Tài liệu Activity Data on Fundraising, Investments and Divestments by Private Equity and Venture Capital Firms in Europe 2012 ppt

Yearbook 2012
Activity Data on Fundraising, Investments and Divestments by
Private Equity and Venture Capital Firms in Europe
9 May, 2012
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Acknowledgements and Disclaimer
| 2
Acknowledgements
We are very grateful for the generous support by General Partners representing Private Equity and Venture Capital firms across Europe who are
directly submitting their activity data to our survey. Without their commitment providing comprehensive and verified pan-European statistics
would not be possible.
We also thank all regional and national private equity associations that collect their activity data via PEREP_Analytics, the pan-European statistics
platform, making it the most comprehensive European private equity database: 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), PPEA (Poland), SECA (Switzerland), SEEPEA (South Eastern Europe), SLOVCA
(Slovakia), SVCA (Sweden). PEREP has collected data directly from associations’ members and participants in the other countries in Europe.



Version
Presentation as of 9/5/2012

Disclaimer
The information contained in this report has been produced by EVCA, based on PEREP_Analytics data and third parties information. While the
EVCA has made every effort to ensure the reliability of the data included in this report, EVCA can not guarantee the accuracy of the information
collected and presented. Therefore, EVCA cannot accept responsibility for any decision made or action taken based upon this report or the
information provided herein.

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 EVCA, Tel: + 32 2 715 00 20.
© Copyright EVCA May 2012
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YearBook 2011
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Yearbook 2012
Executive Summary
| 3
• In 2011 30 bn EUR were divested showing a 50% increase compared to the previous year and almost reaching the 2006 peak. This
increase was triggered by the Buyout & Growth segment which accounted for 92% of the total amount. More than 2000 companies
were divested of which Venture Capital and Buyout & Growth had about an equal share.
• The most preferred exit routs were Trade sale and Secondary sale, together representing more than 60% of the market in terms of
amount divested.
Fundraising
Investments
Divestments
• Investments remained stable at 46 bn EUR showing a 6% increase from 2010. This figure resembles the investment level of 2005.
Buyout & Growth accounted for 91% of the total amount invested.
• In 2011 more than 4,800 companies received investments in Europe out of which SMEs accounted for 85% with an average
investment per company of 3m EUR. More than 60% of these investments were attribute to Venture Capital.
• The three most targeted sectors by number of companies in 2011 were Life sciences, Computer & consumer electronics and
Communications together accounting for 50% of the total. The stage focus split reveals a sector specificity in case of Venture
Capital (Life sciences, Computer & consumer electronics and Communications) and a more homogeneous distribution for Buyout &
Growth.
• In 2011 overall fundraising increased by 80% to 40 bn EUR compared to the previous year, matching 2001 level. VC contributed to
this trend with its 50% increase compared to 2010. The buyout & growth segment almost grew by 100% compared to 2010 and
attributed for 30 bn EUR. More than half of the buyout amount raised came from pension funds, banks and fund of funds.
| Creating lasting value

YearBook 2011
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Yearbook 2012
Overview - Fundraising, Investments & Divestments
| 4
2000–2011 - Industry statistics - Amount
48
40
28
27
27
72
112
80
80
18
22
40
35
24
28
29
37
47
71
72
54
24
43
46

9
13
11
14
20
30
33
27
14
12
20
30
0
20
40
60
80
100
120
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
€ billion
Funds Raised Investments Divestments

Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP Analytics (2007-2011)
Fundraising
Fundraising Statistics explained:

• Current direct funds under management monitored are primarily focused on investments in Europe.
• 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, 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.
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YearBook 2011
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Yearbook 2012
Fundraising
Glossary – Fundraising
| 6
Fund stage focus:
• Early-stage fund: A venture capital fund focused on investing in
companies in the early stages of their lives
• 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
• Growth fund: Funds whose strategy is to invest in or acquire
relatively mature companies that are looking for capital to expand
or restructure operations
• Buyout fund: A fund whose strategy is to acquire other businesses
• 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
• Generalist fund: a funds with either a stated focus of investing in
all stages of private equity investment, or with a broad area of
investment activity
Type of investors:
• Corporate investor: Corporations that produce products

(manufacturing companies) or deliver non-financial services
• 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 services such as investment
management and other services (accounting, tax and financial
advice etc.) to one or several families
• Foundations: A non-profit organisation through which private wealth
is contributed and distributed for public purpose (most often
charitable purposes)
• Fund of funds: A private equity fund that primarily takes equity
positions in other funds
• 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 with the purpose to generate financial returns
• Government agencies: Country, regional, governmental and
European agencies or institutions for innovation and development
(including structures such as the EBRD or EIF)
• 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.

Independent and captive funds:
• “Captive funds” refers to funds that are 100% owned by the parent
organisation, while “independent funds” relates to semi-captive
funds (those in which the parent owns less than 100%) as well as
wholly independent funds.

| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
3.6
1.4
3.4
1.6
4.9
6.2
2.3
1.5
2.5
3.0
1.5
3.7
1.5
0.5
1.5
1.0
0.5
2.5
1.0
0.6
1.5
2.5
1.1
1.7
1.9

1.0
2.0
4.5
2.8
1.7
0
1
2
3
4
5
6
7
Early-stage Later stage
venture
Balanced Growth capital Mezzanine Generalist
€ billion
2007 2008 2009 2010 2011
Funds raised by fund stage focus
| 7
2007-2011 - Incremental amount raised during the year

Source: EVCA / PEREP Analytics
Venture Capital
58.8
65.4
10.3
13.5
25.9
0

10
20
30
40
50
60
Buyout
€ billion
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YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
2.4
0.6
1.9
1.4
4.7
2.5
1.5
0.9
1.3
2.5
0.5
2.2
1.1
0.4
0.7
0.6
1.2

1.1
0.6
0.3
1.3
1.3
1.6
0.8
0.8
1.0
1.4
1.4
1.6
1.4
0
1
2
3
4
5
Early-stage Later stage
venture
Balanced Growth capital Mezzanine Generalist
€ billion
2007 2008 2009 2010 2011
Funds raised by fund stage focus
| 8

Source: EVCA / PEREP Analytics
Venture Capital
2007-2011 - Final closing during the year - Amount

53.4
59.2
9.4
13.3
18.5
0
10
20
30
40
50
60
Buyout
€ billion
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YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Venture funds raised by type of investors
| 9
2007-2011 - Incremental amount raised during the year - % of total amount


Source: EVCA / PEREP Analytics
8.2
6.2
3.4
3.2
4.8

0
5
10
2007 2008 2009 2010 2011
€ billion
New funds raised
(excluding capital gains)
0%
5%
10%
15%
20%
25%
30%
35%
2007 2008 2009 2010 2011
Academic Inst. / Endowments /
Foundations
Banks
Capital markets
Corporate investors
Family offices & Private Individuals
Fund of funds & Other asset managers
Government agencies
Insurance companies
Pension funds
Sovereign wealth funds
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YearBook 2011
| Creating lasting value

Yearbook 2012
Fundraising
Buyout funds* raised by type of investors
| 10
2007-2011 - Incremental amount raised during the year - % of total amount


Source: EVCA / PEREP Analytics
64.7
69.9
11.8
17.0
33.2
0
50
100
2007 2008 2009 2010 2011
€ billion
New funds raised
(excluding capital gains)
*Buyout funds including Growth capital and Mezzanine funds
0%
5%
10%
15%
20%
25%
30%
35%
40%

2007 2008 2009 2010 2011
Academic Inst. / Endowments /
Foundations
Banks
Capital markets
Corporate investors
Family offices & Private Individuals
Fund of funds & Other asset managers
Government agencies
Insurance companies
Pension funds
Sovereign wealth funds
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YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Generalists funds raised by type of investors
| 11
2007-2011 - Incremental amount raised during the year - % of total amount


Source: EVCA / PEREP Analytics
5.8
3.7
2.5
1.7
1.7
0
5

10
2007 2008 2009 2010 2011
€ billion
New funds raised
(excluding capital gains)
0%
10%
20%
30%
40%
50%
60%
2007 2008 2009 2010 2011
Academic Inst. / Endowments /
Foundations
Banks
Capital markets
Corporate investors
Family offices & Private Individuals
Fund of funds & Other asset managers
Government agencies
Insurance companies
Pension funds
Sovereign wealth funds
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Academic institutions

0.2%
Banks
9.8%
Capital markets
5.0%
Corporate investors
12.1%
Endowments and foundations
0.6%
Family offices
2.1%
Fund of funds
9.0%
Government agencies
34.0%
Insurance companies
2.6%
Other asset managers
1.2%
Pension funds
8.0%
Private individuals
14.9%
Sovereign wealth funds
0.3%
Venture Capital funds raised by type of investors
| 12
Number of funds
135

Number of VC firms
105
2011 - Incremental amount raised during the year - % of amount

Source: EVCA / PEREP Analytics
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Academic institutions
0.4%
Banks
17.5%
Capital markets
0.0%
Corporate investors
1.8%
Endowments and foundations
3.0%
Family offices
4.0%
Fund of funds
16.8%
Government agencies
5.2%
Insurance companies
6.7%
Other asset managers
3.7%

Pension funds
22.4%
Private individuals
5.4%
Sovereign wealth funds
13.2%
Buyout funds* raised by type of investors
| 13
Number of funds
116

Number of PE firms
108
2011 - Incremental amount raised during the year - % of amount

Source: EVCA / PEREP Analytics
*Buyout funds including Growth capital and Mezzanine funds
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YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Academic institutions
1.1%
Banks
11.1%
Capital markets
2.6%
Corporate investors
0.5%

Endowments and foundations
5.0%
Family offices
34.1%
Fund of funds
3.9%
Government agencies
12.7%
Insurance companies
0.7%
Other asset managers
0.1%
Pension funds
2.5%
Private individuals
25.6%
Sovereign wealth funds
0.0%
Generalist funds raised by type of investors
| 14
Number of funds
51

Number of PE firms
27
2011 - Incremental amount raised during the year - % of amount

Source: EVCA / PEREP Analytics
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YearBook 2011

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Yearbook 2012
Fundraising
Funds raised by type of investor & regions
| 15
2011 - Incremental amount raised during the year

Source: EVCA / PEREP Analytics
2.0%
1.5%
6.5%
1.6%
7.3%
11.6%
21.9%
18.2%
8.2%
8.0%
39.3%
15.0%
1.4%
0.0%
0.0%
0.0%
0.0%
4.3%
1.5%
16.6%
3.6%
1.7%

5.4%
9.2%
8.6%
13.7%
9.5%
22.2%
13.1%
1.2%
17.3%
19.2%
17.7%
20.5%
17.4%
32.6%
1.0%
19.4%
13.3%
14.1%
8.7%
7.0%
5.2%
5.2%
6.2%
7.8%
5.4%
2.1%
24.4%
6.1%
23.3%
16.8%

3.5%
17.1%
16.8%
0.0%
11.8%
7.3%
0.0%
0.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
UK & Ireland DACH Nordics France &
Benelux
Southern Europe CEE
Sovereign wealth funds
Pension funds
Insurance companies
Government agencies
Fund of funds & Other asset managers
Family offices & Private Individuals
Corporate investors
Capital markets

Banks
Academic Inst. / Endowments /
Foundations
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
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YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Funds raised by country of origin (LP country) & country of management
| 16
2011 - Incremental Amount raised during the year

Source: EVCA / PEREP Analytics
16.5
4.1
8.2
8.6
1.7
0.7
6.4
3.2
3.4
4.4
1.4
0.2
-

2
4
6
8
10
12
14
16
18
UK & Ireland DACH Nordics France & Benelux Southern Europe CEE
€ billion
by country of management by country of origin
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
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YearBook 2011
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Yearbook 2012
Fundraising
Fundraising geographic breakdown
| 17
17.6%
(19.3%)
12.1%
(22.2%)
0.6%
(0.3%)
Rest of World

0.1%
(0.2%)
Australia
Asia
14.7%
(5.7%)
North America
20.3%
(13.8%)
Other
Western Europe
12.4%
(7.8%)
8.8%
(15.9%)
3.9%
(6.2%)
9.4%
(8.7%)
2011 (2010) – Source of funds - % of total amount

Source: EVCA / PEREP Analytics
Investments
Investments Statistics explained:

• Industry statistics are an aggregation of the figures according to the country of location of the private
equity firm’s office in charge of the deal. At the 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 the figures according to the location of the portfolio company. At
the European level, this relates to investments in European companies regardless of the location of the

private equity firm.
• Equity value: Stricto sensu, the amount of capital invested to acquire shares in an enterprise. The equity
value includes equity, quasi-equity, mezzanine, unsecured debt and secured debt provided by the firm.
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YearBook 2011
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Yearbook 2012
Investments
Glossary – Investment Stages
| 19
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 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 VCs.
Private Equity:

• 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.

• 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.

• Buyout: Financing provided to acquire a company. It may use
a significant amount of borrowed money to meet the cost of
acquisition.

NB: Figures on Buyout & Growth funds also include Replacement
capital and Rescue/turnaround statistics.
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YearBook 2011
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Yearbook 2012
Investments
Venture Capital / Buyout & Growth - Investments overview
| 20
2000–2011 – Industry statistics – Amount & Number of companies

Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP Analytics (2007-2011)
15.3
12.1
17.9
20.7

26.6
34.4
53.9
66.0
47.4
19.9
39.2
41.6
19.6
12.2
9.8
8.4
10.3
12.7
17.3
6.2
6.8
4.1
3.9
3.9
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000

10,000
0
10
20
30
40
50
60
70
80
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Number of companies financed
€ billion
Buyout & Growth - Amount invested VC - Amount invested
Buyout & Growth - Number of companies VC - Number of companies
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YearBook 2011
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Yearbook 2012
Investments
Investments by stage focus
| 21
2007-2011 - Market statistics – Amount

Source: EVCA / PEREP Analytics
57.7
37.5
12.3
29.5
34.1

1.7
1.4
2.0
1.7
0.9
0.5
0.3
0.7
0.5
0.4
5.0
7.3
4.5
6.4
5.1
3.5
3.8
1.8
1.8
1.7
2.2
2.5
1.9
1.8
1.8
0.2
0.3
0.1
0.1
0.2

0
10
20
30
40
50
60
2007 2008 2009 2010 2011
€ billion
Buyout Replacement capital Rescue/Turnaround Growth capital Later stage venture Start-up Seed
Venture Capital
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YearBook 2011
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Yearbook 2012
Investments
Investments by stage focus
| 22
2007-2011 - Market statistics – Number of companies

Source: EVCA / PEREP Analytics
1,271
1,122
612
779
859
139
172
175
132

71
55
71
147
127
99
377
599
770
983
848
1,429
1,555
1,121
995
947
1,498
1,783
1,704
1,682
1,627
498
545
381
394
392
0
200
400
600

800
1000
1200
1400
1600
1800
2000
2007 2008 2009 2010 2011
Buyout Replacement capital Rescue/Turnaround Growth capital Later stage venture Start-up Seed
Venture Capital
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YearBook 2011
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Yearbook 2012
Investments
Investments by stage focus - Buyout split
| 23

Source: EVCA / PEREP Analytics
2007-2011 - Market statistics – Amount & Number of companies
0
200
400
600
800
1,000
1,200
1,400
0
10

20
30
40
50
60
70
2007 2008 2009 2010 2011
Number of companies
Amount € Billions
Buyout < €150m
(Amount)
Buyout > €150m
(Amount)
Growth
(Amount)
Buyout < €150m
(Number of companies)
Buyout > €150m
(Number of companies)
Growth
(Number of companies)
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YearBook 2011
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Yearbook 2012
Investments
Investments by stage focus
| 24
% of Amount % of number of companies
2011 - Market statistics - % of Amount & Number of companies

Source: EVCA / PEREP Analytics
Seed
0.4%
Start-up
4.1%
Later stage
venture
3.9%
Growth capital
11.6%
Rescue/ Turnaround
0.9%
Replacement capital
1.9%
Buyout
77.3%
Seed
Start-up
Later stage venture
Growth capital
Rescue/
Turnaround
Replacement
capital
Buyout
Seed
8.1%
Start-up
33.6%

Later stage venture
19.6%
Growth capital
17.5%
Rescue/ Turnaround
2.0%
Replacement capital
1.5%
Buyout
17.7%
Seed
Start-up
Later stage venture
Growth capital
Rescue/
Turnaround
Replacement
capital
Buyout
Seed
0.4%
Start-up
4.1%
Later stage
venture
3.9%
Growth capital
11.6%
Rescue/ Turnaround
0.9%

Replacement capital
1.9%
Buyout
77.3%
Seed
Start-up
Later stage venture
Growth capital
Rescue/ Turnaround
Replacement capital
Buyout
Total Venture

3.7
bn EUR

Buyout & Growth

40.4
bn EUR

Total Venture

2,925 Companies

Buyout & Growth

1,877 Companies

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YearBook 2011
| Creating lasting value
Yearbook 2012
Investments
Investments by stage focus & regions
| 25
2011 - Market statistics – Amount

Source: EVCA / PEREP Analytics
8.2
10.7
5.7
4.1
4.5
0.9
0.0
0.1
0.1
0.1
0.5
0.0
0.2
0.1
0.1
0.0
0.0
0.0
1.3
1.9
0.7

0.5
0.4
0.3
0.5
0.5
0.3
0.1
0.3
0.0
0.3
0.4
0.6
0.1
0.3
0.1
0.0
0.0
0.1
0.0
0.0
0.0
0
2
4
6
8
10
12
UK & Ireland France & Benelux DACH Southern Europe Nordics CEE
€ billion

Buyout Replacement capital Rescue/Turnaround Growth capital Later stage venture Start-up Seed
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
Venture Capital