SECA | Swiss Private Equity & Corporate Finance Association
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eNewsletter no. 358 Dear Reader 05 March 2013 Politicians are not absolutely aware to assert the fundamental SECA importance of venture capital to the growth of Swiss and European companies. What European venture capital suffers most from is a Venture Capital problem of perception, one that extols the performance of the US Private Equity – Swiss News industry at the expense of our own. That was my take-home message from last week's SuperReturn 2013 in Berlin. We should Private Equity – Int. News certainly point out the success stories closer to home, and we have Corporate Finance them. Mergers & Acquisitions Have a successful week! Jobs Maurice Pedergnana Agenda Editor Toolbox Print Newsletter Send Newsletter to a Friend Download as PDF SECA SECA Evening Event: KAG-Revision und AIFM-D Mittwoch, 6. März 2013, 17.00 - 20.00 Uhr, Widder Hotel, Zürich Auswirkungen der Neuregelung auf den Private Equity Standort Schweiz Der Bundesrat beschloss kürzlich, dass das revidierte Bundesgesetz über die kollektiven Kapitalanlagen (KAG) samt der ebenfalls revidierten Kollektivanlageverordnung am 1. März 2013 in Kraft treten soll. Vor allem zur Erhaltung des Zugangs zum Europäischen Markt nach der im Juli 2011 in kraftgetretenen EU-Richtlinie über Manager alternativer Investmentfonds (AIFM-D) haben der Bundesrat und das Parlament das Schweizer KAG revidiert. Das revidierte Gesetz sieht unter anderem eine erweiterte Regulierung der Verwaltung und des Vertriebs von kollektiven Kapitalanlagen einschliesslich Private Equity Manager und Private Equity Funds vor. Was sind die wesentlichen Änderungen dieser Revision und welche Auswirkungen haben diese auf den Private Equity Standort Schweiz? Referenten Hannes Glaus, Bratschi Wiederkehr & Buob Dieter Wirth, PwC Hans Markvoort, LGT Capital Partners Flyer Teilnehmerliste weitere Informationen und Anmeldung Forthcoming SECA Events - Save the date SECA Evening Event - KAG-Revision und AIFM-D Wednesday, 6 March 2013, 17.00 - 19.00 Widder Hotel, Zurich SECA Trend Luncheon: South Korea Opportunities Wednesday, 24 April 2013, 10.00 - 15.00 Au Premier, Zurich SECA Annual General Meeting Wednesday, 8 May 2013, 15.30 - 18.00 Widder Hotel, Zurich SECA Private Equity & Corporate Finance Conference Wednesday, 3 July 2013, SIX Convention Point, Zurich Forthcoming Young SECA Event Young SECA & PCU Event - Investor Klaus Hommels Thursday, 18.04.2013, Zunfthaus zur Schneidern, Zurich ...noch wenige Plätze frei Haben Sie sich vorgenommen, im 2013 eine Weiterbildung zu beginnen? Dann nutzen Sie jetzt die Gelegenheit. Es hat noch wenige Plätze frei im: MAS Bank Management MAS Private Banking & Wealth Management Oder planen Sie Ihre Sommerreise mit uns und reservieren Sie sich die Daten der nächsten Studienreise (in Zusammenarbeit mit der SECA): Studienreise Banking & Finance in Indien und China Venture Capital b-to-v Newsletter February 2013: BlackLane expands to Vienna and Zurich; Mobile City's close cooperation with DriveNow, car2go, and Multicity BlackLane, a b-to-v portfolio company, rolled out successfully in Zurich and in Vienna last month. The company is excited about the broad medial echo. BlackLane is now active in twelve cities (Berlin, Hamburg, Munich, Frankfurt, Stuttgart, Nuremberg Cologne, Dusseldorf, Dresden, Leipzig, Bremen, Hannover) and combines over 150 one-man businesses with over 300 cars. For more information please visit: www.blacklane.com. Erfolgreiche Venture Capital Exits in Europa und den USA Eine Studie der British Private Equity and Venture Capital Association (BVCA) kommt zu dem Ergebnis, dass entgegen weitläufiger Meinung in Europa Venture Capital (VC) Exits über Börsengänge ebenso wahrscheinlich sind wie in den USA. Die Analyse der Bestimmungsfaktoren von VC-Exits über Börsengänge (IPOs) oder Weiterverkäufe (Trade Sales) in Europa und den USA zeigt zudem, dass grundlegende Gemeinsamkeiten in beiden regionalen Märkten bestehen. Die Unterschiede der Erfolgsraten in beiden Regionen sind darüber hinaus gering. So liegt die Wahrscheinlichkeit eines IPOs bei europäischen VCs auf demselben Niveau wie in den USA. Bei Trade Sales liegt die Wahrscheinlichkeit in Amerika etwas höher. read more Future of VC? There have been some bright spots for traditional VCs, to be sure: Spark Capital raised its biggest fund yet, and Insight Venture Partners is pursuing a fund of $1.75 billion, according to one report quoted in peHUB. But there is bad news by the bundle for mature venture capital firms. Doughty Hanson is running away from VC to instead focus on its LBO activity; Morgenthaler Ventures is downsizing—not unlike many mainstays on the VC scene, including the once-ambitious Foundation Capital—and this doesn’t take into account the malaise being suffered by so many healthcare, drug and diagnostic-focused VCs. The Impact of Venture Capital on the Persistence of Innovation Activities of Swiss Start-ups In this study of Arvanitis & Stucki, they investigate the impact of early stage venture capital on innovation activities of Swiss start-ups. This is done based on a cohort of start-ups that is representative of all firms founded in Switzerland in 1996/97 as recorded by a census of the Swiss Federal Statistical Office for this period. They analyze not only the impact of early stage venture capital on innovation performance 3 years after firm foundation but also 6 and 9 years after firm start, respectively, for those firms that survived so long and reported continuously innovation activities (persistence of innovation). KOF Working Paper Park it - eine spannende Innovation park it hat Mitte Januar 2013 eine innovative Dienstleistung zur gemeinsamen Nutzung von Parkplätzen lanciert. Parkplatzbesitzer haben die Möglichkeiten ihren Parkplatz immer dann mit park it Usern zu teilen, wenn sie ihn selbst nicht brauchen und verdienen somit stündlich Geld. Dem Parkplatzsuchenden wird die Parkplatzsuche erleichtert, zudem kann er über die App seinen gewünschten Parkplatz buchen, bezahlen und bequem verlängern. Source: Zephyr Read more Private Equity – Swiss News Acquisition by CGS III Backed by the industrial expertise and equity capital of CGS, the German medium-sized enterprises SR-Schindler Maschinen Anlagentechnik GmbH, Regensburg, and Prinzing GmbH Anlagentechnik und Formenbau, Blaubeuren, have merged to form Top?Werk Group under a new holding company that is majority-owned by CGS. The future-oriented creation of Top-Werk Group and the formation of a strategic and financial partnership with CGS will sustainably strengthen the two long-standing companies and will prepare them for further strategic and operational development steps. These acquisitions represent the second and third investments of CGS III. Medienmitteilung Partners Group invests in Softonic, the leading multiplatform software guide Partners Group announces that it has invested in Softonic on behalf of its clients. Softonic is a global multiplatform software guide which allows users to explore, download and manage software applications on multiple devices in more than ten different languages. Through a catalogue of more than 160’000 software titles for desktop and mobile operating systems, the company connects more than 140 million monthly users with a diverse portfolio of software and apps distributors. Christian Unger, Managing Director and responsible for Partners Group’s TMT practice, comments "Softonic is a world market leader in an online segment which we believe will see strong growth in the future driven by an ever increasing demand for software applications on multiple consumer devices." Stephan Seissl, Vice President in Partners Group’s private equity team in Europe, adds "We are looking forward to being an active shareholder and supporting Softonic’s management team in their global growth strategy, which includes the launch of a number of exciting new product and service offerings." Download press release Partners Group recognized as a leader in the private markets industry¹s most comprehensive awards Partners Group has won four awards in the prestigious Private Equity International (PEI) and Private Equity Real Estate (PERE) 2012 awards. The industry’s most comprehensive, these awards recognize leading private markets investors around the world. The awards are totally independent and are based on the votes of thousands of industry participants. As the only firm to be awarded three titles in the PEI awards, Partners Group was named Secondaries Firm of the Year in both Asia and Europe and Mid-Cap Lender of the Year in Europe. In addition, the firm was recognized as Global Multi-Manager of the Year for its private real estate business, which underlines its global integrated approach to investing. Dr. Marcel Erni, Co-founder and Chief Investment Officer, comments, "Based on the solid investment performance we have been able to achieve, we are pleased to see our clients continuing to entrust us with further commitments and are delighted and honored by the support we have received from our clients as well as our industry peers in receiving these awards. We continue to expand our investment platform to capitalize on the current opportunities. Our global team of 625 employees in 15 offices remains dedicated to identifying real value on behalf of our clients and we see a sustained opportunity to generate superior return potential for our clients." Download press release Twintec AG acquires stake in Baumot On 01/03/13 it was announced that Twintec AG has acquired a 25 per cent stake in Baumot AG Schweiz, a Glattpark, Switzerland-based diesel