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Private Equity and Venture Capital in the MENA Region 2016 Report

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Private Equity and Venture Capital in the MENA Region 2016 Report Private Equity and Venture Capital in the MENA region 2016 REPORT Foreword Arif Amiri, Chief Executive Officer, DIFC Authority he MENA Private Equity Association’s 11th Private Equity and Venture Capital annual report – (MENA PEA 2016) once again highlights the strategies, structural changes and significant trends influencing and shaping theT investment industry. This comprehensive study is an essential reference and knowledge resource, which gives a clearer picture of this unique industry to private equity investors looking to operate in the region. This year’s report reveals that, despite the various regional and global geopolitical issues and economic challenges, investor confidence remains high sustained by encouraging investment activity in the region. Predictably, as a result of the drop in oil prices, private equity investors and venture capitalists have been strengthening their portfolios in sectors away from oil and gas, further adding to the diversity of the region’s contemporary equity landscape. While traditional sectors such as transportation have enjoyed the highest investment activity, accounting for 31% of total investment value. Pointing to a growing regional need, 17% of total investment activity was found to be in the space of IT, FinTech and E-Commerce, showing the emerging industries which continue to go from strength to strength in the region. We commented last year that the region’s technology focused entrepreneurial base was continuing to grow and mature, affording increased early stage investment opportunities. Indeed, the 2016 report reflects this in the upsurge in deal volumes, with VC commitment to this area standing at 55% of all investment, including in Information Technology (27%), FinTech (13%) and E-Commerce (15%). 3 In line with this strong trend, at DIFC, we have made the growth of FinTech and the opportunities it brings to Dubai and the region a priority for our own investment activities. Earlier this year, we launched FinTech Hive at DIFC, a first-of-its-kind accelerator in the region, aligned with the UAE National Innovation Strategy and Dubai Plan 2021, which will make Dubai one of the smartest cities in the world. FinTech Hive at DIFC is an enabler for technology and finance, building on the Centre’s existing FinTech ecosystem and providing a platform for innovators to adapt and develop their products and solutions to meet the needs of the broader Middle East, Africa and South Asia region. The accelerator is well-positioned to unlock further investment opportunities in the FinTech space, stimulating deal flow across the region and further contributing to DIFC’s 2024 Strategy, which will see the Centre grow three-fold over the course of a decade. In this spirit and on behalf of DIFC I thank the MENA Private Equity Association for this comprehensive report which will undoubtedly help shape the future for private equity and venture capital in the region through profound insight and meaningful analysis. 4 2016 Annual Report With Gratitude The MENA Private Equity Association extends its sincere appreciation to Thomson Reuters for sharing primary data used for this annual report. We are most grateful to our knowledge partners Deloitte for developing the report analysis. Sam Surrey, Principal Director, Financial Advisory, Deloitte Middle East Ali Taki, Assistant Director, Financial Advisory, Deloitte Middle East Rabih Sader, Head of Content – Thomson Reuters Youmna Akiki, Research Associate, Investment Monitors, Thomson Reuters STEERING COMMITTEE OF THE MENA PRIVATE EQUITY ASSOCIATION We also thank the association’s steering committee members as well as the thought leadership and survey participants, for their contributions towards the development of this report. 5 MEDIA TASK FORCE We are grateful for the public relations and media campaign support from the following: Nahed Ashour, Head of Media Relations and Arabic Content, CNC – COMMUNICATIONS & NETWORK CONSULTING SPONSORS The association is able to generate this report to the public mainly because of the generous support of the following sponsors: Platinum Sponsor Gold Sponsor Silver Sponsor H EALTHCARE 6 2016 Annual Report Table of Contents p8 1. Important Notice p8 1.1 Basis of Preparation p9 1.2 Definitions and Assumptions p10 1.3 Data Filtering p11 2. Deloitte Introductory Message p13 3 Private Equity in The MENA Region 3.1 p15 3.1 Overview 3.2 p17 3.2 Investments 3.3 p21 3.3 Divestments 3.4 p22 3.4 Fundraising p26 3.5 Healthcare supply-demand gap draws investors to the MENA Region By Dr. Helmut M. Schuehsler, TVM Capital Healthcare Partners p28 4. Venture Capital in The MENA Region p28 4.1 VC Investments and deals activity p29 4.2 VC investments by region p30 4.3 VC investments by sector p32 4.4 The Newest String to the Middle East Bow, Venture Capital… By Philip Dowsett, Partner - Morgan Lewis & Bockius LLP p36 5. DIFC: The Centre for Development p39 6. Survey p39 6.1 Survey of General Partners (GP’s) in The MENA Region p40 6.2 Survey Results p58 7. Appendix p59 7.1 About The MENA Private Equity Association p60 7.2 About Deloitte p61 7.3 About Thomson Reuters p62 7.4 Members’ Directory p66 7.5 Private Equity & Venture Capital Firms in MENA 7 Table of Contents p8 1. Important Notice p8 1.1 Basis of Preparation p9 1.2 Definitions and Assumptions p10 1.3 Data Filtering p11 2. Deloitte Introductory Message p13 3 Private Equity in The MENA Region 3.1 p15 3.1 Overview 3.2 p17 3.2 Investments 3.3 p21 3.3 Divestments 3.4 p22 3.4 Fundraising p26 3.5 Healthcare supply-demand gap draws investors to the MENA Region By Dr. Helmut M. Schuehsler, TVM Capital Healthcare Partners p28 4. Venture Capital in The MENA Region p28 4.1 VC Investments and deals activity p29 4.2 VC investments by region p30 4.3 VC investments by sector p32 4.4 The Newest String to the Middle East Bow, Venture Capital… By Philip Dowsett, Partner - Morgan Lewis & Bockius LLP p36 5. DIFC: The Centre for Development p39 6. Survey p39 6.1 Survey of General Partners (GP’s) in The MENA Region p40 6.2 Survey Results p58 7. Appendix p59 7.1 About The MENA Private Equity Association p60 7.2 About Deloitte p61 7.3 About Thomson Reuters p62 7.4 Members’ Directory p66 7.5 Private Equity & Venture Capital Firms in MENA 8 Important Notice 1. Important Notice 1.1 Basis of the Annual Report Preparation This report has been prepared based on data sourced from Thomson Reuters Private Equity Monitor and primary research initiated by Deloitte. Historical data was updated from that used in the 2015 annual report to reflect increased disclosure of information in the market. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is or will continue to be accurate. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. 9 In analyzing and determining the parameters of available data, it has been necessary to apply certain criteria, the most significant of which are as follows: ■ Private equity is defined to include houses that have a General Partner/Limited Partner structure, investment companies and quasi-governmental entities that are run by, and operate in the same way as, a private equity house. ■ Venture capital for the purpose of this report is defined as a fund specifically dedicated to venture capital investments. This includes funds by venture capital firms, and venture funds under private equity firms. ■ Funds managed from MENA, but whose focus is to invest solely outside the region, are excluded from the fundraising and investment totals. ■ MENA includes Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, the United Arab Emirates, and Yemen. ■ Investment size represents the total investment (both the debt and equity portions). However, fund size only considers equity invested, as we have no visibility on debt exposure by funds. ■ The fund raising totals are the amounts closed/committed for fund raising funds, closed funds, investing funds, fully vested funds, and liquidated funds. ■ Exits are defined to include partial exits, although simple dilutions have not been included. 1.2 Definitions and Assumptions For analytical purposes, we have considered the following types of funds, as defined by Thomson Reuter’s Private Equity Monitor: ■ Announced: Official launch of funds which are yet to commence fund raising. ■ Rumored: Funds expected to announce their intention to commence fund raising. ■ Fund raising: Funds that have been announced and are in the process of raising capital. ■ Investing: Funds that have closed and are actively seeking and/or making investments. ■ Fully invested: Funds that have invested all capital raised. Some of the investments may have divested in this stage, but not all. ■ Liquidation:Funds that have divested all investments and have fulfilled all obligations to shareholders. 10 Important Notice 1.3 Data Filtering The primary data sourced from Thomson Reuters has been filtered according to the definitions used in the Emerging Markets Private Equity Association (EMPEA) research methodology. In particular, we have used the following definitions: Fund Size: In the case of funds yet to make a first close, or where no close information is available, fund size is equivalent to the target amount, and is noted as such. For funds achieving at least one official close, fund size is reported as the capital raised to date, while for funds that have made a final close, the fund size is the total capital raised. All amounts are reported in USD millions.
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