveq, 2021.
11Portfolio build up in line with strategy
Accelerated portfolio build up through co-investments and secondaries1
Co-investments Secondaries Late primaries
‒ Full draw down ‒ High draw down
Portfolio ‒ Moderate draw down
build up ‒ High visibility ‒ Broad diversification
30–50% 30–50% 0–20% ‒ Higher concentration
strategy ‒ Net return enhancing ‒ Early uplifts and early
‒ Early uplifts
distributions
Air Hydro Power Core Health NAMSA Logibec Project Golden Ampersand
Project A¹
Cont. Project A
US
ProfitSolv AMPS Pete & Gerry's Project E Project Willow
Citri&Co Init Essential Pharma TP Aerospace TGE S Waterlogic TGE II Motion fund III
Europe Norsk Gjenvinning Visma PlusDental Rad-X Project E Archimed MED Gyrus Capital I
Datamars ParkNow Corcym Project D
Project Kylin Pop Mart Legend IV Project B Loyal Valley Capital II Hony Capital Venture I
Asia
& RoW
Project C
Listed Equities2 Small/mid buyout VC/growth IC approved but not yet closed
Source: Schroder Adveq, 2021.
1The actual portfolio may have different characteristic and allocations compared to what is presented above. 2Listed equity owned as a result of an IPO currently under lock-up period. Note Projects are sorted
by expected closing date.
12Portfolio allocation as of 30 April 2021
in% of investment portfolio Fair Market Value
Listed Equities* 11% Late pimaries
Asia
Venture Capital 7% 21%
29%
Secondaries
Growth Capital 21%
16%
North America
27%
Small/mid buyouts Co-investments
62% Europe 63%
44%
Strategy Region Type
Top-5 Direct/co-investments1 Top 5 Partnership investments
Pop Mart No 1. Chinese designer toy company – IPO in Dec 2020* 10.56% Hony Ventures Fund I China early to growth stage opportunities 6.91%
Ampersand Continued Leading US based healthcare specialist manager
6.07%
]init[ German leading digital transformation agency 6.75% Fund
Loyal Valley Capital High growth opportunities in China Consumer and
Visma Software provider to small/mid enterprises 5.68% 5.01%
Advantage Fund II Healthcare sectors
LC Continued Fund IV GP-led secondary transaction in a Chinese venture and
Core Health & Fitness Producer of fitness equipment 5.49% 3.37%
growth fund
Cimarron Continuation
Essential Pharma UK-based generic pharmaceutical company 4.36% 3.05%
Fund
Source: Schroder Adveq, 2021.
1Note that we present both direct and indirect exposure such as single asset funds. *Listed equity owned as a result of an IPO currently under lock-up period.
13IA Acc USD Share class Performance since inception
Continued robust performance despite economic turbulence
155
IA USD share class (LU2005485821) 144.73
145
135
125
115
105
95
Sep 19 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21
Since
Cumulative performance (%) 1 month 3 months YTD Discrete yearly performance Apr 2020 - Apr 2021
inception
IA Acc USD Share class (Net) 1.4 2.0 3.7 44.7 IA Acc USD Share class (Net) 42.5
IA Acc USD Share class Net
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year End
Monthly Returns (%)
2019 -0.3 -0.8 1.7 0.6
2020 1.4 -0.7 -3.1 3.5 0.8 2.5 1.4 2.5 0.7 1.7 4.7 19.4 38.7
2021 1.7 3.3 -2.7 1.4
Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back
the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Source: Schroders, 2021.
14Case study: Pete & Gerry’s
US direct/co-investment
– Leading premium egg producer in the US Business case in $ million1
market – three core branded product lines 500 150
include Pete & Gerry’s organic free-range
eggs, Nellie’s free-range eggs and Consider 400 120
Pastures pasture-raised eggs
300 90
– The company sources eggs from a network of
135+ family farms across 13 states for
200 60
processing, packaging and sale nationwide
– Eggs are a highly cost-effective, convenient 100 30
and accessible protein, and the premium egg
category exhibited growth of +22% from 2017 0 0
to 2020 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E
– The company has an attractive asset-light Revenue EBITDA
business model that is insulated from
agricultural risk and significant capex
requirements
– Co-underwritten with Butterfly Equity, a
leading consumer specialist fund with
expertise in the food industry
Past performance is not a guide to future performance.
Source: Pete & Gerry’s, Butterfly Equity, Schroder Adveq, 2021.
1Entry in April 2021, data is based on the business case at entry.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
15Case study: ]init[
European direct/co-investment
– ]init[, founded 1995, is a German leading Revenue and EBITDA (in € million)
digital transformation agency with a strong 80 16
focus on the public sector
– The business is split into the segments digital
communication, IT Services and hosting 60 12
– Opportunity to invest into a profitable
growing market leading company, benefitting 40 8
from very strong underlying market trends
(>13% CAGR), backed by large public initiatives
20 4
– Schroder Adveq co-underwrote this
investment with EMERAM, a German private
equity firm investing in small-cap companies 0 0
in DACH 2016 2017 2018 2019E 2020F 2021F
– Emeram has good market knowledge due to a
portfolio company in a similar market space
– Strong interest from strategic buyers, which
could lead to an early exit within 2–3 years
Past performance is not a guide to future performance.
Source: ]init[, Schroder Adveq, 2021.
Transaction approved by Schroder Adveq Investment Committee but not yet closed.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
16Case study: Project Kavalan – Legend IV
Multi-Asset GP-led secondary transaction in a Chinese tail-end fund
Transaction details Investment thesis
Type Multi-Asset GP-led transaction – 12 companies well diversified across industries
Well-diversified (healthcare, consumer, industrials, energy)
Size $24.5 million attractive portfolio – 4 companies identified as value drivers with the
Investment date December 2019 potential to more than double in value
Strategy Growth Equity – Legend Capital is a leading Chinese GP
GP with strong track
Geography China – Schroder Adveq invested with the GP across
record
primaries, secondaries and co-investments
Portfolio description 12 assets
– Discount of 13% was negotiated, which further
Attractive transaction
increased based on positive portfolio developments
dynamics
Transaction background – LP-friendly terms: low fees and tiered carry
– Legend Capital is one of Schroder Adveq’s core relationships in China
– Legend Capital IV approached end of its lifetime in 2019. As the portfolio
contained 13 assets with substantial upside potential, a GP-led transaction
was launched
– Twelve assets (one listed company was excluded) were transferred into a
continuation vehicle with additional follow-on capital
– Schroder Adveq followed the transaction from the beginning and managed
to secure allocation as the only party alongside a lead investor
Past performance is not a guide to future performance.
Source: Legend Capital, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
17Case study: ArchiMed MED Platform fund
Late primary in European Healthcare
– Archimed is one of Europe’s most active
Company information
Healthcare investors investing in pharma services,
diagnostics, medical devices and consumer health Founded: 2014
– Founded by prior 3i Healthcare team and Location: Lyon
complemented with seasoned C-level healthcare
executives Fund vintage 2019
– MED Platform fund will build a concentrated Emphasis: Healthcare
portfolio of 6 platforms pursuing a buy and build
strategy aiming to build global niche leaders Stage: Buyout
– First 2 platforms at the time of investment include: Geography: Pan-European
– BOMI Group, Italy’s and LatAm’s leading value-add
healthcare logistics provider, and
– DHG, a specialised manufacturer of medical
pressure and mobility equipment
– Expected uplift of BOMI to 2.1x in Q3 2020 and
DHG to 1.6x in Q1 2021
– Schroder Adveq has been tracking the manager
since foundation and established good
relationship which allowed to enter the fund as a
late primary with the desired quantum despite
oversubscription
Past performance is not a guide to future performance.
Source: Archimed, Schroder Adveq, 2021.
Transaction approved by Schroder Adveq Investment Committee but not yet closed.
The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request. Logos shown are the property of their respective entity.
18Liquidity management
Risk mitigation Liquidity management tools
Portfolio diversification Redemption limit
‒ The Fund has a high mix of secondary private equity funds ‒ Net redemptions are limited to 5% per quarter
and buyout co-investments that have lower follow-on capital
calls than primary funds
‒ The portfolio is diverse by region and sector to avoid Credit facility
concentration risk ‒ A credit facility to serve capital calls (not redemptions) if there is
insufficient cash in the fund
Cash balance
Redemption discount
‒ The cash balance will be kept between 10–20% to serve
‒ The fund can sell assets to generate additional liquidity and in
redemptions and capital calls from underlying investments
the event of a discount, this can be applied to redemptions
Suspend Redemptions
‒ The Fund can suspend all redemptions for a period of up to 12
months (4x quarterly suspensions)
Special dealing procedure
‒ All redemption requests will be processed once in the year and
transacted at a Secondary Value Dealing Price reflecting the
discount obtained through secondary sales of the fund’s assets
Source: Schroder Adveq, 2021.
19Liquidity mechanics of the fund
Schroders controls the liquidity of the fund through multiple tools and processes
Inflows Outflows
Offset against subscriptions
1 Fund liquidity 4
Investor subscriptions
Investor redemptions
(monthly) via paid-in and Fund cash balance (≤5% net per quarter)
investor commitments Target 10–20%
2 Investment portfolio 5
Distributions from New investment
investments and commitments and Capital calls
secondary sales Uncalled investor commitments secondary purchases
(I/IA class)
3 6
Drawdown credit facility Credit facility
to fund capital calls (not Repay credit facility
investor redemptions)
Cash inflow management tools Cash outflow management tools
1. Subscription suspension through soft & hard close of share class. Management of large 4. Redemptions require 90 days notice. Net redemptions capped at 5% per quarter, with
inflows via commitment process possibility of suspensions
2. Focus on co-investments and secondaries in buyouts with high investment level and shorter 5. Dynamic investment pipeline leveraging Global investment process. Target fundraise of
holding periods/higher distributionAccess designed for two investor types
Terms summary
Intermediaries Institutional
Description Currencies Description Currencies
Share classes Institutional share class with fees charge
C clean fee share class USD, EUR, CHF IA USD, EUR, CHF
and currencies directly
A/A1 share class with retrocession and initial fee (A1) USD, EUR
Target clients1 Professional and qualified investors Institutions, Multi-manager funds, Family offices
Minimum subscription $50’000 $5 million
– Standard process – Commitment approach – set out in IA-class agreement with
– Last Business Day in each calendar month with 10 days notice each investor
Subscription process
period (T-10) – Timing of subscription subject to Schroders discretion according
to investment pipeline and liquidity levels
Management fees C-Class 1.45% Management fees: up to 1.20%
Management fee on A-Class up to 1.90%
fund level
No performance fee at the fund level No performance fee at the fund level
– Last Business Day in March, June, September and December with 90 days notice period
Redemption process – Up to 5% net redemptions (for the fund) per quarter. If exceeded, redemptions dealt with on a prorate basis.
Past performance is not a guide to future performance.
Source: Schroders, 2021.
1The Fund may be suitable for Investors with a longer term investment horizon and who are more concerned with long-term returns than short-term losses.
The Investor has a risk tolerance and assets high enough to absorb potential losses associated with investing in private equity companies. The Fund is not intended for retail Investors; it is intended for
institutional Investors, Investors who are advised by a professional investment adviser and sophisticated Investors. A sophisticated Investor means an Investor who understands the Fund’s strategy,
characteristics and risks in order to make an informed investment decision; and understands the liquidity profile of this Fund and understands and is comfortable with the potential for periods of illiquidity.
21Making private equity accessible
Liquidity transformation through fund structure
Structured under Part II of Luxembourg SICAV Law
Schroder Monthly subscriptions, quarterly net redemptions of up to 5%
GAIA II Low entry barrier – Minimum subscription of $50’000
Specialist Evergreen structure with no calls or distributions to process
Private Equity Fees based on NAV, not 'committed' capital
Diversified portfolio for balanced exposure
Flexibility to allow rebalancing of investment
EU AIF to meet distribution requirements for EU-based intermediaries
Source: Schroders, 2021.
22Risk considerations
While private equity investments offer potentially significant capital returns, funds and companies may face business and financial uncertainties. There can be no assurance
that their use of the financing will be profitable to them or to any Fund. Investing in private equity and venture capital funds and unlisted companies entails a higher risk
than investing in companies listed on a recognised stock exchange or on other regulated markets. This is in particular because of the following major risk factors:
Private equity investments typically display uncertainties which do not exist to the same extent in other investments (e.g. listed securities). Private equity investments may be
Investment risk in entities which have only existed for a short time, which have little business experience, whose products do not have an established market, or which are faced with
restructuring etc. Any forecast of future growth in value may therefore often be encumbered with greater uncertainties than is the case with many other investments.
Capital loss risk The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.
Market risk Market risk is the risk of investment losses due to negative effects of the capital markets on the overall performance of the fund.
The fund will have an investor commitment/draw-down funding model which exposes the investment vehicle to the credit risk of its investors. If an investor fails to comply
Credit risk with a drawdown notice, the investment vehicle may be unable to pay its obligations when due.
Given the illiquid nature of private equity investments, investing in private equity are subject to asset liquidity risk. This liquidity risk is a result of the likelihood that a loss
Liquidity risk from current net asset value would be realised if an asset in the fund needed to be sold quickly in the secondary market to meet the obligations of the fund.
Investments in companies or instruments which are denominated in currencies other than the fund’s respective currency expose the fund to the risk of losses in case foreign
Currency risk currencies depreciate.
Operational risks are risks of loss resulting from inadequate or failed internal processes, people and systems, or from external events conducted by Schroder Adveq and the
Operational risk managers the fund will invest alongside.
It may be difficult to find appropriate pricing references in respect of unlisted investments. This difficulty may have an impact on the valuation of the portfolio of investments
Valuation risk of a Sub-Fund. Certain investments are valued on the basis of estimated prices and therefore subject to potentially greater pricing uncertainties than listed securities.
Investment objectives express an intended result but there is no guarantee that such a result will be achieved. Depending on market conditions and the macro economic
Performance risk environment, investment objectives may become more difficult to achieve.
Emerging markets
Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty and operational risk.
and frontier risk
Source: Schroders, 2021.
23Annex
Case study: Citri&Co
European direct/co-investment
– Citri&co is the largest European vertically Revenue and EBITDA (in € million)1
integrated producer of citric fruits with ~450m 800 160
in revenues and ~60m EBITDA
– Citri&co comprises four companies/brands, 600 120
with market leading positions in the sales of
oranges, lemons, and stone fruits in Europe
– As an integrated supplier, Citri&co is a 400 80
preferred supplier for large retailers (product
range, supply and quality, full traceability,
200 40
expertise in organic)
– Schroder Adveq will invest alongside Miura,
Spanish small buyout specialist focusing on 0 0
investments in the Mediterranean region (and 2016 2017 2018 2019F 2020E 2021E
with deep previous knowledge of Citri&Co
– Investment thesis based on the continuation
of a well structured growth plan: steady
market share gain from cooperatives and
traders, accretive buy and build and cross-
selling synergies
Past performance is not a guide to future performance.
Source: Citri&Co, Schroder Adveq, 2021.
1Entry in June 2019, data is based on the business case at entry.
Transaction approved by Schroder Adveq Investment Committee but not yet closed.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
25Case study: Loyal Valley Capital
Late primary in China
– Loyal Valley Capital is an emerging manager Company information
who specialises in capturing high growth
opportunities New Consumer and Founded: 2015
Healthcare sectors
Location: Shanghai
– Seasoned team with core members from
Emphasis: Consumer and healthcare
entrepreneurial and investment backgrounds
in financial service industry Stage: Growth/early
– Showing solid performance and potentials Geography: China
with emphasis on liquidity and value add
– Schroder Adveq has been tracking the
manager and established good relationship to
be able to work together on transactional
opportunities
– Strong underlying portfolio performance;
early valuation up-lift expected
Past performance is not a guide to future performance.
Source: Loyal Valley Capital, Schroder Adveq, 2021.
Transaction approved by Schroder Adveq Investment Committee but not yet closed.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
26Case study: Essential Pharma
European direct/co-investment
– Essential Pharma is a UK-based generic Revenue and EBITDA (in £ million)
pharmaceutical company founded in the 100 80
1980's by Navin Engineer, a pharmacist and
entrepreneur
80
– Over the last 9 years the company has grown 60
EBITDA by the factor 5
60
– Very promising opportunity to invest in a 40
unique business model with 77% EBITDA 40
margin and over 90% cash conversion at a
very attractive entry valuation 20
20
– The business addresses long-term and
growing issue of shortages of low volume but 0 0
clinically important drugs 2016 2017 2018 2019E 2020F 2021F
Past performance is not a guide to future performance.
Source: Essential Pharma, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
27Case study: Project Alpha – Tikehau Growth Equity (TGE)
GP-led transaction giving access to a portfolio of high-quality assets
– Schroder Adveq acquired six high-quality Schroder Adveq strategy fit Score
assets from the French asset manager
Tikehau and at the same time committed to Core strategy
Tikehau’s new growth equity fund Unique angle (intermediation)
– The lead buyer Rothschild prepared the deal
Information advantage
for several years and Schroder Adveq was
invited because of the strong reputation as an Performance potential
LP
Discount
– Schroder Adveq entered at a later stage with
better visibility on performance while paying High Medium Low
the same price as the lead buyer
– The portfolio companies show high growth
rates and stable margins while still being
conservatively valued
– The new growth equity fund already
completed six investments and profits from
the Tikehau’s global platform
Past performance is not a guide to future performance.
Source: Tikehau Growth Equity, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
28Case study: Core Health and Fitness
– Vertically integrated commercial fitness Revenue and EBITDA (in $ million)
equipment manufacturer with strong market 280.0 30.0
share across key cardio and strength sectors
– Products are sold under the StairMaster, 240.0
24.0
Schwinn, Nautilus and Star Tac brands into the 200.0
commercial channel
18.0
– Only supplier of scale that combines US led 160.0
product development with wholly owned, low-
120.0
cost manufacturing from China 12.0
– Diversified customer base with 1,750+ active 80.0
customers primarily in the high value, low 6.0
40.0
price (“HVLP”) segment of the market
– Significant operational improvements 0.0 0.0
identified, new product initiatives, expansion 2017 2018 2019E 2020F 2021F
of existing client wallet share and geographic
expansion
– Highly robust and resilient market with long
term, secular trends supporting continued
growth; limited cyclicality
Past performance is not a guide to future performance.
Source: Core Health and Fitness, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
29Case study: Air Hydro Power, Inc.
– Value-added distributor of engineered Revenue and EBITDA (in $ million)
industrial fluid power and automation
solutions 140.0 16.0
– HQ in Louisville, Kentucky with established 120.0
leading position 12.0
100.0
– Provide products to OEMs and MROs
customers, creating a more defensible 80.0
8.0
position in an economic downturn 60.0
– One of the few value-added distributors that
40.0
offers full suite of services combined with 4.0
technical expertise 20.0
– Significant investment already made in team 0.0 0.0
and infrastructure, well positioned to expand 2016 2017 2018 2019E 2020F 2021F
its product offering and geographic reach via
strategic acquisitions
– GP has more than 10 year relationship with
the Company’s owners
Past performance is not a guide to future performance.
Source: AHP, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
30Case study: Motion
Late primary in Europe, France
– Transformational manager with focus on high Company information
margin businesses with strong buy-and-build
cases mainly in the services, healthcare, Founded: 2002
consumer and other asset-light industries
Location: France
– Fund III is a late primary that has good
Emphasis: Transformational buyouts in France
transactional dynamics with three attractive
deals in the fund Buy and build / international
Stage:
expansion
– Opportunity to invest in a transformational GP
with a resilient team in a fund that is expected Geography: France
to be fully deployed within 18 months
– Schroder Adveq’s other funds have already
invested in Motion III in 2017 as well as
completed two co-investments alongside this
manager
Past performance is not a guide to future performance.
Source: Motion Equity Partners, Schroder Adveq, 2021.
Transaction approved by Schroder Adveq Investment Committee but not yet closed.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
31Case study: TP Aerospace
European direct/co-investment
– Founded in 2008, TP Aerospace is one of the Business case in € million
largest independent wheels and brakes 120 50
aftermarket service providers to airlines with a 45
global footprint 100
40
– Sales grew by 22% p.a. between 2016 and 80
35
2019 and performance continuously exceeded 30
expectations 60 25
20
– Due to COVID-19, travel bans have been 40
15
imposed in all regions of the world, grounding
10
the aircraft business and affecting financials 20
significantly in the short-run 5
0 0
– The company is well positioned with a 2013A 2014A 2015A 2016A 2017A 2018A 2019A
specialized product offering. The business
Revenue EBITDA
model is robust and in the short term
expected to benefit from growth in air freight,
whilst over the mid-long term will gain from a
recovery in passenger air traffic
– The Fund injected capital in April 2020
Past performance is not a guide to future performance.
Source: TP Aerospace, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
32Case study: Norsk Gjenvinning¹
European direct/co-investment
– Norsk Gjenvinning (NG) is the Norwegian Business case in € million
leader in the waste management industry, 4x
larger than its second largest competitor 600
– The company operates 8 division, of which 500
recycling (46% revenues) and metal (20%
revenues) are the largest 400
– NG had outperformed Summa’s base case for 300
2018 and 2019 in terms of revenues, but
underperformed in EBITDA due to Chinese 200
embargo towards waste imports and a fire in 100
NG’s paper facility
0
– From March 12th, Norwegian authorities
2015A 2016A 2017A 2018F 2019F 2020F 2021F 2022F
started the lock down, leading to a reduction
Revenues EBITDA
in activity and volume in some divisions of NG
– These short-term challenges provided
Schroder GAIA II Specialist Private Equity the
opportunity to invest at an attractive valuation
and preferred terms with exit projections
between 2.0x and 3.3x
– Schroder Adveq already invested in February
2018
Past performance is not a guide to future performance.
Source: Norsk Gjenvinning, Schroder Adveq, 2021.
¹IC approved, but not closed yet.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
33Case study: Project Kylin
Largest privately owned retailing group in China
– Founded in 1994, Wumart is a leading grocery Wumart Full Ecosystem
retail group in China
– Project Kylin is to consolidate Wumart and
Metro China 500+ super/hypermarkets across
China as the largest privately owned retailing
group, meanwhile expanding the online e-
commerce platform via Dmall
– Investment thesis is based on robust market
demands, top industry positioning, full
ecosystem, and further synergy potentials
– The project has clear exit path and is expected
to generate good return with a near term
liquidity
– In 2020, Schroder Adveq has approved a $25m
co-investment alongside IDG Capital, a well
established GP and long existing relationship
Past performance is not a guide to future performance.
Source: Wumart, Metro China, Dmall, IDG, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
34Case study: Visma
European direct/co-investment
– Leading provider of business critical software Business case in NOKbn
to small and medium-sized enterprises and
the public sector in the Nordic & Benelux 45
regions 40
35
– # 1 SaaS company in Europe with +70% SaaS 30
revenue with high IP business critical product 25
sold into a distributed customer base
20
– Tech savvy economies growing at 6% 15
10
– High barriers to entry with a market protected
5
by complex regulations and languages
0
– Back a best-in-class management team with 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P
proven track record of creating value for
investors Revenues EBITDA
– Schroder Adveq co-invested in 2019 and again
in 2020 alongside Hg, a pan European
Technology specialist
Past performance is not a guide to future performance.
Source: Visma, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
35Case study: POP MART
Co-investment opportunity in China
– No.1 China fashion/designer/art toy company, Business highlights
who has built a strong brand and develops
extremely fast in recent years
Product
– Rapid growth driven by new consumption
trend
Supply chain
– Well built ecosystem with high margin and
solid cash flow
Customer
– Very competitive transaction with favourable base
terms negotiated
– Visible near term liquidity plan Distribution
– Schroder Adveq closed the co-investment in
0 1 2 3 4 5
Q3 2020 alongside Loyal Valley Capital, an
emerging manager specialized in consumer
and healthcare spaces
Past performance is not a guide to future performance.
Source: Pop Mart, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
36IPO: POP MART
Co-investment in China
Market Cap. in HKD billion
– Schroder GAIA II invested $5m in POP MART in Sep
160
2020 alongside Loyal Valley
140
– POP MART is the No.1 China fashion/designer/art 120 IPO
toy company, who has built a strong brand and 100
popular following in recent years driven by new 80 Schroder GAIA II invested
consumption trend 60
– In Dec 2020 POP MART raised $676m in an initial 40
public offering, which gave the company a 20
valuation of $7bn ahead of the trading debut 0
03 May-21
10 May-21
17 May-21
24 May-21
31 May-21
05 Oct-20
12 Oct-20
19 Oct-20
26 Oct-20
07 Dec-20
14 Dec-20
21 Dec-20
28 Dec-20
31 Aug-20
02 Nov-20
09 Nov-20
16 Nov-20
23 Nov-20
30 Nov-20
04 Jan-21
11 Jan-21
18 Jan-21
25 Jan-21
07 Sep-20
14 Sep-20
21 Sep-20
28 Sep-20
01 Feb-21
08 Feb-21
15 Feb-21
22 Feb-21
05 Apr-21
12 Apr-21
19 Apr-21
26 Apr-21
01 Mar-21
08 Mar-21
15 Mar-21
22 Mar-21
29 Mar-21
– The IPO had been under consideration for a year
but the company and its advisors held off until the
Coronavirus pandemic passed in China
Private ownership valuation Market Cap (9992.HK)
– With 136 mainland China stores and over a
thousand vending machines, POP MART plans to
use some of its IPO proceeds to open another 183
shops and 1,800 mobile outlets over the next two
years
– Pop Mart’s return based on end of May 2021
market cap of ~$12.9bn and entry valuation of
~$2.5bn is about 5x
Past performance is not a guide to future performance.
Source: Public available information, Pop Mart, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
37Case study: Project Golden
Proprietary secondary transaction on high quality portfolio of direct and fund interest
Transaction details Investment thesis
Type LP Portfolio – Near-term distribution potential to return a
Near-term liquidity meaningful portion of cost
Size $18.4 million potential – Main value driver, Red Monkey, was sold 2 months
Investment Date September 2020 after closing at a large uplift to our price (1.6x cost)
Strategy Small cap/growth – Portfolio generated strong performance with
Portfolio of quality,
Geography USA resilience through Covid-19
high-growth assets
– Low leverage across the portfolio
Portfolio Description LP fund interest +3 co-investments
Attractive transaction – Secured exclusivity after first round of diligence
dynamics
Transaction background – Well positioned as the preferred new investor with GP
– Schroder Adveq acquired a portfolio of high quality direct investments and
a fund interest managed by San Francisco Equity Partners
– Seller was looking to generate liquidity for its platform to transition to
backing independent sponsors on a deal by deal basis
– Interacted directly with the seller and negotiated exclusivity to finalize
price and terms
– Schroder Adveq was a favored counterparty for both the GP and seller,
given its ability to close the transaction by Q3 2020
Past performance is not a guide to future performance.
Source: San Francisco Equity Partners, Redmonkey Foods, Jane Iredale, Brazi Bites, Brümate, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
38Exit of Red Monkey Foods (Project Golden)
Exit after two months investment period generating 1.6x net TVPI
– Schroder Adveq acquired a fund interest of San Entry Exit
Francisco Equity Partners in Sep 2020 with ~50% of
the portfolio being Red Monkey Foods Date: Sep 2020 Dec 2020
– Red Monkey is a provider of organic spices &
seasonings, gourmet salts and bath salts, sold EV/EBITDA 9x 13x
primarily through the grocery, mass, specialty and
e-commerce channels Amounts GAIA II $2.8m invested $4.32m proceeds1
– The company has become the market leader in
organic store brand spices & seasonings and Performance 1.64x net TVPI >100% net IRR
controls two high-growth salt brands
– In Dec the GP announced that it has sold Red
Monkey to Norwest Equity Partners
– The sale will generate 0.7x DPI at closing for
Project Golden (0.8x with escrow) at 1.6x uplift to
our entry price
– Exit proceeds came in above SA’s base case
underwriting and one year earlier
– 95% of sale proceeds were distributed in Dec 2020
with the remainder in escrow
Past performance is not a guide to future performance.
Source: San Francisco Equity Partners, Schroder Adveq, 2021.
1$0.2m held in escrow will be added to proceeds.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
39Case study: Ampersand Continuation Fund
GP-led continuation vehicle
– Ampersand is a core relationship, dating back GP information
more than 20 years, and one of the leading US
based healthcare specialist managers Founded: 1988
– Deep industry expertise in contract Fund size: ca. $830 million
manufacturing, specialty materials and
Location: Wellesley, MA
medical devices
Proprietary transactions in the industrial
– Achieved five top quartile funds in a row since Emphasis: healthcare space where Ampersand can
1999, all >2.5x net MOIC utilize it’s sector expertise to create value
– Continuation fund consists of three existing Geography: US and Western Europe
portfolio company positions from their
predecessor funds, with one company,
Confluent, accounting for almost 90% of the
total FMV
– Confluent is a provider of contract design and
manufacturing services to the medical device
industry with strong underlying market
dynamics
– Confluent has grown very successfully under
Ampersand’s ownership and has a very strong
outlook, both organically and via M&A
Past performance is not a guide to future performance.
Source: Ampersand Capital, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
40Case study: Gyrus Capital
Late primary in Transformational Healthcare specialist
– Transformational specialist manager with Company information
focus on complex transactions in the
healthcare and sustainability sectors Founded: 2018
– The Fund is a late primary that has good Location: Switzerland
transactional dynamics with three attractive
Emphasis: Healthcare & sustainability sectors
resilient healthcare deals expected to close in
Q1 2021 (over 35% of total fund size will be Stage: Transformational specialist
already deployed)
Geography: Western Europe
– Gyrus is focused on three key drivers of
returns:
– Value: situational complexity yields attractive
risk pricing (i.e. 2 deals in signing are carve-
outs)
– Transformation: high potential to transform
the profile of the assets and
– Growth: markets with strong and sustainable
growth drivers
– Schroder Adveq already completed one co-
investment alongside this manager in 2019
(Essential Pharma)
Past performance is not a guide to future performance.
Source: Gyrus, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
41Case study: PlusDental
Disruptive digitally-enabled direct-to-consumer dentistry platform
– High growth direct-to-consumer digital Revenue development (€m)
dentistry platform offering invisible aligners to
treat dental misalignments 250
– Focus on sales & marketing and high-volume 200
manufacturing of quality aligners
– 3D scanning has been outsourced to 150
partnered dentist, allowing for an efficient
100
scale-up as no own sites have to be opened
– Market leader in the DACH region and now 50 >30
expanding throughout Europe 13
3
0
– Raised €32m from PingAn VC, Holtzbrinck VC 2018A 2019A 2020B 2021E 2022E 2023E
and Lakestar to fund expansion in May-2020
DACH Rest of Europe
– Schroder Adveq acquired secondary shares
mainly from business angel who backed the
company at seed stage
– Despite strong monthly growth, shares
acquired in October 2020 at ~16% discount to
May valuation
– Investment sourced by deal-by-deal group
Cadence Growth
Past performance is not a guide to future performance.
Source: PlusDental, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request. Logos
shown are the property of their respective entity.
42Case study: Hony Ventures
Late primary in China
– Hony Ventures is the new strategy emerged Company information
from Hony Capital to capture the early to
growth stage opportunities in China Founded: 2020
– A late primary opportunity with a highly visible Location: Beijing and Shenzhen
portfolio comprised of half warehoused deals Digital consumer and enterprise
and a clear pipeline Emphasis:
service
– There have been some promising Stage: Venture/ early growth
developments in relation to the warehoused
Geography: China
portfolio, with a high conviction that the core
asset (Perfect Diary) is expected to return the
entire fund in the near term
– The fund was largely oversubscribed within a
short period of time, and Schroder Adveq was
the only investor without being scaled back
and obtained one board seat in the fund
Past performance is not a guide to future performance.
Source: manager, Schroder Adveq, 2021.
Transaction approved by Schroder Adveq Investment Committee but not yet closed. There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for
illustrative purposes only. A full list of all investments can be provided upon request. Logos shown are the property of their respective entity.
43IPO: Perfect Diary (Hony Capital)
Early exit out of a Late primary in China
Market Cap. in $billion
– Schroder GAIA II invested $10m in the primary
18
fund Hony Capital Venture I in Nov 2020, which IPO
16
invested in Perfect Diary which corresponds to a 14
exposure for Schroder GAIA II of $4.0m 12
10
– With chat groups, video streams and low prices,
8
Perfect Diary emerged out of nowhere four years 6
ago to become a cosmetics giant for the digital 4 Schroder GAIA II invested
age, trailing only L'Oréal and LVMH in the world's 2
No. 2 market for make-up 0
01 May-21
08 May-21
15 May-21
22 May-21
31 Oct-20
05 Dec-20
12 Dec-20
19 Dec-20
26 Dec-20
07 Nov-20
14 Nov-20
21 Nov-20
28 Nov-20
02 Jan-21
09 Jan-21
16 Jan-21
23 Jan-21
30 Jan-21
06 Feb-21
13 Feb-21
20 Feb-21
27 Feb-21
03 Apr-21
10 Apr-21
17 Apr-21
24 Apr-21
06 Mar-21
13 Mar-21
20 Mar-21
27 Mar-21
– In Dec 2020 Perfect Diary raised $617m in an initial
public offering
– The company plans to use the proceeds from the Private ownership valuation Market Cap (YSG.NYSE)
IPO to strengthen its position in the domestic
market for the development of data analytics
technology, product development, potential
strategic investments, acquisitions and to open
600 to 1,000 stores
– Perfect Diary’s return based on end of May 2021
market cap of ~$7.1bn and entry valuation ~$2.5bn
is 2.8x
Past performance is not a guide to future performance.
Source: Public available information, Hony Capital, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
44Case study: North American Science Associates
Leading CRO partner to Medical Devices industry
– NAMSA is the globally leading Clinical Revenue development (€m)
Research Organisation for pre-clinical safety
testing for medical devices
500
– Outsourcing partner to virtually all relevant
Northern American and European medical 400
device OEMs, including the top 30 globally
300
– Schroder Adveq co-invested alongside
200
Archimed, Europe’s leading healthcare GP
with a focus on pharma and medical devices 100
– Value creation plan:
0
– Expand market share and benefit from 9–10%
2017A
2018A2
2019A
2020B
2021E
2022E
2023E
2024E
2025E
organic industry growth
– Grow Clinical business and leverage strong
customer relationships from Pre-Clinical side
Organic Revenue M&A revenue
– Execution of defined M&A strategy to
consolidate highly fragmented CRO market
with completion of 2 add-ons still expected for
2020
Past performance is not a guide to future performance.
Source: NAMSA, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
45Case study: Rad-x
Case study: Buy-and-build in diagnostics imaging in Switzerland and Germany
– Rad-x founded in 2016 by Gilde Healthcare Number of majority owned sites
and seasoned healthcare executives with goal
of consolidating a fragmented diagnostic Schroder Adveq investment 19
20 18
imaging market 16
14
– Schroder Adveq entered 4 years after Gilde 15
12
had established the legal and corporate 10
10
infrastructure required to scale, significantly 6 6
de-risking investment 5
4
– Schroder Adveq providing growth capital to
expand within Swiss and German radiology 0
market via buy and build strategy
Q3 2020
Q4 2020
2021E
2022E
2023E
2024E
2017
2018
2019
– Value creation plan:
– Acquire smaller sites at discount valuations
– Generate equipment procurement savings
– Secure maintenance and staffing synergies
across regional clusters CAGR 2020B–2024E
– Further develop high-growth teleradiology Revenue: 19%
service
EBITDA: 32%
EBITDA margin 2024E: 25%
Past performance is not a guide to future performance.
Source: Rad-x, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
46Case study: Logibec
Innovative IT solutions to optimize tasks of healthcare employees and patient care
– Quebec based software company offering Revenue and EBITDA (in CAD$ million;
administrative, clinical and analytics software FYE Sept.)
to healthcare facilities and systems
CAD 150
– Highly specified software packages to meet
the needs of single payer healthcare systems CAD 125
such as Canada and other nations globally
CAD 100
– Platform has sticky customer base (105% net
retention) with long contracts (3-5 year CAD 75
contracts)
CAD 50
– Logibec is a ~80%+ recurring revenue
business with high margin profile and strong CAD 25
FCF conversion CAD 0
– Meaningful M&A opportunities actionable in 2017A 2018A 2019A 2020A 2021E 2022E
the 12 months after close to drive down entry Revenue EBITDA
valuation multiple of 10.8x EBITDA
– Co-underwritten with Novacap, a leading
technology focused buyout fund based in
Canada with significant healthcare IT
expertise
Past performance is not a guide to future performance.
Source: Logibec, Novacap, Schroder Adveq, 2021.
There can be no guarantee that Schroder Adveq will receive the planned allocations. The companies shown are for illustrative purposes only. A full list of all investments can be provided upon request.
Logos shown are the property of their respective entity.
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