VOLUME 14, ISSUE 6 ■ AUGUST 2018
PRIVATE EQUITY & VENTURE CAPITAL SPOTLIGHT
THE RISE OF VENTURE AND IN THIS ISSUE GROWTH CAPITAL IN EUROPE €11bn in capital has already been secured by venture and growth capital funds focused on Europe that have closed this FEATURE 3 year; this is the highest figure seen at this stage in recent The Rise of Venture years. We put activity in the region under the microscope, examining the economic factors that have contributed to and Growth Capital in this. Europe Find out more on page 3 INDUSTRY NEWS 7
THE FACTS ■ Private Equity in the 9 PRIVATE EQUITY IN THE NORDIC Nordic Region REGION ■ Public Pension Funds 12 Investing in Private With the capital raised by managers based in the Nordic Equity region reaching record highs, we take a look at the growing private equity market in terms of fundraising activity, investor make-up and largest exits in the region. CONFERENCES 14 Find out more on page 9
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The SuperInvestor Team THE RISE OF VENTURE AND GROWTH CAPITAL IN EUROPE THE RISE OF VENTURE AND GROWTH CAPITAL IN EUROPE With the value of venture capital transactions in Europe reaching a record high in 2017, we examine the impact of this on the exit and fundraising environments as well as investor interest in the region.
hile North America has historically failed to raise more than €10bn in any is encouraging to see sustained investor Wdominated the venture capital year; however, 2017 marked the second appetite in the region. industry, and despite Asia accounting for consecutive year in which this figure had the greatest proportion of growth capital been surpassed, and 2018 has already A RECORD YEAR FOR EUROPEAN VENTURE secured over the years, Europe’s overall reached totals upwards of €11bn as at CAPITAL DEALS shares of venture and growth capital have July (Fig. 1). The largest fund closed so far Over the years, venture capital investment increased recently in line with investors’ this year is Inflexion Partnership Capital activity in Europe has increased, and twice growing interest in the region. We examine II; managed by London-based Inflexion as many transactions were completed in the activity of established firms within Private Equity Partners, the growth vehicle 2016 than in 2009. Last year, there were these markets, as well as the boosted exceeded its £700mn target to close on 2,354 venture capital deals in Europe for economies and the unprecedented rise of £1.0bn in May 2018, securing commitments a record €16bn (Fig. 2). This healthy deal the European technology industry. from prominent investors such as New flow has continued into 2018, with the total York State Teachers’ Retirement System value of deals already exceeding €10bn for STRONG FUNDRAISING IN RECENT YEARS and Illinois Municipal Retirement Fund. the fourth consecutive year. In 2008-2015, Europe-focused venture With increasing uncertainty over the future capital and growth funds collectively relationship between the UK and EU, it
Fig. 1: Europe-Focused Growth and Venture Capital Fundraising, Fig. 2: Venture Capital Deals* in Europe, 2008 - 2018 YTD 2008 - 2018 YTD (As at July 2018) (As at July 2018)
140 10 Aggregate Capital Raised (€bn) 3,000 18
16 Aggregate Deal Value (€bn) 120 2,500 8 14 100 2,000 12 80 6 10 60 1,500 4 8
40 No. of Deals 1,000 6 No. of Funds Closed 2 20 4 500 0 0 2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 0 0 YTD
No. of Growth Funds Closed No. of Venture Capital Funds Closed 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Aggregate Venture Aggregate Growth 2018YTD Capital Raised (€bn) Capital Raised (€bn) No. of Deals Aggregate Deal Value (€bn) Source: Preqin Source: Preqin Fig. 3: Venture Capital Deals* in Europe by Location, Fig. 4: Venture Capital Exits in Europe, 2017 - 2018 YTD 2013 - 2018 YTD (As at July 2018) (As at July 2018)
100% 100% Other 7% 90% Ireland 90% 15% 26% 80% Finland 80% 6% Russia 70% 5% 70% Write-off Netherlands 60% 60% Italy IPO & Follow-on 50% 50% Switzerland Sale to GP 40% 40% Sweden 73% 69%
Proportion of Total Proportion of Total Trade Sale 30% Spain 30% 20% France 20% 10% Germany 10%
0% UK 0% No. of Aggregate No. of Aggregate Deals Deal Value Exits Exit Value Source: Preqin Source: Preqin *Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.
3 Private Equity & Venture Capital Spotlight | June 2018 © Preqin Ltd. 2018 / www.preqin.com THE RISE OF VENTURE AND GROWTH CAPITAL IN EUROPE
THE UK AND GERMANY DOMINATE THE Fig. 5: Fund Types that Investors View as Presenting the Best Opportunities in Private MARKET Equity over the Next 12 Months Almost a third (32%) of Europe-based Small to Mid-Market Buyout 44% venture capital deals since 2013 were located in the UK, accounting for 36% of Venture Capital 25% aggregate deal value; Germany accounts for 14% of deals and 18% of aggregate Growth 21% deal value (Fig. 3). Notably, the 10 largest European venture capital deals since Secondaries 14% 2017 all took place in either country (Fig. Large to Mega Buyout 13% 7). The largest deal in the UK involved Improbable Worlds Ltd., a London- Fund of Funds 11% based start-up that provides a computer simulation platform. SoftBank, a new Other 7% investor, led a $502mn Series B fundraise; Temasek Holdings, Horizons Ventures and 0% 10% 20% 30% 40% 50% Andreessen Horowitz also participated in Proportion of Respondents the transaction. The largest transaction Source: Preqin Investor Interviews, June 2018 in Germany involved Auto1 Group GmbH, a Berlin-based online marketplace for Fig. 6: Regions that Investors View as Presenting the Best Opportunities in Private Equity over the Next 12 Months automobile dealership networks; in January 2018, the company raised €460mn North America 48% from SB Investment Advisers through SoftBank Vision Fund. Europe 36%
REALIZING INVESTMENTS AT HIGH VALUE Emerging Markets 20% As aggregate venture capital deal value has remained strong in Europe in recent Asia 19% years, so too has the aggregate exit value: Latin America 3% this figure in 2013 was more than tiwce as high as 2012, and has remained steady Australasia 2% since then – although the number of venture capital exits in Europe has seen a Middle East 2% year-on-year fall since 2015. While there have only been 95 venture capital exits so 0% 10% 20% 30% 40% 50% far in 2018, these transactions amount to Proportion of Respondents
€11bn, the second highest amount in the Source: Preqin Investor Interviews, June 2018
Fig. 7: Largest Venture Capital Deals* in Europe, 2017 - 2018 YTD (As at July 2018) Deal Size Deal Portfolio Company Investor(s) Industry Location Stage (mn) Date Andreessen Horowitz, Horizons Ventures, Improbable Worlds Ltd. 502 USD Other IT UK Series B/Round 2 May-17 SoftBank, Temasek Holdings Auto1 Group GmbH SB Investment Advisers 460 EUR Internet Germany Unspecified Round Jan-18 Delivery Hero AG Naspers Ventures 387 EUR Internet Germany Unspecified Round May-17 Farfetch UK Limited JD.com 397 USD Internet UK Unspecified Round Jun-17 Accel, DST Global, Fidelity Management & Research Roofoods Limited Company, General Catalyst Partners, Index 385 USD Internet UK Series F/Round 6 Sep-17 Ventures, T Rowe Price Truphone Limited Minden, Vollin Holdings Ltd 255 GBP Telecoms UK Unspecified Round Oct-17 Bestseller, GMPVC German Media Pool, ABOUT YOU GmbH 300 USD Internet Germany Unspecified Round Jul-18 SevenVentures Andreessen Horowitz, Baillie Gifford, Institutional Venture Partners, Mitsui & Co., Old Mutual TransferWise Ltd 280 USD Internet UK Series E/Round 5 Nov-17 Global Investors, Sapphire Ventures, World Innovation Lab (WiL) Fidelity Management & Research Company, Invus BioNTech AG Group, Janus Henderson Investors, Redmile Group, 270 USD Healthcare Germany Series A/Round 1 Jan-18 The Struengmann Family Office Draper Esprit, DST Global, Index Ventures, Revolut Limited 250 USD Telecoms UK Series C/Round 3 Apr-18 Ribbit Capital
Source: Preqin *Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.
4 Private Equity & Venture Capital Spotlight | June 2018 © Preqin Ltd. 2018 / www.preqin.com THE RISE OF VENTURE AND GROWTH CAPITAL IN EUROPE
past decade. Furthermore, the average exit that venture capital and growth funds OUTLOOK value (€404mn) in 2018 is a record amount, present the best opportunities (25% and The US venture capital industry is viewed significantly higher than the 2008-2017 21% respectively), behind small to mid- as the most developed market, exerting average (€105mn). The fall in the number market buyout funds (44%, Fig. 5). Among greater influence than Europe – Silicon of exits and the rise in exit value illustrates all investors surveyed, 36% view Europe as Valley alone has received billions of dollars a challenging environment reflective the most attractive region for investment in over the past couple of decades. While Asia of rising asset valuations, which may the next 12 months (Fig. 6). has historically accounted for a greater potentially impact a fund’s performance. proportion of institutional commitments in A STRONG FUNDRAISING PIPELINE the growth capital industry, the European The largest exit of a Europe-based portfolio It is clear that fund managers have noticed market is becoming more important as company since 2017 was the $7.4bn IPO of the increase in investor interest throughout many investors look to develop more Spotify AB, a cloud-based music streaming Europe and are reacting accordingly, mature companies with proven business service (Fig. 8). Only 15% of exits and 26% despite the region being in a period of models. Europe-based venture and of aggregate exit value since 2017 were uncertainty: 269 Europe-focused venture growth capital firms have gained a wealth IPOs, whereas trade sales represented 73% capital and growth funds are currently on of experience in recent times and have of exits and 69% of aggregate exit value the road, targeting an aggregate €32bn established strong track records. While over the same period. in capital. The largest of these vehicles there is growing uncertainty in the investor is FSI Mid-Market Growth Equity Fund and fund manager community over the INVESTOR APPETITE (Fig. 9); launched in 2017 by FSI, the fund impact of Brexit on investments in Europe, Twenty percent of investors surveyed is targeting €2.0bn for investments in more capital continues to be secured by by Preqin at the start H2 2018 expect to Italy-based companies with prospects for venture capital firms for such investments. commit more capital to venture capital growth, transformation and consolidation With deal flow in the region remaining at a fundsin the next 12 months than the in international markets. The fund held a similar level in recent years, growth in the previous year, and a further 66% plan third close in June 2018, securing €1.3bn. industry looks set to continue. to commit the same amount. Around a quarter of private equity investors believe
Fig. 8: Largest Venture Capital Exits in Europe, 2017 - 2018 YTD (As at July 2018) Portfolio Exit Value Exit Exit Investor(s) Location Industry Company (mn) Type Date 137 Ventures, Abu Dhabi Investment Council, Accel, Baillie Gifford, Blisce, Coca-Cola Company, Creandum, D.E. Shaw & Co, Digital Sky Capital, Discovery Capital Management, Dragoneer Investment Group, DST Global, EquityZen, Inc., Fidelity Investments, Founders Fund, Goldman Spotify AB 7,357 USD IPO Sweden Internet Apr-18 Sachs, Groupe Arnault, GSV Asset Management, Halcyon, Kleiner Perkins Caufield & Byers, Lansdowne Partners, Li Ka Shing Foundation, Northzone Ventures, Rinkelberg Capital, Schoenfeld, Senvest Capital, SharesPost, Technology Crossover Ventures, TeliaSonera, TPG, Wellington Partners Advanced Adage Capital Management, Dompé Pharmaceuticals, HBM Partners, Accelerator Trade Rock Springs Capital, Seventure, T Rowe Price, Tamburi Investment 3,900 USD France Healthcare Oct-17 Applications Sale Partners S.A. 83 North, American Express, AP-Fonden 4, Banco Santander, Creandum, Dawn Capital, European Investment Bank, Hasso Plattner Ventures, Index Trade Semic. & iZettle AB 2,200 USD Sweden May-18 Ventures, Intel Capital, MasterCard Worldwide, MCI Capital, Northzone Sale Electronics Ventures, SEB Venture Capital, Victory Park Capital, Zouk Capital General Atlantic, German Startups Group, HV Holtzbrink Ventures, Insight Venture Partners, Kite Ventures, Kreos Capital, Luxor Capital Group, Delivery Hero Naspers Ventures, Phenomen Ventures, Point Nine, Rocket Internet SE, 996 EUR IPO Germany Internet Jun-17 AG ru-Net Ventures, Target Global, Team Europe, Tengelmann Group, Vostok New Ventures, West Tech Ventures Felicis Ventures, General Atlantic, Iconiq Capital, Index Ventures, Temasek Adyen B.V. 849 EUR IPO Netherlands Internet Jun-18 Holdings
Source: Preqin Fig. 9: Largest Europe-Focused Venture and Growth Capital Funds in Market (As at July 2018) Fund Firm Headquarters Strategy Target Size (mn) Status FSI Mid-Market Growth Equity Fund FSI Milan, Italy Growth 2,000 EUR Third Close Permira Growth Opportunities I Permira London, UK Growth 2,000 USD First Close Sino French Midcap Fund II Cathay Capital Private Equity Paris, France Growth 1,200 EUR First Close Venture Capital Lakestar Tech Lakestar Zurich, Switzerland 1,000 EUR Raising (All Stages) Eight Great Technologies China/ Venture Capital Eight Great Technologies London, UK 5,000 CNY Raising UK Fund (All Stages)
Source: Preqin
5 Private Equity & Venture Capital Spotlight | June 2018 © Preqin Ltd. 2018 / www.preqin.com 4TH ANNUAL European Fund
C
M
Y Finance Symposium
CM
MY
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CMY WEDNESDAY, OCTOBER 24, 2018
K THE LANDMARK HOTEL - LONDON
Attendance is complimentary for Fund Managers & Investors INDUSTRY NEWS INDUSTRY NEWS
This month’s Industry News provides a snapshot view of Nordic-based private equity funds that have closed since the start of 2017, private equity-backed buyout deals in the Nordic region and public pension funds’ investment plans in private equity.
NORDIC-BASED PRIVATE EQUITY FUNDS NORDIC-BASED PRIVATE EQUITY- PUBLIC PENSION FUNDS CLOSED IN 2017-2018 YTD BACKED BUYOUT DEALS
Forty Nordic-based private equity funds Since the start of 2017, there have As at July 2018, there are 103 public have reached a final close since the been 302 private equity-backed buyout pension funds actively searching for start of 2017 (as at July), securing an transactions in the Nordic region for investments in private equity funds aggregate €19bn. The largest fund closed an aggregate deal value of €16bn. The worldwide. Among this group is Merced in this period was EQT VIII; managed by largest deal involved Nets Holding A/S, a County Employees’ Retirement Association, Stockholm-based EQT, the buyout vehicle Denmark-based company that provides which expects to invest $10-30mn across held a final close in September 2017 on strategic consulting and customized end- 3-6 funds in the next 12 months. The €10.75bn, 54% above its €7.0bn target. to-end IT solutions. In September 2017, California-based institution will target Nets Holding A/S agreed to be acquired by mostly buyout, growth and mezzanine EQT also closed the second largest fund a consortium of investors led by Hellman vehicles with a global reach using a in this period, EQT Mid Market Europe, & Friedman with participation from mixture of new and existing managers in which focuses on control or co-control Advent International, Bain Capital and its portfolio. investments in mid-market companies in GIC. Bain Capital and Advent International Europe (including the Nordic, DACH and are re-investing in the deal and will both Also seeking new investment opportunities Benelux regions) with an enterprise value maintain a 16% stake in the company. The in the next 12 months is Italy-based Fondo of €100-300mn. The buyout vehicle held a transaction was completed in February Pensione Laborfonds, which plans to invest final close on €1.6bn in May 2017. 2018. in global buyout funds on an opportunistic basis. Two Denmark-based private equity funds In May 2018, a consortium led by CVC were among the largest five Nordic- Capital Partners, through CVC Capital South Korea-based Korea Teachers’ based funds to close in this period. This Partners Fund VII, with participation from Pension Fund will look to invest includes ATP Private Equity Partners VI, Ilmarinen Mutual Pension Insurance KRW 33-110bn ($30-100mn) across managed by Copenhagen-based ATP Company, LocalTapiola, Varma Mutual 2-3 private equity funds in the next 12 Private Equity Partners, which will invest Pension Insurance Company acquired months. The institution will look to invest in buyout, venture capital, distressed debt Mehiläinen Oy for €1.8bn. in mezzanine and secondaries vehicles and secondaries funds focused on North focused on North America and Europe, America and Europe, with a potential and will use a mixture of new and existing allocation to emerging markets. The fund managers in its portfolio. held a final close on €800mn in February 2018.
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7 Private Equity & Venture Capital Spotlight | June 2018 © Preqin Ltd. 2018 / www.preqin.com PREQIN GLOBAL DATA COVERAGE
FUNDS OPEN TO INVESTORS FUNDS WITH FIRMS FUNDS DEALS & EXITS ALTERNATIVES INVESTMENT MONITORED PERFORMANCE COVERAGE 33,722 61,477 22,765 16,883 28,775 348,354
PRIVATE NATURAL HEDGE FUNDS REAL ESTATE INFRASTRUCTURE PRIVATE DEBT EQUITY* RESOURCES 7,336 5,527 6,600 3,481 3,405 3,459 INVESTOR Active Active Active Active Active Active COVERAGE Private Equity Hedge Fund Real Estate Infrastructure Private Debt Natural Resources LPs Investors LPs LPs Investors Investors
FUND 21,166 26,739 7,398 1,354 2,677 2,143 COVERAGE Private Equity Hedge PE Real Estate Infrastructure Private Debt Natural Resources Funds Funds Funds Funds Funds Funds
FIRM 9,689 5,237 568 1,679 1,103 15,446 Hedge Fund PE Real Estate Infrastructure Private Debt Natural Resources COVERAGE Private Equity Firms Firms Firms Firms Firms Firms
PERFORMANCE 6,236 18,847 1,894 280 915 603 COVERAGE Private Equity Hedge PE Real Infrastructure Private Debt Natural Resources Funds Funds Estate Funds Funds Funds Funds
FUNDRAISING 3,019 17,615 1,288 181 371 291 COVERAGE Private Equity Hedge PE Real Infrastructure Private Debt Natural Resources Funds Funds Estate Funds Funds Funds Funds
BUYOUT VENTURE CAPITAL REAL ESTATE INFRASTRUCTURE PRIVATE DEBT DEALS & EXITS 163,713 COVERAGE 90,012 Venture Capital Deals 56,979 28,793 8,857 Buyout Deals and Exits Real Estate Deals Infrastructure Deals Private Debt Deals and Exits
Alternatives Investment Consultants Funds Terms Coverage: Analysis Best Contacts: Carefully Selected from Coverage: Based on Data for Around our Database of over 586 18,230 467,893 Consultants Tracked Funds Contacts + PLUS THE PREQIN DIFFERENCE Comprehensive coverage of: + Over 390 research, support and development staff + Placement Agents + Dry Powder + Global presence - New York, London, Singapore, + Fund Administrators + Compensation San Francisco, Hong Kong, Manila and Guangzhou + Law Firms + Plus much more... + Depth and quality of data from direct contact methods + Debt Providers + Unlimited data downloads + The most trusted name in alternative assets
*Private equity includes buyout, growth, venture capital, turnaround, private equity fund of funds, private equity secondaries, direct secondaries, balanced, hybrid, hybrid fund of funds, PIPE, co-investment and co-investment multi- manager funds. 2015 Annual CAIA Corporate Recognition Award Winner As at 2nd July 2018 THE FACTS PRIVATE EQUITY IN THE NORDIC REGION Private equity capital raised by managers based in the Nordic region – comprising Denmark, Finland, Greenland, Iceland, Norway and Sweden – has reached a record high so far in 2018. We take a closer look at the recent fundraising activity and market trends in this region.
Fig. 1: Nordic-Based Private Equity Fundraising, 2008 - 2018 YTD Fig. 2: Nordic-Based Private Equity Fundraising by Fund Type, (As at July 2018) 2008 - 2018 YTD (As at July 2018)
45 15 Aggregate Capital Raised (€bn) 100% 3 0.7 40 11 0.8 35 90% 10.4 41 Direct Secondaries 30 10 80% 2.3 25 5.5 Secondaries 70% 28 20 15 5 60% Fund of Funds
No. of Funds Closed 10 50% 89 Growth 5 40% 0 0 48.8 Venture Capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Proportion of Total 30% YTD 20% Buyout 78 Year of Final Close 10% Sweden Denmark Norway 0% Finland Iceland Aggregate Nordic No. of Funds Aggregate Capital Capital Raised (€bn) Closed Raised (€bn) Source: Preqin Source: Preqin
Fig. 3: Largest Nordic-Based Private Equity Funds Closed, 2017 - 2018 YTD (As at July 2018)
Fund Size Fund Final Close Fund Firm Headquarters Geographic Focus (mn) Type Date Stockholm, EQT VIII EQT 10,750 EUR Buyout Austria, Germany, Nordic, Switzerland Feb-18 Sweden EQT Mid Market Stockholm, Austria, Belgium, Germany, Luxembourg, EQT 1,600 EUR Buyout May-17 Europe Sweden Netherlands, Nordic, Switzerland ATP Private Equity ATP Private Equity Copenhagen, Fund of Emerging Markets, Europe, 800 EUR Feb-18 Partners VI Partners Denmark Funds North America EQT Mid Market Stockholm, EQT 800 USD Buyout ASEAN, Asia, Europe, Greater China May-18 Asia III Sweden Copenhagen, Axcel V Axcel 617 EUR Buyout Nordic Mar-18 Denmark
Source: Preqin
Fig. 4: Largest Nordic-Based Private Equity Funds in Market (As at July 2018)
Target Size Fund Fund Firm Headquarters Geographic Focus Status (mn) Type Copenhagen, Fund of Saga I Saga Private Equity 700 EUR Europe, North America Raising Denmark Funds Explore Equity Explore Equity Oslo, Norway 300 EUR Growth Nordic Raising Partners Fund I Partners Stockholm, Early Spirit Ventures I Spirit Ventures 300 EUR Nordic, West Europe Raising Sweden Stage Copenhagen, Gro Capital I GRO Capital 250 EUR Growth Denmark Raising Denmark Bosnia & Herzegovina, Croatia, Estonia, KJK Fund III KJK Capital Helsinki, Finland 250 EUR Growth Raising Latvia, Lithuania, Romania
Source: Preqin
9 Private Equity & Venture Capital Spotlight | June 2018 © Preqin Ltd. 2018 / www.preqin.com THE FACTS
Fig. 5: Largest Nordic-Based Investors by Current Allocation to Private Equity
INVESTOR:INVESTOR: AlphaVestVarma Partners Mutual Pension INVESTOR:INVESTOR: APG - AllPKA Pensions AIP Group CURRENT €35.2bnInsurance Company CURRENT €22.2bn CURRENTALLOCATION CURRENTALLOCATION ALLOCATION TO PE: €4.1bn ALLOCATION TO PE: €3.2bn TO PE: TO PE: FINLAND TYPE: Insurance Company TYPE: Public Pension Fund LOCATION:TYPE: PE FundHelsinki, of Funds Finland Manager LOCATION:TYPE: Asset ManagerCopenhagen, Denmark LOCATION: Amsterdam, Netherlands LOCATION: Heerlen, Netherlands
INVESTOR:INVESTOR: PGGM Skandia Life INVESTOR:INVESTOR: EuropeanIlmarinen Investment Mutual Fund Pension CURRENT €11.3bn Insurance Company CURRENT €7.9bnInsurance Company CURRENTALLOCATION CURRENTALLOCATION ALLOCATION TO PE: €4.0bn ALLOCATION TO PE: €3.1bn SWEDEN TO PE: TO PE: TYPE: Insurance Company TYPE: Insurance Company LOCATION:TYPE: Asset ManagerStockholm, Sweden LOCATION:TYPE: PE FundIlmarinen, of Funds Finland Manager LOCATION: Zeist, Netherlands LOCATION: Luxembourg
INVESTOR:INVESTOR: Shell AssetKeva Management Company DENMARK CURRENT €4.8bn CURRENTALLOCATION ALLOCATION TO PE: €3.7bn TO PE: TYPE: Public Pension Fund LOCATION:TYPE: Asset ManagerHelsinki, Finland LOCATION: The Hague, Netherlands
Source: Preqin
Fig. 7: Nordic-Based Institutional Investors in Private Equity by Fig. 6: Nordic-Based Institutional Investors in Private Equity by General Fund Type Preference and Fund Searches Issued in the Type Past 12 Months
Public Pension Fund 100% 89% 90% Private Sector Pension Fund 80% 75% General Fund 15% Type Preference 19% Investment Company 70% 60% 56% 3% Insurance Company 50% 40% Fund Searches 40% 36% 4% Foundation 29% 32% Issued in the Past 30% 28% 18% 12 Months 5% 12% Corporate Investor Proportion of Total 20% 14%14% 11% 10% 6% 8% 5% 2% 5% Asset Manager 0% Family Office 6% 11% Buyout Growth
Government Agency Balanced 7% Turnaround
11% Secondaries Bank/Investment Bank Fund of Funds Co-Investment Venture Capital Other
Source: Preqin Source: Preqin
Fig. 8: Largest Private Equity-Backed Buyout Deals in the Nordic Region, 2017 - 2018 YTD (As at July 2018)
Portfolio Bought from/ Deal Size Investment Deal Investor(s) Location Industry Deal Status Company Exiting Company (mn) Type Date Advent International, Bain Nets Holding Public-to- Business Capital, GIC, Hellman & - 33,100 DKK Denmark Completed Sep-17 A/S Private Services Friedman CVC Capital Partners, Ilmarinen Mutual Pension, Ambea AB, KKR, Mehiläinen Oy LocalTapiola, Varma 1,800 EUR Buyout Finland Healthcare Announced May-18 Triton Partners Mutual Pension Insurance Company GIC, Hg, ICG, Montagu Information Visma AS Cinven, KKR 15,200 NOK Buyout Norway Completed Jun-17 Private Equity Technology Ferguson Stark Group A/S Lone Star Funds 1,025 EUR Buyout Denmark Materials Completed Nov-17 Group Ltd AAC Capital Envirotainer AB Cinven 1,000 EUR Buyout Sweden Industrials Announced Jul-18 Partners
Source: Preqin
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