evca yearbook 2011
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CREATING LASTING VALUE EVCA Yearbook 2011 I 1
Europe
Key Private Equity and Venture Capital metrics:
20bn of funds raised (2009: 18bn; 2008: 80bn)
2bn invested by pension funds and funds-of-funds,
well below their historical contributions
41bn invested into 4,816 European businesses
(2009: 23bn in 4,696 businesses)
15bn(1) divested (2009: 12bn)
1,696 active private equity and venture capital firms
managing 523bn of capital from Europe
The big picture
Private equity and venture capital investment into European
countries was equivalent to 0.3% of European GDP - up from
0.2% in 2009, driven by the sharp increase in Europe-wide
private equity investment.
Number of players
The fundraising challenge
Despite increased distributions and an overall better
macroeconomic and financial environment, 2010 saw no
sustained fundraising recovery. Uncertainty remained on the
extent of the economic recovery in Europe, and LPs were still
assessing their strategies and beliefs on private equity and its
potential. As a result, fundraising levels increased just 13% to
20bn, still far below the 2006 peak of 112bn.
Pension funds and funds-of-funds commitments hoversaround 2bn
Commitments from pension funds and funds-of-funds, which
decreased drastically in 2009 largely due to the denominator
effect, stabilised in 2010 above 2bn. Pension funds
accounted for 12% of all funds committed, while funds-of
funds provided 11% of the total. Banks, which accounted for
19% of total funds raised in 2009, reduced significantly their
commitments in 2010, accounting for 9% of the total only.
On the contrary the share of family offices in the total funds
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On the contrary the share of family offices in the total funds
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CREATING LASTING VALUE EVCA Yearbook 2011 I 2
Europe
120
100
80
60
40
20
0
Funds raised - Evolution of European private equity funds raised - Industry statistics
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
40.0
27.5 27.0 27,5
71.8
112.3
79.979.9
17.5 20.0
Banks8.8%
Unknown17.0%
Academic institutions0.1%
Capital markets
Banks19.0%
S i lth f d
Unknown8.3%
Academic institutions0.2%
Funds raised - by type of investor 2010 Funds raised - by type of investor 2009
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CREATING LASTING VALUE EVCA Yearbook 2011 I 3
Europe
Investments
Private equity supported more than 4,800 European
companies in 2010
European private equity firms had an estimated 111bn in dry
Buyouts(2)
The return of debt availability as indicated by the decreasing
average equity ratio in 2010 (from 53.1% in 2009 to 50.6% in
2010(1)), drove investment up to 31bn, 110% above the 2009
level A total of 16 mega buyouts (above 300m in equity)
80
70
60
50
40
30
20
10
0
180
160
140
120
100
80
60
40
20
0
Funds raised - Amount and number of funds raised at final closings
2007 2009 2009 2010
billion
numberoffunds
l Funds
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CREATING LASTING VALUE EVCA Yearbook 2011 I 4
Europe
250
200
150
100
50
Venture Growth Buyout Total investment
Investments - Investments by country of portfolio company (Indexation of amount invested, Q1 2007 = 100)
Growth capital
Growth capital investment increased by 42% to 6bn.
Nearly 1,000 growth companies were financed, 28% more
than in the previous year (770).
Venture capital
Venture investment fell 7%, to 3.5bn, the lowest level since
1996(4). A total of 2,885 venture companies were financed.
Both start-up and later-stage investment dropped by 7%,
to about 1.7bn each.
Slightly less than 1,000 later-stage venture companies
received financing, while 1,610 start-up companies were
financed. Close to 360 seed deals took place, worth 111m.
About 57% of the companies financed were new investments
for the private equity firms, up from 50% in 2009. Most had
already received private equity backing (56% of the total).
(4) In 1996 European PE firms had invested 3.1bn in venture, of which at least 82%
was invested into European companies.
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CREATING LASTING VALUE EVCA Yearbook 2011 I 5
Europe
Life sciences & healthcare topped the investment ranking
Investment in consumer goods & retail soared in 2010,
to 8.1bn, about 2.8 times more than in 2009 (2.9bn)
and above the 2008 level (6.8bn). More than 480 consumer
goods & retail companies were invested. It accounted for
one-fifth of total investment in Europe.
Life sciences investment was the next largest sector by value,
with 5.7bn invested up from 3.4bn in 2009. In terms of
companies financed, life sciences came on a par with
computer & consumer electronics, accounting for 17% of
investments. About 80% of the companies financed in these
two sectors received venture financing, while 81% of the value
was invested in the buyout & growth segment.
Agriculture
Business and industrial products
Business and industrial services
Chemicals and materials
Communications
Computer and consumer electronics
Construction
Consumer goods and retail
Consumer services: other
Energy and environment
Financial services
Life sciences
Real estate
Transportation
Unknown
Investments - Venture investment by sector in Europe (% of total amount)
l 2010 l 2009
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CREATING LASTING VALUE EVCA Yearbook 2011 I 6
Europe
Private equity supported nearly 4,000 SMEs
As in previous years, more than 80% of the companies that
attracted private equity capital in 2010 were SMEs. More than
3,900 SMEs were backed by private equity houses, attracting
one-fifth of the total private equity investment in 2010.
Of these SMEs, 70% were financed by venture capital,
while 30% attracted buyout & growth financing.
SME investment in the venture sector accounted for more
than 90% of investment in the sector, similar to 2009,
whereas the proportion of SME investment in the buyout
segment was below one-fifth, down from a quarter in 2009.
More than 60% of the buyout investment went into
companies with more than 1,000 employees.
5,000+0.0%
1,000-4,9990.6%
100-1995.8%
200-2490.4%
250-4991.3%
20-9933.0%
500-9990.3%
0-1958.6%
0-1911.4%
500-9998.6%
1,000-4,99913.2%
250-49912.5%
5,000+3.0%
20-9929.5%
Investments - 2010 Venture investments by numberof employees
Investments - 2010 Buyout & growth investmentsby number of employees
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CREATING LASTING VALUE EVCA Yearbook 2011 I 7
Europe
Divestments
The exit market reopened
After two years of sharp slowdown due to the asset repricing
triggered by the financial and economic crisis, divestments
recovered significantly in 2010. The stock markets rebounded
further in 2010, and IPOs increased four-fold in Europe (from
46 in 2009 to 200 in 2010). Trade buyers remained less active
than in 2007 and 2008, but private equity firms which had a
lot of dry powder to put to work, recognised the value of theassets in their peers portfolio and boosted the exit market by
closing a large number of secondary operations.
In the course of the year, a total of 19bn was realised
at cost from 2,086 companies across Europe.
Divestments came back above the 2008 level of 14bn
divested at cost from 2,001 companies. Write-offs excluded,
divestment at cost doubled to 15bn.
In addition, EU based firms exited 81 non-EU companies
in 2010, with a total amount divested at cost of 1.1bn.
Secondaries topped the charts, registering 6.3bn divested
at cost (nearly a third of all divestment at cost) spread across
12% of the 2,086 companies divested. Secondaries intensified
during the second part of 2010 especially during the final
quarter, which accounted for almost half of the amount divested
at cost and one-third of the companies exited via this route.
Trade sales was the second most lucrative exit method
(4.3bn). The number of trade sales was relatively equally
spread between venture (172 companies) and buyout & growth
(192 companies). IPOs increased significantly, from 5 in 2009
to 20 in 2010, benefiting from the better environment in
public markets.
Despite the overall improved economic environment, the level
of write-offs in 2010 remained similar to 2009, with 4.1bn
written off at cost. The number of written-off companies in
2010 stood at 398, representing 1.5% of the European
portfolio of 26,000 companies. The majority of write-offs
(67%) were venture divestments.
Similar to 2010, more than a fifth (4.1bn) of the total amount
divested at cost came from 302 consumer goods & retail
businesses. About half of the value divested at cost from
the sector came from secondary deals (2.1bn). In terms of
number of companies exited, business & industrial products
topped the ranking with 395 companies (19% of the total).
In the buyout & growth space, consumer goods & retail took
the lions share of amount divested at cost (24%) and number
of exited companies (22%). In the venture space, life sciences
came first by amount at cost with 29% of the total (583m),
followed by computer & consumer electronics with 25%
(507m). In terms of companies exited, business & industrial
products topped the venture ranking with 18% of the total,
right before life sciences and computer & consumer
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CREATING LASTING VALUE EVCA Yearbook 2011 I 8
Europe
30
25
20
15
10
5
0
Divestments - Divestments by exit method - Amount at cost - Market statistics
2007 2009 2009 2010
billion
l Other l Trade sale l Sale to another private equity house l Public offering
Agriculture
B i d i d t i l d t
Divestments - Divestment by sector (excluding write-offs) - % of amount
l Buyout & growth l Venture
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CREATING LASTING VALUE EVCA Yearbook 2011 I 9
Europe
Divestment flows
In 2010, divestments made outside Europe by European
private equity firms took place mainly in the US, which saw
759m divested at cost from 63 companies, Asia with 102m
divested at cost from six companies, and Israel with 101m
from five companies.
Divestments at cost by non-European players from European
companies totalled 322m.
Investments - Geographical flows of divestmentsin 2010
25,000
20,000
15,000
10,000
5,000
0
Divestment by location
of private equity firm
Divestment by location
of portfolio company
million
l Domestic divestment
l Foreign divestment
18,951 18,951
3221,076
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CREATING LASTING VALUE EVCA Yearbook 2011 I 10
Europe
Funds raised - Total funds raised 2009/2010
2009 2010
Amounts in million Amount Amount Change %
United Kingdom 5,635 7,699 36.6
France 2,216 4,216 90.3
Germany 1,071 1,316 22.9
Netherlands 1,046 1,243 18.8
Sweden 827 791 -4.3
Spain 691 777 12.5
Belgium 355 732 106.2
Switzerland 907 638 -29.6
Italy 2,311 547 -76.3
Norway 17 411 2,263.2
Denmark 289 284 -1.9
Finland 315 280 -11.1
Austria 286 268 -6.3
Portugal 1,001 142 -85.9
Hungary 35 119 239.0Poland 135 115 -14.9
Luxembourg 213 108 -49.2
Romania 0 94 n.a.
Ireland 124 92 -25.8
Baltic countries 0 86 n.a.
Ukraine 0 35 n.a.
Czech Republic 48 12 -74.8
Other CEE* 43 9 -78.9
B l i 0 0 0 0
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CREATING LASTING VALUE EVCA Yearbook 2011 I 11
Europe
Funds raised - New funds raised 2010
New funds raised New funds raised
by country of origin by country of management
Amounts in million Amount % Amount %
Austria 172 0.9 268 1.3
Baltic countries 23 0.1 86 0.4
Belgium 551 2.8 732 3.7
Bulgaria 0 0.0 0 0.0
Czech Republic 9 0.0 12 0.1
Denmark 294 1.5 284 1.4
Finland 364 1.8 280 1.4
France 2,737 13.7 4,216 21.1
Germany 1,355 6.8 1,313 6.6
Greece 60 0.3 0 0.0
Hungary 10 0.0 119 0.6
Ireland 117 0.6 92 0.5
Italy 509 2.5 547 2.7
Luxembourg 0 0.0 108 0.5Netherlands 409 2.0 1,242 6.2
Norway 253 1.3 411 2.1
Other CEE* 0 0.0 9 0.0
Poland 8 0.0 115 0.6
Portugal 88 0.4 142 0.7
Romania 0 0.0 94 0.5
Spain 617 3.1 777 3.9
Sweden 428 2.1 790 4.0
S it l d 1 407 7 0 638 3 2
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CREATING LASTING VALUE EVCA Yearbook 2011 I 12
Europe
Funds raised - Industry statistics - Incremental closings during year
2009 2010
Amounts in thousands Amount % Amount %
Fund ownership type
Independent funds raised
Amount raised by captives
New funds raised
Realised capital gainsTotal funds raised
Fund stage focus
Early-stage
Later stage venture
Balanced
Total venture
Growth capital
Buyout
Mezzanine
Generalist
Total funds raised
Investor type
Academic institutions
Banks
Capital markets
Corporate investors
E d t d f d ti
15,290,650 86.1 17,718,030 88.5
2,343,080 13.2 2,280,650 11.4
17,633,730 99.3 19,998,680 99.9
131,300 0.7 15,240 0.117,765,030 100.0 20,013,920 100.0
1,464,900 8.2 1,042,590 5.2
481,860 2.7 480,800 2.4
1,538,980 8.7 1,808,060 9.0
3,485,740 19.6 3,331,450 16.6
1,028,310 5.8 2,564,360 12.8
10,297,270 58.0 11,516,650 57.5
496,680 2.8 947,140 4.7
2,457,030 13.8 1,654,320 8.3
17,765,030 100.0 20,013,920 100.0
30,670 0.2 21,200 0.1
3,347,420 19.0 1,753,130 8.8
454,520 2.6 1,454,960 7.3
1,052,980 6.0 640,800 3.2
483 200 2 7 208 700 1 0
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CREATING LASTING VALUE EVCA Yearbook 2011 I 13
Europe
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finland
Amount
Amount
Amount
Amount
Amount
Amount
85,6
20
731,9
50
0
12,0
00
283,5
90
267,8
50
0
0
0
0
0
11,8
20
85,
620
731,
950
0
12,
000
283,
590
279,
670
0
0
0
0
0
0
85,6
20
731,
950
0
12,
000
283,
590
279,6
70
7,2
00
42,0
00
0
12,0
00
71,1
80
50,0
00
8,4
20
0
0
0
0
0
20,0
00
0
0
0
134,0
00
0
35,
620
42,
000
0
12,
000
205,
180
50,
000
20,0
00
0
0
0
0
58,5
00
0
689,9
50
0
0
78,4
10
91,6
00
0
0
0
0
0
60,0
00
30,0
00
0
0
0
0
19,5
70
85,6
20
731,
950
0
12,
000
283,
590
279,6
70
0
2,7
00
0
0
0
18,0
00
2,6
00
17,7
50
0
0
9,4
00
3,2
60
880
0
0
0
0
0
2,3
00
1,5
00
0
5,8
50
3,2
20
45,2
10
0
6,5
00
0
0
0
0
900
38,5
00
0
0
33,3
00
20,8
20
0
45,5
00
0
0
25,9
40
51,0
00
61,8
10
15,0
00
0
0
30,2
20
18,1
00
0
25,0
00
0
0
9,4
00
25,0
00
4,9
00
365,0
00
0
0
6,7
20
5,0
00
4,4
50
195,1
60
0
0
164,8
90
93,0
00
7,0
90
19,3
40
0
6,1
50
320
280
0
0
0
0
0
0
690
0
0
0
180
0
85,6
20
731,
950
0
12,
000
283,
590
279,6
70
84,9
30
524,1
20
0
11,1
00
283,3
70
265,7
70
23,1
20
461,3
70
0
8,7
00
253,5
00
222,0
70
61,8
10
62,7
50
0
2,4
00
29,8
70
43,7
00
0
207,8
30
0
900
40
13,9
00
690
0
0
0
180
0
85,6
20
731,
950
0
12,
000
283,
590
279,6
70
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CREATING LASTING VALUE EVCA Yearbook 2011 I 14
Europe
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norway
Amount
Amount
Amount
Amount
Amount
Amount
119,0
50
92,0
00
547,0
00
108,0
50
1,0
75,1
20
410,7
20
0
0
0
0
167,0
70
0
119,
050
92,
000
547,
000
108,
050
1,
242,
190
410,
720
0
0
0
0
1,0
00
0
119,0
50
92,
000
547,0
00
108,
050
1,
243,
190
410,7
20
73,0
20
17,0
00
0
0
25,2
20
95,5
70
0
0
0
0
0
0
46,0
30
75,0
00
0
0
80,0
00
0
119,
050
92,
000
0
0
105,
220
95,
570
0
0
0
108,0
50
59,4
50
0
0
0
340,0
00
0
911,5
00
315,1
50
0
0
0
0
0
0
0
0
207,0
00
0
167,0
20
0
119,0
50
92,
000
547,0
00
108,
050
1,
243,
190
410,7
20
0
0
0
0
0
0
4,1
40
15,0
00
62,5
00
0
40,3
50
23,4
80
0
0
0
0
0
0
0
0
0
0
6,2
40
0
0
0
27,0
00
0
0
26,7
90
0
0
0
59,9
50
185,3
70
32,9
10
0
0
55,0
00
0
254,7
80
78,2
20
94,4
60
46,7
50
0
0
82,2
30
65,8
80
0
0
0
0
75,0
00
12,4
50
0
0
125,0
00
15,0
00
0
78,7
80
0
14,0
00
65,7
00
3,1
60
336,1
00
85,6
40
0
16,2
50
1,5
00
29,9
40
128,7
20
3,0
00
0
0
0
0
133,4
00
0
20,4
50
0
210,3
00
0
0
3,5
70
119,0
50
92,
000
547,0
00
108,
050
1,
242,
190
410,7
20
98,6
00
92,0
00
347,0
00
94,7
60
811,6
90
371,1
60
9,6
90
56,4
10
347,0
00
0
402,5
40
162,8
60
88,9
10
35,5
90
0
94,7
60
409,1
50
208,3
00
0
0
0
13,2
90
430,5
00
35,9
70
20,4
50
0
200,0
00
0
0
3,5
90
119,0
50
92,
000
547,0
00
108,
050
1,
242,
190
410,7
20
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CREATING LASTING VALUE EVCA Yearbook 2011 I 15
Europe
Spain
Sweden
S
witzerland
Ukraine
UK
OtherCEE
*
Amount
Amount
Amount
Amount
Amount
Amount
393,6
10
772,6
50
633,9
30
35,4
90
6,3
48,1
50
9,0
00
383,2
30
17,5
40
4,3
10
0
1,3
41,1
80
0
776,
840
790,
190
638,
240
35,
490
7,
689,
330
9,
000
0
1,1
60
0
0
9,6
50
0
776,8
40
791,
350
638,2
40
35,
490
7,
698,
980
9,0
00
71,3
40
9,0
40
0
0
85,7
30
9,0
00
0
19,5
30
27,2
10
0
92,3
20
0
343,1
00
2,9
50
4,3
60
0
411,4
10
0
414,
440
31,
520
31,
570
0
589,
460
9,
000
85,5
00
162,0
00
0
35,4
90
1,4
53,2
00
0
149,0
00
583,3
70
460,6
10
0
5,4
98,2
60
0
0
0
146,0
60
0
98,0
80
0
127,9
00
14,4
60
0
0
59,9
80
0
776,8
40
791,
350
638,2
40
35,
490
7,
698,
980
9,0
00
500
0
0
0
0
0
91,6
60
0
51,3
10
0
466,5
80
0
0
305,8
70
0
0
1,0
00,5
60
0
1,0
10
46,4
50
4,3
10
0
43,2
00
0
0
0
0
0
26,2
70
0
165,7
20
0
10,6
90
1,5
80
1,0
72,4
20
0
500
345,7
00
0
0
594,1
80
0
355,8
00
49,9
40
1,5
10
11,8
30
263,0
70
9,0
00
7,0
00
0
106,0
60
0
477,8
50
0
6,6
00
0
0
15,7
70
334,1
00
0
0
35,4
00
343,3
40
0
704,2
80
0
15,8
50
4,0
90
48,5
30
790
151,9
70
0
0
0
0
5,5
20
256,6
00
0
132,2
00
2,7
40
72,4
90
0
2,2
98,2
50
0
776,8
40
790,
190
638,2
40
35,
490
7,
689,
330
9,0
00
629,0
20
692,6
70
512,6
20
35,4
90
4,3
25,0
90
9,0
00
609,9
40
391,3
70
97,2
30
0
2,5
28,0
80
0
19,0
80
301,3
00
415,3
90
35,4
90
1,7
97,0
10
9,0
00
620
95,2
80
122,4
00
0
1,0
16,4
20
0
147,2
00
2,2
40
3,2
20
0
2,3
47,8
20
0
776,8
40
790,
190
638,2
40
35,
490
7,
689,
330
9,0
00
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CREATING LASTING VALUE EVCA Yearbook 2011 I 17
Europe
Funds raised - Industry statistics - Final closings in the year by independent funds -Cumulative amount raised since inception
All Private Equity
2009 2010
Number Average Number Average
Amounts in thousands Amount of funds fund size Amount of funds fund size
Fund stage focus
Early-stageLater stage venture
Balanced
Total venture
Growth
Buyout
Mezzanine
Generalist
Total funds raised
Fund sector focus
Agriculture, chemicals & materials
Business and industrial products & services
Consumer products, services & retail
Energy & environment
Financial services
ICT
Life sciences
Generalist
T t l f d i d
1,112,320 17 65,431 553,490 20 27,675426,640 6 71,107 320,360 6 53,393
726,470 19 38,235 1,364,860 22 62,039
2,265,430 42 53,939 2,238,710 48 46,640
551,320 6 91,887 1,450,190 5 290,038
9,356,100 17 550,359 12,917,350 34 379,922
1,170,200 4 292,550 703,740 3 234,580
1,104,480 15 73,632 875,800 16 54,738
14,447,530 84 171,994 18,185,790 106 171,564
18,400 1 18,400 0 0 0
608,250 2 304,125 0 0 0
98,300 1 98,300 111,500 1 111,500
252,690 4 63,173 482,340 4 120,585
575,000 1 575,000 500,000 1 500,000
872,810 8 109,101 376,530 5 75,306
272,570 6 45,428 469,320 6 78,220
11,749,510 61 192,615 16,246,100 89 182,540
14 447 530 84 171 994 18 185 790 106 171 564
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CREATING LASTING VALUE EVCA Yearbook 2011 I 18
Europe
ds-Cumulativeamountraisedsinceinceptio
n
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finland
Amount
Amount
Amount
Amount
Amount
Amount
0
0
0
0
71,1
70
0
8,4
20
0
0
0
0
0
0
0
0
0
134,0
00
0
8,
420
0
0
0
205,
170
0
20,0
00
0
0
0
0
0
0
1,1
40,5
00
0
0
367,4
10
294,6
00
0
0
0
0
0
0
0
0
0
0
0
0
28,4
20
1,1
40,
500
0
0
572,
580
294,6
00
0
0
0
0
0
0
0
0
0
0
0
0
0
111,5
00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
134,0
00
0
0
0
0
0
0
0
28,4
20
1,0
29,0
00
0
0
438,5
80
294,6
00
28,4
20
1,1
40,
500
0
0
572,
580
294,6
00
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CREATING LASTING VALUE EVCA Yearbook 2011 I 19
Europe
ds-Cumulativeamountraisedsinceinceptio
n
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norway
Amount
Amount
Amount
Amount
Amount
Amount
63,6
20
17,0
00
0
0
97,7
00
0
0
0
0
0
0
0
46,0
30
0
0
0
135,8
00
0
109,
650
17,
000
0
0
233,
500
0
0
0
0
0
0
0
0
0
500,0
00
0
1,0
38,0
00
315,1
40
0
0
0
0
0
0
0
0
0
0
0
0
109,6
50
17,
000
500,0
00
0
1,
271,
500
315,1
40
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
315,1
40
0
0
500,0
00
0
0
0
0
0
0
0
0
0
0
0
0
0
233,5
00
0
109,6
50
17,0
00
0
0
1,0
38,0
00
0
109,6
50
17,
000
500,0
00
0
1,
271,
500
315,1
40
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CREATING LASTING VALUE EVCA Yearbook 2011 I 20
Europe
ds-Cumulativeamountraisedsinceinceptio
n
Spain
Sweden
S
witzerland
Ukraine
UK
OtherCEE*
Amount
Amount
Amount
Amount
Amount
Amount
0
18,5
70
0
0
194,8
60
18,4
00
0
0
1,5
10
0
87,8
20
0
18,1
00
0
0
0
364,7
20
0
18,
100
18,
570
1,
510
0
647,
400
18,
400
0
162,0
00
0
0
1,2
48,1
90
0
230,0
00
337,4
60
657,1
70
0
7,0
46,4
00
0
0
0
553,6
60
0
23,0
80
0
0
0
0
0
0
0
248,1
00
518,
030
1,
212,3
40
0
8,
965,
070
18,4
00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,1
00
162,0
00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
207,5
30
0
0
0
0
0
87,8
20
0
245,0
00
356,0
30
1,2
12,3
40
0
8,6
69,7
20
18,4
00
248,1
00
518,
030
1,
212,3
40
0
8,
965,
070
18,4
00
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CREATING LASTING VALUE EVCA Yearbook 2011 I 21
Europe
ds-Cumulativeamountraisedsinceinceptio
n
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finland
Amount
Amount
Amount
Amount
Amount
Amount
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
134,0
00
0
0
0
0
0
0
0
8,4
20
0
0
0
71,1
70
0
8,4
20
0
0
0
205,
170
0
0
0
0
0
0
0
0
0
0
0
0
0
0
111,5
00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
20,0
00
1,0
29,0
00
0
0
367,4
10
294,6
00
20,0
00
1,1
40,
500
0
0
367,
410
294,6
00
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CREATING LASTING VALUE EVCA Yearbook 2011 I 22
Europe
ds-Cumulativeamountraisedsinceinceptio
n
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norway
Amount
Amount
Amount
Amount
Amount
Amount
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
233,5
00
0
109,6
50
17,0
00
0
0
0
0
109,6
50
17,
000
0
0
233,
500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
315,1
40
0
0
500,0
00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,0
38,0
00
0
0
0
500,0
00
0
1,
038,
000
315,1
40
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CREATING LASTING VALUE EVCA Yearbook 2011 I 23
Europe
ds-Cumulativeamountraisedsinceinceptio
n
Spain
Sweden
S
witzerland
Ukraine
UK
OtherCEE*
Amount
Amount
Amount
Amount
Amount
Amount
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,1
00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
151,3
40
0
0
0
0
0
87,8
20
0
15,0
00
18,5
70
1,5
10
0
408,2
40
18,4
00
18,1
00
18,
570
1,5
10
0
647,
400
18,4
00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
162,0
00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
56,1
90
0
0
0
0
0
0
0
230,0
00
337,4
60
1,2
10,8
30
0
8,2
61,4
80
0
230,0
00
499,
460
1,
210,8
30
0
8,
317,
670
0
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CREATING LASTING VALUE EVCA Yearbook 2011 I 24
Europe
ds-Cumulativeamountraisedsinceinceptio
n
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finland
Number
Number
Number
Number
Number
Number
0
0
0
0
1
0
1
0
0
0
0
0
0
0
0
0
1
0
1
0
0
0
2
0
1
0
0
0
0
0
0
3
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
2
3
0
0
3
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
2
2
0
0
2
1
2
3
0
0
3
1
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CREATING LASTING VALUE EVCA Yearbook 2011 I 25
Europe
ds-Cumulativeamountraisedsinceinceptio
n
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norway
Number
Number
Number
Number
Number
Number
3
1
0
0
2
0
0
0
0
0
0
0
2
0
0
0
1
0
5
1
0
0
3
0
0
0
0
0
0
0
0
0
1
0
3
1
0
0
0
0
0
0
0
0
0
0
0
0
5
1
1
0
6
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
3
0
5
1
0
0
3
0
5
1
1
0
6
1
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CREATING LASTING VALUE EVCA Yearbook 2011 I 26
Europe
nds-Cumulativeamountraisedsinceinceptio
n
Spain
Sweden
S
witzerland
Ukraine
UK
OtherCEE*
Number
Number
Number
Number
Number
Number
0
2
0
0
5
1
0
0
1
0
1
0
2
0
0
0
6
0
2
2
1
0
12
1
0
1
0
0
2
0
2
2
1
0
12
0
0
0
1
0
1
0
0
0
0
0
0
0
4
5
3
0
27
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
0
0
0
0
0
1
0
3
4
3
0
23
1
4
5
3
0
27
1
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CREATING LASTING VALUE EVCA Yearbook 2011 I 27
Europe
nds-Cumulativeamountraisedsinceinceptio
n
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finland
Number
Number
Number
Number
Number
Number
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
2
0
0
1
1
1
3
0
0
1
1
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CREATING LASTING VALUE EVCA Yearbook 2011 I 28
Europe
nds-Cumulativeamountraisedsinceinceptio
n
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norway
Number
Number
Number
Number
Number
Number
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
0
5
1
0
0
0
0
5
1
0
0
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
0
0
0
1
0
3
1
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CREATING LASTING VALUE EVCA Yearbook 2011 I 29
Europe
nds-Cumulativeamountraisedsinceinceptio
n
Spain
Sweden
S
witzerland
Ukraine
UK
OtherCEE*
Number
Number
Number
Number
Number
Number
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
0
0
0
0
0
1
0
1
2
1
0
9
1
2
2
1
0
12
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
2
2
2
0
14
0
2
3
2
0
15
0
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CREATING LASTING VALUE EVCA Yearbook 2011 I 30
Europe
Investments - Investments 2009/2010 - Industry statistics (by country of private equity firm)
2009 2010 2009 2010
Amounts in million /
Number of companies Amount Amount Change % Number Number Change %
United Kingdom 9,052 19,039 110.3 825 804 -2.5
France 3,445 5,849 69.8 799 869 8.8
Germany 2,412 4,669 93.6 1,277 1,403 9.9
Sweden 1,261 3,094 145.3 379 425 12.1
Spain 913 2,470 170.4 163 159 -2.5Switzerland 719 1,510 110.1 177 155 -12.4
Netherlands 764 1,300 70.1 307 310 1.0
Italy 1,415 1,034 -26.9 119 129 8.4
Norway 623 970 55.8 163 167 2.5
Poland 480 504 5.0 29 52 79.3
Belgium 1,048 503 -52.0 242 141 -41.7
Denmark 493 436 -11.6 120 137 14.2
Finland 388 410 5.5 235 227 -3.4
Portugal 299 200 -33.2 94 69 -26.6Austria 138 127 -7.5 90 86 -4.4
Ukraine 12 94 669.1 4 8 100.0
Luxembourg 78 84 7.7 32 27 -15.6
Romania 83 80 -3.1 18 11 -38.9
Ireland 59 48 -18.6 71 58 -18.3
Hungary 191 45 -76.4 10 17 70.0
Czech Republic 61 38 -38.0 10 9 -10.0
Baltic countries 7 27 310.3 17 26 52.9
Greece 41 10 -75.7 6 1 -83.3
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CREATING LASTING VALUE EVCA Yearbook 2011 I 31
Europe
Investments - Investments 2010 - Industry versus market statistics
Industry statistics Market statistics
Country of private equity firm Country of portfolio company
Amounts in million Amount % Amount %
United Kingdom 19,039 43.5 12,707 29.1
France 5,849 13.4 6,510 14.9
Germany 4,669 10.7 4,646 10.6
Sweden 3,094 7.1 2,684 6.1
Spain 2,470 5.6 2,926 6.7Switzerland 1,510 3.5 1,309 3.0
Netherlands 1,300 3.0 1,968 4.5
Italy 1,034 2.4 1,576 3.6
Norway 970 2.2 1,932 4.4
Poland 504 1.2 657 1.5
Belgium 503 1.2 938 2.1
Denmark 436 1.0 386 0.9
Finland 410 0.9 587 1.3
Portugal 200 0.5 189 0.4Austria 127 0.3 699 1.6
Ukraine 94 0.2 96 0.2
Luxembourg 84 0.2 93 0.2
Romania 80 0.2 119 0.3
Ireland 48 0.1 770 1.8
Hungary 45 0.1 65 0.1
Czech Republic 38 0.1 193 0.4
Baltic countries 27 0.1 32 0.1
Greece 10 0.0 34 0.1
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CREATING LASTING VALUE EVCA Yearbook 2011 I 32
Europe
Investments - Investments from private equity firms outside Europe into European portfolio companies in 2010 -
Market statistics (by country of portfolio company)
2010 2010
Amounts in thousands /
Number of companies Amount % Number %
Baltics 143 0.0 1 4.2
Ex-Yugoslavia & Slovakia 5,816 0.5 1 4.2
France 69,981 5.9 3 12.5
Germany 11,228 0.9 1 4.2Ireland 201,159 17.0 1 4.2
Italy 20,625 1.7 0 0.0
Netherlands 23,162 2.0 1 4.2
NON-Europe 4,696 0.4 2 8.3
Norway 11,776 1.0 1 4.2
Other Europe 10,860 0.9 1 4.2
Romania 9,174 0.8 1 4.2
Spain 41,763 3.5 1 4.2
Sweden 9,351 0.8 2 8.3Switzerland 12,422 1.0 1 4.2
United Kingdom 751,262 63.5 7 29.2
European total 1,183,417 100.0 24 100.0
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CREATING LASTING VALUE EVCA Yearbook 2011 I 33
Europe
Investments - Industry statistics (by country of private equity firm)
All Private Equity
2009 2010
Number of Number of
Amounts in thousands Amount % companies % Amount % companies %
Stage focus
Seed
Start-upLater stage venture
Total venture
Growth
Rescue/Turnaround
Replacement capital
Buyout
Total investment
Sector focus
Agriculture
Business & industrial products
Business & industrial services
Chemicals & materials
Communications
Computer & consumer electronics
Construction
Consumer goods & retail
Consumer services
147,849 0.6 389 7.6 121,607 0.3 365 7.1
2,056,650 8.6 1,814 35.4 1,862,213 4.4 1,713 33.21,920,573 8.0 1,190 23.2 1,769,986 4.2 1,046 20.3
4,125,071 17.2 3,279 66.2 3,753,806 8.8 3,066 60.6
4,501,736 18.7 784 15.3 6,231,592 14.6 1,012 19.6
688,234 2.9 148 2.9 490,711 1.2 127 2.5
1,854,462 7.7 177 3.5 1,896,888 4.5 139 2.7
12,850,599 53.5 621 12.1 30,178,274 70.9 754 14.6
24,020,102 100.0 4,899 100.0 42,551,271 100.0 5,033 100.0
206,800 0.9 40 0.8 213,538 0.5 45 0.9
2,447,253 10.2 614 12.5 3,615,569 8.5 576 11.4
1,964,176 8.2 416 8.5 3,923,611 9.2 473 9.4
653,065 2.7 127 2.6 1,269,099 3.0 147 2.9
3,124,738 13.0 627 12.8 4,686,686 11.0 621 12.3
1,900,259 7.9 832 17.0 3,665,547 8.6 837 16.6
424,739 1.8 73 1.5 525,994 1.2 104 2.1
2,928,962 12.2 386 7.9 8,671,760 20.4 490 9.7
1,795,668 7.5 216 4.4 3,827,769 9.0 254 5.0
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CREATING LASTING VALUE EVCA Yearbook 2011 I 34
Europe
Investments - Industry statistics (by country of private equity firm)
Buyout Deals
2009 2010
Amount Number of Amount Number of
Amounts in thousands (equity value) % companies % (equity value) % companies %
Buyout investment size
Small
Mid-market
Large
Mega
Total buyout
All Private Equity
Number of Number of
Amounts in thousands Amount % companies % Amount % companies %
Investor type
Independent
Captive
Public sector
Total investment
2,436,763 19.0 500 78.0 2,980,582 9.9 520 64.3
6,165,257 48.0 126 19.7 11,671,959 38.7 238 29.4
2,497,154 19.4 11 1.7 8,190,578 27.1 35 4.3
1,751,426 13.6 4 0.6 7,335,155 24.3 16 2.0
12,850,599 100.0 621 100.0 30,178,274 100.0 754 100.0
22,042,240 91.8 4,308 83.6 40,538,532 95.3 4,489 84.6
1,786,389 7.4 575 11.2 1,781,736 4.2 594 11.2
191,473 0.8 268 5.2 231,003 0.5 224 4.2
24,020,102 100.0 4,899 100.0 42,551,271 100.0 5,033 100.0
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CREATING LASTING VALUE EVCA Yearbook 2011 I 36
Europe
5-yeartrend
2008
2009
20
10
5-yeartota
l
mount
%
Amou
nt
%
Amount
%
Amount
%
,390,0
41
94.6
22,7
45,9
47
94.7
40,0
64,0
70
94.2
249,3
52,4
79
94.
3
,508,1
50
70.9
16,5
74,4
90
69.0
31,0
04,0
19
72.9
180,5
74,9
49
68.
3
,881,8
91
23.7
6,1
71,4
57
25.7
9,0
60,0
51
21.3
68,7
77,5
30
26.
0
,952,1
16
5.4
1,2
74,1
55
5.3
2,4
87,2
01
5.8
14,9
78,3
09
5.
7
,342,1
57
100.0
24,
020,1
02
100.
0
42,5
51,2
71
100.
0
264,
330,7
88
100.
0
,305,5
42
11.3
2,4
36,7
63
19.0
2,9
80,5
82
9.9
20,2
24,4
41
10.
7
,149,3
63
45.1
6,1
65,2
57
48.0
11,6
71,9
59
38.7
76,6
64,5
62
40.
5
,664,2
10
17.5
2,4
97,1
54
19.4
8,1
90,5
78
27.1
37,4
45,9
73
19.
8
,928,3
67
26.1
1,7
51,4
26
13.6
7,3
35,1
55
24.3
55,1
01,4
92
29.
1
,047,4
82
100.0
12,
850,5
99
100.
0
30,1
78,2
74
100.
0
189,
436,4
68
100.
0
,102,4
98
92.2
22,0
42,2
40
91.8
40,5
38,5
32
95.3
236,6
21,5
32
89.
5
,119,9
36
7.6
1,7
86,3
89
7.4
1,7
81,7
36
4.2
26,6
31,4
98
10.
1
119,7
22
0.2
191,4
73
0.8
231,0
03
0.5
1,0
77,7
58
0.
4
,342,1
57
100.0
24,
020,1
02
100.
0
42,5
51,2
71
100.
0
264,
330,7
88
100.
0
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CREATING LASTING VALUE EVCA Yearbook 2011 I 37
Europe
ityfirm)
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finland
Amount
Amount
Amount
Amount
Amount
Amoun
t
0
5,9
27
0
0
13,9
26
5,35
0
3,8
52
69,2
75
3,3
28
11,5
78
74,0
87
54,41
6
889
22,6
36
0
0
50,6
81
36,52
1
4,
741
97,
838
3,
328
11,
578
138,
694
96,
28
7
4,5
71
162,7
01
1,2
30
8,3
62
166,1
33
86,86
1
0
13,4
57
0
0
15,7
65
23,06
4
3,2
00
14,0
29
0
0
8,0
77
9,06
3
14,9
06
215,1
36
0
18,1
05
106,9
62
194,28
7
27,4
17
503,
161
4,5
58
38,
045
435,
630
409,5
6
2
0
11,0
00
0
0
0
37,17
4
516
49,9
64
0
0
37,0
63
59,47
5
0
17,3
33
0
0
17,5
54
47,86
7
0
7,5
73
0
5,5
30
3,0
55
7,84
5
4,3
19
11,9
75
2,2
53
10,8
32
89,1
40
25,33
5
1,8
97
32,7
73
1,0
75
0
34,6
23
31,76
4
4,6
00
5,1
87
0
6,1
05
6,7
02
16,49
1
9,4
68
85,3
58
1,2
30
0
29,8
55
15,45
3
0
7,2
00
0
4,0
00
201
11,69
0
1,0
00
32,0
46
0
11,5
78
17,7
62
48,39
3
0
99,0
00
0
0
0
96
0
529
124,5
53
0
0
194,4
95
47,94
1
0
7,6
00
0
0
0
15
0
5,0
88
11,6
00
0
0
5,1
81
59,02
4
0
0
0
0
0
0
27,4
17
503,
161
4,5
58
38,
045
435,
630
409,5
6
2
5,
450
119,
124
3,
328
11,
578
182,
428
45,
31
3
24,9
29
291,6
37
4,5
58
31,9
40
292,5
52
231,45
2
2,4
88
211,5
25
0
6,1
05
143,0
78
178,11
0
27,4
17
503,
161
4,5
58
38,
045
435,
630
409,5
6
2
11,0
15
272,4
70
2,0
00
30,9
10
126,1
11
241,56
7
13,2
32
230,6
92
2,5
58
7,1
35
308,4
94
167,99
5
3,1
71
0
0
0
1,0
24
0
27,4
17
503,
161
4,5
58
38,
045
435,
630
409,5
6
2
20,
482
350,
170
2,
000
36,
440
223,
336
290,
54
7
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CREATING LASTING VALUE EVCA Yearbook 2011 I 38
Europe
ityfirm)
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finland
Amount
Amount
Amount
Amount
Amount
Amoun
t
26,7
28
488,0
10
4,5
58
38,0
45
388,2
50
401,10
7
16,9
56
234,5
96
2,5
58
36,5
13
241,6
72
335,92
0
9,7
73
253,4
14
2,0
00
1,5
32
146,5
78
65,18
7
689
15,1
51
0
0
47,3
79
8,45
5
27,4
17
503,
161
4,5
58
38,
045
435,
630
409,5
6
2
14,9
06
61,5
39
0
18,1
05
36,0
99
99,64
7
0
153,5
97
0
0
70,8
63
94,64
0
0
0
0
0
0
0
0
0
0
0
0
0
14,9
06
215,
136
0
18,
105
106,
962
194,2
8
7
24,1
53
490,8
97
4,5
58
38,0
45
382,2
91
348,70
9
2,2
63
12,2
64
0
0
40,1
99
8,37
6
1,0
02
0
0
0
13,1
41
52,47
7
27,4
17
503,
161
4,5
58
38,
045
435,
630
409,5
6
2
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CREATING LASTING VALUE EVCA Yearbook 2011 I 40
Europe
ityfirm)
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norway
Amount
Amount
Amount
Amount
Amount
Amoun
t
45,2
04
46,1
73
1,0
32,1
72
71,2
52
1,2
47,1
43
966,00
8
41,9
96
19,3
41
1,0
20,7
38
10,5
00
1,0
76,9
91
857,39
5
3,2
08
26,8
32
11,4
34
60,7
52
170,1
52
108,61
2
0
1,8
82
1,6
00
12,8
93
53,2
84
4,25
7
45,2
04
48,
055
1,
033,7
72
84,
145
1,
300,
427
970,2
6
5
17,1
99
0
111,6
79
34,3
45
116,8
87
62,77
6
0
15,0
24
353,7
98
0
591,5
86
347,65
0
0
0
163,3
77
0
0
262,45
0
0
0
0
0
0
0
17,1
99
15,
024
628,8
54
34,
345
708,
473
672,8
7
7
45,2
04
47,2
10
1,0
33,3
97
84,1
45
1,0
00,8
21
914,10
1
0
80
375
0
286,6
06
15,21
9
0
766
0
0
13,0
00
40,94
4
45,2
04
48,
055
1,
033,7
72
84,
145
1,
300,
427
970,2
6
5
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CREATING LASTING VALUE EVCA Yearbook 2011 I 42
Europe
uityfirm)
Spain
Sweden
Switzerland
Ukraine
UK
OtherCE
E*
Amount
Amount
Amount
Amount
Amount
Amoun
t
2,4
52,2
90
3,0
50,5
59
1,4
48,4
41
94,2
86
17,0
38,2
46
3,35
5
2,4
45,5
75
2,1
76,5
41
922,2
30
94,2
86
11,7
21,8
78
3,35
5
6,7
15
874,0
18
526,2
11
0
5,3
16,3
69
0
17,8
51
43,5
30
61,3
28
0
2,0
00,9
59
0
2,
470,1
41
3,0
94,
089
1,
509,7
69
94,
286
19,
039,
206
3,3
5
5
101,2
39
199,1
86
8,8
70
3,1
16
721,2
16
3,05
5
348,5
29
1,0
10,4
09
212,6
37
0
4,8
83,3
31
0
793,6
19
718,7
84
474,9
88
0
4,6
12,2
96
0
633,0
00
366,6
55
499,7
07
0
4,3
63,7
32
0
1,
876,3
87
2,2
95,
034
1,
196,2
03
3,
116
14,
580,
576
3,0
5
5
2,2
94,6
00
2,9
69,1
78
1,4
61,7
95
94,2
86
18,5
84,6
19
3,35
5
150,4
08
66,7
33
47,9
74
0
454,5
87
0
25,1
33
58,1
78
0
0
0
0
2,
470,1
41
3,0
94,
089
1,
509,7
69
94,
286
19,
039,
206
3,3
5
5
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CREATING LASTING VALUE EVCA Yearbook 2011 I 44
Europe
uityfirm)
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finlan
d
Number
Number
Number
Number
Number
Numbe
r
23
133
6
9
115
22
3
20
89
5
8
85
20
8
3
44
1
1
30
1
5
3
8
0
0
22
4
26
141
6
9
137
22
7
3
14
0
5
6
2
5
0
5
0
0
1
4
0
0
0
0
0
0
0
0
0
0
0
0
3
19
0
5
7
2
8
14
138
6
9
99
20
6
10
3
0
0
20
9
2
0
0
0
26
2
3
26
141
6
9
137
22
7
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CREATING LASTING VALUE EVCA Yearbook 2011 I 45
Europe
uityfirm)
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norwa
y
Number
Number
Number
Number
Number
Numbe
r
1
4
1
0
2
1
3
7
40
36
21
130
9
2
3
9
8
1
52
3
3
11
53
45
22
184
13
2
4
2
42
2
57
9
0
3
12
0
10
7
0
0
6
0
30
6
2
1
26
3
34
1
4
17
58
129
27
310
16
7
0
0
1
0
5
5
1
1
8
1
21
1
3
1
1
11
0
23
6
1
1
6
0
16
4
3
9
11
7
24
1
8
2
23
5
6
54
3
2
0
0
8
0
5
1
1
0
27
4
29
2
0
2
14
1
19
2
0
3
7
1
13
4
9
2
0
1
1
5
4
4
17
15
6
87
2
6
0
0
0
0
1
0
2
1
7
0
6
4
0
0
8
0
2
1
17
58
129
27
310
16
7
5
47
28
19
88
8
1
17
9
88
13
215
8
5
1
52
43
15
100
10
2
17
58
129
27
310
16
7
13
22
54
7
119
4
4
4
39
76
21
192
12
8
0
0
0
0
6
5
17
58
129
27
310
16
7
13
25
71
11
150
6
2
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CREATING LASTING VALUE EVCA Yearbook 2011 I 46
Europe
uityfirm)
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norwa
y
Number
Number
Number
Number
Number
Numbe
r
17
56
128
20
294
16
3
16
45
123
1
249
15
0
1
11
5
19
45
1
3
0
2
1
7
16
4
17
58
129
27
310
16
7
2
0
15
3
22
6
0
1
11
0
13
9
0
0
1
0
0
1
0
0
0
0
0
0
2
1
26
3
34
1
4
17
55
129
27
216
14
8
0
1
1
0
62
1
8
0
5
0
0
39
1
9
17
58
129
27
310
16
7
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CREATING LASTING VALUE EVCA Yearbook 2011 I 47
Europe
uityfirm)
Spain
Sweden
Switzerland
Ukraine
UK
OtherCE
E*
Number
Number
Number
Number
Number
Numbe
r
8
10
21
0
16
0
43
255
71
0
201
1
35
57
40
0
169
0
86
312
131
0
382
1
42
54
8
7
192
0
2
2
4
0
12
0
6
5
3
0
31
0
24
53
9
1
202
1
159
425
155
8
804
2
4
3
0
1
1
0
23
40
13
0
50
1
9
15
3
0
72
0
4
12
4
0
22
0
31
46
27
1
128
0
16
83
30
0
164
1
2
6
1
0
7
0
16
27
8
3
70
0
13
14
0
0
55
0
6
40
15
0
53
0
1
7
0
3
30
0
26
122
54
0
128
0
2
0
0
0
3
0
6
5
0
0
20
0
0
5
0
0
1
0
159
425
155
8
804
2
29
111
80
0
216
1
109
279
58
5
469
2
50
163
102
3
350
0
159
425
155
8
804
2
92
149
52
5
297
2
71
283
103
4
523
0
0
5
0
0
2
0
159
425
155
8
804
2
111
178
83
6
442
2
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CREATING LASTING VALUE EVCA Yearbook 2011 I 48
Europe
uityfirm)
Spain
Sweden
Switzerland
Ukraine
UK
OtherCE
E*
Number
Number
Number
Number
Number
Numbe
r
152
411
124
8
752
2
146
366
68
8
613
2
6
45
56
0
139
0
7
14
31
0
52
0
159
425
155
8
804
2
13
31
4
1
106
1
9
19
4
0
82
0
3
4
2
0
20
0
1
1
1
0
10
0
24
53
9
1
202
1
137
364
120
8
755
2
16
42
46
0
72
0
12
41
0
0
0
0
159
425
155
8
804
2
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CREATING LASTING VALUE EVCA Yearbook 2011 I 49
Europe
Investments - Europe - Market statistics (by country of portfolio company)
All Private Equity2009 2010
Number of Number of
Amounts in thousands Amount % companies % Amount % companies %
Stage focus
Seed
Start-up
Later stage venture
Total venture
Growth
Rescue/Turnaround
Replacement capital
Buyout
Total investment
Sector focus
AgricultureBusiness & industrial products
Business & industrial services
Chemicals & materials
Communications
Computer & consumer electronics
Construction
Consumer goods & retail
Consumer services
139,383 0.6 381 7.8 111,308 0.3 359 7.3
1,862,169 8.0 1,704 34.7 1,730,420 4.2 1,610 32.6
1,795,672 7.7 1,121 22.8 1,671,937 4.1 973 19.7
3,797,224 16.3 3,100 65.3 3,513,664 8.5 2,885 59.6
4,488,503 19.3 770 15.7 6,366,528 15.4 984 19.9
687,412 3.0 147 3.0 490,711 1.2 127 2.6
2,005,892 8.6 175 3.6 1,734,743 4.2 132 2.7
12,266,870 52.8 612 12.5 29,126,285 70.6 751 15.2
23,245,901 100.0 4,696 100.0 41,231,931 100.0 4,816 100.0
94,136 0.4 35 0.7 205,327 0.5 43 0.92,512,850 10.8 610 13.0 4,098,468 9.9 566 11.8
1,984,489 8.5 414 8.8 3,426,614 8.3 470 9.8
619,822 2.7 119 2.5 995,703 2.4 137 2.8
2,707,497 11.6 600 12.8 4,479,305 10.9 587 12.2
2,007,877 8.6 797 17.0 3,764,322 9.1 796 16.5
424,739 1.8 73 1.6 525,994 1.3 104 2.2
2,919,360 12.6 383 8.2 8,060,766 19.5 484 10.0
1,825,503 7.9 215 4.6 3,871,631 9.4 251 5.2
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CREATING LASTING VALUE EVCA Yearbook 2011 I 50
Europe
mpany)
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finlan
d
Amount
Amount
Amount
Amount
Amount
Amoun
t
786
4,8
33
0
0
10,2
50
5,35
0
3,6
85
59,8
60
1,3
28
13,1
39
29,7
42
61,45
3
732
14,9
39
0
9,9
10
29,4
33
31,53
5
5,
203
79,
632
1,
328
23,
048
69,
426
98,
33
8
17,0
05
178,5
84
80,9
10
145,0
17
119,2
91
229,23
7
1,5
00
10,8
81
0
0
15,7
65
20,06
4
3,2
00
42,7
54
0
0
65,3
65
18,98
8
5,4
38
626,5
12
0
25,1
46
115,8
12
219,91
1
32,3
46
938,
363
82,2
38
193,
211
385,
657
586,5
3
8
5,9
24
0
320
0
0
14,70
0
516
41,3
89
0
312
40,9
84
63,47
5
0
31,0
28
0
3,1
95
16,5
23
55,18
1
0
75,0
19
0
5,5
30
2,8
68
30
0
3,9
86
153,0
00
4,6
13
19,2
10
140,6
90
175,34
1
8,5
33
27,9
68
1,0
75
79,4
35
26,8
47
35,18
4
4,6
00
5,1
87
0
6,1
05
63,9
90
24,35
2
0
462,8
87
1,2
30
3,8
46
31,8
42
28,65
5
1,5
00
7,2
00
0
4,0
00
201
11,69
0
1,6
70
39,5
21
0
71,5
78
7,0
95
18,98
2
0
50,0
00
0
0
0
96
0
529
24,8
72
75,0
00
0
49,4
37
98,54
4
0
7,6
00
0
0
0
15
0
5,0
88
12,6
91
0
0
5,1
81
59,02
4
0
0
0
0
0
0
32,3
46
938,
363
82,2
38
193,
211
385,
657
586,5
3
8
5,
459
105,
085
1,
328
13,
139
80,
632
41,
34
7
29,2
59
347,3
16
82,2
38
175,6
36
332,7
15
437,97
5
3,0
87
591,0
47
0
17,5
75
52,9
42
148,56
3
32,3
46
938,
363
82,2
38
193,
211
385,
657
586,5
3
8
24,0
86
281,4
82
75,0
00
171,0
99
189,0
80
249,47
4
5,0
89
656,8
81
7,2
38
22,1
12
196,4
38
337,06
4
3,1
71
0
0
0
139
0
32,3
46
938,
363
82,2
38
193,
211
385,
657
586,5
3
8
24,
086
731,
193
75,
000
181,
629
209,
415
275,
69
4
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CREATING LASTING VALUE EVCA Yearbook 2011 I 53
Europe
mpany)
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finlan
d
Amount
Amount
Amount
Amount
Amount
Amoun
t
5,4
38
43,9
94
0
25,1
46
44,9
49
120,09
6
0
182,5
18
0
0
70,8
63
99,81
5
0
400,0
00
0
0
0
0
0
0
0
0
0
0
5,4
38
626,
512
0
25,
146
115,
812
219,9
11
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norwa
y
Amount
Amount
Amount
Amount
Amount
Amoun
t
17,1
99
0
129,1
91
10,5
00
151,5
83
87,39
6
23,0
50
200,6
62
663,4
47
72,7
00
893,4
31
505,47
0
0
0
328,5
98
0
0
455,23
8
0
0
0
0
305,5
38
562,39
2
40,2
49
200,
662
1,
121,2
35
83,
200
1,
350,
552
1,6
10,4
96
Spain
Sweden
Switzerland
Ukraine
UK
OtherCE
E*
Amount
Amount
Amount
Amount
Amount
Amoun
t
108,6
71
171,9
00
18,2
01
3,1
16
637,8
72
15,25
5
363,5
29
986,8
35
139,3
60
0
3,0
86,6
10
0
992,6
19
578,1
46
283,1
43
0
2,8
00,6
49
0
633,0
00
366,6
55
499,7
07
0
3,1
07,9
10
0
2,
097,8
19
2,1
03,
536
940,4
11
3,
116
9,
633,
040
15,2
55
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CREATING LASTING VALUE EVCA Yearbook 2011 I 54
Europe
mpany)
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finlan
d
Number
Number
Number
Number
Number
Number
1
4
0
0
15
20
13
37
3
2
36
117
2
7
0
1
21
17
16
48
3
3
67
153
6
33
5
5
13
31
1
6
0
0
5
11
1
7
0
0
2
3
2
16
0
7
10
29
26
105
8
15
97
224
2
0
1
0
0
2
2
11
0
1
6
46
0
4
0
1
2
16
0
9
0
1
2
1
5
16
3
4
12
18
8
22
1
2
16
52
2
2
0
2
3
8
0
15
2
1
12
12
1
2
0
1
1
8
2
10
0
2
9
14
0
1
0
0
0
2
3
9
1
0
33
39
0
2
0
0
0
1
1
2
0
0
1
5
0
0
0
0
0
0
26
105
8
15
97
224
12
36
3
2
51
82
17
68
8
11
80
145
9
41
0
4
27
97
26
105
8
15
97
224
15
36
1
8
26
70
9
70
7
7
74
160
2
0
0
0
2
0
26
105
8
15
97
224
15
48
1
10
35
80
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CREATING LASTING VALUE EVCA Yearbook 2011 I 55
Europe
mpany)
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norwa
y
Number
Number
Number
Number
Number
Number
1
4
1
0
3
13
7
38
34
1
105
83
3
11
12
1
44
31
11
52
47
2
152
121
3
1
43
5
54
10
0
2
12
0
10
7
0
2
6
0
28
6
3
3
31
2
44
20
17
60
137
9
281
163
0
0
1
0
5
5
1
1
10
0
22
13
1
1
11
1
22
6
1
1
7
0
14
5
2
12
11
2
26
17
2
26
6
0
55
30
0
0
8
1
5
1
1
1
28
1
29
5
0
2
14
0
20
2
0
3
8
0
13
47
3
1
1
3
6
3
4
12
17
1
54
24
0
0
0
0
1
0
2
0
7
0
7
4
0
0
8
0
2
1
17
60
137
9
281
163
4
40
26
1
75
72
17
21
96
5
216
87
1
44
44
5
72
95
17
60
137
9
281
163
14
19
60
2
111
48
3
42
78
7
176
120
0
0
0
0
2
5
17
60
137
9
281
163
14
27
75
4
141
70
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CREATING LASTING VALUE EVCA Yearbook 2011 I 56
Europe
mpany)
Spain
Sweden
Switzerland
Ukraine
UK
OtherCE
E*
Number
Number
Number
Number
Number
Number
8
9
18
0
14
0
42
241
40
0
177
1
35
54
15
0
136
1
84
293
72
0
323
2
40
46
13
8
167
2
2
2
5
0
10
0
10
3
2
0
18
1
27
48
8
1
167
2
160
390
100
9
670
7
4
3
0
1
0
0
23
38
12
0
37
1
8
14
4
0
70
0
4
12
2
0
16
1
30
47
12
1
103
2
20
81
20
0
129
1
2
4
0
0
7
0
15
20
7
3
60
1
12
14
1
0
50
0
6
37
4
0
48
0
1
5
0
4
28
1
26
105
38
0
103
0
2
0
0
0
2
0
7
5
0
0
16
0
0
5
0
0
1
0
160
390
100
9
670
7
30
109
52
0
167
2
111
258
57
6
423
5
53
151
50
3
264
2
160
390
100
9
670
7
89
132
40
5
272
4
75
268
62
5
414
3
0
5
0
0
3
0
160
390
100
9
670
7
109
168
57
6
389
5
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CREATING LASTING VALUE EVCA Yearbook 2011 I 57
Europe
mpany)
Baltics
Belgium
Bulgaria
CzechRep.
Denmark
Finlan
d
Number
Number
Number
Number
Number
Number
2
13
0
7
9
26
0
3
0
0
1
4
0
1
0
0
0
0
0
0
0
0
0
0
2
16
0
7
10
29
Hungary
Ireland
Italy
Luxembourg
Netherlands
Norwa
y
Number
Number
Number
Number
Number
Number
2
0
17
1
29
8
1
3
14
2
15
12
0
0
2
0
0
2
0
0
0
0
1
1
3
3
31
2
44
20
Spain
Sweden
Switzerland
Ukraine
UK
OtherCE
E*
Number
Number
Number
Number
Number
Number
16
30
3
1
93
2
10
17
4
0
63
0
4
2
1
0
13
0
1
1
1
0
7
0
27
48
8
1
167
2
T bl f C t t P i t
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CREATING LASTING VALUE EVCA Yearbook 2011 I 58
Investments - Europe - Market statistics (by country of portfolio company)
Venture Deals
2009 2010
Number of Number of
Amounts in thousands Amount % companies % Amount % companies %
Sector focus
Agriculture
Business & industrial products
Business & industrial servicesChemicals & materials
Communications
Computer & consumer electronics
Construction
Consumer goods & retail
Consumer services
Energy & environment
Financial services
Life sciencesReal estate
Transportation
Unknown
Total investment
Subtotal high-tech
19,794 0.5 20 0.6 14,975 0.4 18 0.6
275,709 7.3 313 10.1 256,142 7.3 290 10.1
105,328 2.8 228 7.4 124,370 3.5 245 8.5
72,922 1.9 79 2.5 88,671 2.5 85 2.9
658,454 17.3 458 14.8 528,278 15.0 420 14.6
698,224 18.4 659 21.3 711,789 20.3 614 21.3
13,257 0.3 28 0.9 23,467 0.7 24 0.8
200,050 5.3 157 5.1 142,911 4.1 145 5.0
118,324 3.1 88 2.8 94,687 2.7 97 3.4
453,731 11.9 238 7.7 377,385 10.7 224 7.8
34,720 0.9 26 0.8 40,354 1.1 23 0.8
1,066,608 28.1 673 21.7 1,055,664 30.0 651 22.66,589 0.2 9 0.3 12,024 0.3 8 0.3
22,793 0.6 32 1.0 39,855 1.1 29 1.0
50,723 1.3 92 3.0 3,093 0.1 12 0.4
3,797,224 100.0 3,100 100.0 3,513,664 100.0 2,885 100.0
1,688,600 44.5 1,065 34.4 1,658,581 47.2 1,008 34.9
Buyout & Growth Deals
Europe
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CREATING LASTI