SS S PRIVATE EQUITY

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16 ??????? 2004
??????S??S S? PRIVATE EQUITY ? ????S ?O?
?SF???S???O? ?????O?
G?????S ???????????S ??e?????? S?µß?????
ATTICA VENTURES
??s???s?
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? st???? t?? epe?d?t??
?????? ap?d?se?? ??asp??? ??s???
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?a ????a ?a?a?t???st??? t?? epe?d?se?? se PE/VC

• ?es?µa???p???esµe? epe?d?se?? (epe?d?t????
  ??????ta? 5et?a)
• ?pe?d?se?? ??s??? µe?a??te??? t?? µ?s?? ????
• ?p?d?se?? µe?a??te?e? t?? µ?s?? ????
• S?µp????µat??? ?a? d?a???t? µ??f? ep??d?s??
• ?pe?d?t??? ep????? ?esµ???? epe?d?t?? (??? t??
  90)
• ?pe?d?t??? p????? ??e?st?? t?p??
• ??e???? epe?d?se??
• ?pe?d?se?? se µ? e?s??µ??e? eta???e? µe growth
  potential

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?a ?a?a?t???st??? ?a? ? ?????? epe?d?se?? t??
asfa??st???? taµe???

• ?sf??e?a epe?d?se??
• ??e???? epe?d?se??
• ?es?µa???p???esµ?? ??????ta? epe?d?se??
• ?p?d?s? ?efa?a???
• ????? d?a??s?µa-??asp??? epe?d?se??

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????? ?a?a?t???st??? PE ?a? asfa??st???? taµe???
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S?????s? epe?d?t???? ep?????? asfa??st???? taµe???
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?sfa??st??? taµe?a ?a? Private Equity. G?at? (1)

• ?????? ap?d?se??
• ?? µa???p???esµe? ap?d?se?? t?? epe?d?se?? se VC
  PE ?epe????? t?? ap?d?se?? t?? e?s??µ????
  ???µat?st???a µet???? se ?.?. ?a? ?µe????
• ?a??te?e? ap?d?se?? s?µa????? µe?a??te??
  d??at?t?ta ??????? t?? e??d??

31-?e?-2002
S?????se?? µe ß?s? t?? es?te???? ßa?µ? ap?d?s??
(IRR).
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?sfa??st??? taµe?a ?a? Private Equity. G?at? (2)

• ??? e?????? f????????? ?a? ??µ??? pe??ß?????
• ??a d?µ? ep??e???µat???? ?efa?a??? (???S)
• F???????a µ? e?s??µ???? eta????? 5 ??a?t? 16,3
  st?? ??
• F????????? ????t?a ??a ep??d?s? µ?s? ???S
• ????t?a ??a ??e??a ?a? a??pt??? ????a ??a dap??e?
• ? ????da ???eta? 4? st?? a???????s? t?? t??
  epe?d?t???? pe??ß?????t?? se PE µeta?? t?? ?????
  t?? ??

(1pe??ss?te?? e??????, 3????te?? e??????)
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?sfa??st??? taµe?a ?a? Private Equity. G?at? (3)

• ?e??s? ??s??? µ?s? d?asp????
• Se ??a ?s????p?µ??? portfolio ? e?sa????
  epe?d?se?? se PE, ße?t???e? a??µ? pe??ss?te?? t??
  d?asp???.
• Stat?st??? st???e?a de?????? ?aµ??? s?s??t?s?
  (correlation- p??? Venture Economics, Salomon,
  MSCI) µeta?? t?? ?e?d?? ?a? t?? ap?d?s??
  epe?d?se?? se ???µat?st???a ?a? epe?d?se?? se µ?
  e?s??µ??e? eta??e?e? (epe?d?se?? t?? VC funds).
• ?? µ????? epe?d?se?? se PE Funds se s??s? µe t?
  s????? t?? d?a?es?µ?? ?a? ? d?asp??? se p????
  Funds µe???e? a??µ? pe??ss?te?? t? ??s??

S?µp??asµa H s?µµet??? se PE µe???e? t??
ast??e?a ?a? ße?t???e? t? p??f?? ??s??? se ??a
epe?d?t??? portfolio.
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?sfa??st??? taµe?a ?a? Private Equity. G?at? (4)

• ?a???p???esµ?? ??????ta?
• ?? epe?d?se?? se PE ????? µa???p???esµ? ??????ta
  ??t? p?? ta???a?e? µe t? st??? ?a? t? ?????? t??
  epe?d?se?? t?? asfa??st???? taµe???

• S?????? epe?d?t??? ep?????
• ?a asfa??st??? taµe?a e??a? µa?? µe t?? t??pe?e?
  ?? µe?a??te??? epe?d?t?? PE pa???sµ??? (22 ?a?
  24)

• ??e???? epe?d?se??
• ?? d?a?e???st?? PE s?µµet????? e?e??? ?a?
  ??s?ast??? st?? ep??e???se?? p?? epe?d????,
  pa?a????????? ?a? e??????? t?? p??e?a t??
  epe?d?se??
• ?pa??? µe?a??te??? d?af??e?a? ?a? es?te?????
  p????f???s??
• ?a?a???????s? t?? a??µ?? t?? a????? ?a? eta?????

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?sfa??st??? taµe?a ?a? Private Equity. G?at? (5)

• ?? ????????? p?e??asµa t?? epe?d?se?? se PE
• ????s? t?? ??se?? e??as?a? (t? 90 a???sa? t??
  ??se?? e??as?a? t???) ?a? t?? ???µ?? a???s??
  a?t?? (19 ??a?t? 0.5 t?? ?p????p?? eta?????).
  G?a ?a ?ata???s??µe t??? a???µ??? ?e??e?ta? ?t?
  st?? ?. ??eta??a t? 18 t?? e??at???? d??aµ????
  ??e? d???e?? ???? sta PE.
• ????s? t?? p???se?? µe ???µ??? t?? t???? t?? 21
  st? ?. ??eta??a ?a? t?? ?? ?a? a?t?st???? a???s?
  t?? e?a?????.
• ????s? t?? ?e?d?? (t? 77 p?t??e ???µ???
  µe?a??te???? ap? t?? a?ta????sµ?)
• ????s? t?? a?ta????st???t?ta? ?a? e??s??s? t??
  ep??e???µat???t?ta? (81 t?? ep??e???se?? d???sa?
  ?t? de? ?a µp????sa? ?a ?p?????? ????? PE)
• ????s? t?? es?d?? ap? f????? ??a t? ???t?? (40
  d?? ta ?s?da t?? ???t??? st?? ?. ??eta??a) ?a?
  ?????? ?µes??? f????? (F??, F?? ??p.)
• ?????s? p???t?? se pe??ss?te???? s??te?est?? t??
  pa?a?????

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?sfa??st??? taµe?a ?a? Private Equity. G?at? (6)
????s? t?? apas????s?? ????s? f??????????
es?d?? ?e?????s? ep??e???se?? ????s?
a?ta????st???t?ta? ????s? ?e?d?? ?????s? p???t??
???? ?a? e???sta asfa??st??? taµe?a
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?sfa??st??? taµe?a 22,1
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??t??s? ?efa?a??? st?? ????da a?? ?at?????a
?pe?d?t? (1999-2003)
?sfa??st??? taµe?a 0
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??a p??t? e????a .....

• 3,6 t?? ap??eµat???? t?? e???pa???? taµe???
  s??t??e?? epe?d?eta? se venture capital/private
  equity.
• ?? a?t?st???? p?s?st? ??a ta taµe?a s??t??e??
  st?? ??? e??a? 7,5 ?a? st? ?. ??eta??a 3,7
• ?? 22,1 t?? epe?ded?µ???? ?efa?a??? se PE st??
  ????p? p?????eta? ap? asfa??st??? taµe?a, ?t??
  p?s? 37 d?? (??a t?? pe?taet?a 1999-2003)
• ?? a?t?st???? p?s?st? ?a? p?s? ??a ta asfa??st???
  taµe?a st?? ????da e??a? ?????.

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?pe?d?se?? se VC ?? t?? ??? (2003)
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??a p??t? s?µp??asµa....

• ??ept??µ???? ?esµ?? PE
• ? ????? t?? asfa??st???? taµe??? p??te???
• ??ept??µ??e? a?????-a?ta????sµ??

????p?

• ?? a?ept??µ???? ?esµ?? PE
• ? ????? t?? asfa??st???? taµe??? a?a??te?ta?
• ?? a?ept??µ??e? a?????-a?ta????sµ??

????da
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?a a?t?a t?? ap??s?a? t?? PE ?? epe?d?t????
e??a?e???

• ??µ??? p?a?s??-?????? d?a?e???s?? ??a asfa??st???
  taµe?a
• ????da?da?? ??µ??? p?a?s??
• ?sf??t???? ??e????
• ?t??e? ?ata??se?? µ???? t?? a???? t?? 90
• ??a?s?? a??pt???? t?? a????? PE st?? ????da (se
  t????? ?et???? e???????)
• ??µ? ?a? ????t?a ??a d?µ??????a PE funds
• ??µ??? p?a?s?? e?a????? ?a? s?????e?se??
• ?e??ß????? ep??e???µat???t?ta?
• F???????a ep??e???se?? (35 ??a?t? 28 st?? ?.?.)
• ??apt???a?? µ??t??? t?? e???????? ??????µ?a?
• ???e??? ????t??? ep??e???µat???t?ta?
• ????? t?? ???t???
• ?ed?? a?ta????sµ??
• ???te?a??t?te? p???t????
• ????s???es? ?a? ????t???a

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?? ?? ??a t? d?a?e???s? ap??eµat???? t??
asfa??st???? taµe???

• ?saf?? ?a? ep??a??pt?µe??
• ?????? ??µ?? ?a? ?p???????? ap?f?se??
• ?saf?? t? p???? ?s????? ?a? p???? ?????
  ?ata????e?
• ?p??e? ?a ?e????e? ?t? d??a?ta? ?a epe?d?s??? ta
  asfa??st??? taµe?a se PE µe ß?s? t? ????? 13 t??
  ?.1902/1990
• ??.....?µ???? ep?t??peta? s' a?t??? ? a????
  ?a? p???s? µet???? p?s?? f?se?? p??????µe??
  ????? e????t??? ap?fas? t?? ?p?????? ???????
  ??????µ?a?, ???as?a? ?a? ?????????? ?sfa??se??
  ?a? t?? ??????t? t?? ???pe?a? t?? ????d????
• ?at? ???? ?p???, µ?s? t?? aµ??ßa??? ?efa?a??? p??
  ?a s?st?s??? ?at? t? ????? 12 t?? ?. 1902/90
• t? 10 t?? a??a? t?? aµ??ßa??? ?efa?a???
  µp??e? ?a epe?d?eta? se µ? e?s??µ??e? µet????,
  µet? ap? ?de?a t?? ?p?t??p?? ?efa?a?a?????

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?p? t?? ?e???a st?? p????.....

• ?? ?e?µ??a t?? 2003 ?S???? ????e t? p??t?
  asfa??st??? taµe?? p?? ap?f?s?se t?? ep??d?s? se
  PE Fund µet? ap? ap?fas? t?? ?.S. ??a s?µµet???
  st? ???S p?? d?a?e????eta? ? ATTICA VENTURES.
• ?? ???t?? t?? 2004 d?µ?????????e t? ZAITECH FUND
  ???S ?p? t? d?a?e???s? t?? ATTICA VENTURES.
  ?e??d?????? ???pe?a ?tt????, ?????
• ????? s?µe?a de? ??e? ?ataste? d??at?? ?a
  ???p????e? ? ap?fas? t?? ?S???? ??a ????? t???
  a??t??? p??fa?e?? ?a? µ? ??????.

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? ?st???a d?d?s?e?.....

• ????? ta µ?sa µe t??? t?? de?aet?a? t?? 70 st??
  ?µe???? apa???e??ta? ? ep??d?s? se PE ap? ta
  asfa??st??? taµe?a. ??e??st??e ? d?e??????s? ep?
  t?? prudent man rule ap? t? U.S. Labor
  Department t? 1978 ??a ?a a????e? ?????? ?
  e????a.
• ??????e? ???µ?se?? a???????sa? st?? ?p????pe?
  ???e? t?? ????p?? ??a ?a ft?s??µe sta s???????
  29.1 d?? epe?d?se?? ?a? 27 d?? a?t?????t??
  ?efa?a??? t? 2003.
• ? d?aµ??f?s? pe??ß?????t?? ?aµ???? p??????sµ??
  ?a? p?a?s??? a?ta????sµ?? ?a? a????t?? a?????
  s??et??esa? ap? t?? a???? t?? de?aet?a? t?? 1990
  st?? µetaf??? ?efa?a??? p??? ta PE Funds ?a? st??
  pe?a?t??? ????s? t?? a?????.

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S?µpe?asµat???

• ? ????? t?? PE st?? a??pt??? ?a? µe?????s? t??
  ??????µ?a? e??a? s?µa?t???? ?a? t??t?
  pe?????feta? µe saf??e?a ?a? st?? ap?fas? t??
  ??ssaß??a?
• ? ????? t?? asfa??st???? taµe??? st?? a??pt???
  t?? a????? t?? PE e??a? ?efa?a??d??
• ?? momentum ??a t?? a??pt??? t?? a????? PE e??a?
  ?et??? (2003 ?t?? µe t? de?te?? ?????te?? p?s?
  epe?d?se?? se VC)
• ?a??pteta? ? ?eµe???d?? st???? t?? epe?d?t?? ??a
  ?????? ap?d?se?? µe d?asp??? t?? ??s???.
• ?a p?e??e?t?µata t?? epe?d?se?? se PE ?a? t?
  p?a?s?? ?e?t?????a? t??? ?d?a?te?a µ?sa ap? t?
  d?µ??????a ???S d??e? ????t?a ??a epe?d?se??

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?? a?a??a?e? d??se??

• ??e???eta? a??a?? t?? ??µ???? p?a?s???
  ?e?t?????a? ?ste ?a d??e? ? d??at?t?ta s?µµet????
  t?? asfa??st???? taµe??? se PE Funds
• ?e?a?t??? ße?t??s? s?µp????s? t?? p?a?s???
  ?e?t?????a? d?af???? µ??f?? PE Funds ?a?
  p??sd????sµ?? p???t???? ????????s?? t?? a?????
  t?? PE.
• ?fa?µ??? e???te??? p???t???? e??s??s?? t??
  a?ta????st???t?ta? ?a? ep??e???µat???t?ta?.

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? ATTICA VENTURES

• ? Attica Ventures e??a? Eta???a ??a?e???s??
  ?µ??ßa??? ?efa?a??? ?p??e???µat???? S?µµet????
  (???S) p?? d?µ?????????e s?µf??a µe t?? d?at??e??
  t?? ?????? 7 t?? ??µ?? 2992/2002.
• ? Attica Ventures e??a? ???at???? eta???a t??
  ???pe?a? ?tt????.
• ?? µet????? t?? ?ef??a?? e??a? 600.000
  (e????st? p??ß?ep?µe?? ap? t? ??µ? 100.000 ).

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? ATTICA VENTURES epe?d?t??? ?µ?da
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?ef??a?a ?p? d?a?e???s?-
?????? ?ef??a?? 30 e?. ?????e?a 10 ?????a
(d??at?t?ta ep??tas?? µ???? 2 ?t?) Maximum
ep??d?s? a?? eta???a µ???? 15 t?? ?efa?a???

???? ep??d?s?? a?? ???? ???µat?d?t?s?? 1 e?.
???sd???µe?? IRR 20 ?????st? p?s?
s?µµet???? 300.000 ?pe?d?t??? pe???d?? 5
?????a ?ta???e?-st???? ?????? ?a? µ????µesa?e?
?p?? ??????ta? ap? t?? ?.?.
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???t???a ep??d?se??

• ??a?? ?a? s??e???s?µa ste???? µe af?s??s? st??
  ep??e???s?
• ?p?t???µ??? ?a? s?et??? µe t?? ???d? ?st?????
• ?e???a?? st?at????? a??pt????
• ??a??a?t??? s??d?a se????a a??pt????
• ??????ta ? ?p??es?e? p?? apa?t??? se p?a?µat???
  a????? a????? / ?ata?a??t??
• ??apt?ss?µe?? a???? ? ?p? d?µ??????a
• S?????e?e? µe ???e? eta???e? ? st?at???????
  eta?????
• ????e? ???µat?d?t??? p?a?s??
• ?p?d?se?? a?????e? t?? ??s??? ?a? t?? stad???
  t?? ep??d?s??

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?????p??
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St?at?????
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?p?d?se??
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