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<br /> 16 JANUARY 2014 } ADVERTISEMENT FEATURE realdeals.eu.com<br /> THE INDEPENDENT VOICE OF EUROPEAN PRIVATE EQUITY<br /> SETTING THE TONE<br /> Why Ardian leads the way in creating enduring<br /> value and delivering superior returns.<br /> ADVERTISEMENT FEATURE<br /> QandA<br /> Real Deals spoke to Vincent Gombault, Executive Board<br /> Member, Head of Funds of Funds and Private Debt at Ardian.<br /> QSecondaries activity slowed<br /> considerably in the first half of<br /> 2013 before picking up dramatically<br /> later in the year. What changed?<br /> Nothing changed. While people<br /> were saying that deal flow was<br /> slow at the start of last year, we<br /> were able to deploy $4.3bn in<br /> secondaries in 2012-2013 and<br /> we have seen no slowdown in the<br /> market. Perhaps some investors<br /> found it hard to fi<a title="309 RD 16 January 2014 page 1" href="http://viewer.zmags.com/publication/4df063a2?page=1"> 16 JANUARY 2014 } ADVERTISEMENT FEATURE </a> <a title="309 RD 16 January 2014 page 2" href="http://viewer.zmags.com/publication/4df063a2?page=2"> ADVERTISEMENT FEATURE QandA Real Deals spoke to </a> <a title="309 RD 16 January 2014 page 3" href="http://viewer.zmags.com/publication/4df063a2?page=3"> 16 JANUARY 2014 </a> <a title="309 RD 16 January 2014 page 4" href="http://viewer.zmags.com/publication/4df063a2?page=4"> Our Private Equity clients are very focused on re</a> <a title="309 RD 16 January 2014 page 5" href="http://viewer.zmags.com/publication/4df063a2?page=5"> Contents issue 309 - 16 January 2014 04 EDITO</a> <a title="309 RD 16 January 2014 page 6" href="http://viewer.zmags.com/publication/4df063a2?page=6"> EDITORIAL Editorial Amy Carrol</a> <a title="309 RD 16 January 2014 page 7" href="http://viewer.zmags.com/publication/4df063a2?page=7"> RD FP ad Template.indd 1 </a> <a title="309 RD 16 January 2014 page 8" href="http://viewer.zmags.com/publication/4df063a2?page=8"> FEATURES THE YEAR OF THE IPO </a> <a title="309 RD 16 January 2014 page 9" href="http://viewer.zmags.com/publication/4df063a2?page=9"> THE YEAR OF THE IPO FEATURES THE YEAR OF THE IPO</a> <a title="309 RD 16 January 2014 page 10" href="http://viewer.zmags.com/publication/4df063a2?page=10"> FEATURES THE YEAR OF THE IPO No wonder</a> <a title="309 RD 16 January 2014 page 11" href="http://viewer.zmags.com/publication/4df063a2?page=11"> THE YEAR OF THE IPO FEATURES IPOs: TH</a> <a title="309 RD 16 January 2014 page 12" href="http://viewer.zmags.com/publication/4df063a2?page=12"> FEATURES THE YEAR OF THE IPO private e</a> <a title="309 RD 16 January 2014 page 13" href="http://viewer.zmags.com/publication/4df063a2?page=13"> THE YEAR OF THE IPO FEATURES UPS AND DOWNS On t</a> <a title="309 RD 16 January 2014 page 14" href="http://viewer.zmags.com/publication/4df063a2?page=14"> COMMENT Fixing for a f loat by Russell Holden, T</a> <a title="309 RD 16 January 2014 page 15" href="http://viewer.zmags.com/publication/4df063a2?page=15"> Our recent exits NVM offered dedicated support ov</a> <a title="309 RD 16 January 2014 page 16" href="http://viewer.zmags.com/publication/4df063a2?page=16"> FEATURES THE HIGH STREET </a> <a title="309 RD 16 January 2014 page 17" href="http://viewer.zmags.com/publication/4df063a2?page=17"> THE HIGH STREET FEATURES TURNING ROUND THE HIGH S</a> <a title="309 RD 16 January 2014 page 18" href="http://viewer.zmags.com/publication/4df063a2?page=18"> FEATURES THE HIGH STREET B“Y”FAR THE BIGGEST SCAN</a> <a title="309 RD 16 January 2014 page 19" href="http://viewer.zmags.com/publication/4df063a2?page=19"> THE HIGH STREET FEATURES BANKS’ TREATMENT OF SMEs</a> <a title="309 RD 16 January 2014 page 20" href="http://viewer.zmags.com/publication/4df063a2?page=20"> FEATURES DEBT The last year was a fin</a> <a title="309 RD 16 January 2014 page 21" href="http://viewer.zmags.com/publication/4df063a2?page=21"> DEBT FEATURES A FEAST FOR FUNDS It’s </a> <a title="309 RD 16 January 2014 page 22" href="http://viewer.zmags.com/publication/4df063a2?page=22"> FEATURES DEBT For sub-investment-grade i</a> <a title="309 RD 16 January 2014 page 23" href="http://viewer.zmags.com/publication/4df063a2?page=23"> INVOICE FINANCE//STOCK//P&M//TRADE//PROPERTY </a> <a title="309 RD 16 January 2014 page 24" href="http://viewer.zmags.com/publication/4df063a2?page=24"> FEATURES DEBT BUBBLE BOBBLE Nobody wants to coun</a> <a title="309 RD 16 January 2014 page 25" href="http://viewer.zmags.com/publication/4df063a2?page=25"> SPONSORED ARTICLE Rede Partners Rea</a> <a title="309 RD 16 January 2014 page 26" href="http://viewer.zmags.com/publication/4df063a2?page=26"> COMMENT Time to invest by Stephen Welton, BGF A</a> <a title="309 RD 16 January 2014 page 27" href="http://viewer.zmags.com/publication/4df063a2?page=27"> CENTRIC Real Deals_Jan14_ART 07/01/2014 12:19 Pag</a> <a title="309 RD 16 January 2014 page 28" href="http://viewer.zmags.com/publication/4df063a2?page=28"> REGULATION IRREGULAR REGULATION The industry’s u</a> <a title="309 RD 16 January 2014 page 29" href="http://viewer.zmags.com/publication/4df063a2?page=29"> REGULATION and the sale of a fu</a> <a title="309 RD 16 January 2014 page 30" href="http://viewer.zmags.com/publication/4df063a2?page=30"> SECONDARIES SECOND WIND The year ahead has the </a> <a title="309 RD 16 January 2014 page 31" href="http://viewer.zmags.com/publication/4df063a2?page=31"> LP Choice Ad RealDeals DR010614.pdf 1 1</a> <a title="309 RD 16 January 2014 page 32" href="http://viewer.zmags.com/publication/4df063a2?page=32"> FEATURES EUROPE IN NUMBERS In numbers: European </a> <a title="309 RD 16 January 2014 page 33" href="http://viewer.zmags.com/publication/4df063a2?page=33"> EUROPE IN NUMBERS FEATURES equity in 2013 nine s</a> <a title="309 RD 16 January 2014 page 34" href="http://viewer.zmags.com/publication/4df063a2?page=34"> FEATURES DEALS OF THE YEAR THE JUDGES </a> <a title="309 RD 16 January 2014 page 35" href="http://viewer.zmags.com/publication/4df063a2?page=35"> DEALS OF THE YEAR FEATURES </a> <a title="309 RD 16 January 2014 page 36" href="http://viewer.zmags.com/publication/4df063a2?page=36"> FEATURES DEALS OF THE YEAR </a> <a title="309 RD 16 January 2014 page 37" href="http://viewer.zmags.com/publication/4df063a2?page=37"> “” Under Doughty Hanson’s ownership, </a> <a title="309 RD 16 January 2014 page 38" href="http://viewer.zmags.com/publication/4df063a2?page=38"> FEATURES DEALS OF THE YEAR “” Under Bridgep</a> <a title="309 RD 16 January 2014 page 39" href="http://viewer.zmags.com/publication/4df063a2?page=39"> DEALS OF THE YEAR FEATURES three strateg</a> <a title="309 RD 16 January 2014 page 40" href="http://viewer.zmags.com/publication/4df063a2?page=40"> FEATURES FIRMS OF THE YEAR </a> <a title="309 RD 16 January 2014 page 41" href="http://viewer.zmags.com/publication/4df063a2?page=41"> INNOVATOR OF THE YEAR ACapital ACapital’s innovat</a> <a title="309 RD 16 January 2014 page 42" href="http://viewer.zmags.com/publication/4df063a2?page=42"> FEATURES FIRMS OF THE YEAR Adviser shortlists T</a> <a title="309 RD 16 January 2014 page 43" href="http://viewer.zmags.com/publication/4df063a2?page=43"> Recognising the best of European private equity </a> <a title="309 RD 16 January 2014 page 44" href="http://viewer.zmags.com/publication/4df063a2?page=44"> Lead sponsor “don”’t miss the only event to brin</a> <a title="309 RD 16 January 2014 page 45" href="http://viewer.zmags.com/publication/4df063a2?page=45"> last few ticKets left 7 february the landmarK</a> <a title="309 RD 16 January 2014 page 46" href="http://viewer.zmags.com/publication/4df063a2?page=46"> A trusted partner in M&A. a portfolio company of</a> <a title="309 RD 16 January 2014 page 47" href="http://viewer.zmags.com/publication/4df063a2?page=47"> QUOTES CEE IS WHERE THE LOW-HANGING FRUIT IS Roya</a> <a title="309 RD 16 January 2014 page 48" href="http://viewer.zmags.com/publication/4df063a2?page=48"> SECTORS IN FOCUS HOT PROPERTY The housing sect</a> <a title="309 RD 16 January 2014 page 49" href="http://viewer.zmags.com/publication/4df063a2?page=49"> Accompanying you through regulatory change with o</a> <a title="309 RD 16 January 2014 page 50" href="http://viewer.zmags.com/publication/4df063a2?page=50"> SECTORS IN FOCUS LEISURE Eating out, then worki</a> <a title="309 RD 16 January 2014 page 51" href="http://viewer.zmags.com/publication/4df063a2?page=51"> SECTORS IN FOCUS FINANCIAL SERVICES The banks h</a> <a title="309 RD 16 January 2014 page 52" href="http://viewer.zmags.com/publication/4df063a2?page=52"> COMMENT A responsible future by Conni Jonsson, E</a> <a title="309 RD 16 January 2014 page 53" href="http://viewer.zmags.com/publication/4df063a2?page=53"> print / online / App Are you missing out? our su</a> <a title="309 RD 16 January 2014 page 54" href="http://viewer.zmags.com/publication/4df063a2?page=54"> PEOPLE pe ople INS AND OUTS The ye n revie</a> <a title="309 RD 16 January 2014 page 55" href="http://viewer.zmags.com/publication/4df063a2?page=55"> PEOPLE A “M”ARTIN HALU</a> <a title="309 RD 16 January 2014 page 56" href="http://viewer.zmags.com/publication/4df063a2?page=56"> VULTURE ISSUE 309 / 16 JANUARY 2014 E</a> <a title="309 RD 16 January 2014 page 57" href="http://viewer.zmags.com/publication/4df063a2?page=57"> VULTURE the vulture awards It’s that time of y</a> <a title="309 RD 16 January 2014 page 58" href="http://viewer.zmags.com/publication/4df063a2?page=58"> NEED A DEPOSITARY? LET’S TALK... </a> <a title="309 RD 16 January 2014 page 59" href="http://viewer.zmags.com/publication/4df063a2?page=59"> ADVERTISEMENT FEATURE QandA “The”aim must be to </a> <a title="309 RD 16 January 2014 page 60" href="http://viewer.zmags.com/publication/4df063a2?page=60"> </a>