preqin special report: private equity in...

Content Includes:

Fundraising

Germany-focused funds closed in H1 2016 secured an aggregate €1.8bn.

Funds in Market

Germany-focused funds in market are seeking record levels of capital.

Investors

Germany-based investors allocate, on average, €535mn to private equity.

Deals

Private equity-backed buyout deal value hit €5bn in H1 2016.

Performance

Detailed performance data for Germany- and Western Europe-focused funds.

Preqin Special Report:

Private Equity in Germany

November 2016

alternative assets. intelligent data.

2 © 2016 Preqin Ltd. / www.preqin.com

Preqin Special Report: Private Equity in GermanyDownload the data pack:www.preqin.com/PEGER16

All rights reserved. The entire contents of Preqin Special Report: Private Equity in Germany, November 2016 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any

electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special

Report: Private Equity in Germany, November 2016 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage

in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law

or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report: Private Equity in Germany, November 2016. While reasonable efforts have been made to obtain information

from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Special Report:

Private Equity in Germany, November 2016 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors

or omissions within Preqin Special Report: Private Equity in Germany, November 2016 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.

Fundraising 3

Funds in Market 4

Institutional Investors 5

Buyout Deals 8

Venture Capital Deals 9

Performance 10

Contents

In Numbers:Private Equity in Germany

€1.8bnAggregate capital secured by Germany-focused funds

closed in H1 2016.

€1bnSize of the largest Germany-focused fund ever closed:

European Recovery Programme-EIF Dachfonds.

187Number of Germany-based private equity investors profiled on Preqin’s

Private Equity Online.

$

€3.2bnCurrent allocation to private

equity of Germany-based public pension fund, Bayerische

Versorgungskammer.

€5.0bnAggregate value of private equity-

backed buyout deals in Germany in H1 2016.

€793mnAggregate value of venture capital

deals in Germany in H1 2016.

Preqin Special Report: Private Equity in GermanyDownload the data pack:

www.preqin.com/PEGER16


Data Source:

Preqin’s Private Equity Online contains detailed information on 215 Germany-focused private equity funds as well as a

further 3,886 Europe-focused funds.

Profi les include information on target, interim and fi nal close sizes; fund type; investment focus; predecessor funds and much

more.

For more information, please visit:

www.preqin.com/privateequity

8

5

10

14

27

20

10

5

1210

1214

108

1.2 1.1 0.71.6 2.3 2.7

0.9 0.31.3 1.0 1.2

3.31.7 1.8

0

5

10

15

20

25

30

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016

No. of Funds Closed Aggregate Capital Raised (€bn)

Fig. 1: Annual Germany-Focused Private Equity Fundraising, 2003 - H1 2016

Source: Preqin Private Equity Online

Year of Final Close

128 132

181

248 254 246

177

153 158 153

176192

165

89

24 27

6782 82 75

4429 30

4960 58 64 57

0

50

100

150

200

250

300

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016

No. of Funds Closed Aggregate Capital Raised (€bn)

Fig. 2: Annual Europe-Focused Private Equity Fundraising (Excluding Germany-Focused Funds), 2003 - H1 2016


Year of Final Close

Fundraising

Fig. 3: 10 Largest Germany-Focused Private Equity Funds Closed, 2003 - H1 2016

Fund FirmFinal Close

Size (mn)Fund Type

Year of

Final Close

European Recovery Programme-EIF Dachfonds European Investment Fund 1,000 EUR Fund of Funds 2004

SwanCap Opportunities Fund SwanCap Partners 1,200 USD Direct Secondaries 2014

Waterland Private Equity Fund IV Waterland 816 EUR Buyout 2008

Capvis Equity IV CapVis Equity Partners 720 EUR Buyout 2014

Capvis Equity III CapVis Equity Partners 601 EUR Buyout 2008

EIF Growth Facility European Investment Fund 500 EUR Fund of Funds 2016

Ventizz Capital Fund IV Vorndran Mannheims Capital 455 EUR Growth 2008

Capiton V Capiton 440 EUR Buyout 2014

Botts Capital Partners II Botts & Co. 300 GBP Buyout 2003

Paragon Partners II Paragon Partners 412 EUR Buyout 2014




Funds in Market

11 11

6

8 8

10

1211

12

14

1.1 0.9 0.51.4

0.6 0.8

2.01.4

2.43.4

0

2

4

6

8

10

12

14

16

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

Oc

t-1

6

No. of Funds Raising Aggregate Capital Targeted (€bn)

Fig. 4: Germany-Focused Funds in Market over Time, January 2008 - October 2016


211

267

215191

213 221

257 261

303313

76

100

42 45

71 73 70 77

10287

0

50

100

150

200

250

300

350

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

Oc

t-1

6

No. of Funds Raising Aggregate Capital Targeted (€bn)

Fig. 5: Europe-Focused Funds (Excluding Germany-Focused Funds) in Market over Time, January 2008 - October 2016


Fig. 6: 10 Largest Germany-Focused Private Equity Funds in Market (As at October 2016)

Fund FirmFinal Close

Size (mn)Fund Type Fund Status

Rocket Internet Capital Partners Fund Rocket Internet 1,000 EUR Expansion/Late Stage First Close

Asia-Germany Industrial Promotion Capital Fund I AGIC Group 1,000 USD Growth First Close

Equita Fonds 5 HQ Equita 400 EUR Buyout Raising

LEA Partners I LEA Partners 180 EUR Buyout First Close

Allistro Capital Fund 21-1 Allistro Capital 150 EUR Buyout Raising

Finatem IV Finatem 150 EUR Buyout First Close

Pinova Capital Fund II Pinova Capital 150 EUR Balanced Second Close

Cross II Cross Equity Partners 150 CHF Buyout First Close

Beyond Capital Partners Fund I Beyond Capital Partners 120 EUR Buyout Raising

Target Partners Fund III Target Partners 120 EUR Venture Capital Raising


Research Center Premium

All of the free research reports, newsletters, statistics and tools Preqin offers can be found in one place: Preqin’s Research

Center Premium.

This free service provides access to analysis of the latest trends in alternative assets, as well as benchmarking tools, useful

presentation slide decks from recent conferences and much more.

For more information, please visit: www.preqin.com/rcp




Institutional Investors

15%

15%

12%

10%10%

8%

7%

6%

17%

Insurance Company

Family Office

Private Sector Pension Fund

PE Fund of Funds Manager

Corporate Investor

Bank/Investment Bank

Investment Company

Asset Manager

Other

Fig. 8: Breakdown of Germany-Based Institutional Investors in Private Equity by Investor Type


Fig. 9: 10 Largest Germany-Based Institutional Investors by Current Allocation to Private Equity

Investor TypeAssets under

Management (€bn)

Current Allocation

to PE (€bn)

Target Allocation

to PE (€bn)

Allianz Capital Partners Private Equity Fund of Funds Manager 6.5 6.5 -

Golding Capital Partners Private Equity Fund of Funds Manager 4.9 4.5 -

Bayerische Versorgungskammer Public Pension Fund 70.0 3.2 3.5

Talanx Asset Management Asset Manager 122.7 2.8 -

Feri Trust Asset Manager 29.0 2.8 -

MEAG Munich Ergo Asset

ManagementAsset Manager 262.0 2.6 2.6

Munich Private Equity Partners Private Equity Fund of Funds Manager 2.3 2.3 2.3

DEG Government Agency 7.8 2.1 2.1

Siemens Financial Services Bank 27.3 2.0 -

Swift Capital Partners Private Equity Fund of Funds Manager 1.4 1.4 1.4


€535mnAverage current allocation to private equity of Germany-based institutional investors.

€608mnAverage target allocation to private equity of Germany-based institutional investors.

26%

14%

12%8%

7%

5%

4%

4%

3%

17%

UK

Switzerland

Germany

France

Netherlands

Italy

Spain

Denmark

Norway

Other

Fig. 7: Breakdown of Europe-Based Institutional Investors in Private Equity by Location


Data Source:

Preqin’s Private Equity Online contains detailed information on 187 Germany-based private equity investors and a further

1,441 Europe-based investors. Profi les include information on current and target allocations, assets under management,

investment preferences, future plans and much more.

For more information, please visit: www.preqin.com/privateequity

Investor Analyst: The True Perspective

See how investors measure up...

Leveraging Preqin’s detailed investor data, Investor Analyst allows you to generate custom visual reports comparing an investor’s allocations, preferences and investment plans against a tailor-made peer group:

www.preqin.com/investoranalyst


...gain a new perspective.



Buyout Deals

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016

France Germany Italy Netherlands Sweden UK Other

Fig. 11: Proportion of Number of European Private Equity-Backed Buyout Deals by Location, 2007 - H1 2016


Pro

po

rtio

n o

f N

o. o

f D

ea

ls

Fig. 14: Five Largest Private Equity-Backed Buyout Deals in Germany, 2015 - H1 2016

Portfolio CompanyInvestment

Type

Deal

Date

Deal Size

(mn)Deal Status Investor(s) Bought from/Exiting Company

Primary

Industry

Douglas Holding Buyout Jun-15 2,800 EUR AnnouncedCVC Capital Partners,

zManagementAdvent International

Consumer

Discretionary

synlab Holding

GmbHBuyout Jun-15 1,750 EUR Completed Cinven BC Partners Healthcare

SynteractHCR Buyout May-16 1,500 USD Completed Amulet Capital PartnersCelerity Partners, Gryphon Investors,

Ticonderoga Private EquityHealthcare

Bilfi nger HSG Facility

Management GmbHBuyout Jun-16 1,200 EUR Announced EQT Bilfi nger Berger AG Infrastructure

Ascensia Diabetes

CareAdd-on Jun-15 1,020 EUR Completed KKR, Panasonic Healthcare Bayer AG Healthcare


0

5

10

15

20

25

0

20

40

60

80

100

120

140

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

H1

201

6

No. of Deals Aggregate Deal Value (€ bn)

Fig. 10: Number and Aggregate Value of Private Equity-Backed Buyout Deals in Germany, 2007 - H1 2016


No

. o

f D

ea

ls

Ag

gre

ga

te D

ea

l Va

lue

(€b

n)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

H1

20

16

Other

Telecoms, Media &Communications

Information Technology

Industrials

Healthcare

Food & Agriculture

Energy & Utilities

Consumer Discretionary

Business Services

Fig. 13: Proportion of Number of Private Equity-Backed Buyout Deals in Germany by Industry, 2007 - H1 2016


Pro

po

rtio

n o

f N

o.

of

De

als

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016

France Germany Netherlands Switzerland

Spain UK Other

Fig. 12: Proportion of Aggregate Value of European Private Equity-Backed Buyout Deals by Location, 2007 - H1 2016


Pro

po

rtio

n o

f A

gg

reg

ate

De

al V

alu

e




0

500

1,000

1,500

2,000

2,500

0

50

100

150

200

250

300

350

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

H1

201

6

No. of Deals Aggregate Deal Value (€ mn)

Fig. 15: Number and Aggregate Value of Venture Capital Deals* in Germany, 2007 - H1 2016


No

. o

f D

ea

ls

Ag

gre

ga

te D

ea

l Va

lue

(€m

n)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016

UK Germany France Spain Sweden Netherlands Other

Fig. 16: Proportion of Number of European Venture Capital Deals* by Location, 2007 - H1 2016


Pro

po

rtio

n o

f N

o. o

f D

ea

ls

Venture Capital Deals

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016

UK Germany France Switzerland Netherlands Spain Other

Fig. 17: Proportion of Aggregate Value of European Venture Capital Deals* by Location, 2007 - H1 2016


Pro

po

rtio

n o

f A

gg

reg

ate

De

al V

alu

e

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016

Internet Software & Related Healthcare

Telecoms Other IT Cleantech

Industrials Consumer Discretionary Other

Fig. 18: Proportion of Number of Venture Capital Deals* in Germany by Industry, 2007 - H1 2016


Pro

po

rtio

n o

f N

o.

of

De

als

*Excluding add-ons, venture debt, secondary stock purchases, mergers & grants

Fig. 19: Five Largest Venture Capital Deals* in Germany, 2015 - H1 2016

Portfolio Company StageDeal

Date

Deal Size

(mn)Investor(s) Industry

Delivery HeroUnspecifi ed

RoundFeb-15 496 EUR Rocket Internet Internet

Auxmoney GmbHUnspecifi ed

RoundOct-15 150 EUR Transamerica Ventures Internet

Home24Unspecifi ed

RoundJun-15 120 EUR Baillie Gifford, Rocket Internet Internet

Auto1 Group Series D/Round 4 Apr-15 118 USD DN Capital, DST Global, Mutschler Ventures, Piton Capital Transportation

CureVacUnspecifi ed

RoundNov-15 110 USD

Baillie Gifford, Bill & Melinda Gates Foundation, Chartwave Limited,

Coppel Family, dievini Hopp BioTech holding GmbH & Co. KG, Elma

Investments Ltd, NorthView Ventures, Sigma Group

Pharmaceuticals




0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

Distributed to Paid-in Capital Residual Value to Paid-in Capital

Called-up to Committed Capital

Fig. 20: Median Called-up, Distributed and Residual Value Ratios by Vintage Year: Germany- and Western Europe-Focused Private Equity* Funds


Vintage Year0%

5%

10%

15%

20%

25%

30%

35%

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

Top Quartile IRRBoundary

Median Net IRR

Bottom QuartileIRR Boundary

Fig. 21: Median Net IRR and Quartile Boundaries by Vintage Year: Germany- and Western Europe-Focused Private Equity* Funds


Ne

t IR

R s

inc

e In

ce

ptio

n

Vintage Year

Performance

0.0

0.5

1.0

1.5

2.0

2.5

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

Top QuartileMultiple Boundary

Median Multiple

Bottom QuartileMultiple Boundary

Fig. 22: Median Multiple and Quartile Boundaries by Vintage Year: Germany- and Western Europe-Focused Private Equity* Funds


Ne

t M

ultip

le (

X)

Vintage Year

0

50

100

150

200

250

De

c-0

5

Jun

-06

De

c-0

6

Jun

-07

De

c-0

7

Jun

-08

De

c-0

8

Jun

-09

De

c-0

9

Jun

-10

De

c-1

0

Jun

-11

De

c-1

1

Jun

-12

De

c-1

2

Jun

-13

De

c-1

3

Jun

-14

De

c-1

4

Jun

-15

De

c-1

5

Fig. 23: PrEQIn Private Equity Quarterly Index: Germany- and Western Europe-Focused Private Equity* Funds


Ind

ex

Re

turn

(Re

ba

sed

to

10

0 a

s o

f 3

1-D

ec

-20

05

)

Data Source:

Preqin’s Private Equity Online is the industry’s most extensive source of net-to-LP private equity fund performance, with full

metrics for over 8,300 named vehicles.

Constantly updated by our team of dedicated researchers using data gathered from both investors and fund managers

themselves, it represents the most comprehensive and transparent source of performance data available today, with global

coverage and all key fi nancial metrics included.

For more information, please visit: www.preqin.com/privateequity

*Private equity comprises private equity, real estate, infrastructure and private debt (excl. direct lending).

Register for demo access to find out how Preqin’s Private Equity Online can help your business:


Source new investors for funds

Identify new investment opportunities

Conduct competitor and market analysis

Find potential deal opportunities

Develop new business


© 2015 Preqin Ltd. / www.preqin.com

If you want any further information,

or would like a demo of our

products, please contact us:

New York:

One Grand Central Place

60 E 42nd Street, Suite 630

New York

NY 10165

Tel: +1 212 350 0100

Fax: +1 440 445 9595

London:

3rd Floor

Vintners’ Place

68 Upper Thames Street

London

EC4V 3BJ

Tel: +44 (0)20 3207 0200

Fax: +44 (0)87 0330 5892

Singapore:

One Finlayson Green, #11-02

Singapore 049246

Tel: +65 6305 2200

Fax: +65 6491 5365

San Francisco:

One Embarcadero Center

Suite 2850

San Francisco

CA 94111

Tel: +1 415 316 0580

Fax: +1 440 445 9595

Hong Kong:

Level 9, Central Building

1-3 Pedder Street

Central, Hong Kong

Tel: +852 3958 2819

Fax: +852 3975 2800

Manila

Pascor Drive

Sto. Niño

Parañaque City

Metro Manila 1700

Philippines

Email: [email protected]

Web: www.preqin.com

Preqin Special Report: Private Equity in Germany

November 2016

Preqin Private Equity Online

With global coverage and detailed information on all aspects of the private equity asset

class, Preqin’s industry-leading Private Equity Online services keep you up-to-date on all

the latest developments in the private equity universe.

Source new investors for funds and co-investments

Find the most relevant investors, with access to detailed profi les for over 6,300 institutional

investors actively investing in private equity, including future fund searches and mandates,

direct contact information and sample investments.

Identify potential investment opportunities

View in-depth profi les for over 1,900 unlisted private equity funds currently in market,

including information on investment strategy, geographic focus, key fundraising data,

service providers used and sample investors.

Find active fund managers in private equity

Search for fi rms actively targeting private equity investments. View information on key

contacts, fi rm fundraising and performance history, and applied strategies of the fi rm when

investing in portfolio companies and assets.

Analyze the latest private equity fundraising activity

See which fi rms are currently on the road raising a private equity fund and which will be

coming to market soon. Analyze fundraising over time by fund strategy and location.

See the latest buyout and venture capital deals and exits

View details of more than 190,000 buyout and venture capital deals and exits, including

deal value, buyers, sellers, debt fi nancing providers, fi nancial and legal advisors, exit

details and more. Identify forthcoming exits and expected IPOs.

Benchmark performance

Identify which fund managers have the best track records, with performance benchmarks

for private equity funds and performance details for over 6,500 individual named funds.

Examine fund terms

See the typical terms offered by funds of particular types, strategies and geographic foci,

and assess the implications of making changes to different fees.

Find out how Preqin’s range of private equity products and services can help you:


preqin special report: private equity in...

Documents