SECA Yearbook 2017 SECA Yearbook - 2017 SECA Yearbook
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SECA Yearbook 2017 SECA Yearbook - 2017 SECA Yearbook Umschlag.indd 1 24.04.2017 15:36:14 The Swiss Private Equity & Corporate Finance Association (SECA) is the representative body for Switzerland‘s private equity, venture capital and corporate finance industries. SECA has the objective to promote private equity and corporate finance activities in Switzerland. Meanwhile, SECA has a strong base of more than 400 members, which is composed of se- veral investment companies, banks, corporate finance advisors, auditing companies, management consultants, lawyers and private investors. Print run 1200 Publisher SECA – Swiss Private Equity & Corporate Finance Association Conception Maurice Pedergnana ([email protected]) Editor-in-Chief Fabian Kuhn ([email protected]) Support Andrea Villiger ([email protected]) Production Druckerei Odermatt AG, 6383 Dallenwil, Switzerland (www.dod.ch) Pictures www.fotalia.com Umschlag.indd 2 24.04.2017 15:36:14 SECA Yearbook 2017 INSERAT A5 Cross Equity 2 – SECA Yearbook 2017 Inserat.indd 1 10.03.17 12:52 Contents Chapter I Report from the Chairman ........................................................... 5 Chapter II Chapters & Working Groups ..................................................... 15 Chapter III Industry Insights ........................................................................ 33 Chapter IV Events & Education ................................................................... 89 Chapter V Financial Audit & Report ............................................................ 95 Chapter VI Membership Reporting.............................................................. 99 Full Members .......................................................................... 100 Associate Members ................................................................ 251 Individual & Honorary Members ............................................... 295 Young SECA Members ........................................................... 298 Chapter VII Partner Associations ............................................................... 303 Chapter VIII Articles of Association & Model Documentations ..................... 305 Chapter IX SECA membership benefits .................................................... 307 SECA Yearbook 2017 – 3 Report from the Chairman 20 Jahre HOCHSCHULE INSERAT A5 LUZERN Hochschule Wir führen Sie weiter! Als Institut der Hochschule Luzern – Wirtschaft sind wir in der Schweiz das führende Fachhochschul institut im Finanzbereich.Luzern Wir bieten Finanzfachleuten aus Unternehmen sowie Fach und Führungs kräften aus der Finanzbranche Weiterbildungs, Forschungs und Beratungsdienstleistungen an. Auf hohe Qualität legen wir Wert. Als markt orientierte Weiterbildungsinstitution bieten wir Dienstleistungen in einem attraktiven PreisLeistungsVerhältnis an. Unser oberstes Ziel sind zufriedene Kundinnen und Kunden. Master of Advanced Studies Certificate of Advanced Studies – MAS Bank Management – CAS Commodity Professional – MAS Controlling – CAS Digital Banking – MAS Corporate Finance – CAS Financial Investigation – MAS Economic Crime Investigation – CAS Finanz- und Rechnungswesen für Juristen – MAS Immobilienmanagement – CAS Finanzmanagement für Nicht-Finanzfachleute – MAS Pensionskassen Management – CAS Führungskompetenz für Finanzfachleute – MAS Private Banking & Wealth Management – CAS Sustainable Investments – MAS Risk Management – CAS Swiss Certified Treasurer (SCT)® – CAS Tax Compliance Management Diploma of Advanced Studies – DAS Accounting Fachkurse – DAS Bank Management Controlling, Finanzen, Rechnungswesen, – DAS Compliance Management Risk Management, Treasury, Vermögensverwaltung – DAS Controlling – DAS Corporate Finance Summer School/Seminare und Konferenzen – DAS Economic Crime Investigation – DAS Pensionskassen Management Mehr Informationen – DAS Private Banking & Wealth Management www.hslu.ch/ifz-weiterbildung – DAS Risk Management www.hslu.ch/ifz-fachkurse www.hslu.ch/ifz-summerschool T +41 41 757 67 67, [email protected] 6 – SECA Yearbook 2017 Report from the Chairman Private Equity a good tale of how to overcome isolation Dear Members and Readers We are delighted to present the 2017 edition of SECA’s annual yearbook, which docu- ments trends and analyses from the past year and summarizes the recent history of the private equity and venture capital ecosystem in Switzerland. Last year was another exceptional one for fast-growing global private equity investment. Capital committed to traditional funds, co-investments, separate accounts and direct deals hit an all-time annual record of $681 billion, beating the previous high set in 2015 by 9 percent. Private equity looks set for further records this year as new investors enter the asset category and as veterans continue to increase relative allocations. Players need to be flexible and open-minded if they are to successfully negotiate the increasingly complex asset category. Since the very first edition of the yearbook, the ecosystem has evolved and much has changed. One thing that has not changed, however, is SECA’s commitment to bringing accurate and responsible transparency to this powerful economic force called private equity and venture capital. The Swiss ecosystem remains robust, covering a vast range of investment stages, re- gions, and many private equity players. Our message to policymakers and the broader public is that, in a protracted period of low interest rates and investment returns, private equity and venture capital are demon- strating they can provide a much-needed boost to returns for pension funds and insur- ers, who manage assets for millions of savers. And in an environment of low economic growth, our industry is driving economic growth and job creation in companies, in turn helping improve prosperity for millions of workers. In recent years, ever larger numbers of investors, from state pension funds to family of- fices, have come to believe in the virtues of investing some portion of their private equity allocation directly into deals, without the sourcing or management assistance of a third party. In bypassing managers, they avoid fees and can invest larger slugs of capital in one go than would be the case through fund commitments. Meanwhile, rising competi- tion from direct investment will force fund managers to refine fundraising messages and compete more intensely for assets in 2017. This development has put massive upward pressure on transaction multiples across Eu- rope. The average EV/EBITDA multiple on closed transactions stands now at over 10x. Especially, advanced industrials, information technology and materials trade highly be- tween 15-20x making it very risky to deploy fresh money. SECA Yearbook 2017 – 7 Figure 1: European M&A Valuation Multiples 2016 Source: S&P Leveraged Commentary Data, Q3 2016 SECA - Our key Objectives We are the leading Swiss industry association that covers investment activities across multiple private asset classes including private equity, energy, infrastructure, real estate, growth equity, private credit markets and venture capital funds. Our members aim to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation in the assets we manage. We invest our own capital alongside the capital we manage for fund investors and bring debt and equity investment opportunities to oth- ers through the capital markets. The membership base reflects our growing industry (see Figure 2). Figure 2: Growth in “Quality and Quantity” SECA Membership growth over the last 9 years. 8 – SECA Yearbook 2017 The constant industry lobbying by SECA has improved the standing of the private equity industry toward the government and business organizations in recent years. To achieve this goal we focus on five key objectives in the coming year: 1. Representation and Lobbying: Maintain dialogue with key stakeholders to effect changes to policy, tax and regulatory environment. Promote needed institutional re- form and open borders to our largest trade partners. 2. Networking: Provide opportunities to exchange ideas and increase cooperation and deal flow between SECA members. 3. Research and Data Analysis: Conduct and publish research on issues important to the venture capital, M&A and private equity industry, including cooperation with pan- European institutions. 4. Professional Standards and Legal Documentation: Establish and maintain best practice ethical and professional standards and easy to use legal documentation. 5. Education and Training: Enhance the “Young SECA” organisation. Offer training to improve the professional skills and expertise of practitioners and relevant people like pension fund managers. Industry Representation, Lobbying and Regulation It was also a period in which perceptions of private equity and venture capital among key policymakers in Bern shifted decisively for the better. This change is testament to SECA’s continuing efforts in promoting the case for our industry. Policymakers now have a greater understanding of the long-term benefits that private equity, venture capital and infrastructure investment can bring. While a significant volume of legislation remains on the agenda, there has been a marked shift in emphasis from policymakers. There is less focus on curtailing risks and potential excess in financial markets, and a greater priority on measures to improve international competitiveness, and overcome problems related to the strong Swiss