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The Forex Efiect AVCJ Private Equity & Venture Forum 2012 AVCJ Private Equity & Venture Forum 2012 china hong Kong 30 - 31 may 2012 13 - 16 november 2012 avcjchina.com www.avcjforum.com ASIAN VENTURE CAPITAL JOURNAL Asia’s Private Equity News Source avcj.com May 15 2012 Volume 25 Number 18 Editor’s ViEwpoint The surge in service providers and PRIVATE EQUITY ASIA secondaries houses as Asia’s PE industry matures Page 3 nEws ASK Pravi, Baring, Blackstone, Goldstone, GSR Ventures, IndoUS, M&A ASIA Inventus Capital, KKR, JAFCO, L Capital, Mandarin Capital, Oak, Ojas, PAG, Permira, Unison, Warburg Pincus Page 4 fund of thE wEEk Armstrong targets $150m for Southeast The forex eff ect Asia’s maiden clean energy vehicle Currency risks are proving to be a game changer for Asian GPs Page 7 Page 9 fund of thE wEEk foCus CIPEF raises $3b India’s infra defi cit CIPEF closes emerging markets fund VI Page 9 Trouble’s ahead for infrastructure funds Page 10 YourYour NewNew CapitalCapital PartnerPartner UOB Mezzanine Capital - your preferred alternative capital provider We deliver flexible capital solutions to support your transaction and enhance your returns. Our team has in-depth understanding of Asian markets and their regulatory environments. Your corporation will be able to leverage the extensive network and resources of the UOB Group to support your corporation's strategic plans. We have the capacity to provide solutions in local currencies and US dollar in most jurisdictions in Asia, including China. United Overseas Bank is a leading bank in Asia. It provides a wide range of financial services through its global network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America, including banking subsidiaries in Singapore, Malaysia, Indonesia, Thailand and mainland China. To find out more about how we can meet your financing needs, please contact: Yeo Wee Yap Tel: +852 2103 4288 Fax: +825 2147 3377 Email: [email protected] Mah Liang True Tel: +65 6539 1209 Fax: +65 6535 2902 Email: [email protected] For more details, please visit: uob.com.sg/corporate/mezzanine/overview.html United Overseas Bank Limited Co. Reg. No. 193500026Z Editor’s ViEwpoint [email protected] ASIAN VENTURE CAPITAL JOURNAL Managing Editor Tim Burroughs (852) 3411 4909 Senior Editor Brian McLeod (1) 604 215 1416 PRIVATE EQUITStaff WritersY ASIA Asian PE infrastructure Susannah Birkwood (852) 3411 4908 Alvina Yuen (852) 3411 4907 Creative Director Dicky Tang evolves with the industry Designers M&ACatherine ASIA Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager Helen Lee Research Manager Alfred Lam EvErything always seems clEarEr for small to mid-size firms taking minority stakes Research Associates and easier to understand with the benefit of on deals shared by their tycoon friends). Each Tweety Lau, hindsight. While it seems pretty apparent now major investment bank and consulting firm now Kaho Mak, Jason Chong that Asian private equity would emerge as a has a person or team dedicated to Asian private Circulation Manager Sally Yip leading asset class for investors around the world, equity. With the ever-increasing complexity of Circulation Administrator it was actually quite difficult to imagine 12 years deals and the need to access financing beyond Prudence Lau ago that the kind of stories we have covered in the equity provided by PE investors, both GPs Senior Manager, Delegate Sales recent issues of AVCJ would be possible. and their portfolio companies have catalyzed the Anil Nathani For example, I hope that most of you will growth of such advisors in recent years. Senior Marketing Manager have read the excellent cover story focused on Another trend that was not easy to imagine Stacey Cross placement agents in the last issue of AVCJ. For was how big private equity secondaries would Director, Business Development those of us that have been in the Asian private become in Asia. Few people would have guessed Darryl Mag equity business for a long time, it is great to that the business of buying limited partnership Manager, Business Development see that the industry is able to support the interests in Asian funds would have grown Samuel Lau infrastructure it needs at all levels of fundraising, to the extent that market specialists such as Sales Coordinator and that the placement service is now available HarbourVest Partners, Partners Group, Lexington Debbie Koo to GPs of all sizes. and Paul Capital would set up shop here. Conference Managers Jonathon Cohen, Zachary Reff, Sarah Doyle I still remember the time when Merrill Lynch Indeed the above are proof of the reality Conference Administrator was battling it out with the team at DFJ for Asian that Asian private equity has come a long way Amelie Poon placement agent supremacy, while a number since AVCJ started covering the industry 25 years Conference Coordinator Fiona Keung, Jovial Chung of independent firms such as CP Eaton and ago. Watch this space for more changes as the Publisher & General Manager International Private Equity operated with few industry continues to spread its wings. Allen Lee competitors. This particular type of service has Managing Director now become a highly contested space with Jonathon Whiteley everybody from indigenous Asian agents to firms Chairman Emeritus that attempt to move the process online trying Dan Schwartz to link GPs to LPs. The same has happened with investment banking, due diligence, deal structuring and incisive Media other advisory services that now come in all 20th Floor, shapes and sizes. In the past, such services were Allen Lee Tower 2, Admiralty Centre 18 Harcourt Road, a luxury that only larger firms could afford (not Publisher Admiralty, Hong Kong much negotiation and structuring was needed Asian Venture Capital Journal T. (852) 3411-4900 F. (852) 3411-4999 E. [email protected] URL. avcj.com Capital under management by Asian PE rms, 1997-2012 Beijing representative office Room 1805, Building 10, 400 3,000 Jianwai SOHO, 39 East 3rd-Ring Road, Chaoyang District, Beijing 100 022, China 300 T. (86) 10-5869-6205 2,000 F. (86) 10-5869-7461 E. [email protected] 200 The Publisher reserves all rights herein. Reproduction in whole or US$ billion 1,000 No. of PE rms No. in part is permitted only with the written consent of 100 AVCJ Group Limited. ISSN 1817-1648 Copyright © 2012 0 0 1997 2000 2003 2006 2009 2012 YTD Number of PE rms Capital under Management (US$b) Source: AVCJ Research Number 18 | Volume 25 | May 15 2012 | avcj.com 3 News Creador invests $15m in engineering novel and differentiated protein- AustrAlAsiA based biotherapeutics. Another $10 million oldtown was received from existing investors Third Rock KKr ends takeover talks India- and Southeast Asia-focused investor Ventures and Flagship Ventures, expanding the Creador has injected RM45.7 million ($15 million) total Series A investment to $45M. with Pacific Brands in OldTown White Coffee, the number-one Asian Melbourne-based underwear manufacturer restaurant chain in Malaysia. In exchange for the Pacific Brands said on Tuesday that a takeover funding, the private equity firm will hold a 10% GrEAtEr CHina from parties including KKR is unlikely in the stake in the company, which equates to a P/E near term. Earlier in January, KKR launched an multiple of 11.3x. Cadwalader poaches three unsolicited takeover bid for the listed company at a reported amount of $614 million. Later in lawyers from Jones Day February, TPG also reportedly joined a group of Cadwalader’s Hong Kong office has poached eight banks to run for the company. three lawyers - Joseph Lee, Jeffrey Maddox and David Neuville – directly from rival Jones Day. New Zealand’s Waterman Lee, Maddox and Neuvill join Cadwalader’s Asia capital markets practice, having all been partners buys 20% of Manuka Health in Jones Day’s capital markets group, and served New Zealand-based Waterman Capital has on a range of cross-border debt and equity deals. acquired a 20% stake in natural health brand Manuka Health. Investing via the $30 million Gsr, oak lead $30m round fund it manages on behalf of the New Zealand Superannuation Fund, Waterman has injected for sunsun lighting several million dollars in the business and OldTown was founded in 1999 and consists of China-based LED manufacturer SunSun Lighting Executive Director Chris Marshall will take a seat its restaurant outlets and instant coffee business. has raised $30 million in Series B financing from on the board. It started as a producer of three-in-one packaged GSR Ventures and Oak Investment Partners in instant coffee, but launched its restaurant chain addition to commitments from its original angel in 2005, which it has grown to 202 outlets, investors. The investment comes nearly a year GloBAl including 16 in Singapore, Indonesia and China. after SunSun secured $10 million from GSR in a The company currency commands a 10% share Series A round. 3i to appoint simon of the instant coffee market in Malaysia. Borrows as new CEo Baring backs Yongda Auto 3i is set to appoint Simon Borrows as its new equity houses that have submitted bids for iPo chief executive this week, replacing Michael Permira-backed Birds Eye Iglo. Blackstone, Baring Private Equity has become a cornerstone Queen, who announced his resignation in Bain Capital, BC Partners and PAI Partners were investor in the IPO of China Yongda Automobile March after spending three years as head of the reported to have made first-round offers for the Services, the number-one BMW dealer in China. company. Borrows joined 3i as chief investment UK-based frozen food firm last Friday. The sale The company could raise up to $435 million officer last year and was previously chairman of is expected to value the company at around through a listing in Hong Kong.
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