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PRIVATE EQUITY ANALYST Asia Private Equity Trends INSIDE China Venture Investing Soared to Record Level in 2014 ............................p.3 Japan Private Equity Market Hungry for Sellers ...................................... p. 5 What Would a Yuan Devaluation Mean for PE Investors? ............................ p. 6 Korea’s Sovereign-Wealth Fund to Retool Direct Investment Program ........... p. 8 Myanmar Gains Higher Profile as Investors Shun the Asian Crowds ............ p. 9 Asia Starts to Embrace ESG Amid Investor Pressure ........................... p. 10 India Resurgence Comes With Note of Caution ............................ p. 12 Despite Coup, Thailand Deal Making Stays Small & Steady ................ p. 14 Rising Star: Chris Freund’s Pioneering Spirit Pays Off for Mekong Capital .........p.15 Asia Private Equity Trends Nicholas Elliott Managing Editor, Introduction Dow Jones Private Markets private equity, whether on deals, fundraising, regulation or Asia is a region of high the overall flow of capital into the asset class. For our interest to international private equity investors but the coverage we can also draw on the worldwide reporting of shifting prospects of individual nations illustrate the need the 1,800 journalists at The Wall Street Journal. for regular informed analysis. With that in mind we are pleased to provide this selection of recent analytical stories We will continue to strive to provide the best insight on from our monthly magazine Private Equity Analyst and daily private equity and in the meantime I hope you find this newsletter LBO Wire. collection useful in framing your investment decisions. The team of 25 specialized and experienced journalists Nicholas Elliott supporting these publications spans three continents. Each Managing Editor month they report on the most significant trends affecting Dow Jones Private Markets Copyright © 2015 Dow Jones & Company, Inc. All rights reserved. Published April 2015. Dow Jones & Company is a News Corporation Company. Copying and redistributing prohibited without permission of the publisher. This publication is designed to provide factual information with respect to the subject matter covered but its accuracy cannot be guaranteed. Dow Jones is not a registered investment adviser, and under no circumstances shall any of the information provided herein be construed as a buy or sell recommendation or investment advice of any kind. Photo Credits - Cover: ©istockphoto.com/btrenkel; p2: Equilibrium Photographers/Shutterstock.com; p3: ©istockphoto.com/plavevski; p8: ©istockphoto.com/P_Wei; p12: Fedyaeva Maria/Shutterstock.com 2 | DOW JONES PRIVATE EQUITY ANALYST Asia Private Equity Trends China Venture Investing Soared to Record Level in 2014 By PATRICK BOEHLER opened up Venture capitalists the spigot in China in the fourth quarter of 2014, blowing away the previous record for yearly total investment. Investors poured $15.5 billion into deals during the year, more than twice the previous record of $7.3 billion set in 2011 and the highest amount since VentureSource began collecting data on China in 2006. Dow Jones VentureSource is a database from Dow Jones & Co., which is owned by News Corp. Underlying the increase is a boom in the use of mobile devices. For the first time, more Chinese accessed the Internet via mobile devices than via PCs last year, the China Internet Network Information Centre said in July. The state-affiliated think tank estimated the number of mobile shoppers at 205 million as of June 2014, up 42% from December 2013. Hans Tung , managing partner at GGV Capital , a venture firm focused on China and the U.S., said the widening spread of smartphones and mobile devices in China spurred innovation Consumer-focused businesses dominated capital-raising in in 2014, attracting more venture capital. “We have a lot of new the fourth quarter, accounting for all the top five deals. The products being born, new apps and hardware developed,” he largest deal was a $1.1 billion financing for Xiaomi, a maker said. “There is a lot of demand for new services.” of smartphones and electronic gadgets. After Xiaomi, the next two largest rounds were for companies providing taxi- reservation services. Beijing Xiaoju Technology Co. raised $700 million and Hangzhou KuaiZhi Technology Co. raised Equity Financings for Mainland China $600 million. Venture-Backed Companies For the quarter, investors injected $6.8 billion into Chinese venture-backed companies, an almost fivefold increase from $20B the $1.4 billion invested in the same period a year earlier, according to VentureSource. The number of completed deals $15.53 rose 79% to 243 from 136 over the same period of 2013. 15 Mr. Tung, who was an early investor in Xiaomi, said he expected the focus on mobile services to continue next year. “More traditional industries such as retail will be 10 disrupted,” he said. “Consumer numbers will not grow as $7.27 $6.70 much next year, but there will be a continuing shift from offline to online.” $4.78 $4.98 $5.03 5 $3.99 $2.97 $3.46 He said, however, that many in the industry see valuations being too high. “What if in 2015 the bubble bursts? My 0 guess is that category winners will still be able to raise funds, 2014 2013 2012 2011 2010 2009 2008 2007 2006 albeit by a lower valuation,” he said. Equity fnancings include cash investments by professional venture capital frms, Despite the large rounds raised by consumer businesses corporations, other private equity frms, and individuals into companies that have received at least one round of venture funding. Source: Dow Jones VentureSource like Xiaomi, such big dollops of capital didn’t influence the 3 | DOW JONES PRIVATE EQUITY ANALYST Asia Private Equity Trends totals as much in the U.S. market, where investments in the The largest public offering in the fourth quarter was by likes of ride-service company Uber Technologies Inc. and HuaDian Heavy Industries Co., a provider of material- room-rental company Airbnb Inc. have meant rising levels of handling equipment, in November. The company raised investing spread across fewer deals. $244.65 million in its listing in Shanghai. In China, the median round size of $9.8 million for the year Venture firms based in China raised $4.2 billion during the year, was well above the number for the prior two years but didn’t according to VentureSource, the highest amount in three years. match a figure of $10 million for 2011. Overall private equity fundraising reached a record of $47 billion, beating a previous record of $46 billion recorded for 2011. n The surge in venture investment came as initial public offerings resumed after the closure of the market for more than a year while it was overhauled, offering investors better prospects of cashing out of successful companies. “Part of why 2014 was significantly stronger than 2013 is that the government relaxed its hold on IPOs,” said Benjamin Lavender, principal at China Market Research Group in Shanghai. There were 61 venture-backed IPOs in 2014, a leap from the 15 in 2013 but still well down from 100 in 2011 and 141 in 2010. The value of those IPOs last year was $7.2 billion, the highest in three years but still well down from 2011 and 2010 when the markets were deluged with listings, sometimes from Great Hall of the People (Chinese Parliament), Tiananmen Square in Beijing, companies with weak finances and governance. China. Photo Credit: tcly/Shutterstock.com Asia/Pacifc Annual Fundraising $80,000M $75,219.69 Fund Of Funds $70,857.55 70,000 Secondary & Other $63,537.40 60,000 $55,606.52 Mezzanine $54,195.89 Venture Capital 50,000 $45,907.48 Buyouts/Corporate Finance 40,000 $39,236.96 $38,668.72 30,000 20,000 10,000 0 2014 2013 2012 2011 2010 2009 2008 2007 2014 2013 2012 2011 2010 2009 2008 2007 Buyouts/Corporate Finance $58,825.48 $29,762.29 $51,519.56 $47,597.75 $35,623.84 $29,103.01 $37,608.01 $42,966.18 Venture Capital $8,332.83 $4,940.75 $6,784.36 $17,841.45 $9,198.97 $6,801.72 $8,775.94 $5,982.97 Mezzanine $299.58 $10.00 $575.55 $584.40 $97.94 $1,052.06 $1,151.25 $888.40 Secondary & Other $151.00 $444.00 $177.00 $571.45 $56.70 $137.00 $233.00 $136.00 Fund Of Funds $7,610.80 $4,079.92 $4,480.92 $4,262.51 $930.02 $1,574.93 $6,427.69 $5,632.96 Grand Total $75,219.69 $39,236.96 $63,537.40 $70,857.55 $45,907.48 $38,668.72 $54,195.89 $55,606.52 Source: Dow Jones VentureSource 4 | DOW JONES PRIVATE EQUITY ANALYST Asia Private Equity Trends Japan Private Equity Market Hungry for Sellers By KOSAKU NARIOKA In addition to the government’s push, Japan’s private equity market has been gaining renewed attention because many Minister Shinzo founder-owned enterprises haven’t secured their Despite Prime Abe’s push for higher successors. shareholder returns, Japanese companies remain slow to sell their businesses, limiting the size of the marketplace for About 60% of nearly 34,000 companies run by owners aged private equity investors. 60-64 don’t have a successor, according to Teikoku Databank. More than half of the 31,000 firms run by owners Since coming into power in late 2012 the Abe administration aged at 65-69 doesn’t have one either, the credit research has placed a strong emphasis on improving corporate firm also said. efficiency, which has raised hopes among investors that companies will sell some of their underperforming or noncore Mr. Mori said the psychological hurdles remains high for units to improve returns. owners to sell their businesses but if they become a bit more willing Japan would become “a really great market.” n But private equity deals have yet to show signs of taking off so far, with many executives throughout Japan Inc.
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