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Overview of the Brazilian Private Equity and Venture Capital Industry Prof. Cláudio Vilar Furtado GVcepe – Private Equity and Venture Capital Research Center at FGV – EAESP Graduate School of Business ABVCAP Conference: Brazil Post-Crisis, even better! April 12 /13, 2010 – Sofitel – Rio de Janeiro Special Thanks to our Sponsors and Partners Founding Members Institutional Sponsorship Strategic and Institutional Partnerships Research Structured in 3 Modules: Managers $ Investors $ Inv. Vehicles Portf. Companies PE&VC 2010 Census Research Structured in 3 Modules: Managers • Managers: profile, investment thesis and legal nature and human resources • Investments Vehicles: Fundraising, LP’s and $ Investments and Exits Investors •Invested companies: Stage, Sector, Location, Size, Turnover, Employment, etc. $ RESEARCH MODULEPortf. 1 Inv. Vehicles Companies PE&VC 2010 Census PE&VC in Brazil – Dec/2009 Investors Managing Organizations US$ 34 bn Committed Capital 140 PE&VC Firms 236 Investment Vehicles 1,747 Professionals and Staff 554 Portfolio Companies Portfolio Companies From 2005 to 2009: • 489 new/follow-on investments • 37 backed IPO’s (R$31.3bn) Research Universe 78% of the industry surveyed 180 PE&VC Managing Organizations 140 surveyed Increasing Presence of Global Players Global, Regional and Emerging Markets Investment Vehicles DLJ Actis Autonomy Spinnaker Global, Regional and Emerging Markets Fund Managers with vehicles strictly dedicated to Brazil AIG Private Equity (EUA) Darby Overseas (EUA) Electra Capital Partners (Cayman) Franklin Templeton (EUA) AAI Global Advent AIG Cartesian Cartica Capital Darby Overseas Econergy Brasil General Atlantic Intel Capital One Equity Partners Paul Capital The Carlyle Group Intel Capital (EUA) Itacaré (Ilh Vir) Santander (ESP) Standard Bank (SAF) The Carlyle Group (EUA) Vita Bioenergia (SUI) GP Investments Southern Cross Committed Capital Allocated to Brazil 40 current US$ bn 21% 35 30 34 32 28 increase: 2009/2008 29 30 28 28 24 25 22 20 15 13 10 5 8 4 5 5 5 5 2000 2001 2002 2003 6 0 1999 2004 2005 2006 2007 mar/08 jun/08 sep/08 dec/08 mar/09 jun/09 sep/09 dec/09 NOTE: Allocated committed capital excludes fully divested vehicles and includes REAL appreciation effect on dec/08 base. Significant Expansion of the PE Asset Class in Brazil Committed Capital as % of GDP 2.2% 2x 1.7% 1.7% since 2004 1.2% 0.9% 0.9% 2001 2002 0.8% 0.9% 1.0% 0.9% 2004 2005 0.6% 1999 2000 Source: BACEN, GVcepe 2003 2006 2007 2008 2009 Fundraising 2009 US$ 4.6bn: Domestic R$ 3.3bn (US$1.7bn) and Foreign US$ 2.9bn 30 current US$ bn 24.2 25 20 15 9.9 10 7.2 5.3 4.8 4.6 5 3.6 2.8 2.3 n/a 3.5 n/a 0 2005 2006 2007 Fundraising 2008 Investments 2009 Total Broad Diversification of Investor Base, notably Pension Funds, Parent Orgs., GPs, Family Offices, etc. Parent Organizations 16% Others 2% Pension Funds 22% Funds of Funds 6% Private Companies 4% Family Offices 9% Banks 10% Multilateral Institutions 1% Partners of the PE&VC organization 11% Government and stateInsurance Companies owned companies 2% 3% Investment Funds 7% Trusts and Endownments 7% Origin of Investors as % of Committed Capital 2009: high concentration in Brazil, U.S. and E.U ASIA OTHER LATIN AMERICA MIDDLE EAST 1.21% 0.44% 2.43% 1.07% ENGLAND 1.84% EUROPE 6.93% USA 25.58% BRAZIL 60.49% Sample: 255 reporting vehicles, ¾ of Committed Capital Increasing Span of GP activity into both Private Equity and Venture Capital Distribution of Investment Vehicles by Type Mezanino 3% Greenfield 1% PIPE 7% Venture Capital 23% More than one 38% Private Equity 28% Obs: Venture Capital includes Seed, Early Stage and Later Stage VC. Private Equity includes Growth Capital and Later Stage Sample: 224 vehicles, 88% of population Strong Expansion of Portfolio Companies, predominantly SMEs 600 14% Nr. of Portfolio Companies p.a. CAGR 2005-2009 500 400 300 554 480 200 392 283 323 100 0 2005 2006 2007 2008 2009 Portfolio Companies 2009 by Sector of Economic Activity Industry 1. Innovative and Technology based sectors predominate 2. Spread in Traditional industries IT and Electronics Energy and Oil Civil Construction Communications Retail Agribusiness Food and Beverages Transportation and Logistics Services Pharmaceuticals, Medical and Aesthetics Financial Services Biotechnology Infrastructure Education Entertainment/Tourism Services (Other) Real Estate Metallurgy, Mechanical and Electrical Material Industries Extractive Industries Chemical Industries Other Industrial and Services Unidentified Sector TOTAL 2009 Nr. 108 54 52 34 28 25 21 21 20 18 15 15 13 11 11 9 7 6 3 51 32 554 % 19,5 9,7 9,4 6,1 5,1 4,5 3,8 3,8 3,6 3,2 2,7 2,7 2,3 2,0 2,0 1,6 1,3 1,1 0,5 9,2 5,8 100% Private Equity and Venture Capital Investment Activity leverages Industrial Development Policy: presence in 90% of priority government programs PE & VC PORTFOLIO COMPANIES IN 24/26 SECTORS 4/6 Mobilizers programs in strategic areas Complexo Industrial Complex Industrial Health da Saúde Tecnologias Technologyde Information Informaçãoand e Communication Comunicação Nuclear Energy Industrial Complex Defense Nanotecnologia Nanotechnology Programs to consolidate and expand the leadership Complexo Complex Aeronáutico Aeronautical Petróleo, Oil, Natural Gás natural gas and ePetrochemicals Petroquímica Bioethanol Bioetanol Mineração Mining Steel Pulp and Paper Industry Naval and Cabotage Capital goods Textile and Clothing Leather, Footwear and Artifacts Madeira and Mobile Agroindústrias Agribusiness Source: GVcepe and ABDI - Productive Development Policy (PDP) Hygiene, Higiene, Perfumaria Perfumery and e Cosméticos Cosmetics Biodiesel Biodiesel 7/7 Meat 13/13 Programs to strengthen the competitiveness Complex Automotive Biotecnologia Biotechnology Construção Building Civil Plastics Complexo Complexde Serviços Services Education and OUTROS OTHERS Brazilian PE&VC on the Radar Screen of Global Investors Global Fundraising (US$bn)* Region 2005 2006 North America 187 315 Europe 110 136 Asia and ROW 47 Global 2008 2009 Total 366 144 1,397 162 157 73 640 84 100 112 27 371 345 535 646 636 246 2,408 Brazil** 2.3 5.3 7.2 4.6 4,6 24 as % of Asia and ROW 4,8% 6,4% 7,2% 4,1% 17,6% *Preqin **GVcepe 2007 383 6,5% Brazilian PE&VC on the Radar Screen of Global Investors: Employment Country US UK France Brazil (GVcepe correction) Germany Australia Canada Japan India Hong Kong Switzerland China (ex. Hong Kong) Italy Sweden Israel Netherlands Other Total Source: Preqin, Gvcepe Estimated Total Employment 38.500 7.700 2.300 1.700 1.500 1.400 1.400 1.100 1.000 900 900 800 800 800 600 600 8.800 69.100 Research Structured •GP: in 3Legal Modules: • Legal structure and LP structure and agreements remuneration • Investors an LPs: resources origin and category • Performance by Investment Vehicle Vintage, Exits, etc. Managers RESEARCH MODULE 2 $ Investors $ Inv. Vehicles Portf. Companies PE&VC 2010 Census Research Structured in 3 Modules: • Growth and value creation, jobs and intangibles • Patents and Innovation •Social and Enviromental Sustainability •Exits and Capital Markets • Corporate governance and Impact financial contractsManagers RESEARCH MODULE 3 $ Investors $ Inv. Vehicles Portf. Companies PE&VC 2010 Census Your cooperation is crucial to our joint success!!! Thank you Prof. Cláudio Vilar Furtado GVcepe – Private Equity and Venture Capital Research Center at FGV – EAESP Graduate School of Business ABVCAP Conference: Brazil Post-Crisis, even better! April 12 /13, 2010 – Sofitel – Rio de Janeiro