EVCA Yearbook 2012 - SECA

30 May, 2012 

Yearbook 2012 

Activity Data on Fundraising, Investments and Divestments by 

Private Equity and Venture Capital Firms in Europe

Acknowledgements and Disclaimer 

Acknowledgements 

We are very grateful for the generous support by General Partners representing Private Equity and Venture Capital firms across Europe who have 

directly submitted their activity data to our survey. Without their commitment providing comprehensive and verified pan-European statistics 

would not be possible. 

We also thank all regional and national private equity associations that collect their activity data via PEREP_Analytics, the pan-European statistics 

platform, making it the most comprehensive European private equity database: APCRI (Portugal), AVCO (Austria), BVA (Belgium), BVK (Germany), 

CVCA (Croatia), CVCA (the Czech Republic), DVCA (Denmark), EstVCA (Estonia), EVCA (Europe), FVCA (Finland), HVCA (Hungary), IVCA (Ireland), 

LTVCA (Lithuania), NVCA (Norway), NVP (the Netherlands), PPEA (Poland), SECA (Switzerland), SEEPEA (South Eastern Europe), SLOVCA 

(Slovakia), SVCA (Sweden). PEREP has collected data directly from associations’ members and participants outside of those countries mentioned. 

Version 

Presentation as of 30/5/2012 

Disclaimer 

The information contained in this report has been produced by EVCA, based on PEREP_Analytics data and third party information. While EVCA has 

made every effort to ensure the reliability of the data included in this report, EVCA cannot guarantee the accuracy of the information collected 

and presented. Therefore, EVCA cannot accept responsibility for any decision made or action taken based upon this report or the information 

provided herein. 

Copyright information 

No part of this publication may be reproduced by any process except in accordance with the provisions of the Copyright Act 1968. Copyright 

enquiries should be directed to EVCA, Tel: + 32 2 715 00 20. 

© Copyright EVCA May 2012 

YearBook Yearbook 2011 2012 

| Creating lasting value 

| 2

Executive Summary 

Fundraising 

• In 2011 overall fundraising increased by 80% to €40bn compared to the previous year, matching 2001. Venture Capital contributed to 

this trend with its 50% increase compared to 2010. The buyout & growth segment grew by almost 100% compared to 2010 and 

attributed for €30bn. More than half of the buyout amount raised came from pension funds, banks and funds of funds. 

Investments 

• Investments remained stable at €46bn showing a 6% increase from 2010. This figure resembles the investment level of 2005. 

Buyout & Growth accounted for 91% of the total amount invested. 

• In 2011 more than 4,800 companies received investments in Europe from which SMEs accounted for 85% with an average investment 

per company of €3m. More than 60% of these investments were attributed to Venture Capital. 

• The three most targeted sectors by number of companies in 2011 were Life sciences, Computer & consumer electronics and 

Communications together accounting for 50% of the total. The stage focus split reveals a sector specificity in the case of Venture 

Capital (Life sciences, Computer & consumer electronics and Communications) and a more homogeneous distribution for Buyout & 

Growth. 

Divestments 

• In 2011 €30bn were divested showing a 50% increase compared to the previous year and almost reaching the 2006 peak. 

This increase was triggered by the Buyout & Growth segment which accounted for 92% of the total amount. More than 2000 

companies were divested of which Venture Capital and Buyout & Growth had about an equal share. 

• The most preferred exit routes were Trade sales and Secondary sales, together representing more than 60% of the market in terms 

of amount divested. 



| 3

€ billion 

Overview - Fundraising, Investments & Divestments 

2000–2011 - Industry statistics - Amount 

120 

112 

100 

80 

72 

71 72 

80 80 

60 

54 

40 

20 

48 

35 

9 

40 

24 

13 

28 28 

29 

27 27 

14 

11 

37 

20 

47 

30 

33 

27 

14 

18 

24 

12 

22 

43 

20 

40 

46 

30 

0 

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 

Funds Raised Investments Divestments 

Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2011) 



| 4

Fundraising 

Fundraising statistics explained 

• Current direct funds under management monitored are primarily focused on investments in Europe. 

• 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, rescue/turnaround funds. 

• The following funds are excluded from the statistics: infrastructure funds, real estate funds, distress debt 

funds, primary funds-of-funds, secondary funds-of-funds.

Glossary – Fundraising 

Fund stage focus: 

• Early-stage fund: A venture capital fund focused on investing in 

companies in the early stages of their lives 

• Later-stage fund: A venture capital fund focused on investing in 

later-stage companies in need of expansion capital 

• Balanced fund: A venture capital fund focused on both early-stage 

and development, with no particular concentration on either 

• Growth fund: Funds whose strategy is to invest in or acquire 

relatively mature companies that are looking for capital to expand 

or restructure operations 

• Buyout fund: A fund whose strategy is to acquire other businesses 

• 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 

• Generalist fund: A fund with either a stated focus of investing in all 

stages of private equity investment, or with a broad area of 

investment activity 

Independent and captive funds: 

• “Captive funds” refers to funds that are 100% owned by the parent 

organisation, while “independent funds” relates to semi-captive 

funds (those in which the parent owns less than 100%) as well as 

wholly independent funds. 

Type of investors: 

• Corporate investor: Corporations that produce products 

(manufacturing companies) or deliver non-financial 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 services such as investment 

management and other services (accounting, tax and financial 

advice etc.) to one or several families 

• Foundations: A non-profit organisation through which private wealth 

is contributed and distributed for public purpose (most often 

charitable purposes) 

• Fund of funds: A private equity fund that primarily takes equity 

positions in other funds 

• 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 with the purpose to generate financial returns 

• Government agencies: Country, regional, governmental and 

European agencies or institutions for innovation and development 

(including structures such as the EBRD or EIF) 

• Sovereign wealth funds: State-owned investment fund managing a 

pool of money derived from a country's reserves 

NB: In the following presentation, unclassified figures concerning the type of 

investors have been extrapolated. 

Fundraising 



| 6

€ billion 

€ billion 

Funds raised by fund stage focus 

2007-2011 - Incremental amount raised during the year 

7 

6 

6.2 

60 

58.8 

65.4 

5 

4.5 

4.9 

50 

4 

3 

2 

1 

3.6 

2.3 

1.9 

1.5 

1.0 

1.4 1.5 

1.0 

0.6 

0.5 

3.4 

2.5 

2.0 

1.5 1.5 

3.0 

2.5 

1.6 

1.0 

2.8 

1.5 

1.1 

0.5 

3.7 

2.5 

1.7 1.7 

40 

30 

20 

10 

13.5 

10.3 

25.9 

0 

Early-stage 

Later stage 

venture 

Balanced Growth capital Mezzanine Generalist 

0 

Buyout 

Venture Capital 

2007 2008 2009 2010 2011 

Source: EVCA / PEREP_Analytics 

Fundraising 



| 7

€ billion 

€ billion 

Funds raised by fund stage focus 

2007-2011 - Final closing during the year - Amount 

5 

4.7 

60 

59.2 

4 

50 

53.4 

3 

2 

1 

2.4 

1.5 

1.1 

0.8 

0.6 

0.9 

1.0 

0.6 

0.4 

0.3 

2.5 

1.9 

1.4 

1.3 

1.4 

1.4 

1.3 1.3 

0.7 

0.6 

2.5 

2.2 

1.6 1.6 

1.4 

1.2 1.1 

0.8 

0.5 

40 

30 

20 

10 

9.4 

13.3 

18.5 

0 

Early-stage 

Later stage 

venture 

Balanced Growth capital Mezzanine Generalist 

0 

Buyout 


2007 2008 2009 2010 2011 


Fundraising 



| 8

€ billion 

Venture funds raised by type of investor 

2007-2011 - Incremental amount raised during the year - % of total amount 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

2007 2008 2009 2010 2011 

Academic Inst. / Endowments / 

Foundations 

Banks 

Capital markets 

Corporate investors 

Family offices & Private Individuals 

Fund of funds & Other asset managers 

Government agencies 

Insurance companies 

Pension funds 

Sovereign wealth funds 

10 

8.2 

5 

6.2 

3.4 3.2 

4.8 

New funds raised 

(excluding capital gains) 

0 

2007 2008 2009 2010 2011 


Fundraising 



| 9

€ billion 

Buyout funds* raised by type of investor 


40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

2007 2008 2009 2010 2011 


Foundations 

Banks 







Pension funds 


100 

64.7 

69.9 

50 

11.8 

17.0 

33.2 



0 

2007 2008 2009 2010 2011 


Fundraising 

*Buyout funds including Growth capital and Mezzanine funds 



| 10

€ billion 

Generalists funds raised by type of investor 


60% 

50% 

40% 

30% 

20% 

10% 

0% 

2007 2008 2009 2010 2011 


Foundations 

Banks 







Pension funds 


10 

5 

5.8 

3.7 

2.5 

1.7 1.7 



0 

2007 2008 2009 2010 2011 


Fundraising 



| 11

Venture Capital funds raised by type of investor 

2011 - Incremental amount raised during the year - % of amount 

Private individuals 

14.9% 


0.3% 

Academic institutions 

0.2% Banks 

9.8% 


5.0% 

Number of funds 

135 

Number of 

Venture Capital firms 

105 

Pension funds 

8.0% 

Other asset managers 

1.2% 


2.6% 


12.1% 

Endowments and foundations 

0.6% 

Family offices 

2.1% 

Fund of funds 

9.0% 


34.0% 


Fundraising 



| 12

Buyout funds* raised by type of investor 



13.2% 


0.4% 

Banks 

17.5% 


116 

Number of 

Private Equity firms 

108 


5.4% 

Pension funds 

22.4% 


0.0% 


1.8% 


3.0% 


4.0% 

Fund of funds 

16.8% 


3.7% 


6.7% 


5.2% 


Fundraising 

*Buyout funds including Growth capital and Mezzanine funds 



| 13

Generalist funds raised by type of investor 



51 


25.6% 


0.0% 


1.1% Banks 

11.1% 


2.6% 


0.5% 


5.0% 

Number of 

Private Equity firms 

27 

Pension funds 

2.5% 


0.1% 


0.7% 


12.7% 


34.1% 

Fund of funds 

3.9% 


Fundraising 



| 14

Funds raised by type of investor & region 

2011 - Incremental amount raised during the year 

100% 

90% 

80% 

70% 

16.8% 

24.4% 

0.0% 

6.1% 

5.2% 

19.4% 

11.8% 

23.3% 

7.3% 

16.8% 

7.8% 

0.0% 

3.5% 

5.4% 

8.7% 

17.4% 

0.0% 

17.1% 

2.1% 

7.0% 


Pension funds 



60% 

50% 

40% 

30% 

20% 

10% 

0% 

1.5% 

5.2% 

1.0% 

17.3% 

8.6% 

21.9% 

1.4% 

19.2% 

13.7% 

16.6% 

2.0% 1.5% 

0.0% 

13.3% 

17.7% 

3.6% 

6.2% 

18.2% 8.2% 

9.5% 22.2% 

6.5% 

0.0% 

14.1% 

20.5% 

1.7% 

8.0% 

1.6% 

UK & Ireland DACH Nordics France & 

Benelux 

0.0% 

13.1% 

5.4% 

0.0% 

39.3% 

7.3% 

Southern Europe 

32.6% 

1.2% 

9.2% 

4.3% 

15.0% 

11.6% 

CEE 





Banks 


Foundations 


DACH: Austria, Germany, Switzerland 

Southern Europe: Greece, Italy, Portugal, Spain 

Fundraising 

Nordics: Denmark, Finland, Norway, Sweden 

CEE: Central Eastern Europe 



| 15

€ billion 

Funds raised by country of origin (LP country) & country of management 

2011 - Incremental amount raised during the year 

18 

16 

16.5 

14 

12 

10 

8 

6 

4 

6.4 

4.1 

8.2 

3.2 3.4 

8.6 

4.4 

- 

2 

1.7 

1.4 

0.7 

UK & Ireland DACH Nordics France & Benelux Southern Europe CEE 

0.2 

by country of management 

by country of origin 




Fundraising 





| 16

Fundraising geographic breakdown 

2011 (2010) – Source of funds - % of total amount 

North America 

20.3% 

(13.8%) 

9.4% 

(8.7%) 

17.6% 

(19.3%) 

12.1% 

(22.2%) 

8.8% 

(15.9%) 

0.6% 

(0.3%) 

Rest of World 

0.1% 

(0.2%) 


3.9% 

(6.2%) 

Other 

Western Europe 

12.4% 

(7.8%) 

Fundraising 

Australia 

Asia 

14.7% 

(5.7%) 



| 17

Investments 

Investments statistics explained 

• Industry statistics are an aggregation of the figures according to the country of location of the private 

equity firm’s office in charge of the deal. At European level, this relates to investments made by European 

private equity firms regardless of the location of the target company. 

• Market statistics are an aggregation of the 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: Stricto sensu, 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 firm.

Glossary – Investment Stages 

Venture Capital: 

Private Equity: 

• 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. 

• 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 or 

restructure operations, enter new markets. 

• Rescue/Turnaround: Financing made available to an existing 

business, which has experienced trading difficulties, with a 

view to re-establishing prosperity. 

• Later-stage venture: 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 VCs. 

• 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. 

• Buyout: Financing provided to acquire a company. It may use 

a significant amount of borrowed money to meet the cost of 

acquisition. 

NB: Figures on Buyout & Growth funds also include Replacement 

capital and Rescue/Turnaround statistics. 

Investments 



| 19

€ billion 

Venture Capital / Buyout & Growth - Investments overview 

2000–2011 – Industry statistics – Amount & Number of companies 

80 

70 

60 

50 

40 

30 

20 

10 

19.6 

15.3 

12.2 

12.1 

9.8 

17.9 

8.4 

20.7 

10.3 

26.6 

12.7 

34.4 

17.3 

53.9 

6.2 

66.0 

6.8 

47.4 

4.1 

19.9 

3.9 

39.2 

3.9 

41.6 

10,000 

9,000 

8,000 

7,000 

6,000 

5,000 

4,000 

3,000 

2,000 

1,000 

Number of companies financed 

0 

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 

0 

Buyout & Growth - Amount invested 

Buyout & Growth - Number of companies 

VC - Amount invested 

VC - Number of companies 

Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2011) 

Investments 



| 20

€ billion 

Investments by stage focus 

2007-2011 - Market statistics – Amount 

60 

57.7 

50 

40 

37.5 

34.1 

30 

29.5 

20 

12.3 

10 

0 

7.3 

6.4 

5.0 

4.5 

5.1 

3.5 3.8 

1.7 2.2 2.5 

1.4 2.0 1.8 1.9 1.7 

1.8 1.8 

0.5 0.3 0.7 0.5 0.9 

1.7 1.8 

0.2 0.3 0.1 0.1 0.4 

0.2 

2007 2008 2009 2010 2011 

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


Investments 




| 21


2007-2011 - Market statistics – Number of companies 

2000 

1800 

1600 

1400 

1,271 

1,498 

1,429 

1,555 

1,783 

1,704 1,682 

1,627 

1200 

1,122 

1,121 

1000 

800 

770 

779 

983 

995 

859 

848 

947 

600 

498 

599 

545 

612 

400 

377 

381 394 392 

200 

0 

139 

172 175 

55 71 

147 132 127 

71 

99 

2007 2008 2009 2010 2011 



Investments 




| 22

Amount € Billions 

Investments by stage focus - Buyout split 

2007-2011 - Market statistics – Amount & Number of companies 

70 

60 

50 

1,400 

1,200 

1,000 

Number of companies 

40 

800 

30 

600 

20 

400 

10 

200 

0 

2007 2008 2009 2010 2011 

0 

Buyout < €150m 

(Amount) 

Buyout < €150m 

(Number of companies) 

Buyout > €150m 

(Amount) 

Buyout > €150m 


Growth 

(Amount) 

Growth 



Investments 



| 23


2011 - Market statistics - % of Amount & Number of companies 

% of Amount % of Number of companies 

Seed 

0.4% 

Start-up 

4.1% 

Seed Start-up 

Later stage 

0.4% 4.1% 

venture 

Growth 

Buyout 3.9% 

capital 

Rescue/ 11.6% Turnaround 

77.3% Replacement 0.9% capital 

Buyout 

77.3% 

1.9% 

Total Venture 

Buyout & Growth 

€3.7bn 

€40.4bn 

Later stage 

venture 

3.9% 

Growth capital 

11.6% 

Rescue/ Turnaround 

0.9% 

Replacement capital 

1.9% 

Seed 

Start-up 

Seed 

Start-up 

Later stage venture Replacement capital 

1.5% 


Rescue/ 

Turnaround 

Replacement 

capital 

Buyout 

Later stage venture 



Replacement capital 

Buyout 


2.0% 


17.5% 

Buyout 

17.7% 

Later stage venture 

19.6% 

Total Venture 


Seed 

8.1% 

2,925 Companies 

1,843 Companies 

Start-up 

33.6% 


Investments 



| 24

Investments by stage focus & regions 

2011 - Market statistics – Amount 

12 

€ billion 

10.7 

10 

8 

8.2 

6 

5.7 

4 

4.1 

4.5 

2 

0 

1.9 

1.3 

0.7 

0.9 

0.5 0.5 0.5 

0.0 

0.2 0.3 

0.5 0.4 

0.6 

0.3 

0.4 

0.1 0.1 0.1 0.1 0.1 

0.3 

0.0 0.1 

0.3 0.3 

0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 

UK & Ireland France & Benelux DACH Southern Europe Nordics CEE 





Investments 






| 25

Investments by stage focus & regions 

2011 - Market statistics – Number of companies 

500 

473 

450 

434 

400 

350 

355 

300 

306 

307 

310 

250 

200 

171 

230 

220 

205 

230 

150 

135 

127 

143 

121 

147 

100 

50 

0 

102 97 

80 

71 

61 

58 

45 45 

44 40 

29 32 

25 

29 

18 

15 19 

7 

12 

17 

6 

6 2 1 

UK & Ireland France & Benelux DACH Southern Europe Nordics CEE 

59 

9 

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





Investments 





| 26

Investments by region 

2011 - Industry vs. Market statistics – Amount 

By country of the PE firm 

By location of the portfolio company 


8% 

Nordics 

8% 

CEE 

3% 

Nordics 

14% 

CEE 

3% 

UK & Ireland 

24% 

DACH 

11% 

UK & Ireland 

43% 


11% 

France & 

Benelux 

27% 

DACH 

17% 

France & 

Benelux 

31% 




Investments 





| 27

%of GDP 

Investments as % of GDP 

2000–2011 - Industry statistics - % of GDP 

0.60% 

0.60% 

0.56% 

0.50% 

0.40% 

0.38% 

0.42% 

0.40% 

0.30% 

0.35% 

0.33% 

0.34% 

0.28% 

0.29% 

0.25% 

0.20% 

0.19% 

0.10% 

0.00% 

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 

Source: Thomson Reuters Datastream (GDP) / Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2011) 

Investments 



| 28

% of GDP 

1.121% 

0.565% 

0.519% 

0.464% 

0.339% 

0.337% 

0.219% 

0.213% 

0.210% 

0.208% 

0.187% 

0.171% 

0.158% 

0.157% 

0.149% 

0.124% 

0.079% 

0.078% 

0.075% 

0.054% 

0.041% 

0.037% 

0.032% 

0.028% 

0.012% 

0.004% 


2011 - Industry statistics 

1.20% 

1.00% 

0.80% 

0.60% 

0.40% 

0.20% 

0.00% 

*Other CEE consists of Ex-Yugoslavia and Slovakia 

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics 

Investments 



| 29

% of GDP 

0.237% 

0.065% 

0.061% 

0.053% 

0.047% 

0.041% 

0.037% 

0.034% 

0.033% 

0.030% 

0.030% 

0.030% 

0.029% 

0.026% 

0.021% 

0.012% 

0.007% 

0.007% 

0.006% 

0.005% 

0.005% 

0.003% 

0.002% 

0.000% 

0.000% 

0.000% 

Venture Capital - Investments as % of GDP 

2011 - Industry statistics 

0.25% 

0.20% 

0.15% 

0.10% 

0.05% 

0.00% 



Investments 



| 30

% of GDP 

0.879% 

0.683% 

0.587% 

0.480% 

0.476% 

0.436% 

0.353% 

0.326% 

0.272% 

0.265% 

0.259% 

0.250% 

0.239% 

0.220% 

0.194% 

0.193% 

0.185% 

0.148% 

0.140% 

0.107% 

0.089% 

0.057% 

0.050% 

0.029% 

0.018% 

0.005% 


2011 - Market statistics 

1.00% 

0.90% 

0.80% 

0.70% 

0.60% 

0.50% 

0.40% 

0.30% 

0.20% 

0.10% 

0.00% 



Investments 



| 31

% of GDP 

0.064% 

0.052% 

0.045% 

0.044% 

0.042% 

0.040% 

0.035% 

0.034% 

0.032% 

0.031% 

0.031% 

0.027% 

0.027% 

0.024% 

0.019% 

0.014% 

0.014% 

0.007% 

0.007% 

0.005% 

0.004% 

0.004% 

0.003% 

0.003% 

0.001% 

0.000% 

Venture Capital - Investments as % of GDP 

2011 - Market statistics 

0.07% 

0.06% 

0.05% 

0.04% 

0.03% 

0.02% 

0.01% 

0.00% 



Investments 



| 32

Investments by sector focus - Venture Capital / Buyout & Growth 

2011 - Market statistics - % of Amount 


0.21% 

Agriculture 


0.30% 

3.82% 

Business & industrial products 

14.96% 

2.74% 

Business & industrial services 

6.98% 

2.08% 

Chemicals & materials 

3.33% 

17.64% 

17.79% 

Communications 

Computer & consumer electronics 

8.70% 

10.52% 

0.51% 

Construction 

2.92% 

4.51% 

Consumer goods & retail 

15.44% 

3.26% 

Consumer services 

7.04% 

11.38% 

Energy & environment 

4.87% 

2.81% 

Financial services 

8.13% 

31.09% 

Life sciences 

9.48% 

0.33% 

Real estate 

1.43% 

1.24% 

Transportation 

5.36% 

0.58% 

Unclassified 

0.55% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

0% 5% 10% 15% 20% 25% 30% 


Investments 



| 33

Investments by sector focus - Venture Capital / Buyout & Growth 

2011 - Market statistics - % of Number of companies 


0.48% 

Agriculture 


1.03% 

7.15% 

Business & industrial products 

15.52% 

7.93% 

Business & industrial services 

11.01% 

2.12% 

Chemicals & materials 

3.31% 

16.65% 

Communications 

9.17% 

20.99% 

Computer & consumer electronics 

9.77% 

0.68% 

Construction 

4.18% 

5.30% 

Consumer goods & retail 

15.68% 

3.76% 

Consumer services 

7.92% 

8.41% 

Energy & environment 

6.29% 

0.58% 

Financial services 

3.26% 

23.56% 

Life sciences 

7.81% 

0.17% 

Real estate 

0.76% 

0.99% 

Transportation 

3.58% 

1.23% 

Unclassified 

0.71% 

25% 

20% 

15% 

10% 

5% 

0% 

0% 5% 10% 15% 20% 25% 


Investments 



| 34

Investments by number of employees 

2011 - Market statistics - % of Number of companies financed 

All Private Equity 


31.9% 

3.3% 

0.4% 

0.7% 

4.2% 

5.0% 1.2% 

0.3% 

0.1% 

0.0% 

5.5% 

2.5% 

0 - 19 

20 - 99 

9.0% 

42.8% 

100 - 199 

200 - 249 

63.3% 


250 - 499 

500 - 999 

1000 12.6% - 4999 

3.1% 

10.3% 

0 - 19 

5000 + 

20 - 99 

42.8% 

100 - 199 

10.5% 

200 - 249 

26.8% 

29.9% 

250 - 499 

500 - 999 

1000 - 4999 

13.2% 


5000 + 

Full-time equivalent staff by interval 

5.7% 

17.9% 

Investments 



| 35

€ million 

Venture Capital - Investments by number of employees 

2011 – Market statistics - Amount invested & Number of companies 

2,000 

1,800 

1,600 

1,734 

Amount invested 


2,000 

1,800 

1,600 

number of 

companies 

1,400 

1,200 

1,000 

800 

1,334 

1,400 

1,200 

1,000 

800 

600 

400 

200 

0 

439 

27 50 77 

1 0 

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

600 

400 

200 

0 

SMEs 



Investments 



| 36

€ million 

Buyout & Growth - Investments by number of employees 

2011 – Market statistics - Amount invested & Number of companies 

14,000 

12,000 

Amount invested 


12,189 

600 

500 

number of 

companies 

10,000 

8,000 

6,000 

4,000 

2,000 

2,622 

3,905 

1,387 

4,625 

7,283 

8,003 

400 

300 

200 

100 

418 

0 

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

0 

SMEs 



Investments 



| 37

Divestments 

Divestments statistics explained 

• Industry statistics are an aggregation of the figures according to the country of location of the private 

equity firm’s office in charge of the deal. At European level, this relates to divestments made by European 

private equity firms regardless of the location of the target company 

• Market statistics are an aggregation of the figures according to 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 are recorded at cost (i.e. the total amount divested is equal to the total amount 

invested before)

Glossary – Divestment Stages 

• Divestment by public offering: the sale or distribution of a company’s shares to the public for the first time by listing the 

company on the stock exchange, also includes sale of quoted shares after a lock-up period. 

• 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 belongs to the so-called mezzanine financing instruments. 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 to another private equity house: See sale to financial institution. 

• 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. 

• Divestment by 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 equal or close to -100%. 

Divestments 



| 39

€ billion 

Divestment at cost – Venture Capital / Buyout & Growth 

2007–2011 - Industry statistics – Amount & Number of companies 

35.0 

2,500 

30.0 

2,000 

25.0 

20.0 

15.0 

10.0 

5.0 

23.7 

11.5 

9.3 

17.2 

27.8 

1,500 

1,000 

500 


0.0 

3.4 2.7 2.5 2.3 2.6 

2007 2008 2009 2010 2011 

0 

VC - Amount divested 

VC - Number of companies 

Buyout & Growth - Amount divested 

Buyout & Growth - Number of companies 


Divestments 



| 40

€ billion 

Divestment at cost by exit route 

2007-2011 - Industry Statistics - Amount at cost 

12 

11.2 

10 

9.2 

8 

6 

7.0 

5.5 

6.3 

7.8 

4 

2 

0 

4.4 

4.0 

4.1 

4.1 

4.0 3.9 3.9 

3.3 

2.6 

2.3 

1.3 1.3 

1.4 

1.2 

0.8 0.7 

0.9 0.9 

1.0 

0.7 0.7 0.7 0.7 

0.7 0.8 

0.4 0.5 0.6 

0.5 

0.2 0.2 

0.3 0.4 

0.3 

0.1 0.1 

2007 2008 2009 2010 2011 

1.3 

0.7 

0.2 

Trade sale Public offering Write-off 

Repayment of silent partnerships Repayment of principal loans Sale to another PE Firm 

Sale to financial institution Sale to management Other means 


Divestments 



| 41

Divestment at cost by exit route 

2007-2011 - Industry Statistics - Number of companies 

700 

660 

600 

500 

400 

300 

200 

100 

515 

387 

387 

324 330 

270 268 

254 

254 

265 

231 

238 

91 85 

92 

480 

460 

438 

426 

394 

378 

379 

355 

297 

282 

268 

249 

203 

213 

209 

214 

196 

167 

178 

150 153 

133 

132 

118 

78 74 

39 38 43 

0 

2007 2008 2009 2010 2011 

Trade sale Public offering Write-off 

Repayment of silent partnerships Repayment of principal loans Sale to another PE Firm 

Sale to financial institution Sale to management Other means 


Divestments 



| 42

Divestment at cost by exit route – Venture Capital / Buyout & Growth 

2011 - Market Statistics - % of Amount 

Venture 


3.3% 

3.8% 

2.4% 

4.3% 

2.1% 0.4% 

3.8% 2.4% 

3.3% 

Trade sale 

11.4% 

Trade sale Public offering 

Public offering 

11.4% 

Write-off 

Write-off Repayment of silent partnerships 

27.7% 

1.6% 

Repayment of silent partnerships 

46.7% 

Repayment of principal loans 

1.6% 3.3% 


3.3% 

46.7% 

Sale to another PE Firm 

Sale to another Sale PE to Firmfinancial institution 

Sale to financial Sale institution to management 

Sale to management Other means 

12.8% 12.8% 

Other means 

36.2% 

3.8% 

0.9% 

14.8% 

14.8% 

12.9% 

11.7% 

€2.3bn 

€27.3bn 


Divestments 



| 43

Divestment at cost by exit route – Venture Capital / Buyout & Growth 

2011 - Market Statistics - % of Number of companies 

Venture 


3.0% 

3.9% 

9.4% 

20.2% 

1.1% 3.8% 2.4% 

3.3% 

Trade sale 

5.5% 

Trade sale 

3.1% 



11.4% 

Write-off 

Write-off Repayment of silent partnerships 

5.7% 

Repayment of Repayment silent partnerships of principal loans 

1.6% 

7.0% 


3.3% 

46.7% 

Sale to another PE Firm 

Sale to another Sale PE to Firm financial institution 

Sale to financial Sale institution to management 21.7% 

Sale to management Other means 

12.8% 

Other means 

11.1% 

23.2% 

7.4% 

4.4% 

27.4% 

14.8% 

20.7% 

12.9% 

12.4% 

991 Companies 1,000 Companies 


Divestments 



| 44

€ million 

Divestments at cost by sector 

2011 - Market statistics – Amount & Number of companies (excluding write-offs) 

7,000 

400 

6,000 

5,000 

4,000 

3,000 

2,000 

1,000 

0 

322 

11 

5,324 

353 

1,434 

187 

1,817 

66 

5,935 

199 

2,589 

319 

834 

50 

4,237 

238 

1,402 

111 

95 

884 899 

38 

3,365 

213 

8 

6 

489 

39 

75 

26 

350 

300 

250 

200 

150 

100 

50 

0 

Number of companies exited 

Amount at cost 

Number of companies exited 


Divestments 



| 45

€ Billions 

Divestments at cost by region 

2011 - Industry vs. Market statistics – % of Amount 

14 

12 

12.5 

10 

9.4 

8 

7.2 

6 

6.2 

5.3 

6.5 

4 

3.5 

3.8 

2.5 

2 

1.7 

1.4 

- 

UK & Ireland DACH Nordics France & Benelux Southern Europe CEE 

0.2 

Industry statistics - Country of the private equity firm 

Market statistics - Country of portfolio company 




Divestments 





| 46

About PEREP_Analytics and EVCA Research 

• The overall coverage rate of all European private equity firms was 64% based on 1,967 

eligible private equity firms. In terms of capital under management, the 2011 annual 

survey covered 88% of the total European market (base €539bn). 

• PEREP is a joint Pan-European statistics platform of the following private equity 

associations: APCRI (Portugal), AVCO (Austria), BVA (Belgium), BVK (Germany), CVCA 

(Croatia), CVCA (the Czech Republic), DVCA (Denmark), EstVCA (Estonia), EVCA (Europe), 

FVCA (Finland), HVCA (Hungary), IVCA (Ireland), LTVCA (Lithuania), NVCA (Norway), NVP 

(the Netherlands), PPEA (Poland), SECA (Switzerland), SEEPEA (South Eastern Europe), 

SLOVCA (Slovakia), SVCA (Sweden). PEREP has collected data directly from associations’ 

members and participants outside of those countries mentioned. 

PEREP_Analytics Staff 

Statistics Manager 

• Dan Magirescu 

Central Analyst Team: 

• Adriana Andronic 

• Andreea Banica 

• Monica Biolan 

• Alina Ciucardel 

• Laura Dumitrascu 

• Iulia Furica 

• Alina Marinescu 

• Raluca Rosca 

• Adelina Stefan 

EVCA Research Staff 

Head of Research 

• Dr Cornelius Mueller 

Research Specialist 

• Julien Krantz 

Email: info@perepanalytics.eu 

Web: www.perepanalytics.eu 

Email: research@evca.eu 

Web: www.evca.eu 



| 47

EVCA European Private Equity and Venture Capital Association 

Bastion Tower 

Place du Champ de Mars 5 

B – 1050 Brussels – Belgium 

www.evca.eu 

Tel: +32 2 715 00 20

EVCA Yearbook 2012 - SECA

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