Survey AIFI - PricewaterhouseCoopers. The Italian Private Equity and Venture Capital market in the first semester 2013 AIFI

Transcription

1 Survey - PricewaterhouseCoopers The Italian Private Equity and Venture Capital market in the first semester 2013

2 The Italian Private Equity and Venture Capital in the 1 st semester 2013 Players Fundraising Investments Divestments 2 2

3 Players full members full members sep

4 Players Italian private equity and venture capital players Italian banks Investment companies Italian closed-end funds Early stage players Pan-European funds Regional/public investors 32% 8% 3% % % 26% 4

5 Players Portfolio at 30 th June ,602 8,730 Portfolio at cost (Euro Mln) Commitment available for investments (Euro Mln)* * Not considering international and captive players 5

6 Players Composition of portfolio at 30 th June 2013 Italy Abroad Private investors Public investors 1,335 1, ,173 1, ,263 1, Active investments Companies Active investments Companies 6

7 The Italian Private Equity and Venture Capital in the 1 st semester 2013 Players Fundraising Investments Divestments 7 7

8 Fundraising Fundraising activity (Euro Mln) 3,365* I sem I sem I sem I sem I sem I sem *Amount influenced by the closing of a big institutional player 8

9 Fundraising Fundraising activity: annual vs 1 st semester 2013 (Euro Mln) 3,365* 2,267 2,187 1, , I sem *Amount influenced by the closing of a big institutional player 9

10 Fundraising Fundraising activity by source in the 1 st semester 2013 (Euro Mln) 95% 5% 162 3,202 3,365 Parent Organization Market Total fundraising *Amount influenced by the final closing of a big institutional player 10

11 Fundraising New funds raised on the market (Euro Mln) 703 Altri Altri I sem I sem I sem I sem I sem I sem (17) (8) (8) (7) (8) (6) * In parenthesis the number of players which raised funds in the period 11

12 Fundraising Geographical breakdown of new funds raised Italy Abroad 21% 11% 7% 79% 89% 93% I sem

13 Fundraising Distribution by source of new funds raised I sem I sem % 25% 19% 18% 14% 12% 17% 20% 6% 7% 9% 2% 1% 1% Private Investitors Fondi di Fondi Pension funds Banks Public Sector Endowments Corporate Investors Insurance Companies Other 13

14 Fundraising Fundraising expected allocation Early Stage H-T Early Stage Non H-T Expansion Buy out Other 17% 15% 27% 16% 10% 22% 15% 30% 35% 49% 20% 31% 65% 41% 26% 50% 60% 47% 2% 10% 5% 3% 4% I sem

15 The Italian Private Equity and Venture Capital in the 1 st semester 2013 Players Fundraising Investments Divestments 15 15

16 Investment activity Number Companies Amount (Euro Mln) 2,772 1,524 1,407 1, I sem I sem I sem I sem I sem I sem Note: The figure concerning the amount invested includes (above the broken line) the activity of players not based in Italy 16

17 Investment activity: annual vs 1 st semestre 2013 Number Companies Amount (Euro Mln) 5,458 3,583 3,230 2,615 2,461 1, * I sem Note: The figure concerning the amount invested includes (above the broken line) the activity of players not based in Italy * In order to give a complete overview about the Italian market in 2010, an add-on operation of relevant size is included 17

18 Invested amount by deal size Amount small and medium deal (Euro Mln) Amount large and mega deal (Euro Mln)* I sem I sem I sem I sem I sem * Investments with an amount between 150 and 300 Euro Mln (large deal) or more than 300 Euro Mln (mega deal) 18

19 Investments distribution by stage in the 1 st semester 2013 Amount (Euro Mln) Number Buy Out Expansion Replacement Early stage Turnaround 19

20 Investments distribution by type of investors in the 1 st semester 2013 Amount (Euro Mln) Number International players Italian closed-end funds Investment companies Early stage players Italian banks Regional/public investors 20

21 Average invested amount by stage in the 1 st semester 2013 (Euro mln) Buy Out Expansion Replacement Early stage Turnaround Media mercato 21

22 Early stage investments Number Amount (Euro Mln) I sem I sem I sem I sem I sem I sem

23 Early stage investments: annual activity vs 1 st semester 2013 Number Amount (Euro Mln) I sem

24 Distribution of early stage investments by investor type in the 1 st semester 2013 (number) 40% 37% 22% 2% Investment companies Regional/public investors Early stage players Italian closed-end funds 24

25 Expansion investments Number Amount (Euro Mln) I sem I sem I sem I sem I sem I sem

26 Expansion investments: annual activity vs 1 st semester 2013 Number Amount (Euro Mln) I sem

27 Distribution of expansion investments by investor type in the 1 st semester 2013 (number) 47% 20% 16% 3% 5% International payers Italian banks Early stage players Investment companies 9% Regional/public investors Italian closed-end funds 27

28 Turnaround investments Number Amount (Euro Mln) I sem I sem I sem I sem I sem I sem

29 Turnaround investments: annual activity vs 1 st semester 2013 Number Amount (Euro Mln) I sem

30 Buy out investments Number Amount (Euro Mln) 1,220 1, I sem I sem I sem I sem I sem I sem

31 Buy out investments: annual activity vs 1 st semester 2013 Number Amount (Euro Mln) 2,869 2,261 2,069 1,688 1, * I sem * In order to give a complete overview about the Italian market in 2010, an add-on operation of relevant size is included 31

32 Distribution of buy out Investments by investor type in the 1 st semester 2013 (number) 68% 23% 9% Investment companies International players Italian closed-end funds 32

33 Distribution of buy out investments by size (number) I sem % 60% 55% 38% 41% 28% 5% 2% 4% Small ( Euro Mln) Medium ( Euro Mln) Large e Mega (>150.0 Euro Mln) 33

34 Distribution of initial and follow on investments by number Initial Follow on* 48% 63% 58% 58% 54% 56% 52% 37% 42% 42% 46% 44% I sem * Including secondary buy out 34

35 Geographical distribution of investments in the 1 st semester 2013 (number) Italy 98% 2% 20% 19% 59% South + Islands Centre North Europe + Rest of the world 35

36 Geographical distribution of investments in the 1 st semester 2013 (amount) 4% 1% 1% Italy 99% 94% North Centre South + Islands Europe + Rest of the world 36

37 Regional distribution of investments by number in the 1 st semester

38 Distribution of investments by target companies employees in the 1 st semester 2013 (number) 1% 2% 3% 8% 11% 19% SME 89% 56% >1,000 38

39 Distribution of investments by target companies turnover (Euro Mln) in the 1 st semester 2013 (number) 3% 7% 4% 11% 11% 7% 57% SME 86% >250 39

40 Sectoral distribution of investments by number in the 1 st semester

41 Investments distribution in high tech companies Amount Number % 24% % 26% % 37% % 32% % 40% I sem % 43% 41

42 Sectoral distribution of investments in high tech companies in the 1 st semester 2013 (number) Computer 21% Media & Ent. Medical 16% 17% Services (other) 14% Energy & Ut. Biotech 7% 7% Beni e Servizi industriali 4% Eletronics Chemicals Financial services 3% 3% 3% Textile Retail Other 1% 1% 1% 42

43 The Italian Private Equity and Venture Capital in the 1 st semester 2013 Players Fundraising Investments Divestments 43 43

44 Divestments Divestment activity Number Companies Amount (Euro Mln) 2,337 1,069 1, I sem I sem I sem I sem I sem I sem

45 Divestments Divestment activity: annual vs 1 st semester 2013 Number Companies Amount (Euro Mln) 3,180 1,821 1,569 1, , I sem

46 Divestments Distribution of divestments by way out in the 1 st semester 2013 Number Amount 37% 34% 32% 18% 22% 20% 15% 12% 9% 1% IPO/Sale post IPO Trade sale Sale to VC-Fin. Inst. Write off Other 46

47 Divestments Distribution of divestments by type of investor (number) 26% 22% 18% 14% 12% 8% Early stage players Investment companies Pan-European funds Italian banks Regional/public investors Italian closed-end funds 47

48 Divestments Distribution of divestments by type of original investment in the 1 st semester 2013 (number) 32% 34% 23% 2% 9% Turnaround Replacement Early stage Buy out Expansion 48

49 Survey - PricewaterhouseCoopers The Italian Private Equity and Venture Capital market in the first semester 2013