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: 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; 2/9/09 Warburg Pincus Web Site; 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’ Predecessor EM Warburg & Company was Founded by Eric Warburg in 1939 Named EM Warburg, Pincus, & Company (later simplified name) Comments • Founded in 1939 – Founded as EM Warburg & Company – Founded by Eric Warburg • Based in New York, NY Source: 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; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 3
Warburg Pincus’ Predecessor Lionel Pincus & Company was Founded by Lionel Pincus in 1966 Comments • Founded in 1966 – Founded by Lionel Pincus • CEO: Lionel Pincus Source: 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™ 4
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 acquired EM Warburg & Company? 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™ 5
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 1971: -- 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™ 6
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™ 7
Warburg Pincus Private Equity Funds (Page 3) Warburg Pincus Private Equity Fund Raises Warburg Pincus International Partners • Raised in 2000 • Raised $2. 5 billion 2007: Raised massive fund in the early days of the financial crisis 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™ 8
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 2015: No United States private equity firm has raised two $10. 0 billion funds in quicker succession 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™ 9
Warburg Pincus Private Equity Funds (Page 5) 2020? : $14. 5 billion fund & $2. 5 billion companion financial services fund 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™ 10
Warburg Pincus Private Equity Funds (Page 6) Warburg Pincus Private Equity Fund Raises -- • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 11
Warburg Pincus Sold its Asset Management Business and a 19. 9% Stake in the Firm to Credit Suisse Group in 1999 Comments • Founded in 1939 – Founded by Eric Warburg – Founded as EM Warburg & Company • Based in New York, NY • $22 billion assets under management • Sold Warburg Pincus Asset Management & 19. 9% stake in parent company – Sold for $650 million Source: 2/9/09 Credit Suisse Web Site; 12/24/04 Credit Suisse Press Release; 2/16/99 New York Times; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 12
Warburg Pincus Repurchased Credit Suisse’s 19. 9% Stake in the Firm in 2004 Comments • Acquired 19. 9% stake back in 2004 Source: 2/9/09 Credit Suisse Web Site; 12/24/04 Credit Suisse Press Release; 2/16/99 New York Times; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 13
Warburg Pincus Raised its First Real Estate Fund in 2006 Comments • -- Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 14
Warburg Pincus Applied to Set Up a Chinese Brokerage Firm Joint Venture in 2021 Comments • -- Submitted application with Chinese Securities Regulatory Commission Joint venture partner not revealed Source: 4/2/21 Reuters; 4/2/21 Google News Alerts; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 15
Warburg Pincus is Not a Frequent Advertiser Advertising Comments • -- Advertising Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 16
Warburg Pincus Has a Web Site with Seven Core Sections, Including Firm, Team, Sectors, Select Investments, Responsibility, News, Careers, & Contact Us Warburg Pincus Web Site Firm Team Sectors Select Investments Responsibility News Careers Contact Us Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 1/22/21 Warburg Pincus Web Site; 1/19/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 3/9/20 Warburg Pincus Web Site; 1/28/20 Warburg Pincus Web Site; 10/3/19 Warburg Pincus Web Site; 5/3/019 Warburg Pincus Web Site; 5/3/19 Warburg Pincus Web Site; 2/11/19 Warburg Pincus Web Site; 2/8/19 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 17
Warburg Pincus is Not a Frequent Acquirer Acquisitions Comments • -- Outside of its core business Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 18
Warburg Pincus Has a Charitable Giving Program Charitable Giving Comments • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 19
Warburg Pincus Operates in Ten Countries, Consistent Since 2019 2021 = 6/16/21 Warburg Pincus Countries 2020 = 1/28/20 2019 = 1/28/20 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™ 20
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™ 21
Warburg Pincus Has Fourteen Offices, Up From Twelve in 2008 2021 = 6/16/21 Warburg Pincus Offices 2020 = 1/28/20 2019 = 1/28/20 2018 = 10/12/18 2017 = 10/12/18 2009 = 2/9/09 2008 = 2/9/08 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™ 22
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™ 23
Warburg Pincus Has 589 Employees, Up From Twenty in 1950 2019 = 6/5/19 Warburg Pincus Employees 1, 000+ (2/11/19) 2018 = 3/29/18 77 Managing Directors (7/6/19) 200 investment professionals (7/6/19) 2009 = 2/9/09 2008 = 2/9/08 1999 = 2/20/99 1998 =Pincus 2/20/99 Web Site; 5/3/19 Source: 1/28/20 Warburg Pincus Web Site; 7/6/19 Private Equity International; 6/5/19 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™ 24
Warburg Pincus Has Raised Twenty Funds, Up From Nine in 2000 2021 = 6/16/21 Warburg Pincus Funds 2020 = 4/20/21 2019 = 2/9/19 2018 = 2/9/19 2009 = 2/9/09 2008 = 2/9/09 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™ 25
Warburg Pincus Has Institutional Investors Needs data Warburg Pincus Institutional Investors Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 26
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™ 27
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™ 28
Warburg Pincus Has Invested in 40 Countries, Consistent Since 2017 2021 = 1/12/21 Warburg Pincus Countries Invested 2018 = 10/12/18 2017 = 10/12/18 2016 = 11/14/16 2015 = 11/14/16 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™ 29
Warburg Pincus Has __ Investments Needs data Warburg Pincus Investments Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 30
Warburg Pincus Has Made 930 Cumulative Investments, Up From 760 in 2015 2021 = 6/16/21 Warburg Pincus Cumulative Investments 2020 = 1/12/21 2019 = 1/27/20 2018 = 10/12/18 2017 = 10/12/18 2016 = 11/14/16 2015 = 11/14/16 352 investments from 1/09 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 2/14/19 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™ 31
Warburg Pincus Has Invested Capital Warburg Pincus Invested Capital ($ Billions) Needs data 2021: $800. 0 million (Edelman Financial Engines) Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 32
Warburg Pincus Has Invested $89. 0 Billion Cumulative Capital, Up From $58. 0 Billion in 2015 Warburg Pincus Cumulative Invested Capital ($ Billions) 2021 = 3/15/21 2020 = 1/12/21 2019 = 1/27/20 2018 = 10/12/18 2017 = 10/12/18 2016 = 11/14/16 2015 = 11/14/16 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™ 33
Warburg Pincus Has Gathered $60. 0 Billion Assets Under Management, Up From $15. 0 Billion in 2000 Warburg Pincus Assets Under Management ($ Billions) $56 billion 1/12/21? 2021 = 6/16/21 2019 = 10/9/19 2018 = 2/9/19 2017 = 10/12/18 2015 = 11/23/15 2014 = 11/23/15 Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 1/12/21 Warburg Pincus Web Site; 10/19/20 Warburg Pincus Press Release; 1/27/20 PR Newswire; 10/9/19 Warburg Pincus Presentation (Martin); 7/16/19 Private Equity International; 2/11/19 Wikipedia Web Site; 2/7/19 Warburg Pincus Web Site; 10/12/18 Business Wire; 11/23/15 Bloomberg; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 34
Warburg Pincus Has Currently Invested Capital Warburg Pincus Currently Invested Capital ($ Billions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 35
Warburg Pincus Has 195 Portfolio Companies & Properties Up From 150 in 2018 2021 = 3/15/21 Warburg Pincus Portfolio Companies & Properties 2020 = 1/28/20 2019 = 3/16/19 2018 = 2/9/19 2017 = 2/7/18 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™ 36
Warburg Pincus Has Dry Powder Warburg Pincus Dry Powder ($ Billions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 37
Warburg Pincus Generates Revenues Needs data Warburg Pincus Revenues ($ Millions) Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 38
Warburg Pincus Earns $___ Million Needs data Warburg Pincus Net Profits ($ Millions) Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 39
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™ 40
Warburg Pincus’ Employees are Primarily in its Private Equity Business Warburg Pincus Employees By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
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’ Institutional Investors are Primarily in its Private Equity Business Warburg Pincus Institutional Investors By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Assets Raised Have Been Primarily in its Private Equity Business Warburg Pincus Assets Raised By Business Need real data Real Estate Private Equity Source: 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’ Investments Have Been Primarily in its Private Equity Business Warburg Pincus Investments By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Cumulative Investments Have Been Primarily in its Private Equity Business Warburg Pincus Cumulative Investments By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Invested Capital is Primarily in its Private Equity Business Warburg Pincus Invested Capital By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Cumulative Invested Capital Has Been Primarily in its Private Equity Business Warburg Pincus Cumulative Invested Capital By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Assets Under Management are Primarily in its Private Equity Business Warburg Pincus Assets Under Management By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Currently Invested Capital is Been Primarily in its Private Equity Business Warburg Pincus Currently Invested Capital By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Portfolio Companies & Properties are Primarily in its Private Equity Business Warburg Pincus Portfolio Companies & Properties By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Dry Powder is Primarily in its Private Equity Business Warburg Pincus Dry Powder By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Revenues are Primarily in its Private Equity Business Warburg Pincus Revenues By Business Need real data Real Estate Private Equity Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™
Warburg Pincus’ Net Profits are Primarily in its Private Equity Business Warburg Pincus Net Profits By Business Need real data Real Estate Private Equity Source: 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™ 56
Warburg Pincus’ Private Equity Business Has Employees Needs data Warburg Pincus Private Equity Business Employees Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 57
Warburg Pincus’ Private Equity Business Has Raised Nineteen Funds, Up From Eight in 2000 2021 = 6/16/21 Warburg Pincus Private Equity Business Funds 2020 = 1/27/20 Eleven in 2019? 2019 = 2/9/19 2018 = 2/9/19 2009 = 2/9/09 2008 = 2/9/09 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™ 58
Warburg Pincus’ Private Equity Business Has Institutional Investors Needs data Warburg Pincus Private Equity Business Institutional Investors Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 59
Warburg Pincus’ Private Equity Business’ Institutional Investors Include… Warburg Pincus Private Equity Business Institutional Investors • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 60
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) 2019 = 4/20/21 2009 = 2/9/09 2008 = 2/9/09 Needs to be less real estate fund 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™ 61
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) 2021 = 4/20/21 2019 = 4/20/21 2009 = 2/9/09 2008 = 2/9/09 Needs to be less real estate fund 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™ 62
Warburg Pincus’ Private Equity Business Has Invested in 40 Countries, Consistent Since 2017 2021 = 3/15/21 Warburg Pincus Private Equity Business Countries Invested 2018 = 10/12/18 2017 = 10/12/18 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™ 63
Warburg Pincus’ Private Equity Business Has __ Investments Warburg Pincus Private Equity Business Investments Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 64
Warburg Pincus’ Private Equity Business Has Made 930 Cumulative Investments, Up From 760 in 2015 2021 = 6/16/21 Warburg Pincus Private Equity Business Cumulative Investments 2020 = 1/12/21 2019 = 1/27/20 2018 = 10/12/18 2017 = 10/12/18 2016 = 11/14/16 2015 = 11/14/16 352 investments from 1/09 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; 2/14/19 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™ 65
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™ 66
Warburg Pincus’ Private Equity Business Has Invested Capital Warburg Pincus Private Equity Business Invested Capital ($ Billions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 67
Warburg Pincus’ Private Equity Business Has $89. 0 Billion Cumulative Invested Capital, Up From $68. 0 Billion in 2017 2021 = 3/15/21 Warburg Pincus Private Equity Business Cumulative Invested Capital ($ Billions) 2020 = 1/12/21 2019 = 1/27/20 2018 = 10/12/18 2017 = 10/12/18 Needs to be less real estate investments 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™ 68
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) 2021 = 6/16/21 2020 = 1/27/20 2018 = 10/12/18 2017 = 10/12/18 Alternative Data ($ Billions): 2015 ($40. 0); 2014 ($40. 0) Source: 6/16/21 Warburg Pincus Web Site; 4/20/21 Warburg Pincus Web Site; 3/31/21 Google News Alerts; 3/29/21 Google News Alerts; 1/12/21 Warburg Pincus Web Site; 1/27/20 PR Newswire; 2/11/19 Wikipedia Web Site; 10/12/18 Business Wire; 4/23/15 Bloomberg; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 69
Warburg Pincus’ Private Equity Business Has Currently Invested Capital Warburg Pincus Private Equity Business Currently Invested Capital ($ Billions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 70
Warburg Pincus’ Private Equity Business Has 195 Portfolio Companies, Up From 150 in 2017 2021 = 3/15/21 Warburg Pincus Private Equity Business Portfolio Companies 2020 = 1/28/20 2019 = 3/16/19 2018 = 10/12/18 2017 = 2/7/18 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™ 71
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™ 72
Warburg Pincus’ Private Equity Business Has Dry Powder Needs data Warburg Pincus Private Equity Business Dry Powder ($ Billions) Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 73
Warburg Pincus’ Private Equity Business Generates Revenues Warburg Pincus Private Equity Business Revenues ($ Millions) Needs data No fees charged to portfolio companies Source: 10/9/19 Warburg Pincus Presentation (Martin); Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 74
Warburg Pincus’ Private Equity Business Earns $___ Million Warburg Pincus Private Equity Business Net Profits ($ Millions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 75
Warburg Pincus’ Private Equity Business Provides Services, Including… Growth equity oriented Warburg Pincus Private Equity Business Services Highly diversified by stage, sector, & geography Warburg Pincus Private Equity Business Services Highly flexible investment mandate Prefers smaller deals (only seven investments worth >$1. 0 billion 1/092/14/19) -- Typical investment length of five-toseven years Five or six industry groups: energy, financial services, healthcare, media, real estate, & technology -- Global focus (55% North America; 25% Asia; 10% Europ; 10% rest of world) 18% of investments from 1/092/14/19 in energy sector Source: 1/12/21 Warburg Pincus Web Site; 10/9/19 Warburg Pincus Presentation (Martin); 5/3/19 Chicago Tokyo Group Web Site; 2/14/19 Pitchbook Web Site; 2/11/19 Wikipedia Web Site; 10/12/18 Business Wire; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus Long-term investment horizon Local market experience © Tiburon Strategic Advisors, LLC™ 76
Warburg Pincus’ Private Equity Business’ First Service is… Comments • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 77
Warburg Pincus’ Private Equity Business’ Second Service is… Comments • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 78
Warburg Pincus’ Second Business is Real Estate Comments • -- Raised first real estate fund 2006 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™ 79
Warburg Pincus’ Real Estate Business Has Employees Needs data Warburg Pincus Real Estate Business Employees Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 80
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™ 81
Warburg Pincus’ Real Estate Business Has Institutional Investors Needs data Warburg Pincus Real Estate Business Institutional Investors Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 82
Warburg Pincus’ Real Estate Business’ Institutional Investors Include… Warburg Pincus Real Estate Business Institutional Investors • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 83
Warburg Pincus’ Real Estate Business Has Raised $XX Billion Assets Warburg Pincus Real Estate Business Assets Raised ($ Billions) Needs data Source: 2/7/19 Warburg Pincus Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 84
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™ 85
Warburg Pincus’ Real Estate Business Has Invested in __ Countries Needs data Warburg Pincus Real Estate Business Countries Invested Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 86
Warburg Pincus’ Real Estate Business Has Made Investments Needs data Warburg Pincus Real Estate Business Investments Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 87
Warburg Pincus’ Real Estate Business Has Made Cumulative Investments Needs data Warburg Pincus Real Estate Business Cumulative Investments Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 88
Warburg Pincus’ Real Estate Business’ Cumulative Investments Include… Warburg Pincus Real Estate Business Cumulative Investments • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 89
Warburg Pincus’ Real Estate Business Has Invested Capital Warburg Pincus Real Estate Business Invested Capital ($ Billions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 90
Warburg Pincus’ Real Estate Business Has Cumulative Invested Capital Warburg Pincus Real Estate Business Cumulative Invested Capital ($ Billions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 91
Warburg Pincus’ Real Estate Business Has $XX Billion Assets Under Management Warburg Pincus Real Estate Business Assets Under Management ($ Billions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 92
Warburg Pincus’ Real Estate Business Has Currently Invested Capital Warburg Pincus Real Estate Business Currently Invested Capital ($ Billions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 93
Warburg Pincus’ Real Estate Business Has Portfolio Properties Needs data Warburg Pincus Real Estate Business Portfolio Properties Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 94
Warburg Pincus’ Real Estate Business’ Portfolio Properties Include… Warburg Pincus Real Estate Business Portfolio Properties • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 95
Warburg Pincus’ Real Estate Business Has Dry Powder Warburg Pincus Real Estate Business Dry Powder ($ Billions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 96
Warburg Pincus’ Real Estate Business Generates Revenues Warburg Pincus Real Estate Business Revenues ($ Millions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 97
Warburg Pincus’ Real Estate Business Earns $___ Million Warburg Pincus Real Estate Business Net Profits ($ Millions) Needs data Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 98
Warburg Pincus’ Real Estate Business Provides Services, Including… Warburg Pincus Real Estate Business Services -- -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 99
Warburg Pincus’ Real Estate Business’ First Service is… Comments • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 100
Warburg Pincus’ Real Estate Business’ Second Service is… Comments • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 101
Warburg Pincus is Led by its CEO Chip Kaye, President Tim Geithner, & Chief Operating Officer Steven Glenn 71 managing directors (1/19/21) Warburg Pincus Organizational Chart Special Limited Partners: David Coulter 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 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 Other Executives: Roy Ben-Dor (Principal); Ryan Datton (Principal); Adam Krainson (Principal); Michael Pan (Principal); Samuel Lipsick (Principal); Michael Frain (Senior Vice President); Mike Jeff Stein Dan Zamlong Managing Director Ding (Vice President); Lexie Tilghman (Vice President); Jason Kim (Associate); Otilia Melwani (__); Todd Schnell (__); Mary Armstrong (media contact) 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™ 102
Warburg Pincus Has an Executive Management Group Led by its CEO Chip Kaye (Page 1) Sixteen members 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™ 103
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™ 104
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™ 105
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™ 106
Warburg Pincus Has a Board of Directors Led by its Chairman… Warburg Pincus Board of Directors -- • -- -- • -- Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 107
Warburg Pincus is Privately Owned Organized as an LLC Comments • -- Source: 2/11/19 Wikipedia Web Site; Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 108
Warburg Pincus Has Assets Needs data Warburg Pincus Assets ($ Millions) Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 109
Warburg Pincus Has Liabilities Needs data Warburg Pincus Liabilities ($ Millions) Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 110
Warburg Pincus Has Shareholders’ Equity Needs data Warburg Pincus Shareholders Equity ($ Millions) Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 111
Warburg Pincus Earns … Per Share Needs data Warburg Pincus Earnings Per Share Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 112
Warburg Pincus Declares … Dividends Per Share Needs data Warburg Pincus Dividends Per Share Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 113
Warburg Pincus Has a … Dividend Yield Needs data Warburg Pincus Dividend Yield Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 114
Warburg Pincus’ Stock Price is … Needs data Warburg Pincus Stock Price Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 115
Warburg Pincus Has … Shares Outstanding Needs data Warburg Pincus Shares Outstanding Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 116
Warburg Pincus’ Market Capitalization is … Needs data Warburg Pincus Market Capitalization ($ Millions) Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 117
Warburg Pincus is Owned by …. Needs data Warburg Pincus Ownership By Owner Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 118
Warburg Pincus’ Stock Volume is…. Needs data Warburg Pincus Stock Volume Source: Tiburon Research & Analysis 21. 06. 16 – Warburg Pincus © Tiburon Strategic Advisors, LLC™ 119
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™ 120
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