DOCSLIB.ORG

The Road to IPO and Beyond Private and Public Growth Companies in DACH

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Road to IPO and Beyond Private and Public Growth Companies in DACH Deutsche Börse Venture Network The road to IPO and beyond Private and public growth companies in DACH January 2021 Key takeaways The DACH’s tech ecosystem is DACH is home to promising exit European public markets offer worth a combined €264 potential (IPO and M&A), both deep pools of liquidity, largely billion, half publicly listed. tech unicorns and SMEs. untapped potential. This includes only startups & scaleups Positive snowball effects are building in There is still largely untapped potential founded since 2000, and has seen DACH’s maturing tech ecosystem. A in public markets. This route has combined value grow 4.4x since 2015. larger than ever new cohort of rising become much more accessible to tech Valuations on public markets have stars is emerging, run by more companies, and not just unicorns. The grown by 7.5x. This includes not only experienced operators, backed by more historically siloed private and public large caps like Delivery Hero but also experienced VC firms, with access to markets are starting to converge. publicly listed SMEs. more sophisticated capital markets. Deutsche Börse Page / 2 Venture Network Table of contents 1 Funding landscape DACH 2 Private high-growth companies 3 Tech exit landscape DACH 4 VC-backed public companies 5 Tech IPO potentials Deutsche Börse Page / 3 Venture Network 1 Funding landscape DACH https://docs.google.com/spreadsheets/d/1snRPAxaiAsaAMLXsugyMMEpovd74dPm-hESvn3qXIfI/edit?usp=sharing The DACH tech ecosystem is now worth a combined €264 billion, fuelled by venture capital and an accumulation of tech talent. €264B Combined enterprise value of DACH tech companies founded after 2000 Top 5 private companies: €15B █ Public █ Private Private companies €140B combined value 3.1x Top 5 public companies: €89B €62B Public companies 7.5x €124B combined value €45B €17B 2015 2020 Deutsche Börse Page / 5 Source: Dealroom.co. Public valuations based on Bloomberg data. Private valuations based on press statements during last round. Valuations taken 31st December 2015 & 2020. Venture Network Positive snowball effect: a much larger new cohort of rising stars is emerging, fuelled by past ecosystem success, and with access to Recycled capital, talent DACH. larger public capital markets. Stronger public and private capital markets New pools of experienced operator talent Important early exits for Abc the ecosystem Abc and angels building new companies identify and realise select the Successful exits minimal strongest Current unicorns IPOs and M&A form forces Rising stars [Capital [Capital Abc Supply] Demand] Abc New pools of venture capital with access to more late-stage capital and IPO market Anc Abc More VC and generate explore the Growth Capital forms at human multiple context boundaries Deutsche Börse Page / 6 Venture Network High profile exits Current unicorns Potential future unicorns Rising stars Skills, talent, capital Conversion rates - 2010 to 2015 Seed rounds: minimum of eur 4m for the first round following the seed Seed-funded European Graduation rates between rounds ▊ U.S. ▊ Europe startups are just as likely Europe 49% 50% to reach a billion dollar USA 48% status as their US peers. 40% Seed to unicorn conversion rate 30% 30% 25% 20% 15% Over 1% of seed funded companies 1.2% 1.2% 1.1% achieve $1B+ 9% valuation 10% 10% 3% 1.1% 6% 1.2% 3% 2nd 3rd 4th 5th 6th Unicorn DACH EU USA round round round round round Round after Seed round (which is considered 1st round) Deutsche Börse Page / 7 Source: Dealroom.co for DACH and Europe. CB Insights for USA. Cohort analysis, qualifying Seed round between 2010 and 2013. Venture Network Conversion rates # Round after Seed First round mini in eur m # Companies Cohort 1 2 3 4 5 1 2443 tech 49% 24% 11% 4.9% 2.0% 1 672 deep 58% 30% 13% 5.5% 1.8% 1 158 bio 57% 22% 8% 1.9% 2 2063 tech 40% 20% 9% 3.8% 1.7% 2 546 deep 49% 23% 9% 3.7% 1.5% 2 136 bio 50% 19% 6% 1.5% 24.0% 11.6% 5.9% 2.5% 1.3% 4 1692 tech 27.0% 12.5% 5.7% 2.4% 1.2% 4 415 deep 32% 15% 6% 2.4% 1.0% 4 113 bio 40% 13% 3% 0.9% 2016 2017 2018 2019 2020E European VC investment reached near record levels in 2020 despite challenging macro conditions, as investors bet on pandemic-accelerated digital adoption. European annual venture capital investment Largest European deals in 2020 (round size) █ DACH █ Europe €38.3B €38.0B €26.3B €650M €600M €500M €22.0B €16.9B €500M €400M £300M €9.0B €7.9B £252M $310M $300M €5.4B €3.2B €4.8B 2016 2017 2018 2019 2020 Deutsche Börse Page / 8 Source: Dealroom.co. Individual round currencies as reported. Venture Network https://app.dealroom.co/transactions.rounds/f/locations/anyof_Germany?showStats=yearly Excluding mega-rounds, DACH venture capital reached another record in 2020, more than doubling investment in five years. DACH venture capital investment Notable DACH deals in 2020 (round size) █ Rounds <€250M █ Rounds >€250M €9.0B €7.9B €2.9B* €0.5B €255M $250M $240M €5.4B Auto1 €255M €4.8B €0.7B Tier €250M €0.7B Lilium €240M €3.2B €150M €133M $130M €7.4B Auxmoney €150M €6.1B GetYourGuide €133M €4.7B €4.1B €3.2B Spryker €130M $107M $100M $100M Joynext €107 Omnio €100M 2016 2017 2018 2019 2020 N26 €100M Deutsche Börse Page / 9 Source: Dealroom.co. *Flixbus, GetYourGuide and Frontier Car Group together amounted to €1.5B. Individual round currencies as reported. Venture Network Rounds larger than €50M DACH is home to some of Europe’s most prominent VC investors for early and growth capital. 60% of rounds by these investors back DACH startups. Most prominent DACH VCs by typical investment entry point, and top 5 DACH companies in portfolio by valuation Seed Series A Dach/total Point nine: 35/116 GFC 65/303, Rocket 56/140 HV 140/192 Lakestar 29/72 Delivery Hero, Mambu , TIER, Marley Zalando, HelloFresh, Personio, Delivery Hero, Zalando, HelloFresh, XING, GetYourGuide, Sennder, Spoons, Contentful Citydeal, Westwing Rocket Internet, Flixbus Omio, Marley Spoon Cherry: 48/79 Speedinvest: 62/140 TargetGlobal: 26/95 Acton: 43/75 Project A: 41/73 HTG: 462/522 AUTO1 Group, FlixBus, wefox, TIER, Bitpanda, Delivery Hero, AUTO1 Group, Mytheresa, Mambu, Zooplus, Earlybird: 81/167 Flaschenpost, Spryker, Infarm TourRadar, Billie wefox, Omio, Clark Finanzcheck, HomeToGo TEV: 41/64 1019/1735 Sennder, Lampenwelt, Spryker Commercetools, Rigontec, Amal N26 group, Interhyp, nfon, Isar Delivery Hero, Zalando, Westwing, Systems, Trade Republic, Homeday Therapeutics, nfon, Mister Spex Aerospace, Forto Scalable Capital, Ottonova Deutsche Börse Page / 10 Source: Dealroom.co prominence rank 2021. Venture Network Berlin has raised the second highest levels of investment of any European city since 2016, with 5 DACH cities amongst the top 20. VC investment since 2016 per European city London €33B Berlin €12B Paris €12B Stockholm €6.6B Germany Munich €3.0B €22B Amsterdam €2.8B Dublin €2.2B Zurich €1.8B Barcelona €1.8B Madrid €1.5B Hamburg €1.4B DACH Oxford €1.4B €30B Austria Cambridge €1.4B Switzerland €0.9B Helsinki €1.4B €7.0B Bucharest €1.2B Bristol €1.1B Milan €0.8B Oslo €0.7B Tallinn €0.7B Zug €0.7B Manchester €0.7B Espoo €0.7B Deutsche Börse Page / 11 Source: Dealroom.co. European venture capital investment since 2016. Venture Network 2 Private high-growth companies Public DACH is a distributed tech ecosystem, with over 40 unicorn tech companies born across the entire region. Hamburg Public Bremen Munster Berlin Public Public Public Public Mainz Dusseldorf Public Tubingen Göppingen Munich Public Schaffhausen Sankt Gallen Rüschlikon Vienna Lausanne Hünenberg Zug Zurich Deutsche Börse Page / 13 Venture Network Source: Dealroom.co. Unicorn companies, founded since 1990 that reached USD $1 billion valuation. Rounds larger than €50M Four DACH cities rank in the European top 10 hubs for creating potential future unicorns, and Switzerland ranks fourth in Europe. Number of potential future unicorns (company valued €200M-€800M) per country and city United Kingdom 135 London 82 France 63 Paris 40 Germany 61 Berlin 31 Switzerland 23 Munich 11 Spain 15 Dublin 10 Netherlands 13 Cambridge 9 Ireland 12 Amsterdam 7 Sweden 9 Barcelona 7 Finland 9 Stockholm 6 Belgium 8 Zug 5 Denmark 8 Zurich 5 Deutsche Börse Page / 14 Source: Dealroom.co. Venture Network Three DACH cities are among the European top 10 hubs by potential future unicorns, Switzerland punches well above its weight Late-stage capital is still a challenge in DACH and in Europe. Unicorns are highly dependent on international investors as they scale. Investor split for DACH unicorns by private round (2000-2020)* 5% 6% 11% 21% 28% Asia 30% 23% 30% 3% 42% 28% 25% USA and Canada 35% 31% 67% 26% Cross-border European 35% 47% 23% 33% 25%** Domestic 12% 13% Seed Series A Series B Series C Megarounds Megarounds plus €1-4M €4-15M €15-40M €40-100M €100-250M €250M+ Source: Dealroom.co. Rest of the world negligible - 1% for megarounds. *>75% invested in 2015-2020, timeframe extended to capture seed rounds Deutsche Börse Page / 15 **Flixbus Series F, About You Growth Equity, N26 Series C, BioNtech Series B, Tricentis Series B Venture Network Investor split for DACH unicorns by private round size (2015-2020) 8% 10% 15% 21% Asia 30% 29% 28% 42% 35% USA and Canada 30% 15% 100% 27% 26% Cross-border European 48% 34% 24% 33% 20% 14% Domestic 8% Seed Series A Series B Series C Megarounds Megarounds plus €1-4M €4-15M €15-40M €40-100M €100-250M €250M+ European VCs continue to raise record levels of new funds, but still cannot keep up with demand.
Load more

Recommended publications
  • Commercetools Platform This White Paper Applies to the Commercetools Platform Running in Europe, the US and APAC
    Information Security White Paper commercetools platform This white paper applies to the commercetools platform running in Europe, the US and APAC www.commercetools.com Table of Contents Introduction 3 What is commercetools? 4 Security Culture 4 Information Security Management Information Security Controls Human Resource Security Physical Security 5 Data Center Offices commercetools Platform 6 System Overview API Security Payment API Product Security Data in Transit Data at Rest Data Access Restrictions Separation of Production and Non-Production Environments Operational Security 8 Network Security Vulnerability Management Patch Management Malware Prevention Monitoring Incident Management Security in Development Process 10 Performance Management 10 Data Backup and Business Continuity Management 10 Supplier Relationships 11 Compliance 11 Data Processing Agreements International Data Transfer Data Protection Officer Information Security Certifications Conclusion 12 Introduction From the world’s largest public companies to early-stage startups, people rely on the commercetools ecommerce platform to run their business. Using the platform, companies can provide customers with detailed product data and create and update carts. Order data and customer data are then managed together in the platform. Thus, it’s mission critical for all our merchants that the commercetools platform - especially its API - is running nonstop. But, providing a reliable solution is only the first step. commercetools must also follow the latest information security best practices and comply with privacy regulations. This allows all companies to securely run their business on commercetools. We believe that transparency in security processes and controls is indispensable. For our customers it is important to know who can access their data when, and what measures are taken to prevent unauthorized access.
    [Show full text]
  • The Rise of Late-Stage Funding for European Technology Scale-Ups
    Blooming Late: The rise of late-stage funding for European technology scale-ups NOVEMBER 2019 Introduction Europe’s technology industry continues to grow up. Across the EU, Israel, Russia and Turkey, startup ecosystems are flourishing, expanding and - in a few places - maturing into veritable world-class hotbeds for innovation. Evidently, challenges remain and Europe will have to overcome many of them to even have a chance of staying competitive in an ever-evolving world - and with haste to boot. To continue scaling up and accelerate the maturation process of its key tech hubs, Europe has to play to its strengths and eliminate some of its inherent weaknesses to mitigate the risk of getting left behind. Two of these weaknesses have historically been the lack of major exits and late-stage financing rounds (€100 million and more) for Europe’s fastest-growing tech businesses as catalysts for growth. As we’ve detailed in previous reports on the influx of capital for Europe’s finest tech startups, there has been a tremendous increase in investment volume for early-stage and growth-stage companies in recent years, with no signs of a slowdown so far. Numbers only tell part of a story, but the rise in seed and growth capital (Series A-B-C) flowing to European tech businesses across the region paints a picture of a healthy collection of ecosystems with potential for further growth. But when it comes to really big rounds of financing, Europe hasn’t really seen many of those to date, certainly not in comparison to the US and, increasingly, China.
    [Show full text]
  • RRP Sector Assessment
    OrbiMed Asia Partners III, LP Fund (RRP REG 51072) OWNERSHIP, MANAGEMENT, AND GOVERNANCE A. The Fund Structure 1. The Asian Development Bank (ADB) proposes to invest in OrbiMed Asia Partners III, LP Fund (OAP III), which is a Cayman Islands exempted limited partnership seeking to raise up to $500 million in capital commitments. It is managed by OrbiMed Asia GP III, LP (the general partner), a Cayman Islands exempted limited partnership. The sole limited partner of the general partner is OrbiMed Advisors III Limited, a Cayman Islands exempted company. OrbiMed Advisors LLC (the investment advisor), a registered investment advisor with the United States (US) Securities and Exchange Commission, will provide investment advisory services to OAP III. This structure is illustrated in the figure below. Table 1 shows the ultimate beneficial owners (UBOs) of the general partner and the investment advisor. Table 1: Ultimate Beneficial Owners of the General Partner and the Investment Advisor (ownership stake, %) Name Investment Advisor General Partner Sven H. Borho (~10–25%) (~8%) Alexander M. Cooper (~8%) Carl L. Gordon (~10–25%) (~8%) (also Director) Geoffrey C. Hsu (<5%) (~8%) Samuel D. Isaly (~50–75%) (~8%) W. Carter Neild (<5%) (~8%) (also Director) Jonathan T. Silverstein (~5–10%) (~8%) (also Director) Sunny Sharma (~8%) (also Officer) Evan D. Sotiriou (~8%) David G. Wang (~8%) (also Officer) Jonathan Wang (~8%) (also Officer) Sam Block III (~8%) Source: OrbiMed Group. 2 2. Investors. The fund held a first closing of approximately $233.5 million on 1 March 2017, and a second closing of approximately $137.6 million on 26 April 2017.
    [Show full text]
  • Understanding Private Equity. What Is Private Equity? EXAMPLES of PRIVATELY HELD COMPANIES
    Understanding private equity. What is private equity? EXAMPLES OF PRIVATELY HELD COMPANIES: A private equity investor is an individual or entity that invests capital into a private company (i.e. firms not traded on a public exchange) in exchange for equity interest in that business. In the US, there are approximately 18,000 publicly traded companies, and more than 300,000 privately held companies. WHO MIGHT SEEK A PRIVATE EQUITY INVESTOR AS A SOURCE OF CAPITAL? • Companies looking to fund a capital need that is beyond traditional bank financing • Owners considering a partial or complete sale of their business • Managers looking to buy a business Private equity strategies. EXAMPLES OF PRIVATE EQUITY FIRMS: MOST PRIVATE EQUITY INVESTORS WILL LIMIT THEIR INVESTMENTS TO ONE OR TWO OF THE FOLLOWING STRATEGIES: • Angel investing • Growth capital • Venture capital • Distressed investments • Leveraged buyouts (LBO) • Mezzanine capital Sources of capital for PE funds. THERE ARE TWO TYPES OF PRIVATE EQUITY FIRMS: • Firms with a dedicated fund, with the majority of the capital sourced from institutional investors (i.e. pension funds, banks, endowments, etc.) and accredited investors (i.e. high net worth individual investors) • Firms that raise capital from investors on a per-deal basis (pledge funds) INVESTMENT DURATION AND RETURNS. • Typical investment period is 3−10 years, after which capital is distributed to investors • Rates of return are higher than public market returns, typically 15−30%, depending on the strategy HISTORICAL S&P 500 RETURNS S&P 500 Returns Average Source: Standard & Poor’s LCD Private equity fund structure. PRIVATE EQUITY FIRM LIMITED PARTNERS (Investors) (Public pension funds, corporate pension funds, insurance companies, high net worth individuals, family offices, endowments, banks, foundations, funds-of-funds, etc.) Management Company General Partner Fund Ownership Fund Investment Management PRIVATE EQUITY FUND (Limited Partnership) Fund’s Ownership of Portfolio Investments Etc.
    [Show full text]
  • Investor Lunch, New York – 3 March 2006
    Investor lunch, New York – 3 March 2006 1 3i team Philip Yea Simon Ball Jonathan Russell Michael Queen Jo Taylor Chris Rowlands Group Chief Executive Group Finance Director Managing Partner Managing Partner Managing Partner Head of Group Markets Buyouts Growth Capital Venture Capital Patrick Dunne Anil Ahuja Gustav Bard Graeme Sword Guy Zarzavatdjian Group Communications Managing Director, India Managing Director, Director, Oil and Gas Managing Director, Director Nordic Region France 2 Investor lunch, New York – 3 March 2006 Contents • Introduction to 3i • The private equity market • Interim results to 30 September 2005 • Investor relations • Closing remarks 3 Investor lunch, New York – 3 March 2006 Introduction to 3i 3i at a glance • A world leader in private equity and venture capital • Established 1945; IPO on London Stock Exchange 1994 (IPO at 272p) • Market capitalisation £5.0bn (as at 31 January 2006) • 3i has invested over £15bn in over 14,000 businesses • Portfolio value £4.4bn, in 1,285 businesses (as at 30 September 2005) • Network of teams located in 14 countries in Europe, Asia and the US • 3i also manages and advises third party funds totalling £1.8bn (as at 30 September 2005) • Member of the MSCI Europe, FTSE100, Eurotop 300 and DJ Stoxx indices 4 Investor lunch, New York – 3 March 2006 Introduction to 3i Our Board • Chairman Baroness Hogg • Six independent non-executive directors − Oliver Stocken (Deputy Chairman; Senior Independent Director) − Dr Peter Mihatsch − Christine Morin-Postel − Danny Rosenkranz − Sir Robert Smith
    [Show full text]
  • Corporate Venturing Report 2019
    Corporate Venturing 2019 Report SUMMIT@RSM All Rights Reserved. Copyright © 2019. Created by Joshua Eckblad, Academic Researcher at TiSEM in The Netherlands. 2 TABLE OF CONTENTS LEAD AUTHORS 03 Forewords Joshua G. Eckblad 06 All Investors In External Startups J.G.Eckblad@tilburguniversity.edu 21 Corporate VC Investors https://www.corporateventuringresearch.org/ 38 Accelerator Investors CentER PhD Candidate, Department of Management 43 2018 Global Startup Fundraising Survey (Our Results) Tilburg School of Economics and Management (TiSEM) Tilburg University, The Netherlands 56 2019 Global Startup Fundraising Survey (Please Distribute) Dr. Tobias Gutmann Tobias.Gutmann@hhl.de https://www.corporateventuringresearch.org/ LEGAL DISCLAIMER Post-Doctoral Researcher Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management and Digital Entrepreneurship The information contained herein is for the prospects of specific companies. While HHL Leipzig Graduate School of Management, Germany general guidance on matters of interest, and every attempt has been made to ensure that intended for the personal use of the reader the information contained in this report has only. The analyses and conclusions are been obtained and arranged with due care, Christian Lindener based on publicly available information, Wayra is not responsible for any Pitchbook, CBInsights and information inaccuracies, errors or omissions contained christian.lindener@wayra.org provided in the course of recent surveys in or relating to, this information. No Managing Director with a sample of startups and corporate information herein may be replicated Wayra Germany firms. without prior consent by Wayra. Wayra Germany GmbH (“Wayra”) accepts no Wayra Germany GmbH liability for any actions taken as response Kaufingerstraße 15 hereto.
    [Show full text]
  • Salling Group
    Case Study Salling Group The company With more than 1,600 shops, Salling Group is the biggest retailer in Denmark. They’re stores include household Salling Group chain brands such as fotex, Bilka, Netto, Salling and Wupti, as well as Starbucks and Carl’s Jr. franchises in Denmark, and more than 1,400 stores and web shops in Founded: 1906 Poland and Germany. Headquarters: Brabrand, Denmark The challenge Salling Group began to realize they needed to Industry: Retail strengthen their omnichannel experience, which Revenue: 9 billon USD required technology that would serve their customers across all digital channels. Furthermore, it was clear that Employees: 50,000 their existing SAP Hybris setup was not scalable in terms of cost efficiency and recruiting talent. Partner: In-house The solution Salling Group implemented a new tech stack with commercetools’ headless commerce architecture at its core, and based on modern UX designs with a mobile- first mindset. Headless CMS (Magnolia), microservices, APIs and Jamstack to replace the monolithic platform. The result The solution brought time-to-market for their new web shops down to a two-month lead time and lowered eCommerce costs by 75%. It also enabled each brand to customize their online shop and content, while still working under the same technology. Additionally, release cycles increased from once every other week to multiple times per day. Salling Group refreshes its eCommerce Breaking free from the monolith In 2013, when Salling Group made the decision to re-platform their digital stores, they went with the obvious choice at the time: SAP Hybris. But seven years is a long time in an industry that seemingly has daily breakthroughs, and what appears shiny and new at the beginning can become cumbersome and outdated in no time at all.
    [Show full text]
  • Caris Life Sciences Raises $830 Million in Growth Equity Capital to Continue to Expand Its Precision Medicine Platform
    FOR IMMEDIATE RELEASE Caris Life Sciences Raises $830 Million in Growth Equity Capital to Continue to Expand its Precision Medicine Platform Accelerates Caris’ rapid growth as the market leader reshaping precision oncology through basic science research and the application of artificial intelligence to one of the largest clinico-genomic databases Capital raise represents one of the largest private financings in precision medicine supported by a diverse, high-quality syndicate of leading investors IRVING, Texas, May 11, 2021 – Caris Life Sciences®, a leading innovator in molecular science and artificial intelligence (AI) focused on fulfilling the promise of precision medicine, announced an $830 million growth equity round at a post-money valuation of $7.83 billion. With this investment, Caris has raised approximately $1.3 billion in external financing since 2018. This financing represents one of the largest capital raises in precision medicine and includes a diverse syndicate of leading investors. The round was led by Sixth Street, a leading global investment firm making its third investment in Caris since 2018. Funds and accounts advised by T. Rowe Price Associates, Inc., Silver Lake, Fidelity Management & Research Company LLC, and Coatue were significant participants in the round. Additional investors included Columbia Threadneedle Investments, Canada Pension Plan Investment Board, Millennium Management, Neuberger Berman Funds, Highland Capital Management, Rock Springs Capital, OrbiMed, ClearBridge Investments, Tudor Investment Corporation, Eaton Vance Equity (Morgan Stanley), Pura Vida Investments and First Light Asset Management. All existing investors from the 2020 financing participated in this deal along with a number of new investors. The Caris Molecular Intelligence approach allows oncologists to assess all 22,000 genes in both DNA and RNA, utilizing whole exome sequencing, whole transcriptome sequencing, protein analysis, and proprietary AI models and signatures.
    [Show full text]
  • Eurazeo Confirms Its Excellent Growth
    EURAZEO CONFIRMS ITS EXCELLENT GROWTH MOMENTUM IN THE FIRST QUARTER OF 2021: AUM +21% OVER 12 MONTHS AND REVENUES +20% EXCLUDING TRAVEL AND LEISURE Paris, May 20, 2021 Asset management momentum strengthens at end-March • Assets Under Management (AUM): €22.7bn, +21% over LTM, of which +27% for third party • Third-party fundraising: €785m at end-March and c.€1,200m YTD, versus €283m in Q1 2020 • Management fees: €59m, of which +13% for limited partners (+4% overall1 given balance sheet divestments) • The Group expects further growth in fundraising in 2021 thanks to the strong market attractiveness of its current funds, particularly for small-mid buyout, growth and private debt funds Strong growth in portfolio performance • Portfolio economic revenue2 up +20% in Q1 2021 year-on-year (+15% compared to Q1 2019), excluding the Travel & Leisure segment • 61% increase in revenues of Growth portfolio companies (non-consolidated) • Early recovery prospects in Travel & Leisure (10% of NAV) Sustained investment activity • €1.1bn invested (€0.5bn in Q1 2020), with business flows in buoyant sectors notably tech (Questel, PPRO, Message Bird), consumer tech (UPD, Aroma-Zone) and financial services (Groupe Premium) • A high level of asset divestments expected in 2021-2022, as announced Balance sheet remains robust • NAV per share of €85.5 (not revalued quarterly) • Net cash and cash equivalents of €255m at end-March – confirmed RCF of €1.5bn • Dry powder of €3.7bn Virginie Morgon, Chairwoman of the Executive Board, stated: “This first quarter of 2021 reflects Eurazeo's growth momentum in all aspects of its business. The growth in our fundraising and assets under management, but also the strong rebound in our portfolio activity, the sustained pace of our investments in growth sectors, value-creating exits and our ability to support the major shifts towards a more sustainable economy perfectly illustrate our "Power Better Growth" positioning and its attractiveness.
    [Show full text]
  • Unpacking Private Equity Characteristics and Implications by Asset Class
    Unpacking Private Equity Characteristics and Implications by Asset Class www.mccombiegroup.com | +1 (786) 664-8340 Unpacking Private Equity: Characteristics & implications by asset class The term private equity is often treated as a catchall, used interchangeably to describe a broad variety of investments. Such loose use of the phrase fails to capture the range of nuanced business ownership strategies it refers to and risks branding an entire asset class with characteristics and implications that are typically relevant to only a particular sub-category. Recently, this has especially been the case given the outsized global attention placed on the leveraged buyout deals of Bain Capital, a private equity firm founded by Republican U.S. presidential candidate Mitt Romney. In this context, popular discourse has inappropriately attached the label of private equity to a general practice of debt-fueled corporate takeovers that disproportionately focus on cost cutting. In reality, however, private equity refers to an array of investment strategies each with a unique risk-return profile and differing core skillsets for success. This article is intended to help family office executives better understand the nuances of the various sub-categories of private equity. It seeks to draw high-level distinctions, serving as a practical guide for investors entering the private equity arena, be it directly or through a more curated fund structure. Ultimately by understanding the characteristics and implications of each asset class, the reader should be equipped to make an educated choice regarding the most relevant and appropriate strategy for their unique profile. From a technical perspective, private equity is nothing more than making investments into illiquid non-publicly traded companies— i.e.
    [Show full text]
  • 20Th Annual Growth Capital Symposium June 19-20, 2001 Ann Arbor, Michigan
    20th Annual Growth Capital Symposium June 19-20, 2001 Ann Arbor, Michigan University of Michigan Business School presented by: Center for Venture Capital and Private Equity Finance (CVP) The University of Michigan Business School Dr. David J. Brophy, Director www.umich.edu/~cvpumbs sponsored by: THE 20th ANNUAL GROWTH CAPITAL SYMPOSIUM June 19-20, 2001 In the last five years the venture capital industry has experienced a true "boom-and-bust", with unprecedented growth in capital raised and invested, growth in valuations and deal- flow, mostly centered around the internet. This was followed by a sharp decline in the capital markets and the demand for technology, which was reflected in the performance of the portfolios of many venture capital investors. Beyond the current state of the market, however, there are few significant trends emerging that will mark the path for the next few years in the business. The focus of the 20th Growth Capital Symposium is to bring to the forefront views from the leaders on the investment and technology fronts who have managed to break ahead of the curve and are preparing to take advantage of the general market conditions. This is echoed in the sentiment among a growing group of investors who believe that the next few years will be in fact some of the best for venture capital investment. Tuesday, 19th June The Symposium will begin at 10:00am Tuesday morning in Hale Auditorium in the University of Michigan Business School, and will conclude at 5:30pm with a reception at the Museum of Art and a dinner at the Michigan Union.
    [Show full text]
  • 2016 ESG REPORT Being a Customer-Focused Responsible Investor
    2016 ESG REPORT Being a customer-focused responsible investor ///////////////////////////////////////////////////////// Contents 05 Editorial 07 Idinvest Partners’ ESG policy : historical perspective and 2015 developments Main action taken in 2015 08 Responsible Private Equity strategy : A strong commitment organized around four operational positions 09 Integrate ESG issues throughout the entire investment lifecycle 10 2015, a turning point on how climate issues are addressed by our public commitments 11 A team dedicated to ESG considerations 12 The main initiatives taken by Idinvest Partners and its portfolio companies in 2015 14 Summary of 2015 activities and key ESG data 16 Growth capital 22 Private debt 29 Private funds Group 38 Idinvest Partners’ corporate social responsibility (CSR) approach (RSE) of Idinvest Partners 46 Interview with Isabelle Combarel, SWEN CAPITAL PARTNERS Editorial ///////////////////////////////////////////////////////////////////////// Dear clients, partners and staff, With over €6 billion under management, Idinvest Partners is a European leader in financing small and medium-sized enterprises. The companies financed by Idinvest Partners have created more than 7,000 jobs over the past three years. Now more than ever, our commitment to these companies brings meaning and growth against a global awakening to the issues of climate change in the wake of the 2015 Climate Change Conference (COP21). As a pioneer in this area, Idinvest is delighted to see the importance given to environmental, social and governance (ESG) considerations in a growing number of financial investors. This is why, once again, we have decided to show the high standards we expect of ourselves by broadening our responsible private equity strategy. We wish to present you with this report on our actions taken in 2015 and early 2016 and progress made on our responsible investment strategy.
    [Show full text]