SECA Yearbook 2011 Eayearbook2 SECA 011 Yideas My Mak Ey Ou Ro Nnotes

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SECA Yearbook 2011 EAYearbook2 SECA 011 yideas My Mak ey ou ro nnotes. wn fo r2 011/12 SECAYearbook 2011 SECASECA Ye Yeaarrbbookook 2011 2011

I. Report from the President 3

II. SECA &PrivateEquity in Switzerland 9

III.Chapters &Working Groups 17 ReportingComitéRomand18 ReportingSeedMoney &Venture Capital 19 Reporting Private Equity 31 Reporting Corporate Finance 45 Reporting Legal &Tax 48

IV. Events &Trend Luncheons 69

V. Financial &Audit Report 75

VI. MembershipReporting 79 Full Members80 Associate Members218 Individual Members283

VII. Articles of Association287

VIII. Model Documentations291

IX.Code of Conduct forPrivate Equity Investments293

X. CodeofConduct for CorporateFinanceProfessionals 311

XI. EuropeanAssociations 313

XII. Key Persons 317

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ChapterI Reportfromthe President

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Report fromthe Chairman fend common senseinthe face of asometimes un- structuredand populist political debate. DearMembers and Readers The Swiss Private Equity andCorporate Finance As- The Swiss M&A volumes have stabilised at CHF 86 sociation (SECA) has 328 members and is the leading billion.They are dominated by afew large deals.With advocate for the Swiss-based industry comprising ven- around CHF 5.2 billion in 12 privateequity transac- ture capital through large private equity houses and tions the investment activitystilllags behind the 2004- corporate finance advisors andlawyers. 2008 period. Leadingindicatorslooks encouraging and are set to growin2011. The aftermath of the financial crisisisstill taking its toll on our industry. Privateequity investments have On the fundraising side2010 proved to be another dif- fallen fromapeakofEUR 65 billion to alow of EUR 19 ficult year for the industry.The majority of private eq- billion in 2009.Anumberofcontradictory forces are uityhousesare focused on working off their outstand- currentlyatplay in the market, and the ultimateout- ing LP commitments. While there are several fund come is difficulttoassess, but it is certainthat apro- managersseeking capital, and many more about to foundchange is taking placeinSwitzerlandand across launch theirfundraising, investors will be reducing the European landscape. TheEuropeanprivate equity their overall number of private equity relationships investment activity is only slowly recovering since ear- and focus on distributing capital to cover existing ly 2010 (see figure 1). commitments. Venture capital especially will remain on alevel too low for the relativesizeand innovative potential of the Swiss economy. According to aSECA research on venture capital in Switzerland only bio- technologyinvestments enjoyed aconsistent investment flow overthe last couple of years(VentureCapi- tal in der Schweiz1999-2009, P. Gantenbein/M.Pe- dergnana/J. Engelhardt, 2010). On the positive side, shrinking discounts to net asset value make secondary opportunities less of acompetitor to primaryfundrais- ing.

Figure 1: Investments by European private equity firms, 1996-2010. Source: EVCA/PEREPAnalytics for2007-H1 2010 data. For prior years data: However, thereislight at theend of the tunnel. The EVCA/Thomson Reuters/PwC. Swiss economyhas masteredthe financial crisisina Thepublicationofthe SECA Yearbook 2011inits new much better shapethan most otherdeveloped nations. format is thereforeagainparticularlyrelevant. It The GDP grows well (2.6%FY2010, 2.3% FY 2011e) enables us to feelthe pulse of the Swiss industry by and theinflation rateismodest(0.7% FY 2010, 0.9% FY evaluating, measuringand drawing conclusions on 2011e).Switzerlandsinternational economiccompeti- investment activity,divestments, performance, regula- tivenessisranked very high.Its long-termfiscal pros- tory change andfundraisinginthese turbulent times. pectives look sound andprovide agood investment climate(see figure 2). Every smartinvestor knows There is massive movement on the regulatory front: government debtsare future taxes. Theseare funda- theEuropean AlternativeInvestment FundManagers mental building blocks forour Swiss industry to build Directive (AIFM-D), Solvency II, Basel III and the on. Frank Dodd financial reform bill aresignificantchal- lenges for theSwiss industry as awhole. The force of The current market environmentisshowing clear their combined impact is difficult to evaluate but will signs of recovery.Apickupindealvaluationssignals have effects on operating costs of fund managersand stronger investordemand andarevival in debt mar- transaction costs, the relative competitiveness of Swit- kets. The performance of Swiss private equity manag- zerland as operatingbaseofprivate equity managers, ers is clearly improving andcash distributions are on fundraising initiatives, risk taking andM&A vo- coming through. In thecurrent interest rateenviron- lumes. The SECA has takenaproactive stancetode- ment there are few asset classes like private equity re-

4 SECASECA Yea Yearbrbookook 2011 2011 turning doubledigit IRRs on arolling 10-year and 20- 2. To influencepublicpolicy and raise further the year basis. awarenessofthe economic benefits of corporate finance, privateequity and venture capital. 3. To influenceand work withregulatoryorganiza- tionsand professional associations and lawmakers to createacompetitiveframework for the Swiss privateequityand venture capital industry. DP

fG 4. Provide useful services to our membersand com- to municate effectively with them. Percen

Regulation Challenges In theface of themost radical regulatory overhaul in the private equity industryhistory, one of the things Figure 2:Explizite/ImpliziteStaatsverschuldungrelativ zu Prozent desBIP. Source: Stiftung Marktwirtschaft, Prof. Dr. B. Raffelhüschen, Ehrbare Staa- of which Iamproud is the determined waythe SECA ten,2010.1 members pulled together to engage in the debate around the proposed EuropeanAlternative Invest- Most of us in the corporate finance and private equity ment Fund Managers Directive (AIFM-D). Thanksto industry, whetherinvestors,entrepreneurs,service providersorbankers,will agree that 2008-2010have the engagement of our Legaland Tax Chapter (Hannes been avery challenging period for our business.How- Glaus, Dieter Wirth, Rudolf Tschäni, Jacques Bonvin) ever, as alwaysintimes of crisis,there are opportuni- we have beenacandid participant in the debate.While ties! there is still some way to go in the complicated legisla- tiveprocess in Europe, there is no question that the combined effort will help protect Swissfund manag- Theprivate equity and corporate financeindustry is ers, companiesand entrepreneurs from disproportion- developing to ahigher level of maturity, andthe bene- al and damaging measureswithin the EU areaaswell fitswillbemanyfor those whotakeadvantage of the as discriminating third country legislation. We have changing environment.How can the SECA contribute taken aproactive approachand engaged not only in to thesuccessfulevolution of this industry? the European arena, but made several initiatives to Our Key Objectives find aconstructive and fast Swiss solution to theup- coming regulations. TheSECA objective is to maintain The wider structure (including ourSuisse Romande access to the large European market andfind local organization)and new initiativesthat SECA adopted measurestomake ourSwiss industry indeed more in 2010 haveallowed it to fulfil awide ranging agenda competitive. Why dont we find ways andmeans to in the year 2010. Making these initiatives work and ef- make Switzerland abetter place for European fund fective willbethe priority of my chairmanship in 2011. managers do business andbasetheir highly qualified By helpingtoexplainthe industrys role, adding value specialisthere? to our members businesses and intelligently work withpolicymakers,wecan indeed ensure thatthe We not only flagged our opinion directly to the Bun- SECA evolves as aforceful opinion leader in Switzer- desrat (Federal Council Executive), but alsoengaged land. To achieve this goalweset four key objectives in meetings with the FINMAFinancial Market Author- forthe coming year: ity, theFederalDepartment of Finance (FDF) and many otherindustryassociations. Furthermore, it was 1. To promote to investorsthe case forinvesting in our objectivetokeep ourmembers informed about Swissprivateequityand venture capital. the upcomingchanges.

The sameholds true even though to asmaller extent 1 DieGenerationenbilanzierung wurde Anfang 1990er Jahre in den USA zur langfristigenAnalyse der Fiskal- und Sozialpolitik entwickelt. Beider Me- forthe American DoddFrank Act as the main legisla- thode werden dieausgewiesenen gesamtwirtschaftlichen Budgetposten, wie Renten- undSteuerzahlungen, mitHilfe vonaltersspezifischen Profilen ein- tive response to the financialcrisis.Its scope is very zelner Jahrgänge zugewiesenund dannunter Zuhilfenahme von Bevölke- broad, touchingall aspects of US financialservices. By rungsprojektionen weiter in dieZukunft fortgeschrieben. DieStudiendaten stammen aus dem Jahr 2004 und haben sich aufgrund der Auswirkungen der abolishing the long-standing exemptionthat has al- Finanzkriseineinigen europäischen Ländern wesentlichverschlechtert. 5 SECASECA Yea Yearbrbookook 2011 2011

lowed advisers advising fewer than 15 private funds andthe number of SECA memberships in the Suisse in the US to avoidregistration with the US Securities Romandegrewsignificantly. andExchangeCommission (SEC), theAct is set to subject Swiss private equity andventurecapital firms to However, thereismuchmoretodo. Forthe organiza- various degrees of registration with the SECand pub- tional developmentitshall be the goal of the whole lic reporting requirements. More on theseimportant SECA executive board to intensify the communication topics later in the SECA Yearbook. within thechapters, create joint projectgroups and exchange informationfrequently. The secretariat will It is ourintention to coordinate our efforts closely with stay in constant contact andrespond to the require- international organizations. We maintain contact to the mentsofour local team. European Venture Capital Association (EVCA) to make the Swiss voice heard.Olivier Stahler (Lenz & SECA Communication Platform Staehelin) is member in the Legal &Tax Chapter of the An important priorityofthe SECA boardofdirectors, EVCAWith Dr.Katharina Lichtner (Capital Dynam- whichinmyview is intrinsically linked with the pub- ics),Switzerland is also represented on theInterna- lic affairs work around the new regulatory changes tionalPrivateEquity and Venture Capital Valuation and promotionofthe private equity industry, has been Board(IPEV), and Prof. Dr.Maurice Pedergnana to tell our story with force andclarity.Agood example maintains contact to the National VentureCapital As- is our «VentureCapital Manifest» (2010). The Swiss sociation (NVCA). privateequity and corporate finance industry is some- thing of which we should be fond of, but for toolong The «Swiss Model Documentation »asignificant we have allowed our critics to call the terms of the de- milestone bate. The chapters Seed Money &Venture Capitaland Legal &Tax have put aconsiderable amount of work into Too often we see misconceptions about our business in the development of acomprehensive Swiss model the media and political debate.Fromseedcapitalto document for venture capital investments (the "Model large buyouts, our industryisadynamicforceinthe Documentation"). The purpose of this model docu- Swiss economy, asource of competitive advantage, mentation for venture capitalinvestments is to facili- innovation andjob creation. tate and render more efficient the negotiations and documentation of venture capitaltransactionsinSwitzer- If we areclosed and secretive and fail to engage with land.The Model Documentation is subject to Swiss our government or thebroader public, theseimportant law but takes into account international, including messages will not be heard. Over the courseoflast Anglo-Americandocumentation standards andcon- year we have under thedirection of Martin Meier- cepts. It covers astandard term sheet, investment Pfisterand Marie-Hélène Hancock stepped up initia- agreement, shareholder agreement, articles andboard tives withthe media, academics and various regulato- regulations(see www.seca.ch).The SECA can be ry bodies. proud of thissignificantachievement and thanksthe task force for thecontribution. It is our aim to overhaul our website in 2011, consis- tentlypublish in the media, speakonindustryconfe- Suisse Romande rences and conductpress briefings on ourhot topics. Theyear 2010 was thefirst year of full operation for our organizationinthe Suisse Romande. With the or- Organizational Development ganizational talent of Christophe Borerand his newly TheSECA represents the vast majority of all Swiss- established executiveboard the SECA (Suisse Ro- based private equity and venture capital firms and mande) successfully conducted abroad programme of their advisors. This is asuccess story in its own right. activities.Wenot only reached out to the regional in- dustryplayerswith events, luncheons andpresenta- In realisation of the diverse nature of ourindustry as- tions, but achieved goodpress coverage and contacts sociation, the major governance objective that was ac- to policy makersaswell. As aresult we could increase complished in 2010was the empowerment of our the public awarenessfor private equity in the region chaptersPrivate Equity, Legal &Tax, Seed Money &

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Venture Capital and Mergers &Acquisition -, plus the • Jean-François Lagassé newly formed Suisse Romande organization (Comité Deloitte SA,Partner Suisse Romand). These differentmember constitu- • Peter Letter teantsare governed by smallcouncils of four persons EPSValue Plus AG, Investment Manager (including one member from the Suisse Romande) and have themandate to set their own agenda with the • Martin Meier-Pfister SECA secretariat and chairman, which areresponsible IRF Communications AG, Partner for meeting and coordinating those requirements. This • Roberto Paganoni open architecturehas enabled us to workonamulti- LGT Capital Partners Ltd., Partner and CEO tude of projects and locations. • Bernd Pfister SECA Chairman, Müller MilchManagement AG

• Florian Schweitzer BrainsToVenturesAG, Partner

• Claudio Steffenoni Bank am Bellevue,Head of Corporate Finance

• Claude Suard Défi Gestion, Partner

• RudolfTschäni Lenz &Staehelin,Partner Figure 3: SECA Membership growth over the last 10 years. • Beat Unternährer In 2010,the boardand executivecommittee were or- The Corporate Finance Group,Partner ganised as it is shownonthe organigramonthe book • Christian Wenger cover. Wenger &Vieli Rechtsanwälte,Partner

• Dieter Wirth Member of the BoardofDirectors PricewaterhouseCoopers AG, Partner • Leonid Baur Sal. Oppenheim jr. &Cie. Corporate Finance (Schweiz)AG, Executive BoardMember General Secretary

• BjörnBöckenförde We provide agrowing list of services andbest practice Zurmond Madison Management AG, CFO standards for our members across aspectrumofactivi- ties covering all our chapters that focus on segment- • Jacques Bonvin led, legal, regulatory, technical, investment-related Tavernier Tschanz, General Partner needs. • Christophe Borer Helarb Management SA, Senior ExecutiveDirector The SECA also runs luncheons,workshops, seminars, research, publications,publicaffairs and communica- • DiegoBraguglia tionsonbehalfofour industry. VI Partners, Partner

• Rolf Friedli Theeffectivemanagement of these activities is the re- Capvis EquityPartners AG,Partner sponsibilityofthe SECAGeneral Secretary Maurice Pedergnana andhis motivated team (Andrea Villiger • Ulrich W. Geilinger and Cédric Vollmar). The secretariat organizes events, HBMPartners AG,Board Member publishesseveral academic booklets, industry statistics • Hannes Glaus and our highlyregarded eNewsletter. Lustenberger Glaus &Partner, Partner

• Marie-Hélène Hancock Our 26th SECA General Assemblytookplace May, 25th Hirzel.Neef.Schmid.Konsulenten, Partner 2010 at the Widder Hotel, Zurich. The SECA revenue 7 SECASECA Yea Yearbrbookook 2011 2011

2010 achievedCHF 453059.80 and the net result was CHF5841.69.

Outlook Althoughthe «newnormal»still may not feel that normal especiallygiven thetrials by fire of Switzer- land in the last couple of years onthe prospective basis, 2011 appears to be set for amore sensible private equity and M&A market.

The waystohistoricalprofits may increasingly be the ways to profit in thefuture.This back-to-basics mind- set implies apotential period of normalcyspiced with anumberoflegacyopportunities from the bubble years, such as distressed control situations and sec- ondaryopportunities.

We hope for alittle more venture capital investment and increased fund raising activity, especially in the neglected information technology industry.

In the privateequity and M&A markets,«situation normal» historically meant decent liquidity, willing and sensible risk-taking, reasonableinvestment multiples(e.g. cash flow multiples), realistic return expectations, reasonable bankfinancing conditions, limited capital market access (a few more IPOs likeOrior AG), and ageneral sense of fairness in businessand partnership terms.

So perhapswewill not see much fire andice in this transition to thenew year,but areturn to sustainable equilibrium.

Bernd Pfister SECA Chairman

Grafenauweg10 Postfach 4332 6304 Zug [email protected]

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Chapter II SECA &PrivateEquity in Switzerland

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SECA &Private Equity in Switzerland Alot of interesting case studies Some excellent case studies areintegral partofthe re- Successful GrowthStrategiesofEarly-Stage port. Additional executive casestudies can be found in Companies the online version of the report at: www3.weforum. org/docs/WEF_Entrepreneurship_Report_2011.pdf.

Entrepreneurs are recognizedasimportantdrivers of The fresh World EconomicForum reportonGlobal economic and social progress, and rapidlygrowing en- Entrepreneurship and the Successful Growth Strate- trepreneurialenterprises are viewed as important gieswas initiated to provideabetterunderstanding sources of innovation, employment and productivity of thegenesis of early-stage entrepreneurial companies growth.Anew global study gives well-structured and to comparetheir growth patterns. Thecomparison to detailedevidenceonthe growth paths and growth de- further explore the impact of these companies on employment andinnovation goes acrossdifferent geog- terminants of early-stage companies. Its themost pro- raphies. found researchstudy everdoneonsuccessful growth strategies. The report is the culmination of an 18 month-long partnershipamong leading international scholars, in- Many key insightscan be obtained. Anew strategy dustrypractitioners, other distinguished expertsand framework of eightdifferent opportunity/risk factors stakeholders. Thecore researchteamwas led by emphasizes themost important factors in the DNA of George Foster, ProfessoratStanford University.The manysuccessful entrepreneurs. The reportalso high- report willspecifically be usefulto lightsdifferent growthacceleratorsand different 1. Governments seeking to better tailor their initia- growth challenges. Anotheraspectthatattracted high tives. interestininterviews is thedark moments that entre- 2. Youngentrepreneurs looking for guidance from preneurs reported encountering along their journey. successful past experience of growth companies during their first decade. Evidence on thegrowth paths 3. Partners of early-stage ventures wishing to better Extensive evidence on the growth paths of early-stage understand how they can promote the growth of companies from over380000companies coveringten companieswith which theyare partnering. different countries is presentedinthis report, alsowith Learning forSwitzerland surprises: Thenorm of mostcompanies in their early In Switzerland,timebegins to recognize start-up activ- yearsisacombination of up years and down! The au- itiesasthe foundation of thecountrys futuregrowth. thors labelled this aladder and snakes growthpath. The Government should actively promote entrepre- For example, 42% of companies have apattern of two neurship through various forms of tailoredsupport. positive revenue growthyearsand one negative Thesupportcertainly needs to go beyondthe modest growthyear in the Year 2toYear 5eras. level of direct venturecapitalsupport. It hastoinclude indirect encouragement through tax concessions, co- Systematic evidence highlights alsothe low probabili- investments andsubsidies. This can augment the per- ty that companieswithhighgrowth rates in their early formanceofyoung companiesand their economic im- years willsustain those growthrates over even asub- pact. sequent two- or three-year period. Being labelled a high growth company is adefacto label likely very short-run, high-growth company.Key aspects of suc- Martin Haemmig cessfulgrowthmanagementofearly-stagecompanies Researcher &Consultant around theglobe include www.martinhaemmig.com • Taking early actions to reduce the magnitude of [email protected] down years, including reducing the likelihood of a subsequent downward spiral. MauricePedergnana • Taking lessonsfrom the down years to build a SECA General Secretary stronger engine for futuregrowth. www.seca.ch [email protected] 10 SECASECA Yea Yearbrbookook 2011 2011

SIX Swiss Exchangethe gateway to the time, vividly expressed their combined impactinthe globalfinancial markets 1986 annual report: "We are living in hectic times.All of the major financial marketsare in turmoil: deregulation, liberalization, internationalization, cut-throat SIX SwissExchangeisone of Europes leading regu- competition, 24-hour trading, inflation of the trading lated stockexchanges. It is an importantpillar of the instruments and dramatically growing useofelectron- Swiss financial center and helps create thebest pos- ic data processing. In all this confusion,itisnot easyto sibletrading conditions, connecting investors, issu- keep up.Things that haveremainedmoreorlessthe ersand participants fromacross the world.SIX Swiss samefor decades arenow being questioned." Exchange forms the efficient and transparent reference market forworld-leading companies. These developments did not only have athreatening side; they were also aliberating departure that gener- The currentmarket situation in securities tradingis ated great dynamic force. Dramatic turnover increases dominatedbytwo tendencies: the low market activi- required greater stock market capacities and therefore ties due to thefinancial turmoil andthe increased new exchange buildings andtechnologies.Derivatives competition from alternativetrading platforms. In this began their triumphant rise. Deregulation led to fierce demanding market environment, SIX Swiss Exchange competition formarket share. During this time, auto- faced thechallenges by streamliningits organization, mation wasadvancing unstoppably.2 The consolida- reducingprices and enhancing its offering. Today, in tion of thestrongly fragmentedstock exchange envi- terms of total market capitalization of the major Euro- ronment prevailed. Smaller regional stockexchanges pean securities exchanges, NYSE Euronext and the discontinued floor trading, larger ones replaced it with London Stock Exchange hold the top positions, fol- electronic trading systems. Since then,consolidation lowed by Deutsche Börse AG and SIX Swiss Exchange. has been one of the main themes in the securities exchange landscape and as such, severalcross-Atlantic andintra-European mergers have taken place. The driving force behind themorerecent mergers was to counter the threat posed by the emergence of new competitors, i.e.Multi-lateralTrading Facilities (MTFs).

Agloballyleading financial centerasthe foundation forcompanies growth and prosperity For domestic and foreign companiesseekingcapital, the Swiss financial center is very attractive: it is com- pact, closely networked, internationallyoriented, and

Figure 4: Totalmarketcap. in USDm(free floatofprimarylistedcompanies). the local bankshave strong financing and placing Source: World Federation of Stock Exchanges, Dec-2010. power. Thoseinvesting their capital in companies listed on SIXSwissExchange are activeonaninterna- Consolidationnot anew phenomenon tional scale. Someofthe reasons for the great trust in- Theconsolidation in theexchange landscape, which vestors throughout the worldplaceinthe Swiss finan- has beengoing on for thepast fewyears and has just cial center are its high degree of legal certainty,the recently hit its peak with themerger of Deutsche Börse countrys political stability and comparatively liberal AG and NYSEEuronext,isnot anew phenomenon labor laws, its competitive tax levels and market- The 1970s paved theway for radicalchanges to the consistentregulatorystandards, as well as an out- stock exchangelandscape. Three contributing factors standing educational system and longstanding, proven emerged thathavedetermined thedevelopment of the competence in privatebanking. financialmarketstothisday:the triad of deregulation, automation andthe rise of derivatives.Dr. Nicolas J. Bär, chairmanofthe Zurich Stock Exchange at the 2 Richard T. Meier, Tobias Siegrist, Switzerland's Big Bang -The history of the SWXSwiss Exchange. 11 SECASECA Yea Yearbrbookook 2011 2011

Ahealthy financial center needs an efficient, well- Regulation: in line with international standards, yet functioningcapital market. In Switzerland, the prod- in touch with the market uctsand services of SIXSwiss Exchangemake asignif- Anotherfactor that facilitates the raising of capitalin icant contribution in this regard. Switzerland is the close-to-the-market natureofSIX Swiss Exchangesregulatory provisions. Under na- Visibility is key tional securitiesexchange legislation, SIX Swiss Ex- For Swiss and foreign companies, SIX Swiss Exchange change is empowered with aself-regulatory authority is thegateway to theinternationaland domestic capi- and therefore has optimal leewaytocombine ahigh tal market. Apublic offering and listing of securities level of investor protection with regulatory conditions on SIXSwissExchange affordsacompanyaccess to a thatare more thanacceptable from an issuers point of highlyexperienced and financially potentcircle of in- view. ternational investors. Each firm listedonSIX Swiss Ex-

change benefits from ahighdegree of visibility and Self-regulated listing regime recognition amongst globalinvestors, analysts and the No requirementfor Acceptanceofvarious Management Certificates accountingstandards media. Moreover, Swiss investors have many yearsof experience in cross-border,sector-specific investment No obligationto No quarterly strategies. Due to Switzerlands economicstructure, maintain insiderlists financialreporting investorspay particular attention to the banking and Flexible board composition Shortand efficient (nomandatory employee representation, listing process insurance, consumer goods,pharmaceutical, bio- and only one director to be Swissresident) Reasonable medicaltechnology, cleantech, micro- and nanotech- remunerationreporting nology sectors. Figure 6: Major regulatoryadvantages over other listing locations.

Another key factor for visibilityisthe inclusion in in- dicesthatare closelyfollowedthroughout the world. Given the worldwide significance of Swiss-listed glob- Andrea vonBartenwerffer al players such as ABB, CS Group, Nestlé, Novartis, Senior Relationship Manager/IssuerRelations Roche, Syngenta,UBS andZurich Financial Services, SIX SwissExchange the indices that include those stocks have ahigh de- Selnaustrasse30 gree of recognition. SIX Swiss Exchange calculates var- 8021 Zurich ious indicesand sub-indicesthat satisfy differingin- [email protected] vestor needs and, by focusing on select segments, as- surescompanies of aparticularly high degree of visi- bilityamongst their target groups.

SPIFamily SMI SLI SXI Family

Benchmarkindices Tradabilityindices Approx. 230stocks SMI® as most significantequityindex SPI® indexfamily usually approx.80% of totalSwiss market cap used as benchmarkindex SLI® comprising30 largeststocks index with Overall,over CHF100bn cappingfactor AuMare usingtheSPI® as ProductsofCHF15bn areusingtheseindices benchmark as underlying

Figure 5: Well-known indexuniverse as well as active ETF, structured products and derivatives markets helptoincrease visibilityofSIX Swiss Exchange listed equities.

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Private Equity RealEstate: feld,welches von erhöhterUnsicherheitgetrieben Herausforderungenund Potentialfür Schwei- wird, werdenwenigerTransaktionen getätigt. Folglich zerPrivate Equity Anbieter und Investoren istdie Wertermittlung mittels dem transaktionsbasier- ten Ansatz, wiedies beispielsweise in Grossbritannien ZahlreicheSchweizer wie auch internationalePrivate- üblichist,erschwert. Equity-Anbieterhaben das Potential im Bereich Priva- te Equity Real Estate erkanntund haben einzelne Nur wenn die Fragen und Kritikpunkte des Fondsmo- Teamsoder spezialisierte Unternehmen in diesem Be- dells gelöst werden, sind dieInvestoren auch wieder reichakquiriert. JüngsteAnkündigungen von Schwei- bereit,vermehrt in Fondszuinvestieren. Doch welches zer Pensionskassen geben den Anbietern recht und die sind dieKritikpunkteund Erkenntnisse ausder Krise? TendenzsteigenderAllokationzudieserinteressanten Zu den Herausforderungen und Erkenntnisse des und vielversprechendem Asset Klasse PrivateEquity Fondsmodelles zählen folgende Aspekte: RealEstate wirdanhalten. Dennoch tun Anbieter wie • Fees: Im Vergleichzur PrivateEquityIndustrie ist auch Investoren gut daran,die Unterschiede zu den die Private Equity Real Estate Industrie intranspa- klassischenPrivate Equity AssetKlasseund Fondsgut renter bezüglich derGestaltung derGebühren. Be- zu analysierenumdas Potential auszuschöpfen. An stehen doch neben Management Fees eine Vielzahl Herausforderungen undOpportunitäten mit Private von anderen Fees wie Development Fees, Finan- Equity Real Estate Fonds mangelt es nicht, wie folgen- cing Fees, Acquisition Fees, etc. welche es dem In- der Artikel aufgezeigt. vestor erschweren, die absolute Gebührenbelas- tung zu ermitteln. Herausforderung Fondsmodell • Interessenkongruenz/AlignmentofInterest: Füreine Vielzahl vonInvestoren in Non-listed Real Wichtig ist, dassder Fondsmanagerincentiviertist, Estate Fonds wieauch in denPrivate Equity Fonds damiterimInteressedes Eigentümers respektive waren die Periode nach der Finanzkrise eine Periode Investoren handelt. Die Vergangenheit zeigte, dass der Brandbekämpfung.Die meist kleinen Investment- beim Fondsmodell dies nur dann stimmt, wenn die und Managementteams beiVersicherungen, Pensions- Fonds eine positiveWertentwicklungzeigen.Ist kassen oder anderen institutionellen Investoren und diePerformanceFee ausser Reichweite, hat der Family Officesmussten eineVielzahl von Herausfor- Fondsmanager beispielsweise ein Interesse, die derungenbei den investierten Fonds anpacken und Immobilien möglichst lange im Portfoliozubehal- gleichzeitigoft kritische interne Fragen beantworten. ten, da er eine AssetManagement Fee erwirtschaf- In diesem Umfeld erstauntesnicht, dass dasFundrai- tet, währendder Investor immer noch an einem sing fastzum Stillstand kam, respektive auf das Ni- möglichst profitablen Exit interessiert ist. veau von 2004 zurückfiel, wie folgende Grafik zeigt. • Fondsplattform: In der Private Equity Real Estate Industrie wählten viele Investoren historischbe- dingtein Captive Modell, d.h. dieFondsplattform ist mehrheitlich im Besitzeines grossen Konzerns, meistens einerBank oder Versicherung. In der Fi- nanzkrisemutiertendiese vermeintlichstarken Partnerjedochoft zu einemschwachen Partner, respektive zu einer Hypothekfür den Fondsmana- ger. Diese Partnerschaftzwischen Muttergesell- schaft und Fondsplattform führte in einigen Bei- Figure 7: Private EquityRealEstate Fundraising. spielen zum Verkauf der Plattform, zur vollständi- Source: Preqin 2010. gen Auflösungoder zum Weiterbestehen -jedoch Einerseits stehtdas Fondsmodell und verschiedene mitFragezeigen. Die Frage nach der Stärke der Fondsmanager (General Partners/GPs bei Limited Fondsplattform und deren Eigentümer steht somit Partnerships) in der Kritik.Anderseits bestehen etliche wieder weitobenimDue Diligence Prozess. Auch Fragenund eine generelle Verunsicherung bezüglich die Unabhängigkeit ist kein Garant für dieStärke desZustands der Immobilienmärkte. In einem Um- einer Plattform. Brechen die Management Fees auf

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Grundder sinkenden Erträge und sinkenden Be- welche nicht auf dem Advisory Board vertreten wertungenweg undkönnen keine weiteren Fonds sind, eine wichtige Informationsquelle. aufGrund derPerformanceund/oder Marktes lan- • Investorenkreis: Im Laufe der Finanzkrise kamen ciertwerden, istdies oftdas Ende der Plattform. Befürchtungenauf, dasseine Vielzahl von Investo- • Personalfluktuationen: In diesem Umfeld erstaunt ren (Limited Partnerbei Limited Partnerships) ih- es nicht, dassdie Anzahl der Fluktuationen bei ren Kapitalverpflichtungen nicht nachkommen Fondsplattformen stark zugenommen haben.Auf- können.Die Folgen einer Zahlungsunfähigkeit von grund der Reduktion der Immobilienwerteund einemLimited Partner hat oft deren Ausschluss Transaktionen sinken die Einnahmen der Fonds, zurFolgeund führt in der Regel zu schnelleren was in Kombination mit fehlenden neuen Produk- Kapitalabrufenfür die anderen Investoren und ten zu Kostensenkungsmassnahmen und somit zu somitzueinerReduktion des Fondsvolumens. Die- Entlassungen führt.Zu- oder Abgängesind inte- se Mechanismen undKonsequenzen sind von ressante Indikatoren im Due Diligence Prozess und Fonds zu Fonds unterschiedlich ausgestaltet undin können Aufschluss über Probleme oderStärken der Praxis noch selten getestet worden. Im Laufe von Fondsplattformengeben. der Finanzkrise haben sich dieBefürchtungen einer grossen Anzahl von zahlungsunfähigen Investoren • Beziehung zwischen Fondsmanagerund Investor: nicht bewahrheitet. Dennoch sollten Investoren im Bei vielen Fonds hat die Beziehung zwischen dem Due Diligence Prozessberücksichtigen, welches die Fondsmanager und den Investoren gelitten. Meis- anderen Investoren sind. Zudem ist ein Informati- tens wurde zu optimistische Businesspläneunter- onsaustausch vor und nach der Investition mit an- zeichnet, zu viel Fremdkapital aufgenommen, zu derenInvestoren zu pflegen. schnell im falschen Zeitpunkt investiert und /oder das Risikomanagementverletzt.Daein Exit durch • Exit Mechanismus: Liquiditätsrisiken und Exit- Verkauf für den Investormeistwegen fehlendem Optionenwurdeninder Vergangenheitbei ge- Sekundärmarkt nicht möglich ist, liegt die Schwie- schlossenen Fonds oftvernachlässigt. Da ein funk- rigkeit im Wiederherstellen der Beziehung. Dies tionierenderSekundärmarkt fast gänzlich fehlt, kann oft nur über einen langen Zeitraum,durch of- wollenInvestoren auch bei geschlossenen Fonds fene Kommunikation und volle Transparenz durch Liquiditätsoptionen aufgezeigt bekommen. Die den Fondsmanagergelöstwerden. In dieser Phase verschiedenenOptionen sollten genau geprüft lernt man diewahren Fondsmanagerrespektive werden, stellen doch Liquiditätsoptionen in ge- deren Prioritäten und Stärken kennen. schlossenen Fonds für einzelne Investoren oder auchfür alle Investoren ein Risiko für den ganzen • Advisory Board Zusammensetzung /Befugnisse: Fondsdar. Welches ist die optimale Zusammensetzung eines Advisory Boards und welche Befugnisse hat es? Es Dies sindeinige Aspekte, welche Investorenimzu- gibt keinerichtige Anzahlvon Advisory Board künftigen Due Diligence Prozess betrachten sollten, Members, jedochgibtessicher zu kleineund zu welche sich im Laufe der Finanzkrise änderten oder grosse Advisory Boards, welche suboptimale Ent- welche sich noch ändern müssen, um die Attraktivität scheidungenzur Folge habenkönnen. Die Investo- zu Private-Equity-Real-Estate Fonds zu erhöhen. Denn ren sollten sichjedochbewusstsein, welche Inte- die Allokation in Private Equity Real Estatehat zahl- ressen die verschiedenen Investoren vertreten und reiche Vorteile, welche im nachfolgenden Abschnitt er- wiestark siesichdafür einsetzenkönnen oder dür- läutert werden. fen. Europäische und amerikanische Pensionskas- sen können aufGrund von rechtlichen Vorausset- Vorteile der Private-Equity-Real-Estate Fonds zungen sehr unterschiedlichauftreten, was gerade In deralljährlichen von INREV (European Association in wichtigen Entscheidungen zu berücksichtigen forInvestors in Non-listed Real EstateVehicles) ist.Zudem sind die Befugnissevon Advisory durchgeführten Investment Intention Survey bei In- Boards von Fonds zu Fondsunterschiedlich, was vestoren bezüglich Vorteile von nichtkotierten Immo- die Übersicht beieinem grossen Portfoliofür den bilienfonds zählenzuden wichtigsten Kriterien: Portfoliomanager nicht vereinfacht.Der Austausch • Zugang zu spezialisiertem Management: Die mit Advisory BoardMembers bleibt für Investoren, Fonds haben meist einespezifische Strategie bei

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der das Management einen Wettbewerbsvorteil nam und China sind mit einer direktenImmobi- hat und eine höhere Rendite erzielen kann. Dabei lienstrategie nurschwierigzurealisieren. PERE- zählt neben den Spezialkenntnissen, dem aktiven Fonds liefernhierzu einengeeigneten Zugang. Management und anderen Kompetenzen auch die Dabei zählt der Zugang zu einem spezialisierten steuerliche, rechtliche Wissen und den Zugang zu Management und die Diversifikation als Haupt- Fremdkapital bei Banken zu den Hauptvorteilen. kriterium.

• Zugang zu spontanen Marktopportunitäten: Ein Diese Kriterienmüssen mit den Vorteilen der Direkt- fokussiertes Management kennt den Markt und investition verglichen werden, bei welcher es schwie- hat einen guten ZugangzukurzfristigenMarkt- rig ist,ingewissenSektorenund Märkten an geeignete opportunitätenund kann deren Marktwert gut Objekte zu gelangen und diese auch effizient zu ma- einschätzen. nagen. Die Wichtigkeit der Kriterien ändert sich über dieZeitund diejeweilige Marktverfassungspielteine • Zugang zu spezifischenSektoren: Oftist es nicht wesentliche Rolle. Bei Marktturbulenzen willder In- möglichmit kotierten Anlagen und /oder mitDi- vestor auch kurzfristig voninteressanten Opportunitä- rektanlagen sehr aufwendigeinen spezifischen ten profitieren, weshalb dasKriterium Zugang zu Sektor in einemLand oder Region abzudecken. spontanen Marktopportunitäten stark an Gewicht Hierzueignen sich Fonds, welche einen spezifi- gewonnen hat,daInvestoren davon ausgehen können, schen Sektor abdecken. dass ein spezialisiertes Managementteam einen guten • Zugang zu höherenRendite: Durchein speziali- Marktzugang hat. siertenManagementsund durch die Möglichkei- ten verschiedeneRisikoneigungen auszuwählen Anlageuniversum können höhere Renditen erzielt werden. Beiden nichtkotierten Anlagen wird zwischen ge- • Internationale Diversifikation: Um mit einem schlossenen und offenen Fonds unterschieden. Wäh- kleinen Team eine internationale Strategieumzu- rend dem die offenen Fonds mehrheitlich im Core Be- setzen,sind PERE-Fonds eine effiziente Allokati- reich investieren, sind geschlossene Fonds vor allem onsmöglichkeit. Insbesonderefür kleinereund im Bereich Value Add und Opportunistic aktiv. Die mittlere Investoren,d.h. Anlagevolumenunter folgende Darstellung zeigt die AnzahlFonds, welche CHF 1Milliarde, welche eineDiversifikation nicht im Fundraising sind und welches Zielvolumen ange- über Direktanlagen erreichen können. Bei der peilt wird. DasGesamtvolumen der mehrheitlich im Diversifikationmüssen folgendeParameterbe- Bereich PrivateEquity Real Estate Fondstätigen Fonds rücksichtigt werden: beträgt rund USD 131 Milliarden. Zudem ist bei der • Geographische Diversifikation(z.B. Europa, Darstellungersichtlich,dassmittlerweileEuropa und Asien, Amerika) Asien eineVielzahl vonProduktenaufweisen und einen beachtlichenMarktanteilhalten. Gerade asiatische • Investment Style(Core,Value Add, Opportu- Immobilienfondseignen sich, um von den wirtschaft- nistic) lichen und demographischen Entwicklungen mittels • Sektorallokation (z.B. Büro, Mietwohnungen, Immobilieninvestitionen zu profitieren. Einzelhandel,Logistik) Asien &Rest Dabei werden bei derstrategischen Allokation für FondsinFundraising USA Europa of World Total die einzelnen Bereiche Bandbreiten festgelegt. AnzahlFonds 2209781398 Dies unteranderem deshalb, weil sich beispiels- Zielvolumen (inUSD Mrd.) 70 35 26 131 Durchschnittsgrössen vonFonds weise die einzelnen Sektoren in einem Immobi- 318360 321331 (inUSD Mio.) lienzyklusanders verhalten werden. Investitionen Table1: Fonds im Fundraising. in Bürogebäuden sind volatilerals beispielsweise Source: Preqin, September2010. Einzelhandelsinvestitionen. Natürlichspielt auch hierdie Höhe des Fremdkapitaleinsatzes und die Für einen FondsüberblickinEuropa eignet sich die Lage des Investments eine wesentlicheRolle. Datenbank vom europäischenVerband INREV als ers- terSchritt. Dabei berücksichtigtdie Datenbank rund • Zugang zu neuen Märkten: Neue Märkte bei- 464Funds miteinem Gesamtvermögenvon EUR260 spielsweisegewisseasiatischeMärkte wie Viet-

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Milliarden.Die Mehrheit der Fonds -d.h. 53% -verfolgen eine Core-Strategie, währenddessen nur 15% der erfassten Fonds eine Opportunistic-Strategie d.h. Private Equity Real Estate Strategie verfolgen. Gerade im BereichValue Add undOpportunistic sollteder Investor somiteine aktive Suchstrategie verfolgen, da eine Vielzahl der guten Fondsnicht in Datenbanken aufgeführt sind.

Fazit Trotzdem Fundraising-Stillstand, der Herausforde- rungen des Fondsmodells und den etlichen Fragezei- chen bezüglichden Immobilienmärkten wäre es ver- fehlt denSchluss zu ziehen,dass die zukünftigen Re- turns in derBranche genausoschlecht werden wie in den vergangen Jahren. Vielmehr eignetsich diese Marktphase,umdie interneStrategie zu überprüfen unddie Lehren zu ziehen,umsich für die jetzigen und zukünftigen Opportunitäten zu positionieren. Denn die Erfahrung in der Private Equity Branche zeigt, dass die Returnsinjenen Vintage Periodenamhöchs- ten sind, in welchen dieInvestoren zurückhaltend sind,das Kapital knapp ist und die Verunsicherung im Markt gross ist.

Dr.John Davidson, CAIA promovierteander Univer- sität Zürich zum Thema «MBO with Private Equity». 2005 bis2009war er als VicePresident für Investment- fragen zu globalen indirekten Immobilieninvestitionen beider Swiss Re tätig. Heute ist Dr.Davidson Co- Studienleiter MAS Immobilienmanagement, Dozent und Forschungsleiter «Real Estate» am Institut für Fi- nanzdienstleistungen Zug IFZ der Hochschule Luzern Wirtschaft. Zudem ist er auf dem FundAssessment Boardeines Private EquityReal EstateFonds in Deutschland. Ein Buch und eine Plattformzum Thema Private EquityReal Estate sind in Zusammenarbeit mitder SECA in Planung; das Buch wirdimFrühjahr 2011 erscheinen.

John Davidson Co-Studienleiter MASImmobilienmanagement

Hochschule Luzern Wirtschaft Institut für Finanzdienstleistungen Zug IFZ Grafenauweg 10 6304 Zug [email protected]

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Chapter III Chapters &Working Groups

17 SECASECA Yea Yearbrbookook 2011 2011

Reporting Comité Romand Durant lannée 2010 le Comité sest réuni 5fois et les membres ont tous démontré de lenthousiasmeetde Consolidation du Comité Romand de la SECA lengagement. Trois événements et une conférence de presse ont été organisés, ce qui àpermis àchaque Chapter de se familiariser avec linfrastructure et le Formé en milieu de lannée 2009, le Comité Romand support existant. Les événements furent: de la SECA aconsolidéson activité durant lannée 2010. Les objectifs du Comité Romand reprennent ceux TrendLuncheon:Fundraising in difficulttime, de la SECA et du Comité National et se déclinent selon SwissôtelMétropole,Genève, 12. mars 2010

deux axes: EveningEvent: Présentation Comité romand /Outlook 2010 a) Promotion de linnovation et de lentrepreneuriat Swissôtel Métropole, Genève, 30. mars 2010 danslarégion SuisseRomande par les actions sui- EveningEvent: ThePrivate Equity Comeback SwissôtelMétropole,Genève, 4. mai 2010 vantes: EveningEvent: Private and public financing in higth-tech start-ups • Organisationdeconférence, tablesrondes et EPFL, Lausanne, 2. novembre 2010 lunchons Table 3: SECA Events du Comité Romand.

• Publications darticles Dautre part, il yeuaussi uneprésentationàlapromo- • Activités de lobbying et publications de prises tionéconomiquedeGenève, ainsi quunecollabora- de positionexplicatives («white papers») sur tion avec LHebdo,lemagazine PME et Le Temps. des sujets choisis et dactualité. Ce démarrage dactivité aété saluépar nosmembres b) Documentation et vulgarisation des activités et du de la région romande dont le nombre aprogressé de processus du venture capital et du private equity, 28 à36(+28%). principalementpar la publication de documents en langue française (par exemple, code de conduite, Pour lannée 2011 nous envisageonsdepoursuivre termes et conditions pour unetransaction de venturecapital, documentation sur la société en com- lorganisation de au moins3événements surdes sujets mandite de placementscollectifs (SCPC), etc). dactualitésainsi que dintensifier nos contacts avecles différents organismespatronauxdelaSuisseromande. La communication de ces activités se fera principale- ment parlebiais de la SECA eNewsletter (inscription Nous sommes àvotre écouteetouverts àtoutes vos gratuite sur le site: www.seca.ch) et de prospectus. suggestions ou propositions. Nhésitez surtout pas à contacter soit le responsable romand, soit les Chapter Les Chapter Leaders (CL) furent élus lors de lélection Leaders respectifs en casdequestions. Enfin, je profite du Comité National lors de l'Assemblée Générale 2010. de cette occasion pour remercier les membres du Co- Ce Comité est formé parles membressuivant: mité Romand et ceux du Comité National pour leur

Coordinateur ComitéRomand soutien et leur engagement lors la constitution de ce Christophe Borer, Helarb Management SA,Senior ExecutiveDirector Comité. Au plaisir de vous rencontrer lors de nos pro- Communication chaines manifestations. Marie-Hélène Hancock (CL), Hirzel.Neef.Schmid. KonsulentenAG, Partner

Private equity&funds of funds Claude Suard (CL),Défi Gestion SA, Partner PierreKladny, ValleyRoadCapital,Partner Marc-AntoineVoisard, Euro Private Equity SA, Partner

Seed &Venture Capital Christophe Borer Diego Braguglia (CL),VIPartners AG, Partner Coordinateur Comité RomanddelaSECA CarolineGueissaz, Business Angels Suisse Philippe Zrehen, Polytech Ventures,Investmentmanager Helarb Management S.A. CorporateFinance Jean-FrançoisLagassé(CL), Deloitte SA, Partner Avenue Ruchonnet30 Christian Mustad,EdgarBrand SA, Partner Casepostale864 Maurice Pierazzi, DimensionSA 1001 Lausanne Legal &tax JacquesBonvin(CL), Tavernier Tschanz, Partner [email protected] Andreas Rötheli, Lenz&Staehelin, Partner Stéphane Tanner, PricewaterhouseCoopers, Partner

Table2: Membres du Comité Romand.

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Reporting Seed Money &Venture Capital and explaining in simple andunderstandable words and pictures to the ordinaryconsumer, that electronics BRANCOWEISS and Venture Capital representedrather an opportunityfor Switzerland, Between two major economic recessions whichshould be seized with determination.1981 all the articles written by ARNOLD were edited and published again in the book Leben mitElektronen (Liv- BRANCOWEISS, founder in 1984, first chairman and ing with Electrons) both in Germanand French. honorary member of the Swiss Venture Capital Asso- ciation(whichevolved later into SECA) left us on the Branco presented himself at the seminar as Entrepre- last day of October 2010. Hisinvolvement into promo- neur and Venture Capitalist,investing both in the US tion of entrepreneurship andinnovation in Switzer- and Switzerland,raising theeyebrowsofmany at- land wasseminal but somewhat not so well covered in tending managers of traditional Swiss companies, ac- the reviewswhich havebeenpublished (e.g. Wikipe- customed to the staid way of conducting business dia) since. This brief notice aims to fill this gap in a along the lines they had learned as high ranking offic- timely way and with apersonal touch. ers in theSwiss Army. He pleaded for renewalofthe structure of the industry by fostering newcompanies Planting the seeds and bringing in new bloodintothe management suite. Imet Branco forthe first timeinJune 1983 at the Got- After him Waldemar JUCKER, thehead of the Swiss tlieb Duttweiler InstituteinRüschlikon,nearly ten Federal Agency for Innovation, blew in thesame direc- yearsafterhehad sold his very profitable company, tion, outlining that the Government was ready to sup- KONTRON AG,which he single-handedly had started port financially innovative R&D projectsemanating 8years aftergraduatingatETH in Zurich with aDip- from young small companies.Until then, most fund- lom-Chemiker(M.Sc. in Chemistry) title, which was ing went to large well established firms, which only soon followed with averypractical Ph.D. thesis on the couldaffordthe paperwork needed to submitpropos- Cost/Performance Analysis of Filtering. al to the Agency. In thefinal panel discussion chaired by me, as invited speaker on microelectronics (the title PierreARNOLD, CEO of MIGROS (Switzerlands of my contribution was: Chips looking forOpportun- largestretailerand handpicked successor of Gottlieb ities)akind of consensus developed, that the time Duttweiler)was organizing atwo day seminarthere was now ripe to stop talking and move ahead. The on thetheme:TheFutureofMicroelectronicsand Mi- roadmap for action wasnow clear. crotechnology in Switzerland. It might sound far- fetchedthatSwitzerlandschiefretailer waspromoting At asubsequent meeting organized by ARNOLD at such anational gathering, opened by aspeech of the MIGROSheadquarters in the fall of 1983 many partic- late Federal Councillor K. Furgler: in fact ARNOLD al- ipants established amore personal relationship. We so graduated as an agronomist engineer from ETH decided to follow the example of whatwas done in the during World War II, built up themanufacturing op- US, bypassingthe traditional financing channels of the erations of MIGROS since his entrance there in 1958 Swiss banking system. and was one of the first Swiss top managers, who grasped very early theimplications of the electronic SVCA and theentrepreneur of the year award revolution, originating from the US andunfolding So Itook theinitiative of convening preliminary meet- since1970 in Europe, on the fabric of Swisseconomy. ings of parties familiar or interestedinVenture Capital at the FederalInstituteofTechnologyofLausanne The then prevailingpublic attitudeinSwitzerland,fol- (EPFL) duringthe spring of 1984,which culminated lowing the worldwide recession of 1980-1982 with with the foundation of the Swiss VentureCapital As- hyperinflation in the US, wasfear and resignation to- sociation (SVCA) in August1984 in Bern and the elec- ward the seemingly unstoppable rise of Japan as in- tionofits Executive Committee, where Branco became dustrialpowerhouse. This applied especially to the Chairman andIassumed theduties of Secretary.Just watch-making industry, which was nearlybankrupt few months before the European Venture Capital As- andhad lost its traditional mechanical based leader- sociation (EVCA) was founded in Bruxelles, so our ship in world markets because neglectingelectronics. move wasnosmall feat, giventhe traditional time lag ARNOLD startedwriting editorials in thein-house that Switzerland was exhibiting,whenconfronted MIGROS press, counteracting this pessimistic view

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with new trends. Of courseSVCAimmediately be- troniqueetHorlogerie, which 1998 becomethe The came member of EVCA. Swatch Group), helping thereby another Swissestab- lishmentsoutsider to get fundingand credibility for The Swiss BankingAssociation promptlyissueda thatfamous merger/turn-around deal, which today is booklet, whereitwas demonstrated that all realistic publicly traded but still family owned. But already innovativeprojects submitted by industry could be 1986 ARNOLD parted the way with HAYEK and left easilyfinancedwith credit lines provided by banks, in anger, committing his MIGROStobuy branded M- implying that equity financing was only for very spe- Watchesfromacompetitor of SMH. culative projects, doomed anyway to fail. The term itself of Venture Capital sounded subversive and it was The twosuccessful immigrants, Branco, with his East- quitedifficult for us to havethe FederalCommerce ern European Jewish background and Nicolas, with Registry in Bern acceptingthat Swisscould stay in his Lebanese Greek-Orthodox background were in- front of Venture Capital Association in our official de- itially suspicious of each otherand it took alot of signation.Our official written language being English, meetings between them for convincing Nicolas that it was onlythe English version of our name thatwas there was no hidden agenda behind the bestowing of finally accepted,becausethere was no acceptable the last Award upon him. Finally the Award ceremony translationofitinGerman,French and Italian. ended in abeautiful lunchinone of Zurichstop Zunft-Restaurants andeach participant gotagolden Clearlyalot of communication andmedia work was limitededition quartzwatch, with Nicolas name im- necessary for lowering the cultural barriers and this printedonthe dial. was the work that Branco cutout for himself as Chairman of SVCA. Leaders show theway by exam- Toward the endofhis Chairmanship of SVCA, Branco ple: in parallel with meetings organizedbySVCA, published 1991the bookPraxis of Venture Capital, Brancoset up the SwissEntrepreneur of the Year where he contributed personally the last chapter, aptly Award (prize of 50000Francs out of his pocket), sin- titled Who goes under, who staysafloat: its checklist gling out during ten years (1984-1993) aSwiss entre- is still an absolute must lecture today for anybody who preneur, that had successfully started and grown a wants to embark in equity financing of young enter- company. The Jury of the Award included among oth- prises. Of the many young enterprises dealsthat Bran- ersWaldemar JUCKER, thechief editor of the new co financed in Switzerland during that period together German speaking economic magazine BILANZ with other associates of SVCA,none made it, prompt- (A.ZGRAGGEN)and thechiefeditor of the likewise inghim to refer often to the saying that Wisdom new Frenchspeaking magazine HEBDO (J. PILET). comes from experience and experience comes from Each year submissions were collected, analyzed and lack of wisdom. Buthis VC gains made in the US finally the Jury made aon the spot visiting tour of would more then offset suchlearning expeditions in the threetop candidates.Everythingwas organized Switzerland. During the sameperiod of timeBranco andfunded by Branco, last but not least the excellent was also dispensing post-graduates courses at ETHfor gourmet restaurantsalongthe way,where to make a engineers,tomake them acquainted with the practical welcomestop for lunch or dinner and pick the winner. aspects of technology transfer and entrepreneurship. Out of thesecoursesadocumentation wasedited (in The brightest choiceamong theten Awardsinhind- German) and made available to all SVCA members sight has beenDanielBOREL and his LOGITECH and to interested teachers and professors at Swiss start-up,whichachieved global status and market schools. sharecompeting with Microsoft in the field of com- puterperipherals.The funniestone was,when at the One equity deal (kind of aturn-around) stands out end of the self-imposed period of ten years,the choice though: ESEC (European Semiconductor Equipment fellonNicolas G. HAYEK,who was oneyear older Company), founded in Cham by KarlNICKLAUS, than Branco(he passed awayjust 4months before formertechnical guy of the Kulicke &Soffa US semi- Branco). conductor equipment firm. ESEC was limping along in the European market with insufficient financing and Pierre ARNOLD hadtaken on 1983 the duty of Chair- marketing. Branco made adeal with NICKLAUS, in- man of the Board of SMH(Société Suisse de Microélec- jecting money and marketing expertise, leading ESEC

20 SECASECA Yea Yearbrbookook 2011 2011 into the fast growing FarEasternmarkets, where the pand into international markets, since allsuccessful prestige of Swiss precision manufacturing was the best Swissenterprises aredoomedtoexport, like selling referenceand grew the company very fast to KONTRON alreadydid in the early 1960s. This state become aglobal contender. With flair for goodtiming of affairsowes alot to the seminal work, intellectual he (andobliginglyNICKLAUS) soldthe company to andmonetaryinvestment,that Branco deployedsince the ailing Oerlikon-Bührle conglomerate, which was he soldhis enterprise andstarted thinking and looking happy to pay avery hefty price for acquiring asorely for waystoput his money and expertise to work in fa- needed high-tech leg, complementingthe vacuum- vour of the nextgeneration: he felt indebtedtothe equipment manufacturer BALZERS they already had country,the school andthe people, who welcomed in theirportfolio. and helped the poor 12 years old Jewish boy and his mother, fleeing from the dangerous Milano at the be- Tenyears after the 1980-81 recession, the economic en- ginning of WWII and luckily getting admission into vironment in Switzerland had changed(BerlinWall theSwisssafeheaven at Poschiavo. 1989,Refusal of the EEC treaty by popular vote in 1992) and Branco wisely decided that he should pick Looking ahead up otherchallenges and invest more time and money Branco left thescene, when amuchmoredangerous in education and development of human resources. repeat of the 1980-81 world recession swept over glob- SVCA wasmorphed into SECA, its focus shifting to al markets, with oil and goldprice reaching again un- private equity and corporate finance, more in line with precedented peaks, but with interest rates at abysmal the purely financial environment of Zurich, Geneva lowlevelsand fears of rampant deflation instead of in- dropping out of sight.But thepioneeringworkwas flation.Afundamental but totallyoverlookedeconom- done and slowly common people (and even journal- ic law is still at work, as it hasbeen since its inception ists) began to understand the differencebetweendebt in 1965:Moores Law, whichprovides foranexponen- and equity financingofyoung enterprises.Paradoxi- tial growth of theperformance/price rate of microchips cally enoughthe sameSwissbankers, who were warn- (every 18 months performance doubles at constant ingabout the risks of Venture Capital, drove blindly price). The disruptive power of this LawmadeInternet into the blast of the mortgage bubble, that had built up andthe decoding of the Human Genome possible and by free-wheeling real estate debt financing in thelate has, togetherwithfiber-opticsand satellite technology, 1980s andlostcollectively 40 billions Swiss francsin completely revolutionized the field of global wireless the process.But nobodyofficially complained. communication and computing.There aretoday 5bil- lions cellular phones in use in the world and GPS can Harvesting thelong termfruits locateyou withanaccuracy of ameter everywhere on Nowadays Switzerland is being ranked as one of the thesurface of the globe. Thereisstillalot of room for most innovative countries in the world. Organizations new ventures, after the flop of the Millenium Bug in like the CTI (Governments Commission for Technolo- 2000 and othercyclicalrepeating dead ends extrapo- gy andInnovation), associated with the internetVen- lated by tech fans. Branco recognized the far-reaching ture-Lab Platform forEntrepreneurs andthe CTI- potential of InformationTechnology(formerly Elec- Invest Club have bridged the gap between technical tronics)and donated averysubstantial sum to ETH innovation andcreationofstart-ups. The biannual for setting up in itsnew Science City campus an In- Venture Contest, sponsoredbyETH and McKinsey formation Science Laboratory forinterdisciplinary andbackedbyestablished bigSwiss firms, is selecting applications.But the décor of the scenehas been shift- among close to 200 submittedbusinessplansthe 10 ing in quick steps to thePacificArea: Ijustdiscovered mostpromising start-ups and grantingtothe three that SVCAstands now for Shanghai Venture Capital best of them monetary incentives and publicity. Many Association! foundations, like de Vigier and Gebert-Ruf as well as Business-Angels Clubsare alsoproviding early money Another trend will have far-reaching implications. In- andinternational exposure to would-be entrepreneurs. steadofridingdown since 1982 on worldwide falling Now enoughmoney and knowledgeare at hand,the interest rates, withirrational exuberancedeals and challenge has really shifted to the grooming and de- light covenants loans,wewillbeconfronted from velopment of high-profile entrepreneurial personali- nowonwith the next 30 years of steadily rising inter- ties (quite oftennon-Swiss nationals), to help them ex- est rates. This can only mean that the surviving entre-

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preneurs have to become even more hardnosed in raising equity capitaland especiallyinmanaging their cash-flow, whichisbythe way, the most valuablead- vice that Branco set outinhis check-list at page 180of his book on Venture Capital.

HugoWyss SECA Honorary Member

[email protected]

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Tailwind forinnovators that enables creative individuals to take their ideas from the lecturehall to the investor negotiating table. HowSwitzerland promotes early-stageventures in During this process, CTI providessupport when and the field of science and technology where it is needed. CTIs principle is not to fund start- up companies directly but rather to help them raise Switzerland is one of themostinnovativeeconomies capital themselves through contacts with potential in- in the world. Not least because of anational start-up vestorsorincreased sales. CTIs approach is based on promotion system that creates jobs, encourages four main programmes. growth and facilitates lucrative investmentopportu- nities. CTIEntrepreneurship This programmeseeks to encourage students, gra- Switzerland hasthe advantage of location.According duates and postgraduates of highereducation institu- to two major internationalranking lists (i.e. the World tions(HEIs)tofollowanentrepreneurial path. There EconomicForums Global CompetitiveIndex and the aretwo main activities, the first of which is entrepre- International Institute for Management Developments neurial awarenessbuilding,where selected speakers WorldCompetitiveness YearbookRankings), thereare visit HEIs to talk about the benefits and risks of entre- not many countries in the world that offer favourable preneurship. conditionsfor company formation and businessactivi- ties. The second main activity is entrepreneurial training, whereinterestedstudentsattendfreetraining courses Moreover, Switzerland manages to combine various to learnmore about entrepreneurship in general. En- factors whichatfirst seem contradictory: awell devel- trepreneurial training is alsoopen to people who do oped infrastructure, rangingfrom publictransport to not hold higher education qualifications (e.g. expe- judicature, low taxratesaswell as moderate public rienced professionals whowish to become self- debt levels.Switzerlandisone of the few industria- employed). It includes such things as howtodevelop a lised countries that has managed to keepits budget business idea, how to draft aprofessional business deficitundercontrol,even during the last recession. plan and/or what presentation skills are needed for meetings with potential investors. So far, the CTIEn- Whilethere are many reasons for this, there is one trepreneurship programme has drawn over 16,000 main aspect thatsetsSwitzerlandapart from neigh- participants to entrepreneurial training courses since bouring EU countries: the State limits itself to estab- the programme was launched in 2004. lishing framework conditions that favour economic activities and seldom intervenes directly in economic CTI Start-up processes. This programme is intendedfor people who have al- readyestablishedanew companyorwho seek to do so This emphasis on framework conditions also finds ex- in the near future. In ordertoqualify for the pro- pression in federal activities to encourage innovation, gramme,participantsneed to demonstrate that their technology andstart-up companies. And this has businessactivity has the potential to generate aturno- clearly been to Switzerlands advantage. Public cover of several million Swissfrancs within afive-year funding of private R&D projects relating to innovation time span. andtechnologyhas, albeit unintentionally,positioned Switzerlandatthe top of the European Innovation The first stepistoapply forparticipation in the CTI Scoreboardfor thepast three years. Start-up programme.Abasic check of thebusiness idea is performed. Over the next four to six weeks, the The question therefore arises;how does Switzerland applicationwill then be examined by experts and manage to be one of the mostinternationally attractive submitted to an approvals committee for afinal deci- locations for company formation and new ventures? sion. Based on this decision, the applicant will be approved or denied access to theprogramme. If the deci- By actively lendingguidanceand support to innova- sion is positive, then the applicant will receive guid- tive start-up companies.Overthe last15years, Swit- anceand support from aqualified CTI coach. The zerlands Commission for Innovationand Technology coaching periodvaries from 6months to about2years, (CTI) has established auniqueEuropean-wide process

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dependingonthe nature of the business concept. ners). Allcompanies that arebothbasedinSwitzer- Uponcompletionofthe coaching period, participants land and carry out activities here are entitled to apply will apply for CTIcertification of their businesscon- for grant funding for joint R&D projects. cept. If they obtain this certification, then they are au- thorised to use the CTIStart-up label, which certifies It is important to notethat no public moneyispaid to thattheir business is ready for sustainable growth ei- private firms directly.This is atime-honoured Helvet- ther throughventure capital funding or through the ic principle. Instead,each R&Dproject is launched as a companysown resources. CTIcertification is aquality partnershipbetween acompany and aCTI-recognised label thattells potential investors thatthe business higher educationinstitution or non-profit research in- concept hasbeen professionally developed and that it stitute. CTIpaysthe research partners wage costsfor is both technically and commercially viable. allstaff assignedtothe jointR&D project.Thisgener- ally covers up to 50%oftotal projectcosts. CTI has approximately 50 independent coaches who actively assist participants in thisstage of develop- TheCTI Project Promotionprogramme covers four ment of their business concept. All CTI coacheshave main R&Dsectors: Engineering Sciences,Life Sciences, business experienceboth in company formation and Micro-and Nanotechnology, and Enabling Sciences, crisis management. They also have extensive networks eachcomprisedofnumerous sub-sectors. CTI follows of national and internationalcontacts. thebottom-up principle, whichmeans thatthere are neitherthematicnor research-based guidelines. R&D Sincethe launch of the CTIStart-upprogramme in project proposals may relatetoany branch or discip- 1996,around1,200 businessconcepts havebeen sub- line withinthe four R&Dsectorsindicated.The selec- mitted for CTI certification.Ofthese, atotal of 234 ob- tion process is based on twomain criteria: innovation tained this certification (See info box: Great Potential). potential and economic impact. Likeinotherindustrialised countries, many of the new technology-based companies in Switzerland began as With thesetwo selectioncriteria, CTIseeks to prevent spin-offcompanies of higher education institutions. two things:first, that researchpartnersconduct R&D Two-thirdsofall CTI-certified companiesoriginated projects on acontractual basis for implementation from highereducation institutions and most came partners;second, that R&Dprojectsare conducted from theFederal Institute of Technology Zurich purely as an academic exercise, with no real likelihood (ETHZ)orthe FederalInstituteofTechnology Lau- thatmarketable products andservices will ever be de- sanne (EPFL). velopedinthe respectiveindustries.

CTIInvest In 2010,CTI approved 343 R&D project proposals for a This programme is builtonthe motto From science to totalofCHF 100 millioninfederal funding. All in all, money to market. Launched after theInternet bubble around 600 implementationpartners were involved in collapsed,CTI Investisintendedasapublic-private these joint R&Dprojects. 75%ofthese companies had partnershiptofacilitateexchanges between entrepre- fewer than 250 employees. Long-term experience neurs and investors. The programme mainly features shows that 10%to20% of allimplementation partners financing platformsinform of events calledVenture involvedinaCTI-sponsoredR&D projectare start-up Days, whereentrepreneursare able to presenttheir companies. businessconcepts to potential investors. The thirty- eightVenture Days held thus farhave benefitted It is also worth noting that Switzerlandisafull- around 180 capital seeking entrepreneurs. For more in- fledged memberofthe European Unions Seventh formation on CTI Invest,see articleCTI Invest2010 Framework Programme for Research and Technologi- Some light at the horizon. cal Development (FP7). Start-up companies and SMEs domiciled in Switzerland may apply for grant funding CTI Project Promotion under many thoughnot all FP7-sponsored projects. This programme seeks to encourage joint R&D projects between companies (referred to as implemen- CTI Entrepreneurship,CTI Start-up, CTI Invest and tation partners) and higher education institutions/non- CTIProjectPromotionare the four main programmes profit researchinstitutes (referred to as research part- that CTI uses to promote the creation and develop-

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mentofnew companies activeinCTIs fourmain R&D Great potential sectors. CTI works closely at all levels with external As of early2011, 234CTI Start-up labels have been awardedall over Switzer- partners whopossessthe necessary know-how. It also landinthe four main R&D sectorsthatCTI covers: Engineering Sciences,Life Sciences, Micro- and Nanotechnology, andEnabling Sciences. These sectors re- works with technology transfer officesatuniversities flect Switzerlands traditionalstrengthseconomically as well as the prioritiesset forth in ournationalinnovation strategy. Nearlyone-thirdofall start-upcom- of applied sciences, cantonal universities and the two panies areactive in thefield of enablingsciences, which relates to information federal institutes of technology. It maintains contacts technologyand e-business. Life sciences, including the sub-sectors medical technology and biotechnology,are also stronglyrepresented. About 20% of CTI- with regional technology andinnovation centresand, certifiedcompaniesrelate to engineeringsciences. This groupofcompaniesare if required, consults patentattorneys. involved in chemicalengineering, the construction of cleantech facilitiesand equipment and/or traditionalelectricalengineering. Lastbut not least, there is the microand nanotechnology sector:there arealready thirty CTI-certified companies working on these futuretechnologies. As the nationalinnovation agency, CTI sees itself as a catalyst and aguide through the multitude of offerings availabletostart-up companies. The approach is holis- tic; always considering the needs of company founders and young entrepreneurs;offering basic training courses and business coaching; providing funding for jointR&D projects; and finally,facilitating the search for potential investors.

At the sametime, it is important for young entrepreneurs to be aware that settingupacompany is alot of Figure 8: Breakdown of CTI-certified companies by economic branch in %. hard work. Theaim is nottouse taxrevenues to create afeel-goodsituation. Thecoaching by CTI experts, for example, is always tied to achievement of certain mi- Commissionfor Technology and Innovation (CTI) lestones. Should aparticipant fall behindpreviously The Commission for Technology and Innovation(CTI) was founded in 1942 to remedy the recession caused by WorldWar II.Over the years,CTI has evolved agreed targets, then he/she will no longer be entitledto into the Confederations main agencyfor the promotionofinnovation. It has a receiveprofessional businesscoaching. legal mandate to make theSwiss economy moreinnovative. Currently, CTIhas three mainactivities: co-funding jointR&D projectsinvolvingresearch andim- plementation partners; providing guidance and supporttotechnology-oriented start-up companies; maintainingthematic and regionalnetworksand platforms The constant interplaybetween challenging and en- to optimiseknowledge and technologytransfer (KTT).Since January 2011, CTI couraging is acharacteristic feature of the Swiss is no longer part of theFederal Administration. It is now an independent decision-makingbodyreporting directlytothe FederalDepartment of EconomicAf- Model, which is based on the premise that financial fairs (FDEA). and human resourcesmustalwaysbeusedwhere they can bring the greatest technological and commercial benefits.

Faris Sabeti Studiesconducted by theUniversityofSt. Gallen and President of Start-up &Entrepreneurship Division the University of Basel, for example, show that CTI- certified companies have an 85% survival rate. Com- Commission for Technologyand InnovationCTI pared with newtechnologycompanies without CTI Effingerstrasse 27 support, CTI-certified companiesare abletomaintain 3003 Bern their profitabilitywithtwice as many employees. At [email protected] the sametime, they areabletoraiseabout seven times www.kti-cti.ch,www.ctistartup.ch more venture capital.All in all, CTI-certified companies have created nearly 3,500jobs. If we includethe Martin A. Bopp supply chaininour calculation, the total increases to Head of Start-up &EntrepreneurshipDivision about 10,000 jobs. Commission for Technologyand InnovationCTI Effingerstrasse 27 3003 Bern [email protected] www.kti-cti.ch, www.ctistartup.ch

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Fantastic promotion Is there agreater understanding in Switzerlandofthe needs of technology-based start-up companies? Most definitely. We hadour first meetingwith acoach from Efficientand straightforward:The reasonswhy the CTI’s Start-up Divisiontwo yearsago. Only afew months German bioinformatician Michael Berthold (44) es- later, our mainoffice was moved to Technopark Zurich and tablishedhis start-up company in Zurich. we were put on the CTI Coaching programme. We have greatlybenefited from this fantastic infrastructure.

CurrentlyKNIME haseight employees. Howisthe turnover developing? …Well, we don’t disclose these figuresbut this much Ican say: After coming to Zurich, we realised that our platform can also be used by financial institutions. We are currently doing business with areputable privatebank, which inci- dentally wasfacilitated thanks to our CTI coach’s good connections.

Additionalinformation about this company: www.knime.com Figure 9: MichaelBerthold.

Mr. Berthold, does the termbioinformatician mean the same as neuroinformatician? MichaelBerthold: No, not at all. We are normal IT people whohappen to spendmostofour time processingdatarelat- ingtolife sciences. KNIME is an open-sourceplatform that enables customerstocollect datafrom many different sources and processthemgraphically.

In what way do life sciences have special IT needs? Themain challenge is how to processthe sheerquantity of rawdata comingfrom amultitudeofdifferent datasources. The data may be scientific,economic or technical in nature. Ibegan working on my first project at aUS-based pharma- ceuticalscompany.Iwas able to continue this work afterI was hiredasaprofessoratthe UniversityofConstancein Germany.

You founded KNIME.com GmbH in 2006. Why did you choose to basethe company in Switzerland? The companywas originally based in Constance, not in Switzerland. Soon after the company wasformed, we realised that Baden-Württembergdid nothaveanadequate economic promotion system in place. No one we contacted seemed to understand what we were tryingtoachieve. KNIME.com GmbH, for example, already had customers butweweremainly interested in finding partners who had specific know-how in relevant fields as well as partners who would be abletoprovide us with venture capital. The local governmentoffices,however,treatedusasifwewere developing astudent project andwere tryingtoraise EUR 50,000 to pay for it.

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CTI Invest: • CoverStories 2010 somelight at the horizon • Support Organizations

Considering theslow economicrecovery in 2010 we • 10 Companies on the way to success presented 23 Swiss HighTechcompaniesatour quar- • Investor Profiles terly Swiss VentureDays in Zurich and brought 13 • Overview Businessplan competitions Swiss High Tech companies to MunichinNovember 2010. All the company pitches from the Swiss Venture • Important Links Days are recorded live as video podcastsand made available to our members on the website. Beforepre- The number of investorsincreased to more than 75 senting to themembers amandatory pitch trainingis (see table Table 4for afull list, without Business An- offered to the companies at no charge. gels).

Thefinancing volume for 2010 was higherthan 2009. After havingintroduced the newmembership catego- We estimate that about half of the companies we pre- ry of Industrial Partners in 2010,also FamilyOffices sented in the past years either closed afinancing areinvited to join. round or areinthe process of doing so, avery strong signal regarding theefficiency of our platform. Again almost all of the presented companies were spin-offs Swiss Investors Industrial Partners of the ETH(Zurich and Lausanne) and cameout of the Aargauische Kantonalbank Clariant Affentranger Associates IBMSwitzerland CTIStart-up program. Aravis Logitech aventic partners RohnerChem Our most important networking event, the seventh BiomedInvest Straumann CEO Day in October 2010, attracted againanew BSI Healthcapital Synthes record numberofmore than 350 participants. Besides ConstellationSchweiz AG ZühlkeVentures the workshops, 1to1 Meetings,set up like speed dat- CoreCapital PartnersAG ing, were offeredtoall participantsfor thefirst time. CreapoleSA ForeignInvestors The booking was made possibleonour dedicated DEFI Gestion ACTONCapitalPartners Eclosion Aster Capital website www.ceoday.ch forthe event. So about 400 EmeraldTechnologyVentures Creathor Venture 1to1Meetingswere held between Start-ups,Support EPSValue Plus AG Doughty Hanson &CoGmbH Organizations,Investors andIndustrial partners.A ErfindungsVerwertung AG Draper Investment great success! Furthermore the annual Venture Leader FongitSeed InvestSA Earlybird ceremony wasagain held at the CEODay. This pro- Gebert RüfStiftung Emertec gram sends 20 highly talented young entrepreneurs to Innovationsstiftungder SZKB I-Source Gestion a10days stay in Boston. In Addition the new website Invision PrivateEquity AG OCAS Ventures and newsletter Startupticker.ch waslaunchedatthe JadeInvest SA SHS New Value Sofinnova CEO Day. Start-up companies, investors and support Novartis Venture Fund TargetPartners organizations can publish their press releases for free. OnelifeAdvisors Wellington Polytech Ventures The Investor Lunches,exclusively organized for our Redalpine VenturePartners AG Business AngelClubs investor members, were very well attended. At these STI Stiftung A3Angels informal meetings the investors discussed recent eco- SVCAGfür KMU Risikokapital BioValley BAC nomicdevelopments, investment cases as well as best Swisscom AG b-to-v practices. Technopark Luzern Business Angels Schweiz(BAS) VI PartnersAG Go Beyond Ltd. Vinci Capital Start Angels Network Later in spring2011, alreadythe thirdedition of the Zürcher KantonalbankZKB VerveCapital (investiere.ch) SwissVentureGuide,this time again afull version, will be published with thefollowing content: FamilyOffices Verium Table4: Member list (EndofFebruary2011).

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As every year, an overview of our achievements: We arelooking forwardtothe next year and all our events (for all events see table 3). • >75Investor members Swiss VentureDays • 38 Venture Days (31 in Switzerland, 7abroad) March16, 2011 • 7CEO Days (with anew recordof350 participants) June 8, 2011 September7,2011 • 13 Investor Lunches December7,2011 • >180 SwissHighTech companies presented Investor Lunches • >80Video Podcast of companies(started in mid February 8, 2011 2006) May10, 2011 July 12, 2011 • ½got financed (bymembers and/or third parties) November15, 2011 • Approx. CHF300 Mio. financing volume(since 2003) CEO Day October26, 2011 • 35%BLS,42% ICT, 8% Micro/Nano,15% Interdis. Table 6: Events 2011.

Besides the annual membership fee of the members, CTI Invest is benefiting from the sponsoring of well known Swiss institutions andcompanies.Inaddition Christian Wenger the concept of the Donators was continued. Compa- Chairman CTI Invest nies that presented at CTI Invest match makingevents Wenger &Vieli Ltd. and thereaftersuccessfully closed afinancing round Dufourstrasse 56 can become aDonator (for all sponsors andDonators Postfach 1285 see Table 5). 8034 Zurich [email protected] PremiumPartners Silver Sponsors

Commission for Technologyand Jean-Pierre Vuilleumier Innovation CTI SIX SwissExchange Gebert RüfStiftung TavernierTschanz Managing Director CTI Invest Swisscom Technopark Luzern CTIInvest Zürcher Kantonalbank Venture Incubator Wenger&Vieli Seehofstrasse 6 Gold Sponsors Zühlke 8008 Zurich EPFLausanne [email protected] ETHZurich Donators New Value Aimago Novartis AXSionics W.A. de Vigier Foundation Doodle GlycoVaxyn Silver Sponsors Kooaba Empa Primequal IBMSwitzerland Sensimed PricewaterhouseCoopers Xeltis Table 5: Partners, Sponsors &Donators.

For 2010, we would like to express our thankfulness forthe supportofour members,partners, sponsors and donators, but foremosttothe Commission for Technologyand InnovationCTI,withwhich we had avery close andfruitfulcollaboration.

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ValuationofVentures Apractical view the higher the riskaswell. The value of acompanyis at theend afunctionofthe risk and the opportunity. Valuation is akey factor in the development of ven- The goal of the assessment is to put these two in pers- turecapital backed private equity companies. With- pective. It is only with asolid assessment of acompa- out being abletoincrease the value, companies will ny that areasonable valuationcan be performed. not be abletoattract capital and investorswill not be able to provideareturntotheir limited partners. Our Being unbiasedisobviously more difficultifyou are whole industry is based on increasingthe value of one of the involvedparties.Abuyer(i.e. investors) the portfolio companies.Measuring the value, how- tends to create lowervaluation for acompany whe- ever,isadifferentstory, and people say valuation is reas the management of the company tends to have a more an artthen ascience. Nevertheless, no matter higher valuation. This is directly correlatedtothe how difficult valuation is, it has to be done. This ar- amount of information available. An insider (man- ticle provides ashort insight into the challenges and agement of the company) has by definition more in- main issues surrounding valuations. formation thananoutsider (investor). Thus,for the investorsthe risk is higher than for management.For Valuation is important for many differenttasks. In the companiesthistranslates intotrying to be as open as investment andVCcontext it is used mainly for fi- possible with investors and sharing all up-side poten- nancingand investments of companies, but also for tialbut also the different risk factors. For the investor divestments andexits like M&A transactions and Ini- or also valuerofacompany,the assessment is very tial Public Offerings (IPOs). In more recent times it is important to be able to perform areasonable valua- also popular forfunds to use an external party for an- tion. nual reporting and valuation of the portfolio. Limited partners require funds to have an independentview Over the past 10 yearsthe prices paid forVCbacked on the net asset value (NAV). companies hasfluctuatedquiteabit andalso between Europe and North America. This is mainlyasaresult Akey considerationwhen talkingabout valuations is of the supply of capitaland the riskappetite of VC in- the difference between value and price. One should vestors, indirectlythe limitedpartners. Companies not confusethe two. Warrant Buffet oncesaid: Price have been forced to find alternative finance sources.In is what youpay, value is what youget. Whenper- thebiotech field this has mainly been pharmacompa- forming avaluation, this can be abasis for aprice that nies through licensing of products or through corpo- is negotiated between abuyer and aseller. However, rate venture funds. What is also clearisthat business the price of acompany depends very much on supply angelshave become more important in supporting and demand.The value on the other side is the inhe- earlystage companies. In addition, the philanthropic rited value of the asset. Thus, pricecan fluctuate much domain (theBill and MelindaGates Foundation or the more than value. Michael J. Fox Foundation aresomeofthe more well known) has become an important sourceofexternal When performing avaluation, what is key are the as- funding fornew innovative companies aiming to de- sumptions made. Oftenmuch emphasisisplaced on velop new products and technologies. Both Investors thecalculation of thevalue and numbercrunching. andcompanies must look forcreativefinancing possi- Big Excelmodels are usedand avalue calculated to bilities to be successful in funding their ventures. The three digits behind the dot. Realistically, one can pro- winner of tomorrow will be those companies that are vide arangefor the value, but providing one exact able to thinkoutside thebox and areabletoaccess suf- figure is notfeasible. To actually make reasonableas- ficientcapital for realizing their ideas. sumptionsitisveryimportant to a) understandthe company and b) be unbiased. In order to understand Themyth of trying to maximize the value of acompa- thecompany an assessment must be performedofthe ny can be very dangerous. As is evident over the past main threefactors:1)Management2)Market 3) 10 years, many companies starting withatoo high Science,Technologyand Product. The assessment can valuation were not able to raise any further capital. A then determine the risk profile of the company and the high valuation can set high targets and expectations, likelihood of being able to achieve the setgoals of the which often cannot be reached. Disappointed investors business plan.Obviously, the higher the set targets, will be very careful before investing againinastrug-

29 SECASECA Yea Yearbrbookook 2011 2011

gling company, andadownround may often reflect badly on themanagement. Without the supportofex- isting investors, it is very difficulttoattract new inves- torsthatbelieveinthe company.

Consequently the valuationofacompany is avery important taskfromthe beginning. Appropriatelyva- lued companieshave ahigher chance to be successful as they canattract the required investment over time, but also leave enough incentives to the original founders. Appropriately valuingacompanyis, however, a different story,asthe valuation of acompany funda- mentally requires an independent view. Unfortunately no right formula exists that would make valuation a simple task. Asourcefor how to perform avaluation canbefound fromthe International Private Equity and Venture Capital Valuation Guidelines where SECA is an endorsingassociation.

At theend of theday, any valuation is subjectivetothe valuator. However asystematic,unbiased approach with focus on the assumptions can help to provide a solid value forprice negotiations.

Patrik Frei CEO

Venture Valuation AG Kasernenstrasse 11 8004 Zurich [email protected]

Johan Ohlsson Senior Consultant

VentureValuation AG Kasernenstrasse 11 8004 Zurich [email protected]

www.venturevaluation.com

30 SECASECA Yea Yearbrbookook 2011 2011

Reporting Private Equity Purchase pricemultiples have also been driven higher by the increase in interest by both trade and equity Privateequity-state of the market buyers on the lookout forgood quality companies. As one market observer noted,“It is clear that there is a Privateequitymarkets continuedtheir steady recovery greaterappetite for quality deals at the right price. In- in asupportive economicenvironment in 2010, helped creasingbuyer confidence and ashortageofgood along by economicrecoveries in theUSand Northern businessesfor salehas led to higher multiples, which Europe and continued growth in Asia. Even volatility in turn is fuelling optimisminthe market.”4 in equity markets, driven by fears that the second leg of adouble diprecessionmight materialize, did not have asignificant impact on private equity investment or realization activity. The upwardtrend in the real economy and the re-openingofdebt markets has had a positive impactonthe private equity industry.

In this article we review the current stay of play of private equity from aglobal point of view and then we take acloser look at several markets that are likely to drive private equityreturnsinthe coming year and beyond. Specifically, we focus on:

• European buyoutinvestments; Figure 10: Purchase price multiples for largeand middlemarketbuyouts, example US. Source: S&P LCD Leveraged Loan Review, S&P Q3 2010 Leverage Buyout • Secondarytransactions;and Review. • Asian private equity.

1. The global view of private equity After spending2009 tendingtotheir portfolio companies,private equity managersacross the globe began making deals again in 2010. As Figure1below shows, global LBO volumes recovered to 2008 levels and the LBO share of arelativelyquiet overall M&A market Figure 11: Large vs. Market Buyout Purchase Price Multiples as of 30.09.2010. Source: S&P Q3 2010 LeverageBuyoutReview. rose to 17%.

Table 7: GlobalM&A and LBOmarkets. Source: Goldman Sachs research, BC Partners.

Company valuations on therise Managers’ focus during 2009onimprovingoperation- al performanceofportfoliocompanies paidoff in 2010, as companyvaluations wentup, helped along by the Figure 12: EuropeanLBO deal structures and prices. increase in public marketcomparables. Forexample, Source: S&P LCD European Leveraged Buyout Review (Q22010). theS&P Index 500, NASDAQ COMP, RUSSELL 3000 INDEXand MSCI WORLDwereupby15%,18%,17%, Exitsare back 12% respectively.3 Despite theincreaseindeal activity, 2010 was abetter environment forexiting companies rather than invest-

3 Based on total returns. 4 PrivateEquityMultiples on the Up,inNewsAlert, 8February 2011.

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ing in them. In addition to asale to other private equity funds, other exit routes gained importance again, such as corporate buyers who have accumulated above-averageliquidity positions to enablestrategic or opportunistic acquisitions. Furthermore, theIPO exit window opened up,allowinglarger buyoutfunds to seek agradual exit from some of their holdings.

Fundraising makes aslow recovery globally Global fundraising begantorecover overall in 2010, Figure 14: European fund raising. Source: Thomson Reuters Thomson ONE. up from its 2009 low, but is still far below its 2008 peak level, andnot all regions have seen improvements over the previousyear.

Figure 15: Private equity fundraising in Asia-Pacific,bycountry. Source: AsianVentureCapital Journal.

Private equityfundraising in Asiahas recoveredfrom its trough in 2009 but is farbelow its peakin2007. At

Figure 13: Global fundraising from 1980to2010. the height of the market in 2007-2008, alargenumber Source: Private Equity Analyst. of Asian megafunds were raised, for example, KKRs USD 4billion Asia buyoutfund in 2007 and CVCs US fundraisingincreasedin2010 over 2009, in contrast USD 4.25billion Asia buyout fund in 2008. The past 24 to Europe,whichexperienced aslight decline. This is months have shown that such funds aretoo big to partlyattributable to the fact that US pension funds deploy capitalmeaningfullyacross the region as the areallocating more capital to private equity in order to buyoutopportunity in developed markets such as Ja- boost returns, and therebycompensatefor funding panand Australiawas overestimated, as well as in shortfalls. In addition,strong distributions in 2010, developing markets such as China and India, where particularly in the fourth quarter, are potentially re- the markets are driven almost entirely by growth capi- sulting in what limited partners are calling a"reverse taldeals.The capitaloverhang, whichisattributable denominatoreffect. This canoccurwheninvestors mostly to the pan-regionalfunds as well as Japan and have stopped making newprivate equity commit- Australia,willlikely continue in thecourse of ments for aperiodoftime, while stock markets have 2011/2012. been rising andlarge distributions madeonexisting investments. Investors canfind that they areunder- allocated to private equity,which may in turnlead 2. European buyoutinvestments them to startcommitting aggressively to new funds in order to meet their allocation target. After having hit bottom in 2009 after thecrisis, 2010 saw astrong recovery in the European buyout market European fundraisingregistered asmall decline over with its volume having doubled in 2010 to hit EUR 49 2009, with most of the demand from investorscoming billion.The 505completed deals are significantly up as from those seeking commitments to smalland middle compared to 433 deals in 2009. The increase is trig- market buyoutfunds. Not asingle large/megabuyout gered by higheravailabilityofleverage, low interest fund wasraised in theregionwithasizeabove EUR rates, improvedearnings visibility of portfolio compa- 2.5 billion in 2010. nies and some fund managers being under pressure to deploycapitalafter many months of limited investment activity.

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Favorable exit environment The exit environment has improvedin2010 over the previous year, notablywiththe re-openingofthe IPO window and increased activityfrom cash-rich trade buyers. Nevertheless, areport fromErnst &Young ob- served that,there is still asignificant amount locked up in managementbuy-out investmentsand there is some way to go before themarket reachesany form of equilibrium. As activity increases over the next one to Figure 16: Trends of European buyouts/buy-ins. Source: Ernst &Young: European buyouts watch, Q4 2010 two years, private equity houses will be pressured to CMBOR, Ernst &Young, Barclays Private Equity. manage challenging exit processes while also devoting significanttime to originating, winning and complet- Resurgence in debt markets ing new deals.7 The real story of the year has been the resurgence in debt markets, after aretrenchmentin2008-2009 that saw equity contributionrequirementsfor private equity firmsexceed the 1:1 equity-to-debt ratio. As one market observer putit: debt market conditions are still far removed from the environment that characte- rized the few years leading up to the credit crunch, but there are, clearsigns of revival began to show towards the end of 2009 and continued into 2010.5 Thishas included, towards the end of 2010 and beginning of 2011, an increase in refinancing of portfolio Figure 19: Exits of European buyouts/buy-ins. Source: Ernst &Young, European buyouts watch, Q4 2010 /CMBOR, Ernst companiestotakeonmoredebt. The market has even &Young,Barclays Private Equity. seen thereturn of covenant-light loans.6 Smalland middle market buyoutremainan attractive segment 60% Given the increase in buyout activity in Europeand 50% therecovery in debt markets, we expect that small and 40% middle markets will continuetobeanattractive seg-

30% mentfor investors. General partners in this segment

20% can still acquire companies at attractive multiples and they will benefit fromthe opportunity to buy compa- 10% nies that have been recession-tested. 0% 1997 19981999 20002001 2002 20032004 2005 2006 2007 20082009 1H 2010

Figure 17: Equitycontribution as a%oftransaction value. Source: S&P (LCDEuropean Leveraged Buyout Review). 3. Secondarytransactions

2010 was the busiestyear on recordinthe private equity secondarymarket, withestimatedfundraising volume expected to hitUSD 22 billion for thefirst time.8 The increase reflects the broader recovery in the merger and acquisitionmarket,spurred on by gains in public equities. The composition of the secondary market also changed overthe last 12 months, with strategicsellers replacing those primarily concerned with liquidity. Regulatorypressures and attractive Figure 18: Senior loan volume LBO transactions. prices on mega buyout funds prompted strategic sel- Source: 2010 EVCA buyoutreport -anEVCA Research Paper -October 2010,page9.

7 Ernst &Young: European buyouts watch, Q4 2010 /CMBOR, Ernst &Young, 5 2010 EVCA BuyoutReport -anEVCA Research Paper -October 2010,p.9. Barclays PrivateEquity, p. 2 6 EVCA news, 11 February 2011. 8 Real Deals, 16 February 2011.

33 SECASECA Yea Yearbrbookook 2011 2011

lers, such as public pension funds and financial institutions,toaccess the secondary market in greater num- bers than in 2009.9

Figure 22: Secondary bidspreadsover time. Source: Cogent Partners,Secondary PricingTrends &Analysis, January 2011.

Figure 20: Secondarymarketselleruniverse in 2010 (Number of Sellers). Source: Cogent Partners, Secondary Pricing Trends &Analysis, January 2011.

Figure 23: Dollarprice improvement example. Source: Cogent Partners, Secondary PricingTrends &Analysis, January 2011.

Wherethe bestopportunities will lie Thedeal flow for new opportunities remainsstrong. Though the firstwave of large transactions following the crisisiscompleted, banks continuetodivestassets for liquidityand regulatory reasons. Thelow discount

Figure 21: Secondary marketseller universe in 2010 (Transaction Value). environment is also facilitating selected tail end Source: Cogent Partners, Secondary PricingTrends &Analysis, January 2011. management solutions for fund-of-fund managers.

DiscountstoNAV arenarrowing Themarket pricing is getting more expensive, espe- Thebuyersmarketof2009began givingground to cially forlarge buy-outfundsinauctions, but there are sellers in the first halfof2010, withdiscountstoNAV still many lesscompetitive opportunities.Many well continuing to narrow in H2 2010, in conjunction with known large buy-out funds are getting tooexpensive, the continuingimprovement in the underlying NAVs. especially given limited early liquidity potentialand The market had reached discounts of 60%-70% in H1 still highremaining leverage on underlying assets. 2009, as buyerswere anticipating write-downs taken Promising opportunities remainespeciallywhen it by general partners betweenSeptember2008and comestosmaller funds or less well known managers, March2009. By H2 2010thesediscountshad shrunkto in proprietary or limited auctionsituations. just 5% in competitivesituations for thestrongest assets.Buyers could expect to pay single-digits discounts, or evenpar, for highquality assets, especially 4. Asian private equity forthosethat were priced on the basis of September or December 2010 valuations. The global economiccrisis that began in late 2008 did not hit Asianemerging markets as hard as theWest, owing in largepart to theregionsrelatively strong macro-economic footing. Most countriesinAsia are running current account andbudget surplusesand corporate and personalbalance sheets aregenerally

9 Cogent Partners, Secondary Pricing Trends &Analysis, January 2011, p.1/6.

34 SECASECA Yea Yearbrbookook 2011 2011 sound across theregion.Asaresult,while privateequityinvestments slowed significantly beginning in late 2008, they began to reboundfrom mid-2009 onwards andnever were as negativelyimpacted as they were in western private equity markets. In addition, returnsin Asianemerging markets have beenmore resilient in the aftermath of the financial crisisascompared to their developed world counterparts(on aTVPIbasis as computed by Cambridge Associates)10.This is partly duetothe fact that privateequityinAsia is much less driven by debt than in theWest, since expansion capital and smallbuyouts dominate the market.

As theAsianprivate equity market continues to mature, there has been ameaningful increase in exit activity. However, as canbeseen in thechart, private equity-backed IPO volumehas decreased due to ongoing market volatility, trade salesare expected to increase as internationalcorporates continue to look to the East Figure 25: Private equity-backedM&A trade sale exits. to fuel their futuregrowthand manage costs. As the Source: Asian Venture Capital Journal. market matures, secondary buyouts arealso expected to become amoremeaningfulexit route, as theyare in Attractions of Asian private equity more developedmarkets. Given the attractive structure of Asias private equity market, particularly in emerging markets such as Chi- na, Indiaand Indonesia, andthe regions sound macro-economic footing,itisnot surprising that the region has increasingly captured the interest of private equity investors. As the chart below shows, many institutional investors areconsidering increasing their Asia exposure.

Figure 26: Limited partners planned changes to theiremerging markets private equitystrategyover the next twoyears. Source: CollerCapital andEMPEA, EmergingMarkets PrivateEquitySur- vey, 2010.

Figure 24: Private equity-backedIPOs. They seethe assetclass as an excellent way of invest- Source: AsianVentureCapital Journal. ing in high growth industries at lower volatility than is typical of Asianpublicequity markets. Private equity is alsoseen as an attractiveasset class to gain access to companies that aretied to the fast growingconsumer class in China, India and Indonesia, since public mar- ketsacross Asia are in generaldominated by state owned companies and firms in sectors such as natural 10 The Boston ConsultingGroup,New Markets, New Rules, November 2010, p. 4

35 SECASECA Yea Yearbrbookook 2011 2011

resources and heavy industry. Equally important, the valuation. Anotherproblem is the qualityoflocal pricingenvironmenthas remained attractiveinthe management teams, especially in middlemanagement: privateequity space, even while entry prices have ris- thatisarealconcern in markets such as China and this en due to an increasing amountofinternational capital makes choosing the right general partner even more looking for outsized returns in Asia. In our experience, importantasthe best ones have demonstrated an abili- the very bestand most experienced general partners ty to identify promising teams. In China, thereisalso a havecontinuedtoinvest at reasonable multiples (for growingsupply of local capital for private equity. In the most part single digit price earnings multiples for September 2010, it was announced that insurers would firms growing in excess of 25%to50% per annum). On be allowed to invest apercentage of theirassets in pri- agrowth adjusted basis, acquisitionmultiples in Asia vate equity and real estate, in ordertoimprove their remainattractive in privatemarkets. returns and help channel more funds into investment in the countrys private equitysector. Investors arealso attracted to the private equity eco- systems that have developedinthe region -especially OpportunitiesinIndia and Indonesia in Chinaand India, the two engines of the Asia growth In India, like in China, thefocus of limitedpartners story -whereby top-tier localmanagers follow the lies on small and middle private equity managers. same rigorous due diligence and monitoring practices With little competitionfrom hedgefundsand invest- as their counterpartsinthe West. This offersinvestors ment banks, private equity firms are well positioned in Asia the opportunity to profit from these managers for the near-term future. Private equity as an asset ability to select promising companies, cultivate them class is still developing. Only ahandful of firms have withoperational expertiseand finallyexit them, allin delivered returns compensating investors for Indian the context of the regionshigh growth economies. risk.Acontinuingissue in theIndianmarket is the fact that ahigh proportion of private equity deals in- Focus on first-generation entrepreneurs volve listedcompanies through private investment in Muchofthe investment so far has been in first- publicequity(PIPE) transactions. Someinternation- generation entrepreneurswho have built large, profit- al investorsare not keen on the high exposure of pri- able businesses in relatively short period of time. vate equity to the public markets in India, but PIPEs These entrepreneurs are often willing to sell aminority have become an importantcomponent of how private stake in their business to aprivate equity firm that can equity functions in India. There are very few funds help take theircompanytothe next levelinterms of thatonly invest in unlisted companies, because in In- corporate governance, new markets and strategy. Most dia avery large number of companies list at arelative- Asian entrepreneursare also reluctanttotake debtfi- ly early stageand morethan80% have amarket capi- nancing, which means privateequity firms are in a talization of underUSD 100 million.11 India is an im- goodpositiontobecomepartnerswith the regions portantmarket becauseofits strength as aservices leading entrepreneurs. provider in areas suchashealthcareand technology.

Chinaatthe heart of Asian private equity There are alsointeresting opportunities in frontier Investments in China continue to run ahead of fund- markets such as Indonesia, where both themacro (In- raising with little capital overhang.Itisstillpossible donesia likely to be upgraded to investment gradein to buy growth companies at single digit price-earnings 2011) and micro stories (strong consumer story, natu- multiples in China.Smalland middle market growth ral resource plays leveraged to China) look interesting. capitalmanagers aremost demanded for new com- In Indonesia, there is an undersupply of institutional mitmentsbyinstitutional investors. The buyout mar- capital for companies, whichprovides good opportun- ketisgrowingwiththe majority of deals using no le- ities for local private equity players. In thepast three verage. Most privately owned companies have no years, asmallnumber of institutional qualityfund long-termdebt;however,working capital lines can be managershas emerged.The supply/demandbalanceis at risk for some firms.Chinaisacoremarket duetoits in the limited partners favor. size of the opportunities it offers and an entrepre- neurialand open businessculture.Given the large The Asia private equity market is likely to continue to amount of capital flowing to China in recent years, be one of the mostattractive private equity markets many entrepreneurs have unrealistic expectations as to 11 Source: Broadgate Mainland, 1October 2010, page 5.

36 SECASECA Yea Yearbrbookook 2011 2011 given the positive macro outlook, evolving maturity of RobertSchlachter theprivate equity eco-system and in particularthe op- LGT Capital PartnersLtd. portunity sets in developing Asia such as China, India Schuetzenstrasse 6, P.O. Box andIndonesia. 8808 Pfaeffikon (SZ) [email protected]

5. Summary JimKosters The upwardtrend in the real economy and the re- LGT CapitalPartnersLtd. opening of thedebtmarket has had apositive impact Schuetzenstrasse 6, P.O. Box on the private equity industry. This led to cautious op- 8808 Pfaeffikon (SZ) timism,but fearsofadouble-dip in the global and Eu- [email protected] ropean economies haven't fully disappeared.

Global fundraising has recovered during 2010fromits 2009 low, but is still far below its 2008 peak. The US and Asia were up, whereasEurope slightlylower than prior year. Thefundraisingenvironment remainschal- lengingasbestmanagersare significantly oversub- scribed.

Theinvestmentactivity on theprimary side hasrecov- ered from its 2009 low and the revival of debt markets has beensupporting buyout activities again.

2010 was one of the strongest periodsinthe recent past for both pricing and volumeinthe secondary market. Although the market pricing is rich, there are still many lesscompetitive opportunities (i.e. small funds, less well known managers, proprietaryorli- mited auctionsituations).

Goodinvestment opportunities are in particular seen withregard to small and middlemarket buyout funds, secondarytransactions and in Asia(i.e. China, India andIndonesia).

TheAsia private equity market, in particular China, India and Indonesia, is likelytocontinue to be one of themostattractive private equity marketsand many institutional investors are considering to increase their Asia exposure.

If private equity fund managers stay disciplined and no external shocks occur,current performance should continue well into 2011.

37 SECASECA Yea Yearbrbookook 2011 2011

Buyout Activity in Switzerland in 2010 improving as predicted in this report ayear ago. The buyout investment environment was actually return- Investmentactivity ing onto the positive side much fasterthan it was an- ticipated by most market participants,while the Swiss 2010 was an exceptional year for the Swiss buyout economywas recovering over the year. The highly market, as Switzerland registered its largest buyout contestedauctionofOdlo in the beginningofthe year ever. With avalue of EUR 2.4bn, thebuyoutofSunrise underlined that confidence for arecovery was grow- by CVCwas also one of the biggest buyouts in Europe ing,the banking environment was normalizingand for the year. privateequity investors were ready to open their wal- lets for high-quality assets. Furthermore,many private Driven by this transaction,the totalSwiss deal volume equity funds were able to stabilize their portfolios and in 2010 surgedfrom an estimated EUR900m in 2009 to hadmoretime and capacity to workonnew transac- an estimated EUR 3.8bn, arecord volumeeven higher tions. Throughout the year, the positiveinvestment than thehighs registeredbefore the financialcrisis and climate continued but led only to alimitednumber of theprevious peaks of 1999and 2002. Onceagainthe transactions. small Swissbuyout market showed its volatilitydue to very largetransactions that only appear sporadically. Types of transactions

Besides Sunrise, threeother transactionswith signifi- Whilesecondary buyouts were the pre-dominating cant sizescontributed to astrong total value for the source of deal flow in many Europeanmarkets (about 2011buyout year: Norwegian Herkules Capitalac- 45% of the transaction volume in Europe in 2010), quiredOdlofrom TowerBrook Capital Partners and Swiss transactions had abroad range of sellers includ- Paris-headquartered PAIPartners acquiredtwo coming also private equity funds, corporateand private panies that were historically part of SAir Group, sellers. Interestingly, alot of deal flow came from for- ground handling companySwissportand Nuance, the eign corporate sellers. Again, secondary buyouts airport retailer(50% stake). The remainingtransaction playedanimportant role as private equityinvestors volumewas formedbyanumberofmuchsmaller perceived 2010 as being agood exit year to clear their buyouts. portfolios and returned proceeds to their investors. Private sellers, on the other hand,stillseemed to be re- In terms of the numberoftransactions, 2010 was luctant to dispose their holdings as they might have clearly less active than theprevious year. For the year, beenhopingfor better exit environments. atotal of only eight buyoutswere recorded,compared to 13 transactions in 2009. With this, the number of Transactions in the Swiss market stemmed from a transactions reached alow-point after the strong pe- broad universe of industries, reflecting the diverse riod between 2006 and 2009. landscape of Switzerlands economy. Contrary to other years, industrial products and servicestransactions werenot so prominent in 2010. InstitutionalBuyouts in Switzerland 18 3'792 4'000

16 3'500 24 Divestments /IPOs 3 14 3'000 Rm) ns 2'833 EU io 12 2 2010 wasalsothe year when the IPO windowre- in ct 2'500 e( sa 2'348 10 opened. With Capvis exit of OriorFoods on theSIX

an 9 7 8 2'000 um 8 6 ol

of Tr SwissExchange, Switzerlandsaw its firstpure IPO 21'500 nV er

1 io 6 1'377

1 ct mb 2 for along-time. 1'000 sa Nu 4 830 834 904 4 351 an 6 593 55 5 Tr 2 500 3 2 2 1 0 0 Also, during thecourse of the year, anumberofother 2003 2004 2005 2006 2007 2008 20092010 portfoliocompanies wereexited by private equity SmallTransactions (< EUR25m) Mediumand Large Transactions(EUR25m -250m) Very Large Transactions(>EUR 250m) Transaction Volume (inEURm) funds:Switzerlands numberone ticketing services Figure 27: Institutional buyouts in Switzerland. provider Ticketcorner was sold by Capvis to CTS Source: Unquote(IncisiveMedia), Mergermarket, Capvis. Eventimand the Swissfashionretailer Schild was Investmentenvironment taken over by management and EGS from Barclays, to name afew examples. Althoughthe number of transactions receded in 2010, theinvestmentenvironment in 2010 was continuously

38 SECASECA Yea Yearbrbookook 2011 2011

Outlook 2011 The outlook for 2011 is certainly easiertobemade than the outlook in last years yearbook. While it ap- pearsthat the economyhas sustainably started taking another growth path, positive signs prevail in the market and 2011 could becomeanactive and successful buyoutyear. Still, the risk of external shocks pers- ists and afurther appreciation of the Swiss franc againstother majorcurrencies couldlead to significant difficulties for the Swiss economies and its business community.

However, acombination of positive effects on the buyers side such as higher planning certainty, amore positiveoutlook in investment scenarios due to growing confidenceand substantial capital to be invested from buyout funds should lead to agrowing buyout market in 2011. Furthermore, Switzerland appears to be increasinglyonthe landscape of foreign investors and the banking environment in Switzerland is stable and has normalized, making solid debtfinancingsof strong businesses possible. It remainstobeseen if more and more sellerswill utilize this positive environment to dispose of non-strategic assetsorwork on asuccession solution for afamily business. There could alsowell be acertain backlog of transactions thatwere postponedduringthe crisis.

In sum, the year2011willprobablynot repeat the record high buyout volumeof2010, but more transactions can be expected.

Patric Klees InvestmentDirector

Capvis EquityPartnersLtd. Talacker 42 8001 Zurich [email protected]

39 SECASECA Yea Yearbrbookook 2011 2011

Private Investments in Public Equity (PIPEs) article tries to set out, interalia,the possibilitiesof in Switzerland withdrawing the pre-emptive right or thecases in which such awithdrawal would be desirable in order When goingpublic, acorporation traditionally used to to widenthe scope of PIPEs in Switzerland, especially renounce the possibility of raising equity privately. with mid- and small-cap companies, as well as the le- This is not necessarily the case anylonger with so- gal consequences of suchPIPE transactions. called PrivateInvestments in Public Equity(PIPEs), by the means of which apubliccompanyraises new equi- Whilethere are three different capital increase op- ty from asmall number of sophisticated privateinves- tions availabletocreate new shares (ordinary capital tors. PIPEs allow to raise equity in aquick, confiden- increase, capital increaseout of authorized capital, tial,secure, flexible andcost-effectiveway. It hasre- capital increaseout of conditional capital), the autho- peatedly been pointed out that in times when capital rized and conditionalcapital increase will be thepre- marketsprove to be reluctant and banks tighten their ferred routes for PIPE transactions, either by theis- credit policy,PIPEs may represent a"marriageinpa- suance of shares or the issuance of equity-linked in- radise". In fact,they allow companies that are likely struments. There is no time pressure,the board of di- nottosucceed in pre-emptive rights issues duetothe rectors enjoys great flexibility in determiningthe size difficultmarketconditions or the small size of the of- of the capital increase and theissue price, which con- fering,orinraising the necessaryfunds by way of a siderably improves theposition of thetarget company bankdebtbecausetheir revenue and profit situation is during the negotiations with the investors and also not sound enough for such afinancing structure or be- improves the transaction security. Finally,the share- causetheylackthe collaterals,tomeet hedge funds, holders arenot able to challenge thewithdrawal of the privateequity investorsorinstitutional investors that pre-emptive right by the board of directorsaslong as find themselves under pressure to putthe fundscom- it remains within the competence decided by the mitted to themtowork. If you add the scheduled exit shareholdersmeeting. The reverse sideofthe in- over the stock market, everything seems to be too creased flexibilityisthatthe boardofdirectors always good to be true. remains liable under art. 754CO. However,aslong at the issue price will correspond to the market price in a However, in Switzerland PIPEs have not been discov- liquid market,the shareholders will not incur any ered (yet) as agenuine fund raising alternative, mainly damage. because they areconsidered to be difficult to structure, e.g. duetothe statutory pre-emptive right of the exist- Acompanyunder Swiss law is not allowed to issue ei- ing shareholders.Evidencesuggests that in Switzer- ther equity securities or equity-linked debtinstru- land, too,PIPEs are not onlysuitable for recapitaliza- ments without offeringthem first to the existing tion12,but also for growth financing purposes13.This shareholders for subscription. However, theconduct of such arightsoffering does notprevent aPIPE to be

12 See,e.g., Uster TechnologiesAG(2009, non-preemptive placementofnew carried out in parallel (pre-emptive PIPE),which shares from authorized capital with Toyota Corporation Industries), Rieter could even be desired in ordertostrengthen therights (2009, non-preemptiveplacementoftreasuryshares with private investors), Schweizerische Rückversicherungs-Gesellschaft AG (SwissRe) (2009,place- offering (Back Stop Underwriting)14.The allocation of ment of convertibleperpetual capitalinstruments with BerkshireHathaway), the unexercised pre-emptive rights to the PIPE inves- Credit Suisse (CS) (2008, placement of mandatory convertible notes and treasury shares with various investors from the Middle East), UBS AG (2007 tor (instead of their placement in the market by the und 2008, placement of mandatory convertible notes with the Singapore Sov- ereignFunds GIC andwiththe Swiss Confederation). In none of these trans- underwriting banks) bears the advantage thatthe dis- actions, thewithdrawal of pre-emptive rights was to our knowledge chal- count on theissue price against themarket price lenged nor were liability claims brought forward against theboard of directors. (hence thedilutionfor thenon-exercising sharehold- 13 See, e.g., Addex Pharmaceuticals Ltd (2010, non-preemptive placementof new shares from authorizedcapital and of mandatory convertible notes in an amount of CHF 20 mio with BVFLtd in order to finance itsclinical research programme. The new shares and MCNs after conversion amounted to convertible instrumwents were backed by conditional capital and, to our approx. 30% of the outstanding share capital), Petroplus Holdings AG (2010), knowledge,the withdrawal of (advance) pre-emptive rights was not chal- non-preemprive placement of new sharesfrom authorized capital in an lengednor were liability claims brought forward against theboard of direc- amount of USD 146 mio in an AcceleratedBookbuildingOffering (ABO) with tors. institutional investorsinorder to financethe indirectacquisition of arefin- 14 See, e.g., Siegfried HoldingAG(2010), which entered into aBack Stop Un- ery. The new shares constituted 9.99% of all outstanding shares); see also, derwriting with agroup of shareholders in order to strengthenits rightsis- e.g., Zurich Financial Services AG (ZFS) (2009), non-preemptive placementof sue,orthe at-market rightsissue conducted by Ypsomed Holding AG (2010), treasury shares and new shares from authorized capital in an amountofCHF in whichthe shareholderWilly Michelcommittednot only to exercise his 1.26 bn to financethe acquisitionofAIG US PersonalAuto Groupand to rights, butalso to subscribe for allsharesnot takenupinthe offering cover additional regulatorycapital requirements). In allthesePIPEtransac- (Rump). The shares paid in by Mr. Michel were paidinbyset-off of aloan tions,the new shares wereissued outofauthorized capital,the mandatory while theshares offered in therightsissue where paid in in cash.

40 SECASECA Yea Yearbrbookook 2011 2011 ers) may be lower, and often suchaplacement guaran- the pre-emptive right. This occurred either directly,by tee is acondition sine quanon for abank to sponsor the injection of new cash intothe company against theis- offering. The issue price fixedfor therightsoffering suance of shares of (mandatory) convertibles notes18, shallinthis cases constitutethe floor in order to pre- or indirectly, becauseanunderwriter purchased the vent theshareholder's pre-emptive right from being company's debts and converted them into new share- undermined. If theshareholders however were offered sand then placed them with new investors19.Inrecapi- the sharesbyway of abookbuilding, it seems appro- talization proceduresthe placement of newshares "en priate that thesharesmay be sold without another bloc" with an investor may represent the only and, rights offering at apriceatthe bottom endofthe price hence, authorized solution to save thecompany. As a range. In apre-emptive PIPE, theissuer cannot guar- compensation for their waiving apart of their claims, antee aminimum and even less afixed amount of the companycan allocate bonus warrants to certain shares to be reserved forthe PIPE investor:the take-up creditors (e.g. banksorbondholders)20.The question rate will mainlydepend on the offer price.PIPE inves- whether certain special situations on the capital mar- tors do not like this uncertainty all the more that they ketmay justify the withdrawal of the pre-emptive bear some risks and costs which arenot indemnified. rights, especially in order to "raise equity in aquick Therefore, aPIPEwill be more successfulifthe pre- and flexible manner"21,has not been entirely clarified. emptive rights can be withdrawn (non-preemptive The "objectivity"and the"vested interestofthe com- PIPE).Assuchadecision represents amajor interfe- pany" in aPIPEtransaction especially consist in the rence into the financial and participationrights of the factthat the company can justify the withdrawal of the shareholders, it is subject to strict formal(e.g. qualified pre-emptive rightsinsuch cases withthe argument majority by theshareholders) and material conditions. thatinadifficult or volatile market environment, it Awithdrawal is commonly deemed permitted if (i) the can raise additional equity at relatively low costs (no withdrawal is justified by a(qualified) objectiveinter- bankunderwriting costs, potentially no obligationto estofthe company,(ii) all shareholders are treated publishaprospectus), in aefficient and opportunist equally, and (iii) the withdrawal sufficiently complies way(withoutsubscription period and without taking with the general principle of considerateexercise of the risk of the volatilityofthe markets), tailor-made rights. First, a "valid reason" must be definedinthe ar- (especiallyinsmall tranches,for whichabank under- ticlesofassociation of the company. In connection writingwould be tooexpensive) and without any with PIPE transactions, the enlargement of the share- placementrisk. Second,the companymust also comp- holder basis, either through the acquisitionofapartic- ly with the principle of equal treatment of its share- ipation by important (strategic)investors to ensure the holders. Finally, the withdrawal must be compatible further growthofthe company15 or as aprotection with the principle of considerate exercise of rights. The againstafinancially insufficient takeover bid16,may be withdrawal of the pre-emptive or advance subscrip- in the interest of the company and thereforeconsti- tion right complies with this principle in particular tutes avalid reason for the withdrawal of the pre- when the issuance price (or the conversion price in emptive right17.Moreover, the strengthening of the case of an equity-linked instrument) of thenew shares shareholder'sequity forrecapitalization purposes is is set in accordance with themarketprice22. also accepted as areason for awithdrawal, for instance,when apotential investorconditions hisin- Overall, when withdrawing the pre-emptive rights, vestment to obtaining amajority stakeinthe company. theboard of directors needs to assess the global situa- In recent years the recapitalization purpose has been tion and to weight the interests at stake. It shall in invoked on several occasions to grant newinvestors particular evaluate the sizeand stage of development accesstoapublic company by way of awithdrawal of of the company and the sector within which it oper-

15 E.g., thearticles of associations of Actelion AG,Addex Pharmaceuticals Ltd, AFG Arbonia-Forster-HoldingAG, Basilea Pharmaceutica AG,BBBiotech 18 See, e.g., the cases Tornos AG (2002), Mikron AG (2003), 4M Technologies AG, EvolvaHolding AG, Lonza Group AG,Santhera Pharmaceuticals Hold- Holding AG (2003and 2007) or the issuance of mandatory convertible notes ing AG or UsterTechnologiesAGcontain such aprovision. by UBS AG (2008) andSwiss Re (2009). 16 In this case, theshares are allocated to a"friendly"investor that undertakes 19 See, e.g., the cases SwisslogAG(2004) andSwissmetalAG(2004). Von Roll not to tender the newly subscribed shares in case of atakeover bid and to ob- AG (2003) placed the non-pre-emptive tranche with banks and bondholders. serve alock-up period, if need be. For instance, the articlesofassociation of 20 See, e.g., Tornos AG (2002), Mikron AG (2003) and vonRollAG(2003). Santhera Pharmaceuticals AG,Addex Pharmaceuticals Ltd or Uster Tech- 21 E.g., the articles of associations of Addex Pharmaceuticals Ltd,AFG Arbonia- nologiesAGcontain such aprovision. Forster-HoldingAG, BasileaPharmaceutica AG,Cytos Biotechnology AG, 17 In general,such aparticipationcan also be taken later on -e.g., when the Evolva HoldingAGand LonzaGroup AG contain such aprovision. company issuesa(mandatory)convertible bond withoutadvance subscrip- 22 Aprice fixed by bookbuildingorafixed price with discount rangingfrom 5 tion right. to 10% of the (expected) market price is probably justified.

41 SECASECA Yea Yearbrbookook 2011 2011

ates, the ratio between new and existing equity, a the securities whichwill then be listed are of the same possible discount of the current market price, the dis- class as the securitiesthat are already listed23. persion andthe liquidity of the shares, the expected actual impact of the non-pre-emptive share issue on Even though the board of directors is obliged by law the balance of power /control at the shareholders' and by contractual confidentialityobligations and li- meeting, as well as the interestsatstake of ashare- mitationstoprotectthe secrets of the company or third holder thatmight sue the company or possible fund- parties,itmay grantadue diligence if it is justified by ing alternativesavailable to the company. Sharehold- the interest of the company and if adeclaration of in- ers might be expected to be more sympathetic to are- tentfrom the investor is available.Byestablishing quest for withdrawal of the pre-emptiverights froma agreements with the partiesinvolved in the transac- young growth-oriented company than from alarger, tion, theboard of directors has to makesure that pro- mature company. Aminor capital increasecompared tected confidential information be not transmitted to to the existing equity (approximately 10 to 15% of the third parties (confidentialityagreement) andthat the capital issued), abroad dispersion of the shares with- addressee does not misuse theinformation transmitted out ashareholderholding amaterial interest (5 to 10% (standstill agreement). of the voting rights), asharetrading in aliquidmarket, and an issue price at market are more likely to justify Various confidential facts according to the prohibition the withdrawal of the pre-emptiverights. The issue of insider dealingmay play arole in aPIPE transac- might be differentifanon-pre-emptive PIPE entails a tion. First,the fact that the investorand the company substantial capitaldilution for the existing sharehold- plan aPIPE, second, certain facts obtained on the occa- ers or if the balance of power shifts amongthe share- sion of the duediligence.The investor is notallowed holders (this can alreadyoccur when an investor ac- to decide about the execution of aPIPE transaction or quiresa20to30% interest) because the pre-emptive the subscription of additionalsecuritiesinexcess of rightisfor example withdrawn in favor of an existing the planned number onthe basis of confidential shareholderorthe issue comprises aconsiderable facts, if any.However,itiswidely acknowledged that number of newshares, or when the PIPE transaction transactionsbased on one'sown concrete plans arenot leads to amaterial reduction of the free float and of the within the scope of the provision. The maxim "no one liquidity of theshares. As abasic principle, the board can be his owninsider" applies24,asamatter of prin- of director's decision-makingprocess has to be clear, ciple, to such cases. Therefore, parallel purchases on well structured andtransparent. Thefunding alterna- thestock exchange could be possible. However, if the tivesneedtobethoroughlyassessedand compared: investor comes to knowother confidential facts after thecompany should explainwhy anon-pre-emptive he took hisdecision,suchpurchases maybecomein- issue of shares is the most appropriate means of rais- siderdealing as the purchaser may exploit his inside ing capital,and whyother financingmethods have knowledge when performing such securities transac- been rejected. tion. It is thereforeimportant, in practice, to thorough- ly document thedecision-making processes. If the in- In ordertoallow thePIPEinvestortoexitover the vestor finallyrenounces to conduct the PIPE transac- stock exchange, the new shares need to be listed and tion after having learned confidential facts, he is not li- therefore the issuer must draft a listingprospectus. able under insiderdealing laws: the insideroffence However, the Listing Rules exempt the issuerfrom the canonlybecommitted by buying or selling securities, duty to preparealisting prospectus if (i) the issuer has but not by renouncing atransaction. In order to avoid already published an information document equiva- insiderdealing becauseofthe transmittalofconfiden- lent to alisting prospectus andifsuchdocument is not tial information during thedue diligence, PIPE trans- older than twelve months, (ii) if the securities to be actions should therefore ideally be carried out shortly listed account for less than 10% of securities of the same class that have alreadybeen listed during the previoustwelve-month period (which includes the 23 In theory,thisexemption enables to issuenew shares out of conditionalcapital amounting up to 50% of the outstandingcapitalwithout preparing alist- conditional but non-issued shares that are already ingprospectus,providedthe equity-linkedinstrument itselfisnot listedand listed),or(iii)the securities to be listed are issued in converts intosecurities of the same classasthose alreadylisted. Addex Pharmaceuticals Ltdtook advantage of this exemption in 2010 when issuing connection with equity-linked instruments, provided shares andMCNstotalingapprox. 30% of the sharecapital on afullydiluted basis. 24 This principle will be legalizedaccording to art. 44aofthe bill of thenew Stock Exchange and Securities TradingAct.

42 SECASECA Yea Yearbrbookook 2011 2011 after the publication of the financial data of the target If thePIPE investordoesnot wanttomake a mandato- company. ry offer for all listed equity securities of the target company,hemust not exceed the threshold of 331/3% PIPE transactions qualify as amatter of principle as of the voting rights of the target company afterclosing. price-sensitive facts in the sense under the ad hoc pub- Unlike theobligationtodisclose major shareholdings, licity obligation. Theyarise in the sphere of activity of theobligation to make an offer is only triggeredatthe the issuerand are capableoftriggering asignificant moment of theacquisition of ownership. In certain price change and, hence, of influencing the average constellations,the executionofanoption deal mayal- market participant in his investment decision.Asa ready trigger the obligation to make an offer.The set- consequence,the target company mustprovide infor- ting of floors and caps, which prevent the conversion mation as soon as it has knowledge of the main ele- pricetofall below acertain levelorlimit the number mentsofthe price-sensitive fact. However, in practice of shares to be issued afterthe conversion, as wellas it will generallypostponethe disclosure until the sign- the possibility to repay the PIPE investor in cashrather ingoffinal agreements as thefactisbased on aplan or than in shares, are instruments aimedatpreventing decision of the company, the disclosure of which mandatoryoffers.Finally, the rules regarding the act- might compromise itslegitimateinterests. ing in concert or organized groups, e.g. between investors, existing shareholders and investors or investors APIPE transaction is subject to the obligation to dis- and the target company, alsoapply to mandatory of- closeshareholdings when the PIPE investorand the fers. However, the action in concert mustbeaimed at seller/the company,respectively, directly or indirectly, "gaining control of the company". Simple purchase fall below or exceeds the thresholds of 3, 5, 10, 15, 20, rights(provided thatthey do not refer to acontrolling 25, 331/3,50and 662/3%ofthe voting rightsinthe com- majority), rightsoffirst refusal and of repurchase and pany.The obligation to notify is already triggeredby lock-ups, which do not affect the voting rights, are not the conclusion of the transaction and not only with the sufficient.Nor do thefollowing PIPE relevant facts closingofthe investment agreement or by way of the meet the requirements for thepresence of a"common subscription or allotment of theshares.Participation control": mere parallel conductinthe periodpreceding certificates, dividend-right certificates and ordinary ageneral meetingofshareholders, one-time under- bondsare not subject to the disclosure obligation un- standings about aspects of secondary importance for der the Stock Exchange Act, as they do not confer any the development of the target company, or promise voting rights in the target company. However,the dis- made by the majority shareholder that arepresentative closure obligation applies also to theacquisition, sale will be elected into the board of directors provided or granting (writing) of all type of options (i.e. call, put that the controldoes not pass or be exercisedincom- and conversionrights) theunderlying securities of mon.The influence is only considered as exercised in whichare shares subjecttonotification. This is also "common" if the interested partiesstrive foracommon true forderivativesorfinancial instrumentsthatpro- objective, i.e. to control the target company. PIPE in- vide only for cash settlement. This canbevery relevant vestors wouldbeconsidered as acting in concert if becausePIPEs are often linked to warrantsorconver- they appointedincommonthe majority of the board sion rights. In practice, it is possible to structure the of directorsand determined the strategyofthe target transaction so that signing of the investment agree- company or if, on the basis of ashareholder's agreement, subscription of thenew shares,execution of the ment with an existing shareholder,veto rights were capital increase, entry into the commercial register, granted in view of important resolutions to be taken disclosure of participations and press release all occur by thetarget company such as resolutionsregarding on thesame day. Careful consideration should also be the dividend policy, strategic orientation of the group placed in the analysisofapotential "actinginconcert" companies, acquisitions, amendments of the articles of between the PIPE investor and the company, namely incorporationincluding modifications of the equity when the parties enter into lock-up, standstill and non- capital, etc. In order to avoidthe mandatory offer, the tender agreement, or arrangements on the composition target could by amending itsarticles of incorporation of the corporate bodies of theissuer. completely exempt the acquirerofshares from the obligation to make an offer(opting-out) or at leastraise the threshold triggeringsuchamandatory offer to 49% (opting-up). However, after thelisting, the adoption of

43 SECASECA Yea Yearbrbookook 2011 2011

an opting-out or opting-up is governed by very strict rules, which, in the result, almostimpedessuch introduction once the company is listed. Finally, the investor could alsorely on certainexemptionsfrom the obligation to launch an offer, such as the reorganization of companies in financial distress, the temporary ex- ceedingofthe threshold or the impossibility to control the target company.

Frank Gerhard Partner

Homburger AG Weinbergstrasse 56/58 8006 Zurich [email protected]

44 SECASECA Yea Yearrbbookook 2011 2011

Reporting CorporateFinance Onekey competitive advantage wasthe flexibilityand speed of numerous Private Equity firms. 2010alsore- M&A Market Switzerland 2010 vealedthatbanks are once again ready to provideex- ternal financing to supporthigh-qualitytransactions.

2010broughtahalttothe M&A marketsdownward trend of thepast twoyears both in Switzerland and 13 percent rise in total M&Avolume around theworld. Whilethe numberoftransactions in An analysis of Switzerlandsmost important statistical 2010 stabilizedatalevel nearly on apar with that of transaction figures during the year reveals that the thepreviousyear,the total valueofthe transactions overallvolumeoftransactions announced in 2010 to- conducted hasalready grown and gives hope for fur- taled someUSD 87.6 billion. This is a13percent in- ther recovery in 2011. crease overthe previous year. From an industry-based perspective, themajority of the action was seen in the Brilliantstarttothe M&Ayear healthcareand consumer markets thanks to the Novar- The2010 M&Ayear was kickedoff with abang: On tis/Alcontransaction.Transactions with targets from January 4, 2010, Novartis announced its intent to ac- these sectors accounted forUSD 47 billion of the total quire Nestlés majority stakeinAlcon for USD 28 bil- volume. lion. Thetransaction wasthenwrappeduptoward the endofthe year with acomplete takeover of all of the shares stillremaining on themarket following the an- nouncement. Just one day later, Nestlé published its acquisitionofKraft Foodsfrozen pizza business. This transaction hadavolume of USD 3.7billion. Thus began the M&Ayear. Nevertheless,the real wave of M&Arecoveryhas not yet materialized since neither the rhythm northe transaction amounts became the Figure 28: Number of deals per industry sector2010. norm during the2010 M&A year. Still, other important transactionswere to follow over thecourseofthe year with acquisitions of or madebySwisscompanies such as Coop/Transgourmet, Swisscom/Fastweb, CVC/ Su- nrise, CTSEventim/Ticketcorner and ABB/Baldor.

Private equity as an established player Contrary to expectations from some corners, theprivate equity industry made asuccessful showing in this environment.Itwas also involved in some of Switzer- Figure 29: Value of deals per industry sector 2010 (excludingAlcon deal). lands largest transactions.

Table8:Top 10 Swiss M&Atransactions 2010. Source: KPMG M&A Yearbook 2011.

45 SESECACA Yea Yearbrbookook 2011 2011

Exchange rate trends and budget deficits as inhibit- Trends differfromone sector to another ing factors Financially robust Pharmaceutical players are ex- Currentrestraint on the M&Amarket can be attributed pected to leadM&A activityinthe Healthcare &Life to the afterpains of the latest credit crunch and finan- Sciences sector in 2011.Somesmaller deals are likely cial crisis as well as relateduncertainties: The most in MedicalTechnologyand Healthcare service provi- important of these concern exchange ratetrends be- sion, both of which areattracting muchinterest from tweenthe dollar,yuanand euro as well as particu- investors. Swiss Chemicals groups appear to be in larlyfrom aSwiss perspective questionsconcerning particularly buoyant mood following aperiod of reor- howthe Swissfranc will fare in the future. Some oth- ganization, andthere could be some interestingoppor- ers, however, includeinstability in the governmental tunities for Swiss groups abroad. Activityislikely to budgets of the USA, severalEUmemberstates and concentrate on buildingapresenceinkey regional othercountries.Exchange rate fluctuations and budget marketssuchasAsia and in enhancing product portfo- deficits are also symptoms of aconstant, long-term lios. shiftinglobaleconomicpowers which clearly high- lightthe fierce economic competition taking place be- One of the sectors hit hardest by the economic down- tween thevariouscountries and regions. turn, Financial Services M&A activity is likely to reflect significant consolidation in Private Banking, Long-termshiftinforcesonthe M&Amarket where new regulations areprompting fundamental These shiftsare having agrowing impactoncompa- revisions of business andoperating models, including niesM&A activities.New global corporationsare on-shore presence. Elsewhere in Financial Services emerging in the BRIC countries, particularly in the raw more clarity over regulation such as Basel III should materials, technology and pharmaceuticals industries, encourage activity.Export-led Industrial Markets are whichare achieving their global growthtargetsonthe especially suffering from thestrong Swiss Franc but international M&A market, as well. Moreover, sove- cautious optimismprevails as late 2010 sawasignifi- reign wealth funds,especially from the Arabworld cant upturninorder book levels. M&A in 2011 maybe and Asia, areback on the lookout for interesting ac- modestcomparedtosomeother sectors, but global quisitions. competitive pressures maycombinetoencourage transformationaldeals and/or acquisitionsalong the Swiss companies highly committed supply chain.2011 2012 may see further consolida- Swiss companies show above-average involvement in tion within the Consumer Markets sector andsome the M&A business as buyers.Apart from their historic major non-coredisposals by the Food &Drink giants, marketsinSwitzerland,Europeand theUSA,they are who are likelyalso to remain in highly acquisitive alsoinvesting in growth markets. This further streng- mode.Luxury Goodsmanufacturers may seek to steal thens Switzerland as abusinesslocation. Again in the Consumer Markets M&Acrown as they search for 2010, the numberofforeign companiesacquired by potentially large deals outsideSwitzerland. Swissenterprises considerably exceeded the number of Swiss firms that passed into foreign ownership. Technology deals are expected to continue to dominate Information, Communication andEntertain- ment as many players across industries seek to en- hancetheir capabilities in IT and software solutions, which are increasingly critical to their businesses. A shuffling of Media portfolios is likely to occur as well as astrengthening of theSwisspresence in EasternEu- rope, but no groundbreaking deals are expected.The focusonhigh-grade Real Estate around Geneva, Lau- sanne,Zurich and Central Switzerland is almost certain to continue for the foreseeablefuture, with prices remaining accordingly high. 2011 may see key players investigating further opportunities in development Figure 30: Split of deals by target/buyer/seller 2008 to 2010. projects while the residentialmarket continuesto boom. Nottobeunder-estimated,other industries

46 SECASECA Yea Yearbrbookook 2011 2011 such as Energy (primarily renewables) and Commodi- ties arelikely to see significant M&A activity in 2011 as interestinthe Swiss scene may continue to grow, with 2010having seen some major energy tradersrelo- cate sizeable teams to Geneva.

Good starting point for2011 All things considered, 2010 wasanimportant, stabiliz- ing year forM&A.The boardsofdirectors and executive committees of internationallyactive Swiss companies have rediscovered the long-term growth opportunities offeredbyacquisitions. They have systemati- cally analyzed and prepared both strategic alternatives andpotential acquisitions in order to ensure their long-term development, particularlyingrowth markets. The signs of the times look good forSwisscom- panies: On the one handthey benefit from an extreme- ly healthy domestic market and, on the other, Swiss companies have thegreatest liquidityreservesonthe internationalstage andthus thegreatest financial strength. And at least for thetime being, upheavalson currency markets haveenabledacquisitions within the dollar and euro zones to be conducted at favorable terms in strong Swiss francs. Accordingly, the starting point for Swiss companiesispositive andthere are good reasons to look to Switzerlands 2011M&A year with optimism.

Caveat Patrik Kerler This studyisbased on theUniversityofSt. GallensM&A DATABASE and Partner, Head of Mergers &Acquisitions KPMG desktopresearch, focusingondeals announced in 2010but also providing historicaldatadrawn from previous editionsofthe Yearbook. Theconsider- KPMG AG ation of individual transactions andtheir allocation to specific industry segments are based on our judgmentand arethus subjective. We have notbeen Badenerstrasse 172 able to extensively verify all data andcannot be heldresponsiblefor theabso- 8026 Zurich lute accuracyand completenessthereof. Analysis of different data sources and data sets may yielddeviating results. Historical data maydifferfrom earlier edi- [email protected] tions of this Yearbookasdatabasesare updated retroactivelyfor lapsed deals or for transactionsthat werenot made public at that given time; we have also aligned some of theselection parameters andindustrysegmentation moreclose- ly to thoseappliedbythe M&A DATABASE, which can alsoleadtodifferences in historical data representation.The following notes pertain to data contained in this M&AYearbook: • Dealsare included where the deal value is equal to or greater than the equivalent of USD7million • Value data provided in the variouscharts represents the aggregate valueof the deals for which avalue wasstated. Please note that values are disclosed for approximately50% of alldeals • Wherenodealvalue was disclosed, deals are included if theturnover of thetargetisequal to or greater than the equivalentofUSD 14 million • Dealsare included whereastake of greater than 30% has been acquired in the target. If the stake acquiredisless than30%, thedealisincluded if the valueisequal to or exceeds the equivalentofUSD 140 million • Dealsare included in theirrespectiveindustry sections based on the industry of the target business • Alldealsincluded have been announced but may notnecessarily have closed • Activities excluded from the data includerestructurings where ultimate shareholders interests are not affected

47 SECA Yearbook 2011 SECA Yearbook 2011

Das M&A-Verhandlungsergebnismit innova- liche Positionendes Kaufobjektes, aber auch um tiven Risikofinanzierungenoptimieren. die Steuerverbindlichkeiten aufgrund einer Um- strukturierung nach dem Kauf.Steuerliche Betrach- tungen haben einen bedeutenden Einfluss auf die Die intensivste Phase einer M&A-Transaktion bein- M&A-Transaktion. haltet diePreisverhandlung und die Diskussion über „Reps & Warranties“. Letzteressindvertragliche • Eventualverbindlichkeiten:Anhängige Rechtstrei- Zusicherungen, Garantien und Gewährleistungen tigkeiten und andere, bereits bekannteEventual- des Verkäufers, diediesermeist mit einer Sicher- verbindlichkeiten. heitsleistung unterlegt. In der Schweiz noch weitge- • Umweltschäden: Es stellt sich die Frage der Bewer- hend unbemerkt, bieten Risikodienstleisterinnova- tung noch unbekannter Umweltrisiken oder be- tive Lösungen an, um die Asymmetrie der Risikoal- kannter Schäden mitbisweilen noch nicht quantifi- lokation zwischen den Beteiligten einerM&A- zierten Beseitigungskosten. Transaktion ausfinanziellerSicht zu optimieren. Suboptimale Auktionsverfahren

DemVerkäufer geht es darum, möglichst viel vom Im Auktionsverfahren treten mehrereInteressenten in Kaufpreis zu behalten, die Käufer dagegen trachten Konkurrenz. Dabei kämpfen sie oftmit ungleich lan- danach, das zu bekommen, wofürsie bezahlen, oder gen Spiessen. Der eine hat einen Wissensvorteil, der es gar mehr: Mitder späteren Geltendmachung von Ge- ihm erlaubt, auf weitergehende Gewährleistungen zu währleistungsansprüchen versucht einKäufer,den verzichten. Der anderekann mitbestimmtenRisiken Preis „nachzuverhandeln“ und so zu senken. besser umgehenodersichert seine Risiken in einer vergleichsweise günstigen Versicherungspolice ab. Vertragliche Gewährleistungen können nicht alle Risi- kovorbehalte und-konstellationen lösen. Nicht selten Nicht immerist das finanziell beste Angebot für den werdenVerkauf-/ Kaufverhandlungen auf der Zielge- Verkäufer auch das attraktivste. Und nicht in jedem raden abgebrochen. Auch im Auktionsverfahren, in Fallerhält der strategische Wunschkandidat aus Sicht dem mehrereKaufangebote einen Verkäufermarkt des Gründers und (Teil-)Inhabersden Zuschlag. suggerieren, vereitelnRisikovorbehalte des Käufers ein optimales Verhandlungsergebnis. Überwälzung der Risiken auf den Verkäufer An dieser Stelle empfiehlt es sich, den klassischen Seit wenigen Jahren gibt es in der Schweiz Lösungen, Risikobewältigungsansatzvor Augen zu führen (siehe diespezifische Risikovorbehaltekongruent, kosten- Abbildung 1): Denn neben dem Vermeiden,Vermin- günstig und effizient in den darauf spezialisierten dern oder Eigenfinanzieren von Risiken bietetsich die Versicherungsmarkt transferieren. Technik des Überwälzens (sog. risk transfer) an.

Deal Breaker Was aus strategischer oder finanzieller Sicht erstmals als idealer Kauf erscheint, erweist sich bei näherem Hinsehen während der due diligence als eine Büchse der Pandora mit bekannten undunbekannten, quanti- fizierbaren undwenigerquantifizierbaren Risiken. Die unterschiedliche Beurteilung dieser Risiken manifes-

tiert sich denn auch als veritabler deal breaker. Typische Figure 1: Klassischer Ansatz der Risikobewältigung. Knacknüsse sind: Source: Walker Risk Solution AG. • Vertragliche Gewährleistungen: Unzureichende In zähen und mitunter emotionalen Verhandlungen Einigung über den Umfang der Garantien, bzw. wirdversucht, die unterschiedliche Bewertung der der Schadloshaltung. Risiken überden Kaufpreis zu lösen, oder es werden • Spezifische Steuerangelegenheiten:Es geht dabei umfangreiche Gewährleistungen undzu hinterlegende um gegenwärtige, künftige und vergangene steuer- SECA Yearbook 2011 SECA Yearbook 2011

Sicherheiten geboten oder gefordert, um damit die Gewährleistungsversicherung als Lösungsansatz Risiken weitgehend auf den Verkäufer zu überwälzen. Um es vorweg zu nehmen, die Überwälzung von M&A-transaktionsbezogenen Risiken heisst weder auf Die Schwierigkeiten sind damit noch nicht gelöst. Es eine due diligence noch auf sorgfältig zu formulierende entstehen vielmehr neue Risiken und Vorbehalte: Gewährleistungsklauseln zu verzichten.Im Gegenteil: • Für denVerkäufer können vertragliche Gewähr- der Versicherer überprüft die vorhandene due diligence leistungen die Preissicherheit beeinträchtigen und und ergänzt dieseum seine Sicht. Er kann sich zudem den IRRdes Investments reduzieren. mit seiner Erfahrung in dieFormulierung der vertrag- • Im Falle eines verkaufendenAnlagefonds können lichen Gewährleistungen einbringen, um -im Idealfall vertragliche Gewährleistungen die Ausschüttung -einenkongruenten Transfer dieser Garantien in einen an dieInvestoren einschränken(Stichwort clean Versicherungsvertrag zu bewerkstelligen. exit). Die begrenzte Lebensdauer eines Fonds ist nicht zwingend kongruent mit Fristen der gefor- Die Gewährleistungsversicherungen, im angel- derten Gewährleistungen. Zudem möchten Anla- sächsischen Raum auch warranty and indemnity insu- gefonds keine Zusicherungen und Gewährleistun- rance genannt, entstanden vor über 30 Jahren in Lon- gen in Bezugauf das Geschäft (sog. Business R&W) don. Jedoch erst in den letzten 10 Jahren erlebte dieses abgeben. Nischenprodukt einen wahren Boom.

• Gewährleistungen des zu verkaufenden Unter- Im Jahre2003 trat die damalige AIGmit diesem Pro- nehmens (Business R&W) schränken dieRechtsmit- dukt erstmals in den Schweizer Markt ein. Mit Prä- tel des Käufers ein, da diesei.d.R. am Vollzugstag mien von ca. 8-10% der Garantiesummewaren Kosten ablaufen (collapsing). zu Beginn noch relativ hoch, Wettbewerb gab es kaum, • Zusicherungen und Gewährleistungen des Mana- und das Know-how im Markt war aufeine Handvoll gements: Hier kannbeim Wechsel von Seller- Spezialisten konzentriert. minded zu Buyer-minded ein Interessenkonflikt des Managementsentstehen. Zudem sind die finanziel- Mittlerweilegibt es drei Anbieter im Schweizer Markt. len Mittel des Managements meist ungenügend. Chartis (ehemals AIG) zeichnet das Geschäft in der Schweiz ausFrankfurtund Paris, HCCGlobal aus • Für den Käufer wächst das Gegenparteienrisiko Barcelona und London, unddie Zurich aus London. mit dem Umfang der Zusicherungen seitens des Alle drei Gesellschaften verfügen überversierte Spezi- Verkäufers. Der Käufer muss seine Ansprüche aus alisten und Betreuungsteams vor Ort undarbeiten je Gewährleistungen gegen den Verkäufer geltend nach Bedarf in der jeweiligen Landessprache. machen. Wenn der Verkäufer die Ansprüche nicht anerkennt, muss sie der Käufer notfalls vor Gericht Ansonsten sind diedrei Anbieter wenig vergleichbar: durchsetzen.Der Käufer trägt das Prozessrisiko. • Chartisals Pionierund Marktführer der Gewähr- Und er trägt zudem das Insolvenzrisiko des Ver- leistungsversicherungin der Schweiz fokussiert auf käufers. Transaktionen ab etwa CHF 50 Mio. bis 500 Mio., • Asymmetrie der Parteien: Je nach Verhandlungs- wobeieinzelneTransaktionen auch unter CHF 40 position kann eine derParteien ihreInteressen so- Mio. und bis zu 1Mrd. abgesichert wurden.Char- wohl bei derVerhandlung der Gewährleistungen tis ist ein typischer Erstversicherer, der über eine als auch anschliessend bei deren gerichtlichen Ein- Versicherungskapazitätin diesem Bereich von ca. forderungbesser durchsetzen als die andere. CHF 50 (bzw. maximal EUR 48 Mio.) pro Transak- tion verfügt. Chartis war der erste Versicherer mit Der Risikoüberwälzung aufden Verkäufer sind damit Vertragsunterlagen in Deutsch undFranzösisch praktische Grenzen gesetzt. Als eine weitereMöglich- nebst dem i.d.R. nachgefragten Englisch. keit der Risikoüberwälzung bietet sich eine Versiche- rungslösung an.Bis anhin wurdendiese in der • HCC Global versteht sich als Anbieter massge- Schweiz jedoch selten eingesetzt1. schneiderter Versicherungslösungen für grössere, mittlere sowie auch kleinere Transaktionen, d.h. ab 1 SECA Evening Event am 26. August 2010, Referat «Secondary Buy-Outs – Transaktionen von ca. CHF 25 Mio. Die Kapazität Rechtliche Aspekte»; Hans-Jakob Diem, Lenz & Staehelin. SECA Yearbook 2011 SECA Yearbook 2011

der HCC Global beträgt CHF 15 Mio. (bzw.EUR 15 Digression concerning the U.K. Market Mio.). Bei grossen Transaktionen, in denen Versi- The U.K. market for transaction risk insurance is more cherungskapazitäten von bis zu CHF100 Mio. mature compared to the ones in Continental Europe. nachgefragt werden, tritt die HCC auch als so ge- Transaction risk insurance is widely available forun- nannter Exzedentenversicherer auf. DieHCC ver- known matters (breaches of SPA warranties discovered fügt seit kurzem über Vertragsunterlagen in engli- post completion) and known matters (specific issues scher, deutscher und französischer Sprache. identifiedthrough due diligence or disclosure). Key products are: • Die Zurich positioniert sich im M&A-Markt als • Warranties and tax indemnitiesfor unknown risks. Versicherer für spezifische Risiken, die sich je nach Seller andbuyer policies are available. Kundensituation ergebenund individuell gezeich- • Tax indemnity insurance for specific tax matters, i.e. net werden. Ihr Ziel ist es, in der Bilanz des Kun- tax positions of corporations or tax liability assumed as a result of corporaterestructure. den gebundenes Risikokapital zu „entbinden“ (de- • Litigation solutions/contingent liability: Solutions risk). Seien es Risiken aus dem steuerlichen Bereich, cappingexisting contingent liabilities aus dem Angestelltenverhältnis, aus der Produkt • Environmental insurance programs that canbe used oder Umwelthaftung oder im Umfeld einer M&A- to deal withavariety of known and unknownenvi- ronmental issues Transaktion. Die Gewährleistungsversicherung At the time of writing, there are up to ten insurers, wird ebenfalls angeboten. Die Versicherungskapa- amongst otherAce, Ambridge, AWAC, Beazley, Chartis, zitätder Zurich für spezifische Risiken beträgt bis Chubb, Pembrokeand Zurich, who-according to their zu ca. CHF 50 Mio. (bzw. maximal USD 50 Mio.). websites -specialise in this fast growingniche market.

Je nach Ausgangs-und Interessenlage kann jede der Buyer beware:The Swiss domiciled buyer of aforeign Parteien -Verkäufer und Käufer -eine Gewährleis- issued policy(i.e. issuedon paper of insurers that are not tungsversicherung erwerben(siehe Abbildung 2). admittedby the Swiss regulator FINMA) may need to know, that such policy is in violation of Swiss regulatory requirements. Having said that, the Swiss Federal Act on Stamp Duties provides that 5% IPT on such policy would be due anyhow andthe Swiss party is responsible for it.

Provided the U.K.-based insurer is capable to have the U.K.-originatingpolicy issued e.g. by its Swissbranch office, further challenges need to be considered: a Swiss place of jurisdiction and place of arbitrationshouldbe agreed upon. Also,Swiss legislation should be taken as the basis. And, while the policy may containEnglish terms and conditions,Swiss legal terms should expand the Englishterms andconditions, in order to increase the clarity for a Swiss policy holder. Many terms are not known in Swiss insurance lawand offer roomfor inter- pretation. English W&I-insurance contracts for example Figure 2: Verkäufer- und käuferseitiger Einsatz einer Gewährleistungsversi- define the term “loss” in a different way than the Ger- cherung. man-language W&I-insurance define the term “Schaden” Source: Walker Risk Solution AG. as explained in the context of Germany in ‘Warranty & Indemnity Insurance’ by Dr. Stefan Steinkühler and René Gewährleistungsversicherungist ein Nischenprodukt, Schnichels in Versicherungspraxis 6/2010. A legal survey und nur eine Handvoll Versicherungsbroker bieten of theEnglish terms and conditions mayrequire addi- hierGewähr für eine professionelle Risikoplatzierung. tional time expenditure due to the differing understand- Kenntnisse des Marktes undder unterschiedlichen ing of coverage. Lösungen sowie Erfahrung in derenUmsetzungbeim Versicherungsnehmer sind unabdingbar. Die Prämien sind mittlerweile dank guter Schaden- entwicklung in Europa auf1.5 bis 2.5% der Garantie- summe geschrumpft. Das heisst, bei einem Transakti- onsvolumen von beispielsweise CHF 100 Mio. und mit SECA Yearbook 2011 SECA Yearbook 2011

Sicherheiten zu hinterlegenden Gewährleistungen von und am selben Tisch bei der Unterzeichnung des CHF 20 Mio. beträgt die Prämie ca. CHF 30‘000 bis Kaufvertrags oder im Anschluss danach. 60‘000 zzgl. Versicherungssteuer. Schadenregulierung Die Schadenerfahrung ist entsprechend der noch über- Nach einem Einbruch im Vorjahr sind in 2010 Gewähr- schaubaren Zahl von Versicherungsabschlüssen ge- leistungsversicherungen in schätzungsweise drei bis ring: Gemäss einer Umfrage des Autors ist in der vier M&A-Transaktionen zumZuge gekommen, bei Schweiz bisher ein Schaden im 7-stelligen Bereich denen mindestens eine derParteien ihr Domizil in der verglichen worden, wobei insgesamtnoch ca. vier bis Schweiz hatte. Zum Vergleich: in Deutschland sind fünf Ansprüche aus früheren Jahren anhängig sind. nach Angaben von Versicherern über 20 solcher Versi- cherungen in 2010 abgeschlossen worden. Die Erfahrung zeigt, dass die meisten Fälle aus Haft- pflichtansprüchen Dritter an das Unternehmen abge- Zeitlicher Aufwand und Koordination leitet sind oder aus Umständen entstehen, die beide Erfahrungsgemäß kommtdie Gewährleistungsversi- Parteien nicht antizipiert hatten.Aus zeitlicher Sicht cherung spätimProzess der due diligence auf die Ta- werden erste Ansprüche ausgelöst,nachdem ein erstes gesordnung der verhandelnden Parteien.Erste Indika- Audit stattgefunden hat oder nach einerVeränderung tionen hinsichtlich der zu erwartenden Prämie und im Management desgekauften Unternehmens. den Standardbedingungen liegen meist schnell vor. Bevor jedoch ein vorbehaltsloses Angebot auf dem Fazit Tisch liegt,vergehen teilweise bis zu vierzehn Tage. Es gibt Umstände, die Verkauf-/Kaufverhandlungen kurz vor ihrem Abschluss zum Abbruch führen.Mit- In der Praxis ist das Zeichnen einer Gewährleistungs- tels Verhandlungen über den Preis, den Umfang der versicherungein dreistufiger Prozess. Gewährleistungen und die zu hinterlegenden Sicher- • Im ersten Schritt werdendie Ausgangslage undder heiten wird versucht, dennoch zu einerEinigung zu konkrete Bedarf für Risikotransfer sowiedessen kommen. Oft bleibt der Kompromiss für beide Seiten Versicherbarkeit geprüft. Die angesprochenen Ver- unbefriedigend.Hiergibt es Lösungen, dietransakti- sicherer benötigen umfangreiche Unterlagen und onsbezogeneRisiken effizient bewerten unddiese mit gegebenenfalls Erklärungen des zukünftigen Versi- Versicherungskapital finanzieren. Es gehört zum cherungsnehmers. Dieser Schritt dauert ein bis Kerngeschäft des Versicherers mit Risiken umzuge- zwei Tage. Der Kunde erhält ein unverbindliches hen, die für den Einzelnen kaumquantifizierbaroder Angebot und entscheidet sich, mit welchem Versi- schwierigfinanzierbar sind.Damit Investoren davon chererer das Angebot weiter konkretisiert. profieren können, ist ein professionelles undkompeti- • Im zweiten Schrittveranlasst der Versicherereine tivesAngebot notwendig. eingehendeÜberprüfung der due diligence, diein der Regel kostenpflichtig ist. Der Kundeerhält da- für eine Bewertung derGewährleistungsrisiken durch einenaussenstehenden Spezialisten. Zudem Gregory Walker bringt sich der Versichererbei derFormulierung Geschäftsführer der Gewährleistungsklauselnein. Dies hat zwei Vorteile: erstens, fliesst zusätzliches Know-how in Walker Risk Solution AG die Formulierungen ein, und zweitens, ermöglicht An derLorze 7 dieses Vorgehen einen lückenlosen Versicherungs- CH-6300 Zug schutz, indem die Versicherbarkeit der Klauseln [email protected] von Beginn an sichergestellt wird. Der Kunde er- hält einverbindliches Angebot,das bis zu 90 Tage vor dem closing date und einige Tage darüber hinaus gültig ist.

• Der dritte Schritt ist dieUnterzeichnung undAb- gabeder Police. Dies erfolgtentweder gleichzeitig SECASECA Yea Yearbrbookook 2011 2011

Reporting Legal &Tax be available only in 2015 (subject to certain conditions being fulfilled). In thepast year twoissuesdominatedthe activities of the Legal &Tax Chapter:The model documentation The Directive is clearly more accommodating towards for venture capital transactions andthe "regulatory 3rd countries (non-EUcountries) than the first draft. If avalanche" inundating the private equity industry in Switzerlandputsthe necessary internal regulation and theWestern World.Above all, we refer withregula- cooperation treaties with theEUinplace, Swiss man- toryavalanche not only to theEuropean Alternative agers will have the followingoptions: Investment Fund ManagerDirective ("AIFM-D"), but 1. ASwiss manager may obtain apassport for mar- also to theUS-American DoddFrankWallStreet Re- keting itsprivate equity fundinthe EU just like an EU managerifthe managercomplieswithall the form andConsumer Protection Act ("Dodd-Frank provisionsofthe Directive. Act") as well as theForeign AccountTax Compliance Act("FATCA"). 2. ASwiss manager may only exercise portfolioman- agementfunctions for e.g. aLuxembourg private ModelDocumentationfor Venture Capital Transactions equity fund,inwhich case themanageronly needs to comply withcertain provisions of the Directive By the end of last year the SECA workinggroup suc- (above allArt.20). cessfully completedits majorworkonthe model do- 3. ASwiss Manager mayopt not to comply withthe cumentation for smaller venture capital transactions in Directive at alland still have Europeaninvestors if the range of CHF 5-20 Mio. The documentation is he doesnot actively market its private equity fund posted on our website andcan be downloaded for to suchinvestors (so called"reverse solicitation"). free. We would like to thank the participants mentioned below for theircontributions andthe many TheLegal &Tax Chapter of SECA has established a hourswhich they spent on this documentation. workinggroup in order to follow and assessthe regulatory developments in theprivate equityspace • Hannes Glaus (LustenbergerGlaus&Partner) aroundthe globeand in order to present our interests SECA Chapter Leader Legal &Tax to the Swiss authorities who arecurrently drafting the • ChristianWenger (Wenger &Vieli AG) Swissregulation in responsetothese developments. SECA Chapter Leader Venture Capital Themembersofthe workinggroup are:

• Martin Frey (Baker &McKenzie) • Hannes Glaus (LustenbergerGlaus&Partner) SECA ChapterLegal &Tax (Lead) • Dieter Gericke (Homburger AG) • Dieter Wirth (PricewaterhouseCoopers) • Beat Kühni (Lenz &Staehelin) SECA Chapter Legal &Tax • MichaelTrippel (Bär &KarrerAG) • ChristianWenger (Wenger&Vieli AG) • Ulysses von Salis (Niederer Kraft &Frey AG) SECA ChapterVentureCapital (Lead)

We hope that the documentation will make venture • Felix Haldner (Partners Group) investments in Switzerlandmoreefficient, more attrac- • Felix Rohner (Capvis) tive and that the documentation will increasingly become astandard for venture investments in our coun- • Hans Markvoort (LGT Capital Partners and try. We encourage everyone to let us know any short- Castle Private Equity AG) comings in ordertoconstantly improvethe documen- • Ulf Klebeck (Capital Dynamics) tation. The goal of the working group is to limit the Swiss Alternative Investment Fund Manager Directive regulation to the minimum which is necessary in order to preserve thementioned options. Amongotherswe Also, by the end of last year the anxiously awaited would likethe regulationtoinSwitzerlandtoallowal- AIFM-Dwas signed into law. In principle, the Direc- ternativeinvestment managerswho prefernot to mar- tive shall become effectivein2013 with various parts kettheir private equity fundsactively into the EU that phasing in, however, only at laterstages. Mostnotably they do not have to complywith the AIFM-Directive, the passport for third-country managers is planned to or at least not fully.

48 SECASECA Yea Yearbrbookook 2011 2011

The working group already had severalmeetings with the pertinent Swiss authorities, i.e. the "Staatssekreta- riat für Internationale Finanzfragen -SIF"and FINMA. As mentioned at the last such meeting in mid- February SIF and FINMA should provide us witha first draft of thenew Swiss regulation in August of this year.Ifthe draft does not meet with too muchresis- tance it will be submittedtoabroader circle for com- ments ("Vernehmlassung").

Evidently, the forthcominglegislation is crucial forour industry and we willkeep you informedabout the further developments throughthe SECA events and newsletter.

Regulatory Avalanche Whilethe goal is clearly to limitunnecessary regulation of theprivate equity industrytoaminimum in Switzerland, it is afact thatinmost partsofthe West- ern world private equity is in the process of being sub- jected to prudential and systemic-risk related regulation by the various financial market authorities.Inad- dition to theAIFM-Dthe USA has enacted the Dodd- Frank Act. FurtherFATCA not only troubled the financial but also the private equity industry. The consequences of all these legislative projects forour industry are still unclear.However,asecond-level implementation legislation is notfinalized yet.Through our SECA events and newsletterwewillalsoinform our members of thedevelopments on the other side of the Atlantic Ocean.

Outlook Theplanned activities for this year remainlargely the same witheven moreattention and most of our efforts goingtothe forthcomingregulation of our industryin the world including Switzerland.

Developmentsinthe taxarea are covered in aseparatearticle by Barbara Brauchli Rohrerofour chapter on page 50.

Hannes Glaus Partner

LustenbergerGlaus&Partner Wiesenstrasse10 8032 Zurich hannes.glaus.lgpartner.ch

49 SECASECA Yea Yearbrbookook 2011 2011

WesentlicheNeuerungen im Schweizer Ausweitung desBeteiligungsabzugs Steuerrecht Neuqualifizieren bereits 10%-ige Beteiligungenoder solche mit einem Verkehrswert vonCHF 1Mio.für Wichtige Änderungen im Schweizer Steuerrecht sor- denBeteiligungsabzug bei Dividendenausschüttun- gen dafür,dass die Schweiz als Standortattraktiv gen. bleibt. Der nachfolgende Artikel setzt sich mitden im Jahr 2010 sowie auf den 1. Januar 2011 in Kraft ge- BeiKapitalgewinnen gelten neu ebenfalls10% sowie setzten Änderungen auseinander. eine Haltedauer von 1Jahr.

Zu den wichtigstenThemen gehören sicherlich die Er- Ausweitung des Ersatzbeschaffungstatbestandes leichterungen bei derKonzernfinanzierung, die Um- setzungdes zweitenTeilsder Unternehmens- Der Ersatzbeschaffungstatbestand wurde dahinge- steuerreform II,dabeivor allem das Kapitaleinlagep- hend ausgeweitet, indem neu bei derVeräusserung rinzip,sowie die neu ausgehandelten Doppelbesteue- von betriebsnotwendigemAnlagegutdie realisierten rungsabkommen, die den internationalen Standards stillen Reserven auf das neu erworbene Ersatzgut beider Amtshilfe in Steuersachen entsprechen. übertragen werden können, sofern wiederum be- triebsnotwendiges Anlagegutgekauft wird. Bis anhin Im Folgenden wird auf die Konzernfinanzierung so- musste dieses Funktionsgleichheit aufweisen, was seit wie die Unternehmenssteuerreform II mitSchwerge- 1. Januar 2011 nicht mehr gefordert wird. wicht Kapitaleinlageprinzip, näher eingegangen. Aufschub der Besteuerung stiller Reserven Konzerninterne Finanzierungstätigkeiten Sowohl die Verpachtungeines Betriebes, die Überfüh- Seit dem 1. August 2010 sindkonzerninterne Zinszah- rungvon Liegenschaften vom Geschäfts-ins Privat- lungen sowohlvon der Verrechnungssteuer als auch vermögen alsauch Erbteilungen führen nicht mehr zu derEmissionsabgabe befreit. Diese Neuerung wurde einersofortigenBesteuerung derstillen Reserven.Die- leidermit einerEinschränkungversehen: Schweizer se kann neu bis zum Zeitpunkt der effektiven Be- Konzerne, welche im Ausland durch eineTochterge- triebsaufgabe oder Veräusserung aufgeschoben wer- sellschaft eine, von Schweizer Konzerngesellschaften den. garantierte Anleihe begebenhaben, profitierennicht von den Erleichterungen.Mit diesergrundsätzlichzu Aufgabe selbständiger Erwerbstätigkeit -Entlastung derLiquidationsgewinne begrüssenden Regelung soll erreicht werden, dass konzerninterneFinanzierungstätigkeiten vermehrt aus Neu wird der Liquidationsgewinn nicht mehr zum or- derSchweiz heraus stattfinden und somitinder dentlichenEinkommen dazugezählt, vielmehr wird er Schweiz Arbeitsplätze geschaffen werden. -zwecks Milderung der Steuerprogression -einer separaten Besteuerungunterworfen. Für die Festlegung des Steuersatzes ist ein Fünftel des Liquidationsge- Unternehmenssteuerreform II winnes massgebend. Auf den 1. Januar 2011 wurden die folgenden Ände- rungen umgesetzt: Kapitaleinlageprinzip Steuerfreie Rückzahlung von Kapitaleinlagen • Ausweitung desBeteiligungsabzuges Aufden 1. Januar 2011 ist dasKapitaleinlageprinzipin • Ausweitung des Ersatzbeschaffungstatbestands Kraft getreten. Dieses stellt Kapitaleinlagen vonAn- • Aufschub der Besteuerung stillerReserven teilsinhabern dem Grund- oderStammkapital gleich, womitdie Rückzahlungvon Kapitaleinlagen, dieselbe • Entlastungder Liquidationsgewinne bei Aufgabe steuerliche Behandlung wiedie Rückzahlung von selbständiger Erwerbstätigkeit Grund- oder Stammkapital erfährt.

50 SECASECA Yea Yearbrbookook 2011 2011

Für die Aktionäre bedeutet dies folgendes: to innerhalb von30Tagen der ESTV mittelsdes entsprechenden Formulars zu melden. • Schweizer Aktionäre(natürliche Personen) Bei natürlichen, in der Schweiz ansässigen Perso- Gemäss ESTV bzw. KS Nr. 29 ist bezüglichder Quali- nen,welche die Aktien im Privatvermögenhalten, fikation als Reserven ausKapitaleinlagen verschiede- ist die Auszahlung der Kapitaleinlagereserve nes zu beachten. So qualifizieren lediglich offene Kapi- steuerfrei. taleinlagen,welchedurch direkte Anteilsinhaberge- leistet wurden von der Steuerfreiheit, womit Einlagen • Ausländische Aktionäre durch Grossmutter-oderSchwestergesellschaften so- Auf der Auszahlung von Kapitaleinlagereserven wie verdeckte Kapitaleinlagen nicht zu den Einlagen wird keine Verrechnungssteuer erhoben. Diesist im Sinne des Kapitaleinlageprinzipszählen. Ausser- insbesondere fürausländische Aktionäre attraktiv, demgeltenReservenaus Kapitaleinlagen,welche mit welche nicht füreine100%-igeRückforderung der Verlusten verrechnetworden sind, alsuntergegangen Verrechnungssteuer qualifizieren würden. und reduzieren die Reservenaus Kapitaleinlagen end- • Schweizer Aktionäremit Buchwertprinzip gültig. Für in der Schweiz ansässige Personen (natürliche oder juristische), welche dem Buchwertprinzip un- Im Falle einer Sanierung ist, da die ESTV für die Ge- terliegenhat das KapitaleinlageprinzipkeineÄn- währungeinesEmissionsabgabeerlasseseine Verrech- derungen zurFolge. nung der Reserven (inkl. Kapitaleinlagereserven)for- dert,eineeingehendeAnalyse erforderlich, welche DieSteuerfreiheitbei der Rückzahlungvon Kapitalein- Vorgehensweiseökonomisch sinnvoller ist: Entweder lagen gilt füralle Kapitaleinlagen, welche nach dem die Emissionsabgabe auf dem Sanierungszuschusszu 31. Dezember1996 geleistet wurden. Gemässden entrichten, um eine spätere steuerfreie Rückzahlung neuen gesetzlichen Regelungen sowie demvon der zu ermöglichen, oder einen Emissionsabgabeerlasszu Eidgenössischen Steuerverwaltung (ESTV)zum Kapi- beantragen und damitdie steuerbare Rückzahlung in taleinlageprinzip veröffentlichtenKreisschreibenNr. Kauf zu nehmen. 29 vom9.Dezember2010 (KS Nr. 29) sind verschiedene Vorschriften und Fristen zu beachten, damit vom Auch bei Umstrukturierungengilt es verschiedenes zu Kapitaleinlageprinzipprofitiert werden kann. beachten, führtdoch die Verletzung steuerrechtlicher Sperrfristen,inder Regel zu einer Realisationder stil- So müssen sämtliche Kapitaleinlagen, welche nach len Reserven auf den übertragenen Vermögenswerten dem31. Dezember 1996 geleistetwurden, in der Bilanz oder Beteiligungen. Obwohlineinemsolchen Falle die auf einemseparaten Kontoverbucht werden. Dieser stillen Reserven rückwirkend realisiert werden, ist es separateAusweis muss spätestens in der handelsrecht- nicht möglich, dieseals Reserveaus Kapitaleinlage zu lichen Schlussbilanz des Geschäftsjahres erfolgen, wel- verbuchen. Dies führt unter Umständen dazu, dassdie ches im Kalenderjahr 2011 endet. rückwirkendrealisierten Reserven bei derspäteren Ausschüttung an die Anteilsinhabererneut der Be- Zusätzlich muss derESTV der Nachweisübersämtli- steuerung zugeführtwerden. chegeleisteten, offenen Kapitaleinlagen,die von Inha- bern der Beteiligungsrechte nach dem 31. Dezember Handlungsbedarf/Empfehlung 1996 geleistetwurden, fristgerecht eingereicht werden. Um dieVorteiledes Kapitaleinlageprinzipstatsächlich Fristgerecht heisst in diesem Falle 30 Tage nach der zu nutzensowie zwecks Vermeidungjeglicher Generalversammlung,welche den Jahresabschluss des Nachteile, gilt es folgendeszubeachten: Geschäftsjahres genehmigt, welches im Kalenderjahr 2011 endet, d.h. in der Regel 30 Tage nach der Gene- • Überprüfung, ob es sich lohnt im laufenden Ge- ralversammlung des Geschäftsjahres 1.1.-31.12.2011. schäftsjahr verdeckte Kapitaleinlagen vor Abnah- me der Jahresrechnung aufzudecken;

Als Nachweis für die Einlagendienen z.B. Jahresrech- • Verzicht aufVerrechnung von Reserven aus Kapi- nungen und Emissionsabgabedeklarationen. Ausser- taleinlagen mitVerlusten; dem sind alle Änderungen aufdiesem separaten Kon-

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• Prüfung bei Sanierungen, ob es wirtschaftlich sinn- die Abschaffung der Emissionsabgabe aufEigenkapi- voller ist, den Emissionsabgabeerlass zu erhalten tal und Obligationen, einenSystemwechselbeim Betei- oder dieVerlusteauszubuchen; ligungsabzug (Wechsel zur direkten Freistellung, keine Mindestquoten), die zeitlich unbeschränkte Ver- • Zeitgerechter und sauberer Nachweis derReserven lustverrechnung sowie die Verlustübernahme von in- aus Kapitaleinlagen, d.h. einesystematischeAufar- und ausländischen Gruppengesellschaften, die Anpas- beitungaller seit dem1.1.1997 geleisteten Kapital- sung der kantonalen Steuerregimes für Holdinggesell- einlagen; schaften (Verbotder Geschäftstätigkeitbei Holdingge- • Verbuchungder Kapitaleinlage auf einem separa- sellschaften auch im Ausland,Besteuerung anderer Er- tenKonto; träge miteinerMindestquote von z.B.15%) und Ver- • SystematischePlanung zukünftiger Rückführun- waltungsgesellschaften (ordentliche Besteuerungvon gen (Dividende vs.Nennwertrückzahlungvs. Ka- Schweizer-Erträgen,Mindestquote von 20%für aus- pitalreserverückzahlung) sowie Beteiligungsrück- ländische Erträge)sowie dieAbschaffungder Kapital- kaufprogramme; steuer beinhalten.

• BeimDue Diligence Prozess im Rahmen einer Ak- Nebstder UStR III werden sicherlich auch die Ab- quisitionstellendie Überprüfung des Vorhanden- schaffungder Pauschalbesteuerungsowie die Einfüh- seins des von der ESTV geforderten Nachweises rung einerErbschaftsteuer auf Bundesebene Themen sowie die richtige Verbuchungeinen wichtigen sein, die uns in nächster Zeitbeschäftigen werden. Punktdar;

• Zukünftige Einlagen sind sorgfältig zu planen, da es allenfalls vorteilhafter ist,anstelle einer verdeck- ten Einlage,eineoffeneEinlage vorzunehmen. BarbaraBrauchliRohrer Partnerin

Die vorstehenden Ausführungen zeigen, dass es bei Wenger &Vieli AG derUmsetzungdes Kapitaleinlageprinzips einersorg- Dufourstrasse 56 fältigen Planung sowie einer sauberenAufarbeitung Postfach bedarf. Zudemsind die politischenEntwicklungen 8034 Zurich betreffend das Kapitaleinlageprinzip genau zu verfol- [email protected] gen. Während derBundesrat in seinem Bericht zurAk- tienrechtsrevision vom Dezember2007 dasKapitalein- lageprinzip wieder streichen wollte, war der Ständerat für dessen Beibehaltung.Demgegenüber will die Rechtskommission des Nationalratsnun die Möglich- keit der Rückzahlung von Kapitaleinlagereserven aus dem Gesetz kippen. Die Räte werden sich im Sommer oder Herbstmit diesem Themabeschäftigen und es bleibt abzuwarten, ob dieRäte einen für die Schweizer Wirtschaft günstigen Entscheid fällen werden (vgl. dazu Artikelvon ManfredRösch/Peter Morf in der Fi- nanz und Wirtschaftvom 9. Februar 2011).

Ausblick Während die letztenÄnderungender Unternehmens- steuerreform II per 1. Januar2011 umgesetzt wurden, steht bereits die nächste Reform, die Unternehmens- steuerreform III(UStR III) vorder Tür. DieUStR III hat die Stärkung des UnternehmensstandortesSchweiz, dieErhöhung der Wachstumsaussichten sowiedie Bei- legung desSteuerstreitesmit derEUzum Ziel.Sie soll

52 SECASECA Yea Yearbrbookook 2011 2011

Aktienrückkäufe EconomicValue Added gelenkt. Untergewissen Umständen verbessern Ausschüttungenbzw. Akti- Aktienrückkäufebleiben fester Bestandteil der Aus- enrückkäufe die aufgeführten Zielsetzungen. schüttungspolitik. Auch 2010 haben rund20ander • Nennwertrückzahlungen und Aktienrückkäufe SIXkotierte Gesellschaften eigene Aktienzurückge- kauft. Solide Bilanzen und hoheCashflows werden werden seit Mitte der 90erJahre regelmässig prak- 2011 weitere Rückkäufe begünstigen. tiziert. Im Rahmen einer steuereffizienten Aus- schüttungspolitikbieten sie eine idealeErgänzung Das Ausschüttungsvolumenhat unter den an der zur klassischenBardividende. Es ist davon auszu- SchweizerBörse kotierten Unternehmen in den letzten gehen, dass das Ausschüttungsvolumenohne die Jahren ebenso wie die Verbreitung von Aktienrück- neuen Ausschüttungsformen nicht derart stark kaufsprogrammen massiv zugenommen. 1995 betrug zugenommen hätte. es noch rund 6Mrd. CHF (Quelle: Vontobel Equity • Zudem gilt es zu berücksichtigen, dass die Unter- Research).1997bzw. 1999wurde die Marke von 10 nehmen zum einen gewachsen sind und zum an- Mrd. bzw. 20 Mrd. CHFüberschritten. Vorläufige deren ihre Profitabilität gesteigert haben. Die ope- Spitzenjahre waren 2007 und 2008 mit einem Volumen rativen Cashflowssind darum gestiegen und lassen von 46 bzw. 42 Mrd. CHF. Seither ist das Ausschüt- höhere Ausschüttungen zu. tungsvolumen wiederrückläufig. Den Rückgangvoll- ständigder Finanz-und Wirtschaftskrise anzulasten Eine Einschätzung der aufgeführtenFaktoren führt wärejedochfalsch. DassetwaSwisscomund Novartis zum Schluss, dassdie Aktionäre in Zukunft nicht mit ihre regelmässigen milliardenschweren Aktienrück- einem generellen Rückgang der Ausschüttungen rech- kaufsprogrammevorübergehend eingestellthaben, nen müssen. Folgende Aspekte spielen eineRolle. liegtnicht an der Krsie, sondern an getätigten Ak- quistionen (Fastweb bzw. Alcon). Beide werden ihre • DasZinsniveauwird wohl vorerst einigermassen Ausschüttungen in Zukunftje nach Akquisitionstä- tief bleiben. tigkeit -wieder erhöhen. Anders zu beurteilen ist die • Die Halbjahresabschlüsse 2010 und erste Einschät- Situationetwabei denGrossbanken CS und UBS. Es zungen der Jahresabschlüsse2010 zeigen steigende istkaum davonauszugehen, dass diese ihren Aktionä- Gewinne. DieweiterenAussichtenwerden trotz renneben Dividendenzahlungen überAktienrückkäu- wohl anhaltend starkem Franken überwiegendpo- fe jährlich mittlere einstellige Milliardenbeträge zu- sitiveingeschätzt. kommen lassenwerden wie vor der Finanzkrise. • VieleUnternehmen stehen mitsolidenBilanzen Es gibtverschiedene Erklärungen für die zunehmen- sowie starkemCash- und Free Cashflow da. Diese den Ausschüttungen bzw. für das Aufkommen von können sich eine Steigerung der Ausschüttungen Aktienrückkäufen. leistenohnedamit das Konkursrisikospürbarzu erhöhen.

• Die Mehrheit derUnternehmen verfolgt eine Fok- • Einige Unternehmen werden die operativ sowie kusierungsstrategie. DerVerkauf von nichtzum durchweitere Fokussierungen generiertenfrei ver- Kerngeschäft gehörenden Aktivitätenkann hohe fügbarenMittel nicht vollumfänglich insKernge- flüssige Mittel generieren. Beifehlenden Reinvesti- schäftinvestieren können. tionsmöglichkeiten im Kerngeschäft steigt damit Allerdings zeigtedie Finanz- und Wirtschaftskrise das Ausschüttungspotenzial. schonungslos auf, wiewichtig ein solides Eigenkapital • Dastiefe Zinsniveau hat einerseits das Haltenvon zum Überstehen einer Absatzkrise ist. Einseitigauf Finanzanlagenunattraktiv gemacht. Andererseits den ReturnonEquity ausgerichteteFinanzierungs- erlaubte es einegünstigeBeschaffung von Fremd- strukturen dürften seltener werden. Verstärktes Risi- kapital. Beides sprichtgegen eine Thesaurierung koempfindenwird in einigen Fällen sicherlichzum von Eigenkapital und damit für ein Ansteigen der Vezicht auf eine Ausschüttung(-serhöhung) führen. Ausschüttung. Aus Bilanzsicherheitsaspekten spielt die Art der Ei- • Die zunehmende Ausbreitungdes Shareholder Va- genkapitalrückführung (Dividende, Nennwertrück- lue-Denkens hat den Fokus verstärkt auf Grössen zahlung,Aktienrückkauf) keine Rolle. Mit jedem In- wie ReturnonEquity, Earnings per Shareoder strument kann das Eigenkapital um einenidentischen

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Betrag herabgesetzt werden. Es gibt allerdings gute kanne ausgeschüttet wird.Nur wersteuerlich nicht Gründe, welche die Entwicklung der Aktienrückkäufe benachteiligt wird, partizipiert am Rückkauf. begünstigen könnten. NebenNestléhaben2010/11 unter anderem die fol- • Per 1.1.2011 hat das Kapitaleinlageprinzip das genden UnternehmenAktien zwecks Kapital- Nennwertprinzip abgelöst. Bislang hatte der priva- herabsetzungzurückgekauft: Absolut US, Actelion, te Aktionär dieDifferenz zwischen Rückkaufspreis Advanced Digital Broadcasting, Alpine Select,Altin, und Nominalwert als Einkommen zu versteuern, BB Biotech, Edipresse, Geberit, HBMBioventures, Ju- falls aufden Rückkauf eine Kapitalherabsetzung lius Bär, Lem, NewValue,Shape Capital Syngenta, folgte. Darumwar er faktischvon Rückkäufen aus- Valiant, Vetropack, Walter Meier.Rückkäufe ohne geschlossen. Mit dem Kapitaleinlageprinzip ist neu Vernichtung der zurückgekauftenAktien tätigten bei- auch Agio steuerfrei an denPrivatanleger auss- spielsweise Austriamicrosystems, Baloise, Logitech, chüttbar (vgl. Artikel von Barbara Brauchli Rohrer Lonza und SGS. Lang ist auch die Liste potenzieller auf Seite 50). Verfügt ein Unternehmen über aus- Aktienrückkaufskandidaten: EmsChemie, Givaudan, reichendAgio, kanndas gesamte Rückkaufsvolu- Sulzer,Swatchusw. menaus von der Einkommenssteuer befreiter Ei- genkapitalsubstanz ausgeschüttet werden. Damit Motivation vieler Aktienrückkäufeist die Verdichtung gewinntder Aktienrückkauf aus steuerlicher Sicht des Gewinns pro Aktie (EPS). Der Rückkauf verringert an Attraktivität. Sowohl Einkommens-als auch die Anzahl der Aktien. Gleichzeitigdrückt der Er- Verrechnungssteuer entfallen in diesem Fall. Als tragsausfall auf den ausgeschütteten Mitteln auf den erstes Unternehmenhat NewValue im Januar 2011 Gewinn. Es stellt sich darum die folgendeFrage: Über- von dieserneuen steuereffizienten Möglichkeit steigt der vergrösserte Anteil am reduzierten Gewinn- Gebrauch gemacht. kuchen den ursprünglich kleineren Anteil am grösse- renKuchen? Inwieweit das Kuchenstück dank des • Mit einerDividendeschüttet einUnternehmen sei- Rückkaufs grösser wird, hängt von der Anzahl der ne Barmittel auf einen Schlagaus. Ein Aktienrück- vernichteten Aktien ab. Für operativ erfolgreiche Un- kauf über eine zweite Handelslinie (häufigstes ternehmen sollteder Abbau von tiefverzinslichen Fi- Rückkaufsverfahren in derSchweiz) erlaubt eine nanzanlagen generell zu einer Verdichtung des Ge- gestaffelte Rückzahlung übermaximal drei Jahre. winns pro Aktieführen. Dann ist das grosse Stückam In der Wirtschaftskrise hat sich diese Flexibilität kleinen Kuchenvorzuziehen.Die Gewinnverdichtung deutlich als Vorteil erwiesen. Unternehmen wie ist aber dann noch nicht mit einer Wertsteigerung ABB, NobelBiocare, SwissReoder Zurich Financi- gleichzusetzen. Es kommennämlich noch Risikoas- al Services haben ihre Rückkäufe zwecks Schonung pektehinzu. Falls die zurückbezahlten Eigenmittel das der flüssigen Mittel unterbrochen bzw. vorzeitig Finanzrisiko erhöhen, verlangen Gläubiger und auch gestoppt. Aktionäre eine höhere Rendite alsEntschädigung.Als Fleissigste Aktienrückkäuferinwar in denletzten bei- Folge davon fallen Kurs/Gewinn Verhältnis und Akti- den Jahren Nestlé. Zwischen2007 und 2009 wurden enwert.Trotzkurzfristiger Gewinnoptimierung kann Aktien im Wert von 25 Mrd. CHF zurückgekauft. Be- dann Wertvernichtet werden. reits 2010 wurdeein neues Rückkaufsprogramm über 10 Mrd. CHF angekündigt. Ersteres Rückkaufspro- Bestes Beispiel dafür ist der im Februar2001 trotz be- grammhätte betragsmässig einer (Sonder-)Dividende reits sehr dünner Eigenkapitaldecke angekündigte Ak- von 5CHF je Aktie entsprochen. Zum Vergleich: Die tienrückkauf von ABB. Am Tagder Bilanzmedienkon- normale Dividende lag damals bei 1.22CHF. Auf- ferenz,anlässlich welcherdas Rückkaufsvorhaben an- grund derEinkommenssteuerpflicht istnicht davon gekündigtwurde,quittierte der Markt dasVorhaben auszugehen, das seineSonderdividende von 5CHF al- miteinem Kurseinbruch um 13% (bereinigt um die le Aktionäre besonderserfreuthätte. Ein Blick auf die SPI-Performance an diesemHandelstag). In der Regel Ausschüttungspraxisinder Schweizzeigtden auch, zeichnensichAktienrückkäufer jedochdurch solide dass das Instrument der Sonderdividende eher selten Bilanzen und starke FreeCashflowsaus.Phoenix Me- eingesetzt wird. Der Vorteil des Aktienrückkaufs liegt cano beispielsweise hat in den letzten sechs Jahren darin, dass er nicht wie die Dividende mit der Giess- dreiRückkaufsprogramme durchgeführt. Trotzdem steht das Unternehmen heute mit einem Eigenkapital-

54 SECASECA Yea Yearbrbookook 2011 2011 anteil von mehr als 60% da. Die Nettofinanzschuld Einkommen realisieren. Die Ausübungsfrist beträgtin liegt etwaimBereichdes 2009er Cashflows. Ohne die der Regel wenigeHandelswochen. Während bei Akti- Aktienrückkäufe wäreder Eigenkapitalanteilheutebei enrückkäufen über die zweite Linie nahe dem Mark- rund 66%.Angesichts der komfortablen Finanzsituati- preis gekauft wird, muss bei Put Optionen der Strike on ist darum für Phoenix Mecanokaum eine höhere deutlich darüber liegen. Ansonsten besteht die Gefahr, Gewinnrenditebzw. ein rückkaufbedingt tieferes KGV dass der Kursüberden fixiertenRückkaufspreis(Stri- zu rechtfertigen. Ebenso fürEms Chemie, welche in ke der Optionen) steigt. In diesemFall verfallen die ihrem letzten Aktienrückkauf6.7% der Aktien zu- Optionen wertlos und der Rückkauf kann nicht statt- rückgekauft hat. Unterder Annahmeeiner Rendite auf finden.Inder Praxisist dieser Fall bereits eingetreten. Finanzanlagenvon 1.5% p.a. führte der Rückkauf für Unternehmenofferieren darum Prämien von 20-30%, Emszueiner Gewinnverdichtung von 6%. Beim dama- wasinsbesonderebei illiquidenSmall Caps wichtigist. ligen Aktienkurs von 143 CHF sollte dies eine Wert- Die ehemalige Eichhof Gruppe hat bei ihren Rückkäu- steigerung von 8.50 CHFbewirken, welcheder Privat- fen z.B. jeweilsPrämien von50% bezahlt. Da die Put- anleger steuerfrei realisieren kann. Dieses Beispiel Optionmit steigender Prämie an Wert gewinnt, ist der zeigt deutlich: Auchwenn Privatanlegernicht am Privatanleger in keinerWeise benachteiligt. Rückkauf teilnehmen können, ziehen sie doch einen Nutzen ausder Transaktion. Das Rückkaufsvolumen Ein Rückkauf über Put-Optionen kommtseltener zur von rund 300Mio. CHFwäreauch alsSonderdividen- Anwendung, da er als Hauptnachteilgegenüber der 2. de von12CHF je Aktie ausschüttbar gewesen. Je nach Linie eine deutlichgeringere Flexibilität aufweist.Zu- Steuerbelastung führt die Dividende auch zu einem dem können bei hohen Rückkaufspreisen für einenfi- Nettoeinkommen im Bereichvon 8.50CHF. xiertenBetrag wenigerAktienerworbenwerden. Dies reduziertimVergleichzur 2. Linie das Gewinnver- DieVerrechnungssteuerpraxis hindert Schweizerische dichtungspotenzial. Gesellschaften an einem Rückkauf zumZweck der Kapitalherabsetzung überden ordentlichen Börsen- 2010 sorgteinsbesondere derAktienrückkauf vonVa- handel. Es sei denn,das gesamte Rückkaufsvolumen liantfür Schlagzeilen. Das Finanzinstitut hat von2007 besteht aus steuerfrei ausschüttbaremNennwert und bis2010rund 10% der eigenen Aktien zurückgekauft. Agio.Umdie steuerlich separateBehandlungder Ver- Finanzmedien warfenValiant vor, mit den Aktien- käufer technischsicherstellen zu können, hat sich die rückkäufen denAktienkurs gestützt zu haben. Dass Zweite Handelslinie als wichtigstes Rückkaufskriteri- Rückkäufe kursstützendwirken,ist ein Fakt. Einerseits um etabliert.Darauf tritt nurdie Gesellschaft selbstals wirkt sich die erwartete Gewinnverdichtung positiv Aktienrückkäuferin auf. aus.Andererseitsschafft der Aktienrückkauf zusätzli- che Nachfrage. Diesist auch dannder Fall, falls ein Von Gesetzes wegen darf auf der zweitenLinie eine Unternehmen wie Valiant über eine zweite Linie zu- Prämievon maximal 5% gegenüber derordentlichen rückkauft.Ein beachtlicher Teil derVerkäufer auf der Linie bezahlt werden. Ohne Prämiewären Anleger zweiten Linie agiert nämlichals Arbitrageur. Auf der kaumzueinem Verkauf überdie zweite Linie zu mo- ersten Liniewirdgekauft undauf derzweiten Linie tivieren. Der Fairness gegenüberdem Privatanleger verkauft. Valiant wurde zudem vorgeworfen, dass die wegen versuchen Unternehmen die Prämiemöglichst Aktienrückkäufe denWert derManagement-Optionen gering zu halten. In der Regel liegen diesePrämien steigern. Auchdies ist ein Fakt. Alles was den Kurs zwischen 10-20Basispunkten. des Basiswertserhöht, und dazugehören Aktienrück- käufeinder Regel, steigert auch den Optionswert. Mit Eine alternative, in den letzten Jahren allerdings nur Optionen entlöhnte Managermüssten darum den Ak- wenigverwendete Variantezur Durchführungeines tienrückkauf derBardividende vorziehen. Die Aus- Aktienrückkaufs ist die Zuteilung von "in-the-money" zahlung der Dividendedrückt ja bekanntlichden Kurs Put Optionen. Die Aktionäre erhalten kostenlos Opti- unddamit denOptionswert. Es seidenn, derAus- onen, die in einem vordefinierten Verhältnis und zu übungspreis wird um den Dividendenabgangberei- einemdefinierten Preis berechtigen, Aktien derGesell- nigt. schaftzuverkaufen. Dieaus steuerlichen Gründen vomRückkauf ausgeschlossenen Privatanleger kön- AktienrückkäufebietenUnternehmen eine attraktive nen die Optionen verkaufen und so ein steuerbefreites Ergänzung zurDividendenausschüttung. Die Praxis

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zeigt, dassdie nachhaltig gesicherte jährliche Über- schussliquidität in der Regel per Dividende ausbezahlt wird. Temporäre Überschüsse mit Einmalcharakter bieten sich hingegenzum Rückkauf von eigenen Akti- en an. Internationale und nationale Studien attestieren Aktienrückkaufsankündigungen positiveKurseffekte. Die Aktionäre scheinen daher die flexibleund steuer- effiziente Kapitalbewirtschaftung zu honorieren. Steu- erlich am attraktivsten wäredie Nennwertrückzah- lung.Die meisten kotierten Gesellschaften haben ihren Spielraum dafür allerdingsbereits ausgereizt. Mit der seit Anfang 2011 zulässigenAgiorückzahlung besteht eine neue für den Privatanleger einkommenssteuerbe- freite Ausschüttungsform. Diese steht allerdings nur den Unternehmen miteinemausreichenden Agio offen. Ansonsten verbleibtder Aktienrückkauf als einzi- ge Alternative zur Bardividende.

Philipp Lütolf Professor

HochschuleLuzern -Wirtschaft Institut für FinanzdienstleistungenZug IFZ Grafenauweg 10 6304 Zug [email protected]

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The migration to Switzerland of privately aSwiss corporatelaw pointofview,inparticular held foreign holding companies when attempting to transposeunder Swiss law certain rightstypicallyenjoyed by private equity investors in A. Introduction foreigncompanies of Anglo-Saxontradition. We will provide abrief overview of these issues and possible With its central position in Europe, stable political and solutions. Thisisbynomeans an exhaustivesurveyof business environment, attractive tax system, sophisti- potential issuesaseachparticularcompanyisdifferent cated financial industry andhighly qualified work- but rather an overviewofthe issues we cameacross in force, Switzerland has always beenanattractive loca- recent experiences. tion for foreign companies looking to relocate all or partoftheir global activities. B. Available methodsofmigration

For years,largeinternationalgroups have migrated to 1. Migration of the foreign holding company to Swit- zerland pursuant to article 161 of the Swiss Pri- Switzerland wholly ownedsubsidiariestoholdand vate International Law Act (PILA). market intangible assets (such as trademarksand patents)ortoconduct tradingactivitiesasaprincipal Article 161 PILA provides that aforeign companymay company, in each case forthe purpose of maximizing transform itself intoaSwisscompanywithout going profitsinSwitzerland andbenefiting from atax rate through aliquidation procedure or anew incorpora- which in aggregate is lower than the rates applicable tion process provided (i) such transformation is autho- in the otherjurisdictions where thegroup is active. rizedbythe jurisdictionofincorporation of such for- Thebilateral agreements betweenSwitzerlandand the eign company,(ii) the foreign company adjusts its ar- European Unionregarding thefree movement of em- ticles of association to comply with Swiss corporate ployees havecontributed to reinforce this trend and law requirements and (iii) such migration complies made Switzerland even moreattractive as arelocation with all applicable requirements stemming from the destinationfor international groups. law of incorporation of suchforeign company (e.g. the requirements aimed to protect the interests of the cred- TheattractivenessofSwitzerlandasapossiblereloca- itorsorits minority shareholders). tiondestination has not beenlost to privateequity investors. In the last two years, we have seen astrong in- From aSwisslaw standpoint,the mainchallenge boils terestfrom private equity investors controlling rela- down to adoptingnew articles of association which tively mature foreign holdingcompanies in migrating comply withthe requirements laid down by Swiss to Switzerland and certain privately held foreign corporate law while replicating to the fullestextent groups have indeed already moved their head holding possible the existing articles of associationofthe for- to Switzerland.The reasons for such migration are eign company. primarily tax driven and cangenerally be explained by acombinationof(i) certain foreign jurisdiction tighten- In practice, the Swissmigrationprocedurestarts with ing their tax laws or beingless well disposed towards apre-filing of thenew Swiss articles of association of groupsheadquartered in non-traditional jurisdictions the migrating entity with thecommercial registerto and (ii) Switzerland allowing as from January 1, 2011 ensure that such articles will be considered as com- forthe repayment, free of Swiss withholding tax,of pliant with therequirements of Swiss law and that the any equitycontribution made by theshareholders. migrating companywill be duly registered in Switzer- land upon itsmigration.The commercial register We will review below thethree different methods usually requires alegalopinionfrom the Swiss Insti- used for migratingthe head holding of aforeign group tute of Comparative law confirming thatthe adjust- to Switzerlandand the advantages and disadvantages mentsofthe articles of associationofthe migrating of each method. Private equity investors in amigrating company are feasible. In asecond step,the decision to company intend to fully benefit from the tax advan- migrateand the new Swiss articles of association will tages offered by relocating it to Switzerland but are have to be approvedbythe shareholders of the foreign not willingtolose any of theshareholders rights pre- company while it is still registered in its jurisdiction of viouslyenjoyed in the jurisdiction of origin. Conse- origin. The validity of such resolutionand the risk of a quently, the relocation in Switzerland of aprivately challengebyminority shareholders will have to be as- held holdingcompany poses anumber of issues from sessed from aforeign lawperspective with the assis-

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tance of local counsel. Once the new Swiss articlesof port explaining all relevant features of thecontem- associations arevoted by the foreign holding, they plated merger. Aqualified auditor then examines the should be formallyfiled withthe commercialregister. merger reportand themerger balance sheet.MergerCo The foreign holdingshould in addition (i) showthat increases its share capital as part of the merger and is- the centreofits operations has been actually trans- sues to the shareholders of the foreign holding new ferred into Switzerland(in practice, astatement of the shares which will replicate as closely as possible (and board of directors, whethercontained in the applica- to the extent permitted by Swiss law) the existing tion to thecommercial register or an exhibit thereto, shareholding structureofthe foreignholding. The confirming such transferissufficient), and (ii) file an mergerbecomes effective withthe registration of the auditreport issued by aqualified auditor certifying merger in the commercial register. that the sharecapital of the company is covered by sufficient assets. As aresult of themerger, the foreign holding is winded up without liquidationand all its assets and The transfer of the foreign holding will be perfected liabilities are transferred to MergerCobyway of uni- upon it being registered in thecommercialregister in versal succession. Switzerland. 3. Incorporation of anew Swiss holding companyto 2. Cross-border mergerbetween theforeign holding acquire theforeign holding company. company and an existing or newly created holding In this thirdmethod, the shareholdersofthe foreign companyinSwitzerland pursuanttoarticle 163a holdingcompanyincorporate anew holding company PILA. in Switzerlandwith acapital structurewhich would Article163a PILA provides that aSwiss company may replicateasclosely as possible(and to the extent per- acquireaforeign company(absorption by immigra- mitted by Swiss law) the existing shareholding struc- tion) or combine with aforeign company to forma ture of the foreignholding. new Swisscompany (combination by immigration) if the law applicable to such foreign companysopermits The existing shareholders of the foreign holding com- and the conditions set forth by such law are beingsa- panysubscribe for their shares in the new Swiss hold- tisfied. Otherwise, the merger is governed by Swiss ingcompany by contributingall their shares in the law. foreign holdingcompany, which as aresultbecomes a wholly ownedsubsidiary of thenew Swiss holding The decision to merge aforeign holding company into company. It is then possibletoliquidate the foreign anewly created Swiss holding company (MergerCo; holdingcompany or further reorganize the group to usuallyincorporated by the foreign entity itself) will optimize the future up-streaming of profits to Switzer- have to be approvedbythe existing shareholders of land.This method which requiresall the shareholders the foreign holding while it is still registered in its ju- of theforeign company to contributetheirshares to risdictionofincorporation.Therefore the validity of the newSwiss holding company may be difficult to suchresolution and the risk of achallenge by minority implement if certain minorityshareholdersare notfa- shareholders have to be assessed from theperspective vorabletothe projectorifthe numberofcontributing of the foreignholdingcompanys law of incorporation. shareholders is particularly large. In such acase, it is usually more advantageous for the foreign holding From aSwisslaw standpoint,the main challenge boils companytoincorporate itself anew wholly owned down to MergerCo adopting articlesofassociation subsidiary in Switzerland by contributing to it all of its which replicate to the fullest extentpossible the exist- assets and then proceed with aliquidation, dividend ing articles of associationofthe foreigncompany. in kind or share exchange (depending on whatisposs- ible under applicableforeign law) to transfer the If the positive vote of the shareholders of the foreign shares of the new Swissholding company to its own holdingcan be secured,and provided thatall re- shareholders. quirements setforth by foreignlaw aresatisfied, the completion of the merger is relatively straightforward The decision to incorporate anew Swissholdingcom- from aSwiss lawperspective. In anutshell, the board pany to whichall the assets of the foreign holding of directors of MergerCo prepares and presents are- company will be contributed as well as the decision to

58 SECASECA Yea Yearbrbookook 2011 2011 subsequently proceed with aliquidation, dividend in ticular whenitcomes to minimizing execution kindorshareexchange will usually have to be ap- risks. proved by theexisting shareholders of the foreign C. Thechallenge of offering post-migration the holding. Thereforethe validityofsuchresolutionand samerights and benefits which wereenjoyed by the riskofachallenge by minority shareholdershave private equityinvestorsprior to the migration to be assessed from the perspective of the foreign holding companys law of incorporation. 1. Introduction Irrespectiveofthe method chosen by themigrating 4. Advantages anddisadvantages of the three meth- foreign company, one of thekey challenges from a ods Swisscorporate law perspectivewill be to replicate the Thefollowing criteria have to be takeninto considera- rightsenjoyed by its existing shareholders and in par- tion whileponderingthe advantages and disadvan- ticular itspreferred shareholders, notablywhen the tagesofthe threemethods: migrating entity originates from the Anglo-Saxon tradition. 1. Feasibility from aforeignlaw perspective:the first two methodsobviously do not come into consid- In aprivate equity context, shareholders areusually erationifforeignlaw does not allow migration boundbyashareholders agreement. Primafacie, an within themeaningofarticle 161 PILA or cross- easieralternativetotranslating the pre-existing share- border merger within the meaning of article 163a holders rightsinto articles of association complying PILA; with Swiss corporate law would be to amend the 2. Tax consequences from aforeign tax lawperspec- shareholders agreement to offerbycontract the same tive: eachmethodresultsineither the foreign hold- pre-existing shareholders rights while keeping only ing company ceasing to exist in its former jurisdic- standard Swiss articles of association. Unfortunately, tion of incorporation or transferring allorsubstan- tially all of its assets out of its jurisdiction of incor- the protection affordedbycontractisnot the sameas poration and consequently the foreign tax conse- the one afforded by the articles of association and mi- quences have to be fully understood; norityshareholdersmay take theopportunityofan amendment to the shareholders agreement to nego- 3. Tax consequences from aSwiss law perspective: all tiatecertain concessions and hold back themigration. threemethodsshouldqualify as tax neutral reorganization from an issuance stamp dutyperspec- tive, although aadvance ruling should be obtained There is therefore an interest in trying to transpose the forconfirmation; the main difference between the pre-existing shareholders rights to the fullest extent three methods resides in the potential optimization possibleinthe articles of association of the future for futuretax neutral distributions to the share- Swiss holding,while it mustberecognizedatthe out- holders of the companys equity from aSwiss set that withmigratingentities originating from the withholdingtax perspective,wherebythe third Anglo-Saxon tradition aperfecttransposition is not method offersthe best potentialand thefirst two possiblewithoutresorting to ashareholdersagree- methodsoffer only alimitedpotential in this re- ment. spect;

4. Executionriskand timelinefor implementation: Without aiming at being exhaustive, we will review the risk of minority shareholders, foreignauthori- below certain key features which are found in the ar- ties or Swiss authorities blocking or delaying the ticles of association of privately held foreign compa- migration process and the time available for im- nies. plementing themigration have to be taken into consideration while assessing each method. 2. Dividendpreference 5. It is notpossible to state that one method is generally preferable to theothers,aseach case will have Oftentimes, private equity investors are being issued its own specificities. However, in our experience, in differentclasses of shares providingfor specific pre- situationswhere maximizing thepotential for fu- ferreddividend rights, usually tied to the amount of ture tax neutral distributions is adriving factor or investmentmade by such investors andaiming at gua- wherethe shareholding structureand sharehold- ranteeing aspecific return.Creating several classes of ers rights areparticularly complex, the third preferred shares with specific dividend rights is usual- method usuallyoffersthe better solution, in par-

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ly unproblematic under Swiss law as longthat the de- Provided that the beneficiary of suchanti-dilution pro- scription of the dividend rights is sufficiently precise tection is readytopay in cash the par value of the anti- and unambiguous. dilution shares(such additional payment will have to In our experience, it is also possible underSwiss cor- be taken into account when computing the number of poratelaw to create so-called trackershares, i.e. anti-dilutiveshares),itispossible to issuetothe bene- shares offeringapreferenceright to aportion of the ficiariesoptions to subscribe shares, the exercise of companys distributable earningscomputed by refer- which is triggered by adilutiveround.For suchop- ence to revenues attributable to certain specific assets tions to be enforceable, it has to be supported by a of the issuing company. conditionalcapital createdfor such purpose, bearing in mind that the conditional capitalcan notexceed fif- 3. liquidation preference ty percent of thestated capital of the company. Theclassesofpreferred sharesissued to private equity The grant of such options implies that the right of first investorsusually provide foraliquidationpreference, subscription of the existingshareholders be validly i.e. apreferred right to theproceeds of the issuing suppressed. In the context of amigr companys liquidation. In Anglo-Saxon companies, ationwhere the this liquidation preference not only applies to situa- foreign holdingcompany would incorporate first a tions where the issuing company actuallydissolves new Swiss holdingcompany the shares of which are and liquidatesbut also to situations whichare deemed then transferredtoits shareholders, it is easy to validly to be equivalent to aliquidation,suchaschangeof create aconditional capital, suppressthe right of first control situations (either throughthe saleofshares or subscriptionand issue the anti-dilutive options at a merger)orsaleofall or substantially all the assets of time where thefuture Swissholding company is still a the issuing company. wholly ownedsubsidiary of the foreign holding. Once the shares of the Swiss holding companyare trans- From aSwiss corporate law perspective it is not possi- ferred to the shareholders of the foreignholdingcom- ble to replicateinthe articles of association liquidation pany, the anti-dilutiveoptionsare also transferred to preference rights which apply to deemed liquidations therelevant preferred shareholdersbythe foreign where the transactionsproceedsflowdirectly to the holdingcompany. shareholders and not the issuing company(e.g. sale of shares or merger). Situationofdeemed liquidations 5. Conversion of preferredshares into ordinary shares which imply areallocation among shareholders of The right to convert preferred shares into ordinary transaction proceeds have to be addressedthrough a shares is alsoknown underSwiss law andgenerally shareholdersagreement. does raise anyissue as longaspreferred shares are converted into ordinary shares at aone for one ratio. It For situationofactualliquidation, theflexibility af- is possible to provideinthe articles of association the fordedbySwisslaw in thedefinitionofdividend pre- circumstancespursuant to which the rights attached to ference or the creation of tracking shares alsoapplies the preferredsharesare suppressedasthe rulepro- to liquidation preference. vided in article 654 para. 2ofthe Swiss Code of Obli- gationsisnot mandatory. It is also possibletoprovide 4. Anti-dilution in thearticles of association that each holder of preferred shares can decide at its discretiontoconvert its Anti-dilutionprovisionsmay take various forms in the preferred sharesinto ordinary shares. articlesofassociation of foreign companiesofAnglo- Conversion mechanismfound in the articles of associ- Saxon tradition, such as the right to subscribe for free ation of companies of Anglo-Saxon traditionsome- to anumberofanti-dilution shares or the right to ob- times providethat the conversion ratio can be adjusted tain additional shares upon conversion of thepre- ov ferred shares into ordinary shares. er time (to account for adilutive round, adverse events in the company or thevaluation of the compa- Under Swisslaw, the possibility for acompany to is- ny immediately prior to conversion). Translating such sue free sharestoacertain categoryofshareholders is conversion mechanismtoaSwiss company presents a usually very limited as it requiresfreely distributable difficulty if theadjustedratio requires that the pre- reserves which are oftentimes simply not available. ferred shareholders receive more than oneordinary share for each converted preferred share. Such ame-

60 SECASECA Yea Yearbrbookook 2011 2011 chanismactually requiresthe company to issue for Andreas Rötheli free to the preferred shareholders acertainnumberof Partner new shares, whichraises the followingissues: (a)a Lenz &Staehelin Swisscompanycan notissue any new shares without Route de Chêne 30 receivinginconsideration at least the par value of such 1208 Geneva shares(unless it hasfreelydisposable reservesand is [email protected] allowed to issue free shares), (b) issuingnew shares requires aresolution of themajorityofthe voting rights attachedtothe shares and (c) eachshareholder DavidLedermann hasaproportionate right of first subscription. These Partner issues canusually be solved in away which is similar Lenz &Staehelin to the solutionoutlined above with respect to anti- Route de Chêne 30 dilution shares: granting thepreferred shareholders 1208 Geneva optionstosubscribe anumber of new ordinaryshares [email protected] at par value,which, when added to their existing preferred shares converted into ordinary shares, would leavethe preferredshareholders with the total number of ordinary shares initially contemplatedinthe con- versionprovision. Because such options would have to be supported by aconditional capital,suchasolution is subjecttothe limitations resulting from the size of theconditional capital relative to thestatedcapital. As forthe anti-dilution shares,this is amechanism which is easier to put in place at the timethe newly incorpo- ratedSwissholding company is still awholly owned subsidiary of the foreign holding entity.

D. Conclusion MigratingtoSwitzerland aprivatelyheld foreign holding company is afairly complexprojectand there arenohard andfast rules. Althoughitispossibleto broadly replicate the key rights enjoyedbypreferred shareholdersprior to the migration, relocating aforeign holding company to Switzerland will still have a significantimpact on the rights of the shareholders and on the governance of the company once relocated. Given the typical expectations of Anglo-Saxon private equity investors,migratingtoSwitzerland is more suitable for alate stage /mature company, as part of a strategy to render such company moreattractive for a contemplated trade sale or subsequent listing. It seems to be aless attractive proposition for earlystage companies requiring furtherfinancing rounds as Swiss corporate law will not offer to private equity investors the same levelofflexibilityasthe Anglo-Saxonlegal system.

61 grSECA Yeaündenrbook 2011 2.0 start-up guide From an idea to an enterprise: information and tips for setting up acompanyinSwitzerland

Introduction Information fornon-Swiss nationals Overviewoflegal structures Checklistfor setting up acompany Business incubatorsand technology parks* Addresses and contact points forcompanyfounders* Sponsorship awards and competitions Welcome to gründen 2.0 start-up guide!SECA Yearbook 2011

Dear readers Youhaveabusiness idea and want to setupyour owncompany? Then we have justthe information youneed. Takenfromthe gründen 2.0 start-upguide,the following pages provide ahelpful over- viewofaddresses and contact points forstarting abusiness in Switzerland. The complete English guide is available as aPDF download at www.gruenden.ch and contains information covering topics suchaschoice of legal structure, astep-by-stepguide to setting up acompany, work and residence permits, Switzerland’sthree-pillar pension system and taxxi information.nformation. AAG Germanerman versionversion with additional material material and editorial ünden 2.0 contributions from successful youngyoung entrepreneurs is aavvaailableilable bo th as aaP PDFDF Excerptsfromthe gr * forthe download and as aap printedrinted A4 magazine (also(also at www.gruenden.ch). start-up guide, compiled SECAYearbook 2010

Agood reception thankstoagrowing network

In contrasttoother countries, Switzerland does notprescribe anycompulsorymembership in trade or industrial organizations or chambers of commerce. What is more, theSwiss tend to be rather reservedwhen meeting people forthe ﬁrsttime. Do notlet this discourage you. Instead, take theinitiativeand join associations and organizations. Makethe mostofthe multifacetednetworking platforms, of whichthereare plenty both forleisure-time interests and business activities. Aselection of organizations is listedbelow: –Chambers of Commerce, suchascantonal chambers of commerce Swiss-American Chamber of Commerce www.amcham.ch Association of Swiss Foreign Trade Chambers www.swisscham.ch –Industrial and other associations www.verbaende.ch –Trade associations www.sgv-usam.ch –International clubs

Additional information sources

Hereare some additional linksand contact points that could be helpful or of interest: –www.kmu.admin.ch/themen/00614/00715/index.html?lang=de Contact persons forEUentrepreneurs who want to setupacompanyinSwitzerland. – www.ctistartup.ch National promotion program forhigh-techbusiness ideas and projects (lifesciences, ICT,etc.): as arule, theCTI R+D project is executed in collaboration withauniversity or auniversity of applied science.

– www.ige.ch 10 Swiss Federal InstituteofIntellectual Property pril 20 – www.kmu.admin.ch Setting up acompanyonline (platformofthe Swiss Federation). h|A – www.seca.ch enden.c

Association forcorporateﬁnancing SECA. ru – www.suisseid.ch eg

Electronic proof of identity forthe electronic processing of correspondence ebsit ew

withthe authorities (as of May2010). th – www.snf.ch Swiss National Science Foundation: basic research and promotion of technology

partnerships. ponsors of es

– www.y-e.ch th Young Enterprise Switzerland Program: young people aregiven theopportunity to acquire their ﬁrstentrepreneurial experience while running amini-enterprise forone year. – www.venturelab.ch Start-up training of theinnovation promotion agency CTI forentrepreneurially-minded individuals from universities and universities of applied science withafocus on thegrowth industries ICT,lifescience, bio- or nanotechnology. ublication gründen 2.0 and

– www.zeﬁx.ch ep Central companyindex(includes all companies registeredinthe Commercial Registry). th Sponsoring body of © BusinessSECA Yearbook incubator 2011 sand technology parks

Porrentruy National organizations Zürich/Eastern Switzerland Delemont TechnoparkAllianz 15 Business incubator Zürich, Zürich www.technopark-allianz.ch www.startzentrum.ch

Association of technology and 16 TechnoparkZürich, Zürich business incubators www.technopark.ch 7 www.swissparks.ch 17 Bio-TechnoparkSchlieren-Zürich Biel La Chaux-de-Fonds Innopark www.bio-technopark.ch www.innopark.ch 58 3 TechnoparkWetzikon, 57 18 Neuchâtel Genilem Wetzikon www.genilem.ch www.tp-wetzikon.ch

19 growstart-uporganization Berne/Midlands Wädenswil, Wädenswil 59 www.grow-waedenswil.ch Yverdon 1 Business incubator Berne, Berne Fribourg www.innobe.ch 20 Technology Center Linth, 53 Ziegelbrücke TechnoparkBerne, Berne 2 www.technologiezentrum.ch www.bernertechnopark.ch Bulle Futur Foundation, Rapperswil innoBE AG*Berne, Biel and Thun 21 3 www.futur.ch Lausanne www.innobe.ch SME center,Vaduz 51 52 Vevey WRTcenter fornew entrepreneurs, 22 4 www.kmu-zentrum.li Thun Montreux www.wrt.ch 23 E-Tower*, Chur www.e-towerchur.ch 5 e.Tower Thun, Thun www.e-towers.ch 24 Innozet, GrüschGR 45 www.innozet.ch 54 50 6 Business incubator Solothurn*, 47 Sion Solothurn 25 TechnoparkWinterthur, Genève 55 www.gzs.ch Winterthur 56 44 www.technopark-winterthur.ch Martigny 7 Coaching services in theBernese 46 Jura, Bévilard 26 glaTec –technology center www.cep.ch/coaching at Empa (Swiss Lab. forMaterials Testing and Research), Dübendorf www.glatec.ch Northwestern Switzerland HTC High-Tech-Center AG, Spin-off incubator Basel, Basel 27 8 Tägerwilen www.eva-basel.ch www.high-tech-center.ch Business Park,Reinach 9 Tedi Center Wil, Wil www.businessparc.ch 28 www.tedizentrum.ch Tenum AG (center forconstruction/ 10 START! business incubator, energy and environmental 29 Frauenfeld technology), Liestal www.gruendungszentrum.ch Central Switzerland www.tenum.ch ri.nova Impulse Center, 36 Business Park Zug, Zug TZW Technology Center,Witterswil 30 11 Rebstein www.businessparkzug.ch www.tzw-witterswil.ch www.rinova.ch 37 TechnoparkLucerne, Business Parc Laufental, Zwingen 12 Tedi Center Flawil, Flawil D4 Root-Längenbold www.businessparc.ch 31 www.tedizentrum.ch www.technopark-luzern.ch Technology center and business 13 Tedi Center Toggenburg, 38 mccs –MicroCenter incubator Zurzibiet 32 Wattwil Central-Switzerland AG,Sarnen www.zurzibiet.ch www.tedizentrum.ch www.mccs.ch TechnoparkAargau, Windisch 14 Spider Town, Tägerwilen 39 microParkPilatus, Alpnach www.technopark-aargau.ch 33 www.spidertown.ch www.microparkpilatus.ch areal#1 entrepreneur center 34 ITSIndustryand Technology 40 Center*, Schaffhausen Nidwalden, Stansstad www.its.sh.ch www.nwcontact.ch Technology Center Steinen, 34 tebo, St.Gallen 41 www.tebo.ch Steinen SZ www.technologiezentrum.ch *These centers offerservices, but no physical ofﬁce space. gründen 2.0 –start-upguide | Business incubatorsand technology parks Schaffhausen SECA Yearbook 2011 34 27 33 8 29 Basel 13 Frauenfeld 9 10 14 Baden Winterthur Liestal St.Gallen 11 25 Wil Aarau 31 17 26 28 35 Olten Zürich Herisau 12 15 18 30 16 Appenzell 6 21 Solothurn Rapperswil 19 Grenchen Sursee 36 Zug 32 20 22 37 Luzern 43 41 Sargans 1 Burgdorf 42 Bern Schwyz Glarus 2 3 39 40 24

38 Chur Thun Altdorf 23 4 Brienz Davos 3 po 5 to Interlaken Disentis swiss

Grindelwald ©

Airolo St.Moritz geodata

49 Brig Sierre 48 Bellinzona Locarno

61 60 Lugano Some of thewebsites to whichreference is made in this document currentlyonly Chiasso contain information in German. 10 pril 20 InnovationsTransfer TechnoArk, Sierre Eclosion SA,Plan-les-Ouates GE 42 48 55 h|A Central Switzerland*, Horw www.technoark.ch www.eclosion.ch

www.itz.ch SodevalSA*, Naters Fongit high-techbusiness enden.c 49 56 ru

43 Center forNew Technologies www.ccf-valais.ch incubator,Plan-les-Ouates GE eg

Hohle Gasse, Küssnacht www.fongit.ch ebsit 50 CimArkSA*, Sion www.hohle-gasse.ch ew www.cimark.ch 57 Neode Parc,Neuchâtel th www.neode.ch Valais Neode Parc,La-Chaux-de-Fonds Western Switzerland 58 ponsors of

Fondation The Ark, Sion www.neode.ch es

44 th 51 Scientiﬁc Park PSE, Lausanne www.theark.ch www.parc-scientiﬁque.ch 59 FriUp, Fribourg/Freiburg 45 BioArk, Monthey www.friup.ch 52 Biopôle Park Lausanne, www.bioark.ch Epalinges 46 IdeArk, Martigny www.biopole.ch Tessin www.ideark.ch 53 Y-ParcAG, Yverdon-les-Bains 60 Start-uppromotion center,Lugano PhytoArk, Sion www.y-parc.ch www.cpstartup.ch ublication gründen 2.0 and

47 ep

www.phytoark.ch th 54 BioAlps*, Geneva 61 Galleria High-TechCenter,Manno www.bioalps.org www.galleria.ch Sponsoring body of © AdSECAdresses Yearbook 2011 and contact points forcompanyfounders

Some of thewebsites to whichreference is made in this document currentlyonlycontain information in German.

Education and further training innoBe –consulting forentrepreneurs , Information and communications and SMEs in theCanton of Berne technology Business Tools Zürich www.innobe.ch Lucerne: www.gridlucerne.ch www.btools.ch Innovations Transfer Central Basel: www.inet-basel.ch EB Zürich Switzerland ITZ Berne: www.tcbe.ch www.eb-zuerich.ch www.itz.ch Winterthur: www.winlink.ch ESWstart-up KMUNext–Consultancy for ,Industryand technology www.esw.ch succession planning Plastics technology network: HenriB.Meier Entrepreneur School www.kmunext.ch www.reseau-plasturgie.ch www.unternehmerschule.es.unisg.ch Zug: www.technologieforumzug.ch Senexpert IFJ Institute forYoung Entrepreneurs www.senexpert.ch ,International Cluster InitiativeDatabase www.ifj.ch www.tci-network.org SME Center at theUniversity School of Business Administration, of Applied Sciences, Chur ,Logistics Fribourg–Master in Entrepreneurship www.kmuzentrum.ch Basel: www.logistikplattform.ch www.heg-fr.ch Swiss Confederation’s Innovation ,Micro- /Nanotechnology/ Swiss Institute forEntrepreneurship Promotion Agency CTI Precision industry University of Applied Science forTechnology www.ctistartup.ch Basel: www.nccr-nano.org and Business Administration, Chur www.kti-cti.ch Biel: www.cluster-precision.ch www.sife.ch St.Gallen: www.ncb.ch Swiss Franchise Association Zürich Schaffhausen: www.its.sh.ch Swiss Institute forEntrepreneur www.franchiseverband.ch Neuenburg, Alpnach, Basel, Landquart, Training SIU Swiss FiduciaryAssociation Zürich: www.csem.ch www.siu.ch www.treuhand-suisse.ch Hombrechtikon ZH:www.toolpoint.ch St.Gallen University,Swiss Research Swiss SME Foundation Institute of Small Business and www.stiftung-kmu.ch Export Entrepreneurship www.kmu.unisg.ch Swiss technology and start-up centers ChambersofCommerce and Industry www.swissparks.ch of Switzerland Universities of applied sciences www.cci.ch www.fachhochschulen.net TechnoparkAlliance www.technopark-allianz.ch Fargate AG venturelab www.fargate.com Practical training forstudents The Basel lifesciences start-upagency and high-techstart-ups www.eva-basel.ch Osec Business Network Switzerland www.venturelab.ch www.osec.ch Wyrsch Entrepreneur School AG Cluster initiatives Pool of Experts www.unternehmerschule.ch ,Automobile industry www.poolofexperts.ch Young Enterprise Switzerland YES! www.autocluster.ch Swiss Export www.y-e.ch ,Bio and medicinal technology/ www.swissexport.com lifesciences School forInternational Business Consulting Basel: www.lifesciences.ch www.eiab.ch Basel: www.biovalley.com Adlatus Berne: www.medizinal-cluster.ch Financing www.adlatus.ch Zug: www.technologieforumzug.ch SECASwiss Private Equity & BDO Visura Zürich: www.swissbiotechassociation.ch Corporate Finance Association www.bdo.ch Zürich: www.lifescience-zurich.ch The members areventureinvestors, Zürich-Schlieren: www.biotechcenter.ch Bellone Syncon Franchise Consulting investment companies, Business Angels Zürich-Schlieren: www.biotop-inkubator.ch www.bellone-syncon.ch www.seca.ch ,Creative/Cultural industries Creditreform CTI Invest www.kreativwirtschaft.ch www.creditreform.ch Financing platformfor high-techenterprises www.kulturwirtschaft.ch www.cti-invest.ch Genilem Zürich: www.creativezurich.ch www.genilem.ch Valais Club of Business Angels ,Energy www.bizangels.ch Gewerbe-Treuhand, Lucerne National initiative: www.energie-cluster.ch www.gewerbe-treuhand.ch BioValleyBusiness Angels Club ,Financial /Business sector www.biobac.ch FUTUR Foundation Berne (business consulting): www.wbcb.ch www.futur.ch Zug: www.ifz.ch, www.vqf.ch BrainsToVentures Innovation Advice Center of the Zürich: www.finanzplatz-zuerich.ch International networkofprivate investors SolothurnChamber of Commerce Swiss financial center watch: www.sfcw.ch www.b-to-v.com www.sohk.ch gründen 2.0 –start-upguide | Adresses and contact points forcompanyfounders Business Angels Switzerland FFU –Professional women in the OrganizationsSECA/N Yeaetworksrbook 2011 www.businessangels.ch environmental sector APTE –Association of Micro- www.ffu.ch Go Beyond technologies International networkfor Business Angels FOKA –Forum of women in commercial www.myscience.ch www.go-beyond.biz professions Efficiency clubs www.foka.ch Go!Self-employment as agoal Basel: www.efficiency-club.ch Consulting and micro-credits for NEFU –network forone-woman Biel: www.efficiency-biel.ch young entrepreneurs entrepreneurs Berne: www.efficiency-bern.ch www.gozielselbstaendig.ch www.nefu.ch Lucerne: www.efficiency-luzern.ch MSM Investors’ Association Online magazine forprofessional Zug: www.efficiency-club-zug.ch www.msmgroup.ch women Zürich: www.efficiency.ch www.ostschweizerinnen.ch Startfinance Engineersshaping Switzerland’s future Financing platformfor growth-oriented SME Women Switzerland www.ingch.ch young enterprises www.kmufrauenschweiz.ch EO EntrepreneursOrganization www.startfinance.ch SVA–Swiss association of female Switzerland StartAngels Network university graduates www.eonetwork.org www.startangels.ch www.unifemmes.ch FBN FamilyBusiness Network Cantonal banks SVIN –Swiss association of female Association of Swiss familybusinesses www.kantonalbank.ch engineers www.fbn.ch www.svin.ch Junior business chambers Guarantee cooperatives Swiss Business Women of Switzerland www.jci.ch BürgschaftsgenossenschaftBasel-Land www.wirtschaftsfrauen.ch www.bgm-ccc.ch VCHU –Association of Swiss female Manufuture-CH Swiss affiliateofthe European network BürgschaftsgenossenschaftBasel-Land entrepreneurs and platformfor manufacturing and Basel-Stadt www.vchu.ch industrytopics (MEM industry) www.btg.ch WIN –Women Innovation Network www.manufuture.ch BürgschaftsgenossenschaftMitte www.win-web.ch SAPSwiss Automation Pool www.bgm-ccc.ch ZontaSwitzerland and Liechtenstein – www.sap-verband.ch Bürgschaftsgenossenschaft partofthe networkofprofessional Swiss Association of SMEs WesternSwitzerland women www.sgv-usam.ch www.crcpme.ch www.zonta.ch Swiss BiotechAssociation Bürgschaftsgenossenschaft www.swissbiotechassociation.ch EasternSwitzerland Internet platforms www.obtg.ch www.kmu.admin.ch VentureApéros www.venturelab.ch OVAC –Office valaisan de SME portalofthe StateSecretariat cautionnement forEconomic Affairs SECO Winclub www.ovac.ch www.gruenden.ch Club foryoung entrepreneurs in the Winterthur region SAFFA–Guarantee cooperative Canton of Zürich’splatformfor setting up www.winclub.ch forwomen acompany www.saffa.ch www.kmuadmin.ch Xing Networking www.netnotar.ch Largestinternational business network;

Women’s networks www.startups.ch activelyused in Switzerland 10 Setting up acompanyonline www.xing.com Association of female company pril 20

foundersand entrepreneurs www.kti-cti.ch h|A www.frauenunternehmen.ch Innovation promotion agency CTI Science and technology transfer

centers enden.c

Association of Swiss women’s centers www.swissstartups.com ru www.frauenzentrale.ch www.startwerk.ch ,National organizations eg

AUFworking group of Blog forand about young Swiss companies Association of Swiss technology ebsit ew independent women www.startup.ch and companyfoundation centers th www.arge-auf.ch www.estarter.ch www.swissparks.ch Swiss SME and founding portal

Business networkfor activewomen CSEM (Neuchâtel, Alpnach, Basel, ponsors of www.womensforum.ch Landquart, Zürich) es www.kmunext.ch th www.csem.ch Business and Professional Portal and meeting point of Swiss SMEs Women Switzerland www.nextmarket.ch Energy Cluster www.bpw.ch SME stockexchange platform www.energie-cluster.ch European Women’s Management www.start-net.ch Environment and Energy Development Network Foundation platformofthe Canton of Aargau www.eco-net.ch www.ewmd.org ublication gründen 2.0 and Swiss Technology Transfer

www.gruenderportal.ch ep FemWiss Association of Feminist Foundation portal Association swiTT th Science Switzerland www.switt.ch www.femwiss.ch Sponsoring body of © TechnoparkAlliance SME Center,Vaduz Obwalden (OW) SECA Yearbook 2011 www.technopark-allianz.ch www.kmu-zentrum.li Promotion of economic development T: +41(0)41 660 90 66 TEK –knowledgeputs youastep ,Consortia www.iow.ch ahead, Zürich Alliance (WesternSwitzerland) www.tek-kmu.ch St.Gallen (SG) GE, VD, VS,NE, FR, JU,Bernese Jura Promotion of economic development The ArkFoundation, Sion Gabriel Clerc, T: +41(0)21693 35 82 T: +41(0)71 229 35 60 www.theark.ch www.alliance-tt.ch www.standort.sg.ch Unitec, Geneva CHost Schaffhausen (SH) www.unige.ch/unitec Knowledge and technology transfer Promotion of economic development Eastern Switzerland T: +41(0)52674 03 03 Thomas Friedli, T: +41(0)71 2247260 Promotion of economic www.sh.ch/wf www.wtt-chost.ch development Schwyz (SZ) Midlands W6 Aargau (AG) Ofﬁce forEconomyofthe Canton of Schwyz BE, FR, ZH, Greater ZurichArea Aargau Services, T: +41(0)62 835 24 40 T: +41(0)41 8191634 Domenico Alexakis, T: +41(0)44 786 14 28 www.aargauservices.ch www.schwyz-economy.ch www.whoch6.ch Appenzell Ausserrhoden (AR) Höfe–promotion of economic Innovation transfer Central Switzerland Economic development ofﬁce development (ITZ) T: +41(0)71 353 61 11 T: +41(0)55410 25 50 LU,UR, SZ, OW,NW, ZG www.wifoear.ch www.standort-hoefe.ch WillyKüchler,T:+41 (0)41 3495062 Appenzell Innerrhoden (AI) Solothurn(SO) www.itz.ch Promotion of economic development Promotion of economic development NorthwestSwitzerland WKNW T: +41(0)71 788 96 60 T: +41(0)32627 95 23 BS, BL, AG,SO www.ai.ch www.standortsolothurn.ch Thomas Ruppli, T: +41(0)61 2673388 Basel-Stadt (BS)/Basel-Land (BL) Thurgau(TG) www.wknw.ch Promotion of economic development in the Promotion of economic development Basel area, T: +41(0)61 295 50 00 T: +41(0)52724 26 06 ,University transfer centers www.baselarea.ch www.wiftg.ch ETH Transfer Zürich Berne (BE) Ticino (TI) www.ethz.ch Promotion of economic development (WFB) Promotion of economic development Ticinotransfer T: +41(0)31 633 41 20 T: +41(0)91814 35 41 Giorgio Travaglini, T: +41(0)58666 66 77 www.berneinvest.com www.ti.ch/spe, www.copernico.ch www.ticinotransfer.ch Fribourg(FR) Uri (UR) unitectra Promotion of economic development (WIF) Promotion of economic development Technology transfer of T: +41(0)26 425 87 00 T: +41(0)41 8752401 Berne and Zürichuniversity www.promfr.ch www.ur.ch/wfu www.unitectra.ch Geneva (GE) Vaud (VD) Universities of applied sciences Promotion of economic development Business services, T: +41(0)21316 60 21 www.fachhochschulen.net T: +41(0)22 388 34 34 www.vd.ch/selt www.geneva.ch WTTknowledgeand technology transfer Valais (VS) University of Basel and University Glarus (GL) Promotion of economic development of Applied Science FHBB, Basel Business contact point T: +41(0)27606 73 51 www.unibas.ch T: +41(0)55 6466614 www.business-valais.ch 10 www.glarusnet.ch Zug (ZG)

,Regional/Local organizations pril 20 Grisons (GR) Business contact point Empa technology transfer Promotion of economic development T: +41(0)41 728 55 04 h|A www.empa.ch, www.glatec.ch T: +41(0)81 2572342 www.zug.ch/economy enden.c

www.awt.gr.ch ru FITT technology transfer,Windisch Zürich(ZH) eg www.fhnw.ch Jura (JU) Promotion of economic development, Promotion of economic development Canton of Zürich ebsit grow–organization forcompany ew founders, Wädenswil T: +41(0)32 420 52 20 T: +41(0)43 259 49 92 or th www.grow-waedenswil.ch www.jura.ch/eco +41(0)43 259 26 13 www.standort.zh.ch ITSIndustryand Technology Center Lucerne (LU) ponsors of Promotion of economic development es Schaffhausen Promotion of economic development, th www.its.sh.ch T: +41(0)41 3674400 Winterthur region www.luzern-business.ch T: +41(0)52267 67 97 Knowledgetransfer center WTT, www.standort-winterthur.ch St.Gallen Neuchâtel (NE) www.fhsg.ch Promotion of economic development Promotion of economic development, T: +41(0)32 889 68 23 City of Zürich Network CCSO, Fribourg www.e-den.ch T: +41(0)44 4123693 www.ccso.ch ublication gründen 2.0 and www.stadt-zuerich.ch/wirtschaft ep

Nidwalden (NW) th Paul ScherrerInstitute, Villigen Nidwalden Contact, T: +41(0)41 6187665 Greater ZurichArea http://techtransfer.web.psi.ch www.nwcontact.ch www.greaterzuricharea.ch Sponsoring body of

gründen 2.0 –start-upguide | Adresses and contact points forcompanyfounders © SECASECA Yea Yearbrbookook 2011 2011

Chapter IV Events &Trend Luncheons

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Reporting SECA Evening Event

Successful fundraising today:How to maximise yourchances Thursday, March 11, 2010, Widder Hotel, Zurich

Moderation Madeleine Beck-Wagner,The Beck Group Speakers Noel Ainsworth, Simmons&Simmons Richard More, Curtis MurrayAssociates DavidAdler,Langham Hall Event Partner The Beck Group Simmons&Simmons Curtis Murray Associates LanghamHall Participants 80

Présentation du Comité Romand de la SECA Table rond: Outlook 2010 Monday, March 30, 2010, Swissôtel Métropole, Geneva

Moderation Frédéric Lelièvre, Le Temps Presentation Christophe Borer, SECA,Responsable pour la Suisse Romande Speakers JacquesBonvin, Tavernier Tschanz Diego Braguglia, VI Partners Christian Dujardin, Unigestion Jean-François Lagassé, Deloitte Claude Suard, Défi Gestion Event Partner Défi Gestion, Deloitteand VI Partners Participants 50

ThePrivate Equity Comeback Tuesday, May 4, 2010, Swissôtel Métropole, Geneva

Moderation Jan-DominikRemmen, Deloitte Speakers Jean-Francois Lagassé, Deloitte J.N. Hill, Deloitte Martin Anderson, Baker &McKenzie Event Partner Deloitte Participants 25

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Das Private Equity Comeback Wednesday, May 5, 2010,WidderHotel,Zurich

Moderation Jean-François Lagassé, Deloitte Speakers Thorsten Engel, Deloitte MarkReutter, Walder Wyss &Partners Ltd Jan-Dominik Remmen, Deloitte EventPartner Deloitte, Walder Wyss &Partners Ltd Participants 73

Global PrivateEquity InvestingForum 2010 Tuesday, May 25, 2010, Widder Hotel, Zurich

Moderation John Cook,Rock Lake Associates Speakers Joseph Quinlan, Bank of America Brendan McMahon,PricewaterhouseCoopers Marcel Meyer, PricewaterhouseCoopers RobertoPaganoni, LGT Capital Partners Stefan Hepp, SCM Strategic Capital Management AG Kurt Geiger, Alpha Associates Event Partner PricewaterhouseCoopers Thunderbird School of GlobalManagement Participants 117

M&A -Transaktionen in derSchweiz Thursday, August 26, 2010, Widder Hotel, Zurich

Speakers Beat Unternährer, The CorporateFinance Group Barbara Brauchli Rohrer, Wenger &Vieli AG Hans-Jakob Diem,Lenz&Staehelin Marc Erni, Barclays Private Equity EventPartner Barclays Private Equity Lenz &Staehelin Wenger &Vieli AG The CorporateFinance Group Participants 110

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VC Investitionen -WertkreiereroderRohrkrepierer? Thursday,September9,2010,Widder Hotel, Zurich

Moderation Dirk Schütz, Bilanz Speakers Thomas Bergen, getAbstract Peter Letter,New Value Robin Cornelius,Switcher EventPartner NewValue Participants 97

Private and public financing in high-tech start-ups Thursday,November2,2010, Parc Scientifique Ecublens on EPFL campus, Lausanne

Speakers Adrienne Corboud Fumagalli, EPFL Jean-Claude Charlier, BeamExpress PedroBados, NEXThink Martin Velasco, Anecova Stefan Grass, Gramitech EventPartner Anecova BeamExpress EPFL Gramitech SA NEXThink VI-Partners Participants 45

Outlook2011 Venture Capital &Private EquityTrends Tuesday, November9,2010, Widder Hotel, Zurich

Moderation MauricePedergnana, SECA General Secretary Speakers Leonid Baur, SECA Chapter CorporateFinance Peter Letter,SECA Chapter Seed Money &VentureCapital RobertoPaganoni,SECAChapter PrivateEquity Dieter Wirth, SECA Chapter Legal &Tax Event Partner LGT Capital Partners Participants 87

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VentureCapital:SECA Muster-Dokumentation Thursday,November 18, 2010, Widder Hotel, Zurich

Moderation Christian Wenger, Wenger &Vieli Speakers MichaelTrippel,Bär &Karrer Martin Frey,Baker McKenzie Beat Kuehni, Lenz &Staehelin Ulysses von Salis, Niederer Kraft &Frey Dieter Gericke,Homburger Event Partner Baker McKenzie, Bär&Karrer, Homburger, Lenz &Staehelin, LustenbergerGlaus&Partner, Niederer Kraft&Frey, Wenger &Vieli Participants 96

Outlook2011: Venture Capital &Private EquityTrends Thursday, January27, 2011, Beau RivagePalace, Lausanne

Moderation Marie-LaureChapatte, Le Temps Speakers Marc-Antoine Voisard, Euro-Private Equity Diego Braguglia, VI Partners Claude Suard, DéfiGestion Jean-François Lagassé,Deloitte Jacques Bonvin, Tavernier Tschanz EventPartner Euro-Private Equity Advisor,Défi Gestion, Deloitte, TavernierTschanz, VI Partners, Participants 45

RegulatoryChallenges forthe PE Industry:AIFM-D, FATCA,Dodd Frank Thursday, March 17, 2011, Hotel Baur au Lac, Zurich

Moderation RobertoPaganoni, LGT Capital Partners Speakers Uli Fricke, Chairwoman EVCA Jürg Frick,Rechtsanwälte Homburger Dieter Wirth, Tax Partner PwC Daniel Wuersch,Wuersch &Gering LLP Event Partner LGT CapitalPartners, PricewaterhouseCoopers Participants 80

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Reporting Trend Luncheons

ChinaRisingSuper Economic Power Thursday, January 14,2010, Widder Hotel,Zurich

Speakers Nicolas MUSY, FoundingPartner of CH-ina, Vice-President of SwissCham China, ManagingDirector of the Swiss Center Shanghai, China Coordinator of EPFL EventPartner CH-ina Swiss Chinese Chamber of Commerce Participants 50

Kai-FuLee onChina, innovation andwhat works Friday, March12, 2010, Hotel BaurauLac, Zurich

Speakers Kai-FuLee, Innovation Works(ex CEO Google China /Microsoft) Peter Liu, W.I. Harper Event Partner Zürcher Kantonalbank Participants 120

Successful fundraising today:How to maximise yourchances Friday,March 12, 2010, Swissôtel Métropole, Geneva

Speakers Madeleine Beck-Wagner,The Beck Group Noel Ainsworth, Simmons &Simmons Richard More, Curtis MurrayAssociates David Adler,Langham Hall Event Partner The Beck Group, Simmons&Simmons Curtis Murray Associates, Langham Hall Participants 25

AIFMDirectiveonAlternativeInvestment Fund Managers Tuesday,June 8, 2010, Restaurant Au Premier, Zurich

Speakers Hannes Glaus,LustenbergerGlaus&Partner Dieter Wirth, PricewaterhouseCoopers HansMarkvoort, LGT Capital Partners AG Event Partner LGT Capital Partners AG,LustenbergerGlaus&Partner PricewaterhouseCoopers AG Participants ca.50

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Chapter V Financial&Audit Report

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FinancialStatement

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Audit Statement

77 SECASECA Yea Yearbrbookook 2011 2011

78 SECASECA Ye Yeaarrbbookook 2011 2011

Chapter VI MembershipReporting

79 SECASECA Yea Yearbrbookook 2011 2011

FullMembers

80 SECA Yearbook 2011

Absolute Private Equity AG

Contact Information

Address c/o Credit Suisse Bahnhofstrasse 17, P.O. Box553 6301 Zug Telephone No +41 43 888 63 00 Fax No +41 43 888 63 01 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Address www.absoluteinvestments.com

Company Information

Key Persons Mr. Thomas Amstutz Mr. MarkusMuraro Year of Establishment 2000 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Early-Stage, Start-up Capital Industrial Sectors Biotechnology, Finance -Insurance-Real Estate, Industrial Products and Services, Medical -Life Sciences -Health Related Geographical Focus Worldwide Type of Financing

Short Company Profile

Absolute Private Equity Ltd.isaninvestment companyincorporatedinSwitzerland. Thecompany's objectiveisto realizecompounded returnsinexcess of thoseavailable through conventional investmentsinthe publicequity markets.The company primarily investsinprivate funds,acrossvarious sectors of the privateequity market focusing on US,European and other international buyoutand venture capital funds.

81 SECASECA Yea Yearbrbookook 2011 2011

ABTell Wertschöpfungs AG

Contact Information

Address Alte Steinhauserstrasse 1 6330 Cham Telephone No +41 41 748 62 82 Fax No +41 41 748 62 83 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.abtell.ch

Company Information

Key PersonsMr. Andreas Baumann Mr.Sten Schreiber Year of Establishment2007 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin Industrial SectorsAll Geographical Focus Switzerland Type of Financing EquityFinancing, Majority Equity

Short Company Profile

Die ABTell Wertschöpfungs AG ist ein langfristig orientierter, unternehmerisch handelnder,operativ tätiger,Werte schöpfender,auf Nachhaltigkeitausgerichteter, vernetzt agierender,branchenübergreifender Schweizer Industriekonzern unter einheitlicher Leitung, dessenTochterunternehmen weltweiterfolgreich in Nischensegmenten tätig sind. Die ABTell bringtihr Wissenund ihre Erfahrung in alle Tochtergesellschaften auf strategischer, finanzieller und operativer Ebene(Verwaltungsrat,Geschäftsleitung, Beirat, Aktionäre)ein. Das Kernziel derABTellist derlangfristige Erhalt von innovativen KMU, Arbeitsplätzen, Know-how und Innovationskraft in der Schweiz.Daraus resultiert eine nachhaltigeWertschöpfung zum Wohle aller und die Stärkung des Wirtschaftsstandorts Schweiz.

ABTell WertschöpfungsAGisalong-termoriented, entrepreneurial,operationally active, value creating, on sustainability focussing, network-based,diversified Swiss industrial groupunder unifiedmanagement, whose companies aresuccessfully operating worldwide in niche markets acrossabroad range of sectors. ABTell provides knowledge, expertise and experience to its companies at astrategic, financial and operational level (viaits board, its leadership team, the advisory council andits shareholders). ABTellstrives for sustainablysecuringthe futureof solid,highly-valuedSMEs, qualified jobs,know-how andinnovation force in Switzerland with the aim to generate value creationfor thebenefit of all and to strengthen the Swiss economy.

82 SECA Yearbook 2011 acano ag

Contact Information

Address Marktgasse 51 3011 Bern TelephoneNo+41 31 311 37 20 FaxNo E-mail Address forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.acano.ch

Company Information

Key Persons Mr. MarkusOchsner Mr.MarcLedergerber Dr. Roger Trunz Year of Establishment 2010 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Construction -Building Products, Consumer Related, Energy, Environment, Food -Beverages, Industrial Products andServices, Internet Technology, Manufacturing, Telecommunications Geographical Focus Europe Type of Financing

Short Company Profile

Corporate Finance: advisory services in M&A, valuation andfinancialmodelling as well as fund raising. Offices in Bernund Zurich.

83 SECASECA Yea Yearbrbookook 2011 2011 adbodmerag

Contact Information

Address Seestrasse 227 8810 Horgen Telephone No +4143344 94 24 Fax No +41 43 344 94 23 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.adbodmer.ch

Company Information

Key Persons Dr. Adriana Ospel-Bodmer Mr. Jan Kollros Year of Establishment 2002 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 5-500m Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital, Turnaround -Restructuring Industrial SectorsComputer Related, Construction -Building Products, ConsumerRelated, Finance-Insurance -Real Estate,Food - Beverages, Industrial Automation,Industrial Productsand Services, Manufacturing, Telecommunications, Communications other, Transportation GeographicalFocus Germany, Switzerland,United Kingdom,United States of America Type of Financing EquityFinancing, MajorityEquity, MinorityEquity

Short Company Profile

84 SECA Yearbook 2011

Adinvest AG

Contact Information

Address Rigistrasse 25 8126 Zumikon Telephone No +41 44 202 21 55 Fax No +41 44 202 19 42 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses initial of [email protected] WebAddress www.adinvest.ch

Company Information

Key Person Dr. Neil V. Sunderland

Year of Establishment 1986 Number of Employees Fund Namesvarious Capital Under Management not disclosed Number of PortfolioCompanies >30(direct andindirect) Examples of Portfolio Companies Daily Deal GmbH,Private Sale GmbH,Adconion Media GroupLimited, Adyen BV usw

Investment Preferences

Size of Investment EUR 0.5m-5m InvestmentStages Industrial Sectors Geographical Focus Europe,United States of America,Australia Type of Financing EquityFinancing

Short Company Profile

Corporate Finance and Investment Company active in: Europe throughprivate syndications, Schirm PrivateEquity LP,Adinvest II (Luxembourg)SCS, SICAR; West Coast USAthrough Montreux EquityPartners(lifesciencesonly) and in Australia through private syndications.

85 SECASECA Yea Yearbrbookook 2011 2011

Advisory&Merchant Partners AG

Contact Information

Address Mühlegasse 29 8001 Zürich Telephone No +41 43 244 74 24 Fax No +41 43 244 74 29 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] WebAddress www.advisorymerchants.com

Company Information

Key Persons Mr. Alessandro Parenti Mr. Gianni Dafond Year of Establishment 2001 Number of Employees 6 FundNames ESAPI Capital Under Management NumberofPortfolio Companies several Examples of Portfolio Companies Listed and non-listed ICT companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Expansion -Development Capital, Replacement Capital, Turnaround -Restructuring Industrial SectorsComputer Related, Construction -Building Products, Electronics,Environment, Finance -Insurance -Real Estate, Internet Technology, Medical -LifeSciences-HealthRelated, Media Geographical Focus Austria, Germany, Italy, Switzerland, India Type of FinancingEquity Financing, Minority Equity

Short Company Profile

See our Webpage

86 SECA Yearbook 2011 aeris Capital AG

Contact Information

Address Churerstrasse 70 8808 Pfäffikon Telephone No +41 55 511 12 22 Fax No +41 55 511 12 50 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.aeris-capital.com

Company Information

Key Persons Mr. IvanPopovic Mr. Uwe Feuersenger Year of Establishment2006 NumberofEmployees 30 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Mezzanine -Bridge Finance,Growth Capital, Co-Investment,PEFunds, RE Funds, Infrastructure, Hard Asset Industrial SectorsAll Geographical Focus All Type of Financing EquityFinancing, MajorityEquity, Loans, MinorityEquity, Mezzanine, Senior Debt,Funds

Short Company Profile

Family investment office

87 SECASECA Yea Yearbrbookook 2011 2011

Affentranger Associates SA

Contact Information

Address 100 Rue de Rhône 1204 Geneve TelephoneNo+41 22 818 01 80 FaxNo+41 22 310 27 29 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.aasa.com

Company Information

Key Persons Mr. Lukas André Mr.Anton Affentranger Year of Establishment2002 NumberofEmployees 4 Fund Names Capital Under Management NumberofPortfolio Companies 6 Examples of Portfolio Companies dartfish SA, mikron holding SA (SWX, Ticker: MIKN), SIRS- Lab, forteq, inflaRx, selFrag

Investment Preferences

SizeofInvestment Investment Stages All Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

Our ambition in principal investing: Achieve sustainable long-term returns by active participation in the value creation processthrough asymbiosis of capitaland labour investmentsintocompanies in atransition phaseby applying complementaryskills in leadership, management,technology, production, marketing andfinance paired withhands-on involvement respecting highest professional and ethicalstandardsstrivingfor the stringent implementationofafocusedbusiness model.

88 SECA Yearbook 2011

AFINUM Management AG

Contact Information

Address Dufourstrasse 48 8024 Zürich TelephoneNo+41 43 500 33 00 FaxNo+41 43 5003301 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.afinum.ch

Company Information

Key Persons Dr. PhilippSchülin

YearofEstablishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies 7 Examples of Portfolio Companies Wohnprofil, Schaetti, Pinova, Wallenborn

InvestmentPreferences

Size of Investment >CHF 10m Investment Stages Buyout -Buyin, Replacement Capital Industrial SectorsAll GeographicalFocus Austria,Germany, Switzerland Type of Financing MajorityEquity

Short Company Profile

Private Equity Fund focussing on midsizedbuyout transactionsinGermanSpeakingEurope.

89 SECASECA Yea Yearbrbookook 2011 2011

Akina Ltd.

Contact Information

Address Sihlstrasse20 8021 Zürich Telephone No +41 44 214 13 80 Fax No +41 44 214 13 50 E-mailAddress for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] WebAddress www.akinapartners.com

Company Information

Key Persons Ms. Yvonne Stillhart Mr.Christopher Bödtker Mr.MarkZünd Mr. Thomas Frei Year of Establishment 1998 NumberofEmployees 35 Fund Names Capital UnderManagement >2bln NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital, Privatisation, Replacement Capital, Turnaround - Restructuring Industrial Sectors All Geographical FocusCentral and EasternEurope, Europe, Western Europe Type of Financing Equity Financing

Short Company Profile

Akina Ltd. is the Advisor to various PrivateEquity Funds investing in the mid-market segment -with more than EUR 2billion AuM in the Private Equity field.

90 SECA Yearbook 2011

Alpha Associates AG

Contact Information

Address Talstrasse 80 8001 Zürich TelephoneNo+41 43 244 31 00 FaxNo+41 43 2443101 E-mail Address forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.alpha-associates.ch

Company Information

Key Persons Dr. Peter Derendinger Dr. PetraSalesny Year of Establishment2004 NumberofEmployees 27 Fund Names Private Equity Holding AG, 5E Holding AG, Alpha 2001, LP, AlphaCEE II, LP,Alpha Russia&asSecondary L.P. CapitalUnder Management Number of PortfolioCompanies ExamplesofPortfolio Companies

InvestmentPreferences

Size of Investment min EUR 3m Investment Stages Buyout -Buyin, Expansion -Development Capital, Mezzanine -Bridge Finance IndustrialSectors All Geographical Focus Central and Eastern Europe, Europe,Russia, United States of America Type of Financing EquityFinancing

Short Company Profile

Alpha Associates is an independent private equity fund-of-funds managerand advisor. We buildand manage globallydiversified privateequity fund portfolios for institutional and privateinvestors.AlphaAssociatesisthe leading privateequity fund-of-fundsmanagerfor Centraland Eastern Europe and Russia. We have invested and managed over 400 millionEuro in more than 60 fund anddirect investments in Central and EasternEurope since 1998. Alpha Associates further manages Private EquityHolding Ltd.,aninvestment companylisted on the SIX StockExchange.

91 ThSECA Yearbookeb 2011 estway to Centraland Eastern Europe leadsthrough Zurich.

AlphaAssociates,based in Zurich,Switzerland,isan AlphaAssociates is theleading privateequity fund- independentprivate equity fund-of-fundsmanager of-funds managerfor Centraland EasternEurope. andadvisor.Webuild andmanagegloballydiver- We have invested andmanaged over 400million siﬁedprivate equity fund portfolios forinstitutional Euro in more than 60 fund anddirectinvestments in andprivate clients. Centraland EasternEuropesince 1998.Takeadvan- tage of ourexperience.

AlphaAssociates AG,Talstrasse80, P.O. Box2038, CH-8022Zurich phone:+41 43 2443100, [email protected], www.alpha-associates.ch SECA Yearbook 2011

AltiraHeliadAG

Contact Information

Address Auf der Mauer1 8001 Zürich TelephoneNo+41 44 250 75 40 FaxNo+41 44 2507549 E-mailAddress for General Enquiries Format of PersonalE-mailAddresses [email protected] Web Address www.heliad.com

Company Information

Key Person Mr. Alexander Schwarz

Year of Establishment 2007 NumberofEmployees 2 Fund NamesHeliad Equity Partners GmbH &Co. KGaA, Heliad L.P. (Delaware) CapitalUnder Management EUR150m Number of Portfolio Companies 13 Examples of Portfolio Companiesassona, RT Reprotechnik, Unicorn, Häsler

Investment Preferences

Size of Investment EUR 3-15m Investment StagesBuyout -Buyin, Expansion -Development Capital, Turnaround -Restructuring IndustrialSectors All GeographicalFocus Austria,Germany, Switzerland Type of Financing EquityFinancing, MajorityEquity

Short Company Profile

Helias is apublicly listed investment company which invests in high growth companies in German-speaking countries. Heliad relies in this respect on established,owner-managed business models with ales of betweenEUR 10 millionand EUR 100 million. This investment focus means that Heliad is positioned in the attractive nichebetween venturecapital and large-Scale buyouts with afocus on asset light companies and buy&build concepts. With atotal of around 4000 employees, the 13 companies currently in Heliads portfolio generate combinedales of more than EUR650 million. Further information about thecompanycan be fond at www.heliad.com

93 SECASECA Yea Yearbrbookook 2011 2011

ALTIUM CAPITAL AG

Contact Information

Address Dufourstrasse 60 8702 Zollikon TelephoneNo+41 43 499 43 43 FaxNo+41 43 499 43 44 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.altiumcapital.ch

Company Information

Key Persons Mr. Christian Wipf Mr. AlexanderGrünwald Year of Establishment 1987 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical FocusEurope, Central and Eastern Europe TypeofFinancing

Short Company Profile

Altiumisaninternational corporate finance group providinginternational M&A advisory,IPO advisory, securities trading and research.Altium has officesinnine European countries and is amember of LondonStockExchange (LSE).

94 SECA Yearbook 2011

APEN AG

Contact Information

Address Grafenauweg 8 6300 Zug Telephone No +41 41 710 70 60 Fax No +41 41 710 70 64 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.apen.com

Company Information

Key PersonsMr. Conradin Schneider Mr. David Salim Year of Establishment 1999 NumberofEmployees Fund Names Capital Under Management CHF 470m NumberofPortfolio Companies >500 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

APEN Ltd. is aSwiss investment company domiciled in Zug.The company integrates afund of fundsapproach withdirect investmentsinaportfolio thatishighly diversified by region, financing stage and industry.

95 SECASECA Yea Yearbrbookook 2011 2011

Aravis SA

Contact Information

Address Merkurstrasse 70 8032 Zürich TelephoneNo+41 43 499 20 00 Fax No +41 43 499 20 01 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Address www.aravis.ch

Company Information

Key Persons Mr. Jean-Philippe Tripet Dr. Simon Nebel Dr. OliverThalmann Year of Establishment 2001 NumberofEmployees 12 Fund Names Aravis Venture I, LP; Aravis BiotechII, LP;Aravis Energy I, LP;AravisEnergyIIL.P. Capital UnderManagementCHF 279m NumberofPortfolio Companies 24 Examples of Portfolio Companies Evolva, Telormedix, Biotie, Symetis

Investment Preferences

Size of InvestmentCHF 7-10m Investment Stages Start-up Capital, Seed Capital, Expansion -Development Capital, Early-Stage Industrial Sectors Medical -Life Sciences -HealthRelated,Energy, Biotechnology Geographical Focus Continental Europe Type of Financing Equity Financing

Short Company Profile

Aravis is an independentSwiss based venturecapitalfirm. Ourfunds invest in earlystage companiesinthe Biotech and renewable Energy infrastructuresectors, taking active roles from start up to public. WithCHF 279m under management Aravis is one of the largest Swiss Venture investor. Our investors areprimarily institutional, family offices as well as corporate. The investmentpartnersare dedicated to their respective sectors bringing their strong experienceand solid network for the benefits of portfoliocompanies. We prefertotake lead investor roles and syndicate financingsinternationally. Aravis Energy ILPwas the first ever approvedSwiss Limited partnershipby the FINMA,the Swiss financial market supervisory authority.

96 SECA Yearbook 2011

Argos SoditicS.A.

Contact Information

Address 118, Rue du Rhône 1204Genève Telephone No +41 22 8496633 Fax No +41 22 849 66 27 E-mailAddress for General Enquiries Format of PersonalE-mailAddresses initial of [email protected] Web Addresswww.argos-soditic.com

Company Information

Key Persons Mr. Guy Semmens Mr. Cédric Bruix Year of Establishment 1989 NumberofEmployees 35 Fund Names Euroknights IV +V+VI+Argos Expansion Capital UnderManagement EUR 750m Number of PortfolioCompanies 18 Examples of PortfolioCompanies Maillefer, Kermel, ORS, Kägi SöhneAG, Misapor

Investment Preferences

Size of InvestmentEUR 5-50m InvestmentStagesBuyout -Buyin Industrial SectorsAll Geographical Focus France,Italy, Switzerland Type of Financing EquityFinancing, Expansion Capital

Short Company Profile

Structuring of private equity transactions. Sales EUR 20-400m, later stage, all industries. No start-ups.

97 SECASECA Yea Yearbrbookook 2011 2011 aventic partners AG

Contact Information

Address Schweizergasse 10 8001 Zürich Telephone No +41 44 285 15 85 Fax No +41 44 285 16 86 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.aventicpartners.ch

Company Information

Key Persons Mr. Alan Frei Mr. Jean-Claude Rebetez Mr.Peter Balsiger Mr. Marc Kappeler Year of Establishment 1999 NumberofEmployees 7 Fund Namesaventic AG, am-tec kredit AG Capital Under Management CHF 70m Number of Portfolio Companies Examples of Portfolio Companies www.aventicpartners.ch (References)

InvestmentPreferences

Size of Investment Investment Stages Expansion -Development Capital, Buyout -Buyin Industrial Sectors Electronics, IndustrialAutomation, Industrial Products and Services, Manufacturing, Telecommunications Geographical Focus Switzerland Type of Financing MinorityEquity

Short Company Profile aventic partners AG is aleading team of seven partners based in Zurichand Bern.The teamhas astrong industrial background andprovides financing and know-how to smalland medium-sized enterprises basedinSwitzerland and the surroundingregions. The target customerisanindustrial enterprisewantingtoaccelerateits growth and profitability or being in asituation of ownership change.

98 SECA Yearbook 2011

Aveo Partners AG

Contact Information

Address Gartenstrasse 38 8022 Zürich TelephoneNo+41 43 501 45 56 Fax No E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail [email protected] Web Addresswww.aveopartners.com

Company Information

Key Persons Mr. Christian Broger Mr. Thomas Fink Year of Establishment 2010 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Early-Stage, Expansion -Development Capital, Mezzanine -Bridge Finance, Seed Capital, Start-up Capital, Turnaround -Restructuring Industrial Sectors Biotechnology, Energy,Environment, Finance -Insurance- Real Estate,IndustrialAutomation, Industrial Productsand Services, Medical -Life Sciences -Health Related Geographical Focus Worldwide Type of FinancingEquity Financing, Loans, MajorityEquity, MinorityEquity, Mezzanine

Short Company Profile

Aveo Partners is apartnership with an entrepreneurialmindset,replete with skills, knowledge andnetworks for direct and indirect investments in private equity. We provideaccess to high qualityprivate equity investment opportunitiesinHighTech, GreenTech, Life Science and Financial Services. Our vastindustry knowledge and the entrepreneurialexperience allow us an interdisciplinary, integrated assessmentofinvestment targets. Through rigorous monitoring and support of theportfoliocompanies we assure efficient use of the investment capital. And - Aveo acts as Co-Investor aonmost deals and assiststhe managementwith the operational skills, know-how and extensive network.

99 SECASECA Yea Yearbrbookook 2011 2011

AXA Private Equity

Contact Information

Address Affolternstrasse42 8050 Zürich Telephone No +41 43 299 11 26 Fax No +41 43 299 11 20 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.axaprivateequity.com

Company Information

Key Person Mr. Martin Kessi

Year of Establishment 1996 NumberofEmployees 5 Fund Names Capital Under Management USD 25bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Expansion -Development Capital, Mezzanine -Bridge Finance IndustrialSectors All Geographical Focus All Type of Financing EquityFinancing, MajorityEquity, MinorityEquity, Mezzanine

Short Company Profile

With $25 billion of assets managed or advised, AXA Private Equity,anAXA Investment Managers company,isa diversified privateequity firm with an international reach covering eightoffices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna. Since 1996, the firm has supported the developmentand long-term growth of its portfoliocompanies while generating sustainedand stablereturns. AXAPrivate Equity provides investorswith funds across the full range of privateequity offerings: funds of funds; LBO mid cap and small cap; venture capital; co-investment; infrastructure;and mezzanine.

100 SECA Yearbook 2011 AXA Private Equity

AXA Private Equity ist ein diversifiziertes Private Equity Unternehmen mit starker Präsenz auf dem internationalen Parkett. Die Gesellschaft beschäftigt 230 Mitarbeiter und unterhält 8 Büros in Paris, Frankfurt, New York, Singapur, Mailand, London, Zürich und Wien.

Seit 1996 unterstützen wirdie Entwicklung unddas langfristige Wachstum unserer Portfoliounternehmen, sichern stabile und regelmässige Erträge und bieten institutionellen Investoren eine umfangreiche Palette an Anlagelösungen für jedes Marktsegment.

25 Mrd. USD verwaltetes oder betreutes Vermögen

AXA Private Equity investiert in :

Funds Unternehmen

Primary, Early Secondary LBO Mid Cap, LBO Small Cap, und Secondary Investments Co-Investment und Venture

Infrastruktur Mezzanine

Brownfield und Greenfield Arranger, LBO financing, Acquisition financing

Büro Schweiz: Affolternstrasse 42, 8050 Zürich–Tel.+41 43 299 11 26 www.axaprivateequity.com SECASECA Yea Yearbrbookook 2011 2011

Bank am Bellevue

Contact Information

Address Seestrasse 16 8700Küsnacht Telephone No +41 44 2676736 Fax No +41 44 267 67 35 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Addresswww.bellevue.ch

Company Information

Key Persons Mr. ClaudioSteffenoni Mr. Dan Dysli Mr. Friedrich Dietz Mrs. Kalina Scott Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

Investment Banking

102 SECA Yearbook 2011

Bank Sarasin&Cie AG

Contact Information

Address Löwenstrasse 11 8022 Zürich TelephoneNo+41 44 213 97 16 FaxNo+41 44 2139698 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] WebAddress www.sarasin.ch

Company Information

Key Persons Mr. Matthias Spiess Mr. Alexander Cassani Year of Establishment 1841 NumberofEmployees 742 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin Industrial SectorsAll Geographical Focus Europe Type of Financing MinorityEquity, Equity Financing

Short Company Profile

M&A advisory, Equity Capital Markets (IPO, Secondary placements,tenderoffer,etc.) and CorporateFinance

103 SECASECA Yea Yearbrbookook 2011 2011

Bank Vontobel AG

Contact Information

Address Gotthardstrasse 43 8022 Zürich TelephoneNo+41 58 283 63 29 FaxNo+41 58 2837075 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.vontobel.com

Company Information

Key Persons Mr. Marc Klingelfuss Mr.Hanspeter R. Gehrer YearofEstablishment1924 NumberofEmployees 1427 Fund Names Capital Under Management CHF 75.2bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

Bank Vontobel AG is aglobally activeSwiss Bank with three business units: PrivateBanking, Investment Banking and Asset Management. The Corporate Finance Team, as part of the IB unit, offersthe complete range of services in equity capitalmarkets(IPO, secondary offering, blocktrade, public tenderoffer, share buy back, etc.), debt capital markets(equity-linked and straight bonds,capital structure advisory,restructuring, bond buyback, etc.)and mergers &acquisitions (acquisition, divestiture, sale, MBO,succession planning, valuation, etc.). Vontobel has a very strong position in the Swiss Mid &Small Cap market and covers with its brokerage over 150 SIX-listed companies. Swiss sharesare marketedbyanexperiencedsales team to institutional investors globally. Financial Research is regularly awardedwith top rankings by Thomson Extel and Institutional Investor.

104 Efﬁziente SECA Yearbook 2011

Lösungen fürIhr Unternehmenzuﬁndenist der Anspruchunseres Corporate Finance Teams. Kapitalerhöhungen, Börsengänge, Mergers&Acquisitionsund Anleihensemissionen –dafür undfür vielesmehrentwickelnunsereerfahrenenCorporate Finance Spezialisten innovativeKonzepte. MitTalentund Tempobei der Umsetzung. Entschlossen, dieBesten zu sein.Und dasauchfür Ihr Unternehmenzubeweisen–insbesondere für Small&Mid Caps.

w. dubACH 3M (SCHweiz)Ag HelVetiA SCHweizeriSCHe edipreSSegroup StArrAgHeCkertHolding Ag MobiMo HoldingAg SiegFriedHolding Ag oriorAg VerSiCHerungS- geSellSCHAFtAg Public Tender Offerfor Public Tender Offerfor Share Buyback Nominal Value 2.125% Convertible Bonds Mandatory InitialPublicOffering Datacolor AG Winterthur TechnologieAG Perpetual Bond (2ndTrading Lines) Reduction 2010–2014 Convertible Note

max. 64’130 beares shares max. 20’080 registered shares CHF42m CHF364m CHF300m CHF4m CHF175m CHF80m CHF163m october2010– december2010 december2010 november 2010 october2013 July2010 June2010 April2010 April2010

offerManager offerManager Co-lead Manager lead Manager lead Manager Co-Manager lead Manager Co-lead Manager

HelVetiA Holding Ag eVolVA Holding SA CiCor teCHnologieS Ag MobiMo HoldingAg petropluS HoldingS Ag Vontobel beteiligungenAg AquAMitb.V. ClSCorporAte lAnguAge (ForMerlYArpidA ltd.) SerViCeS Holding Ag

Straight Bond ReverseTakeover CapitalIncrease/ Public Exchange Offerfor CapitalIncrease/ Public Exchange Offer Public Tender Offer Raised Expansion Finance from Rights Offering LO Holding Lausanne-Ouchy Rights Offering for BB MedtechAG for Quadrant AG andJJM Participations

followed by Acquisition CHF150m CHF155m CHF10m CHF145m CHF292m CHF506m CHF237m of lexi-techintl. inc.,Canada

March 2010 december2009 november 2009 october2009 September 2009 September 2009 September 2009 July/September 2009

Joint-leadManager FinancialAdvisor and lead Manager FinancialAdvisor and Co-Manager FinancialAdvisor and offerManager FinancialAdvisor listing Agent offerManager offerManager

SikA Ag kArdex Ag bASF AFgArboniA-ForSter- edipreSSegroup SwiSSCoM Adb–AdVAnCed digitAl burCkHArdt CoMpreSSion Holding Ag broAdCAStHoldingSSA Holding Ag

Straight Bond Exchange of Bearer Shares Public Tender Offer CapitalIncrease / Sale of Swiss Straight Bond Share Buyback Share Buyback into RegisteredShares for CibaHolding AG Rights Offering media activities to

CHF300m CHF3.45bn CHF113.4m CHF450m CHF1’250m up to 330’000 Shares max. 170’000 registered shares

May2009 April2009 April 2009 April2009 March 2009 March 2009 September 08–March09 december2008–december2010

Co-lead Manager exchange Agent offerManager Co-lead Manager FinancialAdvisor Co-lead Manager lead Manager lead Manager

SAntHerApHArMACeutiCAlS depArtMentoFFinAnCeoF tornoS Holding Ag SuStAinAbleperForMAnCe MetAll zugAg lAM reSeArCH CorporAtion Albert SpieSS Holding Ag AllreAlHolding Ag Holding Ag kAnton glAruS groupAg

CapitalIncrease Ownership strategy for Nominal Value 2% Convertible Bonds Simpliﬁcationofthe Public Tender offer Sale to CapitalIncrease / (PIPE) Glarner Kantonalbank Reduction 2008–2013 CapitalStructure forSEZ Holding AG OriorAG Rights Offering

CHF16m CHF7.5m CHF50m CHF 643m purchase pricenot disclosed CHF185m August 2008 november 2008 June2008 May2008 May2008 March/April 2008 January2008 december2007 Advisortothe department of FinancialAdvisor Financeofthe kanton glarus lead Manager lead Manager lead Manager offerManager FinancialAdvisor Co-Manager regarding selected topics

WeitereInformationen ﬁnden Sieunter www.vontobel.com/corporate-ﬁnance oder rufenSie uns an:+41 (0)58 2837766 SECASECA Yea Yearbrbookook 2011 2011

Banque Bénédict Hentsch &Cie SA

Contact Information

Address 5avenue de Châtelaine 1211Genève 11 Telephone No +41 22 360 91 00 FaxNo+41 22 360 91 91 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Addresswww.bbh360.ch

Company Information

Key Person Mr. Marc Lüthi

Year of Establishment 2004 NumberofEmployees 50 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

Private Banking and Family Officeservices.

106 SECA Yearbook 2011

Bär&Karrer AG

Contact Information

Address Brandschenkestrasse 90 8027 Zürich Telephone No +41 58 261 50 00 Fax No +41 58 261 50 01 E-mail Address for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.baerkarrer.ch

Company Information

Key Persons Dr. Christoph Neeracher Prof. Dr.Rolf Watter Year of Establishment 1969 NumberofEmployees 220 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

107 SECASECA Yea Yearbrbookook 2011 2011

Barclays Private Equity (Schweiz)AG

Contact Information

Address General-Guisan-Quai 34 8027 Zürich Telephone No +41 44 289 80 90 Fax No +41 44 289 80 91 E-mailAddress for General Enquiries Format of PersonalE-mailAddresses [email protected] Web Address www.barclays-private-equity.de /www.bpe.com

Company Information

Key Persons Mr. Philippe Stüdi Mr. Marc Erni Year of Establishment 1979 NumberofEmployees 3 Fund Names BPE EuropeanFund I, II and III Capital UnderManagementBPE European Fund I(EUR 1.25bn), Fund II (EUR 1.65bn), Fund III(EUR 2.45bn) Number of Portfolio Companies over 50 Examples of PortfolioCompanies PREMIUMcommunications,Jack Wolfskin etc.

Investment Preferences

Size of InvestmentCHF 25-250m InvestmentStages Buyout -Buyin Industrial SectorsAll Geographical Focus France,Germany, Italy, Switzerland, United Kingdom Type of Financing Majority Equity

Short Company Profile

Barclays Private Equity zählt europaweitzuden führenden Beteiligungsgesellschaften. Der Fokus des 1979in Grossbritannien gegründeten Unternehmens liegt auf dem Erwerb von mittelständischenUnternehmenmit einem jährlichen Umsatzvolumenzwischen CHF40und 800 Millionen. SeitBestehenhat Barclays PrivateEquity mehrals 500 Transaktionen getätigt. Allein in den vergangenen zehn Jahren summierte sichdas Investitionsvolumen von BarclaysPrivate EquityinManagement Buy-Outs, Management Buy-Ins, Spin-Offs und Wachstumsfinanzierungen auf mehr alszehnMilliarden Euro. Die Investoren sind mehr als 25 internationale institutionelle Anleger sowie die Barclays Bankmit einem Anteil vonrund 25 Prozent. Im September2007legte die Beteiligungsgesellschaft mit dem Barclays Private Equity European Fund III seinen dritten europäischenMid-MarketFonds auf, miteinem Volumen von 2,45 Milliarden Euro, der innerhalb weniger Wochen geschlossenwerden konnte. Barclays Private Equityzählt inzwischen acht Büros in Grossbritannien und Kontinentaleuropa mitrund60Mitarbeitenden.

108 SECA Yearbook 2011

BDOAG

Contact Information

Address Fabrikstrasse 50 8031 Zürich TelephoneNo+41 44 444 35 55 Fax No +41 44 444 35 35 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] WebAddress www.bdo.ch

Company Information

Key Persons Mr. Marcel Jans Mr. Christoph Müller Year of Establishment 1932 NumberofEmployees 850 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing

Short Company Profile

BDO Visuraisthe preferred partnerofmiddle andsmall enterprises, public authorities and Non-Profit- OrganisationsProducts andServices: -Auditing -Financial Services -Fiduciary servicesand Real estate - Management consulting and Information technology -Tax advice and Legal advice

109 SECASECA Yea Yearbrbookook 2011 2011

BioMedPartnersAG

Contact Information

Address Elisabethenstrasse 23 4051 Basel TelephoneNo+41 61 270 35 35 Fax No +41 61 270 35 00 E-mailAddressfor GeneralEnquiries [email protected] Format of PersonalE-mailAddresses [email protected] Web Address www.biomedvc.com

Company Information

Key Persons Dr. Gerhard Ries Dr.Thomas Möller Year of Establishment 2002 NumberofEmployees 8 Fund NamesBioMedInvest,BioMedCredit CapitalUnder Management CHF250m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 1-10m Investment StagesEarly-Stage,Expansion -Development Capital, Seed Capital, Start-up Capital IndustrialSectors Biotechnology, Medical -LifeSciences -Health Related Geographical Focus Austria, France,Germany, Italy, Switzerland Type of Financing All

Short Company Profile

110 SECA Yearbook 2011

BrainsToVentures AG

Contact Information

Address Blumenaustr.36 9004 St.Gallen TelephoneNo+41 71 242 20 00 Fax No +4171242 20 01 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.b-to-v.com

Company Information

Key Person Mr. Florian Schweitzer

Year of Establishment 2000 Number of Employees 11 Fund Namesb-to-v Private Equity SICAR I+II Capital Under Management >EUR 100m Number of PortfolioCompanies 36 ExamplesofPortfolio Companies XING,alaTEST, Nanda, Angela Bruderer

InvestmentPreferences

Size of Investment EUR 0.5-15m Investment Stages Early-Stage, Buyout -Buyin Industrial Sectors Internet and Mobile, CleanTech, MedTech Geographical Focus Worldwide,DACH Type of Financing Equity Financing

Short Company Profile

ThroughBrainsToVentures (b-to-v) an extensive networkofcommitted entrepreneurial privateinvestors with backgrounds from various sectors invests in growth companies with promising andscalable business models. The «vibrant network of investment intelligence» finances first-classventures with excellent management teamsand offers them access to experienced investors from the respectivesector. With the institutionalised cooperation between investors and ventures b-to-v has becomeone of theleading private investor networks in Europe since the year 2000,whose activities regularlyexceedthisregion today reaching the US and Asia.

111 SECASECA Yea Yearbrbookook 2011 2011

BridgeLinkAG

Contact Information

Address Centralbahnstrasse7 4002 Basel Telephone No +41 61 206 90 90 Fax No +41 61 206 90 93 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses initial of [email protected] Web Addresswww.bridgelink.ch

Company Information

Key Persons Mr. RemoRichli Mr. Paul-AndréWenger Year of Establishment 1996 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Delisting, Early-Stage,Expansion - Development Capital, Mezzanine -Bridge Finance, Privatisation, Replacement Capital, Turnaround - Restructuring Industrial Sectors All Geographical Focus All Type of FinancingAll

Short Company Profile

M&A, Corporate Finance Advisors representing Sale-side or Buy-side. Fundraising forbusiness development. Full service for MBO Projects. Internationaloperations with officesinUSA,Germany and Switzerland

112 SECA Yearbook 2011

BT&TGroup

Contact Information

Address Hardturmstrasse 11 /Puls5 8005 Zürich Telephone No +41 44 735 81 00 Fax No +41 44 735 81 69 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.btt.com

Company Information

Key Person Dr. Walter Meier

Year of Establishment 1990 NumberofEmployees 7 Fund Names BT&TGroup Capital Under Management >CHF 200m NumberofPortfolio Companies >30 Examples of Portfolio Companies Sector "TIME" and "LIFE"

Investment Preferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Type of Financing

Short Company Profile

BT&T is aleading investment group engaginginfast growing technologiesofthe 21st centurybyapplying its unique TIME® and LIFE® investment concepts

113 SECASECA Yea Yearbrbookook 2011 2011

Business AngelsSchweiz

Contact Information

Address Postfach 8708 Männedorf Telephone No +41 79 358 54 70 Fax No E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.businessangels.ch

Company Information

Key Persons Mr. Jan Fülscher Ms.Caroline Gueissaz Year of Establishment 1997 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies 50-100 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Mezzanine - Bridge Finance, Start-up Capital Industrial SectorsAll Geographical Focus Switzerland Type of Financing EquityFinancing, MajorityEquity, MinorityEquity, Mezzanine

Short Company Profile

BAS, BusinessAngels Switzerland, is an association of about 70 affluent individuals who provide capital,know- how and their networks for Swiss businessstart-ups andearly stage companies. BAS members meettwice amonth in Zurich and Lausanne, respectively. Theclub presents 60 investment opportunities per yeartoits members and finances five to tenofthemeveryyear. Detailed information for startups and investors is available on the homepage, www.businessangels.ch.

114 SECA Yearbook 2011

BV Holding AG

Contact Information

Address Hofgut -Vordere Dorfgasse 12 3073 Gümligen Telephone No +41 31 380 18 50 Fax No +41 31 380 18 59 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.bvgroup.ch

Company Information

Key PersonMr. Patrick Schär

Year of Establishment 1997 NumberofEmployees 2 Fund Names Capital UnderManagement >CHF 66m NumberofPortfolio Companies 9 Examples of Portfolio CompaniesSkan Holding AG, Lonstroff HoldingAG, Ypsomed, E2E Technologies Ltd, Ziemer Group AG, Sphinx Werkzeuge AG, Piexon AG

Investment Preferences

Size of Investment CHF 3-20m Investment Stages Replacement Capital, Expansion -Development Capital, Buyout -Buyin Industrial SectorsAll Geographical Focus Switzerland Type of Financing EquityFinancing

Short Company Profile

In thearea of replacement financing and management buyouts (buyins) BVgroup focusesprimarily on medium size transactions andonlong term oriented investment opportunities in companies with apositivecash-flow anda yearly turnover of over CHF 10 million. Theturnover canalso be lower, if future revenuegrowth is substantial or if the company fits to one of our existing portfolio investments. The type of financingused depends on thespecific situation and can be in equityoracombinationofequityand debt.

115 SECASECA Yea Yearbrbookook 2011 2011

Capital Concepts International AG

Contact Information

Address Untere Heslibachstrasse 41a 8700Küsnacht Telephone No +41 43 266 70 80 FaxNo+41 43 266 70 81 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.capitalconcepts.ch

Company Information

Key Person Ms.Jennifer Maag-Pelz

Year of Establishment 1999 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

Capital Concepts International is amergers &acquisitions advisoryboutique, focussing on middle market transactions (between CHF 10-500 million) in German-speakingEurope. Throughour international network, we alsoadvise on acquisitions or divestitures around the globe.

116 SECA Yearbook 2011

Capital Dynamics

Contact Information

Address Bahnhofstrasse 22 6301 Zug Telephone No +41 41 748 84 44 Fax No +41 41 748 84 40 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Addresswww.capdyn.com

Company Information

Key Persons Ms. Katharina Lichtner Ms. Brigitte Rasmussen Year of Establishment 1988 NumberofEmployees 150 Fund Names Capital Under Management>USD 21bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus Worldwide Type of Financing

Short Company Profile

Capital Dynamics is an independent asset management firm focused on privateequity. Capital Dynamicsoffers institutional investors and family offices awide range of privateequityproducts and services: fund of funds, direct investments, separateaccount solutions and structured privateequity products. With more than 20 years of experience, Capital Dynamicsmanages andhas advised on acombined totalofoverUSD 21 billion in private equity and real estatefunds. Capital Dynamics clients are adiverse group of investors including pension funds, insurance companies, familyoffices,high net worthindividuals andtheir advisors. Headquartered in Switzerland, Capital Dynamics has of-fices in New York, Silicon Valley,London,Birmingham (UK), HongKong and Munich.

117 SECASECA Yea Yearbrbookook 2011 2011

Capital Transmission SA

Contact Information

Address Rue de la Tour de l'Ile 4 1204 Genève Telephone No +41 22 809 21 46 Fax No +41 22 809 25 77 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Address www.bcge.ch

Company Information

Key Persons Ms. Virginie Fauveau Mr. Renaud Chambolle Year of Establishment 2008 NumberofEmployees Fund Names Capital Under Management CHF 50m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 1-5m Investment Stages Buyout -Buyin, Expansion -Development Capital, Mezzanine -Bridge Finance IndustrialSectors All Geographical Focus Switzerland, France Type of Financing EquityFinancing, Loans, Minority Equity,Mezzanine

Short Company Profile

118 SECA Yearbook 2011 capitonAG

Contact Information

Address Bleibtreustrasse 33 D-10707 Berlin Telephone No +49 30 315945-0 Fax No +49 30 315945-57 E-mail Address for General Enquiries [email protected] Format of PersonalE-mailAddresses [email protected] Web Addresswww.capiton.com

Company Information

Key Persons Dr. Andreas Kogler Mr. Andreas Denkmann YearofEstablishment1999 NumberofEmployees 15 Fund Names capitonII, capiton III, capitonIV Capital Under Management EUR786m NumberofPortfolio Companies 13 Examples of Portfolio Companies Meyer &BurgerTechnologies, Lahmeyer International, ZytoService, GMC-I GossenMetrawatt (Camille Bauer), CT Casting Technologies (SHW),Trenkwalder

InvestmentPreferences

Size of Investment EUR 5-100m Investment Stages Buyout -Buyin, Expansion -Development Capital, Replacement Capital Industrial Sectors All GeographicalFocus Austria,Germany, Switzerland Type of Financing EquityFinancing, MajorityEquity, MinorityEquity

Short Company Profile capiton is an owner-managed financial investor that investsinlarge SMEs in Germany, Austria and Switzerland by means of MBOs and expansion financing.capitonsroots go back to thelate 1970s.

119 wwwSECA.capvis.com Yearbook 2011

2010

Für2010 zum 9. Mal als„Best PrivateEquityFirm of Switzerland”gewählt!

Capvis übernimmtmit einem Fundvolumen vonEUR 600 Mio. Mehrheitsbeteiligungen an führenden, mittelständischen Firmen im deutschsprachigen Europa. Ziel ist es,zusammen mit dem Managementnachhaltig Potentiale freizusetzen und guteUnternehmens- geschichtenzuschreiben. Seit 1990 hatdas Capvis Team 41 Transaktionen im Gesamtvolumen vonmehr als EUR 3Milliarden durchgeführt. SECA Yearbook 2011

CapvisEquity Partners AG

Contact Information

Address Talacker42 8022 Zürich TelephoneNo+41 43 300 58 58 FaxNo+41 43 3005859 E-mail Address forGeneral Enquiries [email protected] FormatofPersonal E-mailAddresses [email protected] Web Address www.capvis.com

Company Information

Key Persons Mr. Daniel Flaig Mr.RolfFriedli Mr. Tobias Ursprung Mr. Eric Trüeb Mr. Ueli Eckhardt Year of Establishment 1999 NumberofEmployees 21 FundNames Capvis I, CapvisII, Capvis III Capital Under Management EUR 1'150m NumberofPortfolio Companies 11 Examples of Portfolio Companies ACP, Bartec,Benninger,deSede Group, ETAVIS, Kaffee Partner, KVT, Lista, Orior, Phonak, sia Abrasives, Soudronic, Stadler Rail Group, Ticketcorner,Wittur,WMF

Investment Preferences

Size of Investment EUR20-100m Investment StagesBuyout -Buyin Industrial SectorsAll GeographicalFocus Switzerland, Germany, Austria Type of Financing EquityFinancing

Short Company Profile

Capvis Equity Partners AG Zurich, advising the CapvisFunds, is theleadingprivate equity firm in Switzerland and atop player in german-speaking Europe. Capvisinvests in well positioned medium-sized firms with headquarters in Switzerland, Germany or Austria, typically as part of succession solutions andcorporatespin-offs. Capvis ususallytakes substantial ownership stakes in attractive firmswith theaim to realize theidentified potential of the company by supporting the mangement team to achieve its demadingobjectives. Since 1990,the Capvis team has conducted 41 transactionswith avolume of more than EUR3bn. CapvisEquity Partners was founded in 1999 as the successor organisationtoSBC Equity Partners.

121 SECASECA Yea Yearbrbookook 2011 2011

Centralway Holding AG

Contact Information

Address Bahnhofplatz 6300 Zug Telephone No Fax No E-mailAddress forGeneral Enquiries [email protected] FormatofPersonal E-mail Addresses Web Address www.centralway.com

Company Information

Key Persons Mr. Martin Saidler Dr.Thomas Müller Year of Establishment 1999 NumberofEmployees 3 Fund Names CENTRALWAY Capital Under Management NumberofPortfolio Companies 25 Examples of Portfolio Companies Scout24,Preisinsel.ch, Invia.cz, Brains to Ventures, Jyxo, Blog.cz

InvestmentPreferences

Size of Investment Investment Stages Growth Capital, Early-Stage, Expansion -Development Capital, Seed Capital, Start-up Capital IndustrialSectors Internet Technology GeographicalFocus Switzerland,Germany, Russia, Central and Eastern Europe, United StatesofAmerica TypeofFinancing Equity Financing, Loans, MajorityEquity, MinorityEquity

Short Company Profile

122 SECA Yearbook 2011

Centus Capital Ltd.

Contact Information

Address Täfernstrasse 2a 5405 Baden-Dättwil Telephone No +4156484 55 33 Fax No +41 56 484 55 30 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses Web Address www.centuscapital.com

Company Information

Key Person Ms. Esther M. Deck

Year of Establishment 2002 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Expansion -Development Capital,Start-up Capital Industrial Sectors Biotechnology, Internet Technology, Medical-Life Sciences - Health Related, Communications other GeographicalFocus Austria,Germany, Switzerland Type of Financing EquityFinancing

Short Company Profile

Centus CapitalLtd. is an independent investment company. We focus on innovative technologycompanies with a highgrowth potential in Switzerland, Germanyand Austria.Innovative businessmodels and amanagementteam with expertiseare importantcriterias when analyzing acompany.Wealsoofferadvisory services in the field of corporatefinance.

123 SECASECA Yea Yearbrbookook 2011 2011

Cevian Capital AG

Contact Information

Address Seedammstrasse 3 8808 Pfäffikon TelephoneNo+41 55 417 46 20 Fax No +41 55 417 46 21 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.ceviancapital.com

Company Information

Key Persons Dr. Ilias Läber Mr. Yann Schmidt Year of Establishment2007 NumberofEmployees 10 Fund Names Cevian Capital II CapitalUnder ManagementEUR 3.4bn Number of PortfolioCompanies 8-12 ExamplesofPortfolio Companies

InvestmentPreferences

Size of Investment EUR50-500m Investment Stages Turnaround -Restructuring IndustrialSectors All Geographical Focus Europe Type of Financing Equity Financing

Short Company Profile

Cevian Capitalisaprivate investment firm acquiring significant ownership positions in Europeanpublic companies where long-term value can be enhanced throughanindustrialactive ownershipapproach.

124 SECA Yearbook 2011

CGS Management giesinger gloor lanz &co.

Contact Information

Address Huobstrasse 14 8808 Pfäffikon Telephone No +41 55 416 16 40 Fax No +41 55 416 16 41 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.cgs-management.com

Company Information

Key Persons Dr.Rolf Lanz Mr. Peter Gloor Mr. Peter Giesinger Year of Establishment 1995 NumberofEmployees 10 Fund NamesCGS Private Equity PartnershipII Capital Under Management CHF 125m NumberofPortfolio Companies 9 Examples of Portfolio Companies Maag Group, Mould Technologies Holding AG, mdexx Holding GmbH

InvestmentPreferences

Size of Investment EUR 10-80m Investment Stages Buyout -Buyin, Delisting,Replacement Capital, Turnaround -Restructuring Industrial Sectors Chemical -Materials,Construction -Building Products, Electronics, Energy,IndustrialAutomation, Industrial Products and Services,Manufacturing Geographical Focus Europe Type of Financing Equity Financing, MajorityEquity

Short Company Profile

Private Equity Partnership:investments in small and medium sized industrialcompanies

125 SECASECA Yea Yearbrbookook 2011 2011

Club Valaisan des Business Angels

Contact Information

Address c/o CCF SA Pré-fleuri 6 1951 Sion TelephoneNo+41 27 327 35 50 Fax No E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses Web Addresswww.bizangels.ch

Company Information

Key Person Mr. ChristopheBeaud

Year of Establishment 1999 NumberofEmployees 2 Fund Names Individual Investors +CCF SA (financial Institution of VS economic development) Capital Under Management only direct investment of Angels, no pool Number of PortfolioCompanies 16 Examples of Portfolio Companies Swortex SA,www.Ptiboo.ch, Cnoté Mobile Solutions, RedElecTechnologie SA, Snowpulse SA

Investment Preferences

Size of InvestmentCHF 0.1-1m InvestmentStages Seed Capital,Start-upCapital Industrial Sectors Biotechnology, Energy Geographical Focus Type of Financing Equity Financing

Short Company Profile

The "Club Valaisan des Business Angels" is aclub of private investors based in the French part of Switzerland and financing start-ups especially in the high-tech and thebio-tech area.The Club wasfounded in 1999 under the impulseofCCF SA, financial arm of theassociation foreconomicdevelopment in Valais.Today,after10years of existence, more than CHF 4.2millions have been invested in 13 different start-ups. The entrepreneurs present their projectduring "Angel Dinners" which take place fourtimes ayearinMartigny. More than20business angels are members of the"ClubValaisan des Business Angels".

126 SECA Yearbook 2011

CO-INVESTORAG

Contact Information

Address Kreuzstrasse 26 8008 Zürich Telephone No +4143521 61 11 Fax No +41 43 521 61 10 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.co-investor.com

Company Information

Key Persons Dr. Hans-Dieter Rompel Mr. Nicolai von Engelhardt Year of Establishment2000 NumberofEmployees 9 Fund NamesESCF1, VRPI, VRPII, Co-Lux CapitalUnder Management EUR ≥100m NumberofPortfolio Companies 13 directInvestments Examples of Portfolio Companies CCG Cool Chain Group,SMB,Wiesmann, Euroimmun

Investment Preferences

Size of Investment EUR 550m Investment Stages Expansion -DevelopmentCapital, Mezzanine -Bridge Finance, Buyout -Buyin, Replacement Capital Industrial SectorsBroad range of industries except non-ethicalInvestments Geographical Focus Switzerland, Germany,Austria, Germanspeaking reaching Type of FinancingMinorityEquity,Majority Equity, Equity Financing, Mezzanine

Short Company Profile

Co-Investorisadirect investment company. It representsanetwork of successful entrepreneursand high net worth individualswho jointly invest their private funds in medium-sized companiesinthe Germanspeaking region with no explicit sector focus.Co-Investoridentifies and managesdirect investment opportunitiesoffering strong entrepreneurship, convincingand qualified management,comprehensible and proven businessmodel, clearly identifiable growthand value-enhancementpotential, positive cash flow, and equityrequirementsbetween EUR5 mand EUR 50 m. Co-Investorseeks companiesthat notonlyrequire capital but thatalsoappreciate an entrepreneurial and cooperation-based approach. The group also manages several funds foramorediversified investment approach,one of which in closecooperationwith BHF-Bank,Germany.

127 SECASECA Yea Yearbrbookook 2011 2011

Core Capital PartnersAG

Contact Information

Address Bahnhofstrasse 20 8021 Zürich Telephone No +41 44 488 80 00 Fax No +41 44 488 80 19 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail [email protected] Web Addresswww.corecapital.ch

Company Information

Key Person Mr. Martin Gloor

YearofEstablishment 2007 NumberofEmployees 8 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Expansion -Development Capital Industrial SectorsAll GeographicalFocus Switzerland,Germany, Austria Type of Financing EquityFinancing

Short Company Profile

128 SECA Yearbook 2011

CTI Invest The Leading Financing Platform for High Tech Companies in Switzerland

Our achievements in anutshell since 2003: >75Members, 38 VentureDays, 7CEO Days >180 companies presented approx. CHF 300 Mio. ﬁnancing volume

Members Fongit Seed Invest Vinci Capital Gebert Rüf Stiftung Wellington A3 Angels Go-Beyond Zühlke Ventures Aargauer Kantonalbank IBM Switzerland Zürcher Kantonalbank Acton Capital Innovationsstiftung Schwyzer KB &morethan Affentranger Associates Invision 15 Business Angels Aravis I-Source Aster Capital Jade Invest Partnersand Aventic Logitech BioBAC Mountain Partner Sponsors BiomedInvest New Value The Innovation Promotion Brains To Ventures Novartis VentureFund Agency CTI BSI HealthCapital OCAS Ventures Gebert Rüf Stiftung Business Angels Schweiz OneLife Advisors Swisscom BV Partners Polytech Ventures Zürcher Kantonalbank Clariant Redalpine Novartis Constellation Rohner Chem ETH Zurich CoreCapital SHS EPF Lausanne Creapole Soﬁnnova New Value Creathor Venture StartAngels Network De Vigier DEFI Gestion STI Stiftung Empa Doughty Hanson Straumann IBM Switzerland Draper Investment Swisscom PwC Earlybird Synthes SIX Exchange Eclosion Target Partners Tavernier Tschanz Emerald Technology Technopark Luzern Technopark Luzern Emertec VentureIncubator VentureIncubator EPS Value Plus Verium Wenger &Vieli ErﬁndungsVerwertung AG Verve Capital www.cti-invest.ch Zühlke Ventures

CTI Invest TheSwiss Venture Platform SECASECA Yea Yearbrbookook 2011 2011

Creathor Venture Management GmbH

Contact Information

Address Fraunmünster Str. 11 8001 Zürich Telephone No +41 44 271 13 58 Fax No E-mail Address forGeneral Enquiries [email protected] Format of Personal E-mail Addresses Web Address www.creathor.ch

Company Information

Key Persons Mr. Cèdric Köhler Dr.GertKöhler Mr.KarlheinzSchmelig Year of Establishment 2003 NumberofEmployees 1 Fund Names Capital Under Management CHF 136m NumberofPortfolio Companies 24 Examples of Portfolio Companies Doodle, Diva.AG, Stylefruits, aka-aki, netbiscuits, Mobiles Republic,Phenex Pharmaceuticals, caprotec bioanalytics, SIRIONBiotech, Accovion, Cevec Pharmaceuticals, Sofialys, Melitta GamingGroup, Jaron, Brand New World, Tellja, WiredMinds, Alrise Biosystems,JOIZ,Zimory

Investment Preferences

SizeofInvestment CHF 0,1-10m Investment Stages Start-up Capital, Seed Capital, Expansion -Development Capital, Early-Stage Industrial SectorsCommunications other, Telecommunications, Medical -Life Sciences -HealthRelated,InternetTechnology,Industrial Automation, Energy, Electronics, ComputerRelated, Chemical -Materials,Biotechnology GeographicalFocus Germany, Switzerland, France, Austria, Western Europe, North America Type of Financing MinorityEquity, EquityFinancing

Short Company Profile

Creathor Venture invests in Germany,Switzerland, Franceand the RoE. The focus is on early-stagecompanies with innovative technologiesand business concepts.Preferred sectorsare communications,IT, internet/media, optics, micro-&nanotechnologies, new materials and life sciences. Theteamhas morethan 30 years successful track record as lead-investor in early stage high-tech companies. The team has been working in early-stage venture capitalfor 20 years. During that time more than 200 technologycompanies have been financedand over 20 IPOs as well as numerous tradesales have beenconducted. The main office of Creathor Venture is in BadHomburg,Germany (www.chreathor.de).

130 SECA Yearbook 2011

CreditSuisse

Contact Information

Address Giesshübelstrasse 62 8070 Zürich TelephoneNo+41 44 333 31 21 FaxNo+41 44 3336154 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.credit-suisse.com

Company Information

Key Persons Dr. Martin Frischknecht Mr.Christoph Streib Year of Establishment 1856 NumberofEmployees 19500 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital, Mezzanine -Bridge Finance, Privatisation,Replacement Capital,Turnaround -Restructuring Industrial SectorsAll Geographical Focus Worldwide Type of Financing All

Short Company Profile

Swiss Universal Bank

131 SECASECA Yea Yearbrbookook 2011 2011

Cross Equity Partners AG

Contact Information

Address Kreuzstrasse 60 8008 Zürich Telephone No +4144269 93 93 Fax No +41 44 269 93 94 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Addresswww.crossequitypartners.ch

Company Information

Key Persons Mr. MarkusReich Dr.Michael Petersen YearofEstablishment2008 NumberofEmployees 7 Fund Names Cross L.P. Capital UnderManagementCHF 100m Number of PortfolioCompanies 2 Examples of PortfolioCompanies Schwab VerkehrstechnikAG, Spirella SA

InvestmentPreferences

Size of Investment Investment StagesBuyout -Buyin, Expansion -Development Capital IndustrialSectors All GeographicalFocus Austria,Germany, Switzerland Type of Financing EquityFinancing, MajorityEquity, MinorityEquity

Short Company Profile

Cross Equity is aSwiss private equity firm, offering capital, industrial expertise andanextensive networktomid- sized companies in Switzerland and German-speakingEurope in thecontext of succession solutions for family- owned businesses or corporate spin-outs.

132 SECA Yearbook 2011

Defi Gestion SA

Contact Information

Address BoulevarddeGrancy 1 1006 Lausanne Telephone No +41 21 614 34 44 Fax No +41 21 614 34 45 E-mailAddress for General Enquiries [email protected] Format of PersonalE-mailAddresses initial of [email protected] Web Addresswww.defigestion.ch

Company Information

Key Persons Mr. ClaudeSuard Mr.JacquesBerger Mr. Mohammed Diab Year of Establishment 1990 NumberofEmployees 8 Fund Names Capital Under Management CHF 200m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 1-10m Investment Stages Buyout -Buyin, Replacement Capital Industrial SectorsConsumer Related, Electronics, Energy, IndustrialProducts and Services, Manufacturing, Services, Food -Beverages Geographical Focus France, Italy,Switzerland Type of Financing MajorityEquity,Minority Equity

Short Company Profile

Late Stage,European Scope (CH,I,D,F)/Venture, local scope Early Stage:CHF only

133 SECA Yearbook 2011

Immer einen Schachzug voraus.

Wirunterstützen Sie bei der erfolgreichen Umsetzung von Transaktionen.

•Transaktionsﬁnanzierung •Nachfolgeregelungen •Lead Advisory •Käufer/Verkäufer Due Diligence •Cash/Working Capital Management •Management Buyout/LBO •Steuerliche Strukturierung •Abspaltung/Carve-out •Unternehmensbewertungen

Konstantin von Radowitz Partner,M&A Transaction Services Tel. 044 421 64 57 [email protected]

Jean-François Lagassé Partner,Corporate Finance Advisory Tel. 022 747 71 06 [email protected]

Dr.JürgGlesti Partner,Corporate Finance Advisory Tel. 044 421 64 49 [email protected]

Wirtschaftsprüfung. Steuerberatung. Consulting. Corporate Finance. SECA Yearbook 2011

Deloitte AG

Contact Information

Address GeneralGuisan-Quai 38 8022 Zürich TelephoneNo+41 44 421 64 06 Fax No +41 44 421 66 33 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses initial of [email protected] Web Address www.deloitte.ch

Company Information

Key Persons Mr. Konstantin vonRadowitz Mr. Jean-François Lagassé Dr.JürgGlesti YearofEstablishment Number of Employees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

Deloitte is aleading international accountancy and professional services firm offering audit, consulting, corporate finance, risk management and tax servicestoselectedclients. In Switzerland, Deloittes 1000 plus employees operate outofour offices in Zurich, Basel,Geneva, Lausanne andLugano. Deloittes CorporateFinance practice wokswith leadingprivate equity investors,funds and portfoliocompanies deliveringvalue acrossthe entire private equity life cycle.

135 SECASECA Yea Yearbrbookook 2011 2011

Deutsche Bank Private Wealth Management

Contact Information

Address Bahnhofquai 9/11 8021 Zürich Telephone No +41 44 224 50 00 Fax No +41 44 224 59 55 E-mailAddress for General Enquiries FormatofPersonal E-mailAddresses [email protected] Web Address www.pwm.db.com

Company Information

Key Person Dr. Florian Ernst

Year of Establishment 2004 NumberofEmployees 20 Fund Names Capital UnderManagement more than USD 3bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesBuyout -Buyin, Expansion -Development Capital IndustrialSectors All Geographical Focus All Type of Financing All

Short Company Profile

The PrivateMarketsGroup of Deutsche Bank Private Wealth Management is aprivate equity investmentmanager offering investment solutions, including aGlobal Private Equity Investment Program,for wealthy individuals and select institutional investors. The programofferssuitable investors asystematic and modular approachto implement their private equity strategy and build overtimeadiversified privateequity portfolio. This approach provides access to premier private equity fund managers across various geographies, industry sectors, investment styles,and vintages, as well as accesstodirect co-investment opportunities.

136 SECA Yearbook 2011

Draper InvestmentCompany(Zürich)

Contact Information

Address Dreikönigstrasse 31a 8002 Zürich Telephone No +41 44 208 32 37 Fax No +41 44 208 35 00 E-mail Address for GeneralEnquiries [email protected] FormatofPersonal E-mail Addresses [email protected] Web Addresswww.draperco.com

Company Information

Key PersonMr. DonPlaisted

Year of Establishment 2001 NumberofEmployees 1 Fund Names Capital Under Management not disclosed-familyoffice NumberofPortfolio Companies Examples of Portfolio Companies early stage technology companies

InvestmentPreferences

Size of Investment CHF 0.1-1.5m Investment Stages Early-Stage, Seed Capital, Start-up Capital Industrial Sectors Computer Related, Electronics, InternetTechnology, Telecommunications Geographical Focus All Type of Financing

Short Company Profile

Please see www.draperco.com

137 SECASECA Yea Yearbrbookook 2011 2011

Emerald TechnologyVentures AG

Contact Information

Address Seefeldstrasse 215 8008 Zürich TelephoneNo+41 44 269 61 00 FaxNo+41 44 2696101 E-mailAddress forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.emerald-ventures.com

Company Information

Key Persons Ms.Gina Domanig Mr. Hans Dellenbach Year of Establishment 2000 NumberofEmployees 19 FundNames Emerald CleantechFund ILP, Emerald Energy Fund ILP, EmerladCleantech Fund II LP CapitalUnder Management EUR300m Number of Portfolio Companies 44 Examples of Portfolio Companies inge AG, XunlightEnOcean, Synapsense

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Expansion -Development Capital,Start-up Capital Industrial SectorsChemical -Materials,Construction -Building Products, Energy, Environment, Industrial Automation, Industrial Products andServices,Other, Transportation Geographical Focus Europe, NorthAmerica Type of Financing EquityFinancing

Short Company Profile

Launchedin2000,Emerald Technology Ventures today manages threefunds as well as two mandates all focusing on venturecapital in the Cleantechsectors, namely,energy,materials, water and agricultural technologies. Emerald wasapioneer in Europe andtoday, with EUR300 mioundermanagement,isthe largest player in Europe and one of the key playersinNorth America. Emerald has offices in Zurichand Toronto.

138 SECA Yearbook 2011

Endeavour Vision SA

Contact Information

Address RuedelaCroix DOr 6 1204 Genève Telephone No +41 22 544 60 00 Fax No +41 22 544 60 06 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Address www.endeavourvision.com

Company Information

Key Persons Mr. Bernard Vogel Mr. DamienTappy Mr. Sven Lingjaerde Year of Establishment2000 NumberofEmployees 10 FundNames Endeavour II LP,Endeavour LP,Genevest, VisionCapital Capital Under Management EUR 150m NumberofPortfolio Companies ~20 Examples of Portfolio Companies Spartoo.com,Retailo,Sequans, Amplidata, Symetis, CeQur, Molecular Partners

Investment Preferences

Size of Investment EUR 1-8m Investment Stages Early-Stage, Buyout -Buyin Industrial SectorsComputer Related, Electronics, Industrial Automation, Internet Technology, Medical-LifeSciences -HealthRelated Geographical Focus Europe Type of FinancingEquity Financing

Short Company Profile

Endeavour Vision combines ateam of experienced venture capitalprofessionals responsible for investments in over 75 companies in 12 countries in technology and life sciences since 1989.Our firm targetscompaniesthat have the potential to become globalleaders. Beyond access to capital, EndeavourVision brings years of experience, expertise and networks to its entrepreneurs, plusapassion for success.

139 SECA Yearbook 2011

New Energy New Power New Value

Innovationen in Cleantech und Gesundheit bringen Performance und sinnvollen Mehrwert NewValue weiss, welche jungen Schweizer Unternehmen Zukunft haben und Wachstumskapital verdienen. NewValue ist selektiv und prüft die Innovatoren auf Herz und Nieren. DiePerformance stimmt, beim kommerziellen Erfolg ebenso wie bei den Nachhaltigkeitskriterien. DasPortfolio mit elf Unternehmen in Cleantech und Gesundheit hat herausragende Firmen hervorgebracht. Dervolle Einsatz vonEigenkapital hat sich bewährtund schafft ethischen Mehrwert.Seit Gründung der NewValue amtet EPS Value Plus AG, Zürich, als Investment Manager.

NewValue AG Bodmerstrasse 9 CH- 8027 Zürich T+41 43 344 38 38 [email protected] SIX: NEWN www.newvalue.ch Sustainable Swiss Private Equity SECASECA Yea Yearbrbookook 2011 2011

EPS Value Plus AG

Contact Information

Address Bodmerstrasse 9 8027 Zürich TelephoneNo+41 43 344 38 00 FaxNo+41 43 3443801 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.epsvalueplus.ch

Company Information

Key Persons Mr. Peter Letter Mr. MarcoFantelli Year of Establishment 2002 NumberofEmployees 6 Fund NamesNew Value AG (SIXlisted;www.newvalue.ch) CapitalUnder Management EUR50m Number of Portfolio Companies 10 Examples of PortfolioCompanies Solar IndustriesAG, Idiag AG, Silentsoft SA,Natoil AG, Swiss Medical SolutionAG, QualiLife SA, Sensimed AG, ZWS Zukunftsorientierte Wärmesysteme GmbH

Investment Preferences

Size of Investment EUR 0.5-5m InvestmentStages Early-Stage, Expansion -Development Capital Industrial SectorsAll GeographicalFocus Switzerland, Germany, Austria Type of Financing EquityFinancing,Mezzanine

Short Company Profile

EPS Value Plus AG is an independent privateequityinvestmentmanager,managing directinvestment funds.EPS's particular focus is in early stage and growth financing for innovative technology companies in Switzerland, Germany and Austria. Sustainable business modelsand high ethicalstandards are core criterias when selecting portfoliocompanies. EPS manages NewValue AG, an investment company listed on SIX Swiss Exchange ( www.newvalue.ch)focusingonCleantech and Healthcare. EPS offers alsoadvisory services to third partyinvestors andtheir privateequityportfoliosofdirectinvestments. In addition EPSoffers corporate finance advisory to small andmid sized companies.

141 SECASECA Yea Yearbrbookook 2011 2011

Equatis AG

Contact Information

Address Seehofstrasse 6 8008 Zürich TelephoneNo+41 44 251 51 20 FaxNo+41 44 2515118 E-mailAddress for General Enquiries Format of PersonalE-mailAddresses [email protected] Web Address www.equatis.com

Company Information

Key Person Dr.PeterRutishauser

Year of Establishment Number of Employees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Turnaround -Restructuring Industrial Sectors Industrial Productsand Services, Consumer Related, Manufacturing,Services GeographicalFocus Switzerland,Germany Type of Financing EquityFinancing, MajorityEquity

Short Company Profile

Equatisisaprivatecompanyheld by experienced entrepreneurs investing in buyoutand special situations.

142 SECA Yearbook 2011

ErfindungsVerwertung AG EVA

Contact Information

Address Hochbergerstrasse 60c 4057 Basel TelephoneNo+41 61 283 84 85 Fax No +41 61 283 84 86 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.eva-basel.ch

Company Information

Key Persons Dr. Peter E. Burckhardt Dr. Fritz Wittwer YearofEstablishment1996 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies 8 Examples of Portfolio Companies BioVersys, Cardiolynx,Ennar Pharma, Flamentera

Investment Preferences

Size of Investment InvestmentStages Seed Capital, Start-up Capital Industrial Sectors Biotechnology,Medical -LifeSciences -Health Related Geographical Focus Switzerland Type of Financing Loans, Minority Equity

Short Company Profile

143 SECASECA Yea Yearbrbookook 2011 2011

Ernst &YoungLtd

Contact Information

Address Bleicherweg 21 8022 Zürich TelephoneNo+41 58 286 31 11 FaxNo+41 58 2863025 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.ey.com/ch

Company Information

Key PersonsMr. Hannes Schobinger Dr. Jürg Stucker Mr. Marc Reinhardt Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

With its local team of 70 people in Transaction Advisory Services, Transaction Taxand Transaction Legal anda global networkof130000 professionals, Ernst &Young providesexpert and interdisciplinary assistancein corporate transactions and M&A lead advisory. Our people understand the assurance, tax, transaction and advisory needs of businesses across 140countries worldwide. We are able to offerseamless and consistent quality support in all phases of atransaction including DueDiligence,Valuation &BusinessModeling,Mergers and Acquisitions, Corporate Restructuring, Real Estate as well as correspondingaccounting, tax and legal advice.

144 SECA Yearbook 2011 When it comesto transactions,weare an excellentchoice:

To steer your transactions into asafeharbor you need an experienced crew.Our transaction advisory services team is highly respected among our local and international clients.Fromindividual services to fully integrated concepts:weget your transactions and M&A projectsunder way. With manyyears of experience, comprehensive sector-specific know-howand anetwork of morethan 8,000transaction advisorsaround the globe.Welcome aboard. www.ey.com/ch/tas SECASECA Yea Yearbrbookook 2011 2011

Fabrel LotosAG

Contact Information

Address Seestrasse 50 6052 Hergiswil Telephone No +41 41 632 68 58 Fax No +41 41 632 68 40 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.fabrellotos.ch

Company Information

Key Persons Mr. Marc Müller Mr. Urs Pfyffer Year of Establishment 1999 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies 3 Examples of Portfolio Companies RONDO Group,Utz Group,Buss Group

Investment Preferences

Size of InvestmentCHF 25-100m Investment StagesBuyout -Buyin Industrial Sectors Manufacturing Geographical Focus Switzerland TypeofFinancing MinorityEquity, MajorityEquity

Short Company Profile

Fabrel Lotos participates on along-term basis with equityholdings andentrepreneurialknow-how in medium sized companies with soundeconomics andgood growthprospects.AsaSwiss long-term equity partner, Fabrel Lotos enables thesecompanies to pursue their ambitious goalsatthe same time as retaining their independence.

146 SECA Yearbook 2011

G&P Capital Management AG

Contact Information

Address Rigistrasse 60 8006 Zürich TelephoneNo+41 44 377 60 60 FaxNo+41 44 3776065 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.gpcm.ch /www.gprp.ch

Company Information

Key Person Mr. Robert Plantak

Year of Establishment 2009 NumberofEmployees 7 Fund Names G&P Real Estate Partners Capital Under Management CHF 300m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 0.5-20m Investment Stages Buyout -Buyin, Expansion -Development Capital, Turnaround -Restructuring Industrial SectorsReal Estate Geographical Focus Switzerland Type of Financing Equity Financing, Mezzanine

Short Company Profile

Our company is aleading alternative asset manager. Our focus is on real estateand private equity. Our guiding principles are to see opportunities overlooked by others, to bring hard work and determination to every occupation and to be the bestineverything we do.

147 SECASECA Yea Yearbrbookook 2011 2011

G2 Group SA

Contact Information

Address 86 Rue de Rhône 1204 Genève TelephoneNo+41 22 319 23 23 Fax No E-mail Address for General Enquiries Format of Personal [email protected] Web Address

Company Information

Key Person Mr. Guillaume Beauverd

Year of Establishment 2008 NumberofEmployees 8 Fund NamesG2Venture Capital Under Management Number of Portfolio Companies 7 Examples of Portfolio Companies Poken, Trace Golf

InvestmentPreferences

Size of Investment Investment StagesStart-up Capital,Seed Capital, Early-Stage Industrial Sectors Telecommunications,Other,InternetTechnology, Electronics, Computer Related Geographical Focus Switzerland Type of Financing All

Short Company Profile

148 SECA Yearbook 2011 gcp gamma capital partners - TheVenturePreneurs

Contact Information

Address Schönbrunnerstrasse 218-220 StiegeA/Stock4.04 A-1120 Wien Telephone No +43 1513 10 72 Fax No +43 1513 10 72 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] WebAddress www.gamma-capital.com

Company Information

Key Persons Dr. OliverGrabherr Dr. Burkhard Feurstein Year of Establishment 2002 NumberofEmployees 10 FundNames iLab24, gamma II, gamma III, GMP Capital Under Management ca. EUR 80m NumberofPortfolio Companies 22 Examples of Portfolio Companies Inode, FatFoogoo, Infoniqa, Identec, Fulterer,Pantec,Oridis, CNSystems, GAT, Sensix

Investment Preferences

Size of InvestmentEUR 0.5-5m Investment Stages Early-Stage, Expansion-Development Capital, Seed Capital, Start-up Capital, LateStage, Mezzanine Industrial Sectors All Geographical Focus Austria, CzechRepublic, Germany, Hungary, Poland, Slovakia,Slovenia, Switzerland, Mezzanine Finance Type of Financing EquityFinancing, MinorityEquity, Mezzanine

Short Company Profile

GCP Group -gamma capital partners the VenturePreneurs/the MezzoPreneurs is adynamic venture capital and mezzaninecapital-player in theD-A-CH &CEE-region.GCP currentlyadvisesthreehigh-techvc-funds as well as oneevergreen mezzanine funds. All funds are backed by leading Austrianinstitutionaland private investorsand invest in tech-aswell as growth oriented firms in Austria,Germany, Switzerland andneighbouringCEE countries. The VenturePreneurial/MezzoPreneurial approach is active advicefor managing growth. GCP focuses in Venture capital on dynamic growth firms in emerging technologysectors such as ICT, life sciences medical equipment, electronicsand new materials.GMP the MezzoPreneurs focuses on mid-marketmezzanine opportunitiesinvesting in dynamic growth firms especially familybusinesses andhidden champions.

149 SECASECA Yea Yearbrbookook 2011 2011

Gilde Buy Out Partners AG

Contact Information

Address Seefeldstrasse 40 8008 Zürich TelephoneNo+41 43 268 20 30 FaxNo+41 43 2682035 E-mailAddress for General Enquiries Format of PersonalE-mailAddresses [email protected] Web Address www.gilde.com

Company Information

Key Persons Mr. Ralph Wyss Mr. Rogier Engelsma Mr. AlexanderFriedrich Year of Establishment 1982 NumberofEmployees 6 Fund Names GildeBuy Out Fund I-IV Capital Under Management CHF 3bn NumberofPortfolio Companies 15 Examples of Portfolio Companies Powerlines,Hofmann-Menü, Teleplan, Swets&Zeitlinger, Nedschroef, Novasep, Plukon Royale Group, Gamma Holdiing, CID Lines

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Delisting Industrial SectorsAll Geographical Focus Germany, Austria, Netherlands, Belgium, Luxembourg, France Type of Financing EquityFinancing, MajorityEquity

Short Company Profile

GildeBuy Out Partners is oneofEuropesforemost mid-market private equity investors,with managed funds in excess of CHF3bn.Gilde operates in theBenelux andits neighbouring economiesFrance, Germany,Switzerland and Austria. With offices in Zurich, Frankfurt, Utrecht, Brussels and Parisaswell as its multinational team, Gilde is truly entrenched in these markets and canoffer local expertise coupled with European reach andexecution skills. Since its inceptionin1982, Gilde has investedinover250 companies across adiverserange of sectors. At CHF 1'100m (EUR 800m)its currentinvestmentfund Gilde Buy Out Fund IV is among thelargest dedicated mid-market buyoutinvestment funds in Europe.

150 SECA Yearbook 2011

Global Life Science Ventures AG

Contact Information

Address Postplatz 1 6301 Zug Telephone No +41 41 727 19 40 Fax No +41 41 727 19 45 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.glsv-vc.com

Company Information

Key Person Dr. Peter Reinisch

Year of Establishment 2001 NumberofEmployees 3 Fund Names GLS I, GLSV II Capital Under Management >EUR 200m NumberofPortfolio Companies 20 Examples of Portfolio Companies Cytos Biotechnology AG, Glycart Biotechnology AG, Intercell AG

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Mezzanine - Bridge Finance, SeedCapital, Start-up Capital Industrial Sectors Biotechnology, Medical -LifeSciences-Health Related Geographical Focus Australia, Central andEasternEurope, Continental Europe, Europe, Germany,Israel,United States of America Type of Financing Equity Financing, Majority Equity

Short Company Profile

Global Life Science Ventures is an independent VC fund specialising in life sciences worldwide. Its team with offices in CH &Doffers broad international networks, collaborationswithproven co-investors as well as strong industry management and VC experiencetoinvestees in all stages.

151 SECASECA Yea Yearbrbookook 2011 2011

Global XchangeSolutionsAG

Contact Information

Address Bahnhofstrasse52, Suite 307 8001 Zürich Telephone No +41 44 214 66 16 Fax No +41 44 214 65 19 E-mailAddress for GeneralEnquiries [email protected] Format of Personal E-mail [email protected] Web Addresswww.globalxchangesolutions.com

Company Information

Key Persons Mr. DonaldGoree Ms.KarinSchäfer Mr.TonySharp Mr. Ron Sparkman Mr. Henning Schwarzkopf Mr.JohnChristensen Mr. Clayton H. Goree Year of Establishment2007 NumberofEmployees 7 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 0.5-5m Investment Stages Early-Stage, Expansion -Development Capital, Mezzanine - Bridge Finance Industrial SectorsBiotechnology,Computer Related, Consumer Related, Electronics,Energy, Environment,Finance-Insurance -Real Estate, Food -Beverages, Industrial Automation, Industrial Products and Services, Internet Technology, Medical -Life Sciences -HealthRelate Geographical Focus Baltic Countries,Belgium,Canada, Continental Europe, Denmark, Europe, France, Germany, India, Ireland, Italy, Latin America,Netherlands,North America,Norway, Poland, Russia, Scandinavia,Spain, Sweden, Switzerland, Ukraine, United Kingdom, United Sta Type of Financing Equity Financing, Loans, Mezzanine

Short Company Profile

See website: www.GlobalXchangeSolutions.com

152 SECA Yearbook 2011

Go Beyond

Contact Information

Address Technoparkstrasse 1 8005 Zurich TelephoneNo+41 79 777 74 57 FaxNo+41 44 5753584 E-mail Address forGeneral Enquiries [email protected] Format of Personal E-mail [email protected] WebAddress www.go-beyond.biz

Company Information

Key PersonsMs. Brigitte Baumann Mr. Balz Roth Year of Establishment 2005 started as an Angel Investing Academy; Launched the business Angel Network in 2007. NumberofEmployees 5 Fund Names We are aEuropean Business Angel Network workingwith individualinvestors,family offices,professional groups and corporations. Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies Poken, Louise Enterprises, Lemoptix, Gramitech, Ecospeed, The Faction Collective, Sensimed, Arktis

Investment Preferences

Size of Investment EUR 0.2-5m Investment StagesSeed Capital, Start-up Capital Industrial SectorsAll Geographical Focus Switzerland, France,United Kingdom, Italy, San Marino Type of FinancingEquity Financing

Short Company Profile

153 SECASECA Yea Yearbrbookook 2011 2011

GutCorporate Finance AG

Contact Information

Address Lavaterstrasse 45 8002 Zürich Telephone No +41 43 222 62 10 Fax No +41 43 222 62 11 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.gutcf.ch

Company Information

Key PersonDr. Alexander Gut

Year of Establishment 2007 NumberofEmployees 4 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Type of Financing

Short Company Profile

Corporate finance advisory covering the focusing areas: M&A, Finance,Valuations,Restructuring

154 SECA Yearbook 2011

HBM PartnersAG

Contact Information

Address Bundesplatz 1 6300 Zug Telephone No +41 43 888 71 71 Fax No +41 43 888 71 72 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail [email protected] WebAddress www.hbmpartners.com

Company Information

Key Persons Dr. UlrichGeilinger Dr. AndreasWicki Year of Establishment 2001 NumberofEmployees 20 Fund NamesHBM BioVenturesAG, HBMBioCapital LP CapitalUnder Management CHF1bn Number of Portfolio Companies >30 Examples of PortfolioCompanies Basilea, Brahms, Esbatech, PTC, PharmaSwiss, MTM

Investment Preferences

SizeofInvestment Investment Stages Expansion -Development Capital, Replacement Capital, Buyout -Buyin IndustrialSectors Biotechnology, Medical -LifeSciences -Health Related Geographical Focus United States of America, Western Europe, India Type of Financing Equity Financing, Loans

Short Company Profile

HBM Partners is aproviderofinvestment advisory services specialized in the global human medicine, biotechnology,medical technology and related sectors. HBMPartners has offices in Switzerland and the Cayman Islands.

155 SECASECA Yea Yearbrbookook 2011 2011

Helarb Management S.A.

Contact Information

Address Avenue Ruchonnet 30 1001 Lausanne Telephone No +41 21 341 03 03 Fax No +41 21 341 03 29 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Address

Company Information

Key Persons Mr. ChristopheBorer Ms.Heike Drost Year of Establishment 1983 NumberofEmployees 7 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

Helarb Management S.A.s focus is Qualified Financial Consultancyinthe Private Equity Sector.Asservice providing entity, the company is the advisor to Helarb InvestmentsPartner (SCA)SICAR, aLuxembourgbased industrial private equity fund.

156 SECA Yearbook 2011

Helbling Corporate Finance AG

Contact Information

Address Hohlstrasse 614 8048 Zürich Telephone No +41 44 743 84 44 Fax No +41 44 743 84 10 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.helbling.ch

Company Information

Key Persons Mr. Stefan Huber Mr. Michael Weindl Year of Establishment 1993 NumberofEmployees 24 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

Helbling Coporate Finance is asubsidiary of the Helbling Group, which employs over300 professionals in Switzerland, Germany and USA. Helbling Corporate Finance provides its clients with professional consulting services in theareas Mergers &Acquisitions, Transaction Support andTurnaroundManagement. Ouroffices are located in Zürich and Düsseldorf. Ouraffiliation to the MRI networkensures aworldwide presence.

157 SECASECA Yea Yearbrbookook 2011 2011

Hitz &Partner Corporate Finance AG

Contact Information

Address Lavaterstrasse 45 8002 Zürich Telephone No +41 43 222 62 22 Fax No +41 43 222 62 23 E-mail Address for General Enquiries FormatofPersonal E-mail [email protected] WebAddress www.hitzpartner.ch

Company Information

Key Person Mr. Stephan Hitz

Year of Establishment 2003 Number of Employees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing

Short Company Profile

Hitz &Partnerhas ateamofprofessionals with extensive experienceinCorporateFinance transactions in many industriesand markets,who can alsodrawonafar-reaching global network.

158 SECA Yearbook 2011

Hottinger InvestmentManagersSA

Contact Information

Address 3, Place des Bergues 1201 Genève Telephone No +41 22 908 12 23 FaxNo E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.hottinger.com

Company Information

Key Person Dr.EricMenotti

Year of Establishment NumberofEmployees 7 FundNames SwissHelvetia Fund (Evergreen Type) Capital Under Management NumberofPortfolio Companies 6private investments /other public investments Examples of Portfolio CompaniesZurmontMadison LP, synosia

InvestmentPreferences

Size of Investment CHF 45-50m Investment Stages Buyout -Buyin, Early-Stage, Expansion -Development Capital, Seed Capital, Start-up Capital Industrial SectorsAll Geographical Focus Switzerland TypeofFinancing Equity Financing

Short Company Profile

159 SECASECA Yea Yearbrbookook 2011 2011

ICS Partners GmbH

Contact Information

Address Baarerstrasse 78 6301 Zug Telephone No +41 41 712 00 39 Fax No +41 41 727 80 91 E-mail Addressfor GeneralEnquiries [email protected] Format of PersonalE-mail Addresses initial of [email protected] Web Address www.icspartners.net

Company Information

Key Persons Mr. Carsten Paris Mr. Ingo Zemke Year of Establishment 2005 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment EUR 10-50m equity Investment Stages Buyout -Buyin, Mezzanine-Bridge Finance,Replacement Capital Industrial Sectors Agriculture -Forestry -Fishing, Chemical -Materials, Consumer Related,Electronics, Energy,Finance -Insurance - Real Estate,Food-Beverages, Industrial Automation, Industrial Products and Services, Manufacturing, Services, Transportation Geographical Focus Austria, Germany, Switzerland, Western Europe TypeofFinancing Equity Financing, Majority Equity, Mezzanine

Short Company Profile

160 SECA Yearbook 2011

IMCInvestment &Management Consultants AG

Contact Information

Address Seestrasse 221 8700Küsnacht Telephone No +41 44 9142434 Fax No +41 44 914 24 35 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses initial of [email protected] Web Addresswww.imcag.ch

Company Information

Key Person Mr. MarkusP.Stebler

Year of Establishment 1979 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 2-30m Investment Stages Expansion -Development Capital, Buyout -Buyin, Turnaround -Restructuring Industrial SectorsMedical-Life Sciences -Health Related,Manufacturing, Industrial Products and Services, Electronics,Consumer Related, Energy, Environment GeographicalFocus Switzerland,Germany, Austria Type of Financing Mezzanine, MinorityEquity, EquityFinancing

Short Company Profile

IMC AG was founded in 1979 and is aprivately financed investment advising &consulting firm. We focus on identifying investment opportunities forprivate equityinvestors as well as on advising companies with high growthpotentialinfindingtheir expansion financing.

161 SECASECA Yea Yearbrbookook 2011 2011

Index VentureManagement SA

Contact Information

Address 2rue de Jargonnant 1207 Genève Telephone No +41 22 737 00 00 Fax No +41 22 737 00 99 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.indexventures.com

Company Information

Key Person Mr. Pascal Jouin

Year of Establishment 1992 NumberofEmployees 26 Fund NamesIndex Ventures I, II,III CapitalUnderManagement EUR 550m NumberofPortfolio Companies 59 Examples of Portfolio Companies MySQL, Zend,Innovativ, Silicon, Addex Pharmaceutical

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Seed Capital, Start-up Capital Industrial SectorsBiotechnology,Computer Related, Internet Technology, Medical -Life Sciences -Health Related,Telecommunications Geographical Focus Europe, Israel,United States of America Type of Financing Equity Financing

Short Company Profile

Index Ventures is aleading pan-European venture capital fund with $500 million dedicated to investments in information technologyand life science.

162 SECA Yearbook 2011

International Capital Advisors LLC

Contact Information

Address Dammstrasse 19 6301 Zug Telephone No +41 41 723 24 40 Fax No +41 41 723 24 41 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.ica-capital.ch

Company Information

Key Persons Mr. Harald Karch Dr. DaniloLarini YearofEstablishment2003 NumberofEmployees 4 Fund Names ICA -International RealEstateSICAV -SIF (reguliertinLux), OPUS TRRINITY SPC(CY) Capital UnderManagement NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment >USD 600m Investment Stages ReplacementCapital,Privatisation, Mezzanine -Bridge Finance, Expansion -Development Capital, Buyout -Buyin Industrial Sectors Chemical -Materials,Construction -Building Products, Energy, Finance -Insurance -Real Estate,Industrial Automation, Industrial Products andServices, Manufacturing, Medical -LifeSciences -HealthRelated, Telecommunications Geographical Focus Russia,Middle East Type of Financing Senior Debt,Mezzanine, MinorityEquity, MajorityEquity, Equity Financing

Short Company Profile

ICA consequently invests into projects along with localpartners, where it believes it has asignificant advantagein the accessofinvestment opportunities. It usually provides later stage capitalfor expansion, development, replacement and/or privatization.

163 SECASECA Yea Yearbrbookook 2011 2011

Invision Private Equity AG

Contact Information

Address Grafenaustrasse 7 6304 Zug Telephone No +41 41 729 01 01 Fax No +41 41 729 01 00 E-mail Addressfor GeneralEnquiries [email protected] FormatofPersonal E-mail Addresses [email protected] Web Addresswww.invision.ch

Company Information

Key Persons Mr. FrankBecker Mr.MartinStaub Mr. Gerhard Weisschädel Mr. MarcoMartelli Year of Establishment1996 NumberofEmployees 11 Fund Names Invision I-IV Capital Under Management CHF 700m NumberofPortfolio Companies 30 Examples of Portfolio Companies Swiss Education Group, RSD, The ShopHolding, Datamars, OX Holding, Feintechnik, César Ritz, Netviewer

Investment Preferences

Size of Investment CHF10-50m Investment Stages Buyout -Buyin, Expansion -Development Capital IndustrialSectors All GeographicalFocus Europe, Austria, Germany, Switzerland Type of Financing EquityFinancing

Short Company Profile

Invision is aleading Swiss private equity firm focusing on investmentsingrowth companiesand small Buy-outsin Europe. Since 1997, Invision has invested in over 60 businesses, helping companies to realisetheir growth potential andproducingsubstantial returns to itsinvestorsand stakeholders.Invisionwill developportfolio companies into professionally runfirmswith high qualitymanagement, strong sales pipeline and clear multinational potential.

164 SECA Yearbook 2011

Unser Netzwerk verbindet intelligentes Kapital mit attraktiven Unternehmen

Wir investieren in Wachstumsunternehmen und sind Partner für GrowthCapital und Nachfolgeﬁnanzierungen.

Als unternehmerischer Partner und mit der Erfahrung aus über 60 ﬁnanzierten Unternehmen tragen wir aktiv zur Weiterentwicklung und Wertsteigerung bei und unterstützen bei Expansionsvorhaben.

Wir freuen uns auf Ihre Kontaktaufnahme: Denise Buholzer Tel: +41 (0)41 729 01 01

IHR PARTNER FÜR WACHSTUMSKAPITAL IN EUROPA

Invision Private Equity AG, Grafenaustrasse 7, 6304 Zug, Schweiz, Tel+41 (0)41 7290101, www.invision.ch

anew approach to Life Sciences… …for financial institutions…

Onelifepursuesanew approach to Life Sciences and is arecognizedthought leader conjugatingprofit andsustainablegrowth forits clients and partners

www.onelife.ch SECASECA Yea Yearbrbookook 2011 2011

Jones Lang La Salle AG

Contact Information

Address Löwenstrasse 3 8001 Zürich TelephoneNo+41 44 215 75 00 FaxNo+41 44 2157501 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.joneslanglasalle.ch

Company Information

Key Persons Mr. Jan Eckert Mr. Patrik Stillhart Year of Establishment Number of Employees 12 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Finance -Insurance -Real Estate GeographicalFocus Germany, Switzerland Type of Financing

Short Company Profile

166 SECA Yearbook 2011

Kepler Corporate Finance

Contact Information

Address Chemin du Joran 10 1260 Nyon Telephone No +41 22 994 43 83 Fax No E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address

Company Information

Key Persons Mr. DominikBelloin Mr. EdouardNarboux Year of Establishment 2009 NumberofEmployees 14 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

167 SECASECA Yea Yearbrbookook 2011 2011

KPMG AG

Contact Information

Address Badenerstrasse172 8004 Zürich Telephone No +41 44 249 31 07 Fax No +41 44 249 27 70 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses initial of [email protected] Web Address www.kpmg.ch

Company Information

Key Persons Mr. PatrikKerler Mr. Andreas Poellen YearofEstablishment Number of Employees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

Corporate Finance &Real Estate (M&A lead advisory,Debt advisory,Buyout modelling, Valuations) /Transaction Services (Financial due diligence, Strategic and commercial duediligence, Buyer andvendor due diligence) /Legal and Tax Advisory (Due diligence, Transaction structuring, Legal documentation) /CorporateRestructuring (Operationaland financial restructuring, Postmerger integration) /Audit (Audit services, Fund performance audit services)

168 SECA Yearbook 2011

LFPES.A. LFPE

Contact Information

Address Rue de Rive 1 1204 Geneve Telephone No +41 22 319 79 00 Fax No +41 22 319 79 19 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address

Company Information

Key Person Mr. Marc Brugger

Year of Establishment 2006 NumberofEmployees 5 Fund NamesLFPESCA, SILARand others Capital Under Management EUR 300m Number of Portfolio Companies >100 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment EUR 2-20m Investment Stages Mezzanine -Bridge Finance, Buyout -Buyin Industrial Sectors Transportation,Telecommunications, Services, Manufacturing,Industrial Productsand Services, Industrial Automation,Food-Beverages, Environment, Energy, Electronics, Consumer Related, Construction -Building Products, Chemical -Materials Geographical Focus Switzerland, Sweden, Spain, Scandinavia, Portugal, Poland, Norway, Netherlands,Luxembourg,Italy, Ireland,Iceland, Greece, Germany, Finland, Europe,Continental Europe, Benelux, Belgium, Austria Type of Financing Mezzanine, MinorityEquity,MajorityEquity, Equity Financing

Short Company Profile

LFPE S.A. is an investment advisory company for aLuxemburg based investment vehicle which targets small and midsize buy-out funds and direct investments in Europe. LFPE S.A.ispartofthe French LFPIGroup, Paris.

169 SECASECA Yea Yearbrbookook 2011 2011

LGT Capital PartnersLtd.

Contact Information

Address Schützenstrasse 6 8808Pfäffikon Telephone No +41 55 415 96 00 FaxNo+41 55 415 96 99 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.lgt-capital-partners.com

Company Information

Key Persons Dr. RobertoPaganoni Dr. Hans Markvoort Year of Establishment 1997 NumberofEmployees 170 Fund Names Crown familyoffunds, Castlefamilyoffunds Capital Under Management USD 21bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment USD 5-200m Investment Stages All Industrial SectorsAll Geographical Focus All Type of Financing EquityFinancing

Short Company Profile

LGT Capital Partners is aleading institutionalalternative assetand fund of funds manager,currently managing over USD 21 billioninhedge fund and private equity investmentsonaglobal basis. LGT Capital Partners team of over 170 professionalswith 31 nationalities is responsiblefor theinvestment management of theCastle and Crown alternative investment programs.The firm is headquartered in Pfaeffikon SZ in Switzerland and has affiliated offices in New York, Dublin,Hong Kong,Beijing,Londonand Tokyo.

170 SECA Yearbook 2011 enna Vi duz, Liechtenstein Museum, Va ollections of the Prince of Liechtenstein, Erasmus Habermel, detail from “Perpetual©C Calendar”, c. 1600 Leading the way in alternative investing

LGT Capital Partners is aleading hedge fund and private equity fund of funds manager with USD 21 billion in alternative assets.

Expertise Independent team of experienced professionals with 32 nationalities and access to the best investment opportunities on aglobal basis. Performance Proven and excellent track record, due to asystematic and disciplined investment process. Partnership Alignment of interests, team invests alongside clients in the same programs.

2010 AWA ARDS Partners LLGGTCapital

Investment AlternativeManager

Pfaeffikon, New York, London, Dublin, Hong Kong, Tokyo www.lgtcp.com, [email protected] SECASECA Yea Yearbrbookook 2011 2011

LN Consulting Sagl

Contact Information

Address Via Lucino 3 6932 Lugano-Breganzona Telephone No +41 91 220 70 00 Fax No +41 91 980 39 25 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.lombardnetwork.com

Company Information

Key Persons Dr. Federico Foscale Ms. Carole Gonzalez Foscale Year of Establishment NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Early-Stage, Expansion -Development Capital, Mezzanine -Bridge Finance, Replacement Capital, SeedCapital, Start-up Capital, Turnaround -Restructuring Industrial SectorsAll Geographical Focus Europe, Italy, Switzerland Type of Financing All

Short Company Profile

LombardNetworkisateam of consultantsand consulting companies specializedinsupporting small andmedium enterprises andtheirentrepreneursinCorporate Finance.

172 SECA Yearbook 2011

LPXGmbH

Contact Information

Address Florastrasse 17 8008 Zürich TelephoneNo+41 44 382 90 20 FaxNo+41 44 3829021 E-mailAddress for General Enquiries Format of Personal [email protected] Web Address www.lpx-group.com

Company Information

Key Persons Mr. Michel Degosciu Mr. HansChristophers Year of Establishment 2004 NumberofEmployees Fund Names Capital Under Management EUR 500m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing

Short Company Profile

Research on Listed Alternatives (Listed Private Equity, Listed Infrastructure,Listed Hedge Funds) and Index Calculation.

173 SECASECA Yea Yearbrbookook 2011 2011

Mazars

Contact Information

Address Mühlebachstrasse20 8008 Zürich Telephone No +41 44 384 84 44 Fax No +41 44 384 84 45 E-mailAddress for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.mazars.ch

Company Information

Key Person Mr. VincenzoBraiotta

Year of Establishment 1975 Number of Employees 85 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

174 SECA Yearbook 2011

MMP Mück Management Partners AG

Contact Information

Address Werkstrasse 2 8806 Bäch Telephone No +41 44 787 02 80 FaxNo+41 44 787 02 81 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.mueck-partners.com

Company Information

Key Persons Mr. Rainer Mück Ms. Ulrike Schellert Year of Establishment 2007 NumberofEmployees 8 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Europe Type of Financing All

Short Company Profile

We are ahighly solution oriented management consultancy well-versed in developing personaland tailor-made solutions for our customers.Our goal is to provide you with the key to optimizeyourfinancial and administrative activities on along-term basis. Due to our long-standing involvement in international companies andconsultancies we have on inside knowledge of our customers needs and can present you with theperfect answertoyour problems. Our major business areas are structuring advisory (controlling, accounting, treasury, tax),M&A advisory and audit /assurance advisory (compliance, risk management,internal control, internal audit, quality assurance).

175 SECASECA Yea Yearbrbookook 2011 2011

Monitor ClipperPartners,LLC.

Contact Information

Address Mühlebachstrasse173 8034 Zürich Telephone No +41 44 389 71 50 Fax No +41 44 389 71 51 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.monitorclipper.com

Company Information

Key Persons Ms. Verena Schiebener Mr. Peter Laino Year of Establishment 1997 NumberofEmployees 6 Fund Names MonitorClipper Equity Partners I, IA, II, III CapitalUnder Management USD 2bn NumberofPortfolio Companies 15 Examples of Portfolio Companies Reverse Logistics Group(Germany), CMC Biologics (Denmark), Microgame(Italy)

Investment Preferences

Size of InvestmentCHF 15-50m Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital, Replacement Capital Industrial SectorsAll Geographical Focus Europe Type of Financing Equity Financing, MajorityEquity, MinorityEquity

Short Company Profile

MonitorClipper Partners is aglobal private equityfirmwith over USD2bn of assetsunder management pursuing small to medium sized investments in Europe and NorthAmerica. Since its inception in 1997 MCP has invested in 30 companies in Europe and North America. MCPtargetsinvestments in businesseswith strong management teams that can benefit from the firmsproprietary relationship with Monitor Group to generatesuperior returnsin management buyouts and late-stage growth equity investments.Monitor Group is aleading global strategy consulting firmwithover950 professionalsin21countries.

176 SECA Yearbook 2011

MSM Investorenvereinigung

Contact Information

Address Stadthausstrasse 12 8400 Winterthur Telephone No +41 52 269 21 12 Fax No E-mail Address for General Enquiries FormatofPersonal E-mailAddresses [email protected] Web Address www.msmgroup.ch

Company Information

Key Person Dr. Jürg Martin

Year of Establishment 2001 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Switzerland Type of Financing

Short Company Profile

MSMInvestorenvereinigung is an association (a "business angel's club") with its seat in Winterthur. Its purpose is to inform and support its members in investing in nonquoted companies, particularly in suchwho create jobs in Switzerland. The club promotes common investing by its members and third partiesand offers appropriate legal tools when needed.Die MSMInvestorenvereinigungist einVerein (ein "BusinessAngels Club") mit Sitz in Winterthur. Er bezwecktdie Information und Unterstützung derMitglieder bei derAnlage von Geldern in nicht börsenkotierte Gesellschaften, namentlich solche, die in derSchweiz neue Arbeitsplätzeschaffen. DerVereinfördert dasgemeinsame Investieren durch Vereinsmitglieder und Dritte in solche Unternehmenund stelltbei Bedarf geeignete rechtlicheStrukturen zur Verfügung.

177 SECASECA Yea Yearbrbookook 2011 2011

Mueller MilchManagement AG

Contact Information

Address Seefeldstrasse 215 8008 Zürich TelephoneNo+41 44 421 31 60 Fax No E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address

Company Information

Key Persons Mr. Alexander Pestalozzi Dr.Bernd Pfister Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 5-50m Investment StagesBuyout -Buyin, Expansion -Development Capital IndustrialSectors Food -Beverages, ConsumerRelated Geographical Focus All Type of Financing Equity Financing

Short Company Profile

Family office of Theo Mueller.

178 SECA Yearbook 2011

Nextech Invest Ltd.

Contact Information

Address Scheuchzerstrasse 35 8006 Zürich Telephone No +41 44 366 66 11 Fax No +41 44 366 66 10 E-mailAddress for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.nextechinvest.com

Company Information

Key Person Dr. Alfred Scheidegger

Year of Establishment 1998 Number of Employees 8 Fund Names Nextech ILife Sciences, Nextech II Oncology, Nextech III Oncology Capital Under Management CHF 160m Number of Portfolio Companies 6 Examples of Portfolio Companies Macrogenics,Telormedix, Sunesis Pharmaceuticals, Palyon Corp., ImVisioN Therapeutics, The Genetic Corp.

Investment Preferences

Size of Investment EUR 3-7m InvestmentStages Last round Industrial Sectors Oncology: Therapeutics, Diagnostics, MedTech,Services Geographical Focus North America,Europe, Asia Type of Financing MajorityEquity,Equity Financing

Short Company Profile

Global investment management firm based in Zurich,Switzerland. NextechInvestLtd.currently advises and manages the first world-wide oncology Fund,launched in late 2006, fullydedicatedtofasterleadingcancer companies including therapeutics, diagnostics and medicaldevices. The fund is supported by acommitted 6 member scientific advisoryboard led by Prof. David Livingston, Director of theDana-FarberHarvard Cancer Center.

179 SECASECA Yea Yearbrbookook 2011 2011

Novartis International AG

Contact Information

Address Novartis Campus 4002 Basel TelephoneNo+41 61 324 78 96 Fax No +41 61 324 86 79 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.venturefund.novartis.com

Company Information

Key Person Dr. Reinhard J. Ambros

Year of Establishment NumberofEmployees Fund Names NOVARTIS VENTURE FUNDS CapitalUnder Management USD700m NumberofPortfolio Companies 60+ Examples of Portfolio Companies

InvestmentPreferences

Size of Investment USD 15-20m Investment Stages Start-up Capital, Seed Capital, Early-Stage IndustrialSectorsMedical-Life Sciences -Health Related Geographical Focus United States of America, Switzerland, Europe Type of Financing Minority Equity, Equity Financing

Short Company Profile

180 SECA Yearbook 2011

ONELIFEADVISORS SA

Contact Information

Address ViaCantonale 1 6900 Lugano TelephoneNo+41 91 924 24 00 Fax No +41 91 924 24 01 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.onelife.ch

Company Information

Key Persons Dr. Enrico Braglia Dr. Massimo Colnago YearofEstablishment2007 NumberofEmployees 5 Fund NamesProspera SenectuteFund Sicav-SIF, Bright Technology Fund Capital Under Management USD60m +EUR 30m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment up to EUR 10m Investment Stages Buyout -Buyin, Delisting, Early-Stage, Expansion - Development Capital, Privatisation, Start-upCapital, Turnaround -Restructuring Industrial Sectors Biotechnology,Chemical -Materials, Computer Related, Electronics,Energy, Environment, Internet Technology, Medical -Life Sciences -HealthRelated, Telecommunications,Communications other Geographical Focus Asia, Continental Europe, Europe, Far East, Israel, Middle East,North America,Switzerland, Western Europe TypeofFinancing Equity Financing, MinorityEquity, MajorityEquity

Short Company Profile

Onelife pursues anew approachtoLife Science and is becoming arecognized thought leader in the field of conjugating profit and sustainable growthfor its clients,investors andpartners. Onelifewants to make areal contribution to the manifold challenges in the Life Science sector capitalizing on its unique industry insights and expertiseinthree distinct areas: FUND Prospera Senectute Fundisanew ethicalLifeScience sector fund focusing on healthy aging. The Fund benefits from Onelife unique view and expertise regarding science, demographic changes andin-depth knowledgeofthe industry. ADVISORY Onelife virtual network and sound experience in the Life Science sector providesclients such as financial institutions, LifeScience companies andfamily offices with advicesfor improving evaluation and complex handling of pharmaceutical andbiotechnology projects, bio-finance dataorsophisticated cost controllingand investment decisionprocesses. LICENSES Onelife supportsinvestors and companies in strategic ventures including in/out licenseofLifeScience projects, acquisition of newtechnologies and M&As.

181 SECASECA Yea Yearbrbookook 2011 2011

PartnersGroup

Contact Information

Address Zugerstrasse 57 6341 Baar-Zug Telephone No +41 41 768 85 85 Fax No +41 41 768 85 58 E-mailAddress for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.partnersgroup.com

Company Information

Key Persons Mr. Alfred Gantner Dr. Marcel Erni Mr. Steffen Meister Mr. Urs Wietlisbach Dr. CyrillWipfli Year of Establishment 1996 NumberofEmployees 470 Fund Names Capital Under Management EUR21.4bn in privateequity, private debt,private real estate and private infrastructure Number of Portfolio Companies 5000 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

Partners Group is aglobalprivate markets investment management firm with more than EUR 20 billion in investment programs under management in private equity, private debt,private real estateand private infrastructure.The firm manages abroad range of funds and customized portfolios foraninternational clientele of institutional investors. Partners Group is headquarteredinZug, Switzerland and hasoffices in SanFrancisco, New York, São Paulo, London, Guernsey,Luxembourg, Munich, Dubai, Singapore, Beijing, Seoul, Tokyo and Sydney. The firmemploysover450 people and is listedonthe SIXSwissExchange with aclearmajority owned by its Partnersand all employees.

182 Erfolgreiche SECA Yearbook 2011 Anlagen beginnen mitAlpha.

Dieander SIX kotierte PrivateEquity HoldingAG MitdiesemLeistungsausweis habenwir IhrVertrauen (PEH)wirdvom unabhängigenPrivate Equity Bera- verdient. Machen Siesichunsere Erfahrung zu Nutze. terund ManagerAlpha Associates verwaltet. Und dassehrerfolgreich.Sokonntedie PEHden inneren Wert proAktie seit dem1.Januar2007–der Finanz- krisezum Trotz–umüber30% (inEUR)steigern.

PrivateEquity HoldingAG, Innere Güterstrasse 4, CH-6300Zug phone +4141726 79 80,[email protected], www.peh.ch SECASECA Yea Yearbrbookook 2011 2011

PrivateEquityHolding AG

Contact Information

Address Innere Güterstrasse 4 6300 Zug Telephone No +41 41 726 79 80 Fax No +41 41 726 79 81 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.peh.ch

Company Information

Key Persons Dr. Hans Baumgartner Mr. Peter Wolfers Year of Establishment 1997 NumberofEmployees (managedbyAlpha Associates Ltd.) Fund Names Capital UnderManagement NumberofPortfolio Companies 10 direct investments,64fundinvestments ExamplesofPortfolio Companies ABRY PartnersVI, Bridgepoint Europe IV, Institutional Venture Partners XII

Investment Preferences

SizeofInvestment Investment Stages Industrial Sectors Geographical FocusUnited States of America, Western Europe, Europe Type of Financing Equity Financing

Short Company Profile

Private Equity Holding Ltd.offers institutional and private investorsthe opportunitytoinvest in abroadly diversified private equity portfolio.The objectiveofPrivate Equity Holding Ltd.istogeneratelong term capital growth forits shareholders, and to deliverconsistentnet assetvalue growth. Private Equity Holding focuses on primary fund investments, acquisition of fund interestsonthe secondary marketand direct co-investments.The companyismanagedbyAlpha Associates, an independent privateequity fund-of-funds manager and advisor, building and managingglobally diversified private equity fund portfolios for institutional and private investors.

184 SECA Yearbook 2011

PwC

Contact Information

Address Birchstrasse 160 8050 Zürich Telephone No +41 58 792 44 00 Fax No +41 58 792 44 10 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.pwc.com/ch

Company Information

Key Persons Mr. Adrian Keller Dr.Philipp Hofstetter YearofEstablishment NumberofEmployees ~2'500 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

PricewaterhouseCoopers provides clientswith industry-focusedassurance, tax&legal and advisory services. Transaction experts focus across the deal continuumtocapture maximal value from mergers,acquisitions and capital market transactionswhile drawingonour broadrange of skills forspecific client needsinaflexible, fastand tailor-mademanner. More than 161,000people in 154 countries across our network connect their thinking, experience andsolutions to developfresh perspectives andpractical advice that truly enhance value for clients.

185 SECASECA Yea Yearbrbookook 2011 2011

Redalpine VenturePartners AG

Contact Information

Address Pfingstweidstrasse 60 8005 Zürich TelephoneNo+41 44 271 15 30 FaxNo+41 44 2711532 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.redalpine.com

Company Information

Key Persons Mr. Peter Niederhauser Mr. NicolasBerg Year of Establishment 2007 NumberofEmployees 7 Fund Names Redalpine Capital I Capital Under Management CHF 30m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesStart-up Capital,Seed Capital, Early-Stage Industrial SectorsCommunications other, Medical -Life Sciences -Health Related, InternetTechnology Geographical Focus Europe Type of FinancingEquity Financing

Short Company Profile

186 SECA Yearbook 2011

Regent Fund ManagementAG

Contact Information

Address Landstrasse 76 9495 Triesen Telephone No +423237 46 23 FaxNo+423 236 46 21 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.regent.li

Company Information

Key Persons Mr. Peter Kaiser Dr.Jorge Kluchnik Year of Establishment 2002 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

Set-up and administration of investment funds for third parties

187 SECASECA Yea Yearbrbookook 2011 2011

Remaco Merger AG

Contact Information

Address Hirzbodenweg 103 4020 Basel TelephoneNo+41 61 206 99 66 Fax No +41 61 271 19 50 E-mail Address for General Enquiries [email protected] Format of Personal E-mailAddresses [email protected] Web Addresswww.remaco.com

Company Information

Key Persons Mr. Fred Heinzelmann Mr. Pascal Böni Year of Establishment 1969 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

Remaco Merger Ltd is an independent Swiss M&A-companyadvising small and medium-sized enterprises (SME), since1969. Remacofocuses on familybusinesses and financial investors in nationaland international transactions such as mergers &acquisitions, succession plannings &company sales, management buy-outs (MBOs)& management buy-ins (MBIs), growth financings, company valuations, due diligence services, valuationservices and private equity management. Remacoisthe CorporateFinancebusiness unit of InternationalTrustGroup(itag) in Basel. For furtherinformation go to www.remaco.com.

188 SECA Yearbook 2011

Rising STAR AG

Contact Information

Address Müligässli 1 8598 Bottighofen TelephoneNo+41 71 686 94 00 Fax No +41 71 686 94 15 E-mail Address for General Enquiries [email protected] FormatofPersonal E-mail Addressesinitial of [email protected] Web Address www.risingstar.ch

Company Information

Key Persons Mr. C. Sothy Kol Mr. Torsten Ries Year of Establishment 2001 NumberofEmployees 12 Fund NamesSTAR Private Equity BeteiligungsGmbH&Co. KG (II, III, IV,Vand VI), ASIA Capital Private Equity Winner Beteiligungs GmbH &Co. KG,STARPrivate Equity Asia Pacific InstitutionalBeteiligungs GmbH &Co. KG, STAR PrivateEquityAsia Pacific L.P. Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment USD 330m Investment Stages Buyout -Buyin, Expansion -Development Capital, Mezzanine -Bridge Finance IndustrialSectors All Geographical Focus Asia, Australia, Europe, North America, Russia Type of Financing EquityFinancing

Short Company Profile

Rising STAR Group was founded in 2001 as aspecialist in alternative investments fort the German-speaking market. The company develops investment strategiesfor wealthyfamilies and institutional investors, whichaim to generate positive returns, irrespective of developments on traditional equity and fixed-income securitiesmarkets. This is reflected in thenameofour company: STAR stands forStrategicTarget Absolute Return. Following the launch of the first independent hedge fund investment on the Germancapital market, RisingSTAR has become one of the leading providers among independentalternativeinvestment specialistswiththe STAR PrivateEquity range and investments in the commoditiesand real estate sectors. As aSwiss publiclimited company, Rising STAR benefits fromhaving itsheadquarters near the international financial centre of Zurich.Access to the knowledge of an elite circle of internationalinvestment managers enables us to implement our corporate mission statement Invest with thebest whencarryingout our investment activities. Due to our success to date, the placement volumefor Rising STARinvestments now amounts to more than USD 1billion.

189 SECASECA Yea Yearbrbookook 2011 2011

Sal. Oppenheim jr.&Cie. Corporate Finance(Schweiz) AG

Contact Information

Address Löwenstrasse 3 8022 Zürich TelephoneNo+41 44 214 26 00 FaxNo+41 44 2142690 E-mailAddress forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.oppenheim.ch/cf

Company Information

Key Person Mr. Leonid Baur

Year of Establishment 1789 Number of Employees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

It was announced in January 2011that Sal. OppenheimCorporateFinanceSwitzerland was sold to Gruppo Banca Leonardo, subject to approval by theItalian Central Bank.This approvalisexpected by April2011. Thereafter we willoperateinthe Swiss marketasLeonardo &Co. AG.

190 SECA Yearbook 2011

Schweizerische Mobiliar Asset Management AG

Contact Information

Address Bundesgasse 35 3001 Bern TelephoneNo+41 31 389 61 11 FaxNo+41 31 389 68 44 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Addresswww.mobi.ch

Company Information

Key Persons Ms.Gisela Jaeggi Mr.StefanMächler YearofEstablishment 1999 NumberofEmployees Fund Names Capital Under Management CHF 15bln NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

191 SECASECA Yea Yearbrbookook 2011 2011

SCM Strategic Capital Management AG

Contact Information

Address Kasernenstrasse77b 8004 Zürich Telephone No +41 43 499 49 49 Fax No +41 43 499 49 50 E-mailAddress for General Enquiries [email protected] Format of PersonalE-mailAddresses [email protected] Web Address www.scmag.com

Company Information

Key Persons Dr.Stefan Hepp Mr. Jean-Claude Croset Mr. Ralph Aemi Year of Establishment 1996 NumberofEmployees 25 Fund Names Segregated Institutional Client Accounts Capital Under Management >CHF 7bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

Founded in 1996, SCM Strategic Capital Management AG is aleadingSwissprovider of management and advisory services for privatemarketsinvestments. The company focuses on private equity,real estate and infrastructurefund investments, covering allsub-segments of these investment classesworldwide. The scope of services includes discretionary and non-discretionary advisory mandates forinstitutional investorsaswell as commingled fund solutions. Until 2010, SCMhas advised on fund commitmentsofapproximately USD8billion over the three asset classes,ranking among the most important investors in thesector. Above-average performance, aglobal networkan longstanding investment experience and top-tier servicesare the key characteristicsofthe company.

192 SECA Yearbook 2011 shaPE Capital AG

Contact Information

Address Wolleraustrasse 41a 8807 Freienbach TelephoneNo+41 58 596 12 96 Fax No +41 58 596 12 97 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.shape-capital.com

Company Information

Key Person Dr. Simon Lamprecht

Year of Establishment 2001 NumberofEmployees 1 Fund Names Capital Under Management CHF 140m NumberofPortfolio Companies 30 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Buyout -Buyin, Expansion -Development Capital Industrial SectorsAll Geographical Focus All Type of Financing MinorityEquity

Short Company Profile shaPE is aprivate equity investment companylisted on the SWX SwissExchange that follows the principle of a Fund of Funds.

193 SECASECA Yea Yearbrbookook 2011 2011

StartAngels Network

Contact Information

Address Zürichbergstrasse 150 8044 Zürich Telephone No +4144820 18 88 Fax No +41 44 820 19 50 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses Web Address www.startangels.ch

Company Information

Key Person Mr. Peter H. Müller

Year of Establishment 2000 NumberofEmployees Fund Names Capital Under Management no direct investments NumberofPortfolio Companies Examples of Portfolio Companies Credentis, Attolight, Greenteg, Virtamed, Arktis, Koaba, , Pearltec CovalX, Viroblock, Idencom,Selexis, Newave (IPO 2007), Xeltis, Colorant Chromatics, Swiss IT Bridge, etc.

Investment Preferences

Size of Investment CHF 0.52m Investment Stages Early-Stage IndustrialSectors MedTech, life sciences, Industrial hightech,ICT and electronics, cleantech, services Geographical Focus Switzerland TypeofFinancing EquityFinancing

Short Company Profile

StartAngels Network is aplatform forbusinessangel investors. Our mission is to provideour memberswith investment opportunities in early-stageSwiss companies.Our network consists of ca. 60 members, who areorwere active in various functions and industries. Ourangel investorsparticipate directly in the respective start-ups and assist them with coaching andcontacts. StartAngels Network is anon profit organisation and does not make any investments.

194 SECA Yearbook 2011

SVC-AG für KMURisikokapital

Contact Information

Address Tessinerplatz 7 8070 Zürich TelephoneNo+41 44 333 43 46 Fax No E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.svc-risikokapital.ch

Company Information

Key Persons Mr. Johannes Suter Mr. Eric Gisiger Year of Establishment 2010 NumberofEmployees 4 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Early-Stage, Expansion -Development Capital Industrial SectorsAll Geographical Focus Switzerland Type of Financing EquityFinancing, Loans,MinorityEquity

Short Company Profile

SVC-AG für KMURisikokapital [SVC-AG] ist eine 100% Tochtergesellschaft der Credit Suisse und hat eine strategische Kooperation mitdem Swiss Venture Club (SVC).Esstehen biszuCHF 100 Mio. für Investitionen in Schweizer KMUs und Jungunternehmen, welche damit neue Arbeitsplätze schaffen bzw. sichern,als Risikokapital in Form von Eigenkapital oder Darlehen mit Erfolgsbeteiligung zurVerfügung.SVC-AG verfolgt langfristige Engagements miteinem Investitionshorizontvon 4-7 Jahren im Regelfall mitFinanzierungen bis zu CHF2Mio. pro Unternehmen und Re-Investitionen der realisiertenGewinne.

195 SECASECA Yea Yearbrbookook 2011 2011

Swiss Capital Corporate Finance AG

Contact Information

Address Talacker41 8039 Zürich TelephoneNo+41 44 226 52 52 FaxNo+41 44 2265253 E-mailAddress for General Enquiries Format of PersonalE-mailAddresses [email protected] Web Address www.swisscap.com

Company Information

Key Persons Mr. Martin Menzi Mr. KurtRüegg Year of Establishment 2008 NumberofEmployees 10 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

M&A, Debtand Equity Advisory

196 SECA Yearbook 2011

Swiss Equity Group

Contact Information

Address Stockerstrasse 32 8002 Zürich Telephone No +4144520 14 60 Fax No E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.swissequitygroup.com

Company Information

Key Persons Mr. Abdullah Boulad Mr. Roland Eschler Year of Establishment2006 NumberofEmployees 7 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment up to EUR 10m Investment Stages All Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

Swiss Equity Group, headquartered in Zurich, is agloballyactive consulting andinvestmentcompany. The company primarily advisessmall and medium-sized companies on their growth strategies and on the planning and execution of their corporate actions. We also guide themontheir way to internationalcapital markets. In addition, the Swiss Equity Group assists its customers in preparing and settingupcapital market communication measures before and after going public. As an independent research and analysis firm, SwissEquity Group also has great insight into the stock markets, especiallyinGerman-speaking regions.

197 SECASECA Yea Yearbrbookook 2011 2011

Swiss LifeAssetManagement

Contact Information

Address General-Guisan-Quai 40 8022 Zürich Telephone No +41 43 284 59 50 Fax No +41 43 338 59 50 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] WebAddress www.sl-am.com

Company Information

Key PersonMs. SabinePolmann

Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesBuyout -Buyin, Expansion -Development Capital IndustrialSectors Biotechnology,Electronics, Finance-Insurance -Real Estate, Internet Technology,Medical -LifeSciences -Health Related, Telecommunications GeographicalFocus Worldwide Type of Financing EquityFinancing

Short Company Profile

198 SECA Yearbook 2011

Swiss Re Private Equity Partners AG

Contact Information

Address Mythenquai 50/60 8022 Zürich Telephone No +4143285 21 21 FaxNo E-mail Address for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.swissre.com

Company Information

Key Persons Mr. Christian Hinze Ms. Stephanie Weber Year of Establishment2010 NumberofEmployees 20 Fund Names Capital Under Management USD 7.5bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

Short Company Profile

Swiss Re Private Equity Partners AG asubsidiary of Swiss Re isresponsible for fund investments in the areas of private equity, infrastructure, sustainability and real estate. Overall, the team manages investments of approximatelyUSD 7.5 billion in various investment programmes, structured secondary transactions and customized mandates.The 40 specialists in Zurich, New York,HongKongand Bratislava follow aglobal approach involving the selection of primary fundsand co-investments as well as active portfoliomanagement through secondary market transactions. The team currently managesaround 350fund investmentsand maintains more than 150 active relationships with fund managers worldwide.

199 SECASECA Yea Yearbrbookook 2011 2011

TCO Transition Company AG

Contact Information

Address Bahnhofstrasse 16 6300 Zug Telephone No +41 41 726 77 20 Fax No +41 41 720 47 88 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Addresswww.tco.ch

Company Information

Key Persons Mr. ThomasBurkard Dr.René C. Schum Year of Establishment1999 NumberofEmployees 10 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing

Short Company Profile

TCO Ltd. is an independent advisor in allaspects of mergers &acquisitions and corporate finance. With our broad international client range, we have collected atrack record in medium to large scale transactionssuchas divestitures, acquisitions, mergers, MBOs,fit for divestiture as wellaspost merger integration. Our services also includecorporate financeadvisorysuch as enterprise andprojectvaluation, investment analysis and financial planning, IPO and tender offer coaching, fairness opinionsand feasibility studies. Furthermore, we are advising in the area of management advisory (strategy,processes, restructuring,etc.).

200 SECA Yearbook 2011

TECHNOPARK® Zürich

Contact Information

Address Technoparkstrasse 1 8005 Zürich TelephoneNo+41 44 445 10 10 FaxNo+41 44 4451001 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Address www.technopark.ch

Company Information

Key Person Mr. Henning Grossmann

Year of Establishment 1993 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

TECHNOPARK® Zürichcreates the idealenvironmentfor knowledge and technology transfer fromscientific research to thebusinessmarket. This generates market innovations.The visible consequences of these efforts are newly created jobsand aboost to the economic cycle. It is Switzerlands leading address and contact point for innovative andtechnology-orinted start-up businesses.The figures speak for themselves: on 44,300 m2, there are 270 companies and organisations providing 1800 jobs.TECHNOPARK®Zürichwas opened in 1993 and is financed throughprivate funds only.TECHNOPARK® Immobolien AG funded by its shareholders AXA Winterthur, SwissLife and Zürcher Kantonalbank, is the proprietor, operator and lessor. The TECHNOPARK® Zürich foundation selects and supports start-up businesses in theirbuild-up process and pursues diverseprojectsgeared towards implementing TECHNOPARK®Zürichs conceptoftechnology transfer togetherwith their world class partnersETH Zurich, University Zurich, CSEM and ZHaW.

201 SECASECA Yea Yearbrbookook 2011 2011

The Corporate Finance Group

Contact Information

Address Beethovenstrasse 11 8027 Zürich TelephoneNo+41 44 287 22 55 FaxNo+41 44 2872256 E-mail Address forGeneral Enquiries [email protected] Format of Personal E-mail [email protected] WebAddress www.tcfg.ch

Company Information

Key Persons Mr. Beat Unternährer Mr.Peter Bohnenblust Year of Establishment 2000 NumberofEmployees 20 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

TCFG was formed by 5exPartners of Ernst &Young with many years of experience in M&A /CorporateFinance. It is today aleadingSwiss Financial boutique,servingvarious entrepreneurs and companies on along-term basis.

202 SECA Yearbook 2011

The Riverside Company

Contact Information

Address Alter Hof5 D-80331 München Telephone No +49 892 422 48 90 Fax No +49 892 422 48 99 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses Web Addresswww.riversideeurope.com

Company Information

Key Persons Mr. Kai Köppen Mr. VolkerSchmidt Year of Establishment 1988 NumberofEmployees 40 FundNames Riverside Europe Fund (REF) Capital Under Management CHF 760m/EUR 509m(in Europa) NumberofPortfolio Companies 17 (in Europa) Examples of Portfolio Companies DFKingWorldwide, SIGG Switzerland, EMTest AG, Capol GmbH,Rameder

Investment Preferences

Size of InvestmentCHF 30-225m/EUR 20-150m(Entreprise Value) Investment Stages Wachstumskapital, Buyout-Buyin, MBO/MBI, Nachfolgeregelung, Corporate Spin-offs Industrial SectorsAll Geographical Focus Continental Europe,Central and Eastern Europe TypeofFinancing MajorityEquity

Short Company Profile

Riverside ist eine der weltweit führenden Private-Equity Gesellschaften mitdem Fokus auf kleine und mittelständische Unternehmen. Von ihren weltweit 19 Standortenaus,darunterMünchen,konzentriert sich Riversideauf die Übernahmeund Weiterentwicklungvon Unternehmen, die in ihrer Nische übereine marktführende Position verfügen und weiteresWachstumspotential aufweisen. In Europa seit 1989 tätig, hat Riverside Europe in über 30 Unternehmen investiert und zählt damit zu den erfahrensten Investoren in diesem Buy- out-Segment.

203 SECASECA Yea Yearbrbookook 2011 2011

TiT -The intelligent TechnologyAG

Contact Information

Address Sägegasse 32c 3110 Münsingen Telephone No +41 33 533 24 11 Fax No E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.tit.ag

Company Information

Key Persons Dr. Walter E. Strahm

Year of Establishment 2010 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 0.1-5m Investment Stages Buyout -Buyin, Early-Stage, Expansion -Development Capital, Mezzanine -Bridge Finance, Seed Capital, Start-up Capital, Turnaround -Restructuring Industrial SectorsAll Geographical Focus Switzerland Type of Financing All

Short Company Profile

Please see the website www.tit.ag.

204 SECA Yearbook 2011

UBS AG

Contact Information

Address Structured &Syndicated Finance (DINO -298) 8098 Zürich Telephone No +41 44 237 21 01 Fax No +41 44 237 21 21 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Addresswww.ubs.com

Company Information

Key PersonMr. Roland Scherrer

Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital, Mezzanine -Bridge Finance, Privatisation,Replacement Capital Industrial SectorsAll Geographical Focus Switzerland Type of FinancingLoans, Mezzanine, Senior Debt

Short Company Profile

205 SECASECA Yea Yearbrbookook 2011 2011

UBSAGGlobalAsset Management

Contact Information

Address Talacker24 8098 Zürich TelephoneNo+41 44 234 33 54 FaxNo+41 44 2355590 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Addresswww.ubs.com

Company Information

Key Persons Dr. UlrichKeller Mr. Iwan Heiz Year of Establishment NumberofEmployees 15 Fund Names Capital UnderManagement CHF 1.6bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Europe, NorthAmerica Type of Financing

Short Company Profile

Investments into private equity and Venture Capital partnershipsand fund-of-funds.

206 SECA Yearbook 2011

Unigestion

Contact Information

Address 8c, Av. de Champel 1211 Genève 12 Telephone No +41 22 704 42 31 Fax No +41 22 704 42 50 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] WebAddress www.unigestion.com

Company Information

Key Persons Dr. Hanspeter Bader Mr. Christophe de Dardel Mr. Christian Dujardin Year of Establishment 1971 NumberofEmployees 150 Fund Names Unicapital Investments I, II, III,IV, V, tailoredmandates and Unigestion Secondary Opportunity II Capital Under Management EUR8.5bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing

Short Company Profile

Unigestion is aprivately owned asset management companymanaging assets for institutional clients(88%) and highnet worth families (12%).The company focuses exclusivelyonthe management of innovative,highly active strategiesspanning the private and public capital markets. Unigestionsinvestmentplatform offers three distinct means of generating superior risk-adjusted returns: Minimum Variance Equities (quantitative equity products), Hedge Fund of Fundsand Private Equity Fund of Funds. Unigestion wascreated in 1971 and is 76%-owned by its management, which ensures its independence. Unigestion is aligned with itsclientswith more than EUR 150 million equityinvested within its own products. The company is based in Geneva with offices in London, New York, Paris, Singapore and Guernsey.

207 SECASECA Yea Yearbrbookook 2011 2011

ValleyRoad Capital SA

Contact Information

Address RoutedeCité-Ouest 2 1196 Gland TelephoneNo+41 22 906 10 20 Fax No +41 22 906 10 21 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.valleyroadcapital.com

Company Information

Key Persons Mr. Pierre Kladny Ms. Magali Berla-Geay Mr. Patrick de Heney Mr. Steffan Ahlgren Year of Establishment 2006 NumberofEmployees 8 Fund NamesCapD Private EquityPartners L.P. Capital Under Management CHF 60m NumberofPortfolio Companies 3 Examples of Portfolio Companies Reuge SA

Investment Preferences

SizeofInvestment CHF 5m Investment Stages Buyout -Buyin, Expansion -Development Capital, Replacement Capital, Turnaround -Restructuring Industrial Sectors All Geographical Focus Central and Eastern Europe,ContinentalEurope, Far East, Switzerland Type of Financing All

Short Company Profile

208 SECA Yearbook 2011

Ventizz Capital Partners AG

Contact Information

Address Vadianstrasse 59 9000 St. Gallen Telephone No +41 71 226 88 00 Fax No +41 71 226 88 01 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.ventizz.com

Company Information

Key Persons Dr. HelmutVorndran Mr. Willi Mannheims Mr.ReinhardLöchner Year of Establishment 2000 NumberofEmployees 20 Fund Names Ventizz Capital Fund I-IV Capital Under Management EUR 675m NumberofPortfolio Companies 14 Examples of Portfolio Companies Zett Optics, SSPTechnology,Qsil,Sovello, vitronet Holding, exceet Group

InvestmentPreferences

Size of Investment EUR10-100m Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital Industrial Sectors Chemical -Materials, Computer Related, Electronics, Energy, Environment, Industrial Automation, Industrial Products andServices,Manufacturing,Medical -LifeSciences -Health Related, Telecommunications, Communications other GeographicalFocus Germany, Switzerland,Austria Type of Financing Equity Financing

Short Company Profile

Ventizz Capital Partners wasformedin2000 andhas offices in St.Gallen, Zurich,Dusseldorf, and Vienna. The company exclusively advises private equityfundswhich invest in buy-out transactions andhigh-growth opportunities in small andmedium-sized high-tech companies in the german-speaking region.Ventizz has 4 partners:Dr. HelmutVorndran, Reinhard Löchner, Willi Mannheims and Dr. Björn Söndgerath.Together witha team of 15 professionals they currently advise four fundswith capitaltotalling EUR675 million. To date, Ventizz has invested in 35 companies focusing on renewable energy, medical technology, information and communication technology andonotherbranches of industry offering high value-added.Inaddition to alarge numberoftrade sales, Ventizz has successfullyplaced three of its participating interests(Ersol, SAF, PV Crystalox Solar) on stock.

209 SECASECA Yea Yearbrbookook 2011 2011

VI Partners AG

Contact Information

Address Baarerstrasse 86 6302 Zug Telephone No +41 41 729 00 00 Fax No +41 41 729 00 01 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.vipartners.ch

Company Information

Key Persons Mr. Alain Nicod Mr. Arnd Kaltofen Year of Establishment 2001 NumberofEmployees 6 Fund Names Venture Incubator AG Capital Under Management EUR77m NumberofPortfolio Companies 20 Examples of Portfolio Companies Kuros BiosurgeryHolding AG, Neocutis, SonicEmotion, Edimer,Spinelab

Investment Preferences

Size of Investment Investment Stages Industrial SectorsBiotechnology,Computer Related, IndustrialAutomation, Internet Technology, Medical -LifeSciences -Health Related Geographical Focus Switzerland Type of Financing EquityFinancing

Short Company Profile

Venture Incubator is aSwiss venture capital firm that supportsuniversity spin-offs as well as other promising start- up companies with capital, coaching, consulting and networks. We invest Smart Moneytodevelop promising technology-based ideasfor products and services into successful businesses. Venture Incubator started operations in 2001 andmanages an investmentfund of CHF101 million.Our investors represent 10 blue-chip enterprises from industryand finance. In addition we have strategic partnerships with McKinsey &Company andthe SwissFederal Institute of TechnologyinZürich(ETHZ).

210 SECA Yearbook 2011

Vinci Capital SwitzerlandSA

Contact Information

Address PSE-C 1015 Lausanne Telephone No +41 21 693 92 34 Fax No +41 21 693 92 30 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.vincicapital.ch

Company Information

Key Persons Dr. Christian Waldvogel Mr. Xavier Paternot Year of Establishment 2004 NumberofEmployees 9 Fund Names RenaissanceTechnologies 2, RenaissanceTechnologies3, Mona Lisa CapitalAG Capital Under Management over CHF200m NumberofPortfolio Companies 9asofFebruary 11 Examples of Portfolio Companies Sensimed, Omnisens, Symetis, RSD, Datamars, Solvaxis, Schurter Retrofit AG

Investment Preferences

Size of InvestmentEVuptoCHF 100m Investment Stages Buyout -Buyin, Expansion -Development Capital Industrial Sectors Biotechnology, Chemical -Materials, Computer Related, Electronics,Energy, Environment, IndustrialAutomation, Industrial Productsand Services, Internet Technology, Manufacturing, Medical -LifeSciences -HealthRelated, Telecommunications Geographical Focus Switzerland Type of Financing Equity Financing

Short Company Profile

Vinci Capital is aleadingSwiss private equity firm withover MCHF 200 under management. Since 1998 we have providedequity to over30Swiss technology and industrial companies to finance innovation, growth and succession-buyouts.

211 SECASECA Yea Yearbrbookook 2011 2011

Warburg Alternative Investments AG

Contact Information

Address Boersenstrasse26 8001 Zürich Telephone No +41 44 205 94 44 Fax No +41 44 205 94 49 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] WebAddress www.warburg-ai.com

Company Information

Key Persons Mr. Andreas Hoefner Mr. SiegmarThakur-Weigold Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors GeographicalFocus Switzerland,Germany, Austria Type of Financing

Short Company Profile

212 SECA Yearbook 2011

Wenger &Vieli AG

Contact Information

Address Dufourstrasse 56 8034 Zürich TelephoneNo+41 58 958 58 58 FaxNo+41 58 9585959 E-mail Address forGeneral Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.wengervieli.ch

Company Information

Key Persons Dr. Christian Wenger Dr. Wolfgang Zürcher Barbara Brauchli Rohrer Year of Establishment NumberofEmployees 90 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short Company Profile

We are aleading Swiss law firm with about 40 lawyers located in Zurichand Zug. One of our particularstrengths is in thearea of Venture Capital and Private Equity. We advise investorsthrough thewhole life cycle of venture capital: on taxefficient offshoreand domesticfund structures, acquisitionofportfolio companies, exit routes and more. As aone-stop-shop we take care of tax structuring, intellectual property,regulatory, employment, general contract andcorporatelaw. On topweoffer thefull range of allnotarialservicesneeded in theventure capital business.

213 SECASECA Yea Yearbrbookook 2011 2011

ZETRA International AG

Contact Information

Address Gottfried Keller-Strasse 5 8001 Zürich TelephoneNo+41 44 755 59 99 FaxNo+41 44 7555900 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.zetra-international.com

Company Information

Key Persons Mr. Frédéric de Boer Dr.Ralf Hermann Mr. Lukas Raschle Mr. Karel Strub Mr. Gerhard Willi Mr. John Lee YearofEstablishment2001 NumberofEmployees 15 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Early-Stage, Expansion -Development Capital, Mezzanine-BridgeFinance, Privatisation, Replacement Capital, Seed Capital, Start-up Capital, Turnaround -Restructuring IndustrialSectors All Geographical Focus Australia, Austria, Belgium, Benelux, Canada, Central and Eastern Europe, Continental Europe, Czech Republic, Denmark,Europe, Far East, Finland, France, Germany, Hungary, India,Ireland,Italy, Japan, Latin America, Netherlands, NorthAmerica,Norway, Type of Financing

Short Company Profile

ZETRA International Ltd.isanindependent merger &acquisitionsand restructuring house based in Zurich. We focus on the medium size company sector, providing mergers &acquisitions advisory and transactions support, restructuringadvisory andcorporatefinance services. Our professionals align awidebackground of complementaryskills ranging from corporate finance,M&A, restructuringconsultancy to strategic advisory, and have accumulated aunique track record of value creation for clients.

214 SECA Yearbook 2011

Zühlke VenturesAG

Contact Information

Address Wiesenstrasse 10a 8952 Schlieren Telephone No +41 44 733 66 11 Fax No E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Addresswww.zuehlke.com/ventures

Company Information

Key Persons Dr. Martin Rutishauser Dr.Walter Hürsch Year of Establishment 2010 NumberofEmployees 3 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 0.2-1m Investment Stages Early-Stage Industrial SectorsComputer Related, ConsumerRelated,Electronics, Industrial Products and Services, Internet Technology, Medical -Life Sciences -HealthRelated,Telecommunications, Communications other GeographicalFocus Austria,Germany, Switzerland,United Kingdom Type of Financing EquityFinancing

Short Company Profile

Zühlke Ventures is aspecialistinthe financing and acceleration of technologystart-up companies. With strong commitment to the businesssuccess of the venture we work as equals with the entrepreneurial teamand offer complementary skills and expertise in the initial start-up phase. As awholly owned subsidiaryofthe Zühlke Group, we also access to anetwork of partners with comprehensive technologyand management skills.

215 SECASECA Yea Yearbrbookook 2011 2011

Zürcher Kantonalbank

Contact Information

Address Corporate Finance /Structured Finance 8010 Zürich Telephone No +41 44 292 25 40 Fax No +41 44 292 26 71 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.zkb.ch

Company Information

Key Persons Mr. Marcel Zehnder Mr. Stefan Marthaler Year of Establishment 1870 NumberofEmployees 4685 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment All (Seed and Start-up up to CHF 0.5m) Investment Stages All Industrial SectorsAll Geographical Focus Switzerland Type of Financing MinorityEquity, Mezzanine

Short Company Profile

ZKB offers all services of alarge universalbank. The range of financial services includes conventional corporate banking, start-up financing, structured and syndicated loans, succession consulting and mergers &acquisitions.

216 SECA Yearbook 2011

ZurmontMadisonManagement AG

Contact Information

Address Eisengasse 15 8034 Zürich TelephoneNo+41 44 267 50 00 FaxNo+41 44 2675001 E-mailAddress for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.zurmontmadison.ch

Company Information

Key Persons Dr. Björn Böckenförde Mr. WernerRudolf Schnorf Year of Establishment2006 NumberofEmployees 8 Fund NamesZurmont Madison PrivateEquity L.P. CapitalUnder Management CHF 250m NumberofPortfolio Companies 4 Examples of Portfolio Companies Röder AG,SMB SA,CLS CommunicationAG, Bauwerk Parkett AG

Investment Preferences

Size of Investment CHF 30-250m Investment Stages Buyout -Buyin Industrial Sectors IndustrialProductsand Services GeographicalFocus Switzerland,Germany, Austria Type of Financing

Short Company Profile

Zurmont Madison Management AG was founded in 2006 basedonthe initiative of Zurmont ManagementAGand MadisonManagement AG, bothprivate equity companies basedinZurich and active since 1986 and 2001 respectively.Zurmont Madison is managing Zurmont MadisonPrivate Equity L.P. which is focused exclusively on controlling investmentsinthe context of succession solutions and management buyoutsorbuyins of established mid-size companiesinSwitzerland, Germanyand Austria. The current fund held its final close with commitments of CHF 250minDecember 2008.

217 SECSECAAY Yeaearbrbookook 2011 2011

AssociateMembers

218 SECA Yearbook 2011

AAA -Corporate Finance Advisers AG

ContactInformation

Address Industriestrasse54 8152 Glattbrugg TelephoneNo+41 44 829 62 80 FaxNo+41 44 829 62 73 E-mailAddress for General Enquiries WebAddress www.aaa-cfa.com

Company Information

Key Person Mr. SilvioCampestrini Year of Establishment 2003 NumberofEmployees 5

Short Company Profile

Mergers &Acquisitions, Due Diligence, Corporate Finance, ArrangingFinances also for properties

ABELSAvocats

Contact Information

Address1,r.Michel-Roset 1201 Geneva Telephone No +41 22 715 07 00 Fax No +41 22 715 07 01 E-mail Address for General Enquiries [email protected] Web Address www.abels.pro

Company Information

Key Persons Dr.Sébastien Bettschart Dr. Stefan Eberhard Year of Establishment 2009 NumberofEmployees 5

Short Company Profile

ABELS is aSwiss boutique law firmfocusing on business law whose lawyershave accumulated yearsofexperience with top rated business law firms.ABELS lawyersremain true to theircorevalues: focus on their clientsneedsand objectives, commitment to excellence and innovation,and adherencetothe highest standards of professionalism. ABELS corporate and M&Ateam advises clientsonall types of acquisitions, mergers, private equity investments, restructuringand financing.

219 SECASECA Yea Yearbrbookook 2011 2011

Adoptics AG

Contact Information

Address Erlenstrasse27 2555 Brügg TelephoneNo+41 366 86 18 Fax No E-mail Addressfor General Enquiries [email protected] Web Address www.adoptics.ch

Company Information

Key PersonDr. Khalid Mentak Year of Establishment 2007 NumberofEmployees 7

Short Company Profile

Adopticsisaprivatemedical device company focused on developing anovel accommodation intraocular lens (AIOL) to treatcataractand presbyopia. Cataract is aclouding of theeyes crystallinelens and presbyopia is avision condition in which the patient losesthe ability to focus on closeobjects.Itisnatural part of the aging processofthe eye and affects mostofusover 40 years of age. Adoptics AIOL is based on aproprietary technology that uses a novel optical systemtofocus light on theretina. The nature of this unique refractive system allows the implant to mimic thenatural accommodation processofayoung eye. AdopitcsAIOL will be implanted through asmall incisionusing the same surgical technique as conventional intraocular lenses and will restore youthful vision to cataractand presbyopic patients.

aklark GmbH

Contact Information

AddressBahnhofstrasse52 8001 Zürich Telephone No +41 44 214 63 37 Fax No +41 44 214 63 38 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.aklark.com

Company Information

Key Person Mr. Pascal Alexander Rodel Year of Establishment 2007 NumberofEmployees 2

Short Company Profile aklark GmbH offerssupport at different stages of private equity venture capital and other investments: operational due diligence and diagnostics prior to the investment; strategicre-positioning, operational turnaround, change and mindsetmanagement afterthe acquisition.

220 SECA Yearbook 2011

AlexanderHughes Switzerland

ContactInformation

Address 14 bvdGeorges-Favon 1204 Geneva Telephone No +41 22 319 27 10 Fax No +41 22 319 27 15 E-mailAddress for General Enquiries WebAddress www.alexanderhughes.com

Company Information

Key Person Mr. Richard Aeschmann Year of Establishment 2002 NumberofEmployees 5

Short Company Profile

AlexanderHughesisanexecutive search firm dedicatedtohelping you acquire and retain the vital human capital you needtoachieveyourstrategic businessgoals.

ALTENBURGER LTDlegal +tax

Contact Information

Address Seestrasse39Rue Rodolphe-Toepffer 11bis 8700 Küsnacht 1206Genève TelephoneNo+41 44 9148888+41 22 7895020 Fax No +41 44 9148880+41 22 789 50 21 E-mailAddress for GeneralEnquiries [email protected] /[email protected] Web Address www.altenburger.ch

Company Information

KeyPersonMr. Mark Hippenmeyer Year of Establishment NumberofEmployees 40

Short Company Profile

221 SECASECA Yea Yearbrbookook 2011 2011

Alternative Capital Management AG

Contact Information

Address Dreikönigstrasse 45 8002 Zürich Telephone No +41 44 787 33 33 Fax No +41 44 787 33 30 E-mail Address for General Enquiries [email protected] Web Addresswww.acmanagement.ch

Company Information

Key Persons Mr. David Guggenheim Mr. MarkusHuber Mr. GiulioAnderheggen Mr. Stefan Peller Year of Establishment 2005 NumberofEmployees 12

Short Company Profile

Aon Mergers&Acquisitions Group Switzerland

ContactInformation

Address Bederstrasse 66 8027 Zürich TelephoneNo+41 44 925 22 86 Fax No E-mail Address for General Enquiries WebAddresswww.aon.com/ch/mergers

Company Information

KeyPersonMr. HansjörgPezzei Year of Establishment 1997 NumberofEmployees 380

Short CompanyProfile insurance consultants, risk management

222 SECA Yearbook 2011

ARALON AG

Contact Information

Address ChurerStrasse135 8808 Pfäffikon Telephone No +41 55 416 26 30 Fax No +41 55 416 26 33 E-mail Address for General Enquiries [email protected] Web Address www.aralon.ch

Company Information

Key Person Dr. Werner Hane Year of Establishment 2005 NumberofEmployees 5

Short Company Profile

ARALON is amanagement consulting firm with following main fields of expertise: commercial duediligence, post mergerintegration, growthstrategies, business modelling, turnaround and change management. SECASECA Yea Yearbrbookook 2011 2011

Asset-Exchange Sàrl

Contact Information

AddressRue du Rhône14 1204 Geneve Telephone No +41 22 819 17 19 FaxNo E-mail Address for General Enquiries [email protected] Web Address www.asset-ex.com

Company Information

Key Person Mr. Jamie Apold Year of Establishment 2011 Number of Employees 3

Short CompanyProfile

BadertscherRechtsanwälte AG

ContactInformation

Address Mühlebachstrasse32Grafenauweg 6 8008 Zürich 6304 Zug TelephoneNo+41 44 266 20 66 +4141726 60 60 Fax No +41 44 266 20 70 +41 41 726 60 66 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.b-legal.ch

Company Information

Key Person Dr.Thomas M. Rinderknecht Year of Establishment 1995 /2009 NumberofEmployees 45

Short Company Profile

As amedium-sized lawfirm, Badertscher RechtsanwälteAGconcentrates on ed business sectors and core competences in international and commercial law, such as tax-optimised international holding, trading and investmentstructures, M&A, IPOs,international business transactions, private equity and venture capital, advertising andmarketingconcepts, businesssuccessionsand the management of international disputes.

224 SECA Yearbook 2011

Baker &McKenzie

ContactInformation

AddressHolbeinstrasse 30 8034 Zürich Telephone No +41 44 384 14 14 Fax No +41 44 384 12 84 E-mailAddress for General Enquiries WebAddress www.bakermckenzie.com

Company Information

Key Person Mr. Martin Frey Year of Establishment 1949 NumberofEmployees 140

Short CompanyProfile

With offices in Zurich and Geneva, Baker &McKenzie is one of the largest law firms in Switzerland. Ourteamof more than80lawyers provides afull rangeoflegal services in thePrivateEquity and M&Aarea.

We make complex issues simple Youneed pe advisorswho understand morethan legal requirements and investment options. Theyneed to appreciate the diverse interests of the parties, the dynamics of the investment lifecycle and other intangibles of value creation. Theyalso need topquality project management skills and the ability to integratecross-border teams. at Baker &mckenzie Zurich, we makecomplex issues simpleand deliver servicethat is pragmatic and matches businessneed. it’savalue our clients noticeand appreciate. in particular,wecan provide youwith legal and taxadvicewith regardtothe following pe transactions: • acquisitions and Divestitures • management Buy-outs • acquisition Finance • Financial Restructurings and Reorganisations • Ventureinvestments • ipo’sand TakeoverBids • Funds structuring To learn more, please visit us at www.bakermckenzie.com. primary contact forprivateequity and related transactions: Zurich Geneva martin Frey and Dr.urs schenker martin anderson and Denis Berdoz Holbeinstrasse 30, 8034 Zürich, Rue pedro-meylan 5, 1208 Geneva, Tel: +41 44 384 14 14, Tel: +41 22 707 98 00, [email protected] [email protected] SECASECA Yea Yearbrbookook 2011 2011

Bancadello Stato del Cantone Ticino

Contact Information

Address VialeH.Guisan 5 6501Bellinzona Telephone No +41 91 803 71 11 Fax No +41 91 803 71 70 E-mailAddress for General Enquiries Web Address www.bancastato.ch

Company Information

Key Person Dr. Curzio De Gottardi Year of Establishment NumberofEmployees

Short Company Profile

Universalbank

BaumgartnerMächler Rechtsanwälte

Contact Information

Address Löwenstrasse 2 8022 Zürich Telephone No +41 44 215 44 77 Fax No +41 44 215 44 79 E-mailAddress for GeneralEnquiries [email protected] Web Address www.bmlaw.ch

Company Information

Key Person Dr. Dirk Hartmann Year of Establishment 1999 NumberofEmployees 20

Short Company Profile

Baumgartner Mächlerisspecialised in legal advicetocompanies in complexbusiness transactions. The firm provides legal advice to Swiss and international industrial and commercialcompanies, private equity companies, banks, insurances and other financial service providers as wellasprivate individuals. Our focus is on creating solutions tailoredtothe requirements of our clients.

226 SECA Yearbook 2011

Bax Capital AdvisorsAG

Contact Information

AddressLindenstrasse 41 8008 Zürich Telephone No +41 43 268 49 52 Fax No +41 43 268 49 54 E-mail Addressfor General Enquiries [email protected] Web Addresswww.baxcapital.com

Company Information

Key Person Mr. Alexander Pfeifer Year of Establishment NumberofEmployees

Short Company Profile

BaxCapital is aSwiss privateequity firm providingcapital and managementsupport to mediumsized companies in "Special Situations".

BeckGroup Ventures

ContactInformation

Address2nd Floor,BerkeleySquareHouse GB-London W1J 6BD Telephone No +44 (0) 20 78871591 FaxNo+44 (0) 20 7887 1571 E-mail Address for General Enquiries WebAddress www.the-beck-group.com

Company Information

Key Person Ms. MadeleineBeck-Wagner Year of Establishment NumberofEmployees

Short Company Profile

Independent placement advisors based in London with astrong network in the UK and Continental Europe. Raising private equity and venture capital for funds and fund of funds of between EUR 100-500 million,EUR 5-50 million fordirectinvestments.Havemultilingual team with strong industryand finance background and expertise.

227 SECASECA Yea Yearbrbookook 2011 2011

Binder Corporate Finance AG

Contact Information

Address Spitalgasse 32 Tödistrasse46 3001 Bern 8002 Zürich Telephone No +41 31 326 18 18 +41 44 268 45 35 Fax No +41 31 326 18 19 +41 44 268 45 36 E-mail Address for General Enquiries [email protected] Web Addresswww.binder.ch

CompanyInformation

KeyPersons Dr. Peter M. Binder Mr. KonradAlthaus Dr. RobertoTracia Year of Establishment 1995 NumberofEmployees 10

Short Company Profile

Mergers &Acquisitions, Corporate Finance, Management Coaching

Blum&GrobRechtsanwälte AG

Contact Information

Address Neumühlequai 6 8021 Zürich Telephone No +41 58 320 00 00 Fax No +4158320 00 01 E-mail Address forGeneral Enquiries [email protected] Web Address www.blumgrob.ch

CompanyInformation

Key Person Mr. Ralf Rosenow Year of Establishment 2008 NumberofEmployees 32

Short Company Profile

Legal andtax adviseinM&A-, MBO-, START-UP- restructuring and similartrasactions, IPOs and subsequent rights issues.

228 SECA Yearbook 2011

Borel &Barbey

ContactInformation

Address rue de Jargonnant 2 1211 Genève 6 Telephone No +41 22 707 18 00 Fax No +41 22 707 18 11 E-mailAddress for General Enquiries Web Address www.borel-barbey.ch

Company Information

Key Person Mr. Nicolas Killen Year of Establishment 1907 NumberofEmployees 80

Short Company Profile

The Firm wasestablished in 1907 in Geneva.Itprovides advice notablyinbankingand financelaw,corporatelaw, mergers &acquisitions as well as tax laws in domestic andcross-border transactions. It advises private equity funds and promoters.

Boydenglobal executivesearch

ContactInformation

AddressGotthardstrasse 55 8027 Zürich TelephoneNo+41 43 344 40 90 Fax No +41 43 344 40 99 E-mailAddress for General Enquiries WebAddresswww.boyden.ch

Company Information

KeyPersonMr. Markus Brunner Year of Establishment 1946 NumberofEmployees 7

Short Company Profile

Boyden is agloballeader in the executivesearch industrywith more than 80 officesinmore than 40 countries. Founded in 1946 Boyden specializes in highlevel executivesearch, Human capital consulting and Interim Management acrossabroad spectrum of industries.

229 SECASECA Yea Yearbrbookook 2011 2011

BruppacherHug &Partner, AttorneysatLaw

Contact Information

Address Zollikerstrasse58 8702 Zollikon TelephoneNo+41 44 396 31 31 FaxNo+41 44 396 31 32 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.bhp.ch

Company Information

Key PersonDr. C. Mark Bruppacher Year of Establishment 1993 NumberofEmployees

Short Company Profile

Company and Financial law

Bünter Management AG

Contact Information

Address Unterdorfstrasse 12 8808 Pfäffikon TelephoneNo+41 58 206 08 50 Fax No +41 58 206 08 99 E-mail Address for General Enquiries [email protected] Web Address www.buenter.ch

Company Information

Key Person Mr. Andreas Bünter Year of Establishment 2004 NumberofEmployees

Short Company Profile

Business succession planning and transactionadvisory(M&A) services.

230 SECA Yearbook 2011

Burson-Marsteller AG

Contact Information

Address Grubenstrasse 40 8045 Zürich Telephone No +41 44 455 84 00 Fax No +41 44 455 84 01 E-mail Addressfor General Enquiries [email protected] Web Address www.b-m.ch

CompanyInformation

Key Person Ms. UteDehn Christen Year of Establishment 1971 NumberofEmployees 60

Short Company Profile

Burson-Marsteller is one of Switzerland`s leading public relations andcommunications consulting companies, investor relationsbeing one of the competences

CapeCapital AG

Contact Information

Address Schipfe 2 8001 Zürich Telephone No +41 43 888 60 60 Fax No +41 43 888 60 61 E-mailAddress for General Enquiries WebAddress www.capecapital.com

Company Information

Key PersonMs. Stéphanie Galantine Year of Establishment 2002 NumberofEmployees 15

Short Company Profile

ABoutique Investment Advisoryfirm Cape Capitalwas founded in 2002 to make wealth management anew kind of experience of clients. It was set up as an independent assetmanagement firm, to manage accountsona discretionary and advisory basis for alimitednumberofprivate and institutional clients, in apersonalised manner. Our aimistoprovide clients with acustomized serviceand an independentand unbiased investment advisory offering that translates into superior risk-adjusted returns. We strive to identify innovative investment opportunities across various asset classes and geographicalregions. This way, we offer our clients the diversification they need as well as awide set of opportunities whilekeeping akeen focus on managing risk. Cape Capital is based in Zurich , and is amember of the Swiss Association of Asset Managers (SAAM/VSV). Since 2006, the team has also organized private equity deals in additiontoits AssetManagement activities.

231 SECASECA Yea Yearbrbookook 2011 2011

CapventAG

Contact Information

Address Dufourstrasse 24 8008 Zürich Telephone No +41 43 500 50 70 Fax No +41 43 500 50 79 E-mailAddress for General Enquiries WebAddress www.capvent.com

Company Information

Key Person Mr. Tom Clausen Year of Establishment 2000 NumberofEmployees 25

Short Company Profile

Capvent is an exclusivePrivate Equity Fund of Fund.Manager/Advisor investingglobally across all sub asset classes. We have officesinZurich,Chicago and India.

Carey AG

ContactInformation

Address Alderstrasse 49 8034 Zürich TelephoneNo+41 43 499 11 44 Fax No +4143499 11 55 E-mail Address forGeneral Enquiries [email protected] Web Address www.careygroup.ch

CompanyInformation

KeyPerson Mr. Urs Specker Year of Establishment 2003 NumberofEmployees 7

Short Company Profile

As part of the Carey Groupand in cooperation with CareyOlsen lawoffice in Guernsey, CareyAGoffers project management, advisory, incorporation andadministration services with aparticular focus on cross-border transactions forboth privateand institutional clients.

232 SECA Yearbook 2011

CEPAXSustainable Solutions AG

ContactInformation

Address Rietstrasse 50 8702 Zollikon Telephone No +41 44 392 16 66 Fax No +41 44 392 16 20 E-mail Address for General Enquiries [email protected] Web Addresswww.cepax.ch

Company Information

Key Person Ms. Alexandra Tschopp Year of Establishment 2005 NumberofEmployees 1

Short Company Profile

Strategicadvisoryfirm in thesectoroffinancial services and with afocus on family offices and family businesses.

when experience matters

CFOxperts support investorsfromselectiontoexit

Keep track Transparent reporting Accurate management information Consistent forecasting and planning

Increase value Qualitative growth Cost efﬁciency Optimized cash ﬂow

Optimize exit Efﬁcient ﬁnance functions IFRS accounting standards ERP /MIS solutions SECASECA Yea Yearbrbookook 2011 2011

CFOxpertAG

ContactInformation

Address Binzstrasse 18 8045 Zürich Telephone No +41 44 455 64 20 FaxNo+41 44 455 64 29 E-mail Address for General [email protected] Web Address www.cfoxpert.com

Company Information

Key Person Mr. Beat Zwahlen Year of Establishment 2003 Number of Employees 9

Short CompanyProfile

CFOxpert is specializedinfinancial management.Our main focuses are both optimizing the efficiency of finance organizations and the prospective financialmanagement performance. Ourintegrated models include design and implementation of effectiveITapplications. CFOxpert supports M&A with financial and business due diligence, strategicbusinessplanassessment, scenario building, businessplanning, integration and transition support and providing asecond opinion for banksand co- investors. CFOxpert implementsand optimizes financial management and bank reporting, coaches CFOs and the financeorganization,leads special projectsand plans and executes the exit.

Clariden LeuAG

Contact Information

Address Bahnhofstrasse32 8070 Zürich Telephone No +41 58 205 21 11 Fax No +41 58 205 21 91 E-mailAddress for General Enquiries WebAddress www.claridenleu.com

Company Information

Key PersonDr. Peter Labhart Year of Establishment NumberofEmployees >1000

Short CompanyProfile

234 SECA Yearbook 2011

CFP Business Consulting AG

ContactInformation

Address Zollstrasse 16 FL-9494 Schaan Telephone No +423 373 87 22 Fax No +423 373 87 21 E-mailAddress for General Enquiries WebAddress www.cfp-ag.com

Company Information

Key Person Mr. Wolfgang Schmid YearofEstablishment NumberofEmployees

Short Company Profile

CFP CorporateFinance,Controlling &Accounting Services is focused on continuous controlling and valuation services (shared service center for accounting and controlling), specificly for investment companies and private investors. CFPisassisting companies in organising their reporting based on international standard, assisting them in their planning process,toachievetheir controlling objectives,inaccordance with theinvestors requirements. CFP is offering clients readytouse solutions to speed up their managementreporting and valuation of areporting unit (value management &cockpit). Permanently updated figures and additionally (manually) entered value drivers allowthe simulation of various scenarios on the spot, e.g. during meetings. STC Assurance &Advisory Services, our partnercompany,offers additionalytransactionand auditing services regarding process-and riskmanagement.

www.cfp-equity.com Equity AG

CFP Equity AG

Beteiligungsgesellschaft fürKMU-Unternehmenin Nachfolgesituationen oder Wachstumsphasen

MBO,MBI,Spin-off‘s, Akquisitions- und Wachstums-Finanzierungen

KonzentrierenSie sich auf IhrKerngeschäft; wirstellen fürSie sicher, dass Sie dienotwendige Liquidität, Rentabilitätund Wertsteigerung damit erreichen –

www.cfp-equity.com www.cfp-ag.com SECASECA Yea Yearbrbookook 2011 2011

CMS von ErlachHenrici AG

Contact Information

Address Dreikönigstrasse 7 8022 Zürich Telephone No +41 44 285 11 11 Fax No +41 44 285 11 22 E-mailAddress for GeneralEnquiries [email protected] WebAddress www.cms-veh.com

CompanyInformation

Key PersonMr. Stefan Brunnschweiler Year of Establishment 1936 NumberofEmployees 110

Short CompanyProfile

CMS vonErlach Henrici has more than 60 specialized lawyers and tax experts based in Zurich and provides expert advice in domestic and cross-border M&A, corporateand financial transactions as well as commercial projects to clients. As part of CMS, aiming to be recognisedasthe best European provider of legal and tax advice, the firmhas access to an international network of more than 2,800 lawyersin53offices throughout Europe and beyond.CMS vonErlach Henrici is afull-service commercial law firm offering comprehensive, solution drivenlegal advice to business, financial institutions, governments andprivate individuals both on the national level and in an international environment.CMS von Erlach Henrici ensures quality and efficiency. All attorneys complete postgraduatestudiesand gain practical experience abroad,mostly in the UnitedStatesorEngland.The lawyers offeradviceinGerman, English, French,Italian and Spanish.

COFIDEPSA

Contact Information

Address Place de la Gare51 2900 Porrentruy Telephone No +41 32 466 15 92 Fax No +41 32 466 64 82 E-mailAddress forGeneral Enquiries [email protected] Web Address

Company Information

KeyPersonMr. Günther B. Pamberg Year of Establishment 1986 NumberofEmployees

Short Company Profile

236 SECA Yearbook 2011

Constellation Capital AG

ContactInformation

Address Kantonsstrasse77 8807 Freienbach Telephone No +41 44 482 66 66 Fax No +41 44 482 66 63 E-mail Address for General Enquiries [email protected] Web Address www.constellation.ch

Company Information

KeyPersonMr. Marinus Schmitt Year of Establishment 2007 NumberofEmployees 5

Short Company Profile

ConstellationCapital AG basedinSwitzerland is an independentPrivate Equity Company established in 1992 undertaking majority and significantminority investments in growth companiesfocusing exclusively on the service sector (asset light) in Germanspeaking Europe.

CTI Invest

ContactInformation

Address Seehofstrasse 6 8008 Zürich Telephone No +41 79 251 32 09 Fax No +4144269 60 65 E-mail Address for GeneralEnquiries [email protected] Web Addresswww.cti-invest.ch

Company Information

Key Person Mr. Jean-Pierre Vuilleumier YearofEstablishment2003 Number of Employees 2

Short Company Profile

Founded in 2003, CTI Invest is today theleading financingplatformfor Swiss High TechStart-up companies in Switzerland. CTI Investisclosely linked to the Innovation Promotion Agency CTI. CTI Invest is organizing the following events for its members: -Match Making events (Swiss Venture Days, quarterly) -Networkingevents (CEO Day, Innovation Roundtables, Investor Lunches) CTI Invest has about 75 members and is offering the following membership categories: -Institutional Investors/Industrial Partners /BusinessAngel Clubs /Family Offices /Businessangels CTI Invest is anon-profit organization that is financingall its activitieswith annual membershipfees and with sponsoring.

237 SECASECA Yea Yearbrbookook 2011 2011

CTI Start-up

ContactInformation

Address Effingerstrasse 27 3003 Bern Telephone No +4131324 04 35 Fax No +4131322 21 15 E-mail Addressfor General Enquiries [email protected] Web Addresswww.ctistartup.ch

Company Information

Key Person Ms. Karin Zingg Year of Establishment 1996 NumberofEmployees 58

Short Company Profile

CTIStart-uppromotes immediate benefit of the scientificand technologies workedout by researches and entrepreneurs.Accompaniesstart-up companies in the domainofinnovativehigh-technologies Providesnetworking and multiple corporation.

DealMarket

ContactInformation

Address Schipfe 2 8001 Zürich Telephone No +41 43 888 75 30 Fax No +41 43 888 75 31 E-mailAddress for GeneralEnquiries [email protected] WebAddress www.dealmarket.com

Company Information

Key Person Ms. Céline Fillistorf Year of Establishment NumberofEmployees

Short Company Profile

Deal Market is thefirst port of call for privateequityprofessionals whoare looking for simplicity, choice and greater speed in howthey access the marketplace. It is an online platform designedtobring transparency, efficiency and value to thebusiness of connectingbuyers,sellers and advisors.Ifyou are an investor and poor managementof your deal flow is holdingyou back, useour deal management tool MyOffice@DealMarket. It is easy tu use and free of charge.

238 SECA Yearbook 2011

Dr. Bjørn Johansson Associates Inc.

Contact Information

AddressUtoquai29 8008 Zürich TelephoneNo+41 44 262 02 20 Fax No +4144262 02 21 E-mail Address for General Enquiries [email protected] Web Addresswww.johansson.ch

Company Information

Key Person Dr. Bjørn Johansson YearofEstablishment 1993 NumberofEmployees 10

Short Company Profile

Dr.BjornJohanssonAssociatesisaglobal executive search firm that concentrates exclusivelyonrecruiting CEOs, Presidents, Managing Directors and Board Members forselect top-tiercorporationsand institutions.

DRSdigital AG (Data RoomServices)

Contact Information

Address Baarerstrasse 101 6300 Zug Telephone No +41 41 767 44 10 oder +41 41 767 44 14 Fax No +41 41 767 44 11 E-mail Address for General Enquiries [email protected] Web Address www.drs-digital.com

Company Information

Key Person Mr. Jan Hoffmeister Year of Establishment 2001 Number of Employees 50

Short CompanyProfile

DRS ist der führende Anbieter von Datenraumlösungen, insbesondere für Online-due-Diligence, für grosse Portfoliotransaktionen im Immobilienbereich sowiefür komplexe Transaktionen im Bereiche M&A. Kreditkonsortien, Non-performing Loans und IPOs. Unser Schwerpunkt liegt auf der Einrichtung und Verwaltung sicherer Datenräume, diesich an denBedürfnissen unserer Kunden ausrichten sowie derErbringung von Transaktions-Services.

239 SECASECA Yea Yearbrbookook 2011 2011

Dynamics Group AG

Contact Information

Address Utoquai 43 8008 Zürich TelephoneNo+41 43 268 32 32 Fax No +4143268 32 39 E-mailAddress for General Enquiries WebAddresswww.dynamicsgroup.ch

Company Information

Key Person Mr. Edwin van der Geest Year of Establishment 2006 NumberofEmployees 25

Short Company Profile

Dynamics Group AG combines strategic (communication) advisory, communication management and research & analysis.Weare apartner for private equity and public firms, private companies and Corporate Finance teams and boutiques. Team size as of today: 25 in Switzerland and >25inIndia, offices in Zurich, Bern and Geneva.

Economic Development of the Canton of Zurich /Standortförderung

Contact Information

AddressWalchestrasse 19 8090 Zürich Telephone No +41 43 259 49 86 Fax No +41 43 259 51 71 E-mailAddress for General Enquiries WebAddresswww.location.zh.ch /www.finanzplatz-zuerich.ch

Company Information

Key Person Ms. Sabine Klucken YearofEstablishment NumberofEmployees

Short Company Profile

The Office for Economic Development is the contactpointfor resident companies as well as those interestedin setting up abusiness in the Canton of Zurich. We facilitate, accelerate and establish networkstoserveasabridge between business and public administration. Ourcorecompetencies and activities are: -Assistcompanies with setting up an office in Zurich-Management of clusterinitiatives and networks-Work permits for non-EU/EFTA citizen -Facilitation of administrative procedures

240 SECA Yearbook 2011

Edgar Brandt AdvisorySA

Contact Information

Address RoutedePré-Bois 20 1215 Genève 15 Telephone No +41 22 799 42 80 Fax No +41 22 799 42 89 E-mail Address for GeneralEnquiries [email protected] Web Address www.eb-advisory.com

CompanyInformation

Key Person Mr. Edgar Brandt Year of Establishment 2005 NumberofEmployees 8

Short Company Profile

Edgar Brand Advisory provides consultingservicestailored to the specific needs of private equity investors. We supportinvestors thoughall phases of their investments life-cycle.

Effinance PrivateEquity AG

Contact Information

Address Theaterstrasse 4 8001 Zürich Telephone No +41 44 396 10 00 Fax No +41 44 396 10 09 E-mail Addressfor General Enquiries [email protected] Web Address www.effinance.ch

Company Information

Key Person Mr. Simon Schrämli Year of Establishment 2007 NumberofEmployees 5

Short Company Profile

Die Effinance Private Equity AG istein exklusives Unternehmenmit Sitz in Zürich, welchesimPrivateEquity Business tätig ist.Unserefinanzielle undunternehmerische Unabhängigkeit erlaubt es uns,eigeneBeteiligungen aufzubauen, zu betreuen und zu gegebenerZeit wiederzuveräussern. Dabei richtet sich unser Investmentfokus aufwachstumsstarke, nichtbörsenkotierte Unternehmen, welche in ihrerBranche aufgrund ihrer innovativen Überlegenheit einen deutlichen Wettbewerbsvorteil aufweisen. Wiranalysieren die Zielgesellschaften diefür eine Beteiligung in Fragekommen mit absoluter Sorgfalt und führen eine DueDiligence (Stärken-/Schwächen-Analyse)mit professionellen Beratern durch. Unser Investmentfokus richtet sichauf die BereicheBiotechnologie,Medizinaltechnik, Life Science, Dienstleistungen, Immobilien undauf attraktive Industriebereiche. Die Zielgesellschaftenmüssen sich mitihren Produkten in einem Wachstumsmarkt mitattraktiven Margen befinden. Dergeographische Schwerpunkt liegtinder Schweiz. Unser Investitionshorizont liegt zwischen 2und 5Jahren. Eine enge Zusammenarbeit mitden Co-Investorenund eine starke Unterstützung des Managements sehen wirals unverzichtbaren Schlüsselzum Erfolg. 241 SECASECA Yea Yearbrbookook 2011 2011

Egger &Egger AG

ContactInformation

AddressHaffnerstrasse 17 4502 Solothurn Telephone No +41 32 625 85 10 Fax No +44 32 625 85 19 E-mailAddress for General Enquiries WebAddress www.egger-egger.ch

Company Information

Key Persons Mr. Roger Egger Mr. Andreée Arth Year of Establishment 1981 NumberofEmployees 3

Short Company Profile

Turnarounds,Mergers &Acquisitions, corporate Finance

Euro-Private Equity S.A.

Contact Information

Address Chemin du Pavillon 5 1218 Geneva Telephone No +41 22 788 53 75 Fax No +41 22 788 53 76 E-mailAddress for General Enquiries WebAddresswww.euro-pe.com

Company Information

KeyPerson Mr.EricDeram Year of Establishment 2005 NumberofEmployees 5

Short Company Profile

Euro PrivateEquity is an independentspecialist in privateequity investments. We deploy and manage tailored- made portfolioasprivate equity fundsonaglobalbasis. Our serviceisflexible, transparent and cost-efficient. We only select active fund managers who invest primarily in growing SMEs.

242 SECA Yearbook 2011

Farner Consulting AG

Contact Information

Address Oberdorfstrasse 28 8001 Zürich Telephone No +41 44 266 67 67 Fax No +41 44 266 67 00 E-mail Addressfor General Enquiries [email protected] Web Address www.farner.ch

Company Information

Key PersonMr. Urs Knapp Year of Establishment1951 NumberofEmployees 60

Short Company Profile

Farner is the market leading PR- and communicationagencyinSwitzerland. For the financial service industry we provide strategic advice andoperationalsupportwithanunchallenged experienceinM&A transactions. We are involvedinall main aspects of business,societyand politics.

Franke Kitchen Systems Group

Contact Information

Address Franke-Strasse2 4663 Aarburg Telephone No +41 62 787 35 21 Fax No +41 62 787 95 21 E-mailAddress for General Enquiries WebAddresswww.franke.com

Company Information

Key Person Mr. Torsten Türling Year of Establishment1911 NumberofEmployees 7500

Short CompanyProfile

Franke Kitchen Systems is the worldsleading provider of intelligent systems for domestic kitchens,trusted by more users in more kitchens worldwide than anyother manufacturer. Drawingonour long history of reliability and expertise, we buildrewardingand enduringpartnerships. We helpour partners enhance their businesses and ease their customerslives by making work in the kitchen apleasure. System solutions in thewet area:Everything we offer to makecleaning,preparation,water filtration,washing-upand waste disposal easy,hygienic and environmentally sound. SystemSolution in thecookingand cooling area: Everything we offer to make cooking, simmering, ventilations and cooling easy, hygienic and environmentally sound. Our product range includes sinks, taps,waste management systems, ventilations hoods andcooking appliances.

243 SECASECA Yea Yearbrbookook 2011 2011

FRCUnternehmensberatungGmbH

Contact Information

Address Schladstrasse 12 5425 Schneisingen Telephone No +41 56 241 24 38 Fax No +41 56 241 23 68 E-mailAddress for GeneralEnquiries [email protected] Web Address www.ruhier.ch

Company Information

Key Person Mr. Felix Ruhier Year of Establishment 1993 Number of Employees 1

Short CompanyProfile

Beratung vonKMU in finanziellen Belangen sowie Support bei Kauf, Verkauf, Sanierung, Finanzierungen und Nachfolgeregelungen.

Froriep RenggliRechtsanwälte

Contact Information

AddressBellerivestrasse 201 8034 Zürich TelephoneNo+41 44 386 60 00 Fax No +41 44 383 60 50 E-mail Address for General Enquiries [email protected] Web Addresswww.froriep.com

Company Information

Key Person Dr.Beat M. Barthold Year of Establishment1966 NumberofEmployees 83

Short Company Profile corporate &commerciallaw,intellectual property, litigation,arbitration

244 SECA Yearbook 2011

FundStreetAG

Contact Information

Address Löwenstrasse 11 8001 Zürich Telephone No +4144210 42 06 /07 Fax No +4144210 42 08 E-mail Address for General Enquiries [email protected] Web Addresswww.fundstreet.com

Company Information

KeyPerson Mr.Herbert Kahlich Year of Establishment 1999 NumberofEmployees 3

Short Company Profile

Development and partnership of Swiss General and Limited Partnerships.Business/Management Consultancy alongthe valuechain.

G&FSCapital Invest AG

Contact Information

AddressSt. Peterstrasse11 8070 Zürich Telephone No +41 43 344 54 64 Fax No +41 43 344 54 74 E-mailAddress for General Enquiries Web Address

Company Information

Key Person Mr. Daniel Mühlemann Year of Establishment 1998 NumberofEmployees

Short Company Profile

Allsectors served, butnot financial industry

245 SECASECA Yea Yearbrbookook 2011 2011

GHR Rechtsanwälte AG

Contact Information

AddressBahnhofstrasse64 8001 Zürich Telephone No +41 58 356 50 00 Fax No +41 58 356 50 09 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.ghr.ch

Company Information

Key Person Mr. Michael Walther Year of Establishment1992 NumberofEmployees 22

Short Company Profile

GHR is aboutique law firmwithoffices in Zurich and Bern-Murifocussed exclusively on business law. Our fields of practices include Corporate, Mergers and Acquisitions, PrivateEquity,Banking, CapitalMarketsand Finance, Energy and NaturalResources, Tax,IntellectualProperty andTechnology, Insolvency and Restructuring, Litigation and Dispute Resolution. GHR is arecognized representative for the listingofsecurities at theSWX Swiss Exchange. In Addition, GHR is amemberofLAW (LawyersAssociated Worldwide), an international network of independent commercial law firms, as well as of theEnergy Law Group (ELG), an associationofleading European law firms in the energy sector.

Good Energies

Contact Information

Address Grafenauweg 4 6301 Zug Telephone No +41 41 560 66 60 Fax No +41 41 560 66 66 E-mail Address for General Enquiries [email protected] Web Address www.goodenergies.com

Company Information

Key Person Mr. Stefan Schönbeck Year of Establishment 2001 NumberofEmployees 10

Short Company Profile

Good energies is aleading globalinvestorinrenewable energy and energy efficiency industries. Thefirminvests in solar, turbine-based renewables, green building technologies and other emerging areas within clean energy. Founded in 2001, GoodEnergiesmanages the renewableenergy portfolioofCOFRA, afamily owned and managed groupofcompanies.

246 SECA Yearbook 2011

Heidrick &Struggles

ContactInformation

AddressAlbisstrasse 152 8038 Zürich Telephone No +44 488 13 13 Fax No +44 488 13 00 E-mailAddress for General Enquiries WebAddresswww.heidrick.com

Company Information

Key Person Mr. Wolfgang Schmidt-Soelch Year of Establishment 1953 in Chicago Number of Employees 29

Short CompanyProfile

Heidrick &Struggles provides exceptional serviceand expertise to deliver effective leadership solutions forclients. We arethe worlds premierprovider of senior-level executive search and leadership consulting services, including talents management,boardbuilding, executive on-boarding and M&A effectiveness.

Hirzel.Neef.Schmid.Konsulenten

Contact Information

Address GottfriedKeller-Strasse 7Rue de Malatrex 50 8024 Zürich 1211 Geneva Telephone No +41 43 344 42 42 +41 22 340 28 45 Fax No +41 43 344 42 40 +41 22 940 26 27 E-mail Address for General Enquiries [email protected] Web Address www.konsulenten.ch

Company Information

Key Persons Mr. Andreas S. Thommen (Zurich) Ms. Marie-HélèneHancock (Geneva) YearofEstablishment1996 NumberofEmployees 11

Short Company Profile

Strategy, corporatecommunications &investorrelations consultants

247 SECASECA Yea Yearbrbookook 2011 2011

Homburger AG

ContactInformation

AddressWeinbergstrasse56/58 8006 Zürich Telephone No +41 43 222 10 00 Fax No +41 43 222 15 00 E-mail Addressfor General Enquiries [email protected] Web Address www.homburger.ch

Company Information

Key Person Dr. Dieter Gericke YearofEstablishment1957 NumberofEmployees 120

Short CompanyProfile

Homburger hassome 120lawyers and tax experts experienced in domestic and cross-border m&a, corporate and financial transactions as well as commercial projects. Homburger is dedicated to bringing its clients endeavors to asuccess.Our practice teams include Corporate and Transactions (m&a, equity, securities, corporateand commercial),Banking and Finance, Tax, Intellectual Property and Technology, Competition, Litigation and Abitration.

Humatica AG

Contact Information

Address Forchstrasse 239 8032 Zürich Telephone No +41 44 955 11 01 Fax No +41 44 955 11 02 E-mail Addressfor General Enquiries [email protected] Web Address www.humatica.com

Company Information

Key PersonMr. Andros Payne Year of Establishment2003 NumberofEmployees 20

Short Company Profile

Humatica is aspecialized consultancy that workswith corporations,privateequity investors and their portfolio companies to make high-impact changes in the way they are organized andstaffed.Weenable CEOs to increase the agility of their organizations and shakeoff thecomplacencythat so oftendestroys successfulbusinesses. Humaticasuniquesolution to re-energize companies eliminates counter-productive behaviors and structures, re-allocates resources according to new market realities, assigns the right people with theright skills to the right jobs, andputsprocesses in placetoensure the sustainabilityofperformance improvements. Our tools and approach are particularly valuable for companies that needto shifttheirorganizationsquicklyinorder to execute anew strategyorimprove an under-performing business.

248 SECA Yearbook 2011 innoValuation Partners GmbH

ContactInformation

Address Sonnhalde 7 6045 Meggen TelephoneNo+41 79 358 68 71 FaxNo E-mail Addressfor General Enquiries [email protected] Web Addresswww.innovaluation.ch

Company Information

Key Person Mr. Thomas Heimann Year of Establishment2009 NumberofEmployees 3

Short Company Profile innoValuation Partners GmbH providesinvestors with independentinvestmentresearch, analysis andasset management solutions in Life Sciences.With both, industry expertiseand in-depth knowledge of financial markets, the company offers their clients solutions tailoredtotheir needs.

Intertrust Suisse SA

Contact Information

Address Rue de Jargonnant 1 1207Geneva Telephone No +41 41 726 82 00 Fax No +41 41 726 82 50 E-mailAddress for General Enquiries WebAddress www.intertrustgroup.com

Company Information

Key Person Mr. Evert Wind Year of Establishment 1952 NumberofEmployees 35

Short Company Profile

Intertrust Switzerland is part of Intertrust Group, an international provider of Corporate &PrivateWealthServices forbusinesses,wealthy individuals,families and their advisors.Infacilitating our clients and their advisors, we combine tax, legal, accounting and financial expertisetoprovide the mostoptimal solution. IntertrustGroup services 30% of the International Top 100, 50% of the Top 25 and 60% of the Top 10 private equity firms in settingup and maintaining theirinvestment structures providing registered office andhigh end directorship and administration services.

249 SECASECA Yea Yearbrbookook 2011 2011

iploit AG

ContactInformation

AddressWitikonerstrasse 80 8032 Zürich Telephone No +41 44 389 75 75 Fax No E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.iploit.com

CompanyInformation

Key Person Dr. Iwan von Wartburg Year of Establishment 2008 NumberofEmployees 4

Short Company Profile

IRFCommunications AG

Contact Information

Address Rämistrasse4 8024 Zürich Telephone No +41 43 244 81 44 Fax No +41 43 244 81 45 E-mail Address for General Enquiries [email protected] Web Address www.irfcom.ch

Company Information

KeyPersonMr. Martin Meier-Pfister Year of Establishment NumberofEmployees 8

Short Company Profile

IRFCommunicationsisaleading financial PR consultancy based in Zurich andanetwork company of FD International, one of the worlds most sought-after businessand financial communicationsconsultancies.IRF Communications offers customized communications solutions. Itsteamofspecialists provides clientswith professional expertise and contactsaswellassupport with public and investor relations. IRF Communications analyzes situations and requirements andcommunicates its results openly and transparently. The team of IRF Communications has abroadexperience in financial communications as well as in capital market transactions such as IPOs, M&Aorprivate equity investments.

250 SECASECA Yea Yearbrbookook 2011 2011

JPh Hottinguer Corporate Finance SA

ContactInformation

Address 60, rue du Stand 1204 Geneva Telephone No +41 22 807 09 90 Fax No +41 22 807 09 91 E-mailAddress for General Enquiries Web Address www.hottinguerjph.ch

CompanyInformation

Key Person Mr. Oliver Chantre YearofEstablishment Number of Employees 4

Short Company Profile

With offices in Zurichand Geneva, ourfirmoperates in Switzerland in the fieldofcorporate finance and mergers & acquisitions advisory services. Our company is affiliated with JPh Hottinguer Corporate Finance, Paris,formerly known as HR Finance, awellestablished investment bankingfirmfoundedin1989. Duringthis time, JPh Hottinguerhas completed over250 transactions throughout Europe totalling over EUR25billion.

Kehrli&Zehnder Global Wealth Management AG

Contact Information

Address Gartenstrasse 33 8002 Zürich Telephone No +41 44 222 18 18 Fax No +41 44 222 18 50 E-mailAddress for General Enquiries WebAddresswww.kehrlizehnder.com

Company Information

Key Person Mr. Stephan Kehrli Year of Establishment NumberofEmployees

Short Company Profile

Kehrli &Zehnder is an independent financial consulting company. Core competences:comprehensiveAsset management and Multi family Office.

251 SECASECA Yea Yearbrbookook 2011 2011

KellerhalsAnwälte Bern

Contact Information

Address Kapellenstrasse 14 Rämistrasse5 3001 Bern8024Zürich Telephone No +4158200 35 00 +41 58 200 39 00 Fax No +41 58 200 35 11 +41 58 200 39 11 E-mail Addressfor General Enquiries [email protected] Web Addresswww.kellerhals.ch

CompanyInformation

Key Person Dr.Beat Brechbühl Year of Establishment 1975 NumberofEmployees 150

Short CompanyProfile

Kellerhals, afullservice lawfirm with about 71 attorneysin3offices. The firm offers afullrange of legal services for national and international clientsinall areas of corporateand commercial law, with particular emphasis on M&A, financial and tax services including capital markets, litigation and arbitration.

Zählen Sie bei M&A auf Kellerhals: 5-sprachig beraten wir Sie 4 Augen sichern Ihnen beste Qualität 3 Standorte garantieren Ihnen den raschen Zugang vor Ort 2 grössere M&A- und Kapitalmarktteams stehen Ihnen jederzeit zur Verfügung 1 Lead Partner mit Erfahrung und Unternehmergeist ist Ihre persönliche Vertrauensperson

Effizient, unternehmerisch, persönlich –Kellerhals Anwälte in Basel, Bern, Zürich www.kellerhals.ch SECA Yearbook 2011

Kennedy Fitch GmbH

ContactInformation

Address Metzgergasse 6 8001 Zürich Telephone No +41 44 980 00 45 Fax No E-mailAddress for General Enquiries WebAddress www.kennedyfitch.com

Company Information

Key PersonMs. MargaretRikhof Year of Establishment NumberofEmployees

Short Company Profile

KennedyFitchprovidesactivein-placements services forsuccessful executives who wouldlike to pursue acareer transition. Contented with their current role but keen to explore newoptions.For talented people with upward potential we pro-actively seek contactwith the companies of their choice to identify which positions areout there. Refered executive search is how this process is called. Formore information please visit www.kennedyfitch.com

KESSLER &COInc.

Contact Information

Address Forchstrasse 95 8032 Zürich TelephoneNo+41 44 387 87 11 Fax No +4144387 87 00 E-mail Address for General Enquiries [email protected] Web Addresswww.kessler.ch

Company Information

Key PersonMr. Klaus Peretti Year of Establishment1915 NumberofEmployees 230

Short CompanyProfile

Risk Management and Insurance BrokingServices withdedicated globalspeciality practice for the PrivateEquity and M&A community.

253 SECASECA Yea Yearbrbookook 2011 2011

Kurmann Partners AG

Contact Information

Address Lintheschergasse 21 8021 Zürich TelephoneNo+41 44 229 90 90 Fax No +4144229 90 99 E-mail Address forGeneral Enquiries [email protected] WebAddress www.kurmannpartners.com

CompanyInformation

Key Person Mr. Jürg Kurmann Year of Establishment 1982 NumberofEmployees 6

Short Company Profile

Mergers &Acquisitions, Restructuring andinterim management, International Acquisition Projects, Growth Financings, CorporateGovernance, Corporate Finance and Pre-IPO advisory.

Lardi &Partners SA

ContactInformation

Address ViaCantonale 19 6901 Lugano Telephone No +41 91 923 34 52 Fax No +41 91 922 76 31 E-mail Address for General Enquiries [email protected] Web Addresswww.lardipartners.ch

Company Information

Key Person Mr. Adelio Lardi Year of Establishment 1993 Number of Employees

Short CompanyProfile corporate financeadvisor,auditing,tax and strategy consulting

254 SECA Yearbook 2011

Lenz &Staehelin

ContactInformation

Address30, routedeChêne 1211 Geneva 17 TelephoneNo+41 58 450 70 00 Fax No +4158450 70 01 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.lenzstaehelin.com

Company Information

Key Person Mr. Andreas Rötheli Year of Establishment NumberofEmployees

Short Company Profile

Lenz &Staehelin is Switzerland's largest lawfirm with more than 150lawyers in 3offices. It provides afull service to its clients on all legal, regulatory and taxaspects of theprivate equityindustry, from fundraising andstructuring of privateequity houses to privateequityinvestments andbuyout transactions.

Lufin Partners AG

Contact Information

AddressAdligenswilerstrasse 24 6006 Luzern Telephone No +41 41 914 40 21 Fax No E-mailAddress for General Enquiries Web Address

Company Information

Key Person Mr. Urs Altorfer Year of Establishment NumberofEmployees

Short Company Profile

255 SECASECA Yea Yearbrbookook 2011 2011

Lustenberger Glaus &Partner

ContactInformation

Address Wiesenstrasse10 8032 Zürich Telephone No +41 44 387 19 00 Fax No +41 44 381 45 23 E-mailAddress for General Enquiries Web Address www.lgpartner.ch

CompanyInformation

Key Person Dr. iur. Hannes Glaus Year of Establishment 1935 NumberofEmployees 16

Short Company Profile

Law firm focused among others on Private Equityand Corporate Financetransactions including investment vehicles in the alternative investments area.

Equity Participations in Innovative Companies

Since1980, Kinled Holdinginvests across arange of industries,including finance, realestate, medical, andtechnology.

Ourprimary focusisonstartupswithstrongidentifiablepatentedtechnology thatcan be built organically throughpartneringwithfounders andmanagement,often in alternativeasset classes.

Kinled currentlyholddirect investmentsin14entities andindirect holdings in afurther 8companies.

Kinled take alongtermviewtowardvalue creation andpreservation.

Kinled HoldingLimited Vaduz www.kinled.com SECA Yearbook 2011

Marchmont AG

ContactInformation

Address Postfach84 8142 Uitikon Waldegg Telephone No +41 44 215 90 30 Fax No +41 44 215 90 31 E-mailAddress for GeneralEnquiries [email protected] Web Address www.marchmont.ch

CompanyInformation

Key Person Mr. Roland E. Staehli Year of Establishment 1977 Number of Employees 3

Short CompanyProfile

In 2002, andafter an MBO,CantoConsulting the Former Merchant Bank of the Swiss Cantonalbanks, changed its nametoMarchmont AG. Its activities remain the same

mas management &advisory services ltd.

Contact Information

Address Foehrenstrasse 11b 8703 Erlenbach Telephone No +41 43 233 70 79 Fax No +41 44 991 36 66 E-mail Address for General Enquiries [email protected] Web Addresswww.mas-ltd.ch

Company Information

KeyPersonDr. Heinrich Zetlmayer YearofEstablishment2003 NumberofEmployees 6

Short Company Profile mas helps management teams, boardsand investors facing complex challenges,dealing with strategic issues, developingopportunities and improvingtheir performance. We deliver elegant solutionsfor complexissuesin strategy, corporategovernance,informationtechnology andperformance improvement and help our clients to put them in place.Atthe core of ourfirmisagroupofpartners with extensive management and consulting experience at the C- and Board levels. mas is especially working forprivate equity and ventureinvestors supportingthemin the development of their portfoliocompanies on operational level andthroughM&A and strategy advisory.

257 SECASECA Yea Yearbrbookook 2011 2011 meyerlustenberger

ContactInformation

Address Forchstrasse 452 8032 Zürich Telephone No +41 44 396 91 91 /+41 41 768 11 11 Fax No +41 44 396 91 92 /+41 41 768 11 12 E-mailAddress for General Enquiries Web Address www.meyerlustenberger.ch

CompanyInformation

Key Person Dr. Alexander Vogel Year of Establishment NumberofEmployees 84

Short Company Profile

Migros Bank

ContactInformation

Address Seidengasse 12 8023 Zürich TelephoneNo+41 44 229 87 78 Fax No +4144229 87 14 E-mailAddress for General Enquiries WebAddresswww.migrosbank.ch

Company Information

Key Person Mr. Ayhan Güzelgün Year of Establishment 1958 NumberofEmployees 1290

Short CompanyProfile

Migrosbankoperates with 60 branches in all cantons in Switzerland.Migros bank is one of thelargest mortgage lendersins Switzerland and is very active in retail and commercialbanking.

258 SECA Yearbook 2011

Migros-Genossenschafts-Bund

ContactInformation

Address Limmatstrasse152 8031 Zürich Telephone No +41 44 277 25 55 Fax No +41 44 277 60 76 E-mailAddress for General Enquiries WebAddress www.migros.ch

CompanyInformation

KeyPersonMr. Beat Arbenz Year of Establishment NumberofEmployees

Short Company Profile

Morning Capital LLC

ContactInformation

Address88, rueAncienne 1227 Carouge (Genève) Telephone No +41 79 443 46 43 Fax No E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.morningcapital.com

Company Information

Key Person Mr. David Kunz Year of Establishment 2010 NumberofEmployees 1

Short Company Profile www.morningcapital.com is the leading forum forrelations between investorsand entrepreneurs. The site is designed with aview to facilitating direct contact and providing useful and accessible information of the worldof business generally, and finance in particular.

259 SECASECA Yea Yearbrbookook 2011 2011

Müller-Möhl Group

ContactInformation

Address Weinplatz 10 8022 Zürich Telephone No +41 43 344 66 66 Fax No +41 34 344 66 60 E-mailAddress for GeneralEnquiries [email protected] Web Addresswww.mm-grp.com

Company Information

Key PersonMs. Carolina Müller-Möhl Year of Establishment 2000 NumberofEmployees

Short Company Profile

The Müller-Möhl Group manages the investment portfoliobelonging to the community of Müller-Möhlheirs who are the 100% owners of the Group. The Müller-Möhl Group owns substantial minoritystakes in selectedcompanies. Besides these entrepreneurial direct investments, the Müller-Möhl Group manages abroadly diversified portfolioof securities.

Nellen &Partner

ContactInformation

Address Redingstrasse6 9000 St. Gallen Telephone No +41 71 228 33 66 Fax No +41 71 228 33 76 E-mail Address for General Enquiries [email protected] Web Address www.nellen.ch

Company Information

KeyPersonMr. Curt Baumgartner Year of Establishment 1992 NumberofEmployees 8

Short Company Profile

We provideall-round consulting services in the areaofhuman resourcesmanagement. Our core businessis recruiting specialists and executive personnel. We are aGlasford International Partner www.glasford.com.

260 SECA Yearbook 2011

Néocia -SDIP SA

ContactInformation

Address Place Pury3 2001 Neuchatel Telephone No +41 32 722 65 81 Fax No +41 32 722 65 68 E-mail Address for General Enquiries [email protected] Web Address www.neocia.com

Company Information

Key Persons Mr. Francis Liebens Dr. Ulysses von Salis Year of Establishment2001 NumberofEmployees 5

Short Company Profile

Mergers &AcquisitionsConsultingM&A, Partnering, acquisitions, sales of companies, divestments, LBO, MBO and othertransactionsinSwitzerland or in France.

Niederer Kraft &Frey AG

Contact Information

Address Bahnhofstrasse 13 8001 Zürich Telephone No +41 58 800 80 00 Fax No +41 58 800 80 80 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.nkf.ch

Company Information

Key Person Dr. Andreas Casutt YearofEstablishment 1936 NumberofEmployees 90

Short Company Profile

Niederer Kraft&Frey is one of the largest law firms in Switzerland. Our dedicated professionals have specialized knowledge and extensiveexperienceinparticularinthe fields of financing, private equityand venturecapital, mergers and acquisitions, corporate and employment law, stockexchangelaw (initialpublic offerings), tax as well as capital market and financial services regulation.Our wide range of national andinternationalclients includes investment funds, banks,large and medium sized corporations, start-ups andmanagement teams.Several of our professionals also serve on theboard of directors of companies active various fields, including private equity.

261 SECASECA Yea Yearbrbookook 2011 2011

Novus Partners AG

ContactInformation

Address HinterZünen 9Alfred-Escher-Strase 10 8702 Zollikon 8002 Zürich TelephoneNo+41 43 344 99 64 Fax No +4143344 99 26 E-mailAddress for General Enquiries WebAddress www.novus-partners.ch

CompanyInformation

Key Person Mr. Philipp Angehrn YearofEstablishment 2005 NumberofEmployees 5

Short Company Profile

Novus Partners AG is ateamofentrepreneurs that invest in and manages companies in Switzerland with a turnover between CHF 10 and 100 Mio.

Octadim GmbH

ContactInformation

AddressImRuostel4 8844Euthal Telephone No +41 79 444 07 37 Fax No E-mailAddress for General Enquiries [email protected] WebAddress www.octadim.com

Company Information

KeyPersonMr. Harald Fichtl YearofEstablishment NumberofEmployees

Short Company Profile

Octadim is aconsultingcompany specializedinindustrialproduction processes. Octadims target clients are small and midsizedcompanies. In addition to consulting we also take care of projectmanagement and interim management tasks. -Business turnaround -restructuring -Improvements -Commercial representations in Europe

262 SECA Yearbook 2011

Paguasca HoldingAG

Contact Information

AddressLindenstrasse14 6340Baar Telephone No +41 41 766 05 35 Fax No +41 41 766 05 30 E-mail Address for General Enquiries [email protected] Web Address

Company Information

Key PersonMr. Daniel Guggenheim Year of Establishment NumberofEmployees 4

Short Company Profile asset management, expansion financing

Palomar Private Equity AG

ContactInformation

Address Seefeldstrasse 215 8034 Zürich Telephone No +41 44 226 58 88 Fax No +4144226 58 89 E-mail Address for GeneralEnquiries [email protected] Web Address www.plmrpe.com

Company Information

Key Person Ms. Sandra Stohler Year of Establishment 2003 NumberofEmployees 7

Short Company Profile

We advisegeneral partners on the placement strategyofnew funds, manage the process and raisecapitalfrom investors around the World. In the secondary market we advisesellers on pricingand strategy andweexecutethe sale on aconfidential basis.Our core marketsare Europe,Middle East and Asia. Outsidethese, we operate through partnerships withlocal placement agencies.

263 SECASECA Yea Yearbrbookook 2011 2011

Pestalozzi Attorneys at Law

ContactInformation

Address Löwenstrasse 1 8001 Zürich Telephone No +41 44 217 91 11 Fax No +41 44 217 92 17 E-mail Address for General Enquiries [email protected] WebAddress www.pestalozzilaw.com

CompanyInformation

Key Person Dr. Martin L. Müller Year of Establishment1911 NumberofEmployees 160

Short CompanyProfile

Pestalozzi has more than 100specialized lawyers and taxexperts in Zurich, Geneva and Brussels. Pestalozzi advises founders, investors and target companies on all legal,regulatoryand tax aspects of private equity and corporate finance, includingincorporation,fundraising, structuring of privateequity investments,refinancing and all EXIT scenarios.

Portelet AG

ContactInformation

Address Mühlegasse 29 8001 Zürich Telephone No +41 43 211 47 00 Fax No +41 43 211 47 09 E-mailAddress for General Enquiries WebAddress www.portelet.com

CompanyInformation

Key Person Mr. Remo Maurer Year of Establishment 1998 NumberofEmployees10(including Mumbai /Singapore)

ShortCompanyProfile

Investmentboutique specialised and uniqueniche player for the successful and well balanced internationalisation of businesses

264 SECA Yearbook 2011

Private EquityInvestAG

ContactInformation

Address Bahnhofstrasse69 8001 Zürich Telephone No +41 44 215 70 00 Fax No +41 44 215 70 01 E-mailAddress for General Enquiries WebAddress www.pei.ch

Company Information

Key PersonMr. MarkusRitter Year of Establishment 2000 NumberofEmployees 21

Short Company Profile

Private EquityInvestisaprivate equity firm focused on identifying high-growth, quality-driven and innovative Swiss technologycompanies. We activelysupport these companies to execute theirbusiness model and achieve their goals.

RCI Unternehmensberatung AG

ContactInformation

Address Landenbergstrasse 35 6002 Luzern Telephone No +41 41 368 90 00 Fax No +41 41 368 90 19 E-mail Address for General Enquiries [email protected] Web Address www.rciub.ch

Company Information

Key PersonMr. Simon Ottiger Year of Establishment NumberofEmployees

Short Company Profile

Mergers &AcquisitionsAdvisory Financial engineering Legal Advisory Tax Consulting Due Diligence

265 SECASECA Yea Yearbrbookook 2011 2011

Robeco(Schweiz) AG

ContactInformation

Address Postfach 2068 8021 Zürich TelephoneNo+41 44 227 72 01 Fax No +4144227 72 00 E-mailAddress for General Enquiries WebAddress www.robeco.ch

Company Information

Key PersonMr. Patrick Oberhänsli Year of Establishment NumberofEmployees

Short Company Profile

RockLake Associates

ContactInformation

Address Baarerstrasse 2 6300 Zug Telephone No +41 41 723 10 16 Fax No +41 41 723 10 11 E-mail Address for General Enquiries [email protected] Web Address www.rock-lake.com

Company Information

Key Person Mr. John Cook Year of Establishment 2009 NumberofEmployees 12

Short Company Profile

Rock Lake Associates is aSwiss-based firm which offersprivate placement and corporate advisory services globally. Primary focus is on private equity,venture Capital, real estate and corporate finance.

266 SECA Yearbook 2011

Scalaris AG

ContactInformation

Address Feldeggstrasse 5 8152Glattbrugg Telephone No +41 44 809 25 00 FaxNo+41 44 809 25 03 E-mailAddress for General Enquiries Web Address www.scalaris.com

Company Information

Key Person Mr. Philipp Sander Year of Establishment 1994 NumberofEmployees 35

Short Company Profile

Scalaris supports challenging growth strategies with acomprehensive rangeofsolutions and services providing for secured and timely accomplishment of multiple transaction-relevant information processes. Die Scalaris AG begleitet strategische Wachstumsvorhaben miteinem Lösungs- und service-portfolio, das die sichere und termingerechte Abwicklung vieler transaktionsrelevanter Informationsprozesse umfassendunterstützt.

Schellenberg WittmerRechtsanwälte

Contact Information

Address Löwenstrasse 19 15bis, rue des Alpes 8021 Zürich 1201 Geneva TelephoneNo+41 44 215 52 52 +41 22 707 80 00 Fax No +41 44 215 52 00 +41 22 707 80 01 E-mailAddress for GeneralEnquiries [email protected] [email protected] Web Addresswww.swlegal.ch

Company Information

KeyPersons Dr. Martin Weber(Zurich) Dr.OliverTreibold (Zurich) Mr. Jean Jacques Ah Choon (Geneva) Year of Establishment 2000 NumberofEmployees 211

Short CompanyProfile

Schellenberg Wittmer is one of theleadingbusinesslaw firms in Switzerland. Over 110 specialized attorneys in Zurichand Geneva advise domesticand international clients on all aspects of business law.Schellenberg Wittmer's Mergers & Acquisitions,Private Equity andVenture Capital Groupisone of the largest and most specialised practice groups in its field in Switzerland. The Teamisseconded and actively supported by experienced lawyers from other practice groups of thefirm,suchastax,IP/IT,real estate, competition/merger control, employment law/humanresources, capital markets, bankingand finance, andiscomplemented by thefirm'slitigationand arbitrationpracticegroup with extensiveexpertise in corporate andM&A matters. 267 SECASECA Yea Yearbrbookook 2011 2011

SchneiderFeldmann Ltd. Patentand Trademark Attorneys

Contact Information

Address Beethovenstrasse 49 8002Zürich Telephone No +41 43 430 32 32 Fax No +41 43 430 32 50 E-mailAddress for GeneralEnquiries [email protected] Web Address www.schneiderfeldmann.ch

Company Information

KeyPersonDr. Martin Schneider Year of Establishment 1960 NumberofEmployees 23

Short Company Profile

Schneider Feldmann Ltd. -Patent and Trademark Attorneys is an established law firm specialising in protecting, dealing with anddefending intellectual propertyrights(IPR's), namely patents, trademarks, designs and copyrights. Schneider Feldmann Ltd. is experienced in advising in IPR transactions,including due diligence issues, and conduction valuations of patent or trademark portfolios.

Protect your intellectual property beforesomeone else gets there!

Areyour inventions and your know-how legally safeguarded? Zurich (head ofﬁce): We protect your intellectual property,assist you with marketing and enforce Beethovenstrasse 49 your rights,ifnecessary before the courts: P.O. Box2792 –inventions and know-how 8022 Zurich –trademarks and domain names Tel. +41 (0)43 430 32 32 –design Fax+41 (0)43 430 32 50 –copyright (e.g. software and multimedia productions) –license,franchising and distribution agreements ofﬁ[email protected] –technology management and branding www.schneiderfeldmann.ch

We research, analyse and search with you for fast and neat solutions. And we do this quickly (so that no-one else beats you to it)!

Branch ofﬁces in Lucerne |Technopark Aargau/Windisch |Ziegelbrücke-Niederurnen |St. Gallen (Tebo) SECA Yearbook 2011

Seia Capital AG

ContactInformation

Address Gottfried Keller-Str. 7 8001 Zürich TelephoneNo+41 43 222 59 90 Fax No +4143222 59 91 E-mailAddress forGeneral Enquiries [email protected] Web Address

Company Information

KeyPerson Mr. Jacobo Pruschy Year of Establishment2003 NumberofEmployees 3

Short Company Profile

Private Company

SIX Swiss ExchangeAG

ContactInformation

AddressSelnaustrasse 30 8021 Zürich Telephone No +41 58 854 22 45 Fax No +41 58 854 22 40 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.six-swiss-exchange.com

Company Information

Key Person Mr.Marco Estermann Year of Establishment 1995 NumberofEmployees 266

Short CompanyProfile

SIXSwiss Exchange is one of the worldsleadingregulated stock exchanges and the most important exchangeinEurope forthe life science area. It is an important pillar of the SwissFinancialCenter and helps create the best possible trading conditions, connectinginvestors, issuers andparticipants from across theworld. SIX Swiss Exchangeformsthe efficient andtransparent reference market for world-leading companies. Thankstoits high-performance SWXessplatform, its trading partnersbenefit fromlatency periodsofjustmicroseconds. SIXSwiss Exchangeensures round-the-clock trading that is independent, fair and supervised, coveringthe attractive segments of equities, bonds,ETFsand ETPs; thisincreases trust and stability in the Swiss financial center. SIX Swiss Exchangeisacompany of SIX Group, which provides first-rate services worldwide in the areas of securities trading, clearingand settlement, as well as financial informationand payment transactions.

269 SECAEn Yearbooker 2011gize your company – go public on SIXSwiss Exchange.

Boost your competitiveness – with a listing on SIX Swiss Exchange. You’ll prot directly from the many advantages of the Swiss nancialsector, as well as itsstrong stock exchange with itsmarket-friendlyregulation.The Swissmarket’sinternational orientation,highvisibility and considerable nancial power make SIX Swiss Exchange your perfect partner for raising capital.

www.six-swiss-exchange.com SECA Yearbook 2011

Staiger,Schwald &Partner Rechtsanwälte

ContactInformation

Address Genferstrasse 24 8027 Zürich TelephoneNo+41 58 387 80 00 Fax No +4158387 80 99 E-mail Address forGeneral Enquiries [email protected] Web Addresswww.ssplaw.ch

Company Information

Key Person Dr. Mark-OliverBaumgarten Year of Establishment 1964 NumberofEmployees 85

Short Company Profile

Staiger, Schwald &Parnter is arespected Swiss law firm withstrong Swissclient base and excellent international connections. Ourprofessionals in ouroffices in Zurich advisecompanies, financial institutions and high net worth individualsinnationaland internationalM&A, venture capital,private equity,corporate and finance transactions, banking, capital markets,insuranceand anytype of commercial project.Driven by personalityand commitment our professionalsare dedicatedtothe clientsgoals. In Baselwealso provide notarial services.

Startzentrum Zürich

ContactInformation

AddressBinzstrasse 18 8045 Zürich Telephone No +41 44 455 60 60 Fax No +4144455 60 69 E-mail Address for General Enquiries [email protected] Web Address www.startzentrum.ch

CompanyInformation

KeyPersonMr. GertChristen Year of Establishment 1999 NumberofEmployees 5

Short Company Profile

StarzentrumZurichisthe business incubatorofthe cityand cantonofZurich. We support startup companies with a wide rangeofservices.Including coaching, flexibleoffice space, complete infrastructure, office administration, networking, training, andinthe search forfunding. Initial coachingisfree of chargefor entrepreneurs wishing to createacompany in the city or canton of Zurich. We organize annual events such as www.startmesse.ch and www.startupday.ch.

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Steiger Engineering AG

ContactInformation

AddressAlteLandstrasse 40 8702 Zollikon TelephoneNo+41 44 383 46 85 FaxNo+41 44 383 36 17 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.seag.ch

Company Information

Key Person Mr. Alex E. Gall Year of Establishment 1967 NumberofEmployees 2

Short Company Profile

Mergers &Acquisitionsand Corporate Finance

Straumann Holding AG

Contact Information

Address Peter Merian-Weg 12 4052 Basel Telephone No +41 61 965 11 11 Fax No +41 61 965 11 03 E-mail Address for General Enquiries [email protected] WebAddress www.straumann.com

CompanyInformation

Key Person Mr. Beat Spalinger YearofEstablishment1954 NumberofEmployees 2360

Short CompanyProfile

HeadquarteredinBasel,Switzerland,the Straumann Group (SIX: STMN) is aglobal leaderinimplant and restorative dentistry and oral tissueregeneration. In collaboration with leading clinics, research institutes and universities, Straumann researches, develops andmanufactures dental implants, instruments, prosthetics and tissue regenerations products foruse in tooth replacement and restoration solutions or to prevent tooth loss. Straumann currently employs2360peopleworldwide andits products and services are available in more than 70 countries throughits broadnetwork of distributionsubsidiaries andpartners.

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SUSI Partners AG

Contact Information

AddressFraumünsterstrasse11 8001 Zürich TelephoneNo+41 43 497 26 10 Fax No +41 43 497 26 11 E-mail Addressfor General Enquiries [email protected] Web Addresswww.susi-partners.ch

Company Information

Key Person Mr. Tobias Reichmuth Year of Establishment 2009 NumberofEmployees 7

Short Company Profile

SUSI Partners AG is asocially and ecologically responsible Swiss investment house offering qualityproducts in the sustainable assets classintendedfor qualified investorsseekingtodiversify theirportfolio. Each of ourfunds is guided by the following principles:-attractive returns -low or no correlationwith thestockmarket -evident andmeasurablesustainable contribution (financial, ecological, social) SUSI seeks to deliver investment vehicles thatminimizerisk, provide complete transparency, and enable investors to achieveconsistent, reliablereturns throughout the long-term. As aresponsible investmenthouse,webelieve that it is necessarytoassessthe possible future implications of each venture. We view sustainability notonly as abest-in-class approach or as anegativescreen, but alsoasapledge to foster ecologically and socially responsible values in projects and assets. All of our investmentscontributetothe controlofglobalwarmingand support sustainableeconomic growth.

SUVA

Contact Information

Address Rösslimattstrasse 39 6005 Luzern Telephone No +41 41 419 51 11 Fax No +41 41 419 64 60 E-mailAddress for General Enquiries Web Address www.suva.ch

CompanyInformation

Key Person Mr. Francesco Kälin YearofEstablishment 1918 NumberofEmployees 7

Short Company Profile

Suva (SwissNational Accident InsuranceInstitution) is Switzerlands largest providerofaccidentinsurance. Suva insuressecondary business sector employees, unemployed persons andemployees of the Swiss armed forces againstoccupational and non-occupational accidents and occupationaldiseases. Suva is afinanciallyindependent, non-profit company underSwisspubliclaw with headquartersinLucerne and 19 agencies throughout Switzerland.

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SwisscomVentures

Contact Information

Address Alte Tiefenaustrasse 6 3050 Bern Telephone No +4158223 27 36 FaxNo E-mailAddress for General Enquiries WebAddresswww.swisscom.com/ventures

Company Information

Key Person Mr. Dominique Mégret Year of Establishment NumberofEmployees 4

Short Company Profile

Swisscom is Switzerland'sleading telecomprovider, with 5.6 million mobilecustomers and around 1.8 million broadband connections. In 2009, the company's 19479 employees generated revenueofCHF 12 billion.

Tavernier Tschanz

Contact Information

Address 11-bis, rue Toepffer 1206 Geneva Telephone No +41 22 704 37 00 Fax No +41 22 704 37 77 E-mail Address for General Enquiries [email protected] Web Addresswww.taverniertschanz.com

Company Information

Key Person Mr. Jacques Bonvin Year of Establishment NumberofEmployees

Short Company Profile

TavernierTschanz is aleading Swiss lawfirm focusing on corporate and commercialpractice. Thefirmsservices covergeneral corporate matters, corporatetransactions, banking and finance, new technologies, competition and tax, as well as internationalarbitration. TavernierTschanzs corporatetransactions practise is built on the firms strong expertise in corporatefinance and M&A, advising clients on all types of transactions suchasacquisitions, takeovers, mergers, LBOs, MBOs/MBIs/IPOs,privateequity and venture capital investments, restructuring, divestitures,spin-offs,aswellasgeneral domesticand internationalfinance operations.

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UBSAG, Executives &Entrepreneurs

ContactInformation

AddressBahnhofstrasse45 8098 Zürich Telephone No +41 44 234 90 21 Fax No +41 44 237 52 62 E-mailAddress for General Enquiries WebAddress www.ubs.com

Company Information

Key Person Dr. Jürg Muffler YearofEstablishment Number of Employees 24000

Short CompanyProfile

UBS Executives&Entrepreneurs (E&E) advises executives andentrepreneurs in all mattersoftheir personal wealth.UBS E&E is the single point of contact,coordinatesthe engagement of different specialists and provides customized solutions: Succession planning, pension solutions, retirement solutions, taxplanning,asset management, risk assessment, portfolio optimization, liabilitymanagement, etc.

Vaccani, Zweig&Associates

Contact Information

Address Klausstrasse 43 8034 Zürich TelephoneNo+41 43 499 20 80 Fax No +4143499 20 81 E-mail Address forGeneral Enquiries [email protected] Web Addresswww.vzaconsultants.ch

Company Information

Key Person Mr. Andrés F. Zweig Year of Establishment 1994 Number of Employees 10

Short CompanyProfile

Active in Management Consulting, Mergers and Acquisitions, Technology Transfers and Management of Private Equity Investments

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Valartis BankAG

Contact Information

Address Sihlstrasse24 8021 Zurich TelephoneNo+41 43 336 81 11 Fax No +4143336 81 00 E-mailAddress for General Enquiries Web Address www.valartis.ch

Company Information

Key Persons Mr. Patrick Brandl Mr. Martin Spiess Year of Establishment NumberofEmployees

Short Company Profile

Valartis Corporate Finance provides the full range of Mergers &Acquisitionsand Corporate Finance services.

Valcor AG

Contact Information

AddressBleicherweg 33 8002 Zürich TelephoneNo+41 44 205 50 50 Fax No +41 44 205 50 59 E-mail Address for General Enquiries [email protected] Web Address www.valcor.ch

Company Information

Key Person Dr. BrunoWeber Year of Establishment 1989 NumberofEmployees 4

Short Company Profile

Corporate Finance, Value Creating Strategies, M&A

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ValCrea AG

Contact Information

Address Baarerstrasse 8 6300 Zug Telephone No +41 41 712 25 15 Fax No +41 41 712 25 16 E-mailAddress for General Enquiries Web Address www.valcrea.com

CompanyInformation

Key Person Mr. Juhani Anttila Year of Establishment 2005 NumberofEmployees 7

Short Company Profile

ValCrea is an advisory firm forcorporate valuecreation. At themoment thecompany has 6partnerswithover100 years cumulatedglobalstrategic and execution know howatboard, CEO andCFO level in industry and banking. The partners work forowners, Boards, executive management both in private andpublic companies as well as for private equity firms in improving thefinancial performance of their portfoliocompanies.

Verwaltungs- undPrivat-BankAktiengesellschaft

ContactInformation

Address Aeulestrasse 6 9490 Vaduz Telephone No +423 235 66 55 Fax No +423235 65 00 E-mail Address for General Enquiries [email protected] Web Address www.vpbank.com

Company Information

Key PersonMr. Bernd Hartmann Year of Establishment 1956 NumberofEmployees 714

Short CompanyProfile

Verwaltungs-und Privat-Bank Aktiengesellschaft (VPBank)was founded in 1956and is oneofLiechtensteins largest banks. Today, it has localpresenceinVaduz, Zurich, Luxembourg, Tortola (British Virgin Islands), Singapore, Munich, Hong Kong and Moscow. As at December31, 2009, total assets stood at CHF 11,6billion,while client assets amounted to CHF 41,8 billion.

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VISCHER AG

Contact Information

Address Schützengasse1 8021 Zürich TelephoneNo+41 44 254 34 00 Fax No +4144254 34 10 E-mail Address for General Enquiries [email protected] Web Address www.vischer.com

Company Information

Key Persons Dr. RobertBernet Dr. Jürg Luginbühl YearofEstablishment Number of Employees 110

Short CompanyProfile

VISCHER is one of theleading business law firms in Switzerland. We particularly provide legal services in the context of riskcapital transactions and assist companies duringtheirvarious developmentstages(seedfinancing, early stagefinancing, growth financing and sale to additional capital investors, including managementbuyouts, leveraged buyouts, tradesales and IPOs).

VolkartManagement Consultants

Contact Information

Address Schloss Herblingen 8207 Schaffhausen Telephone No +41 52 644 11 54 Fax No +41 52 644 11 55 E-mail Address for General Enquiries [email protected] Web Addresswww.v-group.info

Company Information

Key Person Mr. Gregory H. Volkart Year of Establishment 1993 NumberofEmployees 4

Short Company Profile

Management Consultants, Accounting +ControllerFunctions,Restructuring +Reorganisations

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VYTIS Invest AG

Contact Information

Address Herrengasse 28 6430 Schwyz Telephone No Fax No E-mail Address for General Enquiries Web Address

Company Information

Key Person Mr. Richard Sigrist Year of Establishment 2008 Number of Employees 1

Short CompanyProfile

VYTIS Invest AG is aprivate owned Holding Companywithalong-term focus on Investments into Diagnostic Healthcareand Telemedicine.

WalderWyssLtd.

ContactInformation

AddressSeefeldstrasse 123 8034 Zürich Telephone No +41 44 498 98 98 Fax No +41 44 498 98 99 E-mailAddress for General Enquiries WebAddress www.walderwyss.ch

Company Information

KeyPersonMr. EnricoFriz Year of Establishment 1972 NumberofEmployees 150

Short CompanyProfile

Walder Wyssisalaw firmspecializing in corporate and commercial law, corporate finance and M&A, banking law, intellectual propertyand competitionlaw,dispute resolution and tax law.

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Walker RiskSolution AG

ContactInformation

Address An der Lorze 7 6300 Zug Telephone No +41 41 511 78 88 Fax No +41 41 511 78 89 E-mailAddress for General Enquiries WebAddress www.risksolution.ch

Company Information

Key PersonMr. Gregory Walker Year of Establishment NumberofEmployees

Short Company Profile

Specialising in financial lossinsurance (e.g. D&O, ProfessionalLiability and Investment Manager Insurance including employee fraud-cover) forinvestment advisors, private equity, venturecapital and hedge fund managers. M&A-dealfacilitating insurance solutions covering warranty and indemnity for both, buyer-side and seller-side, as well as contingent risk. IPO-related insurance solutions covering prospect liability of advisors, sponsors, underwriters,directors and officers. Expertise in risk management of financial institutions providing operational risk assessment for assetand fund managers. Offices in Zug and Zurich.

Walter &Partner

Contact Information

Address Seestrasse86 8803 Rüschlikon Telephone No +41 55 220 05 20 FaxNo E-mail Address for General Enquiries [email protected] Web Address www.walter-partner.ch

CompanyInformation

Key Person Mr. DominikC.Walter Year of Establishment 1994 NumberofEmployees 3

Short Company Profile

Trusted M&Aand corporatefinance advisory representing buy-sideand sell-side. Fullservice for MBO &MBA projects.Fundraising for business development. International strategicoperations with trusted partners.

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Wincor Nixdorf AG

ContactInformation

Address Stationsstrasse 5 8306 Brüttisellen Telephone No +41 44 835 34 50 Fax No +41 44 835 35 00 E-mailAddress for General Enquiries Web Address www.wincor-nixdorf.ch

CompanyInformation

Key Person Mr. Mario Parravicini Year of Establishment NumberofEmployees 100

Short CompanyProfile

Wineus Investment &Consulting AG

Contact Information

AddressStockerstrasse45 8027 Zürich Telephone No +41 44 562 10 67 Fax No +41 44 562 10 68 E-mail Address for General Enquiries [email protected] Web Addresswww.wineus.ch

Company Information

Key Person Dr. Yves Cheridito Year of Establishment 2008 NumberofEmployees1-10 (in Switzerland)

ShortCompany Profile

Private equity company investing in selected industries (see homepage) and offeringservices also to external clients.

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WSD Strategy Consultants(Suisse)

Contact Information

Address RuedelaTerrassiere, 11 1207 Geneve Telephone No +41 22 735 80 00 FaxNo+41 22 736 25 17 E-mailAddress forGeneral Enquiries [email protected] Web Address www.wsd-consultants.com

Company Information

Key Person Mr. WilliamDeflon Year of Establishment 2007 NumberofEmployees 2

Short Company Profile

High end strategy and corporate financeconsultingfirm focused on the telecom, Media, information and hightech sectors.

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IndividualMembers

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IndividualMembers (without academic titles)

ForenameSurname Company Place Patrick Markus Aisher Kinled HoldingLimited Schaan Claude Amiguet NeodeSANeuchâtel Rolf BachmannLazard GmbHZürich Jörg BaldaufSecuens AG Pfäffikon Philip BaumgartnerMeilen UrsBertschinger PragerDreifussAGZürich Marc Beuls Arosa Thomas Billeter Herrliberg David Bodmer ThelemaAGBaar Peter Both Credit SuisseZürich Andreas Bürge b-impact AG Zürich Max Burger Hong Kong Mario Cesari TBGManagement S.A.M. Monaco Jean-Luc ChenauxBMP Partners /Université Neuchâtel Lausanne UlfClaessonBLR &Partners AG Thalwil Silvano ColettiChelonia SA Lugano PhilippeCrevoisierAubonne PhilippedeVallière Niederlenz Georg Fallegger Alternative Asset Broker Company (AABC) Wallisellen Lukas FeckerAlvarezand Marsal Menzingen Leonhard Fopp CONTINUUM AG Zürich Patrik Frei Venture Valuation AG Zürich Marius Fuchs QIC Performance ConsultingAGZürich Denise Gänssmantel Imprima Zürich Martin Haemmig CeTIM /Stanford UniversityEnnetbaden FritzHaselbeck ZfU Zentrum für Unternehmensführung AG Thalwil Tomas Hilfing Impact Investment Partners Wollerau Babak Hosseinian Point Perform Limited Bedford(UK) Rudolf Huber Axega GmbH Zürich Matthias Huber VeriumAGZürich Michel JaccardBCCC Avocats Sàrl Lausanne RolfJeger Jeger ConsultWollerau UlrichKobelt Zug EricF.Kohn Barons Financial Services SA Genève Daniel Kusio BV Partners AG Bern MicheleLamorte Castagnola RichardLaville Zürich Jean-Marc Le Doussal Remora Capital SA Lausanne AndreasLoepfeFRICS University of Zurich /CUREM Zürich SolmziMakohliso Pully Adriano MarantelliG+S Treuhand AG Muri b. Bern Ferdinando Mazzi Zollikon Martin MoserBratschi Wiederkehr &Buob Bern Michael MaximilianMuellerCham Oliver Müller-Känel Jona Arndt Oelgarth Riehen MassimoPedrazziniStudio LegaleLugano Uwe Peter Wolfhalden

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ForenameSurname Company Place Paul Peyrot Peyrot &Schlegel Zürich MauricePierazzi Dimension SA Lausanne Sandro Piffaretti Derendinger Group AG Cham GeorgesRacine LALIVE Geneva UrsRamseier CS CorpSana AG Pratteln Thomas Reimann Lutz Rechtsanwälte Zürich Gilles Robert-Nicoud CBWM &Partners Lausanne Heinz Ruff Fisoma H.K.Ruff Consulting Cham Martin Sägesser Saegesser Transition Management (a.i.CEO) Niederglatt Jürgen Schaubel Baar Alexander Schlaepfer Uetikon am See Robert Schlup SNR Denton US LLT Zürich Ernst SchönbächlerWollerau Beat Schönmann Beluga Capital Inc. Zürich Johannes Schwarz Zugimpex GmbH Zug Thomas Scriven H.I.G. European Capital PartnersLLP London RomanSeidl Wilen b. Wollerau Zaki Sellam RSA AG Reinach Ralph Sigg Tendo Corporate Finance AG Zürich NicolaSimoneschi Capital Finance&Trust Company (1923) SA Paradiso Bogy Skowronski CMSCorporateManagementServices GmbHZürich Govind Srivastava Soleil Capitale Zürich Max R. Staehelin Basel Martin Stehli A.I.M. Group AG Zürich Richard P. Straub aR|Pe|eS management straub Wollerau Ola StrömCarlsdorff Partners AG Zürich FelixTschopp Tschopp Finance AG Zug Jos G.L.VandebroekVandebroek Ventures AG Nänikon NayelGeorges VidalEmergingCapital Partners Tunis Markus Vollstedt Vollstedt Consulting Zürich Ulyssesvon Salis Niederer Kraft&Frey AG Zürich Lucian Wagner EuroUS Ventures Zürich ZhiWang SwissChina Consulting GmbH Küsnacht Matthias P. Weibel FAESFinanz AG Wollerau Winfried Weigel CleanTech Capital GmbH Zug Christophe Wilhelm FBT AvocatsLausanne 3 Peter Wolf Pratteln MichaelWurmserAstonBrooks International Zürich ChristophZuber Zollikon

HonoraryMembers

ForenameSurname Company Place Massimo S. Lattmann Venture PartnersAGZürich HugoWyss Chiasso

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Chapter VII Articles of Association

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Articles of Association Name,Seat and Duration 1. TheSECA Swiss PrivateEquity&CorporateFinanceAssociationisanassociation in accordance with paragraph 60 and following of the Swiss Civil Code. 2. The domicile of the associationisinZug. 3. Theduration of the associationisnot limited.

Purpose 4. Theassociation is anon-profit-organisation with no commercialinterests and has thefollowing mainpurposes: • To promote corporate finance and private equity activities in the public and in the relevant target groups;

• To promote the exchange of ideas and the cooperation among members;

• To contribute professional education and development of the members and their clients;

• To represent the members' views and interestsindiscussion with government authoritiesand otherbodies;

• To establishand maintain ethicaland professional standards.

Resources 5. The financial resources of the associationare based on the following contributions: • Annualmembership fees;

• Entrance fees of new members;

• Donations andsubsidies;

• Attendancefees for meetingsand other performancesorganised by the association.

Membership 6. Personsorlegal entities resident in Switzerland and Liechtenstein and which are engaged or interested in activities within the purposes of the associationare eligibleasmembers. 7. Thereare three categories of members: • Full Members:Companies, professionally involved in one or more activities related the purposes of the association (e.g. banks, privateequity or venture capital companies, corporate finance and M&Aadvisors, consulting andauditing firms with corporatefinance activities etc.)

• Associate Members:Companies, interestedinone or more activities related to thepurposes of the association, but not having their main businessincorporate financeorprivate equity.

• Business Angels, Individual Members:Private persons who are active or interestedinthe field of corporate financeorprivate equity.

• Honorary Members:Elected by the General Assembly in recognitionoftheir services rendered to the assoc.

8. TheExecutive Committee has the competenceofadmittingand expelling members. Any expelled member has the right to appeal to theGeneral Assembly within 30 days. 9. Themembers are not held responsible for anyliability incurred by the association. 10. The annual membership feesare set by the GeneralAssemblyatthe request of the executive Committee.The ExecutiveCommitteeconsiderseach membership category, the company size and eventually the earning power of themembers in doing so.

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Organisation 11. Theassociation comprises the followingofficial bodies: • TheGeneral Assemblyofthe members;

• TheExecutive Committee (Vorstand) whichnominates General Secretary andthe Advisory Board (Beirat);

• The StatutoryAuditor.

General Assembly 12. TheGeneral Assemblyisconvened at least once ayearbythe ExecutiveCommitteeorbyrequest of at least one fifth of all members. 13. Theauthorityand theprocedure of decision making arespecifiedbySwiss law.

Executive Committee 14.The Executive Committee is composedofatleastfive members.Itmanages the business and representsthe in- terestsofthe association.The members of the executive committee are elected on an annual basis. 15.The associationislegally bound only by the collective signature of twomembers of the Executive Committee. 16.The Executive Committee constitutes itself by electing aChairmanand otherdesignees amongst its members. 17.The Executive Committee may delineate theoperation andrepresentation of the association to selected mem- bersofthe Executive Committee,tothe General Secretaryortothird parties.The Executive Committee is le- gitimized, the operations,the tasks and the authorities of the selected members of the ExecutiveCommittee to define in regulations. The Executive Committee is authorized to decide in allissues or eventuallytodecree regulationswhich are not reserved for the General Assembly or the StatutoryAuditors by the articles of association. 18.The Executive Committee is authorized to nominate an Advisory Board which counsel the Executive Commit- tee regarding factual issues, publications, events, education andrelations to othercorporate bodiesand governmental organizations.

StatutoryAuditor 19. TheGeneral Assembly will electone or more auditors who will submit areporttothe General Assemblyonce a year.

Change of Articles, Dissolution of Association 20.Any change of the present articles as well as the decision of dissolving the association must be approved by a majorityoftwo thirds of the membersattending aGeneral Assembly. 21.Should the associationbedissolved,any capitalwill be transferred to another association, club or foundation which has the same or similar purpose. The members presentatthe FinalAssembly will determine the exact usage of left over capital.

AdditionalLegal Regulations 22. In any case where the articles are not applicable, rightsand duties of theassociationand of its bodiesare subject to therules set forth in paragraph 60 and following of the Swiss Civil Code. SECA, Grafenauweg10, P.O. Box 4332,CH-6304 Zug

Thisisatranslation of the German original. The German version appliesinuse of disagreement.

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Chapter VIII Model Documentations

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Model Documentations

MembersofSECAhave the opportunitytodownloadthe following Model Documentations on the SECA Website.

• LimitedPartnership for Collective Investments

• Term Sheet forBusiness Angelsand VentureCapitalists

• ShareholdersAgreement

• Investmentand Subscription Agreement

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Chapter IX Code of Conductfor PrivateEquity Investments

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SECA Code of Conduct forPrivateEquity Investments

Trägerschaft und Inkraftsetzung

SECA Fachgruppe Ethik&Corporate Governance:

Beat Unternährer Dipl. Ing. ETH, MBABerkeley Vorstandsmitglied SECA, LeiterFachgruppe Ethik &Corporate Governance

Beat M. Barthold Dr.iur., Rechtsanwalt, PartnerFroriepRenggli, Zürich

Christian Böhler Dr.oec.HSG, dipl. Finanzanalytiker/CIIA LombardOdier DarierHentsch

Marco Martelli Dipl.Wirtschaftsprüfer; Direktor InvisionPrivate Equity AG,Zug

Maurice Pedergnana Prof. Dr.oec., HochschuleLuzern; Geschäftsführer der SECA

Felix Rohner PartnerCapvisEquityPartners AG,Zürich

Christoph Weber-Berg Dr.theol. et lic. oec., Leiter FachstelleKirche und Wirtschaft derEvange- lisch-reformierten Landeskirche des Kantons Zürich

Inkraftsetzung:

DerSECA Vorstandsausschussverabschiedete die vorliegendeVersion am 14. März 2006 zuhanden des SECA Ge- samtvorstands.

Die SECA Generalversammlung verabschiedete den vorliegenden Code of Conduct für PrivateEquityInvestments am 20. Juni2006.

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Einleitung

Private Equity hat heute aus verschiedenen Blickwinkelneine erhebliche Bedeutung. Es isteinerseitseinewichtige Anlageklasse und andererseits kann Private Equityals Instrumentzur Unterstützungvon zukunftsträchtigen Un- ternehmungengesehen werden, womit auchinsbesondere mangels alternativerFinanzformen -ein erheblicher volkswirtschaftlicher Nutzenbesteht.

DasPrivate Equity Geschäft isteine anspruchsvolle Tätigkeit, die vonallenInvolvierten viel Know-how,Sachvers- tand, Urteilsvermögen sowieverantwortungsvolles Handeln verlangt.

Eine vom Vorstand eingesetzte Fachgruppeder SECA hatsich darüber Gedankengemacht, welchesErfolgsfaktoren für einenachhaltigerfolgreicheTätigkeit im PrivateEquityUmfeldsind. Diese Überlegungen sollen einerseits einen Beitrag zu eigenverantwortlichemHandeln der Akteure im Private Equity Geschäft leisten und andererseits externen Interessierten einenEinblickindie Herausforderungen dieser anspruchsvollen Investitionstätigkeit gewäh- ren.

Basis für die vorliegenden Überlegungen waren in erster Linie Inputs vonführendenBranchenvertreternsowie Empfehlungen ausländischerOrganisationen, wie beispielsweise der EVCA. DieÜberlegungen stellen eine Mo- mentaufnahme dar und sind im Zugeder Entwicklungen desPrivate EquityGeschäfts periodisch zu überprüfen resp. zu aktualisieren. Die einzelnen Kapitel sind im Rahmen der Übersichtlichkeit fast ausnahmslosgegliedert in Fazit, Ausgangslage und Votum.

Die SECA ist überzeugt, dass die Bedeutung vonPrivate Equityals Anlageklasse und volkswirtschaftliches Element weiterhinzunehmenwird und dass professionelles, verantwortungsvolles Handeln der Akteure in diesem Markt die Entwicklung noch beschleunigen wird.

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1. Private Equity: Erfolg durch verantwortungsvolles, professionelles Handeln

Private Equity übernimmteine wichtige Funktion in der Volkswirtschaft, indem es Firmen in Phasen dy- namischer Entwicklung mit risikofähigem und risikobehaftetem Kapitalversorgt. Unternehmen verfügen oft nicht über das für diese Phasen notwendigeEigenkapital. Bankenkönnenund wollen diese finanziellen Risiken nicht in ihr Kreditportfolio aufnehmen. DieÜbernahmedieserRisiken und damit die Ermögli- chung der entsprechenden Entwicklungsoptionen sind zentrale Elementeder volkswirtschaftlichen Funkti- on von PrivateEquity, das damit die Chancen undRisiken übernimmt, die mit unternehmerischen Um- bruchphasen verbunden sind. Kennzeichnend für diesePhasen istnebst raschen Veränderungen einhohes Mass an Unsicherheit. Informationsvorsprünge und -asymmetrien könnten unterUmständen einzelne Ak- teuredazu verleiten, kurzfristige Vorteile zulasten schlechterinformierter Risikoträger zu erzielen. Damit erhöhen sie nicht nur die Risiken für die anderen Partner, sondern sieschaden langfristig der Reputation vonPrivate Equity. Integrität, Ethik, CorporateGovernance und transparente Kommunikation sind deshalb nicht nur für den einzelnen Akteur am Markt,sondern für die optimale Rolle undEntwicklung von Private Equity in derVolkswirtschaft unabdingbar.Die vorliegende Broschüresoll diese Entwicklung massgeblich leiten und unterstützen.

Im beschriebenen Umfeld vonPrivate Equity mit teilweise in Konflikt stehenden Interessen, sind folgende ethische Wertevon zentraler Bedeutung:

Respekt als Grundhaltung des Einzelnen ist die Voraussetzung dafür,dass Fairnessund Verantwortung sichentfalten können. Respekt stellt sicher, dassdie eigenen Interessen sichdem fairenAusgleichmit den legitimen Interessen der Mitbeteiligten auch im Konfliktfall stellen. Respekt ist ausserdem die Grundlage derBereitschaftzur Übernahme von Verantwortung, welcheüber dieunmittelbaren Eigeninteressen hi- nausgeht.

Fairness ist durch das gegenseitigeBestreben gekennzeichnet, Situationenzuschaffen, in denen Chancen und Risiken gleichermassen (bzw. nach Massgabeihres finanziellen Engagements) aufalle Beteiligten ver- teilt werden. Interessen sollen offen gelegt und Informationen allen in gleicher Weise zugänglich gemacht werden.Das Idealist eine Win-Win-Situation, in derkeiner der am Geschäft Beteiligten seinen Gewinn auf Kosten des Anderen gemachthat.

Verantwortung weist über die unmittelbar Beteiligten hinaus aufdas Funktionieren des Gesamtmarkts sowie auf diejenigen Stakeholder, welche ihreInteressen nicht selberindie Entscheidungen und Transakti- onen einbringen können (Kunden, Mitarbeitende und Lieferanten der Zielgesellschaften,Öffentlichkeit und Umwelt25).

GeradeimSpannungsfeld von LegalitätLegitimität werden diese zentralen Werte die Akteure zu ethisch korrektemHandeln anleiten.

Die Ausführungen im Rahmen des Code of Conduct beruhen auf folgenden Annahmen: Private Equity Fi- nanzierungen erfolgen als indirekteFinanzierungen. Beieiner indirekten Finanzierung werden die Mittel der Kapitalgeber in einemPrivate Equity Fund gebündelt, der durch einen Fund Manager (Managementge- sellschaft) geführt wird. DerFund Manager befindet sichineinerDoppelrolle. ZumEinen ist er Agent der Fund Investoren und zum Anderen isterPrincipaldes Portfoliounternehmens. Die Beteiligungsnahme der Private Equity Investoren erfolgt über Private Equity Funds. Die Ausführungen sind grösstenteils rechts- formunabhängig ausgestaltet. Falls nötig wird zwischender Limited Partnership(LP) als international üb- licher Rechtsform und der schweizerischenAktiengesellschaft (AG) als derzeit einzig verfügbaren schwei- zerischenForm der kollektiven Kapitalanlagefür Private EquityFunds unterschieden.

Die folgenden Ausführungenbeleuchten die Rechte undPflichten dereinzelnen AkteureimPrivate Equity Bereich unter Berücksichtigungihrer unterschiedlichen Interessenlagen. Im Rahmeneiner umfassenden

25 Wobei dieUmweltnicht im eigentlichen Sinne alsAnspruchsgruppe verstanden werden kann. Vielmehr istmit NGOs zu rechnen, welche als Anspruchsgruppen auftreten. 296 SECASECA Yea Yearbrbookook 2011 2011

Definition undUmsetzungder GoverningPrinciples sollen Massnahmen in den folgenden Teilbereichen definiert werden:

Code of Conduct

Verträge Organe Operative Bewertung, Berichte, Investor Prozesse Portfolio Reports Relations

Figure 31: Massnahmen im Rahmenumfassender Governing Principles.

Es genügt vor diesem Hintergrund nicht, die Ethik alsHeilmittel zu betrachten, welches vorübergehend verordnet ist. Vielmehrstehen ethische Grundwerte gemeinsammit demdurchaus legitimen Strebennach Gewinn am Anfang und am Ende jedes Engagements.

Dieethisch korrekte Ausübung desPrivate EquityGeschäftsentspricht einervolkswirtschaftlich notwendi- genund erwünschtenFunktionimRahmeneffizienter und risikogerechter Kapital Allokation. Führende Akteure im Private Equity Bereich werden die vorliegenden Grundsätze und Handlungsanweisungen um- setzen, um sich damit von ihren Mitbewerbern zu differenzieren.

2. Fundraisingund rechtliche Dokumentation

2.1Fazit

Die erfolgreicheLancierung eines Private Equity Funds hängt von vielenFaktoren ab.Wesentliche Fakto- ren sind die Ausrichtung desgeplanten Funds sowie derTrackRecorddes Fund Managers im Rahmen derbeabsichtigten Investitionsstrategie. Die Initianten eines Private Equity Funds informieren potenzielle Investoren daherineinerfrühen Phaseder Lancierung mittelseines Preliminary Placement Memorandum (PPM)umfassendüber den zukünftigenFund. In einer späteren Phase wirddie ausführliche Dokumenta- tion erarbeitet, nämlich das Placement Memorandum und die Gründungsunterlagen des Funds.Diese Vorschläge werden in Verhandlungen mitden Investoren ausgearbeitet und bilden danndie Grundlage fürdie spätere operative Tätigkeit wiefür die Corporate Governance.

2.2 Ausgangslage

DiefrühzeitigePlanung istunerlässlich füreine erfolgreicheLancierungeines Private Equity Funds.Die Planung umfasstdabei u.a. die Definitionder InvestmentStrategie, die Zielmärkte unddavon abhängigdie Grösse des anvisierten Funds. Weiter definiert der Initiatoreines neuen Fundsdie rechtliche Struktur und die wirtschaftlichenEckdaten wie Management Fee undErfolgsbeteiligung des Fund Managers. DerInitia- tor mussebenfalls den entsprechenden Track Record aufarbeiten und bereitstellen. Dazu gehörenInforma- tionenwie Investitionsvolumenund Erfolgszahlen sowiedie Darstellung einigerfür die gewählteStrategie typischerInvestitionen in derVergangenheit. In Abhängigkeit von der gewählten Strategie und der wirtschaftlichen Situationwerden die notwendigen Ressourcen beimFundManager(Teamgrössen, fachliche Kompetenzen, finanzielleMittel) definiert. DieErgebnisse werden im Preliminary Placement Memoran- dum(PPM) zusammengefasst.

In einerspäteren Phase des Fund Raisingswerden die im Rahmen des Preliminary Placement Memoran- dumfestgehaltenen Eckpunkte aufgrund des Feedbacksvon potenziellen Investoren überarbeitetund im Placement Memorandum (PM)festgehalten.Parallel werden dierechtliche Struktur definiert und die ent-

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sprechenden Dokumente erarbeitet (z.B. Limited Partnership Agreement). Es ist üblich, dassdie rechtlichen Dokumente wiedas Limited Partnership Agreement dasResultatvon Verhandlungen mit zukünftigenIn- vestorensind. Im Rahmendieser Verhandlungen soll der Initiatormit geeignetenMassnahmensicherstel- len, dass alle existierenden und potenziellen Investoren laufendüber die Änderungen informiertwerden. DemSponsor einesPrivate Equity Funds obliegt auch die Pflicht, dieRegelungen zur der Geldwäscherei einzuhalten.

2.3 Votum

Die Dokumentation wird im Wesentlichen aus einem Placement Memorandum sowie den Gründungsur- kundenbestehen. Das Preliminary Placement Memorandum sowie in einer späteren Phase das Placement Memorandum sinddie wichtigsten Marketinginstrumenteund müssen vordem First Closing vorliegen. Beim Marketingder Investitionsmöglichkeit müssen dieVorschriftender verschiedenen Jurisdiktionen be- achtet werden.Esist üblich,dass die Dokumente im Rahmen der Verhandlungen mitpotenziellen Investo- ren laufendangepasstwerden.Dabeiist es wichtig, dass alleInvestoren laufendüber dieAnpassungenin- formiert werden.Die Dokumentationmuss vollständig,korrekttransparent und klar verständlich sein. TrackRecordInformationen sollen zudem testiert werden.

Folgende Punkte sollenbehandelt werden:

• PreliminaryPlacement Memorandum /Placement Memorandum • Generelle Informationen zumFund - Strategische Ausrichtung (Investment Scopeund Zielmärkte) - Informationen zu den Zielmärkten (z.B. Marktgrösse, Transaktionsvolumen, Konkurrenzsituati- on) - Fundgrösse bzw. Target (nur PPMbzw. IM) - Grundzüge derrechtlichen Struktur undDomizil der Investitionsgelegenheit - Investment (Anlage) Richtlinien, Investment Kriterien und Investment Periode - Investment Restriktionen inklusive Lendingund BorrowingRichtlinien - Exit-Strategien(Investments) - Zusammenfassungder wirtschaftlich relevanten Eckpunkteder rechtlichen Dokumentation wie Limited PartnershipAgreement - Darstellung des relevanten Track Records - DarstellungeinigerBeispiele für strategiekonformeInvestments - Risikofaktoren - Darstellung dersteuerlichenund rechtlichen Situation in aus-gewählten Jurisdiktionen (Her- kunftsländer der wichtigsten Investoren) • Informationen zum Fund Manager - Management Struktur und Management Team - Investment Committeeund Advisory Board - Rechteund Pflichten des Managers - Entschädigung des Managers - AndereErträge des Managers(Verwaltungsratshonorare, Transaktionsgebühren) - Ko-Investitionen • Dokumentation zum Fund (z.B.Limited Partnership Agreement) - Parameter der Investitionstätigkeit (z.B.maximalerInvestmentbetrag proPortfoliogesellschaft,

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Limitationen im Underwriting) - Abrufmechanismus (Drawdown) von Committed Capital beiLimited Partnerships und die Fol- gen bei Nichterfüllen(Default Clause) - Management Fee und Erfolgsbeteiligung - Ausschüttungspolitik - Regelungen zur Ablösung desFund Managers - Beendigung und Auflösung des Private Equity Funds oder der PrivateEquityGesellschaft - Regelungen zu den erforderlichen Quorenfür die Änderungen und Ergänzungen der Doku- mentation - Bewertungs- und Berichterstattungsrichtlinien - Aufteilung der Betriebskosten des Private Equity Funds zwischen Investorenund Fund Mana- ger - Rechteund Pflichten des Investor AdvisoryBoards sowie der Annual InvestorMeetings(sofern anwendbar) - Handhabungvon möglichenInteressenkonflikten - Lancierung anderer Fundsdurch denManager bzw.die Übernahme anderer Beratungsmanda- te durch denManager während der Laufzeit des aktuellen Funds - Ausscheiden eines Investors bzw. Abtretung und Verkauf der Fund-Anteile

3. Investitionsprozess

3.1 Fazit

Der Managerdes Private Equity Funds tätigt im Rahmender definierten Investitionsstrategie eine Investi- tion mit höchstem Sachverstand und mit der grösstmöglichen Sorgfalt. Dies setzt eine professionelle Ar- beitsweiseinallen Phasendes Prozessesvoraus.

3.2 Ausgangslage

DerInvestitionsprozess im engeren Sinn beginnt nach derIdentifikationeines möglichen Zielunterneh- mens mit der Analysedes Targets(Due Diligence). Wichtige weitere Phasen sindder Investitionsentscheid, die Strukturierung und Abwicklung der Transaktion sowie der spätereExit. Der Betreuung während der Haltedauer istein separates Kapitel gewidmet. Ein spezieller Aspekt des Investitionsprozessesergibtsich, wenn Folgeinvestitionen getätigt werden.

• Due Diligence Dervom Manager geführteDue DiligenceProzess ist einzentrales Element im Investitionsprozess und um- fasst in der Regel alle wichtigen Unternehmensbereiche wie Geschäftsmodell, Finanzen, Recht,Steuern, Technologie, Umwelt und Personalvorsorge.

• Investitionsentscheid Im professionellen Umfeld wird der Investitionsentscheid auf Basis eines umfassendenInvestitionsantrags getroffen. In einem solchen Antrag werdendas Geschäftsmodell, der Businessplan, die Stärken undSchwä- chen, die Chancenund Risiken sowie die Bewertungsüberlegungen im Detail zuhanden des Investitions- komiteesdargestellt. Das Investitionskomiteesetzt sich in derRegelaus denEntscheidungsträgerndes Fund Managers zusammen, die üblicherweise über umfangreicherelevante Erfahrungen verfügen.Ein guter Investitionsantragkann für dieÜberprüfung derEntwicklung einer Investition später wieder herange- zogenwerden und dient somit als ein Referenzpapier fürdie Beurteilung der Erfolgsentwicklung.

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• Strukturierungeiner Investition/Folgeinvestitionen Investitionen einesFundskönnen aufviele verschiedene Wege strukturiert werden. In einigen Fällen, insbesondere im Venture Capital Bereich,ist der Fundein passiver Minderheitsinvestor. In anderenFällen hat der FundKontrollmehrheiten. Investitionensollen immersostrukturiertwerden, dass sie der Strategie des Funds entsprechen (Kontrolle, Laufzeit etc.).Indiesem Zusammenhang besteht einPrivate Equity Fund in der Regel auf die Entsendung von ihmvertrauten Personen in den Verwaltungsrat sowie die Unterzeich- nung eines Aktionärbindungsvertrags.

Besondere Herausforderungen können sich ergeben, wenn im Syndikat mitanderen Fundsinvestiert wird. Einer Gleichschaltung der Interessen ist grosseAufmerksamkeitzuschenken.

InsbesondereimVenture Capital Bereichsind Folgeinvestitionen (Follow-on Investitionen) häufig. Konflik- te können sichunter Anderem ergeben, wenn ein Manager mehrals einen Fund betreut, der ins entsprechende Target investierthat oder wennMitarbeiterdes Managers auchdirekt ins Target investiert haben.

• Dokumentation Die Beteiligunganeinem Unternehmen oder der Kauf eines Unternehmens schlägtsich in einer grossen Zahl vonumfangreichen Dokumentenund Verträgen nieder. Für den Fund Manager geht es dabeiinsbe- sondere darum, das Investment durch entsprechende vertragliche Regelungen bestmöglich zu schützen (z.B. Gewährleistungender Verkäufer, Aktionärsrechte und -pflichten).

• Verkauf einer Investition(Exit) DerFundManagerwirddie Art und Weise sowie den Zeitpunkt eines Exits in enger Abstimmung mit den anderen Investoren und unter Berücksichtigung der aktuellen Marktsituation bestimmen. Spezifische Prob- lemstellungenkönnen sich ergeben,wenn ein Investmentsyndikat einenExit-Entscheid zu treffen hat.

3.3 Votum

• Due Diligence Ein InvestmentManagerführt im Rahmender Abklärungen für einen Investitionsentscheid eine sorgfältige und den Verhältnissen angemesseneDue Diligence durch. Die Erkenntnisseder Due Diligence und die daraus abgeleitetenSchlussfolgerungen sind vor dem Hintergrund des Investitionsantrags offen und transparentdarzustellen. EinerfolgreicherFund Manager wird ebenfalls nicht zögern, den Akquisitions- prozessabzubrechen, wenn die Due Diligence entsprechende Ergebnisse zu Tagebringt. Professionalität und Objektivität sind absolut erforderlich.

• Investitionsentscheid Wenn immer möglich sollte der Investitionsentscheid vonmehreren erfahrenen und branchenkundigen Personen getroffen werden. DieBasis für diesen Entscheid bildet ein Investitionsantrag, der umfassend über Geschäftsmodell, Businessplan, Stärken, Schwächen, Chancen und Risiken sowie die Bewertungsüber- legungen im Detail und sämtliche Erkenntnisseaus der Due Diligenceorientiert. Es ist die Aufgabe des In- vestitionskomitees, Chancen und Risiken entsprechendabzuwägen. Ist die Person, welcheden Investiti- onsantrag ausgearbeitet hat, Mitglied des im Entscheidungskomitees, sollte sie beimentsprechenden Ent- scheid in den Ausstand treten.

• Strukturierungeiner Investition/Folgeinvestitionen Jede Investition soll so strukturiert werden,dass dieInteressen des Funds gewahrt werden. Dazugehören insbesondere MitspracherechteimRahmendes Aktionärsbindungsvertrags, der Statuten und des Organi- sationsreglements und sowiedie Garantienund Gewährleistungen desKaufvertrags. Der Fund Manager wird ebenfalls für eine steueroptimale Struktur besorgt sein. Für einen Fund Manager ist es ratsam,ein Netzwerk vonExperten zu pflegen, um Transaktionen effizient und optimal abwickeln zu können. Ein ein- gespieltes Teamist insbesondereinAuktionssituationen wichtig.

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Bei der Strukturierung derTransaktionist ein der Situation angepasster Aktionärbindungsvertragwichtig. Dieser Vertragregelt unter anderem folgende Punkte: • Zusammensetzung des Verwaltungsrats • Informationsrechte • Entscheide, welche die Zustimmungder Investoren benötigen, z.B.: - Strategie - M&A-Transaktionen - Dividendenzahlungen - Aufnahme /Rückzahlungvon Darlehen - Veränderungen im Aktienkapital • Vorzeitiger Austritt eines Investors • Rechteder Investoren beim Verkauf - Verkaufsrechte - Tag-along /Drag-along Rights(Recht aufMitverkauf /Pflicht zum Mitverkauf) • Konkurrenzverbote • Verkauf einer Investition(Exit) DerFundManagerwirddie Art und Weise sowie den Zeitpunkt eines Exits in enger Abstimmung mit den anderen Investoren und unter Berücksichtigung der aktuellen Marktsituation bestimmen. Spezifische Prob- lemstellungenkönnen sichergeben, wennein Investmentsyndikat einen Exit-Entscheid zu treffen hat. Ins- besondere beiInvestitionenimSyndikat wird derFundManager versuchen sicherzustellen, dass die Inte- ressen des Funds nicht durch UnstimmigkeitenimSyndikat geschädigt werden können. Dazu dienen insbesondere entsprechende Regelungen im Aktionärsbindungsvertrag oder im Syndikatsvertrag.

4. Information undBerichterstattung

4.1 Fazit

DieBerichterstattung eines Private Equity Fundgenügt den Ansprüchen dertraditionellenRechnungsle- gung und den darüber hinausgehenden Informationsbedürfnissen der PrivateEquity Investoren.

4.2Ausgangslage

Die externe Berichterstattung istdie massgebende Informationsgrundlagefür dieEntscheidungen derIn- vestoren undsolldaher zeitnah, zuverlässigund korrekt sein. Im Rahmen derBerichterstattungsollen die folgenden Aspekte abgedeckt werden: • Informationen zu den Portfoliogesellschaften: Die Berichterstattung soll auch diewichtigsten finanziellen und nichtfinanziellen Informationenzuden einzelnen Portfoliogesellschaften enthalten. Nichtfi- nanzielle Informationen könnenu.a. Angaben zu Meilensteinenund zu allfälligen Exit-Plänen sein. • Informationenzur Bewertung derPortfoliounternehmen: Die Bewertung derPortfoliounternehmen stellt die zentrale Problematikinder traditionellen Rechnungslegung vonPrivate Equity Funds dar. In einemordentlichen Abschluss sindüblicherweise derkonkrete Wert der Beteiligung sowie die allge- mein gehaltenen Bilanzierungs- und Bewertungsgrundsätze offen zu legen. Weitere Hinweisezur jeweiligen Bewertungsbasis und den zugrunde liegenden Annahmender Bewertungwerden in der Re- gel nicht gegeben. Die Bewertungs-grundlagen werden üblicherweise den Mitgliedern des Investor AdvisoryBoards vorgestellt.

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4.3 Votum

Der nach gesetzlichen Vorgaben oder anerkannten Rechnungslegungs-standards generierte Abschluss eines PrivateEquity Funds mit seinen klassischen Bestandteilen Bilanz, Erfolgsrechnung, Mittelflussrech- nung und Anhang soll den Investorenein den tatsächlichenVerhältnissen entsprechendesBildder wirt- schaftlichenLage vermitteln(Trueand Fair View).

Ein Private Equity Fund soll in seinen Geschäftsberichten eine erweiterte externeBerichterstattung vor- nehmen,welchesowohlden traditionellenAbschluss beinhaltet als auch den darüber hinausgehenden In- formations-bedürfnissen der Investoren gerecht wird. Neben dem eigentlichen Abschluss sindineinem Geschäftsbericht gemäss dengültigen EVCA Reporting Guidelinesdie folgenden Informationen offen zu legen:

• Informationen zum Private Equity Markt, z.B: • ÜbersichtüberEntwicklungenund Trends im Private Equity Markt • Regulatorische Entwicklungen • Marktpositiondes Private Equity Funds • Informationen zumPrivate Equity Fund,z.B: • Executive Summaryzur Investitionstätigkeit • Traditioneller Abschluss • Partners Capital Account Statement (bei Limited Partnerships) • Fee Statement • Fund Performance(bei Limited Partnerships:IRR) • Fund Summary(Rechtsform und Organisationsstruktur, Investitionsstrategie und Anlagerichtli- nien, Qualifikation und Track Record des Investment Managers, Investitionsprozess) • Angaben zurCorporateGovernance desFunds • Angaben zum Risk Management des Funds • Informationen zu den Portfoliounternehmen, z.B: • Investmentübersicht(total investierter Betrag, Investitionenund Desinvestitionen, Bewertungen, realisierte und unrealisierte Gewinne und Verluste) • Bewertungsgrundlagen und -annahmen • Wesentliche Finanzkennzahlen (Umsatz,EBITDA, EBIT, Nettoergebnis) • Grunddaten(Name,Sitz, Geschäft, Branche, Rolle des Private EquityFunds,Finanzierungsphase)

• Geschäftsverlauf undspezifischeEreignisse • Milestoneanalyse • Exit-Pläne

Ein Private Equity Fundsoll quartalsmässigBericht erstatten. Der Jahresabschluss soll durch unabhängige Wirtschaftsprüfergeprüft werden.

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5. Bewertung der Portfoliounternehmen

5.1 Fazit

Die Portfoliounternehmenwerden unter Vorbehalt vonSonderfällenimRahmen derexternen Berichter- stattung mitdem beizulegenden Fair Value (Zeitwert) bewertet.Eswird ein adäquater Bewertungspro- zess implementiert, der der grossenBedeutung der Bewertung gerecht wird.

5.2 Ausgangslage

Die regelmässige Bewertung derPortfoliounternehmenimRahmen der externenBerichterstattung ist eine zentrale HerausforderungimPrivate Equity Geschäft. Eine denwirklichen Verhältnissenentsprechende Bewertung vonPortfoliounternehmen ist von zentralerBedeutung: SiedeterminiertimWesentlichen die Performance eines Funds (Net Asset Value und IRR) sowie (unter Umständen) das Ausmass der Entloh- nungdes Investment Managers.

Die Bewertung der Beteiligungen erfolgtgemässden Anforderungen der Fund Reglemente(Limited Part- nershipAgreement, gesetzliche Vorschriften). Wegen der bekannten Bewertungsproblematik soll einPriva- te Equity Fundseine Beteiligungen gemäss dem Fair Value Konzept bewerten. Das Konzept des Fair Value Accountings etabliert sich zunehmend alsStandard fürdie Portfoliounternehmen und fürdas Reporting vonFunds.

Ausnahme:Bei Portfoliounternehmen, deren Marktwert schwer zu ermitteln ist, darf die Bewertung ge- mäss bisheriger Schweizer Tradition zu den Einstandskosten erfolgen, sofern diesetiefersind als der Fair Value. Dies gilt vor allemfür jüngere Unternehmen, dienoch weit von der Profitabilität entfernt sind,so- wiefür Beteiligungen, deren Bewertung zum Fair Value Prinzip unverhältnismässig aufwändig ist.

5.3 Votum

Ein PrivateEquity Fund soll einen adäquaten Bewertungsprozess zur Bestimmung zuverlässigerFair Va- lues der Beteiligungen implementieren.Bei der Bestimmungdes Fair Values einer Beteiligunggliedert sich der Prozess in die folgenden zwei Schritte:

Im ersten Schritt sindalle bewertungsrelevanten Faktoren und Techniken systematischzuevaluieren und zur Bestimmung des Fair Values jederBeteiligung heranzuziehen. Zu diesen Faktoren undTechniken gehören insbesondere: • Anschaffungskosten einer Beteiligung • Erzielte Preise bei nachfolgenden Finanzierungsrunden oder Markttransaktionen (Trade Sale, Secon- darySale) • Ermittelte Werteaus Bewertungsmodellen (Substanzorientierte Ansätze, Discounted Cash FlowMe- thode, Market Multiples) • Nichtquantifizierte Wertindikatoren wie Milestoneanalyse, spezifische Ereignisseimoperativen Be- reich (z.B. Liquiditäts- und Finanzengpässe, VerlustoderWechsel des Managements,ausstehendeGe- richtsfälle) undUmweltanalyse (z.B.negativeMarktentwicklung, technologische Entwicklungen, poli- tische Veränderungen) Basierend auf einer Gesamtbetrachtung sämtlicheraus demerstenSchritt resultierender Hinweisefür den Fair Value ist im zweiten Schritt nach bestem Wissen undGewissendie Bestimmung desFairValues per Bewertungsstichtag vorzunehmen. Fallsaus den anwendbaren Faktoren und Techniken verschiedene Wer- te resultieren, hat sich der Bewertende situationsspezifisch für jene Bewertungsgrundlage zu entscheiden, welche alsverlässlichsteQuelledes Fair Values betrachtet werden kann. Die Zuverlässigkeit derBewer- tungsmodelle ist genau zu evaluieren. Ein zuverlässiger Preiseiner vergleichbarenTransaktion während der Bewertungsperiodeist als bester Hinweis für denFairValue zu betrachten und dementsprechend einem Modellwert vorzuziehen.

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Die Bewertungjeder Beteiligung ist mittels eines standardisierten Valuation Worksheetszudokumentie- ren.

In Fällen,indenen die vorgenannten Methoden keine zuverlässige Bewertungsgrundlagebieten oder zu aufwändig sind, insbesondere bei jüngeren auf absehbare Zeit nicht profitablen Unternehmen, kann die Bewertung zu den Einstandskosten erfolgen. Abweichungen vom FairValue Ansatzsind offen zu legen und zu begründen.

Im Rahmen derCorporate Governance sind als Teil des Bewertungsprozesses angemesseneKontrollme- chanismen zu implementieren. Dazu können folgende Massnahmengehören: regelmässige Valuation Mee- tingsdes gesamten Investment Teams, die Evaluationund Genehmigung der Bewertung durchdie Ge- schäftsleitung desInvestmentManagers, die Evaluation und Genehmigung der Bewertung durch dasKon- trollgremium (AG: Verwaltungsrat, LP: Advisory Board) des Funds sowie die Bewertungsprüfung durch den Abschlussprüfer.

6. Interessenkonflikte

6.1 Fazit

PotenzielleInteressenkonflikte zwischen dem Fund Manager und den Investoren sind im Private Place- ment Memorandum (PPM) transparent darzulegen undzuerörtern. AdäquateMassnahmen und Mecha- nismen zurEntschärfung dieser Konfliktesind in derGovernance Struktur desFunds (AG:Statutenund Reglemente; LP: Gesellschaftsvertrag) zu implementierenund ebenfalls im PPM offen zu legen.

6.2Ausgangslage

Die Beziehung zwischen demfür die Vermögensverwaltung verantwortlichen Fund Managerund den In- vestoren (LP:Limited Partners, AG: Aktionäre)kann potenziellen Interessenkonflikten ausgesetzt sein.

DerartigeInteressenkonflikteineiner FundStruktur können unter-schiedlicherArt sein. TypischeInteres- senkonflikte sindbeispielsweise: • Fund Manager: Reduktion des Arbeitseinsatzesund der Qualität der Vermögensverwaltung;insbesondere in Absenz einer angemessenenAnreizentlohnung • DistributioninSpecieanstellevon Cash • Beauftragung einer dem Fund Managernahe stehendenInstitution z.B. mit einemInvestment Banking Mandat • Falsche Strukturierung der erfolgsabhängigen Entlöhnung 6.3 Votum

Im Private Placement Memorandum (PPM) des Private Equity Funds ist darzulegen,wie im Rahmen des Vertragswerksallfällige Interessenkonflikte gelöstwerden.

Mittels angemessener Kontrollen und Anreizsysteme können potenzielle Interessenkonflikte adäquat ent- schärft werden. Beispiele solcher Massnahmensind nachfolgend aufgeführt.

PrivateEquity Fund in der Formder LP SpezifischeVertragsklauseln im LimitedPartnership Agreement (LPA):

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• Aufnahme von Kontrollrechten für die Investoren: Suspension Clauses (Recht des Investorszur Ein- stellung weiterer Zahlungen), Divorce Clauses (Recht zur Auswechslung des Investment Managers) sowie Termination Clauses (Recht zur Liquidation des Funds). Bezüglichden Divorce Clauses kann unterschieden werden zwischen No-Fault Divorce Clauseund For Cause Divorce Clause. • Errichtung eines Advisory Boards, bestehendaus Limited Partners, welches spezifische, im Rahmen des Limited Partnership Agreements definierteAufgaben wahrnimmt (z.B. Information zu den Bewer- tungen, Behandlung von Interessenkonflikten, Bewilligungen im Rahmenvon Ausnahmeregelungen). • Vereinbarung, dassder Jahresabschluss durch einen unabhängigen Wirtschaftsprüfer geprüft und tes- tiertwird. DiesePrüfung soll insbesondere auch dieinternen Prozesse undKontrollen des Fund Ma- nagers im Rahmen der Abschlussprüfung miteinbeziehen. • Vertragliche Festlegung von Anlagerichtlinien und periodische Überprüfung der Einhaltungdurch unabhängigeWirtschaftsprüfer. • VertraglicheVereinbarungeiner Kapitalbeteiligungdes Fund Managers am Fund zwecks Interessen- harmonisierung mit den Investoren. Private EquityFund in der Formder AG FestzulegeninStatutenund Reglementen:

• Kontrollrechte der Aktionäre: Recht zur Auswechslungdes Fund Managers aufgrund Statutenfestset- zung durchGeneralversammlung. • Kontrolle durchden Verwaltungsratder AG: Dieser soll beispielsweise die folgendenÜberwachungs- und Kontrollaufgaben wahrnehmen(in den Statuten festzulegen): (1) Prüfung derEinhaltung der Anlagerichtlinien durchden Investment Manager;

(2) Genehmigung der Fee-Zahlungen an den Investment Manager;

(3) Überwachung der Liquiditätssituation des Funds;

(4) Genehmigung derBewertungder PortfoliounternehmenimRahmender externen Berichterstat- tung;

(5) GenerelleÜberwachung derPerformance desFunds.

• Verabschiedungverbindlicher Anlagerichtlinien und periodische Überprüfung der Einhaltung durch unabhängige Wirtschaftsprüfer. • Kapitalbeteiligungdes Fund Managers am Fund zwecksInteressenharmonisierung.

7. Unabhängigkeit

7.1 Fazit

Die Corporate Governance soll sicherstellen,dass mitden seitens derInvestorenanvertrauten Geldern sorgfältig umgegangen wird. Grösstmögliche Unabhängigkeit zwischen dem PrivateEquity Fund und dem FundManager soll dazuführen, dass die Investorenihre Kontrollrechte optimalausüben können. Es kann nicht genug betont werden, dassimprofessionellenPrivate Equity Umfeld der Fund Manager und dieOrganedes Funds dasselbe Ziel verfolgen: ein möglichstoptimales Investitionsergebnis.

7.2 Ausgangslage

Die Organisationund Ausgestaltung des Private Equity Funds, derManagementgesellschaft sowieallfälli- ger Kontrollgremien hängen im Wesentlichen von den jeweiligen Rechtsformen ab.Für jede Rechtsform ist aus den geltenden Rechtsvorschriften zu entnehmen, wie der Fund unddie Managementgesellschaft zu or-

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ganisieren sindund welches die Rechte und Pflichten der jeweiligen Organe sind. Allfälligen rechtlichen Anforderungenbetreffend die Unabhängigkeit sind dabei besondere Aufmerksamkeit zu schenken.

Eineangemessene Unabhängigkeit zwischendem Fund Managerund den Investoren ist einzentrales Ele- ment einer funktionierenden Corporate Governance.

7.3 Votum

Die Organe desFunds und der Managementgesellschaft, d.h. beispielsweise Verwaltungsrat, Geschäftslei- tung, Investment Committee, sind so zu besetzen,dassdas Prinzipder checksand balances optimal funktioniert.Auch unter Berücksichtigung derEinhaltung von Unabhängigkeitsvorschriften solleine konstruktive Zusammenarbeit zwischen demFundManager und den Organen des Funds jederzeit möglich sein.Oberste Maximeist der optimaleEinsatz der Investorengelder und die Erzielung einer guten Rendite fürdie Investoren.

Es ist sicherzustellen, dass die Kontrollrechtesämtlicher Investorenjederzeit ausgeübtwerden können. Um dies zu erreichen, ist die Unabhängigkeit horizontal (z.B.zwischenFund Managerund Fund)und vertikal (innerhalb derOrganeund Geschäftsleitungdes Fundsoderder Managementgesellschaft) zu gewährleis- ten:

• Eigenständige Willensbildung der von derFragestellungbetroffenen Personen, die über entsprechende fachliche Fähigkeiten verfügen und unter Berücksichtigungder gesetzlichen, statutarischen oder ver- traglichen Pflichten entscheiden. • Klare Regelung der Zuständigkeiten, Kompetenzen undVerantwortungen, Berichterstattung, Aufsicht sowie der Vorschriften überBeschlussfassungund Protokollierung in Reglementen und Statuten (AG) sowie Gesellschaftsvertrag (LP).

8. Ko-Investitionen desFund Managers

8.1 Fazit

Ko-Investionen des Fund Managers sind verbindlich im Gesellschaftsvertrag (Limited Partnership) respektive in den Statuten(Aktiengesellschaft) zu regeln. Zwecks Interessenharmonisierungzwischen In- vestoren und FundManagersollte sich letzterer idealerweiseamFundkapital beteiligen.

8.2 Ausgangslage

Heute ist es Industriestandard, dass der Fund Managermindestens 1% desFund Kapitals beibringt. Da- durch wird versucht,die Interessen zwischen externen Fund Investoren und demFund Manager gleichzu- schalten.

Einige PrivateEquity Gesellschaften erlauben es dem Fund Manager,ingewissem Umfang direktindie Zielunternehmen zu investieren. In den meisten Fällen ist eine derartige Regelung suboptimal. Zur Sicher- stellung der Investoreninteressen stellen sich in einemsolchen Fall besondere Anforderungen an die Cor- porate Governance.

8.3 Votum

Eine Ko-Investition hat grundsätzlich vor dem Hintergrund zu geschehen,dass jederzeit die Interessen sämtlicherFund Investoren vollumfänglichgewahrt werden. Im Falle einer Beteiligung des Fund Managers am Fund, was heute dem Industriestandard entspricht, ist dies vollumfänglich gegeben. Der FundManager hat in diesem Fall den grössten Anreiz,für den Fund eine optimale Performance zu erzielen.

Direktinvestitionen des Fund ManagersinausgewählteZielunternehmen sind in derRegel nichterlaubt. Sind in gewissem Umfang seitens des Fund Managers Direktinvestitionen in die Zielunternehmen dennoch

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erlaubt, ist einerseits sicherzustellen, dassein transparentesAuswahlverfahrenvorhanden ist und andererseits dieManager zu gleichen Konditionen investieren wie der Fund. In Bezug auf die Grössenordnung derartiger Direktinvestitionen ist sicherzustellen, dassder FundManagerimmer den Anreiz hat, sämtliche Portfoliounternehmen angemessenzubetreuen.

Es ist ratsam,derartige Ko-Investitionen beispielsweise durch das Advisory Boardüberprüfen zu lassen.

9. Zusammensetzung des Fund ManagementTeams

9.1 Fazit

Die optimale Zusammensetzung des FundManagement Teams ist entscheidend für den Investitionser- folg. Den Aspekten unterschiedlicherErfahrungen, Kompetenz, Reputation sowieAusbildungist dabei besondere Beachtungzuschenken.

9.2Ausgangslage

Der Zusammensetzung des Fund Management Teams kommtinBezug auf den Investitionserfolg eines PrivateEquity Funds eine entscheidende Bedeutung zu. Dabei gilt es zu beachten, dass je nach Phase des Investitionsprozesses unterschiedliche Fähigkeiten und Erfahrungen notwendig sind. Bei der Beurteilung eines Investments sind strategische Kompetenzen sowieindustrielle Erfahrung gefragt. Zur Durchführung einer Transaktion braucht es erfahrene Dealmaker, beider nachfolgendenBetreuung industrielle und orga- nisatorischeKompetenz.

9.3 Votum

Zur Sicherstellung desoptimalen Einsatzes der dem Management Team anvertrauten Investorengeldergilt es, bei der Zusammensetzung des Teams insbesonderefolgenden Elementen Beachtung zu schenken:

• Fähigkeiten undErfahrungen: Das Fund ManagementTeam soll so zusammengesetzt sein, dassim Teamalle Kompetenzen vorhanden sind, die für eine optimale Aufgabenerfüllungüber alle Stadien des Investmentzyklushinweg erforderlich sind. Investitionsentscheidemüssen aufgrund einergesi- cherten Informationsbasis getroffenund umgesetztwerdenkönnen.Esmuss das Wissen und die Er- fahrung im Team vorhanden sein, um die bei einemEinstieg nötigen Prüfungen durchzuführen, die Analyseergebnisse richtigzuinterpretieren und dieTransaktionen formell einwandfrei abzuwickeln. Nach dem Einstieg sind zusätzliche Fähigkeiten gefragt. Abhängig davon, wie tief sich ein Fund Ma- nager in das täglicheGeschäft einer Portfoliogesellschaft involviert, sind operative Erfahrungen von Teammitgliedernallenfalls ein Muss. Bei der Teamzusammensetzung ist zu entscheiden, welches die optimale Teamgrösse ist und wie dieses zusammengesetztwerden soll.Inder Regelzahlt es sich aus, wenn eine Ausgewogenheit zwischen ausgesprochenen Dealmakern und operativ und führungsmässig erfahrenen Managern besteht. Ein idealer Fund Managervereinigt beide Kompetenzen.

• Beziehungen: Mitder zunehmenden Reife der Industrieund dem damit einhergehenden Wettbe- werbsdruck werden persönliche Beziehungen und Netzwerke sowie lokale und/oder industrielleVer- ankerung derTeammitglieder zunehmend wichtiger. Oft sind erfahrene Fund Manager Mitgliederin Verwaltungsräten und/oder wirtschaftlichen Interessenverbänden.

• Reputation: Einsolider Investment- und Geschäfts-Track Record sowie ein makelloser Rufjedes einzelnen Teammitglieds sind Grund-voraussetzungen, damit einemPrivate Equity Fund die notwendigen Investitionsmittel zur Verfügung gestellt werden.

• Weiter-und Fortbildung: Da das Private Equity Geschäft in Bezug auf die Wissensanforderungen sehr komplexist,sollen in einemManagement Team Gebietewie Finanzen,Recht, Steuern, Führung ausrei- chend kompetentabgedecktsein. Es ist üblich, dass für die Bearbeitung von speziellen Aufgaben, insbesondere im Rahmen der Abwicklungeiner Transaktion, externe Spezialisten beigezogenwerden.

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• Kontinuität: Eineausgeglichene Alterspyramideverbreitert nicht nur dieErfahrungs- und Wissensba- sis eines Teams,sondern trägt auchmassgeblich zurKontinuität bei.Die Nachfolge kann aufdiese Weiseorganischgelöst und die Kultur eines Teams erhalten werden. Investoren legeninder Regel grossen Wert darauf, dass in Bezugauf denFund Manager als Schlüsselperson Stabilität vorhanden ist. Die diesbezüglichen Anforderungender Investoren werdenoft in sog. Key ManClauses formuliert.

10. Entschädigung des Fund Managers

10.1 Fazit

Im professionellen Private Equity Umfeld spielt heute die erfolgsabhängige Entschädigung eines Fund Managers einemassgebliche Rolle. Das Entschädigungssystemist so zu strukturieren, dass die dem Fund Managergewährten Anreizezur Erfüllungder Bedürfnisseder Investorenbeitragen. Die Entschädigung beinhaltet in derRegel einefixeGrundgebühr (Management Fee) und eine variable Erfolgsgebühr (beispielsweise CarriedInterest). Die Erfolgsgebührführt zu einer Interessenharmonisierung zwischen Inves- toren und FundManager.

10.2 Ausgangslage

Die Entschädigungist ein wichtigerFaktorinder Beziehungzwischen dem FundManagement und den Investoren. Mittels erfolgsabhängigerEntschädigung desInvestmentManagerswerdenInteressen zwischen den Investoren und dem Fund Manager gleichgeschaltet. Im professionellen Private Equity Umfeld sind die Anforderungen, welche den FundManagerzueiner erfolgsabhängigen Entschädigung berechtigen, oftsehr hoch.

In derPraxis hat sich die Kombination zwischen fixer (Management Fee) underfolgsabhängiger (bei- spielsweiseCarried Interest)Entschädigung etabliert.

Dieoperativen Kosten derManagementgesellschaft werden durch die fixe Management Fee gedeckt. Die Transparenz in Bezug auf die Kosten für die Betreuung eines Funds istheute gross genug, um die fixe Ent- schädigung adäquat festzulegen.

Die am weitesten verbreiteteBemessungsbasis für dieManagement Feeist daszugesagteKapital (Commit- tedCapital). Je nach Artdes Fundsbeträgt die Management Fee heute zwischen 1.5%und 2.0%des zugesagten Kapitals.

ZurBerechnung der erfolgsabhängigen Entschädigung sind in der Praxis zwei grundsätzlich verschiedene Modelle anzutreffen:

(1) Berechnung derPerformanceFee als Prozentsatz desNAV-ZuwachseszuFairValueszwischen zwei Stichtagen (Bewertungsprinzip); (2) Berechnung der PerformanceFee als Prozentsatzder realisiertenGewinne (Realisationsprinzip). 10.3 Votum

Das Entschädigungsmodelleines PrivateEquity Fundssollte eine fixe Grundgebühr (Management Fee) und eine variableErfolgsgebühr (beispielsweise Carried Interest) enthalten. DieManagement Fee soll die operativen Kosten (at arms length), welche bei derprofessionellen Betreuung eines Funds anfallen, de- cken.

Die Performance Fee ist das Entgeltfür die Leistungen desFund Managers alsInvestor. Die Performance Feesollsichnachder absoluterzielten Rendite richten. Der Benchmark für die erfolgsabhängigeEntschä- digung soll sichdabei an den BestinClassorientieren.

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Der Entscheid für eines derinder Ausgangslage erwähnten Modelle betreffend erfolgsabhängiger Ent- schädigunghängt primär von der Ausschüttungs-respektiveReinvestitionspolitiksowie der vorgesehenen Lebensdauer eines Private Equity Funds ab. Beieinem Private Equity Fund in der Form der schweizerischen AG stehtals Evergreen Fund mit grundsätzlichunlimitierter Lebensdauer die Wertmaximierung des NAV im Vordergrund. In diesem Fall wirdinder Regel für dieErmittlung derPerformance Fee das Bewer- tungsprinzip angewendet. Bei einer Private Equity Struktur in derForm der LP dagegen wirddas Kapital ausverkauften Portfoliounternehmenlaufend an dieInvestoren zurückbezahlt undder Fund wird nach rund 10 Jahren aufgelöst. Das Realisationsprinzip, welches den Fokus auf möglichst optimale Exits legt, sollte in diesem Fall zum Zuge kommen.

Entschädigungsmodellesollenfür den Investor vollkommentransparent sein. Änderungen der Entschädi- gungsmodelle während der Laufzeit eines Funds sollen grundsätzlichnicht möglichsein.

11. Zusammensetzung derOrganeund Betreuung des Funds

11.1 Fazit

DieOrgane desFundsund der Managementgesellschaft sind derart zu besetzen,dass sich der Fund und die Portfoliogesellschaften optimal entwickelnkönnen. Es soll sichergestellt sein, dass mit den Investo- rengeldernsorgfältig umgegangen wird.Die optimale Besetzungder Organe desFunds und der Mana- gementgesellschaft sowie eingutesZusammenspieldieserGremien bilden eine wichtige Erfolgsvoraus- setzung. Die Corporate Governance soll so strukturiert sein, dass die Investoren ihre Kontrollrechte zu je- demZeitpunktwahrnehmenkönnen und eine konstruktiveZusammenarbeit zwischen den Gremien jederzeit möglichist.

11.2 Ausgangslage

Nach Abschluss des erfolgreichen Fund Raisingsfolgt die langandauerndePhase des Aufbaus und der Betreuung eines guten Portfolios von Zielunternehmungen. Während derganzen Lebensdauer eines Funds wollen dieInvestorensichergestellthaben,dassmit ihrem Geldsorgfältigumgegangen undeine gute Ren- dite erzielt wird.Durch Einsitznahme in den Gremiendes Funds können die Investoren ihre Kontrollrechte ausüben. Eine gute Corporate Governance stellt sicher,dassdie Entwicklung des Funds regelmässig über- wacht und beurteiltwerdenkann. Allfällignotwendige Massnahmen sollendadurchrechtzeitig eingeleitet werden können.

11.3 Votum

Die Organe des Funds und der Managementgesellschaftsollen so zusammengesetztsein, dass eine gute und konstruktive Zusammenarbeit zwischen den Gremien jederzeit möglich ist. Selbstverständlich sollen die einzelnen Organe und deren Vertreter stets unabhängig urteilen können.

Oft wird die Corporate Governance einesFunds verbessert, wenninden Organen auch erfahrene Externe wie beispielsweise IndustriekennerEinsitz nehmen.Der FundManager kann vonderartigen Personen bei der Beurteilungvon Investmentsrespektive während derPhase der Betreuung in der Regel erheblichprofi- tieren.

Die Organe des Funds und der Managementgesellschaft haben sicherzustellen, dass mit dem anvertrauten Geld sorgfältigumgegangenwird.Dies geschieht durcheine regelmässige Berichterstattung undÜberwa- chung der Investitionstätigkeit. Die periodische Überwachung der Performance der Portfoliounternehmen solle anhand vonMeilensteinen erfolgen.Bei Meilensteinen handelt es sichumZeitpunkte, an denen gewisse Performanceziele erreicht sein sollten. Die formulierten Ziele solleneinfachmessbar undauf die spezifischen Verhältnisseder Branche, in der sich das Unternehmen befindet, abgestimmt sein.

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Über die Corporate Governance ist sicherzustellen, dass bei Nichterreichungvon Meilensteinendie notwendigen Massnahmen eingeleitet werden. Dazu gehören beispielsweise die Erarbeitung eines Aktions- plans durchdas Management, die verstärkteInvolvierung des Fund Managersindie strategischePlanung oder im Extremfall die Entlassung des aktuellen Managements des Portfoliounternehmens. ZurSicherstellung der Überwachung und Betreuung derPortfoliogesellschaften nehmeninder Regel Ver- treter desFundManagersinderen Verwaltungsräten Einsitz.

12. Mitbestimmungs- und Kontrollrechteder Investoren

12.1 Fazit

Die Corporate Governance eines Fundssollsogestaltet sein, dass die Investoren ihre Kontrollrechte adä- quat wahrnehmenkönnen. Die gewährten Kontroll- undMitbestimmungsrechte sindimPrivate Place- ment Memorandum offen zu legen. Die Investoren sind diesbezüglich gleich zu behandeln; im Falle der AG gilt die Regel one share -one vote.

12.2 Ausgangslage

Je nach rechtlicher Ausgestaltung des Funds verfügen die Investorenallenfalls über weit reichende Mit- bestimmungs-und Kontrollrechte. Aufgrund des Fremdverwaltungsinteresses der Investorenwird das Management des Funds einem qualifizierten Fund Manager überlassen. Der Fund Managersoll Ermessen bei derVermögensverwaltung haben, weshalb Investoren in der Regelkeine Investitionsentscheidungen treffen. ÜberVereinbarungen zwischen demFund Manager und den Investoren sowie dieentsprechende Besetzungder Gremien wird sichergestellt, dass die Investoren die ihnen zustehenden Kontrollrechte aus- üben können.

12.3 Votum

Die Investoren sollen über Kontrollrechte genereller Art verfügen, welche dem Fund Manager die Aus- übung seiner Tätigkeiten ermöglichen undihn nicht über Gebühr einschränken. Die Investorensollen jedoch das Recht erhalten, vomFund Manager regelmässig überdie Entwicklungdes Funds informiert zu werden.

Im Falle einerErmessensverletzung sollen den Investoren Massnahmenzustehen, diegegenüberdem Fund Managerdurchgesetzt werden können. Grundlage derKontrollrechteder Investoren ist dieInteressen- wahrungspflichtdes Fund Managers gegenüber den Investoren.

Folgende Kontrollrechte zu Gunstender Investoren sindzuempfehlen:

• Recht der regelmässigenInformation: • Möglichkeit,über das Gremium auf die Geschäftsführung des FundManagers Einfluss zu nehmen, wenn diesenicht entsprechenddem ursprünglichVereinbarten handelt; • Möglichkeit, den Fund Manager bei schwergewichtigem Fehlverhalten abzuwählen(beispielsweise bei Missachtungder festgelegtenInvestitionspolitik; bei Eintreffen vonFällen,welche in der Divorce Clau- se definiert sind). Bei Private Equity Funds in der Form der schweizerischen AG istzudem generell darauf zu achten, dass die Kontrollmöglichkeiten derAktionäre nicht durchdie Einführung von Stimmrechtsaktien eingeschränkt werden.Umeine wirksameKontrolle durch die Aktionäre zu gewährleisten, soll die Regel one share one vote nicht durchbrochenwerden.

Die den Investoren gewährten Kontroll- undMitwirkungsrechte sind im PrivatePlacementMemorandum offenzulegen.

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Chapter X Code of Conductfor Corporate FinanceProfessionals

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SECA CodeofConduct for Corporate Finance Professionals

1. Membership in SECA implies supportofcorporatefinance developmentand advancement of financial tools andfinancial engineering.

2. Membersact with integrity, competence,dignity, and in an ethical manner when dealing with the public, clients, prospects, employers, employees, andfellow investment professionals.

3. Members enforce ethical andprofessional standards andensure that employeescomply with internal policies and applicablelaws. Such measures arekey to engendering acorporate culture that encouragesemployees to actknowledgeably and responsibly.

4. Members practice and encourage otherstopracticeinaprofessional andethical manner that will reflect credit on membersand their profession.

5. Membersstrivetomaintain andimprove their competence and the competence of others in the profession.

6. Members use reasonable care and exerciseindependent professional judgment.

7. Members make surethat conflict of interest situations aredealt with in an appropriate and professional manner.

We strongly believe that full disclosure is the best remedytodeter potential abuses. That is, ad-visors should fully disclosetoclients (current clients and prospects), employers,and regulators (if required) anypotential conflicts that could arise suchas:

a) Direct and indirect ownershipofsecurities. Clients and employersshould be aware of investments that maycompromise, or call into question, theadvisorsindependenceand objectivity.

b) Referral fees. Clientsshould be aware whether theadvisors firmengages in referralarrangements withthird partiesand whethertheir business relationship will generate any referral fees for third parties.

8. Members always act in the best interest of their clients. To accomplishthis, advisors should be intimately fa- miliarwith the clients objectives,preferences,needs,and processes. Safeguarding this information is para- mount to the advisoryprocess and to the clients interests.

9. No member will takeadvantage of its position in SECA or abuseany information addressed to SECA.

10.Members will abidebythe Code of Conduct issued by theExecutive BoardofSECA.

11.Unethical conduct will be deemed to include any evasive device intended to conceal non-compliance with the CodeofConduct, designatedbythe Executive BoardofSECA for its enforcement.

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Chapter XI EuropeanAssociations

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European Associations

FRANCE EUROPA AFIC(Association Française des InvestisseursenCapi- EVCA (EuropeanVentureCapital Association) tal) SecretaryGeneral: Dörte Höppner Secretary General: Arnaud Dodin Telephone: +32 2715 00 20 Telephone: +33 147209909 Fax: +32 2725 07 04 Fax: +33147209748 E-Mail:[email protected] E-mail:[email protected] Website:www.evca.eu Website: www.afic.asso.fr AUSTRIA GERMANY AVCO (AustrianPrivate Equity and Venture Capital BVK(GermanPrivate Equityand VentureCapital As- Organisation) sociation) Secretary General: Jürgen Marchart Managing Director: Dörte Höppner Telephone: +43 1526 38 05 Telephone:+49 30 30 69 820 Fax: +431526 38 05-6552 Fax: +49 30 30 69 82 20 E-mail: [email protected] E-mail: [email protected] Website:www.avco.at Website: www.bvkap.de BELGIUM GREECE BVA (Belgian VentureCapital &Private Equity Asso- HVCA (Hellenic Venture Capital Association) ciation) CorporateSecretary:Eleni Kolofotia SecretaryGeneral: Guy Geldhof E-mail: [email protected] Telephone: +323297 10 21 Website: www.hvca.gr Fax:+32 3297 10 23 E-mail:[email protected] HUNGARY Website: www.bva.be HVCA (Hungarian Venture Capitaland Private Equity Association) CZECH REPUBLIC Executive Secretary:Natalia Gömbös CVCA (Czech PrivateEquity and Venture Capital As- Telephone: +36 1475 0924 sociation) Fax: +36 1475 0925 Secretary General: Petra Kursová E-mail: [email protected] Telephone: +420 724 342 395 Website: www.hvca.hu E-mail:[email protected] Website: www.cvca.cz IRELAND IVCA (IrishVenture Capital Association) DENMARK Director General: Ciara Burrowes DVCA (DanishVenture Capital &Private Equity As- Telephone: +353 1276 46 47 sociation) Fax:+353 1274 59 15 Secretary General: Jannick Nytoft E-mail: [email protected] Telephone: +45 7225 5502 Website: www.ivca.ie Fax: +45 3391 1838 E-mail: [email protected] ITALY Website: www.dvca.dk AIFI (AssociazioneItaliana del PrivateEquity eVentu- re Capital) FINLAND Secretary General: Anna Gervasoni FVCA (Finnish VentureCapital Association) Telephone: +39 02 760 75 31 General Secretary: Krista Rantasaari Fax:+39 02 763980 44 Telephone: +358 96969 33 00 E-mail: [email protected] Fax: +358 969693303 Website: www.aifi.it E-mail:[email protected] Website: www.fvca.fi

314 SECASECA Yea Yearbrbookook 2011 2011

LATVIA SLOVAKIA LVCA (Latvian VentureCapital and PrivateEquity SLOVCA (Slovak Venture Capitaland Private Equity Association) Association) Secretary General: Sandis Jursevics SecretaryGeneral: IvanJakúbek Telephone: +371 29162939 Telephone: +421 2544 143 56 E-mail: [email protected] Fax: +421 2544 311 80 Website: www.lvca.lv E-mail: [email protected] Website:www.slovca.sk THE NETHERLANDS NVP(NederlandseVerenigingvan SLOVENIA Participatiemaatschhappijen) SLEVCA (Slovenian Venture Capital Association) Secretary General: TjardaD.Molenaar c/oSmallBusiness Development Centre Telephone:+31 20 571 22 70 Telephone: +386 61 21 7827 Fax: +31 20 6708308 Fax: +386 61 21 7846 E-mail: [email protected] Website: www.nvp.nl SPAIN ASCRI(Asociación Española de EntidadesdeCapital NORWAY Riesgo) NVCA (Norwegian Venture Capital &Private Equity Secretary General: Antonio Ortega Association) Telephone:+34 91 411 96 17 SecretaryGeneral:KnutT.Traaseth Fax:+34 91 5626571 Telephone: +47 22 70 00 10 E-mail: [email protected] Fax: +47 22 70 00 11 Website: www.ascri.org E-mail: [email protected] Website: www.norskventure.no SWEDEN SVCA (Swedish PrivateEquity &Venture Capital POLAND Association) PPEA (Polish Private Equity Association) ManagingDirector: Marie Reinius Secretary General: BarbaraNowakowska Telephone: +46 8678 30 90 Telephone: +48 22 458 84 30 Fax: +46 8678 40 90 Fax: +48 22 4588555 E-mail:[email protected] E-mail: [email protected] Website: www.svca.se Website: www.psik.org.pl UNITEDKINGDOM PORTUGAL BVCA(British Private Equity and VentureCapital As- APCRI(Assoçiacão Portuguesa de CapitaldeRisco e sociation) de Desenvolvimento) Chief Executive Officer: Simon Walker Secretary General: Pedro Ferreira Malaquias Telephone: +44 0207420 1800 Telephone: +351 21 382 67 16 Fax: +44 020 7420 1801 Fax: +351 21 3826719 E-mail:[email protected] E-mail: [email protected] Website: www.bvca.co.uk Website: www.apcri.pt

RUSSIA RVCA (Russian Private Equity and Venture Capital Association) Secretary General:Albina Nikkonen Telephone: +7 812 326 61 80 Fax:+7812 3266180 E-mail: [email protected] Website: www.rvca.ru

315 SECA Yearbook 2011 Wir führen Sie weiter!

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Swiss Private Equity &Corporate Finance Association

Oliver Müller-Känel Patrik Frei Søren Bjønness Cuno Pümpin, Maurice Pedergnana Mezzanine Finance Assessment and The Notion of Change Strategisches Investment Valuation of high in Leadership Cultures Management growth companies

Mezzanine Finance ist eine Valuation is akey topic in the The initiation, planning and Investoren, die nach traditionellen neue Finanzierungsform, bei der financing and development of implementation of change Konzeptendes Asset Managements Elemente der Fremd- und der high growth companies. processes are increasingly investieren, erzielen meistens nur Eigenkapitalfinanzierung The goal of this book is to bridge looked upon as central leadership bescheidene Nettorenditen kombiniertwerden, wasfür die the existing gap between the responsibilities in organisations (nach Spesen, Gebühren, Inflation Strukturierung vonunterneh- assessment and the financial pursuing economic aims. Whilst und Steuern). Ein Grund liegt mensspezifischen Finanzierungs- valuation of acompany. system characteristics like order, darin, dass die meisten dieser lösungen bei privaten und Initially,anassessment framework consistency and security are Konzepte auf der quantitativ börsenkotierten Gesellschaften is developed to capture the value mostly connected to the term orientierten Kapitalmarkttheorie neuen Gestaltungsraum schafft. drivers for high growth companies. «management», conceptions of basieren. Diese ist auf umfang- Oliver Müller-Känels Studie bietet It contains the following three change, movement and designing reiches statistisches Zahlenmaterial eine umfassende und wissenschaft- main factors: are associated with «leadership». angewiesen, das nur für traditi- lich fundierte Analyse dieses inno- 1. Management Thereby it often remains unclear, onelle und grosse Assetklassen vativen Finanzierungsinstruments. 2. Market environment what leadership in connection to zur Verfügung steht. Innovative Praxisbeispiele illustrieren dessen 3. Product, Sciences &Technology organisational change or change in Konzepte, wie sie vonder konkrete Einsatzmöglichkeiten. The proposed valuation methods the eyes of the leading and the led Strategielehre propagiert werden, Mehr als 25 Interviewsmit aus- are specifically targeted for actually means. This is the topic haben keinen Platz. gewiesenen Fachpersönlichkeiten high growth companies and that Søren Bjønness is approaching Wirsind der Ansicht, dass die aus der Schweiz, Deutschland und include methods such as in his research. He explores the herkömmlichen, auf der Kapi- England vertiefen diesen Einblick discounted cash flow and option meaning of «change» in the indivi- talmarkttheorie basierenden in Theorie und Praxis von pricing, as well as market dual and collectiveunderstandings Lösungen für viele Investoren MezzanineFinance weiter. comparable, comparable deal of leadership and how these under- einen durchaus gangbaren und methods and the venture capital standings influence the practice of sinnvollen Wegdarstellen, sofern 3. Auflage 2009. method. change. Vermögenserhaltung im Swiss Private Equity &Corporate The methodical assessment Prof. Dr.Werner R. Müller, Vordergrund steht. Finance Association. Band 1. framework enables alink to be University of Basel Der in diesem Buch dargestellte XLI +342 Seiten, made with the financial valuation Ansatz des strategischen Invest- 78 Abbildungen, kartoniert models to obtain aconsistent and Swiss Private Equity &Corporate ment Managements richtet sich EUR 45.– /CHF 68.– (UVP) comprehensiveassessment and Finance Association. Band 10 demgegenüber an Investorinnen ISBN 978-3-258-07427-6 valuation approach for high 2007. XXXIII +167 Seiten, und Investoren, die mit ihrer growth companies. 3Tabellen, 5Abbildungen, Investmentstrategie eine nachhal- kartoniert tige reale Wertsteigerung erzielen Swiss Private Equity &Corporate EUR 32.– /CHF 48.– (UVP) wollen. Finance Association. Band 8. ISBN 978-3-258-07231-9 2006. XIX +291 Seiten, Swiss Private Equity &Corporate 56 Tabellen, 24 Abbildungen, Finance Association. Band 11. kartoniert 2008. 232 Seiten, EUR 38.50 /CHF 58.– (UVP) 67 Abbildungen,gebunden ISBN 978-3-258-07091-9 EUR 44.– /CHF 68.– (UVP) ISBN 978-3-258-07344-6

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SECA Yearbook 2011 EAYearbook2 SECA 011 yideas My Mak ey ou ro nnotes. wn fo r2 011/12