Dettagli

  • Servizio: Advisory, Corporate Finance, M&A
  • Industria: Private Equity
  • Tipo: Business and industry issue, Publication series, Survey report, White paper
  • Data: 17/05/2011

2010: a long dawn... 

KPMG Corporate Finance and AIFI (the Italian Private Equity and Venture Capital Association) have analysed the performances of the transactions carried out by the Private Equity Houses operating in Italy, on an annual basis since 1996. The survey shows, on an aggregate level, the performance of the Italian Private Equity and Venture Capital market in terms of Internal Rate of Return (IRR) in 2010, highlighting trends and potential developments.
2010: a long dawn...
Scarica ora
Per consultare i file PDF è necessario Adobe Reader
Scarica Adobe Reader

After the slump of performance recorded in 2009, signs of partial recovery have been observed in 2010. The overall performance (in terms of Gross Pooled IRR) of the investments realised in 2010, even if still negative (mainly due to the impact of some relevant Write Off), increased from -16.6% in 2009 to -11.4% in 2010.

 

In particular, transactions relating to small and medium companies recorded a material recovery, while MBO/MBI transactions involving medium-large companies (the cluster where most of the Write Offs have been observed) continued to be the worst-hit in terms of performance (similarly to 2009).

 

In terms of Net Pooled IRR, on the one hand the analysis confirmed the fall of performances in 2009-2010 and, on the other hand, highlighted that the Italian market’s returns are substantially aligned with (or partially higher than) the European benchmark.

 

Executive Summary.pdf (688 KB)