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2018-Aaff.Pdf 2 7/5/18 17:45 CUBIERTA-INFORME-2018-aaff.pdf 2 7/5/18 17:45 2 Príncipe de Vergara, 55 4º D • 28006 Madrid tel. (34) 91 411 96 17 • www.ascri.org C M Y CM MY CY CMY K 2018 SURVEY Venture Capital & Private Equity activity in Spain SURVEY Venture Capital & Private Equity activity in Spain 2018 WITH THE SPONSORSHIP OF Survey 2018 Venture Capital & Private Equity in Spain Sponsor by: 2 THIS REPORT HAS BEEN PREPARED BY: Ángela Alférez (ASCRI Research Director & Venture Capital Affairs), based on statistical data obtained and collected by José Martí Pellón (Professor of Financial Economics at the Complutense University of Madrid) and Marcos Salas de la Hera (Partner of Webcapitalriesgo.com) All Rights Reserved ASCRI ® 2018 THE TOTAL OR PARTIAL REPRODUCTION OF THE DOCUMENT, OR ITS COMPUTER TREATMENT, IS NOT ALLOWED TRANSMISSION IN ANY WAY OR BY ANY MEANS, WHETHER ELECTRONIC, BY PHOTOCOPY, BY REGISTRATION OR OTHER METHODS, WITHOUT PRIOR AND WRITTEN PERMISSION OF THE COPYRIGHT HOLDER. 3 The Spanish Venture Capital & Private Equity Asso- ciation (ASCRI) is the industry body that units and re- presents the sector to the authorities, Government, institutions, investors, entrepreneurs and media. ASCRI regularly communicates and provides statistics and -up dated information regarding the developments of the tax and legal framework. ASCRI also organizes a range of activities (training courses, events and round tables) for the members and general public in order to disseminate and reinforce the contribution of the Venture Capital & Private Equity industry for the economy and growth of SMEs in Spain. ASCRI comprises almost 100 national and international Venture Capital & Private Equity firms, 10 limited part- ners and over 70 service providers, spreading and en- suring the professional standards among its members: transparency, good governance and best practice. 4 Index Survey 2018 5 Index Letter fromASCRI Chairman 7 Letter fromASCRI Managing Director 9 Summary of 2017 11 Fundraising 14 Investment in Private Equity & Venture Capital 18 Middle Market Investments 22 Large Market. The International Investor 24 Divestment 26 Portfolio 28 Venture Capital 30 2017 Main Transactions 38 Statisticalappendix 42 General Partners included 54 in this survery 6 7 Letter from ASCRI Chairman have the pleasure, as the Chairman of ASCRI, of presen- Venture Capital and Private Equity activity in Spain primarily ting this annual report on Venture Capital & Private Equi- focused on financing SMEs: of the 715 investments made, I ty activity in Spain during 2017. 612 were made in SMEs with fewer than 100 workers. Financial and management support has enabled the port- folio companies to create jobs, growing faster, more sus- The investment figures for 2017 broke all existing records, tainably and more profitably. ASCRI wishes to highlight the reaching a record high: nearly €5,000M, up 30% from 2016. role of Venture Capital & Private Equity firms as an econo- The sector also reached record highs in: mic growth driver, underscoring the strength of the inves- tments made by this sector, as well as their positive impact • Investment vs. GDP, which grew and on their portfolio companies and, therefo- equals the European average: 0.43%. re, on the Spanish economy as a whole. • Volume of international funds (€3,590.8M), which hit a record for in- vestment in Spanish companies. • 560 investments in early stage compa- nies (Venture Capital). • 13 megadeals or large transactions (>€100M in equity) in 12 companies. Juan Luis Ramírez ASCRI Chairman Middle market investment in Spain is pro- ving to be one of the most active segments among Spanish management companies, with total volume invested of €1,400M in 56 investments, accounting for 28% of to- tal sector investment in Spain. 8 9 Letter from ASCRI Managing Director he goal of the Spanish Association of Capital, I would like to express our sincere gratitude for the unwa- Growth and Investment (ASCRI) is to improve the vering support of our sponsor of this publication – DIANA quality of the services provided to management CAPITAL –. I also wish to thank all the Venture Capital & Tcompanies, investors and advisors by strengthe- Private Equity Firms that provided the data necessary to ning investment and optimizing our tax framework and collect the information and prepare these statistical data as through internationalization. In order to achieve this goal well as to the team at Webcapitalriesgo who compiled and we have implemented a roadmap for public matters and processed the data with ASCRI through the European EDC are drafting a reputation improvement plan and preparing Platform. To all of them, many thanks for their time and both a regional and a European roadshow. dedication. This report may be downloaded from our In our 32 years of existence our mana- website (www.ascri.org) in both English gement companies have invested over and Spanish. €44,000 million in nearly 7,500 companies. The Venture Capital & Private Equity sec- tor has become a major focus for the eco- nomy, driving growth in companies from their earliest stages through growth and expansion stages. José Zudaire This is the time to invest, divest and raise ASCRI Managing Director new funds, while we here at ASCRI conti- nue with our training sessions, specialized publications and sector events. Suppor- ting entrepreneurs and their projects and companies, building bridges with other associations, all with institutional loyalty, collaborative spirit and a global vision. 10 Summary of 2017 11 Summary of 2017 Capital inflows from international institutional investors (LPs) The majority of total resources raised came from international investors, and were invested in middle market funds. A great number of management companies are already on their third and fourth generation of funds. Record high VC&PE High levels of dry powder investment Approximately €4,100M in equity available for By both volume and nº of investments. investment, still far from the 2008 record high (€6,000M). A year of megadeals International funds closed 13 investments Megadeal portfolio turnover drives of >€100M (historical record), representing 60% of total volume invested. up divestment volumes Driven by upward trending valuations for this type of asset. International funds committed to Spain International funds contributed 72% of investment volume for the year, record investment in Spanish companies. Intense Middle Market activity thanks to domestic management companies that led 43 of the 56 transactions closed in 2017. Venture Capital shows great momentum Record high number of start ups receiving investments (449) and second highest investment volume on record (€537M). 12 Investment in 2017 +30% +15.8% +28% vs. 2016 vs. 2016 vs. 2016 €4,957.9M 715 investments €4.8M Equity Investment in 596 companies (92% SMEs) Average investment round size Record high investment 715 €4958M 900 5000 4000 483 600 3000 €2423M 2000 300 1000 0 0 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 Investment Number of investments Fundraising in 2017 - 17.9% - 7% - 50% vs. 2016 vs.2016 vs. 2016 €1,865M €1,581.5M €283.6M Spanish private management companies Spanish Private Equity Funds Spanish Venture Capital Funds Intense Fundraising in Investment and Fundraising Middle Market Vehicles vs. GDP 2000 0.43% €1,865M 0.34% 0.26%• 0.24% 1000 0.23% 0.23% 0.22% 0.23% 0.22% 0.18% 0.16% €247M 0.04% 0.04% 0.07% 0 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 Fundraising Investment in Spain / GDP (%) Domestic Funds Raised / GDP (%) 13 Divestment in 2017 +49% +70% -65% vs. 2016 vs.2016 vs. 2016 €3,483.9M €3,357.8M €126M Divestment (at price cost) Private Equity Divestment Venture Capital Divestment Sale of large companies drives up divestment volumes 5000 2000 424 4000 €3,484M 3000 243 1000 2000 €1,950M 1000 0 0 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 Divestment Number of divestments The sector in Spain Cumulative Investment (Portfolio) €237M €56M €1,045M €250M €368M Asturias Cantabria Basque La Rioja Navarre Country €629M Galicia 2,215 €25,400M €4,629M Catalonia €216M €238M Castile-León Aragon Investee Funds under companies management (portfolio) (12.000 from (92% SMEs) international funds) €7,284M €958M Comm. of Madrid Comm. of Valencia €363M €453M Castile-La Extremadura Mancha €1,216M 400,000 342 Balearic Islands Employees National & €593M €371M international Andalusia Murcia entities with ongoing activity €7M in Spain Canary Islands 14 Fundraising undraising by private entities in recent years now is an excellent time for fundraising: this variable has remained strong. New funds raised by Private broke all existing records, totaling €453bn (+9% from 2016). Equity and Venture Capital firms in Spain in 2017 In particular, new funds raised in Europe totaled €108bn, Fexceeded €1,865M, representing a 17.9% decrease from the second highest on record for the post-crisis period, 2016 (€2,271M, best figure on record since 2007). Despite behind 2016 (€121M). Large pan-European funds continue this decrease, the amount of new funds raised in 2017 to account for nearly half of all annual fundraising (€55bn is in line with levels of recent years, far from the figures in 2017). In particular, in 2017, the largest pan-European of 2009-2013 where the financial crisis kept funds raised fund on record was raised: CVC Capital Partners Fund VII, below €500M annually. Nevertheless, despite the upturn totaling €16,000M. Market volatility, abundant liquidity in fundraising, the amount of funds raised is still far from from returns and profits earned on divestments of investee other surrounding countries such as France (€16,738M companies and a certain inelasticity in the face of political raised in 2017), Italy (€2,563M) and Germany (€3,037M)1. instability all explain the investor appetite of LPs in Private Including new funds for public entities2 (€172.9M), total Equity and Venture Capital vehicles, to the detriment new funds raised for the sector reach €2,038.2M (-16% of other more rate-sensitive asset classes.
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