Warburg Pincus A Large MidMarket Private Equity Firm
Warburg Pincus: A Large Mid-Market Private Equity Firm Tiburon Research June 16, 2021
Warburg Pincus Comments • • • • Founded in 1966 Based in New York, NY 10 countries 14 offices 589 employees 20 funds $96. 2 billion cumulative assets raised 40 countries invested in 930 cumulative investments $89. 0 billion cumulative invested capital $60. 0 billion assets under management 195 portfolio companies & properties CEO: Chip Kaye – President: Tim Geithner – Chief Operating Officer: Steven Glenn • Web site: www. warburgpincus. com Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 4/2/21 Reuters; 1/12/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 1/27/20 PR Newswire; 10/9/19 Warburg Pincus Presentation (Martin); 7/16/19 Private Equity International; 7/16/19 Bloomberg Web Site; 5/3/19 Chicago Tokyo Group Web Site; 2/11/19 Wikipedia Web Site; 2/7/19 Warburg Pincus Web Site; 10/12/18 Business Wire; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 1
Warburg Pincus was Founded in 1966 and Has Subsequently Evolved through its Early, Energy Sector Focus, & Recent Phases Warburg Pincus History Warburg Pincus Founded Energy Sector Focus Phase Early Phase Warburg Pincus Today Recent Phase Approximate Dates: 1939 Key Steps: • • • 1939: EM Warburg & Company founded 1966: Lionel Pincus & Company founded 1966: EM Warburg merged with Lionel Pincus & Company to form Warburg Pincus 1966 - 2008 • • • • • • • • • • 1967: John Vogelstein joined 1971: Raised EMW Ventures Fund 1980: Raised Warburg Pincus Associates Fund 1983: Raised Warburg Pincus Capital Partners Fund 1986: Raised Warburg Pincus Capital Company Fund 1985: Joe Landy joined 1986: Chip Kaye joined 1989: Raised Warburg Pincus Investors Fund 1994: Raised Warburg Pincus Ventures Fund 1997: Raised Warburg Pincus Ventures International Fund 1997: Peter Kagan joined 1998: Raised Warburg Pincus Equity Partners Fund 1999: Sold asset management business & 19. 9% stake to Credit Suisse Group 2000: Raised Warburg Pincus International Partners Fund 2000: Lionel Pincus & John Vogelstein resigned and Chip Kaye named Co-CEO 2000: Jim Neary joined 2000: Justin Sadrian joined 2000: Julian Cheng joined 2001: Raised Warburg Pincus Private Equity VIII Fund 2001: Mark Colodny joined 2002: Joe Landy named Co-CEO 2002: Dan Zamlong joined 2002: Frank Wei joined 2002: John Vogelstein resigned 2004: Repurchased 19. 9% stake from Credit Suisse Group 2004: Gregory Baecher joined 2004: In Seon Hwang joined 2005: Raised Warburg Pincus Private Equity IX Fund 2005: Vishnu Menon joined 2005: Dan Silberman joined 2005: Christopher Turner joined 2006: Raised Warburg Pincus Real Estate I Fund 2006: Jeff Stein joined 2006: Vishal Mahadevia joined 2006: Jeffrey Perlman joined 2006: Rob Buonanno joined 2007: Raised Warburg Pincus Private Equity X Fund 2007: Steven Glenn joined 2007: John Shearburn joined 2007: Harsha Marti joined 2009 - 2019 • • • • 2009: Michael Martin joined 2009: Lionel Pincus died 2010: John Holland joined 2012: Raised Warburg Pincus Private Equity XI Fund 2014: Raised Warburg Pincus Energy Fund 2014: Tim Geithner joined 2014: Adrienne Filipor joined 2015: Raised Warburg Pincus Private Equity XII Fund 2016: Raised Warburg Pincus China Fund 2016: TJ Carella joined 2017: Raised Warburg Pincus Financial Sector Fund 2018: Raised Warburg Pincus Global Growth Fund 2019: Raised Warburg Pincus China-Southeast Asia II Fund 2019: Joe Landy resigned & Chip Kaye became sole CEO 2019: In Seon Hwang resigned 2020 - 2021 • • 2021: Applied to set up brokerage joint venture in China 2021: John Holland resigned Source: 4/20/21 Warburg Pincus Web Site; 4/2/21 Google News Alerts; 1/12/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 10/9/19 Warburg Pincus Presentation (Martin); 10/3/19 Linked. In Web Site; 7/16/19 Private Equity International; 5/3/19 Chicago Tokyo Group Web Site; 5/3/19 Warburg Pincus Web Site; 5/3/19 Bloomberg Web Site; 2/15/19 Wealth Management; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 2
Warburg Pincus’ Predecessors EM Warburg & Company and Lionel Pincus & Company Merged to Form Warburg Pincus in 1966 Warburg Pincus Pre-Merger Firm Profile EM Warburg & Company • Founded in 1939 – Founded by Eric Warburg – Founded as EM Warburg & Company • Based in New York, NY Lionel Pincus & Company • Founded in 1966 – Founded by Lionel Pincus • CEO: Lionel Pincus Source: 10/9/19 Warburg Pincus Presentation (Martin); 7/16/19 Bloomberg Web Site; 5/3/19 Chicago Tokyo Group Web Site; 5/3/19 Bloomberg Web Site; 5/3/19 Wikipedia Web Site; 2/11/19 Wikipedia Web Site; 10/12/18 Business Wire; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 3
Warburg Pincus Has Raised at Least Nineteen Private Equity Funds, Including its EMW Ventures Fund in 1971 (Page 1) Warburg Pincus Private Equity Fund Raises EMW Ventures • Raised in 1971 • Raised $41 million Warburg Pincus Associates • Raised in 1980 • Raised $101 million Warburg Pincus Capital Partners Warburg Pincus Capital Company • Raised in 1983 • Raised $341 million • Raised in 1986 • Raised $1. 2 billion Source: 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 2/14/20 Pitchbook Web Site; 7/16/19 Bloomberg Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 4
Warburg Pincus Private Equity Funds (Page 2) Warburg Pincus Private Equity Fund Raises Warburg Pincus Investors • Raised in 1989 • Raised $1. 8 billion Warburg Pincus Ventures • Raised in 1994 • Raised $2. 0 billion Warburg Pincus Ventures International • Raised in 1997 • Raised $800 million Warburg Pincus Equity Partners • Raised in 1988 • Raised $5. 0 billion Source: 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 2/14/20 Pitchbook Web Site; 7/16/19 Bloomberg Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 5
Warburg Pincus Private Equity Funds (Page 3) Warburg Pincus Private Equity Fund Raises Warburg Pincus International Partners • Raised in 2000 • Raised $2. 5 billion Warburg Pincus Private Equity VIII Warburg Pincus Private Equity IX Warburg Pincus Private Equity X • Raised in 2001 • Raised $5. 3 billion • Raised in 2005 • Raised $8. 0 billion • Raised in 2007 • Raised $15. 1 billion Source: 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 2/14/20 Pitchbook Web Site; 7/16/19 Bloomberg Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 6
Warburg Pincus Private Equity Funds (Page 4) Warburg Pincus Private Equity Fund Raises Warburg Pincus Private Equity XI Warburg Pincus Energy Warburg Pincus Private Equity XII • Raised in 2012 • Raised $11. 2 billion • Raised in 2014 • Raised $4. 0 billion • Raised in 2015 • Raised $13. 4 billion Warburg Pincus China • Raised in 2016 • Raised $2. 2 billion Source: 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 2/14/20 Pitchbook Web Site; 7/16/19 Bloomberg Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 7
Warburg Pincus Private Equity Funds (Page 5) Warburg Pincus Private Equity Fund Raises Warburg Pincus Financial Sector • Raised in 2017 • Raised $2. 5 billion Warburg Pincus Global Growth • Raised in 2018 • Raised $15. 0 billion -- Warburg Pincus China. Southeast Asia II • Raised in 2019 • Raised $4. 5 billion • -- Source: 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 2/14/20 Pitchbook Web Site; 7/16/19 Bloomberg Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 8
Warburg Pincus Operates in Ten Countries, Consistent Since 2019 Warburg Pincus Countries Source: 6/16/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 9
Warburg Pincus’ Countries Include Brazil, China, Germany, Luxembourg, India, The Netherlands, United Kingdom, and the United States of America Warburg Pincus Countries • • Brazil China Germany Luxembourg • India • Mauritius • Singapore • The Netherlands • United Kingdom • United States of America Source: 6/16/21 Warburg Pincus Web Site; 4/2/21 Reuters; 1/12/21 Warburg Pincus Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 10
Warburg Pincus Has Fourteen Offices, Up From Twelve in 2008 Warburg Pincus Offices Source: 6/16/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 10/12/18 Business Wire; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 11
Warburg Pincus’ Offices Include Amsterdam, The Netherlands; Beijing, China; Berlin, Germany; Hong Kong, China; Houston, TX; London, England; Luxembourg, Luxembourg; Mumbai, India; New York, NY; Port Louis, Mauritius; and San Francisco, CA Warburg Pincus Offices • Amsterdam, The Netherlands • Beijing, China • Berlin, Germany • Hong Kong, China • Houston, TX • London, England, United Kingdom • Luxembourg, Luxembourg • Mumbai, India • • • New York, NY Port Louis, Mauritius San Francisco, CA Sao Paulo, Brazil Shanghai, China Singapore Source: 6/16/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 10/9/19 Warburg Pincus Presentation (Martin); 10/12/18 Business Wire; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 12
Warburg Pincus Has 589 Employees, Up From Twenty in 1950 Warburg Pincus Employees Source: 1/28/20 Warburg Pincus Web Site; 7/6/19 Private Equity International; 6/5/19 Warburg Pincus Web Site; 5/3/19 Warburg Pincus Web Site; 2/11/19 Wikipedia Web Site; 2/9/09 Warburg Pincus Web Site; 8/20/99 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 13
Warburg Pincus Has Raised Twenty Funds, Up From Nine in 2000 Warburg Pincus Funds Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 1/27/20 PR Newswire; 5/3/19 Bloomberg Web Site; 2/7/19 Warburg Pincus Web Site; 10/12/18 Business Wire; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 14
Warburg Pincus Has Raised $4. 5 Billion Assets, Up From <$0. 1 Billion in 1971 But Down From its Peak of $15. 1 Billion in 2007 Warburg Pincus Assets Raised ($ Billions) Source: 4/20/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 7/16/19 Bloomberg Web Site; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 15
Warburg Pincus Has Raised $96. 2 Billion Cumulative Assets, Up From <$0. 1 Billion in 1971 Warburg Pincus Cumulative Assets Raised ($ Billions) Source: 4/20/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 7/16/19 Bloomberg Web Site; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 16
Warburg Pincus Has Invested in 40 Countries, Consistent Since 2017 Warburg Pincus Countries Invested Source: 1/12/21 Warburg Pincus Web Site; 2/11/19 Wikipedia Web Site; 10/12/18 Business Wire; 11/14/16 PE Hub; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 17
Warburg Pincus Has Made 930 Cumulative Investments, Up From 760 in 2015 Warburg Pincus Cumulative Investments Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 1/27/20 PR Newswire; 2/14/19 Pitchbook Web Site; 2/11/19 Wikipedia Web Site; 10/12/18 Business Wire; 11/14/16 PE Hub; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 18
Warburg Pincus Has Invested $89. 0 Billion Cumulative Capital, Up From $58. 0 Billion in 2015 Warburg Pincus Cumulative Invested Capital ($ Billions) Source: 3/15/21 Warburg Pincus Press Release; 1/22/21 Google News Alerts; 1/12/21 Warburg Pincus Web Site; 2/11/19 Wikipedia Web Site; 10/12/18 Business Wire; 11/14/16 PE Hub; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 19
Warburg Pincus Has Gathered $60. 0 Billion Assets Under Management, Up From $15. 0 Billion in 2000 Warburg Pincus Assets Under Management ($ Billions) Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 10/19/20 Warburg Pincus Press Release; 1/27/20 PR Newswire; 10/9/19 Warburg Pincus Presentation (Martin); 7/16/19 Private Equity International; 2/11/19 Wikipedia Web Site; 2/7/19 Warburg Pincus Web Site; 10/12/18 Business Wire; 11/23/15 Bloomberg; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 20
Warburg Pincus Has 195 Portfolio Companies & Properties Up From 150 in 2018 Warburg Pincus Portfolio Companies & Properties Source: 3/15/21 Warburg Pincus Press Release; 1/12/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 10/9/19 Warburg Pincus Presentation (Martin); 3/16/19 PR Newswire; 2/7/18 PR Newswire; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 21
Warburg Pincus Has Two Businesses, Including Private Equity & Real Estate Warburg Pincus Businesses Private Equity Real Estate Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 22
Warburg Pincus’ Funds Have Been Raised Primarily in its Private Equity Business Warburg Pincus Funds By Business Real Estate Private Equity Source: 1/12/21 Warburg Pincus Web Site; 1/27/20 PR Newswire; 5/3/19 Bloomberg Web Site; 2/7/19 Warburg Pincus Web Site; 10/12/18 Business Wire; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Cumulative Assets Raised Have Been Primarily in its Private Equity Business Warburg Pincus Cumulative Assets Raised By Business Real Estate Private Equity Source: 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 2/14/20 Pitchbook Web Site; 7/16/19 Bloomberg Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ First Business is Private Equity Comments • -- Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 25
Warburg Pincus’ Private Equity Business Has Raised Nineteen Funds, Up From Eight in 2000 Warburg Pincus Private Equity Business Funds Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 3/15/21 Warburg Pincus Press Release; 1/22/21 Google News Alerts; 1/12/21 Warburg Pincus Web Site; 1/27/20 PR Newswire; 5/3/19 Bloomberg Web Site; 2/7/19 Warburg Pincus Web Site; 10/12/18 Business Wire; 11/14/16 PE Hub; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 26
Warburg Pincus’ Private Equity Business Has Raised $4. 5 Billion Assets, Up From <$0. 1 Billion in 1971 Warburg Pincus Private Equity Business Assets Raised ($ Billions) Source: 4/20/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 7/16/19 Bloomberg Web Site; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 27
Warburg Pincus’ Private Equity Business Has Raised $95. 0 Billion Cumulative Assets, Up From <$0. 1 Billion in 1971 Warburg Pincus Private Equity Business Cumulative Assets Raised ($ Billions) Source: 4/20/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 7/16/19 Bloomberg Web Site; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 28
Warburg Pincus’ Private Equity Business Has Invested in 40 Countries, Consistent Since 2017 Warburg Pincus Private Equity Business Countries Invested Source: 3/15/21 Warburg Pincus Press Release; 1/12/21 Warburg Pincus Web Site; 10/12/18 Business Wire; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 29
Warburg Pincus’ Private Equity Business Has Made 930 Cumulative Investments, Up From 760 in 2015 Warburg Pincus Private Equity Business Cumulative Investments Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 3/15/21 Warburg Pincus Press Release; 1/12/21 Warburg Pincus Web Site; 1/27/20 PR Newswire; 2/14/19 Pitchbook Web Site; 2/11/19 Wikipedia Web Site; 10/12/18 Business Wire; 11/14/16 PE Hub; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 30
Warburg Pincus’ Private Equity Business’ Cumulative Investments Include Ant Group, Edelman Financial Engines, Facet Wealth, Kestra Financial, Santander Asset Management, The Mutual Fund Store, Tilney, Smith, & Williamson, Varo Money, and Yodlee Warburg Pincus Private Equity Business Cumulative Investments • AM Rest • Alibaba – Ant Group • Alignment Healthcare • Anjuke Group • Antero Resources Corporation • Aquila Air Capital • Ascentium Capital • Avaloq • Avaya • Bausch & Lomb • bo. At • Buzz Feed • Car Trade • China Huarong Asset Management • Clean. Max Solar • Constitution Medical Investors • Crowdstrike Holdings • Delonex Energy • Edelman Financial Engines – The Mutual Fund Store • Embassy Industrial Parks • Envestnet – Yodlee • ESR Group • Extant • Facet Wealth • Genki Forest • Go-Jek • Harbin Pharmaceutical • Helix • Home First Finance Company • Immarsat • Infoniqua • Kestra Financial • Laredo Petroleum • Lending Point • Mo. Mo • Mosaic • Navitas Midstream Resources • Nuance • Outset Medical • Pay. Scale • • • • • Poly. Plus Transfection Princeton Digital Quantum Health Reorg Research Rivigo Services Rubicon Salisfy Santander Asset Management Soc Telemed SPINS Summit & City MD Synesis Life Sweeping Corporation of America Tilney, Smith, & Williamson Trax Varo Money Vertica Pharma Web PT Wright Medical Group Zhongyuan Consumer Finance Company Source: 4/6/21 Google News Alerts; 4/4/21 Google News Alerts; 4/2/21 Reuters; 4/2/21 Google News Alerts; 3/29/21 Google News Alerts; 3/28/21 Google News Alerts; 3/15/21 Warburg Pincus Press Release; 1/22/21 Google News Alerts; 1/21/21 Google News Alerts; 1/20/21 Google News Alerts; 1/18/21 Google News Alerts; 1/16/21 Google News Alerts; 1/14/21 Google News Alerts; 1/12/21 Google News Alerts; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 31
Warburg Pincus’ Private Equity Business Has $89. 0 Billion Cumulative Invested Capital, Up From $68. 0 Billion in 2017 Warburg Pincus Private Equity Business Cumulative Invested Capital ($ Billions) Source: 3/15/21 Warburg Pincus Press Release; 1/22/21 Google News Alerts; 1/12/21 Warburg Pincus Web Site; 1/27/20 PR Newswire; 10/12/18 Business Wire; 9/25/03 San Francisco Business Times; 2/21/03 San Francisco Business Times; 1/20/99 Venture Economics; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 32
Warburg Pincus’ Private Equity Business Has Gathered $60. 0 Billion Assets Under Management, Up From $15. 0 Billion in 2000 Warburg Pincus Private Equity Business Assets Under Management ($ Billions) Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 3/31/21 Google News Alerts; 3/29/21 Google News Alerts; 1/12/21 Warburg Pincus Web Site; 1/27/20 PR Newswire; 2/11/19 Wikipedia Web Site; 10/12/18 Business Wire; 4/23/15 Bloomberg; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 33
Warburg Pincus’ Private Equity Business Has 195 Portfolio Companies, Up From 150 in 2017 Warburg Pincus Private Equity Business Portfolio Companies Source: 3/15/21 Warburg Pincus Press Release; 1/12/21 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 10/9/19 Warburg Pincus Presentation (Martin); 3/16/19 PR Newswire; 10/12/18 Business Wire; 2/7/18 PR Newswire; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 34
Warburg Pincus’ Private Equity Business’ Portfolio Companies Include Edelman Financial Engines, Facet Wealth, & Kestra Financial Warburg Pincus Private Equity Business Portfolio Companies • Ant Financial • Avaloq • Edelman Financial Engines • • Facet Wealth Home First Finance Kestra Financial Lending Point • SPINS • Tilney, Smith, & Williamson • Varo Money Source: 3/15/21 Warburg Pincus Press Release; 1/22/21 Google News Alerts; 1/21/21 Google News Alerts; 1/20/21 Google News Alerts; 1/14/21 Google News Alerts; 9/4/20 Google News Alerts; 10/9/19 Warburg Pincus Presentation (Martin); Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 35
Warburg Pincus’ Second Business is Real Estate Comments • -- Source: 2/15/19 Wealth Management; 2/11/19 Securities & Exchange Commission (SEC) Web Site; 10/12/18 Business Wire; 9/10/18 Pitchbook; 2/9/09 Warburg Pincus Web Site; 12/24/04 Credit Suisse Group Press Release; 9/25/03 San Francisco Business Times; 2/21/03 San Francisco Business Times; 2/16/99 New York Times; 1/20/99 Venture Economics; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 36
Warburg Pincus’ Real Estate Business Has Raised One Fund, Consistent Since 2006 Warburg Pincus Real Estate Business Funds Source: 2/15/19 Wealth Management; 2/11/19 Securities & Exchange Commission (SEC) Web Site; 2/11/19 Wikipedia Web Site; 10/12/18 Business Wire; 9/10/18 Pitchbook; 11/14/16 PE Hub; 2/9/09 Warburg Pincus Web Site; 12/24/04 Credit Suisse Group Press Release; 9/25/03 San Francisco Business Times; 2/21/03 San Francisco Business Times; 2/16/99 New York Times; 1/20/99 Venture Economics; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 37
Warburg Pincus’ Real Estate Business Has Raised $1. 2 Billion Cumulative Assets, Consistent Since 2006 Warburg Pincus Real Estate Business Cumulative Assets Raised ($ Billions) Source: 4/20/21 Warburg Pincus Web Site; 2/7/19 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 38
Warburg Pincus is Led by its CEO Chip Kaye, President Tim Geithner, & Chief Operating Officer Steven Glenn Warburg Pincus Organizational Chart Chip Kaye CEO Tim Geithner President Steven Glenn Chief Operating Officer TJ Carella Managing Director Healthcare Mark Colodny Managing Director Private Equity Peter Kagan Managing Director Energy Michael Martin Managing Director Financial Services Vishnu Menon Managing Director Jim Neary Managing Director Private Equity Group Justin Sadrian Managing Director John Shearburn Managing Director Jeff Stein Managing Director Dan Zamlong Managing Director Dan Zilberman Managing Director Europe Julian Cheng Managing Director China Frank Wei Managing Director China Vishal Mahadevia Managing Director India Jeffrey Perlman Managing Director Southeast Asia Greg Baecher Managing Director Fund Raising Rob Buonanno Managing Director Capital Markets Christopher Turner Managing Director Capital Markets Adrienne Filipov Chief Human Capital Officer Harsha Marti General Counsel Note: Chip Kaye joined the firm in 1986; Tim Geithner joined the firm in 2014; he was formerly at the United States of America; Steven Glenn joined the firm in 2007; he was formerly at Ernst & Young; TJ Carella joined the firm in 2016; he was formerly at Goldman Sachs Group; Mark Colodny joined the firm in 2001; he was formerly at Fortune Magazine & Primedia; Peter Kagan joined the firm in 1997; he was formerly at Salomon Brothers; Michael Martin joined the firm in 2009; he was formerly at Brooklyn NY Holdings, Credit Suisse Group, UBS Group, United States of America, and Wachtell, Lipton, Rosen, & Katz; Vishnu Menon joined the firm in 2005; Jim Neary joined the firm in 2000; Justin Sadrian joined the firm in 2000; John Shearburn joined the firm in 2007; Jeff Stein joined the firm in 2006; he was formerly at Goldman Sachs Group; Dan Zamlong joined the firm in 2002; Dan Zilberman joined the firm in 2005; Julian Cheng joined the firm in 2000; Frank Wei joined the firm in 2002 Vishal Mahadevia joined the firm in 2006; Jeffrey Perlman joined the firm in 2006; he was formerly at Credit Suisse Group; Gregory Baecher joined the firm in 2004; he was formerly at JP Morgan Chase & Company; Rob Buonanno joined the firm in 2006; he was formerly at JP Morgan Chase & Company; Christopher Turner joined the firm in 2005; he was formerly at Goldman Sachs Group; Adrienne Filipov joined the firm in 2014; she was formerly at Barclays, International Paper, & Lehman Brothers Holdings; Harsha Marti joined the firm in 2007 Source: 6/16/21 Warburg Pincus Web Site; 6/16/21 Linked. In Web Site; 4/16/21 Google News Alerts; 4/13/21 Google News Alerts; 4/2/21 Reuters; 1/12/21 Warburg Pincus Web Site; 1/12/21 Linked. In Web Site; 1/28/20 Warburg Pincus Web Site; 10/3/19 Linked. In Web Site; 7/16/19 Bloomberg Web Site; 7/16/19 Private Equity International; 5/3/19 Chicago Tokyo Group Web Site; 5/3/19 Linked. In Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 39
Warburg Pincus Has an Executive Management Group Led by its CEO Chip Kaye (Page 1) Warburg Pincus Executive Management Group Chip Kaye • CEO, Warburg Pincus Tim Geithner • President, Warburg Pincus Steven Glenn • Chief Operating Officer, Warburg Pincus Julian Cheng • Co-Business Head, China, Warburg Pincus Mark Colodny • Managing Director, Warburg Pincus Source: 1/12/21 Warburg Pincus Web Site; 3/9/20 Warburg Pincus Web Site; 7/16/19 Bloomberg Web Site; 7/16/19 Private Equity International; 5/3/19 Bloomberg Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 40
Warburg Pincus Executive Management Group (Page 2) Warburg Pincus Executive Management Group Peter Kagan • Managing Director, Energy, Warburg Pincus Robert Knauss • Managing Director, Warburg Pincus Vishal Mahadevia • Business Head, India, Warburg Pincus Harsha Marti • General Counsel, Warburg Pincus Michael Martin • Managing Director, Financial Services, Warburg Pincus Source: 1/12/21 Warburg Pincus Web Site; 3/9/20 Warburg Pincus Web Site; 7/16/19 Bloomberg Web Site; 7/16/19 Private Equity International; 5/3/19 Bloomberg Web Site; 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 41
Warburg Pincus Executive Management Group (Page 3) Warburg Pincus Executive Management Group Jim Neary • Managing Director, Warburg Pincus Jeffrey Perlman • Business Head, Southeast Asia, Warburg Pincus John Shearburn • Managing Director, Warburg Pincus Christopher Turner • Managing Director, Warburg Pincus Frank Wei • Co-Business Head, China, Warburg Pincus Source: 1/12/21 Warburg Pincus Web Site; 3/9/20 Warburg Pincus Web Site; 1/28/20; 7/16/19 Private Equity International; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 42
Warburg Pincus Executive Management Group (Page 4) Warburg Pincus Executive Management Group -- Dan Zilberman • Business Head, Europe, Warburg Pincus • -- -- • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 43
Warburg Pincus is Privately Owned Comments • -- Source: 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 44
Tiburon Strategic Advisors Comments • Focus on corporate-level strategy - Serve senior executives only at financial services companies - Key services: market seminars, market research, & strategy consulting - Served over 450 corporate clients and completed over 2, 200 projects since 1998 - Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background - Mc. Kinsey & Company - Charles Schwab & Company - Tiburon since 1998 Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 45
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