2012 Pan-European Private Equity and Venture Capital Activity

Activity Data on Fundraising, Investments and Divestments
| Creating lasting value 2012 Pan-European Private Equity and Venture Capital Activity | 3
European Private Equity & Venture Capital Association



The EVCA is the voice of European private equity.
Our membership covers the full range of private equity activity, from early-stage venture capital to the largest private equity
firms, investors such as pension funds, insurance companies, fund of funds and family offices and associate members from related
professions. We represent 650 member firms and 500 affiliate members.
The EVCA shapes the future direction of the industry, while promoting it to stakeholders such as entrepreneurs, business owners
and employee representatives.
We explain private equity to the public and help shape public policy, so that our members can conduct their business effectively.
The EVCA is responsible for the industry’s professional standards, demanding accountability, good governance and transparency
from our members and spreading best practice through our training courses.
We have the facts when it comes to European private equity, thanks to our trusted and authoritative research and analysis.
The EVCA has 25 dedicated staff working in Brussels to make sure that our industry is heard.
| Creating lasting value 2012 Pan-European Private Equity and Venture Capital Activity | 4
Disclaimer
Version
Presentation as of 26/4/2013


Disclaimer
The information contained in this report has been produced by the EVCA, based on PEREP_Analytics data and third party information. While the
EVCA has made every effort to ensure the reliability of the data included in this report, EVCA cannot guarantee the accuracy of the information
collected and presented. Therefore, the EVCA cannot accept responsibility for any decision made or action taken based upon this report or the
information provided herein.
This presentation is for the exclusive use of the persons to whom it is addressed and is intended for general information purposes only. It is not
intended to constitute legal or other professional advice and should not be treated as such. Appropriate legal advice must be sought before
making any decision, taking any action or refraining from taking any action in reliance on the information contained in this presentation. The
EVCA does not assume any responsibility for any person’s reliance upon the information contained herein.
In furnishing this presentation, the EVCA undertakes no obligation to provide any additional information or to update this presentation or any
additional information or to correct any inaccuracies which may become apparent.
Unless otherwise specified, this presentation is confidential and may not be distributed, published, reproduced or disclosed to any other person
or used for any other purpose, without the written permission of the EVCA.

Copyright information
No part of this publication may be reproduced by any process except in accordance with the provisions of the Copyright Act 1968. Copyright
enquiries should be directed to the EVCA, Tel: + 32 2 715 00 20.
© Copyright EVCA May 2013
| Creating lasting value 2012 Pan-European Private Equity and Venture Capital Activity | 5
Executive Summary
• More than 2,000 European companies were exited, representing former equity investments of €22bn. While the number of companies remained
stable the amount divested at cost decreased by 29%.
• Of all exited companies in 2012 venture capital represented almost 50% and growth 23%. Their typical exits included trade sale, sale to another
private equity firm and write-off. Buyout related exits attributed 85% of equity amount divested at cost. This presents a decline of 26%.
Prominent exit routes were trade sale, sale to another private equity firm and public offering.
• Initial Public Offering (IPO) levels remained very low. Only three buyout and five venture capital investments were able to take this exit route.
• The overall amount of €36.5bn invested in European companies in 2012 reduced by 19% compared to the previous year. This was due to the weak
first half of 2012 coinciding with economic uncertainty in Europe. In contrast, the number of private equity backed companies remained stable at
almost 5,000 European companies. Therefore, it was less capital intensive for the industry to invest in a constant number of companies in
Europe. About 43% of the companies that received investment in 2012 were private equity backed for the first time.
• The total amount of venture capital invested reduced year on year by 14% to €3.2bn. The number of venture capital backed companies remained
stable at about 2,900. For the first time more than 1,000 companies attracted growth investments despite a decrease in amount of 26%
compared to 2011. Buyout investments reached €28bn. More than 800 companies received buyout investments similar to the level from 2011
although the investment amount reduced by 19%.
Divestments
Fundraising
Investments
More data on www.evca.eu – Research & Data
• Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This reduction was driven by lower activity of larger funds. In 2012
only 13 funds were raising more than €250m compared to 26 in 2011. Funds that raised in excess of €250m in 2012 dropped in total volume by
51% compared to 2011. In contrast, the volume raised by funds smaller than €250m reduced by only 25% in the same period.
• Pension funds and fund of funds accounted for almost half of all sources of funds with more than 20% each. Family offices & private individuals,
government agencies and sovereign wealth funds follow as major sources with 10-12% each.
• Despite macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional investors outside of Europe.
→ Pages 7-26
→ Pages 27-59
→ Pages 61-72
| Creating lasting value 2012 Pan-European Private Equity and Venture Capital Activity | 6
Overview - Fundraising, Investments & Divestments
2000–2012 - Industry statistics - Amount

Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2012)
EVCA Statistics explained: For the purpose of a longer time series this graph shows “industry statistics” capturing activity by location of the private
equity firm. In the following presentation most statistics on investments and divestments are reported as “market statistics” to focus on the impact
of portfolio companies in Europe that are backed by private equity. This data is only available since 2007.
48
40
28 27 27
72
112
80
80
19
22
42
24
35
24
28
29
37
47
71
73
55
25
43
47
37
9
13
11
14
20
30
33
27
14
12
20
31
22
0
20
40
60
80
100
120
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
Funds Raised Investments Divestments
More data on www.evca.eu – Research & Data
Fundraising
Fundraising statistics explained
• Direct private equity investment funds that primarily focus on investments in Europe are monitored.
• Funds raised are recorded in the country of the advisory team that is raising/managing the fund (“industry statistics”).
• The funds included in the statistics are: private equity funds making direct private equity investments, mezzanine private
equity funds, co-investment funds and rescue/turnaround funds.
• The following funds are excluded from the statistics: infrastructure funds, real estate funds, distress debt funds, primary
funds-of-funds, secondary funds-of-funds.
Fundraising
| 8 | Creating lasting value
Glossary – Fundraising
Fund stage focus
• Early-stage fund: A venture capital fund focused on investing in
companies in their primary development stage.
• Later-stage fund: A venture capital fund focused on investing in
later-stage companies in need of expansion capital.
• Balanced fund: A venture capital fund focused on both early-stage
and development, with no particular concentration on either.
• Growth fund: Funds whose strategy is to invest in relatively
mature companies that are looking for capital to expand or
restructure operations.
• Buyout fund: A fund whose strategy is predominantly to acquire
controlling stakes in established companies.
• Mezzanine fund: A fund that provides (generally subordinated)
debt to facilitate the financing of buyouts, frequently alongside a
right to some of the equity upside.
• Generalist fund: A fund with either a stated focus of investing in
all stages of private equity investment, or with a broad area of
investment activity.
Type of investors
• Corporate investor: Corporations that deliver non-financial
products and services.
• Endowment: An institution that is bestowed money (and possibly
other assets) via a donation with the stipulation to invest it and use
the gains for specific objectives so that the principal remains intact.
• Family office: An office that provides investment management and
other financial services to one or several families.
• Foundations: A non-profit organisation through which private
wealth is contributed and distributed for public or charitable
purposes.
• Fund of funds: A private equity fund that primarily takes equity
positions in other funds.
• Government agencies: Country, regional, governmental and
European agencies or institutions for innovation and development
(including structures such as the EBRD or EIF).
• Other asset manager: Financial institutions (other than bank,
endowment, family office, foundation, insurance company or
pension fund) managing a pool of capital by investing it across asset
classes to generate financial returns.
• Pension funds: A pension fund that is regulated under private or
public sector law.
• Sovereign wealth funds: State-owned investment fund managing a
pool of money derived from a country's reserves.

NB: In the following presentation, unclassified figures concerning the type of
investors have been extrapolated.

Independent and captive funds
• Captive funds: Funds that are 100% owned by the parent
organisation
• Independent funds: Semi-captive funds (those in which the parent
owns less than 100%) as well as wholly independent funds.
Fundraising
| 9 | Creating lasting value
2012 Fundraising at a glance
Incremental amounts raised during the year
Key Figures
2012 All Private Equity Venture Capital** Buyout** Growth**
Incremental amounts raised €23.6bn €3.6bn €16.5bn €0.4bn
Incremental number of funds 239 102 68 15
Final closings - Cumulative amount since inception €19.8bn €1.5bn €13.8bn €0.5bn
Final closings – Number of funds 96 30 30 6
*Other includes Mezzanine and Generalist funds
• Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This
reduction was driven by lower activity of larger funds. In 2012, only 13 funds were
raising more than €250m compared to 26 in 2011. Funds that raised more than
€250m in 2012 dropped in total volume by 51% compared to 2011. The volume
raised by funds smaller than €250m reduced only by 25% in the same period.
• Pension funds and fund of funds accounted for almost half of all sources of funds
with over 20% each. Family offices & private individuals, government agencies and
sovereign wealth funds follow as major sources with 10-12% each. Despite the
macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional
investors outside of Europe.
• Venture capital accounted for 15% of total fundraising compared to 12% in 2011,
beating with € 3.6bn raised the 2010 fundraising low of the past five years. 102
venture capital funds raised new capital in 2012 compared to 152 in 2011. For the
fourth year running government agencies attributed a new high of 40% to venture
capital fundraising coming from 33% in 2011.
• Buyout fundraising reduced by 39%. The €16.5bn raised presented a €10bn drop
compared to the previous year, while still covering 70% of all fundraising. This can
be attributed to the strong fundraising year of 2011 which saw 81 funds
successfully raising new capital. Eight of these funds in 2011 were taking up more
than €1bn. In 2012, 68 funds raised capital with only 3 reaching more than €1bn.
• Growth fundraising reached only 9% of its 2011 level. Only 15 funds raised new
capital compared to 32 in the previous year.

Source: EVCA / PEREP_Analytics
8.3
6.3 3.7 3.2 5.2 3.6
58.6
64.8
10.8
13.4
26.9
16.5
1.3
3.6
1.1
2.6
4.4
0.4
11.4
5.8
3.3
2.6
5.1
3.1
79.6
80.5
18.9
21.8
41.6
23.6
0
10
20
30
40
50
60
70
80
90
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
Venture Capital Buyout Growth Other* Total
** Relates to fund focus
Fundraising
| 10 | Creating lasting value
Funds raised by fund stage focus
2007–2012 - Incremental amount raised during the year
Venture Capital

Source: EVCA / PEREP_Analytics
Balanced
Later-stage
Early-stage
58.6
64.8
10.8
13.4
26.9
16.5
0.3
10.3
20.3
30.3
40.3
50.3
60.3
70.3
Buyout

b
i
l
l
i
o
n
3.8
2.3
1.8
1.0
2.0 2.0
1.2
1.5
0.4
0.6
1.0
0.2
3.2
2.5
1.6
1.6
2.2
1.3
8.3
6.3
3.7
3.2
5.2
3.6
0
1
2
3
4
5
6
7
8
9

b
i
l
l
i
o
n
1.3
5.3
6.0
3.6
2.0
3.7
1.1
0.7
2.6 2.6
0.9
1.7
4.4
2.8
2.2
0.4
2.0
1.1
Growth capital Mezzanine Generalist
2007 2008 2009 2010 2011 2012
Fundraising
| 11 | Creating lasting value
Funds raised by fund stage focus
2007–2012 – Number of funds that reach first, intermediary or final closing during the year

Source: EVCA / PEREP_Analytics
Venture Capital
Balanced
Later-stage
Early-stage
100
82
70
60
74
52
27
17
18
17
20
11
69
66
60
57
58
39
196
165
148
134
152
102
0
20
40
60
80
100
120
140
160
180
200
160
135
78
77
81
68
0
20
40
60
80
100
120
140
160
180
200
Buyout
26
21
80
24
11
72
23
10
56
28
12
57
32
12
60
15
8
46
Growth capital Mezzanine Generalist
2007 2008 2009 2010 2011 2012

NB: Also contains funds that only reported capital gains as fundraising
Fundraising
| 12 | Creating lasting value
0%
10%
20%
30%
40%
50%
60%
70%
80%
2007 2008 2009 2010 2011 2012
Academic inst. / Endowments / Foundations
Banks
Capital markets
Corporate investors
Family offices & Private individuals
Fund of funds & Other asset managers
Government agencies
Insurance companies
Pension funds
Sovereign wealth funds
Funds raised by type of investor
2007–2012 - Incremental amount raised during the year - % of total amount


Source: EVCA / PEREP_Analytics
0%
5%
10%
15%
20%
25%
30%
35%
2007 2008 2009 2010 2011 2012
78.5
80.4
18.6
21.8
41.1
23.6
0
50
100
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
New funds raised
(excluding capital gains)
Fundraising
| 13 | Creating lasting value
Venture funds raised by type of investor
2007–2012 - Incremental amount raised during the year - % of total amount


Source: EVCA / PEREP_Analytics
8.2
6.2
3.6
3.2
5.2
3.6
0
5
10
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
New funds raised
(excluding capital gains)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2007 2008 2009 2010 2011 2012
0%
10%
20%
30%
40%
50%
60%
70%
80%
2007 2008 2009 2010 2011 2012
Academic inst. / Endowments / Foundations
Banks
Capital markets
Corporate investors
Family offices & Private individuals
Fund of funds & Other asset managers
Government agencies
Insurance companies
Pension funds
Sovereign wealth funds
Fundraising
| 14 | Creating lasting value
Buyout funds raised by type of investor
2007–2012 - Incremental amount raised during the year - % of total amount


Source: EVCA / PEREP_Analytics
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2007 2008 2009 2010 2011 2012
58.1
64.8
10.6
13.4
26.9
16.5
0
50
100
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
New funds raised
(excluding capital gains)
0%
10%
20%
30%
40%
50%
60%
70%
80%
2007 2008 2009 2010 2011 2012
Academic inst. / Endowments / Foundations
Banks
Capital markets
Corporate investors
Family offices & Private individuals
Fund of funds & Other asset managers
Government agencies
Insurance companies
Pension funds
Sovereign wealth funds
Fundraising
| 15 | Creating lasting value
Growth funds raised by type of investor
2007–2012 - Incremental amount raised during the year - % of total amount


Source: EVCA / PEREP_Analytics
0%
10%
20%
30%
40%
50%
60%
70%
80%
2007 2008 2009 2010 2011 2012
1.2
3.6
1.1
2.6
4.4
0.4
0
5
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
New funds raised
(excluding capital gains)
0%
10%
20%
30%
40%
50%
60%
70%
80%
2007 2008 2009 2010 2011 2012
Academic inst. / Endowments / Foundations
Banks
Capital markets
Corporate investors
Family offices & Private individuals
Fund of funds & Other asset managers
Government agencies
Insurance companies
Pension funds
Sovereign wealth funds
Fundraising
| 16 | Creating lasting value
4.5%
1.5%
12.3%
0.7%
6.5%
9.3%
39.7%
7.7%
4.5%
5.3%
8.1%
0.7%
7.5%
1.5%
3.1%
1.5%
5.3%
14.2%
10.1%
8.8%
8.5%
22.1%
4.9%
11.7%
1.0%
8.0%
1.7%
1.0%
1.8%
4.5%
16.9%
2.3%
8.5%
10.2%
27.4%
1.7%
14.9%
0.3%
2.8%
2.0%
5.1%
1.9%
31.3%
1.6%
6.5%
37.3%
11.1%
Funds raised by type of investor
2012 - Incremental amount raised during the year - % of amount

Source: EVCA / PEREP_Analytics
All Private Equity funds
Buyout funds
Venture funds
Growth funds
239 funds
191 firms
102 funds
89 firms
15 funds
14 firms
68 funds
61 firms
1.0%
8.0%
1.7%
1.0%
1.8%
4.5%
16.9%
2.3%
8.5% 10.2%
27.4%
1.7%
14.9%
Academic institutions
Banks
Capital markets
Corporate investors
Endowments and foundations
Family offices
Fund of funds
Government agencies
Insurance companies
Other asset managers
Pension funds
Private individuals
Sovereign wealth funds
Fundraising
| 17 | Creating lasting value
347
305
266
252
269
193
70
47
29
40
42
33
36
27
14
9
14
5
15
13
5
3
4
4
14
14
1
4
8
4
0%
10%
20%
30%
40%
50%
60%
70%
<€100m €100 - 250m €250 - 500m €500 - 1bn >€1bn
Concentration of capital
2007–2012 – Incremental fundraising by amount bracket per fund during the year

Source: EVCA / PEREP_Analytics
2007 2008 2009 2010 2011 2012
Number
of
funds
%

t
o
t
a
l

a
m
o
u
n
t

o
f

a
n
n
u
a
l

f
u
n
d
r
a
i
s
i
n
g

Fundraising
| 18 | Creating lasting value
Funds raised by type of investor & region of the fund
2012 - Incremental amount raised during the year
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe Source: EVCA / PEREP_Analytics
3.1%
3.9%
1.5%
0.0%
1.3%
1.1%
1.8%
8.6%
6.4%
13.2%
60.7%
0.4%
2.7%
0.0%
0.0%
0.2%
0.0%
0.0%
1.2%
3.6%
3.6%
7.2%
3.9%
0.7%
4.3%
17.3%
5.4%
23.2%
6.7%
5.3%
24.4%
23.8%
22.5%
18.6%
13.8%
34.6%
1.8%
13.6%
29.7%
18.7%
12.4%
26.8%
10.2%
8.6%
3.8%
9.3%
1.3%
2.6%
29.4%
20.5%
26.8%
8.7%
0.0%
15.8%
21.1%
0.0% 0.2% 0.9%
0.0%
12.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
UK & Ireland DACH Nordics France &
Benelux
Southern Europe CEE
Sovereign wealth funds
Pension funds
Insurance companies
Government agencies
Fund of funds & Other asset managers
Family offices & Private individuals
Corporate investors
Capital markets
Banks
Academic inst. / Endowments /
Foundations
Fundraising
| 19 | Creating lasting value
Funds raised by country of management & country of origin (LP country)
2012 - Incremental amount raised during the year
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe Source: EVCA / PEREP_Analytics
13.4
2.6
1.6
4.7
0.6
0.5
2.3
1.7
1.9
3.7
0.6
0.0
-
2
4
6
8
10
12
14
16
UK & Ireland DACH Nordics France & Benelux Southern Europe CEE

b
i
l
l
i
o
n
by country of management by country of origin
Fundraising
| 20 | Creating lasting value
Funds raised by country of management
2007-2012 - Incremental amount raised during the year
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe Source: EVCA / PEREP_Analytics

NB: Include capital gains as fundraising
46.2
47.7
6.6
8.9
17.7
13.5
6.7
6.0
2.4
2.1
4.3
2.6
7.9
9.7
1.5
1.9
8.5
1.6
11.3
11.8
4.0
6.9
8.6
4.7
6.3
4.0
4.1
1.5
1.8
0.6
1.2
1.3
0.3
0.5
0.8
0.5
0
10
20
30
40
50
60
70
80
90
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
UK & Ireland DACH Nordics France & Benelux Southern Europe CEE
Fundraising
| 21 | Creating lasting value
Fundraising geographic breakdown
10.8%
(17.2%)
17.4%
(12.0%)
0.1%
(0.9%)
Rest of World
1.5%
(0.2%)
Australia
Asia
13.1%
(14.5%)
North America
25.2%
(20.0%)
Other
Western Europe
11.9%
(12.7%)
8.0%
(9.1%)
2.9%
(3.7%)
9.1%
(9.8%)
2012 (2011) - Source of funds - % of total amount

Source: EVCA / PEREP_Analytics
Fundraising
| 22 | Creating lasting value
Venture Capital - Fundraising geographic breakdown
10.1%
(15.1%)
34.5%
(28.0%)
0.8%
(2.4%)
Rest of World
0.4%
(0.0%)
Australia
Asia
0.3%
(1.3%)
North America
4.5%
(1.6%)
10.7%
(31.7%)
4.9%
(4.9%)
17.5%
(8.5%)
2012 (2011) - Source of funds - % of total amount

Source: EVCA / PEREP_Analytics
Other
Western Europe
16.2%
(6.6%)
Fundraising
| 23 | Creating lasting value
Buyout - Fundraising geographic breakdown
11.7%
(7.8%)
11.1%
(8.7%)
0.0%
(0.3%)
Rest of World
2.0%
(0.1%)
Australia
Asia
15.3%
(19.2%)
North America
31.3%
(28.2%)
7.8%
(4.9%)
2.6%
(3.0%)
7.4%
(12.2%)
2012 (2011) - Source of funds - % of total amount

Source: EVCA / PEREP_Analytics
Other
Western Europe
10.7%
(15.6%)
Fundraising
| 24 | Creating lasting value
Funds raised by fund stage focus
2007–2012 - Final closing during the year - Amount

Source: EVCA / PEREP_Analytics
Venture Capital
Balanced
Later-stage
Early-stage
1.2
4.7
2.7
3.1
0.5
2.1
0.7
1.3
1.1
1.5
0.8
0.8
1.4
1.6
1.4
0.5
3.3
0.7
Growth capital Mezzanine Generalist
2007 2008 2009 2010 2011 2012
2.7
1.6
1.1
0.5 0.5
1.0
0.6
0.9
0.3
0.2
1.0
0.1
1.6
1.4
0.9
1.4
1.4
0.3
4.8
4.0
2.3
2.1
2.9
1.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0

b
i
l
l
i
o
n
53.8
58.9
10.0
13.3
17.7
13.8
0
10
20
30
40
50
60
Buyout

b
i
l
l
i
o
n
Fundraising
| 25 | Creating lasting value
Funds raised by fund stage focus
2007–2012 - Final closing during the year - Number of funds

Source: EVCA / PEREP_Analytics
Venture Capital
Balanced
Later-stage
Early-stage
34
26
18
20
16
12
8
8
5
5
9
6
17
20
22
24
25
12
59
54
45
49
50
30
0
10
20
30
40
50
60
70
80
90
83
70
22
39
41
30
0
10
20
30
40
50
60
70
80
90
Buyout
9
12
20
12
3
23
6
5
23
6
4
16
14
4
24
6
5
25
Growth capital Mezzanine Generalist
2007 2008 2009 2010 2011 2012
Fundraising
| 26 | Creating lasting value
81 79
69 74
77
63
48
39
17 21
37
18
28
17
9
10
10
7 14
13
4
6
4
6
12
14
2
3
5
2
0%
10%
20%
30%
40%
50%
60%
70%
80%
<€100m €100 - 250m €250 - 500m €500 - 1bn >€1bn
Concentration of capital
2007–2012 - Final closing during the year - Amount & Number of funds

Source: EVCA / PEREP_Analytics
2007 2008 2009 2010 2011 2012
Number
of
funds
%

t
o
t
a
l

a
m
o
u
n
t

o
f

c
u
m
u
l
a
t
i
v
e


f
u
n
d
r
a
i
s
i
n
g

u
n
t
i
l

f
i
n
a
l

c
l
o
s
i
n
g

Investments
Investments statistics explained
• Industry statistics are an aggregation of figures according to the country of the private equity firm’s office in charge of
the investment. At European level, this relates to investments made by European private equity firms regardless of the
location of the target company.
• Market statistics are an aggregation of figures according to the location of the portfolio company. At European level, this
relates to investments in European companies regardless of the location of the private equity firm.
• Equity value: The amount of capital invested to acquire shares in an enterprise. The equity value includes equity, quasi-
equity, mezzanine, unsecured debt and secured debt provided by the firm.
More data on www.evca.eu – Research & Data
Investments
| 28 | Creating lasting value
Glossary – Investment Stages

• Venture Capital
• Seed: Financing provided to research, assess and develop an
initial concept before a business has reached the start-up
phase.

• Start-up: Financing provided to companies for product
development and initial marketing. Companies may be in the
process of being set up or may have been in business for a
short time, but have not sold their product commercially.

• Later-stage venture: Financing provided for the expansion
of an operating company, which may or may not be breaking
even or trading profitably. Later-stage venture tends to
finance companies already backed by venture capital firms.

• Growth: A type of private equity investment – most often a
minority investment but not necessarily – in relatively mature
companies that are looking for capital to expand or restructure
operations, enter new markets.

• Buyout: Financing provided to acquire a company. It may use a
significant amount of borrowed money to meet the cost of
acquisition.

• Rescue/Turnaround: Financing made available to an existing
business, which has experienced trading difficulties, with a view
to re-establishing prosperity.

• Replacement capital: The purchase of a minority stake of
existing shares in a company from another private equity firm or
from another shareholder or shareholders.

Investments
| 29 | Creating lasting value
2012 Investments at a glance
Investments – Market statistics – Amount & No. of companies
Key Figures
2012 All Private Equity Venture Capital* Buyout* Growth*
Investments – Amount (Market statistics) €36.5bn €3.2bn €28.0bn €3.8bn
Investments – Number of companies (Market statistics) 4,975 2,923 878 1,047
Number of firms involved (Market statistics) 1,004 556 428 329
Number of funds involved (Market statistics) 1,687 952 607 511
• Overall €36.5bn was invested in European companies in 2012 with a decrease of
19% compared to the previous year. This was due to the weak first half of 2012
coinciding with economic uncertainty in Europe.
• The number of private equity backed companies remained stable at almost 5,000
European companies. Therefore, it was less capital intensive for the industry to
invest in a constant number of companies in Europe. About 43% of the companies
that received investments in 2012 were private equity backed for the first time.
• The total amount of venture capital invested decreased year on year by 14% to
€3.2bn. The number of venture backed companies remained stable at about
2,900. Start-up stage investments accounted for the majority of venture capital
activity by amount and number of companies (56-60%). Life sciences, computer &
consumer electronics, communications and energy & environment accounted for
three quarters of all venture capital investments.
• For the first time more than 1,000 companies attracted growth investments
despite a decrease in amount of 26% compared to 2011. Almost two thirds were
in business & industrial products and services, computer & consumer electronics,
consumer services, energy and environment and life sciences.
• More than 800 companies received buyout investments similar to the 2011 level
although the investment amount reduced by 19% to €28bn. Buyout investments
broadly concentrate across sectors of business & industrial products and services,
computer & consumer electronics, consumer goods and retail, consumer services
and life sciences.

Source: EVCA / PEREP_Analytics
57.2
38.4
12.7
29.7
34.5
28.0
4.3
6.7
5.1
6.3
5.2
3.8
6
6
4
4
4
3
1,299
1,161
615 783
881 878
348
593
775
994
932
1,047
3,339
3,667
3,155
3,039
2,965
2,923
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
10
20
30
40
50
60
70
2007 2008 2009 2010 2011 2012
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

f
i
n
a
n
c
e
d

b
i
l
l
i
o
n
Buyout - Amount Growth - Amount VC - Amount
Buyout - No. of companies Growth - No. of companies VC - No. of companies
6 6
4 4 4 3
57.2
38.4
12.7
29.7
34.5
28.0
4.3
6.7
5.1
6.3
5.2
3.8
70
53
24
42
45
36
1,299
1,161
615
783
881 878
348
593 775
994
932
1,047
3,339
3,667
3,155
3,039
2,965
2,923
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
10
20
30
40
50
60
70
2007 2008 2009 2010 2011 2012
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

f
i
n
a
n
c
e
d

b
i
l
l
i
o
n
VC - Amount Buyout - Amount Growth - Amount
Other - Amount Total - Amount Buyout - No. of companies
Growth - No. of companies VC - No. of companies
6 6
4 4 4 3
57.2
38.4
12.7
29.7
34.5
28.0
4.3
6.7
5.1
6.3
5.2
3.8
70
53
24
42
45
36
1,299
1,161
615
783
881 878
348
593 775
994
932
1,047
3,339
3,667
3,155
3,039
2,965
2,923
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
10
20
30
40
50
60
70
2007 2008 2009 2010 2011 2012
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

f
i
n
a
n
c
e
d

b
i
l
l
i
o
n
VC - Amount Buyout - Amount Growth - Amount
Other - Amount Total - Amount Buyout - No. of companies
Growth - No. of companies VC - No. of companies
* Relates to the investment stage of the portfolio company
6.0 6.3
3.8 3.7 3.7 3.2
57.2
38.4
12.7
29.7
34.5
28.0
4.3
6.7
5.1
6.3
5.2
3.8
69.8
53.4
24.3
41.9
44.9
36.5
1,299
1,161
615
783
881 878
348
593 775
994
932
1,047
3,339
3,667
3,155
3,039
2,965
2,923
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
10
20
30
40
50
60
70
2007 2008 2009 2010 2011 2012
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

f
i
n
a
n
c
e
d

b
i
l
l
i
o
n
VC - Amount Buyout - Amount Growth - Amount
Other - Amount Total - Amount Buyout - No. of companies
Growth - No. of companies VC - No. of companies
Investments
| 30 | Creating lasting value
Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Amount

Source: EVCA / PEREP_Analytics
2007 2008 2009 2010 2011 2012
0
2
4
6
8
10
12
14
16
18
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

b
i
l
l
i
o
n
Venture Capital Buyout Growth
Investments
| 31 | Creating lasting value
Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies

Source: EVCA / PEREP_Analytics
2007 2008 2009 2010 2011 2012
0
200
400
600
800
1,000
1,200
1,400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Venture Capital Buyout Growth
Investments
| 32 | Creating lasting value
Venture Capital - Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Amount

Source: EVCA / PEREP_Analytics
2007 2008 2009 2010 2011 2012
0
200
400
600
800
1,000
1,200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

m
i
l
l
i
o
n
Seed Start-up Later-stage venture
Investments
| 33 | Creating lasting value
Venture Capital - Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies

Source: EVCA / PEREP_Analytics
2007 2008 2009 2010 2011 2012
0
100
200
300
400
500
600
700
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Seed Start-up Later-stage venture
Investments
| 34 | Creating lasting value
Investments by stage focus
2007–2012 - Market statistics - Amount
Venture Capital

Source: EVCA / PEREP_Analytics
57.2
38.4
12.7
29.7
34.5
28.0
0
10
20
30
40
50
60
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
Buyout
3.5
3.6
1.8
1.7 1.7
1.3
2.3
2.4
1.9
1.8 1.8
1.8
0.2
0.3
0.1
0.1 0.2
0.1
4.3
6.7
5.1
6.3
5.2
3.8
0.5
0.3
0.7
0.5 0.5
0.4
1.9
1.6
2.0
1.8
1.0 1.1
6.0
6.3
3.8
3.7 3.7
3.2
0
1
2
3
4
5
6
7
8
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
Later-stage venture Start-up Seed Growth Rescue/Turnaround Replacement capital
Investments
| 35 | Creating lasting value
Investments by stage focus
2007–2012 - Market statistics - Number of companies

Source: EVCA / PEREP_Analytics
Venture Capital
1,299
1,161
615
783
881 878
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
200720082009201020112012
Buyout
1,413
1,513
1,151
990
939
839
1,528
1,796
1,724
1,711
1,679
1,796
500
527
371
393
392 353
348
593
775
994
932
1,047
52 68 150 132 103 67 140 174 176 135 76
118
3,339
3,667
3,155
3,039
2,965
2,923
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2007 2008 2009 2010 2011 2012
Later-stage venture Start-up Seed Growth Rescue/Turnaround Replacement capital
Investments
| 36 | Creating lasting value
Buyout - Investments by stage focus / equity split
2007–2012 - Market statistics - Amount & Number of companies

Source: EVCA / PEREP_Analytics
0
200
400
600
800
1,000
1,200
1,400
0
10
20
30
40
50
60
70
2007 2008 2009 2010 2011 2012
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

b
i
l
l
i
o
n
Buyout < €150m
(Amount)
Buyout > €150m
(Amount)
Growth
(Amount)
Buyout < €150m
(Number of companies)
Buyout > €150m
(Number of companies)
Growth
(Number of companies)
Investments
| 37 | Creating lasting value
Seed
0.4%
Start-up
4.9%
Later-stage venture
3.4%
Growth capital
10.4%
Rescue/ Turnaround
1.0%
Replacement
capital
3.0%
Buyout
76.8%
Seed
Start-up
Later-stage
venture
Growth capital
Rescue/
Turnaround
Replacement
capital
Buyout
Investments by stage focus
% of Amount % of Number of companies
2012 - Market statistics - % of Amount & Number of companies

Source: EVCA / PEREP_Analytics
Venture Capital €3.2bn
Buyout €28bn
Growth €3.8bn
Venture Capital 2,923 Companies
Buyout 878 Companies
Growth 1,047 Companies
Seed
6.9%
Start-up
35.2%
Later-stage venture
16.5%
Growth capital
20.5%
Rescue/ Turnaround
1.3%
Replacement capital
2.3%
Buyout
17.2%
Seed
Start-up
Later-stage venture
Growth capital
Rescue/
Turnaround
Replacement
capital
Buyout
Investments
| 38 | Creating lasting value
Investments by stage focus & regions
2012 - Market statistics - Amount
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe Source: EVCA / PEREP_Analytics
Venture Capital
8.1
5.6
6.9
2.8
3.9
0.7
0
1
2
3
4
5
6
7
8
9

b
i
l
l
i
o
n
Buyout
0.3
0.4
0.3
0.1
0.2
0.0
0.5
0.4
0.4
0.1
0.3
0.1
0.0
0.0
0.1
0.0
0.0
0.0
0.8
1.1
0.8
0.4
0.4
0.2
0.1
0.1
0.0
0.1
0.0 0.0
0.4 0.4
0.1
0.1
0.0 0.0
0.8
0.8
0.7
0.2
0.5
0.1
0
0.2
0.4
0.6
0.8
1
1.2
UK & Ireland France & Benelux DACH Southern Europe Nordics CEE

b
i
l
l
i
o
n
Later-stage venture Start-up Seed Growth Rescue/Turnaround Replacement capital
Investments
| 39 | Creating lasting value
Investments by stage focus & regions
2012 - Market statistics - Number of companies
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe Source: EVCA / PEREP_Analytics
Venture Capital
173
319
139
91
123
33
0
100
200
300
400
Buyout
120
227
242
36
183
31
295
333
506
158
430
74
17
17
217
26
58
18
109
325
410
71 74
58 11 29 11 8 7 1
15 37 21 24
12
9
426
569
931
217
657
123
0
100
200
300
400
500
600
700
800
900
1000
UK & Ireland France & Benelux DACH Southern Europe Nordics CEE
Later-stage venture Start-up Seed Growth Rescue/Turnaround Replacement capital
Investments
| 40 | Creating lasting value
Investments by region
By location of private equity firm By location of portfolio company
2012 - Industry vs. Market statistics - Amount
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe Source: EVCA / PEREP_Analytics
UK & Ireland
43%
France & Benelux
20%
DACH
16%
Southern Europe
8%
Nordics
11%
CEE
2%
UK & Ireland
28%
France &
Benelux
22%
DACH
23%
Southern Europe
10%
Nordics
14%
CEE
3%
Investments
| 41 | Creating lasting value
Geographic investment flows
2012 - Industry vs. Market statistics - Amount

Source: EVCA / PEREP_Analytics
€8.3bn
€27.4bn
€0.8bn
€1.2bn
European private
equity firms investing
in portfolio companies
outside Europe
Cross-border investments
within Europe
Domestic investments
in European countries
Market statistics
are an aggregation of figures according to the
location of the portfolio company.
At European level, this relates to investments
in European companies regardless of the
location of the private equity firm.
Industry statistics
are an aggregation of figures according to the
country of the private equity firm’s office in charge
of the investment.
At European level, this relates to investments made
by European private equity firms regardless of the
location of the target company.
Non-European private
equity firms investing in
portfolio companies in
Europe
Europe includes:
Austria, Baltic countries (Estonia, Latvia, Lithuania),
Belgium, Bulgaria, Czech Republic, Denmark,
Finland, France, Germany, Greece, Hungary,
Ireland, Italy, Luxembourg, Netherlands, Norway,
Other CEE (Bosnia-Herzegovina, Croatia, Macedonia,
Montenegro, Serbia, Slovenia, Slovakia),
Poland, Portugal, Romania, Spain, Sweden,
Switzerland, Ukraine, United Kingdom

Investments
| 42 | Creating lasting value
Venture Capital - Geographic investment flows
2012 - Industry vs. Market statistics - Amount

Source: EVCA / PEREP_Analytics
€610m
€2,365m
€210m
€369m
European private
equity firms investing
in portfolio companies
outside Europe
Cross-border investments
within Europe
Domestic investments
in European countries
Market statistics
are an aggregation of figures according to the
location of the portfolio company.
At European level, this relates to investments
in European companies regardless of the
location of the private equity firm.
Industry statistics
are an aggregation of figures according to the
country of the private equity firm’s office in charge
of the investment.
At European level, this relates to investments made
by European private equity firms regardless of the
location of the target company.
Non-European private
equity firms investing in
portfolio companies in
Europe
Europe includes:
Austria, Baltic countries (Estonia, Latvia, Lithuania),
Belgium, Bulgaria, Czech Republic, Denmark,
Finland, France, Germany, Greece, Hungary,
Ireland, Italy, Luxembourg, Netherlands, Norway,
Other CEE (Bosnia-Herzegovina, Croatia, Macedonia,
Montenegro, Serbia, Slovenia, Slovakia),
Poland, Portugal, Romania, Spain, Sweden,
Switzerland, Ukraine, United Kingdom

Investments
| 43 | Creating lasting value
Investments as % of GDP
2000–2012 - Industry statistics - % of GDP

Source: Thomson Reuters Datastream (GDP) / Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2012)

0.38%
0.25%
0.28%
0.29%
0.35%
0.42%
0.60%
0.55%
0.41%
0.20%
0.33%
0.34%
0.26%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
%
o
f

G
D
P
Investments
| 44 | Creating lasting value
Investments as % of GDP
*Other CEE consists of Ex-Yugoslavia and Slovakia
2012 - Industry statistics

Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
0
.
8
3
4
%
0
.
5
5
8
%
0
.
4
8
2
%
0
.
2
8
3
%
0
.
2
6
4
%
0
.
2
5
3
%
0
.
2
4
8
%
0
.
2
2
0
%
0
.
2
1
9
%
0
.
1
9
4
%
0
.
1
6
4
%
0
.
1
4
4
%
0
.
1
4
2
%
0
.
1
4
0
%
0
.
1
3
7
%
0
.
1
3
4
%
0
.
1
0
4
%
0
.
0
7
8
%
0
.
0
5
4
%
0
.
0
5
2
%
0
.
0
3
7
%
0
.
0
2
9
%
0
.
0
1
9
%
0
.
0
1
6
%
0
.
0
1
1
%
0
.
0
0
0
%
0.000%
0.200%
0.400%
0.600%
0.800%
1.000%
1.200%
%

o
f

G
D
P
2012 2007-2011 Annual Average
Investments
| 45 | Creating lasting value
Venture Capital - Investments as % of GDP
2012 - Industry statistics
*Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
0
.
1
1
8
%
0
.
0
7
2
%
0
.
0
6
7
%
0
.
0
5
3
%
0
.
0
4
4
%
0
.
0
4
1
%
0
.
0
3
8
%
0
.
0
3
2
%
0
.
0
3
0
%
0
.
0
3
0
%
0
.
0
2
7
%
0
.
0
2
5
%
0
.
0
2
4
%
0
.
0
2
1
%
0
.
0
1
8
%
0
.
0
1
0
%
0
.
0
0
9
%
0
.
0
0
8
%
0
.
0
0
4
%
0
.
0
0
2
%
0
.
0
0
1
%
0
.
0
0
0
%
0
.
0
0
0
%
0
.
0
0
0
%
0
.
0
0
0
%
0
.
0
0
0
%
0.000%
0.020%
0.040%
0.060%
0.080%
0.100%
0.120%
0.140%
0.160%
%

o
f

G
D
P
2012 2007-2011 Annual Average
Investments
| 46 | Creating lasting value
Buyout - Investments as % of GDP
2012 - Industry statistics
*Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
0
.
7
0
6
%
0
.
4
0
0
%
0
.
3
3
0
%
0
.
2
0
1
%
0
.
1
8
0
%
0
.
1
7
1
%
0
.
1
6
3
%
0
.
1
5
0
%
0
.
1
4
8
%
0
.
1
4
8
%
0
.
1
3
7
%
0
.
1
0
8
%
0
.
1
0
6
%
0
.
0
9
0
%
0
.
0
8
7
%
0
.
0
5
8
%
0
.
0
5
5
%
0
.
0
3
5
%
0
.
0
2
2
%
0
.
0
1
2
%
0
.
0
1
0
%
0
.
0
1
0
%
0
.
0
0
8
%
0
.
0
0
8
%
0
.
0
0
0
%
0
.
0
0
0
%
0.000%
0.100%
0.200%
0.300%
0.400%
0.500%
0.600%
0.700%
0.800%
0.900%
1.000%
%

o
f

G
D
P
2012 2007-2011 Annual Average
Investments
| 47 | Creating lasting value
Growth - Investments as % of GDP
2012 - Industry statistics
*Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
0
.
0
8
8
%
0
.
0
5
3
%
0
.
0
5
2
%
0
.
0
4
3
%
0
.
0
4
1
%
0
.
0
3
6
%
0
.
0
3
6
%
0
.
0
3
4
%
0
.
0
3
3
%
0
.
0
2
8
%
0
.
0
2
7
%
0
.
0
2
3
%
0
.
0
2
1
%
0
.
0
2
0
%
0
.
0
1
9
%
0
.
0
1
7
%
0
.
0
1
3
%
0
.
0
1
1
%
0
.
0
0
8
%
0
.
0
0
7
%
0
.
0
0
4
%
0
.
0
0
3
%
0
.
0
0
3
%
0
.
0
0
1
%
0
.
0
0
0
%
0
.
0
0
0
%
0.000%
0.020%
0.040%
0.060%
0.080%
0.100%
0.120%
0.140%
0.160%
0.180%
0.200%
%

o
f

G
D
P
2012 2007-2011 Annual Average
Investments
| 48 | Creating lasting value
Investments as % of GDP
2012 - Market statistics
*Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
0
.
6
0
2
%
0
.
5
3
0
%
0
.
3
7
3
%
0
.
3
6
9
%
0
.
3
5
2
%
0
.
3
1
2
%
0
.
2
6
0
%
0
.
2
5
8
%
0
.
2
4
7
%
0
.
2
4
4
%
0
.
2
2
6
%
0
.
2
1
1
%
0
.
1
9
0
%
0
.
1
5
9
%
0
.
1
5
3
%
0
.
1
3
7
%
0
.
1
2
5
%
0
.
1
0
3
%
0
.
0
8
6
%
0
.
0
8
4
%
0
.
0
6
9
%
0
.
0
6
6
%
0
.
0
4
2
%
0
.
0
3
3
%
0
.
0
2
0
%
0
.
0
1
8
%
0.000%
0.200%
0.400%
0.600%
0.800%
1.000%
1.200%
1.400%
1.600%
%

o
f

G
D
P
2012 2007-2011 Annual Average
Investments
| 49 | Creating lasting value
Venture Capital - Investments as % of GDP
2012 - Market statistics
*Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
0
.
0
6
5
%
0
.
0
5
4
%
0
.
0
5
4
%
0
.
0
4
1
%
0
.
0
3
8
%
0
.
0
3
3
%
0
.
0
3
2
%
0
.
0
2
9
%
0
.
0
2
9
%
0
.
0
2
7
%
0
.
0
2
5
%
0
.
0
2
4
%
0
.
0
2
3
%
0
.
0
2
1
%
0
.
0
2
1
%
0
.
0
1
1
%
0
.
0
1
1
%
0
.
0
1
0
%
0
.
0
0
5
%
0
.
0
0
3
%
0
.
0
0
2
%
0
.
0
0
2
%
0
.
0
0
2
%
0
.
0
0
1
%
0
.
0
0
0
%
0
.
0
0
0
%
0.000%
0.010%
0.020%
0.030%
0.040%
0.050%
0.060%
0.070%
0.080%
0.090%
0.100%
%

o
f

G
D
P
2012 2007-2011 Annual Average
Investments
| 50 | Creating lasting value
Buyout - Investments as % of GDP
2012 - Market statistics
*Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
0
.
5
1
5
%
0
.
4
2
1
%
0
.
3
1
6
%
0
.
3
0
9
%
0
.
2
8
5
%
0
.
2
1
5
%
0
.
2
1
1
%
0
.
2
0
0
%
0
.
1
9
3
%
0
.
1
7
9
%
0
.
1
7
3
%
0
.
1
5
2
%
0
.
1
4
2
%
0
.
1
0
6
%
0
.
0
7
6
%
0
.
0
6
7
%
0
.
0
6
7
%
0
.
0
6
4
%
0
.
0
6
3
%
0
.
0
6
3
%
0
.
0
5
6
%
0
.
0
3
5
%
0
.
0
1
8
%
0
.
0
1
2
%
0
.
0
1
2
%
0
.
0
0
0
%
0.000%
0.200%
0.400%
0.600%
0.800%
1.000%
1.200%
%

o
f

G
D
P
2012 2007-2011 Annual Average
Investments
| 51 | Creating lasting value
Growth - Investments as % of GDP
2012 - Market statistics
*Other CEE consists of Ex-Yugoslavia and Slovakia Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
0
.
0
6
0
%
0
.
0
5
3
%
0
.
0
5
1
%
0
.
0
4
5
%
0
.
0
4
1
%
0
.
0
3
9
%
0
.
0
3
8
%
0
.
0
3
6
%
0
.
0
3
3
%
0
.
0
2
7
%
0
.
0
2
7
%
0
.
0
2
4
%
0
.
0
2
1
%
0
.
0
2
0
%
0
.
0
2
0
%
0
.
0
1
9
%
0
.
0
1
2
%
0
.
0
1
2
%
0
.
0
0
9
%
0
.
0
0
8
%
0
.
0
0
8
%
0
.
0
0
5
%
0
.
0
0
3
%
0
.
0
0
3
%
0
.
0
0
0
%
0
.
0
0
0
%
0.000%
0.050%
0.100%
0.150%
0.200%
0.250%
0.300%
%

o
f

G
D
P
2012 2007-2011 Annual Average
Investments
| 52 | Creating lasting value
Investments by sector focus
2012 - Market statistics - % of Amount & Number of companies

Source: EVCA / PEREP_Analytics
0.3%
12.4%
10.9%
4.9%
9.0%
8.1%
2.1%
15.2%
9.0%
4.9%
4.3%
14.9%
1.7%
2.1%
0.3%
0.8%
12.5%
8.3%
2.5%
12.1%
17.0%
1.8%
9.5%
5.9%
7.7%
1.5%
16.9%
0.5%
1.6%
1.2%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
Agriculture
Business & industrial products
Business & industrial services
Chemicals and materials
Communications
Computer & consumer electronics
Construction
Consumer goods & retail
Consumer services
Energy and environment
Financial services
Life sciences
Real estate
Transportation
Unclassified
Amount Number of companies
Investments
| 53 | Creating lasting value
Investments by sector focus
2007-2012 - Market statistics - Amount
Venture Capital
Growth

Source: EVCA / PEREP_Analytics
All Private Equity
Buyout
0
10
20
30
40
50
60
70
80
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
0
10
20
30
40
50
60
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
0
1
2
3
4
5
6
7
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
0
1
2
3
4
5
6
7
8
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
Investments
| 54 | Creating lasting value
Investments by sector focus
2007-2012 - Market statistics - Number of companies
Venture Capital
Growth

Source: EVCA / PEREP_Analytics
All Private Equity
Buyout
0
1,000
2,000
3,000
4,000
5,000
6,000
2007 2008 2009 2010 2011 2012
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2007 2008 2009 2010 2011 2012
0
200
400
600
800
1,000
1,200
1,400
2007 2008 2009 2010 2011 2012
0
200
400
600
800
1,000
1,200
2007 2008 2009 2010 2011 2012
Investments
| 55 | Creating lasting value
62%
55%
50%
58%
60%
57% 56%
53%
43%
45% 46%
43%
44%
47%
57%
55% 54%
57%
Follow-on investment for
the company
Initial investment for the
company
Initial investment for the
private equity firm
Initial / Follow-on investments
2012 - Market statistics - % of Number of companies

Source: EVCA / PEREP_Analytics
2007 2008 2009 2010 2011 2012
Investments
| 56 | Creating lasting value
Investments by number of employees
Full-time equivalent
staff by interval
2012 - Market statistics - % of Number of companies
Venture Capital
Growth
42.8%
29.9%
9.0%
2.5%
5.5%
4.2%
5.0%
1.2%
0 - 19
20 - 99
100 - 199
200 - 249
250 - 499
500 - 999
1000 - 4999
5000 +
Source: EVCA / PEREP_Analytics
All Private Equity
Buyout
65.0%
29.2%
4.4%
0.3%
0.8% 0.2% 0.1%
0.0%
43.0%
30.8%
9.3%
2.6%
5.6%
3.6%
4.1%
1.1%
3.1%
25.7%
17.4%
7.1%
17.4%
10.9%
14.5%
3.9%
20.6%
40.6%
15.6%
4.6%
8.8%
4.4%
4.6%
0.9%
Investments
| 57 | Creating lasting value
Venture Capital - Investments by number of employees
2012 - Market statistics - Amount & Number of companies
Full-time equivalent staff by interval

Source: EVCA / PEREP_Analytics
Amount invested Number of companies
SME % 98% 99%
1,403 1,412
307
7
30 24
2 0
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
200
400
600
800
1,000
1,200
1,400
1,600
0 - 19 20 - 99 100 - 199 200 - 249 250 - 499 500 - 999 1000 - 4999 5000 +
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

m
i
l
l
i
o
n
Amount invested Number of companies
Investments
| 58 | Creating lasting value
Buyout - Investments by number of employees
2012 - Market statistics - Amount & Number of companies

Source: EVCA / PEREP_Analytics
Full-time equivalent staff by interval
Amount invested Number of companies
SME % 19% 53%
84
2,025 2,011
1,258
3,963
4,743
9,588
4,317
0
50
100
150
200
250
0
2,000
4,000
6,000
8,000
10,000
12,000
0 - 19 20 - 99 100 - 199 200 - 249 250 - 499 500 - 999 1000 - 4999 5000 +
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

m
i
l
l
i
o
n
Amount invested Number of companies
Investments
| 59 | Creating lasting value
Growth - Investments by number of employees
2012 - Market statistics - Amount & Number of companies

Source: EVCA / PEREP_Analytics
Full-time equivalent staff by interval
Amount invested Number of companies
SME % 68% 81%
137
968
1,125
360
523
338
324
33
0
50
100
150
200
250
300
350
400
450
0
200
400
600
800
1,000
1,200
0 - 19 20 - 99 100 - 199 200 - 249 250 - 499 500 - 999 1000 - 4999 5000 +
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

m
i
l
l
i
o
n
Amount invested Number of companies
Divestments
Divestments statistics explained
• Industry statistics are an aggregation of figures according to the country of the private equity firm’s office in charge of the
divestment. At European level, this relates to divestments made by European private equity firms regardless of the
location of the target company.
• Market statistics are an aggregation of figures according to the location of the portfolio company. At European level, this
relates to divestments of European companies regardless of the location of the private equity firm.
• Divestment amounts (including write-offs) are recorded at cost (i.e. the total amount divested is equal to the total amount
invested before).
More data on www.evca.eu – Research & Data
Divestments
| 62 | Creating lasting value
Glossary – Divestment Stages
• Public offering: the sale or distribution of a company’s shares to the public for the first time by listing the company on the
stock exchange, also includes sale of quoted shares after a lock-up period.

• Repayment of principal loans: If a private equity firm provided loans or purchased preference shares in the company at the
time of the investment, then their repayment according to the amortisation schedule represents a decrease of the financial
claim of the firm into the company, and hence a divestment.

• Repayment of silent partnership: A silent partnership is a type of mezzanine financing instrument. It is similar to a long-
term bank loan but, in contrast to a loan, a silent partnership is subject to a subordination clause, so that in the event of
insolvency all other creditors are paid before the silent partner. The company has to repay the partnership and has to pay
interest and possibly a profit-related compensation. The subordination clause gives the capital the status of equity despite
its loan character. This financing instrument is frequently used in Germany.

• Sale to another private equity firm: The sale of company shares to another direct private equity firm.

• Sale to financial institution: The sale of company shares to banks, insurance companies, pension funds, endowments,
foundations and other asset managers other than private equity firms.

• Trade sale: The sale of company shares to industrial investors.

• Write-off: The total or partial write-down of a portfolio company’s value to zero or a symbolic amount (sale for a nominal
amount) with the consequent exit from the company or reduction of the shares owned. The value of the investment is
eliminated and the return to investors is a full or partial loss.

Divestments
| 63 | Creating lasting value
2012 Divestments at a glance
Divestments – Market statistics – No. of companies by exit route
Key Figures
2012 All Private Equity Venture Capital* Buyout* Growth*
Divestments – Amount at cost (Market statistics) €21.7bn €1.9bn €18.3bn €1.2bn
Divestments – Number of companies (Market statistics) 2,074 999 566 475
Number of firms involved (Market statistics) 571 272 298 133
Number of funds involved (Market statistics) 1,006 480 490 182
• More than 2,000 European companies were exited, representing former
equity investments of €21.7bn. While the number of companies
remained stable the amount divested at cost decreased by 29%.
• Divestments from venture capital investments represented almost 50%
of all exited companies in 2012. However, they only accounted for 9%
of the amount divested at cost. The most prominent exit routes for
venture backed companies were trade sale, write-off and sale to
another private equity firm.
• Buyout related exits represented 85% of equity amount divested at
cost and 27% by number of companies. The total amount divested
reduced by 26% to €18.3bn. With 566 companies exited, buyout
divestments reduced by only 13%. Trade sale, sale to another private
equity firm and sale of quoted equity were the most prominent exit
routes.
• Growth exits represented 5% of equity amount divested at cost and
23% by number of companies. The total amount divested reduced by
51% to €1.2bn, while the number of companies exited increased by 32%
to 475. Trade sale, sale to another private equity firm and write-off
were the most prominent exit routes.
• IPO levels remained very low. Only 3 buyout and 5 venture capital
investments were able to take this exit route.
Other means
Initial public offering
Repayment of principal loans
Write-off
Repayment silent partnership
Trade sale
Sale to another PE firm
Sale to financial institution
Sale to management

Source: EVCA / PEREP_Analytics
Buyout
Growth
Venture Capital
Sale of quoted equity
159
5
44
242
243
102
65
51
77
33
149
3
32
41
29
72
165
16
59
21
51
-
10
91
199
46
35
5
35
18
* Relates to the investment stage
Divestments
| 64 | Creating lasting value
Divestments at cost – Venture Capital / Buyout / Growth
2007–2012 - Market statistics - Amount & Number of companies

Source: EVCA / PEREP_Analytics
20.4
10.4
7.5
14.5
24.8
18.3
2.0
0.7
1.1
2.1
2.3
1.2
3.2
2.4
2.1
2.1
2.4
1.9
0
200
400
600
800
1,000
1,200
1,400
1,600
0
5
10
15
20
25
30
35
2007 2008 2009 2010 2011 2012
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

b
i
l
l
i
o
n
Buyout - Amount divested Growth - Amount divested Venture Capital - Amount divested
Buyout - Number of companies Growth - Number of companies Venture Capital - Number of companies
Divestments
| 65 | Creating lasting value
Divestments at cost by exit route
2007–2012 – Market statistics - Amount at cost

Source: EVCA / PEREP_Analytics
0
2
4
6
8
10
12
2007 2008 2009 2010 2011 2012

b
i
l
l
i
o
n
Trade sale Initial public offering Sale of quoted equity
Write-off Repayment of silent partnerships Repayment of principal loans
Sale to another private equity firm Sale to financial institution Sale to management
Other means
Divestments
| 66 | Creating lasting value
Divestments at cost by exit route
2007–2012 - Market statistics - Number of companies

Source: EVCA / PEREP_Analytics
0
100
200
300
400
500
600
700
2007 2008 2009 2010 2011 2012
Trade sale Initial public offering Sale of quoted equity
Write-off Repayment of silent partnerships Repayment of principal loans
Sale to another private equity firm Sale to financial institution Sale to management
Other means
Divestments
| 67 | Creating lasting value
36.7%
0.3%
4.7%
24.4%
2.1% 1.6%
16.8%
4.7%
4.4%
4.1%
Divestments at cost by exit route – Venture Capital / Buyout / Growth
Buyout

€18.3bn

2012 - Market Statistics - % of Amount

Source: EVCA / PEREP_Analytics
Growth

€1.2bn

36.7%
0.3%
4.7%
24.4%
2.1% 1.6%
16.8%
4.7%
4.4%
4.1%
Trade sale
Initial public offering
Sale of quoted equity
Write-off
Repayment of silent partnerships
Repayment of principal loans
Sale to another private equity firm
Sale to financial institution
Sale to management
Other means
Venture Capital

€1.9bn

35.7%
0.0%
6.1%
12.9%
6.9%
4.9%
13.6%
6.4%
8.8%
4.6%
38.2%
1.6%
14.8%
6.8%
0.7%
5.1%
26.0%
3.2%
1.5%
2.2%
Divestments
| 68 | Creating lasting value
Divestments at cost by exit route – Venture Capital / Buyout / Growth
2012 - Market Statistics - % of Number of companies

Source: EVCA / PEREP_Analytics
Buyout

566 Companies

Venture Capital

999 Companies

Growth

475 Companies

36.7%
0.3%
4.7%
24.4%
2.1% 1.6%
16.8%
4.7%
4.4%
4.1%
Trade sale
Initial public offering
Sale of quoted equity
Write-off
Repayment of silent partnerships
Repayment of principal loans
Sale to another private equity firm
Sale to financial institution
Sale to management
Other means
15.6%
0.5%
4.3%
23.7%
23.8%
10.0%
6.4%
5.0%
7.5%
3.2%
25.4%
0.5%
5.5%
7.0%
4.9%
12.3%
28.1%
2.7%
10.1%
3.6%
10.4% 0.0%
2.0%
18.6%
40.6%
9.4%
7.1%
1.0%
7.1%
3.7%
Divestments
| 69 | Creating lasting value
Divestments at cost by sector
2012 - Market statistics - Amount & Number of companies (excluding write-offs)

Source: EVCA / PEREP_Analytics
37
3,262
1,710
1,213
3,895
1,810
135
3,161
1,017
404
483
2,254
17
337
19
15
353
159
66
140
248
42
198
109
79
25
211
12
31
23
0
50
100
150
200
250
300
350
400
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
N
u
m
b
e
r

o
f

c
o
m
p
a
n
i
e
s

e
x
i
t
e
d

m
i
l
l
i
o
n
Amount at cost Number of companies exited
Divestments
| 70 | Creating lasting value
Divestments at cost by sector – Venture Capital / Buyout / Growth
2012 - Market statistics - Amount (excluding write-offs)
Agriculture
Business & industrial products
Business & industrial services
Chemicals & materials
Communications
Computer & consumer electronics
Construction
Consumer goods & retail
Consumer services
Energy & environment
Financial services
Life sciences
Real estate
Transportation
Unclassified

Source: EVCA / PEREP_Analytics
Buyout
Growth
Venture Capital
0.5%
4.8%
1.7%
1.6%
16.1%
29.7%
0.3%
5.7%
2.6%
8.4%
7.1%
20.8%
0.0%
0.7%
0.1%
0.1%
17.3%
9.3%
6.9%
21.3%
7.4%
0.5%
16.7%
5.1%
1.0%
2.1%
10.7%
0.0%
1.5%
0.1%
1.3%
18.6%
8.5%
1.0%
2.3%
8.6%
3.6%
14.1%
10.2%
11.3%
1.3%
13.5%
1.5%
3.9%
0.2%
Divestments
| 71 | Creating lasting value
Divestments at cost by sector – Venture Capital / Buyout / Growth
2012 - Market statistics - Number of companies (excluding write-offs)

Source: EVCA / PEREP_Analytics
Agriculture
Business & industrial products
Business & industrial services
Chemicals & materials
Communications
Computer & consumer electronics
Construction
Consumer goods & retail
Consumer services
Energy & environment
Financial services
Life sciences
Real estate
Transportation
Unclassified
Buyout
Growth
Venture Capital
0.6%
20.4%
11.1%
4.2%
5.3%
11.5%
2.5%
18.1%
8.1%
3.2%
2.3%
9.1%
0.4%
2.5%
0.9%
1.3%
25.6%
13.8%
3.1%
4.1%
9.5%
4.9%
13.6%
5.4%
5.4%
1.8%
6.6%
0.5%
3.1%
1.5%
0.9%
19.1%
5.7%
4.2%
11.9%
19.7%
1.0%
5.0%
5.2%
5.4%
0.7%
18.3%
1.0%
0.8%
1.2%
Divestments
| 72 | Creating lasting value
Divestments at cost by region
2012 - Industry vs. Market statistics - % of Amount
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe Source: EVCA / PEREP_Analytics
10.5
3.3
2.3
4.1
1.4
0.3
5.4
4.5
3.3
4.6
2.7
1.1
-
2
4
6
8
10
12
UK & Ireland DACH Nordics France & Benelux Southern Europe CEE

b
i
l
l
i
o
n
Industry statistics - Country of the private equity firm Market statistics - Country of portfolio company
| Creating lasting value 2012 Pan-European Private Equity and Venture Capital Activity | 74
Acknowledgements
We are grateful for the generous support of General Partners representing private equity and venture capital firms across
Europe who provided us with their activity data. The following comprehensive and verified pan-European statistics would not be
possible without their on-going commitment.

We also thank all the regional and national private equity associations that collect their activity data via PEREP_Analytics, the
pan-European statistic platform. We thank the following associations for their participation to make PEREP_Analytics the most
comprehensive private equity database on private equity in Europe: APCRI (Portugal), AVCO (Austria), BVA (Belgium), BVK
(Germany), CVCA (Croatia), CVCA (the Czech Republic), DVCA (Denmark), EstVCA (Estonia), FVCA (Finland), HVCA (Hungary),
IVCA (Ireland), LTVCA (Lithuania), NVCA (Norway), NVP (the Netherlands), PSIK (Poland), SECA (Switzerland), SEEPEA (South
Eastern Europe), SLOVCA (Slovakia) and SVCA (Sweden).
| Creating lasting value 2012 Pan-European Private Equity and Venture Capital Activity | 75
About PEREP_Analytics and EVCA Research
• The overall coverage rate of all European private equity firms was 64% based on 1,883
eligible private equity firms. In terms of capital under management, the 2012 annual
survey covered 89% of the total European market (base €534bn).

• PEREP is a joint Pan-European statistics platform of the following private equity
associations: APCRI (Portugal), AVCO (Austria), BVA (Belgium), BVK (Germany), CVCA
(Croatia), CVCA (the Czech Republic), DVCA (Denmark), EstVCA (Estonia), EVCA (Europe),
FVCA (Finland), HVCA (Hungary), IVCA (Ireland), LTVCA (Lithuania), NVCA (Norway), NVP
(the Netherlands), PSIK (Poland), SECA (Switzerland), SEEPEA (South Eastern Europe),
SLOVCA (Slovakia), SVCA (Sweden).
PEREP_Analytics Staff EVCA Research Staff
Statistics Manager
Dan Magirescu
Head of Research
Dr Cornelius Mueller

Research Manager
Julien Krantz
Analyst Team
Adriana Andronic
Andreea Banica
Monica Biolan
Alina Ciucardel
Raluca Coroi
Cristina Cristea
Laura Dumitrascu
Iuliana Furica
Adelina Stefan
Andrei Teslici
Ioana Turbatu

Email: info@perepanalytics.eu
Web: www.perepanalytics.eu
Email: research@evca.eu
Web: www.evca.eu
EVCA
European Private Equity and Venture Capital Association
Bastion Tower
Place du Champ de Mars 5
B – 1050 Brussels – Belgium

www.evca.eu
Tel: +32 2 715 00 20

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