Venture Capital Panel

Transcription

Venture Capital Panel
„Market Barometer with its Finger on the Pulse"
2006
FHP - Private Equity Consultants
Munich, February 2006
© Fleischhauer, Hoyer & Partner
1
Venture Capital Panel of FHP Fleischhauer, Hoyer & Partner
Panel results are reviewed by print media each quarter and sent out to a group of 80 fund of
funds and 200 institutional investors in Europe
ü VC Panel = sector barometer (each quarter) with its finger on th e pulse since 1999, focus on early stage
ü Participants: 41 leading venture capital firms in Germany
ü Content: Invested capital, number of investments, share of government support programs (Bayern Kapital,
HighTech Gründerfonds, IBB Beteiligungsgesellschaft, KfW , NRW.BANK Venture Fonds), technology, federal
states/abroad, exit activities
ü Panel information is supplemented with special questions on the business climate in the sector and on
current topics that affect the sector
ü Media partners: First publication in VDI nachrichten , Handelsblatt, and Fondszeitung, and subsequently in a
number of additional daily newspapers (FAZ, FTD, SZ und Börsenzeitung)
ü Results are sent out to over 80 European fund of funds and 200 institutional European investors with
substantial private equity allocations
2
1
Venture Captial Panel Participants
41 leading early-stage financiers – grouped by fund volume
> 250
Mio. EUR
50-100
Mio. EUR
n
n
n
n
n
n
n
n
n
n
3i Deutschland, Frankfurt
Apax Partners , München
Atlas Venture, München
DVC Deutsche Venture Capital , München
Earlybird, Hamburg/München
High-Tech Gründerfonds (HTGF), Bonn
KfW Bankengruppe (ERP-Startfonds), Bonn
Siemens Venture Capital, München
TVM Capital, München
Wellington Partners , München
n
n
n
n
n
n
n
n
n
n
BayernKapital, Landshut
Brockhaus Private Equity, Frankfurt
DEWB, Jena
Neuhaus Partners, Hamburg
Holtzbrinck networXs, München
IBB Beteiligungsgesellschaft, Berlin
S-UBG Gruppe, Aachen
TechnoStart, Ludwigsburg
Triangle Venture Capital, St.Leon-Rot
Viewpoint Capital Partners, Frankfurt
100-250
Mio. EUR
10 - 50
Mio. EUR
n
n
n
n
n
n
n
n
n
n
n
AdAstra Venture, München
Atila Ventures / ETV, München
BayTech Venture Capital, München
bmp, Berlin
First Ventury, Heidelberg
Global Life Science Ventures, München
Heidelberg Innovation Heidelberg
L-EA / SEED, Karlsruhe
PolyTechnos , München
Target Partners, München
Ventizz Capital Partners, Düsseldorf
n
n
n
n
n
n
n
n
n
n
Accera Venture Partners, Mannheim
AURELIA Private Equity, Frankfurt
Capital Stage, Hamburg
enjoyventure Management, Düsseldorf
Hasso Plattner Ventures Management, Berlin
Leonardo Venture GmbH
MIG Verwaltungs AG, München
NRW.BANK.Venture Fonds
PEPPERMINT. Financial Partners, Berlin
TechnoMedia, Köln
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VC Panel – data and facts in 2006
Increasing number of investments and exits
Investments
§ Number of investments increased from 274 in 2005 to 334 in 2006
§ First and follow- on investments were first time equal for a long time (166 first investments, 168 follow- on investments)
§ 37 VC-companies closed altogether 166 first-investments in 2006
§ 128 companies were financed with venture capital for the first time (A-rounds)
§ The invested capital dropped down form 409 Mio. € in 2005 to 396 Mio € in 2006
§ 25% of panel participants represent 75% of total investment volume – but four firms did not invest at all
§ The most active investors were TVM Capital (7 first investments/18 follow-on investments) Siemens Venture Capital (3/15),
Wellington Partners (9/7), Target Partners (1/10) as well as holtzbrinck networXs (5/5). Furthermore Wellingtion Partners has
closed the most first investments
§ Most capital was invested from TVM Capital (72 Mio. €), First Ventury (55 Mio. €) and Ventizz Capital Partners (46 Mio. €)
Sektors
§ As in previous years, biotechnology was the most popular sector, both in terms of number of investments and amount of capital
invested. However the most first investments were closed in the software sector. The cleantech sector is for the first time by
invested capital on position 6
Regions
§ 21% of all investments were made abroad. In Germany, Bavaria (24%), Nordrhein- Westfalen (14%) and Berlin (10%) were the
states with the most VC financing
Exits
§ The number of successful exits (trade sales, IPO, etc.) increased from 86 in 2005 to 90 in 2005. In the same period, the number
of write-offs dropped from 25 to 11.
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2
VC Panel development (number of investments)
After four years the number of investments is increasing for the first time
2001: 517 Investments
No. of Investments
140
140
2003 : 339 Investments
134
119
120
124
111
99
94
100
111
105
100
97
91
83
79
80
78
78
72
65
68
77
77
69
68
60
60
40
20
0
1
01 01 /01 I/02 I/02 /02 /02 I/03 I/03 /03 /03 I/04 I/04 /04 /04 I/05 I/05 /05 /05 I/06 I/06 /06 /06
/0
I
V
QI QII/ III/ QIV
Q QI
Q
Q
Q QI
Q QI
II QIV
II QIV
II QIV
QI QIII QIV
QI QII
QI
Q
QI
QI
QI
Source : VC-Panel
5
VC Panel development (total capital resources of companies)
Investment volume has been stabilized on low level
Investment volumen
(Mio. €)
Note: * includes KfW-ERP Startfonds, High-Tech
Gründerfonds, NRW.Bank, Bayern Kapital und
IBB Beteiligungsgesellschaft
Total invested capital per quarter
708
27
630
28
451
466
360
2 311
163 263 210 174
105
288
194
1 224
168
1,5
147
250
306
17
13 21
3 237
199 179
159
192
17
152
Other Lead-/
Co-Investoren
VC-Panel
Participants
QIV/06
QIII/06
QI/06
QII/06
QIV/05
QIII/05
QI/05
Public
Investors*
117
137
127 145 113
133 103 111
112
95 106 94
84
75 88
56
58
QIII/03
QIII/02
QI/02
268
1,5
78
1,4
110 110 113 107
QII/02
QIV/01
183 185
QIII/01
QI/01
QII/01
243 227
201
2
QII/05
8,5 245
109 131
3 315 311
280 281
305
QIV/04
4,5
2,6
373
QIII/04
223
250
0,75
QI/04
264
1 401
2
2 317
0,7
QI/03
301
360
398
QII/04
376
QIV/03
17
QII/03
16
QIV/02
500
438
Source : VC Panel FHP Private Equity Consultants; Anm.: Angaben teilweise gerundet
6
3
VC Panel: Development of capital/investments
To the yearend increase of invested capital by panel-participants
10
Busine
ss Clim
at Ind
ex
Capital invested per quarter
per Panel participant
(without public investors)
6,3
6,1
4,9 5,1
5
3,9
3,9
3,3
3,6
3,4 2,6 2,6 2,72,5
3,2
2,6
No. of investments
realized
2,2
2,3
3,7
2,8
2,32,42,2
2,5 1,5 2,3
2 2,0
1,3
2
2
2,4
1,8
3,2
2,8
2,1
2,5
1,8
1,6
1,8
1,2 1,4
2,9
2,7
1,5 1,3
1,9
1,3
1,2
QIII/06
QIV/06
QI/06
QII/06
QIV/05
QIII/05
QI/05
QII/05
QIV/04
QIII/04
QI/04
QII/04
QIV/03
QIII/03
QI/03
QII/03
QIV/02
QIII/02
QI/02
QII/02
QIV/01
QIII/01
QI/01
QII/01
0
Source : VC Panel FHP Private Equity Consultants
7
Development of first investments
Number of first investments recovered in 2006
Number of First Investments
70
1,7
1,35
60
FIRS
INVES T
TM
INDIC ENT
ATOR
No. of first investments
0,92
1,06
50
0,61
0,48 0,48
0,37 0,37
0,45 0,5
0,4
0,7
0,6
0,6
0,4
0,4
0,4 0,3 0,4
0,7
0,5
40
30
33
56
13
50
20
10
0,6
0,4
34
22
23
Public
Investors
38
25
29
20 20
19 21 18
15 16
25 24
24
16 17
13
17 15
22
14 14
VC Panel
Participants
0
QI/01 QIII/01 QI/02 QIII/02 QI/03 QIII/03 QI/04 QIII/04 QI/05 QIII/05 QI/06 QIII/06
Source : VC Panel FHP Private Equity Consultants
8
4
VC Panel: Number of investments from 2000 to 2005
Balance between first- and follow-on-investments
Follow-on-Investments
First-Investments
80%
76%
71% 73%
64%
50 %
50 %
36%
29%
20%
24%
2001 2002 2003
2004
27%
2005 2006
2001 2002 2003
2004
2005 2006
Quelle: VC-Panel (Angaben teilweise gerundet)
9
How many investments were made in 2006?
Increasing number of single-investments – A -rounds are up to 40 %
∑ 334 Investments
Number
Investments
Single Investments
(32% in 2005)
Co-Investments
(68% in 2005)
+22%
39%
39%
334
61%
61%
274
C- rounds
21%
21%
B-rounds
>D-rounds
16%
16%
23%
23%
A-rounds
40%
40%
Year 2005
Year 2006
Quelle: VC-Panel
10
5
How many investments did individual VC firms make?
ants
p
i
c
t
ar
nel -p
a
p
e for
v
i
s
exclu
Anmerkung: (x/y) = Anzahl Erst-/Folgeinvestments
Quelle: VC-Panel
11
How many first investments did individual VC firms make?
ants
p
i
c
t
ar
nel -p
a
p
e for
v
i
s
exclu
Source : VC-Panel
12
6
How much capital did individual VC firms invest?
ants
p
i
c
t
ar
nel -p
a
p
e for
v
i
s
exclu
Quelle: VC-Panel (Angaben teilweise gerundet) l
13
Who are the most active investors in individual technological areas in 2006?
ants
p
i
c
t
ar
nel -p
a
p
e for
v
i
s
exclu
Quelle: VC Panel FHP Private Equity Consultants
14
7
Where did the capital come from?
An important share of the invested capital came from external, mostly foreign investors
Ø-Investment
∑ 1085 Mio. Euro
year 2006
0,5 Mio. Euro per KFW-investment
(Co-financing)
Public Investors
74
VC-Panel-Participants
396
2 Mio. Euro per investment
Other Lead -/
Co-Investors
5 Mio. Euro per investment
(Co-Investments)
615
Quelle: VC-Panel (Angaben teilweise gerundet)
15
How has the investment volume developed?
Investments of public investors raised significantly in 2006
Total transaction
volume
VC--panel
VC
participants
Public
Investors
Mio.
Euro
1500
-7%
1200
1164
1085
900
-11%
600
445
396
+722%
300
9
0
2005
2006
2005
2006
2005
74
2006
Quelle : VC-Panel (Angaben teilweise gerundet)
16
8
In which technologies were investments made?
Most investments were made in software companies
∑ 334 Investments
Media/Entertainment
Electro technology/
electronics
Industry -Automation/Logistics
Internet-Services
Telecommunication
technology
6%
4,2% 3,9%
3,9%
Hardware
3,6%
New materials 2,4%
Energy 2,4%
Laser/Photonic 1,8%
IT-Services 1,8%
Environment technology 1,2%
Mechanical engineering 1,2%
Chemistry 0,6%
Others (Food) 0,3 %
6,6%
11,7%
Medical technologies
11,4%
25,1%
22,2%
Software
Biotechnlogy
Quelle : VC-Panel ( Angaben teilweise gerundet)
17
How much capital was invested in individual technological areas?
By far the most capital was invested in biotech – software on 2nd place
Top ten technological areas in 2006 (in Mio. Euro on basis total invested capital)
capital )
1. Biotechnology
113,1
102,0
2. Software
57,6
3. Medical technology
38,8
4. Hardware
5. Electrotechnology/electronics
25,3
6. Cleantech*
25,1
7. Others (Food)
20,0
8. Media/Entertainment
18,0
9. Industry automation/Logistics
17,9
10. Telecommunication-technology
17,9
*Cleantech: Energy-, environmental technology, new materials
18
9
Where were investments made?
Nearly one quarter of all investments were made in Bavaria – NRW on second place
Percentage distribution
based on number of investments
(Year 2006)
∑ 334 Investments
Additional states:
10%
Ø Abroad : 21%
14%
7,6%
Berlin
NRW
11%
9%
§ Hessen
4%
§ Sachsen
4%
§ Hamburg
3%
§ Niedersachsen
3%
§ Rheinland Pfalz
2%
§ Brandenburg
2%
§ Saarland
2%
§ Others
3%
Ø
1%
Europe
USA
24%
7%
RoW
Germany : 79%
Bavaria
BW
19
How many exits were realized by Panel participants?
The stock -exchange has been the most important exit channel in 2006
∑ 101 Exits
334
Write -Offs
Buy Back
11%
11% 4%
4%
Trade
Sale
∑ 101 Exits
14%
14%
IPOs
25%
25%
90
3%
3%
42%
42%
11
Others
Number of
investments
Spinn-Offs
Write-Offs
after
IPO
Quelle: VC-Panel
20
10
VC-Panel: Developments of exits
Write-offs drop down in 2006 to the lowest level for the last years
Total number of exits:
100
100
142
50
72
125
112
101
100%
90%
42
80%
70%
80
87
60%
50%
90
40%
Spin- Offs
58
30%
50
20%
70
Write-Offs
45
25
10%
0%
2001
2002
2003
2004
2005
11
2006
Quelle: VC-Panel
21
VC Panel: Development of write-offs
Gap between write-offs and spin-offs is going to be bigger
Exit Indikato
r
Spin -offs per panel participant
0,8
0,6
0,6
0,6
0,6
0,5
0,5
0,4
0,5
0,4
0,4
0,3
0,3
0,2
Write -offs per panel participant
0,2
0,1
0,0
2001
2002
2003
2004
2005
2006
Quelle: VC-Panel
22
11
Our range of services
FHP: Experience and expertise in the private equity business
Investor
Investor
Customer
Institutional
Investors
Banks and
savings banks
Focus
§ Identification, selection, and due
diligence of funds
§ Conception and implementation of
VC/PE-programs – also CVC programs
§ Development and
implementation
of strategic asset
allocation
§ Market and technology testimonials
§ Analysis and
ongoing support
of private equity portfolios
§ Ongoing support and structuring of
equity financing
§ Conception of fund -constructions
Funds and
Fund of Funds
Capital seeking
companies
§ Private Equity
Advisory
§
Rating von Private
FONDS
FONDS-RANGE:
-RANGE:
Equity Fonds
Rating
Rating of
of private
private
«««««
equity
equity fonds
fonds
«««««
Market and technology testimonials
§
Portfolio analyses
§
Conception of PE -Fonds ( Placement-activities)
§ Strategic and functional consulting of technology companies
§ Ongoing support of equity financing with venture capital / private equity
23
Contact
FHP Private Equity Consultants
Nördliche Auffahrtsallee 25
D - 80 638 Munich
Tel.: +49 (0) 89 – 15 92 79 – 0
Fax: +49 (0) 89 – 15 92 79 – 79
office@ fhpe.de
www.fhpe.de
24
12

Venture Capital Panel

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