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Diving Into Distress Ascendent Capital’S Liang Meng and Kevin Zhang Lps Look for Stand-Out Strategies Among Asia’S Special Situations Gps Page 7 Page 14 Asia’s Private Equity News Source avcj.com July 15 2014 Volume 27 Number 26 EDITOR’S VIEWPOINT WH Group IPO: Battling perception problems Page 3 NEWS ADIA, DeAWM, Everstone, Fidelity, GGV, Gree, Hony Capital, INCJ, JBIC, KKR, Navis, PEP, Sequoia, Standard Chartered PE, Steadview, Temasek Page 4 DEAL OF THE WEEK VCs back selfie craze with Nice China investment Page 12 FUNDS MSPEA’s post-Volcker Rule Asia fundraise Page 13 INDUSTRY Q&A Diving into distress Ascendent Capital’s Liang Meng and Kevin Zhang LPs look for stand-out strategies among Asia’s special situations GPs Page 7 Page 14 ANALYSIS DEAL OF THE WEEK Looking for liquidity The next Nintendo? 2Q analysis: IPOs stay, Phillippines rise Page 10 WiL to take Japan gaming platform global Page 12 AVCJ SPOTLIGHT: 2nd Annual Real Assets Forum Private equity investment in infrastructure, energy and real estate 28 August, 2014 • Four Seasons Hotel, Singapore GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjrealassets.com Unlocking the Real Assets Potential SAVE Key reasons to attend: US$200 by 8 AUGUST 2014 1 Understand 2 Explore 3 Learn the macroeco- the real asset how to reap the BOOK nomic forces opportunities in rewards of Asia’s NOW shaping the 2015 real estate frenzy global real asset industry 4 Find out 5 Discover how to capitalize the LP’s on a changing perspective on China real assets Connect Network with with over 160 Hear from 25+ PE leaders expert speakers 40+ LPs Sponsorship enquiries: Registration enquiries: Darryl Mag T: +852 3411 4919 Carolyn Law T: +852 3411 4837 Enquiry E: [email protected] E: [email protected] For the latest programme Asia Series Sponsor Co-Sponsors and speaker line-up, visit: avcjrealassets.com Join your peers avcjrealassets.com Tweet #avcjrealassets AVCJ SPOTLIGHT: nd EDITOR’S VIEWPOINT 2 Annual Real Assets Forum [email protected] Private equity investment in infrastructure, energy and real estate 28 August, 2014 • Four Seasons Hotel, Singapore Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 The pigs will fly Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager Helen Lee Research Associates Herbert Yum, Isas Chu, Jason Chong, Kaho Mak Circulation Manager Sally Yip GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjrealassets.com “I TOLD EVERYONE AT THE BEGINNING OF – and taking them offshore until regulations Circulation Administrator Prudence Lau the year, ‘The two biggest risks for our industry made it more difficult – in preparation for IPOs. Subscription Sales Executive are Shuanghui and Alibaba messing up.’ I knew This clean exit never seemed to happen for what Jade Chan there was going to be a pain trade but I thought was then Shuanghui, but everything changed Unlocking the Real Assets Potential Manager, Delegate Sales it would be Alibaba, not Shuanghui.” with the acquisition of US-based Smithfield Pauline Chen SAVE The China private equity investor who made Foods for $4.7 billion. Suddenly an IPO was on Director, Business Development the above observation added that his primary the table for the world’s biggest pork company. Darryl Mag Key reasons to attend: US$200 concern with Alibaba is escalating valuations – For all the hype about Alibaba, was WH Group Manager, Business Development by scenarios in which hedge fund sells to hedge undone by the fact that investors struggled to 8 AUGUST 2014 Anil Nathani, Samuel Lau fund and the demand for access is such that the grasp what the company had become? Certainly, Understand Explore Learn Sales Coordinator 1 2 3 numbers flying around bear little resemblance there were perception issues. 1 Debbie Koo the macroeco- the real asset how to reap the BOOK to the reality on the spreadsheet. And this Questions have already been asked about the for a company that, despite its undoubted number of banks involved in the original offering Conference Managers nomic forces opportunities in rewards of Asia’s NOW Jonathon Cohen, Sarah Doyle, size and success, carries numerous question and the revised prospectus issued last week has Conference Administrator shaping the 2015 real estate frenzy marks: corporate governance, regulation, whittled them down from 29 to two. Then there Amelie Poon ability to respond to upstart peers and industry were valuation concerns and the application of Conference Coordinator global real asset Fiona Keung, Jovial Chung industry fluctuations… a typically high China consumer multiple to a By contrast, Shuanghui – now known company with substantial exposure to upstream Publishing Director as WH Group – is more of a sure thing. Wan US hog farming. Market conditions might also Allen Lee Long, the company’s founder and chairman, have deteriorated less rapidly with the reassuring Managing Director 4 Find out 5 Discover famously explained his business to one Chinese presence of a few cornerstone investors, as is Jonathon Whiteley newspaper as follows: “What I do is kill pigs now the custom for large Hong Kong IPOs. how to capitalize the LP’s and sell meat.” It is a historically profitable Beyond that, investors were perhaps rightfully on a changing perspective on business within China too, a market in which the wary of a business that was still in the process economic fundamentals point to rising per capita of digesting a major acquisition. Where was the Incisive Media China real assets Unit 1401 Devon House, Taikoo Place consumption of meat. compelling evidence of synergies? With this 979 King’s Road, Quarry Bay, Hong Kong And yet it is WH Group, not Alibaba that in mind, a $597 million payout to two senior T. (852) 3411-4900 is in the process of rebuilding its IPO. The executives for their role in a highly-leveraged F. (852) 3411-4999 E. [email protected] first iteration, which launched in early April, transaction that has yet to bed down does URL. avcj.com targeted a $5.3 billion offering, enough to value not look good. And from a private equity Connect Network with Beijing Representative Office Hear from the entire company at up to $21 billion and perspective, no matter how many times WH No.1-2-(2)-B-A554, 1st Building, with over 25+ No.66 Nanshatan, 160 make it the second-largest IPO by a food and Group emphasizes the long-term value of uniting Chaoyang District, Beijing, PE leaders expert speakers 40+ LPs beverage player globally after Kraft Foods. CDH Shuanghui and Smithfield, there may always be People’s Republic of China T. (86) 10 5869 6203 Investments, Goldman Sachs, Temasek Holdings the perception in some quarters that assets have F. (86) 10 5869 6205 and New Horizon Capital all planned to sell a been glued together to facilitate a listing. E. [email protected] Sponsorship enquiries: Registration enquiries: portion of their shares. All criticisms, but none of them fatal and Darryl Mag T: +852 3411 4919 Carolyn Law T: +852 3411 4837 Come the end of the month and the size of so WH Group’s return – with a less banked and Enquiry the offering had been slashed by more than half, presumably more humbly priced IPO – is no The Publisher reserves all rights herein. Reproduction in whole or E: [email protected] E: [email protected] in part is permitted only with the written consent of with none of the aforementioned PE backers surprise. And after that, Alibaba. AVCJ Group Limited. set for a partial exit. Soon it wasn’t happening ISSN 1817-1648 Copyright © 2014 For the latest programme Asia Series Sponsor Co-Sponsors at all, the company citing “deteriorating market and speaker line-up, visit: conditions and recent excessive market volatility.” avcjrealassets.com WH Group is the work of many years and Tim Burroughs multiple funds for CDH. The private equity firm Managing Editor made its name restructuring Chinese companies Asian Venture Capital Journal Join your peers avcjrealassets.com Tweet #avcjrealassets Number 26 | Volume 27 | July 15 2014 | avcj.com 3 NEWS Hony buys Pizza Express million ($1.6 million) in net assets; have individual ASIA PACIFIC financial household assets of at least RMB3 from Cinven for $1.54b million; or have an average annual individual DeAWM hires Sambanju for Chinese PE firm Hony Capital has agreed to buy income of at least RMB500,000 in the last three restaurant chain Pizza Express from UK-based years. Asia secondaries private equity firm Cinven Partners for GBP900 Jason Sambanju, formerly co-head of Asia at Paul million ($1.54 billion). The transaction is the GGV leads $10m round for Capital Partners, has joined Deutsche Asset & largest seen in Europe’s casual dining industry in Wealth Management (DeAWM) as head of Asia the past five years. gamer networking platform secondaries. In his newly created role, Sambanju Cinven owns Gondola Group, operator of Sino-US VC firm GGV Capital has led a $10 million will take responsibility for sourcing and executing restaurant brands including Zizzi, ASK Italian and Series B round funding for Curse, a US-based secondary private equity opportunities across Kettner’s, as well as Pizza Express. The buyout social networking platform that targets online the region. gamers. The new financing – which also includes $6 million in venture debt from Multiplier Capital – will be used for product development. Curse AUSTRALASIA Voice adopts a similar business model to Chinese social networking service YY. KKR, PEP to make joint bid for Australia’s Sai Global Prologis raises more capital KKR is expected to team up with Australian for China logistics platform private equity firm Pacific Equity Partners (PEP) Prologis, an industrial real estate investment trust to bid for risk management and standards (REIT), has increased $588 million to Prologis compliance business SAI Global.
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