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Upping the Dosage Cathay Launches Third Sino-French Vehicle Are PE Investors Getting What They Expected in Chinese Healthcare? Page 7 Page 13

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Upping the Dosage Cathay Launches Third Sino-French Vehicle Are PE Investors Getting What They Expected in Chinese Healthcare? Page 7 Page 13 Asia’s Private Equity News Source avcj.com April 08 2014 Volume 27 Number 13 EDITOR’S VIEWPOINT Trial and error in private equity co-investment Page 3 NEWS Baring Asia, Blackstone, BVCF, Everstone, Hopu, IFC, MSPEA, SAIF, Tata Capital, Temasek Page 4 DEAL OF THE WEEK India’s Rabo Equity seeks nourishing returns Page 12 Wolsely draws up consolidation blueprint Page 12 FUNDS Siguler Guff cements BRIC fund close Page 13 Upping the dosage Cathay launches third Sino-French vehicle Are PE investors getting what they expected in Chinese healthcare? Page 7 Page 13 FOCUS PORTFOLIO Consumer complex Improved reception GPs on the implications of Japan’s tax hike Page 11 CDH, Mekong and Vietnam’s Mobile World Page 14 15th Annual Private Equity & Venture Forum Japan 2014 26-27 June, Conrad Tokyo GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjjapan.com Prospering in the New Japan Early confirmed LP speakers include: Juan Delgado-Moreira Hidekazu Ishida Managing Director, Investment Investment Officer Committee, Asia OSAKA GAS PENSION FUND HAMILTON LANE Takeshi Ito Yoshisuke Kiguchi Senior Portfolio Manager Chief Investment Officer AISIN EMPLOYEES’ PENSION FUND OKAYAMA METAL AND MACHINERY PENSION FUND Kazushige Kobayashi Tatsuya Kubo Managing Director Managing Director CAPITAL DYNAMICS HARBOURVEST PARTNERS (JAPAN) LIMITED Soichi Sam Takata Zhan Yang Head of Private Equity Director TOKIO MARINE ASSET MANGEMENT BLACKROCK PRIVATE EQUITY CO. LTD PARTNERS, ASIA For the latest programme and speaker line-up, please visit avcjjapan.com Secure your seat now, SAVE US$400 on admission Contact us Registration Enquiries: Carolyn Law T: +852 3411 4837 E: [email protected] Sponsorship Enquiries: Darryl Mag T: +852 3411 4919 E: [email protected] Asia Series Sponsor Co-Sponsors Simultaneous translation between Japanese and English will be available throughout the event 開催言語：日本語および英語通訳同時あり Join your peers 7,506 Scan the QR code with your phone to access avcjjapan.com Tweet #avcjjapan 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 Co-investment: Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjjapan.com Senior Research Manager Toe in the water Helen Lee Research Associates Herbert Yum, Isas Chu, Prospering in the New Japan Jason Chong, Kaho Mak IS CO-INVESTMENT WORTH IT? transaction rather than across all the deals could Circulation Manager Absolutely, provided the LP in question has also expose the LP to more downside. Sally Yip sufficient willingness, experience and resources One of the primary risks is adverse selection. Circulation Administrator Early confirmed LP speakers include: Prudence Lau to conduct due diligence on a deal before the GPs may not open up the best transactions for Subscription Sales Executive window of opportunity closes. co-investment because they want to keep good Jade Chan Juan Delgado-Moreira Hidekazu Ishida Andy Hayes, private equity investment officer deals within the fund structure and maximize Managing Director, Investment Investment Officer Manager, Delegate Sales at the Oregon State Treasury (OST), is part of their carried interest; or they open up potentially Pauline Chen Committee, Asia OSAKA GAS PENSION FUND a three-person team responsible for the $13.9 bad transactions by stepping beyond their Director, Business Development HAMILTON LANE billion Oregon Public Employees Retirement comfort zone in terms of deal size. Darryl Mag Fund has allocated to the asset class, nearly 21% LPs that recognize their limitations and either Manager, Business Development Takeshi Ito Yoshisuke Kiguchi of the total corpus. The co-investment program outsource co-investment or build up in-house Anil Nathani, Samuel Lau Senior Portfolio Manager Chief Investment Officer is run jointly with Washington State Investment resources (the OST approach versus the TPC Sales Coordinator AISIN EMPLOYEES’ PENSION FUND OKAYAMA METAL AND Board and management is outsourced. approach) are less likely to get caught out. Debbie Koo MACHINERY PENSION FUND Contrast that with Teachers’ Private Capital Industry participants warn that LPs who spread (TPC), the PE and direct investment arm of their staff too thinly and often end up being the Conference Managers Jonathon Cohen, Sarah Doyle, Ontario Teachers’ Pension Plan (OTPP). It has last people to see deals and the last people to Kazushige Kobayashi Tatsuya Kubo Conference Administrator deployed C$12 billion ($11 billion) globally – split hear what is being said on the ground. Amelie Poon Managing Director Managing Director equally between fund and direct investments – Given Altius’ findings are based on deals done Conference Coordinator CAPITAL DYNAMICS HARBOURVEST PARTNERS Fiona Keung, Jovial Chung with in-house experts to look at opportunities in in the US only, they may not reflect the fact that (JAPAN) LIMITED different industries and satellite offices (including the predominantly US-based investor base is not Publishing Director Hong Kong) to cover different geographies. as gung-ho globally as in their home markets. Allen Lee Soichi Sam Takata Zhan Yang TPC favors the proactive co-underwriting Marcus Simpson, head of global PE at QIC, Managing Director Head of Private Equity Director deals alongside managers over passive estimates there are only 15-20 LPs capable of Jonathon Whiteley TOKIO MARINE ASSET MANGEMENT BLACKROCK PRIVATE EQUITY downstream syndication where there is little underwriting co-investments in the manner CO. LTD PARTNERS, ASIA participation in deep due diligence. OST, by the of TPC. However, he accepts that post-deal very nature of its set up, errs more towards the syndication is the first step in a journey that may Incisive Media For the latest programme and speaker line-up, please visit avcjjapan.com latter end of the spectrum. end in a more proactive approach. Unit 1401 Devon House, Taikoo Place It is in this context that the results of Altius According to Bain & Company, LPs 979 King’s Road, Quarry Bay, Hong Kong Associates’ recent study on co-investment participated in only 15% of US buyouts north T. (852) 3411-4900 programs should be viewed. Relying on a of $1 billion between 2009 and 2013, typically F. (852) 3411-4999 Secure your seat now, SAVE US$400 on admission E. [email protected] sample of 886 realized US buyout and growth as a co-underwriter. Canadian Pension Plan URL. avcj.com investments made between 1979 and 2010, the Investment Board, GIC Private, OTPP and Temasek Contact us Registration Enquiries: Carolyn Law T: +852 3411 4837 E: [email protected] Beijing Representative Office study found there is a substantial probability that Holdings were the most active co-investors. No.1-2-(2)-B-A554, 1st Building, Sponsorship Enquiries: Darryl Mag T: +852 3411 4919 E: [email protected] No.66 Nanshatan, a co-investment portfolio comprising 10 assets In Asia as elsewhere, there is increased Chaoyang District, Beijing, would generate an IRR below 0%. appetite for co-investment. But beyond a People’s Republic of China Deal selection is one of the most important number of very large institutional players there T. (86) 10 5869 6203 Asia Series Sponsor Co-Sponsors F. (86) 10 5869 6205 components of driving returns for investors, Dr. is still more talk than action. Even among the big E. [email protected] William Charlton, Altius’ head of US investment, fish, experience varies hugely, and they will have noted. But even with good choices, portfolios their successes and failures – in part driven by may be subject to additional risk because a small whether their understanding of the resources The Publisher reserves all rights herein. Reproduction in whole or in part is permitted only with the written consent of number of transactions can move the returns required to participate matches the reality. AVCJ Group Limited. needle substantially – positively or negatively. ISSN 1817-1648 Copyright © 2014 The rationale has been explained before. If done correctly, co-investments offer LPs the opportunity to deepen their exposure to certain Tim Burroughs Simultaneous translation between Japanese and English will be available throughout the event assets in a fund portfolio without incurring Managing Editor 開催言語：日本語および英語通訳同時あり additional fees. But deploying capital in a single Asian Venture Capital Journal Join your peers 7,506 Scan the QR code with your phone to access Tweet #avcjjapan avcjjapan.com avcjjapan.com Number 13 | Volume 27 | April 08 2014 | avcj.com 3 NEWS Blackstone’s Michael Chae backed by DCM, Temasek Holdings, Gobi Partners ASIA PACIFIC and Sequoia Capital, is seeking to raise up to to return to New York $120 million through a US IPO. DCM owns 23.5% Baring Asia targets $3b for Michael Chae, head of international private of Tuniu, while Temasek, Gobi and Sequoia hold equity at The Blackstone Group, will move stakes of 16.7%, 16.4% and 13.2%, respectively. Fund VI back to New York after a four-year stint in Baring Private Equity Asia will seek to raise around Hong Kong. Chae will continue to oversee Intel Capital plans $100m $3 billion for its sixth pan-regional fund, its largest Blackstone’s Asia Pacific PE investments and while vehicle to date. Sources familiar with the matter reassuming responsibility for firm’s media and China smart device fund told AVCJ that the fund is expected to launch communications Intel Capital, the VC unit of chipmaker Intel, has within the next two months. The predecessor investments. He launched a $100 million China fund to help vehicle beat its original target of $1.75 billion will also help accelerate the growth of smart devices. The when it reached a final close of $2.46 billion in oversee the firm’s new fund - Intel Capital China Smart Device January 2011 after just six months in the market.
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