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Private Equity Market Analysis & Sizing 2012
Private Equity Market Analysis & Sizing 2012 1Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserv...
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  1. 1. Private Equity Market Analysis & Sizing 2012
  2. 2. Private Equity Market Analysis & Sizing 2012 1Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&The following PE Study is brought to you byDealMarket – The Global PE platform A one stop shop offering an unfiltered, fast andcost effective access to the global Private Equitymarketplace Choose to control your information and data withstate of the art deal flow management tools A range of new services will be launched in April2012 - come and visit usCorporateLiveWire elected DealMarket:Best global Private Equity platform 2012The ConceptDealMarket was created to make the complex world ofprivate equity investment simpler, more efficient and costeffective. MyOffice, MyOfficePLUS and MyOfficePRO is a suiteof industry leading deal flow management tools, whileDealMarket itself is an online matchmaking platform forboth PE deals and advisors.MyOffice brings order and standardization to the wayinvestors source, store, manage and share deal flow.Powered by cutting edge cloud based technology, it isconsiderably more efficient than using e-mail and Excelspreadsheets. MyOffice is a great way for investors to formprivate professional networks, making it easier to shareideas, opinions and deals.DealMarket brings efficiency and value to the business ofconnecting buyers, sellers and advisors. Investors canbrowse through hundreds of current and historic deals orcontacts for free. Sellers can advertise deals to a globalaudience of potential investors for the price of a cappuccinoa day. Advisors and other service providers also have acost effective platform to promote their expertise.For more information please visit: www.dealmarket.com
  3. 3. Private Equity Market Analysis & Sizing 2012 2Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&High-level overview of the PE industry landscapeTargetsSec. funds / FoFsNon-trad. buyersGPs / PE fundsBuyoutVenture CapitalMezzanineBalanced stageGeneralistFund of funds...PE trans-actionsFundraising Second-aries123 5Fund servicesFund placement agents Fund administrators7Associations8Service providersPE/VC associationsBusiness angelsassociations and networksPR advisors ConsultantsAccountants6Source: BCGLawyers Financial advisorsLPs / InvestorsPension fundsInsurance firmsBanksSWFsFamily officesEndowments...Insurance firms...Pension funds4 5LP interests onlyDirect onlyLP interests / direct
  4. 4. Private Equity Market Analysis & Sizing 2012 3Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&TargetsGPs / PE fundsBuyoutVenture CapitalMezzanineBalanced stageGeneralistFund of funds...2Service providersPR advisors ConsultantsAccountants6Lawyers Financial advisorsSecondary fundsNon-trad. buyersFundraising Second-aries3 5LPs / InvestorsPension fundsInsurance firmsBanks / AMsSWFsFamily officesEndowments...Insurance firms...Pension funds4 5LP interests onlyDirect onlyLP interests / directPE transactionsFund servicesFund placement agents Fund administrators7Associations8PE/VC associationsBusiness angelsassociations and networksSource: BCG1PE trans-actions1
  5. 5. Private Equity Market Analysis & Sizing 2012 4Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE transactions: All time high reached in 2007 –PE activity currently rebounding from low in 20091,000800600400200014,00012,00010,0008,0006,0004,0002,0000+143%201124320102572009100200835120078352006441200520820041292003602002472001571. Only transactions with disclosed deal value considered. In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verifiedindustry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG1Deal value (in USDbn)1Nr. of deals
  6. 6. Private Equity Market Analysis & Sizing 2012 5Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE transactions: Next to direct investments, the number ofabandoned transactions is considerably large1. Only transactions with disclosed deal value considered. In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verifiedindustry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.2. Refers to all investments in private targets according to Zephyr minus all PE deals listed in Thomson Reuters VentureXpert.Source: Thomson Reuters VentureXpert, Zephyr, BCG145′00040′00035′00030′00025′00020′00015′00010′0005′00002011201020092008200750′000No oftransactions10′95222′12310′88811′17824′77910′94110′81621′9328′92813′34310′82319′95912′7049′69222′632Deals by PE fundsAbandoned deals(no financing received)Direct investmentsin private firms2Assumptions onabandoned dealsNumber of completed and abandonedinvestments in private targets 2007-201149300Deal range% of deals w.disclosed value2007-2011USD 0-0.5m 2%USD 0.5-2m 4%USD 2-15m 21%USD 15-35m 16%USD >35m 56%Deal range% of firms which donot get financed /acquiredUSD 0-0.5m 90%USD 0.5-2m 75%USD 2-15m 60%USD 15-35m 40%USD >35m 30%45028 39170 43636 44016Assumptions on share ofdisclosed deals
  7. 7. Private Equity Market Analysis & Sizing 2012 6Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE transactions: Majority of deals made in VC segment –Buyouts are leading by deal volumeNumber of PE transactions by type Deal volume of PE transactions by typeNo of deals14,00012,00010,0000201120102009200820076,0008,000Deal volume1 (USDbn)900600300020112010200920082007Venture CapitalBuyoutGeneralist Private EquityMezzanineOther Private Equity13343 12704 8928 10888 10941 835 351 100 257 2431. Only transactions with disclosed deal value considered. In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verifiedindustry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG65%160%
  8. 8. Private Equity Market Analysis & Sizing 2012 7Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE transactions: Deal activity and volume clearly dominatedby developed markets1Number of PE transactionsby geography1Deal volume of PE transactionsby geography16,0009,0003,000201112,000015,000201020092007 2008 20082007 20102009 201102006008004001,000Asia AmericasEuropeRoW13343 12704 8928 10888 10941 835 351 100 257 243No of deals Deal volume2 (USDbn)1. Geography refers to the location of the target company. 2. Only transactions with disclosed deal value considered. In general, Thomson Reuters VentureXpert has no official size limit. Thedatabase derives the data from several sources: (1) verified industry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well asother filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG85%84%
  9. 9. Private Equity Market Analysis & Sizing 2012 8Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE transactions: Similar development across regions –Europe most volatileAmericas:Top 5 countries19,0007,5006,0004,5003,0001,5000+20%-30%20112010200920082007No of deals1. Geography refers to the location of the target firm. 2. Argentina ranked Nr. 6 in 2008 and Nr. 7 in 2010. 3. Spain ranked ranked Nr. 6 in 2007. 4. Hong Kong ranked Nr. 6 in 2008 and 2010. Ingeneral, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verified industry press and press releases, (2) surveys of the industryroutinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCGUnited StatesCanadaBrazilMexicoArgentina2OtherEurope:Top 5 countries13,5003,0002,5002,0001,5001,0005000+33%-40%20112010200920082007No of dealsUnited KingdomFranceGermanySwedenSpain3OtherAsia:Top 5 countries12,0001,5001,0005000+19%-35%20112010200920082007No of dealsSouth KoreaChinaIndiaJapanHong Kong4Other1
  10. 10. Private Equity Market Analysis & Sizing 2012 9Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE transactions: 76% of all transactions are small- to mid-capPE transactions1 2007-2011 by size1. Only transactions with disclosed deal value considered. In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verifiedindustry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG7%7%60%0%20%2%80%25%51%21%100%59%16%40%USD 201-1000m USD <50m> USD 1000m USD 50-200mNo of deals Deal volume76%9%76% of all PE transactions conductedfrom 2007 to 2011 were smaller thanUSD 200m, representing 9% of totaldeal volume1
  11. 11. Private Equity Market Analysis & Sizing 2012 10Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE transactions (<USD 200m): VC in Americas represents thebiggest marketOverview of PE deals up to USD 200m, 2007-2011(based on cumulative number of deals)60%80%100%40%20%0%100%80%60%40%20%0%AmericasEuropeAsiaRoWOtherPEMezz-anineGeneralistPEBuyoutVenture CapitalIn general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verified industry press and press releases, (2) surveys of the industryroutinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG164% 20% 11% 2% 3%2%13%23%62%
  12. 12. Private Equity Market Analysis & Sizing 2012 11Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE transactions (<USD 200m): Buyouts in Americasdominate deal volumeOverview of PE deals up to USD 200m, 2007-2011(based on cumulative deal volume1 in USDbn)100%80%100%20%80%60%40%20%0%AmericasEuropeAsiaRoW40%Mezz-anineGeneralistPEBuyoutVenture Capital0%60%OtherPE124% 54% 15% 3% 4%5%15%31%49%1. Only transactions with disclosed deal value considered. In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verifiedindustry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG
  13. 13. Private Equity Market Analysis & Sizing 2012 12Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Sec. funds / FoFsNon-trad. buyersFundraising Second-aries3 5LPs / InvestorsPension fundsInsurance firmsBanksSWFsFamily officesEndowments...Insurance firms...Pension funds4 5LP interests onlyDirect onlyLP interests / directTargets PE trans-actions1Service providersPR advisors ConsultantsAccountants6Lawyers Financial advisorsGPs / PE fundsFund servicesFund placement agents Fund administrators7Associations8PE/VC associationsBusiness angelsassociations and networksSource: BCG2GPs / PE fundsBuyoutVenture CapitalMezzanineBalanced stageGeneralistFund of funds...2
  14. 14. Private Equity Market Analysis & Sizing 2012 13Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Active GPs: Majority of GPs are small and mid-capGPs by type GPs by fund size1 GPs by geographyn = 28071. Total amount of capital committed to latest fund. 2. Venture Capital includes seed, early and later stage funds.Source: Thomson Reuters VentureXpert, BCG2No of GPs with at least1 new fund since 2007100%80%60%40%20%0%USD 0-100mUSD 101-500mUSD 501m-1bn>USD 1bn52%33%8%7%n = 2807 n = 2807No of GPs with at least1 new fund since 2007100%80%60%40%20%0%AmericasEuropeAsiaRoW54%21%19%6%No of GPs with at least1 new fund since 2007100%80%60%40%20%0%Venture Capital2BuyoutsBalanced StageGeneralistFund of FundsMezzanineOther PE27%23%23%6%5%4%12%
  15. 15. Private Equity Market Analysis & Sizing 2012 14Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Active GPs (<USD 0.5bn fund size): VC, Balanced stage, andBuyout most prevalentOverview of GPs with fund size < USD 0.5bn(based on number of active GPs, 2007-2011)60%40%20%0%100%100%60%40%20%0%AmericasEuropeAsia80%Mezz-anineFoFsGeneralistBuyoutsBalanced StageVenture Capital180%RoW1. Venture Capital includes seed, early and later stage funds.Source: Thomson Reuters VentureXpert, BCG229% 25% 20% 6% 5%4%24%21%51%4% 11%OtherPE
  16. 16. Private Equity Market Analysis & Sizing 2012 15Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Sec. funds / FoFsNon-trad. buyersSecond-aries5LPs / InvestorsPension fundsInsurance firmsBanksSWFsFamily officesEndowments...Insurance firms...Pension funds4 5LP interests onlyDirect onlyLP interests / directTargetsGPs / PE fundsBuyoutVenture CapitalMezzanineBalanced stageGeneralistFund of funds...PE trans-actions12Service providersPR advisors ConsultantsAccountants6Lawyers Financial advisorsPE fundraisingFund servicesFund placement agents Fund administrators7Associations8PE/VC associationsBusiness angelsassociations and networksSource: BCG3Fundraising3
  17. 17. Private Equity Market Analysis & Sizing 2012 16Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE fundraising: Still significantly below all time high in 20073Source: Thomson Reuters VentureXpert, BCG6005004003002001000No of funds raised1,4001,2001,0008006004002000-52%2011255201018520091772008514200752920064152005Funds raised (in USDbn)322200414820031022002992001184Funds raised (in USDbn)Nr. of funds raised
  18. 18. Private Equity Market Analysis & Sizing 2012 17Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE fundraising: Increased activity in small/mid-cap segmentNo of funds raised1,2001,0008006004002000Balanced stageVenture Capital2BuyoutsFund of FundsMezzanine82505419620102342231877055471362312422011Other PEGeneralist213Funds raised by type Funds raised by fund size1 Funds raised by geographyNo of funds raised1,2001,0008006004002000USD 0-100mUSD 101-500mUSD 501m -1bn>USD1bn2011554361797420104963017976No of funds raised1,2001,0008006004002000AmericasEuropeAsiaRoW201164611828321201054814722829952 1068952 1068952 10681. Total amount of capital committed to a fund by its LPs and GPs. 2. Venture Capital includes seed, early and later stage funds.Source: Thomson Reuters VentureXpert, BCG3
  19. 19. Private Equity Market Analysis & Sizing 2012 18Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE fundraising: USD 255bn funds raised in 20113Funds raised (in USDbn)30025020015010050BuyoutsBalanced stageVenture Capital2Fund of FundsMezzanineGeneralistOther PE201110333251010165720105626151310758Funds raised by type Funds raised by size1 Funds raised by geographyFunds raised (in USDbn)300250200150100500USD 0-100mUSD 101-500mUSD 501m -1bn>USD1bn2011186945123201015473786Funds raised (in USDbn)300250200150100500AmericasEuropeAsiaRoW201115244563201012124364185 255185 255185 2551. Total amount of capital committed to a fund by its LPs and GPs. 2. Venture Capital includes seed, early and later stage funds.Source: Thomson Reuters VentureXpert, BCG
  20. 20. Private Equity Market Analysis & Sizing 2012 19Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&33FundraisingFundraisingSec. funds / FoFsNon-trad. buyersSecond-aries5Insurance firms...Pension funds5LP interests onlyDirect onlyLP interests / directTargetsGPs / PE fundsBuyoutVenture CapitalMezzanineBalanced stageGeneralistFund of funds...PE trans-actions12Service providersPR advisors ConsultantsAccountants6Lawyers Financial advisorsLPs / PE InvestorsFund servicesFund placement agents Fund administrators7Associations8PE/VC associationsBusiness angelsassociations and networksSource: BCG4LPs / InvestorsPension fundsInsurance firmsBanksSWFsFamily officesEndowments...4
  21. 21. Private Equity Market Analysis & Sizing 2012 20Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&LPs / Investors: Family offices and Endowments withsignificant "outstanding dry powder"1. Data based on a proprietary database of more than 3000 commitments by LPs to PE built by BCG and IESE in 2009. The database draws from publicly available data on LPs and PE funds, aswell las from commercial databases – including Preqin, Thomson Reuters VentureXpert, Dow Jones Directory of Alternative Investment Programs and Dealogic. In addition, in-depth interviews withmore than 30 LPs and GPs in the US and Europe were conducted. 2. Dry powder is the capital committed by investors into PE funds minus both the capital invested by the firm managing the fundand the capital investors will not be able to provide.Note: Fund of funds are not included as LPs because they are intermediaries and not original sources of capital. However they play an important role as distributors of about 10-15% of all LPcommitments to PE fundsSource: BCG-IESE database4Main types of investors in PE by outstanding dry powder1Publicpensionfunds~17%InsurancecompaniesFamily officesandfoundations~6%SWFs andgovernmentagencies~10%~16%Privatepensionfunds~15%Financialinstitutions100%Outstandingdry powder20%100%20%60%Endowments40%80%~6%~30%~ USD 500bnShare of outstandingdry powder byPE investors2
  22. 22. Private Equity Market Analysis & Sizing 2012 21Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&LPs / Investors: Trend towards direct investmentsDirect investments of LPs in private firms11. Based on Coller Capital Global Private Equity Barometer 2006, 2007/2008 and 2010. 2. 2010 Survey of 62 families advised by McNally Capital with average AuM of USD 250m.Source: Coller Capital Global Private Equity Barometer 2006, 2007/2008 and 2010, McNally Capital/New York Times, BCGDirect investments of LPs in private firms13%26%51%Survey2007/200810%9%23%59%Survey20069%10%65%16%% of surveyed LPs100%80%60%40%20%0%Yes -proprietary investing onlyYes -co-investm. and propr. investingYes -co-investment onlyNo direct investmentsSurvey201010%LP plans for direct investments over next three years% of surveyed LPs100%80%60%40%20%0%Increasedirect investmentsNo changeDecreasedirect investmentsSurvey201041%54%5%Survey2007/200831%67%3%Survey200625%72%3%Survey of Family Offices24are planning to increase or maintain their directinvestments in private firms over the next two yearsof respondents said they were seeking outsizedreturns from direct investingsource direct investments primarily fromfriends and familyof family offices that responded said they were notsatisfied with the fee structure at private equity findsprefer to invest in direct deals as opposed tomore traditional private equity funds83%67%63%> 60%59%
  23. 23. Private Equity Market Analysis & Sizing 2012 22Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&LPs / Investors - Family Offices: SFOs tend to have higherPE allocationSource: Wharton Global Family Alliance, IMD/EVCA, BCGTypes of family offices Allocation to Private EquitySingle family office(SFO)• Exclusive FO for one family• Highest form of confidentialityMulti family office(MFO)• Broad service offering• Cost efficiency through economies ofscaleVirtual family office(VFO)• Network of service providers withoutphysical infrastructure• Less administration, therefore lower costsMain areas of servicesInvestment-relatedservicesAdministration-relatedservicesFamily-relatedservices• Asset allocation• Manager selection& monitoring• Education of familymembers• Estate planning• Risk management/insurance• Philanthropy• Security & conciergeservices• Reporting• Tax services• Financial admin• Legal services• Banking• Relation mgmt12%13%EU SFOsUS SFOs% of assets allocatedto private equity15%10%5%0%WorldwideSFOs9%according toWharton Global FamilyAlliance Survey (2008)according toIMD/EVCASurvey4
  24. 24. Private Equity Market Analysis & Sizing 2012 23Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&LPs / Investors - Family Offices: Broad range of estimatesabout existing number of family officesFamily office estimates cited in the pressSource: Barrons, Family Wealth Alliance, Financial Times, Wall Street Journal, Family Office Association / Wharton Global Family Alliance, EVCA/IMD, BCG Global Wealth Market-Sizing Database"Right now, there are about 3000 family offices in America."Barrons (Sep 28, 2009)"Currently, there are approximately 1000 singlefamily offices in the world."Family Office Association / Wharton GlobalFamily Alliance (2008)"There are somewhere between 3000and 5000 family offices in the US."FT (Jul 31, 2011)"The universe of US-based SingleFamily Offices is estimated at 2500"Family Wealth Alliance (2010)"A more realistic estimate is likely to becloser to 1,000 [SFOs] just in Europe."Wall Street Journal (Jun 14, 2010)"EVCA estimates thatthere are around 500smaller family officesactive in Europe, ofwhich between 80and100 can beconsidered as large"European VentureCapital Association,IMD (2007)4• Term "family office" often used forsingle or multi-family offices only orincluding all types of family offices• Research reports are generallyfocused on specific geographicregions• Inconsistent use of term "familyoffice" and geographical focus leadsto a wide range of estimates aboutnumber of existing family officesworldwideNeed for estimation of worldwide number of firmsdedicated to family offices services
  25. 25. Private Equity Market Analysis & Sizing 2012 24Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&LPs / Investors - Family Offices: BCG estimates ~7070 firmsdedicated to family offices servicePotential client universe1 Number of firms dedicated to FO services~ AuM USD 100m needed to makedirect investments of USD 1m+No of UHNW households(> USD 100m AuM)15’00010’0005’0000Total~ 12’300RoW~ 1’700Asia-Pacific~ 2’000Americas~ 3’700Europe~ 4’900• Europe: ~3000 existing firms dedicated to FO services resultingin a ratio of ~0.6 firms/UHNW household2• Americas: Family offices originated in the US, i.e. generallylarger penetration assumed (Assumption: 0.7 firms/UHNWhousehold)• Asia / RoW3 : Currently underrepresented in terms of firms withFO services, but strong growth prospects (Assumption: 0.4firms/UHNW household)No of firms dedicatedto family office services2’0004’0006’0008’0000Total~ 7070RoW~ 680Asia-Pacific~ 800Americas~ 2590Europe~ 30001. Includes single family offices, multi family offices and other family office service providers (e.g. EAMs). 2. Based on a comprehensive BCG study about European family office services.3. Citigroup expects the number of family offices in Asia to triple over the next decade.Source: BCG Global Wealth Market-Sizing Database, Citigroup, BCG4
  26. 26. Private Equity Market Analysis & Sizing 2012 25Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Corporate M&A: key group within PE, often underestimated1. Based on Deloitte survey. 2. Based on Orbis - Bureau van Dijk database.Source: Deloitte – Corporate Development 2010, Orbis - Bureau van Dijk, BCG4BCG estimation of number ofcorporates with M&A departmentAssumptions:• Number of firms with sales of more than USD 500m• Firms who conducted at least one M&A deal since 2000No of corporates210’0008’0006’0004’0002’0000TotalAsia-Pacific~2500EMEA~3000Americas~3500Main tasks of corporate M&A dep.73%76%79%83%84%% of surveyed executives who see the primary responsibilityof corporate development teams in the following areas1 :1. M&A strategy and targetidentification2. Valuation and analytics3. Leading negotiations4. Deal pipeline management5. Financial due dilligence~ 9000
  27. 27. Private Equity Market Analysis & Sizing 2012 26Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&8Fundraising3LPs / InvestorsPension fundsInsurance firmsBanksSWFsFamily officesEndowments...4TargetsGPs / PE fundsBuyoutVenture CapitalMezzanineBalanced stageGeneralistFund of funds...PE trans-actions12Service providersPR advisors ConsultantsAccountants6Lawyers Financial advisorsSecondariesFund servicesFund placement agents Fund administrators7AssociationsPE/VC associationsBusiness angelsassociations and networksSource: BCG5Sec. funds / FoFsNon-trad. buyersSecond-aries5Insurance firms...Pension funds5LP interests onlyDirect onlyLP interests / direct
  28. 28. Private Equity Market Analysis & Sizing 2012 27Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Secondaries: Most secondary deals are LP interest salesBasic transaction types Secondary deal volume by typeBuyer and seller motivation• LP sells its interest in a PEfund or a portfolio of intereststo another investor• Seller get paid for previouslyfunded investments and isreleased from future capitalcallsSale of LP interests• Secondary direct: Refers tothe sale of an entire portfolio offirms or firm participations by aGP• Secondary buyout: GP sellsa single portfolio company toanother private equity fundSecondary direct/buyout• Need for liquidity (e.g. unableto meet capital calls)• Unsatisfactory performanceof PE funds• Change in asset allocation• Regulatory changes• ...Seller of LP interests• Exploit market inefficiencies/discounted investment opp.• Invest in an identifiableportfolio of assets• Gain access to future funds oftop-performing GPs• ...Buyer of LP interestsSource: UBS Private Funds Group estimates, BCGEst. dealvolume (in USDbn)201005LPinterestsDirects20101518(83%)4(17%)2009258(85%)1 (15%)200813(67%)7(33%)200711(73%)4(27%)15 20 9 225Secondary deal volume dominated by LP interest sales
  29. 29. Private Equity Market Analysis & Sizing 2012 28Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Secondaries: Fundraising stable – USD 26bn dry powderpromises ongoing secondary deal flowNumber of secondary funds raised Dry powder at leading secondary funds2011180510201520091720102008221425200711200614200516Source: Preqin, BCG2572005 2006714200714201120151050102010112009232008Secondary fundraising volumeFunds raised (in USDbn)No of funds raisedstablestableFirm CountryEst. dry powder(in USDbn)Lexington Partners US 5.1Goldman Sachs Private Equity US 3.9Pantheon Ventures UK 3.2Landmark Partners US 2.5CS Strategic Partners US 2.2AlpInvest Partners NL 2.0Partners Group CH 1.9Axa Private Equity F 1.9HarbourVest Partners US 1.9Coller Capital UK 1.7Total ~ USD 26bnRatio of dry powder at leading secondary fundsto secondary deal volume in 2010 currently ~1.2x5
  30. 30. Private Equity Market Analysis & Sizing 2012 29Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Secondaries: Pricing improved considerablyBased on the average high bids received for UBS-advised transactions.Source: UBS Private Funds Group estimates, BCG5% discount tonet asset value50403020100Q1 201113.126.53.0Q4 201015.521.111.7Q3 201017.233.913.4Q2 201018.036.918.1Q1 201012.530.912.1Q4 200936.834.031.6All PEVentureBuyoutPricing of private equity assets1• Pricing of private equityassets improvedconsiderably fromQ4 2009 to Q1 2011• In Q1 2011, the averagediscount to NAV forprivate equity assets is at13.1%• Discounts for buyoutassets are the lowest(3% discount to NAV)
  31. 31. Private Equity Market Analysis & Sizing 2012 30Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Relative importanceof the secondary marketSecondaries: Secondary segment still marginal compared torest of the PE market and not on top of LP agendas1. According to Probitas Research LP survey.Source: Probitas Research - Private Equity Deskbook 2011, BCG100%6%4%2%0%Deal volume2010(in USDbn)~ USD 22bn(8%)USD 243bn(92%)Funds raised2011(in USDbn)USD 10bn(4%)USD 255bn(96%)No of funds raised201118(2%)1068(98%)Share of the secondary marketin % of total PE marketSecondaryRest of PE market5Outlook: LP areas of interest13%30%33%37%39%46%% of LPs who plan to focus most of their attention oninvesting in the following areas (up to 5 choices possible)1 :1. US mid-cap buyouts2. Growth capital funds3. US small-cap buyouts4. EU small-cap buyouts5. Asia country-focused funds...14. Secondary funds
  32. 32. Private Equity Market Analysis & Sizing 2012 31Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Sec. funds / FoFsNon-trad. buyersFundraising Second-aries3 5LPs / InvestorsPension fundsInsurance firmsBanksSWFsFamily officesEndowments...Insurance firms...Pension funds4 5LP interests onlyDirect onlyLP interests / directTargetsGPs / PE fundsBuyoutVenture CapitalMezzanineBalanced stageGeneralistFund of funds...PE trans-actions12Service providersFund servicesFund placement agents Fund administrators7Associations8PE/VC associationsBusiness angelsassociations and networksSource: BCG6Service providersPR advisors ConsultantsAccountants6Lawyers Financial advisors
  33. 33. Private Equity Market Analysis & Sizing 2012 32Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Summary: ~ 25’000 PE specialists identified across ~4200M&A service providers1’0002’0003’0004’0005’000No of firms0Total4’212Acc-ountants256Cons-ultants315PRadvisors523FinancialAdvisors1’289Lawfirms1’829Type of service provider4212 service providers identified1Service providers involved inat least one M&A deal since 20091. The analysis is based on league table credit of advisors in all M&A transactions recorded in mergermarket since January 2009. mergermarket includes transactions worldwide with at least USD5mdeal value. If the deal value is not disclosed and cannot be confirmed to be greater than or equal to USD 5m, deals are included if the target’s revenue is greater than USD 10m. League table credit isgiven to firms advising any of the principals (bidder, target or seller) or the parent companies of the principals on a transaction. Where there is more than one advisor, each is credited with the full dealvalue of the transaction.Source: mergermarket, BCG11043880324221514898Financial advisorsLaw firmsAccountantsConsultantsPR advisors24680Total of PE specialists acrossservice providers6PE specialists across service providers
  34. 34. Private Equity Market Analysis & Sizing 2012 33Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Law firmDeal value(in EURm)Nr. ofdealsCountriesw. officeFreshfields Bruckhaus Deringer 460381 601 15Linklaters 368361 587 19Allen & Overy LLP 241571 546 26DLA Piper 57255 519 30CMS 57135 516 29Clifford Chance LLP 222898 495 26Baker & McKenzie 64322 404 41Latham & Watkins LLP 185166 338 13Jones Day 56706 331 19White & Case LLP 85248 316 25Average 24Law firms: ~8800 PE specialistsNooflawfirms2’0001’5001’00050001’829>100deals4611-100deals2432-10deals6171deal923No of deals advised since 20096Number of deals advised by law firms1 Most active law firms since 2009Assuming one PE specialist percountry a multiple of~25 for the most active firmsseems reasonableIdentifiedfirmsMultiplierPotentialnumber ofPEspecialistsx=8803x9231=30855x=364515x==115025x==+ + +1. The analysis is based on league table credit of advisors in all M&A transactions recorded in mergermarket since January 2009. mergermarket includes transactions worldwide with at least USD5mdeal value. If the deal value is not disclosed and cannot be confirmed to be greater than or equal to USD 5m, deals are included if the target’s revenue is greater than USD 10m. League table credit isgiven to firms advising any of the principals (bidder, target or seller) or the parent companies of the principals on a transaction. Where there is more than one advisor, each is credited with the full dealvalue of the transaction.Source: mergermarket, BCG
  35. 35. Private Equity Market Analysis & Sizing 2012 34Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Financial advisorDeal value(in EURm)Nr. ofdealsCountriesw. officeKPMG 44060 508 152Rothschild 245446 498 42PwC 39462 459 149Deloitte 26401 405 150Goldman Sachs 549510 383 31Morgan Stanley 476915 378 42Lazard 227329 365 27Credit Suisse 439148 349 50UBS Investment Bank 329863 327 50Ernst & Young 23115 301 140Average 83Fin. advisors: ~11000 PE specialists1’500Nooffin.advisors1’00050001’289>100deals3011-100deals1572-10deals4891deal613No of deals advised since 20096Number of deals advised by fin. advisors1 Most active fin. advisors since 2009Assuming one PE specialist percountry a multiple of~80 for the most active firmsseems reasonable11043x6131=489010x=314020x==240080x==+ + +1. The analysis is based on league table credit of advisors in all M&A transactions recorded in mergermarket since January 2009. mergermarket includes transactions worldwide with at least USD5mdeal value. If the deal value is not disclosed and cannot be confirmed to be greater than or equal to USD 5m, deals are included if the target’s revenue is greater than USD 10m. League table credit isgiven to firms advising any of the principals (bidder, target or seller) or the parent companies of the principals on a transaction. Where there is more than one advisor, each is credited with the full dealvalue of the transaction.Source: mergermarket, BCGIdentifiedfirmsMultiplierPotentialnumber ofPEspecialistsx=
  36. 36. Private Equity Market Analysis & Sizing 2012 35Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PR advisorDeal value(in EURm)Nr. ofdealsCountriesw. officeFTI Consulting 223962 466 24Brunswick Group 362094 377 11Finsbury Group 217821 274 7Citigate 53721 273 30Maitland 85591 153 1Barabino & Partners 36515 122 4Tulchan Communications 36327 96 1Abernathy MacGregor Group 93864 91 1Pelham Bell Pottinger 24448 88 1M:Communications 29442 87 3Average 8PR advisors: ~900 PE specialists600NoofPRadvisors4002000523>100deals611-100deals552-10deals1681deal294No of deals advised since 20096Number of deals advised by PR advisors1 Most active PR advisors since 2009Assuming one PE specialist percountry a multiple of~8 for the most active firmsseems reasonable898x2941=3362x=2204x==488x==+ + +1. The analysis is based on league table credit of advisors in all M&A transactions recorded in mergermarket since January 2009. mergermarket includes transactions worldwide with at least USD5mdeal value. If the deal value is not disclosed and cannot be confirmed to be greater than or equal to USD 5m, deals are included if the target’s revenue is greater than USD 10m. League table credit isgiven to firms advising any of the principals (bidder, target or seller) or the parent companies of the principals on a transaction. Where there is more than one advisor, each is credited with the full dealvalue of the transaction.Source: mergermarket, BCGIdentifiedfirmsMultiplierPotentialnumber ofPEspecialistsx=
  37. 37. Private Equity Market Analysis & Sizing 2012 36Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&ConsultantsCountriesw. officeMcKinsey & Co 55Boston Consulting Group 42A.T. Kearney 38Booz & Company 34Roland Berger SC 33Bain & Company 30Oliver Wyman 25Arthur D. Little 20Monitor Group 17L.E.K. Consulting 14Average 31Consultants: ~1500 PE specialists400Noofconsultancyfirms3002001000315>100deals011-100deals192-10deals721deal224No of deals advised since 20096Number of deals advised by consultants1 Leading consultancy firms21. The analysis is based on league table credit of advisers in all M&A transactions recorded in mergermarket since January 2009. mergermarket includes transactions worldwide with at least USD5mdeal value. If the deal value is not disclosed and cannot be confirmed to be greater than or equal to USD 5m, deals are included if the target’s revenue is greater than USD 10m.Source: mergermarket, BCGAssuming one PE specialist percountry a multiple of~30 for the most active firmsseems reasonable1514x2241=72010x=57030x==030x==+ + +IdentifiedfirmsMultiplierPotentialnumber ofPEspecialistsx=
  38. 38. Private Equity Market Analysis & Sizing 2012 37Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&AccountantsDeal value(in EURm)Nr. ofdealsCountriesw. officeErnst & Young 157737 774 140PwC 86376 498 149KPMG 113870 476 152Deloitte 60132 413 150Grant Thornton UK 5296 158 100BDO 8326 152 135Baker Tilly International 591 35 100PKF (UK) LLP 298 21 125Mazars LLP 408 17 67Accuracy 2748 14 9Average 113Accountants: ~2400 specialists300Noofaccountants2001000256>100deals611-100deals92-10deals591deal182No of deals advised since 20096Number of deals advised by accountants1 Most active accountants since 2009Assuming one PE specialist percountry a multiple of~110 for the most active firmsseems reasonable2422x1821=59010x=990110x==660110x==+ + +1. The analysis is based on league table credit of advisors in all M&A transactions recorded in mergermarket since January 2009. mergermarket includes transactions worldwide with at least USD5mdeal value. If the deal value is not disclosed and cannot be confirmed to be greater than or equal to USD 5m, deals are included if the target’s revenue is greater than USD 10m. League table credit isgiven to firms advising any of the principals (bidder, target or seller) or the parent companies of the principals on a transaction. Where there is more than one advisor, each is credited with the full dealvalue of the transaction.Source: mergermarket, BCGIdentifiedfirmsMultiplierPotentialnumber ofPEspecialistsx=
  39. 39. Private Equity Market Analysis & Sizing 2012 38Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Sec. funds / FoFsNon-trad. buyersFundraising Second-aries3 5LPs / InvestorsPension fundsInsurance firmsBanksSWFsFamily officesEndowments...Insurance firms...Pension funds4 5LP interests onlyDirect onlyLP interests / directTargetsGPs / PE fundsBuyoutVenture CapitalMezzanineBalanced stageGeneralistFund of funds...PE trans-actions12Service providersPR advisors ConsultantsAccountants6Lawyers Financial advisorsFund servicesAssociations8PE/VC associationsBusiness angelsassociations and networksSource: BCGFund servicesFund placement agents Fund administrators77
  40. 40. Private Equity Market Analysis & Sizing 2012 39Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&FirmNr. of fundsplaced(in USDbn)Agg. capitalplaced(in USDbn)Park Hill Group 9 22.4Credit Suisse Private Fund Group 17 11.9MVision Private Equity Advisers 13 11.1UBS Investment Bank Private Funds Group 4 7.6Greenhill Fund Placement Advisory Group 9 6.5Atlantic-Pacific Capital 6 5.9Probitas Partners 4 5.1Campbell Lutyens 3 4.9Capital and Marketing Group 3 4.9Lazard Private Fund Advisory Group 7 4.8PE Placement agents: Usage of placement agentsvaries significantly by PE fund typeMain serviceLeading placement agents by capital placedSource: Private Equity International – A guide to fund placement specialists, Preqin, BCGUsage of placement agentsNorth AmericaAsia and RoW Yes (47%)Yes (42%)No (53%)EuropeNo (58%)Yes (48%) No (52%)Bygeo-gra-phyVentureFund of FundsMezzanineBuyoutYes (29%) No (71%)Yes (32%) No (68%)Yes (50%) No (50%)Yes (65%) No (35%)ByfundtypeFund placement agents specialize in raising capital onbehalf of private equity funds by finding institutionalinvestor which are willing to investPE placement agent universe~130 placement agents identified7
  41. 41. Private Equity Market Analysis & Sizing 2012 40Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE Fund administrators: Fund administrators provide a widerange of services to PEsServices offered by PE fund admin.Exemplary PE fund administratorsSource: Fund administrator websites, Preqin, BCGUsage of PE fund administratorsPE fund administrator universe~40 fund administrators identifiedNorth America Yes (30%) No (70%)Asia and RoW Yes (64%) No (36%)Europe Yes (66%) No (34%)Bygeo-gra-phyRegister andTransfer Agency41%Cash Mgmt and Provi-sion of Bank Accounts42%Tax Services 47%Corporate Services 58%Fund Launches/Fund Establishment60%Compliance andPortfolio Monitoring61%NAV Calculation 61% 39%39%40%42%53%58%59%% of fund administrators offering service7Firm HeadquarterApex Fund Services BermudaAugentius Fund Administration UKAztec Group JerseyBanque Privée Edmond de Rothschild SwitzerlandBNP Paribas Securities Services FranceBNY Mellon USCaceis Fastnet FranceCitco Fund Services CaymanCiti Fund Services USDeutsche Bank Alternative Fund Services UKInternational Financial Services MauritiusIpes UKJP Morgan Real Estate and PE Services USNorthern Trust USState Street Global Services US
  42. 42. Private Equity Market Analysis & Sizing 2012 41Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Sec. funds / FoFsNon-trad. buyersFundraising Second-aries3 5LPs / InvestorsPension fundsInsurance firmsBanksSWFsFamily officesEndowments...Insurance firms...Pension funds4 5LP interests onlyDirect onlyLP interests / directTargetsGPs / PE fundsBuyoutVenture CapitalMezzanineBalanced stageGeneralistFund of funds...PE trans-actions12Service providersPR advisors ConsultantsAccountants6Lawyers Financial advisorsFund servicesFund placement agents Fund administrators7AssociationsSource: BCGAssociations8PE/VC associationsBusiness angelsassociations and networks8
  43. 43. Private Equity Market Analysis & Sizing 2012 42Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&PE/VC associations: ~ 100 PE/VC associations existingVC and PE associations fulfill several purposesMember groupsMaintain dialogue with key stakeholders to effectchanges to the tax and regulatory environmentRepresentation /lobbyingProvide opportunities to exchange ideas and increasecooperation / deal flow between membersNetworkingConduct and publish research on issues important to theventure and private equity industryResearchOffer trainings to enhance the professional skills andexpertise of practitionersTrainingsEstablish and maintain best practice ethical andprofessional standardsProfessionalstandardsPE / VC FundsTypically core membersInvestorsService providersTypically associate members8Number of PE/VC associations100806040200North America39Europe26Asia-Pacific18Africa / ME.7Latin A. 4Intern. 2Regional40National47International9n = 96 n = 96No ofassociationsby type by region100806040200North America39Europe26Asia-Pacific18Africa / ME.7Latin A. 4Intern. 2Regional40National47International9n = 96 n = 96No ofassociationsby type by regionNote: Analysis based on information provided by VC/PE associationsSource: Associations, BCG
  44. 44. Private Equity Market Analysis & Sizing 2012 43Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&National and International PE/VC associations: Largestassociations focus on developed markets• The European VentureCapital Association(EVCA) represents thebiggest Private EquityAssociation with 1200members• Five nationalassociations focusingon the emerging PEmarkets Asia-Pacific,Latin America andAfrica / Middle Eastmade it to the Top 20while the EmergingMarkets Private EquityAssociation ranks onNo 820 largest national and international PE/VC associations1Nr. Association Type of Ass. Region Members1 European Private Equity and Venture Capital Association International Europe 12002 National Association of Seed and Venture Funds National North America 8503 Association Française des Investisseurs en Capital National Europe 4704 British Private Equity and Venture Capital Association National Europe 4505 National Venture Capital Association National North America 4076 Swiss Private Equity & Corporate Finance Association National Europe 3497 Bundesverband Deutscher Kapitalbeteiligungsgesellschaften National Europe 3208 Emerging Markets Private Equity Association International International 3009 Swedish Private Equity & Venture Capital Association National Europe 27010 Canadas Venture Capital & Private Equity Association National North America 26811 Institutional Limited Partners Association International International 25012 Associazione Italiana del Private Equity e Venture Capital National Europe 25013 Australian Private Equity & Venture Capital Association National Asia-Pacific 23114 Taiwan Venture Capital Association National Asia-Pacific 22815 Danish Venture Capital and Private Equity Association National Europe 19016 Associação Brasileira de Private Equity e Venture Capital National Latin America 17017 China Venture Capital Association National Asia-Pacific 15018 Nederlandse Vereniging van Participatiemaatschappijen National Europe 14919 Asociación Española De Entidades De Capital National Europe 14320 South African Venture Capital Association National Africa / Middle East 1291. International and national PE/VC associations considered which provide information on number of members. Members include full and associate membersSource: Associations, BCG8
  45. 45. Private Equity Market Analysis & Sizing 2012 44Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&National and International PE/VC associations: NorthAmerican associations generally larger than their peers100%80%60%40%20%0%Members4412 (55%)973 (12%)1561 (9%)340 (4%)235 (3%)550 (7%)Nr. ofAssociations23 (53%)8 (19%)4 (9%)3 (7%)3 (7%)2 (5%)• The 23 identified European associations count 4412members, representing 55% of all identified members• The range of European associations is broad: Both,the smallest association (Slovak Venture CapitalAssociation, 7 members) and the largest association(European Venture Capital Association, 1200members) are European• Generally, North American associations are thelargest with, on average, 390 members perassociations100%80%60%40%20%0%4412 (55%)973 (12%)1561 (9%)340 (4%)235 (3%)550 (7%)Nr. ofAssociations23 (53%)8 (19%)4 (9%)3 (7%)3 (7%)2 (5%)Associations and members bygeographic regionn = 44 Σ = 8071Members/Association19212239011378275Ø = 188EuropeAsia-PacificNorth AmericaLatin AmericaAfrica/Middle EastInternationalAssociations and members bygeographic regionn = 44 Σ = 8071Members/Association19212239011378275Ø = 188EuropeAsia-PacificNorth AmericaLatin AmericaAfrica/Middle EastInternational1. International and national PE/VC associations considered which provide information on number of members. Members include full and associate members.Source: Associations, BCG8
  46. 46. Private Equity Market Analysis & Sizing 2012 45Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Business angels associations and networks/groups: Europemost fragmentedNational22North America2International4Europe16Latin America2Asia-Pacific4Africa / ME. 1Intern. 18162442820120by typen = 26 n = 26No of associationsby regionBusiness angels associations Business angels networks/groups5009000200300400RoW~ 60100North America~ 370600800Europe~ 400700by regionn = ~ 830No of networks/groupsSource: OECD "Financing high-growth Firms – The role of angel investors", Associations, BCGRole of businessangels associations:• Act as umbrellaorganisations ofbusiness angel groups• Raise awareness aboutthe industry• Liaise with policymakers• Collect data frommember organisationsand conduct research• Provide a platform forinformation sharingRole of business angelsnetworks/groups:• Connect angel investorswilling to invest withentrepreneurs looking forcapital• Business Angel Networkdo not make anyinvestments orinvestment decisions• The networks can have ageneral or specificindustry focus and aretypically established on ainternational, national orregional level8
  47. 47. Private Equity Market Analysis & Sizing 2012 46Copyright©2012byDealMarket,Inc.&TheBostonConsultingGroup,Inc.Allrightsreserved.&Summary: Rough sizing of the PE market1. Based on a currency rate of CHF/USD 0.91. Based on 2011 Montana Capital Partners estimate.Source: BCGNo of PE deals: 10941No of direct deals: 10952No of abandoned d.: 221231No of GPs / PE funds: 28072No of funds raised: 10683No of family offices: 7070No of M&A depart.: 90004Sec. deal volume: ~CHF 21.8bNo of secondaries: 908PE specialists fin. adv.: 11043PE specialists law firms: 8803PE specialists account.: 2422PE specialists consult.: 1514PE specialists PR advis.: 898No of fund administrators: 40No of fund placement ag.: 130No of VC/PE associations: 96No of Angel associations: 26No of Angel groups/netw.: 8305678
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