finnish venture capital association

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  • 1. Finnish Venture Capital Association Finnish Venture Capital AssociationPrivate Equity Industry in Finland in 2002 www.fvca.fi

2. Finnish Venture Capital AssociationVenture Capital Industry in Finland 45 private equity houses 100 funds/ investment vehicles 250 managers 140 private equity investment staff on average 3-5 companies under management per a managerwww.fvca.fi 3. Finnish Venture Capital AssociationYear 2002 Investments 391 M (340 M/2001) 462 investments in 259 companies New funds raised 814 M (411 M/2001) Exits 105 M* (116 M/2001) Total capital under management 3 170 M** Active investment portfolio 1 569 M Investments in total in 713 companies * at cost ** current portfolio + capital available for investmentswww.fvca.fi 4. Finnish Venture Capital AssociationNew funds raised 1991-2002 M900814800700 655563600500411400 305 328300 194200 128 63100 11 14 3201991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 www.fvca.fi 5. Finnish Venture Capital Association New funds raised / investments1991-2002 M900800700600 New funds raised 500 Investments4003002001000 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 www.fvca.fi 6. Finnish Venture Capital AssociationPrivate equity raised by type of investor Total amount657 M Fund of Capital fundsmarkets PrivateBanks2% 1% individuals 3%1%Public sector Other 9%1% Corporate investors 12 %Pension Funds 42 %Insurance companies 29 % www.fvca.fi 7. Finnish Venture Capital Association Private equity raised by type of investorin 1995-2002 100 % Fund of funds80 % Private individuals Capital markets60 % Corporate investors Public sector40 % Banks Insurance companies Pension funds20 % Other0% 1995 1996 1997 1998 19992000 20012002www.fvca.fi 8. Finnish Venture Capital Association Geographical breakdown of funds raisedin 1995-2002100 %80 % Foreign countries60 % Finland40 %20 % 0%1995* 1996* 1997* 1998* 1999* 2000 2001 2002 * EVCA Yearbooks 1996-2000 www.fvca.fi 9. Finnish Venture Capital Association Capital under management / activeinvestment portfolio in 1991-2002M 35003170 3000 2791 2500 220220032000 1500 1340 9841000539 500 325122162 199 101374497 722 10361244 1569169 0 1991 1992 1993 1994 1995 19961997 1998 1999 20002001 2002Capital under managementActive investment portfoliowww.fvca.fi 10. Finnish Venture Capital AssociationCapital under management in 1991-2002M 35003000Private 2500Public3017 2000 24231885 15001652 1000 1053 664500 31065 174 229 320 287351317 3681530134 151 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 www.fvca.fi 11. Finnish Venture Capital AssociationAnnual Investments in 1991 - 2002M Number 500462500 449 450418450391 400 400350 325397340 350300265285 300250 250 205192 200 200137 150115122 136 15010084 100 502838 50 19 16 27 0 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 www.fvca.fi 12. Finnish Venture Capital Association Initial and follow on investmentsin 1994-2002350 300 250Initial inv. M200 Follow on inv. M Initial inv. Number150 Follow on inv. Number 10050 01994 1995 1996 1997 1998 1999 2000 2001 2002www.fvca.fi 13. Finnish Venture Capital AssociationAverage size of investments in 1993-2002 M 2,071,5 1,18 0,96 10,90 Initial 0,79 0,79 investments Follow on0,59 0,59investments0,520,470,50,340,320,33 0,240,24 0,250,170,190,17 0,14 01993 19941995 1996 1997 1998 19992000 20012002 www.fvca.fi 14. Finnish Venture Capital Association Initial and follow-on investments (M)by stages in 2002 M 140120Seed 100 Start-up80 Other early stage60 Expansion 40 MBO/MBIOther200 Initial 282 M Follow-on 109 Mwww.fvca.fi 15. Finnish Venture Capital Association Investments by investor typein 1993 - 2002 100 %80 %Public60 % PrivateM40 %20 % 0% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002www.fvca.fi 16. Finnish Venture Capital Association Stage distribution by type of venturecapitalist in 2002Other73Turnaround14 MBO/MBI 128 Private, MExpansion147 3 Public, M Early stage 24 8Start-up305 Seed12 17 0% 20 % 40 %60 %80 % 100 % www.fvca.fi 17. Finnish Venture Capital Association Stage distribution of investments ()in 2002 Total amount391 MSeed OtherStart-up 7%3%9%Turnaround 1% Other earlystage 8% MBO/MBI33 % Expansion39 % www.fvca.fi 18. Finnish Venture Capital Association Stage distribution of investments (number)in 2002Total462 investments Turnaround Other Seed2% 2% 21 %MBO/MBI 6%Start-up 18 %Expansion 28 % Other early stage23 %www.fvca.fi 19. Finnish Venture Capital Association Stage distribution of investments ()in 1996-2002 100 % 90 % 80 % 70 %Other 60 %MBO/MBI Bridge financing 50 %Expansion 40 %Start-up 30 %Seed20 % 10 %0%1996 1997 1998 1999 2000 2001 2002 www.fvca.fi 20. Finnish Venture Capital AssociationInvestments by industry sectors in 2002ServicesICT-sector Life Sciences ElectronicsIndustrial prods & servicesFinancial services Manufacturing (other) TransportationChemicals & materialsConsumerConstruction Total amount391 MOther0% 5% 10 % 15 % 20 % 25 % 30 % www.fvca.fi 21. Finnish Venture Capital AssociationInvestments by industry sectors in 2002 Initial investments focused on more traditional industry sectors (services, electronics and industrial products and services) Follow-on investments were channelled largely to computer and medical sectors www.fvca.fi 22. Finnish Venture Capital Association Investments by industry sectors 2000-2002(main sectors in 2002) ServicesICT-sector Life Sciences Electronics 2002 Industrial prods &2001 services 20000% 5% 10 % 15 % 20 % 25 % 30 % 35 %40 %www.fvca.fi 23. Finnish Venture Capital AssociationActive investment portfolio 31.12.2002ICT-sector Life SciencesServices Electronics Manufacturing (other)ConsumerIndustrial prods & servicesConstructionChemicals & materialsTransportationFinancial servicesTotal amountIndustrial automation 1 569 MOther0% 5% 10 % 15 % 20 %25 %30 % www.fvca.fi 24. Finnish Venture Capital Association Geographical distribution of investmentsin 2002Total amount 391 MForeignNorthern Finland countries5% 23 % Eastern Finland 5% Western Finland21 % Southern Finland46 %www.fvca.fi 25. Finnish Venture Capital Association Geographical destination of investmentsin 2002M350 301300 250 200 150 10048 50 34 52 10 Finland Sweden Denmark USA Kanada Other www.fvca.fi 26. Finnish Venture Capital AssociationFinancial Instruments 2002 (M)Equity 210 Quasi-equity62 Mezzanine56Unsecured debt50 Secured Debt13050 100 150 200 250www.fvca.fi 27. Finnish Venture Capital AssociationDivestments in 1994-2002* M 140 1161201059910080 62 56 6040201515 14 16 01994 1995 1996 1997 1998 1999 2000 2001 2002* at costwww.fvca.fi 28. Finnish Venture Capital AssociationDivestments by type in 2002M 70 62M 60Nbr50 40 40343026 2011 10 361911 038 10Trade sale Repayment of Sale to IPO Write offs Other loan management, buy-back www.fvca.fi 29. Finnish Venture Capital AssociationConclusions Many new private equity funds were raised during year 2002, the majority of the capital was raised by buyout funds Investment focus by number was on follow-on investments, the higher value of initial investments was effected by few large buyout investments Initial investments were channelled to more traditional industry sectors Follow-on investments were largely made in early and expansion stage companies in ICT and Life Sciences sectors Write offs reflect the uncertain economic environmentwww.fvca.fi 30. Finnish Venture Capital Association Finnish Venture Capital AssociationPrivate Equity Industry in Finland in 2002 www.fvca.fi

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