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Border Disruptions Emmett Thomas on Overseas Strategies How Southeast Asia’S Early Stage Investors Are Connecting the Region Page 8 Page 15 Asia’s Private Equity News Source avcj.com July 14 2015 Volume 28 Number 26 EDITOR’S VIEWPOINT The short-term impact of Chinese stock market turbulance Page 3 NEWS CyberAgent Ventures, Founders Fund, GIC Private, Hosen Capital, Idinvest, Joy Capital, KIC, Sequoia, Shunwei, TA Associates, Unicorn Page 4 INFOGRAPHIC Private equity investments in Southeast Asia by sector Page 14 INDUSTRY Q&A Advantage Partners’ Border disruptions Emmett Thomas on overseas strategies How Southeast Asia’s early stage investors are connecting the region Page 8 Page 15 ANALYSIS FOCUS Renminbi rebound? Capital connections 2Q analysis: Investments hit new highs Page 10 First-time funds carve a niche in SE Asia Page 12 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM SINGAPORE 2015 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Coping with Winnie Liu (852) 3411 4907 Holden Mann (852) 3411 4964 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, volatility Mansfield Hor, Tony Chow Senior Research Manager THE RECENT FALL IN CHINA’S STOCK of concern in some quarters that the government Helen Lee markets had some investors concerned about recognizes it is marshalling a slowing economy Research Associates Herbert Yum, Jason Chong, the prospects of the country’s private equity and the indices may not be able to recover on Kaho Mak market. GPs, naturally, downplayed the impact on their own. Senior Marketing Manager private market activity, stressing that LPs should That coupled with the obvious effects of a Sally Yip focus on the longer-term opportunities. disintegration of billions in wealth, predominantly Circulation Administrator Indeed, after the 2008 fall, to which the amongst the middle class, may lead to a drop in Prudence Lau current situation has been widely compared, IPOs consumer spending. It begs the question of what Subscription Sales Executive only experienced a brief hiatus and came back spillover effect this might have in other countries. Jade Chan much stronger in 2009. But isn’t it very different The implications for private equity in this respect Manager, Delegate Sales and much more serious this time? are unclear. Pauline Chen First, the fall is hardly surprising given the It is difficult to argue the impact will be Director, Business Development spectacular rise and fall of the Chinese indices. zero, even if private equity firms’ long-term Darryl Mag The fact that a lot of the “losers” were retail objectives remain unchanged. From a short-term Manager, Business Development investors (many using margin accounts) and perspective, GPs with pending IPOs or looking Anil Nathani, Samuel Lau not the “more rational” institutional investors, to exit already listed portfolio companies will Sales Coordinator suggests a more speculative market that is open obviously not welcome this development. Debbie Koo to such fluctuations. M&A and trade sales are a consistent option Conference Managers For example, the Shanghai Composite Index and they may gain prominence if the market Jonathon Cohen, Sarah Doyle, has more than doubled in the past year, soaring downturn is protracted. Those with dry powder Conference Administrator past 5,000 points, and in the last few weeks fallen will definitely welcome any dampening in Amelie Poon up to 30%. It has since has recovered to the entrepreneurs’ expectations, leading to valuations Conference Coordinator Fiona Keung, Jovial Chung 4,000-point mark. Likewise, the smaller Shenzhen that are closer to reality. I would also go far as Composite Index has posted a one-month loss to argue that a bit of market turbulence may Publishing Director of around 35%, while the city’s SME and Chinext actually be helpful to the long-term growth of Allen Lee boards have seen similar levels of price erosion, the industry as it creates changes and gives rise although some of these losses have since been to new opportunities. recouped. Incisive Media However, unlike 2008, there is plenty of Unit 1401 Devon House, Taikoo Place government intervention this time. From the 979 King’s Road, Quarry Bay, Hong Kong suspension of certain stocks and a crackdown Allen Lee T. (852) 3411-4900 on margin trading, to cutting interest rates and Publishing Director F. (852) 3411-4999 E. [email protected] suspending new IPOs, the measures are a source Asian Venture Capital Journal URL. avcj.com Beijing Representative Office No.1-2-(2)-B-A554, 1st Building, China PE-backed IPOs No.66 Nanshatan, Chaoyang District, Beijing, 80,000 People’s Republic of China 250 T. (86) 10 5869 6203 F. (86) 10 5869 6205 200 E. [email protected] 60,000 150 40,000 IPOs The Publisher reserves all rights herein. Reproduction in whole or 100 in part is permitted only with the written consent of US$ million AVCJ Group Limited. 20,000 50 ISSN 1817-1648 Copyright © 2015 0 0 200 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD No. of IPOs Total proceeds (US$m) Source: AVCJ Research Number 26 | Volume 28 | July 14 2015 | avcj.com 3 NEWS China GPs not phased by is looking to raise $30 million to back Chinese AUSTRALASIA start-ups. The fund will have a particular focus on stock volatility - AVCJ Forum start-ups in the online-to-offline and internet- PE-backed Nintex acquires China-focused GPs played down the recent slide of-things segments, and will seek cross-border in the domestic stock markets, urging investors opportunities in the Japanese market. US-based Drawloop to concentrate on long-term opportunities Nintex Group, an Australian software provider presented by continued growth and reforms. Sequoia exits luxury goods backed by TA Associates, has agreed to acquire The Shanghai Composite Index gained 5.76% Drawloop Technologies, a US-based software on July 9 to close at 3,709 points, but since the retailer Sparkle Roll platform that offers automated document middle of June it has fallen about 25%. The Sequoia Capital has sold its remaining stake in services. TA Associates acquired an undisclosed Shenzhen Composite Index has posted a one- Sparkle Roll Group, a Hong Kong-listed Chinese stake in the company alongside technology- month loss of 34.71%, while the city’s SME and retailer which sells branded luxury products such focused GP Updata Partners in 2013. as cars, jewelry and wine, raising HK$120 million ($15 million). Sequoia paid HK$268 million for a 14.89% stake in the firm in 2009. The GP then GREATER CHINA raised a combined HK$200 million through two partial exits in 2011. Shunwei raises $1b for third China VC fund Joy leads $60m round for Shunwei Capital Partners, a Chinese VC firm set vacation rentals site up by Lei Jun, the founder of mobile phone Xiaozhu.com, a Chinese short-term rental site, brand Xiaomi, has closed its third US dollar- has completed a Series C round of funding worth denominated VC fund at $1 billion. The Shunwei $60 million led by Joy Capital, a new VC firm China Internet Fund III, which had a target of spun-out from Legend Capital. Other investors $500 million, was substantially oversubscribed. Chinext boards have seen similar levels. However, include Morningside Technologies, CITIC Capital The new vehicle will invest in start-ups in the each index is still up on a one-year basis. and Magic Stone Alternative Investments. areas of mobile internet, intelligent hardware and “I would encourage people not to look or rural internet. read too much into what is happening in the Auto services platform public markets. This has happened in almost raises $60m Series C Hosen targets $400m for most the same manner three times for certain and probably four times,” Derek Sulger, managing Diandian Yangche, a VC-backed mobile app that China food and agri fund partner at Lunar Capital, told the AVCJ USA Forum focuses on automotive after-sales services in China-focused food and agriculture specialist in New York. “There is a massive run up to double China, has raised a $60 million Series C round of Hosen Capital is looking to raise $400 million or triple the previous level and then it goes back funding from undisclosed investors. Previously for its second US dollar-denominated fund. The to where it started.” known as Yangche Diandian, the app secured a PE firm, which counts domestic agribusiness The phenomenon is very much driven by $30 million Series B round led by GGV Capital in conglomerate New Hope Group as an anchor retail investors and shifts in the large pool of last December. investor in its funds, started out in 2010 in the domestic savings in and out of the stock market. renminbi space, closing its first fund at $177 “The distortion is driven by retail players,” million. It then raised a $127 million US dollar said John Lin, managing director of NDE Capital. NORTH ASIA vehicle in 2012. “China does not have enough institutional flow to support stable valuations, although more KIC invests $100m in US Idinvest Partners launches institutions are being allowed to come in. We have some insurance-related LPs and sovereign pet supplies firm $1b Sino-European fund funds are also coming in.” South Korea’s sovereign wealth fund KIC has Idinvest Partners, a European PE firm that invests invested $100 million in US-based pet supplies in small- and medium-sized enterprises (SMEs), retail chain PetSmart as part of a takeover led has launched a EUR1 billion ($1.1 billion) cross- of North Asia Tommy Yip, has secured initial by BC Partners.
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