Editor's Note...Welcome to the 15th issue of the EMEA Private Equity Market Snapshot, ... Capital...

│

Editor's Note

Welcome to the 15th issue of the EMEA Private Equity Market Snapshot, a quarterly publication focusing on the private equity [PE] market in Europe, the Middle East & Africa [EMEA] from S&P Global Market Intelligence.

This issue opens with a look at EMEA's position in the global private equity landscape as the region continues to ride a favourable trend as a destination for new investments -highlighted by a particularly strong performance from the UK, who accounted for 31 % of the region's investments in 2017.

We then explore EMEA GPs who, from the start of July to the end of August, have deployed 87% more capital compared to the same period in 2016. They underscored this feat by signing the largest single deal since 2015 -United Capital Partners and others' acquisition of Essar Oil Ltd for €11.4bn. Looking at sub-regional preference globally, like their peers, EMEA PE firms were most interested in investing in the UK.

The Information Technology sector has increasingly attracted attention from global PE firms over the last decade. The total capital deployed into IT targets grew by 63%, from €72.6bn in 2007 to €119.3bn during the study period. APAC-based targets have drawn greater interest from global GPs with China continuing to feature more prominently since 2012 (having also featured twice in the top five deals globally in 2016).

Finally, we turn our attention to institutional investors, who are continuing to add value to the private equity sector. EMEA was the only region in 2016 with decreasing PE allocations -investors tightened their spend in the region due to economic, social and political uncertainties. The UK's decision to leave the EU seems to have further dented institutional investors' confidence.

At the heart of our analysis is the S&P Capital IQ platform, an offering of S&P Global Market Intelligence. The platform incorporates a database capturing more than 3.1 million historical transactions, including deal values and transaction multiples, target company fundamental data, sector-level financials and comprehensive private equity manager and fund information.

We look forward to receiving feedback and suggestions on regions or sectors of interest for future analysis. To subscribe or comment on the EMEA Private Equity Market Snapshot, email [email protected]

Authors

Silvina Aldeco-Martinez

MD, Product & Market

Development EMEA & APAC

Olga Parfiryeva

Associate, Product & Market

Development EMEA

Ian Hazard

Manager,

Investments Data

Ewa Czapnik

Associate,

Investments Data

S&P Global Market Intelligence S&P Global Market Intelligence S&P Global Market Intelligence S&P Global Market Intelligence

Maria Shevchenko

Senior Director, Product & Market

Development EMEA

S&P Global Market Intelligence

2

mailto:[email protected]

1 Details available in Issues 13 and 14 of Private Equity Market Snapshot 2https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=428277690&companyId=225450165; https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=412999137&companyId=33444; https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=422658156&companyId=32370258

3 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=428277690&companyId=225450165 4 For the purposes of this article, Middle East is defined as: Bahrain, Iraq, Iran, Israel, Jordan, Kuwait, Lebanon, Oman, Palestinian Authority, Qatar, Saudi Arabia, Turkey, United Arab Emirates and Yemen.5 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=306661887&companyId=882176

https://marketintelligence.spglobal.com/our-thinking/ideas/emea-private-equity-market-snapshot-issue-13

https://marketintelligence.spglobal.com/our-thinking/ideas/emea-private-equity-market-snapshot-issue-14

https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=428277690&companyId=225450165





6 Secondary Direct deals are defined as sales of majority equity positions of portfolio investments from one private equity owner to another private equity owner. Tertiaries are defined as a scenarios where a portfolio investment has go through two consecutive secondary directs.

7 S&P Capital IQ data from January 1, 2002 to July 31st 2017. M&A and Private Placement transactions involving PE buyers, targeting UK-based target companies

0

5

10

15

20

25

30

35

40

0

20

40

60

80

100

120

140

160

180

200

Fig.1: UK Secondaries Direct Aggregate Investment Per Target Company (January 2003–July 2017)

Target Companies Aggregate Investment EUR BN

8 From here on study period refers to the years between 2007 and 2017YTD. YTD cut-off date is 11/09/2017.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Fig. 2: Global PE Investments

APAC EMEA North America

9 Chinese deal: Alibaba Group Holding Limited received €3.1bn in funding from Boyu Capital Consultancy Co. Ltd and others, https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=214882161&companyId=42083601 The US deal: Ancestry.com Inc. (NasdaqGS:ACOM) was acquired by Permira Investments Limited, Permira IV, L.P. and Spectrum Equity Investors for €1.2bn, https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=223307568&companyId=106987

10 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=304242829&companyId=85076655 and https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=338093577&companyId=237677909 11 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=304242829&companyId=85076655 12 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=429120273&companyId=237677909 13 North America attracted 1,579 new deals in 2017YTD, EMEA – 1,061 and APAC – 581.

Target nameTarget Primary

Industry

Target

Location

Closed

Year

Transaction

Value (mn)

EBITDA

Purchase

Multiple

Buyers NameBuyer

Location

Qihoo 360

Technology

Co. Ltd.

Internet Software

and ServicesChina 2016 € 8,814 27.20x

China Renaissance

Partners and others

Club (China,

The United

States)

Veritas

Technologies

LLC

Application

SoftwareUnited States 2016 € 6,421 NA

Carlyle Partners VI,

L.P. managed by The

Carlyle Group LP

(NasdaqGS:CG), GIC

Pte. Ltd. and other co-

investors

Club (The

United States,

Singapore)

Solera

Holdings Inc.

Application

SoftwareUnited States 2016 € 5,967 15.20x

Vista Equity Partners

Fund V, L.P.

The United

States

Hangzhou

Kuaizhi

Technology

Co., Ltd.

Application

SoftwareChina 2017 € 5,048 NA

Softbank Group Capital

Limited

Club (United

Kingdom,

Japan)

Aon plc,

Benefits

Administration

and HR

Business

Process

Outsourcing

Platform

Internet Software

and ServicesUnited Kingdom 2017 € 4,512 12.10x

The Blackstone Group

L.P. (NYSE:BX)

The United

States

Hangzhou

Kuaizhi

Technology

Co., Ltd.

Application

SoftwareChina 2016 € 4,250 NA

China Life Investment

Holding Company

Limited and others

Club (China,

The United

States)

SolarWinds,

Inc.

Application

SoftwareUnited States 2016 € 4,088 29.60x

Silver Lake Partners IV,

L.P. managed by Silver

Lake and Thoma Bravo

Fund XI, L.P. managed

by Thoma Bravo, LLC

Club (The

United

States)

Ant Financial

Services

Group

Data Processing

and Outsourced

Services

China 2016 € 3,979 NA

China Investment

Corporation and CCB

Trust Co., Ltd.

Club (China)

Playtika Ltd.

Home

Entertainment

Software

Israel 2016 € 3,938 NA

A consortium of Hony

Capital (Beijing) Co.,

Ltd., China Oceanwide

Holdings Group Co.,

Ltd., Yunfeng Capital,

China Minsheng Trust

Co., Ltd., and Giant

Investment (HK)

Limited

Club (China)

Lexmark

International,

Inc.

Technology

Hardware, Storage

and Peripherals

United States 2016 € 3,288 11.30x

A consortium led by

Apex Technology Co.

Ltd. (SZSE:002180)

and PAG Asia Capital

and including Legend

Capital Management

Co. Ltd

Club (China,

Hong Kong)







0

200

400

600

800

1,000

1,200

1,400

1,600

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Dea

l Co

un

ts

Dea

l V

alu

es

, E

UR

mn

Fig. 4: EMEA Venture Capital Investments

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Fig.5: EMEA Capital Allocation by IT Target Revenue Sizes

0 - 50mn EUR 50 - 500mn EUR 500 - 1000mn EUR Greater than 1bn EUR

14 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=430657730&companyId=289236386 15 The definition of Institutional Investors includes: Corporations, Unions, Government (states, counties, cities, etc.), Endowments, Tax Exempt Organizations, Sovereign Wealth Funds, Reserve Banks, Private Foundations, For-profit and Non-profit Health Service Organizations, but excludes Family Offices 16 S&P Ratings, “European Economic Snapshots” February 2017

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016

Mil

lio

ns

Fig. 6: Institutional Investors PE Allocation (2012–2016)

US EMEA APAC


0%

20%

40%

60%

80%

100%

Fig.7: Institutional Investors PE Allocation By Type(2016)

US EMEA APAC

17 Although, Family Office (FO) disclosure is very limited with minimal transparency into investment directions, MMD’s relationships offer unique insight into these advisory firms.

0

500

1,000

1,500

2,000

2,500

US EMEA APAC Other

Fig.8: Family Offices with Private Equity Allocations

FOs with PE Allocations Rest of FOs

13 For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017.

EMEA – Based Targets

0

20

40

60

80

100

120

140

160

180

July - 31 August 2016 July - 31 August 2017

Number of Private Equity Entry Transactions by Region July - 31 August 2016 vs. July - 31 August 2017

Africa

BeNeLux

France

Germany

Middle East

Nordics

RoE

Southern Europe

United Kingdom 0

10

20

30

40

50

60

70


Number of Private Equity Exit Transactions by Region July - 31 August 2016 vs. July - 31 August 2017

Africa

BeNeLux

France

Germany

Middle East

Nordics

RoE

Southern Europe

United Kingdom

0

1

2

3

4

5

6

7


Aggregate Private Equity Entry Transaction Values by Region (€bn)

July - 31 August 2016 vs. July - 31 August 2017

Africa

BeNeLux

France

Germany

Middle East

Nordics

RoE

Southern Europe

United Kingdom 0

2

4

6

8

10

12

14

16

18


Aggregate Private Equity Exit Transaction Values by Region (€bn)


Africa

BeNeLux

France

Germany

Middle East

Nordics

RoE

Southern Europe

United Kingdom

Data Pack

0

50

100

150

200

250

300


Average Entry Transaction Size by Region (€mn) July - 31 August 2016 vs. July - 31 August 2017

Africa

BeNeLux

France

Germany

Middle East

Nordics

RoE

Southern Europe

United Kingdom 0

100

200

300

400

500

600

700

800

900


Average Exit Transaction Size by Region (€mn) July - 31 August 2016 vs. July - 31 August 2017 1

Africa

BeNeLux

France

Germany

Middle East

Nordics

RoE

Southern Europe

United Kingdom

0

50

100

150

200

250

300


Number of Private Equity Entry Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017

Consumer Discretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials

Information Technology

Materials

Real Estate

Telecommunication Services

Utilities 0

10

20

30

40

50

60

70

80


Number of Private Equity Exit Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017


Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

Data Pack

EMEA – Based Targets (continued)


1. Intel Corporation (NasdaqGS:INTC) completed the acquisition of Mobileye N.V. (NYSE:MBLY) from Ziv Aviram, Amnon Shashua, Sailing Capital International of Sailing Capital Advisors (HK) Limited and other shareholders for 14.5bn EUR.


0

1

2

3

4

5

6

7

8


Aggregate Private Equity Entry Transaction Values by Industry (€bn)



Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities0

5

10

15

20


Aggregate Private Equity Exit Transaction Values by Industry (€bn)



Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

0

100

200

300

400

500


Average Entry Transaction Size by Industry (€mn)



Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities0

200

400

600

800

1000

1200

1400

1600

1800


Average Exit Transaction Size by Industry (€mn)



Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

Data Pack

EMEA – Based Targets (continued)


EMEA – Based GPs

0

20

40

60

80

100

120

140

160

180


Number of Private Equity Entry Transactions by Region July - 31 August 2016 vs. July - 31 August 2017

Africa

Asia

BeNeLux

France

Germany

Indian Sub-Continent

Latin America

Middle East

Nordics

North America

RoE

Southern Europe

United Kingdom0

5

10

15

20

25

30

35

40

45

50


Number of Private Equity Exit Transactions by Region July - 31 August 2016 vs. July - 31 August 2017

Africa

Asia

BeNeLux

France

Germany


Latin America

Middle East

Nordics

North America

RoE

Southern Europe

United Kingdom

0

2

4

6

8

10

12

14


Aggregate Private Equity Entry Transaction Values by Region (€bn)


Africa

Asia

BeNeLux

France

Germany


Latin America

Middle East

Nordics

North America

RoE

Southern Europe

United Kingdom0

2

4

6

8

10

12

14

16


Aggregate Private Equity Exit Transaction Values by Region (€bn)


Africa

Asia

BeNeLux

France

Germany


Latin America

Middle East

Nordics

North America

RoE

Southern Europe

United Kingdom

Data Pack


2. Indian Sub-Continent – Excluded: Open Joint Stock Company Rosneft Oil Company (LSE:ROSN) signed a non-binding term sheet to acquire 49% stake in Essar Oil Ltd. (BSE:500134) from Essar Energy Holdings for 11.4bn EUR.

0

50

100

150

200

250

300

350


Average Entry Transaction Size by Region (€mn)

July - 31 August 2016 vs. July - 31 August 2017 2

Africa

Asia

BeNeLux

France

Germany


Latin America

Middle East

Nordics

North America

RoE

Southern Europe

United Kingdom

0

200

400

600

800

1000

1200

1400


Average Exit Transaction Size by Region (€mn)


Africa

Asia

BeNeLux

France

Germany


Latin America

Middle East

Nordics

North America

RoE

Southern Europe

United Kingdom

0

50

100

150

200

250

300

350


Number of Private Equity Entry Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017


Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities 0

10

20

30

40

50

60

70

80


Number of Private Equity Exit Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017


Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

Data Pack

EMEA – Based GPs (continued)


0

2

4

6

8

10

12


Aggregate Private Equity Entry Transaction Values by Industry (€bn)



Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities0

1

2

3

4

5

6

7

8

9


Aggregate Private Equity Exit Transaction Values by Industry (€bn)



Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

0

50

100

150

200



July - 31 August 2016 vs. July - 31 August 2017 3


Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities0

100

200

300

400

500

600

700

800

900


Average Exit Transaction Size by Industry (€mn)



Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

Data Pack

EMEA – Based GPs (continued)

3. Energy – Excluded: Open Joint Stock Company Rosneft Oil Company (LSE:ROSN) signed a non-binding term sheet to acquire 49% stake in Essar Oil Ltd. (BSE:500134) from Essar Energy Holdings for 11.4bn EUR.


VC EMEA – Based GPs

0

10

20

30

40

50

60

70

80


Number of Venture Capital Entry Transactions by Region July - 31 August 2016 vs. July - 31 August 2017

Africa

Asia

BeNeLux

France

Germany


Latin America

Middle East

Nordics

North America

RoE

Southern Europe

United Kingdom0

50

100

150

200

250


Number of Venture Capital Entry Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017


Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

0

200

400

600

800

1000

1200


Aggregate Venture Capital Entry Transaction Values by Region (€mn)


Africa

Asia

BeNeLux

France

Germany


Latin America

Middle East

Nordics

North America

RoE

Southern Europe

United Kingdom0

200

400

600

800

1000

1200

1400


Aggregate Venture Capital Entry Transaction Values by Industry (€mn)



Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

Data Pack


0

10

20

30

40

50

60

70

80



July - 31 August 2016 vs. July - 31 August 2017 4 Africa

Asia

BeNeLux

France

Germany


Latin America

Middle East

Nordics

North America

RoE

Southern Europe

United Kingdom0

5

10

15

20

25

30

35



July - 31 August 2016 vs. July - 31 August 2017 5 Consumer Discretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

Data Pack

VC EMEA – Based GPs (continued)

4. Latin America – Excluded: SoftBank Vision Fund, a fund managed by SoftBank Vision Fund, invested 936.8mn EUR into Roivant Sciences Ltd.

5. Healthcare – Excluded: SoftBank Vision Fund, a fund managed by SoftBank Vision Fund, invested 936.8mn EUR into Roivant Sciences Ltd.

Data Pack


VC EMEA – Based Targets

0

10

20

30

40

50

60

70

80

90


Number of Venture Capital Entry Transactions by Region July - 31 August 2016 vs. July - 31 August 2017

Africa

BeNeLux

France

Germany

Middle East

Nordics

RoE

Southern Europe

United Kingdom 0

50

100

150

200

250


Number of Venture Capital Entry Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017


Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate

TelecommunicationServicesUtilities

0

100

200

300

400

500

600

700


Aggregate Venture Capital Entry Transaction Values by Region (€mn)


Africa

BeNeLux

France

Germany

Middle East

Nordics

RoE

Southern Europe

United Kingdom 0

100

200

300

400

500

600

700

800


Aggregate Venture Capital Entry Transaction Values by Industry (€mn)



Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities


0

2

4

6

8

10

12

14

16




Africa

BeNeLux

France

Germany

Middle East

Nordics

RoE

Southern Europe

United Kingdom 0

5

10

15

20

25

30





Consumer Staples

Energy

Financials

Healthcare

Industrials


Materials

Real Estate


Utilities

Data Pack

VC EMEA – Based Targets (continued)


EMEA Private Equity Market Snapshot

Multiples Table

Implied Enterprise Value/EBITDA

EMEA Private Equity Exits 01/07/2016–31/08/2017

M&A 01/07/2016–31/08/2017

Consumer Discretionary 12.7 11.9

Consumer Staples 11.3 9.6

Energy 11.0 7.2

Financials 20.2 12.3

Healthcare 12.4 13.1

Industrials 10.5 9.8

Information Technology 14.0 12.6

Materials 8.9 8.6

Telecommunication Services 9.3 9.1

Utilities 9.4 10.5

Real Estate 28.0 19.1

Implied Equity Value/LTM Net Income

EMEA Private Equity Exits 01/07/2016–31/08/2017

M&A 01/07/2016–31/08/2017

Consumer Discretionary 16.3 17.3

Consumer Staples 17.3 16.0

Energy 21.3 9.9

Financials 15.6 13.9

Healthcare 35.0 21.4

Industrials 17.2 16.6

Information Technology 19.5 20.8

Materials 9.6 15.0

Telecommunication Services 26.7 22.6

Utilities 15.5 18.1

Real Estate 8.4 13.9

*Multiples highlighted in bold & italics represent the sector average over a 2 year time horizon in order to provide a more comprehensive sector average.



Private Equity Market Snapshot – Create Your Own

If you are interested in creating your own report similar to this issue of Private Equity Market Snapshot or any prior report, please contact

us: [email protected]. Our team can help you build a customized screen, linkage from Excel to PowerPoint, and create tailored templates and models

for regions, industries or sectors of your choice:

Quickly add data

points from the

search bar to

your criteria Access more than 3.1mn

screening transactions

across the globe, including

M&A transactions and

private placements

Screen more than 5,000

financial data points,

including financials for

private companies



Previous Issues

Issue 1, March 2014

• EMEA-Based Private Equity Market Settles into a New Normal Post-Financial Crisis

• Information Technology Remains Attractive for PE and VC Firms

Issue s2, June 2014

• Healthy Start to 2014 for EMEA GPs, Despite April Hiccup

• Healthcare: Resilient or Overheating? We examine PE activity pre and post-financial crisis

Issue 3, September 2014

• Pressure from Strategic Buyers Slowing EMEA GPs’ Pace of Investment in Q2

• Asia Capital Sun Rising over Europe: Asian PE investors show growing interest in EMEA-

based targets

Issue 4, January 2015

• 2014: EMEA Still Attractive to Global Private Equity

• IT & Finance heat up - The IT sector attracted the most deals over the course of 2014, with

1701 investments worth €12bn of capital. €33.2bn was invested into the Financial sector in

2014, a 29% increase in deal volume compared to 2013

• Germany: Has the Mittelstand lost its quintessentially strong profile?

Issue 5, April 2015

• UK North-South Divide: Who is Benefitting from UK Private Equity Investments?

• Fall of Oil & Gas Prices: Potential PE Dealmaking Territory

• Private Equity: What’s the Deal with Tax Havens?

Issue 6, July 2015

• European Leveraged Lending: How are PE Firms Taking Advantage of Conditions in the

European Leveraged Finance Market?

• Consumer Confidence Conundrum – EMEA PE Skeptical about Consumer Confidence

Outlook?

• Middle East Sovereign Wealth Funds – Perfect Partners for Mega-Deals

Issue 7, September 2015

• Investment into EMEA Wanes as Regional Issues Accumulate

• Private Equity Shifts Focus Towards Internet Retailers

• Private Equity Exits: Secondaries and IPOs – Buffers and Bull Markets

Issue 8, February 2016

• EMEA Becomes Increasingly Attractive to Global GPs

• EMEA Healthcare Checkup

• The Rise of Cyber Power in Germany

• Have Buyout Holding Periods Reached their Peak?

Issue 9, April 2016

• 2016: Slow Start for EMEA Entries but Exits Skyrocketing

• France: La Belle Vie for Private Equity

• Spanner in the Works for Industrials

• Will Private Equity Push through High-Yield Bond Market Volatility?

Issue 10, July 2016

• Is Investment into EMEA Running Out of Steam?

• Sweden: Still ahead in the Nordic Private Equity Market?

• IT in EMEA Losing Ground to the U.S. and Asia

• Private Equity Sponsors Tap Powerful Direct-Lenders in Bid to Raise Larger Unitranches

Issue 11, October 2016

• EMEA Emerging Markets Flourish Despite Brexit Jitters

• Specialist Mid-Market GPs Face Stiff Competition

• EMEA Consumer Products Losing Ground to US Targets

• UK Large Caps, UK Mid-Caps: Spot Any Difference?

Issue 12, February 2017

• EMEA Fails to Attract Global Private Equity Capital in 2016

• Russia, Czech Republic and Poland lead the way for CEE

• Real Estate and Private Equity: An Affair to Remember

• Asia-Pacific Investors favour North America over Europe

Issue 13, April 2017

• 2017: EMEA Blossoms in the Spring

• France Affected by Counterfactual Thinking?

• Global GPs Cautiously Optimistic Towards the Energy Sector

• Borrowers Hold the Upper Hand in Flooded Leveraged Loan Market

Issue 14, July 2017

• All Eyes on UK PE Targets

• Sector Selection Critical to Success in Germany and Switzerland

• Healthcare Sector Diagnosis: Chronic Arrhythmia

• Private Equity Firms: Throwing Gas (and Oil) On A Potential Fire?


For More Information

S&P Global Market Intelligence’s broad range of solutions and services were utilized in the production of this paper.

For more information please contact:

The Americas

+1 212 438 8701

+1 888 806 5541

Asia-Pacific

+852 2533 3588

Europe, Middle East and Africa

+44 (0) 20 7176 1234

www.spglobal.com/marketintelligence


Copyright © 2017 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

These materials have been prepared solely for information purposes based upon information generally available to the public and from sources believed to be reliable. No content (including index data,

ratings, credit-related analyses and data, research, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in

any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P Global Market Intelligence or its affiliates (collectively, S&P Global). The Content shall not be

used for any unlawful or unauthorized purposes. S&P Global and any third-party providers, (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the

Content. S&P Global Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON “AS IS” BASIS.

S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A

PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT

WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory,

punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection

with any use of the Content even if advised of the possibility of such damages.

S&P Global Market Intelligence’s opinions, quotes and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendations to

purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P Global Market Intelligence may provide index data. Direct investment in an

index is not possible. Exposure to an asset class represented by an index is available through investable instruments based on that index. S&P Global Market Intelligence assumes no obligation to update

the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors

and/or clients when making investment and other business decisions. S&P Global Market Intelligence does not act as a fiduciary or an investment advisor except where registered as such. S&P Global keeps

certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions of S&P Global may have information

that is not available to other S&P Global divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each

analytical process.

S&P Global may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P Global reserves the right to disseminate its opinions and

analyses. S&P Global's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com

(subscription), and may be distributed through other means, including via S&P Global publications and third-party redistributors. Additional information about our ratings fees is available at

www.standardandpoors.com/usratingsfees.

Date post:	07-Aug-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

Editor's Note...Welcome to the 15th issue of the EMEA Private Equity Market Snapshot, ... Capital...

Documents