Early-stage deals further recover in Q2

Coming off the back of what has been a protracted period in the doldrums for European venture capital, there was a much needed and substantial boost in value terms over the three months to June. Rising by 137% from €122.5m to €290.4m, the segment posted its highest total since Q1 2012, though it remains some way below the three quarterly figures to that point and the peak of €372.4m recorded in Q4 2011.

Year-to-date, the €413m investment total for the first six months of 2013 is 20% down on last year's €515.5m. In volume terms there was a similarly welcome third consecutive increase in the number of early-stage transactions over the three months, rising by just a single deal compared with Q1, with 46 transactions. Reflecting the fall from grace for this once-revered sector, however, the year-to-date numbers for 2013 remain significantly down year-on-year, with the aggregate total of 91 some 23% below the 118 registered for the first six months of 2012.

As was the case in the growth capital segment, the largest market for early-stage transactions was the UK, which recorded 12 deals in total and was again a third ahead of its nearest rival. Also mirroring the expansion category, however, the region was only the second highest in value terms, with the €46.1m total bested by the €53.6bn for the nine deals transacted in France. This was despite only one of the top 10 transactions being completed in the country: the €18.2m investment into pharmaceuticals business Genticel.

This article is an extract from the latest unquote" Private Equity Barometer, sponsored by SL Capital. Click here to view full Q2 barometer

All data is sourced from unquote" data, the unquote" proprietary database. To conduct your own searches on pan-European private equity trends, visit unquotedata.com

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