2014 European Private Equity Activity - Invest Europe · 2014 European Private Equity Activity 2...

2014 European

Private Equity Activity

Statistics on Fundraising,

Investments & Divestments

2014 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 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 2015

Version

Presentation as of 05/05/2015

The EVCA is the voice of European private equity.

Our membership covers all private equity activity, from early-stage venture capital through to large

private equity firms and funds investing in infrastructure. Our members also include institutional

investors, such as pension funds and insurance companies, who are a key source of long-term financing

in Europe and who invest in private equity, venture capital and infrastructure funds. 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 the guardian of 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 understood and

heard.


Overview - All Private Equity - Fundraising, Investments & Divestments

2000–2014 - Industry statistics - Amount

Source: EVCA / Thomson Reuters (2000-2006) & EVCA / PEREP_Analytics (2007-2014)

4

With data on more

than 1,200 European

private equity firms,

the 2014 statistics

cover 91% of the

€548bn in capital

under management in

Europe.

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.

48

40

28 27 27

72

112

80 80

19 22

42

25

54

45

35

24

28 29 37

47

71 73

55

25

43 47

38 38 42

9 13 11

14

20

30 33

27

14 12

20

31

22

35 39

0

20

40

60

80

100

120

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

€ b

illion

Funds raised Investments Divestments

2014 European Private Equity Activity

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 portfolio company size 56

What’s 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 2014 total fundraising reached €44.6bn

– the second highest level for Europe in

the past five years.

The number of funds (298) reached the

highest level since 2011 and increased in all

market segments compared to 2013. The

total amount decreased by 18%.

40% of institutional investors came from

outside Europe. Pension funds provided

more than one third of the capital raised.

Funds of funds contributed 12%, followed by

government agencies (11%) and insurance

companies (10%).

Venture capital fundraising decreased by

12% to €4.1bn. Fundraising for early-stage

focused funds increased by 32% reaching its

highest level in the past six years.

Buyout fundraising volume reduced by 23%

to €35.1bn due to a lower share coming

from funds that raised more than €1bn.

With €1.8bn Growth fundraising reached its

highest level in three years, an increase of

nearly 70% compared to 2013.

2 The total amount of equity investments in

European companies increased by 14% to

€41.5bn. The number of companies

increased by 8% to over 5,500 to a five-

year high. More than 80% of them are

SMEs.

Venture capital investments increased by 6%

to €3.6bn. More than 3,200 companies were

venture-backed. Start-up stage investments

made up the majority of venture capital

activity both by amount and number of

companies.

More than 900 companies received buyout

investments with an equity amount of

€31.3bn. The amount and number of

companies increased 12% and 13%

respectively. The majority of equity was

invested in small and mid market

transactions.

Growth investments grew 56% by amount to

€5.6bn. The related number of 1,270

companies receiving this investment

increased by 13% and is the highest to date.

3 More than 2,400 European companies

were exited, representing former equity

investments (divestments at cost) of

€37.8bn. This amount is the highest to

date for European private equity.

The most prominent exit routes by amount

were trade sale (26%), sale to another

private equity firm (24%) and sale of quoted

equity (10%). Almost 40% of all the divested

companies followed these exit routes.

The strength of public markets continued in

2014 and was reflected by another increase

in the sale of quoted equity on flotation

(IPO). Exits at the event of an IPO increased

from 23 to 51 companies. The related

amount divested at cost increased by over

50% to €3.3bn.

Divestments from venture capital

investments by equity amount at cost

decreased by 16% to €1.9bn. Buyout related

exits at cost increased by 12% to €32.8bn.

For growth investments the total amount

divested at cost increased by 16% to €2.2bn.

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

venture capital and 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.


2014 Fundraising at a glance

• In 2014 total fundraising reached €44.6bn – the second highest level for Europe in the past five years. The total amount decreased by 18% compared to previous year, but the number of funds taking up new capital increased by 12% to 298 reaching the highest level since 2011.

• Pension funds provided more than one third of funds raised from institutional investors. Funds of funds contributed 12%, followed by government agencies (11%) and insurance companies (10%).

• Institutional investors outside Europe contributed 40% to the annual fundraising for Europe in 2014.

• Venture capital was 9% of the total annual fundraising. The €4.1bn raised presented an overall decrease of 12% compared to 2013. Fundraising for early-stage focused funds increased by 32% to €2.3bn, reaching its highest level in the past six years. Conversely, fundraising for balanced venture funds that invest across all venture stages decreased by 42%. Government agencies contributed 35% of the funds raised followed by pension funds 14%, family offices and private individuals (13%), and corporate investors (13%). North American institutional investors had a share of nearly 13%.

• Buyout fundraising decreased from €45.4bn in 2013 to €35.1bn representing nearly 80% of all fundraising. Pension funds remained the largest institutional investor (36%) in European buyout funds followed by 18% from funds of funds & other asset managers. North American institutional investors contributed 33%.

• Growth fundraising increased by nearly 70% to €1.8bn, the highest level since 2011. The 25 funds raised capital mostly from government agencies, insurance companies and pension funds.


Source: EVCA / PEREP_Analytics

Note: (1) relates to fund focus


Note: (2) Other includes Mezzanine and Generalist funds

2014 All Private

Equity

Venture

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

Incremental - Amounts raised €44.6bn €4.1bn €35.1bn €1.8bn

Incremental – No. of funds 298 120 89 25

Final closings - Cumulative

amount since inception €35.6bn €3.3bn €28.8bn €0.8bn

Final closings - No. of funds 139 53 50 10

Incremental amounts raised during the year (€ billion)

Divestments Investments FUNDRAISING

3.2 5.2 3.9 4.6 4.1

13.4

26.9

16.7

45.4

35.1

2.6

4.4

0.5

1.1

1.8

2.6

5.1

3.4

3.3

3.6

21.8

41.6

24.6

54.4

44.6

2010 2011 2012 2013 2014

Venture Capital Buyout Growth Other (2) Total


Funds raised by fund stage focus


2010–2014 - Incremental amount raised during the year


Venture Capital

Balanced

Later-stage

Early-stage

Legend

1.0

2.0 2.2

1.7

2.3 0.6

1.0 0.2

0.3

0.3 1.6

2.2

1.5 2.6 1.5

3.2

5.2

3.9

4.6

4.1

0

1

2

3

4

5

6

€ b

illion

2.6

0.9

1.7

4.4

2.8

2.2

0.5

2.1

1.3

1.1

1.5

1.8 1.8

2.3

1.4

Growth Mezzanine Generalist

2010 2011 2012 2013 2014

13.4

26.9

16.7

45.4

35.1

0

5

10

15

20

25

30

35

40

45

50

Buyout

€ b

illion


Funds raised by fund stage focus


2010–2014 - Number of funds that reached first, intermediate or final closing during the year


Venture Capital

Balanced

Later-stage

Early-stage

Legend

60

74

60 58

75

17

20

11 9

10

57

58

46 46

35

134

152

117 113

120

0

20

40

60

80

100

120

140

160

28

12

57

32

12

60

18

9

49

19

10

40

25

14

50


2010 2011 2012 2013 2014

77 81

73

84 89

0

20

40

60

80

100

120

140

160

Buyout


252 269 216

203

223

40

42

37

31 36

9 14

5 12

18

3 4

4 8

10

4

8

4

12

11

0%

10%

20%

30%

40%

50%

60%

70%

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

All Private Equity - Concentration of capital

2010–2014 – Incremental fundraising by amount bracket per fund during the year


2014 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

2010-2014 - 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


8.9

17.7 14.0

34.8

22.2 2.1

4.3

2.5

1.9

4.9

1.9

8.5

1.8

7.0

5.9

6.9

8.6

5.1

9.4

9.3

1.5

1.8

0.6

0.9

2.2

0.5

0.8

0.5

0.4

0.1

0

10

20

30

40

50

60

2010 2011 2012 2013 2014

€ b

illion

UK & Ireland DACH Nordics France & Benelux Southern Europe CEE


6.4% 3.7%

14.4%

1.6% 1.2% 0.0%

1.9% 1.0%

0.7%

9.0% 9.5% 0.0%

0.7% 0.8%

1.3%

0.0% 0.0%

0.0%

3.1%

3.3%

0.5%

2.6% 1.3% 0.0%

7.7% 10.0%

9.0% 18.4%

12.1%

7.1%

12.8% 12.2%

28.4% 16.0%

19.4%

4.3%

5.5% 4.1%

6.4% 24.1%

30.3%

60.2% 10.3%

12.6%

4.8%

13.9%

2.0% 0.0%

40.3%

49.5%

27.4%

11.3%

24.1% 28.3%

11.3%

2.8% 7.1%

3.1% 0.0% 0.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

UK & Ireland DACH Nordics France &Benelux

SouthernEurope

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

2014 - Incremental amount raised during the year





9.4%

0.4%

40.7%

22.5%

7.5%

13.2%

6.2%

3.4%

0.3% 1.7%

6.3%

6.0%

13.4%

5.0%

10.8%

4.4%

36.0%

3.2%

9.4%

2.9%

3.0%

1.0% 12.5%

4.2%

5.9%

9.0%

35.0%

2.6% 1.7%

14.4%

7.2%

0.4%

0.4%

3.6%

0.6%

2.6%

5.5%

5.9%

11.6%

10.9%

10.3% 4.1%

32.2%

4.8%

7.6%

Funds raised by type of investor


2014 - Incremental amount raised during the year - % of amount


All Private Equity funds

Buyout funds

Venture Capital funds

Growth funds

298 funds

235 firms

120 funds

103 firms

25 funds

17 firms

89 funds

78 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



21.8

41.1

24.5

54.2

44.6

0

20

40

60

2010 2011 2012 2013 2014

€ b

illion

New funds raised(excluding capital gains)

0%

5%

10%

15%

20%

25%

30%

35%

40%

2010 2011 2012 2013 2014

0%5%

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

Academic inst. / Endowments / Foundations

Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds


All Private Equity - Funds raised by type of investor

2010–2014 - Incremental amount raised during the year - % of total amount




3.2

5.2

3.9 4.6

4.1

0

5

10

2010 2011 2012 2013 2014

€ b

illion


0%

10%

20%

30%

40%

2010 2011 2012 2013 2014

Venture Capital - Funds raised by type of investor




0%5%

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


Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds



13.4

26.9

16.7

45.3

35.1

0

25

50

2010 2011 2012 2013 2014

€ b

illion


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2010 2011 2012 2013 2014

Buyout - Funds raised by type of investor




0%5%

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


Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds



2.6

4.4

0.5 1.1

1.8

0

2

4

6

2010 2011 2012 2013 2014

€ b

illion


0%

10%

20%

30%

40%

50%

60%

70%

2010 2011 2012 2013 2014

Growth - Funds raised by type of investor




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

2014 (2013) - Source of funds - % of total amount


10.4% (11.1%)

24.3% (14.2%)

0.2% (0.2%)

Rest of world

2.0% (3.8%)

Australia

Asia

10.6% (15.5%)

North America

27.7% (35.7%)

Unclassified Europe

4.8% (7.2%)

9.2% (5.8%)

2.3% (1.5%)

8.6% (5.2%)



Venture Capital - Fundraising geographic breakdown



10.2% (19.5%)

46.1% (43.6%)

0.9% (1.0%)

Rest of world

0.3% (0.1%)

Australia

Asia

0.2% (2.4%)

North America

12.6% (11.8%)

8.4% (9.6%)

6.8% (3.5%)

8.4% (7.9%)

Unclassified Europe

6.1% (0.6%)



Buyout - Fundraising geographic breakdown



10.7% (10.0%)

16.3% (8.6%)

0.0% (0.1%)

Rest of world

2.4% (4.3%)

Australia

Asia

12.8% (17.8%)

North America

32.8% (39.7%)

9.3% (5.9%)

1.5% (0.5%)

9.0% (5.1%)

Unclassified Europe

5.1% (8.0%)



0.5 0.5

1.1

1.4

1.8

0.2

1.0 0.1

0.3

0.3

1.4

1.4

0.3

1.2

1.2

2.1

2.9

1.5

2.8

3.3

0

1

2

3

4

€ b

illion

Venture Capital

Balanced

Later-stage

Early-stage

Legend

Final closing - Funds raised by fund stage focus

2010–2014 - 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.


1.5

0.8 0.8

1.4

1.6

1.4

0.5

3.3

1.7

0.9

0.7

1.0

0.8

2.1

0.6


2010 2011 2012 2013 2014

13.3

17.7

14.8

48.8

28.8

0

10

20

30

40

50

60

Buyout

€ b

illion


39 41

30

43

50

0

10

20

30

40

50

60

Buyout

20 16

12

21

32

5 9

6

4

5

24 25

14

18

16

49 50

32

43

53

0

10

20

30

40

50

60

Venture Capital

Balanced

Later-stage

Early-stage

Legend

Final closing - Funds raised by fund stage focus

2010–2014 - 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.


6 4

16 14

4

24

7 5

27

11

3

14

10

5

21


2010 2011 2012 2013 2014


Final closing - All Private Equity - Concentration of capital

2010–2014 - 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


74 77 66 62 80

21

37

18

23

25

10

10

7 13

18 6

4

7

4

9

3

5

3

12

7

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

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

2014 2010 2011 2012 2013

Number

of

funds

Investments

2 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 portfolio 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 private equity firm.






funds of funds.



Market versus industry

statistics



B

C

D A

Market statistics

A + B + C

Industry statistics

A + B + 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

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

2014 Investments at a glance

• The total amount of equity investments in European companies increased by

14% to €41.5bn. The related number of companies increased by 8% to over

5,500 to a five-year high. More than 80% of them are SMEs.

• Venture capital investments increased by 6% to €3.6bn. More than 3,200

companies were venture-backed. Start-up stage investments represented the

majority of venture capital activity by amount (52%) and number of companies

(60%). The amount of seed investments reduced by 16% despite the number of

companies increasing by 13%. Later-stage investments increased in amount by

10% despite a 4% reduction in the number of companies. Venture-backed

companies in life sciences (31%), communications (21%) and computer &

consumer electronics (20%) attracted over 70% of the capital.

• More than 900 companies received buyout investments with an equity amount

of €31.3bn. The related equity amount invested increased by 12 % and the

number of companies increased by 13% compared to 2013. The majority of

equity was invested in small and mid market transactions. More than 60% of

buyout investments concentrated in companies active in business & industrial

products (15%), computer & consumer electronics (14%), communications (12%),

consumer goods & retail (12%), and life sciences (12%).

• Growth investments grew 56% to €5.6bn. The number of companies receiving

investment increased by 13% to 1,270 – the highest level to date. About 50% of

the investments went to companies active in consumer goods & retail (26%),

consumer services (13%), and communications (12%).

2014 - Market statistics All Private

Equity

Venture


Amount €41.5bn €3.6bn €31.3bn €5.6bn

No. of companies 5,519 3,209 945 1,270

No. of firms 1,120 656 467 402

No. of funds 1,740 1,010 631 584

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

No. of companies:

Venture Capital

Buyout

Growth

Amount (€bn):

Venture Capital

Buyout

Growth

Other(2)

Total

3.7 3.7 3.2 3.4 3.6

29.7

34.5

28.1 28.0

31.3

6.3

5.2

4.0 3.6

5.6

41.9

44.9

36.8 36.3

41.5

783 881 896 839

945

994 932

1,066 1,122

1,270

3,039 2,965 2,981

3,055

3,209

2010 2011 2012 2013 2014


Seed 8.4%

Start-up 34.5%

Later-stage venture 15.1%

Growth capital 22.7%

Rescue/ Turnaround

1.0%

Replacement capital 1.5%

Buyout 16.9%

Seed 0.2%

Start-up 4.6% Later-stage

venture 3.9%

Growth capital 13.4%

Rescue/ Turnaround

0.5%

Replacement capital 2.0%

Buyout 75.3%

Investments by stage focus

2014 - Market statistics - % of Amount & Number of companies


% of Amount % of Number of companies

Venture Capital €3.6bn

Buyout €31.3bn

Growth €5.6bn

Venture Capital 3,209 Companies

Buyout 945 Companies

Growth 1,270 Companies



29.7

34.5

28.1 28.0

31.3

0

5

10

15

20

25

30

35

40

2010 2011 2012 2013 2014

€ b

illion

Buyout

1.7 1.7 1.3 1.5 1.6

1.8 1.8

1.8 1.8

1.9

0.1 0.2

0.1 0.1

0.1

6.3

5.2

4.0 3.6

5.6

0.5 0.5 0.3 0.3 0.2

1.8

1.0 1.1 1.0 0.8

3.7 3.7

3.2 3.4

3.6

0

1

2

3

4

5

6

7

2010 2011 2012 2013 2014

€ b

illion

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


2010–2014 - Market statistics - Amount


Venture Capital



783

881 896 839

945

0

500

1,000

2010 2011 2012 2013 2014

Buyout

990 939 843 885 848

1,711 1,679 1,833 1,796 1,930

393 392 359 413

468

994 932 1,066 1,122 1,270

132 103 65 62 57 135 76 117 104 84

3,039 2,965 2,981

3,055

3,209

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010 2011 2012 2013 2014



2010–2014 - Market statistics - Number of companies



Venture Capital


Buyout – Investments by equity bracket

2010–2014 - Market statistics - Amount & Number 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 (<€15m) - Amount

Mid-market (€15m - €150m) - Amount

Large (€150m - €300m) - Amount

Mega (> €300m) - Amount

Small (<€15m) - No. of companies

Mid-market (€15m - €150m) - No. of companies

Large (€150m - €300m) - No. of companies

Mega (> €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 (<€15m) - Amount

Mid-market (€15m - €150m) - Amount

Large (€150m - €300m) - Amount

Mega (> €300m) - Amount

Small (<€15m) - No. of companies

Mid-market (€15m - €150m) - No. of companies

Large (€150m - €300m) - No. of companies

Mega (> €300m) - No. of companies

3 4 4 3 4

11

16

13 13 15

8

8

7 7

7

8

8

5 5

6

550 574

621

570

669

238

327

268 269 276

33 33 27 31 33

16 18 11 10 12 0

100

200

300

400

500

600

700

0

5

10

15

20

25

30

35

40

45

50

2010 2011 2012 2013 2014

Num

ber o

f com

panie

s € b

illion


0

2

4

6

8

10

12

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 2010 – Q4 2014 - Market statistics - Amount


2013 2010 2011 2014 2012


0

200

400

600

800

1,000

1,200


Venture Capital Buyout Growth


Quarterly trend Q1 2010 – Q4 2014 - Market statistics - Number of companies


35 2014 European Private Equity Activity

2013 2010 2011 2014 2012


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7


€ b

illion

Seed Start-up Later-stage venture

Quarterly trend Q1 2010 – Q4 2014 - Market statistics - Amount

Venture Capital - Investments by stage focus


36 2014 European Private Equity Activity

2013 2010 2011 2014 2012


0

100

200

300

400

500

600

700


Seed Start-up Later-stage venture

Venture Capital - Investments by stage focus

Quarterly trend Q1 2010 – Q4 2014 - Market statistics - Number of companies



2013 2010 2011 2014 2012


All Private Equity - Geographical investment flows

2014 - Industry vs. Market statistics - Amount


€10.6bn

€28.9bn

€2.1bn

€2.1bn

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 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 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 - Geographical investment flows



€750m

€2,473m

€391m

€352m

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


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 firm’s office in charge

of the investment.

At European level, this relates to investments made

by European private equity firms regardless of the



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 24%

France & Benelux

30%

DACH 20%

Southern Europe

9%

Nordics 14%

CEE 3%

UK & Ireland 39%

France & Benelux

28%

DACH 17%

Southern Europe

5%

Nordics 10%

CEE 1%

All Private Equity - Investments by region




Industry statistics Market statistics



7.3

9.7

6.3

2.4

4.5

0.9

0

1

2

3

4

5

6

7

8

9

10

€ b

illion

Buyout

0.5 0.4

0.3

0.1

0.3

0.0

0.4 0.5

0.5

0.1

0.3

0.0

0.0 0.0 0.0

0.0

0.0

0.0

1.5

1.7

0.8

1.0

0.4 0.2

0.1 0.0

0.0 0.0 0.0 0.0

0.1

0.2

0.4

0.1 0.1 0.0

0.9 0.9 0.9

0.2

0.6

0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

UK & Ireland France & Benelux DACH Southern Europe Nordics CEE

€ b

illion


Investments by stage focus and regions

2014 - Market statistics - Amount




Venture Capital


186

350

152

94

133

30

0

100

200

300

400

Buyout

148

241

171

42

184

62

268

433 537

149

437

106

17

59

217

40

90

45

141

401

516

91 76 45 8 14 13

2 16 4 7

39 15 10 11 2

427

729

911

230

702

210

0

100

200

300

400

500

600

700

800

900

1,000

UK & Ireland France & Benelux DACH SouthernEurope

Nordics CEE


Investments by stage focus and regions

2014 - Market statistics - Number of companies




Venture Capital


0.38%

0.25%

0.28% 0.29%

0.35%

0.42%

0.60%

0.53%

0.39%

0.19%

0.32% 0.33%

0.26% 0.26% 0.28%

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 2014

%of

GD

P

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

2000–2014 - Industry statistics - % of GDP

Source: IMF, World Economic Outlook Database (GDP) / EVCA / Thomson Reuters (2000-2006) & EVCA / PEREP_Analytics (2007-2014)



0.7

20%

0.4

23%

0.3

72%

0.3

41%

0.2

88%

0.2

78%

0.2

78%

0.2

58%

0.2

31%

0.2

01%

0.1

64%

0.1

42%

0.1

40%

0.0

97%

0.0

90%

0.0

82%

0.0

74%

0.0

45%

0.0

32%

0.0

30%

0.0

29%

0.0

26%

0.0

09%

0.0

04%

0.0

03%

0.0

00%

0.000%

0.200%

0.400%

0.600%

0.800%

1.000%

% o

f G

DP

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

2014 - Industry statistics

Source: IMF, World Economic Outlook Database (GDP) / EVCA / PEREP_Analytics

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


2014 2010-2014 Annual Average


0.0

76%

0.0

76%

0.0

49%

0.0

47%

0.0

35%

0.0

35%

0.0

35%

0.0

35%

0.0

32%

0.0

29%

0.0

27%

0.0

26%

0.0

26%

0.0

24%

0.0

21%

0.0

17%

0.0

08%

0.0

07%

0.0

06%

0.0

05%

0.0

04%

0.0

03%

0.0

02%

0.0

02%

0.0

02%

0.0

00%

0.000%

0.020%

0.040%

0.060%

0.080%

0.100%

0.120%

0.140%

% o

f G

DP

Venture Capital - Investments as % of GDP - Industry statistics







0.5

86%

0.3

19%

0.2

89%

0.2

49%

0.2

12%

0.2

11%

0.1

84%

0.1

66%

0.1

65%

0.1

42%

0.0

72%

0.0

71%

0.0

69%

0.0

64%

0.0

58%

0.0

26%

0.0

16%

0.0

15%

0.0

09%

0.0

06%

0.0

04%

0.0

02%

0.0

02%

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%

% o

f G

DP

Buyout - Investments as % of GDP - Industry statistics







0.0

87%

0.0

64%

0.0

63%

0.0

61%

0.0

56%

0.0

41%

0.0

37%

0.0

35%

0.0

28%

0.0

27%

0.0

27%

0.0

21%

0.0

17%

0.0

15%

0.0

11%

0.0

11%

0.0

10%

0.0

09%

0.0

08%

0.0

08%

0.0

07%

0.0

05%

0.0

03%

0.0

02%

0.0

00%

0.0

00%

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

DP

Growth - Investments as % of GDP - Industry statistics







0.5

86%

0.4

87%

0.4

80%

0.4

25%

0.3

93%

0.3

50%

0.3

31%

0.2

77%

0.2

74%

0.2

47%

0.2

39%

0.1

93%

0.1

84%

0.1

84%

0.1

64%

0.1

53%

0.1

51%

0.1

41%

0.1

13%

0.0

88%

0.0

61%

0.0

60%

0.0

52%

0.0

06%

0.0

04%

0.0

00%

0.000%

0.100%

0.200%

0.300%

0.400%

0.500%

0.600%

0.700%

% o

f G

DP

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

2014 - Market statistics






0.0

66%

0.0

60%

0.0

49%

0.0

38%

0.0

31%

0.0

31%

0.0

31%

0.0

29%

0.0

29%

0.0

28%

0.0

26%

0.0

26%

0.0

24%

0.0

23%

0.0

22%

0.0

19%

0.0

09%

0.0

09%

0.0

06%

0.0

06%

0.0

05%

0.0

04%

0.0

04%

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%

% o

f G

DP

Venture Capital - Investments as % of GDP - Market statistics







0.4

97%

0.4

36%

0.3

89%

0.3

16%

0.3

06%

0.2

54%

0.2

40%

0.2

09%

0.1

95%

0.1

68%

0.1

65%

0.1

60%

0.1

52%

0.1

07%

0.0

96%

0.0

88%

0.0

80%

0.0

78%

0.0

54%

0.0

39%

0.0

33%

0.0

12%

0.0

10%

0.0

00%

0.0

00%

0.0

00%

0.000%

0.100%

0.200%

0.300%

0.400%

0.500%

0.600%

% o

f G

DP

Buyout - Investments as % of GDP - Market statistics







0.0

82%

0.0

64%

0.0

60%

0.0

54%

0.0

52%

0.0

50%

0.0

47%

0.0

44%

0.0

41%

0.0

40%

0.0

37%

0.0

30%

0.0

27%

0.0

24%

0.0

21%

0.0

20%

0.0

20%

0.0

19%

0.0

16%

0.0

15%

0.0

14%

0.0

11%

0.0

09%

0.0

02%

0.0

00%

0.0

00%

0.000%

0.020%

0.040%

0.060%

0.080%

0.100%

0.120%

% o

f G

DP

Growth - Investments as % of GDP - Market statistics







14.0%

13.8%

13.1%

13.0%

12.7%

9.4%

6.6%

5.3%

4.1%

2.3%

2.3%

2.0%

0.8%

0.5%

0.2%

17.6%

10.2%

15.8%

11.8%

12.6%

5.9%

10.5%

2.1%

6.0%

1.6%

1.9%

1.4%

0.9%

0.5%

1.3%

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

Computer & consumer electronics

Consumer goods & retail

Life sciences

Business & industrial products

Communications

Consumer services

Business & industrial services

Financial services

Energy and environment

Construction

Chemicals and materials

Transportation

Agriculture

Real estate

Unclassified

Amount

Number of companies

All Private Equity - Investments by sector

2014 - Market statistics - % of Amount & Number of companies




0

1

2

3

4

5

6

7

2010 2011 2012 2013 2014€ b

illion

0

5

10

15

20

25

30

35

40

2010 2011 2012 2013 2014

€ b

illion

0

0.5

1

1.5

2

2.5

3

3.5

4

2010 2011 2012 2013 2014

€ b

illion

0

5

10

15

20

25

30

35

40

45

50

2010 2011 2012 2013 2014

€ b

illion

Investments by sector

2010-2014 - 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

€billion

Transportation

Real estate

Life sciences

Financial services


Consumer services


Construction


Communications




Agriculture


0

200

400

600

800

1,000

1,200

1,400

2010 2011 2012 2013 2014

0

200

400

600

800

1,000

2010 2011 2012 2013 2014

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010 2011 2012 2013 20140

1,000

2,000

3,000

4,000

5,000

6,000

2010 2011 2012 2013 2014

Investments by sector

2010-2014 - Market statistics - Number of companies


Venture Capital

Growth

All Private Equity

Buyout


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

2014 - Market statistics - % of Number of companies



2013 2010 2011 2014 2012

58% 60% 57% 56% 59%

45% 46% 44% 42% 46%

55% 54% 56% 58% 54%

Follow-on investmentfor the company

Initial investment forthe company

Initial investment forthe private equity firm


19.8%

36.9%

19.5%

4.6%

8.5%

5.4% 4.3% 0.9% 5.1%

24.1%

19.4%

6.0%

14.5%

13.1%

15.2%

2.5%

68.2%

27.4%

2.3% 0.9%

0.8% 0.2% 0.0% 0.1%

45.1%

29.0%

9.4%

2.8%

5.1%

4.0% 3.8% 0.8%

Investments by portfolio company size


2014 - 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 +

SME: 86.3% SME: 98.9%

SME: 54.6% SME: 80.9%

SME

Full-time equivalent

staff by interval


1,352

1,627

304

135 131 46

0 18 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

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 portfolio company size

2014 - Market statistics - Amount & Number of companies


Full-time equivalent staff by interval


SME % 95% 99%



0.1

1.8

2.7

1.3

4.9 5.5

11.9

2.9

0

50

100

150

200

250

0

2

4

6

8

10

12

14

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 portfolio company size





SME % 19% 55%



0.1

1.5

1.2

0.2

0.6 0.6

1.2

0.1

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

1.4

1.6

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

Num

ber o

f com

panie

s

€ b

illion


Growth - Investments by portfolio company size





SME % 55% 81%


Divestments

3 Divestments statistics explained

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

the private equity firm’s office in charge of the divestment. At European

level, this relates to divestments made by European private equity firms

regardless of the location of the portfolio 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).






funds of funds.



Market versus industry

statistics



61

B

C

D

Market statistics

A + B + C

Industry statistics

A + B + D

A

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

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 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.

Initial public offering (IPO)

The sale or distribution of a company’s 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

2014 Divestments at a glance


Source: EVCA/PEREP Analytics

Note: (1) relates to the investment stage

Source: EVCA/PEREP Analytics

Divestments – Market statistics – % total amount divested at cost

2014 - Market statistics All Private

Equity

Venture


Divestments – Amount €37.8bn €1.9bn €32.8bn €2.2bn

Divestments – No. Companies 2,416 1,003 776 611

Number of Firms 664 311 338 175

Number of Funds 1,188 555 571 254

• More than 2,400 European companies were exited representing former equity

investments (divestments at cost) of €37.8bn. This amount reached the highest level

to date for European private equity. The number of companies increased by almost

5% while the amount divested at cost increased by 10%.

• The most prominent exit routes by amount were trade sale (26%), sale to another

private equity firm (24%) and sale of quoted equity (10%). Almost 40% of all the

divested companies followed these exit routes.

• The strength of public markets continued in 2014, reflected by an increase in the

sale of quoted equity on flotation (IPO). Exits at an IPO increased from 23 to 51

companies. The related amount divested at cost increased by over 50% to €3.3bn.

• Divestments from venture capital investments represented 42% of all exited

companies and remained constant at over 1,000. They accounted for 5% of the

amount divested at cost. The equity amount divested decreased by 16% to €1.9 bn.

Trade sale, write-off and sale of quoted equity or on flotation (IPO), and sale to

another private equity firm were the most prominent exit routes.

• Buyout divestments’ share was 87% of the equity amount at cost and 32% by number

of companies. The amount divested increased by 12% to €32.8bn and the number of

companies increased by 10% to 776. Sale to another private equity firm, trade sale

and sale of quoted equity or on flotation (IPO) were the most prominent exit routes.

• Growth divestments represented 6% of equity amount at cost and 25% by number of

companies. The amount divested increased by 16% to €2.2bn and the number of

companies increased by 9% to 611. Trade sale, sale to management and sale of

quoted equity or on flotation (IPO) were the most prominent exit routes.

€37.8bn

Trade sale 26.5%

Sale to another private equity

firm 24.3% Public offering

18.9%


8.0%

Write-off 7.2%

Other means 6.7%


5.1%

Sale to management

3.3%


14.5

24.8

18.3

29.1

32.8 2.1

2.3

1.1

1.9

2.2

2.1

2.4

1.9

2.2

1.9

0

200

400

600

800

1,000

1,200

0

5

10

15

20

25

30

35

40

2010 2011 2012 2013 2014

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

Divestments at cost – Venture Capital / Buyout / Growth

2010–2014 - Market statistics - Amount & Number of companies




26.6%

7.4%

7.6%

5.3%

3.4%

5.9%

12.6%

9.6%

15.7%

5.9%

25.0%

8.6%

10.2%

6.9%

0.1%

8.3%

26.4%

5.0% 2.4%

7.2%

45.3%

1.7% 8.9%

18.0%

1.7%

3.3%

11.2%

3.5% 5.5%

0.8%

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

2014 - Market Statistics - % of Amount


Buyout

€32.8bn

Growth

€2.2bn

36.7%

0.3%

4.7%

24.4%

2.1%1.6%

16.8%

4.7%4.4%

4.1%

Trade sale

Initial public offering


Write-off

Repayment of silent partnerships




Sale to management

Other means

Venture Capital

€1.9bn



11.1% 1.1%

1.9%

15.3%

46.5%

7.7%

6.1%

1.6% 6.6%

1.9%

24.8%

4.3%

5.1%

5.8%

2.0% 15.4%

26.0%

3.8%

8.9%

3.8%

21.7%

0.8%

8.0%

26.3%

17.5%

7.8%

6.3%

1.1% 8.7%

1.9%

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

2014 - Market Statistics - % of Number of companies


Buyout

776 Companies

Venture Capital

1,003 Companies

Growth

611 Companies

36.7%

0.3%

4.7%

24.4%

2.1%1.6%

16.8%

4.7%4.4%

4.1%

Trade sale

Initial public offering


Write-off

Repayment of silent partnerships




Sale to management

Other means



0

2

4

6

8

10

12

2010 2011 2012 2013 2014

€ 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

All Private Equity - Divestments at cost by exit route

2010–2014 – Market statistics - Amount at cost




0

50

100

150

200

250

300

350

400

450

500

2010 2011 2012 2013 2014

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

2010–2014 - Market statistics - Number of companies




5.6 5.4

4.4 4.4

2.6 2.5

2.2 2.1

1.8

1.3

1.0 0.9

0.6

0.1 0.0

185

268 235

380

209

50

273

20

130

39 56

87

50

16 12 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

2014 - Market statistics - Amount & Number of companies (excluding write-offs)




32.0%

18.1%

23.0%

7.0%

4.4%

1.2%

7.1%

1.7%

0.4%

2.8%

0.1%

0.2%

0.5%

0.8%

0.7%

11.9%

17.0%

5.3%

12.9%

15.9%

7.2%

2.1%

7.1%

1.2%

5.6%

6.6%

3.8%

3.2%

0.3%

0.0%

15.4%

6.3%

8.9%

13.6%

7.0%

12.2%

7.1%

5.6%

11.4%

3.5%

3.4%

4.6%

0.9%

0.2%

0.1%

Life sciences

Communications




Financial services

Energy & environment


Construction

Consumer services

Real estate

Transportation

Chemicals & materials

Agriculture

Unclassified

Venture Capital

Buyout

Growth

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

2014 - Market statistics - Amount (excluding write-offs)




13.7%

22.2%

6.5%

17.6%

6.2%

15.7%

3.9%

6.4%

1.5%

2.4%

0.9%

0.5%

0.5%

0.9%

0.9%

18.6%

8.5%

18.6%

9.4%

11.1%

7.1%

8.3%

3.1%

2.0%

3.1%

4.0%

3.3%

1.6%

1.0%

0.4%

25.7%

9.8%

14.7%

7.3%

15.4%

4.2%

6.9%

3.9%

4.2%

2.1%

2.3%

1.7%

0.8%

0.4%

0.4%




Life sciences


Communications

Consumer services

Energy & environment

Construction

Chemicals & materials

Financial services

Transportation

Real estate

Agriculture

Unclassified

Venture Capital

Buyout

Growth

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

2014 - Market statistics - Number of companies (excluding write-offs)




19.1

4.1 3.2

9.3

2.7

0.7

9.3

8.2

3.9

9.8

5.4

1.3

-

2

4

6

8

10

12

14

16

18

20

22

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

All Private Equity - Divestments at cost by region

2014 - Industry vs. Market statistics - % of Amount




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 statistics 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

Raluca Coroi

Head of Research

Dr Cornelius Mueller

Research Manager

Julien Krantz Cristina Cristea

Laura Dumitrascu

Iuliana Furica

Adelina Stefan

[email protected]

www.perepanalytics.eu

[email protected]

www.evca.eu

Andrei Teslici

Ioana Turbatu

The coverage rate of all

European private equity firms

based on 1,963 eligible private

equity firms

63%

The 2014 annual survey

covered 91% of the European

market in terms of capital

under management (base

€548bn)

91%

http://www.dvca.dk/

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

2014 European Private Equity Activity - Invest Europe · 2014 European Private Equity Activity 2...

Documents

Transcript of 2014 European Private Equity Activity - Invest Europe · 2014 European Private Equity Activity 2...