2013 European Private Equity Activity

2013 European
Private Equity Activity

Statistics on Fundraising,
Investments & Divestments
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EVCA, based on PEREP_Analytics data and third party information.
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the data included in this report, EVCA cannot guarantee the
accuracy of the information collected and presented. Therefore,
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2013 European Private Equity Activity
Copyright information
Copyright EVCA May 2014

Version
Presentation as of 05/05/2014
The EVCA is the voice of European private equity.

Our membership covers the full range of private equity activity, from early-stage venture capital to the
largest private equity firms, investors such as pension funds, insurance companies, fund-of-funds and
family offices and associate members from related professions. We represent 700 member firms and
500 affiliate members.
The EVCA shapes the future direction of the industry, while promoting it to stakeholders such as
entrepreneurs, business owners and employee representatives.
We explain private equity to the public and help shape public policy, so that our members can conduct
their business effectively.
The EVCA is responsible for the industrys professional standards, demanding accountability, good
governance and transparency from our members and spreading best practice through our training
courses.
We have the facts when it comes to European private equity, thanks to our trusted and authoritative
research and analysis.
The EVCA has 25 dedicated staff working in Brussels to make sure that our industry is heard.
Overview - All Private Equity - Fundraising, Investments & Divestments
billion
20002013 - Industry statistics - Amount
1,200 European private equity firms,

the 2013 statistics cover 90% of the 555bn in capital under
With data on more than
management on the European market.
120
112
100
80
80
80
72
73
71
60
55
48
40
40
35
43
37
30
27
11
42
33
25
14
14
47
38
38
31
27
20
13
27 29
28 28
24
20
54
47
22
19
25
20
34
22
12
0
2000
2001
2002
2003
2004
2005
Funds raised
2006
2007
Investments
2008
2009
2010
2011
2012
2013
Divestments
EVCA statistics explained: This graph shows industry statistics capturing activity by private equity firms European offices. In the following presentation most statistics
on investments and divestments are reported as market statistics. These capture activity based on the location of portfolio companies in Europe. This data is available
since 2007.
Source: Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2013)
Whats inside?
Executive Summary
Fundraising
Investments
Investments statistics explained
26
Glossary
Fundraising statistics explained
Glossary
At a glance
Incremental fundraising
Divestments
Divestments statistics explained
60
28
Glossary
62
At a glance
29
At a glance
63
By investment stage
30
By initial investment stage
64
By fund stage focus
10
Annual trends
31
By exit route
65
Concentration of capital
12
Quarterly trends
34
By sector
69
By region of management
13
By geography
38
By region
72
Investors by type
14
Investments as % of GDP
Investors by geography
20
Final closing
Industry statistics
43
Market statistics
48
By fund stage focus
23
By sector
52
Concentration of capital
25
Initial / follow-on
55
Acknowledgements
73
By number of employees
56
About PEREP_Analytics and EVCA Research
75
Executive Summary
Fundraising
In 2013 the total fundraising of 53.6bn

was more than twice the volume of 2012.
This increase was driven by buyout funds of
which 12 funds raised more than 1bn each
and represented 66% of the total
fundraising. The number of funds in
fundraising decreased from 266 to 253.
Pension funds provided almost 40% of
sources of funds. Fund of funds contributed
16%, followed by sovereign wealth funds
(11%) and insurance companies (11%).
Around half of the amount (26.2bn) was
raised from institutional investors outside
Europe.
Venture capital accounted for 8% of the
total fundraising. The 4bn raised showed
an increase of 4% compared to 2012. The
contribution from government agencies
remained stable at 38%. Family offices and
private individuals contributed 23% and fund
of funds 12%. Buyout fundraising increased
from 16.7bn in 2012 to 44.9bn
representing 84% of all fundraising. Growth
fundraising more than doubled to 1.2bn.
Investments
Overall
investments
in
European
companies remained stable. More than
5,000 companies were backed in 2013 as
in the previous year. Equity investments
decreased by 3% to 35.7bn. More than
40% of the companies that received
investments in 2013 were backed for the
first time.
The total amount of venture capital
invested had increased by 5% to 3.4bn.
More than 3,000 companies were venturebacked.
Start-up
stage
investments
accounted for the majority of venture
capital activity by amount (55%) and number
of companies (59%).
More than 800 companies received buyout
investments. The related equity amount
invested reduced by 2% and the number of
companies by 9%.
Again more than 1,000 companies had
attracted
growth
investments.
This
represented an increase of 6% by the
number of companies and a 10% decrease in
the amount of equity invested.
6
Divestments
A total of 2,290 European companies

were exited representing former equity
investments of 33.2bn. The number of
companies increased by almost 10% while
the amount divested at cost increased by
54%. The most prominent exit routes by
amount were trade sale (27%), sale to
another private equity firm (26%) and sale of
quoted equity (14%). Almost 40% of the
divested companies followed these exit
routes.
The strength of public markets in 2013 was
reflected by the steep increase in
divestments by flotation (IPO). This exit
route increased more than seven times by
amount at cost (2.2bn) and almost four
times by number of companies (23).
Divestments
from
venture
capital
investments by equity amount at cost
increased by 21% to 2.2bn. Buyout related
exits at cost increased by 53% to 28bn. For
growth the total amount divested at cost
increased by 54% to 1.8bn.
Fundraising
1
Fundraising statistics explained
Direct private equity investment funds that primarily focus on investments in
Europe are monitored.
Funds raised are recorded in the country of the advisory team that is
raising/managing the fund (industry statistics).
The funds included in the statistics are: private equity funds making direct
private equity investments, mezzanine private equity funds, co-investment
funds and rescue/turnaround funds.
The following funds are excluded from the statistics: infrastructure funds,
real estate funds, distressed debt funds, primary funds-of-funds, secondary
funds-of-funds.
For more data visit www.evca.eu/research
Glossary
Fund stage focus
Types of investors
Balanced fund
A venture capital fund focused on both early-stage and
development, with no particular concentration on either.
Corporate investor
Corporations that deliver non-financial products and
services.
Pension funds
A pension fund that is regulated under private or public
sector law.
Buyout fund
A fund whose strategy is predominantly to acquire
controlling stakes in established companies.
Endowment
An institution that is bestowed money (and possibly other
assets) via a donation with the stipulation to invest it and
use the gains for specific objectives so that the principal
remains intact.
Sovereign wealth funds

State-owned investment fund managing a pool of money
derived from a country's reserves.
Family office
An office that provides investment management and other
financial services to one or several families.
Note:
Foundations
A non-profit organisation through which private wealth is
contributed and distributed for public or charitable
purposes.
In the following presentation, unclassified figures

concerning the type of investors have been extrapolated.
Early-stage fund
A venture capital fund focused on investing in companies in
their primary development stage.
Generalist fund
A fund with either a stated focus of investing in all stages of
private equity investment, or with a broad area of
investment activity.
Growth fund
Funds whose strategy is to invest in relatively mature
companies that are looking for capital to expand or
restructure operations.
Later-stage fund
A venture capital fund focused on investing in later-stage
companies in need of expansion capital.
Mezzanine fund
A fund that provides (generally subordinated) debt to
facilitate the financing of buyouts, frequently alongside a
right to some of the equity upside.
Fund of funds
A private equity fund that primarily takes equity positions in
other funds.
Government agencies
Country, regional, governmental and European agencies or
institutions for innovation and development (including
structures such as the EBRD or EIF).
Other asset manager
Financial institutions (other than bank, endowment, family
office, foundation, insurance company or pension fund)
managing a pool of capital by investing it across asset
classes to generate financial returns.
8
Fundraising amounts include capital gains except when

reporting fundraising by type of investors.
Independent and captive funds

Captive funds
Funds that are 100% owned by the parent organisation.
Independent funds
Semi-captive funds (those in which the parent owns less
than 100%) as well as wholly independent funds.
2013 Fundraising at a glance

In 2013 the total fundraising of 53.6bn was more than twice the volume of
2012. This increase was driven by buyout funds of which 12 funds raised more
than 1bn each and represented 66% of the total fundraising.
Incremental amounts raised during the year ( billion)

80.5
79.6
The number of funds in fundraising decreased from 266 to 253.
5.8
Pension funds provided almost 40% of sources of funds. Fund of funds

contributed 16%, followed by sovereign wealth funds (11%) and insurance
companies (11%).
11.4
3.6
1.3
Around half of the amount (26.2bn) was raised from institutional investors
outside Europe. In 2013 the share from North American institutional investors
increased to 36% from 24% in 2012.
53.6
Venture capital accounted for 8% of the total fundraising. The 4bn raised
showed
an increase of 4% compared to 2012. The contribution from
government agencies remained stable at 38%. Family offices and private
individuals contributed 23% and fund of funds 12%.
3.4
Buyout fundraising increased from 16.7bn in 2012 to 44.9bn representing

84% of all fundraising. Pension funds remained the largest institutional investor
(over 40%) in European buyout funds. 40% of sources of funds were raised from
North American institutional investors surpassing the 31% level of 2012.
58.6
4.4
3.3
Venture
Capital(1)
Buyout(1)
Growth(1)
53.6bn
4.0bn
44.9bn
1.2bn
Incremental No. of funds
253
105
77
22
8.3
Final closings - Cumulative

amount since inception
55.0bn
2.7bn
49.6bn
0.8bn
2007
Final closings - No. of funds
111
39
44
10
2.6
1.1
3.4
2.6 26.9
44.9
0.5
16.7
10.8
13.4
6.3
3.7
3.2
5.2
3.9
4.0
2008
2009
2010
2011
2012
2013
Venture Capital
Source: EVCA / PEREP_Analytics

Note: (1) relates to fund focus
24.6
21.8
18.9
All Private
Equity
Incremental - Amounts raised
5.1
64.8
Growth fundraising more than doubled to 1.2bn. In 2013 the number of

growth funds raising capital increased from 18 in 2012 to 22. Fund of funds
provided the largest contribution of almost 30%.
2013
1.2
41.6
Buyout
Growth
Other (2)
Total

Note: (2) Other includes Mezzanine and Generalist funds
9
FUNDRAISING
Investments
Divestments
Funds raised by fund stage focus
8.3
Legend
8
7
billion
billion
20072013 - Incremental amount raised during the year
Balanced
Later-stage
Early-stage
70
64.8
60
58.6
50
44.9
3.2 6.3
6.0
6
5
2.5
4.4
1.2
3.7
40
5.3
5.2
2.2
3.9
4.0
30
3.7
3.6
26.9
3.2
3
2
1.5
1.5
1.6
2.1
2.8
2.6
1.6 1.0 0.2

0.4
3.8
2.3
0.2
0.6
1.8
2.0 2.2 1.7
1.3
2.2
0.7
0.5
2.0
1.7
1.5
1.2
1.1
20
2.6
2.1
2.0
1.3
0.9
16.7
13.4
10.8
10
1.0
0
Venture Capital
Growth
Mezzanine
2007
2008
2009
2010
Buyout
Generalist
2011
2012
2013
10
FUNDRAISING
Investments
Divestments
Funds raised by fund stage focus

20072013 - Number of funds that reached first, intermediate or final closing during the year
Legend
200
196
180
160
180
165
69
160
152
148
134
140
66
120
200
Balanced
Later-stage
Early-stage
27
140
58 117
60
80
100
46
17
17
11
60
80
41
20
18
80
72
56 57
60
82
40
70
74
60
60
57
28
26 24
23
32
20
0
Venture Capital
18
22
78 77
81
73
77
60
49
100
40
135
120
105
57
100
160
40
21
11 10 12 12
20
0
Growth
Mezzanine
2007
2008
2009
Generalist
2010
2011
2012
Buyout
2013
11
FUNDRAISING
Investments
Divestments
All Private Equity - Concentration of capital

% total amount of annual fundraising
20072013 Incremental fundraising by amount bracket per fund during the year
70%
12
50%
14
40%
30%
266
14
4
252
36
347
27
13
47
305
2007
2008
15
40
29
20%
10%
of
funds
14
60%
Number
70
37
269
216
42
14
193
2009
2010
2011
8
12 28
0%
< 100m
100m - 250m
250m - 500m
2012
500m - 1bn
2013
> 1bn
12
FUNDRAISING
Investments
Divestments
All Private Equity Funds raised by region of management

billion
2007-2013 - Incremental amount raised during the year

90
80
1.2
6.3
70
11.3
60
50
7.9
6.7
4.0
1.3
11.8
9.7
6.0
8.8
0.8
1.8
40
7.1
1.7
8.6
30
20
46.2
8.5
47.7
4.1
4.0
10
0
2007
2008
UK & Ireland
DACH
0.3
6.9
1.5
2.4
6.6
8.9
2009
2010
Nordics
0.5
1.5
4.3
1.9
2.1
17.7
France & Benelux
2011
Southern Europe
5.1
0.5
0.6
1.8
2.5
34.5
14.0
2012
2013
CEE

DACH: Austria, Germany, Switzerland / Southern Europe: Greece, Italy, Portugal, Spain / Nordics: Denmark, Finland, Norway, Sweden / CEE: Central Eastern Europe
13
FUNDRAISING
0.4
1.0
Investments
Divestments
All Private Equity - Funds raised by region of management and investor type
2013 - Incremental amount raised during the year
100%
90%
2.6%
0.0%
13.1%
14.2%
13.5%
6.2%
1.3%
13.8%
6.3%
1.7%
0.3%

Pension funds
11.4%
80%
29.1%
3.1%
70%
60%
0.0%
34.3%
Insurance companies
31.3%
Government agencies
54.6%
46.4%
24.8%
Fund of funds & Other asset managers
16.8%
50%
Family offices & Private individuals
5.7%
4.4%
19.5%
40%
6.7%
1.4%
30%
20%
10%
0%
Capital markets
22.3%
33.9%
6.1%
Banks
0.0%
5.3%
4.7%
16.8%
10.0%
17.3%
6.1%
Corporate investors
14.7%
1.0%
1.0%
1.0%
UK & Ireland
5.3%
3.6%
0.0%
16.9%
18.9%
3.8%
5.3%
4.9%
3.3%
DACH
Nordics
Academic inst. / Endowments /

Foundations
6.5%
1.9%
4.2%
4.7%
France &
Benelux
9.7%
0.0%
0.7%
2.9%
3.9%
Southern Europe
CEE
0.0%
0.1%

14
FUNDRAISING
Investments
Divestments
Funds raised by type of investor

2013 - Incremental amount raised during the year - % of amount
All Private Equity funds
Venture Capital funds
0.1%1.2%
11.3% 2.7%2.0%
3.7%
3.7%
5.2%
0.3%
18.3%
4.5%
11.7%
253 funds
105 funds
8.9%
210 firms
5.8%
37.2%
2.0% 7.4%
2.5%
2.7%
9.9%
91 firms
Banks
Capital markets
1.6%
3.6%
Corporate investors
10.7%
4.7%
Academic institutions
Endowments and foundations
38.3%
Family offices
Fund of funds
Buyout funds
Government agencies
Growth funds
1.2%
1.4%
13.0%
2.1% 3.7%
2.9%
3.8%
11.8%
77 funds
66 firms
42.2%
2.8%
5.5%
8.8%
3.1%
1.9%
6.2%
Other asset managers

9.8%
3.2%
Endowments
and
22 funds
Banksmarkets
Capital
1.4%
11.2%
Insurance companies
24.9%
5.3%
Corporate
investors
6.7%
foundations
2.7%
Private
individuals
Family
offices
1.2%
2.0%
21 firms
3.7%
Fund
of
funds
5.1% 3.6%
11.5%agencies
Government
Pension funds 5.9%
Insurance
companies
Other
asset managers
37.4%
27.0%
10.8%
4.7%
Pension funds
Private individuals
15
FUNDRAISING
Investments
Divestments
All Private Equity - Funds raised by type of investor

20072013 - Incremental amount raised during the year - % of total amount
40%
Academic inst. / Endowments / Foundations
35%
Banks
30%
Capital markets
40%
35%
30%
25%
20%
15%
10%
5%
0%
25%
20%
15%
Corporate investors

Government agencies
10%
Insurance companies
Pension funds
5%
0%
billion
100
2007
2008
78.5
80.4
2009
2010
2011
2012
2013
53.5
41.1
50
18.6
21.8
2009
2010
24.5
New funds raised

(excluding capital gains)
0
2007
2008
2011
2012
2013
16
FUNDRAISING
Investments
Divestments
Venture Capital - Funds raised by type of investor

40%
Banks
Capital markets
40%
35%
30%
25%
20%
15%
10%
5%
0%
30%
20%
Corporate investors

Government agencies
Insurance companies
10%
Pension funds
0%
2007
billion
10
2008
2009
2010
2011
2012
2013
3.9
4.0
2012
2013
8.2
6.2
5.2
3.6
3.2
2009
2010
New funds raised

2007
2008
2011
17
FUNDRAISING
Investments
Divestments
Buyout - Funds raised by type of investor

45%
40%
Banks
Capital markets
40%
35%
30%
25%
20%
15%
10%
5%
0%
35%
30%
25%
20%
15%
Corporate investors

Government agencies
Insurance companies
10%
Pension funds
5%
0%
2007
2008
2009
2010
2011
2012
2013
billion
100
64.8
58.1
44.8
50
26.9
10.6
13.4
2009
2010
New funds raised

16.7
0
2007
2008
2011
2012
2013
18
FUNDRAISING
Investments
Divestments
Growth - Funds raised by type of investor

80%
Banks
70%
Capital markets
40%
35%
30%
25%
20%
15%
10%
5%
0%
60%
50%
40%
30%
Corporate investors

Government agencies
20%
Insurance companies
10%
Pension funds
0%
billion
2007
2008
2009
2010
2011
2012
2013
6
4.4
3.6
4
2
2.6
1.2
1.1
0.5
1.2
New funds raised

0
2007
2008
2009
2010
2011
2012
2013
19
FUNDRAISING
Investments
Divestments
All Private Equity - Fundraising geographic breakdown

2013 (2012) - Source of funds - % of total amount
5.0%
North America
36.2%
(8.8%)
(24.3%)
9.9%
(9.3%)
5.5%
(9.3%)
14.1%
0.2%
(0.2%)
(20.8%)
Rest of world
5.3%
(0.6%)
Australia
Asia
14.3%
1.5%
(2.9%)
(13.3%)
Unclassified Europe
8.1%
(10.5%)
20
FUNDRAISING
Investments
Divestments
Venture Capital - Fundraising geographic breakdown

9.6%
North America
13.1%
(15.7%)
(4.8%)
14.8%
(10.0%)
6.7%
(15.1%)
46.7%
1.3%
(1.3%)
(45.1%)
Rest of world
0.1%
(0.7%)
Australia
Asia
2.7%
4.4%
(5.0%)
(0.4%)
Unclassified Europe
0.8%
(2.0%)
21
FUNDRAISING
Investments
Divestments
Buyout - Fundraising geographic breakdown

4.8%
North America
40.2%
(7.5%)
(31.2%)
9.4%
(9.9%)
5.8%
(9.0%)
8.6%
0.1%
(0.0%)
(11.7%)
Rest of world
6.0%
(0.8%)
Australia
Asia
15.9%
0.4%
(1.1%)
(16.2%)
Unclassified Europe
8.8%
(12.8%)
22
FUNDRAISING
Investments
Divestments
Final closing - Funds raised by fund stage focus
4.8
4.7
Legend
1.6
billion
billion
20072013 - Final closing during the year - Amount(1)
59
60
54
50
50
Balanced
Later-stage
Early-stage
4.0
40
3.3
3.1
1.4
2.9
0.6
2.7
2.7
30
2.3
2.1
0.9
0.9
2.7
0.3
2.1
1.4
1.2
1.5
1.4
0.3 0.3
1.0
1.1
0.1
0.7
1.6
1.1 0.2
1.1
1.4
1.3
1.2
1.3
0.8
0.5
20
1.7
1.6
1.5 1.4
0.8
0.8
18
1.2
13
10
15
10
0.6
0.5
0.5 0.5
0
Venture Capital
0
Growth
2007
Mezzanine
2008
2009
2010
Generalist
2011
2012
Buyout
2013

Note: (1) The total amount raised by funds that reached a final closing in the year. Amounts from previous incremental fundraising rounds and years are aggregated to the final amount.
23
FUNDRAISING
Investments
Divestments
Final closing - Funds raised by fund stage focus

20072013 - Final closing during the year - Number of funds(1)
90
90
83
Legend
80
70
60
50
49
17
50
50
45
39
30
10
70
60
54
22
20
70
59
20
40
80
Balanced
Later-stage
Early-stage
24
25
32
17
8
5
14
9
34
20
4
26
18
20
16
39
40
12
9
18
16
14
12
6
24
23 23
10
30
30
27
44
41
22
16
20
12
3
10
2
0
Venture Capital
Growth
2007
Mezzanine
2008
2009
2010
Buyout
Generalist
2011
2012
2013

Note: (1) The number of funds that reached a final closing in the year. Each fund is captured only once, when the full amount has been raised.
24
FUNDRAISING
Investments
Divestments
Final closing - All Private Equity - Concentration of capital

20072013 - Final closing during the year - Amount(1) & Number of funds(2)
% total amount of cumulative
fundraising until final closing
90%
Number
of
80%
funds
12
70%
14
60%
12
50%
3
5
40%
2
3
30%
20%
28
14
10%
10
21
74
69
37
10
4
77
< 100m
18
66
79
2007
39
17
81
0%
4 17
13
48
2008
2009
100m - 250m
2010
250m - 500m
2011
14
5
58
2012
500m - 1bn
22
2013
> 1bn
Note: (1) The total amount raised by funds that reached a final closing in the year. Amounts from previous incremental fundraising rounds and years are aggregated to the final amount.
(2) The number of funds that reached a final closing in the year. Each fund is captured only once, when the full amount has been raised.
25
FUNDRAISING
Investments
Divestments
Investments
2
Investments statistics explained
Industry statistics are an aggregation of figures according to the country of
the private equity firms office in charge of the investment. At European level,
this relates to investments made by European private equity firms regardless
of the location of the target company.
Market statistics are an aggregation of figures according to the location of the
portfolio company. At European level, this relates to investments in European
companies regardless of the location of the private equity firm.
Equity value: The amount of capital invested to acquire shares in an
enterprise. The equity value includes equity, quasi-equity, mezzanine,
unsecured debt and secured debt provided by the firm.
26
Market versus industry

statistics
C
Market statistics
A+B+C
B
D
Industry statistics
A+B+D
A : Domestic investments in European countries

B : Cross-border investments within Europe
C : Non-European private equity firms investing in portfolio companies in Europe
D : European private equity firms investing in portfolio companies outside Europe
27
Glossary
Venture Capital
Growth
Seed
Financing provided to research, assess and develop an initial concept before
a business has reached the start-up phase.
A type of private equity investment most often a minority investment but

not necessarily in relatively mature companies that are looking for capital
to expand operations, restructure operations or enter new markets.
Start-up
Financing provided to companies for product development and initial
marketing. Companies may be in the process of being set up or may have
been in business for a short time, but have not sold their product
commercially.
Buyout
Financing provided to acquire a company. It may use a significant amount of
borrowed money to meet the cost of acquisition.
Later-stage venture
Financing provided for the expansion of an operating company, which may or
may not be breaking even or trading profitably. Later-stage venture tends to
finance companies already backed by venture capital firms.
Rescue/Turnaround
Financing made available to an existing business, which has experienced
trading difficulties, with a view to re-establishing prosperity.
Replacement capital
The purchase of a minority stake of existing shares in a company from
another private equity firm or from another shareholder or shareholders.
28
2013 Investments at a glance

Investments Market statistics Amount & No. of companies
Overall investments in European companies remained stable. More than 5,000

companies were backed in 2013, as it was the case in the previous year. Equity
investments decreased by 3% to 35.7bn.
69.8
More than 40% of the companies that received investments in 2013 were backed
for the first time.
4.3
3,667
The total amount of venture capital invested had increased by 5% to 3.4bn.

More than 3,000 companies were venture-backed. Start-up stage investments
were the majority of venture capital activity by amount (55%) and number of
companies (59%). The life sciences, computer & consumer electronics,
communications and energy & environment sectors accounted for over 70% of
all venture capital investments.
3,339
6.7
More than 800 companies received buyout investments. The related equity
amount invested reduced by 2% and the number of companies by 9% compared
to 2012. More than half of buyout investments concentrated on companies
active in business & industrial products, consumer goods & retail, business &
industrial services and life sciences.
Amount
No. of companies
Venture
Capital(1)
Buyout(1)
Growth(1)
35.7bn
3.4bn
27.7bn
3.6bn
5,089
3,034
812
1,131
No. of firms
1,073
641
420
334
No. of funds
1,654
994
552
500
6.3
34.5
29.7
36.8
35.7
4.0
3.6
28.1
27.7
1,299
1,161
5.1
775
615
593
994
932
783
881
1,066
1,131
896
812
12.7
6.0
6.3
3.8
3.7
3.7
3.2
3.4
2007
2008
2009
2010
2011
2012
2013
Amount (bn):
No. of companies:
Venture Capital
Buyout
Growth
Other(2)
Total
Venture Capital
Buyout
Growth

Note: (1) relates to the investment stage of the portfolio company
5.2
24.3
3,034
2,981
2,965
44.9
41.9
348
All Private
Equity
3,039
38.4
As in 2012, more than 1,000 companies attracted growth investments. This

represented an increase of 6% by number of companies and a 10% decrease in
the amount of equity invested. About 50% concentrated on companies active in
business & industrial services, business & industrial products, computer &
consumer electronics and communications.
2013 - Market statistics
3,155
53.4
57.2

Note: (2) Other includes Rescue/Turnaround and Replacement capital
29
Fundraising
INVESTMENTS
Divestments
Investments by stage focus

2013 - Market statistics - % of Amount & Number of companies
% of Amount
% of Number of companies
Start-up
Seed
5.2% Later-stage
0.3%
venture
3.9%
Growth
capital
10.0%
Seed
7.9%
Buyout
15.7%
Replacement
capital
1.9%
Rescue/
Turnaround
1.0%
Replacement
capital
2.1%
Rescue/
Turnaround
1.3%
Start-up
34.7%
Growth
capital
21.8%
Buyout
77.4%
Later-stage
venture
16.7%
Venture Capital
Buyout
Growth
3.4bn
27.7bn
3.6bn
Venture Capital
Buyout
Growth
3,034 Companies
812 Companies
1,131 Companies
30
Fundraising
INVESTMENTS
Divestments

7
6.3
6.0
0.3
0.2
billion
billion
20072013 - Market statistics - Amount
2.4
2.3
3.8
0.2
0.1
6.7
1.9
29.7
30
28.1 27.7
1.8 5.2
1.8
4.3
3.6
3.5
34.5
0.1
0.1
1.8
5.1
38.4
3.4
3.2
6.3
57.2
50
40
3.7
3.7
0.1
60
1.9
4.0
20
3.6
12.7
1
0
1.9
1.6
0.5
0.3
2007
2008
Later-stage venture
Start-up
2.0
1.8
Seed
10
1.7
1.0
0.7
2009
1.8
1.7
0.5
2010
Growth
1.3
0.5
2011
1.1
0.3
2012
Rescue/Turnaround
1.4
0.3
0.8
2013
0
2007 2008 2009 2010 2011 2012 2013
Replacement capital
Buyout
Venture Capital
31
Fundraising
INVESTMENTS
Divestments

20072013 - Market statistics - Number of companies
4,000
3,500
3,667
3,339
527
3,155
500
3,039
2,965
2,981
3,034
392
359
412
371
3,000
393
2,500
1,500
1,299
1,161
1,796
1,528
2,000
1,000
1,724
1,711
1,679
881
1,800
1,833
896
783
1,500
812
615
1,000
500
1,513
1,413
500
0
348 52
140
2007
593
68
174
1,151
775
2008
Later-stage venture
Start-up
150 176
2009
Seed
1,066
939
990 994
132 135
2010
Growth
1,131
863
843
932
2011
66 99
65 117
103 76
2012
Rescue/Turnaround
2013
2007 2008 2009 2010 2011 2012 2013
Replacement capital
Buyout
Venture Capital
32
Fundraising
INVESTMENTS
Divestments
Buyout Investments by equity bracket

900
886
billion
15
50
50
30
9
38
30
12
438
24
6
50574
730
20078 378
0550
8
128
2
2
6 8 2
4
2009
50
8 238
11
33 3
16
2010
6
438
10
493
29 5
18 10
2008
24
20
7 378
20
18
6
12
18
8 327
16
33
18
2011
29
30
2007
2008
18
493
550
574
621
8
574
8 550
900
5
8 327
7 268
800
8 238
16
13
700
8
11
493 2 128
2
296215
33 4
27 4
6 8 2 600 33 3
4 547
11
18
8 16
18
500
2008
2009
2010
2011 8
2012
400
327
5
5
7
8
300
7 268
7 263
268
16
200 238
13
13
13
100
4
27 2 4
32 3 11
11 2
10
0
Small (<15m) - Amount
128
2012 6
2013
(15m
33 - 4150m) - Amount
33 Mid-market
5
3
4
27
8
2
18
16
11
4
Large (150m - 300m) - Amount
2009
2010 Mega (> 300m)
2011 - Amount
2012
7 378
18
800
700
600
Number of companies
40
816
816
816
15
900
800
700
600
547
500
621
400
5
7 263 300
200
13
100
32 3
10
0
5
2013
547
500
400
5
7
300
263
200
13
100
32
10
2013
Small (<15m) - Amount
Small (<15m) - No. of companies
Mid-market (15m - 150m) - Amount
Mid-market (15m - 150m) - No. of companies
Large (150m - 300m) - Amount
Large (150m - 300m) - No. of companies
Mega (> 300m) - Amount
Mega (> 300m) - No. of companies
Small (<15m) - No. of companies
Mid-market (15m - 150m) - No. of companies

33
Large (150m - 300m) - No. of companies
Mega (> 300m) - No. of companies
Fundraising
INVESTMENTS
Divestments
Number of companies
60
40
86
0
0
886
60
Number of companies
billion
20072013 - Market statistics - Amount & Number of companies
billion
Quarterly trend Q1 2007 Q4 2013 - Market statistics - Amount

18
16
14
12
10
8
6
4
2
0
Q1
Q2
Q3
Q4
2007
Q1
Q2
Q3
2008
Q4
Q1
Q2
Q3
2009
Q4
Q1
Q2
Q3
2010
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011
Q3
Q4
Q1
2012
Venture Capital
Q2
Q3
Q4
2013
Buyout
Growth
34
Fundraising
INVESTMENTS
Divestments

Quarterly trend Q1 2007 Q4 2013 - Market statistics - Number of companies
1,400
1,200
1,000
800
600
400
200
0
Q1
Q2
Q3
Q4
2007
Q1
Q2
Q3
2008
Q4
Q1
Q2
Q3
2009
Q4
Q1
Q2
Q3
2010
Q4
Q1
Q2
Q3
2011
Q4
Q1
Q2
Q3
Q4
Q1
2012
Venture Capital
Q2
Q3
Q4
2013
Buyout
Growth
35
Fundraising
INVESTMENTS
Divestments
Venture Capital - Investments by stage focus
billion
Quarterly trend Q1 2007 Q4 2013 - Market statistics - Amount

1.2
1.0
0.8
0.6
0.4
0.2
0.0
Q1
Q2
Q3
Q4
2007
Q1
Q2
Q3
2008
Q4
Q1
Q2
Q3
2009
Q4
Q1
Q2
Q3
2010
Q4
Q1
Q2
Q3
2011
Seed
Q4
Q1
Q2
Q3
Q4
2012
Start-up
Q1
Q2
Q3
Q4
2013
Later-stage venture
36
Fundraising
INVESTMENTS
Divestments
Venture Capital - Investments by stage focus

Quarterly trend Q1 2007 Q4 2013 - Market statistics - Number of companies
700
600
500
400
300
200
100
0
Q1
Q2
Q3
Q4
2007
Q1
Q2
Q3
2008
Q4
Q1
Q2
Q3
2009
Q4
Q1
Q2
Q3
2010
Q4
Q1
Q2
Q3
2011
Seed
Q4
Q1
Q2
Q3
Q4
2012
Start-up
Q1
Q2
Q3
Q4
2013
Later-stage venture
37
Fundraising
INVESTMENTS
Divestments
All Private Equity - Geographic investment flows

2013 - Industry vs. Market statistics - Amount
Market statistics
0.9bn
are an aggregation of figures according to the

location of the portfolio company.
At European level, this relates to investments
in European companies regardless of the
location of the private equity firm.
Non-European private
equity firms investing in
portfolio companies in
Europe
Industry statistics
country of the private equity firms office in charge
of the investment.
At European level, this relates to investments made
by European private equity firms regardless of the
location of the target company.
2.9bn
9.3bn
European private
equity firms investing
in portfolio companies
outside Europe
Cross-border investments
within Europe
25.5bn
Europe includes:
Austria, Baltic countries (Estonia, Latvia, Lithuania),
Belgium, Bulgaria, Czech Republic, Denmark,
Finland, France, Germany, Greece, Hungary,
Ireland, Italy, Luxembourg, Netherlands, Norway,
Other CEE (Bosnia-Herzegovina, Croatia, Macedonia,
Montenegro, Serbia, Slovenia, Slovakia),
Poland, Portugal, Romania, Spain, Sweden,
Switzerland, Ukraine, United Kingdom
Domestic investments
in European countries
38
Fundraising
INVESTMENTS
Divestments
Venture Capital - Geographic investment flows

Market statistics
291m

location of the portfolio company.
At European level, this relates to investments
in European companies regardless of the
location of the private equity firm.
Non-European private
equity firms investing in
portfolio companies in
Europe
Industry statistics
country of the private equity firms office in charge
of the investment.
At European level, this relates to investments made
by European private equity firms regardless of the
location of the target company.
323m
775m
European private
equity firms investing
in portfolio companies
outside Europe
Cross-border investments
within Europe
2,317m
Europe includes:
Austria, Baltic countries (Estonia, Latvia, Lithuania),
Belgium, Bulgaria, Czech Republic, Denmark,
Finland, France, Germany, Greece, Hungary,
Ireland, Italy, Luxembourg, Netherlands, Norway,
Other CEE (Bosnia-Herzegovina, Croatia, Macedonia,
Montenegro, Serbia, Slovenia, Slovakia),
Poland, Portugal, Romania, Spain, Sweden,
Switzerland, Ukraine, United Kingdom
Domestic investments
in European countries
39
Fundraising
INVESTMENTS
Divestments
All Private Equity - Investments by region

Industry statistics
Market statistics
Nordics
12%
CEE
1%
Nordics
14%
CEE
2%
UK &
Ireland
27%
Southern
Europe
6%
UK & Ireland
43%
Southern
Europe
11%
DACH
17%
DACH
18%
France &
Benelux
28%
France &
Benelux
21%
40
Fundraising
INVESTMENTS
Divestments
Investments by stage focus & regions

2013 - Market statistics - Amount
billion
1.2
1.0
1.0
1.0
0.0
0.1
0.7
billion
0.8
0.5
0.0
0.6
0.6
1.2
0.5
0.0
1.0
0.4
0.0
0.2
0.5
0.3
0.4
France & Benelux
Later-stage venture
Start-up
0.0
0.0
0.1
UK & Ireland
7
6
4.7
4
3
0.4
0.1
DACH
Seed
0.1
0.2
0.0
Southern Europe
Growth
0.0
0.0 0.1 0.0
0.0
0.1
Nordics
Rescue/Turnaround
3.0
0.3
0.1
0.2 0.2
0.2
7.7
5
0.3
0.3
7.7
4.1
0.4
0.2
0.1 0.3
0.0
0.0
CEE
0.4
Replacement capital
Buyout
Venture Capital
41
Fundraising
INVESTMENTS
Divestments
Investments by stage focus & regions

1,000
907
900
800
251
700
600
500
428
300
660
30
53
372
12
400
649
303
403
400
100
113 104
144
27 39
10
UK & Ireland
France & Benelux
Later-stage venture
200
154
345
251
Start-up
DACH
Seed
Growth
67 73
21
63
Southern
Europe
100
75
9
Nordics
Rescue/Turnaround
177
119
38
216
174
18 16
292
300
236
28
499
200
503
42 47
84
107
33
CEE
Replacement capital
Buyout
Venture Capital
42
Fundraising
INVESTMENTS
Divestments
All Private Equity - Investments as % of European GDP - Industry statistics

20002013 - Industry statistics - % of GDP
0.60%
%of GDP
0.60%
0.55%
0.50%
0.42%
0.40%
0.41%
0.38%
0.35%
0.33%
0.30%
0.28%
0.34%
0.29%
0.27%
0.27%
2012
2013
0.25%
0.20%
0.20%
0.10%
0.00%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source: Thomson Reuters Datastream (GDP) / Thomson Reuters / EVCA (2000-2006) & EVCA / PEREP_Analytics (2007-2013)
43
Fundraising
INVESTMENTS
Divestments
All Private Equity - Investments as % of GDP - Industry statistics

2013 - Industry statistics
1.000%
0.842%
% of GDP
1.200%
0.001%
0.004%
0.015%
0.015%
0.016%
0.021%
0.023%
0.028%
0.034%
0.057%
0.069%
0.073%
0.090%
0.125%
0.154%
0.156%
0.215%
0.164%
0.200%
0.229%
0.241%
0.267%
0.275%
0.288%
0.400%
0.368%
0.600%
0.585%
0.800%
0.000%
2013
2007-2012 Annual Average
Source: Thomson Reuters Datastream (GDP) / EVCA / PEREP_Analytics

Note: *Other CEE consists of Ex-Yugoslavia and Slovakia
44
Fundraising
INVESTMENTS
Divestments
Venture Capital - Investments as % of GDP - Industry statistics

% of GDP
0.160%
0.140%
0.080%
0.100%
0.092%
0.120%
0.000%
0.001%
0.001%
0.002%
0.003%
0.003%
0.004%
0.006%
0.008%
0.009%
0.009%
0.017%
0.020%
0.018%
0.021%
0.024%
0.024%
0.025%
0.027%
0.028%
0.044%
0.052%
0.038%
0.040%
0.053%
0.060%
0.054%
0.080%
0.000%
2013

45
Fundraising
INVESTMENTS
Divestments
Buyout - Investments as % of GDP - Industry statistics

0.900%
0.800%
0.725%
% of GDP
0.000%
0.000%
0.000%
0.001%
0.003%
0.005%
0.006%
0.008%
0.014%
0.019%
0.023%
0.042%
0.049%
0.058%
0.060%
0.100%
0.095%
0.099%
0.147%
0.147%
0.175%
0.200%
0.192%
0.300%
0.209%
0.400%
0.209%
0.500%
0.290%
0.600%
0.490%
0.700%
0.000%
2013

46
Fundraising
INVESTMENTS
Divestments
Growth - Investments as % of GDP - Industry statistics

% of GDP
0.180%
0.160%
0.140%
0.120%
0.000%
0.000%
0.002%
0.002%
0.003%
0.004%
0.004%
0.005%
0.009%
0.009%
0.011%
0.011%
0.013%
0.015%
0.015%
0.020%
0.018%
0.020%
0.025%
0.026%
0.026%
0.030%
0.031%
0.040%
0.032%
0.045%
0.060%
0.061%
0.080%
0.076%
0.100%
0.000%
2013

47
Fundraising
INVESTMENTS
Divestments
All Private Equity - Investments as % of GDP - Market statistics

% of GDP
1.400%
1.200%
0.003%
0.014%
0.024%
0.028%
0.049%
0.058%
0.071%
0.090%
0.098%
0.099%
0.103%
0.154%
0.173%
0.180%
0.192%
0.194%
0.253%
0.194%
0.200%
0.270%
0.313%
0.341%
0.393%
0.400%
0.409%
0.430%
0.600%
0.504%
0.800%
0.739%
1.000%
0.000%
2013

48
Fundraising
INVESTMENTS
Divestments
Venture Capital - Investments as % of GDP - Market statistics

0.090%
0.000%
0.002%
0.002%
0.003%
0.004%
0.004%
0.005%
0.010%
0.010%
0.012%
0.013%
0.014%
0.018%
0.020%
0.019%
0.021%
0.023%
0.023%
0.024%
0.026%
0.030%
0.029%
0.032%
0.032%
0.040%
0.033%
0.050%
0.040%
0.060%
0.055%
0.070%
0.066%
0.080%
0.067%
% of GDP
0.000%
2013

49
Fundraising
INVESTMENTS
Divestments
Buyout - Investments as % of GDP - Market statistics

1.000%
0.900%
0.800%
0.703%
% of GDP
0.700%
0.000%
0.000%
0.003%
0.006%
0.011%
0.022%
0.023%
0.034%
0.053%
0.080%
0.099%
0.083%
0.100%
0.112%
0.127%
0.138%
0.139%
0.151%
0.173%
0.200%
0.196%
0.244%
0.265%
0.285%
0.300%
0.309%
0.400%
0.362%
0.500%
0.399%
0.600%
0.000%
2013

50
Fundraising
INVESTMENTS
Divestments
Growth - Investments as % of GDP - Market statistics
% of GDP

0.250%
0.200%
0.150%
0.000%
0.002%
0.003%
0.004%
0.007%
0.007%
0.008%
0.009%
0.009%
0.013%
0.014%
0.015%
0.021%
0.023%
0.025%
0.026%
0.028%
0.032%
0.035%
0.037%
0.039%
0.039%
0.042%
0.044%
0.050%
0.050%
0.059%
0.100%
0.000%
2013

51
Fundraising
INVESTMENTS
Divestments
All Private Equity - Investments by sector

2013 - Market statistics - % of Amount & Number of companies
0%
2%
4%
6%
8%
10%
Business & industrial products
12%
13.1%
Consumer services
9.4%
9.2%
9.0%
Business & industrial services

Communications
Agriculture
Construction
Real estate
Unclassified
18.3%
6.8%
6.8%
6.2%
Energy and environment
Chemicals and materials
16.7%
12.9%
7.4%
2.0%
1.6%
20%
9.4%
6.0%
Computer & consumer electronics
18%
13.8%
9.4%
Life sciences
Transportation
16%
14.1%
10.9%
Consumer goods & retail
Financial services
14%
3.6%
2.3%
2.2%
2.1%
Amount
Number of companies
0.8%
1.2%
1.7%
0.3%
0.4%
1.2%
1.1%
52
Fundraising
INVESTMENTS
Divestments
Investments by sector
2007-2013 - Market statistics - Amount
All Private Equity
Venture Capital
70
60
Transportation
50
40
30
20
10
2007
2008
2009
2010
2011
2012
2013
billion
Life sciences
Financial services
1
0
50
40
30

Agriculture
102009
2010
2011
2012
2008
2009
2010
2011
2012
2013
2008
2009
2010
2011
2012
2013
Growth
8
Communications
20
2007
60
5
4
Construction
Buyout
Real estate
Consumer services
2008
billion
billion
billion
80
7
6
5
4
3
2
2013
0
2007
2008
2009
2010
2011
2012
2013
2007
53
Fundraising
INVESTMENTS
Divestments
Investments by sector
2007-2013 - Market statistics - Number of companies
All Private Equity
Venture Capital
6,000
4,000
3,500
5,000
3,000
Transportation
4,000
2,500
Real estate
3,000
2,000
Life sciences
1,500
2,000
Financial services
1,000
1,000
0
Consumer services
0
2007 2008 2009 2010 2011 2012 2013
1,400
1,000
800
600
800
600
Agriculture
2010
2011
2012
1,000
400
400
2009
200
Growth
1,200
Communications
1,200
2007 2008 2009 2010 2011 2012 2013

Construction
Buyout
2008
500
200
2013
0
2007 2008 2009 2010 2011 2012 2013
2007 2008 2009 2010 2011 2012 2013
54
Fundraising
INVESTMENTS
Divestments
All Private Equity - Initial / Follow-on investments

2013 - Market statistics - % of Number of companies
44%
47%
54%
55%
57%
56%
58%
Follow-on investment
for the company
Initial investment for
the company
56%
62%
53%
43%
2007
2008
60%
58%
55%
50%
2009
45%
46%
2010
2011
57%
44%
2012
55%
42%
Initial investment for

the private equity firm
2013
55
Fundraising
INVESTMENTS
Divestments
Investments by number of employees

2013 - Market statistics - % of Number of companies
All Private Equity
Venture Capital
3.6%
4.5%
2.5%
9.1%
3.6%
3.7% 0.9%
3.7% 0.9%
SME: 87.3%
44.1%
3.3%
0.7% 0.2% 0.1%

0.8%
0.0%
SME: 99.1%
30.7%
Full-time equivalent
staff by interval
4.5%
2.5%
0 - 19
SME
9.1%
44.1%
31.6%
20 - 99
64.4%
100 - 199
200 - 249
250 - 499
Buyout
3.8% 2.8%
15.9%
500 - 999
SME: 51.6%
21.4%
Growth
1000 - 4999
4.6%
5000 +
31.6%
3.8%
0.8%
SME: 83.8%
23.3%
7.0%
3.8%
12.8%
15.0%
21.2%
15.9%
41.6%
6.2%
56
Fundraising
INVESTMENTS
Divestments
Venture Capital - Investments by number of employees

2,000
Amount invested
1,747
1,800
2,500
Number of companies
1,600
1,400
2,000
Number of
companies
million
1,235
1,200
1,500
1,000
800
1,000
600
400
500
256
200
69
64
200 - 249
250 - 499
0
0 - 19
20 - 99
100 - 199
500 - 999
1000 - 4999
5000 +
Full-time equivalent staff by interval

Amount invested
Number of companies
98%
99%
SME %
57
Fundraising
INVESTMENTS
Divestments
Buyout - Investments by number of employees

billion
200
11.3
Amount invested
10
180
Number of companies
160
Number of
companies
12
140
120
6
100
5.3
80
3.8
3.3
60
2.2
2
40
1.0
0.7
0.1
20
0 - 19
20 - 99
100 - 199
200 - 249
Amount invested
Number of companies
14%
52%
SME %
250 - 499
500 - 999
1000 - 4999
5000 +
58
Fundraising
INVESTMENTS
Divestments
Growth - Investments by number of employees
1.2
500
1.1
Amount invested
1.0
450
Number of companies
400
Number of
companies
billion
350
0.8
0.6
0.6
0.6
300
0.6
250
200
0.4
150
0.2
0.2
0.2
100
0.2
0.1
50
0.0
0
0 - 19
20 - 99
100 - 199
200 - 249
Amount invested
Number of companies
55%
84%
SME %
250 - 499
500 - 999
1000 - 4999
5000 +
59
Fundraising
INVESTMENTS
Divestments
Divestments
3
Divestments statistics explained
Industry statistics are an aggregation of figures according to the country of
the private equity firms office in charge of the divestment. At European
level, this relates to divestments made by European private equity firms
regardless of the location of the target company.
Market statistics are an aggregation of figures according to the location of the
portfolio company. At European level, this relates to divestments of European
companies regardless of the location of the private equity firm.
Divestment amounts (including write-offs) are recorded at cost (i.e. the total
amount divested is equal to the total amount invested before).
60
Market versus industry

statistics
C
Market statistics
A+B+C
B
D
Industry statistics
A+B+D
A : Domestic divestments in European countries

B : Cross-border divestments within Europe
C : Non-European private equity firms divesting portfolio companies in Europe
D : European private equity firms divesting portfolio companies outside Europe
61
Glossary
Initial public offering (IPO)
Sale to another private equity firm
The sale or distribution of a companys shares to the public for the first time by listing
the company on the stock exchange.
The sale of company shares to another direct private equity firm.
Sale to financial institution
Repayment of principal loans
The sale of company shares to banks, insurance companies, pension funds,

endowments, foundations and other asset managers other than private equity firms.
If a private equity firm provided loans or purchased preference shares in the company
at the time of the investment, then their repayment according to the amortisation
schedule represents a decrease of the financial claim of the firm into the company, and
hence a divestment.
Trade sale
The sale of company shares to industrial investors.
Repayment of silent partnership

Write-off
A silent partnership is a type of mezzanine financing instrument. It is similar to a longterm bank loan but, in contrast to a loan, a silent partnership is subject to a
subordination clause, so that in the event of insolvency all other creditors are paid
before the silent partner. The company has to repay the partnership and has to pay
interest and possibly a profit-related compensation. The subordination clause gives the
capital the status of equity despite its loan character. This financing instrument is
frequently used in Germany.
The total or partial write-down of a portfolio companys value to zero or a symbolic

amount (sale for a nominal amount) with the consequent exit from the company or
reduction of the shares owned. The value of the investment is eliminated and the
return to investors is a full or partial loss.
Sale of quoted equity

The sale of quoted shares only if connected to a former private equity investment, e.g.
sale of quoted shares after a lock-up period.
62
2013 Divestments at a glance
Divestments Market statistics No. of companies by exit route
A total of 2,290 European companies were exited representing former equity

investments of 33.2bn. The number of companies increased by almost 10% while
the amount divested at cost increased by 54%. The most prominent exit routes by
amount were trade sale (27%), sale to another private equity firm (26%) and sale of
quoted equity (14%) representing almost 40% of the divested companies.
Trade sale
The strength of public markets in 2013 was reflected by the steep increase in
divestments by flotation (IPO). This exit route increased more than seven times by
amount at cost (2.2bn) and almost four times by number of companies (23).

Divestments Amount
Divestments No. Companies
Number of Firms
Number of Funds
Venture
Capital(1)
Buyout(1)
33.2bn
2.2bn
28.0bn
1.8bn
2,290
994
688
574
646
312
332
147
1,133
550
510
61
66
59
13
15
Sale to financial
institution
15
4
Other means
Source: EVCA/PEREP Analytics

Note: (1) relates to the investment stage
188
81
221
116
36
Sale to management
Initial public offering
268
47
Repayment of principal
loans
Growth(1)
209
45
Sale to another PE Firm
Growth divestments represented 5% of equity amount at cost and 25% by number of

companies. The amount divested increased by 54% to 1.8bn. The number of
companies divested increased by 21% to 574. Trade sale, sale to another private
equity firm, write-off and sale to management were the most prominent exit routes.
203
24
Write-off
Buyout divestments represented 85% of the equity amount at cost and 30% by the
number of companies. The amount divested increased by 53% to 28bn. By the
number of companies, divestments increased by 19% to 688. Sale to another private
equity firm, trade sale and sale of quoted equity were the most prominent exit
routes.
All Private
Equity
57
Repayment of silent
partnerships
Divestments from venture capital investments represented 43% of all exited

companies. They accounted for 7% of the amount divested at cost. The equity
amount divested increased by 21% to 2.2 bn. The number of exited venture-backed
companies decreased slightly by 2% to 994. Trade sale, write-off and sale of quoted
equity were the most prominent exits routes.
211
206
30
100
93
73
28
Venture Capital
Buyout
15
Growth
24
18
Source: EVCA/PEREP Analytics
63
Fundraising
Investments
DIVESTMENTS
Divestments at cost Venture Capital / Buyout / Growth

35
1,600
2.2
30
2.4
25
20
1,200
2.3
3.2
1,000
2.0
1.9
1.1
2.1
800
2.1
15
10
1,400
1.8
28.0
20.4
2.4
0.7
600
24.8
2.1
1.1
18.3
400
14.5
10.4
200
7.5
0
2007
2008
2009
2010
2011
2012
2013
Buyout - Amount divested
Growth - Amount divested
Venture Capital - Amount divested
Buyout - Number of companies
Growth - Number of companies
Venture Capital - Number of companies
64
Fundraising
Investments
DIVESTMENTS
Number of companies
billion
Divestments at cost by exit route Venture Capital / Buyout / Growth

2013 - Market Statistics - % of Amount
1.5%
3.1%
2.7%
24.0%
0.7%
1.3%
2.3%
Buyout
29.6%
28.0bn
5.8%
10.0%
5.8%
1.8%
7.7%
Venture Capital
15.2%
2.8%
6.6%
1.0%
53.5%
2.2bn
3.3%
14.2%
9.6%
44.2%
Growth
16.9%
1.8bn
Trade sale
4.7%
4.1%
4.4%
5.9%
Write-off
12.6%
36.7%
16.8%
1.6%
2.1%
0.3%
4.7%
10.0% 2.7%
0.9%
24.4%
0.5%
3.8%
Repayment of silent partnerships

Sale to management
Other means
65
Fundraising
Investments
DIVESTMENTS
Divestments at cost by exit route Venture Capital / Buyout / Growth

2013 - Market Statistics - % of Number of companies
2.5%
9.2%
3.9%
28.6%
Buyout
2.4%
1.5%
26.1%
9.1%
2.1%
20.7%
6.3%
0.4%
Venture Capital
13.9%
2.2%
2.6%
6.2%
3.3%
Growth
7.2%
994 Companies
9.9% 0.5%
10.2%
4.2%
4.6%
7.9%
1.6%
688 Companies
10.6%
Trade sale
20.1%
574 Companies

4.7%
19.9%
4.1%
4.4%

Write-off
26.3%
36.7%
16.8%
1.6%
2.1%
4.7%
36.2%

0.3%
24.4%

Sale to management
Other means
66
Fundraising
Investments
DIVESTMENTS
All Private Equity - Divestments at cost by exit route

billion
20072013 Market statistics - Amount at cost

12
10
0
2007
2008
2009
2010
2011
2012
2013
Trade sale
Write-off
Sale to management
Other means
67
Fundraising
Investments
DIVESTMENTS
All Private Equity - Divestments at cost by exit route

700
600
500
400
300
200
100
0
2007
2008
Trade sale
Write-off
Other means
2009
2010
2011

2012
2013

Sale to management
68
Fundraising
Investments
DIVESTMENTS
All Private Equity - Divestments at cost by sector

6
400
5.3
350
Amount at cost
3.8
250
3.1
3.0
2.8
200
2.7
2.3
338
150
278
2
1
300
Number of companies exited
1.6
239
169
1.6
1.5
200
139
100
1.2
161
84
42
50
0.5
60
Number of companies exited
billion
2013 - Market statistics - Amount & Number of companies (excluding write-offs)
44
59
0.2
0.2
18
0.0 27
69
Fundraising
Investments
DIVESTMENTS
Divestments at cost by sector Venture Capital / Buyout / Growth

2013 - Market statistics - Amount (excluding write-offs)
11.1%
Communications
Life sciences
2.1%
8.1%
5.0%
5.8%
Energy & environment
Agriculture
Real estate
Unclassified
5.7%
2.3%
0.1%
4.1%
0.3%
3.3%
0.6%
2.0%
13.5%
18.3%
8.1%
Chemicals & materials
12.8%
4.5%
5.3%
3.4%
Consumer services
Construction
18.6%
13.0%
4.0%
Transportation
29.4%
8.2%
Financial services
24.5%
8.3%
4.7%
18.3%
11.4%
10.1%
8.5%
6.4%
Venture Capital
6.9%
Buyout
4.7%
Growth
1.9%
0.2%
0.8%
0.2%
0.0%
0.5%
0.7%
0.5%
0.0%
1.7%
70
Fundraising
Investments
DIVESTMENTS
Divestments at cost by sector Venture Capital / Buyout / Growth

2013 - Market statistics - Number of companies (excluding write-offs)
12.2%

7.7%
Life sciences
7.7%
4.8%
6.6%

Communications
Consumer services
Energy & environment
4.2%
2.8%
1.4%
3.9%
4.8%
3.4%
2.8%
3.3%
Construction
Chemicals & materials
Financial services
Agriculture
Real estate
Unclassified
0.8%
15.3%
16.1%
17.6%
10.2%
9.8%
13.0%
7.4%
4.8%
5.2%
8.8%
9.3%
6.1%
Venture Capital
Buyout
3.7%
3.0%
1.4%
1.5%
0.8%
0.9%
1.3%
0.3%
0.5%
0.7%
1.8%
0.3%
1.7%
25.7%
21.7%
11.3%
10.4%
Transportation
19.2%
Growth
3.9%
71
Fundraising
Investments
DIVESTMENTS
All Private Equity - Divestments at cost by region
billion
2013 - Industry vs. Market statistics - % of Amount

16
14.5
14
12
9.4
10
8
7.5
7.5
7.4
5.1
5.0
3.9
3.0
2.2
0.7
0.4
0
UK & Ireland
DACH
Nordics
France & Benelux
Industry statistics - Country of the private equity firm
Southern Europe
CEE
Market statistics - Country of portfolio company

72
Fundraising
Investments
DIVESTMENTS
Acknowledgements
73
Acknowledgements
We are grateful for the generous support of General Partners representing private equity
and venture capital firms across Europe who provided us with their activity data. The
following comprehensive and verified pan-European statistics would not be possible
without their on-going commitment.
We also thank all the regional and national private equity associations that collect their
activity data via PEREP_Analytics, the pan-European statistic platform. We thank the
following associations for their participation to make PEREP_Analytics the most
comprehensive private equity database on private equity in Europe:
APCRI - Portugal
IVCA - Ireland
AVCO - Austria
LTVCA - Lithuania
BVA - Belgium
NVCA - Norway
BVK - Germany
NVP - The Netherlands
CVCA - Croatia
PSIK - Poland
CVCA - The Czech Republic
SECA - Switzerland
DVCA - Denmark
SEEPEA - South Eastern Europe
EstVCA - Estonia
SLOVCA - Slovakia
FVCA Finland
SVCA - Sweden
HVCA - Hungary
74
About PEREP_Analytics and EVCA Research
65%
The overall coverage rate of

all European private equity
firms based on 1,917 eligible
private equity firms
90%
The 2013 annual survey

covered 90% of the European
market in terms of capital
under management (base
555.4bn)
PEREP is a joint Pan-European statistics platform of the following private equity associations:
APCRI - Portugal
CVCA - The Czech Republic
HVCA - Hungary
PSIK - Poland
AVCO - Austria
DVCA - Denmark
IVCA - Ireland
SECA - Switzerland
BVA - Belgium
EstVCA - Estonia
LTVCA - Lithuania
SEEPEA - South Eastern Europe
BVK - Germany
EVCA - Europe
NVCA - Norway
SLOVCA - Slovakia
CVCA - Croatia
FVCA - Finland
NVP - The Netherlands
SVCA - Sweden
Statistics Manager
Head of Research
Dan Magirescu
Dr Cornelius Mueller
Statistics Team
Research Manager
Adriana Andronic
Raluca Coroi
Adelina Stefan
Andreea Banica
Cristina Cristea
Andrei Teslici
Monica Biolan
Laura Dumitrascu
Ioana Turbatu
Alina Ciucardel
Iuliana Furica
research@evca.eu
www.evca.eu
info@perepanalytics.eu
www.perepanalytics.eu
Julien Krantz
75
European Private Equity and Venture Capital Association

Bastion Tower
Place du Champ de Mars 5
B 1050 Brussels Belgium
www.evca.eu
Tel: +32 2 715 00 20

2013 European Private Equity Activity

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