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BVK-Studie: Beteiligungsdauer von Private-Equity-Finanzierungen

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BVK-Studie: Beteiligungsdauer von Private-Equity-Finanzierungen

  1. 1. Zur Beteiligungsdauer von Private Equity-Finanzierungen German Venture Capital and Private Equity Association – Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK)
  2. 2. Seite 2  Datengrundlage: Gesamtverkäufe von Private Equity-Beteiligungen in Deutschland  Datenquelle: Informationen aus veröffentlichten Transaktionen (Pressemeldungen, Unternehmensmeldungen)  Zahl der erfassten Beteiligungsverkäufe: 614  Erfasster Zeitraum: 1989-2011 Methodologie
  3. 3. Seite 3  Beteiligungsgesellschaften sind langfristig orientierte Finanzierungspartner  Durchschn. Haltedauer der untersuchten Beteiligungsverkäufe: 57 Monate  52 % der Beteiligungen wurden länger als vier Jahre, 25 % länger als sechs Jahre gehalten  Nur 14 % wurden höchstens 2 Jahre gehalten  Haltedauer schwankt im Zeitablauf aufgrund der Abhängigkeit der Beteiligungsverkäufe von externen Faktoren (Konjunktur, M&A-Markt, Börse)  Extreme: 48 Monaten (2004) / 50 Monaten (2008) gegenüber 63 Monate (2005) / 66 Monate (2011) Kernaussagen (I)
  4. 4. Seite 4  (Weiter-)Verkäufe an andere Finanzinvestoren werden weder besonders oft noch besonders schnell durchgeführt  Knapp ein Drittel der erfassten Verkäufe entfiel auf Verkäufe an Finanzinvestoren, dagegen mehr als die Hälfte auf Trade Sales an strategische Käufer  Beteiligungszeiträume bei Trade Sales (55 Monate) und bei Verkäufen an andere Finanzinvestoren (57 Monate) im Bereich des Gesamtdurchschnitts  Venture Capital-Finanzierungen laufen durchschnittlich länger als Buy-Outs:  Venture Capital: 61 Monate  Buy-Outs: 54 Monate Kernaussagen (II)
  5. 5. Seite 5 Datengrundlage Quelle: BVK Venture Capital/ Growth 257 42% Buy-Outs 357 58% Über die Börse 33 5% Buy-Back 58 10% Verkauf an Finanz- investor 196 32% Trade Sale 327 53% Nach ursprünglicher Finanzierung Nach Art der erfassten Exits 21 18 24 39 60 84 90 74 41 66 97 bis 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 614 Beteiligungsverkäufe in Deutschland Nach Jahr der Veräußerung
  6. 6. Seite 6 Verteilung der Beteiligungsdauer insgesamt 52 % der Beteiligungen wurden länger als vier Jahre, 25 % sogar länger als sechs Jahre gehalten Quelle: BVK 13 74 92 118 97 68 49 103 bis 12 Mon. 13-24 Mon. 25-36 Mon. 37-48 Mon. 49-60 Mon. 61-72 Mon. 73-84 Mon. >84 Mon. bis 12 Monate 2% 13-24 Monate 12% 25-36 Monate 15% 37-48 Monate 19% 49-60 Monate 16% 61-72 Monate 11% 73-84 Monate 8% >84 Monate 17%
  7. 7. Seite 7 Durchschnittliche Beteiligungsdauer… …nach Jahr des Exits: Schwankungen im Zeitablauf aufgrund der Abhängigkeit der Verkäufsmöglichkeiten von externen Faktoren (Konjunktur, M&A, Börse) Quelle: BVK 57 55 54 48 63 55 52 50 61 59 66 0 10 20 30 40 50 60 70 bis 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Mittelwert aller Beteiligungsdauern im jeweiligen Exitjahr Durchschnitt 57 Monate
  8. 8. Seite 8 …nach Art des Exits: Trade Sales (55 Monate) und Verkäufe an andere Finanzinvestoren (57 Monate) im Bereich des Gesamtdurchschnitts Durchschnittliche Beteiligungsdauer… Quelle: BVK 55 61 57 65 0 10 20 30 40 50 60 70 Trade Sale Verkauf über die Börse Verkauf an Finanzinvestor Buy-Back Durchschnitt 57 Monate
  9. 9. Seite 9 bis 12 Monate 1% 13-24 Monate 14% 25-36 Monate 17% 37-48 Monate 22% 49-60 Monate 13% 61-72 Monate 12% 73-84 Monate 8% >84 Monate 13% bis 12 Monate 4% 13-24 Monate 10% 25-36 Monate 12% 37-48 Monate 16% 49-60 Monate 20% 61-72 Monate 9% 73-84 Monate 7% >84 Monate 22% Verteilung der Beteiligungsdauer… …nach ursprünglicher Finanzierung: Venture Capital-Finanzierungen (61 Monate) laufen durchschnittlich länger als Buy-Outs (54 Monate) Quelle: BVK Venture Capital/ Growth: Ø 61 Monate Buy-Outs: Ø 54 Monate
  10. 10. Seite 10 Kontakt Vielen Dank für Ihre Aufmerksamkeit! Bundesverband Deutscher Kapitalbeteiligungsgesellschaften – German Private Equity and Venture Capital Association e.V. (BVK) Reinhardtstraße 29b, 10117 Berlin Tel +49 30 306982-0 Fax +49 30 306982-20 Email bvk@bvkap.de

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