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Allocation, Jeeves Mekong Capital’S Chad Ovel Talks Vietnam Customization, Competition and the Rise of Separate Accounts in Asia Page 7 Page 15 Asia’s Private Equity News Source avcj.com May 20 2014 Volume 27 Number 18 EDITOR’S VIEWPOINT Will Australia’s start-up cuts come back to bite it? Page 3 NEWS Anthem Asia, CIMB PE, Fenox, First Reserve, GIC, Helion, Kerogen, Khazanah, KKR, NVP, TPG Page 4 DEAL OF THE WEEK VCs support iYogi’s overseas expansion drive Page 12 FUNDS Riverside raises $235m for small buyouts Page 13 CVC hits $3.5b hard cap for Asia Fund IV Page 13 INDUSTRY Q&A Allocation, Jeeves Mekong Capital’s Chad Ovel talks Vietnam Customization, competition and the rise of separate accounts in Asia Page 7 Page 15 FOCUS DEAL OF THE WEEK All smiles in Shibuya Know your audience Japanese tech start-ups on the rebound Page 11 Qihoo buys VC-backed digital marketer Page 12 15th Annual Private Equity & Venture Forum Japan 2014 26-27 June, Conrad Tokyo GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjjapan.com Book before Prospering in the New Japan 30 May to save up to Confirmed speakers include: US$200 Shigeki Kimura KEYNOTE Hidekazu Ishida Yoshisuke Kiguchi Managing Executive Officer Investment Officer Chief Investment Officer (Global Head of Industry OSAKA GAS PENSION FUND OKAYAMA METAL AND Finance Group) MACHINERY PENSION FUND JAPAN BANK FOR INTERNATIONAL COOPERATION Kazushige Kobayashi Tatsuya Kubo Kosei Terami Managing Director Managing Director Investment Officer and Deputy CAPITAL DYNAMICS HARBOURVEST PARTNERS Representative, Tokyo Office (JAPAN) LIMITED INTERNATIONAL FINANCE CORPORATION (IFC) Tamotsu Adachi Richard Folsom Tomotaka Goji Managing Director, Representative Partner Managing Partner Co-Representative ADVANTAGE PARTNERS, LLP THE UNIVERSITY OF TOKYO CARLYLE JAPAN, LLC EDGE CAPITAL Hirofumi Hirano Megumi Kiyozuka Anthony Miller Member and Managing Director Partner & Chief Executive Officer Chief Executive Officer CLSA CAPITAL PARTNERS JAPAN PAG JAPAN KKR JAPAN KK William Saito Yuji Sugimoto Katsuyuki Tokushima President & CEO Managing Director Chief Pension Consultant, INTECUR, K.K. BAIN CAPITAL ASIA LLC Pension Research Centre NLI RESEARCH INSTITUTE … and many others! For the latest programme and speaker line-up, please visit avcjjapan.com Contact us Registration Enquiries: Carolyn Law T: +852 3411 4837 E: [email protected] Sponsorship Enquiries: Darryl Mag T: +852 3411 4919 E: [email protected] Speaker Enquiries: Sarah Doyle T: +852 3411 4842 E: [email protected] Asia Series Sponsor Co-Sponsors Simultaneous translation between Japanese and English will be available throughout the event Join your peers 開催言語：日本語および英語通訳同時あり Tweet #avcjjapan Scan the QR code with your phone to access avcjjapan.com 7,506 avcjjapan.com 15th Annual Private Equity & Venture Forum EDITOR’S VIEWPOINT Japan 2014 [email protected] 26-27 June, Conrad Tokyo Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 Policy vacuum? Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, EVERYONE WANTS TO BE SILICON VALLEY. any capital from domestic VC investors. Mansfield Hor, Tony Chow Beijing’s Zhongguancun area, Bangalore in India Venture capital fundraising came to $267 GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjjapan.com and Tokyo’s Shibuya district are among those to million last year, the highest level since 2007, with Senior Research Manager Helen Lee earn versions of the moniker by virtue of their nearly 90% of the capital going to the Medical Research Associates Book before technical might. Hong Kong and Singapore Research Innovation Fund (MRIF), a vehicle Herbert Yum, Isas Chu, Prospering in the New Japan 30 May have lofty but as yet unrealized ambitions in to help convert Australia’s medical research Jason Chong, Kaho Mak to save up to this department, with Silicon Harbor and Silicon capabilities into commercial benefits. The Circulation Manager Island, respectively. government provides half the funding and the Sally Yip If a government has its heart set on becoming private sector comes up with the rest. Circulation Administrator US$200 Prudence Lau Confirmed speakers include: a technology hub, action can be taken. The This program has survived the cull – and it Subscription Sales Executive Massachusetts Institute of Technology (MIT) even has been joined by two other fund initiatives, Jade Chan KEYNOTE targeting health and infrastructure, respectively – Shigeki Kimura Hidekazu Ishida Yoshisuke Kiguchi offers a regional entrepreneurship acceleration Manager, Delegate Sales Managing Executive Officer Investment Officer Chief Investment Officer program through which representatives from but the casualties are greater. Commercialisation Pauline Chen (Global Head of Industry OSAKA GAS PENSION FUND OKAYAMA METAL AND government, corporations, academia, risk capital Australia, a grants program for start-ups, will Finance Group) MACHINERY PENSION FUND Director, Business Development JAPAN BANK FOR and the entrepreneurial community can draw up close and the government will no longer provide Darryl Mag INTERNATIONAL COOPERATION their own development frameworks. funding for National ICT Australia, an information Manager, Business Development Kazushige Kobayashi Tatsuya Kubo Kosei Terami Hong Kong and Singapore have turned and communications technology research Anil Nathani, Samuel Lau Managing Director Managing Director Investment Officer and Deputy words into action, although the latter has really institution. The Innovation Investment Fund (IIF), CAPITAL DYNAMICS HARBOURVEST PARTNERS Representative, Tokyo Office Sales Coordinator grabbed people’s attention. Incubation programs which sponsors VC funds, is also being axed. Debbie Koo (JAPAN) LIMITED INTERNATIONAL FINANCE and research institutes have been reinvigorated, The loss of the IFF is a great disappointment. CORPORATION (IFC) creating start-ups that not only address the local It pioneered the government-private sector Conference Managers Jonathon Cohen, Sarah Doyle, Tamotsu Adachi Richard Folsom Tomotaka Goji market but also reach into Southeast Asia. Efforts matching system used by the MRIF and only last Conference Administrator Managing Director, Representative Partner Managing Partner are underway to attract VC investors capable of year the previous administration said it would Amelie Poon Co-Representative ADVANTAGE PARTNERS, LLP THE UNIVERSITY OF TOKYO taking these start-ups to the next level. commit A$350 million to the program. Conference Coordinator Fiona Keung, Jovial Chung CARLYLE JAPAN, LLC EDGE CAPITAL In this context, the Australian government’s The logic behind Australia’s austerity budget is decision this week to scale back support for early- well-documented, but it should not come at the Publishing Director stage tech companies is truly disheartening. expense of support for high-growth industries. Allen Lee Hirofumi Hirano Megumi Kiyozuka Anthony Miller Member and Managing Director Partner & Chief Executive Officer The domestic venture capital industry has At a time when other jurisdictions are seeking Managing Director Chief Executive Officer CLSA CAPITAL PARTNERS JAPAN PAG JAPAN struggled ever since the global financial crisis to leverage the globalization of technology in Jonathon Whiteley KKR JAPAN KK when many superannuation funds began to back Asia and beyond, Australia appears to be taking away from the asset class. Several new players a backward step that may be detrimental to its have emerged in the last year or so, sourcing long-term competitiveness. William Saito Yuji Sugimoto Katsuyuki Tokushima Incisive Media President & CEO Managing Director Chief Pension Consultant, capital from US VC players and high net worth Unit 1401 Devon House, Taikoo Place INTECUR, K.K. BAIN CAPITAL ASIA LLC Pension Research Centre individuals and it this is a movement worth 979 King’s Road, Quarry Bay, Hong Kong NLI RESEARCH INSTITUTE encouraging. Rick Baker of Blackbird Ventures T. (852) 3411-4900 – one of these new firms – estimates there are Tim Burroughs F. (852) 3411-4999 … and many others! E. [email protected] 20 break-out companies in Australia that could Managing Editor URL. avcj.com eventually go public but they have yet to receive Asian Venture Capital Journal For the latest programme and speaker line-up, please visit avcjjapan.com Beijing Representative Office No.1-2-(2)-B-A554, 1st Building, Contact us Registration Enquiries: Carolyn Law T: +852 3411 4837 E: [email protected] No.66 Nanshatan, Australia VC fundraising Chaoyang District, Beijing, Sponsorship Enquiries: Darryl Mag T: +852 3411 4919 E: [email protected] People’s Republic of China T. (86) 10 5869 6203 Speaker Enquiries: Sarah Doyle T: +852 3411 4842 E: [email protected] 350 F. (86) 10 5869 6205 E. [email protected] 300 250 Asia Series Sponsor Co-Sponsors 200 The Publisher reserves all rights herein. Reproduction in whole or 150 in part is permitted only with the written consent of AVCJ Group Limited. US$ million 100 ISSN 1817-1648 Copyright © 2014 50 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: AVCJ Research Simultaneous translation between Japanese and English will be available throughout the event Join your peers 開催言語：日本語および英語通訳同時あり Tweet #avcjjapan Scan the QR code with your phone to access 7,506 avcjjapan.com avcjjapan.com Number 18 | Volume 27 | May 20 2014 | avcj.com 3 NEWS ASIA PACIFIC Australia scales back start- Tuniu shares jump on debt up funding schemes after $72m US IPO Kerogen invests $100m in Support for technology start-ups is among the Shares in Tuniu, a Chinese online package tour casualties
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