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Squeezed Margins AVCJ Research Gps, Lawyers Take the Strain As Asia Fundraising Costs Get Ever Higher Page 7 Data F Ile Page 15 Asia’s Private Equity News Source avcj.com July 23 2013 Volume 26 Number 28 EDITOR’s VieWPOINT Where has it gone wrong for venture capital in Southeast Asia? Page 3 NEWS ADB, Altamont Capital, ASK, Baring, BlackStone, FIrst Reserve, Globis, IL&FS, J-Star, KDDI, Leopard Capital, MBK Page 5 DEAL OF THE WEEK Jungle Ventures sees TravelMob investment reach its destination Page 13 FOCUS How Asia’s coffee shop boom could be the right blend for Pe investors Page 14 Squeezed margins AVCJ RESEARCH GPs, lawyers take the strain as Asia fundraising costs get ever higher Page 7 Data f ile Page 15 FOCUS DEAL OF THE WEEK Liquidity channels Bettin’ on beautiful India SMEs get new fundraising, exit route Page 12 L Capital makes first China cosmetics play Page 13 black and white 1,000 shades answers of grey THE SWEET SPOT One financial advisory and investment banking services firm excels at navigating complex financial issues: Duff & Phelps. Our people have the analytical skills to get to the heart of issues and the experience to know which variables matter more. We find the right balance between analysis and instinct—that sweet spot that powers sound decisions. Learn more at www.duffandphelps.com Beijing: Sammy Lai, [email protected] Shanghai: Bill Snyder, [email protected] Hong Kong: Andy Wong, [email protected] Investment banking services in the United States are provided by Duff & Phelps Securities, LLC; Pagemill Partners; and GCP Securities, LLC. Member FINRA/SIPC. M&A advisory services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd. Duff & Phelps Securities Ltd. is authorized and regulated by the Financial Conduct Authority. © 2013 Duff & Phelps, LLC. All rights reserved. EDITOR’s VieWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Mirzaan Jamwal (852) 3411 4821 The problem with Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Southeast Asian VC Mansfield Hor, Tony Chow Senior Research Manager Helen Lee Research Manager Alfred Lam Research Associates AHEAD OF LAST WEEK’S AVCJ SINGAPORE business from the ground. Herbert Yum, Isas Chu, Forum, this column was dedicated to the The same criticism could be leveled at some Jason Chong, Kaho Mak less-loved investment stories in Southeast Asia. Chinese and Indian VCs, but those markets Circulation Manager VC made the list because, despite offering a have still prospered. What they have that Sally Yip Circulation Administrator similar fundamentals to China and India – rising Southeast Asia does not are robust entrepreneur Prudence Lau disposable incomes and mobile internet usage – communities driven by a combination of Manager, Delegate Sales it has attracted nothing like as much money. returnees from the US and interaction with Pauline Chen At the forum itself, participants offered more Silicon Valley. Many VC firms in these countries Senior Marketing Manager perspective and some insightful numbers. are either affiliates of or have strategic alliances Rebecca Yuen According to Patrick Grove, chairman and CEO with Silicon Valley investors. Director, Business Development of Catcha Group, last month ASEAN overtook The second reason is scale. The thesis for Darryl Mag the US by internet users and at this month it will the majority of VC investments in China and Manager, Business Development surpass the US in terms of total number of 3G India has been the potential to rollout a service Anil Nathani, Samuel Lau connections. Fast forward three years and ASEAN nationwide. In Southeast Asia, where social, Sales Coordinator will have twice as many 3G users as the US. economic, cultural and lingual barriers are Debbie Koo But there are only about 20 venture capital longstanding, this is more challenging. Conference Managers Jonathon Cohen, Sarah Doyle, Zachary Reff, firms active in ASEAN compared to 1,000-plus in Several companies have succeeded in Conference Administrator the US, 600 in China and 400 in India. making the jump – each of the seven largest Amelie Poon AVCJ Research data show that early-stage listed internet businesses in Southeast Asia Conference Coordinator Fiona Keung, Jovial Chung investment in Southeast Asia is already $278 have entered multiple markets – and it will be million so far this year, only the fourth time in interesting to see how many others follow suit Publishing Director Allen Lee the last decade it has topped $200 million. In as ASEAN integration reaches new levels. Other Managing Director the bumper years, Singapore received the vast participants at AVCJ Singapore noted that what Jonathon Whiteley majority of capital and the key deals, while early- started as a manufacturing-led phenomenon is stage, don’t fit the profile of your average VC. now crossing into the services sector. The irony is that Southeast Asia first emerged Is there an angle for venture capital? as a venture capital market before China and Incisive Media India. So where has it all gone wrong? Unit 1401 Devon House, Taikoo Place Grove offered two reasons. First, too many 979 King’s Road, Quarry Bay, Hong Kong VC firms are launched by the likes of bankers, Tim Burroughs T. (852) 3411-4900 consultants and mid-level managers from Yahoo Managing Editor F. (852) 3411-4999 E. [email protected] who don’t have direct experience building a Asian Venture Capital Journal URL. avcj.com Beijing Representative Office No.1-2-(2)-B-A554, 1st Building, Early stage investment in Southeast Asia No.66 Nanshatan, Chaoyang District, Beijing, 1,000 60 People’s Republic of China T. (86) 10 5869 6203 50 F. (86) 10 5869 6205 800 E. [email protected] 40 600 30 400 Deals The Publisher reserves all rights herein. Reproduction in whole or US$ million 20 in part is permitted only with the written consent of 200 AVCJ Group Limited. 10 ISSN 1817-1648 Copyright © 2013 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD No. of deals Amount (US$m) Source: AVCJ Research Number 28 | Volume 26 | July 23 2013 | avcj.com 3 Private Equity & Venture Forum Taiwan 2013 3 September • Westin Taipei GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjtaiwan.com Private Equity: Bridging the gaps? Simultaneous translation between Chinese and English will be available throughout the event SAVE USD 200 if you register before 31 July Register now at avcjtaiwan.com 5 reasons to attend: Network with senior industry professionals, limited partners and government regulators Gain market insights from the private equity’s leading practitioners Learn about the latest regulatory updates and how they affect your business Discuss the latest deals and investment strategies with your peers from across the globe Influence the future of private equity in Taiwan Contact us Registration: Pauline Chen T: +852 3411 4936 E: [email protected] Sponsorship: Darryl Mag T: +852 3411 4919 E: [email protected] Supporting Organisations avcjtaiwan.com Private Equity & Venture Forum Taiwan 2013 NEWS 3 September • Westin Taipei AUSTRALASIA Asian GPs under pressure $1.1 billion IPO of Asian Pay Television Trust in to return capital Singapore. NZ’s Rangatira takes 12% Asian fund managers are under pressure to return capital to investors as patience wears thin with NORTH ASIA stake in Magritek promises of returns to come, despite the regional New Zealand PE firm Rangatira has acquired growth story being far from over, industry J-Star reaches $205m final a 12% stake in Magritek, which manufactures participants told the AVCJ Singapore Forum. nuclear magnetic resonance (NMR) and magnetic “The times when you could fundraise close in Fund II GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjtaiwan.com resonance imaging (MRI) devices, for an based on paper returns are coming to an end,” Japanese mid-market buyout firm J-Star has undisclosed sum. It has the option of increasing said Bonnie Lo, a partner at NewQuest Capital reached at JPY20.4billion ($205 million) final its holding to 18% in a year. The capital injection Partners. “We talk to LPs and they say, ‘We close on its second buyout fund. Launched in will strengthen Magritek’s balance sheet and invested in Fund I and Fund II and we went with April 2011, J-Star No. 2 is nearly twice the size of Private Equity: Bridging the gaps? enable the company to increase its overseas sales its predecessor, which launched in March 2006 and marketing efforts. and reached a final close of JPY12.25 billion in Simultaneous translation between Chinese and English will be available throughout the event December the following year. Australia’s PushStart closes SAVE USD 200 if you register before 31 July accelerator program Globis, KDDI invest $2.6m PushStart, an Australian firm that offers in Japanese how-to site Register now at avcjtaiwan.com mentoring to early stage Australian tech startups, Globis Capital Partners and the KDDI Open has shut down its accelerator program. PushStart innovation fund have led a JPY270 million founders, Kim Heras and Roger Kermode, told ($2.6 million) investment in Nanapi, a Japanese investors this week that the program had been website offering everyday how-to advice. This is halted earlier this month after almost 18 months the second round of investment for Globis which in operation. previously backed the company in 2010. Fund II because there was a 3x return on Fund I, but it’s been 6-7 years and we have not seen any Oak Capital invests $6.6m GREATER CHINA distributions.’” LPs aren’t necessarily scaling back on their in Japan’s K-Lab Media entrepreneurs form commitments to Asia, but they are becoming Japan’s Oak Capital Corp. has invested JPY650 more sanguine in their expectations. “We would million ($6.6 million) in online mobile game reasons to attend: 5 China investment group have expected by this point in Asia to see a much designer KLab.
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