Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Q2 2011
Contents
Page Number
I. EXECUTIVE SUMMARY
- Sector Analysis
- Regional Analysis
10
11
- Sector Analysis
12
13
Fund Activity
14
15
16
- Sector Analysis
18
19
- Regional Analysis
20
21
Disclaimer:
VCCEdge (the research arm of VCCircle.com) has taken due care and caution in preparing this report. Information has been obtained from the
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information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report
may be published/reproduced in any form without VCCEdges prior written approval. VCCEdge or its owner Mosaic Media Ventures Pvt. Ltd. is not
liable for investment decisions which may be based on the views expressed in this report.
Executive Summary
Private Equity:
Total private equity investment in India went up 71.5% from $1.83 billion in Q2 2010 to $3.14 billion in Q2
2011. Deal volume also increased 52% from 90 to 137 during the same period.
The median deal amount increased 10% from $10 million in Q2 2010 to $11 million. The average deal value
increased 21% from $24 million to $29 million during the same period.
Private equity deals under $50 million accounted for 67.15% of total deal volume in Q2 2011.
Big-ticket deals ($100 million and above) constituted 47.02% of the total private equity capital invested during
the quarter.
Industrials, Materials and Consumer Discretionary were the most targeted sectors for investment with deals
worth $989, $664 and $479 million respectively.
Exits continue to be on the backburner with just $620 million worth of investments realized across 26 exit deals
as compared to $1.34 billion across 41 exit deals in Q2 2010.
M&A deal value in Q2 2011 is nearly half of the $21.88 billion seen in Q1 2011, even though the deal volume
went up by 5 deals between the two quarters.
The median deal amount increased from $18 million to $ 21 million and the average deal value dropped by 14%
from $136 million to $117 million as compared to Q2 2010.
The value of outbound deals surged significantly from $4.85 billion in Q2 2010 to $7.75 billion in Q2 2011.
Big-ticket deals ($100 million and above) constituted 87% of the total deal flow.
Energy, Materials and Information Technology were the most targeted sectors for acquisitions with deals worth
$4.43 billion, $2.65 billion, and $1.51 billion, respectively.
$7,000
250
223
$6,000
200
178
174
$5,000
147
125
$4,000
120
129
$3,539
137
$3,745
$3,000
94
$2,768
85
$2,000
98
97
$2,762
90
93
92
69
$1,925
$1,931
117
113
107
$1,621
$1,382
$1,246
$1,000
90
$2,894
$1,826 $1,835
$1,722
150
$3,147
103
88
100
$2,612
$1,637
$1,499
50
$1,010
$817
$0
Q1
Q2
Q3
Q4
Q1
2006
Q2
Q3
2007
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2008
Value ($ mm)
Q3
2009
Q4
Q1
Q2
Q3
Q4
Q1
2010
Q2
2011
Volume
The biggest deal seen during the quarter was the $286.87 million investment in convertible debentures and non-voting
global depository receipts of Welspun Corp. by Apollo Management. In addition to this, the Infrastructure sector saw two
big-ticket deals (worth $200 million each) during the quarter Morgan Stanley Infrastructure Partners investment in
three highway projects of Soma Enterprises, and a clutch of private equity investors including Standard Chartered
Private Equity Ltd. and Jacob Ballas Capital India investing in GMR Airports Holding.
90
86
76
80
70
59
60
57
50
40
43
42
39
33
25
30
20
20
20
10
Q2 2006
Q2 2007
Q2 2008
Angel/ Seed
Q2 2009
Venture Capital
Q2 2010
Q2 2011
Private Equity
$3,416
$3,500
$2,896
$3,000
$2,551
$2,500
$1,844
$2,000
$1,688
$1,500
$1,149
$1,000
$0 $87
$117
$6
$210
$2
$94
$2
$147
$0
$247
$4
Q2 2006
Q2 2007
Q2 2008
Q2 2009
Q2 2010
Q2 2011
$500
$0
Angel/ Seed
Venture Capital
Private Equity
$16
$50
$14
$15
$45
$12
$11
$10
$8
$10
$10
$10
$9
$6
$0
$46
$40
$35
$30
$31
$29
$25
$26
$20
$24
$21
$15
$10
$5
$0
Q2
2006
Q2
2007
Q2
2008
Q2
2009
Q2
2010
Q2
2011
Q2
2006
Q2
2007
Q2
2008
Q2
2009
Q2
2010
Q2
2011
Q2 2011
Q2 2010
Q2 2009
Q2 2008
Q2 2007
Q2 2006
0%
10%
20%
30%
Undisclosed
40%
Under $5m
50%
$5 - $25 m
60%
70%
$25 - $50 m
$50 - $100 m
80%
90%
100%
$100+
Q2 2006
Q2 2007
Q2 2008
Q2 2009
Q2 2010
Q2 2011
Undisclosed
23
21
23
10
14
27
Under $5m
22
15
31
26
24
32
$5 - $25 m
24
39
46
16
32
46
$25 - $50 m
10
11
16
12
11
14
$50 - $100 m
$100+
Q2 2011
Q2 2010
Q2 2009
Q2 2008
Q2 2007
Q2 2006
0%
10%
20%
30%
40%
Under $5m
$5 - $25 m
50%
$25 - $50 m
60%
70%
$50 - $100 m
$100+
Q2 2006
Q2 2007
Q2 2008
Q2 2009
Q2 2010
Q2 2011
Under $5m
48
39
63
49
51
65
$5 - $25 m
301
504
592
170
363
587
$25 - $50 m
327
322
478
432
354
438
$50 - $100 m
244
323
451
166
299
578
$100+
1011
2352
1179
430
768
1480
80%
90%
100%
Sector Analysis
Figure 8: Private Equity Sectoral Analysis
1200
35
1000
30
25
800
20
600
15
400
10
200
Value ($ mm)
Volume
Financials
$334
Information
Technology
$376
Industrials
$989
Consumer
Discretionary
$479
The sector to receive the least amount of private equity capital ($1
million) is Telecommunication Services, followed by
Energy ($30 million) and Consumer Staples ($62 million).
Materials
$664
Financials
19
Industrials
28
Information
Technology
27
Materials
10
Consumer
Discretionary
29
Target
Buyer
Deal Value
($mm)
29/06/2011
Apollo Management LP
286.87
Steel
24/05/2011
200
Construction &
Engineering
11/5/2011
200
Airport Services
27/04/2011
Halcyon Group
200
Diversified Metals
& Mining
12/5/2011
150
Construction &
Engineering
16/05/2011
137
Application
Software
5/5/2011
105.9
Construction &
Engineering
27/06/2011
100
11/4/2011
100
23/05/2011
98.25
Consumer Finance
Sub-Industry
Regional Analysis
Top 5 Cities
Top 5 States
City
Volume
Value ($ mm)
State
Volume
Value ($ mm)
Mumbai
30
813
Maharashtra
40
920
Bangalore
20
111
Karnataka
23
355
New Delhi
13
268
Delhi
14
277
Gurgaon
159
Haryana
13
177
Hyderabad
353
Andhra Pradesh
355
$1,800
60
$1,600
$1,546
48
$1,400
$1,350
40
38
$1,200
39
50
45
41
40
$1,069
31
$1,000
31
31
30
$655
$865
$800
25
$775
24
$774
$873
26
$776
$749
22
$664
$870
20
$600
$620
18
20
$497
$489
13
$400
30
15
14
$360
$333
10
10
$200
$168
$163
$66
$67
$20
$0
Q1
Q2
Q3
Q4
2006
Q1
Q2
Q3
2007
Q4
Q1
Q2
Q3
Q4
0
Q1
Q2
2008
Value ($mm)
Q3
2009
Q4
Q1
Q2
Q3
Q4
2010
Q1
Q2
2011
Volume
Besides Blackstones exit in Intelenet Global Services, the other significant exit seen during the quarter is the $30
million made by India Development Fund from the sale of 20% stake in HealthCare Global Enterprises Ltd. to
PremjiInvest Fund and India Build-Out Fund-I. This is followed by Merlion India Fund selling its 7.08% stake in Mumbai
based ABG Shipyard Ltd. through the facilities of the stock exchange for a total consideration of $28.04 million.
10
20
20
16
14
15
13
13
10
8
6
4
3
2
1
Q2 2006
Q2 2007
Q2 2008
Buyback
IPO
M&A
Q2 2009
Open Market
Q2 2010
Q2 2011
Secondary Sales
In terms of deal value, the sharpest decline was seen in Buyback exits with exit value dipping from $786 million in Q2
2010 to a mere $12 million in Q2 2011. The biggest Buyback exit of Q2 2010 was the $694.3 million sale of DLF Assets
Ltd. to DLF Ltd. by Symphony Capital Partners. Open market exits too took a huge hit with just $73 million worth of
exits being recorded this quarter as against the $276 million recorded in Q2 2010. The value of M&A exits on the other
hand nearly doubled from $251 million to $500 million during the same period, all of it coming from Blackstones exit in
Intelenet Global Services.
$900
$786
$800
$700
$596
$600
$553
$500
$485
$500
$400
$298
$276
$251
$300
$213
$182
$200
$100
$1
$1
$1
$33
$39
$150
$69
$0
$73
$67
$30
$18 $13
$37
$0
$0
$0
$12 $0
$35
$0
Q2 2006
Q2 2007
Q2 2008
Buyback
IPO
M&A
Q2 2009
Open Market
Q2 2010
Q2 2011
Secondary Sales
11
Sector Analysis
Secondary
Sales
Exit Volume
Exit Value
($mm)
Exit Volume
Exit Value
($mm)
Exit Volume
Exit Value
($mm)
Open Market
Exit Value
($mm)
M&A
Exit Volume
IPO
Exit Value
($mm)
Buyback
Exit Volume
Sector
Consumer Discretionary
NA
3.14
5.13
Consumer Staples
NA
Energy
NA
NA
Financials
11.71
Health Care
NA
20.21
30
Industrials
NA
41.85
NA
Information Technology
500
8.1
Consumer Discretionary
NA
3.14
5.13
Consumer
Discretionary
$8
Financials
$12
Information
Technology
3
Health Care
$50
Industrials
$42
Consumer
Discretionary
5
Industrials
5
Information
Technology
$508
Financials
5
Health Care
5
12
Target
Seller
Exit Type
Deal Value
($ mm)
Sub-Industry
31/05/2011
Intelenet Global
Services Pvt. Ltd.
M&A
500
8/4/2011
HealthCare Global
Enterprises Ltd.
Secondary
Sales
30
24/06/2011
Open Market
28.04
24/06/2011
Open Market
19.95
13/05/2011
SAIF Partners
Open Market
13.81
Electrical Components
& Equipment
Intel Capital
Open Market
8.1
Buyback
6.67
Secondary
Sales
5.13
Buyback
4.91
Diversified Capital
Markets
Open Market
2.44
2/6/2011
28/04/2011
31/05/2011
20/05/2011
SMC Wealth
Sanlam Investment Management Pty Ltd.
Management Services
Ltd.
DEN Networks Ltd.
Sanlam Investment
Sanlam Investment Management Pty Ltd.
Management India Ltd.
13
General Partner
175
500
300
0.77
75
Funds Raised
Fund Name
Fund Size
($mm)
General Partner
Amount Raised
($mm)
300
300
223
GVFL Ltd.
NA
450
(First Close)
100
44.7
(Final Close)
220
114.3
45
(Final Close)
(First Close)
(First Close)
14
$30,000
250
$24,069
$25,000
198
195
164
$15,414
$21,879
$20,154
$19,644
149
146
133
$15,000
163
157
198
200
179
$20,000
193
191
132
150
132
125
107 121
121
110
103
$12,953
95
$11,523
$10,000
$10,992
104
$10,142
$8,307
100
$7,751
$6,914
$5,395
$5,000
$3,047
$5,533
$5,309 $5,263
50
$4,141 $4,280
$3,035 $3,001
$1,732
$0
Q1
Q2
Q3
2006
Q4
Q1
Q2
Q3
2007
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2008
Value ($mm)
Q3
2009
Q4
Q1
Q2
Q3
Q4
Q1
2010
Q2
2011
Volume
The biggest M&A deal during the quarter was the acquisition of Australia based Tads Corner and Kevins Corner coal
mines owned by Hancock Coal Pty Ltd. and Hancock Galilee Pty Ltd. for a total consideration of $2.4 billion by GVK
Power & Infrastructure Ltd. Another billion dollar deal recorded during the period was the $1.97 billion acquisition of
Adani Abbot Point Terminal Pty. Ltd. by Mundra Port and Special Economic Zone.
15
98
100
78
80
72
66
63
60
53
51
47
40
29
28
25
22
18
20
64
26
23
22
The
value
of Outbound
deals surged
significantly from $4.85 billion in Q2 2010 to
$7.75 billion in Q2 2011, representing an
increase of nearly 60%. Inbound and domestic
deals on the other hand dipped by similar
percentages during the same period.
Q2 2006
Q2 2007
Q2 2008
Domestic
Q2 2009
Inbound
Q2 2010
Q2 2011
Outbound
$7,750
$9,000
$8,000
$4,851
$4,566
$1,321
$1,690
$3,308
$1,000
$572
$766
$1,687
$1,875
$884
$2,000
$907
$3,000
$1,433
$1,779
$4,000
$2,774
$5,000
$2,605
$4,564
$6,000
$4,763
$7,000
$0
Q2 2006
Q2 2007
Q2 2008
Domestic
Q2 2009
Inbound
Q2 2010
Q2 2011
Outbound
$180
$21
$20
$18
$17
$15
$18
$158
$160
$140
$136
$128
$117
$120
$14
$100
$12
$80
$10
$75
$63
$60
$40
$5
$20
$0
$0
Q2 2006
Q2 2007
Q2 2008
Q2 2009
Q2 2010
Q2 2011
Q2 2006
Q2 2007
Q2 2008
Q2 2009
Q2 2010
Q2 2011
16
10%
20%
Under $5m
30%
40%
50%
$5 - $25 m
$25 - $50 m
60%
$50 - $100 m
70%
$100+
80%
90%
100%
Undisclosed
Q2 2006
Q2 2007
Q2 2008
Q2 2009
Q2 2010
Q2 2011
Undisclosed
13
23
22
12
30
34
Under $5m
21
22
23
15
26
17
$5 - $25 m
11
14
15
$25 - $50 m
$50 - $100 m
11
13
18
18
20
$100+
40
76
84
59
96
104
Deals
under
$100
million
accounted for 37% of the total
deal flow in Q2 2011, while
small-sized deals (under $5
million) accounted for 17%.
10%
20%
30%
Under $5m
40%
$5 - $25 m
50%
60%
$25 - $50 m
$50 - $100 m
70%
80%
90%
100%
$100+
Q2 2006
Q2 2007
Q2 2008
Q2 2009
Q2 2010
Q2 2011
Under $5m
27
51
46
17
57
71
$5 - $25 m
235
282
290
183
335
253
$25 - $50 m
117
328
362
230
495
491
$50 - $100 m
368
383
312
443
420
584
$100+
3,393
10,479
9,132
2,163
11,645
9,593
17
Sector Analysis
$5,000
40
$4,500
35
$4,000
30
$3,500
$3,000
25
$2,500
20
$2,000
15
$1,500
10
$1,000
$500
$-
Value ($ mm)
Volume
Health Care
$608
Materials
$2,653
Energy
$4,431
Consumer
Discretionary
31
Materials
35
Financials
18
Information
Technology
30
Information
Technology
$1,512
Industrials
$854
Industrials
34
Energy, Materials and Information Technology were the most targeted sectors for acquisitions with deals worth
$4.43 billion, $2.65 billion, and $1.51 billion, respectively. Together, they accounted for 78% of the total M&A deal
value during the quarter. Industrials and Health Care were the other sectors to witness significant M&A value in Q2
2011.
The most active sector in terms of deal volume was Materials with 35 deals, followed by Industrials and Consumer
Discretionary with 34 and 31 deals, respectively. Other sectors contributing significantly to the deal volume were
Information Technology (30) and Financials (18). Together, the top 5 sectors accounted for nearly 75% of the total
deal volume during the quarter.
18
1/6/2011
Target
M&A
Type
Buyer
Deal Value
($mm)
Sub-Industry
Outbound
2400
3/5/2011
Outbound
1973
31/05/2011
Inbound
634
6/4/2011
Headstrong Inc.
Genpact Ltd.
Outbound
550
18/04/2011
Domsjo Fabriker AB
Outbound
340
Forest Products
31/05/2011
Schneider Electric SA
Inbound
310
Heavy Electrical
Equipment
11/4/2011
Ammonia-Urea Fertilizer
Manufacturing Complex
Outbound
290
Fertilizers &
Agricultural
Chemicals
23/05/2011
Cilag AG
M&A
207
Pharmaceuticals
15/04/2011
Midwest-CBK Inc.
Outbound
200
Household Products
17/04/2011
Domestic
188
Specialty Chemicals
19
Regional Analysis
Top 5 States
City
Volume
Value ($ mm)
Maharashtra
46
1159.45
Karnataka
15
141.97
Delhi
14
713.25
Andhra Pradesh
13
4.21
Gujarat
231.08
Top 5 Cities
State
Volume
Value ($ mm)
Mumbai
35
1141
New Delhi
14
713
Bangalore
13
109
Hyderabad
11
Chennai
180
20
Sector Spotlight
$859
$600
$500
$37
$9
1
$100
$5
9
6
Q2
Q3
$200
Q4
Q1
2010
$121
$100
$0
0
Q1
13
$400
$300
14
12
10
8
6
4
2
0
$542
$469
$11
$22
$13
Q1
Q2
$0
Q2
Q1
Q2
2011
Q3
Q4
2010
2011
Private Equity
Banks
$250
7
6
$200
$150
$50
$194
3
$100
2
$64
$9
$6
$2
$0
Q1
Q2
Q3
Q4
$0
Q1
2010
5
$953
$1,000.00
$600.00
$400.00
$200.00
$800.00
$1,200.00
$560
$0
$17
$0
1
$0
$0.00
Q2
Q1
Q2
2011
Q3
Q4
Q1
2010
Private Equity
Q2
2011
Capital Goods
16
$593
$700
$600
$500
$400
13
$532
9
$343
13
14
$393
$261
$300
$147
$200
$100
$0
Q1
Q2
Q3
2010
Private Equity
Q4
Q1
Q2
2011
18
16
14
12
10
8
6
4
2
0
2000
1800
1600
1400
1200
1000
800
600
400
200
0
32
$1,804
35
$1,634
23
22
30
23
20
16
25
20
$713
15
$455
$366
$258
10
5
0
Q1
Q2
Q3
2010
Q4
Q1
Q2
2011
21
9
8
7
6
5
4
3
2
1
0
$79
8
6
$69
3
3
$27
1
$9
$9
$2
Q1
Q2
Q3
Q4
Q1
2010
$400
$350
$300
$250
$200
$150
$100
$50
$0
Q2
$366
12
12
10
8
$72
$65
$31
14
$25
$2
0
Q1
Q2
2011
Q3
Q4
Q1
2010
Q2
2011
Private Equity
$57
$50
$44
$40
$30
$18
$20
2
$10
$0
0
Q1
$1 1
$0
$0
Q2
Q3
Q4
Q1
2010
8
7
6
5
4
3
2
1
0
$120
11
$103
$100
$100
12
10
$89
$80
$60
8
5
4
$40
$20
4
$14
$13
$1
$0
Q2
2
0
Q1
Q2
2011
Q3
Q4
Q1
2010
Q2
2011
Private Equity
Consumer Services
$300
12
$263
$250
9
$180
$200
$150
9
7
$136
$26
$50
$0
Q1
Q2
Q3
2010
Private Equity
Q4
$120
12
$100
10
8
6
$89
$78
$100
14
Q1
Q2
2011
11
$103
$100
12
10
$89
$80
$60
$40
$20
$0
8
5
4
6
4
$14
$13
$1
2
0
Q1
Q2
Q3
2010
Q4
Q1
Q2
2011
22
Diversified Financials
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
17
$395
$261
11
10
11
$175
$109
Q1
Q2
Q3
1
$2
$36
Q4
Q1
2010
18
16
14
12
10
8
6
4
2
0
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
Q2
13
13
$864
14
12
10
$401
Q1
$57
$32
Q2
Q3
2011
Q4
$56
$56
Q1
Q2
2010
16
14
12
10
8
6
4
2
0
2011
Private Equity
Energy
$50
$45
$40
$35
$30
$25
$20
$15
$10
$5
$0
$43
$12,000
$30
$27
1
$20
1
0
$0
Q1
Q2
Q3
Q4
Q1
2010
10
$6,000
$4,431
$4,000
$2,000
$1,173
6
4
$1,766
$150
$0
Q2
14
12
$9,650
$8,000
$5
$10,000
13
$13,156
$14,000
0
Q1
Q2
2011
Q3
Q4
Q1
2010
Q2
2011
Private Equity
$90
$30
$26
3
$25
1
1
$25
0
$0
0
$0
0
$0
0
$0
Q1
Q2
Q3
Q4
Private Equity
Q2
2011
2
1
$10
0
2010
$15
$5
Q1
$20
0
$0
0
$0
0
$0
$2
0
$0
$0
0
Q1
Q2
Q3
2010
Q4
Q1
Q2
2011
23
$100
$109
$120
$92
5
$80
5
$66
5
4
$60
$58
$32
$40
$20
$8
$0
Q1
Q2
Q3
Q4
Q1
2010
8
7
6
5
4
3
2
1
0
$350
$300
$250
14
12
$313
12
$200
8
$171
$150
$100
$61
$48
$50
8
6
4
$33
$21
$0
Q2
10
0
Q1
Q2
2011
Q3
Q4
Q1
2010
Q2
2011
Private Equity
$140
$120
$100
$103
5
$80
$60
$47
$40
$81
$47
2
$27
$20
$0
Q1
Q2
Q3
Q4
Q1
2010
9
8
7
6
5
4
3
2
1
0
$1,291
$1,400
$1,200
$1,000
$800
$694
$600
4
$353
$400
$210
$200
$63
$24
$0
Q2
Q1
Q2
2011
Q3
Q4
Q1
2010
9
8
7
6
5
4
3
2
1
0
Q2
2011
Private Equity
$5
$5
$5
$4
$2
$1
$658
$600
$500
$3
$700
5
$337
$400
3
$300
$200
$0
0
$0
$0
0
$0
$100
$0
0
Q1
Q2
Q3
2010
Private Equity
Q4
Q1
Q2
2011
$59
$86
2
$100
$13
$0
Q1
Q2
Q3
2010
Q4
Q1
9
8
7
6
5
4
3
2
1
0
Q2
2011
24
Insurance
$120
$100
$100
$80
$60
$40
$20
0
$0
0
$0
$0
0
$0
0
$0
Q2
Q3
Q4
Q1
Q2
$0
Q1
2010
$800
$700
$600
$500
$400
$300
$200
$100
$0
$680
3
2
2
1
$67
$0
$0
0
$0
$23
0
Q1
Q2
2011
Q3
Q4
Q1
2010
Q2
2011
Private Equity
Materials
$664
$700
10
$600
$500
$400
$300
$200
$100
$226
3
2
1
$35
$26
$50
Q3
Q4
$55
$0
Q1
Q2
Q1
2010
12
$3,000
10
$2,500
$2,230
$2,000
22
$1,500
$1,000
$500
$0
$2,653
18
Q2
35
$1,685
20
20
$1,760
17
$798
$342
Q1
Q2
2011
Q3
Q4
Q1
2010
40
35
30
25
20
15
10
5
0
Q2
2011
Private Equity
Media
$180
$160
$140
$120
$100
$80
$60
$40
$20
$0
$170
10
7
12
10
8
$96
6
3
$93
$8
$45
$14
2
0
Q1
Q2
Q3
2010
Private Equity
Q4
Q1
Q2
2011
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
$82
13
13
$75
10
$66
14
10
12
$40
10
6
6
4
$14
$0
2
0
Q1
Q2
Q3
2010
Q4
Q1
Q2
2011
25
$74
$65
9
8
7
6
5
4
3
2
1
0
4
$27
$26
3
$5
$0
Q1
Q2
Q3
Q4
Q1
13
13
9
8
$1,119
Q1
$539
$395
Q2
2010
18
$3,749
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
$398
$101
Q2
2011
Q3
Q4
Q1
2010
20
18
16
14
12
10
8
6
4
2
0
Q2
2011
Private Equity
Real Estate
13
$700
$600
10
$400
$200
12
$573
$500
$300
14
11
$346
4
$369
$181
$122
$94
$100
$0
4
2
0
Q1
Q2
Q3
Q4
Q1
2010
$800
$700
$600
$500
$400
$300
$200
$100
$0
Q2
11
12
$701
10
8
6
$356
8
6
4
4
$88
$24
$23
$2
2
0
Q1
Q2
2011
Q3
Q4
Q1
2010
Q2
2011
Private Equity
Retailing
$120
$105
$100
5
$80
$60
$73
$71
4
$40
3
$34
$40
$20
2
$8
$0
Q1
Q2
Q3
2010
Private Equity
Q4
Q1
Q2
2011
9
8
7
6
5
4
3
2
1
0
$250
6
$197
$200
6
5
$150
$100
$50
$74
$8
0
$0
$0
$0
$0
1
0
Q1
Q2
Q3
2010
Q4
Q1
Q2
2011
26
$343
25
26
19
17
20
16
13
$131
15
10
$78
30
$98
10
$93
$46
5
0
Q1
Q2
Q3
Q4
Q1
2010
38
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
38
$1,428
28
$1,512
28
25
23
$501
$334
$230
Q2
Q1
Q2
2011
Q3
$233
Q4
Q1
2010
40
35
30
25
20
15
10
5
0
Q2
2011
Private Equity
$35
$30
$25
$15
$9
$10
$6
0
$0
0
$0
$0
Q4
Q1
0
Q2
Q3
2010
$100
$100
$60
2
1
$40
$20
$0
Q1
$120
$80
$20
$5
1
0
$0
$0
$2
1
0
1
$0
$0
$0
Q2
Q1
Q2
2011
Q3
Q4
Q1
2010
Q2
2011
Private Equity
Telecommunication Services
$350
$300
$304
$250
$200
$150
$112
$100
$50
$0
$9
$30
$1
$0
0
Q1
Q2
Q3
2010
Private Equity
Q4
Q1
Q2
2011
$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
$13,958
7
4
2
Q1
$1,125
$729
Q2
Q3
2010
$5,490
$209
$0
Q4
Q1
8
7
6
5
4
3
2
1
0
Q2
2011
27
Transportation
$350
$300
$250
$211
$200
2
$150
$100
$50
$317
$300
$250
$200
$150
2
$50
$38
$47
$23
$0
Q1
Q2
Q3
Q4
Q1
2010
$50
$0
12
10
$196
8
6
4
3
$100
$280
10
$246
2
$34
$51
$20
4
2
0
Q2
Q1
Q2
2011
Q3
Q4
Q1
Q2
2010
2011
Private Equity
Utilities
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
$388
$367
9
8
7
6
5
4
3
2
1
0
$306
5
$254
4
3
$132
$59
Q1
Q2
Q3
Q4
Q1
2010
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
$1,380
Q2
$18
Q1
Q2
2011
$17
$55
Q1
Q2
$226
$107
Q3
Q4
2010
8
7
6
5
4
3
2
1
0
2011
Private Equity
3.21
0
0
0
0
0
0
0
0
0
0
0
Q1
Q2
Q3
2010
Private Equity
Q4
Q1
Q2
2011
$1
$1
$1
$1
$1
$1
$0
$0
$0
$0
$0
0
0
0
0
0
0
0
0
0
0
Q1
Q2
Q3
Q4
Q1
Q2
2010
2011
28
29