Region Snapshot*

Southeast An Overview of Trends in Select Sectors and Markets DecemberAsia 2008/January 2009

Region Snapshot* Duringuring 2007 and 2008, the private equity industry in the SoutheastSoutheast Asia region seemed to recover from the collapse of private equity there followingfollowing the late 1990s • 2008 Population: 583 million ﬁ nancial crisis. Despite residual concerns about political instability and corruption, and • Population Growth (2009): 1.5% worries that fallout from the US recession will worsen a slide in exports, the investment • % of Population Under 15 Years-old: 31% thesis for the region remains strong. Young and growing populationspopulations are rapidly develop- • 2008 GDP Current Prices: US$1,487 bn ing consumer habits; resource-rich economies like Indonesia standstand to gain from com- modity price gains and rising energy needs; trade relationships within the region and with • GDP Growth (2009): 4.8% other Asian partners are strengthening; and governments in the region continue to make • Inﬂ ation (2008, 2009): 10.2%, 6.4% progress, albeit sometimes slow, toward economic reforms. Source: IMF, Population Reference Bureau. * Statistics refer to 10 countries: Brunei, Cambodia, Indonesia, Laos, Capital dedicated to private equity investment in the region has doubled over the last Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. eight years, rising from US$520 million in 2001 to US$982 million in 2008, after reach- ing a zenith in the 1990s. Between 2005 and 2008, the total value of private equity This issue of EMPEA Insight focuses on the Southeast investment in Southeast Asia nearly quadrupled, increasing from US$1.3 billion to US$5 Asian countries of Singapore, Thailand, Vietnam, billion through December 2008. Activity within the region has been led by Singapore Malaysia, Indonesia, Cambodia and the Philippines; and Malaysia (primarily due to the prevalence of larger buyout transactions within those the other countries in the ASEAN region—Brunei, Myanmar and Laos—were not included due to limited markets), followed close behind by up-and-coming Indonesia, the largest single market PE activity in those markets. representing 40% of the population and one-third of GDP among ASEAN countries.

While several pan-Asian funds have turned their eyes toward the enormous opportunity of China and India, those mandates include an increasingly large Southeast Asian strat- egy as funds look to diversify their exposure. Domestic private equity is also developing within the region; in addition to a number of funds that specialize in Southeast Asia, several markets are developing deeper benches of managers focused on their home markets—Vietnam, Indonesia, Malaysia and Cambodia in particular. continued on page 2 Southeast Asia Funds Raised (2001–2008)

$1.2 Vietnam

$1.0 Thailand

$0.8 Southeast Asia

$0.6 Singapore US$ Billions

$0.4 Malaysia

Indonesia $0.2

Cambodia $0.0 2001 2002 2003 2004 20062005 2007 2008 Brunei Sources: Asia Private Equity Review; EMPEA (2006–2008). Note: Fundraising ﬁ gures include only Southeast Asia-dedicated funds, while investment totals include as well deals executed in the region by global, pan-Asian or pan-EM funds.

Country 2008 Pop. % Pop. 2008 GDP 2009 the region between 2005 and 2008. (millions) under 15 (US$B) % GDP Growth In 2008, Indonesia drew the bulk of capital aimed at a singular (Forecast) Singapore 4.7 19% 192.8 3.5% market, with 35% of capital raised. Singapore, Vietnam and Ma- laysia followed, with 20%, 16% and 15%, respectively, of the to- Cambodia 14.6 36% 10.8 6% tal raised by country-dedicated funds in 2008. As of December Malaysia 27.3 32% 214.7 4.8% 2008, there were at least 20 funds looking to raise US$2.5 bil- Thailand 66.4 22% 272.1 4.5% lion, of which roughly US$600 million has already been raised, Vietnam 86.8 26% 90.9 5.5% with an average target fund size of US$160 million. Philippines 90.3 35% 172.4 3.8% Indonesia 227.8 29% 496.8 5.5% Currently, the majority of pan-Asian investors have some degree Sources: IMF, Population Reference Bureau. of exposure to the region, and in recent years a number are in- Although conventionally grouped together, the “Southeast creasingly looking to diversify their portfolio away from China Asian” label glosses over signifi cant cultural diversity and re- and India. One example is Texas Pacifi c Group, which invests op- gional fragmentation among the individual markets.1 However, portunitistically in Southeast Asia through its US$4.3 billion TGP with a total population of 583 million, a regional GDP larger than Asia V fund, and via regional affi liate Northstar Pacifi c. Global India’s and 40% of China’s, private equity investors see poten- media investor Providence Equity Partners and Hong Kong- tial in growth investments in companies that can serve as a plat- based fi nancial services specialist Primus Pacifi c Partners both form to tap the attractive regional opportunity. The ASEAN mar- invest in the region through pan-Asian strategies. kets also present an increasingly attractive path to expansion Other large players are looking to more proactively seek regional for Australian, Indian and GCC companies and investors looking opportunities. Australian player Champ Private Equity opened to take advantage of cultural and linguistic synergies. an offi ce in Singapore in 2007. Also in 2007, the Carlyle Group began building its Southeast Asia team out of Singapore, with Fundraising Trends the intention to invest in buyouts out of the fi rm’s US$668 million Asia Growth Partners III fund.

EMPEA’s data reveals that funds focused on Southeast Asian continued on page 3 private equity investments raised US$982 million through De- EMPEA Insight cember 2008, roughly even with the US$986 million raised in Editorial Director Jennifer Choi 2007 , and representing only a slight decline from the 2006 [email protected] fi gure of US$1.1 billion. Southeast Asia-dedicated funds con- Writing and Research Alexander Adrian / [email protected]; Holly tinue to account for a relatively small portion of capital raised Freedman / [email protected]; Harrison Moskowitz /moskow- [email protected] for Emerging Asia private equity investment: 2.6% in 2008, versus 3.4% in 2007 and 5.9% in 2006. Southeast Asia’s share of Production Manager Cristiane Nascimento [email protected] fundraising held relatively steady during that period while the Advertising Opportunities pie nearly doubled, driven by surges in capital raised for invest- EMPEA Insight offers readers an overview of the data and drivers ment in China and India. behind investment trends in emerging markets private equity. Each issue of EMPEA Insight provides an opportunity for a single Indonesia dwarfs the others with a population of 228 million, exclusive back page advertisement. Issue-specifi c placements are with the Philippines and Vietnam with 90 million people each. on a fi rst come, fi rst served basis. For a list of upcoming issues and Due to the small size of individual markets, most investors look- more information about advertising opportunities and rates, contact ing for exposure to the region are more inclined to invest via Cristiane Nascimento at [email protected]. pan-Asian funds with activity in ASEAN, or through Southeast About EMPEA Asian funds, which drew 22% of capital raised for investment in The Emerging Markets Private Equity Association (EMPEA) is an independent, member-based global industry association that 1 Singapore—as a regional fi nancial hub with well-developed equity, credit and debt promotes greater understanding of and a more favorable climate for markets—is treated in most analyses (such as MSCI) as a developed, not emerging, market. private equity investing in the emerging markets of Africa, Asia, Cen- tral/Eastern Europe and Russia, Latin America and the Middle East.

The region is also drawing interest from Middle East players, Southeast Asia Private Equity Investment by Country such as Dubai International Capital and Istithmar, looking to tap (2005–2008) the Islamic Finance opportunity through shari’ah-compliant vehicles. Southeast Asia is home to one-third of the world’s Mus- Singapore lim population, and an estimated 10% of ﬁnancing in Malaysia Malaysia is executed through Islamic banking channels.

Philippines A number of pan-Asian and pan-emerging market ﬁrms are building up Southeast Asian portfolios, occasionally through regional Indonesia vehicles focused on ASEAN markets. Firms investing opportu- nistically out of pan-Asia funds include AIF Capital, through its Vietnam US$435 million growth fund closed in 2006, Henderson Equity Thailand Partners, currently raising a US$400 million Asia fund, CVC Asia Paciﬁc and Baring Private Equity Asia. Emerging markets investor Sources: Asia Private Equity Review, EMPEA.

Actis, which has led some of the region’s more notable buyouts, fund management industry, was the darling of the region before invests in Southeast Asia both through a 2006 US$130 million market conditions began to deteriorate in late 2008. regional fund and its pan-emerging market funds, including the recently closed US$2.9 billion Emerging Markets 3 fund. Vietnam boasts at least a dozen firms investing across the PE spectrum—from technology VC to middle market private equity Middle-market emerging markets specialist Aureos Capital man- to pre-IPOs—such as veterans Mekong Capital and Vinacapital ages multiple funds within the region, including a 2005 US$91 (which runs multiple funds, including the first Vietnamese fund million Southeast Asia fund, and dedicated Malaysia and Brunei to list on London’s AIM, the Vietnam Opportunity Fund). Mekong funds closed in 2008, which will be rolled into the firm’s next re- is currently raising its third fund, after closing a US$100 million gional fund. Small Enterprise Assistance Funds (SEAF), another vehicle (Azalea Fund) in 2007 to focus on privatization opportu- pan-emerging markets investor, targets underserved popula- nities. With its US$100 million pan-emerging markets vehicle tions and markets in Vietnam and Cambodia through its US$25 Private Equity New Markets, Danish investor BankInvest in- million Blue Waters Growth Fund, closed in 2007. cludes Vietnam among its priority markets and closed a number of transactions there in 2008. BankInvest is currently raising a Regional specialists include Malaysia-based Navis Capital Part- US$200 million successor vehicle. ners, which closed its fifth fund in 2007 at over US$1 billion.

Navis focuses principally on buyouts. Regional veteran Lombard The emergence of a private equity market in Cambodia gained Investments closed its most recent fund in 2007 at US$234 mil- attention in 2008. While one of the smallest markets in the re- lion to focus on buyouts and growth opportunities across the gion, Cambodia continues to experience rapid per capita GDP region, particularly Thailand. One of the few mezzanine play- growth and recently announced plans for a US dollar-denomi- ers focused on Southeast Asia, Kendall Court invests its 2006 nated stock exchange in 2009. Local investors compare the US$90 million debt fund primarily in proprietary deals. Standard market to Bangkok 20 years ago or Ho Chi Minh city 10 years Bank and CIMB Private Equity launched joint venture South East ago. Newcomer Leopard Capital is raising US$100 million; Cam- Asian Strategic Assets Fund (SEASAF) in 2006, which has al- bodia Emerald Fund is also raising US$100 million for its debut ready invested two-thirds of its debut US$150 million regional fund. Proliﬁc Vietnamese investor Mekong Capital has used its fund focused on infrastructure-related assets. home market as a platform for investment across the Mekong region, including Laos and Cambodia, for several years. Domestic private equity industries are developing with the emergence of several homegrown funds focused on a singular Indonesia’s domestic market remains comparatively uncrowd- market, notably in Vietnam, Malaysia, Indonesia and now Cam- ed, with local leaders like Saratoga Capital, which is targeting bodia. Vietnam, with its burgeoning local stock exchange and US$330 million for its second fund, capturing the bulk of op-

continued on page 4

portunities. Newcomer Arapima is raising a maiden US$150 ment totaling US$3.8 billion, the bulk of which was concentrated million regional fund that will focus initially on its home market in Malaysia and Singapore, with US$2 billion and US$1.1 billion of Indonesia. Local GP Ancora Capital Management, report- invested, respectively. This represented a 5% decrease versus edly raising a US$300 million fund, made headlines recently 2007, which yielded total regional investment of US$4 billion. A through its role in the Bumi Resources deal, detailed below. sample of 29 investments completed in 2008 reveals an average deal size of US$87 million in 2008.2 Despite being a comparatively small market, Malaysia, with a

population of only 27 million, captured the lion’s share of in- The bulk of deals in Southeast Asia are minority growth trans- vestment in 2008 and claims at least two dedicated PE funds. actions, although there have been a handful of large buyouts in Ethos Capital raised US$66 million for its maiden fund in recent years, including three US$1 billion-plus deals in 2007, 2007; the Malaysian Life Science Capital Fund, managed by and one such deal in 2008. Malaysia is home to several notable Burrill & Company and sponsored by the Malaysian Technol- buyouts of late, including the headline-grabbing CVC Asia Paciﬁc ogy Development Corporation, is investing a US$150 fund in US$1.5 billion buyout of Malaysian technology company Magnum biotech startups. Corp. in 2008, one of the largest Asian PE deals outside Japan to date. Actis executed a management buyout (MBO) of Malaysian Investment Trends die-cast manufacturer Teknicast in September for US$100 mil-

EMPEA estimates that Southeast Asia saw US$10.5 billion in- lion. Actis has also participated in MBOs of Malaysian companies vested between 2005 and 2008, representing 10.5% of the Mivan Far East and Singapore-based Unza Holdings.

total private equity investment in Emerging Asia during that 2 Data for preceding years was insufﬁcient to calculate deal size averages. period. As of December 2008, the region had captured invest- continued on page 5

Sampling of Recent Investments

Fund Manager Company Tx Value Sector Market Date Equity (US$M) (%) Actis Teknicast 100 Manufacturing Malaysia Sep-08 N/A Actis, Pine Brook, Temasek Asia Pacific Exploration Consolid. 380 Energy Singapore Jan-08 N/A Ancora Capital Management Bumi Resources 75 Natural Resources Indonesia Nov-08 5% Ashmore Group Petron 145 Energy Philippines Jul-08 51% Aureos Capital Eurotech Engineering Int’l 4 Energy Thailand May-08 N/A Bank Invest Son Kim Fashion 3 Retail Vietnam Oct-08 20% CIMB Private Equity Alam-PE Holdings (L) Inc. 14 Logistics Malaysia Oct-08 51% CVC Asia Pacific Ltd. Magnum Corp. Bhd 1,540 Technology Malaysia May-08 N/A DFJ, VinaCapital Yeah1 N/A Technology Vietnam Jul-08 35% Dubai International Capital True Group N/A Services Singapore Mar-08N/A HSBC Private Equity Asia Sing Lun Holdings 87 Manufacturing Singapore Apr-08 77% Indochina Capital Int’l Transportation & Trading 25 Transportation Vietnam Apr-08 N/A Intel Capital Green Packet Bhd 15 Technology Malyasia May-08 N/A Kohlberg Kravis Roberts & Co. Unisteel Technology Ltd. 578 Technology Singapore Jun-08 N/A Lacuna AG S*BIO Pte. Ltd. 26 Pharmaceuticals Singapore Oct-08 N/A Leopard Capital Cambo Fund Limited 2 Real Estate Cambodia May-08 24.00% Lombard Investments Asiasoft Corporation 12 Entertainment Thailand Jun-08 10% Mekong Capital Digiworld Corporation 5 Distribution Vietnam Dec-08 N/A Navis Capital Partners King's Safetywear Limited 67 Retail Singapore Sep-08 N/A Primus Pacific Partners EON Capital Bhd 414 Financial Services Malaysia Feb-08 20.20% Providence Equity Partners eTelecare Global Solutions 290 BPO Philippines Sep-08 67% VinaCapital NC-55 Infrastructure 6 Infrastructure Vietnam Oct-08 40%

Technology is a leading sector for investment in Singapore and Southeast Asia Investment Totals (2005–2008) Malaysia. Notable 2008 examples included Lombard’s US$12 million minority investment in the region’s leading online entertainment provider Asiasoft, and Intel Capital’s US$15 million in- $5 vestment in Malaysian mobile broadband provider Green Packet Singapore Berhad, which is launching the first WiMAX network in Southeast $4 Malaysia Asia. KKR invested US$575 million in Singapore-based Unisteel, which makes precision fasteners for data storage, electronics Indonesia $3 and telecom companies in the region. Privatization and consoli- Philippines dation is expected for the telecoms sector in Indonesia and Ma- $2 laysia; strong growth in consumption patterns and comparatively Vietnam low penetration make for attractive telecom markets in Cambo- $1 Thailand dia and Laos. US$ Billions Cambodia $0 2005 2006 2007 2008 The energy and natural resources sectors, particularly in resource-rich markets such as Indonesia and the Philippines, drew Sources: Asia Private Equity Review: 2005–2007; EMPEA: 2008. US$525 million in 2008. Actis led a consortium investment in APEC, a Singapore energy firm, for US$380 million, and the Ash- more Group injected US$144.8 million into the Philippines oil Infrastructure deals also generated interest in 2008, and such refining industry through Petron. The US$1.3 billion purchase of assets are projected to continue attracting investment as several 35% of Indonesian coal producer Bumi Resources led by Texas ASEAN governments, notably Indonesia and Thailand, are looking Pacific Group’s regional affiliate Northstar Pacific seems to have to private capital to help remedy serious infrastructure shortcom- fallen apart in December 2008, amid growing resistance and ings. Regional low-cost airline AirAsia X, affiliate of PE-backed Air complications surrounding the deal’s structure. TPG withdrew in Asia, sold a 20% stake to ORIX Corp and Manara Equity Partners November when it looked as though struggling holding company in February 2008. The Manara Consortium is backed by four Bakrie & Brothers would insist on a strategic partnership. As of Saudi business groups which together with 3i Group plc are the late December 2008, Northstar appeared to remain in the deal, sponsors of the US$1 billion Manara Infrastructure Fund LP (MIF) which had yet to close. for investment in Islamic countries. In October, CIMB Private Eq-

continued on page 6 Southeast Asian Stock Exchange Performance, MSCI Indices (Jan 2005–Dec 2008)

300 MSCI Thailand

250 MSCI Singapore

MSCI Philippines 200

MSCI Malaysia

150 MSCI Indonesia

100 MSCI EM Asia

50 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Source: MSCI, Inc. proprietary index.

Sampling of Recent PE-Backed Exits

Firm Name Company Sector Invest- Market Capital Exit Type Exit Date ment Year Invested (US$M) Baring Private Equity Asia LHI Technology Mfg. 2006 Singapore N/A Secondary 8-Apr CIMB Private Equity Indo Mines Nat. Resources 2005 Indonesia 3 Strategic 8-Apr sale Electra Partners Asia, AIG, eTelecare Global Solu- Services (BPO) 1998 Philippines 87 Trade Sale 8-Oct Crimson Capital Asia tions Green Dot Capital Singapore Computer Technology N/A Singapore N/A Strategic 8-Aug Systems sale Mekong Capital Saigon Gas Oil & Gas 2005 Vietnam N/A Strategic 8-Dec sale Symphony Capital Part- Parkway Holdings Ltd. Healthcare 1999 Singapore N/A Strategic 8-Apr ners sale Tembusu Partners Artivision Technologies Technology 2007 Singapore N/A IPO 8-Oct Texas Paciﬁc Group (TPG) BankThai Banking 2007/8 Thailand N/A Strategic 8-Nov sale

uity launched a US$70 million joint venture with Malaysia’s Alam Maritim Group, which operates offshore support vessels for the Exit Trends oil and gas industry. Engineering companies such as Thailand’s Eurotech, which drew US$4 million from Aureos Capital, also Most PE investments in Southeast Asia are exited via strate- stand to attract PE investment. gic sale. In 2008, only one PE-backed IPO is known to have taken place, the October listing of Singapore-based Artivision Encouraging demographic patterns make consumer opportuni- Technologies, backed by Tembusu Partners. Strategic exits in ties particularly attractive in markets such as Vietnam. Mekong 2008 included Mekong Capital’s sale of Saigon Gas Hold- Capital has seized on this trend with a series of investments in ings Corporation to Total. AIG, along with co-investors Electra consumer-oriented companies in 2008, such as clothing retailer Partners Asia and Crimson Capital Asia, sold its interest in Mango, restaurant chain Ashima and computer distributor Digi- Philippines-based eTelecare Global Solutions, a business world. BankInvest’s Private Equity New Markets fund likewise has process outsourcing services provider, to Philippine conglomer- acquired stakes in companies serving domestic consumers in ate Ayala Corporation and Global Equity Partners in October. In Vietnam, including beauty salon group Hals, AAA Insurance, and the only known secondary transaction in 2008, Baring Private Son Kim Fashion Corporation. Equity Asia sold its controlling stake in medical equipment manufacturer LHI Technology to 3i for an undisclosed amount.

continued on page 7

Challenges & Opportunities

Persistent concerns about corruption pose a signiﬁcant hurdle for many investors to increasing their exposure to private com- MSCI Index % Change (as of December 31, 2008) panies in Southeast Asia. While most locally-based PE investors assert that governments are making real progress in tackling 1 Yr 3 Yr 5 Yr 10 Yr 20% corruption, the most recent Transparency International Corrup- tion Perception Index, released in December 2008, reveals that 10% three of the six ASEAN economies surveyed (Indonesia, the Phil- 0% ippines and Cambodia) ranked in the bottom third of the 180 -10% countries surveyed. -20% Another obstacle for investors is the perceived illiquidity of local -30% stock exchanges, making for narrower exit prospects. Trading on regional stock exchanges remains thin, even though Malay- -40% sia, Singapore, and Thailand have all hosted the IPOs of private -50% equity-backed companies. Further, all ASEAN exchanges saw -60% MALAYSIA SINGAPORE THAILAND PHILIPPINES INDONESIA VIETNAM EM ASIA steep declines in 2008. According to the MSCI country indices, Vietnam saw a 59% year-over-year decline, Indonesia fell 58%, Source: MSCI Barra Equity Indices as of December 31, 2008. and the Philippines, Thailand and Malaysia fell by 54%, 50% and 43%, respectively. During the same period, the EM Asia index dropped 54%.

While intra-ASEAN trade relationships continue to grow, South- east Asian countries are also cultivating trade relationships elsewhere in Asia, such as a pending free trade agreement between Malaysia and India. Stronger intra-regional trade would help offset the effects of the US recession on export-dependent companies within ASEAN markets.

Transparency International Corruption Perception Index 2008 Ranking

Singapore 166

Hong Kong 141 126 United Kingdom

USA 80

Malaysia 72

China 47

Thailand 18

Indonesia 16

Philippines 12

Cambodia 4

0246810 Source: Transparency International. Score (1 being corrupt, 10 being clean)

EMPEA Insight: Southeast Asia December 2008/January 2009

Sampling of Firms Investing in Southeast Asia

PE Firms Investing Most Recent Fund Sector Geographic in Southeast Asia (Vintage Year, Fund Size) Focus Focus 3V SourceOne Capital 3vS1 Asia Growth Fund (Raising, US$100m) Technology Southeast Asia Actis Actis ASEAN Fund (2006, US$130m) Generalist Southeast Asia ADM Capital ADM Maculus Fund II (2006, US$338m) Generalist Southeast Asia AIF Capital AIF Capital Asia III (2006, US$435m) Generalist Asia, Southeast Asia Ancora Capital Management TBD (Raising, US$300m) Natural Resources, Indonesia Infrastructure Arapima Southeast Asian Fund (Raising, US$150m) Consumer Southeast Asia

Aureos Capital Aureos Brunei Fund (2008, US$28.6m); Aureos Malaysia Generalist Brunei, Malaysia Fund (2007, US$25m) Baring Private Equity Asia Ltd. Baring Private Equity Asia IV (2008, US$1.5bn) Generalist Asia

BVIM Vietnam Investment Fund II (Raising, US$300m) Generalist Vietnam Cambodia Emerald Cambodia Emerald Fund (Raising, US$100m) Generalist Cambodia CIMB Private Equity, South East Asian Strategic Assets Fund (2007, US$150m) Energy, Infrastruc- Southeast Asia Standard Bank PLC ture Crest Capital Partners Enterprise Fund (2005, US$150m) Generalist Singapore CVC Asia Paciﬁc CVC Capital Partners Asia Paciﬁc Fund III (2008, US$4.1bn) Generalist Asia Ethos Capital Ethos Capital One Fund (2007, US$65.8m) Generalist Malaysia, Southeast Asia Finansa Capital Siam Investment Fund III (Raising, US$100m) Generalist Thailand Frontier Investment & Dev’t Partners Cambodia Investment and Dev’t Fund (Raising, US$250m) Generalist Cambodia Garuda Capital Partners Garuda Capital Investment Fund No 1 Generalist Indonesia IDFC Capital IDFC Capital Fund I (Raising, US$500m) Fund of Funds Asia, Emerging Markets IDG Ventures IDG Ventures Vietnam Fund (2004, US$100m) Technology Vietnam Indochina Capital Indochina Infrastructure Holdings (Raising, US$500m) Energy Vietnam Kendall Court Capital Partners Kendall Court Mezzanine Fund I (2006, US$90m) Generalist Southeast Asia Leopard Capital Leopard Cambodia Fund (Raising, US$100m) Generalist Cambodia Lombard Investments Lombard Asia III (2007, US$234m) Generalist Southeast Asia, Taiwan Malaysian Technology Development Malaysian Life Science Capital Fund (2006, US$150m) BiotechnologyMalaysia Coporation, Burrill & Company Mayban-Jaic Management Mayban-JAIC ASEAN Fund (2006, US$50m) Generalist Southeast Asia Media Prima Berhad Media Prima Fund (Raising, US$100m) Entertainment Southeast Asia Mekong Capital Mekong Enterprise Fund III (Raising); Vietnam Azalea Fund Generalist Vietnam (2007, US$100m) MFC Asset Management MFC Energy Fund (Raising, US$128m) Energy, Cleantech Thailand Navis Capital Partners Navis Asia Fund V (2007, US$1.04bn) Generalist Asia Providential Holdings Providential Vietnam Growth Fund (Raising, US$200m) Generalist Vietnam Saigon Asset Management Vietnam Equity Holding (Raising, US$125m) Generalist Vietnam Saigon Capital Saigon Phoenix Fund (Raising, US$75m) Generalist Vietnam Saratoga Capital Saratoga Asia II (Raising, US$330m) Infrastructure, Indonesia, Southeast Natural Resources Asia Sirius Venture SME Growth Partners I Fund (Raising, US$30m) Generalist Singapore Small Enterprise Assistance Funds SEAF Blue Waters Growth Fund (Raising, US$30m) Generalist Cambodia, Vietnam Tembusu Partners Tembusu Growth Fund (2008, US$71m) Generalist Singapore The Carlyle Group Carlyle Asia Growth Partners III (2006, US$668m) Natural Resources Asia TPG Capital TPG Asia V (2008, US$4.25bn) Generalist Asia UOB Venture Management ASEAN China Investment Fund II (Raising, US$250m) Generalist Southeast Asia, China Vietcombank Fund Management Vietcombank Partners Fund II (2007, US$120m) Generalist Vietnam Vietnam Asset Management Vietnam Emerging Market Fund (Raising, US$200m) Generalist Vietnam VinaCapital Investment Management Vietnam Infrastructure Limited (VNI) (2007, US$340m) Infrastructure Vietnam