Private Equity Reporting Group

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The Good Practice Guide

In early 2007, Sir David Walker was asked by the BVCA and a group of major private equity firms to undertake an independent review of the adequacy of disclosure and transparency of Private Equity firms. Based on his recommendations, the Guidelines for Disclosure and Transparency in Private Equity were adopted in Nov.2007.[1] The latest edition of the Guidelines is Nov.2015.[2]

The voluntary Guidelines set out recommendations and enhanced disclosure requirements for private equity firms, their UK portfolio companies and the BVCA. When implementing the Guidelines, private equity firms and their portfolio companies are required to "comply or explain".[3] Although the Guidelines are voluntary, BVCA members are mandated to comply.

Engagement with “private equity-like” entities: the Guidelines extend to firms that conduct their business in a manner that would be perceived by external stakeholders to be similar to that of other participants in the Private Equity Industry. The PERG and the BVCA hold discussions with these "private equity-like" firms, including sovereign wealth funds, with the purpose of enlisting their voluntary conformity with the Guidelines.

The PERG raises the required standard of overall disclosure to achieve compliance with the Guidelines. It benchmarks compliance against listed companies in the FTSE 350, with an emphasis on the better performers. An excellent or "best in class" level of disclosure for portfolio companies is broadly comparable to those better performers in the FTSE 350.[4]

Annual Report

Each year, the BVCA commissions and publishes research on the compliance of portfolio companies.[3] The PERG aims to review all portfolio companies once every three years, and re-reviews companies whose reporting does not comply.[4] The Reports (2011-2018) are here.

Tenth Report, 2017 [4]

PE firms reviewed (31): 3i, Alchemy, Borealis Infrastructure, Bridgepoint, Cinven, Clayton, Dubilier & Rice, CVC Capital Partners, Epiris LLP (previously Electra Partners LLP), Formation Capital, Global Infrastructure Partners, Goldman Sachs, GTCR, Hony Capital, Infracapital, I Squared Capital, KKR & Company Inc, KSL Capital, Lone Star Funds, Macquarie Infrastructure & Real Assets, OMERS Private Equity, Ontario Teachers' Pension Plan, PAI Partners, Partners Group, Providence Equity, Safanad, TDR Capital, Terra Firma, Carlyle Group, TPG, Värde Partners, Vista Equity Partners (Appendix 1, p.43)

PE firms not reviewed (32): these firms have not taken ownership of compliance of their portfolio companies: Abu Dhabi Investment Authority, Alberta Investment Management Corporation, AMP Capital, Arle Capital Partners, Avenue Capital Group, British Columbia Investment Corporation, CalPERS, Canadian Pension Plan Investment Board, China Investment Corporation, Colonial First State Global Asset Management, Duke Street, Future Fund, GIC, GoldenTree Asset Management, Hermes GPE, Hermes Infrastructure, Highbridge Capital Management, IFM Investors, Kuwait Investment Authority, Mitsubishi Corporation, Morgan Stanley Infrastructure, National Pension Scheme of Korea, Nestlé, Park Square Capital, QIC, State Administration of Foreign Exchange of the People’s Republic of China, Sun Capital, Tikehau Capital, USS, Veolia Water, WPP, Wren House Infrastructure Management (Appendix 1, p.44)

Six portfolio companies did not comply with the Guidelines:

  1. Advanced: owned by Vista Equity Partners.
  2. Village Hotels: owned by KSL Capital.
  3. Camelot: owned by Ontario Teachers' Pension Plan.
  4. MRH: owned by Lone Star Funds.
  5. London City Airport: owned by Borealis Infrastructure, Ontario Teachers' Pension Plan, Alberta Investment Management Corporation and Wren House Infrastructure Management.
  6. NGA Human Resources: owned by Goldman Sachs, Park Square Capital and KKR & Company Inc.
  7. HC-One Ltd: owned by Formation Capital and Safanad.

Ninth Report, 2016



All appointments are made by the Council of the BVCA following a recommendation by members of the Group. ref


Category:Non-Governmental Organisations