abvcap conference: brazil post-crisis, even better! april 12 /13, 2010 – sofitel – rio de...
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ABVCAP Conference: Brazil Post-Crisis, even better!April 12 /13, 2010 – Sofitel – Rio de Janeiro
Overview of the Brazilian Private Equity andVenture Capital Industry
Prof. Cláudio Vilar FurtadoGVcepe – Private Equity and Venture Capital Research Center at FGV – EAESPGraduate School of Business
Special Thanks to our Special Thanks to our Sponsors and PartnersSponsors and Partners
Founding Members Strategic and Institutional Partnerships
Institutional Sponsorship
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Research Structured in 3 Modules:
PE&VC 2010 CensusInvestors Inv. Vehicles Portf. Companies
Managers
$$ $$
Research Structured in 3 Modules:
PE&VC 2010 CensusInvestors Inv. Vehicles Portf. Companies
Managers
• Managers: profile, investment thesis and legal nature and human resources
• Investments Vehicles: Fundraising, LP’s and Investments and Exits
•Invested companies: Stage, Sector, Location, Size, Turnover, Employment, etc.
RESEARCH MODULE 1
PE&VC in Brazil – Dec/2009
InvestorsInvestors
Managing Organizations
Managing Organizations
Portfolio Companies
Portfolio Companies
US$ 34 bnCommitted Capital
140 PE&VC Firms
236 Investment Vehicles
1,747 Professionals and Staff
554 Portfolio Companies
From 2005 to 2009: • 489 new/follow-on investments• 37 backed IPO’s (R$31.3bn)
180PE&VC
Managing Organizations
180PE&VC
Managing Organizations
140surveyed
140surveyed
Research Universe
78%of the industry
surveyed
Increasing Presence of Global Players
Global, Regional and Emerging Markets Investment Vehicles
DLJ
AAI GlobalAdventAIG CartesianCartica CapitalDarby OverseasEconergy BrasilGeneral AtlanticIntel CapitalOne Equity PartnersPaul CapitalThe Carlyle Group
ActisAutonomySpinnaker
AIG Private Equity (EUA)
Darby Overseas (EUA)
Electra Capital Partners (Cayman)
Franklin Templeton (EUA)
Intel Capital (EUA)
Itacaré (Ilh Vir)
Santander (ESP)
Standard Bank (SAF)
The Carlyle Group (EUA)
Vita Bioenergia (SUI)
Global, Regional and Emerging Markets Fund Managers with vehicles strictly dedicated to Brazil
Southern Cross
GP Investments
Committed Capital Allocated to Brazil
current US$ bn
NOTE: Allocated committed capital excludes fully divested vehicles and includes REAL appreciation effect on dec/08 base.
21%
increase: 2009/2008
Significant Expansion of the PE Asset Class in Brazil
Source: BACEN, GVcepe
2x since 2004
Committed Capital as % of GDP
Fundraising 2009 US$ 4.6bn: Domestic R$ 3.3bn (US$1.7bn) and Foreign US$ 2.9bn
current US$ bn
Broad Diversification of Investor Base, notably Pension Funds, Parent Orgs., GPs, Family Offices, etc.
Origin of Investors as % of Committed Capital 2009: high concentration in Brazil, U.S. and E.U
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
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
14%p.a. CAGR 2005-2009
Nr. of Portfolio Companies
Portfolio Companies 2009 by Sector of Economic Activity
Innovative and Technology based sectors predominate
Spread in Traditional industries2.
1.
Industry 2009
Nr. %IT and Electronics 108 19,5 Energy and Oil 54 9,7 Civil Construction 52 9,4 Communications 34 6,1 Retail 28 5,1 Agribusiness 25 4,5 Food and Beverages 21 3,8 Transportation and Logistics Services 21 3,8 Pharmaceuticals, Medical and Aesthetics 20 3,6 Financial Services 18 3,2 Biotechnology 15 2,7 Infrastructure 15 2,7 Education 13 2,3 Entertainment/Tourism 11 2,0 Services (Other) 11 2,0 Real Estate 9 1,6 Metallurgy, Mechanical and Electrical Material Industries 7 1,3 Extractive Industries 6 1,1 Chemical Industries 3 0,5 Other Industrial and ServicesUnidentified Sector
5132
9,2 5,8
TOTAL 554 100%
Mobilizers programs in strategic areas
Complexo Industrial da
Saúde
Nuclear Energy
Tecnologias de Informação e Comunicação
Industrial ComplexDefense
Nanotecnologia Biotecnologia
Programs to strengthen the competitiveness
ComplexAutomotive
Capital goodsTextile and
ClothingMadeira
and Mobile
Higiene,Perfumaria
e CosméticosConstrução Civil
Complexo deServiços
BiodieselIndustry
Naval and CabotageLeather, Footwear and
ArtifactsAgroindústrias Plastics OUTROS
Programs to consolidate and expand the leadership
ComplexoAeronáutico
Mineração Steel Pulp and PaperPetróleo,
Gás naturale Petroquímica
MeatBioetanol
Complexo Industrial da
Saúde
Tecnologias de Informação e Comunicação
NanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
ComplexoAeronáutico
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
Petróleo,Gás natural
e Petroquímica
ComplexoAeronáutico
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
BioetanolPetróleo,
Gás naturale Petroquímica
ComplexoAeronáutico
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
MineraçãoBioetanolPetróleo,
Gás naturale Petroquímica
ComplexoAeronáutico
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
Higiene,Perfumaria
e Cosméticos
MineraçãoBioetanolPetróleo,
Gás naturale Petroquímica
ComplexoAeronáutico
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
Construção CivilHigiene,
Perfumaria e Cosméticos
MineraçãoBioetanolPetróleo,
Gás naturale Petroquímica
ComplexoAeronáutico
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
Complexo deServiços
Construção CivilHigiene,
Perfumaria e Cosméticos
MineraçãoBioetanolPetróleo,
Gás naturale Petroquímica
ComplexoAeronáutico
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
Agroindústrias
Complexo deServiços
Construção CivilHigiene,
Perfumaria e Cosméticos
MineraçãoBioetanolPetróleo,
Gás naturale Petroquímica
ComplexoAeronáutico
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
BiodieselAgroindústrias
Complexo deServiços
Construção CivilHigiene,
Perfumaria e Cosméticos
MineraçãoBioetanolPetróleo,
Gás naturale Petroquímica
ComplexoAeronáutico
BiotecnologiaNanotecnologiaComplexo
Industrial da Saúde
Tecnologias de Informação e Comunicação
Education and OTHERS
BiodieselAgribusiness
ComplexServices
BuildingHygiene,
Perfumeryand Cosmetics
MiningBioethanolOil,
Natural gas and Petrochemicals
ComplexAeronautical
BiotechnologyNanotechnologyIndustrial Complex
Health
TechnologyInformation andCommunication
4/6
7/7
13/13
PE & VC PORTFOLIO COMPANIES IN 24/26 SECTORS
Source: GVcepe and ABDI - Productive Development Policy (PDP)
Private Equity and Venture Capital Investment Activity leverages Industrial Development Policy: presence in 90% of priority government programs
Brazilian PE&VC on the Radar Screen of Global Investors
*Preqin**GVcepe
Global Fundraising (US$bn)*
Region 2005 2006 2007 2008 2009 Total
North America 187 315 383 366 144 1,397
Europe 110 136 162 157 73 640
Asia and ROW 47 84 100 112 27 371
Global 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% 6,5%
Brazilian PE&VC on the Radar Screen of Global Investors: Employment
Source: Preqin, Gvcepe
Country Estimated Total Employment US 38.500UK 7.700France 2.300Brazil (GVcepe correction) 1.700Germany 1.500Australia 1.400Canada 1.400Japan 1.100India 1.000Hong Kong 900Switzerland 900China (ex. Hong Kong) 800Italy 800Sweden 800Israel 600Netherlands 600Other 8.800Total 69.100
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Research Structured in 3 Modules:
PE&VC 2010 CensusInvestors Inv. Vehicles Portf. Companies
Managers
• Legal structure and LP agreements
• Investors an LPs: resources origin and category
•GP: Legal structure and remuneration
• Performance by Investment Vehicle Vintage, Exits, etc.
RESEARCH MODULE 2
$$ $$
Research Structured in 3 Modules:
PE&VC 2010 CensusInvestors Inv. Vehicles Portf. Companies
Managers
RESEARCH MODULE 3
• Growth and value creation, jobs and intangibles
• Patents and Innovation
• Corporate governance and financial contracts
•Social and Enviromental Sustainability
•Exits and Capital Markets Impact
ABVCAP Conference: Brazil Post-Crisis, even better!April 12 /13, 2010 – Sofitel – Rio de Janeiro
Your cooperation is crucial to our joint success!!!
Thank youThank you
Prof. Cláudio Vilar FurtadoGVcepe – Private Equity and Venture Capital Research Center at FGV – EAESPGraduate School of Business
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