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    Download Questionnaire (doc) Download Questionnaire (doc) Document Transcript

    • 1 2009 Annual Private Equity Performance Survey Section A: Independently managed fixed life closed-ended funds Name of management company Website Name of fund First closing date Final Closing Date Amount raised (in euros) Size of partnership/trust (if represents less than 100% of the total fund) Survey completed by Title Date Contact for queries Title Direct telephone E-mail Fund Description I. Stage Focus of Fund (please select one) ❏Early Stage (Seed/Startup) ❏Development Capital/Expansion ❏Balanced Venture Capital ❏Buy-Outs/ Buy-ins ❏General Private Equity II. Industry Focus (please select those which apply) ❏ Communications ❏ Medical/ Health related ❏ Other electronics related ❏ Computer-related ❏ Energy ❏ Industrial ❏ Chemicals and Materials ❏ Biotechnology ❏ Other, please specify: ❏ Products/ Equipment ❏ Consumer-related III. Geographical Focus (please select one) ❏ Sub-National Region ❏ National ❏ Pan-European ❏ International ❏ More than one country (List countries):........................................................................................................ .......................................................................................................................................................................... ❏ Includes non-European investment (List non-European areas):.................................................................. .......................................................................................................................................................................... Note: The data which you have supplied will NOT be made available to any person or organization other than Thomson Reuters unless first aggregated with other data so as to preserve the anonymity of any individual response. However, contact details will also be made available to EVCA, Thomson Reuters’ partner in the annual performance survey. 1/6
    • FOR INDEPENDENT CLOSED-ENDED FUNDS CASHFLOWS CONFIDENTIAL 1 1. Name of Fund:_______________________ Please return by: Friday, 16 April 2010 2. Currency and units used:__________________________ Please list below cashflows from and to investors between fund inception and latest available date Date of transaction Draw-downs/capital Cash/capital Stock distributions to Limited Income distributions to Residual Value/ NAV of the fund / Please calls received from distributions to Partners (market value on date of Limited Partners state valuation method used Limited Partners Limited Partners distribution) (International Private Equity and Venture Capital Valuation (IPEV) guidelines, etc.) Notes: 1. Cashflows should be those to/from investors excluding payments of carried interest or management fees to General Partner/Manager/Special Limited Partners. 2. Stock distributions should be dated and valued using the same method employed when calculating carried interest and hurdle rates. 3. Residual value should be net of fees and carried interest. 2/6
    • 2 2009 Private Equity Performance Survey Section B: Companies, evergreen funds, open-ended vehicles Name of management company Website Name of investing entity (if not company) Date of first participation in a portfolio company Operating currency Survey completed by Title Date Contact for queries Title Direct telephone E-mail Investment Description I. Stage Focus of Investment (please select one) ❏Early Stage (Seed/Startup) ❏Development Capital/Expansion ❏Balanced Venture Capital ❏Buy-Outs/ Buy-ins ❏General Private Equity II. Industry Focus (please select those which apply) ❏ Communications ❏ Medical/ Health related ❏ Other electronics related ❏ Computer-related ❏ Energy ❏ Industrial ❏ Chemicals and Materials ❏Biotechnology ❏Other, please specify: ❏ Products/ Equipment ❏Consumer-related III. Geographical Focus (please select one) ❏Sub-National Region ❏ National ❏ Pan-European ❏ More than one country (please list countries):............................................................................................. .......................................................................................................................................................................... ❏Includes non-European investment (List non-European areas):.................................................................. .......................................................................................................................................................................... Note: The data which you have supplied will NOT be made available to any person or organization other than Thomson Reuters unless first aggregated with other data so as to preserve the anonymity of any individual response. However, contact details will also be made available to EVCA, Thomson Reuters’ partner in the annual performance survey. 3/6
    • FOR EVERGREEN OPEN-ENDED VEHICLES CASHFLOWS AND VALUATIONS CONFIDENTIAL 2 1. Name of company (investing vehicle):________________________ Please return by: Friday, 16 April 2010 2. Please indicate clearly currency and units used:__________________________ 3. Please provide consolidated data, quarterly, or if more convenient, monthly Date of transaction Capital Outflows Capital Inflows Revenue Inflows Residual Value eg. Valuation Valuation method (International Private of unrealised portfolio Equity and Venture Capital Valuation (IPEV) guidelines, valuation at cost, etc.) Notes: 1. Capital Outflows: equity and other securities purchased, loans made etc. 2. Capital Inflows: divestment receipts in cash and/or the value of quoted securities received in exchange, repayments of loan principal etc. 3. Revenue Inflows: gross dividends (before any tax adjustments), gross loan interest (before any tax adjustments), syndication and holding fees from co-financiers, fees for financial extended guarantees. These should exclude management and other service fees. 4. The valuation should be the aggregate fair market value of the portfolio of unrealised private equity investments. Please provide annual valuation as at 31st December for each appropriate year on page 5. 4/6
    • PLEASE COMPLETE FOR BOTH INDEPENDENT OR EVERGREEN FUNDS CONFIDENTIAL 3 2009 Annual European Performance Survey Please return by: Friday, 16 April 2010 Please indicate clearly currency and units used: Please state valuation method used Date Residual value / NAV of the fund (IPEV guidelines, etc.) Year-end 2009 Year-end 2008 Year-end 2007 Year-end 2006 Year-end 2005 Year-end 2004 Year-end 2003 Year-end 2002 Year-end 2001 Year-end 2000 Year-end 1999 Many thanks for your collaboration. Please submit the survey to: Neal Greer, Thomson Reuters, 30 South Colonnade, Canary Wharf, London E14 5EP e-mail : pe_performance@thomsonreuters.com For any queries please contact us on +44 207 542 96 82 / 89 90 5/6
    • GLOSSARY: Balanced/Diversified (as Investment Focus) Venture capital funds focused on both early stage and development with no particular concentration on either. Buyouts (as Investment Focus) This stage describes funds that make a leveraged buyout, management buyout or acquisition investments. These funds use debt in addition to equity to leverage the size of their investments and increase the potential return on investment. This stage would also include funds making infrastructure investments. Development (as Investment Focus) Venture capital funds focused on investing in later stage companies in need of expansion capital. Early Stage (as Investment Focus) This stage describes funds that make investments into portfolio companies after the Seed Stage/Startup for product development, initial marketing, manufacturing and sales activities. Expansion (as Investment Focus) This stage can be used by funds that are managed by both buyout firms and venture capital firms. For venture capital firms, Expansion stage funds invest into portfolio companies that have products and services that are currently available, and require additional capital to expand production to increase revenue. For buyout firms, Expansion stage funds are sometimes referred to as growth or growth equity funds. In this case funds typically only invest in portfolio companies using equity usually to expand operations on a national or international stage, possibly through acquisitions of smaller or similarly sized companies, or increased production. Generalist (as Investment Focus) This stage describes funds that make an equal amount of venture capital and buyout investing. Geographic Focus The geographic region/s or country/ies specifically mentioned by the fund manager in the fund’s stated invested policy. The selection made should also best reflect the current investment of the fund. Industry Focus The industry sector/s specially mentioned by the fund managers in the fund’s stated investment policy. The selection checked should also reflect the current investments of the fund. IRR (Internal Rate of Return) The IRR is calculated for each fund as cash-on-cash to the investors on a cumulative basis, modified to incorporate the quarter end valuation of the fund's unliquidated holdings or residual value. Mezzanine Stage (as Investment Focus) This stage describes funds that make investments into portfolio companies using a type of debt financing that has intermediate priority in the capital structure of a company. NAV (Net Asset Value) / Residual Value The value of the fund after accounting for unrealized gains/losses, general partner fees and carried interest. 6/6