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Social Security Entrepreneurial Spirit Nuts About Brazil WINTER 2013 FUNDinG THE FUTUre WINTER 2013 JOURNAL 30 years Social security Entrepreneurial spirit Nuts about Brazil How Sir Ronald Cohen is finding Unperturbed by the state of the Fundraising in Latin America’s private funding for global social causes economy, start-ups are on the rise equity industry is at an all-time high Introduction Contents This year the BVCA celebrates its 30th anniversary. This issue of the Journal is the first in a series of events to mark the occasion 33 The BVCA has grown hugely and securing jobs and growth is since its founding in 1983. Starting essential. Honing a coherent message with a base of 34 we now have over on responsible capitalism, and 500 members. Thirty years ago highlighting the role of social impact the average UK deal size was just investing, will also be crucial parts £273,000. Now it is closer to £8m. Our of the discussion, as will the role 10 members invested £190m in 1983. of the industry in creating returns In 2011 this reached £18.6bn. Funds for pension funds on which many Private equity under management were less than workers rely. “has the ability £200m; that figure today stands at The normalisation of private equity more than £200bn. is an eminently achievable goal. The 26 to adapt and For all the increases in size and importance of de-mystifying the activity, the industry, at its core, has industry can be seen in the tendency thrive, even in the not changed. It is still about buying for regulators to view private equity underperforming or struggling as a risky and exotic asset class. We most tumultuous businesses and improving them, have never been, and should never of times making them more efficient and be, opposed to sound and intelligent creating value. regulation but it must be rooted in an ” But we now find ourselves in understanding of how the industry the midst of a very challenging operates. Our continued dialogue environment. UK GDP expanded just with regulators both domestically and 0.9% in the third quarter of 2012 over internationally, helped by our sister the previous quarter according to the organisations in other countries, Office of National Statistics, against a has led regulators to consider the backdrop of sluggish growth rates in ramifications of their proposals on the the Eurozone and the United States. industry and the economy at large. This year seems likely to be another The past 30 years have taught us News Crunching A meeting of minds Media savvy where economic power and vitality that private equity has the ability to 04 Private equity news, 20 the numbers 33 The combination of 42 Permira’s Chris Davison shifts from the developed to the adapt and thrive, even in the most including updates on Basel III Comparing and contrasting the Seatwave and Atlas Venture has considers the future of media developing world. tumultuous of times. What was once rules and the Kay Review characteristics of entrepreneurs proved a ticket to success relations in private equity This is not a council of despair, but a small corner of the investment in London and Silicon Valley a call to action. The rise of developing community is now a mainstay of Financing Necessary evil or Bringing economies creates new competitors, corporate Britain. Private equity has 10 the future A brave new world 37unnecessary risk? 45ABL into but it also delivers new customers and excelled over the past 30 years and Sir Ronald Cohen discusses 23Heralding the arrival of Why Forex is the most liquid mainstream lending new opportunities for partnership. will continue to do so as it funds the social investment, education and the Alternative Investment Fund and volatile market in the world The growth, evolution and Emphasising the impact private future for generations to come. the works of Schubert Managers Directive at the moment increasing attractiveness of equity and venture capital has Asset Based Lending in the real economy in creating Mark Florman, CEO, BVCA Tracking changes A new morning Thirty years old and 15 Assessing the growing 26for Brazil 38still going strong Guest columnist burden of regulations for the Forget soccer, sand and samba. With the BVCA entering its fourth 46 James Quinn on private private equity industry São Paulo’s greatest appeal is a decade, we celebrate its growth, equity general partners and Reserve your copy of the BVCA Journal. Editor Barnaby Simons Creative Director Ben Barrett Art Director David Donaghy To guarantee that you receive your copy booming investment market impact and achievements investors in the public markets Picture Editor Johanna Ward Publisher Georgina Beach Production Director John Faulkner of the next edition, please email A break in the Managing Director Claire Oldfield CEO Martin MacConnol Rob Hammond at [email protected] 16 clouds The most bankable Playing to the crowd To advertise in the magazine, please contact BVCA Journal is published on behalf of the BVCA by Wardour, 5th Floor, Drury House, 34-43 Russell NACUE’s Hushpreet Dhaliwal Thanks to social media, Leon de Bono on +44 (0)20 7420 1853 or at 31 European market 41 Street, London WC2B 5HA Tel +44 (0)20 7010 0999 www.wardour.co.uk [email protected] argues the financial crisis has Concerns over the Eurozone are crowdfunding is becoming encouraged entrepreneurship leading investors towards the UK hugely valuable to start-ups 2 BVCAJOURNAL BVCAJOURNAL 3 NEWS News Trekking tech country London’s ‘Silicon Roundabout’, officially known as Tech City, has been a welcome discovery for the Government. A short taxi ride from Westminster and close to the AIFMD former Olympic park, the site is billed as Britain’s answer to Silicon Valley. But in response to a number of tech edges closer clusters emerging throughout the UK, the BVCA has developed a major study entitled In December the European Tech Country. Using a series of cluster Commission published the Delegated case studies from around Britain, the Acts for the Alternative Investment Fund report hopes to shift greater attention to Managers Directive (AIFMD), setting technology clusters beyond London. out much of the final detail of how the HM Treasury offices in Westminster The case studies featured in the report Directive will work in practice. suggest how the Government can ‘tune’ The delegated regulation itself is subject these existing clusters to achieve higher to a three-month scrutiny period by the regulations have been a long time in performance, without having to submit European Parliament and the Council, coming but now that we have them, we to the temptation of chasing headlines or but it is unlikely that either institution will need to move quickly with HM Treasury wasting public money. reject the proposal. Areas covered include: and the FSA towards full implementation It is also thought that the methodology • Conditions and procedure for the of the Directive by July 2013 and put an developed for this study can provide a geographically remote, or they may not fit determination and authorisation of end to the uncertainty that has been means to identify, analyse and improve a traditional definition of clustering. Alternative Investment Fund Managers shrouding the industry for too long.” other technology clusters around the The BVCA believes that the (AIFMs), including the capital The European Securities and Markets Government’s high visibility, yet light- requirements applicable to AIFMs Authority (ESMA) has also released The whole country is rich touch, approach to Tech City is highly • Operating conditions for AIFMs, consultations covering the key concepts commendable. However, as we have including rules on remuneration, conflicts of the AIFMD and types of Alternative with“ technological activity engaged with members and their portfolio of interest, risk management, liquidity Investment Fund, although there is to be companies around the UK, we have been management, investment in securitisation further guidance on remuneration and in a wide variety of forms reminded that the whole country is rich positions, organisational requirements, third countries. ” with technological activity in a wide rules on valuation In the UK, the Treasury is yet to release country. There is an abundance of variety of forms. • Conditions for delegation its own consultation on how the Directive non-London businesses that are every We believe that we can learn from how • Rules on depositaries, including the is to be implemented, although the bit as innovative as those decamping these agglomerations formed and where depositary’s tasks and liability FSA has now published the first of two to Tech City, but are denied the same they are today. With the same attention • Reporting key requirements and papers outlining how the Directive will international exposure. currently placed on Tech City in London, leverage calculation. be transposed into UK law. The second This lack of recognition can have a other parts of the UK have the potential to BVCA Chief Executive Mark Florman consultation and policy statement will be number of causes: clusters may be in develop into, or expand their reputations, said: “The Commission-delegated issued by the FSA in February. unfashionable industries, they may be as global centres of excellence. News in brief oto London leads the way North America, coming just PE embraces ESG H initiatives are being embraced have established dedicated ESG professor Mike Wright and of 15 years, found that while London has been named the behind Tel Aviv. Private equity has received not as a catalyst for achieving teams and those who continue University of Leeds professor companies will often have higher start-up capital of Europe in a It also has the highest yet another endorsement of istockp environmental and social to be sceptical of such initiatives. Nick Wilson has found amounts of debt following a new study by Telefonica Digital proportion of female tech its environmental, social and / Y change, but in reducing costs that private equity-backed private equity buyout, this is and Startup Genome.
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