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Performance Benchmarks 2007 European Private Equity

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Performance Benchmarks 2007
European Private Equity
Conducted by Thomson Financial on
behalf of EVCA
Methodology for Performance Benchmarks

All calculations are done at the fund level by Thomson Financial
based on cash flows and NAVs reported by participating LPs and
GPs
Returns are net of management fees and carried interest
Returns are calculated with cash flows in Euros
Cash flow database contains altogether 1,215 European funds

Definitions:





Pooled IRR:
IRR of a group of funds where their cash flows have been
aggregated together before IRR calculation
Investment Horizon Return:
IRR calculated with Net Asset Value as capital outflow at beginning
of period, Net Asset Value at end of period, and actual cash flows in
between
Background

More difficult market conditions for GPs in the last 6 months






Leverage
Refinancing options
Pressure to invest
IPO market
Deal pipeline quality
Increased importance of reporting, benchmarking and analytics
Investment Benchmarks Database
European Sample Growth
Report Year
Number of Funds in
the Sample
Committed € Bn.
1998
438
51.4
1999
511
68.8
2000
573
87.6
2001
665
108.8
2002
774
135.4
2003
881
149.5
2004
956
159.6
2005
1,069
205.2
2006
1,141
237.9
2007
1,215
300.3
Source: Thomson Financial on behalf of EVCA
Mid-to Long-Term Venture IRR Remains In
Positive Territory
30
10-year IRR
25
5-year IRR
3-year IRR
20
15
10
5
+4.4
0
+0.9
-10
-15
Source: Thomson Financial on behalf of EVCA
20
07
20
06
20
05
20
04
20
03
20
02
20
01
20
00
19
99
19
98
19
97
19
96
19
95
19
94
19
93
19
92
-5
+1.8
19
91
Rolling IRRs (%)
European Venture 3-,5-,10-Year Rolling IRRs
Mid-to Long-Term IRRs Show Strong
Momentum for Buyout Funds
Rolling IRRs (%)
European Buyouts 3-,5-,10-Year Rolling IRRs
40
10-year IRR
35
5-year IRR
3-year IRR
30
25
+21.9
20
+16.6
15
+15.9
10
5
Source: Thomson Financial on behalf of EVCA
20
07
20
06
20
05
20
04
20
03
20
02
20
01
20
00
19
99
19
98
19
97
19
96
19
95
19
94
19
93
19
92
19
91
0
VC and BO Funds in Europe and USA
5-Year Rolling IRRs
Europe
70
Venture
Buyouts
80
70
60
50
40
30
+15.9
20
10
+0.9
5 Year Rolling IRR (%)
5 Year Rolling IRR (%)
60
Venture
Buyouts
50
40
30
20
10
+14.5
+6.9
0
0
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20
-10
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
0
Se 6
p07
80
USA
-10
-20
Returns calculated with cash flows in dollars
Source: Thomson Financial on behalf of EVCA
Top Quarter European Funds return 23.5%
Funds Formed 1980-2007
Stage
Pooled
IRR
Upper
Quartile
Average
Top
Quarter
IRR*
Early Stage
0.1
2.2
14.7
Development
7.8
5.9
17.3
Balanced
6.1
8.0
20.2
All Venture
4.5
5.1
15.0
16.1
19.0
33.4
9.5
9.4
20.4
11.7
11.0
23.5
Buyouts
Generalist
All Private
Equity
Source: Thomson Financial on behalf of EVCA
Net IRR
Percentile
100
Avg Top
quarter
23.5%
357.2%
11.0%
75
2nd
quarter
50
3rd
quarter
25
4th
quarter
Indicators Show Good Average
Performance for Europe
European Private Equity Funds Formed 1980-2007
Investment Horizon IRR (%) for period ending 31-Dec-2007
Stage
3 YR
5 YR
10 YR
20 YR
Early Stage
2.3
-4.7
-1.1
0.0
Development
6.9
1.2
7.1
8.5
Balanced
6.6
-1.8
7.9
8.1
All Venture
4.4
0.9
1.8
4.6
Buyouts
21.9
15.9
16.6
16.2
Generalist
15.2
9.0
8.0
9.5
All Private
Equity
17.1
11.5
11.5
11.9
Source: Thomson Financial on behalf of EVCA
European Venture Funds by Size
Formed 1980-2007
Net IRRs to Investors
Investment Horizon IRR (%) for period ending 31-Dec-2007
Stage
3 YR
5 YR
10 YR
20 YR
$0-50 mill.
4.3
0.0
3.3
5.8
$50-100 mill.
0.5
-1.7
0.4
3.6
$100-250 mill.
1.2
-1.1
1.6
5.0
$250 mill. +
9.3
4.4
1.9
3.8
4.4
0.9
1.8
4.6
All Venture
These results refer to the fund size, not the deal size
Source: Thomson Financial on behalf of EVCA
European Buyout Funds by Size
Formed 1980-2007
Net IRRs to Investors
Investment Horizon IRR (%) for period ending 31-Dec-2007
Stage
$0-250 mill.
3 YR
5 YR
10 YR
20 YR
9.7
8.0
10.5
12.8
$250-500 mill.
10.1
12.4
20.5
17.3
$500 - 1 bn.
15.3
11.8
24.8
21.9
$1 bn. +
28.6
19.4
15.5
15.6
21.9
15.9
16.6
16.2
All Buyouts
These results refer to the fund size, not the deal size
Source: Thomson Financial on behalf of EVCA
European Performance by Vintage Year
Groups
Net IRRs to Investors
Grouped By Vintage Years From Inception to 31-Dec-2007
Stage
1980-1984
1985-1989
1990-1994
1995-1999
2000-2004
2005-2007
IRR
DPI
IRR
DPI
IRR
DPI
IRR
DPI
IRR
DPI
IRR
All Venture
6.5
1.62
8.1
1.46
8.7
1.04
4.3
0.7
-2.0
0.16
0.4
0.03
All Buyouts
9.2
1.88
12.6
1.5
19.4
1.98
12.6
1.24
22.0
1.04
3.5
0.13
All Private
Equity
9.5
1.32
8.9
1.18
15.6
1.66
9.8
1.08
16.20
0.88
3.1
0.12
Source: Thomson Financial on behalf of EVCA
DPI
Private Equity and Public Market
Comparators
10-Year Rolling IRR for 2000-2007
Morgan Stanley Euro Equity
20
HSBC Small Company
JP Morgan Euro Bonds
IRR (%)
15
European Private Equity
10
5
20
07
20
06
20
05
20
04
20
03
20
02
20
01
20
00
0
-5
*Comparators are Internal Rates of Return (IRR). IRRs for public market indices are calculated by
investing the equivalent cash flows that were invested in private equity into the public market index.
Then an equivalent IRR is calculated for each index.
Calculations based on methodology proposed by J Coller and published by A Long and C Nickles.
Source: Thomson Financial on behalf of EVCA
Conclusion

Long-term performance
 Stays constant at around 12% net IRR, with top quarter average IRR
of 23.5%
 5-year rolling average is steadily increasing for both venture and
buyout funds

Shorter-term performance
 3-year IRR remains very strong for buyout at 21.9% IRR, and
decreases slightly to 4.4% IRR for venture funds
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