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POLARIS is a European investment advisory boutique with offices in Zurich (Switzerland) and Vaduz (Liechtenstein) specialising in marketing and placement advisory for alternative investments

We support asset managers with their strategic market entry, branding, fundraising, and after-sales activities to institutional and professional investors across Europe

Your Experts for the European Market

The POLARIS team has multi-decade experience in marketing and fundraising for numerous asset managers from across the globe. The senior-heavy team is well-versed in the intricacies of the European markets and the regulatory requirements needed to successfully raise capital

Team

Current Mandates

Axiom was founded in 2006 as an independent fund management firm focused on investing in the Asia Pacific region.

Headquartered in Singapore, Axiom offers investors access to top-tier Asian-focused private equity funds diversified across buyout, growth and venture capital. 

Being one of Asia’s most local and experienced teams, comprised of 18 ‘born and bred’ Asian investment professionals with deep knowledge of local and global PE markets, Axiom currently manages 6 private equity funds, with total commitments of more than USD 5 billion.

Website: [www.axiomasia.com](www.axiomasia.com)

Axiom Asia Private Capital

Asian private equity fund of funds focused on established and next-generation managers

With principals that have relevant experience spanning over 30 years, Cressey & Co's team is one of the most experienced and successful in middle-market private equity.  Based in Chicago, Illinois, and Nashville, Tennessee, the Firm focuses on investments in healthcare services, providers, facilities and information technology.

The Cressey & Co team manages an active portfolio of healthcare investments in a wide range of segments.  Through four predecessor funds the Cressey & Co team continues to provide management services and the current fund, Cressey & Company Fund V LP, the Cressey & Company team has managed in excess of $2 billion of capital committed to building leading healthcare companies in partnership with outstanding executives and management teams.

With deep expertise in the healthcare reimbursement and regulatory environments, the Cressey & Company team has invested in almost every for-profit niche of healthcare.  The following are some of the healthcare segments in which the Cressey & Company team has invested through the current and predecessor funds: Inpatient Facilities, Information Technology, Homecare, Specialty Facilities, Outpatient Services, Outsourced Services. 

Cressey & Company has developed a distinctive investment strategy.  The Firm’s research-intensive screening process combined with its vast network of healthcare relationships enables it to focus its resources on a carefully selected number of high-potential target areas each year.  As a result of this focus, Cressey & Company is an exceptionally strong partner to management teams, portfolio companies, local communities and investors.

Cressey & Co 

Cressey focuses on control buyouts in high growth companies that can help improve America's health and healthcare. 

Listed on the Frankfurt stock exchange, DBAG today manages over EUR 2.5bn across growth capital, mid-market buyouts and long-term minority investments. 


DBAG

DBAG makes majority buyout investments in small/mid-sized companies in Germany, Switzerland & Austria, targeting opportunities with up to EUR 40mio equity ticket.

With €27 billion in assets under management, including €19.2 billion from limited partners and more than 450 portfolio companies invested or funded, Eurazeo is one of Europe’s leading private equity companies. The Group is listed on Euronext Paris and supported by prominent shareholders, including the David-Weill family, the Decaux family and the Richardson family. Eurazeo has a longstanding presence in France and the rest of Europe and we have global aspirations, having expanded into North America and Asia over the past ten years.

Eurazeo specializes in three asset classes in which we have developed substantial expertise, helping finance businesses right across the investment spectrum. Eurazeo invests for both ourselves and institutional clients, and apply our expertise across all expanding sectors, including tech, healthcare and financial services. As a committed investor, Eurazeo can help companies achieve virtuous and responsible growth.

Eurazeo

Senior secured lending to private equity owned middle market companies in Continental Europe with a focus on tech & digital, healthcare, consumer and business services. 

LaSalle Investment Management is a global real estate asset manager engaged in a broad variety of strategies.

LaSalle operates in 17 countries, and currently counts 24 offices worldwide. As an independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies, LaSalle has a presence in every region of the world. LaSalle has a 750+ employees across the world and currently managers $67bn in assets.

LaSalle takes a client-centric approach to fiduciary asset management, providing tailored investment solutions devised to reflect the desired asset allocation. LaSalle is driven to deliver competitive performance while building long-term relationships.

LaSalle operates a dedicated team model. Each investment team functions as an entrepreneurial group, managing a bespoke investment strategy for each client and fund. Teams are responsible for an investment's entire life cycle and are directly accountable for performance. Regional Investment Committees comprised of LaSalle's most senior talent oversee all accounts and funds. This proven approach builds trust and alignment with clients' investment objectives.

LaSalle Investment Management

Global Real Estate Platform across Core / Core+ / Value-Add / Opportunistic strategies

Sandbrook Capital is a private investment firm that builds businesses crucial to transforming the world’s energy infrastructure. By partnering with courageous entrepreneurs that share our drive to fight climate change, we create impactful companies and deliver strong returns for our investors.

Sandbrook Capital

The fund pursues an infrastructure equity core+ & value add strategy, investing in energy transition assets in North America and Europe. 

Deerpath was founded in 2007 by a team of experienced principals to pursue senior debt investments in lower-middle market companies.

Since inception, Deerpath has completed over 275 investments, deploying approximately USD 2 billion of invested capital across a broad range of industries, investment products and transaction types, with an excellent track record of avoiding credit losses while capturing attractive yields.

With offices in New York, Fort Lauderdale, Houston, Los Angeles, and Chicago, Deerpath has direct origination and execution capabilities throughout the United States.

Website: [www.deerpathcapital.com](www.deerpathcapital.com)

Deerpath Capital Management

Senior secured direct lending to US lower-middle market sponsor-backed companies with strong quarterly covenants and conservative levels of leverage.

Elementum was founded in 2009 as an independent investment manager specialized in collateralized natural event reinsurance investments.

Located in Chicago, Elementum’ s investment strategy fundamentally involves the assumption of loss from natural catastrophes in exchange for a risk premium. Elementum seeks to achieve capital appreciation over time through the assumption of catastrophe risk and to receive premium for assuming cat risk which exceeds the long term modeled default probability. The main types of investments in this strategy are catastrophe bonds (cat bonds), industry loss warranties (ILWs) and collateralized reinsurance contracts (CRI).

Website: [www.elementumadvisors.com](www.elementumadvisors.com)

Elementum Advisors LLC

Collateralised natural event reinsurance investments across liquid and privately negotiated transactions

𝗣𝗢𝗟𝗔𝗥𝗜𝗦 Managing Partner Stefan Brägger met our Senior Advisor Pablo Lopez de Ayala in Madrid to discuss private markets. 

Stefan: Pablo, why do you think asset managers should fundraise in Europe?

Pablo: European investors represent about 30% of total private equity commitments worldwide and, on average, have lower allocations than US investors. Particularly US PE managers have often underestimated the fundraising potential with European investors given their strong home market and have neglected to build long-term relationships, particularly outside a fundraising campaign. According to different research, it’s estimated that there are between 3-4k institutional investors in Europe, plus a substantial potential of providing access to PE through private wealth channels, particularly in Switzerland and the UK as strong private banking markets. 

Only in Spain, interest in private markets has gone through the roof in the last few years. Traditional institutional investors have increased their investment activity in PE. In the last 12 months alone, we have heard news about private banks developing their own platforms for investing in private equity, family offices opening their activity to third party investors, etc.

My guess is that the next regime frontier in the world of private equity is providing access to retail investors. According to some estimates, retail investors are expected to increase their private equity allocation from <3% currently to over 5-10% in the coming years. That would imply a doubling of the current AUM in private markets. 

I would say GPs that have not already started developing their relationships with European investors should seriously consider building a presence now, particularly given the more challenging fundraising environment, either through own offices on the ground, regular visits to conferences, or by choosing a local partner who can help them navigate the diverse investor landscape and dynamic regulatory environment.

Stefan: Pablo, in your opinion, why should asset managers looking to fundraise in Europe work with POLARIS?

Pablo: I can think of 4 main reasons. First, the POLARIS’ team track record with 15 years of experience. Successful fundraising for private equity is almost an art where experience and relationships make a big difference, and Polaris’ senior team has a 15-year track record. Basically I could say POLARIS was born around the same time as I debuted in private markets!  In my view, they not only have access to investors they know well (vs just having a long list of contacts) but they have also raised capital in tough markets by understanding what is relevant for their investors. I also like that they work with their managers over many years / funds, as we Europeans aren’t always the fastest decision makers. 
 
The second reason is for regulatory guidance. The European regulatory environment is very dynamic and can be hard to navigate, which has complicated accessing European investors. I remember it used to be much easier when I started investing in private equity in the early 2000s. 
 
For me as Senior Advisor it’s important that POLARIS has a fully regulated set-up with an in-house legal & compliance team that can guide and provide managers with comfort in regulatory matters and the selection of service providers for European fund structures. POLARIS can offer their services across the EU and this is essential for any manager looking to fundraise in Europe, a market with a relatively higher degree of complexity.
 
The third reason is the investment expertise. I think we all would agree that in a market with information asymmetries, as we have in private markets, intermediaries play a critical role. Whereas it is quite common to find salespeople moving to the buyers’ side, the opposite rarely happens. In the case of POLARIS this is one of their strengths. Their team has worked in PE investment management and is complemented by a Senior Advisory Board composed of experienced and active investors, allowing them to carefully choose high quality mandates and select those relevant to LPs . As I see it, POLARIS has built a platform that adds value to both the GPs they work for and their investors.
 
And the last and fourth reason is technology savvy. Investing in private equity as an LP is typically a resource-intensive activity with limited scalability where technology presence throughout the process is sparse. If I was asked what will differentiate the private equity investment process fifteen years from now, I would definitely point to the presence of technology. Whereas digitalizing the investment process is not easy, because investors usually find it hard to integrate technology tools within their internal processes, Polaris has already designed a digital platform where LPs can access the different mandates Polaris offers in a very user-friendly environment, again a consequence of their investor mindset. I think this is only the beginning of an evolution and Polaris has the capabilities and, what is more important, the will to be part of it.
 



Interview with Pablo Lopez de Ayala

Cat Bond Market Opportunities by Elementum

POLARIS has appointed Johannes Jasper to its advisory board as of October 1st. Johannes joins the board of international renowned advisors to support POLARIS with his longstanding expertise as institutional investor as well as with his extensive network in assessing and selecting new investment opportunities in liquid alternatives.

Since 2016, Johannes works as a Senior Investment Professional at Siemens Pensions in Munich, where he is responsible for the UCITS absolute return and offshore hedge fund portfolios. Former roles include Portfolio Manager Hedge Funds and Commodity Investment at Bayerische Versorgungskammer (BVK) as well as Portfolio Manager at single family office Cara Investment. 

Rolf Dreiseidler, Managing Partner at POLARIS:
"Having worked with Johannes on a joint book project on alternative investments and knowing him for a long time as a true industry expert, we feel very privileged to welcome him to our advisory board. We are very much looking forward to exploring new investment opportunities that can help our investors navigate the challenging markets with him.”

Further members of the advisory board include Dajana Brodmann, Senior Advisor Infrastructure, John Fraser, Senior Advisor Private Debt, Marc Lau, Senior Advisor Asia and Pablo Lopez de Ayala, Senior Advisor Private Equity.


POLARIS strengthens advisory board with the addition of renowned institutional investor

The Fund was oversubscribed and closed at its hard cap, making it one of the largest private equity funds ever raised in Asia

13 September 2022 – Baring Private Equity Asia (“BPEA” or the “Firm”) confirms the final closing of its eighth private equity fund, The Baring Asia Private Equity Fund VIII (“Fund VIII” or the “Fund”). The Fund closed with total capital commitments of US$11.2 billion, surpassing its US$8.5 billion target, making it one of the largest ever private equity funds raised by an Asia-based private equity firm.

Founded in 1997, BPEA is one of the largest and longest-standing private market investment firms in Asia and a leader in active ownership strategies. The Firm has $22 billion of assets under management, more than 220 employees, and ten offices globally. In March 2022, BPEA announced that it will combine with EQT, a leading global investment firm. The transaction is expected to close in Q4 2022.

Fund VIII, which is materially larger than its predecessor, received strong support from both existing and new investors globally. As with BPEA’s prior funds, Fund VIII is very well diversified geographically, with commitments equally split between local Asian investors, and those based in North America and EMEA.

The Fund will pursue the same proven investment strategy as BPEA’s prior funds, focusing on being an active owner in control-oriented investments throughout the entire Asia Pacific region across seven core sectors, including healthcare, technology services, business services, education, financial services, consumer, and advanced manufacturing. As of June 2022, BPEA’s predecessor Fund VII was delivering a gross internal rate of return (IRR) of 38% and is one of the top-performing funds in its vintage.

Jean Eric Salata, Chief Executive and Founding Partner of BPEA, commented: “We are grateful to our existing investors who have continued to support us by committing to Fund VIII, and are excited to welcome a large number of new client relationships to the BPEA platform. It is both a privilege and a great responsibility to be a fiduciary for the many institutions, private individuals, and employee retirement funds we are fortunate to count as clients. We operate in one of the most dynamic regions for private market investing, and the scale of BPEA Fund VIII positions our Firm well to capitalize on investment opportunities across the entire Asia Pacific region, future-proofing companies and making a positive impact through our active ownership strategy.”

BPEA is a long-standing responsible investor that seeks to create value for all stakeholders through a sustainable approach to investing and within its own business. As an active owner, the Firm works closely with the management of investee companies to drive sustainable business practices that future-proof portfolio companies and ultimately deliver stronger and more sustainable returns over the long term for BPEA’s clients. BPEA has established a sustainability-linked credit facility for BPEA Fund VIII. The facility is the largest of its kind in Asia. It helps to promote the continued adoption of sustainable business practices in Asia and globally by focusing on climate change and gender.



BPEA Closes Fund VIII At $11.2 Billion

SINGAPORE (September 08, 2022) —LaSalle Investment Management (“LaSalle”) has raised over US$2.2 billion of equity for LaSalle Asia Opportunity VI (“LAO VI” or “the Fund”), including sidecars and co-investment programmes, exceeding its initial target of US$1.5 billion. The committed capital has been secured from global institutional investors and will provide buying power for over US$7 billion worth of assets.

LAO VI is the sixth in LaSalle’s closed-ended, opportunistic fund series focusing on Asia Pacific. In keeping with its predecessor funds, LAO VI seeks to take advantage of mispriced assets with opportunities to add value through repositioning and redevelopment in Asia Pacific’s key markets including Australia, China, Hong Kong, Japan, Korea and Singapore, having invested approximately 25% of committed capital so far in a diversified portfolio. To date, the LaSalle Asia Opportunity Fund series has invested in over US$13 billion worth of assets. In the last 10 years, the average asset returns generated by the series have exceeded its target of 18% net IRR.

The fund’s investment strategy is led by Kunihiko (Nick) Okumura and Claire Tang in their expanded roles as Co-Chief Investment Officers of LaSalle Asia Pacific, which they assumed in 2021 after former Asia Pacific CEO and CIO Mark Gabbay became LaSalle’s Global CEO. With over 40 years of real estate experience between them, Nick and Claire continue to provide steady leadership and build momentum for the growth of LaSalle’s business in the region.

Globally, LaSalle has established itself as a significant player in value-add investment strategies and continues to expand its capabilities in this area. “We are focused on bolstering our platform in this strategy across all regions where we operate, to meet the continued investor demand for enhanced alpha throughout market cycles,” commented Mark Gabbay, Global Chief Executive Officer.

Keith Fujii, Head of Asia Pacific, commented: “The LaSalle Asia Opportunity Fund series offers investors access to a region with healthy market fundamentals and risk-return diversification opportunities afforded by varying market cycles, backed by the expertise and experience of LaSalle’s long-standing Asia Pacific platform which has been operating since 2000.”

Marc Montanus, Fund Manager for the LaSalle Asia Opportunity Fund Series, added: “We are pleased to have raised over US$2.2 billion for LAO VI and to have again exceeded our initial target for the Fund, especially against the economic headwinds brought by the pandemic over the past two years. This is testament to our investors’ confidence in LaSalle’s excellent track record in deploying capital and generating strong investment performance for our clients.”

About LaSalle Investment Management 
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q1 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Asia Opportunity VI raises over US$2.2 Billion

FRANKFURT – Web 3.0 ist die Weiterentwicklung des Internets hin zu einem Internet of Values, bei dem die Blockchain unterstützend wirkt, wie Claus Hilpold von der L1 Digital AG beim 193. Hedgework im April 2022 anhand verschiedener Beispiele ausführte. „Hier werden sich noch viele spannende Dinge entwickeln, von denen wir noch gar keine Idee haben“, sagte er abschließend.

**Hedgework**: Herr Hilpold, was fasziniert Sie an Web 3.0 und dem Bereich der Digital Assets und worin sehen Sie hier Potenzial?

**Claus Hilpold**: Mit Web 3.0 entwickelt sich das derzeitige Internet, so wie wir es kennen, weiter – von einem Internet der Informationen zu einem Internet der Werte (Internet of Values). Die Blockchain als Mosaikteilchen in dieser Entwicklung ermöglicht es, Daten und Zustände verteilt über das Internet in hunderten oder gar tausenden Datenbanken (Nodes) parallel zu speichern. Man könnte sich nun fragen, wie effizient es ist, die gleichen Daten redundant in so vielen Datenbanken gleichzeitig zu speichern. Aber die Logik, die damit einhergeht, ist der Umstand, dass man auf diese Weise das Element Vertrauen digital abbildet. Wenn nun ein bösartiger Teilnehmer versucht, in einer Datenbank Daten zu seinen Gunsten zu ändern, fällt dies all den anderen Teilnehmern auf, da die Datenbanken nicht in sync sind. Es braucht jetzt noch eines gemeinsamen Vorgehens, wie Daten und damit Zustände in der Datenbank geändert werden können und gleichzeitig von allen Teilnehmern am Netzwerk Konsensus darüber herrscht, dass dieser neue Zustand die richtige Abbildung der Realität ist. Dieses Mosaikteilchen nennt sich Konsensusmechanismus oder Konsensusprotokoll. Bitcoin arbeitet mit Proof-of-Work – was sehr energieintensiv ist – und Ethereum befindet sich gerade im Merge von Proof-of-Work zu Proof-of-Stake. Die Kombination von Blockchain und Konsensusmechanismus wiederum erlaubt es, die Rolle des zentralen Mittelsmannes obsolet zu machen. Künftig heißt es „Code is law“.

**Hedgework**: Was bedeutet das?

**Hilpold**: Dies bildet nun die Grundlage, um nicht nur den Anwendungsfall einer digitalen Währung auf diesen Eckpfeilern dezentral und ohne Mittelsmann abzubilden, wie es im Jahr 2008 Satoshi Nakamoto mit Bitcoin getan hat, sondern im Grunde bildet es die Basis, jedwede Geschäftsmodelle künftig nicht mehr als zentrales Geschäftsmodell über die Etablierung einer Firma, sondern dezentral als Projekt auf der Blockchain abzubilden. Dies gilt in erster Linie für alle Geschäftsmodelle, welche ohnehin digitaler Natur sind, aber geht auch weit darüber hinaus. Das Beispiel „Helium – The People’s Network“ zeigt dies sehr illustrativ anhand der Dienstleistung eines Telekommunikationsanbieters auf. Die immense Power und das disruptive Potenzial, das in einer solchen Herangehensweise schlummert, ist dem Umstand geschuldet, dass es künftig keiner komplexen bürokratischen Entscheidungen mehr bedarf, um eingefahrene Prozesse zu verbessern oder neue ins Leben zu rufen. Wenn man im bestehenden Projekt – nehmen wir an Helium oder Ethereum – etwas verbessern möchte, entwickelt man einen Vorschlag und bringt diesen als sogenanntes „Improvement Proposal“ zur Diskussion und Abstimmung in der Community. Wenn man eine gänzlich neue Idee hat, startet man diese dezentral auf der Blockchain. Die Veränderungsgeschwindigkeit wird dadurch künftig nochmals exponentiell zunehmen.

**Hedgework**: Und wie kann man nun in derartige Entwicklungen investieren und daran partizipieren?

**Hilpold**: Grundsätzlich ist zu sagen, dass wir uns hier im Venture-Capital-Bereich bewegen, mit all seinen Chancen aber auch Risiken und der entsprechenden Komplexität. Anders als im klassischen Venture-Bereich ist es aber Privatinvestoren hier möglich, selbst sehr früh durch den Erwerb der entsprechenden Tokens auch in kleinen Beträgen entsprechendes Exposure zum jeweiligen Projekt aufzubauen. Dies erlaubt es dem technisch versierten und interessierten Investor am Ball zu bleiben. Fairerweise muss man aber auch eingestehen, dass es mittlerweile mehr als 30.000 derartige Projekte gibt und neben einem gewissen technischen und finanzwirtschaftlichen Verständnis auch eine ordentliche Portion Zeit notwendig ist, um die Opportunitäten zu analysieren und mit Hilfe der jeweiligen Kommunikationskanäle wie Discord, Medium, Telegram und Twitter auf dem Laufenden zu bleiben. Hier ist es ratsam, aktive Investment Manager einzubinden. Das Fondsspektrum reicht von aktiven Tradingfonds über systematische Trendfolger, Arbitrageuren bis hin zu Venture-Capital-Fonds.

**Hedgework**: Kommen wir zu den drei Projekten, welche Sie beispielhaft anlässlich des 193. Hedgeworks im Café Hauptwache vorgestellt haben. Können Sie hierzu ein paar Sätze sagen?

**Hilpold**: Gerne – ich habe diese drei Projekte bewusst illustrativ ausgewählt, um jeweils einen Vertreter eines gänzlich unterschiedlichen Bereichs – man könnte Sektor sagen – auszuwählen und damit aufzuzeigen, dass Crypto-Land viel mehr ist als nur Bitcoin oder der Anwendungsfall „Zahlungsverkehr“.
Nehmen wir das Projekt „Helium – The People’s Network“. Zentrale Telekommunikationsanbieter wie die deutsche Telekom betreiben notorisch kapitalintensive Geschäftsmodelle. Nehmen Sie das Beispiel 5G, welches derzeit aktuell ist und stellvertretend herangezogen werden kann. Bevor die deutsche Telekom in der Breite zahlende Kunden und damit Einnahmen aus 5G erwirtschaften kann, muss Sie die entsprechenden Sendestationen flächendeckend aufbauen. Das kostet Geld und Zeit für Entwicklung, Montage und Wartung. Darüber hinaus die vielen Einsprüche, welche den Faktor Zeit und Kosten weiter strapazieren. Des Weiteren bedarf es eines Back-Offices, eines Vertriebs, Marketingausgaben, Rechnungsstellung, etc. Was, wenn man nun dieses Geschäftsmodell auf den Kopf stellen könnte?

**Hedgework**: Nämlich wie?

**Hilpold**: Was, wenn man die Bevölkerung zu Beteiligten machen könnte, eine Community bilden könnte? Was, wenn man sehr viele Leute dazu bewegen könnte, dass diese die entsprechenden Sendeeinheiten – genannt Helium Hotspot – kaufen und damit in Vorkasse gehen? Sich diese bei sich zu Hause oder im Büro aufstellen und auf diese Weise ein globales Netzwerk aufbauen? Was, wenn man einen Weg findet, einen Abrechnungsmechanismus zu implementieren, welcher komplett digitalisiert ist und daher nicht mal mehr ein Back-Office erfordert. Dann müsste man nur noch einen Weg finden, die Teilnehmer in diesem Netzwerk monetär zu intensivieren. Hier kommt der Helium Token als Kryptowährung ins Spiel. Für die Bereitstellung der Netzwerkinfrastruktur und dafür, dass man ein Risiko eingeht mit der Anschaffung der Hardware wird man in einem bestimmten Verhältnis mit dem Helium Token entlohnt. Im Gegenzug muss ein Nutzer des Netzwerks Helium Token erwerben, um die Dienstleistung in Anspruch zu nehmen. Der Token stellt somit eine Art Gebühr dar, für die Nutzung der Dienstleistung und er wird auf Protokollebene belastet.

**Hedgework**: Mit allgemeiner Bezahlfunktion?

**Hilpold**: Nein, das nicht – an dieser Stelle möchte ich gleich ein weit verbreitetes Missverständnis klarstellen. Der Helium Token ist nicht dazu gedacht, beim Bäcker nebenan Brötchen einzukaufen, das heißt, er stellt keine Währung im eigentlichen Sinne dar – er gehört in die Kategorie Nutzungstoken – wie übrigens mehr als 90% aller Kryptowährungen.

**Hedgework**: Wie steht es mit dem 2. Beispiel?

**Hilpold**: Das 2. Beispiel ist das Thema NFT – also Non-fungible Token – definitiv ein großes Hype-Thema in 2021 und auch noch aktuell. Ein Non-fungible Token ist ein kryptografisch eindeutiges, unteilbares, unersetzbares und überprüfbares Token, das einen bestimmten Gegenstand, sei er digital oder physisch, in einer Blockchain repräsentiert1. Digitale Kunst ist ein möglicher Anwendungsfall. Bei dem von mir gezeigten spielerischen Anwendungsfall „NBA-Topshots“ handelt es sich um ein Projekt, dass ähnlich den aus unserer Kindheit bekannten Fußball-Stickern von Panini an die Sammelleidenschaft vieler anknüpft. Für die einen ist es eine weitere Möglichkeit, im Sinne des Merchandisings mit seinen Fans im erweiterten Kontakt zu stehen, für andere mag es die pure Aussicht auf den schnellen Gewinn sein, welche die Basis des Handels bildet. Die großen Umsatzzahlen im abgelaufenen Kalenderjahr zeigen – es gibt eine Nachfrage hierfür.

**Hedgework**: Ok, und drittens?

**Hilpold**: Das dritte Thema gehört der Kategorie Decentralized Finance (DeFi) an. AAVE stellt in diesem Zusammenhang eine dezentrale Bank dar, bei welcher die klassische Bankdienstleistung der Geldvermittlung im Sinne von verzinster Anlage auf der einen Seite und Kreditaufnahme gegen Zins auf der anderen Seite ohne zentralen Mittelsmann und damit ohne Gegenparteirisiko rein dezentral über Smart Contracts abgebildet wird. Das Gegenparteirisiko wird ersetzt durch ein Smart-Contract-Risiko.

**Hedgework**: Danke dafür – und haben Sie vielleicht noch einen Ausblick, welche Entwicklungen und Projekte sich bereits am Horizont abzeichnen?

**Hilpold**: Die Entwicklung geht weiter und wie anfangs aufgeführt, ist dies im Bereich Crypto besonders dynamisch zu erwarten. Zwei weitere Bereiche sehe ich aktuell am Horizont als mögliche Anwendungsfelder mit viel Potenzial. Zum einen sind das DAOs – Decentralized Autonomous Organizations. Das heiß, Governance-Strukturen, welche ihre Mitbestimmungsstruktur ebenfalls komplett auf die Blockchain übertragen und damit die Frage, wer was zu sagen hat, vordefinierten Regeln unterwirft. Mir ist beispielsweise ein in Singapore ansässiger Blockchain-Venture-Fonds bekannt, welcher jüngst seinen General Partner in eine DAO überführt hat. Das heißt, die Management Fees fließen künftig der DAO zu und die anschließende Verteilung der Fees erfolgt transparent und regelbasiert. Wenn jemand beispielsweise ein interessantes Projekt im Cryptobereich sieht und dieses dem Portfoliomanagement-Team vorstellt und es zu einem Investment kommt, wird derjenige für das Auffinden durch entsprechende GP Token intensiviert. Das gleiche gilt für viele weitere Teilfunktionen, welche einen General Partner als Ganzes definieren.

**Hedgework**: Was folgt da noch?

**Hilpold**: Einen weiteren spannenden Bereich mit viel Potenzial sehe ich künftig im Bereich Social Communities und Social Media in dezentralisierter Art und Weise. Man denke an ein dezentralisiertes Facebook, bei welchem nicht Mark Zuckerberg darüber bestimmt, an wen er meine Daten verkauft, sondern an eine dezentrale Version hiervon, bei welcher jeder einzelne Nutzer bestimmen kann, was mit seinen Daten geschieht. Own your own data! Nehmen Sie die Community der ganzen Hobby- und Profisportler. Wenn ich heute laufen gehe, tracke ich meinen Lauf mit einer Sportuhr. Diese Daten sind aber viel mehr als nur die Messung, wie schnell und wie weit ich unterwegs war. Es werden auch Gesundheitsdaten wie Puls, Temperatur, Herzfrequenzvariabilität, etc. gemessen. In einem nächsten Schritt ist es möglich, die Uhr mittels einer App mit einem Service, genannt Strava, zu verbinden. Hier kommuniziert man mit Gleichgesinnten in einer Art Facebook für Sportbegeisterte. Was, wenn diese Daten nun auch dezentral via Blockchain erfasst werden und auf diese Weise eine Community zwecks dezentralem Austausch gebildet würde? Was, wenn man mit diesen Daten auch gleich noch einen Datenmarktplatz aufbaut, bei welchem jedes Community-Mitglied entscheiden kann, wem er zu welchem Preis seine Daten zur Verfügung stellt? Zum Bespiel an Research-Institute, welche wissenschaftliche Untersuchungen auf einer Vielzahl von Datensätzen und Zeitreihen anstellen möchten, oder Krankenversicherungen, welche entsprechende Rabattmodelle entwickeln möchten. Und wieder gilt: „Own your own data!“

**Hedgework**: Ihr Fazit?

**Hilpold**: Hier werden sich noch viele spannende Dinge entwickeln, von denen die meisten – Stand heute – noch nicht einmal in den Köpfen der Menschen gedacht sind. Dieses Potenzial und diese Dynamik begeistern mich.

1 https://de.wikipedia.org/wiki/Non-Fungible_Token [02. April 2022]

**Claus Hilpold**, CFA, CAIA, ist Senior Advisor bei der L1 Digital AG. Im Jahr 2008 gründete er die POLARIS Investment Advisory AG in Zürich, ein spezialisiertes Vertriebsunternehmen für alternative Anlageformen an institutionelle Investoren in ganz Europa. Zuvor war er zuständig für das Business Development in Deutschland und Österreich bei Harcourt Investment Consulting AG und davor Teil des Derivate- und Strukturierungsteams der Commerzbank AG in Frankfurt. Bei L1D unterstützt er als Senior Advisor aktiv mit Rat und Tat den Bereich Vertrieb und Marketing.

**L1 Digital AG**
Mit Sitz in der Schweiz konzentriert sich die L1 Digital AG als FINMA-regulierter Investment-Manager auf die Erschließung von Investitionsmöglichkeiten in der Blockchain-Industrie. Hierbei analysiert L1D Blockchainprojekte und Fonds mit dem Ziel, die weltweit besten für L1Ds Investoren investierbar zu machen. L1D wurde im Jahr 2018 gemeinsam von Ray Hindi, Dr. Philipp Cottier, Armand van Houten und Claus Hilpold in Zürich gegründet.

Crypto-Land ist viel mehr als nur Bitcoin

European placement agent POLARIS strengthens advisory board with renowned international investors

Here they are… the winners of the Professional Pensions Investment Awards 2021.
The winners of this year's awards - which celebrate industry excellence among asset managers who serve UK occupational pension schemes - were announced in an online ceremony yesterday (25 November).

The awards, now in their eighth year, recognise asset managers over a broad range of specialisms - and shine the spotlight on those whose achievements may not always be recognised by the more general UK Pensions Awards.

The awards process is unique within the industry - with the shortlist being drawn up in association with Aon, one of the leading investment consultants in the market.

The shortlist was broadly based on performance over the 12 months to 30 June 2021 but also recognises the need for consistent performance - so entrants were only shortlisted if they demonstrated both excellent performance over the 12 months to 30 June 2021 AND strong performance over a three-year time period.

Shortlisted entrants were then asked to complete a questionnaire asking them what made them stand out from their peers in terms of innovation, client service, sustainability, diversity and inclusion.

The winners in each of the categories were then decided by a distinguished panel of industry judges.
Pan-European Core Property Manager of the Year

Winner:
LaSalle Investment Management (Encore+)

Highly Commended:

Barings (European Core Property Fund)

Finalists:

Barings (European Core Property Fund)

Blackstone Real Estate Partners (Core+)

LaSalle Investment Management (Encore+)

Prologis (European Logistics Fund)

LaSalle wins the PP Investments Awards 2021 for Pan-European Core Manager of the Year

The Vistria Group - The Good Guys (Brunswick Review, Issue 21, 2021)

InfraRed Capital Partners Limited (“InfraRed”) is pleased to announce that it has joined the Net Zero Asset Managers initiative, a group of 128 international asset managers representing $43 trillion, who are committed to supporting the goal of net-zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5°c.

By joining the initiative, InfraRed has committed to achieving net-zero emissions for its portfolio by 2050 or sooner and it will also set 2030 interim reduction targets for a proportion of its assets under management within the next year. These commitments follow InfraRed’s decision to become Carbon Neutral from 2019 onwards and a TCFD supporter in 2020.

Werner von Guionneau, Chief Executive Officer of InfraRed Capital Partners, said:

“We are proud to join the Net Zero Asset Managers initiative and look forward to working with other like-minded asset managers to tackle one of the largest challenges faced by society. As a responsible asset manager, we firmly believe that it is in the best interests of our investors, clients and other stakeholders that InfraRed engages proactively to make a positive contribution to climate action.

With a portfolio of over 250 real assets, we have an opportunity to effect significant, positive change. Committing to net zero by 2050 is the next step in our climate journey. Joining the Net Zero Asset Managers initiative will support our ongoing efforts to be a leading driver of change within the asset management industry. This commitment fully aligns with our vision of creating a sustainable future.” 

 

InfraRed Capital Partners

InfraRed Capital Partners is an international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, New York, Sydney, Seoul and Mexico City. With around 200 professionals, it manages US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners is authorised and regulated in the UK by the Financial Conduct Authority.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has been awarded triple A+ score in 2019 PRI assessment.

InfraRed is a part of SLC Management which is the institutional alternatives and traditional asset management business of Sun Life. Over the past 30 years InfraRed has established itself as a highly successful developer and custodian of core infrastructure, renewable energy and real-estate assets that play a vital role in supporting sustainable communities.

InfraRed Capital Partners joins the Net Zero Asset Managers Initiative and makes net-zero pledge

Chicago, IL, June 30, 2021 – The Vistria Group, a purpose-driven investment firm focusing on the middle market, today announced the final closing of Vistria Fund IV, L.P., with $2.68 billion of total capital commitments. Vistria now manages more than $6.5 billion in institutional capital across its funds and co-investment vehicles.

Fund IV was substantially oversubscribed, closing at its hard cap and surpassing its target of $1.5 billion. It includes a $180 million commitment from Vistria’s Principals and Operating Partners.  Consistent with its predecessor funds, Fund IV will seek to invest in U.S. based healthcare, education and financial services companies that can benefit from the firm’s deep network, operating expertise, and policy perspectives.

“When we founded Vistria more than eight years ago, we thought there was an opportunity to build a next generation investment firm that focused on building important businesses for the long-term. Today is confirmation that our instincts were correct,” said Martin Nesbitt, Co-Founder and Senior Partner at Vistria. “We continue to challenge ourselves to build a great firm and the closing of Fund IV shows that many people think we are on the right track.”

The launch of Fund IV extends a remarkable period of growth and transformation at Vistria. Over the last 12 months, the firm has exited several investments while investing in seven new platforms and adding ten new members to the Vistria team.

“Today could not have happened without the unwavering support of our limited partners. We are energized to continue to demonstrate our ability to produce outsized returns by embracing our key values and mission,” said Kip Kirkpatrick, Vistria Co-Founder and Senior Partner. “There will be no change in strategy going forward. We will continue to proactively and systematically identify new platforms and management teams that share our passion for building great companies.”

Since closing its first fund in 2014, Vistria has attracted a new generation of investment professionals who have embraced the responsibility to do more than just generate wealth. Its focus on aligning purpose with profit, addressing societal needs and creating value for all stakeholders continues to be at the core of everything it does.

Ropes & Gray LLP acted as legal counsel.

About The Vistria Group
The Vistria Group is a Chicago-based next generation private investment firm that operates at the intersection of purpose and profit. We partner with middle-market businesses in Healthcare, Education and Financial Services that are passionate about growth and committed to the community. Our decision to invest in these areas is driven by our belief in companies producing scalable social value. Vistria's team is comprised of highly experienced operating partners and investment professionals with proven track records of working with management teams in building innovative, market-leading companies.

The Vistria Group Closes on $2.68 billion for Flagship Core Private Equity Fund

Hedgeweek ILS in Fokus - Elementum Advisors 

[https://www.hedgework.de/archiv_beitrag/6-hw-talk-krypto-und-digital-assets-sind-das-mit-abstand-spannendste-alternative-investment.html ](https://www.hedgework.de/archiv_beitrag/6-hw-talk-krypto-und-digital-assets-sind-das-mit-abstand-spannendste-alternative-investment.html )

Podcast: „Krypto und Digital Assets sind das mit Abstand spannendste Alternative Investment“

[https://axiomasia.com/our-expectations-for-2021/](https://axiomasia.com/our-expectations-for-2021/)*Italic*

Axiom's expectations for 2021

Hedgework: „Digital Assets bieten ein aus Anlegersicht sehr interessantes Risiko-/Renditeprofil“

Lido Consulting; U.S. Direct Lending – Where is the Opportunity in Today’s Market?

From Friday 28.06 to Sunday 30.06 the POLARIS Team competed in the Gigathlon 2019 - Obwalden & Nidwalden.

We managed to complete all stages of the 3-day event, while battling steep trails, chilly mountain lakes, and the blistering heat.

Special thanks to Ursula Sax, who taught us how to swim like dolphins!

POLARIS Gigathlon Adventure 2019

Institutional Money: Risikoprämien-Star Motamedi startet in neuem Set-Up voll durch

At the Crypto Assets Conference held in Frankfurt in two weeks, L1D Chairman Philipp Cottier will be making the case for "investing in blockchain and cryptos - a diversified and institutional approach".

Over 60 speakers will be attending from the BaFin, Börse Stuttgart, Bundesbank, Coinmarketcap, Commerzbank, European Central Bank, Gnosis, Kraken, LBBW, Multichain Asset Managers Association, Ripple, Satoshipay, Solarisbank, Thailand Stock Exchange and many more high profile blockchain and crypto groups.

Crypto Assets Conference: Frankfurt, 25-26 February 2019

In collaboration with Luxembourg-based LIS as AIFM, POLARIS Investment Advisory AG, as placement agent for Europe, is offering institutional investors a Reserved Alternative Investment Funds (RAIF) advised by an affiliate of Deerpath Capital Management, LP.

The strategy, implemented successfully for many years by Deerpath Capital, is based on direct lending to private equity sponsored, lower middle market-sized companies in the US. Avoiding loan defaults is at the heart of Deerpath’s activities. This is underpinned by a highly focused, conservative investment strategy based almost exclusively on senior secured loans.

POLARIS Investment Advisory AG offers access to Deerpath Capital's differentiated US direct lending strategy 

Dear Friends and Business Partners,

We are proud to celebrate our 10th Anniversary with you.

We want to use this opportunity to express our gratitude for your trust, support and the many exciting conversations over the years. 

We are curious to see what the world of alternative investments has in store for us over the coming 10 years. 

POLARIS Team

POLARIS celebrates its 10th Anniversary

Preqin: Successfully transacting in a crowded direct lending market 

LRI Summit 2018: Panel Private Debt Funds – The New Alternative?

Manager Magazine: Long-short funds 

Opalesque: Fund distributor POLARIS sees opportunities for single GP infrastructure, alternative risk premia and equity market neutral in Europe

The 3i Group announced the final close of the 3i European Operational Projects Fund, with €456 million of commitments received from European and Asian investors, including a commitment of €40 million from 3i Group.

3i European Operational projects Fund, which is managed by 3i’s infrastructure team, invests in operational projects across Europe, with a focus on France, the Benelux, Germany, Italy and Iberia. It targets a wide range of sub-sectors, primarily social infrastructure and transportation, but also telecoms and utilities, excluding renewable energy projects. It aims to provide long-term yield to institutional investors. The Fund has already invested and committed to invest approximately €85 million in assets across Europe.

3i announced final close of the 3i European Operational Projects Fund on €456 million

Absolut Report: Private equity in Asia, market development and opportunities (Please contact us in case of interest)

Hedgework News: Investors will see the merits of investing in Asian private equity

POLARIS Investment Advisory AG, Zurich, has appointed Dr Hanspeter Bader, Baldomero Falcones, Dr Thomas Friese and Matthias Knab as Members of its Senior Advisory Board.

High-profile additions to the team: POLARIS Investment Advisory appoints Senior Advisory Board

Hedgework News: Alternatives Beyond Mainstream

MidOcean Partners announced that it has signed a definitive agreement to sell Water Pik, a leading innovator, marketer and distributor of branded oral health products and replacement showerheads, to Church & Dwight, a global producer and marketer of personal care, household and specialty products under the Arm & Hammer brand name and other well-known trademarks, for approximately USD 1bn in cash. The transaction is expected to close in the third quarter of 2017, subject to customary closing conditions and regulatory approvals.

MidOcean Partners announces sale of Water Pik to Church and Dwight for approximately USD 1bn

The 3i Group announces the first close of the 3i European Operational Projects Fund, with €155 million raised from a number of European investors, including a commitment of €40m from 3i.

The Fund will invest in operational PPP projects across Europe, with a focus on France, the Benelux, Germany, Italy and Iberia and sub-sectors such as social infrastructure and transportation. It aims to provide long-term yield to institutional investors. The Fund will acquire a seed portfolio of 11 operational projects, generating immediate yield for investors.

3i announces first close of the 3i European Operational Projects Fund

Citywire, Viewpoint: Welcome to the Private Members' Club

MidOcean Partners, a premier middle market private equity firm focused on consumer and business services, announced it has acquired a significant controlling interest in Affinity Dental Management Holdings LLC, in partnership with Affinity’s management and certain founders of affiliated practices. Financial terms of the transaction were not disclosed.﻿

Affinity is a dental services organization that provides comprehensive management and administrative support services for dental practices across Western Massachusetts, Connecticut and Vermont. Dr. Craig Saltzman opened his first office in 1999 and through affiliations and new practice openings, built a network of practices offering general and specialty dental services that are well-known for providing superior patient care and service.

MidOcean Partners acquires significant stake in Affinity Dental Management

POLARIS Investment Advisory AG is pleased to announce that Rolf Dreiseidler joined the team as Managing Partner as of January, 1st 2017. The 44-year-old Economics graduate has worked successfully for nearly a decade as Managing Director, Head of Institutional Clients Germany at Man Group plc in Pfaeffikon, Switzerland. In addition, Mr. Dreiseidler has been Co-Chairman of the Board of the Bundesverband Alternative Investments e.V. (German Alternative Investments Association), Bonn since 2010. Prior to joining Man Group, Rolf Dreiseidler was Head of Fund of Hedge Funds at Deka Investments GmbH, Frankfurt. He is married with two children, a CFA and CAIA Charterholder and is a lecturer at the EBS-Finanzakademie in Oestrich-Winkel.

POLARIS Investment Advisory AG strengthens the team with Rolf Dreiseidler as Managing Partner

3i Group plc announces that it has agreed to acquire a portfolio of assets from the EISER Global Infrastructure Fund, including Belfast City Airport and East Surrey Pipelines.

3i announces the acquisition of assets from the EISER Global Infrastructure Fund

Hedgework News: The emergence of a European operational PPP infrastructure market

Trading Risk: Catastrophe risk not a pure commodity

Post-Monte Carlo Reinsurance Market Update

Changes in Regulation could pave the way for AIFs in Germany

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POLARIS Investment Advisory AG is a Zurich-based company founded in 2008 specialized in marketing and business development for alternative investment managers within liquid alternatives and private markets.