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Purchasing Power? Bain & Co’S Jim Verbeeten on Creating Value PE Investors Find New Ways to Unlock Value in Japan’S Consumer Sector Page 9 Page 19 Asia’s Private Equity News Source avcj.com June 16 2015 Volume 28 Number 22 EDITOR’S VIEWPOINT Investors wait for nore big-ticket deal flow Page 3 NEWS Apax, Archer, CITIC Goldstone, Future Fund, Hony, KKR, MLC, Quadria, Sequoia, Shoreline, TPG Page 5 FOCUS Why local banks are still a force in deal-sourcing Page 14 INDUSTRY Q&A Masamichi Yoshizawa of The Longreach Group Page 15 CONTRIBUTED ARTICLE Purchasing power? Bain & Co’s Jim Verbeeten on creating value PE investors find new ways to unlock value in Japan’s consumer sector Page 9 Page 19 ANALYSIS FOCUS A boardroom battle Monetizing science Japan’s corporate governence challenge Page 12 Venture capital taps university start-ups Page 16 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM JAPAN 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 EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 Large check limbo Holden Mann (852) 3411 4964 Creative Director Dicky Tang Designers IT IS NOT A PHENOMENON UNIQUE TO more in 2014 – and 11, 14 and 11 in the three Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Japan. Pick a major Asian market with public years before that – the mid-market space is not markets trading at or close to an all-time high discouraging. While valuations are a concern, Senior Research Manager and you find a cumulative private equity industry participants say they can rely on a steady Helen Lee investment figure that is lagging the previous stream of opportunities involving companies Research Associates Herbert Yum, Jason Chong, year’s pace. that face succession planning issues or require Kaho Mak The Nikkei 225 Index is up 34% on a 12-month support to achieve certain expansion goals. Senior Marketing Manager basis. At the end of May, it surpassed the previous Bain’s Ooedo-Onsen investment was as Sally Yip peak set at the height of the technology boom succession-planning deal, but a fair portion Circulation Administrator in 2000. Nearing the mid-point of 2015, private of these larger transactions are carve-outs Prudence Lau equity investors have deployed $1.9 billion in the from domestic conglomerates. Eight of the 16 Subscription Sales Executive country. This compares to $6.5 billion for 2014 as biggest deals announced since 2012 fall into Jade Chan a whole. The average for the previous five years is this category. As the country’s gargantuan Manager, Delegate Sales $7.7 billion and approximately 450 deals. conglomerates come under economic and Pauline Chen In percentage terms, the drop-off in Japan political pressure to boost performance, private Director, Business Development is more severe than in any other major Asian equity investors hope to see more divestments Darryl Mag market. Meanwhile, in Australia, where the AlixPartners is also bullish, citing the 97% of Manager, Business Development S&P/ASX 200 Index has challenged pre-global respondents in its latest Asia-Pacific corporate Anil Nathani, Samuel Lau financial crisis highs, PE investment is up year- restructuring and turnaround survey who Sales Coordinator on-year. Contrasting outcomes reached due to a expect increased activity in Japan as companies Debbie Koo common factor – the ability of large-ticket deals recognize the importance of timing in corporate Conference Managers to move the needle in leverage buyout markets. reorganization. Jonathon Cohen, Sarah Doyle, Not all deal values are disclosed, but AVCJ For private equity firms that have raised ever- Conference Administrator Research has records of six investments worth larger pan-regional funds, Japan is a key market. Amelie Poon in excess of $100 million in Japan so far this year. Alongside Australia, it is – for now, anyway – one Conference Coordinator Fiona Keung, Jovial Chung They are led by Bain Capital’s acquisition of span of few destinations where it is possible to write hotel operator Ooedo-Onsen for $423 million. large checks. They need Japan to deliver on Publishing Director Australia has seen three deals of $1.4 billion divestments. Allen Lee or more, including the $6.2 billion acquisition of GE Capital’s Australia and New Zealand consumer lending unit. Japan hasn’t seen a $1 billion- Incisive Media plus deal since KKR bought a majority stake in Tim Burroughs Unit 1401 Devon House, Taikoo Place Panasonic Healthcare in 2013. Managing Editor 979 King’s Road, Quarry Bay, Hong Kong Given there were 14 deals of $100 million or Asian Venture Capital Journal T. (852) 3411-4900 F. (852) 3411-4999 E. [email protected] URL. avcj.com Japan private equity investment Beijing Representative Office 20,000 600 No.1-2-(2)-B-A554, 1st Building, No.66 Nanshatan, Chaoyang District, Beijing, People’s Republic of China 15,000 500 T. (86) 10 5869 6203 F. (86) 10 5869 6205 E. [email protected] 10,000 400 Deals US$ million The Publisher reserves all rights herein. Reproduction in whole or 5,000 300 in part is permitted only with the written consent of AVCJ Group Limited. ISSN 1817-1648 Copyright © 2015 0 200 Australia China Hong Kong India Japan Singapore South Korea Buyout Growth/pre-IPO PIPE Start-up/early-stage Other No. of deals Source: AVCJ Research Number 22 | Volume 28 | June 16 2015 | avcj.com 3 Private Equity & Venture Forum Korea 2015 15 September, South Korea - Westin Chosun, Seoul GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjkorea.com Driving the creative economy through SIGN UP private equity and venture capital BY 3 JULY AND SAVE 5 reasons to attend US$300 Discover the next big hot sectors in Asian private equity and the 1regions that will be best placed to provide returns in five years' time Understand how domestic fund managers are helping 2 Korean companies expand overseas Uncover the strategies, regions and intermediation levels 3 that Korean LPs traditionally prefer Hear what new industries are currently attracting VC funding 4 worldwide and how Korean GPs can collaborate with foreign VCs Find out the return requirements and expectations of LPs in Korea 5 Simultaneous translation is For the latest programme, please visit avcjkorea.com available Registration enquiries: Carolyn Law T: +852 3411 4837 E: [email protected] Enquiry Sponsorship enquiries: Darryl Mag T: +852 3411 4919 E: [email protected] Asia Series Sponsor Co-Sponsors Join your peers avcjkorea.com #avcjkorea Private Equity & Venture Forum Korea 2015 NEWS 15 September, South Korea - Westin Chosun, Seoul AUSTRALASIA Shoreline closes Fund III at Warburg Pincus part exits $500m China Biologic Archer buys D&B’s China-focused distressed debt and special Warburg Pincus has raised $241.5 million by situations investor Shoreline Capital has closed reducing its stake in US-listed biopharmaceutical Australasia credit unit its third fund at $500 million. The GP has also developer China Biologic Products. The PE firm Archer Capital has agreed to buy Dun & reached a first close of $115 million on an sold 2.3 million shares at $105 apiece, reducing Bradstreet’s (D&B) Australia and New Zealand- overflow vehicle. About half of Fund III has its stake in the company from 42.8% to 33.6%. based credit data business for A$220 million already been invested across several transactions ($170 million). The company provides credit- and there are almost 1,000 non-performing Morningside leads $15m checking and debt recovery services, delivers loans (NPL) in the portfolio. In addition to GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjkorea.com data-based sales and marketing solutions, and NPLs, Shoreline targets distressed and non- Luqa Pharma investment offers risk assessment and analytics in a variety distressed opportunities that generally arise from Hong Kong-based pharmaceutical developer of areas. inefficiencies in China’s financial system. Luqa Pharma has raised a $15 million Series A round of funding led by Morningside Ventures. Driving the creative economy through SIGN UP Australia’s MLC to open US The capital will be used to expand Luqa’s operations and commercialize its product range. private equity and venture capital BY 3 JULY office AND SAVE MLC Private Equity, which is part of National Nordic Capital backs Australia Bank’s wealth management division, will open an office in New York to cover investment Chinese car seat maker reasons to attend US$300 opportunities in North America and Latin European GP Nordic Capital has acquired Max-Inf, America. The office will be led by Andrew Kwee, a Chinese manufacturer of children’s car seats, 5 who joins the firm from LGT Capital Partners. to complement its existing portfolio investment in UK child safety products firm Britax. Max-Inf Discover the next big hot sectors in Asian private equity and the GREATER CHINA makes child car restraints that are both exported regions that will be best placed to provide returns in five years' time and sold domestically under the brand name 1 The private equity firm’s previous fund, Baby First. Online property insurer Shoreline China Value II, closed in March 2013 at $303 million. It followed a $178.2 million debut Social e-commerce start-up Understand how domestic fund managers are helping raises $931m vehicle, raised in 2008. The investor base for Fund Korean companies expand overseas Zhong An Online Property Insurance, which was III is drawn from the US, Canada, Europe and Asia, raises $10m 2 set up by affiliates of Alibaba Group, Tencent with government and private pension funds Chinese e-commerce discovery site Red has Holdings and Ping An Insurance, has raised featuring most prominently. Commitments also raised more than $10 million in Series B funding Uncover the strategies, regions and intermediation levels RMB5.78 billion ($931 million) from Morgan came from endowments, foundations, insurance from GGV Capital.
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