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8/6/2019 2. HVCA Statistical Survey 2007-Preliminary Data
1/13
Hungarian Venture Capital and
Private Equity Association
Developmentof the Hungarian
Venture Capital and Private Equity Market
January-October 2007Preliminary data
November, 2007
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Hungarian Venture Capital and Private Equity Association 2
Overview
Methodology electronic data gathering and archiving
Analysis structure
Raised capital
VC/PE investment activity
Exit
Market approach
24 active funds surveyed, 15 responded
63% coverage
HVCA plans to participate in the new data collection and data processing of
EVCA
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Hungarian Venture Capital and Private Equity Association 3
Fundraising2007
Amount of raised funds doubled
Size of new funds increased
Fund managers with CEE regional experience raised new funds
Funds with regional focus dominate
Main investment strategy: large buy-outs
Capital increase for SMEs forecasted due to the JEREMIE program
The surveyed funds reported EUR 2.8 billion raised fundsregionally in 2007
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Hungarian Venture Capital and Private Equity Association 5
VC/PE Investment Activity2007
Number of smaller transactions below previous years
Relative gap in the deals between EUR 1.0 5.0 million
25% of transactions occurred in the EUR 5.0 15.0 million segment
One transaction represents 90% of investment value
100%365.7100%12Total
89%327,08.5%1EUR 15.0 + m
9%31.525%3EUR 5.0 m - EUR 15.0 m
1%4.28.5%1EUR 2.5 m - EUR 5.0 m0%0.00%0EUR 1.0 m - EUR 2.5 m
1%3.058%7Less than EUR 1.0 m
% of total
Approx. Value (EUR million) % of total
No. of Transactions Transaction Size
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Hungarian Venture Capital and Private Equity Association 8
Number of transactions
3 4 3
12
19 2719
20
7
14
9
13
6
16
21 1
3
0
5
10
15
20
25
30
35
40
45
2002 2003 2004 2005 2006 2007
Buyout Expansion Early stage
VC/PE Investment ActivityInvestment Stages, 2002 2007
Expansion capital is dominant in terms of number of transactionsState-owned investors financed mainly companies in expansive phaseRatio of structured transactions remained stable: two buy-out represented90% of the volumeNumber of early stage transactions is expected to increase based onJEREMIE program
Volume of transactions
84 82
506
39 3278
30100
23
338
23
27
4
1744
1
0
100
200
300
400
500
600
2002 2003 2004 2005 2006 2007
Buyout Expansion Early stage
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Hungarian Venture Capital and Private Equity Association 9
25%
8%
8%
17%
17%
8%
17%
Industrial products & services Manufacturing
Medical & Healthcare Computer: Software
Services (other) Communications
Other
VC/PE Investment ActivitySector Distribution, 2007 (%)
Sector distribution of transactions: multi-coloured
Number of Transactions
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Hungarian Venture Capital and Private Equity Association 10
Sector Distributionby Number of Transactions, 2002-2007 (%)
0%
20%
40%
60%
80%
100%
2002 2003 2004 2005 2006 2007
Agriculture
Chemicals and materials
OthersTransportation
Consumer related
Computer related
ServicesIndustry & Manufacturing
Medical / Health related
Communications
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Hungarian Venture Capital and Private Equity Association 11
Number of Exits2007
There was no relevant change in exit activity, while the volume ofexits increased significantlyBuy-back from state-owned investors was dominant in number
Trade sale dominated large exitsPublic markets provided exit opportunities only in case of alreadylisted companies
2PO
16Total0Write-off
9Sale to management / buy back
1Sale to another PE firm
4Trade Sale
NumberExit Type
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Hungarian Venture Capital and Private Equity Association 12
Conclusions
Volume of regional (CEE) fundraising increased significantly
Fundraising was led by regional players
Trend of large, structured investments continuedBuy-outs remained the dominant investment method
Decreasing activity of state-owned investors effected a fall in
number of early stage investments
JEREMIE program for early stage investments is in preparation
Due to trade sales the volume of exits increased significantly
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Hungarian Venture Capital and Private Equity Association 13
Hungarian Venture Capital and Private Equity Association
Dr. Judit KarsaiChairperson
Statistical Committee
Phone: +(36) 30 9333-331
E-mail: [email protected]
Natlia Gmbs
Executive SecretaryPhone: +(36) 1 475-0924
E-mail: [email protected]
Further information