2013 European Private Equity Activity

2013 European

Private Equity Activity

Statistics on Fundraising,

Investments & Divestments

2013 European Private Equity Activity 2

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 persons 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 2014

Version

Presentation as of 05/05/2014

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 700 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 industrys 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.


48

40

28 27 27

72

112

80 80

19 22

42

25

54

35

24 28 29

37

47

71 73

55

25

43 47

38 38

9 13 11

14 20

30 33

27

14 12

20

31

22

34

0

20

40

60

80

100

120

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

b

illion

Funds raised Investments Divestments

Overview - All Private Equity - Fundraising, Investments & Divestments

20002013 - Industry statistics - Amount

Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2013)

EVCA statistics explained: This graph shows industry statistics capturing activity by private equity firms European offices. In the following presentation most statistics on investments and divestments are reported as market statistics. These capture activity based on the location of portfolio companies in Europe. This data is available since 2007.


With data on more than 1,200 European private equity firms,

the 2013 statistics cover 90% of the 555bn in capital under management on the European market.

3 Divestments Divestments statistics explained 60

Glossary 62

At a glance 63

By initial investment stage 64

By exit route 65

By sector 69

By region 72

Acknowledgements 73

About PEREP_Analytics and EVCA Research 75

2 Investments Investments statistics explained 26

Glossary 28

At a glance 29

By investment stage 30

Annual trends 31

Quarterly trends 34

By geography 38

Investments as % of GDP

Industry statistics 43

Market statistics 48

By sector 52

Initial / follow-on 55

By number of employees 56

Whats inside?


Executive Summary 6

1 Fundraising Fundraising statistics explained 7

Glossary 8

At a glance 9

Incremental fundraising

By fund stage focus 10

Concentration of capital 12

By region of management 13

Investors by type 14

Investors by geography 20

Final closing

By fund stage focus 23

Concentration of capital 25

Executive Summary


Fundraising Investments Divestments

In 2013 the total fundraising of 53.6bn was more than twice the volume of 2012.

This increase was driven by buyout funds of

which 12 funds raised more than 1bn each and represented 66% of the total

fundraising. The number of funds in

fundraising decreased from 266 to 253.

Pension funds provided almost 40% of

sources of funds. Fund of funds contributed

16%, followed by sovereign wealth funds

(11%) and insurance companies (11%).

Around half of the amount (26.2bn) was raised from institutional investors outside

Europe.

Venture capital accounted for 8% of the

total fundraising. The 4bn raised showed an increase of 4% compared to 2012. The

contribution from government agencies

remained stable at 38%. Family offices and

private individuals contributed 23% and fund

of funds 12%. Buyout fundraising increased

from 16.7bn in 2012 to 44.9bn representing 84% of all fundraising. Growth

fundraising more than doubled to 1.2bn.

2 Overall investments in European

companies remained stable. More than

5,000 companies were backed in 2013 as

in the previous year. Equity investments

decreased by 3% to 35.7bn. More than 40% of the companies that received

investments in 2013 were backed for the

first time.

The total amount of venture capital

invested had increased by 5% to 3.4bn. More than 3,000 companies were venture-

backed. Start-up stage investments

accounted for the majority of venture

capital activity by amount (55%) and number

of companies (59%).

More than 800 companies received buyout

investments. The related equity amount

invested reduced by 2% and the number of

companies by 9%.

Again more than 1,000 companies had

attracted growth investments. This

represented an increase of 6% by the

number of companies and a 10% decrease in

the amount of equity invested.

3 A total of 2,290 European companies

were exited representing former equity

investments of 33.2bn. The number of companies increased by almost 10% while

the amount divested at cost increased by

54%. The most prominent exit routes by

amount were trade sale (27%), sale to

another private equity firm (26%) and sale of

quoted equity (14%). Almost 40% of the

divested companies followed these exit

routes.

The strength of public markets in 2013 was

reflected by the steep increase in

divestments by flotation (IPO). This exit

route increased more than seven times by

amount at cost (2.2bn) and almost four times by number of companies (23).

Divestments from venture capital

investments by equity amount at cost

increased by 21% to 2.2bn. Buyout related exits at cost increased by 53% to 28bn. For growth the total amount divested at cost

increased by 54% to 1.8bn.

1

Fundraising

1 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, distressed debt funds, primary funds-of-funds, secondary

funds-of-funds.


For more data visit www.evca.eu/research

Glossary

Fund stage focus

Balanced fund

A venture capital fund focused on both early-stage and

development, with no particular concentration on either.

Buyout fund

A fund whose strategy is predominantly to acquire

controlling stakes in established companies.

Early-stage fund

A venture capital fund focused on investing in companies in

their primary development stage.

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.

Growth fund

Funds whose strategy is to invest in relatively mature

companies that are looking for capital to expand or

restructure operations.

Later-stage fund

A venture capital fund focused on investing in later-stage

companies in need of expansion capital.

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.

Types of investors

Corporate investor

Corporations that deliver non-financial products and

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 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.

Note:

Fundraising amounts include capital gains except when

reporting fundraising by type of investors.

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.


8.3 6.3 3.7 3.2 5.2 3.9 4.0

58.6 64.8

10.8 13.4

26.9

16.7

44.9

1.3

3.6

1.1 2.6

4.4

0.5

1.2

11.4

5.8

3.3

2.6

5.1

3.4

3.4

79.6 80.5

18.9 21.8

41.6

24.6

53.6

2007 2008 2009 2010 2011 2012 2013

Venture Capital Buyout Growth Other (2) Total

2013 Fundraising at a glance

In 2013 the total fundraising of 53.6bn was more than twice the volume of 2012. This increase was driven by buyout funds of which 12 funds raised more

than 1bn each and represented 66% of the total fundraising.

The number of funds in fundraising decreased from 266 to 253.

Pension funds provided almost 40% of sources of funds. Fund of funds contributed 16%, followed by sovereign wealth funds (11%) and insurance

companies (11%).

Around half of the amount (26.2bn) was raised from institutional investors outside Europe. In 2013 the share from North American institutional investors

increased to 36% from 24% in 2012.

Venture capital accounted for 8% of the total fundraising. The 4bn raised showed an increase of 4% compared to 2012. The contribution from

government agencies remained stable at 38%. Family offices and private

individuals contributed 23% and fund of funds 12%.

Buyout fundraising increased from 16.7bn in 2012 to 44.9bn representing 84% of all fundraising. Pension funds remained the largest institutional investor

(over 40%) in European buyout funds. 40% of sources of funds were raised from

North American institutional investors surpassing the 31% level of 2012.

Growth fundraising more than doubled to 1.2bn. In 2013 the number of growth funds raising capital increased from 18 in 2012 to 22. Fund of funds

provided the largest contribution of almost 30%.


Source: EVCA / PEREP_Analytics

Note: (1) relates to fund focus


Note: (2) Other includes Mezzanine and Generalist funds

2013 All Private

Equity

Venture

Capital(1) Buyout(1) Growth(1)

Incremental - Amounts raised 53.6bn 4.0bn 44.9bn 1.2bn

Incremental No. of funds 253 105 77 22

Final closings - Cumulative

amount since inception 55.0bn 2.7bn 49.6bn 0.8bn

Final closings - No. of funds 111 39 44 10

Incremental amounts raised during the year ( billion)

Divestments Investments FUNDRAISING


1.3

5.3

6.0

3.6

2.0

3.7

1.1

0.7

2.6 2.6

0.9

1.7

4.4

2.8

2.2

0.5

2.1

1.3 1.2 1.5

2.0

Growth Mezzanine Generalist

2007 2008 2009 2010 2011 2012 2013

3.8

2.3 1.8

1.0

2.0 2.2 1.7

1.2

1.5

0.4

0.6

1.0 0.2

0.2

3.2

2.5

1.6

1.6

2.2

1.5 2.1

8.3

6.3

3.7

3.2

5.2

3.9 4.0

0

1

2

3

4

5

6

7

8

9

b

illion

Funds raised by fund stage focus


20072013 - Incremental amount raised during the year


Venture Capital

Balanced

Later-stage

Early-stage

Legend 58.6

64.8

10.8

13.4

26.9

16.7

44.9

0

10

20

30

40

50

60

70

Buyout

b

illion


26 21

80

24

11

72

23

10

56

28

12

57

32

12

60

18

9

49

22

9

40


2007 2008 2009 2010 2011 2012 2013

100

82 70

60

74

60 57

27

17

18

17

20

11 7

69

66

60

57

58

46

41

196

165

148

134

152

117

105

0

20

40

60

80

100

120

140

160

180

200

Funds raised by fund stage focus


20072013 - Number of funds that reached first, intermediate or final closing during the year


Venture Capital

Balanced

Later-stage

Early-stage

Legend

160

135

78 77 81

73 77

0

20

40

60

80

100

120

140

160

180

200

Buyout


347

305

266

252 269 216

193 70

47

29

40

42

37

28

36

27

14

9 14

5 12

15 13

5

3 4

4 8

14

14

1

4

8

4

12

0%

10%

20%

30%

40%

50%

60%

70%

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

All Private Equity - Concentration of capital

20072013 Incremental fundraising by amount bracket per fund during the year


2007 2008 2009 2010 2011 2012

Number

of

funds

% t

ota

l am

ount

of

annual fu

ndra

isin

g


2013


All Private Equity Funds raised by region of management

2007-2013 - Incremental amount raised during the year


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


46.2 47.7

6.6 8.9

17.7 14.0

34.5

6.7 6.0

2.4 2.1

4.3

2.5

1.7

7.9 9.7

1.5 1.9

8.5

1.8

7.1

11.3 11.8

4.0

6.9

8.6

5.1

8.8

6.3 4.0

4.1 1.5

1.8

0.6

1.0

1.2 1.3

0.3 0.5

0.8

0.5

0.4

0

10

20

30

40

50

60

70

80

90

2007 2008 2009 2010 2011 2012 2013

b

illion

UK & Ireland DACH Nordics France & Benelux Southern Europe CEE


4.7% 4.9% 3.3% 0.7% 2.9% 0.1% 1.0%

3.6% 5.3% 4.7%

18.9%

3.9%

1.0% 0.0%

3.8%

0.0%

0.0%

0.0%

1.0% 5.3% 1.9%

4.2%

10.0%

9.7% 6.1%

33.9%

5.3% 16.9%

14.7%

6.5%

17.3%

24.8%

22.3% 6.1%

16.8%

16.8% 1.4%

3.1%

4.4% 19.5%

29.1%

54.6%

6.7%

11.4%

5.7%

31.3%

1.3% 1.7%

46.4%

13.1%

34.3%

13.8%

6.2% 6.3%

14.2%

0.0%

13.5%

2.6% 0.0% 0.3%

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

Fund of funds & Other asset managers

Family offices & Private individuals

Corporate investors

Capital markets

Banks

Academic inst. / Endowments /Foundations

All Private Equity - Funds raised by region of management and investor type

2013 - Incremental amount raised during the year





0.3%

2.5%

7.4%

2.7%

4.5%

9.9%

38.3%

3.6%

1.6%

8.9%

18.3%

2.0%

0.1%

2.7%

1.2% 2.0%

3.7% 3.7%

11.7%

5.8%

10.7%

4.7%

37.2%

5.2%

11.3%

2.1%

1.2% 1.4%

3.7%

2.9%

11.8%

1.4%

11.2%

5.3% 42.2%

3.8%

13.0% 5.5%

3.1% 9.8%

3.2%

6.7%

27.0%

24.9%

6.2%

1.9% 8.8%

2.8%

Funds raised by type of investor


2013 - Incremental amount raised during the year - % of amount


All Private Equity funds

Buyout funds

Venture Capital funds

Growth funds

253 funds

210 firms

105 funds

91 firms

22 funds

21 firms

77 funds

66 firms

Banks2.7%

Capital markets1.2%

Corporate investors2.0%

Endowments and foundations

3.7%Family offices

3.6%Fund of funds11.5%

Government agencies5.9%

Insurance companies10.8%

Other asset managers4.7%

Pension funds37.4%

Private individuals5.1%

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



0%5%

10%15%20%25%30%35%40%

Academic inst. / Endowments / Foundations

Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds

Sovereign wealth funds0%

5%

10%

15%

20%

25%

30%

35%

40%

2007 2008 2009 2010 2011 2012 2013

78.5 80.4

18.6 21.8

41.1

24.5

53.5

0

50

100

2007 2008 2009 2010 2011 2012 2013

b

illion

New funds raised(excluding capital gains)

All Private Equity - Funds raised by type of investor

20072013 - Incremental amount raised during the year - % of total amount




0%

10%

20%

30%

40%

2007 2008 2009 2010 2011 2012 2013

Venture Capital - Funds raised by type of investor




8.2

6.2

3.6 3.2

5.2

3.9 4.0

0

5

10

2007 2008 2009 2010 2011 2012 2013

b

illion


0%5%

10%15%20%25%30%35%40%


Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds



Buyout - Funds raised by type of investor




0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2007 2008 2009 2010 2011 2012 2013

58.1 64.8

10.6 13.4

26.9 16.7

44.8

0

50

100

2007 2008 2009 2010 2011 2012 2013

b

illion


0%5%

10%15%20%25%30%35%40%


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 2013

1.2

3.6

1.1

2.6

4.4

0.5 1.2

0

2

4

6

2007 2008 2009 2010 2011 2012 2013

b

illion


0%5%

10%15%20%25%30%35%40%


Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds



All Private Equity - Fundraising geographic breakdown

2013 (2012) - Source of funds - % of total amount


9.9% (9.3%)

14.1% (20.8%)

0.2% (0.2%)

Rest of world

5.3% (0.6%)

Australia

Asia

14.3% (13.3%)

North America

36.2% (24.3%)

Unclassified Europe

8.1% (10.5%)

5.5% (9.3%)

1.5% (2.9%)

5.0% (8.8%)



Venture Capital - Fundraising geographic breakdown



14.8% (10.0%)

46.7% (45.1%)

1.3% (1.3%)

Rest of world

0.1% (0.7%)

Australia

Asia

2.7% (0.4%)

North America

13.1% (4.8%)

6.7% (15.1%)

4.4% (5.0%)

9.6% (15.7%)

Unclassified Europe

0.8% (2.0%)



Buyout - Fundraising geographic breakdown



9.4% (9.9%)

8.6% (11.7%)

0.1% (0.0%)

Rest of world

6.0% (0.8%)

Australia

Asia

15.9% (16.2%)

North America

40.2% (31.2%)

5.8% (9.0%)

0.4% (1.1%)

4.8% (7.5%)

Unclassified Europe

8.8% (12.8%)



1.2

4.7

2.7

3.1

0.5

2.1

0.7

1.3 1.1

1.5

0.8 0.8

1.4

1.6

1.4

0.5

3.3

1.7

0.8

0.6

1.2


2007 2008 2009 2010 2011 2012 2013

2.7

1.6

1.1

0.5 0.5

1.1 1.3

0.6

0.9

0.3

0.2

1.0 0.1

0.3

1.6

1.4

0.9

1.4

1.4

0.3

1.2

4.8

4.0

2.3

2.1

2.9

1.5

2.7

0

1

2

3

4

5

b

illion

Venture Capital

Balanced

Later-stage

Early-stage

Legend

Final closing - Funds raised by fund stage focus

20072013 - Final closing during the year - Amount(1)


Note: (1) The total amount raised by funds that reached a final closing in the year. Amounts from previous incremental fundraising rounds and years are aggregated to the final amount.


54

59

10

13

18

15

50

0

10

20

30

40

50

60

Buyout

b

illion


9 12

20

12

3

23

6 5

23

6 4

16 14

4

24

7 5

27

10

2

16


2007 2008 2009 2010 2011 2012 2013

34

26

18 20 16 12

18

8

8

5 5

9

6

4

17

20

22 24 25

14

17

59

54

45

49 50

32

39

0

10

20

30

40

50

60

70

80

90

Venture Capital

Balanced

Later-stage

Early-stage

Legend

Final closing - Funds raised by fund stage focus

20072013 - Final closing during the year - Number of funds(1)


Note: (1) The number of funds that reached a final closing in the year. Each fund is captured only once, when the full amount has been raised.


83

70

22

39 41

30

44

0

10

20

30

40

50

60

70

80

90

Buyout


81 79

69 74 77

66 58

48 39

17 21

37

18

22

28

17

9 10

10 7 14

14 13

4

6

4

7

5

12

14

2

3

5

3

12

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

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

Final closing - All Private Equity - Concentration of capital

20072013 - Final closing during the year - Amount(1) & Number of funds(2)

Source: EVCA / PEREP_Analytics Note: (1) The total amount raised by funds that reached a final closing in the year. Amounts from previous incremental fundraising rounds and years are aggregated to the final amount.

(2) The number of funds that reached a final closing in the year. Each fund is captured only once, when the full amount has been raised.

% t

ota

l am

ount

of

cum

ula

tive

fundra

isin

g u

nti

l fi

nal clo

sing


2007 2008 2009 2010 2011 2012

Number

of

funds

2013

Investments

2 Investments statistics explained

Industry statistics are an aggregation of figures according to the country of

the private equity firms 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.



Market versus industry

statistics



B

C

D

A : Domestic investments in European countries

B : Cross-border investments within Europe

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

D : European private equity firms investing in portfolio companies outside Europe

A

Market statistics

A + B + C

Industry statistics

A + B + D

Glossary

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 operations, restructure operations or 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.


Divestments INVESTMENTS Fundraising

2013 Investments at a glance

Overall investments in European companies remained stable. More than 5,000 companies were backed in 2013, as it was the case in the previous year. Equity

investments decreased by 3% to 35.7bn.

More than 40% of the companies that received investments in 2013 were backed for the first time.

The total amount of venture capital invested had increased by 5% to 3.4bn. More than 3,000 companies were venture-backed. Start-up stage investments

were the majority of venture capital activity by amount (55%) and number of

companies (59%). The life sciences, computer & consumer electronics,

communications and energy & environment sectors accounted for over 70% of

all venture capital investments.

More than 800 companies received buyout investments. The related equity amount invested reduced by 2% and the number of companies by 9% compared

to 2012. More than half of buyout investments concentrated on companies

active in business & industrial products, consumer goods & retail, business &

industrial services and life sciences.

As in 2012, more than 1,000 companies attracted growth investments. This represented an increase of 6% by number of companies and a 10% decrease in

the amount of equity invested. About 50% concentrated on companies active in

business & industrial services, business & industrial products, computer &

consumer electronics and communications.

2013 - Market statistics All Private

Equity

Venture


Amount 35.7bn 3.4bn 27.7bn 3.6bn

No. of companies 5,089 3,034 812 1,131

No. of firms 1,073 641 420 334

No. of funds 1,654 994 552 500

Investments Market statistics Amount & No. of companies



Note: (1) relates to the investment stage of the portfolio company


Note: (2) Other includes Rescue/Turnaround and Replacement capital

6.0 6.3 3.8 3.7 3.7 3.2 3.4

57.2

38.4

12.7

29.7

34.5

28.1 27.7

4.3

6.7

5.1

6.3

5.2

4.0 3.6

69.8

53.4

24.3

41.9 44.9

36.8 35.7

1,299

1,161

615 783 881 896 812

348

593

775 994 932

1,066 1,131

3,339

3,667

3,155 3,039

2,965 2,981 3,034

2007 2008 2009 2010 2011 2012 2013

No. of companies:

Venture Capital

Buyout

Growth

Amount (bn):

Venture Capital

Buyout

Growth

Other(2)

Total


Investments by stage focus

2013 - Market statistics - % of Amount & Number of companies


% of Amount % of Number of companies

Venture Capital 3.4bn

Buyout 27.7bn

Growth 3.6bn

Venture Capital 3,034 Companies

Buyout 812 Companies

Growth 1,131 Companies


Seed 0.3%

Start-up 5.2% Later-stage

venture 3.9%

Growth capital 10.0%

Rescue/ Turnaround

1.0% Replacement

capital 2.1%

Buyout 77.4%

Seed 7.9%

Start-up 34.7%

Later-stage venture 16.7%

Growth capital 21.8%

Rescue/ Turnaround

1.3%

Replacement capital 1.9%

Buyout 15.7%



20072013 - Market statistics - Amount


Venture Capital


3.5 3.6

1.8 1.7 1.7 1.3 1.4

2.3 2.4

1.9 1.8 1.8

1.8 1.9

0.2

0.3

0.1 0.1 0.2

0.1 0.1

4.3

6.7

5.1

6.3

5.2

4.0 3.6

0.5 0.3 0.7

0.5 0.5 0.3 0.3

1.9 1.6

2.0 1.8

1.0 1.1 0.8

6.0

6.3

3.8 3.7 3.7

3.2 3.4

0

1

2

3

4

5

6

7

2007 2008 2009 2010 2011 2012 2013

b

illion

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

57.2

38.4

12.7

29.7

34.5

28.1 27.7

0

10

20

30

40

50

60

2007 2008 2009 2010 2011 2012 2013

b

illion

Buyout


1,413 1,513

1,151 990

939 843 863

1,528

1,796

1,724

1,711 1,679 1,833 1,800

500

527

371

393 392 359 412

348 593

775 994

932

1,066 1,131

52 68 150 132 103 65 66

140 174 176 135 76 117 99

3,339

3,667

3,155 3,039

2,965 2,981 3,034

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2007 2008 2009 2010 2011 2012 2013



20072013 - Market statistics - Number of companies



1,299

1,161

615

783

881 896

812

0

500

1,000

1,500

2007200820092010201120122013

Buyout

Venture Capital


Buyout Investments by equity bracket

20072013 - Market statistics - Amount & Number of companies



6 5 2 3 4 4 3

24

18

6

11

16

13 13

12

7

2

8

8

7 7

15

9

2

8

8

5 5

886

816

493

550 574

621

547

438

378

128

238

327

268 263

50 29 8 33 33 27 32

30 18 4 16 18 11 10 0

100

200

300

400

500

600

700

800

900

0

10

20

30

40

50

60

2007 2008 2009 2010 2011 2012 2013

Num

ber o

f com

panie

s b

illion

6 52

3 4 4 3

24

18

6

1116

13 13

12

7

2

88

7 7

15

9

2

88

5 5

886816

493550 574

621547

438378

128

238

327268 263

50 29 8 33 33 27 3230 18 4 16 18 11 10 0

100

200

300

400

500

600

700

800

900

0

10

20

30

40

50

60

2007 2008 2009 2010 2011 2012 2013

Num

ber o

f com

panie

s

billion

Small ( 300m) - Amount

Small ( 300m) - No. of companies

6 52

3 4 4 3

24

18

6

1116

13 13

12

7

2

88

7 7

15

9

2

88

5 5

886816

493550 574

621547

438378

128

238

327268 263

50 29 8 33 33 27 3230 18 4 16 18 11 10 0

100

200

300

400

500

600

700

800

900

0

10

20

30

40

50

60

2007 2008 2009 2010 2011 2012 2013

Num

ber o

f com

panie

s

billion

Small ( 300m) - Amount

Small ( 300m) - No. of companies


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 Q1 Q2 Q3 Q4

b

illion

Venture Capital Buyout Growth



Quarterly trend Q1 2007 Q4 2013 - Market statistics - Amount


2007 2008 2009 2010 2011 2013 2012


0

200

400

600

800

1,000

1,200

1,400


Venture Capital Buyout Growth


Quarterly trend Q1 2007 Q4 2013 - Market statistics - Number of companies


35 2013 European Private Equity Activity

2007 2008 2009 2010 2011 2013 2012


0.0

0.2

0.4

0.6

0.8

1.0

1.2


b

illion

Seed Start-up Later-stage venture

Venture Capital - Investments by stage focus

Quarterly trend Q1 2007 Q4 2013 - Market statistics - Amount


36 2013 European Private Equity Activity

2007 2008 2009 2010 2011 2013 2012


0

100

200

300

400

500

600

700


Seed Start-up Later-stage venture

Venture Capital - Investments by stage focus

Quarterly trend Q1 2007 Q4 2013 - Market statistics - Number of companies



2007 2008 2009 2010 2011 2013 2012


All Private Equity - Geographic investment flows

2013 - Industry vs. Market statistics - Amount


9.3bn

25.5bn

0.9bn

2.9bn

European private

equity firms investing

in portfolio companies

outside Europe

Cross-border investments

within Europe

Domestic investments

in European countries

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.

Industry statistics are an aggregation of figures according to the

country of the private equity firms 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.

Non-European private

equity firms investing in

portfolio 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



775m

2,317m

291m

323m

European private

equity firms investing

in portfolio companies

outside Europe

Cross-border investments

within Europe

Domestic investments

in European countries

Non-European private

equity firms investing in

portfolio companies in

Europe

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.

Industry statistics are an aggregation of figures according to the

country of the private equity firms 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.


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


UK & Ireland

27%

France & Benelux

28%

DACH 18%

Southern Europe

11%

Nordics 14%

CEE 2%

UK & Ireland 43%

France & Benelux

21%

DACH 17%

Southern Europe

6%

Nordics 12%

CEE 1%

All Private Equity - Investments by region




Industry statistics Market statistics



0.3

0.5

0.3

0.1

0.2

0.0

0.4

0.5

0.6

0.1

0.3

0.0

0.0

0.0 0.1

0.0

0.0

0.0

1.2

1.0

0.4 0.4

0.3

0.3

0.1

0.2 0.0

0.0 0.0 0.0

0.2 0.2

0.1 0.1 0.1 0.0

0.7

1.0 1.0

0.2

0.5

0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

UK & Ireland France & Benelux DACH Southern Europe Nordics CEE

b

illion


Investments by stage focus & regions

2013 - Market statistics - Amount




7.7 7.7

4.7

3.0

4.1

0.4

0

1

2

3

4

5

6

7

8

b

illion

BuyoutVenture Capital


Investments by stage focus & regions





Venture Capital

113

251

174

67

216

42

303

372 503

144

403

75

12

30

251

28

53

38

104

345

499

73 63 47 6 27 18

5 9 1 10 39

16 21 7 6

428

649

907

236

660

154

0

100

200

300

400

500

600

700

800

900

1,000

UK & Ireland France & Benelux DACH SouthernEurope

Nordics CEE


177

292

119

84 107

33

0

100

200

300

400

Buyout


All Private Equity - Investments as % of European GDP - Industry statistics

20002013 - Industry statistics - % of GDP

Source: Thomson Reuters Datastream (GDP) / Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2013)


0.38%

0.25%

0.28% 0.29%

0.35%

0.42%

0.60%

0.55%

0.41%

0.20%

0.33% 0.34%

0.27% 0.27%

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 2013

%of

GD

P


0.8

42%

0.5

85%

0.3

68%

0.2

88%

0.2

75%

0.2

67%

0.2

41%

0.2

29%

0.2

15%

0.1

64%

0.1

56%

0.1

54%

0.1

25%

0.0

90%

0.0

73%

0.0

69%

0.0

57%

0.0

34%

0.0

28%

0.0

23%

0.0

21%

0.0

16%

0.0

15%

0.0

15%

0.0

04%

0.0

01%

0.000%

0.200%

0.400%

0.600%

0.800%

1.000%

1.200%

% o

f G

DP

All Private Equity - Investments as % of GDP - Industry statistics

2013 - Industry statistics

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

Note: *Other CEE consists of Ex-Yugoslavia and Slovakia


2013 2007-2012 Annual Average


Venture Capital - Investments as % of GDP - Industry statistics





0.0

92%

0.0

80%

0.0

54%

0.0

53%

0.0

52%

0.0

44%

0.0

38%

0.0

28%

0.0

27%

0.0

25%

0.0

24%

0.0

24%

0.0

21%

0.0

18%

0.0

17%

0.0

09%

0.0

09%

0.0

08%

0.0

06%

0.0

04%

0.0

03%

0.0

03%

0.0

02%

0.0

01%

0.0

01%

0.0

00%

0.000%

0.020%

0.040%

0.060%

0.080%

0.100%

0.120%

0.140%

0.160%

% o

f G

DP



Buyout - Investments as % of GDP - Industry statistics





0.7

25%

0.4

90%

0.2

90%

0.2

09%

0.2

09%

0.1

92%

0.1

75%

0.1

47%

0.1

47%

0.0

99%

0.0

95%

0.0

60%

0.0

58%

0.0

49%

0.0

42%

0.0

23%

0.0

19%

0.0

14%

0.0

08%

0.0

06%

0.0

05%

0.0

03%

0.0

01%

0.0

00%

0.0

00%

0.0

00%

0.000%

0.100%

0.200%

0.300%

0.400%

0.500%

0.600%

0.700%

0.800%

0.900%

% o

f G

DP



Growth - Investments as % of GDP - Industry statistics





0.0

76%

0.0

61%

0.0

45%

0.0

32%

0.0

31%

0.0

30%

0.0

26%

0.0

26%

0.0

25%

0.0

20%

0.0

18%

0.0

15%

0.0

15%

0.0

13%

0.0

11%

0.0

11%

0.0

09%

0.0

09%

0.0

05%

0.0

04%

0.0

04%

0.0

03%

0.0

02%

0.0

02%

0.0

00%

0.0

00%

0.000%

0.020%

0.040%

0.060%

0.080%

0.100%

0.120%

0.140%

0.160%

0.180%

% o

f G

DP



All Private Equity - Investments as % of GDP - Market statistics

2013 - Market statistics





0.7

39%

0.5

04%

0.4

30%

0.4

09%

0.3

93%

0.3

41%

0.3

13%

0.2

70%

0.2

53%

0.1

94%

0.1

94%

0.1

92%

0.1

80%

0.1

73%

0.1

54%

0.1

03%

0.0

99%

0.0

98%

0.0

90%

0.0

71%

0.0

58%

0.0

49%

0.0

28%

0.0

24%

0.0

14%

0.0

03%

0.000%

0.200%

0.400%

0.600%

0.800%

1.000%

1.200%

1.400%

% o

f G

DP


Venture Capital - Investments as % of GDP - Market statistics






0.0

67%

0.0

66%

0.0

55%

0.0

40%

0.0

33%

0.0

32%

0.0

32%

0.0

29%

0.0

26%

0.0

24%

0.0

23%

0.0

23%

0.0

21%

0.0

19%

0.0

18%

0.0

14%

0.0

13%

0.0

12%

0.0

10%

0.0

05%

0.0

04%

0.0

04%

0.0

03%

0.0

02%

0.0

02%

0.0

00%

0.000%

0.010%

0.020%

0.030%

0.040%

0.050%

0.060%

0.070%

0.080%

0.090%

% o

f G

DP


Buyout - Investments as % of GDP - Market statistics






0.7

03%

0.3

99%

0.3

62%

0.3

09%

0.2

85%

0.2

65%

0.2

44%

0.1

96%

0.1

73%

0.1

51%

0.1

39%

0.1

38%

0.1

27%

0.1

12%

0.0

99%

0.0

83%

0.0

80%

0.0

53%

0.0

34%

0.0

23%

0.0

22%

0.0

11%

0.0

06%

0.0

03%

0.0

00%

0.0

00%

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

DP


0.0

59%

0.0

50%

0.0

44%

0.0

42%

0.0

39%

0.0

39%

0.0

37%

0.0

35%

0.0

32%

0.0

28%

0.0

26%

0.0

25%

0.0

23%

0.0

21%

0.0

15%

0.0

14%

0.0

13%

0.0

09%

0.0

09%

0.0

08%

0.0

07%

0.0

07%

0.0

04%

0.0

03%

0.0

02%

0.0

00%

0.000%

0.050%

0.100%

0.150%

0.200%

0.250%

% o

f G

DP

Growth - Investments as % of GDP - Market statistics







All Private Equity - Investments by sector

2013 - Market statistics - % of Amount & Number of companies



14.1%

13.8%

13.1%

9.4%

9.4%

9.0%

7.4%

6.8%

6.2%

3.6%

2.3%

2.1%

1.2%

0.3%

1.2%

10.9%

9.4%

16.7%

6.0%

9.2%

12.9%

18.3%

6.8%

2.0%

1.6%

2.2%

0.8%

1.7%

0.4%

1.1%

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

Business & industrial products

Consumer goods & retail

Life sciences

Consumer services

Business & industrial services

Communications

Computer & consumer electronics

Energy and environment

Financial services

Transportation

Chemicals and materials

Agriculture

Construction

Real estate

Unclassified

Amount

Number of companies


Investments by sector

2007-2013 - Market statistics - Amount


Venture Capital

Growth

All Private Equity

Buyout


0

10

20

30

40

50

60

70

80

2007 2008 2009 2010 2011 2012 2013

b

illion

0

1

2

3

4

5

6

7

2007 2008 2009 2010 2011 2012 2013

b

illion

0

10

20

30

40

50

60

2007 2008 2009 2010 2011 2012 2013

b

illion

0

1

2

3

4

5

6

7

8

2007 2008 2009 2010 2011 2012 2013 b

illion

0

10

20

30

40

50

60

70

80

2007 2008 2009 2010 2011 2012 2013

billion

Transportation

Real estate

Life sciences

Financial services


Consumer services


Construction


Communications




Agriculture


Investments by sector

2007-2013 - 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 2013

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200

1,400

2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200

2007 2008 2009 2010 2011 2012 2013

0

10

20

30

40

50

60

70

80

2007 2008 2009 2010 2011 2012 2013

billion

Transportation

Real estate

Life sciences

Financial services


Consumer services


Construction


Communications




Agriculture


All Private Equity - Initial / Follow-on investments

2013 - Market statistics - % of Number of companies



2007 2008 2009 2010 2011 2013 2012

62% 55%

50% 58% 60% 57% 55% 56% 53%

43% 45% 46% 44% 42%

44% 47%

57% 55% 54% 56% 58%

Follow-on investmentfor the company

Initial investment forthe company

Initial investment forthe private equity firm


Investments by number of employees


2013 - Market statistics - % of Number of companies

Venture Capital

Growth

All Private Equity

Buyout


44.1%

31.6%

9.1%

2.5%

4.5%

3.6%3.7%0.9%

0 - 19

20 - 99

100 - 199

200 - 249

250 - 499

500 - 999

1000 - 4999

5000 +

44.1%

31.6%

9.1%

2.5%

4.5% 3.6%

3.7% 0.9%

64.4%

30.7%

3.3% 0.8%

0.7% 0.2% 0.1%

0.0%

2.8%

21.4%

21.2%

6.2%

15.9%

12.8%

15.9%

3.8%

23.3%

41.6%

15.0%

3.8%

7.0%

4.6% 3.8%

0.8%

SME: 87.3% SME: 99.1%

SME: 51.6% SME: 83.8%

SME

Full-time equivalent

staff by interval


1,235

1,747

256

69 64 8 2 0

0

500

1,000

1,500

2,000

2,500

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

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

Num

ber o

f com

panie

s m

illion

Amount invested Number of companies

Venture Capital - Investments by number of employees



Full-time equivalent staff by interval


SME % 98% 99%



0.1

1.0

2.2

0.7

3.3

5.3

11.3

3.8

0

20

40

60

80

100

120

140

160

180

200

0

2

4

6

8

10

12

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

Num

ber o

f com

panie

s

b

illion


Buyout - Investments by number of employees





SME % 14% 52%



Growth - Investments by number of employees





SME % 55% 84%

0.2

1.1

0.6

0.1

0.6 0.6

0.2

0.2

0

50

100

150

200

250

300

350

400

450

500

0.0

0.2

0.4

0.6

0.8

1.0

1.2

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

Num

ber o

f com

panie

s

b

illion



Divestments

3 Divestments statistics explained

Industry statistics are an aggregation of figures according to the country of

the private equity firms 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).



Market versus industry

statistics



61

B

C

D

Market statistics

A + B + C

Industry statistics

A + B + D

A : Domestic divestments in European countries

B : Cross-border divestments within Europe

C : Non-European private equity firms divesting portfolio companies in Europe

D : European private equity firms divesting portfolio companies outside Europe

A

Glossary

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 companys 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.

Initial public offering (IPO)

The sale or distribution of a companys shares to the public for the first time by listing the company on the stock exchange.

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 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 of quoted equity

The sale of quoted shares only if connected to a former private equity investment, e.g.

sale of quoted shares after a lock-up period.


DIVESTMENTS Investments Fundraising

211

203

268

47

81

93

73

15

4

24

206

24

45

188

100

66

30

28

15

18

57

209

116

36

61

59

13

15

3

9

Trade sale

Repayment of silentpartnerships

Write-off

Sale to another PE Firm

Repayment of principalloans

Sale to management


Sale to financialinstitution

Initial public offering

Other means

Venture Capital

Buyout

Growth

2013 Divestments at a glance


Source: EVCA/PEREP Analytics

Note: (1) relates to the investment stage

Source: EVCA/PEREP Analytics

Divestments Market statistics No. of companies by exit route

2013 - Market statistics All Private

Equity

Venture


Divestments Amount 33.2bn 2.2bn 28.0bn 1.8bn

Divestments No. Companies 2,290 994 688 574

Number of Firms 646 312 332 147

Number of Funds 1,133 550 510 221

A total of 2,290 European companies were exited representing former equity investments of 33.2bn. The number of companies increased by almost 10% while the amount divested at cost increased by 54%. The most prominent exit routes by

amount were trade sale (27%), sale to another private equity firm (26%) and sale of

quoted equity (14%) representing almost 40% of the divested companies.

The strength of public markets in 2013 was reflected by the steep increase in divestments by flotation (IPO). This exit route increased more than seven times by

amount at cost (2.2bn) and almost four times by number of companies (23).

Divestments from venture capital investments represented 43% of all exited companies. They accounted for 7% of the amount divested at cost. The equity

amount divested increased by 21% to 2.2 bn. The number of exited venture-backed companies decreased slightly by 2% to 994. Trade sale, write-off and sale of quoted

equity were the most prominent exits routes.

Buyout divestments represented 85% of the equity amount at cost and 30% by the number of companies. The amount divested increased by 53% to 28bn. By the number of companies, divestments increased by 19% to 688. Sale to another private

equity firm, trade sale and sale of quoted equity were the most prominent exit

routes.

Growth divestments represented 5% of equity amount at cost and 25% by number of companies. The amount divested increased by 54% to 1.8bn. The number of companies divested increased by 21% to 574. Trade sale, sale to another private

equity firm, write-off and sale to management were the most prominent exit routes.


Divestments at cost Venture Capital / Buyout / Growth




20.4

10.4

7.5

14.5

24.8

18.3

28.0

2.0

0.7

1.1

2.1

2.3

1.1

1.8

3.2

2.4

2.1

2.1

2.4

1.9

2.2

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 2013

Num

ber o

f com

panie

s b

illion

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

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


44.2%

0.5%

2.7% 10.0%

3.8%

5.9%

16.9%

3.3%

10.0%

2.8%

24.0%

6.6%

14.2%

9.6% 1.0%

7.7%

29.6%

3.1%

2.7%

1.5%

53.5%

0.9%

12.6%

15.2%

1.8%

2.3% 5.8%

1.3% 5.8%

0.7%

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

2013 - Market Statistics - % of Amount


Buyout

28.0bn

Growth

1.8bn

36.7%

0.3%

4.7%

24.4%

2.1%1.6%

16.8%

4.7%4.4%

4.1%

Trade sale



Write-off

Repayment of silent partnerships




Sale to management

Other means

Venture Capital

2.2bn



9.9% 0.5%

2.2%

20.1%

36.2%

10.6%

6.2%

2.6%

10.2%

1.6%

28.6%

2.1%

4.2%

6.3%

3.3% 13.9%

26.1%

3.9%

9.2%

2.5%

20.7%

0.4%

7.2%

26.3%

19.9%

7.9%

4.6%

1.5% 9.1%

2.4%

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

2013 - Market Statistics - % of Number of companies


Buyout

688 Companies

Venture Capital

994 Companies

Growth

574 Companies

36.7%

0.3%

4.7%

24.4%

2.1%1.6%

16.8%

4.7%4.4%

4.1%

Trade sale



Write-off

Repayment of silent partnerships




Sale to management

Other means



All Private Equity - Divestments at cost by exit route

20072013 Market statistics - Amount at cost



0

2

4

6

8

10

12

2007 2008 2009 2010 2011 2012 2013

b

illion

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


0

100

200

300

400

500

600

700

2007 2008 2009 2010 2011 2012 2013

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

All Private Equity - Divestments at cost by exit route





5.3

3.8

3.1 3.0

2.8 2.7

2.3

1.6 1.6 1.5

1.2

0.5

0.2 0.2 0.0

169

338

239

139

278

200

161

42

84 60

44 59

9 18 27

0

50

100

150

200

250

300

350

400

0

1

2

3

4

5

6 Num

ber o

f com

panie

s exite

d

b

illion

Amount at cost

Number of companies exited

All Private Equity - Divestments at cost by sector

2013 - Market statistics - Amount & Number of companies (excluding write-offs)




Divestments at cost by sector Venture Capital / Buyout / Growth

2013 - Market statistics - Amount (excluding write-offs)



11.1%

29.4%

18.6%

4.0%

18.3%

3.4%

2.1%

5.0%

6.4%

0.1%

0.3%

0.6%

0.2%

0.0%

0.5%

18.3%

8.3%

8.2%

12.8%

4.5%

11.4%

10.1%

8.5%

5.7%

4.1%

4.7%

1.9%

0.8%

0.5%

0.0%

24.5%

4.7%

13.0%

13.5%

5.3%

8.1%

8.1%

5.8%

2.3%

6.9%

3.3%

2.0%

0.2%

0.7%

1.7%

Communications

Life sciences



Financial services


Consumer services


Energy & environment

Transportation

Construction

Chemicals & materials

Agriculture

Real estate

Unclassified

Venture Capital

Buyout

Growth


12.2%

21.7%

7.7%

17.6%

6.6%

13.0%

5.2%

6.1%

1.4%

3.4%

0.8%

1.4%

0.8%

0.3%

1.8%

19.2%

11.3%

15.3%

7.7%

10.2%

7.4%

8.8%

4.2%

3.9%

2.8%

3.7%

3.9%

0.9%

0.5%

0.3%

25.7%

10.4%

16.1%

4.8%

9.8%

4.8%

9.3%

2.8%

4.8%

3.3%

3.0%

1.5%

1.3%

0.7%

1.7%




Life sciences


Communications

Consumer services

Energy & environment

Construction

Chemicals & materials

Transportation

Financial services

Agriculture

Real estate

Unclassified

Venture Capital

Buyout

Growth

Divestments at cost by sector Venture Capital / Buyout / Growth

2013 - Market statistics - Number of companies (excluding write-offs)




All Private Equity - Divestments at cost by region

2013 - Industry vs. Market statistics - % of Amount




14.5

5.1

3.9

7.4

2.2

0.4

7.5 7.5

5.0

9.4

3.0

0.7

0

2

4

6

8

10

12

14

16

UK & Ireland DACH Nordics France & Benelux Southern Europe CEE

b

illion

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

Acknowledgements


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

SVCA - Sweden

CVCA - The Czech Republic

DVCA - Denmark

EstVCA - Estonia

EVCA - Europe

FVCA - Finland

APCRI - Portugal

AVCO - Austria

BVA - Belgium

BVK - Germany

CVCA - Croatia

PSIK - Poland

SECA - Switzerland

SEEPEA - South Eastern Europe

SLOVCA - Slovakia

SVCA - Sweden

About PEREP_Analytics and EVCA Research

PEREP is a joint Pan-European statistics platform of the following private equity associations:


HVCA - Hungary

IVCA - Ireland

LTVCA - Lithuania

NVCA - Norway

NVP - The Netherlands

Statistics Manager

Dan Magirescu

Statistics Team

Adriana Andronic

Andreea Banica

Monica Biolan

Alina Ciucardel

Head of Research

Dr Cornelius Mueller

Research Manager

Julien Krantz Raluca Coroi

Cristina Cristea

Laura Dumitrascu

Iuliana Furica

[email protected]

www.perepanalytics.eu

[email protected]

www.evca.eu

Adelina Stefan

Andrei Teslici

Ioana Turbatu

The overall coverage rate of

all European private equity

firms based on 1,917 eligible

private equity firms

65%

The 2013 annual survey

covered 90% of the European

market in terms of capital

under management (base

555.4bn)

90%

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

2013 European Private Equity Activity

Documents

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