BVCA Report on Investment Activity 2017

BVCA Report on Investment Activity 217

Table of contents Introduction to the BVCA 1 European Data Cooperative 2 Executive summary 4 1. Fundraising Fundraising statistics explained 5 Glossary 6 At a glance 7 Incremental fundraising By fund stage focus 8 Concentration of capital 9 By location of investor 1 Investors by type 12 Investors by geography 13 2. Investments Investments statistics explained 17 Glossary 18 At a glance 19 By investment stage All private equity 2 Buyout by equity bracket 23 By geography International investment flows 25 Regional investment flows 27 By sector 32 3. Divestments Divestments statistics explained 35 Glossary 36 At a glance 37 By exit route 38 By sector 42 By region 45 Data tables 47 Methodology and definitions 63

BVCA Report on Investment Activity 217 Introduction to the BVCA The British Private Equity & Venture Capital Association (BVCA) is the industry body and public policy advocate for private equity and venture capital in the UK. For more than three decades we have represented the industry and delivered authoritative research and analysis, proprietary publications, specialist training, topical conferences and best practice standards. Our membership comprises more than 7 influential firms, including over 3 private equity and venture capital houses, as well as institutional investors, professional advisers, service providers and international associations. We work together to provide capital and expertise to growing businesses, to unlock potential and to deliver enhanced returns to the millions who directly and indirectly invest in our industry. For more information please visit www.bvca.co.uk BVCA Report on Investment Activity 217 1

Background and audit European Data Cooperative Since 211, the BVCA has supported the European Data Cooperative (EDC), working with Invest Europe, AFIC, AIFI and 2 other private equity and venture capital associations across Europe to develop a single system for collecting data. The EDC replaces the BVCA s previous database Benchmark. All relevant historic data was migrated to the EDC system in 217 following an extensive audit completed in Q3 of 217. Audit efforts were conducted in close coordination with participating firms and partnering national associations to ensure the best coverage and consistent application of methodology and definitions. 2 BVCA Report on Investment Activity 217

European Data Cooperative New database launched The new database brings together: The database has multiple benefits for data contributors: A standardised methodology will support the creation of pan-european statistics that are comparable across different countries and regions. This ensures that the most comprehensive insight of UK s private equity and venture capital industry is available to inform fund managers, institutional investors, policymakers, regulators and other stakeholders. 148 Firms 43 Funds 1457 Portfolio companies The platform is jointly owned, operated and open to all private equity and venture capital associations across Europe. A separate legal entity (EDC GmbH) was set up in which all associations are shareholders. Statistics derived from the EDC platform are reported in aggregate to ensure anonymity. The most recent data publications are always available on BVCA s website (www.bvca.co.uk/research) or by contacting the research team (research@bvca.co.uk). 3135 Transactions BVCA Report on Investment Activity 217 3

Executive Summary 1. Fundraising Total fundraising in 217 reached 33bn. The number of funds raising new capital was 79. Pension funds provided 4% of all capital raised followed by sovereign wealth funds (17%), fund of funds (11%) and private individuals (8%). Institutional investors from outside the UK contributed approximately 82%. Buyout fundraising reached 31.33bn. Pension funds are the largest institutional investor in UK buyout funds contributing 42%, followed by sovereign wealth funds (18%), fund of funds (11%) and private individuals (7%). Venture capital fundraising reached 77m. Private individuals contributed 34% to the total VC fundraising amount, followed by Government agencies (15%) and capital markets & corporate investors (13%). Growth capital reached 33m. Pension funds were the largest contributor at 29% followed by Government agencies at 21%. 2. Investments The total equity amount invested in portfolio companies in 217 increased by 4% year-on-year to 22.23bn. The number of companies receiving investment rose 11% to 1,3. Buyout investment increased over 21% year-on-year to 18.22bn. The number of companies backed increased by 46% to 23. Large buyouts accounted for 47% of the buyout market, followed by mega buyouts at 3%. Small buyouts almost doubled year on year to 348mn with 82 companies backed. Midmarket saw a year on year increase of almost 17% at 3.8bn investing in 114 companies. Venture capital investment increased by 45% to 82m and effectively doubled since 214. 485 companies were venture-backed: a 36% increase. Seed investments grew by almost 3%, reaching 56m followed by early stage financing which year-on-year nearly doubled in size to 313m. Start-up grew to 84m, which is an increase of 75%. Later stage investments grew by 1% to reach 366m. Growth capital investments decreased by 4% to 1.95bn. 297 companies were backed, an 8% decrease year-on-year. 3. Divestments Around 5 companies were exited in 217, approximately a 1% decrease compared with 216. By amount of former equity investments (divestments at cost), the total value was 14.14bn, a year-on-year decrease of more than 5% compared with last year s record of 29bn. The most prominent exit routes by amount at cost were trade sale (31.5%), sale to another private equity firm (27.9%) and public offering (16.4%). Buyout divestments represented 8% by amount at cost and around 4% by number of companies of all exits in 217. Venture capital comprised around 2% of all divestments with 1 companies. The most prominent exit route was trade sale, which represented more than 5% in amount at cost divested in 217. Growth divestments represented 14% of all exits by amount at cost and 31% by number of companies. 4 BVCA Report on Investment Activity 217

Fundraising statistics explained 1 Funds managed by UK private equity firms for both UK and overseas investment are included. 2 Funds managed by UK-based offices of international private equity firms are included. 3 Funds managed by the overseas headquarters of international private equity firms (which have UK-based offices that are BVCA members) are excluded. The following funds are included in the statistics: private equity funds making direct private equity investments; mezzanine funds; infrastructure funds; co-investment funds and rescue/turnaround funds. The following funds are excluded from the statistics: real estate funds, distressed debt funds, primary funds of funds and secondary funds of funds. INVESTMENTS DIVESTMENTS FUNDRAISING FUNDRAISING BVCA Report on Investment Activity 217 5

Glossary Fund stage focus Buyout fund: Funds acquiring companies by purchasing majority or controlling stakes, financing the transaction through a mix of equity and debt. Generalist fund: Funds investing in all stages of private equity. Growth fund: Funds that make private equity investments (often minority investments) in relatively mature companies that are looking for primary capital to expand and improve operations or enter new markets to accelerate the growth of the business. Mezzanine fund: Funds using a hybrid of debt and equity financing, comprising equity-based options (such as warrants) and lower-priority (subordinated) debt. Rescue/turnaround fund: Funds investing equity in companies that are in financial distress with the view to restoring the company to profitability. Venture capital Early-stage fund: Venture capital funds focused on investing in companies in the early stages of their lives. Later-stage fund: Venture capital funds providing capital for an operating company, which may or may not be profitable. Typically in C or D rounds. Venture fund (all stages): Venture capital funds focused on both early and later stage investments. Note: Fundraising amounts exclude capital gains. Type of investors Corporate investor: Corporations manufacturing products or delivering nonfinancial services. Endowment: An investment fund established by a foundation, university or cultural institution providing capital donations for specific needs or to further a company s operating process. They are generally structured so that the principal amount invested remains intact (for perpetuity, for a defined period of time or until sufficient assets have been accumulated to achieve a designated purpose). Family office: An entity that provides services to one or more affluent families, including investment management and other services (accounting, tax, financial and legal advice etc.). Foundations: A non-profit organisation through which private wealth is distributed for the public good. It can either donate funds and support other organisations, or provide the sole source of funding for their own charitable activities. Fund of funds: A private equity fund that primarily takes equity positions in other funds. Government agencies: Country, regional, governmental and European agencies or institutions for innovation and development. Other asset manager: A financial institution (other than a bank, endowment, family office, foundation, insurance company or pension fund) managing a pool of capital by investing it across different asset classes with the purpose of generating financial returns. It may include private equity direct funds that occasionally do indirect investments, but excludes fund of funds that are a standalone option. Pension funds: A pension fund that is regulated under private or public sector law. Sovereign wealth funds: State-owned investment funds investing in foreign direct private equity funds to diversify their portfolio. 6 BVCA Report on Investment Activity 217

217 Fundraising at a glance Total fundraising in 217 reached 33bn. The number of funds raising new capital was 79. Pension funds provided 4% of all capital raised followed by sovereign wealth funds (17%), fund of funds (11%) and private individuals (8%). Institutional investors from outside the UK contributed approximately 82%, with investors from North America making the highest contribution with circa a 39% share. Buyout fundraising reached 31.33bn. Pension funds are the largest institutional investor in UK buyout funds contributing 42%, followed by sovereign wealth funds (18%), fund of funds (11%) and private individuals (7%). Investors from outside UK contributed 83% of the total buyout fundraising, with those from North America representing a nearly 4% of the capital raised. Venture capital fundraising reached 77m. Private individuals contributed 34% to the total VC fundraising amount, followed by Government agencies (15%) and capital markets & corporate investors (13%). UK investors contributed 51% of the total venture capital fundraising with North America being the second highest contributor at approximately 27%. Growth capital reached 33m. The strategies of these funds range from scaling up venture capital-backed companies, to making minority equity investments in mature SMEs or pursuing regional development policies with the backing of banks or public institutions. Pension funds were the largest contributor at 29% followed by Government agencies at 21%. 217 All private equity Venture capital (1) Buyout (1) Growth (1) Other (1) Incremental - Amounts raised 33bn.77bn 31.33bn.33bn.57bn FUNDRAISING INVESTMENTS DIVESTMENTS Incremental - No. of funds 79 15 32 8 24 Note: (1) relates to fund focus BVCA Report on Investment Activity 217 7

217 Funds raised and number of funds by fund stage focus Incremental amounts raised during the year ( billion) Number of funds by fund stage focus.33.77.57 24 Buyout Growth capital Venture capital Other (2) All private equity 33bn 79 funds 32 15 31.33 8 Note : (2) Other includes Generalist, Mezzanie and Rescue/ Turnaround funds. 8 BVCA Report on Investment Activity 217

All private equity Concentration of capital 217 Incremental fundraising by amount bracket per fund during the year 3 Number of funds FUNDRAISING 29 28 5 billion 27 26 25 INVESTMENTS 5 4 3 2 1 3 6 3 8 > 1bn 5m - 1bn 25m - 5m 1m - 25m < 1m DIVESTMENTS BVCA Report on Investment Activity 217 9

All private equity Funds raised by location of investor 217 Incremental amount raised during the year 14 12.9 12 1 billion 8 6 6. 5.7 7. 4 2.9.5 (1) UK Rest of Europe North America Asia Pacific Middle East & Africa Central & South America Note : (1) UK includes Bermuda, Cayman Islands, Channel Islands and British Virgin Islands 1 BVCA Report on Investment Activity 217

All private equity Funds raised by location and type of investor 217 Incremental amount raised during the year % of amount FUNDRAISING % 1 9 8 7 6 5 4 3 2 1 5% 34% 2% 14% 4% 1% 6% 1% 1% 2% 2% 2% 2% 24% 12% 1% 3% 12% 6% 1% 2% 2% 7% 4% 2% 1% 5% 1% 2% 1% 1% 6% 5% (1) UK Rest of Europe North America Asia Pacific Middle East & Africa 71% 3% 17% 58% 1% 27% 7% 6% 1% 2% 5% 5% 1% 14% 12% 16% Central & South America Academic inst. / endowments / foundations Banks Capital markets & corporate investors Family offices Fund of funds Government agencies Insurance companies Other asset managers Pension funds (2) Private individuals Sovereign wealth funds Others Note : (1) UK includes Bermuda, Cayman Islands, Channel Islands and British Virgin Islands Note : (2) includes GP commitments INVESTMENTS DIVESTMENTS Values below.5% are not shown BVCA Report on Investment Activity 217 11

Funds raised by type of investor 217 Incremental amount raised during the year % of amount All private equity funds Venture capital funds 8% 17% 3% 3% 79 funds 5 firms 4% 1% 1% 6% 11% 3% 7% 1% 34% 6% 6% 15 funds 12 firms 3% 8% 13% 2% 11% 15% Academic inst. / endowments / foundations Banks Capital markets & corporate investors Family offices Fund of funds Government agencies Insurance companies Other asset managers Pension funds (1) Private individuals 2% Sovereign wealth funds Others Buyout funds Growth funds 1% 1% 18% 3% 3% 6% 1% 11% 11% 7% 32 funds 25 firms 3% 7% 29% 8 funds 7 firms 19% 9% 42% 21% Note : (1) includes GP commitments Values below.5% are not shown 12 BVCA Report on Investment Activity 217

All private equity Fundraising geographic breakdown 217 Source of funds % of total amount FUNDRAISING North America 39.2% UK (1) 18.3% Rest of Europe 17.1% Middle East & Africa 2.7% Asia Pacific 21.2% INVESTMENTS Central & South America 1.5% DIVESTMENTS Note : (1) UK includes Bermuda, Cayman Islands, Channel Islands and British Virgin Islands BVCA Report on Investment Activity 217 13

Venture capital Fundraising geographic breakdown 217 Source of funds % of total amount North America 26.9% UK (1) 51.3% Rest of Europe 19.6% Asia Pacific 1.5% Middle East & Africa.7% Central & South America.% Note : (1) UK includes Bermuda, Cayman Islands, Channel Islands and British Virgin Islands 14 BVCA Report on Investment Activity 217

Buyout Fundraising geographic breakdown 217 Source of funds % of total amount FUNDRAISING North America 39.9% UK (1) 16.3% Rest of Europe 17.1% Middle East & Africa 2.9% Asia Pacific 22.2% INVESTMENTS Central & South America 1.6% DIVESTMENTS Note : (1) UK includes Bermuda, Cayman Islands, Channel Islands and British Virgin Islands BVCA Report on Investment Activity 217 15

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Investments statistics explained Industry statistics: figures relate to investments undertaken by BVCA full member firms based in the UK, and to those undertaken through an overseas office where the UK office was the lead adviser, regardless of whether the investing fund was UK or overseas based. As a result, more cross-border investments have been included in the BVCA data which therefore reflect more accurately the activity of BVCA full members, particularly those that invest through pan-european or global funds. Equity value: The amount of capital invested to acquire shares in an enterprise. The equity value includes equity, quasi-equity, mezzanine, unsecured debt and secured debt provided by the private equity firm. The following funds are included in the statistics: private equity funds making direct private equity investments; mezzanine funds; infrastructure funds; co-investment funds and rescue/turnaround funds. The following funds are excluded from the statistics: real estate funds, distressed debt funds, primary funds of funds and secondary funds of funds. INVESTMENTS INVESTMENTS BVCA Report on Investment Activity 217 17

Glossary Venture capital Seed: Funding provided before the investee company has started mass production/ distribution with the aim to complete research, product definition or product design, also including market tests and creating prototypes. This funding will not be used to start mass production/distribution. Start-up: Funding provided to companies, once the product or service is fully developed, to start mass production/distribution and to cover initial marketing. Companies may be in the process of being set up or may have been in business for a shorter time, but have not sold their product commercially yet. The destination of the capital would be mostly to cover capital expenditures and initial working capital. Later-stage financing: Financing provided for an operating company, which may or may not be profitable. Late stage venture tends to be financing into companies already backed by VCs. Typically in C or D rounds. Buyout Management buyout (MBO): Funds provided to enable current operating management and investors to acquire an existing product line or business. Institutional buyouts (IBOs), leveraged buyouts (LBOs) and other types of similar financing are included under MBOs for the purposes of this report. Management buy-in (MBI): Funds provided to enable an external manager or group of managers to buy into a company. Secondary buyout: Financing provided to acquire a company from another private equity firm. It may use a significant amount of borrowed capital to meet the cost of acquisition. Add-on/bolt-on/build-up acquisition: The purchase of a company (Target Company) by an existing portfolio company (Platform Company) funded by a private equity fund. PIPE: A private investment in public equity (PIPE) purchases of stock in a company at a discount to the current market value per share for the purpose of raising capital. Public to private: Purchase of quoted shares with the purpose of de-listing the company. Infrastructure: Purchase of controlling stakes in infrastructure businesses, often related to transportation and communications systems, water and power lines and public institutions, including schools and care homes. Growth capital A type of private equity investment (often a minority investment) in relatively mature companies that are looking for primary capital to expand and improve operations or enter new markets to accelerate the growth of the business. Rescue / turnaround Financing made available to an existing business, which has experienced financial distress, with a view to re-establishing prosperity. Replacement capital Minority stake purchase from another private equity investment organisation or from another shareholder or shareholders. Refinancing bank debt Funds provided to enable a company to repay or restructure existing bank debt. 18 BVCA Report on Investment Activity 217

217 Investments at a glance The total equity amount invested in portfolio companies in 217 increased by 4% year-on-year to 22.23bn. The number of companies receiving investment rose 11% to 1,3. Buyout investment increased over 21% year-on-year to 18.22bn. The number of companies backed increased by 46% to 23. Large buyouts accounted for 47% of the buyout market, followed by mega buyouts at 3%. Small buyouts almost doubled year on year to 348m with 82 companies backed. Mid-market saw a year on year increase of almost 17% at 3.8bn investing in 114 companies. Regionally London received the largest percentage of UK buyout funding at 46%, followed by the South East at (15%) and the North West (1%). Venture capital investment increased by 45% to 82m and effectively doubled since 214. 485 companies were venture-backed: a 36% increase. Seed investments grew by almost 3%, reaching 56m followed by early stage financing which year-on-year nearly doubled in size to 313m. Start-up grew to 84m, which is an increase of 75%. Later stage investments grew by 1% to reach 366m. ICT was the largest sector, receiving 31% of the total VC investment amount, followed by consumer goods and services (2%) and biotech and healthcare (16%). Growth capital investments decreased by 4% to 1.95bn. 297 companies were 1 backed, an 8% decrease year-on-year. Consumer goods and services received the most capital (36%), followed by ICT (3%) and business products and services (1%). 1.6 217 - Industry statistics All private equity Venture capital (1) Buyout (1) Growth (1) Other (1) Amount 22.23bn.82bn 18.22bn 1.95bn 1.24bn No. of compaines 13 485 23 297 38 No. of firms 119 53 62 56 21 No. of funds 267 119 11 112 27 Note : (1) relates to investment stage of portfolio company Note : (2) Other Includes Replacement Capital, Refinancing bank debt and Rescue/Turnaround Note : Please refer to the appendix for further information Investments Industry statistics Amount and number of companies billion 25 2 15 5 13.4.4 1.1 1.2 16.9.5 1.4 2. 13. 21.4.6 2.6 3.2 15. 375 372 356 255 185 99 346 173 Number of companies 22.2.8 1.2 2. 18.2 158 23 214 215 216 217 Number of companies 94 Buyout Growth Other (2) Venture Amount ( bn) 324 15 38 Buyout Growth Other (2) Venture 485 297 14 12 1 8 6 4 2 FUNDRAISING INVESTMENTS DIVESTMENTS BVCA Report on Investment Activity 217 19

Investments by stage 217 Industry statistics % of amount and number of companies % of amount % of number of companies 2.4 1.6 1.4.4.3 8.8.5 2.6 1.7 21.6.8.3 6.7 6.3 24.1 Seed Start-up Other early stage Later stage venture Growth capital Rescue/turnaround Replacement capital Buyout Bridge equity financing Refinancing bank debt 1.6 82 27.9 9.1 Values below.5% are not shown 2 BVCA Report on Investment Activity 217

Investments by stage 214-217 Industry statistics Amount 35 2, FUNDRAISING 3 18, 16, million 25 2 15 million 14, 12, 1, 8, INVESTMENTS 1 6, 5 214 215 216 217 4, 2, 214 215 216 217 DIVESTMENTS Later stage venture Other early stage Start-up Seed Growth capital Rescue/turnaround Replacement capital Buyout BVCA Report on Investment Activity 217 21

Investments by stage 214-217 Industry statistics Number of companies 5 25 45 4 2 35 Number of companies 3 25 2 Number of companies 15 1 15 1 5 5 214 215 216 217 214 215 216 217 Later stage venture Other early stage Start-up Seed Growth capital Rescue/turnaround Replacement capital Buyout 22 BVCA Report on Investment Activity 217

Buyout Investments by equity bracket 214-217 Industry statistics Amount and number of companies FUNDRAISING million 2, 18, 16, 14, 12, 1, 8, 1,325 6,396 1,812 7,74 5,187 6,377 5,446 8,632 114 28 24 2 16 12 Number of companies Small (< 1m) -Amount Mid-market ( 1m- 1m) -Amount Large ( 1m- 3m) -Amount Mega (> 3m) -Amount Small (< 1m) -No. of companies Mid-market ( 1m- 1m) -No. of companies Large ( 1m- 3m) -No. of companies Mega (> 3m) -No. of companies INVESTMENTS 6, 4, 2, 84 71 39 2,629 3 289 89 45 44 3,367 4 148 3,257 8 214 215 216 217 86 4 32 173 82 4 3,795 13 348 8 4 DIVESTMENTS BVCA Report on Investment Activity 217 23

Large buyout Investments by equity bracket 214-217 Industry statistics Amount and number of companies million 1, 9, 8, 7, 6, 5, 4, 3, 2, 834 1.995 3.566 26 1.41 4.85 32 1.32 3.484 21 3.27 2.618 2.744 18 9 8 7 6 5 4 3 2 Number of companies Lower large ( 1-17m) -Amount Core large ( 17m - 24m ) -Amount Upper large ( 24m - 3m) -Amount Lower large -No. of companies Core large -No. of companies Upper large -No. of companies 1, 1 1.497 1.591 12 8 8 1 3 5 3 214 215 216 217 1 24 BVCA Report on Investment Activity 217

All private equity International investment flows 217 Amount FUNDRAISING 8.69bn UK private equity firms investing into overseas portfolio companies INVESTMENTS 3.81bn Overseas private equity firms investing into UK portfolio companies 6.67bn UK private equity firms investing into UK portfolio companies DIVESTMENTS Note : Location of private equity firm relates to its global headquarters. BVCA Report on Investment Activity 217 25

Venture capital International investment flows 217 Amount 34m UK private equity firms investing into overseas portfolio companies 449m UK private equity firms investing into UK portfolio companies 14m Overseas private equity firms investing into UK portfolio companies Note : Location of private equity firm relates to its global headquarters. 26 BVCA Report on Investment Activity 217

All private equity Investments by region 217 Industry statistics % of amount 4.6 3.1.6 9. 8.8.5.1 % Investment by region 47.1 London South East South West East of England West Midlands East Midlands Yorkshire and The Humber North West North East Scotland Wales Northern Ireland FUNDRAISING INVESTMENTS 3.9 4.3 4. 13.9 DIVESTMENTS BVCA Report on Investment Activity 217 27

Investments by stage and regions 217 Industry statistics Amount 4 4, 35 3,5 3 3, 25 2,5 million 2 million 2, 15 1,5 1 1, 5 5 London South East South West North West Later stage venture Other early stage Start-up Seed Growth capital Rescue/turnaround Replacement capital London Buyout South East South West North West 28 BVCA Report on Investment Activity 217

Investments by stage and regions 217 Industry statistics Amount 8 9 FUNDRAISING 7 8 6 7 million 5 4 million 6 5 4 INVESTMENTS 3 3 2 2 1 East of England West Midlands East Midlands Yorkshire & The Humber North East Scotland Wales Northern Ireland 1 East of England West Midlands East Midlands Yorkshire & The Humber North East Scotland Wales DIVESTMENTS Later stage venture Other early stage Start-up Seed Growth capital Rescue/turnaround Replacement capital Buyout BVCA Report on Investment Activity 217 29

Investments by stage and regions 217 Industry statistics Number of companies 16 6 14 5 12 Number of companies 1 8 6 Number of companies 4 3 2 4 2 1 London South East South West North West Later stage venture Other early stage Start-up Seed Growth capital Rescue/turnaround Replacement capital London Buyout South East South West North West 3 BVCA Report on Investment Activity 217

Investments by stage and regions 217 Industry statistics Number of companies 5 2 FUNDRAISING 45 18 4 16 Number of companies 35 3 25 2 15 Number of companies 14 12 1 8 6 INVESTMENTS 1 5 East of England West Midlands Later stage venture Other early stage East Midlands Start-up Seed Yorkshire & The Humber North East Scotland Growth capital Rescue/turnaround Wales Northern Ireland Replacement capital 4 2 East of England West Midlands Buyout East Midlands Yorkshire & The Humber North East Scotland Wales DIVESTMENTS BVCA Report on Investment Activity 217 31

All private equity Investments by sector 217 Industry statistics % of amount and number of companies Consumer goods and services 22.9% 21.1% Business products and services 12.% 18.6% ICT (Communications, computer and electronics) 16.5% 33.4% Financial and insurance activities 8.2% 14.1% Biotech and healthcare 11.9% 14.2% Transportation 2.2% 4.8% Chemicals and materials 1.7% 3.6% Real estate Energy and environment Construction 2.8% 1.6% 2.% 1.3% 2.5% 4.1% Agriculture Values below.5% are not shown % 5% 1% 15% 2% 25% 3% 35% 4% Amount % Number of companies 32 BVCA Report on Investment Activity 217

Investments by sector 214-217 Industry statistics Amount billion 25 2 15 1 5 214 215 All private equity 216 217 billion.9.8.7.6.5.4.3.2.1. Venture capital 214 215 216 217 Transportation Real estate ICT (Communications, computer and electronics) Financial and insurance activities Energy and environment Consumer goods and services Construction Chemicals and materials Business products and services Biotech and healthcare Agriculture FUNDRAISING INVESTMENTS billion 2 18 16 14 12 1 8 6 4 2 Buyout 214 215 216 217 billion 3.5 3. 2.5 2. 1.5 1..5. Growth capital 214 215 216 217 DIVESTMENTS BVCA Report on Investment Activity 217 33

Investments by sector 214-217 Industry statistics Number of companies Number of companies 12 1 8 6 4 2 214 215 All private equity 216 217 Number of companies 6 5 4 3 2 1 Venture capital 214 215 216 217 Transportation Real estate ICT (Communications, computer and electronics) Financial and insurance activities Energy and environment Consumer goods and services Construction Chemicals and materials Business products and services Biotech and healthcare Agriculture 25 Buyout 4 Growth capital Number of companies 2 15 1 5 Number of companies 3 2 1 214 215 216 217 214 215 216 217 34 BVCA Report on Investment Activity 217

Divestments statistics explained Industry statistics: figures relate to divestments undertaken by BVCA full member firms based in the UK, and to those undertaken through an overseas office where the UK office was the lead adviser, regardless of whether the divesting fund is UK or overseas based. As a result, more cross-border divestments have been included in the BVCA data which therefore reflect more accurately the activity of BVCA full members, particularly those that divest through pan-european or global funds. Divestment amounts: (including write-offs) are recorded at cost (i.e. the total amount divested is equal to the total amount invested before). The following funds are included in the statistics: private equity funds making direct private equity investments; mezzanine funds; infrastructure funds; co-investment funds and rescue/turnaround funds. The following funds are excluded from the statistics: real estate funds, distressed debt funds, primary funds of funds and secondary funds of funds. DIVESTMENTS DIVESTMENTS FUNDRAISING BVCA Report on Investment Activity 217 35

Glossary Sale to management: The buyer of the company is its management team. Public offering: First divestment following flotation (IPO): The sale or distribution of a private company s shares to the public for the first time by listing the company on the stock exchange. Sale of quoted equity post flotation: It includes sale of quoted shares only if connected to a former private equity investment, e.g. sale of quoted shares after a lockup period. Repayment of preference shares/ loans or mezzanine: If the private equity firm provided loans or bought preference shares in the company at the time of investment, then their repayment according to the amortisation schedule represents a decrease of the financial claim of the firm into the company, and hence a divestment. Sale to another private equity firm: The buyer of the portfolio company is a private equity firm. Sale to financial institution: A financial institution is an entity that provides financial services for its clients: Depositary Institutions: deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies Contractual Institutions: Insurance companies and pension funds Investment Institutes other than direct private equity firms. Trade sale: The sale of a company s shares to industrial investors. Write-off: The value of the investment is eliminated and the return to investors is zero or negative. 36 BVCA Report on Investment Activity 217

Divestments at a glance Around 5 companies were exited in 217, approximately a 1% decrease compared with 216. By amount of former equity investments (divestments at cost), the total value was 14.14bn, a year-on-year decrease of more than 5% compared with last year s record of 29bn. The most prominent exit routes by amount at cost were trade sale (31.5%), sale to another private equity firm (27.9%) and public offering (16.4%). By number of companies, these three exit routes accounted for almost 44% of all divestments. Buyout divestments represented 8% by amount at cost and around 4% by number of companies of all exits in 217. Most companies that were exited in 217 operated in the consumer goods and services sector, followed by business products and services and ICT. Venture capital comprised around 2% of all divestments with 1 companies. The most prominent exit route was trade sale, which represented more than 5% in amount at cost divested in 217. Most companies that were exited operated in the ICT sector, followed by biotech and healthcare and consumer goods and services. Growth divestments represented 14% of all exits by amount at cost and 31% by number of companies. Of the companies that exited in 217, most operated in the ICT sector, followed by consumer goods and services and financial and insurance activities. 217-Industry statistics All private equity Venture capital (1) Buyout (1) Growth (1) Other (1) Amount 14.14bn.4bn 11.27bn 1.95bn.52bn No. of companies 499 1 23 154 5 No. of firms 11 35 66 4 19 No. of funds 244 72 146 77 39 Divestments Industry statistics % total amount divested at cost Sale to management Sale to financial institution 27.9% Sale to another private equity firm Other means 5.5%.1% 8.6% 6.6% Repayment of preference shares/ loans or mezzanine % of total amount divested at cost 3.3% Write off 16.4% Trade sale 31.5% Public offering DIVESTMENTS INVESTMENTS FUNDRAISING Note : (1) Relates to the intitial investment stage of the company Note : Please refer to the appendix for further information BVCA Report on Investment Activity 217 37

Divestments at cost by exit route Venture capital/buyout/growth 217 Industry statistics % of amount 1% 1% 17% 7% 8% 3% 6% 5% 29% 37% 3% 2% Venture.4bn 53% 28% Buyout 11.27bn Growth 1.95bn 8% 11% 3% 4% 2% 26% 1% Trade sale Public offering Write off Repayment Sale to of preference another shares/loans or mezzanie private equity firm Sale to financial institution Sale to management Other means Values below.5% are not shown 38 BVCA Report on Investment Activity 217

Divestments at cost by exit route Venture capital/buyout/growth 217 Industry statistics % of number of companies 6% 2% 3% 12% 19% Venture 1 companies 21% 23% 14% Trade sale Public offering Write off Repayment Sale to of preference another shares/loans or mezzanie private equity firm 6% 5% 2% 16% Buyout 23 companies 13% 21% 3% 16% Sale to financial institution 9% 4% 6% Sale to management 6% Growth 154 companies 45% Other means 15% 8% 7% DIVESTMENTS INVESTMENTS FUNDRAISING BVCA Report on Investment Activity 217 39

Divestments at cost by exit route 214-217 Industry statistics Amount at cost billion 35 3 25 2 15 1 Trade sale Public offering Write off Repayment of preference shares/ loans or mezzanie Sale to another private equity firm Sale to financial institution Sale to management Other means 5 214 215 216 217 4 BVCA Report on Investment Activity 217

Divestments at cost by exit route 214-217 Industry statistics Number of companies Number of companies 8 7 6 5 4 3 2 1 214 215 216 217 Trade sale Public offering Write off Repayment of preference shares/ loans or mezzanie Sale to another private equity firm Sale to financial institution Sale to management Other means DIVESTMENTS INVESTMENTS FUNDRAISING BVCA Report on Investment Activity 217 41

All private equity Divestments at cost by sector Industry statistics Amount and number of companies (excluding write-offs) 4. 16 3.5 3.8 14 3.4 billion 3. 2.5 2. 1.5 74 112 2.8 116 1.9 12 1 8 6 Number of companies 1. 46 1. 54 4.5 2..3 13 15 16.2.2 9.4.3 5 Business products and services Consumer goods and services billion Number of companies ICT (Communications, computer and electronics) Financial and insurance activities Biotech and healthcare Construction Transportation Chemicals and materials Real estate Energy and environment 42 BVCA Report on Investment Activity 217

Divestments at cost by exit route Venture capital/buyout/growth 217 Industry statistics % of amount (excluding write off) Consumer goods and services Business products and services ICT (Communications, computer and electronics) Financial and insurance activities Biotech and healthcare Transportation Energy and environment Construction Chemicals and materials Real estate 2% 5% 3% 2%2% 1% 1% 27% 6% 43% 27% 35% 8% 22% 15% 1% 39% 8% 1% 24% % 1% 2% 3% 4% 5% 6% 7% 8% 9% Buyout Growth Venture 17% DIVESTMENTS INVESTMENTS FUNDRAISING Values below.5% are not shown BVCA Report on Investment Activity 217 43

Divestments at cost by exit route Venture capital/buyout/growth 217 Industry statistics % of number of companies (excluding write off) ICT (Communications, computer and electronics) 19% 29% 34% Consumer goods and services 29% 21% 2% Business products and services 21% 14% 11% Biotech and healthcare 11% 8% 24% Financial and insurance activities 9% 15% 1% Energy and environment 1% 6% 6% Transportation 4% 1% 3% Construction 3% 3% Chemicals and materials 2% 2% Real estate 2% 1% % 1% 2% 3% 4% 5% 6% 7% 8% 9% Buyout Growth Venture 44 BVCA Report on Investment Activity 217

All private equity Divestments at cost by region London Yorkshire and The Humber North West South East East Midlands Scotland West Midlands South West Northern Ireland North East East of England 1% 2% 2% 3% 5% 5% 4% 12% 12% 15% % 5% 1% 15% 2% 25% 3% 35% 4% 45% 39% DIVESTMENTS INVESTMENTS FUNDRAISING BVCA Report on Investment Activity 217 45

46 BVCA Report on Investment Activity 217

Data tables BVCA Report on Investment Activity 217 47

Data tables Fundraising Table 1. 217 Funds raised by source Amount raised Type of source m % Academic inst. / endowment funds / foundations UK 135.4 Overseas 986 3. Total 1,121 3.4 Banks UK 145.4 Overseas 835 2.5 Total 98 3. Capital markets & corporate investors UK 55.2 Overseas 195.6 Total 25.8 Family offices UK 388 1.2 Overseas 1,499 4.5 Total 1,887 5.7 Fund of funds UK 598 1.8 Overseas 2,994 9.1 Total 3,592 1.9 Government agencies UK 234.7 Overseas 28.1 Total 262.8 Insurance companies UK 36.1 Overseas 871 2.6 Total 97 2.7 Amount raised Type of source m % Other asset managers UK 855 2.6 Overseas 1,341 4.1 Total 2,196 6.7 Private pension funds UK 395 1.2 Overseas 1,568 4.8 Total 1,963 6. Public pension funds UK 829 2.5 Overseas 1,464 31.7 Total 11,293 34.2 Private individuals UK 2,59 6.2 Overseas 558 1.7 Total 2,617 7.9 Sovereign wealth funds UK 2. Overseas 5,518 16.7 Total 5,52 16.7 Others UK 289.9 Overseas 112.3 Total 41 1.2 Total UK 6,2 18.3 Total overseas 26,969 81.7 Grand total 32,989 1. 1. UK includes Bermuda,Cayman Islands,Channel Islands and British Virgin Islands 48 BVCA Report on Investment Activity 217

Data tables Fundraising Table 2. 217 Funds raised by country Amount raised Country m % UK 6,2 18.3 Denmark 59 1.5 Finland 252.8 France 45 1.4 Germany 1,136 3.4 Ireland 27.1 Luxembourg 248.8 Netherlands 888 2.7 Norway 98.3 Spain 19.3 Sweden 47 1.4 Switzerland 1,322 4. Rest of Europe 142.4 United States 1,122 3.7 Canada 2,89 8.5 Asia Pacific 6,972 21.2 Middle East & Africa 96 2.7 Central & South America 51 1.5 Total 32,989 1 1. UK includes Bermuda,Cayman Islands,Channel Islands and British Virgin Islands BVCA Report on Investment Activity 217 49

Data tables Investments Table 3a. Investment by country Number of companies % of companies Amount invested ( m) % of amount invested Country 217 216 215 217 216 215 217 216 215 217 216 215 UK 817 728 795 79 79 82 1,481 7,119 5,99 47 33 35 US 61 53 57 6 6 6 2,42 3,331 2,48 11 16 14 Europe 13 128 99 13 14 1 8,257 9,952 7,584 37 46 45 Rest of the world 22 16 14 2 2 1 1,72 1,23 937 5 5 6 Total 1,3 925 965 1 1 1 22,23 21,424 16,919 1 1 1 Table 3b. 217 Quarterly investment by country Number of companies % of companies Amount invested ( m) % of amount invested Country Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total UK 212 223 233 276 944 22 24 25 29 1 2,341 1,867 3,81 3,192 1,481 22 18 29 3 1 US 9 21 21 2 71 13 3 3 28 1 43 961 635 781 2,42 2 4 26 32 1 Europe 36 38 39 39 152 24 25 26 26 1 2,953 1,735 1,949 1,62 8,257 36 21 24 2 1 Rest of the world 7 5 3 1 25 28 2 12 4 1 391 319 92 269 1,72 37 3 9 25 1 Total 264 287 296 345 1,192 22 24 25 29 1 5,729 4,882 5,757 5,862 22,23 26 22 26 26 1 1. The number of companies in some quarters and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different quarters. 5 BVCA Report on Investment Activity 217

Data tables Investments Table 4. Overseas investment by financing stage Financing stage Number of companies % of companies Amount invested ( m) % of amount invested 217 216 215 217 216 215 217 216 215 217 216 215 Seed 11 6 5 3 1 4 1 1 Start-up 13 3 6 1 27 1 Other early stage 54 21 21 24 1 12 16 39 59 1 1 Later stage venture 25 2 22 11 1 13 216 259 45 2 2 Bridge equity financing 2 2 1 1 1 2 Total venture capital 13 52 46 46 26 27 359 34 16 3 2 1 Growth capital 38 45 34 17 22 2 958 1,551 989 8 11 9 Total growth capital 38 45 34 17 22 2 958 1,551 989 8 11 9 MBO/MBI 51 48 54 23 24 31 7,435 5,957 6,491 63 42 59 Secondary buyout 8 19 4 9 9 4,281 8 3 PIPE 2 22 1 13 261 2,496 2 23 Public to private 3 2 1 1 975 215 8 2 Add-on/bolt-on/build-up acquisition 11 n/a n/a 5 n/a n/a 388 n/a n/a 3 n/a n/a Infrastructure n/a n/a n/a n/a n/a n/a n/a n/a Total buyout 75 69 76 34 34 44 9,958 1,453 8,986 85 73 82 Refinancing bank debt 2 2 1 1 2 81 1 Replacement capital Rescue/turnaround 7 3 1 3 2 1 473 12 18 4 1 Other n/a 31 13 n/a 15 8 n/a 1,876 749 n/a 13 7 Total other stages 7 36 16 3 18 9 473 1,998 848 4 14 8 Total 213 197 17 1 1 1 11,749 14,35 1,929 1 1 1 1. The number of companies in some investment stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different investment stages. 2. Some investment stages have been amalgamated where there are instances of single deals, in order to preserve confidentiality. BVCA Report on Investment Activity 217 51

Data tables Investments Table 5. UK investment by financing stage Financing stage Number of companies % of companies Amount invested ( m) % of amount invested 217 216 215 217 216 215 217 216 215 217 216 215 Seed 6 49 19 7 6 2 46 15 16 Start-up 54 5 76 6 7 9 58 47 83 1 1 1 Other early stage 22 145 179 24 19 22 27 112 126 2 2 2 Later stage venture 72 68 59 8 9 7 15 72 119 1 1 2 Bridge equity financing 8 5 5 1 1 1 3 17 2 Total venture capital 396 317 338 47 42 41 463 262 345 4 4 6 Growth capital 259 279 312 31 37 38 991 1,673 993 9 24 17 Total growth capital 259 279 312 31 37 38 991 1,673 993 9 24 17 MBO/MBI 16 68 69 12 9 8 4,677 2,164 2,68 45 3 35 Secondary buyout PIPE 16 21 26 2 3 3 1,565 2,377 1,775 15 33 3 Public to private 4 2 1,296 21 12 3 Add-on/bolt-on/build-up acquisition 26 n/a n/a 3 n/a n/a 649 n/a n/a 6 n/a n/a Infrastructure 11 n/a n/a 1 n/a n/a 77 n/a n/a 1 n/a n/a Total buyout 163 89 97 19 12 11 8,263 4,542 4,44 79 64 68 Refinancing bank debt 3 6 1 537 3 5 Replacement capital 12 2 11 1 3 1 18 22 32 1 3 1 Rescue/turnaround 16 16 33 2 2 4 119 12 374 1 1 6 Other n/a 28 35 n/a 4 4 n/a 289 21 n/a 4 3 Total other stages 31 7 79 4 9 1 763 641 67 7 9 1 Total 817 728 795 1 1 1 1,481 7,119 5,99 1 1 1 1. The number of companies in some investment stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different investment stages. 2. Some investment stages have been amalgamated where there are instances of single deals, in order to preserve confidentiality. 52 BVCA Report on Investment Activity 217

Data tables Investments Table 6. 217 MBOs/MBIs by investment size (UK) Table 7. Average amount invested by stage (UK) Size Number of companies Amount invested Number % m % Small (< 1m) 41 38 21 4 Mid-sized ( 1m - 1m) 59 54 1,656 35 Large ( 1m - 3m) 7 6 2,98 45 Mega (> 3m) 2 2 722 15 Total 16 1 4,677 1 1. The number of companies in some investment stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different investment stages. 2. Size bandings are based on amount of equity invested by BVCA private equity members, not the total transaction size. Amount invested, s Financing stage 217 216 215 Seed 768 3 846 Start-up 1,72 935 1,88 Other early stage 1,25 772 72 Later stage venture 2,78 1,66 2,24 Bridge equity financing 328 3,32 341 Total venture capital 1,17 828 1,22 Growth capital 3,828 5,997 3,183 Total growth capital 3,828 5,997 3,183 MBO/MBI 44,122 31,829 29,974 Secondary buyout PIPE 97,813 113,19 68,269 Public to private 324,57 1,584 Add-on/bolt-on/build-up acquisition 24,959 n/a n/a Infrastructure 6,972 n/a n/a Total buyout 5,694 51,32 41,695 Refinancing bank debt 178,998 5,75 Replacement capital 8,978 1,977 2,878 Rescue/turnaround 7,414 6,361 11,337 Other n/a 1,331 5,751 Total other stages 24,624 9,158 7,685 Total 12,345 9,429 7,252 1. Some investment stages have been amalgamated where there are instances of single deals, in order to preserve confidentiality. BVCA Report on Investment Activity 217 53

Data tables Investments Table 8. Investment by industry sector (UK) Financing stage Number of companies % of companies Amount invested ( m) % of amount invested 217 216 215 217 216 215 217 216 215 217 216 215 Agriculture 3 11 132 17 271 Biotech and healthcare 123 122 15 17 418 874 4 1 Business products and services 15 82 94 13 11 12 2,385 916 1,31 23 13 17 Chemicals and materials 12 8 11 1 1 1 194 14 16 2 Construction 12 17 19 1 2 2 388 115 34 4 2 5 Consumer goods and services 168 143 15 21 2 19 2,677 3,297 1,66 26 49 28 Energy and environment 35 33 31 4 5 4 296 76 123 3 1 2 Financial and insurance activities 5 32 47 6 4 6 2,63 539 859 2 8 14 ICT (Communications, computer and electronics) 277 267 276 34 37 35 925 1,11 1,323 9 14 22 Real estate 16 5 19 2 1 2 62 7 32 6 5 Transportation 16 19 16 2 3 2 54 269 12 5 4 2 Total 817 728 795 1 1 1 1,481 7,119 5,99 1 1 1 5 1. Some sectors have been amalgamated where there are instances of single deals, in order to preserve confidentiality. 54 BVCA Report on Investment Activity 217

Data tables Investments Table 9. 217 Technology investment (UK) Industry sector Number of companies Amount invested Number % m % Agriculture 2 1 Biotech and healthcare 79 22 17 23 Business products and services 25 7 118 16 Chemicals and materials Construction 7 2 4 1 Consumer goods and services 15 4 22 3 Energy and environment 17 5 6 1 Financial and insurance activities 18 5 23 3 ICT (Communications, computer and electronics) 184 52 366 5 Transportation 5 1 25 3 Total 352 1 733 1 1. Some sectors have been amalgamated where there are instances of single deals, in order to preserve confidentiality. 2. Technology classification is included in the appendix. BVCA Report on Investment Activity 217 55

Data tables Investments Table 1. Investment by region (UK) Number of companies % of companies Amount invested ( m) % of amount invested Financing stage 217 216 215 217 216 215 217 216 215 217 216 215 London 282 24 28 35 28 26 4,937 2,723 2,459 47 38 41 South East 88 115 114 11 16 14 1,457 686 812 14 1 14 South East & London 37 319 322 45 44 41 6,394 3,49 3,272 61 48 55 South West 4 48 47 5 7 6 421 58 259 4 7 4 East of England 42 34 36 5 5 5 455 781 366 4 11 6 West Midlands 53 41 66 6 6 8 44 1,185 288 4 17 5 East Midlands 29 23 26 4 3 3 329 294 359 3 4 6 Yorkshire and The Humber 44 38 47 5 5 6 485 15 77 5 2 13 North West 85 78 91 1 11 11 944 539 424 9 8 7 North East 16 19 27 2 3 3 62 7 38 1 1 1 Scotland 65 58 72 8 8 9 923 131 138 9 2 2 Wales 52 5 4 6 7 5 57 49 55 1 1 1 Northern Ireland 21 2 21 3 3 3 7 2 2 Total 817 728 795 1 1 1 1,481 7,119 5,99 1 1 1 56 BVCA Report on Investment Activity 217

Data tables Investments Table 11. Investment stage analysis by region (UK) Number of companies Regions Venture capital Growth capital Buyout Other stages Number % Number % Number % Number % 217 216 215 217 216 215 217 216 215 217 216 215 217 216 215 217 216 215 217 216 215 217 216 215 London 149 89 96 39 29 29 77 65 61 3 23 2 49 33 27 31 37 28 12 24 28 39 34 36 South East 34 55 46 9 18 14 27 43 51 1 15 16 23 1 14 15 11 14 5 8 9 16 11 12 South East & London 183 144 142 48 47 44 14 18 112 4 39 36 72 43 41 46 48 42 17 32 37 55 46 47 South West 15 13 6 4 4 2 18 25 31 7 9 1 6 5 4 5 4 5 6 6 7 8 1 3 East of England 31 24 19 8 8 6 9 6 8 3 2 3 3 7 2 7 4 3 6 4 West Midlands 17 13 25 4 4 8 17 19 27 7 7 9 18 7 7 11 8 7 2 9 3 12 2 6 East Midlands 1 3 3 3 1 1 7 7 7 3 3 2 12 1 1 8 11 1 3 8 4 1 Yorkshire and The Humber 21 16 16 5 5 5 13 1 16 5 4 5 1 6 1 6 7 1 3 6 7 1 9 9 North West 1 1 32 3 3 1 52 54 41 2 19 13 18 12 11 11 13 11 6 8 9 1 6 19 North East 4 9 14 1 3 4 7 5 13 3 2 4 4 3 5 7 Scotland 32 24 26 8 8 8 23 27 44 9 1 14 1 Wales 41 31 23 11 1 7 13 4 5 4 3 4 8 9 18 3 6 4 4 1 Northern Ireland 2 19 2 5 6 6 Total 384 36 326 1 1 1 259 279 312 1 1 1 158 89 97 1 1 1 31 7 78 1 1 1 2 6 2 2 6 11 1 1. The number of companies in some investment stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different investment stages. 2. Some regions have been amalgamated where there are instances of single deals, in order to preserve confidentiality. BVCA Report on Investment Activity 217 57

Data tables Investments Table 12. Investment stage analysis by region (UK) Amount invested Regions Venture capital Growth capital Buyout Other stages Amount ( m) % Amount ( m) % Amount ( m) % Amount ( m) % 217 216 215 217 216 215 217 216 215 217 216 215 217 216 215 217 216 215 217 216 215 217 216 215 London 229 14 223 49 4 64 339 742 332 34 44 33 3,76 1,616 1,653 46 36 41 69 263 255 8 41 42 South East 71 7 43 15 27 12 157 216 146 16 13 15 1,22 319 547 15 7 14 27 8 73 4 12 12 South East & London 3 173 266 65 66 77 496 958 477 5 57 48 4,962 1,935 2,2 6 43 54 636 343 328 83 53 54 South West 12 12 8 3 5 2 126 159 76 13 9 8 282 17 3 4 13 5 16 1 94 2 1 East of England 33 23 16 7 9 5 18 46 2 2 3 2 43 32 5 8 42 11 7 2 West Midlands 14 5 1 3 2 3 43 78 91 4 5 9 336 1,98 155 4 24 4 4 32 1 5 22 3 East Midlands 7 1 1 1 73 38 15 7 2 1 237 25 278 3 5 7 6 66 1 11 Yorkshire and The Humber 18 7 6 4 3 2 48 57 31 5 3 3 386 62 654 5 1 16 32 24 78 4 4 13 North West 8 14 11 2 5 3 92 246 148 9 15 15 8 24 179 1 5 4 39 86 6 14 45 6 North East 1 4 5 2 2 2 1 33 2 1 3 41 56 9 Scotland 48 12 11 1 5 3 53 68 96 5 4 1 794 32 1 Wales 18 9 9 4 3 3 7 1 21 54 1 25 21 13 2 1 57 1 Northern Ireland 3 2 3 1 1 1 Total 463 262 345 1 1 1 991 1,673 993 1 1 1 8,263 4,542 4,44 1 1 1 763 641 67 1 1 1 1 28 4 4 58 BVCA Report on Investment Activity 217