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Content Includes:
Active Firms
Number of active private capital and hedge fund managers based in California has grown considerably since the turn of the millennium.
Assets under Management
Closed-end private capital fund managers have over half a trillion dollars in AUM, while hedge fund managers control over $260bn.
Institutional Investors
Over three-quarters of investors based in California invest in at least one alternative asset class.
In Focus
Plus, detailed breakdowns of the Californian market across venture capital, private equity, hedge funds and real estate.
Preqin Special Report: Alternative Assets in California
September 2016
alternative assets. intelligent data.
Venture Capital Private Equity Hedge Funds Real Estate
2 © 2016 Preqin Ltd. / www.preqin.com
Preqin Special Report: Alternative Assets in CaliforniaDownload the data pack:www.preqin.com/CAL16
Foreword
While most noted for its venture capital sector, the Californian alternatives industry is a growing and diverse marketplace. The number of active* private capital fund managers based in the region has more than trebled since the turn of the millennium, with 949 active fund managers currently managing or raising vehicles. Furthermore, hedge fund managers are continuing to set up shop in California: 233 new hedge fund managers have been incepted since 2010, contributing to the launch of more than 750 new hedge funds.It is not just the number of fi rms that have increased; the assets under management of the private capital industry have grown from $177bn in 2000 to just over half a trillion dollars by the end of 2015, and when compounded with the $268bn in total assets of Californian hedge fund managers, the state is one of the most prominent alternatives market in the US.
Preqin is the alternative assets industry’s leading source of data and intelligence. Our products and services are utilized by more than 40,000 professionals located in over 90 countries for a range of activities including investor relations, fundraising and marketing, and market research. We hope you fi nd this report useful, and welcome any feedback you may have. For more information, please visit www.preqin.com or contact [email protected].
*Defi ned as private equity, venture capital and real estate fi rms that have raised a closed-end fund in the last decade
All rights reserved. The entire contents of Preqin Special Report: California Alternatives, September 2016 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic
means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report:
California Alternatives, September 2016 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other
transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any
decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report: California Alternatives, September 2016. While reasonable efforts have been made to obtain information from sources that are
believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Special Report: California Alternatives,
September 2016 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin
Special Report: California Alternatives, September 2016 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.
Contents
Venture Capital 3
Private Equity 5
Private Equity & Venture Capital Investors 7
Hedge Funds 8
Real Estate 10
Key Facts
$732bnCombined assets under management of Californian hedge fund and closed-end private capital managers.
79%Proportion of California-based institutional investors investing in at least one alternative asset class.
949Number of active California-based closed-end fund managers.
62%Proportion of California-based institutional investors investing in hedge funds, above the 59% targeting private equity & venture capital and the 52% investing in real estate.
Preqin Special Report: Alternative Assets in CaliforniaDownload the data pack:
www.preqin.com/CAL16
3 © 2016 Preqin Ltd. / www.preqin.com
65
31
19 18
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eb
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No. of FundsRaising
AggregateTargetCapital ($bn)
Fig. 4: California-Based Venture Capital Funds in Market by Investment Stage (As at XX August 2016)
Source: Preqin Venture Capital Online
Investment Stage
32 40 35 32 31 31 37 42 43 42 33 33 33 33 38 40
40 2722 25 33 40
5361 58 64
68 77 8293
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Dry Powder ($bn) Unrealized Value ($bn)
Fig. 1: California-Based Venture Capital Assets under Management, December 2000 - December 2015
Source: Preqin Venture Capital Online
Ass
ets
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an
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Existing New
Fig. 2: Number of Active California-Based Venture Capital Firms over Time (By Vintage of First Fund Raised)
Source: Preqin Venture Capital Online
No
. o
f A
ctiv
e F
irms
Venture Capital
Fig. 5: Consistent Performing California-Based Venture Capital Managers
Firm Overall No. of Funds with Quartile Ranking
No. of Funds in Top Quartile
No. of Funds in Second Quartile Average Quartile Rank
Benchmark Capital 3 3 0 1.00
Charles River Ventures 4 4 0 1.00
Avalon Ventures 6 5 1 1.17
Sequoia Capital 5 4 1 1.20
BlueRun Ventures 3 2 1 1.33
Canaan Partners 3 2 1 1.33
GGV Capital 4 2 2 1.50
Kleiner Perkins Caufi eld & Byers 6 3 3 1.50
Storm Ventures 4 2 2 1.50
Source: Preqin Venture Capital Online
Fig. 3: California-Based Venture Capital Firms by Location
Silicon Valley351
San Francisco Bay Area
308
Los Angeles161
San Diego45
Central Coast
7
CA
LI
FO
RN
IA
Central Valley
5
Source: Preqin Venture Capital Online
4 © 2016 Preqin Ltd. / www.preqin.com
Preqin Special Report: Alternative Assets in CaliforniaDownload the data pack:www.preqin.com/CAL16
66
34
4841
6171
116
96
75
147 9 10 14
919 15
20
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YTD
No. of Funds Closed Aggregate Capital Raised ($bn)
Average Fund Size ($mn)
Fig. 6: Annual California-Based Venture Capital Fundraising, 2008 - 2016 YTD (As at 12 August 2016)
Source: Preqin Venture Capital OnlineA
ve
rag
e Fu
nd
Size ($
mn
)
Year of Final Close
0
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TD
2008 2009 2010 2011 2012 2013 2014 2015 2016
No. of Deals Aggregate Deal Value ($bn)
Fig. 7: Number and Aggregate Value of Californian Venture Capital Deals*, Q1 2008 - Q3 2016 TD (As at 15 August 2016)
Source: Preqin Venture Capital OnlineN
o. o
f D
ea
ls
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ea
l Va
lue
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n)
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16
YTD
Other
Telecoms
Software & Gaming
Semiconductors &ElectronicsOther IT
Internet
Industrials
Healthcare
Consumer Discretionary
Cleantech
Business Services
Fig. 8: Number of Californian Venture Capital Deals* by Industry, 2008 - 2016 YTD (As at 15 August 2016)
Source: Preqin Venture Capital Online
Pro
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rtio
n o
f To
tal
0
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2008 2009 2010 2011 2012 2013 2014 2015 2016YTD
IPO Write OffSale to GP Trade SaleAggregate Exit Value ($bn)
Fig. 9: Californian Venture Capital Exits: Aggregate Value and Breakdown of Number by Type, 2008 - 2016 YTD (As at 15 August 2016)
Source: Preqin Venture Capital Online
No
. o
f D
ea
ls
Ag
gre
ga
te Exit V
alu
e ($
bn
)
Fig. 10: Five Largest Californian Venture Capital Deals* in 2016 YTD (As at 15 August 2016)
Portfolio Company Date Stage Deal Size (mn) Investor(s) Industry
Uber Technologies, Inc. Jun-16 Series G/Round 7 3,500 USD Public Investment Fund, SBT Venture Capital Telecoms
Snapchat, Inc. May-16 Series F/Round 6 1,087 USD
Coatue Management, Fidelity Investments, General Atlantic, Glade Brook Capital Partners, Institutional
Venture Partners, Lone Pine Capital, Sequoia Capital, T Rowe Price
Telecoms
Uber Technologies, Inc. Aug-16 Unspecifi ed Round 1,000 USD Didi Chuxing Telecoms
Lyft, Inc. Jan-16 Series F/Round 6 752 USDAlibaba Group, Didi Chuxing,
General Motors, Janus Capital Group, Rakuten, Inc.
Telecoms
RocketSpace Inc. Aug-16 Unspecifi ed Round 336 USD HNA Group Business Services
Source: Preqin Venture Capital Online*Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.
Preqin Special Report: Alternative Assets in CaliforniaDownload the data pack:
www.preqin.com/CAL16
5 © 2016 Preqin Ltd. / www.preqin.com
44 52 48 47 54 53 6085 88 89 82 78 80 92 93 98
50 38 34 4053 67
88
108 102 120 149 162 174199
221 230
0
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c-1
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c-1
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Dry Powder ($bn) Unrealized Value ($bn)
Fig. 11: California-Based Private Equity Assets under Management, December 2000 - December 2015
Source: Preqin Private Equity Online
Ass
ets
un
de
r M
an
ag
em
en
t ($
bn
)
0
50
100
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19
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Existing New
Fig. 12: Number of Active California-Based Private Equity Firms over Time (By Vintage of First Fund Raised)
Source: Preqin Private Equity Online
No
. o
f A
ctiv
e F
irms
Private Equity
Fig. 15: Consistent Performing Buyout and Fund of Funds Managers
Firm Fund Type Overall No. of Funds with Quartile Ranking
No. of Funds in Top Quartile
No. of Funds in Second Quartile Average Rank
Industry Ventures Fund of Funds 5 5 0 1.00
Weathergage Capital Fund of Funds 4 4 0 1.00
Industrial Growth Partners Buyout 3 2 1 1.33
Platinum Equity Buyout 3 2 1 1.33
Vista Equity Partners Buyout 5 4 0 1.40
Seidler Equity Partners Buyout 4 3 0 1.50
Source: Preqin Private Equity Online
60
3127
4037 39
49
43
27
41
29
14
21
3128
36
25 26
0
200
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800
1,000
1,200
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2008 2009 2010 2011 2012 2013 2014 2015 2016YTD
No. of Funds Closed Aggregate Capital Raised ($bn)
Average Fund Size ($mn)
Fig. 14: Annual California-Based Private Equity Fundraising, 2008 - 2016 YTD (As at 12 August 2016)
Source: Preqin Private Equity Online
Av
era
ge
Fun
d Size
($m
n)
Year of Final Close
Fig. 13: California-Based Private Equity Firms by Location
Silicon Valley58
San Francisco Bay Area
119
Los Angeles138
San Diego25
Central Coast
1
CA
LI
FO
RN
IA
Central Valley
2
Source: Preqin Private Equity Online
6 © 2016 Preqin Ltd. / www.preqin.com
Preqin Special Report: Alternative Assets in CaliforniaDownload the data pack:www.preqin.com/CAL16
0
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TD
2008 2009 2010 2011 2012 2013 2014 2015 2016
No. of Deals Aggregate Deal Value ($bn)
Fig. 16: Number and Aggregate Value of Californian Private Equity-Backed Buyout Deals, Q1 2008 - Q3 2016 TD (As at 15 August 2016)
Source: Preqin Private Equity OnlineA
gg
reg
ate
De
al V
alu
e ($
bn
)
0%
10%
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16
YTD
Other
Food and Agriculture
Telecoms, Media &CommunicationsHealthcare
Consumer & Retail
Business Services
Information Technology
Industrials
Fig. 17: Number of Californian Private Equity-Backed Buyout Deals by Industry, 2008 - 2016 YTD (As at 15 August 2016)
Source: Preqin Private Equity OnlineP
rop
ort
ion
of
Tota
l
0%
10%
20%
30%
40%
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80%
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100%
2008 2009 2010 2011 2012 2013 2014 2015 2016YTD
Less than $100mn $100-249mn $250-499mn
$500-999mn $1bn or More
Fig. 18: Number of Californian Private Equity-Backed Buyout Deals by Value Band, 2008 - 2016 YTD (As at 15 August 2016)
Source: Preqin Private Equity Online
Pro
po
rtio
n o
f To
tal
0
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25
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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD
IPO Restructuring
Sale to GP Trade Sale
Aggregate Exit Value ($bn)
Fig. 19: Californian Private Equity-Backed Buyout Exits: Aggregate Value and Breakdown of Number by Type, 2008 - 2016 YTD (As at 15 August 2016)
Source: Preqin Private Equity Online
No
. o
f Ex
its
Ag
gre
ga
te Exit V
alu
e ($
bn
)
Fig. 20: Five Largest Californian Private Equity-Backed Buyout Deals in 2016 YTD (As at 15 August 2016)
Portfolio Company Investment Type Deal Date Deal Size
(mn) Deal Status Investor(s) Bought from/Exiting Company Primary Industry
Epicor Software Buyout Jul-16 3,300 USD Announced KKR Apax Partners Software
Polycom, Inc. Public To Private Jul-16 2,000 USD Announced Siris Capital - Communications
Marketo Public To Private May-16 1,790 USD Announced Vista Equity Partners - Software
J.D. Power and Associates Buyout Apr-16 1,100 USD Announced XIO Group McGraw Hill
Financial Marketing
VXI Global Solutions Buyout Aug-16 1,000 USD Announced Carlyle Group Bain Capital Outsourcing
Source: Preqin Private Equity Online
No
. o
f D
ea
ls
Preqin Special Report: Alternative Assets in CaliforniaDownload the data pack:
www.preqin.com/CAL16
7 © 2016 Preqin Ltd. / www.preqin.com
31%
13%
13%
13%
10%
9%
3%8%
Foundation
Endowment Plan
Wealth Manager
Family Office
Private Sector PensionFund
Public Pension Fund
Investment Company
Other
Fig. 23: California-Based Private Equity & Venture Capital Investors by Type
Source: Preqin Private Equity Online
151175
250
294314
341 347
0
50
100
150
200
250
300
350
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2010 2011 2012 2013 2014 2015 2016
Fig. 21: California-Based Private Equity & Venture Capital Investors over Time, 2010 - 2016
Source: Preqin Private Equity Online
No
. o
f In
ve
sto
rs
8.9%
9.8% 9.7%10.4%
8.6% 8.5% 8.7%
10.0%10.4% 10.4%
10.9% 10.6% 10.6% 10.4%
0%
2%
4%
6%
8%
10%
12%
2010 2011 2012 2013 2014 2015 2016
Average Current Allocation Average Target Allocation
Fig. 22: California-Based Investors’ Current and Target Allocations to Private Equity & Venture Capital, 2010 - 2016
Source: Preqin Private Equity Online
Av
era
ge
Allo
ca
tion
to
Priv
ate
Eq
uity
&
Ve
ntu
re C
ap
ital (
As
a %
of
AU
M)
Private Equity & Venture Capital Investors
Fig. 25: Five Largest California-Based Investors in Private Equity & Venture Capital by Current Allocation
Investor Allocation to Private Equity & Venture Capital ($bn) Type Headquarters
California Public Employees' Retirement System (CalPERS) 26.1 Public Pension Fund Sacramento
California State Teachers' Retirement System (CalSTRS) 16.8 Public Pension Fund Sacramento
Stanford Management Company 5.2 Endowment Plan Stanford
Wells Fargo Bank 4.9 Bank San Francisco
CTC myCFO 4.8 Family Offi ce Palo Alto
Source: Preqin Private Equity Online
Fig. 24: California-Based Private Equity & Venture Capital Investors by Location
Silicon Valley67
San Francisco Bay Area
100
Los Angeles118
San Diego31
Central Coast
10
CA
LI
FO
RN
IA
Central Valley
20
Source: Preqin Private Equity Online
8 © 2016 Preqin Ltd. / www.preqin.com
Preqin Special Report: Alternative Assets in CaliforniaDownload the data pack:www.preqin.com/CAL16
37 3343
33 34
53
31 30
9
85
71
89
131
107
141
119
103
62
0
20
40
60
80
100
120
140
160
2008 2009 2010 2011 2012 2013 2014 2015 2016YTD
Hedge Fund Manager Launches Hedge Fund Launches
Fig. 27: Number of California-Based Hedge Fund Manager and Hedge Fund Launches by Year of Inception, 2008 - 2016 YTD (As at 10 August 2016)
Source: Preqin Hedge Fund Analyst
No
. o
f La
un
ch
es
Year of Inception
Hedge Funds
Fig. 30: Five Largest California-Based Hedge Fund Managers by Assets under Management
Firm Year Established Firm City Assets under ManagementCanyon Partners 1990 Los Angeles $19.00bn as at 31 December 2015
Farallon Capital Management 1986 San Francisco $18.93bn as at 30 June 2015
Symphony Asset Management 1994 San Francisco $17.48bn as at 30 June 2016
ValueAct Capital 2000 San Francisco $17.40bn as at 29 February 2016
PIMCO 1971 Newport Beach $16.25bn as at 31 March 2016
Source: Preqin Hedge Fund Analyst
56%
9%
11%
8%
7%
8% 1% Equity Strategies
Macro Strategies
Event Driven Strategies
Credit Strategies
Relative ValueStrategies
Multi-Strategy
Niche Strategies
Fig. 29: Active California-Based Hedge Funds by Top-Level Strategy
Source: Preqin Hedge Fund Analyst
Fig. 28: California-Based Hedge Fund Managers by Location
Silicon Valley67
San Francisco Bay Area
278
Los Angeles210
San Diego42
Central Coast
14
CA
LI
FO
RN
IA
Central Valley
11
Source: Preqin Hedge Fund Analyst
Fig. 26: Top US States by Hedge Fund Assets under Management (As at June 2016)
State Assets under Management ($bn)New York 1561
Connecticut 526
California 268
Massachusetts 219
Illinois 106
Texas 81
New Jersey 68
Florida 66
Minnesota 37
Georgia 32
Source: Preqin Hedge Fund Analyst
Preqin Special Report: Alternative Assets in CaliforniaDownload the data pack:
www.preqin.com/CAL16
9 © 2016 Preqin Ltd. / www.preqin.com
31%
13%
13%
11%
11%
10%
7%4%
Foundation
Endowment Plan
Wealth Manager
Private Sector PensionFund
Family Office
Fund of Hedge FundsManager
Public Pension Fund
Other
Fig. 31: California-Based Hedge Fund Investors by Type
Source: Preqin Hedge Fund Analyst
54%
10%
29%
5%2%
0%
10%
20%
30%
40%
50%
60%
Less than$500mn
$500-999mn $1-9.9bn $10-49.9bn $50bn orMore
Fig. 33: California-Based Hedge Fund Investors by Assets under Management
Source: Preqin Hedge Fund Analyst
Pro
po
rtio
n o
f In
ve
sto
rs
Assets under Management
10.7%
13.0%13.6%
15.3%16.1% 15.9% 15.8%
10.6%
16.4%15.7%
17.8%16.7% 16.4% 17.0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2010 2011 2012 2013 2014 2015 2016
Average Current Allocation Average Target Allocation
Fig. 34: California-Based Investors’ Current and Target Allocations to Hedge Funds, 2010 - 2016
Source: Preqin Hedge Fund Analyst
Av
era
ge
Allo
ca
tion
to
He
dg
e F
un
ds
(As
a %
of
AU
M)
Fig. 35: Five Largest California-Based Hedge Fund Investors by Current Allocation
Investor Allocation to Hedge Funds ($bn) Type HeadquartersRegents of the University of California 10.6 Public Pension Fund Oakland
CTC myCFO 4.8 Multi Family Offi ce Palo Alto
Stanford Management Company 4.2 Endowment Plan Stanford
California State Teachers' Retirement System (CalSTRS) 3.2 Public Pension Fund Sacramento
Intel Corporation Pension Plans 2.7 Private Sector Pension Fund Santa Clara
Source: Preqin Hedge Fund Analyst
Fig. 32: California-Based Hedge Fund Investors by Location
Silicon Valley51
San Francisco Bay Area
102
Los Angeles129
San Diego30
Central Coast
11
CA
LI
FO
RN
IA
Central Valley
17
Source: Preqin Hedge Fund Analyst
10 © 2016 Preqin Ltd. / www.preqin.com
Preqin Special Report: Alternative Assets in CaliforniaDownload the data pack:www.preqin.com/CAL16
37
2017
27 28
42 42
19
10
16
35
8 6
11
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10
4
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600
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10
15
20
25
30
35
40
45
2008 2009 2010 2011 2012 2013 2014 2015 2016YTD
No. of Funds Closed Aggregate Capital Raised ($bn)
Average Fund Size ($mn)
Fig. 39: Annual California-Based Closed-End Private Real Estate Fundraising, 2008 - 2016 YTD (As at 10 August 2016)
Source: Preqin Real Estate Online
Av
era
ge
Fun
d Size
($m
n)
Year of Final Close
0
20
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20
16
Existing New
Fig. 37: Number of Active California-Based Closed-End Private Real Estate Firms over Time (By Vintage of First Fund Raised)
Source: Preqin Real Estate Online
No
. o
f A
ctiv
e F
irms
Real Estate
Fig. 40: Consistent Performing California-Based Closed-End Private Real Estate Fund Managers
Firm No. of Funds in Top Quartile
No. of Funds in Second Quartile
Overall No. of Funds with Quartile Ranking Average Rank
Carmel Partners 4 0 4 1.00
FPA Multifamily 4 0 4 1.00
Embarcadero Capital Partners 3 1 4 1.25
DivcoWest 2 1 3 1.33
Redwood-Kairos Real Estate Partners 2 1 3 1.33
HG Capital 6 0 8 1.63
Virtú Investments 1 2 3 1.67
Buchanan Street Partners 2 0 4 2.00
Industry Capital 1 1 3 2.00
Source: Preqin Real Estate Online
Fig. 38: California-Based Real Estate Firms by Location
Silicon Valley30
San Francisco Bay Area
116
Los Angeles246
San Diego43
Central Coast
8
CA
LI
FO
RN
IA
Central Valley
5
Source: Preqin Real Estate Online
3 4 5 6 6 10 15 14 14 14 15 16 1429 27 23
8 8 7 9 1113
17 25 23 23 2840 51
5974 77
0
20
40
60
80
100
120
De
c-0
0
De
c-0
1
De
c-0
2
De
c-0
3
De
c-0
4
De
c-0
5
De
c-0
6
De
c-0
7
De
c-0
8
De
c-0
9
De
c-1
0
De
c-1
1
De
c-1
2
De
c-1
3
De
c-1
4
De
c-1
5
Dry Powder ($bn) Unrealized Value ($bn)
Fig. 36: California-Based Closed-End Private Real Estate Assets under Management, December 2000 - December 2015
Source: Preqin Real Estate Online
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www.preqin.com/CAL16
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20%
15%16% 17% 17%
19%
16%17% 17%
19%
16%
19%
0%
5%
10%
15%
20%
25%
2011 2012 2013 2014 2015 2016 YTD
No. of Deals Aggregate Deal Value
Fig. 41: Californian Private Equity Real Estate Deals as a Proportion of US Private Equity Real Estate Deals, 2011 - 2016 YTD (As at 10 August 2016)
Source: Preqin Real Estate Online
Pro
po
rtio
n o
f U
S D
ea
ls
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No. of Deals Aggregate Deal Value
Land
Niche
Hotel
Mixed Use
Retail
Industrial
Residential
Office
Fig. 42: Californian Private Equity Real Estate Deals by Primary Asset Type, 2011 - 2016 YTD (As at 10 August 2016)
Source: Preqin Real Estate OnlineP
rop
ort
ion
of
Tota
l
29%
17%
14%
13%
12%
10%
2% 3%
Foundation
Wealth Manager
Private Sector PensionFund
Endowment Plan
Public Pension Fund
Family Office
Asset Manager
Other
Fig. 43: California-Based Institutional Real Estate Investors by Type
Source: Preqin Real Estate Online
50%
10%
30%
6%3%
0%
10%
20%
30%
40%
50%
60%
Less than$500mn
$500-999mn $1-9.9bn $10-49.9bn $50bn orMore
Fig. 44: California-Based Real Estate Investors by Assets under Management
Source: Preqin Real Estate Online
Pro
po
rtio
n o
f In
ve
sto
rs
Assets under Management
Fig. 45: Five Largest California-Based Investors in Real Estate by Current Allocation
Investor Allocation to Real Estate ($bn) Type Location
California Public Employees' Retirement System (CalPERS) 27.3 Public Pension Fund Sacramento
California State Teachers' Retirement System (CalSTRS) 26.0 Public Pension Fund Sacramento
Pacifi c Life Insurance Company 10.7 Insurance Company Newport Beach
Los Angeles County Employees' Retirement Association 5.5 Public Pension Fund Pasadena
Stanford Management Company 4.9 Endowment Plan Stanford
Source: Preqin Real Estate Online
© 2015 Preqin Ltd. / www.preqin.com
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September 2016
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