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SECA Yearbook 2013 SE CA Ye ar bo ok 201 3 My Mak ey id ou ea ro wn sf no or te s. 20 13 /14 SECAYearbook 2013 SECASECA Yearbook Yearbook 2013 2013
Content
Chapter IReport from the President...... 5
Chapter II Chapters&Working Groups...... 11 Reporting Comité Romand...... 12 Reporting Seed Money &Venture Capital...... 15 Reporting Private Equity ...... 27 Reporting Corporate Finance...... 44 Reporting Legal &Tax ...... 47 Reporting Working Groups...... 66
Chapter III Events &Trend Luncheons...... 75
Chapter IV FinancialAudit &Report ...... 81
Chapter VMembershipReporting ...... 85 Full Members...... 86 Associate Members...... 231 Individual Members &HonoraryMembers ...... 271 Young SECA Members ...... 275
Chapter VI ArticlesofAssociation...... 285
Chapter VII Model Documentation...... 289
Chapter VIII Key Persons ...... 291
2 SECASECA Yearbook Yearbook 2013 2013
List of Authors
Report from thePresident
Topic Author(s) Function /Company Page 2012 –One Year of Improvement BerndPfister SECA Chairman 6
Reporting Comité Romand
ConsolidationduComité Romanddela Christophe Borer Chair Chapter Comité Romand 12 SECA
Reporting SeedMoney &Venture Capital
Critical Benchmark View on Venture Martin Haemmig Martin HaemmigInternational 15 Capital in Switzerland CTIEntrepreneurship Programme to Commission forTechnologyand Walter Steinlin 17 encourageEntrepreneurial Spirit Innovation CTI Relevant Soft Factors to assess Startup Jost Renggli Venture Valuation AG 19 Companies L. Paul Kochmann CTIInvest –2012–Some Light Christian Wenger CTI Invest 21 at the Horizon Jean‐Pierre Vuilleumier Exits von Wachstumsunternehmen PeterLetter paprico AG 24
Reporting Private Equity
Maurice Pedergnana SECA General Secretary DerSchweizerMarkt fürWagniskapital 27 Thomas Heimann SECA Research&Statistics Juerg Burkhard Alternatives to the StandardModel under Matthias Feiler LGTCapital Partners Ltd. 30 Solvency II:Partial Internal Models Boris Pavlu Really Barbarians at theGate? RicardaDemarmels Capvis Equity Partners AG 39 SIX SwissExchange–World‐ClassStock Andrea von Bartenwerffer SIX SwissExchange 42 ExchangeTrading
Reporting Corporate Finance
SuccessfulPublic Takeovers in Switzerland FriedrichDietz Bank am Bellevue AG 44 –threatenedbyregulatoryChanges?
Reporting Legal &Tax
Financing Challenges forPrivateEquity Frank Gerhard Homburger AG 47 Buyers in Carve‐out Acquisitions Revision of the SwissCollective Investment Hannes Glaus Bratschi Wiederkehr &Buob 54 SchemesAct Wesentliche Neuerungenund Entwicklun‐ BarbaraBrauchliRohrer Wenger &Vieli AG 56 gen im Schweizer Steuerrecht Warranties and Indemnities Insurance Gregory Walker Walker Risk SolutionLtd. 58 (Market update 2012) The Professional Liability Risks of the Fund ManagerAccordingtothe AIFM Directive Gregory Walker Walker Risk SolutionLtd. 62 and therevised CISA
Reporting WorkingGroups
Cédric Vollmar YoungSECA Co‐President YoungSECA 66 Alan Frei Carlos Januario MScStudent Hochschule Luzern Evaluation of Private Equity Marcel Masshardt MScStudent Hochschule Luzern 68 Real Estate Indices John Davidson Lecturer HochschuleLuzern
3
SECASECA Yearbook Yearbook 2013 2013
Chapter I Report from the President
5 SESECACA Yearbook Yearbook 2013 2013
Report fromthe Chairman 4.5% peryear. Adding partially liquidated funds up to 2005, excess returns rise to over 8% (net of fees).”
2012 –One Year of Improvement Theseare good news andthe reasonwhy US pension funds andendowments have constantly increased DearMembers andReaders, theirallocation towards private equity with more than In aclimate of macroeconomic uncertainty, 2012 wasa 5% on average. This stands in stark contrast to the challenging year with amixed pack of results forthe allocationsbySwiss pensionfunds whichcommit less private equity industry in Switzerland. However,pre‐ than 1% of their portfolios to private equity and 7% to liminary figures for2013 suggest improving condi‐ cash. Giventhe large funding gaps in the Swiss pen‐ tions for ourbusiness activity, although these are une‐ sion system it is amazing howeasily theirinvestment ven amongweakfund raising, normal M&A transac‐ committeesgiveupsuchasubstantial sourceofaddi‐ tion volume,improving investmentsand exits. tional investment returns. This year we will labour On aglobal scale 2012 markedanimportant milestone hard to changethe attitude for the sake of millionsof for the private equity industry. For the first time ever workers andpensioners which will depend on the the aggregateassets under management of private future investment performance of their pension assets. marketfunds have surpassedUSD 3trillion –includ‐ The same holdstruefor thegeneral public since al‐ ing uncalled commitmentsand netasset value of the most 48% of the CHF 2.8 trillion net private assets of portfolios. This is aremarkable tenfold increase over Swiss households are investedinreal estateand 17% the year 2000figures. Ourindustryisnot only grow‐ in cash (according to theSwissNational Bank, 2012), ing in size but also diversifying into more private while allocations to private equity is well below 0.5%. markets like infrastructure,natural resources or real How shall we pay for ourretirement without good estate. All of this wouldhavebeen not possible with‐ yielding investment returns?How can we grow our out one key attribute of ourindustry–solid invest‐ economyand employment without funding profes‐ ment performance! sionally backedstartup companies?
Figure 1reveals the risk andreturn profile by fund Market Activity strategy from the period 1999 to 2009. Most strategies Privateequity’s “Golden Age” of lowinterest rates, have been able to deliveredgood relative risk adjusted covernance‐litedebt, abundant leverage, mega deal returns to their limited partners. making and“effortless” returns is since the financial crisis over, andwill most likely not soon return. With 13 buyout deals of Swiss companies the year was characterized by amodestprivate equity activity. Global Blue SA, Clariant (Caveout), Aliance Boots GmbH,Actavis Groupwere the largest buyout deals of the year (KPMG,M&A Yearbook2013). Capvis had agood runwith four exits (Stadler Rail,Bartec, WMF, and parts of KVT). Deal valuations came somewhat down towards the endofthe year, butpricesfor high quality companies are still demanding.
CHF 305 millionwas invested in 66 venture capital companies in Switzerland. 54% of that moneywent into thetop 5transactions.Biocarts (CHF42m), En‐ Figure 1: Risk andReturnbyFundStrategy1999‐2009 dosense (CHF37.4m) and HouseTrip (CHF 37m) were This fact is supported by arecent study by Chris Hig‐ the marqueedeals of 2012. However, the overallven‐ son andRüdiger Stucke (The Performance of Private ture capital investment and exit volumes are still too Equity, 3/2012,London Business School) which found low. Since the largest Swiss deals are funded by inter‐ that „the 85% sample of all raised and liquidated pri‐ national VC houses, the situation in venture capital vate equity buyout funds from 1980 to 2000 have de‐ formation is not satisfactory. There are not enough livered excess returns againstthe S&P500 of about well established and funded VC teams in Switzerland.
6 SECASECA Yearbook Yearbook 2013 2013
On apositive note,thereare plenty of Business Angels with outstanding trackrecords on the road,but there is agap between seed fundingand big ticket VC in‐ vestment in the spectrumofCHF 10‐25 million.
SECA –our Key Objectives The SECA represents thevast majority of all Swiss private equity and venture capital firmsand theirad‐ visors. Whileeach memberwill have adifferent in‐ vestment or service focus, allmembers areunited by common governance, ownershipmodel andacode of conduct that is focused at lasting entrepreneurial val‐ ue. Figure 3: Growth in “Qualityand Quantity” SECA Membership growth over the last12years. This is asuccess story in itsown right.According to a Growing in number is onething, butfulfilling key recent study by Boston ConsultingGroup SECA repre‐ functions in theindustries’ ecosystem is anotherstory. sents thesixth largest PE/VCassociation in the world. By helping to explain theindustry’s role, adding value This is an astonishing achievementfor anational or‐ to our members’business andintelligentlywork with ganizationinasmall country such as Switzerland. policymakers, we canensure that theSECA evolves as aforceful opinion leader in Switzerland.Toachieve this goal we setfive keyobjectives forthe coming years:
1. Representationand Lobbying: Maintain dialogue with key stakeholders to effect changes to policy, taxand regulatory environment. 2. Networking: Provide opportunities to exchange ideas andincrease cooperation and deal flow be‐ tween SECA members. 3. Research and DataAnalysis: Conduct andpublish Figure 2: Boston Consulting Group2012: Private Equity Market Analysis & research on issuesimportanttothe venturecapital, Sizing. M&Aand private equity industry. The open architecture of ourorganization has enabled 4. Professional Standards and Legal Documentation: us to tackle amultitude of projects and locations –and Establish and maintainbestpractice ethical and grow!Our platform andmemberservices have im‐ professional standards andeasy to use legal docu‐ proved in quality and ourvoice on issues like AIFM mentations. regulation canbeheard loud and clearly. All of this 5. Education and Training: Offer trainingstoen‐ hasbeen realized on acomparativelyverylow cost to hance the professional skillsand expertise of prac‐ our members. titionersorrelevant people like pensionfundman‐ It wouldmakethe SECA chairman very proud, if we agers. wouldachieve let’s saythe number3league position IndustryRepresentation, Lobbying and Regulation in the coming years. As you can see in the following As 2013 approaches, privateequity houses must navi‐ graph this objective is achievable for us and would gate to newgroundasregulators worldwide, limited make Switzerland themostintegrated private equity partners, the publicand equity shareholdersdissect marketinthe world. This wouldinmyopinion fit our theindustry’s business practises andlook forchange. traditional valuesand deal making culturevery well. Private equity fund managers are facing intense scru‐ tiny over regulatory, compliance, and taxmatters. The industryispressured by regulatorsonoperational issues like marketing documents, conflicts of interest, fee transparency or safety of client assets. 7 SESECACA Yearbook Yearbook 2013 2013
Self‐governance hashistorically been the industries cifically to pension fund and wealth managers in order preferredway, but those days are nowover. There‐ to improve the understanding of the assetclass. Hope‐ fore, we need to get our acttogether and expressour fully we can encourage managers to implementbest opinion effectivelyinthe politicaland legislation pro‐ practices and increase allocations in the future. cess in order to influence the outcomesand ensure an Organizational Development –Our Platforms internationallycompetitive framework forthe indus‐ try. In realization of the diversenature of our industry association, the majorgovernance objectivein2012 SECA Communication and Networking wasthe continuing developmentofour chapters – The important contribution of private equity and ven‐ PrivateEquity, Legal&Tax,Seed Money&Venture turecapital to theSwisseconomytakes place largely Capital,Corporate Finance and Communication & behind the scenes.SECA is thereforeengaged in a Media. These different memberconstitutes are gov‐ communicationsinitiative to increase the understand‐ erned by smallcouncils of five persons (including one ing and awareness of howprivate equity works in the member from the Suisse Romande) and have the man‐ real economy. Ourindustryhas agreat story to tell, in date to settheir own set of objectiveswith the SECA terms of its provision of “intelligent capital”,its exper‐ secretariat and chairman, whoare responsible for tise andtrack record in buildingsuccessfulbusinesses. meeting andcoordinating those requirements. This SECA uses multiple channels to promote the industry year the workdone hasbeen outstanding in twoas‐ to stakeholders. By mobilizing ourchapter members pects(1) the amountofhours put into various projects we ensure the industry’s messagesare communicated has been aboveour expectation and(2) the quality in avery wide numberofpublic engagements,includ‐ required for the legalpapersand commentaries to ingmeeting withthe publicsector, forumsfor institu‐ legislative matterswas very high. This forced many of tional investors, the PrivateEquity &Corporate Fi‐ our board and executivemembers to go theextramile nanceCongress, ourwidely read SECA eNewsletter as andthrow in weekends of voluntary work.Ithank well as through speaking at conferences, policy hear‐ very much for theeffort. ings or universities. Christophe Borer (ViceChairman SR) andMarianne Research and Data Analysis Zutter(Secrétariat Romande)have madeagreat jobin The SECA research anddata analysis focuses on sup‐ organizing our activities in theSuisse Romande. Pierre plying robust industry data to ourmembers and the Kladny will take overthe positionofChristophe Borer industry’s stakeholders includinggovernment entities, this summer. media, academic institutions or investors. We are col‐ In 2012, the board and executive committeewere or‐ laboratingwiththe EVCA in afar‐reachingEuropean ganized as it is shown on the organizationchart the database initiative. Ouraim is to create asingle Euro‐ bookcover. peandatabase to track industry activity. As aresult the Memberofthe BoardofDirectors: fund raising, investment and divestment activity in various countries can be compared andproperly Leonid Baur communicatedtothe public. Thiswill help our efforts Leonardo &Cie.Corporate Finance (Schweiz) AG to prove ourindustriesimpact on employment crea‐ BjörnBöckenförde tion, economic growth or investment performance. ZurmontMadison ManagementAG There is an initiative to bringmorelight into the Swiss venture capitalmarket. Jacques Bonvin Tavernier Tschanz Professional Standards and Education Christophe Borer In November 2012 SECA conducted the first“Private Equity Workshop” shedding light on different indus‐ Diego Braguglia tryaspects including severalprivate market strategies, VI Partners legal environment, comprehensivecasestudies and Cédric Bruix professional standards. After thebig success of this ArgosSoditic SA programme it is plannedtooffer ashort versionspe‐
8 SECASECA Yearbook Yearbook 2013 2013
Rolf Friedli Dr. Christian Wenger Capvis Equity Partners AG Wenger &Vieli AG
Dr. Ulrich W. Geilinger Dieter Wirth HBMPartners AG PwC
Dr. Hannes Glaus Stéphane Zrehen Bratschi Wiederkehr &Buob General Secretary and Financials Caroline Gueissaz SECA is abusiness as well,which must manage its Business AngelsSuisse P&L in order to succeed. We provide agrowing list of Marie‐Hélène Hancock services for ourmembers across aspectrum of activi‐ Hirzel.Neef.Schmid.Konsulenten ties. We are looking to increaseour incomesources in order to professionalize the growing list of tasks and Pierre Kladny functionsofthe organization. Valley Road Capital Our association office is run on the basis of ahard‐ Beat Kühni workingand high quality serviceculture. The effective Lenz &Staehelin management of these activities is theresponsibility of Jean‐FrançoisLagassé the SECA General Secretary Prof.Maurice Pedergnana Deloitte SA and his excellent team (Andrea Villiger andPatrik Imhof). The secretariat organized the mediaevents, Peter Letter published research booklets, industry statistics and papricoAG our highly regarded eNewsletter. Martin Meier‐Pfister Especially, successful lobbying activities, thePrivate IRFCommunications AG Equity &Corporate FinanceCongress andthe Private Christian Mustad Equity Workshop were ahighlight in 2012. This year Edgar Brand SA we will have atop tier programme of speakers on the Dr. Roberto Paganoni PE &CFCongress and organize ourtraditional SECA LGT Capital Partners Ltd. networking partyafterwards. Book thedate!
Dr. Bernd Pfister Our 28th SECAGeneral Assemblytook placeonthe Paros CapitalAG 16th of May2012 at the Hotel Widder, Zurich. The SECA turnover2012 achievedCHF 456’040.45 and the Maurice Pierazzi netresult wasCHF 4’269.90. Dimension SA Outlook Andreas Roetheli Lenz &Staehelin During 2013 Iwould expect theindustry to continue attracting fresh capital and find attractive investment FlorianSchweitzer opportunities,but Iexpect growth to be uneven. Inves‐ BrainsToVentures AG torsare very selective about where to put their money ClaudioSteffenoni at work. Whileahandful of Swiss general partners Deutsche Bank (Suisse) SA will likely raise significant capital, the majorityof players maystruggle to raise new funds. Especially Jean‐Philippe Tripet theventure capital formation process is relative to the Aravis SA size of the SwissGDP or patentfilingsfar too low. Beat Unternährer Some established private equity firmswill likely con‐ The Corporate Finance Group tinue movingtoabroader mix of asset management Marc‐AntoineVoisard products. This allows houses such as Partners Group EuroPrivate EquitySA or LGT Capital to expand on their existing relation‐ ships and make better use of their well established distributionchannels. In fact, some areontheir way to 9 SECASECA Yearbook Yearbook 2013 2013
becoming diversified financial service providers, lev‐ As we will see later in this yearbook, thereremain eraging strong performance records, close investor substantial opportunities in our industry to be opti‐ relationships, and in some cases apermanentcapital mistic for the year ahead. base to expand their offerings.
Deal activity is likely to pick up in 2013 as private eq‐ uity players, cash richfamily offices or corporations put morecapital to work and stock markets behave well. Sectorssuch as healthcare, emergingmarketre‐ latedindustrials,corporate carve outs,infrastructure and technologymay be ripe areastominefor oppor‐ tunities.
Whilefund raisingconditions remain difficult, some smart investors clearlyfeel that thereare opportunities to be had in investing in private equity in Switzerland. Exits and distributions picked up nicely in 2012 and a couple of Swiss PE houses are coming to themarket with newfunds or structured co‐investment mandates. Dr. BerndPfister This is apromising sign that fund raisinglevels may Chairman improve throughout the coming year, as limited part‐ SECA ners look to tap into thepotential returns to be had Grafenauweg 10 from contrarian investing during weak economic cir‐ 6304 Zug cumstances resultingfrom the Eurozone crisis. As [email protected] Warren Buffet puts it: „Wedonot like badeconomic times, but we do like the prices this creates.” Managing Director Paros CapitalAG Zugerstrasse 8a 6340 Baar
10 SECASECA Yearbook Yearbook 2013 2013
Chapter II Chapters &Working Groups
11 SECASECA Year Yearbookbook 2013 2013
Consolidation du Comité Romand de la Privateequity &funds of funds SECA Cédric Bruix(CL), Argos Soditic, Partner Pierre Kladny, Valley Road Capital, Partner Aprèstrois années pleines de fonctionnement, le Co‐ mitéRomand de la SECA apris ses marquesetdé‐ Marc‐Antoine Voisard, EuroPrivate Equity SA, montré sonutilité,tant parleréseaurégional activé, Partner que parlacoordination avec lescollègues suissesalé‐ Seed &Venture Capital maniques. DiegoBraguglia (CL), VI Partners AG, Partner Il est maintenantnécessaired’assurer la pérennité de Caroline Gueissaz, BusinessAngels, Suisse son organisation et ceci qui passe naturellementpar le renouvellement des acteurs. Ce sera un des axes im‐ Corporate Finance portants de la prochaineannée. Jean‐FrançoisLagassé (CL), Deloitte SA, Partner
Lesobjectifs du Comité Romand reprennentceux de la Christian Mustad, Edgar BrandSA, Partner SECA et du Comité Nationaletsedéclinent selondeux Maurice Pierazzi, BCGE, Responsible M&AetPE axes: Legal &Tax 1. Promotion de l’innovation et de l’entrepreneuriat dans la région Suisse Romande par les actions sui‐ Jacques Bonvin (CL), Tavernier Tschanz, Partner vantes: Andreas Roetheli, Lenz &Staehelin,Partner Organisation de conférences, tablesrondeset luncheons Suite aux démissions de M. Zrehen et M. Tanner,ilest ànoter queles Chapters Seed &VCetLegal &Tax Publication d’articles peuventaccueillir de nouvelles forces.
Activités de lobbying et publication de prisesde Durant l’année2012, le Comité s’estréuni 5fois et les position explicatives sur des sujets choisis et membres ont tous démontré leur enthousiasmeetleur d’actualité. engagement. Nousavons organisé trois événements et 2. Documentationetvulgarisation des activités et du une conférence de presse;d’autre part, différents processusduventure capital et du private equity, membres du Comité ont fait plusieursinterventions principalementpar la publication de documents en dans les journaux. langue française (par exemple, code de conduite, Evénements organisés: termesetconditions pour une transaction de ven‐ turecapital, documentation sur la sociétéencom‐ Outlook VC &PE2012 manditedeplacements collectifs (SCPC), etc). 26. janvier 2012, Genève La communicationdeces activitéssefait principale‐ Organisation: C. Borer mentpar le biais de la SECAeNewsletter (inscription Participation: ChapterLeader CR gratuite sur le site: www.seca.ch) et de prospectus. Managing boards in PE backed companies Les Chapter Leaders (CL), élus en même temps que le 14. mars 2012, Genève Comité National lors de lʹAssembléeGénérale 2010, Organisation: J. Bonvin ontété reconduitslors de celle de 2012. Le Comité est Participation: Tavernier&Tschanz, formédes membressuivants: Schellenberger
Coordinateur Comité Romand Senior Management under aPrivate Equityshare‐ holding Christophe Borer 3. octobre 2012, Genève Communication Organisation: C. Bruix, M. Voisard (modération) Marie‐HélèneHancock (CL), Hirzel.Neef.Schmid. Participation: R. Hefti (CEO AdentSA), Konsulenten AG, Partner M. Schwyn(President Kermel)
12 SECASECA Yearbook Yearbook 2013 2013
Cette suite d’activitésaété saluée par lesmembres de la région romandedont le nombre asemonteàlafin 2012 à47. Il faut également noterledémarrage de l’activité YoungSECA.
Pour l’année 2013 nous envisageonsdepoursuivre l’organisation de 3événements ou plus surdes sujets d’actualité ainsi que d’intensifier nos contacts avec les différents organismespatronaux de la Suisse romande. D’autre part, un groupe de travail romand se meten place au sujet de l’AIFM et de la SCPC.
Noussommesàvotreécouteetouverts àtoutes vos suggestions ou propositions.N’hésitezsurtout pasà contactersoitleresponsable romand,soitles Chapter Leaders respectifs en casdequestions.
Enfin, je profite de cette occasion pour remercier les membres du Comité Romand et ceux du Comité Na‐ tional pour leursoutienetleur engagement lors la constitution de ce Comité.
Au plaisirdevous rencontrerlors de nos prochaines manifestations.
ChristopheBorer Coordinateur Comité RomanddelaSECA 5, rue Jean‐Antoine Gautier 1201 Genève [email protected]
13 We bring investorstobusiness and business to investors
International advisoryfor Financingbusiness growth World-wide investor relations
Professional documentation Negotiation
BridgeLink AG ·(+41)61206 90 90 ·[email protected] ·www.bridgelink.ch Basel ·Hamburg ·Philadelphia SECASECA Yearbook Yearbook 2013 2013
CriticalBenchmarkView on Venture How good is our University “Commercialization” into startups andother largecorporations? Capital in Switzerland University “Commercialization” into startups and Suggestions forthe VC IndustryinSwitzerland: otherlarge corporations from theSwiss power labs (i.e. University Hospital Zurich, etc.) are marginal, Giventhe small VC funds, “focus” more on “Pre‐ compared to other their counterpartsinUK(e.g. Ox‐ Revenue” deals andthen getthem globally Financed ford, Cambridge) or the United States (e.g.MIT, Stan‐ by VCs/CVCsand exit theminternationally. ford, UC Berkeley). The budget of an ETHZ, Universi‐ What is thecurrentsituation in theSwiss VC indus‐ ty of Zurich and UniversityHospital Zurich exceeds tryconcerning underfunding or overfunding and each USD 1billion. The academic papers andarticles as what do you mean by creative financing? well as patent filingsare at parwith the best in class There areanincreasing numberofaccelerators mainly globally,however, when it comestocommercializa‐ forcompanies in Digital Media/Internet, which require tion to both (a) largecorporations, (b) startups, the less capital to get to revenue &profitability. However, resultsismarginal (considering the massive budgets), core technologies seemstobeunderfunded across all when compared with their counterparts. However, stages, especially those addressing large, global and with afew exceptions, if anew companygets started, underservedmarkets,which require significantcapi‐ with the exception of averyfew, almost all of them tal. remainrather marginaland theirgrowthflattens rap‐ However, Switzerland misses more creative financing. idly, sincetheybarely ever crack the largestmarkets. For example, look at Friendster in USA/Asia, thepre‐ Since CTI Investunderstands the massivechallenge in decessor of Facebook: it was sold for $39.5M to Malay‐ Switzerland (and Europe), but was not willingtobe‐ siaand in return, they then sold 18 Friendster patents come part of aSwiss projecttodesign an ecosystem to Facebook for$40 million:More than the company andbest practice processes, Itook this projectinterna‐ value! This is avery creativedeal! tionally and found asolution for Europe(in thefirst Whydotop leading Swiss VC funds notinvest in phase) and will add China/India in asecond phase, Switzerland? andJapan/Korea/Singapore in anext phase. Why areSwiss‐based international VCs (i.e. Index For this reason, Ileverage CeTIM, as well as major Ventures and Emerald Ventures) notreally investing global corporates and VCs operating in Europeand in Swiss startups? This raises my eyebrows! They getthis projectlaunched during the “Global Corporate don’tgrow sufficiently fast and large! Many entrepre‐ Venturingand Global University Venturing” sympo‐ neurslackthe aspiration to go bigand global. It is sium in London on May21and 22, 2013 and expect to surprising to me to see that the SwissTV(ECO) fea‐ have 100stakeholders. The Project will be called “Re‐ tures a10yearold start company (Mayoris) as agood search‐to‐Commercialization Club” (R2C Club). story, which has“only” 10 people today and is “only” Who are the role‐modelsfor Switzerland to “very profitable for the first time after 10 yearsofoperation early‐stage/pre‐revenue deals” andtheir follow‐on (which is inacceptable for an internet/marketing com‐ financing? pany). Look at the “old”Israeli model, which findsits appli‐ In addition, most SwissVCs arenot sufficiently con‐ cation now in Russia: nected globallytoget such globaldeals done. To quote Late to the game, Russia’s USD 1.2 billiongovernment Maurice Pedergnana: fund invests into local andinternational VC funds as Look at the most recent largeinternet deals, wherethe anchor investor.Inaddition, 90% of its direct invest‐ Swisscompanies getfullyfinanced by American ments(RVC) are into startups andpre‐revenuecom‐ VCs/CVC. panies (through 5funds). Follow‐oninvestments (USD 2million up to USD 20 million come from overseas VCs/CVCs). Look at themarginal investments (same as theSwiss level) andtheir plus USD1billion exits of Yandex and Mail.ru thepast2years (thankstoamaz‐ ingcorporate investors suchasDST Global,Napster, 15 SECASECA Yearbook Yearbook 2013 2013
Tiger Global Management). The RVC (Russian Ven‐ Martin Haemmig ture Company) sets up offices in SiliconValley, Singa‐ Martin HaemmigInternational pore, Israel, London. This is a“Global Network”. Geissbergstrasse30 How well are the Swissincubators/accelerators, VCs 5408 Ennetbaden &CTI connected to trulyglobal “Corporates/CVC” [email protected] networks? Adj. Prof.Dr. Martin Haemmigparticipated as a What is the existing global “Corporate/CVC” network speaker at theSECA Evening Event on January 9, 2013. of CTI, Swiss VCs, etc. with regular meetings andre‐ Under thetopic “Outlook 2013 –TrendsinPrivate peat investments of global corporates (CVCs) apart Equity, Venture Capital, Regulations andM&A” he from Novartisand Roche? VCs need to build solid outlined his point of view in the fieldofVenture Capi‐ corporate networks to thelevel,where they are annu‐ tal. After the event he explained in moredetail the ally invited to the“Tech‐roadmap”. Watch the rise of development andalso existing weaknesses of the VC local CVCs in the emerging markets (BRIC). industry in Switzerland in ashort interview. Thefol‐ What do Swissstartup investorsdotoprovide access lowing article reveals the main statements and sugges‐ to thegrowth marketsinthe BRIC Nations? tions for the SwissVCindustry. How do Swiss VCs supporttheir startups to access the BRIC?Providing an office is notenough(RVC). (a) Leverage therising “local”corparates in the BRIC countries. (b) Build anetworktosome “local” VC/CVC in theBRICs withsimilar portfolio compa‐ nies andstrike adeal with them to be able to “lever‐ age” theexisting local distribution network of their startups.
Why do CORPORATES/CVCs networks and rela‐ tionshipsmatter? Note that Corporates/CVCscan be launch‐customers, joint R&D partners, investors, internationalization platforms, exit/M&A targets, or even LPsinto the Swiss VC funds. After all, +90% of all exits are M&A by corporates.
HowmanySwiss startups raised large grants from other parts of the world? Are you pushing them? Even Indian startups(CarbonClean Solutions–CCS) can access largegrants (USD 5.35 million)and utilize brand new research andtesting infrastructureaswell is provided atop academicinstitution as research partner(Imperial College).Although meanttobeonly for UK and European startups to enable them to do large scale testing, they finally opened up admission also to some topleading young companiesfrom over‐ seas, yet only this Indian company managed to make it to thefinalists.
16 SECASECA Yearbook Yearbook 2013 2013
CTI Entrepreneurship Programmeto CTI Entrepreneurship: encouraging entrepreneurial spirit encourage Entrepreneurial Spirit For nearlytwo decades, theCommission forTechnol‐ Switzerland has ahighly developedliberal market ogy and Innovation (CTI) has offered training pro‐ economywith over 300,000privately owned compa‐ grammesand coaching in an effort to promote entre‐ nies, most of which areverywell run. Nevertheless, preneurshipasanalternative to encouraging innova‐ entrepreneurship in termsofnew company formation tion in existing companies–with success. Since 1996, is notveryactive in Switzerlandand graduates of nearly 300 start‐upcompanies have earned the CTI higher educationinstitutionsfind theoption of creat‐ quality label and created over 3,700jobs. The road to ing theirown company to be relatively unappealing. company formation is nevertheless alongone. For this reason,the CTI becomes involvedatamuch earlier Innovative, butpreferencefor established structures stage: by raising awareness amongscience and busi‐ Switzerland’s regular topranking in the European ness majors of the potentialofentrepreneurial think‐ Innovation Scoreboard shows that it hasleading eco‐ ing–among academics. The CTI showsthem the chal‐ nomicand innovative capacities. The numberofpa‐ lengingand exciting alternatives to traditional corpo‐ tents filedincreases with each passing year: at 186 ratecareers, to stimulate theirentrepreneurial spirit triadic patents per CHF 1billion in private sector R&D and encouragethem to pursue the path of company expenditure, Switzerland ranks second among OECD formation. countries. Switzerland has the highestpatent density For this,the CTI offers amodular support programme: and the highest number of scientific papers per capita. under thenew brand ‘CTIEntrepreneurship’, aware‐ Switzerland is among the three countriesthat lead the ness events andsemester courses areoffered at Swiss world in high‐tech developments andpublications higher education institutions (Modules 1+2)aswell as relating to innovative environmental technology. five‐day courses on the subjects ‘Business Creation’ Our participatory directdemocratic system emerged and ‘Business Development’ (Modules 3+4). This from alreadyfirmly established and successful model ensuresthat young people areaware of the various of free trade, economic freedom,low government optionsand receiveassistance with the development spending ratiosand moderatetax burdens. These fa‐ of their business ideas. vourableconditions also enabled the expression of Coursesprovidedbythree new regional consortiums strong innovative and entrepreneurial spirit. The bene‐ fits of this pioneering period of company formation So far, allfour moduleshad been entrustedtothe pri‐ are still felt today: ourcountry has becomeahighly vate company ‘Institut für Jungunternehmen(IFJ)’. In competitive location for production and services and mid‐2012, the CTI issued acall for tendersfor modules has earned areputation for innovation, precision and 3and 4(i.e. thefive‐day courses on ‘Business Creation’ quality. These achievements have been made possible and ‘Business Development’) so that regional provid‐ thanks to alarge numberofdynamic SMEs,estab‐ ers within the higher education sector wouldalsobe lished large‐sized companies,ahealthy mix of eco‐ able to take part,thereby further expandingthe offer‐ nomicbranches and –last butnot least –anoutstand‐ ing. Threeregional consortiums were awarded the inghigher educationsector, whichdraws students contract formodules3and4.The introductory mod‐ from near andfar andproduces afresh flow of innova‐ ules 1and 2will continuetoberun by the IFJ. tive talents. In contrast to andunlike young people in emerging Asiancountries andentrepreneurial strong‐ holds such as SiliconValley in theUSA, fewyoung people in Switzerland feel this sense of entrepreneurial spirit.Instead, they prefer to rise up the traditional corporate ladder in already established companies.
17 SECASECA Year Yearbookbook 2013 2013
Newconsortiumsfor CTI Entrepreneurship: East‐ Walter Steinlin ern Switzerland /Zurich President CTI Headed by: TechnoparkAcademy Zurich. Members: Commission for Technologyand Innovation CTI ETHZ, University of Zurich, ZHAW, Empa, Univer‐ Effingerstrasse 27 sity of St. Gallen, St. Gallen University of Applied 3003 Bern Sciences (UAS), Startfeld, Chur UAS, University of [email protected] Lichtenstein andother organisations.
CentralPlateau/Bern Headed by: University of Applied Sciences North‐ western Switzerland. Members: UniversityofBern, BernUniversity of Applied Sciences (UAS), Lucerne University of Applied Sciences and Arts, Base‐ Camp4HighTech, InnoBE and other organisations.
WesternSwitzerland Headed by: Science Park EPFL. Members: EPFL, University of Lausanne, Ecole HôtelièreLausanne, Genilemand other organisations.
The new regional partners arevery well connected in their respective ecosystem andare expected to recruit top teachingexperts from their network.
Coordination through anew online portal The CTI Entrepreneurship programme is coordinated via anewly created portal (cti‐entrepreneurship.ch):
This portal will be ashowcase for the regional course providers as well as aregistration platform for inter‐ estedwould‐beentrepreneurs wishingtostart their own business.
Aboost in entrepreneurship training Thecourses forModule3and 4will be provided in March2013. Over 30 courseswill be taught in 9towns. If we consider allfour modules, therewill be over50 courses taught to over 3,000participants.
The newly branded ‘CTIEntrepreneurship’ pro‐ gramme with abroader baseofproviders shall contin‐ ue to kindle entrepreneurship amongresearchers and academics, help them turntheir scientific findingsinto business ideas andsupport asteady flow of start‐up companies, thus strengtheningthis trackofinnovation and competitiveness in Switzerland.
18 SECASECA Yearbook Yearbook 2013 2013
Relevant Soft Factors to assess Startup In the points below, additional soft factors are dis‐ Companies cussed which focus on morespecific partsofacompa‐ ny.
Investing in early stage companies is arisky business. Management In recent years, many venture capitalists have discov‐ The management is of course one of the most relevant ered painfully,the consequences of pursuing less than keysuccess driverswithin anyorganization.The most thorough risk assessments. Althoughit’s thenegative relevant areasoffocus are the management’s qualifica‐ experiences that tend to be heard first, it’s thesuccess tions and experience; namely, does themanagement stories that make it all the more worthwhile. Priorto have allthe necessary skills needed to bring aproduct taking theplunge in backingastartupcompany, one to market? Additionalfactors that need to be weighted can neverunderestimate the importance in conducting accordingly include whether or notadequateincentive acareful assessment of all theintricacies of acompany. structures for management exist or intendtobeavail‐ Only after the adequate due diligencehas been per‐ able,and if keymanagement are also equity share‐ formed, can an investor honestly become comfortable holders themselvesinthe company. Finally, assessors about theirinvesting decision. But by utilizing acon‐ should never overlook the advantages an advisory sistent and step‐by‐step approach, an investor can board can add to acompany`s existing skills base. attempt to correctly extract important valuedrivers and soft factors relevant and unique to each company. Market Knowing andassessing the target marketisanother Beforeany company valuationorinvestment decision crucial area for the success of any companyinacom‐ can begin, extracting and individually assessing each petitive marketplace. Agood modelthat hasbeen uti‐ soft factor is avital prerequisite. This is not without its lized in thepast for acomprehensive marketanalysis challenges, as thereare many hurdlesthat need to be of aspecific industry was one provided by Michael overcome in finding theright criteria and method Porter whocreated the five forces approach. Accord‐ which allow thesesoft factors to be assessed accurate‐ ing to Porter, relevant market forces canbeassessed ly. and grouped within five keyareas, including: (1) The The following points containthe assessment approach existing rivalry within amarket, (2) thethreat of sub‐ whichVenture Valuation has utilized for more than stitutes, (3) barriers of entry fornew competitors as 250 company valuations. Although the relevant crite‐ well as the dependency on single (4)suppliers and(5) riamay vary slightly from sector to sector, thegeneral customers. By being able to challengespecific areasof soft factors of focusoften include: (1) thecompany’s acompany to themarket, this helps in determining missionand condition, (2)the management,(3) the whether or notplanned business scenarios arerealis‐ market, (4) theproduct and technology as well as (5) tic. This further tests existing business plans and allow thefinancing stage. an assessor to make an informed decision about the TheCompany strength of acompany when compared to themarket‐ place. In assessing acompany, two keyareas require particu‐ lar attention. The firstcenters around the company`s Product and Technology actual mission and strategy andaims to determine: How Assessing acompany`s products and/or technologies does the companyintend to earnmoney,toacquire custom‐ arealso important considerations in athorough valua‐ ersand intendtoposition itself in the market? The second tion. Aparticularly useful approach when it comesto keyarea of focustries to determine the company`s individual product assessment is what is knownasthe current condition. Here the assessors focus should be unique selling proposition(USP). This approach aims on: Does the company have theresources to achieve stated to determine aproduct or servicesability to differenti‐ goals? Are there any gaps? Whoare the existing customers ate in the marketplace. The method attemptstodeter‐ and/or partners? How much cash does the company have to mine what the competitiveadvantageofthe product or achieve thesegoals (i.e.cashburnrate, etc.)? Understand‐ technology is? And what is the company able to offerwhich ingthe company`s mission andthe company`s current its competitors are not? Furthermore,the product or state are the initial steps that need to be determined before adetailed assessment of acompany canbegin. 19 SECASECA Year Yearbookbook 2013 2013
service hastomatch potential marketdemand andthe In order to getareliable picture of acompany and the pricing hastobewithin thecustomer’s expectations. risks within,atop‐down companyassessment, includ‐ ingthe above mentionedcriteria 1to5,have to be In addition to the USP,the assessor shouldalso be completed. Of course, notall factors will be equally cautious not to overlookthe IP (intellectual property) relevant in all situations. In fact, certainfactors may situation, the time for the product/servicetoreach also vary from industry to industry and dependingon marketand most importantly, the future pipeline of the financing stage, some criteriamight even over‐ furthercompany products (i.e. is theremorethan one power others. Additionally, some company`s may also product/service?). exhibit “killer criteria” which –ifnot met –can be so Financing stage relevantthat an investment might not be possible (e.g. The financing stage of acompany can be agood indi‐ agood management team hasaproduct with arele‐ cator of what risk levelapotential investment may be vant USP available butdue to thelack of patents, the at. In most instances, younger companies share ahigh‐ competition will sweep through fast). Butfollowing er risk profile than longer establishedcompanies. This through on the keyfocus areas outlinedwill ensure risk however, can disproportionally decrease as a that abalanced assessmenthas been performed that company is successfully developed. The following equally matches the risks being undertaken. tablegives an overview of the classical financingstag‐ In conclusion, even though the above mentioned as‐ es and the characteristics associated with these stages. sessment criteria will help to highlight the main value driversand risk factors in any given company, one Phase Characteristics can neverbeshort on experience when it comesto Existingbusinessidea making an informed investment decision. Seed Business plan is in the process of devel‐ stage opment Maybefirst prototype Jost Renggli Foundation of company in progress COO &Partner Company has been officially founded VentureValuation AG Startup Management team is in place Kasernenstrasse 11 Stage “Proof of concept” (does the product 8004 Zürich work?) developed [email protected] Preparation /start of production and first customer contacts L. PaulKochmann Marketing most relevant prod‐ Business Analyst First uct/service Stage Venture Valuation AG Start of production and marketentry Kasernenstrasse 11 “Proof of market” (has theproduct 8004 Zürich been accepted by the market?) First sales,usually cash flow negative [email protected] Further development of sales in home Second www.venturevaluation.com market Stage Decreasing risk Market entrysuccessful, reaching point of breakeven Diversification Later Restructuring if necessary Stage Possibility for debtfinancing IPO possible withinone year
Table1: ClassicalFinancing Stages andtheir Characteristics
20 SECASECA Yearbook Yearbook 2013 2013
to theEcosystem.The numbersofpage views, users CTI Invest –2012 –Some Light at the and news have grown strongly in 2012.
Horizon In January thefirst Swiss VentureCapital Report was Despite thecontinuation of the EURO crises we pre‐ published by the startupticker.ch, based mainly on sented anew record of 27 verypromising Swiss high‐ published news about financing rounds. tech companies at ourquarterly Swiss VentureDays Thereport canbedownloaded on thewebsite of in Zurichatthe SIX Swiss Exchange. startupticker.ch.
An important number of start‐upcompaniesthat pre‐ In 2012 the first two Angeldays took placeinZurich sented at oneofour events got financed in 2012,e.g.: and Lausanne.The topics were DueDiligence Process (not afull list) and being aBoardMember. More info for 2013 can be Abionic found on the website angelday.ch.
Advances Osteotomic Tools (AOT) The Investor Lunches,exclusively organizedfor our investor members, were very well attended.Atthese Aeon informal meetings theinvestors discussed recent eco‐ Bcomp nomicdevelopments, investment cases as well as best practices. Biognosys The Innovation Roundtable events in 2012 were host‐ Nektoon (Memonic) ed by Zühlke (January) andIBM Switzerland (June). Qualysense Both events were well attended by morethan 30 par‐ ticipants. More Innovation Roundtables can be ex‐ SensimaTechnology pected for2013. For the moment Zühlke, Swisscom Most of the presented companies were spin‐offs of the and Synthes are planning one. ETH (Zürich and Lausanne)but all of them came out In 2013, already the 5th edition of the Swiss Venture of the CTI Start‐upprogram. Guide,will be published with the following content: Our most important networking event, theultimate Coverstories,e.g. 10 YearsCTI Invest,CEO Day, CEO Day, held at theStadedeSuisse in Bern on Octo‐ Venture 2012, OSEC, and many more interesting ber 24th 2012, attracted anew record numberofmore contributions than 450participants! Overview aboutsupport organizations, investors For the first time the pitching competition Dragon’s and businessplan competitions Den forStart‐ups was held. The winners2012 out of 20 companies pitching: BioVersys, Talkbits and 10 Start‐upprofiles “on the waytosuccess” 42Matters. In addition also forthe first time more than The guide is produced for students, entrepreneursto 13 InvestorsonStage presented themselves. Of course be, support organizationsand investors to get aquick best practices and the 1to1 Meetings were offered to overview of the Swissstart‐upecosystem.The guide all participants. About440 1to1 Meetings were held canbedownloaded on cti‐invest.chunderthe rubric betweenStart‐ups, SupportOrganizations, Investors “Swiss VentureGuide”. and Industrial partners. Watch all the podcasts of the eventonceoday.ch. The number of ourinvestors membersstabilized de‐ spite theunfriendly environment (see Table 1for the In 2012 CTI Invest, together with Rollfeld,also brought full list). The efforts2013 to strengthen our member‐ 8ICT start‐upcompanies abroad to pitch to investors ship base will again be to convince more corporate VC and mediarepresentatives. After astop in Berlin and andindustrial partners to join CTIInvest. The Com‐ Vienna the closing session took place at Google head‐ mission forTechnology andInnovationCTI will sup‐ quarter in Zurich. port this effort. After having initiatedthe start‐upnewswebsite startupticker.ch the newnon‐profit associationwas founded in February 2012 to continuethis free service
21 SECASECA Yearbook Yearbook 2013 2013
Swiss Investors Foreign Investors Aargauische Kantonalbank ACTON Capital Partners Affentranger Associates Creathor Venture Agire Invest DoughtyHanson&CoGmbH Aravis DraperInvestment (until endof2012) BiomedInvest Earlybird Blue Ocean Ventures Emertec CreapoleSA High‐Tech Gründerfonds DEFI Gestion OCAS Ventures Eclosion SHS Emerald Technology Ventures Target Partners ErfindungsVerwertung AG Venionaire Capital FIT Wellington Fongit Seed Invest SA Business Angel Clubs Gebert Rüf Stiftung A3Angels Healthcapital BioBAC Innovationsstiftung der Schwyer Kantonalbank b‐to‐v Jade Invest SA Business AngelsSchweiz (BAS) OnelifeAdvisors Go Beyond Ltd. paprico c‐crowd PolytechVentures Mountain Club Redalpine Venture Partners AG Start Angels Network STI Stiftung Verve Capital (investiere.ch) SVC AG für KMU Risikokapital Family Offices Technopark Luzern Verium
VI Partners AG Table1: Member list (end of January 2013) Vinci Capital (until end 2012) In addition CTIInvest welcomes 18 Business Angels, Zürcher Kantonalbank ZKB not mentionedhere forprivacy reasons.
Industrial Partners As every year, here an overview of the achievements: Aster Capital 48 Swiss Venture Days in Switzerland and abroad Clariant Debio Pharm 9CEO Days (again newrecord:450 participants) Dow Europe 19 Investor Lunches Google >300 Swiss high‐tech companies presented IBM Switzerland Logitech ½got financed (bymembers and/or thirdparties) National Instruments >CHF 400mfinancing volume (since 2003) Nobel Biocare Biotech, Medtech, ICT, Micro/Nano and Cleantech Novartis VentureFund Besides the annual membershipfee of the members, Ringier Digital CTI Invest is benefiting from the sponsoring of well‐ Straumann known Swiss institutions and companies (Table 2). Swisscom Synthes Zühlke Ventures
22 SECASECA Yearbook Yearbook 2013 2013
Premium Partners Investor Lunches –CTI Invest Office Zurich Commission for Technologyand Innovation CTI 24 April 2013 Gebert Rüf Stiftung 9July 2013
Swisscom CEO Day–10th Edition Canton de Vaud 23 October2013, Stade de Suisse Berne Zürcher Kantonalbank Innovation Roundtable Gold Sponsors 5March2013 ‐Medtech 2.0, at Zühlke ETH Zurich November 2013 ‐Cloud Computing, at Swisscom EPFLausanne Supported Events Novartis 16 April 2013 ‐Failcon.ch Zürich OSEC 4July 2013 ‐1st Investors Forum St. Gallen Startfeld (Startfeld) W.A. de Vigier Foundation Table 3: Events 2013 Silver Sponsors For 2012, we wouldlike to express our thankfulness Amanda for the support of our members,partners, sponsors Empa and donators, but foremosttothe federal Commission forTechnology and Innovation CTI,with which we Ernst &Young had avery close and fruitful collaboration. IBM Switzerland PriceWaterhouseCoopers We are looking forward to thenext year andall our SIXSwiss Exchange events (see Table 3). TavernierTschanz In addition we are planning to have a Swiss Venture Technopark Luzern Day in Lausanne and to present Swiss Start‐ups in Venture Incubator Berlin and London in September2013. Wenger&Vieli Zühlke Ventures Dr. ChristianWenger Donators Chairman CTIInvest Aimago Wenger &Vieli Ltd. AXSioncis Dufourstrasse 56 Doodle Postfach 1285 GlycoVaxyn 8034 Zurich Kooaba [email protected] Primequal Jean‐Pierre Vuilleumier Sensimed Managing Director CTI Invest Xeltis CTI Invest StartAngelsNetwork Seehofstrasse 6 Table 2: Partners, Sponsors &Donators 8008 Zurich Swiss VentureDays –SIX Swiss Exchange Zurich1 vui@cti‐invest.ch 26 March2013 –with General Assembly www.cti‐invest.ch 11 June 2013 11 September2013 11 December2013
1Inthe morning,from 0900‐1230, therewillbethe AngeldaysinZurich (Business AngelWorkshops, www.angelday.ch). 23 SESECACA Yearbook Yearbook 2013 2013
Exits von Wachstumsunternehmen Investment (je50% Jahr 1&2):4ʹ000ʹ000 30%‐Anteil Exit‐Wertfür 100%:30ʹ000ʹ000 Multiple:2.25 Die Ausrichtung vonUnternehmen auf einenerfolg‐ Exit nach:5Jahre7Jahre reichenExit alsHerausforderung IRRohne Nachfinanzierung:25.8% 15.8% IRRmit Nachfinanz. (2 Mio. Jahr 5):n/a 9.5% Unbestritten,die Zielsetzung von VC‐Investoren und erforderl. Exit‐Wertfür IRR25.8% (ohne Nachfinanz.):47ʹ500ʹ000 Business Angelsist es,einenReturnonInvestment zu erforderl. Exit‐Wertfür IRR25.8% (mit Nachfinanz.):58ʹ000ʹ000
realisieren. Das Finden vonerfolgsversprechenden Tabelle 1: Effekt, Verschiebung,Exit undNachfinanzierung aufIRR Investmentsund die Umsetzung einernachhaltigen Interessen‐Symmetrie herstellen Wachstumsstrategiesind anspruchsvoll genug. Oft zeigtsich dann, dass dienochgrössere Herausforde‐ Eine durchdachte Exit‐Strategie und deren erfolgrei‐ rung darin besteht,einen erfolgreichenExit realisieren che Umsetzungsind der Schlüssel für gute ROIs. Da‐ zu können. bei stehen sowohl die Eigentümer wie dasUnterneh‐ menselbst im Fokus: Wiekönnen unterschiedliche Verlässliche Statistiken zu Exits gibt es kaum. Man Interessen der Stakeholder in Einklanggebracht wer‐ liest von wenigen spektakulären Exits und seltener, den? Wie kann einUnternehmenausgerichtet und wenn ein Unternehmen aufgrundeines Konkurses von organisiert werden,damit einUnternehmensverkauf den Investorenabgeschrieben werden muss. Keine erfolgreichwird? Transparenz herrscht jedochimbreiten Mittelfeld von leicht wachsenden, stagnierenden oder ums Überleben DieInteressenlage im Falle mehrererInvestoren kämpfenden Unternehmen. Genau in diesem Segment kann unterschiedlich sein. Die Problematik ergibt gibt es eine nicht zu unterschätzendeAnzahl Unter‐ sich z.B. wenn in verschiedenen Finanzierungsrun‐ nehmensbeteiligungeninden Portfolios vonVCs, Bu‐ den unterschiedliche Investoren zu unterschiedli‐ siness Angels,Family Offices und Privatinvestoren. chen Bewertungen und mitunterschiedlichen Zeit‐ Insbesonderediese Mittelfeld‐Investments brauchen horizonten eingestiegen sind. Eine klare Abstim‐ eine fundierteExit‐Strategie. mung ist unabdingbar.
Cash and Time are King Die Interessenlage des Managements und der Gründer kann von jenen der Finanzinvestoren diffe‐ Aussergewöhnliche Exits können die Performance rieren: Es geht fürdie Gründer um ein Lebenswerk, eines PE‐Portfolios sehrpositiv beeinflussen. Nicht zu und der finanzielle Anreiz für das Management ist unterschätzen für die Performance eines PE‐Portfolios eine Kombination aus Investment und Einkommen istaber auch,obdie anzahlmässig bedeutenderen durch operative Tätigkeit. Wohl istsich das Ma‐ Unternehmen im Mittelfeld zu einemVerkauf geführt nagement i.d.R. bewusst, dass ihnen ein guter Exit werden können, oder ob siesich über längere Zeit auch einen gutenReturnfür ihre Beteiligung und nicht entwickeln undallenfalls gar jedes Jahr auf zu‐ eine gute Referenz für spätere beruflicheEngage‐ sätzliches Kapital angewiesen sind. mentsgibt. DieMotivation, dies zügig umzusetzen, Die Situationvon Unternehmen, welche stabile Cash‐ ist von innen her aber oftnicht gegeben. flowsgenerierenist wenigproblematisch.Für die In‐ In der vorausschauenden Planung sollten auch die vestoren wird bereitsMehrwert geschaffen,wenn aus Interessen der weiteren Stakeholder (Mitarbeiter, den generiertenCashflows Fremdkapitalabgebaut Kunden, Lieferanten usw.) berücksichtigtwerden. wird oder Ausschüttungen gemachtwerden. Für den Ein Unternehmensverkauf unddie Eingliederungin Verkauf des Unternehmens kann die besteMarktsitua‐ eine grössere Unternehmensgruppe können vorteil‐ tion abgewartet oder das Timing an die Bedürfnisse haft sein für Mitarbeiter oder Kunden, da dasUn‐ der Aktionäre angepasst werden. ternehmen stabiler wird,kann aber auch zum Ab‐ Grundlegendanders ist die Situation vonUnterneh‐ gang wichtiger Mitarbeiter führen. Kunden oder menander Schwelledes BreakEven oder im Falle von Lieferanten können alspotentielle Käufer in Be‐ negativen Cashflows. Ein um zwei Jahreaufgeschobe‐ tracht gezogen werden. nerExit oder gar Nachfinanzierungen haben einen Eine frühzeitigesystematische Thematisierung der substanziellen negativen Effekt auf den IRR. Exit‐Ziele undderen Verankerung bereits in den In‐ vestmentverträgen empfiehlt sind daher.
24 SECASECA Yearbook Yearbook 2013 2013
Implementationder Exit‐Ziele in die Organisation Erwartet ein potentieller Käufer vomUnternehmen beispielsweise stabileUmsätze von mindestens CHF Oftmals sind die Aktivitäten, um ein Unternehmen in 20 Mio. undeine EBITDA‐Marge von 20% die Exit‐Phase zu führen,zuunkonkret undzuwenig oder ist er abgestimmt. Oft fehlen die konkreten Ziele, die um‐ hauptsächlich an einerfunktionierenden Technologie setzungsorientierten Meilensteine und eine Zeitachse. interessiert und kann den Markt besser selber er‐ Es ist die Aufgabeder Aktionäre, ein Team zusammen schliessen? zu stellen, welches dasUnternehmen zu einemerfolg‐ Einfluss von Finanzierungsrunden reichen Exit führt. Massnahmen sind auf allenStufen Bei Venture Capital finanzierten Unternehmen kommt der Corporate Governance erforderlich: es oftvor,dass bis zur Erreichung des Break Evens Bestimmung eines(mehrerer) „Champion“,welcher oder des Unternehmensverkaufs die zuerstangedach‐ die Verantwortung fürdie Umsetzung des Exits auf tenund zugesagten Finanzmittel nichtausreichen. Die Stufe Aktionariatübernimmt. gesteckten Zielewerden nichtinder angestrebten Zeit erreicht undesbraucht mehr Kapital. Können und Sicherstellungeiner ausgewogenen Zusammenset‐ wollen die bisherigen Investoren das zusätzliche Kapi‐ zung des Verwaltungsrates,welcher die Kompeten‐ talanteilig zu ihrenbisherigen Investments bereitstel‐ zen fürden Markt,die finanziellen Aspekte und len, ist die Lösung einfach und hatkaum Einfluss auf den Exit‐Prozess vereinen sollte. die Umsetzungder Exit‐Strategie. EinoperativesManagementTeam, welchesdie Fä‐ Kommen neue Investoren an Board, wollen diese auf higkeiten und Ressourcen hat, die gesetzten Meilen‐ ihremInvestment ebenfallseinen ansprechenden steine zu erreichen, und nebendem operativen Ge‐ Mehrwert erzielen. Dazu isterneut einZeithorizont schäft auchPräsentationen gegenüberpotentiellen von2‐4 Jahrenerforderlich. Dies kann die Haltedauer Käufern machen,Zusatzdokumentationen liefern, der bisherigenInvestorenunerwünscht verlängern erforderliche Inputs in Exit‐Verhandlungen bringen und erhöht auch das anzustrebendeBewertungsni‐ sowie die Due Diligence vorbereiten undbegleiten veau für den Unternehmensverkauf.Esist also genau kann. abzuwägen, ob eine weitere Finanzierungsrunde mit Fehlen Elemente dieser Exit orientierten Zielstruktur Verlängerung des Anlagehorizonts und mit Erhöhung in der Unternehmensorganisation, sollten diese früh‐ der Zielbewertung wirklich im Interesse derbestehen‐ zeitig adressiert werden. In der Praxis istoftmals zu den Aktionäre liegt oder ob nicht eine schnellere Ver‐ beobachten,dass wesentliche Lücken im Team wahr‐ äusserung zu einemmutmasslich tieferen Wert eher in genommen, jedochnicht oder viel zu spät gefüllt wer‐ deren Interesse liegt. den. Der Verkaufsprozess Implementationder Exit‐Ziele in die Strategie Der Exit‐Prozess eines Startup‐oder Wachstumsun‐ Es braucht eine intensive Diskussion zwischen Ma‐ ternehmens istnicht einM&A‐Prozess von6bis 9 Mo‐ nagement, Verwaltungsratund Investoren zur Klä‐ naten im klassischen Sinne, bei dem ein externer rung der Erfordernisse, damit einUnternehmen ver‐ M&A‐Advisor ein Verkaufsmemorandumoder eine kaufbarwird: Long‐ undShortlist erstellt,ein Blindprofilverschickt, Wersind die natürlichen undmöglichen Käuferdes einige Kaufinteressenten einAngebot abgeben und Unternehmens? Worinbesteht deren Interesse im Falle dann an den Meistbietenden veräussert wird.Inge‐ einesKaufs? Was sind die relevanten Wertgenerato‐ wissen Fällen kann die letzte Phasedes Exit‐Prozesses ren? Sind diese ein Patentportfolio, Marktzulassungen, wiehier plakativ beschrieben ablaufen. In der Regel marktreifeProdukte, klinische Studien undKranken‐ handelt es sich beim Exit um einen stufenweisen Pro‐ kassenabrechenbarkeit, Referenzkunden, Wachstums‐ zess von 18 bis 36 Monaten mit hoher Komplexität raten,eine breiteKundenbasis, internationale Ge‐ und der Erfordernis zur ganzheitlichen Betrachtungs‐ schäftsaktivitäten,eine Mindestumsatzgrösse,eine weise. Allenfalls gibt es nur einen valablen Kauf‐ EBITDA‐Zielgrösse oder Marktanteile?Umzudiesen Interessenten.Wesentlich ist, dass die Unternehmens‐ Erkenntnissen zu gelangen, schadet es nicht, mit po‐ struktur und die Strategie wie oben beschrieben pri‐ tentiellen Käufern frühzeitig Kontakte zu pflegen. mär aufden Exit ausgerichtet werden.Dies initiiert
25 SESECACA Yearbook Yearbook 2013 2013
der Investor idealerweise bereitszum Zeitpunkt seines sowie Kandidaten‐Longlist wurden zu regelmässigen Investments. Traktandenpunkteinden VR‐Sitzungen. DieVermark‐ tungs‐und Produktestrategiewurde vollständig auf Fallbeispiel ExitSwiss Medical Solution AG den Exit ausgerichtet undein Meilensteinplan entwi‐ Swiss Medical Solution AG entwickelteeinepatentge‐ ckelt: stattden alleinigen Fokus auf Umsatzwachstum schützte Plattformtechnologiefür In‐vitro‐Diagnostik, des bestehenden Produktes U‐Lab® zu legen, wurde die sich speziell für die Anwendungdurch die Patien‐ die Fertigentwicklung eines zweiten Produktes, U‐ ten selbst eignet.Das Unternehmen produziertund Test® vorgezogen, da damitneue potentielle Käufer verkauft Selbsttests zur frühen Diagnosevon Harn‐ fürdas Unternehmen adressiert werden konnen.U‐ weginfektionen im OTC‐Verkauf (U‐Lab®). Test® ist einDiagnostikproduktbasierend aufder gleichen Technologieplattform,integriertineine Win‐ del für die Zielgruppen pflegebedürftige Menschen undKleinkinder. Zielmarkt ist der professionelle Kli‐ nikmarkt.
Nach der CE‐Zertifizierung von U‐Test®, der Vorbe‐ reitung des DueDiligence Dossiers und der Erstellung einesInvestment Memorandums war Swiss Medical Solution in derersten Hälfte 2011 bereit, potentielle Käufer konkretanzugehen. Koordiniert sprachenVR‐
Abbildung1: Diagnostic‐Test U‐Lab® Mitglieder undManagementdie Targetsauf der Short‐ Quelle: SwissMedical Solution AG list an. Es folgen über mehrere MonatePräsentationen, Das Unternehmen wurde2004 mit Sitz in Büron /LU Diskussionen, Absagen, Verhandlungen und schliess‐ gegründet undineiner ersten Phase der Produktent‐ lich wurde miteinem Interessenten eine sehr intensive wicklung durchden Gründer und qualifizierte Busi‐ Due Diligence durchgeführt. ness Angels finanziert. 2006erfolgte auf Basis eines Im September 2012 akquiriertdie schwedische SCA ambitionierten Businessplanseine Finanzierungsrun‐ Gruppe die Swiss Medical Solution AG in einer Bar‐ de mit Venture Capital in mehrerenTranchenzur Fi‐ Transaktion. Die Änderungder Prioritäten aufgrund nanzierung der Markteinführung des ersten Produktes der Exit‐Potentialanalyse (mit dem Vorziehen der U‐Lab® (OTC‐Produkt für den Vertrieb in Apotheken Entwicklung von U‐Test® zur Marktreife) stelltesich und Drogerien) sowie für dieEntwicklungweiterer als richtigheraus: Anwendungenfür andere Zielgruppen aufBasis der gleichen Technologieplattform.Wie so oft machte das SCAwar an diesem Produkt interessiert, da es genau Unternehmen zwar Fortschritte,esdauerte jedoch zu deren Expansionsstrategie in den professionellen länger und benötigtemehrKapital: Derlaufende Klinik‐und Pflegemärkten passt. Das ProduktU‐Lab® Cash‐Abfluss bedingte2008eine Nachfinanzierung wurde in eine neue Gesellschaft(gehalten durch die durch die bestehenden Investoren.Trotzdem schienen bisherigen Aktionäre) abgespalten und beinhaltet noch wederdie Profitabilität noch ein Exit in absehbarer einweiteres Upside‐Potential. Zeit erreichbar. War das Unternehmen einklassischer Peter Letter Fall einerPortfolioposition, die sich als „Dog“heraus‐ Managing Partner stellenkönnte? papricoag 2009 analysierten die Hauptaktionäre die Situation partners for private capital &companies grundlegend neu. Wo lagendie Potentiale für die Rea‐ Zugerstrasse 8a lisierung eineserfolgreichenVerkaufs? Werkönnten 6340 Baar mögliche Käufer des Unternehmens sein?Inder Folge wurde der Verwaltungsratumgebaut und mit mehr [email protected] Industriekompetenz ausgestattet,ein neuerCEO und CFOwurden engagiert unddie Honorierungssysteme des VR und der GL wurden ausschliesslich aufden Exit‐Event ausgerichtet. Exit‐Strategie und Umsetzung
26 SECASECA Yearbook Yearbook 2013 2013
Der Schweizer Marktfür Wagniskapital Hingegen verharrt Cleantech auf bescheidenem Niveau.
DieSchweiz istein Netto‐Importeurvon Wagniskapi‐ Innerhalbvon Life Sciences ist Medical Devices tal. DieLead‐Investoren hinterden 20 grössten Trans‐ sowohl nach Anzahl Transaktionen (13 vs. 10)als aktionen im Jahr 2012 warenfast ausnahmslos auslän‐ auch nach Volumen (CHF115 Mio. vs.CHF 67 Mi‐ dische professionelle Investoren. Damitdroht auch die o.) stärker vertreten als Biotech.InBiotech wurden Gefahr,dass aus der Invention der Hauptteil der be‐ 2011 Finanzierungen im Umfang vonrund48% des schäftigungswirksamen Innovationstätigkeit im Aus‐ gesamtenTransaktionsvolumens getätigt;2012 wa‐ land anfallen wird. ren es lediglich 22%.
Zunächst ist das Positive festzuhalten. Es gibt in der Das Transaktionsvolumen vonrund CHF300 Mio. ist Schweiz zahlreiche Inventionen und damit verbunden stark konzentriert.Die Top 20 VentureCapital Trans‐ auch eine erheblicheZahlvon Patentanmeldungen. aktionen in der Schweiz kumulieren sich 2012 auf Das hängtauch damit zusammen, dass dieglobale CHF 276Mio. Das sind mehr als 90% desgesamten Verwertung vongeistigem Eigentum vorzugsweise in Volumens von VC Investments. In Tabelle1und 2 Ländernstattfindet, die nicht gerade überprohibitive sind die grössten Transaktioneninklusive deren Inves‐ Besteuerungsmodelle verfügen. Ein erheblicherTeil torenzusammengefasst. der Schweizer Patentanmeldungen erfolgtdurch Kon‐ Name Industry SectorSeries Value zerne. Biocartis Med. Devices /Diagn.D CHF 42m EndosenseSAMed. Devices /Diagn.CCHF 37.4m Aber Inventionen haben gerade im Umfeld der beiden HouseTripSAICT /Leisure CCHF 37m eidgenössischenForschungszentren EPF Lausanne GenKyoTexBiotech CCHF 25m und ETH Zürich mit ihrer internationalenAnzie‐ BravoFly SA ICT/Leisure BCHF 24m Shield Therapeutics Biotech BCHF 18.5m hungskraft als Lehr‐und Forschungsstätte beinahe Ltd. schon eine Tradition. In vermindertem Ausmass kann SensimedSAMed. Devices /Diagn.n.a. CHF 13.2m Typesafe ICT/Leisure BCHF 13m man das auch noch auf Basel beziehen, aber derClus‐ GlycoVaxyn AG BiotechCCHF 12.6m ter von universitären Spin‐offs und unternehmeri‐ KandouBus SA ICTACHF 9.3m schen Spin‐outs spricht für die Wirtschaftszentren TelormedixBiotech BCHF 7.5m iConcerts(Trans‐ rund um Lausanne und Zürich. Zahlreiche Corporate media Communica‐ ICTBCHF 7.2m Venture Capital Aktivitäten wie auch philanthropische tionsSA) NEXThink SA ICTCCHF 5.1m Forschungs‐und Venture‐Bemühungen fokussieren Spinelab Med. Devices/Diagn.CCHF 4.7m aufdiese Regionen. Aleva Neurothera‐ Med. Devices /Diagn.B CHF 4m peutics Wiefast jedes Jahr istauch im Jahr 2012 Wagniskapital The FactionCollec‐ ICT/Leisure ACHF 3.6m in der Höhe vonwieder rund CHF300 Mio. in junge tive SA Pix4DICT n.a. CHF 2.4m Schweizer Unternehmen geflossen. Die Sektoren IKT Pearltec AG Med. Devices /Diagn.B CHF 2m (26 Firmen; 39%der totalenAnzahl Transaktionen, Poken SA ICTn.a. CHF 2m ProteoMediX AG Med. Devices /Diagn.n.a. CHF 2m CHF 106 Mio.), Medical Devices (13Firmen; 20%, CHF Tabelle 1: Wagniskapital: Diegrössten Transaktionen2012 (Top 20) 115 Mio.)und Biotech (10 Unternehmen;15%,CHF 67 Quelle: DowJones VentureSource; Company releases; SECA Mio.)sind die wichtigsten Branchen: (preliminary results)
Am meisten wurde im Sektor Medical Devices mit rund CHF115 Mio. finanziert, das sind rund 38% (Vorjahr 2011:20%) des totalen Transaktionsvolu‐ mens.
IKT gewinnt vor allemdurch die Transaktionen von HouseTrip, Bravofly undTypesafe wieder stark an Bedeutung. Mitrund CHF106 Mio. entfallen 35%(Vorjahr 2011:19%) des VC Volumens auf die‐ senSektor.
27 SECASECA Yearbook Yearbook 2013 2013
Name Investors Wachstumder Gesellschaft in andere Wirtschaftsregi‐
Benaruca, Debiopharm,Individual Investors, J&J, onen zu verlagern. Und dieVerlagerung trifft dann Biocartis Korys,PMV, RMM,Royal Philips,Valiance alle damit verbundenen (Vor‐)Leistungen. EdR, GIMV, Initiative Capital,NeoMed, NGN Endosense Capital, SectoralAsset Management, VI Partners, Die Schweiz istInnovations‐Weltmeister: Erneut Spit‐ Ysisos Capital Partners zenposition im Global Innovation Index 2012 unter141 HouseTrip AccelPartners, Balderton Capital, Index Ventures gelisteten Nationen, aber geprägtist dies von Konzer‐ GenKyoTexEclosion, EdR, Vesalius,MPHealthcare Venture BravoFly AXAPrivate Equity nenund deren Überlegung,ein Patentzuallererstin Shield Therapeutics InventagesVenture Capital der Schweiz anzumelden. Agate Medical Investments, ELMDevelopment, IndividualInvestors, the Sandoz Family Founda‐ Bei der Wagniskapital‐Verfügbarkeit (Kapital im Ver‐ Sensimed tion, VinciCapital Switzerland,WellingtonPart‐ hältnis zumBIP)ist die Schweiz immernoch “nur ners Mittelmass” –auf der anderen Seite sorgt “rares” Ka‐ Individual Investors, GreylockPartners, Juniper Typesafe Networks,PolyTech Ventures, ShastaVentures pital auch für eine Art Selektionsprozess. Business GlycoVaxyn GSK, Sofinnova Angels und weitereFinanzierungsquellen bis zu einer KandouBus Private Investors Höhe vonCHF 0.5 Mio. gibt es in der Schweiz ausrei‐ Telormedix Aravis Ventures,Proquest Investments iConcerts(Trans‐ chend. Bei denwirklich grossen und globalen Deals IndividualInvestors, Swisscom,TIMEEquity media Communica‐ Partners mit Kapitalbedürfnissen von CHF 5Mio.und mehr tions SA) pro Finanzierungsrunde sind die Schweizer Unter‐ NEXThink SA Auriga Partners, VI Partners,MannaiCorporation Spinelab BioMedPartners, VI Partners nehmen auf den internationalen Marktzugang ange‐ Aleva Neurothe‐ Benexi VenturePartners, IndividualInvestors wiesen.Dazwischen herrscht eine gravierende Lücke. rapeutics The FactionCollec‐ Octopus Ventures Was zeichnet den Schweizer Wagniskapital‐Markt tive SA sonstnoch aus? Pix4D Parrot Aargauer Kantonalbank, Berner Partners AG, Pearltec AG Die “ThinkBig”‐Mentalität hat sich noch zu wenig IndividualInvestors, TugboatLLC, ZKB Poken SA Swisscom, Credit Suisse Group durchgesetzt. Zudem ist der kleine Heimatmarkt Altos Ventures Management, BiovalleyBusiness ein Hindernisfür erfolgshungrige Jungunterneh‐ ProteoMediX AG Angels Club (BioBAC), VentureKick, ZKB men; diese finden in Berlin oder London einwesent‐ Tabelle 2: Investoren derTop 20 Transaktionen 20122 lich globaleres Umfeld. Insgesamt wurde in rund 66 Firmen investiert: Stolpersteine sind in der Schweiz zahlreichvorhan‐ Hohe Konzentration: Über die Hälfte (54%) des den wie bspw. komplizierte Arbeitsbewilligungen gesamtenTransaktionsvolumens vonVCInvest‐ für Nicht‐EU‐Bürger.Die beschränkte Verfügbarkeit mentsinder Schweiz stammtvon den Top 5Trans‐ von(hoch)qualifizierten Arbeitskräften, das hohe aktionen (CHF 165 Mio.). Lohnniveauund teureRäumlichkeiten kommen da‐ Die Top 3Transaktionen sind:Biocartis /Medical zu. Hingegen kann sichBerlin als neue Boomtown Devices &Diagnostics(CHF 42 Mio.); Endosense / für Start‐ups feiern –nicht zuletzt wegen der nied‐ Medical Devices &Diagnostics (CHF37.4 Mio.); rigeren Kostenerfolgt die Expansionvon Schweizer HouseTrip /ICT &Leisure(CHF 37 Mio.) Unternehmen oftmalsinBerlin undLondon.
Während die Anzahl Transaktionen (total: 66)auf Gute Förderungsansätze wiez.B. venturekick:Für Höhe der beiden Vorjahre liegt, ging das Volumen jeden Franken,den dieInitiative àfonds perdu aus‐ zurück (von CHF385 auf305 Mio.). geschüttet hat, “holten” sichdie Start‐ups über30 Franken auseigenenKräften von anderenGeldge‐ Investments: 45 Investments (68%) sind zwischen bern. Total sichertensich die jungen Firmen in den CHF 0bis 2Mio.,13Investments (20%)zwischen letzten zehn JahrenFinanzierungen vonCHF 300 CHF 2bis 10 Mio. und8Investments (12%)grösser Millionen,während diese mitrund CHF9Millionen alsCHF 10 Mio. durch venture kick anfänglichausgestattet wurden.
Mitder starken Prägung von Lead Investoren aus Mit der Investorenvereinigung CTI Invest kann dem Ausland geht eine immenseGefahr einher,das ebenfalls eine zehnjährige Institution auf eine er‐ folgreiche Zeit zurückblicken.
2 Fett gedruckte Namen: Investoren (‐gesellschaften) mitSitzinder Schweiz 28 SECASECA Yearbook Yearbook2 2013013
Start‐ups schaffen über 40’000 neue Arbeitsplätze jedesJahr. DieHälfte der Gründer hört zwar nach fünf Jahren wieder auf, doch wird dieseMortali‐ tätsquote durch dasWachstum der Erfolgreichen überkompensiert. Zudem bezahlen die Unterneh‐ mensgründer von Beginn wegfür ihren Lohn privat Steuern, wasder Volkswirtschaft auch zu Gute kommt.
Der Bund agiert selbst nichtmit Wagniskapital. Er finanziert im Wesentlichen universitäre und hoch‐ schulbezogeneForschung, aber voneinemGebilde wie dem EIF European Investment Fundist die Schweiz aus selbstauferlegten, ordnungspolitischen Überlegungen als wirtschaftsliberales Land weit entfernt. Rahmenbedingungen in der Schweiz (z.B. besteInfrastruktur, hohe Lebensqualität,exzellentes Ausbildungsniveau, effiziente Behördenund attrak‐ tive Steuern) wärenvorhanden. Daran muss auch weiterhin gearbeitet werden, um in Zukunft auch alsStart‐up‐Land von sich reden zu lassen –viel‐ leicht auch malmit Schweizer Lead‐Investoren!
Prof. Dr. Maurice Pedergnana General Secretary Swiss PrivateEquity &Corporate FinanceAssociation Grafenauweg 10 /P.O.Box 4332 6304 Zug [email protected]
ThomasHeimann Research &Statistics Swiss PrivateEquity &Corporate FinanceAssociation Grafenauweg 10 /P.O.Box 4332 6304 Zug [email protected]
29 SECASECA Yearbook Yearbook 2013 2013
Alternatives to the StandardModel un‐ This article provides an alternative methodology to der Solvency II: PartialInternalModels determine capital requirementsfor investment assets in the contextofadiversified portfolio. In fact, the approach used might serve as abasis for aPartial In‐ UnderSolvency II,the StandardModel provides the ternal Model for the Market Risk Module. default framework to determine capital requirements for the various investmentcategories. While it may TheSolvency Capital Requirement (SCR) provide satisfactory results for traditional asset clas‐ Acenterpiece of the directiveisthe Solvency Capital ses, its punitive treatmentofalternative investments Requirement (SCR), the calculation of capital require‐ leaves roomfor improvement. mentsdependent on the risks a(re‐)insurance compa‐ A. Solvency II and market risk of financial assets ny is subject to. At theheart of the concept lies the notion that any insurance firm should be able to with‐ Overhauling European insurance regulation stand adverse events and thus absorbshocks without The Solvency II Directive adopted by theCouncil of becoming distressed. Therefore, sufficient equity capi‐ the European Union and Parliament in late 2009 aims talisrequiredfor firmstocushion large changes of net to harmonize regulation andlevel theplaying fieldfor asset value (NAV,i.e. the difference between assets insurance and reinsurance companies in the European andliabilities)inperiods of stress. TheSCR corre‐ Union. Above all, Solvency II aims to strengthen in‐ sponds to theValue‐at‐Risk (VaR) of an insurance surancecompanies, protect policy holders anden‐ undertaking’s own fundsataconfidence levelof hance financialmarketstability by significantlyreduc‐ 99.5% over aone‐year period.Inother words, it is ex‐ ing the possibility of failure, i.e. insolvencyofregulat‐ pected that thefirm ownsenough capital to weather ed entities. allbut the most adverse 0.5%scenarios concerning its Often labeled as “Basel forinsurers”, the set of rules risk exposures (e.g.damageclaims from naturaldisas‐ and regulations follow similarobjectives as the re‐ ters, afall in propertyprices, etc.)inany given year. vised framework for banking oversight. Analogous to That loosely translates into aonce‐every‐200‐years Basel II, the threemain pillarsfeatured in Solvency II event(probabilityof0.5% in one year)that insurers are are: expected to withstand.
Quantitative requirements with regardstovaluation Thederivation of afirmʹsSCR is based on amodular practicesand capital endowment approach encompassing all majorsources of risk foran insurance undertaking (see graph below). In the Requirements for governance,risk management, Standard Model proposed by EIOPA (EuropeanInsur‐ andsupervision ance and Occupational Pensions Authority), astress‐ Requirements with regardstodisclosureand trans‐ test compatible with the one‐year 99.5% VaRiscon‐ parency (to foster marketdiscipline) ducted for each sub‐module. The aggregation of the sub‐module risk chargesallowsfor diversifying effects One of the pivotal pieces of the directive is the setof (the sub‐modules are expected to exhibit alow but requirementsconcerning capital adequacy for insur‐ positive correlation,e.g. anatural disaster resulting in ance firms. Thestandardsensure that assets andliabil‐ damage claims may also prompt afall in asset prices). ities are valuedonmarket‐to‐marketprinciples or prudent best estimates and that adequate amounts of The resultsofthe fifth Quantitative Impact Study equity capital is held on balancesheets to absorb ad‐ (QIS5) show that, on aggregate, theMarket Risk Mod‐ verseshocks. uleisbyfar thebiggest contributor to theoverall SCR. The Market Risk Module itself is based on afactor The regulationwill be adopted by all 27 European model combining various risk factorsand diversifica‐ Union (EU) memberstates, plus the three membersof tion benefits to the overall market risk. the European Economic Area (Norway, Iceland, Liech‐ tenstein) and will likely have repercussionsonnation‐ The focus of this article is therefore on marketrisk and al legislations outside the EU. As such, it is one of the its impact on the Solvency Capital Requirement under most ambitious financial marketreforms in Europe theStandard Formulaand, alternatively, under LGT and afurther step towards integrated, more stable Capital Partners’ (“LGT CP”) Risk Model. Ashort financial markets. description of the LGT CP model is followed by acase 30 SECASECA Yearbook Yearbook 2013 2013 studyinwhich the two approaches and theirresults modelswill still have to be tested and proven, whether are evaluated. by regulators or by their ownmanagement and share‐ holders. B. LGT CP Risk Model‐towards aPartial Internal Model for Solvency II LGT CP’s model decomposes asset returnsinto aset of Market risk under theStandardModel factors which capture the differentrisk premia availa‐ ble in the financial markets.Some of the factors coin‐ Solvency II comes with aStandard Modeltocalculate cide with theMarket Risk Sub‐modulesofSolvency II. the capital charges for each risk category, as well as Others arenon‐standardbut of great significance, es‐ combinations of categories by specifyingcorrelation pecially whendealing withalternative investments. matrices. For example, assets that are subject to prop‐ For instance, therisk of private equity investmentsis erty risk are assumed to experience afall in value of not only determined by their equity marketrisk (for 25%under the prescribed stress test, thus requiring whichweapply Merton’s model insteadofusing a from the owner of such an asset to cover at leasta listed privateequity proxy,see below),but also by quarter of the marketvalue through itsown funds. credit risk (as such investmentsoften applyadditional When combiningproperty risk with equity risk for debtfinancing), skillrisk andliquidity risk (forced instance, acorrelation of 0.75 between thetwo assets is selling price discounts). Skill risk, for example, ac‐ assumed under the Standard Formula. Thus, when counts for the large degree of dispersion and persis‐ adding up the differentrisks, adeduction fordiversifi‐ tenceinprivate equity managerperformance –and it cation is made. The formulas andparametersprovided is the flip sideofanincreased alpha return potential. by the Standard Formulaare rather static in spirit, as Whereapassive replication strategy is not feasible, they are inferred from simple pre‐definedstress sce‐ skill risk hastobetaken into account. narios and fixed correlation tables. The simplicity of Liquidity (the illiquidity risk premium) is another the approach is due to thefact that it is an easy‐to‐ important return component andrisk characteristic of handle procedurefor any insurerthat enables thefirm private equity. Non‐standard factors such as illiquidity to capture complex risks. areunobservable and arederived usingaseparate Non‐standard risk factorsfor alternative assets and analysis in whichweestimatethe expected (secondary realistic diversification effects markets)discounts (to underlying valuationssuch as At LGT CP we useanapproach conceptually similarto fund NAV’s) in an assetclass under differentforced‐ the Standard Model. However, the LGT CP Risk Mod‐ selling scenarios.Hedge fund returns, apart from shar‐ el has aspecial focusonalternative investments and ing some of the traditional risks, such as exposure to itsmodeling approach is more granular than that of credit spreadsand equity risk, are driven by anumber the Standard Model underSolvency II,especiallyasit of “alternative beta” or nonlinear (i.e. having asym‐ relates to diversificationeffects. The modelhas been metric return profiles) riskfactors included in our used,and wascontinuously refined, over more than a model. decade to inform risk management, asset allocation Thephilosophybehind ourmodel is to enhance reso‐ and other processes related to investing the so‐called lution of the risk decomposition whereverpossible “Princely Portfolio” or “GIM” (“Global Investable and have the best possible transparency on the specific Markets”).This portfolioallows externalinvestors to sources of risk,rather than having alargeposition of co‐invest with the Princelyfamily of Liechtenstein “residual” (unexplainable)risk –asiscommon prac‐ within an investment approach, which is very similar tice especially for alternative assets. The data used for in nature to theones adhered to by famousUSuniver‐ thepresent case study covers the period from Decem‐ sity endowments such as Harvard or Yale with an ber 1999 until June 2012 (i.e. the period includes two enhanced focus on illiquidalternative investments. severe crises, the late 2000 dot‐com‐bust and the 2008 The portfolio is closetoUSD 10 millioninvalue and financial crisis). Adetailed specification of ourmodel hasasuccessful track recordover roughly fifteen goes beyond the scope of this article. As an example years, so the model has beenwell tested over timeand we will,however, provide further insightsinto the multiple market cycles. While (Partial) Internal Models approach chosen to integrate private equity into the used by insurers in thefuture might workinavery model. similarmanner as the model used at LGTCP, these 31 SECASECA Yearbook Yearbook 2013 2013
PRIVATEEQUITY TotalRisk tern of acall on the firm’s assets, with an exercise date at exit and an exercise price equal to the(face) value of
EQUITITYYICREDITSKILL LLIQIILLIQU.UI EVENTDITY debt. In fact,the debtholder is short acorresponding Risk Risk Risk Risk put on the firm’s assets, or enterprise value, and the Figure 1: Illustrated ComponentsofPrivate Equity Risk relationship between the call and put values is given Source: LGT CP by the well‐known put‐call parity principle. Unsmoothing of private equity data doubtful It is often arguedthat return data for privateequity or other alternative assets cannot directly be used to Thevalue of thefirm’sequity equalsthepayoff model corresponding risksdue to thepresence of of aEuropeancalloptiononthe firm’sassets der
measurement bias. Especiallyinthe literatureabout ol -h
real estate investingthe stalepricing problem received ty ui
alot of attention. Stale pricing refers to different eq
smoothing effects occurringwhen indices or bench‐ to ff
marks arecreated based on appraisals of individual yo
assets. Quiteoften research around the stale pricing is pa not clearregarding its focus: sometimesautocorrela‐ firm valueattime T(exit) tion or lags in returnseries’ is the objectofstudy, sometimessmoothing effects at the individual proper‐
ty level, the indexlevel or both and often amixtureof St rike priceisdetermined several or all of these aspects but,ofcourse, all these by thefirm’sdebt level effects are closely related.
Several methodshave been suggested, mostly in the der
real estate area, to correct the stalepricing problem, ol
but all of themsuffer from technical shortcomings that -h
render their value questionable formanyinsurers. debt
Given this, it seemsdoubtful that unsmoothingreturns to for illiquid assets, especially outside of the real estate ff yo
area, can add any value. Rather, we suggest better pa methodsinthe form of structural portfoliomodelsto measure risk andreturn characteristics for illiquid and firm valueattimeT(exit) long termassets.Inthe next section we briefly outline Figure 2: Illustrated Payoffs to Debt‐and Equity‐holders LGT CP’s approachinthis regard. Source: LGT CP
Thesolution –portfolio approaches to model private Modeling this short put position has occupied alarge equity (Merton Model) part of the credit risk literature andformed thebasis At LGT CP, we prefer astructuralmodel based on the forthe risk charge formulae in Basel II and III. The Merton approach of firm valuation to measure private corresponding methodsare often calledstructural equity risk in aportfolio context.3 In brief, the Merton form models or Merton‐KMV approachtocreditrisk model views theequity of acompany as acall option or Vasicek models when applied to measure losses on on its assets. If at exit (e.g.fund maturityorexit date) portfolioofcredits insteadofsingle loans. In the event the value of the firm’s assets is larger than theface that the (private) equity holder or company exercises valueofits debt, the (private) equity holder can exer‐ theput option the defaultofthe firm leaves the equity cise the call option and realize apayoff. The payoff is holder’s call option worthless. In simplemodelsno defined by thevalue of the firm’s assets minus the early default is assumed andthe exercise date for the (face) value of its debt. This is exactlythe payoff pat‐ call and the putcorresponds to thematurityofdebt, but in the literature many extensions have been pro‐ posed. To model private equity in ourcontext, that
3See e.g. Bongaertsand Charlier(2009) for the applicationofastructural particular exercise point equals the exit date of the modeltoassess private equity capitalcharges in Basel II and III as well as CRD. investment. Further, the debtoutstanding determines 32 SECASECA Yearbook Yearbook 2013 2013 the strike price of the option.Thus, the higher therela‐ Skill risk is derived from actual cross‐sectional distri‐ tive debt‐level, the higher the firm’s assetvalues need butionordispersion of managerorfundreturnswith‐ to be for apositive payoff to holdersofequity.This is in arepresentative universe: equivalent to apositive valueofthe equity holder’s The higher the return differential between thefirst and call option on the firm’s assets). last quartile, the higher the risk associatedwith select‐ We useenterprise values on the S&P 500 (ex Finan‐ ing fundswithin theuniverse.5 Finally, liquidity risk cials)asthe underlying of theoption. Enterprise value, captures an essentialcharacteristic of private equity roughly defined as the marketvalue of equity plus net and is derived from ascenario analysis that deter‐ debt(debt minus cash)ofacompany, is readilyavail‐ minesdiscounts potentially applying under different able from dataproviders (weuse Bloomberg)and a forced‐selling conditions. In ourexperience private commonly used metric for themarketvalue of afirm’s equity performance differs from that of public equity assets. This choice better capturesfirm assets value and other asset classes in thatprivate equity exhibits: (equaltothe left side of thebalance sheet or balance Higher averagereturns sheet length) than thecommon assumption to only rely on equity returns to infer firm asset valuevolatili‐ Largerdispersion between funds of the same vin‐ ty. tage year
We then define aset of optionsonthe underlying, but Higher persistenceofreturnsfor agiven manager with differentmaturities (toreflect differentvintage The same holdstruefor smaller buyout segmentsas years) and strike levels (to reflectdegrees of leverage) compared with largerones. One is tempted to con‐ to modeldifferent private equity investments. The cludefrom this evidence that thereisalargeralpha equity valuesare then derived from the option premia potentialfor smallerbuyoutsegment (dispersion of obtained from the widely used Black‐Scholes formula. returns), which is easier to predict (persistence) and, Dependingonthe maturities (vintage years) and strike hence, more exploitable. The other side of the story, levels (debt‐leverage), this resultsinthe volatility of however,might be an increased skill risk due to weak the option and, hence, privateequity investments, selection or skill drift, strategy shift, etc. So, the model which is typically between 10% and20%. The is actually suitable for capturing an increased alpha S&P500’s standard deviation stands at 16% for the potential forprivate equity or, even more so, forsmall same period. The correlation of the options’ price buyout investing. movementswiththe public equity marketlies between 0.5and 0.6 in our model. As showninthe table below(Table 2),the total stand‐ aloneVaR (99.5%) of unlistedprivate equity stands at Theequity riskportion of unlisted privateequity as an 44.4%according to theLGT CP Risk Model.That asset classisthen simply inferred from aweighted numberisbelow the proposed stress of 69% from averageofthe differentoption volatilities obtained CEIOPS in the Calibration Paper, butalsoslightly be‐ from the Mertonmodel (toaccount forthe different low the 49% basic chargeon‘Other Equity’ before any vintage years and debt‐levels in aportfolioofprivate symmetric adjustments under QIS5. As mentioned, the equity investments).Interest rate risk, skill risk and basis for these stresses under Solvency II is provided liquidity risk arethen added before accounting for the by the historical behavior of listed private diversifying aspects of the differentfactorexposures. equity. Interest rate risk stemsfrom the fact that leverage is applied bothonthe companyand the deal‐level(e.g. This number is clearly abovethe figures obtained from in leveraged buyouts), so investors are additionally data vendor time‐series on unlisted privateequity and exposed to financing conditions (we usehigh yield also moreconservativethan our own experience from investing in private equity for the Princely Portfolio. bond spreads as aproxy).4 Indeed, theworstdrawdownactually experiencedin GIM’s diversified exposure to private equity, coincid‐ ed with the climax of the financial crisis and resulted
4Buyoutdeals are more highlylevered initially and wouldthenonaverage reduce leverage with increasing maturity. To remainconservativeweignore this potentialreduction in volatilityover thelife of the privateequity invest‐ ment. 5Thomson Reutersdatabase wasused. 33 SECASECA Yearbook Yearbook 2013 2013
in acumulatedloss of 36% in US Dollarterms from LGT CP approach: MVaR basedriskcharges derived March 2008 to March 2009. The loss wasexacerbated fromEuler risk allocations using sophisticated Port‐ by anumber of secondary salesthat took place during folio Model this timeperiod, for discounts driven by liquidity and Our approach aims at accounting for diversification asset allocation (denominator effect) considerations. already at the assetlevel. The objective is to have a This once again underlines the cautioustenor in the capital charge that measuresthe contribution of any LGT CP Risk Model. one asset classtothe portfolio VaR as opposed to C. Solvency II and improved methods to calculate measuringthe asset’sown VaR only (and make lump‐ Risk Charges sumdeductions only when adding up). It is clear that such ameasure will depend on the composition of the Solvency II StandardModel: SCR capital charges portfolio, and some concentrated portfolios will re‐ The standard formula forcalculating the capital charge quire alarger risk charge. As an example, if the re‐ of agiven portfolio consists of atwo‐step procedure: maining portfolio is “pure‐bonds”the inclusion of in thefirst step, standalone charges aredetermined for equity would offer more diversification than if the every asset class. Thesecharges are then combined in a portfoliowas already“equity‐heavy”, thus the initial second step to form the overall capital requirement. compositionofthe portfolio matters. It is clear that Diversification is accounted for by usingaquadratic trulyrisk‐sensitivecapitalcharges cannot be inde‐ function and acorrelation table(rather than asimple pendent of the portfolio underconsideration. weighted sum) to combine the standalone charges. The Anatural way to determine risk contributions would method is relatively straightforward andeasy to use, be to compare the VaR of twoportfolios, one including but is undifferentiating, especially when dealing with the assetinquestion and one excluding it. The differ‐ alternative investments. In addition, thebenefitsof ence betweenthe two figures represents theexact diversification can only be seen at the portfolio level, change of the portfolioVaR that can be attributed to an not at the individual asset level. Specificexposures to investment in the asset. Thereader mightnotice that assets or even portfolio concentrations do not alter the building the ratio of (marginal) risk contributiondi‐ dependency or diversification structure in the portfo‐ vided by the changeinthe exposure will give the sen‐ lio. So, forexample, adding more of the same asset to a sitivity of the portfolio’s VaRtoaninfinitesimal small portfoliowould lead to onlyproportionalincreases in change in the exposure of the asset. It turns out that risk charges, while it is obvious that risk increases this marginal VaR(MVaR), multiplied by the change more than proportionally. Finally, VaR is known to in exposure to additional investment in theasset, pro‐ lack the sub‐additivity property. As aconsequence, vides alinearapproximation of the individual change methodsofsumming up individual risk charges can in VaR. not be guaranteed to deliveranupperthreshold for potentialportfolio risks. If one adds two identical asset We propose using MVaR in combination with aso‐ allocationsusing the Standard Formula of Solvency II, phisticated portfoliomodel to measure capital charges oneeasily sees that such an additivity property is still underSolvencyIIorother purposes.Such an approach assumed by Solvency II’s aggregation methods based can be achieved within the(Partial) Internal Model on single positionrisk charges and correlations. framework allowed under Solvency II or also Basel II and III. Accordingly, we multiply the MVaR foran asset classbythe corresponding portfolioallocation, or weight, to findaconservative approximationofthe corresponding risk charge. By construction, then,the MVaR measureissensitive to an asset’s stand‐alone risk (as measuredbyvolatility or stand‐alone VaR) and, coincidentally, sensitive to its contributionto diversification within the given investment portfolio. As aresult, ahighly correlated assetoraportfoliothat is highly concentrated in the assetwould command higher risk charges. This is becausethe particularasset eitherdoes notadd to portfolio diversification or be‐ 34 SECASECA Yearbook Yearbook 2013 2013 cause its diversifying effect wanes with alarger alloca‐ Asset class Allocation tion. Sovereign Bonds 27.0% The MVaR figure encapsulates the diversification ben‐ CorporateBonds 35.0% efits of the particularasset withinagivenallocation, Equity 8.0% whileany stand‐alone VaR numbers do not. Plus, Mortgages 7.0% MVaR is additive, i.e. thesum of MVaR’s, weighted by Property4.0% the allocationsgives the totalportfolio VaR(1st order PrivateEquity 6.0% homogeneity of risk measuressuch as VaRinportfolio weights, which follows directly from Euler’stheorem, Hedge Funds 6.0% therefore the MVaR method is sometimescalled Euler Commodities 3.0% allocation. Cash 4.0% Summary of our calculationmethod Total 100.0% Table1: Derived base allocationfor Case Study The Solvency Capital Requirement (SCR)ofanasset i Source: LGT CP is equaltothe marginal VaRofthat asset. The SCR of the portfolioequals the Value‐at‐Risk of the entire LGT CP Risk Model: stand‐alone VaR’sequally con‐ servative as Solvency II StandardModel portfoliowhich, in turn, is theweighted sum of all individual‐asset MVaRs: Let us first consider stand‐alone capital charges. The table below (Table 2) compares stand‐alone charges SCR MVaR i i under SolvencyIIwith the one‐year VaR, as calculated SCR VaR * MVaRw PF PF i i by the LGT CP Risk Model.6 On astand‐alone basis the In brief, the advantagesofthe proposed method are LGT CP Risk Model chargesare in line with the pru‐ its: dent approachunder Solvency II. For instance, the standard chargefor developedworld equities under Simplicity –1‐step calculationasopposed to 2‐step Solvency II is 39% before the adjustment mechanism, in the Standard Model and 30% after adjustingby‐9% in QIS5, whereas our Correct allocation of diversification benefits to indi‐ risk modelcalculates theVaR to be 41.5% prior to any vidual asset classes adjustments.
Sensitivitytoportfolioallocation In fact, in most cases, theLGT CP stand‐alone Risk Model takes amoreconservative stance, with its VaR As aconsequence,the capital charges calculatedwith measuresexceeding theSolvency Capital Requirement the proposed approach are more risk‐sensitive and under theSolvency II Standard Model. This applies precise. The approach is especially well suited for in‐ especially to fixedincome assets. Conversely,for al‐ novativeasset allocations, includingsignificant alloca‐ ternative investment classes such as property and pri‐ tions to higher yielding, illiquid butdiversifying alter‐ vate equity the two modelsrequire roughly the same native assets, such as hedge funds, commodities, real capital reserves on astand‐alone basis. The LGT CP estate andassets, infrastructure, private equity and model’s requirements for commodities and hedge debt, and insurance‐linked securities, etc. funds, however, aremuch lower than the “one‐size‐ D. Case study fits‐all” 49% proposed by the Standard Formula. The Model Portfolio:base allocation from QIS5 base allocation would receive an approximately 18% capitalcharge before accounting for diversification (i.e. The model portfolio of ourcase study is derived from just adding stand‐alone charges) under theStandard the latest quantitative impact study (QIS 5) carried out Model, whereasthe LGT CP Risk Model would re‐ by the European Commission. Based largely on the quire 19%. aggregatebalancesheet composition, we obtain the following assetallocation:
6with aconfidence levelof99.5%, assuming zero drift (i.e. mean return=0) 35 SECASECA Yearbook Yearbook 2013 2013
pendencies anddiversification effects are not related Allocation SCRVaR MVaR to specificexposures or portfolio concentrations. Currency EUR 95.0% 1.0% ‐0.2% USD 5.0% 20.0%26.4% ‐9.7% LGT CP Risk Model: accounting for correlations on FixedIncome Cash 4.0% the asset level optimizes risk‐returntrade‐offs Government Bonds 27.0% 8.4% 8.1% 2.7% Emerging MarketBonds (Hard‐Currency) 1.0% 7.0% 21.2%15.4% Consider theinclusion of anew asset class, e.g. High CorporateBonds Investment Grade 32.5% 6.6% 12.7%10.0% CorporateBonds High Yield 1.5% 18.0%23.6% 15.7% Yield Bonds. Under theStandard Model we have to Mortgages 7.0% 4.8% 7.3% 2.6% Equities charge 18 bps (per 1% investment) even though the EquitiesWorld 6.0% 39.0%41.5% 24.8% EquitiesEmerging Markets 2.0% 49.0%57.3% 35.5% true totalVaR of the portfolio will notincrease by 18 Alternatives Property 4.0% 25.0%25.6% 10.5% bps, butbyan(unknown) smalleramount since the Private Equity 6.0% 49.0%44.4% 20.5% newasset class “credit risk” helpsdiversifythe portfo‐ Commodities 3.0% 49.0%34.2% 12.6% HedgeFunds "RelativeValue" 1.0% 49.0%10.6% 4.7% lio. HedgeFunds "Distressed/EventDriven" 1.0% 49.0%13.1% 5.9% HedgeFunds "Long/Short Equity" 2.0% 49.0%19.5% 9.8% HedgeFunds "CTA /GlobalMacro" 2.0% 49.0%22.0% 6.0% In the LGT CP Risk Model we know that –inthe linear 100% SCR/VaRbefore Diversification 17.8%19.1% approximation –HYincreases the totalportfoliorisk SCR/VaRafter Diversification 13.7%8.5% only by 15.7 bps (per1%investment),asopposed to Table 2: Base Allocation, Solvency CapitalRatio underthe Standard Formula,LGT CP RiskModel VaR andMVaR (both at 99.5% 23.6 bps on astandalone basis. The diversification confidence level) bonus in this case is 7.9 bps and should already be The totalSolvency CapitalRequirement stemming incorporated when assessingthe risk andtherefore from holdingrisky assets is thus easily calculated as capital requirements for non‐investment grade bonds. the MVaR multiplied by theamount invested (either The MVaR number fulfills such arequirement, and on an asset‐by‐asset basis or for the portfolio as a thus allows us to set expected returns in directrelation whole). In the base allocation used,the weighted aver‐ to risk contributions, while accounting for portfolio age of MVaR,equaling the portfolio VaR, comes to sensitive diversification effects. Wheneverthe risk 8.5%. This compares with theSCR of 13.7% calculated modelused does not indicate diversificationeffects on in theStandard Formula. the levelofasingle asset classitismuchmoredifficult to assess and comparethe precise risk‐return trade‐ Our model combinedwith the MVaR method of calcu‐ offs or contributions differentinvestments offer. As a lating capital charges leadstoasignificantdecrease of consequence, portfoliooptimization, asset allocation the overall portfoliochargefrom 19.1% to 8.5% decisions as well as (risk) capital budgeting, risk‐ (whereas theStandard Formulaallowsfor areduction sensitive performance measurement and benchmark‐ of only 4%). This large risk reductionisdue to diversi‐ ingare very questionable exercises if one only has a fication effects which, in turn,are aconsequence of the model like the Standard Modelathand. increased risk resolution offeredbyour model.The granular risk resolution leads to large diversification MVaR is thus afunction of both stand‐alone risk (i.e. effectseven under otherwise conservativeassump‐ theVaR) of the particular asset classand of its interac‐ tions concerning dependencies –aswill be shown tion with all other assets given an initial portfolio later. composition.For investment grade corporate bonds, the marginal VaR(10%) is closetothe stand‐alone VaR For example, the MVaR for private equity is 20.5% (12.7%)given the already high weightingofthe asset (lastcolumn), which impliesthat a1%increase in pri‐ class in the portfolio (and fewer diversification bene‐ vate equity exposure will increase the entire portfolio’s fits to be reaped with an additional increase). VaR by 20.5 basis points (1% x20.5%). Please note, that MVaR is exactonly at the marginand an approxima‐ For the Hedge Fund Modules, the marginal VaRfig‐ tion for largershifts in allocation. In addition, these ures aresmall in absolute valueand clearlybelow MVaR numbers provideasset‐class specific capital their maximum as describedbyLGT CP Risk Model requirementsthat account forthe diversification relat‐ based stand‐alone VaR, owing to thesmall weighting ed to the specificexposure of every asset class. This is andthe potentially largediversification effects upon apiece of information ignored by the Standard Model, an increase of those weights. The most extremecase in whichaccounts for diversification only on the portfo‐ the tableisrepresented by the US Dollar,suggesting lio level. The Standard Model also assumes that de‐ that overall portfoliovalue‐at‐riskmay actually be lowered by diversifying currency exposure away from
36 SECASECA Yearbook Yearbook 2013 2013 the Euro.This is acase in point of the US Dollarhav‐ 1. Stand‐alone VaR’sare added up (in this case to ing served as asafe‐havencurrency in the past,rising 24.3%) against many other exchangerates in timesofmarket 2. Diversification effects are accounted for (inthis turmoil and stress on risky assets. case 15.8% in total) and, when deducted from the former sum, lead to thefinal portfolio VaRaccom‐ LGTCPRisk Model: SolvencyIIunderestimates modating diversification effects(8.5%) diversification effects‐especially for alternatives The table above(Table 2) shows that LGTCP’s Risk Model requires similaroreven largerriskcontribu‐ 24% tions than theSolvency II Standard Modelfor many 22% CODTY 20% asset classesonastand‐alone basis. But theresults PE 18% HF deliver clear evidence that diversification effectsare PROP 16% EQ EM significantlyunderestimated by the Solvency II Stand‐ EQ WORLD 14% EMBLOC ard Model. Not surprisingly,this underestimationof EMBUSD 12% CORP HY diversification effects especially applies to alternative MORTG 10% CORP IG investments.Actually,itcan be shown that the higher GOVBONDS 8% risk resolution, or granularity, implied by the LGT CP FX 6% Risk Model as comparedtothe Standard Model is 4% responsible for the improvedcapture of diversification 2% effects. While it is understandable that aStandard 0%
Y TY C C ST DIT TY LL ITY TA UI RTY FIC IFI Model has to be kept very simple in itsapproach, es‐ EN RE RE SKI OD BE UIDI CI S EQ T. PE TOTAL RR TE C IQ O PE U IN MM AL L S VER PR pecially as far as dependency modeling is concerned, C CO DI theresultsdeliver clearhints how beneficial the appli‐ Figure 3: VaR decomposition of QIS5according to the LGT CP model cation of aproperly designed and calibrated internal Conclusion model could prove. This is true especially if an insurer intends to allocate significantportions of its assets into Solvency II is about to become lawfor European in‐ higher yielding, illiquid alternativeinvestments. In the surance undertakingsand preparations to comply current zero‐interestrateenvironment the develop‐ with the newregulations shouldbewell underway. ment of an internal model seemsalmost an imperative. Regulated entities are given the choice of applying the Where else caninsurance companies or IORPs earn proposed Standard Model for calculating theirSolven‐ their guaranteed interest rates or any excess returnsor cy Capital Requirement or developing theirown profit contributions? methodsand tools to quantify risksand monitortheir coverage of capitalrequirements. The diversification benefits present in the actual port‐ folio arethereforesubstantial. In order to give an idea The aimofthis studyistocontributetothe ongoing of their magnitude, we have decomposed theportfolio discussion regarding the calculation of marketrisk, VaR 99.5%(one year), owing to differentrisk (factor) which proves to be the biggestcontributor to capital exposures or risk categories,using standardrisk de‐ charges for insurance companies. The advantage of composition methodology. Behind each risk category applying the standardformula to measuring market thereisaset of factors as explained above. Thecolor risks lies in itssimplicity, but this naturallycomes at codes display the relative(i.e. %ofoverall risk andnot the expenseofprecision. More specifically, diversifica‐ marginal) contributions of every asset class to every tion through holding differentassets is not sufficiently risk category’s,orfactor’s, share of overall portfolio appreciated under the Standard Model. That is espe‐ risk. Therefore, thefigure illustratesaframework simi‐ cially the case with alternative investments, an asset lar to thetwo‐step procedure of the standardap‐ class that is not(yet) grantedthe necessary differenti‐ proach: ated treatmentunder Solvency II. In this article we present LGT CP’s Risk Model,which allows for adetaileddecomposition of the VaR for all asset classes, including alternatives.Wealsopropose a method for calculating capital charges underSolvency
37 SECASECA Year Yearbookbook 2013 2013
II. The method is based on the concept of marginal Value‐at‐Risk anduses theLGT CP model to assign bothrisk anddiversification contributions to all asset classes within an investment portfolio. While adhering to theprudence set forth in the Solvency II framework, our model suggests larger allowances for diversifica‐ tion, most notably in the category treated invariably as ‘OtherEquities’ in theStandard Formula,such as al‐ ternativeassets. This shows, on onehand, thesignifi‐ cant benefitsaninsurer can expect from developing a (Partial) Internal Model under Solvency II,especiallyif the firm is determined to combat the low interest rate environment and latent inflation dangers. The insurer can do so with innovative asset allocation approaches by, for example, allocating larger amounts to higher yielding anddiversifying alternative assets such as hedge funds, privateequity and debt, real estate, in‐ frastructure, other real assets, commoditiesand insur‐ ance‐linkedsecurities. Last but not leastthis work revealsthat asophisticated (Partial) Internal Model can be built with rather limited but highly specialized resources.
The focus of this paper is purely on the risk‐side. An appreciation of the potential long‐termreturnsthat canbegenerated with certainnon‐traditional assetsis likely to further the case for alternative investments.
Dr. Juerg Burkhard(contactauthor) Dr. Matthias Feiler &Boris Pavlu(Co‐authors) LGT Capital Partners Ltd. Schuetzenstrasse 6 8808 Pfaeffikon
Tel.: +41 55 4159723 Fax: +41 55 4159699 [email protected] www.lgtcp.com
38 SECASECA Yearbook Yearbook 2013 2013
Really Barbariansatthe Gate? Private equity by and large focuses on medium to long termreturns, and consequently private equity practi‐ One of the fall‐outs of the US election and the scrutiny tionersneed to be deeply thoughtfulabout what con‐ of MittRomney’s role with Bain Capital meant that sumers and businesses require. Their returns arepred‐ private equity came intothe publicspotlight in 2012. icated by the idea that when they exit,there is abuyer With theconsequent clouding of emotions andjudg‐ for theirbusiness. This buyertypically has along term ment that is ahallmark of most politicized debates, view ‐soaprivateequity firm with asocalled horizon this ultimately also meantthat privateequity took of five years, will have an actual horizonofmore than another beatinginthe public domain. that ‐asthe buyer forhis stake will himself look out another five years. This does not mean that private Whilst this might not have been hugely surprising, it equity sellerswill notbeopportunistic. But what it still is somewhat disappointing. Private equity is not does mean is that they are structurally locked into only an importantsource of funding in particular for longer term thinking than astock investor. The key medium‐sizedenterprises, it plays avital role for the realization from the last year is that the raging debates competitivenessofbusinesses and economies and, often miss the central difference betweenprivate equi‐ closer to thehearts of the voters, it plays acritical role ty and stock trading. in the sustainability of pension schemes. It is ironic that it is in today’s times of lowinterest rates, rare and The second area that needs acloser look is the notion unpredictable growth pockets and market turbulence of investment return. Is private equity aproductive whereprivate equity is structurally positioned to out‐ activity? Acritic could rightly argue that it doesnʹt perform conventional investments, and consequently matter if privateequity is more integral to theecono‐ foster amuch required contributiontogrowthstabil‐ my comparedtostock trading, if thereturnsgenerated ity. Private equity has long become morethan asimple by private equity are sub‐par.Adefense of the private alternative asset class: privateequity is an asset to all equity industry howevermust prove that privateequi‐ of us. ty can make actual returns.
Facts vs. Emotions:Private Equity’s Track Record in Moreover,thereisasecond very real criticism ‐evenif Serving Investors, Businesses and theEconomy private equity makesreturns, does it just do this by using high financial leverage. There have been record‐ Mitt Romney’s campaign made at leastone thing ap‐ ed instancesduringthe LBO boom years that resulted parent:Privateequity is stilllargely misunderstood by in significant financial gains to theindividuals behind the general public, and what is perhaps more damag‐ the deal,with broken companies and significant dis‐ ing is that now everyonehas an opinion on private ruption. Adefenseofthe private equity industry must equity.Many commentatorsare still hanging onto the also demonstratethat theworld of privateequity to‐ image of GordonGekko ‐aruthless corporate raider dayisadifferent place than theworld of easy money whorodethe bull market in the 80ʹs ‐and lack that GordonGekko inhabited. thoughtful analysis of how private equity impacts businesses, industries and economies today. Privateequity has demonstrated that it canmake re‐ turns andthat these returns rely on leverage only to a Many fail to understand the ubiquity of the industry limited extent.Moreover, it hasdemonstrated that and howalmost everyone in one way or the otheris through this valuecreation (i.e.building better com‐ interlinkedwith, if not dependenton, private equity. If panies); it haspositive spill‐over effects into industries it is notthrough your shower (Grohe)orcup of coffee andeconomies. Private equity must now work on ex‐ (WMF) in themorning, the train ride to work (Stadler plaining these facts to thepublic. Rail), the last mile with the elevator (Wittur),asnack in between(Weetabix), lunch (Burger King), adrink Better returns ‐ Privateequity invests forthe longer with afriend (Orangina Schweppes), alate dinner at termand creates value by fundamentally transforming home (Findus), apresent for your kids (Legoland)or businesses.The ability to make quickfixes and easy husband (we leave that oneopen), therental car moneythrough financial engineering haslong gone (Hertz)orthe hotel (Hilton) on holidays, it is very for the industry. Gottschalg (2010) covering 4‘000 real‐ likely through your pension plan. ized transactionsacross multiple cycles over 1977‐2009 and geographies confirms apositive alpha of 7% on
39 SECASECA Year Yearbookbook 2013 2013
average overthe comparable returnfrom the stock to improve their ownoperations. The World Economic market(after adjusting for leverage,timingand sector Forum (2010) addressed this questionbyexamining mix), with alpha at itshighest (15%) during difficult the impact of privateequity investments across20 economic times. Archarya and Kehoe (2008) further industries in 26 major nations over 1991 ‐2007. The study finds that industries where private equity funds demonstrate that thereismoretothe success than have been active in thepast five years grow more rap‐ pure financial engineering. The analysis suggests that idly than othersectors, whether measured using total less then 30% of the outperformance canbeattributed production, valueadded or employment.Italso finds to simple financial leverageand market timing; in fact, that activity in industries with private equity backing more than 70%represents true outperformance or appearstobenomorevolatile in the face of industry alpha. Alpha reflectstwo key performancedrivers: cycles than in other industries, and sometimesless so. The ability to drive superior EBITDA growth for simi‐ Thereduced volatility is particularlyapparent in em‐ lar levels of sales growth andthe ability to exit at mul‐ ployment. tiples abovesector averages, indicating confidence of Private EquityisCritical in aLow Interest,Low the subsequentowners that this EBITDA growth is Growth and High VolatilityEnvironment sustainable. Pension funds have been increasing theirprivate equi‐ Of course, notall transactions have gone well. Ernst& ty allocation over the last 10 years. According to Wil‐ Young (2008) using aEuropean sample of 287 compa‐ shireTrustUniverse Comparison Service, thelarge US nies suggest that approximately 10% of investments public‐employee pensions had invested 11%oftheir fell short of minimumreturns. Yet,the analysis also assets in private equity in 2011 vs. 9% in 2010 andjust shows that private equity remained committed to help 3% adecade ago. Pension funds turntoprivate equity turnaroundthese underperforming businesses. Al‐ in ordertoreach theirannualreturn targets. Over both most allreceivedadditionaltime, 43%experienced a thepast five years andthe past 10 years, private equity change in top management and36% saw further equi‐ returns were more than double those of the S&P 500 ty injections. Thomas (2010)shows that private equity‐ stock index andDow Jones Industrial Average, ac‐ backed businesses defaulted at less than half the rate cording to Cambridge Associates LLC, which tracks of comparablecompanies (2.8% vs. 6.2%). over 4’500 privateequity firms.
Better companies ‐ The claim that private equity‐ Going forward, driven by the demographic trend, high backed firmshave improved operations over their minimumconversionrates,sovereign debt crisis and publicpeers has been supported by anumberofem‐ continuedlow interest rates,pension funds will need pirical works. Kaplan (1989)examines changesinac‐ to turntoalternative asset classes morethan ever. counting performance of 76 large buyouts over1980 ‐ Andintoday’s highly volatile world, it is good to re‐ 1986 and already back then concludes that in the three member that privateequity outperformance is highest years following the transaction, operating income, in difficult times. Also Partners Group (2012) confirms cash flow andmarketvalue allincrease. Bloometal. that followingthe dot.com bubble burst,private equity (2009) look at management practices of 4000 firmsand investments outperformed publicmarkets by 6% in show that private equity‐backed firmsare on average NorthAmerica and20% in Europeand during the thebest‐managedownershipgroup. And Davis et al. financial crisisby19% in bothNorth America and (2009) compareUS‐basedmanufacturing establish‐ Europe on an annualized basis. mentsthat received privateequity investmentsover Driverbehind this outperformance, as outlined earlier, 1980 ‐2005 with similarestablishments that did not is operational valuecreation. One of the core skills of receive such investments. The analysis shows that private equity managers is to select andsource the private equity‐backed firmsexperienced asubstantial right companiesinthe appropriate marketsegments productivity growth advantage in the two years fol‐ within mega‐trends and then to build themorganically lowing the transaction. and viaacquisitions and position them strategically Betterindustries and ultimately economies ‐ Instinc‐ together with strong management teams. By defini‐ tively one might conclude that theremay also be a tion of its businessmodel,private equity managers are positive spill‐over effect at theindustry level when true stockpickers with legitimate inside information superior operations of private equity‐backed business‐ through theircontrolling stakesand boardrepresenta‐ es increase competitive pressure and force competitors
40 SECASECA Yearbook Yearbook 2013 2013 tion, influencemanagement (whose interestshave References been alignedthrough relevant equity stakes) and the Acharya, V.,Hahn, M. and Kehoe, C. (2009) CorporateGovernance andValue implementation of strategic measures. Creation: Evidence from Private Equity.Available at: Anatural implication of the changingworld of private http://ssrn.com/abstract=1324016. equity is that private equity managers have to be bet‐ Bloom, N., Sadun,R.and VanReenen, J. (2009) Do Private Equity‐Owned Firms ter operators, and significantly less reliant on leverage. Have Better Management Practices? In Gurung,A.and Lerner,J.(eds.) As expected,private equity firmshave been busy Globalization of Alternative Investments Working Papers Volume 2: Glob‐ al Economic Impact of Private Equity 2009,New York:World Economic building up operating teamsinorder to engage more Forum USA, 2009,1‐23. Available at: actively in the portfolio companies’ management and http://www.weforum.org/issues/alternative‐investments. implementation of operational improvementpro‐ Corkery, M. (2012) Public Pensions IncreasePrivate‐EquityInvestments. The grams.This is to ensure companies adapt to thepre‐ Wallstreet Journal, 26 January 2012.Available at: sent and shape the future andthis faster andmore http://online.wsj.com/article/SB100014240529702038065045771812720618507 effectively than their rivals in ordertocontinuously 32.html. develop new sources of temporary advantages. With Davis, S.,Haltiwanger, J., Jarmin, R.,etal(2009) Private Equity, Jobs and thestructuralcharacteristicsinherent in the private Productivity. In Gurung,A.and Lerner, J. (eds.) Globalization of Alterna‐ equity business model and itsincreased operational tive Investments Working PapersVolume 2: GlobalEconomicImpact of focus, private equity is well positionedfor continued PrivateEquity2009,New York:World Economic ForumUSA, 2009,27‐43. outperformance in today’s lowgrowth andhigh vola‐ Available at:http://www.weforum.org/issues/alternative‐investments. tility environment. Ernst&Young(2008) Challenges in aNew World: HowDoPrivate Equity InvestorsCreateValue?Available at: More than an Alternative AssetClass: Private Equity http://www2.eycom.ch/publications/items/tas/2008_global_pe_study/2008_ is an Asset to allofus ey_global_pe_study.pdf.
To borrow from former Barack Obama official Steven Gottschalg,O.and GoldingCapital Partners (2010) Private EquityStudy:Find‐ Rattner’s words, private equity is not “some kind of ingAlpha. Summary available at: GordonGekko‐like, fire‐breathing corporateraider http://www.goldingcapital.com/img/archive/presse_english/101005_alphas that slashedand burned companies, immolating jobs tudy_executive_summary.pdf. wherever theyappear in itspath”. Private equity pur‐ Gurung, A. and Lerner,J.(2010) Private Equity, Industry Performance and sues returns for investors through growingrevenue Cyclicality. In Globalization of Alternative Investments WorkingPapers and improvingearnings, the goal is to create value. Volume 3: Global Economic Impact of Private Equity 2010,New York: WorldEconomic ForumUSA,2010, 1‐9. Available at: And going by the numbersalone, privateequity is a http://www.weforum.org/issues/alternative‐investments. successful form of money management with positive spill‐over effects for the competitiveness of businesses, Gustin, S. (2012) Former ObamaOfficialDefends Reomney’s Bain Capital Record. TheTime, 12 January 2012. Available at: industries andeconomies. Andtoday’s environment is http://business.time.com/2012/01/12/former‐obama‐official‐defends‐ such that private equity might be more useful if not romneys‐bain‐capital‐record/#ixzz2IY3nBJMm. needed than ever. The real challenge aheadfor private Kaplan,S.(1989) The Effects of Management Buyouts on Operating Perfor‐ equity lies in fact not in the business model, but in the mance andValue.InJournal of Financial Economics 24 (October), 217‐254. communication of the strengthsofthis industry to the Available at:http://www.sciencedirect.com/science/article/B6VBX‐ broader public and officials. Privateequity has long 45DMXG9‐2/2/51ec261b226220eb091aa2dba23b3668. become morethan asimple alternative asset class; it is Partners Group (2012)Understanding Private Equity’s Outperformancein an assettoall of us. Difficult Times. Available at: http://www.partnersgroup.com/display.cfm/id/100483/disp_type/display/fi le‐ Ricarda Demarmels name/20120103%20Partners%20Group_%20Research%20Flash_Directs.pdf.
Capvis Equity Partners AG Thomas,J.(2010) TheCreditPerformance of Private Equity‐Backed Companies Talackerstrasse42 in the ʹGreatRecessionʹof2008–2009.Available at: http://ssrn.com/abstract=1582666. 8022 Zurich
41 SECASECA Yearbook Yearbook 2013 2013
SIX Swiss Exchange –World‐Class than 2,300 institutional investorsfrom 48 countries Stock Exchange Trading have over CHF 300 billioninvestedinSwiss equities.
SIXSwiss Exchange connects companiesfrom around theworld with international investors and trading participants. With themarket‐friendly regu‐ latory environment and optimal services, the Swiss Stock Exchange creates idealconditions for the suc‐ cess of its clients.
In 2012, tradingactivities declined throughout Europe. This phenomenon reflectsadevelopment that canbe observed virtually anywhere around the world. For one, this is duetoincreased uncertainty amongstend investors, which is driven by both thepolitical and economic environments. On the otherhand,banks and securities traders were held back strongly by tighter regulationsuch as higher shareholderʹsequity re‐ Figure 1: SIXlisting is key to unlock Swissprivate wealth /AuM in US$trn Source: BCG Global WealthReport 2012 quirements. Christian Katz,CEO SIX SwissExchange, points out: „Against this background, our forecast for Thereare upwardsof600 banks and insurance com‐ the future is cautious butweare taking theopportuni‐ panies andmorethan 2,700pension schemes operat‐ ty to improve our infrastructureand increase efficien‐ ing in Switzerland. The extremely strongposition of cy.Assuch, in 2012 we rolled out our new, multifunc‐ Switzerland’s banks and insurers in thefinancialmar‐ tional trading platform supporting multiple curren‐ ket makes it easy forcompanies on the SwissExchange cies. It is currently the fastestofits kind in the world, to engage in dialogue andnetworking with the inves‐ and provides us with capacity forgrowth in the fu‐ torcommunitybothnationally and internationally. ture.ʺ SIXSwiss Exchange provides issuers access to the international capitalmarket Aworld‐leadinghighly capitalizedfinancial sector It is hardly surprising,then, that theSwissfinancial The Swiss financial centerishighly attractive for both center boastsanextraordinarily high concentration of Swiss and foreigncompanies seekingtoraise capital. global corporations, financialservices firmsand potent Switzerland is among the world’s leading financial investors. Thisnaturally gives SIXSwissExchange a centers, notedfor itsinnovation, stabilityand security, competitiveedge over otherexchanges as it can pro‐ and itsbanks have an excellent track record as regards vide alisted company with access to experienced, placement. highly capitalizedinternational investorsand high The financial sector in Switzerland managesassets liquidity. Moreover, investors in Switzerland have totalling around CHF 4,515billion, with more than years of experience in handling cross‐border, sector‐ 70% of this invested in equities and funds. About half specific investment strategies. of these assets are owned by foreign investors. Amarket‐driven regulatoryenvironment Assets in deposits in Switzerland: The regulatoryrequirementsofSIX Swiss Exchange CHF 4,515 billion are market‐driven which makes thegoing publicpro‐ ‐53% owned by foreign clients cess as efficientaspossible. The exchange enjoys self‐ ‐71% owned by institutionalinvestors regulationpowers under Swiss law, giving it the best ‐70.8% invested in stocks andfunds possible scopetostrike abalance between robust in‐ Table1: Assets in depositsinSwitzerland vestor protection and aregulatory framework that is Source: Swiss NationalBank, MonthlyStatisticalBulletin,Dec‐2012 not excessive from the company’s pointofview. Self‐ Switzerland is the world leaderincross‐border private regulationmeans amarket‐driven environment that banking with amarketshare of 27%. Added to this is a makesiteasier to raise capital while minimizing costs largeand international institutional client base. More and paperwork. 42 SECASECA Yearbook Yearbook 2013 2013
Personalsupportwith first‐class services SIXSwiss Exchangeprovides personal support before, during and after going public. With theexpert assis‐ tance of SIX Swiss Exchange, thelisting process can be completed in justfour weeks.
Figure 2: Efficientlisting process
Issuersbenefitfrom first‐class services as well as a proactive partnership that will raise their profile with investors, analysts and the media.
Andrea vonBartenwerffer Senior Relationship Manager, Issuer Relations
SIX Swiss Exchange Selnaustrasse 30 8021 Zurich andrea.vonbartenwerffer@six‐group.com
43 SECASECA Yearbook Yearbook 2013 2013
Successful Public TakeoversinSwitzer‐ comparison, the average acceptance rate in public of‐ land ‐threatened by regulatory Chang‐ fers in Germany reaches only between65%‐75%, but the average premiumpaid of 20%‐30% is similarto es? Switzerland.
Professional takeover ruleswith Swiss specifics In Switzerland, public takeover offershave consist‐ entlyenjoyed high acceptance rates by shareholders, We consider some Swiss specific rules as keydrivers beyond levels required forasqueeze‐out.Since this for the high acceptance levels. Switzerlandrelies on a is contrary to public takeover results in manyother well‐established public takeover process. The Swiss countries,itisworth wile analyzingthese results in regulator’s objectiveistogenerate ahigh level of thecontext of the Swisspublic takeover framework transparency while at the same timeensuring afair and its expected revision to become effective in 2013. treatment of theshareholders of the target company as well as the bidder. The regulations do notonly include Market participantsconsider publictakeovers to be rightsand obligations for the bidders butalso for the one of the most challenging transactions in Investment Board of Directors of the target. Banking.Strategic buyers as well as financial investors areoften reluctant to undertake such transactions due While the Swisstakeover code distinctly describes the to perceived complexity, increased public attention takeover process, it includes afew specific ruleswhich and uncertainty with respect to thereactions of the support the positionofthe bidder andsubstantially target company’s Board. On the contrary, abidder in a reduce the riskoffailure of the public offer. The two publictakeover is able to actively pursue the transac‐ most importantrules have been (i) apremium, which tion, compared to arather reactive approach in atypi‐ could be paid to some (but not all) investors (e.g. for calauction process. share blocks) and (ii) thepossibility to acceptthe offer despite unmet conditions after the offerperiod hasrun The Swiss capital market saw only one public offer out. executed in 2012, the lowest figure ever recordedby the SwissTakeover Board. The Private bank Bank Sar‐ However, with the upcoming revision of the regulato‐ asin wasacquired in amandatory offer by Brazilian ry framework for public takeoversexpected to become Safra Holding. As for the majorityofthe 41 public effective in thefirst half of 2013, the Swiss Takeover offers in Switzerland since 2007, the final acceptance Board will impose certain changes to theserules. rate of the Bank Sarasin transaction reached more than Premium for share blocks 90%ofthe target’s share capital, i.e. the levelrequired to pursue a(merger)squeeze out in Switzerland. So far, Swiss takeover rulesallow for differentprices to be paid to investors. The rule allows theprice of‐ On average, the41publicoffers in Switzerland since fered to thepublictobeupto25% lower than the 2007 show an acceptance rate median of 96.5%! Only 4 highest price paid by the bidder for shares of the target transactions didnot reacha2/3 majorityand only one in the 12 months precedingthe takeover offer. Under transaction (Implenia in 2007) wasconsidered unsuc‐ this rule abidderwould be able to pay premiums for cessful. For detailed data please see table 1further shares of the target to specificinvestors compared to below. Most marketparticipants–likely affected by the price offered to thepublic in the offering. the impression of achallenging transaction type ‐are not awareofthese high acceptancerates.That raises a This rule hascontinuously resulted in controversial questionabout the reasons for such successful results. discussions on fair treatmentofall shareholders (e.g. Quadrant case), but it has offered an instrument fora At first sight, the premium paid to theshareholders by bidder to, for instance, initiate atransaction by acquir‐ the bidder could be one argument. For the41public ingacontrolling stake upfront and to compensate the offers analyzed, the average premium to theminimum selling shareholder(s) for the surrendered control or pricewas approx. 25%, for offers qualifiedasvolun‐ the facilitation of the transaction. taryorrival even slightly higher. With the upcoming revisionofthe takeover regula‐ However, while an attractive premium definitely helps tions, the SwissTakeover Boardisexpected to align to convince shareholders,itcannot be the only decisive this rule to many other jurisdictions by modifying it in factor for average acceptance rates in the high 90s. In
44 SECASECA Yearbook Yearbook 2013 2013 such waythat theshare priceoffered will be the same ceptance period due to their fund’s investment re‐ for all shareholders. strictions (e.g. to invest in listed securities).
Accept the offer AFTER the offerperiod has runout Given therecentlyreduced tradingactivityfor many despite unmet conditions stocks, investors seepublic offers as aliquidity event. About two thirds of the public takeoverssince 2007 Sometimesthis is theonly wayfor an investor to exit a have been voluntaryoffers. In avoluntaryoffer in larger positionwithout substantially depressing the Switzerland, bidders areallowed to tie an offer to cer‐ share price. tain pre‐defined conditions. This is similartotakeover Localknowledge and support rulesinmanyother countries. However, in Switzer‐ Selecting local support andknowledge adds substan‐ land, abidderhas the right to forfeit on such condi‐ tial value towards asuccessfultransaction.Local mar‐ tions AFTER the offer period hasrun out. ket participants should not only know the target com‐ As aresult, voluntary offer structures usually include pany,its historyand itsrepresentatives, butalso pro‐ acondition for aminimumacceptance level of 50% or vide appropriate access to thedecision makers and 66 2/3%.This allows the biddertosecure controlofthe opinion leaders. target. If the threshold is achieved,the offer is valid. If An important cornerstone of the high acceptance rates the threshold is notachieved(or otherconditions are of public offers in Switzerland is the structure of the not met), thebidder is still able to declare the offer Swiss bankingsystem. It allows for astructuredand “successful”, i.e.the process provides an additional transparent executionofsuchtransactions. option to thebidder. TheOutlook for 2013 When lookingatthe table of the takeoveroffers in Switzerland, we see this as the primary reasonfor the What do we expect forthe publictakeover marketin differencesbetween acceptance rates after the main Switzerland in 2013? offer period andthe finalacceptance period. Once the In general, we still considerthe public marketasan offer is declared “successful”, many investors tender attractive deal source forpotential investors.Given the theirshares in the finalacceptance period as they do low trading volume in recent years, apublic offer is not wish or are not allowedtoremain “stuck” with an often the“only” possibility for larger shareholders to illiquid share. exit their positions.
This rule is not expected to change with the upcoming Public takeoversare not isolated from equity markets revision of the takeover regulation. and with an improved investor sentiment for equity Theimportance of takeover offerapproachand markets we will most likely also see morepublictake‐ communication over activity in 2013.
In Switzerland,the Board of Directorsisresponsible Such increased activity level could also be fuelled by for acompany’s strategy andtherefore, is the ultimate other regulatorychanges affecting publiccompanies to decision maker in apublic offer situation. Putting an be introduced in 2013.For instance,the revised “ad emphasis on understandingthe position of the target’s hoc” rules, the expanded marketsurveillance by the BoardofDirectors, its major shareholders and how to regulator,new IFRS rules(e.g. IAS 19)orpotential best approach apotential target is highly recommend‐ changes regarding compensation of management and ed. BoardofDirectors (“Minderinitiative”) will further reduce the attractiveness of “being public”for acom‐ Such a“friendly” approachshould also allow for cer‐ pany. tain due diligence accesss to be granted by the target’s Board, whichispossible under Swisstakeover rules. Regarding thehigh acceptance rates in Switzerland, however, we do not expect anegative effect. While Acarefully targeted communicationalso helpsachiev‐ abolishing the share premium rule will reduce the ing high offer acceptance rates.For instance, if a flexibilityfor bidders, the Swisstakeover process is too planned delistingofacompany is communicated as well‐established andaccepted by marketparticipants the ultimate goal of the offer, many institutional inves‐ as to be dependentonthe introduction or abandon‐ torsare requiredtotender their shares in the finalac‐ ment of this single rule. Still most important are 45 SECASECA Year Yearbookbook 2013 2013
shareholderconvincing business casesaswell as care‐ ful preparation and executionoftransactions. Acceptance levels of Swisspublic takeover since 2007
Table1: Acceptance levels of Swisspublic takeoversince 20077 Source: Swiss Takeover Board, Bellevue Research
Note:Asof31December 2012; Tablewithout Swissre (holding exchange)
Friedrich Dietz Director–Corporate Finance Bank am BellevueAG Seestrasse 16 8700 Küsnacht /Zürich
7Based on number of shares addressedbythe offer 46 SECASECA Yearbook Yearbook 2013 2013
Financing Challengesfor Private Equity numerous divisions within aconsolidated entity share Buyers in Carve‐out Acquisitions the use of an asset or the same right (e.g. aproduction plant or abrand name) or areciprocalsupplier and purchaserofgoods. Last but not least, the effective On December 27, 2012, Clariant AG announced the transfer of such assets and liabilities often will raise divestment of its Textile Chemicals, PaperSpecialties, unique legalorpractical issues, most anchored in local andEmulsions businesses to SK Capital, aUS‐based law or regulations, and the transfer of contractswill private equity firm,for atotal transaction valueof raise issuessuchasthe partial assignment or split of CHF 502 million. Together, these threeglobal business such contracts, or even their renegotiation. units generaterevenues of approximately CHF 1.2 billion, operate from 25 facilities around the world and From the perspective of the private equity buyer, employapproximately 3,000 employees in 35 coun‐ amongthe most challengingissues will be the financ‐ tries. This reads like atypical carve‐out of non‐core or ing of the acquisition of abusiness that is notbeing underperforming assets sold by acorporate seller to a run on astand‐alone basisand, therefore, does not private equity buyerwith the aim to enhance, grow have historicalfinancial statements sufficient for the and then exit.Inorder to pursue its goal, the private executionofoptimal financing. Indeed, stand‐alone equity investor will primarilyfocus on EBITDA, after‐ financialstatements besides serving as abasis fordue tax cash flows and working capital, on cost structure diligence and final price discussions, mayalso be nec‐ andonthe management team of the target. Last but essary forraising bank debt, public debt or equity not least, its financing structure relies on an optimal financing, or forrefinancing the acquisition, or for an portion of debt (leverage) in ordertomaximize the initial public offering in case of ashort term exit from yieldonthe equity invested.This being said, financing the investment. acarve‐out acquisition –the topic of this article –is Availability of Carve‐out FinancialStatements often challenging because of the unavailability of his‐ torical financial statements of the carve‐out business. In General. Historically,sellers prepared consolidated audited financialstatements at the topcompany level Introduction anddid not maintain stand‐alone financial statements Selling abusiness is never easy; selling only apart of a for adivision or abusiness unit. Hence, when aparent business is even more difficult. Carve‐out transactions decided to divest such abusiness, it was unlikely to typically involvethe sale of divisions or business units have stand‐alone financials for the unit. As aresult, in theform of assets andliabilities that are almost in‐ bothbuyer andseller hadtoinvest substantial time extricably linked —whether in theform of manage‐ and resources to understandand agree on the normal‐ ment,information technology, accounting,financial, ized financial performance of the target business on a research and development, procurement, distribution, stand‐alone basis. Accordingly, thepreparation of humanresources, insurance, real estate or intellectual separatefinancial statements (socalled “carve‐out propertyservices or assets —withcore assets of the financial statements”) becomes akey focus of the par‐ divestingparent whichthe latter will keep notwith‐ ties, such that it could even become acondition prece‐ standingthe carve‐out.From the perspective of the dent, stipulated or not, to an acquisition. If stipulated, seller, deciding which assets,liabilities and contracts thespecific language in the condition can be acritical arekept, whichones are divested and how to unwind part of the transaction. Indeed, if the carve‐out finan‐ them —easyinashare deal but less so in acarve‐out cialsmustbesatisfactory to thebuyer, the condition —are the first in aseries of hurdles that must be over‐ acts in acertain wayasadue diligence condition and come. Once the assets,liabilities and contracts to be walk‐away right in favor of the buyer. Moreover, even transferred have been identified,one of the most criti‐ if thereisnosuchsatisfaction element in thecondition, cal tasks will be to prepare thefinancial statements as apractical matter,the preparation of the financial and the separation planning for the business that is statements essentially gives the buyer the opportunity being divested. Indeed, assets may be attributed to the to engage in furtherdue diligence, and such diligence carve‐out business based on legal ownership, or may reveal the breach of anyofthe seller’srepresenta‐ through intercompany arrangements, such as a(long‐ tions and warranties. Hence,aseller wanting to divest term) lease, sourcing,orlicense agreements, e.g. when abusiness that does not have historicalstand‐alone
47 SECASECA Yearbook Yearbook 2013 2013
financial statementiswell advised to prepare such being prepared in advance of potential buyersbeing financials in advance in order to enhance deal value identified for an auction. andmaintaining credibility towardsthe potential buy‐ Notwithstandingthe foregoing, thecarve‐out financial ers. statements are typically prepared in two formats: Under IFRS. Since the release of IFRS 8ʺOperating Historical audited or auditable carve‐outfinancial Segmentsʺ(applicable to annual periods beginning on statements that presentpro‐formafinancial infor‐ or after January 1, 2009) by the InternationalAccount‐ mation for the business basedonchanges to histori‐ ing Standard Board, which has replaced IAS 14 ʺSeg‐ cal cost allocations in order to reflect the stand‐alone ment Reportingʺ, companieshaving adopted theIFRS situation; accounting standard are requiredtodisclose infor‐ mationabout their operatingsegments, products and Projected financial information that presents the services, geographical areasinwhich theyoperate, business on alooking‐forward basis. andtheir major customers.Information is based on The projected financial information is moreappropri‐ internal management reports, bothinthe identification ate forvaluation, but both theseller andbuyer may of operating segmentsand measurement of disclosed require audited (or auditable) pro‐formafinancial segment information. Hence, segment reportingby statements for fundingorcompliance purposes. publicly traded1 companies with respect to divisions has become more stringentand, as aresult,public Notwithstandingthis prudentplanning, private equity sellers are morelikely to have comprehensive finan‐ buyers seekingtofinance acarve‐out acquisition may cials for adivision being divested. However, it is ra‐ find themselves with insufficient financials to pursue ther seldom that abusiness to be divested exactly their desired financing. This may be the case because, aligns with an operating segment and its financial followingnegotiations as to theprecise scopeofthe measurement aligns with the disclosed segment in‐ business to be sold, the financials produced for the formation. Therefore, tailor‐madecarve‐out financials auction no longer match the actual assets and liabili‐ will have to be prepared under some sort of separation ties that will be divested. New financials can usually planning. be produced if sufficient time and management atten‐ tion aregiven, but these resources maybeinshort Under Separation Planning. Irrespectiveofthe ap‐ supply in afast‐moving sale process andthey are cost‐ plicability of IFRS 8, once the seller has defined the intensive. assets andliabilities to be carved out, thenext step is to prepare pro formacarve‐out financialstatements Issues when Preparing Carve‐out Financial State‐ ments before approaching potential buyers.The form of those financialstatements may varydepending on the Specific issues that arise in connectionwith the prepa‐ situation. If the acquisition is small and the buyerisa ration of financial statements for carve‐out transac‐ strategic investor, an unaudited balancesheet and tions includethe following: income statement forthe most recent year may be suf‐ Advance Planning ficient. If the buyerintends to finance the acquisition through publicdebtoranequity offering, afull set of Advance planning is essentialfor avoiding unexpected audited financialstatementscomplyingwith the fi‐ andcostly transaction delays, and to enhance confi‐ nancial reporting requirementsofthe relevant stock dence of the buyer(s) in the carve‐out business. The exchange for up to thethree last fiscal years might be financialstatements —together with the remainder of the duediligence materialsprovided to interested required.2 Accordingly, assessing the potentialbuyers is crucial to understand the basis of presentation and parties —convey to aprospective buyer the initial thenumber of periods needed. This can be particularly insight into the target business.Because seller’s ac‐ tricky when thecarve‐out financial statements are counting systemsoften lack the capabilities that allow foranautomatic preparation of the carve‐out finan‐ cials, such preparation requires afair amount of man‐ ualdata manipulation. As aresult,the timelinefor any 1Companies seekingalisting on theMainStandard of the SIXSwiss Ex‐ auction of the carve‐out businessmustaccommodate change must prepare their financials according to IFRS or US GAAP. 2See art. 14 of Directive of the SIXSwiss Exchange on the Presentationofa therealistic completion of such financial statements Complex FinancialHistory in the ListingProspectus. 48 SECASECA Yearbook Yearbook 2013 2013 and supporting materials. Inadequate financial state‐ sales arrangements? What about the valuationofthe ments—e.g. becausethey do not properly reflector carved‐outbusiness customer base, which may be identify assets andliabilities that arebeing divested — distorted by favorable cross‐sellingarrangements canresult in potentialbuyersraising serious credibil‐ with the sellerʹs other business units and product ityconcernsabout the carve‐out business, whichoften lines? Besides the accounting headache,the parties manifest themselves in theform of alower offer to the will have to enterinto transitional services agree‐ potential buyer.Inaddition, workingthrough the ments, servicelevel agreements, lease agreements, buyer’s concernswill often delay or extend negotia‐ licenseorother intercompany arrangementsinor‐ tions. der for the carved‐out businesstobeabletooperate from day one after closing of the divestment. Allocation Challenges Workingcapital — Groups often have acentralized For many of the items on the carve‐out financials, allo‐ cation occurs quickly, but for others, the process can cash management organization, with “sweep” ac‐ be very time‐consuming.Following line items may counts andcentralized cash collection andinvoice present particular issues: payment. When overlap exists between thecustom‐ ersand suppliersofthe entity to be carved‐out and Fixed assets and intangibles — Most companies those of its parent, specific identification andalloca‐ aimatgainingsynergies by centralizing common tion of commingled receivables and payables is not assets and activities (e.g.information technology, always feasible without aconsiderable amount of accounting,finance, research anddevelopment, work.For instance, if customer’s invoicesorsuppli‐ procurement, distribution, humanresources,insur‐ er’s payables arecommingled, the parties must ance, real estate or intellectual property,etc.) agree as part of the sale andpurchase agreement on providing abenefit to the entire group; however, who is collecting or paying post carve‐out business the cost of these assets andactivities is often not sale or suppliesand howtheywill be settled.Simi‐ embedded within thehistorical operations of the larly, identification andallocation of reserves for separate businessthat is subject to thecarve‐out. For doubtful accounts will be challenging. Even more instance, some expenses would generallybeallocat‐ critical are intercompany supply and salestransac‐ ed to the carve‐out business basedontimespent, tions that have not been reflected in the consolidat‐ whileothers may be allocated based on saleslevels, ed financial statements of the seller. They must not profitability, headcount, or other appropriate driv‐ only be identified, but also valued with scrutiny. ers. Hence, these activities need to be valuedtode‐ Debt — Thedecision to take on debttofinance termine an appropriate amount of expensetobeal‐ located to thestand‐alone business. Often, theexer‐ group operations is often madevia acentralized cise does notconsist only in allocating theexisting cash management/treasury department. In these cost,but also in estimating additional or higher ex‐ situations,itisnot always clearwhat portion, if any, penses to be incurred by the business on astand‐ of these debtitems, should be pushed down to the alonebasis (e.g.additionalemployees andsoftware separate entities to be created when preparing the licenses, no benefit from groupdiscounts, etc). In carve‐out business. Some criteriatobeconsidered addition, theassets, liabilities and contracts of these include: shared activities (e.g. buildings, equipment, leases, Whetherthe proceeds from the sale of the carve‐ intellectual property,etc.) also need to be valued to outbusiness will be used to repay the parent debt determine whether they should be included in the Whether thecarve‐out business will actually as‐ historical operations. For example,how should a sume the debtofthe parent production site that will be allocated to thecarved‐ out business,but was not fullydedicated to manu‐ Whether thecarve‐out business wasever charged facturingproductsofthe carve‐out business, be interest expense or if the debt was ever recorded treated? What about segment‐level officers who on the business separatebooks were previously serving multiple businesses? What Whether thedebtwas actually undertaken to about the right to use apatent that is used by sever‐ support the operations of the carve‐out business al divisions of the seller? What about intercompany or for general corporate purposes
49 SECASECA Yearbook Yearbook 2013 2013
Whetherthe carve‐out business guarantees or its Legal entity structure—Taxreturnsare general‐ assets collateralize theparent debt ly prepared on alegal‐entitybasis. As such,itwill be necessary to identify theentities whoseopera‐ Pension and post‐retirement benefit plans — Plans tions comprisethe business being carved out and that specifically relateto, andwill transfer with, the align the disparateaccounting andtax infor‐ carve‐out business will appear in thecarve‐out fi‐ mation sourcesinorder to determine the respec‐ nancial statements (tothe extentsuch plansneed to tive deferred tax losses or carry forwards,. be reported in financial statements). Often, howev‐ er, the carve‐out business’ employeesare simply Reserves fortaxes — The parent’s reserves for participating in the parent’s multi‐employer plan. In contingent taxpositionswill need to be assessed those instances,the business wouldgenerally ac‐ to determine which, if any, wouldbeallocated to countfor aparticipation in amulti‐employer pen‐ thecarve‐out business. sion plan;and dependingonarrangements between Deferred taxes—The carve‐out financialstate‐ thebusiness and the parent, the carve‐out income ment should include the inventoryofdeferred as‐ statement would include either the carve‐out busi‐ sets and liabilities that reflects thespecific tax at‐ ness’s requiredcontributions to theplan and/or an tributes associated with the carve‐out business. In allocation of the parent’s pension costs as net peri‐ many situations, it will notbeeasy to identify the odic pension cost and the carve‐out balancesheet deferred taxitems that would be reported on the would reflectaliability foraccrued contributions or carve‐out. an asset for prepaid contributions. However,de‐ pending on either theagreement in place between PersonnelChallenges the seller andbuyerorstatutory requirements, a Prior to theclosing, the individuals primarily involved sellingcompanymay legallytransfer aportion of its in thepreparation of the carve‐out financials will most pension plantothe carve‐out entity. In this scenario, likely be seller employees, although they may be amix it may be more appropriate to record anet pension of employees to be retained by the seller and employ‐ liability or asset taking into account the projected eestobetransferred to thebuyerinthe transaction, benefit obligation andplanassets for the transferred sometimesresulting in split loyaltiesand divergent portion of the plan, notjust accrued or prepaid con‐ goals. Sellers in particularmust be prepared to deal tributions,inthe carve‐out financial statements. with employees to be transferred whose allegiance This may require aseparateactuarialvaluation for shifts throughout the process from seller to buyeras the projected benefit obligation related to thecarve‐ they look to best position themselves individually for outentityʹs employees andconsideration of under‐ the future. Buyersshould recognize thedegree of co‐ lyingassumptions. Theassettransfer mayalso re‐ operation that will be requiredfrom bothsets of em‐ quire approvalbythe regulator of the pension plan. ployees, including assistance with respect to theprep‐ Taxconsiderations — Thestand‐alone reportingof arationofdebtoffering documents and participation tax provisionfor acarve‐out business creates addi‐ in due diligence, drafting sessions, androadshows. tional complexity as allocations of tax benefits re‐ Reliance flected on the “as filed” tax returns maycontradict In practice, the carve‐out financials areoften prepared the stand‐alone approach. Forexample,anentity with the help of athirdparty accounting firm and may have operating losses or other tax credits that embedded in avendordue diligence (VDD) report. To were utilized by the parent that could not have been fulfill itspurpose, such VDD reportmustbeareliable utilized on astand‐alone basis. Alternatively, an en‐ source of information and, hence, give the buyer afair tity may have used losses that were generated by andadequateview of what has been reported.Indem‐ the parent or other entitieswithin theparent’s con‐ nities fordamages in relation to substantial defects of solidatedtax group. As such,careful consideration the VDD reportmust be abletobeclaimedbythe buy‐ should be given to how best to present the operat‐ er as wouldbethe case if thebuyer’s own advisor had ing losses or the taxcredit on the balancesheet of performed the duediligence. Thus,the VDD proce‐ the carve‐out business. Othertax considerations in‐ durehas givenrise to anumberofissuesand ques‐ clude: tions related to such externaladvisor’s position.In
50 SECASECA Yearbook Yearbook 2013 2013 practice, accountingfirmshave developedcertain timeframe for the closing of the transaction, abuyer rulesastodisclosure of the VDD report to thebuyer. risks losing the option of tapping thehigh‐yieldbond In order to avoid or limit liability or aconflict of inter‐ marketand may instead need to obtain amoreexpen‐ ests, twodocuments are central: a“release letter”and sive andless flexible financing. a“reliance letter”. Upon receipt of the VDDreport, by Work‐Around if theCarve‐out Financials are Defi‐ signingarelease letter,the potential buyer commits cient not to disclose any information in the VDD report to thirdparties and to use the report solelyfor the pur‐ If the seller is notable to deliver thefinancial state‐ pose of assessing the relevant transaction. The poten‐ mentsnecessary to meet marketdemands with respect tial buyer is also required to confirmthat no client or to public offerings, buyer might tryfollowing work‐ contractual relationship hasbeen establishedbetween around. itself andthe accounting firm issuingthe VDD report Convince the Seller and that accordingly any liability of the report provid‐ The absence of carve‐out financials may potentially er to the other partyshall be excluded (non‐reliance reduce the buyerʹs flexibility with respecttoits financ‐ basis). Shortly before signing the acquisition agree‐ ing, andimpact the buyerʹscost of capital and the ment,the buyer may receiveareliance letter from the carve‐out business’ post‐closing operating flexibility. seller’s advisor conferring thebuyerthe right to rely Hence, before pursuingone of the alternatives below, on the factspresented in the VDD report under certain abuyershould challengethe sellerʹs assertions that conditions, notwithstanding theseller’s counsel re‐ carve‐outfinancials arenot availableorcannot be pro‐ peated statement that no client or contractual relation‐ ducedonanacceptable timeline.Indeed, it may be ship has been established betweenthemselves andthe useful to sharewith the seller the drawbackofthe lack buyer. Further, such aletter often includes statements of availability of carve‐out financials, namely the in‐ intended to limit the extent of liability of the seller’s creased costs, on the value of the target business. In advisor, inter alia (1) that they have acted solely forthe the end, amorecostly financingisashared problem benefit of the seller; (2)that they only acceptliability and therecan sometimesbeashared solution, e.g. the for damagesincurred as aresult of grossnegligence; seller prepares (audited) carve‐out financialstatements (3) that thecharacter andscope of the VDDhas been and the buyer pays for them. limited to certain mattersagreed between thereport provider andthe seller; (4)that anumber of specified Convince the Banks areas or aspects have notbeen reviewed;(5) that the An alternative for the buyer is attempting to convince report provider hasnoobligationtoupdate thereport; its arrangers to provide bridge financinguntil the and(6) that liabilitywill be accepted onlysubject to sought‐after bond offering can be launched. In paral‐ certain limitations. lel, the issuer couldseek from therelevant stock ex‐ Requirements of the Carve‐out Financials change an exemptionfrom financial disclosure(for example, only one year of audited financials). Given For private equity buyers,unaudited or even audited theunusual nature of this type of bond offering financials of atargetbusiness will be neededinorder though, it maybedifficult to predict marketappetite, to obtain debtfinancing, particularlyifpublic debtis andasaresult, potential arrangers arelikely to be raised.For instance,ahigh‐yield bond offering and resistant to provide abridge on this basis or,atleast, at listing document will typically include two years of pricing that would be attractive to thebuyer. audited financialstatements3 (balance sheet, profit and loss statement, statement of changes in shareholders’ Mezzanine Financing equity andcash flows) of the issuer which will be the As alternative financing, abuyer could consider a acquisition company set up by the buyer. As aresult of mezzanine or aprivate high‐yield financing. Such marketpractice, if at leasttwo years of audited finan‐ financing is likely to be morecostly, and the related cialsand unaudited interim financials forthe target covenantsare likely to be more restrictivethan could business cannot be provided within thecontemplated be obtained in atraditional high‐yieldpublic offering. Moreover, while thenumberofsources andthe mag‐ nitude of fundsavailable forsuch alternative financing have bothincreasedsignificantly overthe last several 3See para. 5ofthe SchemeEof the Listing Rulesofthe SIXSwiss Exchange. 51 SECASECA Year Yearbookbook 2013 2013
years, supply is stillrelatively limited, when compared agreement or court judgment, that shalldefinitively to thehigh‐yield market. As aresult,this may only be establish the increase or decrease. asolution for small‐cap deals. Subordination. Subordination is typicallyifnot uni‐ Seller Note versally requiredbythird‐party lenders. In many cas‐ Finally, asellernote —whether in the form of debt or es,the subordination besidescontractual will alsobe equity or both —might be considered as abridge to a “structural”, meaningthatthe holder of thenote has a timewhen thenecessary financials canbeproduced claim for payment only againstaholdingcompany andacustomary public offering can be made. This with no assets butstock of its operating subsidiaries, optionisobviously unlikely to be viewed favorably by while the senior bank debthas adirectclaim for pay‐ the seller, but aseller might have an overwhelming ment against the assets of such operatingsubsidiaries interest in the divestmentand,because he knows the because the lender is acompany located below the business quite well, he is therefore in aprivileged po‐ holding company. Hence, astructurally subordinated sition to assess the value of such note. note will notreceive payment unless and until the holding company receivesdistributions (ifany) from TheSeller Note as Remedy when Carve‐out Finan‐ those subsidiaries. Sometimes, lenders will request cialsare Insufficient subordination features that sellers and buyers may Besides patching ahole in acapital structure, i.c. be‐ perceive to be unnecessary protective or extreme. cause the bankdebtand the public debtissue is not Theseinclude, forexample, that theseller note has sufficient for the buyer to achieve the optimal leverage absolutely no cash interest or prepayment rights, no structure, theseller note canbetailored foravariety of defaults, no remedyother than to sue fornon‐payment purposes. Forinstance, aseller note canconstitute a at maturity, andextremely long‐dated maturity. How‐ significantpiece in acapital structure (either as a ever, if set‐off is allowed against the outstanding bridge to abetter debtmarketorasalong‐termin‐ amount of the note,any subordinationagreement vestment) or it can enable aseller willingtoinvest in would have to permit anysuch “non‐cash” adjust‐ an instrument supported by abusiness it knows well ment. to attain ahigher headline valuation for its business Cash Payments. Interest payments in cash are not (as asort of stapledfinancing). unusual, but might be anyway reduced due to the BasicElements subordination required by senior lenders.Instead of The most typical structure of aseller note is atransfer‐ recurrentinterest cash payments on aseller note,the restricted, subordinated note that is pre‐payable with‐ note could also foreseeapayment in kind,with the out penalty, but that requires (orallows) only limited entire principalamount of thenote due only at maturi‐ mandatory cash payments, andthat imposes some ty and some or all of the interest payable by the accre‐ affirmativeand negative covenants, often not exten‐ tion of the original issue discount or payable through sive, on the buyer. the issuance of more notes (so called “payment‐in‐ kind” or PIK interest). These basic elements can come with certainshades, MandatoryPrepayment. Amortization of principalis includingthe following: very rare, as usually the note will be subordinated to Transfer Restrictions. Akey reason fortransfer re‐ third‐partydebt. But sellers will sometimesseek man‐ strictions, which keepsthe note with the seller, is to datoryprepayment triggeredbyspecific events. A facilitate purchase price adjustments and to support refinancingofthird‐party debtmay be such event, off‐sets of indemnification obligations. Transferre‐ with theseller arguingthat arefinancing will mark the strictions may also be more limited, e.g. confined to endofthe need for the seller financing. Achange of those necessary to comply with public offering laws or controlmay be another suchtrigger event, with the to prevent an acquisition by competitors. Hence, a seller assertingthat achange of controlwill mark the seller note can be structured to permit the principal to end of the buyer’sinvestment, and, therefore, theend be increased or decreased to take into considerationby of the need of the seller noteaspart of the capital set‐off any purchase price adjustment, earn‐out or structure or as amechanism for adjusting amounts indemnification obligation.Such set‐off is however under thepurchase agreement. rarely unilateral and usuallyisbased on amutual 52 SECASECA Yearbook Yearbook 2013 2013
Buyer’s Covenants. Negotiationofthe buyer’scove‐ nants under theseller note often focuses, amongother things, on the restrictions that the seller note mayim‐ pose on the buyer’sbusiness. Seller notesingeneral aretypically lessrestrictive than concurrent bank fi‐ nancing, as the bank financing comesconditioned on the seller notehaving more flexibility than thebank debt.
Disclosure. Aseller will generally seek information rightstomonitor its ongoing investment in the buyer. Howmuch information is appropriate will be negoti‐ ated depending on the circumstances.Abuyer may especially want to limit that informationfor aseller with ashort non‐competition agreement. Seller notes will often contain confidentiality provisions to deal with these issues.
Compromise and Challenges
The seller note is notfit forall occasions. When valua‐ tions areeasily ascertainableand debtmarkets readily accessible, the use of aseller note may present an un‐ needed compromise,for example, of aseller’s prefer‐ ence to exit an investment entirely. Nevertheless, when valuationsare difficult and debtisscarce, the seller note, with its customizablefeatures, canbea very useful device for completing the capital structure of aleveraged carve‐out transaction by aligning inter‐ ests of seller andbuyerand sharing risk between seller and buyer.
Dr. FrankGerhard Partner Homburger AG Prime Tower Hardstrasse 201 8005 Zurich [email protected]
53 SECASECA Yearbook Yearbook 2013 2013
Revisionofthe Swiss CollectiveIn‐ The assets under management (AUM)offunds, vestment Schemes Act includingthose resulting from theuse of leverage, do not exceed CHF 100 million; or
On 1March 2013 the revision of the SwissCollective the AUMofthe closed endfunds (minimum 5 Investment SchemesAct („CISA“) as well as the years) do not exceed CHF 500million andthe funds amendedCollectiveInvestment SchemesOrdinance are unleveraged. (CISO) came into effect;the latter is promulgated by The requirements imposed on the regulated asset the SwissGovernment andintended to implement the managers are largelythe same as under theold lawfor revisedCISA. managers of Swiss investment funds. The revised SECA wasintensely involvedinthe legislative process CISA aims to harmonize the rules with international ensuring on theone hand that the larger players of the standards, in particular those of the EU, and introduc‐ Swissprivate equity industry are able to manage EU es the newconcept of FINMA regulated branches of domiciled privateequity fundsunder thenew EU foreign asset managers. Directive on Alternative Investment FundManagers of The licensing criteria comprise above all the require‐ 8June 2011(AIFMD) and on the otherhand that small mentsfor adequate organization (functionalsepara‐ managers remain exempt from the regulation but may tion of investment decision, execution and administra‐ opt in if they choose so. tion), independent risk andcompliance function,pre‐ Of course,the revision covered also anumberofother dominately independent, non‐operative board mem‐ provisions of the CISA. This article is asummary of bers, FINMA approved auditors and of course ade‐ the two areas which areparticularlynoteworthy: the quate capitalization (the higher of certain fixed revisedregulationofthe distributionofnon‐Swiss amounts and own fundsofatleast 25%onannual investment funds and the regulationofSwiss asset expenses). TheFINMA applies therequirements rigid‐ managers. Thefollowing comments apply to all kinds ly. This meansamong others that theasset manager of assets managers of collective investment schemes as must as arule have at least five full time employees in CISA is not confined to private equity andother alter‐ ordertofill allthe necessaryfunctions appropriately. native investment funds. The admission procedure takesseveral months.
Regulation of Swiss private equity asset managers It is important to note that FINMA will not tolerate the hitherto popular structurewhere the Swissasset man‐ In line with the AIFMD therevised CISA provides that ager is officially only acting as an investment advisor all asset managers of (Swiss and foreign) collective to an offshore or other foreign asset managerwith investment schemes abovecertain thresholds must little or insufficient substance. obtain alicensefrom SwissFinancial Supervisory Au‐ thority (FINMA).The introduction of the licensing Distribution to qualified investors: abolishment of requirement (and possibility) wasthe main motive for the private placement regime the revisionofCISA in order to enable Swiss managers Prior to therevision onlythe “public offering” of non‐ to act as delegated asset managers for EU alternative Swiss investments funds was subject to regulation; the investment funds under art.20ofthe AIFM‐D.CISA private placement wasnot regulated.The revised applies notonly to asset managers of alternative in‐ CISA abolishesthe concept of public distribution and vestment funds but also to managers of traditional thereby also theprivate placementregime.Subject to a funds. fewnoteworthy exceptions,any distribution, andpub‐ In the legislativeprocess thefinancial industry includ‐ lic or not, is regulated. ing SECA managedtointroduce thresholdssimilarto Thedegree of the regulationdepends on whether the those in the AIFM‐D for smaller managers. Managers investment fund is marketed to qualified investors of investment funds, whose investors areonly “quali‐ only or also to non‐qualified investors, i.e. the public fied investors”, areexempt from obtaining alicense if at large. Whereas themarketing to thepublic at large oneofthe following conditionsapplies: is subject to arigid admissionprocedure with the Swissregulator FINMA, themarketing to qualified investors requires only theappointment of a(FINMA
54 SECASECA Yearbook Yearbook 2013 2013 licensed)Swiss representative andaSwiss paying Distribution to non‐qualifiedinvestors agent. This rule applies aboveall to thedistribution to Distribution to non‐qualified investors requires firstof pension funds, business enterprises and wealthy indi‐ all the approval of the investment fund and the fund viduals (who “opted in”). documentation by the Swissregulator FINMA. The Certain othercategories of qualified investors have test is basically(i) whether theforeign regulationisat managed to obtain exemptions from this requirement least equivalent with theSwiss regulation; the ruling in the legislative process. Firstofall, the distributionof practice of FINMA in this respectisexacting. Further investment fundstoregulated financial institutions, the investmentfund can only be approvedif(ii) asuf‐ i.e. banks, insurance companies, securitydealers, fund ficient cooperationagreement between thefinancial managers andfund management companies, remains supervisory authorityofthe jurisdiction of the foreign outside of the scope of thedistributionregulation. investment fund and FINMA is established as well as Moreover, alsothe Swissexternal asset managershave (iii)aSwiss representative and paying agent is ap‐ managed to obtain an exemption fortheir customers if pointed. and to theextent they have adiscretionary portfolio Definition of qualified investor management mandate with the manager andcertain additional criteria are met. The distributionregime washighly controversial in the legislative process. As aresult,the rulesbecame If regulated,not only the placementbut also the mere complex reflecting the many compromisesnecessary marketing of investment funds requiresthe priorap‐ to appease allthe factions involved. This is particular‐ pointment of arepresentative or payingagent. Any ly true for the revised definition of the qualified inves‐ offering of investment funds to the mentionedquali‐ tor.Asarough summarythe following persons are fied and non‐qualified investors is deemed to consti‐ deemed to qualified investorsrequiring lesser protec‐ tute (regulated)distributionregardless of the number tion in particular with regard to thedistributionof of investors approached andofthe actual placement of non‐Swissinvestment funds: any fund shares. Non‐Swiss investmentfunds are broadly defined to compriseany of collectiveinvest‐ Regulatedfinancial institutions (banks,insurance ment scheme regardless of the actual legalform. companies, securities dealers,fund managers and fund management companies); In conclusion, a“cold” call by aUKprivate fund man‐ ager to aSwiss pension fund requiresthe prior ap‐ Pensionfundswith aprofessional financedepart‐ pointment of arepresentative andpayingagent. The ment; same is true foraCaymanhedge fund hostinga“pri‐ Business enterprises with aprofessionalfinance vate” presentation to asmall circle of family offices in department; aprestigious Zurichhotel, just to give afew examples. High networth individuals who “optedin”, i.e. The appointment of aSwiss representative requires opted to be qualified; first of all an agreementmeeting certain requirements Investorswho entered into awritten discretionary between therepresentative and the investment fund assetmanagement agreement with aregulated fi‐ (manager). Therepresentative itself is aregulated per‐ nancial intermediary,including externalasset man‐ son andmustensure on the one hand the smooth flow agers; provided theinvestor did not “opt out”. of information between thefund and the Swissinves‐ tors as well as FINMA. Most importantly therepre‐ sentative is on the otherhand responsible for the com‐ Dr. Hannes Glaus plianceofthe distributionagentswith Swisslaw. Typ‐ Partner ically,banksand fund management companies act as representatives, but also specialized persons including Bratschi Wiederkehr &Buob law firms. Bahnhofstrasse70 8021 Zürich
hannes.glaus@bratschi‐law.ch
55 SECASECA Yearbook Yearbook 2013 2013
Wesentliche Neuerungen und Entwick‐ Unechte Mitarbeiterbeteiligungen,wie z.B. Phantom lungen im Schweizer Steuerrecht Stocks, StockAppreciation Rights oder Co‐ Investments, werden im Zeitpunktihres Zuflusses besteuert. Besteuert wird der gesamte geldwerte Vor‐ Der vorliegende Artikelbefasst sich mitausgewähl‐ teil, womit aus unechten Mitarbeiterbeteiligungen kein ten Neuerungen und Entwicklungen im Schweizer steuerfreier Kapitalgewinn resultierenkann. Steuerrecht. Dazu gehören aufnationaler Ebene Themen wie die Besteuerungvon Mitarbeiterbeteili‐ Im internationalen Kontexterfolgt eine Änderung der gungen,die Eidgenössische Volksinitiative zur Erb‐ bisherigen Praxis, indem die Schweiz neu bei nicht‐ schaftssteuerreform sowie die Abschaffung der Pau‐ börsenkotierten oder gesperrten Mitarbeiteroptionen schalbesteuerung undder Emissionsabgabe. Auf einanteilsmässiges Besteuerungsrechtvorsieht. Die internationalerEbene sind es die Quellensteuerab‐ Besteuerung des geldwertenVorteils erfolgt anteils‐ kommen mitGrossbritannien und Österreich, Facta mässig im Verhältnis zwischen der gesamtenZeit‐ sowie das neue Doppelbesteuerungsabkommenmit spanne zu der in der Schweiz verbrachten Zeitspanne Hongkong. zwischen Erwerb und Entstehen des Ausübungsrechts der gesperrtenMitarbeiteroptionen. Ist der Mitarbei‐ Besteuerungvon Mitarbeiterbeteiligungen tende im Zeitpunkt der Optionsausübungnicht mehr Am 1. Januar 2013 istdas neue Bundesgesetz über die in der Schweiz ansässig, so muss das schweizerische Besteuerung von Mitarbeiterbeteiligungen in Kraft Unternehmen die anteilsmässigen SteuernimRahmen getreten. Es regelt die Besteuerungvon Mitarbeiter‐ des Quellensteuerverfahrens abliefern. Dies gilt selbst aktien sowie‐optionen und gilt sowohl für die direkte dann, wenn der geldwerte Vorteilvon einer ausländi‐ Bundessteuer als auch die Kantons‐und Gemeinde‐ schenKonzerngesellschaft ausgerichtet wird. steuern. Ausserdem hat die Eidgenössische Steuer‐ Bestehende Steuervorscheide (Rulings) haben noch bis verwaltung denEntwurfdes Kreisschreibens Nr. 37 undmit Steuerperiode 2012 ihre Gültigkeit,auch wenn vom14. Dezember 2012 zur Besteuerung von Mitar‐ siesich am altrechtlichen Besteuerungsregimeorien‐ beiterbeteiligungen veröffentlicht, welcher aufzeigt, tierten. Ab 2013 jedoch habenRulings, welche nicht wie seitens Steuerbehörden das neue Gesetz in der dem Inhalt des Kreisschreibens entsprechen keine Praxis umgesetzt werden soll. Wirkungmehr, unabhängig davon, ob derdarunter‐ Es gelten folgende Besteuerungsregeln: fallende Mitarbeiterbeteiligungsplan noch besteht. Frei verfügbare und gesperrte Mitarbeiteraktien wer‐ Dies bedeutet, dass laufende Mitarbeiterbeteiligungs‐ den im Zeitpunkt des Erwerbs besteuert. Dabei unter‐ pläneauf ihre Besteuerung überprüft werden müssen, liegtdie Differenz zwischen dem im Be‐ damit sowohlArbeitgeber als auch Arbeitnehmerdie steuerungszeitpunkt massgebendenVerkehrswert der notwendigenDeklarationspflichten im richtigen Zeit‐ Mitarbeiteraktien und demAbgabepreis der Besteue‐ punkt erledigen. rung. Bei gesperrten Mitarbeiteraktien wird fürdie NationaleErbschafts‐und Schenkungssteuer Festlegung des steuerlich massgebenden Verkehrswer‐ Diese Initiative sieht vor, eine Eidgenössische Erb‐ tes der Verkehrswert mit einemDiskont von jährlich schafts‐und Schenkungssteuer einzuführen, welche 6% reduziert,während maximal zehn Jahren. Derma‐ die entsprechenden Vermögensübergängemit 20% ximale Einschlagfür eine Sperrfrist vonzehn Jahren besteuert. Nicht besteuertwerden sollen unter ande‐ beträgt 44.161%. rem Übergänge,welcheden Freibetrag von CHF2 Börsenkotierte Mitarbeiteroptionen, welche frei ver‐ Millionen nicht übersteigen sowie Übergänge an Ehe‐ fügbar oder ausübbarsind, werden ebenfalls im Zeit‐ partner, registriertePartner sowie von derSteuer be‐ punktdes Erwerbs besteuert.Als Besteuerungsbasis gilt freite juristischePersonen. Eine im Initiativtext enthal‐ die Differenz zwischen dem Verkehrswertder Mitar‐ tene fragwürdige Rückwirkungsklausel sieht vor, dass beiteroptionen und deren Abgabepreis. bei Zustandekommen der Initiative und positivem Abstimmungsergebnis rückwirkend alle Schenkungen, Nicht‐börsenkotierteund gesperrteMitarbeiter‐ die nach dem 1. Januar 2012 erfolgen, demFreibetrag optionen werden erst im Zeitpunktder Ausübung be‐ von CHF2Millionen zugerechnet werden bzw. je steuert.
56 SECASECA Yearbook Yearbook 2013 2013 nach Höhe derSchenkung, nachträglich zurBesteue‐ anonymdurch Abzug einerQuellensteuer, welche an rung gelangen. ihrenWohnsitzstaat überwiesen wird, er‐füllen oder ihre Kontodaten offenlegen wollen. Bei Redaktionsschlussfür diesen Artikel war noch nicht bekannt,obdie Initiative zustande gekommen Quellensteuerabkommen mitDeutschland ist. Nachdem jedoch bis Anfang 2013 bereitsüber Das am 21. September 2011 unterzeichnete Abkom‐ 120ʹ000 Unterschriftengesammelt wurden,ist davon menzwischen der Schweiz und Deutschland überdie auszugehen, dass sich das Schweizer Volk zu einer Einführungeiner Abgeltungssteuer, welches am 1. nationalen Erbschaftssteuer wird äussern können.Es Januar 2013 hätte in Kraft treten sollen, wurde durch bleibt jedoch zu hoffen,dassInitiativen, welche Geset‐ das deutsche Parlament nichtratifiziert. Damitändert zesänderungenmit einer Rückwirkung vorsehen, un‐ sich in Bezug auf Deutschland nichts. abhängig von deren Inhalt, beim Souverän keine Un‐ terstützung finden,dawir ansonsten eines unserer Foreign Account Tax Compliance Act(Facta) wertvollsten Güter‐die Rechtssicherheit‐aufʹsSpiel Die Verhandlungen zwischen der Schweiz und den setzen. Hier sind der Bund und das Parlament gefor‐ USA zu Fatcawurden Ende2012 abgeschlossen und dert, der Initiative einenmehrheitsfähigen Gegenvor‐ am 3. Dezember 2012 wurde dasAbkommen para‐ schlag gegenüberzustellen. phiert.Das in Krafttreten istauf Anfang 2014 geplant.
Abschaffung derPauschalbesteuerung MitFacta soll sichergestellt werden, dass dieUSA die Die Initiative ʺSchluss mit den Steuerprivilegien für Auslandskonten von US‐Steuerpflichtigenbesteuern Millionäre (Abschaffung derPauschalbesteuerung)ʺ, können. Erreichen will man dies vor allemdurch eine welche am 19.Oktober 2012zustande gekommen ist, Ausweitung des Reportings durchdie ausländischen sieht vor, die Pauschalbesteuerung vermögender Aus‐ Finanzinstitutionen. Bei denjenigen Kunden, diekeine länder schweizweit abzuschaffen. Bis zum 19.Oktober Offenlegung gegenüberder US‐Steuerbehörde wollen, 2013 muss nun das EFD in Zusammenarbeit mit dem müssen die Banken 30%auf allen Einnahmenaus US‐ EJPDimAuftrag des Bundesratesden Entwurfeiner Quelle erheben. Botschaft zuhanden der eidgenössischen Räte aus‐ Doppelbesteuerungsabkommen mitHongkong arbeiten. Am 15. Oktober2012 ist das Doppelbesteuerungsab‐ Abschaffung derEmissionsabgabe kommen mit Hongkong in Kraftgetreten.Dieses fin‐ Im Rahmen der Unternehmenssteuerreform IIIplant det seit dem 1. Januar 2013inder Schweizund ab dem der Bundesrat die Emissionsabgabe aufEigenkapital 1. April 2013 in HongkongAnwendung. Mit diesem abzuschaffen. Abkommen wurdeeine wichtige LückeimDoppelbe‐ steuerungsnetzwerk der Schweiz geschlossen. Nachdem im März 2012 die Emissionsabgabe auf Fremdkapital abgeschafft wurde, soll in Zukunftauch beider Aufnahme von Eigenkapitalkeine Emissions‐ BarbaraBrauchli Rohrer abgabe mehr anfallen. Die Abschaffung der Emissi‐ Partnerin onsabgabe istzubegrüssen,stellte siedoch bis anhin Wenger &Vieli AG einenStandortnachteilfür dieSchweiz dar. Dufourstrasse 56 Quellensteuerabkommen mitGrossbritannien und Postfach 1285 Österreich 8034 Zürich
Am 1. Januar 2013 sind die Quellensteuerabkommen [email protected] der Schweiz mit Grossbritannien undÖsterreich, nachdem dasBundesgericht im Dezemberdas Gesuch um aufschiebende Wirkungbzw. vorsorgliche Mass‐ nahmen abgelehnt hat, in Kraft getreten.Davon betrof‐ fen sind die britischen undösterreichischen Steuer‐ pflichtigen, welcheinder Schweiz über ein Bankkonto oder ein Wertschriftendepot verfügen. DieKunden können wählen, ob sie ihrer Steuerpflichtentweder 57 SECASECA Yearbook Yearbook 2013 2013
Warranties &Indemnities Insurance negotiations11.From afinancial perspective, W&I‐ (Market Update 2012) insurance is particularly effective, if theinsurance premium is lower than the purchase price discount requested by the buyerfor notinsistingoncertain One of the most importantsteps in the sales and warranties and/or indemnities12. purchase process is theriskallocation between the contracting parties, i.e. purchaser and vendor. Corpo‐ 2. Market Update 2012 ratebuyers oftenencounter difficulties due to the In 2012, approximately 350 M&Atransactions were lack of enforceability of seller warranties and alow recorded in the Swiss M&A‐market13.For the same credit rating of the vendor,which cannot be compen‐ year an estimated number of six to eight W&I‐ sated by alower purchase price. Thewarranties & insurancecontractswere concluded for policyholders indemnities insurance (W&I or warranty insurance) based in Switzerland14.Onaverage every 3rd request is an innovative tool andhas been widely used by foraninsuranceoffer resulted in abound policy. This the private equity industryinthe past years not only confirms that W&I‐insuranceisstill very selectively in theU.S.A.and U.K., butalso in Asia and increas‐ used in Switzerland15. ingly on the European continent. Insured limits ranged generallybetween 10%and 50% Following an introductorynote on (1) theconcept and of the transaction value. The averageinsured limitof the applicationofthe W&I‐insurance, this paper pro‐ the reported policies amountedtoCHF 12 million, the vides (2) amarketupdate on its use in Switzerland as smallest CHF 1million andthe largest CHF 50 million. of 2012, and illustrates (3)the benefitsachieved by The average premium amounted to CHF 350,000. For presenting recentcase studies8. the warranties &indemnities‐type of coverage the 1. Concept andField of Application premium ranged between 0.8% and2.5% of the insur‐ M&A advisors offer anumber of tools to support the ance limitdepending on the complexity and size of the parties in processofallocating therisks to atransac‐ transaction. In case of the buy‐out of knownexposures tion. In the case of an investment fund being the ven‐ (i.e. tax issues, pending claims andother contingent dor and lookingfor a“cleanexit”, contractualwarran‐ liabilities), the premium amounted up to 8%‐10% of ties may reduce or delay thedistribution of sales pro‐ the sum insured as reflected in two of the reported ceeds to investors. For the buyer, the counterpartyrisk insurance transactions. grows proportionally to therising number and in‐ 3. Case studies creasing extent of the seller’s commitments. Some‐ times, the distinct assessment of identified or potential Five case studies based on recent M&A‐transactions that involved parties in Switzerland, Austria and risksbecomes adeal breaker between theparties9. Germany were selectedtoillustrate the application of To match the needs of the M&A marketwith regard to M&A‐insuranceand itsbenefitstobuyers andsellers. risk allocation,the insuranceindustry provides inno‐ vative solutions:The warranties &indemnities insur‐ ance (W&I or warrantyinsurance, also known as rep‐ resentationsand warranty insurance in the U.S.) is such atool to transferrisks related to contractual war‐ ranties and indemnitiestothe insurance market10. W&I‐insurancemay be used as an alternative, asubsti‐
tute,orasanaddition to customary collateral. 11 EVCA,Professional Standardsfor the Private Equity and Venture Capital Industry,EVCA Handbook 2013,Section 3, Art. 3.5.3. (www.evca.eu). The European private equityindustry has recognised 12 For adetaileddescription of the conceptofW&I‐insuranceand its applica‐ tion theauthor refers the interestedreader to aseries of twoarticles in W&I‐insuranceasatool to optimize their M&A‐deal German language,co‐authored by Dr. Thomas Mannsdorfer, that were published in the M&AReview, issue no.3(part I), respectively no. 4(part II), 2012 (ma‐review.de) as well as to an abridged versioninEnglishlan‐ guagethatappeared in the SECA Yearbook2012, p. 46, (www.seca.ch). 8The author would like to thank the contributors of case studies relatingto 13 KPMG, M&A Yearbook 2013 Edition. recent M&A‐transactions thatinvolvedparties in Switzerland, Austria and 14 The estimate is based on information provided by theinsurers Allied Germany. World AssuranceCompany, HCC, and Pembroke and cross‐checked by the 9WALKER GREGORY,Unglückliche Kompromisse, Merger Special, Handels‐ author with other relevant insurers. zeitung, Nr. 3, 2012, p. 49. 15 DIEM HANS‐JAKOB,Lenz&Staehelin, SECAevening eventon26August 10 DEMIRBILEK NIKI,M&A Insurance,GoingPublic, No. 12,2009, p. 64. 2010,on«SecondaryBuy‐Outs ‐Legal Aspects». 58 SECASECA Yearbook Yearbook 2013 2013
3.1 Swiss SellersofManufacturing Company16 3.2 SecondaryTransaction17
Business sector Food processingequipment Business sector Healthcare products
Deal size €50,000,000 Deal size €200,000,000
Insurance limit €20,000,000 Insurance limit €20,000,000
Policyholder Swiss sellers Policyholder German PE firm, buyer
Insurer Pembroke Syndicate at Lloydʹs Insurer Allied WorldAssurance Company
Table1: Swiss Sellers of Manufacturing Company Table 2: SecondaryTransaction The sellersinthe transaction were two individuals The insurerdeployedW&I‐insurance capital to facili‐ (domiciled in Switzerland), who were selling their tate an international secondary deal. manufacturing company, basedinEurope. Thebuyer The target company sold is aleading global manufac‐ wasaScandinavian tradebuyer. turer of specialized healthcare products with produc‐ The sellers planned to distributesome of the sale pro‐ tion facilities in Europe, theUnited States and Mexico, ceeds to family trusts,soon after the sale. The sellers andits products are sold in over 90 countries. The were concernedthat, once they had transferred sale target has over 1,500 employees and annualrevenues proceeds into theirfamily trusts,they would not be in excess of €250 million. able to meet any claims under theShare Purchase The target wasformed in the 1980’s and the exiting Agreement(SPA). Thesellers were also attracted to private equity (PE) seller was investedinthe target the defencecosts cover provided by asellers’ W&I‐ early2000. As thenew investor (buyer)isalarge Ger‐ insurance policy. man PE firm,this was asecondary PE deal The insurerprovided the sellers to transactionwith The value of the transaction was of approximately €20m of insurance to protect asignificantportion of €200 million. Abuyer‐sideW&I‐insurancewas placed their acquisition. The W&I‐insurance facilitated the with apolicy attachment point of €2 million(i.e. 1% of transaction and provided both the seller and the buyer transaction value) and apolicy limitof€20 million. with key benefits: The insurer provided coverfor the warrantyclauses. Benefitstothe buyer –bytaking out insurance, the Key driver for the use of W&I‐insurancewas that the sellers were willingtogive the €20m of warranties & target being divested was thelast investment in the indemnities demanded by the buyer. fund to be sold and so the seller could not give any Benefitstothe sellers –the sellers’ insurance policy contractual liability beyond the €2 millioncap setout protected thesellers up to thefull amountofwarran‐ in the SPA. Thetarget’s management was rolling over ties &indemnities. The policy included defence costs with the deal.The PE buyer required additional con‐ covertoprotect the two sellers (who planned to retire). tractual recourseand so W&I‐insurance wasused to This meantthat thetwo sellers felt comfortable dis‐ provide this cover. tributing asignificant portion of the sale proceeds into Other macro‐economic drivers: family trusts. Auctionprocess in acompetitive environment, re‐ flective of uptick in M&AactivityinQ42012.
SPAcontainedleakage provisions, reflective of strong competitiveprocess as locked box‐structures were less popular in 2012.
16 Source: Robert Brown, Director, Mergers&AcquisitionsInsurance,Iron‐ shoreInternational /Pembroke Syndicate at Lloyd’s, London, 17 Source:Tim Martin,Senior Vice President, AlliedWorld Assurance Com‐ (www.pembrokeunderwiting.com) pany (Europe) Limited,London, (www.awac.com) 59 SECASECA Yearbook Yearbook 2013 2013
Continuedstrong focus by buyer on the duedili‐ 3.4 Acquisition of German Automotive Company19 gence –i.e.global review includinglegal,financial, taxand commercial due diligence. Business sector Automotive components
Alongside concentrated duediligence processthere Deal size €370,000,000 wasaheavy focusonthe negotiation of the warran‐ Insurance limit €30,000,000 ty package –the duediligence and warranty pack‐ Policyholder German trade buyer age as ajoint work‐stream. Insurer Pembroke Syndicate at Lloydʹs 3.3 Private Equity Portfolio Company18 Table4: Acquisition of German Automotive Company Business sector Private equity portfolio company, The buyer in the transaction was aGermanincorpo‐ co‐owned 15% by itsmanagement rated trade buyer, which wasacquiringaspecialist
Deal size €25,000,000 automotive componentmanufacturing company.The target business had significant operationsinseveral Insurance limit €8,750,000 countries throughout Europe and in China.The seller Policyholder Buyer was amajorprivate equity fund.The transaction took place in the Germany. Insurer HCC Global Financial Products
Table 3: PrivateEquityPortfolio Company The seller planned to distributesome of the sale pro‐ ceeds to its private equity shareholder,soon after the Atargetcompany, valued at €25 million, owned by a sale.The buyer wasconcerned that it wasunlikely to PE funds andmanagers was to be divested. The fund, be able to make recoveries from the seller(the exiting which held the target, wastobeclosed in the coming privateequity fund)and also wanted to avoid pursu‐ months. ingthe selling management,who were staying with The PE fund did not wanttogive anywarranties, thebusiness. The buyercarried out thorough due dili‐ managers agreed to give warranties up to their share gence but the target waslarge and diverse. percentage with the targetcompany (15%). The insurer provided the buyerwith €30mofinsur‐ Following an auction process the best offer requireda ance to protectasignificantportion of theiracquisi‐ limit of warranties up to 50% of the purchase price. tion. TheM&A‐insurance facilitated thetransaction Theseller proposed to thebuyertotake out aW&I‐ and provided boththe seller and the buyer with key insurance policy. The insurer wouldindemnify in case benefits: of abreachofrepresentations andwarrantiesona Benefitstothe buyer –the insurance protected asignif‐ “quota‐share basis” with management (additional icant portionofthe purchase price, (including any limit up to 35% of the purchase price). seller fraud). This was more attractive to the buyer Benefitstothe seller ‐The policy matchedthe deducti‐ than thelimited level of warranties and indemnities ble provided under theSPA (i.e. €250,000). The policy provided by the seller. Further the insurance contract was structured on anon‐recourse basis against the represented alower credit risk than theseller. seller. There wasnoprice adjustment linkedtothe Benefitstothe seller –bystructuring the transaction to limit of warranty.The seller did not retain any liability include insurance for the buyer, the Private Equity following completion andwas able to close the fund seller was able to avoid putting asignificantamount of and distributethe proceeds accordingly. moneyinto escrow. This meant that theprivate equity Benefitstothe buyer ‐The buyerwas satisfied by the seller could quicklydistribute the sale proceeds to its insurer’s financial rating anddid not require anymore fund andinvestors. an escrow account.
18 Source: Priscille Hérault, Senior Underwriter, HCCGlobalFinancialProd‐ 19 Source:Robert Brown, Director, Mergers&AcquisitionsInsurance,Iron‐ ucts ‐Barcelona, asubsidiaryofHCC Insurance Holdings, Inc., (www.hcc‐ shoreInternational /Pembroke Syndicate at Lloyd’s, London, global.com) (www.pembrokeunderwiting.com) 60 SECASECA Yearbook Yearbook 2013 2013
3.5 Facilitation of aGerman PropertySale20 financialperspective, W&I‐insuranceisparticularly effective, if thepremium is lowerthan thepurchase Business sector Real estate pricediscount requested by the buyer for not insisting Deal size $650,000,000 on certain warranties and/or indemnities.
Insurance limit $650,000,000 Using M&A‐ insurance solutions, deal breakers can be overcome, eventually leadingtoawin‐win‐situation Policyholder US privateequityfund, seller for all parties involved. Insurer Various,incl. LloydsofLondon through Secure Legal Title
Table 5: Facilitation of aGerman Property Sale GregoryWalker Amajor US private equity fund wished to sell its $650 Managing Director millionoffice project in Germany, held in aspecial Walker Risk Solution Ltd. purposeentity. The private equity fund expected that An der Lorze 7 thebuyer wouldrequire representations and warran‐ 6300 Zug ties that the property was being sold with good title. [email protected] To secure those representationsand warranties, the special purposeentity wouldberequired to escrow a portionofthe salesproceeds. Alternatively, theprivate equity fund wouldbeasked to guarantee the entity’s representations andwarranties, resultinginacontin‐ gent liabilityonthe fund’s balance sheet.
The private equity fund wanted to avoid bothalterna‐ tives. The insurer underwrotethe title risks on the propertyand issued atitleinsurance policy, which assured the buyerthat therewas good title to the property, free andclear of any liens, charges or en‐ cumbrances. In addition, thepolicy provided that, in theevent of any claims against the title, the Insurer would assume the defenseatits ownexpense. The total sum insured amountedto$650 millionofwhich 50% wasco‐insured by Lloyd’s of London. This satis‐ fied the buyer and eliminated the need for the repre‐ sentations andwarranties escrow or guarantee in the sale andpurchase agreement.
Summary In avolatile marketenvironment, bothparties´ need for securityhas increased.Corporate buyers often encounter difficulties due to thelack of enforceability of seller warranties or alow credit ratingofthe ven‐ dor,which cannot be compensatedbyalower pur‐ chase price.
M&A‐transaction risk insurance offers special solu‐ tions that provideahigh strategic value and competi‐ tive advantages forthe buyer and the seller. From a
20 Source:Jean‐Bernard Wurm,ManagingDirector,Secure LegalTitle Lim‐ itedarepresentative of Lloyd’sCover–holder SSLInsurance BrokersLtd., (www.securelegaltitle.com) 61 SECSECAAY Yearbookearbook 2013 2013
The Professional Liability Risks of the 2. Operational Risksand Professional Liability Fund Manager According to the AIFM Theoperational risks, of an AIFM aredifferent de‐ 22 23 Directive and therevised CISA pending on the client base ,the assetclasses and product design24,aswell as the resulting organization‐ al structures and processes.AIFM’s use tax efficient This paper is dedicated to the regulationsofthe business models with both,on‐ andoffshore struc‐ Swiss CISA as well as thecorresponding European tures, and theycollaboratewith outsourcing partners, guidelines relevant to theprofessional risk and the which expose them to differentjurisdictions, increas‐ legalliability exposure of an AlternativeInvestment ingthe AIFM’s specific legaland regulatory risks. Fund Manager (AIFM). It discusses measuresfor practical handling. Against the multifaceted sources of exposures, the Swiss CISA does not outlinethe negligentoperational Theregulatorybackgroundofthe AIFM’s riskman‐ and professional errors or omissions for which afund agement functionisoutlined in part 1. Part 2dedicates managercould be held liable. to the identification andassessment of the AIFM’s professional liability risks. Part 3discusses meansto In contrast, theAIFMD aims to uniformly regulate the monitor and controlthese risks. In part 4welook at to AIFM’s professional indemnity exposures. Profession‐ which levelthese risks need to be covered by way of al liability risksare risks of loss or damagecaused by a equity capital or by wayofaprofessionalindemnity relevant person25 through thenegligent performance policy.Part5looks at the AIFM’s exposure beyond the of activities for which the AIFM haslegal responsibil‐ minimumcoverageand howtoprotect against. ity.
1. Regulatory Background Professional liabilityrisk include risks of:(a) loss of documents evidencingtitle of assets of the AIF; (b) As of March 2013, the revised Swiss Collective Invest‐ misrepresentations or misleadingstatements madeto ment SchemesAct (CISA) and itsordinance (CISO) the AIF or its investors; (c) acts, errors or omissions came into force. The main reasonfor the revision was resulting in abreach of: legaland regulatory obliga‐ theAlternative Investment Fund Managers Directive tions, duty of skill and care towards the AIF andits (AIFMD)21 issued by the European Union(EU). investors, fiduciary duties;obligations of confidentiali‐ According to thenew Swissregulation“managing an ty,AIF rules or instrumentsofincorporation, terms of investment fund” broadly means performing portfolio appointment of the AIFMbythe AIF; (d) failure to and risk management. This definition does not con‐ establish, implement and maintain appropriate proce‐ form to that in the AIFMD, which requires that the dures to prevent dishonest,fraudulent or malicious asset managerexercises either portfoliomanagement acts; (e)improperly carried out valuation of assets and or risk management.Assuchthe AIFMD provides calculationofunit/share prices;and (f)losses arising more room to allow substantial delegation of the risk from business disruption, system failures, failureof management function. Havingsaid that,the liability of transaction processing or process management. the AIFM for failing in itsriskmanagement is demar‐ The regulation’s detailed definition of professional cated, and the exposure to claims forindemnification liabilityrisks, however, is neithermeant to be com‐ of investor’slosses due to such failurewill ‐nodoubt‐ plete nor exhaustive. Indeed, theAIFM shall imple‐ be rising. It shouldbekeptinmind that one of the main objectivesofthe legislatoristhe protection of the investor.
22 The AIFM’s customerbase may typicallyinclude institutional investors like pension funds, banksand insurers,aswell as independent asset man‐ agers, family offices andvery wealthy private clients. 23 AIFM typically invest in assets like private equity and venture capital, in finance instrumentslikemanaged futures andother hedgingstrategies, in infrastructure, real estate, and in commodities as well as ‐inabroader 21 The AIFMD regulates activitiesofAlternative InvestmentFundManagers sense ‐intocollective arrangements of assets like wine, art or antiques. (AIFM) operating in the EU, i.e.,any EU or non‐EUAIFMmanaging and/or 24 E.g. single funds or funds of funds. marketing any EU or non‐EUAlternative InvestmentFund(AIF) to quali‐ 25 Accordingtothe AIFMD, theterm‚relevant persons‘ includes: (i) adirec‐ fied investorsinthe EU. An AIFisany non‐UCITS fund, both EU and non‐ tor,partner or equivalent, or managerofthe AIFM; (ii) an employee of the EU domiciled, explicitlyincludinghedge funds, privateequity fundsand AIFM;(iii) anatural or legal person who is directly involvedinthe provi‐ real estate funds. sion of services to theAIFM under adelegation arrangement. 62 SECASECA Yearbook Yearbook 2013 2013 ment effective procedures in order to identify itsown managermight optfor an internally or an externally specificrisks related to itsprofessional liability. administered solution27.
3. Management of Operational Risks 4. Risk Retentionvs. Risk Transfer The Swiss regulatory approach to managing opera‐ The AIFM basically has two options when covering his tionalrisks is brief: The regulated assetmanagerhas to liabilityrisks: (1)itcan retain the risk, i.e. covering provide arisk management function, an internal con‐ riskswith ownfunds or (2) it cantransferthe risk to trol system as well as acompliance function that co‐ another party, i.e. by way of insurance. vers allofits business activities. Therisk management The Swiss CISAand the European AIFMD provide for function must be organised in such away, that it can bothoptions: potential exposures aretobecovered identify, assess,control and monitor all relevant risks. with additional ownfunds or with professional liabil‐ The regulated assetmanager separates risk manage‐ ityinsurance. ment function, an internal controlsystem as well as a compliance functionfrom other operational functions, However, the AIFMD defines the minimum level of namely from portfoliomanagement. coverage againinrather adetailedway.
The AIFMD’srequirementsare comparable to this In case the AIFM chooses to coverits liabilityby point: Accordingly, theAIFM shall implement ‘effec‐ additional ownfunds, it shalldetermine the amount tive internal operational risk management policies and being at leastequal to 0.01% of the value of the port‐ procedures in ordertoidentify,measure,manage and folios of AIFs managed.The value of these portfoli‐ monitorappropriately operationalrisk including pro‐ os shall be the sum of the absolutevalue of all assets fessionalliability risks to which thefund managerisor of all AIFs managedbythe AIFM, including assets could be reasonably exposed’. acquired through use of leverage, whereby deriva‐ tive instruments shall be valued at theirmarketval‐ The directive then goes further and requiresthat the ue. AIFM shall setupahistorical loss database, in which anyoperational failures, lossand damage experience In case the AIFM chooses to cover itsliability for and any professional liability risks shallberecorded. professional liability risks by way of an insurance Where appropriate theAIFM shall make use of exter‐ policy,the sum insuredtocoversuch risks is de‐ nal data, scenario analysisand factors reflecting the termined by the value of the portfoliosofAIFs business environment and internal control systems. managedand the AIFM’s individual risk profile. This AIFMD‐requirement mirrors the standards for The suminsured shallbeatleast equalto0.7% of banks and insurers. In ordertofacilitate such an ap‐ the value of the portfolios of AIFs managedtocover proach, some larger financialinstitutionsuse special asingle claim, and 0.9% of the portfolios’ valueto IT‐solutions to support theirgovernance, risk man‐ coverall claims madeinasingle year,itbeing the agement andcompliance functions26. aggregated sum insured. Because the coverage through an insurancecontract is supposedtobeless LargerAIFMs with assets under management of €10 certainthan coverfor risk by the AIFM’s equity,dif‐ billionormoremay have already implementedanIT‐ ferent percentages apply to thetwo instruments. system to support risk management.Smaller and mid‐ Hence, the sum insured (i.e.0.9% of assets under size AIFMs often start using simple office tools (e.g. management)equals ninety times the amount of Excel) to support risk management.But, after afew additional ownfunds (i.e.0.01%). years, it is recommended to transferthe proven con‐ cept to adatabase‐driven solution,which permitsdata history with audittrail, user rightsmanagement,sim‐ ple work‐flow support, as well as management report‐ ing. Depending on the sizeand complexity, afund
26 So calledGRC‐applications; the acronymGRC stands for Governance – Risk Management –Compliance. GRC‐applications are database‐drivenIT‐ solutions with workflow‐support, acomplete and auditabledatahistory, user rights management and flexiblemonitoringfunctions on depart‐ 27 Claus Huberund Dr. Daniel Imfeld, Asset Management: ORM–Erfolgs‐ mentaland corporate level. faktorenund Stolpersteine, 9.2012, diebank(www.die‐bank.de) 63 SECASECA Yearbook Yearbook 2013 2013
Giventhese factors, theDirective provides little incen‐ or criminal investigations andtoprovide for adequate tive to theAIFM to optfor “risk transfer”, because the provisions. The transfer of such risk foranagreed cost cost of insurancecover is by far higherthan the cost of is considered to be more straightforward. the additional equity28.Yet,the European Private Equi‐ For most AIFM,when buying or renewing an insur‐ ty and Venture Capital Association EVCA considers ance policy, the keyelement is thelimit insured and its that “[…] professionalindemnityinsurance should be price. While the limit insured hassome bearing in the afar better policy instrument to meet the risks to in‐ event of aclaim, the price certainly has less. Equally vestors from professional negligence than additional important for the insured, but more challenging to ownfunds. Requiring additional ownfunds reduces assess, arethe terms and conditions of the policy, the the ability of the owners of the AIFM(typically the insurer’s understanding of the insured’s risk and his senior management of the AIFM) to invest in the AIF. capability to offer tailoredcover, andthe ability of the This has traditionally been akey mechanism, insisted insurertopay claims.Once insured, it is crucialfor an on by private equity andventure capital AIFinvestors, AIFM to build asound understanding with directors, foraligning the interestsofinvestors andAIFM.” officers and partners about the connection between its The new regulations regarding quantitativelevel of D&O‐liability insurance and the indemnification coverage may even send awrong signal to theAIFM: clauses in the LP Agreement or similarcontractual It hastobeseen whetherthe legal minimum amount documents. of additional equity or the required sum insured is Beyond liability risks, the AIFM might consider the high enoughtocover the significantly increased liabil‐ potentialfinancial consequences of fraud. Fraudulent ity exposure. Most likely not: Investorstypically con‐ schemes of own employees with or without assistance sider claiming for indemnification when losses exceed by thirdparties often operate undetectedfor many 10% or more of the investment. Additionalfunds years and cancause potentially high losses.The dam‐ amountingto0.01% of Assets under Management will age to reputation can lead to the AIFM ceasing to op‐ barely pay for the own legal(defence) cost. Liability erate. Criminalpersecutions as well as civiland regu‐ risks have two cost dimensions: the cost for investigat‐ latory actionshave adirect impact on the AIFM’sop‐ ing and defendingaclaimplus the amount of damag‐ eration. Insurance can mitigate the AIFM’sloss caused es to be paid in the eventofawarranted claim. Apru‐ by employeefraud. This in turnreduces the AIFM’s dent AIFM will take this into account when arranging exposuretoaprofessional liability claimfor failure to hisown professional liability insurance. prevent such fraud in firstplace. 5. How Can the AIFM ProtectAgainst the Increased Other exposures forAIFMs of private equity arise Liability Created by the Regulation from corporatefinance transactions: Legal litigation Professional indemnityand directors’ and officers’ exposures andcounterpartyrisks from breach of con‐ liability insurance have afirm placeinthe risk man‐ tractual warranties andrepresentations can be insured agement of most mid‐sizedorlarger AIFMs.The pri‐ against.SometimesanM&A deal does notget closed mary reasonisnot the protection of investors, even andthe targetmight claimfor lost financing opportu‐ though they might benefit from it likewise. It is rather nities or for breach of confidentiality agreements. The in the own interest of the AIFM’s directorsand officers event of key employee departurescan create signifi‐ protecting their personal assets in case of claimsbythe cant losses to thefund and itsmanager. Investments investors29.For smallerorganisations it is particularly abroad cancause significant loss related to credit risk difficult to assess the risk of civil demands, regulatory or political risk from confiscation and the likes. Dan‐ gers like these may materialiseonly in rare occasions. However, if they do the ability of the AIFMtoprotect 28 Assume an AIFMhas €1billion assets under management.Either the its investments, settle justified claims by investors and AIFM shallprovide €100,000 of additional own funds (i.e. 0.01% of man‐ aged assets) at an opportunity cost of approximately €15,000 peryear, or it successfully defend against unjustified demands might shall buyaninsurance policywithasum insured of €9million(i.e. 0.9% of managedassets) at an insurance premiumofapproximately€150,000 or be greatly impaired. more peryear. In additionthe insurer would ask foraminimalexcess of at least oneper cent of thesum insured,the excess would amount to €90,000. Accordingly, theEuropean PrivateEquity and Venture 29 Even if an indemnification agreement in aservice contract with the AIFM Capital Association (EVCA) recommendsits members can protectthe directors and officers to acertain extent, such clause may be invalid in case of gross negligence, whichoften is allegedininvestor’s to align theirinsurance requirements regularly with claims. 64 SECASECA Yearbook Yearbook 2013 2013 the own risk profile. The objectiveistoreduce the cost of capitaland increase the risk taking‐capacity of the AIFM by protecting the AIFM, the AIF andultimately theinvestors from unexpected andsignificant loss.
6. Conclusion The new Swissand EU regulations outline theAIFM’s duty to implement and maintain effective measures for the management of operational risks. No doubt, the fund manager’s professional risks and the legal liability exposure towardsclients andother stakehold‐ ers will increase.
The regulationspecifies minimumfinancial coverage of these risks. At thelegal minimum, the AIFMmight opt to coverits professional liability risksbymeans of equity capital, which provides for more flexibility at a lowercost than by means of insurance.
Liability insurance, beyond the AIFM‐Directive’s stat‐ utory requirements, is ever more important:Not only investors need to be shielded from lossesarising from professional negligence, but also the directors, officers and partners of the AIFM require protection of their personal assets andthat of their fund‐structure from claims forindemnification of the investors.Itisthere‐ fore essential to adapt theinsurance solutiontothe risk profile andthe risk bearing capability of an AIFM.
Gregory Walker Managing Director Walker Risk Solution Ltd. An der Lorze 7 6300 Zug [email protected]
65 SECASECA Yearbook Yearbook 2013 2013
Young SECA Free access to SECA XING‐group Free access to Young SECA accounts on Facebook TheYoung SECA is an independent workinggroup and LinkedIn of SECA, whichisfocusedonthe needs of young professionals withinthe Private Equity, Venture WhoisaYoungSECA Member? Capital,Corporate Finance andM&A industryin Areyou under35years of age and do you have amax‐ Switzerland. imum of five years professional experience in the field What are the objectives of Young SECA? of Private Equity,Venture Capital and Corporate Fi‐ The primary mission of Young SECA is to organize nance, then youare kindly invited to joinour associa‐ networking events and connect young people in the tion.Ifyour employerisalready aSECA member and fieldofCorporate Financeand PrivateEquity with you wouldliketoreceive the information aboutthe more senior SECA members. Moreover, we want to activities of YoungSECA directly, then you arekindly establish acontinuousexchange between young en‐ asked to join separatelyusasaYoung SECA Member. trepreneursand young investors. How can IbecomeamemberofYoung SECA? Young SECA has the objectives to: If you fulfil themembership‐criteria (age andprofes‐ sional experience), you submit us your application by 1. build up anetwork betweenyoung investors; completing theform on the official SECA Website (in 2. offeringaplatform for networking betweenyoung the section membership). Foranannualmembership andestablished investors; fee of only CHF120,you arepartofour dynamic asso‐ 3. build up anetwork to interesting start‐ups which ciation. are looking for financing; How active is Young SECA? 4. establish industry standards for young investors; Young SECA has been establishedin2011. During the 5. inform aboutthe activities of SECA. year 2012, the newlyformed Working Grouphas or‐ What are the benefits of amembership? ganized awiderange of events. Starting with the first Young SECA GetTogether in March 2012,followed by aspecial Young SECA trackaspartofthe 10. Swiss Private Equityand Corporate Finance Conference in July and two furtherYoungSECA after‐work events in August and November 2012.
Date Time Location Subject 14/03/2012 19:00‐22:00 Atelier Bar, 1. YoungSECA Zurich Get Together 04/07/2012 09:00‐12:00 SIX Swiss 11. Swiss PrivateEquity Exchange, &CorporateFinance Zurich Conference ‐Young SECA Track Figure 1:Young SECA’s Services 30/08/2012 19:00‐22:00 Al Leon, 2. YoungSECA In addition to thewide sort of events (networking Zurich Get Together
events, eveningevents, trendluncheons, paneldiscus‐ 15/11/2012 19:00‐22:00 Métropol, 3. YoungSECA Get sions, ect.), Young SECA provide agrowinglist of Zurich Together services for its memberssuchas: Table 1: Past Young SECA Eventsin2012 2to3Young SECAEvents peryear free of charge During the first year of operation, Young SECA recog‐ Special discountsfor SECA and sponsoring events nized astrong interest. Within thefirst year, the num‐ (publishedinthe eNewsletter) ber of Young SECA Membersincreased to 64!
Weekly SECA eNewsletter What are the plansfor 2013?
SECA Yearbook forfree For 2013, the working group anticipatestoenlarge its membership and further expand the servicesboth
66 SECASECA Yearbook Yearbook 2013 2013 geographicallyand in the variety. Thus, we envisage to build up aYoung SECA in the Romandie in order to strength interactive exchange between young profes‐ sionals within ourindustry in Geneva andLausanne Alan Frei as well. Co‐President Moreover, thereare anumber of interesting events in Young SECA theupcoming year designedtomeet the needs of our [email protected] Members: Cédric Vollmar Date Time Location Subject Co‐President 31/01/20 19:00‐22:00 Club Amber, 4. YoungSECA /Intra‐ 13 Zurich LinksGet Together Young SECA 18/04.20 18:45‐21:00 Blue Mon‐ PCU&YoungSECA [email protected] 13 key, Zürich (K.Hommels, Investor) 03/07/20 09:00‐12:00 SIX Swiss 12. Swiss PrivateEquity 13 Exchange, &CorporateFinance Zurich Conference –Young SECA Track 05/09/20 19:00‐22:00 Zurich 5. YoungSECA 13 Get Together 16/10/20 17:15‐19:00 Widder SECA &YoungSECA 13 Hotel, Zurich EveningEvent 14/11/20 19:00‐22:00 Zürich 6. YoungSECA 13 Get Together
Table 2:UpcomingYoung SECA Events Who we are? The steering instrument of Young SECA is composed of the following six people:
Marc P. Bernegger
Philipp Dialer
Alan Frei
Thomas von Hohenhau
Stefan Steiner
Cédric Vollmar
Further information and registrationpossibilities www.seca.ch/young
Links Join us on: Facebook,XINGand LinkedIn
Contact Please do not hesitate to get in contactwith us if you have any questions or ideas to furtherimprove our working group.
67 SECASECA YearbookYearbook 20132013
Evaluation of Private EquityReal Estate IndexPerformance Indices Figure 1shows theperformance of thefourPEREindi- cescomparedtoother asset classes,since 2001. For Unlike investments in stocks andbonds,privateequity Townsend, thethree publishedindices (core, value real estate (PERE) hasnowidelyaccepted passivein- added, opportunistic) have been aggregated,using a dexavailable, which is being used to measureafund’s value weighting methodology, to generateacompara- performance against. Nevertheless, to evaluatehow a bleindex. fund hasperformed relative to otherPEREfunds,in- vestorsrequire accurate andtimelyinformation.Sev- eral alternative indicesonreporting PERE fundsexist.
Thefollowing article provides an analysis of currently availablePEREindicesand theircharacteristics.The pros andconsand thedifferences in region, style, size andmethodology arebeing presented.Moreover, is- sues,whichlimit an index’ useasabenchmark, such as investability, access or transparency arebeing eval- uated.The focusinthis articleisonprivateequityreal estate, anddoesnot address publicly traded real estate securities.The findingsare basedonacademicpublica- Figure 1: PERE IndicesversusStocks andBonds tionsand data compiledbyseveral index providers. AllfourPEREindicesincreased steadily, reaching theirhighest valuations between 2007and 2008. Espe- Overview of PERE Indices cially PGTR could enhance itsreturnsthrough theuse Throughaliteraturereviewand by talking to invest- of ahigherdegreeofleverageinvalue addedand op- mentprofessionals(forglobalPEREinvestors)the four portunisticfunds.However,PEREfunds suffered majorPEREindices, from theindex providersEurope- largewrite-downs,due to thesub-primemortgage an Association forInvestors in Non-Listed RealEstate crisis.The useofexcessive debt hasmagnified the (INREV),NCREIF&Townsend (Townsend), Partners lossesduring thedownward trendinthe economy. Group&ThomsonReuters(PGTR), andPreqin, have ThePEREmarketbottomedout in 2010. been identified andanalyzed.Table 1summarizesthe During thelast11years,all four PERE indiceshave main attributes of thefourindices. outperformed stocks. In comparisontobonds,only the
Indexname INREV Townsend PGTR Preqin PGTR andthe INREVindex have outperformed on an absolute level. Further, only thePGTR hasperformed Strategy Core Core Valueadded Valueadded Valueadded Valueadded better than direct property investments (NPI130), but Opportunistic Opportunistic Opportunistic with ahighervolatility(Figure 2). Region 88%N.America 53%N.America 62%N.America 100% Europe 6% Europe 18%Europe 27%Europe 6% Asia 29%Asia 11%Asiaand rest of theworld Perfor- Money- Time-weighted Netcashflows Money- mance weighted returns(gross to investors, weighted measures returns(IRRs), andnet), IRRs time-weighted returns(IRRs) based on NAV andmultiples. returns, IRRs based on NAV andmultiples andmultiples Firstindex Since2001 Since1989 Since2000 Since2001 data Figure2: Historical Risk-ReturnProfile:Q12001 -Q22012 Sample 285funds since Currently 311 290funds since 859funds since size 2001,GAV of funds 1981,NAV of 2001 currently currently 30 NCREIFPropertyIndex (NPI)isbeing used as ameasure of direct real estate EUR165 billion USD130 billion investment returns. TheNPI is aquarterly publishedindex, whichmeasures theperformance of alarge pool of individual commercialrealestate, located Table 1: Overview of PERE Indices in theUSA,onanunlevered level(NCREIF, online).The more commonly used Global Property IndexfromIPD hasnot beenused,since it is only pub- lished on ayearly basis. 68 SESECACA Ye Yearbookarbook 2013 2013
ThePEREindex returnsvarybetween 5.85% and Thethree indices(Preqin, PGTR,Townsend),which 11.84%p.a., whereasthe annualized volatilitylies providequarterly data,showveryhigh correlations within therange of 18.30% and21.47%. between 0.82 and0.98with theNPI.Between 67.68% and95.87%ofthe variance of theindex returnscan be Since INREVdataisonly availableonayearly basis, explainedbythe underlying realestateinvestments thevolatilityofall indiceshas been measured on an (measuredasR2). Since theINREVindex invests only annual basisinorder to provideabetter comparisonof in Europeanfunds,ananalysis with theNPI (direct therisk-return profiles. Duetothe useofannual data, property investments in theUSA)would notbeap- thecalculated volatilitymightbeslightly overstated in propriate. Instead, theIPD PanEuropeIndex hasbeen comparison to calculationsbased on monthly or quar- used.INREValsoshows ahigh correlation of 0.71 (R2 terly data. of 0.51) with direct property investmentdata. Even though theindicesuse different return calcula- tion methodologies(TWRvs. MWR),different compo- PGTR /NPI (r =0.86) Preqin /NPI (r =0.82) sitionsbyregion(NorthAmerica,Europe, global) and different weightingsofthe strategies(core, value add- ed andopportunistic),the indicesare highly correlated (Table2), butdifferinthe amplitudeofthe move- ments. Ca Ba PG PrEQ Towns IN NPI MS REV pi rc TR CI ta la In Wo lG ys end rld ABI
PGTR 1 Townsend/NPI (r =0.98) INREV/IPD (r =0.71)
Preqin 0.89 1
Townsend 0.92 0.89 1
INREV 0.75 0.79 0.64 1
NPI 0.86 0.82 0.98 0.55 1
MSCI World 0.46 0.46 0.37 0.63 0.28 1
Barclays Figure 3: Correlationbetween PERE Indicesand Direct Property Investments -0.03-0.19 -0.040.43-0.06 -0.071 CapitalGABI
Table 2: CorrelationMatrix(time period:Q12001 –Q22012) Duetothe high correlations withthe NPI, but thesig- nificantly higher volatility, thefourPEREindices Especiallythe Townsendand thePGTRindicesshowa couldalsobeseen as levereddirectpropertyinvest- very high linear relationship (correlation =0.92). ments. Leveragingthe NPIbyusing theU.S.average INREVshows thelowestcorrelation amongstthe other interestratefor adjustable-ratemortgages (Mortgage PERE indices. This seemsreasonable, since this index InformationService,online), leadstoaclose match only includesEuropeanfunds,while allthe others between thePEREindicesand theNPI (Figure 4). include fundsonagloballevel withasignificant share in NorthAmericanand Asian funds.
Return Drivers
An analysis of thecorrelation between thePEREindi- cesand direct real estate investments (NPI)shows that themajor driverofPEREindex returnsisthe return from theunderlying real estate investments (Figure3).
69 SECASECA YearbookYearbook 20132013
Figure 4: LeveredNPI Figure 5: IRRbyVintage Year Therefore, acustomizedlevered direct property in- Preqin provides even more detaileddataand distin- vestment (NPI)index with thedesired leverage could guishes between topquartile,medianand bottom be used as an alternative to thePEREindices. quartile funds(Figure6)according to theIRR. The dispersion of theIRR widenssignificantly in periods However,there aresomedrawbacks of theNPI that with very high or extraordinarily lowreturnsand have to be considered when used as abenchmark. closes during periodswith neartoaverage returns. First,there arewell-knownappraisaland timing bias- Thesubstantial dispersionofthe fund performances es in thedata. Second, this indexreflectsunleveraged illustrates that simply usingthe meanormedianIRR returnsongenerally stabilizedU.S.assets,whereas canbeinaccurate. Analyzingthe return distribution most PERE fundsare heavily leveragedand notstabi- with fund specific data or at leastlooking at IRRby lized.Third, theNPI is notarelevantbenchmarkfor quartileswould provideabetter understanding of the fundswith significant internationalexposureasits PERE fund returns. Theindex providersdid notmake data reflects theperformance of properties only in the fund specific returnsavailable, which couldhave been United States.Fourth, many fundsare exposed to a used forfurther analysis. different setofriskfromthose reflected in theNPI due to thefactthatPEREfunds engage in activities such as development, redevelopment, andloanrestructuring strategies(Linneman&Ross, 2002, p. 13).
Since no fund specificdatahas been available, but only index data,ananalysis of fund specific return drivers,suchasleverage, open vs.closedfunds,core vs.value addedvs. opportunistic, etc., hasnot been possible,but wouldcontribute valuableinsights.
IRRbyVintage Year Thementioned high correlationbetween thedifferent Figure6: Preqin -Top,Medianand Bottom Quartile FundsbyIRR indicescan also be seen by theaverage IRRbyvintage INREVenables to select theirindex data forevery vin- year (Figure 5).The IRRs by vintageyearshowasimi- tage year separately. Figure7showsthatthe inception lardevelopment over time,again withdifferencesin date of PERE fundsdoesnot greatlyinfluence thesub- return level, duetothe diverging strategies. Since sequentperformance. Townsendonly reportsthe IRRs by vintageyearon thestrategylevel, it is notincludedinFigure5.
70 SESECACA Ye Yearbookarbook 2013 2013
Figure 7: INREV -Returns by Vintage Year Figure 9: Number of FundsPGTR NumberofFunds by VintageYear Figure 10 showsthatalsoPreqin’s regionalcomposi- Thenumber of fundsbyvintageyears includedinthe tion haschanged over time significantly.Nevertheless, indicesevolved similartothe PERE fundsperfor- Preqin includesaconsiderable highernumber of funds mances. However,since thereisanoverlap between compared to PGTR. thedifferent indices, Figure 8shouldnot be interpret- ed as thedevelopment of thetotal number of funds, butasthe developmentofthe sample size of thefour indices.
Figure 10: Number of FundsPreqin
As INREV(Europe) andTownsend (mainly USA)spe- cificallyfocusoncertain regions, theirindices might be Figure 8: Number of PERE FundsbyVintage Year less biased by thosechangesofthe regionalallocation. From 2001 until2007, thenumber of fundsincreased Butsince theneeded data hasnot been available, no constantly, butthendroppedrapidly at thebeginning analysis hasbeen donetoclearly answer this hypothe- of thesub-prime crisis.Acomparison of thefourindi- sis. ces showsthatPreqinincludes by farthe highest Biases andLimitations number of fundsfor everyvintageyear. Theanalysis of thefourPEREindicesshows that they In addition,important to notice is that theindex com- violatethe majorityofthe desirablerequirementsofa position by regions changed over time.Figure 9shows good benchmark. PGTR’s fundsbyvintageyear, separated by region. Investible andaccessible: It is notpossibletosimply Until2002, theindex includedonly NorthAmerican investinprivatecapital.Thisisonly possible viaindi- funds. From 2003 until2007Europeanand Asian vidual funds. Also,not allinvestors have equivalent fundswereincluded. From 2008on, again, no addi- access to underlying funds(FLAG CapitalManage- tional Europeanfunds have been included. This incon- ment,LLC,2009, p. 5). sistency in theregionalallocation,toacertaindegree, distorts theinterpretation of theindex performance. Appropriate: PERE indicesoften combine severalun- derlyinginvestmentstyles,which arenot uniform. For example,the INREVindex consists of 66% core in- vestmentsand 34% value added, whereasTownsend’s
71 SECASECA YearbookYearbook 20132013
index comprises 64% opportunistic, 29% value added, overestimation of thehistoricalindex returns(Dorsey, and7%corefunds.Thus, they representdifferent pat- 2007, pp. 359-360). terns of cash flowsand return objectives,whichmight Backfill Bias: Whenindex providersadd afundtoan notbeappropriatefor aspecific PERE fund.Due to index, they often backfill thefund’shistoricalreturns. changes in theindex constituents,the composition by Fundssubmitting performance historiestothe data- strategiesand regions changes over time. base forthe first time, caninclude as much of their Unambiguous: Theunambiguousnessfor privatecapi- earlierhistory as they want (Ilmanen,2011, p. 231). talbenchmarkproviders is notgiven,astheyoften do Theindex is biased upward, as thefundwould not notdisclose fund constituents (FLAGCapital Man- report itsdataunless it wasfavorable(Dorsey, 2007, agement, LLC,2009,p.5)and,the exact calculation p. 351). methods areoften notclearly defined, such as which Size bias:Index providersthatreceive source data via type of IRRisbeing used. theiroutsourcedreporting andmonitoring relation- Specified in advance: Theexaminedindex providers shipswith largeinstitutional investors arelikely to added(incl. backfilling) anddeletedconstituentfunds create asampleoflarge sizedfunds (FLAGCapital over time,based on theavailabilityofdata. In thecase Management,LLC,2009, p. 4). of PGTR andPreqinthe regional composition changed Recommendations significantly,which might account foraportionofthe change in thebenchmarks performance. Despite thebiasesand limitations listed above, the following section describeswhich index is most suita- Measureable andindependent: PERE investments bletobeusedasabenchmarkfor PERE investments, rely on subjective interim valuations.Their measure- according to theindex composition. ment is impreciseuntil afundiscompletely wound downand thefinalcashflows areknown withcertain- Thereisnot onespecificindex, which canbeidentified ty.Additionally, thedataofthe analyzed indicesare as themostsuitablePEREindex to be used as a calculated on aquarterly basis, leading to atimelag.In benchmark. Thechoice of thebenchmarkdepends on thecaseofINREV, publicly availabledataisevenonly theinvestment, againstwhich thebenchmarkisbeing updated annually. used.Asthe most importantcharacteristic, thestrate- gy, respectivelythe leverage of theinvestment, should Besidesthe above-stated violations of various bench- matchthe benchmarkascloseaspossible, sincethis mark attributes,the analyzed PERE indicesare up- factor leadstosignificant differencesinreturnsand wardlybiasedrelativetothe universe of PERE funds volatility. Moreover,every performance evaluation duetomainly four reasons: should be made on arisk-adjusted level, by also com- Reporting andselectionbias: Onlycertain fundsof paring thevolatilityofthe investment andthe bench- thePEREfundinvestmentuniverse areincludedinthe mark.Using theNPI andleveragingitbythe desired indices. Different approachesindatasubmission could levelcould be seen as an alternative,insteadofusing a lead to potential significant biases,aseachprovideris rather intransparent PERE index. As alreadymen- able to aggregateonly thedataitcan gain access to. tioned above, however, thereare some drawbacks of Also,fundmanagersare more likely to report on bet- theNPI that have to be considered when used as a terperforming fundsand only in goodperforming benchmark. periods(Studer &Kraemer,2012, p. 4).Moreover, Ross andMancuso (2011) advise investors to select real inconsistency over time in termsofregionalorstrate- estate benchmarks that areappropriatefor thespecific gic allocation,leads to abiasedsample. structureoftheir real estate allocation.Furthermore, SurvivorshipBias: Funds, which getliquidated,are investors should consider along-termabsoluteper- likely nottoprovide this information to theindex pro- formance return target, rather than rely on specific viders.Therefore,there canbeatendency forfailed benchmarks forcomparisonpurposes(p. 8).Moreover, fundstobeexcludedfromhistoricalindex return se- investors should be awareofthe limitations andbiases ries.Usually, failedfunds do notreportthe last peri- of theavailablebenchmarks,which often lead to an odsofperformance as they arefailing. Thus,the repre- upward bias in theindex performance measurement. sentationofonly surviving fundsmightleadtoan Linnemanand Ross (2002) statethatthe most appro-
72 SESECACA Ye Yearbookarbook 2013 2013 priate benchmarkfor PERE fundsiswhether they are achieving theirtargetreturnsusing thestrategiesand leverage they have promised theirinvestors (p.14).In otherwords,investors should verify whether funds aredoing whattheyhavepromised. Thus,consistent anddetailedreporting to investorsisrequired, so that they canassess whether thefundisperforming in line withtheir expectations.
Carlos Januario StudentMSc Banking &Finance [email protected]
Marcel Masshardt StudentMSc Banking &Finance [email protected]
Prof.Dr. John Davidson [email protected] LucerneUniversity of AppliedSciences andArts Institut fürFinanzdienstleistungenZug IFZ Grafenauweg 10 6304Zug
This article is basedonthe report “EvaluationofPri- vateEquityRealEstateIndices” (Januario & Masshardt,2013),which hasbeen written as part of theMaster of Science in Banking &Finance at theLu- cerneUniversity of AppliedSciences andArts.
Bibliography
Dorsey,A.H.(2007). Active Alpha. APortfolio Approach to Selecting and Managing Alternative Investments. Chichester:JohnWiley &Sons.
FLAG CapitalManagement, LLC.(2009). Behind the Benchmarks. The Art of Private Capital Performance Assessment. FLAG CapitalManagement, LLC.
Ilmanen, A. (2011). Expected Returns. An Investor's Guide to HarvestingMarket Rewards. Chichester:Jon Wiley&Sons.
Linneman, P.,&Ross, S. (2002). Real Estate Private Equity Funds. Philadelphia: Samuel Zell andRobertLurie Real Estate Center.
NCREIF. (2012). NCREIF Property IndexReturns.Retrieved November 10, 2012, from http://ncreif.org/property-index-returns.aspx
Mortage InformationService.(2012). Mortgage Indexes.Retrieved November 3,
2012, from http://mortgage-x.com/general/indexes/default.asp
Ross, L.,&Mancuso, J. (2011,April). Structuring aprivaterealestate portfolio. Washington: RussellInvestments.
Studer,M., &Kraemer,C.(2012, July). ANew Tool for Private Real Estate Performance. (P.Group,Ed.)Retrieved November 10, 2012, from http://www.partnersgroup.com/display.cfm/id/100516/disp_type/di splay/filename/Partners%20Group_Research%20Flash_PGTR.pdf
73 Wir führen Sie weiter!
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Diploma of Advanced Studies CAS Auf hohe Qualität legen wir Wert. Als markt- – DASAccounting orientierteWeiterbildungsinstitution bieten wir – DASAsset Management Dienstleistungen in einem attraktiven Preis- – DASControlling Leistungs-Verhältnis an. Unser oberstes Ziel – DASCorporateFinance sind zufriedene Kundinnen und Kunden. – DASCompliance Management – DASPensionskassen Management – DASPrivateBanking &Wealth Management Mehr Informationen www.hslu.ch/ifz-weiterbildung, T+41 41 757 67 67, CertificateofAdvanced Studies CAS – [email protected] CAS Finanz- und Rechnungswesen für Juristen – CAS Finanzmanagementfür Nichtfinanzfachleute – CAS Finanzmathematik und Statistik – CAS Führungskompetenz für Finanzfachleute – CAS Fundamentals in Banking für Quereinsteiger/innen – CAS Swiss Certified Treasurer (SCT)®
Fachausbildungen – Brush-up Financial Accounting – Fachkurs Controlling – Fachkurs CorporateRiskmanagement – Fachkurs Finanzen
Summer School/Seminareund Konferenzen SECASECAY Yearbookearbook 2013 2013
Chapter III Events &TrendLuncheons
75 SECASECA Year Yearbookbook 2013 2013
Reporting SECA Events –German‐speaking Switzerland
Private Equity Zwischen Wunsch und Realität –Wertsteigerung von Portfoliogesellschaften –Praxisberichte und Einschät‐ zungen zumderzeitigen Marktumfeld Mittwoch, 7. März2012, Widder Hotel,Zürich
Referenten Dr. Karl Spielberger, Orlando Management SchweizAG Stephan Erni, Lenz &Staehelin MarkusKoch, Deloitte
Moderation JanRemmen, Deloitte
Teilnehmer 100
Unternehmenswert von Marken‐Unternehmensteigern So steigern VC‐und PE‐Gesellschaften die Multiples Mittwoch, 19.September 2012, Au Premier, Zürich
Referenten Otto R. Dörner, Ottobrunn Guido Bruch, Equity Advice GmbH
Moderation Max Meister,BV4
Teilnehmer 40
Private Equity &aktuelleModelle derMitarbeiterbeteiligung
Mittwoch, 26 September2012, Widder Hotel,Zürich Referenten BjörnBöckenförde, Zurmont Madison RemoSchmid, PwC
Moderation Dieter Wirth, PwC
Teilnehmer 60
76 SECASECA Yearbook Yearbook 2013 2013
Seed Money &Venture Capital „Mobile Media“
Wednesday, 7November2012, Widder Hotel,Zurich
Discussion RaphaelLeiteritz, Google H‐JVoigt, TA Media AmirSuissa, Ringier Matthias Sala,Gbanga Oliver Flückiger, Rayneer.tv Jürgen Wolff, PayCash
Moderation Jan Reinhart
Participants 60
Launch derSECA Musterdokumentation (2nd Edition): Verhandlungsschwerpunkte und Hot TopicsinVC&PE Transaktionen
Montag,3.Dezember2012, Metropol, Zürich
Referenten Maurice Pedergnana,General Secretary, SECA Oliver Triebold, Partner, Schellenberg Wittmer
Paneldiskussion Martin Frey,Partner, Baker &McKenzie Dieter Gericke,Partner, HomburgerAG Oliver Triebold, Partner, Schellenberg Wittmer Michael Trippel, Partner, Bär &Karrer AG Ulysses von Salis, Partner, Niederer Kraft&Frey AG ChristianWenger, Partner, Wenger &Vieli AG
Moderation Beat Kühni, Partner, Lenz &Staehelin
Teilnehmer 64
ReportingSECA Events ‐Romandie
Outlook 2012 VentureCapital &Private Equity Trends Jeudi, 26 janvier 2012, Hôtel Métropole, Genève
Speaker Marc‐AntoineVoisard,Euro‐Private Equity
Intervenants Daniel Bertholet, Endeavourvision Cédric Bruix, Argos Soditic Jean‐FrançoisLagassé, Deloitte JacquesBonvin, Tavernier Tschanz
Modération Yves Genier,L‘Hebdo
Participant 54
77 SECASECA Yearbook Yearbook 2013 2013
SECA Legal &Tax Chapter BoardofDirectors in Private Equity‐Backed Companies Wednesday, 14 March2012, Hôtel Métropole, Geneva
Speakers Jean Jacques Ah Choon, Schellenberg Wittmer Frank Becker,Invision Private Equity Jacques Bonvin, Tavernier Tschanz Sacha Labourey, Cloud BeesInc.
Participants 25
Senior Management under aPrivateEquity shareholding Wednesday, 3October 2012, Hôtel Métropole, Geneva Speakers Cédric Bruix, Argos Soditic MarkusSchwyn, Kermel RalphHefti,Adent
Moderation Benoît Leleux, IMD
Participants 50
Reporting SECA Events –Highlights of the year 2012
11. Private Equity &Corporate FinanceConference
Wednesday, 4July 2012, SIXConvention Point, Zurich
Speakers several
Moderation several
Participants 400
78 SECASECA Yearbook Yearbook 2013 2013
TOP 100 Swiss Startups 2012 Meet the best young entrepreneurs in Switzerland Monday, 29 October2012, Maag Härterei, Zürich
Speakers several
Moderation Beat Schillig, Institutfür Jungunternehmen Maurice Pedergnana,SECA
Participants 250
SECA Private Equity Workshop
Freitag, 2. &16. November2012 undSamstag, 3. &16. November 2012, Institut für Finanzdienstleistungen Zug IFZ, Zug
Referenten mehrere
Teilnehmer 30
Reporting YoungSECA Events
1st After Work Drink Wednesday, 14 March2012, Atelier Bar, Zurich
2nd Young SECA Get Together Thursday,30August 2012, Al Leone, Zurich
3rd YoungSECA Get Together Thursday, 15 November 2012, Café &Bar Metropol, Zurich
4rd YoungSECA Get Together Thursday, 31 January2013, Amber Club, Zurich
79 Biotech Business Angels Cleantech CTI Invest Communication Technology Early Stage The Leading Financing Platform High-Tech for High Tech Companies in Switzerland Information Technology Later Stage Lifescience Our achievements in anutshell since 2003: Microtechnology >80Members, >48VentureDays, 9CEO Days (with 450 participants) >300 companies presented Nanotechnology >CHF 400 Mio. financing volume >50% of the presented companies closed afinancing round Ramp-up VentureCapital Members Healthcapital Zühlke Ventures Internet IBM Switzerland Zürcher Kantonalbank A3 Angels Innovationsstiftung der Schwyzer Medtechnology Aargauische Kantonalbank Kantonalbank &morethan ACTON Capital Partners 18 Business Angels Industrial Partners I-Source Affentranger Associates Jade Invest AgireInvest Logitech Europe Partnersand Seed Stage Aravis Mountain Club Aster Capital Sponsors National Instruments BiomedInvest Novartis VentureFunds Commission for Technology BioValley Business Angel Club OCAS Ventures and Innovation CTI BioBAC Onelife Advisors Gebert Rüf Stiftung Blue Ocean Ventures Swisscom BrainsToVentures (b-to-v) paprico Polytech Ventures Zürcher Kantonalbank Business Angels Switzerland (BAS) Novartis Clariant International Redalpine VenturePartners SHS Gesellschaft EPF Lausanne Creapole ETH Zurich Creathor Venture für Beteiligungsmanagement StartAngels Network OSEC Debiopharm Startfeld Stiftung für technologische DEFI Gestion W. A. de Vigier Innovation (STI) Doughty Hanson Amanda Straumann Holding Dow Europe Canton de Vaud SVC AG für KMU Risikokapital Draper Investment Empa Swisscom Earlybird Ernst &Young Synthes Eclosion IBM Switzerland Emerald Technology Ventures Target Partners PwC Emertec Technopark Luzern SIX Swiss Exchange EVA–the Basel life VenionaireCapital Tavernier Tschanz sciences start-up agency Verium Technopark Luzern Fongit Seed Invest Verve Capital Partners VentureIncubator Gebert Rüf Stiftung VI Partners wenger &vieli Go Beyond Vinci Capital Zühlke High-Tech Gründerfonds Wellington
www.cti-invest.ch CTI Invest TheSwiss Venture Platform SECASECA Yearbook Yearbook 2013 2013
Chapter IV FinancialAudit &Report
81 SECASECA Yearbook Yearbook 2013 2013
Financial Statement
82 SECASECA Yearbook Yearbook 2013 2013
Audit Statement
83 Subtil. Nicht nur derInhalt,auchder Stil muss stimmen. IRFCommunications trägtPersonen und Unternehmen mitdem nötigen Finger- spitzengefühl in denMarkt. Und so,dass sie auffallen. IRF Communications,der Partner für strategische Kommunikation, Medienarbeit, Krisen-PRund Kapitalmarkttransaktionen.
Wir engagieren unspersönlich.
Dr.Michael DüringerIStefanMathys Martin Meier-Pfister IDaniel Piller IJürgStähelin IRF Communications AG Rämistrasse 4, Postfach, 8024 Zürich Telefon+41 43 244 81 44, Fax+41 43 244 81 45 www.irfcom.ch,[email protected] SECASECA Yearbook Yearbook 2013 2013
Chapter V Membership Reporting
85 SECASECA Yearbook Yearbook 2013 2013
Full Members
86 SECASECA Yearbook Yearbook 2013 2013
ABTell WertschöpfungsAG
Contact Information
Address Alte Steinhauserstrasse 1 6330 Cham Telephone No +41 41 748 62 82 Fax No +41 41 748 62 83 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.abtell.ch
Company Information
Key Persons Mr. Andreas Baumann Year of Establishment 2007 NumberofEmployees 1 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin Industrial SectorsAll Geographical Focus Switzerland Type of FinancingEquity Financing, Majority Equity
Short Company Profile
Die ABTell Wertschöpfungs AG ist einlangfristig orientierter, Werte schöpfender und brachenübergreifender SchweizerIndustriekonzern unter einheitlicher Leitung, dessen Tochterunternehmen weltweit erfolgreich in Nischensegmententätig sind. Die ABTell bringt ihr Wissen undihre Erfahrung in alle Tochtergesellschaften auf strategischer,finanzieller undoperativer Ebene ein. Das Kernziel der ABTell istder langfristige Erhalt von innovativen KMU, Arbeitsplätzen, Know‐how und Innovationskraftinder Schweiz. Daraus resultiert eine nachhaltige Wertschöpfungzum Wohlealler und die Stärkung des Wirtschaftsstandorts Schweiz. ABTell Wertschöpfungs AG is along‐termoriented, value creatingand diversified Swiss industrial group under unified management,whose companies aresuccessfully operating worldwide in niche markets across abroad range of sectors. ABTell provides knowledge, expertise andexperience to its companiesatastrategic, financial and operational level. ABTell strives for sustainably securingthe future of solid, highly‐valued SMEs,qualified jobs, know‐how andinnovation forceinSwitzerland with the aim to generate value creation for the benefit of all and to strengthen theSwiss economy.
87 SECASECA Yearbook Yearbook 2013 2013
acano ag
Contact Information
Address Marktgasse 51 3011 Bern Telephone No +41 31 311 37 20 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.acano.ch
Company Information
Key Persons Mr. Markus Ochsner Mr. Marc Ledergerber Year of Establishment 2010 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial SectorsConstruction ‐Building Products, Consumer Related, Energy, Environment, Food ‐Beverages, Industrial Products and Services, Internet Technology, Manufacturing, Telecommunications Geographical Focus Europe Type of Financing
Short Company Profile
Corporate Finance: advisory services in M&A, valuation and financial modelling as well as fund raising. Offices in Bernund Zurich.
88 SECASECA Yearbook Yearbook 2013 2013
ACEPS Holding AG
Contact Information
Address Ampèrestrasse3 8037 Zürich Telephone No +41 71 388 90 00 Fax No +41 71 388 90 09 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] WebAddress www.aceps.com
Company Information
Key Persons Dr.Walter Meier Year of Establishment 1990 NumberofEmployees 7 Fund NamesACEPS Group Capital Under Management >CHF 200m NumberofPortfolio Companies>20 Examples of Portfolio Companies US Oil &Gas Company
Investment Preferences
Size of Investment Investment Stages Industrial SectorsEnergy Resources Technology Geographical Focus Type of Financing
Short Company Profile
ACEPS is aleading investment group engaginginEnergy, Resources, Technologies
89 SECASECA Yearbook Yearbook 2013 2013
adbodmerag
Contact Information
Address Seestrasse 227 8810 Horgen 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 Addresses [email protected] WebAddress www.adbodmer.ch
Company Information
Key Persons Dr.Adriana Ospel‐Bodmer Mr. Jan Kollros Year of Establishment 2002 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment CHF 5‐500m Investment Stages Buyout ‐Buyin,Delisting, Expansion ‐Development Capital, Turnaround ‐Restructuring Industrial Sectors Computer Related, Construction ‐Building Products,Consumer Related, Finance ‐Insurance ‐Real Estate,Food ‐Beverages, Industrial Automation, Industrial Productsand Services, Manufacturing,Telecommunications, Communications other, Transportation Geographical Focus Germany, Switzerland, United Kingdom, United States of America, Austria, France Type of FinancingEquity Financing, Majority Equity, MinorityEquity
Short Company Profile
90 SECASECA Yearbook Yearbook 2013 2013
Adinvest AG
Contact Information
Address Rigistrasse 25 8126 Zumikon Telephone No +41 44 202 21 55 Fax No +41 44 202 19 42 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses initial of [email protected] WebAddress www.adinvest.ch
Company Information
Key Persons Dr.Neil V. Sunderland Year of Establishment 1986 NumberofEmployees Fund Namesvarious Capital Under Management notdisclosed NumberofPortfolio Companies>30 (directand indirect) Examples of Portfolio Companies Daily Deal GmbH,Private Sale GmbH,Adconion Media Group Limited, Adyen BV usw
Investment Preferences
Size of Investment EUR 0.5‐5m Investment Stages Industrial Sectors Geographical Focus Australia, Europe,United States of America Type of FinancingEquity Financing
Short Company Profile
Corporate Finance and Investment Company active in:Europethrough privatesyndications, Schirm Private Equity LP,AdinvestII(Luxembourg)SCS, SICAR; West Coast USA through Montreux Equity Partners(life sciences only)and in Australia through privatesyndications.
91 SECASECA Yearbook Yearbook 2013 2013
Adveq Management AG
Contact Information
Address Affolternstrasse 56 8050 Zürich Telephone No +41 58 445 55 55 Fax No E‐mail Address for General Enquiries Format of Personal E‐mail Addresses Web Address www.adveq.com
Company Information
Key Persons Mr. Philippe Bucher Mr. Sven Lidén Year of Establishment 1997 NumberofEmployees 86 Fund NamesProgrames: Adveq Asia; Adveq Europe; Adveq Opportunity; Adveq Real Assets; Adveq Secondaries; AdveqTechnology Capital Under Management >USD 5bn Number of Portfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus Worldwide Type of FinancingNone
Short Company Profile
Founded in 1997, Adveq is aleading assetmanagerinvesting in private equity and real asset fundsglobally. It offers specialized investment solutions which allow thefirm’s clients to access select private marketsegments globally. To date, Adveq hasinvested in more than 400funds on behalf of its clientsand generated consistent returns throughout economic cycles. Adveq’sclient base comprises institutional investors such as pension funds, insurance companies, family offices andother financialinstitutions located in Europe,North America andthe Asia‐Pacific region. Many of Adveq’s investors are repeat,long‐termclients with whom thefirm has developed a role as atrusted partner for private market investing. Adveq has offices in Zurich, Frankfurt, NewYork, Beijing, Shanghai and Hong Kong, as well as arepresentative office in Sydney.
92 SECASECA Yearbook Yearbook 2013 2013 aeris Capital AG
Contact Information
Address Churerstrasse 70 8808 Pfäffikon Telephone No +41 55 511 12 22 Fax No +41 55 511 12 50 E‐mail Address for General Enquiries info@aeris‐capital.com Format of Personal E‐mail Addresses forename.surname@aeris‐capital.com WebAddress www.aeris‐capital.com
Company Information
Key Persons Mr. Ivan Popovic Mr.Uwe Feuersenger Year of Establishment 2006 NumberofEmployees 40 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Expansion‐Development Capital Industrial SectorsAll Geographical Focus All Type of FinancingEquity Financing, Majority Equity, MinorityEquity
Short Company Profile
Family investment office
93 SECASECA Yearbook Yearbook 2013 2013
Affentranger Associates SA
Contact Information
Address Uraniastrasse 26 8001 Zürich Telephone No +41 44 575 28 28 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.aasa.com
Company Information
Key Persons Mr. Lukas André Mr. Anton Affentranger Mr. Markus Decker Year of Establishment 2002 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies5 Examples of Portfolio Companies dartfish SA, mikron holdingSA(SWX, Ticker: MIKN),forteq, inflaRx, selFrag
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
Our ambitioninprincipal investing: Achieve sustainable long‐termreturnsbyactive participation in the value creation processthrough asymbiosis of capital and labour investments into companiesinatransition phaseby applying complementary skills in leadership,management,technology, production, marketing andfinance paired with hands‐oninvolvement respecting highestprofessional andethical standards strivingfor the stringent implementation of afocused business model.
94 SECASECA Yearbook Yearbook 2013 2013
AFINUM Management AG
Contact Information
Address Dufourstrasse 48 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 Addresses [email protected] Web Address www.afinum.ch
Company Information
Key Persons Dr.PhilippSchülin Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies12 Examples of Portfolio Companies Wohnprofil, Schaetti, Pinova, Wallenborn,Unitpool
Investment Preferences
Size of Investment >CHF 10m Investment Stages Buyout ‐Buyin,Replacement Capital Industrial SectorsAll Geographical Focus Austria,Germany, Switzerland Type of FinancingMajorityEquity
Short Company Profile
PrivateEquity Fund focussing on midsizedbuyout transactions in GermanSpeakingEurope.
95 SESECACA Yearbook Yearbook 2013 2013
Agire Invest SA
Contact Information
Address Via Cantonale 2A 6928 Manno Telephone No +41 91 610 27 10 Fax No +41 91 610 27 19 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.agire.ch
Company Information
Key Persons Dr.Paolo Orsatti Dr. Lorenzo Leoni Year of Establishment 2011 NumberofEmployees 2 Fund NamesAGIRTE INVEST Capital Under Management CHF 7m NumberofPortfolio Companies 8 Examples of Portfolio Companies IBI SA, Beyounic SA, 99 Technologies SA
Investment Preferences
Size of Investment up to CHF 500k Investment Stages Early‐Stage Industrial SectorsAll Geographical Focus Switzerland (Ticino) Type of FinancingLoans, Minority Equity
Short Company Profile
Agire Invest, as part of the Innovation Agency of Canton Ticino, is responsiblefor selecting and financing the creation and developmentofstart‐ups andinnovativeprojects within existing companies, encouragingthe creation of ahigh added value industrial tissue and highly qualified jobs.
96 SECASECA Yearbook Yearbook 2013 2013
AIL Structured Finance AG
Contact Information
Address Schaffhauserstrasse 418 8050 Zurich Telephone No +41 43 299 62 00 Fax No +41 43 299 62 12 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.ailsf.ch
Company Information
Key Persons Mr. Urs Gerspacher Mr. Thomas Enz Year of Establishment 2002 NumberofEmployees 8 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages None Industrial SectorsEnergy, Renewable Energy, Infrastructure, Transportation (Rolling Stock), Other (Water,Waste Management, Oil+Gas Industry,Textile Industry, Steel Industry) Geographical Focus Worldwide Type of FinancingStructuredFinance, Export+Trade Finance, Corporate Finance
Short Company Profile
AIL Structured Finance AG is aprofessional partner for customized financialadvisory services and investment management in the energy andinfrastructuresector. AIL StructuredFinance provides extensive financial advisory services forstructured‐ andproject relatedfinancing transactions as well as financial sales supportfor exporters. AIL assists investors, exporters, sponsors andproject developers in finding the ideal financing structure with an optimal risk profile and provides support in arranging the requiredfinancing. In addition, AIL provides investors with specializedadvisory servicesinconnection with theirlong‐terminvestmentsininfrastructureand energy (including renewable energy)projects.
97 SECASECA Yearbook Yearbook 2013 2013
Akina Ltd.
Contact Information
Address Sihlstrasse 20 8021 Zürich Telephone No +41 44 220 16 00 Fax No +41 44 220 16 70 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] WebAddress www.akinapartners.com
Company Information
Key Persons Mr. Mark Zünd Mr. Christopher Bödtker Mr. Thomas Frei Year of Establishment 1998 NumberofEmployees 30 Fund NamesEuroChoice CapitalUnder Management >EUR 2bn Number of Portfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Delisting, Expansion ‐Development Capital, Privatisation, Replacement Capital, Turnaround ‐Restructuring Industrial Sectors All Geographical Focus Central and EasternEurope, Europe, Western Europe Type of FinancingEquity Financing
Short Company Profile
Akina Ltd. is the Advisor to various Private Equity Funds investinginthe mid‐market segment ‐with more than EUR 2billion AuM in the Private Equity field.
98 SECASECA Yearbook Yearbook 2013 2013
Alpha Associates AG
Contact Information
Address Talstrasse 80 8001 Zürich Telephone No +41 43 244 31 00 Fax No +41 43 244 31 01 E‐mail Address for General Enquiries info@alpha‐associates.ch Format of Personal E‐mail Addresses forename.surname@alpha‐associates.ch WebAddress www.alpha‐associates.ch
Company Information
Key Persons Dr.Peter Derendinger Dr. Petra Salesny Year of Establishment 2004 NumberofEmployees 30 Fund NamesPrivateEquity Holding AG, 5E Holding AG, Alpha 2001, LP, Alpha CEEII, LP,Alpha Russia &CIS Secondary LP Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment min EUR 3m Investment Stages Buyout ‐Buyin,Expansion ‐Development Capital, Mezzanine ‐ Bridge Finance Industrial SectorsAll Geographical Focus Central and EasternEurope, Europe, Russia,United States of America Type of FinancingEquity Financing
Short Company Profile
Alpha Associates is an independentprivate equity fund‐of‐funds managerand advisor based in Zurich, Switzerland, with ateam of 30 professionals. We invest and manage diversified privateequity funds‐of‐funds and private equity accounts for aglobal institutional and privateclient base, providing the full range of private equity management andadvisory services.Wehave made andmanagedinvestments in more than 300private equity fundsaround the worldand across all stages. Our clients appreciate ourprudent and disciplined investment approach combinedwith ourability to take advantage of marketopportunities, our flexibility in servingtheir specific needsand our sophisticated portfoliomanagement andreporting tools.
99 SECASECA Yearboo Yearbookk2 2013013
ALTIUM CAPITAL AG
Contact Information
Address Dufourstrasse 60 8702 Zollikon Telephone No +41 43 499 43 43 Fax No +41 43 499 43 44 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.altiumcapital.ch
Company Information
Key Persons Mr. Christian Wipf Mr. ThierryDeSépibus Year of Establishment 1987 NumberofEmployees 15 Zurich, 120Europe Fund NamesNone CapitalUnder Management None NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Austria,Europe, Far East, Germany, Switzerland, United States of America Type of Financing
Short Company Profile
Altium is an international corporatefinance group providing international M&Aadvisory, IPO advisory, securities trading and research. Altium has officesinnine European countries.
100 SECASECA Yearbook Yearbook 2013 2013
APEN AG
Contact Information
Address Industriestrasse 13c 6304 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 Addresses [email protected] Web Address www.apen.com
Company Information
Key Persons Mr. Conradin Schneider Mr. David Salim Year of Establishment 1999 NumberofEmployees Fund Names Capital Under Management CHF 400m NumberofPortfolio Companies500 Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
APEN Ltd. is aSwiss investment companydomiciled in Zug. The company integrates afund of funds approach with direct investmentsinaportfolio that is highly diversified by region, financing stageand industry.
101 SESECACA Yearbook Yearbook 2013 2013
Aravis SA
Contact Information
Address Merkurstrasse 70 8032 Zürich Telephone No +41 43 499 20 00 Fax No +41 43 499 20 01 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.aravis.ch
Company Information
Key Persons Mr. Jean‐Philippe Tripet Dr. Simon Nebel Dr.OliverThalmann Dr. Andreas Jacobs Year of Establishment 2001 NumberofEmployees 10 Fund NamesAravis Venture I, LP;Aravis Biotech II, LP;Aravis Energy I, LP; Aravis Energy II Capital Under Management CHF 279m NumberofPortfolio Companies 17 Examples of Portfolio Companies Evolva, Telormedix, Biotie,Symetis
Investment Preferences
Size of Investment CHF 7‐10m Investment Stages Early‐Stage, Expansion ‐Development Capital, Seed Capital, Start‐upCapital Industrial SectorsBiotechnology,Energy, Medical ‐Life Sciences ‐HealthRelated Geographical Focus Continental Europe Type of FinancingEquity Financing
Short Company Profile
Aravis is an independentSwissbased venture capital firm.Our funds invest in early stage companies in the Biotechand renewable Energy infrastructuresectors, taking active roles from start up to public. With CHF 279m under managementAravisisone of the largest Swiss Venture investor. Our investors are primarily institutional, family offices as well as corporate. The investment partners are dedicated to their respective sectorsbringing their strong experience and solid networkfor the benefits of portfoliocompanies. We prefer to take lead investor roles and syndicatefinancings internationally. Aravis Energy ILPwas thefirst everapproved Swiss Limited partnershipbythe FINMA, the Swissfinancial marketsupervisory authority.
102 SECASECA Yearbook Yearbook 2013 2013
Argos SoditicS.A.
Contact Information
Address 118, RueduRhône 1204 Genève TelephoneNo+41 22 849 66 33 Fax No +41 22 849 66 27 E‐mail Address for General Enquiries gsemmens@argos‐soditic.com Format of Personal E‐mail Addresses initial of forenameSurname@argos‐soditic.com Web Addresswww.argos‐soditic.com
Company Information
Key Persons Mr. Guy Semmens Mr. Cédric Bruix Year of Establishment 1989 NumberofEmployees 35 Fund NamesEuroknights IV +V+VI+Argos Expansion Capital Under Management EUR 750m NumberofPortfolio Companies 14 Examples of Portfolio Companies Maillefer, Kermel,ORS, Kägi Söhne AG, Misapor, Swibox, Bartholet MaschinenbauFlums, ASC InternationalHouse
Investment Preferences
Size of Investment EUR 5‐50m Investment Stages Buyout –Buyin;Expansion Industrial Sectors All Geographical Focus Europe, especially Switzerland,France andItaly Type of FinancingEquity Financing
Short Company Profile
Argos Soditic is aleading Swiss‐based independent European mid‐market privateequity firm with officesin Geneva, Paris andMilan. The firm advises EUR 750 millionofcapital focusedonsmall to medium sized enterprises (turnover of CHF 20 to 250 million) investing in buy‐outsand expansion capital opportunities. The firm is focusedonunusual andspecial situations where it can generate real valuethrough growth and structural improvements rather than just leverage. Investments which the firm has ledfrom Switzerland includeKermel(the French specialtyflame retardant business) andMaillefer (the Swiss cable machinery company), as well as Kagi (the Swiss chocolate wafer brand), Misapor (foam glass aggregates), Axyntis (fine chemicals),Swibox (Swiss engineering solutions for the machinery industry), BMF(cable cars andropeways) and, in 2012, ASC International House(education). In Addition to the investmentsactivity, the Geneva office runs the administration,back office and investor relations for theArgos Soditic group.
103 SECASECA Yearbook Yearbook 2013 2013
ATF Group AG
Contact Information
Address Seefeldstrasse 124 8008 Zürich Telephone No +41 43 243 82 01 Fax No +41 43 243 82 06 E‐mail Address for General Enquiries info@atf‐ltd.com Format of Personal E‐mail Addresses initial of forenameSurename@atf‐ltd.com WebAddress www.atf‐ltd.com
Company Information
Key Persons Mr. Francois Wiget Mrs. Carole Hofmann Year of Establishment 2007 NumberofEmployees 6 Fund NamesOnly directinvestments like Manasand TF PetrolorAquawell or i.l.team AG or GSRE, etc Capital Under Management >CHF 50m NumberofPortfolio Companies7 Examples of Portfolio Companies i.l.team AG (19ʹ000 customers,Dec 2012), Aquawell Group AG (NPVCHF 11m, Jan 2013), Manas Petroleum AG (> CHF300m bbl), Petroleum Suqd (cumulative DCFafter tax CHF 280m)
Investment Preferences
Size of Investment >CHF 1m Investment Stages Early and Growth Industrial SectorsProduction of high margin goods and commodities Geographical Focus EasternEuropeand Central Asia Type of FinancingAll
Short Company Profile
ATF is aSingle Family Office and corporate finance and investment advisory firm.Weoffer our experience and know‐how in wealth and valuecreationtoprivate clients and institutional investors. Advisors for wealth management,real estate, fine art, privateequityand M& A
104 SECASECA Yearbook Yearbook 2013 2013 aventic partners AG
Contact Information
Address Schweizergasse10 8001 Zürich Telephone No +41 44 285 15 85 Fax No +41 44 285 16 86 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] WebAddress www.aventicpartners.ch
Company Information
Key Persons Mr. Alan Frei Mr. Jean‐Claude Rebetez Year of Establishment 1999 NumberofEmployees 7 Fund Namesaventic AG, am‐tec kredit AG Capital Under Management CHF 70m NumberofPortfolio Companies Examples of Portfolio Companies www.aventicpartners.ch (References)
Investment Preferences
Size of Investment Investment Stages Expansion ‐Development Capital, Buyout ‐Buyin Industrial SectorsElectronics, Industrial Automation, Industrial Productsand Services, Manufacturing, Telecommunications Geographical Focus Switzerland Type of FinancingDebt andMinorityEquity
Short Company Profile aventic partners AG is aleading team of seven partners based in Zurich and Bern. The team has astrong industrial background andprovides financingand know‐how to small andmedium‐sized enterprises based in Switzerland and the surroundingregions. The target customerisanindustrial enterprise wanting to accelerate itsgrowth and profitability or being in asituation of ownership change.
105 SECASECA Yearboo Yearbookk2 2013013
Aveo Partners AG
Contact Information
Address Schiffbauplatz 5 8022 Zürich Telephone No +41 43 501 45 56 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.aveopartners.com
Company Information
Key Persons Mr. Christian Broger Year of Establishment 2010 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Early‐Stage, Expansion ‐Development Capital, Mezzanine ‐Bridge Finance, Seed Capital, Start‐upCapital, Turnaround ‐Restructuring Industrial Sectors Biotechnology,Energy, Environment, Finance ‐Insurance ‐Real Estate, Industrial Automation, Industrial Productsand Services, Medical ‐Life Sciences ‐HealthRelated Geographical Focus Worldwide Type of FinancingEquity Financing, Loans,MajorityEquity, MinorityEquity, Mezzanine
Short Company Profile
Aveo Partners is apartnership with an entrepreneurial mindset,replete with skills, knowledgeand networks for directand indirect investments in private equity. We provide accesstohigh qualityprivate equity investment opportunities in HighTech,GreenTech, Life Science and Financial Services.Our vast industry knowledge and the entrepreneurialexperience allow us an interdisciplinary,integrated assessment of investment targets.Through rigorous monitoringand support of the portfolio companies we assure efficient use of the investment capital. And ‐Aveo acts as Co‐Investor aonmost deals and assiststhe management with the operational skills,know‐how and extensive network.
106 aXa privateequity
AXA PrivateEquity istein diversifiziertes PrivateEquity-Unternehmen mit starker Präsenz auf dem internationalen Parkett. Die Gesellschaft beschäftigt 280 Mitarbeiter und unterhält 9Büros in Peking, Frankfurt, London, Luxemburg, Mailand, NewYork, Paris, Singapur und Zürich.
Seit 1996 unterstützen wir die Entwicklung und das langfristige Wachstum unserer Portfoliounternehmen, sichern stabile und regelmässige Erträge und bieten institutionellen Investoren eine umfangreiche PaletteanAnlagelösungen für jedes Marktsegment.
FRANKFURT PEKING LONDON NEW YORK LUXEMBOURG MAILAND PARIS ZÜRICH
SINGAPUR
31 Mrd. USD verwaltetes oder betreutes Vermögen
aXa privateequity investiert in :
fundSoffundS direct fundS Primary Mid Market Enterprise Capital Early Secondary Small Market Enterprise Capital Secondary Innovation &Growth Mandates Co-Investment 18 Mrd. USD 7Mrd.USD
privatedeBt infraStructure Arranger Brownfield Acquisition financing Greenfield
3Mrd.USD 3Mrd.USD
BüroSchweiz:Affolternstrasse 42, 8050 Zürich–Tel.+4143299 11 26 www.axaprivateequity.com SECASECA Yearbook Yearbook 2013 2013
AXA Private Equity
Contact Information
Address Affolternstrasse 42 8050 Zürich Telephone No +41 43 299 11 26 Fax No +41 43 299 11 20 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses forename.surname@axa‐im.com Web Address www.axaprivateequity.com
Company Information
Key Persons Mr. Martin Kessi Year of Establishment 1996 NumberofEmployees 5 Fund Names Capital Under Management USD 28bn Number of Portfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Expansion‐Development Capital, Mezzanine ‐ Bridge Finance Industrial SectorsAll Geographical Focus All Type of FinancingEquity Financing, Majority Equity, MinorityEquity, Mezzanine
Short Company Profile
With $28billion of assets managedoradvised, AXA PrivateEquity, an AXA Investment Managers company, is a diversified private equity firm with an international reach covering eightoffices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich, Vienna andLuxembourg. Since 1996, the firm hassupported the development and long‐termgrowthofits portfolio companieswhile generating sustained and stable returns. AXA PrivateEquity provides investorswith fundsacross the full rangeofprivate equity offerings: fundsoffunds; LBOmid cap and small cap; venture capital;co‐investment; infrastructure; andmezzanine.
108 SECASECA Yearbook Yearbook 2013 2013
Bank am Bellevue
Contact Information
Address Seestrasse 16 8700 Küsnacht Telephone No +41 44 267 72 62 Fax No +41 44 267 67 35 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of forenametwo initials of [email protected] Web Address www.bellevue.ch
Company Information
Key Persons Mr. Friedrich Dietz Ms. Kalina Scott Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
‐Brokerage‐Corporate Finance ‐Equity Capital Markets ‐Public Takeovers /M+A &Defense ‐Private M+A ‐Block Trades
109 SECASECA Yearbook Yearbook 2013 2013
Bank Sarasin&CieAG
Contact Information
Address Löwenstrasse 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 Addresses [email protected] Web Address www.sarasin.ch
Company Information
Key Persons Mr. Matthias Spiess Mr. AlexanderCassani Year of Establishment 1841 NumberofEmployees 742 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin Industrial SectorsAll Geographical Focus Europe, Brasil Type of FinancingEquity Financing, Minority Equity
Short Company Profile
M&A advisory, Equity Capital Markets(IPO, Secondary placements, tender offer, etc.)and Corporate Finance
110 Effiziente Lösungen fürIhr Unternehmen zu finden istder Anspruch unseres Corporate Finance Teams. Kapitalerhöhungen, Börsengänge, Mergers&Acquisitionsund Anleihensemissionen–dafür undfür vielesmehrentwickelnunsereerfahrenenCorporate Finance Spezialisten innovativeKonzepte. MitTalentund Tempobei der Umsetzung–entschlossen, dieBesten zu sein.Und dasauch fürIhr Unternehmen zu beweisen –insbesonderefür Small&Mid Caps.
EFGFINANCIALPRODUCTS RAIFFEISENLANDESBANK AEVIS HOLDING SA ZUG ESTATES HOLDING LTD PLANCAL HOLDINGAG GENOLIER SWISSMEDICAL MOBIMO HOLDINGAG TORNOS HOLDING AG HOLDING AG OBERÖSTERREICHAG NETWORK SA
InitialPublicOffering FloatingRate Note CapitalIncrease to acquire InitialPublicOffering/ Sale to CapitalIncrease CapitalIncrease/ CapitalIncrease SwissHealthcare Properties Spin-off Trimble NavigatŠn Ltd. Rights Offering Rights Offering
CHF132m CHF200m CHF140m CHF660m Purchase pricenot disclosed CHF17m CHF197m CHF4m
October2012 September 2012 July 2012 July 2012 December2011 December2011 November 2011 May2011
Co-LeadManager Joint-LeadManager FinancialAdvisor and Sole Lead Manager and FinancialAdvisor Lead Manager Joint Lead Manager ListingAgent Listing Agent FinancialAdvisor
HARBOURVEST STARRAGHECKERTHOLDING AG SCHMOLZ+BICKENBACH AG 3M (SCHWEIZ)AG W. DUBACH HELVETIA SCHWEIZERISCHE EDIPRESSEGROUP MOBIMO HOLDINGAG VERSICHERUNGS- GESELLSCHAFTAG Public Tender Offerby CapitalIncrease CapitalIncrease Public Tender Offerfor Public Tender Offerfor ShareBuyback 2.125% Convertible Bonds HarbourVest for Absolute Rights Offering Rights Offering Winterthur TechnologieAG Datacolor AG Perpetual Bond (2ndTrading Lines) 2010–2014 Private Equity AG max. 64’130 beares shares max. 20’080 registered shares USD752m CHF65m CHF131m CHF364m CHF42m CHF300m CHF175m October2010– AprÕ 2011 AprÕ 2011 AprÕ 2011 March 2011 December2010 November 2010 October2011 June2010
Advisorand OfferManager Lead Manager Lead Manager OfferManager OfferManager Co-LeadManager Lead Manager Co-Manager
SIEGFRIEDHOLDING AG ORIORAG HELVETIA HOLDING AG EVOLVA HOLDING SA CICOR TECHNOLOGIES AG MOBIMO HOLDINGAG VONTOBEL BETEILIGUNGENAG AQUAMITB.V. (FORMERARPIDALTD.)
Mandatory InitialPublicOffering Straight Bond ReverseTakeover CapitalIncrease/ Public Exchange Offerfor Public Exchange Offer Public Tender Offerfor Convertible Note Rights Offering LO Holding Lausanne-Ouchy for BB MedtechAG Quadrant AG andJJM ParticipatŠns
CHF80m CHF163m CHF150m CHF155m CHF10m CHF145m CHF506m CHF237m
AprÕ 2010 AprÕ 2010 March 2010 December2009 November 2009 October2009 September 2009 September 2009
Lead Manager Co-LeadManager Joint-LeadManager FinancialAdvisor and Lead Manager FinancialAdvisor and FinancialAdvisor and OfferManager Listing Agent OfferManager OfferManager
CLSCORPORATE LANGUAGE VONTOBEL HOLDINGAG CLSCORPORATE LANGUAGE SIKA AG KARDEX AG BASF AFGARBONIA-FORSTER- KANTON BERN SERVICES HOLDING AG SERVICES HOLDING AG HOLDING AG
AcquisitŠnofLexi-tech AcquisitŠnof CapitalIncrease Straight Bond Exchange of Bearer Shares Public Tender Offer CapitalIncrease/ Straight Bond Intl.Inc., Canada Commerzbank (Schweiz)AG and Partial Sale into RegisteredShares for CibaHoldingAG Rights Offering
Purchase pricenot disclosed Purchase pricenot disclosed Amounts notdisclosed CHF300m CHF3.45bn CHF113.4m CHF225m
September 2009 July 2009 July 2009 May2009 AprÕ 2009 AprÕ2009 AprÕ 2009 March 2009
FinancialAdvisor FinancialAdvisor FinancialAdvisor Co-LeadManager Exchange Agent OfferManager Co-LeadManager Co-LeadManager
WeitereInformationen finden Sieunter www.vontobel.com/corporate-finance oder rufenSie uns an:+41 (0)58 2837766 SECASECA Yearbook Yearbook 2013 2013
Bank Vontobel AG
Contact Information
Address Gotthardstrasse 43 8022 Zürich Telephone No +41 58 283 63 29 Fax No +41 58 283 70 75 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] WebAddress www.vontobel.com
Company Information
Key Persons Mr. Marc Klingelfuss Mr. HanspeterR.Gehrer Year of Establishment 1924 NumberofEmployees 1400 Fund Names Capital Under Management CHF 150bn NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
Bank VontobelAGisaglobally active Swiss Bank with threebusiness units: Private Banking,Investment Banking and Asset Management. The Corporate FinanceTeam, as part of the IB unit, offers the complete rangeofservices in equity capital markets (IPO, secondary offering, block trade, public tender offer, share buy back, etc.),debt capital markets (equity‐linkedand straight bonds, capitalstructure advisory, restructuring, bond buy back, etc.) andmergers &acquisitions (acquisition, divestiture, sale,MBO,succession planning,valuation, etc.). Vontobel has avery strong position in the Swiss Mid &Small Capmarketand covers with itsbrokerage over 150 SIX‐listed companies. Swiss shares are marketed by an experienced sales team to institutional investorsglobally. Financial Research is regularly awarded with top rankings by Thomson Extel.
112 SECASECA Yearbook Yearbook 2013 2013
Banque BénédictHentsch &Cie SA
Contact Information
Address 5avenue 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 Addresses [email protected] Web Address www.bbh360.ch
Company Information
Key Persons Mr. Marc Lüthi Year of Establishment 2004 NumberofEmployees 50 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
PrivateBanking andFamily Office services.
113 SECASECA Yearbook Yearbook 2013 2013
Bär &KarrerAG
Contact Information
Address Brandschenkestrasse 90 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 Addresses [email protected] WebAddress www.baerkarrer.ch
Company Information
Key Persons Dr.Christoph Neeracher Prof.Dr. Rolf Watter Year of Establishment 1969 NumberofEmployees 220 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
114 SECASECA Yearbook Yearbook 2013 2013
BDO AG
Contact Information
Address Fabrikstrasse 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 Addresses [email protected] Web Address www.bdo.ch
Company Information
Key Persons Mr. Marcel Jans Mr. Christoph Müller Year of Establishment 1932 NumberofEmployees 850 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing
Short Company Profile
BDO AG is the preferred partner of middle and small enterprises, public authoritiesand Non‐Profit‐Organisations Productsand Services: ‐Auditing‐Financial Services ‐Fiduciary services andReal estate ‐Management consulting andInformation technology ‐Tax advice and Legal advice
115 SECASECA Yearbook Yearbook 2013 2013
BioMedPartnersAG
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] Format of Personal E‐mail Addresses [email protected] WebAddress www.biomedvc.com
Company Information
Key Persons Dr.Gerhard Ries Dr. Thomas Möller Year of Establishment 2002 NumberofEmployees 8 Fund NamesBioMedInvest, BioMedCredit Capital Under Management CHF 250m NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment CHF 1‐10m Investment Stages Early‐Stage, Expansion ‐Development Capital, Seed Capital, Start‐upCapital Industrial SectorsBiotechnology,Medical ‐LifeSciences ‐HealthRelated Geographical Focus Austria,France,Germany, Italy, Switzerland Type of FinancingAll
Short Company Profile
116 SECASECA Yearbook Yearbook 2013 2013
BlackRock Private Equity Partners AG
Contact Information
Address Stockerhof, Dreikoenigstrasse 31A 8002 Zurich Telephone No +41 44 208 35 35 Fax No E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.blackrock.com/ch
Company Information
Key Persons Mr. Christian Hinze Year of Establishment 2010 NumberofEmployees 115 Fund Names Capital Under Management USD 15bn Number of Portfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
BlackRock PrivateEquity Partners AG is the Swisssubsidiary of BlackRock Alternative Investments and is responsible for private marketinvestments in theprivate equity andinfrastructuresectors across all regions and strategies. Overall, the team of 115 specialists managesaportfolio of approximately USD 15 billion in various investment programmes, structured secondary transactionsand customized mandates.BlackRock is oneofthe world’s leading investment manager andthe largest provider of investment management,consulting and risk management forinstitutionalinvestors, private investors and financial intermediariesworldwide.
117 SECASECA Yearbook Yearbook 2013 2013
BNP Paribas Securities Services
Contact Information
Address Selnaustrasse 16 8022 Zurich Telephone No +41 58 212 63 27 Fax No +41 58 212 63 60 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.bnpparibas.ch
Company Information
Key Persons Mr. Jeffrey Campbell Mr. Garrick Smith Year of Establishment 2001 NumberofEmployees 45 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages None Industrial SectorsAll Geographical Focus Asia, Europe, North America Type of FinancingNone
Short Company Profile
BNP Paribas Securities Services is one of the largest global custodians that provides integrated fund servicing solutionstoasset managers specialised in private equity,real estate, hedge fundsand other alternative investment vehicles. We employ 7ʹ700 worldwide andmaintain apresence across34countries, covering over 100 markets. We are presentinall keyon‐shoreand off‐shore fund domicilesand currentlymanage over USD125 billionin alternative investments. In line with ourglobal expansionstrategy, BNPParibas Securities Serviceshas offices in keyregions outside of Europetoinclude Asia, United States and LatinAmerica. BNPParibas Securities Services has dedicated teams specialised in delivering end‐to‐end servicingsolutions for our clients in the areas of private equity andreal estate funds. As part of alarge banking group, working with us means that ourclients benefit from the strength of our global brand, financial stability and the proven expertise. We remain committed to continuousinvestment in ourglobal reach and servicing solutions through people, processes, reporting andtechnology. We currently service over 500fund structures for 100 privateequity andreal estate clientsfromacross 40 countries.
118
SECASECA Yearbook Yearbook 2013 2013
BrainloopAG
Contact Information
Address Franziskanerstrasse 14 D‐81669 München Telephone No +49 (0)89444 6990 Fax No +49 (0)89444 699 99 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.brainloop.com
Company Information
Key Persons Mr Gabriel Gabriel Year of Establishment 2000 NumberofEmployees 85 (worldwide) Fund Names Capital Under Management CHF 1m NumberofPortfolio Companiesapprox. 100 Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages None Industrial SectorsOther Geographical Focus All Type of FinancingNone
Short Company Profile
Brainloop wasfounded in 2000, and saw businesses making majorgains in productivityand competitiveness by using the Internet to collaboratewith externalpartners. But thesame tools that madecollaboration so effectivealso wreakedhavoc on the securityand control overinformation distributionthat companies relied on. Alot of companiestried to bring security andcollaboration together by using virtual data rooms, butfell short on policy compliance. Brainloopsaw aneed to go beyond that, to create an easy‐to‐use onlineplatform that companies can use to roll outtheir confidentiality policies so that users are automatically in compliance,every time they share a document. Thousands of usersonsix continentsrely on Brainloopʹs Munich, Vienna and Boston offices for exceptional service andsupport. Brainloop helps companies like BMWGroup, Deutsche Telekom, RWE, ThyssenKrupp, T‐Systems, Eurocopter,Voith,ERGO, Twitter,PWC andNycomed.
120
Taking yourCompany to theright partner
International M&AAdvisoryfor Buy-Outs, Buy-Ins
Targetting Valuation Negotiation
BridgeLink AG ·(+41)61206 90 90 ·[email protected] ·www.bridgelink.ch Basel ·Hamburg ·Philadelphia SECASECA Yearbook Yearbook 2013 2013
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 Addresses initial of [email protected] Web Address www.bridgelink.ch
Company Information
Key Persons Mr. Paul‐André Wenger Mr. Jürg Hatz Mr. Diego Zbar Year of Establishment 1996 NumberofEmployees 8 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Delisting, Early‐Stage, Expansion ‐Development Capital, Mezzanine ‐Bridge Finance, Privatisation, Replacement Capital, Turnaround ‐Restructuring Industrial Sectors All Geographical Focus All Type of FinancingAll
Short Company Profile
M&A, CorporateFinance Advisors representing Sale‐side or Buy‐side. Fundraising for business development. Full servicefor MBOProjects. Internationaloperations with offices in USA, Germany and Switzerland.
123 SECASECA Yearbook Yearbook 2013 2013
Bratschi Wiederkehr &Buob
Contact Information
Address Bahnhofstrasse70 8021 Zürich Telephone No +41 58 258 10 00 Fax No +41 58 258 10 99 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses forename.surname@bratschi‐law.ch WebAddress www.bratschi‐law.ch
Company Information
Key Persons Dr.Hannes Glaus Dr. Harald Maag Year of Establishment NumberofEmployees ca.100 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages None Industrial SectorsNone Geographical Focus None Type of FinancingNone
Short Company Profile
124 SECASECA Yearbook Yearbook 2013 2013 b‐to‐vPartners AG
Contact Information
Address Blumenaustrasse 36 9004 St. Gallen Telephone No +41 71 242 20 00 Fax No +41 71 242 20 01 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses forename.surname@b‐to‐v.com WebAddress www.b‐to‐v.com
Company Information
Key Persons Mr. Florian Schweitzer Year of Establishment 2000 NumberofEmployees 14 Fund Namesb‐to‐v Private Equity SICAR I+II Capital Under Management >EUR 150m NumberofPortfolio Companies42 Examples of Portfolio Companies Sum Up, Quanta, URBANARA, Immatics
Investment Preferences
Size of Investment EUR 0.5‐15m Investment Stages Buyout ‐Buyin,Early‐Stage Industrial SectorsInternet Technology, MedTech, CleanTech Geographical Focus Worldwide, focus DACH Type of FinancingEquity Financing
Short Company Profile
Throughb‐to‐v Partners AG (b‐to‐v)anextensive network of committed entrepreneurial private investors with backgrounds from various sectors investsingrowth companieswith promising andscalable business models. The «vibrant network of investment intelligence» finances first‐class ventures with excellentmanagement teamsand offers them access to experienced investorsfrom therespective sector. With theinstitutionalised cooperation between investors andventures b‐to‐v hasbecome one of the leadingprivate investornetworks in Europesince the year 2000, whose activities regularly exceed this region –today reaching theUSand Asia.
125 SECASECA Yearbook Yearbook 2013 2013
Business Angels Schweiz
Contact Information
Address Anton Higi‐Strasse 20 8046 Zürich Telephone No +41 79 358 54 70 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] WebAddress www.businessangels.ch
Company Information
Key Persons Mr. Jan Fülscher Ms.Caroline Gueissaz Year of Establishment 1997 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies 50‐100 Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Early‐Stage, Expansion ‐Development Capital, Mezzanine ‐ Bridge Finance, Start‐up Capital Industrial SectorsAll Geographical Focus Switzerland Type of FinancingEquity Financing, Majority Equity, MinorityEquity, Mezzanine
Short Company Profile
BAS, Business Angels Switzerland, is an associationofabout 70 affluent individuals whoprovide capital,know‐ how andtheir networks for Swiss businessstart‐ups and early stage companies. BAS membersmeet twice a monthinZurichand Lausanne, respectively. The club presents 60 investment opportunities per yeartoits membersand finances five to tenofthem every year. Detailed information for startups andinvestors is available on the homepage, www.businessangels.ch.
126 SECASECA Yearbook Yearbook 2013 2013
BV Holding AG
Contact Information
Address Hofgut‐Vordere Dorfgasse 12 3073 Gümligen Telephone No +41 31 380 18 50 Fax No +41 31 380 18 59 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.bvgroup.ch
Company Information
Key Persons Mr. Patrick Schär Year of Establishment 1997 NumberofEmployees 2 Fund Names Capital Under Management >CHF 70m NumberofPortfolio Companies 8 Examples of Portfolio Companies Skan Holding AG, Lonstroff HoldingAG, Ypsomed, Ziemer Group AG, Sphinx WerkzeugeAG, Piexon AG
Investment Preferences
Size of Investment CHF 3‐20m Investment Stages Buyout ‐Buyin,Expansion ‐Development Capital, Replacement Capital Industrial SectorsAll Geographical Focus Switzerland Type of FinancingEquity Financing
Short Company Profile
In the area of replacement financing and management buyouts(buyins) BVgroup focuses primarily on medium size transactions and on long termoriented investment opportunities in companieswith apositivecash‐flow and ayearly turnover of over CHF10million. The turnover canalsobelower,iffuture revenue growth is substantial or if the company fits to oneofour existing portfolioinvestments. The type of financing used depends on the specific situation and can be in equity or acombination of equity anddebt.
127 SECASECA Yearbook Yearbook 2013 2013
Capital Concepts International AG
Contact Information
Address Gessnerallee 28 8021 Zürich 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 Addresses [email protected] Web Address www.capitalconcepts.ch
Company Information
Key Persons Ms. Jennifer Maag‐Pelz Year of Establishment 1999 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
Capital Concepts International is amergers &acquisitions advisory boutique, focussing on middle market transactions (between CHF 10‐500 million) in German‐speaking Europe. Throughour international network, we also advise on acquisitionsordivestitures around theglobe.
128 SECASECA Yearbook Yearbook 2013 2013
Capital Dynamics
Contact Information
Address Bahnhofstrasse22 6301 Zug Telephone No +41 41 748 84 44 Fax No +41 41 748 84 40 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.capdyn.com
Company Information
Key Persons Mr. Richard Grauel Ms. Brigitte Rasmussen Year of Establishment 1988 NumberofEmployees 160 Fund Names Capital Under Management >USD 17bn NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus Worldwide Type of Financing
Short Company Profile
Capital Dynamics is an independent, global asset manager, investing in private equity andclean energy infrastructrue.Weare client‐focused,tailoring solutions to meet investor requirements.Wemanage investments through abroad range of products and opportunities including separateaccount solutions, investment fundsand structured private equity products. Capital Dynamics currently has USD17billion in assets under management. Our investment history dates back to 1988. Our senior investment professionals average over 20 years of investing experience across the private equity spectrum. We believe ourexperience and cultureofinnovation give us superior insightand help us deliver returns for ourclients. We invest locallywhile operating globally from our London, New York, Zug, Tokyo, Hong Kong, SiliconValley,Sao Paulo, Munich, Birmingham (UK) and Brisbane offices.
Capital Dynamicscomprises Capital DynamicsHolding AG andits affiliates; assets undermanagement include assets under discretionarymanagement as wellas advisory assets of allCapitalDynamicsaffiliates. Investments areprimarily on behalf of funds managed by CapitalDynamics.
129 SECASECA Yearbook Yearbook 2013 2013
Capital Transmission SA
Contact Information
Address Rue de la Tour de Iʹ Ile4 1204 Genève TelephoneNo+41 22 809 21 46 Fax No +41 22 809 33 88 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.bcge.ch
Company Information
Key Persons Ms. Virginie Fauveau Mr. Renaud Chambolle Year of Establishment 2008 NumberofEmployees Fund Names Capital Under Management CHF 50m NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment CHF 1‐5m Investment Stages Buyout ‐Buyin,Expansion ‐Development Capital, Mezzanine ‐ Bridge Finance Industrial SectorsAll Geographical Focus France, Switzerland Type of FinancingEquity Financing, Loans,MinorityEquity, Mezzanine
Short Company Profile
130 SECASECA Yearbook Yearbook 2013 2013 capitonAG
Contact Information
Address Bleibtreustrasse33 D‐10707 Berlin Telephone No +49 30 315945‐0 Fax No +49 30 315945‐57 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.capiton.com
Company Information
Key Persons Dr.Andreas Kogler Mr. Christoph Karbenk Mr. Andreas DenkmannMr. Christoph Spors Mr. Manuel Hertweck Mr. Frank Winkler Year of Establishment 1999 NumberofEmployees 15 Fund Namescapiton II, capiton III, capitonIV Capital Under Management EUR 820m NumberofPortfolio Companies14 Examples of Portfolio Companies Lahmeyer International, ZytoService, NoraFlooring, Schur Flexibles, Politape
Investment Preferences
Size of Investment EUR 5‐100m Investment Stages Buyout ‐Buyin,Expansion ‐Development Capital, Replacement Capital Industrial SectorsAll Geographical Focus Austria,Germany, Switzerland Type of FinancingEquity Financing, Majority Equity, MinorityEquity
Short Company Profile capiton is an owner‐managedfinancial investor that invests in large SMEs in Germany, Austriaand Switzerland by means of MBOs and expansion financing. capiton’s rootsgoback to thelate 1970s.
131 SECASECA Yearbook Yearbook 2013 2013
Capvis Equity PartnersAG
Contact Information
Address Talacker 42 8022 Zürich Telephone No +41 43 300 58 58 Fax No +41 43 300 58 59 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.capvis.com
Company Information
Key Persons Mr. Rolf Friedli Mr. Daniel Flaig
Year of Establishment 1999 NumberofEmployees 21 Fund NamesCapvis I, CapvisII, Capvis III Capital Under Management EUR 1.15bn NumberofPortfolio Companies 10 Examples of Portfolio Companies ACP, Bartec, Benninger, ETAVIS, Kaffee Partner, Komax, KVT, Lista, Ondal, Orior, Phonak,saia‐burgess, sia Abrasives, Soudronic, StadlerRail Group, Ticketcorner,Wittur, WMF
Investment Preferences
Size of Investment EUR 20‐100m Investment Stages Buyout ‐Buyin Industrial SectorsAll Geographical Focus Austria,Germany, Switzerland Type of FinancingEquity Financing
Short Company Profile
Capvis Equity Partners AG Zurich, advising the CapvisFunds, is the leadingprivate equity firm in Switzerland andatop player in german‐speaking Europe. Capvisinvests in well positioned medium‐sizedfirmswith headquarters in Switzerland, Germany or Austria,typically as part of succession solutions and corporate spin‐offs. Capvis ususally takes substantialownership stakes in attractive firmswith the aim to realizethe identified potential of thecompany by supporting themangement team to achieve itsdemading objectives.Since 1990, the Capvis team has conducted41transactions with avolume of morethan EUR 3bn. Capvis Equity Partnerswas founded in 1999 as thesuccessor organisationtoSBC Equity Partners.
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Centralway AG
Contact Information
Address Baarerstrasse 135 6301 Zug Telephone No Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.centralway.com
Company Information
Key Persons Mr. Martin Saidler Dr. Thomas Müller Year of Establishment 1999 NumberofEmployees 3 Fund NamesCENTRALWAY Capital Under Management NumberofPortfolio Companies 25 Examples of Portfolio Companies Scout24, Preisinsel.ch, Invia.cz, Brains to Ventures,Jyxo, Blog.cz
Investment Preferences
Size of Investment Investment Stages Early‐Stage, Expansion ‐Development Capital, Seed Capital, Start‐upCapital Industrial SectorsInternet Technology Geographical FocusCentral and EasternEurope, Germany, Russia,Switzerland, United States of America Type of FinancingEquity Financing, Loans,MajorityEquity, MinorityEquity
Short Company Profile
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Centus Capital Ltd.
Contact Information
Address Täfernstrasse 2a 5405 Baden‐Dättwil TelephoneNo+41 56 484 55 33 Fax No +41 56 484 55 30 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses Web Address www.centuscapital.com
Company Information
Key Persons Ms. Esther M. Deck Year of Establishment 2002 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Early‐Stage, Expansion ‐Development Capital, Start‐upCapital Industrial SectorsBiotechnology,Internet Technology, Medical ‐LifeSciences ‐ HealthRelated, Communications other Geographical Focus Austria,Germany, Switzerland Type of FinancingEquity Financing
Short Company Profile
Centus CapitalLtd. is an independentinvestment company. We focusoninnovative technology companies with a high growth potential in Switzerland, Germany andAustria. Innovative business models and amanagement team with expertise are importantcriterias when analyzing acompany. We also offeradvisory servicesinthe fieldof corporate finance.
134 SECASECA Yearbook Yearbook 2013 2013
CGS Management giesinger gloor lanz &co.
Contact Information
Address Huobstrasse 14 8808 Pfäffikon Telephone No +41 55 416 16 40 Fax No +41 55 416 16 41 E‐mail Address for General Enquiries info@cgs‐management.com Format of Personal E‐mail Addresses forename.surname@cgs‐management.com Web Address www.cgs‐management.com
Company Information
Key Persons Dr.Rolf Lanz Mr. Peter Giesinger Year of Establishment 1995 NumberofEmployees 10 Fund NamesCGS II (Jersey) L.P., CGS III (Jersey) L.P. Capital Under Management CHF 300m NumberofPortfolio Companies 10 Examples of Portfolio Companies Mould Technologies Holding AG, mdexx Holding GmbH,R&S International Holding AG, Top Werk GmbH
Investment Preferences
Size of Investment EUR 10‐80m Investment Stages Buyout ‐Buyin,Replacement Capital Industrial SectorsChemical ‐Materials, Construction ‐Building Products, Electronics, Energy,Industrial Automation, Industrial Products and Services, Manufacturing Geographical Focus Europe Type of FinancingEquity Financing, Majority Equity
Short Company Profile
PrivateEquity Partnership: investments in smalland medium sized industrial companies
135 SESECACA Yearbook Yearbook 2013 2013
Club Valaisandes BusinessAngels
Contact Information
Address CCF SA Pré‐fleuri 6 1951 Sion Telephone No +41 27 327 35 50 Fax No +41 27 327 35 51 E‐mail Address for General Enquiries bizangels@ccf‐valais.ch FormatofPersonal E‐mail Addresses Web Address www.bizangels.ch
Company Information
Key Persons Mr. ChristopheBeaud Year of Establishment 1999 NumberofEmployees 1 Fund NamesIndividual Investors +CCF SA (CentredeCompétences Financières) ‐FinancialInstitution of VS EconomicDevelopment CapitalUnder Management Only directinvestment of Angels, no pool NumberofPortfolio Companies16 Examples of Portfolio Companies Swortec SA, Spiralps SA, GerocoSA
Investment Preferences
Size of Investment CHF 0.1‐1m Investment Stages Seed Capital, Start‐upCapital Industrial SectorsAll sectors Geographical Focus Valais Type of FinancingEquity Financing
Short Company Profile
The „CVBA“isaprivate investors clubbased in Sion.Itwas founded in 1999 underthe impulseofCCF well established, financial armofthe association for Valais economic development. Themain objective is to finance start‐up, andearly stage companiesbased in Valais. The club aims also to share the know‐how and the network of its members. CBVA membersmeet three times ayear through adinner duringwhich the entrepreneurs present their project. The club presents around 10 investment opportunities per year to its members. Detailed information is availableonthe homepage www.bizangels.ch.
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CO‐INVESTOR AG
Contact Information
Address Kreuzstrasse 26 8008 Zürich Telephone No +41 43 521 61 11 Fax No +41 43 521 61 10 E‐mail Address for General Enquiries office@co‐investor.com Format of Personal E‐mail Addresses initial of forename.surname@co‐investor.com WebAddress www.co‐investor.com
Company Information
Key Persons Dr.Hans‐Dieter Rompel Mr. Nicolai von Engelhardt Year of Establishment 2000 NumberofEmployees 9 Fund NamesMittelstand Co‐Investment Portfolio, ESCF1, VRP I, VRP II, Co‐ Lux Capital Under Management EUR ≥100m NumberofPortfolio Companies16directInvestments Examples of Portfolio Companies CCG Cool Chain Group, Wiesmann, Euroimmun,WTravel
Investment Preferences
Size of Investment EUR 5–50m Investment Stages Buyout ‐Buyin,Expansion ‐Development Capital, Mezzanine ‐ Bridge Finance, Replacement Capital Industrial SectorsChemical ‐Materials, Computer Related, Construction ‐Building Products, ConsumerRelated,Electronics, Energy, Environment, Food ‐Beverages, Industrial Automation, Industrial Productsand Services, Manufacturing Geographical Focus Austria,Germany, Switzerland Type of FinancingEquity Financing, Majority Equity, MinorityEquity, Mezzanine
Short Company Profile
Co‐Investorarranges exclusive directinvestments, hasawealth of business expertise, offers privately funded equity financing, and is passionately committed to the small‐and medium‐sizedbusiness sector. Co‐Investoris the right partner for companiesseeking growth financefor theirsmall or medium‐sized business or for wealthy private investors wishing to invest directly in business enterprises in the Germanspeaking region. The group also managesseveral funds foramore diversified investment approach, one of which in closecooperation with BHF‐ Bank,Germany.
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Creathor VentureManagement GmbH
Contact Information
Address Schipfe 2 8001 Zürich Telephone No +41 44 271 13 58 Fax No +49 6172 139 72 29 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses Web Address www.creathor.ch
Company Information
Key Persons Mr. Cèdric Köhler Dr. GertKöhler Year of Establishment 2003 NumberofEmployees 14 Fund NamesCreathor Venture Fund Capital Under Management CHF 221m NumberofPortfolio Companies 26 Examples of Portfolio Companies Joiz, Viewster, Iconicfuture, Kigo, Stylefruits,netbiscuits, Mobiles Republic, Phenex Pharmaceuticals, caprotecbioanalytics, SIRION Biotech, Accovion
Investment Preferences
Size of Investment CHF 0.1‐10m Investment Stages Seed Capital, Start‐upCapital, Expansion–Development Capital Industrial Sectorsmobile, e‐, m‐,s‐commerce, media, cloud, life science, mobile health anddiagnostics Geographical Focus Switzerland, Austria, Germany, France, Scandinavia Type of FinancingMinorityEquity, Equity Financing
Short Company Profile
As aleading European Venture Capital firm,Creathor Venture invests in technology‐oriented companies and entrepreneurs. The focus is particulary on mobile,e‐, m‐,s‐commerce,media,cloud,life science, mobile health and diagnostics. Regional focusisonGermany, Switzerland, Austria andScandinavia. The current portfolioofmore than 30 companies is actively supported in development, growth andinternationalization by ourteam of 15 staff. Themanagement team of Creathor Ventureconsists of the founderofthe former Technologieholding VC GmbH, Dr Gert Köhleraswell as Ingo Franz, Cédric Köhlerand Karlheinz Schmelig. The team has built more than 200 technology companies successfully,conducted more than 20 international IPOs and has achieved exceptional returns for fund investors andthe financed entrepreneurs in the past. Creathor Venture managesfunds of more than CHF 221million (USD 240mio.) and currently has four Offices in Germany (near Frankfurt &Munich),inZurichand in Stockholm.
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Cross Equity PartnersAG
Contact Information
Address Kreuzstrasse 60 8008 Zürich Telephone No +41 44 269 93 93 Fax No +41 44 269 93 94 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] WebAddress www.crossequity.ch
Company Information
Key Persons Mr. Markus Reich Dr. Michael Petersen Year of Establishment 2008 NumberofEmployees 7 Fund NamesCross L.P. Capital Under Management CHF 100m NumberofPortfolio Companies3 Examples of Portfolio Companies Schwab Verkehrstechnik AG,Spirella SA, Micro‐Macinazione SA
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Expansion‐Development Capital Industrial SectorsAll Geographical Focus Austria,Germany, Switzerland Type of FinancingEquity Financing, Majority Equity, MinorityEquity
Short Company Profile
Cross is aSwissprivate equity firm with themission to supportthe sustainable developmentofmid‐sized companies in Switzerland, Germany and Austriathrough equity capital, industrial expertiseand an extensive relationship network–amongst others in the context of succession of family‐owned businesses and corporate spin‐offs.
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Defi Gestion SA
Contact Information
Address BoulevarddeGrancy 1 1006 Lausanne Telephone No +41 21 614 34 44 Fax No +41 21 614 34 45 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.defigestion.ch
Company Information
Key Persons Mr. Claude Suard Mr. Mohammed Diab Year of Establishment 1990 NumberofEmployees 5 Fund Names Capital Under Management CHF 115m NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment CHF 1‐10m Investment Stages Buyout ‐Buyin,Replacement Capital Industrial SectorsConsumerRelated, Electronics,Energy, Food ‐Beverages, Industrial Productsand Services, Manufacturing, Services Geographical Focus France, Italy, Switzerland Type of FinancingMajorityEquity, MinorityEquity
Short Company Profile
Late Stage, European Scope(CH,I,D,F)/Venture, localscope Early Stage: CHF only
140 SECASECA Yearbook Yearbook 2013 2013
Deloitte AG
Contact Information
Address General Guisan‐Quai 38 8022 Zürich Telephone No +41 58 279 64 06 Fax No +41 58 279 99 33 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses initial of [email protected] Web Address www.deloitte.ch
Company Information
Key Persons Mr. Konstantinvon Radowitz Mr. Jan‐Dominik Remmen Mr. Jürg Glesti Mr. Jean‐François Lagassé Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
Deloitte is aleading international accountancy and professional servicesfirm offering audit, consulting, corporate finance, risk management and taxservices to selectedclients. In Switzerland, Deloitte’s 1’000plus employees operateout of ouroffices in Zurich, Basel, Bern,Geneva, Lausanne and Lugano. Deloitte’s CorporateFinance practice woks with leadingprivate equityinvestors, funds andportfolio companies delivering valueacross the entire private equity life cycle.
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Deutsche Bank (Suisse) SA
Contact Information
Address Prime Tower, Hardstrasse 201 8005 Zurich Telephone No +41 58 111 55 92 Fax No +41 58 111 56 04 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.pwm.db.com
Company Information
Key Persons Mr. Billy Obregon Year of Establishment 2004 NumberofEmployees Fund Names Capital Under Management more than USD3bn Number of Portfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Expansion‐Development Capital Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
The DB PrivateEquity /Private MarketsGroup of Deutsche Bank Private Wealth Management is aprivate equity investment manageroffering investment solutions, including aGlobal PrivateEquity Investment Program, for wealthy individualsand select institutional investors. The program offers suitableinvestors asystematicand modular approach to implement theirprivate equity strategy andbuild over time adiversifiedprivate equity portfolio. This approach provides access to premier privateequity fund managers across variousgeographies, industry sectors, investment styles, and vintages,aswell as access to direct co‐investment opportunities.
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Emerald Technology Ventures AG
Contact Information
Address Seefeldstrasse 215 8008 Zürich Telephone No +41 44 269 61 00 Fax No +41 44 269 61 01 E‐mail Address for General Enquiries info@emerald‐ventures.com Format of Personal E‐mail Addresses forename.surname@emerald‐ventures.com WebAddress www.emerald‐ventures.com
Company Information
Key Persons Ms. Gina Domanig Mr. Hans Dellenbach Year of Establishment 2000 NumberofEmployees 12 Fund NamesEmerald Cleantech Fund ILP, Emerald Energy Fund ILP, Emerlad Cleantech Fund II LP Capital Under Management EUR 300m NumberofPortfolio Companies44 Examples of Portfolio Companies EnOcean, Synapsense, TaKaDu, River Basin Energy
Investment Preferences
Size of Investment EUR 2‐7m Investment Stages Early‐Stage, Expansion ‐Development Capital, Start‐upCapital Industrial SectorsChemical ‐Materials, Construction ‐Building Products, Energy, Environment, Industrial Automation, IndustrialProductsand Services, Other, Transportation Geographical Focus Europe, Israel,North America Type of FinancingEquity Financing
Short Company Profile
Launched in 2000, Emerald Technology Venturestoday managesthree fundsaswell as twomandates all focusing on venture capital in the Cleantechsectors, namely, energy,materials, water and agricultural technologies. Emerald wasapioneer in Europeand today, with EUR300 miounder management, is the largest player in Europeand one of the keyplayers in NorthAmerica. Emeraldhas offices in Zurich and Toronto.
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Equatis AG
Contact Information
Address Seehofstrasse 6 8008 Zürich Telephone No +41 44 251 51 20 Fax No +41 44 251 51 18 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] WebAddress www.equatis.com
Company Information
Key Persons Dr.Peter Rutishauser Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Turnaround ‐Restructuring Industrial Sectors Industrial Productsand Services, Consumer Related, Manufacturing,Services Geographical Focus Switzerland, Germany Type of FinancingEquity Financing, Majority Equity
Short Company Profile
Equatis is aprivate companyheld by experienced entrepreneurs investing in buyout and special situations.
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Equistone Partners Europe (Schweiz) AG
Contact Information
Address General‐Guisan‐Quai 34 8027 Zürich Telephone No +41 44 289 80 90 Fax No +41 44 289 80 91 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.equistonepe.com
Company Information
Key Persons Mr. Philippe Stüdi Mr. Marc Erni Year of Establishment 1979 NumberofEmployees 3 Fund NamesEquistone Partners EuropeFund I, II, III and IV Capital Under Management Equistone Partners EuropeFund I(EUR 1.25bn), Fund II (EUR 1.65bn), Fund III (EUR 2.45bn), Fund IV (EUR 1.5bn) NumberofPortfolio Companiesover 50 Examples of Portfolio Companies avocis, Jack Wolfskin, Schild,CUChemie Uetikon, Global blue
Investment Preferences
Size of Investment CHF 25‐125m Investment Stages Buyout ‐Buyin Industrial SectorsAll Geographical Focus France, Germany, Switzerland, United Kingdom Type of FinancingMajorityEquity
Short Company Profile
Equistone Partners Europe („Equistone), vormalsBarclays Private Equity,zählt europaweitzuden führenden Beteiligungsgesellschaften.Der Fokusdes 1979 in Grossbritanniengegründeten Unternehmensliegt auf dem Erwerbvon mittelständischenUnternehmen mit einemjährlichen Umsatzvolumen zwischen CHF 40 und400 Millionen. Seit Bestehen hat Equistone mehr als 500Transaktionen getätigt. Allein in den vergangenen zehn Jahren summierte sich das Investitionsvolumen vonEquistoneinManagement Buy‐Outs, Management Buy‐Ins, Spin‐Offs und Wachstumsfinanzierungen auf mehr alszehn Milliarden Euro. DieInvestoren sind eine Vielzahl internationalerinstitutioneller Anleger. Equistone zählt inzwischen sechs Büros in Grossbritannien und Kontinentaleuropa mit 35 Investment Professionals.
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ErfindungsVerwertung AG EVA
Contact Information
Address Hochbergerstrasse 60c 4057 Basel Telephone No +41 61 283 84 85 Fax No +41 61 283 84 86 E‐mail Address for General Enquiries info@eva‐basel.ch Format of Personal E‐mail Addresses Forename.Surname@eva‐basel.ch Web Address www.eva‐basel.ch
Company Information
Key Persons Dr.Peter E. Burckhardt Dr. Fritz Wittwer Year of Establishment 1996 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies 9 Examples of Portfolio Companies BioVersys, Cardiolynx, Ennar Pharma, Flamentera,AOT
Investment Preferences
Size of Investment Investment Stages Seed Capital, Start‐upCapital Industrial SectorsBiotechnology,Medical ‐LifeSciences ‐HealthRelated Geographical Focus Switzerland Type of FinancingLoans, Minority Equity
Short Company Profile
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Ernst &Young Ltd ‐Switzerland
Contact Information
Address Maagplatz 1 8010 Zürich Telephone No +41 58 286 31 11 Fax No +41 58 286 30 04 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.ey.com/ch
Company Information
Key Persons Mr. Louis Siegrist Mr. Hannes Schobinger Mr. Beat Dolder Mr. Marc Reinhardt Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
With its local team of 70 people in Transaction Advisory Services, Transaction Taxand Transaction Legal and a global network of 150‘000 professionals, Ernst &Young provides expert andinterdisciplinary assistance in corporate transactions and M&Alead advisory.Our people understand the assurance, tax, transaction and advisory needsofbusinessesacross 140 countriesworldwide. We areable to offer seamless and consistent quality support in all phases of atransaction including Due Diligence, Valuation &BusinessModeling, Mergers and Acquisitions Lead Advisory, Corporate Restructuring, Real Estate as well as corresponding accounting, taxand legaladvice.
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ESO Advisors AG
Contact Information
Address Oberdorfstrasse 10 8024 Zürich Telephone No +41 44 200 38 20 Fax No +41 44 200 38 28 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] WebAddress www.esocapital.com
Company Information
Key Persons Ms. Olya Klüppel Year of Establishment 2006 NumberofEmployees 17 Fund NamesEuropean Special Opportunities Fund II FCP SIF Capital Under Management EUR 350m NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment EUR 5‐40m Investment Stages Expansion ‐Development Capital, Mezzanine ‐Bridge Finance, Turnaround ‐Restructuring Industrial Sectors All Geographical Focus Europe Type of FinancingLoans, Minority Equity, Mezzanine, Senior Debt
Short Company Profile
ESO is aEuropean specialsituationsinvestment management groupfocused on privately‐originated, off‐the‐run situations backed by the assets of European small andmediumenterprises (SMEs), financial assets andreal estate.
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EUROFINCAPITAL SA
Contact Information
Address Rue Etraz 4 1002 Lausanne Telephone No +41 58 710 72 00 Fax No +41 58 710 72 01 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.eurofincapital.com
Company Information
Key Persons Mr. AlexandreCadosch Mr. Bruno Ramos Year of Establishment 2004 NumberofEmployees 14 Fund Names‐ Capital Under Management CHF 1.7bn NumberofPortfolio Companies‐ Examples of Portfolio Companies ‐
Investment Preferences
Size of Investment ‐ Investment Stages All Industrial SectorsAgriculture‐Forestry‐Fishing, Construction ‐Building Products, Finance ‐Insurance ‐RealEstate, Internet Technology, Medical ‐ Life Sciences ‐HealthRelated, Services Geographical Focus United States of America, WesternEurope Type of FinancingEquity Financing, Loans
Short Company Profile
Eurofin Capital is an investment office based in Lausanne and London. We combineour Swissheritage with the financial market expertise of our international executiveteam to help clients grow and protect theirwealth. Eurofin Capital covers the full spectrumofasset classes, including Equities, Bonds, PrivateEquity, Real Estate and Venture Capital.
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Fabrel LotosAG
Contact Information
Address Seestrasse 50 6052 Hergiswil Telephone No +41 41 632 68 58 Fax No +41 41 632 68 40 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] WebAddress www.fabrellotos.ch
Company Information
Key Persons Mr. Marc Müller Mr. Urs Pfyffer Year of Establishment 1999 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies3 Examples of Portfolio Companies RONDO Group, UtzGroup, Buss Group
Investment Preferences
Size of Investment CHF 25‐100m Investment Stages Buyout ‐Buyin Industrial SectorsManufacturing Geographical Focus Switzerland Type of FinancingMajorityEquity, MinorityEquity
Short Company Profile
Fabrel Lotos participates on along‐termbasis with equity holdings and entrepreneurial know‐howinmedium sized companies with soundeconomics andgood growth prospects. As aSwiss long‐termequitypartner, Fabrel Lotos enables thesecompanies to pursue their ambitious goalsatthe same timeasretaining theirindependence.
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FIDES Business PartnerAG
Contact Information
Address Hirschengraben 28 8008 Zürich Telephone No +41 44 241 30 00 Fax No +41 44 241 30 19 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.fidesbusinesspartner.ch
Company Information
Key Persons Mr. Johannes Gugl Mr. René Steiner Year of Establishment 2011 NumberofEmployees 8 Fund NamesFides Capital I Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment CHF 3‐10m Investment Stages Buyout ‐Buyin,Turnaround‐Restructuring Industrial Sectors Chemical ‐Materials, Computer Related, ConsumerRelated, Electronics,Energy, Environment, Food ‐Beverages, Industrial Automation, Industrial Productsand Services, Manufacturing, Medical ‐Life Sciences ‐HealthRelated, Other, Services, Telecommunicat Geographical Focus Austria,Germany, Italy, Switzerland Type of FinancingEquity Financing, Majority Equity
Short Company Profile
FIDES Business Partnerinvests in underperforming companies andunlock upside potentials with hands‐on operational experience,marketknow‐how andspecific competences in restructuring andturnaround management.Our core investment strategy is the active turnaround of companiesinspecial situations which demonstrateviable marketopportunities, astable andcommitted client base with tangible and realizable operational improvement potentials. Ourmain regional investment focus is Switzerland. We only invest in mature companies with liquidity, operational or balancesheet problems but whichhave soundcore business fundamentals.
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gcp gamma capital partners ‐ The VenturePreneurs
Contact Information
Address Schönbrunnerstrasse 218‐220 A‐1120 Wien Telephone No +43 1513 10 72 Fax No +43 1513 10 72 E‐mail Address for General Enquiries office@gamma‐capital.com Format of Personal E‐mail Addresses initial of forename.surname@gamma‐capital.com WebAddress www.gamma‐capital.com
Company Information
Key Persons Dr.OliverGrabherr Dr. Burkhard Feurstein Year of Establishment 2002 NumberofEmployees 10 Fund NamesiLab24, gamma II, gamma III, GMP Capital Under Management ca. EUR 80m NumberofPortfolio Companies 22 Examples of Portfolio Companies Inode, FatFoogoo,Infoniqa, Identec, Fulterer, Pantec, Oridis, CNSystems, GAT, Sensix
Investment Preferences
Size of Investment EUR 0.5‐5m Investment Stages Early‐Stage, Expansion ‐Development Capital, Seed Capital, Start‐upCapital Industrial SectorsAll Geographical Focus Austria,CzechRepublic, Germany, Hungary, Poland,Slovakia, Slovenia, Switzerland Type of FinancingEquity Financing, Minority Equity, Mezzanine
Short Company Profile
GCP –Group ‐gamma capital partners –the VenturePreneurs /the MezzoPreneursisadynamic venture capital and mezzaninecapital‐player in the D‐A‐CH &CEE‐region. GCPcurrently advises threehigh‐tech vc‐fundsas well as one evergreen mezzanine funds. Allfunds are backed by leading Austrian institutional andprivate investors and invest in tech‐ as well as growth oriented firms in Austria, Germany, Switzerland andneighbouring CEE countries. The VenturePreneurial/MezzoPreneurial approach is active advice for managing growth. GCP focuses in Venture capital on dynamic growth firmsinemerging technology sectors suchasICT, life sciences medical equipment, electronics andnew materials. GMPthe MezzoPreneurs focuses on mid‐marketmezzanine opportunities investingindynamic growth firmsespecially family businesses and hidden champions.
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German Private Equity and Venture Capital Association e.V. (BVK)
Contact Information
Address Reinhardtstrasse 27c D‐10117 Berlin Telephone No +49 30 306 98 20 Fax No +49 30 306 98 220 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.bvkap.de
Company Information
Key Persons Matthias Kues, Chairman of the BVK‐Board Ulrike Hinrichs, Managing Director Year of Establishment 1989 NumberofEmployees 9 Members 290 Full Members 190 Associate Members 100 Capital Under Management
Short Company Profile
BundesverbandDeutscher Kapitalbeteiligungsgesellschaften‐GermanPrivate Equity and Venture Capital Association (BVK)isthe representative of the Germanprivate equity industry covering privateequity firms, from venture capitalthrough growth capital to buyouts, as well as institutional investors.Itisthe mission of the BVKto create best possible environmental conditionsfor the industry in Germany.
This requiresimproving taxand legalenvironmental conditions for private equity in Germany in dialogue with political and administrative decision‐makers,facilitating theaccess to capital sources,surveying the markets and analysing market trends, and supporting our membersinexchanging their experience. To achievethis, systematic industry communication is fundamentallike the BVKpursues it together with itsalmost 300members.
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Gilde Buy Out Partners AG
Contact Information
Address Seefeldstrasse 40 8008 Zürich Telephone No +41 43 268 20 30 Fax No +41 43 268 20 35 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.gilde.com
Company Information
Key Persons Mr. Ralph Wyss Mr. Rogier Engelsma Year of Establishment 1982 NumberofEmployees 8 Fund NamesGilde Buy Out Fund I‐IV Capital Under Management CHF 2.5bn NumberofPortfolio Companies 18 Examples of Portfolio Companies Eismann, Spandex, Powerlines, Hofmann‐Menü,TMC, Roompot, Teleplan, Nedschroef, PlukonFood Group, Gamma Holding, CID Lines
Investment Preferences
Size of Investment Investment Stages Buy‐out /Buy‐in,Delisting Industrial SectorsAll Geographical Focus Switzerland, Austria, Belgium, Germany, Luxembourg, Netherlands Type of FinancingEquity Financing, Majority Equity
Short Company Profile
Gilde Buy OutPartners is one of Europe’s foremost mid‐marketprivate equity investors, with managed funds in excess of CHF 3bn. Gilde operates in theBenelux as well as Germany, Switzerland and Austria. With offices in Zurich,Frankfurt, Utrecht and Brussels as well as itsmultinationalteam, Gildeistruly entrenched in these markets and can offer local expertise coupled with European reachand execution skills.Since itsinceptionin1982, Gildehas invested in over 250 companies across adiverse rangeofsectors. At CHF 1ʹ000m (EUR 800m) its current investment fund Gilde Buy Out Fund IV is among the largestdedicated mid‐marketbuyout investment fundsin Europe.
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Global Equity Associates AG
Contact Information
Address Börsenstrasse 18 8001 Zürich Telephone No +41 44 215 50 00 Fax No E‐mail Address for General Enquiries info@gea‐ag.ch Format of Personal E‐mail Addresses www.gea‐ag.ch Web Address
Company Information
Key Persons Mr. Christian Walliker Mr. Andreas Burkhardt Year of Establishment NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus Switzerland Type of FinancingAll
Short Company Profile
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Global Life Science Ventures AG
Contact Information
Address Postplatz 1 6301 Zug Telephone No +41 41 727 19 40 Fax No +41 41 727 19 45 E‐mail Address for General Enquiries mailbox@glsv‐vc.com Format of Personal E‐mail Addresses initial of forename.surname@glsv‐vc.com WebAddress www.glsv‐vc.com
Company Information
Key Persons Dr.Peter Reinisch Year of Establishment 2001 NumberofEmployees 2 Fund NamesGLS I, GLSV II Capital Under Management >EUR 200m NumberofPortfolio Companies20 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‐upCapital Industrial SectorsBiotechnology,Medical ‐LifeSciences ‐HealthRelated Geographical Focus Australia, Central and EasternEurope, Continental Europe, Europe, Germany, Israel,United States of America Type of FinancingEquity Financing, Majority Equity
Short Company Profile
Global Life Science Venturesisanindependent VC fund specialising in life sciences worldwide. Itsteam with offices in CH &Doffers broad internationalnetworks, collaborations with proven co‐investorsaswell as strong industry management andVCexperience to investees in all stages.
156 SECASECA Yearbook Yearbook 2013 2013
Global XchangeSolutions AG
Contact Information
Address Bahnhofstrasse52, Suite 307 8001 Zürich Telephone No +41 44 214 66 16 Fax No +41 44 214 65 19 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.globalxchangesolutions.com
Company Information
Key Persons Mr. Donald Goree Ms. KarinSchäfer Year of Establishment 2007 NumberofEmployees 7 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment CHF 0.5‐5m Investment Stages Early‐Stage, Expansion ‐Development Capital, Mezzanine ‐ Bridge Finance Industrial SectorsBiotechnology,Computer Related, Consumer Related, Electronics, Energy, Environment, Finance ‐Insurance ‐Real Estate,Food ‐ Beverages, Industrial Automation, Industrial Productsand Services, Internet Technology Geographical Focus Baltic Countries,Belgium, Canada, ContinentalEurope, Denmark, Europe, France,Germany, India, Ireland, Italy, Latin America, Netherlands, North America,Norway, Poland,Russia, Scandinavia, Spain, Sweden, Switzerland, Ukraine, United Kingdom Type of FinancingEquity Financing, Loans,Mezzanine
Short Company Profile
See website: www.GlobalXchangeSolutions.com
157 SECA Yearbook 2013
Go Beyond Investing
Contact Information
Address Technoparkstrasse 1 8005 Zurich Telephone No +41 79 777 74 57 Fax No +41 44 575 35 84 E‐mail Address for General Enquiries info@go‐beyond.biz Format of Personal E‐mail Addresses forename.surname@go‐beyond.biz Web Address www.go‐beyond.biz
Company Information
Key Persons Ms. Brigitte Baumann Mr. Balz Roth
Year of Establishment 2005 started as an Angel Investing Academy; Launched our Business Angel Network in 2007 Number of Employees 5 Fund Names We are a European Business Angel Network working with individual investors, family offices, professional groups and corporations. Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Poken, Generation Plume, Barefoot Power, Lemoptix, Gramitech, Ecospeed, The Faction Collective, Sensimed, Arktis, Sensima, Eyeducation, Trinnov Audio
Investment Preferences
Size of Investment EUR 0.2‐5m Investment Stages Seed Capital, Start‐up Capital Industrial Sectors All Geographical Focus Switzerland, France, Italy, United Kingdom, US, Poland Type of Financing Equity Financing
Short Company Profile
158 SECASECA Yearbook Yearbook 2013 2013
GRP Gloor Ruggli Partner
Contact Information
Address Freiestrasse 204 8032 Zürich Telephone No +41 43 344 40 00 Fax No +41 43 344 40 01 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.grplegal.ch
Company Information
Key Persons Mr. Marcel Gloor Mr. Philipp Haymann Year of Establishment NumberofEmployees 8 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus Worldwide Type of FinancingAll
Short Company Profile mide‐sized commerciallaw firm specializing in privatemergers &acquisitions andprivate equity transactions with locationsinZurichand Rapperswil‐Jona; our office in Rapperswil‐Jona provides notarial services in accordance with local practice.
159 SECASECA Yearbook Yearbook 2013 2013
Gut Corporate Finance AG
Contact Information
Address Lavaterstrasse 45 8002 Zürich Telephone No +41 43 222 62 10 Fax No +41 43 222 62 11 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.gutcf.ch
Company Information
Key Persons Dr.Alexander Gut Mr. Marc Berger Year of Establishment 2007 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Type of Financing
Short Company Profile
Corporate finance advisory coveringthe focusing areas: M&A, Finance,Valuations, Restructuring
160 SECASECA Yearbook Yearbook 2013 2013
HBM Partners AG
Contact Information
Address Bundesplatz 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 Addresses [email protected] Web Address www.hbmpartners.com
Company Information
Key Persons Dr.Ulrich Geilinger Dr. Andreas Wicki Year of Establishment 2001 NumberofEmployees 20 Fund NamesHBM Healthcare Investments,HBM BioCapital I/II LP Capital Under Management CHF 800m NumberofPortfolio Companies>20 Examples of Portfolio Companies Basilea, Brahms, Esbatech, PTC, PharmaSwiss, MTM
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Expansion‐Development Capital, Replacement Capital Industrial SectorsPharma, Medical ‐Life Sciences ‐HealthRelated Geographical Focus Western Europe, United States of America,India Type of FinancingEquity Financing, Loans
Short Company Profile
HBMPartnersisaglobally active and independent healthcare‐focused investment advisor with approximately UDS 850Million in assets under management. HBMfocuses on developments‐stage, growth and buy‐out financings of private companies as well as investmentsinpublic companies. Core target sectors are pharma & biotech, medical devices anddiagnostics. HBMpartners advises HBMHealthcare Investments AG, HBM BioCapital I&II and further public‐equity funds.
161 SECASECA Yearboo Yearbookk2 2013013
Helbling AdvisorsAG
Contact Information
Address Hohlstrasse 614 8048 Zürich Telephone No +41 44 743 84 44 Fax No +41 44 743 84 10 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.helbling.ch
Company Information
Key Persons Mr. Michael Weindl Mr. Harry Leonhardt Year of Establishment 1993 NumberofEmployees >80 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
The M&A Practice of HelblingBusiness Advisors is part of Helbling group, which employs over 450professionals in Switzerland, Germany, USAand China. Our M&APractice provides its clientswith professional advisory services in the areas of Mergers &Acquisitions andCorporate Finance. Ouroffices are located in Zürich, Düsseldorf, München andStuttgart. Helbling BusinessAdvisors is member of Corporate FinanceInternational (cfi‐network.com), aleading international group of M&A investment bankingboutiques formidmarket transactions.
162 SECASECA Yearbook Yearbook 2013 2013
HELVESTAAG
Contact Information
Address Dreikönigstrasse 34 8002 Zürich Telephone No +41 44 500 55 55 Fax No +41 44 500 55 50 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.helvesta.ch
Company Information
Key Persons Year of Establishment 2011 NumberofEmployees 10 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus Europe Type of FinancingEquity Financing
Short Company Profile
HelvestaisaSwiss community of entrepreneurs andbusiness leaders. We supportbusinesses by providing capital, mentoring skills and sharing commercial know‐how, in order to provide apoint of access to thebest new investment opportunities that otherentrepreneurs cansharein.
163 SECASECA Year Yearbookbook 2013 2013
Hitz &Partner Corporate Finance AG
Contact Information
Address Lavaterstrasse 45 8002 Zürich Telephone No +41 43 222 62 22 Fax No +41 43 222 62 23 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.hitzpartner.ch
Company Information
Key Persons Mr. Stephan Hitz Mr. Cédric Vollmar Mr. Adrian Hodel Year of Establishment 2003 NumberofEmployees 7 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
Founded in 2003, Hitz &Partner Corporate Finance AG is an independentCorporate Finance advisory specialist based in Zurich, Switzerland. The scope of services includes awide range of mergers,acquisitionsand corporate finance advisory services includingsuccession planning.With an industry focus on leisure, in particular travel (on‐ and offline), consumer goods, e‐commerce, mediaand transportation, Hitz &Partnerhas aglobal network to key decision makers andlongstanding expertise within theindustry. Personalized and outstanding services andahigh levelofconfidentiality are the keycharacteristics of Hitz & Partner. For furtherinformation go to www.hitzpartner.ch or write us an eMail to [email protected].
164 SECASECA Yearbook Yearbook 2013 2013
ICS Partners GmbH
Contact Information
Address Baarerstrasse 78 6301 Zug Telephone No +41 41 712 00 39 Fax No +41 41 727 80 91 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Addresswww.icspartners.net
Company Information
Key Persons Mr. Carsten Paris Mr. Ingo Zemke Year of Establishment 2005 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment EUR 10‐50m equity Investment Stages Buyout ‐Buyin,Mezzanine ‐Bridge Finance,Replacement Capital Industrial SectorsAgriculture‐Forestry‐Fishing, Chemical ‐Materials, Consumer Related, Electronics,Energy, Finance ‐Insurance ‐Real Estate, Food ‐Beverages, Industrial Automation, Industrial Productsand Services, Manufacturing, Services,Transportation Geographical Focus Austria,Germany, Switzerland, Western Europe Type of FinancingEquity Financing, Majority Equity, Mezzanine
Short Company Profile
165 SECASECA Yearbook Yearbook 2013 2013
IMC Investment &Management Consultants AG
Contact Information
Address Neuwis 10 8700 Küsnacht Telephone No +41 44 914 24 34 Fax No +41 44 914 24 35 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses initial of [email protected] Web Address www.imcag.ch
Company Information
Key Persons Mr. Markus P. Stebler Year of Establishment 1979 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment CHF 2‐30m Investment Stages Buyout ‐Buyin,Expansion ‐Development Capital, Turnaround ‐ Restructuring Industrial Sectors Consumer Related, Electronics,Energy, Environment, Industrial Productsand Services, Manufacturing, Medical ‐LifeSciences ‐ Health Related Geographical Focus Austria,Germany, Switzerland Type of FinancingEquity Financing, Minority Equity, Mezzanine
Short Company Profile
IMC AG was founded in 1979 and is aprivately financed investment advising &consulting firm.Wefocus on identifying investment opportunities for private equity investors as well as on advising companieswith high growth potential in findingtheir expansion financing.
166 SECASECA Yearbook Yearbook 2013 2013
Index Venture Management SA
Contact Information
Address 2rue de Jargonnant 1207 Genève 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 Addresses [email protected] Web Address www.indexventures.com
Company Information
Key Persons Mr. Pascal Jouin
Year of Establishment 1992 NumberofEmployees 26 Fund NamesIndex Ventures I, II, III Capital Under Management EUR 550m NumberofPortfolio Companies 59 Examples of Portfolio Companies MySQL,Zend,Innovativ, Silicon, Addex Pharmaceutical
Investment Preferences
Size of Investment Investment Stages Early‐Stage, Seed Capital, Start‐upCapital Industrial SectorsBiotechnology,Computer Related, Internet Technology,Medical ‐ Life Sciences ‐HealthRelated, Telecommunications Geographical Focus Europe, Israel,United States of America Type of FinancingEquity Financing
Short Company Profile
Index Ventures is aleading pan‐European venturecapital fund with $500 million dedicated to investments in informationtechnologyand life science.
167 SECASECA Yearbook Yearbook 2013 2013
IntraLinks
Contact Information
Address Bahnhofstrasse52 8001 Zürich Telephone No +41 79 815 09 97 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.intralinks.com
Company Information
Key Persons Mr. Eric Schuster Mr. Carsten Kilz Year of Establishment NumberofEmployees 9 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages None Industrial SectorsAll Geographical Focus Europe Type of FinancingNone
Short Company Profile
For more than adecade, IntraLinks’ enterprise‐wide solutionshave been facilitating thesecure,compliant and auditable exchange of criticalinformation, collaborationand workflow management inside andoutside the enterprise. For simplifying business processes such as board of director communications, post‐mergerintegration, acquisition management, corporate financeand fundraising, the IntraLinks platform can help improve operational efficiency andreduce timeand costs while adding increased security andcontrol to processes. Morethan 2,000,000 users across 50,000 organizations around the worldrely on IntraLinks, including 50 of the 50 topglobal banks, 10 of the top10lifesciences companies, 25 of the top25law firms, and 14 of the 15 largest private equity firms.
168 SECASECA Yearbook Yearbook 2013 2013
Invision Private Equity AG
Contact Information
Address Grafenaustrasse 7 6304 Zug Telephone No +41 41 729 01 01 Fax No +41 41 729 01 00 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.invision.ch
Company Information
Key Persons Mr. Frank Becker Mr. Martin Staub Year of Establishment 1996 NumberofEmployees 11 Fund NamesInvision I‐IV CapitalUnder Management CHF 350m NumberofPortfolio Companies5 Examples of Portfolio Companies Swiss Education Group, RSD, Boost Group, Feintechnik, César Ritz
Investment Preferences
Size of Investment CHF 10‐50m Investment Stages Buyout ‐Buyin,SuccessionConstellation,Expansion ‐ Development Capital Industrial SectorsAll Geographical Focus Austria,Europe, Germany, Switzerland Type of FinancingEquity Financing
Short Company Profile
Invision is aleadingSwiss private equity firm focusing on investments in small Buy‐outs and growthcompanies in Europe. Since1997, Invision has invested in over 60 businesses, helping companies to realise theirgrowth potential andproducing substantial returns to its investorsand stakeholders. Invision will develop portfolio companies into professionally run firms with high quality management,strong sales pipeline and clear multinational potential.
169 Unser Netzwerk verbindetintelligentes Kapital mit attraktivenUnternehmen
Als führende Schweizer Beteiligungsgesellschaft sind wir spezialisiert auf FinanzierungenimRahmen vonEigen- tümerwechsel, Nachfolgeregelungen sowieWachstums- finanzierungen.
Als unternehmerischer Partner und mit der Erfahrung aus über 60 finanzierten Unternehmen tragenra wi ktiv zur Entwicklung und Wertsteigerung bei und unterstützen Expansionsvorhaben.
IHR PARTNER FÜR EIGENKAPITALFINANZIERUNGEN IM DEUTSCHSPRACHIGEN RAUM
Invision Private EquityAG, Grafenaustrasse 7, 6304 Zug,Schweiz, Tel+41 41 729 01 01,www.invision.ch
Welcome to
SwissPrivate Equity &Corporate FinanceAssociation Schweizerische Vereinigung fürUnternehmensfinanzierung AssociationSuisse des InvestisseursenCapital et de Financement
• SECA Andermatt Day • TOPSwissStartups2013 Thursday,13June2013, 14.00 –20.00 Wednesday, 18 September2013 Uri, Andermatt Zurich,Maag Härterei • SECA PE &CFConference • SECA Evening Event: Seed Money &VC Wednesday, 3July2013, 09.00 –22.00 Wednesday, 16 October 2013 Zurich,ConventionPoint Zurich,WidderHotel • SECA Evening Event • PrivateEquity Workshop Wednesday, 28 August 2013, 17.00 –20.00 Fri&Sat, 8-9November&22-23 November2013 Zurich,WidderHotel Zug, Institutefor FinancialServices • SECA Evening Event: PrivateEquity • SECA Evening Event: GoingPrivate Wednesday, 11 September2013, 17.00 –20.00 Wednesday, 20 November2013, 17.00 –20.00 Zurich,WidderHotel Zurich,WidderHotel SECASECA Yearbook Yearbook 2013 2013
ITERA AG Corporate Finance
Contact Information
Address Neugutstrasse 4 5001 Aarau TelephoneNo+41 44 213 20 10 Fax No +41 44 213 20 11 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.iteracf.ch
Company Information
Key Persons Dr.Giorgio Meier Mr. Marc Montandon Year of Establishment 1996 NumberofEmployees 9 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin Industrial SectorsAll Geographical Focus Europe, Russia,Switzerland Type of FinancingAll
Short Company Profile
171 SECASECA Yearbook Yearbook 2013 2013
Jones Lang LaSalle AG
Contact Information
Address Prime Tower ‐Hardstrasse 201 8005 Zürich Telephone No +41 44 215 75 00 Fax No +41 44 215 75 01 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.joneslanglasalle.ch
Company Information
Key Persons Mr. Jan Eckert Mr. PatrikStillhart Year of Establishment NumberofEmployees 20 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
Jones Lang LaSalle AG in Zurichisthe Swisssubsidiary of the JonesLang LaSalle group. Its experienced real estate corporate finance teamprovides specialist servicesfor property companies, property ownersand investors. Such servicesinclude the management of complex property and companytransactions (share andasset deals), the evaluation of real estate assets, andstrategic and organisational consultancy services relating to theownership, development and management of property.
172 SECASECA Yearbook Yearbook 2013 2013
KeplerCorporate Finance
Contact Information
Address Route de crassier 11 1262 Eysins TelephoneNo+41 22 994 13 54 Fax No E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address
Company Information
Key Persons Mr. DominikBelloin Mr. EdouardNarboux Year of Establishment 2009 NumberofEmployees 25 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
173 SECASECA Yearbook Yearbook 2013 2013
KornFerry International
Contact Information
Address Hardstrasse 201 8005 Zürich Telephone No +41 43 366 77 12 Fax No E‐mail Address for General Enquiries Format of Personal E‐mail Addresses Web Address www.kornferry.com
Company Information
Key Persons Mr. YannickBinvel Mr. Wolfgang Schmidt‐Soelch Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
executive recruitment, leadership development programs, enterprise learning, succession planning and recruitment outsourcing
174 SECASECA Yearbook Yearbook 2013 2013
KPMG AG
Contact Information
Address Badenerstrasse 172 8004 Zürich Telephone No +41 58 249 34 81 Fax No +41 58 249 44 28 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses initial of [email protected] Web Address www.kpmg.ch
Company Information
Key Persons Mr. Tobias Valk, Partner Mr. PatrikKerler, Partner Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
Corporate Finance &Real Estate (M&A lead advisory,Debt advisory,Buyout modelling, Valuations) /Transaction Services (Financial duediligence, Strategic andcommercial duediligence, Buyer andvendor duediligence) /Legal andTax Advisory (Due diligence,Transaction structuring,Legal documentation) /Corporate Restructuring (Operational andfinancial restructuring, Postmergerintegration) /Audit (Audit services, Fund performance audit services)
175 SECASECA Yearbook Yearbook 2013 2013
Leonardo &Co. AG
Contact Information
Address Löwenstrasse 3 8022 Zürich Telephone No +41 44 200 48 20 Fax No +41 44 200 48 90 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses forename.surname@leonardo‐co.com WebAddress www.leonardo‐co.com
Company Information
Key Persons Mr. Leonid Baur Mr. Stephan Brücher Year of Establishment 1789 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
Leonardo &Co. Is aEuropean Investment banking firm focusing exclusively on independent andobjective advice in mergers &acquisitions, equity,debtfinancing and restructuring.
176 SECASECA Yearbook Yearbook2 2013013
LFPE S.A.
Contact Information
Address Rue de Rive 1 1204 Genève Telephone No +41 22 319 79 00 Fax No +41 22 319 79 19 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address
Company Information
Key Persons Mr. Marc Brugger Year of Establishment 2006 NumberofEmployees 7 Fund NamesLFPESCA, SICAR and others Capital Under Management EUR 300m NumberofPortfolio Companies>100 Examples of Portfolio Companies
Investment Preferences
Size of Investment EUR 2‐50m Investment Stages Buyout ‐Buyin,Mezzanine ‐Bridge Finance Industrial SectorsChemical ‐Materials, Construction ‐Building Products, Consumer Related, Electronics,Energy, Environment, Food ‐Beverages, Industrial Automation, Industrial Productsand Services, Manufacturing,Services, Telecommunications, Transportation Geographical Focus Austria,Belgium, Benelux,Continental Europe, Europe,Finland, Germany, Greece, Iceland, Ireland,Italy, Luxembourg, Netherlands, Norway, Poland,Portugal, Scandinavia, Spain, Sweden, Switzerland Type of FinancingEquity Financing, Majority Equity, MinorityEquity, Mezzanine andPrivate Debt
Short Company Profile
LFPES.A. is an investment advisory company for dedicated investment vehicles which target smalland midsize buy‐out funds anddirectinvestments in Europe.LFPES.A.ispart of the French LFPI Group, Paris.
177 enna Vi duz, Liechtenstein Museum, Va ollections of the Prince of Liechtenstein, Erasmus Habermel, detail from “Perpetual©C Calendar”, c. 1600 Leading the way in alternative investing
Outstanding track record–15years experience in generating attractive risk-adjusted returns Significant asset base –USD 25 billion in private equity and hedge fund assets under management Strong alignment of interests –team and shareholder invest in own programs Worldwide reach –7offices in Pfaeffikon, New York, Dublin, London, Hong Kong, Beijing and Tokyo Large, international team –190 people representing 36 nationalities, speaking 29 different languages Global client base –300 sophisticated institutional investors in 32 countries
Pfaeffikon, New York, London, Dublin, Hong Kong, Beijing, Tokyo www.lgtcp.com, [email protected] SECASECA Yearbook Yearbook 2013 2013
LGT Capital Partners Ltd.
Contact Information
Address Schützenstrasse 6 8808 Pfäffikon 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 Addresses [email protected] Web Address www.lgt‐capital‐partners.com
Company Information
Key Persons Dr.RobertoPaganoni Dr. Hans Markvoort Year of Establishment 1997 NumberofEmployees 200 Fund NamesCrown family of funds, Castlefamily of funds Capital Under Management USD 25bn Number of Portfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment USD 5‐200m Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingEquity Financing
Short Company Profile
LGT Capital Partners is aleadinginstitutional alternative asset and fund of funds manager, currentlymanaging over USD25billion in hedge fund and private equity investmentsonaglobal basis. LGT Capital Partners’teamof over 200 professionals with 35 nationalities is responsible a.o. for the investment management of the Crown and Castle alternative investment programs. The firm is headquartered in Pfaeffikon SZ in Switzerland andhas affiliated offices in NewYork, Beijing, Dubai, Dublin,Hong Kong, London and Tokyo.
179 SECASECA Yearbook Yearbook 2013 2013
LN ConsultingSagl
Contact Information
Address Via Lucino3 6932 Lugano‐Breganzona Telephone No +41 91 220 70 00 Fax No +41 91 980 39 25 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.lombardnetwork.com
Company Information
Key Persons Dr.Federico Foscale Ms.Carole GonzalezFoscale Year of Establishment NumberofEmployees 7 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Early‐Stage, Expansion ‐Development Capital, Mezzanine ‐Bridge Finance, Replacement Capital, Seed Capital, Start‐upCapital, Turnaround‐Restructuring Industrial Sectors All Geographical Focus Europe, Italy, Switzerland Type of FinancingAll
Short Company Profile
Lombard Network Group is an independentholding operating mainly as corporate finance advisor (debtand equity)infavour of SMEs,and also as investor in public and private equities.Itoperates since2006, dealing with theanalysis of the financial needs of companies seekingequity capital (private equity, venturecapital, strategic Investors/Industrial) and debt (banks, leasing, factors); it also advises its clients to operations such as IPOs, M&A, restructuring anddebtconsolidation. It invests in minoritystake in private andpublic equities.The main companies of the Group areLNConsulting Sagl and LN MarchantSA, based in Lugano, with representative offices in London and Milan.
180 SECASECA Yearbook Yearbook 2013 2013
Mazars
Contact Information
Address Mühlebachstrasse 20 8008 Zürich Telephone No +41 44 384 84 44 Fax No +41 44 384 84 45 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.mazars.ch
Company Information
Key Persons Mr. VincenzoBraiotta Year of Establishment 1975 NumberofEmployees 85 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
181 SECASECA Yearbook Yearbook 2013 2013
Merge.rs AG
Contact Information
Address Poststrasse 22 6300 Zug Telephone No +41 41 792 00 00 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.merge.rs
Company Information
Key Persons Mr. Alan Frei Mr. Adrian Klotzbücher Year of Establishment 2011 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Delisting, Expansion ‐Development Capital, Mezzanine ‐Bridge Finance, Privatisation, Replacement Capital, Turnaround ‐Restructuring Industrial Sectors All Geographical Focus All Type of FinancingAll
Short Company Profile
Merge.rs operates an online platform specifically designed for entrepreneurs whowant to sell their company. Through Merge.rs entrepreneurs gain accesstothe best coroprate financeadvisors and M&Alawyers worldwide. Moreover, Merge.rs provides tools that optimally support the salesprocess.
182 SECASECA Yearbook Yearbook 2013 2013
Milestone Capital Partners LLP
Contact Information
Address 14 Floral Street GB‐WC2E 9DHLondon Telephone No +44 207 420 88 00 Fax No +44 207 420 88 27 E‐mail Address for General Enquiries erick.rinner@milestone‐capital.com Format of Personal E‐mail Addresses forename.surename@milestone‐capital.com WebAddress www.milestone‐capital.com
Company Information
Key Persons Mr. Erick Rinner Mr. Olivier Antomarchi Year of Establishment 1989 NumberofEmployees 3 Fund NamesMilestone 2012LP Capital Under Management EUR 250m NumberofPortfolio Companies 6 Examples of Portfolio Companies ITX SA
Investment Preferences
Size of Investment EUR 10‐30m Investment Stages Buyout ‐Buyin,Expansion ‐Development Capital, Replacement Capital Industrial SectorsComputer Related, Consumer Related, Electronics,Energy, Environment, Finance ‐Insurance ‐Real Estate, Food ‐Beverages, Industrial Productsand Services, Internet Technology, Manufacturing,Medical ‐LifeSciences ‐HealthRelated, Services, Telecommun Geographical Focus Belgium, Benelux, France, Ireland, Luxembourg, Switzerland, United Kingdom Type of FinancingMajorityEquity
Short Company Profile
Milestone is aprivate equity firm based in London with presence in Geneva, Parisand Bruxelles, investing in management buy‐outsand buy‐insvalued between €20m and€100m with strong growth potential through organicgrowthand/or add‐on acquisitions.
183 SESECACA Yearbook Yearbook 2013 2013
MMP Mück Management Partners AG
Contact Information
Address Werkstrasse 2 8806 Bäch Telephone No +41 44 787 02 80 Fax No +41 44 787 02 81 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses surname@mueck‐partners.com Web Address www.mueck‐partners.com
Company Information
Key Persons Mr. Rainer Mück Year of Establishment 2007 NumberofEmployees 8 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Europe Type of FinancingAll
Short Company Profile
We areahighly solution oriented management consultancywell‐versedindeveloping personal andtailor‐made solutions forour customers. Our goal is to provide you with the key to optimize your financialand administrative activities on along‐termbasis. Duetoour long‐standinginvolvement in international companies and consultancieswehave on inside knowledge of ourcustomers needs andcan present you with the perfect answer to your problems. Ourmajor business areasare Mergers &Acquisitionsand Governance &Compliance Advisory.
184 SECASECA Yearbook Yearbook 2013 2013
Monitor Clipper Partners, LLC.
Contact Information
Address Mühlebachstrasse 173 8034 Zürich Telephone No +41 44 389 71 50 Fax No +41 44 389 71 51 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses initial of [email protected] Web Address www.monitorclipper.com
Company Information
Key Persons Mr. Peter Laino Year of Establishment 1997 NumberofEmployees 6 Fund NamesMonitor Clipper Equity Partners I, IA, II,III Capital Under Management USD 2bn NumberofPortfolio Companies 15 Examples of Portfolio Companies Reverse Logistics Group (Germany), CMC Biologics (Denmark), Microgame (Italy)
Investment Preferences
Size of Investment CHF 10‐40m Investment Stages Buyout ‐Buyin,Delisting, Expansion ‐Development Capital, ReplacementCapital Industrial SectorsAll Geographical Focus Europe Type of FinancingEquity Financing, Majority Equity, MinorityEquity
Short Company Profile
Monitor Clipper Partners is aglobal private equity firm with over USD2bn of assets under managementpursuing small to medium sized investments in Europe and NorthAmerica. Since itsinception in 1997MCP has invested in 30 companies in Europeand North America. MCP targetsinvestments in businesses with strongmanagement teams that canbenefit from the firm’s proprietary relationship with MonitorGroup to generate superiorreturns in management buyoutsand late‐stagegrowthequity investments. MonitorGroup is aleading global strategy consulting firm with over 950professionalsin21countries.
185 SECASECA Yearbook Yearbook 2013 2013
MSM Investorenvereinigung
Contact Information
Address Stadthausstrasse 12 8400 Winterthur Telephone No +41 52 269 21 12 Fax No E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] WebAddress www.msmgroup.ch
Company Information
Key Persons Dr.Jürg Martin Year of Establishment 2001 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Switzerland Type of Financing
Short Company Profile
MSMInvestorenvereinigung is an association (a ʺbusiness angelʹs clubʺ) with itsseat in Winterthur. Its purpose is to inform andsupport its members in investing in nonquoted companies, particularly in such whocreatejobs in Switzerland. The club promotes commoninvesting by its membersand thirdparties andoffers appropriate legal tools when needed. Die MSM Investorenvereinigung ist einVerein (ein ʺBusiness Angels Clubʺ)mit Sitz in Winterthur. Er bezweckt die Information und Unterstützungder Mitgliederbei der Anlage von Gelderninnicht börsenkotierte Gesellschaften, namentlich solche, die in der Schweiz neue Arbeitsplätze schaffen.Der Verein fördert das gemeinsame Investieren durch Vereinsmitglieder und Dritte in solche Unternehmen undstelltbei Bedarfgeeignete rechtliche Strukturen zur Verfügung.
186 SECASECA Yearbook Yearbook 2013 2013
Neuberger Berman
Contact Information
Address Börsenstrasse 26 8001 Zürich Telephone No +41 44 219 77 50 Fax No +41 44 219 77 67 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.nb.com
Company Information
Key Persons Mr. FabioCastrovillari (Switzerland) Ms. Melina Tan(Switzerland) Mr. Peter Von Lehe (New York) Ms. JoanaRocha (London) Year of Establishment 1987 (private equity), 1939 (Neuberger Berman) NumberofEmployees 5, ~175 (PE), over 1,700(Neuberger Berman) Fund NamesCrossroads Family of Funds, Secondaries,Co‐Investments, HealthcareCredit, Hedge FundMinorityStakes, PrivateDebt, Custom Separate Accounts Capital Under Management USD 15bn (private equity), USD205bn (NeubergerBerman) NumberofPortfolio Companies Over 300 private equity funds,over 115 directinvestments Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus Worldwide Type of FinancingAll
Short Company Profile
NB PrivateEquity,the private equity group of Neuberger Berman, has beenanactive andsuccessful privateequity investor since 1987,and has served sophisticated institutional investors globally. NB PrivateEquity manages approximately $15 billion of investorcommitmentsacrossprimary fund of funds, secondary,co‐investments and direct‐yielding investments through commingled fundsaswell as custom separate accounts. NB Private Equity has aglobal presence with approximately60 investment professionals, and is supported by approximately 115investor services professionals, includingour back office services affiliate, Capital Analytics. Established in 1939,Neuberger Berman is one of the world’s largest private, independent,employee‐controlled asset management companies. Neuberger Bermanisaleader in abroad range of global investment solutions‐equity, fixed income and alternatives‐toinstitutionsand individuals through customizedseparately managed accounts,mutualfunds and alternative investment products.The Firm has more than 1,700 employeesin28cities worldwide and, as of December31, 2012, managed $205 billionofassets. The senior members of the Zurich basedclient‐team, have been workingtogetheratthe firm forover 14 years and have been servicing Swissinvestors forover20years.
“All information provided as of 31st December 2012, unless mentioned otherwise”
187 SECASECA Yearbook Yearbook 2013 2013
Nextech Invest Ltd.
Contact Information
Address Scheuchzerstrasse 35 8006 Zürich Telephone No +41 44 366 66 11 Fax No +41 44 366 66 10 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.nextechinvest.com
Company Information
Key Persons Dr.Alfred Scheidegger Year of Establishment 1998 NumberofEmployees 6 Fund NamesNextech II Oncology, Nextech III Oncology CapitalUnder Management USD 100m NumberofPortfolio Companies 7 Examples of Portfolio Companies MacroGenics, Sunesis Pharmaceuticals, PalyonMedical Corp., Tracon Pharmaceuticals, TetraLogicPharmaceuticals, ImaginAb, MolecularMD
Investment Preferences
Size of Investment EUR 2‐7m Investment Stages late‐stage Industrial SectorsOncology: Thearpeutics, diagnostics, medtech Geographical Focus North America,Europe, Asia Type of FinancingEquity Financing
Short Company Profile
Global investment management firm based in Zurich,Switzerland. Nextech Invest Ltd.currently advises two world‐wide oncologyfunds, launched in late 2006 and 2010, fully dedicated to foster leading cancer companies including therapeutics, diagnostics andmedical devices. Thefund is supported by acommitted 6member scientific advisory boardled by Prof.David Livingston, Directorofthe Dana‐Farber/Harvard Cancer Center.
188 SECASECA Yearbook Yearbook 2013 2013
Novartis International AG
Contact Information
Address Novartis Campus 4002 Basel 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 Addresses [email protected] Web Address www.venturefund.novartis.com
Company Information
Key Persons Dr.Reinhard J. Ambros Ms. Martina Blank Year of Establishment NumberofEmployees Fund NamesNOVARTISVENTUREFUNDS CapitalUnder Management USD 700m NumberofPortfolio Companies 60+ Examples of Portfolio Companies
Investment Preferences
Size of Investment USD 15‐20m Investment Stages Early‐Stage, Seed Capital, Start‐upCapital Industrial SectorsMedical ‐Life Sciences ‐HealthRelated Geographical Focus Europe, Switzerland, United States of America Type of FinancingEquity Financing, Minority Equity
Short Company Profile
189 anew approach to Life Sciences… …for financial institutions…
Onelifepursuesanew approach to Life Sciences and is arecognizedthought leader conjugatingprofit andsustainablegrowth forits clients and partners
www.onelife.ch SECASECA Yearbook Yearbook 2013 2013
ONELIFEADVISORSSA
Contact Information
Address Via Cantonale 1 6900 Lugano Telephone No +41 91 924 24 00 Fax No +41 91 924 24 01 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.onelife.ch
Company Information
Key Persons Dr.Enrico Braglia Dr. Massimo Colnago Year of Establishment 2007 NumberofEmployees 5 Fund NamesProspera Senectute Fund Sicav‐SIF, Bright Technology Fund Capital Under Management USD 60m +EUR 30m NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment up to EUR10m Investment Stages Buyout ‐Buyin, Delisting, Early‐Stage, Expansion ‐Development Capital, Privatisation, Start‐upCapital, Turnaround ‐ Restructuring Industrial Sectors Biotechnology,Chemical ‐Materials, Computer Related, Electronics,Energy, Environment, Internet Technology,Medical ‐ Life Sciences ‐HealthRelated, Telecommunications, Communications other Geographical Focus Asia, ContinentalEurope, Europe, Far East, Israel, Middle East, North America,Switzerland, Western Europe Type of FinancingEquity Financing, Minority Equity, MajorityEquity
Short Company Profile
Onelife pursuesanew approachtoLife Science and is becoming arecognized thought leader in the fieldof conjugating profit and sustainable growth for itsclients,investors andpartners. Onelifewants to make areal contributiontothe manifoldchallenges in the Life Science sector capitalizingonits uniqueindustryinsights and expertise in threedistinct areas: FUND Prospera Senectute Fund is anew ethical Life Science sector fund focusing on healthy aging. The Fundbenefitsfrom Onelife uniqueview andexpertise regarding science,demographic changes and in‐depth knowledge of the industry. ADVISORY Onelifevirtual network and soundexperience in the Life Science sector provides clientssuch as financial institutions,Life Science companies and family offices with advices for improving evaluationand complex handling of pharmaceutical andbiotechnology projects, bio‐ finance data or sophisticated cost controllingand investment decision processes. LICENSES Onelifesupports investors and companies in strategic ventures includingin/out license of Life Science projects, acquisition of new technologies andM&As.
191 SECASECA Yearbook Yearbook 2013 2013
Orlando Management Schweiz AG
Contact Information
Address Pfingstweidstrasse 60 8005 Zürich Telephone No +41 44 271 55 50 Fax No +41 44 271 55 54 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] WebAddress www.orlandofund.ch
Company Information
Key Persons Dr.Karl Spielberger Mr. Fabrice Nava Year of Establishment 2001 NumberofEmployees 40 Fund NamesSpecial Situation Venture Partners Capital Under Management CHF 500m NumberofPortfolio Companies>10 Examples of Portfolio Companies Toga Food, solvadis, Pallhuber, Flensburger Schiffbau, Staud
Investment Preferences
Size of Investment CHF 5‐100m Investment Stages Buyout ‐Buyin,Replacement Capital, Turnaround ‐Restructuring Industrial SectorsAll Geographical Focus Austria,Germany, Italy, Switzerland Type of FinancingMajorityEquity
Short Company Profile
Orlandoisthe exclusive advisor to theleading PE investor in continental Europe focussed on special situations.
192 SECASECA Yearbook Yearbook 2013 2013 paprico ag
Contact Information
Address Zugerstrasse 8a 6340 Baar Telephone No +41 43 344 38 00 Fax No +41 43 344 38 01 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.paprico.ch
Company Information
Key Persons Mr. Peter Letter Mr. MarcoFantelli Year of Establishment 2002 NumberofEmployees 3 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies Swiss Medical Solution AG, Sensimed SA
Investment Preferences
Size of Investment EUR 1.0 –20.0m Investment Stages Buyout ‐Buyin,Early‐Stage, Expansion ‐Development Capital, Turnaround ‐Restructuring Industrial Sectors All Geographical Focus Austria,Germany, Switzerland Type of FinancingEquity Financing, Mezzanine
Short Company Profile paprico ag –partners for private capital&companies ist eine Spezialistin für unternehmerische Direktbeteiligungenim Private Equity und Venture Capital Marktder Schweizund dem deutschsprachigenRaum miteinem fokussierten Leistungsangebot fürUnternehmer sowie für Family Offices, privateund institutionelle Investoren. Investmentmöglichkeiten in private Unternehmen: Wirerschliessen für Investoren Anlageopportunitäten im attraktiven Segment der unternehmerischen Direktbeteiligungen. Unseren Fokus legen wirauf Wachstumsunternehmen und etablierte Nischenplayer im Segment bis rundCHF 50 Mio. Umsatz in der Schweizund Deutschland. Advisory für Private Equity Direktbeteiligungen: Wir unterstützen Investoren beim Aufbau,der Strukturierungund der Entwicklung neueroder bestehender Unternehmensbeteiligungen und Private Equity Portfolios.Aktives Management sowie eine systematische Exit‐Planung und Umsetzung erachten wirals wesentlicheErfolgsfaktoren. Kapital fürWachstum und Unternehmensnachfolge: Wirbieten Unternehmern und Unternehmen massgeschneiderte Lösungen zur Finanzierung von Wachstumsstrategien und Unternehmensnachfolgen mitEigenkapital oder eigenkapitalähnlichen Finanzmitteln.
193 SECA Yearbook 2013
Partners Group
Contact Information
Address Zugerstrasse 57 6341 Baar‐Zug Telephone No +41 41 784 60 00 Fax No +41 41 784 60 01 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.partnersgroup.com
Company Information
Key Persons Mr. Alfred Gantner Dr. Marcel Erni Urs Wietlisbach Steffen Meister Year of Establishment 1996 Number of Employees over 600 Fund Names Capital Under Management EUR 29bn in private equity, private debt, private real estate and private infrastructure Number of Portfolio Companies 6000 Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial Sectors All Geographical Focus All Type of Financing All
Short Company Profile
Partners Group is a global private markets investment management firm with over EUR 28 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of limited partnerships and customized portfolios for an international clientele of institutional investors who are seeking direct exposure to individual private markets assets.
Partners Group is headquartered in Zug, Switzerland and has 15 offices around the globe. The firm employs over 600 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its Partners and all employees and is invested in more than 6ʹ000 privately held assets.
194 Erfolgreiche Anlagen beginnen mitAlpha.
Dieander SIX kotierte PrivateEquity HoldingAG MitdiesemLeistungsausweis habenwir IhrVertrauen (PEH)wirdvom unabhängigenPrivate Equity Bera- verdient. Machen Siesichunsere Erfahrung zu Nutze. terund ManagerAlpha Associates verwaltet. Und dassehrerfolgreich.Sokonntedie PEHden inneren Wert proAktie seit dem1.Januar2007–der Finanz- krisezum Trotz–umüber45% (inEUR)steigern.
PrivateEquity HoldingAG, Innere Güterstrasse 4, CH-6300Zug phone +4141726 79 80,[email protected],www.peh.ch SECASECA Yearbook Yearbook 2013 2013
Private Equity Holding AG
Contact Information
Address Innere Güterstrasse 4 6300 Zug Telephone No +41 41 726 79 80 Fax No +41 41 726 79 81 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] WebAddress www.peh.ch
Company Information
Key Persons Dr.Hans Baumgartner Mr. Peter Wolfers Year of Establishment 1997 NumberofEmployees (managed by Alpha Associates Ltd.) Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies ABRY PartnersVI, Bridgepoint EuropeIV, Institutional Venture Partners XII
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus United States of America, WesternEurope, Europe Type of FinancingEquity Financing
Short Company Profile
PrivateEquityHolding Ltd. offers institutional and private investors the opportunity to invest in abroadly diversified private equity portfolio. The objectiveofPrivate Equity Holding Ltd. is to generate long term capital growth for its shareholders, andtodeliver consistent net asset value growth.Private Equity Holding focuses on primary fund investments, acquisition of fund interests on the secondary marketand directco‐investments. The company is managedbyAlpha Associates, an independentprivate equity fund‐of‐funds managerand advisor, building and managing globally diversified private equity fund portfolios for institutional and privateinvestors.
196 SECASECA Yearbook Yearbook 2013 2013
PwC
Contact Information
Address Birchstrasse 160 8050 Zürich Telephone No +41 58 792 44 00 Fax No +41 58 792 44 10 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.pwc.com/ch
Company Information
Key Persons Mr. Adrian Keller Dr. PhilippHofstetter Year of Establishment NumberofEmployees ~2500 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
PricewaterhouseCoopers provides clientswith industry‐focused assurance, tax&legal andadvisory services. Transaction expertsfocus across the deal continuum to capturemaximal valuefrom mergers, acquisitions and capital markettransactions while drawing on our broad range of skills for specific client needs in aflexible, fast andtailor‐made manner. More than 169ʹ000 people in 158 countries across ournetwork connecttheir thinking, experience andsolutions to develop fresh perspectives andpractical advice that trulyenhance valuefor clients.
197 SECASECA Yearbook Yearbook 2013 2013
Redalpine VenturePartners AG
Contact Information
Address Pfingstweidstrasse 60 8005 Zürich Telephone No +41 44 271 15 30 Fax No +41 44 271 15 32 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.redalpine.com
Company Information
Key Persons Mr. Peter Niederhauser Dr. Michael Sidler Year of Establishment 2007 NumberofEmployees 7 Fund NamesRedalpine Capital I Capital Under Management CHF 30m NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Early‐Stage, Seed Capital, Start‐upCapital Industrial SectorsInternet Technology, Medical‐Life Sciences ‐HealthRelated, Communications other Geographical Focus Europe Type of FinancingEquity Financing
Short Company Profile
198 SECASECA Yearbook Yearbook 2013 2013
RedwoodCapital Group
Contact Information
Address 17 rue du Cendrier 1202 Genève Telephone No +41 22 518 07 83 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] WebAddress www.redcapgroup.com
Company Information
Key Persons Mr. MartialChaillet Mr. GregoryBedrosian Year of Establishment 2003 NumberofEmployees 25 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment >USD 5m Investment Stages Industrial SectorsTechnology, Media and Telecommunications Geographical Focus All Type of FinancingM&A andCorporate Finance
Short Company Profile
Redwood Capital Group, with offices in New York, Los Angeles, London and Geneva, is an investment banking firm servingthe technology,communications, media, business services and other growth industries. The firm focuses on mergers &acquisitions, corporate finance, restructuring andvaluation advisory services for itsclients worldwide. Taking arelationship driven approach, the firm hasastrongtrack recordofdelivering superior results for clients by leveraging adeep sector knowledgeand transaction experience. Additionalinformation canbe found at www.redcapgroup.com.
199 SECASECA Yearbook Yearbook 2013 2013
Regent Fund Management AG
Contact Information
Address Landstrasse 76 9495 Triesen TelephoneNo+423 237 46 23 Fax No +423 236 46 21 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.regent.li
Company Information
Key Persons Mr. Peter Kaiser Dr. Jorge Kluchnik Year of Establishment 2002 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
Set‐upand administration of investment fundsfor thirdparties
200 SECASECA Yearbook Yearbook 2013 2013
Remaco Merger AG
Contact Information
Address Hirzbodenweg 103 4020 Basel Telephone No +41 61 206 99 66 Fax No +41 61 271 19 50 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.remaco.com
Company Information
Key Persons Dr.Jean‐Jacques Zwicky Mr. Pascal Böni Year of Establishment 1969 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
Remaco Merger Ltd is an independentSwiss M&A‐companyadvisingsmall andmedium‐sized enterprises (SME), since 1969. Remacofocuses on family businesses and financial investors in national and internationaltransactions such as mergers&acquisitions, succession plannings &company sales, management buy‐outs (MBOs) & management buy‐ins (MBIs), growth financings,company valuations, due diligence services, valuationservices andprivate equity management.Remacoisthe Corporate Finance businessunit of International Trust Group (itag) in Basel. For further information go to www.remaco.com.
201 SECASECA Yearbook Yearbook 2013 2013
Sallfort PrivatbankAG
Contact Information
Address Dufourstrasse 25 4010 Basel TelephoneNo+41 61 225 96 58 Fax No +41 61 225 96 30 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses initial of [email protected] Web Address www.sallfort.com
Company Information
Key Persons Mr. Michael Bornhäusser Year of Establishment 1991 /PE2012 NumberofEmployees 30 Fund Names Capital Under Management notavailable NumberofPortfolio Companies 4 Examples of Portfolio Companies
Investment Preferences
Size of Investment USD 3‐20m Investment Stages Buyout ‐Buyin, Expansion‐Development Capital, Mezzanine ‐ Bridge Finance, Start‐up Capital Industrial SectorsComputer Related, Electronics, Internet Technology, Telecommunications,Communications other Geographical Focus All Type of FinancingEquity Financing, Minority Equity, Mezzanine, Senior Debt
Short Company Profile
Please see www.sallfort.com /Private Equity
202 SECASECA Yearbook Yearbook 2013 2013
Schweizerische Mobiliar Asset Management AG
Contact Information
Address Bundesgasse 35 3001 Bern Telephone No +41 31 389 61 11 Fax No +41 31 389 68 44 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.mobi.ch
Company Information
Key Persons Ms. Gisela Jaeggi Mr. Stefan Mächler Year of Establishment 1999 NumberofEmployees Fund Names Capital Under Management CHF 15bn NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
203 SECASECA Year Yearbookbook 2013 2013
SCM Strategic Capital Management AG
Contact Information
Address Kasernenstrasse 77b 8004 Zürich Telephone No +41 43 499 49 49 Fax No +41 43 499 49 50 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.scmag.com
Company Information
Key Persons Dr.Stefan Hepp,CEO Mr. Ralph Aerni, CIO Mr. Sascha Zeitz, COO Year of Establishment 1996 NumberofEmployees 25 Fund NamesSegregated InstitutionalClient Accounts Capital Under Management >USD 4bn exposure NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
SCM Strategic Capital Management is an independentSwissinstitutional investment advisor focusing on private equity,real estate, and infrastructure. Thecompany offers customized advisory solutionsand commingled pools, as well as investment controlling and reporting services. Since itsfoundation in 1996, SCM hasadvisedonaggregate commitments of approximately USD9billion, and today ranksamong the most importantprivate market investors. Unbiased investment competence, tailored services, aglobal network, and international operationsare key characteristicsofthe company. SCM is headquarteredinZurich, Switzerland, and has offices in Hong Kong,Seoul and Luxembourg.
204 SECASECA Yearbook Yearbook 2013 2013 shaPECapital AG
Contact Information
Address Wolleraustrasse 41a 8807 Freienbach Telephone No +41 58 596 12 96 Fax No +41 58 596 12 97 E‐mail Address for General Enquiries info@shape‐capital.com Format of Personal E‐mail Addresses forename.surname@shape‐capital.com WebAddress www.shape‐capital.com
Company Information
Key Persons Dr.Simon Lamprecht Year of Establishment 2001 NumberofEmployees 1 Fund Names Capital Under Management CHF 140m NumberofPortfolio Companies 30 Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Early‐Stage, Expansion ‐Development Capital Industrial SectorsAll Geographical Focus All Type of FinancingMinorityEquity
Short Company Profile shaPE is aprivate equity investment company listed on the SWX Swiss Exchangethat followsthe principle of a Fund of Funds.
205 SECASECA Year Yearbookbook 2013 2013
SJ BerwinLLP
Contact Information
Address Karlstraße 12, Karolinen Karree D‐80333 München Telephone No +49 (0)8989081‐310 Fax No +49 (0)8989081‐100 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses Web Address www.sjberwin.com
Company Information
Key Contact Ms.Sonya Pauls Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingNone
Short Company Profile
“SJ Berwin’s ‘excellent’ team hasafirst class reputation for private equity, whereitisconsidered ‘the best in the market’ especially in pushing boundaries and structuringmoreinnovativesolutions” Legal 500 SJ Berwin is at the core of international private equity. Operating from 11 offices across Europe, East Asia and the Middle East, we have one of the largest integrated global teams, with over 150 specialist lawyers advising leadingplayers across the full private equity spectrum. The depthand breadth of our knowledgeisunrivalled. We offer thefull range of private equity servicesincluding Buyouts, Fund Formation, Secondaries,Spin‐outs and Venture Capital, together with specialist advisers in ourAcquisitionFinance, Competition, Regulatoryand Taxpractices. We are recognised in theprivate equity world as being the ‘goto’ firm for the most complex and groundbreaking transactions. It is the combinationofthis innovation, technical expertise, depth, geographic coverageand ourcommitment to the private equity industry that differentiatesSJBerwin as the true marketleader. We have never beensatisfied just to advise ‐our lawyers place themselvesatthe centre of the industry through ourlobbying and support of the sector as awhole.
206 SECASECA Yearbook Yearbook 2013 2013
Social Commerce AG
Contact Information
Address Bernoldweg 9 6301 Zug Telephone No +41 91 791 09 85 Fax No E‐mail Address for General Enquiries Format of Personal E‐mail Addresses Web Address www.social‐commerce.ag
Company Information
Key Persons Mr. Christian Daudert Year of Establishment 2011 NumberofEmployees 4 Fund Names Capital Under Management CHF 1.5m NumberofPortfolio Companies 6 Examples of Portfolio Companies yoyo ag
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsInternet Technology Geographical FocusEurope Type of FinancingEquity Financing
Short Company Profile
Die Social Commerce AG hatsich der Kapitalisierung dieser Marktmechanismen verschrieben.Dazu unterstützen wir jungeUnternehmen und Querdenker mit herausragenden Ideen bei der Umsetzungihrerwirtschaftlichen Vision. Heuteallgegenwärtige Technologie‐Unternehmenwie Apple, Microsoftund Facebook gehenauf vordenkendePersönlichkeiten mit einer großen Idee zurück. Wirstatten die nächsten Steves,Bills und Marksmit den nötigen Mitteln und Verbindungen aus, um ihre Idee in eingewinnbringendes Unternehmen zu verwandeln.
207 SECASECA Yearbook Yearbook 2013 2013
StartAngels Network
Contact Information
Address Zürichbergstrasse 150 8044 Zürich Telephone No +41 44 820 18 88 Fax No +41 44 820 19 50 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses Web Address www.startangels.ch
Company Information
Key Persons Mr. Peter H. Müller Mr. Laurenz Hüsler Year of Establishment 2000 NumberofEmployees >70Members Fund Names Capital Under Management no directinvestments NumberofPortfolio Companies Examples of Portfolio Companies YouRehab, Attolight (B round), Bcomp, AOT, Nanotion, Viroblock (C round), Malcisbo, Credentis, Attolight (A round), Pearltec, Greenteg,Procedural, Virtamed, Arktis, Koaba, CovalX, Viroblock, Idencom,Selexis, Newave (IPO 2007), Xeltis,Colorant Chromatics, etc.
Investment Preferences
Size of Investment CHF 0.5–2m Investment StagesEarly‐Stage Industrial SectorsMedtech, life sciences, industrial hightech, ICT/electronics, cleantech, and services Geographical Focus Switzerland Type of FinancingEquity Financing
Short Company Profile
StartAngels Network is aplatform forbusiness angel investors. Ourmission is to provide ourmembers with investment opportunities in early‐stage Swiss companies.Our network consists of over 70 members, who are or were active in various functions andindustries. Ourangel investors participate directly in the respective start‐ups and assist themwith coaching and contacts. StartAngelsNetwork is anon profit organisation anddoes not make any investments.
208 SECASECA Yearbook Yearbook 2013 2013
SVC‐AGfür KMU Risikokapital
Contact Information
Address Tessinerplatz 7 8070 Zürich Telephone No +41 44 333 43 46 Fax No E‐mail Address for General Enquiries info@svc‐risikokapital.ch Format of Personal E‐mail Addresses fornename.surname@svc‐risikokapital.ch WebAddress www.svc‐risikokapital.ch
Company Information
Key Persons Mr. Johannes Suter Mr. Eric Gisiger Year of Establishment 2010 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Early‐Stage, Expansion ‐Development Capital Industrial SectorsAll Geographical Focus Switzerland Type of FinancingEquity Financing, Loans,MinorityEquity
Short Company Profile
SVC‐AG für KMU Risikokapital [SVC‐AG] ist eine 100% Tochtergesellschaft der Credit Suisseund hateine strategischeKooperation mit dem Swiss Venture Club (SVC). Es stehen bis zu CHF 100 Mio. für Investitionen in SchweizerKMUsund Jungunternehmen, welche damit neue Arbeitsplätzeschaffen bzw. sichern, als Risikokapital in Form von Eigenkapitaloder Darlehenmit Erfolgsbeteiligung zurVerfügung.SVC‐AG verfolgt langfristige Engagements mit einemInvestitionshorizontvon 4‐7Jahren im Regelfall mit Finanzierungen bis zu CHF5Mio. pro Unternehmen und Re‐Investitionen der realisierten Gewinne.
209 SECASECA Yearbook Yearbook 2013 2013
Swiss Capital Corporate Finance AG
Contact Information
Address Talacker 41 8039 Zürich Telephone No +41 44 226 52 52 Fax No +41 44 226 52 53 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.swisscap.com
Company Information
Key Persons Mr. Martin Menzi Mr. Kurt Rüegg Year of Establishment 2008 NumberofEmployees 10 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
M&A, Debt andEquity Advisory
210 SECASECA Yearbook Yearbook 2013 2013
Swiss Equity Capital Partners SA
Contact Information
Address 18 quai du Seujet 1201 Genève Telephone No +41 22 548 07 70 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.secpartners.ch
Company Information
Key Persons Mr. Christian Viros Mr. Jean‐Guillaume Benoit Mr. Cédric Anthonioz
Year of Establishment 2009 NumberofEmployees 3 Fund Names Capital Under Management >CHF 50m NumberofPortfolio Companies4 Examples of Portfolio Companies Helvetia Environnement SA, Bernasconi SA,Silhouette SA
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Delisting, Expansion ‐Development Capital Industrial SectorsAll Geographical Focus Switzerland Type of FinancingMajorityEquity, MinorityEquity
Short Company Profile
Swiss Equity Capital Partners SA (“SECPartners”) aims to invest in smalland medium size Swisscompanies to assist them in theirdevelopment projects as well as theirtransfers of ownership. Enterprise value targeted in the range of CHF15to150 m. SEC Partners takes controllingpositions, with amajorityorminoritystake andanon negotiable presence on the Board of Directors. SEC Partners brings to the otherparties an expertise in financial structuring andimplementation of leveraged buy outs. It also provides substantial experience in the implementation of their expansion strategies.
211 SECASECA Year Yearbookbook 2013 2013
Swiss Equity Group
Contact Information
Address Stockerstrasse32 8002 Zürich Telephone No +41 44 500 55 55 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.swissequitygroup.com
Company Information
Key Persons Year of Establishment 2006 NumberofEmployees 3 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment up to EUR10m Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
Swiss Equity Group, headquartered in Zurich, is aglobally active consulting and investment company. The company primarily advisessmall and medium‐sizedcompaniesontheir growth strategies andonthe planning and execution of their corporate actions. We also guide them on their waytointernational capital markets.In addition, theSwiss Equity Group assists its customers in preparing andsetting up capital marketcommunication measuresbefore and after going public. As an independentresearch andanalysis firm,Swiss Equity Group also has great insight into thestock markets,especiallyinGerman‐speaking regions.
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TECHNOPARK® Zürich
Contact Information
Address Technoparkstrasse1 8005 Zürich Telephone No +41 44 445 10 10 Fax No +41 44 445 10 01 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses Web Address www.technopark.ch
Company Information
Key Persons Mr. Henning Grossmann Year of Establishment 1993 NumberofEmployees 8 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Early‐Stage, Expansion ‐Development Capital, Mezzanine ‐ Bridge Finance, Seed Capital, Start‐upCapital, Turnaround ‐ Restructuring Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
TECHNOPARK® Zürichcreates the idealenvironment for knowledge and technology transfer from scientific research to the business market. This generates marketinnovations. Thevisible consequences of theseefforts are newly created jobs and aboost to theeconomic cycle. It is Switzerland’s leading addressand contact point for innovative and technology‐orinted start‐upbusinesses.The figures speak for themselves: on 44,300 m2, thereare 270 companiesand organisations providing 1800 jobs. TECHNOPARK® Zürichwas opened in 1993 andis financed through private fundsonly. TECHNOPARK® Immobolien AG –fundedbyits shareholders AXA Winterthur, SwissLife andZürcher Kantonalbank,isthe proprietor, operator and lessor.The TECHNOPARK® Zürichfoundation selects andsupports start‐upbusinesses in their build‐upprocess andpursues diverseprojects geared towardsimplementing TECHNOPARK® Zürich’sconcept of technologytransfer together with their world class partners ETH Zurich, University Zurich, CSEM andZHaW.
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The Corporate Finance Group
Contact Information
Address Beethovenstrasse 11 8002 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 Addresses [email protected] WebAddress www.tcfg.ch
Company Information
Key Persons Mr. Beat Unternährer Mr. Peter Bohnenblust Year of Establishment 2000 NumberofEmployees 20 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
TCFG was formed 13 years ago by 5exPartners of Ernst &Young with many years of experience in M&A/ Corporate Finance. It is aleading international M&Afirm with astrong focusonentrepreneur succession.
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The Riverside Company
Contact Information
Address Alter Hof 5 D‐80331 München Telephone No +49 892 422 48 90 Fax No +49 892 422 48 99 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses Web Address www.riversideeurope.com
Company Information
Key Persons Mr. DominikHeer Mr. Tony Cabral Mr. Peter Parmentier Year of Establishment 1988 NumberofEmployees 40 Fund NamesRiverside Europe Fund (REF) CapitalUnder Management CHF 760m/EUR 509m (in Europa) NumberofPortfolio Companies 17 (inEuropa) Examples of Portfolio Companies Keymile, SIGG Switzerland, Capol, Rameder, Transporeon, Arena
Investment Preferences
Size of Investment CHF 30‐150m/EUR 20‐120m (Entreprise Value) Investment Stages Buyout ‐Buyin,Expansion ‐Development Capital Industrial SectorsAll Geographical Focus Continental Europe Type of FinancingMajorityEquity
Short Company Profile
Riverside isteine der weltweit führenden Private‐Equity Gesellschaften mit dem Fokus auf kleine und mittelständische Unternehmen. Von ihren weltweit 19 Standorten aus, darunterMünchen, konzentriert sich Riverside auf die Übernahme und Weiterentwicklung von Unternehmen, die in ihrer Nische übereine marktführendePositionverfügen undweiteres Wachstumspotential aufweisen. In Europa seit1989 tätig, hat Riverside Europe in über30Unternehmeninvestiert und zählt damit zu den erfahrensten Investoren in diesem Buy‐out‐Segment.
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The Smart Cube (Switzerland) GmbH
Contact Information
Address Kornhausstrasse3 9000 St. Gallen Telephone No +41 71 394 03 20 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses Web Address www.thesmartcube.com
Company Information
Key Persons Mr. Gautam Singh Year of Establishment 2003 NumberofEmployees 3 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of FinancingAll
Short Company Profile
The Smart Cube is aglobal professional services firm that specializesindelivering customized,high value Business and Investment Research as well as Marketing andData Analytics Solutionstoleading corporations and professional services firmsworldwide
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UBS AG
Contact Information
Address Talacker 24 8098 Zürich Telephone No +41 44 237 21 01 Fax No +41 44 237 21 21 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] Web Address www.ubs.com
Company Information
Key Persons Mr. Stephan Schnuerer Mr. Iwan Heiz Year of Establishment NumberofEmployees 15 Fund Names Capital Under Management CHF 1.6bn NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Europe, North America Type of Financing
Short Company Profile
Investments into private equity and Venture Capital partnerships and fund‐of‐funds.
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Unigestion
Contact Information
Address 8c, Av.deChampel 1211 Genève 12 Telephone No +41 22 704 42 31 Fax No +41 22 704 42 50 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.unigestion.com
Company Information
Key Persons Dr.Hanspeter Bader Mr. ChristophedeDardel Mr. Christian Dujardin Year of Establishment 1971 NumberofEmployees 166 Fund NamesUnicapital Investments I, II, III, IV,V,Unigestion Secondary Opportunity II,Unigestion ‐Ethos Environmental Sustainability and tailored mandates Capital Under Management EUR 10.2bn NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages All Industrial SectorsAll Geographical Focus All Type of Financing
Short Company Profile
At Unigestion, our single minded focusistooffer robust, tailor‐made investment solutionstoalimited number of sophisticated institutions and families. We have EUR10.2 billionofassets under management, 92% managedonbehalfof230 institutional investorsand 8% on behalfofafew high net worth families. The stability of this client baseallows forlong‐term vision. At Unigestion,wefirmly believe downside protectionand returnasymmetry arethe driversoflong‐termperformance forour clients. This philosophy is embeddedinto all our investment strategies: Minimum Variance,Fund of HedgeFunds, Fund of Private Equity Fundsand the solutions designedfor theclients of our Family Investment Office. Established more than 40 years ago, Unigestion is atime tested organisation. We alignour interests with thoseofour clients by investing our capital in thestrategies we manage forthem,therebydeveloping partnerships with them.With asingle focuson asset management and70% of our equity belonging to our senior management, weare free of conflict of interests. The financial strength broughtbymorethanEUR 155million of shareholderequity is aguarantee of lasting solidity. With 166 employeesfrom18nationalities, UnigestionisheadquarteredinGeneva andhas offices in major financial centers around theworld: Zurich,London, NewYork,Paris, Singapore andGuernsey. This international presence ensuresboth comprehensive local market research andgood understanding of the local dynamics whichgovernour clients’ activities and requirements.
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ValleyRoad Capital SA
Contact Information
Address Route de Cité‐Ouest 2 1196 Gland Telephone No +41 22 906 10 20 Fax No +41 22 906 10 21 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] WebAddress www.valleyroadcapital.com
Company Information
Key Persons Mr. Pierre Kladny Mr. Patrick de Heney Mr. Staffan Ahlgren Year of Establishment 2006 NumberofEmployees 8 Fund NamesCapD PrivateEquity Partners L.P. Capital Under Management CHF 60m NumberofPortfolio Companies 3 Examples of Portfolio Companies Reuge SA
Investment Preferences
Size of Investment CHF 5m Investment Stages Buyout ‐Buyin, Expansion‐Development Capital, Replacement Capital, Turnaround ‐Restructuring Industrial Sectors All Geographical Focus Central and EasternEurope, Continental Europe,Far East, Switzerland Type of FinancingAll
Short Company Profile
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VI Partners AG
Contact Information
Address Baarerstrasse 86 6302 Zug Telephone No +41 41 729 00 00 Fax No +41 41 729 00 01 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses [email protected] WebAddress www.vipartners.ch
Company Information
Key Persons Mr. Alain Nicod Mr. Arnd Kaltofen Year of Establishment 2001 NumberofEmployees 6 Fund NamesVenture Incubator AG Capital Under Management EUR 83m NumberofPortfolio Companies21 Examples of Portfolio Companies Kuros BiosurgeryHolding AG, Neocutis, SonicEmotion, Edimer, Spinelab
Investment Preferences
Size of Investment Investment Stages Industrial SectorsBiotechnology,Computer Related, Industrial Automation, Internet Technology,Medical ‐LifeSciences ‐HealthRelated Geographical Focus Switzerland Type of FinancingEquity Financing
Short Company Profile
Venture Incubator is aSwiss venturecapital firm that supports university spin‐offs as well as other promising start‐upcompanies with capital, coaching, consultingand networks. We invest “Smart Money” to develop promising technology‐basedideas for products and services into successful businesses. Venture Incubatorstarted operationsin2001 and managesaninvestment fund of CHF 101 million. Ourinvestors represent 10 blue‐chip enterprises from industry and finance. In addition we have strategic partnerships withMcKinsey &Company and the SwissFederal Institute of Technology in Zürich (ETHZ).
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Vinci Capital SA
Contact Information
Address PSE‐C 1015 Lausanne Telephone No +41 21 693 92 34 Fax No +41 21 693 92 30 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.vincicapital.ch
Company Information
Key Persons Dr.Christian Waldvogel Mr. Xavier Paternot Year of Establishment 2004 NumberofEmployees 4 Fund NamesRenaissance Technologies 2, Renaissance Technologies 3, Mona Lisa Capital AG Capital Under Management over CHF200m NumberofPortfolio Companies 10 as of December2012 Examples of Portfolio Companies Sensimed, Omnisens,Symetis, RSD, Solvaxis, Anergis,CES, Datamars
Investment Preferences
Size of Investment EV up to CHF 100m Investment Stages Buyout ‐Buyin,Expansion ‐Development Capital Industrial SectorsBiotechnology,Chemical ‐Materials, Computer Related, Electronics,Energy, Environment, Industrial Automation, Industrial Productsand Services, Internet Technology, Manufacturing,Medical ‐LifeSciences ‐HealthRelated, Telecommunications Geographical Focus Switzerland Type of FinancingEquity Financing
Short Company Profile
Vinci Capital is aleading Swiss private equity firm withoverMCHF200 under management.Since 1998 we have provided equity to over30Swiss technology andindustrial companies to finance innovation, growth and succession‐buyouts.
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VorndranMannheims Capital AG
Contact Information
Address Vadianstrasse 59 9000 St. Gallen Telephone No +41 71 226 88 00 Fax No +41 71 226 88 01 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.ventizz.com
Company Information
Key Persons Dr.HelmutVorndran Mr. Willi Mannheims Year of Establishment 2000 NumberofEmployees 20 Fund NamesVentizz Capital Fund I‐IV Capital Under Management EUR 675m NumberofPortfolio Companies 11 Examples of Portfolio Companies ZettOptics, SSPTechnology, Sovello, vitronet Holding, Soventix, exceet Group, Hasselblad, Thomas‐Krenn, Rioglass Solar
Investment Preferences
Size of Investment EUR 10‐100m Investment Stages Buyout ‐Buyin,Delisting, Expansion ‐Development Capital Industrial SectorsComputer Related, Electronics, Energy, Environment, Industrial Automation, Industrial Productsand Services, Manufacturing, Medical ‐Life Sciences ‐HealthRelated, Telecommunications, Communications other Geographical Focus Austria,Germany, Switzerland Type of FinancingEquity Financing
Short Company Profile
VorndranMannheims Capital(formerly knownasVentizz Capital Partners) was formed in 2000 andhas offices in St. Gallen, Zurich, Dusseldorf, and Vienna.The companyexclusively advises privateequity funds whichinvest in buy‐out transactions andhigh‐growth opportunities in smalland medium‐sizedhigh‐tech companies in the german‐speaking region.VMCap has 4partners:Dr. Helmut Vorndran, WilliMannheims, Dr. BjörnSöndgerath andAndreas Marty. Together with ateam of 16 professionals they currently advise four funds with capital totallingEUR 675 million. To date, VMCaphas investedin46companies focusing on renewable energy,medical technology, information and communication technologyand on other branchesofindustryoffering high value‐ added. In addition to alarge numberoftrade sales, VMCaphas successfully placed four of its participating interests (Ersol,SAF, PV Crystalox Solar, exceet Group) on stock.
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Warburg Alternative Investments AG
Contact Information
Address Angererstrasse6 8002 Zürich Telephone No +41 44 205 94 44 Fax No +41 44 205 94 49 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses forename.surname@warburg‐ai.com WebAddress www.warburg‐ai.com
Company Information
Key Persons Mr. SiegmarThakur‐Weigold Mr. Peter Ischebeck Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Austria,Germany, Switzerland Type of Financing
Short Company Profile
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Wenger &Vieli AG
Contact Information
Address Dufourstrasse 56 8034 Zürich Telephone No +41 58 958 58 58 Fax No +41 58 958 59 59 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] WebAddress www.wengervieli.ch
Company Information
Key Persons Dr.Christian Wenger Dr. Wolfgang Zürcher Year of Establishment NumberofEmployees 90 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing
Short Company Profile
We arealeading Swiss lawfirm with about 40 lawyers located in Zurichand Zug. Oneofour particularstrengths is in thearea of Venture Capital and Private Equity. We advise investors through thewhole life cycle of venture capital:ontax efficient offshore anddomestic fund structures, acquisitionofportfoliocompanies, exit routes and more.Asaone‐stop‐shop we take care of tax structuring, intellectual property, regulatory, employment, general contract andcorporatelaw. On top we offer thefull range of all notarial services needed in the venture capital business.
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WP Wohlthat &Partner AG
Contact Information
Address Hauptstrasse 67 8274 Tägerwilen TelephoneNo+41 (76) 37.97.319 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses Web Address www.wohlthat.ag
Company Information
Key Persons Ms. Anna Wohlthat Year of Establishment NumberofEmployees 3 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment Investment Stages Buyout ‐Buyin, Early‐Stage, Mezzanine ‐Bridge Finance, Seed Capital, Start‐upCapital Industrial SectorsBiotechnology,Environment,Finance ‐Insurance ‐Real Estate, Manufacturing,Medical ‐LifeSciences ‐HealthRelated Geographical Focus Central and EasternEurope, Germany, Russia,Switzerland, Ukraine, Western Europe Type of FinancingEquity Financing
Short Company Profile www.wohlthat.ag
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ZETRA International AG
Contact Information
Address GottfriedKeller‐Strasse5 8001 Zürich Telephone No +41 44 755 59 99 Fax No +41 44 755 59 00 E‐mail Address for General Enquiries Format of Personal E‐mail Addresses forename.surname@zetra‐international.com Web Address www.zetra‐international.com
Company Information
Key Persons Mr. Frédéric de Boer Mr. Lukas G. Raschle Dr. Ralf Hermann Mr. John Lee Mr. Karel Strub
Year of Establishment 2001 NumberofEmployees 16 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Type of Firm Consulting –Advising Firm Industrial SectorsAll
Short Company Profile
ZETRAisaZurich based, established and independent advisory companyfor mergers &acquisitions, restructuring andsuccession planning. ZETRAisthe SwissPartnerand shareholder of Global M&A, widely recognized as the worlds leadingpartnership of independent mergers &acquisitions /corporate finance houses for medium sized transactions with offices world wide. ZETRA’sprofessionals alignawide background of complementaryprofessional expertise andskills (M&A, succession planning, corporate finance, turnaround executionand complexcorporate restructurings, board memberships as well as strategy and business advisory)having accumulated astrong track record of value creation for clients.
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Zühlke VenturesAG
Contact Information
Address Wiesenstrasse 10a 8952 Schlieren Telephone No +41 44 733 66 11 Fax No E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses initial of [email protected] Web Address www.zuehlke.com/ventures
Company Information
Key Persons Dr.MartinRutishauser Dr. Walter Hürsch Year of Establishment 2010 NumberofEmployees 3 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment CHF 0.2‐1m Investment Stages Early‐Stage Industrial SectorsComputer Related, Consumer Related, Electronics,Industrial Productsand Services, Internet Technology, Medical ‐Life Sciences ‐HealthRelated, Telecommunications, Communications other Geographical Focus Austria,Germany, Switzerland, United Kingdom Type of FinancingEquity Financing
Short Company Profile
Zühlke Ventures is aspecialist in the financing and acceleration of technologystart‐upcompanies. With strong commitment to thebusinesssuccess of the venture we work as equals with theentrepreneurial team andoffer complementaryskills and expertise in the initialstart‐upphase. As awholly owned subsidiary of the Zühlke Group, we have access to anetwork of partners with comprehensive technology andmanagement skills.
227 Empowering Entrepreneurs.
Investing in high-tech start-ups? Connect with Zühlke Ventures. As alead-investor, we are an attractive partner for you. We are quick to spot promising start-ups and we accurately assess development opportunities and risks. We accelerate the transition from idea to commercial success and create long-term value for founders and investors.
zuehlke.com/ventures SECASECA Yearbook Yearbook 2013 2013
Zürcher Kantonalbank
Contact Information
Address Corporate Finance /StructuredFinance 8010 Zürich Telephone No +41 44 292 25 40 Fax No +41 44 292 26 71 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] Web Address www.zkb.ch
Company Information
Key Persons Mr. Marcel Zehnder Mr. Marcel Rütsche
Year of Establishment 1870 NumberofEmployees 4685 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies
Investment Preferences
Size of Investment All (Seed and Start‐up) Investment Stages All Industrial SectorsAll Geographical Focus Switzerland Type of FinancingMinorityEquity, Mezzanine
Short Company Profile
ZKB offers allservices of alarge universal bank. The range of financialservices includes conventional corporate banking, start‐upfinancing, structured and syndicated loans, succession consulting and mergers &acquisitions.
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Zurmont Madison Management AG
Contact Information
Address Eisengasse 15 8034 Zürich Telephone No +41 44 267 50 00 Fax No +41 44 267 50 01 E‐mail Address for General Enquiries [email protected] Format of Personal E‐mail Addresses [email protected] WebAddress www.zurmontmadison.ch
Company Information
Key Persons Dr.BjörnBöckenförde Mr. WernerSchnorf Year of Establishment 2006 NumberofEmployees 8 Fund NamesZurmont Madison PrivateEquity L.P. Capital Under Management CHF 250m NumberofPortfolio Companies6 Examples of Portfolio Companies RöderAG, SMB SA,CLS Communication AG, BauwerkParkett AG, CCS Customer Care &Solutions HoldingAG, AKAtech Produktions‐und HandelsGmbH
Investment Preferences
Size of Investment CHF 10‐40m Investment Stages Buyout ‐Buyin Industrial SectorsIndustrial Productsand Services, Consumer Products Geographical Focus Switzerland, Austria, Germany Type of FinancingEquity
Short Company Profile
Zurmont Madison Management AG was founded in 2006 based on the initiative of Zurmont ManagementAGand Madison Management AG, bothprivate equity companiesbased in Zurich and active since 1986 and 2001 respectively. Zurmont Madison is advising Zurmont MadisonPrivateEquity L.P.which is focusedexclusively on controlling investmentsinthe contextofsuccession solutions and management buyoutsorbuyins of established mid‐size companiesinSwitzerland, Germany andAustria. The currentfund held itsfinal close withcommitments of CHF 250minDecember2008.
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Associate Members
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AAA ‐Corporate Finance AdvisersAG
Contact Information
AddressIndustriestrasse54Key Person(s) Mr.SilvioCampestrini 8152 Glattbrugg Mr. Arturo Giovanoli Telephone No +41 44 829 62 80 Format of E‐[email protected] Establishment 2003 WebAddresswww.aaa‐cfa.comNumber of Employees5
Short Company Profile
Mergers &Acquisitions,Due Diligence, Corporate Finance, Arranging Finances also forproperties, Transaction Support, Findingsuitablecandidatesfor takeovers, Negotiations,Signing and Closings. Coaching during and afterthe takeover,integration process and interimmanagement.
ABELS Avocats
Contact Information
Address1,r.Michel‐Roset Key Person(s) Dr. Sébastien Bettschart 1201 Geneva Dr.Stefan Eberhard TelephoneNo+41 22 715 07 00 Format of E‐[email protected] Year Establishment 2009 WebAddresswww.abels.pro Number of Employees5
Short Company Profile
ABELSisaSwiss boutique lawfirm focusing on businesslaw whoselawyers have accumulated years of experience with toprated business law firms.ABELS’ lawyers remain true to their core values: focus on their clients’ needsand objectives, commitment to excellence and innovation,and adherence to the higheststandards of professionalism. ABELS’ corporateand M&A team advisesclients on all types of acquisitions,mergers,private equity investments, restructuring andfinancing.
Advanta Capital Ltd
Contact Information
AddressSeefeldstrasse 283a Key Person(s) Dr. Christoph Künzle 8008 Zürich Mr. MarcelKaufmann Telephone No Format of E‐mailYear Establishment 2011 WebAddresswww.advanta‐capital.com Number of Employees~10
Short Company Profile
Advanta Capital is aspecialized private equity andcorporate finance firmexclusively focused on Natural Resources. AdvantaCapital offers direct investments, asset management &advisory services targeting superior risk‐adjusted returns, as well as tailored corporatefinance solutions. Advanta Capital’s investment solutions benefit from astrong secular growth trend in Natural Resources while preserving investors’ capital.AdvantaCapital maintains an extensive global network of investors, industryleaders, and companies seekingcapital. Advanta Capital, headquartered in Zurich (Switzerland),serves aselect groupofsophisticated investors such as insurancecompanies, banks, corporations, endowments,pension funds, as well as family officesand high net worthindividuals.
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Advisory &Merchant Partners AG
Contact Information
AddressMühlegasse 29 Key Person(s) Mr.Alessandro Parenti 8001 Zürich Mr. Gianni Dafond Telephone No +41 43 244 74 24 Format of E‐mail+41 43 244 74 29 Year Establishment 2001 WebAddresswww.advisorymerchants.com Number of Employees6
Short Company Profile
Seeour Webpage aklark GmbH
Contact Information
AddressBahnhofstrasse 52 KeyPerson(s) Mr.Pascal Alexander Rodel 8001 Zürich Telephone No +41 44 214 63 37 Format of E‐[email protected] Establishment 2007 WebAddresswww.aklark.comNumber of Employees2
Short Company Profile aklark GmbH offers support at differentstagesofprivate equity venturecapital and otherinvestments: operationaldue diligence and diagnostics prior to theinvestment; strategic re‐positioning, operationalturnaround, changeand mindset management after the acquisition.
ALTENBURGER LTD legal +tax
Contact Information
AddressSeestrasse 39 Key Person(s) Mr.Riccardo Geiser 8700 Küsnacht Mr. Massimo Calderan Telephone No +41 44 914 88 88 Format of E‐[email protected] Year Establishment 1978 WebAddresswww.altenburger.ch Number of Employees40
Short Company Profile
ALTENBURGERisaSwisslaw firm withoffices locatedinZurich andGeneva. For over 30 years,our firm has continuously built up authority andrecognition as an international business law practice.Wehave the required expertiseand experience to provide professional advice in all areasofinternational business law. As afull service firm, we offer acomprehensive range of servicesthat constituteour practice areas. On the other hand, we have over many years of practice acquiredspecialist know‐how in selectedareas of law that nowrepresent ourkey strengths such as corporate/M&A,Banking 6Financial Services, Tax, Insurance and Dispute resolution.
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AlternativeCapital Management AG
Contact Information
AddressDreikönigstrasse 45 KeyPerson(s) Mr.David Guggenheim 8002 Zürich Mr. Markus Huber TelephoneNo+41 44 787 33 33 Format of E‐[email protected] Year Establishment 2005 WebAddresswww.acmanagement.ch Number of Employees12
Short Company Profile
Aon Mergers &Acquisitions Group Switzerland
Contact Information
AddressBederstrasse 66 Key Person(s) Mr.Roger Wirth 8027 Zürich TelephoneNo+41 44 925 22 35 Format of E‐[email protected] Year Establishment 1997 WebAddresswww.aonamas.com Number of Employees380
Short Company Profile
Risk management, insurance and humancapital consulting/Corporate Investigative Solutions/Transaction Liability
ARALON AG
Contact Information
AddressChurer Strasse 135Key Person(s) Dr. Werner Hane 8808 Pfäffikon, SZ Telephone No +41 55 416 26 30 Format of E‐[email protected] Year Establishment 2005 WebAddresswww.aralon.ch Number of Employees5
Short Company Profile
ARALON is amanagement consultingfirm with following main fields of expertise: commercialdue diligence, post merger integration, growth strategies, business modelling,turnaround andchangemanagement.
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BadertscherRechtsanwälte AG
Contact Information
AddressMühlebachstrasse 32 Key Person(s) Dr. Thomas M. Rinderknecht 8008 Zürich Telephone No +41 41 726 60 60 Format of E‐mailsurname@b‐legal.ch Year Establishment 1995 /2009 Web Addresswww.b‐legal.ch Number of Employees49
Short Company Profile
As amedium‐sizedlaw firm, BadertscherRechtsanwälte AG concentrates on selected business sectors and core competencesininternational andcommerciallaw, such as tax‐optimised international holding, trading andinvestment structures, M&A, IPOs,international business transactions, privateequityand venture capital,advertising and marketingconcepts, business successions andthe management of international disputes.
Baker&McKenzie
Contact Information
AddressHolbeinstrasse 30 KeyPerson(s) Mr.Martin Frey 8034 Zürich Dr.Urs Schenker Telephone No +41 44 384 14 14 Format of E‐[email protected] Establishment 1949 WebAddresswww.bakermckenzie.com Number of Employees180
Short Company Profile
With officesinZurich andGeneva, Baker&McKenzieisone of the largest lawfirms in Switzerland. Our team of more than 90 lawyersprovides afull rangeoflegal services in the Private Equity and M&A area.
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WE MAKE COMPLEX ISSUES SIMPLE
Youneed PE advisorswho understand morethan legal requirements and investment options. Theyneed to appreciate the diverse interests of the parties, the dynamics of the investment lifecycle and other intangibles of value creation. Theyalso need topquality project management skills and the ability to integratecross-border teams. At Baker &McKenzie Zurich, we makecomplex issues simpleand deliver servicethat is pragmatic and matches businesInseratsneed. It’savalue Baker our clients noticeand&M appreciate. cKenzie In particular,wecan provide youwith legal and taxadvicewith regardtothe following PE transactions: •Acquisitions and Divestitures •Meinfügen!anagement Buy-outs •Acquisition Finance •Financial Restructurings and Reorganisations •VentureInvestments •IPO’sand TakeoverBids •Funds Structuring •PrivateEquity Real Estate Transactions To learn more, please visit us at www.bakermckenzie.com. Primary contact forprivateequity and related transactions: Zurich Geneva Martin Frey and Dr.Urs Schenker Martin Anderson and Denis Berdoz Holbeinstrasse 30, 8034 Zürich Rue Pedro-Meylan 5, 1208 Geneva Tel: +41 44 384 14 14 Tel: +41 22 707 98 00 [email protected] [email protected]
Bancadello Stato del CantoneTicino
Contact Information
AddressViale H. Guisan5 Key Person(s) Dr. Curzio De Gottardi 6501 Bellinzona Telephone No +41 91 803 71 11 Format of E‐[email protected] Year Establishment WebAddresswww.bancastato.ch Number of Employees
Short Company Profile
Universalbank
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Baumgartner Mächler Rechtsanwälte
Contact Information
AddressLöwenstrasse2 Key Person(s) Dr. Dirk Hartmann 8001 Zürich Mr. Philipp Mächler TelephoneNo+41 44 215 44 77 Format of E‐[email protected] Establishment 1999 WebAddresswww.bmlaw.ch Number of Employees20
Short Company Profile
Baumgartner Mächler is specialised in legal advice to companies in complex businesstransactions.The firm provides legal advice to Swissand internationalindustrialand commercialcompanies,private equity companies, banks, insurances and otherfinancial service providers as well as private individuals. Our focus is on creating solutions tailored to the requirements of our clients.
Bax Capital AdvisorsAG
Contact Information
AddressLindenstrasse 41 KeyPerson(s) Mr.Alexander Pfeifer 8008 Zürich Mr. Felix Rübel Telephone No +41 43 268 49 52 Format of E‐[email protected] Year Establishment 2003 WebAddresswww.baxcapital.com Number of Employees
Short Company Profile
BaxCapital is aSwiss privateequity firm investing in established midsizedcompanies (Sales 20 ‐200m) in Switzerland andGermany, in the context of succession solutions,management buyouts or buyins, spin‐outs andspecialsituations.
BE Bio EnergyGroup AG
Contact Information
AddressZollikerstrasse 226 KeyPerson(s) Mr.Martinus Brandal 8008 Zürich Mr. OlaStröm Telephone No +41 43 430 37 00 Format of E‐[email protected] Establishment 2010 WebAddressNumber of Employees75
Short Company Profile
BE Bio EnergyGroup AG is aprivately ownedpartnership located in Switzerland. We focusonbuying, operating and developing high quality,sustainable bioenergyassets in Europe. Our current portfolio is comprised of Nordic companies with long‐term contractstoproduce wood‐based energy formunicipalities, privateindustry and governmental agencies. Our uniqueskill set combines industrialknowledge,financial expertise,value‐chain management, and sourcing capabilities withahands‐on management approach. This drives operational excellence alongthe entire value chainand creates long‐term value forall stakeholders.
237 SECASECA Ye Yearbookarbook 2013 2013
Beck Group Ventures
Contact Information
Address2nd Floor, Berkeley Square House Key Person(s) Ms. Madeleine Beck‐Wagner GB –W1J 6BDLondon Mr.Lawrence Wragg Telephone No +44 (0) 20 7887 1591 Format of E‐mailinitial of forename.surname@ Year Establishment the‐beck‐group.com WebAddresswww.the‐beck‐group.comNumber of Employees
Short Company Profile
Independentplacement advisors based in London with astrong networkinthe UK and ContinentalEurope. Raising private equity andventure capital for funds and fund of funds of betweenEUR 100 ‐500 million, EUR 5‐50 million for direct investments. Have multilingualteam with strong industry and finance background and expertise.
BinderCorporate Finance AG
Contact Information
AddressSpitalgasse 32 Tödistrasse 46 KeyPerson(s) Dr. Peter M. Binder 3001 Bern 8002 Zürich Mr.Konrad Althaus Telephone No +41 31 326 18 18 +41 44 268 45 35 Dr. RobertoTracia Format of E‐[email protected] Year Establishment 1995 WebAddresswww.binder.ch Number of Employees10
Short Company Profile
Mergers &Acquisitions,Corporate Finance, Management Coaching
Binder Corporate Finance Your independent partner. Unique blend of expertise with global reach.
InseratNorth AmericASBindouth AmericerAe CorporateuropeAfricAASiAFinanceAuStrAliA
Mergers&Acquisitions CorporateFinance ManagementCoaching einfüg■ Buying andsellingen!companies ■ Duediligence reviews ■ Long-term preparationofsuccessionarrangements ■ Succession arrangements ■ Companyvaluations ■ Turnarounds andrestructuring ■ Spin-offs ■ fairness opinions ■ Boardmemberships ■ Managementbuyouts ■ Raisingofcapital ■ On-sitesupport management of financeand control ■ mergers ■ Restructurings ■ cooperations
Manyclients have entrusteduswithmandates. Please consult: www.binder.ch
Spitalgasse 32,P.O.Box 5513,3001Bern,Switzerland, Tel. +4131326 18 18 •Tödistrasse46, 8002 Zurich,Tel.+41 44 2684535•www.binder.ch•www.mergers.net
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Blum&Grob Rechtsanwälte AG
Contact Information
AddressNeumühlequai 6Key Person(s) Mr.Ralf Rosenow 8021 Zürich Mr.Rolf Schilling Telephone No +41 58 320 00 00 Format of E‐mailinitial of Year Establishment 2008 [email protected] WebAddresswww.blumgrob.ch Number of Employees32
Short Company Profile
Legal andtax advise in M&A‐,MBO‐, START‐UP‐ restructuring andsimilar trasactions,IPOsand subsequent rights issues.
Borel &Barbey
Contact Information
Addressrue de Jargonnant 2Key Person(s) Mr.NicolasKillen 1211 Genève 6 Telephone No +41 22 707 18 00 Format of E‐[email protected] Year Establishment 1907 WebAddresswww.borel‐barbey.ch Number of Employees80
Short Company Profile
TheFirmwas established in 1907 in Geneva. It provides advice notably in banking and finance law, corporate law, mergers&acquisitions as well as tax laws in domesticand cross‐border transactions.Itadvises private equity funds and promoters.
Boyden global executive search
Contact Information
AddressGotthardstrasse 55 KeyPerson(s) Mr.Armin Meier 8027 Zürich Mr. Markus Brunner TelephoneNo+41 43 344 40 90 Format of E‐[email protected] Year Establishment 1946 WebAddresswww.boyden.ch Number of Employees20
Short Company Profile
Boyden is aglobal leader in the executive search industry with more than80offices in more than 40 countries. Founded in 1946 Boydenspecializesinhigh level executivesearch,Human capital consulting andInterim Management across a broad spectrumofindustries.
239 SECASECA Year Yearbookbook 2013 2013
Bruppacher Hug &Partner, Attorneys at Law
Contact Information
AddressZollikerstrasse 58 KeyPerson(s) Dr. C. Mark Bruppacher 8702 Zollikon Dr. Dieter Hug Telephone No +41 44 396 31 31 Format of E‐[email protected] Year Establishment 1993 WebAddresswww.bhp.ch Number of Employees5‐10
Short Company Profile
Company andFinancial law
Bünter Management AG
Contact Information
AddressGewerbepark Key Person(s) Mr.AndreasBünter 5506 Mägenwil Telephone No +41 58 206 08 50 Format of E‐[email protected] Year Establishment 2004 WebAddresswww.buenter.ch Number of Employees5
Short Company Profile
Bünter Management AG helps companies improvingtheir profit by lowering non‐strategic costs,improving processes, sales management and guides through restructurings. As amember of Expense Reduction Analyst, it has direct access to more than 700experts in 29 countries.
240 SECASECA Yearbook Yearbook 2013 2013
Capvent AG
Contact Information
AddressDufourstrasse 24 Key Person(s) Mr.Tom Clausen 8008 Zürich Mr. Varun Sood Telephone No +41 43 500 50 70 Format of E‐[email protected] Year Establishment 2000 WebAddresswww.capvent.com Number of Employees25
Short Company Profile
Capvent investsdirectly in rapidly growing consumerbusinesses in emerging Asia applying its valuedriven approach. The mainfocus includes companies in food, consumerproducts, education, healthcare and water. We operate through our offices in Zurich, Indiaand China and collaborate closelywith awellknown andglobal FMCG company.
Carey AG
Contact Information
AddressAlderstrasse 49 Key Person(s) Mr.Rudolf Kaufmann 8034 Zürich Telephone No +41 43 499 11 44 Format of E‐[email protected] Year Establishment 2003 WebAddresswww.careygroup.ch Number of Employees7
Short Company Profile
As apart of Carey Group, CareyAGisanindependent financialservicesfirm focusing primarily on funds solutions and administration services. For any structuring requirements of formation of entitiesplease make CareyAGyour first stop.
CEPAXSustainable Solutions AG
Contact Information
AddressRietstrasse50Key Person(s) Ms. AlexandraTschopp 8702 Zollikon Telephone No +41 44 392 16 66 Format of E‐[email protected] Year Establishment 2005 WebAddresswww.cepax.ch Number of Employees1
Short Company Profile
Strategicadvisory firm in the sector of financial servicesand with afocus on family officesand family businesses.
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CFP Business Consulting AG
Contact Information
AddressZollstrasse 16 Key Person(s) Mr.Wolfgang Schmid 9494 Schaan Telephone No +423 373 87 22 Format of E‐mailforename.surname@cfp‐ag.com Year Establishment WebAddresswww.cfp‐ag.comNumber of Employees
Short Company Profile
CFPCorporate Finance, Controlling &AccountingServices is focusedoncontinuous controlling andvaluation services (shared service center foraccounting andcontrolling), specificly forinvestment companiesand private investors.CFP is assisting companies in organising theirreporting basedoninternational standard, assisting them in theirplanning process, to achieve theircontrolling objectives, in accordancewith the investorsrequirements. CFP is offering clients “ready to use” solutions to speed up their management reportingand valuationofareporting unit (value management &cockpit). Permanently updated figures and additionally (manually) enteredvalue driversallow the simulationofvarious scenarios on the spot,e.g.during meetings. STCAssurance &AdvisoryServices, our partner company, offersadditionalytransaction andauditing services regardingprocess‐ andriskmanagement.
CMS von Erlach Henrici AG
Contact Information
AddressDreikönigstrasse 7Key Person(s) Mr.Stefan Brunnschweiler 8022 Zürich Telephone No +41 44 285 11 11 Format of E‐mailstefan.brunnschweiler@ Year Establishment 1936 cms‐veh.com WebAddresswww.cms‐veh.com Number of Employees120
Short Company Profile
CMS vonErlachHenrici has more than 60 specialized lawyers and tax experts based in Zurich andprovides expert advice in domestic andcross‐border M&A, corporate and financial transactions as well as commercial projects to clients. As part of CMS, aiming to be recognisedasthe best Europeanprovider of legal and tax advice, the firm hasaccess to an international networkof more than 2,800lawyers in 54 officesthroughoutEuropeand beyond. CMSvon ErlachHenrici is afull‐service commercial law firm offering comprehensive, solution driven legal advice to business,financial institutions,governments andprivate individuals both on the nationallevel andinaninternational environment. CMSvon Erlach Henriciensures quality and efficiency. All attorneys complete postgraduate studies andgainpractical experience abroad, mostly in the United States or England.The lawyers offer adviceinGerman, English, French, Italianand Spanish.
Confortis AG
Contact Information
AddressSchaffhauserstrasse 432 KeyPerson(s) Mr.Georges Ruchti 8050 Zürich Mr. Oliver Achermann Telephone No +41 44 300 15 88 Format of E‐[email protected] Year Establishment 2005 WebAddresswww.confortis.ch Number of Employees11
Short Company Profile
Confortis is ayoung,successful andindependent consulting company with 11 full‐timeemployees andaselection of about10 freelancers located in Zurich.Our practical experience in the financialindustry allows avery efficientand focused project execution with aminimum of client strain.Qualityassurance is of utmostimportance to Confortis.Confirmed client satisfactionhas been at outstanding levels throughout.
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Constellation Capital AG
Contact Information
AddressKantonsstrasse 77 Key Person(s) Mr.Marinus Schmitt 8807 Freienbach Telephone No +41 44 482 66 66 Format of E‐mailinitial of Year Establishment 2007 [email protected] WebAddresswww.constellation.ch Number of Employees5
Short Company Profile
ConstellationCapital AG based in Switzerlandisanindependent Private Equity Company established in 1992 undertaking majority and significantminority investments in growth companies focusing exclusivelyonthe service sector (“asset light”) in German speaking Europe.
CPV Partners
ContactInformation
Address12, Avenue Industrielle Avenued’Ouchy18Key Person(s) Mr.Damien Conus 1227 Carouge (Genève) 1006 Lausanne Mr. Karim Piguet Telephone No +41 22 918 11 00 +41 21 566 11 00 Mr. Maxime Chollet Format of E‐mailYear Establishment WebAddresswww.cpvpartners.com Number of Employees9
Short Company Profile
CPVPartners is amuch‐awardedSwissboutiquelaw firm,active in theLake of Geneva areaand in theWestern Switzerland, specializing in business andcommercial law, as well as in sports law. CPVPartners has awide breadthofexperience and knowledge of entrepreneurs, equity investors,lenders,companies raisingequity, shareholders and management teams, and provides them with cost‐effective and high‐impact advise on alltypes of corporate financeissues(acquisitions, mergers, private equity investments, restructuring andfinancing).
CTIInvest
Contact Information
AddressSeehofstrasse 6Key Person(s) Mr.Jean‐PierreVuilleumier 8008 Zürich Dr. Christian Wenger Telephone No +41 79 251 32 09 Format of E‐mailinfo@cti‐invest.ch Year Establishment 2003 WebAddresswww.cti‐invest.ch Number of Employees3
Short Company Profile
Founded in 2003, CTIInvestisthe leading financing platform forHigh TechStart‐up companies in Switzerland.CTI Invest is closely linked to the Commissionfor Technologyand InnovationCTI andhas amandate to organize eventsfor the CTI Start‐up companies.CTI Invest is organizing thefollowing events:: ‐Match Making events (Swiss Venture Days,quarterly) ‐Networking events (CEO Day, InnovationRoundtables,InvestorLunches). CTI Invest has more than 80 membersand is offering the following membership categories:‐Institutional Investors‐Industrial Partners ‐BusinessAngel Clubs ‐Family Offices– Businessangels.CTI Invest is anon‐profit organization that is financingall itsactivities with annual membershipfees and with sponsoring.CTI Invest is alsoinvolved in the annual publicationofthe SwissVenture Guide, the newsportal www.startupticker.ch andthe Angeldays (www.angelday.ch).
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CTI Start‐up
Contact Information
AddressEffingerstrasse 27 Key Person(s) Ms. Karin Zingg 3003 Bern Mr. Lutz Nolte Telephone No +41 31 324 04 35 Format of E‐[email protected] Year Establishment 1996 WebAddresswww.ctistartup.ch Number of Employees83
Short Company Profile
CTIStart‐upisasubdivisionofthe Confederation’s innovation promotionagencyCTI. With ateam of some60professional business coachesand specialtyadvisors it enablescreative entrepreneurstorealize theirinnovative business ideas more quickly and professionally.Italso works to establish networksthat enable potentialinnovationpartnerstoeffectively collaborate.
DealMarket
ContactInformation
AddressSchipfe 2Key Person(s) Mr.Urs Haeusler 8001 Zürich Mr. Andri Gunnarsson Telephone No +41 43 888 75 30 Format of E‐[email protected] Establishment 2011 WebAddresswww.dealmarket.com Number of Employees15
Short Company Profile
DealMarket is an online platform enabling private equity buyers, sellers andadvisors to maximize opportunities around the world – aone‐stopshopfor Private Equity professionals.DealMarket’soffering includes: DealMarketPLACE,anunfiltered view of the global deal andadvice marketplace,where searchingisfree andpostings arethe price of acappuccino aday (with no commission). DealMarketSTORE offers affordableaccess to industry‐leadingthird‐party informationand servicesondemand;and DealMarketOFFICE is astate‐of‐the‐art deal flowmanagement tool,helping Private Equity investors to capture, store, manage and sharetheir deal flowmoreefficiently. HeadquarteredinZurich, Switzerland,DealMarket wasvoted the“Best Global Private Equity Platform for 2012”byCorporate Livewire.For more information aboutDealMarket andtoday’snews, please visitusonline at DealMarket.com, comment on our blog at dealmarketblog.com,Tweet us at @dealmarket_com, andconnect with us on LinkedIn.
Dr. Bjørn Johansson Associates Inc.
Contact Information
AddressUtoquai 29 Key Person(s) Dr. BjørnJohansson 8008 Zürich Dr.Mike Widmer Telephone No +41 44 262 02 20 Format of E‐[email protected] Year Establishment 1993 WebAddresswww.johansson.ch Number of Employees10
Short Company Profile
Dr. Bjorn Johansson Associates is aglobal executive search firm that concentrates exclusivelyonrecruiting CEOs,Presidents, Managing Directors andBoard Members forselect top‐tier corporationsand institutions.
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DRSdigital AG
Contact Information
AddressIndustriestrasse13c KeyPerson(s) Mr.Jan Hoffmeister 6300 Zug Mr. Roberto Mastrandrea Telephone No +41 41 767 44 10 oder +4141767 44 14 Format of E‐[email protected] Year Establishment 2001 WebAddresswww.drooms.com Number of Employees100
Short Company Profile
DRSdigital AG istder führende Schweizer‐und EuropäischeAnbieter von Datenraumlösungen. Die Droomsonline Due‐ Dilligence Plattform wird bei M&A Transaktionen,Immobilienverkäufen, Private Equity Beteiligungen undKreditsyndizierung genutzt.Unser Schwerpunktliegt auf derEinrichtung undVerwaltung sichererDatenräumeund desQ+A Managements.
Dynamics GroupAG
Contact Information
AddressUtoquai 43 Key Person(s) Mr.Edwin vander Geest 8008 Zürich Mr. Philippe Blangey Telephone No +41 43 268 32 32 Format of E‐mailYear Establishment 2006 WebAddresswww.dynamicsgroup.ch Number of Employees25
Short Company Profile
Dynamics Group AG combines strategic (communication) advisory, communication management and research & analysis. We are apartner forprivate equityand public firms, privatecompanies and Corporate Financeteams and boutiques. Teamsize as of today: 25 in Switzerlandand >25inIndia, offices in Zurich, Bern and Geneva.
Edgar Brandt AdvisorySA
Contact Information
AddressRoute de Pré‐Bois20Key Person(s) Mr.Edgar Brandt 1215 Genève 15 Mr. Christian Mustad Telephone No +41 22 799 42 80 Format of E‐mailforename.surname@eb‐advisory.com Year Establishment 2005 WebAddresswww.eb‐advisory.com Number of Employees8
Short Company Profile
EdgarBrand Advisoryprovides consulting servicestailoredtothe specificneeds of privateequity investors. We support investors though all phases of their investments life‐cycle.
245 SECASECA Yearbook Yearbook 2013 2013
Effinance Private Equity AG
Contact Information
AddressTheaterstrasse 4Key Person(s) Mr.Simon Schrämli 8001 Zürich TelephoneNo+41 44 396 10 00 Format of E‐mailinitial of [email protected] Year Establishment 2007 WebAddresswww.effinance.ch Number of Employees5
Short Company Profile
DieEffinancePrivate Equity AG istein exklusives Unternehmenmit Sitz in Zürich, welches im Private Equity Business tätig ist. Unserefinanzielle und unternehmerische Unabhängigkeit erlaubt es uns,eigene Beteiligungenaufzubauen, zu betreuen undzu gegebener Zeit wieder zu veräussern.Dabei richtet sich unser Investmentfokus aufwachstumsstarke, nichtbörsenkotierte Unternehmen, welcheinihrer Branche aufgrundihrer innovativen Überlegenheit einendeutlichen Wettbewerbsvorteil aufweisen.Wir analysierendie Zielgesellschaften die für eine Beteiligung in Frage kommen mit absoluter Sorgfalt undführen eine DueDiligence (Stärken‐/Schwächen‐Analyse) mit professionellenBeraterndurch.Unser Investmentfokus richtet sich auf die Bereiche Biotechnologie, Medizinaltechnik, Life Science,Dienstleistungen, Immobilien undauf attraktive Industriebereiche. Die Zielgesellschaftenmüssen sich mitihren Produktenineinem Wachstumsmarkt mit attraktivenMargen befinden. Der geographische Schwerpunktliegt in der Schweiz. Unser Investitionshorizont liegtzwischen 2und 5Jahren. Eine enge Zusammenarbeit mit den Co‐Investorenund eine starke Unterstützung des Managements sehen wir als unverzichtbaren Schlüssel zumErfolg.
Euro‐Private Equity S.A.
Contact Information
AddressChemin du Pavillon 5Key Person(s) Mr.EricDeram 1218 Geneva Mr. Marc‐Antoine Voisard TelephoneNo+41 22 788 53 75 Format of E‐mailinitial of forenameSurname@euro‐pe.com Year Establishment 2005 WebAddresswww.euro‐pe.com Number of Employees5
Short Company Profile
EuroPrivate Equity is an independentspecialist in privateequity and infrastructure investments.Wedeploy and manage tailored‐madeportfolio of private equity fundsaswell as co‐investments on aglobal basis.Our service is flexible, transparent and cost‐efficient. We only select “active”fundmanagerswho invest primarilyingrowing SMEs.
Farner ConsultingAG
Contact Information
AddressOberdorfstrasse 28 Key Person(s) Mr.Urs Knapp 8001 Zürich Mrs. Sophie Dres Telephone No +41 44 266 67 67 Format of E‐[email protected] Year Establishment 1951 WebAddresswww.farner.ch Number of Employees60
Short Company Profile
Farner is the market leadingPR‐ andcommunication agency in Switzerland. For the financial service industry we provide strategicadvice and operationalsupport with an unchallenged experience in M&A transactions. We are involved in allmainaspects of business, society and politics.
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FRC Unternehmensberatung GmbH
Contact Information
AddressSchladstrasse 12 Key Person(s) Mr.FelixRuhier 5425 Schneisingen Telephone No +41 56 241 24 38 Format of E‐mailYear Establishment 1993 WebAddresswww.ruhier.ch Number of Employees1
Short Company Profile
Beratung vonKMU in finanziellen Belangen sowie Support bei Kauf,Verkauf, Sanierung, Finanzierungen und Nachfolgeregelungen.
Froriep Renggli Rechtsanwälte
Contact Information
AddressBellerivestrasse 201 KeyPerson(s) Dr. Beat M. Barthold 8034 Zürich Telephone No +41 44 386 60 00 Format of E‐mailinitial of [email protected] Year Establishment 1966 WebAddresswww.froriep.com Number of Employees83
Short Company Profile corporate &commerciallaw, intellectual property, litigation, arbitration
FundStreet AG
Contact Information
AddressLöwenstrasse11Key Person(s) Mr.Herbert Kahlich 8001 Zürich Dr.Andreas Spahni Telephone No +41 44 210 42 06 /07 Format of E‐[email protected] Establishment 1999 WebAddresswww.fundstreet.com Number of Employees3
Short Company Profile
Development andpartnership of SwissGeneral andLimited Partnerships. Business /Management Consultancyalong the value chain.
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Gestassur SA
Contact Information
AddressNüschelerstrasse32Key Person(s) Mr.Philip Waser 8001 Zürich Telephone No +41 43 497 28 67 Format of E‐mailinitial of forename initial of Year Establishment 1984 [email protected] WebAddresswww.gestassur.com Number of Employees6
Short Company Profile
Founded in 1984,GestassurSAspecializesinthe analysis of professional and financialrisks forPrivate Equity companiesand other FinancialInstitutions and in the transfer of theserisks to an insurance structure.All insurance solutions are tailor‐made.
GHR Rechtsanwälte AG
Contact Information
AddressBahnhofstrasse 64 KeyPerson(s) Mr.Michael Walther 8001 Zürich Mr. Gerhard Roth Telephone No +41 58 356 50 00 Format of E‐[email protected] Year Establishment 1992 WebAddresswww.ghr.ch Number of Employees24
Short Company Profile
GHR is aboutique law firm with officesinZurich andBern‐Muri focussed exclusively on businesslaw.Our fields of practicesinclude Corporate, Mergersand Acquisitions,Private Equity,Banking,Capital Markets andFinance, Energy andNatural Resources, Tax, Intellectual Property and Technology, Insolvencyand Restructuring,Litigationand Dispute Resolution. GHR is arecognized representative forthe listing of securities at the SWX SwissExchange. In Addition, GHR is amember of LAW (Lawyers AssociatedWorldwide),aninternational network of independent commerciallaw firms, as well as of theEnergyLaw Group (ELG), an association of leading European law firms in the energy sector.
Gloor &Sieger
Contact Information
AddressUtoquai 37 Key Person(s) Mr.Oliver Rappold 8024 Zürich Mr. Christian Koller Telephone No +41 44 254 61 61 Format of E‐mailinitial of forenameSurname@gloor‐sieger.ch Year Establishment 1989 WebAddresswww.gloor‐sieger.ch Number of Employees15
Short Company Profile
Legal advise in M&A and PrivateEquity /Venture Capital transactions, corporatefinance, restructuringand capital marketslaw.
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Hirzel.Neef.Schmid.Konsulenten
Contact Information
AddressGottfried Keller‐Strasse7 Key Person(s) Mr.AndreasS.Thommen 8024 Zürich Mr. AloysHirzel Telephone No +41 43 344 42 42 /+41 76 323 60 64 Format of E‐[email protected] Year Establishment 1996 WebAddresswww.konsulenten.ch Number of Employees11
Short Company Profile
Strategy, corporate communications &investor relations consultants
Homburger AG
Contact Information
AddressPrimeTower, Hardstrasse 201Key Person(s) Dr. Dieter Gericke 8005 Zürich Dr.Hansjürg Appenzeller TelephoneNo+41 43 222 10 00 Format of E‐[email protected] Year Establishment 1957 WebAddresswww.homburger.ch Number of Employees120
Short Company Profile
Homburger hassome120 lawyers andtax expertsexperienced in domesticand cross‐border m&a, corporateand financial transactions as well as commercialprojects. Homburger is dedicatedtobringing itsclients’endeavors to a success. Our practice teamsinclude Corporate andTransactions (m&a, private equity, capitalmarkets, corporate and commercial), Banking andFinance, Tax, Intellectual Property andTechnology, Competition, Litigation and Abitration.
Humatica AG
Contact Information
AddressWildbachstrasse82Key Person(s) Mr.AndrosPayne 8008 Zürich Telephone No +41 44 955 11 01 Format of E‐[email protected] Year Establishment 2003 WebAddresswww.humatica.com Number of Employees20
Short Company Profile
Humatica is aspecializedconsultancy that works with corporations,private equity investors and theirportfolio companiestomake high‐impact changes in the way they areorganized andstaffed. We enable CEOs to increase the agility of their organizations andshake off the complacency that so often destroyssuccessfulbusinesses.Humatica’s uniquesolution to re‐energize companies eliminates counter‐productive behaviors andstructures, re‐allocates resources according to newmarket realities,assigns the right peoplewith the rightskills to theright jobs, and puts processesin place to ensure the sustainability of performance improvements. Ourtools and approach are particularly valuable for companiesthat need to shift their organizations quickly in ordertoexecute anew strategy or improve an under‐ performing business.
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innoValuation Partners GmbH
Contact Information
AddressSonnhalde 7Key Person(s) Mr.Thomas Heimann 6045 Meggen Telephone No +41 79 358 68 71 Format of E‐[email protected] Year Establishment 2009 WebAddresswww.innovaluation.ch Number of Employees3
Short Company Profile
innoValuation Partners GmbH provides investors with independent investment research, analysis andasset management solutions. With both, industry expertiseand in‐depth knowledge of financial markets, the company offers their clients solutions tailored to their needs.
Intertrust Suisse SA
Contact Information
AddressRue de Jargonnant 1Key Person(s) Mr.EvertWind 1207 Geneva Ms. Ines Schünemann Telephone No +41 41 726 82 00 Format of E‐[email protected] Establishment 1952 WebAddresswww.intertrustgroup.com Number of Employees35
Short Company Profile
Intertrust Switzerland is part of Intertrust Group, an international provider of Corporate&PrivateWealthServicesfor businesses,wealthy individuals, familiesand their advisors. In facilitating our clients and their advisors, we combine tax, legal,accounting and financialexpertise to providethe mostoptimal solution.IntertrustGroup services 30% of the International Top 100, 50% of the Top 25 and60% of the Top10private equity firmsinsetting up and maintaining their investment structuresproviding registered office and high end directorship and administration services
investiere /Verve CapitalPartners AG
Contact Information
AddressZollikerstrasse 44 KeyPerson(s) Mr.Steffen Wagner 8008 Zürich Mr. Julien Pache Telephone No +41 44 380 29 35 Format of E‐mailYear Establishment 2010 WebAddresswww.investiere.ch Number of Employees5
Short Company Profile
Investiere is afinancierthat facilitatesinnovative investments in qualitySwiss start‐ups through atransparent platform forprivate investors. Ahybrid model, investiere combinesestablishedpractices of traditional venture capital with elements of e‐finance andsocial media.Entrepreneurship, Venture Capital and Financeexperience combined with a cultivated network of expertsallow us to evaluate hundreds of business plans ayear and pre‐select thebest Swiss start‐ ups. In order to be listed on the platform, each start‐upisput through ourrigorous duediligenceprocess. After approval, the investors directly choose their own investments.Investiere’ssuccessistied to the start‐ups on the platform: “we winifyou win”.
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IRFCommunications AG
Contact Information
AddressRämistrasse 4Key Person(s) Mr.Martin Meier‐Pfister 8024 Zürich Dr. Michael Düringer TelephoneNo+41 43 244 81 44 Format of E‐[email protected] Year Establishment WebAddresswww.irfcom.ch Number of Employees10
Short Company Profile
IRFCommunications is aleading financialPRconsultancy basedinZurich with an established international network.IRF Communications offers customized communications solutions.Its team of specialists provides clients with professional expertise and contactsaswell as support with public andinvestor relations.IRF Communications analyzes situations and requirementsand communicates its results openlyand transparently. The team of IRFCommunications has abroad experience in financialcommunications as well as in capitalmarket transactions such as IPOs, M&A or private equity investments.
Kehrli &Zehnder Family Office Services AG
Contact Information
AddressGartenstrasse 33 Key Person(s) Mr.Stephan Kehrli 8002 Zürich Telephone No +41 44 222 18 18 Format of E‐[email protected] Establishment WebAddresswww.kehrlizehnder.com Number of Employees
Short Company Profile
Kehrli &Zehnder is an independent financial consulting company. Core competences:Comprehensive asset management andmulti family office services.
KellerhalsAnwälte Bern
Contact Information
AddressEffingerstrasse 1Key Person(s) Dr. Beat Brechbühl 3001 Bern Dr.Christian Witschi Telephone No +41 58 200 35 00 Format of E‐[email protected] Year Establishment 1920 WebAddresswww.kellerhals.ch Number of Employees160
Short Company Profile
Kellerhals, afull servicelaw firm with about81attorneys in 3offices. The firm offers afull range of legalservicesfor national andinternational clients in all areas of corporate andcommercial law, with particular emphasis on M&A, financial andtax services including capital markets, litigation and arbitration.
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KESSLER &COInc.
Contact Information
AddressForchstrasse 95 Key Person(s) Mr.Klaus Peretti 8032 Zürich Dr.Martin Kessler TelephoneNo+41 44 387 87 11 Format of E‐[email protected] Year Establishment 1915 WebAddresswww.kessler.ch Number of Employees250
Short Company Profile
Risk and insurance advice by ourPrivate Equity and M&A Practice working closely with aclient’srisk management or M&Ateam complementing thetraditional financial andlegal duediligence. Our advice enablesclients to better understand therisks in any given transactions, factoring theminto negotiations and the pricing of atransaction.
Kurmann Partners AG
Contact Information
AddressLintheschergasse 21 Elisabethenanlage 25 KeyPerson(s) Mr.Jürg Kurmann 8021 Zürich 4051 BaselDr. Christoph Bieri Telephone No +41 44 229 90 90 Mr. Peter Degen Format of E‐mailforename.surname@ kurmannpartners.com WebAddresswww.kurmannpartners.com Year Establishment 1982 Number of Employees8
Short Company Profile
Mergers &Acquisitions,Restructuring and interimmanagement, InternationalAcquisitionProjects, Growth Financings, Corporate Governance, Corporate Financeand Pre‐IPO advisory.
Lardi&Partners SA
ContactInformation
AddressVia Cantonale 19 KeyPerson(s) Mr.AdelioLardi 6901 Lugano Telephone No +41 91 923 34 52 Format of E‐[email protected] Year Establishment 1993 WebAddresswww.lardipartners.ch Number of Employees
Short Company Profile
corporate finance advisor, auditing, taxand strategy consulting
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Lenz &Staehelin
Contact Information
Address30, routedeChêne Bleicherweg 58 KeyPerson(s) Mr.AndreasRötheli 1211 Geneva 17 8027 Zürich Mr. Beat Kühni Telephone No +41 58 450 70 00 +41 58 450 80 00 Format of E‐[email protected] Year Establishment WebAddresswww.lenzstaehelin.com Number of Employees
Short Company Profile
Lenz &Staehelin is Switzerlandʹslargest lawfirm with more than 160 lawyers in 3offices. It provides afull service to its clients on all legal, regulatory and taxaspects of the private equity industry,from fundraising and structuring of private equity houses to private equityinvestments and buyout transactions.
Lufin Partners AG
Contact Information
AddressAdligenswilerstrasse 24 KeyPerson(s) Mr.Urs Altorfer 6006 Luzern Mr. Thomas Michel TelephoneNo+41 41 914 40 21 Format of E‐[email protected] Year Establishment WebAddressNumber of Employees
Short Company Profile
Marchmont AG
Contact Information
Address8142 Uitikon Waldegg KeyPerson(s) Mr.Roland E. Staehli
Telephone No +41 44 215 90 30 Format of E‐[email protected] Year Establishment 1977 WebAddresswww.marchmont.ch Number of Employees3
Short Company Profile
Marchmont, the former Merchant Bank of SwissCantonalbanks, specialises in management support during the evaluation and realisation of M&A/MBO transactions.During the past 15 years it has carried outover 150assignments in the areas Financial Services,HealthCare, LuxuryGoods anddifferent branches of Industry.
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meyerlustenberger |lachenal
Contact Information
AddressForchstrasse 452Key Person(s) Dr. AlexanderVogel 8032 Zürich Dr. Christoph Heiz Telephone No +41 44 396 91 91 /+41 41 768 11 11 Format of E‐mailalexander.vogel@mll‐law.comYear Establishment WebAddresswww.mll‐legal.comNumber of Employees85
Short Company Profile
Inserat meyerlustenberger einfügen!
MeyerlustenbergerLachenal entstand aus der Fusion der Kanzleien meyerlustenbergerund Lachenal &LeFort. Mit Büros in Zürich, Genf,Zug und Lausanne ist MeyerlustenbergerLachenal an den wichtigsten Wirtschaftsstandortender Schweiz präsent Your legalexperts und zählt mit 85 Anwälten zu den grössten Kanzleien in der Schweiz. MeyerlustenbergerLachenal verfügt über ausgewiesene Expertise und reiche Erfahrung in der Begleitung vonTransaktionen und Strukturierungen in den Bereichen PrivateEquityund VentureCapital, auch mit Auslandsbezug. UnsereKompetenz erstreckt sich unter anderem auf den Erwerb vonBeteiligungen, Unternehmensübernahmen und -verkäufe, Management Buy-Outs, LeveragedBuy-Outs, Akquisitionsfinanzierungen, IPOs, Errichtung vonFund sowie Fund-of-Fund-Strukturen, KGKs, Strukturierung meyerlustenberger |lachenal von(internationalen) Gesellschaftsgruppen auch mit Auslandsbezug, Umstrukturierungen, Pool- und andereAktienbindungs- Rechtsanwälte–Attorneys at Law verträge,CorporateGovernanceund gesellschaftsrechtliche Beurkundungen. www.mll-legal.com Zugeschnitten auf die konkreten Bedürfnisse Ihres Projekts stellen wir Ihnen ein fachlich und erfahrungsmässig optimal Zürich |Genève |Zug |Lausanne |Brussels abgestimmtes Team zusammen, das schweizweit agieren kann.
Migros Bank
Contact Information
AddressSeidengasse12Key Person(s) Mr.Olivier Häner 8023 Zürich Mr.Erich Fierz Telephone No +41 44 229 86 44 Format of E‐[email protected] Establishment 1958 WebAddresswww.migrosbank.ch Number of Employees1395
Short Company Profile
Migros Bank operates with 64 branches in allcantons in Switzerland. Migros Bank is one of the largest mortgage lenders ins Switzerlandand is very active in retail and commercialbanking.
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Migros‐Genossenschafts‐Bund
ContactInformation
AddressLimmatstrasse 152Key Person(s) Mr.Beat Arbenz 8031 Zürich Telephone No +41 44 277 25 55 Format of E‐[email protected] Year Establishment WebAddresswww.migros.ch Number of Employees
Short Company Profile
Morning Capital LLC
Contact Information
Address88, rue AncienneKey Person(s) Mr.David Kunz 1227 Carouge(Genève) Telephone No +41 79 443 46 43 Format of E‐[email protected] Year Establishment 2010 WebAddresswww.morningcapital.com Number of Employees1
Short Company Profile www.morningcapital.com is the leading forum for relations between investors andentrepreneurs. Thesite is designed with aview to facilitating direct contact and providing useful andaccessible information of the worldofbusiness generally,and financeinparticular.
Müller‐MöhlGroup
Contact Information
AddressWeinplatz 10 KeyPerson(s) Mr.Christophe Rouvinez 8022 Zürich Telephone No +41 43 344 66 66 Format of E‐mailsurname@mm‐grp.comYear Establishment 2000 WebAddresswww.mm‐grp.comNumber of Employees
Short Company Profile
TheMüller‐MöhlGroup manages theinvestment portfoliobelonging to the community of Müller‐Möhlheirs whoare the 100% owners of the Group. The Müller‐MöhlGroup owns substantial minority stakes in selected companies. Besides these entrepreneurial direct investments, the Müller‐Möhl Group manages abroadly diversifiedportfolio of securities.
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Nellen &Partner
Contact Information
AddressRedingstrasse 6Key Person(s) Mr.Curt Baumgartner 9000 St. Gallen Telephone No +41 71 228 33 66 Format of E‐mailinitial of [email protected] Year Establishment 1992 WebAddresswww.nellen.ch Number of Employees8
Short Company Profile
We provideall‐round consultingservicesinthe area of human resources management. Our core business is recruiting specialistsand executivepersonnel. We areaGlasford International Partner www.glasford.com.
Next Generation FinanceInvest AG
Contact Information
AddressInnere Güterstrasse 2Key Person(s) Mr.Thomas Winkler 6300 Zug Mr. Marc P. Bernegger Telephone No +41 41 712 23 53 Format of E‐[email protected] Establishment 2009 WebAddresswww.nextgfi.com Number of Employees4
Short Company Profile
NextGeneration Finance Invest investsincompanies whichare well positioned to benefitfrom newmegatrendsin finance. NGFI is listed at BX Berne eXchange (NGFN.SW).
Niederer Kraft &Frey AG
Contact Information
AddressBahnhofstrasse 13 KeyPerson(s) Dr. AndreasCasutt 8001 Zürich Dr.Ulyssesvon Salis Telephone No +41 58 800 80 00 Format of E‐[email protected] Year Establishment 1936 WebAddresswww.nkf.ch Number of Employees90
Short Company Profile
Niederer Kraft &Frey is oneofthe largestlaw firms in Switzerland. Our dedicated professionals have specialized knowledge and extensive experienceinparticular in the fields of financing, private equity andventure capital,mergers and acquisitions, corporate and employment law, stockexchangelaw (initial public offerings), tax as well as capital market and financialservices regulation. Our wide range of national andinternational clients includesinvestmentfunds, banks, largeand mediumsized corporations, start‐ups and management teams. Several of our professionals also serve on the board of directors of companies active various fields, including private equity.
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Octadim GmbH
Contact Information
AddressImRuostel 4Key Person(s) Mr.HaraldFichtl 8844 Euthal Telephone No +41 79 444 07 37 Format of E‐[email protected] Year Establishment WebAddresswww.octadim.com Number of Employees
Short Company Profile
Octadimisaconsultingcompany specializedinindustrialproductionprocesses. Octadim’s target clients are small and midsized companies. In additiontoconsultingwealso take care of project management andinterim management tasks. ‐ Businessturnaround ‐restructuring ‐Improvements ‐Commercialrepresentations in Europe
Office for Business and Economic Developmentofthe Canton of Zurich
Contact Information
AddressWalchestrasse 19 Key Person(s) Ms. Danielle Spichiger 8090 Zürich Mr. Beat Rhyner Telephone No +41 43 259 49 86 Format of E‐[email protected] Year Establishment WebAddresswww.location.zh.ch / Number of Employees www.finanzplatz‐zuerich.ch
Short Company Profile
TheOffice for Business andEconomic Development is the contact point for resident companiesaswell as those interested in setting up abusiness in the Canton of Zurich. We facilitate, accelerate and establish networks to serve as a bridge betweenbusiness and public administration.Our core competencies and activitiesare: ‐Assistcompanies with settingupanoffice in Zurich ‐Managementofclusterinitiatives andnetworks ‐Work permits for non‐EU/EFTA citizen ‐Facilitation of administrative procedures
PaguascaHoldingAG
Contact Information
AddressLindenstrasse 14 KeyPerson(s) Mr.Daniel Guggenheim 6340 Baar Mr.Peter Guggenheim Telephone No +41 41 766 05 35 Format of E‐mailYear Establishment WebAddressNumber of Employees4
Short Company Profile asset management, expansionfinancing
257 SECASECA Year Yearbookbook 2013 2013
Pestalozzi AttorneysatLaw
Contact Information
AddressLöwenstrasse1 Key Person(s) Dr. Martin L. Müller 8001 Zürich Mr. Franz Schubiger Telephone No +41 44 217 91 11 Format of E‐[email protected] Year Establishment 1911 WebAddresswww.pestalozzilaw.com Number of Employees160
Short Company Profile
Pestalozzi hasabout 100 specializedlawyers andtax expertsinZurich andGeneva. Pestalozziadvises founders, investors and targetcompanies on alllegal,regulatory and taxaspects of private equity andcorporate finance, including incorporation, fundraising,structuring of privateequity investments, refinancing andall EXIT scenarios.
Private Equity Invest AG
Contact Information
AddressBahnhofstrasse 69 KeyPerson(s) Mr.Markus Ritter 8001 Zürich Telephone No +41 44 215 70 00 Format of E‐[email protected] Year Establishment 2000 WebAddresswww.pei.ch Number of Employees21
Short Company Profile
PrivateEquity Invest is aprivate equity firm focused on identifying high‐growth, quality‐driven and innovative Swiss technology companies. We actively support these companies to executetheir business modeland achievetheir goals.
RCIUnternehmensberatung AG
Contact Information
AddressLandenbergstrasse 35 Key Person(s) Mr.Simon Ottiger 6002 Luzern Mr. Daniel Bühlmann Telephone No +41 41 368 90 00 Format of E‐mailYear Establishment WebAddresswww.rciub.ch Number of Employees
Short Company Profile
Mergers &Acquisitions Advisory Financialengineering Legal Advisory TaxConsulting Due Diligence
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Rock Lake Associates
Contact Information
AddressBaarerstrasse 2Key Person(s) Mr.John Cook 6300 Zug TelephoneNo+41 41 723 10 16 Format of E‐mailforename.surname@rock‐lake.com Year Establishment 2009 WebAddresswww.rock‐lake.com Number of Employees12
Short Company Profile
Rock Lake Associates is aprivate placementand advisoryfirm with representative offices in NewYork,London, Brussels, Hong Kong,Sao Paolo, Melbourne,Mumbai,Bangalore and AbuDhabi.The firm focuses on identifying, developing and marketing well established alternative investment opportunities to private and institutional investors across the world. Historically, RockLake’s professionalshave managedassets or completed transactions in excess of $30 billion with insurance companies,pensionfunds,fund of funds,commercial andprivate banks, investment companies, governments,entrepreneurs, foundations, endowmentsand family offices. The firm is closely affiliated with Kyron Global Accelerator (www.kyron.me), the largeststartup acceleratorinIndia, whosefocus is commercializing next generation web anddigital technologies.
RobecoSAM AG
Contact Information
AddressJosefstrasse 218Key Person(s) Mr.Thierry Bertheau 8005 Zürich Mr. Jeroen Afink Telephone No +41 44 653 10 10 Format of E‐[email protected] Year Establishment 1995 WebAddresswww.robecomsam.com Number of Employees100
Short Company Profile
Nach seiner Gründungals erster ausschliesslich auf Sustainability Investingfokussierter AssetManager wurde SAM 2007 vonder Robeco‐Gruppeübernommen, deren strategisches Zieleswar, sich als Vordenkerauf diesem Gebiet zu etablieren. Aufder Grundlage der globalen Präsenz vonRobecohat sich RobecoSAM zu einem der führenden globalen Anbieter von Sustainability Investing‐Lösungen entwickelt. Mitrund 130 aus Zürich und Rotterdam heraus tätigen Spezialisten bietetRobecoSAM seinen Kunden ein umfassendes Angebot an differenzierten und komplementären Sustainability Investing‐Lösungen ‐von Indizesüber aktiv gemanagte diversifizierte und themenbasierte Aktienstrategien biszuPrivate Equity,Active Ownership‐ und Corporate Sustainability Benchmarking‐Services.
ScalarisAG
Contact Information
AddressFeldeggstrasse 5Key Person(s) Mr.Philipp Sander 8152 Glattbrugg Mr. Patrick Märki Telephone No +41 44 809 25 00 Format of E‐[email protected] Year Establishment 1994 WebAddresswww.scalaris.com Number of Employees35
Short Company Profile
Scalaris supports challenging growth strategies with acomprehensive range of solutions and services providing for secured and timely accomplishment of multipletransaction‐relevant informationprocesses. Die Scalaris AG begleitet strategischeWachstumsvorhaben miteinem Lösungs‐ und service‐portfolio,das die sichere undtermingerechte Abwicklung vieler transaktionsrelevanter Informationsprozesse umfassendunterstützt.
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Schellenberg WittmerRechtsanwälte
Contact Information
AddressLöwenstrasse1915bis, ruedes AlpesKey Person(s) Dr. Oliver Triebold 8001 Zürich 1201 Geneva Mr. Jean‐Jacques Ah Choon Telephone No +41 44 215 52 52 +41 22 707 80 00 Format of E‐[email protected] Establishment WebAddresswww.swlegal.ch Number of Employees230
Short Company Profile
SchellenbergWittmer is one of the leading business law firms in Switzerland. Over 130lawyers in Zurichand Geneva advise domesticand internationalclients on all aspectsofbusiness law. Schellenberg WittmerʹsMergers &Acquisitions, Private Equity and Venture CapitalGroup is one of the largest andmostspecialised practice groups in itsfield in Switzerland. The Team is seconded and actively supported by experienced lawyers from other practice groups of the firm, such as tax, IP/IT,real estate, competition/merger control, employment law/humanresources, capital markets, banking and finance, andiscomplemented by the firmʹs litigation andarbitration practice group with extensive expertiseincorporate and M&Amatters.
260 rechtsanwälte
MERGERS &ACQUISITIONS,PRIVATEEQUITY AND VENTURE CAPITAL Getting the Deal Done
Über 40 spezialisierteTransaktionsanwälteinZürich und Genf begleiten Sie umfassend und lösungsorientiert bei sämtlichen Unternehmenstransaktionen in der Schweiz.
IhreAnsprechpartner:
Martin Weber Oliver Triebold Lorenzo Olgiati Jean Jacques Ah Choon [email protected] [email protected] [email protected] [email protected]
SchellenbergWittmer isteine der führenden Wirtschaftsanwaltskanzleien der Schweiz. Über 130 spezialisierteJuristinnen und JuristeninZürich und Genf beraten in- und aus- ländische Klienten umfassend im gesamten Wirtschaftsrecht. www.swlegal.ch
ZÜrich GenÈve Löwenstrasse 19 /Postfach 1876 /8021 Zürich 15bis, rue des Alpes /Case postale 2088 /1211 Genève 1 T+41 44 215 5252 T+41 22 707 8000 SECA Yearbook2013 SECA Yearbook 2013
Inserat Schneider Feldmann AG einfügen!
Schneider Feldmann Ltd. –Patent and Trademark Attorneys
Contact Information
AddressBeethovenstrasse 49 KeyPerson(s) Dr. Martin Schneider 8002 Zürich Telephone No +41 43 430 32 32 Format of E‐[email protected] Year Establishment 1960 WebAddresswww.schneiderfeldmann.ch Number of Employ‐ 23 ees
Short Company Profile
Schneider Feldmann Ltd. ‐Patent andTrademark Attorneys is an established lawfirm specialising in protecting,dealing with and defending intellectualproperty rights (IPRʹs), namely patents, trademarks, designs andcopyrights. Schneider Feldmann Ltd. is experienced in advising in IPRtransactions, including duediligence issues, andconducting valuations of patent or trademark portfolios.
Sensus Communication Consultants
ContactInformation
AddressBederstrasse 51 Key Person(s) Mr.AndreasDuffé 8002 Zürich Mr. Peter Kuster Telephone No +41 43 366 55 11 Format of E‐mailinitial of [email protected] Year Establishment 2004 WebAddresswww.sensus.ch Number of Employees6
Short Company Profile
As afull‐service agency, we advice and support national and internationalcompanies in the field of financial communication and investor relations. Sensusoffers strategic consultingand implementation with active and integrated relationship management, which equally fulfills the requirements of our clients and theirstakeholders. 262 SECASECA Yearbook Yearbook 2013 2013
SIX Swiss Exchange AG
Contact Information
AddressSelnaustrasse 30 Key Person(s) Mr.Marco Estermann 8021 Zürich Telephone No +41 58 854 22 45 Format of E‐mailforename.surname@six‐group.comYear Establishment 1995 WebAddresswww.six‐swiss‐exchange.com Number of Employees266
Short Company Profile
SIX SwissExchangeisone of the world’s leadingregulated stock exchanges and the most important exchange in Europe forthe life sciencearea. It is an important pillar of the Swiss FinancialCenter and helpscreate the best possible trading conditions, connectinginvestors,issuers and participants from across the world. SIXSwiss Exchangeforms the efficient andtransparent reference market forworld‐leadingcompanies. Thanks to its high‐performance SWXess platform, its trading partners benefit from latencyperiods of just microseconds. SIXSwiss Exchangeensures round‐the‐clock trading that is independent, fair andsupervised, covering the attractive segments of equities, bonds,ETFsand ETPs; this increases trustand stabilityinthe Swiss financial center. SIX Swiss Exchange is acompany of SIX Group,which provides first‐rateservices worldwideinthe areasofsecuritiestrading, clearing and settlement, as well as financial information andpayment transactions.
Staiger, Schwald&PartnerRechtsanwälte
Contact Information
AddressGenferstrasse 24 Key Person(s) Dr. Mark‐OliverBaumgarten 8027 Zürich Mr. Mark Metzger Telephone No +41 58 387 80 00 Format of E‐[email protected] Year Establishment 1964 WebAddresswww.ssplaw.chNumber of Employees85
Short Company Profile
Staiger, Schwald&Parnter is arespected Swisslaw firm withstrong Swissclient base andexcellent internationalconnections. Our professionalsinour officesinZurich advisecompanies, financial institutions and high net worth individuals in national and internationalM&A, venturecapital, private equity,corporate andfinance transactions, banking,capital markets, insurance and any type of commercial project. Driven by personality andcommitment our professionals arededicated to theclient’s goals. In Baselwealsoprovidenotarialservices.
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StartzentrumZürich
Contact Information
AddressLuegislandstrasse 105 KeyPerson(s) Mr.Gert Christen 8051 Zürich Telephone No +41 44 455 60 60 Format of E‐[email protected] Year Establishment 1999 WebAddresswww.startzentrum.ch Number of Employees5
Short Company Profile
Starzentrum Zurich is the business incubator of the city and canton of Zurich. We support startupcompanies with awide range of services. Including coaching, flexible office space, complete infrastructure, officeadministration, networking,training,and in the search forfunding.Initial coaching is free of charge forentrepreneurs wishingtocreate acompany in the city or canton of Zurich. We organize annual eventssuch as www.startmesse.chand www.startupday.ch.
We coach youintoyour successful futureasanEntrepreneur. Made in Zurich. Thenew incubator for ICTand Clean Tech Theadvisory center fornew startupInserat companies in Zuric Startzentruh. mZbusinessesürich in Zurich.einfü‐ gen!
BlueLion Foundation Startzentrum Zürich Luegislandstrasse 105, 8051Zurich-Switzerland Luegislandstrasse 105, 8051 Zurich-Switzerland
T+41 43 299 60 60, [email protected] T+41 44 455 60 60,[email protected] www.bluelion.ch www.startzentrum.ch
Steiger Engineering AG
Contact Information
AddressAlte Landstrasse40Key Person(s) Mr.Alex E. Gall 8702 Zollikon Telephone No +41 44 383 46 85 Format of E‐[email protected] Year Establishment 1967 WebAddresswww.seag.ch Number of Employees2
Short Company Profile
Mergers &Acquisitions and Corporate Finance
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Straumann Holding AG
Contact Information
AddressPeter Merian‐Weg 12 Key Person(s) Mr.Beat Spalinger 4052 Basel Telephone No +41 61 965 11 11 Format of E‐[email protected] Establishment 1954 WebAddresswww.straumann.com Number of Employees2452
Short Company Profile
Headquartered in Basel, Switzerland, the StraumannGroup (SIX: STMN) is aglobal leader in implantand restorative dentistryand oral tissueregeneration.Incollaborationwith leading clinics, research institutesand universities, Straumann researches, develops and manufactures dental implants, instruments, prosthetics and tissue regenerations products foruse in tooth replacement and restoration solutionsortoprevent tooth loss.Straumanncurrently employs 2360 people worldwide and itsproductsand servicesare available in more than 70 countries through its broad network of distribution subsidiaries and partners.
SUSI Partners AG
Contact Information
AddressFeldeggstrasse 12 KeyPerson(s) Mr.TobiasReichmuth 8008 Zürich Mr. Otto vonTroschke Telephone No +41 44 386 98 00 Format of E‐mailinitial of forename.surname@susi‐partners.ch Year Establishment 2009 WebAddresswww.susi‐partners.ch Number of Employees12
Short Company Profile
SUSI Partners AG is ssocially and ecologically responsible Swiss infrastructure investor offering advice to funds addressing qualifiedinvestors. Investments areguidedbythe following principles: stable returns –low or no correlation with the stock market –evident and measurable sustainablecontribution.SUSIhas expert knowledge in the field of renewable energy investments,energy efficiencyperformance contracting,and energy storage /smart gridinvestments.
SUVA
ContactInformation
AddressRösslimattstrasse 39 KeyPerson(s) Mr.Francesco Kälin 6005 Luzern TelephoneNo+41 41 419 51 11 Format of E‐[email protected] Year Establishment 1918 WebAddresswww.suva.ch Number of Employees8
Short Company Profile
Suva (Swiss National AccidentInsurance Institution)isSwitzerland’s largest provider of accident insurance. Suva insures secondarybusiness sector employees, unemployed persons andemployeesofthe Swissarmed forcesagainst occupational and non‐occupational accidentsand occupational diseases.Suva is afinancially independent, non‐profit company under Swisspublic law with headquarters in Lucerneand 19 agencies throughout Switzerland.
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Swisscom Ventures
Contact Information
AddressAlte Tiefenaustrasse 6Key Person(s) Mr.Dominique Mégret 3050 Bern Mr. Carlo Grassi Telephone No +41 58 223 27 36 Format of E‐[email protected] Year Establishment 2005 WebAddresswww.swisscom.com/ventures Number of Employees4
Short Company Profile
Swisscom is Switzerlandʹsleading telecom provider, with 5.6 million mobile customers and around 1.8 million broadband connections. In 2009, the companyʹs 19479employees generated revenueofCHF 12 billion.
Swissport InternationalLtd.
Contact Information
AddressP.O. Box KeyPerson(s) Mr.Roman Hermann 8058 Zurich‐Airport Mr.JohannesC.Spindler Telephone No +41 43 812 29 02 Format of E‐[email protected] Year Establishment WebAddresswww.swissport.com Number of Employees35000
Short Company Profile
Swissport International Ltd. provides ground services for around 108million passengers and3.2 milliontonnes of cargo ayear (the latter usingsome98warehouses with atotal floorarea of over 350000 squaremetres)onbehalfofsome650 client‐companies in the aviation sector. With aworkforce of around 35 000personnel, Swissport is active at 177 stations in 36 countries on five continents, and generatedconsolidatedoperating revenue of CHF 1.7 billion in 2011.
Tavernier Tschanz
Contact Information
Address11‐bis, rue Toepffer Key Person(s) Mr.Jacques Bonvin 1206 Geneva Telephone No +41 22 704 37 00 Format of E‐[email protected] Establishment WebAddresswww.taverniertschanz.com Number of Employees
Short Company Profile
Tavernier TschanzisaleadingSwiss lawfirmfocusing on corporate andcommercialpractice.The firm’sservices cover general corporatematters, corporatetransactions, banking and finance, newtechnologies, competition and tax, as well as international arbitration. Tavernier Tschanz’s corporate transactions practise is built on the firm’s strong expertisein corporatefinance andM&A, advisingclients on all types of transactions such as acquisitions,takeovers, mergers, LBOs, MBOs/MBIs/IPOs,private equity and venture capital investments, restructuring, divestitures, spin‐offs,aswell as general domesticand international financeoperations.
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UBS AG, Executives &Entrepreneurs
Contact Information
AddressBahnhofstrasse 45 KeyPerson(s) Dr. Jürg Muffler 8098 Zürich Mr. Pascal Bersier TelephoneNo+41 44 234 90 21 Format of E‐[email protected] Establishment WebAddresswww.ubs.com Number of Employees65000
Short Company Profile
UBS Executives&Entrepreneurs („E&E“) advises executivesand entrepreneurs in allmatters of their personal wealth. UBS E&Eisthe single point of contact,coordinates the engagement of differentspecialistsand provides customized solutions:Successionplanning, pension solutions, retirement solutions,tax planning,asset management, risk assessment, portfoliooptimization, liability management, etc.
Vaccani, Zweig &Associates
ContactInformation
AddressKlausstrasse 43 KeyPerson(s) Mr.AndrésF.Zweig 8034 Zürich Mr.Beat G. Scherrer Telephone No +41 43 499 20 80 Format of E‐mailinitial of Year Establishment 1994 [email protected] WebAddresswww.vzaconsultants.ch Number of Employees10
Short Company Profile
ActiveinManagement Consulting,Mergers and Acquisitions, TechnologyTransfers and Management of Private Equity Investments
Valcor AG
Contact Information
AddressScheuchzerstrasse 36 Key Person(s) Dr. Bruno Weber 8006 Zürich Mr. EtienneBernath Telephone No +41 44 350 19 07 Format of E‐[email protected] Year Establishment 1989 WebAddresswww.valcor.ch Number of Employees4
Short Company Profile
Corporate Finance, Value Creating Strategies,M&A
267 SECASECA Year Yearbookbook 2013 2013
ValCrea AG
Contact Information
AddressBaarerstrasse 8Key Person(s) Mr.Juhani Anttila 6300 Zug Mr. Timo Vättö Telephone No +41 41 712 25 15 Format of E‐[email protected] Establishment 2005 WebAddresswww.valcrea.com Number of Employees7
Short Company Profile
ValCrea is an advisory firm forcorporate value creation.Atthe moment the company has 6partners with over 100years cumulated global strategicand executionknow how at board,CEO and CFO level in industry andbanking. Thepartners work for owners, Boards,executive management both in private and public companiesaswell as for privateequity firms in improvingthe financial performanceoftheir portfoliocompanies.
VISCHERAG
Contact Information
AddressSchützengasse 1Key Person(s) Dr. Robert Bernet 8021 Zürich Dr.Jürg Luginbühl Telephone No +41 44 254 34 00 Format of E‐mailinitial of [email protected] Year Establishment WebAddresswww.vischer.com Number of Employees110
Short Company Profile
VISCHER is one of the leadingbusiness law firms in Switzerland. We particularly provide legal services in the contextof risk capital transactions and assist companies during theirvarious development stages (seedfinancing, earlystage financing, growth financing andsale to additional capitalinvestors, including managementbuyouts, leveraged buyouts, trade sales and IPOs).
VolkartManagement Consultants
Contact Information
AddressSchlossHerblingen Key Person(s) Mr.Gregory H. Volkart 8207 Schaffhausen Telephone No +41 52 644 11 54 Format of E‐mailinitial of forenameSurname@v‐group.info Year Establishment 1993 WebAddresswww.v‐group.info Number of Employees4
Short Company Profile
Management Consultants, Accounting +Controller Functions,BusinessRestructuring Services
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Walder Wyss Ltd.
Contact Information
AddressSeefeldstrasse 123Key Person(s) Mr.EnricoFriz 8034 Zürich Mr. LucDefferrard Telephone No +41 44 498 98 98 Format of E‐[email protected] Establishment 1972 WebAddresswww.walderwyss.com Number of Employees150
Short Company Profile
Walder Wyss is alaw firm specializing in corporateand commerciallaw,corporate finance and M&A, banking law, intellectual property and competition law, dispute resolution andtax law.
Walker Risk SolutionAG
Contact Information
AddressAnder Lorze 7Key Person(s) Mr.Gregory Walker 6300 Zug Telephone No +41 41 511 78 88 Format of E‐[email protected] Year Establishment WebAddresswww.risksolution.chNumber of Employees
Short Company Profile
Specialisinginfinancial lossinsurance (e.g.D&O, Professional Liability and InvestmentManager Insurance including employee fraud‐cover) forinvestment advisors, private equity,venture capital and hedge fund managers.M&A‐deal facilitating insurance solutions coveringwarranty and indemnity for both,buyer‐sideand seller‐side,aswell as contingent risk. IPO‐related insurance solutions covering prospect liability of advisors, sponsors, underwriters, directors and officers. Expertise in risk management of financial institutions providing operational risk assessment for assetand fund managers.OfficesinZug andZurich.
Walter &Partner
Contact Information
AddressSeestrasse 86 Key Person(s) Mr.Dominik C. Walter 8803 Rüschlikon Telephone No +41 55 220 05 20 Format of E‐mailsurname@walter‐partner.ch Year Establishment 1994 WebAddresswww.walter‐partner.ch Number of Employees3
Short Company Profile
Trusted M&Aand corporatefinance advisory representing buy‐side and sell‐side.Fullservicefor MBO &MBI projects. Fundraising forbusiness development. International strategicoperations with trusted partners.
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Wincor Nixdorf AG
Contact Information
AddressStationsstrasse 5Key Person(s) Mr.Mario Parravicini 8306 Brüttisellen Telephone No +41 44 835 34 50 Format of E‐mailforename.surname@wincor‐nixdorf.ch Year Establishment WebAddresswww.wincor‐nixdorf.ch Number of Employees100
Short Company Profile
Wineus AG
Contact Information
AddressStockerstrasse45Key Person(s) Dr. Yves Cheridito 8027 Zürich Mr. Xavier Alonso Telephone No +41 44 562 10 67 Mr. Thomas Abegg Format of E‐[email protected] Year Establishment 2008 WebAddresswww.wineus.ch Number of Employees11
Short Company Profile
Finance boutiqueproviding investmentadvisory, M&Aand financingservicestoentrepreneurs and companies.
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Individual Members Honorary Members
271 SECASECA Year Yearbookbook 2013 2013
Individual Members (without academic titles)
Surname Forename Company Town Patrick Markus Aisher Kinled HoldingLimited Schaan Claude Amiguet Neode SA Neuchâtel Rolf BachmannLazard GmbH Zürich Jörg Baldauf Secuens AG Pfäffikon Philip Baumgartner Meilen Urs Bertschinger PragerDreifussAGZürich MarcBeuls Arosa Thomas BieriNomuraBank (Switerland) Ltd Zürich Thomas Billeter Herrliberg OlivierBloch Etude dʹavocats Rossinelli Capt &Bloch Geneva 12 DavidBodmer ThelemaAGBaar Peter Both Credit Suisse AG Zürich Andreas Bürge b‐impact AG Zürich Max Burger Hong Kong Mario Cesari TBG Management S.A.M. Monaco Jean‐Luc ChenauxCarrard &Associés Lausanne UlfClaesson BLR &PartnersAGThalwil Silvano ColettiChelonia SA Lugano Philippe de Vallière Niederlenz Frank M. Dickoob Zollikon Roland Eschle Crimson CapitalZumikon GeorgFallegger Alternative Asset Broker Company (AABC) Wallisellen Lukas Fecker Transactions&Restructuring KPMG LLP London Herve Flutto Cofundit GmbH Lausanne PatrikFrei Venture Valuation AG Zürich MariusFuchs QIC PerformanceConsultingAGBaar Denise Gänssmantel Imprima Zürich Thomas GoossensBCCC AvocatsSàrl Genève Martin Haemmig CeTIM /Stanford UniversityEnnetbaden Fritz Haselbeck ZfU Zentrumfür Unternehmensführung AG Thalwil Rudolf Huber Axega GmbH Zürich Matthias Huber VeriumAGZürich Michel Jaccard id est avocatssàrl Lausanne Rolf Jeger Jeger Consult Wollerau Julian Kaljuvee Mosaic CapitalPartners Ltd Zollikon Ulrich Kobelt Luzern Eric F. Kohn BaronsFinancial Services SA Genève
272 SECASECA Yearbook Yearbook 2013 2013
Surname Forename Company Town Daniel KusioBVPartners AG Bern Michele Lamorte Castagnola Richard Laville Zürich Jean‐Marc Le Doussal RemoraCapital SA Lausanne Florian Lemberger Swiss Finance &Property FundsAGZürich Leo Looser Looser HoldingAGArbon Michael Lupsor Kadmos Capital St‐Cergue Roberto Maione UniSun AG Zürich Solmzi Makohliso Pully Adriano Marantelli G+STreuhand AG Muri b. Bern Oliver Mayer Zürich Ferdinando Mazzi RIVERFIELD® Zollikon Peter Moran VorteQ Consulting Sagl Massagno Martin MoserBratschi Wiederkehr &Buob Bern Michael M. MuellerCham DavidNgThhep International PteLtd Singapore Arndt Oelgarth Riehen Uwe Peter Dresden Thierry Petersen LPOVentures AG Montreux Maurice Pierazzi Denens Sandro Pifaretti SAG Services AG Dietlikon GeorgesRacine LALIVE Geneva Urs Ramseier CS CorpSana AG Pratteln Thomas ReimannLutz Rechtsanwälte Zürich Gilles Robert‐NicoudCBWM &Partners Lausanne Rainer A. RueppelRapperswil Heinz Ruff Fisoma H.K.Ruff Consulting Cham Martin Sägesser Saegesser Transition Management (a.i.CEO)Niederglatt Jürgen Schaubel Baar Alexander Schlaepfer Uetikon am See ErnstSchönbächlerPfäffikon Beat Schönmann Beluga Capital Inc. Zürich Johannes Schwarz Zugimpex GmbH Zug Thomas Scriven H.I.G. European Capital Partners LLP London Zaki Sellam ESN Life Sciences Reinach RalphSigg Tendo Corporate Finance AG Zürich NicolaSimoneschi Treinvest SA Paradiso Bogy Skowronski CMS CorporateManagementServices GmbHZürich
273 SECASECA Yearbook Yearbook 2013 2013
Surname Forename Company Town LarsSonderegger QuantonomicsLLC Zollikerberg Govind Srivastava Soleil Capitale Zürich Max R. Staehelin Basel Martin Stehli A.I.M. Group AG Zürich Roman Strutynski BV Partners AG Bern MairajTaufiq Zürich Hubertus Thonhauser Zug Jos G.L. Vandebroek Vandebroek VenturesAGNänikon Nayel GeorgesVidal Emerging Capital Partners Tunis MarkusVollstedt Vollstedt Consulting GmbH Hämikon Ulysses von Salis Niederer Kraft&Frey AG Zürich Lucian Wagner EuroUS VenturesZürich ZhiWang Swiss China Consulting GmbHKüsnacht Matthias P. Weibel FAES Finanz AG Wollerau Winfried Weigel CleanTech Capital GmbH Zug Martin Wiesli Zürich Christophe Wilhelm FBT Avocats Genève 6 Carl Wimmer IHC Invest, IncWeesen Hakan Yüksel ALIUM PARTNERS AG Pfäffikon Xinyin Zhang Basel Biagio ZoccolilloKüsnacht ChristophZuber Zollikon
HonoraryMembers
Surname Forename Company Town Massimo S. Lattmann Venture Partners AG Zürich HugoWyss Chiasso
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Young SECA Members
275 SECASECA Yearbook Yearbook 2013 2013
Young SECA Members (without academic titles)
Surname Forename Company Town Erik Ånerud BE BioEnergy Group AG Zurich MelodyAtil Scope Management SA Geneva Steffen Bassler Kilchberg MarkBergerIncuray AG Rotkreuz Sandra BergerPartners Group Baar‐Zug MarcP.Bernegger Next GenerationFinance Invest AG Zug Luca Bianchi Niederer Kraft&Frey AG Zürich Gaudenz BiveroniYoung &Professional AG Zürich Henrik Bootz Luzern Michael Burkhard Bratschi Wiederkehr &Buob Zürich Lukas Burkhard SCM StrategicCapital Management AG Zürich Pascal Buschor Zollikon Jose Camacho UBS AG Zurich Marina CvetkovicBern César de la Cruz Zürich Francesco DellʹEndice Zürich Nadim Dziri Roman Eggler POLARIS Investment Advisory AG Zürich Peter Z. Egli CGS Management Pfäffikon Alan Frei Zürich Ueli FriedliAltstetten PraveenGajjala Geneva Kevin Gamuzza Luzern Vito Gigante UBS AG Zürich ManuelGrenacher Coresystems AG Windisch Benjamin Gubler Condor Invest AG Pfäffikon SZ GregoryGuissard G2A Genève BenjaminHaltinner Zollikerberg MarcOliverHauserZürich Thomas HegnauerDeutsche Bank AG London Ralph Hennecke Zürich Adrian Hodel Ballwil Stefan Hradetzky Hradetzky Consulting Zürich AlexanderIlic Dacuda AG Zürich Luca Jagmetti Bär &Karrer AG Zürich ChristophJenny Zurich Simon Jungen Zurich
276 SECASECA Yearbook Yearbook 2013 2013
Surname Forename Company Town Djehaf Kadhafi Geneva SimonKaiser Wermatswil HasnainKhimji Küsnacht Oezkan Hassen Kirmaci proselma ag Geroldswil ArranKITSON Vessy Pascal Kocher swissminds AG Düdingen Sergey Lozovoy Credit Suisse AG Zurich Daniel MäderCEAsset Management Meilen KarimMaizarKellerhals Anwälte Zürich B. Manz Assetinum (MMMCapital Consulting GmbH) Zurich Jan MarckhoffBEN Energy AG Zürich Johann MarionArgos Soditic Geneve Sonja Märzthal SCM StrategicCapital Management AG Zürich Max Meister Bigmont VenturesAGRotkreuz Patrick Mollet PaxiroGroup AG Zug OlivierNicod Gross &Associés Lausanne AlexanderNikitine Walder Wyss AG Zürich Maurice Nyffeler easypsim AG Oerlikon ChukwuemekaOzugha Spreitenbach OscarPang Lugano MarkoPantelic Grafenau Capital Dierikon Michel Portmann Zürich Aswin PyakurelGeneva Tobias Raeber Kronas Kapital &Management Zürich Nils Rask Herrliberg Audrey Rocca Genève Frank Rolli The Corporate Finance Group Bern Simon Rössler LGT Capital Partners Ltd. Pfaeffikon Giorgos Samantas St. Gallen MarcSeidel Zumikon Romain Simon Zürich Gerrit Sindermann Zurich Lukas SpeiserZürich NicolaSprenger Egnach Marina StoopCredit Suisse Zürich Casper Studer Zürich Anicet Tanghe AP Executive Geneva MarcUhlmannMuttenz
277 DASGRüNDER-ABC
Gründerzentren undTechnologieparks
Porrentruy Nationale Organisationen 18 The Hub, Coworking Space, Zürich http://zurich.the-hub.net TECHNOPARK -Allianz ® 19 Citizen Space, Coworking Space, www.technopark-allianz.ch Zürich SwissParks –Verband der Techno- www.citizen-space.ch logie-und Gründungszentren 20 RocketPark, Business Parkfür www.swissparks.ch InternetStart-ups, Zürich 3 Interessengemeinschaft www.rocketpark.ch La Chaux-de-Fonds Coworking Schweiz 64 21 BIO-TECHNOPARK® Schlieren-Zürich 63 http://coworking-schweiz.ch www.bio-technopark.ch Neuchâtel 67 22 TECHNOPARK® Winterthur,Winterthur Bern/Mittelland www.technopark-winterthur.ch 65 1 Start-up-/Innovationsberatung, Bern 23 CentralWay,Inkubator,Winterthur 60 www.innoBE.ch http://centralway.com Yverdon 59 Fribourg 2 DufourWest, Coworking Space, Biel 24 glaTec –Technologiezentrum an 58 68 www.dufourwest.ch der Empa, Dübendorf www.glatec.ch 3 Technologiepark, St-Imier (BE) 66 Bulle www.st-imier.ch 25 grow Gründerorganisation, 55 54 Wädenswil Lausanne 56 www.grow-waedenswil.ch 53 52 Vevey Nordwestschweiz 57 26 Stiftung Futur,Business-Inkubator, Montreux 4 Basel Inkubator,Start-up Center der Rapperswil-Jona (SG) Universität Basel und der FHNW,Basel www.futur.ch http://basel-inkubator.ch 27 TZL TechnologieZentrum Linth, 5 CoworkingBasel, Basel Ziegelbrücke (GL) 62 61 http://coworkingbasel.ch www.tzl.ch 46 Genève Sion 6 TechnologieparkBasel 28 RhyTech–Materials World, www.technologiepark-basel.ch Neuhausen am Rheinfall Martigny www.rhytech.ch 7 Tenum AG,Büros und Dienst- 48 leistungen, Liestal 29 START! Gründungszentrum, www.tenum.ch Frauenfeld www.start-tg.ch 8 business parc, Reinach(BL) www.businessparc.ch 30 HTCHigh-Tech-Center AG, Tägerwilen (TG) 9 business parclaufental, Zwingen (BL) www.high-tech-center.ch www.businessparc.ch 31 Spider Town, Tägerwilen (TG) 10 TZW TechnologieZentrum, www.spidertown.ch Witterswil (SO) Zentralschweiz www.tzw-witterswil.ch 32 Bodensee Technologie & 40 BusinessParkZug, Trade Center AG,Kreuzlingen das Zuger Gründerzentrum, Zug 11 Plug &Start,start-up-factory, Olten www.bttc.ch www.plug-and-start.ch www.businessparkzug.ch 33 tebo Technologiezentrum 41 CoworkingZUG, Coworking Space, 12 Creapole SA,Connecting ideas, an der Empa, St.Gallen Zug Delémont www.tebo.ch www.creapole.ch www.coworkingzug.ch 34 STARTFELD, St.Gallen 42 TECHNOPARK Luzern, 13 TECHNOPARK® Aargau,Windisch www.startfeld.ch ® www.technopark-aargau.ch Root Längenbold 35 Ostsinn, Coworking Space/Projekt- www.technopark-luzern.ch 14 Swiss upSTART,Brugg support/Bildung und Wissen, www.fhnw.ch/upstart 43 Coworking Box, Luzern St.Gallen www.coworkingbox.ch www.ostsinn.ch 44 microParkPilatus, Alpnach Zürich/Ostschweiz 36 VentureWorks,Inkubator,St.Gallen www.microparkpilatus.ch www.ventureworks.ch 15 BlueLion, Zürich 45 Technologiezentrum Schwyz, Inkubator für ICT-und 37 ri.nova impulszentrum, Rebstein (SG) Steinen Cleantech-Unternehmen www.rinova.ch www.bluelion.ch www.tzsz.ch 38 E-Tower, Gründerzentrum der HTW, 16 Startzentrum Zürich, Zürich Chur www.startzentrum.ch www.e-towerchur.ch
17 TECHNOPARK® Zürich, Zürich 39 Innozet, Innovation und Start-up www.technopark.ch Grüsch(GR) www.innozet.ch
58 gründen Biel 2 12 49 Delemont Grenchen 51 49 48 47 46 50 1 50 Bern Sierre www.bluear erneuerbar BlueAr IdeAr www.bioar Monthey BioAr www.idear Martigny management, Multimedia-Informations- Interaktion/ multimodale www.telear Te www.technoar Sierre Sion Produkt für PhytoAr Te www.phytoar Basel Wa Thun leAr ch 6 Solothurn llis -C noAr Burgdorf 5 k, k, 9 8 k, onthey k, 10 Te Bio k, Liestal IK 4 Te k, 47 ch Entwicklungszentrum Olten T-Z te k. 7 k. eE ch ea k. IK Grindelwald oetu für nozentrum k. ch ch ch Brig ch oetu für nozentrum k. T- nrm Brig entrum, Brienz ch nergien, sPflanzenzellen, us k. nologie ch Zentrum, ch 51 Interlaken Sursee 11 -Z Vi entrum, sp Aarau Luzern 14 44 13 43 42 Baden 40 Schaffhausen 19 21 41 15 20 18 59 58 57 56 55 54 53 52 60 16 Zug 17 Zürich Altdorf La http Co Espace Eclau, www.swissmedia Center SwissMedia www.biopole.ch Epalinges www.par ipl uiesPar Business Biopôle Par www.y Yve Y-P www.tecorbe.ch Te www.swissmedia Center SwissMedia www.ateliersvdr.ch de irshese,Saint Mikroschweissen, Te www.technopole1450.ch 28 We Airolo Locarno 45 24 25 Ob Greentec cOrbe ch Winterthur Fo Re cS ar rd st :/ Schwyz oôe etu für Zentrum nopôle, dto des ndation c–S nens, /e on iniqePE Lausanne PSE, cientifique schweiz 23 -p clau.ch -l arc.ch c-s 26 22 Bellinzona es wiss 69 Re Rapperswil -B cientifique.ch Lugano 70 ains nens Disentis Te 29 wo ch Fr -c -c At hC Glarus 27 ,L ,V auenfeld enter.ch enter.ch nopole, rk elier Chiasso kL enter ausanne evey n,Lausanne ing, Herisau ausanne, e-C Wil 30 sdelaV Appenzell ,O ro 31 ix rbe Sargans 32 34 36 (VD) ille (VD) 35 St .G 33 allen 38 67 69 68 66 65 64 63 62 61 70 37 Chur 39 http Ve www.friup.ch Vi Mur Fr www.friup.ch Va Fr www.friup.ch Fr Fr www.neode.ch aChaux La Nano Mikr für Zentrum Parc, Neode www.neode.ch Nano Mikr für Zentrum Parc, Neode www.fongit.ch Plan FO www.eclosion.com Eclosion www.tecnopolo.ch Te www.cps Lu Centr Te iU iU ibourg iU llaz cnopolo ga ulruz ntur NGIT ssin te :/ -l ,Güdretu Nord, Gründerzentrum p, Süd, Gründerzentrum p, Zentrum, Gründerzentrum p, no te te -St-P oP /v es n( St iI ch ch enturi.vivier.ch ,T -O (FR) ro ncubateur .M SA FR) -de-F ta nologie, Neuchâtel nologie, echnologiezentrum, ierr Da uates mozione Lu rt oritz ,P vos up.ch ga e( lan onds o Bioggia no, FR) (GE) -l es SA, St -O ar uates t-u p, (GE) o-/ o-/ 59
geodata©swisstopo DASGRüNDER-ABC
Anlaufstellenfür Unternehmensgründer
Aus-und Weiterbildung Universität St.Gallen, Institut für Finanzkompetenzzentrum Klein-und Mittelunternehmen des Kantons Wallis Akad Business (Kombination von www.kmu.unisg.ch www.ccf-valais.ch Selbststudium und Präsenzunterricht) upStart der Fachhochschule KMU Next –Stiftung für KMU Nachfolge www.akad.ch/business Nordwestschweiz www.kmunext.ch www.fhnw.ch/upstart BasecampBern KMU Zentrum an der HTWChur www.basecamp.ch venturelab www.kmuzentrum.ch Start-up-Training der Kommission Business Tools Zürich KMU-Zentrum Liechtenstein für Technologie und Innovation KTI www.btools.ch an der Universität Liechtenstein für Studierende und Hightech-Start-ups BWL–Betriebswirtschaftliches Institut www.kmu-zentrum.li www.venturelab.ch und Seminar Basel AG (Fernlehrgänge) Platinn Wyrsch Unternehmerschule AG für KMU www.bwl-institut.ch Organisation zur Förderung www.unternehmerschule.ch CTI Entrepreneurship vonStart-ups und KMU in den Kantonen Im 2013 startetdie Kommission für Tech- Young Enterprise Switzerland YES! FR, GE, JU,NE, VS,VD nologie und Innovation KTIein neues www.y-e.ch www.platinn.ch Trainingsprogramm für die Gründer von Schweizer Franchise Verband wissenschaftsbasierten Jungunternehmen www.franchiseverband.ch (fünftägigeAusbildung und Semesterkurse). Beratung Die Module: «Business Creation» und senExpert Für Ratund Tat, kostengünstigePartner «Business Development» Adlatus für Unternehmensberatung www.cti-entrepreneurship.ch www.adlatus.ch (abFrüjahr 2013 ) www.senexpert.ch Aargau Services STARTFELD EB Zürich Start-up-Beratung im Kanton Aargau Beratung und Coaching vonJungunter- www.eb-zuerich.ch www.aargauservices.ch nehmen in den Kantonen AI, AR, St.Gallen ESWstart-up BaseCamp4HighTech, Bern www.startfeld.ch www.esw.ch www.bc4ht.ch Startzentrum –Alles für Jungunternehmer Fachhochschulen CimArk, Sion www.startzentrum.ch www.fachhochschulen.net www.cimark.ch Stiftung KMU Schweiz HenriB.Meier Unternehmerschule EVA–The Basel lifesciences www.stiftung-kmu.ch www.unternehmerschule.es.unisg.ch start-upagency startup Academy, Basel www.eva-basel.ch Hochschule für Wirtschaft, Freiburg http://startup-academy.ch www.heg-fr.ch FFC-STEP STARTUPS Finding First Customer Innovations- IFJInstitut für Jungunternehmen www.startups.ch Kostenlose Gründerkurse förderung an der EPFL www.ifj.ch http://vpiv.epfl.ch Technologieforum Zug www.technologieforumzug.ch LifeScience Zurich–Learning Center Förderagentur für Innovation KTI (LSLC) www.kti-cti.ch TECHNOPARK® Allianz www.lifescience-learningcenter.ch www.ctistartup.ch www.technopark-allianz.ch SIFE Genilem TREUHAND|SUISSE –Schweizerischer Schweizerisches Institut für Entrepreneurship Non-Profit-Verein für Gratis-Coachings Treuhänderverband Hochschule für Technik und WirtschaftChur vonStart-ups www.treuhandsuisse.ch www.sife.ch www.genilem.ch SIU –Schweizerisches Institut GründerZentrum Solothurn für Unternehmerschulung www.gzs.ch Cluster-Initiativen www.siu.ch Import-/Export-Beratung der Swiss Automobil/Aerospace/Cleantech/ School forInternational Business start-net Energie/Logistik Kursefür erfolgreiche Geschäftsgründung www.ssib.ch/beratung National www.start-net.ch i-net innovation networks switzerland, www.autocluster.ch Basel StartUpWeekend Schweiz www.energie-cluster.ch www.inet-innovation.ch (Basel, Bern, Luzern, St.Gallen, Zürich) www.logistikplattform.ch www.startupweekend.ch innoBE www.swiss-aerospace-cluster.ch STARTUPS Start-up- und Innovationsberatung www.swisscleantech.ch im Kanton Bern www.startups.ch Aargau www.innoBE.ch Swiss School forInternational Business www.cleantech-aargau.ch der Schweizer Industrie-und InnovationsTransfer Zentralschweiz ITZ www.energie-gipfel.ch www.itz.ch Handelskammern Basel www.ssib.ch IFJInstitut für Jungunternehmen www.inet-basel.ch (Cleantech) Kostenlose Gründerberatung TECHNOPARK® Academy, Zürich Zug www.ifj.ch www.tp-academy.ch www.cleantech-zug.ch Jung-Unternehmer-Zentrum Flawil, Gossau, Wattwil, Wil www.jungunternehmerzentrum.ch
60 gründen DASGRüNDER-ABC › ANLAUFSTELLEN FÜR UNTERNEHMENSGRÜNDER
Zug Zug Export www.technologieforumzug.ch www.technologieforumzug.ch (Software) (Cleantech, Logistik) Zürich Osec Business NetworkSwitzerland Raum Zürich www.ezurich.ch www.osec.ch www.newtechclub.ch (ICT-Plattform Stadt Zürich) Pool of Experts (Energie-und Gebäudetechnik) Zürich www.poolofexperts.ch Westschweiz www.zurichitvalley.ch Swiss Export www.cleantech-alps.com (IT-Plattform Glatttal-Region) www.swissexport.ch Westschweiz Bio-und Medtech/Ernährung/ swissnex www.alpict.com LifeSciences Connecting theworld and Switzerland in science, education, artand innovation National Kreativ-/Kulturwirtschaft www.swissnex.ch www.medical-cluster.ch National www.medtech-switzerland.com Schweizer Industrie-und www.designnet.ch www.swissbiotech.org Handelskammern www.kreativwirtschaft.ch www.cci.ch Schweiz –Deutschland –Frankreich www.kulturwirtschaft.ch www.biovalley.com Zürich Basel www.creativezurich.ch Finanzierung www.inet-basel.ch (LifeSciences) Basel Hombrechtikon Zürich www.ikbasel.ch CTI Invest www.toolpoint.ch (InitiativeKreativwirtschaft) Plattform für die Finanzierung (Life-Science-Tool-Branche) vonHightech-Unternehmen Mikro- und Nanotech/Präzision/ www.cti-invest.ch Küssnacht am Rigi (SZ) Verpackung www.medtechcluster.ch Club Valaisan des Business Angels National &International www.bizangels.ch Schlieren-Zürich www.csem.ch (CentreSuisse d’Electronique www.bio-technopark.ch BioValleyBusiness Angels Club et Microtechnique) www.biobac.ch Thurgau www.ipi.eu (International Packaging www.ernaehrungswirtschaft.ch Institute, Schaffhausen) Brains to Ventures www.netzwerk-kunststofftechnologie.ch Internationales Netzwerk Zug www.nanoscience.ch (Nanowissen- vonPrivatinvestoren www.technologieforumzug.ch schaften) www.b-to-v.com (Life-Sciences/Medtech) Kantone BE, JU,NEund SO BAS–Business Angels Schweiz Zürich www.praezisionscluster.ch www.businessangels.ch www.lifescience-zurich.ch Bodenseeregion ETH Pioneer Fellowship Westschweiz www.ncb.ch (Nano-Cluster) Für ETHZ-Absolventen zur Entwicklung www.bioalps.org marktfähiger Ideen Basel www.eth-foundation.ch Finanzbranche/Beratung www.inet-basel.ch (Nanotech) Finanzdienstleisterdes Staates Wallis National Schaffhausen www.ccf-valais.ch www.vqf.ch (Finanzdienstleistungen) www.its.sh.ch FITEC Bern Zentralschweiz Fondation d’impulsion technologique et www.consultingcluster.ch www.mccs.ch (Mikrotechnologie) economique de Canton du Jura Pfäffikon (SZ) Zug www.fitec.ch www.financevalley.ch www.technologieforumzug.ch FONGIT Seed Invest Zug (Mess-&Regeltechnik,Mikrotechnologie, Gründungsfonds des Hightech-Bussiness- www.ifz.ch (Institut für Finanzdienst- Elektronik) InkubatorsFONGIT leistungen) Westschweiz www.fongit.ch/project.html Zürich www.micronarc.ch (Mikro- und Forschungsfonds Aargau www.finanzplatz-zuerich.ch Nanotechnologie) Förderung der Innovation in der Aargauer Wirtschaft Informations-&Kommunikations- Sport www.forschungsfonds-aargau.ch technologie National Go Beyond National www.sportcluster.ch Internationales Netzwerk www.ict-agenda.ch für Business Angels Branchenverbände www.swissict.ch (Branchenverband) www.go-beyond.biz und -organisationen Region Zürich/Bodensee Go!Ziel selbständig National www.winlink.ch Beratung und Mikrokredite www.verbaende.ch (Verein für Informationstechnologien) für Jungunternehmen Basel Internationale Cluster-Plattformen www.mikrokredite.ch www.inet-basel.ch (NetzwerkIKT) EU-Raum Hasler Stiftung Luzern http://cluster-excellence.eu Förderung innovativer ICT-Start-ups www.gridlucerne.ch (ICT-Plattform) mit grossem Marktpotenziel Weltweit www.haslerstiftung.ch Bern www.tci-network.org/cluster/initiatives www.tcbe.ch (ICT-Plattform) Innovationsfonds der Alternativen Bank Schweiz ABS www.abs.ch
gründen 61 DASGRüNDER-ABC › ANLAUFSTELLEN FÜR UNTERNEHMENSGRÜNDER
Innovationsfonds des Kantons Freiburg Bürgschaftsgenossenschaften Infostelle Frau +Arbeit Finanzierung vonForschungsprojekten www.frauundarbeit.ch in Wissenschaftund Technik mit Bürgschaftsfonds des Kantons Schwyz KMU Frauen Schweiz –Frauennetzwerk erheblichen Auswirkungen im Kanton www.szkb.ch/buergschaftsfonds des Schweizerischen Gewerbeverbandes www.promfr.ch Bürgschaftsgenossenschaft www.kmufrauenschweiz.ch Innovationsstiftung der Schwyzer beider Basel Mentoringpool für Frauen Kantonalbank www.btg.ch www.mentoringpool.ch Wachstumsfinanzierung und BürgschaftsgenossenschaftMitte Nachfolgeregelungen NEFU –Netzwerkder Einfrau- für KMUs www.szkb.ch/innovationsstiftung Unternehmerinnen in den Kantonen AG (nur Fricktal), BL, BS, www.nefu.ch KTIFörderagentur Innovation BE, JU,SO, LU,OW, NW Finanzierung längerfristiger «Discovery www.bgm-ccc.ch Online-Magazin für Berufsfrauen Projects»mit hohem Marktpotenzial www.ostschweizerinnen.ch BürgschaftsgenossenschaftWestschweiz www.kti.admin.ch für die Kantone FR, GE, NE, VS,VD Soroptimist–Teil der globalen Kantonalbanken www.crcpme.ch Organisation berufstätiger Frauen Start-up-Finanzierungen in leitender Stellung BürgschaftWestschweiz www.kantonalbank.ch www.soroptimist.ch der Kantone FR, GE, NE, VS, VD Mikrokredit Solidarität Schweiz MSS www.cautionnementromand.ch SVA–Schweizerischer Verband Gründungsfinanzierungen vonKMU der Akademikerinnen Fondetec www.mikrokredit-solidaritaet.ch www.unifemmes.ch Finanzierung vonUnternehmen MSM Investorenvereinigung in der Stadt Genf SVIN –Schweizerische Vereinigung www.msmgroup.ch/iv.html www.fondetec.ch der Ingenieurinnen www.svin.ch Risikokapital Freiburg AG Ostschweizer Bürgschaftsgenossenschaft Für Unternehmen in der Gründungs- für die Kantone AG,AI, AR, GL, GR, LU,NW, Swonet–Swiss Women Network oder Aufbauphase mit (geplantem) OW,SG, SH, SZ, TG,TI, UR, ZG, ZH www.swonet.ch StandortimKanton FR www.obtg.ch VCHU –Verband Schweizer www.promfr.ch OVAC –Bürgschaftsgenossenschaft Unternehmerinnen SECASwiss PrivateEquity &Corporate des Walliser Gewerbes www.vchu.ch Finance Association www.ovac.ch Verband Frauenunternehmen Mitglieder:Risikokapitalgeber,Beteiligungs- SAFFA–Bürgschaftsgenossenschaft www.frauenunternehmen.ch unternehmen, Business Angels für Unternehmerinnen www.seca.ch Verband Wirtschaftsfrauen Schweiz www.saffa.ch www.wirtschaftsfrauen.ch Seed Capital Freiburg Anschubfinanzierungen vonWissen- wif –Wirtschaftsforum für Frauen www.wif-wirtschaftsforum.ch schafts-oder Technologie-Projekten mit Frauen-Netzwerke hoher Wertschöpfung WIN –Women Innovation Network www.promfr.ch Alliance F–Bund Schweizerischer www.win-web.ch STARTFELD Frauenorganisationen Women’s Forum –Network Frühfinanzierung innovativer Start-ups in den www.alliancef.ch für die engagierte Business-Frau Kantonen AI, AR, SG durch zinslose Darlehen arena femina –Kommunikations- www.womensforum.ch www.startfeld.ch Plattform für Geschäftsfrauen ZontaSchweiz und Liechtenstein – Startfinance www.arenafemina.ch Teil des globalen Netzwerks Finanzierungsplattform für wachstums- Business and Professional berufstätiger Frauen orientierte Jungunternehmen Women Switzerland www.zonta.ch www.startfinance.ch www.bpw.ch StartAngels Network CFE –Club de Femmes Entrepreneurs Plattform für Business Angel Investoren www.femmes-entrepreneurs.ch Internet-Plattformen www.startangels.ch donna informatica –Netzwerk www.100-days.net SVC–AGfür KMU-Risikokapital für weibliche IT-Schaffende www.c-crowd.com des Swiss VentureClubs (SVC) www.donnainformatica.s-i.ch www.wemakeit.ch Förderung innovativer Projektevon KMU, Crowdfunding-Plattformen Start-ups und bestehenden Unternehmen European Women’s Management www.svc-risikokapital.ch Development International Network www.capitalproximite.ch www.ewmd.org Plattform zur Vermittlung kapitalsuchender VentureKick Unternehmen in der Westschweiz mit 2Millionen Franken Startkapital proJahr für femdat –Die Schweizer Expertinnen- potenziellen Investoren innovativeStart-up-ProjekteanSchweizer Datenbank Universitäten www.femdat.ch www.ch.ch/unternehmen www.venturekick.ch FFU –FachFrauenUmwelt Portal zu den Online-Informationen von Bund, Kantonen, Gemeinden Volkswirtschafts-Stiftung www.ffu-pee.ch Starthilfefür innovativeJungunternehmer f-i-t –Netzwerkvon und für www.StartBiz.ch www.volkswirtschaft-stiftung.ch Frauen im Tourismus Online-Schalter für Unternehmens- gründungen des Seco VentureValuation www.f-i-t.ch Beratung und kostenlose Informationen FOKA –Forum Kaufmännischer www.ifj.ch zum Thema «Bewertung» Berufsfrauen Schweiz www.netnotar.ch www.venturevaluation.com www.foka.ch www.startups.ch Firmengründung online FrauenVernetzungsWerkstatt siehe auchInternet-Plattformen www.frauenvernetzungswerkstatt.ch
62 gründen DASGRüNDER-ABC › ANLAUFSTELLEN FÜR UNTERNEHMENSGRÜNDER
www.kti-cti.ch www.brenet.ch Swiss Design Transfer Förderagentur für Innovation KTI Nationales KompetenznetzwerkGebäude- www.swissdesigntransfer.ch technik und ErneuerbareEnergien www.gruenden.ch TECHNOPARK® Allianz Gründungsplattform des Kantons Zürich www.foodresearch.ch www.technopark-allianz.ch Netzwerkvon öffentlichfinanzierten www.genilem.ch Umwelt und Energie Schweizer Hochschulen und Institutionen Plattform für Start-up-Coaching www.eco-net.ch zur Förderung der Wettbewerbsfähig- www.start-net.ch keit der Lebensmittelindustrie und ihrer Vereinigung Schweizer Gründerplattform Kanton Aargau Zulieferer Technologie-und Gründerzentren www.swissparks.ch www.gruendermesse.ch www.swisslaser.net Plattform der Ostschweizer Gründermesse www.manufuture.ch Konsortien www.inno-swiss.com Swiss InstituteofService Sciences SISS Mittelland W6 Social Media Plattform der Schweizer http://crag.hesge.ch/service-science BE, FR, ZH, Greater ZurichArea Start-up-Szene Domenico Alexakis IDEE-SUISSE www.startup.ch T: +41(0)44 786 14 28 Schweizerische Gesellschaftfür Ideen Das Verzeichnis der innovativen Schweizer www.whoch6.ch und Innovationsmanagement Jungunternehmen inkl. TOP100 Start-ups Competence Center for www.idee-suisse.ch www.estarter.ch Medical Technology Ingenieurefür die Schweiz vonmorgen Schweizer KMU-und Gründerportale www.ccmedtech.ch www.ingch.ch www.startupticker.ch Nordwestschweiz WKNW IFJStartimpuls Das Schweizer News-Portalmit laufend BS, BL, AG,SO Monatliche Networking-Events in aktualisiertenMeldungen über Thomas Ruppli der ganzen Schweiz die Start-up-Szene (auf Englisch, Deutsch, T: +41(0)61 267 33 88 www.ifj.ch Französisch, Italienisch) www.wknw.ch JungeWirtschaftskammern www.startupmonitor.ch InnovationsTransfer Zentralschweiz der Schweiz Swiss Start-up-Monitor –die Community (ITZ) www.juniorchamber.ch Plattform für jungeSchweizer Unternehmen LU,UR, SZ, OW,NW, ZG Manufuture-CH WillyKüchler www.swissstartups.com Schweizer Tochterdes europäischen T: +41(0)41 349 50 62 www.startwerk.ch Netzwerks und Plattform für Themen rund www.itz.ch Blog-Plattformen für Schweizer Start-ups um die Produktion (MEM-Industrie) CHost www.swissnanocube.ch www.manufuture.ch Wissens-und Technologietransfer Nano-Informations-Plattform für Pionieers’ Club PCU – Ostschweiz Berufsbildungs-, Mittelschulen und bringing emerging Thomas Friedli höhereFachschulen Entrepreneurstogether T: +41(0)71 224 72 60 www.kmunext.ch www.pcunetwork.ch www.wtt-chost.ch Stiftung KMU Next für KMU-Nachfolge Swiss Foundations Alliance (Westschweiz) www.companymarket.ch Netzwerkder Schweizer Förderstiftungen GE, VD, VS,NE, FR, JU,JuraBernois KMU-Börsenplattform www.swissfoundations.ch Gabriel Clerc T: +41(0)21 693 35 82 www.forschungsportal.ch Swiss Technology Network www.alliance-tt.ch www.rdb.ethz.ch www.swisst.net www.research-projects.uzh.ch NetzwerkHolz Schweizerischer Gewerbeverband UniversitäreForschungsportale F&E-Konsortium als Netzwerk www.sgv-usam.ch der Schweizer Hochschulen Swiss Biotech Association im BereichForst–Holz–Bau www.netzwerkholz.ch Organisationen/Netzwerke www.swissbiotechassociation.ch VentureNetworking Transferstellen der Hochschulen Efficiency-Clubs www.venturelab.ch ETH transfer Zürich www.ethz.ch Basel: www.efficiency-club.ch Winclub Biel: www.efficiency-biel.ch Club für jungeUnternehmende Fachhochschulen Bern: www.efficiency-bern.ch aus der Region Winterthur www.fachhochschulen.net Luzern: www.efficiency-luzern.ch www.winclub.ch Ticinotransfer Zug: www.efficiency-club-zug.ch www.agire.ch Zürich: www.efficiency.ch Unitec FamilyBusiness NetworkFBN Transferstelle der Universität Genf Vereinigung Schweizer Familienunternehmen Wissens- und Technologie- www.unige.ch/unitec www.fbn.ch transferstellen unitectra F&E-Netzwerke Nationale Organisationen Technologietransfer der Universitäten Basel, www.sustainableengineering.ch CSEM Bern und Zürich www.kmuzentrumholz.ch Neuenburg, Alpnach, Basel, www.unitectra.ch Landquart, Zürich www.biotechnet.ch Wissenstransferstelle der Hochschule www.csem.ch www.ecademy.ch für AngewandteWissenschaften, Nationales F&E-Konsortium der Schweizer Energie-Cluster St.Gallen Hochschulen, Unternehmen und öffent- www.energie-cluster.ch www.fhsg.ch lichen Institutionen Schweizerische Vereinigung für Technologietransfer swiTT www.switt.ch
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Regionale Organisationen Freiburg Solothurn Wirtschaftsförderung WIF Wirtschaftsförderung Empa Technologietransfer T: +41(0)26 304 14 00 T: +41(0)32 627 95 23 www.empa.ch, www.glatec.ch www.promfr.ch www.standortsolothurn.ch grow –Gründerorganisation Wädenswil www.grow-waedenswil.ch Genf Thurgau Promotion économique Wirtschaftsförderung ITSIndustrie-und Technozentrum T: +41(0)22 388 34 34 T: +41(0)52 724 26 06 Schaffhausen www.whygeneva.ch www.wifoe.tg.ch www.its.sh.ch Glarus Tessin KMU-Zentrum, Vaduz Kontaktstelle für Wirtschaft Promozione economica www.kmu-zentrum.li T: +41(0)55 646 66 14 T: +41(0)91814 35 41 MicroCenter Central Switzerland AG www.glarusnet.ch www.ti.ch/copernico www.mccs.ch Graubünden Uri Paul Scherrer Institut, Villigen Amt für Wirtschaftund Tourismus Wirtschaftsförderung www.psi.ch/industry T: +41(0)81 257 23 42 T: +41(0)41875 24 01 www.awt.gr.ch www.ur.ch/wfu Innovations-Plattform für Westschweizer KMU Jura Waadt www.platinn.ch Promotion économique Service de la Promotion RFIDnetBern GmbH T: +41(0)32 420 52 20 Economique et du Commerce www.rfidnet.ch www.jura.ch/eco T: +41(0)21316 60 21 www.vd.ch/selt Stiftung The Ark, Sion Luzern www.theark.ch Wirtschaftsförderung Wallis T: +41(0)41 367 44 00 Wirtschaftsförderung/ Technologietransfer FITT,Windisch www.luzern-business.ch Promotion économique www.fhnw.ch T: +41(0)27 606 73 51 Neuenburg www.business-valais.ch TEK –Vorsprung dank Wissen, Zürich Promotion économique www.tek-kmu.ch T: +41(0)32 889 68 20 Zug www.neuchateleconomie.ch Kontaktstelle Wirtschaft T: +41(0)41 7285504 Nidwalden www.zug.ch/economy Wirtschafts-/Standortförderungen Wirtschaftsförderung Aargau T: +41(0)41 6187654 Zürich Aargau Services Standortförderung www.wirtschaftsfoerderung.nw.ch Standortförderung des Kantons Zürich T: +41(0)62 835 24 40 T: +41(0)43 259 49 92 Obwalden www.aargauservices.ch www.awa.zh.ch StandortPromotion Appenzell Ausserrhoden T: +41(0)41 660 90 66 Netzwerk Amt für Wirtschaft www.iow.ch Standortförderung Kanton Zürich T: +41(0)71 353 61 11 www.standort.zh.ch/nwsf www.wifoear.ch St.Gallen Standortförderung, Amt für Wirtschaft Greater ZurichArea Appenzell Innerrhoden T: +41(0)71 229 35 60 www.greaterzuricharea.ch Wirtschaftsförderung www.standort.sg.ch T: +41(0)71 788 94 44 www.ai.ch/standort Schaffhausen Wirtschaftsförderung Basel-Stadt/Baselland T: +41(0)52 674 03 03 Wirtschaftsförderung BaselArea www.economy.sh T: +41(0)61 295 50 00 www.baselarea.ch Schwyz Wirtschaftsförderung Bern T: +41(0)41 8191634 Wirtschaftsförderung WFB/ www.schwyz-wirtschaft.ch Promotion économique du canton de Berne Standortförderung Höfe T: +41(0)31 633 41 20 T: +41(0)55 410 25 50 www.berneinvest.com www.standort-hoefe.ch
64 gründen SECASECA Yearbook Yearbook 2013 2013
Chapter VI Articles of Association
285 SECASECA Yearbook Yearbook 2013 2013
Articles of Association
Name,Seat and Duration
1. The „SECA –Swiss Private Equity &Corporate FinanceAssociation“ is an association in accordance with par‐ agraph 60 and following of the Swiss Civil 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 with no commercial interests and has thefollowing main purposes:
To promote corporatefinance and private equity activities in thepublic andinthe relevant target groups;
To promotethe exchange of ideas andthe cooperation amongmembers;
To contributeprofessional education and development of the members and theirclients;
To represent the membersʹ views and interests in discussion with government authorities andother bodies;
To establish andmaintain ethical and professional standards.
Resources
5. The financial resources of the association arebased on the following contributions:
Annual membership fees;
Entrance fees of new members;
Donations andsubsidies;
Attendance fees for meetings andother performances organised by the association.
Membership
6. Personsorlegal entities resident in Switzerlandand Liechtenstein andwhich areengaged or interested in ac‐ tivities within the purposes of the association areeligibleasmembers.
7. There arethree categories of members:
Full Members:Companies, professionally involvedinone or moreactivities related thepurposes of the as‐ sociation (e.g. banks, private equity or venturecapital companies, corporate finance andM&A advisors, consultingand auditing firmswith corporate finance activitiesetc.)
Associate Members:Companies, interested in one or more activitiesrelated to the purposes of the associa‐ tion,but nothaving their main business in corporatefinance or private equity.
BusinessAngels,IndividualMembers:Private personswho areactiveorinterestedinthe field of corpo‐ ratefinance or private equity.
Honorary Members:Elected by the General Assembly in recognition of their services rendered to theasso‐ ciation.
8. The Executive Committee has the competence of admitting andexpelling members. Any expelled member has the right to appeal to theGeneral Assemblywithin 30 days.
9. The membersare notheld responsible for any liability incurred by the association.
286 SECASECA Yearbook Yearbook 2013 2013
10. The annual membership fees are set by theGeneral Assembly at the request of the executive Committee. The. Executive Committee considers each membershipcategory,the companysize and eventually the earning pow‐ er of the members in doing so.
Organisation
11. The association comprises the following official bodies:
TheGeneral Assemblyofthe members;
The Executive Committee (Vorstand)which nominates;
- GeneralSecretary and;
- TheAdvisoryBoard (Beirat);
TheStatutory Auditor.
General Assembly
12. The GeneralAssembly is convened at least once ayear by the Executive Committee or by request of at least one fifth of all members.
13. The authority and the procedure of decision making arespecified by Swiss law.
Executive Committee
14.The Executive Committee is composed of at least five members. It manages the business and represents the interests of theassociation.The membersofthe executive committeeare elected on an annual basis.
15. The association is legally bound only by the collectivesignature of two membersofthe Executive Committee.
16. The Executive Committee constitutes itselfbyelecting aChairmanand other designees from amongst its members.
17. The Executive Committee may delineate theoperation and representation of the association to selected mem‐ bers of the Executive Committee, to theGeneral Secretary or to thirdparties. The Executive Committee is legit‐ imized, the operations, the tasks and the authorities of theselected members of the Executive Committee to de‐ fine in regulations. The Executive Committeeisauthorized to decide in all issues or eventually to decree regu‐ lations which arenot reserved for the GeneralAssembly or the StatutoryAuditors by the articles of association.
18. The Executive Committee is authorized to nominate an AdvisoryBoard which counsel the Executive Commit‐ tee regarding factual issues, publications, events, education and relations to other corporate bodies and gov‐ ernmental organizations.
StatutoryAuditor
19. The GeneralAssembly will elect one or more auditors who will submit areport to theGeneral Assembly once ayear.
Change of Articles,Dissolution of Association
20. Any change of the present articles as well as the decision of dissolving the association must be approved by a majorityoftwo thirds of the membersattending aGeneral Assembly.
21. Should the association be dissolved, any capitalwill be transferred to another association, cluborfoundation which has the same or similar purpose.The memberspresent at the Final Assembly will determine the exact usage of left over capital.
287 SECASECA Yearboo Yearbookk2 2013013
AdditionalLegal Regulations
22. In any case wherethe articles arenot applicable, rightsand dutiesofthe associationand of its bodies are sub‐ ject to therules set forth in paragraph 60 andfollowing of the Swiss CivilCode.
SECA, Grafenauweg10, P.O. Box 4332, CH‐6304Zug
This is atranslation of the German original. TheGerman version appliesinuse of disagreement.
288 SECASECA Yearbook Yearbook 2013 2013
Chapter VII Model Documentation
289 SECASECA Yearbook Yearbook 2013 2013
Model Documentation
Members of SECAhave the opportunity for downloadingthe following SECA Model Documentation on the SECA Website in the member zone:
Limited Partnership forCollective Investments
Term Sheet for Business Angels and Venture Capitalists
Shareholders Agreement
Investment andSubscription Agreement
Code of Conduct for Private Equity Investments
Code of Conduct for Corporate Finance Professionals
European Associations
Check on seca.ch
290 SECASECA Yearbook Yearbook 2013 2013
Chapter VIII KeyPersons
291 SECASECA Yearbook Yearbook 2013 2013
Key Persons (without academic title)
Surname Forename Company Page(s) A AbeggThomas Wineus AG 270 Achermann Oliver Confortis AG 242 Aerni Ralph SCM Strategic Capital Management AG 204 Affentranger Anton Affentranger Associates SA 94 Afink Jeroen RobecoSAM AG 259 Ah Choon Jean Jacques Schellenberg Wittmer 78, 260 Ahlgren Staffan ValleyRoad Capital SA 219 Aisher Patrick Markus Kinled HoldingLimited 272 Alonso Xavier Wineus AG 270 Althaus Konrad Binder Corporate FinanceAG238 AltorferUrs Lufin Partners AG 253 Ambros Reinhard J. Novartis International AG 189 Amiguet Claude Neode SA 272 André LukasAffentranger Associates SA 94 Anthonioz Cédric SwissEquity CapitalPartners SA 211 Antomarchi Olivier MilestoneCapital Partners LLP183 AnttilaJuhani ValCreaAG268 Appenzeller Hansjürg Homburger AG 249 Arbenz Beat Migros‐Genossenschafts‐Bund 255 B Bachmann Rolf Lazard GmbH 272 Bader Hanspeter Unigestion 218 Baldauf Jörg SecuensAG272 Barthold Beat M. Froriep RenggliRechtsanwälte247 BaumannAndreas ABTellWertschöpfungs AG 87 BaumannBrigitte Go Beyond 158 Baumgarten Mark‐Oliver Staiger, Schwald &Partner Rechtsanwälte 263 Baumgartner Curt Nellen &Partner 256 Baumgartner Hans Private Equity Holding AG 196 Baumgartner Philip 272 BaurLeonid Leonardo &Cie. Corporate Finance (Schweiz) 8, 176 Beaud Christophe Club Valaisandes Business Angels 136 Becker Frank Invision PrivateEquity 78,169 Beck‐Wagner Madeleine Beck Group Ventures 238 Bedrosian GregoryRedwood Capital Group 199 Belloin Dominik Kepler CorporateFinance 173 Benoit Jean‐Guillaume Swiss Equity CapitalPartners SA 211 Berger Marc Gut Corporate FinanceAG160 Bernath Etienne Valcor AG 267 Bernegger Marc P. NextGeneration Finance Invest AG 67, 256 Bernet Robert VISCHER AG 268 Bersier Pascal UBS AG,Executives &Entrepreneurs 267 Bertheau ThierryRobecoSAM AG 259 BertholetDaniel Endeavourvision77 BertschingerUrs Prager Dreifuss AG 272
292 SECASECA Yearbook Yearbook 2013 2013
Bettschart Sébastien ABELSAvocats232 Beuls Marc 272 Bieri Christoph KurmannPartners AG 252 Bieri Thomas NomuraBank (Switzerland) Ltd 272 Billeter Thomas 272 Binder PeterM.Binder CorporateFinance AG 238 BinvelYannick Korn Ferry International 174 Blangey Philippe Dynamics Group AG 245 Blank Martina Novartis International AG 189 Bloch Olivier Etude dʹavocatsRossinelli Capt &Bloch 272 BöckenfördeBjörn Zurmont Madison 8, 76,230 Bodmer David Thelema AG 272 Bödtker Christopher Akina Ltd.98 Bohnenblust PeterThe Corporate Finance Group 214 Böni PascalRemaco Merger AG 201 Bonvin Jacques Tavernier Tschanz 8, 12,77, 78,266 Borer Christophe SECA 3, 8, 12,13 Bornhäusser Michael Sallfort Privatbank AG 202 BothPeter Credit SuisseAG272 Braglia EnricoONELIFE ADVISORS SA 191 Braguglia Diego VI Partners 8, 12 Braiotta Vincenzo Mazars 181 Brandal Martinus BE Bio EnergyGroup AG 237 Brandt Edgar Edgar Brandt Advisory SA 245 Brauchli Rohrer Barbara Wenger &Vieli AG 3, 57 Brechbühl Beat Kellerhals Anwälte Bern 251 Broger Christian AveoPartners AG 106 Bruch Guido EquityAdvice GmbH76 Brücher Stephan Leonardo &Co. AG 176 Brugger Marc LFPE S.A.177 Bruix Cédric Argos Soditic 8, 12,77, 78,103 Brunner MarkusBoydenglobal executive search239 BrunnschweilerStefan CMS von Erlach Henrici AG 242 Bruppacher C. Mark Bruppacher Hug &Partner, Attorneys at Law 240 Bucher Philippe Adveq Management AG 92 Bühlmann Daniel RCI Unternehmensberatung AG 258 Bünter Andreas Bünter Management AG 240 Burckhardt Peter E. ErfindungsVerwertungAGEVA 146 BürgeAndreas b‐impact AG 272 Burger Max 272 Burkhard Juerg LGTCapital Partners Ltd.3,38 Burkhardt Andreas Global EquityAssociatesAG155 C Cabral Tony The Riverside Company 215 Cadosch AlexandreEUROFIN CAPITAL SA 149 Calderan MassimoALTENBURGER LTD legal +tax 233 Campbell Jeffrey BNP ParibasSecurities Services118 Campestrini Silvio AAA ‐Corporate Finance AdvisersAG232 Cassani AlexanderBank Sarasin &Cie AG 110 Castrovillari FabioNeuberger Berman 187
293 SECASECA Yearbook Yearbook 2013 2013
CasuttAndreas Niederer Kraft &Frey AG 256 Cesari Mario TBGManagement S.A.M.272 Chaillet Martial Redwood Capital Group 199 Chambolle Renaud Capital Transmission SA 130 Chenaux Jean‐Luc Carrard &Associés272 Cheridito Yves Wineus AG 270 Chollet Maxime CPV Partners 243 Christen Gert Startzentrum Zürich 264 Claesson Ulf BLR &PartnersAG272 Clausen Tom Capvent AG 241 Coletti SilvanoChelonia SA 272 ColnagoMassimoONELIFE ADVISORSSA191 Conus Damien CPV Partners 243 Cook John Rock Lake Associates 259 D Dafond Gianni Advisory &Merchant Partners AG 233 Daudert Christian SocialCommerceAG207 Davidson John Hochschule Luzern 3, 73 de BoerFrédéric ZETRA International AG 226 de DardelChristophe Unigestion 218 De Gottardi Curzio Banca dello Statodel Cantone Ticino 236 de Heney PatrickValleyRoad Capital SA 219 De Sépibus ThierryALTIUM CAPITAL AG 100 de Vallière Philippe 272 Deck Esther M. Centus Capital Ltd.134 Decker Markus Affentranger Associates SA 94 Defferrard LucWalder Wyss Ltd.269 Degen PeterKurmann Partners AG 252 Dellenbach Hans Emerald Technology Ventures AG 143 DemarmelsRicarda Capvis Equity Partners AG 3, 41 Denkmann Andreas capitonAG131 Deram Eric Euro‐PrivateEquity S.A.246 Derendinger PeterAlpha Associates AG 99 Diab Mohammed Defi Gestion SA 140 Dialer Philipp67 Dickoob Frank M. 272 DietzFriedrich Bank am Bellevue 3, 46,109 Dolder Beat Ernst &Young Ltd ‐Switzerland 147 Domanig Gina Emerald Technology Ventures AG 143 Dörner Otto R. Ottobrunn 76 Dres Sophie Farner Consulting AG 246 DufféAndreas Sensus CommunicationConsultants 262 Dujardin Christian Unigestion 218 Düringer Michael IRF Communications AG 251 E Eberhard Stefan ABELSAvocats232 Eckert Jan Jones Lang LaSalle AG 172 EngelsmaRogier Gilde BuyOut Partners AG 154 Enz Thomas AIL Structured Finance AG 97 Erni Marc Equistone Partners Europe (Schweiz) AG 145
294 SECASECA Yearbook Yearbook 2013 2013
Erni Marcel Partners Group 194 Erni Stephan Lenz &Staehelin 76 Eschle Roland CrimsonCapital 272 Estermann Marco SIX SwissExchangeAG263 F Fallegger Georg Alternative AssetBroker Company (AABC) 272 Fantelli Marcopaprico ag 193 Fauveau Virginie Capital Transmission SA 130 FeckerLukasTransactions &Restructuring KPMG LLP272 Feiler Matthias LGTCapital Partners Ltd.3,38 Feuersenger Uwe aeris Capital AG 93 gcpgamma capital partners ‐ Feurstein Burkhard 152 The VenturePreneurs Fichtl Harald Octadim GmbH 257 Fierz Erich Migros Bank 254 Flaig Daniel Capvis Equity Partners AG 132 Flückiger Oliver Rayneer.tv 77 Flutto Herve Cofundit GmbH 272 Foscale FedericoLNConsulting Sagl 180 Frei Alan aventicpartners, Merg.rsAG, Young SECA 3, 67,105,182 Frei Patrik Venture Valuation AG 272 Frei ThomasAkina Ltd.98 Frey Martin Baker &McKenzie77, 235 Friedli Rolf Capvis Equity Partners AG 9, 132 FrizEnrico Walder Wyss Ltd.269 Fuchs Marius QIC Performance Consulting AG 272 Fülscher Jan Business AngelsSchweiz 126 G Gabriel Gabriel BrainloopAG120 GallAlex E. Steiger Engineering AG 264 Gänssmantel Denise Imprima272 Gantner Alfred Partners Group 194 Gehrer Hanspeter R. Bank Vontobel AG 112 Geilinger Ulrich HBM Partners AG 161 Geilinger Ulrich W. HBM Partners AG 9 GeiserRiccardo ALTENBURGER LTDlegal +tax 233 Genier Yves LʹHebdo 77 Gerhard FrankHomburger AG 3, 53 GerickeDieter Homburger AG 77, 249 Gerspacher Urs AIL Structured Finance AG 97 Giesinger Peter CGS Management giesinger gloor lanz &co. 135 Giovanoli Arturo AAA ‐Corporate FinanceAdvisersAG232 Gisiger Eric SVC‐AG für KMU Risikokapital 209 Glaus Hannes Bratschi Wiederkehr &Buob3,9,55, 124 Glesti Jürg Deloitte AG 141 Gloor Marcel GRP Gloor RuggliPartner 159 Gonzalez Foscale Carole LN Consulting Sagl 180 Goossens Thomas BCCC Avocats Sàrl 272 Goree Donald Global Xchange SolutionsAG157 gcpgamma capital partners ‐ Grabherr Oliver 152 The VenturePreneurs
295 SECASECA Yearbook Yearbook 2013 2013
Grassi Carlo Swisscom Ventures266 Grauel Richard Capital Dynamics 129 Grossmann Henning TECHNOPARKZürich 213 Gueissaz Caroline Business AngelsSchweiz 9, 12,126 Guggenheim Daniel Paguasca HoldingAG257 Guggenheim David Alternative Capital Management AG 234 Guggenheim PeterPacuascaHolding AG 257 Gugl Johannes FIDESBusinessPartner AG 151 Gunnarsson AndriDealMarket 244 Gut AlexanderGut Corporate Finance AG 160 H HaemmigMartin CeTIM/Stanford University3,16, 272 Haeusler Urs DealMarket 244 Hancock Marie‐Hélène Hirzel.Neef.Schmid.Konsulenten 9, 12 Hane Werner ARALON AG 234 Häner Olivier Migros Bank 254 Hartmann Dirk Baumgartner Mächler Rechtsanwälte 237 Haselbeck Fritz ZfU Zentrum fürUnternehmensführung AG 272 Hatz Jürg BridgeLink AG 123 Haymann Philipp GRP Gloor RuggliPartner 159 Heer Dominik The Riverside Company 215 Hefti Ralph Adent 78 Heimann Thomas innoValuation Partners GmbH3,29, 250 Heiz Christoph meyerlustenberger |lachental 254 Heiz Iwan UBS AG 217 Hepp Stefan SCM Strategic Capital Management AG 204 Hermann Ralf ZETRA International AG 226 Hermann Roman Swissport International Ltd. 266 Hertweck Manuel capiton AG 131 German Private Equityand Hinrichs Ulrike 153 Venture CapitalAssociation e.V. (BVK) Hinze Christian BlackRock Private EquityPartners AG 117 Hirzel Aloys Hirzel.Neef.Schmid.Konsulenten 249 Hitz Stephan Hitz &Partner Corporate Finance AG 164 Hodel Adrian Hitz &Partner Corporate Finance AG 164 Hoffmeister Jan DRSdigital AG 245 Hofmann Carole ATF Group AG 104 Hofstetter Philipp PwC 197 Huber MarkusAlternative Capital Management AG 234 Huber Matthias Verium AG 272 Huber Rudolf Axega GmbH272 Hug Dieter Bruppacher Hug &Partner, Attorneys at Law 240 HürschWalter Zühlke Ventures AG 227 Hüsler Laurenz StartAngels Network 208 I ImhofPatrik SECA 9 Ischebeck Peter Warburg Alternative Investments AG 223 J Jaccard Michel id estavocatssàrl 272 Jacobs Andreas Aravis SA 102
296 SECASECA Yearbook Yearbook 2013 2013
Jaeggi Gisela Schweizerische Mobiliar Asset Management AG 203 Jans Marcel BDO AG 115 Januario Carlos Hochschule Luzern 3, 73 Jeger Rolf Jeger Consult272 Johansson Bjørn Dr.Bjørn Johansson Associates Inc. 244 Jouin PascalIndex Venture Management SA 167 K Kadhafi Djehaf 277 KahlichHerbert FundStreet AG 247 Kaiser PeterRegent Fund Management AG 200 Kaiser Simon 277 KälinFrancesco SUVA 265 KaljuveeJulian Mosaic Capital Partners Ltd 272 Kaltofen Arnd VI Partners 220 Karbenk Christoph capiton AG 131 Kaufmann Marcel Advanta Capital Ltd232 Kaufmann RudolfCarey AG 241 Kehrli Stephan Kehrli &Zehnder Family Office ServicesAG251 Keller Adrian PwC 197 Kerler Patrik KPMG AG 175 Kessi Martin AXAPrivate Equity 108 Kessler Martin KESSLER &COInc.252 Khimji Hasnain 277 Killen Nicolas Borel&Barbey 239 Kilz Carsten IntraLinks 168 Kirmaci Oezkan Hassenproselma ag 277 Kitson Arran 277 Kladny Pierre SECA, Valley Road Capital 8, 9, 12,219 Klingelfuss Marc Bank Vontobel AG 112 Klotzbücher Adrian Merge.rs AG 182 Kluchnik JorgeRegent Fund Management AG 200 Klüppel Olya ESO Advisors AG 148 KnappUrs Farner‐Consulting AG 246 Kobelt Ulrich 272 Koch Markus Deloitte 76 Kocher Pascal swissminds AG 277 Kochmann L. PaulVenture Valuation AG 3, 20 Kogler Andreas capiton AG 131 Köhler Cèdric Creathor Venture Management GmbH 138 Köhler Gert Creathor Venture Management GmbH 138 Kohn Eric F. Barons FinancialServicesSA272 Koller Christian Gloor &Sieger 248 Kollros Janadbodmer AG 90 German Private Equity and Kues Matthias 153 Venture CapitalAssociation e.V. (BVK) Kühni Beat Lenz &Staehelin 9, 77,253 Kunz David MorningCapital LLC255 Künzle Christoph Advanta Capital Ltd232 Kurmann Jürg Kurmann Partners AG 252 Kusio Daniel BV Partners AG 273 Kuster PeterSensus CommunicationConsultants 262 297 SECASECA Yearbook Yearbook 2013 2013
L LaboureySacha Cloud BeesInc.78 Lagassé Jean‐François Deloitte 9, 12,77, 141 Laino Peter Monitor Clipper Partners, LLC. 185 Lamorte Michele 273 Lamprecht Simon shaPE Capital AG 205 Lanz Rolf CGS Management giesinger gloor lanz &co. 135 Lardi Adelio Lardi &Partners SA 252 Lattmann MassimoS.Venture Partners AG 274 Laville Richard 273 Le DoussalJean‐MarcRemoraCapital SA 273 Ledergerber Marc acano AG 88 Lee John ZETRA International AG 226 Leiteritz Raphael Google 77 LeleuxBenoît IMD 78 Lemberger Florian Swiss Finance &Property FundsAG273 Leonhardt HarryHelbling Advisors AG 162 Leoni Lorenzo Agire Invest SA 96 Letter Peter paprico ag 3, 9, 26,193 Lidén Sven Adveq Management AG 92 Looser LeoLooser HoldingAG273 Lozovoy Sergey Credit Suisse AG 277 Luginbühl Jürg VISCHER AG 268 Lupsor Michael Kadmos Capital273 LüthiMarc BanqueBénédict Hentsch113 M Maag Harald Bratschi Wiederkehr &Buob124 Maag‐Pelz Jennifer Capital Concepts International AG 128 Mächler Philipp Baumgartner Mächler Rechtsanwälte 237 Mächler StefanSchweizerische Mobiliar Asset Management AG 203 Mäder Daniel CE Asset Management 277 Maione RobertoUniSunAG273 Maizar Karim KellerhalsAnwälte 277 Makohliso Solmzi 273 Mannheims Willi VorndranMannheims Capital AG 222 Manz B. Assetinum(MMM Capital Consulting GmbH) 277 Marantelli Adriano G+S Treuhand AG 273 Marckhoff Jan BEN EnergyAG277 Marion Johann Argos Soditic277 MärkiPatrick Scalaris AG 259 Markvoort Hans LGTCapital Partners Ltd.179 Martin Jürg MSM Investorenvereinigung 186 Märzthal Sonja SCM Strategic Capital Management AG 277 Masshardt Marcel Hochschule Luzern 3, 73 Mastrandrea Roberto DRSdigital AG 245 Mayer Oliver 273 Mazzi FerdinandoRIVERFIELD® 273 Mégret Dominique SwisscomVentures 266 Meier ArminBoyden global executive search239 Meier GiorgioITERA AG Corporate Finance171
298 SECASECA Yearbook Yearbook 2013 2013
MeierWalter ACEPS HoldingAG89 Meier‐Pfister Martin IRF Communications AG 9, 251 Meister MaxBigmont VenturesAG277 Menzi Martin SwissCapital CorporateFinance AG 210 Metzger Mark Staiger, Schwald &Partner Rechtsanwälte 263 Michel Thomas Lufin Partners AG 253 Möller Thomas BioMedPartnersAG116 Mollet Patrick PaxiroGroup AG 277 Montandon Marc ITERA AG Corporate Finance171 Moran PeterVorteQ Consulting Sagl 273 Moser Martin BratschiWiederkehr &Buob273 Mück Rainer MMP Mück Management Partners AG 184 Mueller Michael M. 273 Muffler Jürg UBS AG,Executives &Entrepreneurs 267 Müller Christoph BDO AG 115 Müller Marc Fabrel Lotos AG 150 Müller Martin L. Pestalozzi Attorneys at Law 258 Müller PeterH.StartAngelsNetwork 208 Müller Thomas Centralway AG 133 Mustad Christian Edgar Brand SA 9, 12,245 N NarbouxEdouard Kepler Corporate Finance173 Nava Fabrice Orlando Management SchweizAG192 NebelSimon Aravis SA 102 NeeracherChristoph Bär &Karrer AG 114 Ng DavidThhep International PteLtd 273 NicodAlain VI Partners 220 NicodOlivier Gross&Associés277 Niederhauser Peter RedalpineVenturePartners AG 198 Nikitine AlexanderWalder Wyss AG 277 NolteLutzCTI Start‐up 244 Nyffeler Maurice easypsim AG 277 O Obregon Billy Deutsche Bank (Suisse) SA 142 Ochsner Markus acano AG 88 Oelgarth Arndt 273 Orsatti PaoloAgire Invest SA 96 Ospel‐Bodmer Adrianaadbodmer AG 90 Ottiger Simon RCI Unternehmensberatung AG 258 Ozugha Chukwuemeka 277 P Pache Julien investiere /Verve Capital Partners AG 250 Paganoni Roberto LGTCapital Partners Ltd.9,179 Pang Oscar 277 Pantelic MarkoGrafenau Capital 277 ParentiAlessandro Advisory &Merchant Partners AG 233 ParisCarsten ICSPartners GmbH 165 Parmentier PeterThe RiversideCompany 215 Parravicini Mario Wincor NixdorfAG270 Paternot Xavier Vinci Capital SA 221
299 SECASECA Yearbook Yearbook 2013 2013
PaulsSonya SJ Berwin LLP206 Pavlu BorisLGT Capital Partners Ltd.3,38 Payne Andros Humatica AG 249 Pedergnana Maurice SECA General Secretary 3, 9, 29,77, 79 PerettiKlaus KESSLER &COInc.252 PeterUwe 273 Petersen Michael CrossEquity Partners AG 139 Petersen ThierryLPO Ventures AG 273 PfeiferAlexander Bax Capital Advisors AG 237 Pfister Bernd Paros CapitalAG, SECA Chairman 3, 9, 10 Pfyffer Urs Fabrel Lotos AG 150 Pierazzi Maurice BCGE, Dimension SA 9, 12,273 PifarettiSandro SAG ServicesAG273 PiguetKarim CPV Partners 243 PopovicIvan aerisCapital AG 93 Portmann Michel 277 PyakurelAswin 277 R Racine Georges LALIVE273 Raeber Tobias Kronas Kapital &Management 277 Ramos Bruno EUROFIN CAPITAL SA 149 Ramseier Urs CS CorpSana AG 273 Rappold Oliver Gloor &Sieger 248 Raschle LukasG.ZETRA International AG 226 Rask Nils 277 Rasmussen Brigitte Capital Dynamics129 Rebetez Jean‐Claude aventicpartners105 ReichMarkus CrossEquity Partners AG 139 Reichmuth Tobias SUSI Partners AG 265 ReimannThomas Lutz Rechtsanwälte 273 Reinhardt Marc Ernst &Young Ltd ‐Switzerland 147 Reinhart Jan 77 Reinisch Peter Global Life Science Ventures AG 156 Remmen Jan Deloitte AG 76 Remmen Jan‐Dominik Deloitte AG 141 RenggliJost Venture Valuation AG 3, 20 Office for Business and Economic Development Rhyner Beat 257 of the Canton of Zurich Ries Gerhard BioMedPartners AG 116 Rinderknecht Thomas M. Badertscher Rechtsanwälte Ag 235 Rinner Erick Milestone Capital Partners LLP183 Ritter Markus Private Equity Invest AG 258 Robert‐NicoudGilles CBWM &Partners 273 Rocca Audrey 277 Rocha Joana Neuberger Berman 187 Rodel PascalAlexander aklark GmbH 233 Roetheli Andreas Lenz &Staehelin 9, 12 Rolli Frank The Corporate FinanceGroup 277 Rompel Hans‐Dieter CO‐INVESTORAG137 Rosenow Ralf Blum&Grob Rechtsanwälte AG 239 Rössler SimonLGT Capital Partners Ltd.277 300 SECASECA Yearbook Yearbook 2013 2013
Roth Balz Go Beyond 158 Roth Gerhard GHR Rechtsanwälte AG 248 Rötheli Andreas Lenz &Staehelin 253 Rouvinez Christophe Müller‐Möhl Group255 Rübel Felix BaxCapital Advisors AG 237 Ruchti Georges Confortis AG 242 Rüegg Kurt Swiss Capital CorporateFinance AG 210 RueppelRainer A. 273 Ruff HeinzFisomaH.K.RuffConsulting 273 Ruhier Felix FRC Unternehmensberatung GmbH 247 Rutishauser Martin Zühlke Ventures AG 227 Rutishauser PeterEquatis AG 144 Rütsche Marcel Zürcher Kantonalbank 229 S Sägesser Martin Saegesser Transition Management (a.i.CEO)273 Saidler Martin Centralway AG 133 Sala Matthias Gbanga 77 Salesny Petra Alpha Associates AG 99 Salim DavidAPEN AG 101 Samantas Giorgos 277 Sander PhilippScalaris AG 259 SchäferKarin Global Xchange SolutionsAG157 SchärPatrick BV Holding AG 127 Schaubel Jürgen 273 Scheidegger Alfred Nextech Invest Ltd.188 Schenker Urs Baker &McKenzie235 Scherrer Beat G. Vaccani, Zweig &Associates 267 Schillig Beat Institut für Jungunternehmen 79 Schilling Rolf Blum&Grob Rechtsanwälte AG 239 Schlaepfer Alexander 273 Schmid Remo PwC 76 Schmid Wolfgang CFP BusinessConsulting AG 242 Schmidt‐Soelch Wolfgang Korn Ferry International 174 Schmitt Marinus Constellation Capital AG 243 Schneider Conradin APEN AG 101 Schneider FeldmannLtd. ‐ Schneider Martin 262 Patent andTrademark Attorneys Schnorf Werner Zurmont Madison Management AG 230 Schnuerer Stephan UBS AG 217 Schobinger Hannes Ernst &Young Ltd ‐Switzerland 147 Schönbächler Ernst 273 Schönmann Beat Beluga Capital Inc. 273 Schrämli Simon Effinance PrivateEquity AG 246 Schubiger Franz Pestalozzi Attorneys at Law 258 SchülinPhilipp AFINUM Management AG 95 Schünemann Ines Intertrust Suisse SA 250 SchusterEric IntraLinks 168 Schwarz Johannes Zugimpex GmbH 273 Schweitzer Florian BrainsToVentures AG 9, 125 Schwyn Markus Kermel 78 Scott Kalina Bank am Bellevue 109 301 SECASECA Yearbook Yearbook 2013 2013
ScrivenThomas H.I.G. European Capital Partners LLP273 SeidelMarc 277 Sellam Zaki ESN Life Sciences273 SemmensGuy Argos SoditicS.A. 103 Sidler MichaelRedalpine VenturePartners AG 198 Siegrist LouisErnst &Young Ltd ‐Switzerland 147 Sigg Ralph Tendo CorporateFinance AG 273 Simon Romain 277 Simoneschi Nicola Treinvest SA 273 Sindermann Gerrit 277 Singh Gautam The Smart Cube (Switzerland) GmbH 216 Skowronski BogyCMS Corporate Management ServicesGmbH 273 Smith Garrick BNP ParibasSecurities Services118 Sonderegger Lars Quantonomics LLC 274 Sood Varun Capvent AG 241 Spahni Andreas FundStreet AG 247 SpalingerBeat Straumann Holding AG 265 Speiser Lukas277 Office for Business and Economic Development Spichiger Danielle 257 of the Canton of Zurich SpielbergerKarl OrlandoManagement SchweizAG76, 192 Spiess Matthias Bank Sarasin&Cie AG 110 Spindler Johannes C. Swissport International Ltd. 266 Spors Christoph capiton AG 131 Sprenger Nicola 277 Srivastava Govind SoleilCapitale 274 Staehelin MaxR.274 StaehliRoland E. Marchmont AG 253 Staub Martin Invision PrivateEquity AG 169 IMCInvestment&Management SteblerMarkus P. 166 ConsultantsAG Steffenoni Claudio Deutsche Bank (Suisse) SA 9 Stehli Martin A.I.M. Group AG 274 SteinerRené FIDESBusiness Partner AG 151 SteinerStefan 67 Steinlin Walter Commission forTechnology and Innovation CTI3,18 Stillhart Patrik Jones Lang LaSalle AG 172 StoopMarina Credit Suisse 277 Ström OlaBEBio EnergyGroup AG 237 StrubKarel ZETRA International AG 226 Strutynski Roman BV Partners AG 274 Studer Casper 277 Stüdi Philippe Equistone Partners Europe (Schweiz) AG 145 SuardClaude Defi Gestion SA 140 Suissa Amir Ringier77 Sunderland Neil V. Adinvest AG 91 Suter Johannes SVC‐AGfür KMU Risikokapital 209 T TanMelina Neuberger Berman 187 Tanghe Anicet AP Executive 277 Taufiq Mairaj 274
302 SECASECA Yearbook Yearbook 2013 2013
Thakur‐WeigoldSiegmar WarburgAlternative Investments AG 223 Thalmann Oliver Aravis SA 102 ThommenAndreas S. Hirzel.Neef.Schmid.Konsulenten 249 Thonhauser Hubertus 274 Tracia Roberto Binder Corporate FinanceAG238 Triebold OliverSchellenberg Wittmer 77, 260 Tripet Jean‐Philippe Aravis SA 9, 102 Trippel Michael Bär &Karrer AG 77 Tschopp Alexandra CEPAXSustainable Solutions AG 241 U Uhlmann Marc 277 Unternährer Beat The Corporate FinanceGroup 9, 214 V Valk Tobias KPMG AG 175 vander Greest Edwin Dynamics Group AG 245 Vandebroek JosG.L.Vandebroek Ventures AG 274 Vättö Timo ValCrea AG 268 Vidal Nayel Georges EmergingCapital Partners 274 Villiger Andrea SECA 9 VirosChristian Swiss Equity CapitalPartners SA 211 Vogel Alexander meyerlustenberger |lachental 254 Voigt H‐J TA Media 77 Voisard Marc‐Antoine Euro PrivateEquity SA 9, 12,77, 246 Volkart GregoryH.Volkart Management Consultants268 Hitz &Partner CorporateFinance AG, VollmarCédric 3, 67,164 Young SECA Vollstedt Markus Vollstedt Consulting GmbH 274 vonBartenwerffer Andrea SIX SwissExchange3,43 von EngelhardtNicolai CO‐INVESTORAG137 vonHohenhau Thomas 67 Von Lehe PeterNeuberger Berman 187 von Radowitz Konstantin Deloitte AG 141 vonSalis UlyssesNiederer Kraft &Frey AG 77, 256,274 vonTroschkeOtto SUSI Partners AG 265 VorndranHelmut Vorndran Mannheims Capital AG 222 Vuilleumier Jean‐PierreCTI Invest 3, 23,243 W Wagner Lucian EuroUS Ventures 274 Wagner Steffen investiere /Verve Capital Partners AG 250 WaldvogelChristian Vinci Capital SA 221 Walker GregoryWalker Risk Solution AG 3, 61,65, 269 Walliker Christian Global Equity Associates AG 155 Walter Dominik C. Walter &Partner 269 Walther Michael GHR Rechtsanwälte AG 248 Wang ZhiSwiss China Consulting GmbH274 Waser Philip GestassurSA248 Watter Rolf Bär&Karrer AG 114 Weber Bruno Valcor AG 267 Weibel Matthias P. FAESFinanz AG 274 Weigel Winfried CleanTech Capital GmbH 274 Weindl Michael Helbling Advisors AG 162 303 SECASECA Yearbook Yearbook 2013 2013
Wenger Christian CTI Invest, Wenger &Vieli AG 3, 9, 23,77, 224,243 Wenger Paul‐André BridgeLink AG 123 Wicki Andreas HBM Partners AG 161 Widmer Mike BjørnJohansson Associates Inc. 244 Wiesli Martin 274 Wiget Francois ATF Group AG 104 WilhelmChristophe FBTAvocats 274 Wimmer Carl IHC Invest, Inc274 Wind Evert Intertrust Suisse SA 250 Winkler Frank capiton AG 131 Winkler Thomas NextGeneration Finance Invest AG 256 Wipf Christian ALTIUM CAPITAL AG 100 Wirth Dieter PwC9,76 Wirth Roger Aon Mergers&Acquisitions Group Switzerland234 Witschi Christian KellerhalsAnwälte Bern 251 WittwerFritz ErfindungsVerwertung AG EVA 146 WohlthatAnna WP Wohlthat &Partner AG 225 Wolfers PeterPrivate Equity Holding AG 196 WolffJürgen PayCash77 Wragg Lawrence Beck Group Ventures 238 Wyss Hugo 274 Wyss Ralph Gilde BuyOut Partners AG 154 Y Yüksel Hakan ALIUM PARTNERS AG 274 Z Zbar Diego BridgeLink AG 123 Zehnder Marcel Zürcher Kantonalbank 229 ZeitzSascha SCMStrategic Capital Management AG 204 Zemke Ingo ICSPartners GmbH 165 ZhangXinyin 274 ZinggKarin CTIStart‐up244 ZoccolilloBiagio 274 Zrehen Stéphane 9 Zuber Christoph 274 Zünd Mark AkinaLtd.98 Zürcher Wolfgang Wenger &Vieli AG 224 Zutter Marianne SECA 8 ZweigAndrés F. Vaccani, Zweig &Associates 267 Zwicky Jean‐Jacques Remaco Merger AG 201
304 SECA Schriftenreihe SECA Booklets Youare Welcometo
The representative body forSwitzerland’sprivate equity, venture capital andcorporatefinanceindustries Privatplatzierungen im StrategischeBeurteilung VentureCapitalinSwit- Le leveraged schweizerischen Primär- von Private-Equity- zerland buyout(LBO) The SwissPrivate Equity&CorporateFinance Association(SECA)isthe representative body kapitalmarktrecht finanzierten Buyouts
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SECA Yearbook 2013 SE CA Ye ar bo ok 201 3 My Mak ey id ou ea ro wn sf no or te s. 20 13 /14