Annual Report 2011 某私募股权基金年度总结

AXA PRIVATEEQUITYAcTIVITY REPoRT 2011

AXA PrivAte equity

Global Investments, the european Way

This document shall not be viewed as investment advice, and does not constitute an offer to sell, a solicitation of any offer to buy, nor does it serve as the basis for any contact for the purchase or sale of any investment. This document shall not replace the legal documentation of the relevant funds, notably the Limited Partnership Agreement and the Subscription Agreement.

Investments in private equity funds are accepted only from eligible investors on the basis of the final version of legal constituent documents of such funds. Any decision to invest by these investors in private equity funds should be made only after they have conducted appropriate due diligences, investigations and consultations with their own legal, tax and accounting advisors as they may deem necessary to evaluate the merits and risks involved in making such investment and to make an independent determination of the suitability and the consequences of such investment.Private equity investments are illiquid and there is no guarantee that they can be sold at valuation levels.

The term AXA Private Equity mentioned in the present document refers to one or several entities that constitute the AXA Private Equity group depending on the applicable situation.

The portfolio companies’ financial data is issued by the companies.

Unless otherwise mentioned, figures are as of December 31, 2011, and the exchange rate that applies is 1¤ = 1,2961US$

AXA Private Equity is a global leader in private equity with $28 billion of assets under management or advice in Europe, North America and Asia.

The company offers its investors the full spectrum of asset classes through a wide choice of funds: Funds of Funds (primary, early secondary and secondary), Direct Funds, including Infrastructure Financing, Mid Market Enterprise Capital and Small Market Enterprise Capital, Innovation & Growth, Co-Investment, and Private Debt.

Through its offices in Paris, Frankfurt, New York, Singapore, Milan, London, Zurich, Vienna and Luxembourg, AXA Private Equity supports the long-term growth of companies by giving them access to its international network.

For its investors, AXA Private Equity provides regular, high-quality reports on the performance of its funds and those of its portfolio http://doc.guandang.net

$28bn

managed or advised *

Funds of Funds

Primary/Secondary/

Early Secondary/Mandates

$17bn

Direct Funds

Mid Market Enterprise Capital Small Market Enterprise Capital Innovation & Growth/Co-Investment

$6bn

Infrastructure

Brownfield/Greenfield

$2.5bn

Private Debt

Arranger

Debt products between senior debt and equity

$2.5bn

*as of December 31, 2011

CONteNtS

COMPANy overvIeW

At the heArt oF the real economy

whAt'S New across our busIness

Foreword by the CEOP.05Key facts and figures

P.09An experienced management teamP.15Fifteen years of growth

P.17Delivering excellence to our clientsP.19Responsible investment

P.23AXA Private Equity FoundationP.25Supporting entrepreneurs

P.31Helping companies become globalP.33Encouraging sustainable development in our portfolio companies P.37Funds of Funds

P.43Mid Market Enterprise CapitalP.51Small Market Enterprise CapitalP.59Innovation & GrowthP.67Co-InvestmentP.71InfrastructureP.79Private DebtP.85Glossary

P.96

FOrewOrd

by the ceo

AXA Private Equity enjoyed a landmark year in 2011 as we celebrated our 15-year anniversary.

Our story has been one of adventure and growth through entrepreneurship. It could not have been written without the involvement and trust of the many entrepreneurs in our portfolio companies, our investors and our employees. I would like to take this opportunity to say a heartfelt thank you to all of them. We are proud of the path we have travelled and we are ready for new challenges in the next phase of our journey.A viSiON ShAred by A teAM

AXA Private Equity was founded in 1996. We began modestly with just ten clients, $129 million under management and just one area of expertise. Today, AXA Private Equity is a fully diversified private equity firm. We have more than 200 clients worldwide and $28 billion under management. We employ 260 people across three continents and we plan to open our tenth office in 2012 in Beijing, China.

The success of AXA Private Equity is founded on four solid and complementary pillars: Direct Investment with a leadership position in the euro zone, Funds of Funds, particularly secondaries, Private Debt, and Infrastructure. In 15 years we have grown in scale and in autonomy. Our impressive track record is evidenced by our strong market reputation in Europe and worldwide. Our global visibility and capacity to take advantage of the best opportunities bodes well for the future of the firm. In September 2011, the AXA Group announced that it was conducting a strategic review of its stake in AXA Private Equity, while at the same time remaining committed to the asset class. By definition this is a slow process and will take several months to finalize, but I would like to take this opportunity to reiterate that the outcome will be beneficial for all AXA Private Equity’s investors, portfolio companies and employees.PrOMOtiNg grOwth iN the reAl eCONOMyDespite the uncertainty in the economic environment throughout 2011, we continued to help our portfolio companies grow. All the teams have been very proactive in guiding entrepreneurs in their investment projects, financing their external growth and R&D activities, and completing disposals. I hope you enjoy the interviews with SPIE, Novacap and KTP – their stories demonstrate why AXA Private Equity is

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