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Economies of Scale Joseph Skrzynski on the Birth of Australian PE Are Ever-Increasing Fund Sizes Evidence of Visionary GP Or a Greedy One? Page 7 Page 14

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Economies of Scale Joseph Skrzynski on the Birth of Australian PE Are Ever-Increasing Fund Sizes Evidence of Visionary GP Or a Greedy One? Page 7 Page 14 Asia’s Private Equity News Source avcj.com November 18 2014 Volume 27 Number 43 EDITOR’S VIEWPOINT The VC valuation bubble may burst, but not with dotcom era consequences Page 3 NEWS Auda, Baring Asia, CITIC PE, CVC, Hillhouse, Hony, KKR, LACERS, Lexington, LGT, Lightspeed China, MBK, NDE, OMERS, OTPP, Quadrant, RRJ, SAIF, Silver Lake, TPG Page 4 DEAL OF THE WEEK Japan’s J-Star combines hospice care businesses Page 13 PROFILE CHAMP Private Equity’s Economies of scale Joseph Skrzynski on the birth of Australian PE Are ever-increasing fund sizes evidence of visionary GP or a greedy one? Page 7 Page 14 FOCUS DEAL OF THE WEEK Comfort with credit Beijing to the beach Dealing with downside protection in Asia Page 11 PE sees Maldives as China tourist hotbed Page 13 15th Annual Private Equity & Venture Forum India 2014 2-3 December • Taj Lands End, Mumbai MODI-F.I.E.D. - FUELLING INDIA'S ECONOMIC DEVELOPMENT REGISTER What’s new this year? NOW! An insightful panel on the secondary buyout appetite: Will the serving become bigger and what role can restructuring play? Darren Jason Markus Massara Sambanju Ableitinger Managing Head of Asia, Private MD, Co-head Partner Equity Secondaries of Investment NEWQUEST DEUTSCHE BANK Management Asia CAPITAL PRIVATE EQUITY CAPITAL PARTNERS DYNAMICS Registration PLUS an interactive session on Enquiries: entrepreneurship and venture capital: Yeni Kittrell T: +852 3411 4836 Innovating for a better India? E: [email protected] For the latest programme and speaker line-up, visit avcjindia.com Asia Series Sponsor Co-Sponsors Gaja Capital India’s Meritocratic Capital TM Knowledge Sponsors Luncheon Host Cocktail Reception Host Exhibitor Scan this QR code with your mobile Join your peers phone to review AVCJ India avcjindia.com #avcjindia latest updates 15th Annual Private Equity & Venture Forum EDITOR’S VIEWPOINT India 2014 [email protected] 2-3 December • Taj Lands End, Mumbai Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 Bubble talk Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, IN BEIJING AND SILICON VALLEY, THERE IS half of the country’s 600 million internet users Mansfield Hor, Tony Chow cause for concern at the flood of capital entering are currently online shoppers. The converts will the technology space. It draws comparisons with increasingly buy via mobile devices. “It is only a Senior Research Manager Helen Lee the dotcom bubble era – but VCs at the AVCJ bubble if everyone is chasing the same trend, Research Associates Forum were keen to play down the similarities. and I think as an industry we are staying ahead Herbert Yum, Isas Chu, The primary criticism is that direct of the curve,” Ron Cao, managing director at Jason Chong, Kaho Mak MODI-F.I.E.D. - FUELLING INDIA'S ECONOMIC DEVELOPMENT comparisons are fundamentally flawed. If Lightspeed China Partners, told the forum. Circulation Manager the dotcom bubble was inflated by internet China VC fundraising stands at $6.4 billion Sally Yip hype, the businesses now commanding high so far this year, the most since 2011. The surge Circulation Administrator Prudence Lau valuations are benefiting from an environment is driven by an uptick in exits in recent years as Subscription Sales Executive REGISTER in which the internet is delivering on its promise. US IPOs resumed for Chinese companies and Jade Chan What’s new this year? the likes of Baidu, Alibaba Group and Tencent There are more internet users, faster connections, Manager, Delegate Sales more mobile devices and better e-commerce. Holdings went on the acquisition trail. Pauline Chen NOW! And then the VC industry itself is arguably It is a similar story globally, with LP sentiment Director, Business Development An insightful panel on the secondary buyout wiser. According to Preqin, in 2000, a total of buoyed by improving returns. Preqin data on VC Darryl Mag 463 funds raised $77 billion. So far this year, $38 performance show a spike in performance for appetite: Will the serving become bigger and what Manager, Business Development billion has gone into 220 funds. Fewer funds are funds from the 2007-2010 vintages. Median IRR Anil Nathani, Samuel Lau role can restructuring play? backing start-ups that tend to be less capital- for the 2010 vintage is 14.5%; between 2000 and Sales Coordinator intensive than before. The lower cost of starting 2006, no vintage surpassed 5%. Debbie Koo a business – and the increased capacity to do it This is all very encouraging but it does not Darren Jason Markus from anywhere in the world – has also opened remove the bubble debate, merely put it in a Conference Managers Jonathon Cohen, Sarah Doyle, Massara Sambanju Ableitinger the door to more angel investors. proper context. Valuations have spiraled upwards Conference Administrator Managing Head of Asia, Private MD, Co-head Certain companies are spending longer and – from a China perspective – when VCs talk Amelie Poon Partner Equity Secondaries of Investment building scale under private ownership. Scott about not having time to conduct as much due Conference Coordinator Fiona Keung, Jovial Chung NEWQUEST DEUTSCHE BANK Management Asia Kupor, managing partner with Andreessen diligence as they would like and companies CAPITAL PRIVATE EQUITY CAPITAL Horowitz, told the AVCJ Forum there are receiving funding that don’t deserve it (both Publishing Director PARTNERS DYNAMICS two major trends at work in this context: the issues came up at the AVCJ Forum), you don’t Allen Lee significant entry of new players into the private expect them to stay there. But at the same time, Managing Director capital markets; and the fact that 90% of the predictions of a brutal, dotcom bubble-style Jonathon Whiteley Registration largest venture capital rounds in history have fallout might be wide of the mark. happened in the last five years. Public market PLUS an interactive session on Enquiries: players feature ever more prominently in these. Yeni Kittrell Incisive Media entrepreneurship and venture capital: China-focused VCs would add that their Unit 1401 Devon House, Taikoo Place T: +852 3411 4836 investments are still on steroids thanks to the Tim Burroughs 979 King’s Road, Quarry Bay, Innovating for a better India? Hong Kong E: [email protected] combination of a rising middle class and the Managing Editor T. (852) 3411-4900 disruption effect of the mobile economy. Only Asian Venture Capital Journal F. (852) 3411-4999 E. [email protected] URL. avcj.com For the latest programme and speaker line-up, visit avcjindia.com Global venture capital fund performance by vintage Beijing Representative Office No.1-2-(2)-B-A554, 1st Building, 25 No.66 Nanshatan, Asia Series Sponsor Co-Sponsors Chaoyang District, Beijing, 20 People’s Republic of China T. (86) 10 5869 6203 15 F. (86) 10 5869 6205 E. [email protected] 10 Gaja Capital 5 India’s Meritocratic Capital TM 0 The Publisher reserves all rights herein. Reproduction in whole or in part is permitted only with the written consent of -5 AVCJ Group Limited. Net IRR since Inception (%) Inception Net IRR since -10 ISSN 1817-1648 Copyright © 2014 Knowledge Sponsors Luncheon Host Cocktail Reception Host Exhibitor -15 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Top quartile Median net IRR Bottom quartile Source: Preqin Scan this QR code with your mobile Join your peers phone to review AVCJ India #avcjindia latest updates avcjindia.com Number 43 | Volume 27 | November 18 2014 | avcj.com 3 NEWS How Silver Lake secured FDI, but the next phase will see Chinese capital AVCJ FORUM going abroad and bringing back quality services.” Alibaba deal – AVCJ Forum John Lin, managing partner with NDE Capital, VCs cast doubt on dotcom Silver Lake’s 2.2% stake in Alibaba Group is worth said his firm is already looking to tap demand more than $6 billion at current market prices, from China’s middle class for overseas products era comparisons but internal approval for the original investment and services by investing in brands overseas Venture capital investors played down in the Chinese e-commerce player in 2011 did that are undervalued in their own markets, and comparisons between the current soaring not come easily. The technology-focused private bringing them into China. valuations in the technology space and the equity firm describes its investment approach dotcom bubble era. Ron Cao, managing director as disciplined, valuation sensitive and control- with Lightspeed China Partners, said the key oriented. Alibaba set two records: the highest ASIA PACIFIC difference between today and the dotcom valuation Silver Lake had ever paid for a deal era was the size of the opportunity. “It is only a in absolute terms and multiple terms; and the RRJ leads $1b investment bubble if everyone is chasing the same trend, lowest percentage ownership. and I think as an industry we are staying ahead in Cheniere Energy of the curve,” he said. David Yuan, a partner RRJ Capital has agreed to invest $1 billion in with Redpoint Ventures, added that there are convertible notes issued by Cheniere Energy, a still are some worrying side-effects to surging US-based liquefied natural gas (LNG) producer. investment: some companies are raising more The PE firm will invest from RRJ Capital II, but it money than they need, while others that could transfer a portion of the notes to Temasek shouldn’t get funding are getting funding. Holdings. Location, talent will define CVC’s Hemal Mirani to Asia’s GP winners rejoin HarbourVest As the Asia’s PE market matures, the winners will Hemal Mirani, head of Asia investor relations be defined by those who not only leverage their “Alibaba was at the far end of an extreme for at CVC Capital Partners, will join HarbourVest local presence, but also retain the necessary us format-wise,” Kenneth Hao, managing partner Partners as a managing director.
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