Survey AIFI - PricewaterhouseCoopers. The Italian Private Equity and Venture Capital market in the first semester 2011 AIFI

Transcription

1 Survey - PricewaterhouseCoopers The Italian Private Equity and Venture Capital market in the first semester 2011

2 The Italian Private Equity and Venture Capital in the 1 st semester 2011 Players Fundraising Investments Divestments 2 2

3 Players full members full members oct

4 Players Italian private equity and venture capital players Italian banks Italian closed-end funds Pan-European funds Country funds Early stage funds Regional/public investors 26% 44 10% % 39 23% % 29% 4

5 Players Portfolio at 30 th June ,683 7,843 Portfolio at cost (Euro Mln) Funds available for investments (Euro Mln)* * Not considering Pan-European funds and captive players 5

6 Players Composition of portfolio at 30 th June 2011 Italy Abroad Private investors Public investors 1,303 1, ,136 1, ,215 1, Active investments Companies Active investments Companies 6

7 The Italian Private Equity and Venture Capital in the 1 st semester 2011 Players Fundraising Investments Divestments 7 7

8 Fundraising Fundraising activity (Euro Mln) 1, I sem I sem I sem I sem I sem I sem

9 Fundraising Fundraising activity: annual vs 1 st semester 2011 (Euro Mln) 3,028 2,275 2,267 2, I sem

10 Fundraising Fundraising activity by source in the 1 st semester 2011 (Euro Mln) ,1% % 100.0% % Parent Organization Market Capital gain Total fundraising 10

11 Fundraising New funds raised on the market (Euro Mln) 1,103 Altri 703 Altri I sem I sem I sem I sem I sem I sem (13) (15) (17) (8) (8) (7) * In parenthesis the number of players which raised funds in the period 11

12 Fundraising Geographical breakdown of new funds raised Italy Abroad 2% 32% 25% 98% 68% 75% I sem

13 Fundraising Distribution by source of new funds raised I sem I sem % 40.2% 32.8% 16.8% 16.8% 4.0% 0.0% 0.0% 8.1% 9.0% 9.3% 4.8% 0.9% 0.9% 0.0% 1.2% Banks Pension funds Insurance Companies Public Sector Private Investitors Corporate Investors Endowments Other 13

14 Fundraising Fundraising expected allocation Early Stage H-T Early Stage Non H-T Expansion Buy out Other 4% 5% 30% 17% 15% 27% 32% 52% 35% 49% 20% 8% 61% 38% 41% 26% 50% 52% 1% 3% 2% 4% 2% 5% 10% 3% 8% I sem

15 The Italian Private Equity and Venture Capital in the 1 st semester 2011 Players Fundraising Investments Divestments 15 15

16 Investment activity Number Companies Amount (Euro Mln) 2,772 1,908 1, , I sem I sem. 2007* I sem. 2008* I sem. 2009* I sem I sem. 2011* * 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 2011 Number Companies Amount (Euro Mln) 5,458 3,731 4,197 2,615 2,461 1, * 2008* 2009* 2010** I sem. 2011* * 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)* 1, ,052 1, 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 2011 Amount (Euro Mln) Number 1, Buy out Expansion Replacement Early stage Turnaround 19

20 Investments distribution by type of investors in the 1 st semester 2011 Amount (Euro Mln) Number Italian closedend funds Pan-European funds Country funds Regional/public investors Italian banks Early stage funds 20

21 Average invested amount by stage in the 1 st semester 2011 Amount (Euro Mln) Amount excluding large and mega deals (Euro Mln)* Total market Buy out Expansion Replacement Turnaround Early stage * Investments with an amount between 150 and 300 Euro Mln (large deal) or more than 300 Euro Mln (mega deal) 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 2011 Number Amount (Euro Mln) I sem

24 Distribution of early stage investments by investor type in the 1 st semester 2011 (number) 34.0% 32.0% 26.0% 2.0% 6.0% Italian banks Country funds Italian closedend funds Regional/public investors Early stage 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 2011 Number Amount (Euro Mln) 1, I sem

27 Distribution of expansion investments by investor type in the 1 st semester 2010 (number) 47.3% 33.8% 4.0% 6.8% 8.1% Italian banks Pan-European funds Country funds Regional/public investors Italian closedend 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 2011 Number Amount (Euro Mln) I sem

30 Buy out investments Number Amount (Euro Mln) 1,509 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 2011 Number Amount (Euro Mln) 3,295 2,869 2,444 1,688 1,647 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 2011 (number) 55.6% 25.9% 3.7% 14.8% Italian banks Country funds Pan-European funds Italian closed-end funds 32

33 Distribution of buy out investments by size (number) I sem % 73% 63% 29% 22% 33% 4% 5% 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* 40% 49% 48% 63% 58% 64% 60% 51% 52% 37% 42% 36% I sem * Including secondary buy out 34

35 Geographical distribution of investments in the 1 st semester 2011 (number) 3.8% Italy 96.2% 67.9% 18.9% 9.4% South + Islands Centre North Europe + Rest of the world 35

36 Geographical distribution of investments in the 1 st semester 2011 (amount) 1.1% Italy 98.9% 79.7% 5.0% 14.2% South + Islands Centre North 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 2011 (number) 12.6% 1.9% 5.0% 4.4% 8.2% 24.5% SME 82.4% 43.4% >1,000 38

39 Distribution of investments by target companies turnover (Euro Mln) in the 1 st semester 2011 (number) 11.3% 3.8% 10.1% 10.1% 11.9% 17.0% SME 74.8% 35.8% >250 39

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

41 Investments distribution in high tech companies Amount Number % 28% % 30% % 24% % 26% % 37% I sem % 32% 41

42 Sectoral distribution of investments in high tech companies in the 1 st semester 2010 (number) Medical Services (other) Media & Ent. Eletronics Biotech Energy & Ut. Telecom. Computer Manufact. Ind. Prod. Aerospace Ind. Aut. Chemicals 11.8% 11.8% 9.8% 9.8% 7.8% 5.9% 5.9% 3.9% 3.9% 2.0% 2.0% 2.0% 23.5% 42

43 The Italian Private Equity and Venture Capital in the 1 st semester 2011 Players Fundraising Investments Divestments 43 43

44 Divestments Divestment activity Number Companies Amount (Euro Mln) 2,337 1,481 1, I sem I sem I sem I sem I sem I sem

45 Divestments Divestment activity: annual vs 1 st semester 2011 Number Companies Amount (Euro Mln) 2,633 2,337 1,763 1,821 1, I sem

46 Divestments Distribution of divestments by way out in the 1 st semester 2011 Number Amount 67.8% 41.3% 6.7% 13.9% 12.0% 11.8% 21.3% 4.4% 18.7% 2.1% 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) 28.0% 26.7% 21.3% 13.3% 10.7% Country funds Pan-European funds Italian banks Regional/public investors Italian closedend funds 47

48 Divestments Distribution of divestments by type of original investment in the 1 st semester 2011 (number) 49.3% 28.0% 10.7% 6.7% 5.3% Turnaround Replacement Early stage Buy out Expansion 48

49 Survey - PricewaterhouseCoopers The Italian Private Equity and Venture Capital market in the first semester 2011