Central Europe Private Equity Confidence Survey

Total Page:16

File Type:pdf, Size:1020Kb

Central Europe Private Equity Confidence Survey Rebounding confidence drives mid-market Central Europe Private Equity confidence survey Private Equity May 2016 The confidence to put money to work shows an appetite and willingness to build CE businesses and create returns for investors. This publication contains general information only. The publication has been prepared on the basis of information and forecasts in the public domain. None of the information on which the publication is based has been independently verified by Deloitte and none of Deloitte Touche Tohmatsu Limited, any of its member firms or any of the foregoing’s affiliates (collectively the “Deloitte Network”) take any responsibility for the content thereof. No entity in the Deloitte Network nor any of their affiliates nor their respective members, directors, employees and agents accept any liability with respect to the accuracy or completeness, or in relation to the use by any recipient, of the information, projections or opinions contained in the publication and no entity in Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies thereon. 2 Introduction Our 27th survey reveals renewed confidence after a dip The EBRD released its latest Transition Report last last autumn. The Index rose by a third to reach 124, autumn1, and reminded us that despite its ability to putting sentiment of Central European (CE) private select high-potential businesses and then help to equity (PE) deal-doers at roughly the level seen a year accelerate their growth, the asset class remains ago. underrepresented in transition countries. In fact the report states that just 1% of global private equity is It is also encouraging to see that confidence is channelled into EBRD countries. Admittedly some of improving and strong across many of our metrics: there CE’s strongest performers have graduated out of are expectations of improving economic conditions; EBRD’s remit (the Czech Republic, for example, hasn’t liquidity is expected to remain the same or improve received EBRD funds since 2008), however the report and an increasing number of deal-doers are expecting paints a stark picture of how much farther the region to focus mostly on putting money to work in the has to go as regards private equity. coming months. Perhaps on the back of all this, nearly a third expect market activity to pick up. These We look forward to continuing to work with CE deal numbers are all up on last autumn’s survey. doers as they keep driving the asset class forward in the region. There are a number of reasons for this. Many of the region’s deal-doers raised funds two or three years ago, meaning they still have capital left to deploy and time to deploy it, while pressure to exit is less urgent than when funds are about to launch. In fact nearly three quarters of respondents (73%) intend to focus on new investments in the coming months, a five-year high. This may also be a reflection of the increased availability of debt (see page XX) and the increased optimism surrounding the economy. Mark Jung Garret Byrne Partner Partner The exits that are being recorded – 23 in the last six Private Equity Leader months according to Deloitte research –are mostly Central Europe going to trade buyers, excellent vindication of the success and international interest a CE-based business can achieve under the stewardship of private equity. In other, more mature markets, sales to other private equity houses are more common, with trade buyers more elusive. Two-thirds of the exits we recorded were via this exit route, which should go a way to convincing international investors to take another look at CE private equity. This year’s results are interesting and we think An effective digital strategy is a key element of this. underline the importance of continued focus on driving There is a growing awareness of the importance of the acquired businesses forward. Responses suggest to us digitalization, changing not only the B2C but also B2B that valuations will remain strong (or perhaps see some market. With digital maturity and effective digital upward pressure) – as respondents are more positive strategy becoming one of the vital elements of a about the economy, and will focus on new successful business, we would urge more investors to investments. An improvement in efficiency of financial develop a rigorous approach to the digital world, also investments is expected – against a background of as they assess a potential acquisition. This may prove stable debt availability however. to be a key lever to defend existing sales and drive upsides. This means that improved returns will need to be generated by strong growth in margins – and this is recognized. Whilst consolidation and operational excellence are important levers, organic growth is seen as the key value driver. This means that investors will need to focus on driving improvements in sales and pricing strategy, as well as developing new products, and perhaps diversifying or entering new markets. A current engagement we are involved with is very much along these lines – we support an investor to decide Daniel Cappelletti pricing and distribution strategy for a medtech Partner, Consulting product, based on detailed customer insight. 4 Overview Key findings • Confidence has regained much momentum after a blip last year, with the index back at last spring’s level. This may be a reflection of improving economic expectations. • There was an eight-fold increase in respondents expecting an improvement in the economy. Indeed Central Europe is Europe’s strongest region for GDP growth, with 3.6% recorded for Q4 2015 . • Debt markets are considered stable: more than two Centr thirds of respondents (70%) expect no change in the al Euro already good availability of debt finance for deals. 180 There was also a near halving of the proportion of pe PE Confidence Index* those expecting liquidity to decrease, from 30% six 160 months ago to just 16% in the latest survey. 156 140 148 154 120 155 100 139 149 159 153 100 80 60 153 40 118 140 102 20 138 117 0 Central Europe PE Confidence Index 144 Mar. 2003 127 Confidence is improving for private equity in CE, with Sep. 2003 78 101 Mar. 2004 the index climbing by more than a third to 124 points Sep. 2004 101 48 130 Mar. 2005 over the last six months. The uptick means it has *The PE Confidence Index is Sebasedp. 200 5upon answers received from PE professionals focused on Central Europe. It is composed from answersMa rto. 20 the first06 seven questions of the survey. For each period 114 124 regained most of the confidence lost in the two years 70 the average of positive answer ratios overO ct.the sum 2006 of positive and negative answers is computed. following a drop in April 2014 after an 18-month long Apr. 2007 71 This average is compared to the base period, whichO ct.in 20our07 case is spring 2003. continuous ascent. Apr. 2008 Oct. 2008 92 Apr. 2009 This increased confidence is manifesting across various Oct. 2009 Apr. 2010 metrics. The economy is considered to be stable or Oct. 2010 Apr. 2011 improving, with an eight-fold increase in optimism to Oct. 2011 nearly a quarter of respondents (24%) expecting an Apr. 2012 Oct. 2012 improvement in conditions. Liquidity is also expected Apr. 2013 This is perhaps the strongest indication of increasing Oct. 2013 to remain consistent or improve, and nearly three Apr. 2014 confidence: in uncertain times, portfolio management Oct. 2014 quarters of deal-doers (73%) expecting to focus on becomes the biggest priority, as reflected in our survey Apr. 2015 deploying capital over the coming months. Oct. 2015 over the last 13 years. The confidence to put money to Apr. 2016 work shows an appetite and willingness to build CE businesses and create returns for investors. There may be more deals, but there remains a belief in the discipline of retaining CE’s mid-market focus: Nearly a third of respondents (30%) expect market activity to pick up, up from 17% last autumn – but it will be about increasing the number of deals instead of cheque sizes; 81% believe average ticket sizes will remain the same. Survey results 6 Survey results Economic climate Over the next 6 months I expect the overall economic climate to:* 4% 2% 100 7% 9% 10% 9% 8% 10% 18% 21% 16% 28% 33% 27% 31% 75 53% 51% 57% 59% 55% 74% 61% 62% 47% 66% 68% 60% 64% 93% 50 74% 49% 69% 67% 64% 43% 61% 25 47% 43% 39% 41% 26% 32% 29% 43% 34% 23% 30% 24% 18% 5% 3% 7% 6% 10% 10% 0 Oct. 2006Apr. 2007Oct. 2007Apr. 2008Oct. 2008Apr. 2009Oct. 2009Apr. 2010Oct. 2010Apr. 2011Oct. 2011Apr. 2012Oct. 2012Apr. 2013Oct. 2013Apr. 2014Oct. 2014Apr. 2015Sep. 2015Apr. 2016 Deteriorate Remain the same Improve Nearly a quarter of respondents (24%) expect the The ongoing tragedy of the migrant crisis casts a large economic backdrop to improve in the coming months, shadow on the whole of Europe, including CE. A recently up eight-fold from the last survey, when just 3% were concluded deal with Turkey to create a sort of ‘one in, optimistic for the future. Indeed CE is Europe’s strongest one out’ policy may or may not improve the situation in region for GDP growth, with 3.6% recorded for Q4 2015. the short-term. In Poland, the region’s largest economy, unemployment was down from 11.5% to 10% in the year to March These factors among others put forecasts for this year’s 2016 . Households throughout the region are seeing their GPD growth above 3% – healthy but a bit slower than disposable incomes increase owing to low inflation and last year.
Recommended publications
  • Media Influence Matrix Slovakia
    J A N U A R Y 2 0 2 0 MEDIA INFLUENCE MATRIX: SLOVAKIA Government, Politics and Regulation Author: Marius Dragomir 2nd updated edition Published by CEU Center for Media, Data and Society (CMDS), Budapest, 2020 About CMDS About the author The Center for Media, Data and Society Marius Dragomir is the Director of the Center (CMDS) is a research center for the study of for Media, Data and Society. He previously media, communication, and information worked for the Open Society Foundations (OSF) policy and its impact on society and for over a decade. Since 2007, he has managed practice. Founded in 2004 as the Center for the research and policy portfolio of the Program Media and Communication Studies, CMDS on Independent Journalism (PIJ), formerly the is part of Central European University’s Network Media Program (NMP), in London. He School of Public Policy and serves as a focal has also been one of the main editors for PIJ's point for an international network of flagship research and advocacy project, Mapping acclaimed scholars, research institutions Digital Media, which covered 56 countries and activists. worldwide, and he was the main writer and editor of OSF’s Television Across Europe, a comparative study of broadcast policies in 20 European countries. CMDS ADVISORY BOARD Clara-Luz Álvarez Floriana Fossato Ellen Hume Monroe Price Anya Schiffrin Stefaan G. Verhulst Hungary, 1051 Budapest, Nador u. 9. Tel: +36 1 327 3000 / 2609 Fax: +36 1 235 6168 E-mail: [email protected] ABOUT THE MEDIA INFLUENCE MATRIX The Media Influence Matrix Project is run collaboratively by the Media & Power Research Consortium, which consists of local as well as regional and international organizations.
    [Show full text]
  • Penta Holding Limited /Annual Report 2007
    Penta Holding Limited / Annual Report 2007 It doesn´t take just seeding – it takes more to have a good harvest. We know how. With the right care a single seed can be grown into a strong plant and the whole fi eld can fl ourish from its fruitage. Contents 04 Tombstones 06 Financial Highlights 08 Our Profi le 10 Director’s Statement 14 Holding Structure 16 Partners 18 Operational Structure 20 Penta’s Key Investments 30 Management Discussion & Analysis 40 Penta Holding Limited 50 Penta Investments Limited 60 Contacts Completed Investments ADAST, a.s. Letisko Košice, a.s. Slovenské lodenice, a.s. manufacturing transport manufacturing Czech Republic Slovakia Slovakia Česká konsolidační agentura Reštitučný investičný fond, a.s. Slovnaft, a.s. fi nancial investment fund oil and gas Czech Republic Slovakia Slovakia Severomoravské vodovody Drôtovňa Hlohovec, a.s. a kanalizace Ostrava a.s. Tento, a.s. manufacturing utilities manufacturing Slovakia Czech Republic Slovakia Elektrovod Bratislava, a.s. Slovenská plavba a prístavy, a.s. VÚB Kupón utilities transport investment fund Slovakia Slovakia Slovakia Chemolak, a.s. Slovenská poisťovňa, a.s. manufacturing insurance Slovakia Slovakia Real Estate Projects Digital Park, a.s. The Port, a.s. real estate real estate Slovakia Slovakia Investments in Progress Mobile Entertainment Company, a.s./ AERO Vodochody a.s. MOBILKING VSŽ - slovenské investičné družstvo aerospace telecommunications metal industry Czech Republic Poland Slovakia Alpha Medical Ventures, s.r.o. MobilKom, a.s./U:fon ZSNP, a.s. health care telecommunications metal industry Slovakia Czech Republic Slovakia AVC, a.s. PM Zbrojníky, a.s. Žabka manufacturing food processing retail Slovakia Slovakia Poland, Czech Republic Dr.
    [Show full text]
  • Pharma Drives Economic Growth in Central Europe
    What the doctor ordered: Pharma drives economic growth in Central Europe Leveraging location, low costs, and strong legacy companies with a skilled labour pool, the pharmaceutical industry is a quiet success story in Central and Eastern Europe (CEE). The sector is a major contributor to exports and R&D spending in several countries, and has become a magnet for M&A deals in recent years. International pharmaceutical companies have a strong manufacturing presence across the CEE region, producing and exporting a wide range of products. US multinational Teva, for example, gained CEE assets – including two generics factories in Bulgaria and oncology drugs facility in Romania – when it acquired Allergan’s Actavis Generics in 2016. Meanwhile, Sanofi announced earlier this year that it would carve out its active pharmaceutical ingredient (API) business as a standalone company, creating the world’s second-largest API manufacturer.[1]Its production facilities will include a plant in Ujpest, Hungary. Basel-based Novartis has invested nearly €2bn in Slovenia since 2003, largely through its generics and biosimilars business Sandoz, which has four locations in the country. And in 2019 Sandoz itself announced a deal for the global commercialisation and distribution of a biosimilar to combat multiple sclerosis, to be developed and manufactured by Gdansk-based Polphama Biologics.[2] An export edge Generics manufacturing in particular relies on three factors: low costs, reliable supply chains, and a skilled workforce – including a regulatory team able to spot products coming off patent. CEE has all these factors, making it a prime manufacturing location for the rest of Europe and beyond.
    [Show full text]
  • List of British Entities That Are No Longer Authorised to Provide Services in Spain As from 1 January 2021
    LIST OF BRITISH ENTITIES THAT ARE NO LONGER AUTHORISED TO PROVIDE SERVICES IN SPAIN AS FROM 1 JANUARY 2021 Below is the list of entities and collective investment schemes that are no longer authorised to provide services in Spain as from 1 January 20211 grouped into five categories: Collective Investment Schemes domiciled in the United Kingdom and marketed in Spain Collective Investment Schemes domiciled in the European Union, managed by UK management companies, and marketed in Spain Entities operating from the United Kingdom under the freedom to provide services regime UK entities operating through a branch in Spain UK entities operating through an agent in Spain ---------------------- The list of entities shown below is for information purposes only and includes a non- exhaustive list of entities that are no longer authorised to provide services in accordance with this document. To ascertain whether or not an entity is authorised, consult the "Registration files” section of the CNMV website. 1 Article 13(3) of Spanish Royal Decree-Law 38/2020: "The authorisation or registration initially granted by the competent UK authority to the entities referred to in subparagraph 1 will remain valid on a provisional basis, until 30 June 2021, in order to carry on the necessary activities for an orderly termination or transfer of the contracts, concluded prior to 1 January 2021, to entities duly authorised to provide financial services in Spain, under the contractual terms and conditions envisaged”. List of entities and collective investment
    [Show full text]
  • PRESS RELEASE Goetzpartners Advised Penta Exclusively in the Acquisition of Lloyds Pharmacies and a Pharmaceutical Distributor in the Czech Republic
    PRESS RELEASE goetzpartners advised Penta exclusively in the acquisition of Lloyds pharmacies and a pharmaceutical distributor in the Czech Republic Penta Investments, the Central European investment group, has agreed with Celesio AG to acquire its Lloyds pharmacy chain and Gehe wholesale distributor. The purchase price reached EUR 84.5 million. Lloyds operates 55 pharmacies and is the third largest pharmacy chain in the Czech Republic, while Gehe is the fourth biggest wholesale pharmaceutical distributor in the Czech Republic. The transaction is subject to the Czech antitrust authority clearance. goetzpartners acted as exclusive financial advisor to Penta in this transaction. The Lloyds pharmacies will be integrated into Ceska lekarna, a.s, which operates the Dr. Max pharmacy chain on the Czech market. "We are consolidating pharmacies in Central Europe through Dr. Max and its local platforms. The Lloyds pharmacies and an important distributor Gehe have therefore been a very reasonable target for us. We strongly believe that market consolidation in the pharmacy sector significantly contributes to better quality and accessibility of services for patients," said Václav Jirků, Investment Director at Penta. "The integration of Lloyds pharmacies will support our efforts to become the most accessible pharmacy chain in terms of price and location, while the Gehe acquisition is an opportunity to implement our successful Dr. Max business model to the wholesale market. We plan to attract Gehe's independent clients with strategies similar to those we used in the retail market, namely competitive price and services," said Pavel Vajskebr, Dr. Max's CEO. “By this acquisition Penta significantly contributes to strategically improve pharmaceutical distribution in Central Europe, said Dr.
    [Show full text]
  • D6-2 Slovakia
    EU Grant Agreement number: 290529 Project acronym: ANTICORRP Project title: Anti-Corruption Policies Revisited Work Package: WP 6 Media and corruption Title of deliverable: D 6.2 Case studies on corruption involving journalists Case studies on corruption involving journalists: Slovakia Due date of deliverable: 31 August, 2016 Actual submission date: 31 August, 2016 Author: Andrej Školkay (SKAMBA) Contributors: Alena Ištoková, Ľubica Adamcová, Dagmar Kusá, Juraj Filin, Martin Matis, Veronika Džatková, Ivan Kuhn, Gabriela Mezeiová and Silvia Augustínová Organization name of lead beneficiary for this deliverable: UNIPG, UNIVERSITÀ DEGLI STUDI DI PERUGIA Project co-funded by the European Commission within the Seventh Framework Programme Dissemination level PU Public X PP Restricted to other programme participants (including the Commission Services) RE Restricted to a group specified by the consortium (including the Commission Services) Co Confidential, only for members of the consortium (including the Commission Services) This project has been supported also by the Slovak Research and Development Agency DO7RP-0039-11 The information and views set out in this publication are those of the author(s) only and do not reflect any collective opinion of the ANTICORRP consortium, nor do they reflect the official opinion of the European Commission. Neither the European Commission nor any person acting on behalf of the European Commission is responsible for the use which might be made of the following information. 1 CONTENTS 1. Introduction p. 3 2. Case study 1: Can a “Lone Wolf” quasi-investigative journalist substitute p. 9 low functionality of the law enforcing system? 3. Case study 2: “Dangerous liaisons” between politicians and journalists in the context p.
    [Show full text]
  • Payments / Banking
    Financial Technology Sector Summary June 24, 2015 Financial Technology Sector Summary Table of Contents I. GCA Savvian Overview II. Market Summary III. Payments / Banking IV. Securities / Capital Markets / Data & Analytics V. Healthcare / Insurance I. GCA Savvian Overview GCA Savvian Overview Highlights Firm Statistics GCA Savvian Focus . Over 225 professionals today Mergers & Acquisitions Private Capital Markets . Full spectrum of buy-side, sell- Agented private capital raiser Headquarters in San Francisco and Tokyo; offices in New side and strategic advisory York, London, Shanghai, Mumbai, Singapore, and Osaka . Equity and debt capital markets . Public and private company advisory services experience . Provides mergers and acquisitions advisory services, private . Core competency, with important capital & capital markets advisory services, and principal . Strategic early-stage growth relationships among the venture investing companies through industry capital and private equity defining, multi-billion dollar community transactions . Over 550 transactions completed . Publicly traded on the Tokyo Stock Exchange (2174) Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning Bulge Bracket Growth Sector Focus Transaction Expertise . Senior Team with . Growth Company Focus Unparalleled Transaction . Sector Expertise / Domain Experience Knowledge . Highest Quality Client . Private Capital
    [Show full text]
  • Midwest M&A Quarterly Update
    Midwest M&A Quarterly Update Third Quarter 2016 Bridgepoint Merchant Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member FINRA/SIPC. This entity is not affiliated or associated with, authorized or sponsored by Bridgepoint Advisers Limited Third Quarter 2016 Midwest M&A Quarterly Update Bridgepoint Midwest M&A Index Midwest M&A: Low Deal Count, Strong Valuations . Index Summary: The Bridgepoint Midwest M&A Index, a Bridgepoint Midwest M&A Index(a) measure of corporate merger and acquisition activity in the 140 50 Change(%) Yr/Yr U.S. Midwest region, increased by 20.7% in Q3-16 after 120 30 10 having decreased 14.5% in Q2-16. On a year-over-year basis, 100 (10) the index decreased 7.4% from Q3-15. However, on a 80 quarter-to-quarter basis, the index increased to 80.5, up 13.8 Index (30) 60 points from the previous cycle low of 66.7 in Q2-16 (Q3- (50) 40 (70) 06=100). Perspective / Key Drivers: Many companies chose M&A as an essential part of their tool kit to facilitate growth and Yr/Yr Change Index achieve competitive advantage. Technological change and disruption is creating a blur between industries, forcing. Chinese economy and/or the weakness in economic activity in companies to expand their core businesses to accommodate emerging markets. Valuations continue to stay strong, in line change while uneven geographical growth is causing with historical averages figures. companies to stretch across borders to maintain and achieve additional growth.
    [Show full text]
  • The Gorilla Case in Slovakia
    Středoevropské politické studie / Central European Political Studies Review www.journals.muni.cz/cepsr Ročník XX (2018), Číslo 2, s. 182–203 / Volume XX (2018), Issue 2, pp. 182–203 (c) Mezinárodní politologický ústav / International Institute of Political Science DOI: 10.5817/CEPSR.2018.2.182 Partial state capture by a single oligarchic group: The Gorilla Case in Slovakia ANDREJ ŠKOLKAY1 Abstract: The article discusses the Gorilla case, an officially still-contested partial state capture by a single local oligarchic group, in line with the (partial) Elite Cartels corruption pattern in Slovakia. Due to the manner in which evidence, although considered unofficial, was made available, this case illustrates secret political and business processes during partial state capture. The initial absence of the case in public, political, and academic discourses, suggests that state capture can be present and operate undetected for a long time. This study also shows that in-depth analysis of the Gorilla case was avoided by both domestic and international political scientists, despite its paramount practical and theoretical importance. This, in turn, reflects a methodological capture of political science. Consequently, this article disentangles the complexities of the Gorilla case and lays down the foundation for further studies. Specifically, it highlights the need for more careful research, terminological precision in both theory- building and empirical findings on state and media capture based on case studies, as well as re- assessment of the methodology of political sciences used in these research areas. Keywords: Gorilla, Slovakia, Oligarchs, Corruption, State Capture, Intelligence Services, Wiretapping 1. Introduction The Gorilla case2, an alleged grand corruption case, had its importance downplayed by state authorities and the media (the latter in part being unaware of it), until public demonstrations flooded the streets of the capital of Slovakia a few years later.
    [Show full text]
  • Private Equity Newsletter Quarterly Special | Edition 1+2/2021 Dear Friends
    PRIVATE EQUITY Newsletter QUARTERLY SPECIAL | EDITION 1+2/2021 SIGNED DEALS for 2020 and Q1/2021 within the German-speaking region EUROPEAN PE MARKET Interview with Senior Partner Christof Huth and Principal Dr Thorsten Groth as well as digital expert Dr Ulrich Kleipaß MOST RECENT STUDIES by Roland Berger Private Equity Newsletter Quarterly Special | Edition 1+2/2021 Dear Friends, Christof Huth dear Clients, What a start to the year! The first quarter of 2021 has broken almost every record so far. This edition of the Newsletter provides an overview of the tremendous deal flow in the first quarter of 2021 in com- parison to last year and examines various developments influencing the PE market. Additionally, it offers an overview of recent Roland Berger studies. Dr Sascha Haghani The 2020 PE year (197 transactions) saw lower deal activity overall than 2019 (253 transactions), driv- en by declines in the first half of 2020 in particular. In the second half of 2020, there was a quick recovery in PE-related deal-making in German-speaking Europe, which continues into 2021 so far. With 90 deals, Q1 of 2021 not only surpassed the already strong Q3 of 2020 but represents the strongest quarter in the long history of the PE Newsletter. Economically, the dominant topic for 2020 was COVID-19 and its impact on deal-making, on portfo- Sven Kleindienst lio companies and on daily life. By now the PE industry has become used to successfully dealing with COVID-19-related restrictions during deal-making and is focused on companies’ development outlook beyond COVID-19.
    [Show full text]
  • Region Snapshot
    CEE/CISAn Overview of Trends in Select Sectors and Markets July 2008 overage of the Central and Eastern Europe (CEE) and Commonwealth of Indepen- Region Snapshot dent States (CIS) markets often mistakenly conveys homogeneity—a monolithic Central and Eastern Europe (CEE) C“emerging Europe.” This brief covers a range of markets under the rubric of CEE includes: and CIS, however with the acknowledgement that these “regions” remain fragmented, Latvia with a core of large, more mature markets coupled with several smaller developing PE Lithuania markets. Estonia Czech Republic Among the CEE markets, more nuanced treatment in the wake of the first wave of Acces- Hungary sion reflects the reality that “CEE” subsumes several discrete investment environments. Poland Slovakia Poland—with 40% of GDP and population among the Accession countries—has captured Romania the majority of private equity investment to date. However, private equity investors are Bulgaria increasingly finding opportunities in markets throughout the region, with the Baltic coun- Albania Slovenia tries and Southeastern Europe emerging as the next frontiers. Croatia The inclusion of Russia among the BRICs obscures the distincitviness of the Russian pri- Bosnia and Herzegovina Serbia vate equity market, over a decade in the making. While Russia continues to draw the bulk Montenegro of investment within the CIS markets, remarkable economic growth in the markets of Republic of Macedonia Ukraine and Kazakhstan is encouraging investors to broaden their scope within the CIS. Turkey Perceptions about investment risk in CEE and CIS markets have improved. But the no- The Commonwwealth of Independent States (CIS) includes: tion that Accession in the CEE markets translates to uniform harmonization with EU stan- dards is misplaced.
    [Show full text]
  • 1Q 2019 Relationship Management Purpose-Built for Finance Learn More at Affinity.Co
    Co-sponsored by Global League Tables 1Q 2019 Relationship Management Purpose-Built for Finance Learn more at affinity.co IMPROVE ELIMINATE SUPPORT DISCOVER PROPIERTARY CROSSING YOUR NEW EXECUTIVE DEAL FLOW WIRES PORTFOLIO CONNECTIONS Learn why 500+ firms use Affinity's patented technology to leverage their network and increase deal flow “Within weeks of moving “The biggest problems Affinity “Let’s be honest, no one wants to Affinity, we were able to helps me solve are how to to use Salesforce reporting. easily discover and manage track all of my activity and how Affinity isn’t just better for most the 1,000s of entrepreneur to prioritize my time. It makes teams, it’ll make the difference and venture community me a better investor. All of the between managing your relationships already latent things I need to do on a day-to- pipeline to success, versus not within our team." day basis I now do in Affinity.” tracking it at all.” ERIC EMMONS KYLE LUI KEVIN ZHANG Managing Director Partner Principal MassMutual Ventures DCM Ventures Bain Capital Ventures [email protected]@affinity.co AffinityAffinity is a relationship is a relationship intelligence intelligence platform platform built to builtexpand to expandand evolve and theevolve traditional the traditional CRM. AffinityCRM. Affinityinstantly instantly surfaces surfaces all all www.affinity.cowww.affinity.co of yourof team’s your team’sdata to data show to you show who you is bestwho issuited best tosuited make to the make crucial the crucialintroductions introductions you need you to need close to your close next your big next deal. big deal.
    [Show full text]