THE ITALIAN PRIVATE EQUITY AND VENTURE CAPITAL MARKET

Transcription

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2 THE ITALIAN PRIVATE EQUITY AND VENTURE CAPITAL MARKET

3 Evolution of active players by activity Number of players that raised funds on the market Number of players that invested Number of players that divested

4 Active players by investment stage International players 26 International players Italian players 30 Italian players Buy out Expansion Early stage Replacement Turnaround Infrastructure

5 Portfolio at December 31 st ,000 25,000 11,000 Portfolio at cost - domestic players (Euro Mln) Portfolio at cost - international players (Euro Mln) Total portfolio at cost (Euro Mln)

6 Composition of portfolio at December 31 st Italy Abroad Private players Regional/public/institutional players 1,292 1, , Number of companies Number of companies

7 Evolution of annual fundraising activity (Euro Mln) 7 6,263 4,047 2,833 1,477 1, Note: market fundraising below the white line. Institutional players fundraising (CDP Equity, F2i, Fondo Italiano di Investimento, FSI, Invitalia Ventures, QuattroR) is included in the graph

8 New funds raised on the market (Euro Mln) 8 Private players fundraising Insitutional players fundraising 5, , ,

9 Fundraising activity by source (Euro Mln) in ,338 1,075 5, Captive fundraising Market fundraising - Private players Market fundraising - Institutional players Amount invested by international players based in Italy

10 Private players fundraising by geographical distribution 10 Italy Abroad 24% 44% 40% 37% 28% 76% 56% 60% 63% 72% Note: statistics based on the available data for 79% of private players fundraising

11 Distribution by source of new funds raised by private investors % 21.2% 23.2% 17.5% 13.7% 12.1% 12.3% 10.6% 14.4% 9.1% 7.1% 7.1% 7.1% 2.3% 2.8% 4.5% 2.8% 1.8% 0.5% 2.9% Individual investors and family office Private funds of Public/inst. funds players and sovereign funds Banks Pension funds Endowm. and found. Other financial players Corporate investors Insurance companies Other Note: statistics based on the available data for 79% of private players fundraising

12 Geographical breakdown of funds raised by private investors in Abroad Italy 51% 60% 38% 50% 81% 90% 79% 93% 81% 95% 49% 40% 62% 50% 19% 10% 21% 7% 19% 5% Individual investors and family office Private funds of funds Public/inst. players and sovereign funds Banks Pension funds Endowm. and found. Other financial players Corporate investors Insurance companies Other Note: statistics based on the available data for 79% of private players fundraising

13 Private players fundraising expected allocation 13 3% 2% 2% 2% 5% 7% 32% 67% 68% 63% 54% Other Buy out 54% Expansion 23% Early stage 29% 28% 23% 18% 12% 2% 6%

14 Evolution of investment activity 14 Numero Società Ammontare (Euro Mln) Number Companies Amount (Euro Mln) Op. Int. internazionali players without senza italian base in offices Italia Op. Int. internazionali players with con Italian base offices in Italia Op. Domestic domestici players 8,191 4,620 4,938 3,430 3,

15 Investment activity by stage in Amount (Euro Mln) Number 3, Buy out Infrastructure Expansion Replacement Early stage Turnaround

16 Investment distribution by type of player in Amount (Euro Mln) Number 126 3, , International players Private generalist domestic players Regional/public/institutional domestic players Private venture capital domestic players

17 Average invested amount by stage in Average amount (Euro Mln) Average amount excluding large and mega deals (Euro Mln)* Total Buy out Replacement Infrastructure Turnaround Expansion Early stage * Investments with an amount included between 150 and 300 Euro Mln (large deal) or more than 300 Euro Mln (mega deal)

18 Invested amount by deal size 18 Amount of small and medium deals (Euro Mln) Amount of large and mega deals (Euro Mln)* 6,081 2,231 1,598 1,707 1,518 1,723 2,010 2,389 2,110 3, Note:statistics based on companies financed (in case of syndicated deals the amount considered is the sum of all private equity investments in that company) * Investments with an amount included between 150 and 300 Euro Mln (large deal) or more than 300 Euro Mln (mega deal)

19 Early stage investments 19 Number Companies Amount (Euro Mln)

20 Distribution of early stage investments by type of player (number) 20 48% 29% 15% 8% International players Regional/public/institutional domestic players Private generalist domestic players Private venture capital domestic players

21 Expansion investments 21 Number Companies Amount (Euro Mln) 1,

22 Distribution of expansion investments by type of player (number) 22 45% 29% 24% 2% Private venture capital domestic players International players Regional/public/institutional domestic players Private generalist domestic players

23 Turnaround investments 23 Number Companies Amount (Euro Mln)

24 Replacement investments 24 Number Companies Amount (Euro Mln)

25 Infrastructure investments 25 Number Companies Amount (Euro Mln)

26 Buy out investments 26 Number Companies Amount (Euro Mln) 5,772 3,154 3,444 2,087 2,

27 Distribution of buy out investments by size (number) % 47% 42% 39% 50% 27% 14% 6% 8% Small (0-15 Euro Mln) Medium ( Euro Mln) Large and Mega (>150 Euro Mln)

28 Distribution of buy out investments by type of player (number) 28 59% 40% 1% Regional/public/institutional domestic players International players Private generalist domestic players

29 Evolution of initial and follow on investments by number 29 Initial Follow on* 61% 61% 63% 58% 60% 39% 39% 37% 42% 40% * secondary buy out included

30 Geographical distribution of investments by number in (-9%) (+53%) 8% Italy 92% 68% (+14%) (-13%) 15% 9% South and Islands Centre North Europe and rest of the world Note: percentage change on 2016 data in brackets

31 Geographical distribution of investments by amount in Italy 97% (-40%) (-40%) (-22%) 3% 87% (-33%) (-68%) 9% 1% South and Islands Centre North Europe and rest of the world Note: percentage change on 2016 data in brackets

32 Regional distribution of investments by number in Lombardia Emilia Romagna Veneto Toscana Lazio Campania Piemonte Friuli Venezia Giulia Sardegna Marche Liguria Trentino Alto Adige Abruzzo Umbria Calabria Puglia

33 Distribution of investments by sector in 2017 (number)

34 % of investments in high-tech companies by number and amount 34 Amount Number % 42% % 40% % 35% % 30% % 25%

35 Distribution of investments in high-tech companies by sector in 2017 (number) 35 ICT (communications, computer and electronics) 23 Biotech Healthcare Financial and insurance activities 9 Chemicals and materials 7 Business products and services 4 Real estate Energy and environment Consumer related services Manufacturing - Other Transportation 1 1

36 Distribution of investments by target companies employees in 2017 (number) 36 SME 80% 6% 6% 1% 8% 8% 32% 39% >1,000

37 Distribution of investments by target companies turnover (Euro Mln) in SME 78% 9% 6% 7% 12% 12% 12% 42% >250

38 Evolution of divestment activity 38 Number Companies Amount (Euro Mln) 3,656 3,752 2,903 2,632 1,

39 Distribution of divestments by way out (amount) % 34% 29% 29% 24% 13% 7% 2% 2% 3% 1% 2% Trade sale IPO/post IPO/ sale of quoted equity/ SPAC Sale to PE/VC Management or owner buyback/other Sale to financial institutions/private individuals/family offices Write off

40 Distribution of divestments by way out (number) % 31% 29% 24% 21% 15% 12% 3% 7% 7% 8% 6% Management or owner buyback/other Trade sale Sale to PE/VC IPO/post IPO/ sale of quoted equity/ SPAC Sale to financial institutions/private individuals/family offices Write off

41 Distribution of divestments by tipe of player in 2017 (number) 41 61% 19% 16% 4% Private venture capital domestic players International players Regional/public/institutional domestic players Private generalist domestic players

42 Distribution of divestments by original investment in 2017 (number) 42 43% 35% 16% 2% 4% Turnaround Replacement Early stage Buy out Expansion

43 THE ITALIAN PRIVATE DEBT MARKET

44 Evolution of active players by activity Number of players that raised funds on the market Number of players that invested

45 Characteristics of private debt players 45 33% 33% 67% 67% Only private debt Private equity and private debt Domestic International

46 Evolution of fundraising activity

47 Distribution by source of new funds raised % % 24.0% 22.3% 14.2% 16.0% 10.2% 0.6% 4.4% 4.8% 4.0% 3.6% 2.2% 0.6% 3.7% 5.5% 1.4% 1.0% 0.5% 2.0% Banks Institutional funds of funds Insurance companies Private individuals Pension funds Private funds of funds Other financial players Family offices Endowm. and found. Corporate investors Other

48 Evolution of investment activity 48 Number Companies Amount (Euro Mln)

49 Investment distribution by type of player in Distribution by invested amount Distribution by number of investments 35% 45% 55% 65% Domestic International Domestic International Note: statistics based on the available data for 98% of investments

50 Characteristics of investment activity 50 Distribution of investments by type of instrument Distribution of bonds by repayment type 19% 32% 63% 5% 81% Loans Hybrid instruments Bonds Amortizing Bullet Note: statistics based on available data for 88% of investments

51 Distribution of investments by target companies turnover 51 64% 60% % 46% 27% 23% 13% 13% 8% 0-5 Euro Mln 5-10 Euro Mln >10 Euro Mln Note: statistics based on available data for 98% of investments

52 Geographical distribution of investments by number in (+17%) 67% (+29%) (+71%) 21% 12% South and Islands Centre North Note: percentage change on 2016 data in brackets

53 Geographical distribution of investments by amount in (+53%) 82% (-23%) (-32%) 13% 5% South and Islands Centre North Note: percentage change on 2016 data in brackets. Statistics based on available data for 98% of investments in 2017, and 99% in 2016

54 Regional distribution of investments by number in Lombardia Trentino Alto Adige Veneto Toscana Friuli Venezia Giulia Campania Marche Piemonte Emilia Romagna Umbria Lazio Liguria Puglia Sicilia Basilicata

55 Distribution of investments by sector in 2017 (number)

56 Distribution of investments by target companies employees in 2017 (number) 56 SME 60% 21% 11% 10% 5% 8% 33% 12% >1,000

57 Distribution of investments by target company turnover (Euro Mln) in 2017 (number) 57 SME 49% 13% 19% 19% 10% 11% 20% 8% >250

58 Distribution of private equity backed targets by companies turnover (Euro Mln) in 2017 (number) 58 Private equity backed companies Non private equity backed companies % 9 69% 58% 8 82% 78% 38% 100% 31% 42% 63% 18% 22% 5% >250 Note: the numbers above the graph represent the number of target companies for each turnover category

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