Surveys

Surveys on private equity and venture capital trends

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• Coller Capital’s Global Private Equity Barometer 2009-10 03 Dec 2009. Source: Coller Capital. Coller Capital’s Global Private Equity Barometer is a snapshot of worldwide trends in private equity – a twice-yearly overview of the plans and opinions of institutional investors in private equity (Limited Partners, or LPs, as they are known) based in North America, Europe and Asia-Pacific.

• The Global Venture Capital and Private Equity Country Attractiveness Index, by IESE Business School 01 Dec 2009. Source: IESE Business School. For the first time, a broad international index has been created that measures countries’ attractiveness to investors in venture capital and private equity limited partnerships. A total of 66 countries spanning six continents were included in the survey.

• Private equity activity in October 2009, according to research firm ZEPHYR 26 Nov 2009. Source: Zephyr. October brought another welcome upsurge in private equity activity with deal value spiking 83 per cent in just four weeks to reach $20.596bn from $11.271bn.

• An investigation into the due diligence processes of early stage technology investors 24 Nov 2009. Source: Coller IP Management. Are UK investors good at due diligence? The truth is we still do not really know. There is no standard methodology or approach adopted by either angel investors or venture capitalists in the UK today which has been proven as the most successful model to follow. This survey did not reveal the standard model of best practice, instead it identified areas of concern which are worthy of further investigation.

• Private Equity Under Dynamic Market Conditions: Portfolio Company Management & Key Deal Terms 17 Nov 2009. Source: mergermarket. This survey, published by mergermarket in conjunction with Akin Gump Strauss Hauer & Feld LLP and BMO Capital Markets, highlights emerging trends in private equity portfolio management and its professionals’ usage of transaction terms, conditions and financing techniques in the current market.

• The angel investor market in H1 2009, according to the Center for Venture Research 12 Nov 2009. Source: Center for Venture Research. This report summary, courtesy of the Center for Venture Research at the University of New Hampshire, offers an overview the US angel investment market for the first half of 2009. During this period angel investment experienced a considerable decline in investment dollars from last year but exhibited a slight increase in the number of deals done.

• Fund Management 2009, according to International Financial Services London 11 Nov 2009. Source: IFSL. Conventional assets under management of the global fund management industry fell 19 per cent in 2008, to $61.6tr. Pension assets accounted for $24tr of the total, with $18.9tr invested in mutual funds and $18.7tr in insurance funds. Together with alternative assets (sovereign wealth funds, hedge funds, private equity funds and exchange traded funds) and funds of wealthy individuals, assets of the global fund management industry totaled around $90tr at the end of 2008, a fall of 17 per cent on the previous year.

• CFA Institute survey on the AIFM Directive 03 Nov 2009. Source: CFA Institute. Ninety-four per cent of respondents to a survey conducted by the CFA Institute Centre for Financial Market Integrity, support mandatory requirements consistent with the proposed Alternative Investment Fund Managers Directive that managers of alternative investment funds act with honesty, fairness, and with the best interests of investors in mind. The Centre supports this notion as a necessary step to address issues of trust and the need for a more transparent market place, according to a recent survey.

• H1 2009 emerging markets activity, according to EMPEA 27 Oct 2009. Source: EMPEA. Emerging markets registered a decline in both new capital commitments and private equity investment activity during the first six months of 2009, but captured a larger share of global private equity activity than ever before.

• Brighton House Associates quarterly research report Q3 2009 26 Oct 2009. Source: Brighton House Associates. Each quarter, BHA analysts collect detailed profiles from more than 1,000 investors that are actively making investments in hedge funds, private equity and real estate funds, and related funds of funds. These investors are located all across the globe; their assets under management (AUM) range from less than $100m to more than $10bn dedicated to alternative investments.

• unquote” Private Equity Barometer Q3 2009 22 Oct 2009. Source: unquote", Candover. Good news continues to abound. In the three months since the publication of the Q2 Barometer both France and Germany have officially emerged from recession, while even the embattled UK is seeing continuing signs of stabilisation, with October figures suggesting that the rate of increase in unemployment has slowed.

• Financial market trends: Europe vs US 2009 19 Oct 2009. Source: International Financial Services London. This IFSL report brings together and compares the size of key financial markets in Europe with the US. It is based on annual data for 2008 with the impact of the financial crisis showing through in decline in many financial markets including a slump in net securitisation issuance and a sharp drop in investment banking revenue, equity market turnover and IPOs. The full effects of the economic downturn will show through more fully in 2009.

• Private equity activity in September 2009, according to research firm ZEPHYR 12 Oct 2009. Source: Zephyr. September brought an improvement in the volume and value of private equity activity with 182 deals worth a total value of $10.8bn recorded in the four weeks.

• Private Equity Focus by Freeman & Co – mid-year 2009 edition 29 Sep 2009. Source: Freeman & Co. Deal activity in FIG private equity increased significantly from 2004 to 2007, which represents the height of the private equity boom. Total deal value in 2007 was $78.5bn compared to $23.7bn in 2004. FIG private equity activity, like all private equity activity, experienced a massive decline in 2008 which continued into 2009. After dropping 68 per cent from 2007 to 2008, FIG private equity total deal value was only $4.9bn in H1 2009. Credit remains tight, thus any deals of significant size that have been completed have tended to be equity-only investments into distressed or near-distressed firms. In addition, differences in valuation expectations between buyers and sellers have left many attempted transactions in limbo over the past 18 months.

• European buy-out market shrinks to lowest value since 1995, according to CMBOR 22 Sep 2009. Source: Centre for Management Buy-out Research. The highs of 2006 and 2007 seem a distant memory as the first half of 2009 has seen the European private equity market hit its lowest level in 14 years. According to figures released today by the Centre for Management Buy-out Research (CMBOR), the UK’s leading provider of research and analysis on the European buy-out market, the total value of deals in the first two quarters of 2009 is the lowest for this period since 1995. Average deal value has shrunk to €26.8m, the lowest since 1996.

• Private equity activity in August 2009, according to research firm ZEPHYR 12 Sep 2009. Source: Zephyr. August brought new 12-month lows in the volume and value of private equity activity, with just 111 transactions – at a total value of $4.2bn – recorded in four weeks.

• Global trends in venture capital 2009 global report 25 Aug 2009. Source: Deloitte. “The perfect storm” has become the cliché of choice to sum up the global economic recession of 2008-2009. Certainly, today’s economic environment is dramatically different than the one venture capitalists were operating in five years ago when the first Global Venture Capital Survey was launched. Five years ago, the venture capital community was recovering from the tech bubble bursting and was just beginning to see significant move towards the globalization of the venture capital industry.

• Winds of change - first half 2009 M&A activity in the asset management, broker/dealer and financial technology industries 24 Aug 2009. Source: Jefferies Putnam Lovell. 2009 began with the widely-held hope that the worst of the financial crisis was behind us. Drawing shaky confidence from the massive intervention by global governments to stabilise the world’s financial institutions, investors braced themselves as the greatest recession since World War II took its course. Financial markets descended to extreme lows in early March when a few large banks teetered on the brink of collapse, threatening to bring down the global financial system.

• IFSL Research - private equity 2009 18 Aug 2009. Source: International Financial Services London. The private equity market is an important source of funds for startup and young firms, firms in financial distress and those seeking buy-out financing. As this IFSL report shows, the UK is the largest and most developed private equity centre in Europe and is second in size globally only to the US. London is one of the leading international centres for the management of private equity investments.

• Renewing the promise: Time to tend relationships in investment management – a KPMG report 17 Aug 2009. Source: KPMG. The credit crisis has proved to be a catalyst for a tumultuous market, corporate and individual events (for example the failure of Lehman Brothers, the rescue of AIG, and the exposure of several high profile frauds) which continue to resonate within the financial services industry.

• Private equity activity in July 2009, according to research firm ZEPHYR 10 Aug 2009. Source: ZEPHYR. July brought an encouraging upsurge in the total value of private equity deals – following the pattern of peaks and troughs which has emerged since the beginning of the year.

• Deal Drivers Europe – a review of M&A activity in Europe for H1 2009 10 Aug 2009. Source: mergermarket. While 2008 might have been the year in which the credit crisis first had an appreciable impact on the wider global economy, H1 2009 was the time when it really made its presence felt on the European M&A market. As a result, quarterly deal volumes nosedived 21.6 per cent over Q4 2008 and Q1 2009 to match levels last seen six years previously.

• Brighton House Associates quarterly research report Q2 2009 06 Aug 2009. Source: Brighton House Associates. Each quarter, BHA analysts collect detailed profiles from more than 1,000 investors that are actively making investments in hedge funds, private equity and real estate funds, and related funds of funds. These investors are located all across the globe; their assets under management (AUM) range from less than $100m to more than $10bn dedicated towards alternative investments.