Performance of EBRD Private Equity Funds Portfolio 2003 year end data

Transcription

1 Performance of EBRD Private Equity Funds Portfolio 23 year end data

2 Table Of Contents EBRD classifications General information on equity markets Investors data Overview of EBRD s portfolio: EBRD commitments,irrs and TVPIs Gross cashflows Portfolio Snapshots (total portfolio. split into region, fund classifications) Investments at cost by region, by country of largest region, by sector Investments and exits by vintage and by region Unrealised investments by region

3 1 Classification of EBRD Equity Funds EBRD Sponsored Funds funds established at EBRD's initiative in countries where no private sector funding was available for private equity funds. These funds are supported with significant donor grants, and EBRD investment represents usually over 9% of fund capital. There are 18 such funds in the EBRD portfolio Institutional Quality Funds (IQs) identified based on criteria established by Cambridge Associates. These, inter alia, include quality and private equity experience of institutional investors in the fund, proportion of private vs. public funding, fund size relative to the size of the vintage in a given geographical region, as well as the availability of verifiable current and past performance data. There are 4 such funds in the EBRD portfolio Survivor Funds funds managed by managers who have or are expected to raise a follow-on fund. There are 36 such funds in the EBRD portfolio CEE Funds funds operating in or investments made in the following countries: Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia SEE Funds funds operating in or investments made in the following countries: Albania, Bosnia & Herzegovina, Bulgaria, Kosovo, Macedonia, Romania, Serbia & Montenegro Russia & CIS Funds funds operating in or investments made in the following countries: Azerbaijan, Georgia, Kazakhstan, Moldova, Russia, Turkmenistan, and Ukraine

4 Scale of Private Equity Investments in the Region PE Investments as % of GDP 2 Private equity investments are well below Western levels (based on 23 data) Source: EVCA/PriceWaterhouseCoopers % of GDP Slovakia Greece Czech Republic Hungary Austria Poland.12 Germany.18.2 Spain USA.29 Europe.38 Sweden UK

5 Estimated Size of CEE/SEE/CIS PE Market* EBRD investee funds represent over a third of estimated market and close to half of known funds 16 approx. $15 bn 3 USD Billion $5.32 bn approx. $11 bn 4 2 $1.65 bn EBRD Committed EBRD Funds Committed Capital * Cumulative commitments raised for the region since 199, including property funds Including Non-EBRD Funds Estimated Capital Plus 2% & EBRD Direct = Estimated Private Equity Market

6 4 Investors in EBRD Funds by Region Europe 31% Other 5% EBRD 32% USA 32% Total pie including EBRD = USD 4.9 billion Note: excludes coinvestment on EBRD Sponsored Funds., excludes property funds

7 5 Investor Type by Investment Region Other Insurance Co Corporate Pension Funds Banks Funds of Funds IFI and Govt EBRD CEE Russia/CIS SEE

8 6 EBRD Commitments to Funds Over Time 25 IQ EBRD Sponsored (Non IQ) 2 Other Non IQ USD Million

9 7 IRRs and TVPI by Fund Classification USD All Funds Institutional Quality Survivor IRR TVPI IRR TVPI IRR TVPI GROSS: Fully Realised 3.2% 2.45x 32.2% 2.65x 36.5% 2.96x GROSS: Fully Realised & Written-off 17.4% 1.62x 21.% 1.79x 28.7% 2.16x GROSS: All 1.4% 1.33x 12.7% 1.4x 16.8% 1.53x

10 Portfolio Snapshot: All Funds 23 exited investments, 345 including write offs 4, Fully Realised (FR/FR) Written Off (FR/WO) 3,5 Partly Realised (PR) Unrealised (UR) 8 3, 2,5 765 INVESTMENTS Overall TVPI 1.33x, 1.4% $1,826m USD Million 2, 1,5 $1,611m UR TVPI 1.13x, 4.1 % PR TVPI 1.59x, 11.8% $329m 1, 5 $27m $329m $628m FR&WO 1.62x, 17.4% FR FR TVPI 2.45x, 3.2% $1,541m Investments at Cost $2,775m Total Value $3,74m

11 9 Portfolio Snapshot: CEE and SEE 148 exited investments, 231 including write offs 3, Fully Realised (FR/FR) Written Off (FR/WO) 2,5 Partly Realised (PR) Unrealised (UR) USD Million 2, 1,5 1, 532 INVESTMENTS Overall TVPI 1.3x, 9.8% $1,21.2m UR TVPI 1.11x, 3.6% PR TVPI 1.54x, 11.% $1,337.4m $176.1m 5 $114.3m $241.m FR&WO 1.59x, 17.2% $1,79.5m $438.6m Investments at Cost $1,995.1 m FR FR TVPI 2.46x, 29.4% Total Value $2,597.2 m

12 1 Portfolio Snapshot: Russia & CIS 55 exited investments, 114 including write offs 1,2 1, Fully Realised (FR/FR) Partly Realised (PR) Written Off (FR/WO) Unrealised (UR) USD Million INVESTMENTS $49.5m $92.4m $88.3m $189.7m Investments at Cost $779.8m Overall TVPI 1.42x, 11.8% UR TVPI 1.19x, 5.3% PR TVPI 1.66x, 12.9% FR&WO 1.67x, 17.7% FR FR TVPI 2.43x, 32.2% $489.m $153.3m $461.8m Total Value $1,17.m $2.9m

13 Portfolio Snapshot IQ Funds: Total Portfolio exited investments, 2 including write offs 3,5 Fully Realised (FR/FR) Written Off (FR/WO) 3, Partly Realised (PR) Unrealised (UR) USD Million 2,5 2, 1,5 417 COMPANIES $1,245m Overall TVPI: 1.4x, 12.7% IRR UR: 1.1x, 3.9% IRR PR: 1.7x, 12% IRR $1,398m $261m 1, 5 $156m $258m $533m Investments at Cost $2,192m FR & WO: 1.8x, 21% IRR FR & FR: 2.7x, 32.2% IRR $1,413m Total Value $3,75m

14 Portfolio Snapshot Survivors: Total Portfolio exited investments, 148 including write offs 3, Fully Realised (FR/FR) Written Off (FR/WO) 2,5 Partly Realised (PR) Unrealised (UR) USD Million 2, 1,5 343 COMPANIES $1,97m Overall TVPI: 1.5x, 16.8% IRR UR: 1.2x, 5.5% IRR PR: 1.7x, 11.7% IRR $1,289m $218m 1, 5 $13m $154m FR & WO: 2.2x, 28.7% IRR $1,231m $415m FR & FR: 3x, 36.5% IRR Investments at Cost $1,796m Total Value $2,74m

15 13 Investments at Cost by Region SEE 13% CEE 59% Russia/CIS 28%

16 Investments at Cost by Country: CEE and SEE 14 Baltics 5% Czech & Slovak Republics 15% Other SEE 6% Poland 42% Romania 13% Hungary 19%

17 15 Investments at Cost by Sector TIM 28% Wholesale & Retail 7% Construction 5% Food & Beverage 16% Service 17% Primary & Energy 11% Manufacturin 12% Other 4%

18 Funds Gross Cash Flows: Total Portfolio Annual Investments (Cash Out) Annual Proceeds (Cash In) 35 3 USD Million

19 17 Investments and Exits by Vintage Investments at Cost Exits at Cost Exits at Value USD Million Note: Exits at cost and exits at value do not include partially realised investments

20 Investments and Exits by Vintage: CEE and SEE 45 4 Investments at Cost Exits at Cost Exits at Value USD Million * Note: Exits at cost and exits at value do not include partially realised investments

21 Investments and Exits by Vintage: Russia & CIS Investments at Cost Exits at Cost Exits at Value 12 USD Million * Note: Exits at cost and exits at value do not include partially realised investments

22 2 Unrealised Portfolio by Region 1,2 1, 23 INVESTMENTS Investment Cost Investment Value USD Million INVESTMENTS 64 INVESTMENTS 2 CEE Russia/CIS SEE

23 Copyright 24 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 use of this information. Copyright 24 European Bank for Reconstruction and Development. All rights reserved.