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Recovery Positions DEG’S Marcus Bracht on Targeting Emerging Asia How Private Equity Firms Can Take Action When Investments Go Wrong Page 7 Page 15 Asia’s Private Equity News Source avcj.com July 28 2015 Volume 28 Number 28 EDITOR’S VIEWPOINT What companies want from board directors Page 3 NEWS Allegro, Blackstone, Carlyle, DCM, GLP, IVFA, L Capital, Orios, Paine & Partners, PEP, Temasek, Warburg Pincus Page 4 DEAL OF THE WEEK NSI Ventures serves up kitchen robotics deal Page 10 FUNDS GSR, Go Scale get $1b for China cross-border deals Page 11 LP INTERVIEW Recovery positions DEG’s Marcus Bracht on targeting emerging Asia How private equity firms can take action when investments go wrong Page 7 Page 15 DEAL OF THE WEEK FOCUS India’s missing link Wishing upon a star Sequoia backs genetic research business Page 10 Do China’s start-ups need celeb support? Page 14 ESG FORUM Co-hosted by: 2015 18 September | Renaissance Hong Kong Harbour View Hotel SAVE US$200 Book before 31 July 2015 Mitigate risk and maximize exit returns with responsible investing The first event of its kind in the region, the inaugural AVCJ PRI Responsible Investment Forum will provide a platform for education, benchmarking and the exchange of ideas on how GPs operating in Asia can incorporate Environmental, Social and Governance (ESG) principles across the companies in their portfolio. Keynote Ken Mehlman Member & Global Head of Public Affairs speaker KKR Leading GPs and LPs confirmed are: Adam Black Melissa Brown Chris Chia Partner, Head of Partner Managing Partner Sustainability DAOBRIDGE CAPITAL KENDALL COURT CAPITAL DOUGHTY HANSON & CO PARTNERS PRIVATE EQUITY Doug A. Coulter Brian Lim Frederick J. Long Partner Partner Founding Managing LGT CAPITAL PARTNERS PANTHEON Director OLYMPUS CAPITAL ASIA Darren Massara Ed Norton Nicholas Parker Managing Partner Senior Advisor, ESG Founding Managing NEWQUEST CAPITAL TPG CAPITAL Partner PARTNERS GLOBAL ACCELERATION PARTNERS INC. Steven R. Okun Jessica Robinson Public Affairs Director Chief Executive Officer View the full list of speakers at KKR ASrIA avcjesg.com Registration Enquiries: Sponsorship Enquiries: Pauline Chen T: +852 3411 4936 Darryl Mag T: +852 3411 4919 E: [email protected] E: [email protected] Enquiry Co-Sponsor Join your peers avcjesg.com #avcjesg ESG FORUM Co-hosted by: EDITOR’S VIEWPOINT 2015 [email protected] 18 September | Renaissance Hong Kong Harbour View Hotel SAVE US$200 Managing Editor Tim Burroughs (852) 3411 4909 Book before Staff Writers Andrew Woodman (852) 3411 4852 31 July 2015 Winnie Liu (852) 3411 4907 Graybeards Holden Mann (852) 3411 4964 Mitigate risk and maximize exit Creative Director Dicky Tang Designers returns with responsible investing Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow JUST OVER EIGHT YEARS AGO, I PENNED equity value-add. Nick Nash, group president The first event of its kind in the region, the inaugural AVCJ PRI Responsible Investment an article for another publication on the role of of consumer internet platform Garena – and Senior Research Manager Forum will provide a platform for education, benchmarking and the exchange of independent directors at Chinese state-owned formerly of General Atlantic, an investor in Garena Helen Lee enterprises (SOEs). This was mid-2007, and China – suggested that fewer than 50% of the people Research Associates ideas on how GPs operating in Asia can incorporate Environmental, Social and Herbert Yum, Jason Chong, Construction Bank (CCB), Bank of China (BoC) PE firms appoint to boards are actually people Kaho Mak Governance (ESG) principles across the companies in their portfolio. and Industrial & Commercial Bank of China (ICBC) portfolio companies want to hear from. Senior Marketing Manager had all completed Hong Kong IPOs in the past 18 Aik Meng Eng, CEO of TE Asia Healthcare Sally Yip months or so. Partners, added that the last thing competent Circulation Administrator Having been technically insolvent a few years management teams want is investors who spend Prudence Lau Keynote Ken Mehlman earlier, the state-owned banks wanted to convey board meetings firing off countless questions Subscription Sales Executive Member & Global Head of Public Affairs a sense of stability to investors as they prepared and telling them why they are doing a bad job. In Jade Chan speaker to go public. High-profile foreign investors were this sense, investors are best served nominating Manager, Delegate Sales KKR brought in as a source of expertise and credibility, an operations executive who understands Pauline Chen and the banks met Hong Kong’s requirement for the industry or geography and can forge a Director, Business Development at least three independent directors by recruiting constructive relationship with management. Darryl Mag Leading GPs and LPs confirmed are: various corporate heavyweights. “If the company gets into trouble you want Manager, Business Development ICBC got John Thornton, former Goldman the CEO to reach out to the shareholders or Anil Nathani, Samuel Lau Adam Black Melissa Brown Chris Chia Sachs president, and Antony Leung, former the board. You need board members who are Sales Coordinator Partner, Head of Partner Managing Partner Hong Kong financial secretary. BoC appointed engaged and can be trusted,” Eng said. Debbie Koo Sustainability DAOBRIDGE CAPITAL KENDALL COURT CAPITAL Peter Cooke, previously of the Bank of England, There is a huge gulf between the average Conference Managers DOUGHTY HANSON & CO PARTNERS and Anthony Neoh, former head of Hong Kong’s Chinese state-owned bank and the average PRIVATE EQUITY Jonathon Cohen, Sarah Doyle, Securities and Futures Commission, to its board. Asian PE-backed company, particularly when Conference Administrator Ian Wilson, ex-Standard Chartered CEO, and Tom GPs are making minority investments in private Amelie Poon Doug A. Coulter Brian Lim Frederick J. Long Manning, former CEO of Cap Gemini Asia Pacific, enterprises. But in order to perform his role Conference Coordinator Partner Partner Founding Managing Fiona Keung, Jovial Chung went to CCB. effectively – whether it is representing public LGT CAPITAL PARTNERS PANTHEON Director “Many companies in China are now paying shareholders or a single private investor – a Publishing Director OLYMPUS CAPITAL ASIA greater heed to the need for good corporate director must convince management that he can Allen Lee governance and the fact that things like contribute. Darren Massara Ed Norton Nicholas Parker transparency can increase shareholder value,” said It is not just about being a technical resource; Manning. He estimated there were still less than in executing their fiduciary responsibilities, Managing Partner Senior Advisor, ESG Founding Managing Incisive Media NEWQUEST CAPITAL TPG CAPITAL Partner 50 Western independent directors with the top directors may perform the role of traffic cop, Unit 1401 Devon House, Taikoo Place 50 or so Chinese firms. diplomat, older sibling, objective arbiter or 979 King’s Road, Quarry Bay, PARTNERS GLOBAL ACCELERATION Hong Kong PARTNERS INC. Given that the banks dance to Beijing’s tune, well-intentioned catechizer. But in order to T. (852) 3411-4900 it was unclear whether they really believed in the do this, they must find a way of working with F. (852) 3411-4999 E. [email protected] Steven R. Okun Jessica Robinson shareholder value angle or were simply paying management and other stakeholders, adapting URL. avcj.com Public Affairs Director Chief Executive Officer View the full list of speakers at lip service to it. Independent directors could to circumstance and corporate culture as Beijing Representative Office KKR ASrIA never hope to have much sway on issues such as necessary. No.1-2-(2)-B-A554, 1st Building, avcjesg.com No.66 Nanshatan, appointments, and board meetings were said to In recent months, Japan has also emphasized Chaoyang District, Beijing, be so crowded with members and assistants that the link between corporate accountability People’s Republic of China T. (86) 10 5869 6203 opportunities for insightful dialogue were limited. and performance. Part of this effort involves F. (86) 10 5869 6205 Independent directors with these and other encouraging listed companies to appoint more E. [email protected] Registration Enquiries: Sponsorship Enquiries: Chinese companies noted that they could independent directors. It remains to be seen how only bring their experience to bear by fully readily such changes are implemented and the Pauline Chen T: +852 3411 4936 Darryl Mag T: +852 3411 4919 The Publisher reserves all rights herein. Reproduction in whole or Enquiry understanding the challenges and opportunities extent to which directors are willing and able to in part is permitted only with the written consent of E: [email protected] E: [email protected] AVCJ Group Limited. the businesses faced. And this was often best prove their value to management. ISSN 1817-1648 Copyright © 2015 achieved by making visits outside of meetings Co-Sponsor and building relationships with management on site. This article was nudged from the depths of Tim Burroughs my memory at the recent AVCJ Singapore Forum, Managing Editor which featured a panel discussion on private Asian Venture Capital Journal Join your peers 3 avcjesg.com #avcjesg Number 28 | Volume 28 | July 28 2015 | avcj.com NEWS ASIA PACIFIC PEP to sell Energy PE-backed CICC files for Developments for $1.4b Hong Kong IPO Temasek, UOB to offer Pacific Equity Partners (PEP) has agreed to sell China International Capital Corp. (CICC), which is Energy Developments, an Australia-based backed by KKR, TPG Capital and Singapore’s GIC $500m in venture debt provider of distributed power, to utilities business Private, among others, has filed for a Hong Kong Singapore’s government-sponsored investment Duet Group for an enterprise valuation of A$1.92 IPO. The company is said to be looking to raise fund Temasek Holdings and United Overseas billion ($1.4 billion). The two companies have around $1 billion. Bank (UOB) have agreed to form a joint vehicle entered into a scheme of arrangement whereby which will offer $500 million in venture debt Duet will pay A$8.00 in cash for all outstanding VC-backed parenting site financing to start-ups in China, India and shares in Energy Developments.
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