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PE investments are gaining momentum in 2010 – Rising<br />
valuation levels are crucial to recovery<br />
Current situation<br />
> In 2010, <strong>European</strong> PE activity is starting to regain momentum<br />
after a historical low in 2009<br />
> In 2010, EUR 36 bn were invested in Europe – a 52% increase<br />
year on year<br />
> With low deal volumes and average values, the M&A market is yet<br />
to recover – buyers' and sellers' price expectations in<br />
mismatch<br />
> With approx. EUR 173 bn in dry powder 1) available, general<br />
partners will have to rethink how they can meet limited partners'<br />
return expectations in the future<br />
> Also, PE funds must regain trust of their investors as fund<br />
performance has suffered during the financial crisis<br />
1) "Dry powder" refers to committed, yet uncalled funds of private equity funds<br />
Source: Roland Berger<br />
Return to sound<br />
valuation levels<br />
is key to the<br />
PE market's<br />
recovery<br />
<strong>European</strong> <strong>Private</strong> <strong>Equity</strong> <strong>Outlook</strong> <strong>2011</strong>_Final_010411.PPTX 7
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