Hard-won returns?

32 Pages·2014·4.07 MB·English

Asia’s Private Equity News Source avcj.com December 16 2014 Volume 27 Number 47-48
EDITOR’S VIEWPOINT
Five Asia private equity
trends of 2015
Page 3
NEWS
BlackRock, Carlyle, DST
Global, General Atlantic,
IFC, NZ Super, OPIC,
Riverside, Temasek
Page 5
AVCJ FORUM
Event highlights
Page 24
INDUSTRY Q&A
Ernest Boles, Jacob Chiu
& Lucian Wu of Auda
Page 26
DEAL OF THE WEEK
Hard-won returns? EQT exits China bakery
business to Swire
Page 28
Carlyle backs India’s
Newgen once again
All the deals, drama and distributions of 2014; plus predictions for 2015 Page 9 Page 28
DEAL OF THE WEEK PROFILE
Holidays with Hony Disruptive influence
Chinese PE firm leads $148m Tuniu deal Jenny Lee’s journey from defense to GGV
Page 29 Page 31
DOUBLE ISSUE HAPPY HOLIDAYS TO ALL OUR READERS. AVCJ WILL RETURN JANUARY 6, 2015
Turning complexity into opportunity
Emerging from a period of economic volatility, you don’t need us to tell you how complex and competitive
private equity has become. But you do need to work with people who understand your business and
can keep you ahead of the game. That’s why KPMG has a dedicated Private Equity Group in Asia Pacific,
organised with your needs in mind.
Just like you, we do more than deals. With skills across Audit, Tax and Advisory, and a network covering
our member firms in Asia Pacific and around the world, we can tailor our services to suit you from
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K+k ID+dJneeae86adnapn52vonsa2 ni(ndten2 e@2te 1tEh1ssh).a4 iip d5asP0ad7t an2h4ng8a [email protected] .gid.com M+m SA+aTna66ingnidi35cdwugrh era(6aa2eawr2pie)wnn 1tol8@h3 TGr8o ekh25umpo9 a7m2pmr09sig0npo.0csn oo8emn@xtk. p3m47g .com.sg perative (“KPMG International”), a Swiss entity.member firm has any authority to obligate or bimember firm. All rights reserved. The KPMG na
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EDITOR’S VIEWPOINT
[email protected]
Five trends for 2015 Managing Editor
Tim Burroughs (852) 3411 4909
Turning complexity into opportunity Staff Writers
Andrew Woodman (852) 3411 4852
Winnie Liu (852) 3411 4907
Creative Director
Emerging from a period of economic volatility, you don’t need us to tell you how complex and competitive Dicky Tang
private equity has become. But you do need to work with people who understand your business and AFTER A MIXED 2013, ASIAN PRIVATE which have been so active over the past 12 Designers
Catherine Chau, Edith Leung,
can keep you ahead of the game. That’s why KPMG has a dedicated Private Equity Group in Asia Pacific, equity has enjoyed an impressive 2014. But what months, is a worry. In both markets, some Mansfield Hor, Tony Chow
organised with your needs in mind. do the next 12 months have in store? Here are offerings have been pulled in recent weeks while
Senior Research Manager
some ideas… others have underperformed. The tap isn’t being
Helen Lee
turned off – even in Australia, which has been
Research Associates
Just like you, we do more than deals. With skills across Audit, Tax and Advisory, and a network covering
• Larger private rounds in the tech space known to turn quite abruptly, there appears to Herbert Yum, Isas Chu,
our member firms in Asia Pacific and around the world, we can tailor our services to suit you from Chinese mobile phone maker Xiaomi is said be sufficient momentum that one large, poorly Jason Chong, Kaho Mak
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KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 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3
Number 47-48 | Volume 27 | December 16 2014 | avcj.com
4th Annual Private Equity & Venture Forum
Indonesia 2015
24 March, Grand Hyatt Jakarta
GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjindonesia.com
SI
5 reasons to attend the ANGN
N O U
2015 forum include : (U D P
u S SW
ntil $A !
Learn how the industry can successfully expand the reach 9 J3VE
A 0
of private equity in Indonesia N 0
o
nl
y
)
Uncover how GPs can influence, collaborate and deliver success
within their portfolio
Discover which LPs are committing to Indonesian funds and how to
secure their investment 
Identify strategies for exploiting the infrastructure privatisation opportunity
Debate whether Indonesia is where the next big e-commerce giant
will be born
2014 Delegate composition
Attended by 40+ limited partners 30+ speakers Over 170 participants from 12 countries
from Indonesia and overseas and more than 110 companies
BY TYPE OF COMPANY BY TITLE BY COUNTRY
Chairman / CEO / Managing Director / Europe and U.S., 2%
Limited Partn2e6r%s, G29e%neral Partners, Managing Partner, 12% Partner / COO, 37% Others - Asia, 6% Indonesia, 44%
Hong Kong,
12%
Others LPs GPs Principal /
(Association, VP / Associate,
Gov't, etc.), 5% 30%
Investment
Banks, 5%
Corporates,
10% Professional Director / Chief Singapore &
Services, 25% Representative, 21% Malaysia, 36%
Registration: Yeni Kittrell T: [phone] E: [email protected]
Sponsorship: Anil Nathani T: [phone] E: [email protected] Enquiry
Scan this QR
code with
Join your peers your phone
avcjindonesia.com to access the
#avcjindonesia event website
4th Annual Private Equity & Venture Forum
NEWS
Indonesia 2015
24 March, Grand Hyatt Jakarta
ASIA PACIFIC Chinese taxi-booking app Qualcomm invests $40m in
Didi Dache raises $700m Chinese start-ups
SC Capital raises $850m for Singapore’s Temasek Holdings, DST Global and Qualcomm Ventures has invested $40 million in
fourth Asia real estate fund Chinese internet giant Tencent Holdings have four Chinese start-ups and Walden International’s
led a new round of funding worth $700 million latest VC fund. The four start-ups are: 7Invensun,
SC Capital Management has reached a final for Didi Dache, a Chinese taxi-booking app. an eye-tracking solution provider; Chukong
close of $850 million on its fourth Asia-focused The company claims this is the single biggest Technologies, a mobile entertainment platform
property fund. The corpus represents a investment in China’s mobile internet sector. provider; inPlug, a smart home device solutions
substantial increase on Fund III, which raised Earlier this year, Didi reportedly received up to specialist; and Unisound, a voice recognition and
$530 million in 2011. $100 million in a Series C round of funding from processing technology provider.
CITIC Private Equity and Tencent. Last year, the
GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjindonesia.com AUSTRALASIA Beijing Enlight Media
launches $160m VC fund
SI
5 reasons to attend the ANGN Australia’s Bradken opens Chinese media and entertainment group
2015 forum include : (UND O UP books to PE suitors Enlight Media has launched a venture fund
u S SW with a target of RMB1 billion ($160 million). The
ntil $A ! Australian mining industry supplier Bradken Hanxing Enlight Venture Investment Fund will be
Learn how the industry can successfully expand the reach 9 J3VE has agreed to open its books to Pacific Equity operated in partnership with China Renaissance.
A 0 Partners (PEP) and Bain Capital following the Enlight Media will itself commit RMB200 million.
of private equity in Indonesia N o0 private equity firms’ offer to buy the company
nly for A$872 million ($731 million). Bradken said GA-backed Xiabu Xiabu
)
Uncover how GPs can influence, collaborate and deliver success in a regulatory filing that it had received other targets $146m HK IPO
inbound inquiries from prospective investors. domestic internet giant committed $15 million to
within their portfolio
the company, while GSR Ventures contributed $3 Xiabu Xiabu, a Chinese hotpot chain backed by
VC-backed LanzaTech raises million in an earlier round. General Atlantic, is seeking to raise up to HK$1.13
Discover which LPs are committing to Indonesian funds and how to $60m from NZ Super Founded in 2012, Didi connects prospective billion ($146 million) through a Hong Kong IPO.
passengers with vacant taxis. It integrates with The company will sell 227.1 million shares at up
secure their investment 
The New Zealand Superannuation Fund has Tencent’s instant-message app WeChat to allow HK$4.40-5.00 apiece. General Atlantic holds a
provided $60 million growth capital for low- users to book taxis from inside the app. In August, 41.49% stake in Xiabu Xiabu, which will fall to
Identify strategies for exploiting the infrastructure privatisation opportunity carbon fuels producer LanzaTech. Founded in the company launched Didi Black to target 32.32% upon listing.
New Zealand in 2005 and now headquartered in high-end customers. Didi claims to have over
Chicago, LanzaTech has developed a technology 100 million registered users and more than one Ping An VC, Qiming invest
Debate whether Indonesia is where the next big e-commerce giant for converting carbon dioxide into fuel and million taxi drivers on its platform. Its services in car-sharing platform
will be born chemical products. cover 300 cities and the company processes
5.2 million orders per day. The Didi Black service Ping An Ventures, a VC arm of insurer Ping An
GREATER CHINA now covers 16 major cities, with daily orders Group, and Qiming Venture Partners have co-
2014 Delegate composition
surpassing 150,000. led a $30 million Series A round of funding for
Its main rival is Kuaidi Dache, which is backed Baojia.com, a Chinese peer-to-peer car-sharing
Attended by 40+ limited partners 30+ speakers Over 170 participants from 12 countries Hony, Goldman lead by Alibaba Group. According to a report from platform. The service allows car owners to
from Indonesia and overseas and more than 110 companies investment in Neusoft units Analysys International, 154 million people in register for rental services, while drivers can use
China used a taxi-booking app in the third their mobile phones to search for available cars.
A consortium including Hony Capital, Goldman quarter this year, with the vast majority of orders
BY TYPE OF COMPANY BY TITLE BY COUNTRY
Sachs and Canada Pension Plan Investment going to Kuadi and Didi. China social mobile app
Limited Partn2e6r%s, G29e%neral Partners, ManaginCgh Paiarrmtnaenr ,/ 1C2E%O / M Paanratngeinrg / DCiOreOc, t3o7r% / OEthuerrosp e- Aansida ,U 6.S%., 2% Indonesia, 44% Bino Naredu (sCoPftP CIBo) rhpaosr aatgiorene, da tCoh iinnveesset I$T6 s1e0rv miciellsio n raises $17m from VCs
Hong Kong, provider. They will inject RMB1.6 billion ($258 $13.50 apiece, representing the mid-point of the Pengpeng, a Chinese social mobile gaming
12%
Others LPs GPs Principal / million) into Neusoft Medical System and buy indicative range. app, has raised $17 million in a Series B round of
(Association, VP / Associate, RMB1.13 billion worth of shares in the unit. In funding from KPCB China, Ventech Capital and
Gov't, etc.), 5% 30% addition, there will be a $170 million investment Hony makes partial exit Magic Stone Alternative Investments. US-based
Investment in Neusoft Xikang. from Zoomlion via buyback Wicklow Capital, individual investor Jonathan Teo
Banks, 5%
Corporates, and an undisclosed Southeast Asian family office
10% Professional Director / Chief Singapore & VC-backed dating app gains Zoomlion Heavy Industry Science & Technology, also participated.
Services, 25% Representative, 21% Malaysia, 36%
26% on trading debut China’s biggest construction equipment marker,
has agreed to buy back a 2.19% stake in itself Mandarin exits Dagong
Registration: Yeni Kittrell T: [phone] E: [email protected]
Chinese VC-backed mobile dating app Momo from Hony Capital for RMB843 million ($136 Europe to JV partner
Sponsorship: Anil Nathani T: [phone] E: [email protected] Enquiry gained 26% on its first day of trading on NASDAQ million). The private equity firm, which first
following a $216 million IPO. The company sold invested in Zoomion in 2006, will see its stake fall Mandarin Capital Partners has sold its 40% stake
16 million American Depository Shares (ADS) at to 6.79% from the current 8.89%. in a European credit ratings agency to joint
Scan this QR
code with
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#avcjindonesia event website 5
Number 47-48 | Volume 27 | December 16 2014 | avcj.com
NEWS
venture partner Dagong Global Credit Rating. BlackRock PE leads $300m Corp. ISQ Asia Infrastructure I-A Private will pay
China-based Dagong is now the sole owner round for Coupang INR5.25 billion ($85 million) for the Jaipur-Mahua
of the asset. Dagong Europe Credit Rating was Tollway Private across two tranches.
established in Milan in 2012 and won regulatory BlackRock Private Equity Partners has led a $300
approval the following year. million round of funding for Coupang, South Oman-India fund backs GSO
Korea’s largest online retailer. It has now raised Crop Science
NORTH ASIA nearly $500 million from private investors.
Wellington Management, Greenoaks Capital The Oman India Joint Investment Fund (OIJIF)
Management and Rose Park Advisors also has invested INR950 million ($15.3 million) in
Carlyle, Unison to exit participated in the round. They were among the GSP Crop Science, an Indian agro-chemicals
Covalent investors in May 2014, when Coupang raised company. Headquartered in Gujarat, GSP was
$100 million, led by Sequoia Capital. The firm has set up in 1972 as manufacturer of crop fertilizer;
The Carlyle Group and Unison Capital are to also previously received capital from Maverick it expanded its business in the 1990s to include
exit their stake in Covalent Materials, a Japanese Capital, LaunchTime and Altos Ventures. pesticide products.
semiconductor materials manufacturer, to US Coupang was founded in 2010 by Bom Kim,
ceramics group CoorsTek. The deal is understood who remains CEO and chairman. The company VC-backed taxi apps
to be worth more than JPY50 billion ($416 banned following rape case
million), including debt.
India’s state governments have been instructed
CITIC launches tender offer to ban all unregistered web-based taxi booking
for Schott Moritex services - impacting VC-backed start-ups like Ola
and TaxiforSure – following a rape involving a
CITIC Capital Partners has launched a tender offer driver contracted by US-based Uber. Dehli was
to acquire a controlling stake in Schott Moritex the first state to impose the ban and has since
Corporation, a Japan-based manufacturer been followed by Maharashtra, Uttar Pradesh,
of vision lenses for machines. The company Karnataka, Chandigarh and Telangana.
develops technology in the fields of optical fibers,
machine vision, automated optical alignment, IFC to invest $100m in Axis
optical lenses, and software. started out as a Groupon-style service, selling Bank
discount deal coupons, but quickly moved into
Japan PE acquires two direct retail of physical goods. It sells a wide The International Finance Corporation (IFC), an
businesses variety of merchandise - from baby goods to investment arm of the World Bank, has pledged
beauty products - and is now the largest online to invest up to $100 million in India’s Axis Bank.
Mid-market GP Japan Private Equity has acquired fulfillment operator in Korea, offering same-day It will subscribe to a $100 million fixed-rate
plastics manufacturer Sekisui Chemicals and care delivery nationwide. infrastructure bond issued by the bank.
home services business Healthy Service. Sekisui Coupang exceeded $1 billion in gross
produces a range of high-performance plastics merchandise value (GMV) for 2013 - achieving SOUTHEAST ASIA
used by the electronics, automobiles, life sciences the mark faster than any other company in
and construction sectors. Healthy Service the world - and is currently operating at an
provides in-home nursing services for the elderly annualized run rate of over $2.2 billion. The Tembusu, Bona to create
through a national network of care providers and company’s mobile platform accounts for 70% $100m media fund
a number of small group nursing homes. of revenue and 80% of total traffic. Mobile GMV
alone has already reached $1 billion for 2014 to Singapore-based PE firm Tembusu Partners
SOUTH ASIA date. It is unclear whether Coupang has achieved and local media entrepreneur Calvin Cheng
profitability. have joined forces with Yu Dong, China Bona
Film Group’s CEO, to launch a $100 million fund
IDFC, RDIF to invest $1b in targeting China’s media and entertainment
infrastructure (OPIC), a US government development finance industry. Bona is likely to be one of the anchor
arm, has committed $42 million to Lighthouse investors along with Thailand’s Chia Tai Group.
IDFC and the Russia Direct Investment Funds’ second India vehicle. India 2020 Fund II,
Fund (RDIF) will together invest $1 billion in which is targeting $125 million, reached a first Riverside debuts in SE Asia
infrastructure and related industries with a view close of $60 million in August 2013. with chemicals deal
to accelerating economic cooperation between
Russia and India. Each party will contribute $500 I Squared Capital to buy The Riverside Company has bought chemicals
million to the initiative. toll road from IJM distributor Drex-Chem Malaysia in its first
ever Southeast Asia deal. The company serves
OPIC commits $42m to I Squared Capital, a PE firm set up by former international chemical producers looking to
Lighthouse’s India fund executives of Morgan Stanley’s infrastructure supply the Malaysian market, counting leading
investment unit, has agreed to buy a toll road global paints and coating companies, and
The Overseas Private Investment Corporation in northwestern India from Malaysia-based IJM consumer products companies among its clients.
6
avcj.com | December 16 2014 | Volume 27 | Number 47-48
LP_LCP8_TombAd_AVCJ-Wk-Web_DR112414.pdf 1 11/24/14 10:42 AM
This announcement appears as a matter of record only. November 2014
Innovative Directions in Alternative Investing
$1,750,000,000
Senior Secured Revolving Credit Facility
Provided to
Lexington Partners
Co-Lead Arrangers
Citibank, N.A.
Wells Fargo Bank, N.A.

Administrative Agent
Citibank, N.A.

Lenders
Citibank, N.A. Barclays Bank PLC
Wells Fargo Bank, N.A. Citizens Bank, N.A.
Bank of America, N.A. Comerica Bank, N.A.
Lloyds Bank PLC Deutsche Bank AG
State Street Bank, N.A.
Advantage Partners Past Investments
REVIEW OF THE YEAR
[email protected]
2014: Record-setting
Strong capital markets facilitate bumper exit activity; pan-regionals, venture capital dominate fundraising;
China’s leads revival in growth capital investment, with Korea still buyout central
EXITS: LIQUIDITY AT
Arysta LifeSciences to US-based Platform with a current valuation of around $5.7 billion.
LAST Specialty Products (PSP) for about $3.51 billion Yunfeng Capital sold $442 million in shares
– it bought the company for $2.2 billion in 2007 through the IPO and now has a 1.1% stake worth
and previously tried to take it public – while nearly $2.9 billion.
Led by Oriental Brewery and Alibaba
Affinity offloaded its majority stake in Australian Based on the investment multiple, Capital
Group, Asia private equity exits deli meats producer Primo Group when Brazil’s Today’s gain from JD.com, another Chinese
touch new highs in 2014 JBS bought the business outright for $1.25 billion. e-commerce player that went public this year, is
Affinity acquired Primo for $758 million in 2011. even more spectacular. The PE firm, which was
No other disclosed trade scale crossed the one of JD.com’s earliest investors, is said to be
YOU CAN PUT CAPITAL TO WORK IN ASIA, $1 billion threshold. The next-largest is MBK sitting on a 100x windfall following the $1.78
but can you get it out when you’re finished? Partners’ $696 million exit of Japanese software billion offering. It has made two partial exits,
The LP community has been preoccupied with developer Yayoi to Orix Corp (while the same one at the IPO and another on the open market,
this question amidst concerns that paper gains GP’s sale of Taiwan cable TV provider CNS to raking in about $140 million, and retains shares
on investments in the region’s fast-growing Ting Hsin International Group for $2.4 billion currently worth around $2 billion. DST Global,
emerging markets are not matched by equally has been announced, it has yet to close, and Tiger Global Management and Hillhouse Capital
sparkling realizations. The total value to paid in this wouldn’t be the first time an agreement has also made partial exits.
(TVPI) multiple now shares the spotlight with the fallen through). Two Japan investments, Japan Display
distributions to paid in (DPI) multiple. The top 10 exits include three IPOs, which saw and Skylark, join Alibaba in the top 10, with
A sprinkling of landmarks does not necessarily PE investors sell down part of their stakes. Eight Innovation Network Corporation of Japan and
suggest a sea change in exits – in India and
China for example, many deals completed at
Asia private equity-backed IPOs
high valuations remain in fund portfolios, with no
liquidity in sight. However, it is worth noting that 100,000 350
2014 has seen Asia’s largest-ever private equity
trade sale and the world’s largest-ever IPO. 80,000 300
As of mid-December, there had been over 500
ettohx ei$t s4h i3ing.1 h2 eb0si1ltl4 iao, nngn efuonare ltr ahtoteitn awgl h oponrlo erec oecfoe 2drd0s.1 oT3hf a$isn5 cd7o $bm5ilpl3io.a7nr e, s US$ million6400,,000000 225000Deals
billion in 2012. Open market exits are actually
20,000 150
down on last year – $8.5 billion versus $10.8
billion – but this has more than made up for by a 0 100
rich vein of trade sales ($37.9 billion versus $27.3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014YTD
billion) and IPOs ($8.5 billion versus $3.2 billion). No. of deals Australia China India Japan Other
At $6.2 billion, QIC’s sale of Queensland Source: AVCJ Research
Motorways is the biggest exit of the year, but this
happened across two transactions. The largest
single deal – and by some distance the region’s backers of Alibaba Group – in alphabetical order: Bain Capital taking out money. Private equity-
leading trade sale, if infrastructure transactions Asia Alternatives Management, Boyu Capital, backed IPOs – not all of which involved exits –
are excluded – is the $5.8 billion exit of Oriental China Investment Corp, CITIC Capital, Siguler have generated total proceeds of $55.2 billion so
Brewery by Affinity Equity Partners and KKR. Guff, Silver Lake, Temasek Holdings-owned far this year, the most since 2010.
The private equity firms bought the business Pavilion Capital and Yunfeng Capital – exited a China is the big turnaround, with the
from Anheuser-Busch InBev (ABI) for $1.8 billion, small percentage of the Chinese e-commerce government-imposed embargo on new share
including around $1 billion in debt in January giant at IPO. But even a tiny slice of a $25 billion listings lifted at the end of 2013 and the US
2010. They turned it into the top-selling beer offering is big in dollar terms, and they took $2.2 markets receptive once again to VC-backed
maker in South Korea and sold it back to ABI for billion off the table. Chinese offerings. Having seen a paltry $9.4
$5.8 billion in early 2014 for an estimated money Silver Lake is said to have committed $500 billion worth of IPOs in 2013 – the least since
multiple of more than 5x. million to the company across two rounds in 2004 – the likes of Alibaba, JD.com and WH
Permira also scored a sizeable exit with the 2011 and 2012. The PE firm’s partial exit was Group have sent the 2014 total past $39 billion.
sale of Japanese agricultural chemicals maker worth $278.8 million and it retains a 2.2% interest Thirteen of 101 offerings were on US bourses.
9
Number 47-48 | Volume 27 | December 16 2014 | avcj.com
REVIEW OF THE YEAR
[email protected]
FUNDRAISING: MISSION
Largest disclosed private equity exits, 2014
COMPLETED
Amount
Investee Seller (US$m) Exit type
Pan-regional players and China
Queensland Motorways (Australia)* Queensland Investment Corporation 6232.0 Trade sale
venture capital are the dominant
Oriental Brewery (Korea) Affinity Equity Partners; KKR 5800.0 Trade sale
Arysta LifeScience Corporation (Japan) Permira Advisers 3510.0 Trade sale fundraising themes of 2014
Alibaba Group (China) Silver Lake; Yunfeng Capital; Boyu Capital; 2211.4 IPO
CIC; CITIC Capital; Asia Alternatives;
Siguler Guff; Temasek WHEN THE CARLYLE GROUP REACHED
Japan Display (Japan) Innovation Network Corporation of Japan 1649.7 IPO a final close of $3.9 billion on its fourth pan-
regional fund in September it drew a line under
Kokusai Kogyo (Japan) Cerberus Capital 1375.8 Buy back
a three-year process that has seen nearly all of
Primo Smallgoods (Australia) Affinity Equity Partners 1263.9 Trade sale
the largest global and Asia-based PE firms raise
Queensland Motorways (Australia) Queensland Investment Corporation 779.0 Secondary their first flagship vehicles since before the global
Yayoi (Japan) MBK Partners 696.2 Trade sale financial crisis. In dollar terms alone, this has
dominated the fundraising landscape.
Bushu Pharmaceuticals (Japan) Tokio Marine Capital 665.2 Secondary
Starting with Bain Capital Asia II, which
Skylark (Japan) Bain Capital; Japan Industrial Partners 644.1 IPO
reached a final close in July 2012, roughly one
* Two transactions year after launch, eight firms have raised $27.2
Source: AVCJ Research
billion between them. This accounts for about
Australia also carried the momentum that $14.1 billion, driven by $2 billion from IPO exits 14% of the total capital committed to Asian
built up over the second half of 2013 into this and $11.8 billion from trade sales. However, the private equity over the same three-year period.
year, which has seen a record $6.3 billion raised Queensland Motorways transaction accounts for Remove renminbi-denominated funds from the
through 19 PE-backed IPOs. Healthscope led over half the trade sale total. As with Alibaba and calculations and the share rises to nearly 20%.
the way with a $2.1 billion offering, allowing Oriental Brewery, a mega deal really moves the In addition to Bain and Carlyle, KKR, MBK
The Carlyle Group and TPG Capital to realize needle. Partners, Affinity Equity Partners, CVC Capital
proceeds of $445 million. Quadrant Private
Equity has listed four companies – Estia Health,
Asia private equity exits by type
APN Outdoor, iSentia Group and Burson Group
– raising a combined $1.37 billion, of which the 60,000 600
PE firm received $500 million, with more still to
50,000
come. 500
Pacific Equity Partners was responsible for 40,000
n
t$w1.o5 6IP bOilsl,i oSnp,o atnleds sm Garnoaugpe adn tdo Asesaclueroe Ca afruel,l wexoitr th $ millio 30,000 400 Exits
S 300
from the latter. The GP received close to $550 U 20,000
million from the two offerings. There were also
trade sales of Peters Ice Cream and Griffin’s 10,000 200
Foods, plus a block trade of Veda Group stock,
0 100
which takes realizations for 2014 to more than 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014YTD
$2 billion. No. of exits IPO Open market sale Share buyback Trade sale
Private equity exits in Australia as a whole
Source: AVCJ Research
have also reached a never-before-seen high of
$190m – $1.36b – $887m –
Y IMM Private Equity buys China’s Fosun pays $1.36b A group led by CITIC Capital
R a 21% stake in Korean cable TV operator to buy Portuguese insurer Caixa Seguros e completes its $887m take-private of China
A
T-Broad Holdings for $190m Saúde software firm AsiaInfo-Linkage
U
N 3x – The Carlyle Group exits its stake in $407m – Platinum Equity pays 5x – KKR and Affinity exit Korea’s Oriental
A India’s Tirumala Milk Products to Groupe Australia’s Telstra Corp $407m for a 70% Brewery to AB InBev for $5.8b, generating a
J
Lactis for $275-300m, generating a 3x return stake in its directories unit, Sensis more than 5x return
$100m – $190m – $285m –
OCBC Bank launches its NewQuest Capital acquires Carlyle raises $285m after
$100m fund under the Shanghai Qualified China Hydroelectric in a take-private deal making a partial exit from Hong Kong-listed
Foreign Limited Partner program that values the company at $190m Haier Electronics
$18.4b – $120m – $1.4b –
Apollo Global Management SoftBank leads a $120m EQT reaches a $1.4b close on
holds an $18.4b final close on its eighth Series B round for Chinese app platform its mid-market fund focusing on Asia and
global fund Wandoujia Northern Europe
>>>
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avcj.com | December 16 2014 | Volume 27 | Number 47-48