German Market Review H Hedge Funds Infrastructure Private Equity Real Estate

Transcription

1 German Market Review H1 214 Hedge Funds Infrastructure Private Equity Real Estate

2 German Market Review H1 214 Hedge Funds Breakdown of Hedge Funds Managed by Germany-Based Managers by Fund Type Breakdown of Hedge Funds Managed by Germany-Based Managers by Fund Strategy 1 4 1% 31% Hedge Fund UCITS CTA Fund of Hedge Funds Fund of CTAs 15% 1 2 1% 45% Macro Long/Short Multi-Strategy Relative Value Event Driven Other Breakdown of Germany-Based Investors in Hedge Funds by Investor Type Largest Known Germany-Based Investors in Hedge Funds by Allocation to Hedge Funds ( bn) Investor Investor Type Allocation to Hedge Funds ( bn) 8% 8% 21% Single - Family Office Private Sector Pension Fund Fund of Hedge Funds Manager Multi - Family Office Harald Quandt Holding Single - Family Office 2,7 Bavarian Pension Chamber Public Pension Fund 1,6 Prime Capital Asset Manager 1,2 Feri Trust Asset Manager 1,2 Wealth Manager BASF Pension Fund Private Sector Pension Fund,5 21% Asset Manager 1 15% Public Pension Fund Insurance Company Investment Bank

3 German Market Review H1 214 Infrastructure Top ten Germany-Based Infrastructure Investors by Current Allocation to Infrastructure Investor Type Total Assets ( mn) Current Allocation to Infrastructure (% of Total Assets) Current Allocation to Infrastructure ( mn) KGAL Asset Manager 26. 8,8 2.1 Bavarian Pension Chamber Public Pension Fund 65. 2, 1.3 DEG Government Agency 5. 16, MEAG Munich Ergo Asset Management Asset Manager 228.,22 5 Gothaer Insurance Company Insurance Company 26. 1,73 45 R+V Life Insurance Insurance Company 7.,57 4 W&W Asset Management Asset Manager 35.,69 24 Feri Trust Asset Manager 23. 1, 23 HVB Group Bank 399.4,5 2 Helaba Bank ,8 15 Breakdown of Germany-Based Infrastructure Investors by Assets under Management Breakdown of Germany-Based Infrastructure Investors by Location Munich Hamburg 17% Less than 1bn 2 18% Düsseldorf Hannover 8% 36% 39% bn bn 1bn or More 6% 9% 1 Frankfurt Cologne Berlin Dortmund Stuttgart Other

4 German Market Review H1 214 Private Equity: Investors Top ten German-Based Investors by Current Allocation to Private Equity ( bn) Investor Type Total Assets ( bn) Current Allocation to Private Equity ( bn) Target Allocation to Private Equity ( bn) Allianz Capital Partners Private Equity Fund of Funds Manager 6,4 6,4 - Golding Capital Partners Private Equity Fund of Funds Manager 2,8 2,8 - Feri Trust Asset Manager 23, 2,3 - Munich Private Equity Partners Private Equity Fund of Funds Manager 2,3 2,3 2,3 MEAG Munich Ergo Asset Management Asset Manager 228, 2,3 - HVB Group Bank 399,4 2,2 2,2 DEG Government Agency 5, 2, 2, German Medical Insurance Insurance Company 15, 1,5 1,5 Talanx Asset Management Asset Manager 1, 1,5 2,3 Swift Capital Partners Private Equity Fund of Funds Manager 1,4 1,4 1,4 Breakdown of Germany-Based Investors in Private Equity Funds by Investor Type 8% 8% 1% 6% 11% 19% 1 1 Insurance Companies Family Offices Private Equity Fund of Funds Managers Private Sector Pension Funds Corporate Investors Asset Managers Banks & Investment Banks Investment Companies Foundations Private Equity Firms Wealth Managers Public Pension Funds Government Agencies Average Private Equity Allocations of Germany-Based Investors Average Current Allocation to Private Equity (As a % of Total Assets) 7, Average Target Allocation to Private Equity (As a % of Total Assets) 7,9%

5 German Market Review H1 214 Private Equity: Performance I Benchmark Benchmark Name No. of Funds in Benchmark As at Germany and Western Europe 223 H1 214 Performance Benchmarks for Funds Investing in Germany by Vintage Year (Median) Median Fund Net Multiple Quartiles (X) Net IRR Quartiles (%) Net IRR Max/Min (%) Vintage No. Funds Called (%) Dist (%) DPI Value (%) RVPI Q1 Median Q3 Q1 Median Q3 Max Min ,9, 97,7 n/m,98 n/m n/m n/m n/m n/m n/m ,7, 9,8 n/m 1,1 n/m n/m n/m n/m n/m n/m ,,4 97,4 1,13 1,8,9 9,7 5,9-12, 11,5-47, ,8 3, 12,7 1,28 1,14 1,2 12,4 7, 3, 18,9-1, ,7 23,2 85,3 1,52 1,11 1,1 n/m 7,9 n/m 25,3 3, , 18,3 98,2 1,32 1,24 1,7 1,4 7,9 4,9 15,7-3, ,3 23,1 87, 1,35 1,18,95 9,8 5,5 3,6 24,2-25, ,9 33, 8,9 1,29 1,16 1,2 8,8 4,4 1, 9,8-16, ,6 53,7 68,5 1,6 1,32 1,19 11,6 7,3 3,5 15,7-1, ,2 19,7 32,4 1,77 1,6 1,33 n/m 14, n/m 25, 5, ,1 13,7 27,1 1,49 1,46 1,43 16,8 9,5 8,8 239,7 6, , 191,3 12,9 2,15 2,4 1,64 32,1 29,7 18,8 46,3, ,3 14, 25, 2,54 1,6 1,45 25,8 11,7 7,7 31,2-3, ,7 141,6 8, 1,9 1,55 1,27 21,6 13,6 4,2 23,6-9, , 151,8 1,3 1,92 1,63 1,17 18,2 11,6 4,2 2,3-1, ,8 161,4, n/m 1,62 n/m n/m 1,2 n/m 2,8 3, ,3 186,6,3 n/m 1,88 n/m n/m 12,9 n/m 14,7 8,1

6 31. Dez Mrz 6 3. Jun 6 3. Sep Dez Mrz 7 3. Jun 7 3. Sep Dez Mrz 8 3. Jun 8 3. Sep Dez Mrz 9 3. Jun 9 3. Sep Dez Mrz 1 3. Jun 1 3. Sep Dez Mrz Jun Sep Dez Mrz Jun Sep Dez Mrz Jun Sep 13 Index Returns (Rebased to 1 as of 31 Dez 25) German Market Review H1 214 Private Equity: Performance II Performance Benchmarks for Funds Investing in Germany Across Vintage Years Benchmarks Called Up (%) Distributed (%) - DPI Remaining Value (%) - RVPI Net Multiple (X) Net IRR (%) Median 92,3 48,6 63,3 1,28 9, Weighted 84,4 67,9 68,9 1,37 1,6 Average (Mean) 84,5 88,7 57,9 1,47 11,8 Standard Deviation 22,9 16,7 46,1,84 22,8 Pooled IRR * (73 funds) 13,3 Quartiles Called Up (%) Distributed (%) - DPI Remaining Value (%) - RVPI Net Multiple (X) Net IRR (%) Maximum n/m 784,9 236, 7,9 239,7 Top Quartile n/m 141,4 93,5 1,69 16,8 Median 92,3 48,6 63,3 1,28 9, Bottom Quartile n/m 16,8 8,3 1,1 5, Minimum n/m,,,13-1, * Pooled IRR is only calculated if there are at least 3 funds with cashflow data. 25 PrEQIn: Funds Investing in Germany (Rebased to 1 as of 31 Dez 25)

7 German Market Review H1 214 Private Equity: Fundraising I Ten Largest Germany-Focused Private Equity Funds in Market (As at 7 July 214) Fund Target Size ( mn) Fund Manager Fund Type Fund Status EMERAM Fund I 35 EMERAM Capital Partners Buyout First Close International Campus Student Housing Fund 25 International Campus Real Estate First Close Novum Capital I 25 Novum Capital Special Situations First Close RiverRock European Real Estate Fund 25 RiverRock European Capital Partners Real Estate Raising Albulus Distressed Opportunities Fund I 2 Albulus Advisors Germany Real Estate Raising Patrimonium Middle Market Debt Fund 2 Patrimonium Special Situations Second Close Brockhaus Private Equity III 175 Brockhaus Private Equity Buyout First Close GRR German Retail Fund No GRR Real Estate Management Real Estate First Close ImmoSpezial - Wirtschaftsregion Suddeutschland 15 Catella Real Estate Real Estate Raising Mondial Campus D1 Fund 15 Mondial Kapitalanlagegesellschaft Real Estate First Close Ten Largest Germany-Focused Private Equity Funds Closed From YTD (As at 7 July 214) Fund Final Close Size ( mn) Fund Manager Fund Type Year of Final Close Terra Firma Deutsche Annington 2.1 Terra Firma Capital Partners Real Estate 26 Fortress Residential Investment Deutschland 1.239,87 Fortress Investment Group Real Estate 25 CPI Capital Partners Europe Apollo Global Real Estate Management Real Estate 26 European Recovery Programme-EIF Dachfonds 1. European Investment Fund Fund of Funds 24 GLL BVK Intern. Immobilien-Spezialfonds 97 PATRIZIA Immobilien Real Estate 24 IVG Caverns Fund 91 IVG Institutional Funds Infrastructure 28 SwanCap Opportunities Fund 878,64 SwanCap Investment Management Direct Secondaries 214 PATRIZIA Wohnmodul I 825 PATRIZIA Immobilien Real Estate 211 LaSalle Real Estate Debt Strategies II 723,4 LaSalle Investment Management Real Estate 214 Capvis Equity IV 72 CapVis Equity Partners Buyout 214

8 German Market Review H1 214 Private Equity: Fundraising II Annual Germany-Focused Private Equity Fundraising, YTD (As at 7 July 214) ,9 8 4,9 5,6 4,4 1,4 2,7 2,4 1,4 1,2 2,6 3,5 1, YTD No. of Funds Closed Aggregate Capital Raised ( bn) Europe-Focused Private Equity Fundraising (Excluding Germany- Focused Funds), YTD (As at 7 July 214) YTD No. of Funds Closed Aggregate Capital Raised ( bn) Germany-Focused Funds in Market Stats over Time (As at 7 July 214) Annual Europe-Focused (Excluding Germany-Focused Funds) Funds in Market over Time (As at 7 July 214) ,2 6,5 3,3 4,8 3,2 4,3 3,4 Jan 8 Jan 9 Jan 1 Jan 11 Jan 12 Jan 13 Jan 14 No. of Funds Raising Aggregate Target Capital ( bn) Apr-8 Apr 9 Apr 1 Apr 11 Apr 12 Apr 13 Jul 14 No. of Funds Raising Aggregate Target Capital ( bn)

9 German Market Review H1 214 Private Equity: Notable Venture Capital / Buyout Deals Ten Largest Venture Capital Deals in Germany, H1 214* Portfolio Company Stage Deal Date Deal Size (mn) Investors Industry Westwing GmbH Unspecified Round Apr EUR Fidelity, Odey Asset Management LLP, Tengelmann Ventures Internet Delivery Hero Series E/Round 5 Jan USD Insight Venture Partners Internet Delivery Hero Series F/Round 6 Apr USD Luxor Capital Group Internet Hoccer Unspecified Round Mrz EUR Media Ventures Telecoms JenaValve Technology GmbH Series C/Round 3 Jul USD Atlas Venture, Edmond de Rothschild Investment Partners, Gimv, Legend Capital Management, NeoMed, Omega Funds, Sunstone Capital, VI Partners Medical Devices GANYMED Pharmaceuticals AG Series E/Round 5 Nov EUR ATS Beteiligungsverwaltung, MIG Fonds Pharmaceuticals SoundCloud Series D/Round 4 Okt USD GGV Capital, Index Ventures, Institutional Venture Partners, Kleiner Perkins Caufield & Byers, The Chernin Group, Union Square Ventures immatics biotechnologies GmbH Series D/Round 4 Okt EUR AT Impf GmbH, dievini Hopp BioTech holding GmbH & Co. KG, MIG Fonds, Wellington Partners Pharmaceuticals NumberFour AG Series A/Round 1 Jun USD Allen & Company, Index Ventures, T-Venture Holding Software Kreditech Series B/Round 2 Jun USD Blumberg Capital, Point Nine Capital, Värde Partners Software *excluding Add-Ons, Venture Debt, Secondary Stock Purchases, Mergers & Grants Ten Largest Private Equity-Backed Buyout Deals in Germany, H1 214 Firm Investment Type Deal Date Deal Size ( mn) Deal Status Investors Bought From/Exiting Company Primary Industry Internet Investment Status Springer SBM Buyout Jun Completed BC Partners EQT, GIC Private Limited Publishing Active ista Buyout Apr Completed CPP Investment Board, CVC Capital Partners Charterhouse Capital Partners, CVC Capital Partners Scout24 Buyout Nov Completed Hellman & Friedman Deutsche Telekom Internet Active CeramTec GmbH Buyout Jun Completed Cinven Kohlberg Kravis Roberts, Rockwood Holdings Energy Manufacturing GEA Heat Exchangers Buyout Apr Announced Triton GEA Group AG Energy Active Mauser Buyout Mai Announced Clayton Dubilier & Rice Dubai International Capital Private Equity CABB International GmbH Buyout Apr Announced Permira Bridgepoint Chemicals Active Alstom s Thermal Power Division Buyout Apr Announced Triton Alstom Power Active GesundHeits GmbH Deutschland Buyout Jun 14 5 Announced Nordic Capital IK Investment Partners Healthcare Active Armacell International Holding GmbH Buyout Apr 13 5 Completed Charterhouse Capital Partners Investcorp Materials Active Industrial Active Active Active

10 Proportion of Total Proportion of Total No. of Deals Proportion of Total German Market Review H1 214 Private Equity: Venture Capital Deals Quarterly Number and Value of Venture Capital Deals in Germany, 27 - Q2 214 Proportion of Number of European Venture Capital Deals by Country, 27 - H1 214* Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q Aggregate Deal Value ( mn) 1% 9% 8% 7% 6% 5% 4% 2% % 27% 27% 27% % % 29% 6% 5% 5% 5% 6% 5% 17% 18% 17% 16% 17% 28% % 5% 15% 15% % 18% 16% 1 11% 11% H1 214 No. of Deals Aggregate Deal Value ( mn) France Germany Netherlands Sweden UK Other Proportion of Aggregate Value of European Venture Capital Deals by Country, 27 - H1 214* Proportion of Number of Venture Capital Deals in Germany by Industry, 27 - H1 214* 1% 9% 8% 7% 6% 5% 4% 2% % 29% 26% 3 29% 28% 39% 4 31% 3 39% 26% 31% % 9% 6% 5% 9% 5% 6% 6% 5% 5% 6% 9% 1 11% 1 7% 15% 9% 16% 16% 15% 17% 18% % H1 214 France Germany Netherlands Switzerland UK Other 1% 9% 8% 7% 6% 5% 4% 2% % 6% 5% 6% 7% 6% 7% 5% 9% 9% 6% 7% 9% 15% 18% % 1 8% 8% 6% 9% 15% 21% 9% 19% 16% 6% 5% 38% 36% % 28% 29% 6% 18% 2% 19% 2 17% 16% 17% 15% 1% 6% 6% 5% % H1 214 Other Telecoms Software & Related Other IT Internet Industrials Healthcare Consumer Disc. Clean Tech. *excluding Add-Ons, Venture Debt, Secondary Stock Purchases, Mergers & Grants

11 Proportion of Total Proportion of Total No. of Deals Proportion of Total German Market Review H1 214 Private Equity: Buyout Deals Number and Value of Private Equity-Backed Buyout Deals in Germany by Quarter, 27 - Q2 214 Proportion of Number of European Private Equity-Backed Buyout Deals by Country, 27 - H Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q Aggregate Deal Value ( bn) 1% 9% 8% 7% 6% 5% 4% 2% % 3 37% 35% % 3 35% 27% 28% 31% 31% 36% 35% 3 5% 6% 6% 5% 6% 5% 6% 5% 5% 5% 5% 9% 11% 11% 5% 9% 11% 9% 17% 17% 15% 16% 15% 1 16% H1 214 No. of Deals Aggregate Deal Value ( bn) France Germany Netherlands Sweden UK Other 1% 9% 8% 7% 6% 5% 4% 2% % Proportion of Aggregate Value of European Private Equity-Backed Buyout Deals by Country, 27 - H % 3 35% 41% 3 38% 4 36% % 2 1% 9% 1% 6% 7% 9% 7% 8% 15% 11% 7% 2% 19% 6% 15% 18% % 1 9% H % 29% France Germany Netherlands Switzerland UK Other 4% 1% 9% 8% 7% 6% 5% 4% 2% % Breakdown of Number of Private Equity-Backed Buyout Deals in Germany by Industry, 27 - H % 6% 6% % 5% 5% 6% 1% 1% 5% 9% 8% 1 11% 19% 21% 49% 5% 7% 5% 9% 1 5% 1% 2% 35% 16% 9% 47% 56% 6% 5% 1% 3 11% 9% 11% 37% 9% 7% 2% H1 214 Other Telecoms & Media Materials Information Technology Industrials Healthcare Food & Agriculture Energy & Utilities Consumer & Retail Business Services

12 German Market Review H1 214 Real Estate: Investors I Key stats Average Current Allocation to Real Estate of Germany- Based Institutional Investors Average Target Allocation to Real Estate of Germany- Based Institutional Investors 1.5bn (or 9. of Total Assets) 2.3bn (or 1.% of Total Assets) Ten Largest Germany-Based Institutional Investors that Invest in Real Estate by Current Allocation to Real Estate ( bn) Investor Investor Type City Total Assets ( bn) Current Allocation to Real Estate ( bn) Current Allocation to Real Estate (% of Total Assets) Allianz Real Estate Asset Manager Munich 3, 3, 1% MEAG Munich Ergo Asset Management Asset Manager Munich 228, 9,1 Bavarian Pension Chamber Public Pension Fund Munich 65, 8,4 1 SaarLB Bank Saarbrücken 18,8 5,6 R+V Life Insurance Insurance Company Wiesbaden 7, 3,5 5% Bavarian Insurance Chamber Insurance Company Munich 44, 2,9 7% W&W Asset Management Asset Manager Ludwigsburg 35, 2,8 8% Generali Deutschland Insurance Company Cologne 9, 2,7 3,% Feri Trust Asset Manager Bad Homburg 23, 2,3 1,% Gothaer Insurance Company Insurance Company Cologne 26, 2,3 9%

13 Less than 5mn 5-999mn 1-1.9bn 2-2.9bn 3-4.9bn 5-9.9bn bn bn bn bn 1bn or More Proportion of Germany-Based Investors Proportion of Germany-Based Investors German Market Review H1 214 Real Estate: Investors II 35% 25% 2% 15% 5% Distribution of German-Based Institutional Investors' Current and Target Allocations to Real Estate 16% 19% 28% 2 15% 15% 1 18% 29% Current Allocation to Real Estate Target Allocation to Real Estate 16% 1 1 8% 6% % Breakdown of Germany-Based Institutional Investors by Assets under Management 15% % 6% 5% % Less than 2.5% % % % 15% or More Current/Target Allocation to Real Estate as a % of Total Assets Assets under Management Real Estate: Fundraising I Five Largest Closed-End Solely German-Focused Private Real Estate Funds Closed Since 212 Fund Manager Final Close Size ( mn) Year of Final Close Strategies LBBW Immobilien PATRIZIA Immobilien Opportunistic and Value Added Activum Fund III Activum SG Capital Management Debt, Distressed, Opportunistic and Value Added Mondial Retail D1 Fund Mondial Kapitalanlagegesellschaft Core-Plus Henderson German Logistics Fund TIAA Henderson Real Estate Core-Plus Warburg - Henderson Deutschland TOP 5 Fonds Warburg - Henderson Core and Core-Plus

14 Real Estate: Fundraising II German Market Review H1 214 Five Largest Closed-End Solely Germany-Focused Private Real Estate Funds in Market (As at H1 214) Fund Manager Target Size (mn) Strategies International Campus Student Housing Fund International Campus 25 EUR Opportunistic and Value Added Albulus Distressed Opportunities Fund I Albulus Advisors Germany 2 EUR Distressed GRR German Retail Fund No. 1 GRR Real Estate Management 15 EUR Core ImmoSpezial - Wirtschaftsregion Suddeutschland Catella Real Estate 15 EUR Core and Core-Plus Mondial Campus D1 Fund Mondial Kapitalanlagegesellschaft 15 EUR Core Solely Germany-Focused Closed-End Private Real Estate Funds in Market (As at H1 214) No. of Funds in Market 8 Aggregate Target Capital ( bn) 1, ,6 Annual Closed-End Solely German-Focused Private Real Estate Fundraising, 27 - H ,2 4,4 7, , 1,6 6 2,5, H1 214 Year of Final Close No. of Funds Closed Aggregate Capital Raised ( bn)