private equity-market-analysis-and-sizing-2012

Private Equity Market Analysis & Sizing 2012

Private Equity Market Analysis & Sizing 2012 1

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The following PE Study is brought to you by

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High-level overview of the PE industry landscape

Targets

Sec. funds / FoFs

Non-trad. buyers

GPs / PE fundsBuyout

Venture Capital

Mezzanine

Balanced stage

Generalist

Fund of funds

...

PE trans-actions

Fundraising Second-aries

1

2

3 5

Fund servicesFund placement agents Fund administrators

7

Associations8Service providers

PE/VC associations Business angels associations and networksPR advisors ConsultantsAccountants

6

Source: BCG

Lawyers Financial advisors

LPs / InvestorsPension funds

Insurance firms

Banks

SWFs

Family offices

Endowments

...

Insurance firms

...

Pension funds

4 5

LP interests only

Direct only

LP interests / direct


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Targets


Venture Capital

Mezzanine

Balanced stage

Generalist

Fund of funds

...

2

Service providers

PR advisors ConsultantsAccountants

6


Secondary funds

Non-trad. buyersFundraising Second-

aries

3 5


Insurance firms

Banks / AMs

SWFs

Family offices

Endowments

...

Insurance firms

...

Pension funds

4 5

LP interests only

Direct only


PE transactions


7

Associations8

PE/VC associations Business angels associations and networks

Source: BCG

1

PE trans-actions

1


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PE transactions: All time high reached in 2007 –PE activity currently rebounding from low in 2009

1,000

800

600

400

200

0

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

+143%

2011

243

2010

257

2009

100

2008

351

2007

835

2006

441

2005

208

2004

129

2003

60

2002

47

2001

57

1. Only transactions with disclosed deal value considered. In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verified industry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG

1

Deal value (in USDbn)1Nr. of deals


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PE transactions: Next to direct investments, the number of abandoned transactions is considerably large

1. Only transactions with disclosed deal value considered. In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verified industry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.2. Refers to all investments in private targets according to Zephyr minus all PE deals listed in Thomson Reuters VentureXpert.Source: Thomson Reuters VentureXpert, Zephyr, BCG

1

45′000

40′000

35′000

30′000

25′000

20′000

15′000

10′000

5′000

020112010200920082007

50′000

No oftransactions

10′952

22′123

10′888

11′178

24′779

10′941

10′816

21′932

8′92813′343

10′823

19′959

12′704

9′692

22′632

Deals by PE fundsAbandoned deals(no financing received)

Direct investmentsin private firms2

Assumptions on abandoned deals

Number of completed and abandoned investments in private targets 2007-2011

49'300

Deal range% of deals w .

disclosed value2007-2011

USD 0-0.5m 2%USD 0.5-2m 4%USD 2-15m 21%USD 15-35m 16%USD >35m 56%

Deal range% of firms which donot get financed /

acquiredUSD 0-0.5m 90%USD 0.5-2m 75%USD 2-15m 60%USD 15-35m 40%USD >35m 30%

45'028 39'170 43'636 44'016

Assumptions on share of disclosed deals


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PE transactions: Majority of deals made in VC segment –Buyouts are leading by deal volume

Number of PE transactions by type Deal volume of PE transactions by type

No of deals

14,000

12,000

10,000

020112010200920082007

6,000

8,000

Deal volume1 (USDbn)

900

600

300

020112010200920082007

Venture CapitalBuyout

Generalist Private EquityMezzanineOther Private Equity

13'343 12'704 8'928 10'888 10'941 835 351 100 257 243


65%

1

60%


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PE transactions: Deal activity and volume clearly dominated by developed markets

1

Number of PE transactionsby geography1

Deal volume of PE transactionsby geography1

6,000

9,000

3,000

2011

12,000

0

15,000

201020092007 2008 20082007 20102009 20110

200

600

800

400

1,000

Asia AmericasEuropeRoW

13'343 12'704 8'928 10'888 10'941 835 351 100 257 243

No of deals Deal volume2 (USDbn)

1. Geography refers to the location of the target company. 2. Only transactions with disclosed deal value considered. In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verified industry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG

85%

84%


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PE transactions: Similar development across regions –Europe most volatile

Americas:Top 5 countries1

9,000

7,500

6,000

4,500

3,000

1,500

0

+20%

-30%

20112010200920082007

No of deals

1. Geography refers to the location of the target firm. 2. Argentina ranked Nr. 6 in 2008 and Nr. 7 in 2010. 3. Spain ranked ranked Nr. 6 in 2007. 4. Hong Kong ranked Nr. 6 in 2008 and 2010. In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verified industry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG

United StatesCanadaBrazil

MexicoArgentina2

Other

Europe:Top 5 countries1

3,500

3,000

2,500

2,000

1,500

1,000

500

0

+33%

-40%

20112010200920082007

No of deals

United KingdomFranceGermany

SwedenSpain3

Other

Asia:Top 5 countries1

2,000

1,500

1,000

500

0

+19%

-35%

20112010200920082007

No of deals

South KoreaChina

India

JapanHong Kong4

Other

1


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PE transactions: 76% of all transactions are small- to mid-cap

PE transactions1 2007-2011 by size


7%

7%

60%

0%

20%

2%

80%

25%

51%21%

100%

59%

16%

40%

USD 201-1000m USD <50m> USD 1000m USD 50-200m

No of deals Deal volume

76%

9%

76% of all PE transactions conductedfrom 2007 to 2011 were smaller than USD 200m, representing 9% of total deal volume

1


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PE transactions (<USD 200m): VC in Americas represents the biggest market

Overview of PE deals up to USD 200m, 2007-2011(based on cumulative number of deals)

60%

80%

100%

40%

20%

0%100%80%60%40%20%0%

Americas

Europe

Asia

RoW

OtherPE

Mezz-anine

GeneralistPE

BuyoutVenture Capital

In general, Thomson Reuters VentureXpert has no official size limit. The database derives the data from several sources: (1) verified industry press and press releases, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) SEC filings as well as other filings that are regularly monitored by Thomson Reuters.Source: Thomson Reuters VentureXpert, BCG

1

64% 20% 11% 2% 3%2%

13%

23%

62%


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PE transactions (<USD 200m): Buyouts in Americasdominate deal volume

Overview of PE deals up to USD 200m, 2007-2011(based on cumulative deal volume1 in USDbn)

100%

80%

100%

20%

80%60%

40%

20%0%

Americas

Europe

AsiaRoW

40%

Mezz-anine

GeneralistPE

BuyoutVenture Capital

0%

60%

OtherPE

1

24% 54% 15% 3% 4%5%

15%

31%

49%



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Sec. funds / FoFs


aries

3 5


Insurance firms

Banks

SWFs

Family offices

Endowments

...

Insurance firms

...

Pension funds

4 5

LP interests only

Direct only

LP interests / directTargets PE trans-actions

1

Service providers


6


GPs / PE funds


7

Associations8


Source: BCG

2


Venture Capital

Mezzanine

Balanced stage

Generalist

Fund of funds

...

2


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Active GPs: Majority of GPs are small and mid-cap

GPs by type GPs by fund size1 GPs by geography

n = 2807

1. Total amount of capital committed to latest fund. 2. Venture Capital includes seed, early and later stage funds.Source: Thomson Reuters VentureXpert, BCG

2

No of GPs with at least 1 new fund since 2007

100%

80%

60%

40%

20%

0%

USD 0-100m

USD 101-500m

USD 501m-1bn>USD 1bn

52%

33%

8%7%

n = 2807 n = 2807


100%

80%

60%

40%

20%

0%

Americas

Europe

Asia

RoW

54%

21%

19%

6%


100%

80%

60%

40%

20%

0%

Venture Capital2

Buyouts

Balanced Stage

GeneralistFund of FundsMezzanineOther PE

27%

23%

23%

6%5%

4%12%


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Active GPs (<USD 0.5bn fund size): VC, Balanced stage, and Buyout most prevalent

Overview of GPs with fund size < USD 0.5bn(based on number of active GPs, 2007-2011)

60%

40%

20%

0%100%

100%

60%40%20%0%

Americas

Europe

Asia

80%

Mezz-anine

FoFsGeneralistBuyoutsBalanced StageVenture Capital1

80%

RoW

1. Venture Capital includes seed, early and later stage funds.Source: Thomson Reuters VentureXpert, BCG

2

29% 25% 20% 6% 5%4%

24%

21%

51%

4% 11%

OtherPE


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Sec. funds / FoFs

Non-trad. buyersSecond-

aries

5


Insurance firms

Banks

SWFs

Family offices

Endowments

...

Insurance firms

...

Pension funds

4 5

LP interests only

Direct only

LP interests / directTargets


Venture Capital

Mezzanine

Balanced stage

Generalist

Fund of funds

...

PE trans-actions

1

2

Service providers


6


PE fundraising


7

Associations8


Source: BCG

3

Fundraising3


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PE fundraising: Still significantly below all time high in 20073

Source: Thomson Reuters VentureXpert, BCG

600

500

400

300

200

100

0

No of funds raised

1,400

1,200

1,000

800

600

400

200

0

-52%

2011

255

2010

185

2009

177

2008

514

2007

529

2006

415

2005

Funds raised (in USDbn)

322

2004

148

2003

102

2002

99

2001

184

Funds raised (in USDbn)Nr. of funds raised


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PE fundraising: Increased activity in small/mid-cap segment

No of funds raised1,200

1,000

800

600

400

200

0

Balanced stage

Venture Capital2

Buyouts

Fund of FundsMezzanine

825054

196

2010

234

223

187

7055

47

136

231

242

2011

Other PE

Generalist

213

Funds raised by type Funds raised by fund size1 Funds raised by geography


1,000

800

600

400

200

0

USD 0-100m

USD 101-500m

USD 501m -1bn>USD1bn

2011

554

361

7974

2010

496

301

7976


1,000

800

600

400

200

0

Americas

Europe

Asia

RoW

2011

646

118

283

21

2010

548

147

228

29

952 1068952 1068952 1068

1. Total amount of capital committed to a fund by its LPs and GPs. 2. Venture Capital includes seed, early and later stage funds.Source: Thomson Reuters VentureXpert, BCG

3


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PE fundraising: USD 255bn funds raised in 20113

Funds raised (in USDbn)300

250

200

150

100

50

Buyouts

Balanced stage

Venture Capital2Fund of FundsMezzanineGeneralist

Other PE

2011

103

33

2510

1016

57

2010

5626

1513

107

58

Funds raised by type Funds raised by size1 Funds raised by geography


250

200

150

100

50

0USD 0-100m

USD 101-500m

USD 501m -1bn

>USD1bn

2011

18

69

45

123

2010

15

47

37

86


250

200

150

100

50

0

Americas

Europe

Asia

RoW

2011

152

44

56

3

2010

121

24

364

185 255185 255185 255

1. Total amount of capital committed to a fund by its LPs and GPs. 2. Venture Capital includes seed, early and later stage funds.Source: Thomson Reuters VentureXpert, BCG


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33FundraisingFundraising

Sec. funds / FoFs


aries

5

Insurance firms

...

Pension funds

5

LP interests only

Direct only



Venture Capital

Mezzanine

Balanced stage

Generalist

Fund of funds

...

PE trans-actions

1

2

Service providers


6


LPs / PE Investors


7

Associations8


Source: BCG

4


Insurance firms

Banks

SWFs

Family offices

Endowments

...

4


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LPs / Investors: Family offices and Endowments with significant "outstanding dry powder"

1. Data based on a proprietary database of more than 3'000 commitments by LPs to PE built by BCG and IESE in 2009. The database draws from publicly available data on LPs and PE funds, as well las from commercial databases – including Preqin, Thomson Reuters VentureXpert, Dow Jones Directory of Alternative Investment Programs and Dealogic. In addition, in-depth interviews with more than 30 LPs and GPs in the US and Europe were conducted. 2. Dry powder is the capital committed by investors into PE funds minus both the capital invested by the firm managing the fund and the capital investors will not be able to provide. Note: Fund of funds are not included as LPs because they are intermediaries and not original sources of capital. However they play an important role as distributors of about 10-15% of all LP commitments to PE fundsSource: BCG-IESE database

4

Main types of investors in PE by outstanding dry powder1

Public pensionfunds

~17%

Insurance companies

Family officesand

foundations

~6%

SWFs and government

agencies

~10%

~16%

Private pensionfunds

~15%

Financial institutions

100%

Outstanding dry powder2

0%

100%

20%

60%

Endowments

40%

80%

~6%

~30%

~ USD 500bn Share of outstanding dry powder byPE investors2


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LPs / Investors: Trend towards direct investments

Direct investments of LPs in private firms1

1. Based on Coller Capital Global Private Equity Barometer 2006, 2007/2008 and 2010. 2. 2010 Survey of 62 families advised by McNally Capital with average AuM of USD 250m.Source: Coller Capital Global Private Equity Barometer 2006, 2007/2008 and 2010, McNally Capital/New York Times, BCG

Direct investments of LPs in private firms

13%

26%

51%

Survey2007/2008

10%9%

23%

59%

Survey2006

9%10%

65%

16%

% of surveyed LPs

100%

80%

60%

40%

20%

0%

Yes -proprietary investing only

Yes -co-investm. and propr. investing

Yes -co-investment only

No direct investments

Survey2010

10%

LP plans for direct investments over next three years% of surveyed LPs

100%

80%

60%

40%

20%

0%

Increasedirect investments

No change

Decreasedirect investments

Survey2010

41%

54%

5%

Survey2007/2008

31%

67%

3%

Survey2006

25%

72%

3%

Survey of Family Offices2

4

are planning to increase or maintain their direct investments in private firms over the next two years

of respondents said they were seeking outsized returns from direct investing

source direct investments primarily from friends and family

of family offices that responded said they were not satisfied with the fee structure at private equity finds

prefer to invest in direct deals as opposed to more traditional private equity funds

83%

67%

63%

> 60%

59%


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LPs / Investors - Family Offices: SFOs tend to have higher PE allocation

Source: Wharton Global Family Alliance, IMD/EVCA, BCG

Types of family offices Allocation to Private Equity

Single family office(SFO)

• Exclusive FO for one family• Highest form of confidentiality

Multi family office(MFO)

• Broad service offering• Cost efficiency through economies of

scale

Virtual family office(VFO)

• Network of service providers without physical infrastructure

• Less administration, therefore lower costs

Main areas of services

Investment-related

services

Administration-related services

Family-related

services

• Asset allocation• Manager selection

& monitoring• Education of family

members

• Estate planning• Risk management/

insurance• Philanthropy• Security & concierge

services

• Reporting• Tax services• Financial admin• Legal services• Banking• Relation mgmt

12%13%

EU SFOsUS SFOs

% of assets allocatedto private equity

15%

10%

5%

0%Worldwide

SFOs

9%

according toWharton Global Family Alliance Survey (2008)

according to IMD/EVCA

Survey

4


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LPs / Investors - Family Offices: Broad range of estimates about existing number of family offices

Family office estimates cited in the press

Source: Barron's, Family Wealth Alliance, Financial Times, Wall Street Journal, Family Office Association / Wharton Global Family Alliance, EVCA/IMD, BCG Global Wealth Market-Sizing Database

"Right now, there are about 3'000 family offices in America."Barrons (Sep 28, 2009)

"Currently, there are approximately 1'000 single family offices in the world."Family Office Association / Wharton Global Family Alliance (2008)

"There are somewhere between 3'000 and 5'000 family offices in the US."FT (Jul 31, 2011)

"The universe of US-based Single Family Offices is estimated at 2'500"Family Wealth Alliance (2010)

"A more realistic estimate is likely to be closer to 1,000 [SFOs] just in Europe."Wall Street Journal (Jun 14, 2010)

"EVCA estimates that there are around 500 smaller family offices active in Europe, of which between 80 and100 can be considered as large"European Venture Capital Association, IMD (2007)

4

• Term "family office" often used for single or multi-family offices only or including all types of family offices

• Research reports are generally focused on specific geographic regions

• Inconsistent use of term "family office" and geographical focus leads to a wide range of estimates about number of existing family offices worldwide

Need for estimation of worldwide number of firms dedicated to family offices services


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LPs / Investors - Family Offices: BCG estimates ~7'070 firms dedicated to family offices service

Potential client universe1 Number of firms dedicated to FO services

~ AuM USD 100m needed to makedirect investments of USD 1m+

No of UHNW households (> USD 100m AuM)

15’000

10’000

5’000

0Total

~ 12’300

RoW

~ 1’700

Asia-Pacific

~ 2’000

Americas

~ 3’700

Europe

~ 4’900

• Europe: ~3000 existing firms dedicated to FO services resulting in a ratio of ~0.6 firms/UHNW household2

• Americas: Family offices originated in the US, i.e. generally larger penetration assumed (Assumption: 0.7 firms/UHNWhousehold)

• Asia / RoW3 : Currently underrepresented in terms of firms with FO services, but strong growth prospects (Assumption: 0.4 firms/UHNW household)

No of firms dedicatedto family office services

2’000

4’000

6’000

8’000

0Total

~ 7'070

RoW

~ 680'

Asia-Pacific

~ 800

Americas

~ 2'590

Europe

~ 3'000

1. Includes single family offices, multi family offices and other family office service providers (e.g. EAMs). 2. Based on a comprehensive BCG study about European family office services.3. Citigroup expects the number of family offices in Asia to triple over the next decade.Source: BCG Global Wealth Market-Sizing Database, Citigroup, BCG

4


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Corporate M&A: key group within PE, often underestimated

1. Based on Deloitte survey. 2. Based on Orbis - Bureau van Dijk database.Source: Deloitte – Corporate Development 2010, Orbis - Bureau van Dijk, BCG

4

BCG estimation of number ofcorporates with M&A department

Assumptions:• Number of firms with sales of more than USD 500m• Firms who conducted at least one M&A deal since 2000

No of corporates2

10’000

8’000

6’000

4’000

2’000

0TotalAsia-Pacific

~2'500

EMEA

~3'000

Americas

~3'500

Main tasks of corporate M&A dep.

73%

76%

79%

83%

84%

% of surveyed executives who see the primary responsibility of corporate development teams in the following areas1 :

1. M&A strategy and targetidentification

2. Valuation and analytics

3. Leading negotiations

4. Deal pipeline management

5. Financial due dilligence

~ 9'000


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8

Fundraising3


Insurance firms

Banks

SWFs

Family offices

Endowments

...

4

Targets


Venture Capital

Mezzanine

Balanced stage

Generalist

Fund of funds

...

PE trans-actions

1

2

Service providers


6


Secondaries


7

Associations


Source: BCG

5

Sec. funds / FoFs


aries

5

Insurance firms

...

Pension funds

5

LP interests only

Direct only



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Secondaries: Most secondary deals are LP interest sales

Basic transaction types Secondary deal volume by type

Buyer and seller motivation

• LP sells its interest in a PE fund or a portfolio of interests to another investor

• Seller get paid for previously funded investments and is released from future capital calls

Sale of LP interests

• Secondary direct: Refers to the sale of an entire portfolio of firms or firm participations by a GP

• Secondary buyout: GP sells a single portfolio company to another private equity fund

Secondary direct/buyout

• Need for liquidity (e.g. unable to meet capital calls)

• Unsatisfactory performanceof PE funds

• Change in asset allocation• Regulatory changes• ...

Seller of LP interests

• Exploit market inefficiencies/ discounted investment opp.

• Invest in an identifiable portfolio of assets

• Gain access to future funds of top-performing GPs

• ...

Buyer of LP interests

Source: UBS Private Funds Group estimates, BCG

Est. dealvolume (in USDbn)

20

10

0

5

LPinterests

Directs

2010

15

18(83%)

4(17%)

2009

25

8(85%)

1 (15%)

2008

13(67%)

7(33%)

2007

11(73%)

4(27%)

15 20 9 22

5

Secondary deal volume dominated by LP interest sales


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Secondaries: Fundraising stable – USD 26bn dry powder promises ongoing secondary deal flow

Number of secondary funds raised Dry powder at leading secondary funds

2011

18

0

5

10

20

15

2009

17

20102008

22

14

25

2007

11

2006

14

2005

16

Source: Preqin, BCG

25

7

2005 2006

714

2007

14

2011

20

15

10

5

0

10

2010

11

2009

23

2008

Secondary fundraising volume

Funds raised (in USDbn)

No of funds raised

stable

stable

Firm Country Est. dry powder(in USDbn)

Lexington Partners US 5.1

Goldman Sachs Private Equity US 3.9

Pantheon Ventures UK 3.2

Landmark Partners US 2.5

CS Strategic Partners US 2.2

AlpInvest Partners NL 2.0

Partners Group CH 1.9

Axa Private Equity F 1.9

HarbourVest Partners US 1.9

Coller Capital UK 1.7

Total ~ USD 26bn

Ratio of dry powder at leading secondary fundsto secondary deal volume in 2010 currently ~1.2x

5


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Secondaries: Pricing improved considerably

Based on the average high bids received for UBS-advised transactions.Source: UBS Private Funds Group estimates, BCG

5

% discount tonet asset value

50

40

30

20

10

0Q1 2011

13.1

26.5

3.0

Q4 2010

15.5

21.1

11.7

Q3 2010

17.2

33.9

13.4

Q2 2010

18.0

36.9

18.1

Q1 2010

12.5

30.9

12.1

Q4 2009

36.834.031.6

All PEVentureBuyout

Pricing of private equity assets1

• Pricing of private equity assets improved considerably fromQ4 2009 to Q1 2011

• In Q1 2011, the average discount to NAV for private equity assets is at 13.1%

• Discounts for buyout assets are the lowest (3% discount to NAV)


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Relative importanceof the secondary market

Secondaries: Secondary segment still marginal compared to rest of the PE market and not on top of LP agendas

1. According to Probitas Research LP survey.Source: Probitas Research - Private Equity Deskbook 2011, BCG

100%

6%

4%

2%

0%Deal volume

2010(in USDbn)

~ USD 22bn(8%)

USD 243bn(92%)

Funds raised2011

(in USDbn)

USD 10bn(4%)

USD 255bn(96%)

No of funds raised2011

18(2%)

1068(98%)

Share of the secondary marketin % of total PE market

SecondaryRest of PE market

5

Outlook: LP areas of interest

13%

30%

33%

37%

39%

46%

% of LPs who plan to focus most of their attention on investing in the following areas (up to 5 choices possible)1 :

1. US mid-cap buyouts

2. Growth capital funds

3. US small-cap buyouts

4. EU small-cap buyouts

5. Asia country-focused funds

...

14. Secondary funds


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Sec. funds / FoFs


aries

3 5


Insurance firms

Banks

SWFs

Family offices

Endowments

...

Insurance firms

...

Pension funds

4 5

LP interests only

Direct only



Venture Capital

Mezzanine

Balanced stage

Generalist

Fund of funds

...

PE trans-actions

1

2

Service providers


7

Associations8


Source: BCG

6

Service providers


6



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Summary: ~ 25’000 PE specialists identified across ~4'200 M&A service providers

1’000

2’000

3’000

4’000

5’000

No of firms

0Total

4’212

Acc-ountants

256

Cons-ultants

315

PRadvisors

523

FinancialAdvisors

1’289

Lawfirms

1’829

Type of service provider

4212 service providers identified1

Service providers involved inat least one M&A deal since 2009

1. The analysis is based on league table credit of advisors in all M&A transactions recorded in mergermarket since January 2009. mergermarket includes transactions worldwide with at least USD5m deal value. If the deal value is not disclosed and cannot be confirmed to be greater than or equal to USD 5m, deals are included if the target’s revenue is greater than USD 10m. League table credit is given to firms advising any of the principals (bidder, target or seller) or the parent companies of the principals on a transaction. Where there is more than one advisor, each is credited with the full deal value of the transaction.Source: mergermarket, BCG

11'043

8'803

2'422

1'514

898

Financial advisors

Law firms

Accountants

Consultants

PR advisors

24'680Total of PE specialists across service providers

6

PE specialists across service providers


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Law firm Deal value(in EURm)

Nr. ofdeals

Countries w. office

Freshfields Bruckhaus Deringer 460'381 601 15Linklaters 368'361 587 19Allen & Overy LLP 241'571 546 26DLA Piper 57'255 519 30CMS 57'135 516 29Clifford Chance LLP 222'898 495 26Baker & McKenzie 64'322 404 41Latham & Watkins LLP 185'166 338 13Jones Day 56'706 331 19White & Case LLP 85'248 316 25

Average 24

Law firms: ~8'800 PE specialistsN

o of

law

firm

s

2’000

1’500

1’000

500

0

1’829

>100deals

46

11-100deals

243

2-10deals

617

1deal

923

No of deals advised since 2009

6

Number of deals advised by law firms1 Most active law firms since 2009

Assuming one PE specialist per country a multiple of

~25 for the most active firms seems reasonable

Identifiedfirms

Multiplier

Potential number of

PE specialists

x

=

8'803

x

923

1

=

3'085

5

x

=

3'645

15

x

=

=1'150

25

x

=

=+ + +



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Financial advisor Deal value(in EURm)

Nr. ofdeals

Countries w. office

KPMG 44'060 508 152Rothschild 245'446 498 42PwC 39'462 459 149Deloitte 26'401 405 150Goldman Sachs 549'510 383 31Morgan Stanley 476'915 378 42Lazard 227'329 365 27Credit Suisse 439'148 349 50UBS Investment Bank 329'863 327 50Ernst & Young 23'115 301 140

Average 83

Fin. advisors: ~11'000 PE specialists

1’500

No

of fi

n. a

dvis

ors

1’000

500

0

1’289

>100deals

30

11-100deals

157

2-10deals

489

1deal

613


6

Number of deals advised by fin. advisors1 Most active fin. advisors since 2009



11'043

x

613

1

=

4'890

10

x

=

3'140

20

x

=

=2'400

80

x

=

=+ + +


Identifiedfirms

Multiplier

Potential number of

PE specialists

x

=


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PR advisor Deal value(in EURm)

Nr. ofdeals

Countries w. office

FTI Consulting 223'962 466 24Brunswick Group 362'094 377 11Finsbury Group 217'821 274 7Citigate 53'721 273 30Maitland 85'591 153 1Barabino & Partners 36'515 122 4Tulchan Communications 36'327 96 1Abernathy MacGregor Group 93'864 91 1Pelham Bell Pottinger 24'448 88 1M:Communications 29'442 87 3

Average 8

PR advisors: ~900 PE specialists

600

No

of P

R a

dvis

ors

400

200

0

523

>100deals

6

11-100deals

55

2-10deals

168

1deal

294


6

Number of deals advised by PR advisors1 Most active PR advisors since 2009



898

x

294

1

=

336

2

x

=

220

4

x

=

=48

8

x

=

=+ + +


Identifiedfirms

Multiplier

Potential number of

PE specialists

x

=


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Consultants Countriesw. office

McKinsey & Co 55Boston Consulting Group 42A.T. Kearney 38Booz & Company 34Roland Berger SC 33Bain & Company 30Oliver Wyman 25Arthur D. Little 20Monitor Group 17L.E.K. Consulting 14

Average 31

Consultants: ~1'500 PE specialists

400

No

of c

onsu

ltanc

y fir

ms

300

200

100

0

315

>100deals

0

11-100deals

19

2-10deals

72

1deal

224


6

Number of deals advised by consultants1 Leading consultancy firms2

1. The analysis is based on league table credit of advisers in all M&A transactions recorded in mergermarket since January 2009. mergermarket includes transactions worldwide with at least USD5m deal value. If the deal value is not disclosed and cannot be confirmed to be greater than or equal to USD 5m, deals are included if the target’s revenue is greater than USD 10m. Source: mergermarket, BCG



1'514

x

224

1

=

720

10

x

=

570

30

x

=

=0

30

x

=

=+ + +

Identifiedfirms

Multiplier

Potential number of

PE specialists

x

=


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Accountants Deal value(in EURm)

Nr. ofdeals

Countries w. office

Ernst & Young 157'737 774 140PwC 86'376 498 149KPMG 113'870 476 152Deloitte 60'132 413 150Grant Thornton UK 5'296 158 100BDO 8'326 152 135Baker Tilly International 591 35 100PKF (UK) LLP 298 21 125Mazars LLP 408 17 67Accuracy 2'748 14 9

Average 113

Accountants: ~2'400 specialists

300

No

of a

ccou

ntan

ts

200

100

0

256

>100deals

6

11-100deals

9

2-10deals

59

1deal

182


6

Number of deals advised by accountants1 Most active accountants since 2009



2'422

x

182

1

=

590

10

x

=

990

110

x

=

=660

110

x

=

=+ + +


Identifiedfirms

Multiplier

Potential number of

PE specialists

x

=


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Sec. funds / FoFs


aries

3 5


Insurance firms

Banks

SWFs

Family offices

Endowments

...

Insurance firms

...

Pension funds

4 5

LP interests only

Direct only



Venture Capital

Mezzanine

Balanced stage

Generalist

Fund of funds

...

PE trans-actions

1

2

Service providers


6


Fund services

Associations8


Source: BCG


7

7


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FirmNr. of funds

placed(in USDbn)

Agg. capital placed

(in USDbn)

Park Hill Group 9 22.4Credit Suisse Private Fund Group 17 11.9MVision Private Equity Advisers 13 11.1UBS Investment Bank Private Funds Group 4 7.6Greenhill Fund Placement Advisory Group 9 6.5Atlantic-Pacific Capital 6 5.9Probitas Partners 4 5.1Campbell Lutyens 3 4.9Capital and Marketing Group 3 4.9Lazard Private Fund Advisory Group 7 4.8

PE Placement agents: Usage of placement agentsvaries significantly by PE fund type

Main service

Leading placement agents by capital placed

Source: Private Equity International – A guide to fund placement specialists, Preqin, BCG

Usage of placement agents

North America

Asia and RoW Yes (47%)

Yes (42%)

No (53%)

Europe

No (58%)

Yes (48%) No (52%)By geo-gra-phy

Venture

Fund of Funds

Mezzanine

Buyout

Yes (29%) No (71%)

Yes (32%) No (68%)

Yes (50%) No (50%)

Yes (65%) No (35%)

By fund type

Fund placement agents specialize in raising capital on behalf of private equity funds by finding institutional investor which are willing to invest

PE placement agent universe

~130 placement agents identified

7


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PE Fund administrators: Fund administrators provide a wide range of services to PEs

Services offered by PE fund admin.

Exemplary PE fund administrators

Source: Fund administrator websites, Preqin, BCG

Usage of PE fund administrators

PE fund administrator universe

~40 fund administrators identified

North America Yes (30%) No (70%)

Asia and RoW Yes (64%) No (36%)

Europe Yes (66%) No (34%)By geo-gra-phy

Register and Transfer Agency 41%

Cash Mgmt and Provi-sion of Bank Accounts 42%

Tax Services 47%

Corporate Services 58%

Fund Launches/Fund Establishment 60%

Compliance and Portfolio Monitoring 61%

NAV Calculation 61% 39%

39%

40%

42%

53%

58%

59%

% of fund administrators offering service

7

Firm HeadquarterApex Fund Services BermudaAugentius Fund Administration UKAztec Group JerseyBanque Privée Edmond de Rothschild SwitzerlandBNP Paribas Securities Services FranceBNY Mellon USCaceis Fastnet FranceCitco Fund Services CaymanCiti Fund Services USDeutsche Bank Alternative Fund Services UKInternational Financial Services MauritiusIpes UKJP Morgan Real Estate and PE Services USNorthern Trust USState Street Global Services US


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.

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Sec. funds / FoFs


aries

3 5


Insurance firms

Banks

SWFs

Family offices

Endowments

...

Insurance firms

...

Pension funds

4 5

LP interests only

Direct only



Venture Capital

Mezzanine

Balanced stage

Generalist

Fund of funds

...

PE trans-actions

1

2

Service providers


6



7

Associations

Source: BCG

Associations8


8


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PE/VC associations: ~ 100 PE/VC associations existing

VC and PE associations fulfill several purposes

Member groups

Maintain dialogue with key stakeholders to effect changes to the tax and regulatory environment

Representation / lobbying

Provide opportunities to exchange ideas and increase cooperation / deal flow between membersNetworking

Conduct and publish research on issues important to the venture and private equity industryResearch

Offer trainings to enhance the professional skills and expertise of practitionersTrainings

Establish and maintain best practice ethical and professional standards

Professional standards

PE / VC Funds

Typically core members

Investors

Service providers

Typically associate members

8

Number of PE/VC associations

100

80

60

40

20

0

North America39

Europe26

Asia-Pacific18

Africa / ME.7

Latin A. 4Intern. 2

Regional40

National47

International9

n = 96 n = 96

No of associations

by type by region

100

80

60

40

20

0

North America39

Europe26

Asia-Pacific18

Africa / ME.7

Latin A. 4Intern. 2

Regional40

National47

International9

n = 96 n = 96

No of associations

by type by region

Note: Analysis based on information provided by VC/PE associationsSource: Associations, BCG


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National and International PE/VC associations: Largest associations focus on developed markets

• The European Venture Capital Association (EVCA) represents the biggest Private Equity Association with 1200 members

• Five national associations focusing on the emerging PE markets Asia-Pacific, Latin America and Africa / Middle East made it to the Top 20 while the Emerging Markets Private Equity Association ranks onNo 8

20 largest national and international PE/VC associations1

Nr. Association Type of Ass. Region Members

1 European Private Equity and Venture Capital Association International Europe 12002 National Association of Seed and Venture Funds National North America 8503 Association Française des Investisseurs en Capital National Europe 4704 British Private Equity and Venture Capital Association National Europe 4505 National Venture Capital Association National North America 4076 Swiss Private Equity & Corporate Finance Association National Europe 3497 Bundesverband Deutscher Kapitalbeteiligungsgesellschaften National Europe 3208 Emerging Markets Private Equity Association International International 3009 Swedish Private Equity & Venture Capital Association National Europe 27010 Canada's Venture Capital & Private Equity Association National North America 26811 Institutional Limited Partners Association International International 25012 Associazione Italiana del Private Equity e Venture Capital National Europe 25013 Australian Private Equity & Venture Capital Association National Asia-Pacific 23114 Taiwan Venture Capital Association National Asia-Pacific 22815 Danish Venture Capital and Private Equity Association National Europe 19016 Associação Brasileira de Private Equity e Venture Capital National Latin America 17017 China Venture Capital Association National Asia-Pacific 15018 Nederlandse Vereniging van Participatiemaatschappijen National Europe 14919 Asociación Española De Entidades De Capital National Europe 14320 South African Venture Capital Association National Africa / Middle East 129

1. International and national PE/VC associations considered which provide information on number of members. Members include full and associate membersSource: Associations, BCG

8


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National and International PE/VC associations: North American associations generally larger than their peers

100%

80%

60%

40%

20%

0%Members

4412 (55%)

973 (12%)

1561 (9%)

340 (4%)235 (3%)550 (7%)

Nr. ofAssociations

23 (53%)

8 (19%)

4 (9%)

3 (7%)

3 (7%)

2 (5%)

• The 23 identified European associations count 4412 members, representing 55% of all identified members

• The range of European associations is broad: Both, the smallest association (Slovak Venture Capital Association, 7 members) and the largest association (European Venture Capital Association, 1200 members) are European

• Generally, North American associations are the largest with, on average, 390 members per associations

100%

80%

60%

40%

20%

0%

4412 (55%)

973 (12%)

1561 (9%)

340 (4%)235 (3%)550 (7%)

Nr. ofAssociations

23 (53%)

8 (19%)

4 (9%)

3 (7%)

3 (7%)

2 (5%)

Associations and members by geographic region

n = 44 Σ = 8071

Members/Association

192

122

390

11378

275

Ø = 188

Europe

Asia-Pacific

North America

Latin AmericaAfrica/Middle EastInternational

Associations and members by geographic region

n = 44 Σ = 8071

Members/Association

192

122

390

11378

275

Ø = 188

Europe

Asia-Pacific

North America

Latin AmericaAfrica/Middle EastInternational

1. International and national PE/VC associations considered which provide information on number of members. Members include full and associate members.Source: Associations, BCG

8


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Business angels associations and networks/groups: Europe most fragmented

National22

North America2

International4

Europe16

Latin America2

Asia-Pacific4

Africa / ME. 1Intern. 1

8

16

24

4

28

20

12

0by type

n = 26 n = 26

No of associations

by region

Business angels associations Business angels networks/groups

500

900

0

200

300

400

RoW~ 60

100

North America~ 370

600

800

Europe~ 400

700

by region

n = ~ 830

No of networks/groups

Source: OECD "Financing high-growth Firms – The role of angel investors", Associations, BCG

Role of business angels associations:

• Act as umbrella organisations of business angel groups

• Raise awareness about the industry

• Liaise with policy makers

• Collect data from member organisations and conduct research

• Provide a platform for information sharing

Role of business angels networks/groups:

• Connect angel investors willing to invest with entrepreneurs looking for capital

• Business Angel Network do not make any investments or investment decisions

• The networks can have a general or specific industry focus and are typically established on a international, national or regional level

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Summary: Rough sizing of the PE market

1. Based on a currency rate of CHF/USD 0.91. Based on 2011 Montana Capital Partners estimate.Source: BCG

No of PE deals: 10'941No of direct deals: 10'952No of abandoned d.: 22'123

1

No of GPs / PE funds: 2'8072

No of funds raised: 1'0683

No of family offices: 7'070No of M&A depart.: 9'0004

Sec. deal volume: ~CHF 21.8bNo of secondaries: 908

PE specialists fin. adv.: 11'043PE specialists law firms: 8'803PE specialists account.: 2'422PE specialists consult.: 1'514PE specialists PR advis.: 898

No of fund administrators: 40No of fund placement ag.: 130

No of VC/PE associations: 96No of Angel associations: 26No of Angel groups/netw.: 830

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private equity-market-analysis-and-sizing-2012

Documents

wall street

league table

official size

pe transactionsby

verified industry

thomson reuters

industry routinely

lawyers financial