Quest for Growth › sites › default › files › media-docu… · Company’s technology will transform care for patients with brain disorders and injuries. May 14th, 2019 –

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Quest for Growth

Press & Analyst Meeting26 July 2019

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Capricorn Venture PartnersTeam update

Situation at 30 June 2019:– Total staff: 20– Investment professionals: 12 of which 4 Partners, 6 Senior Investment Managers,

1, Investment Associate, 1 Investment Analyst– Administration, Risk management, Legal & Compliance: 7– Business Development: 1

Joining:– Guy Reynaerts, Senior Investment Manager Quoted Equity– Maarten Lambert, Investment Associate Digital Growth– Yvette Go, Senior Investment Manager Sustainable Chemistry

Joining in H2:– Wouter Van de Putte, Investment Associate Sustainable Chemistry– Steven Levecke, Senior Investment Manager

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Agenda

2019 H1 results and performance Quest for Growth

Comments on quoted portfolio

Comments on unquoted portfolio

Questions and Answers

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Key facts:

• Return on equity per share: + 9.92% since 31 December 2018• Net asset value per share at 30 June 2019: € 7.83 (31 December 2018: € 7.12)• Net result for the period: + € 11,841,910 (+ € 0.71 per ordinary share) against a loss of € - € 560,133 (- € 0.04 per

ordinary share) for H1 2018 • Share price at 30 June 2018: € 5.64 (31 December 2018: € 6.02)• Discount of the share price versus net asset value: 27.94 % at 30 June 2019 (15.46 % at 31 December 2018)• IPO Sequana Medical• Trade sale Epigan• Quest for Growth commits to invest € 15,000,000 in Capricorn Digital Growth Fund• Indirect (follow on) investments in Confo Therapeutics, Arkite, NGDATA, Icometrics and DMC

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2019 H1 results and performance Quest for GrowthAdded value per sector per share

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2019 H1 results and performance Quest for GrowthAdded value per asset class per share

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Quest for Growth NAVResults from 1/01/2009 until 30/06/2019

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Quest for Growth share price10 year total shareholders return

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Quest for Growth share priceDiscount to Net Asset Value: 27.94 %

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Quest for Growth share pricePortfolio composition and market capitalisation at 30/06/2019

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Distribution of the portfolio by sectorat 30/06/2019

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Agenda





13source: Bloomberg

Stock markets in Europe & USA

Portfolio quotedEquity market environmentEquity markets in 2019

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Portfolio quotedEquity market environmentEquity markets in 2019

source: Bloomberg

Sector performance in Europe

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Portfolio quotedEquity market environmentValuation

source: Factset, Capricorn Venture Partners

STOXX Europe 600 12 month forward P/E

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Portfolio quotedTransactions 2019

IN OUT INCREASE REDUCTIONNedap AuresSAP Pharmagest

CEWE

Aliaxis MelexisNormaEVS

CEWE

Biocartis ForFarmers Steico

Nexus MelexisNedap TKHSteico

Akka USU SoftwareUmicore CEWE

TKHNedap

Robertet USU Software TKHSAP

JANUARY

FEBRUARY

MARCH

APRIL

MAY

JUNE

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Portfolio quotedTransactions 2019 H1: Introduction Biocartis

Biocartis is active in the development of equipment and consumables for molecular testing, mainly focused on oncology. The central product is the “Idylla” platform, which allows for automated, fast, decentral testing and diagnosing from biological samples.

Country: Belgium Sector: Health Care Equipment & Services Market cap at 30/06/2019: 591 million EUR Portfolio entry: 19/03/2019 Portfolio weighting at 30/06/2019: 1.1% of NAV (1.7% of quoted)

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Portfolio quotedTransactions 2019 H1: Introduction Biocartis

Robertet SA produces and distributes aromatic products. Its products are mainly used for the food flavouring, perfume and natural aromatic product industry. Its operations are conducted through three divisions: Raw Materials, Fragrances and Flavors. The company was founded in 1850.

Country: France Sector: Materials Market cap at 30/06/2019: 1544 million EUR Portfolio entry: 06/06/2019 Portfolio weighting at 30/06/2019: 1.2% of NAV (1.8% of quoted)

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Portfolio quotedTransactions 2019 H1: Sale Forfarmers

source : Bloomberg, Capricorn Venture Partners

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Portfolio quotedTransactions 2019 H1: Sale USU Software

source : Bloomberg, Capricorn Venture Partners

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Portfolio quotedTop 10 holdings

country sector/activity portfolioentry % NAV

CEWE Germany photo and online printing services 2017 4.7%

TKH Group Netherlands telecom, building and industrial solutions 2014 4.7%

Pharmagest France software for pharmacies 2010 4.1%

Nexus AG Germany software for hospitals 2011 3.6%

Akka Technologies Belgium engineering consulting and R&D services 2018 3.3%

Jensen-Group Germany heavy-duty laundry equipment 2016 3.3%

Kingspan Ireland Insulation materials and products 2016 3.1%

Fresenius SA Germany healthcare products and services 2012 2.9%

SAP Germany business software 2012 2.9%

Norma Group Germany connection technology and water mgmt. 2016 2.7%

Sheet1

countrysector/activityportfolioentry% NAV

CEWEGermanyphoto and online printing services20174.7%

TKH GroupNetherlandstelecom, building and industrial solutions20144.7%

PharmagestFrancesoftware for pharmacies20104.1%

Nexus AGGermanysoftware for hospitals20113.6%

Akka TechnologiesBelgiumengineering consulting and R&D services20183.3%

Jensen-GroupGermanyheavy-duty laundry equipment20163.3%

KingspanIrelandInsulation materials and products20163.1%

Fresenius SAGermanyhealthcare products and services20122.9%

SAPGermanybusiness software20122.9%

Norma GroupGermanyconnection technology and water mgmt.20162.7%

TechnotransGermanyliquid technology20153.0%

Aures TechnologiesFrancepoint-of-sale computer terminals20172.4%

CenitGermanyPLM software & services20153.3%

TomraNorwaycollection and sorting equipment20122.8%

EVSBelgiumdigital video production systems20162.7%

GerresheimerGermanypharma packaging20113.4%

UmicoreBelgiummaterials technology20063.0%

CorbionNetherlandsfood ingredients and biobased chemicals20162.7%

CFEBelgiummarine engineering20153.3%

ZetesBelgiumidentification technology20153.2%

SAPGermanybusiness software20123.3%

Kiadis PharmaNetherlandsbiotechnology20073.6%

MelexisBelgiumautomotive semiconductors20112.9%

Saft GroupeFrancehigh performance batteries20122.6%

BertrandtGermanyengineering and design services20133.1%

UDG HealthcareIrelandhealthcare services20092.8%

KendrionNetherlandselectromagnetic components20112.5%

ArcadisNetherlandsengineering consultancy20073.5%

CentrotecGermanyenergy-efficient heating/climate systems20092.5%

EconocomBelgiumIT infrastructure management2010

SchaltbauGermanytransportation equipment2011

NemetschekGermanybuilding software

MelexisBelgiumautomotive semiconductors

InitGermanytelematics for public transport

TevaIsraelgeneric and branded pharmaceuticals

LEM HoldingSwitzerlandcurrent and voltage transducers

Unit4Netherlandsbusiness software

SMA SolarGermanyinverters for solar electricity

Pfeiffer VacuumGermanytechnology for vacuum generation and analysis

RocheSwitzerlandpharmaceuticals and diagnostics

WirecardGermanyinternet payment processing

TKHNetherlandstelecom, electrotechnical and industrial solutions

Ten CateNetherlandshigh-end technical textiles

AcinoSwitzerlandmanufacturing of generic pharmaceuticals

PhilipsNetherlandshealthcare, lighting, consumer electronics

TransicsBelgiumfleet management systems

AlapisGreecehuman health, veterinary prod., detergents & cosmetics

Software AGGermanybusiness infrastructure software

SmartracGermanyRFID inlays

Omega PharmaBelgiumOTC products for pharmacies & B2B to health care prof.

VodafoneUKmobile telecommunication services

OmrixUSbiosurgical and immonology products

Icos Vision Syst.Belgiuminspection systems for the semiconductor industry

D+S EuropeGermanycustomer management services outsourcing

UnibetMaltaonline gambling

OptionBelgiumwireless data communications cards and products

EricssonSwedentelecommunication equipment & mobile phones

VodafoneUKtelecommunication services

BinckNetherlandsonline broker

Plethora SolutionsUKspecialty pharmaceutical co. focused on urological disorders

Global GraphicsFrancesoftware used in pre-press, digital printing and document systems

DCCIrelanddistribution & support serv. in IT, healthcare, energy, food & envir.

O2UKtelecommunication services

Sheet2

Sheet3

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Portfolio quotedMarket caps (% of quoted portfolio excl. cash)

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Portfolio quotedValuation of portfolio companies: 12m fwd. P/E = 17.3

12 month forward P/E of portfolio companies

source : Factset, Capricorn Venture Partners

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Portfolio quotedBest & worst performing stocks

Source: Bloomberg, Capricorn Venture PartnersQfG quoted (e) is estimate excluding costs and cash

Portfolio company returns in local currency

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Portfolio quotedPerformance attribution 2019 H1

Source: Factset, Capricorn Venture Partners

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Agenda





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Portfolio unquoted

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Portfolio unquoted

Sequana – IPO in February 2019. “Sequana Medical raises €27.5 million in successful Initial Public Offering”

Epigan – Trade sale

“Soitec expands its engineered substrate portfolio into GaN (Gallium Nitride) with the acquisition of EpiGaN nv”

NGData – follow-up investment (see CICT)

Feb Mar Apr May Jun5,5

6

6,5

7

7,5

8

8,5

9

Pric

e[E

UR

]

Date Range: 03 Jul '18 to 04 Jul '19

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Portfolio unquoted

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Portfolio unquoteddirect investments – co-investments

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Portfolio unquotedVenture Capital FundsCapricorn Digital Growth fund (CDGF)

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Quest for Growth commits to invest € 15 million in the Capricorn Digital Growth Fund

Of that commitment, € 3.75 million has been invested at the establishment of the fund on June 28 and the remaining amount will be called over the lifetime of the fund.

Other investors:• FPIM (Federale Participatie en Investeringsmaatschappij)• PMV (ParticipatieMaatschappijVlaanderen)• AG Insurance• KULeuven• Capricorn team members

Philippe de Vicq will join the BoD of CDGF as a representative of QfG

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Data science technologies and core AI

Digital Health

Industry4.0

fintechinsurtechregtechadtech

Deeptech

smart citysmart home

smart gridsmart x

3 focus areas

Investment landscape

+ serendipity

+ part of deeptech

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• Main fund characteristics

• The Fund will invest in data driven start-up and scale-up companies

• No single investment will exceed 15% of the total Committed Capital of the Fund

• Geographic focus: Benelux + Europe (RoW if the investment target has or will have

clear link with Europe)

• Main Terms & Conditions:

• Fixed term of 10 years (two extensions of max 3 years each possible)

• Investment period: 6 years after first closing

• Further fundraising with a target of €80 mln (hard cap €120 mln)

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Portfolio unquotedVenture capital funds

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Portfolio unquotedVenture Capital FundsCapricorn Health-tech Fund (CHF)

07/05/2019 - “Confo Therapeutics raises €30 million in Series A financing”Confo Therapeutics, an emerging drug discovery company, today announces the completion of a €30 million Series A financing. The investment was led by BioGeneration Ventures (BGV) and co-led by Wellington Partners, with the addition of new investors Fund+ and Perceptive Advisors. Existing investors Capricorn Health-Tech Fund, Qbic, ParticipatieMaatschappij Vlaanderen NV (PMV), MINTS (University of Michigan), V-Bio Ventures and VIB also took part in the current financing round.

20/06/2019 - “Confo Therapeutics receives €1.7 million grant from VLAIO to progress novel GPCR-modulating compounds for an orphan indication”

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Portfolio unquotedVenture Capital FundsCapricorn ICT Arkiv (CICT)

NGData

Follow-up investment E2 shares with total commitment of the round of 2 million EUR

Arkite

Follow-up investment B shares with total commitment of the round of 1.5 million EUR

Icometrix

Company’s technology will transform care for patients with brain disorders and injuries

May 14th, 2019 – Leuven/Geneva/Boston icometrix, the global expert in brain imaging Artificial Intelligence solutions, has raised $18 million through a partnership led by Forestay Capital alongside Optum Ventures and existing investor Capricorn Venture Partners.

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Portfolio unquotedVenture Capital FundsCapricorn Sustainable Chemistry Fund (CSCF)

DMC

Follow-up investment in new capital round (Series A) with total commitment of 10.3 million USD

Series A investors are:

-Sofinnova-Boulder Ventures -CSCF -BEV

This round will be used to strengthen the team in business development and operations, increase scale up capability and prepare the market entry with several products. The round provides 2 years runway for the company.

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Agenda





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Financial calendar 2019

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Thank you for your attention!

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Quest for Growth › sites › default › files › media-docu… · Company’s technology will transform care for patients with brain disorders and injuries. May 14th, 2019 –