2012 pan-european pevc activity

8/12/2019 2012 Pan-European PEVC Activity

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2012 Pan-European Private Equity and Venture Capital Activity

Activity Data on Fundraising, Investments and Divestments



| Creating lasting value2012 Pan-European Private Equity and Venture Capital Activity | 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.




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




Executive Summary

• 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.

• 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

Fundraising

Investments

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

• 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.

→ Pages 7-26

→ Pages 27-59

→ Pages 61-72




Overview - Fundraising, Investments & Divestments

2000–2012 - Industry statistics - Amount

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

EVCA Statistics explained: For the purpose of a longer time series this graph shows “industry statistics” capturing activity by location of the privateequity 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.

48

40

28 27 27

72

112

80 80

1922

42

24

35

2428 29

37

47

71 73

55

25

4347

37

913

1114

20

3033

27

1412

20

31

22

0

20

40

60

80

100

120

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

€ b i l l i o n

Funds Raised Investments Divestments




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.



Fundraising | 8| Creating lasting value

Glossary – Fundraising

Fund stage focus

• Early-stage fund: A venture capital fund focused on investing in

companies in their primary development stage.

•Later-stage fund: A venture capital fund focused on investing inlater-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 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.

•

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 fund 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 deliver non-financial

products and services.

•Endowment: An institution that is bestowed money (and possiblyother 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.

• Fund of funds: A private equity fund that primarily takes equity

positions in other funds.

• 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.

• Pension funds: A pension fund that is regulated under private or

public sector law.

• 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: Funds that are 100% owned by the parent

organisation

• Independent funds: Semi-captive funds (those in which the parent

owns less than 100%) as well as wholly independent funds.




2012 Fundraising at a glance

Incremental amounts raised during the 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

Final closings - Cumulative amount since inception €19.8bn €1.5bn €13.8bn €0.5bn

Final closings – Number of funds 96 30 30 6

*Other includes Mezzanine and Generalist funds

• 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.• 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.

• 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.

Source: EVCA / PEREP_Analytics

8.3 6.3 3.7 3.2 5.2 3.6

58.6 64.8

10.8 13.4

26.9

16.5

1.3

3.6

1.1 2.6

4.4

0.4

11.4 5.8

3.3 2.6

5.1

3.1

79.6 80.5

18.9 21.8

41.6

23.6

0

10

20

30

40

50

60

70

80

90

2007 2008 2009 2010 2011 2012

€

b i l l i o n

Venture Capital Buyout Growth Other* Total

** Relates to fund focus




Funds raised by fund stage focus

2007–2012 - Incremental amount raised during the year

Venture Capital


Balanced

Later-stage

Early-stage

58.6

64.8

10.8

13.4

26.9

16.5

0.3

10.3

20.3

30.3

40.3

50.3

60.3

70.3

Buyout

€

b i l l i o n

3.8

2.31.8

1.0

2.0 2.0

1.2

1.5

0.4

0.6

1.0

0.2

3.2

2.5

1.6

1.6

2.2

1.3

8.3

6.3

3.7

3.2

5.2

3.6

0

1

2

3

4

5

6

7

8

9

€

b i l l i o n

1.3

5.3

6.0

3.6

2.0

3.7

1.1

0.7

2.62.6

0.9

1.7

4.4

2.8

2.2

0.4

2.0

1.1

Growth capital Mezzanine Generalist

2007 2008 2009 2010 2011 2012




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

Funds raised by type of investor

2007–2012 - Incremental amount raised during the year - % of total amount


0%

5%

10%

15%

20%

25%

30%

35%

2007 2008 2009 2010 2011 2012

78.5 80.4

18.6 21.8

41.1

23.6

0

50

100

2007 2008 2009 2010 2011 2012

€

b i l l i o n

New funds raised(excluding capital gains)




Venture funds raised by type of investor



8.2

6.2

3.6 3.2

5.2

3.6

0

5

10

2007 2008 2009 2010 2011 2012

€

b i l l i o n


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2007 2008 2009 2010 2011 2012


Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds





Growth funds raised by type of investor



0%

10%

20%

30%

40%

50%

60%

70%

80%

2007 2008 2009 2010 2011 2012

1.2

3.6

1.1

2.6

4.4

0.4

0

5

2007 2008 2009 2010 2011 2012

€

b i l l i o n



Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds





4.5%1.5%

12.3%

0.7%

6.5%

9.3%

39.7%

7.7%

4.5%

5.3%

8.1%

0.7%

7.5% 1.5%

3.1%1.5%

5.3%

14.2%

10.1%

8.8%8.5%

22.1%

4.9%

11.7%

1.0%

8.0% 1.7%

1.0%

1.8%

4.5%

16.9%

2.3%

8.5%10.2%

27.4%

1.7%

14.9%

0.3%

2.8%

2.0%5.1%

1.9%

31.3%

1.6%6.5%

37.3%

11.1%

Funds raised by type of investor

2012 - Incremental amount raised during the year - % of amount


All Private Equity funds

Buyout funds

Venture funds

Growth funds

239 funds

191 firms

102 funds

89 firms

15 funds

14 firms

68 funds

61 firms

Academic institutions

Banks

Capital markets

Corporate investors

Endowments and foundations

Family offices

Fund of funds

Government agencies

Insurance companies

Other asset managers

Pension funds

Private individuals





347

305

266

252 269193

70

47

29

40

42

33

36

27

14

914

5

1513

5

3 4

4

14

14

1

4

8

4

0%

10%

20%

30%

40%

50%

60%

70%

<€100m €100 - 250m €250 - 500m €500 - 1bn >€1bn

Concentration of capital

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


2007 2008 2009 2010 2011 2012

Number

offunds

%

t o t a l a m o u n t o f a n n u a l f u n d r

a i s i n g




Funds raised by type of investor & region of the fund

2012 - Incremental amount raised during the year

DACH: Austria, Germany, Switzerland

Southern Europe: Greece, Italy, Portugal, Spain

Nordics: Denmark, Finland, Norway, Sweden

CEE: Central Eastern EuropeSource: EVCA / PEREP_Analytics

3.1% 3.9% 1.5% 0.0% 1.3% 1.1%

1.8%

8.6%

6.4%13.2%

60.7%

0.4%

2.7%

0.0%

0.0%

0.2%

0.0%

0.0%

1.2%

3.6%

3.6%

7.2%

3.9%

0.7%

4.3%

17.3%

5.4%

23.2%

6.7%

5.3%

24.4%

23.8%

22.5%

18.6%

13.8%

34.6%

1.8%

13.6%

29.7%

18.7%

12.4%

26.8%

10.2%

8.6%

3.8%

9.3%

1.3%

2.6%

29.4%

20.5%

26.8%

8.7%0.0%

15.8%

21.1%

0.0% 0.2% 0.9%0.0%

12.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

UK & Ireland DACH Nordics France &Benelux

Southern Europe CEE


Pension funds

Insurance companies

Government agencies



Corporate investors

Capital markets

Banks

Academic inst. / Endowments /Foundations




Funds raised by country of management & country of origin (LP country)

2012 - Incremental amount raised during the year





13.4

2.6

1.6

4.7

0.6 0.5

2.31.7 1.9

3.7

0.60.0

-

2

4

6

8

10

12

14

16

UK & Ireland DACH Nordics France & Benelux Southern Europe CEE

€

b i l l i o n

by country of management by country of origin




Funds raised by country of management

2007-2012 - Incremental amount raised during the year




CEE: Central Eastern EuropeSource: EVCA / PEREP_Analytics NB: Include capital gains as fundraising

46.2 47.7

6.6 8.9

17.713.5

6.7 6.0

2.4 2.1

4.3

2.6

7.9 9.7

1.5 1.9

8.5

1.6

11.311.8

4.0

6.9

8.6

4.7

6.3 4.0

4.1

1.5

1.8

0.6

1.2 1.3

0.30.5

0.8

0.5

0

10

20

30

40

50

60

70

80

90

2007 2008 2009 2010 2011 2012

€

b i l l i o n





Fundraising geographic breakdown

10.8%(17.2%)

17.4%(12.0%)

0.1%(0.9%)

Rest of World

1.5%(0.2%)

Australia

Asia

13.1%(14.5%)

North America

25.2%(20.0%)

OtherWestern Europe

11.9%(12.7%)

8.0%(9.1%)

2.9%(3.7%)

9.1%

(9.8%)

2012 (2011) - Source of funds - % of total amount





Venture Capital - Fundraising geographic breakdown

10.1%(15.1%)

34.5%(28.0%)

0.8%(2.4%)

Rest of World

0.4%(0.0%)

Australia

Asia

0.3%(1.3%)

North America

4.5%(1.6%)

10.7%(31.7%)

4.9%(4.9%)

17.5%

(8.5%)



OtherWestern Europe

16.2%(6.6%)




Buyout - Fundraising geographic breakdown

11.7%(7.8%)

11.1%(8.7%)

0.0%(0.3%)

Rest of World

2.0%(0.1%)

Australia

Asia

15.3%(19.2%)

North America

31.3%(28.2%)

7.8%(4.9%)

2.6%(3.0%)

7.4%

(12.2%)



OtherWestern Europe

10.7%(15.6%)




Funds raised by fund stage focus

2007–2012 - Final closing during the year - Number of funds


Venture CapitalBalanced

Later-stage

Early-stage

34

26

18 2016

12

8

8

55

9

6

17

20

2224 25

12

59

54

45

49 50

30

0

10

20

30

40

50

60

70

80

9083

70

22

3941

30

0

10

20

30

40

50

60

70

80

90

Buyout

912

20

12

3

23

6 5

23

64

1614

4

24

6 5

25

Growth capital Mezzanine Generalist

2007 2008 2009 2010 2011 2012




81 79

69 7477 6348

39

17 21

37

1828

17

9 10

10714 13

4

6

4

6

12

14

2

3

52

0%

10%

20%

30%

40%

50%

60%

70%

80%

<€100m €100 - 250m €250 - 500m €500 - 1bn >€1bn

Concentration of capital

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


2007 2008 2009 2010 2011 2012

Number

of

funds

% t o t a l a m o u n t o f c u m u l a t i v e

f u n d r a i s i n g u n t i l f i n a l c

l o s i n g



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, quasi-

equity, mezzanine, unsecured debt and secured debt provided by the firm.




Investments | 28| Creating lasting value

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 breakingeven 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 restructureoperations, 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.




2012 Investments at a glance

Investments – Market statistics – Amount & No. of companies

Key Figures

2012 All Private Equity Venture Capital* Buyout* Growth*

Investments – Amount (Market statistics) €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

• Overall €36.5bn was invested in European companies in 2012 with a decrease of

19% compared to the previous year. This was due to the weak first half of 2012

coinciding with economic uncertainty in Europe.

• 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 companiesthat received investments in 2012 were private equity backed for the first time.

• The total amount of venture capital invested decreased year on year by 14% to

€3.2bn. The number of venture backed companies remained stable at about

2,900. Start-up stage investments accounted for the majority of venture capital

activity by amount and number of companies (56-60%). Life sciences, computer &

consumer electronics, communications and energy & environment accounted for

three quarters of all venture capital investments.

• For the first time more than 1,000 companies attracted growth investments

despite a decrease in amount of 26% compared to 2011. Almost two thirds were

in business & industrial products and services, computer & consumer electronics,consumer services, energy and environment and life sciences.

• More than 800 companies received buyout investments similar to the 2011 level

although the investment amount reduced by 19% to €28bn. Buyout investments

broadly concentrate across sectors of business & industrial products and services,

computer & consumer electronics, consumer goods and retail, consumer services

and life sciences.


Buyout - Amount Growth - Amount VC - Amount

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

Other - Amount Total - Amount

* Relates to the investment stage of the portfolio company

6.0 6.3 3.8 3.7 3.7 3.2

57.2

38.4

12.7

29.7

34.5

28.0

4.3

6.7

5.1

6.3

5.2

3.8

69.8

53.4

24.3

41.944.9

36.5

1,2991,161

615 783881 878

348

593 775

994 9321,047

3,339

3,667

3,1553,039

2,965 2,923

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0

10

20

30

40

50

60

70

2007 2008 2009 2010 2011 2012

N um b er of c

om p a ni e s f i n a n c e d

€

b i l l i o n




Investments by stage focus

Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Amount


2007 2008 2009 2010 2011 2012

0

2

4

6

8

10

12

14

16

18

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

€

b i l l i o

n

Venture Capital Buyout Growth





Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies


2007 2008 2009 2010 2011 2012

0

200

400

600

800

1,000

1,200

1,400


Venture Capital Buyout Growth




Venture Capital - Investments by stage focus

Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Amount


2007 2008 2009 2010 2011 2012

0

200

400

600

800

1,000

1,200


€ m

i l l i o n

Seed Start-up Later-stage venture




Venture Capital - Investments by stage focus

Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies


2007 2008 2009 2010 2011 2012

0

100

200

300

400

500

600

700


Seed Start-up Later-stage venture





2007–2012 - Market statistics - Amount

Venture Capital


57.2

38.4

12.7

29.7

34.5

28.0

0

10

20

30

40

50

60

2007 2008 2009 2010 2011 2012

€

b i l l i o n

Buyout

3.5 3.6

1.8 1.7 1.71.3

2.32.4

1.91.8 1.8

1.8

0.20.3

0.10.1 0.2

0.1

4.3

6.7

5.1

6.3

5.2

3.8

0.5 0.30.7 0.5 0.5 0.4

1.91.6

2.0 1.8

1.0 1.1

6.0

6.3

3.83.7 3.7

3.2

0

1

2

3

4

5

6

7

8

2007 2008 2009 2010 2011 2012

€

b i l l i o n

Later-stage venture Start-up Seed Growth Rescue/Turnaround Replacement capital

I b f





2007–2012 - Market statistics - Number of companies


Venture Capital

1,2991,161

615

783881 878

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

200720082009201020112012

Buyout

1,413 1,513

1,151990 939 839

1,528

1,796

1,724

1,7111,679 1,796

500

527

371

393392 353

348593

775994 932 1,047

52 68 150 132 103 67140 174 176 135 76 118

3,339

3,667

3,1553,039

2,965 2,923

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2007 2008 2009 2010 2011 2012


B t I t t b t f / it lit




Buyout - Investments by stage focus / equity split

2007–2012 - 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 2012

N u

m b er of c om p a ni e s

€

b i l l i o n

Buyout < €150m(Amount)

Buyout > €150m(Amount)

Growth(Amount)

Buyout < €150m(Number of companies)

Buyout > €150m(Number of companies)

Growth(Number of companies)

I t t b t g f




Seed0.4%

Start-up4.9%

Later-stage venture3.4%

Growth capital10.4%

Rescue/ Turnaround1.0%

Replacementcapital3.0%

Buyout76.8%


% of Amount % of Number of companies

2012 - Market statistics - % of Amount & Number of companies


Venture Capital €3.2bn Buyout €28bn

Growth €3.8bn

Venture Capital 2,923 CompaniesBuyout 878 Companies

Growth 1,047 Companies

Seed

6.9%

Start-up35.2%

Later-stage venture16.5%

Growth capital20.5%

Rescue/ Turnaround1.3%

Replacement capital2.3%

Buyout

17.2%

Investments by stage focus & regions





2012 - Market statistics - Amount





Venture Capital

8.1

5.6

6.9

2.8

3.9

0.7

0

1

2

3

4

5

6

7

8

9

€

b i l l i o n

Buyout

0.3

0.4

0.3

0.1

0.2

0.0

0.5

0.4

0.4

0.1

0.3

0.1

0.00.0

0.1

0.0

0.0

0.0

0.8

1.1

0.8

0.40.4

0.20.1 0.1

0.0 0.1 0.0 0.0

0.4 0.4

0.1 0.10.0 0.0

0.8 0.8

0.7

0.2

0.5

0.1

0

0.2

0.4

0.6

0.8

1

1.2

UK & Ireland France & Benelux DACH Southern Europe Nordics CEE

€

b i l l i o n







2012 - Market statistics - Number of companies





Venture Capital

173

319

139

91123

33

0

100

200

300

400

Buyout

120

227 242

36

183

31

295

333

506

158

430

74

17

17

217

26

58

18

109

325

410

71 74 5811 29 11 8 7 115 37 21 24 12 9

426

569

931

217

657

123

0

100

200

300

400

500

600

700

800

900

1000

UK & Ireland France & Benelux DACH Southern Europe Nordics CEE


Investments by region




Investments by region

By location of private equity firm By location of portfolio company

2012 - Industry vs. Market statistics - Amount





UK & Ireland43%

France & Benelux20%

DACH16%

Southern Europe8%

Nordics11%

CEE2%

UK & Ireland28%

France &Benelux

22%

DACH23%

Southern Europe10%

Nordics14%

CEE3%

Geographic investment flows




Geographic investment flows



€8.3bn

€27.4bn

€0.8bn

€1.2bn

European privateequity firms investingin portfolio companies

outside Europe

Cross-border investmentswithin Europe

Domestic investmentsin European countries

Market statisticsare an aggregation of figures according to thelocation of the portfolio company.

At European level, this relates to investments

in European companies regardless of the

location of the private equity firm.

Industry statisticsare 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


Non-European privateequity firms investing inportfolio companies in

Europe

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

Venture Capital - Geographic investment flows




Venture Capital Geographic investment flows



€610m

€2,365m

€210m

€369m

European privateequity firms investingin portfolio companies

outside Europe

Cross-border investmentswithin Europe

Domestic investmentsin European countries

Market statisticsare an aggregation of figures according to thelocation of the portfolio company.

At European level, this relates to investments

in European companies regardless of the

location of the private equity firm.

Industry statisticsare 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


Non-European privateequity firms investing inportfolio companies in

Europe

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

Investments as % of GDP





2000–2012 - Industry statistics - % of GDP

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

0.38%

0.25%

0.28% 0.29%

0.35%

0.42%

0.60%

0.55%

0.41%

0.20%

0.33%0.34%

0.26%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o f

G D P






*Other CEE consists of Ex-Yugoslavia and Slovakia

2012 - Industry statistics

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

0 . 8

3 4 %

0 . 5

5 8 %

0 . 4

8 2 %

0 .

2 8 3 %

0 .

2 6 4 %

0 . 2

5 3 %

0 . 2

4 8 %

0 .

2 2 0 %

0 . 2

1 9 %

0 . 1

9 4 %

0 . 1

6 4 %

0 . 1

4 4 %

0 . 1

4 2 %

0 .

1 4 0 %

0 .

1 3 7 %

0 . 1

3 4 %

0 .

1 0 4 %

0 .

0 7 8 %

0 . 0

5 4 %

0 . 0

5 2 %

0 .

0 3 7 %

0 . 0

2 9 %

0 . 0

1 9 %

0 . 0

1 6 %

0 . 0

1 1 %

0 . 0

0 0 %

0.000%

0.200%

0.400%

0.600%

0.800%

1.000%

1.200%

% o

f G D P

2012 2007-2011 Annual Average

Venture Capital - Investments as % of GDP




Venture Capital Investments as % of GDP


*Other CEE consists of Ex-Yugoslavia and SlovakiaSource: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

0 .

1 1 8 %

0 . 0

7 2 %

0 . 0

6 7 %

0 . 0

5 3 %

0 . 0

4 4 %

0 .

0 4 1 %

0 .

0 3 8 %

0 . 0

3 2 %

0 .

0 3 0 %

0 .

0 3 0 %

0 . 0

2 7 %

0 .

0 2 5 %

0 . 0

2 4 %

0 . 0

2 1 %

0 . 0

1 8 %

0 . 0

1 0 %

0 . 0

0 9 %

0 .

0 0 8 %

0 . 0

0 4 %

0 . 0

0 2 %

0 . 0

0 1 %

0 .

0 0 0 %

0 . 0

0 0 %

0 . 0

0 0 %

0 . 0

0 0 %

0 . 0

0 0 %

0.000%

0.020%

0.040%

0.060%

0.080%

0.100%

0.120%

0.140%

0.160%

% o f G D P


Buyout - Investments as % of GDP




y



0 .

7 0 6 %

0 . 4

0 0 %

0

. 3 3 0 %

0 . 2

0 1 %

0 .

1 8 0 %

0 . 1

7 1 %

0 . 1

6 3 %

0 . 1

5 0 %

0 . 1

4 8 %

0 . 1

4 8 %

0 . 1

3 7 %

0 . 1

0 8 %

0 . 1

0 6 %

0 . 0

9 0 %

0 .

0 8 7 %

0 . 0

5 8 %

0 .

0 5 5 %

0 .

0 3 5 %

0 . 0

2 2 %

0 . 0

1 2 %

0 . 0

1 0 %

0 . 0

1 0 %

0 . 0

0 8 %

0 .

0 0 8 %

0 . 0

0 0 %

0 . 0

0 0 %

0.000%

0.100%

0.200%

0.300%

0.400%

0.500%

0.600%

0.700%

0.800%

0.900%

1.000%

%

o f G D P


Growth - Investments as % of GDP






0 . 0

8 8 %

0 . 0

5 3

%

0 . 0

5 2 %

0 . 0

4 3 %

0 . 0

4 1 %

0 . 0

3 6 %

0 . 0

3 6 %

0 . 0

3 4 %

0 . 0

3 3 %

0 . 0

2 8 %

0 . 0

2 7 %

0 . 0

2 3 %

0 . 0

2 1 %

0 .

0 2 0 %

0 .

0 1 9 %

0 . 0

1 7 %

0 .

0 1 3 %

0 .

0 1 1 %

0 . 0

0 8 %

0 . 0

0 7 %

0 . 0

0 4 %

0 . 0

0 3 %

0 . 0

0 3 %

0 . 0

0 1 %

0 . 0

0 0 %

0 . 0

0 0 %

0.000%

0.020%

0.040%

0.060%

0.080%

0.100%

0.120%

0.140%

0.160%

0.180%

0.200%

% o f G D P






2012 - Market statistics


0 . 6

0 2 %

0 . 5

3 0 %

0 .

3 7 3 %

0 . 3

6 9 %

0 .

3 5 2 %

0 . 3

1 2 %

0 . 2

6 0 %

0 .

2 5 8 %

0 . 2

4 7 %

0 . 2

4 4 %

0 . 2

2 6 %

0 . 2

1 1 %

0 .

1 9 0 %

0 .

1 5 9 %

0 . 1

5 3 %

0 . 1

3 7 %

0 . 1

2 5 %

0 .

1 0 3 %

0 . 0

8 6 %

0 .

0 8 4 %

0 . 0

6 9 %

0 . 0

6 6 %

0 .

0 4 2 %

0 .

0 3 3 %

0 . 0

2 0 %

0 . 0

1 8 %

0.000%

0.200%

0.400%

0.600%

0.800%

1.000%

1.200%

1.400%

1.600%

%

o f G D P


Venture Capital - Investments as % of GDP






0 .

0 6 5 %

0 .

0 5 4 %

0 .

0 5 4 %

0 .

0 4 1 %

0 .

0 3 8 %

0 .

0 3 3 %

0 .

0 3 2 %

0 . 0

2 9 %

0 . 0

2 9 %

0 .

0 2

7 %

0 .

0 2 5 %

0 .

0 2 4 %

0 .

0 2 3 %

0 .

0 2 1 %

0 .

0 2 1 %

0 .

0 1 1 %

0 .

0 1 1 %

0 .

0 1 0 %

0 .

0 0 5 %

0 .

0 0 3 %

0 .

0 0 2 %

0 .

0 0 2 %

0 .

0 0 2 %

0 .

0 0 1 %

0 .

0 0 0 %

0 .

0 0 0 %

0.000%

0.010%

0.020%

0.030%

0.040%

0.050%

0.060%

0.070%

0.080%

0.090%

0.100%

%

o f G D P


Buyout - Investments as % of GDP






0 .

5 1 5 %

0 .

4 2 1 %

0 .

3 1 6 %

0 . 3

0 9

%

0 . 2

8 5 %

0 . 2

1 5 %

0 .

2 1 1 %

0 . 2

0 0 %

0 . 1

9 3 %

0 . 1

7 9 %

0 . 1

7 3 %

0 . 1

5 2 %

0 . 1

4 2 %

0 .

1 0 6 %

0 .

0 7 6 %

0 . 0

6 7 %

0 .

0 6 7 %

0 . 0

6 4 %

0 . 0

6 3 %

0 . 0

6 3 %

0 . 0

5 6 %

0 . 0

3 5 %

0 .

0 1 8 %

0 . 0

1 2 %

0 .

0 1 2 %

0 . 0

0 0 %

0.000%

0.200%

0.400%

0.600%

0.800%

1.000%

1.200%

% o f G D P


Growth - Investments as % of GDP






0 . 0

6 0 %

0 . 0

5 3 %

0 . 0

5 1 %

0 .

0 4 5 %

0 . 0

4 1 %

0 .

0 3 9 %

0 . 0

3 8 %

0 . 0

3 6 %

0 . 0

3 3 %

0 . 0

2 7 %

0 .

0 2 7 %

0 . 0

2 4 %

0 . 0

2 1 %

0 . 0

2 0 %

0 . 0

2 0 %

0 . 0

1 9 %

0 . 0

1 2 %

0 . 0

1 2 %

0 . 0

0 9 %

0 . 0

0 8 %

0 . 0

0 8 %

0 .

0 0 5 %

0 . 0

0 3 %

0 . 0

0 3 %

0 . 0

0 0 %

0 . 0

0 0 %

0.000%

0.050%

0.100%

0.150%

0.200%

0.250%

0.300%

% o f G D P


Investments by sector focus




2012 - Market statistics - % of Amount & Number of companies


0.3%

12.4%

10.9%

4.9%

9.0%

8.1%

2.1%

15.2%

9.0%

4.9%

4.3%

14.9%

1.7%

2.1%

0.3%

0.8%

12.5%

8.3%

2.5%

12.1%

17.0%

1.8%

9.5%

5.9%

7.7%

1.5%

16.9%

0.5%

1.6%

1.2%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

AgricultureBusiness & industrial products

Business & industrial services

Chemicals and materials

Communications

Computer & consumer electronics

Construction

Consumer goods & retailConsumer services

Energy and environment

Financial services

Life sciences

Real estate

Transportation

UnclassifiedAmount Number of companies



Investments by sector focus




2007-2012 - Market statistics - Number of companies

Venture Capital

Growth


All Private Equity

Buyout

0

1,000

2,000

3,000

4,000

5,000

6,000

2007 2008 2009 2010 2011 2012

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2007 2008 2009 2010 2011 2012

0

200

400

600

800

1,000

1,200

1,400

2007 2008 2009 2010 2011 2012

0

200

400

600

800

1,000

1,200

2007 2008 2009 2010 2011 2012

Initial / Follow-on investments




62%55%

50%58% 60%

57%56%53%

43% 45% 46% 43%

44%47%

57% 55% 54% 57%

Follow-on investment forthe company

Initial investment for the

companyInitial investment for theprivate equity firm

2012 - Market statistics - % of Number of companies


2007 2008 2009 2010 2011 2012

Investments by number of employees




Full-time equivalent

staff by interval

2012 - Market statistics - % of Number of companies

Venture Capital

Growth

0 - 19

20 - 99

100 - 199

200 - 249

250 - 499

500 - 999

1000 - 4999

5000 +Source: EVCA / PEREP_Analytics

All Private Equity

Buyout

65.0%

29.2%

4.4%

0.3%

0.8% 0.2% 0.1%

0.0%

43.0%

30.8%

9.3%

2.6%

5.6%

3.6%4.1% 1.1%

3.1%

25.7%

17.4%

7.1%

17.4%

10.9%

14.5%

3.9%

20.6%

40.6%

15.6%

4.6%

8.8%

4.4%4.6% 0.9%

Venture Capital - Investments by number of employees




2012 - Market statistics - Amount & Number of companies

Full-time equivalent staff by interval


Amount invested Number of companies

SME % 98% 99%

1,403 1,412

307

7 30 24 2 0

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0

200

400

600

800

1,000

1,200

1,400

1,600

0 - 19 20 - 99 100 - 199 200 - 249 250 - 499 500 - 999 1000 - 4999 5000 +

N um b er of c om p a ni e s

€

m i l l i o n Amount invested Number of companies

Buyout - Investments by number of employees






Full-time equivalent staff by intervalAmount invested Number of companies

SME % 19% 53%

84

2,025 2,011

1,258

3,963

4,743

9,588

4,317

0

50

100

150

200

250

0

2,000

4,000

6,000

8,000

10,000

12,000

0 - 19 20 - 99 100 - 199 200 - 249 250 - 499 500 - 999 1000 - 4999 5000 +


€

m i l l i o n


Growth - Investments by number of employees

2012 M k i i A & N b f i






Full-time equivalent staff by interval


SME % 68% 81%

137

968

1,125

360

523

338 324

33

0

50

100

150

200

250

300

350

400

450

0

200

400

600

800

1,000

1,200

0 - 19 20 - 99 100 - 199 200 - 249 250 - 499 500 - 999 1000 - 4999 5000 +


€

m i l l i o n




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


• 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).


Glossary – Divestment Stages



Divestments | 62| Creating lasting value

• 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 thetime 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 long-

term 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.

2012 Divestments at a glance

Divestments Market statistics No of companies by exit route More than 2 000 European companies were exited representing former




Divestments – Market statistics – No. of companies by exit route

Key Figures

2012 All Private Equity Venture Capital* Buyout* Growth*

Divestments – Amount at cost (Market statistics) €21.7bn €1.9bn €18.3bn €1.2bn

Divestments – Number of companies (Market statistics) 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

• 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%.

• 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 forventure backed companies were trade sale, write-off and sale to

another private equity firm.

• 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 by51% 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.

• IPO levels remained very low. Only 3 buyout and 5 venture capital

investments were able to take this exit route.

Other means

Initial public offering

Repayment of principal loans

Write-off

Repayment silent partnership

Trade sale

Sale to another PE firm

Sale to financial institution

Sale to management


BuyoutGrowthVenture Capital

Sale of quoted equity

159

5

44

242

243

102

65

51

77

33

149

3

32

41

29

72

165

16

59

21

51

-

10

91

199

46

35

5

35

18

* Relates to the investment stage

Divestments at cost – Venture Capital / Buyout / Growth







20.4

10.4

7.5

14.5

24.8

18.3

2.0

0.7

1.1

2.1

2.3

1.2

3.2

2.4

2.1

2.1

2.4

1.9

0

200

400

600

800

1,000

1,200

1,400

1,600

0

5

10

15

20

25

30

35

2007 2008 2009 2010 2011 2012

N um

b er of c om p a ni e s

€ b i l l i o n

Buyout - Amount divested Growth - Amount divested Venture Capital - Amount divested

Buyout - Number of companies Growth - Number of companies Venture Capital - Number of companies

Divestments at cost by exit route

2007–2012 – Market statistics - Amount at cost




2007 2012 Market statistics Amount at cost


0

2

4

6

8

10

12

2007 2008 2009 2010 2011 2012

€

b i l l i o n

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 managementOther means

Divestments at cost by exit route

2007–2012 - Market statistics - Number of companies




2007 2012 Market statistics Number of companies


0

100

200

300

400

500

600

700

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 managementOther means

Divestments at cost by exit route – Venture Capital / Buyout / Growth

2012 - Market Statistics - % of Amount




36.7%

0.3%

4.7%

24.4%

2.1%1.6%

16.8%

4.7% 4.4%

4.1%

Buyout

€18.3bn

2012 Market Statistics % of Amount


Growth

€1.2bn Trade sale



Write-off

Repayment of silent partnerships


Sale to another private equity firm


Sale to management

Other means

Venture Capital

€1.9bn

35.7%

0.0%

6.1%

12.9%

6.9%

4.9%

13.6%

6.4%

8.8%4.6%

38.2%

1.6%

14.8%

6.8%0.7%

5.1%

26.0%

3.2%

1.5%

2.2%

Divestments at cost by exit route – Venture Capital / Buyout / Growth

2012 - Market Statistics - % of Number of companies




p


Buyout

566 Companies

Venture Capital

999 Companies

Growth

475 Companies Trade sale



Write-off

Repayment of silent partnerships


Sale to another private equity firm


Sale to management

Other means

15.6%

0.5%

4.3%

23.7%

23.8%

10.0%

6.4%

5.0%

7.5%

3.2%

25.4%

0.5%

5.5%

7.0%

4.9%12.3%

28.1%

2.7%

10.1%

3.6%

10.4% 0.0%

2.0%

18.6%

40.6%

9.4%

7.1%

1.0%

7.1%3.7%

Divestments at cost by sector

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




p ( g )


37

3,262

1,710

1,213

3,895

1,810

135

3,161

1,017

404483

2,254

17

337

1915

353

159

66

140

248

42

198

109

79

25

211

12

3123

0

50

100

150

200

250

300

350

400

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500 N um b er

of c om p a ni e s ex i t e d

€

m i l l i o n

Amount at cost Number of companies exited

Divestments at cost by sector – Venture Capital / Buyout / Growth

2012 - Market statistics - Amount (excluding write-offs)




Agriculture

Business & industrial products


Chemicals & materials

Communications


Construction

Consumer goods & retail

Consumer services

Energy & environment

Financial services

Life sciences

Real estate

Transportation

Unclassified


Buyout

GrowthVenture Capital

0.5%

4.8%

1.7%

1.6%

16.1%

29.7%

0.3%

5.7%

2.6%

8.4%

7.1%

20.8%

0.0%

0.7%

0.1%

0.1%

17.3%

9.3%

6.9%

21.3%

7.4%

0.5%

16.7%

5.1%

1.0%

2.1%

10.7%

0.0%

1.5%

0.1%

1.3%

18.6%

8.5%

1.0%

2.3%

8.6%

3.6%

14.1%

10.2%

11.3%

1.3%

13.5%

1.5%

3.9%

0.2%

Divestments at cost by sector – Venture Capital / Buyout / Growth

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





Agriculture

Business & industrial products


Chemicals & materials

Communications


Construction

Consumer goods & retail

Consumer services

Energy & environment

Financial services

Life sciences

Real estate

Transportation

Unclassified

Buyout

GrowthVenture Capital

0.6%

20.4%

11.1%

4.2%

5.3%

11.5%

2.5%

18.1%

8.1%

3.2%

2.3%

9.1%

0.4%

2.5%

0.9%

1.3%

25.6%

13.8%

3.1%

4.1%

9.5%

4.9%

13.6%

5.4%

5.4%

1.8%

6.6%

0.5%

3.1%

1.5%

0.9%

19.1%

5.7%

4.2%

11.9%

19.7%

1.0%

5.0%

5.2%

5.4%

0.7%

18.3%

1.0%

0.8%

1.2%

Divestments at cost by region

2012 - Industry vs. Market statistics - % of Amount








10.5

3.3

2.3

4.1

1.4

0.3

5.4

4.5

3.3

4.6

2.7

1.1

-

2

4

6

8

10

12


€

b i l l i o n

Industry statistics - Country of the private equity firm Market statistics - Country of portfolio company



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).

About PEREP_Analytics and EVCA Research

• The overall coverage rate of all European private equity firms was 64% based on 1,883




g p p q y ,

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 ManagerDan Magirescu

Head of ResearchDr Cornelius Mueller

Research ManagerJulien Krantz

Analyst Team

Adriana Andronic

Andreea Banica

Monica Biolan

Alina CiucardelRaluca Coroi

Cristina Cristea

Laura Dumitrascu

Iuliana Furica

Adelina Stefan

Andrei TesliciIoana Turbatu

Email: [email protected]

Web: www.perepanalytics.eu

Email: [email protected]

Web: www.evca.eu

http://www.dvca.dk/



EVCAEuropean Private Equity and Venture Capital AssociationBastion Tower

Place du Champ de Mars 5B – 1050 Brussels – Belgium

www.evca.euTel: +32 2 715 00 20

2012 pan-european pevc activity

Documents