SlideShare a Scribd company logo
2012 Pan-European Private Equity and Venture Capital Activity
Activity Data on Fundraising, Investments and Divestments
European Private Equity & Venture Capital Association

The EVCA is the voice of European private equity.
Our membership covers the full range of private equity activity, from early-stage venture capital to the largest private equity
firms, investors such as pension funds, insurance companies, fund of funds and family offices and associate members from related
professions. We represent 650 member firms and 500 affiliate members.
The EVCA shapes the future direction of the industry, while promoting it to stakeholders such as entrepreneurs, business owners
and employee representatives.
We explain private equity to the public and help shape public policy, so that our members can conduct their business effectively.

The EVCA is responsible for the industry’s professional standards, demanding accountability, good governance and transparency
from our members and spreading best practice through our training courses.
We have the facts when it comes to European private equity, thanks to our trusted and authoritative research and analysis.
The EVCA has 25 dedicated staff working in Brussels to make sure that our industry is heard.

2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 3
Disclaimer
Version
Presentation as of 26/4/2013

Disclaimer

The information contained in this report has been produced by the EVCA, based on PEREP_Analytics data and third party information. While the
EVCA has made every effort to ensure the reliability of the data included in this report, EVCA cannot guarantee the accuracy of the information
collected and presented. Therefore, the EVCA cannot accept responsibility for any decision made or action taken based upon this report or the
information provided herein.
This presentation is for the exclusive use of the persons to whom it is addressed and is intended for general information purposes only. It is not
intended to constitute legal or other professional advice and should not be treated as such. Appropriate legal advice must be sought before
making any decision, taking any action or refraining from taking any action in reliance on the information contained in this presentation. The
EVCA does not assume any responsibility for any person’s reliance upon the information contained herein.
In furnishing this presentation, the EVCA undertakes no obligation to provide any additional information or to update this presentation or any
additional information or to correct any inaccuracies which may become apparent.

Unless otherwise specified, this presentation is confidential and may not be distributed, published, reproduced or disclosed to any other person
or used for any other purpose, without the written permission of the EVCA.

Copyright information
No part of this publication may be reproduced by any process except in accordance with the provisions of the Copyright Act 1968. Copyright
enquiries should be directed to the EVCA, Tel: + 32 2 715 00 20.

© Copyright EVCA May 2013
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 4
Executive Summary

More data on www.evca.eu – Research & Data

Fundraising

→ Pages 7-26

•

Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This reduction was driven by lower activity of larger funds. In 2012
only 13 funds were raising more than €250m compared to 26 in 2011. Funds that raised in excess of €250m in 2012 dropped in total volume by
51% compared to 2011. In contrast, the volume raised by funds smaller than €250m reduced by only 25% in the same period.

•

Pension funds and fund of funds accounted for almost half of all sources of funds with more than 20% each. Family offices & private individuals,
government agencies and sovereign wealth funds follow as major sources with 10-12% each.

•

Despite macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional investors outside of Europe.

Investments

→ Pages 27-59

•

The overall amount of €36.5bn invested in European companies in 2012 reduced by 19% compared to the previous year. This was due to the weak
first half of 2012 coinciding with economic uncertainty in Europe. In contrast, the number of private equity backed companies remained stable at
almost 5,000 European companies. Therefore, it was less capital intensive for the industry to invest in a constant number of companies in
Europe. About 43% of the companies that received investment in 2012 were private equity backed for the first time.

•

The total amount of venture capital invested reduced year on year by 14% to €3.2bn. The number of venture capital backed companies remained
stable at about 2,900. For the first time more than 1,000 companies attracted growth investments despite a decrease in amount of 26%
compared to 2011. Buyout investments reached €28bn. More than 800 companies received buyout investments similar to the level from 2011
although the investment amount reduced by 19%.

Divestments

→ Pages 61-72

•

More than 2,000 European companies were exited, representing former equity investments of €22bn. While the number of companies remained
stable the amount divested at cost decreased by 29%.

•

Of all exited companies in 2012 venture capital represented almost 50% and growth 23%. Their typical exits included trade sale, sale to another
private equity firm and write-off. Buyout related exits attributed 85% of equity amount divested at cost. This presents a decline of 26%.
Prominent exit routes were trade sale, sale to another private equity firm and public offering.

•

Initial Public Offering (IPO) levels remained very low. Only three buyout and five venture capital investments were able to take this exit route.
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 5
Overview - Fundraising, Investments & Divestments

€ billion

2000–2012 - Industry statistics - Amount
120

112

100
80

80

80

72

73

71

60

55
48

40

47
40

37

35
28 28

24

27

29

30

27

9

13

11

42
37

33

31

27

25

20

20

47

43

22

19
14

14

24

20

22

12

0

2000

2001

2002

2003

2004

2005

Funds Raised

2006

Investments

2007

2008

2009

2010

2011

2012

Divestments

EVCA Statistics explained: For the purpose of a longer time series this graph shows “industry statistics” capturing activity by location of the private
equity firm. In the following presentation most statistics on investments and divestments are reported as “market statistics” to focus on the impact
of portfolio companies in Europe that are backed by private equity. This data is only available since 2007.
Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2012)
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 6
Fundraising
Fundraising statistics explained
•

Direct private equity investment funds that primarily focus on investments in Europe are monitored.

•

Funds raised are recorded in the country of the advisory team that is raising/managing the fund (“industry statistics”).

•

The funds included in the statistics are: private equity funds making direct private equity investments, mezzanine private
equity funds, co-investment funds and rescue/turnaround funds.

•

The following funds are excluded from the statistics: infrastructure funds, real estate funds, distress debt funds, primary
funds-of-funds, secondary funds-of-funds.

More data on www.evca.eu – Research & Data
Glossary – Fundraising
Fund stage focus

Type of investors

•

Early-stage fund: A venture capital fund focused on investing in
companies in their primary development stage.

•

Corporate investor: Corporations that deliver non-financial
products and services.

•

Later-stage fund: A venture capital fund focused on investing in
later-stage companies in need of expansion capital.

•

•

Balanced fund: A venture capital fund focused on both early-stage
and development, with no particular concentration on either.

Endowment: An institution that is bestowed money (and possibly
other assets) via a donation with the stipulation to invest it and use
the gains for specific objectives so that the principal remains intact.

•

Family office: An office that provides investment management and
other financial services to one or several families.

•

Foundations: A non-profit organisation through which private
wealth is contributed and distributed for public or charitable
purposes.

•

Mezzanine fund: A fund that provides (generally subordinated)
debt to facilitate the financing of buyouts, frequently alongside a
right to some of the equity upside.

Fund of funds: A private equity fund that primarily takes equity
positions in other funds.

•

Generalist fund: A fund with either a stated focus of investing in
all stages of private equity investment, or with a broad area of
investment activity.

Government agencies: Country, regional, governmental and
European agencies or institutions for innovation and development
(including structures such as the EBRD or EIF).

•

Other asset manager: Financial institutions (other than bank,
endowment, family office, foundation, insurance company or
pension fund) managing a pool of capital by investing it across asset
classes to generate financial returns.

•

•

•

•

Growth fund: Funds whose strategy is to invest in relatively
mature companies that are looking for capital to expand or
restructure operations.
Buyout fund: A fund whose strategy is predominantly to acquire
controlling stakes in established companies.

Independent and captive funds
•

Captive funds: Funds that are 100% owned by the parent
organisation

•

Pension funds: A pension fund that is regulated under private or
public sector law.

•

Independent funds: Semi-captive funds (those in which the parent
owns less than 100%) as well as wholly independent funds.

•

Sovereign wealth funds: State-owned investment fund managing a
pool of money derived from a country's reserves.

NB: In the following presentation, unclassified figures concerning the type of
investors have been extrapolated.

Fundraising

| Creating lasting value | 8
2012 Fundraising at a glance

€ billion

Incremental amounts raised during the year
90
80
70

79.6
11.4

• Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This
reduction was driven by lower activity of larger funds. In 2012, only 13 funds were
raising more than €250m compared to 26 in 2011. Funds that raised more than
€250m in 2012 dropped in total volume by 51% compared to 2011. The volume
raised by funds smaller than €250m reduced only by 25% in the same period.

80.5
3.6

5.8

• Pension funds and fund of funds accounted for almost half of all sources of funds
with over 20% each. Family offices & private individuals, government agencies and
sovereign wealth funds follow as major sources with 10-12% each. Despite the
macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional
investors outside of Europe.

1.3

60
50

40

41.6
58.6

64.8

4.4

30
18.9

20

8.3

6.3

1.1 3.3
10.8
3.7

2007

2008

10
0

5.1
23.6

21.8
2.6 2.6

26.9

0.4 3.1
16.5

13.4
5.2

3.6

2009

2010

2011

2012

Buyout

Venture Capital

3.2

Growth

Other*

Total

• Venture capital accounted for 15% of total fundraising compared to 12% in 2011,
beating with € 3.6bn raised the 2010 fundraising low of the past five years. 102
venture capital funds raised new capital in 2012 compared to 152 in 2011. For the
fourth year running government agencies attributed a new high of 40% to venture
capital fundraising coming from 33% in 2011.
• Buyout fundraising reduced by 39%. The €16.5bn raised presented a €10bn drop
compared to the previous year, while still covering 70% of all fundraising. This can
be attributed to the strong fundraising year of 2011 which saw 81 funds
successfully raising new capital. Eight of these funds in 2011 were taking up more
than €1bn. In 2012, 68 funds raised capital with only 3 reaching more than €1bn.
• Growth fundraising reached only 9% of its 2011 level. Only 15 funds raised new
capital compared to 32 in the previous year.

Key Figures
2012

All Private Equity

Venture Capital**

Buyout**

Growth**

Incremental amounts raised

€23.6bn

€3.6bn

€16.5bn

€0.4bn

Incremental number of funds

239

102

68

15

€19.8bn

€1.5bn

€13.8bn

€0.5bn

30

30

Final closings - Cumulative amount since inception
Final closings – Number of funds

96

*Other includes Mezzanine and Generalist funds

Source: EVCA / PEREP_Analytics

Fundraising

6
** Relates to fund focus
| Creating lasting value | 9
Funds raised by fund stage focus

€ billion

9

€ billion

2007–2012 - Incremental amount raised during the year
8.3

70.3
64.8

60.3

58.6

8
7

50.3
3.2

6.3
6.0

6
5

2.5

4.4

1.2
2.2

3.7

4

40.3

5.3

5.2

3.6

30.3

3.7

3.6

26.9

3.2

3

1.5

1.3

1.6
1.6

2
1

1.0

2.3

1.3

0.6
2.0

1.8

2.0

0.2

0.4

3.8

2.8

2.6

0.7

2.0

13.4

1.7

10.8
1.1

0.9

10.3

0.4

1.0

0
Venture Capital

16.5

2.2

2.0

1.1

20.3

2.6

Growth capital

Mezzanine

0.3

Generalist

Buyout

Balanced
Later-stage

Early-stage

2007

2008

2009

2010

2011

2012

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 10
Funds raised by fund stage focus
2007–2012 – Number of funds that reach first, intermediary or final closing during the year
200

196

180
160

200
180

165
69

152

148

160

134

140

140

66

120

58

60

27

17

80

120

100
20

18

80

39

60

80

72

17

56

11

57

82

70

74
60

46

20

26

52

24

23

28

77

81
68

60
40

32
15

21
11

10

12

12

20

8

0
Venture Capital

78

60

100

40

135

102

57

100

160

Growth capital

Mezzanine

Generalist

Balanced

0
Buyout

Later-stage

Early-stage

2007

2008

2009

2010

2011

2012
NB: Also contains funds that only reported capital gains as fundraising

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 11
Funds raised by type of investor
80%
2007–2012 - Incremental amount raised during the year - % of total amount
70%

35%

Academic inst. / Endowments / Foundations

60%

Banks

30%

Capital markets

50%

25%

Corporate investors
40%
20%

Family offices & Private individuals

15%

Fund of funds & Other asset managers

30%

10%

Government agencies

20%

5%

Insurance companies

10%

Pension funds

0%

2007

2008

2009

2010

2011

2012

Sovereign wealth funds

€ billion

0%

100

2007
78.5

2008
80.4

2009

2010

2011

2012
41.1

50
18.6

2009

2010

23.6

21.8

New funds raised
(excluding capital gains)

0
2007

2008

2011

2012

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 12
Venture funds raised by type of investor
80%
2007–2012 - Incremental amount raised during the year - % of total amount
70%

45%

Academic inst. / Endowments / Foundations

60%

40%

Banks

35%

Capital markets

50%

30%

Corporate investors

40%
25%

Family offices & Private individuals

20%

Fund of funds & Other asset managers

30%

15%

Government agencies

10%
20%

Insurance companies

5%

Pension funds

10%
0%

2007

2008

2009

2010

2011

2012

Sovereign wealth funds

0%

€ billion

10

2007
8.2

2008

2009

2010

2011

6.2

5

2012
5.2

3.6

3.2

2009

2010

3.6

New funds raised
(excluding capital gains)

0
2007

2008

2011

2012

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 13
Buyout funds raised by type of investor
80%
2007–2012 - Incremental amount raised during the year - % of total amount
70%

45%

Academic inst. / Endowments / Foundations

60%

40%

Banks

35%

Capital markets

50%

30%

Corporate investors

25%
40%

Family offices & Private individuals

20%

Fund of funds & Other asset managers

30%

15%
10%

Government agencies

5%

Insurance companies

20%

0%
10%

Pension funds

2007

2008

2009

2010

2011

2012

Sovereign wealth funds

€ billion

0%

100

2007

2008

58.1

2009

2010

2011

2012

64.8

50

26.9
10.6

13.4

2009

2010

16.5

New funds raised
(excluding capital gains)

0
2007

2008

2011

2012

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 14
Growth funds raised by type of investor
80%
2007–2012 - Incremental amount raised during the year - % of total amount
70%

80%

Academic inst. / Endowments / Foundations

60%

70%

Banks

60%
50%

Capital markets

50%

Corporate investors

40%

Family offices & Private individuals

30%
30%

Fund of funds & Other asset managers

20%

Government agencies

10%

Insurance companies

40%

20%

Pension funds

10%
0%

2007

2008

2009

2010

2011

€ billion

0%

5

2007

2008

3.6

2009

2010

2011

4.4

2012

2012

2.6

1.2

Sovereign wealth funds

New funds raised
(excluding capital gains)

1.1

0.4

0
2007

2008

2009

2010

2011

2012

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 15
Funds raised by type of investor
2012 - Incremental amount raised during the year - % of amount
All Private Equity funds

Venture funds
0.7%
7.5% 1.5%
11.7%
3.1%
1.5%

4.9%

1.5%
8.1% 4.5%

5.3%

5.3%

0.7%

239 funds

7.7%

191 firms

22.1%

12.3%

4.5%

102 funds

6.5%

89 firms

14.2%

9.3%

8.5%

10.1%
8.8%

14.9% 8.0%
1.7%

14.9%

1.0%
8.0%

1.7%

27.4%
1.7%
1.0%
1.8%
4.5%

39.7%

1.8%
4.5%

Family offices
Fund of funds

Growth funds

Government agencies

0.3%
11.1%

2.3%

Insurance companies

2.8%
2.0%5.1%

10.2% 8.5%

Other asset managers

1.9%

Pension funds

68 funds

Private individuals

15 funds

61 firms

16.9%

37.3%

27.4%

Capital markets

Endowments and foundations

1.0%

16.9%

Buyout funds

Banks
Corporate investors

1.7%

1.0%

Academic institutions

14 firms

31.3%

Sovereign wealth funds

2.3%
10.2%

8.5%

6.5% 1.6%

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 16
Concentration of capital
% total amount of annual fundraising

2007–2012 – Incremental fundraising by amount bracket per fund during the year
70%

Number
of
funds

14

60%

50%

8

14

4

40%

30%

266
14

29

20%

5

36
10%

0%

15

40

70

347

2007

13
47
305

4
252

193

42
14

9

27
1

33

269

3

2008
2009
2010
<€100m
€100 - 250m
€250 - 500m
€500 - 1bn

4

4

2011
>€1bn

5

2012

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 17
Funds raised by type of investor & region of the fund
2012 - Incremental amount raised during the year
100%

0.2%

0.0%

0.9%

0.0% 1.3% 0.0%

8.7%

90%

12.4%

20.5%

21.1%

26.8%

12.8%

Pension funds

9.3%

80%

Sovereign wealth funds

13.8%

15.8%

Insurance companies

6.7%

2.6%

Government agencies

8.6%
18.7%

3.8%

70%
29.4%

13.6%

3.9%

60%
29.7%

50%

Capital markets
23.2%

0%

3.1%

Banks
34.6%

17.3%

20%
3.6%

4.3%
1.8%

60.7%

22.5%

24.4%

1.2%

Family offices & Private individuals
Corporate investors

1.8%

30%

10%

26.8%

18.6%

23.8%

10.2%

40%

Fund of funds & Other asset managers

0.0%

2.7%

UK & Ireland

Source: EVCA / PEREP_Analytics

0.0%

8.6%
3.9%

DACH

5.4%
3.6%
6.4%

Academic inst. / Endowments /
Foundations

7.2%
0.2%
0.0%

1.5%

Nordics

13.2%
0.0%

1.3%

5.3% 0.7%
1.1% 0.4% 0.0%

France &
Benelux

Southern Europe

CEE

DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain

Fundraising

Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 18
Funds raised by country of management & country of origin (LP country)

€ billion

2012 - Incremental amount raised during the year
16
14

13.4

12
10
8
6

4.7
3.7

4
2.3

2.6
1.7

2

1.6

1.9
0.6

0.6

0.5

0.0

UK & Ireland

DACH

Nordics

France & Benelux

by country of management

Source: EVCA / PEREP_Analytics

Southern Europe

CEE

by country of origin

DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain

Fundraising

Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 19
Funds raised by country of management
€ billion

2007-2012 - Incremental amount raised during the year
90
80

1.2
6.3

70
11.3

60
50

7.9
6.7

4.0

1.3

11.8

9.7
6.0
1.8 0.8

40

8.6
30
20

46.2

8.5

47.7
4.1
4.0
1.5
2.4
6.6

10
0
2007

2008
UK & Ireland

Source: EVCA / PEREP_Analytics

1.5 0.5
6.9
1.9
2.1

0.3

Nordics

NB: Include capital gains as fundraising

17.7

8.9

2009
DACH

4.3

2010
France & Benelux

2011
Southern Europe

0.6 0.5
4.7
1.6
2.6
13.5
2012

CEE

DACH: Austria, Germany, Switzerland
Nordics: Denmark, Finland, Norway, Sweden
Southern Europe: Greece, Italy, Portugal, Spain CEE: Central Eastern Europe

Fundraising

| Creating lasting value | 20
Fundraising geographic breakdown
2012 (2011) - Source of funds - % of total amount
9.1%

North America
25.2%

(9.8%)

(20.0%)

10.8%
(17.2%)

8.0%
(9.1%)

17.4%

0.1%
(0.9%)

(12.0%)

Rest of World
1.5%

2.9%

(0.2%)

(3.7%)

Other
Western Europe
11.9%
Source: EVCA / PEREP_Analytics

Australia
Asia
13.1%
(14.5%)

(12.7%)

Fundraising

| Creating lasting value | 21
Venture Capital - Fundraising geographic breakdown
2012 (2011) - Source of funds - % of total amount
17.5%

North America
4.5%

(8.5%)

(1.6%)

10.1%
(15.1%)

10.7%
(31.7%)

34.5%

0.8%
(2.4%)

(28.0%)

Rest of World
0.4%

4.9%

(0.0%)

(4.9%)

Other
Western Europe
16.2%
Source: EVCA / PEREP_Analytics

Australia
Asia
0.3%
(1.3%)

(6.6%)

Fundraising

| Creating lasting value | 22
Buyout - Fundraising geographic breakdown
2012 (2011) - Source of funds - % of total amount
7.4%

North America
31.3%

(12.2%)

(28.2%)

11.7%
(7.8%)

7.8%
(4.9%)

11.1%

0.0%
(0.3%)

(8.7%)

Rest of World
2.0%

2.6%

(0.1%)

(3.0%)

Other
Western Europe
10.7%
Source: EVCA / PEREP_Analytics

Australia
Asia
15.3%
(19.2%)

(15.6%)

Fundraising

| Creating lasting value | 23
Funds raised by fund stage focus

€ billion

5.0

4.8

€ billion

2007–2012 - Final closing during the year - Amount
4.7

58.9

60
53.8

50

4.5
4.0

1.6

4.0

40

3.5
3.0

2.7

0.5

2.1
0.9

2.7

0.3

2.1

1.4

0.9

1.5
1.4

0.3
1.0

0.2

0.8

0.8
0.5

13.3

1.1

0.1

1.0

17.7

1.4

1.3

1.2

1.6
1.1

20

1.6

1.5 1.4

0.7

0.5

0.0

30

2.3

2.0

1.0

2.9

0.6

2.5

1.5

3.3

3.1

1.4

0.7

10

13.8

10.0

0.5

0.5

Venture Capital

0
Growth capital

Mezzanine

Generalist

Buyout

Balanced
Later-stage

Early-stage

2007

2008

2009

2010

2011

2012

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 24
Funds raised by fund stage focus
2007–2012 - Final closing during the year - Number of funds
90

90

80

80

70

70

60
50

83

59

60

54
49

17

70

50

50

45
20

40

8
22

30

20
10

24

25
30

8
5

5

12
6

18

20

20

9

34

26

39

40

16

9

6

6

30

30
22

3

5

4

4

20

10

5

0
Venture Capital

25

12
6

12

23
16

14

12

23

24

41

Growth capital

Mezzanine

Generalist

0
Buyout

Balanced
Later-stage

Early-stage

2007

2008

2009

2010

2011

2012

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 25
Concentration of capital

% total amount of cumulative
fundraising until final closing

2007–2012 - Final closing during the year - Amount & Number of funds
80%

Number
of
funds

70%
14
60%

12

50%

2

5

40%
2
30%

3

20%

10

37

14

13

48

17

81
2007

2008

10%

0%

9
4 17

28
39

69

6
21
74

6
18
7

10
4
77

63

2011

2012

79

<€100m

2009

€100 - 250m

€250 - 500m

2010

€500 - 1bn

>€1bn

Source: EVCA / PEREP_Analytics

Fundraising

| Creating lasting value | 26
Investments
Investments statistics explained
•

Industry statistics are an aggregation of figures according to the country of the private equity firm’s office in charge of
the investment. At European level, this relates to investments made by European private equity firms regardless of the
location of the target company.

•

Market statistics are an aggregation of figures according to the location of the portfolio company. At European level, this
relates to investments in European companies regardless of the location of the private equity firm.

•

Equity value: The amount of capital invested to acquire shares in an enterprise. The equity value includes equity, quasiequity, mezzanine, unsecured debt and secured debt provided by the firm.

More data on www.evca.eu – Research & Data
Glossary – Investment Stages

• Venture Capital
• Seed: Financing provided to research, assess and develop an
initial concept before a business has reached the start-up
phase.
• Start-up: Financing provided to companies for product
development and initial marketing. Companies may be in the
process of being set up or may have been in business for a
short time, but have not sold their product commercially.
• Later-stage venture: Financing provided for the expansion
of an operating company, which may or may not be breaking
even or trading profitably. Later-stage venture tends to
finance companies already backed by venture capital firms.

• Growth: A type of private equity investment – most often a
minority investment but not necessarily – in relatively mature
companies that are looking for capital to expand or restructure
operations, enter new markets.
• Buyout: Financing provided to acquire a company. It may use a
significant amount of borrowed money to meet the cost of
acquisition.

• Rescue/Turnaround: Financing made available to an existing
business, which has experienced trading difficulties, with a view
to re-establishing prosperity.
• Replacement capital: The purchase of a minority stake of
existing shares in a company from another private equity firm or
from another shareholder or shareholders.

Investments

| Creating lasting value | 28
2012 Investments at a glance

50

6.7
6.7

40

38.4
38.4

40

30
30

1,299
1,299

20
20
10
10
00

1,161
1,161

593
593

348
348

6.0

6.3

2007
2007

2008
2008

Buyout - Amount
VC - Amount
Buyout - No. of companies
Other - Amount
Growth - No. of companies

Key Figures

€ billion

€ billion

€ billion
€ billion

3,667

4.3
4.3
57.2 3,339
53.4
57.2
3,339
6

70

60

60

703,155

4,000

70 70 3,6673,667

3,039
3,155 4.3 4.3
3,039
3,3393,339

3,500
3,500

2,965
2,923
3,1553,155
2,965
3,039 3,000
2,923 3,039 2,9652,965

3,000

57.257.2 53 53
44.9
4
41.9
50
6.7
4 6.7
5.2
5.2

19% compared to the previous year. This was due to the weak first half of 2012
coinciding with economic uncertainty in Europe.
4,000
4,000
Number of companies financed

60
50

4,000

3,667

Number of companies financed

70
60

69.8
6

Number ofof companies financed
Number companies financed

Investments – Market statistics – Amount & No. of companies • Overall €36.5bn was invested in European companies in 2012 with a decrease of
70
4,500

• The number of private equity backed companies remained stable at almost 5,000
European companies. Therefore, it was less capital intensive for the industry to
3,500
3,500
invest in a constant number of companies in Europe. About 43% of the companies
2,9232,923
3,000
3,000
that received investments in 2012 were private equity backed for the first time.

2,500
• The total amount of venture capital invested decreased year on year by 14% to
45
2,500 45
2,500
2,500
42 42
€3.2bn. The number of venture backed companies remained stable at about
36.5
3
2,000 5.2 36 2,900. Start-up stage investments accounted for the majority of venture capital
6.3
6.338.438.4
36
5.2
34.5
40 40
2,000
34.5
3.8
2,000
2,000
3.8
6.3 6.3
activity by amount and number of companies (56-60%). Life sciences, computer &
34.534.5
29.7
3.8 3.8
28.0
24.3
1,500
28.0
consumer electronics, communications and energy & environment accounted for
1,500
29.7
30 30
24 24 29.7
1,2991,299
1,500
28.028.0 1,500
1,047
1,047
994 1,1611,161
4
three quarters of all venture capital investments.
994
932
932
1,0471,047
5.1
994 994 932 932
1,000
1,000
• For1,000 first time more than 1,000 companies attracted growth investments
the
20
20 5.1 775
5.1 5.1
1,000
775

50

881
881
615
783 593 593
615
783
10
12.7
1012.7 348 348

878
775
775 878
500 881 881
500
615 615
783 783

despite a decrease in amount of 26% compared to 2011. Almost two thirds were
in business & industrial products and services, computer & consumer electronics,
500 500
consumer services, energy and environment and life sciences.

878 878

12.712.7
3.7
3.7
3.2
0
6
0
6 6
4 4
4 4
4 4
3 More than 800 companies received buyout investments similar to the 2011 level
0
• 3 0 0
02009
2010
2011
2012
2009
2011
2012
2007 20082008 20092009 2010- Amount 2011 20122012
2010 2011
2007 - Amount
Growth
VC
although the investment amount reduced by 19% to €28bn. Buyout investments
3.8

6

Buyout - Amount
Growth
VC - Amount
VC - Amount - No. of companies
Total - Amount
OtherOther - Amount
- Amount
VC - No. of companies
Growth of companies
Growth - No. - No. of companies

Growth - Amount
Buyout - Amount
Buyout VC - No. of companies
- Amount
Buyout - No. of companies
TotalTotal - Amount
- Amount

broadly concentrate
Growth - Amount
Growth - Amount

VC of companies
VC - No. - No. of companies

and life sciences.

2012

across sectors of business & industrial products and services,
electronics, consumer goods and retail, consumer services

computer & of companies
Buyout of companies
Buyout - No. - No. consumer

All Private Equity

Venture Capital*

Buyout*

Growth*

€36.5bn

€3.2bn

€28.0bn

€3.8bn

Investments – Number of companies (Market statistics)

4,975

2,923

878

1,047

Number of firms involved (Market statistics)

1,004

556

428

329

Number of funds involved (Market statistics)

1,687

952

607

511

Investments – Amount (Market statistics)

Source: EVCA / PEREP_Analytics

* Relates to the investment stage of the portfolio company

Investments

| Creating lasting value | 29
Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Amount

€ billion

18

16
14
12
10
8

6
4
2
0
Q1

Q2

Q3

Q4

2007

Q1

Q2

Q3

2008

Q4

Q1

Q2

Q3

Q4

Q1

2009

Q2

Q3

2010

Q4

Q1

Q2

Q3

Q4

Q1

2011

Venture Capital

Q2

Q3

Q4

2012

Buyout

Growth

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 30
Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies
1,400
1,200
1,000
800
600
400
200
0
Q1

Q2

Q3

Q4

2007

Q1

Q2

Q3

2008

Q4

Q1

Q2

Q3

Q4

Q1

2009

Q2

Q3

2010

Q4

Q1

Q2

Q3

Q4

Q1

2011

Venture Capital

Q2

Q3

Q4

2012

Buyout

Growth

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 31
Venture Capital - Investments by stage focus

€ million

Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Amount
1,200

1,000

800

600

400

200

0
Q1

Q2

Q3

Q4

2007

Q1

Q2

Q3

Q4

Q1

2008

Q2

Q3

Q4

Q1

2009

Seed

Q2

Q3

Q4

Q1

2010

Start-up

Q2

Q3

2011

Q4

Q1

Q2

Q3

Q4

2012

Later-stage venture

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 32
Venture Capital - Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies
700
600
500
400
300
200
100
0
Q1

Q2

Q3

Q4

2007

Q1

Q2

Q3

2008

Q4

Q1

Q2

Q3

Q4

Q1

2009

Seed

Q2

Q3

Q4

Q1

2010

Start-up

Q2

Q3

2011

Q4

Q1

Q2

Q3

Q4

2012

Later-stage venture

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 33
Investments by stage focus
€ billion

€ billion

2007–2012 - Market statistics - Amount
8

60

57.2

50

7
6.3
6.0

6

0.3

0.2

40

34.5

5

2.4

2.3

3.8

4

3.7

1.9

0.1

20

1.8 5.2

1.8

5.1

28.0

3.2

4.3

1.8
3.6

3.5

12.7

3.8

10

1
0

0.2
6.3

3

29.7

30

3.7

0.1

0.1
6.7

2

38.4

1.9

1.6

0.5

2008

Later-stage venture

Start-up

1.7
1.0

0.5

2009
Seed

1.8

1.7

0.7

0.3

2007

2.0

1.8

2010
Growth

0.5

2011

Rescue/Turnaround

1.3

1.1
0.4

2012
Replacement capital

0
2007 2008 2009 2010 2011 2012
Buyout

Venture Capital
Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 34
Investments by stage focus
2007–2012 - Market statistics - Number of companies
4,000
3,500

4,000

3,667
3,339

527

3,500

3,155

500

3,039

2,965

2,923

392

353

371

3,000

3,000

393

2,500

2,500

1,796
1,528

2,000

2,000

1,724
1,711

1,679

1,796

1,500

1,500
1,000

1,161

1,000
1,151

500
348

2008

Later-stage venture

150 176

68 174

52 140

990 994

775

593

2007

783

881

878

615

1,513

1,413

0

1,299

Start-up

2009
Seed

132 135

2010
Growth

500

1,047
839

939 932
103 76

2011

Rescue/Turnaround

67 118

2012
Replacement capital

0
2007 2008 2009 2010 2011 2012
Buyout

Venture Capital
Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 35
Buyout - Investments by stage focus / equity split
2007–2012 - Market statistics - Amount & Number of companies

60

1,200

50

1,000

40

800

30

600

20

400

10

€ billion

1,400

200

0

Number of companies

70

0
2007

2008
Buyout < €150m
(Amount)
Buyout < €150m
(Number of companies)

2009

2010
Buyout > €150m
(Amount)
Buyout > €150m
(Number of companies)

2011

2012

Growth
(Amount)
Growth
(Number of companies)

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 36
Investments by stage focus
2012 - Market statistics - % of Amount & Number of companies
% of Amount

% of Number of companies
Seed Start-up
4.9%
0.4%

Seed
Later-stage venture
3.4%

Buyout
17.2%

Seed
6.9%

Start-up

Growth capital
10.4%
Rescue/ Turnaround
1.0%
Replacement
capital
3.0%

Later-stage
Replacement capital
venture
2.3%
Growth capital
Rescue/ Turnaround
1.3%
Rescue/
Turnaround

Start-up
35.2%

Replacement
capital
Growth capital
Buyout
20.5%
Buyout
76.8%
Later-stage venture
16.5%

Venture Capital
Buyout
Growth

Venture Capital
Buyout
Growth

€3.2bn
€28bn
€3.8bn

2,923 Companies
878 Companies
1,047 Companies

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 37
Investments by stage focus & regions
2012 - Market statistics - Amount
€ billion

€ billion

9

1.2

8.1

8
6.9

7
1

0.8

6

0.8

0.8

0.0

0.0

0.7

5.6

5

0.1

1.1

0.5

0.5
0.4

0.8

0.4

3.9

4

0.4

0.6

0.0

3

2.8

0.8
0.3
0.2
0.4

0.2

0.4

0.4

0.0
0.3

0.3
0.1

0.1

UK & Ireland

France & Benelux

Later-stage venture

Start-up

DACH
Seed

0.4

0.1
0.0 0.1

0

0.4

0.1

0.2
0.1 0.1

Southern Europe
Growth

2

0.0 0.0

Nordics

Rescue/Turnaround

0.1
0.0 0.2
0.1
0.0 0.0
0.0

0.7

0

CEE
Replacement capital

Buyout

Venture Capital
Source: EVCA / PEREP_Analytics

1

DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain

Investments

Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 38
Investments by stage focus & regions
2012 - Market statistics - Number of companies
1000

931

900
217

800
700

657

500
400
300

506

426
17

400

430

333

319

300
295

200

217
26

410

200

325
242

227

100
120 109

0

58

569
17

600

11 15

UK & Ireland

29 37

France & Benelux

Later-stage venture

Start-up

158
11 21

DACH
Seed

36

183
71

8

24

Southern Europe
Growth

123
18
74

74

7

Nordics

Rescue/Turnaround

12

100

31 58

1

9

173

139
91

123
33

0

CEE
Replacement capital

Buyout

Venture Capital
Source: EVCA / PEREP_Analytics

DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain

Investments

Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 39
Investments by region
2012 - Industry vs. Market statistics - Amount
By location of private equity firm

Nordics
11%

By location of portfolio company

CEE
2%

Nordics
14%

CEE
3%

UK & Ireland
28%

Southern Europe
8%
UK & Ireland
43%

Southern Europe
10%

DACH
16%

DACH
23%
France & Benelux
20%

Source: EVCA / PEREP_Analytics

DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain

Investments

France &
Benelux
22%

Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 40
Geographic investment flows
2012 - Industry vs. Market statistics - Amount
Market statistics
€0.8bn

are an aggregation of figures according to the
location of the portfolio company.
At European level, this relates to investments
in European companies regardless of the
location of the private equity firm.

Non-European private
equity firms investing in
portfolio companies in
Europe

€1.2bn

€8.3bn

European private
equity firms investing
in portfolio companies
outside Europe

Cross-border investments
within Europe

€27.4bn

Industry statistics
are an aggregation of figures according to the
country of the private equity firm’s office in charge
of the investment.
At European level, this relates to investments made
by European private equity firms regardless of the
location of the target company.

Domestic investments
in European countries

Source: EVCA / PEREP_Analytics

Investments

Europe includes:
Austria, Baltic countries (Estonia, Latvia, Lithuania),
Belgium, Bulgaria, Czech Republic, Denmark,
Finland, France, Germany, Greece, Hungary,
Ireland, Italy, Luxembourg, Netherlands, Norway,
Other CEE (Bosnia-Herzegovina, Croatia, Macedonia,
Montenegro, Serbia, Slovenia, Slovakia),
Poland, Portugal, Romania, Spain, Sweden,
Switzerland, Ukraine, United Kingdom
| Creating lasting value | 41
Venture Capital - Geographic investment flows
2012 - Industry vs. Market statistics - Amount
Market statistics
€210m

are an aggregation of figures according to the
location of the portfolio company.
At European level, this relates to investments
in European companies regardless of the
location of the private equity firm.

Non-European private
equity firms investing in
portfolio companies in
Europe

€369m

€610m

European private
equity firms investing
in portfolio companies
outside Europe

Cross-border investments
within Europe

€2,365m

Industry statistics
are an aggregation of figures according to the
country of the private equity firm’s office in charge
of the investment.
At European level, this relates to investments made
by European private equity firms regardless of the
location of the target company.

Domestic investments
in European countries

Source: EVCA / PEREP_Analytics

Investments

Europe includes:
Austria, Baltic countries (Estonia, Latvia, Lithuania),
Belgium, Bulgaria, Czech Republic, Denmark,
Finland, France, Germany, Greece, Hungary,
Ireland, Italy, Luxembourg, Netherlands, Norway,
Other CEE (Bosnia-Herzegovina, Croatia, Macedonia,
Montenegro, Serbia, Slovenia, Slovakia),
Poland, Portugal, Romania, Spain, Sweden,
Switzerland, Ukraine, United Kingdom
| Creating lasting value | 42
Investments as % of GDP
2000–2012 - Industry statistics - % of GDP
%of GDP

0.60%

0.60%
0.55%

0.50%

0.40%

0.42%

0.41%

0.38%
0.35%
0.33%

0.30%
0.28%

0.34%

0.29%
0.26%

0.25%

0.20%

0.20%

0.10%

0.00%
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Source: Thomson Reuters Datastream (GDP) / Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2012)

Investments

| Creating lasting value | 43
Investments as % of GDP
2012 - Industry statistics

1.000%
0.834%

0.000%

0.011%

0.016%

0.019%

0.029%

0.037%

0.052%

0.054%

0.078%

0.104%

0.134%

0.137%

0.140%

0.142%

0.144%

0.164%

0.200%

0.194%

0.219%

0.220%

0.248%

0.253%

0.264%

0.400%

0.283%

0.600%

0.482%

0.800%

0.558%

% of GDP

1.200%

0.000%

2012

2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

Investments

| Creating lasting value | 44
Venture Capital - Investments as % of GDP
2012 - Industry statistics

0.140%

0.120%

0.118%

0.000%

0.000%

0.000%

0.000%

0.000%

0.001%

0.002%

0.004%

0.008%

0.009%

0.020%

0.010%

0.018%

0.021%

0.024%

0.025%

0.027%

0.030%

0.030%

0.032%

0.041%

0.038%

0.040%

0.044%

0.060%

0.053%

0.080%

0.067%

0.100%

0.072%

% of GDP

0.160%

0.000%

2012

2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

Investments

| Creating lasting value | 45
Buyout - Investments as % of GDP

1.000%
0.900%
0.800%

0.706%

% of GDP

2012 - Industry statistics

0.700%

0.000%

0.000%

0.008%

0.008%

0.010%

0.010%

0.012%

0.022%

0.035%

0.055%

0.058%

0.087%

0.090%

0.100%

0.106%

0.108%

0.137%

0.148%

0.148%

0.150%

0.163%

0.171%

0.200%

0.180%

0.300%

0.201%

0.400%

0.330%

0.500%

0.400%

0.600%

0.000%

2012

2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

Investments

| Creating lasting value | 46
Growth - Investments as % of GDP
2012 - Industry statistics
% of GDP

0.200%
0.180%

0.160%
0.140%

0.100%

0.088%

0.120%

0.000%

0.000%

0.001%

0.003%

0.003%

0.004%

0.007%

0.008%

0.011%

0.013%

0.020%

0.017%

0.019%

0.020%

0.021%

0.023%

0.027%

0.028%

0.033%

0.034%

0.036%

0.041%

0.043%

0.036%

0.040%

0.052%

0.060%

0.053%

0.080%

0.000%

2012

2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

Investments

| Creating lasting value | 47
Investments as % of GDP
2012 - Market statistics

1.400%

1.200%

0.018%

0.020%

0.033%

0.042%

0.066%

0.069%

0.084%

0.086%

0.103%

0.125%

0.137%

0.153%

0.159%

0.200%

0.190%

0.211%

0.226%

0.244%

0.247%

0.258%

0.260%

0.312%

0.352%

0.400%

0.369%

0.600%

0.373%

0.800%

0.530%

1.000%

0.602%

% of GDP

1.600%

0.000%

2012

2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

Investments

| Creating lasting value | 48
Venture Capital - Investments as % of GDP
0.100%
0.090%
0.080%

0.000%

0.000%

0.001%

0.002%

0.002%

0.002%

0.003%

0.005%

0.010%

0.010%

0.020%

0.011%

0.011%

0.021%

0.021%

0.023%

0.024%

0.025%

0.027%

0.029%

0.032%

0.033%

0.029%

0.030%

0.038%

0.040%

0.041%

0.050%

0.054%

0.060%

0.054%

0.070%

0.065%

% of GDP

2012 - Market statistics

0.000%

2012

2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

Investments

| Creating lasting value | 49
Buyout - Investments as % of GDP

% of GDP

2012 - Market statistics
1.200%

1.000%

0.000%

0.012%

0.012%

0.018%

0.035%

0.056%

0.063%

0.063%

0.064%

0.067%

0.067%

0.076%

0.106%

0.142%

0.152%

0.173%

0.179%

0.200%

0.211%

0.215%

0.309%

0.285%

0.193%

0.200%

0.316%

0.400%

0.421%

0.600%

0.515%

0.800%

0.000%

2012

2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

Investments

| Creating lasting value | 50
Growth - Investments as % of GDP

% of GDP

2012 - Market statistics
0.300%

0.250%

0.200%

0.150%

0.000%

0.000%

0.003%

0.003%

0.005%

0.008%

0.008%

0.009%

0.012%

0.012%

0.019%

0.020%

0.020%

0.021%

0.024%

0.027%

0.027%

0.033%

0.036%

0.038%

0.039%

0.041%

0.051%

0.045%

0.050%

0.053%

0.060%

0.100%

0.000%

2012

2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

Investments

| Creating lasting value | 51
Investments by sector focus
2012 - Market statistics - % of Amount & Number of companies
0%
Agriculture

2%

4%

6%

8%

10%

12%

18%

20%

12.4%
12.5%

Business & industrial services

10.9%

8.3%

Chemicals and materials

2.5%

4.9%
9.0%

Communications

12.1%

8.1%

Computer & consumer electronics

17.0%

2.1%
1.8%

Construction

Consumer goods & retail
Consumer services

9.5%
9.0%

5.9%
4.9%

Energy and environment
Financial services

1.5%

15.2%

7.7%

4.3%
14.9%

Life sciences
0.5%

16.9%

1.7%
2.1%
1.6%

Transportation
Unclassified

16%

0.3%
0.8%

Business & industrial products

Real estate

14%

0.3%

1.2%

Amount

Number of companies

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 52
Investments by sector focus
2007-2012 - Market statistics - Amount
All Private Equity

Venture Capital
7

€ billion

€ billion

80

70
60
50

6
5
4

40

3

30

2

20
10

1

0

0

2007

2008

2009

2010

2011

2007

Buyout

2009

2010

2011

2012

2008

2009

2010

2011

2012

Growth
8

€ billion

60

€ billion

2008

2007

2012

50
40

7
6
5
4

30

3

20

2

10

1

0

0

2007

2008

2009

2010

2011

2012

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 53
Investments by sector focus
2007-2012 - Market statistics - Number of companies
All Private Equity

Venture Capital
4,000

6,000

3,500

5,000

3,000

4,000

2,500
2,000

3,000

1,500

2,000

1,000

1,000

500
0

0
2007

2008

2009

2010

2011

2007

Buyout

2008

2009

2010

2011

2012

2007

2012

2008

2009

2010

2011

2012

Growth

1,400

1,200

1,200

1,000

1,000

800

800

600

600

400

400

200

200

0

0
2007

2008

2009

2010

2011

2012

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 54
Initial / Follow-on investments
2012 - Market statistics - % of Number of companies

44%

47%

54%

55%

57%

57%

Follow-on investment for
the company
Initial investment for the
company
56%

62%
53%

55%
43%

2007

2008

50%

2009

60%

58%
45%

2010

46%

2011

57%

Initial investment for the
private equity firm

43%

2012

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 55
Investments by number of employees
2012 - Market statistics - % of Number of companies
All Private Equity
3.6%

0.8%

Venture Capital

4.1% 1.1%

0.2% 0.1%

0.3%

0.0%

4.4%

5.6%
2.6%

9.3%

29.2%

43.0%

65.0%

30.8%

Buyout

3.9%

3.1%

Growth

4.4%

14.5%
25.7%

Full-time equivalent
staff by interval
0 - 19

4.6% 0.9%
20.6%

8.8%

4.6%

20 - 99

10.9%

42.8%

100 - 199
200 - 249
250 - 499

15.6%

500 - 999
17.4%

17.4%
Source: EVCA / PEREP_Analytics

7.1%

1000 - 4999

40.6%

5000 +

Investments

| Creating lasting value | 56
Venture Capital - Investments by number of employees

1,600
1,400

1,403

Amount invested

1,412

2,000

Number of companies

1,800
1,600

1,200

1,400

1,000

1,200

800

1,000

600

Number of companies

€ million

2012 - Market statistics - Amount & Number of companies

800
600

400

307

400

200
7

0
0 - 19

20 - 99

100 - 199

30

24

2

0

200 - 249

250 - 499

500 - 999

1000 - 4999

200

5000 +

Amount invested

Number of companies

98%

0

99%

SME %

Full-time equivalent staff by interval

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 57
Buyout - Investments by number of employees

12,000

250
Amount invested

Number of companies

10,000

9,588

200

8,000

150

6,000

4,743

4,000
2,025

2,000
0

4,317

3,963

2,011

Number of companies

€ million

2012 - Market statistics - Amount & Number of companies

100
50

1,258
84

0

0 - 19

20 - 99

100 - 199

200 - 249

Amount invested

Number of companies

19%

250 - 499

53%

SME %

500 - 999

1000 - 4999

5000 +

Full-time equivalent staff by interval

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 58
Growth - Investments by number of employees
2012 - Market statistics - Amount & Number of companies

€ million

450

1,125

Amount invested

968

1,000

400

Number of companies

350

800

300
250

600

523
360

400

200

200
338

Number of companies

1,200

150

324

100

137

50

33

0

0
0 - 19

20 - 99

100 - 199

200 - 249

Amount invested

81%

500 - 999

1000 - 4999

5000 +

Number of companies

68%

250 - 499

SME %

Full-time equivalent staff by interval

Source: EVCA / PEREP_Analytics

Investments

| Creating lasting value | 59
Divestments
Divestments statistics explained
•

Industry statistics are an aggregation of figures according to the country of the private equity firm’s office in charge of the
divestment. At European level, this relates to divestments made by European private equity firms regardless of the
location of the target company.

•

Market statistics are an aggregation of figures according to the location of the portfolio company. At European level, this
relates to divestments of European companies regardless of the location of the private equity firm.

•

Divestment amounts (including write-offs) are recorded at cost (i.e. the total amount divested is equal to the total amount
invested before).

More data on www.evca.eu – Research & Data
Glossary – Divestment Stages
•

Public offering: the sale or distribution of a company’s shares to the public for the first time by listing the company on the
stock exchange, also includes sale of quoted shares after a lock-up period.

•

Repayment of principal loans: If a private equity firm provided loans or purchased preference shares in the company at the
time of the investment, then their repayment according to the amortisation schedule represents a decrease of the financial
claim of the firm into the company, and hence a divestment.

•

Repayment of silent partnership: A silent partnership is a type of mezzanine financing instrument. It is similar to a longterm bank loan but, in contrast to a loan, a silent partnership is subject to a subordination clause, so that in the event of
insolvency all other creditors are paid before the silent partner. The company has to repay the partnership and has to pay
interest and possibly a profit-related compensation. The subordination clause gives the capital the status of equity despite
its loan character. This financing instrument is frequently used in Germany.

•

Sale to another private equity firm: The sale of company shares to another direct private equity firm.

•

Sale to financial institution: The sale of company shares to banks, insurance companies, pension funds, endowments,
foundations and other asset managers other than private equity firms.

•

Trade sale: The sale of company shares to industrial investors.

•

Write-off: The total or partial write-down of a portfolio company’s value to zero or a symbolic amount (sale for a nominal
amount) with the consequent exit from the company or reduction of the shares owned. The value of the investment is
eliminated and the return to investors is a full or partial loss.

Divestments

| Creating lasting value | 62
2012 Divestments at a glance
Divestments – Market statistics – No. of companies by exit route
Buyout
Growth

Venture Capital

Initial public offering

5
44

Sale of quoted equity

242

51
3
32
10
41

Write-off

243

Repayment silent partnership

102

91
29
199
72
46

Repayment of principal loans

65

165

Sale to another PE firm

51

Sale to financial institution

77

Sale to management

33

Other means

• Divestments from venture capital investments represented almost 50%
of all exited companies in 2012. However, they only accounted for 9%
of the amount divested at cost. The most prominent exit routes for
venture backed companies were trade sale, write-off and sale to
another private equity firm.

149

Trade sale

159

• Buyout related exits represented 85% of equity amount divested at
cost and 27% by number of companies. The total amount divested
reduced by 26% to €18.3bn. With 566 companies exited, buyout
divestments reduced by only 13%. Trade sale, sale to another private
equity firm and sale of quoted equity were the most prominent exit
routes.
• Growth exits represented 5% of equity amount divested at cost and
23% by number of companies. The total amount divested reduced by
51% to €1.2bn, while the number of companies exited increased by 32%
to 475. Trade sale, sale to another private equity firm and write-off
were the most prominent exit routes.

35
16
5
59
35
21
18

• IPO levels remained very low. Only 3 buyout and 5 venture capital
investments were able to take this exit route.

Key Figures
2012

• More than 2,000 European companies were exited, representing former
equity investments of €21.7bn. While the number of companies
remained stable the amount divested at cost decreased by 29%.

All Private Equity

Venture Capital*

Buyout*

Growth*

€21.7bn

€1.9bn

€18.3bn

€1.2bn

2,074

999

566

475

Number of firms involved (Market statistics)

571

272

298

133

Number of funds involved (Market statistics)

1,006

480

490

182

Divestments – Amount at cost (Market statistics)
Divestments – Number of companies (Market statistics)

Source: EVCA / PEREP_Analytics

* Relates to the investment stage

Divestments

| Creating lasting value | 63
Divestments at cost – Venture Capital / Buyout / Growth

35

1,600

30

1,400
2.4

25
20

3.2

1,000

2.0

1.9
1.2

2.1

800

2.1

15
10

1,200

2.3

Number of companies

€ billion

2007–2012 - Market statistics - Amount & Number of companies

20.4

5

2.4
0.7

600

24.8
2.1
1.1

18.3

400

14.5

10.4

200

7.5

0

0
2007

2008

2009

2010

2011

2012

Buyout - Amount divested

Growth - Amount divested

Venture Capital - Amount divested

Buyout - Number of companies

Growth - Number of companies

Venture Capital - Number of companies

Source: EVCA / PEREP_Analytics

Divestments

| Creating lasting value | 64
Divestments at cost by exit route
2007–2012 – Market statistics - Amount at cost
€ billion

12

10

8

6

4

2

0

2007

2008

2009

2010

2011

2012

Trade sale

Initial public offering

Sale of quoted equity

Write-off

Repayment of silent partnerships

Repayment of principal loans

Sale to another private equity firm

Sale to financial institution

Sale to management

Other means
Source: EVCA / PEREP_Analytics

Divestments

| Creating lasting value | 65
Divestments at cost by exit route
2007–2012 - Market statistics - Number of companies
700
600
500
400
300
200
100

0
2007

2008

2009

2010

2011

2012

Trade sale

Initial public offering

Sale of quoted equity

Write-off

Repayment of silent partnerships

Repayment of principal loans

Sale to another private equity firm

Sale to financial institution

Sale to management

Other means
Source: EVCA / PEREP_Analytics

Divestments

| Creating lasting value | 66
Divestments at cost by exit route – Venture Capital / Buyout / Growth
2012 - Market Statistics - % of Amount
2.2%
3.2%
1.5%

38.2%

26.0%
4.1%

Buyout

€18.3bn
8.8%

4.7% 4.4%
5.1%

36.7%
16.8%

0.7%

6.8%

Trade sale

1.6% 2.1%

6.4%

35.7%

14.8%

Venture Capital

€1.9bn

1.6%

4.6%

Growth
€1.2bn

13.6%

Initial public offering
4.1%
4.4% 0.3%

4.7%

4.7%

Sale of quoted equity
Write-off
36.7%

16.8%

24.4%

1.6%

Repayment of silent partnerships
Repayment of principal loans

0.3%
4.7%

Source: EVCA / PEREP_Analytics

6.1%

6.9%
12.9%

Sale to another private equity firm

2.1%

24.4%

0.0%

4.9%

Sale to financial institution
Sale to management

Other means

Divestments

| Creating lasting value | 67
Divestments at cost by exit route – Venture Capital / Buyout / Growth
2012 - Market Statistics - % of Number of companies
3.6%
10.1%
25.4%

2.7%

Buyout
3.2%

5.0%

7.0%

0.5%

6.4%

4.3%
12.3%

Venture Capital

4.1%
4.4%

2.0%

4.9%

Trade sale

23.7%

10.4% 0.0%

1.0%
7.1%

9.4%

999 Companies
4.7%

3.7%
7.1%

5.5%

28.1%

15.6%

7.5%

10.0%

0.5%

566 Companies

Growth

18.6%

475 Companies

Initial public offering
Sale of quoted equity
Write-off

23.8%

36.7%
16.8%

1.6%

Repayment of silent partnerships
Repayment of principal loans
Sale to another private equity firm

2.1%
0.3%
4.7%
24.4%

Source: EVCA / PEREP_Analytics

40.6%

Sale to financial institution
Sale to management

Other means

Divestments

| Creating lasting value | 68
Divestments at cost by sector
4,500

400
353

4,000

3,500

3,895

350

3,262

3,161

3,000

248

250

2,500

211
2,254

198
159
1,710

2,000
1,500

1,810

150
109
1,017
42

37

15

Source: EVCA / PEREP_Analytics

404

135

Amount at cost

100

79

66

500

200

140
1,213

1,000

0

300

Number of companies exited

€ million

2012 - Market statistics - Amount & Number of companies (excluding write-offs)

483

337 31

25
17

12

23
19

50
0

Number of companies exited

Divestments

| Creating lasting value | 69
Divestments at cost by sector – Venture Capital / Buyout / Growth
2012 - Market statistics - Amount (excluding write-offs)
Buyout
Growth

Venture Capital
0.5%

Agriculture

0.1%
1.3%
17.3%
18.6%

Business & industrial products

4.8%
1.7%
1.6%

Chemicals & materials

9.3%
8.5%

Business & industrial services

Communications

16.1%

6.9%

1.0%

21.3%

2.3%
7.4%
8.6%

Computer & consumer electronics

29.7%
0.3%

Construction

0.5%

3.6%
16.7%
14.1%

Consumer goods & retail

5.7%

5.1%

Consumer services

2.6%

Energy & environment

8.4%

Financial services

7.1%

1.0%

11.3%

2.1%
1.3%
10.7%

Life sciences

20.8%
0.0%
0.7%
0.1%

Real estate
Transportation
Unclassified

10.2%

13.5%

0.0%
1.5%
1.5%

3.9%

0.1%
0.2%

Source: EVCA / PEREP_Analytics

Divestments

| Creating lasting value | 70
Divestments at cost by sector – Venture Capital / Buyout / Growth
2012 - Market statistics - Number of companies (excluding write-offs)
Buyout
Growth

Venture Capital
0.9%

Agriculture

0.6%
1.3%
20.4%

Business & industrial products

19.1%

11.1%

Business & industrial services

5.7%

5.3%
4.1%

Communications

11.9%

Computer & consumer electronics

19.7%
1.0%

9.5%
2.5%

Construction

5.0%

Consumer services

5.4%

Energy & environment
0.7%

Financial services

13.6%
5.4%
3.2%

1.0%

Real estate

0.8%

Transportation

1.2%

Unclassified

18.1%

8.1%

5.4%

2.3%
1.8%

Life sciences

18.3%

11.5%

4.9%

Consumer goods & retail

5.2%

13.8%

4.2%
3.1%

Chemicals & materials

4.2%

25.6%

6.6%

9.1%

0.4%
0.5%
2.5%
3.1%
0.9%
1.5%

Source: EVCA / PEREP_Analytics

Divestments

| Creating lasting value | 71
Divestments at cost by region

€ billion

2012 - Industry vs. Market statistics - % of Amount
12
10.5

10

8

6

5.4
4.6

4.5
4.1

4

3.3

3.3

2.7

2.3

2

1.4

1.1
0.3

-

UK & Ireland

DACH

Nordics

France & Benelux

Industry statistics - Country of the private equity firm

Source: EVCA / PEREP_Analytics

Southern Europe

CEE

Market statistics - Country of portfolio company

DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain

Divestments

Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 72
Acknowledgements

We are grateful for the generous support of General Partners representing private equity and venture capital firms across
Europe who provided us with their activity data. The following comprehensive and verified pan-European statistics would not be
possible without their on-going commitment.
We also thank all the regional and national private equity associations that collect their activity data via PEREP_Analytics, the
pan-European statistic platform. We thank the following associations for their participation to make PEREP_Analytics the most
comprehensive private equity database on private equity in Europe: APCRI (Portugal), AVCO (Austria), BVA (Belgium), BVK
(Germany), CVCA (Croatia), CVCA (the Czech Republic), DVCA (Denmark), EstVCA (Estonia), FVCA (Finland), HVCA (Hungary),
IVCA (Ireland), LTVCA (Lithuania), NVCA (Norway), NVP (the Netherlands), PSIK (Poland), SECA (Switzerland), SEEPEA (South
Eastern Europe), SLOVCA (Slovakia) and SVCA (Sweden).

2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 74
About PEREP_Analytics and EVCA Research
• The overall coverage rate of all European private equity firms was 64% based on 1,883
eligible private equity firms. In terms of capital under management, the 2012 annual
survey covered 89% of the total European market (base €534bn).
• PEREP is a joint Pan-European statistics platform of the following private equity
associations: APCRI (Portugal), AVCO (Austria), BVA (Belgium), BVK (Germany), CVCA
(Croatia), CVCA (the Czech Republic), DVCA (Denmark), EstVCA (Estonia), EVCA (Europe),
FVCA (Finland), HVCA (Hungary), IVCA (Ireland), LTVCA (Lithuania), NVCA (Norway), NVP
(the Netherlands), PSIK (Poland), SECA (Switzerland), SEEPEA (South Eastern Europe),
SLOVCA (Slovakia), SVCA (Sweden).

PEREP_Analytics Staff

EVCA Research Staff

Statistics Manager
Dan Magirescu

Head of Research
Dr Cornelius Mueller

Analyst Team
Adriana Andronic
Andreea Banica
Monica Biolan
Alina Ciucardel
Raluca Coroi
Cristina Cristea

Laura Dumitrascu
Iuliana Furica
Adelina Stefan
Andrei Teslici
Ioana Turbatu

Email: info@perepanalytics.eu
Web: www.perepanalytics.eu

Research Manager
Julien Krantz

Email: research@evca.eu
Web: www.evca.eu
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 75
EVCA
European Private Equity and Venture Capital Association
Bastion Tower
Place du Champ de Mars 5
B – 1050 Brussels – Belgium
www.evca.eu
Tel: +32 2 715 00 20

More Related Content

What's hot

OECD, 7th Meeting on Public-Private Partnerships - Virginie GRAND
OECD, 7th Meeting on Public-Private Partnerships - Virginie GRANDOECD, 7th Meeting on Public-Private Partnerships - Virginie GRAND
OECD, 7th Meeting on Public-Private Partnerships - Virginie GRAND
OECD Governance
 
Private Equity in Luxembourg (2016)
Private Equity in Luxembourg (2016)Private Equity in Luxembourg (2016)
Private Equity in Luxembourg (2016)
LPEA
 
Measuring investment globalisation: Are FDI statistics still a useful metric?...
Measuring investment globalisation: Are FDI statistics still a useful metric?...Measuring investment globalisation: Are FDI statistics still a useful metric?...
Measuring investment globalisation: Are FDI statistics still a useful metric?...
OECD Directorate for Financial and Enterprise Affairs
 
Zecchini Financing Sme Innovation Sz Slides 15 4 09
Zecchini Financing Sme Innovation Sz Slides 15 4 09Zecchini Financing Sme Innovation Sz Slides 15 4 09
Zecchini Financing Sme Innovation Sz Slides 15 4 09
nick terch
 
Private Equity in Luxembourg (2014)
Private Equity in Luxembourg (2014)Private Equity in Luxembourg (2014)
Private Equity in Luxembourg (2014)
LPEA
 
EU External Investment Plan EaP Business Forum-f.capurso 27slides
EU External Investment Plan EaP Business Forum-f.capurso 27slidesEU External Investment Plan EaP Business Forum-f.capurso 27slides
EU External Investment Plan EaP Business Forum-f.capurso 27slides
Rostyslav LUKACH
 
EIB's External Lending Activity
EIB's External Lending ActivityEIB's External Lending Activity
EIB's External Lending Activity
EIB
 
European financing schemes under h2020 & cosme - Workshop on Juncker plan - B...
European financing schemes under h2020 & cosme - Workshop on Juncker plan - B...European financing schemes under h2020 & cosme - Workshop on Juncker plan - B...
European financing schemes under h2020 & cosme - Workshop on Juncker plan - B...
Rodolphe d'Udekem d'Acoz
 
Trends of Early Funding in Estonia Feb2015
Trends of Early Funding in Estonia Feb2015Trends of Early Funding in Estonia Feb2015
Trends of Early Funding in Estonia Feb2015
Estonian Business Angels Network (EstBAN)
 
Limited Partnership in Luxembourg
Limited Partnership in LuxembourgLimited Partnership in Luxembourg
Limited Partnership in Luxembourg
LPEA
 
AAL Investment Forum 2010 - View from the European Investment Bank
AAL Investment Forum 2010 - View from the European Investment BankAAL Investment Forum 2010 - View from the European Investment Bank
AAL Investment Forum 2010 - View from the European Investment Bank
AALInvestmentForum2010
 
Investment
InvestmentInvestment
Investment
Sisay Adane Mesele
 
Institutional investors and long-term investment: 2014 project report
Institutional investors and long-term investment: 2014 project reportInstitutional investors and long-term investment: 2014 project report
Institutional investors and long-term investment: 2014 project report
OECD Directorate for Financial and Enterprise Affairs
 
Overview of F2i and second fund F2i
Overview of F2i and second fund F2iOverview of F2i and second fund F2i
Overview of F2i and second fund F2i
Vito Gamberale
 
2013 cambridge eib support to innovation in the mena region,joyce liyan,head...
2013 cambridge  eib support to innovation in the mena region,joyce liyan,head...2013 cambridge  eib support to innovation in the mena region,joyce liyan,head...
2013 cambridge eib support to innovation in the mena region,joyce liyan,head...
How2Innovation
 
05.26.2014, PRESENTATION, Use of MSE for State Privatizations, Nick Cousyn
05.26.2014, PRESENTATION, Use of MSE for State Privatizations, Nick Cousyn05.26.2014, PRESENTATION, Use of MSE for State Privatizations, Nick Cousyn
05.26.2014, PRESENTATION, Use of MSE for State Privatizations, Nick Cousyn
The Business Council of Mongolia
 
Finance Finland's 2019 EU objectives
Finance Finland's 2019 EU objectivesFinance Finland's 2019 EU objectives
Finance Finland's 2019 EU objectives
Finanssiala ry - Finance Finland
 
Martin koch
Martin kochMartin koch
Klaus Regling Les Midis de l'Europe : presentation on the European Stability ...
Klaus Regling Les Midis de l'Europe : presentation on the European Stability ...Klaus Regling Les Midis de l'Europe : presentation on the European Stability ...
Klaus Regling Les Midis de l'Europe : presentation on the European Stability ...
Agnes Replux
 
Foreign capital & technology
Foreign capital & technologyForeign capital & technology
Foreign capital & technology
Anjali Das V.M
 

What's hot (20)

OECD, 7th Meeting on Public-Private Partnerships - Virginie GRAND
OECD, 7th Meeting on Public-Private Partnerships - Virginie GRANDOECD, 7th Meeting on Public-Private Partnerships - Virginie GRAND
OECD, 7th Meeting on Public-Private Partnerships - Virginie GRAND
 
Private Equity in Luxembourg (2016)
Private Equity in Luxembourg (2016)Private Equity in Luxembourg (2016)
Private Equity in Luxembourg (2016)
 
Measuring investment globalisation: Are FDI statistics still a useful metric?...
Measuring investment globalisation: Are FDI statistics still a useful metric?...Measuring investment globalisation: Are FDI statistics still a useful metric?...
Measuring investment globalisation: Are FDI statistics still a useful metric?...
 
Zecchini Financing Sme Innovation Sz Slides 15 4 09
Zecchini Financing Sme Innovation Sz Slides 15 4 09Zecchini Financing Sme Innovation Sz Slides 15 4 09
Zecchini Financing Sme Innovation Sz Slides 15 4 09
 
Private Equity in Luxembourg (2014)
Private Equity in Luxembourg (2014)Private Equity in Luxembourg (2014)
Private Equity in Luxembourg (2014)
 
EU External Investment Plan EaP Business Forum-f.capurso 27slides
EU External Investment Plan EaP Business Forum-f.capurso 27slidesEU External Investment Plan EaP Business Forum-f.capurso 27slides
EU External Investment Plan EaP Business Forum-f.capurso 27slides
 
EIB's External Lending Activity
EIB's External Lending ActivityEIB's External Lending Activity
EIB's External Lending Activity
 
European financing schemes under h2020 & cosme - Workshop on Juncker plan - B...
European financing schemes under h2020 & cosme - Workshop on Juncker plan - B...European financing schemes under h2020 & cosme - Workshop on Juncker plan - B...
European financing schemes under h2020 & cosme - Workshop on Juncker plan - B...
 
Trends of Early Funding in Estonia Feb2015
Trends of Early Funding in Estonia Feb2015Trends of Early Funding in Estonia Feb2015
Trends of Early Funding in Estonia Feb2015
 
Limited Partnership in Luxembourg
Limited Partnership in LuxembourgLimited Partnership in Luxembourg
Limited Partnership in Luxembourg
 
AAL Investment Forum 2010 - View from the European Investment Bank
AAL Investment Forum 2010 - View from the European Investment BankAAL Investment Forum 2010 - View from the European Investment Bank
AAL Investment Forum 2010 - View from the European Investment Bank
 
Investment
InvestmentInvestment
Investment
 
Institutional investors and long-term investment: 2014 project report
Institutional investors and long-term investment: 2014 project reportInstitutional investors and long-term investment: 2014 project report
Institutional investors and long-term investment: 2014 project report
 
Overview of F2i and second fund F2i
Overview of F2i and second fund F2iOverview of F2i and second fund F2i
Overview of F2i and second fund F2i
 
2013 cambridge eib support to innovation in the mena region,joyce liyan,head...
2013 cambridge  eib support to innovation in the mena region,joyce liyan,head...2013 cambridge  eib support to innovation in the mena region,joyce liyan,head...
2013 cambridge eib support to innovation in the mena region,joyce liyan,head...
 
05.26.2014, PRESENTATION, Use of MSE for State Privatizations, Nick Cousyn
05.26.2014, PRESENTATION, Use of MSE for State Privatizations, Nick Cousyn05.26.2014, PRESENTATION, Use of MSE for State Privatizations, Nick Cousyn
05.26.2014, PRESENTATION, Use of MSE for State Privatizations, Nick Cousyn
 
Finance Finland's 2019 EU objectives
Finance Finland's 2019 EU objectivesFinance Finland's 2019 EU objectives
Finance Finland's 2019 EU objectives
 
Martin koch
Martin kochMartin koch
Martin koch
 
Klaus Regling Les Midis de l'Europe : presentation on the European Stability ...
Klaus Regling Les Midis de l'Europe : presentation on the European Stability ...Klaus Regling Les Midis de l'Europe : presentation on the European Stability ...
Klaus Regling Les Midis de l'Europe : presentation on the European Stability ...
 
Foreign capital & technology
Foreign capital & technologyForeign capital & technology
Foreign capital & technology
 

Viewers also liked

A history of venture capital
A history of venture capitalA history of venture capital
A history of venture capital
Hervé Lebret
 
An Analysis of Private Equity of Investment
An Analysis of Private Equity of InvestmentAn Analysis of Private Equity of Investment
An Analysis of Private Equity of Investment
Mh Dip
 
Private Equity Funding
Private Equity FundingPrivate Equity Funding
Private Equity Funding
dipesh_86
 
Sperry Van Ness #CRE National Sales Meeting 4-1-13
Sperry Van Ness #CRE National Sales Meeting 4-1-13Sperry Van Ness #CRE National Sales Meeting 4-1-13
Sperry Van Ness #CRE National Sales Meeting 4-1-13
SVN International Corp.
 
Presentación circuito excelencia para invitados - Rioja Alta
Presentación circuito excelencia para invitados - Rioja AltaPresentación circuito excelencia para invitados - Rioja Alta
Presentación circuito excelencia para invitados - Rioja Alta
nietogagotelefonicanet
 
El Foda-Sit como palanca competitiva
El Foda-Sit como palanca competitivaEl Foda-Sit como palanca competitiva
El Foda-Sit como palanca competitiva
StrategosInowa
 
30 Simple Tips for Email Marketing
30 Simple Tips for Email Marketing30 Simple Tips for Email Marketing
30 Simple Tips for Email Marketing
Octane Marketing India
 
Mu App-ID Test Methodology
Mu App-ID Test MethodologyMu App-ID Test Methodology
Mu App-ID Test Methodology
aquaphlex
 
SAX (con PHP)
SAX (con PHP)SAX (con PHP)
SAX (con PHP)
DaCoom
 
Gemalto ключевой компонент безопасной инфраструктуры microsoft 05122014
Gemalto  ключевой компонент безопасной инфраструктуры microsoft 05122014Gemalto  ключевой компонент безопасной инфраструктуры microsoft 05122014
Gemalto ключевой компонент безопасной инфраструктуры microsoft 05122014
ISSP Russia
 
Perfil e Innovacion Sensorial de los Ingredientes funcionales
Perfil e Innovacion Sensorial de los Ingredientes funcionales Perfil e Innovacion Sensorial de los Ingredientes funcionales
Business plan Metavector - B Mariman
Business plan Metavector - B MarimanBusiness plan Metavector - B Mariman
Business plan Metavector - B Mariman
mfrancis
 
Proposta Projecte Ala Artificial
Proposta Projecte Ala ArtificialProposta Projecte Ala Artificial
Proposta Projecte Ala Artificial
Daniel Turienzo
 
Sintessis del dmt (2)
Sintessis del dmt (2)Sintessis del dmt (2)
Sintessis del dmt (2)
jana888
 
How to Design Email Landing Pages That Convert
How to Design Email Landing Pages That Convert How to Design Email Landing Pages That Convert
How to Design Email Landing Pages That Convert
Litmus
 
Corporate Connections, Internet leased lines, VPN Services in Lucknow
Corporate Connections, Internet leased lines, VPN Services in LucknowCorporate Connections, Internet leased lines, VPN Services in Lucknow
Corporate Connections, Internet leased lines, VPN Services in Lucknow
Retainers Incorporation
 
Facturas de proveedores: 12 pasos para quitarse el hábito del papel
Facturas de proveedores: 12 pasos para quitarse el hábito del papelFacturas de proveedores: 12 pasos para quitarse el hábito del papel
Facturas de proveedores: 12 pasos para quitarse el hábito del papel
Esker Ibérica
 
Accidente de trabajo manuela gomez
Accidente de trabajo manuela gomezAccidente de trabajo manuela gomez
Accidente de trabajo manuela gomez
isabellagomezalvarez15
 
10 Anni di SAP Business One...uno sguardo al futuro !
 10 Anni di SAP Business One...uno sguardo al futuro ! 10 Anni di SAP Business One...uno sguardo al futuro !
10 Anni di SAP Business One...uno sguardo al futuro !
Massimo Sala
 
Basics of Speckle Tracking and Cardiac Mechanics
Basics of Speckle Tracking and Cardiac MechanicsBasics of Speckle Tracking and Cardiac Mechanics

Viewers also liked (20)

A history of venture capital
A history of venture capitalA history of venture capital
A history of venture capital
 
An Analysis of Private Equity of Investment
An Analysis of Private Equity of InvestmentAn Analysis of Private Equity of Investment
An Analysis of Private Equity of Investment
 
Private Equity Funding
Private Equity FundingPrivate Equity Funding
Private Equity Funding
 
Sperry Van Ness #CRE National Sales Meeting 4-1-13
Sperry Van Ness #CRE National Sales Meeting 4-1-13Sperry Van Ness #CRE National Sales Meeting 4-1-13
Sperry Van Ness #CRE National Sales Meeting 4-1-13
 
Presentación circuito excelencia para invitados - Rioja Alta
Presentación circuito excelencia para invitados - Rioja AltaPresentación circuito excelencia para invitados - Rioja Alta
Presentación circuito excelencia para invitados - Rioja Alta
 
El Foda-Sit como palanca competitiva
El Foda-Sit como palanca competitivaEl Foda-Sit como palanca competitiva
El Foda-Sit como palanca competitiva
 
30 Simple Tips for Email Marketing
30 Simple Tips for Email Marketing30 Simple Tips for Email Marketing
30 Simple Tips for Email Marketing
 
Mu App-ID Test Methodology
Mu App-ID Test MethodologyMu App-ID Test Methodology
Mu App-ID Test Methodology
 
SAX (con PHP)
SAX (con PHP)SAX (con PHP)
SAX (con PHP)
 
Gemalto ключевой компонент безопасной инфраструктуры microsoft 05122014
Gemalto  ключевой компонент безопасной инфраструктуры microsoft 05122014Gemalto  ключевой компонент безопасной инфраструктуры microsoft 05122014
Gemalto ключевой компонент безопасной инфраструктуры microsoft 05122014
 
Perfil e Innovacion Sensorial de los Ingredientes funcionales
Perfil e Innovacion Sensorial de los Ingredientes funcionales Perfil e Innovacion Sensorial de los Ingredientes funcionales
Perfil e Innovacion Sensorial de los Ingredientes funcionales
 
Business plan Metavector - B Mariman
Business plan Metavector - B MarimanBusiness plan Metavector - B Mariman
Business plan Metavector - B Mariman
 
Proposta Projecte Ala Artificial
Proposta Projecte Ala ArtificialProposta Projecte Ala Artificial
Proposta Projecte Ala Artificial
 
Sintessis del dmt (2)
Sintessis del dmt (2)Sintessis del dmt (2)
Sintessis del dmt (2)
 
How to Design Email Landing Pages That Convert
How to Design Email Landing Pages That Convert How to Design Email Landing Pages That Convert
How to Design Email Landing Pages That Convert
 
Corporate Connections, Internet leased lines, VPN Services in Lucknow
Corporate Connections, Internet leased lines, VPN Services in LucknowCorporate Connections, Internet leased lines, VPN Services in Lucknow
Corporate Connections, Internet leased lines, VPN Services in Lucknow
 
Facturas de proveedores: 12 pasos para quitarse el hábito del papel
Facturas de proveedores: 12 pasos para quitarse el hábito del papelFacturas de proveedores: 12 pasos para quitarse el hábito del papel
Facturas de proveedores: 12 pasos para quitarse el hábito del papel
 
Accidente de trabajo manuela gomez
Accidente de trabajo manuela gomezAccidente de trabajo manuela gomez
Accidente de trabajo manuela gomez
 
10 Anni di SAP Business One...uno sguardo al futuro !
 10 Anni di SAP Business One...uno sguardo al futuro ! 10 Anni di SAP Business One...uno sguardo al futuro !
10 Anni di SAP Business One...uno sguardo al futuro !
 
Basics of Speckle Tracking and Cardiac Mechanics
Basics of Speckle Tracking and Cardiac MechanicsBasics of Speckle Tracking and Cardiac Mechanics
Basics of Speckle Tracking and Cardiac Mechanics
 

Similar to European Private Equity & Venture Capital Association

Are Business Angels potential leverages to boost your business ?
Are Business Angels potential leverages to boost your business ?Are Business Angels potential leverages to boost your business ?
Are Business Angels potential leverages to boost your business ?
Kammco
 
Are Business Angels potential leverages to boost your business ?
Are Business Angels potential leverages to boost your business ?Are Business Angels potential leverages to boost your business ?
Are Business Angels potential leverages to boost your business ?
Kammco
 
Annual Report 2014 of the Luxembourg Private Equity & Venture Capital Associa...
Annual Report 2014 of the Luxembourg Private Equity & Venture Capital Associa...Annual Report 2014 of the Luxembourg Private Equity & Venture Capital Associa...
Annual Report 2014 of the Luxembourg Private Equity & Venture Capital Associa...
LPEA
 
Investor material for raising a VC fund
Investor material for raising a VC fundInvestor material for raising a VC fund
Investor material for raising a VC fund
Blaz Kos
 
Social Impact Investing
Social Impact InvestingSocial Impact Investing
Social Impact Investing
Juho Mikkonen
 
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...European Investment Fund, Invest Europe : Data-driven insights about VC-backe...
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...
Amalist Client Services
 
Liability Driven Investment Europe 2011
Liability Driven Investment Europe 2011Liability Driven Investment Europe 2011
Liability Driven Investment Europe 2011
Rosa Cortez
 
General Presentation Eurizon New
General Presentation Eurizon NewGeneral Presentation Eurizon New
General Presentation Eurizon New
cor_ducker
 
Raising Business Angel Investments - European Booklet for Entrepreneurs
Raising Business Angel Investments - European Booklet for EntrepreneursRaising Business Angel Investments - European Booklet for Entrepreneurs
Raising Business Angel Investments - European Booklet for Entrepreneurs
NALED Serbia
 
Quarterly reports - WIOF Global Listed Utilities Fund
Quarterly reports - WIOF Global Listed Utilities FundQuarterly reports - WIOF Global Listed Utilities Fund
Quarterly reports - WIOF Global Listed Utilities Fund
Ken Teale
 
Press Release_Global Subordinated Bond_Jan16
Press Release_Global Subordinated Bond_Jan16Press Release_Global Subordinated Bond_Jan16
Press Release_Global Subordinated Bond_Jan16
Alan Guy, CFA
 
Going offshore: how development finance institutions support companies using ...
Going offshore: how development finance institutions support companies using ...Going offshore: how development finance institutions support companies using ...
Going offshore: how development finance institutions support companies using ...
Dr Lendy Spires
 
Early stage Market Statistics 2015 in Europe
Early stage Market Statistics 2015 in EuropeEarly stage Market Statistics 2015 in Europe
Early stage Market Statistics 2015 in Europe
Startup Istanbul
 
Early stage market statistics 2015
Early stage market statistics 2015Early stage market statistics 2015
Early stage market statistics 2015
BANC, Business Angels Network Catalunya
 
2016 SFC Discussion Paper
2016 SFC Discussion Paper2016 SFC Discussion Paper
2016 SFC Discussion Paper
Judith Hardt
 
The growing role of dfi
The growing role of dfiThe growing role of dfi
The growing role of dfi
minda_brillantes
 
the_eib_at_a_glance_en
the_eib_at_a_glance_enthe_eib_at_a_glance_en
the_eib_at_a_glance_en
Migle Matiuke
 
Fact Finding on Investment and the Investment Gap
Fact Finding on Investment and the Investment GapFact Finding on Investment and the Investment Gap
Fact Finding on Investment and the Investment Gap
France Stratégie
 
#ISVwebinars n°2: IBAN - Paolo Anselmo
#ISVwebinars n°2: IBAN - Paolo Anselmo#ISVwebinars n°2: IBAN - Paolo Anselmo
#ISVwebinars n°2: IBAN - Paolo Anselmo
italiastartupvisa
 
The private equity fund
The private equity fundThe private equity fund
The private equity fund
San Naing
 

Similar to European Private Equity & Venture Capital Association (20)

Are Business Angels potential leverages to boost your business ?
Are Business Angels potential leverages to boost your business ?Are Business Angels potential leverages to boost your business ?
Are Business Angels potential leverages to boost your business ?
 
Are Business Angels potential leverages to boost your business ?
Are Business Angels potential leverages to boost your business ?Are Business Angels potential leverages to boost your business ?
Are Business Angels potential leverages to boost your business ?
 
Annual Report 2014 of the Luxembourg Private Equity & Venture Capital Associa...
Annual Report 2014 of the Luxembourg Private Equity & Venture Capital Associa...Annual Report 2014 of the Luxembourg Private Equity & Venture Capital Associa...
Annual Report 2014 of the Luxembourg Private Equity & Venture Capital Associa...
 
Investor material for raising a VC fund
Investor material for raising a VC fundInvestor material for raising a VC fund
Investor material for raising a VC fund
 
Social Impact Investing
Social Impact InvestingSocial Impact Investing
Social Impact Investing
 
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...European Investment Fund, Invest Europe : Data-driven insights about VC-backe...
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...
 
Liability Driven Investment Europe 2011
Liability Driven Investment Europe 2011Liability Driven Investment Europe 2011
Liability Driven Investment Europe 2011
 
General Presentation Eurizon New
General Presentation Eurizon NewGeneral Presentation Eurizon New
General Presentation Eurizon New
 
Raising Business Angel Investments - European Booklet for Entrepreneurs
Raising Business Angel Investments - European Booklet for EntrepreneursRaising Business Angel Investments - European Booklet for Entrepreneurs
Raising Business Angel Investments - European Booklet for Entrepreneurs
 
Quarterly reports - WIOF Global Listed Utilities Fund
Quarterly reports - WIOF Global Listed Utilities FundQuarterly reports - WIOF Global Listed Utilities Fund
Quarterly reports - WIOF Global Listed Utilities Fund
 
Press Release_Global Subordinated Bond_Jan16
Press Release_Global Subordinated Bond_Jan16Press Release_Global Subordinated Bond_Jan16
Press Release_Global Subordinated Bond_Jan16
 
Going offshore: how development finance institutions support companies using ...
Going offshore: how development finance institutions support companies using ...Going offshore: how development finance institutions support companies using ...
Going offshore: how development finance institutions support companies using ...
 
Early stage Market Statistics 2015 in Europe
Early stage Market Statistics 2015 in EuropeEarly stage Market Statistics 2015 in Europe
Early stage Market Statistics 2015 in Europe
 
Early stage market statistics 2015
Early stage market statistics 2015Early stage market statistics 2015
Early stage market statistics 2015
 
2016 SFC Discussion Paper
2016 SFC Discussion Paper2016 SFC Discussion Paper
2016 SFC Discussion Paper
 
The growing role of dfi
The growing role of dfiThe growing role of dfi
The growing role of dfi
 
the_eib_at_a_glance_en
the_eib_at_a_glance_enthe_eib_at_a_glance_en
the_eib_at_a_glance_en
 
Fact Finding on Investment and the Investment Gap
Fact Finding on Investment and the Investment GapFact Finding on Investment and the Investment Gap
Fact Finding on Investment and the Investment Gap
 
#ISVwebinars n°2: IBAN - Paolo Anselmo
#ISVwebinars n°2: IBAN - Paolo Anselmo#ISVwebinars n°2: IBAN - Paolo Anselmo
#ISVwebinars n°2: IBAN - Paolo Anselmo
 
The private equity fund
The private equity fundThe private equity fund
The private equity fund
 

More from Lucas Wyrsch

Swiss Business Club on Linkedin
Swiss Business Club on LinkedinSwiss Business Club on Linkedin
Swiss Business Club on Linkedin
Lucas Wyrsch
 
Lucas Wyrsch on Xing on November 2013 at Xing's 10 Years Anniversary
Lucas Wyrsch on Xing on November 2013 at Xing's 10 Years AnniversaryLucas Wyrsch on Xing on November 2013 at Xing's 10 Years Anniversary
Lucas Wyrsch on Xing on November 2013 at Xing's 10 Years Anniversary
Lucas Wyrsch
 
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
Lucas Wyrsch
 
EIOPA Financial Stability Report 2013
EIOPA Financial Stability Report 2013 EIOPA Financial Stability Report 2013
EIOPA Financial Stability Report 2013
Lucas Wyrsch
 
Help to prevent climate change – by using Switzerland’s first climate-friend...
Help to prevent climate change  – by using Switzerland’s first climate-friend...Help to prevent climate change  – by using Switzerland’s first climate-friend...
Help to prevent climate change – by using Switzerland’s first climate-friend...
Lucas Wyrsch
 
Weltweit das Klima schützen – mit der ersten klimafreundlichen Kreditkarte de...
Weltweit das Klima schützen – mit der ersten klimafreundlichen Kreditkarte de...Weltweit das Klima schützen – mit der ersten klimafreundlichen Kreditkarte de...
Weltweit das Klima schützen – mit der ersten klimafreundlichen Kreditkarte de...
Lucas Wyrsch
 
2013 11 24_winter event_lucas_ppt
2013 11 24_winter event_lucas_ppt2013 11 24_winter event_lucas_ppt
2013 11 24_winter event_lucas_ppt
Lucas Wyrsch
 

More from Lucas Wyrsch (7)

Swiss Business Club on Linkedin
Swiss Business Club on LinkedinSwiss Business Club on Linkedin
Swiss Business Club on Linkedin
 
Lucas Wyrsch on Xing on November 2013 at Xing's 10 Years Anniversary
Lucas Wyrsch on Xing on November 2013 at Xing's 10 Years AnniversaryLucas Wyrsch on Xing on November 2013 at Xing's 10 Years Anniversary
Lucas Wyrsch on Xing on November 2013 at Xing's 10 Years Anniversary
 
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
 
EIOPA Financial Stability Report 2013
EIOPA Financial Stability Report 2013 EIOPA Financial Stability Report 2013
EIOPA Financial Stability Report 2013
 
Help to prevent climate change – by using Switzerland’s first climate-friend...
Help to prevent climate change  – by using Switzerland’s first climate-friend...Help to prevent climate change  – by using Switzerland’s first climate-friend...
Help to prevent climate change – by using Switzerland’s first climate-friend...
 
Weltweit das Klima schützen – mit der ersten klimafreundlichen Kreditkarte de...
Weltweit das Klima schützen – mit der ersten klimafreundlichen Kreditkarte de...Weltweit das Klima schützen – mit der ersten klimafreundlichen Kreditkarte de...
Weltweit das Klima schützen – mit der ersten klimafreundlichen Kreditkarte de...
 
2013 11 24_winter event_lucas_ppt
2013 11 24_winter event_lucas_ppt2013 11 24_winter event_lucas_ppt
2013 11 24_winter event_lucas_ppt
 

Recently uploaded

真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
28xo7hf
 
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
28xo7hf
 
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
Falcon Invoice Discounting
 
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
yeuwffu
 
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...
Donc Test
 
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
asukqco
 
FCCS Basic Accounts Outline and Hierarchy.pptx
FCCS Basic Accounts Outline and Hierarchy.pptxFCCS Basic Accounts Outline and Hierarchy.pptx
FCCS Basic Accounts Outline and Hierarchy.pptx
nalamynandan
 
Discover the Future of Dogecoin with Our Comprehensive Guidance
Discover the Future of Dogecoin with Our Comprehensive GuidanceDiscover the Future of Dogecoin with Our Comprehensive Guidance
Discover the Future of Dogecoin with Our Comprehensive Guidance
36 Crypto
 
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptxOAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
hiddenlevers
 
Seeman_Fiintouch_LLP_Newsletter_Jun_2024.pdf
Seeman_Fiintouch_LLP_Newsletter_Jun_2024.pdfSeeman_Fiintouch_LLP_Newsletter_Jun_2024.pdf
Seeman_Fiintouch_LLP_Newsletter_Jun_2024.pdf
Ashis Kumar Dey
 
Using Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trendsUsing Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trends
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Suomen Pankki
 
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaNew Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
Amit Kakkar
 
13 Jun 24 ILC Retirement Income Summit - slides.pptx
13 Jun 24 ILC Retirement Income Summit - slides.pptx13 Jun 24 ILC Retirement Income Summit - slides.pptx
13 Jun 24 ILC Retirement Income Summit - slides.pptx
ILC- UK
 
Fabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio ProblemFabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio Problem
Majid Iqbal
 
Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!
FinTech Belgium
 
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
vpqasyb
 
Accounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptxAccounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptx
TIZITAWMASRESHA
 
一比一原版(RMIT毕业证)皇家墨尔本理工大学毕业证如何办理
一比一原版(RMIT毕业证)皇家墨尔本理工大学毕业证如何办理一比一原版(RMIT毕业证)皇家墨尔本理工大学毕业证如何办理
一比一原版(RMIT毕业证)皇家墨尔本理工大学毕业证如何办理
k4ncd0z
 
South Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma TranscriptSouth Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma Transcript
ynfqplhm
 

Recently uploaded (20)

真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
 
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
 
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
 
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
 
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...
 
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
 
FCCS Basic Accounts Outline and Hierarchy.pptx
FCCS Basic Accounts Outline and Hierarchy.pptxFCCS Basic Accounts Outline and Hierarchy.pptx
FCCS Basic Accounts Outline and Hierarchy.pptx
 
Discover the Future of Dogecoin with Our Comprehensive Guidance
Discover the Future of Dogecoin with Our Comprehensive GuidanceDiscover the Future of Dogecoin with Our Comprehensive Guidance
Discover the Future of Dogecoin with Our Comprehensive Guidance
 
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptxOAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
 
Seeman_Fiintouch_LLP_Newsletter_Jun_2024.pdf
Seeman_Fiintouch_LLP_Newsletter_Jun_2024.pdfSeeman_Fiintouch_LLP_Newsletter_Jun_2024.pdf
Seeman_Fiintouch_LLP_Newsletter_Jun_2024.pdf
 
Using Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trendsUsing Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trends
 
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
 
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaNew Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
 
13 Jun 24 ILC Retirement Income Summit - slides.pptx
13 Jun 24 ILC Retirement Income Summit - slides.pptx13 Jun 24 ILC Retirement Income Summit - slides.pptx
13 Jun 24 ILC Retirement Income Summit - slides.pptx
 
Fabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio ProblemFabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio Problem
 
Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!
 
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
 
Accounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptxAccounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptx
 
一比一原版(RMIT毕业证)皇家墨尔本理工大学毕业证如何办理
一比一原版(RMIT毕业证)皇家墨尔本理工大学毕业证如何办理一比一原版(RMIT毕业证)皇家墨尔本理工大学毕业证如何办理
一比一原版(RMIT毕业证)皇家墨尔本理工大学毕业证如何办理
 
South Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma TranscriptSouth Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma Transcript
 

European Private Equity & Venture Capital Association

  • 1. 2012 Pan-European Private Equity and Venture Capital Activity Activity Data on Fundraising, Investments and Divestments
  • 2.
  • 3. European Private Equity & Venture Capital Association The EVCA is the voice of European private equity. Our membership covers the full range of private equity activity, from early-stage venture capital to the largest private equity firms, investors such as pension funds, insurance companies, fund of funds and family offices and associate members from related professions. We represent 650 member firms and 500 affiliate members. The EVCA shapes the future direction of the industry, while promoting it to stakeholders such as entrepreneurs, business owners and employee representatives. We explain private equity to the public and help shape public policy, so that our members can conduct their business effectively. The EVCA is responsible for the industry’s professional standards, demanding accountability, good governance and transparency from our members and spreading best practice through our training courses. We have the facts when it comes to European private equity, thanks to our trusted and authoritative research and analysis. The EVCA has 25 dedicated staff working in Brussels to make sure that our industry is heard. 2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 3
  • 4. Disclaimer Version Presentation as of 26/4/2013 Disclaimer The information contained in this report has been produced by the EVCA, based on PEREP_Analytics data and third party information. While the EVCA has made every effort to ensure the reliability of the data included in this report, EVCA cannot guarantee the accuracy of the information collected and presented. Therefore, the EVCA cannot accept responsibility for any decision made or action taken based upon this report or the information provided herein. This presentation is for the exclusive use of the persons to whom it is addressed and is intended for general information purposes only. It is not intended to constitute legal or other professional advice and should not be treated as such. Appropriate legal advice must be sought before making any decision, taking any action or refraining from taking any action in reliance on the information contained in this presentation. The EVCA does not assume any responsibility for any person’s reliance upon the information contained herein. In furnishing this presentation, the EVCA undertakes no obligation to provide any additional information or to update this presentation or any additional information or to correct any inaccuracies which may become apparent. Unless otherwise specified, this presentation is confidential and may not be distributed, published, reproduced or disclosed to any other person or used for any other purpose, without the written permission of the EVCA. Copyright information No part of this publication may be reproduced by any process except in accordance with the provisions of the Copyright Act 1968. Copyright enquiries should be directed to the EVCA, Tel: + 32 2 715 00 20. © Copyright EVCA May 2013 2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 4
  • 5. Executive Summary More data on www.evca.eu – Research & Data Fundraising → Pages 7-26 • Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This reduction was driven by lower activity of larger funds. In 2012 only 13 funds were raising more than €250m compared to 26 in 2011. Funds that raised in excess of €250m in 2012 dropped in total volume by 51% compared to 2011. In contrast, the volume raised by funds smaller than €250m reduced by only 25% in the same period. • Pension funds and fund of funds accounted for almost half of all sources of funds with more than 20% each. Family offices & private individuals, government agencies and sovereign wealth funds follow as major sources with 10-12% each. • Despite macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional investors outside of Europe. Investments → Pages 27-59 • The overall amount of €36.5bn invested in European companies in 2012 reduced by 19% compared to the previous year. This was due to the weak first half of 2012 coinciding with economic uncertainty in Europe. In contrast, the number of private equity backed companies remained stable at almost 5,000 European companies. Therefore, it was less capital intensive for the industry to invest in a constant number of companies in Europe. About 43% of the companies that received investment in 2012 were private equity backed for the first time. • The total amount of venture capital invested reduced year on year by 14% to €3.2bn. The number of venture capital backed companies remained stable at about 2,900. For the first time more than 1,000 companies attracted growth investments despite a decrease in amount of 26% compared to 2011. Buyout investments reached €28bn. More than 800 companies received buyout investments similar to the level from 2011 although the investment amount reduced by 19%. Divestments → Pages 61-72 • More than 2,000 European companies were exited, representing former equity investments of €22bn. While the number of companies remained stable the amount divested at cost decreased by 29%. • Of all exited companies in 2012 venture capital represented almost 50% and growth 23%. Their typical exits included trade sale, sale to another private equity firm and write-off. Buyout related exits attributed 85% of equity amount divested at cost. This presents a decline of 26%. Prominent exit routes were trade sale, sale to another private equity firm and public offering. • Initial Public Offering (IPO) levels remained very low. Only three buyout and five venture capital investments were able to take this exit route. 2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 5
  • 6. Overview - Fundraising, Investments & Divestments € billion 2000–2012 - Industry statistics - Amount 120 112 100 80 80 80 72 73 71 60 55 48 40 47 40 37 35 28 28 24 27 29 30 27 9 13 11 42 37 33 31 27 25 20 20 47 43 22 19 14 14 24 20 22 12 0 2000 2001 2002 2003 2004 2005 Funds Raised 2006 Investments 2007 2008 2009 2010 2011 2012 Divestments EVCA Statistics explained: For the purpose of a longer time series this graph shows “industry statistics” capturing activity by location of the private equity firm. In the following presentation most statistics on investments and divestments are reported as “market statistics” to focus on the impact of portfolio companies in Europe that are backed by private equity. This data is only available since 2007. Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2012) 2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 6
  • 7. Fundraising Fundraising statistics explained • Direct private equity investment funds that primarily focus on investments in Europe are monitored. • Funds raised are recorded in the country of the advisory team that is raising/managing the fund (“industry statistics”). • The funds included in the statistics are: private equity funds making direct private equity investments, mezzanine private equity funds, co-investment funds and rescue/turnaround funds. • The following funds are excluded from the statistics: infrastructure funds, real estate funds, distress debt funds, primary funds-of-funds, secondary funds-of-funds. More data on www.evca.eu – Research & Data
  • 8. Glossary – Fundraising Fund stage focus Type of investors • Early-stage fund: A venture capital fund focused on investing in companies in their primary development stage. • Corporate investor: Corporations that deliver non-financial products and services. • Later-stage fund: A venture capital fund focused on investing in later-stage companies in need of expansion capital. • • Balanced fund: A venture capital fund focused on both early-stage and development, with no particular concentration on either. Endowment: An institution that is bestowed money (and possibly other assets) via a donation with the stipulation to invest it and use the gains for specific objectives so that the principal remains intact. • Family office: An office that provides investment management and other financial services to one or several families. • Foundations: A non-profit organisation through which private wealth is contributed and distributed for public or charitable purposes. • Mezzanine fund: A fund that provides (generally subordinated) debt to facilitate the financing of buyouts, frequently alongside a right to some of the equity upside. Fund of funds: A private equity fund that primarily takes equity positions in other funds. • Generalist fund: A fund with either a stated focus of investing in all stages of private equity investment, or with a broad area of investment activity. Government agencies: Country, regional, governmental and European agencies or institutions for innovation and development (including structures such as the EBRD or EIF). • Other asset manager: Financial institutions (other than bank, endowment, family office, foundation, insurance company or pension fund) managing a pool of capital by investing it across asset classes to generate financial returns. • • • • Growth fund: Funds whose strategy is to invest in relatively mature companies that are looking for capital to expand or restructure operations. Buyout fund: A fund whose strategy is predominantly to acquire controlling stakes in established companies. Independent and captive funds • Captive funds: Funds that are 100% owned by the parent organisation • Pension funds: A pension fund that is regulated under private or public sector law. • Independent funds: Semi-captive funds (those in which the parent owns less than 100%) as well as wholly independent funds. • Sovereign wealth funds: State-owned investment fund managing a pool of money derived from a country's reserves. NB: In the following presentation, unclassified figures concerning the type of investors have been extrapolated. Fundraising | Creating lasting value | 8
  • 9. 2012 Fundraising at a glance € billion Incremental amounts raised during the year 90 80 70 79.6 11.4 • Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This reduction was driven by lower activity of larger funds. In 2012, only 13 funds were raising more than €250m compared to 26 in 2011. Funds that raised more than €250m in 2012 dropped in total volume by 51% compared to 2011. The volume raised by funds smaller than €250m reduced only by 25% in the same period. 80.5 3.6 5.8 • Pension funds and fund of funds accounted for almost half of all sources of funds with over 20% each. Family offices & private individuals, government agencies and sovereign wealth funds follow as major sources with 10-12% each. Despite the macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional investors outside of Europe. 1.3 60 50 40 41.6 58.6 64.8 4.4 30 18.9 20 8.3 6.3 1.1 3.3 10.8 3.7 2007 2008 10 0 5.1 23.6 21.8 2.6 2.6 26.9 0.4 3.1 16.5 13.4 5.2 3.6 2009 2010 2011 2012 Buyout Venture Capital 3.2 Growth Other* Total • Venture capital accounted for 15% of total fundraising compared to 12% in 2011, beating with € 3.6bn raised the 2010 fundraising low of the past five years. 102 venture capital funds raised new capital in 2012 compared to 152 in 2011. For the fourth year running government agencies attributed a new high of 40% to venture capital fundraising coming from 33% in 2011. • Buyout fundraising reduced by 39%. The €16.5bn raised presented a €10bn drop compared to the previous year, while still covering 70% of all fundraising. This can be attributed to the strong fundraising year of 2011 which saw 81 funds successfully raising new capital. Eight of these funds in 2011 were taking up more than €1bn. In 2012, 68 funds raised capital with only 3 reaching more than €1bn. • Growth fundraising reached only 9% of its 2011 level. Only 15 funds raised new capital compared to 32 in the previous year. Key Figures 2012 All Private Equity Venture Capital** Buyout** Growth** Incremental amounts raised €23.6bn €3.6bn €16.5bn €0.4bn Incremental number of funds 239 102 68 15 €19.8bn €1.5bn €13.8bn €0.5bn 30 30 Final closings - Cumulative amount since inception Final closings – Number of funds 96 *Other includes Mezzanine and Generalist funds Source: EVCA / PEREP_Analytics Fundraising 6 ** Relates to fund focus | Creating lasting value | 9
  • 10. Funds raised by fund stage focus € billion 9 € billion 2007–2012 - Incremental amount raised during the year 8.3 70.3 64.8 60.3 58.6 8 7 50.3 3.2 6.3 6.0 6 5 2.5 4.4 1.2 2.2 3.7 4 40.3 5.3 5.2 3.6 30.3 3.7 3.6 26.9 3.2 3 1.5 1.3 1.6 1.6 2 1 1.0 2.3 1.3 0.6 2.0 1.8 2.0 0.2 0.4 3.8 2.8 2.6 0.7 2.0 13.4 1.7 10.8 1.1 0.9 10.3 0.4 1.0 0 Venture Capital 16.5 2.2 2.0 1.1 20.3 2.6 Growth capital Mezzanine 0.3 Generalist Buyout Balanced Later-stage Early-stage 2007 2008 2009 2010 2011 2012 Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 10
  • 11. Funds raised by fund stage focus 2007–2012 – Number of funds that reach first, intermediary or final closing during the year 200 196 180 160 200 180 165 69 152 148 160 134 140 140 66 120 58 60 27 17 80 120 100 20 18 80 39 60 80 72 17 56 11 57 82 70 74 60 46 20 26 52 24 23 28 77 81 68 60 40 32 15 21 11 10 12 12 20 8 0 Venture Capital 78 60 100 40 135 102 57 100 160 Growth capital Mezzanine Generalist Balanced 0 Buyout Later-stage Early-stage 2007 2008 2009 2010 2011 2012 NB: Also contains funds that only reported capital gains as fundraising Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 11
  • 12. Funds raised by type of investor 80% 2007–2012 - Incremental amount raised during the year - % of total amount 70% 35% Academic inst. / Endowments / Foundations 60% Banks 30% Capital markets 50% 25% Corporate investors 40% 20% Family offices & Private individuals 15% Fund of funds & Other asset managers 30% 10% Government agencies 20% 5% Insurance companies 10% Pension funds 0% 2007 2008 2009 2010 2011 2012 Sovereign wealth funds € billion 0% 100 2007 78.5 2008 80.4 2009 2010 2011 2012 41.1 50 18.6 2009 2010 23.6 21.8 New funds raised (excluding capital gains) 0 2007 2008 2011 2012 Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 12
  • 13. Venture funds raised by type of investor 80% 2007–2012 - Incremental amount raised during the year - % of total amount 70% 45% Academic inst. / Endowments / Foundations 60% 40% Banks 35% Capital markets 50% 30% Corporate investors 40% 25% Family offices & Private individuals 20% Fund of funds & Other asset managers 30% 15% Government agencies 10% 20% Insurance companies 5% Pension funds 10% 0% 2007 2008 2009 2010 2011 2012 Sovereign wealth funds 0% € billion 10 2007 8.2 2008 2009 2010 2011 6.2 5 2012 5.2 3.6 3.2 2009 2010 3.6 New funds raised (excluding capital gains) 0 2007 2008 2011 2012 Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 13
  • 14. Buyout funds raised by type of investor 80% 2007–2012 - Incremental amount raised during the year - % of total amount 70% 45% Academic inst. / Endowments / Foundations 60% 40% Banks 35% Capital markets 50% 30% Corporate investors 25% 40% Family offices & Private individuals 20% Fund of funds & Other asset managers 30% 15% 10% Government agencies 5% Insurance companies 20% 0% 10% Pension funds 2007 2008 2009 2010 2011 2012 Sovereign wealth funds € billion 0% 100 2007 2008 58.1 2009 2010 2011 2012 64.8 50 26.9 10.6 13.4 2009 2010 16.5 New funds raised (excluding capital gains) 0 2007 2008 2011 2012 Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 14
  • 15. Growth funds raised by type of investor 80% 2007–2012 - Incremental amount raised during the year - % of total amount 70% 80% Academic inst. / Endowments / Foundations 60% 70% Banks 60% 50% Capital markets 50% Corporate investors 40% Family offices & Private individuals 30% 30% Fund of funds & Other asset managers 20% Government agencies 10% Insurance companies 40% 20% Pension funds 10% 0% 2007 2008 2009 2010 2011 € billion 0% 5 2007 2008 3.6 2009 2010 2011 4.4 2012 2012 2.6 1.2 Sovereign wealth funds New funds raised (excluding capital gains) 1.1 0.4 0 2007 2008 2009 2010 2011 2012 Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 15
  • 16. Funds raised by type of investor 2012 - Incremental amount raised during the year - % of amount All Private Equity funds Venture funds 0.7% 7.5% 1.5% 11.7% 3.1% 1.5% 4.9% 1.5% 8.1% 4.5% 5.3% 5.3% 0.7% 239 funds 7.7% 191 firms 22.1% 12.3% 4.5% 102 funds 6.5% 89 firms 14.2% 9.3% 8.5% 10.1% 8.8% 14.9% 8.0% 1.7% 14.9% 1.0% 8.0% 1.7% 27.4% 1.7% 1.0% 1.8% 4.5% 39.7% 1.8% 4.5% Family offices Fund of funds Growth funds Government agencies 0.3% 11.1% 2.3% Insurance companies 2.8% 2.0%5.1% 10.2% 8.5% Other asset managers 1.9% Pension funds 68 funds Private individuals 15 funds 61 firms 16.9% 37.3% 27.4% Capital markets Endowments and foundations 1.0% 16.9% Buyout funds Banks Corporate investors 1.7% 1.0% Academic institutions 14 firms 31.3% Sovereign wealth funds 2.3% 10.2% 8.5% 6.5% 1.6% Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 16
  • 17. Concentration of capital % total amount of annual fundraising 2007–2012 – Incremental fundraising by amount bracket per fund during the year 70% Number of funds 14 60% 50% 8 14 4 40% 30% 266 14 29 20% 5 36 10% 0% 15 40 70 347 2007 13 47 305 4 252 193 42 14 9 27 1 33 269 3 2008 2009 2010 <€100m €100 - 250m €250 - 500m €500 - 1bn 4 4 2011 >€1bn 5 2012 Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 17
  • 18. Funds raised by type of investor & region of the fund 2012 - Incremental amount raised during the year 100% 0.2% 0.0% 0.9% 0.0% 1.3% 0.0% 8.7% 90% 12.4% 20.5% 21.1% 26.8% 12.8% Pension funds 9.3% 80% Sovereign wealth funds 13.8% 15.8% Insurance companies 6.7% 2.6% Government agencies 8.6% 18.7% 3.8% 70% 29.4% 13.6% 3.9% 60% 29.7% 50% Capital markets 23.2% 0% 3.1% Banks 34.6% 17.3% 20% 3.6% 4.3% 1.8% 60.7% 22.5% 24.4% 1.2% Family offices & Private individuals Corporate investors 1.8% 30% 10% 26.8% 18.6% 23.8% 10.2% 40% Fund of funds & Other asset managers 0.0% 2.7% UK & Ireland Source: EVCA / PEREP_Analytics 0.0% 8.6% 3.9% DACH 5.4% 3.6% 6.4% Academic inst. / Endowments / Foundations 7.2% 0.2% 0.0% 1.5% Nordics 13.2% 0.0% 1.3% 5.3% 0.7% 1.1% 0.4% 0.0% France & Benelux Southern Europe CEE DACH: Austria, Germany, Switzerland Southern Europe: Greece, Italy, Portugal, Spain Fundraising Nordics: Denmark, Finland, Norway, Sweden CEE: Central Eastern Europe | Creating lasting value | 18
  • 19. Funds raised by country of management & country of origin (LP country) € billion 2012 - Incremental amount raised during the year 16 14 13.4 12 10 8 6 4.7 3.7 4 2.3 2.6 1.7 2 1.6 1.9 0.6 0.6 0.5 0.0 UK & Ireland DACH Nordics France & Benelux by country of management Source: EVCA / PEREP_Analytics Southern Europe CEE by country of origin DACH: Austria, Germany, Switzerland Southern Europe: Greece, Italy, Portugal, Spain Fundraising Nordics: Denmark, Finland, Norway, Sweden CEE: Central Eastern Europe | Creating lasting value | 19
  • 20. Funds raised by country of management € billion 2007-2012 - Incremental amount raised during the year 90 80 1.2 6.3 70 11.3 60 50 7.9 6.7 4.0 1.3 11.8 9.7 6.0 1.8 0.8 40 8.6 30 20 46.2 8.5 47.7 4.1 4.0 1.5 2.4 6.6 10 0 2007 2008 UK & Ireland Source: EVCA / PEREP_Analytics 1.5 0.5 6.9 1.9 2.1 0.3 Nordics NB: Include capital gains as fundraising 17.7 8.9 2009 DACH 4.3 2010 France & Benelux 2011 Southern Europe 0.6 0.5 4.7 1.6 2.6 13.5 2012 CEE DACH: Austria, Germany, Switzerland Nordics: Denmark, Finland, Norway, Sweden Southern Europe: Greece, Italy, Portugal, Spain CEE: Central Eastern Europe Fundraising | Creating lasting value | 20
  • 21. Fundraising geographic breakdown 2012 (2011) - Source of funds - % of total amount 9.1% North America 25.2% (9.8%) (20.0%) 10.8% (17.2%) 8.0% (9.1%) 17.4% 0.1% (0.9%) (12.0%) Rest of World 1.5% 2.9% (0.2%) (3.7%) Other Western Europe 11.9% Source: EVCA / PEREP_Analytics Australia Asia 13.1% (14.5%) (12.7%) Fundraising | Creating lasting value | 21
  • 22. Venture Capital - Fundraising geographic breakdown 2012 (2011) - Source of funds - % of total amount 17.5% North America 4.5% (8.5%) (1.6%) 10.1% (15.1%) 10.7% (31.7%) 34.5% 0.8% (2.4%) (28.0%) Rest of World 0.4% 4.9% (0.0%) (4.9%) Other Western Europe 16.2% Source: EVCA / PEREP_Analytics Australia Asia 0.3% (1.3%) (6.6%) Fundraising | Creating lasting value | 22
  • 23. Buyout - Fundraising geographic breakdown 2012 (2011) - Source of funds - % of total amount 7.4% North America 31.3% (12.2%) (28.2%) 11.7% (7.8%) 7.8% (4.9%) 11.1% 0.0% (0.3%) (8.7%) Rest of World 2.0% 2.6% (0.1%) (3.0%) Other Western Europe 10.7% Source: EVCA / PEREP_Analytics Australia Asia 15.3% (19.2%) (15.6%) Fundraising | Creating lasting value | 23
  • 24. Funds raised by fund stage focus € billion 5.0 4.8 € billion 2007–2012 - Final closing during the year - Amount 4.7 58.9 60 53.8 50 4.5 4.0 1.6 4.0 40 3.5 3.0 2.7 0.5 2.1 0.9 2.7 0.3 2.1 1.4 0.9 1.5 1.4 0.3 1.0 0.2 0.8 0.8 0.5 13.3 1.1 0.1 1.0 17.7 1.4 1.3 1.2 1.6 1.1 20 1.6 1.5 1.4 0.7 0.5 0.0 30 2.3 2.0 1.0 2.9 0.6 2.5 1.5 3.3 3.1 1.4 0.7 10 13.8 10.0 0.5 0.5 Venture Capital 0 Growth capital Mezzanine Generalist Buyout Balanced Later-stage Early-stage 2007 2008 2009 2010 2011 2012 Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 24
  • 25. Funds raised by fund stage focus 2007–2012 - Final closing during the year - Number of funds 90 90 80 80 70 70 60 50 83 59 60 54 49 17 70 50 50 45 20 40 8 22 30 20 10 24 25 30 8 5 5 12 6 18 20 20 9 34 26 39 40 16 9 6 6 30 30 22 3 5 4 4 20 10 5 0 Venture Capital 25 12 6 12 23 16 14 12 23 24 41 Growth capital Mezzanine Generalist 0 Buyout Balanced Later-stage Early-stage 2007 2008 2009 2010 2011 2012 Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 25
  • 26. Concentration of capital % total amount of cumulative fundraising until final closing 2007–2012 - Final closing during the year - Amount & Number of funds 80% Number of funds 70% 14 60% 12 50% 2 5 40% 2 30% 3 20% 10 37 14 13 48 17 81 2007 2008 10% 0% 9 4 17 28 39 69 6 21 74 6 18 7 10 4 77 63 2011 2012 79 <€100m 2009 €100 - 250m €250 - 500m 2010 €500 - 1bn >€1bn Source: EVCA / PEREP_Analytics Fundraising | Creating lasting value | 26
  • 27. Investments Investments statistics explained • Industry statistics are an aggregation of figures according to the country of the private equity firm’s office in charge of the investment. At European level, this relates to investments made by European private equity firms regardless of the location of the target company. • Market statistics are an aggregation of figures according to the location of the portfolio company. At European level, this relates to investments in European companies regardless of the location of the private equity firm. • Equity value: The amount of capital invested to acquire shares in an enterprise. The equity value includes equity, quasiequity, mezzanine, unsecured debt and secured debt provided by the firm. More data on www.evca.eu – Research & Data
  • 28. Glossary – Investment Stages • Venture Capital • Seed: Financing provided to research, assess and develop an initial concept before a business has reached the start-up phase. • Start-up: Financing provided to companies for product development and initial marketing. Companies may be in the process of being set up or may have been in business for a short time, but have not sold their product commercially. • Later-stage venture: Financing provided for the expansion of an operating company, which may or may not be breaking even or trading profitably. Later-stage venture tends to finance companies already backed by venture capital firms. • Growth: A type of private equity investment – most often a minority investment but not necessarily – in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets. • Buyout: Financing provided to acquire a company. It may use a significant amount of borrowed money to meet the cost of acquisition. • Rescue/Turnaround: Financing made available to an existing business, which has experienced trading difficulties, with a view to re-establishing prosperity. • Replacement capital: The purchase of a minority stake of existing shares in a company from another private equity firm or from another shareholder or shareholders. Investments | Creating lasting value | 28
  • 29. 2012 Investments at a glance 50 6.7 6.7 40 38.4 38.4 40 30 30 1,299 1,299 20 20 10 10 00 1,161 1,161 593 593 348 348 6.0 6.3 2007 2007 2008 2008 Buyout - Amount VC - Amount Buyout - No. of companies Other - Amount Growth - No. of companies Key Figures € billion € billion € billion € billion 3,667 4.3 4.3 57.2 3,339 53.4 57.2 3,339 6 70 60 60 703,155 4,000 70 70 3,6673,667 3,039 3,155 4.3 4.3 3,039 3,3393,339 3,500 3,500 2,965 2,923 3,1553,155 2,965 3,039 3,000 2,923 3,039 2,9652,965 3,000 57.257.2 53 53 44.9 4 41.9 50 6.7 4 6.7 5.2 5.2 19% compared to the previous year. This was due to the weak first half of 2012 coinciding with economic uncertainty in Europe. 4,000 4,000 Number of companies financed 60 50 4,000 3,667 Number of companies financed 70 60 69.8 6 Number ofof companies financed Number companies financed Investments – Market statistics – Amount & No. of companies • Overall €36.5bn was invested in European companies in 2012 with a decrease of 70 4,500 • The number of private equity backed companies remained stable at almost 5,000 European companies. Therefore, it was less capital intensive for the industry to 3,500 3,500 invest in a constant number of companies in Europe. About 43% of the companies 2,9232,923 3,000 3,000 that received investments in 2012 were private equity backed for the first time. 2,500 • The total amount of venture capital invested decreased year on year by 14% to 45 2,500 45 2,500 2,500 42 42 €3.2bn. The number of venture backed companies remained stable at about 36.5 3 2,000 5.2 36 2,900. Start-up stage investments accounted for the majority of venture capital 6.3 6.338.438.4 36 5.2 34.5 40 40 2,000 34.5 3.8 2,000 2,000 3.8 6.3 6.3 activity by amount and number of companies (56-60%). Life sciences, computer & 34.534.5 29.7 3.8 3.8 28.0 24.3 1,500 28.0 consumer electronics, communications and energy & environment accounted for 1,500 29.7 30 30 24 24 29.7 1,2991,299 1,500 28.028.0 1,500 1,047 1,047 994 1,1611,161 4 three quarters of all venture capital investments. 994 932 932 1,0471,047 5.1 994 994 932 932 1,000 1,000 • For1,000 first time more than 1,000 companies attracted growth investments the 20 20 5.1 775 5.1 5.1 1,000 775 50 881 881 615 783 593 593 615 783 10 12.7 1012.7 348 348 878 775 775 878 500 881 881 500 615 615 783 783 despite a decrease in amount of 26% compared to 2011. Almost two thirds were in business & industrial products and services, computer & consumer electronics, 500 500 consumer services, energy and environment and life sciences. 878 878 12.712.7 3.7 3.7 3.2 0 6 0 6 6 4 4 4 4 4 4 3 More than 800 companies received buyout investments similar to the 2011 level 0 • 3 0 0 02009 2010 2011 2012 2009 2011 2012 2007 20082008 20092009 2010- Amount 2011 20122012 2010 2011 2007 - Amount Growth VC although the investment amount reduced by 19% to €28bn. Buyout investments 3.8 6 Buyout - Amount Growth VC - Amount VC - Amount - No. of companies Total - Amount OtherOther - Amount - Amount VC - No. of companies Growth of companies Growth - No. - No. of companies Growth - Amount Buyout - Amount Buyout VC - No. of companies - Amount Buyout - No. of companies TotalTotal - Amount - Amount broadly concentrate Growth - Amount Growth - Amount VC of companies VC - No. - No. of companies and life sciences. 2012 across sectors of business & industrial products and services, electronics, consumer goods and retail, consumer services computer & of companies Buyout of companies Buyout - No. - No. consumer All Private Equity Venture Capital* Buyout* Growth* €36.5bn €3.2bn €28.0bn €3.8bn Investments – Number of companies (Market statistics) 4,975 2,923 878 1,047 Number of firms involved (Market statistics) 1,004 556 428 329 Number of funds involved (Market statistics) 1,687 952 607 511 Investments – Amount (Market statistics) Source: EVCA / PEREP_Analytics * Relates to the investment stage of the portfolio company Investments | Creating lasting value | 29
  • 30. Investments by stage focus Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Amount € billion 18 16 14 12 10 8 6 4 2 0 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 2008 Q4 Q1 Q2 Q3 Q4 Q1 2009 Q2 Q3 2010 Q4 Q1 Q2 Q3 Q4 Q1 2011 Venture Capital Q2 Q3 Q4 2012 Buyout Growth Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 30
  • 31. Investments by stage focus Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies 1,400 1,200 1,000 800 600 400 200 0 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 2008 Q4 Q1 Q2 Q3 Q4 Q1 2009 Q2 Q3 2010 Q4 Q1 Q2 Q3 Q4 Q1 2011 Venture Capital Q2 Q3 Q4 2012 Buyout Growth Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 31
  • 32. Venture Capital - Investments by stage focus € million Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Amount 1,200 1,000 800 600 400 200 0 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 Q4 Q1 2009 Seed Q2 Q3 Q4 Q1 2010 Start-up Q2 Q3 2011 Q4 Q1 Q2 Q3 Q4 2012 Later-stage venture Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 32
  • 33. Venture Capital - Investments by stage focus Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies 700 600 500 400 300 200 100 0 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 2008 Q4 Q1 Q2 Q3 Q4 Q1 2009 Seed Q2 Q3 Q4 Q1 2010 Start-up Q2 Q3 2011 Q4 Q1 Q2 Q3 Q4 2012 Later-stage venture Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 33
  • 34. Investments by stage focus € billion € billion 2007–2012 - Market statistics - Amount 8 60 57.2 50 7 6.3 6.0 6 0.3 0.2 40 34.5 5 2.4 2.3 3.8 4 3.7 1.9 0.1 20 1.8 5.2 1.8 5.1 28.0 3.2 4.3 1.8 3.6 3.5 12.7 3.8 10 1 0 0.2 6.3 3 29.7 30 3.7 0.1 0.1 6.7 2 38.4 1.9 1.6 0.5 2008 Later-stage venture Start-up 1.7 1.0 0.5 2009 Seed 1.8 1.7 0.7 0.3 2007 2.0 1.8 2010 Growth 0.5 2011 Rescue/Turnaround 1.3 1.1 0.4 2012 Replacement capital 0 2007 2008 2009 2010 2011 2012 Buyout Venture Capital Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 34
  • 35. Investments by stage focus 2007–2012 - Market statistics - Number of companies 4,000 3,500 4,000 3,667 3,339 527 3,500 3,155 500 3,039 2,965 2,923 392 353 371 3,000 3,000 393 2,500 2,500 1,796 1,528 2,000 2,000 1,724 1,711 1,679 1,796 1,500 1,500 1,000 1,161 1,000 1,151 500 348 2008 Later-stage venture 150 176 68 174 52 140 990 994 775 593 2007 783 881 878 615 1,513 1,413 0 1,299 Start-up 2009 Seed 132 135 2010 Growth 500 1,047 839 939 932 103 76 2011 Rescue/Turnaround 67 118 2012 Replacement capital 0 2007 2008 2009 2010 2011 2012 Buyout Venture Capital Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 35
  • 36. Buyout - Investments by stage focus / equity split 2007–2012 - Market statistics - Amount & Number of companies 60 1,200 50 1,000 40 800 30 600 20 400 10 € billion 1,400 200 0 Number of companies 70 0 2007 2008 Buyout < €150m (Amount) Buyout < €150m (Number of companies) 2009 2010 Buyout > €150m (Amount) Buyout > €150m (Number of companies) 2011 2012 Growth (Amount) Growth (Number of companies) Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 36
  • 37. Investments by stage focus 2012 - Market statistics - % of Amount & Number of companies % of Amount % of Number of companies Seed Start-up 4.9% 0.4% Seed Later-stage venture 3.4% Buyout 17.2% Seed 6.9% Start-up Growth capital 10.4% Rescue/ Turnaround 1.0% Replacement capital 3.0% Later-stage Replacement capital venture 2.3% Growth capital Rescue/ Turnaround 1.3% Rescue/ Turnaround Start-up 35.2% Replacement capital Growth capital Buyout 20.5% Buyout 76.8% Later-stage venture 16.5% Venture Capital Buyout Growth Venture Capital Buyout Growth €3.2bn €28bn €3.8bn 2,923 Companies 878 Companies 1,047 Companies Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 37
  • 38. Investments by stage focus & regions 2012 - Market statistics - Amount € billion € billion 9 1.2 8.1 8 6.9 7 1 0.8 6 0.8 0.8 0.0 0.0 0.7 5.6 5 0.1 1.1 0.5 0.5 0.4 0.8 0.4 3.9 4 0.4 0.6 0.0 3 2.8 0.8 0.3 0.2 0.4 0.2 0.4 0.4 0.0 0.3 0.3 0.1 0.1 UK & Ireland France & Benelux Later-stage venture Start-up DACH Seed 0.4 0.1 0.0 0.1 0 0.4 0.1 0.2 0.1 0.1 Southern Europe Growth 2 0.0 0.0 Nordics Rescue/Turnaround 0.1 0.0 0.2 0.1 0.0 0.0 0.0 0.7 0 CEE Replacement capital Buyout Venture Capital Source: EVCA / PEREP_Analytics 1 DACH: Austria, Germany, Switzerland Southern Europe: Greece, Italy, Portugal, Spain Investments Nordics: Denmark, Finland, Norway, Sweden CEE: Central Eastern Europe | Creating lasting value | 38
  • 39. Investments by stage focus & regions 2012 - Market statistics - Number of companies 1000 931 900 217 800 700 657 500 400 300 506 426 17 400 430 333 319 300 295 200 217 26 410 200 325 242 227 100 120 109 0 58 569 17 600 11 15 UK & Ireland 29 37 France & Benelux Later-stage venture Start-up 158 11 21 DACH Seed 36 183 71 8 24 Southern Europe Growth 123 18 74 74 7 Nordics Rescue/Turnaround 12 100 31 58 1 9 173 139 91 123 33 0 CEE Replacement capital Buyout Venture Capital Source: EVCA / PEREP_Analytics DACH: Austria, Germany, Switzerland Southern Europe: Greece, Italy, Portugal, Spain Investments Nordics: Denmark, Finland, Norway, Sweden CEE: Central Eastern Europe | Creating lasting value | 39
  • 40. Investments by region 2012 - Industry vs. Market statistics - Amount By location of private equity firm Nordics 11% By location of portfolio company CEE 2% Nordics 14% CEE 3% UK & Ireland 28% Southern Europe 8% UK & Ireland 43% Southern Europe 10% DACH 16% DACH 23% France & Benelux 20% Source: EVCA / PEREP_Analytics DACH: Austria, Germany, Switzerland Southern Europe: Greece, Italy, Portugal, Spain Investments France & Benelux 22% Nordics: Denmark, Finland, Norway, Sweden CEE: Central Eastern Europe | Creating lasting value | 40
  • 41. Geographic investment flows 2012 - Industry vs. Market statistics - Amount Market statistics €0.8bn are an aggregation of figures according to the location of the portfolio company. At European level, this relates to investments in European companies regardless of the location of the private equity firm. Non-European private equity firms investing in portfolio companies in Europe €1.2bn €8.3bn European private equity firms investing in portfolio companies outside Europe Cross-border investments within Europe €27.4bn Industry statistics are an aggregation of figures according to the country of the private equity firm’s office in charge of the investment. At European level, this relates to investments made by European private equity firms regardless of the location of the target company. Domestic investments in European countries Source: EVCA / PEREP_Analytics Investments Europe includes: Austria, Baltic countries (Estonia, Latvia, Lithuania), Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Other CEE (Bosnia-Herzegovina, Croatia, Macedonia, Montenegro, Serbia, Slovenia, Slovakia), Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom | Creating lasting value | 41
  • 42. Venture Capital - Geographic investment flows 2012 - Industry vs. Market statistics - Amount Market statistics €210m are an aggregation of figures according to the location of the portfolio company. At European level, this relates to investments in European companies regardless of the location of the private equity firm. Non-European private equity firms investing in portfolio companies in Europe €369m €610m European private equity firms investing in portfolio companies outside Europe Cross-border investments within Europe €2,365m Industry statistics are an aggregation of figures according to the country of the private equity firm’s office in charge of the investment. At European level, this relates to investments made by European private equity firms regardless of the location of the target company. Domestic investments in European countries Source: EVCA / PEREP_Analytics Investments Europe includes: Austria, Baltic countries (Estonia, Latvia, Lithuania), Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Other CEE (Bosnia-Herzegovina, Croatia, Macedonia, Montenegro, Serbia, Slovenia, Slovakia), Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom | Creating lasting value | 42
  • 43. Investments as % of GDP 2000–2012 - Industry statistics - % of GDP %of GDP 0.60% 0.60% 0.55% 0.50% 0.40% 0.42% 0.41% 0.38% 0.35% 0.33% 0.30% 0.28% 0.34% 0.29% 0.26% 0.25% 0.20% 0.20% 0.10% 0.00% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source: Thomson Reuters Datastream (GDP) / Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2012) Investments | Creating lasting value | 43
  • 44. Investments as % of GDP 2012 - Industry statistics 1.000% 0.834% 0.000% 0.011% 0.016% 0.019% 0.029% 0.037% 0.052% 0.054% 0.078% 0.104% 0.134% 0.137% 0.140% 0.142% 0.144% 0.164% 0.200% 0.194% 0.219% 0.220% 0.248% 0.253% 0.264% 0.400% 0.283% 0.600% 0.482% 0.800% 0.558% % of GDP 1.200% 0.000% 2012 2007-2011 Annual Average *Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics Investments | Creating lasting value | 44
  • 45. Venture Capital - Investments as % of GDP 2012 - Industry statistics 0.140% 0.120% 0.118% 0.000% 0.000% 0.000% 0.000% 0.000% 0.001% 0.002% 0.004% 0.008% 0.009% 0.020% 0.010% 0.018% 0.021% 0.024% 0.025% 0.027% 0.030% 0.030% 0.032% 0.041% 0.038% 0.040% 0.044% 0.060% 0.053% 0.080% 0.067% 0.100% 0.072% % of GDP 0.160% 0.000% 2012 2007-2011 Annual Average *Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics Investments | Creating lasting value | 45
  • 46. Buyout - Investments as % of GDP 1.000% 0.900% 0.800% 0.706% % of GDP 2012 - Industry statistics 0.700% 0.000% 0.000% 0.008% 0.008% 0.010% 0.010% 0.012% 0.022% 0.035% 0.055% 0.058% 0.087% 0.090% 0.100% 0.106% 0.108% 0.137% 0.148% 0.148% 0.150% 0.163% 0.171% 0.200% 0.180% 0.300% 0.201% 0.400% 0.330% 0.500% 0.400% 0.600% 0.000% 2012 2007-2011 Annual Average *Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics Investments | Creating lasting value | 46
  • 47. Growth - Investments as % of GDP 2012 - Industry statistics % of GDP 0.200% 0.180% 0.160% 0.140% 0.100% 0.088% 0.120% 0.000% 0.000% 0.001% 0.003% 0.003% 0.004% 0.007% 0.008% 0.011% 0.013% 0.020% 0.017% 0.019% 0.020% 0.021% 0.023% 0.027% 0.028% 0.033% 0.034% 0.036% 0.041% 0.043% 0.036% 0.040% 0.052% 0.060% 0.053% 0.080% 0.000% 2012 2007-2011 Annual Average *Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics Investments | Creating lasting value | 47
  • 48. Investments as % of GDP 2012 - Market statistics 1.400% 1.200% 0.018% 0.020% 0.033% 0.042% 0.066% 0.069% 0.084% 0.086% 0.103% 0.125% 0.137% 0.153% 0.159% 0.200% 0.190% 0.211% 0.226% 0.244% 0.247% 0.258% 0.260% 0.312% 0.352% 0.400% 0.369% 0.600% 0.373% 0.800% 0.530% 1.000% 0.602% % of GDP 1.600% 0.000% 2012 2007-2011 Annual Average *Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics Investments | Creating lasting value | 48
  • 49. Venture Capital - Investments as % of GDP 0.100% 0.090% 0.080% 0.000% 0.000% 0.001% 0.002% 0.002% 0.002% 0.003% 0.005% 0.010% 0.010% 0.020% 0.011% 0.011% 0.021% 0.021% 0.023% 0.024% 0.025% 0.027% 0.029% 0.032% 0.033% 0.029% 0.030% 0.038% 0.040% 0.041% 0.050% 0.054% 0.060% 0.054% 0.070% 0.065% % of GDP 2012 - Market statistics 0.000% 2012 2007-2011 Annual Average *Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics Investments | Creating lasting value | 49
  • 50. Buyout - Investments as % of GDP % of GDP 2012 - Market statistics 1.200% 1.000% 0.000% 0.012% 0.012% 0.018% 0.035% 0.056% 0.063% 0.063% 0.064% 0.067% 0.067% 0.076% 0.106% 0.142% 0.152% 0.173% 0.179% 0.200% 0.211% 0.215% 0.309% 0.285% 0.193% 0.200% 0.316% 0.400% 0.421% 0.600% 0.515% 0.800% 0.000% 2012 2007-2011 Annual Average *Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics Investments | Creating lasting value | 50
  • 51. Growth - Investments as % of GDP % of GDP 2012 - Market statistics 0.300% 0.250% 0.200% 0.150% 0.000% 0.000% 0.003% 0.003% 0.005% 0.008% 0.008% 0.009% 0.012% 0.012% 0.019% 0.020% 0.020% 0.021% 0.024% 0.027% 0.027% 0.033% 0.036% 0.038% 0.039% 0.041% 0.051% 0.045% 0.050% 0.053% 0.060% 0.100% 0.000% 2012 2007-2011 Annual Average *Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics Investments | Creating lasting value | 51
  • 52. Investments by sector focus 2012 - Market statistics - % of Amount & Number of companies 0% Agriculture 2% 4% 6% 8% 10% 12% 18% 20% 12.4% 12.5% Business & industrial services 10.9% 8.3% Chemicals and materials 2.5% 4.9% 9.0% Communications 12.1% 8.1% Computer & consumer electronics 17.0% 2.1% 1.8% Construction Consumer goods & retail Consumer services 9.5% 9.0% 5.9% 4.9% Energy and environment Financial services 1.5% 15.2% 7.7% 4.3% 14.9% Life sciences 0.5% 16.9% 1.7% 2.1% 1.6% Transportation Unclassified 16% 0.3% 0.8% Business & industrial products Real estate 14% 0.3% 1.2% Amount Number of companies Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 52
  • 53. Investments by sector focus 2007-2012 - Market statistics - Amount All Private Equity Venture Capital 7 € billion € billion 80 70 60 50 6 5 4 40 3 30 2 20 10 1 0 0 2007 2008 2009 2010 2011 2007 Buyout 2009 2010 2011 2012 2008 2009 2010 2011 2012 Growth 8 € billion 60 € billion 2008 2007 2012 50 40 7 6 5 4 30 3 20 2 10 1 0 0 2007 2008 2009 2010 2011 2012 Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 53
  • 54. Investments by sector focus 2007-2012 - Market statistics - Number of companies All Private Equity Venture Capital 4,000 6,000 3,500 5,000 3,000 4,000 2,500 2,000 3,000 1,500 2,000 1,000 1,000 500 0 0 2007 2008 2009 2010 2011 2007 Buyout 2008 2009 2010 2011 2012 2007 2012 2008 2009 2010 2011 2012 Growth 1,400 1,200 1,200 1,000 1,000 800 800 600 600 400 400 200 200 0 0 2007 2008 2009 2010 2011 2012 Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 54
  • 55. Initial / Follow-on investments 2012 - Market statistics - % of Number of companies 44% 47% 54% 55% 57% 57% Follow-on investment for the company Initial investment for the company 56% 62% 53% 55% 43% 2007 2008 50% 2009 60% 58% 45% 2010 46% 2011 57% Initial investment for the private equity firm 43% 2012 Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 55
  • 56. Investments by number of employees 2012 - Market statistics - % of Number of companies All Private Equity 3.6% 0.8% Venture Capital 4.1% 1.1% 0.2% 0.1% 0.3% 0.0% 4.4% 5.6% 2.6% 9.3% 29.2% 43.0% 65.0% 30.8% Buyout 3.9% 3.1% Growth 4.4% 14.5% 25.7% Full-time equivalent staff by interval 0 - 19 4.6% 0.9% 20.6% 8.8% 4.6% 20 - 99 10.9% 42.8% 100 - 199 200 - 249 250 - 499 15.6% 500 - 999 17.4% 17.4% Source: EVCA / PEREP_Analytics 7.1% 1000 - 4999 40.6% 5000 + Investments | Creating lasting value | 56
  • 57. Venture Capital - Investments by number of employees 1,600 1,400 1,403 Amount invested 1,412 2,000 Number of companies 1,800 1,600 1,200 1,400 1,000 1,200 800 1,000 600 Number of companies € million 2012 - Market statistics - Amount & Number of companies 800 600 400 307 400 200 7 0 0 - 19 20 - 99 100 - 199 30 24 2 0 200 - 249 250 - 499 500 - 999 1000 - 4999 200 5000 + Amount invested Number of companies 98% 0 99% SME % Full-time equivalent staff by interval Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 57
  • 58. Buyout - Investments by number of employees 12,000 250 Amount invested Number of companies 10,000 9,588 200 8,000 150 6,000 4,743 4,000 2,025 2,000 0 4,317 3,963 2,011 Number of companies € million 2012 - Market statistics - Amount & Number of companies 100 50 1,258 84 0 0 - 19 20 - 99 100 - 199 200 - 249 Amount invested Number of companies 19% 250 - 499 53% SME % 500 - 999 1000 - 4999 5000 + Full-time equivalent staff by interval Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 58
  • 59. Growth - Investments by number of employees 2012 - Market statistics - Amount & Number of companies € million 450 1,125 Amount invested 968 1,000 400 Number of companies 350 800 300 250 600 523 360 400 200 200 338 Number of companies 1,200 150 324 100 137 50 33 0 0 0 - 19 20 - 99 100 - 199 200 - 249 Amount invested 81% 500 - 999 1000 - 4999 5000 + Number of companies 68% 250 - 499 SME % Full-time equivalent staff by interval Source: EVCA / PEREP_Analytics Investments | Creating lasting value | 59
  • 60.
  • 61. Divestments Divestments statistics explained • Industry statistics are an aggregation of figures according to the country of the private equity firm’s office in charge of the divestment. At European level, this relates to divestments made by European private equity firms regardless of the location of the target company. • Market statistics are an aggregation of figures according to the location of the portfolio company. At European level, this relates to divestments of European companies regardless of the location of the private equity firm. • Divestment amounts (including write-offs) are recorded at cost (i.e. the total amount divested is equal to the total amount invested before). More data on www.evca.eu – Research & Data
  • 62. Glossary – Divestment Stages • Public offering: the sale or distribution of a company’s shares to the public for the first time by listing the company on the stock exchange, also includes sale of quoted shares after a lock-up period. • Repayment of principal loans: If a private equity firm provided loans or purchased preference shares in the company at the time of the investment, then their repayment according to the amortisation schedule represents a decrease of the financial claim of the firm into the company, and hence a divestment. • Repayment of silent partnership: A silent partnership is a type of mezzanine financing instrument. It is similar to a longterm bank loan but, in contrast to a loan, a silent partnership is subject to a subordination clause, so that in the event of insolvency all other creditors are paid before the silent partner. The company has to repay the partnership and has to pay interest and possibly a profit-related compensation. The subordination clause gives the capital the status of equity despite its loan character. This financing instrument is frequently used in Germany. • Sale to another private equity firm: The sale of company shares to another direct private equity firm. • Sale to financial institution: The sale of company shares to banks, insurance companies, pension funds, endowments, foundations and other asset managers other than private equity firms. • Trade sale: The sale of company shares to industrial investors. • Write-off: The total or partial write-down of a portfolio company’s value to zero or a symbolic amount (sale for a nominal amount) with the consequent exit from the company or reduction of the shares owned. The value of the investment is eliminated and the return to investors is a full or partial loss. Divestments | Creating lasting value | 62
  • 63. 2012 Divestments at a glance Divestments – Market statistics – No. of companies by exit route Buyout Growth Venture Capital Initial public offering 5 44 Sale of quoted equity 242 51 3 32 10 41 Write-off 243 Repayment silent partnership 102 91 29 199 72 46 Repayment of principal loans 65 165 Sale to another PE firm 51 Sale to financial institution 77 Sale to management 33 Other means • Divestments from venture capital investments represented almost 50% of all exited companies in 2012. However, they only accounted for 9% of the amount divested at cost. The most prominent exit routes for venture backed companies were trade sale, write-off and sale to another private equity firm. 149 Trade sale 159 • Buyout related exits represented 85% of equity amount divested at cost and 27% by number of companies. The total amount divested reduced by 26% to €18.3bn. With 566 companies exited, buyout divestments reduced by only 13%. Trade sale, sale to another private equity firm and sale of quoted equity were the most prominent exit routes. • Growth exits represented 5% of equity amount divested at cost and 23% by number of companies. The total amount divested reduced by 51% to €1.2bn, while the number of companies exited increased by 32% to 475. Trade sale, sale to another private equity firm and write-off were the most prominent exit routes. 35 16 5 59 35 21 18 • IPO levels remained very low. Only 3 buyout and 5 venture capital investments were able to take this exit route. Key Figures 2012 • More than 2,000 European companies were exited, representing former equity investments of €21.7bn. While the number of companies remained stable the amount divested at cost decreased by 29%. All Private Equity Venture Capital* Buyout* Growth* €21.7bn €1.9bn €18.3bn €1.2bn 2,074 999 566 475 Number of firms involved (Market statistics) 571 272 298 133 Number of funds involved (Market statistics) 1,006 480 490 182 Divestments – Amount at cost (Market statistics) Divestments – Number of companies (Market statistics) Source: EVCA / PEREP_Analytics * Relates to the investment stage Divestments | Creating lasting value | 63
  • 64. Divestments at cost – Venture Capital / Buyout / Growth 35 1,600 30 1,400 2.4 25 20 3.2 1,000 2.0 1.9 1.2 2.1 800 2.1 15 10 1,200 2.3 Number of companies € billion 2007–2012 - Market statistics - Amount & Number of companies 20.4 5 2.4 0.7 600 24.8 2.1 1.1 18.3 400 14.5 10.4 200 7.5 0 0 2007 2008 2009 2010 2011 2012 Buyout - Amount divested Growth - Amount divested Venture Capital - Amount divested Buyout - Number of companies Growth - Number of companies Venture Capital - Number of companies Source: EVCA / PEREP_Analytics Divestments | Creating lasting value | 64
  • 65. Divestments at cost by exit route 2007–2012 – Market statistics - Amount at cost € billion 12 10 8 6 4 2 0 2007 2008 2009 2010 2011 2012 Trade sale Initial public offering Sale of quoted equity Write-off Repayment of silent partnerships Repayment of principal loans Sale to another private equity firm Sale to financial institution Sale to management Other means Source: EVCA / PEREP_Analytics Divestments | Creating lasting value | 65
  • 66. Divestments at cost by exit route 2007–2012 - Market statistics - Number of companies 700 600 500 400 300 200 100 0 2007 2008 2009 2010 2011 2012 Trade sale Initial public offering Sale of quoted equity Write-off Repayment of silent partnerships Repayment of principal loans Sale to another private equity firm Sale to financial institution Sale to management Other means Source: EVCA / PEREP_Analytics Divestments | Creating lasting value | 66
  • 67. Divestments at cost by exit route – Venture Capital / Buyout / Growth 2012 - Market Statistics - % of Amount 2.2% 3.2% 1.5% 38.2% 26.0% 4.1% Buyout €18.3bn 8.8% 4.7% 4.4% 5.1% 36.7% 16.8% 0.7% 6.8% Trade sale 1.6% 2.1% 6.4% 35.7% 14.8% Venture Capital €1.9bn 1.6% 4.6% Growth €1.2bn 13.6% Initial public offering 4.1% 4.4% 0.3% 4.7% 4.7% Sale of quoted equity Write-off 36.7% 16.8% 24.4% 1.6% Repayment of silent partnerships Repayment of principal loans 0.3% 4.7% Source: EVCA / PEREP_Analytics 6.1% 6.9% 12.9% Sale to another private equity firm 2.1% 24.4% 0.0% 4.9% Sale to financial institution Sale to management Other means Divestments | Creating lasting value | 67
  • 68. Divestments at cost by exit route – Venture Capital / Buyout / Growth 2012 - Market Statistics - % of Number of companies 3.6% 10.1% 25.4% 2.7% Buyout 3.2% 5.0% 7.0% 0.5% 6.4% 4.3% 12.3% Venture Capital 4.1% 4.4% 2.0% 4.9% Trade sale 23.7% 10.4% 0.0% 1.0% 7.1% 9.4% 999 Companies 4.7% 3.7% 7.1% 5.5% 28.1% 15.6% 7.5% 10.0% 0.5% 566 Companies Growth 18.6% 475 Companies Initial public offering Sale of quoted equity Write-off 23.8% 36.7% 16.8% 1.6% Repayment of silent partnerships Repayment of principal loans Sale to another private equity firm 2.1% 0.3% 4.7% 24.4% Source: EVCA / PEREP_Analytics 40.6% Sale to financial institution Sale to management Other means Divestments | Creating lasting value | 68
  • 69. Divestments at cost by sector 4,500 400 353 4,000 3,500 3,895 350 3,262 3,161 3,000 248 250 2,500 211 2,254 198 159 1,710 2,000 1,500 1,810 150 109 1,017 42 37 15 Source: EVCA / PEREP_Analytics 404 135 Amount at cost 100 79 66 500 200 140 1,213 1,000 0 300 Number of companies exited € million 2012 - Market statistics - Amount & Number of companies (excluding write-offs) 483 337 31 25 17 12 23 19 50 0 Number of companies exited Divestments | Creating lasting value | 69
  • 70. Divestments at cost by sector – Venture Capital / Buyout / Growth 2012 - Market statistics - Amount (excluding write-offs) Buyout Growth Venture Capital 0.5% Agriculture 0.1% 1.3% 17.3% 18.6% Business & industrial products 4.8% 1.7% 1.6% Chemicals & materials 9.3% 8.5% Business & industrial services Communications 16.1% 6.9% 1.0% 21.3% 2.3% 7.4% 8.6% Computer & consumer electronics 29.7% 0.3% Construction 0.5% 3.6% 16.7% 14.1% Consumer goods & retail 5.7% 5.1% Consumer services 2.6% Energy & environment 8.4% Financial services 7.1% 1.0% 11.3% 2.1% 1.3% 10.7% Life sciences 20.8% 0.0% 0.7% 0.1% Real estate Transportation Unclassified 10.2% 13.5% 0.0% 1.5% 1.5% 3.9% 0.1% 0.2% Source: EVCA / PEREP_Analytics Divestments | Creating lasting value | 70
  • 71. Divestments at cost by sector – Venture Capital / Buyout / Growth 2012 - Market statistics - Number of companies (excluding write-offs) Buyout Growth Venture Capital 0.9% Agriculture 0.6% 1.3% 20.4% Business & industrial products 19.1% 11.1% Business & industrial services 5.7% 5.3% 4.1% Communications 11.9% Computer & consumer electronics 19.7% 1.0% 9.5% 2.5% Construction 5.0% Consumer services 5.4% Energy & environment 0.7% Financial services 13.6% 5.4% 3.2% 1.0% Real estate 0.8% Transportation 1.2% Unclassified 18.1% 8.1% 5.4% 2.3% 1.8% Life sciences 18.3% 11.5% 4.9% Consumer goods & retail 5.2% 13.8% 4.2% 3.1% Chemicals & materials 4.2% 25.6% 6.6% 9.1% 0.4% 0.5% 2.5% 3.1% 0.9% 1.5% Source: EVCA / PEREP_Analytics Divestments | Creating lasting value | 71
  • 72. Divestments at cost by region € billion 2012 - Industry vs. Market statistics - % of Amount 12 10.5 10 8 6 5.4 4.6 4.5 4.1 4 3.3 3.3 2.7 2.3 2 1.4 1.1 0.3 - UK & Ireland DACH Nordics France & Benelux Industry statistics - Country of the private equity firm Source: EVCA / PEREP_Analytics Southern Europe CEE Market statistics - Country of portfolio company DACH: Austria, Germany, Switzerland Southern Europe: Greece, Italy, Portugal, Spain Divestments Nordics: Denmark, Finland, Norway, Sweden CEE: Central Eastern Europe | Creating lasting value | 72
  • 73.
  • 74. Acknowledgements We are grateful for the generous support of General Partners representing private equity and venture capital firms across Europe who provided us with their activity data. The following comprehensive and verified pan-European statistics would not be possible without their on-going commitment. We also thank all the regional and national private equity associations that collect their activity data via PEREP_Analytics, the pan-European statistic platform. We thank the following associations for their participation to make PEREP_Analytics the most comprehensive private equity database on private equity in Europe: APCRI (Portugal), AVCO (Austria), BVA (Belgium), BVK (Germany), CVCA (Croatia), CVCA (the Czech Republic), DVCA (Denmark), EstVCA (Estonia), FVCA (Finland), HVCA (Hungary), IVCA (Ireland), LTVCA (Lithuania), NVCA (Norway), NVP (the Netherlands), PSIK (Poland), SECA (Switzerland), SEEPEA (South Eastern Europe), SLOVCA (Slovakia) and SVCA (Sweden). 2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 74
  • 75. About PEREP_Analytics and EVCA Research • The overall coverage rate of all European private equity firms was 64% based on 1,883 eligible private equity firms. In terms of capital under management, the 2012 annual survey covered 89% of the total European market (base €534bn). • PEREP is a joint Pan-European statistics platform of the following private equity associations: APCRI (Portugal), AVCO (Austria), BVA (Belgium), BVK (Germany), CVCA (Croatia), CVCA (the Czech Republic), DVCA (Denmark), EstVCA (Estonia), EVCA (Europe), FVCA (Finland), HVCA (Hungary), IVCA (Ireland), LTVCA (Lithuania), NVCA (Norway), NVP (the Netherlands), PSIK (Poland), SECA (Switzerland), SEEPEA (South Eastern Europe), SLOVCA (Slovakia), SVCA (Sweden). PEREP_Analytics Staff EVCA Research Staff Statistics Manager Dan Magirescu Head of Research Dr Cornelius Mueller Analyst Team Adriana Andronic Andreea Banica Monica Biolan Alina Ciucardel Raluca Coroi Cristina Cristea Laura Dumitrascu Iuliana Furica Adelina Stefan Andrei Teslici Ioana Turbatu Email: info@perepanalytics.eu Web: www.perepanalytics.eu Research Manager Julien Krantz Email: research@evca.eu Web: www.evca.eu 2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 75
  • 76. EVCA European Private Equity and Venture Capital Association Bastion Tower Place du Champ de Mars 5 B – 1050 Brussels – Belgium www.evca.eu Tel: +32 2 715 00 20