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Runaway Horses? Catching a Ride with Asia’S Tech Unicorns Page 18 Asia’s Private Equity News Source avcj.com October 27 2015 Volume 28 Number 40 Runaway horses? Catching a ride with Asia’s tech unicorns Page 18 Fundraising: key issues Page 11 O2O: Scale opportunity Page 25 Media: CMC’s Ruigang Li Page 37 CONFERENCE SPECIAL ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM HONG KONG 2015 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong CONTENTS EDITOR’S VIEWPOINT CHINA 05 Big auctions, co-investment and technology Open to alternatives have driven Asia PE investment in 2015 34 With uncertainty shrouding China’s public NEWS markets, PE investors are looking at other options. Trade sales are getting traction 07 Apollo, Carlyle, Formation 8, General Atlantic, GGV, GIC, OrbiMed, Tiger Global Perception vs reality FUNDRAISING 38 A portfolio of China funds offers a surprisingly good risk-return profile, say Friends with benefits Claudia Zeisberger and Michael Prahl 11 Co-investment is getting more sophistacted as managers sharpen fundraising strategies and respond to the needs of large investors INDUSTRY INTERVIEWS TECHNOLOGY 17 Nicole Musicco of Ontario Teachers’ Pension Plan discusses co-investment strategy The billion-dollar club 23 Anthony Tan, co-founder and CEO of 17 Asian internet firms are raising capital high GrabTaxi, on building a ride-hailing business valuations, but as sentiment weakens, some of these behemoths should be worried 37 Ruigang Li of CMC Capital Partners talks China media and entertainment investment The long tail 25 Online-to-offline services are changing consumption channels in emerging Asia. Much of the sector is still up for grabs 27 Case study: Southeast Asia’s aCommerce 31 Case study: India’s Grofers 33 Case study: China’s Helijia Number 40 | Volume 28 | October 27 2015 | avcj.com 3 Light. Fast. Flexible. Your fund agreement works for you, not the other way around. A lot of law firms don’t get that. They come at fund formation from a tax mindset. They create agreements that are too long, too convoluted – and about as user-friendly as the IRS code. That’s not us. Our fund team is more MBA than CPA. When an investment opportunity arises, you need to make decisions. Our agreements capture your business deal in a way which is easy to understand. They are written to give you clear guidance without complicating the issues. And to be interpreted without needing your lawyers and accountants. Our competitors’ fund agreements average 112 pages. * Ours average 56. Your fund agreement is something you’ll live with for years to come. Let us save you significant time and money. Do yourself and your investors a favor. Go Cooley. *Based on a review of various venture capital fund agreements drafted by our primary competitors conducted January 2014. © 2015 Cooley LLP IFC - Tower 2, Level 35, Unit 3510, 8 Century Avenue, Pudong New Area, Shanghai, 200120, China +86 21 6030 0600 EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Associate Editor Guarded optimism Winnie Liu (852) 3411 4907 Staff Writer Holden Mann (852) 3411 4964 TO MOST INDUSTRY PARTICIPANTS, 2015 Investment Board (CPPIB), Temasek Holdings Creative Director feels like a relatively slow year for private equity and the Public Sector Pension Investment Dicky Tang in Asia. Perhaps it is the lack of drama-packed Board all involved. CPPIB’s contribution alone Designers hostile takeovers or the comedown from the was worth $534 million Catherine Chau, Edith Leung, stellar exits of 2014 such as Alibaba Group IPO or 3) The above comes in many different flavors, Mansfield Hor, Tony Chow the Oriental Brewery trade sale. with a small but significant number of direct Senior Research Manager Certainly, the sluggish economies of many deals as well as co-investments Helen Lee Asian countries, volatility in currency and equities 4) The rise of unicorns in Asia. Technology Research Associates markets, and lofty valuations have made many “start-ups” valued at over $1 billion are a pretty Herbert Yum, Jason Chong, Kaho Mak GPs less aggressive this year. According to common nowadays, with private equity firms, AVCJ Research, deal volume is tracking down hedge funds and even mutual funds coming Senior Marketing Manager on last year, with just over 2,000 investments into increasingly large funding rounds. Didi Sally Yip Circulation Administrator announced, compared to nearly 2,800 for 2014 Kuaidi, Flipkart and Coupang – representing Prudence Lau as a whole. China, India and South Korea, respectively Subscription Sales Executive That said, the amount of capital deployed – are just a few of the names able to attract Jade Chan is already on a par with last year (at $92 billion), large amounts of money. Manager, Delegate Sales which means 2015 is all but certain to become These are but a few reasons why the Asian Pauline Chen the second most active 12-month period on private equity and venture capital industry is Director, Business Development record. The continued rise in total investment still active and playing a substantial role in the Darryl Mag value can be attributed to a number of factors, broader M&A market. Based on the amount of which reflects some of the current trends in the dry powder sitting on the sidelines, the potential Manager, Business Development Anil Nathani, Samuel Lau Asian private equity and venture capital space. for even greater involvement is huge. They include: However, it remains to be seen how quickly Sales Coordinator Debbie Koo 1) Big auctions are still happening. The $6.4 private equity investors that have held back billion acquisition of Homeplus – Tesco’s choose to reengage. A continued decline in Conference Managers South Korea operation – by an MBK Partners- China’s economic prospects, which would impact Jonathon Cohen, Sarah Doyle, Conference Administrator led consortium and the $6.3 billion purchase other markets as well, could create investment Amelie Poon of GE Capital’s Australia and New Zealand opportunities. But valuation remains largely a Conference Coordinator consumer lending business are the two function of competition and the more groups Fiona Keung, Jovial Chung largest private equity deals ever seen in pursuing a deal, the more it becomes a seller’s Publishing Director Asia (and a major reason they the overall market. Allen Lee investment number is so high) 2) Sovereign wealth funds, pension funds and corporations are getting involved in private Allen Lee equity deals. Homeplus is once again a Publishing Director Hong Kong Headquarter Unit 1401 Devon House, Taikoo Place good example, with Canada Pension Plan Asian Venture Capital Journal 979 King’s Road, Quarry Bay, Hong Kong T. (852) 3411-4900 F. (852) 3411-4999 Asia private equity investment by stage E. [email protected] URL. avcj.com 100,000 3,000 Beijing Representative Office No.1-2-(2)-B-A554, 1st Building, 80,000 No.66 Nanshatan, Chaoyang District, Beijing, 2,500 People’s Republic of China 60,000 T. (86) 10 5869 6203 F. (86) 10 5869 6205 Deals E. [email protected] 40,000 US$ million 2,000 20,000 The Publisher reserves all rights herein. 0 1,500 Reproduction in whole or 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD in part is permitted only with the written consent of AVCJ Group Limited. Buyout Growth/pre-IPO PIPE Start-up/early-stage Other ISSN 1817-1648 Copyright © 2015 No. of deals Source: AVCJ Research Number 40 | Volume 28 | October 27 2015 | avcj.com 5 NEWS AUSTRALASIA GGV seeks $1.1b for China, Philips uncertain over US venture deals Lumileds sale to Go Scale Apollo agrees partial exit GGV Capital is planning to raise up to $1.1 billion Philips has cast doubt on the sale of its LED unit across three vehicles – a core venture fund, a to a Chinese PE consortium as it emerged that from Nine top-up vehicle and an early-stage fund – that the Committee on Foreign Investment in the Apollo Global Management has agreed to sell will target start-up and growth-stage technology United States (CFIUS) has “expressed certain a 13% stake in Australia’s Nine Entertainment to deals in China and the US. unforeseen concerns” about the deal. Go Scale regional broadcaster WIN Corp. A WIN subsidiary The GP has yet to release a private placement Capital, which is sponsored by VC firms GSR acquired approximately 119 million shares in memorandum, but even in this soft marketing Ventures and Oak Investment Partners, agreed to Nine across several transactions, paying an stage, LP interest is said to be very strong. The buy an 81.1% stake in the Lumileds unit in April. aggregate A$193 million ($139 million). fundraising process is expected to be completed in the first quarter of 2016, although there is no CMC, Merlin Entertainment Bridgeport Capital acquires agree Legoland JV Australia’s UCS CMC Capital Partners has agreed to form Bridgeport Capital, the direct investment a joint venture with London-based Merlin arm of Hawkesbridge Capital, has acquired Entertainments Group to develop a Legoland Australia’s Underground Cable Systems (UCS) park in Shanghai. The Legoland Discovery Center in a deal worth approximately A$100 million is among three attractions that Merlin and CMC ($73 million) alongside company management. plan to open in the next 18 months. They also UCS’ businesses include the design, installation have built a Madame Tussauds and Sea Life and cable jointing of underground electricity aquarium in Chongqing. distribution networks. Car servicing platform GREATER CHINA firm deadline, according to a source familiar with Tuhu raises further $50m the situation. Tuhu, a Chinese B2C auto services platform, China travel sites Ctrip, GGV has set the hard cap for its sixth core has raised $50 million in an extended Series C fund at $600 million, with a further $200 million round of funding led by Hillhouse Capital.
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