what is holding back returns of european private equity? · 2020. 7. 11. · 201601 roland berger...
TRANSCRIPT
Amsterdam, January 2016
What is holding back returns of European private equity?
Study
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2
-40
-30
-20
-10
0
10
20
30
40
50
60
12.6
2011
3.8
2010
18.4
2009
4.7
2008
-31.5
2007
22.5
2006
51.0
2005
33.0
2004
19.5
2003
-2.0
2013
11.8
2012
Yearly return rates of European private equity have stabilized since the financial crisis, but are still not at pre-crisis levels
Explanation
> The IRR is reported at fund level and is based on European PE firms
> The IRR is calculated as an annualized effective compounded rate of return using monthly cash flow (CF) to and from the investors, together with the unrealized or residual asset value as a terminal CF to investors
Internal rate of return (IRR) [%] – European benchmark
Source: EVCA/EIF European Private Equity Market Outlook 2011 [1Y for 2003-2009]; EVCA, "Pan-European Private Equity Benchmarks Study" (2010-2013) [1Y for 2010-2013 and 5Y for 2003-2013]
5Y-rolling IRR 1Y-rolling IRR
Ø '03-'07 for 1Y-IRR = 25% Ø '09-'13 for 1Y-IRR = 10%
Introduction
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Our study examines why European private equity (PE) per-formance is below pre-crisis levels and PE firms' own targets
Introduction
Methodology
Drivers of PE performance
Developments before and after crisis
1 Price levels
> Multiples at acquisition and exit
Portfolio duration (investment horizon)
Debt financing
> Leverage rates
> Costs of debt (interest rates)
Three potential drivers of the lower performance of European PE have been examined
Long-term and short-term comparison for these drivers have been made
2
3
Current situation versus situation in 2012 (<3 years)
I Current situation versus pre-crisis situation before 2008 (>7 years)
II
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614636982
657342202194211129101
'07
1,412
'06
1,243
'05 '02 '01 '00 '14
1,854
'13
1,439
'151) '04 '03 '12
1,210
'11
1,403
'10
1,101
'09 '08
1,104
'99 '98
Number of European acquisitions and divestments per year
7,527
(51%)
7,307
(49%)
Divestments [#]
Acquisitions [#]
European portfolios of 2,671 private equity firms between 1998-2015 were analyzed, including a total of 14,834 deals
Selection criteria
European portfolios from '98-'15:
> PE firms based in USA, United Kingdom, France, Germany, Netherlands, Sweden, Belgium, Denmark, Finland, Norway, and other European countries
> Deals with missing investment or divestment year are excluded
> Sample consists of 14,834 European companies acquired or sold by PE firms (7,307 investments and 7,527 divestments)
Study sample characteristics
Source: Merger Market database, downloaded on June 5, 2015 [Current and exit portfolio]
Geographical distribution targets [%] Industry representation [%]
Consumer goods & retail 22%
Capital goods & engineering 24%
Building & construction 1%
Automotive 3%
Chemicals and materials 3%
Energy & utilities 3%
Financial services 4%
Pharma & healthcare 8%
Logistics & business services 14%
TMT2) 17% France 18%
United Kingdom 29%
7%
Netherlands 7%
Germany 12%
Italy
Other 17%
Spain 5%
Sweden 6%
1) Data included until June 1, 2015; 2) Technology, media and telecommunication
Introduction
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This study has been enriched with data from a survey among 820 professionals of leading private equity firms across Europe
Selection criteria
> Exclusive survey with 820 professionals from leading private equity firms across Europe
> Survey includes questions that reflect what market experts expect for different countries and regions and what they consider relevant factors for the private equity business in 2015
Characteristics of participants of 2015 survey
Geographical focus [% of responses] Industry focus [% of responses]
29% 64%
7%
Number of experts respondents [#]
820 # years of PE experience [% of responses]
29%
5-10 years
64%
>10 years <5 years
Source: European Private Equity Outlook 2015; Roland Berger
Poland 3%
CEE excl. Poland 4%
France 5%
UK 5%
Europe 7%
Benelux 7%
Scandinavia 13%
Iberia and Italy 20%
DACH 36%
Chemicals 13%
Building & construction 14%
Energy & utilities 22%
Financial services 26%
Capital goods & engineering 28%
Logistics & business services 39%
TMT1) 46%
Consumer goods & retail 48%
Pharma & healthcare 49%
Automotive 10%
Germany, Austria, Switzerland
Central and Eastern Europe
1) Technology, media and telecommunication
Introduction
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This document shall be treated as confidential. It has been compiled for the exclusive, internal use by our client and is not complete without the underlying
detail analyses and the oral presentation. It may not be passed on and/or may not be made available to third parties without prior written consent from
Roland Berger Strategy Consultants. RBSC does not assume any responsibility for the completeness and accuracy of the statements made in this
document.
© Roland Berger Strategy Consultants
Contents Page
C The 7-year itch: a deep dive into portfolio durations 22
A 7 Executive summary
B How have drivers of PE performance evolved since the financial crisis?
10
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A. Executive summary
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Short-term trends in price levels and debt financing drive recent performance, but portfolio durations show a structural increase
Source: Roland Berger
Despite the economic growth of the EU that is driving PE performance in recent years, the annual performance of European private equity portfolios is still below pre-crisis levels
Three potential drivers behind the lower performance were examined: price levels, debt financing (leverage rates and costs of debt) and portfolio duration
Price levels and leverage rates are lower than before the crisis, but are increasing again, while costs of debt are historically low – these factors seem to be driving the short-term improvement in PE performance in recent years
Portfolio durations have risen with a factor 2.5 to record lengths from 1.8 years in 2007 to 4.6 years in 2014, across all industries, regions and PE firms
Executive summary [1/2]
1
2
3
4
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Active management of pre-crisis acquisitions is required to ensure that these long portfolio durations do not become a structural problem
Longer portfolio durations lead to lower growth – PE firms need to focus on divesting pre-crisis acquisitions to improve returns
Source: Roland Berger
Longer portfolio durations lead to lower annual growth in enterprise value, dropping from on average 50% (0-2 years) to 3% (7+ years) – in some cases, PE firms settle for a loss if a company is in the portfolio for more than 7 years
Recently, PE firms have taken action and divested an increasing number of pre-crisis investments – however, still 34% of companies in the current portfolio was bought more than 7 years ago, representing more than 60% of total value
PE firms say they want to focus more on divesting companies in 2015. Can and will they do so, or will the all-time high amount of available capital (1,100 USD bn in 2014) keep them preoccupied with making new investments?
Executive summary [2/2]
5
6
7
8
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B. How have drivers of PE performance evolved since the financial crisis?
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Private equity performance
Lower returns could be the
result of longer portfolio
durations (investment
horizons), if enterprise value
growth decreases within the
investment horizon
Growth of enterprise value
between entry and exit results
in positive returns
Changes in enterprise values
over time are reflected by
changes in EBITDA multiples
at acquisition and exit
Three drivers of changes in performance are examined: price levels, debt financing and portfolio durations
Drivers of PE performance
A. Leverage rates
Lower returns could result
from a lower share of debt in
the financing structure (and a
corresponding larger equity
contribution)
B. Cost of debt
Higher interest rates result in
higher costs, lower valuations
and thus lower returns
Source: Roland Berger
Note: Fund costs are not included
Portfolio duration
3 1
Price levels Debt financing
2
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
12
8
4
0
2
6
10
14
2.1 1.4
0.1 0.4
1.8
0.7
-0.5
3.8 4.1 3.3
0.7
3.9
The difference between acquisition and exit multiples is growing and drives performance, but is still smaller than before the crisis
1
Price levels
2Y-rolling median EBITDA multiple at acquisition and exit, per year of acquisition1)
Year of acquisition
1) Analysis based on EBITDA multiples for 1,223 and 1,087 companies in current and exit portfolio, respectively; a minimum of 10 multiples was used to calculate the median for each year of acquisition
Source: Merger Market database, downloaded on June 5, 2015 [Current and exit portfolio]
EBITDA multiple at acquisition Difference (exit - acquisition) EBITDA multiple at exit
Explanation
> EBITDA multiples are shown
per year of acquisition
– The exit multiple represents
the median EBITDA multiple
received for all companies
sold in a given year
> The difference in EBITDA
multiple between acquisition
and exit gives an indication of
PE performance per year of
acquisition
Ø difference for '03-'07 = 2.6 Ø difference for '09-'13 = 1.1
EBITDA multiple
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Leverage rates are increasing and drive the recent increase in PE performance, although they are not yet at pre-crisis levels
Average share of debt financing at acquisition1) [%]
30
40
50
60
70
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
60%
43%
59%
62%
54%
51%
61% 62%
52% 50%
66%
Ø 57 57%
2A
Leverage rates
Year of acquisition
Source: Merger Market database, downloaded on June 5, 2015 [Current portfolio]
1) Analysis based on 304 deals in current portfolio with data on debt financing at purchase
Ø 2003-2007 = 62% Ø 2009-2013= 51%
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Interest rates are at historically low levels which has a positive effect on PE performance compared to pre-crisis levels
ECB long-term interest rates [%]
Source: Eurostat
1
2
3
4
5
6
7
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
United States
United Kingdom
Netherlands
Italy
France
Spain
Germany
2B
Cost of debt
Explanation
> Low interest rates increase
attractiveness of debt
financing, leading to high PE
performance
Ø '03-'07 = 4.2%1) Ø '09-'13 = 2.7%1)
1) Excluding Spain and Italy
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Low interest rates also have a positive effect on valuations of companies – unrealized global portfolio value is USD 2,644 bn
Unrealized portfolio value of global PE [USD bn]
2B
Cost of debt
898675554465360374418
+120%
2014H1
2,644
2013
2,546
2012
2,332
2011
2,029
2010
1,783
2009
1,413
2008
1,204
2007
1,265
2006 2005 2004 2003 2002 2001 2000
Explanation
> Two forces drive an increase in
unrealized portfolio value:
– a surplus between value of
in- and divestments
– an increase in valuation of
current portfolio assets
> Unrealized portfolio value is
also considered in common PE
performance analyses, such as
IRR benchmarks:
– An increase in unrealized
value thus results in a higher
IRR
> In 2013 and 2014, the global amount of capital distributed to investors (realized value) exceeded the amount of capital called (to be used for investments)
– Hence, the observed growth in unrealized value in recent years is due to an increase in the valuation of assets in the current portfolio of PE firms
– Lower interest rates can partly explain the rising valuations
Source: Preqin (2015 Preqin Global Private Equity & Venture Capital Report)
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2014
4.4
2013
4.6
2012 2015H1
4.6
2009
3.0
2008
2.3
2007
1.8
2006
1.7
2005
1.7
2004
1.8
2003
2.0
4.6
2011
4.0
2010
3.6
Since 2007, portfolio durations have more than doubled to record lengths and pose a structural problem for PE firms
Median duration of European portfolios [years]
3
Portfolio duration
3.6
2003
3.4
2006
3.5
2005
3.4
2004
3.6
2008
3.2
2007
3.1
5.8
2013
5.8
2012
5.2
2011
4.6
2010
4.3
2009 2015H1 2014
5.4
Source: Merger Market database, downloaded on June 5, 2015 [Current and exit portfolio]
Total portfolio
Duration of European portfolios
Divestments
Duration for exited companies
Median '03-'07 = 1.8 yrs
Median '12-'15 = 4.5 yrs
Median '03-'07 = 3.3 yrs
Median '12-'15 = 5.6 yrs
x% Growth from '03-'07 to '12-'15
157%
68%
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Portfolio durations have doubled or even tripled across all industries and regions compared to the pre-crisis situation
3Y-median duration in portfolio before and after crisis, per industry and region [years]
Source: Merger Market database, downloaded on June 5, 2015 [Current and exit portfolio]
1.7
5.0
Western Europe 1.6
4.2
CEE 1.6
4.3
Northern Europe 1.7
4.3
United Kingdom 2.0
4.9
Southern Europe
Median 2005-2007
Median 2012-2014
Northern Europe
> Denmark
> Finland
> Latvia
> Lithuania
> Sweden
Western Europe
> Belgium
> France
> Germany
> Ireland (Republic)
> Luxembourg
> Netherlands
United Kingdom
Southern Europe
> Cyprus
> Greece
> Italy
> Malta
> Monaco
> Portugal
> Spain
Central and Eastern
Europe (CEE)
> Austria
> Bulgaria
> Croatia
> Czech Republic
> Hungary
> Poland
> Slovakia
> Slovenia
Portfolio duration
200%
146%
160%
174%
163%
Growth from '05-'07 to '12-'14 [%] x%
1.5
Logistics & business services
4.3
1.7 4.4
TMT1)
1.7 4.1
Financial services
3.9 Pharma & healthcare
1.7
Consumer goods & retail 1.8
4.8
Capital goods & engineering 1.7
4.9
Building & construction 2.5
5.0
Automotive 2.1
5.2
Chemicals and materials 2.4
4.6
3.3 Energy & utilities
1.3
148%
102%
195%
171%
90%
163%
189%
145%
129%
3
Duration per industry Duration per region
135%
1) Technology, media and telecommunication
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15%
75%
30%
60%
-5%
0%
45%
5-6 yrs 3-4 yrs 4-5 yrs 7-10 yrs 0-2 yrs 2-3 yrs 6-7 yrs
Longer durations lead to lower annual growth in enterprise value and therefore lower PE performance
Average EV growth and confidence intervals per duration for 1998-2015 [CAGR, %]
Source: Merger Market database (matching of current and exit portfolio resulted in 389 deals with reported enterprise value at acquisition and exit)
3
Portfolio duration
Note: Enterprise value growth can be achieved through EBITDA growth (e.g. acquisitions) and/or by achieving EBITDA multiple expansion
Explanation
> Enterprise value (EV) growth is
calculated as the annual
growth (CAGR) between the
value of each acquisition and
divestment (exit) for a given
portfolio duration
Duration [years] 95% confidence interval [CAGR, %] Average EV growth [CAGR, %]
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Although PE firms have been trying hard to optimize returns, annual growth is still lower for longer portfolio durations
"Managing portfolio companies actively will become more important in the future – passive management is no longer suitable. Agree or disagree?"
Importance of active portfolio management [%]
Source: Roland Berger; European Private Equity Outlook 2015
3
Portfolio duration
Comments
> In 2014, agreement was
higher (98%)
75%
20%
3%2%0%
Completely agree Agree to
some extent
Neither agree
nor disagree
Disagree to
some extent
Completely
disagree
95%
% of responses [only one answer possible]
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In summary: PE performance is growing again, but longer portfolio durations present a structural problem
Long- and short-term evolution of performance drivers
Source: Roland Berger
Driver Explanation
The difference in EBITDA multiples at acquisition and exit is growing and boosts recent PE performance, but is not yet at pre-crisis levels
Leverage rates have increased since 2012 but are still below pre-crisis levels
Historically-low interest rates have reduced costs of debt and drive increases in valuation
Combined effect Market-driven levers have caused an increase in PE performance since 2012, but long portfolio durations hold back current PE performance
Price levels
Leverage rates
Costs of debt
Portfolio duration
Portfolio durations have increased to record lengths since the crisis and pose a structural problem for PE firms
Current situation vs. pre-crisis/2012: Better Worse Similar
Current vs. 2012
Current vs. pre-crisis
1
2
3
4
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Portfolio durations for PE firms (years)
Dutch PE firms perform poorly compared to large international PE firms when it comes to portfolio duration (4.9 vs. 3.3 years)
1) International PE firms are only included if ranked in the top-50 of total funds raised in the past 5 years (as of 2015), as compiled by Private Equity International
0
20
40
60
80
7+ yrs
8%
7%
5-7 yrs 3-5 yrs 0-3 yrs
75%
71%
Source: Merger Market database, downloaded on June 5, 2015 [Current and exit portfolio]; Private Equity International
Share of companies in portfolio in 2007 [%]
Duration [yrs]
0
20
40
60
5-7 yrs 3-5 yrs
22%
7+ yrs
37%
0-3 yrs
29%
48%
+166%
Top-50 International
PE firms1)
3.3
1.8 2.1
4.9
Dutch PE firms
+56%
Median 2015H1 [years] Median 2007 [years]
x% Growth between 2007 and 2015
Share of companies in portfolio in 2015H1 [%]
Insights
> In 2007, portfolios of Dutch
and Top-50 international PE
firms were comparable
> In 2015, portfolios differ, as
Dutch PE firms have sold
relatively few old (7+ years)
acquisitions
> Top-50 international PE firms
minimize the impact of longer
durations by continuously
making new investments,
which still dominate portfolios
Top-50 International PE firms portfolios1) Dutch
PE portfolio durations in 2007 and 2015 Evolution of international & Dutch portfolios
Duration [yrs]
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C. The 7-year itch: a deep dive into portfolio durations
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Statutory fund durations dictate PE firms to settle even for a loss if a company is in the portfolio for more than 7 years
Average EV growth and confidence intervals per duration for 1998-2015 [CAGR, %]
Source: Merger Market database (matching of current and exit portfolio resulted in 389 deals with reported enterprise value at acquisition and exit)
Note: Enterprise value growth can be achieved through EBITDA growth (e.g. acquisitions) and/or by achieving EBITDA multiple expansion
Explanation
> Enterprise value (EV) growth is
calculated as the annual
growth (CAGR) between the
value of each acquisition and
divestment (exit) for a given
portfolio duration
Portfolio duration [years] 95% confidence interval [CAGR, %] Average EV growth [CAGR, %]
45%
30%
60%
75%
15%
0%
-5%
4-5 2-3 0-2 3-4 7-10 6-7 5-6
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In recent years, PE firms have taken action and divested an increasing number of firms acquired before the crisis in 2008
Divestments per year [# of companies]
Source: Merger Market database, downloaded on June 5, 2015 [Exit portfolio]
6%
2008 2003
200
2010
505
89%
11%
2009
507
93%
7%
2007
753
92%
8%
2006
695
92%
8%
2005
614
98%
2%
2004
426
99%
1%
309
94%
2014
805
0%
100%
77%
636
2011
66%
2013
34%
85%
15%
664
2012
527 23%
90%
10%
0-7 yrs 7+ yrs
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Distribution of portfolio companies in duration intervals1) [%]
Despite the increasing number of exits with long durations, 34% of the current portfolio was bought more than 7 years ago
# of companies in portfolio
Duration intervals [years]
1) The distribution in for instance 2007 consists of the companies that were bought in 2007 or before and are still in the current portfolio, plus the companies in the exit portfolio that were bought in 2003 or before and were exited after 2007.
2,000
500
0
1,500
1,000
2,500
3,500
3,000
9%
19%
0-2
25%
2,881
(55%)
7+
3%
4%
3-4
2,507
(48%)
10%
4-5
2%
6-7 2-3
6%
10%
9%
5-6
6%
6%
Source: Merger Market database, downloaded on June 5, 2015 [Current and exit portfolio]
2015H1 2007
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0
5
10
15
20
25
0
100
200
300
400
500
600
700
2006
8%
2007 2004
6%
10% 10%
2005
10%
2008
9%
2003
4%
2002
4%
2001
5%
2000
4%
1999
2%
1998 2011
8%
2010
6%
10% 8%
5%
2009 2012 2013 2015
7%
2014
The average size of deals was highest in the pre-crisis years 2005-2008, driven by a larger share of deals >1 EUR bn
Average enterprise value (EV) at acquisition
Year of acquisition
Source: Merger Market database, downloaded on June 5, 2015 [Current portfolio]
2Y-rolling Ø EV [EUR m]
Share of deals with EV >1 EUR bn [%] Average enterprise value [EUR m]
2Y-rolling share of EV >1 EUR bn [%]
Note: analysis based on enterprise values for 3,238 companies in current portfolio
Ø '09-'15 = EUR 356.6 m Ø '98-'04 = EUR 268.2 m Ø '05-'08 = EUR 480.4 m
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High pre-crisis deal size has resulted globally in acquisitions constituting more than 60% of unrealized portfolio value
Unrealized value of assets per year of acquisition (on June 2014) [USD bn]
0
100
200
300
400
2013
111
4%
2012
205
8%
2011
291
11%
187
2010
234
9%
2009
7%
2008
434
17%
2007
487
19%
2006
388
15%
2005
174
7%
2004
48
2%
2003
24 1%
2002
13 0%
2001
13 0%
2000
14 1%
Unrealized value [USD bn]
Source: Preqin (2014, 2015 Global Private Equity and Venture Capital report)
> The unrealized value of 2006-2008 assets decreased by 4.8% from June 2013 to June 2014
– Fund managers are partly able to escape the shadow of the 2006-2008 exit overhang
∑ 1,595 USD bn [2000-2008] 61% of total for 2000-2013
Year of acquisition x% -- Share of total unrealized value [%]
Unrealized value
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283
775683
767
596
327
597659
548
368
231142
7274573841
1,200
1,000
800
600
400
200
0
2015H1 2014
1,049
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998
30% of the current portfolio was acquired in 2005-2008 for high EBITDA multiples, putting pressure on returns for these years
Current portfolio (June 2015) per year of acquisition
Source: Merger Market database, downloaded on June 5, 2015 [Current portfolio]
∑ 2,172 companies acquired '05-'08 [30% of current portfolio]
Year of acquisition
1) analysis based on acquisition multiples for 1,223 companies in current portfolio
2009-2015
9.8
2005-2008
10.1
1998-2004
7.1
Median EBITDA multiple at acquisition1)
Number of companies
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13
39
2422
3537
2525
35
26
16
10
30
57
33
0
5
10
15
20
25
30
35
40
2015H1 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998
The current portfolios of Dutch PE firms have a similarly large share of pre-crisis acquisitions, with 2005-2008 representing 31%
Current portfolio (June 2015) per year of acquisition
Source: Merger Market database, downloaded on June 5, 2015 [Current portfolio]
∑ 102 companies acquired '05-'08 [31% of current portfolio]
Year of acquisition
Number of companies
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PE firms increasingly say they will focus more on divesting firms in 2015
"Which phase of the PE value chain will you focus on most in 2013/2014/2015?"
Focus of PE investors on phases in PE value chain in 2013-20151) [% of participants]
Source: Roland Berger; European Private Equity Outlook 2015
4%
15%
23%
28%
31%
7%
11%
22%
26%
34%
14%
14%
19%
34%
20%
Developing portfolio companies
Fundraising
Divesting existing investments
Extending existing funds
Making new investments
Change w.r.t. 2014
1) As multiple answers were possible, the original survey results have been rescaled so that they sum to 100%
2013 2014 2015
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But given the all-time high of capital, they will be busy investing; can and will they simultaneously divest pre-crisis acquisitions?
Available capital for global PE firms [USD bn]
940954999
796
559
404401
-1%
+35%
+10%
2014
1,144
2013
1,074
2012 2011
1,002
2010 2009
1,057
2008
1,066
2007 2006 2005 2004 2003
Source: Preqin (2015 Preqin Global Private Equity & Venture Capital Report)
x% CAGR
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Large international PE firms minimize impact of long durations by making new investments, which still dominate portfolios
Distribution of durations in portfolio per year for large international PE firms1)2)
Source: Merger Market database, downloaded on June 5, 2015 [Current and exit portfolio]; Private Equity International
52%60%
65%72% 71%
58%
44% 40% 44%49% 47% 46% 48%
37% 19%13%
13% 18%
28%
34%32% 22% 12% 19% 24% 21%
21%16%
21%21% 14% 7% 10%
8%17% 21% 23% 22%
18%13%
6%7%
12% 12%9%9%8%7%5%
2010
388
2009
360
2008
346
2011
411
2013
442
2012
100% 472
2015H1 2007
318
4%
2006
309
2005
292
2004
266
2003
259 472
2014
410
3-5 yrs 5-7 yrs 0-3 yrs 7+ yrs
1) The distribution in for instance 2003 consists of the companies that were bought in 2003 or before and are still in the current portfolio, plus the companies in the exit portfolio that were bought in 2003 or before and were exited after 2003; 2) International PE firms are only included if ranked in the top-50 of total funds raised in the past 5 years (as of 2015), as compiled by Private Equity International (PEI300-ranking)
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34 201601 Roland Berger PE study.pptx
34
By contrast, Dutch PE firms make relatively few new acquisitions, resulting in portfolios dominated by long durations
Distribution of durations in portfolio per year for Dutch PE firms1)
Source: Merger Market database, downloaded on June 5, 2015 [Current and exit portfolio]
54% 53%
74% 72% 75%69%
59%52% 48%
42%
30% 28% 29%
31% 28%
6%14%
17%21%
24%
26%26%
20%
27%26% 21%
15% 18%16% 7% 5%
11%15% 18%
23%
19%
13%13%
7% 8% 6% 5% 7% 8%15%
23%32% 37%
2007
78 143
2009
115
2006
58
2005
58
3%
2004
52
2003
49 173 185
2015H1 2014 2013
172
2012
162
2011
154
2010H1 2008
102 100%
3-5 yrs 7+ yrs 5-7 yrs 0-3 yrs
1) The distribution in for instance 2003 consists of the companies that were bought in 2003 or before and are still in the current portfolio, plus the companies in the exit portfolio that were bought in 2003 or before and were exited after 2003
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