Macquarie Global Private Equity Securities Fund
Macquarie Global Private Equity Securities Fund March 2006
This document is © Copyright 2006, IWL Limited ABN 53 078 119 212. The material contained in this document is subject to copyright and may not be reproduced without written permission of the owner. IWL Limited ® is a registered trade mark of IWL Limited ABN 53 078 119 212.
Disclaimer: This report is prepared for clients of InvestorWeb Research, a division of IWL Ltd. The report contains recommendations and advice of a general nature and does not have regard to the particular circumstances or needs of any specific person who may read it. Each client should assess either personally or with the assistance of a licensed financial adviser whether the InvestorWeb Research recommendation or advice is appropriate to their situation before making an investment decision. The information contained in the report is believed to be reliable, but its completeness and accuracy is not guaranteed. Opinions expressed may change without notice. IWL Ltd does not accept any liability, whether direct or indirect arising from the use of information contained in this report. No part of this report is to be construed as a solicitation to buy or sell any investment. The performance of the investment in this report is not a representation as to future performance or likely return.
Please contact IWL on 03 9691 1600 or www.iwl.com.au
Page i
Table of Contents 1
InvestorWeb Research Rating and Investment Guidelines .............................................................. 1 1.1
Rating ...........................................................................................................................................1
2
Rating Applies to ................................................................................................................................... 2
3
Fund Details............................................................................................................................................ 3
4
Analyst Viewpoint.................................................................................................................................. 4
5
Executive Summary .............................................................................................................................. 6
6
Macquarie Global Private Equities Securities Fund........................................................................... 7 6.1 6.2
7
Private Equity Investing ....................................................................................................................... 10 7.1 7.2 7.3
8
General Information................................................................................................................10 Listed Private Equity Risk/Return Profile................................................................................11 Persistence in Performance in Private Equity Managers..................................................13
Investment Team Assessment............................................................................................................ 16 8.1 8.2 8.3
9
MIML Experience in Private Equity ..........................................................................................7 Fund Structure ............................................................................................................................7
Investment Team .....................................................................................................................16 Depth of Investment Team ....................................................................................................16 Division of Responsibilities.......................................................................................................17
Style and Investment Process Assessment....................................................................................... 18 9.1 9.2 9.3
Investment Philosophy ............................................................................................................18 Fund Objective ........................................................................................................................18 Investment process. ................................................................................................................18
10 Business Overview ............................................................................................................................... 22 10.1 10.2 10.3
Ownership ...............................................................................................................................22 Profitability...............................................................................................................................22 Directors and Relevant Experience ...................................................................................22
Page ii
1
InvestorWeb Research Rating and Investment Guidelines 1.1
Rating InvestorWeb Research uses a six star rating system. We have developed a Model, which ensures that all funds are evaluated in a consistent and transparent manner. Our ratings system places products into one of six possible ratings categories. These are outlined below. Stars
Rating
Rating Score (from a total of 100)
6
Exceptional Buy
86+
5
Strong Buy
75-85
4
Buy
65-74
3
Investment Grade
50-64
2
Avoid
40-49
2 or 1
Sell
This document is © Copyright 2006, IWL Limited ABN 53 078 119 212. The material contained in this document is subject to copyright and may not be reproduced without written permission of the owner. IWL Limited ® is a registered trade mark of IWL Limited ABN 53 078 119 212.
Disclaimer: This report is prepared for clients of InvestorWeb Research, a division of IWL Ltd. The report contains recommendations and advice of a general nature and does not have regard to the particular circumstances or needs of any specific person who may read it. Each client should assess either personally or with the assistance of a licensed financial adviser whether the InvestorWeb Research recommendation or advice is appropriate to their situation before making an investment decision. The information contained in the report is believed to be reliable, but its completeness and accuracy is not guaranteed. Opinions expressed may change without notice. IWL Ltd does not accept any liability, whether direct or indirect arising from the use of information contained in this report. No part of this report is to be construed as a solicitation to buy or sell any investment. The performance of the investment in this report is not a representation as to future performance or likely return.
Please contact IWL on 03 9691 1600 or www.iwl.com.au
Page i
Table of Contents 1
InvestorWeb Research Rating and Investment Guidelines .............................................................. 1 1.1
Rating ...........................................................................................................................................1
2
Rating Applies to ................................................................................................................................... 2
3
Fund Details............................................................................................................................................ 3
4
Analyst Viewpoint.................................................................................................................................. 4
5
Executive Summary .............................................................................................................................. 6
6
Macquarie Global Private Equities Securities Fund........................................................................... 7 6.1 6.2
7
Private Equity Investing ....................................................................................................................... 10 7.1 7.2 7.3
8
General Information................................................................................................................10 Listed Private Equity Risk/Return Profile................................................................................11 Persistence in Performance in Private Equity Managers..................................................13
Investment Team Assessment............................................................................................................ 16 8.1 8.2 8.3
9
MIML Experience in Private Equity ..........................................................................................7 Fund Structure ............................................................................................................................7
Investment Team .....................................................................................................................16 Depth of Investment Team ....................................................................................................16 Division of Responsibilities.......................................................................................................17
Style and Investment Process Assessment....................................................................................... 18 9.1 9.2 9.3
Investment Philosophy ............................................................................................................18 Fund Objective ........................................................................................................................18 Investment process. ................................................................................................................18
10 Business Overview ............................................................................................................................... 22 10.1 10.2 10.3
Ownership ...............................................................................................................................22 Profitability...............................................................................................................................22 Directors and Relevant Experience ...................................................................................22
Page ii
1
InvestorWeb Research Rating and Investment Guidelines 1.1
Rating InvestorWeb Research uses a six star rating system. We have developed a Model, which ensures that all funds are evaluated in a consistent and transparent manner. Our ratings system places products into one of six possible ratings categories. These are outlined below. Stars
Rating
Rating Score (from a total of 100)
6
Exceptional Buy
86+
5
Strong Buy
75-85
4
Buy
65-74
3
Investment Grade
50-64
2
Avoid
40-49
2 or 1
Sell
