january 25 th, 2010. caixa capital is the private equity/venture capital industry leader and part of...

Sociedade de Capital de Risco, SA

January 25th, 2010



Caixa Capital is the Private Equity/Venture Capital industry leader and part of Portugal’s largest financial group.

• State owned • Portugal’s largest financial group (Banking & Insurance)• Long-term debt risk rating of AA- by Fitch, Aa2 by Moody’s and A+ by S&P

• Investment banking arm• Ranked “Best Investment Bank in Portugal” by Euromoney (2007 and 2008)

• The CGD Group’s Private Equity/Venture Capital (PE/VC) arm• Industry leader with Assets under Management of € 515 million and 36 portfolio

companies

Source: 2007 CMVM (Portuguese Securities and Exchange Commission) Report (latest available as of September 2009)

Market Position



Providing necessary capital and financing to support strategic initiatives aimed at creating competitive advantages in participated companies.

Core Business 2009 Future

Caixa Desenvolvimento• Generalist SPV

• Net assets: € 29 million

CGD Group Fund

• Generalist Fund


Renewable Energies Fund• Renewable Energies Fund

• Net assets: €53 million

Caixa Empreender+ VC Fund• Innovation and Entrepreneurship


Caixa Mezzanine PE Fund• SMEs


Fund of PE/VC Funds

Golden Assets

Clean Tech…

Private Equity Venture Capital Mezzanine New Initiatives

• Sponsor entrepreneurship, M&A, growth and internationalisation

• Expanding offering and presence in complementary business segments

• Target of € 1 billion Assets under Management in the medium term

Corporate Strategy

Promotion of competitive advantages

Corporate Strategy


Executive Board Board of Directors Investment Committee

Deal Teams Portfolio Team

• Alcides Aguiar (Chairman)• Vasco d’Orey• + Members of the Executive Board

• Faria de Oliveira (CGD Chairman)• Francisco Bandeira (CGD V. Pres.)• Jorge Tomé (CGD Board Member)• + Members of the Board of Directors

• Alfredo Antas Teles (CEO)• José Manuel Carrilho• José Furtado

• Carlos Cruz • Hugo Silva

Support Services

Governance structure consists of 3 levels with clearly defined responsibilities for each functional area.

• Walter Palma• Pedro Rangel

Private Equity Venture Capital Mezzanine

Governance Structure


Fund Portfolio

CGD (100%)CGD (100%)CaixaBI (91%)

FEI CG En.Renov. (9%)CGD (100%)Fund Participants

Up to 20%Up to 30%Up to 25%Up to 25%Equity Component

CGD Group FundRenewable Energy

FundCaixa

Empreender+ VC Fund

Caixa Mezzanine PE Fund

Focus

• All sectors• Expansion and

business development

Renewable energy producers

Early stage investments

• Medium-sized enterprizes

• Growth

Launch Date 1995 2005 March 2009 June 2009

Capital 340 M€ 50M€ 25M€ 100 M€

Avg. Investment Amount

> 10M€ > 5M€ 50k€ - 1M€ 3M€ - 5M€

Avg. Holding Period

4 - 6 years 4- 8 years 3 – 5 years 5 – 7 years


The Caixa Empreender+ VC Fund is dedicated towards financing emerging and recently created businesses (early stage investments), with a particular emphasis on knowledge-based and applied technology companies.

Capital

Term

Fund Participants

Investment Policy

€ 25 million

10 years

Currently 100% held by Caixa Geral Depósitos, but with the possibility of being opened up to other investors

Investment Amount : 20k€ - 1M€

Holding Period : 3-5 years

Equity Component : up to 30%

Investment Selection Criteria:

• Portuguese origin

• Global reach

• Satisfaction of a clear market need in an original and innovative manner

• Motivated and competent management team

Fund Overview


Origination Investment Monitoring Exit

• Caixa Empreender+ Challenge

• Business Angel Side-car

• Corporate Venturing Partnering

• Specialized Funds

• Individual investments

• Investment syndicates

• Investments in specialized funds

“Coaching & Control”:

• Management reporting systems

• Interim executives / Controller

• Partnerships w/ BA’s

• Specialized Funds

• Trade Sale / M&A

• IPO

• MBO

• Liquidation

Activities


Seed Start-up Follow-on

Early Stage Investment Phases

Caixa Empreender+ Challenge

Corporate Venturing Partners

Specialized Funds

Business Angels Side-CarOrigination

Sources

Deal Flow


• Public Agencies (ex. INPI, AdI, IAPMEI)

• Technology Tranfer Accelerators (ex. Cotec)

• Business Angel Networks (FNABA, APBA)

• Universities

• Other VC Operators

• Corporate Venturing Units (ex. Critical Software)

Strategic Partnerships


The Caixa Empreender+ Challenge

Objectives

• Promote the regular flow of investment opportunities in an efficient and effective manner;

• Stimulate the entrepreneurial spirit of young entrepreneurs and qualified managers, through the provision of start-up and development capital at reasonable terms;

• Strengthen the CGD Group’s institutional presence within innovation and entrepreneurship community.


The Caixa Empreender+ Challenge

GO

NOGO

10 days + 20 days + 90 – 120 days

Opportunity Screening and Investment Process

Proposal Gathering Opportunity Screening Due Diligence and Deal Structuring

Gathering of project summary proposals from CE+ mini-site

Pre-screening byCaixa Capital’s analyst team

Reply letter to promotor(s)

communicating CxCap’s decision

Presentation of detailed business plan

Due diligenceMOU

Submission of investment proposal

INVESTMENT DECISION


Origin

0

5

10

15

20

25

30

35

40

CE+ Challenge Spontaneous Referenced Co-Investment

# of

pro

ject

s

13

Total =100 projects (2009)

Current Status

31

22

34

13


Status

0

10

20

30

40

50

60

70

Not accepted Opportunities Under analysis To be realized Realized

# of

pro

ject

s

69

1410

5 2

Current Status


15

Current Status

Sector Distribution of Projects under Analysis

Agricultural/Food5%

Retail9%

Manufacturing3%Services

25%

IT/Communications32%

Financial3%

Cleantech15%

Biotech/Health11%


By Deal Type

0

10

20

30

40

50

60

Seed Start-up Follow-on Expansion Reestructuring Funds

# of

pro

ject

s

16

11

55

10 11

2

11

Current Status

january 25 th, 2010. caixa capital is the private equity/venture capital industry leader and part of...

Documents

fund portfolio cgd

caixa capital

entrepreneurship net

necessary capital

investors investment

caixa geral depsitos

market position slide

years equity component