2013 European Private Equity Activity

2013 European
Private Equity Activity

Statistics on Fundraising,
Investments & Divestments
2013 European Private Equity Activity 2
Disclaimer
The information contained in this report has been produced by the
EVCA, based on PEREP_Analytics data and third party information.
While the 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,
the EVCA cannot accept responsibility for any decision made or
action taken based upon this report or the information provided
herein.
This presentation is for the exclusive use of the persons to whom it
is addressed and is intended for general information purposes only.
It is not intended to constitute legal or other professional advice
and should not be treated as such. Appropriate legal advice must be
sought before making any decision, taking any action or refraining
from taking any action in reliance on the information contained in
this presentation. The EVCA does not assume any responsibility for
any persons reliance upon the information contained herein.

In furnishing this presentation, the EVCA undertakes no obligation
to provide any additional information or to update this presentation
or any additional information or to correct any inaccuracies which
may become apparent.

Unless otherwise specified, this presentation is confidential and
may not be distributed, published, reproduced or disclosed to any
other person or used for any other purpose, without the written
permission of the EVCA.

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 the EVCA.
Tel: + 32 2 715 00 20.
Copyright EVCA May 2014

Version
Presentation as of 05/05/2014
The EVCA is the voice of European private equity.
Our membership covers the full range of private equity activity, from early-stage venture capital to the
largest private equity firms, investors such as pension funds, insurance companies, fund-of-funds and
family offices and associate members from related professions. We represent 700 member firms and
500 affiliate members.
The EVCA shapes the future direction of the industry, while promoting it to stakeholders such as
entrepreneurs, business owners and employee representatives.
We explain private equity to the public and help shape public policy, so that our members can conduct
their business effectively.
The EVCA is responsible for the industrys professional standards, demanding accountability, good
governance and transparency from our members and spreading best practice through our training
courses.
We have the facts when it comes to European private equity, thanks to our trusted and authoritative
research and analysis.
The EVCA has 25 dedicated staff working in Brussels to make sure that our industry is heard.
48
40
28 27 27
72
112
80
80
19
22
42
25
54
35
24
28
29
37
47
71
73
55
25
43
47
38 38
9
13
11
14
20
30
33
27
14
12
20
31
22
34
0
20
40
60
80
100
120
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

Funds raised Investments Divestments
Overview - All Private Equity - Fundraising, Investments & Divestments
20002013 - Industry statistics - Amount

Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2013)
EVCA 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
since 2007.
With data on more than 1,200 European private equity firms,
the 2013 statistics cover 90% of the 555bn in capital under
management on the European market.
3
Divestments
Divestments statistics explained 60
Glossary 62
At a glance 63
By initial investment stage 64
By exit route 65
By sector 69
By region 72
Acknowledgements 73
About PEREP_Analytics and EVCA Research 75
2
Investments
Investments statistics explained 26
Glossary 28
At a glance 29
By investment stage 30
Annual trends 31
Quarterly trends 34
By geography 38
Investments as % of GDP
Industry statistics 43
Market statistics 48
By sector 52
Initial / follow-on 55
By number of employees 56
Whats inside?
Executive Summary 6
1
Fundraising
Fundraising statistics explained 7
Glossary 8
At a glance 9
Incremental fundraising
By fund stage focus 10
Concentration of capital 12
By region of management 13
Investors by type 14
Investors by geography 20
Final closing
By fund stage focus 23
Concentration of capital 25
Executive Summary
Fundraising Investments Divestments
In 2013 the total fundraising of 53.6bn
was more than twice the volume of 2012.
This increase was driven by buyout funds of
which 12 funds raised more than 1bn each
and represented 66% of the total
fundraising. The number of funds in
fundraising decreased from 266 to 253.
Pension funds provided almost 40% of
sources of funds. Fund of funds contributed
16%, followed by sovereign wealth funds
(11%) and insurance companies (11%).
Around half of the amount (26.2bn) was
raised from institutional investors outside
Europe.
Venture capital accounted for 8% of the
total fundraising. The 4bn raised showed
an increase of 4% compared to 2012. The
contribution from government agencies
remained stable at 38%. Family offices and
private individuals contributed 23% and fund
of funds 12%. Buyout fundraising increased
from 16.7bn in 2012 to 44.9bn
representing 84% of all fundraising. Growth
fundraising more than doubled to 1.2bn.

2
Overall investments in European
companies remained stable. More than
5,000 companies were backed in 2013 as
in the previous year. Equity investments
decreased by 3% to 35.7bn. More than
40% of the companies that received
investments in 2013 were backed for the
first time.
The total amount of venture capital
invested had increased by 5% to 3.4bn.
More than 3,000 companies were venture-
backed. Start-up stage investments
accounted for the majority of venture
capital activity by amount (55%) and number
of companies (59%).
More than 800 companies received buyout
investments. The related equity amount
invested reduced by 2% and the number of
companies by 9%.
Again more than 1,000 companies had
attracted growth investments. This
represented an increase of 6% by the
number of companies and a 10% decrease in
the amount of equity invested.
3
A total of 2,290 European companies
were exited representing former equity
investments of 33.2bn. The number of
companies increased by almost 10% while
the amount divested at cost increased by
54%. The most prominent exit routes by
amount were trade sale (27%), sale to
another private equity firm (26%) and sale of
quoted equity (14%). Almost 40% of the
divested companies followed these exit
routes.
The strength of public markets in 2013 was
reflected by the steep increase in
divestments by flotation (IPO). This exit
route increased more than seven times by
amount at cost (2.2bn) and almost four
times by number of companies (23).
Divestments from venture capital
investments by equity amount at cost
increased by 21% to 2.2bn. Buyout related
exits at cost increased by 53% to 28bn. For
growth the total amount divested at cost
increased by 54% to 1.8bn.

1
Fundraising
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.
For more data visit www.evca.eu/research
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
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.

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.
8.3
6.3
3.7 3.2
5.2
3.9 4.0
58.6
64.8
10.8
13.4
26.9
16.7
44.9
1.3
3.6
1.1
2.6
4.4
0.5
1.2
11.4
5.8
3.3
2.6
5.1
3.4
3.4
79.6
80.5
18.9
21.8
41.6
24.6
53.6
2007 2008 2009 2010 2011 2012 2013
Venture Capital Buyout Growth Other (2) Total
2013 Fundraising at a glance
In 2013 the total fundraising of 53.6bn was more than twice the volume of
2012. This increase was driven by buyout funds of which 12 funds raised more
than 1bn each and represented 66% of the total fundraising.
The number of funds in fundraising decreased from 266 to 253.
Pension funds provided almost 40% of sources of funds. Fund of funds
contributed 16%, followed by sovereign wealth funds (11%) and insurance
companies (11%).
Around half of the amount (26.2bn) was raised from institutional investors
outside Europe. In 2013 the share from North American institutional investors
increased to 36% from 24% in 2012.
Venture capital accounted for 8% of the total fundraising. The 4bn raised
showed an increase of 4% compared to 2012. The contribution from
government agencies remained stable at 38%. Family offices and private
individuals contributed 23% and fund of funds 12%.
Buyout fundraising increased from 16.7bn in 2012 to 44.9bn representing
84% of all fundraising. Pension funds remained the largest institutional investor
(over 40%) in European buyout funds. 40% of sources of funds were raised from
North American institutional investors surpassing the 31% level of 2012.
Growth fundraising more than doubled to 1.2bn. In 2013 the number of
growth funds raising capital increased from 18 in 2012 to 22. Fund of funds
provided the largest contribution of almost 30%.
Source: EVCA / PEREP_Analytics
Note: (1) relates to fund focus
Note: (2) Other includes Mezzanine and Generalist funds
2013
All Private
Equity
Venture
Capital
(1)
Buyout
(1)
Growth
(1)
Incremental - Amounts raised 53.6bn 4.0bn 44.9bn 1.2bn
Incremental No. of funds 253 105 77 22
Final closings - Cumulative
amount since inception
55.0bn 2.7bn 49.6bn 0.8bn
Final closings - No. of funds 111 39 44 10
Incremental amounts raised during the year ( billion)

Divestments Investments FUNDRAISING
1.3
5.3
6.0
3.6
2.0
3.7
1.1
0.7
2.6 2.6
0.9
1.7
4.4
2.8
2.2
0.5
2.1
1.3
1.2
1.5
2.0
Growth Mezzanine Generalist
2007 2008 2009 2010 2011 2012 2013
3.8
2.3
1.8
1.0
2.0
2.2
1.7
1.2
1.5
0.4
0.6
1.0
0.2
0.2
3.2
2.5
1.6
1.6
2.2
1.5
2.1
8.3
6.3
3.7
3.2
5.2
3.9
4.0
0
1
2
3
4
5
6
7
8
9

b
i
l
l
i
o
n

Funds raised by fund stage focus
20072013 - Incremental amount raised during the year
Venture Capital
Balanced
Later-stage
Early-stage
Legend
58.6
64.8
10.8
13.4
26.9
16.7
44.9
0
10
20
30
40
50
60
70
Buyout

b
i
l
l
i
o
n

26
21
80
24
11
72
23
10
56
28
12
57
32
12
60
18
9
49
22
9
40
2007 2008 2009 2010 2011 2012 2013
100
82
70
60
74
60
57
27
17
18
17
20
11
7
69
66
60
57
58
46
41
196
165
148
134
152
117
105
0
20
40
60
80
100
120
140
160
180
200
Funds raised by fund stage focus
20072013 - Number of funds that reached first, intermediate or final closing during the year
Venture Capital
Balanced
Later-stage
Early-stage
Legend
160
135
78
77
81
73
77
0
20
40
60
80
100
120
140
160
180
200
Buyout
347
305
266
252
269
216
193 70
47
29
40
42
37
28
36
27
14
9
14
5
12
15
13
5
3
4
4
8
14
14
1
4
8
4
12
0%
10%
20%
30%
40%
50%
60%
70%
< 100m 100m - 250m 250m - 500m 500m - 1bn > 1bn
All Private Equity - Concentration of capital
20072013 Incremental fundraising by amount bracket per fund during the year

2007 2008 2009 2010 2011 2012
Number
of
funds
%

t
o
t
a
l

a
m
o
u
n
t

o
f

a
n
n
u
a
l

f
u
n
d
r
a
i
s
i
n
g

2013
All Private Equity Funds raised by region of management
2007-2013 - 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
46.2
47.7
6.6
8.9
17.7
14.0
34.5
6.7
6.0
2.4
2.1
4.3
2.5
1.7
7.9
9.7
1.5
1.9
8.5
1.8
7.1
11.3
11.8
4.0
6.9
8.6
5.1
8.8
6.3
4.0
4.1
1.5
1.8
0.6
1.0
1.2
1.3
0.3
0.5
0.8
0.5
0.4
0
10
20
30
40
50
60
70
80
90
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

UK & Ireland DACH Nordics France & Benelux Southern Europe CEE
4.7% 4.9%
3.3% 0.7% 2.9% 0.1%
1.0%
3.6%
5.3%
4.7%
18.9%
3.9%
1.0%
0.0%
3.8%
0.0%
0.0%
0.0%
1.0%
5.3%
1.9%
4.2%
10.0%
9.7%
6.1%
33.9%
5.3%
16.9%
14.7%
6.5%
17.3%
24.8%
22.3%
6.1%
16.8%
16.8%
1.4%
3.1%
4.4%
19.5%
29.1%
54.6%
6.7%
11.4%
5.7%
31.3%
1.3% 1.7%
46.4%
13.1%
34.3%
13.8%
6.2% 6.3%
14.2%
0.0%
13.5%
2.6%
0.0% 0.3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
UK & Ireland DACH Nordics France &
Benelux
Southern Europe CEE
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
All Private Equity - Funds raised by region of management and investor type
2013 - Incremental amount raised during the year


0.3%
2.5%
7.4%
2.7%
4.5%
9.9%
38.3%
3.6%
1.6%
8.9%
18.3%
2.0%
0.1%
2.7%
1.2%
2.0%
3.7%
3.7%
11.7%
5.8%
10.7%
4.7%
37.2%
5.2%
11.3%
2.1%
1.2%
1.4%
3.7%
2.9%
11.8%
1.4%
11.2%
5.3% 42.2%
3.8%
13.0%
5.5%
3.1%
9.8%
3.2%
6.7%
27.0%
24.9%
6.2%
1.9%
8.8%
2.8%
Funds raised by type of investor
2013 - Incremental amount raised during the year - % of amount
All Private Equity funds
Buyout funds
Venture Capital funds
Growth funds
253 funds
210 firms
105 funds
91 firms
22 funds
21 firms
77 funds
66 firms
Banks
2.7%
Capital markets
1.2%
Corporate investors
2.0%
Endowments and
foundations
3.7%
Family offices
3.6%
Fund of funds
11.5%
Government agencies
5.9%
Insurance companies
10.8%
Other asset managers
4.7%
Pension funds
37.4%
Private individuals
5.1%
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
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%
2007 2008 2009 2010 2011 2012 2013
78.5
80.4
18.6
21.8
41.1
24.5
53.5
0
50
100
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

New funds raised
(excluding capital gains)
All Private Equity - Funds raised by type of investor
20072013 - Incremental amount raised during the year - % of total amount

0%
10%
20%
30%
40%
2007 2008 2009 2010 2011 2012 2013
Venture Capital - Funds raised by type of investor
8.2
6.2
3.6
3.2
5.2
3.9 4.0
0
5
10
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

New funds raised
0%
5%
10%
15%
20%
25%
30%
35%
40%
Banks
Capital markets
Corporate investors
Government agencies
Insurance companies
Pension funds
Buyout - Funds raised by type of investor
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2007 2008 2009 2010 2011 2012 2013
58.1
64.8
10.6
13.4
26.9
16.7
44.8
0
50
100
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

New funds raised
0%
5%
10%
15%
20%
25%
30%
35%
40%
Banks
Capital markets
Corporate investors
Government agencies
Insurance companies
Pension funds
Growth - Funds raised by type of investor
0%
10%
20%
30%
40%
50%
60%
70%
80%
2007 2008 2009 2010 2011 2012 2013
1.2
3.6
1.1
2.6
4.4
0.5
1.2
0
2
4
6
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

New funds raised
0%
5%
10%
15%
20%
25%
30%
35%
40%
Banks
Capital markets
Corporate investors
Government agencies
Insurance companies
Pension funds
All Private Equity - Fundraising geographic breakdown
2013 (2012) - Source of funds - % of total amount
9.9%
(9.3%)
14.1%
(20.8%)
0.2%
(0.2%)
Rest of world
5.3%
(0.6%)
Australia
Asia
14.3%
(13.3%)
North America
36.2%
(24.3%)
Unclassified Europe
8.1%
(10.5%)
5.5%
(9.3%)
1.5%
(2.9%)
5.0%
(8.8%)
Venture Capital - Fundraising geographic breakdown
14.8%
(10.0%)
46.7%
(45.1%)
1.3%
(1.3%)
Rest of world
0.1%
(0.7%)
Australia
Asia
2.7%
(0.4%)
North America
13.1%
(4.8%)
6.7%
(15.1%)
4.4%
(5.0%)
9.6%
(15.7%)
Unclassified Europe
0.8%
(2.0%)
Buyout - Fundraising geographic breakdown
9.4%
(9.9%)
8.6%
(11.7%)
0.1%
(0.0%)
Rest of world
6.0%
(0.8%)
Australia
Asia
15.9%
(16.2%)
North America
40.2%
(31.2%)
5.8%
(9.0%)
0.4%
(1.1%)
4.8%
(7.5%)
Unclassified Europe
8.8%
(12.8%)
1.2
4.7
2.7
3.1
0.5
2.1
0.7
1.3
1.1
1.5
0.8
0.8
1.4
1.6
1.4
0.5
3.3
1.7
0.8
0.6
1.2
2007 2008 2009 2010 2011 2012 2013
2.7
1.6
1.1
0.5 0.5
1.1
1.3
0.6
0.9
0.3
0.2
1.0
0.1
0.3
1.6
1.4
0.9
1.4
1.4
0.3
1.2
4.8
4.0
2.3
2.1
2.9
1.5
2.7
0
1
2
3
4
5

b
i
l
l
i
o
n

Venture Capital
Balanced
Later-stage
Early-stage
Legend
Final closing - Funds raised by fund stage focus
20072013 - Final closing during the year - Amount
(1)

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.

54
59
10
13
18
15
50
0
10
20
30
40
50
60
Buyout

b
i
l
l
i
o
n

9
12
20
12
3
23
6
5
23
6
4
16
14
4
24
7
5
27
10
2
16
2007 2008 2009 2010 2011 2012 2013
34
26
18
20
16
12
18
8
8
5
5
9
6
4
17
20
22
24
25
14
17
59
54
45
49
50
32
39
0
10
20
30
40
50
60
70
80
90
Venture Capital
Balanced
Later-stage
Early-stage
Legend
Final closing - Funds raised by fund stage focus
20072013 - Final closing during the year - Number of funds
(1)

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.
83
70
22
39
41
30
44
0
10
20
30
40
50
60
70
80
90
Buyout
81 79
69 74
77
66
58
48
39
17
21
37
18
22
28
17
9
10
10
7
14
14
13
4
6
4
7
5
12
14
2
3
5
3
12
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
20072013 - Final closing during the year - Amount
(1)
& Number of funds
(2)

Source: EVCA / 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.

%

t
o
t
a
l

a
m
o
u
n
t

o
f

c
u
m
u
l
a
t
i
v
e

f
u
n
d
r
a
i
s
i
n
g

u
n
t
i
l

f
i
n
a
l

c
l
o
s
i
n
g

2007 2008 2009 2010 2011 2012
Number
of
funds
2013
Investments
2
Investments statistics explained
Industry statistics are an aggregation of figures according to the country of
the private equity firms 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 target 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 firm.
Market versus industry
statistics
B
C
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
A
Market statistics
A + B + C
Industry statistics
A + B + D
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 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 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.
Divestments INVESTMENTS Fundraising
2013 Investments at a glance
Overall investments in European companies remained stable. More than 5,000
companies were backed in 2013, as it was the case in the previous year. Equity
investments decreased by 3% to 35.7bn.
More than 40% of the companies that received investments in 2013 were backed
for the first time.
The total amount of venture capital invested had increased by 5% to 3.4bn.
More than 3,000 companies were venture-backed. Start-up stage investments
were the majority of venture capital activity by amount (55%) and number of
companies (59%). The life sciences, computer & consumer electronics,
communications and energy & environment sectors accounted for over 70% of
all venture capital investments.
More than 800 companies received buyout investments. The related equity
amount invested reduced by 2% and the number of companies by 9% compared
to 2012. More than half of buyout investments concentrated on companies
active in business & industrial products, consumer goods & retail, business &
industrial services and life sciences.
As in 2012, more than 1,000 companies attracted growth investments. This
represented an increase of 6% by number of companies and a 10% decrease in
the amount of equity invested. About 50% concentrated on companies active in
business & industrial services, business & industrial products, computer &
consumer electronics and communications.
2013 - Market statistics
All Private
Equity
Venture
Capital
(1)
Buyout
(1)
Growth
(1)
Amount 35.7bn 3.4bn 27.7bn 3.6bn
No. of companies 5,089 3,034 812 1,131
No. of firms 1,073 641 420 334
No. of funds 1,654 994 552 500
Investments Market statistics Amount & No. of companies

Note: (1) relates to the investment stage of the portfolio company

Note: (2) Other includes Rescue/Turnaround and Replacement capital

6.0 6.3
3.8 3.7 3.7 3.2 3.4
57.2
38.4
12.7
29.7
34.5
28.1 27.7
4.3
6.7
5.1
6.3
5.2
4.0
3.6
69.8
53.4
24.3
41.9
44.9
36.8
35.7
1,299
1,161
615
783
881 896 812
348
593
775
994 932
1,066
1,131
3,339
3,667
3,155
3,039
2,965 2,981
3,034
2007 2008 2009 2010 2011 2012 2013
No. of companies:
Venture Capital
Buyout
Growth

Amount (bn):
Venture Capital
Buyout
Growth
Other
(2)
Total

Investments by stage focus
2013 - Market statistics - % of Amount & Number of companies
% of Amount % of Number of companies
Venture Capital 3.4bn
Buyout 27.7bn
Growth 3.6bn
Venture Capital 3,034 Companies
Buyout 812 Companies
Growth 1,131 Companies
Seed
0.3%
Start-up
5.2% Later-stage
venture
3.9%
Growth
capital
10.0%
Rescue/
Turnaround
1.0%
Replacement
capital
2.1%
Buyout
77.4%
Seed
7.9%
Start-up
34.7%
Later-stage
venture
16.7%
Growth
capital
21.8%
Rescue/
Turnaround
1.3%
Replacement
capital
1.9%
Buyout
15.7%
20072013 - Market statistics - Amount
Venture Capital
3.5
3.6
1.8
1.7 1.7
1.3
1.4
2.3
2.4
1.9
1.8 1.8
1.8
1.9
0.2
0.3
0.1
0.1 0.2
0.1
0.1
4.3
6.7
5.1
6.3
5.2
4.0
3.6
0.5
0.3
0.7
0.5 0.5
0.3 0.3
1.9
1.6
2.0
1.8
1.0
1.1
0.8
6.0
6.3
3.8
3.7
3.7
3.2
3.4
0
1
2
3
4
5
6
7
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

Later-stage venture Start-up Seed Growth Rescue/Turnaround Replacement capital
57.2
38.4
12.7
29.7
34.5
28.1
27.7
0
10
20
30
40
50
60
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

Buyout
1,413
1,513
1,151
990
939
843 863
1,528
1,796
1,724
1,711
1,679 1,833 1,800
500
527
371
393
392
359 412
348
593
775
994
932
1,066
1,131
52 68
150 132
103
65 66
140 174 176
135
76
117 99
3,339
3,667
3,155
3,039
2,965 2,981
3,034
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2007 2008 2009 2010 2011 2012 2013
20072013 - Market statistics - Number of companies
1,299
1,161
615
783
881
896
812
0
500
1,000
1,500
2007200820092010201120122013
Buyout
Venture Capital
Buyout Investments by equity bracket
20072013 - Market statistics - Amount & Number of companies
6
5
2
3
4 4
3
24
18
6
11
16
13
13
12
7
2
8
8
7 7
15
9
2
8
8
5
5
886
816
493
550
574
621
547
438
378
128
238
327
268
263
50
29
8
33 33
27 32
30
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
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

b
i
l
l
i
o
n

6
5
2
3 4 4
3
24
18
6
11
16
13 13
12
7
2
8
8
7 7
15
9
2
8
8
5 5
886
816
493
550
574
621
547
438
378
128
238
327
268 263
50 29
8
33 33 27 32
30 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
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

b
i
l
l
i
o
n
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
5
2
3 4 4
3
24
18
6
11
16
13 13
12
7
2
8
8
7 7
15
9
2
8
8
5 5
886
816
493
550
574
621
547
438
378
128
238
327
268 263
50 29
8
33 33 27 32
30 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
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

b
i
l
l
i
o
n
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
0
2
4
6
8
10
12
14
16
18
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

b
i
l
l
i
o
n

Venture Capital Buyout Growth
Quarterly trend Q1 2007 Q4 2013 - Market statistics - Amount


2007 2008 2009 2010 2011 2013 2012
0
200
400
600
800
1,000
1,200
1,400
Venture Capital Buyout Growth
Quarterly trend Q1 2007 Q4 2013 - Market statistics - Number of companies
35 2013 European Private Equity Activity
2007 2008 2009 2010 2011 2013 2012
0.0
0.2
0.4
0.6
0.8
1.0
1.2

b
i
l
l
i
o
n

Seed Start-up Later-stage venture
Venture Capital - Investments by stage focus
Quarterly trend Q1 2007 Q4 2013 - Market statistics - Amount
36 2013 European Private Equity Activity
2007 2008 2009 2010 2011 2013 2012
0
100
200
300
400
500
600
700
Seed Start-up Later-stage venture
Venture Capital - Investments by stage focus
Quarterly trend Q1 2007 Q4 2013 - Market statistics - Number of companies
2007 2008 2009 2010 2011 2013 2012
All Private Equity - Geographic investment flows
2013 - Industry vs. Market statistics - Amount
9.3bn
25.5bn
0.9bn
2.9bn
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
country of the private equity firms 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 target company.
Non-European private
equity firms investing in
portfolio companies 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 - Geographic investment flows
775m
2,317m
291m
323m
European private
equity firms investing
in portfolio companies
outside Europe
Cross-border investments
within Europe
Domestic investments
in European countries
Non-European private
equity firms investing in
portfolio companies in
Europe
Market statistics
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
country of the private equity firms 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 target company.
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

UK &
Ireland
27%
France &
Benelux
28%
DACH
18%
Southern
Europe
11%
Nordics
14%
CEE
2%
UK & Ireland
43%
France &
Benelux
21%
DACH
17%
Southern
Europe
6%
Nordics
12%
CEE
1%
All Private Equity - Investments by region
Industry statistics Market statistics
0.3
0.5
0.3
0.1
0.2
0.0
0.4
0.5
0.6
0.1
0.3
0.0
0.0
0.0
0.1
0.0
0.0
0.0
1.2
1.0
0.4
0.4
0.3
0.3
0.1
0.2
0.0
0.0 0.0
0.0
0.2 0.2
0.1
0.1
0.1 0.0
0.7
1.0 1.0
0.2
0.5
0.1
0.0
0.2
0.4
0.6
0.8
1.0
1.2
UK & Ireland France & Benelux DACH Southern Europe Nordics CEE

b
i
l
l
i
o
n

Investments by stage focus & regions
2013 - Market statistics - Amount
7.7 7.7
4.7
3.0
4.1
0.4
0
1
2
3
4
5
6
7
8

b
i
l
l
i
o
n

Buyout Venture Capital
Investments by stage focus & regions

Venture Capital
113
251
174
67
216
42
303
372
503
144
403
75
12
30
251
28
53
38
104
345
499
73
63
47
6
27 18
5
9 1 10
39
16 21
7 6
428
649
907
236
660
154
0
100
200
300
400
500
600
700
800
900
1,000
UK & Ireland France & Benelux DACH Southern
Europe
Nordics CEE
177
292
119
84
107
33
0
100
200
300
400
Buyout
All Private Equity - Investments as % of European GDP - Industry statistics
20002013 - Industry statistics - % of GDP
Source: Thomson Reuters Datastream (GDP) / Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2013)
0.38%
0.25%
0.28%
0.29%
0.35%
0.42%
0.60%
0.55%
0.41%
0.20%
0.33%
0.34%
0.27% 0.27%
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
%
o
f

G
D
P

0
.
8
4
2
%

0
.
5
8
5
%

0
.
3
6
8
%

0
.
2
8
8
%

0
.
2
7
5
%

0
.
2
6
7
%

0
.
2
4
1
%

0
.
2
2
9
%

0
.
2
1
5
%

0
.
1
6
4
%

0
.
1
5
6
%

0
.
1
5
4
%

0
.
1
2
5
%

0
.
0
9
0
%

0
.
0
7
3
%

0
.
0
6
9
%

0
.
0
5
7
%

0
.
0
3
4
%

0
.
0
2
8
%

0
.
0
2
3
%

0
.
0
2
1
%

0
.
0
1
6
%

0
.
0
1
5
%

0
.
0
1
5
%

0
.
0
0
4
%

0
.
0
0
1
%

0.000%
0.200%
0.400%
0.600%
0.800%
1.000%
1.200%
%

o
f

G
D
P

All Private Equity - Investments as % of GDP - Industry statistics
2013 - Industry statistics
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
Note: *Other CEE consists of Ex-Yugoslavia and Slovakia
2013 2007-2012 Annual Average
Venture Capital - Investments as % of GDP - Industry statistics

0
.
0
9
2
%

0
.
0
8
0
%

0
.
0
5
4
%

0
.
0
5
3
%

0
.
0
5
2
%

0
.
0
4
4
%

0
.
0
3
8
%

0
.
0
2
8
%

0
.
0
2
7
%

0
.
0
2
5
%

0
.
0
2
4
%

0
.
0
2
4
%

0
.
0
2
1
%

0
.
0
1
8
%

0
.
0
1
7
%

0
.
0
0
9
%

0
.
0
0
9
%

0
.
0
0
8
%

0
.
0
0
6
%

0
.
0
0
4
%

0
.
0
0
3
%

0
.
0
0
3
%

0
.
0
0
2
%

0
.
0
0
1
%

0
.
0
0
1
%

0
.
0
0
0
%

0.000%
0.020%
0.040%
0.060%
0.080%
0.100%
0.120%
0.140%
0.160%
%

o
f

G
D
P

Buyout - Investments as % of GDP - Industry statistics
0
.
7
2
5
%

0
.
4
9
0
%

0
.
2
9
0
%

0
.
2
0
9
%

0
.
2
0
9
%

0
.
1
9
2
%

0
.
1
7
5
%

0
.
1
4
7
%

0
.
1
4
7
%

0
.
0
9
9
%

0
.
0
9
5
%

0
.
0
6
0
%

0
.
0
5
8
%

0
.
0
4
9
%

0
.
0
4
2
%

0
.
0
2
3
%

0
.
0
1
9
%

0
.
0
1
4
%

0
.
0
0
8
%

0
.
0
0
6
%

0
.
0
0
5
%

0
.
0
0
3
%

0
.
0
0
1
%

0
.
0
0
0
%

0
.
0
0
0
%

0
.
0
0
0
%

0.000%
0.100%
0.200%
0.300%
0.400%
0.500%
0.600%
0.700%
0.800%
0.900%
%

o
f

G
D
P

Growth - Investments as % of GDP - Industry statistics
0
.
0
7
6
%

0
.
0
6
1
%

0
.
0
4
5
%

0
.
0
3
2
%

0
.
0
3
1
%

0
.
0
3
0
%

0
.
0
2
6
%

0
.
0
2
6
%

0
.
0
2
5
%

0
.
0
2
0
%

0
.
0
1
8
%

0
.
0
1
5
%

0
.
0
1
5
%

0
.
0
1
3
%

0
.
0
1
1
%

0
.
0
1
1
%

0
.
0
0
9
%

0
.
0
0
9
%

0
.
0
0
5
%

0
.
0
0
4
%

0
.
0
0
4
%

0
.
0
0
3
%

0
.
0
0
2
%

0
.
0
0
2
%

0
.
0
0
0
%

0
.
0
0
0
%

0.000%
0.020%
0.040%
0.060%
0.080%
0.100%
0.120%
0.140%
0.160%
0.180%
%

o
f

G
D
P

All Private Equity - Investments as % of GDP - Market statistics
0
.
7
3
9
%

0
.
5
0
4
%

0
.
4
3
0
%

0
.
4
0
9
%

0
.
3
9
3
%

0
.
3
4
1
%

0
.
3
1
3
%

0
.
2
7
0
%

0
.
2
5
3
%

0
.
1
9
4
%

0
.
1
9
4
%

0
.
1
9
2
%

0
.
1
8
0
%

0
.
1
7
3
%

0
.
1
5
4
%

0
.
1
0
3
%

0
.
0
9
9
%

0
.
0
9
8
%

0
.
0
9
0
%

0
.
0
7
1
%

0
.
0
5
8
%

0
.
0
4
9
%

0
.
0
2
8
%

0
.
0
2
4
%

0
.
0
1
4
%

0
.
0
0
3
%

0.000%
0.200%
0.400%
0.600%
0.800%
1.000%
1.200%
1.400%
%

o
f

G
D
P

Venture Capital - Investments as % of GDP - Market statistics
0
.
0
6
7
%

0
.
0
6
6
%

0
.
0
5
5
%

0
.
0
4
0
%

0
.
0
3
3
%

0
.
0
3
2
%

0
.
0
3
2
%

0
.
0
2
9
%

0
.
0
2
6
%

0
.
0
2
4
%

0
.
0
2
3
%

0
.
0
2
3
%

0
.
0
2
1
%

0
.
0
1
9
%

0
.
0
1
8
%

0
.
0
1
4
%

0
.
0
1
3
%

0
.
0
1
2
%

0
.
0
1
0
%

0
.
0
0
5
%

0
.
0
0
4
%

0
.
0
0
4
%

0
.
0
0
3
%

0
.
0
0
2
%

0
.
0
0
2
%

0
.
0
0
0
%

0.000%
0.010%
0.020%
0.030%
0.040%
0.050%
0.060%
0.070%
0.080%
0.090%
%

o
f

G
D
P

Buyout - Investments as % of GDP - Market statistics
0
.
7
0
3
%

0
.
3
9
9
%

0
.
3
6
2
%

0
.
3
0
9
%

0
.
2
8
5
%

0
.
2
6
5
%

0
.
2
4
4
%

0
.
1
9
6
%

0
.
1
7
3
%

0
.
1
5
1
%

0
.
1
3
9
%

0
.
1
3
8
%

0
.
1
2
7
%

0
.
1
1
2
%

0
.
0
9
9
%

0
.
0
8
3
%

0
.
0
8
0
%

0
.
0
5
3
%

0
.
0
3
4
%

0
.
0
2
3
%

0
.
0
2
2
%

0
.
0
1
1
%

0
.
0
0
6
%

0
.
0
0
3
%

0
.
0
0
0
%

0
.
0
0
0
%

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
D
P

0
.
0
5
9
%

0
.
0
5
0
%

0
.
0
4
4
%

0
.
0
4
2
%

0
.
0
3
9
%

0
.
0
3
9
%

0
.
0
3
7
%

0
.
0
3
5
%

0
.
0
3
2
%

0
.
0
2
8
%

0
.
0
2
6
%

0
.
0
2
5
%

0
.
0
2
3
%

0
.
0
2
1
%

0
.
0
1
5
%

0
.
0
1
4
%

0
.
0
1
3
%

0
.
0
0
9
%

0
.
0
0
9
%

0
.
0
0
8
%

0
.
0
0
7
%

0
.
0
0
7
%

0
.
0
0
4
%

0
.
0
0
3
%

0
.
0
0
2
%

0
.
0
0
0
%

0.000%
0.050%
0.100%
0.150%
0.200%
0.250%
%

o
f

G
D
P

Growth - Investments as % of GDP - Market statistics
All Private Equity - Investments by sector
2013 - Market statistics - % of Amount & Number of companies
14.1%
13.8%
13.1%
9.4%
9.4%
9.0%
7.4%
6.8%
6.2%
3.6%
2.3%
2.1%
1.2%
0.3%
1.2%
10.9%
9.4%
16.7%
6.0%
9.2%
12.9%
18.3%
6.8%
2.0%
1.6%
2.2%
0.8%
1.7%
0.4%
1.1%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
Business & industrial products
Consumer goods & retail
Life sciences
Consumer services
Business & industrial services
Communications
Computer & consumer electronics
Energy and environment
Financial services
Transportation
Chemicals and materials
Agriculture
Construction
Real estate
Unclassified
Amount
Number of companies
Investments by sector
2007-2013 - 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

b
i
l
l
i
o
n

0
1
2
3
4
5
6
7
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

0
10
20
30
40
50
60
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

0
1
2
3
4
5
6
7
8
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

0
10
20
30
40
50
60
70
80
2007 2008 2009 2010 2011 2012 2013
b
i
l
l
i
o
n
Transportation
Real estate
Life sciences
Financial services
Consumer services
Construction
Communications
Agriculture
Investments by sector
2007-2013 - Market statistics - Number of companies
Venture Capital
Growth
All Private Equity
Buyout
0
1,000
2,000
3,000
4,000
5,000
6,000
2007 2008 2009 2010 2011 2012 2013
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2007 2008 2009 2010 2011 2012 2013
0
200
400
600
800
1,000
1,200
1,400
2007 2008 2009 2010 2011 2012 2013
0
200
400
600
800
1,000
1,200
2007 2008 2009 2010 2011 2012 2013
0
10
20
30
40
50
60
70
80
2007 2008 2009 2010 2011 2012 2013
b
i
l
l
i
o
n
Transportation
Real estate
Life sciences
Financial services
Consumer services
Construction
Communications
Agriculture
All Private Equity - Initial / Follow-on investments
2013 - Market statistics - % of Number of companies
2007 2008 2009 2010 2011 2013 2012
62%
55%
50%
58%
60%
57%
55%
56%
53%
43%
45% 46%
44%
42%
44%
47%
57%
55% 54%
56%
58%
Follow-on investment
for the company
Initial investment for
the company
Initial investment for
the private equity firm
Investments by number of employees
2013 - 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 +
44.1%
31.6%
9.1%
2.5%
4.5%
3.6%
3.7% 0.9%
64.4%
30.7%
3.3%
0.8%
0.7% 0.2% 0.1%
0.0%
2.8%
21.4%
21.2%
6.2%
15.9%
12.8%
15.9%
3.8%
23.3%
41.6%
15.0%
3.8%
7.0%
4.6%
3.8%
0.8%
SME: 87.3% SME: 99.1%
SME: 51.6% SME: 83.8%
SME
Full-time equivalent
staff by interval
1,235
1,747
256
69 64
8 2 0
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 +
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

m
i
l
l
i
o
n

Amount invested Number of companies
Venture Capital - Investments by number of employees
Full-time equivalent staff by interval
SME % 98% 99%
0.1
1.0
2.2
0.7
3.3
5.3
11.3
3.8
0
20
40
60
80
100
120
140
160
180
200
0
2
4
6
8
10
12
0 - 19 20 - 99 100 - 199 200 - 249 250 - 499 500 - 999 1000 - 4999 5000 +
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

b
i
l
l
i
o
n

Buyout - Investments by number of employees
SME % 14% 52%
Growth - Investments by number of employees
SME % 55% 84%
0.2
1.1
0.6
0.1
0.6
0.6
0.2
0.2
0
50
100
150
200
250
300
350
400
450
500
0.0
0.2
0.4
0.6
0.8
1.0
1.2
0 - 19 20 - 99 100 - 199 200 - 249 250 - 499 500 - 999 1000 - 4999 5000 +
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

b
i
l
l
i
o
n

Divestments
3
Divestments statistics explained
Industry statistics are an aggregation of figures according to the country of
the private equity firms 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 target company.
Market statistics are an aggregation of 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 (including write-offs) are recorded at cost (i.e. the total
amount divested is equal to the total amount invested before).
Market versus industry
statistics
61
B
C
D
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
A
Glossary
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 companys 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.
Initial public offering (IPO)
The sale or distribution of a companys 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.
DIVESTMENTS Investments Fundraising
211
203
268
47
81
93
73
15
4
24
206
24
45
188
100
66
30
28
15
18
57
209
116
36
61
59
13
15
3
9
Trade sale
Repayment of silent
partnerships
Write-off
Sale to another PE Firm
Repayment of principal
loans
Sale to management
Sale to financial
institution
Initial public offering
Other means
Venture Capital
Buyout
Growth
2013 Divestments at a glance
Source: EVCA/PEREP Analytics
Note: (1) relates to the investment stage

Source: EVCA/PEREP Analytics
Divestments Market statistics No. of companies by exit route
All Private
Equity
Venture
Capital
(1)
Buyout
(1)
Growth
(1)
Divestments Amount 33.2bn 2.2bn 28.0bn 1.8bn
Divestments No. Companies 2,290 994 688 574
Number of Firms 646 312 332 147
Number of Funds 1,133 550 510 221
A total of 2,290 European companies were exited representing former equity
investments of 33.2bn. The number of companies increased by almost 10% while
the amount divested at cost increased by 54%. The most prominent exit routes by
amount were trade sale (27%), sale to another private equity firm (26%) and sale of
quoted equity (14%) representing almost 40% of the divested companies.
The strength of public markets in 2013 was reflected by the steep increase in
divestments by flotation (IPO). This exit route increased more than seven times by
amount at cost (2.2bn) and almost four times by number of companies (23).
Divestments from venture capital investments represented 43% of all exited
companies. They accounted for 7% of the amount divested at cost. The equity
amount divested increased by 21% to 2.2 bn. The number of exited venture-backed
companies decreased slightly by 2% to 994. Trade sale, write-off and sale of quoted
equity were the most prominent exits routes.
Buyout divestments represented 85% of the equity amount at cost and 30% by the
number of companies. The amount divested increased by 53% to 28bn. By the
number of companies, divestments increased by 19% to 688. Sale to another private
equity firm, trade sale and sale of quoted equity were the most prominent exit
routes.
Growth divestments represented 5% of equity amount at cost and 25% by number of
companies. The amount divested increased by 54% to 1.8bn. The number of
companies divested increased by 21% to 574. Trade sale, sale to another private
equity firm, write-off and sale to management were the most prominent exit routes.
Divestments at cost Venture Capital / Buyout / Growth
20.4
10.4
7.5
14.5
24.8
18.3
28.0
2.0
0.7
1.1
2.1
2.3
1.1
1.8
3.2
2.4
2.1
2.1
2.4
1.9
2.2
0
200
400
600
800
1,000
1,200
1,400
1,600
0
5
10
15
20
25
30
35
2007 2008 2009 2010 2011 2012 2013
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

b
i
l
l
i
o
n

Buyout - Amount divested Growth - Amount divested Venture Capital - Amount divested
Buyout - Number of companies Growth - Number of companies Venture Capital - Number of companies
44.2%
0.5%
2.7% 10.0%
3.8%
5.9%
16.9%
3.3%
10.0%
2.8%
24.0%
6.6%
14.2%
9.6%
1.0%
7.7%
29.6%
3.1%
2.7%
1.5%
53.5%
0.9%
12.6%
15.2%
1.8%
2.3%
5.8%
1.3%
5.8%
0.7%
Divestments at cost by exit route Venture Capital / Buyout / Growth
2013 - Market Statistics - % of Amount
Buyout

28.0bn

Growth

1.8bn

36.7%
0.3%
4.7%
24.4%
2.1% 1.6%
16.8%
4.7%
4.4%
4.1%
Trade sale
Write-off
Repayment of silent partnerships
Sale to management
Other means
Venture Capital

2.2bn

9.9% 0.5%
2.2%
20.1%
36.2%
10.6%
6.2%
2.6%
10.2%
1.6%
28.6%
2.1%
4.2%
6.3%
3.3%
13.9%
26.1%
3.9%
9.2%
2.5%
20.7%
0.4%
7.2%
26.3%
19.9%
7.9%
4.6%
1.5%
9.1%
2.4%
Divestments at cost by exit route Venture Capital / Buyout / Growth
2013 - Market Statistics - % of Number of companies
Buyout

688 Companies

Venture Capital

994 Companies

Growth

574 Companies

36.7%
0.3%
4.7%
24.4%
2.1% 1.6%
16.8%
4.7%
4.4%
4.1%
Trade sale
Write-off
Repayment of silent partnerships
Sale to management
Other means
All Private Equity - Divestments at cost by exit route
20072013 Market statistics - Amount at cost
0
2
4
6
8
10
12
2007 2008 2009 2010 2011 2012 2013

b
i
l
l
i
o
n

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
700
2007 2008 2009 2010 2011 2012 2013
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
5.3
3.8
3.1
3.0
2.8 2.7
2.3
1.6 1.6
1.5
1.2
0.5
0.2 0.2
0.0
169
338
239
139
278
200
161
42
84
60
44
59
9
18
27
0
50
100
150
200
250
300
350
400
0
1
2
3
4
5
6 N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

e
x
i
t
e
d

b
i
l
l
i
o
n

Amount at cost
Number of companies exited
All Private Equity - Divestments at cost by sector
2013 - Market statistics - Amount & Number of companies (excluding write-offs)

Divestments at cost by sector Venture Capital / Buyout / Growth
2013 - Market statistics - Amount (excluding write-offs)
11.1%
29.4%
18.6%
4.0%
18.3%
3.4%
2.1%
5.0%
6.4%
0.1%
0.3%
0.6%
0.2%
0.0%
0.5%
18.3%
8.3%
8.2%
12.8%
4.5%
11.4%
10.1%
8.5%
5.7%
4.1%
4.7%
1.9%
0.8%
0.5%
0.0%
24.5%
4.7%
13.0%
13.5%
5.3%
8.1%
8.1%
5.8%
2.3%
6.9%
3.3%
2.0%
0.2%
0.7%
1.7%
Communications
Life sciences
Financial services
Consumer services
Energy & environment
Transportation
Construction
Chemicals & materials
Agriculture
Real estate
Unclassified
Venture Capital
Buyout
Growth
12.2%
21.7%
7.7%
17.6%
6.6%
13.0%
5.2%
6.1%
1.4%
3.4%
0.8%
1.4%
0.8%
0.3%
1.8%
19.2%
11.3%
15.3%
7.7%
10.2%
7.4%
8.8%
4.2%
3.9%
2.8%
3.7%
3.9%
0.9%
0.5%
0.3%
25.7%
10.4%
16.1%
4.8%
9.8%
4.8%
9.3%
2.8%
4.8%
3.3%
3.0%
1.5%
1.3%
0.7%
1.7%
Life sciences
Communications
Consumer services
Energy & environment
Construction
Chemicals & materials
Transportation
Financial services
Agriculture
Real estate
Unclassified
Venture Capital
Buyout
Growth
Divestments at cost by sector Venture Capital / Buyout / Growth
2013 - Market statistics - Number of companies (excluding write-offs)
All Private Equity - Divestments at cost by region
2013 - Industry vs. Market statistics - % of Amount
14.5
5.1
3.9
7.4
2.2
0.4
7.5 7.5
5.0
9.4
3.0
0.7
0
2
4
6
8
10
12
14
16
UK & Ireland DACH Nordics France & Benelux Southern Europe CEE

b
i
l
l
i
o
n

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 statistic 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
EVCA - Europe
FVCA - Finland
APCRI - Portugal
AVCO - Austria
BVA - Belgium
BVK - Germany
CVCA - Croatia
PSIK - Poland
SECA - Switzerland
SEEPEA - South Eastern Europe
SLOVCA - Slovakia
SVCA - Sweden
About PEREP_Analytics and EVCA Research
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
Statistics Manager
Dan Magirescu

Statistics Team
Adriana Andronic
Andreea Banica
Monica Biolan
Alina Ciucardel
Head of Research
Dr Cornelius Mueller

Research Manager
Julien Krantz Raluca Coroi
Cristina Cristea
Laura Dumitrascu
Iuliana Furica
info@perepanalytics.eu
www.perepanalytics.eu
research@evca.eu
www.evca.eu
Adelina Stefan
Andrei Teslici
Ioana Turbatu
The overall coverage rate of
all European private equity
firms based on 1,917 eligible
private equity firms
65%
The 2013 annual survey
covered 90% of the European
market in terms of capital
under management (base
555.4bn)
90%
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

2013 European Private Equity Activity

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

2013 European Private Equity Activity

Uploaded by

Copyright:

Available Formats

2013 European

Private Equity Activity

You might also like