Current Status of the German Venture Capital Market and Its Comparison to the
US, UK and France
Table 2: Comparative VC Figures for Germany, France, UK and the US in 2001/199934
|
Germany |
France |
UK |
US | |
|
Portfolio at Cost (for the |
€ 15.8/7.9 |
€ 17.4/5.3 |
€ 39.8/28.0 |
US $ 209.8/142.9 |
|
New Funds Raised in |
€ 3.7/3.8 |
€ 5.5/4.3 |
€ 20.5/9.9 |
US $ 40.3/58.8 |
|
Type of Investors Offering | ||||
|
Banks |
32/40 |
40/25 |
10/26 |
Banks + Insurance |
|
Insurance Companies |
21/11 |
11/15 |
15/14 |
Companies 25/16 |
|
Pension Funds |
3/ 9 |
6/ 9 |
40/31 |
42/44 |
|
Private Investments |
8/12 |
11/ 4 |
6/ 4 |
1/10 |
|
Public Sector |
16/14 |
4/ 3 |
4/ 2 |
0/ 0 |
|
Divestments by Type of |
No detailed | |||
|
Trade Sale |
20/25 |
54/58 |
29/22 |
information available: |
|
IPO |
8/19 |
17/16 |
8/26 |
mainly Trade Sales and |
|
Write-Off |
36/21 |
9/ 3 |
23/ 5 |
IPOs (climax in 1996: |
|
Repaym. of Preference |
268 VC-backed IPOs; | |||
|
Shares/Loans |
2/ 7 |
4/ 2 |
24/32 |
the numbers for |
|
Repayment of Silent Partnerships 16/14 |
2001/1999 are 37/233) | |||
|
Stage Distribution of | ||||
|
Early-Stage |
26/32 |
17/18 |
13/ 2 |
23/22 |
|
Expansion |
35/50 |
22/38 |
25/20 |
57/48 |
|
Buyout |
37/15 |
59/38 |
56/76 |
Later Stage / Buyout 8/30 |
34 Numbers for Germany, the UK and France are taken from the Yearbooks (2000 and 2002) of the European
Venture Capital Association (EVCA) and those from the US from the Yearbook (2002) of the National Venture
Capital Association (NVCA).
35 The NVCA only gives figures for the capital under management of VC funds. The capital under management is
defined as the accumulated VC managed by funds net the VC of funds, which have been liquidated or matured at
the end of their life cycle (after eight years). Capital under management therefore differs from the European
definition of the VC portfolio.
13