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Does venture capital disinvest?


Integral service around a transaction
BY : Diego GutiérrezJuly Thu, 2013

Según los datos facilitados por ascri.org, durante el primer semestre del 2013 permanece la dificultad de desinvertir por parte del private equity: 113 operaciones de venta por un volumen (a precio de coste) de 570M€ (-28% respecto al primer semestre 2012).

Sale más dinero del capital riesgo del que entra

La misma fuente nos informa que los fondos de private equity han levantado durante 1S2013 428MM€ cifra inferior a las desinversiones 570MM€ (a precio de coste). Suponiendo que estas desinversiones son utilizadas para devolver las aportaciones a los LPs de los fondos, supondría que el dinero que entra es menor al que sale.

Aumenta el importe medio de las desinversiones

"En el año 2012 el importe medio por operación tocó fondo con una media de 3,5MM€. En este primer semestre vemos cómo mejora, volviendo a situarse ligeramente por encima de los 5MM€ niveles casi parecidos a los del 2010 (5,4MM€)" comenta Diego Gutierrez, expero en finanzas corporativas en ABRA INVEST.

Los plazos de permanencia aumentan

"Un síntoma claro de la dificultad que existe en la desinversión para los fondos es este aumento de los plazos. En el 2012 por primera vez desde el 2000 la permanencia media supera los 6 años cuando la media de los 7 años anteriores rondaba los 5,5 años"

Desinversiones más relevantes

Entre las desinversiones destacadas están las llevadas a cabo por Miura Private Equity y Talde Gestión en Noa Visual Group, MCH Private Equity en Televida & Hogar Sociosanitarios empresa dedicada a las personas mayores y discapacitados, Suma Capital en CTC Externalización, Capital Alianza en Iberchem, Espiga Capital en Softonic, Active Venture Partners at Telemedicine Clinic, Explorer Investment en Probis Plásticos, 3i en Xey, Madrigal en Grupo Siro y Catalana d´Iniciatives en Soundub Sonorización y Doblaje.

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