A_Panferov_Lanscape_&_Evolution_of_PE_in_Russia

N ew R ussia G rowth Private Equity Advisors Landscape and Evolution of Private Equity in Russia Alexey Panferov Managing Partner 30 June, 2010

Presentation summary ,[object Object],[object Object],[object Object],[object Object],[object Object]

Russia: macroeconomic overview Source: RTS Source: State Statistics Committee Source: State Statistics Committee Source: Central Bank of Russia

Russian PE industry snapshot ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Fundraising: international vs. local LPs International LPs Local LPs

NRG. Profile. Independent alternative investment manager Volga River One C.P. First Closing: 29 Sept 2006 Current size (cash): US$178 m Number of LPs: 20 (15 private + 5 institutional) Portfolio companies: 6 (telecoms, retail, food production) Tenor (years): 5+2 with 51% approval of LPs Volga River Growth First Closing: 3Q 2010 Target size: US$250 m LPs: EBRD expected to be a core investor, commitments from 7 local LPs Number of portfolio deals: 2 deals warehoused Tenor (years): 5+2 with 75% approval of LPs

Most popular PE sectors in Russia. Performance in 2008-2010 % of bad loans to total portfolio of Russian banks Broad-band Internet subscribers, m Source: NRG estimates Source: State Statistics Committee Source: PWC, NRG estimates Source: State Statistics Committee

NRG Private Equity Portfolio Ufanet: sales & EBITDA, $ m (internet provider) Genser: sales & EBITDA, $ m (car dealer) Source: company data Source: company data Source: company data Source: company data Begemot: sales & EBITDA, $ m (toy retail chain) Umnitsa: sales & EBITDA, $ m (baby food)

[object Object],[object Object],[object Object],Case Study: Genser Initial investments: 2007 Volga River One Fund entered promising Russian car retail market Hybrid equity: April 2009 Secured loan with equity kickers Expected IRR: 40-55% Transaction is warehoused for Volga River Growth, financing is provided by Russian HNWI New share issue: December 2008 Pre-money valuation: US$220 m (2.8x) Fund managed to attract US$74 m of equity financing during the credit crunch peak ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Profitable exit

Case Study: Begemot ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Sales & EBITDA, US$ m ,[object Object],[object Object],[object Object],[object Object],[object Object]

Conclusion. Russian PE industry outlook ,[object Object],[object Object],Market environment creates attractive opportunities for hybrid equity ,[object Object],[object Object],Currently international LPs most likely to invest in Russian secondaries ,[object Object],[object Object],Strong long-term partnership with local LPs allows to launch new funds and attract more investors subsequently ,[object Object],[object Object],Currently private companies are reasonably valued thus opening opportunities for new deals which can result in high IRRs subject to professional management and deal structuring

A_Panferov_Lanscape_&_Evolution_of_PE_in_Russia

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (19)

En vedette

En vedette (6)

Similaire à A_Panferov_Lanscape_&_Evolution_of_PE_in_Russia

Similaire à A_Panferov_Lanscape_&_Evolution_of_PE_in_Russia (20)

Plus de Bridgitte10

Plus de Bridgitte10 (14)

Dernier

Dernier (20)

A_Panferov_Lanscape_&_Evolution_of_PE_in_Russia