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SAVCA KPMG Private Equity Survey 2008

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SAVCA KPMG Private Equity Survey 2008 SOUTHERN AFRICAN VENTURE CAPITAL AND PRIVATE EQUITY ASSOCIATION KPMG and SAVCA Venture Capital and Private Equity Industry Performance Survey of South Africa covering the 2007 calendar year May 2008 KPMG and SAVCA Private Equity Survey 1 Contents Foreword 2 Highlights 4 Sources of information 7 Introduction to private equity 9 Black Economic Empowerment 13 Funds under management 14 Fund raising activity 21 Investment activity 26 Exits 36 Performance 40 Investment professionals 46 Data tables 47 Participants 48 Glossary 49 2 KPMG and SAVCA Private Equity Survey Foreword I Black Economic Empowerment I More and more global investors (BEE) remains a major source of and private equity firms are looking activity in the industry. It is worth to access opportunities in emerging noting that over R11 billion was markets. It is easy to understand invested into black-owned, why they seek these opportunities empowered or influenced via private equity in South Africa, as businesses during 2007, greater today, South Africa is one of the than combined investments from most sophisticated and promising 2004 to 2006 markets globally I Given the significant amounts of These are all positive signs for the funds raised from 2005 to 2007, industry and the country and it is some R32 billion is available for fitting, that this industry performance further investment by the industry. survey, an annual publication, indicates 81% of these funds are managed a trend towards greater sharing of by fund managers that are at least information and analysis. It has black-influenced or managed by become the definitive industry governmental funds. This represents publication, widely used locally and a significant pool of capital for internationally by industry participants funding businesses and continuing and stakeholders, policymakers, SAVCA the vital socio-economic BEE academics, students, investment 2007, will go down as a great year for process analysts and the media. The availability private equity in South Africa. This is of this source of regular, reliable Looking ahead, prospects for the reflected in an asset class that is information and analysis has industry remain very positive: achieving growing acceptance contributed to a virtuous circle of amongst the investment community. I In the early part of 2008, there has awareness and understanding which been more fund raising activity in has in turn generated expanded The survey shows that: the venture capital portion of the interest in and growth of the industry. I Investors want continued exposure industry. Coupled with I would like to thank the association’s to the positive absolute returns and announcements by Finance members for participating in the significant portfolio diversification Minister Trevor Manuel, in his survey, with particular thanks to the benefits that investment into February 2008 Budget speech, teams from KPMG and SAVCA for their private equity funds in South Africa whereby venture capital considerable efforts in producing this offers investments into high growth high outstanding body of work. Your efforts technology businesses can qualify I The scale of activity in the industry are much appreciated. for an upfront tax deduction of outperforms most of the major 30%, bodes well for further funds international economies, which and investments bodes well for Government’s stated growth targets, as local and I Despite local and international international research confirms that concerns about disclosure, taxation J-P Fourie private equity investment is a key of carried interest and interest rate Executive Officer driver of entrepreneurial activity and deductibility, all of which SAVCA are SAVCA growth in any economy engaging on with National Treasury, there remains solid local and international support for the asset class by institutional investors that have to be exceptionally vigilant on their investments given the beneficiaries that they invest for KPMG and SAVCA Private Equity Survey 3 employer and continually attracts A special word of thanks to SAVCA, interest from the large pension funds, specifically Executive Officer J-P given the consistent enhanced returns Fourie, and the survey sub-committee it delivers over listed equities, bonds who played a critical role in compiling and money market assets. this survey. I would also like to thank the Private Equity Markets team at BEE has benefited from private equity KPMG for their tireless efforts in as it has entrenched the BEE producing this survey. ownership component within the private equity portfolio companies. Capital market efficiencies have been maintained through the delisting, attempted delistings and re-listing of Warren Watkins private equity transactions. Director, KPMG Head of Private Equity The significant fund raising activity seen in 2007 and record level of undrawn commitments should see continued investment activity in South Africa in 2008 and beyond. The credit KPMG crunch experienced in the more KPMG is proud to have collaborated mature markets overseas and the with SAVCA for the ninth consecutive related expected pressure on private year to produce the 2007 Private equity returns will also promote Equity Survey. increased interest in the more lucrative emerging markets including South Private equity has taken its rightful Africa. Local traditional debt providers place as a significant asset class in and mezzanine funds will be required 2007 with a wave of multibillion rand to step into the credit gap. deals. Private equity in South Africa now makes up 10% of all merger and South Africa remains an attractive acquisition (M&A) transactions, up destination for private equity given its from 4.2% last year (assuming a debt low debt to equity ratio of 7% to equity ratio of 50:50). compared to Europe’s 45% and 32% in the United States (US). Some Much has been written about the overseas private equity fund managers perception of the private equity have recognised this and have industry as asset strippers and invested directly into the local market shedders of jobs. This is far from the for the first time. truth as borne out by many international surveys including an KPMG would like to thank all the independent survey commissioned by participants in the survey and those of the World Economic Forum. In South whom KPMG has engaged with in Africa, private equity funds under their fund raising and investing management comprised 2.8% of endeavours through our specialist Gross Domestic Product (GDP), up Private Equity Group. from 1.7% in 2006, and above the global average of 2.1%. The private equity industry is a significant 4 KPMG and SAVCA Private Equity Survey Highlights I South Africa’s private equity industry boasts R86.6 billion in funds under management at 31 December 2007, an increase of 46% from R59.3 billion at 31 December 2006 I At 31 December 2007, funds under management were 2.8% of GDP, up from 1.7% in 2006. Funds under management have had a compound annual growth rate of 14% since 1999 when this survey began I Independents have increased their total funds under management by 74% from R24.6 billion at the end of 2006 to R42.9 billion at the end of 2007 I Captives – Government and fund managers that are black-owned, empowered or influenced had R59.7 billion of funds under management at 31 December 2007, an increase of 35% from the R44.3 billion at the end of 2006. 69% of funds under management are thus at least black-influenced or are classified as Captives – Government (2006: 75%) I R15.3 billion was raised during 2007, surpassing the record R14.5 billion of funds that were raised during 2006 I 64% of funds raised during 2007 were from US sources, which also contributed 39% of funds raised during 2006. The US is now the highest contributor of all funds raised to date and not yet returned to investors (US: 34%, South Africa: 32% and UK: 27%). I R31.7 billion in undrawn commitments at the end of 2007 is available for future investments. This represents an increase of 25% from the R25.3 billion of undrawn commitments at the end of 2006 I Investment activity is up 270% from R6.9 billion during 2006 to R25.5 billion during 2007. This includes the Bain Capital buy-out of Edcon for an equity value of around R8.7 billion I Private equity investment activity (equity cheque only) was 5% of total South African M&A activity (measured in terms of deal size ie debt and equity) in 2007. This increases to 10% assuming a debt to equity ratio of 50:50 I South African private equity investment activity achieves 11 th place in the 2007 global rankings, its highest ever position I Investments in entities that are black-owned, empowered or influenced is up 147% from R4.7 billion during 2006 to R11.6 billion during 2007 I This survey includes South Africa’s three independent mezzanine funds for the first time KPMG and SAVCA Private Equity Survey 5 Composition of total funds under management at year end (Rbn) 86.6 42.9 Independents 59.3 24.6 42.5 39.3 39.7 35.9 37.0 13.9 12.0 15.2 14.2 25.8 Captives – 13.3 Financial Services 18.4 8.3 13.9 5.2 10.2 11. 9 Captives – 6.2 5.6 10.3 10.5 Other 8.7 7. 8 7. 7 Captives – 10.1 12.3 7. 1 6.2 5.2 5.8 7.0 Government 2001 2002 2003 2004 2005 2006 2007 Funds raised during the year, analysed by fund stage (Rbn) 15.3 14.5 59.3 15.2 14.5 Later stage 4.9 4.2 2.3 2.2 1.2 1.3 2.3 2.2 0.6 1.1 0.1 0.6 0.2 0.7 Earlier stage 20012002 2003 2004 2005 2006 2007 Cost of investments made during the year, analysed by new and follow-on investments (Rbn) 25.5 1.4 Follow-on investments 24.1 New investments 6.5 6.9 1.5 4.3 1.9 4.5 3.5 2.4 0.8 1.3 1.4 5.4 0.4 3.5 4.6 3.2 2.0 2.1 2001 2002 2003 2004 2005 2006 2007 6 KPMG and SAVCA Private Equity Survey Funds returned to investors during the year (Rbn) 20.4 Venfin’s disposal of Vodacom 16.0 9.6 4.5 4.0 Funds returned to investors 2.4 4.4 1.0 1.5 2001 2002 2003 2004 2005 2006 2007 Funds under management by BEE fund managers at year end (Rbn) 86.6 16.1 Black companies 8.6 Black empowered companies 59.3 2.2 14.8 22.7 Black influenced companies 42.5 39.3 39.7 1.9 2.8 1.5 3.6 5.3 4.5 12.0 17.2 12.3 Captives Government 5.2 10.5 12.3 10.1 5.8 26.9 Not empowered/unclassified 25.4 7.
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