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contact one of our advisors to tailor a bespoke Prestige hospitality programme for you on: 020 7516 1644 or at: chris.travers@prestigeticketing.london2012.com 8 Autumn 2011 BVCA Briefing London 2012 official hospitality IN THE SUMMER OF 2012 THE EYES OF THE WORLD WILL BE ON LONDON Who will be entertaining your best clients? To make sure it is you, contact Prestige. ExcEPTIONa L WORLD-cL a SS HOSPITa LITY THE BEST caTEg ORY SEaTS a ONc E - IN-a-LIFETIME E x PERIENc E THE ONLY HOSPITa LITY I N THE OLYMPIc Pa R k Prestige Hospitality Pavilion
Country Profile france Bouncing back from the downturn Paul Perpere, Managing Director of AFIC, the French private equity association France has a dynamic SME segment, a strong and sophisticated framework for private equity transactions and a well-established infrastructure to successfully achieve critical mass in all private equity activities. As a result, the French private equity industry today is the second largest in Europe and is doing well judging by the number of funds raised, the amounts invested and the number of companies it funded in 2010. On an annual average basis, 1,450 companies were funded by the French private equity industry between 2000 and 2010; 80% of which were SMEs and over 30% innovative companies. Fundraising by French private equity firms in 2010 generated €5bn and the leading sources of capital were: private individuals and family offices (27%), government entities (19%), pension funds (12%), banks (10%) and insurance companies (8%). The majority of the new funds were French (73%), with 15% from European countries and 12% from the rest of the world. Last year, investments by French-based private equity firms reached €6.5bn, almost 60% more than in 2009 (€4.1bn), of which 85% was invested locally and 15% abroad. The number of companies funded also grew to reach 1,685 compared to 1,469 in 2009 with 53% of the total amount invested by the French private equity industry directed into buyouts. Growth investments, the only category not impacted by the financial crisis, represented 34%, seed/start-up totalled 10% and turnaround 1.7%. The total portfolio volume amounted €80bn at the end of 2010 with the total number of firms in portfolios exceeding 5 000. However, due to the uncertain economic conditions throughout the Eurozone and tightened market conditions for loans to LBO transactions, which are 50% below 2007 transaction volumes, the 2010 market activity was a far cry from the €10bn invested in 2008. The economic role of private equity has been heightened ever since the 2008 financial crisis which led to a credit crunch and drove up the demand for growth capital from French private equity firms. The new solvency capital requirements for banks (Basel III) and insurance companies (Solvency II), both key institutional providers of funds for private equity firms in Europe, are putting significant stress on the market and are threatening the financing of the industry as a whole despite the fact that credit tightening should be encouraging companies to strengthen their balance sheets. n Autumn 2011 BVCA Briefing 9
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