Surveys

Surveys on private equity and venture capital trends

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• SCM’s 2008 annual review of private equity terms and conditions 26 May 2009. Source: SCM. For the sixth consecutive year SCM Strategic Capital Management analysed the terms and conditions of newly launched private equity funds in 2008. For this purpose, 368 new direct funds were examined and compared against SCM's database containing over 2,200 funds from more than 1,000 private equity firms worldwide. The key findings are summarised in the report accessible from the link below.

• Private equity activity in April 2009 according to research firm ZEPHYR 20 May 2009. Private equity activity fell across the board in April with both deal value and volume dropping month-on-month, negating the positive gains made in March, according to this monthly global private equity report prepared by ZEPHYR and Bureau van Dijk Electronic Publishing.

• IVC's 2008 exit report - summary 29 Apr 2009. Source: IVC Research Center. The following summarises M&A activity of Israeli and Israel-related high-tech companies in 2008. The following data are based on information published in the IVC 2009 Yearbook by the IVC Research Center, which for more than 13 years has been at the forefront of Israeli high-tech, venture capital and private equity research. Additional details about Israeli high-tech exits are available in the IVC 2009 Yearbook.

• Capital raised by Israeli venture capital funds 22 Apr 2009. Source: IVC Research Center. The following data are based on information published in the IVC 2009 Yearbook by the IVC Research Center. The Center surveyed, among other things, the capital raised by Israeli venture capital funds in 2008.

• Jefferies survey finds European buy-out firms do not expect economy to show signs of recovery before H1 2010 15 Apr 2009. Source: Jefferies International Limited. Earlier this year, Jefferies International Limited, the UK subsidiary of US-based Jefferies Group, Inc., announced the results of the Jefferies 2009 European Buyout Survey of 155 private equity institutions and banks that provide leveraged finance. This is a summary of the findings.

• The most active Israeli venture capital funds of 2008 25 Mar 2009. Source: IVC. IVC Research Center has released results of its survey to determine 2008's most active Israeli venture capital funds. IVC Research Center ranked Israeli venture capital funds according to the number of first investments made in 2008.

• Emerging markets private equity funds raise record amount of capital despite global slowdown: $66.5bn raised in 2008 24 Mar 2009. Source: EMPEA. Bucking global trends, 210 private equity funds focused on emerging markets raised a record-breaking $66.5bn in 2008, a 12 per cent increase over the $59bn raised in 2007, according to this research from the Emerging Markets Private Equity Association (EMPEA).

• Private equity activity in February 2009 according to research firm ZEPHYR 18 Mar 2009. Source: ZEPHYR, Bureau van Dijk Electronic Publishing. February was an encouraging month for private equity and venture capital investment in cleantech companies as both volume and value improved over the four weeks – by 50 per cent and 27 per cent respectively, according to this monthly global private equity report prepared by ZEPHYR and Bureau van Dijk Electronic Publishing.

• Private equity activity in January 2009 according to research firm ZEPHYR 04 Mar 2009. Source: ZEPHYR, Bureau van Dijk Electronic Publishing. December’s strong growth was not repeated in January, and the value of private equity deals plummeted almost two-thirds to a year-low of $6,496m. Volume fell back by around 30 per cent to 190 deals over the four weeks, also plumbing new depths. A total of 72 per cent has been shaved off the value of debt-backed deals in the last 12 months, and value is falling at a faster rate than volume – which was 51 per cent lower year-on-year, according to this monthly global private equity report prepared by ZEPHYR and Bureau van Dijk Electronic Publishing.

• European buy-out market hits a seven-year low 24 Feb 2009. Source: Centre for Management Buy-out Research. The Continental European buy-out market has tumbled to its lowest level for seven years according to the Centre for Management Buy-out Research (CMBOR). The market reached just €43.9bn in 2008, a 60 per cent fall on the €108.2bn of deals in 2007. The last time the market was at this level was in 2001 when it reached just €34bn.

• MENA Private Equity Confidence Survey 17 Feb 2009. Source: Deloitte, Arbor Square Associates. The MENA Private Equity Confidence Survey acts as a barometer of market sentiment, identifying trends and providing commentary and insights for private equity firms with an interest in the region. This is the second Deloitte survey of its kind and has yielded some fascinating results. Not surprisingly, the dramatic events around the global "melt down" have filtered through to its findings.

• Ruston Poole uncovers the true mood of the European life sciences market 17 Feb 2009. Source: Ruston Poole International. A number of recent articles in the press have commented on the impact that the current financial crisis is likely to have on European industry. The mood amongst the investment bankers and the private equity organisations appears to be gloomy, with predictions that financings and M&A deals are likely to be markedly down on 2008 (hardly a good year itself) and that the IPO window will remain firmly shut until at least 2010/2011. Companies saddled with large amounts of debt were reportedly in near panic, as the prospect of refinancing was looking increasingly difficult in the light of the deepening credit crunch, according to Ruston Poole International's survey on venture capital and investment banking attitudes towards the European and UK life sciences market.

• unquote” Private Equity Barometer Q4 2008 11 Feb 2009. Source: unquote" and Candover. Data for the final three months of 2008 paints a suitably gloomy picture of European private equity investment activity, which plunged to depths not seen for over a decade amidst ongoing problems in the global banking sector. The overall value of private equity transactions dropped by more than 59 per cent from €20bn to just over €8bn - the lowest total recorded since the Q2 1997.

• VCs have the short-term blues 20 Jan 2009. Source: KPMG, AlwaysOn. Packy Kelly. This has been a challenging year for investors. Venture capitalists in 2009 have seen the fewest portfolio companies go public since 1977-a more than 30-year low. In financial markets, single-day market volatility has reached levels set during the Great Depression. The technology-heavy NASDAQ index has tumbled about 40 per cent in value since a year ago, according to this survey from KPMG and AlwaysOn prepared for last year's Venture Summit Silicon Valley.

• Private equity activity in December 2008 according to research firm ZEPHYR 14 Jan 2009. Source: ZEPHYR, Bureau van Dijk Electronic Publishing. The value of December private equity activity was more than double the previous month's year-low of $8.114bn. However, the financial fallout is undoubtedly still having a major impact, and deal value was down by almost two-thirds year-on-year, according to this monthly global private equity report prepared by ZEPHYR and Bureau van Dijk Electronic Publishing exclusively for AltAssets.

• The impact of private equity-backed buy-outs on employee relations, executive summary 07 Jan 2009. Source: Centre for Management Buyout Research (CMBOR), European Private Equity and Venture Capital Association(EVCA). Private equity ownership does not generally impair the quality of employee relations and often has a positive impact, according to a new study by the Centre for Management Buyout Research. The study, conducted in association with EVCA, assessed the quality of employee relations across a range of measures, including changes to real earnings, occupational pension schemes, employee consultative committees and trades union relations.

• Central European private equity confidence survey 17 Dec 2008. Source: Deloitte. A downturn in the financial markets kept private equity professionals' confidence low, even below the levels last seen in 2003. Deal activity decreased significantly as deal financing was scarce. Private equity funds and investment companies refocused on add on acquisitions to increase their portfolio companies, including Penta and its acquisition of meat companies in Hungary and Slovakia, Mid Europa Partners' acquisition of Centrum Medyczne and the acquisition of Atlas.cz by NetCentrum, a Warburg Pincus portfolio company, according to this June 2008 survey by Deloitte.

• Monthly Private Equity Report: November 2008 08 Dec 2008. Source: ZEPHYR, Bureau van Dijk Electronic Publishing. Private equity activity persisted in slowing down in November as reverberations from the financial turmoil continued to send out negative ripples into the sector. Deal value fell 14 per cent month-on-month to a new year-low of $8.8bn and declined by three quarters from $34.495bn in November 2007, according to this monthly global private equity report prepared by ZEPHYR and Bureau van Dijk Electronic Publishing exclusively for AltAssets.

• LP Survey 2008 02 Dec 2008. Source: EMPEA. The 2008 EMPEA Survey of Limited Partner Interest in Emerging Markets Private Equity was conducted from February 2008 through April 2008. Findings included that LP commitments to private equity fund managers in emerging markets would continue to grow, despite already significant increases in their commitments over the past few years. Of those surveyed, 74 per cent expected greater commitments to emerging markets over the next three to five years.

• Pensions: major concern for private equity industry 26 Nov 2008. Source: Punter Southall Transaction Services. Richard Jones FIA, Chris Parlour. A survey by Punter Southall Transactions Services of private equity firms has revealed that defined benefit pensions continue to be a serious concern and ongoing challenge for private equity firms, whether making acquisitions or disposals and whilst managing portfolio companies.

• Monthly Private Equity Report: October 2008 11 Nov 2008. Source: ZEPHYR, Bureau van Dijk Electronic Publishing. October brought another sharp decline in private equity activity, with deal values plunging for the fourth successive month to reach a new year-low of $7.857bn. It was almost six times down on the $44.716bn achieved in October 2007, giving some indication of the impact of the credit crisis on debt-backed buy-outs, according to this monthly global private equity report prepared by ZEPHYR and Bureau van Dijk Electronic Publishing exclusively for AltAssets.

• PricewaterhouseCoopers US IPO quarterly report 05 Nov 2008. Source: PricewaterhouseCoopers. The number of IPOs in the US has declined for three straight quarters as volatility in the US economy continues unabated. For the first nine months of 2008, there were 54 IPOs that raised $31.2bn, a significant drop from the 195 offerings that generated $44.7bn for the same period in 2007, according to this PricewaterhouseCoopers report. When the $17.8bn VISA IPO is excluded from the 2008 results, IPO value for the first nine months was just $13.3bn.

• unquote” Private Equity Barometer Q3 2008 05 Nov 2008. Source: unquote" and Candover. In Q3, the total value of European private equity-backed transactions fell 35 per cent from the previous quarter as the industry faces a challenging time following the collapse of the banking sector. What is more, buy-out values fell by 32 per cent from Q2 to Q3, and almost 60 per cent year-on-year, according to the unquote" Private Equity Barometer Q3 2008, sponsored by Candover and Incisive Media.