Transcript Document

THOMSON FINANCIAL
Global Private Equity
Eileen Xie
December 2005
THOMSON FINANCIAL
Thomson Venture Economics – Performance database
Provide industry-standard products for use in benchmarking,
commitments, asset allocation and due diligence
Maintained by Thomson Venture Economics since 1969
•1740 US Funds formed 1969-2005
•950 European/UK Funds 1980-2005
•187 Other Intl Funds formed 1980-2005
Information Requirements
•Firm & Fund Information
•Portfolio company investment
•Transaction detail
•Cashflows -- capital calls, distributions, net asset values
THOMSON FINANCIAL
Private Equity Net Returns to Investors*
From Inception to June 30, 2005
V
C
B
U
Y
O
U
T
S
Stage
No.
Pooled
Early/Seed VC
Balanced VC
Later Stage VC
469
422
179
20.8
13.9
13.8
Upper
Quart
16.4
15.9
14.7
1135
16.0
Development VC
Early VC
Balanced VC
168
254
145
Total European Venture
Med
DPI
RVPI
TVPI
2.5
5.5
4.8
1.28
1.05
1.10
0.53
0.52
0.41
1.81
1.57
1.51
15.9
4.3
1.14
0.50
1.64
8.5
0.0
8.0
8.2
2.5
10.8
0.2
-3.4
0.0
0.76
0.40
0.66
0.71
0.59
0.61
1.47
1.00
1.27
567
5.9
6.5
-0.5
0.60
0.63
1.22
Small Buyouts
Medium Buyouts
Large Buyouts
Mega Buyouts
172
104
83
104
24.8
17.4
14.4
11.1
18.5
18.6
16.4
18.1
8.1
7.9
5.8
7.3
1.33
1.10
0.94
0.75
0.43
0.41
0.60
0.62
1.76
1.51
1.54
1.37
Total US Buyouts
463
13.9
18.5
7.6
0.86
0.58
1.44
Small Buyouts
Medium Buyouts
Large Buyouts
Mega Buyouts
219
38
28
26
11.4
17.8
20.8
6.6
16.5
22.6
20.1
12.6
7.3
8.8
6.3
5.4
0.95
1.20
1.13
0.44
0.51
0.50
0.53
0.76
1.45
1.71
1.66
1.20
Total European Buyouts 311
12.4
17.2
7.2
0.75
0.64
1.39
18
9.1
10.9
-1.2
0.61
0.87
1.48
Total US Venture
Total Asia Private Equity
*US Funds formed 1969-2005
European Funds formed 1980-2005
Asian Funds formed 1992-2001
Source: Thomson Venture Economics/NVCA/EVCA
THOMSON FINANCIAL
Asian, US and European Private Equity Cumulative IRR
Since Inception by Calendar Year
(Inception to June 30, 2005)*
25.0
Net IRR Since Inception (pct)
20.0
US
15.0
EUROPE
10.0
Asia
5.0
0.0
1995
1996
1997
1998
1999
2000
2001
-5.0
2002
2003
2004
Q1
2005
Q2
2005
-10.0
Calendar Year
*US Funds formed 1969-2005
European Funds formed 1980-2005
Asian Funds formed 1992-2001
THOMSON FINANCIAL
Venture Economics
Private Equity Performance Index (PEPI)
Pooled IRR net to investors as of June 30, 2005
All funds formed 1969-2005
1 Yr
3 Yr
5 Yr
10 Yr
20 Yr
Early/Seed Stage VC
Balanced VC
Later Stage VC
2.1
11.7
8.8
-2.4
7.6
3.2
-10.5
-2.6
-6.8
48.8
18.0
14.1
20.2
13.7
13.8
All Venture
7.8
3.0
-6.3
25.8
16.0
Small Buyouts
Med Buyouts
Large Buyouts
Mega Buyouts
51.3
29.3
21.4
26.9
8.1
6.4
12.9
11.1
2.4
-1.2
3.0
3.6
8.5
10.6
10.9
8.1
25.7
18.4
14.7
11.0
All Buyouts
26.9
11.0
2.9
9.0
13.8
All Private Equity
20.4
8.2
0.1
12.7
13.8
Fund Type
Source: Thomson Venture Economics/NVCA
THOMSON FINANCIAL
US Venture Funds
Annualized Net Cumulative IRR by Vintage Year
As of June 30, 2005
100
Annualized Cumulative IRR
80
60
40
20
0
-20
-40
5
9
0
1
2
3
4
5
6
7
8
9
0
1
2
3
4
5
6
7
8
9
0
1
2
3
4
-7 6-7 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99 00 00 00 00 00
9
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
6
7
19 19
Source: Thomson Venture Economics/NVCA
THOMSON FINANCIAL
U.S. Venture Capital
Since Inception Realization Multiples (DPI/RVPI) by Vintage Year
As of June 30, 2005
Times invested Capital
5.0
4.5
RVPI
4.0
DPI
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
1969-75 1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
Source: Thomson Venture Economics/NVCA
THOMSON FINANCIAL
US, China Venture Capital Industry Comparison
1998
2004
2000
2004
US
US
China
China
617/1,08
7
6345
1,059/1,949
6/7
13/17
10,471
16
51
Total Cap Mgt
$88.6B
$260.1B
$300 M
$900 M
Avg Firm Size
$144.2M
$233.7M
$55.1 M
$72 M
Avg Fund Size
$57.8M
$91.7M
$47.2 M
$55.1 M
57
44
2
3
$5,000M
$1,545.5M
$100 M
$300 M
No of
Firms/Funds
Professionals
First time
funds
Largest Fund
THOMSON FINANCIAL
Global VC Fundraising
Annual Committed Capital (USD $M)
Capital Raised by VC Funds; 2000-Q3 2005
100,000
North America
Europe
Asia/Australia
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2000
2001
2002
2003
2004
Q1-Q3 2005
Source: Thomson Venture Economics/NVCA
THOMSON FINANCIAL
Global Venture Investment Activity
2000-Q3 2005
120
100
(USD $Bil)
80
60
40
20
North America
Europe
Asia
0
2000 20012002 2003 2004 Q1Q3
2005
Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital
Association MoneyTree™ Survey
THOMSON FINANCIAL
US Firms Investments by Nation
2000 vs. Q1-Q3 2005
Asia/Austra
lia
4%
Asia/Austra
lia
9%
Europe
7%
Europe
7%
Americas
84%
Americas
89%
Asia/Australia
Europe
Americas
Africa
Asia/Australia
Europe
Americas
Africa
Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital
Association MoneyTree™ Survey
THOMSON FINANCIAL
US Firms Investments Into Asia/Australia by Dollars Invested
2000 vs. Q1-Q3 2005
China
17%
Singapore
China
6%
6%
Australia
6%
Other Asia
61%
Other Asia
18%
Hong Kong
21%
Hong Kong
7%
Australia
8%
Singapore
50%
China
Singapore
Australia
Hong Kong
Other Asia
China
Singapore
Australia
Hong Kong
Other Asia
Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital
Association MoneyTree™ Survey
THOMSON FINANCIAL
US Firms Investments Into Asia/Australia by Number of Deals
2000 vs. Q1-Q3 2005
China
5%
Singapore
6%
China
29%
Australia
10%
Hong Kong
21%
Other Asia
51%
Singapore
Australia 3%
16%
Other Asia
72%
Hong Kong
7%
China
Singapore
Australia
Hong Kong
Other Asia
China
Singapore
Australia
Hong Kong
Other Asia
Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital
Association MoneyTree™ Survey
THOMSON FINANCIAL
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Conclusion & discussion