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Preqin Research Report Fig Preqin Research Report Fig. 3 Comparison of Private Equity Performance by Fund Primary The Changing Dynamic Regional Focus for Funds of Vintage Years 1995 - 2007 The Rise of Asian Private Equity Such diffi culties in the fundraising market may come as November 2010 somewhat of a surprise – especially considering the relative resilience of Asia-focused private equity funds in terms of 0.25 performance. As Fig. 3 shows, following an extended period 0.2 of strong median fund performance since the turn of the Unprecedented Growth millennium, vehicles focusing on Asia have clearly weathered 0.15 the storm with more success than their European and US Europe The period 2003 – 2008 saw unprecedented growth within 0.1 the Asian private equity industry. Fig. 1 shows the increase counterparts, with median IRRs for all vintage years still Asia and Rest of World posting positive results while funds focusing primarily on the 0.05 in total capital raised annually by funds focusing on the US region between the period 2003 and 2008, when a record West are still in the red. IRR Median Net-to-LP 0 $91bn was raised by 194 funds achieving a fi nal close. 1995 1997 1999 2001 2003 2005 2007 The main factors behind the decline in Asia fundraising can -0.05 As Fig. 2 shows, the record level of capital raised saw the be identifi ed by examining the make-up of fund managers -0.1 Vintage Year importance of the Asian private equity industry growing on and investors in the region more closely. As Fig. 4 shows, in Source: Preqin a global scale, with Asian fundraising accounting for an all terms of capital, the majority of funds raised up to 2008 for time high of 14% of all funds raised worldwide in 2008 – up investment in Asia were being committed to foreign managers from just 5% in 2003. (i.e. headquartered outside of Asia) rather than those based in the region. Consequently, these managers were relying However, the effects of the global economic downturn were far more on investors situated in the West than domestic felt especially hard in Asia, with fundraising declining to managers. a fi ve-year low. While other regions also saw a dramatic decline in fundraising, none were hit harder than Asia, with With many investors in Europe and North America fi nding the region seeing its share of the global market decline themselves over-committed to private equity, gathering below 10% in terms of total capital raised for the fi rst time commitments for new funds became a challenging prospect, since 2004. compounded by the fact that investors were far more Preqin provides information, products and services reluctant to make commitments to a long-term asset class to private equity fi rms, fund of funds, investors, during a period of such uncertainty. For many of those with placement agents, law fi rms, advisors and other professionals across the following main areas: > Fund Performance Fig. 1: Asia-Focused Private Equity Fundraising, 2003 - 2010 YTD Fig. 2: Asia Private Equity Share of Global Market > Fundraising > Fund Manager Profi les > Investor Profi les > Fund Terms 250 > Compensation and Employment 223 25% > Buyout Deals 200 194 20.7% 181 20% Available as: No. Funds > Hard Copy Publications 150 127 Raised 15% 13.7% > Online Database Services 12.1% 12.4% 107 11.6% > Consultancy and Research Support 10.3% 100 91 Aggregate 9.6% > Tailored Data Downloads 86 81 10% Capital Raised 65 6.4% 60 For more information and to register for a demo, 4.6% 50 40 36 5% please visit: 28 23 13 5 0 0% www.preqin.com/privateequity 2003 2004 2005 2006 2007 2008 2009 2010 Raising 2003 2004 2005 2006 2007 2008 2009 2010 Total Asia Fundraising as a % of Global Source: Preqin Source: Preqin © 2010 Preqin Ltd. / www.preqin.com Fig. 4: Split of Asia-Focused Fundraising by Domestic vs Foreign Fig. 5: Split of Funds Currently on the Road by Type Headquartered Managers Within Asia itself there has also been increasing enthusiasm for private equity, with a growing institutional investor base seeking out more balanced and sophisticated investment 100% 90% 100 portfolios. While investors such as the Government of 90 86 80% 40.5% 39.8% Singapore Investment Corporation and NLI International, a 48.6% 80 55.2% 73 Japanese insurance company, are long-time supporters of 70% 58.4% 61.4% 70 67.4% 60 60% 60 No. Funds Raising the asset class, more recently we have seen new entrants 50 50% Foreign such as National Social Security Fund - China and Hong 40 Aggregate Capital Sought 35 ($bn) 40% Domestic 30 27 Kong Monetary Authority Investment Portfolio entering the 21.8 21.5 21.5 20.6 20 30% 59.5% 60.2% 20 13.5 14 private equity arena for the fi rst time. 51.4% 10 44.8% 10 6.8 5.3 20% 41.6% 38.6% 4 3.2 3.1 32.6% 0 10% Expansion Buyout Venture Real Estate Infrastructure Fund of Funds Balanced Distressed PE Other /Growth Fund Managers React 0% The response to the increased enthusiasm from fund 2005 2006 2007 2008 2009 2010 Raising managers has been signifi cant. In total there are 329 funds on the road focusing on Asia, seeking a total of $117bn in limited cash available, investments closer to home were the coming years. Commitments are anticipated to be made to only ones maintained during 2009. pan-Asian funds rather than country-specifi c funds within Asia. The result has been an increase in the proportion of funds being raised by fi rms headquartered in Asia, which are more Another European investor with an interest in Asia is the reliant upon gathering commitments from local investors UK-based London Borough of Islington Pension Fund, than their international counterparts. The proportion of which is hoping to gain exposure to Asia through its future capital raised in the region from domestic managers rose commitments to funds of funds. Funds of funds represent from less than 40% in 2008 to nearly 60% in 2009. This a growth story in their own right, with fi rms such as Beijing- Preqin provides information, products and services trend looks set to continue in the longer term, with domestic based Diligence Capital and Tokyo-based Brightrust PE to private equity fi rms, fund of funds, investors, Japan launching new vehicles in recent times aimed at both placement agents, law fi rms, advisors and other managers accounting for 60% of all funds currently on the professionals across the following main areas: road. domestic and international investors alike. > Fund Performance > Fundraising Institutional Investor Enthusiasm Rising across the > Fund Manager Profi les World > Investor Profi les > Fund Terms While the global economic crisis brought about a hiatus Like this report? > Compensation and Employment in the Asian industry’s growth story, the resilience of > Buyout Deals Asian funds and impressive development seen in Asian You can sign up to receive Hedge Fund Investor Spotlight, economies has once again attracted the attentions of many Preqin’s monthly newsletter containing the latest research on hedge fund investors. Available as: European and American investors in private equity. In a > Hard Copy Publications recent survey of institutional investors in private equity, 56% > Online Database Services Visit: www.preqin.com/spotlight > Consultancy and Research Support named Asia as an area presenting the best opportunities for > Tailored Data Downloads investment in the current climate. Email: [email protected] For more information and to register for a demo, Numerous investors have recently shown increased London: +44 (0)20 7645 8888 please visit: attention towards Asia, including Stapi Lifeyrissjodur. The New York: +1 212 808 3008 Singapore: +65 6408 0122 www.preqin.com/privateequity Icelandic pension fund recently began investing in Asia and anticipates its exposure to the region will increase in the © 2010 Preqin Ltd. / www.preqin.com Fig. 6: Split of Funds Currently on the Road by Fund Manager Headquarters Vietnam, which has six home-grown funds currently on the road seeking just over $1bn in aggregate commitments. The 2011 Preqin Alternatives Investment Consultant Review Long-Term Outlook 60 55 As the abundance of new funds on the road shows, growth 50 44 40 40 36 within the private equity industry in Asia is already underway. 30 23 With increasing numbers of both domestic and inter-regional 20.7 20.3 22 19 16.0 15 20 11.0 11 investors seeking to increase their exposure to Asia, it is 8.3 7.3 7.0 5.8 9 10 5.3 2.9 No. Funds Raising 0 likely that many of these new vehicles will be successful in Out Now Aggregate Capital Sought achieving their targets, and will go on to invest billions of US UK India ($bn) China Japan dollars in Asian companies. The 2011 Preqin Alternatives Investment Consultants Australia Singapore Hong Kong Hong South Korea South Review Unlike with previous periods of industry growth, the recent rise in activity is being driven primarily by an increase in United Arab Emirates Arab United For more information please visit the number and stature of domestic fi rms, with many new private equity houses starting up, and existing domestic www.preqin.com/aic players raising larger vehicles. aggregate commitments. This fi gure accounts for over 20% In order to capture all of these important new developments, of all funds being raised worldwide, a record level which we are very excited to announce the launch of our fi rst points towards a signifi cant future increase in the proportion Asian offi ce, in Singapore.
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