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Aggressive Buyers Fostering Innovation, and VC, in Singapore M&A-Hungry Corporates Redraw Southeast Asia’S Trade Sale Landscape Page 8 Page 13 Asia’s Private Equity News Source avcj.com July 08 2014 Volume 27 Number 25 EDITOR’S VIEWPOINT Local angles still the lynchpin in SE Asia’s integrating markets Page 3 NEWS ADB, Carlyle, Cathay Capital, CITIC Capital, Equis, Fidelity, GIC, Goldman, Greenwoods, Haitong Capital, IFC, MSPEA, Multiples, NewQuest, NSSF, Olympus, Rakuten, TPG, Warburg Pincus Page 5 INDUSTRY Q&A Steve Leonard of IDA on Aggressive buyers fostering innovation, and VC, in Singapore M&A-hungry corporates redraw Southeast Asia’s trade sale landscape Page 8 Page 13 FOCUS ANALYSIS Great expectations Untapped potential Big ambitions for Singapore start-ups Page 11 Opportunities in Malaysia’s mid-market Page 14 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM SINGAPORE 2014 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 The ASEAN angle Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager Helen Lee Research Associates Herbert Yum, Isas Chu, AMBITIONS OF BUILDING SCALE Aman Lakhaney highlighted Crossland Logistics, Jason Chong, Kaho Mak underpin many private equity investments a Thailand-based transportation player and a Circulation Manager in Southeast Asia. It is remarkable – although portfolio company since 2012. Crossland was in Sally Yip perhaps unsurprising – how few have succeeded. the process of completing bolt-on acquisitions Circulation Administrator Prudence Lau So far, at least. that will take it into Malaysia, Singapore and Subscription Sales Executive If we were to consider the Association of Vietnam – no doubt riding the wave of intra- Jade Chan ASEAN trade – but each market requires a Southeast Asian Nations (ASEAN) as glue being Manager, Delegate Sales used to bind the region together, it has yet to different approach, based on local partners, Pauline Chen harden. And while many are happy to endorse the regulations and language. Director, Business Development benefits of a unified trading bloc incorporating For Navis Capital Partners, the challenge in Darryl Mag over 600 million people and $2.5 trillion in GDP, creating an Indonesian presence for Malaysia- Manager, Business Development others are equally willing to identify the potential based Alliance Cosmetics was more esoteric. First, Anil Nathani, Samuel Lau flaws. This is a 10-strong group of economic it had to establish whether a consumer brand Sales Coordinator extremes – running all the way from Singapore, indigenous to one country could be rolled out in Debbie Koo one of the world’s richest economies, to Myanmar, another. Similarities in skin tone and dress sense one of the poorest – and sometimes profound between the target demographics in Malaysia Conference Managers Jonathon Cohen, Sarah Doyle, cultural and political differences. and Indonesia and the likely appeal of the Conference Administrator ASEAN is a work in progress, as are a fair products’ halal ingredients to Indonesia’s Muslim Amelie Poon number of the private equity investments we are population were plus points. Second, Alliance Conference Coordinator Fiona Keung, Jovial Chung told will capitalize upon integration. The concept had to make a breakthrough in local branding has been around more than four decades but the and distribution. Brand ambassadors with cross- Publishing Director blueprint for an economy community dates back border appeal helped. Allen Lee to 2007. This community will start to be phased It is possible to pick holes in the ASEAN small Managing Director in from 2015. print, typically that policymaking hasn’t been Jonathon Whiteley Policy landmarks aside, the region is already matched by implementation in certain areas, considerably closer in economic terms than ever but private equity firms with regional expansion before. And short of a political black swan, there plans are probably more vulnerable to invisible Incisive Media is no turning back; it would mean trying to hold barriers. The very local wrinkles – a regulatory Unit 1401 Devon House, Taikoo Place off the forces driving globalization. ASEAN’s GDP quirk or a specific consumer preference – can 979 King’s Road, Quarry Bay, Hong Kong more than doubled in size between 2005 and be difficult to iron out without on-the-ground T. (852) 3411-4900 2012. Trade did double, reaching $2.47 trillion in expertise. F. (852) 3411-4999 E. [email protected] 2012, with one quarter of that intra-ASEAN trade. Another company to have achieved a degree URL. avcj.com Foreign direct investment (FDI) has nearly tripled of regional scale, and in double-quick time, is Beijing Representative Office in value over the same period and intra-ASEAN VC-backed taxi-booking app GrabTaxi. An idea No.1-2-(2)-B-A554, 1st Building, No.66 Nanshatan, FDI has risen nearly five-fold. that came out of Havard Business School’s Chaoyang District, Beijing, For private equity, it is a case of identifying 2011 business plan contest, it is now a very real People’s Republic of China T. (86) 10 5869 6203 and effectively targeting an addressable market. presence in 15 cities across Southeast Asia. Local F. (86) 10 5869 6205 A portfolio company will increase in value knowledge and local teams are required for each E. [email protected] through cross-border expansion but this doesn’t new rollout, but the company is helped by a necessarily involve a pan-ASEAN strategy; it is degree of continuity: Most of GrabTaxi’s senior quite possible that exposure to three or four of representatives in each market were recruited The Publisher reserves all rights herein. Reproduction in whole or in part is permitted only with the written consent of the big five – Indonesia, Malaysia, the Philippines, through the Harvard network. AVCJ Group Limited. Singapore and Thailand – will suffice. ISSN 1817-1648 Copyright © 2014 They key to success is appreciating the local nuances in each market, even while leveraging the economies of scale that might come from Tim Burroughs sourcing as a regional operator. Managing Editor Speaking to AVCJ last year, The Abraaj Group’s Asian Venture Capital Journal Number 25 | Volume 27 | July 08 2014 | avcj.com 3 Premier buy-side executive search Jag Dhaliwall +65 6329 9658 [email protected] Will Tan +65 6329 9659 [email protected] www.principle-partners.com Asset Management Hedge Funds Private Equity NEWS Morgan Stanley PE Asia Resources Development. Existing investors GSR ASIA PACIFIC Ventures, Mayfield Fund and Crescent HydePark closes Fund IV at $1.7b also participated. TPG invests in Hong Kong- Morgan Stanley Private Equity Asia (MSPEA) has closed its fourth Asian fund at approximately $1.7 Warburg Pincus re-ups in based hedge fund seeder billion. The vehicle launched in mid-2012 with a TPG Capital will take an ownership interest in HS target of $1.5 billion and reached a first close later China ANE Logistics Group, a Hong Kong-based investment company that year of around $750 million. Two deals have Warburg Pincus has re-upped in China ANE that provides seed capital to hedge funds, as already been completed from the fund - India’s Logistics, committing $50 million to the Chinese part of strategic partnership between the two Janalakshmi Financial Services and Korean tissue logistics and courier services provider. The PE firm firms. The size of TPG’s stake in HS has not been paper manufacturer Monalisa - and at least five invested an undisclosed sum in the company disclosed but the move should allow the PE more are contracted. These include take-private earlier this year. Prior to that, the business raised firm to diversify its product offering in Asia’s deals for US-listed Chinese companies Sino Gas $6.3 million in a Series A round funding from alternative assets space. Holdings and Noah Education. They are likely Sequoia Capital. to be MSPEA’s fourth and fifth NSSF sees 6.2% investment GREATER CHINA such deals. Chin Chou return for 2013 Partial PE exit as Luye (pictured), CEO China’s National Social Security Fund (NSSF) of MSPEA, sees reported a 6.2% investment return last year, Pharma raises $764m take-privates down from 7% in 2012. Investment income CDH Investments, CITIC Private Equity, New as the most came to RMB68.6 billion ($11 billion), compared Horizon Capital and GIC Private have made partial significant to RMB64.5 billion in 2012. About 30% of net exits from Luye Pharma Group as the Chinese development in income last year came from the stock market. drug maker raised HK$5.91 billion ($764 million) the firm’s China NSSF had RMB1.24 trillion in assets under through its Hong Kong IPO. The company sold business in the management by the end of last year, of which 999.6 million shares - of which 332.1 million were last 4-5 years. 53.95% were direct investments. existing shares - at HK$5.92 apiece, the high end While he expects growth capital deals to remain of the indicative range. dominant in the country, Chou sees take-privates Equis buys 47% stake in as part of a wider variety of opportunities. Control China’s Oriental Gas GIC, Olympus lead Series D transactions are part of this. “In the past a number of the control deals in the market have been for Energy and infrastructure investor Equis Funds in premium dairy play export-oriented businesses and our preference Group has taken a 47% stake in Chinese natural GIC Private and Olympus Capital Asia have led has been on businesses catering to the domestic gas developer and operator Oriental Gas as part a $106 million Series D round of investment market,” Chou told AVCJ.
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