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Insight India an Overview of Trends in Select Sectors and Markets August 2010

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Insight India an Overview of Trends in Select Sectors and Markets August 2010 Insight India An Overview of Trends in Select Sectors and Markets August 2010 Country Snapshot* oasting one of the most dynamic private equity industries among the emerging markets, India draws an ever-growing number of investors willing 2010 Population: 1.2 billion Bto brave the country’s regulatory and infrastructure hurdles in order to 2050 Population: 1.7 billion gain exposure to some of the most favorable economic growth and demographic Population Change (2010–2050): 47% trends to be found anywhere in the world. While fundraising and investment % of Population Under 15 Years-old (2010): 32% activity lagged in 2009 in line with global trends (US$4 billion raised and an additional US$4 billion invested), India has seen a significant uptick in invest- 2010 Nominal GDP: US$1.4 trillion ment pace through the first half of 2010, suggesting renewed confidence in the 2010 Real GDP Growth: 9.4% private equity market as the pricing gap narrows. While fundraising remains 2011 Real GDP Growth: 8.4% challenging with US$1.3 billion raised for India-dedicated vehicles in the first six 2010 Average Inflation:13.2% months of 2010, private equity investments in India have rebounded since the depths of the financial crisis, reaching US$3 billion in the same time period—the *All data projected. highest level of investment experienced since the first half of 2008. Source: International Monetary Fund, Population Reference Bureau. A number of strong fundamental drivers set India apart. The IMF recently revised upwards its 2010 GDP growth projections for India to 9.4%, a significant jump from the respectable 5.7% growth rate achieved in 2009. India’s population is additionally projected to overtake China’s by 2050, translating to the rising impor- tance of the Indian consumer. In an August 2010 report, global financial services firm Morgan Stanley predicts that India will become the world’s fastest growing economy by 2013–2015, attributable to India’s largest educated workforce in the world, as well as a cool down of China’s economy. India Private Equity Fundraising and Investment, 2006–1H 2010, (US$B) 10 9.9 Fundraising 7.7 Investment 8 7.5 6 5.7 4.6 4.0 4.0 4 US$ BillionsUS$ 2.9 3.0 2 1.3 0 2006 2007 2008 2009 1H 2010 Source: EMPEA. Note: Fundraising totals refer to India-dedicated vehicles only. Pan-Asian and global funds that incorporate India in their mandate are not included. © 2010 Emerging Markets Private Equity Association 1 EMPEA Insight: India August 2010 While possessing robust economic and demographic Despite a global trend towards smaller fund closes—81% fundamentals, India poses a number of unique challenges of all emerging market private equity funds reached a for private equity investors. As one of the most compet- final close under US$250 million in 2009—India was itive markets for investment across the globe, India home to several of the largest funds raised for the asset is characterized by high valuations, driven in part by class, proving that the opportunity set in the country stiff competition from domestic capital markets as an supports large deal sizes. Outsized funds focused on the attractive alternative for capital. India’s rigid bureaucracy Indian market include IDFC Project Equity’s India Infra- and difficult regulatory framework, alongside its dilapi- structure Fund (IIF), which raised total commitments of dated infrastructure, are considerable obstacles to greater US$927 million by June 2009 and India Value Fund Advi- market activity. Although the World Economic Forum’s sors’ India Value Fund IV, which held a final close with 2009–2010 Global Competitiveness Report ranks India US$725 million in total commitments in July 2009. Jacob 76 out of 133 nations for its infrastructure, the country is Ballas Capital India’s New York Life Investment Manage- ranked 28th for innovation and business sophistication ment India Fund III also ranks among the top 10 largest factors. In spite of its challenges, India Inc.’s vibrant funds in 2009, holding a final closing on US$440 million entrepreneurial confidence continues to offer investors in total commitments in January 2009 (after holding a significant opportunities in a wide range of sectors first close at US$278 million in early 2008). from infrastructure and energy to financial services and consumer goods. India-dedicated funds closed in the last twelve months have largely been domestic fund managers with Limited Partners (LPs) across the globe, looking in part to established brands and well-built track records. This diversify away from the West, are increasingly focusing includes ICICI Venture Funds Management, which on Emerging Asian funds, with India struggling to rival China as the region’s private equity darling. Despite the buzz on Indian private equity, pan-Asian funds continue EMPEA Insight to allocate a significantly larger percentage of their capital Editorial Director to China. Nonetheless, according to the 2010 EMPEA/ Jennifer Choi [email protected] Coller Capital Emerging Markets Private Equity Survey, Writing and Research India continues to rank in the top three among emerging Nadiya Satyamurthy [email protected] markets in terms of relative attractiveness for private Ted Hickey [email protected] equity investment. Of the 151 institutional investors Rachel Keeler [email protected] surveyed, 61% plan to maintain or expand their exposure Emily Stromquist [email protected] to the country, while an additional 11% are looking to Executive Editor invest in India for the first time over the next two years. Carlos Perry [email protected] Advertising Opportunities Each issue of EMPEA Insight provides an opportunity for a single Fundraising Trends exclusive back page advertisement. For a list of upcoming issues and more information about advertising opportunities and rates, Second to China as the largest market of interest in contact EMPEA at [email protected]. Emerging Asia, India witnessed 26 country-dedicated funds raise US$4 billion in 2009, or 18% of the total for About EMPEA The Emerging Markets Private Equity Association is a non- emerging markets, following a peak of US$7.7 billion profit, independent, global industry association that promotes raised in 2008. In the first half of 2010, India-focused greater understanding of and a more favorable climate for private equity funds raised US$1.3 billion, a sharp private equity and venture capital investing in the emerging mar- decrease (53%) from the US$2.7 billion raised during kets of Africa, Asia, Europe, Latin America and the Middle East. the same time period one year prior, suggesting that For more information, visit us on the web at empea.net. the fundraising environment will remain anemic in India Data and analysis presented in the EMPEA Insight series for the remainder of 2010. However, recently closed is derived from EMPEA’s proprietary industry database, pan-Asian funds that will likely be active in the market FundLink, made possible with generous support from the include The Carlyle Group’s Carlyle Asia Partners III following institutions: CDC, DBSA, DEG and FMO. We gratefully acknowledge their contributions. Fund, which closed at US$2.6 billion in April 2010 and the JP Morgan Asian Infrastructure & Related Resources Opportunity (AIRRO) Fund, which closed at US$859 mil- lion in February 2010. 2 © 2010 Emerging Markets Private Equity Association August 2010 EMPEA Insight: India Limited Partners’ Planned Changes to Their EM PE Investment Strategy Over the Next 1–2 Years 100% No plans to invest 80% Stop investing Decrease investing 60% Stay the same Begin investing 40% Expand investment % of Respondents 20% 0% China India Brazil Russia / CIS Source: 2010 EMPEA/Coller Capital EM PE Survey. has raised US$400 million as of August 2010 for its corporations and financial institutions. In March 2010, India Advantage Fund Series 3 and SME-focused Avigo Mumbai-headquartered conglomerate Aditya Birla Capital Partners, which closed their third fund with total closed its maiden fund with US$193 million in total commitments of US$240 million in June 2010. Local commitments. In mid-2009, Reliance Equity Advisors, a firms currently in the market launching follow-on funds subsidiary of the Anil Ambani Group, started fundraising include BTS Investment Advisors, Everstone Capital, and for its debut private equity fund, targeting over Milestone Religare Investment Advisors (a private equity US$400 million in total commitments. Other domestic joint venture between Milestone Capital and Religare institutions reportedly in the process of launching or Venture Capital Limited). evaluating private equity operations are the Tata Group, TVS Group and Mahindra & Mahindra. While unproven general partners are struggling to launch first-time funds, there are a number of newly Several development finance institutions (DFIs) are formed funds, spearheaded by senior private equity struggling with the decision of whether or not to con- executives who have branched out on their own, that tinue supporting the Indian market, given that it already have successfully raised capital. In May 2010, CX Part- generates significant LP interest. However, DFIs have ners, led by former Citi Venture Capital International continued to play a key role throughout the financial (CVCI) executive Ajay Relan, closed their debut fund downturn, largely investing in funds whose strategies at US$515 million, after having reached a first close at were in line with their developmental mandates. For US$220 million one year prior. Similarly, former ICICI example, mezzanine-focused BanyanTree Capital Advi- Venture executive Renuka Ramnath led Multiples Alter- sors held the final closing of its inaugural private nate Asset Management in achieving a first close at equity partnership, BanyanTree Growth Capital Fund, US$250 million in April 2010, and is targeting a final at approximately US$100 million in July 2010 with the close of US$450 million.
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