The Italian Private Equity and Venture Capital market in 2006 AIFI

Transcription

1 The Italian Private Equity and Venture Capital market in

2 The main industry trends in 2006 full members Fund Raised +15% +69% Amount invested +22% Amount divested +95%

3 The Italian Private Equity and Venture Capital market in 2006 Players Fund Raising Investments The economic impact of Private Equity Private Equity and SMEs Divestments 3

4 Full Members and players Full Members Players analysed March

5 Italian market players in 2006 Early stage funds Regional/pub. players Country funds Italian banks Pan-European players Italian closed end funds (SGR) 31% 8% 10% 12% 18% 21% 5

6 Players distribution by investment stage % % % % Replacement Early Stage Expansion Buy out 6

7 Portfolio at 31 st December Companies Portfolio at 31st December 7

8 Portfolio structure: distribution by target companies turnover (Euro mln) Total companies Foreign companies Italian companies with turnover > 50 Italian companies with turnover Italian companies with turnover Italian companies with turnover 0-10 NA 8

9 Funds available for new investments Resources of Italian players (Euro Mln)* * Not considering captive and public players ** Estimate of resources for new investments in Italian companies Resources of Pan-European players based in Italy (Euro Mln)** 9

10 The Italian Private Equity and Venture Capital market in 2006 Players Fund Raising Investments The economic impact of Private Equity Private Equity and SMEs Divestments 10

11 Annual funds raising activity (Euro Mln) %

12 Funds raising activity by source in 2006 (Euro Mln) Capital gains Amount raised by captives Independent funds raised New funds raised Invested amount by pan-european players based in Italy 12

13 New funds raised on the market (Euro Mln) +63% Other SGR

14 Geographical breakdown of new funds raised Italy (Euro Mln) Abroad (Euro Mln)

15 Geographical breakdown of new funds raised by sources Italy Abroad 79% 43% 31% 12% 9% 5% 4% 4% 4% 1% 1% 0% 2% 1% 1% 1% 0% 1% Banks Individual Inv. Funds of funds Pension funds Endowements and Found. Insurance Comp. Public sector Capital gains Other 15

16 Distribution by sources of new funds raised % 34% 22% 16% 14% 11% 12% 12% 8% 8% 5% 1% 3% 2% 3% 1% 0% 5% Funds of funds Banks Individual Inv. Pension funds Insurance Comp. Endowements and Found. Public sector Corporate Investors Other 16

17 Funds raising expected allocation Early Stage H-T Early Stage Non H-T Expansion Buy out Other 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

18 The Italian Private Equity and Venture Capital market in 2006 Players Fund Raising Investments The economic impact of Private Equity Private Equity and SMEs Divestments 18

19 Investment activity Number Companies Amount (Euro Mln) +22% * 2006* * The figure concerning the amount invested includes (above the broken line) the activity of players not based in Italy. 19

20 Investment distribution by stage in Amount (Euro Mln) Number Expansion Buy out Early stage Replacement 20

21 Investments distribution by type of investor in Amount Number Pan-European funds Italian banks SGR Country funds Regional/pub. investors Early stage funds 21

22 Average invested amount by stage in 2006 Amount (Euro Mln) Amount excluding large and mega deals (Euro Mln)* 24,4 12,8 10,4 15,1 8,5 7,7 6,6 0,5 Totale mercato Expansion Buy out Replacement Early stage * Investments with an amount included between 150 and 300 million of Euro (large deals) or larger than 300 million of Euro (mega deals) 22

23 Invested amount by deal size Amount of large and mega deals (Euro Mln)* Amount of small and medium deals (Euro Mln) * Investments with an amount included between 150 and 300 million of Euro (large deals) or larger than 300 million of Euro (mega deals) 23

24 Early stage investments Number Companies Amount (Euro Mln)

25 Distribution of early stage investments by investor type in 2006 (number) 53% 16% 11% 3% 3% 13% Country Funds SGR Pan-European players Italian banks Early stage funds Regional/Pub. Players 25

26 Expansion investments Number Companies Amount (Euro Mln)

27 Distribution of expansion investments by investor type in 2006 (number) 31% 24% 16% 12% 10% 6% Pan-European players Early stage funds Country funds SGR Italian banks Regional/Pub. Players 27

28 Buy out investments Number Companies Amount (Euro Mln)

29 Distribution of buy out investments by investor type in 2006 (number) 55% 20% 15% 10% Country funds Italian banks Pan-European funds SGR 29

30 Distribution of buy out investments by size (number) % 58% 36% 28% 6% 2% Small (0-14,9 Euro Mln) Medium (15,0-150,0 Euro Mln) Large and Mega (>150,0 Euro Mln) 30

31 Average leverage (debt/equity) by buy out size 2,20 1,85 1,80 1,60 Small (0-14,9 Euro Mln) Medium (15,0-150,0 Euro Mln) Large and Mega (>150,0 Euro Mln) Total 31

32 Distribution of initial and follow on investments by number Initial Follow on 52% 47% 48% 44% 40% 48% 53% 52% 56% 60%

33 Distribution of initial investments by stage and sectors in 2006 (number) Expansion Buy out Replacement Early stage 7% 21% 34% 38% Ind. Prod. & Serv. Consumer Food & Beverage Manufacturing Other serv. Medical Ener. & Util. Other 27% 15% 11% 8% 8% 9% 11% 11% 33

34 Geographical distribution of investments in 2006 (number) 6,8% 71,9% Italy 93,2% 2,1% 4,5% 14,7% NA South and Islands Centre North Abroad 34

35 Geographical distribution of investments in 2006 (amount) 1,1% 86,3% Italy 98,9% 0,1% NA 2,4% South and Islands 10,1% Centre North Abroad 35

36 Average invested amount by geographical area (Euro Mln) 9,4 8,8 6,8 North* Centre South and islands * Excluding large and mega deals 36

37 Regional distribution by number of investments in Lombardia Friuli V. G. Emilia R. Piemonte Lazio Veneto Toscana Trentino A. A. Campania Marche Liguria Puglia Sardegna Calabria NA 37

38 Textile Other Consumer goods Medical Serv. (other) Manufact. Transport. Computer Construction Food & Beverage Retail Media & Ent. Biotech Financial serv Electronics Energy&Ut. Automotive Luxury Aerospace Chemicals Ind. Aut Sectoral distribution by number in Ind. Prod.

39 Investments distribution in high tech companies Number Amount % 36% % 31% % 27% % 22% % 28% 0% 10% 20% 30% 40% 39

40 Sectoral distribution of investments in high tech companies in 2006 (number) Computer Medical 17% 19% Biotech 12% Electronics 10% Media & Ent. 6% Industrial Prod. & Serv. Energy & Utilities Automotive Aerospace Manufacturing Industrial Automation 4% 4% 2% 2% 1% 1% Other 21% 0% 10% 20% 30% 40

41 The Italian Private Equity and Venture Capital market in 2006 Players Fund Raising Investments The economic impact of Private Equity Private Equity and SMEs Divestments 41

42 Sales and employees of venture backed companies Sales (Euro Mln) Employees 42

43 Estimate of new jobs created by venture backed companies Venture Capital (Early stage + Expansion) Buy out (Buy out + Replacement) Total Fonte: s elaboration on The economic impact of Private Equity and Venture Capital in Italy 43

44 The Italian Private Equity and Venture Capital market in 2006 Players Fund Raising Investments The economic impact of Private Equity Private Equity and SMEs Divestments 44

45 Distribution of investments (number) by target companies employees 17% 3% 6% 6% 14% 24% SMEs 71% 30% >

46 Distribution of investments (number) by target companies turnover (Euro Mln) 12% 22% 10% 7% 17% SMEs 66% 32% >

47 Distribution of investments (number) by stage financing and geographical area (companies < 250 employees) Expansion Buy out Replacement Early stage 30% 35% 7% North Centre South and Islands Abroad NA 28% 6% 8% 3% 15% 68% 47

48 The Italian Private Equity and Venture Capital market in 2006 Players Fund Raising Investments The economic impact of Private Equity Private Equity and SMEs Divestments 48

49 Divestment activity Number Companies Amount (Euro Mln) +95%

50 Distribution of divestments by way out (number) % 38% 17% 22% 11% 13% 6% 10% 19% 17% Trade sale Sale to VC-Fin. Inst. IPO - post IPO Write off Other 50

51 Distribution of divestments by way out (amount) % 39% 32% 31% Sale to VC-Fin. Inst. 17% 10% 11% 4% 5% 2% Trade sale IPO - post IPO Write off Other 51

52 Performance of the venture backed companies listed on the Italian Stock Exchange 03/ 06 04/ 06 05/ 06 06/ 06 07/ 06 08/ 06 09/ 06 10/ 06 11/ 06 12/ 06 01/ 07 02/ 07 MIBTEL S&PMIB EYVB 52

53 Distribution of divestments by type of investor (number) 29% 28% 22% 12% 1% 8% Early stage funds Country funds Pan-European players Italian banks SGR Regional/Pub. players 53

54 Distribution of divestments by way out and type of investor (number) Italian banks Country funds Early stage funds Pan-European players Regional/Pub.players SGR 32% 40% 17% 17% 19% 26% 33% 5% 45% 45% 18% 13% 22% 6% 11% 6% 3% 9% 4% 10% 25% 35% 33% 26% Trade sale Sale to VC-Fin. Inst. IPO - Post IPO Write off Other 54

55 Distribution of divestments by way out and type of investor (amount) Italian banks Country funds Early stage funds Pan-European players Regional/Pub. players SGR 39% 17% 20% 43% 47% 4% 43% 1% 19% 5% 71% 18% 34% 24% 8% 33% 3% 9% 19% 10% 12% 22% Trade sale Sale to VC-Fin. Inst. IPO - Post IPO Write off Other 55

56 Distribution of divestments by original investment (number) 46% 28% 17% 9% Replacement Early stage Buy out Expansion 56

57 The Italian Private Equity and Venture Capital market in