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The Emerging Private Equity Market in Asia

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The Emerging Private Equity Market in Asia The Emerging Private Equity Market in Asia May 2008 2008 © Probitas Partners Contents Introduction ........................................................................ 1 The Asian Private Equity Market .................................... 2 Economic Factors Across a Diverse Geography ........ 2 Strong Underlying Fundamentals ................................. 5 Private Equity Fundraising Trends in Asia .................. 8 Perceived Attractiveness by Foreign Investors ........ 12 Potential Issues to Consider When Investing in Private Equiy in Asia ................................ 13 The Difficulties of Due Diligence for Foreign Investors .............................................................. 13 Summary ............................................................................... 16 Asia–Focused Private Equity Funds in or Coming to Market ....................................................... 17 Asian Roots, Global Benchmarks Axiom Asia is a leading Fund of Funds management company, founded with the vision of offering limited partners interested in Asia the experience of a senior team of private equity professionals who have worked together at one of Asia’s leading institutions. Each member of the team combines experience in Asian and global private equity, and have worked on both fund and direct investment transactions. We aim to develop long–term relationships with the best fund managers in Asia, serving as a value–added hub between our sophisticated limited partner base and our portfolio general partners. Probitas Partners is a leading independent knowledge, innovation, and solutions provider to private markets clients globally. We focus our expertise in fund placement, liquidity management and portfolio management to constantly build and grow powerful, lasting relationships that deliver value, execution and service to our partners and clients. We emphasize private equity and real assets, including debt and equity funds, venture capital, special situations, opportunistic real estate and infrastructure from around the world. Probitas Partners offers research and investment tools on the alternative investment market as aids to its institutional investor and general partner clients. Accurate data is elusive in private markets. Probitas Partners shares this data in an effort to improve professionalism, consistently raise the bar on professional services, and assist all participants in their investment, portfolio management and fund raising endeavors. 1 Confidential & Trade Secret ©2008 Do not circulate or publish. The Asian Private Equity Market Economic Factors Across A Diverse Geography Investing in Private Equity in Asia has Asia is an economically diverse market attracted increased attention in recent years, that encompasses developed economies both locally and from North America and such as Japan and Australia, dramatically Europe, on the back of strong economic growing economic powerhouses such as growth and continued financial and economic China and India, and emerging economies liberalization. This paper provides an overview such as Vietnam and Cambodia that are at of the key facts, attractions, and challenges various points on the economic spectrum. for an institutional investor looking to enter The spread in 2007 Gross Domestic the Asian market. Product (“GDP”) Per Capita from U.S. $818 in Vietnam to U.S. $43,312 in Australia noted in Chart I is indicative of the range of consumers, businesses and general economic development across the region, driving very different investment opportunities in each country. Chart I 2007 GDP Per Capita in USD, Current Dollars Australia 43,312 Singapore 35,163 Japan 34,312 New Zealand 30,256 Hong Kong 29,650 Korea 19,751 Taiwan 16,606 Malaysia 6,948 Thailand 3,737 China 2,461 Indonesia 1,925 Philippines 1,625 India 978 Vietnam 818 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 Source: International Monetary Fund, World Economic Outlook Database, April 2008 Confidential & Trade Secret ©2008 Do not circulate or publish. 2 Chart II GDP Growth and 2007–2009 Growth Forecast China 10.3% 9.2% Vietnam 8.3% 7.3% India 7.5% 6.6% Indonesia 6.2% 2.9% 6.0% Philippines 4.3% 5.7% Malaysia 4.8% 5.6% Singapore 5.4% Thailand 4.8% 2.9% Hong Kong 4.8% 4.2% South Korea 4.5% 4.5% Australia 3.3% 3.5% New Zealand 2.5% 2.9% Japan 1.7% 1.3% 0% 2% 4% 6% 8% 10% 12% GDP Growth, 1996–2006 GDP Growth Forecast, 2007–2009 Source: World Bank (USD Constant Dollars Indexed to Year 2000), Forecasts from Economic Intelligence Unit and Bloomberg Chart III 2007 GDP by Country in Billions of USD, Current Dollars Japan 4,383 China 3,250 India 1,098 South Korea 957 Australia 908 Indonesia 433 Thailand 246 Hong Kong 206 Malaysia 186 Singapore 161 Philippines 144 New Zealand 128 Vietnam 70 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Source: International Monetary Fund, World Economic Outlook Database, April 2008 3 Confidential & Trade Secret ©2008 Do not circulate or publish. Also important are the large differences in of each sector appropriately depending GDP growth rates noted in Chart II. Quickly on where each country is situated on the developing economies such as China and development curve. This contrasts with the India, with GDP growth rates of 6% and two–pronged model which dominates North greater, are dealing with an entirely different American private equity, where Growth set of economic imperatives and investment Capital investing runs a poor third to Buyouts opportunities than larger, more developed and Venture Capital. economies in the region such as Japan, which is dealing with the issues attendant Within the rapidly growing economic upon growth rates of less than 2%. powerhouses of China and India, significant in–country economic differences exist The absolute economic size of these between local regions. Consider for example economies also affects private equity the doubling of China’s per capital GDP over investment opportunities. For example, the last 10 years from U.S. $716 in 1996 to though the Vietnamese economy is growing U.S. $1,595 in 2006 (as measured in Year quite strongly, its overall level of GDP is low, 2000 constant dollars from the World Bank). especially when compared to the rapidly The headline number is indicative of general growing economies of China and India. wealth creation throughout the country. As seen in Chart III, the sheer size of the However, wealth creation is often uneven. Chinese and Indian economies results in more Coastal provinces are much richer than varied and sizable investment opportunities inland ones, and the disparity in income can than are available in smaller countries such be large. As shown in Chart IV, Shanghai’s as Vietnam. per capita GDP of U.S. $6,599 is ten times that of Guizhou’s (an inland province) at As a result, Asia represents a “tri–polar” U.S. $648. Private equity fund managers private equity opportunity where investors operating in this single country need to should pay simultaneous attention to take vastly different investment approaches Growth Capital, Buyout, and Venture Capital depending on the sector and geographic investments, and adjust the relative weighting focus they pursue. Chart IV Variance of GDP Per Capita in China Chinese Administrative Zones with Chinese Administrative Zones with Lowest GDP Per Capita (USD) Highest GDP Per Capita (USD) Guizhou 648 Shanghai 6,599 Gansu 959 Beijing 5,826 Yunnan 1,044 Tianjin 4,588 Anhui 1,112 Zhejiang 3,552 Guangxi 1,127 Jiangsu 3,149 Source: National Bureau of Statistics China, 2005 Confidential & Trade Secret ©2008 Do not circulate or publish. 4 These regional and in–country economic ten times growth in their reserves over the differences are just a sketch of the overall last ten years. The Asian Financial Crisis picture. The cultural differences between economies that were so badly hurt in 1997 different states or provinces can be immense, have not been far behind, with Indonesia and and the local relationships required to source, Thailand recording three times growth and close, and obtain approval for transactions, Malaysia almost five times growth over the the business challenge of recruiting and same period. retaining talent, and the availability and reliability of local infrastructure all vary Foreign Direct Investment (“FDI”) has also significantly from area to area. increased or turned positive in the years following the Asian Financial Crisis in Korea, Strong Underlying Fundamentals Indonesia, Malaysia, Thailand, Philippines, and Singapore, reflecting growing investor Importantly, growth in Asia has been built confidence in each country. Not surprisingly, on sound fundamentals. In Chart V below, China and India, which avoided the Asian one can see that most markets in Asia have Financial Crisis, have continued to attract recorded healthy current account balances steadily growing inflows of foreign capital, over the last five years. These have fueled, reflecting the increased opportunities to in part, unprecedented growth in foreign capture the benefits of lower production exchange reserves noted in Chart VI. Notably, costs for export markets and burgeoning China and India have recorded an impressive domestic markets. Chart V Current Account Surplus/Deficit As a % of GDP 30 25 20 15 10 5 0 -5 -10 -15 Spore Msia China HK Taiwan Japan Phil Indo Thai Korea VN India Aus New Zealand 2003 2004 2005 2006 2007 Source: International Monetary Fund, World Economic Outlook Database, April 2008 5 Confidential & Trade Secret ©2008 Do not circulate or publish. Chart VI
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