Overview 2009 : 123Venture

Fundraising on the rise

For the second consecutive year 123Venture has confirmed its position as the leader in raising private equity funds in the retail market.

In 2009 the total amount raised was 156 million Euros, an increase versus 2008. At end 2009, 123Venture has over 500 million Euros in assets under management and over 40,000 private and institutional clients.

“The figures underscore the increasing importance of retail investors in private equity investments in France at a moment when small and medium sized companies are in real need of capital” comments Olivier Goy, CEO of 123Venture.

“We are particularly pleased with the result of our funds offering income tax reduction (63.5 million Euros raised) which show an increase of 41% versus 2008” adds Xavier Anthonioz, Partner 123Venture responsible for distribution network relations.


A diversified and dynamic strategy

Through its different investment programs 123Venture continued to commit capital to private equity funds and in private companies via direct investments and co-investments with funds.

During  2009 123Venture financed directly or via co-investments 105 private companies in a variety of sectors (technology, industry, distribution, renewable energies, services,…) at different stages of maturity (venture capital, LBO, mezzanine, infrastructure,…).

More than 124 million Euros were invested in the year. “This figure shows the rapid deployment of funds raised and the active role played by private equity funds in supporting the economy”, notes Richard Allanic, Partner 123Venture responsible for fund management.

2009 was also notable for the increase in investment in renewable energies at 123Venture. In the last four years vehicles managed or advised by 123Venture have invested more than 75 million Euros in solar PV plants and wind farms.


Continued difficulties for small and medium sized companies

Although some signs of stabilization appeared in the last quarter, 2009 was a poor year for the economy in general and for small and medium sized companies in particular (decrease in revenues, lack of visibility…). An increase in write downs and a few write offs linked to the economic crisis had a negative impact on the performance of our funds in 2009.

“In spite of the poor economic environment some of our companies managed to outperform their business plans such as Brands4Friends (on-line retail company in Germany), Solairedirect (renewable energies in France), Novexel (sold to AstraZeneca for $505Mn) or Pangenetics which sold an antibody to Abbot for $ 170MN”, notes Paul de Fréminville, Partner 123Venture.


Strengthened team

To accompany its growth, 123Venture recruited several professionals over the course of the year: Sarah Doyle, Director in charge of institutional investor relations; Antonio Graça, Associate Director; Jean Philippe Olivier, Associate Director; Claire Iribarne, Financial Controller and Anne-Sophie Baal, Analyst. The team now totals 22 people.