Investor Investor 2018
presentation Investor Day
7th December Eurazeo is ready to grow
Virginie Morgon, CEO Agenda 2018 INVESTOR DAY
Eurazeo, a large diversified multi-specialist European asset manager p. 8
Solid fundraising capacity ready to grow AuM p. 44
Eurazeo: Idinvest, integrating with Eurazeo p. 54 ready to grow Financial reporting for Eurazeo p. 74
Private debt p. 96
Private funds group p. 112
A deep dive Real assets p. 128 into our asset classes Private equity p. 149 Strong leadership 20+ years in the industry
Executive Committee
Executive Board Virginie MORGON Marc FRAPPIER PARTNERS CEO Managing Partner – Head of Eurazeo Capital Christophe BAVIERE Benoist GROSSMANN CEO Managing Partner Philippe AUDOUIN Frans TIELEMAN Head of Venture & Growth Directeur Général Managing Partner - Member of the Executive Board Finances - CFO Head of Eurazeo Development
Nicolas HUET Renaud HABERKORN General Secretary Managing Partner - Head of Eurazeo Patrimoine
Steven LANGMAN Robert AGOSTINELLI Olivier MILLET Caroline HADRBOLEC Co-Founder and Chairman Of the Chief Human Resources Co-Founder and Managing Director Managing Director Executive Board Officer Of Eurazeo PME
Eurazeo 2018 Investor Day 4 Our messages
Our industry is growing and should continue to do so
Our model of balance sheet and third party AuM is uniquely differentiated
We are today a large diversified multi-specialist European asset manager
Our ambition is global
Each of our investment divisions has standalone excellence and ready to grow
Eurazeo 2018 Investor Day 5 Global 90+ footprint 380+ 4 230+ investment portfolio asset professionals professionals 9 countries companies classes
WE ARE BORN FRENCH
OUR SUCCESS IS EUROPEAN
OUR AMBITION IS GLOBAL
€5bn €17bn €6bn 2x market AuM NAV average CoC capitalisation
All partially & fully realised exits since 2002 (…)
Nb. Selected portfolio companies
Eurazeo 2018 Investor Day 7 Eurazeo, a large diversified multi-specialist European asset manager • How do we see the future of private markets ? • Eurazeo is today well positioned • Our ambition
Solid fundraising capacity ready to grow AuM
Eurazeo: Idinvest, integrating with Eurazeo ready to grow Financial reporting for Eurazeo Four takeaways on the market environment
PE is here to stay Increasing competition
• Investors continue to deploy capital in the PE market • Competition for deals growing as prices • PE market continues to outperform other asset increasingly inflated classes, generating continued interest from investors • Trend toward direct investing (e.g., pension funds, searching for yield SWFs), often targeting lower returns as they • Despite some concerns around the economy, can pay higher prices PE fundraising shows little sign of slowing down • As a value driver, multiple expansion will be harder to come by
Differentiation is key Headwinds
• Attracting top talent is crucial in an increasingly • Tightening global monetary policy crowded PE market • Geopolitical risks • Differentiated ability to source deals is increasingly • Global trade concerns, emerging markets weakness important, requiring firms to develop strong networks in their core markets • Operational value-add
Eurazeo, a large diversified multi-specialist European asset manager 9 What makes private markets so attractive?
• Increasing allocation to private funds • High resilience and low default rates Private Private equity • Generate superior returns (World, Europe) debt • Regular and stable returns backed by high seniority and strong downside protection • A deep and increasing addressable market to finance • Low volatility • Private equity: a vital contributor to the economy • Floating base rate
• Outperformance of secondaries strategies • One of the largest asset class in the world Private Real funds • Huge potential growth for the secondary market assets • More stable and strong downside protection • Construct tailored portfolios to fit investors’ need • Predictable and steady income streams with and constraints defensive qualities • High risk-adjusted returns • Low correlation with private equity / debt
Eurazeo, a large diversified multi-specialist European asset manager 10 Private markets have room to grow
In US$ ~36x
14x 200 trillion
81 trillion 6 trillion Private markets(1) Stock markets Public debt markets (2)
CAGR 2008-2018 (3) Private Equity $3,326 bn +10% (1) Private markets include infrastructure, real estate, natural resources, private debt, private equity, fund of funds Private Debt $728 bn +13% (2) Public debt markets include non-financial corporates, government and financial sector. (3) Data as at March 31st, 2018. Real assets include real estate and infrastructure. Fund of funds include fund of funds private equity, Real Assets $1,386 bn +11% fund of funds hybrid, secondaries. Source: Preqin, Bloomberg, Institute of International Finance Fund of funds $597 bn +7% Eurazeo, a large diversified multi-specialist European asset manager 11 Private equity return: consistent superior returns vs public markets
Private equity net IRR as at June 2018(1) Public markets returns(2) 15-year horizon 1-year horizon 1 year 5 years 10 years 15 years
14% S&P 500 13% 10% 14.2% 16.4% 9% US PE funds(3)
1 year 5 years 10 years 20 years
MSCI Europe mPME
9% % % 7% Europe PE 15.2 17.4 5% & venture capital 3% funds(4)
(1) Net of fees, expenses, and carried interest 1 year 5 years 10 yearsSource: Cambridge20 years Associates (2) Public markets indexes are average annual compounded return calculations which are time weighted measures (3) Horizon calculation based on data compiled from 1,468 US private equity funds (buyout, growth equity, private equity energy and subordinated capital funds), including fully liquidated partnerships, formed between 1986 and 2017. (4) Horizon calculation based on data compiled from 5449 Europe developed private equity funds (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital, including fully liquidated partnerships, formed between 1986 and 2018.
Eurazeo, a large diversified multi-specialist European asset manager 12 A deep and growing addressable market funded by private equity investors
Number of private equity backed A deep addressable market companies in the world of European private companies
Companies with revenues >€100m
+43% Listed companies Private companies(1) +21% 37,352 2,500 ~30,000
+18% 30,820 (1) Source: Capital IQ, as at October 4th, 2018 Advantages of Private Equity 26,070
• Expertise • Large amounts of funding • Active involvement; Corporate support 2008 2013 2018 • Accelerating value creation
Source: Pitchbook
Eurazeo, a large diversified multi-specialist European asset manager 13 The number of listed companies has dropped in Europe and the US over the past 10 years
Number of domestic listed companies
-15% -28% 6,587 5,109 4,336 4,750
2007 2017 2007 2017
Source: World Federation of Exchange / Worldbank
Eurazeo, a large diversified multi-specialist European asset manager 14 Private debt: a growing market AuM in Private Debt - World CAGR More growth to come in $bn +13% 728
+60% 455 Unrealized value +89% 240
Dry powder
2008 2013 2018 (1) For investors: For corporates: • Attractive returns, low volatility • An increasingly attractive financing option as a result of regulatory and strong downside protection restrictions (Basel III) limiting banks’ lending activities • High resilience and low default rates • Flexible financing solutions with a large range of tailor-made instruments • A good asset diversification for institutional investors • A lasting relationship between the lender and the borrowers Source: Preqin (1) Data as at March 31st, 2018 Eurazeo, a large diversified multi-specialist European asset manager 15 Eurazeo, a large diversified multi-specialist European asset manager
• How do we see the future of the private markets ?
• Eurazeo is today well positioned
• Our ambition
Solid fundraising capacity ready to grow AuM
Eurazeo: Idinvest, integrating with Eurazeo ready to grow Financial reporting for Eurazeo Our core strengths
– 1 – – 2 – – 3 –
We are growing fast We are a multi- and performing well specialist asset manager We are multi-regional
– 4 – – 5 – – 6 –
We are a We value people We are digitalizing as our core assets responsible investor
Eurazeo, a large diversified multi-specialist European asset manager 17 A decade of transformation: from a pure player to a multi-specialist asset manager Before 2011 2017 2018 As at Sept. 30th, 2018
Asset classes Private equity Private equity Real assets Private equity Real assets % of AuM* 100% 94% 6% 60% 4%
Private debt Private funds 20% 16%
Investment divisions 1 5 8
(*) Assets under Management, excluding Eurazeo Development, net cash & other items Eurazeo, a large diversified multi-specialist European asset manager 18 Our multi-asset class model creates numerous opportunities
Private equity Private Debt Private funds Real assets Others (2) AuM(1) €9.4bn €3.0bn €2.5bn €0.6bn €1.0bn # investment divisions 5 1 1 1
Eurazeo Capital Rhône Idinvest Private Debt Idinvest PrivateFunds group Eurazeo Patrimoine
Eurazeo PME
Eurazeo Growth
Eurazeo Brands
Idinvest Venture
• Better balance the • Expand our scope of • Attract • Attract the risk-return investment opportunities more investors best talents
(1) Assets under Management as at Sept 30th, 2018 (2) Others include Eurazeo Development, net cash & other items Eurazeo, a large diversified multi-specialist European asset manager 19 Multi-regional with a global footprint
International 235 people, of whom 94 investment professionals in 9 countries team
Number of LONDON Luxembourg nationalities on staff: RA PE FRANKFURT PD NEW YORK PE RA MADRID 11 PARIS PE RA PF PD PE PD
Shanghai 11
São Paulo 14 Investment offices Buenos Aires
Business development offices PE Private Equity RA Real Assets PF Private Funds PD Private Debt
Eurazeo, a large diversified multi-specialist European asset manager 20 Our deal flow has become global
Rest of Others the world 20% Benelux 10% 41% 8% 2018 YTD 4% as at 2018 YTD 46% November 2018 PRIVATE DEBT 10%
39% 22%
Rest of Rest of Others Europe the world 10% 1% Rest of 6% Europe DACH 5% 3% 13% 10% 2018 YTD 41% 2018 YTD 65% VENTURE & GROWTH 10% 10% as at November, 2018 12% DACH 14%
Based on Qualified Opportunities Eurazeo, a large diversified multi-specialist European asset manager 21 Digital: an accelerator of performance and competitiveness
Leverage new technology Foundational work and innovation
Insight: big data analytics
Common Common database processes Insight : Artificial Intelligence, Natural Langage Processing, Machine Learning • Identify new target company • Identify build-ups • Generate alerting Reporting & knowledge assets Innovation: IdInvest start up eco-system
Competitive advantage & productivity boost
Eurazeo, a large diversified multi-specialist European asset manager 22 Our identity: responsible investor
GOVERNANCE Appointment of a Establishment of a CSR CSR division creation member of the Executive Committee within the within Eurazeo Board in charge of CSR Supervisory Board
Creation of an internal Integration of CSR criteria in CSR Committee Executive Board members’ variable remuneration
2008 2011 2014 2018
ACHIEVEMENTS The only private equity listed company belonging to 5 extra-finance index families
Eurazeo, a large diversified multi-specialist European asset manager 23 We have a strong track record of outperformance Gross IRR on all total & partial exits since inception
(4) Public Target IRR 15-20% 15-20% >20% 15-20% 20% 20–25% Private markets’ indices market index 36% 38% Private 24% 22% 21% 20% 2.5x 2.1x 10% 11% 8% 10% equity 2.1x 2.2x
(3) (5) Eurazeo Capital(1) Eurazeo PME Eurazeo (2) Idinvest Growth Idinvest Venture Rhône Private equity Buyout Venture Stoxx 600 Croissance
12-15% 12-15% 12-15% Private >10% Private market (4) market index (4) 33% index Private 18% Real 13% funds 11% 8% assets 2%
Primaries Secondaries Co-investments Fund of funds Eurazeo Patrimoine Real Estate
Private Public 5-12% 5-12% 5-12% market index(4) market index
(1) 24% IRR for Eurazeo Capital core strategy ; 17% IRR and 1.9x CoC on all exits Private 13% 9% 5% 6% 2% (2) Eurazeo Croissance’s current digital strategy debt (3) Of which 28% IRR in Digital Funds (6) (4) Source: Preqin, IRR 10 years to March 2018 Leverage Direct Corporate Mezzanine S&P International (5) Source: Bloomberg, annualized TSR 10 years to November 2018 loans lending financing Corporate Bond TR (6) Source: Bloomberg, annualized TSR 9 years to November 2018
Eurazeo, a large diversified multi-specialist European asset manager 24 We are growing fast: AuM x5 in 7 years Today*
NAV 2011
NAV €6bn 36% AuM €0.4bn €3.2bn €11bn €4bn Investment €17bn 11% AuM 89% AuM partners 64% AuM
Investment partners
(*) As at September 30th, 2018
Eurazeo, a large diversified multi-specialist European asset manager 25 Eurazeo is one of the few European investment platforms
Private equity (1) (2) Private Debt 8% 20% 19% Private funds 13% Real assets 4%
16% 60%
60%
19% 17%
6% 50% 12% 65% 31% (4) (3)
Eurazeo estimate
(1) As at Sept. 30, 2018, excl. Eurazeo Development, net cash & other items; (2) USD/EUR : 0.86; AuM as at Nov. 30, 2018; (3) AuM as at H1 2018; Private equity includes direct and indirect investments. Real assets include “Private real estate” (€12bn) and “Private infrastructure” (€9bn) (4) Eurazeo assumes that 30% of “Corporate Investments” split into Private Equity investments and 70% are Private Debt; AuM as at Sept. 2018; Source: Companies’ website Eurazeo, a large diversified multi-specialist European asset manager 26 People are our core asset We have attracted a lot of talents
Jean-Pierre RAFFARIN Jill GRANOFF Frédéric BIOUSSE Former Prime Minister CEO, Eurazeo Brands Co-founder of Experienced of France, Capital, Idinvest Supervisory Board Former CEO of SMCP vice-chairman Senior Advisor of Eurazeo Brands Staff (#) 235 Christophe BAVIÈRE Christian BLANCKAERT Stephen SADOVE CEO and Managing Partner, Former CEO of Hermès Former Chairman Idinvest Partners Senior Advisor, Eurazeo and CEO of Saks Capital, Eurazeo Growth Senior Advisor of Eurazeo Investment Brands professionals (#) 94 Benoist GROSSMANN Jean-Paul MONTUPET Jordi GOETSTOUWERS Managing Partner, Former president of ODENA Idinvest Partners Emerson Europe S.A. Founder of Virgata Group, Senior Advisor, Eurazeo Senior advisor of Eurazeo North America Patrimoine
Average tenure Steven LANGMAN Jim GOLDMAN Peter DENTON 6 years Former president and CEO CIO of Hyde Group, Co-Founder and Managing of Godiva Chocolatier Senior advisor of Director of Rhône Senior Advisor, Eurazeo Eurazeo Patrimoine North America
Robert AGOSTINELLI Xuan YAN Average age Co-Founder and Managing Partner, Public Policy at Squire 38 years old Patton Boggs, Director of Rhône Senior Advisor of Eurazeo
Eurazeo, a large diversified multi-specialist European asset manager 27 Eurazeo, a large diversified multi-specialist European asset manager
• How do we see the future of the private markets ? • Eurazeo is today well positioned • Our ambition
Solid fundraising capacity ready to grow AuM
Eurazeo: Idinvest, integrating with Eurazeo ready to grow Financial reporting for Eurazeo Our ambitions Use our strong balance sheet as an accelerator of growth • Develop, support & scale up all our investment strategies • Seed new strategies & allocate resources to build the future • Develop platforms & strategic partnerships
Leverage our dual-funded model • Build a fundraising machine • Create a strong alignment of interests
Enlarge our European footprint • Reinforce the European footprint of all our investment strategies • Leverage our synergies with Idinvest and Rhône • Strengthen our presence in Germany and Spain
Eurazeo, a large diversified multi-specialist European asset manager 29 Our strong balance sheet is an enabler and accelerator of growth
DEVELOP, SUPPORT & SCALE UP ALL OUR INVESTMENT STRATEGIES
Strong Balance SEED NEW STRATEGIES & ALLOCATE Sheet RESOURCES TO BUILD THE FUTURE €6bn
DEVELOP PLATFORMS & STRATEGIC PARTNERSHIPS
Eurazeo, a large diversified multi-specialist European asset manager 30 Our strong balance sheet is an enabler and accelerator of growth
Mature Strategy ACCELERATE
Venture • Increase the size SCALE of investment tickets • Strengthen our team Private Funds • Increase our geographic reach SEED AND BUILD Private Debt • Maintain investment THE FUTURE in current strategies • Invest as a LP in Idinvest’s funds • Seed new strategies • Very selectively seed New or acquire GP’s Time strategy
Eurazeo, a large diversified multi-specialist European asset manager 31 Develop, support & scale up all our investment strategies • Largest LP in every private equity fund • Investor in private debt funds Eurazeo invests its own money • €180m commitment to invest in Idinvest funds and €250m in Eurazeo Growth fund
75% 60%
PRIVATE FUNDS GROUP PRIVATE DEBT VENTURE 5%-25%*
(*) Eurazeo commitment
Eurazeo, a large diversified multi-specialist European asset manager 32 Seed new strategies & allocate resources to build the future
Developing new # Investment Fruitful results Future investment divisions professionals
• IPO of Farfetch in Sept. • Time-to-market 3 12 2018 • Opportunistic
• Sale of PeopleDoc with 2.5x CoC and 36% IRR Invested • Flexible Invested amounts companies
• Sale of ANF Immobilier €1.3 22 with 2.3x CoC and 13% IRR
Eurazeo, a large diversified multi-specialist European asset manager 33 Develop platforms & strategic partnerships
A leading example: our capacity Platforms: to acquire and integrate platforms
• Idinvest Idinvest brings 3 new businesses and 2 new geographies (Frankfurt, Madrid), • Rhône 6.9x €1.3 building a unique European platform with a proven track record • OFI Private AuM* €0.2 €521 Equity (became NAV €185 Eurazeo PME)
• IM Square Brings a substantial deal flow and 2011 Sept. 2018 • Capzanine enlarges the international LP base A stable Executive Board >13 years tenure
2011 2018 2019 (*) Including Eurazeo’s residual commitment
Eurazeo, a large diversified multi-specialist European asset manager 34 Advantages of our dual-funded model
Enables us to We can be flexible Enlarge the size It creates a grow faster our and entrepreneurial of our investments direct alignment AuM & generate by capturing of interests with our management fees opportunistic investment partners investments
Our unique model generates better investment returns for our investors and shareholders
Eurazeo, a large diversified multi-specialist European asset manager 35 A scalable model for expansion
Investment scope by geography DOMESTIC INTERNATIONAL
Venture Private funds group
Private Debt
Maturity for fundraising
Eurazeo, a large diversified multi-specialist European asset manager 36 Building a fundraising machine
Establish Eurazeo as a ‘one stop Build on the strong current shop ’ for private investment team of 20+ professionals driven by successful cross selling effort
Continue expanding and internationalizing our investor Bespoke Client Servicing base leveraging our global to cover our investors’ needs footprint
Eurazeo’s international footprint and Idinvest’s strength in retail and institutional clients build the foundation for future growth
Eurazeo, a large diversified multi-specialist European asset manager 37 Strong alignment of interest
• Eurazeo is the largest investor in its own funds Management Investment Investment of portfolio companies partners teams • Financial commitment from teams: − 1 carry pool per strategy − €45m cash invested (excl. Idinvest) INVEST INVEST INVEST INVEST • Portfolio company management team and (in some cases) the majority of employees invest alongside Eurazeo PORTFOLIO
Eurazeo, a large diversified multi-specialist European asset manager 38 2019 and beyond: from a European to a worldwide investor
Product range MONO ASSET CLASS MULTI-SPECIALIST Eurazeo today Geographic range of investment • A significant European and transatlantic player for large caps
• Mainly a French player GLOBAL in small and mid caps
• A European player in real assets
• A European player in venture capital
• A European player in private debt
• A strong position in REGIONAL growth capital in Europe
Eurazeo, a large diversified multi-specialist European asset manager 39 Increasing our European leadership
Amsterdam Key Origination Contacts 10 Frankfurt Investment Professionals 4 Key Origination Contacts 24
London
Investment Professionals 16
Key Origination Contacts 29 Zurich Key Origination Contacts 10 Madrid Investment professionals 2 Milan Key Origination Contacts 21 Key Origination Contacts 20
Nb. 2018 data
Eurazeo, a large diversified multi-specialist European asset manager 40 Speeding up the expansion in new geographies: Germany & Spain
Strong dealflow Eurazeo Capital 66% 80% coverage ratio Deal Coverage Ratio
4 person team 2 person team Eurazeo presence based in Frankfurt based in Madrid
(*) Majority buyouts with EV>€300m over the last 24 months
Eurazeo, a large diversified multi-specialist European asset manager 41 Our key message today Eurazeo is ready to grow Our ambitions
Develop existing activities
Fund & develop new strategies
Penetrate new geographic markets
New fundraising
AuM growth coming from NAV & asset management activities
Eurazeo, a large diversified multi-specialist European asset manager 43 Eurazeo, a large diversified multi-specialist European asset manager
• How do we see the future of the private markets ? • Eurazeo is today well positioned • Our ambition
Solid fundraising capacity ready to grow AuM
Eurazeo: Idinvest, integrating with Eurazeo ready to grow Financial reporting for Eurazeo The private equity industry has come of age Recurring global volumes of activity with reasonable dry powder
9.0 8.8 8.4 Worldwide deal Count, thousands 8.1 7.3 Worldwide deal Volume, $ trillion 6.7 7.0 7.0 6.1 5.2 5.8
4.2 1.4 4.1 3.3 1.3 1.2 2.2 2.4 1.1 1.7 1.9 1.0 0.9 0.8 0.7 0.7 0.7 0.6 0.6 0.3 0.3 0.2 0.1 0.2 0.3 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Sources: Bain Private Equity Report 2018, Pitchbook
Solid fundraising capacity ready to grow AuM 45 However Europe remains underepresented
Evolution of the Global PE Capital Raised ($bn)
453 407 414 359 344 316
226 234 Global PE funds 213 178
74 81 92 European PE funds 61 46 28 46 37 58 60 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
The share of European c.20% PE funds in the world
Sources: Preqin, Pitchbook
Solid fundraising capacity ready to grow AuM 46 Demand is expected to grow
I s I v s s’ s L
Reduce Allocation Increase Allocation Eurazeo offer
(4%) Private Equity 53%
(2%) Private Debt 54%
(11%) Real Estate 32%
(16%) Venture Capital 26%
• L s’ • Growth in sovereign • Growing penetration of insurance for investment returns wealth funds and high net worth investors
Source: Preqin Investor Outlook: Alternative Assets (December 2017)
Solid fundraising capacity ready to grow AuM 47 Eurazeo is a a significant and recurring fundraiser We are always in the market
Amount raised per year, excluding Rhône 1,751 in €m 1,612 1,602
1,202 1,067 Private equity
563 Private Debt
Private Funds 2013 2014 2015 2016 2017 2018 9M
Data as at September 30th, 2018
Solid fundraising capacity ready to grow AuM 48 We now offer a full range in private markets
Ticket Size >€600m Ticket Size €5-50m Private Private equity debt Risk & Return ++ Risk & Return + Type of Return Capital gain Type of Return Yield
Mid to Large-Cap Venture & Growth Capital Lower Mid-Cap Brands: Consumer
Ticket Size Ticket Size Private <€50m Real €30-200m funds assets Risk & Return + Risk & Return ++ Type of Return Mixed Type of Return Mixed
Solid fundraising capacity ready to grow AuM 49 Our approach covers the full cycle of partner relations Our partners deserve constant dialogue
Fundraising
Business • Institutional mutual funds development • Tailor-made mandates • RFP & DDQ proposals • Market intelligence • Product range • Thought leadership • Market mapping On-going support
• Client servicing Structuring • Tailored reporting • Investor meetings & information • Contribution to regulatory, tax & accounting environment monitoring Solid fundraising capacity ready to grow AuM 50 Our LP Investor Relations are managed by a strong and experienced team More than fifty people with complementary skillsets
Senior team Fund Officers
Frans Charles DAULON Luc Laurent GUERINEAU Stéphanie Nicolas DE TIELEMAN DU LAURENS MARUENDA COURTADON Managing Director, LOIRAY Managing Partner Partner, Global Partner, Private Eurazeo Development Head of marketing, Partner, CFO, Head of Eurazeo Head of Investor Client Solutions, Idinvest Idinvest Development Relations, Idinvest Idinvest Sales Marketing Venture Partners Marc Mathieu BOULESTEIX Noëlle Reza MACHDI- Alexandra TEISSEIRE WYDAUW GHAZVINI Mailliet Head of the Venture Luxembourg Investor Relations Investor Relations Associate, Partner, office, Eurazeo France, Idinvest Director Germany, Idinvest Idinvest Idinvest
Christine Solomon Camille Gi Won Nicolas BONNET MOOS PERETTI ON BECQUE Investor Relations Investor Relations Asia, Associate, Venture Partner, Fund France & Benelux, Idinvest Idinvest Idinvest Administrative Idinvest Officer, Eurazeo Agathe BUBBE Estelle Baptiste Arnaud Private Client MAMANE BRAUX LEURENT Solutions, Idinvest Investor Relations Analyst, Venture Partner, +30 staff Europe, Idinvest Idinvest Idinvest
Lucia Laetitia CASASSA REMY Investor Relations, Coordinator, Eurazeo Associate, Eurazeo Development Development
Solid fundraising capacity ready to grow AuM 51 Key milestones – Getting to critical size
EC V IPD V EG III
EC IV IPD IV EG II €2.5bn €714m €630m
EC III IPD III EG I
PRIVATE DEBT
Eurazeo 2018 Investor Day 52 We aim to grow our international LP base With significant growth & cross selling potential internationally
Other Sovereign / 10% State Owned 10% Cross-selling ratio
Aggregated 42% Insurance LP Base Pension Funds 11% (Eurazeo 56% & Idinvest) Investment Partners invested in 2 or more 12% of our strategies Asset Managers 15% Private Client Solutions
Data by AuM as at September 30th, 2018, excluding Rhône
Solid fundraising capacity ready to grow AuM 53 Eurazeo, a large diversified multi-specialist European asset manager
• How do we see the future of the private markets ? • Eurazeo is today well positioned • Our ambition
Solid fundraising capacity ready to grow AuM
Eurazeo: Idinvest, integrating with Eurazeo ready to grow Financial reporting for Eurazeo Idinvest, integrating with Eurazeo
Olivier MILLET & Christophe BAVIERE Key take-away
We bought a top-notch investment firm: PARTNERS • Idinvest has a remarkable track record • A talented team: 100+ people Recurring fees, • A successful fundraising capacity highly profitable • A blue-chip investors’ base • 3 class assets: Private equity, Private debt, Private funds
Eurazeo invests Idinvest Common office its own money management’s in China in Idinvest’s strategies re-investment
Idinvest, integrating with Eurazeo 56 Investing across the full spectrum of private markets
€2.6bn Private equity 32% AuM VENTURE & GROWTH CAPITAL DIGITAL 20 SMART CITIES investment HEALTHCARE professionals PARTNERS €3.0bn Private debt 37% AuM DIRECT LENDING 22 LEVERAGED LOANS €8.1bn CORPORATE FINANCING investment ASSET FINANCE professionals AuM €2.5bn 31% AuM Private funds group 9 PRIMARIES investment SECONDARIES professionals CO-INVESTMENTS Data as at September 30th, 2018
Idinvest, integrating with Eurazeo 57 Idinvest: an experienced management team
Executive board
Christophe Benoist BAVIÈRE GROSSMANN CEO Managing Partner
Executive Committee
Christophe BAVIÈRE Benoist GROSSMANN Matthieu BARET CEO Managing Partner Managing Partner 28 years 24 years 17 years 14 years Average tenure of Executive Committee
Nicolas CHAUDRON François LACOSTE Christophe SIMON Managing Partner Managing Partner Managing Partner 21 years 18 years 17 years 14 years Average professional experience (Executive Board + Executive Committee)
Charles DAULON DU LAURENS Eric GALLERNE Sylviane GUYONNET Partner Partner Partner 15 years 25 years 32 years
NB: Number of years in the industry
Idinvest, integrating with Eurazeo 58 A solid European team Average tenure: 5 years
11 nationalities
35 years old on average 100+ people PARTNERS
Half of employees are working in investment teams 3 offices Paris | Frankfurt | Madrid Half of employees follow at least one training program every year
Idinvest, integrating with Eurazeo 59 Idinvest: an impressive track record
IRR since inception* Distributions (Sept. 2018)
Private equity 20% Venture & Growth Investments, since 2004 O/w 28% in digital €4,687m Private debt distributed since inception Since 2007 5-13% o/w € 2,898m during the last 5 years Private funds group Since 2001 11-33%
(*) IRR on all realized investments
Idinvest, integrating with Eurazeo 60 A solid track record in I v s ’s fundraising over the last decade
1,456 Amount raised per year 1,352 in €m 1,246 1,202 1,067
Private equity
563
311 Private debt 242 131 146 114 Private funds group 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 9M
Data as at September 30th, 2018
Idinvest, integrating with Eurazeo 61 Large international LP base, diversified across regions and types of clients
Managed for 200+ recurring Top 1 institutional investors 15%
€8.1bn From 20+ countries AuM Others 40% Assets under by client PARTNERS 21% Top 2-5 Management ranking 72% of investors invested in more than 1 strategy
25%
Close relationships Top 6-20 with our third-party investors
Data as at September 30th, 2018
Idinvest, integrating with Eurazeo 62 Idinvest: uninterrupted fundraising since inception
2007 2010 2013 2014 2015 2016 2017 2018 2019
Direct lending Idinvest Private Debt Idinvest Private Debt II Idinvest Private Debt III Idinvest Private Debt IV Idinvest Private Debt V
Private Leveraged Loans IdinvestSenior Debt IdinvestSenior Debt 2 IdinvestSenior Debt 3 IdinvestSenior Debt 4 Idinvest Senior Debt 5 debt Corporate financing Asset Finance NOVI 2 ISIA
Rolling : Private Wealth Funds Idinvest new fund (IPVE)
VC Digital Idinvest Digital Fund I Idinvest Digital Fund II Idinvest Digital Fund III
Private VC Smart City Idinvest Smart City I Idinvest Smart City II equity Growth Idinvest Growth Fund II Eurazeo Growth Fund III
Rolling : Private Wealth Funds Retail funds
Secondary Idinvest Secondary Fund I Idinvest Secondary Fund II Idinvest Secondary Fund III Idinvest Secondary Fund IV Private funds Primaries, Secondaries, Co-investments group Rolling : dedicated mandates
Rolling : Private Wealth Funds Idinvest new fund (ISO)
Idinvest, integrating with Eurazeo 63 I v s ’s funds are drawn from a broad variety of investors around the world
Sovereign/State owned Pension funds 13% 17% Family offices 4% Corporates 4% AuM 2% Fund of funds 1% Foundation / non profit by client type 1% Bank
18% Private client solutions 40% Dedicated operational resources Insurance & processes to fit Idinvest’s 80,000 private clients’ needs and constraints: life insurance, tax-efficient vehicles, securities accounts…
Data as at September 30th, 2018
Idinvest, integrating with Eurazeo 64 Leader in private banking solutions
Selection of distributors:
Private equity 77% 80,000 Private debt 12% individual clients Private funds group 11%
Idinvest, integrating with Eurazeo 65 Idinvest: uninterrupted growth in AuM since inception
A growing AuM base, evenly-spread by investment expertise
Growth of AuM AuM by asset class Last 5 years (€bn) As at Sept 2018 8.1 6.9 Private equity Private debt 6.1 32% 4.9 37% 3.7 €8.1bn 2.9
31% 2013 2014 2015 2016 2017 2018 9M Private funds group
Idinvest, integrating with Eurazeo 66 Average management fee rate: Idinvest and market industry
1.10% 1.05% 1.05% 1.03% 1.04%
0.87% 0.92% June 2018
0.91% June 2018
0.87% Sept 2018
Dec. 2013 Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017 2018 9M
Idinvest, integrating with Eurazeo 67 A successful acquisition
1Governance 2Fundraising
Eurazeo 3Operations 4Growth
Idinvest, integrating with Eurazeo 68 1. A clearly integrated governance structure Governance Supervisory Board 1
Virginie MORGON Chairman Eurazeo
Jean-Pierre Olivier MILLET Nicolas HUET Frans Guillaume Matthias SEEWALD RAFFARIN Vice-Chairman Member, TIELEMAN DARD Independent Vice-Chairman Eurazeo Eurazeo Member, Independent Member Independent Eurazeo Member
Executive board
Christophe BAVIÈRE Benoist GROSSMANN CEO Managing Partner
Idinvest, integrating with Eurazeo 69 2. Fundraising: combining our forces 2Fundraising
Promotion of the joint range Across the existing LP base Regular sharing of of investment strategies and prospects structuring best practices
Eurazeo balance sheet contribution Jointly partnering with large LPs c.€430m in Asia & Middle East (€250m Eurazeo Growth & €180m Idinvest funds)
Idinvest, integrating with Eurazeo 70 3. Operations: pooling our strengths 3Operations
• Investor Relations with LPs • Finance/middle office Active … to build the perfect • IT organization to achieve working teams… • Communication Eurazeo’s missions • CSR
Idinvest, integrating with Eurazeo 71 4. Eurazeo Growth: moving forward together Eurazeo 4Growth
Eurazeo Growth III Eurazeo Growth Fund III is dedicated Idinvest Growth II to finance the expansion of well- established and fast-growing Fund innovative European companies. Merger • Combining the strongest European of 2 teams €330m PE brand, with a global and highly 2019-2020 qualified network, with one of the most experienced and successful Become the tech investors in Europe European leader c.€1bn • A proactive sourcing strategy thanks to a strong European footprint, deep knowledge €300m of European markets, past and present portfolio in all key sectors
Idinvest, integrating with Eurazeo 72 Ambitions
Idinvest is an accelerator and a substantial contributor to Eurazeo’s development
Idinvest, integrating with Eurazeo 73 Eurazeo, a large diversified multi-specialist European asset manager
• How do we see the future of the private markets ? • Eurazeo is today well positioned • Our ambition
Solid fundraising capacity ready to grow AuM
Eurazeo: Idinvest, integrating with Eurazeo ready to grow Financial reporting for Eurazeo Financial reporting for Eurazeo
Philippe AUDOUIN Our talented corporate team
Corporate Philippe AUDOUIN Directeur Général Finances - CFO
Treasury & Capital markets Investor Relations Deputy CFO IT Taxes and structuration
Stéphane Caroline Elisabeth Paul Christophe BOSTYN COHEN AUCLAIR BRAIDA AUBUT
2 people 2 people 16 people 5 people 1 people
Financial reporting for Eurazeo 76 A broad spectrum of private equity players Estimated NAV / On-balance sheet investments ($bn)(1) 50
$0bn $436bn $21bn 20 $21bn
12 $178bn $12bn(2)
10 $0bn $9bn $6bn 8 $8bn $12bn $7bn $27bn $6bn $206bn $6bn 6 $1bn $0bn $6bn (in 2017) $5bn
4 $267bn $3bn $0.5bn $4bn $35bn 2 (in 2011) $3bn $78bn Total AuM $123bn n.a. $0bn $1bn $1bn0 2 4 6 10 20 80 100 200 300 400 500 3rd party AuM ($bn) (1) Estimated on-balance sheet investments used as a proxy for US companies (2) Cash & investments according to investor presentation, July 2018 Source: FactSet as at November 16, 2018; Thomson One; Bloomberg, Q3 Report. FX rate as at 31/11/2018: 1USD = 0.88EUR = 0.788 GBP Financial reporting for Eurazeo 77 3rd party AuM NAV A new financial communication strategy for a new Eurazeo
Investor Day 2017 December 2017 Accelerate the dual-funded model
Financials by investment divisions: FY 2017 Results March 2018 • Economic revenue, EBITDA, net debt • NAV variation with the breakdown between re-valued assets and assets still at cost
New financial metrics: • Presentation of our 4 asset classes (private equity, real assets, private debt and private funds) H1 2018 Results July 2018 • Total amount invested / divested for Eurazeo, Idinvest & Rhône (and Eurazeo’s share) • Valuation metrics for listed private equity • Fee-paying AuM and management fee rates in the industry
Investor Day 2018 December 2018 Financial reporting for Eurazeo: elements
FY 2018 Results March 2019 Eurazeo’s new P&L, reflecting our new model of multi-specialist asset manager
Financial reporting for Eurazeo 78 Our agenda today
What are we talking about? Some definitions • NAV • AuM • Fee-paying AuM, management fees • Performance fees
A lean cost structure and a strong track record
Valuation considerations
Financial reporting for Eurazeo 79 Start with definition: NAV (conservative methodology)
€m 30/09/2018
Portfolio NAV 4,977 Unlisted portfolio companies: valued twice a year based on long-term comparable multiple
Eurazeo Development 777 Valuation of asset manager activity: Idinvest, Rhône: valued at cost
Net cash & other items 236 Tax on unrealized capital gains: 4.1%
Total NAV 5,990
Financial reporting for Eurazeo 80 Measuring AuM & fee-paying AuM
Private equity funds/private funds Private debt funds
INVESTMENT PERIOD DIVESTMENT PERIOD RAMP-UP PERIOD DIVESTMENT PERIOD Re-valuation Re-valuation
Commitment Commitment AuM AuM Fee-paying AuM
COMMITMENT DIVESTMENT DIVESTMENT Fee-paying AuM
Deployed
Year 0 Year 5 Year 10 Year 0 Year 3-5 Year 10
AuM = NAV+ uncalled commitments
Financial reporting for Eurazeo 81 Fee-paying AuM as at September 30, 2018 Theoretical fee-paying AuM
3rd party fee- Eurazeo’s Total fee-paying (€m) Eurazeo’s Idinvest Rhône balance funds (@100%) (@30%) paying AuM sheet AuM AuM Private 791 2,150 1,068 4,009 3,137 7,146 9,393 equity Private - 2,901 - 2,901 - 2,901 3,044 debt
Real estate - - 86(1) 86 395 481 636
Private - 1,608 - 1,608 - 1,608 2,472 funds group
Others ------1,013
791 6,660 1,154(1) 8,604 3, 532 12,136 16,558
Source: Eurazeo assessment (1) Assumes EUR/USD FX rate of 1.19. Rhône has 50% interest in the General Partner and economics in the Rhône WeWork real estate joint venture Financial reporting for Eurazeo 82 Management fee drivers Recurring and predictable
Capital inflows thanks to new + funds, increase fee-paying AuM
NAV growth of underlying assets Evolution of management fee rate (real estate and private debt)
- Distribution
Long-term and durable funds’ life Management fees are recurring Private Private Real Private and predictable in nature, equity debt assets funds Fee-paying and driven by new fundraising estimated duration 7 years 3 years 7 years 7 years
Financial reporting for Eurazeo 83 Eurazeo, Idinvest & Rhône: different fundraising cycles
Rhône Eurazeo Eurazeo Fund V PME Capital
1 fund at a time Separate funds per Multiple funds investment strategy
Financial reporting for Eurazeo 84 Performance fees: sizeable supplementary revenue
Defining characteristicsFinancial reporting for Eurazeo Growth drivers
• Occur above a certain hurdle rate • The size of funds that Eurazeo manages for its investment partners • Depend on the pace and performance of divestments • The performance of underlying assets
Performance fees €500 fund from investment partners – example 80 (€m) Assumption: 2x cash-on-cash in 5 years will generate 40 in total €40m performance fees on top of management 20 fees (€10m per year).
On an annual s s, €8 fees 1.5x 2x 3x Cash on cash would therefore equal 80% of management fees Performance Fees rate for the general partner 8% 8% 8%
Eurazeo 2018 Investor Day 85 Calculating z ’s performance fees
Private equity Private debt Private funds
Carried interest (GP* + Investment teams) 20% 10-15% 8-10% % of capital gain:
Hurdle rate 6-8% 4.5-6.5% 7-8%
Eurazeo will receive performance fees from Idinvest funds raised in 2018 and from Rhône’s Fund V (*) GP: general partner, here refers to Eurazeo
Financial reporting for Eurazeo 86 How to analyze the cost level?
In relation to the In comparison cost structure with the market
Financial reporting for Eurazeo 87 How to analyze the cost level: the cost structure
International development Digital
Majority private equity investments call for more human resources M&A given the active role to accelerate the transformation of the company
CSR
Controlling Audit
Financial reporting for Eurazeo 88 How to analyze the cost level: market practice
Market practices
Private equity (majority) 1.5%-2.0% Real assets 0.5%-1.5%
Private debt 0.5%-1.5% Private funds group 0.3%-1.5%
Financial reporting for Eurazeo 89 z ’s lean cost structure makes it an efficient investment company
2018 Forecasts Eurazeo standalone Eurazeo Group Proforma of 100% Idinvest and 30% Rhône % NAV % AuM % AuM
Gross costs 1.5% 1.2% 0.8%
Net costs* Operating 1.2% 1.0% 0.2% leverage
(*) Net of third-party management fees, performance fees and advisory fees. In 2017, there is no performance fees from Eurazeo funds. Eurazeo is entitled to receive performance fees of the funds raised from 2018 for Idinvest and starting from Rhône Fund V.
Financial reporting for Eurazeo 90 Eurazeo investment activity: a solid track record
In €m IFRS net capital gains 1,340
640 467 498
21
2013 2014 2015 2016 2017
Average: €681m
Financial reporting for Eurazeo 91 Valuation
Favorable Superior risk reward returns Risk mitigation
Financial reporting for Eurazeo 92 Eurazeo: navigating market risks
Economic environment: Possible impact on our companies:
• Our preferred scenario: not a major crash à la 2008, • Slower value creation but weakening growth • More conservative exit multiples • Mid term: gradual increase in the interest rates • Financing risks
Our mitigating factors:
• Eurazeo’s active support for the development of • Financing: our group companies: we are an active shareholder - Most maturities between 2023 and 2025 • Strong asset diversification: geographies, - 72% of the debts are hedged or at fixed rate asset classes, sectors, companies - Eurazeo maintains a strong balance sheet. Proforma cash position at Eurazeo level is €700+m • De-rating taken into account in the models at inception • Conservative NAV valuation
Financial reporting for Eurazeo 93 Eurazeo: strong and resilient TSR performance
22% Annualized TSR Dec. 31, 2002 Dec. 31, 2008 - - 19% Dec. 31, 2008 Nov 30, 2018 17% Eurazeo CAC 40 15%
15 12% 11% % 10% 10% 11% 9% 9% 9% 8% 8% 9% 7% 8% 8% 7% 6% 6% 6% 6% 6% 5% 5% 4% 4% 3% 3% 3% 1% 0%
Dec. 2002 Dec. 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec. 2008 Dec. 2009 Dec. 2010 Dec. 2011 Dec. 2012 Dec. 2013 Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017
From Dec. 31: 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
To Nov 30: 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 -3%
-8% 2017 * Relative performance of Eurazeo vs. CAC 40 2018 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ -
* Share price variation in 2018 YTD Financial reporting for Eurazeo 94 What do investors get when they buy a Eurazeo share?
Underlying Valuation: assets Sum-of-the-parts
Portfolio companies NAV basis 1 Eurazeo General partner: Valuation of the goodwill Assets invested (GP know-how) share from Eurazeo’s balance sheet Reflecting over performance
General partner: FRE(1) and PRE(2) based valuation Assets managed multiples plus the value of net for investment partners accrued carry (3)
(1) FRE: Fee Related Earnings (2) PRE: Performance Related Earnings (3) Based on research reports analysis for selected alternative asset managers
Financial reporting for Eurazeo 95 Private debt
Private funds group
Real assets A deep dive into our asset classes Private equity Private debt
François LACOSTE & Eric GALLERNE PRIVATE DEBT
2007 €5-75m 200+ €3.5bn inception ticket size SMEs financed invested
5th 3 €3.0bn vintage offices 22 for direct lending Paris investment AuM & leveraged loan funds Frankfurt professionals Madrid
Data as at September 30st, 2018 – since inception I v s ’s v s: -European & operating across many sectors
Food & Staples Healthcare Equipment Retailing & Services
Capital Goods (Machinery, electrical Materials equipment, etc.)
Commercial Software & Professional Services Services (IT, Telecom, etc.) (Consulting & B2B services, etc.)
Consumer Services Consumer Staples (Real estate, catering, (Household & personal goods) B2C services, etc.)
Non-exhaustive list of portfolio companies (live & exited) Nb: selected portfolio investments Private debt 99 Idinvest Private Debt investment team Managing Partners & Partners François Eric Sylvain LACOSTE GALLERNE MAKAYA 18 years in 26 years in 16 years in Private Debt Private Debt Private Debt
Investor directors
Thierry Valérie Florian Arnaud Maxime Nicolas Daniel Verena LEGEAIS DUCOURTY ZIMMERMANN MAISONNEUVE de ROQUETTE NEDELEC EMERSLEBEN ROMERO 28 yrs in 23 yrs in 21 yrs in 16 yrs in BUISSON 11 yrs in 11 yrs in FRYCHEL the industry the industry the industry the industry 12 yrs in the industry the industry 9 yrs in the industry the industry
Investment managers
Sorian Olivier Emmanuelle Damien ABOUZ SESBOÜÉ TANGUY BOULANGEAT 7 yrs in 7 yrs in 7 yrs in 6 yrs in the industry the industry the industry the industry
Associates & Analysts Portfolio Monitoring
Audrey Natalie Victoire Bryan Tommaso Mehdi Noëlie SILBER ZUBOWYCH VANHEUVERSWYN ELBAZ BARCIA DAVID-MOUMEN ODRAS 3 yrs in 4 yrs in 1 yr in 2 yrs in 1 yr in 4 yrs in 2 yrs in the industry the industry the industry the industry the industry the industry the industry
Nb: Years in the industry Private debt 100 Idinvest: growing market share in European small & mid cap private debt
European small & mid cap private debt market Idinvest private debt annual investments
54 928 +23% +26% 808 38 34 (in €m) 626 (in €bn) 29 468
2014 2015 2016 2017 2014 2015 2016 2017
• Greater regulation constraints (banks’ withdrawal from the market) This strong growth has been fueled by • Increased demand for flexible & tailor-made solutions • Growing financial needs from small & mid cap companies
Source: Idinvest estimates Private debt 101 Provides financing tools Idinvest offers a broad range of expertise fitting each company’s needs
RENOWNED EXPERTISE DIRECT LENDING Since 2007 LEVERAGED LOANS Since 2013
Unitranche & subordinated debt - small & mid cap Senior loans & bonds – mid cap 80+ SMEs financed 110+ SMEs financed
€1.3bn AuM 44% AuM €1.3bn AuM 44% AuM €3bn AuM ASSET FINANCE Since 2017 CORPORATE FINANCING Since 2015 Industrial equipment financing Debt & quasi-equity financing (Finance lease, sale & leaseback, operating lease) for French corporates
€0.2bn AuM 6% AuM €0.2bn AuM 6% AuM
RECENT INITIATIVES
Data as at 2018-09 Loss rate: (invested amount in default deals - distributions - instrument valuation)/total fund investments Loss rate is calculated on the current team perimeter excluding FoF/Co-investment operations led before the arrival of François Lacoste in 2008. Private debt 102 The competitive landscape in the small & mid cap segment
EBITDA (in €m) 0 20 50 75 >
National International Corporate Regional Banks Commercial Banks Investment Banks
• Standard conditions • Structured finance department • Numerous alternative for issuers • Standardised products of commercial banks • Originate to distribute business • Purpose of retaining clients • Part of debt retained • Limited final holding on bank balance sheets Bank Debt on balance sheet • Purpose of profits and generating business
Leveraged Loans Alternative Private Debt Direct Lending Players
Club deals Club deals (with local Broadly syndicated (with banks & banks / bilateral) leveraged loans alternative lenders)
Source: Idinvest Partners
Private debt 103 The competitive landscape in the European market
CLOs, High Yield UPPER-MID & LARGE HAYFIN CAP
• Highly competitive market segment • Quantitative approach to transactions opportunities
SMALL & LOWER- MID CAP Limited competition resulting in: • Moderate leverages SMALL CAP &MULTI-LOCAL FOCUS FUNDS • Better pricings • Local actors with limited European exposure • Higher equity contribution • Small Cap European actors with aggressive approach targeting smaller companies
LOCAL FOCUS PAN-EUROPEAN FOCUS
Private debt 104 A strategy based on 4 pillars
A highly experienced team in debt A pan-European reach
• Average 15+ years experience transacting • Wide sourcing capabilities fueled by across the capital structure longstanding relationships with main • Seasoned team leading in-depth prior analysis PE firms and blue-chip banks to mitigate risk • Local offices in France Germany & Spain • Tight monitoring to ensure a proactive portfolio management • “Go-to” deal originator for SME transactions
Attractive performance Deep industry expertise with a customized approach • Excellent downside risk protection with senior secured financing • Clear focus on the small & mid cap market • Proven track record in arranging & structuring deals with limited competition in the European small & mid cap market - Less leverage • A defensive & selective business - Better pricing - 0.1% annual loss rate since 2007 on Direct Lending - Higher equity contribution - Zero loss since 2013 on Leveraged Loans
Data as at September 2018 Loss rate: (invested amount in default deals - distributions - instrument valuation)/total fund investments Loss rate is calculated on the current team perimeter excluding funds of funds/Co-investment operations led before the arrival of François Lacoste in 2008. Private debt 105 Idinvest: uninterrupted fundraising since inception
2007 2010 2013 2014 2015 2016 2017 2018 2019 Direct lending
Idinvest Private Debt Idinvest Private Debt II Idinvest Private Debt III Idinvest Private Debt IV Idinvest Private Debt V €140m €150m €405m €714m Rolling : Private Wealth Funds IPVE III
Idinvest Senior Debt Idinvest Senior Debt 2 Idinvest Senior Debt 3 Idinvest Senior Debt 4 Leveraged loans Idinvest Senior Debt 5 €281m €395m €530m Program €520m
Corporate financing NOVI 2 €323m
Asset finance ISIA €220m
Private debt 106 I v s ’s s v s
Idinvest’s private debt fundraising (€m) Idinvest’s private debt AuM (€m) Internationalization of LP base 3,044 837 Asset Finance Corporate Financing 2,683 Leveraged Loans 2,451 654 Direct Lending Benelux 1,936 550 531 Others 14% France 446 1% 41% 1,186 Middle East 20% IPD IV 321 2016-2018 5% 599 Italy 16% 3% Nordics DACH
2013 2014 2015 2016 2017 2018-10 2013 2014 2015 2016 2017 2018YTD
Private debt 107 Idinvest IRR: consistent performance on all private debt strategies
Direct Leveraged Corporate Asset lending loans financing finance Average gross IRR Global 11.4% 4.9% 4.8% 5.2%
Realized 12.7% 5.3% 6.0% No exit yet
Data as at 30th September 2018. Since inception: 2017 for Asset Finance, 2015 for Corporate Financing, 2012 for LeverageLoans and 2007 for Direct Lending
Private debt 108 Recognized leadership in private debt
Idinvest Private Debt ranking in 2018’s Preqin Global Top 100(1)
Euro zone Worldwide 1st 44th
Recent fundraising successes (2018) DIRECT LENDING LEVERAGED LOANS ASSET FINANCE IDS 4 IPD IV €714m PROGRAM €520m ISIA €220m (includes a separate STILL IN FUNDRAISING managed account)
(1) calculated on the capital raised over the last decade
Private debt 109 Example: long presence on the ground gives access to the best deals
DEVELOPMENT OF NEW RELATIONSHIP WITH LOCAL SPONSORS LOCAL DEAL SOURCING
Unitranche Unitranche Public transport communication, security Developer, manufacturer and seller of refrigerated vehicle bodies & monitoring technology supplier
Expansion of Idinvest coverage: • Result of local relationships with the equity sponsor (Miura) • Historic relationship with the debt advisor (DC Advisory) • Creation of an European champion • Tailored financing offering reflecting the needs of the target • Proprietary access within a strong competitive landscape (Buy & Build / fast growing) • Cross border transaction (France – Spain) • Fast & reliable decision process from inception of discussions to closing
PARTNER OF BUILD-UP STRATEGIES LONG TERM INVESTOR
Unitranche Mezzanine
European leader in translation services European leader in drug manufacturing
• Participation of Idinvest in Technicis’ 1st LBO in 2015 arranging • Strong proximity to the management the mezzanine • Historic relationships with Idinvest’s team that invested in Delpharm • In 2018, Idinvest arranged an unitranche to refinance existing debtness since 2004 and to enable 4 strategic acquisitions in Europe (France, Belgium, Germany and Scandinavia) • Capacity to back company’s growth on a long term basis
Private debt 110 Our ambitions
Direct lending & leveraged loans Driven by a rising market Consolidate PRIVATE DEBT our position in Europe Expand our European Open new offices Increase fundraising The go-to investment firm for Small & Mid Cap coverage companies in Europe
New segments, new funds
Develop Asset finance Corporate financing recent initiatives • Benefit from our pioneer position, increasing • Launch new funds or segregated accounts the size of the funds to match market demand • Expand in Europe • Develop the offer on other market segments
Private debt 111 Private debt
Private funds group
Real assets A deep dive into our asset classes Private equity Private funds group
Christophe SIMON PRIVATE FUNDS GROUP
3 Idinvest Strategies 20 years €2.5bn Primaries st Track record AuM Secondaries 1 brick Co-investments
c.100 9 investment €2.5bn institutional professionals invested LPs
Data as at September 30th 2018 – since inception The Private Funds Group provides exposure to European private equity PRIVATE FUNDS GROUP opportunities for sophisticated institutional investors
Key facts Investment strategy Product offering
Historical European footprint Primaries Dedicated mandates • Active player in the European • Tailored solutions for institutional private equity market since 1997 investors through managed accounts
€2.5bn invested since inception €2.5bn Secondary funds • 200+ primary commitments AuM • Commingled funds for both • 90+ secondary transactions institutional and private wealth clients • 60+ direct co-investments Secondaries Data solutions +400 bps out-performance • Reporting, monitoring, data vs MSCI Europe index Co-investments and cash-flow forecasting services
Private funds group 115 3 complementary strategies to build bespoke portfolios
Primary commitments Secondary transactions Direct equity co-investments
investments secondary 200+ in European funds 90+ transactions 60+ companies Primary investments are interests Secondary investments are interests Direct investment in a portfolio or investments in newly established in existing private equity funds that company in conjunction with general private equity funds are acquired in privately negotiated partners or other LPs invested transactions typically after the end in the fund of the private equity fund’s fundraising period
Diversification Optimize IRR Maximize multiple
Private funds group 116 Large & sophisticated institutional investor base
€2.5bn LPs by geography AuM by product Assets under Management
Secondary Europe funds managed for 77% 35% c.100 institutional investors
• Insurance companies • Pension funds 21% 65% • Sovereign funds 3% Middle East • Foundations & Asia Mandates • Wealth management banks North America
Data as at September 30th 2018 Private funds group 117 Private Funds Group investment team
Managing Partners & Partners
Christophe SIMON Jean PLAMONDON A seasoned, multicultural team 14 yrs in the industry 32 yrs in the industry with complementary expertise and background
Investment Directors
Annette FAINBLOOM Amine RAÏS Under recruitment 13 yrs in the industry 9 yrs in the industry
Investment Managers, Associates, Analysts Analysts
Sophie BERGERET Mahdi BENERRADI Côme DE SAINT CHAMAS Sarah CROSETTI Théo CHARPENTIER 6 yrs in the industry 4 yrs in the industry 2 yrs in the industry 2 yrs in the industry 1 yr in the industry
Private funds group 118 Private Funds Group track record: IRR since 2001
Since 2001 Gross IRR
33%
18% 11%
Primaries Secondaries Co-investments
200+ 90+ 60+ primary commitments secondary transactions direct co-investments
as at September 30th, 2018. Scope: PFG European Buyout Investments, since 2001
Private funds group 119 All strategies have exceeded public market equivalent by at least 400 bps
Since 2001 Gross IRR 33% +5.2% Idinvest outperformance since 2001
18%
11% +12.8% Public market equivalent (based on the MSCI Europe Index) +4.3%
Primaries Secondaries Co-investments
as at September 30th, 2018 Scope: PFG European Buyout Investments, since 2001 Benchmark: MSCI Europe Index, index representing the performance of large and mid-cap equities across 15 developed countries in Europe Private funds group 120 Accelerated growth in assets under management
In €bn
2.5 2.1 1.8 1.6 1.5 1.4
2013 2014 2015 2016 2017 September 2018
Data as at September 30th 2018
Private funds group 121 Industry recognition
2018²
Private funds group 122 European private equity landscape ~30,000 1,300+ 200+ $147bn Number of GPs in Europe New vintage funds 2017 European European companies raised each year in buyout deals with annual revenues Europe (among which over €100m(1) 30 first-time funds)
1,430 $16bn €165bn Number of private 2017 European 2017 European equity transactions secondary exit value. announced in 2017 transaction volume(3) Up 18.4% compared in Europe to 2016
Sources: (1) Capital IQ, October 2018 (2) Preqin (3) Campbell Lutyens, Triago, Greenhill, InvestEurope Private funds group 123 European private equity market: a target-rich environment
29,198 Number of European companies with annual revenues over €100m Large cap 4,740 16% (>€1,000m)
11% Upper mid-market 11x 3,176 (€500-€1,000m)
2,554 Mid-market 21,282 73% (€100-€500m) 1,131 41% 377 15% 1,046 44%
# of public companies # of private companies
Source: Capital IQ, as at October, 2018
Private funds group 124 Market positioning
AuM >€5bn
AuM >€1bn
AuM <€1bn Country specific funds European funds Global funds
Private funds group 125 Ambition: Grow AuM by double digit on next vintages
Secondaries
Consolidate On next How? our position vintages Secondary Fund IV Secondary Fund III €600m Through fundraising: €440m • Secondaries: €600m 2016 2019 • New mandates: €700m
Bespoke mandates Expand geographical scope of clients Expand On next years 2/3 Europe our position 1/3 US & Asia €1.5bn AuM €2.2bn AuM
2018 2020
Private funds group 126 Our ambitions: accelerate our growth
Grow AuM by 50% on next vintages
• Investor re-ups and maintain allocation • Expanding geographical scope of clients Maintain top quartile ranking • Diversifying product offering across our 3 strategies Accelerate our growth
Strengthen the investment team
Private funds group 127 Private debt
Private funds group
Real assets A deep dive into our asset classes Private equity Renaud HABERKORN 2015 3 6 6 investment investment inception participations strategies professionals
€460m €30-200m €516m equity ticket size AuM invested
Date as at September 30th, 2018 A dual strategy deployed through 3 angles
Strategy 3 types of investing Real Estate and Real Asset Private Equity
Operating platforms owning their assets
Value-add and 12%-17% opportunistic target IRR Value-add real estate
A case by case approach Western Ticket size: Special situations to seize market opportunities Europe focus €30-200m as they arise
Real assets 131 A talented investment team
Managing Partner
Renaud HABERKORN 22 years in the industry Member of Eurazeo Executive Committee
Managing Director Principal Financial controller
Frédéric MAMAN Pierre LARIVIÈRE Henri HELIER 23 years in the industry 12 years in the industry 6 years in the industry
Senior Associate Associates
Maxime DUFOURT Thierry DE MONTESQUIOU Benoît DESSOLAIN 7 years in the industry 4 years in the industry 3 years in the industry
Real assets 132 A Pan-European portfolio
1 Grape Hospitality Highlight 1 88 88 hotels – 9,125 rooms 1 Single asset 1 1 – 24,000 sqm offfice 1
7 4 Reden Solar Dazeo 1 175+ solar plants – 300MW 5 projects secured 1 175+ 5 1 1 8 2 13 13 1 1 13 12 CIFA C2S Single asset – 40,000sqm 13 clinics 1 1 13 150+ wholesale center 1 4 4 3 15 2 3 2 3 International (excl. Europe) 4 3 Europe 1% excl. France 3 1 2 24%
74% France €2 bn GAV across 11 countries
Real assets 133 A challenging market requires agility
Prime office rents (€ psm) Prime yields (%) Prime capital values (k€ psm) 1400 6,50 35 1256 6,00 1200 30 29
5,50 1000 25 5,00 810 24 800 4,50 20 16 565 3,72 600 4,00 15 456 15 3,50 400 10 12 390 3,00 3,00 200 5 2,50
0 2,00 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Paris London Madrid Munich Milan Paris London Madrid Munich Milan Paris London Madrid Munich Milan
Source: PMA Higher interest rates and/or lower demand could trigger reverse momentum for commercial real estate... … that could yield to new opportunities
Real assets 134 A selective approach What we might do • UK • Distressed retail What • Developers we have done • Special situations, • Exit ANF failed auctions, etc. • Defensive sectors • Deals with a safety net What • Growth in Spain we haven’t done • Build ups • Germany • Auctions • Prime assets • Logistic
Real assets 135 Our ambition: grow our business towards fund management
Organically grow our real estate 1 private equity investment business
Deploy across selected European markets 2 through joint-ventures and build-ups
An annual €150-250m investment deployment 3 pace should lead to €1bn AuM within 2 to 3 years
4 Prepare for fund raising
Real assets 136 How do we create value?
CASE STUDY Highlight at a glance
Acquisition through a forward purchase agreement (VEFA) of an office real estate complex located in Courbevoie, on the Front de Seine skyline
• Redevelopment with increased sqm
• 24,000 sqm campus built around a 850 sqm landscaped garden
• Seller: Kaufman & Broad
• Secured occupancy at delivery: 40%
• Estimated delivery date: June 2021
Real assets 138 Real assets 139 Transaction overview Timetable Closing Construction start Delivery Exit
MAY OCT. JUN. DEC. 2018 2018 2021 2022
Key financial • Payment schedule according to construction progress metrics • Total equity: €74m • Co-investment between Eurazeo Patrimoine (80%) and JC Decaux family holding (20%)
• Financing from French and international banks pool
Real assets 140 Investment thesis & strategy
Value-add • Value creation through: Paris office strategy - Buying well - Defining the right product - In-house active asset management
Mitigating all • No development risk the potential risks • Limited letting risk through pre-let • Highest standard specifications matching with current tenant requirements • No financing risk • Investment market risk underwritten
Real assets 141 Value creation to the shareholders
Conservative underwriting offering strong upside potential
1.5x CoC 150bps
50bps
Acquisition Financing Margin Exit yield Spread over Current yield costs market yield market yield
Real assets 142 How do we create value?
CASE STUDY Dazeo JV at a glance
Joint venture in Spain with Dazia Capital focused on residential redevelopment and development
15% 85% €70m Selected cities: Equity allocated over 3 years • Madrid Total asset value targeted c. €200m • Barcelona • Malaga c. 20% Net margin on average • Costa del Sol
2 1 2 Update since closing acquisitions acquisition acquisitions of the partnership: completed in Central under completion secured in central Madrid and Estepona in Marbella Madrid
Real assets 144 Investment thesis and strategy
Strong appetite • Recovering market Upward residential from LATAM investors price trends • Lack of new dwelling construction of last 10 years Potential Unemployment • Attractive risk/return opportunity decrease Economic • Progressive commitment of funds recovery upside across multiple projects, monitoring: - Construction costs Solid demand Low interest rates - Policy shift vs. Spanish inflation for dwellings - Fierce competition
• Creates optionality of a broader Spanish • Value enhancement through: investment program complementary - Market growth to Spanish hospitality program - Timing of sales - Pricing discipline of acquisitions
Real assets 145 Illustrative profitability analysis
Selling prices based on conservative assumptions as at Jan. 2018 % total sale Financial Exit Land / building acquisition Development and construction costs costs Fees costs Profit
39% 31% 3% 5% 3% 19%
Selling prices based on market assumptions as at Sept. 2018 % total sale
33% 27% 3% 5% 3% 29%
Based on closed and secured projects (excl. Marbella project)
Real assets 146 Alcala 141, Bahia Estepona, Madrid Costa del Sol (closed) (closed)
Les Roches Santa Isabel, School of Madrid Hospitality, (secured) Marbella (closed) Our key message today Eurazeo Patrimoine is growing Private debt
Private funds group
Real assets A deep dive into our asset classes Private equity Private equity: Mid to Large Caps 686 Our market is on a secular growth trend Global buyout deal value – excl. build-ups CAGR In $bn +7% 319 334 288 256 273 189 211 212 203
77
2007762 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Global buyout deal value by region – incl. build-ups 559 CAGR In $bn 440 RoW Asia 395 Europe US +8% 369 287 301 254 217 240 101
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Sources: Bain Global Private Equity Report 2018 – Dealogic Private equity: Mid to Large Caps 151 Prices are rising
Acquisition Multiple for syndicated deals > €300m
10.6x 10.6x 10.5x 10.3x 10.3x 10.0x 10.0x 9.7x 9.7x 9.7x 9.1x 8.8x 9.3x 9.2x 8.8x 8.7x 9.2x 8.5x 8.9x 8.8x 8.7x 7.7x
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Sources: LCD Comps Private equity: Mid to Large Caps 152 A committed and skillful Investment Team
MARC FRAPPIER VIVIANNE AKRICHE EDOUARD GUIGOU FRANCESCO ORSI WILFRIED PISKULA LOUIS PROTHERY ERICERIC SCHAEFERSCHAEFER Managing Partner Managing Director Managing Director Managing Director Managing Director Managing Director ManagingManaging DirectorDirector Head. Eurazeo Capital Head of Origination Paris New York Paris Paris Paris Paris New York Yrs. with Eurazeo: 12 Yrs. with Eurazeo: 13 Yrs. with Eurazeo: 3 Yrs. with Eurazeo: 11 Yrs. with Eurazeo: 12 Yrs. with Eurazeo: 3 Yrs.New with York Eurazeo: 14 Yrs. Experience: 22 Yrs. Experience: 16 Yrs. Experience: 10 Yrs. Experience: 13 Yrs. Experience: 14 Yrs. Experience: 19 Yrs.Yrs. Experience:with Eurazeo 14 : 14 Yrs. Experience : 14
One IC One carry pool AMANDINE AYREM MAXIME DE ALINA DIMEGLIO HENRI DOMANGE ANTONIN MARCUS One culture Principal BENTZMANN Principal Principal Principal Principal Paris Paris New York New York Paris Yrs. with Eurazeo: 8 Yrs. with Eurazeo: 7 Yrs. with Eurazeo: 1 Yrs. with Eurazeo: 2 Yrs. with Eurazeo: 1 Integrated Yrs. Experience: 11 Yrs. Experience: 10 Yrs. Experience: 10 Yrs. Experience: 10 Yrs. Experience: 9 origination team
Stable and cohesive across EDOARDO FRACCHIA CÉLIA NATAF JUSTIN SCHLEGEL TATIANA DE DALMAS cycles Senior Associate Senior Associate Senior Associate Senior Associate Origination Paris Paris New York Paris Yrs. with Eurazeo: 2 Yrs. with Eurazeo: 4 Yrs. with Eurazeo: 2 Yrs. with Eurazeo: 4 MDs working Yrs. Experience: 8 Yrs. Experience: 7 Yrs. Experience: 6 Yrs. Experience: 6 together for an average of 10 years
8 nationalities
AMINA LAMLOUM ANASTASIA MANANNIKOVA LUCAS OPPENHEIM SARAH SPERRY RÉMI VIEL ROBERTO PESENTI Associate Associate Associate Associate Associate Analyst
Part of Paris Paris Paris New York Paris New York Yrs. with Eurazeo: 2 Yrs. with Eurazeo: <1 Yrs. with Eurazeo: <1 Yrs. with Eurazeo: <1 Yrs. with Eurazeo: 2 Yrs. with Eurazeo: 1 Investment Committee Yrs. Experience: 5 Yrs. Experience: 2 Yrs. Experience: 2 Yrs. Experience: 2 Yrs. Experience: 5 Yrs. Experience: 1
Private equity: Mid to Large Caps 153 Eurazeo Value Creation Ecosystem
Extensive institutional Eurazeo international offices & portfolio companies network (portfolio support)
PARTNERS Investment Eurazeo unique teams partnership Operating partners
(1) & Functional Experts IT/Digital, CSR, HR, Legal, Finance, Compliance, Audit
External network of senior experts & independent BOD (1) Eurazeo owns a minority interest in Rhône Group and has three representative seats at the board of managers, but is not involved in its day to day management and investment activities. Private equity: Mid to Large Caps 154 Our deal flow is expanding and improving
3x 384 since # of opportunities CAGR 2014 identified & qualified 2014-2018 366 32 Annualized • Fully integrated origination team +30% exclusively dedicated to identify, 109 qualify and secure the best investment and add-on acquisition opportunities 129 North America • Continued expansion of global deal 242 215 sourcing network by country, by 6 sector and by type (M&A advisers, 48 founders/families/corporations, management teams) 257 136 • Proprietary CRM used to track 209 223 Europe 2 194 and prioritize most attractive deals 134 • The start of a fruitful cooperation 2014 2015 2016 2017 20182018 YTD(1)YTD(1) (1) 2018 YTD as at Nov 26, 2018 Private equity: Mid to Large Caps 155 Our strict origination process means we only pursue the best deals
Fully integrated origination team EXCLUSIVELY DEDICATED to identify, qualify and secure the best investment and add-on acquisition opportunities
Identify Qualify Secure
• Theme-focused origination • Intelligence gathering • Differentiating angles • Global sourcing networks • Senior advisors • Due diligence • Reverse coverage • Pipeline Review Committee
Private equity: Mid to Large Caps 156 Our thematic investment approach allows us to focus our efforts
Sectors Selected portfolio companies Sub-Focus themes High priorities targets
• Natural food and beverage, health & wellness, beauty and personal care, fashion and luxury Consumer apparel, juvenile products 9 Goods • Flavors and fragrances, food ingredients • Agricultural technology and consumables • Education B2B & B2C • B2B specialized distribution Services • Testing, Inspection and Certification 17 • Marketing services • Business Processing Outsourcing • Surgical equipment and consumables • Drug delivery systems and consumables 5 Healthcare • Pharmaceuticals CMO • Medical devices • Financial and enterprise software Media & • Sports and media rights 11 Technology • Online media
• Payments processing Financial • Insurance underwriting & brokerage 2 services • Asset Management • Financial software & information services
Private equity: Mid to Large Caps 157 We maintain a tightly disciplined approach
Opportunities High Offers reviewed priorities Submitted Investment
352 44 15 1
Financial Services
Private equity: Mid to Large Caps 158 Our value creation playbook Employing a value creation toolkit focused on driving revenue growth & operating efficiencies
Top Line Enhancement Margin Expansion Cash-Flow Management M&A
• Pricing enhancement • Purchasing and supply chain • Working capital optimization • Route for international expansion improvement • Salesforce effectiveness • Capex optimization • Route for product / service • Footprint optimization expansion • Marketing improvement • Asset disposal and branding • Operational efficiency / lean • Overall internationalization • Factoring, asset securitization, • International expansion • Design to cost FX hedging • PMI • Product / services expansion
Finance/Legal/Compliance HR / Governance CSR IT/Digital
• Reporting (process & quality • Detailed management • CSR risks review • New business models innovation of information) and talent assessment • CSR initiatives implementation • Digital marketing implementation • Performance monitoring • Organization and management and tracking (e.g. best practices reinforcement for employee wellness, reduced • Digital product / service offering • Risk management improvement environmental impact, etc.) • BoD strengthening governance • IT excellence (e.g. cybersecurity • Legal and tax simplification & best practices (e.g. committees focus, change in IT platforms • Communication best practices on audit, remuneration, etc.)
Private equity: Mid to Large Caps 159 Value creation drivers – pulling all levers
Eurazeo Capital III Eurazeo Capital IV
Performance Improvement Topics Top Line ✓ ✓✓ Enhancement ✓ ✓✓ ✓✓✓ ✓✓ ✓✓✓ ✓ Margin Expansion ✓✓ ✓✓ ✓ ✓ ✓✓ ✓✓ ✓ ✓ Cash-Flow ✓✓ ✓✓ Management ✓ ✓ ✓✓✓ ✓✓ ✓ ✓ M&A ✓✓✓ ✓✓✓ ✓✓ ✓✓✓ ✓ ✓✓✓ ✓✓✓ ✓✓ Finance, Legal ✓ ✓✓ & Compliance ✓ ✓✓ ✓✓ ✓✓✓ ✓✓ ✓ HR / Governance ✓✓ ✓✓ ✓✓ ✓✓ ✓✓✓ ✓✓✓ ✓✓ ✓
CSR ✓✓✓ ✓✓ ✓ ✓✓✓ ✓ ✓✓ ✓✓ ✓
IT/Digital ✓ ✓✓ ✓ ✓ ✓✓ ✓ ✓ ✓
Private equity: Mid to Large Caps 160 A total of 76 deals internationally since 2014
Investments: Add-on acquisitions: 64 companies, mainly international 12 companies 2014 (2) 2015 (7) 2016 (17) 2017 (21) 2018 (4+13) • Asmodee 2 US • Desigual 1 • Neovia Canada 1 • Planet South Africa • Les Petits Chaperons Rouges 4 1 France, UK US • Sommet Education 2 8 7 DACH, France, DACH France, UK • Novacap Canada, UK 1 3 • Carambar & Co Nordics US, UK & Korea 3 8 4 2 • Trader Interactive Italy, Philippines, NL, China, Mexico, Brazil & Indonesia France & Nigeria France, Brazil, SA, China France, Brazil, US • Iberchem 2 4 6 2 2 Worldwide, Nordics, Worldwide, Poland, • WorldStrides US & France UK & France Belgium, Italy Canada, DACH; France Spain DACH, US • Albingia 1 France
Private equity: Mid to Large Caps 161 All this pays off
EBITDA evolution Eurazeo Capital III +47% since investment Portfolio EBITDA evolution Eurazeo Capital IV +16% since investment Development Strong build-up activity 22 build-ups over the LTM
4 exits for a total of €1.4bn distributions EC III Distribution 0.5x(1) Divestments 1.7x CoC on ECIII realized asset (Asmodee, Neovia, Desigual) Overall historical track record on realized assets: 2.3x CoC, 24% IRR(2)
Fundraising Eurazeo Capital IV, on the road
(1) Proforma of 2018 Exits: Asmodee, Desigual and Neovia (2) Core strategy Private equity: Mid to Large Caps 162 Ambitions
DEVELOP OUR BUILD A SUCCESSFULL THIRD-PARTY BALANCED PORTFOLIO INVESTOR BASE
50 / 50 Europe Accelerate and North our America growth
Attract and retain the GROW OUR TEAM best talents in Europe INTERNATONALLY and North America
Private equity: Mid to Large Caps 163 PANEL DISCUSSION
Accelerating portfolio companies’ transformation through internationalization and digitalization
Marc FRAPPIER Sophie FLAK Matthieu BARET Caroline COHEN Managing Partner CSR and Digital Director Managing Partner Head of Investor Relations Head of Eurazeo Capital of Eurazeo Venture and Growth Capital of Eurazeo
Benoit-Etienne DOMENGET 6 100% campuses in 25,000+ 100+ 125+ private pay students’ alumni countries Accreditation from 4 nationalities ~5,000 New England Commission countries students for Higher Education World- ss Sw ss s s s…
• Glion and Les Roches provide • Network of 6 campuses • Over the last decades, both premium educational services leverages shared global operations, schools have consistently in hospitality management technology and best practices been ranked amongst the top 3 primarily aimed towards the to deliver individualized and hospitality schools in the world, hospitality and customer-centric international education programs including #1 and #3 spots industries with a professional in latest QS rankings1 outcome
2018E adjusted revenues CHF 164m
Notes: (1) Employer reputation criteria
Sommet Education 168 Worldwide network of campuses Campus location by brand:
Founded: 2013 Founded: 1954 Founded: 2004 Co-located on the University of Flagship campus of the Private college located in the heart Roehampton campus, a full-service Les Roches brand offers of Shanghai, offers undergraduate university with over 10,000 students students a unique global and and postgraduate diploma programs entrepreneurial hospitality education
EDUCATIONAL OFFERING London • Emphasis on craft-based learning and international internship experience Crans-Montana complements world-class classroom teaching Shanghai • International study programs Montreux/Bulle • Positions graduates for an international career • NECHE (US) accredited Marbella
Founded: 1995 Founded: 1962 Located in the Mediterranean luxury resort, Flagship campuses of the Glion the original Les Roches branch campus brand provide students with offers a strong link to the tourism industry, an immersive experience into and prepares students for a global career the world of luxury hospitality in hospitality and leisure services EurazeoSommet 2018 Education Investor Day 169 Growing & expanding hospitality market Historical and forecast hotel revenues in USDbn CAGR +6.8% Geographical dynamics 12-17 17-21 1,078 driving the hospitably market +3.6% Middle East and Africa +3.9% +6.5% 41 South and Central America -9.1% +3.6% 22 • Sustained hotel revenue growth driven 829 by the APAC, Europe and North America 298 North America +5.2% +5.2% 695 32 regions 19 26 • Europe largest hospitality market 31 244 189 342 Asia Pacific +3.5% +8.7% worldwide with accelerating growth to 2021 245 207 • Based on hotel outlets that provide 375 Europe +3.7% +6.7% lodging incl. independent and chained 242 290 operators as well as all company owned, leased, managed and franchised outlets 2012a 2017a 2021f Source: MarketLine, 2017
Hospitality goes beyond hotel industry Food & Beverage Digital Travel Sports & Events • 40% of alumni currently working outside of hotel industry • 90m net jobs are expected to be created worldwide in the Travel & Tourism sector by 2028 (source: WTTC) Luxury Finance & Consulting Start-ups Tourism & Travel
Sommet Education 170 S ’s v s
Building the leading network in hospitality education and learning
Phase 2: expand the company beyond current perimeter Phase 1: reinforce Glion and Les Roches Brands
Brand positioning Student satisfaction
Expand the category New campuses Program Portfolio Quality & strategy Accreditation Broader industry External growth needs Student experience Rankings Enter fast-growing Digital education and markets blended learning Lifelong learning Industry relations
Develop new education and learning brands Market penetration Campus development
Notes: (1) Employer reputation criteria Sommet Education 171 6 strategic levers
Increased differentiation New management team Brand Programming Streamlined and reinforced Organization between institutions thanks in place at HQ and school program catalogue with to exclusive programs (e.g. level: 75% of COMEX renewed positioning & Innovative planned launch of 4 new Dual MBA with Grenoble since acquisition master programs in 2019 Ecole de Management Teaching at Glion) and specializations Reinforced organizations Recruited world-class in both institutions on core (e.g. Entrepreneurship academic staff and faculty competencies (Academic, at Les Roches) (e.g. Paolo Basso, best Student Experience for Boosted brand image through sommelier in the world example) organization of major industry and Glion ambassador) events: Glion Luxury Conference and Future Launched AMBA-accredited of Hospitality Summit Dual MBA with Grenoble Les Roches Ecole de Management
Student Bolstered active dialogue Market Created Marketing Infrastructure, Completed carve-out and open communication & Enrolment hub in London from Laureate Education & Alumni with students Reach Reinforced direct distribution Network & Engagement network through creation Development Invested in facilities Invested in enhancing of local offices Practical Arts semester Optimized capacity usage experience Simplified Enrolment process and resource allocation to increase student conversion Created team dedicated to Developed agent network Closed Les Roches Chicago animation and management (500+ agents to date): of Alumni Network +90 new agents so far Terminated agreement with Royal Academy of Culinary Signed agreement with Arts in Jordan LRJJ to coordinate marketing & enrolment effort in China Improved cash collection
Further information provided in subsequent slides Sommet Education 172 Focus 1: Building a strong & complementary management team
Name Position
Benoit-Etienne Domenget CEO
Fabien Fresnel COO
Stephanie Furlough-Morris CFO Pierre Ihmle Chief Academic Officer Pete Shemilt VP Marketing & Enrolment Stephane Rousseau Chief People Officer Eric Wyttynck Chief Information Officer, Innovation and Digital Officer Marie-Claude Mathieu Group General Counsel Alexia Lepage Head of Communication Quentin Toulemonde Director, Project Management Office Georgette Davey Managing Director GIHE Stuart Jauncey Managing Director Les Roches Worldwide
Joined after Dec. 2016
Sommet Education 173 Focus 2: Streamlining and reinforcing the academic portfolio From a Program Catalogue Accumulation of programmes Implementation of clear brand strategy with limited coherence to a Program Portfolio Construction of structured portfolio Too many specializations Focus on postgraduate programs (Masters, PG, MBA) within the Bachelor degree 53
Postgraduate 23 24 14 18 Undergraduate 30 18 8 12 6 6 6 2017 2018 2019 2020-2021 Learning & education beyond schools
Initial education Specialised education Lifelong learning New brands addressing B2G learning needs beyond Bachelor Degrees Masters Prof. dvpt. the hospitality industry and beyond the existing Post Graduate Degrees Executive Education portfolio offer New campuses MBA Digital / blended
Expanding Roll-out supported by Launch of first online the category experienced advisors certificates planned Q1 2019 Sommet Education 174 F s 3: R k & ‘ ’ Truly global presence
Worldwide coverage 40+ staff in our London In-house teams divided in 8 areas, each hub, supporting Marketing lead recruitment directed by a Regional & Enrolment efforts worldwide effort in key areas Admission Director
Department hub
In-house teams
Enrolment area headquarters
Wide-ranging department
Operational marketing Alumni engagement Communications & public relations 80 500+ 125+ Digital marketing Enrolment operations Agent network mgt. & support in-house countries agents FTEs covered Online community management Analytics & CRM On-campus events
Sommet Education 175 s v s s ’s
New student Student retention evolution +1.9pt enrolment evolution Year on year 112 119 September intake, 100 +1.4pt indexed at 100 in 2016
2016.2 2017.2 2018.2 2018.1 2018.2
QS World University Glion semesters Rankings in Hospitality student rating & Leisure Management 2018 #5 Overall #6 Overall New Practical Arts semester 8.4 / 10 Le Bellevue
#1 #3 Hotel development specialisation 8.7 / 10 employer employer Luxury Management 8.2 / 10 reputation reputation in Hospitality specialisation 15 / 20
Sommet Education 176 BUILDING THE LEADING NETWORK IN HOSPITALITY EDUCATION AND LEARNING VENTURE
Benoist GROSSMANN VENTURE
1999 €2.0bn €800m €700m inception AuM invested distributed
175 16 start-up investment €3-20m 16 investments professionals ticket size IPO
Data as at September 30th, 2018 – since inception VENTURE
NB: selected portfolio companies Venture & Growth 180 Among the most successful European VCs in supporting its companies through Nasdaq IPOs
38x cost 70% IRR Evolution between • Criteo became a global leader in the retargeting of digital advertising Sales Pre-revenue €1.2bn • March 2006: Idinvest led 1st Early Stage round • October 2013: Nasdaq IPO at a $1.3bn valuation Ownership 24% 23% • €380m of value to Idinvest* on a total investment of €10m
Evolution between 10x cost 33% IRR • Talend is a software vendor specializing Sales Pre-revenue in Big Data integration $100m • July 2006: Idinvest led Series A investment • July 2016: Nasdaq IPO at a $700m valuation Ownership 15% 19% • €146m of value to Idinvest on a total investment of €15m
(*) as at September 2018, including €5m of unrealised value Venture & Growth 181 2004 €800m €600m €400m inception AuM invested distributed
5 60 investment €10-50m 23 investments professionals ticket size exits
Data as at September 30th, 2018 – since inception NB: selected portfolio companies Venture & Growth 183 VENTURE A talented investment team
Managing Partners & Partners Managing Partners & Partners Benoist Matthieu Nicolas Luc Benoist GROSSMANN BARET CHAUDRON MARUENDA GROSSMANN 24 yrs in 17 yrs in 18 yrs in 20 yrs in 24 yrs in the industry the industry the industry the industry the industry Senior members Senior members
Matthieu Nicolas Chloé Yann Alban Guillaume BONAMY DEBOCK GIARD DU RUSQUEC WYNIECKI SANTAMARIA 12 yrs in 10 yrs in 6 yrs in 15 yrs in 11 yrs in 10 yrs in the industry the industry the industry the industry the industry the industry Junior members Junior members Guillaume Louis Sophie Anne-Charlotte DONNEDIEU BÔ BRUCHOU PHILBERT 10 yrs in 6 yrs in 4 yrs in the industry the industry the industry 1 yr in the industry Antoine Jonathan Victor ZINS USEROVICI TENNERONI 4 yrs in 3 yrs in 1 yr in the industry the industry the industry Health Specialist Expertise Corporate Relationships +3 senior members Thierry Rémi Vanessa Sophie under recruitment LAUGEL DROLLER MALIER BÉRIC 19 yrs in 17 yrs in 19 yrs in 10 yrs in the industry the industry the industry the industry +3 Venture partners junior members Eric Guillaume Julien under recruitment ARCHAMBEAU DURAO MIALARET 18 yrs in 13 yrs in 10 yrs in the industry the industry the industry Venture & Growth 184 A booming market driven by technical disruptions
The number of billion-dollar companies has more than doubled since 2014 Total equity raised has increased more than 2.5x, from $8bn in 2014 to $20bn in 2018 Nb. of European mega-rounds Ecosystem now worth $236bn – almost 3x the valuation in 2014 $200m+ equity funding rounds
$1bn+ Aggregate $10bn+ companies valuation companies
2014 30 $89bn $3bn0
2018 68 $236bn 6
Growth X 2.3 X 2.7 X 6
Source: GP Bullhound Venture & Growth 185 One of the few large European players able to finance companies from seed to later stages
VENTURE
Financing round Seed Series A Series B Series C - D Ticket size (€m) 1-3 3-10 7-15 15 - 50
Technology • Rocket science technology • Proven product market fit • Proven technology • Established client base stage potential • Strong revenue growth
• Sufficient runway • First clients • Sales revenues • Visibility on future Market Maturity • None or low cash • Emerging traction • Strong traction profitability generation • International expansion
• Moderate Business • low competition mainly • Moderate VC competition • Low VC competition Angels, Seed Investors US peers Competition • Reasonable valuation • Moderate valuation and VC competition
Venture & Growth 186 Pan- “ - k ” & -term investor
Fund size + Large Growth Equity
€500m Larger European VCs & US VCs with a local presence
€250m Smaller European VCs
Venture & Growth 187 An increased fundraising environment for European venture capital & growth equity
(€bn) Venture Capital Growth 14.5 13
9.5 4.8 6.8 8.3 3.6 3.4 8.2 7.7 4.9 5.9
2014 2015 2016 2017
Source: Pitchbook Venture & Growth 188 A matter of conviction VENTURE
• Targeting companies driven by talented and ambitious entrepreneurs, mainly serial entrepreneurs Investment • Having an innovative and proven technology • Addressing large and untapped markets rationale • Opportunity to invest at various stages of development to capture strong growth potential • Ability to develop internationally by replicating & scaling up winning strategies in new markets
Assessment of the target’s fundamentals Quality of the Strong market Commercial Product management team dynamics traction differentiation
Venture & Growth 189 Our playground: from seed to IPO in thriving sectors
SECTORIAL EXPERTISE Venture Capital €2bn Digital VENTURE Since 1999
• European start-ups with strong growth Enterprise software Digital Healthcare potential and disruptive technology • Seed, Series A, B, C mainly SAAS Social Media & Gaming Technology Fintech & Insurtech Return 20+ % IRR Internet Marketplaces Deeptech (Artificial Intelligence, Virtual Reality, Internet of Things, Cybersecurity)
Healthcare Growth equity €800m Since 2015 Health B2B Medical devices • European companies already established on their market, ready to scale-up Smart cities • Series >C+
Return 20 % IRR Eco mobility Smart city
Data as at September 2018 Venture & Growth 190 Uninterrupted fundraising for venture et growth funds
VENTURE
2008 2010 2013 2014 2015 2016 2017 2018 2019
VC Digital Idinvest Digital Fund I Idinvest Digital Fund II Idinvest Digital Fund III Perimeter €344m €154m In progress
VC Smart City Idinvest Smart City I Idinvest Smart City II €50m €136m
Growth Idinvest Growth Fund II €330m Eurazeo Growth Eurazeo Croissance ~€300m Fund III
Rolling : Private Wealth Funds (since 1999)
* Including Eurazeo commitment Venture & Growth 191 Outstanding track record in fundraising and AuM growth
3rd party fundraising (€m) AuM (€m)
521 786 443 446 639
367 558 234
169 2,009 1,685 VENTURE 92 1,276 1,357 992 1,115
2013 2014 2015 2016 2017 sept-18 2013 2014 2015 2016 2017 sept-18
Data as 30th September 2018
Venture & Growth 192 Meeting the demand from both institutional and retail clients
16 funds for 70 funds for institutional investors €2.6bn €1.11,1bn retail investors (co-investing with • Insurance companies €1.5bn AuM AuM institutional funds) • Pension funds • Sovereign funds AuM1,5 • Corporations 86 funds • Funds of funds For 80,000 private clients
For 93+ institutional investors
Data as at September 2018 Venture & Growth 193 Partnerships with corporate investors
Healthcare Fintech & Smart Cities Cyber- Media & HR tech insurtech & mobility security
Venture & Growth 194 Proven track record in each strategy
To date, we have led 17 IPOs Performance (exits) amongst them Multiple IRR
VENTURE 2.7x 20%
(2004 – H1 2018)
2.5x 36% (2015 – H1 2018)
GROWTH 2.8x 21%
(2004 – H1 2018)
Venture & Growth 195 Our ambition: be a leader in venture capital & growth equity in Europe
ACCELERATE NEXT FUNDRAISINGS LEVERAGE OUR STRONG PERFORMANCE Expand the investor base Accelerate Foster new opportunities Be the preferred partner our of talented and ambitious entrepreneurs growth Accelerate the growth of their company
INTERNATIONALIZE Proactive in Europe Investments Opportunistic in RoW
Recruit more Team international profiles
Venture & Growth 196 Case study: Frichti
Julia BIJAOUI & Benoist GROSSMANN Meal delivery platform
300+ employees Key Data in 3 years
Founded in 2015 Competitive Advantages Business Perspectives Activity • Unlike existing on-demand marketplaces, • Frichti offers a healthy, • Thriving market estimated high quality and affordable Frichti is a "restaurant 2.0": it integrates the at €2.4bn in France food delivery service. entire value chain, from supply to delivery. It integrates the whole value chain, from supply This allows it to better control and optimize • New client category targeted: corporate to delivery. its costs restaurants, travel companies, wholesale • The company has launched distribution a fresh upmarket product • Available on OS and Android apps delivery services called • Collaboration with famous “Super Market” since • Strong brand image, reinforced by an major French chefs and corporations September 2018 presence on social networks
Venture & Growth 198 Biographies • Joined Eurazeo’s Executive Board in 2008, became CEO of Eurazeo in March 2018 • Transformed Eurazeo into a multi-specialist international asset manager able to support companies across all market segments, from start-ups to global large caps, with a range that comprises SMEs, real estate and brands • Spent 16 years as an investment banker at Lazard (New York, London and Paris) and became the youngest managing partner in 2001 • Serves on the Board of Directors of Moncler and is an independent Board member of L’Oreal. Previously, she served on the Boards of AccorHotels and Vivendi • She also co-chairs the Human Rights Watch Support Committee and is a founding member of the Women’s Forum for Economy & Society Virginie MORGON CEO • Degree from l’Institut d’Etudes Politiques de Paris (Economics and Finance section) and holds a Master’s in Economics and Management (MIEM) from the University of Bocconi (Milan, Italy)
Eurazeo 2018 Investor Day 200 • Frans Tieleman is Managing Partner and Executive Committee member of Eurazeo since 2008
• Leads investment partnerships, funds, and strategic developments for the group
• Serves on the Investment Committees of Eurazeo Capital, Growth, Patrimoine and Brands, development and the Supervisory Board of PME and the board of Idinvest
Frans TIELEMAN • Investment track record includes over €2.5bn equity in companies such as Asmodee, Managing Partner Neovia, and Moncler, as well as Eurazeo PME, Rhône and Idinvest Head of Eurazeo Development Member of the Executive Committee
Eurazeo 2018 Investor Day 201 • Member of the Executive Board of Eurazeo and Chairman of the Eurazeo PME Executive Board since 2005
• In 2005, Olivier Millet became Chairman of the Executive Board of OFI Private Equity, an investment company floated on the stock market in 2007. In 2011, OFI Private Equity became Eurazeo PME and is now a Eurazeo group subsidiary
• Member of the Executive Counsel of the MEDEF since June 2018
• Chairman of France Invest (the French Private Equity Association) from May 2016 to June 2018. He was also Vice-Chairman of AFIC (2014-2016) and Chairman Olivier MILLET of AFIC’s ESG Commission from 2009 to 2015 Member of the Executive Board • Ecole Supérieure de Commerce et de Marketing
Eurazeo 2018 Investor Day 202 • CEO of Idinvest Partners, Christophe Bavière joined Idinvest in 2001
• Christophe was CEO of Allianz Global Investors France, Vice-CEO and CIO of Allianz Private Equity Partners, and before that worked at the Caisse des Dépôts et Consignations (CDC) and BNP Paribas
• Chairman of the Private Equity Commission at AFG (French Asset Management Association), chairs the combined work group of professionals from AFG and France Invest and member Christophe BAVIERE of the AMF's advisory management and institutional investor commission CEO • MBA Ottawa, Actuary, ESLSCA
Eurazeo 2018 Investor Day 203 • Philippe Audouin joined Eurazeo in 2002. He is Eurazeo’s Directeur Général Finances-CFO and member of the Executive Board • He began his career by starting his own company, and then became the Chief Financial Officer and Deputy Managing Director (“Prokurist”) in Germany of the first joint venture of France Telecom and Deutsche Telekom • From 1996 to 2000, he was in charge of finance, human resources and administration at France Telecom’s Multimedia division, and was also a member of the Supervisory Board of Pages Jaunes • From April 2000 to February 2002, he was the Chief Financial Officer of Europ@Web Philippe AUDOUIN (part of Groupe Arnault). He taught for five years at HEC Business School, including Directeur Général a position as senior lecturer for third-year students in the Entrepreneurs program Finances - CFO Member of the • HEC Executive Board
Eurazeo 2018 Investor Day 204 • François Lacoste joined Idinvest in 2008
• François Lacoste began his career in the Acquisition Finance department of Banque Worms (Deutsche Bank group) and then joined the Acquisition & Leverage Finance business at Fortis Bank
François LACOSTE • Paris-Dauphine University Managing Partner Private Debt Member of the Executive Committee
Eurazeo 2018 Investor Day 205 • Eric Gallerne joined Idinvest in 2012
• Eric Gallerne was co-founder and head of mezzanine investments (ActoMezz) for Groupama Private Equity for five years
• Before that, he spent 10 years heading up the Acquisition Finance department at Fortis Banque France Eric GALLERNE • University of Caen Partner Private Debt Member of the Executive Committee
Eurazeo 2018 Investor Day 206 • Christophe Simon joined Idinvest in 2007
• Prior to joining Idinvest Partners, Christophe spent four years at EY in New York in their Audit and Transactions Services divisions
• University of Paris-Dauphine
Christophe SIMON Managing Partner Head of Private Funds Group Member of the Executive Committee
Eurazeo 2018 Investor Day 207 • Renaud has over 20 years of experience in the real estate industry. He has covered in Europe a range of underlying investment products such as direct real estate, structured finance, and operating companies • He started in London at the Real Estate Principal Investment Area of Goldman Sachs International – assignment included NPL investments in France, real estate investments in Spain and hospitality across Europe • Partner at Soros Real Estate and then a Founding Partner of Grove International Partners, a general partnership which grew to approximately $5bn of AuM
Renaud HABERKORN • CEO of Societe de la Tour Eiffel a French REIT listed on the NYSE Euronext with close Managing Partner to $1Bn of assets, which he transformed and for which he engineered a change of Head of Eurazeo Patrimoine ownership favored by the investors and management Member of the • ESSEC, ESTP Paris Executive Committee
Eurazeo 2018 Investor Day 208 • Joined the Eurazeo investment team in 2006, is member of the executive committee since 2009 and heads Eurazeo Capital since 2012
• Chief Representative Officer of Eurazeo China, Member of the Young Leaders Program of the France-China Foundation
• At Eurazeo, Marc has oversight of large investments such as Accor/Edenred, Elis, Fintrax, Foncia, IMSquare and Rexel investments
• Spent 7 years as a management consultant for the Boston Consulting Group (BCG) in Paris Marc FRAPPIER and Singapore, where he completed numerous strategy and operational efficiency Managing Partner assignments in the industrial goods and services, energy sectors and media / Head of Eurazeo Capital telecommunications. Member of the Executive Committee • Ingénieur Civil des Mines (EMN), DECF
Eurazeo 2018 Investor Day 209 • 2015-2016: CEO of Michel Reybier Hospitality Group (luxury hotels La Réserve, Victoria-Jungfrau Collection, vineyards and wellness businesses)
• 2011-2014 : CEO Accor Switzerland and budget brands Germany-Switzerland-Austria
• 2006-2011: Senior Vice President Development EMEA – Accor Group
• Education: HEC Paris
Benoit-Etienne DOMENGET CEO Sommet Education
Eurazeo 2018 Investor Day 210 • Benoist Grossman joined Idinvest in 2002, board member since 2002
• Partner at Viventures from 1998 to 2002 and worked as Investment Manager at La Financière de Brienne. He had previously spent over 10 years working in the industry as a laser systems specialist at EDF, NASA and Thales, for whom he invented 5 patents and authored over 20 publications. Currently on the boards of Sensee, Sigfox, Frichti and Kantox and was previously on the boards of Criteo, Winamax and Meetic
• Vice-President of France Invest from 2016 to 2018 and censor at the Bpifrance Board since Benoist GROSSMANN July 2016 Managing Partner Head of Venture & Growth • PHD in Physics, MBA Sciences Po Paris Member of the Executive Board
Eurazeo 2018 Investor Day 211 • Julia Bijaoui was born in 1988 in Paris
• She graduated in 2012 from HEC Paris and joined Birchbox as Head of Operations and Strategy for Europe
• She launched Frichti with Quentin Vacher in 2015 with the ambition to use technology to transform food industry. The Paris-based company handles everything from cooking to orders and deliveries, which are made in as little as 30 minutes. Frichti has raised €43m to date, closing a €28.4m Series B round in spring 2017 Julia Bijaoui CEO & co-founder
Eurazeo 2018 Investor Day 212 Panel discussion
• Sophie Flak joined Eurazeo in 2013 • Member of the Executive Committee as Director of CSR
• Joined the Eurazeo investment • In this role, she has implemented team in 2006 strategic CSR pillars and defined objectives for 2020 for Eurazeo and • At Eurazeo, he has participated all its investments in the investment or in the oversight of Accor/Edenred, Elis, Fintrax, Foncia, • Since 2015, Sophie Flak coordinates Marc FRAPPIER IMSquare and Rexel investments the digital transformation Sophie FLAK of the investments Managing Partner • Ingénieur Civil des Mines (EMN), DECF CSR and Digital Director - Head of Eurazeo Capital • IEP Strasbourg, EM Lyon
• Caroline Cohen joined Eurazeo in 2012 • Matthieu Baret joined Idinvest in 2005, as Head of Investor Relations member of the Executive Committee
• She began her career in 1995 at • Matthieu has overseen about Skandinaviska Enskilda Banken, joined 20 investments, including Talend Deutsche Bank in 2000 and then worked (IPO Nasdaq), Curse (sold as a financial analyst at Merrill Lynch to Amazon), Zenly (sold to Snapchat) Bank of America since 2005. • Matthieu is also in charge of Caroline COHEN • University of Paris 1-Panthéon-Sorbonne, Matthieu BARET the CSR policy of Idinvest Partners Head of Investor Relations University of Reading (UK) Managing Partner • Venture and Growth Capital Centrale Supelec, Georgia Tech, INSEAD
Eurazeo 2018 Investor Day 213