2014 European Private Equity Activity

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1 21 European Private Equity Activity Statistics on, & 21 at a glance In 21 total fundraising reached.6bn the second highest level for Europe in the past five years. The total amount decreased by 1% compared to previous year, but the number of funds taking up new capital increased by 12% to 29 reaching the highest level since 211. 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 (1%). Institutional investors outside Europe contributed % to the annual fundraising for Europe in 21. Venture capital was 9% of the total annual fundraising. The.1bn raised presented an overall decrease of 12% compared to 213. for earlystage 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 2%. Government agencies contributed 35% of the funds raised followed by pension funds 1%, family offices and private individuals (13%), and corporate investors (13%). North American institutional investors had a share of nearly 13%. fundraising decreased from 5.bn in 213 to 35.1bn representing nearly % of all fundraising. Pension funds remained the largest institutional investor (36%) in European buyout funds followed by 1% from funds of funds & other asset managers. North American institutional investors contributed 33%. fundraising increased by nearly 7% to 1.bn, the highest level since 211. The 25 funds raised capital mostly from government agencies, insurance companies and pension funds. 21 All Private Equity Venture Capital (1) (1) (1) Incremental - Amounts raised.6bn.1bn 35.1bn 1.bn Incremental No. of funds Final closings - Cumulative amount since inception 35.6bn 3.3bn 2.bn.bn Final closings - No. of funds Incremental amounts raised during the year () Venture Capital Other (2) Total Note: (1) relates to fund focus Note: (2) Other includes Mezzanine and Generalist funds 21 European Private Equity Activity 9

2 All Private Equity - Concentration of capital Incremental fundraising by amount bracket per fund during the year % total amount of annual fundraising 7% 12 6% 5% % 3% 37 2% % Number of funds % < 1m 1m - 25m 25m - 5m 5m - 1bn > 1bn 21 European Private Equity Activity 12 All Private Equity Funds raised by region of management Incremental amount raised during the year UK & Ireland DACH Nordics France & Benelux Southern Europe CEE DACH: Austria, Germany, Switzerland / Southern Europe: Greece, Italy, Portugal, Spain / Nordics: Denmark, Finland, Norway, Sweden / CEE: Central Eastern Europe 21 European Private Equity Activity 13

3 All Private Equity - Funds raised by region of management and investor type 21 - Incremental amount raised during the year 1% 9% % 7% 6% 11.3%.3% 9.5% 2.% 7.1% 27.%.% 6.% 3.1%.%.% 11.3% 2.1% 2.3% 13.9% 2.%.% 2.1% 3.3% Sovereign wealth funds Pension funds Insurance companies Government agencies Fund of funds & Other asset managers 5% Family offices & Private individuals % 3% 2% 1% % 1.3% 12.% 7.7% 6.% 5.5% 3.1%.7% 1.9% 12.6%.1% 12.2% 1.% 3.3% 3.7%.% 1.% 2.% 16.% UK & Ireland DACH Nordics France & Benelux 19.% 6.2% 9.% 1.%.5% 12.1% 1.3%.7% 2.6%.% 1.3%.%.3%.% 1.% 9.% 9.5%.% 7.1%.% 1.6% 1.2%.% Southern Europe CEE Corporate investors Capital markets Banks Academic inst. / Endowments / Foundations DACH: Austria, Germany, Switzerland / Southern Europe: Greece, Italy, Portugal, Spain / Nordics: Denmark, Finland, Norway, Sweden / CEE: Central Eastern Europe 21 European Private Equity Activity 1 All Private Equity - geographic breakdown 21 (213) - Source of funds - % of total amount North America 27.7% (35.7%).6% (5.2%) 1.% (11.1%) 2.3% (1.2%) 9.2% (5.%).2% (.2%) Rest of world 2.% (3.%) 2.3% (1.5%) Unclassified Europe.% (7.2%) Australia Asia 1.6% (15.5%) 21 European Private Equity Activity 2

4 Venture Capital - geographic breakdown 21 (213) - Source of funds - % of total amount North America 12.6% (11.%).% (7.9%) 1.2% (19.5%) 6.1% (3.6%).% (9.6%).9% (1.%) Rest of world.3% (.1%) 6.% (3.5%) Unclassified Europe 6.1% (.6%) Australia Asia.2% (2.%) 21 European Private Equity Activity 21 by stage focus 21 - Market statistics - % of Amount & Number of companies % of Amount % of Number of companies Start-up Seed.6% Later-stage.2% venture 3.9% 16.9% 75.3% capital 13.% Rescue/ Turnaround.5% Replacement capital 2.% Replacement capital 1.5% Rescue/ Turnaround 1.% capital 22.7% Seed.% Start-up 3.5% Venture Capital 3.6bn 31.3bn 5.6bn Later-stage venture 15.1% Venture Capital 3,29 Companies 95 Companies 1,27 Companies 21 European Private Equity Activity 3

5 by equity bracket Market statistics - Amount & Number of companies Number of companies Small (< 15m) - Amount Mid-market ( 15m - 15m) - Amount Large ( 15m - 3m) - Amount Mega (> 3m) - Amount Small (< 15m) - No. of companies Mid-market ( 15m - 15m) - No. of companies Large ( 15m - 3m) - No. of companies Mega (> 3m) - No. of companies 21 European Private Equity Activity 33 Venture Capital - as % of GDP - Industry statistics 21 - Industry statistics % of GDP.1%.12%.1%.%.76%.76%.6%.%.2%.%.9%.7%.35%.35%.35%.35%.32%.29%.27%.26%.26%.2%.21%.17%.%.7%.6%.5%.%.3%.2%.2%.2%.% Annual Average Source: IMF, World Economic Outlook Database (GDP) / EVCA / PEREP_Analytics Note: *Other CEE consists of Ex-Yugoslavia and Slovakia 21 European Private Equity Activity 5

6 by sector Market statistics - Amount All Private Equity Transportation Real estate Life sciences Financial services Energy and environment Consumer services Consumer goods & retail Construction Computer & consumer electronics Communications Chemicals and materials Business & industrial services Business & industrial products Agriculture Venture Capital European Private Equity Activity 53 by portfolio company size 21 - Market statistics - % of Number of companies All Private Equity 9.% 2.% 3.%.%.% 5.1% 5.1% Venture Capital 27.%.%.2%.%.9%.1% 2.3% SME: 6.3% SME: 9.9% Full-time equivalent staff by interval - 19 SME % 29.% % 2.5% 5.1% SME: 5.6% %.9% 5.% SME:.9% %.5% 2.1% 13.1%.6% 19.5% 1.5% 19.% 36.9% 6.% 21 European Private Equity Activity 56

7 Venture Capital - by portfolio company size 21 - Market statistics - Amount & Number of companies million 1, 1,6 1, 1,352 1,627 Amount invested Number of companies 2,5 2, Number of companies 1,2 1, 1,5 6 1, Full-time equivalent staff by interval Amount invested Number of companies SME % 95% 99% 21 European Private Equity Activity at a glance More than 2, European companies were exited representing former equity investments (divestments at cost) of 37.bn. 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 1%. The most prominent exit routes by amount were trade sale (26%), sale to another private equity firm (2%) and sale of quoted equity (1%). Almost % of all the divested companies followed these exit routes. The strength of public markets continued in 21, 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 5% to 3.3bn. from venture capital investments represented 2% of all exited companies and remained constant at over 1,. 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. divestments share was 7% of the equity amount at cost and 32% by number of companies. The amount divested increased by 12% to 32.bn and the number of companies increased by 1% 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. 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 Market statistics All Private Equity Venture Capital (1) (1) (1) Amount 37.bn 1.9bn 32.bn 2.2bn No. Companies 2,16 1, Market statistics % total amount divested at cost Write-off 7.2% Repayment of principal loans.% Sale to financial institution 5.1% Other means 6.7% Public offering 1.9% Sale to management 3.3% 37.bn Trade sale 26.5% Sale to another private equity firm 2.3% Number of Firms Number of Funds 1, Source: EVCA/PEREP Analytics Note: (1) relates to the investment stage Source: EVCA/PEREP Analytics 21 European Private Equity Activity 63 DIVESTMENTS

8 at cost by exit route Venture Capital / / 21 - Market Statistics - % of Number of companies 3.%.9% 3.% 2.% 1.9% 1.1%.7% 21.7% 6.3% 7.% Venture Capital.% 26.% 776 Companies.3% 5.1% 5.% 2.% 15.% 6.1% 1.6% 6.6% 1.9% 11.1% 1.1% 1.9% 7.7% 15.3% 1,3 Companies.% Trade sale 611 Companies Initial public offering 17.5% Sale of quoted equity Write-off 26.3% Repayment of silent partnerships Repayment of principal loans 6.5% Sale to another private equity firm Sale to financial institution Sale to management Other means 21 European Private Equity Activity 66 DIVESTMENTS at cost by sector Venture Capital / / 21 - Market statistics - Amount (excluding write-offs) Life sciences Communications Computer & consumer electronics Business & industrial products Consumer goods & retail Financial services Energy & environment Business & industrial services Construction Consumer services Real estate Transportation Chemicals & materials Agriculture Unclassified 6.3% 5.3%.9% 7.%.% 7.% 1.2% 7.2% 7.1% 2.1% 7.1% 1.7% 7.1% 5.6%.% 1.2% 2.% 5.6% 3.5%.1% 6.6% 3.%.2% 3.%.6%.5% 3.2%.9%.%.3%.2%.7%.%.1% 11.9% 12.9% 12.2% 11.% 15.% 1.1% 17.% 13.6% 15.9% 23.% Venture Capital 32.% 21 European Private Equity Activity 7 DIVESTMENTS

9 About PEREP_Analytics and EVCA Research 63% The coverage rate of all European private equity firms based on 1,963 eligible private equity firms PEREP is a joint Pan-European statistics platform of the following private equity associations: APCRI - Portugal AVCO - Austria CVCA - The Czech Republic DVCA - Denmark HVCA - Hungary IVCA - Ireland PSIK - Poland SECA - Switzerland 91% The 21 annual survey covered 91% of the European market in terms of capital under management (base 5bn) BVA - Belgium BVK - Germany CVCA - Croatia EstVCA - Estonia EVCA - Europe FVCA - Finland LTVCA - Lithuania NVCA - Norway NVP - The Netherlands SEEPEA - South Eastern Europe SLOVCA - Slovakia SVCA - Sweden Statistics Manager Dan Magirescu Head of Research Dr Cornelius Mueller Statistics Team Adriana Andronic Andreea Banica Monica Biolan Raluca Coroi Cristina Cristea Laura Dumitrascu Iuliana Furica Adelina Stefan Andrei Teslici Ioana Turbatu Research Manager Julien Krantz info@perepanalytics.eu research@evca.eu 21 European Private Equity Activity 75

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