Surveys Archive > 2004 European Technology VC Headline Transaction Index: November 2004 20/12/2004. November 2004's results from the Headline Transaction Index confirm the previously stated trend: a second half of the year in line with or below 2003, says Go4Venture. But there's anecdotal evidence that industry participants are gearing up for a strong 2005. M&A Forecast 2005 20/12/2004. PricewaterhouseCoopers forecast growth acquisition strategy returns in 2005 - this time with discipline. Moderate rises in deal volume are expected in the financial services, healthcare, technology, and manufacturing sectors, while inbound cross-border deals are to see the most activity. Trends in Legal Terms in Venture Financings In the San Francisco Bay Area (Third Quarter 2004) 14/12/2004. In their latest survey Fenwick and West have analysed the terms of venture financings for 113 technology companies headquartered in the San Francisco Bay Area that reported raising money in the third quarter of 2004. Q3 2004 MoneyTree Survey 07/12/2004. US venture capital investing dipped in the third quarter of 2004 with investments of $4.3 billion going into 601 companies, says PricewaterhouseCoopers. That figure was below the prior quarter of $5.9 billion in Q2 2004, but equal to the year-ago figure of $4.3 billion in Q3 2003. Over the past two years, quarterly investing has floated between $4.2 billion and $5.9 billion. At the current pace, full-year 2004 is expected to exceed 2003’s total of $18.7 billion. Trendsetter Barometer: Strengthening Margins Give Fast-Growth Companies Financing Independence 29/11/2004. Flush with improving margins, fast-growth companies are becoming more financially secure says PricewaterhouseCoopers. With these companies more profitable, their CEOs may feel less edgy, and more comfortable about making new financial commitments. Private Equity Management Liability: Research report 2004/2005 18/11/2004. As recently as five years ago, management liability was a minor consideration for the private equity community, says Marsh. This relatively relaxed view of professional risk was complemented by the golden years of private equity, where stellar returns and strong performance were commonplace and reference to corporate governance and regulation were not yet prominent in the private equity vernacular. Now private equity - across all fund sizes and geographies - are adopting a much more active approach to the management of their professional liabilities. US VCs Continue Optimism about Market Recovery 11/11/2004. Data released by the Mid-Atlantic Venture Association (MAVA) indicates that private equity investors in the region continue to have a positive attitude about market recovery, as evidenced in the results from nine consecutive quarterly surveys. In this quarter's results there was early evidence of possible stabilization in market growth via several indicators such as valuations, merger and acquisition activity, and deal flow activity. European Technology VC Headline Transaction Index: October 2004 11/11/2004. This month's Headline Transactions Index, produced by Go4Venture, has confirmed the trend identified in their September launch commentary, i.e. that the European technology VC market is taking a breather after a strong start at the beginning of the year through to April 2004. Compensation and Governance Practices for Portfolio Companies 08/11/2004. Mellon's recent Board of Directors Survey provides an analysis of corporate governance and compensation practices for US private equity firm's portfolio companies. The three main trends they discovered are that implementation of governance best practices is accelerating, compensation levels are accelerating, and role-based director pay is emerging. Trends in European / US Private Equity 01/11/2004. Weil, Gotshal & Manges in conjunction with mergermarket look at trends in European/US private equity. In this report, they include a special feature on France, frequently cited as one of the more attractive destinations for private equity investment opportunities, in part due to the reorganisation of large French companies, but also considered one of the more challenging, from a legal and cultural perspective. This special report examines whether those views are still prevalent. World Competitiveness 2004 25/10/2004. Research on the world competitiveness landscape in 2004 finds that Russia should be on the radar screen of private equity investors, Japan is ticking again, and China is becoming the manufacturing hub of the world. 3i European enterprise barometer 27/09/2004. The 3i European barometer index summarises European 3i-backed companies' views on the general business and political climate. After increasing in every survey over the past year, the rise in the overall index has been checked this quarter, falling from +49 to +30, the same level as six months ago. Central European private equity confidence survey 16/09/2004. Signs of long-term development within the Central European region and recovery of the European M&A market positively influenced private equity firms' expectations for the second half of 2004, encouraging increased activity on the buy-side, according to Deloitte's Central European private equity confidence survey. US MoneyTree Survey: Q2 2004 07/09/2004. The steady upward trend in US venture capital continued in the second quarter of 2004 with $5.6bn invested in 761 companies, according to the US MoneyTree Survey. This compares to total investments of $5bn in the first quarter of 2004 and $5.4bn in the fourth quarter of 2003. Limited partnership agreement project 05/08/2004. This Tuck School of Business survey canvasses the opinions of both LPs and GPs with regards the cost of the limited partnership agreement, its role as a governance document and the value to the industry of a guideline or model LPA. The Lyndhurst Partners IT services M&A review 27/07/2004. A total of 80 North American-based IT services merger and acquisitions transactions were completed in the second quarter of 2004. This represents a 21.2 per cent increase over the prior quarter's total of 66, but a 5.9 per cent decline compared to the corresponding period in 2003, according to Lyndhurst Partners. Increasing value from disposals: A case for professionalising the sell side 22/07/2004. This KPMG survey reveals that the majority of decision-makers regard disposals as an integral part of corporate strategy with almost two-thirds of corporate respondents and over 80 per cent of private equity respondents asserting that disposals are given the same priority as acquisitions. South Africa private equity and venture capital survey-2003 21/07/2004. The South African private equity industry recorded total funds under management of R41.5bn at the close of 2003, a ten per cent increase on the previous year, according to KPMG and the South Africa Private Equity and Venture Capital Association. US Global entrepreneurship Monitor: 2003 executive report 21/07/2004. After two years of decline, entrepreneurial activity in the US showed a marked improvement in 2003, according to the latest Global Entrepreneurship Monitor. 2003 annual review of private equity and outlook 2004 13/07/2004. 2003 has shown an improvement in both the performance numbers and the fundamentals of the private equity industry in Europe and the US, according to SCM Strategic Capital Management. Asia has also shown some improvement, but LPs are still struggling to identify solid management teams in the region and the added risk that goes with Asian private equity has yet to be rewarded. Corpfin monthly review: July 2004 07/07/2004. Amendments to the UK Pensions Bill are being proposed which, if they are adopted, will have far reaching implications for the private equity industry, according to the latest Corpfin Monthly Review. These amendments could expose private equity firms and company directors to unlimited liability for shortfalls in pension provision. So where's the exit? A survey of private equity investments and divestments in the European chemicals sector 17/06/2004. Despite the substantial amount of private equity that has been invested in European chemicals companies in recent years, the industry remains divided as to the long-term appeal of the sector. Only 22 out of 94 major European chemicals investments in the last decade have led to a successful exit. But the tide may now be turning, according to research produced by Ernst & Young. Annual venture capital insights report 2003/4 11/06/2004. Global venture capital investment in 2003 experienced its first consistent quarterly increases in four years. Although investment declined overall compared to the previous year, the trend established in 2003 is encouraging, according to Ernst & Young Moneytree survey: Q1 04 04/06/2004. US venture capital investments in the first quarter of 2004 totalled $4.6bn, below the $5.2bn invested in the fourth quarter of the previous year, but significantly above the $4.2bn invested in the corresponding period last year, according to the latest PricewaterhouseCoopers' Moneytree Survey. Trends in legal terms in venture financings in the San Francisco Bay area 27/05/2004. There was a significant improvement in venture valuations in the first quarter of 2004, with up rounds outpacing down rounds for the first time in two years, according to Fenwick & West. The mid-market deal flow barometer - Q2 04 24/05/2004. Almost half of all UK mid-market deal opportunities over the next six months are expected to develop in just three sectors: business services, healthcare and financial services, according to a survey conducted by Grant Thornton. Interesting deal opportunities are also expected to develop within the food and beverages, consumer products and media sectors. BVCA report on investment activity 2003 24/05/2004. Worldwide investment by UK private equity firms increased by 16 per cent in 2003 to £6.4bn. In the UK alone, the number of companies financed increased by seven per cent, but the value of investment in the UK decreased by nine per cent, according to the British Venture Capital Association. 3i European enterprise barometer: Q2 2004 14/05/2004. The 3i European barometer index has risen for the fourth survey in succession. The increase is driven by a large rise in the balance reporting the climate more favourable to growth by acquisition. Corpfin monthly review: May 2004 10/05/2004. Given the extreme difficulty in achieving exits by way of trade sales or IPOs in the last couple of years, the most common exit options in the first half of 2004 have been refinancings and secondary buy-outs, according to the latest Corpfin monthly review. IVC survey Q1 2004 10/05/2004. In the first quarter of 2004, 111 Israeli high-tech companies raised $323m from venture investors. This represents a 31 per cent increase from the $246m raised by 96 companies in the previous quarter and a 53 per cent increase from the $211m raised by 86 companies in the first quarter of last year, according to the IVC Research Centre. Q2 2004 report on the venture capital asset class 10/05/2004. The long predicted upswing in the US venture capital market has finally arrived thanks to an improvement in both the IPO market and in trade sale conditions, according to Equip Ventures. Brazilian private equity market survey 04/05/2004. After two consecutive years of a declining trend, the value of private equity and venture capital investment in Brazil increased by 32 per cent in 2003, according to the Brazilian Venture Capital Association. A total of 54 companies received $451m last year, compared with $342 in 79 companies in 2002. Private equity confidence survey: Australia and New Zealand 04/05/2004. Positive sentiment about Australia's economic climate and a number of recent successful private equity exits should lay solid foundations for more private equity transactions in the region over the next six months, according to the latest Deloitte Private Equity Confidence Survey. Healthcare venture capital report 2004 19/04/2004. A total of 470 life sciences companies raised $5.8bn in venture capital investment in 2003. The sector increased its share of total venture investment from 26 per cent in 2002 to over 30 per cent last year. Corpfin monthly review: April 2004 19/04/2004. Despite a feeling that the downturn has bottomed out, what could be described as an upbeat deal flow is yet to emerge at the other end of the tunnel in Europe. This is largely due to a time lag between venture capitalists reacting to renewed economic optimism and actually carrying out new deals, according to Corpfin Worldwide. Barclays small business survey Q4 03 13/04/2004. Last year saw the highest number of UK start-ups on record, with 465,000 new companies opening for business. Closures fell by nine per cent in 2003, compared to the previous year, according to the latest small business survey carried out by Barclays Bank. Total US venture capital report 06/04/2004. Over $5.5bn of venture capital was invested in 502 private US based companies in the fourth quarter of 2003. This represents the first quarter-to-quarter increase in funding in two years and the largest increase since early 2000, according to Growthink Research. Private equity confidence survey, Q1 04 30/03/2004. The Q1 04 Deloitte Confidence Survey predicts that the top four sectors for private equity investment activity in 2004 will be support services, healthcare, financial services and leisure. The retail sector also appears to be attracting greater interest from private equity firms. Corpfin monthly review: Scandinavian private equity 22/03/2004. Trade sales and initial public offerings, normally the most lucrative types of exit, have been few and far between in Scandinavia lately. But prospects for 2004 are looking significantly brighter due to improved stock market sentiment, according to the Corpfin Monthly Review. Moneytree survey: Full-year results 2003 15/03/2004. A total of $18.2bn of venture capital was invested in 2,715 companies in 2003. This represents a 15 per cent decline from 2002's $21.4bn, according to PricewaterhouseCoopers' MoneyTree Survey. Insight into realising value 2004 15/03/2004. In the face of challenging exit conditions, the private equity industry is seeking to gain liquidity and return funds to limited partners via alternative realisation strategies. These include secondary buy-outs, refinancings, dividend returns and the development of new exit routes such as Canadian Income Trusts for US private equity houses, explains KPMG. 3i European enterprise barometer Q1 04 08/03/2004. The 3i European Barometer Index, which surveys the confidence levels of 3i-backed companies, has continued to improve from +11 in October 2003 to +30 in this survey. The UK index is at its highest level for four years although the index has risen the most in France. Buy & build: Rhetoric or reality? 24/02/2004. PPM Ventures examines whether 'Buy and Build' really is the core part of private equity players' value-creation strategy that firms claim it is. 2003: A year in review 18/02/2004. Private equity dealmakers had a very busy year in 2003. Volumes increased 41 per cent compared to 2002, itself a record year, reaching $181.3bn or 13 per cent of global merger and acquisitions deal value, according to Dealogic. Lyndhurst Partners IT Services M&A Review 10/02/2004. A total of 56 North American IT services merger and acquisitions transactions took place in the fourth quarter of 2003, according to Lyndhurst Partners. This represents a 12.5 per cent decline on the previous quarter. Simulating investment in French start-ups 03/02/2004. A number of legislative changes, designed to stimulate investment in start-ups, have recently taken place in France. SJ Berwin gives an overview of the reform package including a series of tax breaks for young innovative companies. US MoneyTree Survey Q3 2003 03/02/2004. A total of $4.2bn was invested in 667 US early-stage companies in the third quarter of 2003. The results represent a slight decline of eight per cent by value and five per cent by volume when compared to the previous quarter, according to the latest PricewaterhouseCoopers’ MoneyTree Survey. German private equity activity in 2002 / 2003 03/02/2004. The total volume and value of German private equity deals increased in 2003. But exit opportunities remain restricted, according to Ernst & Young. Global private equity 2003 03/02/2004. At least $57bn of private equity and venture capital was invested globally in the first half of 2003 and at least $24bn of funds were raised in the same period, according to the Global Private equity 2003 survey produced by 3i and PricewaterhouseCoopers. Q4 2003: Private equity survey - Austria, Germany and Switzerland 28/01/2004. The German-speaking private equity market is displaying positive signals for 2004, according to the Q4 2003 Private Equity Survey conducted by Deloitte & Touche. But the overall confidence indicated by the majority of private equity managers has not extended to more optimistic fundraising expectations. Israeli high-tech company capital raising 2003 28/01/2004. Venture capital firms from around the world invested just over $1bn in Israeli high-tech companies in 2003. The total value of investments was down by 14 per cent on the $1.14bn invested in the previous year, according to the Israeli Venture Capital Research Centre. 2004 middle-market outlook: A survey of manufacturing company CFOs 14/01/2004. Nearly 75 per cent of US manufacturing companies' chief financial officers believe that the US economy will expand in 2004, according to a study conducted by Fleet Capital. This represents the highest percentage for expansion in the six-year history of the survey. 2003: M&A slide continues but hope is on the horizon 07/01/2004. The completed number of worldwide mergers and acquistions transactions has fallen by 25 per cent in 2003 compared to the previous year, while the value of deals has fallen 15 per cent, according to a report by KPMG with data supplied by Dealogic.