Les performances du private equity restent stables en 2007

Les performances du private equity restent stables en 2007, avec un retour sur investissement de 11,8%. La meilleures performance est celle des fonds de LBO, avec un retour de 16,3% net. Les retours sur investissement à 5 ans sont en augmentation pou rla troisième année consécutive, passant de 8,5% en 2006 à 11,6% en 2007.

Texte original :
Final performance figures for 2007 from Thomson Reuters indicate stable performance for the European private equity industry during the year. The Thomson Reuters Performance Benchmarks, compiled by Thomson Reuters in collaboration with EVCA, are based on measurements over the last 28 years.

- 11.8% net return in 2007 for the European Private Equity Industry
- Best performance from the Buyout Funds – net IRR since inception of 16.3%
- 5-year investment horizon returns going up for a third consecutive year, from 8.5% in 2006 to 11.6% in 2007
- Positive 10-year returns for buyout and venture funds at 16.7% and 1.7%, respectively
- Long-term Private Equity returns outperforming the Morgan Stanley Euro and JP Morgan Euro Bonds Indices.

Figures show that the private equity industry in 2007 returned 11.8% on a pooled average basis, net of management fees and carried interest. Best performers were the buyout funds, which generated net IRRs of 16.3% while venture capital funds returned 4.5%. Within venture capital, development funds achieved the best returns (7.8%), followed by the balanced funds (6.8%).


Top quarter funds continued to produce excellent returns across both venture capital (14.9%) and buyout (34.2%), with all top quarter private equity funds achieving a net IRR of 23.5%.

In the medium-term, the rolling 3-year investment horizon returns remained fairly stable and 5-year returns registered a hefty improvement for a third consecutive year. The 3-year indicators were positive for funds across all stages with an overall net return for private equity of 17.2%. The 5-year IRR continued its steady growth bringing returns for buyout funds up to 16.2% and pushing venture returns into positive territory, from -1.8% to 0.6%.

The 10-year investment horizon returns declined from 12.9% in 2006 to 11.6% in 2007 for all private equity funds but remained in positive territory for both buyout and venture funds, with 16.7% and 1.7% respectively.
The same results looked at by fund size showed that in the long-term, the best performing funds in the buyout sample came from the middle-sized funds ($250mn - $1bn) and on the venture side from the small funds (up to $50mn). The funds from the high end of the size scale were leading the performance rankings over the 3- and 5-year investment horizons. When ranked by stages and geographic location on a 5-year horizon, the best performers were the European buyout (+16.2%), followed by the US buyout (+15.5%), US venture (+8.6%) and European venture funds (+0.6%).

The since inception net IRR at 11.8% achieved by all private equity funds was higher than the returns of the Morgan Stanley Euro Index at 6.9% and the JP Morgan Euro Bonds Index at 10.6% and lower than the HSBC Small Company Index at 12.4%. Buyout funds alone outperformed all three public market comparators.
Commenting on the 2007 final performance figures, Leon Saunders-Calvert, Director of private equity and investment banking, Thomson Reuters said: "The private equity industry has produced strong returns for the year ending 2007 with average performance at 11.8% annual return net of fees to investors. Although funding issues associated with the credit crunch have affected investment activity, private equity firms continue to demonstrate strong returns so far. The next few years will tell us how the changing debt to equity ratios, the absence of refinancing and the slower pace of investments will affect
the overall performance."

Helmut Schühsler of TVM Capital and EVCA Chairman 2007-2008, added: "The performance of European funds shows that the industry, overall, and in spite of the substantial funding issues in the credit markets, has a winning proposition. The detailed analyses show great heterogeneity in the various sub-sectors, and slight changes in performance across longer time horizons, but we know that the industry is highly capable of adapting itself to new facts and market conditions, which allows us to look ahead with optimism. Notwithstanding the difficult environment for buyouts in the second half of 2007, and the adverse exit market conditions for some sectors of the venture capital industry, the figures indicate that the European private equity and venture capital industry remains an attractive asset class."

EVCA (The European Private Equity and Venture Capital Association), established in 1983 and based in Brussels, promotes, facilitates and represents the needs and interests of the private equity and venture capital industry in Europe. EVCA has over 1, 300 members in 53 countries.
www.evca.eu

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