The Italian Private Equity Market: 2013 Data and Performances

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AIFI
The Italian Private Equity Market:
2013 Data and Performances
Anna Gervasoni, General Manager, AIFI
Francesco Giordano, Partner, PwC Transaction Services
Zurich, 3 April 2014
2013 data
Fundraising
Investment activity
Total: 4,047 mln Euro
3,430 mln Euro
(+199% on 2012 data)
Market: 623 mln Euro
(-34% on 2012 data)
11 players
(+6% on 2012 data)
368 investments
(+5% on 2012 data)
Divestment activity
Performance
1,933 mln Euro
Gross IRR 18.2%
141 exits
10YR net IRR 6.6%
(+23% on 2012 data)
(+32% on 2012 data)
(6.2% in 2012)
(4.6% in 2012)
AIFI
2
Different type of players in the Italian market
171 monitored players
Banks
3.5%
Regional/
Early public pl.
7.6%
stage
players
8.8%
EuVECA
Active players
100%
International
players
32.7%
SGR and investment
companies
47.7%
80%
AIFM
59
72
111
116
2009
2010
46
64
54
60%
40%
20%
125
99
117
0%
2011
2012
2013
Opt-in
PLAYERS
AIFI
3
Fundraising activity remains difficult
Amount invested by pan European players based in Italy
5000
4500
Captive
Institutional (market)
Total market
(market+institutional)
Market
4,740
4000
Euro Mln
3500
3,036
3000
2500
2000
2,147
2,080
1,937
2 Euro Bn can be
invested in Italy*
1500
1,903
1000
500
785
695
0
2009
FUNDRAISING
2010
2013 final closing
of pan European
players active in
Italy: 30 Euro Bn
2011
947
2012
623
2013
AIFI
* Estimate based on the actual composition of portfolios of the pan European players that reached a final closing in 2013
Source: Preqin, Unquote, players’ institutional websites
4
Funds of funds the first source of capital in 2013
Market fundraising
2009
2010
2011
2012
2013
400
Euro Mln
300
200
100
Funds of
funds
FUNDRAISING ACTIVITY
Pension
funds
Insurance
comp.
Individual
inv.
Banks
Public sector Endow. and
found.
Industrial
groups
Other
AIFI
5
Amount invested in Italy raised at 7% CAGR in last 5 years
FY09-FY13 PE Italian investments
N° of investments
3,583
3500
3000
Euro Mln
349
3,230
283
292
2,615
277
281
250
226
II° Sem.
1500
350
300
256
229
400
368
3,430
326
2,461
2500
2000
N° of companies
200
II° Sem.
II° Sem.
II° Sem.
II° Sem.
150
1000
100
500
I° Sem.
I° Sem.
I° Sem.
I° Sem.
I° Sem.
0
Avg ticket
Number
Total amount
4000
50
0
FY09
FY10
FY11
FY12
€9m
€8m
€11m
€9m
INVESTMENT ACTIVITY
FY13
€9m
AIFI
6
Buy outs accounted for 63% of total 2013 investments
Buy out
Expansion
Replacement
Seed/Start up
€3,583m
559
106 deals
12 deals
681
145 deals
Euro Mln
82
€2,615m
98
42
79 deals
9 deals
787
123 deals
€2,461m
89
91
106 deals
7 deals
634
123 deals
2,261
1,688
72 deals
2009
INVESTMENT ACTIVITY
1,647
2010
56 deals
2011
63 deals
€3,230m
135
90
937
2,069
2012
136 deals
10 deals
€3,430m
81
281
158 deals
17 deals
917
143 deals
138 deals
65 deals
2,151
50 deals
2013
AIFI
7
The majority of 2013 investments were made by local PE
Foreign PE not based in Italy
Pan European PE based in Italy
€3,583m
€3,430m
€3,230m
Euro Mln
€2,461m
787
825
849
1,737
302 deals
1,904
271 deals
5 deals
16 deals
2010
INVESTMENT ACTIVITY
747
1,099
2011
Italian PE
329 deals
2,064
344 deals
8 deals
16 deals
744
3 deals
693
9 deals
582
17 deals
673
15 deals
2012
2013
AIFI
8
2013 global results show signals of recovery in investments
2013 investments trend in Spain
and Germany
International market – Investments trend
35
140
+6.4% of investments in
2013 vs PY
120
25
80
20
60
15
40
10
20
5
Aggregate Deal Value ($bn)
No. of Deals
100
462
transactions for
1,701 Euro Mln
(-33% vs PY)
30
86 transactions
for 4,678 Euro
Mln
(-29% vs PY)
0
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2006
2007
2008
2009
No. of Deals
2010
2011
2012
2013
Aggregate Deal Value ($bn)
INVESTMENT ACTIVITY
AIFI
Source: Preqin, ASCRI, BVK
9
FY09-FY13 Italian divestments CAGR is slightly positive
FY09-FY13 PE Italian divestments
3500
3,180
143
3000
123
Euro Mln
2500
2000
N° of divestments
108
112
N° of companies
CAGR FY09FY13 +1.5%
160
139
121
107
1,569
140
119
120
1,933
89
1,821
141
+23%
80
1500
60
977
1000
100
Number
Total amount
40
500
20
0
FY09
DIVESTMENT ACTIVITY
FY10
FY11
FY12
FY13
AIFI
10
The European markets show a positive trend for divestments
Write-off
IPO/Sale after IPO
Trade sale
Sale to other financial investors
Euro Mln
Other
+23%
520
18 deals
424
17 deals
286
200
101
50 deals
7 deals
15 deals
2012
DIVESTMENT ACTIVITY
237
2013 divestments trend in Spain
and Germany
22 deals
512
25 deals
523
68 deals
245
11 deals
186
15 deals
268 transactions
for 1,451 Euro Mln
(+52% vs PY)
879 transactions
for 5,734 Euro Mln
(+144% vs PY)
2013
AIFI
11
PE/VC continue to have a positive impact on the Italian
economy
Italian GDP vs companies held by PE
12.0%
The Revenue growth of PE
backed companies was
significantly higher than the
Italian Gross Domestic Product
(GDP) growth.
avg CAGR %
10.0%
9.2%
8.0%
6.0%
4.0%
1.7%
2.0%
0.0%
2003
2004
2005
Italian GDP
2006
2007
2008
2009
2010
2011
2012
Companies held by PE houses
Italian employment rate vs companies held by PE
7.0%
5.0%
Over the period 2003-2012 the
Employment growth rate in PE
backed companies was higher
compared to the Italian
employment growth rate.
avg CAGR %
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
-0.2%
0.0%
(1.0%)
2003
2004
2005
Italian employment rate
ECONOMIC IMPACT
2006
2007
2008
2009
2010
2011
2012
Employment rate (Companies held by PE )
AIFI
Source: ISTAT, AIFI and PwC analysis
12
PE/VC backed companies outperformed similar sized
companies
Comparative annual revenue growth 2003-2012
Comparative annual EBITDA growth 2003-2012
Average CAGR %
Average CAGR %
Venture
Capital
+7,6%
11.7%
1,5%
4.1%
Benchmark (*)
Venture Capital companies
- 0,1%
Benchmark (*)
1,4%
Venture Capital companies
Comparative annual revenue growth 2003-2012
Comparative annual EBITDA growth 2003-2012
Average CAGR %
Average CAGR %
+2,6%
Buy out
+10,2%
6.3%
10.9%
3.7%
0.7%
Benchmark (*)
ECONOMIC IMPACT
Buy-out companies
Benchmark (*)
Buy-out companies
AIFI
(*) the selected benchmark for comparison was extrapolated from the information included in “Dati cumulativi di 2.035 società
italiane”, a survey compiled by Mediobanca’s Research Department
13
Evolution of Italian PE performances
Total cash out and gross pooled “from inception” IRR
Total Cash Out
2500
2000
24.7%
40%
29.2%
30%
18.9%
17.8%
18.2%
1000
12.6%
500
10%
6.2%
0%
0
-500
-1000
PERFORMANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
-11.4%
-16.6%
20%
2012
IRR
Euro Mln
1500
25.1%
28.5%
IRR
2013
-10%
-20%
AIFI
14
Net pooled IRR: Italian and European data
10YR net pooled IRR
IRR
netto Italia
Italy
IRR
netto Europa
Europe
17.0%
13.5%
11.9%
10.4%
12.5%
11.4%
13.2%
10.3%
14.1%
11.8%
11.5%
8.8%
9.3%
7.3%
8.0%
2004
2005
2006
2007
2008
2009
8.1%
6.6%
4.6%
5.1%
2003
8.0%
2010
5.6%
2011
2012
PERFORMANCE
2013
AIFI
Note: 2013 performance figures related to the European market are not yet available
Source: EVCA
15
AIFI
The Italian Private Equity Market:
2013 Data and Performances
Anna Gervasoni, General Manager, AIFI
Francesco Giordano, Partner, PwC Transaction Services
Zurich, 3 April 2014
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