Transcript Evoluzione degli Associati A.I.F.I.

A.I.F.I.
Italian Venture Capital and Private Equity Association
Marco Vitale
The Italian venture capital
and private equity market
IFISE Meeting
Milan, 1st February 2001
A.I.F.I. Members
90
7
5
80
70
60
49
50
8
40
28
30
20
5
5
3
22
30
30
31
30
34
33
32
5
8
3
7
15
3
7
8
7
8
24
5
30
20
15
10
8
8
9
13
13
13
1998
1999
2000
0
1986
1987
1988
1989
Italian Banks and subsidiaries
Industrial/Private Inv. Comp.
Incubators
1990
1991
1992
1993
1994
1995
1996
Italian closed-end funds
Public players
* International Closed-end funds Advisory companies and International Banks
A.I.F.I.
1997
International players*
Co-operative system Inv. Comp.
Investment activity by number, companies and amount
Early projection: 2.640
2,800
2,400
Early projection: 576
2,000
1,773
1,600
800
400
1,320
944
1,200
601
516
198175
234 209
269 227
390 309
288
0
1996
1997
Number
*Data not available for the first Sem.2000
A.I.F.I.
1998
Companies*
1999
Amount ( Euro mln)
I sem 2000
USA - Europe - Italy:
amount invested in 1999 (Euro Mln)
60.000
51.400
50.000
47.000
40.000
25.110
30.000
20.000
20.000
6.418
10.000
640
1.177
325
46
0
USA
Amount invested
A.I.F.I.
Europe
Amount invested in High Tech
Italy
Amount invested in Internet
1st Sem 2000 - Distribution of investments by number and
amount (Euro Mln)
500
444
384
400
333
300
200
147
159
96
100
18
27
0
Seed/Start up
A.I.F.I.
Expansion
Replacement
Number
Amount
Buy Out
Annual start up investments by number and amount
Yearly projections: 320
Yearly projections:294
350
285
300
286
250
200
150
160
152
90
100
130
147
83
50
0
1997
1998
Number
A.I.F.I. - EVCA
1999
Amount (Euro mln)
1° sem 2000
1997-2000: Number of investments in Seed/Start up
financing by %
60%
50%
40%
52.40%
46.8%
44.36% 43.9%
37.40%
39.20%
40.0%
34.9%
33.90%
30.6%
30%
51,04%
51.99%
28.2%
22.8%
16.4%
20%
10%
0%
Europe
1997
* 1st sem. 2000 not available
A.I.F.I. - EVCA
Germany*
1998
France
1999
Italy
1st sem. 2000
% of amount and number of investments
in the high tech sectors*
Number
Amount
46%
18%
I°sem. 2000
18%
1999
30%
11%
1998
15%
7%
1997
9%
2%
1996
0%
6%
4%
8%
12%
16%
20%
24%
28%
32%
36%
40%
*High tech sectors: computer related, communications, other electronics related, medical/health related; biotechnology.
A.I.F.I.
44%
48%
1999 - Sectoral distribution of amount invested
in high tech
Health Care
Telecom: hardware 3%
4%
Telecom: carriers
44%
Electronics
11%
Computer related:
software
11%
Computer related:
other
1%
A.I.F.I.
Internet
14%
Biotech
3%
Communication:
other
9%
Divestment activity by number and amount (at cost)
578
600
500
400
335
265
300
195
176
200
117
170
126
129
84
100
0
1996
1997
Number
A.I.F.I.
1998
1999
Amount (Euro mln)
I sem 2000
1st Sem. 2000 - Distribution of divestments by
number and amount
400
335
300
200
123
100
60
44
8
7
10
9
0
Trade sale
IPO-Sale post IPO
Number
A.I.F.I.
Write off
Amount
Other
Italy: Venture Backed Companies listed
on the Nuovo Mercato
Venture Backed Companies*:
12 (30%)
Listed Companies: 40
* December 2000
A.I.F.I.
What A.I.F.I. is doing to improve the context
•
Solid link with Universities and Research Centers;
•
Training courses for researchers on economic topics;
•
Web Site and on line database to match entrepreneurs
and investors;
•
Lobbying activity;
•
Institutional Communication (Annual Symposium,
…).
A.I.F.I.
Finlombarda Fund of Fund
A.I.F.I.
is Advisor of the
First Regional Fund of Fund
promoted by Regione Lombardia and aimed to
invest in venture capital initiative with specific
focus on high tech
A.I.F.I.
A.I.F.I. Technological Partners
A.I.F.I. is promoting agreements with Italian
Universities and some important Research Centers:
- Scuola Superiore Sant’Anna di Pisa
- Centro Nazionale Ricerche
- Consorzio Pisa Ricerche
- Politecnico di Milano
A.I.F.I.