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Asia’s Private Equity News Source avcj.com January 20 2015 Volume 28 Number 03 EDITOR’S VIEWPOINT Slower growth in China does not mean fewer opportunities for PE Page 3 NEWS Alibaba, Carlyle, CDC, CPPIB, Hamilton Lane, IDG, India Value Fund, Multiples, OTPP, Vision Knight, SoftBank, TA Associates, Sequoia, Tiger Global, Yunfeng Page 4 DEAL OF THE WEEK Macro headwinds blow Peoplebank off course Page 13 PORTFOLIO J-Star helps Japan’s Leap of confidence Primagest stay relevant in a changing world Deal-by-deal fundraising is great in theory, but often difficult in practice Page 7 Page 14 FOCUS DEAL OF THE WEEK Blood on the street Bang for their buck China’s mobile taxi-booking app battle Page 11 ChrysCapital nets 2x return on ING Vysya Page 13 4th Annual Private Equity & Venture Forum Indonesia 2015 24 March, Grand Hyatt Jakarta GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjindonesia.com SIGN UP NOW! Volatility, Opportunities and Jokonomics: AND US$200 A new landscape for PE (until 6 FEB only)SAVE We are delighted to bring your attention to the NEW speakers already confirmed for the 4th Annual AVCJ Indonesia Forum. Taking place on 24 March 2015 in Jakarta, this year’s agenda will adopt a lively and interactive format, addressing the significant potential as well as challenges PE is facing in this unique but volatile market. Join local and regional private equity leaders to debate whether Indonesia is still THE hot market in Southeast Asia and how deal activity can be increased over the next 12 months. NEW speakers just confirmed include: Wilson Cuaca Hian Goh Partner Founding Partner EAST VENTURES NSI VENTURES Ming Maa William Tanuwijaya Investment Analyst Co-Founder and CEO SOFTBANK TOKOPEDIA 2014 DELEGATE COMPOSITION Attended by 40+ limited partners 30+ speakers Over 170 participants from 12 countries from Indonesia and overseas and more than 110 companies BY TYPE OF COMPANY BY TITLE BY COUNTRY Chairman / CEO / Managing Director / Europe and U.S., 2% Limited Partners, General Partners, Managing Partner, 12% Partner / COO, 37% Indonesia, 44% 26% 29% Others - Asia, 6% Hong Kong, 12% Others LPs GPs Principal / (Association, VP / Associate, Gov't, etc.), 5% 30% Investment Banks, 5% Corporates, 10% Professional Director / Chief Singapore & Services, 25% Representative, 21% Malaysia, 36% Registration: Yeni Kittrell T: +852 3411 4836 E: [email protected] Sponsorship: Anil Nathani T: +852 3411 4938 E: [email protected] Enquiry Scan this QR code with Join your peers your phone to access the avcjindonesia.com #avcjindonesia event website 4th Annual Private Equity & Venture Forum EDITOR’S VIEWPOINT Indonesia 2015 [email protected] 24 March, Grand Hyatt Jakarta Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 PE adapts to the Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow new normal Senior Research Manager Helen Lee Research Associates CHINA’S ECONOMY GREW AT ITS SLOWEST its own ecosystem. There is now not only a Herbert Yum, Jason Chong, GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjindonesia.com Kaho Mak SIGN UP pace in 24 years in 2014 with GDP expanding healthy mix of international and local funds by 7.3%. Most economists regard the current but also a diversified blend of funds targeting Senior Marketing Manager ANDNOW! Sally Yip situation as a symptom of a “new normal” as different investment themes from early-stage Volatility, Opportunities and Jokonomics: Circulation Administrator US$200 China continues its transition from the world’s angel funds to turnaround funds. The country Prudence Lau (until 6 FEB only)SAVE A new landscape for PE factory to the world’s most attractive nascent is also spawning its own strain of LPs as Subscription Sales Executive consumer market. Indeed, most PE industry insurance companies slowly enter the fray. Jade Chan We are delighted to bring your attention to the NEW speakers already confirmed for the professionals envisage no detrimental impact on • Chinese corporations are also embracing PE 4th Annual AVCJ Indonesia Forum. Manager, Delegate Sales their pace of investment. and VC as competitors and partners. It is used Pauline Chen Taking place on 24 March 2015 in Jakarta, this year’s agenda will adopt a lively and interactive Private equity in China certainly enjoyed a to be that Chinese companies were either Director, Business Development format, addressing the significant potential as well as challenges PE is facing in this unique but more bountiful 2014 than the economy as a funded by PE or purchase exiting portfolio Darryl Mag volatile market. Join local and regional private equity leaders to debate whether Indonesia is still whole. Assets under management blew past the companies. Now we see companies creating Manager, Business Development THE hot market in Southeast Asia and how deal activity can be increased over the next 12 months. $200 billion mark as Chinese GPs added another their own venture divisions. Anil Nathani, Samuel Lau $25 billion of fresh capital. • Exits are on the rise, or at least they are in Sales Coordinator In terms of investment, AVCJ Research has certain areas. The bumper Alibaba Group IPO Debbie Koo NEW speakers just confirmed include: records of 743 deals worth more than $34 is representative of the massive demand for billion, a near $14 billion gain on 2013. These VC investments in the country. The success of Conference Managers Wilson Cuaca Hian Goh Jonathon Cohen, Sarah Doyle, data exclude capital that Chinese private equity the first and second-generations start-up is Partner Founding Partner Conference Administrator firms invest outside of China. Cross-border deals also spawning a new breed of entrepreneurs Amelie Poon EAST VENTURES NSI VENTURES amounted to $7 billion in 2014. looking to do build their own businesses. Conference Coordinator My sense is that Chinese private equity is These are just a few of the many reasons why Fiona Keung, Jovial Chung healthier today than it was even a few years Chinese private equity will perform under the Ming Maa William Tanuwijaya Publishing Director ago and there are plenty of opportunities for new normal. However, as we all know, challenges Allen Lee Investment Analyst Co-Founder and CEO investors to target. remain and more will undoubtedly emerge. This SOFTBANK TOKOPEDIA • There seems to be less competition from is still a comparatively young market. upstart renminbi-denominated funds run by unqualified opportunists. Sure, a few popping Incisive Media up every now and then, but not at the rate Unit 1401 Devon House, Taikoo Place 2014 DELEGATE COMPOSITION 979 King’s Road, Quarry Bay, that threatens to disrupts the market, as was Allen Lee Hong Kong T. (852) 3411-4900 Attended by 40+ limited partners 30+ speakers Over 170 participants from 12 countries the case a few years back. Publishing Director F. (852) 3411-4999 • The Chinese PE industry is slowly building Asian Venture Capital Journal E. [email protected] from Indonesia and overseas and more than 110 companies URL. avcj.com BY TYPE OF COMPANY BY TITLE BY COUNTRY Beijing Representative Office China PE fundraising and investment No.1-2-(2)-B-A554, 1st Building, Chairman / CEO / Managing Director / Europe and U.S., 2% No.66 Nanshatan, Limited Partners, General Partners, Indonesia, 44% Managing Partner, 12% Partner / COO, 37% 60,000 Chaoyang District, Beijing, 26% 29% Others - Asia, 6% 250,000 People’s Republic of China Hong Kong, T. (86) 10 5869 6203 200,000 F. (86) 10 5869 6205 12% E. [email protected] Others LPs GPs Principal / VP / Associate, 40,000 (Association, 150,000 Gov't, etc.), 5% 30% Investment 100,000 The Publisher reserves all rights herein. Reproduction in whole or Banks, 5% US$ million 20,000 US$ million in part is permitted only with the written consent of Corporates, AVCJ Group Limited. 10% Professional Director / Chief Singapore & 50,000 ISSN 1817-1648 Copyright © 2015 Services, 25% Representative, 21% Malaysia, 36% 0 0 Registration: Yeni Kittrell T: +852 3411 4836 E: [email protected] 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Sponsorship: Anil Nathani T: +852 3411 4938 E: [email protected] Enquiry Assets under management Investment Fundraising Source: AVCJ Research Scan this QR code with Join your peers your phone to access the event website avcjindonesia.com #avcjindonesia Number 03 | Volume 28 | January 20 2015 | avcj.com 3 NEWS LP warns of potential co- ($6.5 billion) to support start-ups in emerging ASIA PACIFIC industries. The fund – to be managed by several investment bubble professional managers based on open tendering CIC’s Olivia Ouyang joins Co-investment could represent the next bubble process – will target equity investments in early- for global private equity says Erik Hirsch, global stage innovative firms. It will also partner with OTPP CIO for global fund-of-funds Hamilton Lane. He local or leading industry players’ corporate arms Ontario Teachers’ Pension Plan (OTPP) has hired said that while 2014 had been a strong year for on certain deals. Olivia Ouyang, formerly managing director and private equity fundraising globally – with about head of emerging markets at China Investment $486 billion raised, according to Preqin – it still Tiger Global backs P2P Corp. (CIC), as a Hong Kong-based director of fell short of record numbers seen in the years funds and co-investments. Ouyang joined CIC in preceding the global financial crisis. However, lending site Dianrong 2010 and during her time there was responsible he also noted that the asset class had matured Tiger Global Management has invested an for private equity fund, co-investment and direct undisclosed sum in Dianrong.com, a Chinese VC- investments in Europe and emerging markets. backed peer-to-peer (P2P) online lending service platform.
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