BVCA Private Equity and Venture Capital Report on Investment Activity 2014

Transcription

1 BVCA Private Equity and Venture Capital Report on Investment Activity 2014 Autumn 2015 Percentage of UK Investee Companies by Region East of England 4% East Midlands % London 24% North East 4% North West 10% Northern Ireland 2% Scotland 8% South East 16% South West 7% Wales 6% West Midlands 8% Yorkshire & The Humber 7%

2 Contents Summary Data Tables 4 Appendix Methodology and Definitions 14

3 Summary Summary 2014 was a positive year for the UK s private equity and venture capital industry, with global investment by our members growing to just under 1.4bn globally in 2014 from 10.1bn the previous year. Moreover, 2014 saw the greatest amount divested in the industry since the BVCA began collecting data, with divestment figures reaching 21.6bn, as firms focused on returning value to their investors. Domestic investment by BVCA members was solid in 2014, with investments into the UK growing to over 4.7bn this year from 4.1bn in 201. Global investment also remained strong, with European investment reaching 6.4bn this year from 4.1bn, US investment remaining largely the same at 1.6bn and investment into the rest of the world more than doubling to 606m in The most striking trend for 2014 was the unprecedented surge in divestments, nearly doubling last year s figure of 12.9bn. This record level of divestment suggests increasing strength in the industry, as firms began to achieve liquidity on many of their pre-financial crisis investments. The most active exit routes this year were trade sales which more than doubled from 2bn in 201 to over 4.4bn this year followed closely by sales of quoted equity post flotation, which grew from just under 800m last year to over 4.2bn in 2014, reflecting the relative buoyancy of the IPO market in recent years. This continued strength in the IPO market was reflected in firms raising a record 2.7bn from flotations this year. This trend of the re-emergence of IPOs as an exit route will only help the industry over coming years. An equally noteworthy aspect of this year s report has been the greater regional balance in investment across Northern England and Scotland. While London and the South East continue to lead by amount invested, growing from 2bn in 201 to 2.7bn this year, other parts of the country have also experienced considerable increases in investment, with the West Midlands more than doubling their 201 levels to 6m and Scotland almost doubling last year s figure to 206m. Across England, both the North West and Yorkshire and The Humber saw marginal increases at 448m and 97m, respectively, while Northern Ireland also saw its investments increase from 10m in 201 to 16m. This continuing trend towards greater investment decentralisation is a positive development for the long-term future of the UK economy, and bodes well for the current political focus on creating a Northern Powerhouse. With regards to investment by industry sector, 2014 saw an increase in investment in technology, growing from 841m to 1.2bn, and was followed by the financial sector and consumer services at 1.1bn and 906m, respectively. In contrast, investment in healthcare and industrials continued to fall, to 442m and 55m respectively. Finally, fundraising largely kept pace with the strong showing from last year, with 10.8bn raised in 2014 compared to 11.2bn in 201. Pension funds once again represented the single most important source of funding, with 2.7bn raised from these investors representing 25% of total fundraising. This year was also important for Small MBOs who saw their fundraising increase from 162m in 201 to over 1.1bn. VC fundraising grew marginally from 259m last year to 288m this year and Middle MBOs saw an increase from 4.2bn to 5.2bn. Joe Steer, Director, Research BVCA Private Equity and Venture Capital Report on Investment Activity 2014

4 Data Tables 1 Table 1. Global Investment Activity of BVCA Members Number of eligible BVCA members % of survey respondents Total amount invested ( m) 1,6 10,127 12,288 18,610 20,447 12,629 20,025 1,64 21,85 11,676 9,679 6,57 5,466 Number of companies financed ,009 1,048 1, ,672 1,680 1,60 1,55 1,566 1,49 1,459 Table 2a. Investment by Country Country Number of companies % of companies Amount invested ( m) % of amount invested UK ,720 4,109 5, US ,64 1,67 1, Europe ,404 4,05 4, Rest of World Total , ,6 10,127 12, Table 2b Quarterly Investment by Country Country Number of companies % of companies Amount invested ( m) % of amount invested Q1 Q2 Q Q4 Total Q1 Q2 Q Q4 Total Q1 Q2 Q Q4 Total Q1 Q2 Q Q4 Total UK , ,20 1,099 4, US , Europe ,586 1,697 2, , Rest of World Total ,665,092 4,70 2,26 1, All figures in this report have been rounded to the nearest integer. For this reason individual figures may not sum to totals. 4 BVCA Private Equity and Venture Capital Report on Investment Activity 2014

5 Table. Overseas Investment by Financing Stage Financing Stage Number of companies % of companies Amount invested ( m) % of amount invested Seed Start-up Early Stage Later stage VC Total Venture Capital Expansion/Growth Capital , Bridge Financing Total Expansion , Replacement Capital Secondary Buyout ,98 1,022 1, PIPE Refinancing Bank Debt Total Replacement Capital ,420 1,022 1, Management buyout (MBO) ,89,718, Management buy-in (MBI) Total MBO/MBI ,149,718, Public to Private Rescue/Turnaround Other Total Other Late Stage , Total ,64 6,018 6, The number of companies in some financing stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different financing stages. Please refer to the appendix for further information. 2. indicates a value greater than 0 but less than 0.5. Some financing stages have been amalgamated where there are instances of single deals, in order to preserve confidentiality 0 Table 4. UK Investment by Financing Stage Financing Stage Number of companies % of companies Amount invested ( m) % of amount invested Seed Start-up Early Stage Later stage VC Total Venture Capital Expansion/Growth Capital , Bridge Financing Total Expansion , Replacement Capital Secondary Buyout PIPE Refinancing Bank Debt Total Replacement Capital ,064 1, Management buyout (MBO) ,86 1,679 2, Management buy-in (MBI) Total MBO/MBI ,980 1,840 2, Public to Private Rescue/Turnaround Other Total Other Late Stage Total ,720 4,109 5, The number of companies in some financing stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different financing stages. Please refer to the appendix for further information. 2. indicates a value greater than 0 but less than 0.5. Some financing stages have been amalgamated where there are instances of single deals, in order to preserve confidentiality. BVCA Private Equity and Venture Capital Report on Investment Activity

6 Table 5a. MBOs by Investment Size (UK) Size Number of companies % of companies Amount invested ( m) % of amount invested Small (< 10m) Mid-sized ( 10m 100m) ,219 1,007 1, Large (> 100m) , , Total ,86 1,679 2, The number of companies in some financing stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different financing stages. Please refer to the appendix for further information. 2. Size bandings are based on amount of equity invested by BVCA private equity members, not the total transaction size. Table 5b. MBIs by Investment Size (UK) Size Number of companies % of companies Amount invested ( m) % of amount invested Small (< 10m) Mid-sized ( 10m - 100m) Large (> 100m) Total The number of companies in some financing stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different financing stages. Please refer to the appendix for further information. 2. Size bandings are based on amount of equity invested by BVCA private equity members, not the total transaction size.. Some financing stages have been amalgamated where there are instances of single deals, in order to preserve confidentiality. Table 6. Average Amount Invested by Stage (UK) Financing Stage Average Amount Invested, 000s Seed Start-up Early Stage Later stage VC 2,977 2,601 1,20 Total Early Stage Expansion/Growth Capital,70,119 5,194 Bridge financing 2, Total Expansion,68,00 4,968 Replacement Capital 5,007 4,965,059 Secondary Buyout 1,704 44,12 87,11 PIPE 0 0 1,584 Refinancing Bank Debt 1,667,555 7,929 Total Replacement Capital 7,6 21,270 25,747 Management buyout(mbo) 29,516 22,8 27,610 Management buy-in(mbi) 1,016 22,97 15,664 Total MBO/MBI 28,115 22,4 26,774 Public to Private ,741 Rescue/Turnaround 7,1 6,426 Other 2,871 5,125 1,899 Total Other Late Stage 5,214 5,874 5,702 Total 6,260 5,0 6,46 1. Some financing stages have been amalgamated where there are instances of single deals, in order to preserve confidentiality. 6 BVCA Private Equity and Venture Capital Report on Investment Activity 2014

7 Table 7. Investment by Industry Sector (UK) Industry Sector Number of companies % of companies Amount invested % of amount invested Basic Materials - Chemicals Basic Materials - Forestry & Paper Basic Materials - Industrial Metals & Mining Basic Materials - Mining Total Basic Materials Consumer Goods - Beverages Consumer Goods - Food Producers Consumer Goods - Household Goods & Home Construction Consumer Goods - Automobiles & Parts Consumer Goods - Leisure Goods Consumer Goods - Personal Goods Consumer Goods - Tobacco Total Consumer Goods Consumer Services - Food & Drug Retailers Consumer Services - General Retailers Consumer Services - Media Consumer Services - Travel & Leisure Total Consumer Services Financials - Financial Services Financials - Banks Financials - Life Insurance Financials - Non-Life Insurance Financials - Equity Investment Instruments Financials - Non-equity Investment Instruments Financials - Real Estate Investment Trusts Financials - Real Estate Investment & Services Total Financials , Health Care - Equipment & Services Health Care - Pharmaceuticals & Biotechnology Total Health Care , Industrials - Aerospace & Defense Industrials - Construction & Materials Industrials - Electronic & Electrical Equipment Industrials - Engineering Industrials - General Industrials Industrials - Support Services , Industrials - Transportation Total Industrials , Oil & Gas - Alternative Energy Oil & Gas - Oil & Gas Producers Oil & Gas - Oil Equipment, Services & Distribution Total Oil & Gas Technology - Hardware & Equipment Technology - Software & Computer Services Total Technology Telecommunications - Fixed Line Telecommunications - Mobile Total Telecommunications Utilities - Electricity Utilities - Gas, Water & Multiutilities Total Utilities Other Total ,720 4,109 5, indicates a value greater than 0 but less than The Industry Classification Benchmark (ICB) has been used to classify individual company investments by industry and subsector.. Some sectors have been amalgamated where there are instances of single deals, in order to preserve confidentiality BVCA Private Equity and Venture Capital Report on Investment Activity

8 Table 8. Technology Investment (UK) Industry Sector Number of companies % of companies Amount invested ( m) % of amount invested Mobile Telecommunications Fixed Line Telecommunications Computer: Computer Hardware Internet Semiconductors Software Other Electronics Biotechnology Medical: Medical Equipment Pharmaceuticals Health Care Other Total , indicates a value greater than 0 but less than Technology classification is included in the appendix (p 14) Table Technology Investment by Stage (UK) Industry sector Number of companies Amount invested ( m) Early Stage Expansion Replacement Capital MBO/MBI Other Total Early Stage Expansion Replacement Capital MBO/MBI Other Total Mobile Telecommunications Fixed Line Telecommunications Computer: Computer Hardware Internet Semiconductors Software Other Electronics Biotechnology Medical: Medical Equipment Pharmaceuticals Health Care Other Total , The number of companies in some financing stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different financing stages. Please refer to the appendix for further information. 2. indicates a value greater than 0 but less than 0.5. Technology classification is included in the appendix (p 14) 8 BVCA Private Equity and Venture Capital Report on Investment Activity 2014

9 Table 10. Investment in Cleantech Companies by Stage (UK) Financing Stage Number of companies % of companies Amount invested ( m) % of amount invested Venture Expansion Replacement Capital MBO/MBI Other Total The number of companies in some financing stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different financing stages. Please refer to the appendix for further information. 2. Some financing stages have been amalgamated where there are instances of single deals, in order to preserve confidentiality.. Cleantech is defined in the appendix (p 14) Table 11. Investment by Region (UK) Region Number of companies % of companies Amount invested ( m) % of amount invested London ,145 1,580 2, South East , South East & London ,72 2,02, South West East of England West Midlands East Midlands Yorkshire & The Humber North West North East Scotland Wales Northern Ireland Total ,720 4,109 5, indicates a value greater than 0 but less than 0.5 Table 12. Investment activity by region compared to total number of VAT registered local units Number of VAT registered local units Number of private equity backed companies Companies invested in per 1,000 of total VAT registered local units Region London 461,025 42, , South East 41, ,665 99, South East & London 874,550 82, , South West 247, , , East of England 266, ,10 255, West Midlands 215, , , East Midlands 181, , , Yorkshire & The Humber 192, ,50 187, North West 265, , , North East 78,205 75,70 75, Scotland 20, , , Wales 11, , , Northern Ireland 81,900 82,65 82, Total 2,721,240 2,625,490 2,610, Source for 2012/1/14: UK Business: Activity, Size and Location - [2012/1/14] ( BVCA Private Equity and Venture Capital Report on Investment Activity

10 Table 1. Investment Stage Analysis by Region (UK) Number of Companies Region Venture capital Expansion Replacement capital MBO/MBI Other stage Number % Number % Number % Number % Number % London South East South East & London South West East of England West Midlands East Midlands Yorkshire & The Humber North West North East Scotland Wales Northern Ireland Total The number of companies in some financing stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different financing stages. Please refer to the appendix for further information. 2. indicates a value greater than 0 but less than 0.5. Some regions have been amalgamated where there are instances of single deals, in order to preserve confidentiality Table 14. Investment Stage Analysis by Region Amount invested (UK) Venture capital Expansion Replacement capital MBO/MBI Other stage Region Amount ( m) % Amount ( m) % Amount ( m) % Amount ( m) % Amount ( m) % London , , South East South East & London , , South West East of England West Midlands East Midlands Yorkshire & The Humber North West North East Scotland Wales Northern Ireland Total , ,064 1, ,980 1,840 2, indicates a value greater than 0 but less than BVCA Private Equity and Venture Capital Report on Investment Activity 2014

11 Table Industry Sector Analysis by Region (UK) Number of Companies Region Oil & gas, basic materials & industrials Consumer goods Health care & consumer services Telecoms, utilities & financials Technology Number % Number % Number % Number % Number % Number % London South East South East & London South West East of England West Midlands East Midlands Yorkshire and The Humber North West North East Scotland 2 15 Wales Other Northern Ireland Total Some regions have been amalgamated where there are instances of single deals, in order to preserve confidentiality. Table Industry Sector Analysis by Region (UK) Amount Invested Region Oil & gas, basic materials & industrials Consumer goods Health care & consumer services Telecoms, utilities & financials Technology Amount Amount Amount Amount Amount Amount ( m) % ( m) % ( m) % ( m) % ( m) % ( m) % London South East South East & London South West East of England West Midlands East Midlands Yorkshire and The Humber North West North East Scotland Wales Other Northern Ireland Total , , indicates a value greater than 0 but less than 0.5 BVCA Private Equity and Venture Capital Report on Investment Activity

12 Table 17. UK Investment by type of PE organisation Type of private equity organisation Amount invested ( m) % of amount invested Organisations which manage third-party funds (Independents) 2,70 2,024, Organisations which invest own or parent company money (Captives) Organisations which do both (Semi-captives) 1,484 1,627 2, Total 4,720 4,109 5, Table 18. Funds Raised by Source Type of source Amount raised ( m) % of amount raised Pension Funds UK Overseas 2,7 2, Total 2,677 2,94 1, Insurance Companies UK Overseas 464 1, Total 518 1, Corporate Investors UK Overseas Total Banks UK Overseas Total Family Offices UK Overseas Total Funds of Funds UK Overseas 1,288 1, Total 1,568 1, Government Agencies UK Overseas Total Academic Institutions UK Overseas Total Private Individuals UK Overseas Total Capital Markets UK Overseas Total Sovereign Wealth Funds UK 0 0 1, Overseas 1,000 1, Total 1,000 1,890 1, Others UK 48 1, Overseas 2, Total 2,286 1, Total UK 1,27 2,201 4, Total Overseas 9,549 8,997 1, Grand Total 10,822 11,198 5, indicates a value greater than 0 but less than UK includes Bermuda, Cayman Islands, Channel Islands and British Virgin Islands 12 BVCA Private Equity and Venture Capital Report on Investment Activity 2014

13 Table 19. Funds Raised by Country Country Amount raised ( m) % of amount raised UK 1,27 2,201 4, France Germany Ireland Netherlands Sweden Switzerland Rest of Europe United States 5,420 4, Canada Australia China Japan Middle East Africa Other Total 10,822 11,211 5, UK includes Bermuda, Cayman Islands, Channel Islands and British Virgin Islands 2. indicates a value greater than 0 but less than 0.5 Table 20. Funds Raised by Investment Focus Focus Amount raised ( m) % of amount raised Large MBO 4,181 6,555, Middle MBO 5,204 4,25 1, Small MBO 1, VC Generalist Total 10,822 11,211 5, indicates a value greater than 0 but less than 0.5 Table Divestments Type of divestment Amount divested Number of divestments Number of companies m % Number % Number % Divestment on Flotation (IPO) 2, Repayment of Preference Shares/Loans, Sale of quoted equity post flotation 4, Sale to another Private Equity firm 2, Sale to Financial Institution Sale to Management (Buy-back) 1, Trade Sale 4, Write Offs Others 1, Total 21, BVCA Private Equity and Venture Capital Report on Investment Activity

14 Appendix: Methodology and Definitions Appendix Methodology and Definitions In early 2015, BVCA s Benchmark data collection system collected data on investments made by BVCA private equity and venture capital members during the calendar year A 96% response rate was achieved, which included virtually every major private equity and venture capital firm in the UK. In order to ensure only qualifying investments were included in the analysis certain criteria were applied to the data received and are outlined below: Overseas Investments The BVCA survey includes all investments made or advised by the BVCA full member firm, regardless of whether the investing fund is UK or overseas-based. This means that the figures relate to investments undertaken by BVCA full member firms based in the UK, and also to those undertaken through an overseas office where the UK office was the lead adviser, regardless of where the investment fund was domiciled. As a result, more cross-border investments have been included in the BVCA data which therefore reflect more accurately the activity of BVCA full members, particularly those that invest through pan-european or global funds. Industry Sectors The Industry Classification Benchmark (ICB) is used throughout this report to classify individual company investments by industry and subsector. Financing Stages The number of companies in some financing stage categories and their subtotals add up to more than the total number of companies invested in. This is due to some companies receiving more than one investment within the year at different financing stages. For example, if a company receives a round of start-up finance and then further rounds of expansion finance later in the same year, that company will be counted once in each of the start-up and expansion categories (therefore appearing to be counted twice), but only counted as one investment in the overall total. This only affects number of companies not amounts invested. Technology Classification There is as yet no universally accepted definition of a technology company. For the purposes of this report, investments defined by BVCA member firms as high-tech are included in tables 8 and 9. Cleantech Classification Cleantech represents a diverse range of products, services and processes which are intended to provide superior performance at lower costs, while greatly reducing or eliminating negative ecological impact, at the same time as improving the productive and responsible use of natural resources. For the purposes of this report, investments defined by BVCA member firms as cleantech are included in table 10. Foreign Currency Conversion Where BVCA collected investment information in foreign currencies, the amounts were converted into Sterling using the annual average exchange rates for 2012, calculated from figures supplied by the Bank of England. Private Equity Definitions The term private equity is generally used in Europe to cover the industry as a whole, including both buyouts and venture capital. Venture capital is a subcategory covering the start-up to expansion stages of investment. Private equity describes equity investments in unquoted companies, often accompanied by the provision of loans and other capital bearing an equity-type risk. 14 BVCA Private Equity and Venture Capital Report on Investment Activity 2014

15 Appendix: Methodology and Definitions Types of Private Equity Firms The definitions below need to be interpreted with caution. In recent years, several larger private equity firms that historically invested funds from a single in-house source have begun to raise and manage external sources. Independents: These can either be firms, funds or investment trusts, either publicly listed or private, which raise their capital from external sources. Captives: These organisations invest their own money, and/or manage or invest funds on behalf of a parent organisation. In the latter case, the private equity firm would be a wholly owned subsidiary or division of the parent, usually a financial institution. Semi-captives: These organisations invest funds on behalf of a parent company, or their own funds, in addition to investing funds raised within the last five years from external sources. Stages of Investment Seed: Financing that allows a business concept to be developed, perhaps involving the production of a business plan, prototypes and additional research, prior to bringing a product to market and commencing large-scale manufacturing. Start-up: Financing provided to companies for use in product development and initial marketing. Companies may be in the process of being setup or may have been in business for a short time, but have not yet sold their product commercially. Other early stage: Financing provided to companies that have completed the product development stage and require further funds to initiate commercial manufacturing and sales. They may not yet be generating profits. Late stage venture: Financing provided to companies that have reached a fairly stable growth rate; that is, not growing as fast as the rates attained in the early stage. These companies may or may not be profitable, but are more likely to be than in previous stages of development. Expansion: Sometimes known as development or growth capital, provided for the growth and expansion of an operating company which is trading profitably. Capital may be used to finance increased production capacity, market or product development, and/ or to provide additional working capital. Bridge financing: Financing made available to a company in the period of transition from being privately owned to being publicly quoted. Replacement capital: Minority stake purchase from another private equity investment organisation or from another shareholder or shareholders. Refinancing bank debt: Funds provided to enable a company to repay existing bank debt. PIPE: Private investment in public companies (minority stake only). Rescue/Turnaround: Financing made available to existing businesses which have experienced trading difficulties, with a view to re-establishing prosperity. Management buyout (MBO): Funds provided to enable current operating management and investors to acquire an existing product line or business. Institutional buyouts (IBOs), leveraged buyouts (LBOs) and other types of similar financing are included under MBOs for the purposes of this report. Management buy-in (MBI): Funds provided to enable an external manager or group of managers to buy into a company. Public to private: Purchase of quoted shares with the purpose of de-listing the company. Secondary buyout: Purchase of a company from another private equity investment organisation. BVCA Private Equity and Venture Capital Report on Investment Activity

16 Appendix: Methodology and Definitions Fundraising The following apply to the fundraising section: 1. Funds managed by UK private equity firms for both UK and overseas investment are included. 2. Funds managed by the overseas headquarters of international private equity firms (which have UK-based offices that are BVCA members) are excluded. UK Regions The standard Government Office Region (GORs) classification is used throughout this report to classify the location of individual company investments. The composition of GORs is listed below. North East Cleveland Durham Northumberland Tyne and Wear East Midlands Derbyshire Leicestershire Lincolnshire Northamptonshire Nottinghamshire South East Berkshire Buckinghamshire East Sussex Hampshire Isle of Wight Kent Oxfordshire Surrey West Sussex North West Cumbria Cheshire Greater Manchester Lancashire Merseyside West Midlands Hereford and Worcester Shropshire Staffordshire Warwickshire West Midlands London Yorkshire and The Humber Humberside North Yorkshire South Yorkshire West Yorkshire East of England Cambridgeshire Norfolk Suffolk Bedfordshire Essex Hertfordshire South West Avon Cornwall Devon Dorset Gloucestershire Somerset Wiltshire 16 BVCA Private Equity and Venture Capital Report on Investment Activity 2014

17 Appendix: Methodology and Definitions Industry classifications Economic Group Sectors Subsectors Oil and Gas Oil and gas, Oil and gas producers Oil equipment, services and distribution Alternative energy Exploration and production, integrated oil and gas. Oil equipment, and services pipelines. Renewable energy equipment, alternative fuels. Basic Materials Chemicals Forestry and paper Industrial metals and mining Mining Commodity and speciality chemicals. Forestry, paper. Aluminium, non-ferrous metals, iron and steel. Coal, diamonds and gemstones, general mining, gold mining, platinum and precious metals. Industrials Construction and materials Aerospace and defence General industrials Electronic and electrical equipment Industrial engineering Industrial transportation Support services Economic Group Sectors Subsectors Consumer goods Basic materials Healthcare Consumer Services Automobiles and parts Beverages Food producers Household goods Leisure goods Personal goods Tobacco Chemicals Forestry and paper Industrial metals Mining Healthcare equipment and services Pharmaceuticals and biotechnology Food and drug retailers General retailers Media Travel and leisure Economic Group Sectors Subsectors Telecommunications Utilities Financials Technology Fixed-line telecommunications Mobile telecommunications Electricity Gas, water and multi-utilities Banks Non-life insurance Life insurance Real estate General financial Equity investment instruments Non-equity investment instruments Software and computer services Technology hardware and equipment Building materials and fixtures, heavy construction. Aerospace, defence. Containers and packaging, diversified industrials. Electrical components and equipment, electronic equipment. Commercial vehicles and trucks, industrial machinery. Delivery services, marine transportation, railroads, transportation services, trucking. Business support services, business training and employment agencies, financial administration, industrial suppliers, waste and disposal services. Automobiles, auto parts, tyres. Brewers, distillers and vintners, soft drinks. Farming and fishing, food products. Durable household products, non-durable household products, furnishings, home construction. Consumer electronics, recreational products, toys. Clothing and accessories, footwear, personal products. Tobacco. Commodity and specialty chemicals. Forestry, paper. Aluminium, non-ferrous metals, steel. Coal, diamonds and gemstones, general mining, gold mining, platinum and precious metals. Health care providers, medical equipment, medical supplies. Biotechnology, pharmaceuticals. Drug retailers, food retailers and wholesalers. Apparel retailers, broadline retailers, home improvement retailers, specialised consumer services, specialty retailers. Broadcasting and entertainment, media agencies, publishing. Airlines, gambling, hotels, recreational services, restaurants and bars, travel and tourism. Fixed-line telecommunications. Mobile telecommunications. Electricity. Gas distribution, multiutilities, water. Banks. Full line insurance, insurance brokers, property and casualty insurance, reinsurance. Life insurance. Real estate holding and development, real estate investment trusts. Asset managers, consumer finance, specialty finance, investment services, mortgage finance. Equity investment instruments. Non-equity investment instruments. Computer services, internet, software. Computer hardware, electronic office equipment, semiconductors, telecommunications equipment. Disclaimer The data provided has been collected from different sources. BVCA has taken steps to ensure the reliability of the information presented. However, BVCA cannot guarantee the ultimate accuracy of the data and therefore BVCA does not accept responsibility for any decision made or action taken based on the information provided. BVCA Private Equity and Venture Capital Report on Investment Activity

18 For further information contact the BVCA British Private Equity & Venture Capital Association 5th Floor East, Chancery House, 5-64 Chancery Lane, London WC2A 1QS T +44 (0) bvca@bvca.co.uk