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ABVCAP Conference: Brazil Post-Crisis, even better! April 12 /13, 2010 – Sofitel – Rio de Janeiro

Overview of the Brazilian Private Equity and Venture Capital Industry. Prof. Cláudio Vilar Furtado GVcepe – Private Equity and Venture Capital Research Center at FGV – EAESP Graduate School of Business . ABVCAP Conference: Brazil Post-Crisis, even better!

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ABVCAP Conference: Brazil Post-Crisis, even better! April 12 /13, 2010 – Sofitel – Rio de Janeiro

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  1. Overview of the Brazilian Private Equity and Venture Capital Industry Prof. Cláudio Vilar Furtado GVcepe – Private Equity and Venture Capital Research Center at FGV – EAESP Graduate School of Business ABVCAP Conference: Brazil Post-Crisis, even better! April 12/13, 2010 – Sofitel – Rio de Janeiro

  2. Special Thanks to our Sponsors and Partners Strategic and Institutional Partnerships Founding Members Institutional Sponsorship

  3. Research Structured in 3 Modules: Managers $ $ Investors Inv. Vehicles Portf. Companies PE&VC 2010 Census

  4. Research Structured in 3 Modules: Managers • Managers: profile, investment thesis and legal nature and human resources • Investments Vehicles: Fundraising, LP’s and Investments and Exits • Invested companies: Stage, Sector, Location, Size, Turnover, Employment, etc. $ $ RESEARCH MODULE 1 Investors Inv. Vehicles Portf. Companies PE&VC 2010 Census

  5. PE&VC in Brazil – Dec/2009 Investors US$ 34 bnCommitted Capital 140 PE&VC Firms Managing Organizations 236 Investment Vehicles 1,747 Professionals and Staff 554 Portfolio Companies Portfolio Companies • From 2005 to 2009: • 489 new/follow-on investments • 37 backed IPO’s (R$31.3bn)

  6. Research Universe 78% of the industry surveyed 180 PE&VC Managing Organizations 140 surveyed

  7. Increasing Presence of Global Players Global, Regional and Emerging Markets Investment Vehicles Global, Regional and Emerging Markets Fund Managers with vehicles strictly dedicated to Brazil DLJ AIG Private Equity (EUA) Darby Overseas (EUA) Electra Capital Partners (Cayman) Franklin Templeton (EUA) Intel Capital (EUA) Itacaré (Ilh Vir) Santander (ESP) Standard Bank (SAF) The Carlyle Group (EUA) Vita Bioenergia (SUI) Actis Autonomy Spinnaker AAI Global Advent AIG Cartesian Cartica Capital Darby Overseas Econergy Brasil General Atlantic Intel Capital One Equity Partners Paul Capital The Carlyle Group GP Investments Southern Cross

  8. Committed Capital Allocated to Brazil current US$ bn 21% increase: 2009/2008 NOTE: Allocated committed capital excludes fully divested vehicles and includes REAL appreciation effect on dec/08 base.

  9. Significant Expansion of the PE Asset Class in Brazil Committed Capital as % of GDP 2x since 2004 Source: BACEN, GVcepe

  10. Fundraising 2009 US$ 4.6bn: Domestic R$ 3.3bn (US$1.7bn) and Foreign US$ 2.9bn current US$ bn

  11. Broad Diversification of Investor Base, notably Pension Funds, Parent Orgs., GPs, Family Offices, etc.

  12. Origin of Investors as % of Committed Capital 2009: high concentration in Brazil, U.S. and E.U Sample: 255 reporting vehicles, ¾ of Committed Capital

  13. Increasing Span of GP activity into both Private Equity and Venture Capital Distribution of Investment Vehicles by Type Obs: Venture Capital includes Seed, Early Stage and Later Stage VC. Private Equity includes Growth Capital and Later Stage Sample: 224 vehicles, 88% of population

  14. Strong Expansion of Portfolio Companies, predominantly SMEs 14%p.a.CAGR 2005-2009 Nr. of Portfolio Companies

  15. Portfolio Companies 2009 by Sector of Economic Activity 1. • Innovative and Technology based sectors predominate 2. Spread in Traditional industries

  16. Private Equity and Venture Capital Investment Activity leverages Industrial Development Policy: presence in 90% of priority government programs PE & VC PORTFOLIO COMPANIES IN 24/26 SECTORS 4/6 Mobilizers programs in strategic areas Industrial ComplexHealth Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Complexo Industrial da Saúde Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação TechnologyInformation andCommunication Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Tecnologias de Informação e Comunicação Nuclear Energy Industrial ComplexDefense Nanotecnologia Nanotecnologia Nanotecnologia Nanotecnologia Nanotecnologia Nanotecnologia Nanotecnologia Nanotecnologia Nanotechnology Nanotecnologia Nanotecnologia Nanotecnologia Nanotecnologia Biotecnologia Biotecnologia Biotecnologia Biotecnologia Biotecnologia Biotecnologia Biotecnologia Biotechnology Biotecnologia Biotecnologia Biotecnologia Biotecnologia 7/7 Programs to consolidate and expand the leadership Complexo Aeronáutico Complexo Aeronáutico Complexo Aeronáutico Complexo Aeronáutico ComplexAeronautical Complexo Aeronáutico Complexo Aeronáutico Complexo Aeronáutico Complexo Aeronáutico Complexo Aeronáutico Complexo Aeronáutico Petróleo,Gás naturale Petroquímica Oil,Natural gas and Petrochemicals Petróleo,Gás naturale Petroquímica Petróleo,Gás naturale Petroquímica Petróleo,Gás naturale Petroquímica Petróleo,Gás naturale Petroquímica Petróleo,Gás naturale Petroquímica Petróleo,Gás naturale Petroquímica Petróleo,Gás naturale Petroquímica Petróleo,Gás naturale Petroquímica Bioethanol Bioetanol Bioetanol Bioetanol Bioetanol Bioetanol Bioetanol Bioetanol Bioetanol Mineração Mineração Mineração Mineração Mineração Mineração Mineração Steel Pulp and Paper Meat Mining 13/13 Programs to strengthen the competitiveness Textile andClothing ComplexAutomotive Capital goods Madeiraand Mobile Hygiene,Perfumeryand Cosmetics Higiene, Perfumaria e Cosméticos Higiene, Perfumaria e Cosméticos Higiene, Perfumaria e Cosméticos Higiene, Perfumaria e Cosméticos Higiene, Perfumaria e Cosméticos Higiene, Perfumaria e Cosméticos Construção Civil Construção Civil Construção Civil Construção Civil Building Construção Civil Complexo de Serviços Complexo de Serviços ComplexServices Complexo de Serviços Complexo de Serviços IndustryNaval and Cabotage Leather, Footwear andArtifacts Agroindústrias Agribusiness Agroindústrias Agroindústrias Biodiesel Biodiesel Biodiesel Plastics OUTROS Education and OTHERS Source: GVcepe and ABDI - Productive Development Policy (PDP)

  17. Brazilian PE&VC on the Radar Screen of Global Investors *Preqin **GVcepe

  18. Brazilian PE&VC on the Radar Screen of Global Investors: Employment Source: Preqin, Gvcepe

  19. Research Structured in 3 Modules: • Legal structure and LP agreements • Investors an LPs: resources origin and category • GP: Legal structure and remuneration • Performance by Investment Vehicle Vintage, Exits, etc. Managers RESEARCH MODULE 2 $ $ Investors Inv. Vehicles Portf. Companies PE&VC 2010 Census

  20. Research Structured in 3 Modules: • Growth and value creation, jobs and intangibles • Patents and Innovation • Corporate governance and financial contracts • Social and Enviromental Sustainability • Exits and Capital Markets Impact Managers RESEARCH MODULE 3 $ $ Investors Inv. Vehicles Portf. Companies PE&VC 2010 Census

  21. Yourcooperation is crucial to ourjointsuccess!!! Thankyou Prof. Cláudio Vilar Furtado GVcepe – Private Equity and Venture Capital Research Center at FGV – EAESP Graduate School of Business ABVCAP Conference: Brazil Post-Crisis, even better! April 12/13, 2010 – Sofitel – Rio de Janeiro

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