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The Dynamics of Secondaries AVCJ Private Equity & Venture Forum 2010 India Summit 2010 New Delhi 26 - 27 August Hong Kong 9 -12 November 2010 ASIAN VENTURE CAPITAL JOURNAL Asia’s Private Equity News Source avcj.com July 27 2010 Volume 23 Number 28 EDITOR’S VIEWPOINT It’s a wrap Page 3 NEWS PRIVATE EQUITY ASIA Private equity and VC news of the week, with Actis, Blackstone, Carlyle, CHAMP, CVCI, Evolvence, IDG, Khazanah, Sequoia, Starr, TPG Page 5 DEALS OF THE WEEK Gung-ho for Kyobo as M&A ASIA buyout firms assess stake Page 13 Bain goes for Mr. China’s ASIMCO Page 13 FUNDRAISING NEWS Navis VI nears $1.2 billion close Page 15 INDUSTRY Q&A The dynamics of Industry Q&A: Hu Zhanghong, CEO, CCB International Page 17 Limited Partner Q&A: secondaries International Finance Once-owned LP positions for Asia Pacific and elsewhere Page 8 Corporation Page 19 DEALS OF THE WEEK FUNDRAISING NEWS Yellow Pages auction Greene’s Diamond Dragon up a gum tree? Page 11 takes flight Page 15 Anything is possible... There are many barriers to liquidity in private equity: complexity, transaction size, deadlines, disparate assets, confidentiality, alignment, tax, shareholder sensitivities – the list goes on. European Secondaries Firm of the Year But with creativity, experience and determination ... anything is possible. for the 6th consecutive year www.collercapital.com London New York 33 Cavendish Square 410 Park Avenue London New York Liquidity for private equity investors worldwide Contact: [email protected] EDITOR’S VIEWPOINT [email protected] ASIAN VENTURE CAPITAL JOURNAL Managing Editor Paul Mackintosh (852) 3411 4909 PRIVATE EQUITSeniorY Editor ASIA Brian McLeod (1) 604 215 1416 Associate Editors Maya Ando (852) 3411 4908 Christina Kautzky (852) 3411 4906 Anita Davis (852) 3411 4808 M&A ASIACreative Director It’s a wrap Dicky Tang Designers Catherine Chau, Mansfield Hor, ManYee Mak, Tony Chow Chief Representative, Beijing Ying Jiang (86)10 5869 1196 Research Manager Helen Lee Research Associates Alfred Lam, Tweety Lau, Kenny Hung, Venus Yeung Circulation Manager Sally Yip Circulation Administrator Prudence Lau Senior Account Manager Gareth Wilde Sales Coordinator Debbie Koo IN THE COURSE OF SEVERAL UNRELATED Yet on practical grounds, rather than prestige Senior Manager, Delegate Sales Anil Nathani discussions on secondaries last week, I was or perceived value, a wrap deal with a bank may Marketing Manager reminded of one of the more curious byways of make a lot of sense. Many banks already have Edward Ma private equity fund investment: the wrap. This, in active placement units, and these can build Marketing Communications Manager case you also need reminding, is when a banking useful synergies with the parent’s private wealth Joann Yip Director, Business Development institution picks up a sizeable allocation in a GP’s groups to deliver an end-to-end solution for at Darryl Mag latest fund, and then dices up the allocation least part of a fundraising. And a GP that deals Conference Managers into a series of packaged smaller chances, regularly with a bank for leverage, deal sourcing Emily Mak, Matthew Swainson, Doris Chan Conference Administrator which it then sells on to clients, almost always and other purposes may well wish to cultivate a Amelie Poon HNW customers of its private banking/wealth strategic relationship with that group through a Conference Coordinator management arm. Individually, most of the fund allocation. Fiona Keung, Belinda Kwong HNWs could not normally afford the minimum However, the whole principle of a wrap Publisher & General Manager access threshold for the fund, but the wrap gives still calls even more into question the myth of Allen Lee them a chance to participate in private equity access. As AVCJ sources have remarked time Managing Director Jonathon Whiteley that they would not ordinarily get. and time again, pre-crisis, post-GFC and right Vice President, Administration Although not much seen in Asia to date, now, exclusivity went out the window when Harmony Heung wraps are growing increasingly significant in the fund sizes started soaring into the multi- Chairman Emeritus Dan Schwartz region, and in the PRC in particular, are often the billion-dollar range. Especially in the still- prime fundraising mechanism for RMB funds. difficult fundraising environment since 2008- This could be cause for concern. In itself, the 09, GPs are increasingly reluctant to turn away Incisive Media 20th Floor, wrap is naturally vulnerable to all the problems money, and particularly to give preferential Tower 2, Admiralty Centre 18 Harcourt Road, of securitized – and often leveraged – vehicles treatment to any LP in a manner that would Admiralty, Hong Kong that the GFC exposed. The kind of alignment cut out others. GPs, AVCJ sources admit, simply T. (852) 3411-4900 F. (852) 3411-4999 and disclosure issues already raising the hackles want to access the capital. E. [email protected] of LPs worldwide are also only magnified in a The ultimate lesson for LPs should be obvious. URL. avcj.com wrap structure. And legal issues surround the If somebody and their agent is telling you that Beijing Representative Office questions of how the vending institution markets something is an exclusive deal, and demanding Room 1805, Building 10, Jianwai SOHO, 39 East 3rd-Ring Road, the wrap to its investors, and whether they are a price premium or a higher commitment on Chaoyang District, Beijing 100 022, China sophisticated enough to really understand the that basis, see what happens if you walk away. T. (86) 10-5869-6205 product. Sources aver that, in China especially, As an industry still too wedded to secrecy, F. (86) 10-5869-7461 E. [email protected] many aren’t, even if they are HNWs. obscurantism and opacity, private equity needs More to the point, observers might ask why a to have its myths challenged from time to time The Publisher reserves all rights herein. Reproduction in whole or in part is permitted only with the written consent of AVCJ Group GP would even give an allocation to a bank to do – especially the self-serving ones. Limited. AVCJ Weekly is delivered in QuVu format, which is licensed from and used by permission of Qiosk.com, INC. a wrap. After all, exclusivity and privileged access ISSN 1817-1648 Copyright © 2010 are the stock in trade of many intermediaries in the business, who promise access to top-quartile Paul Mackintosh and top-decile funds. Many GPs cultivate the Managing Editor image of exclusivity to keep investors keen. Asian Venture Capital Journal Number 28 | Volume 23 | July 27 2010 | avcj.com Leading the way Erasmus Habermel, detail from “Perpetual Calendar”, c. 1600 in alternative investing ©Collections of the Prince of Liechtenstein, Vaduz, Liechtenstein Museum, Vienna LGT Capital Partners is a leading private equity fund of funds manager and secondary specialist with USD 14.5 billion in private equity commitments, providing portfolio management and liquidity solutions since 1998. LGT Capital Partners leads secondary investments in: • Buyout and Venture Capital partnerships • European, U.S. and Asian assets • Special situations (unfunded positions, direct secondaries) For further information please contact André Aubert ([email protected]) or Sascha Gruber ([email protected]) Pfaeffikon, New York, London, Dublin, Hong Kong, Tokyo WINNER www.lgtcp.com, [email protected] Private equity manager of the year LGT Capital Partners AWARDS2010 LGT Capital Partners Alternative Investment Manager NEWS French hotel group Carlyle completes Kbro exit to Tsais than $2 billion of real estate fund Accor to set up The Carlyle Group investments, focused on Asia, has reportedly operated by Bank of America investment fund for finalized the exit of its Merrill Lynch. In Japan, Blackstone India Taiwanese cable TV has kept its real estate team in tact investment Kbro to the being despite closing no deals Accor, a leading French hotel group, Tsai business family, since its opening in Tokyo in 2007. is setting up a investment fund with owners of Taiwan Mobile, the company that Carlyle originally planned to local partner InterGlobe Enterprises exit the asset to. BofA ML gets to grow the hotel business in India, Taiwanese media sources gave a valuation of up to $2 billion on the targeting upper-middleclass and deal, though earlier reports quoted $1 billion as the value of the share-swap Killingback in Oz high-end customers deal that Carlyle had originally planned with Taiwan Mobile. Reports also Former head of retail and The group is currently the indicated that the Tsais have formed a private company to buy the assets consumer investment banking fourth-largest hotel chain operator and sealed a deal with Carlyle late last week. for Deutsche Bank Asia David worldwide after InterContinental, Killingback has reportedly joined Marriott and Starwood. In its Bank of America Merrill Lynch as its expansion plan, British Columbia- PE-backed Ambow Blackstone may Head of Mergers & Acquisitions in based asset manager Pacifica files for NYSE IPO take over Morgan Australia. Partners will take a 36 % stake in According to reports, Hong the fund, which will initially hold Ambow Education Holding Stanley’s Japan real Kong-based Killingback is slated to assets for seven hotels, including Ltd. - a PRC education and estate assets assume his role early next month. one Pullman, four Novotels and career development service He will report to the head of the two Ibis in India, worth around provider backed by Actis, CStar Leading global private equity firm bank’s Australian investment $325 million in total. Those hotels Investment, EdVenture, JAFCO Asia the Blackstone Group is said to be banking division Kevin Skelton. are expected to open between Technology Fund and Macquarie near to finalizing a deal to purchase Prior to his time as the head of 2011 and 2013.
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