SEE WHAT’S NEW AND NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 96 - May 24, 2013: - Green for Go: Outlook for International Investing Based on Market Psychology - Billion Dollar Internet Security Software Buyout - Middle East Asset Managers Allocate More to PE in 2013; Invesco Study - Private Equiteers Moving to Family Offices - Top 10 Technology Deals in 2013 - Quote of the Week: Hitting a BRIC Wall3

1. DIGEST 96SEE WHAT’S NEW AND NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 96
May 24, 2013
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Green for Go: Outlook for International
Investing Based on Market Psychology
Billion Dollar Internet Security Software
Buyout
Middle East Asset Managers Allocate More
to PE in 2013; Invesco Study
Private Equiteers Moving to Family Offices
Top 10 Technology Deals in 2013
Quote of the Week: Hitting a BRIC Wall
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BILLION DOLLAR INTERNET SECURITY
SOFTWARE BUYOUT
This week’s deal of the week looks to be a USD 1 billion buyout by Vista Equity Partners which is
looking to acquire Websense, an American maker of software and services designed to help protect
companies against cyber-attacks and data theft, according to the WSJ. The take-private transaction is
meant to improve the competitive standing of the security software company.
Image source: MarketPsych Data
GREEN FOR GO: OUTLOOK FOR
INTERNATIONAL INVESTING BASED ON
MARKET PSYCHOLOGY
The countries that are looking attractive for investment include Russia and Pakistan, according to a
special report from MarketPsych Data provided to DealMarket Digest this week. The chart shows the
latest market outlook based on a range of indicators tracked by MarketPsych. Green-hued countries
represent strength and are targets for currency, stock, and equity investments, according to the data
provider, while orange-hued countries represent weakness and should be sold or avoided. The
information and data are useful for PE investors, according to Richard L. Peterson of MarketPsych
Data, because it can help investors avoid "bubbly" markets and buy into depressed ones that are
about to reverse.

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PRIVATE EQUITEERS MOVING TO FAMILY
OFFICES
Family offices and private equity firms may soon be competing with each other for investment
managers, according to an article about family office trends in Business Insider. In recent times as a
result of a greater interest in PE investment, family offices have begun to tap existing private equity
professionals to source opportunities, conduct thorough due diligence, negotiate transactions, and
work with the acquired companies. PE pros are attracted, according to the article, because the PE
industry is changing in response to tax questions and realization of carry so that the idea of working
for an office under a more flexible policy becomes more attractive.
Major sovereign governments and sovereign wealth funds (SWFs) in the Middle East are increasingly
considering new private equity models for investment, according to the fourth annual Invesco Middle
East Asset Management Study. Allocation to PE has increased by 8% on average over the past three
years, according to the 2013 study. Nearly all SWFs started out investing into funds but many have
moved (or are considering a move) to co-investment or direct models. The report also says Co-
investment is the logical next step for an SWF of material size looking to increase its exposure or
reduce costs or liquidity risk. Meanwhile, direct operations are attractive to those who feel they can
compete with private equity firms or want to access particular strategies not aligned to the large
private equity houses.
Image source: Invesco Middle East Asset
Management Study
MIDDLE EAST ASSET MANAGERS
ALLOCATING MORE TO PE IN 2013;
INVESCO STUDY

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10 TECHNOLOGY DEALS IN 2013
New data from Internet DealBook, which
tracks M&A and PE investment in technology
companies, shows that the top deal of 2013
until end April is the acquisition of Mountain
Cablevision by Rogers Communications for
USD 710 million. In the meantime,
technology related transactions are mounting
up. Yahoo acquired social media startup
Tumbler for USD 1.1 billion, according
various sources, including the WSJ. And as we
reported above, Vista Equity Partners is
aiming to take Websense private in a
similarly sized deal.
Other significant transactions this year
include a direct investment in an Asia-Pacific
startup called 360Buy by institutional
investors Ontario Teachers’ Retirement Fund,
Kingdom Holding. As for the M&A side, Cisco
has been busy with two deals, and Alibaba
and Cadence with one deal each.
QUOTE OF THE WEEK: PE MINING FOR
DEALS
“I haven’t seen anything like it in more than 20
years…Mining companies have done pretty well buying
assets at the bottom of the cycle and turning some over
near the top, but this is completely the other way
around.”
Who said it: Tim Schroeders of Pengana Capital in
Melbourne in a Bloomberg interview
In Context: Mining asset disposal could be a big target for
PE funds as a bear market encourages sell offs, according
to Schroeders. Mining companies are holding “the biggest
Image source: Internet DealBook
ever sale of assets this year”. About USD 48 billion of mines and assets are on offer, almost double last
year’s USD 23 billion of completed and pending deals. Private equity firms have raised almost USD 9
billion in the past 16 months for mine investment, according to data compiled by Bloomberg, which
means that PE funds could be financing quite a few mining projects in the coming years.
Where we found it: Bloomberg

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Editor: Valerie Thompson, Zurich