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Australian Market Prospects AVCJ Private Equity & Venture Forum 2010 Japan 21 - 22 April 2010 AVCJ Private Equity & Venture Forum 2010 Conference series ASIAN VENTURE CAPITAL JOURNAL Asia’s Private Equity News Source avcj.com March 2 2010 Volume 23 Number 8 EDITOR’S VIEWPOINT SWFs in AIA Pru-ve power shift Page 3 PRIVATE EQUITY ASIA NEWS Private equity and VC news of the week, with Bain Capital, ChrysCapital, Hony Capital, Macquarie, Morgan Stanley, Providence, Neuberger Berman, Spring Capital Page 5 M&A ASIA DEALS OF THE WEEK Unison Capital to acquire MK for real estate Page 12 FUNDRAISING REPORT Carlyle partners Australian market with Fosun for JV, RMB fund Page 14 prospects: Clear INDUSTRY Q&A Industry Q&A: Andrew Legge, Dragon Capital Page 15 roads ahead? AVCJ RESEARCH Private Equity Data File Investment opportunities in an uneven economy: Part 2 Page 10 Page 16 ANZ MEzzANINE SPECIAL FUNDRAISING REPORT Australia: Fundraising Q&A: Ripe for Simon Hua, mezz BOCOM Mezzanine may increase its presence International in Australia, but not overnight Page 8 Page 13 Japan 2010 AVCJ Private Equity & Venture Forum 21 – 22 April 2010 Global perspective, local opportunities Japan Private Equity: Riding a new wave of confidence? ANA InterContinental, Tokyo Confirmed speakers include: KEYNOTE SPEAKERS SENIOR INDUSTRY PROFESSIONALS Nobuyuki Idei Tetsutaro Muraki Haruyasu Asakura Philip Bilden Hiromichi Mizuno Richard Folsom Tatsuo Kawasaki Masato Marumo Founder & CEO President & CEO Chief Operating Officer Managing Director Partner Representative Partner Partner Managing Director QUANTUM LEAPS TOKYO AIM Innovation Network HARBOURVEST PARTNERS COLLER CAPITAL ADVANTAGE UNISON CAPITAL THE CARLYLE GROUP CORPORATION Corporation of Japan (ASIA) LIMITED LIMITED PARTNERS, LLP Jun Tsusaka Masa Yoshizawa Masahiko Ishida Kazushige Kobayashi Motoya Kitamura Togo Okonogi Joseph W. Ferrigno III Tomotaka Goji Partner Representative General Manager, Fund President & CEO Associate Director & Manager, Investment Managing Partner Managing Partner TPG CAPITAL Director & Partner Investment Group ALTERNATIVE Sr. Vice President Department ASIA MEZZANINE THE UNIVERSITY THE LONGREACH DEVELOPMENT BANK INVESTMENT CAPITAL LTD MACQUARIE FUNDS NIPPONKOA CAPITAL GROUP OF TOKYO EDGE GROUP OF JAPAN GROUP INSURANCE CAPITAL www.avcjjapan.com for the latest confirmed speakers and programme updates Soichi Kariyazono Anthony Miller Ashok Roy Yoshiyuki Shibusawa Joe Zhou Partner President & CEO Managing Director Director Founder & GLOBIS CAPITAL PACIFIC ALLIANCE DAIWA QUANTUM JAFCO COMPANY Managing Partner PARTNERS JAPAN LIMITED CAPITAL JAPAN KEYTONE VENTURES Principal lead sponsor Co-sponsors , Exhibitors Official PR agency International newspaper & news website Supporting organisation Knowledge partner Organised by Contact Anil Nathani \ T: +(852) 3411 4938 \ E: [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 Creative Director SWFs in AIA Dicky Tang M&A ASIA Designers Mansfield Hor, ManYee Mak, Virginia Ho Chief Representative, Beijing Pru-ve power shift Ying Jiang (86)10 5869 1196 Research Manager Helen Lee Research Associates Alfred Lam, Tweety Lau, Kenny Hung Circulation Manager Sally Yip A DeaL HAILED AS A ONce-IN-A-LIfeTIME Either way, a deal likely to kick life back into Senior Account Manager event looks about to put headline numbers Asia’s M&A market and reward underwriters Gareth Wilde against international appetite for Asian growth. Credit Suisse, HSBC, and JPMorgan Cazenove, Sales Coordinator Debbie Koo The UK’s Prudential, itself only worth some $23.3 also demonstrates the burgeoning power of Senior Manager, Delegate Sales billion but already claiming to be the leading Asian SWFs, backed by the same Asian growth Anil Nathani European life insurer in Asia, as it offers up to that the Pru seeks to tap. Temasek’s $703 million Marketing Manager $35.5 billion for American International Group’s triple-A-rated bond issue underlines the SWFs’ Edward Ma Marketing Communications Manager trophy AIA Asian network of over 320,000 agents range of funding options, and deep pockets. Joann Yip and 23 million policies, is showing just how much And CIC’s recent move into secondaries with Director, Business Development Asia’s macro story is worth to corporates anxious Pantheon, Lexington and Goldman Sachs, on Darryl Mag Conference Managers to diversify out of their topped-out, and now apparently favorable special terms, shows that Emily Mak, Matthew Swainson, Doris Chan struggling, Western core markets. Furthermore, the SWFs are ready to use their muscle to extract Conference Administrator Asia’s sovereign wealth funds, some already concessions from GPs. Amelie Poon Conference Coordinator anchor investors in the Pru, are reportedly lining And all this comes as the California Public Fiona Keung, Belinda Kwong up to bankroll the – fully underwritten – $20 Employees’ Retirement System (CalPERS) billion rights issue to support the deal. One SWF faces cutting its target overall rate of return Publisher & General Manager is apparently ready to take up around $5 billion of from 7.75% p.a. CalPERS itself is apparently no Allen Lee Managing Director the share sale. stranger to securing special provisions and terms Jonathon Whiteley The rights issue doesn’t give guaranteed from those it chooses to support. But overall, Vice President, Administration access to the SWFs, who will only take up the with the leading Western LPs of yesteryear in Harmony Heung tranches that existing Pru shareholders pass on. such difficulties, it’s clear that a new breed of Chairman Emeritus Dan Schwartz All the same, the certainty that the SWF appetite institutions is going to dominate the private provides clearly matters in the final resolution equity landscape in Asia and beyond in future. of the deal, and might have helped trim the Whether these are pension funds like Canada Incisive Media 20th Floor, fall in Pru’s stock that greeted the plan to 12%. Pension Plan Investment Board doing huge direct Tower 2, Admiralty Centre 18 Harcourt Road, The SWFs are reported to be eager to invest investment deals in Australia, or state-connected Admiralty, Hong Kong closer to their home ground after conspicuous groups like CIC, these giants appear to have T. (852) 3411-4900 F. (852) 3411-4999 losses in Western-directed post-crisis financial more cohesion, confidence and firepower than E. [email protected] investments. Indeed, an SWF consortium was the Western investment groups of hold, and URL. avcj.com being touted as a possible rival bidder to the Pru also appear ready to be more pro-active and Beijing Representative Office in the runup to the deal. demanding. Room 1805, Building 10, Jianwai SOHO, 39 East 3rd-Ring Road, Temasek Holdings, whose $5.9 billion Private equity GPs may have to deal with Chaoyang District, Beijing 100 022, China investment in Merrill Lynch in 2008 could have these institutions as tough-minded LPs. They T. (86) 10-5869-6205 lost up to $2 billion by some calculations, and may have to face off with them as, at best, F. (86) 10-5869-7461 E. [email protected] the Government of Singapore Investment co-investors, or alternatively, powerful direct Corporation (GIC), which apparently also saw competitors in deals. In any case, they may The Publisher reserves all rights herein. Reproduction in whole or very uneven performance from its $18 billion of simply have to live with just how far the balance in part is permitted only with the written consent of AVCJ Group Limited. AVCJ Weekly is delivered in QuVu format, which is licensed post-crisis investments into UBS and Citigroup, of power has shifted towards these institutions from and used by permission of Qiosk.com, INC. are both likely beneficiaries. Meanwhile, the post the crisis. ISSN 1817-1648 Copyright © 2010 China Investment Corporation (CIC) is a likely participant, and its $146.5 billion sister organization the National Social Security Fund Paul Mackintosh (NSSF) may move on its plan to invest up to 20% Managing Editor of its assets overseas. Asian Venture Capital Journal Cover picture: A Transurban toll road, now owned by CPP IB after a blockbuster M&A deal Number 8 | Volume 23 | March 2 2010 | avcj.com Contact Allen Lee T: +(852) 3411 4966 / 3411 4945 E: [email protected] W: www.avcj.com AVCJ Private Equity & Venture Forum 2010 Conference series Global perspective, local opportunities AVCJ Private Equity & Venture Forum \ Australia & New Zealand 3-5 March \ Sydney DOWNLOAD TO CALENDAR AVCJ Private Equity & Venture Forum \ Japan 21-22 April \ Tokyo DOWNLOAD TO CALENDAR AVCJ Private Equity & Venture Forum \ China 27-28 May \ Beijing DOWNLOAD TO CALENDAR AVCJ Private Equity & Venture Forum \ USA 24 June \ New York DOWNLOAD TO CALENDAR AVCJ Forum: Asia’s Private Equity Week 9-12 November \ Hong Kong DOWNLOAD TO CALENDAR AVCJ Private Equity & Venture Forum \ India 2-3 December \ Mumbai DOWNLOAD TO CALENDAR Infrastructure Finance & Development Asia \ India 26-27 August \ New Delhi DOWNLOAD TO CALENDAR NEWS AIG Nan Shan deal Hony invests China 2.9% for a 13% return. Total proceeds still in the dark Golden for Xian for the private equity investors were some $30 million. Though short of Taiwan’s foreign investment department stores its $815 million target valuation, regulator reportedly is still facing PRC buyout firm Hony Capital is Hathway Cable still achieved a total discussions in parliament over the investing into HKSE-listed China market cap of around $675 million, now-controversial $2.2 billion sale Golden Development Holdings making it India’s largest cable by American Insurance Group (AIG) through a convertible bond TV player by market value. News of its local Nan Shan Insurance issue, to support the company’s Corporation also owns a 20% stake subsidiary to China Strategic and buildout of its department store A Century Ginwa shopping mall in Xian in the company. Primus Financial.
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