Private Equity Activity, Growth, and Performance in Morocco Report 2011
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Transcript of Private Equity Activity, Growth, and Performance in Morocco Report 2011
1 © 2012 Grant Thornton. Tous droits réservés
Casablanca, March 6, 2012
Private Equity Activity, Growth, and Performance in Morocco Report 2011
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
2 © 2012 Grant Thornton. Tous droits réservés
Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
3 © 2012 Grant Thornton. Tous droits réservés
Scope : The report covers : • All funds with a local representative office in Morocco • Funds with an investment strategy involving unlisted companies • Funds with a limited life cycle • All sectors except funds dedicated to real estate, infrastructure, and tourism
Methodology : • Data collection was carried out by a survey of 18 management companies, on the basis of their
statements • The amount of funds raised includes only those dedicated to Morocco • Only investments in Moroccan companies were taken into account • The IRR corresponds to gross IRR by exit provided by the funds
SCOPE AND METHODOLOGICAL OVERVIEW
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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Evolution of Real GDP Growth [%, 2009-2011]
Data source: International Monetary Fund
• In 2010, global real GDP growth recovers and becomes positive (5%) – The United Nations’ Emerging and Developing
Countries record significant growth (3% 7%)
• In 2011, growth declines slightly globally compared to 2010 and is lower than figures recorded between 2004 and 2007
• In Europe, growth declines and reaches 1.6% – Concerning emerging countries, growth declines
approximately 6.2%
• In developed countries, growth remains weak, specifically in Europe due to: – a fragile and weakened financial situation – unemployment rate – public finance prospects – financial sector prospects
Comments
*and developing countries (see detailed list in Annex 2) Analysis: International Monetary Fund, World Bank, HSBC
ECONOMIC AND FINANCIAL ENVIRONMENT
In 2011, economic growth slows after a significant rebound in 2010
**2011 estimated data
7.3% 6.2%
Europe (EU) Emerging Countries*
2.8% 1.6% 2.0%
-4.2%
Worldwide
3.8%
5.2%
-0.7%
Morocco**
4.9% 3.7%
4.6%
09 10 11p 09 10 11 09 10 11
09 10 11
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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History and forecasts for real GDP growth • For 2012, the majority of developed
countries are moving towards austerity measures
• In terms of emerging countries, the principal financial authorities worldwide have identified a risk concerning rising inflation related to very strong growth
• Significant uncertainty remains concerning the Euro zone’s ability to solve its problems
Comments
**and developing countries
Forecasts are consequently bearish
Data source: International Monetary Fund Analysis: International Monetary Fund, World Bank, HSBC
ECONOMIC AND FINANCIAL ENVIRONMENT
Current uncertainties about the moderate economic growth forecast for 2012 and 2013
***2011 estimated data * projected
[%, 2000-2013p*]
6.2%
4.6%
3.8%
1.6%
10 09 08 07 06 05 04 03
Emerging Countries** Morocco*** Worldwide
02 01 00
Europe (EU)
13p*
5.9% 4.9%
3.9%
1.2%
12p*
5.4% 4.6%
3.3%
-0.1%
11
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Morocco
95 90
115 110 105 100
0
100
85
Source: MSCI
2009 2010 2011
ECONOMIC AND FINANCIAL ENVIRONEMENT
2011, a very difficult year for financial markets
Marrakesh bombing
February 20th Movement
160
200
80
140 120
Emerging countries
Morocco
Worldwide
100 Europe
180
0
100
220
2009 2010 2011
MSCI Large + Mid Cap Index
1st Greek rescue plan 2nd Greek rescue plan
The Arab Spring
Japan’s earthquake
Start of Greek crisis
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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• After a real revitalization in 2010 of financial markets, 2011 is marked by a sharp fall in stock indices, in particular from May forward
• Investor confidence is weak and can be explained by two factors: – The threat of a new relapse – The fear of the Euro zone’s collapse (hence a greater impact on the CAC 40)
• Consequently, financial markets have shifted largely towards safe havens like gold and government bonds at the expense of equity markets
• The Casablanca stock market declined over the year. Several factors caused this situation: – Continuing uncertainty in the global economy – Multiple Middle East crises and the risk of contagion in Morocco – Impact of the Marrakech bombing on the tourism industry – Uncertainty concerning the impact of constitutional reform – Uncertainty concerning the impact of parliamentary elections
ECONOMIC AND FINANCIAL ENVIRONEMENT
Review of financial markets in 2011
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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Steep decline in capital raised in 2009 and 2010 [Worldwide]
Recovery of investment operations with 2010’s economic rebound [Worldwide]
Source: Preqin, Dealogic
03 02 01 00 06 10 09 08 07 04 05
[Billions USD, 2000-2010]
04 05 03 09 07 10 06 08 01 02 00
[Billions USD, 2000-2010]
ECONOMIC AND FINANCIAL ENVIRONEMENT
Private equity worldwide
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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Source: Preqin, Dealogic
Exit [Divestment] evolution worldwide * [Billions USD 2000-2010]
*Excluding bankruptcies
ECONOMIC AND FINANCIAL ENVIRONEMENT
Strong recovery in exits in 2010
07 06 05 04 03 02 01 00 09 08 10
Q410 Q310 Q210 Q110 Q409 Q309 Q209 Q109
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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GDP and real GDP growth Inflation Unemployment rate [Billions MAD, %, 2007-2012e*] [%, 2007-2011] [%, 2007-2011]
Source: High Commissioner for Planning (HCP), Ministry of Economy and Finance (MEF), Foreign Exchange Office (OC)
2011e*: estimated figures based on the first 3 quarters 2011 2012e*: nominal GDP estimated on the basis of 07-11 CAGR, real GDP growth estimated by HCP
Extrapolated (07-10 base) DFI (total) Privatization-related DFI Household final consumption expenditure
Indicator selection
ECONOMIC AND FINANCIAL ENVIRONEMENT
Dashboard of Moroccan economy
Household Consumption Direct Foreign Investment
4.1%
0 2011e
793 4.6%
2010
764
3.7%
2009
732
4.8%
2008
689
5.6%
2007
615
2.7%
1.000 845
500
2012e 2011
2%
2010
2%
2009
1%
2008
4%
2007
3%
360
+7%
2011e*
467
2010
438
2009
418
2008
400
2007
2011
8.9%
2010
9.1%
2009
9.1%
2008
9.6%
2007
9.8%
[Billions MAD, 2007-2011e*] [Billions MAD, 2007-2011e*]
GDP growth GDP
2011e* 2010 2009 2008 2007
Business Climate Business confidence index (ODE)
Q4-11 Q3-11 Q2-11 Q1-11 Q4-10 Q3-10 Q2-10 Q1-10
32 -35%
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
38 28 25 21
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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No new companies were created in 2011. Amundi was taken over by Abraaj Capital. Management companies have, on average, a staff of 5 people, 3.5 of whom are in professional functions
CHARACTERISTICS OF MANAGEMENT COMPANIES
19 management companies were in existence at the end of 2011.
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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CHARACTERISTICS OF MANAGEMENT COMPANIES
Distribution of capital
• Following the international trend, management teams’ share increased: 23% at the end of 2010 compared to 26% at the end of 2011
• Moreover, there is a decline in financial institutions’ share and growth on the part of individuals
*Other: Funds of funds + private holdings + government entities Scope: 18 management companies, excluding PEI
Financial institutions
Insurance companies
Management teams
Other*
Caisse de dépôt** Individuals
**Caisse de dépôt: state pension/asset management entity
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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CHARACTERISTICS OF MANAGEMENT COMPANIES
Organization of investment committees and management type
Discretionary management corresponds to an internal investment committee only organization. The investment decision rests entirely with the management team.
Non-discetionary
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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At the end of 2011, there were 34 funds: • Reintegration of MIF (2006) • Creation of IDRAJ funds by CFG (2011) • Creation of MPEF III by Maroc Invest (2011)
LEGAL FORMS OF FUNDS
CHARACTERISTICS OF FUNDS UNDER MANAGEMENT
Since 2006, the legal forms of funds have diversified: SA, foreign form for funds domiciled outside Morocco, SAS and SCA. No funds have yet been established as an OPCR, even though several management companies have received approval
2 7 25 funds
By number of funds
SA: Société Anonyme, roughly equivalent to a corporation SCA: Société en Commandite par Actions, roughly equivalent to a limited share partnership
SA SAS
SA
SAS: Société par Actions Simplifée, roughly equivalent to a limited liability company (LLC) OPCR: a new legal vehicle for private equity funds in Morocco, created by Law 41-05
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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CHARACTERISTICS OF FUNDS UNDER MANAGEMENT
Contribution level from parent companies
Contribution to the managed funds from the parent company of “less than 10%” increased (from 50 % to 55%): demonstrating an increase in the funds self-reliance
En nombre
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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In 2011, fundraising (new funds and new closings) totaled MAD 480 million, a decline compared to 2010 At the end of 2011 with respect to the cumulative total, all funds raised amounted to nearly MAD 8 billion but the funds actually available * amounted to MAD 3.9 billion
CHARACTERISTICS OF FUNDS UNDER MANAGEMENT
Amounts raised
*Note several correctives compared to previous reports: reintegration of MIF, downward revision of Morocco’s estimated share for certain regional funds
*after removal of amounts raised by funds in the exit phase and removal of investments made by funds in the investment phase
Amounts raised by year* (in MAD million)
Moroccan funds
Regional funds
1999 and earlier Between 2000 and 2005
Between 2006 and 2011
Amonts raised by fund vintage (in MAD million)
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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CHARACTERISTICS OF FUNDS UNDER MANAGEMENT
Country of Domiciliation of Funds
Almost half the funds are domiciled overseas, leading with Mauritius and followed by Scotland, Luxembourg, Spain and France
By capital raised
France
Spain
Scotland
Luxembourg
Mauritius
Morocco
Jersey
1999 and earlier Between 2000 and 2005 Between 2006 and 2011
4% 5% 6% 6%
26%
52%
4%
49%
45%
100%
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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CHARACTERISTICS OF FUNDS UNDER MANAGEMENT
Type of funds: general or sectoral
More than MAD 1 billion were raised by sectoral funds (mainly agribusiness, ICT and health)
By capital raised
Sectoral
General
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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CHARACTERISTICS OF FUNDS UNDER MANAGEMENT
Priority investment areas
Since 2006, regional funds have arrived targeted at the Maghreb and Africa and a portion of such funds allocated to Morocco
By number of funds
MOROCCO Regions in Morocco
Morocco
Maghreb
Africa
1999 and earlier Between 2000 and 2005 Between 2006 and 2011
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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CHARACTERISTICS OF FUNDS UNDER MANAGEMENT
Capital raised by investor type
The share of financial institutions (including insurance companies) and that of development finance institutions has risen sharply since 2006 and represents more than two-thirds of investors
By capital raised
Other**
Caisse de dépôt*
*Caisse de dépôt: state pension/asset management entity
Private holdings
Caisse de dépôt*
Other**
International Development Finance Institutions
Financial institutions
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
**Other: local governmental entities, individuals, Moroccan State offices, pension funds, funds of funds, investment companies
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CHARACTERISTICS OF FUNDS UNDER MANAGEMENT
Capital raised by investor nationality
Foreign investors account for over 50% of funds raised including the European Union, in the lead, and other countries such as Kuwait, the UAE, Saudi Arabia, the United States, countries in the MENA region
By capital raised
EU
Morocco
Other countries
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
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INVESTMENTS
Evolution of invested and reinvested funds
2011 investments represent MAD 344 million, slightly lower compared to 2010: there were 16 investments and 7 reinvestments. Total investments at the end of 2011 amounted to MAD 3.3 billion
Invested funds (total in MAD millions) Reinvested funds (in MAD millions)
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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En nombre En valeur
INVESTMENTS
Invested companies by development phase
Since 2010, there has been a strong growth in the number of seed and venture phase investments. In terms of amount invested, growth phase investments remain predominant
En valeur
Seed
Buy-out
Turnaround
Venture
Growth
Seed
Buy-out
Turnaround
Venture
Growth
By number of companies
By capital invested
By capital invested
Seed
Venture Turnaround
Buy-out
Growth
2010 2011 2011 2010
Between 2000 and 2005 Between 2006 and 2011
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
3% 4%
6%
1%
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INVESTMENTS
Investments by sector
Greater growth is noted in investments in Service, Construction and Agribusiness sectors
Between 2000 and 2005 Between 2006 and 2011
Construction industry
Chemical industry Primary sector
Automobile industry
Agribusiness industry
Service sector
Distribution and commerce
Other industries
ICT Service sector
Construction industry
Agribusiness industry
Chemical industry
Primary sector
Automobile industry
Construction industry Chemical industry Primary sector Automobile industry
By capital invested by vintage year
Agribusiness industry Service sector Distribution and commerce Other industries ICT
2010/2011 by capital invested
Construction industry
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
11%
12%
13%
25%
33%
23%
8% 3% 12%
27%
11% 9% 5%
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En valeur
INVESTMENTS
Location of invested companies
Since 2006, there is increasing investment in new areas: Rabat-Salé, Tangier, Fez and Eastern regions
Between 2000 and 2005 Between 2006 and 2011
By capital invested
Rabat-Salé-Zemmour-Zaer
Fez-Boulemane
Other regions
Casablanca
Tangier - Tetouan
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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INVESTMENTS
Breakdown of enterprises by investment method
Straight equity investment continues to dominate
Between 2006 and 2011 Between 2000 and 2005
By capital invested
Equity & Quasi Equity
Straight Equity
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INVESTMENTS
Breakdown of enterprises by transaction size and by capital acquired
Transactions of more than 50 million are rising sharply. Acquisition of majority equity stakes continues to increase (36% for second generation funds)
By number of transactions (in amount of capital acquired)
Between 2000 and 2005 Between 2006 and 2011
More than 50
40 to 50
30 to 40
20 to 30
10 to 20
0 to 10
Between 2000 and 2005 Between 2006 and 2011
Less than 5%
Between 5% and 34%
Between 34% and 50%
Between 50% and 67%
More than 67%
59.0%
9.8%
19.7%
8.2%
By number of transactions (in MAD millions)
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
3.3%
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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The last two years were marked by significant exits (more than MAD 500 million) due to the maturity of the first generation funds. The total amount of exits totaled MAD 1.6 billion at the end of 2011
EXITS
Evolution of exits
Amounts exited
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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EXITS
Breakdown by exit type
In 2011 there were 10 exits, with JetAlu and S2M IPOs of significant value
Management
Listing (IPO)
Industrials (trade sales)
Private equity buyer
Refinancing
Write-downs and write-offs
By number By capital returned
Management
Listing (IPO)
Industrials (trade sales)
Private equity buyer
Refinancing
Write-downs and write-offs
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
75%
19%
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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PERFORMANCE
Weighted average IRR by investment stage
Based on all exits through year-end 2011, the overall weighted average IRR is 20%.
Note that the IRRs from investments with a duration of less than 1 year and IRRs of partial exits were not taken into account
Seed/Venture Growth Buy-out
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Average IRR= 20 % Median = 12 %
Average (unweighted) IRR by quartile
The most successful exits (4th quartile) reflect an average performance of 42%
PERFORMANCE
1st Quartile 2nd Quartile 3rd Quartile 4th Quartile
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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CAGR* 18.76%
ECONOMIC AND SOCIAL IMPACT
Evolution of invested companies sales by development stage
Companies in the seed stage and in the process of being established showed the highest rate of sales growth. On average for invested companies, the sales growth rate is 19%, down compared to the 2010 Report (26%)
* Compounded annual growth rate
Seed/Venture Growth Buy-out
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ECONOMIC AND SOCIAL IMPACT
Sales growth by sector
Sectors with the strongest growth: construction, agribusiness, and ICT
Other industries Construction industry Agribusiness industry
Distribution and commerce
Service sector ICT
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Employment growth in invested companies
CAGR = 11 %
ECONOMIC AND SOCIAL IMPACT
On average in 2011, employment growth is 11%, down compared to 2010 (15%)
Seed/Venture Growth Buy-out
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
Annual employment growth in invested companies by development stage between 2005 and 2011
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ECONOMIC AND SOCIAL IMPACT
Evolution of companies CSR Existence of an annual
training plan
At investment
Today
At investment
Today
At investment
Today
At investment
Today
At investment
Today
Existence of a Strategic Workforce Plan Existence of a code of ethics
Existence of action plan for environmental protection
Existence of social action plan (community actions to fight poverty, illiteracy,
and to support local employment, etc.)
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ECONOMIC AND SOCIAL IMPACT
Evolution of corporate governance
The impact on governance is very high: almost all invested companies are at levels close to 100%
Existence of company audit
At investment
Today
At investment
Today
At investment
Today
At investment
Today
Existence of reporting tools
At investment
Today
Existence of policies on defining and monitoring budgets
Existence of performance indicators
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
Existence of oversight committees (steering committee, audit committee,
management committee, etc.)
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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What will be the 3 main challenges in 2012 ? When will fundraising for a new fund commence ?
FORECASTS
Manage under-performing companies
Fundraise
Identify exits
H1 2012 H2 2012 H1 2013 H2 2013 Not planned
Invest in new companies
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When has the exit been planned for the majority of portfolio companies ?
Which aspects of the general context in the Maghreb might impact business activities in the short-term ?
FORECASTS
H1 2012 H2 2012 H1 2013 H2 2013 Not planned
Fundraising
Profitability of portofolio companies Exit opportunities
New investments
Evaluation of portfolio companies
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For regional funds, in which countries will investments be made in either equal or greater amounts ?
FORECASTS
Algeria Morocco Tunisia Egypt Sub-Saharan Africa
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In which sectors will investments be contemplated, in either equal or greater amounts, in the next 5 years ?
In which areas will investments be contemplated, in either equal or greater amounts, in the next 5 years ?
FORECASTS
Agribusiness Health Service ICT Consumer goods Automobile Distribution Energy Transportation and logistics Construction Telecommunication Holiday real estate
Casablanca Rabat Tangier Marrakech Agadir Oujda Fez Laayoune
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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SUMMARY
Key figures • Number of funds: 34, managed by 17 management companies • Funds raised year-end 2011 in total : MAD 8 billion • Funds Available: MAD 3.9 billion • Investment: MAD 3.3 billion • Fundraising and investments declined in 2011 vs. 2010 • Exits in total : MAD 1.6 billion • Average IRR per exit : 20% • Number of invested companies: 135 companies (15 co-invested) • Number of exited companies: 45 companies • Significant exists in 2010/2011, in particular IPOs
Trends • Sectoral and regional investment expansion • Growth in seed/venture stage investments • Strong commitment by the investment funds to support the invested companies, resulting in a
remarkable economic, social and environmental development • Plans for new funds in 2012 for half the management companies
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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Sommaire Scope and Methodological Overview
Economic and Financial Environment
Characteristics of Management Companies
Characteristics of Funds Under Management
Investments
Exits
Performance
Economic and Social Impact
Forecasts
Summary
Annexes
Table of Contents
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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* Funds not yet closed ** Funds in exit phase *** Fund data for Kantara Maroc managed by Amundi in France were kept in the Report
ABRAAJ Al Kantara LP***
ALMAMED Massinissa Massinissa Luxembourg
ATLAMED AM Invest Morocco**
ATTIJARI INVEST Agram Invest Igrane** Moroccan Infrastructure Fund**
AUREOS CAPITAL Aureos Africa Fund Africa Health Fund
AZUR PARTNERS Nebetou Fund
CDG CAPITAL PRIVATE EQUITY Accès Capital Atlantique** Fonds Sindibad** Cap Mezzanine
CFG CAPITAL CFG Développement** IDRAJ
CAPITAL INVEST Capital Morocco** Capital North Africa Venture Fund
DAYAM SA Fonds Dayam FIROGEST FIRO HOLDAGRO SA Targa
MAROC INVEST MPEF I et Afric Invest I** MPEF II **et Afric Invest II MPEF III
MITC CAPITAL Maroc Numeric Fund PRIVATE EQUITY INITIATIVES-‐PEI* RIVA Y GARCIA Mediterrania
UPLINE INVESTMENTS
Upline Technologies** Upline Investment Fund Fond Moussahama I **et II OCP Innovation Fund for Agriculture (OIFFA)
VALORIS* VIVERIS ISTITHMAR Altermed Maghreb
ANNEX 1 List of management companies and funds included in the report
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
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List of “emerging and developing countries”, according to the IMF
This category contains 150 countries:
Republic of Afghanistan, Albania, Algeria, Angola, Antigua and Barbuda, Argentina, Armenia, Azerbaijan, The Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belize, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Central African Republic, Chad, Chile, China, Colombia, Comoros, Democratic Republic of Congo, Republic of Congo, Costa Rica, Côte d'Ivoire, Croatia, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Ethiopia, Fiji, Gabon, The Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Hungary, India, Indonesia, Islamic Republic of Iran, Iraq, Jamaica, Jordan, Kazakhstan, Kenya, Kiribati, Kosovo, Kuwait, Kyrgyz Republic, Lao People's Democratic Republic, Latvia, Lebanon, Lesotho, Liberia, Libya, Lithuania, Former Yugoslav Republic of Macedonia, Madagascar, Malawi, Malaysia, Maldives, Mali, Mauritania, Mauritius, Mexico, Moldova, Mongolia, Montenegro, Morocco, Mozambique, Myanmar, Namibia, Nepal, Nicaragua, Niger, Nigeria, Oman, Pakistan, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Poland, Qatar, Romania, Russia, Rwanda, Samoa, São Tomé and Príncipe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Solomon Islands, South Africa, Sri Lanka, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Sudan, Suriname, Swaziland, Syrian Arab Republic, Tajikistan, Tanzania, Thailand, Democratic Republic of Timor-Leste, Togo, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Tuvalu, Uganda, Ukraine, United Arab Emirates, Uruguay, Uzbekistan, Vanuatu, Venezuela, Vietnam, Republic of Yemen, Zambia, and Zimbabwe.
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Private Equity Activity, Growth, and Performance in Morocco - Report 2011
54 © 2012 Grant Thornton. Tous droits réservés
Constituents of MSCI indices measuring stock market performance
• BRAZIL • CHILE • CHINA • COLOMBIA • CZECH REPUBLIC
• EGYPT • HUNGARY • INDIA • INDONESIA • KOREA
• MALAYSIA • MEXICO • MOROCCO • PERU • PHILIPPINES • POLAND • RUSSIA • SOUTH AFRICA • TAIWAN • THAILAND • TURKEY
Constituents of the Emerging Markets index • AUSTRIA • BELGIUM • DENMARK
• FINLAND • FRANCE • GERMANY
• GREECE • IRELAND • ISRAEL • ITALY • NETHERLANDS • NORWAY • PORTUGAL • SPAIN • SWEDEN • SWITZERLAND • UNITED KINGDOM
Constituents of the Europe index
Constituents of the World index
• AUSTRALIA • AUSTRIA • BELGIUM • CANADA • DENMARK • FINLAND
• FRANCE • GERMANY • GREECE • HONG KONG • IRELAND • ISRAEL
• ITALY • JAPAN • NETHERLANDS • NEW ZEALAND • NORWAY • PORTUGAL • SINGAPORE • SPAIN • SWEDEN • SWITZERLAND • THE • UNITED KINGDOM • USA
• BRAZIL • CHILE • CHINA • COLOMBIA • CZECH REPUBLIC • EGYPT
• HUNGARY • INDIA • INDONESIA • KOREA • MALAYSIA • MEXICO
• MOROCCO • PERU • PHILIPPINES • POLAND • RUSSIA • SOUTH AFRICA • TAIWAN • THAILAND • TURKEY
24 developed markets 21 developing markets
ANNEX 3
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
55 © 2012 Grant Thornton. Tous droits réservés
MOROCCAN PRIVATE EQUITY ASSOCIATION (AMIC)
Founded in 2000, AMIC is an independent professional association whose mission is to unite, represent and promote the private equity profession to local and international investors, entrepreneurs and governmental bodies.
AMIC's main mission is to strengthen the private equity industry’s competitiveness in Morocco and abroad through:
• Effective and clear communication on the private equity industry
• Executing reliable reports and surveys on the state of private equity in Morocco
• Active participation in discussions on any draft law regulating the sector
• Establishing a good governance and ethics code for the private equity industry and promoting compliance with such code
• Providing support services to members on regulatory issues related to the profession
• Development of a quality training program on all aspects of the private equity industry
FIDAROC GRANT THORNTON
The firm belongs to the Grant Thornton International network: • A global leader in consulting and auditing • Grant Thornton International includes more than
27,000 employees in nearly 120 countries • Grant Thornton France is the official partner for the
activity report of the French private equity players.
Fidaroc Grant Thornton operates in the following areas: • Auditing-Statutory Auditor • Company valuation and acquisition and divestment
audits (due diligence) • Advisory work on corporate performance,
organization and information systems • Executing sectoral reports and benchmarking • Supporting certification projects (customs
classification and corporate social responsibility) • Training in management and financial management • Business Risk Services (risk management, risk
mapping) • Support companies in adopting IFRS standards.
ANNEX 4
Private Equity Activity, Growth, and Performance in Morocco - Report 2011
56 © 2012 Grant Thornton. Tous droits réservés