albina nikkonen russian private equity and venture capital market review 2006 russian private equity...
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Capitalization of private equity & venture capital funds in Russia 1994–2006, $ millionTRANSCRIPT
Albina Nikkonen
Russian Private Equity and Venture Capital market review
2006
Russian Private Equityand Venture Capital
Association
11
89
11
4
2
14
20
22
12
12 2
3 3
8
6
4
1
6
319
78
98
433837
4239
11
6149
28
41
0
5
10
15
20
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 20060
20
40
60
80
100
120New funds
Liquiated funds
Total number of funds raised
Number of private equity & venture capital funds in Russia
1994–2006
1073
330365
264
9321019
320 305
10
1148
523
302
165 148
731
173100
5010 7
55
6271
4995
2106
1375
39863060
2539
1073
26292859
2399 2714 2806
0
200
400
600
800
1000
1200
1400
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 20060
1000
2000
3000
4000
5000
6000
7000New funds
Liquiated funds
Total number of funds raised
Capitalization of private equity & venture capital funds in Russia
1994–2006, $ million
Foreign - 76%
Russian - 24%
Sources of capital of funds2006
Institutional investors - 39%
Industrial enterprises - 28%
Government agencies - 16%
Private individuals - 17%
Banks - 0%
Russian sources 2006
Institutional investors - 76% International credit
organizatons - 0%
Banks - 7%
Government agencies - 0%
Industrial enterprises - 0%
Private individuals - 17%
Foreign sources2006
Private equity raised by type of investor 2006
Other - 9%
Fund of funds - 18%
Insurance companies - 10%
Banks - 14%
Private individuals - 9%
Government agencies -
8,7%
Corporateinvestors - 4%
Pension funds - 27%
Types of Funds & Management Companies 2006
Small funds$0,5 billion – 8%41 funds under 35 companies from $5 to $50 mln
Large funds$3,5 billion – 55,5%11 funds under 10 companiesfrom $151 to $800 mln
Middle funds$2,3 billion – 36,5% 27 funds under24 companies from $51 to $150 mln
35
24
10
41
27
11
0 5 10 15 20 25 30 35 40 45
0 500 1000 1500 2000 2500 3000 3500 4000
$ mln
Number of funds
Number of companies
Capital undermanagement
($ 10 – 50 mln)
($ 3 – 15 mln)
($ 0,2 – 3 mln)
Stage distributionby total amount invested
2006
Other early stages - 6%
Restructuring - 13%Seed and Start-up -
6%
Поздние - 0%
Expansion - 75%
Expansion - 16%
Start-up - 8%
Seed - 0%Buy out - 71%
Replaсement capital - 5%
Stage distributionby percentage of amount invested
2006
173,2
138,5
107,15
86,925
78,41
24,63
12,37
10,35
7,08
5,15
4,55
4,105
0,5
0
0
0 20 40 60 80 100 120 140 160 180 200
Consumer market related
Communications
Financial services
Transportation
Other
Construction
Biotechnology
Chemical & Materials
Energy
Electronics related
Computer related
Industrial equipment
Medical/Health related
Light industries
Agriculture
Investment distribution by industry 2006, $ million
0 2 4 6 8 10 12 14 16
Consumer related
Other services
Communications
Industrial products and services
Medical/health related
Computer related
Others
Other manufacturing
Financial services
Transportation
Chemical & Materials
Energy
Construction
Biotechnology
Other electronics related
Industrial automation
%
Industrial sectors by percentage of total amount invested
2006
2006 - 65
2005 - 33
2004 - 43
1994-2003 - 310
Total number of companies financed1994 - 2006
Management buy-in or buy-out; 1; 6%
Trade sale; 16; 88%
IPO; 1; 6%
Exits distribution by percentage of number of divestments
2006
Percentage of investments by number of employees
2006
20-997%
100-1998%
200-4998%
500-9995%1000-4999
27%
5000+22%
0-1923%
Russian Private Equity &Venture Capital Association
+7 (812) 326-61-80
www.rvca.ru
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