Executive Summary Fundraising → Pages 7-26 • 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. Investments → Pages 27-59 • 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 → Pages 61-72 • 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.

1. 2012 Pan-European Private Equity and Venture Capital Activity
Activity Data on Fundraising, Investments and Divestments

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.
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 3

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
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 4

5. Executive Summary
More data on www.evca.eu – Research & Data
Fundraising
→ Pages 7-26
•
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.
Investments
→ Pages 27-59
•
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
→ Pages 61-72
•
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.
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 5

6. Overview - Fundraising, Investments & Divestments
€ billion
2000–2012 - Industry statistics - Amount
120
112
100
80
80
80
72
73
71
60
55
48
40
47
40
37
35
28 28
24
27
29
30
27
9
13
11
42
37
33
31
27
25
20
20
47
43
22
19
14
14
24
20
22
12
0
2000
2001
2002
2003
2004
2005
Funds Raised
2006
Investments
2007
2008
2009
2010
2011
2012
Divestments
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.
Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2012)
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 6

7. 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.
More data on www.evca.eu – Research & Data

8. Glossary – Fundraising
Fund stage focus
Type of investors
•
Early-stage fund: A venture capital fund focused on investing in
companies in their primary development stage.
•
Corporate investor: Corporations that deliver non-financial
products and services.
•
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.
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.
•
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.
Fund of funds: A private equity fund that primarily takes equity
positions in other funds.
•
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.
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.
•
•
•
•
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.
Independent and captive funds
•
Captive funds: Funds that are 100% owned by the parent
organisation
•
Pension funds: A pension fund that is regulated under private or
public sector law.
•
Independent funds: Semi-captive funds (those in which the parent
owns less than 100%) as well as wholly independent funds.
•
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.
Fundraising
| Creating lasting value | 8

9. 2012 Fundraising at a glance
€ billion
Incremental amounts raised during the year
90
80
70
79.6
11.4
• 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.
80.5
3.6
5.8
• 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.
1.3
60
50
40
41.6
58.6
64.8
4.4
30
18.9
20
8.3
6.3
1.1 3.3
10.8
3.7
2007
2008
10
0
5.1
23.6
21.8
2.6 2.6
26.9
0.4 3.1
16.5
13.4
5.2
3.6
2009
2010
2011
2012
Buyout
Venture Capital
3.2
Growth
Other*
Total
• 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.
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
€19.8bn
€1.5bn
€13.8bn
€0.5bn
30
30
Final closings - Cumulative amount since inception
Final closings – Number of funds
96
*Other includes Mezzanine and Generalist funds
Source: EVCA / PEREP_Analytics
Fundraising
6
** Relates to fund focus
| Creating lasting value | 9

10. Funds raised by fund stage focus
€ billion
9
€ billion
2007–2012 - Incremental amount raised during the year
8.3
70.3
64.8
60.3
58.6
8
7
50.3
3.2
6.3
6.0
6
5
2.5
4.4
1.2
2.2
3.7
4
40.3
5.3
5.2
3.6
30.3
3.7
3.6
26.9
3.2
3
1.5
1.3
1.6
1.6
2
1
1.0
2.3
1.3
0.6
2.0
1.8
2.0
0.2
0.4
3.8
2.8
2.6
0.7
2.0
13.4
1.7
10.8
1.1
0.9
10.3
0.4
1.0
0
Venture Capital
16.5
2.2
2.0
1.1
20.3
2.6
Growth capital
Mezzanine
0.3
Generalist
Buyout
Balanced
Later-stage
Early-stage
2007
2008
2009
2010
2011
2012
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 10

11. Funds raised by fund stage focus
2007–2012 – Number of funds that reach first, intermediary or final closing during the year
200
196
180
160
200
180
165
69
152
148
160
134
140
140
66
120
58
60
27
17
80
120
100
20
18
80
39
60
80
72
17
56
11
57
82
70
74
60
46
20
26
52
24
23
28
77
81
68
60
40
32
15
21
11
10
12
12
20
8
0
Venture Capital
78
60
100
40
135
102
57
100
160
Growth capital
Mezzanine
Generalist
Balanced
0
Buyout
Later-stage
Early-stage
2007
2008
2009
2010
2011
2012
NB: Also contains funds that only reported capital gains as fundraising
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 11

12. Funds raised by type of investor
80%
2007–2012 - Incremental amount raised during the year - % of total amount
70%
35%
Academic inst. / Endowments / Foundations
60%
Banks
30%
Capital markets
50%
25%
Corporate investors
40%
20%
Family offices & Private individuals
15%
Fund of funds & Other asset managers
30%
10%
Government agencies
20%
5%
Insurance companies
10%
Pension funds
0%
2007
2008
2009
2010
2011
2012
Sovereign wealth funds
€ billion
0%
100
2007
78.5
2008
80.4
2009
2010
2011
2012
41.1
50
18.6
2009
2010
23.6
21.8
New funds raised
(excluding capital gains)
0
2007
2008
2011
2012
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 12

13. Venture funds raised by type of investor
80%
2007–2012 - Incremental amount raised during the year - % of total amount
70%
45%
Academic inst. / Endowments / Foundations
60%
40%
Banks
35%
Capital markets
50%
30%
Corporate investors
40%
25%
Family offices & Private individuals
20%
Fund of funds & Other asset managers
30%
15%
Government agencies
10%
20%
Insurance companies
5%
Pension funds
10%
0%
2007
2008
2009
2010
2011
2012
Sovereign wealth funds
0%
€ billion
10
2007
8.2
2008
2009
2010
2011
6.2
5
2012
5.2
3.6
3.2
2009
2010
3.6
New funds raised
(excluding capital gains)
0
2007
2008
2011
2012
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 13

14. Buyout funds raised by type of investor
80%
2007–2012 - Incremental amount raised during the year - % of total amount
70%
45%
Academic inst. / Endowments / Foundations
60%
40%
Banks
35%
Capital markets
50%
30%
Corporate investors
25%
40%
Family offices & Private individuals
20%
Fund of funds & Other asset managers
30%
15%
10%
Government agencies
5%
Insurance companies
20%
0%
10%
Pension funds
2007
2008
2009
2010
2011
2012
Sovereign wealth funds
€ billion
0%
100
2007
2008
58.1
2009
2010
2011
2012
64.8
50
26.9
10.6
13.4
2009
2010
16.5
New funds raised
(excluding capital gains)
0
2007
2008
2011
2012
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 14

15. Growth funds raised by type of investor
80%
2007–2012 - Incremental amount raised during the year - % of total amount
70%
80%
Academic inst. / Endowments / Foundations
60%
70%
Banks
60%
50%
Capital markets
50%
Corporate investors
40%
Family offices & Private individuals
30%
30%
Fund of funds & Other asset managers
20%
Government agencies
10%
Insurance companies
40%
20%
Pension funds
10%
0%
2007
2008
2009
2010
2011
€ billion
0%
5
2007
2008
3.6
2009
2010
2011
4.4
2012
2012
2.6
1.2
Sovereign wealth funds
New funds raised
(excluding capital gains)
1.1
0.4
0
2007
2008
2009
2010
2011
2012
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 15

16. Funds raised by type of investor
2012 - Incremental amount raised during the year - % of amount
All Private Equity funds
Venture funds
0.7%
7.5% 1.5%
11.7%
3.1%
1.5%
4.9%
1.5%
8.1% 4.5%
5.3%
5.3%
0.7%
239 funds
7.7%
191 firms
22.1%
12.3%
4.5%
102 funds
6.5%
89 firms
14.2%
9.3%
8.5%
10.1%
8.8%
14.9% 8.0%
1.7%
14.9%
1.0%
8.0%
1.7%
27.4%
1.7%
1.0%
1.8%
4.5%
39.7%
1.8%
4.5%
Family offices
Fund of funds
Growth funds
Government agencies
0.3%
11.1%
2.3%
Insurance companies
2.8%
2.0%5.1%
10.2% 8.5%
Other asset managers
1.9%
Pension funds
68 funds
Private individuals
15 funds
61 firms
16.9%
37.3%
27.4%
Capital markets
Endowments and foundations
1.0%
16.9%
Buyout funds
Banks
Corporate investors
1.7%
1.0%
Academic institutions
14 firms
31.3%
Sovereign wealth funds
2.3%
10.2%
8.5%
6.5% 1.6%
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 16

17. Concentration of capital
% total amount of annual fundraising
2007–2012 – Incremental fundraising by amount bracket per fund during the year
70%
Number
of
funds
14
60%
50%
8
14
4
40%
30%
266
14
29
20%
5
36
10%
0%
15
40
70
347
2007
13
47
305
4
252
193
42
14
9
27
1
33
269
3
2008
2009
2010
<€100m
€100 - 250m
€250 - 500m
€500 - 1bn
4
4
2011
>€1bn
5
2012
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 17

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

19. Funds raised by country of management & country of origin (LP country)
€ billion
2012 - Incremental amount raised during the year
16
14
13.4
12
10
8
6
4.7
3.7
4
2.3
2.6
1.7
2
1.6
1.9
0.6
0.6
0.5
0.0
UK & Ireland
DACH
Nordics
France & Benelux
by country of management
Source: EVCA / PEREP_Analytics
Southern Europe
CEE
by country of origin
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Fundraising
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 19

20. Funds raised by country of management
€ billion
2007-2012 - Incremental amount raised during the year
90
80
1.2
6.3
70
11.3
60
50
7.9
6.7
4.0
1.3
11.8
9.7
6.0
1.8 0.8
40
8.6
30
20
46.2
8.5
47.7
4.1
4.0
1.5
2.4
6.6
10
0
2007
2008
UK & Ireland
Source: EVCA / PEREP_Analytics
1.5 0.5
6.9
1.9
2.1
0.3
Nordics
NB: Include capital gains as fundraising
17.7
8.9
2009
DACH
4.3
2010
France & Benelux
2011
Southern Europe
0.6 0.5
4.7
1.6
2.6
13.5
2012
CEE
DACH: Austria, Germany, Switzerland
Nordics: Denmark, Finland, Norway, Sweden
Southern Europe: Greece, Italy, Portugal, Spain CEE: Central Eastern Europe
Fundraising
| Creating lasting value | 20

21. Fundraising geographic breakdown
2012 (2011) - Source of funds - % of total amount
9.1%
North America
25.2%
(9.8%)
(20.0%)
10.8%
(17.2%)
8.0%
(9.1%)
17.4%
0.1%
(0.9%)
(12.0%)
Rest of World
1.5%
2.9%
(0.2%)
(3.7%)
Other
Western Europe
11.9%
Source: EVCA / PEREP_Analytics
Australia
Asia
13.1%
(14.5%)
(12.7%)
Fundraising
| Creating lasting value | 21

22. Venture Capital - Fundraising geographic breakdown
2012 (2011) - Source of funds - % of total amount
17.5%
North America
4.5%
(8.5%)
(1.6%)
10.1%
(15.1%)
10.7%
(31.7%)
34.5%
0.8%
(2.4%)
(28.0%)
Rest of World
0.4%
4.9%
(0.0%)
(4.9%)
Other
Western Europe
16.2%
Source: EVCA / PEREP_Analytics
Australia
Asia
0.3%
(1.3%)
(6.6%)
Fundraising
| Creating lasting value | 22

23. Buyout - Fundraising geographic breakdown
2012 (2011) - Source of funds - % of total amount
7.4%
North America
31.3%
(12.2%)
(28.2%)
11.7%
(7.8%)
7.8%
(4.9%)
11.1%
0.0%
(0.3%)
(8.7%)
Rest of World
2.0%
2.6%
(0.1%)
(3.0%)
Other
Western Europe
10.7%
Source: EVCA / PEREP_Analytics
Australia
Asia
15.3%
(19.2%)
(15.6%)
Fundraising
| Creating lasting value | 23

24. Funds raised by fund stage focus
€ billion
5.0
4.8
€ billion
2007–2012 - Final closing during the year - Amount
4.7
58.9
60
53.8
50
4.5
4.0
1.6
4.0
40
3.5
3.0
2.7
0.5
2.1
0.9
2.7
0.3
2.1
1.4
0.9
1.5
1.4
0.3
1.0
0.2
0.8
0.8
0.5
13.3
1.1
0.1
1.0
17.7
1.4
1.3
1.2
1.6
1.1
20
1.6
1.5 1.4
0.7
0.5
0.0
30
2.3
2.0
1.0
2.9
0.6
2.5
1.5
3.3
3.1
1.4
0.7
10
13.8
10.0
0.5
0.5
Venture Capital
0
Growth capital
Mezzanine
Generalist
Buyout
Balanced
Later-stage
Early-stage
2007
2008
2009
2010
2011
2012
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 24

25. Funds raised by fund stage focus
2007–2012 - Final closing during the year - Number of funds
90
90
80
80
70
70
60
50
83
59
60
54
49
17
70
50
50
45
20
40
8
22
30
20
10
24
25
30
8
5
5
12
6
18
20
20
9
34
26
39
40
16
9
6
6
30
30
22
3
5
4
4
20
10
5
0
Venture Capital
25
12
6
12
23
16
14
12
23
24
41
Growth capital
Mezzanine
Generalist
0
Buyout
Balanced
Later-stage
Early-stage
2007
2008
2009
2010
2011
2012
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 25

26. Concentration of capital
% total amount of cumulative
fundraising until final closing
2007–2012 - Final closing during the year - Amount & Number of funds
80%
Number
of
funds
70%
14
60%
12
50%
2
5
40%
2
30%
3
20%
10
37
14
13
48
17
81
2007
2008
10%
0%
9
4 17
28
39
69
6
21
74
6
18
7
10
4
77
63
2011
2012
79
<€100m
2009
€100 - 250m
€250 - 500m
2010
€500 - 1bn
>€1bn
Source: EVCA / PEREP_Analytics
Fundraising
| Creating lasting value | 26

27. 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, quasiequity, mezzanine, unsecured debt and secured debt provided by the firm.
More data on www.evca.eu – Research & Data

28. 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
| Creating lasting value | 28

29. 2012 Investments at a glance
50
6.7
6.7
40
38.4
38.4
40
30
30
1,299
1,299
20
20
10
10
00
1,161
1,161
593
593
348
348
6.0
6.3
2007
2007
2008
2008
Buyout - Amount
VC - Amount
Buyout - No. of companies
Other - Amount
Growth - No. of companies
Key Figures
€ billion
€ billion
€ billion
€ billion
3,667
4.3
4.3
57.2 3,339
53.4
57.2
3,339
6
70
60
60
703,155
4,000
70 70 3,6673,667
3,039
3,155 4.3 4.3
3,039
3,3393,339
3,500
3,500
2,965
2,923
3,1553,155
2,965
3,039 3,000
2,923 3,039 2,9652,965
3,000
57.257.2 53 53
44.9
4
41.9
50
6.7
4 6.7
5.2
5.2
19% compared to the previous year. This was due to the weak first half of 2012
coinciding with economic uncertainty in Europe.
4,000
4,000
Number of companies financed
60
50
4,000
3,667
Number of companies financed
70
60
69.8
6
Number ofof companies financed
Number companies financed
Investments – Market statistics – Amount & No. of companies • Overall €36.5bn was invested in European companies in 2012 with a decrease of
70
4,500
• 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
3,500
3,500
invest in a constant number of companies in Europe. About 43% of the companies
2,9232,923
3,000
3,000
that received investments in 2012 were private equity backed for the first time.
2,500
• The total amount of venture capital invested decreased year on year by 14% to
45
2,500 45
2,500
2,500
42 42
€3.2bn. The number of venture backed companies remained stable at about
36.5
3
2,000 5.2 36 2,900. Start-up stage investments accounted for the majority of venture capital
6.3
6.338.438.4
36
5.2
34.5
40 40
2,000
34.5
3.8
2,000
2,000
3.8
6.3 6.3
activity by amount and number of companies (56-60%). Life sciences, computer &
34.534.5
29.7
3.8 3.8
28.0
24.3
1,500
28.0
consumer electronics, communications and energy & environment accounted for
1,500
29.7
30 30
24 24 29.7
1,2991,299
1,500
28.028.0 1,500
1,047
1,047
994 1,1611,161
4
three quarters of all venture capital investments.
994
932
932
1,0471,047
5.1
994 994 932 932
1,000
1,000
• For1,000 first time more than 1,000 companies attracted growth investments
the
20
20 5.1 775
5.1 5.1
1,000
775
50
881
881
615
783 593 593
615
783
10
12.7
1012.7 348 348
878
775
775 878
500 881 881
500
615 615
783 783
despite a decrease in amount of 26% compared to 2011. Almost two thirds were
in business & industrial products and services, computer & consumer electronics,
500 500
consumer services, energy and environment and life sciences.
878 878
12.712.7
3.7
3.7
3.2
0
6
0
6 6
4 4
4 4
4 4
3 More than 800 companies received buyout investments similar to the 2011 level
0
• 3 0 0
02009
2010
2011
2012
2009
2011
2012
2007 20082008 20092009 2010- Amount 2011 20122012
2010 2011
2007 - Amount
Growth
VC
although the investment amount reduced by 19% to €28bn. Buyout investments
3.8
6
Buyout - Amount
Growth
VC - Amount
VC - Amount - No. of companies
Total - Amount
OtherOther - Amount
- Amount
VC - No. of companies
Growth of companies
Growth - No. - No. of companies
Growth - Amount
Buyout - Amount
Buyout VC - No. of companies
- Amount
Buyout - No. of companies
TotalTotal - Amount
- Amount
broadly concentrate
Growth - Amount
Growth - Amount
VC of companies
VC - No. - No. of companies
and life sciences.
2012
across sectors of business & industrial products and services,
electronics, consumer goods and retail, consumer services
computer & of companies
Buyout of companies
Buyout - No. - No. consumer
All Private Equity
Venture Capital*
Buyout*
Growth*
€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
Investments – Amount (Market statistics)
Source: EVCA / PEREP_Analytics
* Relates to the investment stage of the portfolio company
Investments
| Creating lasting value | 29

30. Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Amount
€ billion
18
16
14
12
10
8
6
4
2
0
Q1
Q2
Q3
Q4
2007
Q1
Q2
Q3
2008
Q4
Q1
Q2
Q3
Q4
Q1
2009
Q2
Q3
2010
Q4
Q1
Q2
Q3
Q4
Q1
2011
Venture Capital
Q2
Q3
Q4
2012
Buyout
Growth
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 30

31. Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies
1,400
1,200
1,000
800
600
400
200
0
Q1
Q2
Q3
Q4
2007
Q1
Q2
Q3
2008
Q4
Q1
Q2
Q3
Q4
Q1
2009
Q2
Q3
2010
Q4
Q1
Q2
Q3
Q4
Q1
2011
Venture Capital
Q2
Q3
Q4
2012
Buyout
Growth
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 31

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

33. Venture Capital - Investments by stage focus
Quarterly trend Q1 2007 – Q4 2012 - Market statistics - Number of companies
700
600
500
400
300
200
100
0
Q1
Q2
Q3
Q4
2007
Q1
Q2
Q3
2008
Q4
Q1
Q2
Q3
Q4
Q1
2009
Seed
Q2
Q3
Q4
Q1
2010
Start-up
Q2
Q3
2011
Q4
Q1
Q2
Q3
Q4
2012
Later-stage venture
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 33

34. Investments by stage focus
€ billion
€ billion
2007–2012 - Market statistics - Amount
8
60
57.2
50
7
6.3
6.0
6
0.3
0.2
40
34.5
5
2.4
2.3
3.8
4
3.7
1.9
0.1
20
1.8 5.2
1.8
5.1
28.0
3.2
4.3
1.8
3.6
3.5
12.7
3.8
10
1
0
0.2
6.3
3
29.7
30
3.7
0.1
0.1
6.7
2
38.4
1.9
1.6
0.5
2008
Later-stage venture
Start-up
1.7
1.0
0.5
2009
Seed
1.8
1.7
0.7
0.3
2007
2.0
1.8
2010
Growth
0.5
2011
Rescue/Turnaround
1.3
1.1
0.4
2012
Replacement capital
0
2007 2008 2009 2010 2011 2012
Buyout
Venture Capital
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 34

35. Investments by stage focus
2007–2012 - Market statistics - Number of companies
4,000
3,500
4,000
3,667
3,339
527
3,500
3,155
500
3,039
2,965
2,923
392
353
371
3,000
3,000
393
2,500
2,500
1,796
1,528
2,000
2,000
1,724
1,711
1,679
1,796
1,500
1,500
1,000
1,161
1,000
1,151
500
348
2008
Later-stage venture
150 176
68 174
52 140
990 994
775
593
2007
783
881
878
615
1,513
1,413
0
1,299
Start-up
2009
Seed
132 135
2010
Growth
500
1,047
839
939 932
103 76
2011
Rescue/Turnaround
67 118
2012
Replacement capital
0
2007 2008 2009 2010 2011 2012
Buyout
Venture Capital
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 35

36. Buyout - Investments by stage focus / equity split
2007–2012 - Market statistics - Amount & Number of companies
60
1,200
50
1,000
40
800
30
600
20
400
10
€ billion
1,400
200
0
Number of companies
70
0
2007
2008
Buyout < €150m
(Amount)
Buyout < €150m
(Number of companies)
2009
2010
Buyout > €150m
(Amount)
Buyout > €150m
(Number of companies)
2011
2012
Growth
(Amount)
Growth
(Number of companies)
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 36

37. Investments by stage focus
2012 - Market statistics - % of Amount & Number of companies
% of Amount
% of Number of companies
Seed Start-up
4.9%
0.4%
Seed
Later-stage venture
3.4%
Buyout
17.2%
Seed
6.9%
Start-up
Growth capital
10.4%
Rescue/ Turnaround
1.0%
Replacement
capital
3.0%
Later-stage
Replacement capital
venture
2.3%
Growth capital
Rescue/ Turnaround
1.3%
Rescue/
Turnaround
Start-up
35.2%
Replacement
capital
Growth capital
Buyout
20.5%
Buyout
76.8%
Later-stage venture
16.5%
Venture Capital
Buyout
Growth
Venture Capital
Buyout
Growth
€3.2bn
€28bn
€3.8bn
2,923 Companies
878 Companies
1,047 Companies
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 37

38. Investments by stage focus & regions
2012 - Market statistics - Amount
€ billion
€ billion
9
1.2
8.1
8
6.9
7
1
0.8
6
0.8
0.8
0.0
0.0
0.7
5.6
5
0.1
1.1
0.5
0.5
0.4
0.8
0.4
3.9
4
0.4
0.6
0.0
3
2.8
0.8
0.3
0.2
0.4
0.2
0.4
0.4
0.0
0.3
0.3
0.1
0.1
UK & Ireland
France & Benelux
Later-stage venture
Start-up
DACH
Seed
0.4
0.1
0.0 0.1
0
0.4
0.1
0.2
0.1 0.1
Southern Europe
Growth
2
0.0 0.0
Nordics
Rescue/Turnaround
0.1
0.0 0.2
0.1
0.0 0.0
0.0
0.7
0
CEE
Replacement capital
Buyout
Venture Capital
Source: EVCA / PEREP_Analytics
1
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Investments
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 38

39. Investments by stage focus & regions
2012 - Market statistics - Number of companies
1000
931
900
217
800
700
657
500
400
300
506
426
17
400
430
333
319
300
295
200
217
26
410
200
325
242
227
100
120 109
0
58
569
17
600
11 15
UK & Ireland
29 37
France & Benelux
Later-stage venture
Start-up
158
11 21
DACH
Seed
36
183
71
8
24
Southern Europe
Growth
123
18
74
74
7
Nordics
Rescue/Turnaround
12
100
31 58
1
9
173
139
91
123
33
0
CEE
Replacement capital
Buyout
Venture Capital
Source: EVCA / PEREP_Analytics
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Investments
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 39

40. Investments by region
2012 - Industry vs. Market statistics - Amount
By location of private equity firm
Nordics
11%
By location of portfolio company
CEE
2%
Nordics
14%
CEE
3%
UK & Ireland
28%
Southern Europe
8%
UK & Ireland
43%
Southern Europe
10%
DACH
16%
DACH
23%
France & Benelux
20%
Source: EVCA / PEREP_Analytics
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Investments
France &
Benelux
22%
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 40

41. Geographic investment flows
2012 - Industry vs. Market statistics - Amount
Market statistics
€0.8bn
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.
Non-European private
equity firms investing in
portfolio companies in
Europe
€1.2bn
€8.3bn
European private
equity firms investing
in portfolio companies
outside Europe
Cross-border investments
within Europe
€27.4bn
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.
Domestic investments
in European countries
Source: EVCA / PEREP_Analytics
Investments
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
| Creating lasting value | 41

42. Venture Capital - Geographic investment flows
2012 - Industry vs. Market statistics - Amount
Market statistics
€210m
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.
Non-European private
equity firms investing in
portfolio companies in
Europe
€369m
€610m
European private
equity firms investing
in portfolio companies
outside Europe
Cross-border investments
within Europe
€2,365m
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.
Domestic investments
in European countries
Source: EVCA / PEREP_Analytics
Investments
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
| Creating lasting value | 42

43. Investments as % of GDP
2000–2012 - Industry statistics - % of GDP
%of GDP
0.60%
0.60%
0.55%
0.50%
0.40%
0.42%
0.41%
0.38%
0.35%
0.33%
0.30%
0.28%
0.34%
0.29%
0.26%
0.25%
0.20%
0.20%
0.10%
0.00%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Source: Thomson Reuters Datastream (GDP) / Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2012)
Investments
| Creating lasting value | 43

44. Investments as % of GDP
2012 - Industry statistics
1.000%
0.834%
0.000%
0.011%
0.016%
0.019%
0.029%
0.037%
0.052%
0.054%
0.078%
0.104%
0.134%
0.137%
0.140%
0.142%
0.144%
0.164%
0.200%
0.194%
0.219%
0.220%
0.248%
0.253%
0.264%
0.400%
0.283%
0.600%
0.482%
0.800%
0.558%
% of GDP
1.200%
0.000%
2012
2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
Investments
| Creating lasting value | 44

45. Venture Capital - Investments as % of GDP
2012 - Industry statistics
0.140%
0.120%
0.118%
0.000%
0.000%
0.000%
0.000%
0.000%
0.001%
0.002%
0.004%
0.008%
0.009%
0.020%
0.010%
0.018%
0.021%
0.024%
0.025%
0.027%
0.030%
0.030%
0.032%
0.041%
0.038%
0.040%
0.044%
0.060%
0.053%
0.080%
0.067%
0.100%
0.072%
% of GDP
0.160%
0.000%
2012
2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
Investments
| Creating lasting value | 45

46. Buyout - Investments as % of GDP
1.000%
0.900%
0.800%
0.706%
% of GDP
2012 - Industry statistics
0.700%
0.000%
0.000%
0.008%
0.008%
0.010%
0.010%
0.012%
0.022%
0.035%
0.055%
0.058%
0.087%
0.090%
0.100%
0.106%
0.108%
0.137%
0.148%
0.148%
0.150%
0.163%
0.171%
0.200%
0.180%
0.300%
0.201%
0.400%
0.330%
0.500%
0.400%
0.600%
0.000%
2012
2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
Investments
| Creating lasting value | 46

47. Growth - Investments as % of GDP
2012 - Industry statistics
% of GDP
0.200%
0.180%
0.160%
0.140%
0.100%
0.088%
0.120%
0.000%
0.000%
0.001%
0.003%
0.003%
0.004%
0.007%
0.008%
0.011%
0.013%
0.020%
0.017%
0.019%
0.020%
0.021%
0.023%
0.027%
0.028%
0.033%
0.034%
0.036%
0.041%
0.043%
0.036%
0.040%
0.052%
0.060%
0.053%
0.080%
0.000%
2012
2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
Investments
| Creating lasting value | 47

48. Investments as % of GDP
2012 - Market statistics
1.400%
1.200%
0.018%
0.020%
0.033%
0.042%
0.066%
0.069%
0.084%
0.086%
0.103%
0.125%
0.137%
0.153%
0.159%
0.200%
0.190%
0.211%
0.226%
0.244%
0.247%
0.258%
0.260%
0.312%
0.352%
0.400%
0.369%
0.600%
0.373%
0.800%
0.530%
1.000%
0.602%
% of GDP
1.600%
0.000%
2012
2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
Investments
| Creating lasting value | 48

49. Venture Capital - Investments as % of GDP
0.100%
0.090%
0.080%
0.000%
0.000%
0.001%
0.002%
0.002%
0.002%
0.003%
0.005%
0.010%
0.010%
0.020%
0.011%
0.011%
0.021%
0.021%
0.023%
0.024%
0.025%
0.027%
0.029%
0.032%
0.033%
0.029%
0.030%
0.038%
0.040%
0.041%
0.050%
0.054%
0.060%
0.054%
0.070%
0.065%
% of GDP
2012 - Market statistics
0.000%
2012
2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
Investments
| Creating lasting value | 49

50. Buyout - Investments as % of GDP
% of GDP
2012 - Market statistics
1.200%
1.000%
0.000%
0.012%
0.012%
0.018%
0.035%
0.056%
0.063%
0.063%
0.064%
0.067%
0.067%
0.076%
0.106%
0.142%
0.152%
0.173%
0.179%
0.200%
0.211%
0.215%
0.309%
0.285%
0.193%
0.200%
0.316%
0.400%
0.421%
0.600%
0.515%
0.800%
0.000%
2012
2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
Investments
| Creating lasting value | 50

51. Growth - Investments as % of GDP
% of GDP
2012 - Market statistics
0.300%
0.250%
0.200%
0.150%
0.000%
0.000%
0.003%
0.003%
0.005%
0.008%
0.008%
0.009%
0.012%
0.012%
0.019%
0.020%
0.020%
0.021%
0.024%
0.027%
0.027%
0.033%
0.036%
0.038%
0.039%
0.041%
0.051%
0.045%
0.050%
0.053%
0.060%
0.100%
0.000%
2012
2007-2011 Annual Average
*Other CEE consists of Ex-Yugoslavia and Slovakia
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics
Investments
| Creating lasting value | 51

52. Investments by sector focus
2012 - Market statistics - % of Amount & Number of companies
0%
Agriculture
2%
4%
6%
8%
10%
12%
18%
20%
12.4%
12.5%
Business & industrial services
10.9%
8.3%
Chemicals and materials
2.5%
4.9%
9.0%
Communications
12.1%
8.1%
Computer & consumer electronics
17.0%
2.1%
1.8%
Construction
Consumer goods & retail
Consumer services
9.5%
9.0%
5.9%
4.9%
Energy and environment
Financial services
1.5%
15.2%
7.7%
4.3%
14.9%
Life sciences
0.5%
16.9%
1.7%
2.1%
1.6%
Transportation
Unclassified
16%
0.3%
0.8%
Business & industrial products
Real estate
14%
0.3%
1.2%
Amount
Number of companies
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 52

53. Investments by sector focus
2007-2012 - Market statistics - Amount
All Private Equity
Venture Capital
7
€ billion
€ billion
80
70
60
50
6
5
4
40
3
30
2
20
10
1
0
0
2007
2008
2009
2010
2011
2007
Buyout
2009
2010
2011
2012
2008
2009
2010
2011
2012
Growth
8
€ billion
60
€ billion
2008
2007
2012
50
40
7
6
5
4
30
3
20
2
10
1
0
0
2007
2008
2009
2010
2011
2012
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 53

54. Investments by sector focus
2007-2012 - Market statistics - Number of companies
All Private Equity
Venture Capital
4,000
6,000
3,500
5,000
3,000
4,000
2,500
2,000
3,000
1,500
2,000
1,000
1,000
500
0
0
2007
2008
2009
2010
2011
2007
Buyout
2008
2009
2010
2011
2012
2007
2012
2008
2009
2010
2011
2012
Growth
1,400
1,200
1,200
1,000
1,000
800
800
600
600
400
400
200
200
0
0
2007
2008
2009
2010
2011
2012
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 54

55. Initial / Follow-on investments
2012 - Market statistics - % of Number of companies
44%
47%
54%
55%
57%
57%
Follow-on investment for
the company
Initial investment for the
company
56%
62%
53%
55%
43%
2007
2008
50%
2009
60%
58%
45%
2010
46%
2011
57%
Initial investment for the
private equity firm
43%
2012
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 55

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

57. Venture Capital - Investments by number of employees
1,600
1,400
1,403
Amount invested
1,412
2,000
Number of companies
1,800
1,600
1,200
1,400
1,000
1,200
800
1,000
600
Number of companies
€ million
2012 - Market statistics - Amount & Number of companies
800
600
400
307
400
200
7
0
0 - 19
20 - 99
100 - 199
30
24
2
0
200 - 249
250 - 499
500 - 999
1000 - 4999
200
5000 +
Amount invested
Number of companies
98%
0
99%
SME %
Full-time equivalent staff by interval
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 57

58. Buyout - Investments by number of employees
12,000
250
Amount invested
Number of companies
10,000
9,588
200
8,000
150
6,000
4,743
4,000
2,025
2,000
0
4,317
3,963
2,011
Number of companies
€ million
2012 - Market statistics - Amount & Number of companies
100
50
1,258
84
0
0 - 19
20 - 99
100 - 199
200 - 249
Amount invested
Number of companies
19%
250 - 499
53%
SME %
500 - 999
1000 - 4999
5000 +
Full-time equivalent staff by interval
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 58

59. Growth - Investments by number of employees
2012 - Market statistics - Amount & Number of companies
€ million
450
1,125
Amount invested
968
1,000
400
Number of companies
350
800
300
250
600
523
360
400
200
200
338
Number of companies
1,200
150
324
100
137
50
33
0
0
0 - 19
20 - 99
100 - 199
200 - 249
Amount invested
81%
500 - 999
1000 - 4999
5000 +
Number of companies
68%
250 - 499
SME %
Full-time equivalent staff by interval
Source: EVCA / PEREP_Analytics
Investments
| Creating lasting value | 59

61. 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

62. 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 longterm 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
| Creating lasting value | 62

63. 2012 Divestments at a glance
Divestments – Market statistics – No. of companies by exit route
Buyout
Growth
Venture Capital
Initial public offering
5
44
Sale of quoted equity
242
51
3
32
10
41
Write-off
243
Repayment silent partnership
102
91
29
199
72
46
Repayment of principal loans
65
165
Sale to another PE firm
51
Sale to financial institution
77
Sale to management
33
Other means
• 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.
149
Trade sale
159
• 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.
35
16
5
59
35
21
18
• IPO levels remained very low. Only 3 buyout and 5 venture capital
investments were able to take this exit route.
Key Figures
2012
• 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%.
All Private Equity
Venture Capital*
Buyout*
Growth*
€21.7bn
€1.9bn
€18.3bn
€1.2bn
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
Divestments – Amount at cost (Market statistics)
Divestments – Number of companies (Market statistics)
Source: EVCA / PEREP_Analytics
* Relates to the investment stage
Divestments
| Creating lasting value | 63

64. Divestments at cost – Venture Capital / Buyout / Growth
35
1,600
30
1,400
2.4
25
20
3.2
1,000
2.0
1.9
1.2
2.1
800
2.1
15
10
1,200
2.3
Number of companies
€ billion
2007–2012 - Market statistics - Amount & Number of companies
20.4
5
2.4
0.7
600
24.8
2.1
1.1
18.3
400
14.5
10.4
200
7.5
0
0
2007
2008
2009
2010
2011
2012
Buyout - Amount divested
Growth - Amount divested
Venture Capital - Amount divested
Buyout - Number of companies
Growth - Number of companies
Venture Capital - Number of companies
Source: EVCA / PEREP_Analytics
Divestments
| Creating lasting value | 64

65. Divestments at cost by exit route
2007–2012 – Market statistics - Amount at cost
€ billion
12
10
8
6
4
2
0
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
Source: EVCA / PEREP_Analytics
Divestments
| Creating lasting value | 65

66. Divestments at cost by exit route
2007–2012 - Market statistics - Number of companies
700
600
500
400
300
200
100
0
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
Source: EVCA / PEREP_Analytics
Divestments
| Creating lasting value | 66

67. Divestments at cost by exit route – Venture Capital / Buyout / Growth
2012 - Market Statistics - % of Amount
2.2%
3.2%
1.5%
38.2%
26.0%
4.1%
Buyout
€18.3bn
8.8%
4.7% 4.4%
5.1%
36.7%
16.8%
0.7%
6.8%
Trade sale
1.6% 2.1%
6.4%
35.7%
14.8%
Venture Capital
€1.9bn
1.6%
4.6%
Growth
€1.2bn
13.6%
Initial public offering
4.1%
4.4% 0.3%
4.7%
4.7%
Sale of quoted equity
Write-off
36.7%
16.8%
24.4%
1.6%
Repayment of silent partnerships
Repayment of principal loans
0.3%
4.7%
Source: EVCA / PEREP_Analytics
6.1%
6.9%
12.9%
Sale to another private equity firm
2.1%
24.4%
0.0%
4.9%
Sale to financial institution
Sale to management
Other means
Divestments
| Creating lasting value | 67

68. Divestments at cost by exit route – Venture Capital / Buyout / Growth
2012 - Market Statistics - % of Number of companies
3.6%
10.1%
25.4%
2.7%
Buyout
3.2%
5.0%
7.0%
0.5%
6.4%
4.3%
12.3%
Venture Capital
4.1%
4.4%
2.0%
4.9%
Trade sale
23.7%
10.4% 0.0%
1.0%
7.1%
9.4%
999 Companies
4.7%
3.7%
7.1%
5.5%
28.1%
15.6%
7.5%
10.0%
0.5%
566 Companies
Growth
18.6%
475 Companies
Initial public offering
Sale of quoted equity
Write-off
23.8%
36.7%
16.8%
1.6%
Repayment of silent partnerships
Repayment of principal loans
Sale to another private equity firm
2.1%
0.3%
4.7%
24.4%
Source: EVCA / PEREP_Analytics
40.6%
Sale to financial institution
Sale to management
Other means
Divestments
| Creating lasting value | 68

69. Divestments at cost by sector
4,500
400
353
4,000
3,500
3,895
350
3,262
3,161
3,000
248
250
2,500
211
2,254
198
159
1,710
2,000
1,500
1,810
150
109
1,017
42
37
15
Source: EVCA / PEREP_Analytics
404
135
Amount at cost
100
79
66
500
200
140
1,213
1,000
0
300
Number of companies exited
€ million
2012 - Market statistics - Amount & Number of companies (excluding write-offs)
483
337 31
25
17
12
23
19
50
0
Number of companies exited
Divestments
| Creating lasting value | 69

70. Divestments at cost by sector – Venture Capital / Buyout / Growth
2012 - Market statistics - Amount (excluding write-offs)
Buyout
Growth
Venture Capital
0.5%
Agriculture
0.1%
1.3%
17.3%
18.6%
Business & industrial products
4.8%
1.7%
1.6%
Chemicals & materials
9.3%
8.5%
Business & industrial services
Communications
16.1%
6.9%
1.0%
21.3%
2.3%
7.4%
8.6%
Computer & consumer electronics
29.7%
0.3%
Construction
0.5%
3.6%
16.7%
14.1%
Consumer goods & retail
5.7%
5.1%
Consumer services
2.6%
Energy & environment
8.4%
Financial services
7.1%
1.0%
11.3%
2.1%
1.3%
10.7%
Life sciences
20.8%
0.0%
0.7%
0.1%
Real estate
Transportation
Unclassified
10.2%
13.5%
0.0%
1.5%
1.5%
3.9%
0.1%
0.2%
Source: EVCA / PEREP_Analytics
Divestments
| Creating lasting value | 70

71. Divestments at cost by sector – Venture Capital / Buyout / Growth
2012 - Market statistics - Number of companies (excluding write-offs)
Buyout
Growth
Venture Capital
0.9%
Agriculture
0.6%
1.3%
20.4%
Business & industrial products
19.1%
11.1%
Business & industrial services
5.7%
5.3%
4.1%
Communications
11.9%
Computer & consumer electronics
19.7%
1.0%
9.5%
2.5%
Construction
5.0%
Consumer services
5.4%
Energy & environment
0.7%
Financial services
13.6%
5.4%
3.2%
1.0%
Real estate
0.8%
Transportation
1.2%
Unclassified
18.1%
8.1%
5.4%
2.3%
1.8%
Life sciences
18.3%
11.5%
4.9%
Consumer goods & retail
5.2%
13.8%
4.2%
3.1%
Chemicals & materials
4.2%
25.6%
6.6%
9.1%
0.4%
0.5%
2.5%
3.1%
0.9%
1.5%
Source: EVCA / PEREP_Analytics
Divestments
| Creating lasting value | 71

72. Divestments at cost by region
€ billion
2012 - Industry vs. Market statistics - % of Amount
12
10.5
10
8
6
5.4
4.6
4.5
4.1
4
3.3
3.3
2.7
2.3
2
1.4
1.1
0.3
-
UK & Ireland
DACH
Nordics
France & Benelux
Industry statistics - Country of the private equity firm
Source: EVCA / PEREP_Analytics
Southern Europe
CEE
Market statistics - Country of portfolio company
DACH: Austria, Germany, Switzerland
Southern Europe: Greece, Italy, Portugal, Spain
Divestments
Nordics: Denmark, Finland, Norway, Sweden
CEE: Central Eastern Europe
| Creating lasting value | 72

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).
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 74

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
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
Research Manager
Julien Krantz
Email: research@evca.eu
Web: www.evca.eu
2012 Pan-European Private Equity and Venture Capital Activity | Creating lasting value | 75

76. 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