Asia’s Private Equity News Source avcj.com April 29 2014 Volume 27 Number 15 EDITOR’S VIEWPOINT Asia-based PE firm goes public, well not quite Page 3 NEWS Ardian, Baring Asia, CDH Cerberus, China Everbright, ClearVue, CVC, Fosun, INCJ, Kedaara, KIC, Matrix, New Horizon, PEP, TPG, Sequoia, Zephyr Page 4 DEAL OF THE WEEK Second-time lucky for J-Star on auto parts Page 12 VC-backed Liepin takes the battle to LinkedIn Page 13 PROFILE Andrew Chung of Khosla Into the unknown Ventures on tech and his could’ve been pop career Placement agents look beyond sovereign funds to Asia’s emerging LPs Page 7 Page 15 FOCUS DEAL OF THE WEEK Backdoor bonanza? Marketing master China PE investors target reverse mergers Page 10 Campaign Monitor seals record Oz VC deal Page 12 15th Annual Private Equity & Venture Forum Japan 2014 26-27 June, Conrad Tokyo GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjjapan.com Book before Prospering in the New Japan 16 May to save up to Confirmed speakers include: US$400 Shigeki Kimura KEYNOTE Kazushige Kobayashi Tatsuya Kubo Managing Executive Officer Managing Director Managing Director (Global Head of Industry CAPITAL DYNAMICS HARBOURVEST PARTNERS Finance Group) (JAPAN) LIMITED JAPAN BANK FOR INTERNATIONAL COOPERATION Soichi Sam Takata Kosei Terami Richard Folsom Head of Private Equity Investment Officer and Deputy Representative Partner TOKIO MARINE ASSET Representative, Tokyo Office, ADVANTAGE PARTNERS, LLP MANGEMENT CO. LTD INTERNATIONAL FINANCE CORPORATION (IFC) Tamotsu Adachi Tomotaka Goji Hirofumi Hirano Managing Director, Co- Managing Partner Member and Chief Executive Representative THE UNIVERSITY OF TOKYO Officer CARLYLE JAPAN, LLC EDGE CAPITAL KKR JAPAN Megumi Kiyozuka David Lewis Anthony Miller Managing Director Partner, Transaction Advisory Partner & Chief Executive Officer CLSA CAPITAL PARTNERS JAPAN Group PAG JAPAN KK KPMG TAX CORPORATION JAPAN William Saito Yuji Sugimoto Katsuyuki Tokushima President & CEO Managing Director, Chief Pension Consultant, Hideaki Sakurai INTECUR, K.K. BAIN CAPITAL ASIA LLC Pension Research Centre Director and Partner NLI RESEARCH INSTITUTE J-STAR CO., LTD 櫻井 秀秋, 取締役パートナー, J-STAR株式会社 … and many others! For the latest programme and speaker line-up, please visit avcjjapan.com Contact us Registration Enquiries: Carolyn Law T: +852 3411 4837 E: [email protected] Sponsorship Enquiries: Darryl Mag T: +852 3411 4919 E: [email protected] Speaker Enquiries: Sarah Doyle T: +852 3411 4842 E: [email protected] Asia Series Sponsor Co-Sponsors Simultaneous translation between Japanese and English will be available throughout the event 開催言語:日本語および英語通訳同時あり Join your peers Tweet #avcjjapan Scan the QR code with your phone to access avcjjapan.com 7,506 avcjjapan.com 15th Annual Private Equity & Venture Forum EDITOR’S VIEWPOINT Japan 2014 [email protected] 26-27 June, Conrad Tokyo Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 PE firms and Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjjapan.com IPOs – again Senior Research Manager Helen Lee Research Associates Book before FIFTEEN MONTHS AGO THIS SPACE WAS won regulatory approval and planned to raise Herbert Yum, Isas Chu, Prospering in the New Japan 16 May used to pour water on the notion of Asian private RMB3.54 billion ($567 million) by selling shares Jason Chong, Kaho Mak to save up to equity firms going public. to 142 investors, of which 138 are classified as Circulation Manager Rumors had been circulating for several years institutional players. Sally Yip about CDH Investments pursuing an IPO. Several To be clear, China’s OTC market, otherwise Circulation Administrator US$400 Prudence Lau Confirmed speakers include: bankers claimed to have pitched the idea to the known as the New Third Board, is a platform for Subscription Sales Executive Chinese GP and, of all the firms in the region, it transferring shares in non-public companies. Jade Chan KEYNOTE Market capitalization requirements and trading Shigeki Kimura Kazushige Kobayashi Tatsuya Kubo seemed like a good fit: enough funds raised to Manager, Delegate Sales Managing Executive Officer Managing Director Managing Director give the semblance of a track record; multiple volumes are low. It is primarily intended to Pauline Chen (Global Head of Industry CAPITAL DYNAMICS HARBOURVEST PARTNERS strategies covering private equity, venture capital, serve as a direct-financing channel for small and Finance Group) (JAPAN) LIMITED Director, Business Development JAPAN BANK FOR real estate and listed equities; and an embryonic medium-sized enterprises – predominantly in the Darryl Mag INTERNATIONAL COOPERATION regional presence. tech space – that don’t meet the listing criteria Manager, Business Development Soichi Sam Takata Kosei Terami Richard Folsom However, CDH was noticeable as the high for a full IPO. Anil Nathani, Samuel Lau Head of Private Equity Investment Officer and Deputy Representative Partner water mark in a shallow ocean. While its structure An interesting move, though. JD said in a Sales Coordinator TOKIO MARINE ASSET Representative, Tokyo Office, ADVANTAGE PARTNERS, LLP to a certain extent mirrored that of the large statement that it was turning to the OTC market Debbie Koo MANGEMENT CO. LTD INTERNATIONAL FINANCE global buyout firms that have gone public – in order to diversify its financing channels. CORPORATION (IFC) large and consistent fee streams spread over Perhaps other domestic private equity firms Conference Managers Jonathon Cohen, Sarah Doyle, Tamotsu Adachi Tomotaka Goji Hirofumi Hirano several asset classes are preferable to sizeable should consider the same. Conference Administrator Managing Director, Co- Managing Partner Member and Chief Executive but unpredictable carried interest hits – it was a Renminbi-denominated fundraising has been Amelie Poon Representative THE UNIVERSITY OF TOKYO Officer minute replica. Apparently CDH management on the slide for more than two years. It peaked Conference Coordinator Fiona Keung, Jovial Chung CARLYLE JAPAN, LLC EDGE CAPITAL KKR JAPAN never took the prospect seriously. at $12.1 billion in the third quarter of 2011 and Saratoga Investama Sedaya was dismissed by the same three-month period of 2013 it had Publishing Director on the same grounds when very sketchy details fallen to just over $2 billion. High net worth Allen Lee Megumi Kiyozuka David Lewis Anthony Miller Managing Director Partner, Transaction Advisory Partner & Chief Executive Officer of its impending IPO emerged. Saratoga Capital, individuals largely responsible for inflating the Managing Director CLSA CAPITAL PARTNERS JAPAN Group PAG JAPAN into its second fully institutional fund, didn’t bubble are reluctant to re-up. And if they do Jonathon Whiteley KK KPMG TAX CORPORATION seem a likely listing candidate. And indeed, it was come back, the regulatory regime will surely be JAPAN not. The vehicle that listed was separate from tighter, potentially restricting fund sizes. the private equity firm, used by the founders to Has JD found a viable alternative? William Saito Yuji Sugimoto Katsuyuki Tokushima Incisive Media President & CEO Managing Director, Chief Pension Consultant, achieve a liquidity event for some legacy assets. Unit 1401 Devon House, Taikoo Place Hideaki Sakurai INTECUR, K.K. BAIN CAPITAL ASIA LLC Pension Research Centre And now? JD Capital – formerly known as 979 King’s Road, Quarry Bay, Director and Partner NLI RESEARCH INSTITUTE Jiuding Capital, the poster child of China’s pre-IPO Tim Burroughs Hong Kong J-STAR CO., LTD T. (852) 3411-4900 boom – is listing on the over-the-counter (OTC) Managing Editor F. (852) 3411-4999 櫻井 秀秋, 取締役パートナー, J-STAR株式会社 … and many others! E. [email protected] market. The firm last week announced that it had Asian Venture Capital Journal URL. avcj.com For the latest programme and speaker line-up, please visit avcjjapan.com Beijing Representative Office No.1-2-(2)-B-A554, 1st Building, China renminbi fundraising No.66 Nanshatan, Contact us Registration Enquiries: Carolyn Law T: +852 3411 4837 E: [email protected] Chaoyang District, Beijing, Sponsorship Enquiries: Darryl Mag T: +852 3411 4919 E: [email protected] 15,000 People’s Republic of China T. (86) 10 5869 6203 Speaker Enquiries: Sarah Doyle T: +852 3411 4842 E: [email protected] F. (86) 10 5869 6205 12,000 E. [email protected] 9,000 Asia Series Sponsor Co-Sponsors 6,000 The Publisher reserves all rights herein. Reproduction in whole or US$ million in part is permitted only with the written consent of 3,000 AVCJ Group Limited. ISSN 1817-1648 Copyright © 2014 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 Simultaneous translation between Japanese and English will be available throughout the event Source: AVCJ Research 開催言語:日本語および英語通訳同時あり Join your peers Tweet #avcjjapan Scan the QR code with your phone to access 7,506 avcjjapan.com avcjjapan.com Number 15 | Volume 27 | April 29 2014 | avcj.com 3 NEWS TPG, Fosun raise Chindex producer Smithfield Foods, is set to reduce the GLOBAL size of its Hong Kong IPO size and delay pricing take-private offer of the deal. It is reported the offering may be Ardian raises largest ever A consortium comprising TPG Capital and Fosun reduced by more than half to a maximum of Industrial has agreed to privatize NASDAQ- $1.9 billion. Existing investors including CDH global secondaries fund listed Chinese healthcare provider Chindex Investments and Goldman Sachs will not sell any Ardian, known as Axa Private Equity until it International in a deal worth $461 million. The shares in the IPO. spun out last year, has raised $9 billion for its consortium increased its offer from $19.50 latest global secondaries fund. The total eclipses per share, exceeding the $23 per share offer JD Capital approved to the $8 billion raised by the firm for its fifth submitted last week by an unspecified financial secondaries fund, which closed in June 2012.
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