Yearbook 2012
Activity Data on Fundraising, Investments and Divestments by
Private Equity and Venture Capital Firms in Europe
9 May, 2012
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Acknowledgements and Disclaimer
| 2
Acknowledgements
We are very grateful for the generous support by General Partners representing Private Equity and Venture Capital firms across Europe who are
directly submitting their activity data to our survey. Without their commitment providing comprehensive and verified pan-European statistics
would not be possible.
We also thank all regional and national private equity associations that collect their activity data via PEREP_Analytics, the pan-European statistics
platform, making it the most comprehensive European private equity database: APCRI (Portugal), AVCO (Austria), BVA (Belgium), BVK (Germany),
CVCA (Croatia), CVCA (the Czech Republic), DVCA (Denmark), EstVCA (Estonia), EVCA (Europe), FVCA (Finland), HVCA (Hungary), IVCA (Ireland),
LTVCA (Lithuania), NVCA (Norway), NVP (the Netherlands), PPEA (Poland), SECA (Switzerland), SEEPEA (South Eastern Europe), SLOVCA
(Slovakia), SVCA (Sweden). PEREP has collected data directly from associations’ members and participants in the other countries in Europe.
Version
Presentation as of 9/5/2012

Disclaimer
The information contained in this report has been produced by EVCA, based on PEREP_Analytics data and third parties information. While the
EVCA has made every effort to ensure the reliability of the data included in this report, EVCA can not guarantee the accuracy of the information
collected and presented. Therefore, EVCA cannot accept responsibility for any decision made or action taken based upon this report or the
information provided herein.


YearBook 2011
| Creating lasting value
Yearbook 2012
Overview - Fundraising, Investments & Divestments
| 4
2000–2011 - Industry statistics - Amount
48
40
28
27
27
72
112
80
80
18
22
40
35
24
28
29
37
47
71
72
54
24
43
46

• The funds included in the statistics are: private equity funds making direct private equity investments,
mezzanine private equity funds, co-investment funds, rescue/turnaround funds.
• The following funds are excluded from the statistics: infrastructure funds, real estate funds, distress debt
funds, primary funds-of-funds, secondary funds-of-funds.
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Glossary – Fundraising
| 6
Fund stage focus:
• Early-stage fund: A venture capital fund focused on investing in
companies in the early stages of their lives
• Later-stage fund: A venture capital fund focused on investing in
later-stage companies in need of expansion capital
• Balanced fund: A venture capital fund focused on both early-stage
and development, with no particular concentration on either
• Growth fund: Funds whose strategy is to invest in or acquire
relatively mature companies that are looking for capital to expand
or restructure operations
• Buyout fund: A fund whose strategy is to acquire other businesses
• Mezzanine fund: A fund that provides (generally subordinated) debt
to facilitate the financing of buyouts, frequently alongside a right to
some of the equity upside
• Generalist fund: a funds with either a stated focus of investing in
all stages of private equity investment, or with a broad area of
investment activity
Type of investors:
• Corporate investor: Corporations that produce products

| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
3.6
1.4
3.4
1.6
4.9
6.2
2.3
1.5
2.5
3.0
1.5
3.7
1.5
0.5
1.5
1.0
0.5
2.5
1.0
0.6
1.5
2.5
1.1
1.7
1.9

10
20
30
40
50
60
Buyout
€ billion
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
2.4
0.6
1.9
1.4
4.7
2.5
1.5
0.9
1.3
2.5
0.5
2.2
1.1
0.4
0.7
0.6
1.2

53.4
59.2
9.4
13.3
18.5
0
10
20
30
40
50
60
Buyout
€ billion
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Venture funds raised by type of investors
| 9
2007-2011 - Incremental amount raised during the year - % of total amount Source: EVCA / PEREP Analytics
8.2
6.2
3.4
3.2
4.8

Yearbook 2012
Fundraising
Buyout funds* raised by type of investors
| 10
2007-2011 - Incremental amount raised during the year - % of total amount Source: EVCA / PEREP Analytics
64.7
69.9
11.8
17.0
33.2
0
50
100
2007 2008 2009 2010 2011
€ billion
New funds raised
(excluding capital gains)
*Buyout funds including Growth capital and Mezzanine funds
0%
5%
10%
15%
20%
25%
30%
35%
40%

10
2007 2008 2009 2010 2011
€ billion
New funds raised
(excluding capital gains)
0%
10%
20%
30%
40%
50%
60%
2007 2008 2009 2010 2011
Academic Inst. / Endowments /
Foundations
Banks
Capital markets
Corporate investors
Family offices & Private Individuals
Fund of funds & Other asset managers
Government agencies
Insurance companies
Pension funds
Sovereign wealth funds
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Academic institutions

Number of VC firms
105
2011 - Incremental amount raised during the year - % of amount

Source: EVCA / PEREP Analytics
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Academic institutions
0.4%
Banks
17.5%
Capital markets
0.0%
Corporate investors
1.8%
Endowments and foundations
3.0%
Family offices
4.0%
Fund of funds
16.8%
Government agencies
5.2%
Insurance companies
6.7%
Other asset managers
3.7%

Endowments and foundations
5.0%
Family offices
34.1%
Fund of funds
3.9%
Government agencies
12.7%
Insurance companies
0.7%
Other asset managers
0.1%
Pension funds
2.5%
Private individuals
25.6%
Sovereign wealth funds
0.0%
Generalist funds raised by type of investors
| 14
Number of funds
51

Number of PE firms
27
2011 - Incremental amount raised during the year - % of amount

Source: EVCA / PEREP Analytics
| Creating lasting value
YearBook 2011

5.4%
9.2%
8.6%
13.7%
9.5%
22.2%
13.1%
1.2%
17.3%
19.2%
17.7%
20.5%
17.4%
32.6%
1.0%
19.4%
13.3%
14.1%
8.7%
7.0%
5.2%
5.2%
6.2%
7.8%
5.4%
2.1%
24.4%
6.1%
23.3%
16.8%

Banks
Academic Inst. / Endowments /
Foundations
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Fundraising
Funds raised by country of origin (LP country) & country of management
| 16
2011 - Incremental Amount raised during the year

Source: EVCA / PEREP Analytics
16.5
4.1
8.2
8.6
1.7
0.7
6.4
3.2
3.4
4.4
1.4
0.2
-

0.1%
(0.2%)
Australia
Asia
14.7%
(5.7%)
North America
20.3%
(13.8%)
Other
Western Europe
12.4%
(7.8%)
8.8%
(15.9%)
3.9%
(6.2%)
9.4%
(8.7%)
2011 (2010) – Source of funds - % of total amount

Source: EVCA / PEREP Analytics
Investments
Investments Statistics explained:

• Industry statistics are an aggregation of the figures according to the country of location of the private
equity firm’s office in charge of the deal. At the European level, this relates to investments made by
European private equity firms regardless of the location of the target company.
• Market statistics are an aggregation of the figures according to the location of the portfolio company. At
the European level, this relates to investments in European companies regardless of the location of the

restructure operations, enter new markets.

• Rescue/turnaround: Financing made available to an existing
business, which has experienced trading difficulties, with a
view to re-establishing prosperity.

• Replacement capital: The purchase of a minority stake of
existing shares in a company from another private equity firm
or from another shareholder or shareholders.

• Buyout: Financing provided to acquire a company. It may use
a significant amount of borrowed money to meet the cost of
acquisition.

NB: Figures on Buyout & Growth funds also include Replacement
capital and Rescue/turnaround statistics.
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Investments
Venture Capital / Buyout & Growth - Investments overview
| 20
2000–2011 – Industry statistics – Amount & Number of companies

Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP Analytics (2007-2011)
15.3
12.1
17.9
20.7

10,000
0
10
20
30
40
50
60
70
80
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Number of companies financed
€ billion
Buyout & Growth - Amount invested VC - Amount invested
Buyout & Growth - Number of companies VC - Number of companies
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Investments
Investments by stage focus
| 21
2007-2011 - Market statistics – Amount

Source: EVCA / PEREP Analytics
57.7
37.5
12.3
29.5
34.1

0
10
20
30
40
50
60
2007 2008 2009 2010 2011
€ billion
Buyout Replacement capital Rescue/Turnaround Growth capital Later stage venture Start-up Seed
Venture Capital
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Investments
Investments by stage focus
| 22
2007-2011 - Market statistics – Number of companies

Source: EVCA / PEREP Analytics
1,271
1,122
612
779
859
139
172
175
132

800
1000
1200
1400
1600
1800
2000
2007 2008 2009 2010 2011
Buyout Replacement capital Rescue/Turnaround Growth capital Later stage venture Start-up Seed
Venture Capital
| Creating lasting value
YearBook 2011
| Creating lasting value
Yearbook 2012
Investments
Investments by stage focus - Buyout split
| 23

Source: EVCA / PEREP Analytics
2007-2011 - Market statistics – Amount & Number of companies
0
200
400
600
800
1,000
1,200
1,400
0
10


Source: EVCA / PEREP Analytics
Seed
0.4%
Start-up
4.1%
Later stage
venture
3.9%
Growth capital
11.6%
Rescue/ Turnaround
0.9%
Replacement capital
1.9%
Buyout
77.3%
Seed
Start-up
Later stage venture
Growth capital
Rescue/
Turnaround
Replacement
capital
Buyout
Seed
8.1%
Start-up
33.6%

Replacement capital
1.9%
Buyout
77.3%
Seed
Start-up
Later stage venture
Growth capital
Rescue/ Turnaround
Replacement capital
Buyout
Total Venture

3.7
bn EUR

Buyout & Growth

40.4
bn EUR

Total Venture

2,925 Companies

Buyout & Growth

1,877 Companies

| Creating lasting value

0.5
0.4
0.3
0.5
0.5
0.3
0.1
0.3
0.0
0.3
0.4
0.6
0.1
0.3
0.1
0.0
0.0
0.1
0.0
0.0
0.0
0
2
4
6
8
10
12
UK & Ireland France & Benelux DACH Southern Europe Nordics CEE
€ billion