SECA Yearbook 2009 C • E • S 630 4 Z U G P O St F Ac H4 G R a Fen Uw Eg SECA 332 1 0

S • E S • E • C • A • C Swiss PrivateEquity &CorporateFinanceAssociation • A 0 9 20 Y e a r b ook CA SE A

• SECA Yearbook 2009 C • E • S 630 4 Z u g P o st f ac h4 G r a fen uw eg SECA 332 1 0

SECA Grafenauweg 10

f r a nkie en Postfach4332 B i tt e CH-6304Zug www.seca.ch S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

SECAYearbook2009 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

I. Report from the President 3

II. SECA, Switzerlandand Private Equity 11

III. Chaptersand Working Groups 27 Reporting Seed Money &VentureCapital 28 Reporting PrivateEquity 60 ReportingCorporateFinance 104 Reporting Legal &Tax 125

IV.Events and TrendLuncheons 141

V. Financial &Audit Report153

VI. Membership Reporting 157 FullMembers 159 AssociateMembers 301 Individual Members 361

VII. Articles of Associations 365

VIII. Model Documentation 369 SwissLimited Partnership 370 TermSheet für BusinessAngels undVentureCapitalists386

IX.Code of Conductfor Private Equity Investments 401

X. Code of Conduct for Corporate FinanceProfessionals 427

XI. National Associations 429

XII. Index of Persons 437

Printrun:2,000examples Publisher: SECA Swiss PrivateEquity&CorporateFinance Association, 6304Zug,Switzerland Conception: MauricePedergnana ([email protected]) Editor-in-chief: Philipp Dialer ([email protected]) Support: AndreaVilliger ([email protected]) Production: Speck Print AG, 6342 Baar, Switzerland (www.speck-print.ch) Picturescredits: www.pixelio.de, www.yotophoto.com

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Reportfrom thePresident

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Report fromthe SECA Chairman

Dear Membersand Readers In 2008, theSECA Board and Management continued its efforts to foster the interests of ourindustryin Switzerland andtocomplete theyear-long process started in 2001totransformSECAfromalooselyorganized club into arespected institution (vom Club zur Institution). Highlights 2008/09were theintroductionof professionallystructured succession planning rulesand processesand the developmentofaSECA Management Handbook. We consider the goalsasset in 2001asessentiallyachieved.

The Swissand our Industrys Environment The climateof2008inPrivate Equityand CorporateFinancewas notanydifferent from the rest of the financial markets, i.e. stronglyinfluenced byastate of uncertainty.Althoughprivate equityfunctionsprimarilybased on equityinvestments, several segmentsofour industryintroduce elements of leverage at the level of portfolio investments. This is particularlytrueinthe buyout field,and one wonders at what conditions these investments will be able to be refinanced eventually wheneven larger,quoted blue chipstockshavenowto offer veryhigh premiums. The question looms on the horizon whether the financial and business models of some of theseinvestments will be viablewhen this occurs. In the venture capitalfield, credit financing is almost non-existent, hence these problems do not occur. VentureCapital is, however, also affected as the institutional injections in thisarea, which had onlymildlyrecovered since2002, have been further depressed recently.Moreover,earlystage investments, which had been stronglysupported bybusiness angelactivityin the last fewyears, havealso weakened and newfunds havenot been established(except in fewcases,e.g. Redalpine). The venture field is still beingperceived in generalashigher risk equity;despite of the fact, that even so called blue chipcompanies haveeither collapsedorseen their share price reduced to asmall fraction of their former value. Further elementsofuncertaintyin the industry,given the currentcrisis, consist in the practice of over-commitment investingoften used byfund-of-funds as well as bythe inherent risk that severallimited partnersmaynot be in apositionor willing to honorfuturecapital calls. However bleak the outlook, several opportunities will present themselves for strong playersinthe form of secondaryinvestments, similarlyas it happenedin the years following2000.

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The greatest concernofSECA and itsmember lies obviouslyin the uncertaintyon howthe current crisis will unfold andwhatpermanent changes it will bring. As a Swissorganization, wemust also be veryconcerned bythe sometimes inaccept- able power playagainst our countrysfinancialcenter byother larger nations and bythe militant and disgraceful tone being used,especiallybysome of our Ger- man neighbours.

SECA Position Paper on Private Equity Thelocustdebate(so-called Heuschreckenplage)started in Germanyin 2006 originated primarilyfrom the erroneous use of the term Private Equity for almost anytransaction involving actionistshareholders has subdued. However, the SECA leadership continued its efforts started in early2007toclearlyposition whatis and what is not Private Equity.The paperdeveloped bytheend of 2007and published for the first timeinthe Yearbook 2008isstill up-to-date and being used also in current communications with the press.

BusinessAngels Integration The integrationofBusiness Angels(BA)inSECA has beensuccessfully achieved in 2008withthe merger of ASBAN Association of Swiss Business AngelsNetworksinto SECA and the election of Florian Schweitzer,founding partner of BrainsToVentures AG, to the Board of SECA at the General Assembly 2008. The integration has led to renewed dynamics in the Chapter SeedMoney& Venture Capital,which, among other things, produced forthe first time in SECA historyreliable grass-roots statistics forthe venture activityin Switzerland. SECAs aim to mirrorthe private equityecosystem and hence provideaseamless platform forthe needs of growth companies from inception through growth to IPO or successful integration in the industrialtissuebyatrade sale, hasbeenachieved byadding this last earlystage financing element.

SwissLimitedPartnership After years of struggle towards thisgoal, the Swiss Limited Partnership (Kom- manditgesellschaftfürkollektiveKapitalanlagen)established in early2007is making firststepswith thesupport of SECAschapter Legal &Tax (Lead: Hannes Glaus). It is noteworthythat thevehicletoabsorbthe UBStoxic asset, initiallyplanned as an offshore vehicle, was subsequentlyimplemented using this Swissstructure! The position of Switzerland as adomicilefor the venturecapital and private equity industrybecomes even more important withthe increasingworldwide competition

5 5 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn with other major and offshore financialcenters. Withtraditional financial segments such as privateand investment banking weakening, strengthening the Swiss privateequityand venturecapital center couldpartiallycompensatethe losses and also stimulate the Swissindustrial tissue and innovation. Attractivefiscal conditions in this area are needed.

Coordinationwithstate authoritiesand other institutions As SECA matures and is being recognized as aSwissinstitution, the need for coordinationand cooperation, formerlywith the SwissFederal BankingCommis- sion (EBK), newlyreorganized into the SwissFinancial Authority(FINMA),the SwissBankers Association (SBVg), and the Swiss Fund Association (SFA) is becoming increasinglyimportant. This work,initiated in connectionwith important initiatives in the area of taxation and regulation issues bytheChapter Legal &Tax was extended bysending aSECArepresentativetothe strategicinitiativeSteue- rungsausschuss Finanzplatz(STAFI)" in the working group Private Equity& Hedge Funds.

SECAStandards: Documentation SECAsfirst step in the area of establishing standards severalyearsago was the creationofaCode of Conductwhichwas declared, as fixed in thearticles of association,binding for all itsmembers. The most recent initiativeinthis field has been the creation byan industry-wideworking group underthe leadershipof Legal and Tax of astandardized TermSheet.This should proveparticularly useful for inexperienced companies, start-ups in particular, who desire to raise equitycapital. We extendour thanks to allcontributors. Further details are available in thisYearbook.

Organizationand Processes Membership of SECA hasgrowntoanewrecord in 2008with291 members. A relativelylarge Board is needed in order to be representativeofthe varying interests of our members as well as havingenough know-howand power. The two-layer principle, withasmaller executivecommittee,enables better governance and faster decision processes byprovidingenoughflexibilityat the tacti- cal/operational level, while unifyingaroundcommongoalsatthe strategic level.A further strongincentivefor the neworganizationwas to havealargerpool of qualified members availablefor asuccession planning process within theBoard.

6 6 YearYearbookbook 2020009

In 2008, theBoardand executivecommittee wereorganized as follows:

Chairman

MassimoS.Lattmann

Communication GeneralSecretary

AndreasThommen MauricePedergnana

Chapter Chapter Chapter Chapter Seed Money&Venture Capital PrivateEquity CorporateFinance Legal&Tax

ChristianWenger RobertoPaganoni Beat Unternährer Hannes Glaus

Ulrich Florian *** Alexander Christophe Leonid Claudio Barbara Rudolf*** Geilinger Schweitzer Krebs Borer Baur Steffenoni Brauchli Tschäni

Members of theBoardofDirectors: Leonid Baur Sal. Oppenheimjr. &Cie. CorporateFinance(Switzerland) AG, Partner Christophe Borer HelarbManagement SA, Senior ExecutiveDirector Barbara Brauchli PricewaterhouseCoopersAG, Partner Dr. Ulrich W. GeilingerHBM PartnersAG, BoardMember Dr.Hannes Glaus *Lustenberger Glaus &Partner Dr.Alexander Krebs Capvis EquityPartners AG, Partner/Chairman Dr. Massimo S. Lattmann ** Venture PartnersAG, Partner /Chairman Dr. RobertoPaganoni *LGT Capital Partners AG, Partner /CEO Florian Schweitzer*** BrainsToVentures AG, Partner ClaudioSteffenoni Bank am Bellevue,Head Corporate Finance AndreasThommen* Hirzel.Neef.Schmid.Konsulenten AG, Partner Dr. Rudolf Tschäni***Lenz&Staehelin, Partner Beat Unternährer *The CorporateFinance Group AG, Partner Dr. ChristianWenger *Wenger &Vieli Rechtsanwälte,Partner

*Members of theExecutiveCommittee ** Chairmanofthe ExecutiveCommittee and of the Board *** Elected at the General Assemblyof May27, 2008

In 2008, theExecutiveCommittee met sixtimes and the full Boardtwotimes.

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In 2008, formalized and documented processes for succession planningwere introduced. Thisprovides thefoundation, while execution will represent continu- ousworkinprogress.

SECA ManagementHandbook (Führungshandbuch) In our questtoestablish SECA as asustainable institution care was given to introduce an adequate level of formalism and documentation. The efforts of the last years arebeing consolidatedinahandbook which has been developed in the course of 2008and will be handed over shortlyto allcurrent Board members. Together withadequate succession planning this handbook should ensureconti- nuitywithinSECA.

General Secretary In 2001, shortlyafter myappointment as Chairman, wewerefortunateenough to secureadynamic andcosteffectivegeneral secretaryat IFZ in Zug (which is part of the Lucerne Universityof Applied Sciences and Arts), primarilythanks to the involvementofour currentGeneral Secretary,Prof. Dr.Maurice Pedergnana. As in previous years this solution hasprovided SECA also in 2008with an excellent administrativesupportfor its members and the board. Otherkeyindividuals involved were Philipp Dialer (Project &Event Manager), Nadine Brun (Event Manager) and Andrea Villiger (Administration). The substantial work carried out was compensatedbyan administration fee of CHF 171600 (incl. VAT).

General Assembly2008 Themeeting was held on May27, 2008. Apart from the statutorymatters, the members votedonthe revisionofthe bylawstomodifythe membership fees.All items were approved unanimously.The bylawsare included in the sections VII. in thisyearbook. Furthermore,newboard memberswere elected: Florian Schweitzer, partner at BrainsToVentures AG, for the chapter Seed Money&VentureCapital and Dr. Rudolf Tschäni, partner at Lenz&Staehelin, forthe thechapter Legal &Tax.

Events Several events wereorganized 2008both in the formofevening roundtablesand of SECA luncheons (for details pleaserefer to the sectionIV). The process established to launch eventssincethe introduction of the neworganization is that it is the prerogativeofeachchapter to sponsor/organizeaspecifictheme once a year but theproposal needsthe approval of the executivecommittee. Organiza-

8 8 YearYearbookbook 2020009 tion supportand execution is undertaken bytheSecretaryGeneralsadministra- tiveteam. On December 9, 2008, the yearlySwissPrivate EquityConference was held.The positivefeedbacks haveencouragedSECAtorepeat thiseventonDecember 9, 2009.

Cooperation with EVCA, NVCA and EBAN SECA has had atraditionofhaving some of its members contribute to these entities. Since June 2007, Dr. Christian Wenger is amember of the EVCA Board. Other SECA members areengaged in EVCA committees. Further liaison workwiththe NVCA is undertaken byourGeneral Secretary MauricePedergnana, especiallyin the fieldofcoordination and statistics (PEREP analytics). SECA is also member of EBAN, the European Business Angel Net- work.

Apersonal farewell Time flies.In2001, afterseveral years in the SECA Board, Iaccepted to become its Chairman. Ourstill young industrywas in astate of chaos and SECA activities had collapsed.Iaccepted under the premisethat SECAscharter from nowon would be to become asustainable institutionrepresentativeofthe Swissventure capitaland privateequityecosystem.

It has taken afewmore years than originallyplanned, but Ifeel that the essentials of the goal havebeen achieved. It is henceagood time for me to step back and make place foryoungerprofessionals,and shall hencenot applyfor re-election at the nextGeneral Assembly.Ishall obviouslyremain tied to SECA and support it to the best of myabilities also in the future.

Whatwehaveachieved wouldnot havebeenpossible had Inot had thefortune of being supported bymycolleagues in the Boardand byour General Secretary,all of which havebecome goodfriends. Theydeservemypersonal thanks as well as the one from all SECA members.

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Dr.Massimo S. Lattmann SECA Chairman

SECA Grafenauweg 10 Postfach 4332 6304Zug

Chairman, Venture Partners AG Bodmerstrasse7 Postfach 2166 8027 Zürich [email protected] +41 44 2065081

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SECA, Switzerlandand PrivateEquity

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SECA and Private EquityinSwitzerland

There is no doubtthat the global economic system in 2009has adramatic impact on the private equitybusiness. In this annual report, Iwontmentionatlengththe effortsofour team. We produced morethan 40e-newsletters, organized adozen events,established amanagement guide for our members of the board, pursued manyinquiriesand performed professionallywithanotorious shortageofre- sources. Over the past year, weexercised our effortsonawide range of activities. It was astrenuous year,but wealso had some fun, andwefeltour workwas appreciatedbyour members.

From thepoint of viewof theSecretaryGeneral manypeople contributed to our resultswith their great efforts and sustained engagement: Andrea Villiger (head of the administrational team, responsiblealso for contacts withEVCA&PEREP), Philipp Dialer (events andmemberscontacts), Nadine Brun (eventmanagement after summer break) and others. Theyhelpustoprovidethe vital maximum of services to our members, including the efforts to establishmore statistics.

Everybodywill agree with me that 2008was averyinteresting year.Here Ilike to recall some of the manyhighlights:

Private Equity in Switzerland: Highlights2008 We didntspend anytime to estimate the newfundraising in Switzerland but focussed on theinvestment activities: � Swiss investments reached CHF1.6 billion in 2008, ~50%thereof in buyout transactions � Twoindustries,Life Sciences and Business/Industrial Products accounted for ~50%ofdeal value � Follow-on investments accounted for ~40%ofknownamount, expected to increase share in 2009 � One third of Swissinvestments remainsdomestic, only~10%leaveEurope � For 2008, investmentsofSwissorigin (domestic&foreigninvestments) of CHF 1.6 billion in 164 companies were reported � Example: Buyout of KoenigVerbindungstechnikbyCapvis and Hg Capital (the largesttransaction in 2008with aclosing before the financialmarketsbiggest difficulties) � Alot of small seed &start-up financing(theystillneed finance, even when the economic cycle hasturned)

4 12 YearYearbookbook 2020009

1'619 164 100% Buyout 25 80% Buyout Growth16 843 LaterStage 60% Venture 41

40% Growth 398 Seed/Startup 20% LaterStage Venture 82 220 Seed/Startup 158 0% Deal volume Number of (m CHF) companies

Figure 1: Swissprivate equityinvestments bystage in 2008. Note: Growth incl. rescue/turnaround financing, buyout incl. replacement capital. Source: EVCA/PEREP_Analytics, SECA.

Buyouts: Share of secondarybuyouts has increased over the last years In thebuyout sector,wecouldsee some investmenttrends in themostrecent years (2005-2008): � More Secondaries (inneed of patient and supportiveowners) � Less Corporate Transactions.

Public 1 Public 2 Tertiary 1T142 ertiary1 70 100% 90% Secondary 26 Secondary 80% 20 70% Private 60% 53 50% Private 28 40% 30% Corporate 20% 61 Corporate 10% 19 0% 1997-20082005-2008

Figure 2: Swissbuyoutsbytypeofseller. Source: Sal. Oppenheimjr. Corporate Finance(Switzerland) AG,SECA.

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Buyouts: Mid-market(~60%ofdealvolume)playing dominant role The Swissmarketischaracterized bythe predominance of the mid-market segment, going along with reasonablypriced transactionsand fair calculated leverages: � Switzerland almost never hasabig deal � The mid-marketsegment is typical for Swissbuyout transactions; thesmall marketdoesntplayan essential role in the economy � Trend to more smalland mid-marketbuyouts

1'619 164 100% Small13%

80% Buyout 843 60% Mid-market 59%

40% Growth 398

20% LaterStage Large Venture220 28% Seed/Startup 158 0% Deal volume Buyouts bysize (m CHF)

Figure 3: Swissprivate equityinvestmentsbuyoutbysizein2008. Note: Growth incl. rescue/turnaround financing, buyout incl. replacement capital. Source: EVCA/PEREP_Analytics, SECA.

Buyouts: Noneofthe 2008 transactions entered into the Swiss Top10 deals Year NameAcquirer Value (m EUR) 2007Selecta Management AllianzCapitalPartners 1,129 1997 Geberit DoughtyHanson1,104 2000 Vantico Morgan Grenfell, AbbeyNational 1,022 2002Gate Gourmet Texas Pacific Group 687 2002Hirslanden BC Partners 630 2005Jet Aviation Permira est. 569 1997 CharlesVögele Permira 530 2006NybronFlooringInternationalVestar CapitalPartners est. 500 2006EurotaxGlasssGroupCandover 480 2002SRTechnics 3i, Gartmore, Star Capital 425 Table 1: Swiss Top 10deals byvalue. Source: Sal. Oppenheimjr. Corporate Finance(Switzerland) AG,SECA.

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Life Sciences and Business/Industrial Products accounted for~50% of deal value In 2008, investments in life sciences seem to grab investorsinterest. Lifesci- enceswere the most importantindustrial sector with investmentsofCHF 512 million in 53 companies, followed bybusiness and industrialproductswith16 deals(CHF353 million).

1'619164 100% Other192 Other 29 Cons.goods/retail153 80% Cons.goods/retail12 Communications 193 Communications Computer/Cons. 29 60% electronics 217 Computer/Cons. Business and electronics 25 industrialproducts 40% Business andindustrial 353 products 16

20% Life sciences Life sciences 512 53 0% Deal volume Number of (m CHF) companies

Figure 4: Swissprivate equityinvestments byindustryin 2008. Note: Others include chemicals andmaterials, consumer goods andretail,transportation, construction and energyandenvironment. Source: EVCA/PEREP_Analytics,SECA.

Follow-ons accounted for~40%ofknownamount, expected to increase in 2009 More mature businesses accounted for the largest amount of capital allocation: � In 2008, follow-oninvestments represented ~40%ofthe knownamount invested � Share expected to increase during 2009due to expectedneed for refinancing in existing portfolio companies, since access to (bank) creditfacilities dried up for manymarket players � 2009: adifficult, tough environment forinitial investments, but outstanding ventures are continuing to contributetostrengthen theSwisscorporate land- scape(bytheway,business angelactivities are not included in these statistics).

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1'619164 100% Unknown Unknown 25 80% 413 Follow-on Follow-on investment 60% investment 63 514 40%

Initialinvestment Initialinvestment 20% 693 76

0% Deal volume Number of (m CHF) companies

Figure 5: Swissprivateequityinvestments bytype in 2008. Source: EVCA/PEREP_Analytics, SECA.

Onethird of Swiss investments remains domestic, only ~10%leave Europe In 2008, one third of the investment value remained within Switzerland, only~10% were invested outofEurope.The picturewould be differentifwehad included corporateventure capitalistssuch as Novartis and Roche (their investments leave typicallynotjustSwitzerland, but also Europe).

1'619 164 100% Non-European countries 177 Non-European countries32 80%

OtherEuropean OtherEuropean 60% countries countries 891 72 40%

20% Domestic Domestic 551 60 0% Deal volume Number of (m CHF) companies

Figure 6: Swissprivate equityinvestmentsbydestinationin2008. Source: EVCA/PEREP_Analytics, SECA.

8 16 YearYearbookbook 2020009

More than 50% of all investments were syndicated In 2008, almost twothirds of the amount financedwas syndicated,representing more than half of the deals. Transactions withsyndications weretypicallylarger. It remainsunclear howthe economic scenarios impactthese activitylevels in the up-coming years.

1'619 164 100%

80% Syndication Syndication 87 60% 1'057

40% No Syndication 20% No Syndication 77 563 0% Deal volume Number of (m CHF) companies

Figure 7: Private equityinvestments in Switzerlandin2008(Syndication). Source: EVCA/PEREP_Analytics,SECA.

SECA VentureStatistics We haveused different sources for our statistics: CTI,EVCA/PEREP analysis, information bySal. Oppenheim jr.Corporate Finance (Switzerland) AG, Bureau van Dijk, our SECA e-newsletter. We aregrateful to and thank all our contributors. We havesomenotorious non-participants, however, and wetherefore estimate that the real number of venture rounds is probablybetween 20and 40percent higher than ourfigures show.The overall volume could be 10up to 20percent higher.There is no doubt that anewperiod of transparencyin the Swiss venture capital &private equityindustryhas started, butweare stillreluctant to over- interpret short-term trends.

The following graphsinclude some statistical informationfromlarger investments in the Swissventure industry.The entire sectormeets hugechallenges.

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Maurice Pedergnana General Secretary,Ph. D.

SECA Grafenauweg 10 Postfach 4332 6304Zug [email protected]

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Venture Finanzierungen in der Schweiz 1999 2008

DieAnzahlErst-Finanzierungen im Jahr 2008ist tief und dürfte im laufenden Jahr noch tiefer fallen. In den letztenJahren waren stetsetwa10Transaktionenp.a. zu beobachten, deren Volumen mehr als CHF 10Millionenbetragen hat.Dabei kann es sich um Erst- und um Folge-Finanzierungen handeln.

1'400 140 131 119 F) 1'200 120 CH n 1'383 (m 1'000 88 100 83 unge en 800 80 64 55 nan z ier v olum 600 50 60 Fi

gs 45

un 544 400 513 32 40 29 z ahl 435 501 An n z ier 328 338 335 200 11 298 20 na 25 10 10 245 Fi 6 19 17 17 9 0 8 0 1999 200020012002200320042005200620072008

Finanzierungsvolumen AnzahlFinanzierungen Finanzierungen>CHF 10m

Figure 8: VentureFinanzierungen in der Schweiz1999 2008. Source: SECA.

DasSpitzenergebnis ausdem Jahr 2000 dürfte fürlange Zeit unerreichtbleiben. Betrachtet man das Verhältniszwischen Erst-und Folge-Finanzierungen, wird deutlich, dass der Grossteil der Gelder in Folge-Finanzierungen hineinfliesst.

1'400 70 63 F) 1'200 60 CH n

(m 1'000 803 50

41 unge

en 39 800 40 nan z ier v olum 600 30 Fi gs

un 400 371 15 16 20 396 394 z ahl

580 9 An n z ier 307 307 200 210 14 276 400 10 na 160 10 10 9 Fi 118 148 32 142 22 101 0 41 27 85 0 1999 2000 20012002200320042005200620072008

Erst-Finanzierungen Folge-Finanzierungen Anzahl Erst-Finanzierungen*

Figure 9: Erst- undFolge-Finanzierungen in derSchweiz19992008. Source: SECA.

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Ausder nachfolgenden Grafik 10geht dieDominanzder Branche Biotech & Healthcarehervor. Sie istzwar nicht mehr ganzso deutlich wie nochvor wenigen Jahren,übt aber immer noch diegrössteAnziehungskraft unter allen Sektoren aus. Alle anderen Sektoren ziehen im VentureCapital-Segment wenigEquityan. Bei den Buyoutssieht dies wiederum anders aus, wie wir vorhin gesehen haben. Bei den Investmentkategorien ergeben sich im Zeitablauf keine überraschenden Erkenntnisse: Die grössten Investorensinddie Venture Funds, dieimmer noch über die grössteAnziehungsattraktivitätunter allen Finanzierungsvarianten verfügen.

1'400

1'200 243 ) 1'000 CHF 460

(m 800

600 onen ti

ti 79 400 91 95 v es 645

In 318 212 125 74 50 200 234 372 345 27 253 243 135 192 192 167 0 75 1999 2000 20012002200320042005200620072008

Biotech&Healthcare IT &Telecom Business/Consumer Other

Figure 10: VentureFinanzierungen Schweiz19992008/NachSektoren. Note: Da v.a. grössere Finanzierungen erfasst sind, resultiertein Übergewicht von Biotech &Healthcare). Source: SECA.

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Innovation: Switzerland scoresheavily

International studies rate Switzerland highly in termsofcompetitiveness and innovation. This country ranks second in both the WEF2008/09 Global Competi- tiveness Reportand the EuropeanInnovation Scorecard.Thesegood results aredue to acombination of afavourable business environment andeffective R&D collaboration between businesses, research institutes andthe universities.

In most comparisonsofthe economic competitiveness and location attractiveness of acountry,the issue of itsabilityto nurture and sustain innovation is among the top factors.When choosingalocation, bothbusinessesand individual talent favour places that givethem access to newtechnology,knowledge,and business opportunities. In recent years, Switzerland has consistentlyachieved aremarkable position in terms of economic competitiveness and innovation. Forthis reason, Switzerland has also been one of the favourite locations for global companies to establish their headquarters,centres of excellence and research and development facilities.

Some of the basic strengthsofthe Swiss system includerobustindustry,agood public infrastructureand macroeconomicbalance, favourableconditions in terms of labour laws, working time, companylawsand intellectual propertyprotection, and its culture of innovation.Switzerland is also recognised as an international research hub. It is, for instance, home to twohighlyrespected centres of research, the European Organization for Nuclear Research (CERN) and the European laboratoryof US high-tech companyIBM.

Education andthe universities:capitalisingonthe strengths Onekeycomponent of Swiss innovation is the education system and the political status it enjoys. Boththe confederation and the cantons havesignificant funds for higher education and academic research. In the latestacademic ranking of worlduniversitiespublished bythe Shanghai JiaoTongUniversity,the Swiss Federal Institute of Technology(ETH) in Zurich is ranked 24th andthe Universityof Zurich is ranked 53rd in theworld. The ETH Zurich ranks4th amongEuropean universities.All in all, 6Swiss universities are placed among the top 200 universities in the world and thetop 80in Europe. The latest OECDreviewof innovation policyconcludes that Switzerlandsresearch infrastructureisofhigh qualityand that, overall, education in Switzerland is satisfactoryat alllevels. According to the report, Switzerlandsstrong application oriented professional education provides afoundation forthe sustainable devel-

4 21 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009 opment of the countrysinnovativeefforts.Inthe WEF Global Competitiveness Report 2008/09,Switzerland is ranked secondinthe world in terms of the quality of its scientific research institutions. Switzerland also has verystrongbasic research capacity,which is onlypartlyfundedbythe public sector. An important indicator of Switzerlandsinnovativestrength is thefact that Switzer- land has, in proportiontopopulation, the highest number of patent applications at the European Patent Office, as wellaswithin the triad European Patent Office, US Patent &Trademark Office and Japanese Patent Office.This countryalso leads theworld withregard to thenumber of patents per million spentonresearch. And if you consider the number of articles published perone million inhabitants, Switzerland, together with Finland, is currentlyat the top of aworldwidecompari- son. Switzerland alsoboasts an impressivenumber of Nobel Prizewinnersfor a countryof its size. Swissscientists havereceived 17 NobelPrizes; 27 if dual nationals and naturalised foreignersare also counted.

Research and development: extending the lead An important strengthofthe Swissuniversitysystem is its international outlook, reflected in the largenumber of foreign studentsand professorsatSwissuniversi- ties. Sixtyper cent of professors at theETH, for example, havebeen recruited from abroad.Inthe 2007IMD WorldCompetitiveness rankings, Switzerland ranks second in terms of itsattractivenesstohighlyskilled workers from abroad, which places thiscountryin an advantageous position in the war for talent. In the same study,Switzerlandranks first in terms of university-industryresearch collaboration. An example of the strong networking link is ETH Transfer, ETH Zurichstechnologytransfer agency.ETH Transfersupports the ETH community in all matters relating to cooperation with industry,inventions, and patent applications and licensing, as well as with setting up spin-off companies.Anexample of a successful ETHZurich spin-off is Flisom, the first Swisscompanyto be elected TechnologyPioneer bythe WEF in 2007. Accordingtothe OECD reviewof Switzerlandsinnovation policy,Switzerlands spending on research and development as apercentage of GDP is, with avalue of 2.9per cent, amongst thehighest of OECD nations. Publicfunding of R&D, however,isaveragebyinternational standards at about 0.65per cent of GDP. There is ahigh degree of consensus among the Swiss government, economyand population thateducation, research and innovation (ERI) areofgreat importance to the countryin strategic terms.Consequently,inrecent yearsresources for ERT havebeen significantlyincreased to more than CHF 20billion for the 2008-11 credit period.

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Privatesector investment in R&Disjustasimpressive. In theGlobalCompeti- tiveness Report 2008/09,Switzerland is ranked firstinterms of companyspend- ing on R&D. The Swiss Federal Statistical Officestates that 70per cent of R&D in Switzerlandisundertaken in the private sector. Thelionsshareofthisexpendi- ture stemsfromthe chemical/pharmaceutical andmachine industries. Twenty-six Swissnames figureamongthe 1000 companiesthat investthe most in R&D worldwide.

Note: Switzerlandranks among the verytop nations in termsofinnovation andcompetitiveness. Source: The Global Competitiveness Report 2008-2009 © ,2008, World EconomicForum.

Knowledge clusters: intensifying dialogue Foreign companies that locate their headquartersand other knowledge-intensive activities such as R&DinSwitzerlandfind strong knowledge-basedclusters. Theseclusters typicallyconsist of other companies, research institutionsand universities.Knowledge-based clustersare important because theyhelp organisations keep their R&D staff up to speed with technologicaldevelopments bypartici- pating in researchnetworks, hiring newtalent, attending conferences, meeting informallyand so forth. Three examples illustrate howthese clusters work:

6 23 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

� Switzerland hasanoutstanding recordincertainfields of life sciences, includ- ingmedicine, genetics, diagnostics andpharmaceutical research. There are strong clusters such as BioValley,BioAlps and the greater Zurich area that provide global firms located here with access to partner firms, university-based research and talent.Theseclusterssupport more than 720biotechnologyand life sciences companies.

� Another knowledge cluster has emergedthanks to the strongpresence of financial services,connectingsmall andlarge companies in bank-for-bank services and open-architectureproducts. This cluster is alsobacked byastrong supplier network, including specialist softwarefirms.

� Swissuniversities collaboratewith smalland large companies to develop alternativeand moreefficient energytechnologies. ETH Zurich currentlyhas several research programmesinprogress exploringnewtechnology,which are expectedtolead to innovationsthat will be beneficial to the industry.

The first reason for the success of these three clustersisthe exceptional open- ness of businesses, researchinstitutes and universities to collaboration for mutual benefit. Over the years these clusters havedeveloped, the physical collocationof executives, entrepreneursand researchers has helped create high levelsof mutual trust and understanding that areunique in the world.Thistrust is alubri- cant thatfacilitates effectiveinnovation. More frequent communication betwe en the education, researchand industrysectorsalso fostersthe development of educationalprogrammesadapted to thecurrent and future needs of employers. Another reason for the success of these clustersisthat Swiss domesticcustom- ers,bothprivateand institutional, areknownfor being highlydemanding when it comes to product and servicequality.Confronted with demanding customers, companies quicklylearn to meet needsthrough innovation. Thethird and possiblythemost important reasonfor the success of these clusters is that foreigntalent considersSwitzerland to be one of the most attractiveplaces to settle.

Service sector: recognising drivers of innovation The servicesector accountsfor 73 per cent of GNP in Switzerland, and is cur- rentlythe main source of economic growth. Astriking80per cent of newlycreated jobs areinservices. This sector playsakeyrole in innovation, and one major source of this innovation is effortstoboost customersatisfaction. Naturallythis trend is slowinginthe current environment.All things considered, however, in the

7 24 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 long termthe servicesectorwill remainverysignificant. In the 1990s, innovation was about technologyand controlling qualityand costs. Nowadaysitisabout more than just newproducts,also encompassing theabilityto transform new ideas into projects, find newapplications and combine existing solutions. The Oslo Manualrecentlybroadened the definitionofinnovation from technological productand process innovationtoincludeorganisational and marketing innovation. Manyleading companiesinnon-servicesectorsfocus on thenumberofproducts in their product portfolio which havebeen newlylaunched (within the last five years), and consider apercentage of up to 40per centormore as being strategi- callycrucial. Theservice sector is ahead in terms of developing and applying new communication tools, which is acrucial element in aworld of rapidlychanging knowledge. The non-servicesectors are ahead of servicefirmswhenitcomes to structuring the innovation process. Innovationdoesnot usuallyhappen byitself, but it is the result of averydeliberate effort. What is changing todayis the waythese results areachieved. And this is wherethe lessons of the services sector come intoplay. Exchanging, sharing and collaborating are thekeystosuccess in this industry, which resultsinmuch less protectionism on the part of companies. Multinational corporations, like service firms, can benefiteven more from these trends. Sin ce theyhaveglobal reach,theycan captureideas and engage brains around the world. Diversityis akeydriver of innovation: amore diverse workforcelocated in more than one countryallowsyou to look at thingsfromdifferent perspectives.Likewise, smaller companiescan onlycompete if theyembed themselves in an ecosystem and build anetwork enterprise beyond their ownorganisation. Diversitytoo, specificallyin terms of language and culture, is the main source of Switzerlands attractiveness as asite forinnovation, and is astrengththis countryshould endeavour to exploit going forward.

Summary TheSwiss economyis afertile ground for innovation. Thisisthe conclusion of numerous studiesoncompetitiveness and innovation. Switzerland has beenvery successful whenitcomes to establishingknowledge clusters,withbusinesses, research institutes and universitiesdisplaying an outstanding degreeofopenness to collaboration.Itisachallenge for us alltoexploit and build on thisoutstanding position.

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Prof. Dr. Georg von KroghETH Zurich ChairofStrategic Management and Innovation Kreuzplatz5 8032 Zürich [email protected]

Dr. Markus R. Neuhaus PricewaterhouseCoopers AG CEO Birchstrasse 160 8050Zurich [email protected]

Thisarticlewas first published in the ceo Magazin byPricewaterhouseCoopers.

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Chapters and Working Groups

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Reporting Seed Money&Venture Capital

CTI Invest 2009 2009was again averybusyand interesting year for CTI Invest. The numberofthe newinvestormembersjoining our platformincreased to almost 70in 2008(see table 1for afull list).

SwissInstitutionalsForeign Institutionals Business Angels

AargauischeKantonalbankAtlas Venture Gero Bauknecht AffentrangerAssociatesBanexiVenture Partners NicolasBerg aventic partners Baytech Venture Philip Bodmer BiomedInvestCreathorVenture Pierre Comte BV Group DoughtyHansonGuide Fischler Constellation SchweizDpixel Jürg Meier(Honorarymember) CoreCapital DraperInvestment Niklas Oestberg DEFI Gestion Earlybird PeterOhnemus EclosionEmertecGregoryP. Priddy EPS ValuePlusAGGoBeyond Ltd. Peter Schmid ErfindungsVerwertungAGImprimaturCapital Herbert Steinbach Fongit Seed Invest SA I-SourceGestion MarkusSteinbach Gebert RüfStiftung NBGI Ventures Lucian Wagner Invision PrivateEquityAG OCASVentures Michael Watts JadeInvest SA Saab Venture Christian Wenger Logitech Europe SA SHS NewValue Sofinnova NovartisVenture Fund Swarraton Partners PartnersGroup Target Partners Polytech Ventures TVM Capital Redalpine VenturePartners Wellington STI Stiftung Swisscom TechnoparkLuzern Business Angel Clubs Tschudin+Heid Business Angels Schweiz(BAS) VentureIncubator Start Angels Network Vinci Capital ZürcherKantonalbank Table 1: Member list as endofApril 2009.

In 2008the number of Swisshigh tech companies that werepresentedatthe four SwissVenture Daysatthe SIX Swiss Exchange in Zurich increased by5compa- nies to reach atotalof28. All the companypitches weremadeavailableonour webpage through ourvideo podcasting.StartinginDecember 2008the podcasts are being taken liveatthe events. The qualityof the podcasts couldbeimproved and allinvestors gettosee the same companypitch!

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Most of the presented investmentcases whereagainout of theSwisscoaching program CTIStart-upand almost threequartersofthemwerespin-offs fromETH Zurich or EPF Lausanne.

In 2008onlyoneVentureDaysofSwissTechnologywas organized in Munich (July2008), were 11 Swiss high tech companieswere introduced to international investors. Theresulting financing volume regarding the presented companiesatour several events reachedapproximatelyacumulated volume of CHF 220million since 2003 (estimatedbyCTIInvest).

An overviewof the achievements is given here: � almost 70Investor members � 29 Venture Days(23 in Switzerland, 6abroad) � 5CEO Days(alwaysmore than 200 participants) � >150Swiss High Tech companies presented � >60Video Podcast of companies (started in mid 2006) � ½got financed (bymembers and/or thirdparties) � approx.CHF 220million financing volume (since2003, until end 2008) � 35 %BLS, 42 %ICT, 8%Micro/Nano, 15 %Interdisciplinary

The most important networking event of CTI Invest, the fifth CEODay,attracted again more than 230participants, mainlyCEOs of Swiss high tech start-ups. The best practiceworkshops offered byour members and sponsors, the presentation of the success storyof Speedelbythefounder Dr. AliceHuxleywere highly appreciated.

Moreover, bytheend of 2008, the first Swiss Venture Guide 2009, was presented to the public. This jointeffort with the Innovation Promotion AgencyCTIpresents the followingcontent to futureentrepreneurs,investors,politicians and general public: 19 SwissSupport organizations, 10Companies On theWayto Success, 39 Investor Profiles and an overviewof all relevant SwissBusinessplan competi- tions.

At theannual general assembly(March 2009) the existing CTI Invest board, with Dr.Christian Wenger as chairman, was joined bythe followingpersonality: � Dr. Martin Bopp, Head of CTI Start-up, Innovation Promotion AgencyCTI

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Besides theannual membershipfee of the investormembers,CTI Invest is benefiting fromthe sponsoring of well knownSwiss institutions andcompanies. Due to the effortsand services presented to investors and sponsors, the following pleasant development can be noted (see table 2for an overview):

PremiumPartners

Gold-Sponsors

Silver-Sponsors

Table 2: CTIInvestsponsors.

� The Innovation Promotion AgencyCTI of Switzerland is buying services from CTI Invest to support the Swiss high tech companies followingthe CTI Start-up coaching program and is ourmost important partner � GebertRüfStiftung became aPremium Partner

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� Zürcher Kantonalbank upgraded to Premium Partner � As Silver Sponsors joined Acceleris/SUN, Empa, W.A.deVigier Foundation, ZühlkeEngineering

Moreover in fall2009the concept of Donators was introduced. Companies that presented at CTIInvestmatchmaking events and thereafter successfullycloseda financing round can become aDonator.Sofar thefollowingcompanies have donated: Axsionics, Doodle, Glycovaxyn,Primequal, Sensimed.

In addition, the webpageofCTI Investhas become anewlook and the logo also changed. To close, together with SECA and the Innovation Promotion AgencyCTI awork- shop for Business Angels was organized at the Hotel Widder in Zurich in Novem- ber 2008. There the templatefor astandard termsheet was presented to over 100 participants.

We arelooking forward to thenextchallenging year (for all remaining events see table 3).

Matchmaking Events WhereDate 25th SwissVenture DaySIX Swiss Exchange Zurich 3.6.2009 5 th Venture Dayof Swiss TechnologyLiteraturhaus Munich 17.7.2009 26th Swiss Venture DaySIX Swiss Exchange Zurich 2.9.2009 27th Swiss Venture Day SIX Swiss Exchange Zurich 9.12.2009

NetworkingEvents WhereDate 6 th Investor Lunch CTI Invest Office 30.6.2009 7 th Investor Lunch CTI Invest Office 25.8.2009 6 th CEO DayBEA Bern 9.9.2009 8 th Investor Lunch CTI Invest Office 3.11.2009 Table 3: Events 2009

Dr. ChristianWenger Wenger &Vieli Rechtsanwälte Chairman CTI Invest Dufourstrasse56 Postfach 1285 8034 Zurich [email protected]

Jean-PierreVuilleumier CTIInvest Managing Director CTI Invest Seehofstrasse6 8008Zurich [email protected]

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Objectives 2009-Chapter SeedMoney &Venture Capital

Achievements 2008 Lookingback at our activities in 2008, we would like to highlight the following achievements. First and foremost, we are glad about the integrationofthe Asso- ciationofSwiss Business Angels Networks ASBAN and verymuch welcome their members to our organization. We also like to thankthe SECA stafffor the professional executionofthis integration. In this context, we have identified the promotion and professionalisation of earlystage investments as one major focus of our activities.Tobetter communicate this,wehave revisedthe section SeedMoney &Venture Capital on our website andpublished astandardtermsheet forbusiness angel investments. The aims of this termsheet are manifold: On one side, it shouldprovidealevel playing field among common ground for all participants in the industry. On theother side, it shouldfurther contribute to early-stage investments withmoreprofessional terms (investors rights, etc.) which venture capitalists would expectinfollow-on rounds anyway. The standard term sheet was presented at awell-received public event last November,where it wasdiscussed with Business Angels,entrepreneurs and lawyers.

AlainNicod BusinessAngel of the Year 2008 Anotherhighlight was the BusinessAngel of the Year award which was awarded to AlainNicod at the SECACongress in December at the SIX Swiss Exchange. Alainisnot onlyone the most engaged business angelsinSwitzerland, but also manages VI Partners, one of the most important VC funds in Switzerland. He founded various start-upsinmedical instrumentation, IT and distribution businesses. Oneofhis most well-knowninvestments hasbeen the eCommercefood company LeShop and morerecently the bakerychain Fleur de Pains. In allhis investments Alain is actively contributing his broad know-how and network, and leads thecomplementarycollaboration among Business Angelsand Venture Capitalists by example.

Impact of theeconomiccrisis To concludeour review, we also want to addressthe economiccrises and its effect on start-up fundings. In general, we do not seethatangel investments have been impacted by thecrisisalthough follow-on financinghas become abigger risk factor to consider. Excellent start-ups still get funded with enough venture capital being available. However, this does not applytoall sectors,ase.g. notfor biotech.

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Objectives 2009 Lookingforwardto2009, our section withinSECA has set ourselves four major goals. First,another learning event for BusinessAngels is going to take place afterthe firstdiscussion abouttermsheets. Second,atthe annual SECA congress on December 9, 2009, all Swiss Business Angel Networks will present one co- investment opportunity, and hence open their deal flow. Third, SECA will formu- late aclear position with regardtotax politics. And finally, we want to acquire new members forour section and further activate the community.

Florian Schweitzer BrainsToVentures AG Partner Blumenaustrasse 36 Postfach 142 9004St. Gallen [email protected]

Dr. Ulrich Geilinger HBM Partners AG Bundesplatz1 6300 Zug [email protected]

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How European Countries Attract Institutional Investors Venture Capital and PrivateEquity Allocations

Introduction Whyisthere such astrong marketfor Venture Capital(VC) and Private Equity (PE) in theUnited Kingdom, why is there relativelylittleactivity in Germany,and why is activity closetozero in Greeceorinsome of the new European Union accession countries? Spatial variationsinVC/PE activity result from numerous factors. Institutional investors (Limited PartnersorLPs) allocate their capital via chains of agents and networks in certainregions, andamong countries. Usually, thereisaconcentration in hotspotsorcore economiccenters. These hotspots evolve mainly for two reasons. First, thereisaprofessional community to support transactions, andtoestablish the capitalsupply side.Second, there must be expectation for demand of the committedcapital.Therefore, LPs makeageo- graphical selection of promising spots. The selection depends on their expectation of the demand for VC/PE, and on theirevaluation of thehostcountrys profes- sionalcommunity. We address thisallocation process and discuss thecriteria proposedinliterature that determineboth, supplyand demand for VC and PE in aparticular country. In anextstep, we gather 42 socio-economic dataseries to assessthe quality of thesecriteria in Europe, and aggregatethe data to the European Venture Capital and PrivateEquity Country Attractiveness Indexes.The complete procedureis described in our academic paper Groh, Liechtenstein and Lieser (2009), The European VentureCapital and Private Equity Country Attractiveness Index(es), IESE Working Paper 773, free download at http://ssrn.com/abstract=1307090. Here, we provide asummary of our findings.

DeterminantsofVibrant VC/PE MarketsinLiterature In literature, onlysome of the papersexplicitly distinguish between the VC and the PE market segments.Some of the proposed criteria have astronger impact on young and start-up corporations,some of them more closelyaffectestablished businesses, while others arevalid for all corporations and, hence, both market segments.Wefirst considerall the parametersdetected and calculate one single index that representsboth, VC and PE. At alater stage then, we split this index into two sub-indexes, onefor VC andone for PE. Here,wepresent asmall collection of the literatureonthe topic thatfinally determinesthe dataselection for our indexes.

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Gompers andLerner (1998) point out that the state of aparticularcountrys economy should affectthe VC/PE activity. Pure economic sizewill be an indicator for the body of corporationsand deal flow opportunities in general. Economic growthshould also lead to demand for finance.

Black andGilson (1998) focus on the differencesbetween bank-centered and stock market-centered capital markets. They arguethat awell-developed stock marketthat permits Venture Capitalists to exit throughanIPO is crucial for the existence of avibrant VC market. In general, bank-centered capital markets show less ability to produce an efficientVCinfrastructure.Jeng and Wells(2000)stress that themain force behind the cyclical swingsisIPO activity because it reflects the potential return to the VC/PE funds. Gompersand Lerner (1998) also stress that the capital gains tax rateinfluences VC/PE activity. Djankov et al. (2008) show,that corporate tax rates strongly affect entrepreneurship, and hence, also the VC/PE asset class. Additionally, legal structures and the protectionofproperty rightsappear to influence strongly theattractivenessofanationalVC/PE market. La Porta et al. (1997 and1998) confirm thatthe legal environment stronglydetermines the size and extent of acountrys capital market and local companies ability to receive outsidefinancing. Cumming et al. (2006) find that the quality of acountrys legal system is strongerconnectedtofacilitating VC/PE backed exitsthan t he sizeofa countrys stock market. Rigid labor marketpolicies negativelyaffect the evolvementofaVC/PE market. Blackand Gilson (1998) argue that labor market restrictions influenceVC/PE activity;however, not to the same extent as the stock market. The number of potential investmentsalsorelates to the research output in an economy. Gompersand Lerner(1998) show that both industrialand academic R&Dexpenditure significantlycorrelates with VC/PEactivity. Kortum and Lerner (2000)highlight that the growthinVC/PE fundraising in themid-90smay be due to asurge of patents in the late 1980sand 1990s.

Dataand Index Structure Theselection of ourdataseries is driven by theprevious literature findings.The task is to detectadequate measures that sharecommon characteristics withthe identified keydriversfor theEuropean countries. We wanttorelyonbroadly available, and commonly accepted datasets onlyand propose the 42 individual data series presentedinTable 1. We groupthe individual data series into six groups that we namethe key drivers of VC/PE activity. We are aware of the fact

5 35 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn that in some of thecases thelink betweenthe data series and the attractiveness of anational VC/PE market is notdirectly obvious.However, there is alwaysa latent relation between the characteristic we aim to measure, and the data used. The selection of the data serieshardly depends on what kind of data we would like to include, it more depends on what is availableamong the European countries. For example, as there is no European wide statisticsonthe number of banks to support leveraged transactions we usethe number of banks per capitainstead. Hence, we implicitlyassume that the higher the number of banks in an economy, the higher the number of playersthat support leveraged transactions.

Some of thedata-pointsare averages over acertain time-period to smooth fluctuations. For example, GDP figures, VC and PE activity, or M&Atransaction volumeamong others aresuch averages. For large fluctuations and large differ- ences betweenthe countrieswealso uselogs of the averages (please refer to the legend of Table 1for detailedinformation).

Results We performseveral statistical tests, follow different weighting procedures, and explain all the detailsinour academic working paper. We receive the most repre- sentativeresult if we use three particular aggregationsteps: Rescaling, Factor Analyses, and Geometric Aggregation. Further, we split theindex into one that focusesonthe VC, and one on the PE market segment. Figure1presentsthe index rankings for the 25 European Union countries (Estonia, Latvia, and Lithua- niagrouped into the Baltic States),plusSwitzerland and Norway for the common VC/PEand forthe twosub-indices. For theconstruction of the sub-indices, we simply discardthe data seriesthat are not directly relevant either forVC, or for PE.

Thetop performersregarding the overall VC/PE Country Attractiveness Index are the UnitedKingdom, Ireland, Denmark, Sweden and Norway.Germany,asthe largest European economy, ranksslightly ahead of Switzerland, whileother large economies,such as France,Italy,and Spain haverather disappointing scores. Bulgaria,Greece, Slovakia, and Romaniaare the least attractiveEuropean countries for LPs.

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Key Drivers/Individual Data Series Source 1Economic Activity 1.1 GrossDomestic Product 1.1.1 TotalGDP [ /cap ita ] *GlobalMarket Inform.Database 1.1.2 TotalGDP y -o-y Growth [ % ] ** GlobalMarket Inform. Database 1.2 General Price Level [ Index=1995] *** GlobalMarket Inform. Database 1.3 Working Force ( Unemp loy ment Rate) [ % ] *GlobalMarket Inform.Database 1.4 Foreig nDirect Investment,Net Inflows [ %ofGDP] *** GlobalMarket Inform. Database 2Ca p ital Market 2.1 IPO [ IPOVolumein%of GDP ] **** Thomson Financial Data 2.2 Stock Market 2.2.1 Stock Market Cap italization [ %ofGDP] *Worldbank Data 2.2.2 StockMarket TotalValue Traded /GDP [ %ofGDP] *Worldbank Data 2.3 M&AMarket [ sales %ofGDP] *GlobalMarket Inform. Database 2.4 Debt &Credit Market 2.4.1 Central Bank Discount Rate [ % ] *IMF 2.4.2 Private Credit b y Dep osit Money Banks andOther Financial Worldbank Data 2.4.3Number of Banks [per Cap ita ] EBRD, EUROSTATDatabase 2.5VC/PE Activity [ FundsInvestedin%ofGDP] **** Thomson Financial Data 3Taxation 3.1 Hig hest Marg inalCorp orate Tax Rate ( % ) Worldbank Data 3.2 Difference Between Income and Cor p orateTax Rate [ % ] The Herita g eFoundation 4Investor Protection andCorp orate Governance 4.1 Extent of DisclosureIndex Worldbank Data 4.2 Extent of Director Liability IndexWorldbank Data 4.3 EaseofShareholder Suits Index Worldbank Data 5Human&Social Environment 5.1 Education 5.1.1 Government Exp enditure on Education [ %ofGDP] *GlobalMarket Inform.Database 5.1.2 Amount Emp loy ees as Researchers in the University Sector [per EUROSTAT 5.1.3 Amount University Students [per cap ita ] *GlobalMarket Inform.Database 5.1.4 Amount University Establishments [per cap ita ] GlobalMarket Inform. Database 5.2 Labor Reg ulations 5.2.1 Rig idity of Emp loy ment 5.2.1.1Difficulty of Hirin g IndexWorldbank Data 5.2.1.2Ri g idit y of Hours Index Worldbank Data 5.2.1.3 Difficulty of Firing Index Worldbank Data 5.2.2Hiring Cost [ %ofsalary] Worldbank Data 5.2.3 Firing Costs [ weeks of wag es] Worldbank Data 5.3Bribing &Corrup tion IndexTransp arenc y 5.4 Crime 5.4.1JuvenileOffenders [per cap ita ] *GlobalMarket Inform. Database 5.4.2 Offences [per 100,000habitants ] *GlobalMarket Inform. Database 6Entrep reneurial O pportunities 6.1 General Innovativeness Index TrendChart.Cordis 6.2R&D Exp enditure 6.2.1Public R&DEx p enditures [ %ofGDP] EUROSTAT,OECD 6.2.2 Business R&DEx p enditures [ %ofGDP] EUROSTAT,OECD 6.3 Enterp rise Restructuring 6.3.1 Small-Scale PrivatizationIndex EBRD 6.3.2Larg e-ScalePrivatization Index EBRD 6.3.3Governance and Enterp riseRestructuring Index EBRD 6.4 Enterp riseStock Activity 6.4.1 Number of Enterp rises [per cap ita ] WorldBank, EUROSTAT, OECD 6.4.2Enterp riseFoundation Rate [ % ] *WorldBank, EUROSTAT, OECD 6.5Burden: Starting aBusiness 6.5.1 Procedures [ numbers] Worldbank Data 6.5.2Time [ day s ] Worldbank Data 6.5.3Cost of Business Start-Up Procedures [ %GNI p er cap ita ] Worldbank Data 6.5.4Min. Cap ital [ %GNI p er cap ita ] Worldbank Data Notes: *=arithmetic averageofannual data ** =geometric averageofannual data *** =log of arithmetic average of annual data **** =arithmeticaverage of annual data since coverageinthe databasefor CEE countries otherwise: most recent data record. Table1: List of rawdata and their sources.

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PE IndexRank VC IndexRank CombinedVC/PEIndexRank 0

Figure 1: The EuropeanVC/PE CountryAttractiveness Index,and the Separate VC and PE Sub-Indices.

Thedeviations of the separateVCand PE index ranks arenot very large for most of the countries, exceptfor Ireland, Switzerland, Portugal, Hungary, Italy and Spain. These deviations arecaused by changesinweight, respectively by the deletion of dataseries where the countrieshavecompetitive advantages/disadvantages. Spain and Italy advance many positions if we focus on the attractiveness of their PE marketsonly, which is mainlydue to the deletion of taxation in that index. Ireland, Portugal,and Hungary lose some ranking positions for the same reason. Switzerlandbenefits because someofthe bureaucratic burdens to start businesses arediscarded. However, if we focusonthe VC index, their comparative positions remain. This confirms our base case calculation, which considersboth segments,and uses moredata series.

Figure 2presents aspiderchart with thescores of the sixkey drivers for the United Kingdom,Switzerland, and Romania. The EU-25 average is rescaled to 100,sothatthe scores aredirectlycomparable with theEuropean Union average.

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EconomicActivity 250

200

Entrepreneurial 150 CapitalMarket Opportunities 100

Human &Social Taxation Environment

Switzerland Romania Investor Protection& Corporate UK Governance Figure 2: ComparisonofKey Drivers of theUK, Switzerland, and Romania.

Figure2shows that, while Investor Protection &Corporate Governanceisonthe European average levelfor Romania, it is worse for Switzerland and superior for the UnitedKingdom. There is onlyvery little dispersion regarding Investor Protec- tion &CorporateGovernance among the ContinentalEuropean Union members as they all have similar rules. However, the UK impressivelyoutperforms theEU- 25 average with itscommon lawsystem. While sizeand liquidityofRomanias capital market is far below the EU-25 average, theUKdemonstrates its major advantage. The capitalmarket turns out to be themost distinguishing feature between the UK and the other European countries. Switzerland is ahead of the EU-25average withrespect to its Capital Market,Economic Activity, Entrepreneu- rial Opportunities, and Human and Social Environment. It disappoints regarding CorporateGovernance and Investor Protection rules, butattracts with its Taxation.

Conclusions andOutlook Lack of spaceprevents us from commenting on allthe individual countries, and on detailedanalyses. However, we find ageneral pattern if we comparethe characteristics. There is dispersion in all thesix key drivers across Europe.Some countries attract investorswithlow corporatetaxes. The Nordiccountriesare especiallystrong in Entrepreneurial Opportunities. There is some dispersion in

9 39 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Economic Activity, and in theHuman &Social Environment.However, Investor Protection &Corporate Governance, and Capital Markets make the difference. Unfortunately, our economic approach cannot coverspecialsituations or special opportunities for VC/PE investments in particular countries.This is notably the case fortax considerations. It is impossiblefor us to cover and compare individual countries tax regimes on ageneral and transparent level,especially including taxesondividends, andcapitalgainstaxes, whichare of particular importancefor the asset classinquestion. Similarly,this is valid for different public subsidy policies to attract institutional capital. Moreover, our approach relies on last available and historic data, andcannot consider the latest development and particularities of individual countries. We leave the final judgment for the practitio- ners and the countryspecialists.Weregard our index as acomplementary informational supporttool for country allocationdecisions and not as acrystal ball or trading instrument. Currently, we gather new data series and will soon come up with anew index that coversthe wholeworld.

Alexander Peter Groh Quadriga CapitalServices GmbH HamburgerAllee 4 60406Frankfurt Germany and IESE Business School University of Navarra, FinanceDepartment, Av. Pearson, 21 08034 Barcelona, Spain [email protected]

Heinrichvon Liechtenstein IESE BusinessSchool UniversityofNavarra Finance Department Av. Pearson, 21 08034 Barcelona Spain [email protected]

KarstenLieser IESE BusinessSchool University of Navarra Finance Department Av.Pearson, 21 08034 Barcelona Spain [email protected]

10 40 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

The performance of Spin-off companies at the Swiss Federal Institute of Technology Zurich

Executive Summary Commercialising Universitytechnologybycreating spin-off companiesisawidely practiced method of technologytransfer today.Nevertheless, therestill seem to be some doubts about howeffectivethismethodactuallyis and whether it justifies the build-up in Universities of dedicated resourcestopro-activelysupport the creation of such spin-offs. With datafrom 130ETH Zurich spin-off companies created from 1998 to 2007and detailed financialinformation obtained byquestionnaire from an unbiased subset of 82 spin-offs, welooked at three principalquestionsinour study:1)howsuc- cessfulthese spin-offs are compared to all start-up companies in Switzerland and compared to other Universityspin-offs internationally,2)whether the creation of such spin-offs appears to be beneficial to the local economyand 3) whether a comparison to other Universityspin-offprograms could identifypotentialareasof improvement for ETH Zurich. We were able to demonstrate that ETHZurichspin- offs havesignificantlyhigher survival rates, create morejobs, attract more VC/Angel investments and providehigher returns on equitythan the average of all Swissstart-upcompaniescreated over asimilar time period. Compared specifi- callyto spin-offsfromleading UK Universities, the ETHZurich spin-offs show higher survival rates, aslightlylower job-creation, asignificantlylower proportion of VentureCapital (VC) or Business Angel backing (but higher average investments per spin-off that receives backing) and similar returnsonequity.VC/Angel backing appearstobethe keyfactorofgrowth and value creation as VC/Angel- backed spin-offcompanies createsignificantlymore jobs,growfaster and foundersexperience significantlyhigher returns (and lower failure rates)iftheyare backed byVCs or angelsthan if not. With arawpooled return of 37.5% p.a. (beforefees and carry), theVCs/Angelsthat haveinvestedinahypothetical fund of ETH Zurich spin-offs, made returns significantlyhigher than even the top quartile of US and European VC funds over thelast decade and outperformed the Swiss Market Indexbyover 2000bpsp.a. during thesametime period. On basis of asimple CAPM, weestimate that this portfolioofETH spin-offs has experi- encedabnormal returns in therange of 2025% p.a. With annual revenues of approx.CHF 250million, the 130spin-offs havetodate created close to 1500 direct andindirectjobsand generate annual personal and corporateincome taxrevenues to local and federal government of an estimated CHF 18 million p.a.

4 41 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

Equity value created Over the period of 10yearsfrom 1998 to year-end 2007, the 82 ETHZurich spin- offsinour sample attracted CHF 169 million of equityinvestments bythe founders of the companies, VC firms or angel investors. Theabsolute value of these investments, calculated based on avaluation of each of the 82 spin-offs in line withEVCAguidelinesamountedtoCHF 650million at year-end 2007represent- ingamoney-multipleof3.84 over an average investment period of approx.3.7 years. This absolutereturn is driven byfewlarge capsi.e. thespin-off withthe largest valuation makes up for 36% of the total,the top 3for 73% and the top10 for 91%. 91%ofequityinvestments in absolute numbers weremadebyVCs and Business Angels. With CHF 484 million, amuch smaller part i.e. only75%ofthe absolute returnsaccrued to VCswhile foundersand other investorsclaimed CHF166 million (25%)ofthe returns. 62% of all returns haveeffectivelybeen realised throughanexit. The average ownership stakeofVCs at the time of valuation (exit or year end 2007) was 51% of equityon afullydiluted basis (including preferred stock and convertibledebt) there is however considerable variance among the companies as the standard deviationofownership stake of VC firms is 27%. The average stake of VCsand Angels at exit,trade sale or IPO, was 61.3%.

Returns on equity Treating all investments intothe 82 spin-offs as an investment pool,our calculations result in a43.33% pooled gross internal rate of return (IRR). We calculated separatelythe returns for foundersand for VCs/Angels.

100%

78.10% 80%

60% 40.50% 43.60% 43.33% R 37.50% 40% IR

20%

0% Foundersand Foundersand VC/Angels TotalVCbacked others others

Non-VC backed(58) VC backed(24) All82

Figure 1: ETH Zurichspin-offs, return on equitybyinvestor categorypooledIRR. Source: Data from ownsurvey.

5 42 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

As per figure 1, non-VC-backed foundersexperiencedanIRR of 40.5% while the VC-backedfounders,with 78.1%, almostdouble. VCs, who made most of the absolutereturns, experience an IRRof37.5% i.e. thelowestrelativereturns. These returnsare somewhatdependant on one large andhighlysuccessful transaction. Without it, the total IRR wouldbe25.1% and the VCsIRR 20.0% only.

The quality of returns in individual spin-offs When examining the distribution of theIRRs for each investment in the sample of ETH Zurich spin-offs as showninfigure 2, wenotice that among the 24 companies in which theyhaveinvested, VCs/Angelsexperience100%and higher IRR in 6instances,between 10%and 100%IRR in 5instances andnegativereturnsin5 instances.Inafurther 8instances VC/Angelreturns arezerobecause wevalued theinvestment at the level of the most recent VC-round, meaning that returns can still go eitherwayin the future. The fat tailto the righthand side obviouslyis the reason forthe high positivepooled IRR. The maximum IRR observed in VC investments is 887%.

1000% 887%

4) 800% =2 (n ts

R) 600% 517% en IR tm s(

rn 400% tu n v es

4i 219% Re

f2 200% 128% 129% VC 102% ho 11% 17% 20% 26%26%

eac 0%

in -9% -33% -100% -98% -97% -200% 1234567891011 12 13 14 15 16 17 18 19 2021 22 23 24

Figure 2: ETH Zurichspin-offs,VCsreturnsineachof24investments. Source: Owncalculations with data from survey.

6 43 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

More surprisingly,the foundersofVC/Angel backed companies experiencein8% of instancesanegativeIRR on theirinvestment and none of them was actuallya total loss! In 30%oftheir investments theIRR is betweenzero and 100%, and in 62% above100%with amaximum observed IRRof4887%. This seemsto provide quite clear evidence that thefoundersdownside risk in spin-offs with VC- backing is verysmall while theupside potential for extraordinaryreturns is virtually unlimited. In contrast,non-VC backed foundersexperience relativelymore events of zeroornegativeIRR as the following figure 3makes clear.

70% 63% ) 60% 82

n= 50% 45% e(

pl 40% 33%

am 30% -s

ub 20% 10% 13%

fs 8% 10% 5% 4% 2% 4% 2% 4% 2% 4% 2% %o 0% % % % 9% 00 % 75% 99 99 99 .9 5. 0 1% 0 . 1% ≤- ≥1 24 5 0 . 1% 99. 74. 49. -2 ≤- ≤- %≤ %≤ 0 %≤ 0 %≤ 75 5 0 %≤ 25 -25% -5 -75% VC backed NonVC-backed Figure 3: ETHZurichspin-offs, distributionofFoundersreturns in VC-backed and non-VC backedspin-offs. Source: Owncalculations with data from survey.

The obvious explanation for this is selection biasi.e. the notion that VCs/Angels willbackonlyfirms that promise the potential of creating extraordinaryreturnsbut there will also be an element of self-fulfilling prophecy in the sense that VC- backed firmsdoget more financial and better management/boardroom support than non-VC-backed firms and therefore theystand abetter chancetothrive.

Conclusions Thedata collected in our surveyand our separate researchprovides strong evidence that ETH Zurichsspin-offs are more successful than normal start-up firms andare stronglybeneficial to the localeconomy.Inline with observations on Universityspin-offs internationally,ETH Zurichsspin-offshavesignificantlyhigher survival rates, createmorejobs, attractmoreVC/Angel investmentsand provide higher returns on equitythan start-ups in Switzerlandonaverage. Amongthe spin-offsthemselves, thosewithVenture Capitalbacking (investments) signifi- cantlyoutperformthose without, in terms of job- and value-creation as figure4

7 44 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 makesquite obvious. The bubble sizegives an indication of the spin-offs valuation per 31st December 2007.

Figure 4: ETH Zurich spin-offs, sample of 82,job andequityvalue creation byVC-backedand non-VC-backed firms. Source: Owncalculations with data from survey.

Furthermore, VC/Angel investors experienceconsiderablyhigher returns than the average VC fund during thelastdecadesinEurope and the US as wehave demonstrated in acomparison with datafrom VentureXpert. Returns are comparable to theperformanceofthe top 10%percentile of US VC funds.Wereviewed several studies in academic literaturethat haveinvestigated thefinancial performance of VC investmentsand VC funds. Theperformanceofour sample portfolio has been considerablyhigherthan the average returns reported in all of these studies. Ourcalculation further showsanout-performance of theSMI Total Return Indexby19 27% and abnormal returns in the range of 2025% during the 1998 2007period. ETHZurich spin-offs returnsare comparable to (and actuallyseem to exceed) the returnsinImperial Innovation portfolioofcompanies since its IPOuntil June 2007. Imperial is aUKleader in the field of technologytransfer andcommercialization of technology.

8 45 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

Thefounders/entrepreneurs experience higher returns thanthe VCs/Angels and significantlyhigher returns if theyobtain VC-backing for theircompanythan if not. In exchange, the foundersgiveupmajoritycontrol in theircompanies. As already mentioned, VCsaverage stake at exit was 61.3% and the prospect of losing control over theirspin-off appearstobeaconcern to manyyoung founders, along with the fear of giving awaythat control too cheaply.However the difference in achievable returnsissodramatic thatgivingupcontrol should reallynot be an issue, unless thefounders seek to create what wehavecalled alife-style business. Over a7year period VC-backed founders/entrepreneurs make over 5xhigher capital gains in absolute than their non-VC backed peers(i.e.57xtheir initial investmentvs. 11x). VC/Angel investments thereforeappearbeneficialtoall parties involved making averyclear case for ETH Zurich trying to attract more VC/Angel interest in itsspin-offs.

Thevalue andbenefitstothe economy as awhole The130ETHZurich spin-offs incorporated in the 10-year period from 1998 to 2007havecreated direct employment for atotal of 918 persons, or close to 8jobs per survivingspin-off.Incomparison, the average Swiss start-upcompanycreates over5years, which is the average age of theETH spin-offs less thanhalf as manyjobs (3.65). Manyof these jobs arehighlyqualified (over 40%ofthe spin-off employees are ETH graduates) and offer part-time employment (the averagejob equals0.81FTE), requiringaflexible, well-educated and self-motivated workforce whileproviding veryinteresting career development opportunities in ahighly dynamic work environment.With total revenues of close to CHF 250million and personnel cost of an estimated CHF 100 million (including social contributions), ETH Zurichsspinoffs out-source approx.CHF 120million of goods and services and are likelyto havecaused the creation of at least an additional 500 indirect jobs at their suppliersand service providers. Asecondmajor economic benefit is wealth creation: the average team of spin-off foundersalong withfamily,friend and otherprivateinvestors investequityof CHF110000in theirspin-off if theyhavenoVCorBusiness Angel backing them and can hope on apooled basisfor areturn of 40.5%p.a.ontheir investment resulting in acapital gainofCHF 490000 over a5year period.WithVC/Angel backing, that gainis4times more over the same period, i.e. close to CHF 2 million. Obviously,not everyfounder can expect to realizethis level of returns, but, surprisingly,about half can expect even higher returns andonlyapprox.12% risk anegativereturnoratotal loss of theirinvestment.Intotal, the 130spin-offs havesofar createdcapital gainstothe investingentrepreneurs of at least CHF

9 46 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

150million of which, however,only61% were realized. At the same time, VCs and Business Angels havemade in total capital gainsofover CHF 350millions.

Basedonthe datareceived in our survey,wehaveattempted to quantifythetax- revenuestothe SwissFederal,Cantonal and Communal authorities generated by the 130ETH spin-offs and estimatefor 2007taxes paid of closetoCHF 18 millionresulting from employeespersonal incometaxes of CHF 8.6 million and corporate income taxes of CHF 9.3 million on atotalpre-taxincome of CHF 43 million. This doesnot includetaxation of institutional investorsprofitsand gains of those private investors that maybe subject to capital gains tax. Not directlyquantifiablebenefits includethe formation of innovation clusters and the attraction of highlyqualified students and facultyto ETH.

We believethat our studyprovides strong evidenceofthe benefitsresulting from commercializinguniversitytechnologythrough the creation spin-offcompanies and hope to encourage with this studypublic authoritiesaswell as private investors and entrepreneurs to further supportthe highlysuccessful spin-off program pursued byETHZurich.

AlexanderSchlaepfer ALSTOM SA VP Corporate Venturing3,av.AndréMalraux F-92309Levallois-Perret (Cedex) [email protected]

Dr. GerdScheller, MBAETH Zurich TransferManager Spin-Offs ETHtransfer Rämistrasse 101 8092 Zurich [email protected]

The completepublication The performance of Spin-offcompanies at the Swiss Federal Institute of TechnologyZurichwritten byI. Oskarssonand A. Schläpfer can be found on: http://www.transfer.ethz.ch/ETH_Zurich_spin-offs.pdf.

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To be successful, youneed an idea, coupled with motivationand business acumen, says RomanBoutellier,professor at the Swiss Federal InstituteofTechnology (ETH) in Zurich. Despite the current economic crisis, he is anticipating between 10 and 15 start-ups per annum over the next few years at the university.Indeed, funds areavailablefor the right projects.

Mr Boutellier, what effect will the economic crisis have on the start-up scene in Switzerland? As long as there is no return to economic growth,itwill be tough. First, everyone is nowtryingtocut costs. Andsecond, venture capital investorshavebecome more cautious.

Are start-ups already starting to feel the pinch from the recession? Yes, it has become moredifficult to get funds.But Iamconvinced that at the ETH wewillstill havebetween 10and15start-ups perannum over the nextfewyears, thesame number that wehavehad up to now.Because funds are available; the onlyquestioniswhether youcan convincepeople that your idea is good.

Howdoyou convince potentialinvestors? The easiest wayis if the product or servicemeets an unfulfilledneed of apotential investor.If, for instance,someone discovered awayof reducing CO2 emissions in the cement industry,heorshe would haveachieved something that nobodyelse has been able to do up to now.That solution could then initiallybe given almost anyprice tag and would still sell. If, however,atechnologyis onlyavariationon existing technologies, it is moredifficult.

Starting up abusiness is one thing; surviving is another. What do the statisticstell you? The survival rate of ETH start-ups is 90percent.

Thatssurprising. Yes, but wehavealso noticedthat only10per cent of allstart-upshave50 employees or more after fiveyears. The othersdontdevelop in this respect. This posesthe question whether itsright to continue if you dontgrow,orwhether it wouldntbewiser to join forces with someoneelseorstart something new.

4 48 YearYearbookbook 2020009

Whats your opinion? If youpursuesomething intensively without havingany success with it in the long run, you should have the couragetoabandon theidea and start afresh. At some point, you needabreakthrough, and this is primarilydemonstrated through the creation of jobs.

What do youneedtobesuccessful? First,amarketableidea.Second, the motivation to give more than 100 per cent, and to do so over many years. Third, theskill to turn an idea into abusiness.

Whats the biggest obstacle? Themostcommonstumbling block is the third aspect. Few pioneers are sales- people. Many also lack thenecessary expertise in running acompany, meaning they get into difficulties because they havent got aclue about cash management. Ibelieve the bottleneck for start-ups in Switzerland is the lack of so-called business angels, i.e. people with practicalexperience in the business worldwho can help and support young entrepreneurs.

You yourself are abusiness angel for an ETH start-up which was established last year. What do youdofor it exactly? The start-up developedout of anumber of dissertations that were written in our department. My role was to bring the PhD students into contact with companiesso that they coulddevelop, applyand test their projects. Eventually, the projects launched in this waybecamemandates; in otherwords,these young entrepreneurs wereable to start up in business withagood number of ordersonhand. Today, Iaminclose contact with them as theiradviser, making suggestions, asking questions and expressing concerns.

What are the advantages of starting up anew company,insteadof, for instance, joining an existingone? With astart-up,youre forced to deal with every aspect of abusiness. Specialisa- tiononits ownisnot sufficient. Yourealsoindirectcontact with customers,which meansyou getintensivefeedback on acontinual basis.

5 49 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Prof. Dr. Roman BoutellierETH Zurich Technology and Innovation Management Rämistrasse 101 8092 Zürich [email protected]

Prof. Dr Roman Boutellier, 59, has been vice president of human resources and infrastructure at the ETHZurich sinceOctober 2008. Previously,hewas alecturer for technology and innovation management at the ETHs Department of Management. Between 1999 and 2004, Boutellier was CEO of SIG in Neuhausen, withkey responsibility for restructuring the group.

This articlewas firstpublished in theceo Magazin by PricewaterhouseCoopers.

6 50 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

The joyofwork

Fromdoctortoventure capitalist:throughout her professional development, Michèle Ollier, partner at Index Ventures, has allowed herself to be guided by what she wanted at aparticular time, ratherthan anyfixed notion of acareer. Her motto: develop and move things!

She missed the plane butinstead received ahighlyinteresting job offer. Michèle Ollier had bumped into GiuseppeZocco,one of thefounders of IndexVentures,in theGeneva-Cointrin airport.The twoofthem had met afewmonths before on theirwayto ajoint meeting in Turin and then workedtogether afterwards on various projects. During their chance encounter at the airport, the IndexVentures boss suddenlyasked: Michèle, wouldntyou like to come and workwithus?This question was followed byadeepdiscussion, andthe twoofthem forgot the time and theirflight. The storyof howOllier found her wayto her present employer and her dream jobaptlyfits the professional developmentofawoman who is nowreaping success in her third career. Iwas luckythatopportunities regularlycrossedmy path which Iwas absolutelyenthusiastic about.Her unusual trajectorymayhave entailed agood dose of luck and coincidence, but aboveall Ollier knewhowto take theopportunities that wereoffered to her. For the former doctor and current venture capitalist knowsexactlywhat she wants:todevelop andmovethings! T hatisalso whyIwork forIndexVentures, oneofthe European leaders in the venture capitalsector. Iwant to make amarkand in theprocess help young entrepreneurstorealise their projects. And whenthatsall tickingover nicely,I shalllook foranewchallenge. Imnot an administrator; Ilovechallenges.

Awillingnesstocompromise There are plentyof those at IndexVentures. The Geneva-based companyhas invested around CHF 2billion in more than 100 startups in Europe and the USA and is literallyflooded withapplications from young companies looking forcapital investors. One focus of the investmentsiscompaniesinthe life sciences sector Olliers fieldofactivityformanyyears.She learned the business of developing and marketing drugsfrom scratch. Another factor is that IndexVentures is not simply on the lookout for lucrativefinancial deals;italso supports companies thathave the potential to reshape entiremarkets.Evidently,the Frenchwoman with the gentle manner is in the rightplace here. The Suisse Romandebusinessmagazine

4 51 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

Bilanvoted her Womanofthe Yearin 2008. The title of the background article to the award read: Michèle Ollier,Europeanstar of the biotechnologysector. In theelegantmeeting room behind theglass façade of IndexVentures on Ruede Jargonnant in Geneva, Olliertalks enthusiasticallyabouther highlyatypical career. Thekeyfactors whenshe looks back on aprofessional life spanning 25 years? Passion, patience andawillingness to compromise.When Iwanted anew job, Ialwayshad to make concessionstoo.In other words, her career development wasnot alwaysafundamentallyupward one; it also took asidewaysoreven downwards turn where necessarywith the corresponding lossesinwage. At IndexVentures,for instance, Ollier,who at the time was adirector at an investmentbank,was initiallyrecruited not as apartner but rather as aprincipal. Mostpeople Iknowtake the nextstep on thecareer ladder whentheychange from onecompanyto the other. Bycontrast, Ihavealwaysbeen promoted within acompany.Ollier emphasises that she has alwaysearned verynicely.How- ever, her employershad alwayspaidher for what she actuallybroughttothe companyand not forwhat theyexpected from her when theyrecruited her. A decisivedifferenceinthe opinion of thehighlymotivated and hard-working Michèle Ollier.

The lure of the business world Shedalwaysplanned to achievegreat things. Even as asmall girl in the south of France, she was in aweofone of her parentsfemale friends who managed a companyand was also asuccessful racing driver.However,morethan anything else, the earlydeath of twoofher sisters left amark on Ollier. Istill think about them everyday;Istudied medicine to understand whyIhad to lose them. With theexception of afewtimes whenshe stood in as cover for others, Ollier has never practisedthe profession she qualifiedin. In the course of her studies at the FacultédeMédecineParis Ouest, sherealisedthat she was more attracted to the internationalbusiness worldthan to medicine, which tended to focusonitself.She didabusiness mastersatthe ESSEC in Paris and started out on her second career, as apharmaceuticals manager. For 15 years, sheworked at companies such as Sanofi, Bristol-Myers Squibb and Rhône-Poulenc Rorer/RPR Gencell in development and marketing, dealing withstrategicissues.She held positions of increasingresponsibilityin various countriesforinstance, as vice president for reproductivehealthatthe Swiss biotechnologycompanySerono. Ollierlaidthe foundation stone forher third careerin2003. She changed to the financial side of drug development and became thedirector for the life sciences

5 52 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 sector at Edmond de RothschildInvestmentPartnersinParis. Thiswas followed in 2006bythe move to Index Ventures. Today, as the only woman among the nine Index Venturespartners, sheassesses young companies who want to acquirethe Geneva-based risk capitalistasan investor. Every year, Index Ventures receivesaround 1000 dossiersfrom companies lookingfor investors; but onlytwo to three of themare actually supported with funds and knowhow. For thisreason, Ollier sits on the boardoffive companiesin the USA, the United Kingdom and in Holland; in Switzerland, she has taken the young Lausanne-based company OncoEthix under her wing.

Trusting her gut OncoEthix was established by European cancer specialists.The aim is to buy new agents, develop them furtherinto cancer drugs and thenultimately sell them on to pharmaceutical companies.Only afew of the many projects for new cancerdrugs are actually launchedonthe market, says Ollier. The decisive factor is the qualityofthe research team. The Lausanne-based start-up is working on the further development of asingle molecule that aims to stop thegrowthand spread of cancer tumours. The funds required to develop the drug up to the conclusion of the clinical test phase are between CHF 20and 40million. From medicalstudentand pharmaceuticals manager to venture capitalist: was there aplanbehind this career? Ollierwaves the question aside. I wouldlie if I saidIhad consciously planned my career. Mostly, Idecidedtotake anew job intuitively,based on my gut feeling. AndIwas so delighted with each new job that Isaid to myself: youre going to work here happily all your life!Shed had alook around, explored theprofessional environment and always discovered something new, explains Ollier. And the different experienceshad meant that shed con- stantlygotten to know herself better. In this way, IdiscoveredwhatIreallyliked. So this zigzag career wasnt intentional.But Ollier does see acommon thread running through her professional development: innovations relating to health and pharmacy.Ialways wanted to work in aplace where products of great value are generated. New drugs with new modes of action and with atremendousmarket potential.

6 53 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

Dr. Michèle Ollier Index Ventures Partner 2, ruedeJargonnant 1207Geneva

Index Ventures was establishedin1996 and is one of theleading venture capital companiesinEurope. Headquartered in Geneva, the company has the express goal of helpingtop companies in the IT, health andlifesciencessectorstodevelop their business,and in so doing to define market leaders.The company has subsidiaries in London andJerseyand focuses on investments from the initialstart-up to growthphases. www.indexventures.com

Thisarticlewas first published in the ceo Magazin by PricewaterhouseCoopers.

7 54 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

Web 2.0 Investing: Poken, the SocialNetwork Business Card

Lausanne based Poken provides akeychain USB device that allows you to exchange your profiles from sites like Facebook or Xing withpeopleyou meet in the real world justbytouching their Poken to yours.Read the background report on oneofSwiss early-stageinvestor Redalpineshot portfolio companies.

Letsget the keymessage acrossstraightaway:Yes,Redalpine is steadilyinvest- ingthese days, and still veryhappywith its Internet portfolio companies. Lau- sannebased Poken is such acompanythat is drawing alot of attentionfrom media worldwide and at majorstart-upevents such as Techcrunch Zurich, Lift AsiaorRed Herring 100.

Bridging thegap betweenonlineand social Poken has created akeychain USB devicethat is made up of awhite hand (comprisingamagnet and aUSB connector) that slots into acoloured cartoon character. If you as aPoken user at anycampus party,business event or busstop givea«highfive» by touching anewor old friendsPoken hand with your Pokenhand, theyswap Poken IDs and theyglowgreen showingthat the IDs and atime stamp were exchanged successfully.Back home, you plug your Pokeninto yourcomputer, andyour newfriendsIDisloaded on to the system.Both friends can sign-up at Doyoupoken.com before or aftertheyuseaPoken thefirst time. Andboth «friends» can decide later, if theyreallywant to connect withthe persontheymet andonwhich social networks (Xing, Linkedin, Facebook,Twitter, Skype etc.).

Redalpine VenturePartners first met Poken in September 2007asajurymember at Venturekick, aSwiss initiativethat provides up to CHF130000 seed capital to start-ups. Poken-founder Stéphane Doutriaux,acharismatic French-Canadian IMD Alumni,first presented an electronicUSB devicetoparticipate at contests andlotteries via you computer.Tobehonest, the founderasaperson was more convincing than his original business idea.

4 55 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

Team shaping the business model on the job But through coaching at Swissventurelab anddiscussions withpotentialinvestors Stéphaneand his team steadilyimproved the businessideaand business model. In spring andsummer2008Poken convinced several seed investorsfor participating in twofinancial rounds.The business idea was still aPoken but the priority application was nowadevicethat bridges social networks and real world forstu- dentsand partypeople starting in Switzerland,Paris and Boston. For specific reasons Redalpinewasntabletotakethe lead in Pokenssecondseedround in summer 2008, but it orchestratedand joineda«Zurich group» lead byone of its Limited Partners, Patrick Liotard-Vogt. TheZurich based entrepreneurisCEO of WorldsFinest Clubs, todayChairman of Poken SA and before an activeinvestor in platformssuch as students.ch and usgang.ch.

Demandand revenue higherthan expected When Poken SA launched Poken in December 2008, the demand surpassed all expectations.And in the Netherlandsthe productgot even more traction than in the other markets that theSwiss start-upapproached. Oneofthe first Dutch customerssuggestedamore viral distribution model. Stéphane Doutriauxproved his agilityand implemented asortof«Tupperwarepartydistribution model» within afewdays. TheNetherlandsbecame the prioritymarket in Q1,although the countrywas not mentioned in the businessplan. After roughlythree months in the market Pokenpassed CHF 1million in revenue, and aboutthe sameamountof additional wealth went to affiliates, promoters and retailers such as Geschenkidee (Switzerland) or Firebox(UK).Bythe way,aPoken is sold at an averageend-user price of aboutEUR 15 (CHF 22).

The mainchallenge for Poken is nowto supplythe opportunityof the fast growing demand. Theteam willgrow;the production has to be scaled up. Additional venture capital and resources to manage aworldwide rolloutwill be needed, but the partiesinvolved are veryconfidentthat Poken will accommodate the demand

5 56 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 verysoon. As it looks today,Poken SA willremain aSwiss companyalthough operations in theUSand the UK will become acrucial partofthe business.

Additional options for Poken Will Poken remainaone-product company? We dontthinksoatRedalpine. Stéphane Doutriauxcreates anon-stop gush of smart newideas.Someseemevidentsuchasa high-end Poken for business users. Other productbundles will be optimised and branded for specificconferences and sponsors. But Pokenmight also become interesting as an OEMproduct for mobile deviceproviderssuch as iPhone, Samsung or Nokia.And even entertainmentand toycorporations have approached Poken to discuss newideas. Nevertheless, rolling out Poken as it is smoothlyon all continentsisabigchallenge. And thisteamissmartenough to focus,focus, focusfor thetime being.

Nicolas Berg RedalpineVenture Partners AG Entrepreneur, Investment Manager,Trainer Chasseralstrasse 1-9 4900 Langenthal [email protected]

This article represents the authorspersonalviewsonlyand wasnot discussed with Poken SA.

Redalpines Portfolio Redalpine Capital Iwas started in August 2007and executedten investments up to now(May09). Deal-flowfromall over Europe is high andofexcellent quality.

Acredisindependent guide to aesthetic surgery. Consulting &Certification: www.acredis.com Mediaclipping monitoring rich media.Media observation speech-to-text: www.mediaclipping.de Playyoo create, play&share mobilegames. Casual gaming &advergames:www.playyoo.com Pokendoyou poken? Social networkbusiness card, keychain USB device: www.doyoupoken.com Quevitaloveyour life.Socialnetworkmarketplace forbetterfood, mood &moves: www.quevita.com Redbiotecvirus simulators. Complexproteins technologyfornewvaccines: www.redbiotec.ch Restorm the music econosphere .The platform forbands, venues &fans: www.restorm.com StudentSNstudentsocialnetwork. Leading social networkinTurkey:www.studenSN.com Trigami the blog-marketing network. Bridging advertisers andbloggers: www.trigami.com Triphunter exclusivetrips everyweek. The «Amazon»like socialtravel club:www.triphunter.de

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Swiss Equity fair The investor conference for start-up companies

TheSwissEquityfairisaconference for investorsinstart-up companies.Ittakes place in the morning of December 9, 2009incooperation with SECA and CTI,the respectiveorganizersofthe SwissEquity&CorporateFinance congress and SwissVenture Day,events thatwillbegin immediatelyfollowingthe Swiss Equity Fair. Allthreeconferences areco-locatedatthe TECHNOPARK® Zurich.

The Swiss Equityfair is aplatform for start-up companies to present their busi- nessmodels to national andinternational privateequityand venture capital investors.

Priortothe SwissEquityfair, tworegionalequityfairs in Aargau and Zurich are scheduled to take place (in 2010Lucerne willbeadded). Start-up companies domiciled in these regions are invited to applyto present at the regional fairs. The presentationsare then evaluated byajury,which then selects companiesto present at the event.

The jurythen selects twowinning companies from each region to be invited to presentatthe Swiss Equityfair in December in Zurich.

In 2009the regional fairs arescheduled as follows:

AargauerEquityfair 3September2009, TECHNOPARK® Aargau, Windisch

ZurichEquity fair 29 October2009, StartMesse, ETH, Zurich

At the SwissEquityfair in 2008, after the keynote speech bySamyLiechti,CEO of BLACKSOCKSSA, nine companiesfrom three regionspresentedthemselves to more than120 visitors.

4 58 YearYearbookbook 2020009

57% of all visitorsnoted the event with a5,and 25% even gaveita6. More than 63% saidtheywould attend theevent again in 2009.

Some impressions of the SwissEquityfair2008

Pictures credits: Patrick Rinderli.

For furtherInformation please calluson+41 44 300 53 84, or visit theevent- homepage www.equityfair.ch.

Björn Zern Swiss EquityMedien AG CEO and Editor-in-Chief Freigutstrasse 26 8002Zürich [email protected]

DorisRinderli-Bischof SwissEquityMedienAG ProjectManager Marketing&Events Freigutstrasse 26 8002Zürich [email protected]

AboutSwiss EquityMediaLtd. SwissEquitymagazineprovides monthlycoverageofpublic companies traded on the SIXSwiss Exchange, the BX BerneeXchange, over-the-counter or areprivately-equity backed companies. It features the latest market developments, companyprofiles, and interesting investment advices.Readers are provided with adecisiveinformation advantage basedonthe magazine's in-depth financialnews, analysis, backgrounder stories, as well as an informativestatistics section. With its series of high-qualityand specialized conferences, SwissEquityoffers companies the opportunityto interact with the financial community.The eventsare nowseen as high-qualitynetworking platformsfor top-level managers andexperts from the investor and entrepreneurial communities. Since January 2008, SwissEquityMedia Ltd.is75% owned byNeue Zürcher Zeitung AG.

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ReportingPrivate Equity: Fund-of-Funds in 2008

1. Private equitymarket 2008was adifficult year for allasset classes and privateequity was no exception. Plummeting public markets,de-leveragingacrossthe financial sector and a difficult trading environment havecreated averydifferent situation to the ideal conditions experienced in 2007. Sharpdeclines in public equity marketsacross emergingand developed economies have ledtocorresponding declines in the values of assetsheldbyprivateequity funds. Generally speaking,large buyout funds were affected the most, whichismainlyattributable to the effective closure of the credit markets.Distributions from maturebuyout partnerships have stalled as reductions in M&A transactionvolumeseffectivelystifled the traditional exit routes forthe larger end of thebuyout spectrum.

Notwithstanding the challenges posed by the current marketenvironment, todays recessionary conditions willinevitably create many excellentinvestment opportunities as carve-outsfrom corporaterestructurings,increasingnumbersofdis- tressedbusinessesand attractivepublic-to-private dealsatlow equityvaluations become available.Following its recent robust fund-raisingcycles,the private equity industryhas the available resourcestoprofit from the currentslump in asset values.

Given theongoing credit market dislocation, and the accompanying lack of supply for LBO debt, the large and mega-buyoutsegment will likelysee little activityuntil credit markets begin to normalize.

Largeand mega-buyout transactions,especially thoseclosed in the 20062008 at the height of thebuyout boom, have generallybeen written down to reflect lowervaluation multiples; butthey will continue to suffer as deterioratingearnings furtherdiminish values. Pressuretomeet debt obligationsinthesehighly leveraged transactions will likely seefurtherdeals being written off in the coming months.

It is anticipated that the slowdown in overall distributions experienced in 2008will continue as: (i) value decreases in public equities continue to make exitsthrough initial publicofferings less attractive; (ii) depressedpublicequitypricescontinue to negatively impactthe valuations andconsequently the exit prospects of privatelyheldcompanies; and (iii) liquidity issues continue to soften the overall M&A environment.

4 60 YearYearbookbook 2020009

The 2008privateequity valuation decreases have been driven by multiple con- traction as derived from comparable public companies.Ifthe adversemarket conditions prevail,valuations will further declineduring 2009when these multiples areapplied to reducedearnings from worseningoperating results of portfolio companies. Additionally, 2009will likely see an increase in the number of compa- nieswritten-off dueto: (i) an inability to refinance/ roll-over debt agreements;or(ii) defaulting on existing debt covenants.

The depthand duration of the currenteconomiccrisiswillbethe key determinant of private equity funds performance over theshortterm. Specific signsofrecov- ery such as increasing liquidity in credit marketsand asustained stabilization of public equity valueswill likelytriggeranew wave of privateequity acquisitions and re-energizethe exit environment. For 2009, it is anticipated that the slowdown in distributions will prevail and the volumeofnew deals will remain depressed.

The long investment horizonsassociated with privateequity investing enable investment managerstoholdassetsthrough periods of economicturbulence. As holding periods for portfolio companies increase, IRR performance willerode but in the long-term,cash returns should continue to support the industrys long tradition of outperformance. As an asset class, private equity hasbeen shown to benefit from recessionary periods.

Theextraordinary market environment with itsunprecedented stock market volatility has also highlighted the difficultiesofestimatingthe fair market value of aprivate equity portfolio,especially for afund-of-funds.The current environment has also resulted in politicians and industrybodies proposing new regulations for the private equity industry.

2. The challenge of fairlyvaluing private equity investments in the current environment IFRS (International Financial Reporting Standards)rules,which many fund-of- funds managersinSwitzerland (e.g. listed funds-of-funds)haveadopted as their reporting and accounting standards, require privateequity investmentstobefairly valued.

IFRS, IPEVCVG (International Private Equityand Venture Capital Valuation Guidelines)and FAS157 (US FinancialAccounting Standard) have largelyagreed on adefinition of fair valuation principles that brings much needed transparency

5 61 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn and consistency to reported investment valuations. FAS 157 became effective on 15 November 2007and is applicablefor year-end reporting 2008and beyond.

Privateequity fund-of-funds managers typicallyvalue their underlying funds based on the latestavailable valuations andthen adjustthesefor the cash flowsoccur- ring between the date of the latest availablereported valuation and thebalance sheet date of the fund-of-funds concerned. Thismethod is also referred to as roll- forward valuation. At year end (the closing date) the valuations of the underlying funds within afund-of-funds are typically basedonreported valuations as of 30September (the date of the latest availablereportedvaluation).

If the year-end closing is basedonroll-forwardvaluations, the fair value principle as stipulated by IFRS (IAS39) requires fund-of-funds managerstoconsiderany material valuation event or impact occurring between: (i) the date of the latest availablereportedfundvaluation (i.e. 30September);and (ii) the year-end closing date (e.g. in the course of January /February).

The fair valueofprivate companies,and hence, private equityfunds, is currently largelydrivenby: (i)veryvolatile andweak public marketswith worldwide declines of approxi- matelyminus eleven per cent duringthe first quarter of 2009; (ii)underlyingportfolio companies reporting lowerprofits or even losses, as the effects of the financial crisis worktheir way intothe real economy; (iii) banksbeing still reluctanttoprovide leverage for buyout transactions, so few M&A transactions are taking place; (iv) the IPO exit channel being literally closed;and (v) decreasing comparable valuationmultiples, which have resulted from greatly reducedM&A activityand lowpublic stock market prices.

More and more private equity investment managers(also referred to as fund managers or general partners) are reporting fairvalues based on either IFRS (IAS39), FAS157 or IPEVCVG to their limited partners (i.e. managers of fund-of- funds).

However, general partners still report with time-lags of betweenone andthree months andvalue theirportfolio holdings only twice ayear. These twofactorsin combination withthe extraordinarymarket environment have highlighted the difficulties of estimating the fair market value of aprivate equity portfolio, particularly for afund-of-funds. The difficultiescompound whendoing so on amonthly

6 62 YearYearbookbook 2020009 basis. Estimating amonthly fair net asset value on the fund-of-funds level is especiallyrelevant for publicly listed investment vehiclesorprivate programs with investors buying and/or redeemingshares.

As an example, thetwo measures described belowcan be taken to mitigate this valuationchallenge: (i)applying an even tighter monitoring process to private equityfunds, with a focusonhow general partnersare valuing underlying portfolio companies; and (ii) reflectingdeclines in publicstock prices based on ahistorical performance correlationbetweenprivateequity fund investments and public market indices. These measures may require fund-of-funds managers to makediscretionary valuationadjustments, and suchadjustmentscould then become increasingly necessaryfor ensuring that portfolios arefairly valued.

3. Recent market turmoil will likelylead to amoreregulated and transparent privateequity industry Thecurrent economic environment presents significantchallenges to private equity firms, which face the specter of an increasing number of business failures. Suchconditions encourage politicians, regulators and industrydetractorstopush for regulatorychange. As aresult,the private equity industry, post-recession, is likely to be more transparent, increasingly regulated and will be dominated by practitionersthathave the ability to make operational improvementsinportfolio companies.

As the two followingexamples from theCommission of theEuropean Communi- ties (European Commission) and the German Private Equityand Venture Capital Association (BVK) illustrate, the development towards amore transparent and regulated privateequity industry is has already begun.

3.1.Exampleone: European Commission

3.1.1. Proposed directiveonalternative investment fund managers The need for closerregulatoryengagement with alternative investment managers has been highlighted by the European Parliament, among others, and it has been the subjectofongoingdiscussionsatinternational level,for example through the work of the G20.One concreteresult of discussions like these has been the

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European Commissionsrecently published proposal for aDirectiveonAlternative InvestmentFundManagers, which encompassesboth private equity and venture capital.

According to the proposals information memorandum, the Directive:

formspart of an ambitious Commission program to extend appropriate regulation and oversight to all actors and activities that embed significant risks. The financial crisis has exposedaseries of vulnerabilities in theglobal financial system.Ithas highlighted howrisks crystallizing in onesector can be transmit- ted rapidly aroundthe financial system,with serious repercussions for all financial market participants and for the stability of the underlying markets.

3.1.2. Content of the directive The proposed Directive wouldapply to both privateequity and hedge fund managers(bothare also referred to as an AlternativeInvestment Fund Manager or AIFM). An AIFM must be authorized by the competentauthority of aEuropean Communitymember state. Thethresholdfor private equity fund managers subject to the Directive is EUR 500 million or above in assets undermanagement,compared with EUR 100 million or above for managers of leveraged hedge funds that are subject to redemption rights.

In terms of fundoperations,the Directive calls for AIFMs to have appropriaterisk, portfolio and liquidity management functions (§11 and §12).For each fund (also referredtoasAlternative Investment FundorAIF), the fund managerisre- quired to appointanindependent depositary: acredit institution withits registered officeinthe European Community (§17).

For each fund, the privateequity (and hedgefund) manager mustappoint an independentvaluator(§16). The Directive does not provide specific valuationrules but mentions that thevaluator has tovalue theassets of the AIFinaccordance with existing applicable valuation standards. The rules applicable to thevaluation of assets shall be laid down in the law of the countrywhere the AIFisdomiciled or in the AIF rules or instruments of incorporation.

Transparency rulesrequirereporting not only to investors (e.g. limited partners) but also to competent authorities (§19 to §21).When reporting to competent authorities, an AIFM must provide informationonits risk profile, the risk management tools it applies and anyshort-selling activity undertaken in agiven month.

8 64 YearYearbookbook 2020009

Additional reportingobligationsapply to fund managers if their funds, either individuallyorinaggregate, acquire30%ormoreofthe voting rightsofanissuer (a companyorinvestment fund that hasissued shares and is domiciled in the European Community) or of anon-listed company domiciled in the European Community (§26to§29). The fund managermust providethe information to the company/fund, its respective shareholdersand employee representatives; and wherethereare no such representatives, to the employees themselves. Examples of information to be provided to anon-listed company include: � development plan � revenue and earningsbybusinesssegment � expected progress on activities and financial affairs � report on significantevents in the financial year � financial risks associatedwithcapital structure � with regard to employee matters, turnover,terminations,recruitmentand � statement of significant divestment of assets

Thesereporting obligationsdonot applytosmall and medium enterprises, defined as companiesthat employ fewer than 250persons, have maximum annual turnover of EUR 50million and/or an annual balance sheetofEUR 43 millionorless.

3.1.3. Assessment The reaction of private equity industry bodies to the proposed directivehas been largelynegative.

Jonathan Russell,chairman of the European Private Equity and Venture Capital Association (EVCA), observed that theprivate equity industry will be

captured within adirective designed for hedgefunds,and EVCAwill therefore continue to stronglymake thecasethat many of these rulessimply have no application for private equity and will only increase theburdenfor investors (EVCA pressrelease, 1May 2009).

Hiscolleague Russ Butler,who chairs the EVCA task forcetoassessthe pro- posedDirective, points out that:

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theproposalsare anti-competitive, because they single out venturecapital and private equity, one of many formsofprivate equity ownership, for aregulatory treatmentfrom whichindividual investors, family trusts, charitablefoundations, worker co-operatives, public companies,and sovereign investment fundsare excluded.The proposalsappear to be extensions of aregulatoryresponse prompted by the failure of investmentbanksand designed forlarge hedge funds. Applyingrulesintended for funds with short-term strategies into those that invest in and support businessesoverthe longer termisindiscriminate in the extreme. Any threshold must be aligned withaproperly articulated policy intention, based on the systematic risk posed.

Ross Butler is also:

deeply concerned that the thresholdsset out today punish middle market companies (i.e. not falling withinthe threshold), which lie at the heart of corporate Europe.EVCA estimates that around 5000portfolio companies will have to comply withcostlyand unwarranted disclosurerules that go beyond even those required by publicly-listed companies. The proposal includes rules on valuation, custody,delegation, risk,liquidity andcapital reserve requirements. These issues have no relevancetothe private equityand venture capital industry what- soever,and willonly havethe effect on increasing the cost of investment for end-investors.

Hannes Glaus and Dieter Wirthofthe Swiss Private Equity &Corporate Finance Association(SECA) agree with EVCAs criticism, but they are further concerned that Swiss-based private equity fund managers mightrelocate from Switzerland to the European Community countries as aresult of the Directive(SECA media release, 30April 2009). They offer the example of mutual fund managers leaving Switzerland in large numbersfollowing theUCITS III(Undertakingsfor Collective Investments in TransferableSecurities) directive of 2001. If private equity fund managersweretoabandonSwitzerland in order to establish domiciles in the European Community, private equity financing in Switzerlandwould decline significantly.Thiswould damage the countrys competitive position in financial services and in sectors that depend on research and development.

10 66 YearYearbookbook 2020009

3.2. Example two: German Private Equityand Venture Capital Association (BVK)

3.2.1. Transparency rules Forseveralyearsnow theGerman private equity industry had been preoccupied with questions of how private equity ownershipaffects companiesfinancial development and staffing levels. In an effort to address these issues,aswell as to improvethe industrys imageinGermanyand buildtrustamong various stake- holdersofprivate equity-financedcompanies, thirteen largeGerman-based buyout fund managersissued transparency guidelines(Transparenz-Richtlinien der BVKFachgruppe Buyout)inOctober 2008. Initially theguidelines applied only to the thirteen initiators, but subsequently they were recommendedfor adoption by all BVK-member firms. The original 13 firms included: AllianzCapital Partners, Advent International, Apax Partners, BainCapital, BC Partners,The Blackstone Group,Carlyle Group, Cinven, CVC Capital Partners, GoldmanSachs,KKR, Permiraand TPG Capital.

3.2.2. Content of theguidelines Applicable thresholds in terms of the private equity financed portfoliocompanies: � enterprise value of more than EUR 750million � turnover above EUR 300 million, of which at least 30%isgenerated in Germany � more than 1000 employeesbased in Germany and � the buyout firmsstake represents at least 25%ofthe votingrights

Unless already required by law or other regulatory rules, portfolio companies subject to the guidelines, and who arefinanced by aBVK member firm, have to include in their annual reports: � name(s) of the private equity firm(s) invested in the portfolio company � detailed description of managementteam andboard of directors � summary of business segments andlocations � sales figures overpastthree years and � number of employees in total,and of whichhow many areemployed in Ger- many

The information mustalso be publicly available on thecompanyswebsite. According to the guidelines,BVK member firmsshould publish thefollowing information on their websites:

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� list of portfolio holdings � overview of management, investment managersand consultantsworking for the private equity firm and � type of limited partners (e.g. pension fund, family office,banks, etc.)

Member firms shouldalso inform the employees of their portfolio companies about strategic decisions anddevelopments, as farasfeasiblewithin the constraints of confidentiality. Thisincludesproviding information on topics such as: � financial development and status of theportfolio company; � rationalization plans � opening, transfer or closingofsites � merger or spin-off � acquisition and � in case of asale: name of acquirer, itsplansintermsofthe further development of theportfoliocompany and its expected impact on staffing levels

3.2.3. BVKsdatabase The BVK captures certain information with regardtoboth,the privateequityfirms and the portfolio companies in aconfidentialdatabase, including: � acquisitions and exits completed: transaction value, financing structure and financingterms,purchase or sales of divisions,estimatedtransaction costs (e.g.financial consultants, lawyers and auditors), any other income from portfolio companies and � portfolio companies: development of salesand profit, number and structureof employees, capital structure,investments and R&D expenditure

On adiscretionarybasis,the BVK may allowthirdparties to access the data for research purposes. In such acase, theusercannottraceback the data to any specificprivate equity firmorthe respectiveunderlying portfolio companies.

In February2009, the BVK presented resultsofdatagoing back to 1997 showing that privateequity-financed companies have,onaverage, increased sales and staffing levelsby16% and 4%, respectively,between acquisition and exit. The analysis includes transactions such as Premiere, Grohe and Kabel Deutschland, which wereall debated in the press (see figure 1).

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4'600 1.4 EUR 4'424 4'500 1.2 1.05 bn employees EUR +16% ees 1.0 0.88 bn +4% 4'400 n

4'246 ploy 0.8 Rb employees 4'300 em of EU 0.6

4'200 er 0.4 mb

0.2 4'100 Nu 0.0 4'000 At entryAtexitAtentry At exit

Sales Number of employees

Figure 1: Private-equity financed companies (by BVK member firms), with transaction values of more than EUR 750million and more than 1'000employees (data analyzed between 1997 and 2008). Source: BVK, Private Equity Brief, March/April 2009.

3.2.4. Assessment To alarge extent, the transparencyguidelines reflect and strivetoaddresscon- cerns raisedduringthe last several yearsinGermanys verypublicdiscussionson themerits and limitations ofprivateequity, in the so-called Heuschrecken (locusts) debate. The guidelines focus lies on informing employees of portfolio companiesand the public on strategicdecisions and developments, and especially theimpact on staffing levels. In contrast to EVCAs reporting guidelines, valuating and gauging theperformanceofportfolio companiesare not addressed by the transparency guidelines.

4. Some politicallymotivatedregulatory activities arecontradictory to the long-term prospects of theprivateequity industry The extraordinary marketenvironment, with its unprecedented stock market volatility,has highlighted the difficulties of estimating the fair market value of a privateequity portfolio, especially forafund-of-funds.Ithas also triggered further activitiesbypoliticiansand self regulatory bodies to proposenew regulations for the private equity industry.

In terms of fairvaluations,the topicbecomes particularly important for listed vehicles and non-listed funds-of-funds, with investorsbuying and/or redeeming shares. To cope with the givenmarket environment,portfolio monitoring has to be tightened. Priority should be given to how general partnersare valuingportfolio holdings. Thisprocess, which shouldideally also be co-ordinated with the statu-

13 69 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn tory auditors,may translate into more discretionaryvaluation adjustments as compared to prior years.

In April 2009, the European Commission published anew Directivethat, according to the Chairman of EVCA, would result in theprivate equity industry being, capturedwithin adirectivedesignedfor hedge funds ...and will only increase the burden for investors. SECAisconcernedthat the translation of the Directive into national laws will lead to Swiss-basedprivate equity fund managersrelocating out of the country.

In order to address concerns raised in Germanys so-called Heuschrecken debateand to improvethe image of mainlythe large buyout funds, the BVK recently recommended thatall of itsmembersapplycertaintransparency guidelines. Portfolio companiesexceeding acertainsize, which are financed by BVK member firms, are advised to publish certain dataontheir websites. Thefocus is on staffing levelsand strategicdecisions/developments (e.g.restructuring, merger and rationalizationplans).

Despiteall the short-termmarketturbulence, it is important to keep in mind the long-term nature of private equity investments. The long investment horizons associatedwithprivate equity investing enable investment managers to hold assets through periods of economic turmoil. As an asset class,private equity has been shown to benefit from recessionaryperiods. From that perspective, some politically motivated regulatory activities,which are not particularly suited for privateequity and rather increase theadministrative burden for fund managers, are contradictorytothe long-term prospectsofthe private equity business.

Robert Schlachter LGT Capital Partners AG Principal, CFO Private Equity Schützenstrasse 6 P.O.Box 8808PfäffikonSZ [email protected]

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Buyout Activity in Switzerland in 2008

Investmentactivity Eventsinthe SwissPrivateEquity market weredividedinto apre-and post- Lehman reality. The first nine months were marked by asoundbuyout activity (comparedto2007) with 16, mostly small acquisitions by PrivateEquity houses. The last three months of theyear brought acomplete dealstopwithout any signingorclosing.

Total deal volume was an estimatedEUR 800 million, downfrom EUR 3.1 billion in the previous year.Switzerland did not see anyverylarge buyouts(>EUR 500 million) in 2008. The largest transactionswere König Verbindungstechnik by Capvis for EUR 325 million, Spiess HoldingbyCapvis, Global Wood Holding by Clessidra and Riri Group by Capitalia Sofipa, all forestimated enterprisevalues at/below EUR 100 million. Thebulk of the transaction volume was formed by small- to medium buyouts whichprovedtheir resilience to adifficult market environment.

18 3'000 16 24 2'500 14 3 ) 12 2'000 Rm ions

10 EU ct 9 8 7 1'500 in sa 8 e( an tr 6 1 1'000 lum of 1 2 Vo er 4 351 6 500 on

mb 55 2 3 ti Nu

2 ac 0 1 0 200320042005200620072008 ans Tr Small Transactions (< EUR25m) Mid-market transactions (EUR 25 -250m) Largetransactions (> EUR250m) Transaction Volume(in EURm) Figure 1: Institutional buyouts in Switzerland. Source: Mergermarket, Capvis.

The credit crisisand the subsequent recession fear changed boundaries for the buyout playfield. First, the new restrictivelending policies for M&A financing complicated the financingeven of small and medium sizetransactions. Second, banks have become equally restrictivewith corporate lending, limiting the invest- ingpossibilitiesfor both private and public companies. Last, the depressed economicoutlook and consumer sentiments have driven earning forecasts down

4 71 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009 and created substantial insecurityasfor future profitabilityofportfolio firms and targets. This led Private Equity firms to focus on preparing portfolio companies for thetroubledtimesahead and to shyawayfromnew investments.

Total#of16transactions Total#of16transactions

Auto- Industrial Watch motive Corporate products industry 1 Spin-off &services 1 3 5

Services 2

Consumer IT related Private 3 products seller 4 13

Figure 2: Buyoutsin2008bysector. Figure 3: Buyouts in 2008bytypeoftransaction. Source: Mergermarket, Capvis. Source: Mergermarket, Capvis.

The transactions in 2008weredominated by private sellers, while only in three transactions corporate sellerswereinvolved. The markethas notseen any secondarybuyouts in 2008. Companies from the industrial products&service sector as well as from the consumer related productssector were favoured by privateequity firms,accounting for more than 50%ofall transactions.

Divestments /IPOs On the sell side, PrivateEquityhouses were successful withtwo large divestments: After 3yearsofholding, Permira soldJet Aviation to General Dynamicsfor EUR 1.5 billion. TPG ended their 8year investment in Bally withasale to the Labelux Group for aconsiderationestimated at EUR 400 million.

Due to thebearishand volatilte sentiment of the financial markets in 2008, no company wasfloated on the SWXin2008. Compared to the previous year, when sevencompanies were IPOed, the decline in 2008issubstantialand confirms the restrictiveattitude of the investors.

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Outlook 2009 2009offersadrearyoutlook but equallysome opportunities. The drop in order intake and revenues of companieswill force some to reshufflethe operations,to restructurethe balance sheets and eventually to renegotiate thecovenantsofthe bank loans. The tight credit situation will make refinancing difficult, entailing a need for capital infusion or asale or closureofsuch companies.

The restructuringofcorporationsand the write-down of debt offernew opportunities forinvestors: private equity firms will havethe chance of acquiringgood companies at attractive pricesifthey arecapable of restructuringthe balance sheet. Andifthe debt of these companies is non-redeemable, dealswill even continue to have leverage.

In any case, the times of straight forwardauction sales with many bidders will be unlikely to occur in thecoming year.Firms with fresh money arefewer, situations will be much morecomplex than beforeand thoroughness and flexibilityofthe buyerswillbekey.Successfulbuyoutsoff the beatentrackstimes will probably show the way to arebound of the LBO industry.

Reto Kreienbühl Capvis Equity Partners AG Investment Director Talacker 42 8022 Zurich [email protected]

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Impairment tests

1. Introduction The following articlehighlights some recent developments in regard to impairment tests. Afteraspecificexampleused to illustratesome of the dangersthat lurk in impaired goodwill and some global figures in the first chapter,experienced Price- waterhouseCoopers authors focusondevelopments and impairment issuesinthe Swissmarket. The article closes with some front-line impairment tips from their dailywork.

1.1. Impairmentand mergers Impairment testing is acheck performed byauditcompanies to ensurethat assets are not valuedhigherthan their respectiverecoverable amount. In an ordinary financial situation, thisisnomore than aroutineprocess. Due to the raging global financial crisis, companiesassetsare generallyunder much more pressure than before.Because of this, the impairment test whichuntil recentlywas moreofa back-burner issue has once again become critical for manyyear-end closings. Especiallyafter phases of intense mergerand acquisition activities (see figure1), goodwill abounds which mayhavetoberevised in financialstatements.

1'600

1'400

1'200 $bn)

e( 1'000 v alu 800 deal

obal 600 Gl 400

200

0 1995 1996 1997 1998 1999 2 000 2 00 1 2 00 2 00 3 2 00 4 2 00 5 2 00 6 2 00 7 2 00 8 2 00 9

Figure 1: M&Adeal volume from 1995 until 2009. Source: PwC.

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As demonstrated in figure 1, merger activities tendtooccur in cycles. The last waveended abruptlyin 2008with the peaking of thesubprime and financialcrisis. As mentioned above, assetsand especiallygoodwillhavetobetested for impairment. Thismight add extra pressure on already-in-the-red financial statements. Thenextsectiontakes theexampleofthe Royal Bank of Scotland (RBS)to demonstrate what thelast bigmerger wavelooked like and howeasilybiggood- will positions are accumulated.

1.2. Example case RBS1 The Royal Bank of Scotland was founded in 1727.Originallyopenedwithastaff of just eight, it expanded rapidlyin the twentieth century,acquiring several English banks. In the 1950s, mobile banks began serving rural communities and by1960, the first officeopened in NewYork. In 1969, RBS merged with National Commercial Bank of Scotland and in 2000,itacquiredNationalWestminster Bank in the biggest banking takeover ever in Britain. TherebyRBS inherited awell-entrenched network of more than200 banks.In2005, RBSformed astrategic partnershipwith Bank of China. In 2007, the biggest takeover in banking historytook place under the lead of RBS to acquire the Dutch bank ABN AMRO. Just as the acquisition phase was at its height, the financialcrisis hit RBS. The bank has suffered losses amounting to billions of pounds in 2008due to toxic debtsand goodwill write-downsofGBP 15 billion to GBP 20billion. Figure 2summarises the most importantevents.

Acquisition of Hostile takeover of Partial nationalization: 10%ofBank ABNAMRO bythe the British Government CharterOne of China, RBSConsortium holds 68% of RBS, up to Financial, USD 3bn USD 99bn 95% possible Fred Goodwin is Inc. given knighthood by USD13bn Losses of Fred Goodwin Queen Elisabeth (CEO)electedas USD 35bn global business- Reductionin manofthe year by staff by7 000 Forbes magazine Planned reduction in National staff by22 000 Westminster Bank Rigorous USD 22bn recapitali- sation , retreatform ? over 30 countries

2001 2002 2003 2004 2005 2006 2007 2008 2009

Figure 2: RBSacquisition strategyfrom 2001until 2009. Source: PwC.

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The historyof RBSisacase in point of howimpairmentofgoodwill in stressed financial situations can lead to majorwrite-downs and losses.Subsequentlythe market capitalisation of RBShas fallen to ahistorical deep.The acquisition outlined aboveisaperfect illustration of theimpact on themarket capitalisation of this acquisition: RBS and aconsortium paid USD 99 billion for ABN AMRO. Today this sum could acquire the following companies: � Citibank USD 19bn � Morgan StanleyUSD 16bn � Goldman SachsUSD 35bn � Merrill Lynch USD 12bn � Deutsche Bank USD 10bn

In addition, GM, Fordand Chrysler couldbethrowninand even after that, enough cashwould remain to obtainHondasFormula One team. Whether these would be wise investmentsisofcourse arguable, but the intensityandseverityof the drop in market capitalisation is undisputable. To support these findings, figure 3illus- trates the marketvalue of some bankscomparing the years2007and 2009.

Figure 3: Market Capitalizationofbanks 20072009. Source: Bloomberg.

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Starting with these global figures, the nextchapter focuses on the impairment testing regulationframeworkfor Swiss companies, as well as some more detailed background information about impairmentsand the issues to be solved.

2. Impairmenttestingregulation frameworkfor Swiss companies The following paragraphs giveanoverviewof the current impairment testing regulation frameworkapplicablefor Swisscompanies. According to both IFRS and US GAAP, an entitymust regularlydetermine whether there is anyindication that an asset is impaired. Indicatorsofimpairment (also called triggering events)mayarise from theexternal environmentinwhich the entityoperates or from withinthe entitysownoperating environment.Ifanindica- tor of impairment exists,then the assetsrecoverable amount mustbedetermined andcompared with its carryingamounttoassess theimpairment. Thisrequire- ment extends to goodwill, intangible assets with indefinite lives, and assets not yet subject to depreciation or amortisation.However, goodwill is tested at least annuallyandnot onlywhenever there is an indication that the goodwill might be impaired.

Both Swiss GAAP FER andthe SwissCodeofObligations (CO) require tangible assets to be tested for impairment onlyafter so-called triggering events.Intangi- ble assetsare generallycapitalised and amortisedover aperiod of fivetotwenty years at most. In addition, impairment testshavetobeperformed whenever there is an indication that the assetsmight be impaired.Other than underIFRSand US GAAP,under Swiss GAAP FERand CO the capitalisation of goodwilland its periodic amortisation over aperiod of fivetotwentyyearsatmostisstill allowed. Alternatively,goodwill resulting from an acquisitionmayalso be openlyoffset with equityat thetime of the acquisition.

The capitalisation of goodwill and its periodicamortisation over aperiod of forty yearsatmostwas permitted under US GAAP until 2001. According to IFRS, acquired goodwillcould be regularlyamortised over aperiod of twentyyears at mostuntil the newimpairmenttesting accounting standards came into effect in 2004.

The following figure 4summarises the current impairment testing regulation frame- work applicable for Swiss companies applying various accounting standards.

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IFRS US GAAP FER/CO (IAS 36/39) (SFAS 142/144/157) (FER 10/20/30&CO665) Goodwill Impairment test at least Impairment test at least Capitalisation /amortisation annuallyor after triggering annuallyor after triggering over aperiodof5to max. events. events. 20years or openoffsetting of goodwill with equity.

Intangible assets Capitalisation und with an indefinite amortisation over aperiod useful life of 5tomax.20years. Impairment test onlyafter Intangibleassets Impairment test onlyafter Impairmenttest onlyafter triggering event. with adefinite useful triggering event. triggering event. life

Tangibleassets Impairmenttest onlyafter triggering event.

Figure 4: Relevantimpairment testingaccounting standardsfor Swiss companies. Source: Various accounting standards.

The decision whether andbyhowmuch an asset is impaired is greatlyinfluenced bymanagementsassumptions of the future course of business. Thereisalwaysa trade-off between higher amortisations and lower amortisations. Higher amortisations of goodwill are associated with alower goodwill amount on the balance sheet but lower earnings volatilityand lower risk for further impairments in the near future.Vice versa, lower amortisationsresultinahigher goodwill amount but higher earnings volatilityas well as ahigher probabilityof further impairments in the shorttomediumrun. Theserelations areillustrated in the following figure 5.

Highergoodwill

� Loweramortisations

� Higheramortisations � Higherearningsvolatility

� Lowerearningsvolatility � Higherimpairmentrisk

� Lowerimpairmentrisk

Lowergoodwill

Figure 5: Higher amortisationsand lower goodwill vs. lower amortisations and higher goodwill. Source: PwC.

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The nextchapter summarises themostimportantlessonslearned fromthe extensiveworking experience of PricewaterhouseCoopers auditorsand advisors. In addition,current developmentsand statisticsinthe Swiss marketare described.

3. Top 10 impairmenttips Thefollowingsectionfocuses on practical impairment tips based on the extensive experience of PricewaterhouseCoopersasaudit, taxand advisorycompany.This section reflectsthe accumulated knowledge of the PricewaterhouseCoopers networkintheir dailyworkwithimpairment situationsbut is not intended to be exhaustive.

3.1. Paying attention to market capitalisation 3.1.1. Guidance The last fewmonths havebeenmarked byincreasing volatilityin global markets. Stock priceshavedropped dramaticallyand capitalmarkets appear to havelost theirrelationtothe fundamentalvalueofthe underlying businesses. To examine howthe current economic downturn has affected Swisscompaniesin regardtoimpairment, PricewaterhouseCoopersanalysed thevarious book and marketratios of all quoted Swisscompanies belonging to the SwissPerformance Index(SPI). This studydemonstrated that 46% of the analysed SPI companies haveacurrent market capitalisation smaller than theirbook net asset value. Moreover,for 24% of the analysedSPI companies their current market capitalisation has alreadyfallen below50%oftheir book net assetvalue.Inaddition, the studyfound evidencethat more than 80%ofthe analysed companies have goodwillontheir balance sheet that maybe subjecttoimpairment. If acompanysmarketcapitalisation fallsbelowits book net assetvalue, this does not automaticallyresult in theimpairment of goodwill.However, it can be viewed as an indicator of impairment that requires the companyto performanimpairment test. AccordingtoIAS 36 paragraph12(d),for example, in assessingwhether thereisanyindication that an assetmaybe impaired, an entityshallconsider whether thecarryingamount of the net assets of the entityis more than its marketcapitalisation. Should acompanysmarket capitalisation turn out to be lower than avalue-in-use calculationinthe courseofanimpairment test,itisjustifiedtochallenge the appropriateness of theassumptions, as it is unusual for an assetsvalue in useto significantlyexceed the fair value less coststosell. After all, the fair value less costs to sell for the entire business attributed byexternal sourcesisindicated by marketcapitalisation. However,wheremanagement determines arecoverable

9 79 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn amount that is abovemarketcapitalisation, the result should be scrutinised to check that the assumptions are reasonableand supportableinlight of the available external evidence.

3.1.2. Example ListedentityJhas asubsidiaryK, which is aretailer of fashionable womenswear with ayear end of 31 December. The group has been struggling for thepastsix months and is concerned aboutpotential impairment of its net assetsofC70m.

Marketcapitalisation 31 December 2008C80m 31 March 2009C69m 30June 2009C40m

The marketcapitalisation exceeds the carrying value of the net assets at years end, so there is no specific need for an impairment test,unless other impairment triggershavebeen identified. The fall in marketcapitalisation as at 31 March 2009 would be an indicator of impairment under IAS 36 paragraph 12(d), thusrequiring management to perform an impairment test.The value-in-use calculation pre- pared bymanagement supported the net assets,sonoimpairment was deemed necessaryat this stage. However, afurther significantfall in market capitalisation as at 30June would require theassets to be re-tested forimpairment.

3.2. Reasonable and supportable cash flows to be usedinimpairment calculations 3.2.1. Guidance Forecastsprepared months ago (for example, before the full effectsofaneco- nomic downturnbecameclear) mayneed to be revised.These need to be based on thelatest management-approved budgets or forecasts, but do need to be madeonthe basis of reasonable andsupportableassumptions that represent managementsbest estimate of the economiccircumstances that will prevail over the remaining life of the asset or CGU(cash generating units). Greater weight should be given to external evidence. Forexample, the cash flows/forecasts should be compared withanalystsforecastsfor the sector andthe viewsofother third-partyexperts and economic forecasters. Where theyare not consistent,explanationswill be required.

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3.2.2. Example EntityAisanemployment agencywhich is arathercyclicalindustry.Accordingly, therecent economicrecession has had anegativeimpact on this market as well. EntityAiscurrentlypreparing business plans that maybe used as abasis for impairment testing considerations.Inprevious impairment tests, where the market environment was relativelystable, cashflowswerebased on moderate growth assumptionsand relativelystable margins (see left-hand side of figure 6). In the current marketenvironment,however,itisessential to ensure that the cash flowprojections correspond to the currenteconomic conditions and outlook.If necessary,projections need to be adjusted to reflect current expectations (e.g.in terms of revenue growth rates, margins,capital expenditures, etc.). Forecasts should, to the extent possible,becompared to market evidence and will need to reflect amuchhigherprobabilityof aweakeconomyin theshort to medium term. Special attention should be paid to the terminal year. In the long run,the development of entityAsbusinessisuncertain. As it canbeseeninthe right-hand side of figure6,entityAssalesand margins might continue to decrease in the long term. Alternatively,cash flowprojectionsmight not onlytake into account ahigher probabilityof aweak economyin the short to medium term, but also the moderate upturnhighlylikelyin the near future.Should projections seem to rise to alevel never achieved in thepast, theunderlyingassumptions need to be scrutinised. In anycase, athoroughand diligent analysiswhether andhowthe implications of the current economic downturn are reflected in managementsexpectationsmust be performed, in particular withregard to the terminalyear. Furthermore, given the significant impact of terminal value calculations on the overallDCF valuations,an extension of the projection horizon or at least asanitycheck maybe appropriate.

Business plan in relatively Business plan in current market stablemarketenvironment environment

Figure 6: Relevantimpairment testingaccounting standardsfor Swiss companies. Source: PwC.

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3.2.3. Example EntityLisamanufacturer and retailer of householdfurniture. For impairment purposes,management has estimated for manyyearsagrowth of 4.5% for the nextyear and 6% forthe following twoyears, in thecompanyscashflowprojec- tions.The result is avalue-in-use estimate that exceeds carrying value whichis whyno impairment charge is required. Growth in recent yearshas been broadlyin line with theseestimates. When assessing the reasonableness of theseassumptions for the nextfewyears, these growth assumptions shouldinitiallybe comparedtothe overall marketGDP growth,which for 2009ispredicted to be onlyapproximately1.25%, based on current market data. Thisisanindicator that suggests the assumptions maybe over-optimistic. In addition, management looksatmarket data available on consumer spending.Considerablegrowth in discretionaryspendingisunlikelygiven the high levels of personal debt, tighter credit conditions andsharplyincreasing household energy,petrol and food bills. Arecentsummaryof independent economic forecasts supports this, indicating that personal consumption is expected to rise 1.8% in 2008, with no growth expected for 2009. Management has observed that historic salesgrowth patterns closelymirror personal consumption ratios. Other macroeconomic data could be considered when assessing thereasonable- ness of forecasts. Forexample, after yearsofrapid increases of house prices, the local housing market is nowstruggling; significant pricefallsare affecting consumer confidence and demand for newhouses. The total number of newhomes being constructed is expected to fall 40%over the nextthreeyears compared with average levels over the last threeyears.Historical industryand companydata suggeststhat aslump in newhouse construction will alsocause adecline in demand forfurniture. Other datatoconsider include anysector-specificforecasts. Management sub- scribes to an industrybodythat provides comprehensiveforecasts for the sector. It has recentlyreceived arevised forecast,which suggests demandwill fall1%in the next12months, with no growth for the subsequent twoyears. Management has therefore decided to revise its forecastsofvolumegrowth in line with market expectations of no growth for thenextthree years.Thisgives rise to an impairment of acquired goodwill.

3.3. Scrutinise the discount rate Watch out for illogicaldiscount rates. Risk-free interest ratesset bycentral banks arefalling in manyterritories, but other factorsaffect discount rates in impairment calculations.These include corporatelending rates, cost of capitaland risks

12 82 YearYearbookbook 2020009 associatedwith cash flows, which are all increasinginthe current volatile environment and maywell result in ahikeinthe discount rate. Manycompanies use the capital asset pricing model to determine the discount rate.Manyof the inputsinto this model willhavechanged given current market conditions. For example, with manynational base rates reduced, the risk-free rate of governmentbonds will havefallen in manyterritories.However, risk premiums haverisen, which maymore thanoffsetthis fall.

UK rates Risk-freerateLIBOR 30June 20075.75% 5.60% 30June 20085.00%5.85%

The abovedata illustrates that while the UK risk-free rate has fallen over thepast 12 months, the LIBOR rate(the rate at whichbankslend to one another) has increased. This alone could increasethe discount rate that an entityapplies without considering anyother factorssuch as the perceived riskinessofthe cash generating units (CGU), which mayalsohaverisen. Remember also that the discount rate used is the rate that reflects the specific risks of the asset or CGU. Different CGUs maywarrant different discount rates.The discount rateshould not be adjustedfor risks that havealreadybeen considered in projecting futurecash flows. In most cases, however, discounted cash flowcalculations based on approved budgetswill not havebeen risk-adjusted, so the discount rate should not be reduced. Management should also considercountryrisk, currencyrisk and cash flowrisk. Different rates should be used fordifferent future periodswith differentrisks whereappropriate. Finally,the current lack of available funds for lending maymean thatthe company maynot haveoptimal gearing; this mayimpactthe weighted averagediscount rate. Managementshould carefullyreviewthe inputs.

3.4. Reconcilethe conclusion to thecurrent environment 3.4.1. Guidance Detailed calculations shouldbecross-checked to make sure that the final answer holds up to comparison with external market data. In thecurrent economicclimate assumptions that were reasonable ayear ago mayno longer be reasonable. For example, alackofavailablecredit maymean that manyplanned investments arebeing cut back, impacting thecompanys growth prospects.

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As the economicoutlook deteriorates, consumer confidence is falling which in turn has an impactonconsumer spending.Reducedspending is affecting many industries,not just banking and property.Cash flowgrowth assumptions should thereforebereviewed carefullyand compared with up-to-date economic growth forecasts.Itispossible to obtain analyst reports formostmarket sectorswhich shouldbeconsidered as evidencetosupport growth assumptions. It mayalso be worth reviewing comparable dealsand multiples implied in these dealsversus the implied multiples and valuationsinherentinanyimpairment test discounted cash flowcalculations.

3.4.2. Example EntityH, aconstruction company,has preparedits discounted cash flowcalcula- tionsfor impairmenttesting as at 31 December 2009(yearsend). Management hasbased its value-in-use calculation on anumber of keyassumptions(including arapid recoveryfrom the current downturn). The modelproducesarecoverable amount that is 10times the forecast earningsfor 2009. The calculation indicates that thereisnoimpairment. AcompetitortoEntityHwas recentlysold at aprice equivalenttoamultiple of five times 2009forecast earnings, aconsiderabledrop from 12 months agowhen they were quoted at ashare price that valued them at amultiple of 12 times the forecast earnings. Propertyprices in the localmarketthe pastyearhavedropped considerably.With experts predicting no recoveryuntil after 2011, the slump in the housing market has severeimplicationsfor the widerconstruction industry. Considering the external market datafrom anumberofsources, it seemsthat EntityHsmanagement is being overlyoptimistic in its calculation. Alower recoverable amount wouldbemore reasonable and supportable. If the assumptions used bymanagement remain inconsistentwith externalinformation, management will be required to disclose howand whyit thinks it is appropriate to adoptthese assumptions (IAS 36 para 134 (d)(ii)).

3.5. Compare likewith like Make sure thecashflowsbeing tested areconsistent with the assets beingtested. Watchfor consistencywhen includingorexcludingworking capital from the CGU. Alsomake sure thatthe forecast cash flowsmakes allowance for investmentin working capital if the business is expected to grow. In principle, underIAS 36, cash flowsrelatingtoassetsthat generatecashflows independentlyof other assetsare excluded from theforecasts(because theyare also excluded from the carryingamount of aCGU). Examples include financial assetssuchasreceivables.Similarly,cash outflowsrelatingtoobligations that

14 84 YearYearbookbook 2020009 havealreadybeen recognised as liabilities are excluded,asthe related liabilityis excluded from the CGU. Thisensures that like is compared with like. Examples of such liabilitiesinclude payables, pensionsand provisions.Cash flowsshould exclude cash flowsrelating to financing (which includeinterest payments), as liabilitiesare excluded from thecarrying amount and because the costofcapital is taken into account bydiscounting the cash flows. Manyentities preparing cash flowforecasts forthe purposes of impairment testing base theforecastsonthe underlyingcashflowforecastsfor the business. These include cash flowsfrom the settlement of working capital balances as at years end. IAS 36 permitsthese entities to leavethe forecasts unadjusted,aslongas the carryingvalue of theCGU is increased bytheamount of the working capital assets andreduced bythe value of theworking capital liabilities.

3.6. Watch foreign currency cash flows Foreign currencycash flowsare commonand arerequired to be dealt with in a specificwaybyIAS 36. Assume that entityFisdetermining future cash flowsfor an impairmenttest of a CGUcontaining fixed assets, in accordance withIAS 36. Howare future exchange rate movementstaken into account, if thecashflowsare to be received mostlyin foreign currencies andwill occur over fiveyears? The future cash flowsare est imatedinthe currencyin which theywill be generated andthen discounted at an appropriaterate for that currency.This discount rate maynot be easyto determine,asitislikelyto be different from the rate used for the remainder of the presentvalue calculation, as it is countryand currency- specific. The presentvalue of the foreign currencycash flowsisthentranslatedat the spot rate at the date whenthe impairmentreviewis beingperformed. Amore reliable estimateoffuture exchange ratesthan the current rate cannot be made. IAS 36 prohibitsuse of anyforwardrates existing as at date of the impairment review. If there is aforward foreign exchange contract in place, this will meet the definition of aderivativeand is measured at fairvalue in accordance with IAS 39. Inclusion of the contracted rate in the cash flowsfor the fixed assetimpairment tests would mean that the cash floweffectsofthe foreignexchangecontractwould be counted twice, once in theimpairment testing for the fixed asset and once as a financial assetorliabilityon the balance sheetrelating to the derivative.

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3.7. Allocate goodwill to the appropriate CGUs 3.7.1. Guidance Goodwilldoes not generatecash flowsindependentlyfrom otherassets or groups of assets,sothe recoverable amount of goodwill cannot be determined as a separate asset. However,goodwill often contributes to the cash flowsofindividual or multiple CGUs. Therefore, goodwill acquired in abusiness combination is allocated as at acquisition datetoeach of the acquirer's CGUs or groups of CGUs that are expected to benefit fromthe synergies of the business combination. Determining the recoverable amount of the goodwill then becomes part of deter- miningthe recoverable amount of the CGU or CGUs to which it has been allocated. It is importanttothink about howthe goodwill is going to be subsequently tested for impairmentbefore finalisingthe allocationprocess. The following exampleillustrates howan entitymayallocate goodwill.

3.7.2. Example EntityDacquired 100%ofentityE, and C15m goodwill was recognised. EntityD has identified four CGUs (one existingCGU and three CGUs from theacquired entity), which areexpected to benefit from the synergies of the combination.Entity Dsmanagement proposes to allocate goodwilltothese CGUs based on their expectedprofits.However,thismethod of allocation is not appropriate. Expected profits should not be used as the basisfor allocating goodwill, becauseCGU- relativeprofitswill change on the basis of prices set bythe CGU management and because such an allocation process does not account for the benefits that the acquisition will bring to each existing CGU. EntityDsmanagementshouldidentify anon-arbitrary,reasonable and consistent basis to allocate goodwill to the CGUs. Such identification willbeprimarilybased on where the synergies areexpectedor where the assets that cannot be separatelyrecognised from goodwillare located. One practical waymanagement could allocategoodwill to CGUs is based on the relativediscounted cash flowsofthe CGUs,especiallyas this is howit willbe subsequentlytestedfor impairment. Thegoodwill that aroseonacquisition of EntityEisexpected to create synergies of C32million across all four CGUs; therefore, managementshould allocate thegoodwillacross thefour units. The discounted cash flowcalculations of synergies arising for the four units are as follows: Unit Discounted cash flow(Cm) %Goodwill allocation (Cm) A1 1031% 4.7 B2 722% 3.3 B3 928% 4.2 B1 619% 2.8

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3.8. Valueinuse should comply withthe standard In calculating value in use, futurecash flowsshould be estimatedfor assets in their current condition. Keyconstraints concerning theassumptions that canbemade in value-in-use- compliant cash flowforecasts relate to future restructuring or reorganisations and capital investment. The costsand benefits of afuture restructuring should not be recognised in thecash flowforecasts, unless theentityis committed to therestructuring and the related provisions havebeen made. The costsand benefitsof future expendituresintended to improveorenhancethe assets or business should be excluded from theforecast cash flows. Thepractical implication of this is that the cashflowforecasts for avalue-in-use test maydiffer from the cashflowsinthe board-approved budgets of futureyears. For example, where management has approved restructuring plans, the most recent formallyapproved budgets arelikelyto include boththe costs and benefits of the planned restructuring.However, accounting for the restructuring provision maybe delayed until post-balance sheet if the plans havenot been communicated to thoseimpactedbyit in sufficient detail.Inthis case, forecasts would need to be adjusted to removethe related costsand benefits of therestructuring.

3.9. Comply with thedisclosure requirements 3.9.1. Guidance IAS 36 andIAS 1, Presentationoffinancial statements,havemanyd isclosure requirements. Marketregulatorsaround the world haveindentified that some companiesare not including all the required disclosures. The disclosure require- mentsare extensive. Common omissions include the discount rates applied,the long-termgrowth rateassumptions in adiscounted cash flowmodel for both value in use and fair value less cost to sell, and adescription of thekeyassumptions madeand what thesehavebeen based on. Keyassumptions arethose to which the recoverableamount is mostsensitive, forexample, assumptions on revenue growth,profit margins and discount rates. In the UK, the Financial ReportingReviewPanel (FRRP), the regulator with reviewresponsibilities forcompanyfinancial statements, has stated that the impairment disclosures areamong the weakest areas in financial statements.The FRRP stated in their report that, [IAS 36] raised more questions thanmost regarding the adequacyof disclosures.Onthe followingpageisalist of the most frequentomissions identified bythe FRRP:

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� Keyassumptionsonwhich managementbases itscashflowprojections(IAS 36. 134(d)(i)). � The period over which cash flowsare projected bymanagement, with an explanationifaperiodofmorethan 5years is used (IAS 36.134 (d)(iii)). � The growth rate used to extrapolatecashflowprojections beyond the period covered bythe most recent budgets/forecasts, andjustification of anygrowth rate that exceeds the relevant long-term average growth rate (IAS 36.134(d)(iv)).

Additional sensitivitydisclosuresare required forsignificant goodwill or indefinite- lived intangible asset balances if areasonablypossible change in akeyassumption causes the carryingamounttoexceed itsrecoverable amount (IAS 36.134 (f)). Given thecurrent volatile markets, management shouldpayextra attention to sensitivityanalysis; thisisanareathat requires considerable thought. The follow- ingexample illustrates the level of additionalsensitivities-relateddisclosure that is required.

3.9.2. Example Management of EntityChas carried out an impairment test on cash generating units (CGUs) with allocated goodwill of C125 million, which represents50%of total goodwill. It has identified that the recoverable amount is higher than the carrying amount, but onlybyanarrowmargin. The recoverable amount is C10 millionor3%higher than carryingamount. Asensitivityanalysiswas performed where the followingchanges in keyassumptions resulted in the recoverable amount falling to an amount equal to the carrying amount:

Original assumption Sensitivityanalysis Grossmargin 25% � 24% Growth rate 5% � 4.7% Discountrate 12% � 12.3%

These potential changes in keyassumptionsfall well within historic variations experienced bythe business andare therefore considered reasonablypossible. What are theadditional disclosure requirementsthat are triggered? Manydisclosures arealreadyrequired, including descriptions of the CGUs, the approach to impairment testing and forecasts,and what theyhavebeen based on. On the followingpage is alist of the additional disclosures required:

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� The amount of headroom −that is, the amount bywhich the recoverable amount exceeds the carrying value (C10million). � Thevalues assigned to the keyassumptions used in the sensitivityanalysis (gross margin25%, revenue growth rate 5%, discount rate 12%). � The amounts bywhich the keyassumptionswould havetochangewhere the change wouldresult in the recoverableamount equallingthe carryingamount (gross margin fall by1%, growth rate fall by0.3%, discount rate increase by0.3%). � The aggregate carryingamountofgoodwillallocated to theCGU(s) (C125m), andthe aggregatecarrying amountofintangible assetswithindefiniteuseful lives allocatedtothe CGU(s).

Values assigned to keyassumptions maybe regarded as sensitivebymanage- ment,but there arenodisclosure exemptions.

3.10.Start impairment testing early 3.10.1.Guidance It is important not to underestimatehowlong theimpairment testingprocess takes. It includes identifyingimpairment indicators, assessingorreassessing the cash flows, determining thediscount rates, testing the reasonableness of the assumptions and benchmarkingthe assumptionswiththe market. The process should be begun early.Itisnot an exercise that can be safelyleft to the last minute, especiallyas no one likesnastysurprises. Goodwill does not have to be tested for impairment at yearsend; it canbetested earlier. But if anyimpair- ment indicatorarisesbetween thedateofthe test and thebalancesheet date, the impairment assessment should be updated.

Conclusion Impairment tests are closelyrelatedtothe development of the environment the companydoes business in as well as to the viewmanagement has of the future development of individual markets. The assets on the balance sheet which are subject to impairment testsare measuredagainstmanagement'sexpectations at the time the transaction occurred. As the international accounting standards changed their treatment of valuing such assetsfrom the capitalisation/amortisation to the impairment approachinthe recent past, the possible volatilityof impairment hits haveincreased dramaticallyand nowhavethe potentialtoseverelyimpact a companysfinancial statement.Lessthan favourable regularearnings maybe furtheraggravated bysuch impairmentsastheyveryoften mirror the downward

19 89 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn cycleabusiness environment mayfind itself in (oratleastthe specificmarketthe companydoes businessin). We haveoutlinedacouple of practical examples to illustratethe statements made above. Moreover, wediscussed the input factorstobeconsidered in order to properlyanalyse apossibleimpairment. These factors arealso necessaryin order to complywith the current disclosure requirements in the financialstatements required bythe accounting standards. The articlecloses withthe discussion of the ten pitfallsthat can easilybe avoided if one is consciousofthem.

Thomas HuberPricewaterhouseCoopers AG Assurance PartnerBirchstrasse 160 Postfach 8050Zurich [email protected]

Dieter Wirth PricewaterhouseCoopers AG TaxPartnerBirchstrasse160 Postfach 8050Zurich [email protected]

Matthias MemmingerPricewaterhouseCoopers AG AdvisoryPartner Birchstrasse 160 Postfach 8050Zurich [email protected]

PricewaterhouseCoopers provides industry-focusedassurance, tax&legal and advisory services to build public trust and enhance valuefor its clients and theirstakeholders. More than155000peoplein153 countries work collaborativelyusing connected thinking to develop fresh perspectives and practicaladvice.

20 90 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

Aravis First experience with the Swiss Limited Partnership

Aravis is oneofthe most active venturecapitalcompanies in the Swiss market. Aravisinvested more than CHF 10million in Switzerland in innovative companies alone in thelast 12 months. Since 1995 the Aravis managementteam has invested over USD 600 millioninmore than 80companies. Aravis is active in the biotechnology and renewable energy sector. Aravisinvestedincompaniessuch as Synosia (Basel), Symetis (Lausanne), NovImmune (Geneva), Telormedix (Lugano) andEvolva(Allschwil), but also other promising companies such as Ambrx (USA) and Ikaria (USA). Successfully, Aravisalreadycould divest portfolio companies such as Borean (toRoche), Miikana (toEntreMed) and Panomics (to Affymetrix).

Aravis also managedtoreceive approval for Aravis Energy ILPbythe Swiss Financial MarketSupervisory Authority (FINMA/EBK). AravisEnergy ILPisthe first everapprovedLimited Partnership under Swiss law. Aravis Energy ILP investsinprivately held companies that develop, construct,operateordistribute renewable energy. The Swiss Parliament introduced the limited partnership legal form withthe FederalAct on Collective InvestmentSchemes (Kollektivanlagege- setz,KAG) in 2007. The Parliaments intention was to foster venture capital investment andtoget rid of thecompetitive disadvantages of Switzerland compared to offshore jurisdictionsu ch as CaymanIslands or Guernsey.

Aravis first experience with theSwiss Limited Partnership is positive, particularly, because of the following advantages:

Freedom The General Partner is allowed to market itsSwiss Limited Partner- shipwithoutthe restrictionsofoffshore Limited Partnerships.

Clarity The Swiss Limited Partnershipoffers aclear structure, which is governed by Swiss laws and FINMA/EBK.There are no offshore issuessuchas legal and tax discussions with Swiss authorities. Investors do not have to worry aboutthese kind of legal and tax risks.

Transparency The Swiss Law requires Limited Partnerships to be treated transparentfor tax reasons.Furthermore, investors aremore protected than in other jurisdictions. Each investor has broad information rightsand receives

4 91 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009 detailed information in ahalf-year report (Aravisprovides information viaquarterly reportstoits investors evenmore frequently).

Security The Swisstax and civillaws are well defined. TheLimited Partnership is not tax subject. That means no VAT,noincome tax, no capital tax, etc. for the Limited Partnership. The General Partner is exempted from VAT for its management services (management fee).InvestorsinSwissLimited Partnershipsdonot have to suffer from double taxation. Federal Tax Authoritiescommenced to imposecertain taxesoninvestors in offshoreLimited Partnerships. Thismakes it economically moreinteresting for aSwiss investortoinvest in aSwiss Limited Partnershipthan an offshore LimitedPartnership.

Costs The operating and administration costs of aSwiss LimitedPartnership seem to be significantly lower than an offshore LimitedPartnership. Audit costs, legal consultancy and accounting services are much cheaper.

Jean-Philippe Tripet, CFAAravisSA(Investment Advisor) Lehfrauenweg10 8053 Zurich [email protected]

Dr. Simon Nebel, MBA Aravis SA (Investment Advisor) Lehfrauenweg10 8053 Zurich [email protected]

Dr. Oliver Thalmann, CFA Aravis SA (Investment Advisor) Lehfrauenweg 10 8053 Zurich [email protected]

Evangeline De Macedo Aravis SA Lehfrauenweg 10 8053 Zurich [email protected]

5 92 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

Futurechallengesand opportunitiesfor pension funds in the private equity market

1. Introduction Thecurrent developments on the financialmarkets have had asignificant impact on the situation and management of pension fund portfolios. While the asset side of pension fundsbalance sheets has been hit heavily, the liability side has remainedunchanged. Thisdevelopment hasdecreased thefunding ratio1 of pension fund portfolios over thelast year, or even resultedinanegativefunding ratio of the assets compared to theliabilities,which means that the discounted futureobligation of the retirement plan is not covered by the current assetsofthe pensionfund. As pension fundshaveinvested theirlargest parts of their portfolio into bonds and publicequity,2 the largedownturninpublic equity marketprices over the last year made it very difficult to generate their required return.

Furthermorenew investments in government andhigh-quality bonds are likely to generatelow returns due to decreased interestrates. Drivenbythis short-and mid-term development pensionfund managers will have to focustheir portfolio optimization process more than ever on assetclasses that generate their target returns while having arelativelylow risk in thelong-term.One of theassetclasses that meets the requirementsofgeneratingattractive,relatively stable returns over long periodswith moderate risk is private equity.Thereforethis articlediscusses the opportunities and challengesfor pensionfunds that have been invested in privateequity or areconsidering starting aprivate equity investment program.

The first chapterofthis article showstowhatdegree thecharacteristics of private equity and the investment horizon of pension fund portfolios are alignedand why an allocation to private equity can improve the risk-/return characteristicsofan optimized portfolio in an asset-liability-model. Thesecond chapter focuses on the liquidityand cash flow managementconsiderations required by aprivateequity portfolio and the implementation thereof into an overall asset-liability-model. Further aspects include how funds can reach theirprivate equity targetallocation whichrequires sophisticated exposuremanagement. The fourthchapter of the articlesummarizes thechallenges and opportunities for pension funds in the current private equity market.

1 The funding ratio is the ratiobetween themarket values of the current assets and the expectedfuture liabilities of the pensionfund. 2 Mercersstudy about pension fund asset allocationshowedthat European pension fundsallocated 50% to equities beginningof2008and more than one thirdtofixed income products; Mercer, April 2008. 4 93 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

2. Long-termhorizon of pension fundsfits withthe characteristicsof privateequity investments Pension funds aretypically long-term investors because their investment period corresponds to the working-lifetimeofanemployee. Their investment horizon (duration of investments) depends on the structure of their liabilityside that is determined amongst othersbythe proportionofworkerstopensionersand by the age distribution of the active workers. The younger the active workersand the larger the percentage of workers to pensioners,the longer the investment horizon of pensionfunds in general is.3 Hence pension funds with alongerinvestment horizon can also invest alarger part of their allocation into illiquid assets with a longer investment duration like real estateand private equityand take advantage of the higher expected return.

Usuallypension fund managers useasset liabilitymodelstoderive an asset allocation based on their requirements andtomatch theirexpected liability structure with theexpected capital outflows of their assets in more detail.Thesetwo objectives can be achieved by using various models:

(i) liabilities are typically modeled with stochastic models whichinclude information about the expected lifespan of the retired persons, as well as theexpected amount of retirement pension and the inflation (ii) assets could be modeledinvariousways:4 (a) modelsbased on astochastic approache (b) extension of the mean-variance model of Markowitz (c) modelsthat match the duration of assetsand liabilities (liability-driven investments)

What all assetmodelshave in common is that they are based on (i) expected returns and risk figures of various asset classes as input variables and (ii) the durationofthe investments and liabilities. Both dimensions should be analyzed in more detail.

3 See Lahusen(2002):Assetallocation forpension funds; in: Deutsche Bank Research Notes and Diller (2003): Dynamische PortfoliooptimierunginAsset-Liability-Modellen bei Pensionsfonds: in: Researchin Capital Markets and Finance,LMU Munich. 4 Cf. Elton /Gruber(1992): Optimalinvestment strategies with investor liabilities: in: Journal of Banking and Finance, No. 16; Keel /Mueller (1995): Efficient Portfolios in theAsset Liability Context; Leippold/ Trojani /Vanini(2000)Multi-PeriodMeanVariance Frontiers for Portfolio Assets and Liabilities, Univer sityofLuganoand Mulvey /Ziemba (1999): Assets andliability management systemsfor long-term investors, Cambridge. 5 94 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

Expected risk-/returncharacteristics of privateequity While standard approaches existtoestimateexpected returnand risk characteristics of public equityand bonds, it is more difficulttoderive similar numbersfor privateequity investments.5 Due to its illiquidity and thelack of continuous market prices standard approacheslikeinpublicmarkets cannot be easily transferred.6

13.8% 10.9% 9.9% 7.6%

PrivateEquityS&P 500 TR MSCI WorldTRMSCIEurope TR

Figure 1: Outperformance of privateequity comparedtopublicmarkets basedonVenture economics data up to June 30,2007includingEuropean and US funds as well as VC andbuyoutfunds with vintage years 1983to2003(2699 funds); PME+ methodologyusedtobenchmark private equity returns.For adetaileddescription see Diller/Herger (2008). Source: Capital Dynamics.

In astudy of private equity investments, Diller /Herger (2008) analyzed the return andrisk characteristics of private equityfunds and summarized thatprivate equity outperformed public equity by around 3% p.a. versus the S&P500 total return indexwithanabsoluteIRR of 13.8%overalong-term period.7 In asecond study Diller /Herger (2008) performed an analysis of the risk characteristics showing that adiversified portfolio of privateequity funds including various funds over different vintage years has relatively lowlong-term risk characteristics.8 Theresult dependsonthe degree of diversification over the following dimensions: number of funds, number of vintage yearsand type of investments, such as buyout and venture capital. If private equity can continue to outperform publicmarkets in the

5 Cf. Kaserer /Diller (2006): Die Besonderheiten von Private Equity Anlagen als Ansatzpunkt zur Erklärung ihrerRenditenEine empirische Untersuchung von europäischen Private Equity Fonds, in: Die Unter nehmung. 6 See for alonger descriptionDiller (2007):Private Equity: Rendite, Risiko undMarkteinflussfaktoren, 2007. 7 Cf. Diller /Herger(2008):Renditemaximierung undRisikominimierung: in: Absolut Report, 2008. 8 Cf. Diller /Herger(2008):Private equity will you takethe risk: in: PrivateEquity International, 2008. 6 95 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009 future,the funding ratio of pensionfunds can be improved or the underfunding of pension funds can be reduced.

Match of duration of assets and liabilities As an assetclass private equity also has along-term investment horizon and its investment characteristics fitwell into apensionfundsportfolio. Private equity fundstypicallybuy non-listedcompanies,influence its strategyand management, develop its business model and supportits growth in order to increase the value of thecompany to sell thefirm after aholding period of four to sixyears; during that timethe investments are illiquid. While it is verydifficult to predict the cash flows for each investment or one single private equity fund, it is possible to make a projection for awelldiversified portfolio of privateequity funds. Thisprojection shouldbeable to reflectvarious marketconditions and should include good as well as badmarket situations forprivateequity.

As described aboveitisofincreasingimportancefor pension funds to projectand match cash flows with the duration of future liabilities. Therefore,the projection of future private equity cash flows is averyimportant component that should be included in an asset liabilitymodel.

Summarizing, private equity investments fit to the long-term investmenthorizon of pensionfunds. Various analyses have shown an outperformance of private equity while therisk parameters of awell diversified private equityportfolio seem to be in the same area as diversified public equityinvestments in thelong-term.Neverthe- lessthe challenge of pension fund managers is to integrateprivate equity into an overallasset liability andportfolio managementapproach. Thereforeitisneces- sary to use modelsthat are able to assess the amount of illiquid assets required in ordertomatch the short termliquidityneeds of pensionfunds as well as the long- term horizon of investments.

3. Efficient liquidity management decreases risk andopens opportunities As described above one important factor in the management of pensionfunds is the matching of the duration of assets and liabilities. Usually asset liability models are used to estimatethe expected liabilities and theassetcash flows, in order to determinethe asset allocation accordingly.

7 96 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

The integrationofprivate equityinvestmentsinto an overall pension fund program remains challenging because of thecash flow characteristics of privateequity. Despite thedifficultyofpredicting the cash flows of individual deals,itispossible to modeland forecast the cash flows of well diversified private equity portfolios.

CapitalDynamicshas developedasophisticated cash flow andnet asset value forecast simulator (CashFlowSimulator) that can provide detailed results for the analysis of an underlying privateequity portfolio, taking into account various strategies of funds. The cash flow simulator is based on aConditional Historical Simulation that uses the methodology of aMonteCarlo Simulation. Each run of the Monte Carlo simulationreflectsarandom privateequity portfolio and arandom economicmarketcycle. Ratherthan just showing the median case (white line in green area of the graph in figure 2), the modelprovides different percentiles of the empiricaldistribution, likethe 25th and 75th percentile (white line betweengreen and darkgrey area),the 5 th and95 th percentile (white line betweendark grey and grey area)and the 1 st and 99th percentile case (whiteboundarytocoloredarea).

To correctlyincorporateprivate equity in an asset liabilitymodel it is necessaryto not only focus on themedian curve but also take various market scenariosinto account becauseempirical observations of client portfolios have shown that portfolios with underlying funds behave differently in various market cycles. In addition, the different percentiles can also be used to take the risk appetite of a pension fund into account. Arisk-averse pension fund programcould take the 25th percentile case as basisfor example. In order to demonstrate thiseffect two cases are examined. For example thedrawdown rate of large buyout funds has been veryhigh in the years 2006and 2007. Backtestingthe results of our modelsfor these vintage yearsshows that the draw down rates have moved from themedian into the upper quartile cases, i.e between the 75th and 95th percentile casesfor theseyears.Another examplecould be the development of distributions in the last year.Comparing theresults of our simulation with the distributions of the year 2008showed that thedistributions have been unusuallylow; i.e. in figure 2the 10 th percentile case;depending also on thecomposition of the portfolios. This showshow the results of oursimulations are abletocover variousextrememarket scenariosand how they can be used to estimate future capital requirements; as showninfigure 2.

8 97 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

250 99% 95% 200 75% 50% 50% 150 25% 90% 5% 100 1% 98% 50

-50

-100 1Q091Q101Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 Figure 2: Development of Cashflow J-Curve of aprimary fund (investmentsinto private equity funds split over 3years). Source: Capital Dynamics.

Visualizing the bandwidthofpossible cash flows is apowerful tool for investors to derive theirnet cash requirement as well as the timing of the cashflows for variousscenarios,which is particularlyuseful in difficult marketenvironments. Theseresults can be integrated into an assetliability model.

The empirical result of the simulation used here is based on primaryfunds only andassumes acommitment of USD 100 million to adiversified portfolioofprivate equity funds invested over three vintage years. In order to fund the portfolio the investor requires capital of USD 55 million in the median case (i.e. 55% of the committed capital).This is shown in figure2.The graph showsthe median line whichisthe white line in thegreen area. Furthermorethe analysisallows the investor to derive the long-term net cash requirement for more positivecases (earlier cash flows) and more negative cases(slow distributions). As can be seen from the chart, onlyabout 50%ofthe committedcapital is required if the private equity market environmentand theprivate equityportfolio behave similarly to the top quartile case. Thisnumber increases to about 60%for the down case (25th percentile case).

In addition,the graph can be used to estimate when theJ-Curve will reach its deepestpoint, i.e. from which on forward the distributions are larger than the capital calls during one period (quarter). This is thecase forthe median scenario in the year 2014 (after 5years). At the year when thewhite line crosses the x-axis the paid-incapital is fully returned to theinvestor(after 9years). Forthe median

9 98 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 case an investor couldexpect apositivecumulative netcash flow in year2018, for the top quartile case it is expected to be mid-2016 and for the down case it is expected for 2020.

Challenges for pension funds The challenges forapension fund manager with respecttoliquiditymanagement differ for new investors and existing privateequityinvestors.Incases wherea pension fund starts investing in privateequitythe portfolio will pass through the J- Curve. The typical private equity J-Curve has an accounting as wellasacash flow aspect that need to be considered. Due to the management feeofprivate equity funds during thefirst years and no or low gains generatedbythe investment activity pension fundsmostlikelyhavetobooknegativereturns in thefirst years of investing, whichcouldpose aproblemfor pension funds that are underfunded. In addition to this accounting effect the net cashflow is negativebecausethe distributions duetothe exit of investmentstypicallystart after afew years. On the contrary, pension funds that are overfunded could easily overcome the firstyears and build up aprivate equity portfolio with ongoing commitments that will get self- financing overtime.

An investor that has alreadycommitted to private equity fundsneeds to focus on having enough funds available to sustainthe portfolio through thedifficult market cycles, which are characterized by low distributions andtake downs on anormal or high level. As seen in thefirst half of 2008, thisresulted in ahigher than expected funding need which can causeliquidity problems.Insomecases liquidity issues reached alevel where even the sale of funds withhigh open commitments had to be considered. In thesecond half of 2008the situation eased becausethe take down rate went down and the pressure of financing open commitments was reduced accordingly. The investment activity of private equity funds decreased massivelyand capital is mainly drawn formaking refinancings of existing investments. As soonasthe economic environmentwill recover again, an increase in the investment activity of the underlyingfundsisexpected.Depending on the level of exits and distributions which are expected to pickupwithatime lag, afurther round of liquidityproblems for pension fund investors could arise. The liquiditytrap would be even more pronounced for investorsthatfollowedanovercommitment strategy.

10 99 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

Marketopportunities in privateequity Thissecond round of liquidity issues is expected to greatly increase thesecondary deal flow. Pension funds withacomfortable cash position or good funding ratio can use these opportunities. They can keep or even increasetheir commitments to privateequityprimaryorsecondary funds. Becauseofdistressedsellersinthe marketmany high quality portfolios areopenfor sale and can be bought in the secondary market. In addition to ahighlevel deal flow, prices in the secondaries market areapproaching historical lows.However, the main challengeinseconda- ries is andwill be to separate the wheat from the chaff; i.e. identifying the most attractive transactionswhich requires specialistknowledge, resources and experience.The advantagesofthe secondaryinvestments arethat theunderlying portfolio companies are visible and that the current market prices arebased on large discounts to the NAV. In addition,Diller /Wulff (2008) show in an analysis that secondariesoptimizethe liquiditysituation of aprivateequity portfolio.9

In summary,itisimportant thatpensionfunds look notonlyatthe median curve but also for various market scenarios when analyzingthe cashrequirements of a given and proposed investment program.Asecond challenge is the match of the private equity cash flows with the liability side of pension funds. Sophisticated models can be of great help in order to take advantage of the opportunities in the current market environment.

4. Flexible private equity targets allow continuous exposure management The analysisonliquidity management is closelyconnected with theexposure management of the private equity portfolio becausethe availableliquidity of the pension fund represents alimit for its privateequity exposure. In the current marketenvironment pension funds have to reevaluatetheir privateequity pro- gramsand areoften forcedtoreduce it,because the private equity target of many pensionfunds has already been reached due to thedepreciation of thepublic and bond portfolio.

As described above pension fundstypically use asset-liability modelsinorderto assess an optimized portfolio over variousasset classes according to the risk/return characteristics. Duetothe particular cashflow nature of privateequityit is difficult to includeprivateequity in traditional assetliability models. Hence many pension funds use aheuristic approach to derive their privateequity exposure in

9 Cf. Diller /Wulff (2008):The secrets of successful portfoliobuilding: in: Private Equity International. 11 100 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 practice. Discussions showed thatsomepension fund managersdetermine arisk budget and assess how much of that can be assigned to private equity while othersdetermine how long the duration of their retirement plan is and how much illiquid assets they can afford. Based on this approach they determinethe private equity target allocation.Athird groupofinvestors derivesrisk-/return characteristics and use traditional modelstoderive the private equityallocation.After defining atarget allocation for privateequityitisnecessary to determine the sizeofthe commitment program in order to reach that target.The net assetvalue simulator can provide an answer to this question.

Thenet asset value is an accounting value that the management team of the privateequity fund assesses under variousaccounting rules. In order to align the valuation methodologies of private equity funds several national associations as well as the European Private Equity andVenture Capital Association (EVCA) formed the IPEV that developed and published accounting guidelines. These rules which conform to US accounting rules US GAAP(incl. FAS157) as well as IFRS requirefair value based accounting, which leads to fluctuations in the net asset value. If,and to what extent this change in the accounting ruleswill affectthe volatility in the net asset value is currently open and has to be analyzed to alater pointintime.

99% 180 95% 160 75% 50% 50% 140 25% 90% 120 5% 1% 98% 100 80

0 1Q091Q101Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 Figure 3: Development of net AssetValue of aprimary fund (investments into private equity funds split over 3years). Source: Capital Dynamics.

Irrespective of shortterm NAV fluctuationsprivate equity is self liquidating as the forecast of the NAVfor anew portfolio shows (figure 3). The NAVincreasesover

12 101 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009 the first years and decreasesthereafterifnonew commitments will be made in the future. Basedonsuch an NAV simulation andaforecast for the entire pension fund portfolio, the managementofthe target allocation and an assessment of a future private equity commitment program arepossible. Due to the fluctuations of the private equity NAV it is also reasonable for pensionfunds not to only have one fixed targetallocation but atarget range for their private equity program. Thisis also the common practice forlarger pension funds investing into private equity.

This is very importantinthe current market environment as many pension funds face thedenominator effect. Duetothe timelag of valuations and the veryquick downturnonthe public markets their private equityallocation increaseddramati- cally.Evenifthe denominator effect as of December of thelast year is reduced right now because many private equity funds wrote down theirNAVs, the denominator effectwas not fully compensatedbecause the depreciation in private equity remainedsmaller than in the public markets.Ifpension funds manager have afixed private equity target astoporreduction of theinvestment programor even asaleofassetswouldberequired while targetintervalswouldallow pension fundstokeep theirplannedallocation as the overallocationwill be revered once public marketsrecover. On the other hand, areduction of the commitment program also decreases the chance of adapting the investment programtoattractive investment opportunities such as privateequitysecondaries. Therefore, acon- tinuous investment program with relatively equal weightedcommitment volumes over variousvintage yearsisrecommendable.

5. Conclusion: Challengesand opportunitiesfor pension funds Pension funds are typicallylong-terminvestors. Therefore, their investment horizon fitsinto the investment schedule of privateequityfunds. Studies have shown that the return expectation for private equity is above the public markets. The positive performance expectation can positivelycontributetothe funding ratio in the long run and can improve the situation also for underfunded pension funds. Nevertheless,somepension funds arecautious with investments into private equity because private equity cannot be easily integratedintostandardized models. The articleshowedpossible solutions for efficient liquiditymanagement and optimized exposure management.

With theuse of sophisticated toolsfor private equity variousmarketenvironments can be modeled and an efficient liquiditymanagement for pension fund portfolios

13 102 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 canbederived. It alsoshows thatthe resultsofacashflowsimulationfor awell diversified privateequity program generates data that can be incorporated into an asset liability model in order to match the short-term liquidityrequirements of the liabilities. The challenge for pension funds is to buildupthe portfolio as long as they are in astatus of overfunding to receive the cash outflowswhen their pen- sionersare aging. In addition, pension funds withfree liquidity coulduse the secondary opportunities provided by the current market environment. The positive return aspect of private equity funds could contribute to an increased return expectationand ahigheroverfunding ratio or lower underfunding ratio.

The last chapterpointed out that fix targetsfor privateequity allocations are challenging and that arange forthe targetallocationismorereasonable in order to use the opportunities in the current market environment and accommodate the changing accounting treatment of private equity.

However, whilecash flowpredictions andportfolio allocationquestions canbe addressedquantitatively the qualitative aspects of the underlying assets are very important as well and have to be addressedbysophisticated investors with the required market expertise to ensure that capital is invested in high quality funds.

In summary, the use of sophisticated cash flow and NAVmodels is an important toolfor the risk managementofprivateequityinvestments, especiallyintimes with marketturbulences in which these modelscan be usedtoassess differentlevels of cash requirement.

Dr. Christian Diller Capital Dynamics AG Director,Head of Solutions Bahnhofstrasse 22 6300 Zug [email protected]

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ReportingCorporate Finance: Mergers &Acquisitions MarketSwitzerland 20081

M&A activity has been strongly affected by the current economic climate and uncertainty surroundinglonger term prospects. Many companies are revising their budgets, focusing on their order books and on cost control rather than inorganic growth. Smaller players with long and capitalintensive research cyclesmay look for support from larger players. Others intend to divestnon-core businesses, though we have seen some planned divestments stalldue to alackofinterestedbuyersor on account of differingprice expectations.

450 100 400 90 350 80 70 300

deals 60 250 n of

50 Db

er 200

40 US mb 150 30 Nu 100 20 50 10 250275 301 383 311 - 0 20042005200620072008

Number Value (right scale)

Figure 1: Numberand value of dealsper year. Source: KPMG M&A Yearbook2008.

120 110 60 105 100 50 91 88 80 ls 78 77 78 80 71 74 72 73 75 40 66 70 70 dea 62 61 63 62 n

of 56

60 30 Db er US mb 40 20 Nu 20 10

0 0 0 4 0 5 0 6 0 7 0 8 I 0 4 I 0 5 I 0 6 I 0 7 I 0 8 I 0 9 II 0 4 II 0 5 II 0 6 II 0 7 II 0 8 III 0 4 III 0 5 III 0 6 III 0 7 III 0 8 IV IV IV IV IV

Number Value (right scale)

Figure 2: Number andvalue of dealsper quarter. Source: KPMG M&A Yearbook2008.

1 Please see KPMGs caveat at the end of this article. 4 104 YearYearbookbook 2020009

Deal volume was largely comparable to 2006levels, when todayseconomic climate waslargely unforeseen. Deal values, however,telladifferent story. Only one transactionin2008exceeded the USD 10billion threshold, and the aggregate value of dealsannounced in 2008was USD 50billion roughly 40%below the nearly USD90billionaggregate valueseen in 2007. It remains to be seen whether Roches drawn-out battle for Genentech is aone-off or indicative of aresurgence in major league deals.

400 350 300

als 250 de

of 200 er

mb 150

Nu 100 50 0 20042005200620072008

Notdisclosed <50m 50m-250m 250m-500m 500m-1bn >1bn

Figure 3: Volume by deal size(USD). Source: KPMG M&A Yearbook2008.

500 423 400 367 Os

IP 300 269 of

er 200

mb 142 140 Nu 100 78 73 73 78 44 18 11 9 10 3 7 0 2005200620072008

UK (LSE) Euronext(Amsterdam,Paris,Brussels,Lisbon) Germany (Deutsche BörseFrankfurt) Switzerland SIX

Figure 4: IPO activity peryear. Source: KPMG M&A Yearbook2008.

5 105 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Highlightsin2008 � Swiss buyers outnumbered foreign buyersby2to1oncross-border transactions � Double digit billion dollar deals havebecomerare; average transaction values have diminished by 30%over 2007 � Germanycontinues to be the most importanttransaction partner

Announced Target Bidder Seller Value Bidder Company Seller Company Date Company Country Country (USDm) Alcon Inc 07.04.2008 Novartis AG CH Nestle SA CH 10'599 (24.85% stake) Ciba Specialty 15.09.2008 Chemicals AG BASF SE D4'605 (87.00%stake) Swiss minority Atel Holding AG shareholders (CMS) 19.12.2008EOS Holding SA (Formerly Motor- CH CH 3'055 and Electricite ColumbusAG) de France Credit Suisse Group Qatar Investment 16.10.2008 QA Credit Suisse Group CH 2'779 (undisclosed Authority economic interest) JetAviation GeneralDynamics 19.08.2008 USA Permira LU 2'234 Management AG Corporation Philip Morris CH, 31.07.2008Rothmans Inc Rothmans Inc CA 2'034 International Inc USA Barclays Life Swiss 05.08.2008 Assurance Reinsurance CH Barclays plc UK 1'472 Company Ltd Company Limited BanSabadell Seguros Generales SA de Zurich Financial 11.07.2008 CH BancodeSabadellSAES1'184 Seguros y ServicesGroup Reaseguros (50.00%stake) Credit Suisse Koor Industries 13.10.2008 Group (CS) IL Credit SuisseGroup CH 1'059 Limited (3.00%stake) NXP Semiconduc- tors Netherlands BV (mobile NXPSemiconductors semiconductor NXP/ST Joint Netherlands BV ; 10.04.2008 assets); CH NL, CH 1'033 Venture STMicroelectronics STMicroelectron- NV icsNV(mobile semiconductor assets)

Major Deals Q1 2009

Genentech Inc Roche Holding 30.01.2009 CH Genentec Inc. US 47'120 (44.10%stake) Ltd. Glencore International AG XstrataCoal 29.01.2009 CH GlencoreCH2'000 (Prodeco business South AmericaLtd in Colombia) Table 1: Top 10deals by value. Source: KPMG M&A Yearbook 2008.

6 106 YearYearbookbook 2020009

Industries With theexception of Consumer Markets, deal volumes fell by between 20%and 50%, with the Chemicals andProcessing Materials sector experiencing the steepest decline. Ironically,some of the sectorsshowing asharp dip in deal volumesboast relative(Healthcare and Life Sciences)oreven absolute (Chemi- cals and Processing Materials and Industrial Markets) peaksinterms of aggregate deal values. The latter two, however, were distorted by Swiss flagshipcompanies (CIBA andJet Aviation) being acquired by foreign buyers.

Chemicals& Processing Healthcare&Life Materials Sciences 4% 8%

Other 22% FinancialServices 15%

Consumer Markets Industrial 20% Markets 17% Information, Communication, Entertainment 14% Figure 5: Number of dealsper industry sector 2008. Source: KPMG M&A Yearbook2008.

Geographical spread Domestic Swiss M&Aactivity in 2008fellback to 2006levels, as did acquisitions of Swisscompanies by foreign buyers. Swissacquisitions abroad, however, remained at (high) 2007levels. These patterns seem to reflect acombination of factors: � Thereasonably healthy status of the Swiss economy(with the possible exception of Financial Services)inthe firsthalf of the year while larger European or NorthAmerican economies were impacted much sooner by the credit crisis � Strong strategicrationale � The strong Swiss franc and theweaker currencies of potentialEuro or Dollar zone acquirers

Only minor changes were noted in transaction volumes with Asia-Pacific, Rus- sia/CISand elsewhere.

7 107 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

160 145 146 140 134 120 92 97 100 deals 80 of 80 72 er 58 60 53 mb 39 49 40 Nu 40 20 0 Swisstarget/ Swisstarget/ Swissbuyer/ Swissseller/ Swissbuyer ForeignBuyer Foreign target Foreign target

2006 2007 2008

Figure 6: Split of deals by target/buyer/seller 2006/2007/8M2008. Source: KPMG M&A Yearbook2008.

Rest of world 8% APAC andIndia 8%

Russia andEastern Europe Switzerland 4% 26%

NorthAmerica 13% WesternEurope 41%

Figure 7: TargetsofSwiss acquirers by region2008. Source: KPMG M&A Yearbook2008.

8 108 YearYearbookbook 2020009

Rest of world APAC andIndia 6% 5%

Russia andEastern Europe 4%

North America 14%

WesternEurope 71%

Figure 8: Foreignacquirers by region 2008. Source: KPMG M&A Yearbook2008.

Strategy focusand further consolidation The2007trendtowardscore business focusand strategicportfolio enhancements continued in 2008. Distressed sales were rare,withstrategic acquisitions dominating the scene. Goingforward, growthand consolidation strategieswill largely depend on the appearance of asilver lining on the horizon. In most cases, companies willmanage their cash reserves verycarefully,shoring up their liquidity untilfuture prospects become clearer.

The role of private equity houses, sovereign wealth funds and activist shareholders While thenumber of privateequity dealsdeclined by 20%compared to 2007 (remaining noticeablyabove20042006levels),totaldiscloseddeal values slumped to approximately one third. 2007saw five PE transactions exceeding USD one billion; there was only one deal of thatmagnitudein2008. PrivateEquity houses mayneed to redefine their business models, while corporates may need to become more proactive in identifying targets given the lack of auctions.

Sovereign wealth funds wereheralded either as thesavioursofthe financial services industryin2007, or feared as potentialpoachers in other strategically important sectors. Anumber of these playersare now steering clear of themarket, having lost agreat deal of value in thestock marketcrash. Other than the CHF 3 billion investment in Credit Suisse by the Qatar Investment Authority, sovereign wealth fund activity has been severelylimited.

9 109 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

70 68

s 60

on 54 ti

ac 50 40 ans

tr 40 34 of

er 30

mb 19 20 Nu

10 6

0 20042005200620072008Q109

Figure 9: NumberofPEtransactionsper year. Source: KPMG M&A Yearbook2008.

Activist shareholder activity, be it by watchdogorganizationsorbyhedge funds who had often assumed such arole, seems to haveabated. With anumberof hedge funds in acutedifficulties of their own, it remains to be seen how they will reacttothe new economic climate.

Unsolicited takeovers 20082009saw two major drawn-out take-over bids,with Xstratasoffer for Indophil being rejected, whileRoches bid for Genentech finally succeeded in January 2009. Laxey continue to eyeImplenia and recent board changes at Sulzer have triggered speculation about whether Sulzer will play arole in the restructuring of OC Oerlikon. Overall, due to the continuing impact of thecredit crisis, we expect the number of such takeovers to rise.

General mood after Q1 2009 � Swiss companies generallyhavestrong cash positionsand healthy balance sheets and are well positionedtobenefit frommarket opportunities � Small andmid-sized companies arethe backbone of the Swiss economyand expected to be the focal point of M&A activity in 2009 � Given the difficultiesfor financial investors, we expect fewerauctionsin2009 � The numberofmultibillion dollar deals will continue to be depressed

10 110 YearYearbookbook 2020009

Outlook 2009 Theimpact on M&A of interventions by various governments in bailing out key domestic industryplayers is as yet unknown. Generallyspeaking, protectionism within EU member states and the USA could curb shopping sprees by foreign acquirers. Another open question is the effect of the governmentsagreement to complywithOECD Model Tax Convention; private bankswhosecorebusiness is in the off-shoresector will likely need to rethink theirstrategies. It is too early to assess whether the National Banksefforts to maintainthe Swiss francs rate against the Euroand the US dollar at meaningful levels has any effectonM&A activity. The same applies to the Swiss governments efforts to boost investments in the infrastructure andenergy conservation sector.

Cantonal banks and similar institutions retain large pools of fundsand are widely regarded as the maincredit source for small and mid-sized businesses. Neverthe- less, many of these players particularly thosewith extended research cycles, such as biotechcompanies might turn to larger playersfor support, and we expect the number of distressed sales to increase.

At this point,all eyes are looking for light at the end of the tunnel. Until there are vitalsigns of apotential economic recovery, it is difficult to forecast what 2009will bring. Q1 M&A activity provides few clues to further developments in 2009, butwe would expect further consolidation in the Healthcare and Life Sciences,Chemicals and Processing Materials, Financial Services and Industrial Market sectors with domestic deal activity and Swiss acquisitions abroad dominating.

11 111 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Patrik Kerler KPMG AG CorporateFinance Corporate Finance Badenerstrasse 172 8026 Zurich [email protected]

BryanDeBlanc KPMG AG Growth throughM&A TransactionServices &Corporate Finance Badenerstrasse 172 8026 Zurich [email protected]

TobiasValkKPMG AG Transaction Services Transaction Services &Corporate Finance Badenerstrasse 172 8026 Zurich [email protected]

Caveat This study is based on mergermarket ® andKPMGdesktop research,covering deals announced in 2008and the firstquarter of 2009. Theconsideration of individualtransactions andtheir allocationtospecific industrysegments are basedonour judgment and are thussubjective. We havenot been able to extensively verifyall data andcannot be held responsible for theabsolute accuracy andcompletenessthereof. Analysesofdifferentdatasources and data sets mayyield deviating results.

The previous notespertain to data contained in the mergermarket® database: � Deals areincluded where thedealvalue is greater than or equal to theequivalentofUSD 7million. � The value data providedinthe variouschartsrepresentsthe aggregate value of thedeals for which avalue was stated (please note that values aredisclosed for approximately 50%ofall deals). � Where no deal value hasbeen disclosed, deals areincluded if the turnoverofthe target is greater than or equal to the equivalent of USD14million. � Deals areincluded where astake of greater than 30%has been acquired in thetarget.Ifthe stake is below30% the deal will be includedifthe value exceedsthe equivalent of USD 140million. � Activitiesexcluded from thedata include restructuringswhere ultimate shareholdersinterests are notaffected and public mandatory offersthat arenot recommended by theboard. � Letters of intent,heads of agreementand other non-bindingagreementsare not included in thedatasets.

12 112 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

Swiss IPO activity in 2008

Global InitialPublic Offerings (IPO) activityduring 2008 Duetomarket turmoil, global IPO activitysuffered heavily in 2008. While thefirst three quarters of 2008were already markedbydistinctcautiousness of the market participants, IPO activity practicallycame to ahalt in the final quarter of 2008. As aresult, amere 762 companies went public,raising atotal of USD95.2 billion. Compared with1979 IPOs having raised USD 287 billion in therecord year 2007, this represents adeclineby61% in deal numbers and by 67% in fundsraised.

In this market environment, Asia has proventobethe most stable IPOmarket, accounting for 54% of all IPOsworldwide. The largest IPO of 2008was theUSD 19.7 billion IPO by Visa on the New York Stock Exchange, representing almost 21% of total funds raised. However,15ofthe 20largestIPOsworldwide have been carried out in the emerging markets. Among these werethe years second- largest IPOofChina Railway Construction (USD 5.7 billion) on the Shanghai StockExchangeand the years third-largest IPO of OGX Petroleo eGas Partici- pacoes (USD 4.1billion) on theSao Paulo StockExchange.

The highest numbers of deals globallywere seen in Materials (24%), Industrials (14%) and HighTechnology (11%). Withregard to total capital raised, the dominating industries were Financials (28%, mainly due to the Visa IPO), Energy and Power (19%), Materials (17%)and Industrials (15%).

IPO activity in Switzerlandduring 2008 The Swiss equity capital market has not been spared by the global financial disruptions. The IPO activity on the SIX Swiss Exchange has been hit equally severely as observed worldwide. Only three companieslisted their shares on the SIXin2008raising atotal of CHF 273 million. In the year prior, nine companies went public raising CHF1.48 billion. This represents adecline in 2008by67% in deal numbersand by 81% in funds raised.

ThelargestSwiss IPO in 2008was the going public of Orascom Development,a developer of integrated towns, raisingCHF 190million. Burkhalter Group,a provider of electrotechnology for constructional application, and Edisun, asolar utilityoperator, raised CHF 64.8 million andCHF 18.4 million in their respective IPOs.

4 113 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

Outlook for 2009 Theoutlook for 2009israther grim. In the first four months of the current year, no IPO activity couldbeobserved in Switzerland.Itistherefore likely that 2009will be as bad or even worse than2008. Areversal of thistrendisexpected when equity markets rebound sustainably and gainback some trust by investors, whichis unlikely to happen before 2010.

Leonid Baur Sal. Oppenheim jr. &Cie. Managing Director Corporate Finance (Schweiz)AG Löwenstrasse 3 8022 Zurich [email protected]

5 114 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

Swiss Public M&A in 2008

Development public takeovers in Switzerland After the peak in public M&A activity in 2007, with arecord of 18 takeover situations, therewas asharp decrease to 11 situations in 2008, resultingin10tender offers that were either voluntary,mandatory or rival in nature. Thisoutcome was mainly caused by twodevelopmentsone of afundamentaleconomicnature and the other of aregulatory nature.

20 18 18 16 15 14 14 12 11 12 11 10 10 10 9 8 8 6 4 2 0 1999 2000 20012002200320042005200620072008

Number of takeover situations

Figure 1: Publictakeover situations in Switzerland. Source: www.takeover.ch.

30 26.3 25 e

20 ls no pu ro lion il er

15 Se nt Fb 10.2 Ce CH 10 8.8 8.1 5.4 5 can Al 1.3 1.2 1.6 3.0 2.7 0 1999 2000 20012002200320042005200620072008

Annual deal volume(excluding large deals) Large deals

Figure 2: Publictakeover situations in SwitzerlandDeal volume. Source: www.thomsonfinancial.com.

4 115 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

Transaction volumes decreased to CHF 8.8billion in 2008fromahighofCHF 26.3 billion in 2007. In valueterms there arebig swings over the years due to single large transactions such as the takeoverofSerono by Merckin2007with a transaction value of approximately CHF16.5 billion.

Impact of theeconomicenvironment on public M&A Thereisnodoubt that the crisis in thecredit and financialmarketsled to less public M&A transactionsin2008, with the second half of the year evenmore impacted by the chain of events.Three major limiting factorsaffecting both strategic andPrivateEquitybuyersalike were: (i) priority shifttointernal operational improvements and adherence to the credo cash is king (again), (ii) uncertainty in business outlooks and (iii) scarcity of debt financing.

Firstly,manystrategic buyersshiftedtheir focus to their own operations and balance sheetstoprotect theircompanies and their shareholdersfrom afurther economicdownturnand dilutive capital increases. Many PrivateEquity funds shiftedtheir focus to their own portfolio companies rather than sourcing new investments, preparingthem to weather the storm which was on the horizon early of 2008particularly sincemany PrivateEquity investmentsweremade with record acquisition debt levels in the preceding years. Also, PrivateEquity-backed companies were absent in 2008onthe acquiror side; the last of such transactions wasseeninmid-2007when Apax-backed Capio Laboratories made atakeover offer for Unilabs. Furthermore,hedge funds in theSwissmarket were on the retreat in 2008, especially those withleveraged investment strategies. As the stock marketsstarted headingsouth, these funds were suddenlyfacingtremen- dous liquidity challenges as banks issued margin callsagainst them.Thiswas most prominently illustrated by the collapse of Focus Capital, aSwiss/U.S. based activist hedge fund, who previously owned significant shareholdingsinSwiss mid- capcompanies such as Hiestand, Schulthess, Forbo or Huber+Suhner.

Secondly,the uncertain outlook of many (potential) target companies in 2008 further evidenced by asharpincrease in thenumber of listed companies refusing to giveguidance for the financial year 2009and beyond also made it more difficult for potential acquirorstoevaluate the business plans or outlook of target companies and attach asound value to them.

Thirdly, even the buyers willing to take therisksassociated with apublic takeover of anothercompany in uncertaintimes wereoften limited in their aspirations

5 116 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 because they could not find therequired level of acquisitiondebtifatall from banks; those thatcouldfinance atender offer through excesscashonthe balance sheet werethe rarespecies in 2008. In the second half of 2008, acquisition debt was not available in the market. However, in early2009first sparkles of life were reappearing in debt markets; forsmaller andmedium-sized transactions concerning businesses with highlypredictableand stable cash flow profiles,net debt levels of up to 4.0xEBITDAwereselectively available. Themega-deals that characterized 2006and parts of 2007still cannot be financed, though.

Impact of regulatorychanges on public M&A Asecond potential factor leading to adecrease in publictakeover transactions compared to 2007and beforewas theintroduction of morestringent disclosure rules in Juneand in December 2007aswell as the higher attentiveness of regulators and the publicregarding secretive or hidden stake building, which in prior years led to anumber of unfriendly or unsolicited takeover situations.

20 9 18

16 14 12 12 11 9999 8 8 7 6 6 5 4 3 2 2 2 1 1 1 1 0 1999 2000 20012002200320042005200620072008

Friendly Unsolicited

Figure 3: Friendlyvs. unsolicited public takeover situationsinSwitzerland. Source: www.takeover.ch.

Therewas asignificant decreaseinunsolicited transactions from nine in 2007to onlytwo such transactions in 2008. Before 2008, aloopholeinthe SwissStock Exchange law regarding disclosure requirementsenabled invisible stake building in Swiss companies.Inparticular the Sulzer case, but also the hostile situations regarding Implenia, OC Oerlikon, Saurer or Ascom, whereinvestors were able to build significant positions in the target companies away from the public eye, triggered arevision of the countrys disclosure regulations.

6 117 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

Most importantly, cash settlement options, contractsfor differencesand other structured equity agreementsmustnow be disclosed.Inother words,the acquisition or sale of conversion and share acquisition rights (in particular, call options) are subject to the obligation to notify, even if they do not provide for or allow actual execution. Furthermore, new notification thresholds wereintroduced, lowering the threshold to 3% from5%(and adding a15% and 25% level)resulting in new thresholdpercentages at 3, 5, 10,15, 20,25, 33⅓, 50or 66⅔ofthe share capital. Last but not least, securities and options havetobeadded with no exceptions in ordertocalculate the thresholdtobedisclosed.

Another important element with regardtothe abovechanges was that the sanc- tioning measuresofthe supervisingauthority were strengthened in order to ensurethe correct applicationofthe obligations to disclose as set out in the revisedStock ExchangeAct with the suspension of voting rights. Also, the breach of notification obligations continues to constitute acriminal act. The corresponding provisions provide for afine of up to double theacquisition or salepricetobe imposed as asanction.

Review of 2008 public takeover situations Theyear 2008witnessed ten tender offersfor companieslistedatthe Swiss stock exchange. Compared to the total number of 482 M&A transactionsinSwitzerland1 public companies as atakeover target wereinvolved only in about2%ofall transactions.Despite the small absolute and relative number, thesetransactions were highly visibleand sometimes controversial.

The majority of situations started and ended in afriendlyfashion. Only twounso- licited bids were launched, both by investmentvehicles of investor and entrepreneur Giorgio Behr. Whereas theattempt of BehrBircherCellpack to takeover GroupeBaumgartner Holdingwas successful,Mr. Behr withdrew hispre- announcement of the mandatory takeover offer after theboardofsia Abrasives was successful in findingawhite knightinthe industrial groupBosch. As part of the transaction, Mr. Behrsoldhis approximately 40%shareholding in the company with apremium to Bosch.

1 Source: M&A Review, apublication of Handelsblatt in cooperationwith the Institute of Managementatthe University of St. Gallen. 7 118 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

Trans- action Form Type Value Target Bidder Geography of OfferStart End of Offer (CHFm) Speedel Novartis Pure Domestic Friendly Friendly Mandatory 916 Holding AG Pharma AG cash offer

Norinvest Pure Golay-Buchel SA Domestic Friendly Friendly Voluntary 19 Holding SA exchange offer

Hiestand IAWS GroupPlc Pure Cross-border Friendly Friendly Merger 942 HoldingAG /Aryzta AG exchange offer

Growth Value Paramount- Domestic Pure cash offerFriendly Friendly Voluntary 114 OpportunitiesSA FinanzAG

Eichhof Getränke Heineken Cross-border Pure cash offer Friendly Friendly Voluntary 290 Holding AG Switzerland AG Groupe Behr Bircher Baumgartner DomesticPurecashoffer Unfriendly Unfriendly Voluntary 54 Cellpack AG Holding SA Vontobel Pure MicroValueAG Domestic Friendly Friendly Voluntary 393 Holding AG exchange offer

LAM Research SEZ Holding AG Cross-borderPure cash offer Friendly Friendly Voluntary 531 Corporation

CIBA HoldingAGBASFGmbH Cross-border Pure cash offer Friendly FriendlyVoluntary 3115

Pre- sia Abrasives Behr Deflandre & Domestic Pure cash offer Unfriendly Friendly Announcement n.a. Holding AG SnozziBDS AG (Mandatory) sia Abrasives ScintillaAG Cross-border Pure cash offer Friendly Friendly Rival offer 405 Holding AG (Bosch) Table 1: Overview of types andcharacteristics of the transactions in 2008. Source: www.takeover.ch, www.mergermarket.com.

Direction of transactions Thereview abovehas only looked at takeovers of companies listedatthe Swiss stockexchange. When looking at the directionofcompleted public takeover transactions, Swiss companies werealso veryactive in taking over companies listed abroad. In fact, over the last ten years on average morethan twice as many Swiss companies weretaking over listed companiesabroad than listed Swiss companies were taken over by companies from abroad; undisputedly though, this ratio has decreased over the last three to four years.The significant number of outbound transactions is evidenceofthe continuedstrength and internationalism of many Swiss mid and (particularly) large caps. On theother hand, thefact that inbound transactionsare generallyonthe rise, is nothing else than adocument of the improved attractiveness and governance of many Swiss small and mid caps andshould be seen positively.

8 119 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

25 17 20 14 10 20 10 15 7 88

10 6 8 5 3 8 12 97 7 5 6 7 5 4 9 5 3 4 5 5 0 22 2 1999 2000 20012002200320042005200620072008 CompanyfromabroadacquiresSwiss company Both Swiss companies Swisscompany acquires abroad Average4.4 transactions Average10.7transactions

Figure 4: Completed Swiss andSwiss-crossborder public takeovers. Source: www.thomsonfinancial.com.

Outlook Despite the dull economic outlook and awidely expectedoverall reduction in M&A activity, there areanumber of observations thatlead us to believethat the near future may not be as bad as manypaintit. Recently,wesaw some signs of life at the Swissstock exchange,especially in thehighlycyclical partsofthe industrial sector. Current corporaterestructurings will alsolead to some M&Aactivity, especially in terms of number of corporatespin-offs.Furthermore, Public-to- Privatetransactions (P2Ps) suchasthe pre-announcement of atender offer for Quadrant Holding in May 2009or Private Investments in Public Equity(PIPEs) such as thesignificant investmentofSwiss entrepreneur Peter Spuhler in Rieter Holding through atreasuryshares transaction in March 2009will become more of atopicthisyear. Finally, thecurrent environment may provideveryinteresting (public) takeover opportunities for corporates with asound business model and a strong balance sheet; many potential targets are trading at relativelylow valuation levels, corporateacquirorssee limited or no competition from PE investors, first signs of an economicrecovery are on thehorizon, and last but not least the Swiss bank financing marketcurrentlyworks better than most international markets, which is particularly relevant forsmaller transactions.

AdrianKalt,CFA Swiss Capital Corporate Finance AG Director Talacker 41 8022 Zurich [email protected]

9 120 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

SIX SwissExchange Financing optionsinastrong international capital market

In spiteofthe verydifficultmarketconditions when this articlewas written (inApril 2009), many companies are already activelypreparing their IPOsinorder to be readywhenthe IPO window opens up once again. Goingpubliccontinues to representakey sourceoffinancing in order to ensurethe independent further growth of acompany.Currently,most companies are still delaying theirfundrais- inginpublic capital markets until the situation has stabilized and investors have regained confidence. Yet anumber of companieshave decided to aim for listing alone, without acapital increase, to openthemselvesuptoabroader investor base whilepostponing capital-raising to alater point in time when marketconditions are better.

1The Swissfinancial centre For domestic and foreign companies seeking capital, the Swissfinancial centre is attractive indeed:itiscompact, closelynetworked, internationally oriented, and thelocal bankshave strong financing and placing power. Theseelements contribute to SIX Swiss Exchange'sposition as an international,transparent and efficient market. With its internationallyorientedmarket, it attracts many foreigncompa- nies.InaEurope-wide comparison of themajor exchanges,SIX Swiss Exchange stands side by side with theLSE as having thehighest percentage of listed companies of foreign origin (ca. 25%).1

1.1 Optimum location-specific conditions Thosewho invest their capital in companies listed on SIXSwiss Exchange are active on an international scale. Some of the reasons for the great trust investors throughout the worldplaceinthe Swiss financialcentreare its highdegreeof legal certainty, thecountryspoliticalstabilityand comparativelyliberal labour laws, its competitivetax levels and market-consistent regulatorystandards, as well as an outstanding education system and long-standing, proven competence in privatebanking.

2SIX SwissExchange the gatewaytothe international capital market Ahealthy financial centre needs an efficient,well-functioning capital market. In Switzerland, the products and services of SIX Swiss Exchange make asignificant contribution in this regard.

1 Source: FESE, February 2009. 4 121 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

2.1 High level of recognition amongst investors, analystsand the media For Swissand foreign companies, SIX SwissExchange is the gateway to the international and domestic capitalmarket. Apublic offering and listing of securities on SIXSwiss Exchange affords acompany access to ahighly experienced and financiallypotent circle of international investors. Given the low number of only aboutten IPOs per year in favourable marketconditions,amanageable universe of listed companies and areasonable number of transactions, each firm listed on SIX Swiss Exchange benefits from ahigh degree of visibility andrecognition amongstglobal investors, analysts and the media. Moreover, Swiss investors have many yearsofexperience in crossborder, sector-specific investment strategies.OwingtoSwitzerlands economic structure, investors pay particularattention to the pharmaceutical, bio- and medicaltechnology,bankingand insurance, consumer goods, cleantech, microtechnology and nanotechnology sectors.

SPI® Family SMI® Family SLI® SXI® Family 0 SXI Bio+ SLI Swiss SXI LIFE SPI® Large SMI® Medtech® Leader SCIENCES® 20 SMI Index® 30 Expanded® SMIM®

50 SPI® Middle

SPI® SPI EXTRA® 100 SPI® ex (SPI® ex. Swiss SMI® ) SLI® All Share Index SPI® Small

~230 Investment- Index ~250 Shares <20% ~270 Free Float

Figure 1: Overview of theSIX Swiss Exchangeindex families (stocks with aprimary listing in the Swissequity market). Source: SIX Swiss Exchange.

2.2 Indices that are closely followed throughout the world Owing to the worldwide significance of Swiss-listed global players such as ABB, CS Group, Nestlé, Novartis, Roche, Syngenta, UBS and ZurichFinancial Ser- vices, theindices that include those stocks have ahighdegreeofrecognition. SIX SwissExchange calculates variousindices and sub-indicesthat satisfydiffering investor needs (see figure1)and, by their focus on select segments, assure companies aparticularly high degree of visibility among theirtarget groups.

5 122 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

2.3 Regulation:inline with internationalstandards, yet in touch with the market Another factor that facilitates the raisingofcapital in Switzerland is the close-to- the-market natureofSIX Swiss Exchangesregulatory provisions.Under national securities exchange legislation,SIX SwissExchange is empoweredwith self- regulatoryauthority and therefore has optimumleeway to combine ahigh level of investor protection with regulatory conditions that are morethan acceptablefrom an issuerspoint of view.

3Straight-throughadmission As asecurities marketplace with self-regulatorycompetencies, SIX Swiss Ex- change offersits new issuers an efficient admission process thatgenerally takes no longer than four weeks to complete (see figure 2).Fromthe submission of the listing application straight through to the firsttrading day, all related decisions are takenbythe governing bodies of SIX Swiss Exchange.Asaresult, candidates for listing on SIX Swiss Exchange benefit from the convenience of listingfroma singlesource, whichischaracterized by short decision-making paths, flexibility and closeness to themarketaswell. EU capital market regulations have no direct applicabilityatSIX Swiss Exchange. However, in regulatingits issuers,the Exchange takes intoaccount internationally recognizedstandards and therebyensures ahigh degree of investorprotection.

Admission procedure4weeks Book building Listing Trading

Submission of application Examinationofthe Decision of the -price setting -prospectus application and Regulatory Board -allocation -listing notice proposal to the -officialnotice IssuersCommittee -etc. Publicationofthe Publicationofthe preliminary finalprospectus prospectusand andthe issueprice pricerange

Responsible:recognisedrepresentatives(pursuanttoArt.50LR) Responsible:SIX SwissExchange(SIXExchange Regulation) Figure 2: Listing procedure at SIX Swiss Exchange. Source: SIX Swiss Exchange.

6 123 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

4Tosum up � The most internationally orientedfinancial marketplaceofall major European exchanges � Aleading position in crossborder privatebanking, with abroad international investor base giving the banks great placing power � Apotent financial centre for equity-oriented institutionalinvestors � Multilingual, multicultural Swiss investors � High level of attention paidtoeach IPO � Greatvisibility in the aftermarket owingtoacomprehensible marketenvironment � Numerous banks withestablished in-house researchdepartments � Attractive, balanced regulatory environment thanks to self-regulation � Acceptance of various accounting standards

Dr. YvonneGunsch-Wegmann,MBA SIX Swiss Exchange AG Vice President, Head of Issuer &Selnaustrasse 30 Investor Relations Postfach 8021 Zurich [email protected]

Andrea Isler SIX Swiss Exchange AG Relationship Manager Selnaustrasse 30 Postfach 8021 Zurich [email protected]

7 124 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

ReportingLegal&Tax: 2008: Rück- und Ausblick

Die Kommanditgesellschaft für Kollektive Kapitalanlagen DieSECA setztsichseit Jahren für dieEinführung geeigneter PrivateEquity- Strukturen ins Schweizer Recht ein, namentlichdie sog. Limited Partnership des angloamerikanischen Rechts (vgl. die diversenBeiträge in den vorangegangenen Jahrbüchern).

DieLimitedPartnershipentspricht im Grundeweitgehend der althergebrachten Kommanditgesellschaft desSchweizer Rechts. Mit ein paar Modifikationen im Rahmen des neuen Kollektivanlagegesetzes hat dieSchweiz2006nun auch eine PrivateEquity taugliche Kommanditgesellschaft bzw. Limited Partnershipeinge- führt. Die SECA hat unter Mitwirkung desAnlagefondsverbandes (SFA) die von der FINMA genehmigte Muster-Dokumentation erstellt; siekann über unsere Website bezogen werden (http://www.seca.ch/default.asp?V_ITEM_ID=5534).

Das junge Pflänzchen istnoch zart, aber dieNachfrage steigt. Mittlerweile zählen wir rund sieben von der FINMAbewilligteKommanditgesellschaften, einschliess- lich des Stabilisierungsfonds der Schweizer Nationalbank fürdie toxic assets der UBS. Gerade dieses letzte Beispiel zeigt,dass in der Schweizeinechtes Bedürf- nisnach einem steuerlichtransparenten Kollektivanlage-Gefäss für Alternative Anlagen besteht.Mit dem national und vor allem internationalsteigenden Regulie- rungsdruck aufdie PrivateEquityBranche dürfte die Nachfrage weiter zunehmen.

Steuerungsausschuss Finanzplatz Schweiz, STAFI DieSchweizerischeBankiervereinigung (SBVg), der SchweizerischeVersiche- rungsverband (SVV), die Swiss Funds Association (SFA)und die Finanzplatz- Infrastruktur(SIX Group, Zusammenschluss von SWX Group, SIS Groupund Telekurs Group) haben 2007als wichtigste Vertreterdes Finanzplatzes Schweiz erstmals eine gemeinsame Zukunftsstrategieformuliert. DieInitiative mündete in einen Dialog mit den Behörden (namentlichSteuerverwaltung, Finanzdepartment und FINMA) unter dem Patronat von Bundesrat Hans-Rudolf Merz,sog. Steue- rungsausschuss FinanzplatzSchweiz,kurzSTAFI.

Die SECA (vertreten durch Hannes Glausund Dieter Wirth, Steuerexperte bei PwC) brachte ihr Knowhow im Bereich Private Equity ein. Die Arbeitsgruppe "Hedge-Fonds /Private Equity" hatteden Auftrag, steuerrechtliche undaufsichts- rechtliche Massnahmen zuerarbeiten,die eine vermehrte Ansiedlung von Private- Equity- und Hedge-Fonds-Unternehmen und ihrer Manager in der Schweiz

4 125 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009 bewirken sollen. DieArbeitsgruppe erreichte erste Fortschritteunter anderem im Bereich Besteuerung von Private EquityManagern(vgl.den Beitrag vonPwC auf S. 128)

Mitdem Ausbruchder Finanzkrise rutschte derSTAFI-Dialog auf der Prioritäten- Liste der Beteiligten nach unten. Das ist verständlich aber bedauerlich. Mit den sich abzeichnenden Einnahmeverlusten im Private Banking wäre eine mindestens teilweise Kompensierung durchErträge aus dem hochmargigenPrivate Equity und Hedge Funds Geschäft sehr willkommen.

Unabhängig davon ist die Förderung von Jungunternehmen bzw. Venture Capital ein wichtiges Anliegen für jede Volkswirtschaft und damit ein Dauer-Thema. Die Bedeutungvon Venture Capital für dieVolkswirtschaft ist vielfach belegt. Die diversen FördermassnahmenimAusland sprechen Bände. Der positive Effekt auf dieEntwicklung der Volkswirtschaft können wir nun auch für die Schweizmit Zahlenund Beispielenuntermauern (S. 19f.)

MusterDokumentation Venture Capital Investment Die SECA, d.h. die ChaptersLegal &Tax sowie Seed Money &Venture Capital, arbeiten derzeit an einer Muster-Dokumentation für kleinereVenture Capital Transaktionen (CHF 5-20Millionen), um eine professionelle Dokumentation bei angemessenen Kosten zuermöglichen.

In der Vergangenheit hat sich wiederholt gezeigt,dass vor allem wenn anglo- amerikanische Private Equity Investoreninvolviertwaren, die juristische Doku- mentation (zusammen mit densteuerlichen Abklärungen) unverhältnismässig teuer wurde. Wir möchtenmit der Muster-Dokumentationversuchen,dieseKosten zusenken, ohne Abstriche an der Professionalität und Qualität in Kauf nehmen zu müssen.

Die beiden Chapters bildeten zusammen mit Vertretern der in diesem Bereich führenden Anwaltskanzleieneine Arbeitsgruppe in der Absicht,den erwähnten Anforderungengerecht zuwerden und die Akzeptanzder Muster-Dokumentation zufördern.Die DokumentationwirdamSchluss auf die SECA-Website aufge- schaltet und im Rahmen eines Events der Öffentlichkeit vorgestellt.

Dasist ein grösseres Projekt. In einer ersten Runde denken wir an folgende Dokumente: Shareholders Agreement, Investment Agreement,Statuten und Organisationsreglement undein sog. Term Sheet. DasChapter Venture Capital (LeadChristian Wenger) hat zusammenmit unserem Chapterdas Term Sheet

5 126 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 erarbeitet und schon der Öffentlichkeitvorgestellt. Es istauf der Websiteaufge- schaltet (http://www.seca.ch/sec/files/events/SECA_Term_Sheet.pdf) und bildet einenguten, leichtverständlichen Einstieg in die komplexe Struktur einerVenture Capital Investition.

Regulierung von Private Equity im Sog der Bankenkrise? Nachdem die Private Equity Industrie,angeführt vom Europäischen Dachverband (EVCA),die Hoffnung hegte, dass derimSog der Finanzkrisesichaufbauende Regulierungs-Tsunami unsere Industrie nicht erfassen würde, deuten die jüngsten Entwicklungen in eine andere Richtung.

Die SECA vertritt seit Jahren den Standpunkt, dass Private Equity klar vonHedge Fundszuunterscheiden ist. Überdies meinen wir, dass Private Equity Funds,die in kotierte Gesellschaften investieren bzw. dieseunter ihre Kontrolle zubringen trachten, nichts mit dem traditionellen Private EquityGeschäftgemeinhaben. Der Regulierungsdruckzielt aber in erster Linie auf eben diese Auswüchse der Hedge Fundund PrivateEquity Industrie. Es wäre schade, wenn dadurchdas volkswirt- schaftlichwertvolle und ohnehin schon wenig attraktive Venture Capital Geschäft weiter benachteiligtwürde.

Aufder Europäischen Ebenesind die Würfelgefallen. Die Kommission will gemässden jüngstenVerlautbarungen auch die Private EquityIndustrie der geplanten Regulierung unterziehen.DerenAusgestaltung istimZeitpunkt der Redaktion dieses Beitrages noch offen. Ein erster Gesetzesentwurfsoll in weni- genTagen vorliegen. Im Vordergrund steht dieFrage, ob nur die Manager regu- liert werdenund/oder die einzelnen Anlage-Gefässe.

Wirbeobachtendie Entwicklung. Immerhin habenwir in der SECA seit Jahren einen detaillierten Code of Conduct. Und nach der Einführung des Kollektivanla- gegesetzes haben wir zusätzlich ein Set vonVerhaltensregelnentwickelt und der FINMAzur Genehmigung unterbreitet.Die Antwort der FINMA steht noch aus.

Steuern Das Thema Steuern ist im separaten Bericht von Barbara Brauchli (S. 128) ausführlich erörtert.

Hannes Glaus, Dr.iur.,LL.M LustenbergerGlaus&Partner Chapter Head Legal &Tax Wiesenstrasse10,P.O.Box 1073 8032 Zurich [email protected]

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Developments in Swiss Tax Law and Practice

1. Mitigation of the economic doubletaxation: Implementation guide- linesissued In last years yearbook, we mentionedthat the second part of thecorporatetax reform II wasaccepted in apopularvote, which took place on 24 February 2008. In what follows, we wouldlike to provide some background information on the recently issued implementation guidelineswithrespect to themeasures to mitigate the economic double taxation of dividend income.

One of the main objectsofthe corporatetax reform II was to mitigate the economic double taxation on profitsofcorporations, which is subject to income tax both at the level of the corporation and at the level of the individual receiving the dividend income. Thisreformsgoal was the pursuit of the direct federaltax at the level of the shareholders (partial taxation of dividends)instead of thereduction of corporatetax rates. Indeed, the partial taxation of participation income at the federal levelbecame effective on January1st,2009and means that only 60%of theparticipation income (or 50%ifparticipation is owned as abusiness asset) is taxed at thelevel of theindividual shareholder, provided that the shareholding exceeds 10%. Shouldthe participation be ownedasabusiness asset, capital gain on the saleofthe participation is also subject to the 50%relief (on participations owned as aprivate asset, capital gainistax exempt anyway).

Thecantons treat the partial taxation of participationincomedifferently and are not obliged to take any measures to mitigate the economic doubletaxation. However, all cantons already have apartial taxation of participation incomeorat least intend to introduce apartial taxation of participation income in near future.

In view of the comingintoeffect of the legal regulation on the mitigation of the economic double taxation on the federal level on 1January 2009, the Swiss Federal tax administration issued implementation guidelines in December 2008, which provide additional guidance to the taxpayer:

(a) Qualification of ownership rights: Onlyownership rights of capital companiesand corporations such as shares, participations in GmbH, cooperativeshares and participations in aSICAF qualify for the treatment under the measures. Bonds, participations in collectiveinvestment schemes like FCP or SICAV, hybrid instruments, loans, etc. do not qualify.

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(b) Size of the participation: In ordertobenefit from themeasures on themitigation of theeconomicdouble taxation, the taxpayermust own at least10%inthe companys nominal capital. Shares owned by ahusband and wife can be added, provided that they are assessed together for tax purposes. Also sharesowned as privateassets can be added withshares owned as business assetsfor the purposes of the 10%threshold. No addition is allowedifpart of the participation is owned directly and another part is owned indirectly e.g. through an intermediary company.The 10%threshold needstobefulfilled at the time the participation incomeisdue.

(c) Qualifying participation income: Basically, anytype of participation income is subject to therelief measures provided that the income is not considered as atax deductible expenseatthe level of thepayingcorporation. Asidefrom ordinary and extraordinary profit distributions,hidden dividend distributions qualify as well if the amount has been subjecttoincome tax at the levelofthe corporation accordingly.

(d) Amount of the participation incomesubject to the tax relief Should the participation be owned as aprivateasset, the 40%relief will apply on the gross participation incomeatthe level of the individual shareholder. If the participation is owned as abusiness asset, the 50%relief applies on thenet participation income only. Hence, the gross participation income needs t obe reduced by the corresponding costs. Thenet incomefromqualifying participations is to be determined basedonadivisional calculation considering all qualifying investments(i.e. also the investments without any income).

The gross participation income of all qualifying investments needstobereduced by thefollowing costs: � Corresponding financing costs, to be determinedaccordingtothe ratio between thetax value of all corresponding investmentstothe total taxvalueof all businessassets. � Administrative costs, effective costs or alump sum deduction of 5% of the gross participation income. � Value adjustments and depreciations on qualifying participations. � Losses on the sale of qualifying participations.

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The net resultofthe divisional calculation(i.e. dividend income and capital gains on qualifying participations less thecorresponding costsasoutlined above) is subject to the 50%relief.

2. Collective investmentschemes: Implementation guidelines issued Thenew lawonthe collective investmentschemes, introducing amongst others new investment vehicles such as SICAV and limited partnership, was enacted on 1January2007. In June 2008, the Swiss Federal Tax Administration issued draft guidelines clarifying the tax treatment of theinvestment vehicles as well as of the investors. The draftguidelineswere mainlyacodification of alreadyexisting practice and did notessentially provide any significant newdevelopments.In January 2009, thefinalversion of the guidelineswith respecttothe Swiss withholding tax and stamp duty were published. The guidelines with respecttoincome tax hasbeenpublished on 5March 2009.

3. Development with respect to the tax treatmentfor PE managers Although Switzerland hasaveryhigh quality of life and is thereforeattractivefor employees, the tax situation of privateequitymanagershas not always been optimal.Efforts have recently been made by importantinstitutions,such as the federal assemblyand the federal tax authorities,tostrengthen Switzerland as a financial centre for fund managers.

In reaction to last yearspublicdiscussion with the tax authorities, in September 2008the task force STAFI (tax committee dialogue financial centre), consisting of high-ranked representativesoftax authorities and business, announced new measures intended to strengthen Switzerlandasacentre for fund managers.

No change in thetax law is necessary to improvethe taxsituation, as the current tax lawisdeemed to be sufficiently attractive. It is expected that the tax authorities will publish acircular which should clarifythe possibilities for fund managers and reduce current uncertainties.

Up until this announcement, incomederived from funds suchascarried interest, excess profit and investment income (capital gain)arising fromthe individual investments received by the fund manager (individual) has generally been qualified as income from self-employment and as such, hasbeen subjectto incometax in Switzerland at the ordinary income tax rateofapproximately 15-40%. According to the new development,profitpaidout disproportionately to the investment in afunds equity directly from thefund to the fund manager

6 130 YearYearbookbook 2020009

(individual)remains taxable (income as self-employment); this treatment is similar to the previous practice. If the profit is paid out proportionately to the equity investment, the profit to be allocated to the fund managersequityinvestment shouldbeconsidered as capital gain and shouldnot be subjecttoSwiss income tax on the fund managerlevel (assuming that the underlying profit is not considered as dividend or interest income). We note however that careful structuringof the fund is required in order to ensurethat theincomeatthe fund manager level will not be qualified as income from self-employmentbut rather as tax free capital gain.

4. Outlook Athird corporate taxreformisonthe politicalagenda although it is thought unlikely to be passed by the SwissParliament in the near future given that the electorateonly recently voted on the last reform afew months ago. Exactdetails are not currently known, but two issues will clearlybepartofsuchareform: the issuanceofstamp taxdutyand the reduction of corporate income tax rates. The abolition of the issuance stamptax duty which is levied at the federal level at a rate of 1% on equity contributionstoSwiss corporationsinexcess of CHF1 million, is of particularinterest to thereform, as it is considered to be adisadvan- tage forSwitzerland due to itsdisincentive effectoninvestment into Switzerland. The suggestion to exempt intercompany transactions from withholding taxes and stamp duties, thus for instancefacilitating cash pooling in Switzerland is also a consideration.

In all, this shows that Switzerland is takinganactive interest in developingits tax laws and practice and implementingchangeaccordingly.

Barbara Brauchli Rohrer PricewaterhouseCoopers AG Partner Birchstrasse160 M&ALeader TLSSwitzerland8050Zurich [email protected]

MartinBüeler PricewaterhouseCoopers AG Partner Birchstrasse 160 Tax&Legal Services 8050Zurich [email protected]

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PIPE: Private investments in PublicEquity

Unter PIPE wird gewöhnlich die selektive Ausgabe neuer Aktienoder der Verkauf vonEigenbeständen einer börsenkotierten Publikumsgesellschaft an einen oder mehrere individuell ausgewählte Investoren bzw. Fonds (Private Equity,Staats- fonds,etc.) verstanden.Imgegenwärtigen Börsenumfeld ist dies fürviele Publi- kumsgesellschaften die einzigeMöglichkeit,Aktien ohne signifikanten Discount zu platzieren oder überhaupt Eigenkapital aufzunehmen. Nicht nur bekannte Finanz- institute wie UBS, CreditSuisseoder Swiss Re haben private Direktinvestitionen als Finanzierungsvariantegewählt,sondernauch kleinere, namentlich Biotechno- logiegesellschaften. So wurde neben Transaktionen in sonnigeren Zeiten, etwa durch Arpida oder CytosBiotechnology, im November 2008 trotz widrigem Markt- umfeld eine erfolgreiche PIPE Investitionvon Ares Life Sciences in Santhera Pharmaceuticalsvollzogen.

Bleiben PIPEs unter 10%oder erfolgen sieaus Eigenbeständen, so können die Aktien gewöhnlich ohne Kotierungsprospekt platziert werden. Da keinöffentliches Aktienangebot damit verbunden ist, sind auch keine Emissionsprospekte erforderlich. Vor allem aber lassen sich mit einer PIPE-Transaktion die Risiken einer in volatilem Marktumfeld öffentlichbekanntgegebenen und in derFolge gescheiter- ten oder zuspekulativ gedrückten Preisen durchgeführten Transaktion vermeiden. Je kleinereine Gesellschaft und je illiquider ihr Titel, desto weniger kann sie sich erlauben,sichderartgegenüberMarktvol atilitäten, Arbitrage undHedge Funds zu exponieren und damit ihre Reputation, ihre Existenzundden Wert der Anlagen ihrerloyalen AktionäreaufsSpiel zusetzen.Mithin können PIPEs grundsätzlich rasch,kostengünstig und risikoarm vollzogen werden.

Dies setztfreilichvoraus, dassdie Statuten der kotierten Gesellschaft genehmig- tes Kapital aufweisen, welches einen Bezugsrechtsausschluss durch den Verwaltungsrat im konkretenFall erlaubt: OhneBezugsrechtsausschluss steht den bestehenden Aktionären ein vorrangiges Rechtauf Zeichnungder neu ausgegebenenAktien proportional zuihrembisherigen Aktienbesitzzu. Theore- tisch ist zwar auch ein sog. Claw-back-Bezugsrecht denkbar: In diesem Fall wird das Bezugsrecht nach Vereinbarung (und möglicherweise auch Vollzug) der PIPE-Transaktiongewährt,womit die GesellschafttrotzBezugsrechtsgewährung Preis-und Transaktionssicherheit erlangt. Dabeizeichnet der PIPE-Investor vorerst sämtliche Aktien der Ausgabe, akzeptiert jedoch eine Reduktionseiner Zuteilung oder eine Veräusserung seinerAktien an diebestehenden Aktionäre, insoweit diese vom nachträglich gewährten Bezugsrecht Gebrauchmachen. In

4 132 YearYearbookbook 2020009 aller Regel sind PIPE-Investoren jedoch nicht bereit,indiesem Sinne als "Stalking Horse"eingesetztzuwerden,zumal sieregelmässigein Mindestinvestment voraussetzen und ein erhebliches Risiko aufsich nehmen, fürwelchessie nicht entschädigtwerden (andersals der Underwriter bei öffentlichen Aktienausgaben). Manchmal sehenauchInvestmentrichtlinienvon Investoren vor, dass Investitio- nen in kotierteGesellschaften die unmittelbare Handelbarkeitder Titel voraussetzen.Eine Bindung für die Dauer der Bezugsrechtsgewährung kann solchen Richtlinien widersprechen.

Der Bezugsrechtsentzug erfordert bei der genehmigten Kapitalerhöhung die Anrufungeines in den Statuten abstraktumschriebenenwichtigen Grundes.Im konkreten Fall muss alsdann eine Situationvorliegen, welche dieseUmschrei- bung erfüllt. Als in denStatuten aufgeführte Gründe,die dem Verwaltungsrat den Bezugsrechtsentzug für einen PIPE erlauben können, kommen u. a. folgende in den Statuten kotierter Gesellschaften zuweilen anzutreffende Umschreibungen in Betracht: die Erweiterungdes Investorenbereichs in neuenInvestorenmärkten (z.B. langfristig orientierte Family Offices oderPensionskassen statt mittelfristig investierende Branchenfonds), die Beteiligung strategischer Investoren, die Finanzierung eines bestimmten Investitionsvorhabensoder derinjüngerer Zeit vermehrt eingeführte Grund desEntzugs unter Umständen,inwelchen eine Platzierung unter Gewährung des Bezugsrechts nur erschwert oder nicht möglich ist.

Als unbestimmter Rechtsbegriff erfordert der wichtige Grund jedoch zusätzlich eine Abwägung der im Rahmen der statutarischen Ausschlussgründe liegenden Umstände und anderen sachlichen Gründe, diefür denEntzug sprechen, gegen- über den Gründen, namentlich den objektiv verstandenen Aktionärsinteressen, die für die Gewährung des Bezugsrechts sprechen. D.h., dieGesellschaft muss umso bedeutendereGründefür denEntzug anführenkönnen, je grösserdie Auswirkun- gen des Eingriffs in die Aktionärsrechtesind. Bei einer relativ kleinen Aktienaus- gabe ohne substantielle wertmässige Verwässerungder bisherigen Aktionäre müssen dieGründe, die für den Bezugsrechtsentzug sprechen,weniger ausge- prägt sein, als wennmit demEntzug eine wesentliche wertmässige oder ausser- ordentlich grosse stimmenmässige Verwässerung der bisherigen Aktionäre einhergeht. So wirdbei einer Aktienausgabe,die im Rahmen einesder statutarischen Ausschlussgründe liegt, die Vermeidung der Marktexponierung in volatilem Umfeld, des Preisrisikos, der Platzierungskosten, der Transaktionsdauer und -unsicherheit sowie der Kosten undRisikeneines Emissionsprospektes genügen,

5 133 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn um den Entzug des Bezugsrechtseiner Kapitalerhöhung um rund 10%zuMarkt- preisen (d.h. orientiert am Niveau desBörsenkurses) zurechtfertigen.Ineinem volatilen Umfeld mitstarkenAusschlägen nach unten und oben ist fürdie Ermitt- lung des Marktpreiseseine angemessene Durchschnittsperiode zuwählen. Auch ein relativ geringer Discount, eine Platzierungsgebühroder eine Kostengutspra- che können vertretbarsein, wenn die Marktverhältnisse dies erfordern.

Beizulässigem Bezugsrechtsentzug oder bei der Verwendung vonEigenbestän- densindzudem der Gleichbehandlungsgrundsatz und der Grundsatzder schonenden Rechtsausübung (bzw. das Verbot der unsachlichen Schädigung) zubeachten. Letzterer istbei Ausgabe zuMarktpreisen gewöhnlich unproblema- tisch.Zubeachtenist jedoch beispielsweise, ob ein Aktionär aufgrund der Aktien- ausgabe bedeutende Minderheitenrechte verliert (etwaweil er unter die 10%- Grenzefällt).

Wird ein PIPE ausbestehenden Eigenbeständen alimentiert,sokommtdie Bezugsrechtproblematik nicht zum Tragen.Auchdie faktischeLimitierung auf 10%des Aktienkapitals aufgrundder Prospektpflichten spielt keine Rolle, da die eigenen Aktien bereitskotiertsind und ein Kotierungsprospektdaher ohnehin entfällt. Indessenerfordernder Gleichbehandlungsgrundsatzsowie der Grundsatz derschonenden Rechtausübung eine ähnliche Abwägung wiesie unter der Prämisse des "wichtigen Grundes" vorzunehmen ist; immerhin entfälltaber die Prüfung, ob ein statutarischer Grund für den Bezugsrechtsausschlussvorliegt.

Mangels vertiefter Kenntnisse des schweizerischenKapitalerhöhungsrechtsund einem oft zuformal verstandenen Aktionärsschutzwar die schweizerische Praxis in Sachen PIPE langesehrzurückhaltend. Unter demDruck der Märkte hat siesichnun zur imEinklang mit dem Gesetzstehenden und auchaufgrund derPflicht zur Wahrung des Gesellschaftsinteresses geforderten Abwägungder Vor- und Nachteile eines Bezugsausschlussesimkonkreten Fall durchgerungen. Auch vordem Hintergrund vermehrter Präzedenzfälle ist daher zuerwarten, dass PIPEs in Zukunft an Bedeutung gewinnen werden.

Dr.Dieter Gericke, LL.M. Homburger Partner Weinbergstrasse 56/58 8006Zurich [email protected]

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The Swiss GmbH as Legal Entity for PE Acquisition Vehicles?

1. Generalremarks Privateequity plays an important role in financialinvestments and M&A activity in Switzerland.PEinvestments in Switzerland havetraditionally been made by using corporations("Aktiengesellschaft" or "AG" in German) not onlyinthe case of leveraged buy-outs(MBOs) but also in connectionwith venturecapital investments. The legal form of alimited liabilitycompany ("Gesellschaft mitbeschränk- ter Haftung" or "GmbH") simply had too many drawbacks to be even considered as an acquisition vehicle in connectionwith aMBO or foraVCinvestee company. Since January1,2008, when therevised provisions of the Swiss Code of Obliga- tions (CO)which reformedand modernized the law of the GmbHentered into force, it would, in principle, be possibletomake use of the GmbH for these pur- posessince many of the negative features of the old law havebeen abolished.

In the following, it shallbeanalyzed whether the GmbHwhichhas become more popular in recent yearsand is todaythe secondmost used corporate form in Switzerland (following thecorporation) is also suited in aPEsetting. Therefore, in afirst chapter, the legalrequirementsofprivate equityinvestments shall be identified. Afterwards, the most importantand PE relevant features of the GmbH shall be explained and be compared with thelegal requirements of privateequity investments.

2. Requirements of private equity investments

2.1. Flexible capital structure It is importantthat the legal formofaprivate equityvehicleallowsaflexiblecapital structure. It is, therefore, common to provide fordifferent classesofsecurity to be issued to the private equityinvestors and themanagement (or the foundersina VC investment). Hence, the type of legal entity through which an investment is structured needs to offer abroad flexibilityregarding the types of equity security issued, such as preferential rights or options.

2.2. Control over the circleofinvestors In private equity investments, thesponsors want to havecontrol over the circleof shareholders, i.e. they want to be abletoblockthe transfers of sharesinthe investee company.Suchacontrol mayberealized in particular by transfer restric-

4 135 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009 tions,pre-emptionrights or tag-and drag-along rights. Thus, the legal form of a privateequityacquisition vehicle must allow such control rights.

2.3. Regulation of the exit scenario Aprivate equity fund's ultimategoal is to exit its investments in portfolio companies (hopefully) for acapital gain. Such an exit scenario may occur by way of an IPO of theportfolio company or asaleofthe company to astrategic acquirer(or another PE fund) through an M&A transaction. Therefore, the legal structureofthe portfolio company should facilitate as much as possiblethe enforcement of the most successful exit scenario.

3. Legalstructure of the GmbH

3.1. General remarks The Swiss Code of Obligations (CO) containsthe legal definition of the GmbH, naming theessential characteristicsofthis type of corporate structure. According to art772 CO, the limited liability company is aperson-oriented company with stated capital in whichone or several personsorcommercial companiespartici- pate.The assetsofthe company aresolely liable forany of its debts.

Thearticles of incorporation are the foundation of theGmbH. According to the law, awide range of provisions may be stipulated in the articles of incorporation, for instance adutytomake additional contributions to thecompany's capital, non- competitionprovisionsfor quotaholders,provisions regardingpreferred company quotas,aveto right for certain investors, reasons for expulsion of aquotaholder etc. In acorporation, such issues aretypically addressed in ashareholders agreement. The advantage of aregulation in the articles of incorporation is that the articles are not onlyacontractual butalso a"corporate" agreement among the quotaholders and, therefore, in case of aviolation, aquotaholder maymakea claimnot onlyagainst the breachingquotaholder, but also against the company. In so far, aregulation of aparticular issue in the articles of incorporation may have more power of assertion. However, one has to consider that the articles of incorporation of aGmbHmust be filed with theCommercial Register.Asthe Commer- cial Register is open to the public,anyone may ask foracopy of the articles and take knowledgeoftheir provisions which may not be in the interestofthe PE sponsor and the managementalike. In the following, some further specific aspectsofthe legal structureofthe GmbH in thecontext of private equity investmentsshall be addressed.

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3.2. Capital structure a. Nominal value of aquota According to art 774 para 1CO, the parvalue of thecompany quotashall amount to aminimum of CHF 100.Onlyincase of afinancialrestructuring may it be reduced to CHF 1. In most ventureinvestments and smaller MBOs, however, the capital structureofthe transactionissuch that apar value of eachquotaneeds to be much lower than CHF 100.Therefore, the capital structureofthe GmbHseems to be unsuited foraPEinvestment. b. No authorized and conditional capital The provisions of art 781 CO concerning increases of thecompanycapital refer to alarge extent to the respective provisionsunder corporation law. However, the reference is limited to the legalprovisions on ordinary capital increases. The other typesofcapital increasesknown undercorporation law, namelyauthorized capital increaseand conditional capital increase, have not been incorporated into GmbH law, since, according to the legislator, the GmbH is primarily designed to be used by individuals(it is asocalled "person-oriented" companywith statedcapital) and, therefore, does notneed these typical capitalmarketfeatures. This is apity in our opinionasthe absenceofauthorized and conditional capital significantlyrestricts the useofthe GmbH in privateequitytransactions. For instance,due to the absenceofaconditional capital the issue of stock options as an incentive for management (although theoreticallypossible) is hardlypracticable if aGmbH is used.

3.3. Transfer /types of quotas and veto right a. Transfer of quotas The transfer of company quotas as well as the obligationtotransferneed to be in written form (art 785 para 1CO). In addition,unless the articles of incorporation provideotherwise, thetransfer of quotas requires the approval by the meeting of quotaholders and themeeting of quotaholders maydeny the approval without indicating the reason forthe denial.Therefore, the law itself contains certain,very flexible transfer restrictions whichmay be useful in aprivate equity context.This is particularly true becausethe particularities of thetransfer restrictions maynot only be stipulatedinashareholdersagreement but also in the articles of incorporation which allowsabetter control over the circleofparticipants(see 3.1. above).

6 137 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009 b. Preferred quotas and quotas with privileged voting rights According to the GmbH law, preferred quotas and quotas with privileged voting rights are possible. With regard to preferredcompany quotas,the GmbH law refers to therespective provisions under corporation law, according to which, by analogy, thegeneral meeting of quotaholders may, in accordancewith the articles of incorporation or by virtue of an amendment thereof, decide on the issue of preferred quotas or convert existing quotas into preferred quotas (art 799 in combination withart 654 para 1CO).

Regarding the votingrights, art 806para1CO statesthat thevoting rights of the quotaholders is determined according to the par valueoftheir quotas. Further- more, the articles of incorporation may limit the number of votes of owners of several quotas. The articles of incorporation may alsodetermine the voting right independently from thepar value in such away that each quota gives right to one vote.Inthis casethe company quotas withthe lowest par value mustatleast have one tenth of the par value of the other companyquotas (art 806para2CO).

Bothpossibilities described above allow thegranting of special rights,being of a financialnatureorwith regard to voting,tothe PE investors. Hence, the GmbH is as useful in this regard as the corporation. c. Possibility to grantaveto right Thearticles of incorporation of aGmbH may provide thatthe managing officers are required to submit or may (at their ownwill) submitcertain decisions to the meeting of quotaholdersfor approval(art811 para1CO). Thisisobviouslya useful feature of the new GmbH law as thevetorightsconcerning certain decisions of themanagement that are always conferred to the PE investor may be provided forinthe articles of incorporation.

4. Departureofquotaholders

4.1.Ingeneral The departure of managersand the fate of thequotas they hold in the company need to be addressed in the transaction documents of aPEinvestment. The revised GmbH law contains certain statutory provisionsconcerning thewithdrawal and expulsion of quotaholders which -atfirst glance -appear to be useful in aPE context.

7 138 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009 b. Withdrawal Aquotaholder may, for valid reasons,ask the court to grantpermission for withdrawal.Ifthe withdrawal is granted, the quotaholder is entitledtoreceiveacom- pensation (see below under d.).The articles of incorporation may provide for a right of the quotaholderstowithdrawand may subject such right to certain conditions (art 822 CO). c. Expulsion According to art 823 CO, the company may file an action with the courtfor expulsion of aquotaholder for validreasons. In addition, the articles of incorporation may provide that the meeting of quotaholderscan expel aquotaholder for certain reasons. d. Procedure and effects of awithdrawal or expulsion If aquotaholder leaves the Company, he is basicallyentitledtoacompensation correspondingtothe real value of hisquotas. This compensation becomes due with the departure, provided that the Company (i)has disposable equity,or(ii) can sell the company quotas of the departing quotaholder, or (iii) mayreduceits stated capital if that is possible accordingtothe law (art 825a para 1CO). e. Conclusion Basically, the statutory right to expel aquotaholder of aGmbH is an attractive instrument in aprivateequity context. However,wesee the following three negative aspectsofthe legal provisions: (i) the reasons of theexpulsion mustbe precisely defined in the articles of incorporation. Given that the articles a re publicly availablethis means that everyone may take knowledge of these reasons;(ii) a further disadvantage of this expulsion possibilityisthat the expelledquotaholder is entitled to acompensation that mandatorilymustcorrespond to themarketvalue of hisquotas. Afinancial discrimination of abad leaver is,therefore, not possible; (iii) the payment of the compensation to the expelled quotaholderisonly possible if the company has disposable equity, i.e. reservesthatcould be distributed by way of adividend; veryoften thefinancial situation of aVCcompanyoranacqui- sitionvehicle in aMBO transaction (leverage) is such thatnosuch reservesare available.

8 139 S • E • C • A Swiss PrivateEquity &CorporateFinanceAssociation Yearbook 2009

5. Conclusion

TheSwiss GmbHmay be used forthe legal structureofaPEinvestment.The main advantage of the GmbH is that the core issues canberegulated in the articlesofincorporation and not only in acontract amongthe quotaholders which gives these provisionsmore powerofassertion.

However, the choice of theGmbH has some negativeaspects as well. First,the articlesofincorporation arevisible to everyone as they are partofthe Commercial Register. Furthermore, the par value of aquota has to be at least CHF 100 which may be too high forprivateequity transactions and, according to the GmbH law, an authorized or aconditional capital is not possible. Finally,unlike the corporation,the GmbH is not an established legalform in the context of private equity transactions. Thismeans that particular PE features and their reflection in the articlesofincorporations would have to be explained to (and approved by) the competentRegistrar of Commerce which mayconsiderably complicate and delay theregistration process of the MBOacquisitionvehicle or the capital increase in connection with aVCinvestment.

Martin FreyBaker &McKenzie Partner Zollikerstrasse 225 Postfach 8034 Zurich [email protected]

Dr. Marc PascalFischer Baker&McKenzie Associate Zollikerstrasse 225 Postfach 8034 Zurich [email protected]

9 140 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

Events and TrendLuncheons

IV. S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Reporting SECA Evening Events

Subprime Crisis&CreditCrunch: Avicious circle of credit meltdown Tuesday, March 25, 2008, Widder Hotel, Zurich

Moderation Maurice Pedergnana SECA

Speakers Patrick Brennan NewFinanceCapital CanMarfurt Zürcher Kantonalbank Daniel Riediker AlegraCapital AG

Participants ca.120

Cleantech Opportunities Friday, May 9, 2008, Widder Hotel, Zurich

Moderation GinaDomanigEmerald TechnologyVentures

Speakers Sven Hansen Good Energies Fernand Kaufmann High Power Lithium Ralph Kretschmer Credit Suisse MichaelLiebreich New Energy Finance Andreas von Richter General Electric

Participants ca. 90

Event partner New Energy Finance /Emerald Technology Ventures

142 YearYearbookbook 2020009

Strategisches Investment Management: Buchvernissage &Podium Monday,September 1, 2008, METROPOL, Zurich

Moderation / MauricePedergnana SECA Speaker Cuno Pümpin Invision

Participants ca. 60

Event partner SECA

VentureCapitalistsungeduldige Widersacher oder besonnene Partner? Tuesday,September 30,2008, METROPOL,Zurich

Moderation Alexandra Stühff SF Eco

Speakers Roland Heer Colorplaza Volker HoffmannETH Zürich Group of Sustainability &Technology Andreas StutzThommen Medical Rolf Wägli NewValue

Participants ca. 55

Event partner NewValue

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Polish-Swiss Capital Bridge investment opportunities into the Polish capital markets Tuesday, October 21, 2008,Widder Hotel,Zurich

Moderation UlrichSchwendimann Polish-SwissChamber of Commerce

Speakers Bogusława Cimoszko Photon Energy Skowrońska Seweryn Dąbrowski Deloitte Poland MarcinDiakonowicz Deloitte Poland Beata Jarosz WarsawStockExchange Piotr Lyskawa Deloitte Poland Szymon Komorowski Deloitte Poland RobertKwiatkowski Warsaw Stock Exchange Jan Lubiński Read Gene S.A. Mariusz Sawiński Polish EmbassyinBerne DariuszŚladowski Euroimplant S.A. Jens Spyrka bmpPoland Emil Stępień NewConnect

Participants ca. 60

Event partner Swiss Chamber Poland, Deloitte Poland, Warshaw Stock Exchange, Botschaft derRepublik Polen in der Schweiz, SEC

Das StandardTermsheet derSECAfür BusinessAngelsund Venture Capitalists Tuesday,November 4, 2008,WidderHotel,Zurich

Moderation Christian Wenger Wenger &VieliRechtsanwälte

Speakers Ulrich Geilinger HBMPartners AG Florian Schweitzer BrainsToVentures AG Jean-PierreVuilleumier CTI Invest

Participants ca. 140

Eventpartner Wenger &Vieli /BrainsToVentures AG /CTI Invest

144 YearYearbookbook 2020009

Usage of databases in M&A and Private Equity Tuesday, November 25, 2008, Swissôtel Métropole, Geneva

Moderation Christophe Borer SECA

Speakers Reto Hauser Bureau van Dijk Editions Electroniques PhilippeLescroart Bureau van Dijk Editions Electroniques Lisa Wright ZEPHYR, Bureau van Dijk Editions Electroniques

Participants ca.20

Event partner ZEPHYR /Bureau van DijkEditions Electroniques

8. Swiss Private Equity &Corporate Finance Kongress Tuesday, December 9, 2008,SIX ConventionPoint, Zurich

Moderation MassimoS.Lattmann SECA

Speakers several speakers

Participants ca.230

In cooperationwith SIXSwiss Exchange, Academy for Best Execution

Conference Partner CGS Management /DynamicsGroup /Homburger / Humatica/Intrum Justitia /PricewaterhouseCoopers / Swiss Capital Group /Zürcher Kantonalbank

Media Partner SwissEquity magazin

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Private Equity in mittelständischen Unternehmen ein Blickhinter die Kulissen Tuesday,January27, 2009, METROPOL,Zurich

Moderation Werner Schnorf Zurmont Madison GuidoPatroncini Zurmont Madison

Speakers Ulrich Burkhard Marcuard Family OfficeAG Hans Hess VRP Comet &Burckhardt, VR Geberit&Schaffner René C. Jäggi Unternehmer

Participants ca.130

Eventpartner Zurmont Madison /Bär &Karrer

ImpairmentTests Tuesday, March10,2009, Widder Hotel, Zurich

Moderation Thomas Huber PricewaterhouseCoopers

Speakers RogerDisch PricewaterhouseCoopers Adrian Keller PricewaterhouseCoopers ChristophSchärer PricewaterhouseCoopers ThomasSchneller PricewaterhouseCoopers Christian Steiner PricewaterhouseCoopers

Participants ca. 70

Event partner PricewaterhouseCoopers

146 YearYearbookbook 2020009

Reporting SECA Trend Luncheons

Die WienerBörse Performance und Perspektiven IPO Exitmöglichkeitfür VC /PEfinanzierte Unternehmen Monday, February 25,2008, Hotel Hyatt,Zurich

Speakers Barbara Dorfmeister Wiener Börse AG Christian Hogenmüller Zumtobel Group MartinWenzl Wiener Börse AG

Participants ca. 25

Event partner Wiener Börse AG

SwissLimitedPartnership Renaissance fürSchweizer Risikokapital Wednesday, May 21, 2008, METROPOL, Zurich

Speakers Hannes Glaus Lustenberger Glaus&Partner Oliver Thalmann Aravis Energy

Participants ca. 80

Event partner Lustenberger Glaus &Partner /AravisEnergy / Europa Insitut an der Universität Zürich

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M&Aund Private Equity:Der Nutzenvon Datenbanken Thursday,August21, 2008, METROPOL,Zurich

Speakers RetoHauser Bureau van Dijk Lisa Wright ZEPHYR, Bureau van Dijk

Participants ca.30

Event partner ZEPHYR /Bureau van Dijk

SwissLimitedPartnership Renaissance of Swiss Venture Capital and Private equity fund industry? Wednesday, September 24, 2008, Swisshôtel Métropole, Geneva

Speakers Christophe Borer SECA Shelby R. du Pasquier Lenz&Staehelin Jean-Philippe Tripet Aravis

Participants ca. 40

Event partner Lenz&Staehelin /Aravis

148 YearYearbookbook 2020009

Reporting SECARelated Events /Sponsored Events

Unternehmensfinanzierung 08 -Trendsinder Finanzierungslandschaft Wednesday, June 4, 2008, Widder Hotel, Zurich

Speakers Hans-Martin Albrecht Raiffeisen ChristophBanik IFZ Zug Luca Corletto Zürcher Kantonalbank Stefan Ehweiner Credit Suisse Urs P. Gauch Credit Suisse Felix A. Honegger BPMC AG Daniel Kusio BVgroupPrivateEquity Maurice Pedergnana SECA MarcelWidrig PricewaterhouseCoopers Danilo Zanetti Zürcher Kantonalbank Wolfgang Zürcher Wenger &Vieli

Event partner SECA

Mergers &Acquisitions 08 -Faire Bewertung, gesunde Finanzierung underfolgreiche Strategien Wednesday,June 25, 2008, WidderHotel, Zurich

Speakers Eros Fregonas Swisscom IT Services Rudolf Huber CFO Forum Schweiz BeatKühni Lenz&Staehelin RalphMalacrida Bär &Karrer AG RogerMeili Teleperformance Schweiz JörgMüller-Ganz Helbling Corporate Finance Christoph Neeracher Bär &Karrer AG Andreas Neumann Zürcher Kantonalbank Markus Ochsner OLZ &Partners Maurice Pedergnana SECA Robin R. Richiger Vontobel Luca Schenk OLZ &Partners Rudolf TschäniLenz&Staehelin TobiasValkKPMG Thomas Vettiger IFBC AG MarcelWalker Comit AG Bruno Weber ValcorAG

Event partner SECA

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Event Sponsors

Abteilung für Handelund Investitionen Botschaft der Republik Polen in derSchweiz

strategy communication research

Humα tica Hard Facts for the Soft Factors ™

150 YearYearbookbook 2020009

81 151 Private Equity: An artists inspiration

Charlotte Pedergnana (April09) rr

Dancing Locust (I): Everybodytalks about us. They must love us. S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

Financial&Audit Report

V. S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

FinancialStatement

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Audit Statement

5 155 Private Equity: An artists inspiration

Charlotte Pedergnana (April09)

Dancing Locust (II): Everybody talks about us. They must love us. S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

Membership Reporting

VI.

S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Full Members S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

3i Schweiz AG

ContactInformation AddressOthmarstrasse 8 8008 Zürich Telephone No +41 44 250 44 00 Fax No +41 44 250 44 10 E-mail Address for General [email protected] Format of Personal E-mail [email protected] Web Address www.3i.com

Company Information Key PersonsMr. Olivier Kobel Year of Establishment 2000 Number of Employees 10 Fund Names Capital Under Management CHF 13bn (3i Group) Number of Portfolio Companies 12 Examples of Portfolio Companies Arpida, Actelion, Beldona, MIBAG, u-blox, ST Technics, Goldbach Media, Pilatus Flugzeugwerke

InvestmentPreferences SizeofInvestment CHF 10-250m Investment StagesBuyout -Buyin, Early-Stage, Expansion - DevelopmentCapital Industrial Sectors All GeographicalFocus Switzerland Type of Financing Equity Financing

ShortCompany Profile

160 YearYearbookbook 2020009

Absolute PrivateEquity AG

Contact Information Addressc/o CreditSuisse 6301 Zug Telephone No +41 43 888 63 00 Fax No +41 43 888 63 01 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.absoluteinvestments.com

Company Information Key PersonsMr. Thomas Amstutz Mr. Michael Bridge Year of Establishment 2000 Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment InvestmentStages 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

ShortCompany Profile ABSP is an investment company dulyorganized and existing under thelawsofSwitzerlandand listed on the SIX Swiss Exchange. Its investment strategyfocuses mainly on the private equity market and commits its money to PE funds, which pursue investment strategies differing by industry, geographic region and stageoffinancing.

161 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn adbodmer ag

ContactInformation AddressTödistrasse16 8002 Zürich Telephone No +41 43 344 94 24 Fax No +41 43 344 94 23 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.adbodmer.ch

Company Information Key PersonsDr. Adriana Ospel-Bodmer Mr. Jan Kollros Year of Establishment 2002 NumberofEmployees9 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Industrial Sectors ComputerRelated, Construction -Building Products, Consumer Related, Finance - Insurance -Real Estate, Food -Beverages, Industrial Automation, Industrial Products and Services, Manufacturing,Telecommunications, Communications other, Transportation Geographical Focus Germany, Switzerland, United Kingdom,United States of America TypeofFinancing

ShortCompany Profile

162 YearYearbookbook 2020009

Adinvest AG

Contact Information Address Rigistrasse 25 8126 Zumikon Telephone No +41 44 202 21 55 Fax No +4144202 19 42 E-mail Addressfor General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.adinvest.ch

CompanyInformation Key PersonsDr. Neil V. Sunderland Mr. Oliver Jung Year of Establishment1986 Number of Employees Fund Namesvarious Capital Under Management not disclosed Number of Portfolio Companies >30(direct and indirect) Examples of Portfolio Companies 3T Supplies AG, Xing AG,AdconionLtd

InvestmentPreferences Size of Investment EUR 0.5-5m Investment Stages Industrial Sectors Geographical Focus Type of Financing

ShortCompany Profile CorporateFinance andInvestment Company active in: Europe through private syndica-tions and Schirm Private EquityLP, West Coast USA through Montreux EquityPartners (lifesciences only) and in Australia through private syndications.

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Advisory &MerchantPartners AG

Contact Information AddressMühlegasse 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] Web Addresswww.advisorymerchants.com

CompanyInformation Key PersonsMr. Alessandro Parenti Mr. Alan Frei Year of Establishment 2001 NumberofEmployees6 FundNamesESAPI Capital Under Management Number of PortfolioCompanies 4 Examples of Portfolio Companies Listed and non-listed ICTcompanies

InvestmentPreferences Size of Investment InvestmentStagesBuyout-Buyin, Early-Stage, Expansion - Development Capital,Mezzanine -Bridge Finance, Replacement Capital, Turnaround - Restructuring Industrial Sectors Biotechnology, ComputerRelated, Construction- Building Products, Electronics, Environment, Finance -Insurance -Real Estate, Internet Technology, Medical -Life Sciences -Health Related,Telecommunications, Communications other Geographical Focus Austria, Germany, Italy, Switzerland, United Kingdom Type of Financing Equity Financing,MinorityEquity

ShortCompany Profile Seeour webpage.

164 YearYearbookbook 2020009

AffentrangerAssociates SA

ContactInformation Address100 Rue de Rhône 1204 Genève Telephone No +41 22 818 01 80 FaxNo+41 22 3102729 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.aasa.com

Company Information Key PersonsMr. Nicolas Fulpius Mr. Lukas André Mr. Anton Affentranger Year of Establishment 2002 NumberofEmployees 6 FundNames Capital Under Management Number of Portfolio Companies 6 Examples of Portfolio Companies dartfish SA, SIRS-Lab, forteq, inflaRx, selFrag, mikronholdingSA(SIX, Ticker: MIKN)

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

ShortCompany Profile Our ambition in principalinvesting: Achieve sustainable long-term returns by active participation in the value creation process throughasymbiosis of capitaland labour investments into companies in atransitionphase by applying complementary skills in leadership, management, technology, production, marketing and finance paired with hands-on involvement respecting highest professional and ethical standards striving for the stringent implementation of afocused business model.

165 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

AFINUM Management AG

Contact Information AddressDufourstrasse48 8024 Zürich Telephone No +41 43 500 33 00 Fax No +41 43 500 33 01 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.afinum.ch

Company Information Key PersonsDr. Philipp Schülin Year of Establishment NumberofEmployees Fund Names Capital Under Management Number of Portfolio Companies 7 Examples of Portfolio Companies Wohnprofil, Schaetti, Pinova, Wallenborn

Investment Preferences Size of Investment >CHF 10m Investment Stages Buyout -Buyin, Replacement Capital Industrial Sectors All Geographical Focus Austria,Germany, Switzerland TypeofFinancing Majority Equity

Short Company Profile PrivateEquityFundfocussing on midsized buyout transactions in German Speaking Europe.

166 YearYearbookbook 2020009

AIGPrivate Equity AG

Contact Information AddressGrafenauweg8 6300 Zug Telephone No +41 41 710 70 60 Fax No +41 41 710 70 64 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of forename.surname@ aigprivateequity.com Web Address www.aigprivateequity.com

Company Information Key PersonsMr. ConradinSchneider Mr. Andrew Fletcher Year of Establishment 1999 Number of Employees Fund Names Capital Under Management CHF 560m Number of Portfolio Companies >500 Examples of Portfolio Companies

Investment Preferences Size of Investment CHF 5-50m Investment Stages Buyout-Buyin Industrial Sectors Telecommunications,Services, Medical-Life Sciences -Health Related, Manufacturing, Industrial Automation, Food -Beverages, Consumer Related, ComputerRelated, Chemical -Materials Geographical Focus North America,Europe, Asia Type of Financing Mezzanine, Equity Financing

ShortCompany Profile AIGPrivate Equity Ltd. is aSwiss investmentcompanydomiciled in Zug. The company integrates afund of fundsapproach with direct investments in aportfolio that is highly diversified by region, financing stage and industry. 84% of the companys assets areallocated to fund investments and 16% is allocated to directdeals.

167 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Alpha Associates

ContactInformation Address Talstrasse 80 8022 Zürich Telephone No +41 43 244 31 00 Fax No +41 43 244 31 01 E-mail Address for General [email protected] Format of Personal E-mail [email protected] Web Address www.alpha-associates.ch

Company Information Key PersonsDr. Peter Derendinger Dr. Petra Salesny Year of Establishment 2004 NumberofEmployees 14 Fund NamesPrivate Equity HoldingAG, 5E Holding, Alpha2001, LP; Alpha CEE II, LP Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment min. EUR 3m Investment StagesBuyout -Buyin, Early-Stage, Expansion - Development Capital,Mezzanine -Bridge Finance, Seed Capital IndustrialSectors Biotechnology, Computer Related, Consumer Related, Electronics, Internet Technology, Medical -LifeSciences -Health Related, Telecommunications,Communications other Geographical Focus Central and Eastern Europe, Europe, Israel, United States of America Type of Financing Equity Financing

ShortCompany Profile AlphaAssociatesisanindependent private equity fund-of-funds manager and advisor. We build and manage globally diversified private equity fund portfolios for institutional and private investors. Alpha Associates is the leading private equity fund-of-funds manager for Central and Eastern Europe and Russia. We have invested and managed over 400 million Euro in more than 40 fund and direct investmentsinCentraland Eastern Europe since 1998. Alpha Associates further managesPrivate Equity HoldingLtd.,aninvestment company listed on the SIX Stock Exchange.

168 YearYearbookbook 2020009

ALTIUM CAPITAL AG

Contact Information AddressDufourstrasse60 8702 Zollikon Telephone No +41 43 499 43 43 Fax No +41 43 499 43 44 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.altiumcapital.ch

Company Information Key PersonsMr. Christian Wipf Mr. AlexanderGrüninger YearofEstablishment 1987 NumberofEmployees FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Industrial Sectors All Geographical Focus Europe, United Kingdom, Central and Eastern Europe, China Type of Financing

ShortCompany Profile Altium is an internationalcorporate financegroup providing international M&A advisory,IPO advisory, securities trading and research.Altiumhas officesinnine European countries and is a member of LSE and Deutsche Börse.

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Apax Partners &Co. BeteiligungsberatungAG

Contact Information AddressSuite 1939,19th Floor 1Harbour View Street Central, Hong Kong Telephone No +41 43 499 43 35 Fax No +4143499 43 44 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.apax.com

CompanyInformation Key PersonsMr. MaxBurger-Calderon Mr.Robin Mürer Year of Establishment 1972 Number of Employees 10 Fund Names Capital Under Management Number of Portfolio Companies 330 Examples of Portfolio Companies Sulo, IFCO, Kabel Deutschland

Investment Preferences Size of Investment Investment Stages Industrial Sectors Finance -Insurance -Real Estate, Internet Technology, Medical -Life Sciences -Health Related, Telecommunications Geographical Focus Asia, Europe, Israel, United StatesofAmerica Type of Financing Equity Financing

ShortCompany Profile Apax Partners is oneofthe world's leading private equity investment groups dedicated to high performance, entrepreneurial businesses. The group advises anumber of Investment Pools with an accumulated total of EUR 18 billion and pursues abalanced equity portfolio strategy, investing in companies at all stages of development from late stageventure to buy-out. The group focuses primarily on five industry sectors: Telecommunications &Information Technologies, Media, Healthcare, Retail &Consumer Products and Financial Services &Business Services. Founded in 1972 in theUnited States and in Europe, Apax Partners currently has ten offices worldwide. For furtherinformation on Apax Partners,visit www.apax.com.

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ARALONAG

Contact Information AddressChurer Strasse 135 8808 Pfäffikon Telephone No +41 55 416 26 30 Fax No +41 55 416 26 33 E-mailAddressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.aralon.ch

CompanyInformation Key PersonsDr. Peter Dreher Dr. Werner Hane Year of Establishment 2005 NumberofEmployees FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus D-A-CH; Central and Eastern Europe Type of Financing Equity Financing, Loans, Majority Equity, MinorityEquity

Short Company Profile ARALON is an independent private equity real estatefirm with headquarters in Pfäffikon SZ, Switzerland. In addition, ARALON provides real estate transaction advisory services.

In German-speaking countries D-A-CH, ARALON specialises on commercial real estateseg- ments, with afocus on industrial realestate including sell-and-lease-back transactions. In Central &Eastern Europe, ARALON sets up and manages commercial and residential real estate developmentprojects.

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AravisSA

ContactInformation AddressLehfrauenweg10 8053 Zürich Telephone No +41 43 499 20 00 Fax No +41 43 499 20 01 E-mail Address for General [email protected], [email protected] Format of Personal E-mail [email protected] Web Address www.aravis.ch

Company Information Key PersonsMr. Jean-Philippe Tripet Dr. Simon Nebel Dr. Oliver Thalmann Year of Establishment2001 Number of Employees13 Fund NamesAravis Venture I, LP; Aravis Biotech II, LP; Aravis Energy ILP CapitalUnder Management CHF 200m Number of Portfolio Companies 16 Examples of Portfolio Companies Evolva, Novlmmune, Symetis, Telormedix, Synosia,Ikaria, Omeros

Investment Preferences SizeofInvestment CHF 7-10m Investment StagesStart-up Capital, Seed Capital, Expansion -Development Capital, Early-Stage Industrial Sectors Medical -LifeSciences -Health Related, Renewable Energy, Biotechnology Geographical Focus ContinentalEurope Type of Financing Equity Financing

ShortCompany Profile Aravis is aSwitzerland based venture capital organisation managing two funds focused on life science (Aravis Biotech I&II) and athird fund focused on renewable energy (Aravis Energy I). Since 1995 theAravis management team have invested over USD 600 million in more than 80 companies.

As well as providing venture capital backing, Aravisalso takesahands-onapproach to highly promising companies offering aunique international network that combines decades of experience in science, operations and financing.

With adisciplined investment process and Aravis' hands on approach in supporting management, the companies that Aravis has invested in have shown acomparativelylow failurerate and many have grown to become some of the leadingcompanies in their fields.

172 YearYearbookbook 2020009

Argos SoditicS.A.

Contact Information Address118,Rue du Rhône 1204 Genève Telephone No +41 22 849 66 33 Fax No +41 22 849 66 27 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.argos-soditic.com

CompanyInformation Key PersonsMr. GuySemmens Mr. CédricBruix Year of Establishment 1989 NumberofEmployees 29 Fund NamesEuroknights IV +V Capital UnderManagementEUR 420m Number of Portfolio Companies Examples of Portfolio Companies Maillefer, Kermel, ORS, Kägi Söhne AG

Investment Preferences Size of Investment Investment Stages Buyout-Buyin Industrial Sectors All GeographicalFocus France, Italy, Switzerland Type of Financing Equity Financing

ShortCompany Profile Structuring of privateequity transactions. Sales EUR 20-400m, later stage,all industries. No start-upsorturnarounds.

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ContactInformation AddressSchweizergasse10 8001 Zürich TelephoneNo+41 44 285 15 85 Fax No +4144285 16 86 E-mail Address forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.aventicpartners.ch

Company Information Key Persons Mr. AlanFrei Mr. Jean-ClaudeRebetez Mr.Peter Balsiger Mr. Marc Kappeler YearofEstablishment 1999 Number of Employees 7 Fund Names aventicAG, am-teckredit AG Capital Under Management CHF 70m Number of PortfolioCompanies ExamplesofPortfolio Companies www.aventicpartners.ch (References)

Investment Preferences Size of Investment Investment Stages Expansion,Succession and Buyout Capital IndustrialSectors Electronics,Microelectronics, Industrial Automation, Industrial Products and Services, Manufacturing, Robotics, Sensorics, Micromechanics, Mechatronics GeographicalFocus Switzerland TypeofFinancingMezzanine Financing, Minority Equity, Majority Equity

Short Company Profile aventic partners AG is aleadingteam of seven partners based in Zurich and Bern. The team has astrong industrial background andprovides financing and know-how to small and medium-sizedenterprises based in Switzerland and the surrounding regions.

The targetcustomer is an industrialenterprisewanting to accelerate its growth and profitability or beinginasituation of ownership change.

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AXA Private Equity

Contact Information AddressAffolternstrasse 42 8050 Zürich Telephone No +41 43 299 11 99 Fax No +41 43 299 11 20 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.axaprivateequity.com

CompanyInformation Key Persons Mr.Martin Kessi Year of Establishment1996 NumberofEmployees3 Fund Names Capital Under Management USD 25bn Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment InvestmentStages Buyout -Buyin, Expansion -Development Capital, Mezzanine -Bridge Finance Industrial Sectors All Geographical Focus All Type of Financing Equity Financing, Majority Equity, Minority Equity, Mezzanine

ShortCompany Profile AXAPrivate Equity, and AXAInvestment Management Company,isadiversified private equity house with USD 25bn of assets under management and international reach across Europe, North America and Asia. The firm providesinvestors with funds across thefull range of private equity offering; fund of funds primary, early secondary and secondary; direct funds infrastructure; LBO mid cap and small cap; venture capital; co-investments; and mezzanine. With offices in Paris, Frankfurt, London, Milan, Zurich, Vienna, New York and Singapore, AXAPrivate Equity offers company management commitment to long-termgrowth andaccess to expansion via international markets. Investors rely on the firms regular, comprehensive feedback on performance and portfolio companies.

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«Wir verfolgenmit unseren Kunden immerdas gleicheZiel: Ihren Erfolg. Einfach, zielstrebigund ehrlich.»

InseClaudiorat BankSteffenoni, Headamof CorporateBellevueFinance

Unser Corporate Finance Team konzentriert sich ganz auf Ihren Transaktionserfolg. Die Nähe zu unseren Kunden und die langjährige Erfahrung unserer Mitarbeiter führt zu wirklich kreativen und innovativen Lösungen. Das Team besteht aus 6 Mitarbeitern, die im Kapitalmarkt und in M&A langjährige Transaktionserfahrung aufweisen. Unser Fokus liegt auf dem schweizerischen Markt. Das Team hat einen ausgezeichneten Track record. Die aktuellen Transaktionen können Sie unter www.bellevue.ch unter Bank am Bellevue abrufen.

Für Informationen steht Ihnen Claudio Steffenoni unter Tel. +41 44 267 67 72 zur Verfügung

www.bellevue.ch YearYearbookbook 2020009

Bank am Bellevue

Contact Information Address Seestrasse 16 8700 Küsnacht Telephone No +4144267 67 36 FaxNo+41 44 2676735 E-mail Address for General Enquiries [email protected] Format of PersonalE-mail Addresses Web Addresswww.bellevue.ch

CompanyInformation Key PersonsMr. ClaudioSteffenoni Mr. Dan Dysli Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Ourhighly professionaland experiencedCorporateFinance Team consists of 6senior professionals andisideally placedtocome up with individual, creative and profitable capitalmarket solutions forbusinesses, entrepreneurs and the owners of businesses(families, investors).

Our special strengths include the impartiality of our advice, our credibilityonthe market, as well as our substantial security-placementpower. Ouradvice and execution activities cover the full range of Corporate Finance services.

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Bank Sarasin &Cie AG

ContactInformation AddressLöwenstrasse 11 8022 Zürich Telephone No +41 44 213 97 16 Fax No +41 44 213 96 98 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.sarasin.ch

Company Information Key Persons Mr.Matthias Spiess Mr. Alexander Cassani Year of Establishment 1841 Number of Employees742 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Buyout-Buyin Industrial Sectors All GeographicalFocus Europe Type of FinancingMinorityEquity,Equity Financing

ShortCompany Profile M&Aadvisory, Equity Capital Markets(IPO, Secondary placements, tenderoffer, etc.) and Corporate Finance.

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Bank Vontobel AG

ContactInformation Address Gotthardstrasse 43 8022 Zürich TelephoneNo+41 58 283 63 29 Fax No +41 58 283 58 30 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.vontobel.com

CompanyInformation Key PersonsMr. Marc Klingelfuss Mr. Robin R. Richiger Year of Establishment 1936 Number of Employees1320 Fund Names Capital Under Management CHF 62.4bn Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Vontobel Banking Group is one of Switzerland's leading private banking investment banking and asset management groups.

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BanqueBénédict Hentsch &Cie SA

ContactInformation Address5avenue de Châtelaine 1211 Genève 11 Telephone No +41 22 360 91 00 Fax No +41 22 360 91 91 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.bbh360.ch

Company Information Key PersonsMr. Marc Lüthi Year of Establishment 2004 Number of Employees 30 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile PrivateBanking and Family Office services.

180 YearYearbookbook 2020009

Bär &Karrer AG

Contact Information AddressBrandschenkestrasse90 8027 Zürich Telephone No +41 58 261 50 00 Fax No +41 58 261 50 01 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.baerkarrer.ch

Company Information Key PersonsDr. Christoph Neeracher Prof. Dr. Rolf Watter Year of Establishment 1969 Number of Employees 220 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile

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BDO Visura

Contact Information AddressFabrikstrasse 50 8031 Zürich Telephone No +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 [email protected] Web Address www.bdo.ch

Company Information Key PersonsMr. Marcel Jans Mr. Christoph Müller Year of Establishment 1932 Number of Employees850 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile BDOVisuraisthe preferredpartnerofmiddle and small enterprises, public authoritiesand Non- Profit-Organisations Products and Services: -Auditing -Financial Services -Fiduciaryservices and Real estate -Management consulting and Information technology -Tax advice and Legal advice Corporate Finance services, such as buyand sell mandates -Due Diligence Financ- ing -Forensics -Restructuring services

182 YearYearbookbook 2020009

BioMedinvestor AG

Contact Information Address Elisabethenstrasse 23 4051 Basel Telephone No +41 61 270 35 35 Fax No +41 61 270 35 00 E-mail Address for General Enquiries [email protected] FormatofPersonal E-mail [email protected] Web Address www.biomedvc.ch

Company Information Key PersonsDr. Gerhard Ries Dr. Markus Hosang Year of Establishment 2002 Number of Employees 5 FundNamesBio Med Invest, Bio Med Credit Capital Under Management CHF 250m Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile

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BrainsToVentures AG

Contact Information AddressBlumenaustr. 36 9004 St. Gallen TelephoneNo+41 71 2422000 Fax No +41 71 242 20 01 E-mail Address forGeneral Enquiries Format of Personal E-mail [email protected] Web Address www.b-to-v.com

Company Information Key PersonsMr. Florian Schweitzer Year of Establishment 2000 NumberofEmployees11 FundNamesb-to-v Private Equity SICAR Capital Under Management EUR 28mFund +twice the amount of direct investments Number of Portfolio Companies 24 Examples of Portfolio Companies XING, alaTEST, Nanda

Investment Preferences Size of Investment EUR 0.5-15m InvestmentStages Early Stage, Growth andBuy-Out Industrial SectorsInternet, Mobil, Water-Technologies, CleanTech Geographical Focus Worldwide withfocus on German speaking Europe Type of Financing Equity

ShortCompany Profile Through BrainsToVentures (b-to-v) an extensivenetworkofcommitted entrepreneurial private investors with backgrounds from various sectorsinvests in growth companies with promising and scalable business models. The «vibrant network of investment intelligence» finances first-class ventures with excellentmanagementteams and offers them access to experienced investors from the respective sector.

With the institutionalised cooperation between investors and ventures b-to-v has become one of the leading private investor networks in Europe since the year 2000, whose activitiesregularly exceed this region today reaching the US and Asia

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BridgeLink AG

Contact Information Address Centralbahnstrasse 7 4002 Basel Telephone No +41 61 206 90 90 Fax No +41 61 206 90 93 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.bridgelink.ch

Company Information Key PersonsMr. Dominik C. Walter Mr. Paul-André Wenger Year of Establishment 1996 NumberofEmployees 8 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

Short Company Profile M&A, CorporateFinance Advisors representing Sale-side or Buy-side. Fundraising forbusiness development. Full service for MBO Projects. International operations with offices in USA, Germany andSwitzerland.

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BT&T Group

Contact Information AddressRötelistrasse 16 9000 St. Gallen TelephoneNo+41 71 274 24 70 Fax No +41 71 274 24 79 E-mailAddressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.btt.com

CompanyInformation Key PersonsDr. Walter Meier Year of Establishment 1990 Number of Employees 3 FundNamesBT&T Timelife AG Capital UnderManagement CHF 19m Number of Portfolio Companies 5 Examples of Portfolio Companies Sector "TIME" and "LIFE"

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

ShortCompany Profile BT&T is aleading investment group engaging in fast growing technologiesofthe 21st century by applying itsuniqueTIME® and LIFE® investment concepts.

186 „Unternehmerfür UnternehmeYearr“ book 2009

DieBVgroup versteht sich als„Unternehmer fürUnternehmer“ undbeteiligtsichals bedeutender Minderheitsaktionär oder alsMehrheitseigentümer langfristigmit Eigenkapital bei Nachfolge- und Wachstumsfinanzierungen etablierter Unternehmeninder Schweizund im angrenzenden Ausland. Eigenkapitalfinanzierung mitVorteilen Eine langfristige Eigenkapitalfinanzierung mitder BVgroupals InPaseratrtnerbBVietet HolUnterdinehngmeAGrn,deren Aktionären und der Unternehmung selber zahlreicheVorteile:

Schrittweise Umsetzung Die Nachfolgekannschrittweise umgesetztwerden,denn Minderheitsbeteiligungen sind grundsätzlichmöglich.

GestärkteEigenkapitalbasis Mit der Finanzierungdurch Eigenkapital wird denVerkäufern eine steueroptimaleLösungermöglicht.Gleichzeitigwird die Eigenkapitalbasis derUnternehmung gestärkt.

Unabhängigkeit DasUnternehmen bewahrtsichseine Flexibilitätund Unabhängigkeit.

ZukünftigesWachstum Durch dieKombination einer Nachfolge- und Expansions- finanzierung können Wachstumschancen –organisch oder durchAkquisitionen –gezielt und raschgenutzt werden.

Unternehmerischer Partner Die Strategie kann mitder BVgroup alsunternehmerischem undlangfristigorientiertem Partner nachhaltig weiterverfolgt werden.

Habenwir IhrInteresse geweckt? Kontaktieren Sieuns: BüroinBernBüroinZürich Hotelgasse 1Seehofstrasse 6 CH-3011BernCH-8008Zürich Telefon+41 31 310 01 30 Telefon+41 44 251 18 80 Email: [email protected]: www.bvgroup.ch S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

BV HoldingAG(BV PartnersGmbH)

ContactInformation AddressHotelgasse1 3011 Bern TelephoneNo+41 31 310 01 30 Fax No +41 31 310 01 39 E-mail Address forGeneral Enquiries [email protected] /www.bvgroup.ch Format of Personal E-mail [email protected] Web Address www.bvgroup.ch

Company Information Key PersonsMr. Daniel Kusio Year of Establishment 1997 NumberofEmployees 5 FundNames Capital Under Management >CHF 66m Number of Portfolio Companies 9 Examples of Portfolio Companies Skan Holding AG, Lonstroff Holding AG, Ypsomed (SWX-Ticker: YPSN), E2E Technologies Ltd, Ziemer Group AG, Sphinx Werkzeuge AG, Piexon AG

Investment Preferences Size of Investment CHF 1-15m Investment Stages Expansion-DevelopmentCapital,Buyout -Buyin Industrial Sectors All GeographicalFocus Europe, Switzerland Type of Financing Equity Financing

ShortCompany Profile In thearea of successionfinancingand management buyouts(buyins) BVgroupfocuses primarily on medium size transactions and on long term oriented investment opportunitiesincompanies with apositive cash-flow and ayearly turnover of over CHF 15 million.The turnover can also be lower, if future revenue growth is substantial or if the company fits to oneofour existing portfolio investments. The typeoffinancinguseddependsonthe specific situation and can be in equity or acombinationofequity and debt.

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Capital Concepts International AG

Contact Information AddressUntere Heslibachstrasse 41a 8700 Küsnacht Telephone No +41 43 266 70 80 Fax No +41 43 266 70 81 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Addresswww.capitalconcepts.ch

CompanyInformation Key PersonsMs. Jennifer Maag-Pelz Year of Establishment 1999 Number of Employees 5 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Capital Concepts International is amergers &acquisitions advisory boutique, focussing on middle market transactions (between CHF 10-500million) in German-speaking Europe. Through our international network, we also advise on acquisitionsordivestitures around the globe.

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Capital Dynamics

ContactInformation AddressBahnhofstrasse 22 6301 Zug Telephone No +41 41 748 84 44 Fax No +41 41 748 84 40 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.capdyn.com

Company Information Key PersonsMs. Katharina Lichtner Ms. CorinneGiger Year of Establishment 1988 NumberofEmployees105 FundNames Capital Under Management >USD 20bn Number of PortfolioCompanies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages All Industrial Sectors All Geographical Focus Worldwide Type of Financing

ShortCompany Profile Capital Dynamics is an independent asset manager exclusively focusedonprivate equity. The company covers the universe of leading private equity products and services and provides unique investment solutions to institutional investors from around the world. With an extensive history goingback to1988, Capital Dynamics oversees over USD 20 billion of client capital committed to over 600 funds, which are deployed with the worlds leadingprivate equity managers. The company creates added value for its clients by combining outstanding asset managementcapabilities,state of the art risk management and access to top-tiermanagers. Headquartered in Switzerland, Capital Dynamics is active in all major financial markets with a focus on Western Europe, the US and Asia.

190 YearYearbookbook 2020009

Capital Finance and Trust Company (1923) SA

ContactInformation Addressvia san Salvatore 13 6902 Paradiso Telephone No +41 91 980 38 91 Fax No +41 91 980 38 92 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Address

Company Information Key Persons Mr.Nicola Simoneschi Year of Establishment Number of Employees FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Turnaround -Restructuring, Replacement Capital, Expansion -Development Capital Industrial Sectors Environment, Energy, Agriculture -Forestry - Fishing Geographical Focus All Type of Financing All

ShortCompany Profile

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Capital Transmission SA

Contact Information Addressc/o BCGE Corporate Finance 1211 Genève 2 Telephone No +41 22 8092628 Fax No +4122809 25 77 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.bcge.ch

Company Information Key PersonsMr. Maurice Pierazzi Ms. Virginie Fauveau Year of Establishment 2008 Number of Employees Fund Names Capital Under Management CHF 50m Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment CHF 1-5m Investment StagesBuyout -Buyin, Expansion -Development Capital, Mezzanine -Bridge Finance Industrial Sectors All Geographical Focus Switzerland Type of Financing Equity Financing, Loans, Minority Equity, Mezzanine

Short CompanyProfile

192 YearYearbookbook 2020009

Capvis EquityPartners AG

ContactInformation AddressTalacker 42 8022 Zürich TelephoneNo+41 43 300 58 58 Fax No +41 43 300 58 59 E-mail Address for General [email protected] Format of Personal E-mail [email protected] Web Address www.capvis.com

Company Information Key PersonsDr. Alexander Krebs Mr. Rolf Friedli Year of Establishment 1999 NumberofEmployees 19 Fund NamesCapvis I, Capvis II, Capvis III Capital Under ManagementEUR 1150m Number of Portfolio Companies 10 Examples of Portfolio Companies Bartec, Benninger, ETAVIS, KVT, Lista, Orior, Phonak, sia Abrasives, Soudronic, Stadler Rail Group, Ticketcorner, Tobler, WMF

Investment Preferences Size of Investment EUR 20-100m InvestmentStages All, Buyout -Buyin Industrial Sectors All Geographical Focus Austria, Germany, Switzerland Type of Financing EquityFinancing

Short Company Profile Capvis Equity Partners AG Zurich, exclusive advisor to the Capvis funds,isthe leading private equity house for medium-sized companies in Switzerland and invests in German-speaking Europe. The teams track record includes 39 successful investments in European companies since 1990. Capvis Equity Partners was founded in 1999 as the successor organisation to SBC Equity Partners.

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Cevian Capital AG

Contact Information AddressSeedammstrasse 3 8808 Pfäffikon TelephoneNo+41 55 4174620 Fax No +4155417 46 21 E-mail Addressfor General Enquiries Format of Personal E-mail Addresses Web Addresswww.ceviancapital.com

Company Information Key PersonsDr. Ilias Läber Mr. Yann Schmidt Year of Establishment 2007 Number of Employees 10 Fund Names Cevian Capital II Capital Under Management EUR 6bn Number of Portfolio Companies 5-10 Examples of Portfolio Companies

Investment Preferences Size of Investment EUR 100-600m Investment Stages Turnaround-Restructuring Industrial Sectors All Geographical Focus Europe Type of Financing EquityFinancing

Short Company Profile Cevian Capital is aprivate investment firm acquiring significant ownership positionsinEuropean public companies where long-term value can be enhanced through an industrial active ownership approach.

194 YearYearbookbook 2020009

CGS Management giesingergloor lanz &co.

ContactInformation AddressHuobstrasse 14 8808 Pfäffikon Telephone No +41 55 416 16 40 FaxNo+41 55 4161641 E-mail Address for General Enquiries [email protected] Format of PersonalE-mailAddresses [email protected] Web Address www.cgs-management.com

CompanyInformation Key PersonsDr. Rolf Lanz Mr.Peter Gloor Mr. Peter Giesinger Year of Establishment 1995 Number of Employees8 Fund NamesCGS Private Equity PartnershipII Capital Under Management CHF 125m Number of Portfolio Companies 4 Examples of Portfolio Companies Automatik Plastics Machinery GmbH, Mould TechnologiesHolding AG,Suzhou Mould Technology Co. Ltd.,mdexx Holding GmbH

Investment Preferences Size of Investment EUR 10-80m Investment StagesBuyout -Buyin, Delisting, Replacement Capital, Turnaround -Restructuring Industrial Sectors Construction, Electronics, Industrialautomation, Industrial products &services, Manufacturing, Plastic Industry Geographical Focus Europe Type of Financing Equity Financing, MajorityEquity

ShortCompany Profile PrivateEquity Partnership: investments in smalland medium sized industrial companies.

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Cinven GmbH

ContactInformation AddressNeueMainzerstrasse52 D-60311 Frankfurt Telephone No +49 69 900 270 FaxNo+49 69 90027100 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.cinven.com

Company Information Key PersonsMr. Bruno Schick Year of Establishment NumberofEmployees FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Springer SBM, Amadeus, Avio, Phadia

Investment Preferences Size of Investment Investment Stages Buyout-Buyin Industrial Sectors All GeographicalFocus Europe Type of Financing Majority Equity

Short Company Profile Establishedin1977, Cinvenisone of the most prominent and successful investors in the Europeanbuyout market.

196 Yearbook 2009

Clariden Leu AG

Contact Information AddressBahnhofstrasse 32 8070Zürich Telephone No +41 844 844 001 Fax No +41 58 2056256 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.claridenleu.com

Company Information Key PersonsDr. Peter Labhart Mr. Diego Würms Year of Establishment 1755 Number of EmployeesApprox. 1600 FundNames Capital Under Management CHF 93.7bn (as of 12/31/2008) Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences SizeofInvestment Investment Stages Industrial Sectors Geographical Focus Type of Financing

ShortCompany Profile Products andservices description Clariden Leuoffers innovative andleading investment fund products andtailored mandates across thefull asset class spectrum,with the goal of providing clientswith the widest choice of investment solutionstomatch their specific requirements: • We aim to provideleading solutionsacross the full alternativeinvestment space, including funds of hedge funds, insurance-linked securities, commodities, real estate and private markets (private equity, private debt and private realestate).

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Close Brothers AG Close Brothers CORPORATE FINANCE

Contact Information AddressObstgartenstrasse 7 8006 Zürich Telephone No +41 43 255 33 00 Fax No +41 43 255 33 33 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.closebrothers.ch

Company Information Key PersonsDr. Jürg Glesti Mr. Christoph Steiner Year of Establishment 2008 NumberofEmployees3 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile

198 YearYearbookbook 2020009

Club Valaisan des Business Angels

Contact Information Address c/oCCF SA Pré-fleuri6,CasePostale 286 1951 Sion Telephone No 044 553 20 01 (C. Beaud, president) 027327 35 50 (J.Métrailler, VS office) Fax No 027327 35 51 (VSoffice) E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] [email protected] Web Address www.bizangels.ch

Company Information Key PersonsMr. Christophe Beaud Year of Establishment 1999 Number of Employees 2 FundNamesIndividual Investors +CCF SA (financial institution of VS economicdevelopment) Capital Under Management only direct investment of angels, no pool Number of Portfolio Companies 13 Examples of Portfolio Companies Mimotec SA,Key Domains,Snowpulse SA, Cnoté Mobile Solutions SA

Investment Preferences Size of Investment CHF 0.1-1m Investment Stages Seed, start-up and growth Industrial Sectors high-tech, bio-tech,new energies Geographical Focus Swiss French speaking area Type of Financing Equity

ShortCompany Profile The "Club Valaisan desBusiness Angels" is aclubofprivate investors based in the French part of Switzerland and financing start-upsespecially in the high-tech and the bio-tech area. The Club was founded in 1999 under the impulse of CCFSA, financial arm of the associationfor economic development in Valais.

Today, after 10 years of existence, more than CHF4.2 millions have been invested in 13 different start-ups. Theentrepreneurs present their project during "Angel Dinners" which take place four times ayear in Martigny. More than 20 business angels are members of the "Club Valaisan des BusinessAngels".

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CMS Corporate Management Services

Contact Information AddressSchreberweg 7 8044 Zürich Telephone No +41 43 343 10 04 Fax No +41 43 343 10 03 E-mail Address for General [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.cms-proalfa.com, www.cms-proalfa.pl

Company Information Key PersonsMs. Bogy Skowronski Year of Establishment 2003 Number of Employees 3 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages All Industrial Sectors All Geographical Focus Central and Eastern Europe, Poland Type of Financing All

ShortCompany Profile CMSassists companies' owners with capital raising&strategic business development. CMS operates out of Switzerland on the Polish market and through its corporate partners on other markets of New Europe.

200 YearYearbookbook 2020009

CO-INVESTOR AG

Contact Information AddressKreuzstrasse 26 8 008Zürich Telephone No +41 43 521 61 11 Fax No +41 43 521 61 1 0 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.co-investor.com

Company Information Key PersonsDr. Hans-Dieter Rompel Dr. Thomas Hoch Mr. Dominik Wlodarzak Year of Establishment 2 000 Number of Employees5 FundNamesCrouns, Heptagon,Kero, ESCF1, VRP Capital Under ManagementEUR 1 00m Number of Portfolio Companies 25 Examples of Portfolio Companies SMB,TTTech, PURE

InvestmentPreferences Size of Investment Investment Stages Replacement Capital, Mezzanine -Bridge Finance, Expansion -Development Capital, Buyout -Buyin Industrial Sectors All Geographical FocusSwitzerland,Germany, Continental Europe, Austria Type of Financing Mezzanine,MinorityEquity, Majority Equity, Equity Financing

ShortCompany Profile Co-InvestorisaSwiss based private equity company. It invests in all sectors except biotech and drug development, focusing on businesses with high growth potential andstrong management. Investments throughall stages once aproduct hasbeen launched in the market. Co-Investor manages different fundsand makesselected direct investments in single companies for private and institutional investors.

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Core Capital Partners AG

ContactInformation AddressBahnhofstrasse 2 0 8 001Zürich Telephone No +41 44 488 8 000 Fax No +41 44 488 8 0 19 E-mail Address for General Enquiries Format of PersonalE-mail [email protected] Web Address www.corecapital.ch

CompanyInformation Key PersonsMr. Martin Gloor Year of Establishment 2 007 Number of Employees 9 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment >CHF 5m Investment Stages Expansion -Development Capital Industrial Sectors All Geographical Focus Switzerland, Germany, Austria Type of FinancingEquity Financing

ShortCompany Profile

202 YearYearbookbook 2020009

CORFIN AG

Contact Information AddressEtzelstrasse 42 8 0 38 Zürich Telephone No +41 43 244 67 0 1 Fax No +41 43 244 67 0 3 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.corfin.ch

CompanyInformation Key PersonsMr. Mark E. Fausch Year of Establishment 2 006 Number of Employees 3 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Industrial Sectors Other, Finance -Insurance -Real Estate Geographical Focus Switzerland Type of Financing All

ShortCompany Profile CorporateFinance Ltd., founded in 2 006, stock capital of CHF 1 00' 000.-,main business is brokerage of leasing, loan, mezzanine, credit andprivate equity for small and medium sized companies in Switzerland.

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CreathorVenture Management GmbH

Contact Information AddressMarienbader Platz 1Technoparkstr. 1 D-61348 Bad Homburg CH-8005Zürich Telephone No +49 6172 139 720 +4144271 13 58 Fax No +49 6172 139 72 29 E-mail Adress for General Enquiries [email protected] Format of Personal E-mail Addresses Web Address www.creathor.ch

CompanyInformation Key PersonsDr. Gert Köhler Mr. IngoFranz Mr.Karlheinz Schmelig Mr. Cédric Köhler(Büro Zürich) Year of Establishment 2 003 Number of Employees 1 0 Fund NamesCreathor Venture Fund Capital Under ManagementCHF 136m Number of Portfolio Companies 22 Examples of Portfolio Companies Doodle, Diva.AG, Stylefruits, aka-aki,netbiscuits, Mobiles Republic, PhenexPharmaceuticals, caprotec bioanalytics, SIRION Biotech, Accovion

InvestmentPreferences SizeofInvestment CHF 0 .1-10 m Investment Stages Seed Capital, Start-upCapital, Expansion -DevelopmentCapital Industrial Sectors Communications other, Telecommunications, Medical -LifeSciences -Health Related, Internet Technology, Media, Industrial Automation, Energy, Electronics, Computer Related, Chemical -Materials, Biotechnology Geographical Focus Germany, Switzerland, France, RoE Type of FinancingMinority Equity, Equity Financing

Short Company Profile Creathor Ventureinvests in Germany, Switzerland, France and the RoE. The focus is on early-stage companies with innovative technologies and business concepts.Preferred sectors are communications, IT, internet/media, optics, micro- &nanotechnologies, new materials and life sciences. Theteam has more than 3 0 years successful track record as lead-investor in early stage high-tech companies. The teamhas beenworking in early-stage venture capital for 2 0 years. Duringthat time more than 2 00 technology companieshave been financed and over 2 0 IPOs as well as numerous trade sales have been conducted.

204 YearYearbookbook 2020009

CreditAgricole (Suisse) SA

ContactInformation AddressRue de Stand, 66 1211 Geneve TelephoneNo+41 58 3219385 Fax No +41 58 3219220 E-mailAddressfor GeneralEnquiries Format of Personal E-mail [email protected] Web Address

Company Information Key PersonsMr. Jean-Francoise Fouquet Mr. Jean-Guillaume Benoit Year of Establishment 2 001 Number of Employees8 FundNames Capital Under Management CHF 130 m Number of Portfolio Companies 9 Examples of Portfolio Companies Technomarine S.A.

Investment Preferences Size of Investment Investment Stages Expansion -Development Capital, Delisting, Buyout -Buyin Industrial Sectors All GeographicalFocus Switzerland, Italy,France Type of Financing Majority Equity, Equity Financing

ShortCompany Profile

205 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

Inserat Credit Suisse YearYearbookbook 2020009

Credit Suisse

Contact Information AddressGiesshübelstrasse 3 0 8 0 7 0 Zürich Telephone No +41 44 334 0 828 Fax No +41 44 333 33 4 0 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Addresswww.credit-suisse.com

CompanyInformation Key Persons Dr. Martin Frischknecht Mr.Christoph Streib Year of Establishment 1856 NumberofEmployees19500 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment InvestmentStages Buyout -Buyin, Delisting, Early-Stage, Expansion -Development Capital,Mezzanine - Bridge Finance,Privatisation, Replacement Capital, Turnaround -Restructuring Industrial Sectors All Geographical Focus Worldwide TypeofFinancingAll

Short Company Profile SwissUniversal Bank.

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CreditSuisse AssetManagement

ContactInformation Address Sihlcity-Kalandergasse 4 8 0 7 0 Zürich TelephoneNo+41 44 333 42 45 Fax No +41 44 333 43 21 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.csam.com

Company Information Key PersonsDr. Gregor Bucher Mr. Thomas Federer Year of Establishment Number of Employees2663 Fund Names Capital Under Management CHF 691.3bn Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Assetmanager in mutual fund,pension fund, mandate and investment companies area.

208 YearYearbookbook 2020009

Defi Gestion SA

Contact Information Address Boulevard de Grancy 1 1 006Lausanne Telephone No +4121614 34 44 Fax No +41 21 614 34 45 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Addresswww.defigestion.ch

Company Information Key PersonsMr. Mohammed Diab Mr. Jacques Berger Mr. Claude Suard Year of Establishment 1990 NumberofEmployees 1 0 FundNames Capital Under Management CHF 2 00m Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment CHF 1-10 m InvestmentStages Buyout -Buyin, Expansion -Development Capital, Replacement Capital Industrial Sectors Consumer Related, Electronics, Energy, Industrial Products andServices, Manufacturing, Services Geographical Focus France, Germany, Italy, Switzerland Type of Financing Majority Equity, Minority Equity

ShortCompany Profile LateStage: European Scope(CH,I,D,F)/Venture: local scope, Early Stage: CHFonly.

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DeloitteAG

ContactInformation Address GeneralGuisan-Quai 38 8 0 22 Zürich Telephone No +41 44 421 62 0 5 Fax No +41 44 421 66 19 E-mail Addressfor General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.deloitte.ch

Company Information Key PersonsMr. Jean-François Lagassé (Geneva) Mr. Konstantin von Radowitz (Zurich) Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Deloittes Private Equity practice works with leading private equity investors, funds andportfolio companies delivering value across the entire private equity life cycle.

With abroadrange of services including aworld class consulting practice, Deloitte provides significant breadthand depth of integrated services to funds of all sizes, sectors and geographical footprints.

210 Yearbook 2009

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Deloitte ist eines der führenden Wirtschafts- prüfungs- und Beratungsunternehmen in den Bereichen Fusionen/Akquisitionen, Abspaltungen sowie strategischer Neuausrichtungen. Mit Stand- orten in Zürich, Genf,Basel, Lausanne und Lugano sind wir nahe bei unseren Kunden.

Unser internationales Netzwerk garantiert eine nahtlose Zusammenarbeit auch bei grenzüber- schreitenden Projekten.

Im Bereich Corporate Finance, Transaktionen und Restrukturierungen beraten wir Sie gerne auch zu folgenden Themen:

Zürich •Transaktionsﬁnanzierung Konstantin von Radowitz Tel. 044 421 64 57 •Strategische Kostensenkungsprogramme [email protected] •Cash/Working Capital Management Genf •Management Buyout/LBO Jean-François Lagassé Tel. 022 747 71 06 •Käufer/Verkäufer Due Diligence [email protected] •Bewertungen www.deloitte.ch •Steuerliche Strukturierungen

Wirtschaftsprüfung. Steuerberatung. Consulting. Corporate Finance. S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Deutsche Bank Private Wealth Management

ContactInformation AddressBahnhofquai 9/11 8 0 21 Zürich Telephone No +41 44 224 5 000 Fax No +41 44 224 59 55 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.pwm.db.com

Company Information Key Persons Mr.MarcoBizzozero Mr. Peter Pfister Mr.Nikolaus Wein Mr. Florian Ernst Ms. Pying-Huan Wang Ms. Santana Eidel Year of Establishment 2 004 Number of Employees 25 Fund Names Capital Under Management USD 3.3m Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment InvestmentStages Buyout -Buyin, Expansion -Development Capital Industrial Sectors All Geographical Focus All TypeofFinancingAll

Short Company Profile Deutsche Bank PrivateWealthManagementoffers globally diversified private equity fund investment programs primarily targeted at wealthyindividuals and selected institutions worldwide. DeutscheBank Private Wealth Management provides privileged access to premier private equity fund managers across various regions (US, Europe, Asia), industry sectors and investment styles as well as to direct co-investment opportunities.

212 YearYearbookbook 2020009

EmeraldTechnologyVentures AG

ContactInformation AddressSeefeldstrasse 215 8 008Zürich Telephone No +41 44 269 61 00 Fax No +41 44 269 61 0 1 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.emerald-ventures.com

Company Information Key PersonsMs. GinaDomanig Mr. Hans Dellenbach Year of Establishment 2 000 Number of Employees 19 FundNamesEmerald Cleantech Fund ILP, Emerald Energy Fund ILP, EmeraldCleantech Fund II LP CapitalUnder Management EUR300m Number of Portfolio Companies 45 Examples of Portfolio Companies inge AG, HyRadix, RuggedCom, Xunlight

InvestmentPreferences Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Start-up Capital Industrial Sectors Chemical -Materials, Construction -Building Products, Energy, Environment, Industrial Automation, Industrial Products and Services, Other, Transportation GeographicalFocus Europe, North America Type of Financing Equity Financing

ShortCompany Profile Launched in 2 000 ,Emerald Technology Venturestoday manages three funds as well as two mandates all focusingonventure capital in theCleantechsectors, namely, energy, materials, water and agricultural technologies.Emerald wasapioneer in Europe and today, with EUR 3 00 mio under management, is the largest player in Europe and one of the keyplayers in North America. Emerald has offices in Zurich and Montreal.

213 S � E � C � A NEW INVESTMENTS Swiss Private Equity &Corporate FinanceAssociation NEW HORIZONS

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Als SchweizerInvestmentgesellschaft setzt NewValue ausschliesslichauf aufstrebendeSchweizerUnternehmen mit überdurchschnit- tlichemMarkt-und Wachstumspotenzial. Neue Werte brauchtunser Land. Investieren Sie in dieZukunft derSchweiz.Der Zeitpunkt könntenicht günstigersein. KlickenSie auf www.newvalue.ch undverlangenSie unsereInvestorendokumentation.

Sustainable Swiss Private Equity YearYearbookbook 2020009

EPS Value Plus AG

Contact Information AddressBodmerstrasse 9 8 0 27 Zürich Telephone No +41 43 344 38 00 Fax No +41 43 344 38 0 1 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.epsvalueplus.ch

Company Information Key PersonsMr. Peter Letter Mr. Rolf Wägli Year of Establishment 2 002 Number of Employees 7 FundNamesNew Value AG (SIXlisted; www.newvalue.ch) Capital Under Management EUR 6 0 m Number of Portfolio Companies 11 Examples of Portfolio Companies 3S Swiss Solar Systems AG, Idiag AG, Silentsoft AG, Natoil AG, Swiss Medical Solution AG

Investment Preferences Size of Investment EUR 0 .5-5m Investment StagesEarly-Stage, Expansion-Development Capital Industrial Sectors All (except biotechnology) Geographical Focus Austria, Germany, Switzerland Type of Financing Mezzanine, Equity Financing

ShortCompany Profile EPSValue Plus AG is an independent private equity investment manager, managing direct investment funds. EPS particular focus is in earlystage andgrowthfinancing forinnovative technology companies in Switzerland,Germanyand Austria. Sustainable business models and high ethical standards arecore criterias when selecting portfoliocompanies. EPS managesNew Value AG,aninvestment company listed on SIX Swiss Exchange(www.newvalue.ch) focusing on renewable energy, medtech, health, new materials and information technology. EPS offers also advisoryservices to third party investors and their private equity portfolios of direct investments. In addition EPSoffers corporate finance advisory to small and mid sized companies.

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Endeavour

Contact Information AddressRue de la Croix DOr 6 120 4Genève TelephoneNo+41 22 5446000 Fax No +41 22 5446006 E-mailAddress for General Enquiries [email protected] Format of Personal E-mailAddressesInitial of forename and surname@ endeavourvision.com WebAddress www.endeavourvision.com

Company Information Key PersonsMr. Bernard Vogel Mr. DamienTappy Mr.Sven Lingjaerde Year of Establishment 2 000 Number of Employees10 Fund NamesEndeavourIILP, Endeavour LP, Genevest, Vision Capital Capital Under Management EUR 150 m Number of Portfolio Companies ~20 Examples of Portfolio Companies Retailo, Lumavita, Cequr, Molecular Partners, Endotis, CommProve

Investment Preferences Size of Investment EUR 1-8m Investment Stages early to expansionstageincluding spin-offs and restarts Industrial Sectors information technology, biotech, medtechand cleantech GeographicalFocus Europe Type of Financing EquityFinancing

ShortCompany Profile EndeavourVisioncombinesateamofexperienced venture capital professionals responsible for investments in over 7 0 companies in 12 countriesinTechnology and Life Sciences since 1989. Our firm targets European companies that have the potentialtobecome global leaders. Beyond accesstocapital, Endeavour Vision brings yearsofexperience, expertise and network to its entrepreneurs, plus apassion for success. Endeavour Visions DNA comes from three established firms: Genevest, an early European VC started in 1983, Vision Capital Europe,established in 1997 as apioneer in Trans-Atlantic venturecapital, and Endeavour, aVCformed by entrepreneurs for entrepreneurs.

216 YearYearbookbook 2020009

EquatisAG

Contact Information AddressSeehofstrasse 6 8 008Zürich Telephone No +41 44 251 51 2 0 Fax No +41 44 251 51 18 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.equatis.com

Company Information Key PersonsDr. Peter Rutishauser Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Buyout -Buyin, Turnaround -Restructuring Industrial Sectors All, IndustrialAutomation, Industrial Products and Services Geographical Focus Austria, Germany, Switzerland Type of Financing Equity Financing, MajorityEquity

ShortCompany Profile Equatisisaprivatecompany held by experiencedentrepreneurs investing in buyout and special situations.

217 ©2009EYGMLimited.All Rights Reserved. S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Fluent across 140countries? Whereveryou areinthe world, whateverindustryyou’rein, it’s vital youtruly know your market.We’ve builtateam of 130,000 professionals to help.Theyunderstand theassurance, tax,transaction andadvisory needsofbusinessesacross140 countries worldwide. Andbecause they understand thesemarketsand beyond,theyare better placed to help you achieve your potentialnomatterwhere that potentiallies. www.ey.com/ch

Inserat Ernst&Young YearYearbookbook 2020009

Ernst &Young

ContactInformation AddressBleicherweg 21 8 0 22 Zürich Telephone No +41 58 286 31 11 Fax No +41 58 286 3 0 25 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.ey.com/ch

Company Information Key PersonsMr. Hannes Schobinger Dr. Jürg Stucker Year of Establishment NumberofEmployees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile With itsglobalteam, Ernst &Young provides expert and interdisciplinary assistance in corporate transactions. We are able to offer consistent quality support in all phasesofatransaction including DueDiligence, Valuations, Mergers &Acquisitions as well as corresponding taxand legal advice.

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ErfindungsVerwertung AG

Contact Information AddressBirsigstrasse 1 0 4 0 54 Basel Telephone No +41 61 283 84 85 Fax No +41 61 2838486 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.eva-basel.ch

CompanyInformation Key PersonsDr. Peter E. Burckhardt Dr. Fritz Wittwer Year of Establishment 1996 Number of Employees 2 FundNames Capital Under Management Number of Portfolio Companies 7 Examples of Portfolio Companies

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

ShortCompany Profile EVAthe Basel life sciences start-up agency provides coaching, aprominent network as well as seed financingtostart-up companiesinavery early phase. The focus comprises lifesciences in avery broad definition. Companies have to be established in Northwestern Switzerland. Typically the first contact takes place very early before the company is founded.

220 YearYearbookbook 2020009

ETH Zürich ETH transfer

ContactInformation Address Raemistrasse 1 0 1 8 0 92 Zürich TelephoneNo+41 44 632 61 65 Fax No +41 44 632 11 84 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Addresswww.transfer.ethz.ch

CompanyInformation Key PersonsDr. Gerd Scheller Dr. Silvio Bonaccio Year of Establishment Number of Employees 13 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile ETH Zurich is aleading global natural science andengineering university. Its technology transfer office, ETH transfer, is linking science and business and has along tradition of supporting spin- offs. The number of newly foundedspin-offs has increased significantly overthe last few years with arecordof23in2008alone. And these companies are successful; 88% of ETH Zurich spin- offs survive the first five years.

221 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Linking Scienceand Business

ETHtransfer is the dedicated technologytransfer officeatETH Zurich Inserat ETHZürich ETHtransfer is an excellentpointofentry forthe industryand investors to

> Discuss collaborations > License ETHtechnologies > Establish contacts with spin-off companies

ETHtransfer manages abroad licensing portfolio thatincludes the following fields

> Advanced materials > Diagnostics > Mechanical engineering and aerospace > Biotechnologyand pharmaceuticals > Electrical and electronics engineering > Medical devices > Chemical processes and compounds > Information and communications > Micro- and nanotechnology technology

View ourlicensing opportunities at www.transfer.ethz.ch

ETHZurich has an impressivefive-year track record

> Morethan 1200 new research agreements > Over 400 new patentapplications > Close to 70 new spin-offs

ETHZurich ETHtransfer,HGE43–49 Raemistrasse 101 8092 Zurich, Switzerland phone +4144632 23 82 [email protected] www.transfer.ethz.ch YearYearbookbook 2020009

Fabrel LotosAG

Contact Information Address Seestrasse 5 0 6 0 52 Hergiswil Telephone No +41 41 632 68 58 Fax No +4141632 68 4 0 E-mail Address for General Enquiries Format of Personal E-mailAddresses [email protected] Web Address www.fabrellotos.ch

Company Information Key PersonsMr. Marc Müller Mr. Urs Pfyffer Year of Establishment1999 NumberofEmployees FundNames Capital Under Management Number of Portfolio Companies 4 Examples of Portfolio Companies Seewer Group, Utz Group, Schades Group, Buss Group

Investment Preferences Size of Investment CHF 25-100m InvestmentStages Buyout -Buyin Industrial Sectors Manufacturing Geographical Focus Switzerland TypeofFinancing Minority Equity, Majority Equity

Short Company Profile Fabrel Lotosparticipatesonalong-term basis with equity holdings and entrepreneurial know-how in medium-sized companies with good growth prospects. As aSwiss long-term equity partner, Fabrel Lotos enables these companies to pursue their ambitious goals at the same time as retaining their independence.

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FischerInvestment Group Holding AG

Contact Information AddressSusenbergstrasse 31 8 0 44 Zürich Telephone No +41 44 266 1 0 6 0 Fax No +41 44 266 1 0 69 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.fischerinvestment.ch

CompanyInformation Key PersonsMr. Cédric B. Borer Mr. Benjamin J. Fischer Year of Establishment 1969 NumberofEmployees 8 FundNames Capital Under Management CHF 250 m Number of Portfolio Companies 7 Examples of Portfolio Companies

Investment Preferences Size of Investment CHF 0 .5-5m InvestmentStages Buyout -Buyin, PrivateEquity,Expansion- Development Capital, Turnaround -Restructuring Industrial Sectors All GeographicalFocus Austria, Germany, Switzerland, Western Europe Type of Financing Equity Financing, Majority Equity, Minority Equity, Senior Debt

ShortCompany Profile TheFischer Investment GroupHolding AG was establishedtofollow aclassicalholding strategy for shareholdings. Fischer Trust AG is thereby the management entity that offers also corporate finance and consulting services. The family-run concernsown asset management is Fischer Investment Solutions AG.

224 YearYearbookbook 2020009

G2 Group SA

ContactInformation Address1Rue Maurice 120 4Genève Telephone No +41 22 319 23 23 FaxNo E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address

CompanyInformation Key PersonsMr. Guillaume Beauverd Year of Establishment 2 008 Number of Employees 6 FundNamesG2Swiss Venture Fund Capital Under Management Number of Portfolio Companies 7 Examples of Portfolio Companies Poken, Trace Golf

Investment Preferences Size of Investment Investment Stages Start-up Capital, Seed Capital, Early-Stage Industrial Sectors Telecommunications, Other, Internet Technology, Electronics, Computer Related Geographical Focus Switzerland Type of Financing All

ShortCompany Profile

225 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn gcp gammacapital partners - TheVenturePreneurs

Contact Information AddressReisnerstrasse 4 0 /3 A-10 3 0 Wien Telephone No +43 1513 1 0 72 Fax No +43 1513 1 0 72 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.gamma-capital.com

CompanyInformation Key PersonsDr. Oliver Grabherr Mr. BurkhardFeurstein Mr. Klaus Matzka Mr. Nikolaus Spieckermann Hutter Year of Establishment 2 002 Number of Employees 1 0 FundNamesiLab24,gamma II, gamma III, GMP Capital Under Management ca. EUR 8 0 m Number of Portfolio Companies 22 Examples of Portfolio Companies Inode, FatFoogoo, Infoniqa, Identec, Fulterer, Pantec, Oridis, CNSystems, GAT, Sensix

Investment Preferences Size of Investment EUR 0 .55m Investment StagesIlab24, gamma II and gamma III: Early-Stage, Expansion -Development Capital, Seed Capital, Start-up Capital, GMP: mezzanine capital Industrial Sectors All Geographical Focus Austria, Czech Republic, Germany, Hungary, Poland, Slovakia, Slovenia, Switzerland Type of Financing Equity Financing,Minority Equity

ShortCompany Profile GCP gamma capital partnersthe VenturePreneurs is adynamicvc-player in theD-A-CH &CEE-region. GCPcurrentlyadvises three high-tech VC-funds:Vienna-basediLab24(2 000 )and gammaII(2 003) and LUX-basedgamma III SICAR (2007).All funds are backedbyleadingAustrian institutionaland private investors andinvest in tech-oriented growth firms in Austria, Germany, Switzerland and neighbouring CEE countries. The VenturePreneurial approach is active ownership and continuous advice for managinggrowth. GCP focuses on dynamic growth firms in emerging technology sectorssuch as ICT, life sciencesmedical equipment, electronics andnew materials. gmp focusesonmid-market mezzanine opportunities, investing in dynamic growth firmsinemerging technology sectors such as ICT,life sciencesand medical equipment, as well as electronics and new materials.

226 YearYearbookbook 2020009

Gilde Buy Out Partners AG

Contact Information AddressSeefeldstrasse 4 0 8 008Zürich Telephone No +41 43 268 2 0 3 0 Fax No +41 43 268 2 0 35 E-mail Address for General Enquiries Format of PersonalE-mail [email protected] Web Address www.gilde.com

CompanyInformation Key PersonsMr. Ralph Wyss Mr. Nikolai Pronk Mr. Rogier Engelsma Mr. Alexander Friedrich Year of Establishment 1982 Number of Employees7 FundNames Capital Under Management EUR 1.3bn Number of Portfolio Companies 13 Examples of Portfolio Companies Powerlines, Hofmann-Menü, Walter Services, Swets&Zeitlinger, Nedschroef, Novasep, Betafence

Investment Preferences Size of Investment Investment Stages Buyout-Buyin, Delisting Industrial Sectors All Geographical FocusAustria,Belgium, Benelux, France,Germany, Luxembourg,Netherlands, Scandinavia, Switzerland Type of Financing Equity Financing, MajorityEquity

ShortCompany Profile GildeBuy OutPartnersisone of Europesforemostmid-marketprivate equity investors, with managed funds in excess of EUR 1.3 billion. Gilde operates in the Benelux and its neighbouring economies France, Germany, Switzerland and Austria. Withoffices in The Netherlands, Switzerland and France and its multinational team, Gilde is truly entrenched in these markets and can offer local expertise coupled with European reach and execution skills. Since itsinception in 1982, Gilde has investedinover 250 companies across adiverse rangeofsectors. At EUR 6 00 million its current investment fund Gilde Buy Out Fund III is among the largest dedicated mid- market buyout investment funds in Europe.

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Global Life Science Ventures AG

Contact Information Address Postplatz 1 630 1Zug Telephone No +4141727 19 4 0 Fax No +4141727 19 45 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Addresswww.glsv-vc.com

Company Information Key PersonsMr. Peter Reinisch Year of Establishment 2 001 Number of Employees 3 FundNamesGLS I, GLSV II Capital Under Management>EUR 2 00m Number of Portfolio Companies 2 0 Examples of Portfolio Companies Cytos Biotechnology AG, Glycart Biotechnology AG, Intercell AG

Investment Preferences Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Mezzanine-Bridge Finance, Seed Capital, Start-up Capital Industrial Sectors Biotechnology, Medical -LifeSciences -Health Related Geographical Focus Australia, Central and Eastern Europe, ContinentalEurope, Europe, Germany, Israel, United States of America Type of Financing Equity Financing, MajorityEquity

ShortCompany Profile GlobalLife Science Venturesisanindependent VC fund specialising in lifesciences worldwide. Its team with offices in CH &Doffers broad international networks, collaborations with provenco- investors as well as strong industry managementand VC experience to investees in all stages.

228 YearYearbookbook 2020009

Go Beyond

Contact Information Address Technopark Zurich Technoparkstrasse 1 8 005Zürich Telephone No +41 79 777 74 57 Fax No +41 44 5753584 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.go-beyond.biz

CompanyInformation Key PersonsMs. Brigitte Baumann Mr. Balz Roth Year of Establishment 2 005started as aAngel Investing Academy; Launched ourBusiness Angel Network in 2 007 Number of Employees5 Fund Names We are aEuropean Business Angel Network with individual investors &Family Offices Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Poken, Louise Enterprise

Investment Preferences Size of Investment EUR 0 .2-5m Investment StagesSeed, start-up, growth Industrial Sectors ICT, industrial, services, for profit social entrepreneurs and for-profit socialentrepeneurs GeographicalFocus Switzerland, France, Italy, United Kingdom, Malta Type of Financing Equity

Short CompanyProfile Go BeyondLtd offers cross borderinvestment opportunities, pooling, training/coaching, due diligence and investment monitoring services. Go Beyond is increasing theawareness, accessi- bility and effectiveness of angel investing in Europe. It works with individual investors, family offices, professional groups/associations, corporations and entrepreneurs and operates in Switzerland,France, the UK and Malta. Its team is comprised of seasonedentrepreneurs/general managers who are now business angels.

229 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

InseratGoBeyond YearYearbookbook 2020009

Gut Corporate Finance

Contact Information AddressLavaterstrasse 45 8 002Zürich Telephone No +41 43 222 62 1 0 Fax No +41 43 222 62 11 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.gutcf.ch

Company Information Key PersonsDr. AlexanderGut Dr. Boris Simonovic Year of Establishment 2 007 Number of Employees 5 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Corporatefinance advisory covering thefocusingareas: M&A, Finance, Valuations, Restructuring.

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Harbert Management Corporation

Contact Information AddressBrookfield House, 44 Davies Street London W1K 5JA Telephone No +44 2 0 740 84120 Fax No +44 2 0 740 84121 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.harbert.net

CompanyInformation Key PersonsMr. Michael Larsen Ms. Seeko Kawakami-Gavina Year of Establishment 1946 NumberofEmployees Fund Names Capital Under Management USD 2.5bn Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment InvestmentStages Buyout -Buyin, Expansion -Development Capital, Mezzanine -BridgeFinance, Replacement Capital, Start-up Capital Industrial Sectors Construction-Building Products,Energy, Finance -Insurance -Real Estate, Industrial Products and Services, Manufacturing,Medical -Life Sciences - Health Related, Services, Transportation Geographical Focus United States of America, Western Europe Type of Financing Equity Financing, Mezzanine

ShortCompany Profile Whetherinreal estate, private capitalorpublic securities we are first and foremost investors in our own strategies. At Harbert we suggest no debt or equity investment to our co-investors unless Harbertcapital is also committed. That fact aloneisthe best measureofour confidence in our ability to source, close,season, and exit transactions profitably.

232 YearYearbookbook 2020009

HBM Partners AG

Contact Information AddressBundesplatz 1 6300 Zug Telephone No +41 43 888 71 71 Fax No +41 43 888 71 72 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.hbmpartners.com

CompanyInformation Key PersonsDr. Ulrich Geilinger Dr. Andreas Wicki Year of Establishment 2 001 NumberofEmployees20 Fund NamesHBM BioVentures AG, HBM BioCapital Capital Under Management CHF 1.2bn Number of Portfolio Companies>3 0 Examples of Portfolio Companies Basilea, Pharma Swiss, Esbatech

Investment Preferences Size of Investment InvestmentStages Buyout Buyin, Expansion, ProductDevelopment Industrial Sectors Biotechnology, Medical -Life Sciences -Health Related Geographical Focus United States of America, Western Europe Type of Financing Equity Financing, Loans

ShortCompany Profile HBM Partners AG is the advisor of HBM Bio Ventures AG, aSwissinvestment company investinginprivate and public biomedical companies.

233 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

Inserat Heliad AG YearYearbookbook 2020009

Heliad AG

Contact Information AddressAuf der Mauer 1 8 001Zürich Telephone No +41 44 250 75 4 0 Fax No +41 44 250 75 49 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.heliad.com

Company Information Key PersonsMr. Alexander Schwarz Mr. Ralf Flore Year of Establishment 2 007 Number of Employees5 FundNamesHeliad EquityPartners GmbH &Co. KGaA, Heliad L.P.(Delaware) Capital UnderManagement EUR 150 m Number of Portfolio Companies 13 Examples of Portfolio Companies Assona, RT Reprotechnik, Unicorn, SHB, Vanguard, CFC

Investment Preferences Size of Investment EUR 3-15m InvestmentStages Buyout -Buyin, Expansion -Development Capital, Turnaround -Restructuring Industrial Sectors All Geographical Focus Austria,Germany, Switzerland Type of Financing Equity Financing, Majority Equity, Minority Equity

ShortCompany Profile Heliad is apublicly listed investment company which invests in high growthcompanies in German-speaking countries. Heliad relies in this respect on established,owner-managed business models with sales of between EUR 1 0 million and EUR 1 00 million. Thisinvestment focus means that Heliad is positionedinthe attractive niche between venture capital andlarge- scale buyouts with afocus on asset light companies and buy&build concepts. With atotal of around 4 000 employees, the 13 companiescurrently in Heliads portfolio generate combined sales of morethan EUR 650 million. Further information aboutthe company can be found at www.heliad.com

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Helbling Corporate Finance AG

Contact Information Address Hohlstrasse614 8 0 48 Zürich Telephone No +4144743 84 44 FaxNo+41 44 743 84 1 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.helbling.ch

CompanyInformation Key PersonsDr. Jörg Müller-Ganz Year of Establishment 1993 Number of Employees 5 0 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Helbling Coporate Finance is asubsidiary of theHelbling Group, which employs over 4 00 professionals in Switzerland,Germany, USA andChina.HelblingCorporate Financeprovidesits clientswith professional consulting services in theareas Mergers &Acquisitions, Transaction Support and Turnaround Management. Our offices are located in Zürich, Lausanne, München, Stuttgart and Düsseldorf. Our affiliationtothe Corporate Finance International(CFI) network ensures aworldwide presence.

236 YearYearbookbook 2020009

Hitz&Partner Corporate FinanceAG

ContactInformation Address Lavaterstrasse 45 8 002Zürich TelephoneNo+41 43 222 62 22 Fax No +41 43 222 62 23 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.hitzpartner.ch

CompanyInformation Key PersonsMr. StephanHitz Mr. Pierre-Alain Masson Mr. René Bernhard Year of Establishment 2 003 Number of Employees5 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Hitz &Partner has ateamofprofessionals with extensive experience in Corporate Finance / M&A transactions in manyindustries and markets, who can also draw on afar-reaching global network.

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Horizon21 Private Equity

Contact Information Address Poststrasse 4 880 8Pfäffikon TelephoneNo+41 55 41522 00 FaxNo+41 55 41522 0 1 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.horizon21.com

Company Information Key PersonsMr. Peter Wolfers Dr. Beat Bühlmann Year of Establishment Number of Employees 1 00 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Horizon21isanintegrated investment manager, based in Pfaeffikon SZ, Switzerland, covering a broad range of investment topics for institutional and private investors. Horizon21 Private Equity is an experienced privateequityfund of funds manager, consisting of adedicated team of over 3 0 professionals with astrong track record in private equity investing. As of December 31, 2 008, Horizon21 had 160 employees in offices in the greater Zurich area in Switzerland, in London, Hong Kong, Bratislava and on the Cayman Islands.

238 YearYearbookbook 2020009

IMC Investment &Management Consultants AG

ContactInformation Address Seestrasse 221 8700 Küsnacht Telephone No +4144914 24 34 Fax No +41 44 914 24 35 E-mail Addressfor General Enquiries Format of PersonalE-mail Addressesinitial of [email protected] Web Address www.imcag.ch

Company Information Key PersonsMr. Markus P. Stebler Year of Establishment 1979 Number of Employees 2 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment CHF 1-10 m Investment Stages Turnaround -Restructuring, Expansion-DevelopmentCapital,Buyout -Buyin Industrial Sectors Medical -LifeSciences -Health Related, Manufacturing, IndustrialProducts andServices, Electronics,Consumer Related Geographical Focus Switzerland, Germany, Austria Type of Financing Mezzanine, Minority Equity, Equity Financing

ShortCompany Profile IMC AG wasfounded in 1979 and is aprivatelyfinanced investment advising &consulting firm. We focus on identifying investment opportunities for private equity investors as well as on advising companies with high growth potential in finding their expansion financing.

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Index Venture Management SA

ContactInformation Address 2rue de Jargonnant 120 7Genève Telephone No +41 22 737 00 00 Fax No +41 22 737 00 99 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.indexventures.com

Company Information Key PersonsMr. Pascal Jouin Year of Establishment 1992 NumberofEmployees26 Fund NamesIndex Ventures I, II, III, VI, V, Index Venture Growth I Capital Under Management EUR 2bn Number of Portfolio Companies 135 Examples of Portfolio Companies MySQL, Zend, Pharmaceutical, Skype, Betfair, Trialplay

Investment Preferences Size of Investment Investment Stages Growth: Late-stage, Mezzanine, Replacement Capital, Expansions Venture: Early-Stage, Seed Capital, Start-up Capital Industrial Sectors Biotechnology, Computer Related, Internet Technology, Medical -Life Sciences -Health Related, Telecommunications,Internet Services Geographical Focus Europe, Israel, United States of America Type of FinancingEquityFinancing

Short CompanyProfile Index Ventures is aleading pan-European venture capital fund with over EUR 2bn dedicated to investments in information technology and life science.

240 YearYearbookbook 2020009

InternationalCapital Advisors LLC

Contact Information AddressUntermüli 7 6300 Zug TelephoneNo+41 765 66 99 00 Fax No +41 860 43 233 83 68 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.ica-capital.ch

Company Information Key PersonsMr. Harald Karch Dr. Danilo Larini Year of Establishment 2 003 Number of Employees 4 FundNamesOpus Trinity SPC(CY) Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment >USD 6 00m Investment StagesReplacement Capital, Privatisation, Mezzanine - Bridge Finance, Expansion -Development Capital,Buyout -Buyin Industrial Sectors Telecommunications, Medical -LifeSciences - Health Related, Manufacturing, Industrial Products andServices, Industrial Automation, Finance -Insurance -Real Estate, Energy, Construction-Building Products, Chemical -Materials, Biotechnology Geographical Focus Ukraine, Russia, Middle East Type of Financing Senior Debt, Mezzanine, Minority Equity, Majority Equity, Equity Financing

ShortCompany Profile ICA is aSwiss investment company duly organized and existing under thelaws of Switzerland. Itsinvestment strategy focuses mainly on privateequity, real estate, direct investments in the GCC Countries &the Russian Federation. It provides later stage capital forexpansion, development, replacement, privatization, capitalbesides managing aportfolio of HF with well known HF Advisors.

241 UnseS rN� etzE � weC rk� verbindeA tintelligentes KapitalSwiss Prmitivate Equityat&Ctraktivenorporate FinanceAssUnterociation nehmen

Wir investieren in Wachstumsunternehmen und sind Partner für Growth Capital und Nachfolge- finanzierungen.

Als unternehmerischer Partner und mit der ErfahrungInserausatüberIn60visiofinanziertn en Unterneh- men tragen wiraktiv zur Weiterentwicklung und Wertsteigerung bei und unterstützen bei Expansionsvorhaben.

Wir freuen uns auf Ihre Kontakt- aufnahme: DeniseBuholzer Tel: +41 (0)41 729 01 01

IHR PARTNER FÜR WACHSTUMSKAPITAL IN EUROPA

Invision Private EquityAG, Grafenaustrasse 7, 6304 Zug, Schweiz Tel. +41 (0)41 729 01 01, Fax+41 (0)41729 01 00,[email protected],www.invision.ch YearYearbookbook 2020009

Invision PrivateEquity AG

ContactInformation AddressGrafenaustrasse 7 630 4Zug Telephone No +41 41 729 0 1 0 1 Fax No +41 41 729 0 1 00 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail [email protected] Web Address www.invision.ch

CompanyInformation Key PersonsMr. Frank Becker Mr. Martin Staub Year of Establishment 1997 NumberofEmployees15 Fund NamesInvision I-IV Capital Under Management CHF 5 00m Number of Portfolio Companies 3 0 Examples of Portfolio Companies Swiss Education Group, RSD, Shop Display, Datamars, Feintechnik

Investment Preferences Size of Investment CHF 1 0 -50 m Investment StagesBuyout -Buyin, Expansion -Development Capital Industrial Sectors All; primarily in information technology and telecommunications; medicaltechnology and health care services; innovative servicesand products. Geographical Focus Europe; primarily Austria, Germany, Switzerland Type of Financing EquityFinancing

ShortCompany Profile Invision is aleading Swiss private equity firm focusing on investmentsingrowth companies in Europe. Since 1997, Invision has invested in over 6 0 businesses, helping companiestorealise their growth potential andproducing substantialreturns to its investors andstakeholders. Invision will develop portfolio companies intoprofessionally run firms with high quality management, strong salespipeline andclear multinational potential.

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JPh Hottinguer Corporate Finance SA

Contact Information Address60 ,rue du Stand 120 4Geneva Telephone No +41 22 8 0 7 0 990 Fax No +41 22 8 0 7 0 991 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Addresswww.hottinguerjph.ch

CompanyInformation Key PersonsMr. OliverChantre Mr. Boris Meylan Year of Establishment Number of Employees 6 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Industrial Sectors All Geographical Focus Europe Type of Financing

ShortCompany Profile With officesinZurich andGeneva, ourfirm operates in Switzerland in thefield of corporate finance and mergers &acquisitions advisory services. Our company is affiliated with JPh Hottinguer Corporate Finance, Paris, formerlyknown as HR Finance, awell established investment banking firm founded almost twenty years ago. During this time, JPh Hottinguer has completed over 2 00 transactions throughout Europe totalling over EUR 2 0 billion.

244 YearYearbookbook 2020009

KPMG Ltd

Contact Information AddressBadenerstrasse 172 8 004Zürich Telephone No +41 44 249 33 2 0 /+41 44 249 28 47 Fax No +41 44 249 27 7 0 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.kpmg.ch/cf

Company Information Key PersonsMr. Patrik Kerler Mr. Adrian Bieri Year of Establishment NumberofEmployees FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile -CorporateFinance (M&A lead advisory, Debt advisory, Valuations) -TransactionServices (Financial duediligence,Strategicand commercial due diligence, Buyer and vendor due diligence) -Legal and Tax Advisory (Due diligence, Transaction structuring, Legal documentation) -Corporate Restructuring(Operational and financial restructuring,Postmerger integration) -Audit (Audit services, Fund performance audit services)

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LFPE S.A. LFPE

ContactInformation AddressRue de Rive 1 120 4Geneve Telephone No +41 22 319 79 00 Fax No +41 22 319 79 19 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address

Company Information Key PersonsMr. Marc Brugger Year of Establishment 2 006 NumberofEmployees FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Mezzanine -Bridge Finance, Buyout -Buyin Industrial Sectors Transportation,Telecommunications, Services, Manufacturing, IndustrialProducts andServices, 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, Minority Equity, Majority Equity, Equity Financing

Short CompanyProfile LFPE S.A. is an investment advisorycompanyfor aLuxemburgbased investment vehicle which targets small and midsize buy-out funds in old Europe. LFPE S.A. is hold by the French LFPI Group, Paris.

246 Yearbook 2009

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

LGT Capital Partners is aleading hedge fund and private equity fund of funds manager with over USD 17 billion in alternative assets.

Expertise Independent team of experienced professionals with 30 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.

ar Partners the YeY LGT Capital of Manager Equity Private Winner earar Partners the YeY LGT Capital of Manager nner Equity Wi Private 2009 Partners Year LGT Capital of the Manager Equity Pfaefﬁkon, New York, London, Dublin, Hong Kong, Tokyo Private www.lgtcp.com, [email protected] S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

LGT Capital Partners Ltd.

ContactInformation Address Schützenstrasse 6 880 8Pfäffikon Telephone No +41 55 415 96 00 Fax No +41 55 415 96 99 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.lgt-capital-partners.com

Company Information Key PersonsDr. Roberto Paganoni Dr. Hans Markvoort Mr. Ivan Vercoutère Mr. Maximilian Brönner Dr. Thomas Weber Mr. Tycho Sneyers Mr. Stefan Mühlemann Mr. Werner vonBaum Year of Establishment1997 Number of Employees 150 FundNames Crown Programs, Castle PrivateEquity AG, Castle AlternativeInvestAG Capital Under Management USD 17bn Number of Portfolio Companies ExamplesofPortfolio Companies

Investment Preferences Size of Investment USD 5-200m Investment Stages All Industrial Sectors All GeographicalFocus North America,Europe, Asia Type of Financing Equity Financing

ShortCompany Profile LGT CapitalPartners is aleading institutionalalternative asset and fund of funds manager, currently managing over USD 17 billion in hedge fund and private equity investmentsonaglobal basis. LGT Capital Partners team of over 150 professionals with 31 nationalities is responsible for the investment management of the Castleand Crown alternative investment programs. The firm is headquartered in Pfaeffikon SZ in Switzerland and hasaffiliatedoffices in New York, Dublin, Hong Kong, Londonand Tokyo.

248 YearYearbookbook 2020009

LN consulting Sagl

ContactInformation Address Via Lucino 3 6932 Lugano-Breganzona Telephone No +41 91 220 7 000 Fax No +41 91 980 39 25 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Addresswww.lombardnetwork.com

Company Information Key PersonsDr. Federico Foscale Ms. Carole Gonzalez Year of Establishment NumberofEmployees 4 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment InvestmentStages Buyout -Buyin, Early-Stage, Expansion - Development Capital,Mezzanine -Bridge Finance, Replacement Capital, Seed Capital, Start-up Capital, Turnaround -Restructuring Industrial Sectors All Geographical Focus Europe, Italy, Switzerland TypeofFinancingAll

ShortCompany Profile LombardNetwork is ateamofconsultants and consulting companies specialized in supporting small and medium enterprises and their entrepreneurs in Corporate Finance.

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LODH Private Equity AG

Contact Information Address Sihlstrasse20 8 0 21 Zürich Telephone No +41 44 214 13 8 0 Fax No +41 44 214 13 5 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Addresswww.lodhpe.com

CompanyInformation Key PersonsMs. Yvonne Stillhart Mr. Christopher Bödtker Mr. Mark Zünd Mr. Thomas Frei Year of Establishment 1999 Number of Employees 26 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Buyout-Buyin, Delisting, Expansion - DevelopmentCapital, Privatisation, Replacement Capital, Turnaround -Restructuring Industrial SectorsAll Geographical Focus Central and Eastern Europe, Europe, Western Europe Type of Financing Equity Financing

ShortCompany Profile LODH Private EquityLimited is one of theleading advisors to private equity investment programs investing in special themes. Located in Zurich, Switzerland its dedicatedinternationalteam combines abroad fund of funds and direct investment experience in both Western andEastern Europe.

LODH Private Equity Limited in an investment adviser registered with the US Securities and Exchange Commission and qualifiedaQPAM.

250 YearYearbookbook 2020009

LPX GmbH

Contact Information AddressBäumleingasse10 4 0 51 Basel Telephone No +41 61 2 0 660 2 0 Fax No +41 61 2 0 660 21 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.lpx.ch

Company Information Key PersonsMr. Michel Degosciu Mr. Hans Christophers Year of Establishment NumberofEmployees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Research on Listed Private Equity companies and Index Calculation.

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MMP MückManagement Partners AG

ContactInformation AddressWerkstrasse 2 880 6Bäch Telephone No +41 44 787 0 280 Fax No +41 44 787 0 281 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.mueck-partners.com

Company Information Key PersonsMr. Rainer Mück Ms. Ulrike Schellert Year of Establishment 2 007 Number of Employees 6 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Industrial Sectors All Geographical Focus Europe Type of Financing All

ShortCompany Profile We areahighly solution oriented management consultancywell-versed in developing personal andtailor-made solutionsfor ourcustomers.Our goal is to provideyou with thekey to optimize your financial and administrative activities on along-termbasis.Due to ourlong-standing involvement in international companies and consultancies we have on inside knowledge of our customers needs and canpresent you with the perfect answer to your problems. Our major business areas are structuring advisory (controlling, accounting, treasury, tax), transactions advisory (M&A) and audit /assurance advisory (risk management, internalcontrol, internal audit, quality assurance).

252 Yearbook 2009

Inserat MSM Investorenvereinigung

Business Angels Club

The Business Angels’ Club MSM Investorenvereinigungisaprivate association domiciled in Winterthur,canton Zurich. It offers an open platform for getting and exchanging knowledge and experience in investing in non quoted equity.The annual membership contribution is CHF 150.-. No compulsory amount of investment is imposed upon the members. Usually four evening meetings and one special summer event are held each year.About three companies seeking ﬁnancing present themselves at each meeting.

MSM Investorenvereinigung was created and is maintained by MSM Group AG, an interdisciplinary service ﬁrm and business center in Winterthur and Schaffhausen offering business, legal and ofﬁce expert support to Swiss and foreign clients. It has broad and long term experience in starting and growing businesses.

Information and membership: www.msmgroup.ch or [email protected]

MSM Investorenvereinigung Stadthausstrasse 12 | CH-8400 Winterthur Tel. +41 52 269 21 00 | Fax +41 52 214 14 00 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

MSM Investorenvereinigung

Contact Information Address Stadthausstrasse12 8400 Winterthur Telephone No +41 52 269 21 12 Fax No +41 52 214 14 00 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.msmgroup.ch

Company Information Key PersonsDr. Jürg Martin Year of Establishment 2 001 Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investmentusually up to CHF 1m Investment Stages All Industrial Sectors All Geographical Focus Switzerland TypeofFinancingAll

Short Company Profile MSMInvestorenvereinigung is an association (a "business angel's club") with its seat in Winterthur. Itspurpose is to inform and support itsmembers in investing in non quoted companies, particularlyinsuch who create jobs in Switzerland. The club promotes common investing by its members and third parties and offers appropriate legal tools when needed. Die MSM Investorenvereinigung ist ein Verein (ein "Business Angels Club") mit Sitz in Winterthur. Er bezweckt die Information und Unterstützung der Mitglieder bei der Anlagevon Geldern in nicht börsenkotierteGesellschaften, namentlich solche,die in der Schweiz neue Arbeitsplätze schaffen. DerVerein fördert das gemeinsame Investieren durch Vereinsmitglieder und Dritte in solche Unternehmen und stellt beiBedarf geeignete rechtlicheStrukturenzur Verfügung.

254 YearYearbookbook 2020009

Nextech Venture

ContactInformation AddressScheuchzerstrasse35 8 006Zürich Telephone No +4144366 66 11 Fax No +41 44 366 66 1 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.nextechventure.com

Company Information Key PersonsDr. Alfred Scheidegger Year of Establishment 1998 NumberofEmployees8 Fund Names Capital Under Management CHF 120 m Number of Portfolio Companies 4 Examples of Portfolio Companies Macrogenies, Telormedix, ImVisioN GmbH, The Genetics Company Inc.

InvestmentPreferences Size of Investment USD 3-10 m Investment Stages Late stage Industrial Sectors Biotechnology, Medical -Life Sciences -Health Related Geographical Focus Asia, North America, Europe Type of Financing Equity Financing

ShortCompany Profile Investing in life science, especially oncology companies, we help build up successful business ventures from innovations originatinginacademia and industry in life science. We also support the incubation process of astrong research teaminthe process of identifying amarket and developing the strategy to conquer it.

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NovartisInternational AG

ContactInformation Address Novartis Campus 4 002Basel Telephone No +41 61 324 78 96 Fax No +41 61 324 86 79 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.novartis-venturefunds.com

CompanyInformation Key PersonsDr. Reinhard J. Ambros Ms. Simone Forrer Year of Establishment Number of Employees 4 Fund NamesNOVARTIS VENTURE FUNDS CapitalUnder ManagementUSD 650 m Number of PortfolioCompanies 6 0 + Examples of Portfolio Companies

Investment Preferences Size of Investment USD 15m Investment StagesStart-upCapital, Seed Capital, Early-Stage Industrial Sectors Medical -LifeSciences -Health Related Geographical Focus United States of America, Switzerland, Europe Type of Financing Minority Equity, Equity Financing

ShortCompany Profile

256 YearYearbookbook 2020009

Oakbridge AG

ContactInformation AddressBinderstrasse 6 0 870 2Zollikon Telephone No +41 43 499 79 66 Fax No +41 43 499 79 67 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.oakbridge.ch

Company Information Key PersonsMr. FerdinandoMazzi Year of Establishment NumberofEmployees4 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Mezzanine-Bridge Finance, Start-up Capital Industrial Sectors Agriculture -Forestry -Fishing, Computer Related, Energy, Environment, Industrial Products and Services, Internet Technology Geographical Focus Austria,Germany, Italy, Switzerland Type of Financing

ShortCompany Profile Oakbridgeisanactive investor in the Private Equity sector. Oakbridge aims at supporting entrepreneurswithits skill-base, covering corporate finance, fund raising, structuring and investing in venturecapital. Oakbridge is the advisor to m2m Ltd, being responsible for finding, recommending and analysing potential investments. m2m Ltdisaninvestment company which invests in companies involved with emerging technologies andinnovative business models. The geographical focus of such investments will be Italy, France,Germany, Austria and Switzerland - broadly the area encompassing MilantoMunich ("m2m").

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OLZ &PartnersAsset and Liability Management AG

ContactInformation AddressBahnhofstrasse 18 3280 Murten Telephone No +41 26 672 30 80 Fax No +41 26 672 30 81 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.olz.ch

CompanyInformation Key PersonsMr. Markus Ochsner Dr. Roger Trunz Mr. Pius Zgraggen Mr. Carmine Orlacchio Mr. Marco Campiotti Mr. Philipp Bregy Dr. Luca Schenk Mr. Michael Frei Year of Establishment 2001 Number of Employees25 Fund NamesOLZ EfficientWorld® Equity (CHF), OLZEfficientWorld® Bond (CHF), WHITE FLEET OLZ Efficient World® Equity (CHF unhedged) Capital UnderManagement CHF 650m Number of Portfolio Companies Diversified approach Examples of Portfolio Companies

Investment Preferences Size of Investment No direct investments Investment Stages Model based Industrial Sectors Telecommunications, Medical -LifeSciences - Health Related, Manufacturing, Industrial Products and Services, Food -Beverages, Finance - Insurance -Real Estate, Environment, Energy, Consumer Related, Construction -Building Products Geographical Focus Europe Type of Financing

ShortCompany Profile CorporateFinance: advisory servicesinM&A, valuation and financial modelling as well as fund raising. Wealth management: authorized assetmanager of collective investments by the Swiss Financial Market Supervisory Authority (FINMA), authorizedasset manager by the Liechtenstein Financial Market Authority (FMA) andholderofanexempt licenseasfinancialadvisor and asset manager in Singapore. Offices in Murten, Zurich, Schaan and Singapore.

258 YearYearbookbook 2020009

Partners Group

Contact Information AddressZugerstrasse 57 6341 Baar-Zug Telephone No +41 41 768 85 85 Fax No +41 41 768 85 58 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.partnersgroup.com

CompanyInformation Key PersonsMr. Alfred Gantner Dr. Marcel Erni Mr. Urs Wietlisbach Mr. Steffen Meister Mr. Cyrill Wipfli Year of Establishment 1996 Number of Employees344 FundNamesPGSecondary 2004, PG Secondary 2006, PG Asia-Pacific 2007, PG European Mezzanine 2005, PG Global Mezzanine 2005, PG US Venture 2006, Partners Group Global Opportunities (listed on LSE), PG Direct Investments 2006, Princess (listed in Frankfurt &London) Capital Under Management CHF 24bn in PE, privatedebt, private real estate, private infrastructure, absolute return strategies and listed alternatives. Number of Portfolio Companies 3500 Examples of Portfolio Companies

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

ShortCompany Profile Partners Groupisaglobal alternative asset management firm withover CHF 24 billion in investment programsunder managementinprivateequity, private debt, private realestate, privateinfrastructure, absolute return strategies andlisted alternatives. The firm managesabroadrange of funds, structured productsand customized portfolios foraninternationalclientele. Partners Group is headquartered in Zug, Switzerlandand hasofficesinSan Francisco, NewYork,London, Guernsey, Luxembourg, Singapore, Beijing, Tokyoand Sydney.The firm employs over 340 people, is listed on the SIXSwiss Exchange (symbol: PGHN) and majority ownedbyits 38 Partners andall employees.

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PricewaterhouseCoopers

Contact Information AddressBirchstrasse 160 8 0 5 0 Zürich Telephone No +41 58 792 44 00 Fax No +41 58 792 44 1 0 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.pwc.com/ch

CompanyInformation Key PersonsMr. Adrian Keller Dr. Philipp Hofstetter Ms. Barbara Brauchli Rohrer Mr. Martin Büeler Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile PricewaterhouseCoopers provides clientswith industry-focused assurance, tax &legal and advisory services. Transaction experts focus across thedeal continuum to capture maximal value from mergers,acquisitions and capital market transactionswhile drawing on our broad range of skills for specific client needs in aflexible, fast andtailor-made manner. More than 146,000 peoplein15 0 countries across our network connect their thinking, experience and solutions to develop fresh perspectives and practical advicethat truly enhance value for clients.

260 YearYearbookbook 2020009

Private Equity Holding AG

Contact Information AddressGüterstrasse4 6300 Zug Telephone No +41 41 726 79 8 0 Fax No +41 41 726 79 81 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.peh.ch

Company Information Key PersonsDr. Hans Baumgartner Dr. Peter Derendinger Year of Establishment 1997 Number of Employees FundNames Capital Under Management Number of Portfolio Companies 16 direct investments, 54 fund investments Examples of Portfolio Companies Enanta Pharmaceuticals Inc., EpiCept Corp.

Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Western Europe, United States of America, Israel Type of Financing

ShortCompany Profile Private EquityHolding Ltd. offers institutional and private investors the opportunity to invest in a broadly diversified privateequity portfolio. The objective of Private Equity HoldingLtd. is to generate long term capitalgrowthfor itsshareholders, and to deliver consistent net asset value growth. Private Equity Holding focuses on primary fund investments, acquisition of fund interests on the secondary market and direct co-investments. The company is managed by Alpha Associates, an independent private equity fund-of-funds manager and advisor, building and managing globally diversified private equity fund portfolios for institutional and private investors.

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Redalpine Venture PartnersAG

ContactInformation AddressChasseralstrasse 1-9 4900 Langenthal Telephone No +41 62 923 52 74 Fax No +41 62 923 52 73 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.redalpine.com

Company Information Key PersonsMr. Peter Niederhauser Mr.NicolasBerg Year of Establishment 2 007 Number of Employees 4 Fund Names Redalpine Capital I Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Start-up Capital, Seed Capital, Early-Stage Industrial Sectors Communications other, Medical -LifeSciences- Health Related, Internet Technology Geographical Focus Europe Type of Financing EquityFinancing

ShortCompany Profile

262 YearYearbookbook 2020009

Regent FundManagement AG

Contact Information AddressLandstrasse76 9495 Triesen Telephone No +423 237 46 23 Fax No +423 2364621 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Addresswww.regent.li

CompanyInformation Key PersonsMr. Peter Kaiser Dr. Jorge Kluchnik Year of Establishment 2 002 Number of Employees 5 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile Set-up and administration of investment funds forthird parties.

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Remaco Merger AG

ContactInformation Address Hirzbodenweg10 3 4 0 2 0 Basel Telephone No +41 61 2 0 69966 Fax No +4161271 19 5 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.remaco.com

Company Information Key PersonsMr. Pascal Böni Mr. Fred Heinzelmann Mr. Georg Fankhauser Year of Establishment 1969 Number of Employees 55 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Expansion -Development Capital Industrial Sectors Energy Geographical Focus Type of Financing Minority Equity, Mezzanine

ShortCompany Profile

264 YearYearbookbook 2020009

Renaissance KMU Schweizerische Anlagestiftung

Contact Information Address Parc scientifique EPFL,PSE-C 1 0 15 Lausanne Telephone No +41 21 693 83 88 Fax No +41 21 693 92 3 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.renaissance-pme.ch

CompanyInformation Key PersonsMr. Jean-Luc Strohm Dr. Christian Waldvogel Year of Establishment 1997 Number of Employees 1 0 includingVinci Capital (Renaissance PME AssetManager) Fund NamesRenaissance Technologies 1 Renaissance Technologies 2 Renaissance Technologies 3 Capital Under Management CHF 150 m Number of Portfolio Companies 15 Examples of Portfolio Companies RSD, Datamars, Precimed, Endoart,Sensimed, Immatics

Investment Preferences SizeofInvestment CHF10 -30 m Investment StagesSuccessionand development capital Industrial Sectors Industrial andtech. products, Biotech, Medtech Geographical Focus Switzerland Type of Financing Equity financing

ShortCompany Profile RenaissancePME is aSwiss investment foundationcreated in 1997, financed by 44 Swiss pension funds and managing CHF 150 m. RenaissancePME is primarily focused on financing establishedSwiss-basedindustrial and technology established SMEs (typical sale levels of CHF 1 0 mtoCHF 5 0 m). Renaissance PME is exclusively managedbyVinci Capital aSwiss-based asset manager based in Lausanne with ateam composed exclusivelyofformer entrepreneurand industry executives. Renaissance PME is the perfect partner for entrepreneurs lookingfor a solution to their succession and for developing their companies.

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Saab Ventures

Contact Information AddressSaab AB 581 88 Linköping, Sweden Telephone No +46 13 187 152 Fax No E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.saabgroup.com

Company Information Key PersonsMr. Andreas Gunnarsson Year of Establishment 2 001 Number of Employees Fund Names Capital Under Management evergreen structure Number of Portfolio Companies 12 Examples of Portfolio Companies Coldcut Systems, Performit,Navaero,Opax, c3technologies, Tracab, mx composites

Investment Preferences Size of Investment EUR 1.5-2m Investment StagesStart-upCapital,Early-Stage Industrial Sectors Communications other, Telecommunications, Industrial Products andServices, Electronics, Computer Related Geographical Focus Europe Type of Financing EquityFinancing

ShortCompany Profile Saab Ventures seeksinvestments in technologies and markets with relevance to Saabs present and future business. Saab offers systems solutions, productsand services in: Civil security Defense, Aviation. Saab Ventures increases Saabs access to innovation key technologies and revenue growth by taking minority equity positions in innovative fast growing SMEs that are attracted by an early Saab partnership in search of financial, technical andmarketing support. Saab Ventures is also responsible forthe groups spin-outs, andhas since its inception2001 spun out 15 companies.

266 YearYearbookbook 2020009

Sal. Oppenheimjr. &Cie. CorporateFinance (Schweiz)AG

ContactInformation Address Löwenstrasse 3 8 0 22 Zürich TelephoneNo+41 44 21426 00 Fax No +41 44 214 26 9 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.oppenheim.ch/cf

Company Information Key PersonsMr. Leonid Baur Year of Establishment 1789 NumberofEmployees FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile We are asubsidiary of thebank Sal. Oppenheim jr. &Cie. KGaA, which was founded in 1789 and is basedinCologne, Germany. We are active in the field of corporate finance, which centres on four activities: Mergers &Acquisitions, Equity Capital Markets,Real Estate Advisory and Financial Institutions. Our extensive local knowledge is combined with theglobal expertise and the capital strength of this exclusive private and investment banking group.

267 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

Januar 2009 September 2008 August 2008 Mai2008 April2008 Veräusserung derCzewo Erwerbder Erwerb Erwerb der Siemens Wireless Veräusserung der Stabilus Full FillingService durchvon Koenig Verbindungstechnik derJostGruppedurch Modulesdurch einKonsortium Gruppe durchvon Montagu Argantis beratene Fonds (KVT) von Cinvenberatene Fonds vonT-Mobile VentureFund Private Equity beratene undvon Granville Baird Fonds beratene Fonds EUR 325Mio. Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Berater auf Verkäuferseite Berater aufKäuferseite Berater aufKäuferseite Berater aufKäuferseite Berater auf Verkäuferseite

Januar 2008 Dezember 2007 �ovember 2007 Oktober 2007 August2007

Veräusserung von Veräusserung von Veräusserung von Erwerb Erwerb der HoInsefmann-Menü anratvonGilde Sal. Oppenhede Sede imJetAviation Handling derSchenckProcessdurch SLVGruppe durch beratene Fonds an Capvis an Dnata von IndustriKapitalberatene von HgCapital beratene Fonds Doppelseite Fonds Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Sal.Oppenheim fungierte als Sal. Oppenheimfungierte als Sal. Oppenheim fungierte als Berater auf Verkäuferseite Berater auf Verkäuferseite Berater auf Verkäuferseite Berater aufKäuferseite Berater aufKäuferseite

August2007 August2007 Juni 2007 April 2007 Januar 2007

Veräusserung von Veräusserung von Veräusserung von Erwerbder Veräusserung derZarges SF-Chem HCTShaping Systems MIBAG Property +Facility CBR Holding GmbH TubescaGruppe durchTaros an CABB an Applied Materials Management an ETDE durchEQT VFonds Capital an vonGranvilleBaird beratene Fonds CHF583 Mio. Sal. Oppenheim fungierte als Sal. Oppenheimfungierte als Sal. Oppenheim fungierte als Sal. Oppenheimfungierte als Sal. Oppenheim fungiert als Berater auf Verkäuferseite Berater auf Verkäuferseite Berater auf Verkäuferseite Berater aufKäuferseite Berater aufVerkäuferseite

�ovember 2006 Oktober 2006 Oktober 2006 Juni 2006 Mai2006

Erwerbder Erwerbder Veräusserung von Veräusserung der Erwerb Etimex Group Orior Food-Gruppe EuroPlex Cinemas (Schweiz) myonic Gruppe Minimax GmbH &Co. KG durch vonAlphaberatene an Pathé an Süd Private Equity durchvon Industri Kapital Fonds undDZEquity Partner beratene Fonds

Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Sal.Oppenheim fungierte als Berater aufKäuferseite Berater aufKäuferseite Berater auf Verkäuferseite Berater auf Verkäuferseite Berater aufKäuferseite

Mai2006 April2006 März 2006 März 2006 Oktober 2005 Erwerbder VITAL Fett- Veräusserung einesAnteils Veräusserung Übernahme Erwerbvon Recycling GmbH &Co. KG an Odlo SportsGroup betapharm Arzneimittel GmbH IxeticGruppe JetAviation durchvon WarburgPincus an TowerBrook durch 3i an Dr. Reddys durch vonCognetas beratene beratene Fonds Fonds

Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Sal. Oppenheimfungierte als Sal. Oppenheim fungierte als Sal. Oppenheim fungierte als Berater aufKäuferseite Berater auf Verkäuferseite Berater auf Verkäuferseite Berater aufKäuferseite Berater aufKäuferseite

Bemerkung: Transaktioneninder Schweiz vor Dezember2005 wurdenvom ehemaligen Ernst &YoungTeamdurchgeführt, welchesnun Sal. Oppenheim jr.&Cie. Corporate Finance (Schweiz)AGbildet Yearbook 2009

Inserat Sal. Oppenheim Doppelseite

KAPITALMARKT–MERGERS&ACQUISITIONS –IMMOBILIENINVESTMENTBANKING

Führendinder Beratung vonPrivateEquity Transaktionen im deutschsprachigenRaum

MitStandorteninZürich, Frankfurtund Wien beratenwir Private EquityGesellschaften beim Erwerb undder Veräusserung vonUnternehmen.

Miteinem kompetentenund eingespieltenTeam, welchesübersehrvielKnow-how verfügt, sind wirfür Sieda. Gerneerläutern wirunsereDienstleistungenineinem persönlichen Gespräch.

LeonidBaur Managing Director

Sal. Oppenheimjr. &Cie.Corporate Finance (Schweiz)AG Löwenstrasse 38022 ZürichTelefon +41442142600 www.oppenheim.ch/cf S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

SCM Strategic CapitalManagement AG

ContactInformation AddressKasernenstrasse 77b 8 004Zürich Telephone No +41 43 499 49 49 Fax No +41 43 499 49 5 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.scmag.com

Company Information Key PersonsDr. Stefan Hepp Mr. Jean-Claude Croset Mr. Ralph Aerni Ms. Karin Russel-Wiederkehr Year of Establishment 1996 NumberofEmployees 25 Fund NamesSegregated InstitutionalClient Accounts Capital UnderManagement CHF 6.5bn Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile SCMStrategic CapitalManagementAGwas established in 1996 as one of the first European advisors/gatekeepersfocused on institutionalprivate equity, real estate and infrastructure portfolios. Services include investment strategy, asset allocation, market research, screening and due diligence of private equity and real estate funds as well as investment monitoring/controlling and reporting. SCM represents aboutUSD 6.5 billion of clients assetsfor e.g. leading pension funds and insurancecompanies and thus ranks among Europes leadingproviders of capital for private equity, real estate and infrastructure fundswith proven access to the worlds foremost managers in thoseasset classes.

270 YearYearbookbook 2020009 shaPE Capital AG

Contact Information Address Poststrasse 4 880 8Pfäffikon SZ TelephoneNo+41 55 415 28 2 0 Fax No +4155415 28 21 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.shape-capital.com

Company Information Key PersonsMr. SimonLamprecht Year of Establishment 2 001 Number of Employees 1 FundNames Capital Under Management CHF 240 m Number of Portfolio Companies 6 0 Examples of Portfolio Companies APAX Europe V-II-B, India Value fund III, The 4th Cinven Fund, Nordic Capital VI

InvestmentPreferences Size of Investment InvestmentStagesEarly-Stage,Buyout -Buyin, Expansion - Development Capital Industrial Sectors All Geographical Focus All Type of Financing Minority Equity

ShortCompany Profile shaPEisaprivateequityinvestmentcompany listed on the SWXSwiss Exchange that follows the principle of aFund of Funds.

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StartAngels Network

ContactInformation AddressZürichbergstrasse 150 8 0 44 Zürich Telephone No +41 44 820 18 88 Fax No +41 44 820 19 5 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Addresswww.startangels.ch

Company Key PersonsMr. P. Müller Mr. J. Schuster Mr. P. Pfister Mr.F.Schmidli Mr. E. Brunner YearofEstablishment 2 000 NumberofEmployees50 members FundNames Capital UnderManagement by BA Number of Portfolio Companies 3-5 investments per year Examples of Portfolio Companies Idencom, Virtamed, CovalX, Arktis Radiation, Selexis etc.

InvestmentPreferences SizeofInvestmentCHF 0 .32m Investment Stages Early stage Industrial SectorsAll sectors Geographical FocusSwitzerland Type of Financing Equity

Short CompanyProfile The business angel club "StartAngels Network" (SAN) was founded with the missiontoprovide the members with attractive investments opportunities in early stage enterprises.

The ca. 5 0 business angel members invest directly and also support the start-ups with coaching and contacts. It is almost StartAngelsNetwork is anon profit organisation (Verein) anddoesnot investitself.3-4 presentation events are organized every year. For deal flow StartAngels cooperates with CTI Invest,Venture 2 008, Venture Kicketc.

272 YearYearbookbook 2020009

Stiftung TECHNOPARK®Zürich

ContactInformation AddressTechnoparkstrasse1 8 005Zürich Telephone No +41 44 445 1 0 1 0 Fax No +41 44 445 1 001 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Addresswww.technopark.ch

CompanyInformation Key PersonsMr. HenningGrossmann Year of Establishment NumberofEmployees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile

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Swiss CapitalCorporateFinanceAG

Contact Information Address Talacker 41 8 0 39 Zürich Telephone No +4144226 52 52 FaxNo+41 44 2265253 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Addresswww.swisscap.com

CompanyInformation Key PersonsMr. Martin Menzi Mr. Kurt Rüegg Year of Establishment2008 Number of Employees8 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile M&A, Debt and Equity Advisory

274 YearYearbookbook 2020009

SwissEquityGroup

Contact Information AddressStockerstrasse 32 8 002Zürich Telephone No +41 44 520 14 6 0 FaxNo E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.swissequitygroup.com

Company Information Key PersonsMr. AbdullahBoulad Mr. Roland Eschler Year of Establishment 2 006 NumberofEmployees5 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile SwissEquity Group,headquartered in Zurich, is aglobally active consulting and investment company. Thecompany primarily advises small and medium-sized companies on their growth strategies andonthe planning and execution of their corporate actions. We also guide them on their way to international capital markets. In addition, the Swiss Equity Group assists its customers in preparing and setting up capital market communication measures before and after going public. As an independent research and analysis firm, Swiss Equity Group also has great insight into thestock markets, especiallyinGerman-speaking regions.

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Swiss Life Asset Management

Contact Information AddressGeneral-Guisan-Quai 4 0 8 0 22 Zürich Telephone No +41 43 284 31 23 Fax No +41 43 284 63 3 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.slpep.com

Company Information Key Persons Mr. Pierre Guillemin Ms. Sabine Polmann Year of Establishment NumberofEmployees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment InvestmentStages Buyout -Buyin, Expansion -Development Capital Industrial Sectors Biotechnology, Electronics, Finance -Insurance - Real Estate, Internet Technology, Medical -Life Sciences -Health Related, Telecommunications Geographical Focus Worldwide Type of Financing Equity Financing

ShortCompany Profile

276 YearYearbookbook 2020009

TAT CapitalPartnersAG

Contact Information AddressVorderi Boede 3 5452 Oberrohrdorf TelephoneNo+41 56 485 89 89 Fax No +41 56 485 89 85 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.tatcapital.com

Company Information Key PersonsDr. Thomas Egolf Mr. RolfHaegler Year of Establishment 1997 Number of Employees 3 FundNamesTAT Investments I&IILP Capital Under ManagementEUR 45m Number of Portfolio Companies 15 Examples of Portfolio Companies Colibrys Ltd., Xemics Ltd., Nextek Inc.

InvestmentPreferences Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Start-up Capital Industrial Sectors Electronics, Medical -LifeSciences -Health Related, Telecommunications, Communications other Geographical Focus Israel, Western Europe Type of FinancingEquity Financing

ShortCompany Profile

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TCO Transition CompanyAG

Contact Information AddressBahnhofstrasse 16 6300 Zug Telephone No +41 41 726 77 2 0 Fax No +41 41 720 47 88 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.tco.ch

Company Information Key PersonsMr. Thomas Burkard Dr. René C. Schum Year of Establishment 1999 Number of Employees 1 0 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile TCOLtd. is an independent advisor in all aspects of mergers &acquisitionsand corporate finance. Withour broad international client range,wehave collected atrack record in medium to large scale transactionssuch as divestitures, acquisitions, mergers, MBOs, fit for divestiture as well as post merger integration. Our services also include corporate finance advisorysuch as enterprise andproject valuation, investment analysis and financial planning, IPO and tender offer coaching, fairness opinions and feasibility studies.Furthermore, we are advising in the area of managementexcellence (strategy, processes, restructuring, etc.).

278 YearYearbookbook 2020009

Terra Nex Group c/o TerraNex FinancialEngineering Ltd.

Contact Information AddressDammstrasse 19 6300 Zug Telephone No +4179639 56 89 Fax No E-mail Address for GeneralEnquiries Format of Personal E-mail [email protected] Web Addresswww.terra-nex.com

Company Information Key PersonsMr. Günther Heinkel Year of Establishment 2 006 Number of Employees 2 Fund NamesBarclays Opus Private Equity Gulf Certificate Capital Under Management USD 1bn Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment InvestmentStages Early-Stage Industrial Sectors Telecommunications, Industrial Products and Services, Industrial Automation,Finance - Insurance -Real Estate, Environment, Energy, Consumer Related, Construction -Building Products, Chemical -Materials Geographical Focus Middle East Type of Financing All

ShortCompany Profile TheTerra Nex Group acts as fund advisor and consults institutions and ultra high net individuals in the field of wealthstructuring, real estate and private equity investments.With the assistance and in-dept expertise of our Middle East team of Terra Nex Fund Advisors WLL (Bahrain) we can effectivelyserve our affiliate companies and clients in the GulfRegion, Europe, America and Asia on their localand cross-board product and transactions needs. Our principals and Fund Advisory Team Members have long collective track record and proven methodology for identifying and assembling high qualityassets and excellent structured products in bothpublic and private markets to create significant and relatively low-risk returns fortheir investors and operating partners.

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The Corporate Finance Group

Contact Information AddressBeethovenstrasse11 8 0 27 Zürich Telephone No +41 44 287 22 55 Fax No +41 44 287 22 56 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.tcfg.ch

CompanyInformation Key PersonsMr. BeatUnternährer Mr. Peter Bohnenblust Mr. Rudolf Lanz Year of Establishment 2 000 Number of Employees17 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile TCFGwas formed by 5exPartners of Ernst &Young with many years of experience in M&A / Corporate Finance.

280 We make Yearbook 2009 transactions happen

hat

kaufte eine 78%-Beteiligung an wurde verkauft an eine Inserat The corporate Finance Group durch Sacheinlage eingebracht in Private CHF 477 Mio. Investorengruppe

Beraterin der Verkäuferin Beraterin der Verkäufer Beraterin der Verkäuferin

(GB) LTD. hat einen langjährigen Liefervertrag wurde verkauft an abgeschlossen mit erwarb eine Mehrheitsbeteiligung an

Docalogic Inﬂow Sàrl

Beraterin der Verkäufer Beraterin von Rätia Energie Beraterin der Verkäufer

verkaufte ihreBeteiligung

wurde verkauft an wurde verkauft an

an Galenica

Beraterin der Verkäuferin Beraterin der Verkäufer Beraterin des Verkäufers

Bern –Zürich –Genf www.tcfg.ch S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

The Riverside Company

Contact Information AddressAlter Hof 5 D-80 331 München Telephone No +49892 422 48 9 0 Fax No +49892 422 48 99 E-mail Address for General Enquiries Format of Personal E-mailAddresses WebAddress www.riversideeurope.com

CompanyInformation Key PersonsMr. Kai Köppen Mr. Volker Schmidt Mr. Dominik Heer Mr. Ivica Turza Year of Establishment 1988 Number of Employees 4 0 Fund NamesRiverside Europe Fund (REF) Capital Under Management EUR 2.1bn Number of Portfolio Companies 14 Examples of Portfolio Companies Sigg Switzerland, EM Test AG, Teufel Lautsprecher, SAGE Holding, AIS Group

Investment Preferences Size of InvestmentCHF 25-150 m(Entreprise Value) InvestmentStages Expansion -Development Capital, Buyout -Buyin Industrial Sectors All GeographicalFocus Continental Europe, Central and Eastern Europe Type of Financing Majority Equity

ShortCompany Profile Riversideist eine ausschliesslich aufden Erwerb von KMU spezialisiertePrivate Equity Gesellschaft.Riverside konzentriert sich branchenübergreifend auf den Erwerb von profitablen Unternehmen, die in ihrerNische eineführende Stellung einnehmen. Als aktiver Finanzinvestor ermöglicht Riverside die Wachstumsentwicklungdurch Internationalisierung und Markterweiterung auf der Absatz- undBeschaffungsseite.

282 Yearbook 2009

Inserat TheRiverside Company

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Tosa Holding AG Kägi Söhne AG Roland Murten AG

has been sold have been sold to Cansimag France SA to to

Exclusive financial advisor Exclusive financial advisor Exclusive financial advisor

Hyos Invest Holding and Christophe R. Gautier Schleuniger Holding AG

Inserhave soldatastakeUBSin AG has been sold has been sold to to

to and

APA-Austria Presse Schweizerische FFP and Rainer-MarcFrey Agentur rGenmbH Depeschenagentur AG Metall Zug AG

Exclusive financial advisor Exclusive financial advisor Exclusive financial advisor

The carved out business ”Property Management for Third Parties” of

Novitronic AG

has been sold to has been sold to has been sold to

Endrich Bauelemente Vertriebs GmbH

Exclusive financial advisor Exclusive financial advisor Exclusive financial advisor

Ihr Partner für Nachfolgeregelungen, Unternehmensverkäufe, Akquisitionen und Beteiligungsfinanzierungen.

UBS Mergers &Acquisitions Rudolf Ebnöther Tel. +41-44-2374738

www.ubs.com

UBS AG

Contact Information AddressStructuredFinance (DINO-298) 8 0 98 Zürich Telephone No +41 44 237 21 0 1(Structured Finance) +41 44 237 47 38 (M&ASwitzerland) +41 44 237 2 0 3 0 (Real Estate Advisory) Fax No +41 44 237 21 21 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.ubs.com

Company Information Key PersonsMr. Roland Scherrer (Structured Finance) Mr. Rudolf Ebnöther (M&A Switzerland) Mr. Oliver Hofmann (Real Estate Advisory) Year of Establishment NumberofEmployees Capital UnderManagement

Investment Preferences Size of Investment Investment Stages Industrial Sectors All Geographical Focus Switzerland Type of Financing Senior Debt, Mezzanine Debt

ShortCompany Profile StructuredFinance: Management Buyout Buyin Financing, Acquisition Financing, Expansion Capital, Corporate Releveraging,Bridge Financing, Mezzanine Financing.

M&A Switzerland: Mergers &Acquisitions Lead Adivsory (sell-side, buy-side), Spin-offs, MBO's, SuccessionPlanning Solutions, Private Placements.

Real Estate Advisory: Real Estate Mergers &Acquisitions, Investment-/Portfolio Advisory, Real Estate Corporate Finance Advisory (i.e. Sale &Rentbacks, Spin-offs, Restructurings, Asset Swaps).

285 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

UBS Global Asset Management AG

Contact Information AddressGessnerallee3-5 8 0 98 Zürich Telephone No +41 44 234 33 54 Fax No +41 44 235 55 9 0 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.ubs.com

Company Information Key PersonsDr. Ulrich Keller Year of EstablishmentMr. Iwan Heiz NumberofEmployees15 Fund Names Capital Under Management CHF 2.1bn Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Industrial Sectors All Geographical Focus Europe, North America Type of Financing

ShortCompany Profile Investments into private equity and VentureCapital partnerships and fund-of-funds.

286 YearYearbookbook 2020009

Unigestion

Contact Information Address8c, Av. de Champel 1211 Genève 12 Telephone No +41 22 7 0 44231 Fax No +41 22 7 0 44250 E-mail Address for General Enquiries [email protected] Format of Personal E-mailAddressesinitial of [email protected] Web Address www.unigestion.com

Company Information Key PersonsDr. Hanspeter Bader Mr. Christophe de Dardel Year of Establishment 1971 Number of Employees 150 FundNamesUnicapital Investments I, II, III, IV, Vand tailored mandates Capital Under Management EUR 6.8bn Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages All Industrial Sectors All Geographical Focus All Type of Financing Fund of Funds

ShortCompany Profile Unigestion is aprivately owned asset management company managing assets for institutional clients(85%)and high networth families (15%). The company focuses exclusively on the managementofinnovative, highly active strategies spanning the private and public capital markets, and seeks to deliver consistently superior risk-adjusted returns within the contextof each clients long-term asset allocation. Unigestions investment platform offers four distinct means of generating superior risk-adjusted returns: Minimum Variance Equities (quantitative equity products), Hedge Fund of Funds, Private Equity Fund of Funds, andMulti-assets and asset allocation. Unigestion was created in 1971 and is 81%-owned by its management, which ensures itsindependence. Unigestionisalignedwith its clients with more than EUR 1 00 million equity invested within its own products. The company is basedinGeneva with offices in London, New York, Paris, Singapore and Guernsey.

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VenGrow Corporate Finance AG

Contact Information AddressBahnhofstrasse13 880 8Pfäffikon Telephone No +41 58 2 0 6 0 850 Fax No +415820 6 0 899 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.vengrow.com

Company Information Key PersonsMr. Andreas Bünter Mr. Hans-Peter Vogt Year of Establishment 2 004 Number of Employees 8 FundNamesVenGrow Private Equity Fonds, Ven Grow Business Kapital Ltd. Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment InvestmentStages Buyout -Buyin, Expansion -Development Capital Industrial Sectors Industrial Products and Services, Manufacturing, Services Geographical Focus Germany, Switzerland Type of Financing Equity Financing

ShortCompany Profile Equity forMBO/MBI out of business successions,focus on mid- and small caps in Switzerland, Germany.

288 VENTIZZ Private EquityAG Vadianstrasse 59 9000 St Gallen Yearbook 2009

Tel.: +41. 71. 226. 88. 00 Fax: +41. 71. 226. 88. 01 E-Mail: [email protected]

Wir ﬁnanzieren und beschleunigen Wachstum in IndenseratBereicVentizzhenPrivateEquity AG

• Erneuerbare Energien • Wertschöpfungsintensive Fertigungsindustrien • Informations- und Kommunikationstechnologie • Medizintechnik

Ausgewählte Wachstumsﬁnanzierungen durch VENTIZZ:

AEM Technologies Holding AG S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

VENTIZZ PrivateEquity AG

Contact Information AddressVadianstrasse 59 9 000 St.Gallen Telephone No +41 71 226 88 00 Fax No +41 71 226 88 0 1 E-mail Addressfor GeneralEnquiries [email protected] FormatofPersonal E-mail Addressesinitial of [email protected] Web Address www.ventizz.com

Company Information Key PersonsDr. Helmut Vorndran Mr. Reinhard Löchner Mr. WilliMannheims Year of Establishment 2 000 Number of Employees 12 Fund NamesVentizz Capital Fund I-IV Capital Under Management EUR 675m Number of Portfolio Companies 15 Examples of Portfolio Companies Zett Optics, ersol Thin Film, SSP Technology, AEM Technologies, CardFactory, Qsil, Medos

Investment Preferences Size of Investment EUR 1 0 -100m InvestmentStages Buyout -Buyin, Delisting, Expansion - Development Capital Industrial Sectors Chemical -Materials, Computer Related, Electronics, Energy, Cleantech,Environment, Industrial Automation, Industrial Products and Services, Manufacturing,Medical -Life Sciences - Health Related, Telecommunications GeographicalFocus Germany, Switzerland, Austria Type of Financing Equity Financing

ShortCompany Profile VentizzCapital Partners wasformed in 2 000 and has officesinSt. Gallenand Düsseldorf. The company exclusively advises privateequity funds that invest in buy-outtransactions and highgrowth opportunities in small and medium-sized high-tech companies in thegerman-speaking region. Ventizz has threepartners: Dr. Helmut Vorndran, Reinhard Löchner and Willi Mannheims. Togetherwith ateam of twelve professionalstheycurrently advise four funds with capital totalling EUR 675 million. To date, Ventizz hasinvested in 31 companies focusingonrenewable energy, medical technology, information and communication technology and on other branches of industry offering high value-added. In addition to alarge number of trade sales, Ventizz has successfully placed threeofits participating interests (Ersol,SAF, PV Crystalox Solar) on stock.

290 YearYearbookbook 2020009

Venture PartnersAG

ContactInformation AddressBodmerstrasse 7 8 0 27 Zürich Telephone No +41 44 2 0 650 8 0 Fax No +41 44 2 0 650 9 0 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.venturepartners.ch

CompanyInformation Key PersonsDr. Massimo S. Lattmann Mr. Hans vanden Berg Year of Establishment1997 Number of Employees5 Fund NamesVPAG Capital Under Management Number of Portfolio Companies 7 Examples of Portfolio Companies EasyOne AG, Anaqua Ltd., Rainbow Photonics, Junisphere Systems

Investment Preferences Size of Investment Investment Stages Seed Capital, Start-up Capital Industrial Sectors Internet Technology, Communicationsother, Environment, Industrial Automation Geographical Focus Switzerland, Western Europe Type of Financing Equity Financing

ShortCompany Profile Venture Investment Management.

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VI Partners AG

Contact Information AddressBaarerstrasse 86 630 2Zug Telephone No +41 41 729 00 00 FaxNo+41 41 729 00 0 1 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Addresswww.vipartners.ch

Company Information Key PersonsMr. Alain Nicod Mr. Arnd Kaltofen Year of Establishment 2 001 Number of Employees 6 FundNamesVenture Incubator AG Capital UnderManagement EUR 64m Number of Portfolio Companies 21 Examples of Portfolio Companies Kuros Biosurgery Holding AG, Neocutis SA, NovaShunt AG, Sonic Emotion AG

Investment Preferences Size of Investment Investment Stages Industrial Sectors Biotechnology, Computer Related, Industrial Automation, Internet Technology, Medical -Life Sciences -Health Related Geographical Focus Switzerland Type of Financing Equity Financing

ShortCompany Profile VentureIncubator is aSwiss venture capital firm that supports university spin-offs as well as other promising start-up companies with capital, coaching, consulting andnetworks. We invest Smart Money to develop promising technology-based ideas for products and services into successful businesses. Venture Incubator started operationsin2001and manages an investment fund of CHF 1 0 1million. Our investors represent 1 0 blue-chip enterprises from industry and finance. In addition we have strategic partnerships with McKinsey &Company and the Swiss Federal Institute of Technology in Zürich (ETHZ).

292 YearYearbookbook 2020009

Warburg Alternative Investments AG

Contact Information Address Boersenstrasse 26 8 001Zürich Telephone No +414420 59444 Fax No +41 44 2 0 59449 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.warburg-ai.com

CompanyInformation Key PersonsMr. Andreas Hoefner Mr. Siegmar Thakur-Weigold Year of Establishment NumberofEmployees FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Switzerland, Germany, Austria Type of Financing

ShortCompany Profile

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Wenger &Vieli Rechtsanwälte

Contact Information AddressDufourstrasse56 8 008Zürich Telephone No +41 44 563 33 33 Fax No +41 44 563 33 66 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.wengerlaw.ch

Company Information Key PersonsDr. Christian Wenger Dr. Wolfgang Zürcher Year of Establishment NumberofEmployees90 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile We are awell established Swiss lawfirm with offices in Zurich and Zug. The particular strength of the firm is itsexpertise in corporate law, transactions and financial services. In the field of private equity we support on the one side investment funds with focus buyout, venture or distressed private equity, on the other side companies and managementteams.

294 Yearbook 2009

Inserat Wenger &Vieli Rechtsanwälte

wwwwww..wwenengegerlrlawaw.c.ch

TeTell++4141 44 556363 33333333 FaFax+x+4141 4444 563563 33336666 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

ZETRAInternational AG

ContactInformation Address Gottfried Keller-Strasse 5 8 001Zürich Telephone No +41 44 755 59 99 Fax No +41 44 755 59 00 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.zetra-international.com

Company Information Key PersonsMr. FrédéricdeBoer Dr. Ralf Hermann Year of Establishment 2 001 Number of Employees 15 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

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

ShortCompany Profile ZETRAInternational is aZurich based, established and independent advisory company for Mergers&Acquisitions, Restructuringand Succession Planning. We are the Swiss Partner and shareholder of Global M&A, widely recognized as the worlds leading partnership of independent mergers &acquisitions /corporatefinance housesfor medium sized transactions with offices worldwide. ZETRA International professionals alignawide background of complementary professional expertise and skills (M&A, succession planning, corporate finance, turn around execution and complex corporate restructurings, board memberships as well as strategy and business advisory). Theteam of ZETRA International has accumulated astrong track record (M&A, Restructuringand Succession Planning) of valuecreation for clients.

296 YearYearbookbook 2020009

Zürcher Kantonalbank

ContactInformation AddressCorporate Finance 8 0 1 0 Zürich TelephoneNo+41 44 292 31 1 0 Fax No +41 44 292 39 67 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.zkb.ch

CompanyInformation Key PersonsMr. Ronald Kundert Mr. Stefan Marthaler Mrs. ErikaPuyal-Heusser Year of Establishment1996 Number of Employees15 FundNames Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies

Investment Preferences Size of Investment Open,

ShortCompany Profile CorporateFinance bietet in drei Teams Startfinanzierungen, Übernahme- und Expansionsfinanzierungen, Nachfolgeberatung und Unternehmensvermittlung das ganze Spektrum von Beratungs- und Finanzdienstleistungen.

297 S � E � C � A ViSwiss Priveleate Equity &Corporate FinancredeneAssociation von

InvestitionenInserat Zürcher Kantonalbank in die Zukunft. Die ZKB macht’s.

Zukunft hat nur,wer in der Gegenwartetwas wagt. Pionierunternehmen mit einem durchdachten Businessplan unterstützen wir darum gerne. Denn nur so lassen sich neue Ideen in der Wirt- schaft realisieren.

www.zkb.ch/corporateﬁnance YearYearbookbook 2020009

Zurmont Madison Management AG

ContactInformation AddressEisengasse 15 8 0 34 Zürich Telephone No +41 44 2675000 Fax No +41 44 267 5 001 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.zurmontmadison.ch

Company Information Key PersonsMr. Werner Rudolf Schnorf Mr. Guido Patroncini Year of Establishment 2 006 Number of Employees 7 FundNamesZurmont Madison Private Equity L.P. Capital Under Management CHF 250 m Number of Portfolio Companies 2 Examples of Portfolio Companies Röder AG,SMB SA

Investment Preferences Size of Investment CHF 5 0 -25 0 m InvestmentStages Buyout -Buyin Industrial Sectors Industrial Products and Services GeographicalFocus Switzerland, Germany, Austria Type of Financing

ShortCompany Profile Zurmont Madison Management AG was founded in 2 006based on the initiative of Zurmont ManagementAGand Madison Management AG, both private equity companies based in Zurich and active since 1986 and2001respectively. Zurmont Madison is managing anew fund, Zurmont Madison Private Equity L.P., which is focused exclusively on controlling investments in the context of successionsolutionsand management buyoutsorbuyins of established mid-size, industrial andconsumer goods companies in Switzerland, Germany and Austria. Afirst closing of the new fund has been achieved and the target fund size is CHF 250 million.

299

S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Associate Members S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

AAA -Corporate Finance Advisers AG

Contact Information Address Industriestrasse54 8152 Glattbrugg Telephone No +41 44 8296280 FaxNo +4144829 62 73 E-mail Addressfor General Enquiries Format of PersonalE-mail [email protected] Web Address www.aaa-cfa.com

CompanyInformation KeyPerson Mr. Silvio Campestrini Year of Establishment 2003 NumberofEmployees 5

ShortCompany Profile Mergers &Acquisitions, Due Diligence, Corporate Finance, arranging finances also for properties.

ABT Treuhandgesellschaft Andreas Baumann &Co.

Contact Information AddressZürichstrasse 27b 8134 Adliswil Telephone No +41 44 711 9090 FaxNo +41 711 9099 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Addresswww.abt.ch

Company Information KeyPerson Mr. AndreasBaumann Year of Establishment 1980 Number of Employees Schweiz35 /Ungarn 30

Short Company Profile Die ABTTreuhand-Gruppe (ABT Treuhandgesellschaft,ABT Revisionsgesellschaft AG, ABT Finanzgesellschaft AG) ist eine mittelgrosse,international tätige Unternehmung mit Niederlassungen in Adliswil, Cham und in Ungarn (Budapest und Eger) sowie Mitglied des weltweit vertretenen Netzwerkes NEXIA International. UnsereDienstleistungen umfassen nationale undinternationale Steuer-, Rechts- und Finanzberatung, Wirtschaftprüfungen und Wirtschaftsberatung. Sämtliche TätigkeitenimZusammenhang mit Buchführung, Controlling und Rechnungswesen sowie Unternehmensbewertungen und betriebswirtschaftlicheBeratung gehören ebenfalls zuunseren Fachgebieten. Die Schweizer KMU-Lösungfür Nachfolge-, Fortsetzungs- und Wachstumsfinanzierung bietet die von uns gegründete ABTell Wertschöpfungs AG mit Sitzin Cham.

302 YearYearbookbook 2020009

Alternative Capital Management AG

ContactInformation AddressDreikönigstrasse 45 8002Zürich TelephoneNo+41 44 787 33 33 FaxNo +41 44 787 33 30 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.acmanagement.ch

CompanyInformation KeyPerson Mr. David Guggenheim Year of Establishment2005 Number of Employees12

Short Company Profile

Alternative Capital Partners AG

Contact Information AddressStockerstrasse 50 8002Zürich Telephone No +41 44 787 88 66 FaxNo E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.alternativecapital.ch

CompanyInformation KeyPerson Mr. Christian Walliker Year of Establishment 2003 NumberofEmployees 6

ShortCompany Profile Independentplacement agencyand advisors based in Zurich with astrong networkin Switzerland, Germany,Austria, France and UK. Raising PrivateEquityfordirect investments. We haveamultilingual team with astrong backgroundinfinancial expertise.

303 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

AON Jauch &Hübener GmbH

ContactInformation AddressMergers &Acquisitions Group (Germany) 60494 Frankfurt (Main) Telephone No +49 69 29 727 6130 FaxNo +49 69 29 727 6399 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Addresswww.aon.com

CompanyInformation KeyPerson Mr. ThomasHolle Year of Establishment Number of Employees

Short Company Profile Insurance consultants, risk management.

ArquesCorporate Revitalization AG

Contact Information AddressGrabenstrasse 25 6340Baar Telephone No +41 44 266 51 51 FaxNo +41 44 266 51 50 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.arques.ch

Company Information KeyPerson Mr. Daniel Pedrett Year of Establishment 2007 Number of Employees5

Short CompanyProfile

304 YearYearbookbook 2020009

Baker &McKenzie

ContactInformation AddressZollikerstrasse225 8038 Zürich Telephone No +41 44 384 14 14 FaxNo +41 44 384 12 84 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.bakernet.com

CompanyInformation KeyPerson Mr. Martin Frey Dr.Urs Schenker Year of Establishment 1994 Number of Employees 140

Short Company Profile With officesinZurich andGeneva, Baker &McKenzie is one of the largest lawfirms in Switzerland. Our team of more than 80lawyers provides afull range of legal servicesinthe Private Equityand M&A area.

W e m a k e c ompl e x Inserat iBasskeu r&Me s cKs enzii mpe l e

P r i m a r y c ont a c t f or pri v a t eeq u i ty Y o u n eed P E a d v i sors w h o u n derst a n d more t h a n l e g a l r e q u i r e m e n t s a n d i n v e s t m e n t opt i ons. a n d r e l a t ed t r a nsa c t i ons: T h e y n eed t o a ppr eci a t e t h edi v e rse i n t e r e s t sof t h e p a r t i e s , t h edy n a m i c sof t h e i n v e s t m e n t life c y c l e a n d o t h e r i n t a n gib l e sof v a l u ecr e a t i on. T h e y a l so n eed t op q u a lity pro j ect m a n a g e m e n t Z u r i c h s kills a n d t h e a b ility t o i n t e g r a t ecross- b order t e a ms. A t B a k e r & M c K e n z i e Z u r i c h , w e m a k e M a r t i n F r e y a n d D r. U rs S c h e n k e r c omp l e x i ssu e ssi mpl e a n dde liv e rse r v i ce t h a t i spr a g m a t i c a n d m a t c h e s b u s i n e ss n eed . Z o llike rst r a sse 225 , 8 034 Z ü r i c h , T e l .+4 1 44 3 84 1 4 1 4 , I t ’s a v a l u e o u r c lie n t sno t i ce a n d a ppreci a t e . m a r t i n.f r e y @ba k e rne t . c om I npa r t i c u l a r , w eca nprov i de y o uwi t hle g a l a n d t a x a d v i ce w i t h r e g a r d t o t h e f o llo w i n g G e n e v a P E t r a nsa c t i ons: M a r t i n A n derson a n d D e n i s B e r d o z • A c q u i s i t i ons a n d D i v e s t i tur e s R u e P edro- M e y l a n 5 , 1 208 G e n e v a , • M a n a g e m e n t B uy- o uts T e l : + 4 1 22 707 9 8 00, • A c q u i s i t i on F i n a n ce m a r t i n.a n derson@ba k e rne t . c om • F i n a n c i a l R e s t r u c tur i n g s a n d R e org a n i s a t i ons • M e r g e rs a n d D e m e r g e rs • I PO’s a n d T a k e o v e r B i d s

W a n tto k now more ? C ont a c tus. www. b a k e rne t . c om/ pri v a t eeq u i ty

305 S •� E •� CC •� AA SSwwiissss PPrivrivaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoocciiatiatioonn

Banca dello Statodel Cantone Ticino

ContactInformation AddressViale H. Guisan 5 6501Bellinzona Telephone No +41 91 8037111 FaxNo +41 91 8037170 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Addresswww.bsct.ch

Company Information KeyPerson Dr. Curzio De Gottardi Year of Establishment Number of Employees

Short CompanyProfile Universalbank.

Baumgartner MächlerRechtsanwälte

ContactInformation AddressSihlporte 3/Talstrasse 8022 Zürich Telephone No +41 44 215 44 77 FaxNo +41 44 215 44 79 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.bmlaw.ch

Company Information KeyPerson Dr. Dirk Hartmann Year of Establishment 1999 Number of Employees 20

ShortCompany Profile BaumgartnerMächler is alawfirmlocated in central Zurich which specialises in national and international legal matters. We advise and represent individuals as well.

306 YearYearbookbook 2020009

Bax Capital Advisors AG

Contact Information AddressLindenstrasse 41 8008Zürich Telephone No +41 43 268 49 52 FaxNo +41 43 268 49 54 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.baxcapital.com

Company Information KeyPerson Mr. AlexanderPfeifer Year of Establishment Number of Employees

Short Company Profile BaxCapitalisaSwissprivate equityfirm providingcapital andmanagement support to mediumsized companies in "Special Situations".

Beck Group Ventures

Contact Information Address2nd Floor, BerkeleySquare House GB-London W1J 6BD TelephoneNo+44 (0)207887 1591 FaxNo +44 (0)207887 1571 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of forename.surname@the-beck- group.com Web Addresswww.the-beck-group.com

CompanyInformation KeyPerson Ms. Madeleine Beck-Wagner Year of Establishment NumberofEmployees

ShortCompany Profile Independent placement advisors based in London with astrong networkinthe UK and Continental Europe. Raising privateequityfor funds and fundoffunds of between EUR 100-500 million, EUR 5-50million for direct investments. We haveamultilingual team with strong industry and finance background and expertise.

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BHP Bruppacher Hug &Partner, AttorneysatLaw

ContactInformation AddressZollikerstrasse58 8702Zollikon Telephone No +41 44 396 31 31 FaxNo +41 44 396 31 32 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.bhp.ch

Company Information KeyPerson Dr. C. Mark Bruppacher YearofEstablishment 1993 NumberofEmployees

Short Company Profile Companyand Financial law.

Binder Corporate Finance AG

Contact Information AddressSpitalgasse32Tödistrasse46 3001Bern 8002Zürich Telephone No +41 31 326 18 18 +41 44 268 45 35 FaxNo +41 31 326 18 19 +41 44 268 45 36 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.binder.ch

Company Information KeyPerson Dr. PeterBinder Mr.Konrad Althaus Dr. Roberto Tracia Year of Establishment 1995 Number of Employees 10

Short Company Profile Mergers &Acquisitions, Corporate Finance, Management Coaching.

308 YearYearbookbook 2020009

Blum&Grob Attorneys at Law Ltd

Contact Information AddressNeumühlequai 6 8021 Zürich Telephone No +41 58 3200000 FaxNo +41 58 3200001 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] WebAddresswww.blumgrob.ch

CompanyInformation KeyPerson Mr. Ralf Rosenow Year of Establishment2001 Number of Employees12

Short Company Profile Legal and taxadvise in M&A-, MBO-, Start-up- restructuring and similar trasactions, IPOs and subsequentrights issues.

Borel&Barbey

Contact Information Addressrue de Jargonnant 2 1211 Genève6 Telephone No +41 22 7071800 FaxNo +41 22 7071811 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.borel-barbey.ch

Company Information KeyPerson Mr. Nicolas Killen Year of Establishment 1907 NumberofEmployees75

ShortCompany Profile TheFirmwas establishedin1907inGeneva. It provides advice notablyin banking andfinance law,corporate law,mergers &acquisitions as well as taxlawsindomestic and cross-border transactions. It advises private equityfunds and promoters.

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Boyden global executive search

ContactInformation AddressBleicherweg 66 8027 Zürich Telephone No +41 43 344 4090 FaxNo +41 43 344 4099 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.boyden.ch

CompanyInformation KeyPerson Mr. MarkusBrunner YearofEstablishment 1946 Number of Employees 7

Short Company Profile Boydenisaglobal leaderinthe executivesearch industrywith more than 80offices in more than 40countries. Founded in 1946 Boydenspecializes in high level executivesearch, human capital consulting andinterim Management across abroad spectrum of industries.

Burson-Marsteller

ContactInformation AddressGrubenstrasse 40 8045 Zürich Telephone No +41 44 455 84 00 FaxNo +41 44 455 84 01 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.b-m.ch

CompanyInformation KeyPerson Mr. MartinHofer Year of Establishment 1971 Number of Employees 60

Short Company Profile Burson-Marsteller is oneofSwitzerland`s leading public relations and communications Consulting companies, investor relations being oneofthe carecompetences.

310 YearYearbookbook 2020009

Capvent AG

Contact Information AddressDufourstrasse24 8008Zürich Telephone No +41 43 500 5070 FaxNo +41 43 500 5079 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.capvent.com

CompanyInformation KeyPerson Mr. Tom Clausen Year of Establishment 2000 Number of Employees 15

ShortCompany Profile CapventisanexclusivePrivate EquityFund of Fund.Separate accountManager investing globallyacross all sub asset classes. We haveoffices in Zurich, London and India.

CareyAG

Contact Information Address Alderstrasse 49 8034 Zürich Telephone No +4143499 11 44 FaxNo +4143499 11 55 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.careygroup.ch

Company Information KeyPerson Mr. Urs Specker Year of Establishment 2003 NumberofEmployees 5

Short Company Profile As partofthe CareyGroupand in cooperation with CareyOlsen lawoffice in Guernsey,Carey AG offers project management, advisory,incorporation and administration services with a particular focus on cross-border transactionsfor both private and institutional clients.

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CEPAX SustainableSolutions AG

ContactInformation Address Rietstrasse 50 8702Zollikon Telephone No +41 44 392 16 66 FaxNo +41 44 392 16 20 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.cepax.ch

Company Information KeyPerson Ms. Alexandra Tschopp Year of Establishment 2005 Number of Employees1

Short CompanyProfile Strategic advisoryfirm in the sector of financialservices and with afocus on familyoffices and familybusinesses.

cfoXpert ag

ContactInformation AddressBinzstrasse 18 8045 Zürich Telephone No +41 44 455 64 20 FaxNo +41 44 4556429 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.cfoxpert.com

Company Information KeyPerson Mr. Beat Zwahlen Year of Establishment 2003 Number of Employees7

Short CompanyProfile Financial business management (solutions, implementation, execution): -business plan due diligence /business planning -finance, controlling+reportingsolutions-financial restructuring.

312 YearYearbookbook 2020009

CFP Business ConsultingAG

Contact Information AddressLandstrasse 217 FL-9495 Triesen Telephone No +423373 87 22 FaxNo +423 373 87 21 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.cfp-ag.com

Company Information KeyPerson Mr. Wolfgang Schmid Year of Establishment Number of Employees

Short CompanyProfile CFPCorporate Finance, Controlling &AccountingServices CFP is focused on continuous controlling andvaluation services (shared service center for accountingand controlling), specificlyfor investment companies and private investors. CFP is assisting companies in organising their reportingbased on international standard, assisting them in their planning process, to achievetheir controlling objectives, in accordance with the investors requirements. CFP is offering clientsreadyto use solutionstospeed up their management reporting and valuation of areporting unit (value management&cockpit). Permanentlyupdated figures and additionally(manually)enteredvalue drivers allowthe simulation of various scenariosonthe spot, e.g. during meetings. STC Assurance &AdvisoryServices STC, our partner company offers additionalytransaction and auditing services regarding process- andriskmanagement.

KonzentrierenSie sich auf Ihr Kerngeschäft. Wir stellen für Sie sicher, dass Sie die notwendige Liquidität, Rentabilität und Wertsteigerung erreichen – in allen Phasen Ihres Unternehmens: Start-up –Wachstum –Restrukturierung –Unternehmensnachfolge!

Corporate Finance, IT &Controlling, Seed Capital –Direct Investments -IPO

CFP Business Consulting AG Corporate Finance, IT &Controlling Services Landstrasse 217, 9495 Triesen, Principality of Liechtenstein T. +423 (0)373 87 22 F. +423 (0)373 87 21 [email protected], www.cfp-ag.com, www.cfp-equity.com

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ChervilCapital Invest AG

ContactInformation Address St. Peterstrasse 11 8001Zürich TelephoneNo+41 43 344 54 64 FaxNo +41 43 344 54 74 E-mail Address for General Enquiries Format of PersonalE-mail Addresses Web Address

Company Information KeyPerson Mr. Daniel Mühlemann Year of Establishment1998 Number of Employees

ShortCompany Profile Allsectors served,but not financial industry.

Clusterio AG

ContactInformation AddressBaarerstrasse 137 6300 Zug TelephoneNo+41 41 726 56 80 FaxNo +41 41 56082 72 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.clusterio.com

Company Information KeyPerson Mr. FranzStadler Year of Establishment Number of Employees 3

Short Company Profile Focusing on succession situationsinmature SMEs.

314 YearYearbookbook 2020009

COFIDEPSA

Contact Information AddressPlace de la Gare 51 2900 Porrentruy Telephone No +41 32 466 15 92 FaxNo +41 32 466 64 82 E-mail Address for General Enquiries [email protected] Format of PersonalE-mail Addresses Web Address

Company Information KeyPerson Mr. GüntherB.Pamberg YearofEstablishment 1986 NumberofEmployees

Short Company Profile

Constellation Switzerland Ltd.

ContactInformation AddressSeestrasse 104 8802Kilchberg Telephone No +41 44 482 66 66 FaxNo +41 44 482 66 63 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.constellation.ch

CompanyInformation KeyPerson Mr. FelixSchneebeli Year of Establishment 2007 Number of Employees 5

Short Company Profile Constellationprovides private equityand consulting services for market expansion and strategy developmentinwirelessand web related industriesand financial services. Constellationworks with entrepreneursand aselected group of investors.

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CTI Start-up

Contact Information AddressEffingerstrasse 27 3003Bern Telephone No +41 31 324 0435 FaxNo +41 31 3222115 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.ctistartup.ch

CompanyInformation KeyPerson Ms. Karin Zingg Year of Establishment 1996 Number of Employees58

Short CompanyProfile CTIStart-up promotes immediate benefit of the scientific andtechnologies worked outby researches and entrepreneurs. Accompanies start-up companies in the domain of innovative high-technologies. Provides networking and multiple corporation.

Die Schweizerische Post /PostFinance

Contact Information AddressViktoriastrasse 21 3030Bern Telephone No +41 58 338 82 27 FaxNo +41 58 338 74 80 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.post.ch

Company Information KeyPerson Mr. Stefan Blattert Year of Establishment Number of Employees 40'000

Short CompanyProfile

316 YearYearbookbook 2020009

Dr. Bjørn JohanssonAssociates Inc.

ContactInformation AddressUtoquai 29 8008Zürich Telephone No +41 44 262 0220 FaxNo +41 44 262 0221 E-mail Address for General Enquiries [email protected] Format of PersonalE-mail [email protected] Web Address www.johansson.ch

CompanyInformation KeyPerson Dr. Bjørn Johansson Year of Establishment 1993 NumberofEmployees10

ShortCompany Profile Dr.Bjorn JohanssonAssociatesisaglobal executivesearch firm that concentrates exclusively on recruiting CEOs, Presidents, Managing Directors and Board Members for select top-tier corporations and institution.

DRSdigitalAG(Data Room Services)

ContactInformation AddressBaarerstrasse 101 6300 Zug Telephone No +41 41 767 44 10oder +41 41 767 44 14 FaxNo +41 41 767 44 11 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.drs-digital.com

CompanyInformation KeyPerson Mr. Jan Hoffmeister YearofEstablishment 2001 Number of Employees 50

Short CompanyProfile DRS ist der führende Anbieter von Datenraumlösungen, insbesondere fürOnline-Due-Diligence, für grosse Portfoliotransaktionen im Immobilienbereich sowie für komplexeTransaktionen im Bereiche M&A, Kreditkonsortien, Non-performing Loans und IPOs. Unser Schwerpunkt liegt auf der Einrichtung und Verwaltung sicherer Datenräume, die sich an den Bedürfnissen unserer Kunden ausrichten sowie der Erbringung von Transaktions-Services.

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DynamicsGroupAG

ContactInformation AddressUtoquai 39 8008Zürich Telephone No +41 43 268 32 32 FaxNo +41 43 268 32 39 E-mail Address for GeneralEnquiries Format of PersonalE-mail Addresses Web Addresswww.dynamicsgroup.ch

CompanyInformation KeyPerson Mr. Edwin van der Geest Year of Establishment 2006 Number of Employees 26

Short CompanyProfile Dynamics GroupAGcombines strategic (communication) advisory,communicationmanagement and research &analysis. We are apartner for private equityand public firm, private companies and Corporate Finance teams and boutiques. Team sizeasoftoday:21inSwitzerland and >25 in India, offices in Zurich, Bern and Geneva.

DynavestAG

Contact Information AddressWiesenstrasse 7 8008Zürich Telephone No +41 43 488 6000 FaxNo +41 43 488 6002 E-mail Address for General Enquiries [email protected] Format of PersonalE-mail Addresses Web Address

Company Information KeyPerson Mr. FelixGähwiler Year of Establishment1969 Number of Employees3

Short Company Profile Management, administration of directinvestments, primarilyin the U.S.A.

318 YearYearbookbook 2020009

EconomicDevelopmentofthe Canton of Zurich/Standortförderung

Contact Information AddressWalchestrasse 19 8090Zürich Telephone No +41 43 259 26 14 FaxNo +41 43 259 51 71 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.location.zh.ch /www.welcome.zh.ch

Company Information KeyPerson Ms. Sabine Klucken Year of Establishment NumberofEmployees

ShortCompany Profile

Edgar BrandtAdvisory SA

Contact Information AddressRoute de Pré-Bois 20 1215 Genève15 TelephoneNo+41 22 799 42 80 FaxNo +41 22 799 42 89 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.eb-advisory.com

Company Information KeyPerson Mr. Edgar Brandt Year of Establishment 2005 Number of Employees 6

Short Company Profile Edgar BrandtAdvisoryprovides servicestailoredtothe specific needs of private equityinvestors. We support investors though all phases of their investments life-cycle.

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Egger&EggerAG

ContactInformation AddressHaffnerstrasse 17 4502Solothurn TelephoneNo+41 32 625 85 10 FaxNo +44 32 625 85 19 E-mail Address for General Enquiries Format of PersonalE-mailAddresses Web Addresswww.egger-egger.ch

CompanyInformation KeyPerson Mr. Roger Egger Year of Establishment Number of Employees 3

Short Company Profile Turnarounds, Mergers&Acquisitions, Corporate Finance.

Egon Zehnder Associes SA

ContactInformation Addresscours de Rive10 1204Genève Telephone No +41 22 849 68 68 FaxNo +41 22 849 68 78 E-mail Address for General [email protected] Format of Personal E-mail [email protected] Web Address www.egonzehnder.com

Company Information KeyPerson Mr. Jean-Pierre Pedrazzini Year of Establishment 1962 NumberofEmployees50

ShortCompany Profile Egon ZehnderInternational (EZI) is thelargest privatelyheld search firm with 62 offices in 38 countries. Thefirm specializes in Senior Executiveand Boardsearch, board consulting, ManagementAppraisals, and Talent Management. Mr. Pedrazzini advisesPrivate Equityas well as Venture Capital firms in Switzerland. In addition he manages the relationship with several Swiss-listed SMI companies at the CEO/board level. Mr. Pedrazzini leads the Private Capital activities of EZI in Switzerland and hasbeen acore member of global practice since he joined EZI some 13 years ago.

320 YearYearbookbook 2020009

EPP-Energy Producing Properties LLC

Contact Information AddressVia Tesserete67 6942 Savosa Telephone No +41 91 94029 00 FaxNo E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses Web Addresswww.energyproducingproperties.com

Company Information KeyPerson Mr. Alessandro Beretta Year of Establishment Number of Employees2

Short CompanyProfile Oil&Gas Investments, USA.

Euro-PrivateEquity Advisors

Contact Information AddressChemin du Pavillon 5 1218 Geneva Telephone No +41 22 788 53 75 FaxNo +41 22 788 53 76 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.euro-pe.com

Company Information KeyPerson Mr. Eric Deram Year of Establishment2005 Number of Employees5

ShortCompany Profile EuroPrivateEquitySA is an investment advisoryand management firmsolelydedicated to the PrivateEquityasset class.Webuild and manage tailored-made Private Equityfunds portfolios on aglobalbasis in partnership with ourclients. Our investment philosophyhas alwaysbeen based on three main pillars which allowfor the generation of recurring superior returns as our experience has shown: 1. Operational know-howof the fund mangers weselect (asopposed to expertise in financial engineering); 2. Alignment of interest; 3. Independence.

We believethat ourinvestment philosophyexplains whyour firms has become areference within the institutional investor community.Our clients are large Swiss-based pension funds. Consistent with its investment philosophy,EuroPrivate Equityis afullyindependent firm managed byseasoned PrivateEquityinvestmentprofessionals.

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FortmanCline Consulting GmbH

ContactInformation Address Seestrasse 5 6300 Zug TelephoneNo+41 41 7106061 FaxNo +41447106062 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Addresswww.fortmancline.com

Company Information KeyPerson Mr. Paul Schuler Year of Establishment 2002 Number of Employees 3

Short Company Profile CorporateFinance Consulting andinternational investmentcompany,specialized in small- and midsized Private EquityandPrivate Equityfunds.

FRCUnternehmensberatung GmbH

ContactInformation AddressSchladstrasse 12 5425 Schneisingen Telephone No +41 56 241 24 38 FaxNo +41 56 241 23 68 E-mail Address for General Enquiries Format of Personal E-mail Addresses Web Addresswww.ruhier.ch

Company Information KeyPerson Mr. FelixRuhier Year of Establishment1993 Number of Employees1

Short Company Profile Beratung von KMU in finanziellenBelangensowie Supportbei Kauf, Verkauf, Sanierung, Finanzierungen und Nachfolgeregelungen.

322 YearYearbookbook 2020009

Froriep RenggliRechtsanwälte

ContactInformation AddressBellerivestrasse201 8034 Zürich TelephoneNo+41 44 386 6000 FaxNo +41 44 383 6050 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.froriep.com

Company Information KeyPerson Dr. BeatM.Barthold Year of Establishment 1966 Number of Employees 83

Short Company Profile Corporate &commercial law,intellectual property,litigation, arbitration.

FundStreet AG

ContactInformation AddressLöwenstrasse 11 8001Zürich Telephone No +41 44 21042 06/07 FaxNo +41 44 21042 08 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.fundstreet.com

Company Information KeyPerson Mr. Herbert Kahlich Year of Establishment 1999 Number of Employees 3

Short Company Profile Development andpartnership of Swiss General and Limited Partnerships. Business / Management Consultancyalong the value chain.

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GHR Rechtsanwälte

Contact Information AddressBahnhofstrasse 64 8021 Zürich Telephone No +41 58 356 5000 FaxNo +41 58 356 5009 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Addresswww.ghr.ch

Company Information KeyPerson Mr. Michael Walther Year of Establishment 1992 Number of Employees 19

Short CompanyProfile GHRisaboutique lawfirm withoffices in Zurich and Bern focussed exclusivelyon business law. Our fields of practices include Corporate, Mergers and Acquisitions, Private Equity,Banking, Capital Markets and Finance, Tax,Intellectual Propertyand Technology,Insolvencyand Restructuring, Litigation and DisputeResolution. GHR is arecognized representativefor the listing of securities at the SIX Swiss Exchange. In addition, GHR is amember of LAW (Lawyers Associated Worldwide), an international network of independent commercial lawfirms, as well as of the EnergyLawGroup(ELG), an association of leading European lawfirms in the energy sector.

GoodEnergies

Contact Information AddressGrafenauweg 4 6301Zug Telephone No +41 41 56066 60 FaxNo +41 41 56066 66 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.goodenergies.com

Company Information KeyPerson Mr. Stefan Schönbeck Year of Establishment 2001 NumberofEmployees 10

Short Company Profile

324 YearYearbookbook 2020009

Heidrick &Struggles

Contact Information AddressAlbisstrasse 152 8038 Zürich Telephone No +44 488 13 13 FaxNo +44 488 13 00 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.heidrick.com

Company Information KeyPerson Mr. Wolfgang Schmidt-Soelch Year of Establishment Number of Employees29

Short CompanyProfile Heidrick &Struggles provides exceptional serviceand expertise to deliver effectiveleadership solutions for clients. We are the worlds premier provider of senior-level executivesearch and leadership consulting services, including talents management, board building, executiveon- boarding andM&A effectiveness.

HeukingKühn Lüer Wojtek Partnerschaft von Rechtsanwälten, Steuerberatern und Attorney-at-Law

ContactInformation AddressBahnhofstrasse 3 8001Zürich Telephone No +41 44 200 71 00 FaxNo +41 44 200 71 01 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Addresswww.heuking.de

CompanyInformation KeyPerson Dr. Holger Erwin Year of Establishment Number of Employees6

Short CompanyProfile

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Hirzel.Neef.Schmid.Konsulenten

Contact Information AddressGottfried Keller-Strasse 7 8024 Zürich Telephone No +41 43 344 42 42 /+41 76 323 6064 FaxNo +41 43 344 42 40 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.konsulenten.ch

Company Information KeyPerson Mr. Andreas S. Thommen Year of Establishment1996 Number of Partners 10

ShortCompany Profile Strategy,corporate communications &investor relations consultants.

326 � � � � � � � � �� Year��book 2009

C o mmu n i c a t i ons a n d M a n a g e m e n t C ons u l t i n g Z u r i c h , B e rne, G e n e v a , B r u sse l s

� � � � � � � � � � �� Inserat Hirzel.Neef.Schmid.Konsulenten Ganze ASeitl o y s H i er z e l D r. J örg N eef D r. V i c t or S c hmid D r. U rs L ä u b li lic . i u r. A n d r e a s T h o mme n D r. C h r i s t i n e M e n z D r. M a tthia s K n ill lic .oec.pu b l . J ü r g W ildbe r g e r lic .re r. pol . H u g o S c hitte n h e lm lic .oec.pu b l . R o lf S c hlä p f e r

C ont a c t : a n d r e a s.t h o mme n @ k ons u l e n t e n.c h

H i r z e l . N eef . S c hmid . K ons u l e n t e n AG P a r t n e rof t h e T H ECO U NSE LORS, G o ttf r i ed K e lle r - S t r a sse 7 P u b lic A ffa i rs & D e a l C a m p a ign i n g P . O . B o x www. t h eco u nse l ors.e u C H - 8 0 2 4 Z u r i c h M e m berof A MO t h e l e a d i n ggl o b a l P h one: + 4 1(0 ) 4 3344 4 2 4 2 networkofstrategicand financial F a x : + 4 1(0 ) 4 3344 4 2 4 0 c o mmu n i c a t i ons c ons u l t a n c i e s www. k ons u l e n t e n.c h www. a m o -gl o b a l . c o m S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Homburger AG

Contact Information Address Weinbergstrasse 56/58 8006Zürich Telephone No +41 43 222 1000 FaxNo +4143222 15 00 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.homburger.ch

CompanyInformation KeyPerson Dr. Dieter Gericke Year of Establishment 1957 Number of Employeessome 120

ShortCompany Profile Homburgerhas some120lawyers and taxexpertsexperiencedindomestic and cross-border M&A, corporate and financial transactions as well as commercial projects. Homburger is dedicated to bringing itsclients endeavors to asuccess. Our practice teams include Corporate and Transactions (M&A, equitysecurities, corporate and commercial), Banking and Finance, Tax,Intellectual Propertyand Technology,Competition, Litigation and Arbitration.

Inserat Homburger

H omb urger AG H omb urger i s a m a jor S w i ss b usiness l a w fir m. S inc eits e stablis hment W einb e r g stra sse 5 6 | 58 in 195 7 ,Homb urger h a s adv i s e dan d r epr e s ent e dSw i ss a n d int e r n a t iona l CH - 8 006 Z uri c h c o r por a t e c lients, inv e stment c ompa nies a n d ind i v i d u a len trepr eneurs on P . O . B o x 194 | CH -80 4 2 Z uri c h key a s pec ts of b usiness l a w . W eoffe r o ur c lients e x pert lega l adv i c e , support t hem in b usiness negot i a t ions , r epr e s entthem in c o urt ,an d p r o t e c ttheir P hone + 41 4 3222 1 000 int e r e sts in c i v il a n dad ministra t i v epr o c eed ings . Fax + 41 4 3222 15 00 l a wye rs homb urger . c h @ H omb urger i s o r g a niz e d int o s i x p r act i c egr o u p s , int egr a t ing t he s kills a n d www.homb urger . c h e x per ienc eof s ome 1 20 l a wye rs a n d t a x e x perts foc using on s pec ifi c a r e a s . T he m a in p r act i c e a r e a s a r e c o r por a t ela w , mer gers a n dac q u i s i t ions , p r i v a t eeq u i ty,co r por a t e r e stru c turing,ba nking, s e c uri t ies a n d med i a l a w , t elec ommu nicat ion s a n dIT l a w , t a x l a w ,complia n c e a n d w hit e c olla r c r ime, b usiness succe ssion pla nning, w ills a n d fou n dat ions .

H omb urger i s a memb e r of EVCAan d of SECA . P r i v a t eeq u i ty c ont act p a rtners:Diet e r G e r i c ke a n dHa n s j ürg A ppenz eller

328 YearYearbookbook 2020009

Humatica AG

Contact Information AddressForchstrasse 239 8032 Zürich Telephone No +41 44 955 11 01 FaxNo +41 44 955 11 02 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.humatica.com

CompanyInformation KeyPerson Mr. AndrosPayne Year of Establishment 2003 Number of Employees 15

ShortCompany Profile

innoValuation Partners GmbH

Contact Information AddressSonnhalde 7 6045 Meggen TelephoneNo+41 79 3586871 FaxNo E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses Web Address

Company Information KeyPerson Mr. ThomasHeimann Year of Establishment Number of Employees2

Short Company Profile innoValuationPartners GmbHwas founded in 2009and is an independent service andsolution provider in corporate finance for highgrowth companies, especiallyin thelife sciences industry. Our philosophyis to go newwaysinthe valuation field. We areengaged in valuation of R&D projects and strategies, investments, financing rounds and license contracts.

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Institut Straumann AG

ContactInformation Address Peter Merian-Weg 12 4002Basel Telephone No +41 61 965 11 11 FaxNo +41 61 965 11 01 E-mailAddress for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.straumann.com

CompanyInformation KeyPerson Mr. Gilbert Achermann YearofEstablishment 1954 Number of Employees 2200

Short CompanyProfile Headquartered in Basel, Switzerland, Straumann (SIX: STMN) is agloballeader in implant and restorativedentistryand oral tissueregeneration. With astaff of 2200 people worldwide,the companyresearches, develops and manufactures dental implants, instruments, prosthetics and tissue regeneration products to preserve, replace and restoreteeth. Straumanns products and services, which include training for dental professionals, are available in more than 60countries.

Integra Holding AG

ContactInformation AddressHammerweg 8304Wallisellen Telephone No +41 43 233 3010 FaxNo +41 43 233 3011 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.integra.ch

Company Information KeyPerson Mr. Adrian Oehler Year of Establishment Number of Employees

Short Company Profile

330 YearYearbookbook 2020009 iploit AG

Contact Information AddressWitikonerstrasse 80 8032 Zürich Telephone No +41 44 389 75 75 FaxNo E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.iploit.com

CompanyInformation KeyPerson Dr. Iwan von Wartburg Year of Establishment 2008 Number of Employees 4

Short Company Profile

Kehrli &Zehnder Global Wealth Management AG

Contact Information AddressGartenstrasse33 8002Zürich Telephone No +41 44 222 18 18 FaxNo +41 44 222 18 50 E-mail Address for General Enquiries Format of PersonalE-mail [email protected] Web Address www.kehrlizehnder.com

CompanyInformation KeyPerson Mr. Stephan Kehrli Year of Establishment Number of Employees

Short CompanyProfile Kehrli &Zehnder is an independent financial consulting company.Core competences: comprehensiveasset management and multi familyoffice.

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Kellerhals Anwälte

ContactInformation Address Hirschgässlein11Kapellenstrasse 14 Rämistrasse 5 4010Basel 3001Bern8024 Zürich Telephone No +41 58 200 3000+41 58 200 35 00 +41 58 200 39 00 FaxNo +41 58 200 3011 +41 58 200 35 11 +41 58 200 39 11 E-mail Addressfor General [email protected] Format of Personal E-mail [email protected] Web Address www.kellerhals.ch

CompanyInformation KeyPerson Dr. BeatBrechbühl Year of Establishment1975 Number of Employees150

Short Company Profile Kellerhals Hess and Christen Rickli Partner joined forces to become Kellerhals, afull service law firm with about 70attorneysin3offices. The firm offers afull range of legal services for national and international clientsinall areas of corporate and commercial law,withparticular emphasis on M&A, financial and taxservices including capitalmarkets, litigation and arbitration.

Kessler &CoInc.

Contact Information AddressForchstrasse 95 8032 Zürich Telephone No +41 44 387 87 11 FaxNo +41 44 387 87 00 E-mail Address for General Enquiries [email protected] FormatofPersonal [email protected] Web Address www.kessler.ch

Company Information KeyPerson Mr. Klaus Peretti Year of Establishment 1915 Number of Employees 240

Short CompanyProfile Team of specialists with global reach focused on the risk, insurance and pension fundissues that influence negotiations andthe success of aPrivate Equityinvestment or exit,amerger, acquisition, divestment or joint venture of the strategic investor. Working closelywith aclient or prospect'sin-house risk management resources or deal advisoryteam, weprovide expertise and counsel that complementthe traditional financial, legal and commercial due diligence.

332 YearYearbookbook 2020009

KurmannPartners AG

ContactInformation AddressLintheschergasse 21 8021 Zürich Telephone No +41 44 229 9090 FaxNo +41 44 229 9099 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Addresswww.kurmannpartners.com

CompanyInformation KeyPerson Mr. Jürg Kurmann Year of Establishment 1982 Number of Employees 6

Short Company Profile Mergers&Acquisitions, Restructuringand interim management,International Acquisition Projects, Growth Financings, CorporateGovernance.

Lardi &PartnersSA

Contact Information AddressVia Cantonale19 6901Lugano Telephone No +41 91 923 34 52 FaxNo +41 91 922 76 31 E-mail Address for General Enquiries Format of Personal E-mail [email protected] WebAddress

CompanyInformation KeyPerson Mr. Adelio Lardi Year of Establishment 1993 Number of Employees

Short CompanyProfile Corporatefinance advisor, auditing, taxandstrategyconsulting.

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Lenz &Staehelin

Contact Information Address30,route de Chêne 1211 Geneva17 TelephoneNo+41 58 4507000 FaxNo +41 58 4507001 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.lenzstaehelin.com

CompanyInformation KeyPerson Mr. Andreas Rötheli Year of Establishment Number of Employees

Short CompanyProfile Lenz&Staehelin is Switzerlands largest lawfirmwithmore than150lawyers in 3offices. It provides afull servicetoits clients on all legal, regulatoryand taxaspects of the private equity industry,from fundraising and structuring of private equityhouses to private equityinvestments and buyout transactions.

LustenbergerGlaus &Partner

ContactInformation AddressWiesenstrasse 10 8032 Zürich Telephone No +41 44 387 19 00 FaxNo +41 44 381 45 23 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.lgpartner.ch

Company Information KeyPerson Dr. iur. Hannes Glaus Year of Establishment 1935 Number of Employees14

Short CompanyProfile Lawfirm focused amongothers on Private Equityand Corporate Finance transactionsincluding investment vehicles in thealternativeinvestments area.

334 YearYearbookbook 2020009

Luserve AG

Contact Information AddressEuropaplatz1 6002Luzern Telephone No +41 41 226 4042 FaxNo +41 41 226 4045 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address

CompanyInformation KeyPerson Mr. Urs Altorfer YearofEstablishment NumberofEmployees

Short CompanyProfile

Inserat Lustenberger Glaus &Partner

F ocus ● E fficiency ● Responsibility Private E quity & Hedge F unds

Lustenberger G laus &Partner,Rechtsanwälte, A ttorneys-at-law C ontact: D r. iur. Hannes G laus, LL.M., Wiesenstr. 10,Postfach 1073, C H-8032 Zürich Tel.+41 (0)44387 19 00; F ax. +41 (0)44387 1966, www.lgpartner.ch

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Marchmont AG

Contact Information Address Austrasse38 8045 Zürich Telephone No +41 44 215 9030 FaxNo +41 44 215 9031 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.marchmont.ch

CompanyInformation KeyPerson Mr. Roland E. Staehli Year of Establishment 1977 Number of Employees 3

Short Company Profile In 2002, afteranMBO, Canto Consulting the former Merchant Bank of the Swiss Cantonalbanks, changed its name to Marchmont AG. Its activitiesremain the same.

masmanagement &advisoryservicesltd.

Contact Information Address Foehrenstrasse 11b 8703Erlenbach Telephone No +41 43 233 7079 FaxNo +41 44 991 36 66 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.mas-ltd.ch

Company Information KeyPerson Dr. Heinrich Zetlmayer Francois Jeannet Dominique Freymond

Year of Establishment 2003 Number of Employees3+6Associate Partners

ShortCompany Profile masisespeciallyworkingfor private equityand venture investors supporting them in the developmentoftheir portfolio companies on operational level and through M&A and strategy advisory.The core of ourfirm is agroup of partners with extensiveseniormanagement and consulting experienceatC-and Board levels andateam of functional experts and network partners. We help management teams, boards and investors to define turnaround growth programs and put them in place bytaking interim managementorco-execution rolesand supplement boards and operational teams.

336 YearYearbookbook 2020009

Meyer Lustenberger

Contact Information AddressForchstrasse 452 8032 Zürich Telephone No +41 44 396 91 91 /+41 41 768 11 11 FaxNo +41 44 396 91 92 /+41 41 468 11 12 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Addresswww.meyerlustenberger.ch

Company Information KeyPerson Dr. AlexanderVogel Year of Establishment Number of Employees 82

Short Company Profile

Photo by Studio Monte Rosa, D-ARCH, Prof.Andrea Deplazes, ETH Zurich www.neuemonterosahuette.ch YOUR ARCHITECTS IN LEGAL MATTERS Inserat Meyer Lustenberger

Swiss World Architecture: New Monte Rosa Hut

www.meyerlustenberger.ch

Zurich: Forchstrasse 452, P.O. Box1432, CH-8032 Zürich, Phone: +41 44 396 91 91, Fax: +41 44 396 91 92, [email protected] Zug: Grabenstrasse 25, CH-6340 Baar /Zug, Phone: +41 41 768 11 11, Fax: +41 41 768 11 12, [email protected] Geneva: In association with Croisier Gillioz &Associés,61, Rue du Rhône,P.O.Box 3127, CH-1211 Genève 3, [email protected]

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Migros Bank

Contact Information AddressSeidengasse12 8023 Zürich Telephone No +41 44 229 87 78 FaxNo +41 44 229 87 14 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.migrosbank.ch

Company Information KeyPerson Mr. Ayhan Güzelgün Year of Establishment 1958 Number of Employees 1262

Short CompanyProfile Migros bank operates with 52 branches in allcantons in Switzerland. Migrosbank is oneofthe largest mortgage lendersins Switzerland and is veryactiveinretail and commercial banking.

Migros-Genossenschafts-Bund

ContactInformation AddressLimmatstrasse 152 8031 Zürich Telephone No +41 44 277 25 55 FaxNo +41 44 277 6076 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address

Company Information KeyPerson Mr. Beat Arbenz Year of Establishment NumberofEmployees

Short CompanyProfile

338 YearYearbookbook 2020009

Müller-Möhl Group

Contact Information Address Weinplatz10 8022 Zürich Telephone No +41 43 344 66 66 FaxNo +41 43 344 66 60 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.mm-grp.com

Company Information KeyPerson Mr. Beat Näf Year of Establishment2000 Number of Employees

Short Company Profile TheMüller-Möhl Groupmanages theinvestment portfolio belonging to thecommunityof Müller- Möhl heirs who are the 100%owners of the Group. The Müller-Möhl Group owns substantial minoritystakes in selected companies. Besides these entrepreneurial direct investments, the Müller-Möhl Group manages abroadlydiversified portfolio of securities.

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Nellen &Partner

Contact Information AddressRedingstrasse 6 9000St. Gallen Telephone No +41 71 228 33 66 FaxNo +41 71 228 33 76 E-mail Addressfor General Enquiries [email protected] Format of PersonalE-mail Addressesinitial of [email protected] Web Addresswww.nellen.ch

CompanyInformation KeyPerson Mr. Curt Baumgartner Year of Establishment1992 Number of Employees8

Short Company Profile We provideall-round consulting services in the area of human resourcesmanagement. Our cove business is recruiting specialists and executivepersonnel. We are aGlasford International Partner www.glasford.com.

InseratNellen &Partner

340 YearYearbookbook 2020009

Néocia -SDIP SA

Contact Information AddressPlace Pury3 2001Neuchatel Telephone No +41 32 722 65 81 FaxNo +41 32 722 65 68 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses

Company Information KeyPerson Mr. Francis Liebens Year of Establishment 2001 NumberofEmployees5

ShortCompany Profile Mergers&AcquisitionsConsultingM&A,partnering, acquisitions, sales of companies, divestments, LBO, MBO and other transactionsinSwitzerland or in France.

Niederer Kraft&Frey AG

ContactInformation AddressBahnhofstrasse 13 8001Zürich Telephone No +41 58 800 8000 FaxNo +41 58 800 8080 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.nkf.ch

CompanyInformation KeyPerson Dr. Andreas Casutt Year of Establishment 1936 Number of Employees 80

Short CompanyProfile Niederer Kraft&Freyis oneofthe largest lawfirms in Switzerland. Our dedicatedprofessionals havespecialized knowledge and extensiveexperience in particular in thefields of financing, private equityand venture capital, mergers and acquisitions, corporate andemployment law, stock exchange law(initial public offerings), taxas well as capital markets and financial services regulation. Our wide range of national and international clients includes investment funds, banks, large and medium sized corporations, start-ups and managementteams. Several of our professionals also serveonthe boardofdirectorsofcompanies activevarious fields, including private equity.

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PaguascaHolding AG

Contact Information Address 6340Baar Telephone No +4141766 0535 FaxNo +41 41 766 0530 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Address

Company Information KeyPerson Mr. Daniel Guggenheim Year of Establishment Number of Employees 4

Short Company Profile Assetmanagement,expansion financing.

Palomar PrivateEquityAG

Contact Information AddressSeefeldstrasse 215 8034 Zürich Telephone No +41 44 226 58 88 FaxNo +41 44 226 58 89 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Addresswww.plmrpe.com

CompanyInformation KeyPerson Mr. Christian Geier YearofEstablishment NumberofEmployees

Short Company Profile We advisegeneral partners on the placement strategyof newfunds, manage the process and raise capital from investors around theWorld. In the secondarymarket weadvise sellers on pricing and strategyand weexecutethe sale on aconfidential basis. Our core marketsare Europe, Middle East and Asia. Outside these, weoperate through partnerships with local placement agencies.

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PEPR Peter Eberhard Public Relations

Contact Information Address Eichbühlstrasse 8 8618 Oetwil am See Telephone No +41 44 799 15 11 FaxNo +41 44 799 15 14 E-mail Addressfor General Enquiries Format of PersonalE-mail [email protected] Web Address www.pepr.ch

Company Information KeyPerson Mr. Peter Eberhard Year of Establishment Number of Employees

Short CompanyProfile CorporateCommunications, Financial Communication (InvestorRelations).

PorteletAG

Contact Information AddressMühlegasse 29 8001Zürich Telephone No +41 43 211 47 00 FaxNo +41 43 211 47 09 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.portelet.com

Company Information KeyPerson Mr. Remo Maurer Year of Establishment1998 Number of Employees4in Switzerland 15overall

Short Company Profile Investmentboutiquespecialised andunique niche player for the successful and well balanced internationalisation of businesses.

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Private Equity Invest AG

Contact Information AddressBahnhofstrasse 69 8001Zürich Telephone No +41 44 215 7000 FaxNo +41 44 215 7001 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.pei.ch

Company Information KeyPerson Mr. Markus Ritter Year of Establishment 2000 Number of Employees 21

ShortCompany Profile Private EquityInvest is aprivateequityfirm focusedonidentifying high-growth,quality-driven and innovativeSwiss technologycompanies. We activelysupport these companies to execute their business model and achievetheir goals.

RCI Unternehmensberatung AG

ContactInformation AddressLandenbergstrasse 35 Postfach 6002Luzern Telephone No +41 41 368 9000 FaxNo +41 41 368 9019 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Address www.rciub.ch

Company Information KeyPerson Mr. Simon Ottiger Year of Establishment Number of Employees

Short Company Profile Mergers&Acquisitions, Advisory,Financial Engineering, Legal Advisory,TaxConsulting, Due Diligence.

344 YearYearbookbook 2020009

RKS Rinderknecht&Burger

ContactInformation Address Grafenauweg 6 6304Zug Telephone No +41 41 726 6060 FaxNo +41 41 726 6066 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.rks.ch

CompanyInformation KeyPerson Dr. ThomasM.Rinderknecht Year of Establishment 1985 Number of Employees 19

Short Company Profile As amedium-sized lawfirm, RKS concentrates on business sectors and core competences in international and commercial law,suchastax-optimised international holding, trading and investment structures,M&A, IPOs, international business transactions, private equityand venture capital, advertisingand marketing concepts, business successions and the management of international disputes.

Robeco (Schweiz) AG

Contact Information AddressUraniastrasse 12 8021 Zürich TelephoneNo+41 44 227 72 01 FaxNo +41 44 227 72 00 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.robeco.ch

Company Information KeyPerson Mr. Patrick Oberhänsli Year of Establishment NumberofEmployees

ShortCompany Profile

345 S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

At Your Side, Looking Ahead

SchellenbergWittmer is aleading Swissbusiness law firm with offices in Zurich and Geneva.Over100 specialized attorneys provide comprehensivelegal services to clients from around the world. www.swlegal.ch

Inserat SchellenbergWittmerRechtsanwälte GanzeSeite

Banking and Finance · Capital Markets · Competition and Antitrust · Corporateand Commercial · DisputeResolution and International Arbitration · Employment · Insurance · Intellectual Property /Information Technology · Mergers&Acquisitions, PrivateEquity and VentureCapital · PrivateClients, Trusts &Estates, Foundations · Real Estate and Construction · Restructuring and Insolvency · Sports, Art and Entertainment · Taxation · Trade and Transport · White-Collar Crime and Compliance

Attorneys At lAw S � E � C � A Swiss Private Equity &Corporate FinanceAssociation Yearbook 2009

Schellenberg Wittmer Rechtsanwälte

Contact Information AddressLöwenstrasse 19 8021 Zürich Telephone No +41 44 215 52 52 FaxNo +41 44 215 52 00 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.swlegal.ch

Company Information KeyPerson Dr. MartinWeber Year of Establishment 2000 Number of Employees

Short Company Profile SchellenbergWittmer is one of the leading business lawfirms in Switzerland with offices in Zurich and Genevaoffering the expertise and specialization of more than 100 lawyers. In one of the firm's core practice areas, itscorporate/M&A practice group regularlyadvises private equity founders, investors and target companies throughthe whole life-cycle, from the incoporation and initial investment up to and includingthe refinancing and exit. It is therebysupported by experienced teams in tax,IP/IT,real estate as well as competition law.

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Schneider FeldmannAGPatentand trademark attorneys

Contact Information AddressBeethovenstrasse49 8022 Zürich Telephone No +41 43 43032 32 FaxNo +41 43 43032 50 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.schneiderfeldmann.ch

CompanyInformation KeyPerson Mr. Martin Schneider Year of Establishment 1960 Number of Employees23

Short CompanyProfile

InseratSchneider FeldmannAG

348 YearYearbookbook 2020009

Seia CapitalAG

Contact Information AddressGottfried Keller-Str. 7 8001Zürich Telephone No +41 43 222 59 90 FaxNo +41 43 222 59 91 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address

CompanyInformation KeyPerson Mr. Jacobo Pruschy YearofEstablishment 2003 Number of Employees 3

Short Company Profile PrivateCompany

SIX SwissExchange AG

Contact Information AddressSelnaustrasse 30 8021 Zürich Telephone No +41 58 854 22 45 FaxNo +41 58 854 22 40 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Addresswww.six-swiss-exchange.com

Company Information KeyPerson Dr. Yvonne Gunsch-Wegmann YearofEstablishment 1993 Number of Employees 424

Short CompanyProfile With apublic offering of securitiesinSwitzerland, and thanks to the tremendous placing afforded bythe Swiss-based investment banks, life sciencecompanies again access to asector specific experienced, highlycompetent andbroadlyinternational circleofinvestors. In Europe, SIX Swiss Exchange has growntobecome the most important securitiesexchange in terms of the total market capitalisation of listed life sciences companies.

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Staiger,Schwald &Partner Rechtsanwälte

ContactInformation AddressGenferstrasse24 8027 Zürich Telephone No +41 44 283 86 86 FaxNo +41 44 283 87 87 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.ssplaw.ch

Company Information KeyPerson Dr. Mark-Oliver Baumgarten Year of Establishment1964 Number of Employees75

Short Company Profile Staiger,Schwald &Partner is arespected Swiss mid-sizelawfirmwith strong Swiss client base and excellent international connections. Our professionals in our offices in Zurich and Berne advise companies, financial institutions and highnet worth individuals in national and international M&A, venture capital,private equity,corporate andfinance transactions, banking, capital markets, insurance and anytype of commercial project. Driven bypersonalityand commitment our professionals are dedicated to theclients goals.

StartZentrumZürich

Contact Information AddressBinzstrasse 18 8045 Zürich Telephone No +41 44 455 6060 FaxNo +41 44 4556069 E-mail Address for General [email protected] Format of Personal E-mail [email protected] Web Address www.startzentrum.ch

Company Information KeyPerson Mr. Marc Hamburger Year of Establishment1999 Number of Employees6

Short Company Profile StartZentrumBusiness Incubator Zurich is theleading competence centre for start-up companies. We accelerate the building of start-ups with awide range of support services consulting,networking, support search for capital,flexible office space, complete infrastructure and training.

350 YearYearbookbook 2020009

STB Group AG

Contact Information AddressBahnhofstrasse 9 6340Baar Telephone No +41 41 769 6074 FaxNo +41 41 769 6075 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses Web Addresswww.stbg.ch

CompanyInformation KeyPerson Mr. Peter Züllig Year of Establishment 2004 NumberofEmployees 5

ShortCompany Profile STBGroup AG was establishedinthe summer of 2004and has since expanded to an interregional venture capital company.The goal of the companyis to support other innovative companies as well as young start-upcompanies byallocating equity.Asabasis for long-term companygrowth, wefocus our venture capital intoaspecific IPO(InitialPublic Offering). By means of our excellent analysis expertise, as wellasour close proximityto the EuropeanCapital Market, weoffer especiallysmall and mid-sized companies aspeciallytailored access on the venture capital market.

SteigerEngineering AG

ContactInformation AddressRotfluhstrasse 50 8702Zollikon Telephone No +41 44 383 46 85 FaxNo +41 44 383 36 17 E-mail Addressfor General Enquiries [email protected] Format of PersonalE-mail Addresses Web Address www.seag.ch

CompanyInformation KeyPerson Mr. AlexE. Gall Year of Establishment1967 Number of Employees2

Short Company Profile Mergers&Acquisitions, CorporateFinance.

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SUVA

Contact Information Address Rösslimattstrasse 39 6005Luzern Telephone No +4141419 51 11 FaxNo +41 41 419 5041 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.suva.ch

Company Information KeyPerson Mr. Francesco Kälin Year of Establishment 1918 Number of Employees 5(PrivateEquityonly), 2800 firmwide

ShortCompany Profile Suva(SwissNationalAccidentInsurance Institution) is Switzerlands largest provider of accident insurance. Suvainsures secondarybusiness sector employees, unemployed persons and employees of the Swiss armedforces againstoccupationaland non-occupational accidents and occupationaldiseases. Suvaisafinanciallyindependent,non-profit companyunder Swiss public lawwith headquarters in Lucerne and 19 agenciesthroughout Switzerland.

Swisscom AG

Contact Information Address alteTiefenaustrasse 6 3050Bern Telephone No +41 31 342 9065 FaxNo +41 31 342 9050 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.swisscom.com/venturefund

CompanyInformation KeyPerson Mr. Philipp Kübler Year of Establishment Number of Employees

Short CompanyProfile Consulting andfinancing of Swisscom'spinn-offs' (MBO or start-up's initiated bySwisscom employees).

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Talking Talent GmbH

ContactInformation AddressChreienweg 3 8126 Zumikon Telephone No +41 44 9800045 FaxNo E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.talkingtalent.biz

Company Information KeyPerson Ms. Margaret Rikhof Year of Establishment NumberofEmployees

Short CompanyProfile TalkingTalent is aparadigm changing approach to recruitment. It provides activein-placement services for successful executives. Forfurther information, please visit thewebsite.

Talkin g Tal e n t – E x e c uti v e c a r eer d e v e l opme n t w i t h t h e Talkic a n d i d a n t e a ttg h e Tac e n tre l e n t Inserat Talking Talent GmbH T a lkin g T a l e n t i s a n e w a n d p a r a d i g m-c h a n g i n g a ppr o a c h t o c a r eer dev e l opm e n t . I t d o e s notst a rt w i t h a r e c rui t m e n t a ssi g n m e n t , b ut i tst a rts w i t h t h e c a n d i d a t e a tth e c e n tre . W e b u ild on t h e i n d i v i d u a l c a r eer e x p e c t a t i ons o fex e c uti v e s a n dde v e l op w i t h t h e m a n i n d i v i d u a lly t a ilo r ed c a r eer p l a n , a n i n d i v i d u a l c a r eer m a r k e t i n g p l a n a n d p r o v i de a c t i v e i n - p l a c e m e n tse r v i c e s . T his m e a n sth a t w e w ill p r o a c t i v e l y i n tro d u c e c a n d i d a t e sto c o m p a n i e sth a tth e y a r e i n t e r e sted i n a n dgu i de t h e p r o c e ss u n t il t h eem p l o y m e n t c ontra c t i s i npl a c e . O ur f o c us i s on e x e c uti v e s c ons i der i n g a n e x t p r o fessi ona l dev e l opm e n t now o r i n t h e n e a r f uture i n f i n a n c i a l s e r v i c e s , life s c i e n c e s , c onsum e r g ood s , p r i v a t eeq u i t y , c onsul t i n g, f i n a n c e o r h u m a n r e s o urc e s . T h e s e r v i c e s a r efr ee o f c h a r ge f o rth eex e c uti v e sth a t w e r e p r e s e n t a s w e f i n a n c e o urse l v e s b y t h e p l a c e m e n t fee t h a t hir i n g c o m p a n i e s a r e b e i n g c h a r ged w h e n a n e m p l o y m e n t c ontra c t i sse c ured. Talki n wwwg . tTaa lkin g t l a l e e n t n . b i z t

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Thierry BriandConsulting

ContactInformation Address9rue de l'Etoile F-68330Huningue Telephone No +33 389679884 FaxNo +33 389679884 E-mail Address for General Enquiries Format of Personal E-mail Addresses Web Addresswww.thierrybriand.com

CompanyInformation KeyPerson Dr. ThierryBriand YearofEstablishment 2005 Number of Employees 1

Short Company Profile ThierryBriandConsultingprovidesprofessional consulting services: Evaluations :due diligenceofboth in- andout-licensed productsfor investors,pharmaceuticaland biotechnologycompanies, in the area of global drug product development. Senior InterimManagement:Drug development senior interimmanagement for pharmaceuticaland biotechnologycompanies, especiallyfor companiesthat outsource part of their drug development activities. ThierryBriand, MD, is an independent consultant who has gained extensiveexperience with leading international pharmaceuticalcompaniesand small biotechnologycompanies. ThierryBriandhas access to an outstanding international networkofexperts who can provide solutions spanningabroad range of disciplines. Visit www.thierrybriand.com where you canfind aselection of references.

Vaccani, Zweig &Associates

ContactInformation AddressKlausstrasse 43 8034 Zürich Telephone No +41 43 499 2080 FaxNo +41 43 499 2081 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Addresswww.vzaconsultants.ch

Company Information KeyPerson Mr. Andrés F. Zweig Year of Establishment 1994 Number of Employees 10

Short CompanyProfile ActiveinManagement Consulting,Mergers and Acquisitions, TechnologyTransfers and Management of Private EquityInvestments.

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ValartisBank AG

ContactInformation Address Sihlstrasse 24 8021 Zurich Telephone No +4143336 83 50 FaxNo +4143336 81 00 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.valartis.ch

Company Information KeyPerson Dr. Rolf Weilenmann Year of Establishment Number of Employees 50

Short CompanyProfile Valartis Bank AG provides mainlyCorporate Finance and Brokerage products and services, in particular for small and mid caps.

ValcorAG

Contact Information AddressBleicherweg 33 8002Zürich Telephone No +41 44 2055050 FaxNo +41 44 2055059 E-mail Address for General Enquiries Format of PersonalE-mail [email protected] Web Address www.valcor.ch

CompanyInformation KeyPerson Dr. BrunoWeber Year of Establishment 1989 Number of Employees 5

Short Company Profile Corporate Finance, ValueCreatingStrategies,M&A.

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Value Partners Associates AG

Contact Information AddressEuropastrasse 31 8152 Glattbrugg TelephoneNo+41 44 8086016 FaxNo +41 44 8086019 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Addresswww.v-partners.com

Company Information KeyPerson Mr. Urban Schwerzmann Year of Establishment 2004 Number of Employees 6

Short Company Profile Value Partners Group specializes in investment banking and financial services for private companies, associatesinstitutions as well as investors worldwide.Value Partners Associateshavedeveloped aname for itselfasareliableinnovativepartnerintwoareas in particularcorporate strategicfinancial consulting (CorporateFinance) including leasefinancingand planning andimplementingofstructuredasset financings forpublic and private institutions including PPP structures (Structured Finance)through its platformwww.infrasuisse.com.

Verwaltungs- und Privat-Bank AG

Contact Information AddressAeulestrasse 6 9490Vaduz Telephone No +423 235 66 55 FaxNo +423 235 65 00 E-mail Address for General Enquiries Format of Personal E-mail [email protected] Web Address www.vpbank.com

Company Information KeyPerson Mr. Bernd Hartmann YearofEstablishment 1956 Number of Employees 831

Short CompanyProfile Verwaltungs- und Private-Bank Aktiengesellschaft (VP Bank) was foundedin1956and, with 831 employees(775.7 full-time equivalent), is one of the largestbanks in Liechtenstein. It currentlyhas offices in Vaduz,Zurich, Luxembourg, Tortola (British VirginIslands), Singapore, Munich, Hong Kong, Dubai und Moscow.VPBank Groupofferstailored asset management and investment advising for privateclients and intermediaries.The open structure enables clients to benefit from independent advice:productsand services bothfrom leadingfinancial institutions andthe banksowninvestment solutionsare included in the recommendations. VP Bank hasbeenrated A byStandard &Poors.

356 YearYearbookbook 2020009

Volkart ManagementConsultants

Contact Information AddressSchloss Herblingen 8207Schaffhausen Telephone No +4152644 11 54 FaxNo +41 52 644 11 55 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of [email protected] Web Address www.v-group.info

Company Information KeyPerson Mr. GregoryH. Volkart Year of Establishment 1993 Number of Employees4

Short CompanyProfile Management Consultants, Accounting+Controller Functions, Restructuring +Reorganisations.

Walder Wyss &Partners Ltd.

ContactInformation Address Seefeldstrasse 123 8034 Zürich Telephone No +41 44 498 98 98 FaxNo +41 44 498 98 99 E-mail Address for General Enquiries Format of Personal E-mail Addressesinitial of [email protected] Web Address www.wwp.ch

CompanyInformation KeyPerson Mr. Enrico Friz Year of Establishment 1972 Number of Employees 100

Short CompanyProfile ww&p is alawfirmspecializingincorporate and commercial law,corporate finance andM&A, banking law,intellectual propertyand competitionlaw,disputeresolution and taxlaw.

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Wincor Nixdorf AG

ContactInformation AddressStationsstrasse 5 8306Brüttisellen Telephone No +41 44 835 34 50 FaxNo +41 44 835 35 00 E-mail Addressfor General Enquiries Format of Personal E-mail [email protected] Web Address www.wincor-nixdorf.ch

Company Information KeyPerson Mr. Mario Parravicini Year of Establishment Number of Employees 100

Short CompanyProfile

Wineus Investment &ConsultingAG

Contact Information AddressStockerstrasse 45 8027 Zürich Telephone No +41 44 562 1067 FaxNo +41 44 562 1068 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail [email protected] Web Address www.wineus.ch

Company Information KeyPerson Dr. Yves Cheridito Year of Establishment Number of Employees

Short Company Profile

358 YearYearbookbook 2020009

WSD StrategyConsultants(Suisse)

Contact Information AddressRue de la Terrassiere, 11 1207Geneve Telephone No +41 22 735 8000 FaxNo +41 22 736 25 17 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addressesinitial of forenameSurname@wsd- consultants.com Web Address www.wsd-consultants.com

CompanyInformation KeyPerson Mr. William Deflon Year of Establishment 2007 Number of Employees5

Short CompanyProfile Main fieldsofexpertise: corporate strategyand business development, business planning, commercial due diligence, turn-around and business transformation.

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IndividualMembers S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Individual Members (without academic titles)

Surname Forename Company Place Aisher Patrick Kinled HoldingLimited Schaan Markus Bachmann Rolf Lazard GmbHZürich Baumgartner Philip Meilen BertschingerUrs Prager Dreifuss Rechtsanwälte Zürich BiedermannChristoph C. Biedermann Septima Baar Billeter ThomasHerrliberg Bodmer David Bodmer Advisors AG Zürich Bontognali Ivan Lugano BorerChristophe Genève BothPeter Credit Suisse Zürich Bürge Andreas b-impactAGZürich BurkhalterSascha M. Finavision ManagementGmbHHerrenschwanden Cesari Mario TBG ManagementS.A.M. Monaco Claesson UlfWettswil Crevoisier Philippe Aubonne de Vallière Philippe Niederlenz Eriksson AndrewMissionPointCapital Partners Baden Fallegger Georg AlternativeAsset Broker Company(AABC)Wallisellen Fecker Lukas Alvarez&Marsal EuropeLtd London(GB) Fopp Leonhard CONTINUUM AG Zürich Frei Patrik VentureValuation AG Zürich Fuchs Marius QIC Performance Consulting AG Zürich Fülscher Jan Business Angels SchweizMännedorf Grandfils Patrick Clipper Corporate Finance Gockhausen Haemmig Martin CeTIM/Stanford UniversityEnnetbaden Haselbeck FritzZfU Zentrum für Unternehmensführung AG Thalwil HäusermannWalter HäusermannTask Management Horgen Hofer Paul R. PRHGroup Suisse SA Basel Huber Rudolf Axega GmbHWädenswil Huber Matthias Chemolio Holding AG Zürich Hüppi Hansjörg Hüppi AG Winterthur Janson Manuel IntercountryConsulting Corporation Meggen Jeger Rolf Jeger Consult Wollerau Jost Yvan Fortune Management Inc. Zug

362 YearYearbookbook 2020009

Surname Forename Company Place Kobelt Ulrich Zug Kohn Eric F. BaronsFinancial Services SA Genève Kropp Friedrich Kropp Consulting Bollschweil (D) Laville Richard Zürich Lee Walter HeidelRose GmbHPerroy Looser Leo Looser Holding AG Arbon Lüchinger Werner Uitikon Moser Martin Bratschi Wiederkehr &Buob Bern Müller-Känel Oliver Jona Neuville Gérald Heidelberg (D) NixPetra Kirchhoff Consult (Schweiz)AGZürich Oelgarth Arndt Lörrach (D) Pedrazzini Massimo Studio Legale Lugano Peter UweWolfhalden Peyrot Paul Peyrot &Schlegel Zürich Piffaretti Sandro Derendinger Group AG Cham Ramseier Urs CS CorpSanaAGPratteln Reimann Thomas LutzRechtsanwälte Zürich Sägesser Martin InterimsCEO Schindellegi Schlaepfer AlexanderUetikon am See Schlup Robert Sonnenschein Nath &Rosenthal LLTKüsnacht Schönbächler Ernst Samstagern Schönmann Beat Zürich Scriven Thomas H.I.G. European Capital Partners LLP London (GB) Sigg Ralph Tendo Corporate Finance AG Zürich SrivastavaGovind Soleil Capitale Zürich Staehelin MaxR. Basel StehliMartin A.I.M. GroupAGZürich Ström Ola Carlsdorff Partners AG Zürich Tschopp FelixTschopp Corporate Finance AG Zug Vandebroek Jos G.L. Vandebroek Ventures AG Nänikon Vollstedt MarkusVollstedt Consulting Zürich von Salis Ulysses Niederer Kraft &FreyZürich von Tscharner Patrick J. Tscharner Capital Partners Colorado (USA) Wagner Lucian EuroUS Ventures Zürich

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Surname Forename Company Place Wang Zhi Swiss China Consulting GmbHKüsnacht Weibel Matthias P. FAES FinanzAG Wollerau Weigel Winfried Baar Wurmser Michael AstonBrooks International Zürich

HonoraryMembers

Name Surname CompanyPlace Weiss Branco Zürich Wyss Ugo Chiasso

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ArticlesofAssociation

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ArticlesofAssociation

Name, Seatand Duration 1. The SECA Swiss PrivateEquity&CorporateFinance Association is an association in accordancewithparagraph60and followingofthe SwissCivil Code.

2. The domicile of the association is in Zug.

3. The duration of the association is not limited.

Purpose 4. The association is anon-profit-organisation withnocommercial interestsand has the following main purposes:

� To promotecorporatefinance and privateequityactivities in the public and in the relevant target groups; � To promotethe exchange of ideasand thecooperation among members; � To contribute professional education and development of the members and their clients; � To represent the members' viewsand interests in discussion with government authorities andotherbodies; � To establish and maintain ethical and professional standards.

Resources 5. The financial resources of theassociation are based on the following contributions:

� Annual membership fees; � Entrance fees of newmembers; � Donations and subsidies; � Attendance feesfor meetings and other performancesorganised bythe association.

Membership 6. Persons or legal entities resident in Switzerland and Liechtenstein and which are engaged or interested in activities within the purposes of the association are eligibleasmembers. 7. Thereare threecategories of members:

� Full Members:Companies,professionallyinvolved in one or more activities related the purposes of the association (e.g. banks, privateequity or venturecapital companies, corporatefinance and M&A advisors, consulting and auditing firms with corporate finance activities etc.)

212 366 YearYearbbookook 2020009

� AssociateMembers :Companies, interestedinone or more activities related to thepurposes of theassociation,but not having their main business in corporatefinance or privateequity. � Business Angels, Individual Members:Private persons who are activeor interested in the field of corporate finance or privateequity. � Honorary Members:Elected bythe General Assemblyin recognitionof their services rendered to the association.

8. The ExecutiveCommittee has the competenceofadmitting and expelling members. Anyexpelled memberhas theright to appeal to the General Assemblywithin 30days.

9. Themembers are notheld responsiblefor anyliabilityincurred bythe association.

10.The annual membershipfees are set bythe GeneralAssemblyat the request of the executiveCommittee. The ExecutiveCommitteeconsiderseach membershipcategory,the companysizeand eventuallytheearning power of the members in doing so.

Organisation 11. The association comprises thefollowing officialbodies:

� The GeneralAssemblyof the members; � The ExecutiveCommittee(Vorstand) whichnominates; � General Secretaryand; � The AdvisoryBoard(Beirat); � The StatutoryAuditor.

General Assembly 12. The General Assemblyis convenedatleast once ayear bythe Executive Committee or byrequest of at least one fifth of all members.

13. The authorityand the procedure of decision making are specified bySwiss law.

ExecutiveCommittee 14.The ExecutiveCommittee is composed of at least fivemembers. It manages thebusiness and representsthe interests of the association. The members of the executivecommittee are elected on an annual basis.

15. Theassociation is legallybound onlybythe collectivesignature of two members of the ExecutiveCommittee.

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16.The ExecutiveCommittee constitutes itself byelecting aChairman and other designees from amongst its members.

17. The ExecutiveCommittee maydelineatethe operation and representation of theassociation to selectedmembers of theExecutiveCommittee, to the General Secretaryor to third parties. TheExecutiveCommittee is legitimized, the operations, the tasks and the authorities of theselected membersofthe ExecutiveCommittee to define in regulations. The ExecutiveCommittee is authorized to decide in all issuesoreventuallyto decree regulations which are not reserved for the General Assemblyor the StatutoryAuditors bythe articles of association.

18. The ExecutiveCommittee is authorized to nominateanAdvisoryBoardwhich counsel the ExecutiveCommittee regarding factual issues,publications, events, education and relations to other corporate bodies andgovernmental organizations.

StatutoryAuditor 19.The GeneralAssemblywill elect one or more auditors who willsubmit areport to the GeneralAssemblyonceayear.

Change of Articles, Dissolution of Association 20.Anychange of the present articles as wellasthe decision of dissolvingthe associationmust be approved byamajorityof twothirdsofthe members attending aGeneral Assembly.

21. Should the association be dissolved, anycapital will be transferredtoanother association,club or foundation which has the same or similar purpose. The members present at the Final Assemblywill determine the exact usageofleft over capital.

AdditionalLegal Regulations 22. In anycase wherethe articles are notapplicable, rights anddutiesofthe association and of its bodies are subject to the rules set forth in paragraph 60 and following of theSwissCivil Code.

SECA, Grafenauweg 10,P.O.Box4332, CH-6304Zug

Thisisatranslation of the German original.The German version appliesin useofdisagreement.

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ModelDocumentation

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Model Documentation for a Limited Partnership for Collective Investments

unofficial translation of German original byLustenberger Glaus &Partner, Zürich, March 2008

Please note: The following model prospectus including the companyagreement forthe limited partnership for collectiveinvestments is based on the Swiss Federal Act on Collective Investment Schemes and the related ordinances of the Federal Council (referred to belowas the CISO) andofthe Swiss Federal Banking Commission (referred to belowas theCISO- SFBC).

Themodel documentationfor Swisslimited partnerships hasbeen developed jointly by the Swiss Funds Association SFA andthe SwissPrivate Equityand Corporate Finance Association SECA1 .The Swiss Federal Banking Commission has acknowledged and accepted thedocumentation as thebasis for applicationsfor authorization. Owing to time constraints, the Federal Commercial RegistryOffice has not commented on the model documentation.

No singlemodel agreement can cover the wide range of provisions andvariations in company agreements in the privateequityandhedge fundbusiness. The model agreement serves as a basicframework,which will havetobemodified and refined in practice in linewith the requirements of the parties involved. Manyprovisions are optional or need to be adapted to the individual objectives of the partiesconcerned.

In lightofthe broad scope of application covered bylimited partnerships forcollective investment, this model agreement has had to be geared to one basic type of structure.The basic structure in this instance is aclosed-end (i.e. no termination option) private equityfund for afairlysmall number of (qualified) investors, who havejoined together foralimited term (of 6to 12 years).

Under the terms of the CISAand CISO, all types of hedge funds, construction and real estate projects, as well as funds of funds for the aforementioned investments, maybe setupinthe form of alimited partnership forcollectiveinvestment. These are as arule established for longerperiods and/or unlike the present model envisage the possibilityof terminations and subscriptions(after founding). Thereare planstoadapt thepresent model document in line with such purposes.

The associations involved and the Swiss Federal Banking Commission plan to revise the model documentation after approximatelyone year to take into accountthe experience gained with this instrument, which is newin anumber of respects.

1 This documentation hasbeen drafted primarilybyDr.HannesGlaus (attorneyat law,Lustenberger Glaus &Partner, Zurich)onbehalfofthe twoassociations. 370 370 YearYearbookbook 20020099

Model Prospectus2 for aLimited Partnership for Collective Investments

including Model Partnership Agreement

The followinginformation gives abrief partial summaryof thefollowing Partnership Agreement. If the datainthis Prospectus andthe Partnership Agreement overlap, the Partnership Agreement will take precedence.3

Limited Partnership � Name, object and registered office � Capital � Legal structure � Authorizationfrom and supervision bythe Swiss Federal Banking Commission

GeneralPartner AG � Object, name and registered office � Capital and shareholders � Board of Directors � Auditors

Executiveofficers, [Names and background,specificallyregarding keypersons qualificationsand track record]

[Investment manager, advisor, administrator, [onlyinthe case of delegation:] insofarasthe said are envisaged] � Information on the companies and persons to whommanagement and/or representation or parts thereofhavebeen delegated. � Reference to significant agreements.

[ Advisory Board,insofarasenvisaged] [Function] [Names and background,specificallywith regard to qualifications and track record]

Object, investments, investment policy � Object � Investment policy: -stage of the investments (e.g. venture/early stage, buyout, etc.) -geographicalfocus -sector focus(e.g. biotech, etc.) � Investment restrictions: exclusion of � Risk diversification: no more than [x]%per investment, diversificationinterms of geographicalmix,stages, etc. � Investment techniques

2 Pursuant to Art. 102. 3CISA, the aboveProspectussets outthe investment policy.All other aspects listed in thismodel documentation are optional. However, in thecase of larger limited partnerships in particular, more detailed information is both advisable and customary.Itshouldbenoted that, from the legal perspective, changes to the Partnership Agreementare subject to theapproval of the SFBC, but changestothe Prospectus are not. 3 In principle, informationthat is also contained in the PartnershipAgreement must be provided onlyin summaryform, with areference to the corresponding sectionsofthe Agreement. 371 371 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

� Details on theselection and monitoring processes

Paying Agent and Custodian 4 [Name,etc.]

Auditors [Name,etc.]

Risks � Illiquidity,total loss of an investment,etc.

Term [ ]

Limited Partners; subscription Qualified investors, restrictions (US investors, etc.) Keysubscriptioninformation: � Subscriptionperiod: [initialand second] closing � Minimumsubscription: institutional/private investors

Reporting � Valuation, reporting, companymeetings � Corporate governance: SECA Code of Conduct

Further information � Overviewof costs � Taxaspects � Co-investments

[Glossary] [Typical private equityterms]

4 Acustodianisnot mandatory,and makessense aboveall for listed securitiespursuant to Art. 54 CISA. 372 372 YearYearbookbook 20020099

[ ] to be filledout Model Agreement for a Limited Partnership for Collective Investments

between [name of GeneralPartner-AG], [street], [town/city] ,asgeneral partner (referred to belowas General Partner-AG ) and theLimited Partners pursuant to theregisterinthe appendix (referredtobelowas theLimited Partners)

TABLEOFCONTENTS

PreliminaryRemarks ...... 374 I. The Limited Partnership ...... 374 AName, Object, and Governing and ExecutiveBodies...... 374 BTerm...... 374 II. Capital ...... 375 ALimited Partners Capital...... 375 BAdditional Capital...... 375 CSubscription ...... 376 III. Investments ...... 377 IV. Limited Partners ...... 377 APowers...... 377 BRight to ReceiveInformation; Confidentiality...... 378 CLiability...... 378 DTransfer of Participations...... 378 EDeath, Insolvency,Incapacityand Expulsion of aLimited Partner ...... 379 V. CompanyMeeting ...... 379 APowers...... 379 BCalling of theCompanyMeeting...... 380 VI. General Partner-AG ...... 381 AManagementand Representation...... 381 BResponsibilityand Delegation...... 383 VII. Accounting, Distribution of Income and Auditors...... 383 AAccounting, Valuation andReporting...... 383 BRepayment of Capital andAppropriation of Income ...... 384 CAuditors...... 384 VIII. Miscellaneous Provisions ...... 385 ADissolution ...... 385 BNotices...... 385 CArbitration...... 385 DEntryinto Force...... 385 Appendices...... 385 Subscription Form ...... 385 [Definitions]...... 385

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Preliminary Remarks The Limited Partners and General Partner-AG as generalpartner intend to establish a closed-endlimited partnership forcollectiveinvestments in [investment area].The Limited Partnership is based on the provisions of the SwissFederal Act on Collective Investment Schemes of 23 June 2006(referred to belowas the CISA),the Collective Investment Schemes Ordinance(referred to belowas the CISO ) as well as the provisions of theSwissCode of Obligations(referred to belowas the CO).Itissubject to the supervision of the Swiss Federal Banking Commission.

I. The Limited Partnership

AName, Object, and Governing andExecutive Bodies

1. Under thename [nameoflimited partnership] Limited Partnership for Collective Investment (referred to belowas the Company ), acompanyhas been established as alimited partnership for collectiveinvestment pursuant to Art. 98 et seq. CISA. The Companyhas its registered office in [town/city] .

2. The sole objectiveofthe Companyis acollectiveinvestment in [investmentarea]5 pursuant to Section 21 et seq. below.The Companyis entitled to undertake anyactions and legal transactionstodirectlyor indirectlyachieveits objective.

3. The governing and executivebodies of the Companyare (a) the Company Meeting, comprisingthe Limited Partners and the General Partner-AG, (b) the General Partner- AG and (c) the Auditors6 .

4. In addition, theCompanywill appoint aPaying Agent [and aCustodian]7 .

BTerm

5. The term of the Companyis [number of years (e.g. eight)]8 subject to anyextensions as determined bythe CompanyMeeting(cf. Section39b below).

6. Following theconclusionofthe subscription period, the Companywill investthe capital in portfolio companies pursuant to Section 21 during the investment phase of up to [numberofyears (e.g. 3-5)] (referred to belowas the Investment Phase).Inthe years thereafter,the activitiesofthe Companywill concentrate on the management and gradual liquidation of the portfolio companies.

5 Example in the case of aventure capital fund: in risk capital, specificallyparticipations in young companiesingrowth sectors with high value creation . 6 The Auditors aresubject to the requirements of Art. 134 et seq. CISA; theyare akeyelement in the supervisoryefforts of the SFBC. Given that the supervisionisprimarilylinked to the General Partner-AG, the same Auditors should be appointed for both companies. 7 The appointment anduse of acustodian is onlyrequired if the Companyholdslisted securities pursuant to Art. 54 CISA. In the private equitybusiness, but also in the case of construction andreal estate projects, the investmentsare generallynot made in the form of listedsecurities. 8 In theventure capitalsector,aterm of eightyears withtwoextension optionsoftwoyears each is a common scenario. 374 374 YearYearbbookook 2020009

7. Newinvestments areonlypermitted in the exceptional cases set out in this Agreement. Furthermore,subject to these exceptions (cf. Section 39a), anyprofit from the sale of individual investments will not be reinvested, but distributed to thepartners in accordance with this Agreement. II. Capital

ALimitedPartnersCapital

8. Thelimited partners contribution is CHF [amount in numbers] ( [amountinwords]), divided into [numberoflimited partnership shares] shares of CHF [amount in Swiss Francs] (referredtobelowas Limited Partnership Shares ). The Limited Partners pay in their proportion of the limited partners contribution when the Companyis founded. This contribution is entered in the Commercial Register as abasis forliabilityand is repaid onlyupon the liquidation of theCompany 9 .

9. The GeneralPartner-AG, its executiveofficers pursuant to Art. 119(3) CISO and any other founders (provided theymeet the requirements for qualified investors) are entitled to subscribedirectlyor indirectlyup to [percentage rate]%ofthe limited partners contribution (theyare referred to belowas Founding Limited Partnersand Founding Limited Partnership Shares ). The following provisions relatingto additional capital and minimumsubscriptions do not applyto the FoundingLimited Partners.

BAdditional Capital

10.With the exception of the Founding Limited Partners10 ,the Limited Partners undertake when subscribing Limited Partnership Sharestoprovide an additional financial contribution equal to [number] times the subscribed Limited PartnershipShares (referred to belowas Additional Capital). Internally,the Additional Capital represents equitybut is not entered in the Commercial Register anddoes not form abasis for liabilityof the Company;itmaybe repaid at anytime subject to acorresponding resolution byGeneralPartner-AG in accordance with the present Agreement.

11. Notwithstandingthe rules on the distribution of income (Section 73 et seq. below), interest will not be paid on the Limited Partnership Shares and the respectiveproportion of the AdditionalCapital (referred to jointlybelowas the Participation ).

12. The Limited Partners must payin theAdditional Capital in one or more installments within [number of days, (e.g. ten)] business daysupon receiptofarespectiverequest from the General Partner-AG. Once the Investment Phase has expired pursuant to Section 6, the GeneralPartner-AG mayonlydemand payment of the uncalled Additional Capital on thebasis of aresolution passed bythe CompanyMeeting [orby the AdvisoryBoard if applicable] (cf. Section39a). An exception applies onlyto the calling of Additional Capital to cover anycosts (including the remuneration of the General Partner-AG) [and for investments permitted to be made after theInvestment

9 It is also conceivable to havedifferentcategoriesofLimited Partnership Sharestoreflect different interests. 10 Founding Limited PartnershipSharesconferthe sameprofitdistribution rights as theother Limited Partnership Shares, butwithout theobligation to provide AdditionalCapital. In the present model, therefore,distribution rights (the so-called"carried interest") can be vestedasFounding Limited PartnershipShares. Such vesting is notmandatory,inparticular notifthe General Partner-AGholdsthe FoundingLimited Partnership Shares. 375 375 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Phase pursuant to this Agreement or byresolution of the CompanyMeeting (Section39a] .

13. If aLimited Partner, despite receivingareminder, fails to remit the demanded payment of Additional Capital within thirtycalendar daysofreceipt of thereminder, its Participation maybe sold to the highest bidding Limited Partner in accordance with the rules on the transfer of Participations(Section 33 et seq.). The GeneralPartner-AGis responsiblefor the respectivetransaction. If no Limited Partner is willing to take over the Participation(together with the respectiveobligations as to Additional Capital), the General Partner-AG may,atits owndiscretion, offer the said Participation to external third parties.

14. The sale of Participations is onlypermitted if the acquiring partyalso assumes the obligation to payin the Additional Capital. Interest will be charged bythe Companyon anyoutstanding installmentsfor Additional Capital at [percentagerate, (e.g. 1)]%per month. Anyfurther damage claims are reserved.

CSubscription

15. The subscription period will run until [date].During this period, the General Partner-AG mayfound theCompanyand conduct oneormorecapital increases.11

16. Bysigning the subscription form as per theappendix(referred to belowas the Subscription Form), subscribersirrevocablyundertaketoforthwith payin the corresponding limited partner's contribution and, when called upon to do so bythe GeneralPartner-AG, to payarespectiveproportion of Additional Capital. All payments shall be made within theperiod set downinSection 15.

17. The minimumsubscription amount per subscriber or Limited Partner is CHF [amount in CHF] (limited partners capital and Additional Capital).

18. At the time of the subscription, subscribers must be qualified investors pursuant to Art. 10.3 CISA and Art. 6CISO or FoundingLimited Partners. Furthermore, subscribers must meet thefurther requirements and conditions set downinthe Subscription Form. Theymust provide the information and documents requiredtocarryout the General Partner-AG's tasks. The Companymayinsist on arepurchase of Participationsprovided it has sufficient financial resources and it is established thatcertain investors do not meet the relevantrequirements.

19. If astipulation given in aSubscription Formproves to be incorrect and the aforementioned requirements are therefore not met, the corresponding Participation shall be sold pursuant to Section 13. Moreover, thesubscriber shall be liable for any damage incurred.

20.The General Partner-AG is free to decide at its owndiscretion whether to accept subscriptionsornot; it mayreject subscriptionswithout giving anyreasons.

11 Acommon provision is thatthe General Partner-AGmayextend the subscription period or mayordera further subscription(asecond closing). 376 376 YearYearbbookook 2020009

III. Investments 21. The Companywillinvest in [specific investment purpose, e.g. investments in venture- stage high-tech firms in Europe]. 12

22. [Details on: investment policy,investment restrictions, risk diversification, risks and investment techniques:13 � stage of the investments (venture/earlystage, buyout, etc.) � geographical focus � sector focus(biotech, etc.) � investment restrictions: exclusion of � risk diversification: no more than [percentage rate]% per investment, diversificationin terms of geographical mix,stages,etc. � investment techniques pursuant to Art. 102(1)(h) CISA14 � possiblyinformation on -due diligenceprocess -milestones, monitoring]

23. [Provisions regardinginvestmentsmade bywayof exceptionafter the Investment Phase has expired] . IV. LimitedPartners APowers

24. Each Limited Partnership Share confers the righttoaproportionate shareinthe assets and profit of the Company(pursuant to Section 73 et seq.) and to onevote at the CompanyMeeting; the Founding Limited Partners do not participate in the Additional Capital. The Limited Partners exercise their voting rights at theCompanyMeeting.

25. The Limited Partners havenomanagement powers. If the General Partner-AG has a conflict of interests or is unable to make adecision for other reasons, the Company Meeting [or the AdvisoryBoard in its place] maytakethe corresponding basic decision. The GeneralPartner-AGisresponsible forthe implementation of such decisions and the related work (preliminarychecks, etc.).

26. The Limited Partners mayconductother business activities and participate in other companies fortheir ownaccount and for the account of third parties.

27. [The Limited Partners (including theFounding Limited Partners) are entitled to invest directlyin portfolio companies of the Company(referred to belowas Co- Investments), provided the other LimitedPartners are not disadvantaged as aresult and the equal treatment of the Limited Partners is ensured. The General Partner-AG [and the AdvisoryBoard]shall decideonthe permissibilityandthe respectiveconditions of Co-Investments.]15

12 In the privateequitysector, for example, it is customaryto provideinformationonthe industry, geographical location, and stage of investment (earlyand late stage, buyout).Inthe case of funds of funds, and particularlyfor hedgefundsand real estateprojects, the description of the investments may be different. 13 Details might also be given on minimumand maximuminvestments, borrowing, grantingloans, thresholds, lending limitations in respect of anyinvestments, therebyspecifying therespective thresholds. 14 Achievingaleverageeffect is rather unusual in the private equitysector, an exception beingso-called over-commitments,especiallyin the fund of funds segment. 15 It is advisabletoissue separate regulationsfor therespectiveconditions, e.g. precedence of the Companywithregard to theinvestmentsand liquidation. 377 377 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

BRight to Receive Information; Confidentiality

28. Subject to thetrade secrets of the companies in which theCompanyinvests, the Limited Partners havethe right to inspect the books of the Company,provided that the Companyinterestsare not jeopardized.Inaddition, the Limited Partners are entitledto receivereports pursuant to Section 66.

29. Upon writtenrequest, the General Partner-AG shall grant the Limited Partners access to the books within twocalendar weeks. If the General Partner-AG refuses to grant any inspection it must, upon application byaLimited Partner, instruct the Auditors to carry out the necessaryinvestigations and to provide information.

30. [The Limited Partners must adhere to adutyof confidentiality.]16

CLiability

31. Limited Partners are liable both personallyand jointlyand severallyin respect of the Companys debt, albeit onlyup to the amount of the respectivecontribution subscribed to byanyindividual Limited Partner.

32. The Limited Partners are not liable to the Companys creditors during theterm of the Company.The commencement of insolvencyproceedingsagainst aLimited Partner does not per se result in liabilityfor debts of the Company.

DTransfer of Participations

33. The Limited Partners cannot terminate their Participations or return them to the Companyin anyother manner. Theymaysell their Participation (together with the obligationregarding Additional Capital) to other Limited Partners or third parties provided and insofar as the other parties are willing to accept atransfer of the Participation pursuant to Section 13 and the number of Limited Partners does not fall belowthe minimumoffive. Furthermore, the acquiring partymust be aqualified investor. Transfers to external third parties must be approved in advance bythe General Partner-AG.

34. Participationsmust first be offered to the other Limited Partners and will be attributed to the highest bidder. Partial offers are permitted and will be taken into accountin descending order of thebids. In theevent of equal offers, Participationswill be allocated in proportion to the holdings of Limited Partnership Shares of the respectiveparties.

35. ALimited Partner willingtosell must notifythe General Partner-AG,which shall forward the offer to the other Limited Partners. The latter must provide aresponse within [period, e.g. one calendar month].Ifnoresponse is received within this period, the party concerned will be deemed to haveforfeited its respectiveright. Anyother responses relating to thetransfer must also be given within one month to the General Partner-AG.

16 Adutyof confidentialityis customary,but not required bylaw. 378 378 YearYearbbookook 2020009

EDeath, Insolvency,Incapacityand Expulsion of aLimitedPartner

36.The death, insolvency,incapacity,etc. of aLimited Partner will notresultinthe dissolution of theCompany.The Companyauthorizes the General Partner-AG to expel anyinsolvent Limited Partners and to take over their Participationinaccordance with Art. 615 (in conjunction with Art. 578) CO for the Companys account, provided no Limited Partner or external third partyis willingtodoso.

37. The GeneralPartner-AG mayexpelfrom the CompanyaLimited Partner which no longer meets thesubscription requirements (cf. Section18);the same applies for other cases pursuant to Art. 105(1) in conjunction with Art. 82 CISA. V. Company Meeting

APowers

38. The CompanyMeeting maytake decisionsifmore than half of all Limited Partnership Shares are represented. If this quorumisnot reached, the General Partner-AGshall call asecond meeting, which maytake decisionswithout fulfillingthe necessaryquorum.

39. The CompanyMeeting decides byabsolute majorityof all votes represented on all matters that havenot been delegated to the General Partner-AGunder this Agreement, includinginparticular the matterslisted below. 17 If an absolute majoritycannotbe achieved, the General Partner-AG maysubmit thematter to anewlyconvened second meeting, which will take decisionsbysimple majority.

a) calling of Additional Capital upon expiration of the Investment Phase, and the reinvestmentofassets from the proceeds of investments;

b) extending the termofthe Companyon amaximum of [number of extensions (e.g. two)] occasionsby [numberofyears (e.g. two)] years each;

c) management decisionsthe General Partner-AG has submitted to the Company Meeting because of aconflict of interests or for other reasons;

d) approving annualfinancial statements;

e) electing the Auditors;

f) electing or dismissing members of the AdvisoryBoard;

g) discharging the GeneralPartner-AG from liability;

h) amending the CompanyAgreement,provided such amendments are not governed bythe provision belowor concern inalienable rights of anyLimited Partners.

40.The following matters require aqualified majorityof [e.g. twothirds] of the votes represented:

a) dismissal and/or appointment of the General Partner-AG;

17 The listeditems servepurelyas examplesand maybe freelyvaried. 379 379 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

b) approval of arestructuring or replacement of the General Partner-AG in the event of the departure of keypersons as designated in theprospectus ;

c) delegation of management powers bythe General Partner-AG to third partiesand significant changes to therespectiveconditions;

d) changes to theinvestment policyandguidelinespursuant to Section 21 et seq.;

e) prior dissolution and liquidation of theCompany;

f) appropriationofliquiditysurpluses exceeding the planned repayments;

g) extending the term of the Companybeyond the extension as per Section39b above;

h) appointing an AdvisoryBoard and determining its powers.

41. The General Partner-AG must inform the supervisoryauthorityin advance of resolutions bythe CompanyMeeting concerningamendments to the present Agreement or to the GeneralPartner-AG.18

BCalling of theCompany Meeting

42. The GeneralPartner-AGisresponsible for theproper convocation of the Company Meeting. The Meetingmust be calledatleast one calendarmonthinadvance. Such call notice must include information on the agenda items, enclosing the necessary documents.

43. Upon application of the GeneralPartner-AG, the CompanyMeetingmaybe held without physical attendance bywritten approval of the motionssubmitted bythe General Partner-AG, unless the holders of more than 10%ofall Limited Partnership Shares object.The aforementioned majorityrequirements will also applyto the passing of such resolutions (cf. Section 38 et seq.).

C [Advisory Board]19

44.AnAdvisoryBoard maybe set up bythe Founding Limited Partners, or at alater stage bythe CompanyMeeting. The AdvisoryBoard represents theinterests of the Limited Partners and advises and supervises the management. It is entitled to obtain informationfrom the GeneralPartner-AG on the managementofthe Companyand to inspectthe Companys books. The AdvisoryBoard mayexercise certain of the powers granted to theCompanyMeeting; this applies in particular to the resolutions pursuant to Sections 39ato39c.

18 Cf. Art. 16 CISA. 19 The appointment of an AdvisoryBoard is optional and the structure lies to alargeextentwithin the discretionofthe Limited Partners or Founders; an AdvisoryBoard is typicallyset up upon establishment of acompany. 380 380 YearYearbbookook 2020009

45. The AdvisoryBoard has the followingspecific powers: � [exercising all powers delegated to it bythe CompanyMeeting;] � [decisionsonconflictsofinterest between the General Partner-AG and theCompany and/or the Limited Partners;] � [ ]

46.The AdvisoryBoard has [at least three] members. It is elected upon the establishment of the Companyor thereafter bythe CompanyMeeting. The members of the Advisory Board maybe dismissedatanytime bythe CompanyMeeting.

47. The GeneralPartner-AGshall send arepresentativetothe meetings of theAdvisory Board. This representativeshall however onlyhavethe right to participate in the meetings, but no voting rights. The members of the AdvisoryBoard neednot be Limited Partners.

48. The AdvisoryBoard maytake decisionsifmore than half of its members are present. Resolutionsbythe AdvisoryBoard must be taken bythemajorityof the members present. [In the eventofanequal vote, the Chairman will havethe casting vote/a new meeting will be convened/thematter will be referred back to theCompanyMeeting.]

49. The members of the AdvisoryBoard are subject to adutyof confidentiality,also after expiration of their term. Theymust disclose all current and potential conflicts of interest; where appropriate theymust abstain to vote and maynot participate in consultations.

50.The Companywillappropriatelyremunerate themembers of the AdvisoryBoard forthe expenses related to their mandate; [there will be no other remuneration fortheir activities]. VI. General Partner-AG

AManagement and Representation

51. TheGeneralPartner-AG is solelyresponsible forthe management of theCompanyin accordance with the CISA and CO. General Partner-AGsigns on behalf of the Companyin accordance with its regulations on authorized signatories.20

52. General Partner-AG is responsible forthe operationalbusiness of the Companywithin the frameworkofthis Agreement. General Partner-AG shall evaluate potentialportfolio companies, structures anddecide on anyinvestments of the Companyin such portfolio companies. General Partner-AG shall continuouslymonitor the portfolio companies, specificallywith regardtotheir achievement of setparameters (milestones). It is entitled to intervene in the management of the portfolio companies at its owndiscretion and, among other things, to take up apositiononthe board of directors of thecompanies in question.

53. General Partner-AG shall decide on the calling of AdditionalCapital and its repayment. Subject to the exceptions set downinthis Agreement,the calling of Additional Capital is permitted onlyduringthe InvestmentPhase.

54. GeneralPartner-AG may,inprinciple, investthe capital of the Companyonlyonce. Liquiditythatisnot required and the proceeds from the sale of portfolio companies are repaid to theLimited Partners on an ongoing basis, subject to the provision of an

20 As arule, joint signature bytwoauthorized signatories of General Partner-AG. 381 381 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

appropriate level of liquidityfor theCompanyand theexceptions set downinthis Agreement.

55. General Partner-AG must observestrict confidentiality,and must also impose this obligation on its executiveand governing bodies, employees and advisors.

56. General Partner-AG is responsible forkeeping the Companys books of accountand providing regular reportstothe Limited Partners. It must keepand updatethe registerof Limited Partners and the capital accounts of the Limited Partners. It appoints the Custodian andthe Paying Agent. In accordance with Section33etseq., it decides at its owndiscretion on anytransfer of Participations(including commitmentsfor Additional Capital) to third parties.

57. General Partner-AG mayonlybe thegeneralpartnerinthis Company.Itmayconduct otherbusiness transactions for its ownaccountand for theaccount of third partiesor participate in other companies if such actionsare disclosedand the interestsofthe Companyare not impaired, or if the CompanyMeeting [or AdvisoryBoard] has explicitly approved the businesstransaction in question (Section 39c).

58. General Partner-AG [and persons associated with it] maynot conduct anybusiness transactions or pursueanyother interests that conflictwiththe interests of the Company or that might lead to such aconflict of interests, except in cases where such transactionsare approved bythe CompanyMeeting [the AdvisoryBoard if applicable]. Anyremuneration and benefits (management fees, trailer fees, etc.) it receives in connection with its function for the Companymust be passedontothe Company.

59. General Partner-AG must inform the CompanyMeeting [the AdvisoryBoardif applicable] about all business transactions in which it, itsexecutiveofficers, or persons associated with General Partner-AG or its executiveofficers haveadirect or indirect interest that might conflict with the interests of theCompany. 21 TheCompanyMeeting [the AdvisoryBoard if applicable] will then decideonthe further action to be taken. The executiveofficers must be listed in theprospectus.

60.For its activities, General Partner-AG will receiveafixed remuneration of [percentage rate]%p.a. of the amount of the total capital(Limited Partnership Shares and Additional Capital). 22

61. [Share of profits] 23

21 Includingpreceding andsuccessor funds that invest in the same portfolio companies, etc. 22 There are anynumberofvariationsinpractice; manycompaniesenvisageareduction in the percentage rate and the basis(e.g. on thevalue of the remaining investments) after the Investment Phasehas expired. 23 The share of the profits of theGeneral PartnerofGeneral Partner-AG is equallyimportant. Theshare of profits referred to in theprivate equitybusiness as carriedinterest isgenerally20%ofthe profits. This is mostlycarried outbyadirect allocation of this share to the General Partner as part of the distribution of profits to the Limited Partners. This method is commonlyusedworldwide, and is also entirelyconceivableunder the CISA. In the present model documents, the share of profits is distributed via the Founding LimitedPartnership Sharespursuant to Sections 9and 10. 382 382 YearYearbbookook 2020009

BResponsibility and Delegation

62. General Partner-AG is liable to third parties for the Companys debts. The liabilityis unlimited and secondary.General Partner-AG maybe sued bythe Companys creditors onlyif the Companyhasbeen dissolved or unsuccessfullysued for collection byother parties,orifthe Companyitself has become insolvent.

63. General Partner-AG must ensure compliance withthis Agreement and anyAppendices as well as with thepertinent legislation, specificallythe CISA. It mustmake the required reports to thesupervisoryauthorityandprovide information requested bythe latter.

64. General Partner-AG mayappointanexpertadvisorybody,the remuneration of which mustbepaid out of the fee of General Partner-AG.The said bodyhas apurelyadvisory function;ithas no management or representationpowers.

65. General Partner-AG maydelegate the followingpowers to qualified external third parties:24 � [ ] � [ ]25

66. Managementpowers maybe delegatedonlyto appropriatelyqualified persons or companies; General Partner-AG must ensure the diligent instruction, monitoring and controlling of such delegated parties.

VII. Accounting, Distribution of Income and Auditors

AAccounting, Valuation and Reporting

67. General Partner-AG mustissue aquarterlyreport on business performance. The Annual Report must contain the information specified underArt. 89 CISA.26

68. The financialyear of the Companyis the [calendaryear].The reference currencyis [ ].

69. General Partner-AG must keep acapital accountfor each Limited Partner. This account is used to hold the Limited Partnership Shares subscribed bythe Limited Partner and the Additional Capital, the depositspaid in respect of thelatter andthe amounts reimbursed to the Limited Partner in respect of the Additional Capital and the limited partners contribution, as well as theproportion of income paid out to them. [Additional current account, possiblyalosscarry-forwardaccount] .

70.The Companymust keep separate accounts forcapital gains on the one hand and interest and dividends on the other.

24 Delegationispermitted provideditisinthe interests of efficient management (Art. 119 CISO). In addition, theCompanyAgreementmust containprovisionsonthe delegation of management or representation(Art. 102CISA). The content and scope of the delegation together with the namesand addresses of the delegatedparties aretobelisted in theprospectuswhere applicable, with referenceto thecorresponding agreements where applicable. 25 Art. 119 CISO refers to the delegation of investment decisions. Delegation will often also affect administrativefunctionssuch as accounting andreporting, or support functionssuchasdue diligence, monitoring, etc. 26 Asemi-annual report with abalance sheet and income statement is not required. 383 383 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

71. The valuation of the assets and liabilities, specificallythe portfolio companies, will be based on thefollowing principles.27 � [ ] � [ ]

72. [Other accounting principles].

BRepayment of Capitaland AppropriationofIncome

73. General Partner-AG willdecide at its owndiscretion on the amount and timing of distributionsofearnings and capital gains realized during the financial year, provided sufficientliquidityis availableand appropriate reserves havebeen created for the current and foreseeable obligationsofthe Limited Partnership (includingmanagement costs and anyfinancing commitments). Provided the provisionsofthis Agreement are met, the Companymaydistributerealized earningsand capital gains at anytime.

74. Subject to anytaxes or other sovereign duties (includinganywithholding tax), all distributionsofdisposable earningsand capital gainsaccounted for as described in Section 73 will be madeinaccordance with the following principles(after the liabilities and anydebts of the Limited Partnership havebeen covered):28

a) firstly,tothe Limited Partners in relation to thecalled Additional Capital, until the latter has been repaid in full;

b) [secondly,tothe LimitedPartners in relation to the called Additional Capital, until the distribution of an amount corresponding to [percentage rate]% p.a. of the called Additional Capital;]

c) thereafter, to the LimitedPartners in relation to their Limited Partnership Shares.

75. After the liquidationofthe Limited Partnership, the Limited Partners will receive repayment in respect of their Limited Partnership Shares provided these are not usedto cover liabilitiesorthe liquidation costs of the Limited Partnership.

CAuditors

76. The Auditors29 are appointed for the first time when the Companyis founded. Any dismissal or newappointment will be made bythe CompanyMeeting from the groupof auditing firmsrecognized bythe Swiss FederalBanking Commission. The tasks of the Auditors are determined bythe CISA and the present Agreement.

27 The agreementshouldlist the most important valuationprinciples.Inmost cases, it also makes reference to the rulesofthe corresponding associations. SECA (SwissPrivateEquityand Corporate FinanceAssociation)istobementioned.Its guidelinescorrespondlargelyto those of the EVCA (EuropeanVenture CapitalAssociation)and the InternationalPrivateEquityand Venture Capital Valuation Guidelines. The US privateequityguidelines(issued byPEIGG) arealso verysignificant. 28 Almost everyoption is used in practice; the order of appropriation of incomedescribedinthiscase has been kept deliberatelysimple and serves onlyas an example. 29 The same auditors as for General Partner-AG; cf. footnote to Section3. 384 384 YearYearbbookook 2020009

VIII.Miscellaneous Provisions

ADissolution

77. The Companywillbedissolved if oneofthe following events occurs:

a) if the minimumnumber of Limited Partners required under theCISA is notreached within thesubscription period;

b) upon expiryof the term, including anyextensions,pursuant to the present Agreement;

c) byresolutionpassed bythe Limited Partners (Section 40e);

d) bydecision of the competent authorities.

BNotices

78. Notices to theLimited Partners and General Partner-AG must be made in writing, byfax or email. Theonus of proof of dispatch and receipt lies with thesender.

CArbitration

79. Anydispute, controversyor claimarising out of or in relation to this Agreement including the validity,invalidity,breach or termination thereof, will be resolved byarbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Chambers of Commerce in force on thedate when the Notice of Arbitrationissubmitted.

80.The number of arbitrators will be three. The seat of arbitration will be [place] .The arbitral proceedingswillbeconductedin English.

81. The rights of the investor and powersofthe supervisoryauthoritypursuant to the CISA are reserved.

DEntry intoForce

82. The Agreement will become legallyeffectiveupon its approval bytheSwiss Federal Banking Commission and with the subsequententryof theCompanyin the Swiss Commercial Register.

[Place, date: signatures]

Appendices

Subscription Form

[ containsprovisions relating to theidentification for KYC purposes, nationalityrequirements (US residents) and qualification pursuant to Art. 10CISA andArt. 6CISO, etc.]

[Definitions]

385 385 S �• E �• C �• A SSwwississ PPrriivvaateteEEqquuityity &CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Musterdokumentation für ein Term Sheet für Business Angels und VentureCapitalists

Mitgewirkt haben: Christian Wenger, Dr. iur., Wenger &Vieli, SECA Vorstandsmitglied Hannes Glaus, Dr. iur. Lustenberger Glaus &Partner, SECA Vorstandsmitglied Florian Schweitzer, BrainsToVentures AG, SECA Vorstandsmitglied Maurice Pedergnana, Dr. oec., SECA Geschäftsführer

Term Sheet

[Gesellschaft]

Finanzierungsrunde Serie [xxx] Vorzugsaktien [Datum]

Gesellschaft [Nameder Gesellschaft]

Investitionsbetrag [Betrag]

Investoren [Investoren]

Art der Aktien [Namenaktien/Vorzugsaktien]

AnzahlAktien [Zahl]

Preispro Aktie [Preis]

Bewertung [Bewertung] (pre money)

Kapitalisierungstabelle [siehe Beilage 1]

212 386 YearYearbbookook 2020009

1. Allgemeines

[Zielsetzungen]

Im Rahmen der FinanzierungsrundeSerie [xxx] werden [xxx] Aktien mit Vorzugsrechten ausgegeben.Die Vorzugsrechte werden nachfolgend in Ziff. 7bis 9definiert und im Beteiligungsvertrag zwischenden Investoren und der Gesellschaft verbindlich vereinbart.

2. Verwaltungsrat

Der Verwaltungsrat besteht aus mindestens drei Mitgliedern.

[Jeder] Investor hat Anrecht auf die Bestellung eines MitgliedsimVerwaltungsrat.

Der Verwaltungsrat trifft sich, sooft es die Geschäfte erfordern, mindestens aber fünfmal pro Jahr. Die Sitzungen können entweder physischoder im Rahmenvon Telefonkonferenzen durchgeführt werden. Die Verwaltungsrätewerden für ihre Aufwendungen/Spesen entschädigt.

[Dem Präsidenten des Verwaltungsrates kommt der Stichentscheid zu.]

[Die Gründer haben Anrecht auf die Bestellung eines Verwaltungsrates]

[Nach Abschluss der Transaktion suchen die Parteien gemeinsam einen unabhängigen Verwaltungsrat mit besonderen Fach- und/oder Marktkenntnissen.]

[Als erster Präsident des Verwaltungsratswird[derVertrerter der Investoren] bestimmt.]

[Hinweis: Normalerweise besteht derVerwaltungsrat (VR) aus drei Personen, wobei jeweils ein VR-Mitglied aus dem Kreis der Gründer, den Investoren undaus einemunabhängigen Experten stammt.Jenach Beteiligungshöheder Investoren besteht ein Verhandlungsspielraum in der Ernennung desInvestorenvertreters als Präsident des Verwaltungsrats.]

3. Zustimmungsbedürfnis

Wesentliche Geschäftsführungsmassnahmen der Gesellschaft bedürfender Zustimmung des Verwaltungsrats.Die zustimmungspflichtigenGeschäfte sind in der Beilage 2dieses Term Sheetsgesondert dargestellt.

4. Informationen

Die Investorenerhalten unaufgefordert aufeiner Monats- und Quartalsbasis nicht revidierte Geschäftszahlen, bestehend aus Bilanz,Erfolgsrechnung,Liquiditätsplan und einem Managementkommentar zum Geschäftsgang.Die Investoren haben [über den

213 387 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Investorenvertreter im Verwaltungsrat] das Recht, jederzeit die Bücher der Gesellschaft auf eigene Kosten zuprüfen. 90Tage nach Abschluss desGeschäftsjahres wirdden Investoren der vollständige geprüfte Jahresbericht mit Bericht derRevisionsstelle vorgelegt.

30Tagevor Beginn des neuen Geschäftsjahreslegt die Gesellschaftein Jahresbudget für das darauffolgende Jahrvor, das die Erträge, die Aufwendungensowie die Liquidität auf einer Monatsbasis projektiert.

[Hinweis: Es ist ein Berichtswesen einzurichten, das dem VR und den Investoren eine jederzeitige umfassende Einschätzungder wirtschaftlichen Situation der Gesellschaft ermöglicht. Insbesondere soll das Berichtswesen folgendeElemente enthalten:

- Monatliche (stichwortartige), vierteljährliche (ausführliche) Berichterstattung,deren Inhalte zusammen mitden Investoren festgelegt werden. - Die Vorlage eines jährlichen Budgets ist später durch den VR zu genehmigen.

Darüberhinaus verpflichten sichdie Geschäftsführer,die Investoren zeitnah und unabhängig von den regelmässigen Berichtspflichten über wichtige Ereignisse umfassend zu informieren.]

5. Stimmrechte in derGeneralversammlung

Jede Aktie der Serie [xxx] hat ein Stimmrecht. Die Serie [xxx] Aktionäre stimmen mit Ausnahme der nachfolgend in Absatz2erwähnten Gegenstände mit den gleichen Stimmrechten wie die anderen Aktionäre ab.

Eine Mehrheit der Serie [xxx] Aktionäre wird gebraucht für

a) Alle Beschlüsse gemäss Art. 704Abs. 1OR;

b) Statutenänderungen;

c) Kapitalerhöhungen;

d) Entlastung desVerwaltungsrats;

e) Beschluss über die Ausschüttung von Dividenden;

f) Aktienrückkaufsprogramme;

g) Wahl /Abwahl der Revisionsstelle;

h) [Evtl. weitere]

214 388 YearYearbbookook 2020009

[Hinweis: Unter Art. 704 Abs. 1ORfallen u.a. die Änderung des Gesellschaftszweckes, die Einführung von Stimmrechtsaktien, die Beschränkung der Übertragbarkeit von Namenaktien, die Einschränkung oder Aufhebung des Bezugsrechtes, die Verlegung des Sitzes der Gesellschaftund die Auflösung der Gesellschaft.

Ferner wird die Verankerung eines entsprechenderhöhten Quorums (d.h. die Anzahl der Stimmberechtigten, die bei einer Abstimmung anwesend sein muss oder sich an einer Abstimmung beteiligen muss, damitdiese gültig ist) fürdie vorstehenden Beschlüssein den Statuten empfohlen, da ansonsten eine Gefahr besteht, vertragswidrige GV- Beschlüsse abzuschliessen, welche gesellschaftsrechtlich gültig sind, vgl. Art. 627 Ziff. 11 OR. Durch eine qualifizierte Mehrheit soll den Investoren somit eine aktive Mitsprache zugesichertwerden.]

6. Mitarbeiterbeteiligung

Direkt vor der Finanzierungsrunde Serie [xxx] wird die bestehende Mitarbeiterbeteiligung um [Anzahl] Aktien auf total [Anzahl] Aktien erhöht. Dies entspricht nach Vollzug der Finanzierungsrunde [xxx] einerGrösse von [xxx] Prozent des gesamten Aktienkapitals (fullydiluted). Im Rahmender Mitarbeiterbeteiligung sind [Anzahl] Aktien nach der erfolgreichen Durchführung der Finanzierungsrunde Serie [xxx] frei allozierbar. Die Aktien werdenreserviert für Mitarbeiter, Management, Verwaltungsräte, Berater der Gesellschaft und gestütztauf einen Beteiligungsplan, der durch den Verwaltungsrat der Gesellschaft implementiert wird, zugeteilt. Die Aktien sind grundsätzlich währendeiner Dauer von 4 Jahren nach Zuteilung gesperrt, wobei 25% der allozierten Aktien nach dem ersten Jahrestag unddanach quartalsweise 6.25% frei werden.

[Der Beteiligungsplan kann als Aktien- oder Optionsplan ausgestellt werden.]

[Beteiligungsverträge enthalten übliche Verkaufsrechte und Verkaufspflichten (good leaver /bad leaver).]

[Hinweis: Es gibt die unterschiedlichsten Alternativen, um ein Mitarbeiterbeteiligungsprogramm auszugestalten. Die Gründer sollten dies vor der Kapitalerhöhung geregelt und implementiert haben. Im Interesse der Gründer sollten die Geschäftsführung und leitende Mitarbeiter sowie weitere Schlüsselpersonen der Gesellschaft am Erfolg der Gesellschaft partizipieren. Fully diluted steht fürVerwässerung nach der Kapitalerhöhung.

Optionen haben in derRegel einen höheren Hebel als Aktien, wobei auch ein Mitspracherecht vor dereigentlichen Ausführung der Option im Vergleich zu bereits genehmigtenAktien nicht gegeben ist.]

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7. Liquidations-und Verkaufspräferenz

Im Falle einer Liquidation der Gesellschaft,eines Verkaufs von [50%] oder mehr der Aktien gegen Barmittel oder Anteile des Käufers, einer Verschmelzung, infolge derer die Aktionäre der Gesellschaft weniger als 50%des resultierenden Unternehmens halten, odereines Verkaufs eines Teils oder der Gesamtheit der Aktiven und/oder Passiven der Gesellschaft, erhalten die Investoren der Serie [xxx] aus dem Liquidations- oder Verkaufserlös ihre geleistete Bareinlage bevorrechtigt zurück.

Diese hierin vereinbarte Liquidationspräferenzsoll nur dann gelten, wenn der zu erwartende Verkaufserlös für100%aller ausstehenden Geschäftsanteile (Gesamtkapitalisierung der Gesellschaft) kleiner oder gleich CHF [xxx] ist. Für Beträge über CHF [xxx] soll eine pro rata Verteilung unter allen Aktionären erfolgen.

[Hinweis: Die Liquidationspräferenz dient dem Schutz von Investoren fürden Fall, dass sie zuteuer in das Unternehmeneingestiegen sind. So kann es z.B. sein,dass einInvestor bei einer Post-money Bewertung von CHF 10 Mio. rund CHF 2Mio. investiert hatund entsprechend20% des Unternehmens hält, dasUnternehmendann aber für lediglich CHF 5Mio. verkauft wird. Gäbe es keine Liquidationspräferenz, würde der Investor CHF 1 Mio. ausgezahlt bekommen und dieGründer CHF 4Mio. Die Liquidationspräferenzstellt daher sicher,dass der Investor mindestens sein Investment zurückerhält. Die Verhandlung einer solchen Liquidationspräferenzist üblicherweise im Zusammenhang mitder Unternehmensbewertung zu führen. Eine einfache Liquidationspräferenzist absolut üblich, eine zwei- oder dreifache jedoch sehr unüblich (sie würde bedeuten, dass die Investoren beim Exit, also i.d.R. demUnternehmensverkauf, 2oder 3Mal ihr Investment zurückerhalten, bevor prorata der Restbetrag allen weiteren Aktionären ausgezahlt wird).]

8. Wandlung derVorzugsaktien

Die Investorenhaben dasRecht, ihre Serie [xxx] Vorzugsaktien jederzeit in ordentliche Namenaktien der Gesellschaft zuwandeln. Im Falle der Wandlung erhalten die Investoren für jede Vorzugsaktieeine ordentlicheNamenaktie der Gesellschaft. Der Verwässerungsschutzgem. Ziff. 9bleibt vorbehalten.

Die Vorzugsaktien der Serie [xxx] werden ohne Weiteres in ordentliche Namenaktien unter Aufgabe der Vorzugsrechte gewandelt, wenn die Gesellschaft ein IPO durchführen will und eine verbindliche Festübernahme für neue Aktien im Wert von MinimumCHF [xxx] vorweisen kann.

[Hinweis: Die hier angesprochenen Vorzugsaktien sind marktüblich vorder eigentlichen offiziellen Börsennotierung (IPO) und weichen von ihrer Konstruktion (insb.den beinhalteten Rechten, wie u.a. Liquidationspräferenz) von bereits marktnotierten Vorzugsaktien wesentlich ab.]

216 390 YearYearbbookook 2020009

9. Verwässerungsschutz

alternative Verhandlungsposition: Full Ratchet

Die Investoren werden im Rahmenvon zukünftigen Finanzierungsrunden, bei denenAktien zueinem Preis unter dem Aktienpreis dieserSerie [xxx] Runde ausgegeben werden, derart gestellt,wie wenn diese Finanzierungsrunde Serie [xxx] zum gleichen Preis durchgeführt worden wäre. Die Investoren erhalten dabei das Recht, die entsprechende Anzahl Aktien zum Nominalwertzuzeichnen.

[ alternative Verhandlungsposition: Weighted Average]

[Die Investorenkönnen entsprechendihrer BeteiligungamAktienkapitalder Gesellschaft an späterenFinanzierungsrunden der Gesellschaftzudenselben Konditionender jeweiligen Finanzierungsrunde teilnehmen.

Liegt der Aktienpreis im Rahmen einer späteren Finanzierungsrunde unterdem Aktienpreis, den die Investoren für ihre Beteiligung an derGesellschaft gezahlt haben, erhalten die Investoren pro rata so viele Aktien aus einer kompensierenden Kapitalerhöhung, dass sie so gestellt werden, als hätten sie ihre Aktien zueinem reduzierten Aktienpreis erworben, der sich nach folgender Formel berechnet:

APr=AP1 R

R=(AP1 AP2)*B /(A+B)

APr=reduzierterAktienpreis

AP1 =Aktienpreis der ersten Finanzierungsrunde

AP2 =Aktienpreis der späteren Finanzierungsrunde

A=Anzahl ausstehender Aktien unmittelbar vor Durchführungder späteren Finanzierungsrunde (inklusiveausstehender Optionen)

B=Anzahl neuer Aktiender späteren Finanzierungsrunde

R=Reduzierter Aktienpreis

Diese Bestimmung ist nicht anwendbar auf Kapitalerhöhungen aus bedingtem Kapital zur Befriedigung von Optionsrechten.]

[Hinweis: Die Zeichnungzum Nominalwert soll sicherstellen, dasdie Investoren den gleichen prozentualen Anteil am Unternehmenhalten wie vorder Kapitalerhöhung. Je nach Anteilshöhe der Investoren besteht ein Verhandlungsspielraum in der Ausgestaltung. Bei einer hohen Bewertung empfiehlt sich ein Full Ratchet.]

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10. Verfügungsbeschränkungen

Grundsätzlich unterliegen alle Aktien einer generellen Verfügungsbeschränkung. Im Rahmen derFinanzierungsrunde Serie [xxx] werden in einem Aktionärsbindungsvertrag übliche Vorkaufsrechtesowie Verkaufsrechteund Verkaufspflichten(drag and tag along clauses) stipuliert.Diese umfassen im Einzelnen:

Right of First Offer (Vorkaufsrecht)

Strebt ein Aktionär an, seine Aktien an einen Dritten zuveräussern, ist er verpflichtet, diese zunächst denanderen Aktionären zudenselben Konditionen anzubieten. Wird das Kaufangebot von den anderen Aktionären nichtinvollem Umfang angenommen,ist der veräusserungswillige Aktionär berechtigt, in einem Zeitraum von sechs Monaten nach Angebot die Aktien zum selben oder zueinemhöheren Preis an einen Dritten zu veräussern.

Tag-along-right (Verkaufsrecht)

Beabsichtigen ein odermehrereAktionäre den Verkauf ihrerAktien, so können die anderen Aktionäre verlangen, dass ihre Aktien pro ratazudenselben Konditionen mitveräussert werden. Resultiert ausdem Aktienverkauf die Übernahme von über 50%der Gesellschaft durch einen Dritten, dürfen die anderen Aktionäre verlangen, dass ihresämtlichen Aktien zudenselbenKonditionenmitveräussert werden.

[Hinweis: Mit dem Vorkaufs- und Verkaufsrecht soll vermieden werden, dass eine Partei bevorzugt behandelt wird. Ausserdemstellendiese sicher, dass bspw. die Gründersich nicht unbemerkt von ihren Aktientrennen können und andere Aktionäre dabei aussen vor bleiben.]

Drag-along-right (Verkaufspflicht)

Haben die Investoren die Möglichkeit, mindestens [70%] ihrer Aktien an der Gesellschaft zuverkaufenoder mit einer anderen Gesellschaft zuverschmelzen, so haben sie das Recht, die übrigen Aktionäre zum Mitverkauf ihrer Aktien zudenselbenBedingungen zu verpflichten.

Die übrigen Aktionäre haben das Recht, in einem solchenFall von ihrem Right of First Offer Gebrauch zumachen.

[Hinweis: Mit demZiel eines erfolgreichen Exits vor Augen aller Aktionärehaben die nicht im Tagesgeschehen involvierten Investoren mitihrerErfahrung zumeistein besseres Gespür für das richtige Timing und Pricing einer solchen Transaktion. Dieses Know-how sollten daherauch die Gründer für sich nutzen das Drag-along-rightformalisiert dieses.]

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11. Konkurrenzverbot

[xxx] wird im Rahmendes Aktionärbindungsvertrages und/oder Arbeitsvertrages ein Konkurrenzverbot unterzeichnen, wonach während der Dauer des Arbeits- /Mandatsverhältnissesund während einer Fristvon [xxx] Jahren nach Aufhebung desselben keine konkurrenzierende Tätigkeit ausgeübt wird.

[Hinweis: Gemäss Art. 340 bis 340c OR. ist entscheidendfür die zeitliche Dauer des Konkurrenzverbotes, bis zu welchem Zeitpunkt ein berechtigtes Interessedes Arbeitgebers an der Aufrechterhaltungdes Konkurrenzverbotes besteht. Normalerweise ist eine Dauer von 6bis 12 Monaten angemessen. Das Gesetz schreibt vor, dass die Dauer von 3Jahren nur in Ausnahmefällenüberschrittenwerden darf. Den austretenden Mitarbeitern darf der Arbeitgeber nicht beliebige Tätigkeiten verbieten,sondern nurdie ihn konkurrenzierenden.]

12.Key Person und D&O-Versicherung

Für die Know-howTräger[xxx]und [xxx]wird aufKosten und zuGunsten der Gesellschaft eine Risikolebensversicherung mit einer Versicherungssumme von je CHF [xxx] abgeschlossen, zahlbar bei Tod der versicherten Person.

Für die Mitglieder des Verwaltungsrats wird eine marktgängige D&O-Versicherung auf Kosten der Gesellschaft abgeschlossen.

[Hinweis: Die Risikolebensversicherung liegt in den meistenFällen bei CHF 500000 pro Person. D&O steht für die Director-and-Officers-Versicherung und stellt eine Organ- Haftpflichtversicherung dar.]

13. Due Diligence

Den Investoren wirddie Durchführung einer vollständigen Due Diligence Prüfung ermöglicht. Dazuerhalten die Investoren Zugang zuallen Gesellschaftsdaten sowie die Möglichkeit, mit den Revisoren und weiteren Beratern der Gesellschaft Gespräche zu führen.

[Hinweis:Jejünger ein Unternehmenist, desto weniger umfangreichfälltdie Due Diligence in derRegel aus, weil wegen der erst kurzen Existenzzeit nurwenig Geschäftsgebaren bis dato angefallen ist.Was jedoch immer von hoher Bedeutung ist, sind (beantragte) Patente sowie Referenzen zu denGründern.]

14.Gewährleistungen

Im Rahmendes Beteiligungsvertrages geben die Gründer [und bisherigen Investoren] marktüblicheGewährleistungen (Rechts- und Sachgewährleistungen) über die Gesellschaft sowie deren Tochtergesellschaften ab. Diese umfassenu.a.:

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- Errichtung undBestand der Gesellschaft;

- Finanz-und Vermögensverhältnisse;

- Besitzvon Schutzrechten, Software, geistigem Eigentum, Namen, Domains etc.;

- (drohende) Rechtsstreitigkeiten;

- Stille Beteiligungen an der Gesellschaft, Gewinnabführungs-und Beherrschungs- oder sonstigeUnternehmensverträge;

- Sonstige vertragliche Beziehungen.

[Hinweis: Die Garantiegeber haften gegenüberden Investoren derart, dass sie bei Garantieverletzungen dengarantierten Zustandherstellen.Ist dies nicht möglich, dann haben Sie entsprechendSchadenersatz zu leisten. Hierbei haften die Gründer [und die bisherigen Investoren] gegenüber den Investoren als Gesamtschuldner. Für die Richtigkeit der vorstehenden Garantien könnenAnsprüche erst gestellt werden, wenn der einzelne Schaden oder die Summe mehrererSchäden die Freigrenze von CHF [10000] übersteigt. Die Haftungsobergrenze für alle kumulierten Schadenersatzansprüche beträgt das Investment dieser Runde. Dieser kann nach Wahl der Investorenauch durch eine Übertragung von Aktien erfolgen. Die Garantieansprüche derInvestorenverjähren in den meisten Fällen nach 3Jahren.]

15. Vertraulichkeit

Im Rahmender Finanzierungsrunde Serie [xxx] wurde eine Vertraulichkeitserklärung unterzeichnet, die weiterhin bis zum Vollzugsdatum Gültigkeit entfaltet.

16. Zeitverhältnisse

Die Investoren beabsichtigen, die Finanzierungsrunde Serie [xxx] spätestens am [Datum] zuvollziehen. Sollte aufgrund von Umständen, die nichtvon den Investorenzuvertreten sind, der Vollzug der Transaktion verzögert und die oben stehende Frist nicht eingehalten werden, so verlängertsich die Frist automatisch um einen Monat.

Für die Transaktion legensich die Parteien folgenden Zeitplanzugrunde:

Durchführung der Due Diligence Prüfung [Datum]

Vertragsverhandlung [Datum /Periode]

Signing [Datum]

Closing [Datum]

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17. Exklusivität [oder: Abschlussexklusivität]

Die Parteien vereinbaren, dass die Finanzierungsrunde Serie [xxx] exklusivbis zum in Ziff. 16 genannten Datum mit den Investoren verhandelt wird, somit während dieser Frist mit anderen als den in diesem Term Sheet genannten Investoren über die Finanzierungsrunde [xxx] weder Verhandlungen geführt noch Verträge abgeschlossen werden dürfen. Jedoch können mit schriftlichem Einverständnis der Investoren weitere Investoren diesem Term Sheet beitreten. Sollte es bis zudiesem Datum (inklusiveVerlängerung) zukeinem Vertragsabschluss kommen, so sinddie Parteien frei.

[Oder blosse Abschlussexklusivität:Die Parteien vereinbaren, dass biszum in Ziff. 16 genanntenDatum keinBeteiligungsvertrag überFinanzierungsrundeSerie [xxx]mit anderenals den in diesem Term Sheet genannten Investoren abgeschlossen wird. Jedoch können mit schriftlichem Einverständnis der Investoren weitere Investoren diesem Term Sheet beitreten. Die Verhandlung mit anderen Investoren bleibt hingegen zulässig.Sollte es bis zum in Ziff. 16 genannten Datums (inklusiveallfälliger Verlängerung) zukeinem Vertragsabsschluss kommen, so sinddie Parteien frei.]

18.Kosten

Unmitttelbarnach dem Closing übernimmt dieGesellschaft die im Zusammenhang mit der Finanzierungsrunde Serie [xxx] entstandenen Kosten der Investoren sowie von dessen Rechts-, Wirtschafts-und Steuerberater bis zum Betrag von [CHFxxx] .ImÜbrigen tragen alle Parteien die ihnen entstandenen Kosten selbst.

Kommt es aus Gründen, die die Investoren nicht zuverantworten haben,zukeinem Abschluss der Transaktion, so verpflichtetsich die Gesellschaft resp. subsidiärderen Aktionäre zur Bezahlungeiner einmaligen Entschädigung für den entstandenen Aufwand von CHF [xxx] .

[Hinweis: Die Kosten solltennicht mehr als 3bis 4% des Investitionsbetrags überschreiten. Die Break-up Fee im zweiten Absatz dient bei Abbruch der Transaktion durch die Gründer dazu, die Investorenfür deren aufgelaufenen Kosten zu entschädigen. Diese Entschädigungkann jedoch auch weggelassen werden, falls keine bedeutenden Kosten erwartet werden.]

19. Anwendbares Recht und Gerichtsstand

Auf dieses Term Sheet ist schweizerisches Recht anwendbar. Ausschliesslicher Gerichtsstand für Streitigkeiten ausoder im Zusammenhang mit diesem Term Sheet ist der Sitzder beklagten Partei.

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20. Gremienvorbehalt

Das vorliegende Term Sheet und die gesamte damit verbundene Transaktion steht unter dem ausdrücklichen Vorbehalt der Genehmigungder Kontrollgremien der Investoren, dem Abschluss dertechnischen, rechtlichen und finanziellen Due Diligence Untersuchungen der Gesellschaft mit positiven Ergebnissen, sowie der zufriedenstellenden Ausarbeitung der rechtlichen Dokumentation.

21.Bindungswirkung

[Variante 1: Grundsätzlichnicht bindend:]

[Mit Ausnahme der nachfolgend aufgeführten Bestimmungenhat dieses Term Sheetkeine rechtlichbindendeWirkung:

- Vertraulichkeit(Ziff. [15])

- Exklusivität (Ziff. [17])

- Kosten (Ziff. [18])

- AnwendbaresRecht undGerichtsstand (Ziff. [19])

- Gremienvorbehalt (Ziff. [20])

- Bindungswirkung (Ziff. [21])]

[Variante 2: Bindend:]

[Dieses Term Sheet ist rechtsverbindlich. Achtung: In diesem Fall ist Ziffer 17 (Exklusivität) zu streichen, und Ziffer 16 (Zeitverhältnisse) ist auf die Daten der Unterzeichnung der ausgearbeiteten Verträge und des Vertragsvollzugs zu beschränken.]

[Hinweis: In den meisten Fällen findetdie erste Variante Anwendung.]

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Ort, Datum

[...]

[ ] [ ]

Ort, Datum

[ ]

[ ] [ ]

Verzeichnis der Anhänge

Beilage 1Kapitalisierungstabelle

Beilage2 Zustimmungspflichtige Geschäfte

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Beilage 2: Zustimmungspflichtige Geschäfte

[Der /Die] Vertreter der Investoren im Verwaltungsrat haben die Zustimmung zu folgenden Geschäften zuerteilen:

1. Genehmigung des Budgetsund dessen Finanzierung; 2. Bestellung undAbberufung von Geschäftsführern sowie Abschluss undÄnderung der Geschäftsführeranstellungsverträge; bei Abstimmung über die Abberufung eines Geschäftsführers hat der betroffene Geschäftsführer, sofern er Mitglied des Verwaltungsratsist, kein Stimmrecht; 3. Zustimmung zum Geschäftsplan; 4. Einräumung undBeendigung von Beteiligungen am Gesellschaftsgewinn, insbesondere von stillen Beteiligungen, partiarischen Rechtsverhältnissen, Tantiemen; 5. Veräusserung desGesellschaftsvermögens als Ganzes oder zueinem wesentlichen Teil; 6. Gründung und Auflösung von Gesellschaften oder Unternehmen, Erwerb und Veräusserung von Beteiligungenananderen Unternehmen, Abschluss, Änderung und Beendigung von Joint Venture Verträgen, Fusionen, Spaltungen und Reorganisationen; 7. Errichtung, Erwerb, Schliessung, und Veräusserung von Betrieben, Betriebsstätten oder Zweigniederlassungen; 8. Verfügung über gewerbliche Schutzrechte sowie Abschluss und Beendigung von Patent-, Lizenz-und Know-how-Verträgen; 9. Einstellung und Kündigung von Mitarbeitern, wenn deren monatliche Vergütung CHF [10000]brutto übersteigt; 10.Verträge zwischen der Gesellschaft und Aktionären, gleich welcher Art.

Die nachfolgend aufgeführten Geschäfte bedürfen einer Genehmigungdurch [2/3] des Verwaltungsrates:

1. Einforderung von nicht voll einbezahltem Aktienkapital; 2. Bestellungund Abberufung von Prokuristenund Handlungsbevollmächtigten; 3. Abschluss und Beendigung von Betriebsmiet- und Betriebspachtverträgen,die eine wesentliche Einschränkung potentieller unternehmerischer Aktivitäten der Gesellschaft zur Folge haben können; 4. Erwerb, Veräusserung oder Belastung von Grundstücken; 5. Abschluss und Beendigung von Vertriebsverträgen undEingehung von Lieferbedingungen; 6. Aufnahme von Krediten über(im Einzelfall oder insgesamt) CHF [50000];

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7. Investitionen über (im Einzelfall oder insgesamt) CHF [50000]sowie Investitionen, die zueiner Überschreitung des Budgets um (im Einzelfall oderinsgesamt) mehr als 10%führen; 8. Veranlassungvon Forschungs- und Entwicklungsprojekten mit einem Volumen von über (im Einzelfall oder insgesamt) 0.5% des Umsatzes, jedoch mindestens CHF [50000]; 9. Sicherheitsleistungen, Abgabe von Bürgschaften und Garantien sowie Eingehung von Wechselverpflichtungen,die (im Einzelfall oder insgesamt) CHF [50000] übersteigen; ausgenommen istdie übliche Gewährleistung für Produkte der Gesellschaft; 10.Zustimmung zuNebentätigkeiten von Mitarbeitern, soweit sich die Zustimmungsbedürftigkeit aus dem betreffenden Anstellungsverhältnis ergibt; 11. Erteilung von Ruhegeld und Pensionszusagen; eventuelle Pensionszusagen für Geschäftsführer oder Gesellschafter werden mit ihren Kosten für die Gesellschaft als Teil des Gehalts betrachtet; 12. Abschluss anderer Verträge, durch die der Gesellschaft Aufwendungen oder Verpflichtungen von über (im Einzelfall oder insgesamt) CHF [50000]entstehen, mit Ausnahmevon Veräusserungsgeschäften im Rahmen des üblichen Geschäftsverkehrs; 13. Änderungen des Organisationsreglements; 14. Beschlüsseüber Gegenstände, die im Ergebnis einer der vorgenannten Punkte vergleichbarsind; 15. Alle sonstigen aussergewöhnlichen Geschäftsführungsmassnahmen.

[Hinweis: Diese Punkte sind auf unternehmerische Art und Weise zwischen den Gründern und Investoren zu regeln, so dass dieGründerzwar operativhandeln können, jedoch nichtohne Absprache mit den Investoren z.B. die Geschäftstätigkeit geändert werden kann.

Verankerungdes entsprechend erhöhten Quorums (d.h. die Anzahl derStimmberechtigten,die beieiner Abstimmung anwesend sein muss oder sich an einer Abstimmung beteiligen muss, damitdiese gültig ist) für die vorstehenden Beschlüsse in den Statuten und Organisationsreglement ist zu empfehlen. Ansonsten besteht die Gefahr vertragswidriger VR- Beschlüsse, welche aber gesellschaftsrechtlich gültig sind. Gemäss Praxis des Handelsregisteramts desKanton Zürichs sind qualifizierte Quoren, also bspw. 2/3 oder 3/4 der Stimmen, fürVR-Beschlüsseeintragungsfähig. In der Lehre ist dies umstritten.

Beieinem partiarischen Rechtsverhältnis wird durch eine Vereinbarung der Partner am Gewinn beteiligt (z.B. erfolgsabhängige Provisiondes Handelsvertreters,Vergütung einesleitenden Angestellten). Bei einer Änderung des Organisationsreglements wird die Geschäftsordnung des VR angepasst.]

225 399

S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

Code of Conduct for PrivateEquityInvestments

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SECA CodeofConductfor Private EquityInvestments

Trägerschaft und Inkraftsetzung

SECA FachgruppeEthik &Corporate Governance:

Beat Unternährer Dipl.Ing. ETH, MBA Berkeley VorstandsmitgliedSECA, Leiter FachgruppeEthik &CorporateGovernance

Beat M. BartholdDr. iur., Rechtsanwalt, PartnerFroriepRenggli, Zürich

ChristianBöhlerDr. oec. HSG, dipl.Finanzanalytiker/CIIA Lombard Odier Darier Hentsch

MarcoMartelliDipl. Wirtschaftsprüfer; Direktor InvisionPrivate EquityAG, Zug

Maurice PedergnanaProf. Dr. oec., Fachhochschule Zentralschweiz; Geschäftsführer derSECA

FelixRohner Partner Capvis EquityPartnersAG, Zürich

ChristophWeber-Berg Dr. theol.etlic.oec.,Leiter Fachstelle Kirche und Wirtschaft der Evangelisch-reformiertenLandeskirche desKantons Zürich

Inkraftsetzung: Der SECA Vorstandsausschuss verabschiedete dievorliegendeVersion am 14. März2006zuhanden des SECA Gesamtvorstands. Die SECA Generalversammlung verabschiedete den vorliegenden Codeof Conduct fürPrivate EquityInvestments am 20.Juni 2006.

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Einleitung PrivateEquityhat heute aus verschiedenen Blickwinkelneine erhebliche Bedeutung. Es ist einerseitseine wichtige Anlageklasse und andererseits kann PrivateEquityalsInstrument zur Unterstützungvon zukunftsträchtigen Unternehmungen gesehen werden, womit auch insbesondere mangels alternativer Finanzformen-ein erheblichervolkswirtschaftlicher Nutzen besteht.

Das PrivateEquityGeschäftist eine anspruchsvolle Tätigkeit, dievon allen Involvierten vielKnow-how,Sachverstand, Urteilsvermögen sowie verantwortungsvolles Handeln verlangt.

Eine vom Vorstand eingesetzte Fachgruppe derSECA hat sich darüber Gedanken gemacht, welches Erfolgsfaktorenfür eine nachhaltig erfolgreiche TätigkeitimPrivateEquityUmfeldsind. Diese Überlegungen sollen einerseits einen Beitrag zueigenverantwortlichemHandeln der Akteure im Private Equity Geschäft leistenund andererseits externen Interessierteneinen Einblick in die Herausforderungen dieser anspruchsvollenInvestitionstätigkeit gewähren.

Basis für die vorliegenden Überlegungenwaren in erster Linie Inputs von führenden Branchenvertreternsowie Empfehlungenausländischer Organisationen, wie beispielsweise der EVCA. Die Überlegungen stellen eine Momentaufnahme dar und sind im Zuge der Entwicklungendes Private Equity Geschäftsperiodisch zuüberprüfen resp. zuaktualisieren. Die einzelnen Kapitel sind im Rahmen derÜbersichtlichkeit fastausnahmslos gegliedert in Fazit, Ausgangslage undVotum.

Die SECA ist überzeugt, dass die Bedeutungvon PrivateEquityalsAnlageklasse undvolkswirtschaftliches Element weiterhin zunehmen wird und dass professionelles, verantwortungsvollesHandeln der Akteure in diesem Markt die Entwicklung noch beschleunigen wird.

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1. PrivateEquity: Erfolg durch verantwortungsvolles, professionelles Handeln

PrivateEquityübernimmt eine wichtige Funktion in der Volkswirtschaft, indemesFirmen in Phasen dynamischerEntwicklung mit risikofähigem und risikobehaftetem Kapital versorgt.Unternehmen verfügen oftnicht über das für diesePhasen notwendige Eigenkapital. Banken können und wollen diese finanziellen Risiken nicht in ihrKreditportfolio aufnehmen. Die Übernahmedieser Risiken unddamit dieErmöglichungder entsprechenden Entwicklungsoptionen sind zentrale Elementeder volkswirtschaftlichen Funktion von Private Equity,das damit die Chancen und Risiken übernimmt,die mit unternehmerischen Umbruchphasen verbunden sind. Kennzeichnend für diese Phasen istnebstraschen Veränderungen ein hohes Mass an Unsicherheit. Informationsvorsprünge und -asymmetrien könnten unter Umständen einzelne Akteure dazuverleiten,kurzfristige Vorteile zulastenschlechterinformierterRisikoträger zuerzielen. Damit erhöhen sie nicht nur die Risiken fürdie anderen Partner,sondernsie schaden langfristig der Reputation von Private Equity.Integrität,Ethik, CorporateGovernanceund transparente Kommunikation sind deshalbnicht nurfür den einzelnen Akteur am Markt, sondern fürdie optimale Rolleund Entwicklung von Private Equityin der Volkswirtschaftunabdingbar.Die vorliegende Broschüresoll dieseEntwicklungmassgeblich leiten und unterstützen.

Im beschriebenenUmfeld von Private Equitymit teilweise in Konflikt stehendenInteressen, sind folgende ethische Wertevon zentraler Bedeutung:

Respekt als Grundhaltung des Einzelnen istdie Voraussetzung dafür, dass Fairness und Verantwortung sich entfalten können. Respekt stelltsicher, dass dieeigenen Interessensichdem fairen Ausgleich mit den legitimen Interessender Mitbeteiligten auch im Konfliktfall stellen.Respekt ist ausserdem dieGrundlage derBereitschaft zur Übernahme von Verantwortung, welcheüber dieunmittelbaren Eigeninteressen hinausgeht.

Fairness istdurchdas gegenseitige Bestreben gekennzeichnet, Situationenzuschaffen, in denen Chancen und Risiken gleichermassen (bzw.nach Massgabe ihres finanziellen Engagements) aufalle Beteiligten verteilt werden. Interessen sollen offen gelegt und Informationen allen in gleicher Weise zugänglich gemacht werden. Das Ideal ist eine Win-Win- Situation, in der keiner der am Geschäft Beteiligten seinen Gewinnauf Kostendes Anderen gemacht hat.

Verantwortung weist über dieunmittelbar Beteiligtenhinausauf das Funktionierendes Gesamtmarkts sowie auf diejenigen Stakeholder, welche ihre Interessen nicht selber in die Entscheidungen und Transaktionen

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einbringen können (Kunden, Mitarbeitende undLieferanten der Zielgesellschaften, Öffentlichkeit und Umwelt 1 ).

Gerade im Spannungsfeldvon LegalitätLegitimitätwerden diese zentralen Werte dieAkteure zuethisch korrektem Handelnanleiten.

Die Ausführungen im Rahmen desCode of Conductberuhen auf folgenden Annahmen: PrivateEquityFinanzierungen erfolgen alsindirekte Finanzierungen. Bei einer indirekten Finanzierung werden die Mittelder Kapitalgeber in einem PrivateEquityFundgebündelt,der durch einen Fund Manager (Managementgesellschaft)geführt wird. Der Fund Manager befindet sich in einer Doppelrolle.Zum Einen isterAgent der Fund Investorenund zum Anderen ist er Principal des Portfoliounternehmens. Die Beteiligungsnahme der PrivateEquityInvestorenerfolgt über Private EquityFunds.Die Ausführungen sind grösstenteils rechtsformunabhängig ausgestaltet. Falls nötig wird zwischen der Limited Partnership (LP) als international üblicher Rechtsform und der schweizerischen Aktiengesellschaft (AG) alsderzeit einzig verfügbarenschweizerischen Formder kollektiven Kapitalanlage für Private EquityFunds unterschieden.

Die folgenden Ausführungen beleuchten die Rechte und Pflichten der einzelnen Akteure im PrivateEquityBereichunter Berücksichtigung ihrer unterschiedlichen Interessenlagen. Im Rahmen einer umfassenden Definition undUmsetzungder GoverningPrinciplessollen Massnahmen in denfolgenden Teilbereichen definiert werden:

Code of Conduct

Verträge Organe Operative Bewertung, Berichte, Investor Prozesse Portfolio Reports Relations

Abbildung: Massnahmen im Rahmen umfassenderGoverning Principles

Es genügt vor diesem Hintergrundnicht,die Ethik als Heilmittel zu betrachten,welches vorübergehend verordnet ist.Vielmehr stehen ethische Grundwerte gemeinsam mit dem durchaus legitimen Streben nach Gewinn am Anfang und am Ende jedes Engagements.

Die ethisch korrekteAusübung desPrivateEquityGeschäftsentspricht einervolkswirtschaftlich notwendigen und erwünschtenFunktionim

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Rahmen effizienterund risikogerechter Kapital Allokation. Führende Akteure im Private EquityBereich werden die vorliegenden Grundsätzeund Handlungsanweisungen umsetzen, um sich damit von ihren Mitbewerbern zudifferenzieren.

2. Fundraising und rechtliche Dokumentation

2.1 Fazit Dieerfolgreiche Lancierung eines Private EquityFunds hängt von vielen Faktoren ab. Wesentliche Faktoren sind die Ausrichtung des geplanten Fundssowie derTrack Recorddes FundManagers im Rahmen der beabsichtigtenInvestitionsstrategie. Die Initianten eines Private Equity Funds informieren potenzielleInvestorendaher in einer frühen Phaseder Lancierung mittels eines PreliminaryPlacement Memorandum (PPM) umfassend über den zukünftigenFund. In einer späteren Phase wird die ausführliche Dokumentationerarbeitet, nämlichdas Placement Memorandum und die Gründungsunterlagen des Funds. Diese Vorschläge werden in Verhandlungen mitden Investoren ausgearbeitet undbilden dann die Grundlage fürdie spätere operativeTätigkeit wie fürdie CorporateGovernance.

2.2 Ausgangslage Die frühzeitige Planung istunerlässlich füreineerfolgreiche Lancierung eines PrivateEquityFunds.Die Planungumfasst dabeiu.a. die Definition der InvestmentStrategie, die Zielmärkteund davon abhängigdie Grösse des anvisierten Funds.Weiterdefiniert der Initiator eines neuen Funds die rechtliche Struktur und die wirtschaftlichen Eckdaten wie ManagementFee undErfolgsbeteiligung des Fund Managers. Der Initiator muss ebenfalls den entsprechenden Track Record aufarbeiten und bereitstellen. Dazu gehören Informationen wie Investitionsvolumen und Erfolgszahlen sowie die Darstellung einiger fürdie gewählteStrategietypischer Investitionen in der Vergangenheit.InAbhängigkeit von der gewählten Strategie und der wirtschaftlichen Situation werdendie notwendigenRessourcen beim Fund Manager (Teamgrössen, fachlicheKompetenzen, finanzielle Mittel) definiert. Die Ergebnisse werdenimPreliminaryPlacement Memorandum (PPM) zusammengefasst.

In einerspäteren Phase des Fund Raisings werdendie im Rahmen des PreliminaryPlacement Memorandum festgehaltenen Eckpunkte aufgrund des Feedbacks von potenziellen Investoren überarbeitet und im Placement Memorandum (PM) festgehalten. Parallelwerden die rechtlicheStruktur definiertund die entsprechenden Dokumenteerarbeitet (z.B.Limited Partnership Agreement). Es istüblich, dass die rechtlichen Dokumentewie das Limited PartnershipAgreement dasResultat von Verhandlungen mit zukünftigen Investorensind. Im Rahmen dieser Verhandlungen soll der

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Initiator mit geeigneten Massnahmen sicherstellen, dass alle existierenden und potenziellen Investoren laufend überdie Änderungen informiert werden.Dem Sponsoreines Private EquityFunds obliegt auch diePflicht, die Regelungen zur der Geldwäscherei einzuhalten.

2.3 Votum Die Dokumentationwird im Wesentlichen aus einem Placement Memorandumsowie den Gründungsurkundenbestehen. Das Preliminary Placement Memorandum sowie in einer späteren Phase das Placement Memorandum sind die wichtigsten Marketinginstrumenteund müssen vor dem First Closing vorliegen. Beim Marketing der Investitionsmöglichkeit müssen dieVorschriften der verschiedenen Jurisdiktionen beachtet werden. Es istüblich, dassdie Dokumente im Rahmen derVerhandlungen mit potenziellen Investoren laufend angepasst werden. Dabeiist es wichtig, dass alle Investoren laufend über dieAnpassungen informiertwerden. Die Dokumentation muss vollständig, korrekttransparent und klar verständlich sein. Track RecordInformationensollen zudem testiert werden.

Folgende Punkte sollenbehandelt werden:

� Preliminary Placement Memorandum/PlacementMemorandum Generelle Informationen zumFund - Strategische Ausrichtung (Investment Scope und Zielmärkte) - Informationen zuden Zielmärkten (z.B. Marktgrösse, Transaktionsvolumen,Konkurrenzsituation) - Fundgrössebzw.Target (nur PPM bzw.IM) - Grundzüge der rechtlichen Struktur und Domizil der Investitionsg elegenheit - Investment (Anlage) Richtlinien,InvestmentKriterienund Investment Periode - InvestmentRestriktioneninklusiveLending undBorrowingRichtlinien - Exit-Strategien (Investments) - Zusammenfassung derwirtschaftlich relevanten Eckpunkte der rechtlichen Dokumentation wie Limited Partnership Agreement - Darstellung desrelevanten Track Records - Darstellung einiger Beispielefür strategiekonforme Investments - Risikofaktoren - Darstellung der steuerlichen undrechtlichen Situation in aus- gewählten Jurisdiktionen (Herkunftsländer derwichtigsten Investoren)

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Informationen zum Fund Manager - ManagementStruktur undManagement Team - InvestmentCommitteeund AdvisoryBoard - Rechteund Pflichten des Managers - Entschädigungdes Managers - Andere Erträge des Managers (Verwaltungsratshonorare, Transaktionsgebühren) - Ko-Investitionen � Dokumentationzum Fund (z.B. LimitedPartnership Agreement) - Parameter der Investitionstätigkeit(z.B.maximaler Investmentbetrag proPortfoliogesellschaft,Limitationen im Underwriting) - Abrufmechanismus (Drawdown) von Committed Capital bei Limited Partnerships unddie Folgen bei Nichterfüllen(Default Clause) - Management Fee undErfolgsbeteiligung - Ausschüttungspolitik - Regelungen zur Ablösung des Fund Managers - Beendigung und Auflösung des Private EquityFunds oder der Private EquityGesellschaft - Regelungen zuden erforderlichen Quoren fürdie Änderungenund Ergänzungender Dokumentation - Bewertungs- und Berichterstattungsrichtlinien - Aufteilung derBetriebskosten desPrivateEquityFunds zwischen Investorenund Fund Manager - Rechteund Pflichten des Investor AdvisoryBoards sowie der Annual InvestorMeetings (sofern anwendbar) - Handhabung von möglichenInteressenkonflikten - Lancierung anderer Funds durch den Manager bzw.die Übernahme anderer Beratungsmandate durch denManager während der Laufzeit desaktuellen Funds - Ausscheiden eines Investors bzw.Abtretungund Verkauf der Fund-Anteile

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3. Investitionsprozess

3.1 Fazit Der Manager des Private EquityFunds tätigt im Rahmen derdefinierten InvestitionsstrategieeineInvestition mit höchstem Sachverstandund mit der grösstmöglichen Sorgfalt.Dies setzteine professionelle Arbeitsweise in allen Phasen des Prozesses voraus.

3.2Ausgangslage Der Investitionsprozessimengeren Sinn beginnt nach der Identifikation einesmöglichen Zielunternehmens mit der Analyse des Targets(Due Diligence).Wichtige weiterePhasen sind der Investitionsentscheid, die Strukturierungund Abwicklung der Transaktionsowie der spätere Exit. Der Betreuung während der Haltedauer istein separates Kapitelgewidmet.Ein spezieller Aspekt desInvestitionsprozesses ergibt sich, wenn Folgeinvestitionen getätigt werden.

� Due Diligence Der vom Manager geführteDue DiligenceProzess ist einzentrales Element im Investitionsprozess und umfasst in der Regel alle wichtigen Unternehmensbereiche wie Geschäftsmodell, Finanzen, Recht, Steuern, Technologie, Umwelt und Personalvorsorge.

� Investitionsentscheid Im professionellenUmfeldwirdder Investitionsentscheidauf Basiseines umfassenden Investitionsantrags getroffen. In einemsolchen Antrag werden das Geschäftsmodell,der Businessplan,die Stärken und Schwächen, die Chancenund Risikensowie dieBewertungsüberlegungen im Detailzuhanden des Investitionskomitees dargestellt.Das Investitionskomitee setztsich in der Regel ausden Entscheidungsträgern des Fund Managers zusammen, die üblicherweise über umfangreiche relevante Erfahrungen verfügen. Ein guter Investitionsantragkann für die Überprüfungder Entwicklungeiner Investition später wieder herangezogen werdenund dient somit als einReferenzpapier für die Beurteilung der Erfolgsentwicklung.

� Strukturierung einer Investition /Folgeinvestitionen Investitionen eines Funds können auf vieleverschiedene Wege strukturiert werden. In einigen Fällen, insbesondere im Venture CapitalBereich, istder Fund ein passiver Minderheitsinvestor.Inanderen Fällen hat der Fund Kontrollmehrheiten. Investitionensollenimmersostrukturiertwerden, dass sie der Strategie des Fundsentsprechen (Kontrolle, Laufzeitetc.). In diesem Zusammenhang bestehtein Private EquityFund in der Regel auf

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dieEntsendung von ihm vertrauten Personen in denVerwaltungsratsowie die Unterzeichnung einesAktionärbindungsvertrags.

BesondereHerausforderungenkönnensich ergeben,wennimSyndikat mit anderen Funds investiert wird. EinerGleichschaltung der Interessenist grosse Aufmerksamkeitzuschenken.

Insbesondere im Venture Capital Bereich sind Folgeinvestitionen (Follow-on Investitionen) häufig. Konflikte können sich unter Anderem ergeben, wenn ein Manager mehr als einen Fundbetreut, der insentsprechende Target investiert hat oder wenn Mitarbeiter desManagers auch direktins Target investiert haben.

� Dokumentation Die Beteiligung an einem Unternehmen oder der Kauf eines Unternehmens schlägt sich in einergrossen Zahl von umfangreichen Dokumenten und Verträgen nieder.Für den Fund Manager geht es dabeiinsbesondere darum, das Investment durch entsprechende vertragliche Regelungen bestmöglich zuschützen (z.B. Gewährleistungen der Verkäufer, Aktionärsrechte und -pflichten).

� Verkauf einer Investition (Exit) DerFund Managerwird die Art und Weisesowie denZeitpunkteines Exits in enger Abstimmung mit den anderenInvestoren und unter Berücksichtigung deraktuellen Marktsituation bestimmen. Spezifische Problemstellungen können sich ergeben, wenn ein Investmentsyndikat einenExit-Entscheidzutreffen hat.

3.3 Votum � Due Diligence Ein InvestmentManager führtimRahmen der Abklärungen füreinen Investitionsentscheid eine sorgfältigeund den Verhältnissen angemessene Due Diligence durch. Die Erkenntnisse der Due Diligenceund die daraus abgeleiteten Schlussfolgerungen sind vor demHintergrund des Investitionsantrags offen und transparent darzustellen. Einerfolgreicher Fund Manager wirdebenfalls nicht zögern, den Akquisitionsprozess abzubrechen, wenn die DueDiligence entsprechendeErgebnisse zuTage bringt. Professionalität und Objektivität sind absolut erforderlich.

� Investitionsentscheid Wennimmer möglich sollte der Investitionsentscheidvon mehreren erfahrenen und branchenkundigen Personen getroffen werden. Die Basis für diesen Entscheid bildet ein Investitionsantrag, der umfassend über Geschäftsmodell, Businessplan, Stärken,Schwächen, Chancen und Risiken sowie dieBewertungsüberlegungen im Detail und sämtliche

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Erkenntnisse aus der DueDiligence orientiert.Esist die Aufgabe des Investitionskomitees, Chancen und Risiken entsprechend abzuwägen. Ist die Person, welche den Investitionsantragausgearbeitet hat, Mitglied des im Entscheidungskomitees, sollte siebeim entsprechenden Entscheid in den Ausstand treten.

� Strukturierung einer Investition /Folgeinvestitionen Jede Investition soll so strukturiert werden, dass die Interessen desFunds gewahrt werden. Dazugehören insbesondere Mitspracherechte im Rahmen desAktionärsbindungsvertrags, der Statuten und des Organisationsreglements und sowie dieGarantien und Gewährleistungen des Kaufvertrags. Der Fund Manager wird ebenfallsfür eine steueroptimale Strukturbesorgt sein. Füreinen Fund Manager istesratsam, ein Netzwerk von Experten zupflegen, um Transaktionen effizient und optimal abwickeln zukönnen. Ein eingespieltes Team istinsbesondereinAuktions- situationen wichtig.

Bei der Strukturierungder Transaktion istein der Situation angepasster Aktionärbindungsvertrag wichtig. Dieser Vertrag regelt unter anderem folgende Punkte: • Zusammensetzungdes Verwaltungsrats • Informationsrechte • Entscheide, welchedie Zustimmung der Investoren benötigen, z.B.: - Strategie - M&A-Transaktionen - Dividendenzahlungen - Aufnahme /Rückzahlung von Darlehen - Veränderungen im Aktienkapital • Vorzeitiger Austritt einesInvestors • Rechteder Investoren beim Verkauf - Verkaufsrechte - Tag-along /Drag-alongRights(Recht auf Mitverkauf / Pflicht zum Mitverkauf) • Konkurrenzverbote

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Problemstellungen können sich ergeben, wenn ein Investmentsyndikat einenExit-Entscheidzutreffen hat.

Insbesondere bei Investitionen im Syndikat wirdder Fund Manager versuchen sicherzustellen, dass dieInteressen des Funds nicht durch Unstimmigkeiten im Syndikat geschädigt werden können. Dazudienen insbesondere entsprechende Regelungen im Aktionärsbindungsvertrag oder im Syndikatsvertrag.

4. Information und Berichterstattung

4.1Fazit DieBerichterstattung eines PrivateEquityFund genügt den Ansprüchen der traditionellen Rechnungslegungund den darüber hinausgehenden Informationsbedürfnissen der PrivateEquityInvestoren.

4.2Ausgangslage Die externeBerichterstattung ist diemassgebende Informationsgrundlage für dieEntscheidungen der Investoren und soll daher zeitnah,zuverlässig undkorrektsein. Im Rahmen der Berichterstattung sollen die folgenden Aspekte abgedeckt werden: � Informationen zuden Portfoliogesellschaften:Die Berichterstattung soll auch diewichtigsten finanziellen undnichtfinanziellen Informationen zu den einzelnen Portfoliogesellschaften enthalten. Nichtfinanzielle Informationen können u.a. Angaben zuMeilensteinen undzuallfälligen Exit-Plänen sein. � Informationen zur Bewertung der Portfoliounternehmen:Die Bewertung der Portfoliounternehmenstellt die zentraleProblematik in der traditionellenRechnungslegung von PrivateEquityFunds dar. In einem ordentlichen Abschlusssindüblicherweise derkonkrete Wert der Beteiligung sowie dieallgemein gehaltenen Bilanzierungs-und Bewertungsgrundsätzeoffen zulegen.Weitere Hinweise zur jeweiligen Bewertungsbasis undden zugrunde liegenden Annahmen der Bewertungwerden in der Regel nicht gegeben. Die Bewertungs- grundlagen werden üblicherweise denMitgliederndes Investor Advisory Boards vorgestellt.

4.3 Votum Der nachgesetzlichen Vorgaben oder anerkannten Rechnungslegungs- standards generierte Abschluss einesPrivateEquityFunds mitseinen klassischen Bestandteilen Bilanz,Erfolgsrechnung, Mittelflussrechnung und Anhang soll den Investoren einden tatsächlichen Verhältnissen

222 412 YearYearbbookook 2020009 entsprechendes Bildder wirtschaftlichen Lage vermitteln (True and Fair View).

Ein PrivateEquityFund soll in seinenGeschäftsberichten eine erweiterte externeBerichterstattungvornehmen,welchesowohl dentraditionellen Abschluss beinhaltet als auch den darüber hinausgehenden Informations- bedürfnissen der Investoren gerechtwird. Neben dem eigentlichen Abschluss sind in einem Geschäftsbericht gemässden gültigen EVCA Reporting Guidelines die folgendenInformationen offen zulegen:

� Informationenzum Private Equity Markt, z.B: - Übersicht über Entwicklungen und Trends im PrivateEquityMarkt - Regulatorische Entwicklungen - Marktposition des Private EquityFunds � Informationen zum Private Equity Fund, z.B: - ExecutiveSummaryzur Investitionstätigkeit - Traditioneller Abschluss - Partners Capital Account Statement (beiLimited Partnerships) - Fee Statement - Fund Performance (bei Limited Partnerships: IRR) - FundSummary(Rechtsformund Organisationsstruktur, Investitionsstrategieund Anlagerichtlinien, Qualifikation undTrack Record desInvestment Managers, Investitionsprozess) - Angabenzur CorporateGovernance des Funds - Angabenzum Risk Management des Funds � Informationen zu den Portfoliounternehmen, z.B: - Investmentübersicht (total investierter Betrag, Investitionen und Desinvestitionen, Bewertungen, realisierteund unrealisierte Gewinne und Verluste) - Bewertungsgrundlagenund -annahmen - Wesentliche Finanzkennzahlen (Umsatz,EBITDA, EBIT, Nettoergebnis) - Grunddaten (Name, Sitz,Geschäft,Branche,Rolle des PrivateEquity Funds, Finanzierungsphase) - Geschäftsverlauf und spezifische Ereignisse - Milestoneanalyse - Exit-Pläne

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Ein PrivateEquityFundsollquartalsmässig Bericht erstatten. Der Jahres- abschluss soll durch unabhängigeWirtschaftsprüfer geprüft werden.

5. Bewertung der Portfoliounternehmen

5.1 Fazit Die Portfoliounternehmenwerdenunter Vorbehalt von Sonderfällen im Rahmen der externen Berichterstattungmit dem beizulegenden Fair Value (Zeitwert) bewertet. Es wirdein adäquaterBewertungsprozess implementiert, der der grossen Bedeutung der Bewertung gerechtwird.

5.2Ausgangslage Dieregelmässige Bewertung der Portfoliounternehmen im Rahmen der externen Berichterstattung isteine zentrale Herausforderung im Private EquityGeschäft. Eineden wirklichen Verhältnissenentsprechende Bewertung von Portfoliounternehmen istvon zentraler Bedeutung: Sie determiniert im Wesentlichen die Performance eines Funds (Net Asset Value und IRR) sowie (unter Umständen) das Ausmass der Entlohnung des Investment Managers.

DieBewertung der Beteiligungen erfolgt gemässden Anforderungen der Fund Reglemente (LimitedPartnershipAgreement,gesetzliche Vorschriften). Wegen der bekannten Bewertungsproblematik soll ein Private EquityFund seineBeteiligungen gemäss dem Fair ValueKonzept bewerten.Das Konzept des Fair Value Accountings etabliertsich zunehmend als Standard fürdie Portfoliounternehmen und fürdas Reporting von Funds.

Ausnahme:Bei Portfoliounternehmen, deren Marktwert schwer zuermitteln ist, darf die Bewertunggemäss bisheriger Schweizer Tradition zuden Einstandskosten erfolgen, sofern diese tiefer sind als der Fair Value. Dies gilt vor allem für jüngere Unternehmen, dienoch weit von der Profitabilität entfernt sind,sowie fürBeteiligungen, deren Bewertung zum Fair Value Prinzip unverhältnismässigaufwändig ist.

5.3Votum Ein PrivateEquityFundsoll einen adäquaten Bewertungsprozesszur Bestimmungzuverlässiger Fair Values der Beteiligungen implementieren. Bei derBestimmung desFair Valueseiner Beteiligung gliedert sich der Prozess in die folgenden zwei Schritte:

Im ersten Schritt sind alle bewertungsrelevanten Faktoren und Techniken systematischzuevaluieren und zur Bestimmung des Fair Values jeder Beteiligung heranzuziehen. Zu diesen Faktoren und Techniken gehöreninsbesondere:

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� Anschaffungskosten einer Beteiligung � Erzielte Preise bei nachfolgenden Finanzierungsrunden oder Markttransaktionen(Trade Sale, SecondarySale) � Ermittelte Werte aus Bewertungsmodellen (Substanzorientierte Ansätze, Discounted Cash FlowMethode, Market Multiples) � Nicht quantifizierte Wertindikatoren wie Milestoneanalyse,spezifische Ereignisse im operativen Bereich (z.B.Liquiditäts- und Finanzengpässe, Verlust oder Wechseldes Managements,ausstehende Gerichtsfälle) und Umweltanalyse (z.B.negativeMarktentwicklung, technologische Entwicklungen, politische Veränderungen) Basierendauf einer Gesamtbetrachtungsämtlicher aus demersten Schritt resultierender Hinweise für den Fair Valueist im zweiten Schrittnach bestem Wissen und Gewissen dieBestimmung des Fair Values per Bewertungsstichtag vorzunehmen.Falls ausden anwendbaren Faktoren und Techniken verschiedene Werte resultieren, hat sich derBewertende situationsspezifisch fürjene Bewertungsgrundlagezuentscheiden, welche als verlässlichste Quelle des Fair Values betrachtet werden kann. Die Zuverlässigkeit der Bewertungsmodelle ist genau zuevaluieren. Ein zuverlässiger Preiseiner vergleichbaren Transaktionwährend der Bewertungsperiode istals bester Hinweisfür den Fair Value zubetrachten und dementsprechend einem Modellwertvorzuziehen.

Die Bewertung jeder Beteiligung ist mittels eines standardisierten Valuation Worksheets zudokumentieren.

In Fällen, in denen dievorgenannten Methoden keine zuverlässige Bewertungsgrundlage bietenoder zuaufwändigsind, insbesondere bei jüngeren a uf absehbare Zeitnicht profitablen Unternehmen, kann die Bewertung zuden Einstandskosten erfolgen. Abweichungen vom Fair Value Ansatzsind offen zulegen und zubegründen.

Im Rahmen der CorporateGovernance sind als Teil des Bewertungsprozesses angemesseneKontrollmechanismen zu implementieren. Dazukönnen folgende Massnahmen gehören: regelmässige Valuation Meetings des gesamten Investment Teams, die Evaluation und Genehmigung der Bewertung durch die Geschäftsleitung desInvestmentManagers, dieEvaluation und Genehmigung der Bewertung durchdas Kontrollgremium (AG: Verwaltungsrat, LP: AdvisoryBoard) des Funds sowie dieBewertungsprüfungdurch den Abschlussprüfer.

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6. Interessenkonflikte

6.1 Fazit PotenzielleInteressenkonfliktezwischendem Fund Manager und den Investoren sindimPrivatePlacement Memorandum (PPM) transparent darzulegen und zuerörtern. Adäquate Massnahmen und Mechanismen zur Entschärfung dieser Konflikte sind in der Governance Struktur des Funds (AG: Statuten undReglemente; LP:Gesellschaftsvertrag) zu implementieren und ebenfallsimPPM offen zulegen.

6.2 Ausgangslage DieBeziehung zwischen dem fürdie Vermögensverwaltung verantwortlichen Fund Manager und den Investoren (LP: Limited Partners, AG: Aktionäre) kann potenziellen Interessenkonflikten ausgesetztsein.

DerartigeInteressenkonflikteineiner Fund Struktur können unterschiedlicher Art sein. Typische Interessenkonflikte sind beispielsweise: � Fund Manager: Reduktion des Arbeitseinsatzes und der Qualität der Vermögensverwaltung; insbesondere in Absenzeinerangemessenen Anreizentlohnung � Distribution in Specieanstelle von Cash � Beauftragungeiner dem Fund Manager nahe stehenden Institution z.B. mit einem Investment Banking Mandat � FalscheStrukturierungder erfolgsabhängigen Entlöhnung 6.3 Votum Im PrivatePlacement Memorandum (PPM)des PrivateEquityFunds ist darzulegen,wie im Rahmen desVertragswerksallfällige Interessenkonflikte gelöstwerden.

Mittels angemessener Kontrollen und Anreizsysteme können potenzielle Interessenkonflikte adäquat entschärft werden. Beispiele solcher Massnahmen sind nachfolgend aufgeführt.

Private Equity Fund in der Form der LP Spezifische Vertragsklauseln im Limited Partnership Agreement (LPA):

� Aufnahme von Kontrollrechten für die Investoren: SuspensionClauses (Recht des Investors zur Einstellung weiterer Zahlungen), Divorce Clauses(Rechtzur Auswechslungdes Investment Managers)sowie TerminationClauses (Recht zur Liquidation des Funds). Bezüglich den Divorce Clauses kann unterschieden we rden zwischen No-Fault Divorce Clause und For Cause DivorceClause.

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� ErrichtungeinesAdvisoryBoards, bestehend aus Limited Partners, welches spezifische, im Rahmen desLimited Partnership Agreements definierte Aufgaben wahrnimmt (z.B. Information zuden Bewertungen, Behandlung von Interessenkonflikten, BewilligungenimRahmen von Ausnahmeregelungen). � Vereinbarung, dass derJahresabschlussdurcheinen unabhängigen Wirtschaftsprüfer geprüft und testiert wird. DiesePrüfung soll insbesondere auchdie internen Prozesseund Kontrollen des Fund ManagersimRahmen der Abschlussprüfung miteinbeziehen. � Vertragliche Festlegung von Anlagerichtlinien und periodische Überprüfung der Einhaltung durch unabhängige Wirtschaftsprüfer. � Vertragliche Vereinbarungeiner Kapitalbeteiligung des FundManagers am Fund zwecks Interessenharmonisierungmit den Investoren. PrivateEquity Fund in der Form der AG Festzulegen in Statuten und Reglementen:

� Kontrollrechte der Aktionäre: Rechtzur Auswechslung des Fund Managersaufgrund Statutenfestsetzung durch Generalversammlung. � Kontrolle durch den Verwaltungsrat der AG: Dieser soll beispielsweise diefolgenden Überwachungs- und Kontrollaufgaben wahrnehmen (in denStatuten festzulegen): (1)Prüfung der Einhaltungder Anlagerichtlinien durch den Investment Manager;

(2)Genehmigung der Fee-Zahlungenanden Investment Manager;

(3) Überwachung der Liquiditätssituation des Funds;

(4) Genehmigung der Bewertung der Portfoliounternehmen im Rahmen der externen Berichterstattung;

(5) GenerelleÜberwachung der Performance des Funds.

� Verabschiedung verbindlicher Anlagerichtlinienund periodische Über- prüfung der Einhaltung durch unabhängige Wirtschaftsprüfer. � Kapitalbeteiligung des Fund Managers am Fund zwecks Interessenharmonisierung.

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7. Unabhängigkeit

7.1 Fazit DieCorporate Governancesoll sicherstellen, dass mitden seitens der Investorenanvertrauten Geldernsorgfältig umgegangen wird. Grösstmögliche Unabhängigkeit zwischendem Private EquityFund und dem Fund Manager solldazuführen,dass die Investoren ihre Kontrollrechte optimalausüben können. Es kann nichtgenug betont werden, dassimprofessionellen PrivateEquityUmfeldder Fund Manager und die Organe des Fundsdasselbe Ziel verfolgen: ein möglichst optimalesInvestitionsergebnis.

7.2 Ausgangslage Die Organisation und Ausgestaltungdes Private EquityFunds, der Managementgesellschaft sowie allfälliger Kontrollgremien hängen im Wesentlichen von den jeweiligen Rechtsformen ab. Fürjede Rechtsform ist aus den geltendenRechtsvorschriften zuentnehmen,wie der Fund und die Managementgesellschaft zuorganisieren sind und welches die Rechteund Pflichten der jeweiligen Organe sind. Allfälligen rechtlichenAnforderungen betreffend die Unabhängigkeit sind dabei besondere Aufmerksamkeit zuschenken.

Eine angemessene Unabhängigkeit zwischen dem Fund Manager und den Investorenist ein zentrales Element einer funktionierenden CorporateGovernance.

7.3 Votum Die Organe des Funds und der Managementgesellschaft, d.h. beispielsweise Verwaltungsrat, Geschäftsleitung, Investment Committee, sind so zubesetzen,dass das Prinzip der checks andbalances optimal funktioniert. Auch unter Berücksichtigung der Einhaltung von Unabhängigkeitsvorschriftensoll eine konstruktiveZusammenarbeit zwischen dem Fund Manager und denOrganen des Funds jederzeit möglich sein. Oberste Maximeist der optimale Einsatzder Investorengelder und die Erzielung einer guten Rendite für die Investoren.

Es istsicherzustellen,dass die Kontrollrechtesämtlicher Investoren jederzeitausgeübt werdenkönnen. Um dies zuerreichen, ist die Unabhängigkeit horizontal (z.B.zwischen Fund Managerund Fund) und vertikal (innerhalbder Organe und Geschäftsleitung desFunds oder der Managementgesellschaft) zugewährleisten:

� Eigenständige Willensbildungder von der Fragestellung betroffenen Personen, die über entsprechende fachliche Fähigkeiten verfügen und

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unter Berücksichtigung der gesetzlichen,statutarischen oder vertraglichen Pflichten entscheiden. � Klare Regelungder Zuständigkeiten, Kompetenzen und Verantwortungen, Berichterstattung, Aufsichtsowie derVorschriften über Beschlussfassung und Protokollierung in Reglementen und Statuten(AG) sowie Gesellschaftsvertrag (LP).

8. Ko-Investitionendes Fund Managers

8.1Fazit Ko-Investionen des Fund Managers sind verbindlichim Gesellschaftsvertrag(Limited Partnership) respektiveinden Statuten (Aktiengesellschaft) zuregeln.Zwecks Interessenharmonisierung zwischenInvestoren undFund Manager sollte sich letzterer idealerweise am Fundkapitalbeteiligen.

8.2Ausgangslage Heute ist es Industriestandard, dass derFundManager mindestens 1% des Fund Kapitals beibringt. Dadurchwird versucht, die Interessen zwischen externen Fund Investoren und dem Fund Managergleichzuschalten.

Einige Private EquityGesellschaften erlauben es demFund Manager, in gewissem Umfang direkt in die Zielunternehmenzuinvestieren. In den meisten Fällen ist eine derartige Regelung suboptimal. Zur Sicherstellung der Investoreninteressen stellen sich in einemsolchen Fall besondere Anforderungenandie Corporate Governance.

8.3 Votum EineKo-Investition hat grundsätzlichvor dem Hintergrund zugeschehen, dass jederzeitdie Interessen sämtlicher Fund Investoren vollumfänglich gewahrt werden. Im Falleeiner Beteiligung des Fund Managers am Fund, was heutedem Industriestandard entspricht,ist dies vollumfänglich gegeben. Der Fund Manager hat in diesem Fall dengrösstenAnreiz,für denFund eine optimalePerformancezuerzielen.

Direktinvestitionendes Fund Managers in ausgewählteZielunternehmen sind in der Regel nichterlaubt. Sind in gewissem Umfang seitens des Fund ManagersDirektinvestitionen in die Zielunternehmen dennoch erlaubt, ist einerseitssicherzustellen, dass eintransparentesAuswahlverfahren vorhanden istund andererseitsdie Managerzugleichen Konditionen investierenwie derFund. In Bezug aufdie Grössenordnung derartiger Direktinvestitionen istsicherzustellen, dass der Fund Manager i mmer den Anreizhat,sämtliche Portfoliounternehmen angemessen zubetreuen.

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Es istratsam, derartige Ko-Investitionen beispielsweise durch das Advisory Board überprüfenzulassen.

9. Zusammensetzungdes Fund Management Teams

9.1 Fazit Die optimale Zusammensetzung des Fund Management Teams ist entscheidend für den Investitionserfolg. Den Aspekten unterschiedlicher Erfahrungen, Kompetenz,Reputationsowie Ausbildung ist dabei besondereBeachtung zuschenken.

9.2 Ausgangslage DerZusammensetzungdes FundManagementTeams kommtinBezug auf den Investitionserfolg eines PrivateEquityFunds eine entscheidende Bedeutung zu. Dabei gilt es zubeachten, dassjenachPhase des Investitionsprozesses unterschiedliche Fähigkeiten und Erfahrungen notwendig sind. Bei der Beurteilung einesInvestments sind strategische Kompetenzen sowie industrielle Erfahrunggefragt.Zur Durchführungeiner Transaktionbraucht es erfahrene Dealmaker, beider nachfolgenden Betreuung industrielleund organisatorische Kompetenz.

9.3 Votum Zur Sicherstellung des optimalen Einsatzes der dem Management Team anvertrauten Investorengelder gilt es, bei derZusammensetzungdes Teams insbesondere folgenden ElementenBeachtung zuschenken:

� Fähigkeiten und Erfahrungen:Das Fund ManagementTeam sollso zusammengesetztsein, dass im Team alle Kompetenzen vorhanden sind, diefür eine optimale Aufgabenerfüllung über alleStadiendes Investmentzyklushinweg erforderlich sind. Investitionsentscheide müssen aufgrund einer gesichertenInformationsbasis getroffen und umgesetztwerden können.Esmuss das Wissen und dieErfahrung im Team vorhanden sein, um die bei einem Einstieg nötigen Prüfungen durchzuführen, die Analyseergebnisse richtig zuinterpretierenund die Transaktionen formell einwandfrei abzuwickeln. Nachdem Einstieg sind zusätzliche Fähigkeiten gefragt. Abhängigdavon, wie tief sich einFund Managerindas tägliche Geschäft einerPortfoliogesellschaftinvolviert, sind operativeErfahrungen von Teammitgliedern allenfallsein Muss. Bei derTeamzusammensetzungist zuentscheiden, welches die optimale Teamgrösse istund wie dieses zusammengesetztwerden soll. In der Regel zahlt es sich aus, wenn eine Ausgewogenheit zwischen ausgesprochenen Dealmakern und operativund führungsmässig

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erfahrenen Managern besteht. Ein idealerFund Manager vereinigt beide Kompetenzen. � Beziehungen: Mit der zunehmenden Reife der Industrie und dem damit einhergehenden Wettbewerbsdruck werden persönliche Beziehungen undNetzwerke sowie lokale und/oder industrielle Verankerung der Teammitglieder zunehmend wichtiger. Oft sind erfahrene Fund Manager Mitglieder in Verwaltungsrätenund/oder wirtschaftlichenInteressenverbänden. � Reputation: Ein soliderInvestment-und Geschäfts-Track Record sowie ein makelloser Ruf jedeseinzelnen Teammitglieds sind Grund- voraussetzungen, damit einem PrivateEquityFund die notwendigen Investitionsmittel zur Verfügunggestellt werden. � Weiter-und Fortbildung: Da dasPrivate EquityGeschäftinBezug auf die Wissensanforderungensehr komplexist, sollen in einem Management Team Gebiete wie Finanzen, Recht, Steuern, Führung ausreichend kompetent abgedeckt sein. Es ist üblich, dass für die Bearbeitungvon speziellen Aufgaben,insbesondere im Rahmen der Abwicklungeiner Transaktion, externeSpezialisten beigezogen werden. � Kontinuität: Eine ausgeglichene Alterspyramide verbreitert nicht nur die Erfahrungs- und Wissensbasiseines Teams,sondern trägtauch massgeblichzur Kontinuitätbei. Die Nachfolge kann auf diese Weise organisch gelöst und die Kultur eines Teams erhalten werden. Investoren legen in der Regel grossen Wert darauf,dass in Bezug auf denFund Manager als Schlüsselperson Stabilitätvorhanden ist. Die diesbezüglichen Anforderungen der Investorenwerdenoft in sog. Key Man Clauses formuliert.

10. Entschädigung desFund Managers

10.1 Fazit Im professionellen PrivateEquityUmfeldspielt heute die erfolgsabhängige Entschädigung einesFundManagerseine massgebliche Rolle. Das Entschädigungssystem istsozustrukturieren, dass diedem Fund Manager gewährtenAnreizezur Erfüllungder Bedürfnisseder Investoren beitragen. DieEntschädigung beinhaltetinder Regel eine fixe Grundgebühr (Management Fee) undeinevariable Erfolgsgebühr (beispielsweise Carried Interest). Die Erfolgsgebühr führt zueiner Interessenharmonisierung zwischen Investoren und Fund Manager.

10.2 Ausgangslage Die Entschädigung istein wichtiger Faktor in derBeziehung zwischen dem Fund Management und den Investoren. Mittels erfolgsabhängiger Entschädigung desInvestmentManagerswerden Interessen zwischen den

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Investorenund demFund Manager gleichgeschaltet. Im professionellen PrivateEquityUmfeld sind die Anforderungen, welcheden Fund Manager zueiner erfolgsabhängigen Entschädigung berechtigen,oft sehrhoch.

In der Praxis hat sich dieKombination zwischen fixer (Management Fee) und erfolgsabhängiger (beispielsweise CarriedInterest) Entschädigung etabliert.

Die operativen Kosten der Managementgesellschaft werden durch die fixe Management Fee gedeckt. Die Transparenzin Bezug aufdie Kostenfür dieBetreuung einesFunds istheute grossgenug,umdie fixe Entschädigungadäquat festzulegen.

Dieamweitesten verbreiteteBemessungsbasisfür die Management Fee ist das zugesagte Kapital (Committed Capital). Je nach Art des Funds beträgt dieManagementFee heute zwischen 1.5% und2.0%des zugesagten Kapitals.

Zur Berechnung der erfolgsabhängigen Entschädigung sind in der Praxis zwei grundsätzlich verschiedene Modelleanzutreffen:

(1) Berechnung der Performance Fee als Prozentsatzdes NAV- Zuwachses zuFair Valueszwischen zwei Stichtagen (Bewertungsprinzip); (2)Berechnung derPerformance Fee alsProzentsatzder realisierten Gewinne (Realisationsprinzip). 10.3 Votum Das Entschädigungsmodell eines Private EquityFundssollte eine fixe Grundgebühr (ManagementFee) undeine variableErfolgsgebühr (beispielsweise Carried Interest) enthalten. Die Management Feesoll die operativen Kosten (at armslength),welchebei der professionellen Betreuung einesFunds anfallen, decken.

Die Performance Fee ist dasEntgelt für die Leistungen des Fund Managers als Investor. DiePerformance Fee soll sich nachder absolut erzielten Renditerichten. Der Benchmark für dieerfolgsabhängige Entschädigung soll sich dabeianden Best in Class orientieren.

Der Entscheid füreines der in der Ausgangslage erwähnten Modelle betreffend erfolgsabhängigerEntschädigung hängt primär von der Ausschüttungs-respektiveReinvestitionspolitik sowie der vorgesehenen Lebensdauer eines Private EquityFunds ab. Bei einem Private EquityFund in derForm der schweizerischen AG steht alsEvergreen Fund mit grundsätzlich unlimitierterLebensdauer die Wertmaximierung des NAV im Vordergrund. In diesem Fall wird in der Regel für die Ermittlung der Performance Fee das Bewertungsprinzip angewendet. Bei einer Private

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EquityStruktur in der Formder LP dagegenwirddas Kapital ausverkauften Portfoliounternehmen laufend an dieInvestoren zurückbezahlt und der Fundwirdnach rund 10Jahren aufgelöst. Das Realisationsprinzip, welches den Fokus auf möglichstoptimale Exits legt,sollte in diesem Fall zum Zuge kommen.

Entschädigungsmodelle sollen für denInvestor vollkommentransparent sein. Änderungen der Entschädigungsmodelle währendder Laufzeiteines Funds sollen grundsätzlich nichtmöglich sein.

11.Zusammensetzung der Organe undBetreuung desFunds

11.1 Fazit DieOrgane des Fundsund der Managementgesellschaft sind derart zu besetzen,dasssich der Fund unddie Portfoliogesellschaften optimal entwickelnkönnen. Es soll sichergestellt sein,dass mit den Investorengeldern sorgfältig umgegangen wird. Dieoptimale Besetzung der Organe des Funds und der Managementgesellschaftsowie ein gutes Zusammenspiel dieserGremien bilden einewichtige Erfolgsvoraussetzung. Die CorporateGovernancesoll so strukturiertsein, dass dieInvestorenihreKontrollrechte zujedem Zeitpunktwahrnehmen können und eine konstruktiveZusammenarbeit zwischenden Gremien jederzeit möglich ist.

11.2 Ausgangslage NachAbschluss des erfolgreichenFund Raisings folgt die lang andauernde Phasedes Aufbaus undder Betreuung einesguten Portfoliosvon Zielunternehmungen. Während der ganzen Lebensdauer eines Funds wollen die Investorensichergestellthaben, dass mit ihrem Geld sorgfältig umgegangen und eine gute Rendite erzielt wird. DurchEinsitznahme in den Gremien des Funds könnendie Investoren ihreKontrollrechte ausüben. Eine gute CorporateGovernance stellt sicher, dass dieEntwicklung des Fundsregelmässig überwacht und beurteilt werden kann.Allfällig notwendige Massnahmen sollen dadurch rechtzeitig eingeleitet werden können.

11.3 Votum Die Organe des Funds undder Managementgesellschaft sollenso zusammengesetztsein, dasseine gute und konstruktiveZusammenarbeit zwischen den Gremien jederzeit möglich ist. Selbstverständlich sollendie einzelnenOrgane und deren Vertreter stetsunabhängigurteilen können.

Oft wird die Corporate Governance einesFunds verbessert,wenninden Organenauch erfahrene Externe wie beispielsweise Industriekenner Einsitz

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nehmen. Der Fund Manager kannvon derartigen Personen bei der Beurteilung von Investments respektivewährend der Phaseder Betreuung in der Regel erheblichprofitieren.

Die Organe des Funds und der Managementgesellschaft haben sicherzustellen, dass mitdem anvertrauten Geld sorgfältig umgegangen wird. Dies geschieht durch eine regelmässige Berichterstattung und Überwachung der Investitionstätigkeit. Die periodischeÜberwachung der Performance der Portfoliounternehmen solle anhand von Meilensteinenerfolgen. Bei Meilensteinen handelt es sich um Zeitpunkte, an denen gewisse Performanceziele erreicht sein sollten. Dieformulierten Zielesollen einfach messbarund auf die spezifischen Verhältnisseder Branche, in dersich dasUnternehmen befindet, abgestimmt sein. Über dieCorporate Governanceist sicherzustellen, dass bei Nichterreichung von Meilensteinendie notwendigen Massnahmen eingeleitetwerden.Dazugehören beispielsweise dieErarbeitung eines Aktionsplans durch das Management, die verstärkte Involvierung des Fund Managersindie strategische Planung oder im Extremfall die Entlassung des aktuellen Managementsdes Portfoliounternehmens. Zur Sicherstellung der Überwachung undBetreuung der Portfoliogesellschaften nehmen in derRegel Vertreter des Fund Managers in deren Verwaltungsräten Einsitz.

12. Mitbestimmungs- und Kontrollrechte der Investoren

12.1 Fazit Die Corporate Governance eines Funds soll so gestaltet sein, dassdie Investorenihre Kontrollrechteadäquat wahrnehmen können. Die gewährten Kontroll- und MitbestimmungsrechtesindimPrivate Placement Memorandum offen zulegen. Die Investoren sind diesbezüglich gleich zu behandeln; im Falle derAGgiltdie Regel one share -one vote.

12.2 Ausgangslage Je nach rechtlicher Ausgestaltung desFundsverfügen dieInvestoren allenfalls über weit reichende Mitbestimmungs-und Kontrollrechte. Aufgrund desFremdverwaltungsinteresses der Investoren wird das Management des Funds einemqualifizierten FundManager überlassen. Der Fund Manager soll Ermessen beider Vermögensverwaltung haben, weshalb Investoren in der Regelkeine Investitionsentscheidungen treffen. Über Vereinbarungen zwischen dem Fund Manager und den Investoren sowie dieentsprechende Besetzungder Gremien wird sichergestellt, dass die Investorendie ihnen zustehenden Kontrollrechte ausüben können.

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12.3 Votum Die Investoren sollen über Kontrollrechtegenereller Artverfügen, welche demFund Manager die Ausübung seinerTätigkeiten ermöglichen und ihn nicht über Gebühr einschränken. DieInvestorensollen jedoch dasRecht erhalten,vom Fund Manager regelmässigüber dieEntwicklung des Funds informiert zuwerden.

Im Falle einer Ermessensverletzung sollen den Investoren Massnahmen zustehen,die gegenüber dem Fund Manager durchgesetztwerden können. Grundlage der Kontrollrechte der Investorenist dieInteressen- wahrungspflicht des Fund Managers gegenüber den Investoren.

Folgende Kontrollrechte zuGunsten derInvestoren sind zuempfehlen:

• Recht der regelmässigen Information: • Möglichkeit, über das Gremium auf die Geschäftsführung des Fund ManagersEinfluss zunehmen, wenndiese nicht entsprechend dem ursprünglich Vereinbarten handelt; • Möglichkeit, denFund Manager bei schwergewichtigemFehlverhalten abzuwählen (beispielsweise bei Missachtungder festgelegten Investitionspolitik; bei Eintreffen von Fällen, welcheinder Divorce Clause definiertsind). Bei PrivateEquityFundsinder Formder schweizerischen AG istzudem generell darauf zuachten, dass die Kontrollmöglichkeiten der Aktionäre nichtdurchdie Einführung von Stimmrechtsaktieneingeschränkt werden. Um eine wirksame Kontrolledurch die Aktionärezugewährleisten, soll die Regel one shareone vote nichtdurchbrochen werden.

Die den Investoren gewährten Kontroll- und Mitwirkungsrechtesind im Private Placement Memorandum offenzulegen.

235 425 Private Equity: An artists inspiration

Charlotte Pedergnana (April09)

Dancing Locust (III): Everybody talksabout us. Theymust love us. S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

Code of Conduct for Corporate Finance Professionals

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SECA Code of Conduct for Corporate FinanceProfessionals 1. Membership in SECA implies support of corporate finance developmentand advancement of financial tools and financial engineering. 2. Members act withintegrity,competence, dignity,and in an ethical manner when dealingwiththe public, clients,prospects, employers, employees, andfellow investment professionals. 3. Members enforceethical and professional standards and ensurethat employees complywith internal policies and applicable laws. Such measures are keyto engendering acorporate culture that encourages employees to act knowledgeablyand responsibly. 4. Members practice and encourageothers to practice in aprofessional and ethical manner that willreflect credit on members and theirprofession. 5. Membersstrivetomaintain andimprovetheircompetence and the competence of others in the profession. 6. Members use reasonable care and exerciseindependent professional judgment. 7. Members makesure that conflict of interest situations are dealt with in an appropriateand professional manner. We stronglybelievethat full disclosure is the best remedyto deter potential abuses. That is, ad-visors should fullydisclosetoclients (current clientsand prospects), employers, and regulators(if required)anypotential conflicts that could arise such as: a) Direct and indirectownership of securities. Clients and employers shouldbeaware of investments that maycompromise, or call into question, theadvisors independence and objectivity. b) Referral fees. Clients should be awarewhether theadvisorsfirm engages in referral arrangementswith thirdparties and whether their business relationship will generate anyreferral fees forthirdparties. 8. Members always act in thebest interestoftheirclients.Toaccomplish this, advisors shouldbeintimatelyfamiliarwiththe clientsobjectives, preferences, needs, and processes. Safeguarding this information is paramount to the advisoryprocess and to the clients interests. 9. No member will take advantage of its position in SECA or abuse anyinformation addressed to SECA. 10.Members will abide bythe Code of Conduct issued bythe ExecutiveBoard of SECA. 11. Unethical conduct will be deemed to include anyevasivedeviceintended to conceal non-compliancewith the Code of Conduct, designated bythe Executive Board of SECA for its enforcement.

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National Associations

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EVCA &NationalAssociations

EUROPA EVCA (European VentureCapital Association) SecretaryGeneral: JavierEcharri Telephone: +32 2715 00 20 Fax:+32 2725 0704 E-Mail: [email protected] Website: www.evca.eu

AUSTRIA AVCO (Austrian Private Equityand Venture CapitalOrganisation) SecretaryGeneral: Dr. Jürgen Marchart Telephone: +43 1526 38 050 Fax:+43 1526 38 0510 E-mail: [email protected] Website: www.avco.at

BELGIUM BVA (Belgian VentureCapital &Private EquityAssociation) SecretaryGeneral:GuyGeldhof Telephone: +323297 1021 Fax:+32 3297 1023 E-mail:[email protected] Website: www.bva.be

CZECH REPUBLIC CVCA (Czech Private EquityandVenture CapitalAssociation) SecretaryGeneral:PetraKursóva Telephone: +420724 342 395 E-mail:[email protected] Website: www.cvca.cz

DENMARK DVCA (Danish Venture Capital &PrivateEquityAssociation) SecretaryGeneral: Ib Bøghave Telephone: +45 7225 5502 Fax:+45 3391 1838 E-mail: [email protected] Website: www.dvca.dk

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FINLAND FVCA (Finnish Venture Capital Association) General Secretary:Krista Rantasaari Telephone: +358 96969 33 00 Fax:+358 96969 33 03 E-mail: [email protected] Website: www.fvca.fi

FRANCE AFIC (Association Française des InvestisseursenCapital) SecretaryGeneral:Jean-Yves Demeunynck Telephone: +33 1472099 09 Fax:+33 1472097 48 E-mail: [email protected] Website: www.afic.asso.fr

GERMANY BVK (German Private Equityand Venture Capital Association) Managing Director: Dörte Höppner Telephone: +49 303069 820 Fax:+49 303069 82 20 E-mail: [email protected] Website: www.bvkap.de

GREECE HVCA (HellenicVenture Capital Association) CorporateSecretary:Ioannis Papadopoulos E-mail: [email protected] Website: www.hvca.gr

HUNGARY HVCA (Hungarian VentureCapital andPrivateEquityAssociation) ExecutiveSecretary:Natália Gömbös Telephone: +36 1475 0924 Fax:+36 1475 0925 E-mail: [email protected] Website: www.hvca.hu

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IRELAND IVCA (Irish Venture Capital Association) Director General: Regina Breheny Telephone: +353 1276 46 47 Fax:+353 1274 59 15 E-mail: [email protected] Website: www.ivca.ie

ITALY AIFI(Associazione Italiana del PrivateEquityeVenture Capital) SecretaryGeneral: Anna Gervasoni Telephone: +39 0276075 31 Fax:+39 02763 98044 E-mail:[email protected] Website: www.aifi.it

LATVIA LVCA (Latvian Venture Capital and Private EquityAssociation) Executivedirector Sandis Jursevics Telephone: +371 29162939 E-mail: [email protected] Website: www.lvca.lv

THENETHERLANDS NVP(Nederlandse Vereniging van Participatiemaatschhappijen) SecretaryGeneral:Tjarda D. Molenaar Telephone:+31 20571 2270 Fax:+31 206708308 E-mail:[email protected] Website: www.nvp.nl

NORWAY NVCA (Norwegian VentureCapital &Private EquityAssociation) SecretaryGeneral:KnutT.Traaseth Telephone:+47 227 00 010 Fax:+47 22700 011 E-mail: [email protected] Website: www.norskventure.no

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POLAND PPEA (Polish PrivateEquityAssociation) SecretaryGeneral: Barbara Nowakowska Telephone:+48 22 458 84 30 Fax:+48 22 458 85 55 E-mail: [email protected] Website: www.psik.org.pl

PORTUGAL APCRI (Assoçiacão Portuguesa de Capital de RiscoedeDesenvolvimento) SecretaryGeneral: PaoloCaetano Telephone: +351 21 382 67 16 Fax:+351 21 382 67 19 E-mail: [email protected] Website: www.apcri.pt

RUSSIA RVCA (Russian Private Equityand Venture Capital Association) SecretaryGeneral: Albina Nikkonen Telephone: +7 812 326 61 80 Fax:+7812 3266180 E-mail: [email protected] Website: www.rvca.ru

SLOVAKIA SLOVCA (Slovak Venture Capital and Private EquityAssociation) SecretaryGeneral:Ivan Jakúbek Telephone: +421 2544 143 56 Fax:+421 2544 311 80 E-mail: [email protected] Website: www.slovca.sk

SLOVENIA SLEVCA (Slovenian Venture Capital Association) c/oSmallBusiness Development Centre Telephone: +386 61 21 7827 Fax:+386 61 21 7846

SPAIN ASCRI (AsociaciónEspañoladeEntidades de Capital Riesgo) SecretaryGeneral: DominiqueBarthel Telephone:+34 91 411 96 17 Fax:+34 91 562 65 71 E-mail: [email protected] Website: www.ascri.org

215 433 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

SWEDEN SVCA (SwedishPrivate Equity&VentureCapital Association) Managing Director: Marie Reinius Telephone: +46 8678 3090 Fax:+46 8678 4090 E-mail:[email protected] Website: www.svca.se

UNITED KINGDOM BVCA (British Private EquityandVenture CapitalAssociation) Chief ExecutiveOfficer: Simon Walker Telephone: +44 207025 2950 Fax:+44 207025 2951 E-mail: [email protected] Website: www.bvca.co.uk

OTHER African VentureCapital Association www.avcanet.com

AustralianPrivate Equity&Venture Capital Association www.avcal.com.au

Associação BrasileiradePrivateEquityeVenture Capital www.abvcap.com.br

Canada's Venture Capital &PrivateEquityAssociation www.cvca.ca

China Venture Capital Association www.cvca.com.cn

Gulf Venture Capital Association www.gulfvca.org

Hong Kong Venture Capital and Private EquityAssociation www.hkvca.com.hk

Indian VentureCapitalAssociation www.indiavca.org

Assosiasi Modal Ventura Indonesia Tel:+62217206119

216 434 YearYearbbookook 2020009

Israel VentureAssociation www.iva.co.il

Japan Venture Capital Association www.jvca.jp

Korean VentureCapital Association www.kvca.or.kr

Latin American Venture CapitalAssociation www.lavca.org

Malaysian Venture Capital &PrivateEquityAssociation www.mvca.org.my

AsociaciónMexicana de Capital Privado A.C. www.amexcap.com

NewZealand PrivateEquity&Venture Capital Association www.nzvca.co.nz

Philippine Venture Capital Investment Group www.philvencap.com

Singapore Venture Capital and Private EquityAssociation www.svca.org.sg

South AfricanVenture Capital Association www.savca.co.za

Taiwan VentureCapital association www.tvca.org.tw

Thai Venture CapitalAssociation www.venturecapital.or.th

Turkish Private Equityand Venture Capital Association www.turkvca.org

U.S. National VentureCapital Association www.nvca.org

U.S. Emerging Markets PrivateEquityAssociation www.empea.net

217 435 Private Equity: An artists inspiration

Charlotte Pedergnana (April09) rr

Dancing Locust (IV): Everybodytalksabout us. Theymust love us. S � E � C � A Swiss Private Equity &Corporate FinanceAssociation

Indexof Persons

XII. S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

Index of Persons (without academictitles)

Surname ForenameCompany Page(s)

A Achermann Gilbert Institut StraumannAG330 Aerni Ralph SCM Strategic Capital Management AG 270 AffentrangerAnton AffentrangerAssociates SA 165 Aisher Patrick Markus Kinled Holding Limited 362 Albrecht Hans-Martin Raiffeisen 149 Althaus Konrad Binder Corporate Finance AG 308 AltorferUrs LuserveAG335 Ambros Reinhard J. Novartis InternationalAG256 AmstutzThomas Absolute Private EquityAG 161 André Lukas AffentrangerAssociates SA 165 Appenzeller Hansjürg HomburgerAG328 ArbenzBeat Migros-Genossenschafts-Bund 338

B Bachmann Rolf Lazard GmbH 362 Bader Hanspeter Unigestion 287 Balsiger Peter aventic partners ag 174 Banik Christoph Institutfür FinanzdienstleistungenZug IFZ149 Barthold Beat M. Froriep Renggli Rechtsanwälte 323, 402 BauknechtGero28 BaumannAndreasABT TreuhandgesellschaftAndreasBaumann &Co. 302 BaumannBrigitte Go Beyond 229 BaumgartenMark-Oliver Staiger,Schwald &Partner Rechtsanwälte 350 BaumgartnerCurt Nellen &Partner 340 BaumgartnerHans Private EquityHolding AG 261 Baumgartner Philip 362 Sal. Oppenheimjr. &Cie. Baur Leonid 7, 114, 267, 269 Corporate Finance (Schweiz)AG Beaud Christophe Club Valaisan des Business Angels 199 Beauverd GuillaumeG2Group SA 225 Becker Frank Invision Private EquityAG 243 Beck-Wagner Madeleine Beck Group Ventures 307 Behr Giorgio Behr Bircher Cellpack 118 Benoit Jean-Guillaume Credit Agricole (Suisse) SA 205 Beretta Alessandro EPP-EnergyProducing Properties LLC 321 Berg Nicolas Redalpine Venture Partners AG 28, 57, 262 Berger Jacques Defi Gestion SA 209 Bernhard RenéHitz&Partner CorporateFinance AG 237 Bertschinger Urs Prager Dreifuss Rechtsanwälte362 Biedermann ChristophC.Biedermann Septima 362 Bieri Adrian KPMGLtd 245 Billeter Thomas 362 Binder Peter Binder Corporate Finance AG 308 BizzozeroMarco Deutsche Bank PrivateWealthManagement212 Blattert Stefan DieSchweizerischePost/PostFinance 316 Bodmer David Bodmer Advisors AG 362 Bodmer Philip 28 BödtkereChristopherLODHPrivate EquityAG 250 Böhler Christian Lombard Odier Darier Hentsch 402 Bohnenblust Peter The Corporate Finance Group 280 Bonaccio Silvio ETH Zürich -ETH transfer 221 BöniPascal Remaco MergerAG264 Bontognali Ivan 362 Bopp Martin CTI Start-up29 Borer Cédric B. Fischer Investment Group (Holding) AG 224 Borer Christophe Helarb Management SA 7, 145,148, 362 Both Peter Credit Suisse 362 Boulad Abdullah Swiss EquityGroup 275 Boutellier Roman ETHZurich 50ff. Brandt Edgar Edgar Brandt AdvisorySA 319 Brauchli Rohrer Barbara PricewaterhouseCoopers 7, 127, 131, 260 Brechbühl Beat Kellerhals AnwälteBern 332 BregyPhilipp OLZ&Partners Asset and LiabilityManagement AG 262 Brennan Patrick NewFinance Capital 142 Briand ThierryThierryBriand Consulting 354 Bridge MichaelAbsolute Private EquityAG 161 BrönnerMaximilian LGTCapital Partners Ltd. 248 Brugger Marc LFPE S.A. 246 BruixCédric Argos Soditic S. A. 173

438 YearYearbookbook 2020009

SurnameForename CompanyPage(s)

B Brun Nadine SECA 8, 12 Brunner Eduard Start Angels Network272 Brunner Markus Boyden global executivesearch 310 Bruppacher C. Mark BHP Bruppacher Hug &Partner, AttorneysatLaw308 BucherGregor Credit SuisseAssetManagement 208 Büeler Martin PricewaterhouseCoopers 131, 260 Bühlmann Beat Horizon21 PrivateEquity238 Buholzer Denise Invision Private EquityAG 242 Bünter AndreasVenGrowCorporateFinance AG 288 Burckhardt Peter E. ErfindungsVerwertung AG 220 Bürge Andreas b-impact AG 362 Burger-CalderonMaxApaxPartners &Co. Beteiligungsberatung AG 170 Burkard Thomas TCO Transition CompanyAG 278 Burkhalter Sascha M. Finavision Management GmbH 362 Burkhard Ulrich Marcuard FamilyOffice AG 146 Butler RussEVCA 65f.

C Campestrini Silvio AAA -Corporate Finance Advisers AG 302 Campiotti Marco OLZ&Partners Asset and LiabilityManagement AG 259 Cassani Alexander Bank Sarasin &Cie AG 178 Casutt AndreasNiederer Kraft &FreyAG 341 Cesari Mario TBG Management S.A.M. 362 Chantre Oliver JPh Hottinguer CorporateFinance SA 244 Cheridito Yves Wineus Investment &Consulting AG 358 Christophers Hans LPX GmbH 251 CimoszkoSkowrońska BogusławaPhoton Energy144 Claesson Ulf362 Clausen Tom Capvent AG 311 Comte Pierre 28 Corletto Luca Zürcher Kantonalbank 149 Crevoisier Philippe 362 Croset Jean-Claude SCM Strategic Capital Management AG 270

D Dąbrowski SewerynDeloitte Poland 144 de BoerFrédéric ZETRAInternationalAG296 de DardelChristophe Unigestion 287 De Gottardi Curzio Banca dello Stato del Cantone Ticino 306 De Macedo Evangeline Aravis SA 92 de Vallière Philippe 362 DeBlanc Bryan KPMG Ltd 112 Deflon William WSDStrategyConsultants (Suisse) 359 Degosciu Michel LPX GmbH 251 Dellenbach Hans Emerald TechnologyVenturesAG213 DeramEricEuro-Private EquityAdvisors 321 DerendingerPeter Alpha Associates, Private EquityHolding AG 168, 261 Diab Mohammed Defi Gestion SA 209 DiakonowiczMarcin DeloittePoland 144 Dialer Philipp SECA 2, 8, 12 Diller Christian Capital Dynamics103 Disch RogerPricewaterhouseCoopers 146 Domanig Gina Emerald TechnologyVenturesAG142, 213 DorfmeisterBarbara WienerBörse AG 147 DoutriauxStéphanePoken SA 55f. DreherPeter ARALONAG171 du Pasquier ShelbyLenz&Staehelin148 Dysli Dan Bank am Bellevue 177

E Eberhard PeterPEPR PeterEberhard Public Relations 343 Ebnöther Rudolf UBS AG 285 Egger Roger Egger &Egger AG 320 Egolf ThomasTAT Capital PartnersAG277 Ehweiner Stefan Credit Suisse 149 Eidel Santana Deutsche Bank PrivateWealth Management 213 EngelsmaRogier Gilde BuyOut Partners AG 227 Eriksson AndrewMissionPoint Capital Partners 362 Erni Marcel Partners Group 259 Ernst Florian Deutsche Bank Private Wealth Management 212 Erwin Holger Heuking Kühn Lüer Wojtek 325 Eschler Roland Swiss EquityGroup 275

439 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

SurnameForename CompanyPage(s)

F Fallegger GeorgAlternativeAsset Broker Company(AABC)362 Fankhauser GeorgRemaco Merger AG 264 FauschMark E. CORFIN AG 203 Fauveau Virginie Capital Transmission SA 192 Fecker Lukas Alvarez&Marsal Europe Ltd 362 FedererThomas Credit Suisse Asset Management 208 Feurstein Burkhard gcp gamma capitalpartners -The VenturePreneurs 226 FischerBenjamin J. Fischer Investment Group (Holding) AG 224 FischerMarc Pascal Baker&McKenzie 140 Fischler Guide 28 Fletcher AndrewAIG PrivateEquityAG 167 Flore RalfHeliadAG235 Fopp Leonhard CONTINUUM AG 362 Forrer Simone Novartis International AG 256 Foscale Federico LN consulting Sagl 249 Fouquet Jean-Francoise Credit Agricole (Suisse) SA 205 FranzIngo CreathorVenture Management GmbH 204 Fregonas Eros Swisscom IT Services 149 Frei Alan Advisory&Merchant Partners AG 164 Frei Alan aventic partners ag 174 Frei MichaelOLZ &Partners Asset and LiabilityManagement AG 263 Frei Patrik Venture ValuationAG362 Frei Thomas LODH Private EquityAG 250 FreyMartin Baker &McKenzie 140,305 Freymond Dominique mas management &advisoryservices ltd. 336 Friedli Rolf Capvis EquityPartners AG 193 Friedrich AlexanderGilde BuyOut Partners AG 227 Frischknecht Martin CreditSuisse 207 FrizEnrico WalderWyss &Partners Ltd. 357 Fuchs Marius QIC Performance Consulting AG 362 Fulpius Nicolas AffentrangerAssociatesSA165 Fülscher Jan Business Angels Schweiz362

G Gähwi ler FelixDynavest AG 318 Gall AlexE. Steiger Engineering AG 351 GantnerAlfred Partners Group 259 GauchUrs P. Credit Suisse 149 Geier Christian Palomar Private EquityAG 342 Geilinger Ulrich HBM Partners AG 7, 33, 144, 233 Gericke Dieter Homburger AG 134, 326 Giesinger PeterCGS Management giesingergloor lanz&co. 195 Giger Corinne Capital Dynamics190 Glaus Hannes LustenbergerGlaus &Partner 5, 7, 66, 125, 127, 147, 334f, 370,386 Glesti Jürg Close BrothersAG198 Gloor Martin CoreCapital Partners AG 202 Gloor Peter CGS Management giesingergloor lanz&co. 195 GonzalezCarole LN consulting Sagl 249 Grabherr Oliver gcp gamma capitalpartners -The VenturePreneurs 226 GrandfilsPatrick Clipper CorporateFinance 362 Groh AlexanderPeter Quadriga Capital Services GmbH, IESE Business School 40 Grossmann HenningStiftungTECHNOPARK® Zürich 273 GrüningerAlexander ALTIUM CAPITALAG169 Guggenheim Daniel Paguasca HoldingAG342 Guggenheim David AlternativeCapital Management AG 303 GuilleminPierre Swiss Life Asset Management 276 Gunnarsson Andreas Saab Ventures 266 Gunsch-Wegmann Yvonne SIX Swiss Exchange AG 124, 349 Gut AlexanderGut CorporateFinance 231 Güzelgün Ayhan Migros Bank 338

H Haegler Rolf TAT CapitalPartners AG 277 Haemmig Martin CeTIM /Stanford University362 Hamburger Marc StartZentrum Zürich 350 Hane Werner ARALON AG 171 Hansen Sven Good Energies 142 HartmannBernd Verwaltungs- undPrivat-Bank AG 356 Hartmann Dirk Baumgartner Mächler Rechtsanwälte 306 Haselbeck FritzZfU Zentrum fürUnternehmensführung AG 362 Hauser Reto Bureau van Dijk Editions Electroniques145,148 Häusermann Walter Häusermann TaskManagement 362

440 YearYearbookbook 2020009

SurnameForename CompanyPage(s)

H Heer DominikThe Riverside Company282 Heer RolandColorplaza143 Heimann Thomas innoValuation Partners GmbH 329 Heinkel GüntherTerra NexGroup c/oTerra NexFinancialEngineering Ltd. 279 Heinzelmann Fred Remaco MergerAG264 HeizIwan UBS Global Asset Management AG 286 Hepp Stefan SCM Strategic Capital Management AG 270 HermannRalfZETRA InternationalAG296 Hess Hans Comet &Burckhardt,Geberit, Schaffner146 Hirzel AloysHirzel.Neef.Schmid.Konsulenten 327 HitzStephanHitz&Partner CorporateFinance AG 237 Hoch Thomas CO-INVESTORAG201 Hoefner Andreas Warburg AlternativeInvestments AG 293 Hofer MartinBurson-Marsteller310 HoferPaul R. PRHGroup Suisse SA 362 Hoffmann Volker ETH Zürich 143 Hoffmeister Jan DRSdigital AG (Data Room Services)317 Hofmann Oliver UBS AG 285 Hofstetter Philipp PricewaterhouseCoopers 260 Hogenmüller Christian Zumtobel Group 147 Holle Thomas AON Jauch &Hübener GmbH 304 HoneggerFelixA. BPMC AG 149 Hosang Markus BioMedinvestor AG 183 Huber MatthiasChemolio Holding AG 362 Huber Rudolf Axega GmbH /CFO Forum Schweiz149,362 Huber Thomas PricewaterhouseCoopers 90,146 Hüppi Hansjörg Hüppi AG 362

I Isler Andrea SIX Swiss Exchange AG 124

J Jäggi René C. Unternehmer 146 Jans Marcel BDOVisura182 Janson Manuel IntercountryConsulting Corporation 362 JaroszBeataWarsawStockExchange144 JeannetFrancois mas management &advisoryservices ltd. 336 JegerRolf JegerConsult 362 JohanssonBjørn Dr. Bjørn JohanssonAssociates Inc. 317 Jost Yvan Fortune Management Inc. 363 JouinPascal IndexVenture Management SA 240 Jung Oliver Adinvest AG 163

K Kahlich HerbertFundStreetAG323 KaiserPeter Regent Fund Management AG 263 KälinFrancesco SUVA 352 Kalt Adrian SwissCapital Corporate Finance AG 120 KaltofenArnd VI PartnersAG292 Kappeler Marc aventic partnersag174 Karch Harald International Capital Advisors LLC 241 Kaufmann Fernand High Power Lithium 142 Kawakami-GavinaSeekoHarbertManagement Corporation232 Kehrli Stephan Kehrli &Zehnder Global Wealth Management AG 331 Keller Adrian PricewaterhouseCoopers 146, 260 Keller Ulrich UBS Global Asset Management AG 286 Kerler Patrik KPMG Ltd 112, 245 KessiMartin AXAPrivateEquity175 Killen NicolasBorel &Barbey309 KlingelfussMarcBankVontobelAG179 Kluchnik JorgeRegent Fund Management AG 263 Economic Developmentofthe Canton of Zurich / Klucken Sabine 319 Standortförderung KnillMatthias Hirzel.Neef.Schmid.Konsulenten 327 Kobel Olivier 3i Schweiz160 Kobelt Ulrich 363 Köhler CédricCreathorVenture ManagementGmbH 204 Köhler Gert CreathorVenture Management GmbH 204 Kohn Eric F. Barons Financial Services SA 363 KollrosJan adbodmer ag 162 Komorowski SzymonDeloitte Poland 144 Köppen Kai The Riverside Company282

441 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

SurnameForename CompanyPage(s)

K Krebs Alexander Capvis EquityPartners AG 7, 193 Kreienbühl Reto Capvis EquityPartners AG 73 Kretschmer Ralph Credit Suisse 142 Kropp Friedrich Kropp Consulting363 Kübler Philipp Swisscom AG 352 Kundert RonaldZürcherKantonalbank 297 Kurmann Jürg Kurmann PartnersAG333 KusioDanielBVHolding AG (BVPartners GmbH) 149, 188 Kwiatkowski Robert WarsawStock Exchange 144

L Läber Ilias Cevian Capital AG 194 LabhartPeter Clariden Leu AG 197 LagasséJean-François Deloitte AG 210f. LamprechtSimon shaPE Capital AG 271 Landolt Brigitte Seia Capital AG 349 LanzRolf CGS Management giesinger gloor lanz&co. 195 LanzRudolf The CorporateFinance Group 280 Larini Danilo InternationalCapitalAdvisors LLC 241 Larsen Michael Harbert Management Corporation232 Lattmann Massimo S. VenturePartners AG 7, 10,145, 291 Läubli Urs Hirzel.Neef.Schmid.Konsulenten 327 Laville Richard363 Lee Walter HeidelRose GmbH363 Lescroart Philippe Bureau van Dijk Editions Electroniques 145 Letter Peter EPS Value Plus AG 215 Lichtner Katharina Capital Dynamics190 Liebens Francis Néocia -SDIP SA 341 Liebreich Michael NewEnergyFinance 142 Liechti SamyBlacksocksSA56 Lieser KarstenIESE Business School 40 Lingjaerde Sven Endeavour 216 Liotard-Vogt Patrick Poken SA, The Worlds Finest Clubs AG 56 Löchner Reinhard VENTIZZPrivate EquityAG 290 Looser Leo Looser Holding AG 363 LubińskiJan Read Gene S.A. 144 LüchingerWerner 363 LüthiMarc Banque Bénédict Hentsch &Cie SA 180 LyskawaPiotr Deloitte Poland 144

M Maag-PelzJennifer Capital Concepts International AG 189 Malacrida Ralph Bär &Karrer AG 149 MannheimsWilli VENTIZZPrivate EquityAG 290 MarfurtCan ZürcherKantonalbank 142 MarkvoortHans LGT Capital Partners Ltd. 248 Martelli MarcoInvision Private EquityAG 402 Marthaler Stefan Zürcher Kantonalbank 297 Martin Jürg MSM Investorenvereinigung254 Masson Pierre-Alain Hitz&Partner CorporateFinance AG 237 Matzka Klaus gcp gamma capital partners -The VenturePreneurs 226 Maurer Remo PorteletAG343 MazziFerdinandoOakbridge AG 257 MeierJürg 28 Meier Walter BT&T Group186 MeiliRoger TeleperformanceSchweiz149 Meister SteffenPartners Group 259 MemmingerMatthias PricewaterhouseCoopers 90 MenzChristine Hirzel.Neef.Schmid.Konsulenten 327 MenziMartin Swiss Capital Corporate Finance AG 274 MerzHans-Rudolf President of the Swiss Confederation 125 MeylanBoris JPh Hottinguer CorporateFinance SA 244 Moser Martin Bratschi Wiederkehr &Buob 363 Mück Rainer MMP Mück Management PartnersAG252 Mühlemann Daniel Chervil Capital Invest AG 314 Mühlemann Stefan LGT Capital PartnersLtd. 248 Müller Christoph BDO Visura 182 Müller Marc Fabrel LotosAG223 Müller PeterH.Start Angels Network272 Müller-GanzJörg Helbling Corporate Finance AG 149, 236 Müller-Känel Oliver 363 Mürer Robin ApaxPartners &Co. Beteiligungsberatung AG 170

442 YearYearbookbook 2020009

SurnameForename CompanyPage(s)

N Näf Beat Müller-MöhlGroup 339 Nebel Simon Aravis SA 92, 172 Neef Jörg Hirzel.Neef.Schmid.Konsulenten 327 NeeracherChristoph Bär&KarrerAG181 NeuhausMarkusR.PricewaterhouseCoopers 26 Neumann Andreas Zürcher Kantonalbank149 Neuville Gérald 363 NicodAlain VI Partners AG 32, 292 Niederhauser Peter Redalpine Venture Partners AG 262 NixPetra Kirchhoff Consult (Schweiz)AG363

O Oberhänsli Patrick Robeco (Schweiz)AG345 Ochsner Markus OLZ&Partners Asset and LiabilityManagement AG 149, 258 Oehler Adrian Integra Holding AG 330 Oelgarth Arndt 363 Oestberg Niklas 28 Ohnemus Peter 28 Ollier Michèle IndexVenture Management SA 54ff. Orlacchio Carmine OLZ&Partners Asset and LiabilityManagement AG 261 Ospel-BodmerAdriana adbodmerag162 Ottiger Simon RCI Unternehmensberatung AG 344

P Paganoni Roberto LGT Capital Partners Ltd. 7, 248 Pamberg GüntherB.COFIDEP SA 315 Parenti Alessandro Advisory&MerchantPartnersAG164 Parravicini Mario Wincor Nixdorf AG 358 Patroncini Guido Zurmont Madison Management AG 146, 299 Payne AndrosHumaticaAG329 Pedergnana Maurice SECA 2, 7, 8, 9, 18,142f., 149,386, 402 Pedrazzini Jean-Pierre Egon Zehnder Associes SA 320 PedrazziniMassimo Studio Legale 363 Pedrett DanielArques CorporateRevitalization AG 304 Peretti Klaus Kessler &CoInc.332 Peter Uwe363 PeyrotPaul Peyrot&Schlegel 363 Pfeifer AlexanderBaxCapital AdvisorsAG307 Pfister PeterDeutsche Bank Private Wealth Management 212 Pfister Peter Start Angels Network272 Pfyffer Urs Fabrel LotosAG223 Pierazzi MauriceCapital Transmission SA 192 Piffaretti Sandro DerendingerGroup AG 363 Polmann Sabine Swiss Life Asset Management 276 PriddyGregoryP. 28 Pronk Nikolai GildeBuyOut Partners AG 227 PruschyJacobo Seia Capital AG 349 Pümpin Cuno Invision Private EquityAG 143 Puyal-Heusser Erika Zürcher Kantonalbank 297

R Ramseier Urs CS CorpSanaAG363 RebetezJean-Claudeaventic partners ag 174 Reimann Thomas LutzRechtsanwälte 363 Reinisch Peter Global Life Science Ventures AG 228 Richiger Robin R. BankVontobel AG 149, 179 RiedikerDaniel Alegra Capital AG 142 Ries GerhardBioMedinvestor AG 183 Rikhof MargaretTalking Talent GmbH 353 Rinderknecht Thomas M. RKS Rinderkencht &Burger 345 Rinderli-Bischof Doris Swiss EquityMedien AG 59 Ritter Markus PrivateEquityInvest AG 344 Rohner FelixCapvis EquityPartners AG 402 Rompel Hans-Dieter CO-INVESTORAG200 RosenowRalf Blum&Grob AttorneysatLawLtd 309 Roth BalzGo Beyond229 RötheliAndreas Lenz&Staehelin334 Rüegg Kurt Swiss CapitalCorporate Finance AG 274 Ruhier FelixFRCUnternehmensberatung GmbH 322 RussellJonathan EVCA 65 Russel-Wiederkehr Karin SCM Strategic Capital Management AG 270 Rutishauser Peter Equatis AG 217

443 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

SurnameForename CompanyPage(s)

S SägesserMartinInterims CEO 363 SalesnyPetra Alpha Associates 168 Sawiński MariuszPolish Embassyin Berne 144 SchärerChristoph PricewaterhouseCoopers 146 Scheidegger Alfred NextechVenture 255 SchellerGerd ETH Zürich -ETH transfer 47, 221 SchellertUlrike MMP Mück Management PartnersAG252 Schenk Luca OLZ&Partners Asset and LiabilityManagement AG 149, 258 Schenker Urs Baker &McKenzie 305 Scherrer Roland UBS AG 285 Schick Bruno Cinven GmbH 196 Schittenhelm Hugo Hirzel.Neef.Schmid.Konsulenten 327 SchlachterRobert LGT Capital Partners AG 70 SchlaepferAlexander ALSTOMSA47, 363 Schläpfer RolfHirzel.Neef.Schmid.Konsulenten 327 Schlup RobertSonnenschein Nath &RosenthalLLT 363 Schmelig KarlheinzCreathorVentureManagement GmbH 204 Schmid Peter 28 Schmid Victor Hirzel.Neef.Schmid.Konsulenten 327 Schmid Wolfgang CFP BusinessConsulting AG 313 SchmidliFredi Start Angels Network272 Schmidt Volker The Riverside Company282 Schmidt Yann Cevian Capital AG 194 Schmidt-Soelch Wolfgang Heidrick &Struggles 325 Schneebeli FelixConstellation Switzerland Ltd. 315 Schneider ConradinAIG Private EquityAG 167 Schneider Martin Schneider Feldmann AG 348 Schneller Thomas PricewaterhouseCoopers 146 Schnorf Werner Rudolf Zurmont Madison Management AG 146, 299 SchobingerHannesErnst&Young219 Schönbächler Ernst363 SchönbeckStefanGoodEnergies 324 Schönmann Beat 363 Schuler Paul Fortman Cline Consulting GmbH 322 Schülin Philipp AFINUM Management AG 166 SchumRenéC.TCO Transition CompanyAG 278 Schuster Jürg O. StartAngelsNetwork272 SchwarzAlexander Heliad AG 235 Schweitzer Florian BrainsToVenturesAG5,7f., 33, 144, 184, 386 Schwendimann Ulrich Polish-Swiss Chamber of Commerce 144 Schwerzmann Urban Value Partners Associates AG 356 Scriven Thomas H.I.G. European CapitalPartners LLP 363 Semmens GuyArgos SoditicS.A.173 Sigg Ralph TendoCorporate Finance AG 363 Simoneschi Nicola Capital Finance and Trust Company(1923) SA 191 Simonovic Boris Gut Corporate Finance 231 Skowronski BogyCMS Corporate Management Services200 Śladowski DariuszEuroimplant S.A. 144 Sneyers Tycho LGT Capital Partners Ltd. 248 Specker UrsCareyAG 311 Spieckermann Nikolaus gcp gamma capital partners-The VenturePreneurs 226 Spiess Matthias Bank Sarasin&Cie AG 178 Spuhler Peter Stadler Rail AG /PCS Holding AG 120 SpyrkaJens bmp Poland 144 SrivastavaGovind Soleil Capitale 363 StadlerFranzClusterio AG 314 Staehelin MaxR. 363 Staehli Roland E. Marchmont AG 336 Staub Martin Invision Private EquityAG 243 Stebler Markus P. IMC Investment &Management Consultants AG 239 Steffenoni Claudio Bank am Bellevue 7, 176f. Stehli Martin A.I.M. Group AG 363 Steinbach Herbert28 Steinbach Markus 28 Steiner Christian PricewaterhouseCoopers 146 Steiner Christoph Close Brothers AG 198 StępieńEmilNewConnect 144 Stillhart Yvonne LODH Private EquityAG 250 Streib Christoph Credit Suisse 207 Strohm Jean-Luc RenaissanceKMU SchweizerischeAnlagestiftung 265 StrömOla Carlsdorff Partners AG 363 Stucker JürgErnst &Young 219

444 YearYearbookbook 2020009

SurnameForename CompanyPage(s)

S Stühff Alexandra SF Eco 143 StutzAndreasThommen Medical 143 Suard Claude Defi Gestion SA 209 Sunderland Neil V. Adinvest AG 163

T TappyDamienEndeavour 216 Thakur-Weigold Siegmar Warburg AlternativeInvestments AG 293 Thalmann Oliver Aravis SA 92, 147, 172 Thommen Andreas S. Hirzel.Neef.Schmid.Konsulenten 7, 326f. TraciaRoberto Binder Corporate Finance AG 308 Tripet Jean-Philippe Aravis SA 92, 148, 172 TrunzRoger OLZ&Partners Asset and LiabilityManagement AG 260 Tschäni Rudolf Lenz&Staehelin 7f.,149 Tschopp Alexandra CEPAX Sustainable Solutions AG 312 Tschopp FelixTschopp Corporate FinanceAG363 TurzaIvica The Riverside Company282

U UnternährerBeatThe Corporate Finance Group 7, 280,402

V Valk Tobias KPMG Ltd 112, 149 van den BergHansVenture Partners AG 291 van der Geest Edwin Dynamics Group AG 318 Vandebroek Jos G.L. Vandebroek Ventures AG 363 Vercoutère Ivan LGT CapitalPartners Ltd. 248 Vettiger Thomas IFBC AG 149 Villiger Andrea SECA 2, 8, 12 VogelAlexanderMeyer Lustenberger 337 Vogel Bernard Endeavour 216 Vogt Hans-Peter VenGrowCorporateFinance AG 288 VolkartGregoryH. VolkartManagement Consultants357 VollstedtMarkus Vollstedt Consulting 363 von Baum WernerLGT Capital Partners Ltd. 248 von Krogh GeorgETH Zurich 26 von LiechtensteinHeinrich IESEBusiness School 40 von RadowitzKonstantinDeloitte AG 210f. von Richter Andreas General Electric 142 von Salis Ulysses Niederer Kraft &Frey363 von Tscharner Patrick J. Tscharner CapitalPartners 363 von Wartburg Iwan iploit AG 331 Vorndran Helmut VENTIZZ PrivateEquityAG 290 VuilleumierJean-Pierre CTI Invest 31, 144

W WägliRolf EPS Value Plus AG 143, 215 Wagner Lucian EuroUS Ventures 28, 363 WaldvogelChristian Renaissance KMUSchweizerischeAnlagestiftung 265 Walker Marcel Comit AG 149 Walliker ChristianAlternativeCapital PartnersAG303 Walter Dominik C. BridgeLink AG 185 Walther Michael GHR Rechtsanwälte 324 Wang Pying-HuanDeutsche Bank Private Wealth Management 212 Wang Zhi Swiss China Consulting GmbH 364 Watter Rolf Bär &Karrer AG 181 Watts Michael28 Weber Bruno Valcor AG 149, 355 Weber Martin SchellenbergWittmerRechtsanwälte 347 Weber ThomasLGT Capital Partners Ltd. 248 Weber-Berg Christoph Evangelisch-reformierte Landeskirche des KantonsZürich 402 WeibelMatthias P. FAES FinanzAG 364 WeigelWinfried364 Weilenmann Rolf Valartis Bank AG 355 Wein Nikolaus Deutsche Bank Private Wealth Management 212 WeissBranco364 Wenger Christian Wenger &Vieli Rechtsanwälte 7, 9, 28ff., 126, 144, 294, 386 Wenger Paul-André BridgeLink AG 185 WenzlMartin Wiener Börse AG 147 Wicki Andreas HBM Partners AG 233 Widrig Marcel PricewaterhouseCoopers 149 Wietlisbach Urs Partners Group 259

445 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn

SurnameForename CompanyPage(s)

W Wildberger Jürg Hirzel.Neef.Schmid.Konsulenten 327 Wipf ChristianALTIUM CAPITALAG169 Wipfli Cyrill Partners Group 259 Wirth Dieter PricewaterhouseCoopers 66, 90,125 Wittwer FritzErfindungsVerwertung AG 220 Wlodarczak Dominik CO-INVESTORAG201 Wolfers Peter Horizon21 PrivateEquity238 Wright Lisa ZEPHYR,Bureauvan Dijk Editions Electroniques145, 148 Würms Diego Clariden Leu AG 197 Wurmser Michael AstonBrooks International 364 Wyss Ralph Gilde BuyOut Partners AG 227 Wyss Ugo 364

Z Zanetti Danilo Zürcher Kantonalbank 149 Zern Björn SwissEquityMedien AG 59 Zetlmayer Heinrich mas management &advisoryservices ltd. 336 Zgraggen Pius OLZ&Partners Asset and LiabilityManagement AG 258 ZinggKarinCTI Start-up316 Züllig Peter STB Group AG 351 Zünd Mark LODH Private EquityAG 250 Zürcher WolfgangWenger&Vieli Rechtsanwälte149,294 Zwahlen Beat cfoXpert ag 312 Zweig Andrés F. Vaccani, Zweig &Associates 354

446 Private Equity: An artists inspiration

Charlotte Pedergnana (April09) rr

Dancing Locust (V): Everybody talks about us. They must love us. Die Schriftenreihe derSECA im HauptVerlagBern Bestellung

Bittesenden Sie mirgegen Rechnung aus derSECA‑Schriftenreihe (Preisezzgl.Versandkosten):

Ex.Band 1:OliverMüller‑Känel Mezzanine Finance

Ex.Band 2:Martin Haemmig The Globalization of VentureCapital

Ex.Band 3:Gregory A.Bournet Börsengang mittelsReverse-Takeover

Ex.Band 4:ChristianBöhler CorporateGovernanceund externe Berichterstattung OliverMüller‑Känel Martin Haemmig Gregory A.Bournet ChristianBöhler OliverThalmann Cuno Pümpin, Banik/Ogg/Pedergnana ChristianBurkhardt BeatD.Speck PedramFarschtschian in Venture-Capital-Gesellschaften Mezzanine Finance The Globalization of Börsengang mittels CorporateGovernance Finanzierung von jungen MauricePedergnana Hybride und PrivateEquity als Privatplatzierungen Strategische Beurteilung Ex.Band 5:OliverThalmann NeuePerspektiven VentureCapital Reverse-Takeover und externe Bericht- Biotechnologie-Unter- StrategischesInvest- mezzanine Finanzierungs- Nachfolgeinstrument im Schweizerischen von Private-Equity- Finanzierung von jungen Biotechnologie-Unternehmen in derUnternehmens‑ AnalysederSchweizer erstattung in Venture- nehmen mentManagement instrumente für SchweizerKMU Primärkapitalmarkt finanzierten Buyouts finanzierung Praxis Capital-Gesellschaften Ex.Band 6:John Davidson Mezzanine Financebietet Die Mobilitätvon Menschen DerReverseTakeoverstellt ChristianBöhlers Arbeit Bei derUnternehmensent‑ Investoren,die nachtradi‑ Mezzanine und hybride Trotz desWachstumsder Trotz desWachstumsder Warumbrauchen Private‑ MBO mittelsPrivateEquity eine neuePerspektivein Technologien und Kapital in derangelsächsischen liefert wissenschaftlich wicklung jungerBiotechno‑ tionellen Konzepten des Finanzierungen bezeichnen PrivateEquity‑Branche PrivateEquity‑Branche und Equity‑Firmen Konzepte Ex.Band 7:JensHaarmann derUnternehmensfinan‑ ziehtden Aufbauvon in‑ Praxiseine regelmässig zu fundierteLösungsansätze logieunternehmen stehtdie AssetManagements inves‑ Finanzierungsarten,die in und dersteigenden An‑ dersteigenden Anzahl Un‑ und Methoden desstra‑ EconomicDeterminants of PrivateEquity Investments in Switzerland zierung. OliverMüller‑ novativen Jungunterneh‑ beobachtende Alternative und Gestaltungsempfeh‑ Sicherstellung einernach‑ tieren,erzielen meistens ihren rechtlichen und öko‑ zahl Unternehmen mit ternehmen mitanstehen‑ tegischen Managements KänelsStudie bieteteine men überall aufderWelt zumklassischen Initial lungen zur Entschärfung haltigen Finanzierung im nur bescheidene Nettoren‑ nomischen Ausgestaltun‑ anstehenderRegelung der derRegelung derUnter‑ zur zukunftsorientierten Ex.Band 8:Patrik Frei umfassende und wissen‑ nachsich. Internationaltäti‑ PublicOffering (IPO)dar. derCorporate‑Governance‑ Zentrum. Haupterschwer‑ diten (nachSpesen,Gebüh‑ gen eine Mischformzwi‑ Unternehmensnachfolge nehmensnachfolge werden Beurteilung ihrerInvesti‑ Assessmentand Valuation of high growthcompanies schaftlichfundierteAna‑ ge Venture‑Capital‑Firmen Dabei handeltessichum Problematik bei Venture‑ nissesind die langen Ent‑ ren,Inflation und Steuern). schen Eigen‑ und Fremdka‑ werden in derSchweiz in derSchweizjährlich tionsobjekte? Wie lassen lysediesesinnovativen sind gewilltund gefordert, einen vergleichsweise Capital‑Gesellschaften. Im wicklungszeiten und die Ein Grund liegtdarin,dass pitaldarstellen. Dabei wird jährlichnur wenige Private nur wenige PrivateEquity‑ sichinZeiten desWandels Ex.Band 9:Markus J.Müller Finanzierungsinstruments. ent sprechende Talentein komplexen Vorgang,der Bereichderexternen Be‑ hohen Risiken derBran‑ die meisten dieserKon‑ in derRegel einem Unter‑ Equity‑Transaktionen in Transaktionen in KMU be‑ geeigneteInvestitions‑ Kooperationen von Jungunternehmen Praxisbeispiele illustrieren deren eigenerRegion auf‑ in jedem Einzelfall unter‑ richterstattung entwickelt che. OliverThalmann legt zepteaufderquantitativ nehmen wirtschaftliches KMU beobachtet.Umin obachtet.Umindiesem objekteidentifizieren und Ex.Band 10:Søren Bjønness dessen konkreteEinsatz‑ zusuchen und zu unterstüt‑ schiedliche Ausprägungen ereinen innovativen Be‑ in seinerStudie die ganze orientierten Kapitalmarkt‑ Eigenkapitalzugeführt, diesem BereichTranspa‑ BereichTransparenzzu Investoren‑ und Kunden‑ The Notion of Change in Leadership Cultures möglichkeiten. Mehrals zen. Umeine erfolgreiche erfährt.DerAutorliefert wertungsprozess für Port‑ Problematik darund zeigt, theorie basieren. Diese ohne den Kapitalgebern renzzuschaffen,werden schaffen,werden sechs bedürfnisseweiterhin be‑ 25Interviews mitausge‑ Zukunftzusichern,müs‑ zunächst eine Übersicht foliounternehmen,derdie worin die Eigenheiten der ist aufumfangreichessta‑ Stimmrechtzugewähren. sechsFallstudien der Fallstudien derNachfol‑ friedigen? UnterEinbezug Ex.Band 11:Cuno Pümpin,MauricePedergnana wiesenen Fachpersönlich‑ sen die Risikokapitalgeber überdie Elementesolcher Ermittlung zuverlässiger Finanzierung von jungen tistischesZahlenmaterial Die vorliegende Publika‑ Nachfolgeregelung bei ty‑ geregelung bei typischen desweltweitgrössten StrategischesInvestmentManagement keiten aus derSchweiz, strategische Entscheidun‑ Transaktionen und erörtert FairValues erlaubtund Biotechnologieunterneh‑ angewiesen,dasnur für tion befasst sichmitden pischen SchweizerKMU SchweizerKMU mitPri‑ Forschungsprojektesim Deutschland und England gen fällen und eine Netz‑ ihremöglichen Vor‑und gleichzeitig eine Grund‑ men bestehen und welche traditionelle und grosseAs‑ Möglichkeiten und Gren‑ mitPrivateEquity durchge‑ vateEquity durchgeführt. Bereichderempirischen Ex.Band 12:Christoph Banik,MatthiasOgg,MauricePedergnana vertiefen diesen Einblick werkstruktur aufbauen,mit Nachteile. Anschliessend lage für ein effektives Faktoren sie beeinflussen. setklassen zur Verfügung zen von mezzaninen und führt.Die Publikation dürf‑ Die Publikation dürfteauf‑ Strategieforschung lie‑ Hybride und mezzanine Finanzierungsinstrumente in Theorie und Praxisvon derdie gewählteStrategie untersuchterdie in der Monitoring derBeteili‑ Eranalysiert den industrie‑ steht.InnovativeKonzepte, hybriden Finanzierungen teaufgrund desstarken grund desstarken Bezugs fert diesesBuchwissen‑ Ex.Band 13:ChristianBurkhardt Mezzanine Financeweiter. effektivund effizientum‑ Schweizbislang aufgetre‑ gungen darstellt.Aufder spezifischen Kontext und wie sie von derStrategie‑ und zeigtdie gegenwärtige Bezugszur Praxisbeson‑ zur Praxisbesonders für schaftlichfundierteund PrivateEquity alsNachfolgeinstrumentfür SchweizerKMU gesetzt werden kann. Die‑ tenen Fälle von Reverse Basiseinerempirischen die strategischen Hand‑ lehrepropagiert werden, praktische Relevanzdieser ders für Unternehmerund Unternehmerund KMU‑ in höchstem Massepra‑ Swiss PrivateEquity &Corporate sesBuchpräsentiert die Takeovers und analysiert Studie arbeitetderAutor lungsoptionen derBiotech‑ haben keinen Platz.Die Finanzierungen für Kapital‑ KMU‑Beratervon Interes‑ Beratervon Interessesein, xisrelevanteAntworten FinanceAssociation, Band 1,2002 Ex.Band 14:BeatD.Speck ResultateeinerStudie des deren Ablauf,Gestaltungs‑ schliesslichein integriertes nologieunternehmen. 380Seiten,78Abbildungen, Autoren sind derAnsicht, geberund ‑nehmerin der sesein,die sichmitder die sichmitderThematik aufdie oben aufgeführten Privatplatzierungen im Schweizerischen Primärkapitalmarkt VentureCapitalin13Län‑ formen und gestalterische Berichterstattungskonzept dass die herkömmlichen, Schweizauf. Nur in Kennt‑ Thematik derFinanzierung derFinanzierung derUn‑ Fragestellungen. Vordem kartoniert Swiss PrivateEquity &Corporate EUR 45.– /CHF 68.– dern. Aus derSichtvon 100 Herausforderungen. Eine für Venture‑Capital‑Gesell‑ FinanceAssociation, Band 5,2004 aufderKapitalmarkttheorie nisdieserFinanzierungs‑ derUnternehmensnachfol‑ ternehmensnachfolge be‑ Hintergrund einerschon Ex.Band 15:PedramFarschtschian ISBN 978‑3‑258‑06819‑4 Risikokapitalfirmen werden empirische Studie erwei‑ schaften aus. 332 Seiten,26 Abbildungen, basierenden Lösungen art lässt sicheine optimale ge beschäftigen. schäftigen. lange nichtmehralsrudi‑ Strategische Beurteilung von Private-Equity-finanzierten Buyouts 3.unveränderteAuflage globale Zusammenhänge tert die Aussagekraftder 33 Tabellen,kartoniert für viele Investoren einen Kapitalbewirtschaftung er‑ mentärzucharakterisie‑ Swiss PrivateEquity &Corporate Swiss PrivateEquity &Corporate Swiss PrivateEquity &Corporate Arbeit, die alseigentliches EUR 38.50/CHF 58.– aufgezeigt.DerAutorgibt FinanceAssociation, Band 4,2004 durchaus gangbaren und zielen und die finanzielle FinanceAssociation, Band 13,2008 FinanceAssociation, Band 14,2009 renden Unternehmensum‑ ISBN 978‑3‑258‑06826‑8 Einblicke und Praxisbei‑ Basiswerkbezeichnet 408Seiten,57Abbildungen, sinnvollen Weg darstellen, Führung einesUnterneh‑ 356Seiten,73 Abbildungen, ca.256Seiten,kartoniert weltbegegnetderAutor Lieferadresse spiele für internationalope‑ werden darf. 13Tabellen,kartoniert sofernVermögenserhal‑ mensverbessern. kartoniert EUR 31.–/CHF 48.– derheutenochvorwie‑ rierende Venture‑Capital‑ EUR 45.–/CHF 68.– tung im Vordergrund steht. EUR 40.–/CHF 62.– ISBN 978‑3‑258‑07462‑7 gend intuitiven,subjekti‑ Name Swiss PrivateEquity &Corporate Swiss PrivateEquity &Corporate ISBN 978‑3‑258‑06825‑1 ISBN 978‑3‑258‑07382‑8 Firmen oderfür lokale FinanceAssociation, Band 3,2004 Derim vorliegenden Buch ven,operativen und unsys‑ FinanceAssociation, Band 12,2008 Vorname Firmen mitInternationali‑ 408Seiten,102 Abbildungen, dargestellteAnsatz des 240Seiten,58 Abbildungen, tematischen Beurteilung sierungsplänen. DasBuch kartoniert strategischen Investment 24Tabellen,kartoniert von Investitionsobjekten Firma wendetsichauchanInves‑ EUR 45.–/CHF 68.– Managements richtetsich EUR 34.90/CHF 54.– miteineralternativen,em‑ toren,welche die Zusam‑ ISBN 978‑3‑258‑06712‑4 demgegenüberanInvesto‑ ISBN 978‑3‑258‑07346‑0 pirischfundierten und in‑ Adresse menhänge und die Dyna‑ rinnen und Investoren,die tegrierten strategischen mik internationalerVenture mitihrerInvestmentstrate‑ Analysemethode. Fondsverstehen wollen. gie eine nachhaltige reale Rechnungsadresse (fallsnichtidentischmitLieferadresse) Swiss PrivateEquity &Corporate Wertsteigerung erzielen Swiss PrivateEquity &Corporate FinanceAssociation, Band 15,2009 Name FinanceAssociation, Band 2,2003 wollen. 399 Seiten,79Abbildungen, 620 Seiten,94 Abbildungen, 34Tabellen,kartoniert Vorname Swiss PrivateEquity &Corporate 72 Tabellen,kartoniert EUR 52.–/CHF 79.– FinanceAssociation, Band 11 ,2008 EUR 62.–/CHF 98.– ISBN 978‑3‑258‑07480‑1 Firma 232 Seiten,67 Abbildungen, ISBN 978‑3‑258‑06565‑6 gebunden Adresse Leidervergriffen. Eine Neuauflage EUR 44.–/CHF 68.– ist momentannichtgeplant. ISBN 978‑3‑258‑07344‑6 John Davidson JensHaarmann Patrik Frei Markus J.Müller Søren Bjønness MBO mittelsPrivate EconomicDeterminants Assessmentand Valu- Kooperationen von The Notion of Change in Equity of PrivateEquity Invest- ation of high growth Jungunternehmen Leadership Cultures ments in Switzerland companies

Die Analysezweierem- Originating from the USA, Valuation isakeytopicin MitKooperationen trei- The initiation,planning and pirischerUmfragen bei PrivateEquity alsogained the financing and deve- ben Jungunternehmen die implementation of change ManagementBuyouts considerable importance lopmentof high growth eigene Unternehmens- processesareincreasingly (MBOs) mitund ohne in the financing of risky companies.The goalof entwicklung voran. So looked upon ascentral Private-Equity-Beteiligung Europeancompaniesin thisbook istobridge the werden Investoren von leadership responsibilities einerseits und eine Um- recentyears.Provided by existing gapbetween the Jungunternehmen zuneh- in organisationspursuing frage bei Private-Equity- professionalfinanciers, assessmentand the finan- mend mitderBeurteilung economicaims.Whilst Gesellschaften anderseits thisformoffinancing is cialvaluation of acompany. von Kooperationen kon- system characteristicslike ist besonders für Manager commonlyconsidered sup- Initially,anassessment frontiert und passen ihr order,consistencyand se- mitMBO-Absichten,Un- portivetoindustrialchange frameworkisdeveloped to Risiko-Managementan. curity aremostlyconnec- ternehmerund Private- and often the last source capturethe valuedrivers Markus J.Müllerbietet ted tothe term«manage- Equity-Gesellschaften forfunding riskybusiness forhigh growthcompanies. mitderStudie eine umfas- ment»,conceptionsof interessant,dasichan- projects.However,com- Itcontainsthe following sende Darstellung der Be- change,movementand hand derAnalysedas parativelylittle private three main factors: reiche Kooperationen und designing areassociated Informationsdefizitaller equity isinvested in Swiss 1. Management Risiko-Management. Im with«leadership». Thereby be teiligten Parteien bei enterprises.There fore,it 2.Marketenvironment Zentrumstehtdie Frage, it often remainsunclear, einem MBO reduziert. isthe author’sobjec tiveto 3.Product, wie Investoren Koope- what leadership in con- analyseand partlyexplain Sciences&Technology rationen beurteilen und nection toorganisational Swiss PrivateEquity &Corporate FinanceAssociation, Band 6,2005 the uniqueconditionsof The proposed valuation welche Punktedabei zu change orchange in the 319 Seiten,123 Abbildungen, the localprivate-equity mar- methodsarespecifically berücksich tigen sind. Zwei eyesof the leading and kartoniert ket.Three determinants of targeted forhigh growth Umfragen,eine bei Jung- the led actuallymeans. EUR 38.50/CHF 58.– private-equity demand are companiesand include unternehmen und eine bei Thisisthe topicthatSøren ISBN 978-3-258-06967-8 specificallyfocussed: methodssuchasdiscoun- VentureCapitalisten,sind Bjønness isapproaching in –The impactof abank- ted cashflowand option die Basisfür eine aktuelle hisresearch. Heexplores centred financialsystem pricing,aswell asmarket Standortbestimmung. the meaning of «change» –The extentthatlocalpri- comparable,comparable Zusätzlichillustriert eine in the individualand col- vateequity financiers of- dealmethodsand the Fallstudie die Risikobeur- lectiveunderstandingsof fervalue-adding services venturecapitalmethod. teilung einerKooperation. leadership and howthese –The impactof entrepre- The methodicalassess- Die Ergebnissesind für understandingsinfluence neurialculture mentframeworkenables Investoren sowie für Jung- the practiceofchange. Asurveyof 280Swiss me- alink tobemade with unternehmerinteressant, Swiss PrivateEquity &Corporate dicaltechnologycompanies the financialvaluation daKooperationen die Ri- FinanceAssociation, Band 10,2007 delivers insights on the modelstoobtain aconsis- sikostruktur derBeteilig- ca.208Seiten,5Abbildungen, awareness,attitude and tentand comprehensive ten beeinflussen,aber 3Tabellen,kartoniert experienceofdomestic assessmentand valuation auchSignale produzieren, EUR 32.– /CHF 48.– entre preneurs withprivate- approachforhigh growth welche bei derInvestoren- ISBN 978-3-258-07231-9 equity financiers.Italso companies. suche eingesetzt werden indicatesthe common prac- können. Swiss PrivateEquity &Corporate ticeofSwiss private-equity FinanceAssociation, Band 8,2006 Swiss PrivateEquity &Corporate financiers in managing their ca.240Seiten,26 Abbildungen, FinanceAssociation, Band 9,2006 portfolio-companies. 56Tabellen,kartoniert ca.215 Seiten,28Abbildungen, EUR 38.50/CHF 58.– Tabellen,kartoniert Swiss PrivateEquity &Corporate ISBN 978-3-258-07091-9 EUR 27.50/CHF 42.– FinanceAssociation, Band 7,2006 ISBN 978-3-258-07130-5 ca.240Seiten,kartoniert EUR 32.–/CHF 48.– ISBN 978-3-258-07039-1 Die Schriftenreihe derSECA im HauptVerlagBern Bestellung

Bittesenden Sie mirgegen Rechnung aus derSECA‑Schriftenreihe (Preisezzgl.Versandkosten):

Ex.Band 1:OliverMüller‑Känel Mezzanine Finance

Ex.Band 2:Martin Haemmig The Globalization of VentureCapital

Ex.Band 3:Gregory A.Bournet Börsengang mittelsReverse-Takeover

Ex.Band 4:ChristianBöhler CorporateGovernanceund externe Berichterstattung OliverMüller‑Känel Martin Haemmig Gregory A.Bournet ChristianBöhler OliverThalmann Cuno Pümpin, Banik/Ogg/Pedergnana ChristianBurkhardt BeatD.Speck PedramFarschtschian in Venture-Capital-Gesellschaften Mezzanine Finance The Globalization of Börsengang mittels CorporateGovernance Finanzierung von jungen MauricePedergnana Hybride und PrivateEquity als Privatplatzierungen Strategische Beurteilung Ex.Band 5:OliverThalmann NeuePerspektiven VentureCapital Reverse-Takeover und externe Bericht- Biotechnologie-Unter- StrategischesInvest- mezzanine Finanzierungs- Nachfolgeinstrument im Schweizerischen von Private-Equity- Finanzierung von jungen Biotechnologie-Unternehmen in derUnternehmens‑ AnalysederSchweizer erstattung in Venture- nehmen mentManagement instrumente für SchweizerKMU Primärkapitalmarkt finanzierten Buyouts finanzierung Praxis Capital-Gesellschaften Ex.Band 6:John Davidson Mezzanine Financebietet Die Mobilitätvon Menschen DerReverseTakeoverstellt ChristianBöhlers Arbeit Bei derUnternehmensent‑ Investoren,die nachtradi‑ Mezzanine und hybride Trotz desWachstumsder Trotz desWachstumsder Warumbrauchen Private‑ MBO mittelsPrivateEquity eine neuePerspektivein Technologien und Kapital in derangelsächsischen liefert wissenschaftlich wicklung jungerBiotechno‑ tionellen Konzepten des Finanzierungen bezeichnen PrivateEquity‑Branche PrivateEquity‑Branche und Equity‑Firmen Konzepte Ex.Band 7:JensHaarmann derUnternehmensfinan‑ ziehtden Aufbauvon in‑ Praxiseine regelmässig zu fundierteLösungsansätze logieunternehmen stehtdie AssetManagements inves‑ Finanzierungsarten,die in und dersteigenden An‑ dersteigenden Anzahl Un‑ und Methoden desstra‑ EconomicDeterminants of PrivateEquity Investments in Switzerland zierung. OliverMüller‑ novativen Jungunterneh‑ beobachtende Alternative und Gestaltungsempfeh‑ Sicherstellung einernach‑ tieren,erzielen meistens ihren rechtlichen und öko‑ zahl Unternehmen mit ternehmen mitanstehen‑ tegischen Managements KänelsStudie bieteteine men überall aufderWelt zumklassischen Initial lungen zur Entschärfung haltigen Finanzierung im nur bescheidene Nettoren‑ nomischen Ausgestaltun‑ anstehenderRegelung der derRegelung derUnter‑ zur zukunftsorientierten Ex.Band 8:Patrik Frei umfassende und wissen‑ nachsich. Internationaltäti‑ PublicOffering (IPO)dar. derCorporate‑Governance‑ Zentrum. Haupterschwer‑ diten (nachSpesen,Gebüh‑ gen eine Mischformzwi‑ Unternehmensnachfolge nehmensnachfolge werden Beurteilung ihrerInvesti‑ Assessmentand Valuation of high growthcompanies schaftlichfundierteAna‑ ge Venture‑Capital‑Firmen Dabei handeltessichum Problematik bei Venture‑ nissesind die langen Ent‑ ren,Inflation und Steuern). schen Eigen‑ und Fremdka‑ werden in derSchweiz in derSchweizjährlich tionsobjekte? Wie lassen lysediesesinnovativen sind gewilltund gefordert, einen vergleichsweise Capital‑Gesellschaften. Im wicklungszeiten und die Ein Grund liegtdarin,dass pitaldarstellen. Dabei wird jährlichnur wenige Private nur wenige PrivateEquity‑ sichinZeiten desWandels Ex.Band 9:Markus J.Müller Finanzierungsinstruments. ent sprechende Talentein komplexen Vorgang,der Bereichderexternen Be‑ hohen Risiken derBran‑ die meisten dieserKon‑ in derRegel einem Unter‑ Equity‑Transaktionen in Transaktionen in KMU be‑ geeigneteInvestitions‑ Kooperationen von Jungunternehmen Praxisbeispiele illustrieren deren eigenerRegion auf‑ in jedem Einzelfall unter‑ richterstattung entwickelt che. OliverThalmann legt zepteaufderquantitativ nehmen wirtschaftliches KMU beobachtet.Umin obachtet.Umindiesem objekteidentifizieren und Ex.Band 10:Søren Bjønness dessen konkreteEinsatz‑ zusuchen und zu unterstüt‑ schiedliche Ausprägungen ereinen innovativen Be‑ in seinerStudie die ganze orientierten Kapitalmarkt‑ Eigenkapitalzugeführt, diesem BereichTranspa‑ BereichTransparenzzu Investoren‑ und Kunden‑ The Notion of Change in Leadership Cultures möglichkeiten. Mehrals zen. Umeine erfolgreiche erfährt.DerAutorliefert wertungsprozess für Port‑ Problematik darund zeigt, theorie basieren. Diese ohne den Kapitalgebern renzzuschaffen,werden schaffen,werden sechs bedürfnisseweiterhin be‑ 25Interviews mitausge‑ Zukunftzusichern,müs‑ zunächst eine Übersicht foliounternehmen,derdie worin die Eigenheiten der ist aufumfangreichessta‑ Stimmrechtzugewähren. sechsFallstudien der Fallstudien derNachfol‑ friedigen? UnterEinbezug Ex.Band 11:Cuno Pümpin,MauricePedergnana wiesenen Fachpersönlich‑ sen die Risikokapitalgeber überdie Elementesolcher Ermittlung zuverlässiger Finanzierung von jungen tistischesZahlenmaterial Die vorliegende Publika‑ Nachfolgeregelung bei ty‑ geregelung bei typischen desweltweitgrössten StrategischesInvestmentManagement keiten aus derSchweiz, strategische Entscheidun‑ Transaktionen und erörtert FairValues erlaubtund Biotechnologieunterneh‑ angewiesen,dasnur für tion befasst sichmitden pischen SchweizerKMU SchweizerKMU mitPri‑ Forschungsprojektesim Deutschland und England gen fällen und eine Netz‑ ihremöglichen Vor‑und gleichzeitig eine Grund‑ men bestehen und welche traditionelle und grosseAs‑ Möglichkeiten und Gren‑ mitPrivateEquity durchge‑ vateEquity durchgeführt. Bereichderempirischen Ex.Band 12:Christoph Banik,MatthiasOgg,MauricePedergnana vertiefen diesen Einblick werkstruktur aufbauen,mit Nachteile. Anschliessend lage für ein effektives Faktoren sie beeinflussen. setklassen zur Verfügung zen von mezzaninen und führt.Die Publikation dürf‑ Die Publikation dürfteauf‑ Strategieforschung lie‑ Hybride und mezzanine Finanzierungsinstrumente in Theorie und Praxisvon derdie gewählteStrategie untersuchterdie in der Monitoring derBeteili‑ Eranalysiert den industrie‑ steht.InnovativeKonzepte, hybriden Finanzierungen teaufgrund desstarken grund desstarken Bezugs fert diesesBuchwissen‑ Ex.Band 13:ChristianBurkhardt Mezzanine Financeweiter. effektivund effizientum‑ Schweizbislang aufgetre‑ gungen darstellt.Aufder spezifischen Kontext und wie sie von derStrategie‑ und zeigtdie gegenwärtige Bezugszur Praxisbeson‑ zur Praxisbesonders für schaftlichfundierteund PrivateEquity alsNachfolgeinstrumentfür SchweizerKMU gesetzt werden kann. Die‑ tenen Fälle von Reverse Basiseinerempirischen die strategischen Hand‑ lehrepropagiert werden, praktische Relevanzdieser ders für Unternehmerund Unternehmerund KMU‑ in höchstem Massepra‑ Swiss PrivateEquity &Corporate sesBuchpräsentiert die Takeovers und analysiert Studie arbeitetderAutor lungsoptionen derBiotech‑ haben keinen Platz.Die Finanzierungen für Kapital‑ KMU‑Beratervon Interes‑ Beratervon Interessesein, xisrelevanteAntworten FinanceAssociation, Band 1,2002 Ex.Band 14:BeatD.Speck ResultateeinerStudie des deren Ablauf,Gestaltungs‑ schliesslichein integriertes nologieunternehmen. 380Seiten,78Abbildungen, Autoren sind derAnsicht, geberund ‑nehmerin der sesein,die sichmitder die sichmitderThematik aufdie oben aufgeführten Privatplatzierungen im Schweizerischen Primärkapitalmarkt VentureCapitalin13Län‑ formen und gestalterische Berichterstattungskonzept dass die herkömmlichen, Schweizauf. Nur in Kennt‑ Thematik derFinanzierung derFinanzierung derUn‑ Fragestellungen. Vordem kartoniert Swiss PrivateEquity &Corporate EUR 45.– /CHF 68.– dern. Aus derSichtvon 100 Herausforderungen. Eine für Venture‑Capital‑Gesell‑ FinanceAssociation, Band 5,2004 aufderKapitalmarkttheorie nisdieserFinanzierungs‑ derUnternehmensnachfol‑ ternehmensnachfolge be‑ Hintergrund einerschon Ex.Band 15:PedramFarschtschian ISBN 978‑3‑258‑06819‑4 Risikokapitalfirmen werden empirische Studie erwei‑ schaften aus. 332 Seiten,26 Abbildungen, basierenden Lösungen art lässt sicheine optimale ge beschäftigen. schäftigen. lange nichtmehralsrudi‑ Strategische Beurteilung von Private-Equity-finanzierten Buyouts 3.unveränderteAuflage globale Zusammenhänge tert die Aussagekraftder 33 Tabellen,kartoniert für viele Investoren einen Kapitalbewirtschaftung er‑ mentärzucharakterisie‑ Swiss PrivateEquity &Corporate Swiss PrivateEquity &Corporate Swiss PrivateEquity &Corporate Arbeit, die alseigentliches EUR 38.50/CHF 58.– aufgezeigt.DerAutorgibt FinanceAssociation, Band 4,2004 durchaus gangbaren und zielen und die finanzielle FinanceAssociation, Band 13,2008 FinanceAssociation, Band 14,2009 renden Unternehmensum‑ ISBN 978‑3‑258‑06826‑8 Einblicke und Praxisbei‑ Basiswerkbezeichnet 408Seiten,57Abbildungen, sinnvollen Weg darstellen, Führung einesUnterneh‑ 356Seiten,73 Abbildungen, ca.256Seiten,kartoniert weltbegegnetderAutor Lieferadresse spiele für internationalope‑ werden darf. 13Tabellen,kartoniert sofernVermögenserhal‑ mensverbessern. kartoniert EUR 31.–/CHF 48.– derheutenochvorwie‑ rierende Venture‑Capital‑ EUR 45.–/CHF 68.– tung im Vordergrund steht. EUR 40.–/CHF 62.– ISBN 978‑3‑258‑07462‑7 gend intuitiven,subjekti‑ Name Swiss PrivateEquity &Corporate Swiss PrivateEquity &Corporate ISBN 978‑3‑258‑06825‑1 ISBN 978‑3‑258‑07382‑8 Firmen oderfür lokale FinanceAssociation, Band 3,2004 Derim vorliegenden Buch ven,operativen und unsys‑ FinanceAssociation, Band 12,2008 Vorname Firmen mitInternationali‑ 408Seiten,102 Abbildungen, dargestellteAnsatz des 240Seiten,58 Abbildungen, tematischen Beurteilung sierungsplänen. DasBuch kartoniert strategischen Investment 24Tabellen,kartoniert von Investitionsobjekten Firma wendetsichauchanInves‑ EUR 45.–/CHF 68.– Managements richtetsich EUR 34.90/CHF 54.– miteineralternativen,em‑ toren,welche die Zusam‑ ISBN 978‑3‑258‑06712‑4 demgegenüberanInvesto‑ ISBN 978‑3‑258‑07346‑0 pirischfundierten und in‑ Adresse menhänge und die Dyna‑ rinnen und Investoren,die tegrierten strategischen mik internationalerVenture mitihrerInvestmentstrate‑ Analysemethode. Fondsverstehen wollen. gie eine nachhaltige reale Rechnungsadresse (fallsnichtidentischmitLieferadresse) Swiss PrivateEquity &Corporate Wertsteigerung erzielen Swiss PrivateEquity &Corporate FinanceAssociation, Band 15,2009 Name FinanceAssociation, Band 2,2003 wollen. 399 Seiten,79Abbildungen, 620 Seiten,94 Abbildungen, 34Tabellen,kartoniert Vorname Swiss PrivateEquity &Corporate 72 Tabellen,kartoniert EUR 52.–/CHF 79.– FinanceAssociation, Band 11 ,2008 EUR 62.–/CHF 98.– ISBN 978‑3‑258‑07480‑1 Firma 232 Seiten,67 Abbildungen, ISBN 978‑3‑258‑06565‑6 gebunden Adresse Leidervergriffen. Eine Neuauflage EUR 44.–/CHF 68.– ist momentannichtgeplant. ISBN 978‑3‑258‑07344‑6 S • E S • E • C • A • C Swiss PrivateEquity &CorporateFinanceAssociation • A 0 9 20 Y e a r b ook CA SE A

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