7thVentureCapitalForum（一）.pptVIP

Agenda Private equity in Europe: 2005 a record year EIF venture capital in Europe Vision for the future Conclusion Private equity in Europe: 2005 a record year Key points Fundraising: more than double over 2004 reaching € 72bn 80% of funds expected to be allocated to buyouts Investments: reached a record at € 47bn, a 27% increase over 2004 buyouts represent 68% by amount invested venture investments +23% over 2004, representing 27% by amount invested and 75% by number of investments Divestments: at cost up to 52% at € 30bn Write-offs decreased at around 5% of total amount divested Key points Investments benchmarks 2005: Long term net return since 1980: 10.3% Top quarter return 22.9% Increased distributions, with realisations above 2000 record level Strong performance compared to other asset classes EIF venture capital in Europe EIF at a glance Venture Capital activities Acting as a Fund-of-funds Public Private Partnership, selecting funds Eligible to EU Objectives Able to generate risk-commensurate returns Biggest European early-stage investor (with a 15% market share) Respected investor (even in the crowded lower mid-market) EIF : mainly a manager of external resources (mandates) European fund-of-funds market EIF: Venture Capital EUR 3.2 bn have been committed in about 220 funds Disbursements represent 60% of the amounts committed Young age of the portfolio EUR 1.8bn still available for future investments 2 944 companies in the underlying portfolio Total invested by portfolio funds in these companies EUR 7.5bn Credentials Venture Capital commitments of EUR 3.2bn (as at end 2005) EIF vs the European Venture Capital market EIF’s investment focus 49% of portfolio are early stage investments - EU average 12% between 2000-2004 (source: EVCA). 57% are tech-related, primarily ICT and life sciences, balanced by buyout, development and generalist (30%). EIF a