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AVCJ Is Your Solution Both same font years Asia’s Private Equity News Source avcj.com March 14 2017 Volume 30 Number 10 EDITOR’S VIEWPOINT Warning signs as LPs accelerate global PE push Page 3 NEWS Brookfield, Carlyle, CDPQ, Denham, KKR, Matrix, QIC, Reliance, Uniseed Page 4 FUNDS Hosen gets $440m for China agri investment Page 12 Apis wins LP backing for sector specialist thesis Page 12 DEAL OF THE WEEK PayPal allies with Korean online payments start-up Page 13 PROFILE Rebooting factories Venturra’s Stefan Jung on VC in Southeast Asia PE investors see opportunity as smart manufacturing plays get online Page 7 Page 14 FOCUS FUNDS Going an extra mile Blowing in the wind China VCs get personal with value-add Page 11 Actis raises new fund for platform push Page 13 Private Equity & Venture Forum Vietnam 2017 25 May 2017, Park Hyatt Saigon, Ho Chi Minh GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjvietnam.com SIGN UP ANDNOW! ( until US$200 Stability and opportunities SAVE for private investors 7 April 2017 The first event of its kind in Vietnam, the inaugural AVCJ Vietnam Forum will offer in-depth analysis of the risks and rewards presented to private only) market investors looking to commit capital to the growing economy of Vietnam. The Forum will provide a platform for attendees to showcase the latest alternative investments opportunities, share strategies for navigating the Vietnamese market whilst networking with a diverse audience of LPs, GPs and service providers. Mark Mobius Executive Chairman TEMPLETON EMERGING MARKETS GROUP Other speakers Pete Vo Felix Lai confirmed Managing Director Director Investments include: CVC CAPITAL PARTNERS GAW CAPITAL Henry Nguyen Dominic Picone Binh Tran Managing General Partner Managing Director Venture Partner IDG VENTURES VIETNAM TPG CAPITAL 500 STARTUPS Asia Series Partner Registration Enquiries: Sponsorship Enquiries: Gavin Lam T: +852 2158 9675 Anil Nathani T: +852 2158 9636 E: [email protected] E: [email protected] Enquiry Join your peers avcjvietnam.com #avcjvietnam Private Equity & Venture Forum EDITOR’S VIEWPOINT Vietnam 2017 [email protected] 25 May 2017, Park Hyatt Saigon, Ho Chi Minh Managing Editor Tim Burroughs (852) 2158 9661 Associate Editor Cracks in the ice? Winnie Liu (852) 2158 9663 Staff Writer Holden Mann (852) 2158 9646 Justin Niessner (852) 2158 9678 Design Edith Leung, Mansfield Hor Rana Tang Events GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjvietnam.com George Sengulovski, Jessie Chan, Jonathon Cohen, SIGN UP IS NOW A DANGEROUS TIME TO BE A debt, acquisition multiples surpassed 10x EBITDA Sarah Doyle, ANDNOW! global private equity investor among record in the US and Europe in early 2016, once again at Amelie Poon, Fiona Keung, ( until levels of dry powder, sky-high EBITDA multiples or close to record highs. Pricing is seen by many Jovial Chung, US$200 Stability and opportunities paid for companies, credit still available on GPs as the single biggest challenge facing the 7 April 2017SAVE Marketing relatively easy terms, longer holding periods, and industry. Agrina Sandri, Priscilla Chu, for private investors slower deployment of capital? While LPs appear Yet LPs are willing to add even more fuel Yasna Mostofi increasingly keen to put money into the asset to the fire. Preqin’s most recent survey found The first event of its kind in Vietnam, the inaugural AVCJ Vietnam Forum class, one wonders if it will end up in the right that 89% of LPs plan to commit as much or Research Amy Wu, Helen Lee, only) place, particularly for larger buyout strategies. more capital to private equity over the next will offer in-depth analysis of the risks and rewards presented to private Herbert Yum, “As an LP I think my job is to try and get out of year as they have done in recent years, and 94% Kaho Mak, Tim Wong market investors looking to commit capital to the growing economy of Vietnam. that flow as quickly as possible because it looks intend to maintain or increase their allocation very top-of-the-cycle behavior. We are trying to in the long term. This is driven by distributions Sales The Forum will provide a platform for attendees to showcase the latest alternative find ways to differentiate ourselves, to be around outstripping contributions for six years in a row Anil Nathani, Darryl Mag, Debbie Koo, investments opportunities, share strategies for navigating the Vietnamese market whilst the edges and find different things to do that and a low interest rate environment that makes Samuel Lau, are out of that flow as much as possible. We ask private equity seem all the more attractive networking with a diverse audience of LPs, GPs and service providers. Gavin Lam, Pauline Chen ourselves, ‘Are we doing that just because it’s top- against other asset classes. of-the-cycle and that is typical top-of-the-cycle This phenomenon may abate as interest rates Subscriptions behavior?’” Steve Byrom, head of private equity rise, but it’s hard to say when this will be or what Jade Chan, Karina Ting at Australia’s Future Fund, told the recent AVCJ damage might be done in the interim. The Bain Sally Yip Mark Mobius Australia & New Zealand Forum. report noted there was a surge in fundraising Publishing Director Given the number and variety of LPs activity for mega buyout vehicles in 2016. Allen Lee Executive Chairman TEMPLETON EMERGING MARKETS GROUP actively seeking to ramp up their PE exposure, “Investors broadly do not cite megafunds as the it is likely that a significant proportion do not most attractive type of fund, but such funds hold have the internal resources or mandate to be great appeal to large institutional investors who Hong Kong Headquarter differentiated. The danger is they flock into similar want to put a massive amount of capital to work in Suite 1602-6 Grand Millennium Plaza kinds of strategies – typically the ones that can the asset class. And LPs who want to contain the 181 Queen’s Road Other speakers accommodate large checks – and end up with complexity of their holdings see them as a way to Central Hong Kong Pete Vo Felix Lai sub-optimal returns. limit the number of funds and relationships they T. (852) 2158 9700 “At the top of the market we are seeing more need to track and manage,” it added. F. (852) 2158 9701 confirmed Managing Director Director Investments E. [email protected] CVC CAPITAL PARTNERS GAW CAPITAL and more competition. It is harder for GPs to get It is difficult to generalize about strategies URL. avcj.com include: deals done, but there is more money coming across different geographies, as evidenced by LP their way, so more dry powder is accumulating,” responses to KKR’s third Asian fund, which with Beijing Representative Office No.1-2-(2)-B-A554, 1st Building, Michael Weaver, manager for private markets an $8.5 billion institutional hard cap is likely to No.66 Nanshatan, at Sunsuper, told the same forum. “US pension be significantly larger than its predecessor: some Chaoyang District, Beijing, funds are doing what is right for them, but it is dismiss a vehicle of that size out of hand; others People’s Republic of China Henry Nguyen Dominic Picone Binh Tran T. (86) 10 5869 6203 making it more challenging, particularly at the express caution, but are encouraged by previous Managing General Partner Managing Director Venture Partner F. (86) 10 5869 6205 IDG VENTURES VIETNAM TPG CAPITAL 500 STARTUPS top end of the market, for those sorts of deals to performance and like the idea of pan-regional E. [email protected] get the returns we would expect private equity exposure; and still more want exposure to Asian to generate over time.” growth in a big way and see no other way to The Publisher reserves all rights herein. The findings of Bain & Company’s 2016 Global get it. Reproduction in whole or in part is permitted only with the written consent of Asia Series Partner Private Equity Report underline this perspective. AVCJ Group Limited. ISSN 1817-1648 Copyright © 2017 Registration Enquiries: Sponsorship Enquiries: Global buyout activity was down on 2015 as Gavin Lam T: +852 2158 9675 Anil Nathani T: +852 2158 9636 PE firms encountered more competition from E: [email protected] E: [email protected] Enquiry their peers – dry powder reached a record $1.47 Tim Burroughs A Mergermarket Group company trillion, of which $534 billion was earmarked for Managing Editor buyouts – and from corporates. Fueled by cheap Asian Venture Capital Journal Join your peers avcjvietnam.com #avcjvietnam Number 10 | Volume 30 | March 14 2017 | avcj.com 3 NEWS KKR sets $8.5b hard cap Venture Capital, Singapore-based Global Logistic ASIA PACIFIC Properties (GLP), ZhenFund, and AVIC Trust also for Asia fund participated. As part of the deal, Fuyoukache also IFC mulls investment in KKR has set an institutional hard cap of $8.5 obtained RMB300 million debt financing from billion for its third pan-Asian fund, with the AVIC Trust and GLP. Carlyle Asia fund total expected to reach $9.2 billion including The International Finance Corporation (IFC) is commitments from the firm’s balance sheet and IDG-led group seals buyout considering a commitment of up to $25 million management team. A first close – of around half to The Carlyle Group’s latest Asia growth fund, the hard cap – is scheduled for March 15. of Osram unit which has a target of $1 billion. Carlyle plans to A private placement memorandum for the A Chinese consortium led by IDG Capital has make 15-20 investments from the fund. It will new vehicle was issued in early November, with completed the purchase of Ledvance, the lamps focus on small buyout and late-stage growth a target of $7 billion.
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