How does a venture capitalist appraise investment opportunities?

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1 1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to: 23 capitalist Pensions assess Convention and price investment opportunities? Contents Overview of the private equity market The investment lifecycle Early-stage technology / life sciences vs established businesses The investment decision key considerations Pricing investment opportunities 2 Terminology Private equity Buy-outs and buy-ins Mature companies Involves change of ownership, majority stakes Growth or development capital Private (often family owned) companies Minority stakes Venture capital Early stage technology companies Minority stakes 3

2 Global investment trends 25 2 (US$bn) Source: Global Private Equity 22 (3i/PwC) (22 fig is estimate) Stage of investment - % of global market Total invested (%) Buyout Late stage Expansion Early stage Source: Global Private Equity 22 (3i/PwC) 5 Top 2 countries by investment North America 1. USA 4. Canada Western Europe 2. United Kingdom 3. Germany 5. France 7. Italy 8. Sweden 12. Netherlands 17. Spain 19. Belgium 62% 21% 2% 2% Central & South America <1% 12% Middle East & Africa 13. Israel Asia Pacific 6. Japan 9. Korea 1. Hong Kong 11. China 14. Australia 15. India 16. Singapore 18. Taiwan 2. Denmark Source: Global Private Equity 22 (3i/PwC) 6

3 Private equity investment as % of GDP Austria Denmark Spain Ireland Germany Switzerland Italy Finland France Europe Netherlands UK Sweden US Source: EVCA Yearbook 22 7 European private equity investment Total value billion Source: EVCA 8 Role of the venture capitalist Originating investment opportunities Investment execution process Value growth strategy implementation Management of exit 9

4 Originating investment opportunities Visibility (and credentials) Relationships (intermediaries, research organisations, etc) Direct marketing to corporates (and others) Active acquisition searches 1 Investment execution process Business plan Scheme design and negotiation Management team Funding Due diligence Internal reviews and approvals Legal documentation Completion 11 Value growth strategy implementation Developing the value growth strategy Strengthening management team Finance Professional contacts Industry contacts General advice and monitoring 12

5 Management of exit Planning for exit Ongoing consideration of exit options and timing Appointing and instructing advisers How Early-stage does a venture technology capitalist / life sciences assess and vs price established investment businesses opportunities? Different attributes Risk assessment Financial projections / forecasts Valuation Lack of tangible assets Unpredictability of cash flows Cash absorbing Syndication & corporate strategic investors Funding business operating costs vs acquisition How The does investment a venture decision capitalist key assess considerations and price investment opportunities? What makes a successful investment? Strong, well-balanced management team Competitive position in a growing market Clear strategy for value creation Well-executed exit plan Sensible use of third party gearing Alignment of interests of management and other shareholders Sound management information systems Understanding shortcomings and addressing them 15

6 4. How The does investment a venture decision capitalist key assess considerations and price investment opportunities? Assessing and validating the value proposition Sector knowledge Developing value growth strategy (with management) Financial engineering Exit strategy Investment approval process Due diligence Post-deal action plan How Pricing does investment a venture capitalist opportunities assess and price investment opportunities? Returns reflecting risks of the opportunity Judgment / experience Ability to manage / change / flex risks and returns Financial engineering Management team capability Value growth strategy Exit assumptions and timing Vendor finance Management stake Pricing - broad rules of thumb 17 thank you 18

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