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2015 European Private Equity Activity Statistics on Fundraising, Investments & Divestments

Disclaimer

The information contained in this report has been produced by Invest Europe, based on

PEREP_Analytics data and third party information. While Invest Europe has made every effort

to ensure the reliability of the data included in this report, Invest Europe cannot guarantee

the accuracy of the information collected and presented. Therefore, Invest Europe cannot

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© Copyright Invest Europe May 2016

Version

Presentation as of 05/05/2016

2015 European Private Equity Activity

Introduction


Invest Europe is the

voice of investors

in privately-held

companies in Europe.

> Invest Europe is the association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors.

> Our members take a long-term approach to investing in privately held companies, from start-ups to established firms. They inject not only capital but dynamism, innovation and expertise. This commitment helps deliver strong and sustainable growth, resulting in healthy returns for Europe’s leading pension funds and insurers, to the benefit of the millions of European citizens who depend on them.

> Invest Europe aims to make a constructive contribution to policy affecting private capital investment in Europe. We provide information to the public on our members’ role in the economy. Our research provides the most authoritative source of data on trends and developments in our industry.

> Invest Europe is the guardian of the industry’s professional standards, demanding accountability, good governance and transparency from our members.

> Invest Europe is a non-profit organisation with 25 employees in Brussels, Belgium.

> For more information please visit www.investeurope.eu

1

48

40

28 27 27

72

112

80 80

19 22

42

25

54 48 48

35

24 28 29

37

47

71 73

55

25

43 47

38 38 42

47

9 13 11 14

20

30 33

27

14 12 20

31

22

35 40 41

0

20

40

60

80

100

120

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

€ b

illion

Funds raised Investments Divestments

Overview - All Private Equity - Fundraising, Investments & Divestments

2000–2015 - Industry statistics - Amount

2015 European Private Equity Activity 2

Source: Invest Europe / Thomson Reuters (2000-2006) & Invest Europe / PEREP_Analytics (2007-2015)

With data on more than 1,200 European private equity firms, the 2015 statistics

cover 91% of the €564bn in capital under management in Europe.

Invest Europe 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 from 2007.

What’s inside?


Executive Summary 4

1. FUNDRAISING Fundraising statistics explained 5

Glossary 6

At a glance 7

Incremental fundraising

By fund stage focus 8

Concentration of capital 10

By region of management 11

Investors by type 12

Investors by geography 18

Final closing

By fund stage focus 21

Concentration of capital 23

2. INVESTMENTS Investments statistics explained 24

Glossary 26

At a glance 27

By investment stage 28

Annual trends 29

Quarterly trends 32

By geography 36

Investments as % of GDP

Location of the PE firm 41

Location of the portfolio company 46

By sector 50

Initial / follow-on 53

By portfolio company size 54

3. DIVESTMENTS Divestments statistics explained 58

Glossary 60

At a glance 61

By initial investment stage 62

By exit route 63

By sector 67

By region 70

Acknowledgements 71

About_PEREP Analytics &

Invest Europe Research 73

3


Executive summary

FUNDRAISING INVESTMENTS DIVESTMENTS

In 2015 total fundraising reached €47.6bn nearly matching the level of 2014. The number of funds raised (274) decreased by 15% compared to 2014, but is still above the levels of 2012 and 2013.

European private equity and venture capital raised in the past three years was 70% more than between the years 2010 and 2012.

In 2015, 40% of institutional investors came from outside Europe. Pension funds provided nearly a quarter of the capital raised. Funds of funds contributed 18%, followed by government agencies (14%), sovereign wealth funds (13%), Family offices and private individuals (12%).

Venture capital fundraising increased by 8% to €5.3bn - the highest level since 2008. Early and later stage focused funds particularly increased.

Buyout fundraising reduced by 7% to €33.6bn. The total amount raised by funds above €1bn grew by 13%. Funds that raised €500m to €1bn reduced by 44%.

With €2.9bn raised, growth fundraising exceeded the 2014 level, which was already the highest reported since 2011.

2 The total amount of equity investment in European companies increased by 14% to €47.4bn. The number of companies decreased by 11% to nearly 5,000. 86% of them are SMEs.

Over a third of the total amount invested in European companies was attributed to cross-border investments.

Venture capital investment increased by 5% to €3.8bn. The amount invested was greater across all stages, led by seed investments with an increase of 18%. Close to 2,800 companies received investments, a reduction of 12%, which indicates a trend towards larger financing rounds.

Buyout investment increased by 16% to €36.3bn into a stable number of companies at over 900. In terms of amount, large and mega buyout activity picked up while mid-market investments remained stable.

Growth investment increased 11% to €6.5bn, reaching their highest level since 2008. The number of companies with growth investments reduced by 13% to just over 1,100.

3 Almost 2,500 European companies were exited in 2015, representing former equity investments (divestments at cost) of €40.5bn. This amount matches the level of 2014, which was until then the highest reported exit volume to date for European private equity.

The most prominent exit routes by amount were trade sale (29%), sale to another private equity firm (27%) and sale of quoted equity (17%). Four out of ten companies followed these exit routes.

As in 2014, public markets supported the sale of quoted equity on flotation (IPO) for 50 companies. Exits from already listed companies in the form of sale of quoted equity increased by almost 80% to €6.7bn, by amount divested at cost.

Exits from venture capital investments by equity amount at cost increased by 10% to €2.1bn. Buyout related exits at cost remained stable at €34bn. For former growth investments the total amount divested at cost increased by 40% to €3.2bn.

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.

1. FUNDRAISING

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. More comprehensive data is available

here: www.investeurope.eu/research/

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.

6


5.2 3.9 4.6 4.9 5.3

26.9

16.7

45.4

36.3 33.6

4.4

0.5

1.1

2.8

2.9 5.1

3.4

3.3

4.0 5.8 41.6

24.6

54.4

48.0 47.6

2011 2012 2013 2014 2015

Venture Capital Buyout Growth Other (2) Total

2015 Fundraising at a glance

7

Source: Invest Europe / PEREP_Analytics Note: (1) relates to fund focus

Source: Invest Europe / PEREP_Analytics Note: (2) Other includes Mezzanine and Generalist funds

2015 All Private

Equity

Venture

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

Incremental - Amounts raised €47.6bn €5.3bn €33.6bn €2.9bn

Incremental – No. of funds 274 98 90 38

Final closings - Cumulative

amount since inception €50.4bn €4.3bn €40.5bn €1.0bn

Final closings - No. of funds 129 40 50 13

Incremental amounts raised during the year (€ billion)

• In 2015 total fundraising reached €47.6bn, nearly matching the level of 2014. The number of funds raised (274) reduced by 15% compared to 2014, but is still above the level of 2012 and 2013. European private equity and venture capital raised in the past three years (2013-2015) was 70% more than in the years 2010-2012.

• Pension funds provided nearly a quarter of funds raised from institutional investors. Funds of funds contributed 18%, followed by government agencies (14%), sovereign wealth funds (13%), Family offices and private individuals (12%) and insurance companies (9%). Institutional investors outside Europe contributed 40% to the annual fundraising for Europe, matching 2014.

• Venture capital reached with €5.3bn its highest level since 2008, following an 8% increase over the previous year. Fundraising for early-stage focused funds increased by 13% to €2.7bn, while later stage fundraising nearly tripled to €870m. Government agencies contributed 31% of the funds raised, below the levels of 2010 to 2012, in which regularly more than one third was attributed to this source. Other major sources were fund of funds (23%), corporate investors (14%) and family offices and private individuals (12%). North American institutional investors contributed 11%.

• Buyout fundraising decreased by 7% to €33.6bn representing more than 70% of all fundraising. Pension funds remained the largest institutional investor (25%) in European buyout funds, followed by funds of funds & other asset managers (18%) and sovereign wealth funds (15%). North American institutional investors contributed more than a quarter. While the amount raised by funds above €1bn increased by 13%, the total amount raised by funds between €500m to €1bn reduced by 44%.

• Growth funds with €2.9bn raised exceeded the 2014 level, which was previously the highest reported since 2011. The 38 growth funds raised capital mostly from government agencies and family offices & private individuals.



Funds raised by fund stage focus


2011–2015 - Incremental amount raised during the year

Source: Invest Europe / PEREP_Analytics

Balanced

Later-stage

Early-stage

Legend

27

17

45

36

34

0

5

10

15

20

25

30

35

40

45

50

Buyout

€ b

illion

2.0 2.2

1.7

2.4 2.7

1.0 0.2

0.3

0.3

0.9

2.2

1.5 2.6

2.3

1.8

5.2

3.9

4.6

4.9

5.3

0

1

2

3

4

5

6

€ b

illion

4.4

2.8

2.2

0.5

2.1

1.3

1.1

1.5 1.8

2.8

2.3

1.7

2.9

3.7

2.1

Growth Mezzanine Generalist

2011 2012 2013 2014 2015

Venture Capital


Funds raised by fund stage focus


2011–2015 - Number of funds that reached first, intermediate or final closing during the year


Balanced

Later-stage

Early-stage

Legend

Venture Capital

74

60 58

80

57

20

11 9

10

6

58

46 46

39

35

152

117 113

129

98

0

20

40

60

80

100

120

140

160

81

73

84

93 90

0

20

40

60

80

100

120

140

160

Buyout

32

12

60

18

9

49

19

10

40

31

14

57

38

10

38


2011 2012 2013 2014 2015


All Private Equity - Concentration of capital


2011–2015 – Incremental fundraising by amount bracket per fund during the year

269

216

203

237 197

42

37

31

44 35 14

5 12

20

25

4

4 8

12

6

8

4

12

11

11

0%

10%

20%

30%

40%

50%

60%

70%

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

2014 2015 2011 2012 2013

Number

of

funds

% t

ota

l am

ount

of

annual fu

ndra

isin

g



All Private Equity – Funds raised by region of management


2011-2015 - 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

17.7 14.0

34.8

22.7 22.5

4.3

2.5

1.9

5.9 2.8

8.5

1.8

7.0

6.2 7.8

8.6

5.1

9.4

10.5 11.9 1.8

0.6

0.9

2.3 2.1 0.8

0.5

0.4

0.4 0.4

0

10

20

30

40

50

60

2011 2012 2013 2014 2015

€ b

illion

UK & Ireland DACH Nordics France & Benelux Southern Europe CEE


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


2015 - Incremental amount raised during the year



5% 0% 7%

1% 0% 0%

4% 11%

10%

2% 4% 6%

2% 0%

1%

3% 0%

4%

2% 2%

0%

6% 0%

8%

8% 14%

8% 18%

39% 16%

20%

1%

15%

18%

28%

9%

3%

68%

13%

27%

17%

48%

11%

1%

3%

12%

3% 0%

29%

3%

21%

10%

10% 10% 15%

0%

21%

4% 0% 0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

UK & Ireland DACH Nordics France &Benelux

SouthernEurope

CEE

Sovereign wealth funds

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


2%

0%

11%

3%

82%

0% 1%

1%

7%

2%

1%

4%

7%

14%

8%

10% 3%

25%

4%

15%

0% 1%

0% 14%

9%

4%

12%

31%

3%

11%

7%

8% 0%

5%

2%

2%

4%

7%

12%

14%

9%

5%

22%

5%

13%

Funds raised by type of investor


2015 - Incremental amount raised during the year - % of amount


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


All Private Equity funds

Buyout funds

Venture Capital funds

Growth funds*

274 funds

207 firms

98 funds

82 firms

38 funds

26 firms

90 funds

77 firms

* Due to the comparatively small number of funds raised and extrapolation

of missing data it is recommended to take a longer term perspective to

identify the investor structure in this market segment


All Private Equity - Funds raised by type of investor


2011–2015 - Incremental amount raised during the year - % of total amount


0%5%

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

Academic inst. / Endowments / Foundations

Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds


0%

5%

10%

15%

20%

25%

30%

35%

40%

2011 2012 2013 2014 2015

41.1

24.5

54.2 48.0 47.5

0

20

40

60

2011 2012 2013 2014 2015

€ b

illion

New funds raised(excluding capital gains)


5.2 3.9

4.6 4.9 5.3

0

5

10

2011 2012 2013 2014 2015

€ b

illion


0%

5%

10%

15%

20%

25%

30%

35%

40%

2011 2012 2013 2014 2015

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



0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2011 2012 2013 2014 2015

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


26.9

16.7

45.3

36.3 33.5

0

10

20

30

40

50

2011 2012 2013 2014 2015

€ b

illion



0%

10%

20%

30%

40%

50%

60%

70%

2011 2012 2013 2014 2015

4.4

0.5 1.1

2.8 2.9

0

2

4

6

2011 2012 2013 2014 2015

€ b

illion


Growth - Funds raised by type of investor


2011–2015 - Incremental amount raised during the year - % of total amount*


0%5%

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


Banks

Capital markets

Corporate investors



Government agencies

Insurance companies

Pension funds


* Due to the comparatively small number of funds raised

and extrapolation of missing data it is recommended to

take a longer term perspective to identify the investor

structure in this market segment


All Private Equity - Fundraising geographic breakdown


2015 (2014) - Source of funds - % of total amount


12.4% (9.3%)

22.4% (23.5%)

0.4% (0.8%)

Rest of world

3.0% (2.4%)

Australia

Asia

15.5% (10.5%)

North America

20.9% (27.7%)

Unclassified Europe

5.8% (5.1%)

9.4% (10.7%)

1.5% (2.2%)

8.8% (7.8%)


Venture Capital - Fundraising geographic breakdown




20.1% (7.8%)

32.7% (41.6%)

2.2% (2.9%)

Rest of world

0.3% (0.2%)

Australia

Asia

0.2% (0.2%)

North America

11.0% (10.5%)

Unclassified Europe

18.6% (5.1%)

10.5% (20.2%)

1.1% (5.7%)

3.3% (5.8%)


Buyout - Fundraising geographic breakdown




11.8% (9.5%)

14.6% (15.6%)

0.0% (0.0%)

Rest of world

4.3% (2.9%)

Australia

Asia

17.9% (13.0%)

North America

25.5% (33.5%)

Unclassified Europe

5.1% (5.9%)

8.0% (9.4%)

1.4% (1.6%)

11.4% (8.7%)


0.5

1.1 1.4

2.0 2.1 1.0 0.1

0.3

0.2

0.9

1.4

0.3

1.2

1.1

1.3

2.9

1.5

2.8

3.2

4.3

0

1

2

3

4

5

€ b

illion

Final closing - Funds raised by fund stage focus


2011–2015 - Final closing during the year - Amount(1)

Balanced

Later-stage

Early-stage

Legend

Venture Capital


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.

1.4 1.6

1.4

0.5

3.3

1.7

0.9 0.7

1.0

1.7

2.1

0.8 1.0

3.8

0.8


2011 2012 2013 2014 2015

18

15

49

28

40

0

5

10

15

20

25

30

35

40

45

50

Buyout

€ b

illion


Final closing - Funds raised by fund stage focus


2011–2015 - Final closing during the year - Number of funds(1)

Balanced

Later-stage

Early-stage

Legend

Venture Capital


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.

16 12

21

33

22

9

6

4

4

5

25

14

18

13

13

50

32

43

50

40

0

10

20

30

40

50

60

14

4

24

7 5

27

11

3

14 13

5

26

13

6

20


2011 2012 2013 2014 2015

41

30

43

46

50

0

10

20

30

40

50

60

Buyout

77 66 62 79 65

37

18

23 27

31 10

7 13

17

13

4

7

4

10

7

5

3

12

7

13

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

2011–2015 - Final closing during the year - Amount(1) & Number of funds(2)


2014 2015 2011 2012 2013

Number

of

funds

% t

ota

l am

ount

of

annual fu

ndra

isin

g

Source: Invest Europe / 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.

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.

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.

2. INVESTMENTS

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

D

C


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 financing: 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.

INVESTMENTS FUNDRAISING DIVESTMENTS

3.7 3.2 3.4 3.6 3.8

34.5

28.1 28.0

31.3

36.3

5.2

4.0 3.6

5.8

6.5

44.9

36.8 36.3

41.8

47.4

881 896 839 951 944

932 1,066 1,122

1,272 1,108

2,965 2,981 3,055

3,237

2,836

2011 2012 2013 2014 2015

No. of companies:

Venture Capital

Buyout

Growth

2015 - Market statistics All Private

Equity

Venture


Amount €47.4bn €3.8bn €36.3bn €6.5bn

No. of companies 4,971 2,836 944 1,108

No. of firms 1,028 589 427 400

No. of funds 1,656 930 572 582


2015 Investments at a glance

• The total amount of equity investments in European companies increased by 14% to €47.4bn. The related number of companies reduced by 11% to almost 5,000. 86% of them are SMEs.

• Over a third of the total amount invested in European companies was attributed to cross-border investments. This was the case for all private equity as well as venture capital investments.

• Venture capital investments increased by 5% to €3.8bn. The amount invested increased across all stages led by seed investments with an increase of 18%. Later-stage venture increased by 5% and start-up investments by 4%. The reduction in number of companies by 12% to 2,836 indicates a trend towards larger financing rounds across all stages. Most capital was concentrated in life sciences (34%), computer & consumer electronics (20%) and communications (19%) sectors.

• Buyout investments increased by 16% to €36.3bn into a stable number of companies at 944. In terms of amount, large and mega buyouts increased, while mid-market investments remained stable. More than 60% of buyout investments concentrated in companies active in business & industrial products (18%), consumer goods & retail (15%), financial services (12%) and life sciences (11%).

• Growth investments increased 11% to €6.5bn, reaching their highest level since 2008. The number of companies receiving growth investments reduced by 13% to 1,108. Investments concentrated in the sectors of communication(17%), energy & environment (14%), consumer goods & retail (13%) and computer & consumer electronics (12%).

Source: Invest Europe / PEREP_Analytics Note: (1) relates to the investment stage of the portfolio company

Source: Invest Europe / PEREP_Analytics Note: (2) Other includes Rescue/Turnaround and Replacement capital

Investments – Market statistics – Amount & No. of companies

Amount (€bn):

Venture Capital

Buyout

Growth

Other(2)

Total

INVESTMENTS FUNDRAISING DIVESTMENTS 2015 European Private Equity Activity 28

Investments by stage

2015 - Market statistics - % of Amount & Number of companies


% of Amount % of Number of companies

Venture Capital €3.8bn

Buyout €36.3bn

Growth €6.5bn

Venture Capital 2,836 Companies

Buyout 944 Companies

Growth 1,108 Companies

Seed 0.2%

Start-up 4.2%

Later-stage venture

3.5% Growth capital 13.6%

Rescue/ Turnaround

0.5%

Replacement capital 1.2%

Buyout 76.6%

Seed 8.5%

Start-up 35.8%

Later-stage venture 12.7%

Growth capital 21.9%

Rescue/ Turnaround

0.9%

Replacement capital 1.6%

Buyout 18.6%



2011–2015 - Market statistics - Amount


1.7 1.3 1.5 1.6 1.7

1.8

1.8 1.8

1.9 2.0

0.2

0.1 0.1

0.1 0.1

5.2

4.0 3.6

5.8

6.5

0.5 0.3 0.3 0.2 0.3

1.0 1.1 1.0 0.8 0.6

3.7

3.2 3.4

3.6 3.8

0

1

2

3

4

5

6

7

2011 2012 2013 2014 2015

€ b

illion

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

Venture Capital

34.5

28.1 28.0

31.3

36.3

0

5

10

15

20

25

30

35

40

2011 2012 2013 2014 2015

€ b

illion

Buyout


881 896 839

951 944

0

500

1,000

2011 2012 2013 2014 2015

Buyout

939 843 885 853 644

1,679 1,833 1,796 1,948

1,812

392 359 413

470

431

932 1,066 1,122

1,272 1,108

103 65 62 58 48 76 117 104 89 80

2,965 2,981 3,055

3,237

2,836

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011 2012 2013 2014 2015




2011–2015 - Market statistics - Number of companies


Venture Capital


Buyout – Investments by equity bracket

2011–2015 - Market statistics - Amount & Number of companies


4 4 3 4 4

16

13 13 15 15

8

7 7

7

10

8

5 5

6

8

574

621

570

673

622

327

268 269 277 298

33 27 31 33 43

18 11 10 12 18 0

100

200

300

400

500

600

700

0

5

10

15

20

25

30

35

40

45

50

2011 2012 2013 2014 2015

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 (<€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



Quarterly trend Q1 2011 – Q4 2015 - Market statistics - Amount


2014 2011 2012 2015 2013

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


0

200

400

600

800

1,000

1,200


Venture Capital Buyout Growth



Quarterly trend Q1 2011 – Q4 2015 - Market statistics - Number of companies


2014 2011 2012 2015 2013


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7


€ b

illion

Seed Start-up Later-stage venture


Venture Capital - Investments by stage

Quarterly trend Q1 2011 – Q4 2015 - Market statistics - Amount


2014 2011 2012 2015 2013


0

100

200

300

400

500

600

700

800


Seed Start-up Later-stage venture


Venture Capital - Investments by stage

Quarterly trend Q1 2011 – Q4 2015 - Market statistics - Number of companies


2014 2011 2012 2015 2013


All Private Equity - Geographical investment flows

2015 - Industry vs. Market statistics - Amount


€13.1bn

€31.0bn

€3.3bn

€3.2bn

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.


investments made by European private

equity firms regardless of the location

of the portfolio company.

Non-European private



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



€994m

€2,499m

€313m

€495m

European private



outside Europe

Cross-border

investments

within Europe

Domestic investments

in European countries


the location of the portfolio company.


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.


investments made by European private

equity firms regardless of the location

of the portfolio company.

Non-European private



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


All Private Equity - Investments by region


Industry statistics Market statistics



UK & Ireland 25%

France & Benelux 28%

DACH 19%

Southern Europe 10%

Nordics 14%

CEE 3%

UK & Ireland 27%

France & Benelux

29%

DACH 19%

Southern Europe

9%

Nordics 13%

CEE 3%


Investments by stage and regions

2015 - Market statistics - Amount


Venture Capital

0.5 0.4

0.5

0.1 0.2 0.0

0.4 0.5

0.7

0.2

0.2

0.1

0.0 0.0

0.1

0.0

0.0

0.0

1.6

2.4

1.0

0.4

0.8

0.2 0.1 0.1

0.0 0.0 0.0 0.0 0.1 0.2 0.2

0.1 0.1 0.0

0.9 0.9

1.2

0.3

0.4

0.1

0.0

0.5

1.0

1.5

2.0

2.5

UK & Ireland France & Benelux DACH Southern Europe Nordics CEE

€ b

illion


10.2 9.9

6.5

3.7

4.7

1.2

0

2

4

6

8

10

12

€ b

illion

Buyout


97

187 165

48 107

40

175

368

545

142

455

127

14

33

244

36

45

59

105

362

455

65 74 47 6 14 18 5 5 0 8

35 18 11 7 1

278

578

936

224

598

222

0

100

200

300

400

500

600

700

800

900

1,000

UK & Ireland France & Benelux DACH Southern Europe Nordics CEE



Investments by stage and regions

2015 - Market statistics - Number of companies


Venture Capital

190

343

144

100 129

38

0

100

200

300

400

Buyout


All Private Equity - Investments as % of European GDP

2000–2015 - Industry statistics: Location of the PE firm

Source: : IMF, World Economic Outlook Database (GDP) / Invest Europe / Thomson Reuters (2000-2006) & Invest Europe / PEREP_Analytics (2007-2015)

0.35%

0.23%

0.25% 0.26%

0.32%

0.39%

0.55% 0.53%

0.40%

0.19%

0.32% 0.33%

0.26% 0.26% 0.28%

0.30%

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 2015

%of

GD

P


All Private Equity - Investments as % of GDP

2015 - Industry statistics: Location of the PE firm

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

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

2015 2011-2015 Annual Average

0.7

99%

0.4

37%

0.4

33%

0.3

88%

0.3

32%

0.3

02%

0.2

57%

0.2

47%

0.1

98%

0.1

87%

0.1

76%

0.1

42%

0.1

08%

0.1

07%

0.0

97%

0.0

84%

0.0

75%

0.0

71%

0.0

50%

0.0

36%

0.0

32%

0.0

31%

0.0

26%

0.0

15%

0.0

08%

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


0.1

09%

0.0

79%

0.0

47%

0.0

47%

0.0

41%

0.0

39%

0.0

34%

0.0

34%

0.0

33%

0.0

32%

0.0

26%

0.0

25%

0.0

25%

0.0

23%

0.0

22%

0.0

15%

0.0

10%

0.0

08%

0.0

07%

0.0

05%

0.0

05%

0.0

02%

0.0

02%

0.0

02%

0.0

01%

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






0.6

77%

0.3

22%

0.3

14%

0.3

13%

0.2

33%

0.2

08%

0.1

79%

0.1

55%

0.1

53%

0.1

49%

0.1

37%

0.0

87%

0.0

62%

0.0

62%

0.0

60%

0.0

33%

0.0

30%

0.0

29%

0.0

24%

0.0

23%

0.0

13%

0.0

08%

0.0

05%

0.0

01%

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






0.0

98%

0.0

84%

0.0

80%

0.0

58%

0.0

39%

0.0

27%

0.0

24%

0.0

20%

0.0

19%

0.0

18%

0.0

18%

0.0

17%

0.0

16%

0.0

15%

0.0

14%

0.0

14%

0.0

13%

0.0

11%

0.0

08%

0.0

05%

0.0

05%

0.0

04%

0.0

01%

0.0

00%

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






1.2

54%

0.6

33%

0.4

97%

0.4

96%

0.4

78%

0.4

53%

0.3

81%

0.3

76%

0.3

37%

0.3

22%

0.3

05%

0.3

02%

0.2

18%

0.2

15%

0.1

88%

0.1

55%

0.1

46%

0.1

42%

0.1

41%

0.1

25%

0.1

19%

0.0

90%

0.0

85%

0.0

64%

0.0

21%

0.0

08%

0.000%

0.200%

0.400%

0.600%

0.800%

1.000%

1.200%

1.400%

% o

f G

DP


All Private Equity - Investments as % of GDP

2015 - Market statistics: Location of the portfolio company





0.0

51%

0.0

44%

0.0

37%

0.0

35%

0.0

33%

0.0

33%

0.0

33%

0.0

31%

0.0

29%

0.0

28%

0.0

25%

0.0

24%

0.0

24%

0.0

23%

0.0

16%

0.0

15%

0.0

14%

0.0

10%

0.0

05%

0.0

05%

0.0

04%

0.0

03%

0.0

02%

0.0

01%

0.0

01%

0.0

00%

0.000%

0.010%

0.020%

0.030%

0.040%

0.050%

0.060%

% o

f G

DP


Venture Capital - Investments as % of GDP






1.1

98%

0.5

42%

0.4

07%

0.3

89%

0.3

80%

0.3

10%

0.3

00%

0.3

00%

0.2

51%

0.2

36%

0.2

32%

0.2

19%

0.1

64%

0.1

60%

0.1

51%

0.1

42%

0.1

39%

0.1

08%

0.1

03%

0.0

88%

0.0

87%

0.0

50%

0.0

28%

0.0

13%

0.0

02%

0.0

01%

0.000%

0.200%

0.400%

0.600%

0.800%

1.000%

1.200%

1.400%

% o

f G

DP


Buyout - Investments as % of GDP






0.1

37%

0.0

87%

0.0

86%

0.0

72%

0.0

59%

0.0

56%

0.0

51%

0.0

46%

0.0

41%

0.0

38%

0.0

35%

0.0

28%

0.0

25%

0.0

23%

0.0

19%

0.0

17%

0.0

16%

0.0

15%

0.0

14%

0.0

14%

0.0

11%

0.0

11%

0.0

05%

0.0

05%

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


Growth - Investments as % of GDP






All Private Equity - Investments by sector

2015 - Market statistics - % of Amount & Number of companies


15.8%

14.0%

12.2%

11.2%

10.0%

9.0%

7.3%

7.2%

5.4%

2.4%

1.9%

1.8%

1.1%

0.6%

0.1%

12.4%

10.2%

16.2%

19.1%

2.2%

5.5%

10.0%

12.2%

5.5%

1.7%

0.7%

1.8%

1.3%

0.4%

0.9%

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

Business & industrial products

Consumer goods & retail

Life sciences

Computer & consumer electronics

Financial services

Consumer services

Business & industrial services

Communications

Energy and environment

Transportation

Agriculture

Chemicals and materials

Construction

Real estate

Unclassified

Amount

Number of companies


0

1

2

3

4

5

6

7

2011 2012 2013 2014 2015€ b

illion

0

5

10

15

20

25

30

35

40

2011 2012 2013 2014 2015

€ b

illion

0

0.5

1

1.5

2

2.5

3

3.5

4

2011 2012 2013 2014 2015

€ b

illion

0

5

10

15

20

25

30

35

40

45

50

2011 2012 2013 2014 2015

€ b

illion


Investments by sector

2011-2015 - 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

2011 2012 2013 2014 2015

0

200

400

600

800

1,000

2011 2012 2013 2014 2015

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2011 2012 2013 2014 20150

1,000

2,000

3,000

4,000

5,000

6,000

2011 2012 2013 2014 2015


Investments by sector

2011-2015 - 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

2015 - Market statistics - % of Number of companies


2014 2011 2012 2015 2013

60% 57% 56% 59% 61%

46% 44% 42% 46% 45%

54% 56% 58% 54% 55%

Follow-on investmentfor the company

Initial investment forthe company

Initial investment forthe private equity firm


35.0%

28.3%

15.8%

2.8%

7.9%

5.7% 3.0% 1.4% 6.2%

22.2%

21.1%

5.1%

16.6%

11.1%

14.1%

3.5%

68.8%

26.4%

3.1%

0.4%

0.9% 0.1% 0.1%

0.2%

48.5%

25.9%

9.8%

1.8%

5.8%

3.6% 3.5% 1.1%


Investments by portfolio company size

2015 - 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: 85.9% SME: 98.7%

SME: 54.7% SME: 81.9%

SME

Full-time equivalent

staff by interval


1,318

1,843

342

54 94 133

1 19 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

SMEs


Venture Capital - Investments by portfolio company size

2015 - Market statistics - Amount & Number of companies


Full-time equivalent staff by interval


SME % 93% 99%


0.4

2.5

3.8

0.7

4.2

5.3

12.9

6.6

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

Amount invested

SMEs


Buyout - Investments by portfolio company size





SME % 20% 55%


0.6

0.9

1.5

0.3

1.0

0.9

0.6 0.5

0

50

100

150

200

250

300

350

400

450

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

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

Num

ber o

f com

panie

s

€ b

illion

Amount invested

SMEs


Growth - Investments by portfolio company size





SME % 52% 82%

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.


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).

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.

3. DIVESTMENTS

Market versus industry statistics

B

C

D A

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

D

C

Glossary


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.

60

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.

DIVESTMENTS INVESTMENTS FUNDRAISING

Source: Invest Europe / PEREP_Analytics Note: (1) relates to the investment stage of the portfolio company


2015 Divestments at a glance

• Almost 2,500 European companies were exited in 2015, representing former equity investments (divestments at cost) of €40.5bn. This amount matches the level of 2014, which was until then the highest reported exit volume to date for European private equity.

• The most prominent exit routes by amount were trade sale (29%), sale to another private equity firm (27%) and public offering (23%). Over 40% of all the divested companies followed these exit routes.

• Public markets supported again sale of quoted equity on flotation (IPO) for 50 companies. Exits from already listed companies in the form of sale of quoted equity increased by almost 80% to €6.7bn, by amount divested at cost.

• Exits from venture capital investments represented 40% of all divested companies, remaining at over 1,000 companies and accounting for 5% of the amount divested at cost. The equity amount divested increased by 10% to €2.1bn. Trade sale, write-off, 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 84% of the equity amount at cost and 32% by number of companies. The amount divested remained stable at €34bn and number of companies almost 800. 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 8% of equity amount at cost and 27% by number of companies. The amount divested increased by 40% to €3.2bn and the number of companies increased by 9% to 660. Trade sale, sale to another private equity firm and write-off were the most prominent exit routes.


Divestments – Market statistics – % total amount divested at cost

2015 - Market statistics All Private

Equity

Venture


Divestments – Amount €40.5bn €2.1bn €34.3bn €3.2bn

Divestments – No. Companies 2,487 1,005 797 660

Number of Firms 640 297 321 162

Number of Funds 1,123 531 531 230

Trade sale 29%

Sale to another private equity

firm 27%

Public offering 23%

Sale to financial institution

10%

Write-off 4%

Repayment of principal loans

4%

Sale to management

2%

Other means 1%

DIVESTMENTS INVESTMENTS FUNDRAISING 2015 European Private Equity Activity 62

Divestments at cost – Venture Capital / Buyout / Growth

2011–2015 - Market statistics - Amount & Number of companies


24.8

18.3

29.1

33.4 34.3

2.3

1.1

1.9

2.3 3.2

2.4

1.9

2.2

1.9 2.1

0

200

400

600

800

1,000

1,200

0

5

10

15

20

25

30

35

40

45

2011 2012 2013 2014 2015

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


50%

2%

9%

14%

2% 3%

10%

5% 4%

1%

27%

8%

18% 3%

0%

4%

28%

11%

1%

0%

33%

1%

2%

10%

5% 5%

31%

7% 5%

1%


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

2015 - Market Statistics - % of Amount


Buyout

€34.3bn

Growth

€3.2bn

Venture Capital

€2.1bn

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

Sale of quoted equity

Write-off

Repayment of silent partnerships


Sale to another private equity firm


Sale to management

Other means


11% 1%

3%

12%

46%

8%

8%

3% 7%

1%

24%

1%

7%

23%

20%

8%

6%

3% 7%

1%

29%

4%

6%

4% 3% 11%

24%

6%

10%

3%


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

2015 - Market Statistics - % of Number of companies


Buyout

797 Companies

Growth

660 Companies

Venture Capital

1,005 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

Sale of quoted equity

Write-off

Repayment of silent partnerships


Sale to another private equity firm


Sale to management

Other means


All Private Equity - Divestments at cost by exit route

2011–2015 – Market statistics - Amount at cost


0

2

4

6

8

10

12

2011 2012 2013 2014 2015

€ 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

2011 2012 2013 2014 2015

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

2011–2015 - Market statistics - Number of companies



All Private Equity - Divestments at cost by sector

2015 - Market statistics - Amount & Number of companies (excluding write-offs)


7.1

5.0

4.5 4.3

3.5 3.4 3.1

2.0 2.0

1.6

1.1

0.6 0.3

0.0 0.0

295

383

81

186

237 252

175

52

257

40 76 67 13 16

5

0

50

100

150

200

250

300

350

400

450

0

1

2

3

4

5

6

7

8 Num

ber o

f com

panie

s exite

d

€ b

illion

Amount at cost

Number of companies exited


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

2015 - Market statistics - Amount (excluding write-offs)


36%

5%

21%

4%

1%

14%

7%

3%

7%

1%

0%

0%

0%

1%

0%

7%

19%

11%

14%

12%

5%

8%

9%

2%

6%

4%

2%

1%

0%

0%

19%

16%

9%

10%

12%

6%

6%

9%

8%

1%

2%

1%

0%

0%

1%

Life sciences


Communications


Financial services


Consumer services


Energy & environment

Chemicals & materials

Transportation

Construction

Agriculture

Real estate

Unclassified

Venture Capital

Buyout

Growth


11%

8%

8%

20%

19%

5%

14%

3%

5%

2%

3%

1%

0%

0%

1%

18%

18%

13%

8%

8%

9%

7%

6%

3%

3%

3%

2%

1%

0%

1%

27%

16%

14%

7%

5%

11%

4%

2%

2%

5%

2%

3%

1%

0%

0%





Life sciences

Consumer services

Communications

Financial services

Energy & environment

Construction

Chemicals & materials

Transportation

Agriculture

Real estate

Unclassified

Venture Capital

Buyout

Growth


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

2015 - Market statistics - Number of companies (excluding write-offs)



All Private Equity - Divestments at cost by region

2015 - Industry vs. Market statistics - % of Amount

17.7

6.5

3.2

9.7

3.0

0.9

12.6

7.5

4.4

10.8

4.0

1.2

-

2

4

6

8

10

12

14

16

18

20

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 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

Invest Europe - Europe

FVCA - Finland

Statistics Manager Knowledge Manager

Iuliana Furica Monica Biolan

Statistics Team

Adriana Andronic Adriana Craciun Dan Magirescu Dina Valah

Ana-Maria Cazacu Cristina Cristea Alexandru Mazilu

Claudiu Costache Denisa Florea Ioana Turbatu

About PEREP_Analytics and Invest Europe Research


APCRI - Portugal

AVCO - Austria

BVA - Belgium

BVK - Germany

CVCA - Croatia

PSIK - Poland

SECA - Switzerland

SEEPEA - South Eastern Europe

SLOVCA - Slovakia

SVCA - Sweden

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

Research Director

Dr Cornelius Mueller

Research Manager

Julien Krantz

[email protected] www.perepanalytics.eu [email protected] www.investeurope.eu

The coverage rate of all

European private equity

firms based on 2,029 eligible

private equity firms

63%

The 2015 annual survey

covered 91% of the European

market in terms of capital

under management

(base €564bn)

91%

http://www.dvca.dk/

Invest Europe Bastion Tower

Place du Champ de Mars 5

B-1050 Brussels, Belgium

T +32 2 715 00 20

www.investeurope.eu

2015 european private equity activity - invest europe · 2015 european private equity activity ....

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