The German Private Equity

and Venture Capital Market in 2015

Bundesverband Deutscher Kapitalbeteiligungsgesellschaften –

German Private Equity and Venture Capital Association (BVK)

Seite 2

Statistics 2015 - Selected Market Figures

For more detailled information

please see the full statistics report at www.bvkap.de

Facts about private equity in the German economy

Private Equity in Germany

Ca. 5,000portfolio

companies

900,000employees in

portfoliocompanies

p. 3

Source: BVK statistics

>1,000companiesfunded p.a.

250 privateequity firms

€ 31bninvested

2011-2015

€ 171bn sales ofportfolio

companies

€ 5.3bninvested in

2015

1.359

1.291 1.288 1.3221.396

1.254

1000

1200

1400

5.500

6.500

7.500

8.500

Investments in Germany (I)

Investments could not reach 2014 record level

p. 4

4.895

6.667 6.626

5.055

7.133

5.343

0

200

400

600

800

-500

500

1.500

2.500

3.500

4.500

5.500

2010 2011 2012 2013 2014 2015

Investment (€m) Funded companies

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.

Investments in Germany (II)

Half-year investments 2015

p. 5

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.

2.533 2.362

3.420 3.247

2.049

4.577

2.038

3.0172.713

4.420

2.9072.436

H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13 H1 14 H2 14 H1 15 H2 15

Investments (€m)

Investments in Germany (II)

By investment stages in 2015

Replace-ment/Turn-

around2%

Buy-Outs8%

VentureCapital15%

Growth13%

p. 6

VentureCapital58%

Growth32%

13%

Replace-ment/Turn-

around1%

Buy-Outs71%

Investmentamount:€5.343 m

Fundedcompanies:

1.254

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.

€ 10-<50m12%

€50-<100m

6%

€ 100+m6%

100-1997%

200-4995%

500+4%

Funded Companies by Size

Private equity in Germany is focused on small and mid-sized companies.

p. 7

€ 0-<1m56%

€ 1-<10m20%

12%

0-957%

10-1910%

20-9917%

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.Only companies with known sales (250) and number of employees (934) were considered.

By employees By sales

Investments by States

Bavaria and Northrine-Westfalia in the lead

1.6171.495

p. 8

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.

563425 412

141 136 117 112 63 62 35 33 25 2 1

Investments (€m)

Buyouts- an Growth Investments

2010: € 4.166m,401 companies

2011: € 5.950m,410 companies

2012: € 6.059m,515 companies

2013: € 4.338m,588 companies

2014: € 6.462m,646 companies

2015: € 4.562,8m,535 companies

p. 9

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.

667 576 712351

720 679

258 298 8179

142 85

3.241

5.075 5.266

3.908

5.599

3.799

2010 2011 2012 2013 2014 2015

Growth (€m) Replacement Capital / Turnaround (€m) Buyouts (€m)

Venture Capital Investments (I)

2010: € 729m,966 companies

2011: € 717m,884 companies

2012: € 567m,780 companies

2013: € 716m,740 companies

2014: € 671m,758 companies

2015: € 780m,724 companies

329

p. 10

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.

4842 32 42 31 40

387 400335

385 391411

294 276

201

290249

329

2010 2011 2012 2013 2014 2015

Seed (€m) Start-up (€m) Later Stage-Venture Capital (€m)

Venture Capital Investments (II)

Berlin and Bavaria are dominating

p. 11

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.

Investments 2015 (€m) Investments 2014 (€m)

Fundraising

2.561

3.303

2.779

Growth21%

p. 12

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.

2.561

1.191 1.217

1.974

1.329 1.332

2008 2009 2010 2011 2012 2013 2014 2015

Fundraising (€m)

VentureCapital57%

Buy-Out12%

Genera-listen10%

Fundraising2015 by

fund focus

Divestments

815

2.709

954

1.432

857

334

5.336

3.877

6.168

7.480

4.681

p. 13

Source: BVK statistics/PEREP Analytics, 2015 preliminery. Data as per February 2016.Data are continously updated and subject to change. Market statistics = Investments in Germany by German and foreign private equity firms.

731

1.921

8611.473 1.560

1.040

534

760

917

875 8711.150899

1.260

1.213

1.573 1.4821.639

439

442

426

815518

633

461

334

2010 2011 2012 2013 2014 2015

Trade Sales (€m) IPO/Sale of quoted Equity (€m)

Sale to other PE Houses or Financial Institutions (€m) Other Means (€m)

Divestments by Write-offs (€m)

3.237

3.877

Seite 14

The German Market in Europe

For more detailled information

please see the European reports at www.investeurope.eu

Germany in Europe: Private Equity (I)

Private Equity Investments 2013/2014 in selected European Countries

p. 15

UK France Germany Netherlands Norway Italy Spain Sweden Denmark Belgium Switzerland

Investments 2014 (€m) Investments 2013 (€m)

Source: EVCA Statistics/PEREP Analytics

Figures for 2015 are not available.

0,59

0,49 0,48

0,430,39

0,350,33

Germany in Europe: Private Equity (II)

Private Equity investments (2014) in Relation to national GDP in %

p. 16

0,33

0,28 0,270,25 0,24

0,190,18

0,16 0,15 0,15 0,140,11

0,090,060,06 0,05

0,00

Source: EVCA Statistics/PEREP Analytics

Figures for 2015 are not available.

Germany in Europe: Venture Capital (I)

Venture Capital Investments 2013/2014 in selected European Countries

p. 17

Venture capital investments (€m) 2014 Venture capital investments (€m) 2013

Source: EVCA Statistics/PEREP Analytics

Figures for 2015 are not available.

Germany in Europe: Venture Capital (II)

Venture Capital Investments 2013/2014 in selected European Countriesin Relation to national GDP

p. 18

Source: EVCA Statistics/PEREP Analytics

Figures for 2015 not available.