Equity Funds Portfolio Update

Transcription

1 Equity Funds Portfolio Update Data as of December 2013

2 About EBRD Equity Funds Team The Equity Funds Team (EFT) currently manages more than 2.3bn in carrying value and unfunded commitments and maintains relationships with more than 60 general partners across Central & South Eastern Europe (CSEE), Russia, the Commonwealth of Independent States (CIS), Central Asia and the Southern and Eastern Mediterranean (SEMED) in pursuit of investments that will outperform public benchmarks while delivering on the Bank s Transition Impact Objectives. 106 Funds in EFT Portfolio 61 Active GP Relationships 1.4 billion Carrying Value of Portfolio 400+ Underlying Companies Financed 12.7% Return in % Since Inception IRR 2013 Signings (Commitment): 21 Concordia 30m 3TS CEE Fund III $30m Almaz Capital Fund II $50m Baltcap PEF III 20m Capital North Africa Venture Fund 20m CapMan Russia II Fund $50m Da Vinci Private Equity Fund II $30m Earlybird Digital East Fund $35m Mediterrania Capital Fund II 20m Mid Europa Fund IV 80m 2

3 EBRD Regions 3

4 EUR Millions Commitment and Disbursement by Vintage Committed Disbursed NB: Vintage does not necessarily correspond to year of signing 16 October,

5 Net Financial Performance to December October,

6 EUR Millions Net Snapshot of All Funds by Life Stage Long term value growth has driven portfolio performance Overall TVPI: 1.4x Investing TVPI: 1.1x 2000 Harvesting TVPI: 1.7x Near Liquidation TVPI: 1.6x Disbursed EUR 2.7 bn Liquidated TVPI: 1.5x Total Value EUR 3.8 bn Liquidated Near Liquidation Harvesting Investing 6

7 Equity Funds EUR Net Horizon IRRs by Horizon The EBRD private equity portfolio has outperformed public benchmarks over the long term 25% 20% EFT Horizon IRR MSCI Emerging Market MSCI Eastern Europe 15% 10% 5% 0% -5% -10% 22Y 21Y 20Y 19Y 18Y 17Y 16Y 15Y 14Y 13Y 12Y 11Y 10Y 9Y 8Y 7Y 6Y 5Y 4Y 3Y 2Y 1Y 7

8 EUR Millions Performance of Portfolio over the last 12 Months The EBRD EFT portfolio returned 12.7% in ,600 1, FV EUR 1,342m New Investment EUR 180m Returned Capital EUR 329m Capital Gains (Losses) EUR 164m 2013 FV EUR 1,356m 1,200 1,

9 Active Funds: Investment Profiles Seed / Start-up 1% Other 13% Buyout 16% 350m+ 0-50m m Strategy (by disbursed capital) m Fund Size (EUR by number of funds) Growth / Expansion 70% m m SEMED 1% Virgin 39% Type of manager (by disbursed capital) Follow-On 61% Russia/CIS 40% Geography (by disbursed capital) CEE/SEE 59% 9

10 Underlying Company Performance 10

11 EUR Millions Gross Snapshot of All Investees 25,000 Overall TVPI: 1.7x 20,000 15,000 10,000 5,000 Fully Realised TVPI: 2.0x Partially Realised TVPI: 4.2x Unrealised TVPI: 1.2x 0 Investment Cost EUR 11.2 bn Investment Value EUR 18.2 bn Unrealised Partly Realised Fully Realised 11

12 Number of Investees Gross Underlying Company Vintage Profile Exited Investees Active Investees Investee Vintage 17 October,

13 EUR Millions Investment Cost of Active Investees by Country Current Investees Only 700 2,368 1, October,

14 TVPI Exit Performance by Country Exited Investments, including written-off investments 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x 16 October,

15 EUR Millions Investment Cost of Active Investees by Sector Current Investees Only 1,200 1, October,

16 TVPI Underlying Investment Gross Performance by Sector Exited Investments, including written-off investments 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x 16 October,

17 Limited Partners in EBRD Supported Funds 17

18 LPs by Type - trend 100% 90% 2% 11% 6% 7% 14% 11% Sovereign Wealth Funds 80% 15% 10% Pension Funds 70% 4% 16% 2% 60% 4% Banks & Insurance 50% 40% 23% 35% Corporate Investors 40% IFIs & Government Agencies 30% 20% 13% 21% 18% Other* 10% 16% 16% 16% Fund of Funds 0% *Other includes: Private Individuals, Trusts, Endowments, GP commitments 18

19 Origin of LPs 100% 90% 80% 30% 24% 19% USA 70% 60% 7% 16% 17% 50% Other 40% 30% 64% 60% 64% 20% Europe 10% 0% * *Adds to 101% due to rounding; actual total 100% 19

20 EUR Millions LP Commitments & IFIs Share by Vintage Year EBRD Other IFIs Other Investors 20

21 EBRD Database Best available sample of PE performance in Central and South Eastern Europe (CSEE), Russia and CIS Tracks all gross investments made by a basket of EBRD invested funds as well as net returns to EBRD ( tracked portfolio ) Measured in both EUR and USD Obligatory reporting by fund managers, analysed by EBRD Reflects comprehensive performance No survivor bias resulting from only best fund managers reporting 21

22 EBRD Region CSEE Countries Albania, Bosnia & Herzegovina, Bulgaria, Croatia, Czech Republic*, Estonia, FYR Macedonia, Hungary, Latvia, Lithuania, Kosovo, Poland, Montenegro, Romania, Slovak Republic, Serbia, Slovenia, Turkey. CIS Countries Armenia**, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russian Federation, Tajikistan**, Turkmenistan, Uzbekistan**, Ukraine and Mongolia SEMED Countries Egypt, Morocco, Tunisia, Jordan * Czech Republic ceased to be a country of operation in 2007 but some funds remain exposed to investees in the country. **There are no fund sub-investments in these countries as of December

23 Copyright 2014 EBRD. All rights reserved This material is for the recipient s private information. No part of this document may be reproduced or transmitted in any form or by any means, including photocopying and recording, without the written permission of the Bank. Such written permission must also be obtained before any part of this publication is stored in a retrieval system of any nature. While the information contained herein was compiled by the EBRD, we do not guarantee its accuracy or completeness. We accept no liability in relation to the use of this information. Copyright 2014 European Bank for Reconstruction and Development. All rights reserved. 23