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EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 29 August, 2011 Produced for EVCA by PEREP_Analytics TM.

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Presentation on theme: "EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 29 August, 2011 Produced for EVCA by PEREP_Analytics TM."— Presentation transcript:

1 EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 29 August, 2011 Produced for EVCA by PEREP_Analytics TM

2 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 1 | Methodology Data collected via questionnaires and reliable public sources Definition of Europe: for deals, it is defined by the location of the target; for fundraising it covers funds primarily focused on Europe Fundraising: only formal closings are included with committed amount Investments: amounts are measured by equity value; debt is included only IF provided by PE funds (bank leverage excluded) Divestments: measured at amount at cost divested (not proceeds)

3 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 2 | Trends in European private equity activity flows Source: EVCA/PEREP_Analytics Index Q1 2007=100 2007 2008 2009 2010 2011

4 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 3 | Evolution of activity flows Incremental amounts raised during quarter Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

5 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 4 | Funds raised – Quarterly evolution Index Q1 2007=100 Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

6 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 5 | Funds raised by fund stage focus Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

7 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 6 | Funds raised by fund stage focus in Q2 2011 Source: EVCA/PEREP_Analytics

8 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 7 | Fundraising profiles for final fund closings in 2007 Q1 2007Q2 2007Q3 2007Q4 2007 Fund stage Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Early-Stage1,18871702385486791352268467 Later Stage Venture 192296164282881 162354 Balanced4935992714681242629849109 All Venture1,87314134673116189116561,4151688 Growth51225631321026021304243141 Buyout3,7891329116,261237076,4202229226,899231,170 Mezzanine2,50721,2541,67372391962983251 Generalist66032207889886001 492682 Independent Funds Raised 8,8803426120,025533788,3674319529,55449603 Source: EVCA/PEREP_Analytics

9 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 8 | Fundraising profiles for final fund closings in 2008 Q1 2008Q2 2008Q3 2008Q4 2008 Fund stage Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Early-Stage 2084 52 5099 57 5466 91 2063 69 Later Stage Venture 7545 151 61 6 581 1001 Balanced 4484 112 2414 60 963 32 5379 60 All Venture 1,41013 108 75514 54 70110 70 84313 65 Growth 501 1,1814 295 1,1504 288 1112 55 Buyout 10,43522 474 19,22813 1,479 16,02115 1,068 13,54218 752 Mezzanine 5083 169 -0 - -0 - -0 - Generalist 1734 43 1,1749 130 1022 51 7375 147 Independent Funds Raised 12,57743 292 22,33940 558 17,97331 580 15,23338 401 Source: EVCA/PEREP_Analytics

10 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 9 | Fundraising profiles for final fund closings in 2009 Q1 2009Q2 2009Q3 2009Q4 2009 Fund stage Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Early-Stage 412 21 2276 38 11 1 8448 105 Later Stage Venture -0 - 542 27 121 3613 120 Balanced 2355 47 2898 36 1865 37 161 All Venture 2767 39 56916 36 1997 28 1,22112 102 Growth 151 852 43 1001 3512 176 Buyout 5,2354 1,309 8252 413 2,3306 388 9665 193 Mezzanine 6401 2102 105 3201 -0 - Generalist 6272 314 402 20 973 32 3408 43 Independent Funds Raised 6,79315 453 1,72924 72 3,04618 169 2,87927 107 Source: EVCA/PEREP_Analytics

11 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 10 | Fundraising profiles for final fund closings in 2010 Q1 2010Q2 2010Q3 2010Q4 2010 Fund stage Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Early-Stage 936 16 2555 51 503 17 1566 26 Later Stage Venture 81 8 21 2 1671 1443 48 Balanced 4717 67 2875 57 4184 104 1896 32 All Venture 57314 41 54311 49 6348 79 48915 33 Growth 1,2683 423 201 1621 -0 - Buyout 5,06010 506 4,4157 631 1,7667 252 1,67510 168 Mezzanine 231 6812 340 -0 - -0 - Generalist 3123 104 3665 73 1386 23 602 30 Independent Funds Raised 7,23631 233 6,02526 232 2,70022 123 2,22527 82 Source: EVCA/PEREP_Analytics

12 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 11 | Fundraising profiles for final fund closings in 2011 Source: EVCA/PEREP_Analytics Q1 2011Q2 2011 Fund stage Amount (€ million) Number of funds Average fund size Amount (€ million) Number of funds Average fund size Early-Stage 3123 104 131 Later Stage Venture -0 - 2621 Balanced 61 6 5523 184 All Venture 3184 80 8275 165 Growth -0 - 8724 218 Buyout 1,5205 304 5,9179 657 Mezzanine 8501 -- - Generalist 4633 154 3602 180 Independent Funds Raised 3,15113 242 7,97620 399

13 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 12 | Investments by amount – Quarterly evolution Index Q1 2007=100 Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

14 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 13 | European investments at €9.9bn in Q2 2011 Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

15 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 14 | Investments by stage distribution (equity amount invested) Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

16 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 15 | Investments by stage distribution (number of companies invested) Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

17 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 16 | Buyouts split by size (equity value, bank leverage excluded) Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

18 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 17 | Buyouts split by size (number of companies) Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

19 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 18 | Amount invested by sector in 2007 All private equity Source: EVCA/PEREP_Analytics

20 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 19 | Amount invested by sector in 2008 All private equity Source: EVCA/PEREP_Analytics

21 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 20 | Amount invested by sector in 2009 All private equity Source: EVCA/PEREP_Analytics

22 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 21 | Amount invested by sector in 2010 All private equity Source: EVCA/PEREP_Analytics

23 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 22 | Amount invested by sector in 2011 All private equity Source: EVCA/PEREP_Analytics

24 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 23 | Amount invested by sector in 2007 Venture capital Source: EVCA/PEREP_Analytics

25 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 24 | Amount invested by sector in 2008 Venture capital Source: EVCA/PEREP_Analytics

26 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 25 | Amount invested by sector in 2009 Venture capital Source: EVCA/PEREP_Analytics

27 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 26 | Amount invested by sector in 2010 Venture capital Source: EVCA/PEREP_Analytics

28 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 27 | Amount invested by sector in 2011 Venture capital Source: EVCA/PEREP_Analytics

29 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 28 | Amount invested by sector in 2007 Buyout & growth Source: EVCA/PEREP_Analytics

30 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 29 | Amount invested by sector in 2008 Buyout & growth Source: EVCA/PEREP_Analytics

31 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 30 | Amount invested by sector in 2009 Buyout & growth Source: EVCA/PEREP_Analytics

32 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 31 | Amount invested by sector in 2010 Buyout & growth Source: EVCA/PEREP_Analytics

33 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 32 | Amount invested by sector in 2011 Buyout & growth Source: EVCA/PEREP_Analytics

34 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 33 | Divestment at cost - Evolution Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

35 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 34 | Divestment at cost – Quarterly evolution Index Q1 2007 = 100 Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

36 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 35 | European private equity divestments – exit route trends ( amount at cost divested) Index Q1 2007 = 100 Source: EVCA/PEREP_Analytics 2007 2008 2009 2010 2011

37 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 36 | Venture divestment at cost in 2007 % of amount Source: EVCA/PEREP_Analytics

38 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 37 | Buyout & growth divestment at cost in 2007 % of amount Source: EVCA/PEREP_Analytics

39 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 38 | Venture divestment at cost in 2008 % of amount Source: EVCA/PEREP_Analytics

40 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 39 | Buyout & growth divestment at cost in 2008 % of amount Source: EVCA/PEREP_Analytics

41 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 40 | Venture divestment at cost in 2009 % of amount Source: EVCA/PEREP_Analytics

42 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 41 | Buyout & growth divestment at cost in 2009 % of amount Source: EVCA/PEREP_Analytics

43 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 42 | Venture divestment at cost in 2010 % of amount Source: EVCA/PEREP_Analytics

44 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 43 | Buyout & growth divestment at cost in 2010 % of amount Source: EVCA/PEREP_Analytics

45 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 44 | Venture divestment at cost in 2011 % of amount Source: EVCA/PEREP_Analytics

46 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 45 | Buyout & growth divestment at cost in 2011 % of amount Source: EVCA/PEREP_Analytics

47 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 46 | European divestments by segment in Q2 2011 Venture € 186 m # companies divested 55 € 72 m 27 € 42 m 7 Buyout & growth # companies divested € 1.3 bn € 1.5 bn € 0.3 bn 62 50 7 Q2 2011 Top Exit routes Secondary Trade Sale Write-Off Source: EVCA/PEREP_Analytics Repayment of Principal Loans Sale of Quoted Equity

48 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 47 | Conclusions  Fundraising picked-up again in the second quarter of 2011, to €10.5bn, compared with €6.9bn raised in the first quarter of the year. The increase was primarily driven by an increase in growth capital fundraising from €0.3bn in Q1 to €3.6bn in Q2.  Investment value rose, from €8.4bn in Q1 2011 to €9.9bn in Q2 2011. Like in Q1 more than 1000 companies received investments in the second quarter.  Buyout investment (including replacement capital and rescue/turnaround) increased by 25% from Q1 2011, to €8bn. Growth capital investment again remained stable at €1.2bn. Venture capital investment decreased by 11% to €0.7bn.  Divestment at cost (excluding write-offs) fell in Q2 2011 to €4bn (€4.5bn in Q1 2011). More than 400 companies were exited. The amount written-off in Q2 2011 fell to €0.1bn (€2.3bn Q1 2011).  A total of 104 companies were exited via trade sale, for a total amount at cost of €1.4bn. Sales to another private equity firm came next with €1.5bn divested at cost from 67 companies.

49 | Creating lasting value EVCA Quarterly Activity Indicator: Q1 2007-Q2 2011 48 | EVCA European Private Equity and Venture Capital Association Bastion Tower Place du Champs de Mars 5 B – 1050 Brussels – Belgium www.evca.eu Tel: +32 2 715 00 20

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