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Assessing the Potential for EU Investment in Venture Capital and Other Risk Capital Fund of Funds

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Assessing the Potential for EU Investment in Venture Capital and Other Risk Capital Fund of Funds Assessing the Potential for EU Investment in Venture Capital and Other Risk Capital Fund of Funds October 2015 EUROPEAN COMMISSION Directorate-General for Research and Innovation Directorate B — Open Innovation and Open Science Unit B.3 — SMEs, Financial instruments and State Aid Contact: Steve Rogers E-mail: [email protected] [email protected] European Commission B-1049 Brussels EUROPEAN COMMISSION Annexes Directorate-General for Research and Innovation 2016 Access to Risk Finance EUROPE DIRECT is a service to help you find answers to your questions about the European Union Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you) LEGAL NOTICE This document has been prepared for the European Commission however it reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. More information on the European Union is available on the internet (http://europa.eu). Luxembourg: Publications Office of the European Union, 2016. PDF ISBN 978-92-79-55178-9 doi: 10.2777/013568 KI-01-16-168-EN-N © European Union, 2016. Reproduction is authorised provided the source is acknowledged. Table of Contents A. INTERVIEW LIST – COMPLETED INTERVIEWS 5 B. CASE STUDIES 10 C. LITERATURE REVIEW 39 D. COUNTRY FICHES 43 E. PERFORMANCE BENCHMARKING AND MAPPING OF FUND OF FUNDS 44 E.1 Historical performance of private equity, VC and fund of funds 44 E.1.1 Performance data 44 E.1.2 Returns by stage of investment 44 E.1.3 Returns by vintage year 46 E.1.4 Returns over time 46 E.1.5 Returns by geographical base 48 E.1.6 The type of fund (ie FoF or direct fund) 48 E.1.7 Factors influencing the performance of European FoF and VC Funds 49 E.1.8 Conclusions - the performance of European VC Funds 50 E.2 Mapping and benchmarking fund of funds in the EU. 51 E.2.1 Key overall findings – a summary 51 E.2.2 International benchmarking 57 F. BIBLIOGRAPHY 61 1. INTRODUCTION – IMPLEMENTATION ISSUES 71 2. SET-UP ISSUES 73 2.1 Setting up a Funds of Funds 73 2.2 Comparison of fund of funds and alternative mechanisms for attracting private sector investment to VC 73 Strengthening investment in VC through FoF and direct co-investment – review of existing models 73 2.3 Different models for structuring a Fund of Funds 75 2.4 Drivers and inhibitors 78 The EU regulatory framework and legal issues relating to FoF 78 Other relevant national and EU legislation 80 Other relevant EU legislation - the Prospectus Directive and UCITS 80 Other possible barriers to the establishment of a FoF 80 2.5 Investment strategy, targeting and selection criteria for underlying funds 82 Investor views on a pan-European fund of funds 84 Alternative approaches to fund-raising 91 Sources of investors for a FoF (European, international) and investment restrictions 93 3 Optimal size of fund of funds and investment ticket size in underlying funds 95 Minimum and maximum levels of EU investment 99 2.6 Coverage and geographic scope 100 2.7 Fees and carry for fund of funds 102 Management fees of VC Funds 103 Management fees of FoF 104 What level of revenue should a FoF achieve to compensate for the additional layer of fees? 105 Carry and other types of incentives for FoF managers. 107 Optimal level of fees and carried interest 108 2.8 Risk sharing and Pari passu 108 Examples of pari passu models 109 Asymmetric models - introduction 109 Examples of asymmetric fund of funds 110 2.9 Selection procedure for experienced FoF manager: open call for expression of interest 113 3. OPERATIONAL ISSUES 117 3.1 Management and operating model 117 3.2 Fund Duration and Sequencing 118 3.3 Alignment of interest 121 4. EXIT MECHANISMS AND RETURNS 123 4.1 Returns 126 Introduction – measurement techniques for assessing VC performance 126 Data considerations in relation to target returns 127 Target rate of return for investors in FoF 128 4.2 Pari passu vs Asymmetric distribution 130 5. STATE AID AND COMPETITION CONSIDERATIONS 133 4 Appendix A - Interview list A. INTERVIEW LIST – COMPLETED INTERVIEWS Below the full list of interviews that have been completed during the course of the research between January and September 2015 is provided: Name Organisation Country Commission officials - quota 5 – realised: 7 Ulla Hudina DG GROW, EC EU Astrid Bartels DG GROW, EC EU Armando Melone DG GROW, EC EU Jeremy Heath DG GROW, EC EU Viorel Peca DG CONNECT, EC EU Pierre Marro DG CONNECT, EC EU Piero Cesarini DG COMP, EC EU EU level stakeholders - quota 15 – realised: 10 Michael Collins Public Affairs Director, INVEST EUROPE EU Anne Glover Chairwoman, INVEST EUROPE EU Emma Fau Ex INVEST EUROPE BE Stephen Morais EVFIN PT Philippe Gluntz President, Business Angels Europe (BAE) FR Uli Grabenwarter Head Strategic Development – Equity, EIF EU Antigoni Lymperopoulou 2020 working group EL Troy Weeks EBRD EU Michael Parry EBRD EU Patric Gresko EIF EU National / regional authorities /public agencies - quota 10 – realised: 10 Matthew Wicks BIS, UK Ministry UK Ministère de l’Economie, de l’industrie et du FR Marie-Laure Wyss numérique, FR Ministry Laurent Guérin French Treasury FR Thomas Bengtsson Senior Advisor at the Swedish Ministry of Enterprise FI 5 Appendix A - Interview list Name Organisation Country – Venture Capital & Private Equity. Ken Cooper Business Bank SE Will Vizard EIF, counterpart for the UK FTF FoF UK Pat Mchugh Scottish Investment Bank UK Jan Bengtsson Almi Invest (national) DK Göran Lättman Swedish Agency for Economic and Regional Growth SE Jan Dexel Dutch Ministry of Economic Affairs National FoF and Venture Capital funds - quota 20 – realised: 43 Tim Creed ADVEQ Philippe Laquet Arkimedes BE Dirk de Boever Findus BE Preferred to remain anonymous Artemis FoF BE Leo Houtsonen Finnvera FI Jouni Hakala Finnish Industry Investment FI Pertti Valtonen Fund of Funds in Finnish Investment Industry (FII) FI Jan Bengtsson Almi Invest (national) SE Håkan Krook Fundmanager CISF and managing director CIAF SE Anthony Clarke Angel Capital Group UK Kit Hunter Gordon Seraphim Capital UK Christian Motzfeldt Danish Growth Fund DK Jimmy Fussing Nielsen Sunstone DK Sten Verland Sunstone DK Fund Manager STING – Stockholm Innovation and Pär Hedberg SE Growth Marius Prins DVI NL Daniel Latisse BPI France FR Daniel Balmisse BPI France FR Kathryn Mayne Horsley Partners (VC FoF) UK 6 Appendix A - Interview list Name Organisation Country Jean Bourcereau Ventech FR Eleni Kolofotia TANEO EL Giannis Papadopoulos Attica Ventures EL Inga Beiliūnienė INVEGA LT Daniel Kawon Krajowy Fundusz Kapitalowy S.A. (KFK) PL Piotr Gebala Krajowy Fundusz Kapitalowy S.A. (KFK) PL Piotr Ćwik PIF PL Alkis Loizides CY Denis Luquin Sofinnova FR Aris Constantinides NBGI Ventures UK/ EL Paul Ward Pantheon UK Elias Korosis Hermes Environmental Investment Fund UK Luigi Tommasini Fondo Italiano d’Investimento SGR S.p.A: IT Stanislav Sirakov LaunchHub BG Rumen Iliev LaunchHub BG Thomas Meyer LDSPArtners Teresa Bretón FOND-ICO GLOBAL ES Diogo Chalbert Santos Capital Criativo PT José Epifanio da France et Teresa Portugal Venture PT Fernandez Leonor Soto Mayor Sonae Ventures PT Ron Maurer PPI Oost NL Joe Schorge Isomer Capital UK Gabriel Matuschka Prospective VC manager DE Rodrigo Martinez Pointninecap, VC fund ES International FoF -quota 10 – realised: 8 David York Top Tier Capital Partners US George Arnold Knightsbridge Advisors US 7 Appendix A - Interview list Name Organisation Country Randy Mitchell EMPEA US Venture Capital y Mezzanine, Mexican public fund of Sebastian Miralles Mexico funds Alison Nankivell Business Development Bank of Canada CA Karl Reckziegel BDC Capital CA Ian Carew Northleaf Capital (VCAP Canada) CA Jacques Bernier Teralys Capital (VCAP Canada) CA Investors - quota 10 – realised : 13 Anne Glover Amadeus UK Ulrik Spork SporCon Lifescience Advisors DK Pascale Lagarde BPI FR Frank Reize KfW DE Francis Carpenter Ayers Rock (formerly CEO EIF) EU Charly Zwemstra NL Rene Kuijten NL Joost Holleman Prime Ventures NL Luisa Ribeiro Pathena PT Mariusz Grab BGK PL Agnès Nahum Access Capital Partners Philippe Poggioli Access Capital Partners Nicolas Schellenberg Cambridge Associates UK National / international VC associations - quota 8 – realised : 7 Marika Af Enehjelm Finnish Venture Capital Association (FVCA) FR Gregers Kronborg DVCA and Northzone Ventures FI Gorm Boe Petersen DVCA DK Isabella de Feudis SVCA NL AIFI (Associazione Italiana del Private Equity e Alessandra Bechi SE Venture Capital) 8 Appendix A - Interview list Name Organisation Country ASCRI (Asociación Española de Entidades de Capital Javier Ulecia IT Riesgo) Sten Törnbro SVCA ES Others - not in quota – realised: 6 Markku Maula Aalto FI Anna Söderblom Stockholm School of Economics. ES David Sonnek SEB SE Fredrik Bentlinger DE Capital Growth SE Ted Elvhage Stockholm Business Angels (Stoaf AB) SE Alex Gibb SEB Bank Lithuania LT 9 Appendix B - Case studies B. CASE STUDIES The full length case studies are presented in this Annex. It should be noted that the case study research has been used in two ways in the report. First, extracts from the case studies have been integrated into the main report (Section 4) in order to demonstrate practical examples of the set-up and operation of funds and the lessons learned. An overview of the case studies is provided below: Case study titles Purpose of case Case study 1 – the To demonstrate the viability of a privately-led FoF programme using Canadian Federal asymmetric returns. venture capital action The federal-level Venture Capital Action Plan (VCAP) FoF Programme in plan (VCAP) and fund of Canada was set-up in 2013. Its primary objective was to attract the funds programme.
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