Private Equity
	Teachers’ Private Capital provides private equity and debt capital directly to businesses and management groups.
	We are a direct investor We focus on direct investments in Canada, the United States, Europe and Asia. We enable our partners to pursue: • management or leveraged buyouts, including privatizations • strategic acquisitions • recapitalization of balance sheets • capital asset upgrades • expansion of facilities or distribution networks • new product development • strategic block purchases in public companies
	Flexible capital We consider investments ranging from $100 million to more than $1 billion. Each financing is uniquely structured to meet the requirements of the business. We can act as lead investor and underwriter, or financial co-investor with like-minded partners, or we can provide financing for the entire capital structure. We can also invest in public companies. Strategic advice As a financial partner, we leave the day-to-day operation of portfolio companies to management. As a significant investor, we add value through our support and advice at the board of directors level. We invest in companies demonstrating: • strong management teams • significant financial commitment by management • value-added products and/or services • market leadership and sustainable competitive advantages • attractive and growing niche markets • stable or growing operating cash flows • appropriate corporate governance practices
	Direct investments We have a long-term investment horizon. This gives management the chance to achieve their strategic goals without undue pressure for short-term financial results. Direct investments account for over half of our portfolio. We are also actively seeking investments in the U.S. market, committed on a long-term basis to Canadian companies, and expanding internationally through direct investments with private equity firms.
	Investments with fund partners We also invest both directly and indirectly in private companies in partnership with a select number of private equity firms. The fund program is an extension of our direct private equity activity, allowing us to make investments in markets we could not easily access directly. We underwrite these investments in the same way we do our direct investments. On several occasions, we have co-underwritten transactions with our fund partners and, subsequently, syndicated portions of that investment to other financial investors. Fund investments range from $50 million to $750 million, and our target for direct co-investment is $50 million or more. We have established 22 core strategic relationships in the United States, Europe, Asia and Africa with private equity firms that have: • strong investment track records • access to specialized industries or markets we can not service directly • high probability of significant co-investment opportunities • proven and consistently applied investment strategies

	Posted April 2008	TOP