Richard Pelly Chief Executive European Investment Fund
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1 Richard Pelly Chief Executive European Investment Fund EVCA - VC Forum Amsterdam 11 th October 2012
2 Back to Basics Grass Roots and Green Shoots An industry matures Darwinian Evolution Survival of the fittest Generational (?Genetic) change in Investors and Entrepreneurs 2
3 Back to Basics Grass Roots and Green Shoots An industry reborn Reemergence of role of long term patient capital, family offices and Business Angels Institutional investment, driven by enlightened Government support Cyclical upswing and Vintage Performance New (Disruptive?) Technology driven The 14th and 15th stages in the Ascent of Man 3
4 The Role of Private Capital in the European Electronics Industry Ronald Cohen, Chairman, Alain Patricof of Associates Limited «The electronics industry, broadly defined, accounts for over 50 per cent of venture capital investment across the world, and many of venture capital s sucesses in the USA are electronics firms. The possible role of venture capital in the European electronics industry is therefore an important question» 4
5 EIF View of Darwinian Survival Factors Scale/Critical Mass Diversification (a function of scale) Team Mix and Longevity Ecosystem Sectoral Focus 5
6 6 European VC Statistics (source: Thomson One) v Time Weighted Performance of VC Funds (EIF Own Resources Portfolio)
7 7 Investee companies: % split based on multiple on cost by year of first investment (Left axis) and pooled multiple on cost (gross of fee) of the EIF OR VC portfolio
8 8 Time weighted performance of VC and LMM funds (EIF own resources portfolio)
9 9 EIF own Resources/ Performance Evolution Rebased to 100 on
10 Green Shoots UK/Ireland Technology Investments Investments million H Highest First Half investment figures in 10 years Number of investors increasing Internet/Mobile/Digital in ascendance Cleantech rising 10 Source: Ascendant Ltd, September 2012
11 Share of government agencies in VC fundraising 40% 35% 30% 25% 20% 15% 10% 5% 0% Academic Inst. / Endowments / Foundations Banks Capital markets Corporate investors Family offices & Private Individuals Fund of funds & Other asset managers Government agencies Insurance companies Pension funds Sovereign wealth funds bn EUR New funds raised (excluding capital gains) Classified Unclassified 11
12 EIF Committments to Equity/VC EURm 1,400 1,200 1, E Later stage equity commitments VC commtments 12
13 EIF Managed FoFs UK FTF GBP200m ERP (DE) EUR 1000m LfA-EIF(DE) EUR50m Dahlia (FR) EUR300m NEOTEC (SP) EUR183 m PVCi (PT) EUR111m ivci (TR) EUR160m New Funds in 2012 IFL (LU) EUR150m DVCi (NL) EUR300m Baltic Innovation Fund for Lithuania, Latvia & Estonia EUR 100m A Pan European Fund of Fund coverage EIF Managed JEREMIE Holding Fund (Equity) Greece EUR 250m Romania EUR 100m Lithuania EUR 210m (50m) Slovakia EUR100m (30m) Languedoc Roussillon (FR) EUR30m Campania (I) EUR90m Cyprus EUR20m Bulgaria EUR199m Sicily EUR 75m Malta EUR 10m Calabria (I) EUR 45m PACA (FR) EUR 20m 13
14 EIF: Cornerstone of European Growth and Venture Capital EIF Current Investment Focus Technology Transfer Accelerator Investing in VC Funds Investing in Growth Capital Mezzanine Tech Transfer POC Business Angels Seed Stage Early Stage Expansion/ Development Capital Lower Mid-Market Strategic Challenges Instruments to stimulate innovation, competitiveness and cross-border investment Fill funding gap ERP ERP left by Institutional investors Support VC ecosystem and decrease dependency on Public finance Catalyse hybrid debt finance for growth 14 EC EIB/EIF MS/Private
15 EIF crisis response toolbox (EIB Capital Increase leveraging MS and Private Capital) TT/POC Facility Equity Instrument Development 2013 and Beyond Social Impact Fund Corporate Innovation Platform European Angel Co-Investment Fund Increased Mezzanine for Growth Increased MFG COSME Equity for Growth EIF as entrusted entity for Horizon 2020 / COSME Horizon 2020 Equity for Research and Innovation TT/POC / Start-up Tech Transfer POC Seed Stage Early Stage Expansion/ Development Capital Lower Mid-Market 15 EC EIB/EIF MS/Private
16 A few words of caution «Death is nature s way of evolution» (Steve Jobs) «Venture Capital may still be in its Neanderthal stage» (Georges van Hoegaerden) The standard LP/GP configuration is not «fit for purpose» 16
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