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EBRD Portfolio of Private Equity Funds in EBRD Portfolio of Private Equity Funds in Central and Eastern Europe Central and Eastern Europe

and the CISand the CIS

Anne HuttonAnne Hutton

Equity Funds Team, EBRDEquity Funds Team, EBRD

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EBRD in Private Equity Funds

EBRD’s portfolio of funds: over 15 years of investing in the asset class

125 funds (34% liquidated)

81 fund managers

EUR 2.68 billion in commitments (USD 3.26 billion) to funds with capital of EUR 13.54 billion (USD 17.01 billion)

1,116 underlying investments, up to 70% exited.

Largest PE Fund investment program dedicated to the region*

Note: EBRD tracked portfolio only to end December 2009, excludes real estate funds * Russia, CIS and CSE, Turkey

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Fund Raising vs Investments

Note: EBRD tracked portfolio only to December 2009, CSE and CIS

EU

R M

illio

ns

23%

31%

62%

54%

24%

40%

22%

49%

27%

13%

30%

9%

14%

14%

14%

24%

22%

0

500

1,000

1,500

2,000

2,500

3,000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

0%

10%

20%

30%

40%

50%

60%

70%Commitments Raised by Year

Annual Investments

EBRD Commitments as % of total Commitments

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Investor by Type – Trends

Note: CIS and CSE. Includes EBRD (in IFI/Govt), excludes Property Funds

14.30% 15.70%

13.30%

29.37% 49.93%

16.44%

8.62%

3.14%

17.98%

31.22%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1992-2008 2009

Banks and Insurance

Corporate Investors

Fund of Funds

IFI and Govt

Pension Funds

Others

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EBRD Net Horizon Returns: All Funds

 Returns as at

December 31 2009One Year

ThreeYears

FiveYears

TenYears

SinceInception

USD EBRD Private Equity Portfolio* 6.4% 5.2% 25.0% 16.9% 12.3%

 Cambridge Emerging Markets

Venture Capital & Private Equity Index**

8.3% 3.5% 20.6% 15.0% N/A

EUR EBRD Private Equity Portfolio* 3.6% 2.4% 27.4% 11.8% 9.7%

  EVCA, All Private Equity** 7.7% -3.9% 6.5% 5.2% 8.9%

Source: Cambridge Associates, EVCA/Thomson Reuters, Bloomberg and EBRD* EBRD tracked portfolio pooled end-to-end return, net of fees, expenses, donor grants and carried interest. Excludes property funds, and includes liquidated partnerships.

** Pooled end-to-end return, net of fees, expenses, and carried interest. “The "Since Inception" figure represents the net pooled IRR since inception for funds formed between 1980 and 2009.

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Gross Snapshot: All Funds

Note: Excluding underlying investments of funds in which the EBRD sold on its interest.

EU

R M

illio

ns

EUR 3,851m EUR 3,906m

EUR 986m

EUR 2,870m

EUR 6,406m

EUR 382m

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Fully Realised (Including WO)Partially RealisedUnrealised

Investments at CostEUR 7,103m

Total ValueEUR 11,298m

Overall 1.59x 17.4%

FR 2.23x 20.5%

PR 2.6x 23.3%

UR 1.01x 0.62%

>1,100 companies, up to 70% exited

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Gross Snapshot: Agribusiness

EUR 229m EUR 247m

EUR 635m

EUR 1,056m

EUR 49mEUR 36m

-100

100

300

500

700

900

1,100

1,300

1,500

Fully Realised (Including WO)

Partially Realised

Unrealised

Investments at CostEUR 900m

Total ValueEUR 1,352m

Overall 1.50x

FR 1.66x

PR 1.35x

UR 1.08x

Note: Since inception, to end 2009

218 companies, 80% exited

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Exits by Sub-Sectors: Agribusiness

Food retail18%

Manufacturing & Packaging

16%

Primary13%

Food processing

30%

Beverage23%

Note: since inception to end 2009

Food retail22%

Manufacturing & Packaging

13%

Primary12%

Food processing

23%

Beverage30%

By Investment Cost By Exit Proceeds

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Money Multiples and Holding Period: Agribusiness

EU

R M

illio

ns

* primary sub-sectorsNote: Average Holding Period and TVPI calculation includes only fully realised dealsNote: Preliminary data to end 2009

-

50

100

150

200

250

300

Glas

s / P

acka

ging

Textile

Drinks

(wat

er,ju

ices,

etc)

Brewer

y

Dairy

Pro

duct

s

Food

proc

essin

g

Confe

ctio

nary

Food

Retai

l

Poultr

y*

Fores

try*

Oth

er*

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Mul

tiple

Investment Cost Total Investment Value TVPI FR Average Holding Period

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Type of Equity Funds: EBRD Portfolio

Standard private equity funds– regional or country focussed

– generalist or sector specific

Donor funding – channelled through:– TC e.g. EBRD managed accounts.

– Equity windows e.g. EU EBRD Equity SME Finance programme

– Equity windows e.g. GEFF structure

– Central body e.g. SEAF

Insured vehicle / wraparound guarantee

Debt supported – OPIC

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document may be reproduced or transmitted in any form or by any

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permission of the Bank. Such written permission must also be

obtained before any part of this publication is stored in a retrieval

system of any nature. While the information contained herein was

compiled by the EBRD, we do not guarantee its accuracy or

completeness. We accept no liability in relation to use of this

information. Copyright 2009 European Bank for Reconstruction and

Development. All rights reserved.

www.ebrd.com