Your SlideShare is downloading. ×
0
A_Dobrynin_Lanscape_&_Evolution_of_PE_market
A_Dobrynin_Lanscape_&_Evolution_of_PE_market
A_Dobrynin_Lanscape_&_Evolution_of_PE_market
A_Dobrynin_Lanscape_&_Evolution_of_PE_market
A_Dobrynin_Lanscape_&_Evolution_of_PE_market
A_Dobrynin_Lanscape_&_Evolution_of_PE_market
A_Dobrynin_Lanscape_&_Evolution_of_PE_market
A_Dobrynin_Lanscape_&_Evolution_of_PE_market
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

A_Dobrynin_Lanscape_&_Evolution_of_PE_market

344

Published on

NRG_presentation

NRG_presentation

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
344
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. N ew R ussia G rowth Private Equity Advisors Landscape and Evolution of Private Equity in Russia Andrey Dobrynin Managing Partner June 2010
  • 2. Presentation roadmap <ul><li>Russian economy: is the crisis over? </li></ul><ul><li>PE landscape: fundraising, deals and exits </li></ul><ul><li>Investment ideas </li></ul><ul><li>How will Russian PE industry evolve in the next few years? </li></ul>
  • 3. Russian macro picture Source: RTS Source: State Statistics Committee Source: State Statistics Committee Source: Central Bank of Russia
  • 4. PE landscape <ul><li>Before the crisis: 18 Professional GPs (with assets of more than $150m) with total AUM $6bn </li></ul><ul><li>Fundraising in 2009-2010: </li></ul><ul><ul><li>Almost no new institutional money </li></ul></ul><ul><ul><li>Few funds with private LPs </li></ul></ul><ul><li>Recent deals </li></ul><ul><ul><li>Financing and buyout of portfolio companies </li></ul></ul><ul><ul><li>Venture capital deals </li></ul></ul><ul><ul><li>Few large deals </li></ul></ul><ul><li>Exits </li></ul><ul><ul><li>Only few completed exits </li></ul></ul>
  • 5. What is NRG <ul><li>Independent alternative investment manager </li></ul><ul><li>Volga River One: size - $177m, first closing - 2006; number of LPs – 20 </li></ul><ul><li>6 investments: telecoms, retail, food production </li></ul><ul><li>Volga River Growth – fundraising $250m </li></ul><ul><li>Target 1st closing: Q3 2010 </li></ul><ul><li>EBRD expected to be a core investor </li></ul><ul><li>2 club deals closed </li></ul>
  • 6. What happened to PE investments? % of bad loans to total portfolio of Russian banks Broad-band Internet subscribers, m Source: NRG estimates Source: State Statistics Committee Source: PWC, NRG estimates Source: State Statistics Committee
  • 7. NRG Private Equity Portfolio: Case study Ufanet: sales &amp; EBITDA, $ m (internet provider) Genser: sales &amp; EBITDA, $ m (car dealer) Source: company data Source: company data Source: company data Source: company data Begemot: sales &amp; EBITDA, $ m (toy retail chain) Umnitsa: sales &amp; EBITDA, $ m (baby food)
  • 8. Russian PE industry outlook <ul><li>Economy is growing again </li></ul><ul><li>Return to classic “growth capital” model </li></ul><ul><li>Limited availability of debt creates opportunity for hybrid equity </li></ul><ul><li>Poor track record will create difficulties in fundraising for many GPs </li></ul><ul><li>Low deal competition </li></ul><ul><li>Attractive valuations and high IRRs </li></ul>

×