The Swiss double gap or when great innovators cannot finance their start ups to CFA Swiss Society

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1 The Swiss double gap or when great innovators cannot finance their start ups to CFA Swiss Society Jean-Philippe Tripet, CFA

2 1 Facts 2 Motion Graber 3 Where are we a year later 4 Conclusions 2

3 Facts 1: The double gap 1. Commercialisation of innovation is low in Switzerland 2. Pension funds do not invest in Swiss venture Average deal size ($m) x more Venture money in Israel 2.5x more Venture money in Sweden 3

4 Facts 2: the Swiss innovation and start-up scene Innovations leader since 1995 but poor in commercialization No Swiss City is in the top 20 Startup-Ecosystems! What do we need to change? Build bridges between innovation and commercialisation We have solid fundaments to build on Promote new products/funds/sectors Empower a new generation of entrepreneurs Prof. Dr. Dietmar Grichnik Universität St.Gallen/ US Cluster mapping project, Pr. Michael Porter, Harvard Business School, Cornell University, INSEAD and the World Intellectual Property Organisation (WIPO). 4

5 Number of transactions Facts 3: strong demand but no capital Composition of financing rounds in Switzerland ( ) Innovation Venture Capital Capitalmakets Enough«Start-Up» money Need for action Private Equity Lack of «Take-Off» money >20 Financing volume (CHF Mio.) Investmentphase Concept / Pre-Seed Seed Early Later Stage Expansion / Growth IPO / Buyout Typical Investors Quelle: Startupticker.ch (2015) Academic research Incubators Angels / Foundations Public und private Investoren Local Venture Capital Funds International Investors (Funds, Corporates) International Investors (traditionnal institutional und Familly Offices Anleger, Fonds, Corporates) 5

6 Active managers on the Swiss market Active manager origin 14% 2% Index Ventures 84% Switzerland Europe USA The swiss venture scene Strong biotech focus Avg size CHF 60m is small Number of active manager shrinking Clearly a local business: Knowledge of dealflow Well organized seed arena Local legal knowledge is important Foreign VC tend to invest later The potential to grow is visible 6

7 European VC is catching up with the US Annualized returns of PE and VC vs. other asset classes As of December , in USD 7

8 Swiss Venture backed deals do quite well Company Value > CHF 500 Mio. Company Value > CHF 200 Mio. evolva Exit multiple 4-10x evolva 8

9 The motion Graber «To create a fund for the future as a pooling vehicle that invests in start up and small private companies, financed by an allocation from pension funds assets» Dr. Henri B. Meier, the spiritus rector of the Motion suggests an investment of 1% of the net cash flows of pension funds. In 2015 this would have represented about CHF 5 Bn Approved by council of States, Federal government and National council in 2014 Creation of a working group that is elaborating a fund proposition 9

10 Were are we... The working group hasn t yet publish its report... Henri Meier s fund for the future has not converted to a product yet Vinci Capital (Lausanne) is positionning itself as a possible solution Swissfund is in the market proposing a product to pension funds Digital Zurich announced the creation of Kick Accelerator None of the Swiss big fund of fund players (LGT, Partners Group, UBS, Adveq) have made any proposition to date So far nobody could match the tag of pension funds for a cheap and professionnal instrument with appropriate performance expectation. 10

11 Issues with the current products and possible solutions The swissfund case study Fund-of-Fund Diversification and Portfolio construction via Manager Selection Investment via Fonds / no direct control High fees Solid relationship with specialist managers Deal access limited to selected manager swissfund Close relationship with Sector specialists Internal Investment decision process on deal-by-deal basis Direct investvestments/ Direct control of individual positions low total expenses Large flexibility without Adverse Selection Co-Investment Fund Diversification and Portfolio construktion via Deal Selection Direct investment / Direct control Low Cost Loose relationship mit outside manager Access to a larger market but tendency to attract B deals (Adverse Selection) swissfund offers institutional investors the possibilty to invest in a risk optimized, well diversified, offering high diversification and a positive return contribution to the insured at low costs 11

12 Overview swissfund Duration Investment Period Key data years 5 years Management fee 1.4% of commitment in the first 5 years 1.4% on NAV afterwards Profit participation 7% Performance Fee 1.2x Hurdle Rate Expected TER 2.1% on committment at liquidation Allocation First Closing Target Size CHF 200 Mio. CHF 300 Mio. Maximum size Minimum investment CHF 500 Mio. CHF 5 Mio. Target First closing Q Conditions Only qualified investors Country allocation CH: 70% Europe: 30% Investment activity 80% Co-Investments along selected managers 20% Direct by swissfund 12

13 Fund raising statistics swissfund 31 pension funds contacted, 19 one to one performed, Oct. 15-March 16 Comments Fund raising focused on top 50 Maybe s are largely private PF Nobody wants to take the lead Conclusions Swissfund is too Swiss Pension fund look for a 1 stop shop solution A branded manager would help Target size should be much larger (CHF 1-2bn) 13

14 What have we learned? Swiss angle vs International exposure 1 stop shop in alternatives Diversification and performance 14

15 Who should do what? Private Initiative Tax payers money, Sovereign fund Role of politicians 15

16 What is our vision for the future? Swiss angle INCORPORATED with international exposure Private, commercially relevant product Offer diversification and performance 16

17 Believe in yourself, start your own company 17

18 Anhang 18

19 Umfrage: Performance von Venture Capital Fonds in der Schweiz nach Lancierungsjahr Vor heute Grösse des Kreises bezieht sich auf das Volumen des gezeichneten Kapitals: je grösser der Kreis, desto grösser das Volumen an gezeichnetem Kapital; die Spannweite erstreckt sich von einem Minimum von CHF 7 Mio. bis zu ein Maximum von > CHF 200 Mio. Medianwert IRR Medianwert multiple Schweizer VC-Fonds sind klein, der Markt ist stark fragmentiert Die Renditen weisen eine hohe Streuung auf Einige wenige Ausreisser mit ausserordentlich positiver Performance gibt es Das Profil des Schweizer VC-Marktes ist vergleichbar mit dem anderer europäischer Märkte Es ist schwierig, auf des richtige «Pferd» zu setzen swissfund setzt auf die Manager mit den besten Erfolgschancen und erhöht durch zusätzliches Kapital deren Flexibilität und Einfluss Quelle: Umfrage von > 30 VC funds in der Schweiz, swissfund (2015) 19

20 Top worries of Swiss People 20

21 Top worries of Swiss Pension funds Bundesrat project

22 Can we further lower BVG conversion rates? Performance of Swiss Pension Funds on the Basis of Credit Suisse Global Custody Data as at December 31,

23 Why diversification is important and valuable 23

24 Most Swiss Pension funds below the efficient frontier 24

25 Wir danken für Ihre Aufmerksamkeit und stehen für weitere Auskünfte jederzeit gerne zur Verfügung! 25

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