The italian private equity, venture capital and private debt market. I semester 2017

Transcription

1 The italian private equity, venture capital and private debt market I semester 2017

2 THE ITALIAN PRIVATE EQUITY AND VENTURE CAPITAL MARKET IN THE FIRST SEMESTER 2017

3 Agenda Fundraising Investments Divestments 3

4 Fundraising activity (Euro Mln) 3,365 1,671 1,195* I sem I sem I sem I sem I sem *It includes a significant amount raised by an istitutional player 4

5 Fundraising activity: annual vs I semester 2017 (Euro Mln) 4,027 2,833 1,477 1,714 1, I sem

6 Fundraising activity by source in the I semester 2017 (Euro Mln) 1,164 1, Captive fundraising Market fundraising Total fundraising 6

7 New funds raised on the market (Euro Mln) 1,328 1,164* I sem I sem I sem I sem I sem *It includes a significant amount raised by an istitutional player 7

8 Distribution by source of indipendent fundraising I sem I sem % 37% 31% 12% 12% 8% 8% 8% 1% 7% 2% 4% 3% 9% 2% 2% 0% 4% Individual investors and family office Pension funds Banks Fund of funds Other assets manager Industrial investors Fundations Insurance comp. Other Note: data from I semester 2017 do not include the significant amount raised by the institutional investor 8

9 Geographical breakdown of funds raised Italy Abroad 26% 48% 37% 21% 68% 74% 52% 63% 79% 32% I sem Note: data from I semester 2017 do not include a significant amount raised by an institutional investor 9

10 Fundraising expected allocation Early Stage Expansion Buy out Infrastructure/Other 2% 1% 4% 29% 20% 20% 5% 63% 52% 56% 49% 72% 29% 44% 17% 23% 7% 1% 7% I sem Note: data from I semester 2017 do not include a significant amount raised by an institutional investor 10

11 Agenda Fundraising Investments Divestments 11

12 Investment activity per semester Number Companies Amount (Euro Mln) 4,898 1,407 1,890 1,787 1, I sem I sem I sem I sem I sem

13 Investment activity Number Companies Amount (Euro Mln) 8,191 4,620 3,430 3,528 1, I sem

14 Invested amount by deal size Amount of small and medium deal (Euro Mln) Amount of large and mega deal (Euro Mln)* 4, , ,001 I sem I sem I sem I sem I sem *Investments with an amount included between 150 and 300 Euro Mln (large deal) or more than 300 Euro Mln (mega deal) 14

15 Investments distribution by stage in the I semester 2017 Amount (Euro Mln) Number 65 1, Buy out Infrastructure Expansion Replacement Early stage Turnaround 15

16 Investments distribution by type of players in the I semester 2017 Amount (Euro Mln) Number 1, International players Private generalist domestic players Regional/public/institutional players Venture capital domestic players 21 16

17 Average invested amount by stage in the I semester 2017 (Euro Mln) Average amount (Euro Mln) Average market Buy out Infrastructure Replacement Turnaround Expansion Early stage 17

18 Average invested amount by stage without large and mega deals in the I semester 2017 (Euro mln) Average amount (Euro Mln) Average market Buy out Infrastructure Replacement Turnaround Expansion Early stage 18

19 Evolution of initial and follow on investments by number Initial Follow on* 61% 61% 63% 58% 57% 39% 39% 37% 42% 43% I sem * Secondary buy out included 19

20 Geographical distribution of investments by number in 2016 ITALY 92% 8% 67% 16% 9% South and Islands Centre North Europe and rest of the world 20

21 Geographical distribution of investments by amount ITALY 99% 1% 85% 2% 12% South and Islands Centre North Europe and rest of the world 21

22 Regional distribution of investments by number

23 Distribution of investments by target companies employees (number) SME 88% 31% 7% 2% 6% 2% 4% 48% >1,000 23

24 Distribution of investment by target companies turnover (number) SME 87% 9% 6% 4% 3% 16% 11% 51% >250 24

25 Distribution of investments by sector (number)

26 % of investments in high-tech companies by number and amount Amount Number % 42% % 40% % 35% % 30% I sem % 25% 26

27 Distribution of investments in high-tech companies by sector ICT (communications, computer and electronics) 11 Biotech 8 Healthcare 7 Chemicals and materials 3 Consumer related services 2 Business products and services 1 Energy and environment 1 Financial and insurance activities 1 Manufacturing - Other 1 27

28 Agenda Fundraising Investments Divestments 28

29 Divestment activity Number Companies Amount invested (Euro mln) 1,914 1,518 1,106 1, I sem I sem I sem I sem I sem

30 Divestment activity: annual vs I semester 2017 Number Companies Amount invested (Euro mln) 3,656 2,632 2,903 1,933 1, I sem

31 Distribution of divestments by way out Number Amount invested (Euro mln) 40% 28% 24% 23% 25% 13% 16% 10% 9% 8% 4% 0% Trade sale Sales to financial institutions/private individuals/family offices/spac IPO/Post IPO/Sales of quoted equity Management or owner buy-back/other Sales to PE/VC Write off 31

32 Distribution of divestments by original investment (number) 40% 35% 18% 1% 6% Turnaround Replacement Early stage Buy out Expansion 32

33 THE ITALIAN PRIVATE DEBT MARKET I SEMESTER 2017

34 Agenda Fundraising Investments 34

35 Evolution and characteristics of market fundraising activity Amount (Euro Mln) I sem. II sem. Distribution of market fundraising by source I sem Public sector 53% 275 Pension funds 24% Individual investors and family office 8% 159 Banks 8% Insurance companies 7% Other 0% I sem Note: on a sample of 17 players 35

36 Agenda Fundraising Investments 36

37 Investment activity Evolution of amount invested (Euro Mln) Italian players International players 379 Evolution of number of investments Italian players International players I sem I sem

38 Characteristics of investment activity Distribution of deals by instruments (Period between 2014-I sem. 2017) Distribution of bonds by amount (Bonds, period 2014-I sem. 2017) Loans Hybrid instruments Bonds 10% 9% > % 7% 36% 81% % Note: classes in Euro Mln 38

39 Regional and sectorial distribution of target companies Regional distribution of target companies (Main regions) Sectorial distribution of target companies (Main sectors) Lombardia Toscana Trentino Alto Adige Business products and services Energy and environment Manufacturing - Food and beverages Note: statistics based on companies financed and not on the financial instrument used 39

40 Distribution of target companies by size Distribution of target companies by number of employees Distribution of target companies by turnover (Euro Mln) > % > 50 44% 56% 72% Note: statistics based on companies financed and not on the financial instrument used (period I semester 2017) 40

41 The italian private equity, venture capital and private debt market I semester 2017