Actis in Review 2013

7/22/2019 Actis in Review 2013

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Actis

in review2013


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So Paulo, Brazil

The positivepower of capital

Contents

03 Where we are now

08 Portfolio at work

Banque Commerciale du Rwanda


Garden City

13 Actis at a glance


Bellagio


Globeleq Mesoamerica Energy

20 Portfolio at workAsiri Group


AGS

26 Regions and sectors

28 Investments

29 Investors

30 Portfoliocompanies

34 The team


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This report summarises the events andachievements of Actis in the last twelvemonths. Whether we are sharing the storyof the Rwandan bank in which we investednearly a decade ago, or the ATM chainrolling out across India, the tale we tell isof strong businesses, in attractive sectors,in some of the most populous anddynamic parts of the world.

Our goal is to give you a sense of thebreadth of our work, and the depth ofour expertise. Providing insight into theenergy and promise of those high growthmarkets which have already begun todene this century.

I hope you enjoy reading this yearsannual review.

Paul FletcherSenior Partner

Welcome


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Accra, Ghana


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Where we are now

If the nancial meltdownof August 2008 taughtus anything it is thateverything connects. Thefortunes of a Manhattanheadquartered bank, astring of late night phone

calls, a rumour of lostcondence and the statusquo collapsed.

With it went the assumption of easy growth, ofsoaring revenues, inflation-beating house prices,salary rises and abundance. Growth must now beearned steadily and painstakingly over time.

This is no less true in emerging market private

equity. The heady days of buying cheap and sellinghigh are over. If you cant find growth you mustcreate it. Consultants call this value creation.What it means to us is taking nothing for grantedand engaging a team of diverse professionalsdedicated to generating superior returns.

We begin by identifying, scrupulously and overtime, the right business, in the right sector.We are not generalists. Instead we concentrateour efforts on six industries Consumer, Energy,Financial Services, Healthcare, Industrials and Real

Estate. The businesses are frequently family-owned.We seek fundamentally well-run companies thatneed the capital, experience, global network andcounsel that a professional business partner canbring. When we begin this journey we work hardto ensure alignment with the founder; we strivetowards the same goal and share a commonunderstanding of success. Our partners need tobenefit at least as much as we do.

Ultimately, to be attractive to a globalmultinational (Actiss preferred route for exit)domestic companies, full of energy, innovationand resilience must be polished, rationalisedand reformed to comply with global standards in

corporate governance, health and safety, labourlaw, and environmental and social practices.They must also be highly profitable.Our investment professionals have this in mindfrom the first dollar and day of the investment.Everything they do is focused on creating value.Their work is supplemented by a dedicated teamof in-house consultants who do nothing butimplement best practices, and share what theyknow works from their past experiences in thesame sectors.

We think of the stewardship of Xiabu Xiabu, theimmensely popular Chinese hot pot chain, whichgrew from 60 outlets at the point of our US$52minvestment in 2008, to over 300 in four short years.The strategy was replicable success, the introductionof a central kitchen and higher standards of foodsafety and staff training, resulting in a business thatwas snapped up when we sold it in December 2012.

Or XP, the largest independent securities brokeragefirm in Latin America with US$3.5bn assets under

custody as at October 2012, and a growth rate of150% since Actis invested US$58m in 2010. WithActiss backing XP has more than doubled in value,diversified into new product lines, and made fiveacquisitions; client numbers have increased twofoldto 70,000 active customers. Actis partially exited XPat the end of last year, returning moneyto investors while remaining an active partner inthe business.

When we invest in a business, we see it afresh,aided by assessments made during a thorough

due-diligence process. We often adopt a view froma new angle. In the case of Vlisco Group, ourfashion fabrics company, we could see when weinvested US$151m in 2010 that its distinctiveproduct, tradition with a twist, would appeal to thegrowing community of sophisticated Africanconsumers. Nostalgic for the vivid and distinctivepatterns worn by their mothers and grandmothers,customers liked the contemporary designs comingout of the Dutch design headquarters. By stretchingthe product range to include seasonal designs,bespoke handbags, luxury silk scarves andaccessories, the Vlisco Group brand has evolved.Its development has enchanted the media, as partof a story of urban growth, and the emergence of a

03 Where we are now


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self-confident Africa. This is precisely the sortof opportunity that Actis is able to identify, andto develop, by building a market strategically,rather than simply serving what is already there.

In other instances value creation comes fromefficiency. Actis owns a network of highereducation colleges in China. Rising studentnumbers were growing revenues, but that wasnot necessarily translating to the bottom line.In Chinese culture, where education is culturallythe most important investment, and state

provision cannot keep pace, secondary andcollege education is a high growth sector.But high growth companies in high growthsectors do not always translate into high profit,or high returns, without smart management.

We found that by sharing teaching materials,lectures and expertise between the colleges,introducing a single management board, groupChief Executive, and applying a common set ofstandards across all the colleges, China Post-Secondary Education (PSE) was able to expand

its student numbers to 52,000 and in parallellower its fixed costs. Meanwhile, the expertiseacquired from our management at PSE hasequipped us to do other deals in the Chineseeducation space. Elsewhere in Brazil, our backingof Universidade Cruzeiro do Sul Educacional in2012 led to a subsequent investment in Englishlanguage training provider, CNA.

Take what is there,

review it, refine it, investin it, strengthen it,demand more from it.

No discussion of value creation is complete withoutreference to responsible investment. It is, rightly,impossible to IPO a company without absoluteadherence to world-class environmental and socialresponsibility standards. This is what we did withthe Ugandan electricity distribution company,Umeme, which listed on the Ugandan and Kenyanstock exchanges in 2012. When Actis invested in2005, Umemes physical assets were in a sad stateof disarray: years of underinvestment had created a

rotten network with failing conductors andwooden poles weakened by an unremittinginvasion of termites, vegetation and humidity.The disruption of education during the turbulentyears of 1980-1990 meant that many adults didntunderstand the dangers of touching fallenconductors. The customer database was full ofghost consumers: billing was sporadic and ofteninaccurate. The investment manager, in partnershipwith Actiss Responsible Investment team, set abouta root-and-branch review of the EnvironmentalSocial and Govemance (ESG) systems. The IPO

symbolises the progress they made.

These examples demonstrate an engrained habit:take what is there, review it, refine it, invest in it,strengthen it, demand more from it, and considerevery aspect of its operations. Seek to do what iscreative; a new product line, an updated strategy,while keeping an eye focused on cost, and returns.Engage fully in managing the company, call onin-house consultants, listen attentively, andact decisively.

And so, everything connects. Well run energeticcompanies pump high-quality products into amarket place, bringing with them employment,innovation, and a higher quality of life. Their value isaccretive. One successful company is more likely tospawn another. Standards rise inexorably, and thevalue that has been steadily created transfers fromowner to employees, from founder to investor, fromsuppliers to customers, and back again.

This is what Actis will continue to do. It is what wehave always done.

04 Where we are now


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Beijing, China


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Mumbai, India


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Date of investment2004

LocationRwanda

SectorFinancial Services

Deal typeControl

Investment amountUS$5m

Portfolio at workBanque Commercialedu RwandaThere are some investments that are, intuitively, Actis investments.They may be the first of their kind in their market, in a countrywhere others fear to tread, or demand a level of sustained portfoliomanagement which some fund managers might baulk at. BanqueCommerciale du Rwanda (BCR) is one such investment.

In 2003/4, Rwanda was a post-conflict society with a financial servicessector that was largely undeveloped and in need of capital. The vastmajority of the population was unbanked. Actis took an 80% stake inthe national Rwandan bank, BCR in 2004, with the RwandanGovernment retaining a 20% shareholding.

Established in 1963 and headquartered in Kigali, Actis built on BCRsstrong heritage to grow both its corporate and retail provision;recruiting and training Rwandan professionals to create a centre ofexcellence within the countrys banking sector. Actis broadened BCRsrange of services with a particular focus on SMEs, mortgage finance,and innovative leasing and savings products.

Actis partnered with the BCR management team to improvecorporate governance, develop its staff and improve systems andcontrols. A new Corporate Social Responsibility strategy swung intoaction: supporting seedling small and medium-sized enterprises byproviding grass roots education and accountingskills to local

communities. From due diligence, through portfolio managementto exit, Actiss sector knowledge and ability to source seniormanagement and experienced bankers for the board were criticalto this investment.

Today, BCR is Rwandas second largest commercial bank with amarket share of circa 25% and a reputation for outstanding customerservice. On 18 July 2012, it was bought by Kenyan bank I&M andFrench and German development finance institutions, Proparco andDEG. The degree of interest the sale generated both locally andinternationally is indicative of both Rwandas, and East Africas,growing reputation as an attractive destination for foreign direct

investment. The purchase by I&M represents the natural next stagein BCRs journey to become a leading East African financial institution.

The story of BCR is the story of Rwandas success. There has beenextraordinary progress in the past eight years with the creation of agrowing and competitive financial services industry at the heart of athriving economy. Actis is proud to have played its part.

08 Portfolio at work Banque Commerciale du Rwanda


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Banque Commerciale du Rwanda, Kigali


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LocationKenya

SectorReal Estate

Deal typeControl


Portfolio at workGarden City

For forty years a visitor to Nairobi mostly didnt need a map.The odd road might roll out across the horizon, or new buildingsappear, but broadly speaking, the street plan stayed the same.

Today, its a different story. Nairobi is a city on the rise. GeneralElectric, IBM and Google have all recently set up their Africanheadquarters in the city. Oil companies are scrambling for officespace. As local businesses expand, and the population grows,demand for quality, well-designed and efficient retail, office andresidential space is at an all time high.

Garden City is a mixed use greenfield development that has the

scale and scope to serve at least some of this demand. The site islocated on a 32-acre plot of land adjacent to the recently upgradedThika Road. It will host the largest retail centre in East Africa withretail stalwarts, Game and Nakumatt recently confirmed as anchortenants. The retail space will also support local food and arts markets,providing a secure and accessible location for trade.

Best practice engineering and construction, innovative architectureand a green-by-design approach incorporating sustainabilitymeasures from the very beginning make Garden City Kenyas premierreal estate development, serving a catchment area of 1.5 millionpeople. Green measures will include water recycling and rainwater

harvesting, solar collectors on the roof, natural ventilation andthermal water heating. Parking at ground level and half basementswill negate the need for excavation and reduce mechanicalventilation requirements.

The development is being tackled in three phases. The retail centrewill open its doors next year. This will be followed by 420 apartmentsand town houses and then up to 10,000 m2 of office space.

One of the most distinctive features will be the inclusion of anextensive central park, landscaped with shade from indigenous treesand a central stage for concerts and community events. Fringed by

dining verandas and terraces, with play areas for children and picnicareas for families, it is hoped Garden City will live up to its name:offering a lush escape from Nairobis hustle and bustle.

In September 2012, Actis announced the close of its second AfricaReal Estate Fund with total commitments of US$278m. The fund isfocused on developing institutional quality assets in cities such asAccra, Lagos, Nairobi and Lusaka; we are confident Garden City willbe one of its most prestigious assets.

10 Portfolio at work Garden City


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Garden City, Kenya


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Mumbai, India


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Actis staff employed inten offices

Actis at a glance

US$

5.2bn

Total funds under management 104,170

Number of employees in Actisportfolio companies

US$

37m

Amount of money Actis staff have investedover the last eight years

160

160Number of Limited Partnersinvested in Actis funds

Number of portfoliocompanies

Total invested since 2004

250

66

4.8bnUS$

Figures as of 31 December 2012

Figures as of 20 February 2013


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LocationChina

SectorConsumer

Deal typeControl


Portfolio at workBellagio

Smart private equity uses sector insight to spot the value thatothers miss. The investment Actis made in Bellagio in 2012 typifiesthis approach.

Over the past four years, Actiss Beijing based team has workedintensively to understand the Chinese food service sector.As Chinese consumers work longer hours, make more money andseek out relaxing leisure time with friends and family, the appetitefor high quality, good value dining experiences grows. Respondingto this trend, Actis invested in hot pot chain, Xiabu Xiabu in 2008.Actis brought consistency to the Xiabu Xiabu offering; increasingefficiency, improving health and safety and boosting the

customer experience.

The knowledge and contacts built up during the Xiabu Xiabuinvestment led to Actis backing kitchen equipment manufacturerVesta in 2011, and then restaurant chain Bellagio in 2012.

Bellagio was founded in 2001 by the Lin family; it has 23 restaurantslocated in Beijing, Shanghai, Nanjin and Wuhan with three outlets inMacau and the Philippines. Admired for its tasty Taiwanese styledishes and shaved ice desserts, Bellagio is also known for the signaturepixie haircut of its waitresses and its rapid service an average mealtakes just 45 minutes from breaking open your packet of chopsticks,

to settling the bill.

Following Actiss investment, Bellagio has been expanding itsrestaurant network in top-tier Chinese cities such as Beijing andShanghai, and also second-tier cities, including Tianjin, Fuzhou andXiamen, where spending patterns are quickly catching up with thoseof the first tier.

The founding family remains in place as shareholders and Actis hasbacked former Yum! China COO and industry veteran, Joseph Han, asBellagios Chairman and CEO. Actis and the management team haveprioritised employee welfare during the first year of investment.

Centralised training for waiting staff and chefs has been introducedalong with clear career progression plans to minimise staff turnover;Bellagio has purchased commercial insurance for all its workers,believed to be a first in the restaurant industry in China.

14 Portfolio at work Bellagio


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Bellagio, Beijing


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PESRL, Costa Rica


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LocationCentral America

SectorEnergy

Deal typeControl


Portfolio at workGlobeleq MesoamericaEnergyGlobeleq Mesoamerica Energy (GME) develops, owns and operatesrenewable energy assets in Central America. Actis invested for acontrolling stake in 2009 and GME currently has three powergeneration plants in operation: Eolo in Nicaragua (44MW), Cerrode Hula in Honduras (102MW), and Plantas Elicas SRL (23MW) inCosta Rica.

Honduras sees wind speeds averaging eight metres a second; thefaster the wind blows the more electricity is produced. A single windturbine in Honduras generates up to twice the electricity it wouldwere it spinning in Germany. The windy season in Central America iscomplementary to the rainy season which means when the wind is

blowing the system can save power in hydroelectric plants.

Cerro de Hula is Hondurass first wind farm. Its also one of thelargest in Central America with 51 turbines punctuating the 16,000acre site. Located 17km south of Tegucigalpa, it began producingelectricity in December 2011. With a capacity of 102MW, it generatessome 6% of the countrys power, and does so more cheaply andcleanly than the alternative thermal generation. The authorities haveasked GME to consider an expansion to this plant which is expectedto close financing during 2013.

On the shores of Lake Nicaragua, 125km south of the capital

Managua, stands Eolo, made up of 22 2MW wind turbine generatorswhich began supplying electricity to Nicaraguas national grid in late2012. Nicaragua is reliant on expensive thermal electricity generation,so Eolo is a commercially and environmentally attractive option, awin-win for the authorities, the private off-taker, and GME.

Plantas Elicas SRL (PESRL) is a 23MW operating wind farm in CostaRica. The project was the first utility-scale wind farm built in LatinAmerica starting operations in 1994, and until recently was the largestwind farm in Costa Rica. PESRL sells 100% of its output under a longterm Power Purchase Agreement with the state-owned utility,Instituto Costarricense de Electricidad.

The work being undertaken by GME has the power to make atangible difference to the energy security of this region and a queueof future projects is forming. The team joke is that when it comes toGME, the sky really is the limit.

17 Portfolio at work Globeleq Mesoamerica Energy


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So Paulo, Brazil


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LocationSri Lanka

SectorHealthcare

Deal typeMinority


Portfolio at workAsiri Group

While you may be willing to compromise on many things when itcomes to value versus quality, the exception is usually healthcare.Securing the best possible treatment for yourself and your loved onesis paramount, with most people paying as much as they can afford.

Unsurprisingly, this impulse is universal and when combined withrising access to insurance, and the growing incidence of lifestylediseases, creates an inexorable demand for high quality healthcarein the emerging markets.

Asiri exemplifies this trend. It is Sri Lankas premium private hospitalchain located across three tertiary hospitals in Colombo and two

secondary care centres in the southern city of Matara. The privatehospital sector in Sri Lanka grew at more than 20% over the last fouryears. The countrys government and private sector healthcare alreadycompares well with its emerging market peers and Asiri is the clearleader with a reputation for best-in-class doctors, staff andinfrastructure.

Actis invested in Asiri in October 2012 and is helping strengthen itsmarket leading position, bolstering its senior management team andfurther improving internal controls and management informationsystems. Asiri currently has 604 beds and is looking at opportunitiesto expand across the island nation. It is also constantly adding and

developing its service offerings in line with the latest advances inmedical treatment and technology.

The South Asia team at work on Asiri is able to draw on significantexperience in the healthcare sphere from work with the largesthospital chain in Gujarat, Sterling Add-Life and clinical researchcompany, Veeda. Healthcare is a growing area of interest for Actis asdemonstrated by our January 2013 investment in Chinas leadingmedical consumables company, Nanjing Micro-Tech. Asiri embodiesthe opportunity the team see in the sector: two Actis investmentprofessionals sit on the Asiri board, helping bring their priorexperiences to this new investment.

Sri Lanka, with increasing FDI, sustained GDP growth of over 7% andgrowing infrastructure, is a tempting investment destination and onewhere Actis hopes to pursue further transactions in the years to come.

20 Portfolio at work Asiri Group


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Asiri Group, Sri Lanka


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Mumbai, India


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LocationIndia

SectorFinancial Services

Deal typeMinority


Portfolio at workAGS

A plastic card, slim enough to slip into your back pocket, is apassport to participate in todays world of commerce and financialtransaction. Its how you get your cash out of the ATM, and pay foranything, from breakfast to the first instalment on a new motorbike.

In India, access to electronic payment cards lags. Customers needsafe and easy access to their money and that can be difficult whenthe nearest functioning ATM lies many miles away. In the US, theratio of ATMs to population is 1:700, in India it is 1:15,000. Thenumber of ATMs in India is forecast to increase from approximately95,000 in 2012 to at least 200,000 in 2015. The growth in ATMshas coincided with banks moving towards an outsourced model,

as well as a supportive regulatory environment. Today, 85% ofATMs in India are outsourced in some way.

AGS is one of Indias top ATM outsourcing and payments companies.Founded in 1992, AGS manages a network of around 10,000 ATMmachines across India for banking clients. It also supplies specialisedequipment and automated solutions for major retailers, petroleumand paint companies.

In August 2012, Actis backed the AGS founder to help expand theATM outsourcing business and win new contracts. Ensuring that ATMsand debit cards are widely available promotes financial inclusion,

making a positive impact on quality of life and the broader economy.Actis brings significant experience in the payment processing sectorhaving built Emerging Markets Payments Holdings (EMPH) into apan-continental payments processing business operating across 40countries in Africa and the Middle East.

Since Actiss investment AGS has continued to roll out more machines;Actis is also helping AGS to refine its ATM site selection strategy andto enhance its reporting and information systems. AGS customersinclude financial institutions such as Axis Bank, ICICI Bank, HDFC Bankand State Bank of India. With Actiss help, AGS hopes to championnew initiatives in the white labelling and the mobile payments space.

23 Portfolio at work AGS


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Accra, Ghana


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Actis dataRegions and sectors

Beijing

Singapore

Mumbai

Lagos

Cairo

London

Johannesburg

Nairobi

SoPaulo

Regions

26 Actis data Regions and sectors


29/40

Consumer

Energy

FinancialServices

Healthcare

Industrials

Real Estate

Power generation (renewables and non-renewables) Distribution

Transmission

Banks Consumer credit Financial services distribution Payments and specialist process outsourcing

Education Healthcare Home and personal care Restaurants Retail including food

Healthcare delivery Pharma Medical services

Power and construction equipment Construction materials Manufacturing

Services

Industrial Office Residential Retail

Principal sectors

27 Actis data Regions and sectors


30/40

Africa

38%

China

14%

SouthEast Asia

4%

Latin America

11%Global EM

10%

South Asia

23%

Value of investmentsby region

Actis dataInvestments

Investments by sector

Average deal size US$

(private equity)

* The year the fund opened

Actis 1

1998*

$13m $25m

Actis 2

2002*

AEM3

2007*

$75m

30%

Consumer

18%

Industrials

17%

FinancialServices

15%

Energy

8%Real Estate

6%Healthcare

6%Other

28 Actis data Investments


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Actis dataInvestors

Investors by region

Investor by type(percentage %)

All data as at 20 February 2013

Investments: includes all current

investments in Actis 4, Actis Emerging

Markets 3, Actis Fund 2s, Actis Africa

Agribusiness Fund, Actis Infrastructure

2, Actis India Real Estate Fund and

Actis Africa Real Estate Fund.

Investors: figures exclude CDC Group

plc. CDC Group plc is the anchor

investor in each of Actiss funds and

represents approximately 37% of

total commitments to those funds.

55%

US, Canada &Latin America

21%

UK & Europe

14%

Asia & Australia

10%

Africa &Middle East

Sove

reign

WealthF

unds

Finan

cialIn

stitutio

ns

andC

orporate

s

Fund

ofFunds

and

Inves

tmen

tManage

rs

Publi

cPensio

n

Family

Offices

and

Priva

teFo

undation

s DFI

Insura

nceC

ompanie

s

Endo

wmentsF

unds

29 Actis data Investors


32/40

Sector

Consumer

Region

China

China

China

China

Latin America

Latin America

China

Latin America

China

South Asia

South Asia

Africa

Latin America

Africa

Latin America

Global EM

South Asia

Africa

South Asia

Africa

Africa

Africa

Africa

Africa

South Asia

South Asia

South Asia

Latin America

South Asia

South Asia

South Asia

South Asia

Actis dataPortfolio companies

Energy

FinancialServices

Healthcare

Investment company

7 Days Inn Group

Ambow

Bellagio

China Post-Secondary Education

CNA

CSD

EIC

Gtex

Nanjing Micro-tech

Nilgiris

Super-Max

Tracker

Universidade Cruzeiro do Sul Educacional

Vlisco Group

Energuate

Globeleq

GVK Energy Limited

Umeme

AGS

Alexander Forbes

CIB

DFCU

Diamond Bank

EMPH

IDFC

Integreon

National Stock Exchange of India

XP Investimentos

Anthelio Healthcare

Asiri Group

Sterling Add-Life

Veeda

30 Actis data Portfolio companies


33/40

Description

Budget hotel chain

Personalised education and training

Casual dining chain

Education service provider

English language training services

Supermarket/retail chain


Cleaning products

Medical equipment

Convenience stores

Manufacturer and marketer of shaving blades and toiletries

Stolen vehicle tracking and recovery


Fashion fabrics

Electricity distribution and transmission

Power generation developer and owner

Power generation

Electricity distribution

ATMs and retail automation solutions

Diversified financial services

Bank

Bank

Bank

Payments processing

Infrastructure finance

Professional services outsourcing

Stock exchange

Retail broker dealer

Hospital operations outsourcing

Multi-specialty tertiary care hospital chain

Hospital owner and operator

Clinical research organisation

Location

China

China

China

China

Brazil

Brazil

China

Brazil

China

India

India

South Africa

Brazil

Sub-Saharan Africa

Guatemala

Global EM

India

Uganda

India

South Africa

Egypt

Uganda

Nigeria

Africa & Middle East

India

India

India

Brazil

India

Sri Lanka

India

India

Dealtype

Expansion

Expansion

Replacement

Expansion

Expansion

Expansion

Replacement

Expansion

Expansion

Buy-in

Replacement

Replacement

Expansion

Buy-in

Replacement

Replacement

Expansion

Replacement

Expansion

Buy-out

Replacement

Replacement

Expansion

Buy-out

Expansion

Expansion

Expansion

Expansion

Expansion

Expansion

Expansion

Expansion

Investmentdate

Oct 2008

Sep 2008

Mar 2012

Jan 2010

Sep 2012

Sep 2010

Aug 2011

Oct 2010

Sep 2012

Oct 2006

Feb 2011

Oct 2011

Feb 2012

Sep 2010

May 2011

Sep 2009

Dec 2010

Nov 2009

Aug 2012

Jul 2007

Jul 2009

Jan 2003

Apr 2007

Jul 2010

Aug 2010

Feb 2010

Apr 2007

Nov 2010

Oct 2010

Aug 2012

Jun 2006

Feb 2007



34/40

Sector Region

Africa

South Asia

South Asia

South Asia

South Asia

South East Asia

South Asia

Africa

Africa

Africa

South East Asia

South Asia

China

South East Asia

Africa

Africa

Africa

Africa

Africa

Africa

South Asia

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

South Asia

Africa

Investment company

Actom

AVTEC

Dalmia Cement

Endurance

Halonix

KS Distribution

LMKR

Mouka

RTT Group

Sinai Marble

Teknicast

TEMA

Vesta

APEC

Banro

Candax

Mineral Deposits

Platmin

Seven Energy

Teranga

TRIL Roads Private Limited

Garden City

Heritage Place

Ikeja City Mall

IOREC

Jabi Lake Mall

Laurus Development Partners Limited

Mentor Management

Nairobi Business Park

One Airport Square

The Exchange

Vaishnavi

Waterfalls

Actis dataPortfolio companies

Industrials

Other

Real Estate



35/40

Description

Manufacturer and distributor for electrical engineering industry

Engine and transmission manufacturer

Cement plant

Auto components manufacturer

Bulb and lamp manufacturer

Oil and gas

Information management services for oil and gas industry

Foam products manufacturer

Supply chain and logistics services

Commercial marble exporter

Aluminium die casting

Manufacturer of heat exchangers

Catering equipment and manufacturing

Oil and gas exploration

Gold exploration and development

Oil and gas exploration

Mineral sands and gold mining

Mining and resources

Oil and gas production

Gold mining

Toll road developer

Mixed use development

Office development

Retail development

Real estate development company

Retail development

Real estate development company

Real estate development and project management

Office development

Office development

Mixed use development

Residential development

Retail development

Dealtype

Buy-out

Replacement

Expansion

Replacement

Buy-in

Replacement

Expansion

Replacement

Buy-out

Expansion

Buy-out

Expansion

Buy-in

Start-up

Expansion

Expansion

Expansion

Expansion

Expansion

Expansion

Expansion

Real estate development





Start-up

Buy-out






Location

South Africa

India

India

India

India

South East Asia

Pakistan

Nigeria

South Africa

Egypt

Malaysia

India

China

South East Asia

DRC

Tunisia

Senegal

South Africa

Nigeria

Senegal

India

Kenya

Nigeria

Nigeria

Mauritius

Nigeria

Mauritius

Kenya

Kenya

Ghana

Ghana

India

Zambia

Investmentdate

Aug 2008

Jun 2005

Mar 2006

Dec 2011

Jun 2006

May 2010

Oct 2007

Jun 2007

Jun 2007

May 2007

Aug 2008

Apr 2005

May 2011

Oct 2007

Oct 2005

Apr 2005

Nov 2004

Oct 2003

Feb 2007

Dec 2004

May 2010

Dec 2011

Sep 2011

Apr 2008

Jan 2009

Nov 2011

Apr 2010

Jul 2011

Nov 2006

Dec 2010

Jul 2012

Jun 2008

Dec 2011



36/40

01 0702

14

28

03

15

29

18

3130

33

20

08

3227

17

25

23

34

21

16

19

26

24

35 36

22

09 10

04

11

05 06

12 13

The team

01 Sanjiv AggarwalPartner: Energy

02 Beatriz AmaryDirector: Consumer

03 Lou BaranDirector: Head,

Human Resources

04 Nelson BecharaDirector: Value Creation

05 Ron BellDirector: Head, Operations

06 Jonathon BondPartner: Head,

Investor Development

07 Eduardo BozoDirector: Energy

08 Sergio BrandoDirector: Energy09 Torbjorn Caesar

Partner: Co-head, Energy

10 Mahesh ChhabriaPartner:

Industrials/Healthcare

11 Chris ColesPartner: COO, Head, Banking

12 David CookeDirector: Consumer

13 Louis DeppeDirector: Real Estate

14 Ngozi EdozienDirector: Healthcare,

West Africa

15 Michael Chudi EjekamDirector: Real Estate

16 Sherif ElkholyDirector: Consumer

17 Paul FletcherSenior Partner18 Mark Goldsmith

Director: Responsible

Investment

19 Murray GrantPartner: Africa

20 David GryllsPartner: Energy

21 Simon HarfordPartner: Financial Services

22 Michael HarringtonDirector: Energy

23 Lucy HeintzDirector: Energy

24 Adiba IghodaroPartner: Investor

Development

25 Amanda Jean-BaptisteDirector: Real Estate

26 Mikael Karlsson

Partner: Energy27 Danny Koh

Director: Financial Services

28 Natalie KolbePartner: Consumer

29 Chu KongPartner: Co-Head,

Latin America

30 Ritu KumarDirector: Responsible

Investment

31 Tashi LassalleDirector: Head,

Communications

32 Patrick LedouxPartner: Co-Head, Latin

America

33 Meng Ann LimPartner: Head, SE Asia

34 Max LinDirector: Consumer/

Industrials35 Tanya Lobel

Director: Actis Acts

36 Vincent LowDirector: Value Creation

34 Actis data The team


37/40

63 65

60

41

64

55

69

43

59

73

40

46

53

6766

4847

57

71

38

45 51

56

70

37 44

50

54

68

42

49

72

39

52

58

Denotes Executive

Committee member

37 Nick LuckockPartner: Financial Services

38 Alistair MackintoshPartner: Chief

Investment Officer

39 Alasdair MaclayDirector: Investor

Development

40 Jonathan MatthewsDirector: Industrials

41 David MorleyPartner: Head, Real Estate

42 Hossam Abou MoussaDirector: Financial Services

43 Shomik MukherjeePartner: Consumer

44 Marc NahumDirector: InvestorDevelopment

45 Arjun OberoiDirector: Head, Healthcare

46 Funke OkubadejoDirector: Real Estate

47 Peter OldsDirector: Legal

48 John OpuborDirector: Consumer

49 Angus OrDirector: Value Creation

50 Paul OwersPartner: General Counsel

51 Homer PaneriDirector: Healthcare

52 Denis PedreiraDirector: Financial Services

53 Rick PhillipsPartner: Head, Consumer

54 Gautham RadhakrishnanDirector: Financial Services55 Mark Ransford

Director: Financial Services/

Industrials

56 G RathinamPartner: Industrials

57 Mark RichardsPartner: Head,

Financial Services

58 Asanka RodrigoDirector: Industrials

59 Ivy SantosoDirector: Financial Services

60 Fash SawyerrDirector: Value Creation

61 Peter SchmidPartner: Head,

Private Equity

62 Joe SinyorPartner: Head, Value

Creation & Industrials63 James Smith

Director: Value Creation

64 Prabir TalatiDirector: Consumer

65 Kevin TeeroovengadumDirector: Real Estate

66 Michael TillPartner: Co-Head, Energy

67 JM TrivediPartner: Head, South Asia

68 Michael TurnerDirector: East Africa

69 Jaideep WadhwaDirector: Value Creation

70 Ramon WalshDirector: Debt Financing

71 John van WykPartner: Head of Africa

72 Jason ZhangDirector: Healthcare

73 Dong ZhongPartner: Consumer

61 62

These pages show investment

professionals, from Director level

and above alongside their main

specialism, as well as key

members of the firms global

support services platform.

35 Actis data The team


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So Paulo, Brazil


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Actis invests exclusively in the emerging markets.

With a growing portfolio of investments in Asia, Africaand Latin America; we currently have US$5.2bn fundsunder management.

Through our work in these markets Actis brings financialand social benefits to investors, consumers and communities.We call this the positive power of capital.www.act.is

Actis is a signatory to the United Nations Principles forResponsible Investment (UNPRI), an investor initiativedeveloped by the UNEP FI and the UN Global Compact.www.unpri.org

This annual review forms the basis of Actiss compliancewith the Walker Guidelines for Disclosure and

Transparency in Private Equity. Actis has reported on acomply or explain basis as detailed by the guidelines.walker-gmg.co.uk

Actis LLP is a Limited Liability Partnership registered in England and Wales

(registered number OC305927). A list of the members of Actis LLP is open to

inspection at its registered office, 2 More London Riverside, London SE1 2JT, England.

Actis LLP is regulated by the Financial Conduct Authority.

Copyright 2013 Actis LLP. All rights reserved Reproduction without permission is

prohibited. Trademarks and logos are copyrights of their respective owners.

Beijing+86 10 6535 4800

Cairo+202 2792 9220

Delhi Operations+91 11 6615 7200

Johannesburg+27 11 778 5900

Lagos+234 1 448 5700

London+44 20 7234 5000

Mumbai+91 22 6146 7900

Nairobi+254 20 2219 952

So Paulo+55 11 3844 6300

Singapore+65 6416 6400

Cover image: Beijing, China


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Actis in Review 2013

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