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Private Equity – Venture Capital Partnership for Success

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Presentation on theme: "Private Equity – Venture Capital Partnership for Success"— Presentation transcript:

1 Private Equity – Venture Capital Partnership for Success
BI Bachelor in Entrepreneurship September 26, 2006 Erik Berger Investment Director CapMan Tech 18 September 2018

2 Schedule Background The PE/VC Earnings Model
The PE/VC Investment Model Closing Remarks Q&A 18 September 2018

3 Schedule Background The PE/VC Earnings Model
The PE/VC Investment Model Closing Remarks Q&A 18 September 2018

4 CapMan – the Nordic private equity house
Full Nordic presence and market coverage established in 1989 offices in Helsinki, Stockholm, Copenhagen and Oslo listed on Helsinki Stock Exchange since 2001 Unique listed asset manager manages specialised third party private equity, venture capital and real estate funds dedicated teams in each investment area Funds under management approx. €2.3 billion in addition assets managed/advised by Access Capital Partners approx. €1.3 billion* * CapMan owns 35% of affiliated company Access Capital Partners. 18 September 2018

5 Four investment areas in four Nordic countries
CapMan Private Equity, €1.8 billion CapMan Real Estate €500 million CapMan Buyout CapMan Technology CapMan Life Science All industries Middle market equity investments approx. € million/company CapMan funds make both equity and mezzanine investments in Nordic buyouts Expansion and later stage technology companies Equity investments approx. €3-15 million/company Medical technology Equity investments approx. €2-7 million /company Commercial properties Investments €5-50 million per real estate 18 September 2018

6 CapMan’s Vision Our vision is to be the preferred Nordic private equity partner for investors and entrepreneurs 18 September 2018

7 CapMan’s values Industrial hands-on approach High ethics Dedication
We concentrate on enhancing our portfolio companies’ business by taking actively part in developing their operations. We provide more than just financial support. High ethics We believe in integrity and transparency. We are a reliable partner and we respect our stakeholders. Dedication We are committed to reaching our objectives. We are innovative and aim to be the trendsetter for the industry. Employees are our most important resource. Profitability We aim for profitability and rise in share value without forgetting our other values. We strive for profitability through successful investment activities, growth and cost effectiveness. Independency We take our decisions independently and are not part of any financial group. 18 September 2018

8 Schedule Background The PE/VC Earnings Model
The PE/VC Investment Model Closing Remarks Q&A 18 September 2018

9 Earnings model capital + profit = realised gains Investment objects
Portfolio companies Real estates Private equity investment CapMan manages Private equity funds managed by CapMan Management fee and carried interest to CapMan Commitments to funds Investors approximately 100 Finnish and international investors have invested in CapMan’s private equity funds. investors include insurance companies, pension funds, banks and other institutional investors. capital + profit - management fees and carried interest for CapMan = returns to investors 18 September 2018

10 Earnings model Fund structure Committed Capital vs. Called Capital
Management Fee 1,5%-2% (PE) 1,75%-3% (VC) VC Typical 2,25% Hurdle Typical 8% Carry Split Typical 20/80 18 September 2018

11 Fund Life Span Closed End Fund 10 year fund (1+1)
Initial Investment Period 5 years Prospecting 0-5 years Development of Investment 3-5 years Divestment (Exit) 3-5 years 18 September 2018

12 Schedule Background The PE/VC Earnings Model
The PE/VC Investment Model Q&A 18 September 2018

13 CapMan’s Technology Investment Criteria
Favourable market development Market growth Consolidation opportunity Competitive technology Proven with real customers A scalable business model with strong growth and profitability potential Clear value drivers Realistic exit potential An experienced management team 18 September 2018

14 Investment Model Prospecting Term Sheet Due Diligence
Investment Agreement IM (or Share Purchase Agreement SPA) Shareholders Agreement (SHA) Companies Act (Aksjeloven/Allmenaksjeloven) Bylaws (Vedtekter) 18 September 2018

15 Venture Capital = Risk Capital
Investment model Venture Capital = Risk Capital Typical Terms and Conditions Preferred Shares (Latest Money In has the Highest Value) Anti-Dilution Liquidation Preference Pre-Emption Right (Right of First Refusal) Tag Along Drag Along Forced Exit 18 September 2018

16 Schedule Background The PE/VC Earnings Model
The PE/VC Investment Model Closing Remarks Q&A 18 September 2018

17 Closing Remarks Right Capital for the Right Phase
Management, Management & Management A Balanced Deal gives Predictability on both the Ownership Side and the Operational Side You don’t get what you deserve, only what you negotiate! 18 September 2018

18 Q&A Thank you! 18 September 2018

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