Ed Vincent Gemma Postlethwaite State of the PE Market Global VC and PE Trends T H O M S O N F I N A N C I A L
US Venture/Buyout Industry Six Year Comparison Source: Thomson Venture Economics/NVCA
T H O M S O N F I N A N C I A L Global VC Fundraising Capital Raised by VC Funds; 2000-YTD 2005 Source: Thomson Venture Economics / NVCA
T H O M S O N F I N A N C I A L Global Buyout Fundraising Capital raised by Buyout Funds; 2000-YTD 2005 Source: Thomson Venture Economics/NVCA
T H O M S O N F I N A N C I A L Global Venture Investment Activity 2000-YTD 2005 Source: PwC / Thomson Venture Economics / NVCA MoneyTree™ Survey
T H O M S O N F I N A N C I A L US Venture Sector Analysis 2000 Source: PwC / Thomson Venture Economics / NVCA MoneyTree™ Survey
T H O M S O N F I N A N C I A L US Venture Sector Analysis YTD 2005 Source: PwC / Thomson Venture Economics / NVCA MoneyTree™ Survey
T H O M S O N F I N A N C I A L US Venture Stage Analysis YTD 2005 Source: PwC / Thomson Venture Economics / NVCA MoneyTree™ Survey
T H O M S O N F I N A N C I A L Global Buyout Investment Activity 2000-YTD 2005 Source: Thomson Venture Economics/NVCA
T H O M S O N F I N A N C I A L US Venture-Backed IPO By number of IPO’s and Offer Amount 2001-YTD 2005 Source: Thomson Venture Economics/NVCA
T H O M S O N F I N A N C I A L US Venture-Backed M&A By number of Deals & Value 2001-YTD 2005 Source: Thomson Venture Economics/NVCA
T H O M S O N F I N A N C I A L Performance
T H O M S O N F I N A N C I A L Thomson Venture Economics – Performance database Maintained by Thomson Venture Economics since US Funds formed European Funds Other International Funds formed Funds of Funds Maintained by Thomson Venture Economics since US Funds formed European Funds Other International Funds formed Funds of Funds Information Requirements Firm Information Fund Information Portfolio company investment Transaction details Cashflows – capital calls, distributions, net asset values Information Requirements Firm Information Fund Information Portfolio company investment Transaction details Cashflows – capital calls, distributions, net asset values
T H O M S O N F I N A N C I A L Benchmarking Purposes Provide industry-standard benchmarking products for use in commitments, asset allocation and due diligence Provide information and appropriate transparency crucial to: Provide critical information in the due diligence process Make private equity an asset class with replicable benchmarks Provide information and appropriate transparency crucial to: Provide critical information in the due diligence process Make private equity an asset class with replicable benchmarks
T H O M S O N F I N A N C I A L US Venture Funds Annualized Net Cumulative IRR by Vintage Year As of December 31, 2004 Source: Thomson Venture Economics/NVCA
T H O M S O N F I N A N C I A L U.S. Venture Capital Since Inception Realization Multiples (DPI/RVPI) by Vintage Year as of December 31, 2004 Source: Thomson Venture Economics/NVCA
T H O M S O N F I N A N C I A L Venture Economics Private Equity Performance Index (PEPI) Pooled IRR net to investors as of December 31, 2004 All funds formed Source: Thomson Venture Economics/NVCA
T H O M S O N F I N A N C I A L Private Equity Net Returns to Investors* From Inception to December 31, 2004 VCVC BUYOUTSBUYOUTS *US Funds formed European Funds formed Source: Thomson Venture Economics/NVCA/EVCA
T H O M S O N F I N A N C I A L European vs. US Private Equity Cumulative IRR Since Inception to Dec 31, 2004 by Calendar Year EUROPE US *US Funds formed European Funds formed Source: Thomson Venture Economics/NVCA/EVCA