Performance of EBRD Private Equity Funds Portfolio 23 year end data
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
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
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.9.8.85.7 % of GDP.6.5.4.3.2.1..1.2.2 Slovakia Greece Czech Republic.5.5.7 Hungary Austria Poland.12 Germany.18.2 Spain USA.29 Europe.38 Sweden UK
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 14 12 1 8 6 $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
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
5 Investor Type by Investment Region 1 8 6 4 2 Other Insurance Co Corporate Pension Funds Banks Funds of Funds IFI and Govt EBRD CEE Russia/CIS SEE
6 EBRD Commitments to Funds Over Time 25 IQ EBRD Sponsored (Non IQ) 2 Other Non IQ USD Million 15 1 5 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23
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
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
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
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 8 6 4 2 233 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
Portfolio Snapshot IQ Funds: Total Portfolio 11 127 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
Portfolio Snapshot Survivors: Total Portfolio 12 98 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
13 Investments at Cost by Region SEE 13% CEE 59% Russia/CIS 28%
Investments at Cost by Country: CEE and SEE 14 Baltics 5% Czech & Slovak Republics 15% Other SEE 6% Poland 42% Romania 13% Hungary 19%
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%
Funds Gross Cash Flows: Total Portfolio 16 45 4 Annual Investments (Cash Out) Annual Proceeds (Cash In) 35 3 USD Million 25 2 15 1 5 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23
17 Investments and Exits by Vintage 5 45 4 35 Investments at Cost Exits at Cost Exits at Value USD Million 3 25 2 15 1 5 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 Note: Exits at cost and exits at value do not include partially realised investments
Investments and Exits by Vintage: CEE and SEE 45 4 Investments at Cost Exits at Cost Exits at Value 18 35 USD Million 3 25 2 15 1 5 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 * Note: Exits at cost and exits at value do not include partially realised investments
Investments and Exits by Vintage: Russia & CIS 19 16 14 Investments at Cost Exits at Cost Exits at Value 12 USD Million 1 8 6 4 2 1992-94 1995 1996 1997 1998 1999 2 21 22 23 * Note: Exits at cost and exits at value do not include partially realised investments
2 Unrealised Portfolio by Region 1,2 1, 23 INVESTMENTS Investment Cost Investment Value USD Million 8 6 4 99 INVESTMENTS 64 INVESTMENTS 2 CEE Russia/CIS SEE
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