Asia-Pacific Private Equity Outlook 2013
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Transcript of Asia-Pacific Private Equity Outlook 2013
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7/29/2019 Asia-Pacific Private Equity Outlook 2013
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+
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tts
Frwr 1
Exutv sury 2
D xtts 3
Ftur rt: Stt Sutst s 8
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 1
w
s t b y, t t s-P s tu trs. Dst u tvty Nrt r Eur, s rss
s-P tu t rw, st wt st tt, bs ry rw
ss ry rv strs v.
Prvt uty vstrs, st w r t t stt trs ry vst
t urv, v b tv s-P t st 15 t 2 yrs. Ts,
t wt rw sstt rvt uty vstt t r, s
t sur w u rtuts us s-P, ssr bt by
b rvt uty uss by rs vr rtss xrts
rts.
Furtrr, bt s-P vrts tt srs v b rr wt t rvt uty vstt urst t bts tt ts
sur t br r vt. Nss t sy, y r w rsy
rtv t rvt uty vstt.
wvr, s r, rst t s w t 213 s
tt r strt rrt urrs, y w r t s-
P s t t rv rwt r t rsb utur. t t s t,
ruts s rts ru t r r t rus r
rvt uty vstrs, v u ssrs wry wt s t rt
rts, rtury v urtty t b y.
I t ts vws, w v t u wt rrrt t ssss rt
stt t yr . Rsts t ts yrs survy t strr
tv vwt y rs r wt st yr. Mst r tt s-P
su r rtv brt st t b y. W tt yu ts
yrs rrt , s wys, w w yur b.
Ea[`Y]d:mplgf
HjanYl]=imalqD]Y\]j$9kaY%HY[a^a[=jfklQgmf_
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2 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
=p][mlan]kmeeYjq
Pvt uty tvty tus t s s-P Gt C w t st tv t
Mr t 85 rsts sy rvt uty tvty w
rs vr t xt 12 ts, by st r
rsts bv tt Grtr C w st t rty
tvty 213, rsut sr t st yrs survy. Sutst
s s t rs wt ry rsts xt
tvty t x sty t r. Furtrr,
rsts bv usts, rs w t
rv t rr rt s w rrst
t rty tvty 213.
y, utts su sts xt t s t st tvty 2013 s st
szt bs tt
Rsts xt ry, utts
sur strs t ttrt t st trst rss s-P,
wt u strr vw r 213 r wt 212. Otr
strs rss t r wt xtts r tvty
u ustrs s ty,
tuts TMT. Str szt s b
r rtt, r t t rty rsts.
D szs t s
D szs r xt t b rr 213 t ty wr
212, r t rsts. Wt s r, rsts
xt vuts t tu t rs 213, xts
tr r t rvus yr. t t s t, s
rsts xt tt buyrs w ss wt srs
vr vut, w rty bv t vut w
r r wt rvus yrs, w u r r
s t s. t t s t, st rsts bv
vus w b st t by rv urtts
tt r w.
M ts t uty vts
w sty t w 2013
rss s-P s-Ps subrs,r ts w v r t w
213, r t st rsts. Furtrr, tr
r rt rsts sy t rutry vrt
s-P w t w, wt t strst rs
Grtr C I, tu r t 5 rsts
t t rutry rs Sutst s ustrs
s w.
T us xt tuts s st ss r wt 212, rsts xt wr xt
rtuts v IPO 213, rtury Grtr
C I. t t s t, xts t strt buyrs
r xt t b r rvt vry subr rss
s-P s s-r rrts t x t -
rwt rts. Rsts s xt rs
sttut vstrs t s tr sts wt s-
P rvt uty us t sry rt s LPs
try t ut s tr s s tvty sws
xt rts.
Isttut t s xt t w t s-Pvt uty us t st t 2013
rty rsts bv tt LP vstr ts t
s-P rvt uty us w rs vr t
12 ts. s rsut, us rs t r xt t
t r sty x u-rs trts, r t st
rsts, utry-s us r xt t rr
t st vstr trst, r r st LPs .
W w ts, rsts t rtr
us vr t 12 ts sst-v u
rsss u ssrs.
Ctt ssts s xt t t u
s vstrs rs w t r rvt uty vstt,
rsts xt tt r ssts t b t rst
r rvt uty vstt rss s-P.
s r t wt tr rvt uty
vstrs, rsts xt rrt urrs t rst
t rtst tt. Svr wt us rt
subrs r s xt t rvt uty
vstrs, but t ssus rsts s tt LP
vstrs rt vstt xr t uty
t wt u ssrs.
Vu t bs tv
s t rvt uty ustry s-P tus tvv, t us tr rt rtrs t rv vu
rt rts s rs. rsts
bsrv rw us ts rsurs, y t tt
ts rsss r y rsy rtt r
rv rt s. T ustry w
tr wys t. rty rsts bv rvt uty
rs w vrsy tr rs, wt st us vtur
t rstrutur.
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 3
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Ex rtuts t r, tr rvt uty u ssr sys,
s-P s uu rtuts tt t b t by y tr r.
Prvt uty rs s-P r t wrr but vrs b rt
ts r vt us w strts. Prs x s
Cy Iss-bs rvt uty r, w, r t rrtry
rrrt t, s trt vstrs r ts tr tst rtr rt
us, tw w r us Bs Myr. Exy vtv
w strts, t rs Myr u w vst r stt ty, w t
Bs u trts vt sttuts.
Fr u vstrs rstv, sttut vstr w xts LP tts r s-P rvt uty t rs sty sys, Cts
s-P r rt r rvt uty vstts, rvt uty tvty
t xt 12 ts w utrr t tvty rvus yrs.
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 5
?HkY[jgkk9kaY%HY[a[j]eYafhjaeYjadq^g[mk]\gfeYcaf_usts, but s ttt s b v t st v t s
Sr t 212, usts ts t st rvt uty s r 213,
Y[[gj\af_lg0/g^j]khgf\]flk$[gehYj]\oal`+dYklq]Yj&9ll`]kYe]lae]$
rs t ss r b rty ts yr wt tr-urtrs t t
t u-rs tr s rry r rvt uty, r wt ust 4 st
yr. T rst u r t rsts s rv rts rt
s, w s rr tr-urtrs rst vws, r wt
ust 3 yr .
Su u ts vws, sttut vstr stts, s t uts
r tt bttr, rvt uty rs r r t w usts,
wt t y rv, y rvt uty rs r tttsvs t tr xst rt s r v t try.
tr sttut vstr sys, Prvt uty rs r w try t sz
rty t bussss w ty vst. Ty r us vy
rv t rt rr by rv systs, rsss,
trrurs rs t.
O s vu- strty t st yrs s-P rvt uty
ut rrt s t by GP vstr: Prvt uty rs s-P
r t v rt s t ru tr w. Ty r st rtr
wt rt y t ts, rv t wt w
t xrts wt b tr t rt s su
t trt rt.
O`YloaddZ]l`]egklaehgjlYfl_gYdg^hjanYl]]imalqjekgn]jl`]f]pl
)*egfl`kY[jgkk9kaY%HY[a[7
Prt rsts
1 2 3 4 5 6 7 8 1
Otr
Ext urrtvstts
Rstruturj]fYf[af_\]Zl
Aehjgnaf_gh]jYlagfYdh]j^gjeYf[]g^
hgjl^gdag[gehYfa]k
Yakaf_f]o[YhalYd
Ycaf_Y[imakalagfk 87
75
75
43
42
1
HjanYl]]imalqjekYj]fgoljqaf_lgkh][aYdar]gh]jYlagfYddqafl`]Zmkaf]kk]kafo`a[`l`]qafn]kl
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6 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
wv, usts s t t t t t vy t
W t rty rsts us Grtr C, I ustrs sy
usts w b t rry us r rs tr rstv subrs,
gl`]j_gYdklggcl`]lghkhglafgl`]jeYjc]lk&>gj]pYehd]$/)g^Af\aY%^g[mk]\
rsts sy rv rts w b rry . O rs, r t
I-bs GP, u b t rutry vrt. Prvt uty rs r try
r t xt vstts I, ty rty v tt rs
usts I ut t rutry t ss. Crtvy, t rvtuty rs r st tt t tr xst rts r rs t rr
t rs rt rr by strt s, sys. Currty,
I rutrs r sr s s t w ruts rr rvt
uty, tu t ut rs t b s.
T rvt uty vrt Sutst s s bt rt. r t
rvt uty vstt br, T rvt uty rt Sutst s s t
vrrw t vuts r wr r t ts brs, tus rvt
uty rs w y w usts t x tr busss w vuts
r wr. wt t sy, Furtrr, rs C, I ustr w
t y ur w trts but w s t t t rv t rt
rr t rts.
O`YloaddZ]l`]egklaehgjlYfl_gYdg^hjanYl]]imalqjekgn]jl`]f]pl
)*egfl`kafqgmjhjaeYjqj]_agfg^^g[mk7
Prt rsts
M usts Irv rt rr rt s
]kljm[lmjaf_'j]fYf[af_\]ZlRs w t Ext urrt vstts
Otr
1 2 3 4 5 6 7 8 1
Sut Kr
J
ustrs
I
Sutst s
Grtr C
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+/
Gt C w wtss t st tvty, t 70 sts
Dst urtty r t Cs rwt rsts
rs ru ruts C s s 2 31, t rty
rsts, s ty st yr, vrwy xt t rtst ut
rvt uty tvty t t Grtr C rs u t t sr vu
g^ghhgjlmfala]k&Af^Y[l$l`akq]Yjkkmjn]q^gmf\l`Yl/(g^j]khgf\]flk]ph][l
Grtr C t xr t st tvty, s s t 6 st yr. I, t
tr , w ws rt t b t s st tv 212, t t tr
st, b Sutst s.
O vstt br sys, C s w t rrty r y b rs,
C w t rvt uty tvty t y s, but v by. T stv
r vrt C ts rwt rt r ut t r.
Cs s r tur b rts by str r r s r
yrs. Tus, rvt vstrs r utty ttrt.
O t tr , by us rvt uty vstr bs ustrs
sys, Rbust rwt Sutst s s t st ttrtv s rw
t trst rvt uty us. Sr s w t tz ts tr
wt ts strt t, ssbty t t rst t r, stbs
rstrutur ttrtv tx r.
Hd]Yk]jYfcl`]^gddgoaf_eYjc]lkZq]ph][l]\hjanYl]]imalq\]Yd
Y[lanalqgn]jl`]f]pl)*egfl`k2)5egklY[lan]3.5d]YklY[lan]!
1 st tv 2 43 5 6 st tv
Prt rsts
1 2 3 4 5 6 7 8 1
Sut Kr
J
ustrs
I
Sutst s
Grtr C 7
16
4
4
4
12 16 3 38
3 1 23 1 41
2 23 18 26
21 3 23 15 7
32 1 17 1 6
22 6
2 2
2
;`afYakfgol`]hjagjalq^gjeYfq_dgZYdjek$Yf\;`afYoaddd]Y\l`]hjanYl]]imalqY[lanalqfglgfdqaf9kaY$Zml]n]f_dgZYddq
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8 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
Khglda_`lgfKgml`]Ykl9kaY
Otuts st Sutst ss w w vt uty ys ttt s
To create an overview of private equity activity in Southeast Asia,Brandon Taylor, Editor for Remark Asia at mergermarket, spoke
with Ernst & Youngs Luke Pais, M&A Leader for the ASEAN;
Kelvin Lee, Transactions Leader for Vietnam; Preman Menon,
Director of Transaction Advisory Services in Malaysia; and Renato
Galve, Head of Transactions Advisory Services for the Philippines.
W r b t rr srs r rtrs GPs
y w yrs , Sutst s s st b rry
stt r rvt uty. I, sw rwt
C t rutry trs I tw vrt
utrs r GPs t t rus ttt r
us rvusy s s rss trub Eurz, v
w t stt t st t Sutst s, wt Sr,
Is, Mys, T, Vt t Ps
ut r vrtuy vstt t r.
Es rss t subr r rw t -t-
s ts, tr y t tu. T Wr B sys
tt Mys, t Ps, T Vt urrty
sws rss st rut GDP rwt rts btw
4 6. Is s xt t t 6.5 by yrs .
Grw sur rss Sutst s, surr by
t rs r ut u s 6 ,
s rt s r xs t sur
utur strs.
Nw, r t bt r Sutst ss rw
r, b rs r st u ust tvty,
s w s tr vr rs t r. Lst yr, b
buyut r Kbr Krvs Rbrts KKR rrv Sr,r by rvs Bst Gr tt, r t
Financial Times rrt.
Prvt uty t s b rs ry, sw s
sw, wt u rs t t urrt us r
strt w s.
stry, C I v b t rtrs
LPs rrs, but rsy w r s st vstt
strty rt Sutst s s stt r
tt st, sys Lu Ps, M Lr r t SEN. Cursty
r LPs s u, Sutst s s b vry
xt rt.
But w vb trtv t ts rt-sturt brs,
rt ruts t b bsrv, rst rst
w s t Sutst s utrs r tr vu
wrt t t t r s s tty. s Ps ts ut,
Ts r rt rts t rt sts vt.
But t s xtt, tt s t ttrtvss t rt.
t vt uty
s t twy t t r, Sr s s ut
rvt uty tvty s b rs rus t stbs tr
rs t ty-stt.
Lst Otbr, KKR br Sr, ts
svt t s-P r. S 25, KKR s vst
US1b Sutst s tru tb trsts vv
Sr-urtr s v, Ust MMI.
Otr b buyut us, su s TPG Ct CVC Ct
s v s Sr. CVC ts
af_Yhgj]g^^a[]af*((/Yf\`Yk]klYZdak`]\k][lgjl]Yek
us vstt rss Sutst s.
K us t b rr bs r rvt uty vstrs
trt t r, but w tyr v t Sr
;mjagkalq^jgeDHkakhaimaf_$Yf\Kgml`]Ykl9kaYakZ][geaf_Yn]jq]p[alaf_eYjc]l
Dmc]HYak
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+
s, Ps sys. Its t sy t st K
srv t rt r tr. I yur t t rt,
tvy t t t t, yur t ssry
tt t rst bt w s u.
Sr-bs ubs r uy b t r s
tt r tr rvt uty rs s-r
rrts r ssts usts ts u, r
r rtrs tr rs t t wt st t
rtr rsurs t Sutst s. Srs rutry
vrt, sy, s rvr r tvty. Surs
r vstrs t vr s busss t s
t tvs t rt t ty-stt.
Trs ut szb ut us vb t vst,
Ps sys. Sr struturs r ttrtv t
trt vstrs.
Dsv t s wt tt
Sr y b t usut r ub r rvt uty,
but yr tr s rtuts wt svry t
vu ursts, by Is, T Mys.
S 211, Is s s 13 s wrt s t
US, r t rrrt t. T srw
r ts stbty tt s
r vstrs s y t rw rs us r
r us t r, Ps ts.
D vu T vr t s t r tt y
US114 tw trsts. Ps sys tt s rvt uty
tvty rss tr Sutst s rts, T
s b ss tv.
But wt y rtuts y s. s r
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1 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
Khglda_`lgfKgml`]Ykl9kaY
rv rvt uty rs, vstrs ust s v wt s-r
rrts, rtury ts t r J, r
wt ts syrs tt rvt uty rs t
t wt.
wvr, w t s s, rs u rs r
tts b t tz r tr Sutst
s ssts, s vstts t strt buyrs t ty
ru. I 211, Nvs Ct Prtrs s Sr-bs
Ks Stywr Lt, uturr ustr sty
twr rs rttv ut, t US-bs
yw Itrt r US345.8. Nvs urs t
y 28 r US83.5. Tt ws r by
Nvs s Ltxt, Mys-bs r sty
rubbr-bs ruts urs r US31.1, t t Wr
Gru r US2.
Mys, t, sts ut s r stt r rvt
t. Wt v sstt, trsrt
rutry vrt w brrrs t try, Mys s
t sr stts r rvt uty vstrs uts
Sr, sys Pr M, Drtr Trst vsry
Srvs r Mys. t, st ts vs, Myss stry s wr vs rvt uty vstt,
wt ry syst s, tr tt s y t
s bussss uts Myss brrs.
Gw s
Vt y t b vstrs rst t y rsurs
t ts w y t v rt
srb stvs but wt t s ttr
t r t s u r stbty. T ry us
ut stbs t r v rt r
, v t vr br
ursts.
Rt w, Vt s r t, s t str
s ut ry, sys Kv L, Trsts Lr r
Vt. I t Sutst s r, ts s tt
s rvt uty r t ywr s.
E srts s, t rst s
r rvt uty vstrs Vt s trt uty.
Tr r w s, but u Is, Vt s w-ru rvt str, t s t b t t
s ts bussss t t xt v, L ts.
D sz s s t rvt uty rwt, s -sz
us wt uwrs US5 t y stru t
s rt t US1 r. Mst s t
US35US5 r. r t rrrt t,
s r KKRs urs 1 st Ms Csur
Crrt, rut strbutr, r US15 211,
t y tr tb s wr US-bs TPG Cts
hmj[`Yk]g^Y)(klYc]af>H;gjhgjYlagf^gj+/eaf*((
Ts s urs 1 st M Pu
]Y^gg\;gjh&^gj*)eaf*((/&
r rt rvt uty yrs t Vts
rt s st t utry t b trt r
vstt t yrs s vstrs t br
ut r Sr, Is T. Strs urrty
xr y uwr tvty u s strt t s
t w s GPs b br wt ttrs r
ssts, rtury t sur s, srvs
tr -xrtb strs, L sys.
s r Vt, t Ps wts ts sr
vstt. stry, rvt uty rs v t
Oal`Y`a_`d]n]dg^kgh`akla[Ylagf$YljYfkhYj]flj]_mdYlgjq]fnajgfe]fl$Yf\dgoZYjja]jklg]fljq$EYdYqkaYakgf]g l`]]Yka]j\]klafYlagfk^gjhjanYl]]imalqafn]klgjkgmlka\]g^Kaf_Yhgj]
Hj]eYfE]fgf
L`][mjj]fllj]f\akk]]af_YjYha\k`a^lYoYq^jge[gjjmhlagflgljYfkhYj]f[q$^gkl]jaf_Yegj]o]d[geaf_]fnajgfe]fl^gjafl]jfYlagfYdZmkaf]kk]kYf\[j]Ylaf_
[gf\]f[]Yegf_^gj]a_fafn]klgjkJ]fYlg?Ydn]
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 11
trst t utry, s rrsttv
s s . Ts ws ry u t t stbty,
but tt s . T urrt tr s s r st
wy r rrut t trsry, str r
w vrt r trt bussss rt
r vstrs, sys Rt Gv,
Trsts vsry Srvs t Ps.
O rtur str tt u s rv tvty srstrutur r rs rs t rts wr s
w t r t s ts rby .
r t t Wr B, t Ps rs s t
t stts s r rvt vstt, r
ttrs Is Mys. s t, wvr, tt
vstt s b usty t bst, s t by rt
Financial Times rrt, rs r US5.5b 2
t US1.1b 211. Ts rtuts, t wt t
utrys stb t rts t stbty, st t
rs t Ps r r rvt vstrs.
O busss
L t r t r, Myr s tur wy r ts
ty rrssv st br rr. r st
t ry, r by t try- vrts t
rrs ry 212, s s t utry
t t rst t wr. s sts r t Wst r t,
tt vstrs wrw r t t, but brrrs r
t b br br Myr s t rs ts Sutst
s brs.
Rs wr rstrutur r srt suy, L ts,
ut ws rtt vstrs r . Mst
trsts r s st ut s rt r us
s rr.
Rt w ts ry-st stry, Ps ts. Ts s
rtury tru t b syst t s t r u t
trt strs s s trt sttuts
t stbs rs.
Tt st st utts, s trst tt
t tr t ry ut rt rws. rsur-r
utry, Myr w y s xs vstt,
rtury ts s str, Ps sys. ry,
Is s v strt tr rt try: r
t rrrt t, Is-st r
s rvw tt usts Myr,
T, t stt-w Is y, s rr
t vst u t US18 t .
O rrs t t rss r
rz, vstrs w b b t uy utz Myrs uu
r st s btw Sutst s C
I. w-st br r rw utur
bs r s y t rw bussss r vbtrtv rts t C.
W rsts bu rss Sutst s, rvt uty
vstrs bts t t ts w rtrs r rwt w ry
ry tr bty t t t v xbty.
Ts s rtury tru s tw ursts xbt t s
rutry vrts. Rss r but but s t r t
trsurs r r r rvt uty r vstrs.
L`]j]Yj]Y^]o_]ek$Zmlmfdac]Af\gf]kaY$Na]lfYedY[ckYo]dd%jmfhjanYl]k][lgj$Yf\[YhalYdak_gaf_lgZ]f]]\]\lglYc]kge]g^l`]k]Zmkaf]kk]klgl`]f]pld]n]d
C]dnafD]]
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12 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 13
tr sttut vstr Sutst s s t ts, sy, L t t
ut s utrs t r rrs t r, I t rvt
uty w v rt rtuts t vst t t r str. I y s-
P utrs, s t r us u u u vrt
s, tus vrt s r r rrs vts t
t r syst.
Gv t urrt vrt, w tr strs u bt
r t vut t. s vstt br uts t, I t tr r t
rtuts rt utur, w r stru ts rts
v stry w vuts.
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14 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 15
St szt s b ttlg9kaY%HY[a[hjanYl]]imalqafn]klgjk
Mrrr rsuts r ur rvus survy, str szt s rtt t
t rty rsts. Sty r rsts ts yr sr str
szt bt vry rtt swt rtt, rs rsut
rw sstt s-P rvt uty.
O sttut vstr sys rvt uty rs tt sz rt str
v t sur s s t tru t t. Str
szt ws ts rs t ty -tt str yrs. Str
szt s s rvt uty rs r strty, w tr r br u t sur ty trt y -y ty
s, sys.
Nt rsts sw r str szt. O s t ws ussry
sr t r bu rtuts t tr ustry xrts
vsrs. Otrs sy szt t s ss urt
wtrs st rs tt. O rst sys, Str szt
s ust t urrt vt busss vrt, t bts r . It
rvs t uty t by b b t ty t rt trts by b
b t rr str u .
@goaehgjlYflakk][lgjkh][aYdarYlagf^gjhjanYl]]imalqafn]klaf_
af9kaY%HY[a[7
Vry rtt Swt rtt Nt rtt
4
38
13
K][lgjkh][aYdarYlagfakYemklafl`][mjj]flngdYlad]Zmkaf]kk]fnajgfe]fl$Yf\l`]Z]f]lkYj]`a_`
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
18/64
16 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
19/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+)/
Rsts xt w xts tbuyuts t 2012
Mt buyuts r t st sstt ttt r rsts
rss subrs s rvt uty vstrs t rv t r t
ts ry t t vr wrs t s ty ru. Fr x, r
lg0*Yf\/*g^j]khgf\]flkafYhYfYf\?j]Yl]j;`afY$j]kh][lan]dq$l`]Zmdcg^
s r xt t v ts .
W vus r w, trr s r xtts r xts, y rsts
st s rtuts r sry buyuts, w r xt Sut Kr,
ustrs Sutst s by s t tr-urtrs rsts.
O su rt x ws US-bs Kbr Krvs Rbrts C.s Ju 212
ust 63 st Gss Cr Pty Lt., t ustr-bs t r
r rt twr ry r r sts, r vt Prvt
Ct Pty Lt., t ustr-bs rvt uty r, r rxt s
srt US352. r t rsts, tr su s r xt
t w.
Gn]jl`]f]pl)*egfl`k$o`Yllqh]g^hjanYl]]imalq\]Ydk!\gqgm]ph][l
lgeYc]mhl`]Zmdcg^ljYfkY[lagfkafqgmjhjaeYjqj]_agfg^^g[mk7
Prt rsts
Mt buyut Sry buyut
Prvt vstt ub uty PIPE
IBI 214
Pr-IPO vstts
IBI 5Isttut buyut 1 st
Isttut buy- 2
ExtT rvt
1 2 3 4 5 6 7 8 1
Sut Kr
J
ustrs
I
Sutst s
Grtr C
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7/29/2019 Asia-Pacific Private Equity Outlook 2013
20/64
18 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
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21/64
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
22/64
2 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
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23/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 21
T s sty t tt v ss9kaY%HY[a[[gehYj]\oal`*()*
I rtur, rsts us Grtr C I xt rtr us
bt t trsts 213. Lst yrs survy u tt 55 6
rsts xt -25 vr rt, rstvy. Ts yr,
rty rsts bv vr w b t 26-5 r, st rtvy
w by b strs. O J-bs rvt uty vstr wt s-P
r sys, Lvr s rs rvt uty trsts but s st wr t
t r-rss vs. tr b rvt uty vstr bs us
ustrs xs, Ds wt ss vr t t b r sussu t y
vr s s ty v ss bur rry rwr bt, vstrs us rv t vu t ur y.
Ts vrs t bt ss t b rtury tru Sut Kr-us rsts,
w tr-urtrs tt bt vs ur s t b t t
wst t r.
@goem[`d]n]jY_]\gqgm]ph][loaddZ]mk]\afhjanYl]]imalqljYfkY[lagfk
gn]jl`]f]pl)*egfl`kafqgmjhjaeYjqj]_agfg^^g[mk7
Prt rsts
-25 26-5 )%/
1 2 3 4 5 6 7 8 1
Sut Kr
J
ustrs
I
Sutst s
Grtr C 1
31
2
26
45
75 12 13
45 1
53 21
53 18
61 8
162
D]n]jY_]`Ykaf[j]Yk]\afhjanYl]]imalqljYfkY[lagfkZmlakkladddgo]jl`Yfl`]hj]%[jakakd]n]dk
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
24/64
22 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
25/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 23
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7/29/2019 Asia-Pacific Private Equity Outlook 2013
26/64
24 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
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27/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 25
Ds su s tss vsyts st s s tt y ts 2013
y t st yrs rrt ws t ttv vu- rst tt
rvt uty us r t vstrs t xt usstt
rt. W rs rtss wr y rr r sur s,
r t rsts st yr, rsts xt w rtuts t
rty r rrt srs 213, tu st wt ss rs
rtss, rtury Grtr C Sutst s.
O t tr , I Sut Kr, 82 63 rsts, rstvy,
sy vsry trrs r t rry s r sur w rtuts.
sttut vstr I sys, Sur s I C s t ssu.
I I t rss t rvt uty buyrs srs rsy vvs
trrs.
tr sttut vstr ustrs sys, Nw rvt uty rs r ry
rs rtss sur trts tru twrs. T xr
t vstt t s wys t st rb s ty w wr wt s
t rt. But w rvt uty rs vtur t w rt ty
t us vsry trrs r rty r rrt trts.
Afqgmjghafagf$o`YloaddZ]l`]hjaeYjqe]l`g\^gjkgmj[af_9kaYfhjanYl]
]imalq\]Ydkgn]jl`]f]pl)*egfl`kafqgmjhjaeYjqj]_agfg^^g[mk7
Prt rsts
Drt r rrtstrt Prs rtss
Drt r PE
vsry trrs
Pr-IPO Ivstts Mrt vts
Drt rtO rt xs
1 2 3 4 5 6 7 8 1
Sut Kr
J
ustrs
I
Sutst s
Grtr C
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28/64
26 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
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29/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+*/
;YhalYdgokYf\afn]klgj\]eYf\
Afn]klgjYddg[Ylagflg9kaY%HY[a[hjanYl]]imalqak]ph][l]\t s t st wt 2012
I tt, ry tr-urtrs rsts xt r LP t t tr t
rt 213, r wt 68 212. t t s t, t s rt
t u s ts t s-P rvt uty r xt t rs
sty, r t 3 rsts, r wt ust 1 212. O
s-P-us rvt uty vstr bs Sutst s sys, B vstrs
rvt uty us, su s b s us, uvrsty wts y
s, r rs tr t ts r vstts rvt uty s-
P bus r rwt, rv rrt vr r rturs.I tt str u t t by t LPs t r
ts tur r vrb.
Gn]jl`]f]pl)*egfl`k$o`Yl\gqgm]ph][loadd`Yhh]flgDHafn]klgj
Yddg[YlagfkeY\]lgl`]9kaY%HY[a[hjanYl]]imalq[dYkkYkYo`gd]7
Af[j]Yk]ka_fa[Yfldq Irs sty
Drs sty
Sty t s
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30/64
28 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
;YhalYdgokYf\afn]klgj\]eYf\
b u sttut t GtC s xt 2013
st tr-urtrs rsts xt sttut t t r Grtr
;`afYgn]jl`][gmjk]g^*()+$YkmZklYflaYdaf[j]Yk]^jgel`]/g^j]khgf\]flkl`Yl
s t s 212. Rst vws rr t ws r Nrt r
Eur r ruy t s s ty wr 212. wvr, ustrs
Sut Kr LP t s xt t w t t rt r t 42 3
g^j]khgf\]flk$[gehYj]\oal`/Yf\0g^j]khgf\]flna]okaf*()*$j]kh][lan]dq&
b sttut vstr Grtr C sys, Eur Nrt r
sttut vstrs r t rs tr vstts rvt uty us
s-P. T rtuts r t tr st rts v sru s
rturs v wtr, tus ty r rs tr vstts wr ty bttr rturs. s ty r tvt by t rutry s s vrts
v urt rtury t ttrt ts r sttut vstrs.
O`]j]\gqgm]ph][legklafgokg^afklalmlagfYd]imalq[YhalYdaflg
9kaY%HY[a[hjanYl]]imalqoadd[ge]^jgegn]jl`]f]pl)*egfl`k7
Prt rsts
1 2 3 4 5 6 7 8
J
Eur
Sut Kr
ustrs
Nrt r
Grtr C 74
47
42
3
28
7
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31/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 2
Sy t t s t s, t 60 sts
T rss 28 t su tur t yrs w rt
LP vstrs t wr vr t sr r uty. T rsut s b rs
tvty t sry rt. I s-P, t tr s b swr t
trz t r v rts t Wst, but tvty t sry
rt w u t r, r t 6 rsts, tu st 53
xt ts t b st.
O rvt uty vstr I sys t r bs tr xt rtuts
r rt s s LPs t tur t t sry rt r s trvusy. tr sttut vstr us Sut Kr sys tt s y
rt s r st ub r uw t xt, LPs r us sry tvty
t s.
O`Yl\gqgm]ph][l^gjl`]hjanYl]]imalqk][gf\Yja]keYjc]la&]&DHk
Zmqaf_Yf\k]ddaf_]paklaf_[geeale]flkYf\afl]j]klkafhjanYl]]imalq
^mf\k!af9kaY%HY[a[gn]jl`]f]pl)*egfl`k7
Af[j]Yk]ka_fa[Yfldq Irs sty Drs styR t s
53
32
8 7
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32/64
3 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
;YhalYdgokYf\afn]klgj\]eYf\
Fu ss u sss t t sst v b tt Ps w vsttsaf9kaY%HY[a[^mf\k
Cr wt 212, u s b r r rtt r sttut
vstrs vut w u rtuts s-P. W t t
xr rs t ssu, t t st yr, u rsss t t st
^gj/)g^j]khgf\]flkaf*()+$[gehYj]\oal`mkl*af*()*&al`Y`]a_`l]f]\
wrss ru rrut, tru u s b rut,
u rsss ust b rr t t t s-Ps rts,
y w r substty r tr Wstr uvts.
Du s, rst Grtr C ts ut, ts uusuy
t. T rt s yt t br trt strs, u
rsss b utt. Ry str rsuts s t rt urt tur t y. sttut vstr I sys, I s
rts, u tt rs y t u bs s t u. Ist,
u s t b by tr ubs rt r t by
trvw ustrs, surs, ttrs rtrs t t urt
rt but t trt st rtty ts bts.
Prt t t xr t t t, rvt uty vstr
J sys u vstt rsss t rt rsts
rbs, rt vstt ts rts sbty ssus. r t
t rst, s t ustry s tur, rvt uty s b rsy
ttv, suss ty s ss t s, w s y
ssb wt y xr t t.
Gn]jl`]f]pl)*egfl`k$o`YloaddZ]l`]egklaehgjlYflakkm]^gj
^mf\afn]klgjko`]feYcaf_f]oYddg[Ylagfklg9kaY7
Prt rsts
1 2 3 4 5 6 7 8
Itr trs
str rsuts
Gr t t vstt t
>mf\\an]jka[Ylagf
Mt txr
Du rsss 71
57
42
32
32
2
-
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33/64
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34/64
32 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
;YhalYdgokYf\afn]klgj\]eYf\
Rsts t tt y bs s t^gj9kaY%HY[a[kljYl]_a]k
Wt LP trst s-P rvt uty u rss t br, 44 rsts
]ph][lf]o^mf\klge]]l^mf\%jYakaf_lYj_]lkaf*()+$Yf\/]ph][l^mf\%jYakaf_
t sty x trts. I st yrs survy r t rsts xt
w u rs 212, s ts w us rs t, w xt t t
utr st rbs. Furtrr, wt r t t rt, r
tt s xt 213.
9lfYd[dgk]$9kaY%HY[a[%^g[mk]\^mf\k[mjj]fldqjYakaf_f]o[YhalYd
oadd\go`a[`g^l`]^gddgoaf_[gf[]jfaf_e]]laf_^mf\%jYakaf_lYj_]lk7
a_fa[Yfldq]p[]]\ Sty x
F sty srt
Mt
>Yddka_fa[Yfldqk gjlg
47
44
612
-
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35/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 33
@Yd^g^j]khgf\]flkY_j]]9kaY%HY[a[oaddj]eYafYZja_`lst t b y, ttt vt utyt t t 2013
Fty rt rsts xt s-P s t t s bs
tr b y, y rs r rs rvt uty vstt t
r. t t s t, 43 xt ttr uty, wt 22 xt ts t
t r strss rtuts tr 21 tt tt uty ssus wrt rtuts r vstt ty s. Fw rsts xt
b urtty t sw s-P rvt uty vstts sty.
O`YloaddZ]l`]_j]Yl]kl]^^][lg^l`]_dgZYd][gfgea[kdgo\gofgfhjanYl]
]imalqY[lanalqaf9kaY%HY[a[7
9kaY%HY[a[oaddj]eYafYj]dYlan]Zja_`lkhglafl`]_dgZYd][gfgeq$Yf\9kaY%HY[a[k_dgZYdk`Yj]
PE tvty w rs substty
Ttr uty w t r strss vstt rtuts
Ttr uty w rt vstt rtuts ty s
Urtty w us w vuts sw tvty
>afYf[af_^gjhjanYl]]imalqafn]kle]flkoaddZ]\a^[mdllgY[[]kk
5
22
21
52
-
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36/64
34 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
;`Ydd]f_]klghjanYl]]imalq
Ctt t us ts t st [`Ydd]f_]k^gj9kaY%HY[a[hjanYl]]imalq
9[[gj\af_lg/g^j]khgf\]flk$l`]_j]Yl]kl[`Ydd]f_]lghjanYl]]imalqafn]kle]fl
213 w b tt r strt rrt vstrs w sts
r b t y r rs r ssts w w rt rtr b bsts
r buys t tr rvt uty vstrs, svr wt us r LPs
rt vst. t t s t, r urtty w b ,
Y[[gj\af_lg/)g^j]khgf\]flk$Yf\j]_mdYlgjqakkm]koaddZ]Y[`Ydd]f_]$Y[[gj\af_
t 66 tw y ts t wt r t 12 ts.
rvt uty vstr sys, Crrts rss s-P t sur s u
s rvt r sttut vstrs ur t rss. Crrts v vry str
s st r rssv twr M rtuts. Ts s rt sttt r rvt uty vstrs rv vuts u.
O`Yl\gqgmk]]lgZ]l`]egklka_fa[Yfl[`Ydd]f_]k^Y[af_hjanYl]
]imalqgn]jl`]f]pl)*egfl`kY[jgkk9kaY%HY[a[7
Prt rsts
1 2 3 4 5 6 7 8
T u rvt utyt t rt
Estbs vbxt strty
-
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37/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 35
Ctt ts s st ut Gt C Sutst s
Ctt w rvt uty vstrs Grtr C Sutst
s, r t r t 8 rsts subr. t t s t,
rutry ssus I Grtr C r xt t rt yrs,
Y[[gj\af_lgYf\/0g^j]khgf\]flk$j]kh][lan]dq&gj]l`Yf`Yd^g^j]khgf\]flk
us ts ts s xt vrvu trts t urb rvt uty tvty.
Sutst s sttut vstr rry us Grtr C sys, T
r tr r rts t ut r t t wr s t vut st
btw buyrs srs u t vt ub uty rts s v
rv urtty. Srs r ut r t ty tr uts r
rs tt wr tr t rt s, but rvt uty buyrs r
rutt t strt tr bs t t srs r xtts.
I Sut Kr, 63 rsts sy uts rs t w b
r rvt uty vstrs tr, rty J ustrs xt
tt r strt buyrs t rst t rtst .
O`Yl\gqgmk]]Ykl`]egklka_fa[Yfl[`Ydd]f_]k^Y[af_hjanYl]]imalqgn]j
l`]f]pl)*egfl`kafqgmjj]_agfg^^g[mk7
Prt rsts
Ctt r s-r rrts Mr urtty
Ovrvu trts
Rutry ssus
-
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38/64
36 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
;`Ydd]f_]klghjanYl]]imalq
T xtts tt s ss s-HY[a[kkmZj]_agfk
Mst rsts vry subr t t strt buyrs, subrs xt
Sut Kr-bs rsts xt tt r tr rvt uty vstrs.
I C, wr str rvt uty rt s v, tt r
y-bs rs w rtury b yrs. Furtrr, svr
wt us r xt t v rvt uty us tt Grtr
C, ustrs Sut Kr, r t ruy 6 rsts
subr. W ts s sr t st yr Sut Kr, r rsts
xt svr wt us t rvt uty us Grtr C ustrs 213.
O`a[`Za\\]jlqh]oadd[j]Yl]l`]egkl[geh]lalagf^gjhjanYl]]imalq
afn]klgjkafqgmjj]_agfg^^g[mkgn]jl`]f]pl)*egfl`k7
Crrtstrt buyr Otr rvt uty vstrs
Otr LPs rt vstSvr wt us
Prt rsts
1 2 3 4 5 6 7 8 1
Sut Kr
J
ustrs
I
Sutst s
Grtr C
-
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39/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()++/
J, Gt C I t t b t st ts
J, rtvy v rvt uty rt, s rt t b t
tw st ut vstt rts by 2 rsts. r t rvt
uty vstr J, T s bst rvt uty rs
J s t rutry vrt. Ruts J w y s tys
vstt s, w r usutb r y rvt uty rs. J s s
rtuty ry bus ts r y r urtty.
Gv tt r w, t s ubr rsts t t GrtrC s t st ut, I, wt ts rutry urtts
vut xtts, s xt t b st ut by 22 rsts.
Gn]jl`]f]pl)*egfl`k$o`a[`j]_agf\gqgml`afchjanYl]]imalqZmq]jk
oaddf\l`]egkl[`Ydd]f_af_afl]jekg^mf\]jlYcaf_Y[imakalagfk7
J Grtr C Sut KrI
ustrs Sutst s
2
2
22
14
3 3
-
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40/64
38 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
;`Ydd]f_]klghjanYl]]imalq
Sutst s usts xt t b t st ts
I trst t st yrs survy, w tr ws ssus r t st
rt s-P, 43 rsts sy Sutst s s t rt wt t
wst s r rvt uty vstt vr t xt 12 ts. tr 3
rsts t t ustrs s st .
ustrs-us vstt br srs ts wt
rvs s ubr s t subr. Tu ss t bt
s sy, trst rts r vry ustr, w s bt usb r yvstrs. Ctt r rrt buyrs s t st st
r t rvt uty rs t utry. ustr ry s t
rtuts, s tt r ts rtuts s rs, trt
vuts v rs sry.
Gn]jl`]f]pl)*egfl`k$o`a[`j]_agf\gqgml`afchjanYl]]imalqZmq]jk
oaddf\l`]d]Ykl[`Ydd]f_af_afl]jekg^mf\]jlYcaf_Y[imakalagfk7
Sutst s ustrs
J
Grtr C
I Sut Kr
43
3
12
8
43
-
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41/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 3
Cs s vut xtts t s tst v
9[[gj\af_lgegj]l`Yf/(g^j]khgf\]flkaf]n]jqkmZj]_agfY[jgkk9kaY%HY[a^a[$
sr vut xtts r t t rs s t s. Itrsty,
srs w r uw t v u t tr wr r r
Sutst s, I, J Sut Kr, wr y wrs r t stt
t s tr vs s. L rutry ssus stru r wt
88 rsts I 6 Grtr C, utur t\a^^]j]f[]kYj]YeYgj[`Ydd]f_]afgml`gj]Y$Y[[gj\af_lg/g^j]khgf\]flk
us tr.
GfYljYfkY[lagfYdd]n]d$o`YlYj]l`]Za__]klgZklY[d]k^gjhjanYl]]imalq
afn]kle]flafqgmjj]_agfg^^g[mk7
Srs vut xtts r t Srs uw t v u t tr
Txt ssusLrutry s
Cutur r t rs Crrut trt
]dd]jk\gfglmf\]jklYf\l`]Z]f]lkg hjanYl]]imalqafn]kle]fl
Prt rsts
1 2 3 4 5 6 7 8 1
Sut Kr
J
ustrs
I
Sutst s
Grtr C
-
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42/64
4 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
L`][`Yf_af_^Y[]g^hjanYl]]imalq
T us t t ts tus t s t
Cr wt st yrs survy, w 43 rsts sw rs us
tr rt rtrs, 5 rsts v bsrv sr rs ts
yr. b sttut vstr us Grtr C sys, Nw, rts
rt rsss r rsy y rtt r rv rt
vus r s rvt uty. W t rv t rr tr
rt s, t rty t rvt uty rs wys s u r
tr tr vstt rsss rt rtrs.
@Yn]qgmgZk]jn]\af[j]Yk]\mk]g^Yfqg^l`]^gddgoaf_afgj\]jlg[j]Yl]
af[j]e]flYdnYdm]afYhgjl^gdag7
Prt rsts
1 2 3 4 5 6
N t bv
Extr vsrs
Extr tsutts
Itr rtsurt t
Itr rt rtrs 5
35
2
21
22
Fgo$gh]jYlagfkYf\hgjl^gdaghjg^]kkagfYdkYj]af[j]Ykaf_dqhdYqaf_YfaehgjlYfljgd]afaehjgnaf_hgjl^gdagnYdm]k^gj9kaYfhjanYl]]imalq
-
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43/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 41
L`]jak]g Yljmdq_dgZYd9kaY%HY[a[hjanYl]]imalq^mf\s t st tw ys wy, t 52 sts
s s-P us rw sz rwss, t ust wtr ty w
tz vstt rtuts uts s-P r ubrs rs
ur. r t 52 rsts, ts rss w t r t tw yrs.
t t s t, 48 bv ts w wt t xt tw yrs tu, st
3 sy ts w t btw 18 24 ts.
rvt uty vstr Sutst s bvs wt t xt yr s-P
rvt uty us w u rtuts swr, sy, s t ur rss
s , rvt uty rs bs s-P w v trst strssssts w vst Eur. My rvt uty rs r s t vst tr
r rs r Lt r.
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-12 ts 12-18 ts 24 ts18-24 ts
16
2
52
3
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42 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
L`][`Yf_af_^Y[]g^hjanYl]]imalq
s-bs vt uty us s t s t tb s 2013 t 2012
Wt y LPs t vst wt utry-us us s-P,
vrw rty xt s-P us t b us
rs t xut trsts. Prtury wt rst t u-rs,
rsts xt s-P us t t sty rs t 51
r 38 212. Furtrr, st yrs survy, 18 11 s tt s-bs
us wu t sty stbs b us r u-rs
xut trsts, urs tt v s 213 t 3 5, rstvy.
@goka_fa[Yflakl`][geh]lalagfhgk]\Zq9kaY%ZYk]\hjanYl]]imalq
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f]pl)*egfl`k7
Prt rsts
]jqka_fa[Yfl ge]o`Ylka_fa[Yfl glka_fa[Yfl
1 2 3 4 5 6 7 8 1
I trs xut
trsts
I trs rs t 51
48 47 5
46 3
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 43
72
28
Egj]j]khgf\]flk]ph][l\an]jka[Ylagfg^hjanYl]]imalqstts 2013 t 2012
Af*()+$/*g^j]khgf\]flk]ph][lhjanYl]]imalq`gmk]klg\an]jka^qg^^]jaf_k$
r wt 62 212. Furtrr, strts xt t ttt u
n]flmj][YhalYdY[[gj\af_lg+)g^j]khgf\]flk$af^jYkljm[lmj]Zq*/g^j]khgf\]flk
us us by 14 rsts.
rvt uty vstr us Grtr C sys, Prvt uty rs s-
P r w t tr xr twr vtur t, us ry-
rwt-st vstts ubr strs. Vtur t s sw
utst tr rr s-P, t xt rturs v truvtur t r ttrt rvt uty rs.
tr rvt uty vstr us Grtr C sys, Prvt uty rs r
rsy tt rtb t rss wt rstrutur vstts, ty
r r t rstrutur rts.
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44 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
HYf%j]_agfYdna]og^hjanYl]]imalq]f\]Yngjk
Rvrs wwr tr tvty w t b
rss 28, rvt uty u rs r
rs us buys rss s-P. Gb
vstrs t r t bts t rs rwt tr
v st tr sts s-P, s ss s b t
tr rs. I, s rvt utys trt s
t Ut Stts Eur st ustr stts
r wr rtuts, vstr ttt s tur Est.
Prvt uty buyut tvty rss s-P rs styr 2 t Q3 212, Q2 211 br b
sw v t 212. T vr
ljYfkY[lagfngdme]\mjaf_l`Yllae]oYk/\]Ydkh]jimYjl]j
wt vu rxty US15 r .
O vr, sz ws ur vr t st tr yrs,
wt 68 trsts wrt ss t US25, r
t rrrt t. Tu vst rty s wr
ss t US25, 211 sw urus trsts vu t
w bv t US1b r, u 5.44 st ust
C Cstrut B by Ts s- ru
vstrs r srt US8.2b t Cry Grus
urs Nur-w Tsub Ns, Js
uturr, r US1.13b. Mr rt r- s
u K-bs ty Euty Prtrs ru
vstrs ust 24 st Sut Kr
sur y, Kyb L Isur, r srt
US1.6b uust 212.
Ds wrt US25US5 s 211, ut
^gj/g^\]Ydkl`Ylq]Yj$mh^jgeaf*((Yf\+af*()(&
Lws, t US5US2b r sw rssv rss,
oal`)/\]YdkY[[gmflaf_^gjg^l`]lglYd$Y[gfka\]jYZd]
ut r ss t 1 2 2 21.
ys usts
Rsts st yrs s-P rvt uty ut
s ry, utts wu y t rtst rvt
uty tvty rss s-P, but r t rrrt
t, tt tt ws wr t ustrs s ts yr.
I, t str ws rtury t str by vu, wt
)/ljYfkY[lagfklYcaf_hdY[]gn]jl`]*((lg+*()*h]jag\
64 t 211 , wt 212 s 25 trsts
t rst tr urtrs t yr. T str ut r
18.25 rvt uty s s-P r t t
r.
Sur: rrrt
Sur: rrrt
Ovvw
Value(US$m)
Numberofdeals
9kaY%HY[a[hjanYl]]imalqZmqgmlY[lanalq
9kaY%HY[a[hjanYl]]imalq\]Ydkar]Zj]Yc\gofZqnYdm]
Vu
US25
Vu US
US25US5 US5US2b
US2bUS5b US5b
5,
1,
15,
2,
25,
Q312
Q212
Q112
Q411
Q311
Q211
Q111
Q41
Q31
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25
5
75
1
1
2
3
4
5
6
7
8
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27 3722
3 28
11
35
14
12
6
64
14
35
12
17
1
1
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8
3
26
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 45
Ery, utts y 5 s wrt US8.b
s 2. Ntb tvty vv t ust K
Ptru, Mys-bs trt r suts
rvr r t s ustry, by Itr Ky, t rvt
uty r My B, r US1.3b 211. W
tvty s b ustr, r trst t str sws
tt.
T sur, TMT busss srvs strs r w, wt133, 131 111 s, rstvy. Ds t sur
str v b rw sty s 2, wt 2 s tt
yr, w by 38 21, 41 211 25 s Q3 212.
T sur str s rs urty t st
rvt uty rs utt rrts
s subr by bur ss C
rw ut ut Sutst s ss
r sur s t .
Mr rvt uty s v sw ut trst
t str. C-bs rvt uty r y Ct
5.24 ust Su, t Cs r
s tt rts strs rss t utry,
^gj/*eafmf]*())Y\]Ydl`YloYkhj][]\]\Zq
Mys rvt uty r Nvs Cts buy 45 st
ustr Rt r Gru r US21.
I trst, t srvs str t t t st
trs tvty by vu wt ty US28.33b, ut
r sty r t -t tt vu s 2 t21.83. I t t t rt Ts buy, r
s t ws KKRs ust, wt TPG Ct t
Gvrt Sr Ivstt Crrt, 34.3
st C Itrt Ct Crrt Lt 21
r US.
T sur str s st twrty tvty, wt
ts 133 s y US1.38b.
Fr vut rstv, t rrt ttrbut t t
srvs str sry tr 211 s t ws
stry t by t ssv Ts tt yr. Wt
Sur: rrrt
Sur: rrrt
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F srvs
TMT
Lsur Cstrut
Ery, utts
Trsrtt
rutur
Iustrs s Csur
TMT Busss srvs
F srvs Pr bt
Ery, utts Cstrut
Trsrtt Lsur
R stt rutur
Ds
Csur
Iustrs s
Busss srvs
Pr bt
R stt
21.8
14.
12.31.5
7.2
7.2
6.2
5.6
5.3
4.52.3
1
18.3
15.5
15.212.
7.3
7.
6.
4.1
4.
3.62.3
1.51.4
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46 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
HYf%j]_agfYdna]og^hjanYl]]imalq]f\]Yngjk
US15.5b wrt s, ustrs s urrty
sts tr , b t sur str. Ts tw strs
Y[[gmfl]\^gjYhhjgpaeYl]dq*/g^lglYdhjanYl]]imalqZmqk$
bry wt rw b trst utur
sur s s utrs rss t r, C
rtur, trsr r utur-bs s t
s bs sut.
Bus-y s-P
Usurrsy, C u K I sw t
st rvt uty tvty 212, wt 24 28 s,
rstvy. Mrrrt t sw tt s t Q3212, I 43 s, Cs 36 r t yr. By
vu, t tw v b vy t, u trs r
rvt uty us us, but by vu, C sw sty
r rvt uty rs US43.3b t Is US1.4b
Y[[gmflaf_^gj++&+/g^hjanYl]]imalqnYdm]kaf[]*((lg
Is 8.3.
Ds C wr rty t srvs
sur strs, wt sty wr s t trty
trt utur r. I t sw r tvty
srvs, tu t t strs vv t
uttv ustry ry, wt r b yrs
Nvs Ct Prtrs, B Ct, KKR Bst tv
rtts t strs.
Surrsy, Sutst s, w rsts st yrs
survy r s t tr st y r r tvty
w s b trty s trtv rt t
sturt rts C I, srt xtts.
E rwt rss t subr s rt yr
rtuts r rvt uty, v Sutst s r r
afn]kle]fl&@go]n]j$gml`]Ykl9kaY`Y\gfdq/ljYfkY[lagfk$
b ustr, J Sut Kr, s 2. By vu
vu, r rt ts trsts s
Q3 211, ry by tvty t ry, utts str srvs.
Mr v rts sy ustr J sw
but rvt uty tvty, wt ustrs 123 s wrt
US22b, bry t Js 121 s t US21.b. I
*()*$l`gk]^a_mj]klglYd]\*\]YdkYl&*/Z^gj9mkljYdaY
18 s r US4.18b r J.
J sw s trt t sur str, wt B
Cts urs Syr, J-bs rsturt
rtr, r Js Nur r US3.3b, UK-bs
Prrs urs Susr, vyr-bt sus
Sur: rrrt
Value(US$m)
9kaY%HY[a[hjanYl]]imalqZmqgmlkZqnYdm]
F srvs Iustrs s
Csur TMT
2,
4,
6,
8,
1,
12,
Q312
Q212
Q112
Q411
Q311
Q211
Q111
Q41
Q31
Q21
Q11
Q4
Q3
Q2
Q1
Sur: rrrt
9kaY%HY[a[hjanYl]]imalqZmqgmlkZqngdme]
C K ustr J
Sut Kr Sutst s I Nw
33.4
17.16.
14.
8.
8.8
.6 .4
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9kaY%HY[a[hjanYl]]imalqgmldggc*()+/
Sur: rrrt Sur: rrrt
Sur: rrrt
Value(US$m)
Value(US$m)
Numberofdeals
9kaY%HY[a[hjanYl]]imalqZmqgmlkZq_]g_jYh q 9kaY%HY[a[hjanYl]]imalqZmqgmlkZqnYdm]I)I+*()*
9kaY%HY[a[hjanYl]]imalqZmqgmlkZqngdme]I)I+*()*
C K I J
Sut Kr
C K I J
C K I Sut Kr
ustr Sutst s ustr Sut Kr
Sutst s J ustr
1,
2,
3,
4,
5,
6,
7,
8,
,
1,
Q312
Q212
Q112
Q411
Q311
Q211
Q111
Q41
Q31
Q21
Q11
Q4
Q3
Q2
Q1
5
1,
1,5
2,
2,5
3,
Q3 212Q2 212Q1 212
2
4
6
8
1
12
14
16
Q3 212Q2 212Q1 212
rsturt rtr, r US1b. Ovr, t str sw
\]YdnYdm]g^/&Z&]\aYZmqko]j]Ydkghj]nYd]flkapo]j]
wrt r t US1b.
ustr, usurrsy, sw srb tvty
ry, utts, tu t trsrtt
strs s sw r ut trsts. B
Cts buy MOB, ustr-bs rvr ut
t stwr r s sz bussss,
r US1.25b Bsts urs V Prrty
?jgmh^gj/+eo]j]Yegf_l`]lgh\]Ydkg^*())&
Sut Kr sw s tvty Q4 21, wt tw
st trsts r Kr Dvt Bs rvt
uty r, KDB Prvt Euty, vstts by vur s-P Q3 212 wt sr rys by st rs
t t srvs str. Sut Kr sw vu
t US1.1b 211, w str yr 21 wt
/&/Z&9kg^+*()*$l`YlnYdm]k]]ekgfl`]mhkoaf_$
urrty stt ust sy US4b.
u rvry rvt uty tvty vu t r-
rss vs s uy b rty s vstr
rturs t r rs ts strt, ut t US
Eur rts. Wt r rts rst
w rv rus r u rs r stbs
rts r st tu, t ut r rvt uty
t yr s rw rss stb rwt
rs, t t rs vu urs.
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48 9kaYHY[a[hjanYl]]imalqgmldggc*()+
EYcaf_Yf]pal
HjanYl]]imalqdggcklg\an]klhgjl^gdagYkk]lkYf\j]YhfYf[aYdj]oYj\k
To discuss value creation and exit strategies, Brandon Taylor,
Editor for Remark Asia at mergermarket, spoke with
Ernst & Youngs Luke Pais, PE Leader for the ASEAN; Robert
Partridge, Managing Partner for Transaction Advisory Services
and Private Equity for Greater China; Ringo Choi, Asia-Pacific
IPO and Strategic Growth Markets Leader; and Bryan Zekulich,
Oceania Private Equity Leader.
Prvt uty vstts strt wt t st : txt, w yrs r wr y rturs r vu rt
ur t vstts y. rturs, wvr, r r
r urt. Dst t xrts ty br t
t tb t bty t xut strts wr trs t
t, rvt uty vstrs r t u t t b
r b rt. t rts ru t
wr vry rs, r ts v
ru t rvt uty xt strts s-P.
Exts r t yr u t Q3 212 tt , wrt ust r
t US14.5b, r t rrrt t. W ts
oYkegj]l`Yf*((k/0]palkogjl`)*&**Z$l`]^a_mj]
s rs t t 125 xts 211 wrt str
US44.6b.
Eubr by r urtts, xt ubrs
v b sw w tu t b ry u t
sww IPO vr t rts. Prsstt vut
s r s t s s bus, sw rvt uty
vstts xts. s su, rvt uty rs rt
s-P v s tr xt s trw t srry.
T sw IPO rt s rsut ty rs
w t PE uss us rt vu, rtr t xt.
t t s t, w v s PE uss us rstrutur
r rus tr vsts, s r urt
rtzts v strbuts s s t
rt rz rturs, w s bsuty rt r
t rtrs LPs sts, sys Rbrt Prtr, M
Prtr r Trst vsry Srvs Prvt Euty r
Grtr C.
t st urtb b trs, rvt uty
rttrs v rv t t tr tvss
t rt vu t rt vtty, rv tt
t rvt uty s su ts t buy rt,
rv rt rr rtb xt.
Ct t vu
Dvst busss sst s t ut t vstt
y r t t rvt uty . T xt,
wvr, rv t b s trt rsur-tsv
rss s t urs ws ur t ust s yrs
rr. Esur tt t rt sst s s s -
t w rv rut t urt st xt.
I st yrs survy, 3 rsts s ty wu us
rv rt rr rt s t
rs rt vu. T rss ws urt b
usts, rs w t xt urrt vstts.
Ts yr, rv rt rr rs ,
t wt rs w t. I, rvt uty yrs r
y urus tts t sur tt vu s rt
t t xz t xt.
Vu t w r s rv by rt rwt,rtury s t ut xs 3 GDP tr
w b , bt s t ustry str. s su,
PE s us rv rr tru b-
s ry rsurs t rt- tvts.
I t, bt- usts rt t rut
r srv sut s s y. T PE uss t r
bttr t v bttr uts r wr r
brtvy ttr, sys Bry u, O Prvt
Euty Lr.
r t Lu Ps, PE Lr r t SEN, rvt uty
rs r s us strt t
O]`Yn]k]]fH=`gmk]k^g[mkgfj]kljm[lmjaf_gjj]^g[mkaf_l`]ajafn]kl]]k$Yf\kge]Yj]mf\]jlYcaf_j][YhalYdarYlagfkYf\\ana\]f\\akljaZmlagfkYkYe]Yfklg[j]Ylaf_j]Ydar]\j]lmjfk$o`a[`akYZkgdml]dq[jala[Yd^gjc]]haf_daeal]\hYjlf]jkkYlak]\
JgZ]jlHYjlja\_]
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tvz rr, sz str but
, tr tz s w bt vs,
tt tr rrt systs, b st
tzt, y tr r busss rvts,
w w t y rv r EBITD but s rsut
ut xs.
ty, t xz xt vus r vsts, rvt uty
yrs r t b buyr , s w s tr rvtuty buyrs tru sry buyuts, Ps ts ut.
Prvt uty rs r s t rt ts t
ur rt s t v vr
struturs strt vr vr t w vr r
tt vstrs r buyrs, sys R C, s-P IPO
Strt Grwt Mrts Lr.
C s tt wt t b y tru srs
us ws, t xrt tur r C t
rts by, t t y b wr t vst rt
ssts. Fr t t b, t, rvt uty uss r
wt ty v trty s ty wt r buyt
xt rt: us rv rt y
u s t t w rts r rwt rtuts,
Prtr ts.
But r ut t str, v s rbrs, s t wtut ts
rs. Dys t xt rss r t stbs t t
utst t vstt u v tv ts, y
vu rs, w u xt w t .
tr t rt vu s ut st
rvt uty vstt s-P C s r
x: t rty trst vstt.
W PE t Ut Stts r Eur s buyut, ty
v tr st t y u ts
busss rts. Its sy t t s rt
srr vu. But wt rty trst, tr s
t s t ur, Prtr sys. u t st
trst, but yu t t tr r utrty, ts
sts s t rt vu.
Wt IPOs t tuL t vrt xt r rvt uty us t
wvs t ub rts, t IPO s s bttr ys t
s-P r, wt rss rt r s
ww sst wt ts xt strty. W w -
IPOs t rt 212 Mys rur
Fs US2b IPO Ju rvt-uty-b I
trs US2b IPO Juy tr ss v b stry
rrr rty wt rst t rvt uty xts, Ps sys.
I t t r ssus s tt t rts rt
rvr vry uy, ry ts t ub
rts r t u t rst urtr 213,
Prtr s. By t s urtr 213, t y strt
t u, but wr st y t s rt IPO
M t s t yr.
Vrus tr trs u b rssb r xrbt
t t IPO t. Rutry sts rt vts v
rsut v trst Cs IPOs, bw
t rvt uty rs C. Ts rs, Prtr sys,
ry IPOs r xts r s t tr vrss utrrts.
T stut t Eurz s s rv t b
b t rvt ts trsts.
Dv rts, J ustr, r s t .
T IPO rt s s ustr, susts r tt
t w t b ut t s 213 tt w w strt t
s s tvty. Ts s t tt t PE uss v b
t ubr ts JVs wt rrts t
sry rt. W v v rtzt s
w. T s tt trtv u surs w s
t t rt t vt rssur t trt b
surs rv bttr ttv ts t t rss,
u sys.
NYdm]afl`]f]ohYjY\a_eak\jan]fZqhjgl_jgol`&9kkm[`$H=ak^g[mk]\gfaehjgnaf_h]j gjeYf[]l`jgm_`ZY[c%g^[]]^[a]f[a]kYf\j]\]hdgqaf_j]kgmj[]kaflg^jgflg^[]Y[lanala]k
:jqYfR]cmda[`
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 4
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5 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
EYcaf_Yf]pal
Mr urtts s, ub rt vuts
v s r rvt s, rt btw srs
tt ty r t t tr ssts buyrs sr
b buys t br rs. Ts s w t vut t
rsst bus rvt s r w t wt st
s w, Prtr sys.
Irsy, rvt uty rs r b r rst
wt tr IPO xt xtts t r-28 b yrs r
, t vry xt rsuts sr t ts
br t rss, C sys.
Sts t sy t
T ustr IPO rt t wt rt ssts r
t tr vstt ys s st t st r rs
tvty sry buyuts rss s-P.
r t u, Srs s-P, ustr
rtur, r r rvt u t t rstrt M
s IPO rts. T suss t sry trst
t rtr suss tt t ts v wt
rvt uty s w w tu t s su trstsr rb t r ustr vrss PE.
I, t sry buyut rt s s s tvty,
Prtr sys, but tt s ry b us sr
s, sts bw US5 t ss t US25.
Its ut t rt wtr w s rr srs
213. Utty, PE uss w rbby us vu rt
w wt r vuts r vrb rts t rtur,
Prtr sys.
I r, C sys, sry buyuts r y t b srt-
tr tr, vr rs t b t str t
xt.
Ps s s st IPOs tt b tt rtur
vstt, C sys. But ty s trst
vstr, t rs ty w t tt rut, but ts sty
t b s-by-s r ustry-by-ustry bss.
Utty, vstrs r y t st tt us tr rts
rt t r s, rt
syrs, utt sts rv rts ut t IPO ww
s . r t C, sr wws rtuty
r st truut t yr w rs wt usws t
st rts, rvt uty us t r vt
t xt w t t s rt.
Klj]f_l`]faf_eYfY_]e]flYf\_anaf_l`]eaf[]flan]klgh]j^gje$hdY[af_]eh`YkakgfZm\_]laf_Yf\hdYffaf_$]klYZdak`af_[]fljYdar]\[gfljgdg^[Yk`Yf\\]Zlf]_glaYlagfk&&&oaddfglgfdqaehjgn][gj]=:AL
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@aklgja[Yd\YlY
9kaY%HY[a[hjanYl]]imalqZmqgmlY[lanalq
9kaY%HY[a[hjanYl]]imalq]palY[lanalq
5
1
15
2
25
3
1
2
3
4
5
6
7
8
1
23 24 25Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
26 27 28 2 21 211 212
1
23
4
5
6
7
8
1
11
12
13
5
1
15
2
25
3
35
4
23 24 25Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
26 27 28 2 21 211 212
Value(US$b)
Value(US$b)
Dealvolume
Dealvolume
D vu
D vu
D vu USb
D vu USb
Sur: rrrt
Sur: rrrt
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 51
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
54/64
52 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
9kaY%HY[a[hjanYl]]imalqZmqgmlkZqfgf%9H9;Zmq]jk
9kaY%HY[a[hjanYl]]imalqZmqgmlkZq9H9;Zmq]jk
1
2
3
4
5
6
7
8
25
5
23 24 25Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
26 27 28 2 21 211 212
5
1
15
2
25
25
5
75
23 24 25Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
26 27 28 2 21 211 212
Value(US$b)
Value(US$b)
Dealvolume
Dealvolume
D vu
D vu
D vu USb
D vu USb
Sur: rrrt
Sur: rrrt
@aklgja[Yd\YlY
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
55/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 53
=pallqh]ZqnYdm]*((-lgI+*()*
=pallqh]Zqngdme]*((-lgI+*()*
1 2 3 4 5 6 7 8 1
212
211
21
2
28
27
26
25 11 15 74
12 11 77
18 41 41
8 83
31 8 61
3 1 6
15 17 68
16 24 6
1 2 3 4 5 6 7 8 1
212
211
21
2
28
27
26
25 18 11 71
16 75
13 14 73
16 13 71
23 1 67
43 12 45
28 15 57
15 22 63
Sur: rrrt
Sur: rrrt
Sry buyut
Sry buyut
IPO
IPO
Tr s
Tr s
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
56/64
54 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
@aklgja[Yd\YlY
9kaY%HY[a[hjanYl]]imalqZmqgmlkZqngdme]*((+lgI+*()*
9kaY%HY[a[hjanYl]]imalqZmqgmlkZqnYdm]*((+lgI+*()*
5
17
6
18
5
6
2
16
41
11
8
13
1
16
13
6
4
2
1
41
4
Sur: rrrt
Sur: rrrt
Busss srvs
Busss srvs
rutur
rutur
Cstrut
Cstrut
Csur
Csur
Ery, utts
Ery, utts
F srvs
F srvs
Iustrs s
Iustrs s
Lsur
Lsur
Pr, bt
Pr, bt
R stt
R stt
TMT
TMT
Trsrtt
Trsrtt
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
57/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 55
Sur: rrrt
Sur: rrrt
9kaY%HY[a[hjanYl]]imalqZmqgmlkZqngdme]*((+lgI+*()*
9kaY%HY[a[hjanYl]]imalqZmqgmlkZqnYdm]*((+lgI+*()*
18
18
2
8
3
5
11
16
21
21
7
3
2
3
13
2
1116
ustr
ustr
M C
M C
J
J
I
I
Sutst s
Sut Kr
Sut Kr
K
K
Nw
Nw
Tw
Tw
Otr
Otr
Sutst s
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
58/64
56 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
Lgh\]YdklYZd]
R u t Sttus Tt y Tt t
st
Tt t
uty
1 16 Mr C C C sst Mt
Crrt 16.54 st
F srvs C
2 14 Fb C Extrt Rsurs Lt
/&*klYc]!
M ustr
3 22 Ju P Jutr S C C. Lt.5 st
M J
4 25 Ot C P Fr S Ctr
25 st Mur Ctr
5 st Gr Cty S
Ctr Br 4 st
Csur: rt ustr
5 8 u C Kyb L Isur C. Lt.
24 st
F srvs Sut Kr
6 16 u P W Cwy C. Lt.
3. st
Iustr ruts
srvs
Sut Kr
/ 3 r P Stss Gru Lt Srvs tr ustr
8 16 u P Gt Lt 3.4 st Srvs tr I
24 u C Susr C., Lt. Lsur J
1 12 D P Gu Gru Lt. 25.53 st F srvs K
Ky: C Ct P PSur: rrrt
Lgh)(9kaY%HY[a[hjanYl]]imalq\]Ydk*()*)BYf%)-
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
59/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+/
B y B t
uty
S y S t
uty
D vu
US
UBS G Str Crtr P Nt Cu
r S Surty Fu CITIC Ct Prtrs
C Mstry F
C
C 1,63
C r Dvt Fu CGNPC Uru
Rsurs C Lt.
C R Tt Lt
Itu Crrt
ustr 1,25
B Ct LLC US SutCrrt
J 1,24
MP Ct Ivstrs Lt ustr Wst Gru
Wst Rt
Trust
ustr 1,62
Gvrt Sr Ivstt Crrt
Pt. Lt. Br Prvt Euty s ty Euty
Prtrs IMM Prvt Euty I.
K Dw
Itrt
Crrt
Sut Kr 1,62
MBK Prtrs II Sut Kr W s
C., Lt.
Sut Kr 1,55
P Euty Prtrs ustr 1,21
B Ct LLC US Gr tt
LLC O Ct
Prtrs LP
US 1,4
Prr Ut K Us Ct, I. J 1,
L Cy Mys Br Mys 5
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
60/64
58 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
E]l`g\gdg_q
n]jmdqYf\9m_mkl*()*$]eYjc$l`]]n]flkYf\ubts vs rrrt, vss t
s 5 rvt uty vstrs GPs, 3 sttut
vstrs LPs 2 rvt uty vstt brs,
bs s-P, ubr xtt ts rt
t rvt uty tvty. rsss wr t
ty r rrt rt.
>gj[]jlYafkmjn]qim]klagfk$j]khgf\]flkeYq Yn]k]d][l]\
r t swr . I ts ss, t tt
rt rsts w t tt 1 r try.
@aklgja[Yd\YlYaf[dm\]kYdde]j_]jeYjc]l%j][gj\]\trsts r 1 Jury 23 t 3 Stbr 212
uss trws t.
jYfkY[lagfkoal`Y\]YdnYdm]_j]Yl]jl`YfeYj]
u. I t srt s uss, s r
u t bss rrt r stt vu vr
US5. I t vu s t ss, s r u t
trts turvr s rtr t US1.
fdq[gehd]l]\Yf\h]f\af_e]j_]jYf\Y[imakalagf\]Ydkr t. Wr t st ur s ss t 3 1
s-P, t s u y ts vu s rtr
t US1.
jYfkY[lagfkkm[`Ykj]kljm[lmjaf_kafo`a[`k Yj]`gd\]jk
trsts tt r t s r t t.
rrrt s t tr rrty s, ttrs tt,
rus urst, s rt r
-b rts.
9[[gj\af_lge]j_]jeYjc]l$Yf\^gjl`]hmjhgk]kg l`ak
rrt, s-P buyut s s wt trt busss s rty t y utry
s-P t st br rts
rty s rvt uty us. s-P
xt s s w t busss b s s
rty t y utry s-P t
st sr rts rty s rvt uty
us.
9dd\YlYimgl]\akhjghja]lYjqe]j_]jeYjc]lgj=jfklgmf_
t uss trws stt.
J]khgf\]flaf^gjeYlagf
Prvt uty ussrsstvstr GP
Isttut vstru vstr LP
Ivstt b fYf[aYdY\nakgj
Grtr C
I
ustrs
Sutst s
J
Sut Kr
5
3
2
23
18
18
18
12
11
J]khgf\]fllqh] O`]j]akqgmjjeZYk]\af9kaY7
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
61/64
9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 5
Grtr C
ustrs
I
Sutst s
J
Sut Kr
9kaY%HY[a[j]_agf
Gb
;gmfljq%kh][a[
J
I
M C
Grtr C
ustr
Is
Mys
Nw
Sut Kr
Sr
Vt
37
34
2
17
17
1512
6
6
63
32
117
13
11
8
Hd]Yk]af\a[Yl]qgmjjek_]g_jYh`a[Ydk[gh] A^qgmaf\a[Yl]\Y[gmfljq^g[mk$hd]Yk]af\a[Yl]o`a[`[gmfljqgj[gmflja]k
O`YlakqgmjhjaeYjqj]_agfg^afn]kle]fl^g[mk7
1 2 3 4 5 6 7 8 1
J
Sut Kr
I
ustrs
Sutst s
Grtr C 43
17 21 17 6
43 1 4
38
37 11 1 23 46
27 22 183
111
17 1 15 28 138
1 24 5 14 281
1
Afo`a[`eYjc]lk`Yn]qgm[gf\m[l]\egklg^
qgmjhjanYl]%]imalq%j]dYl]\Zmkaf]kk`aklgja[Yddq7
Hd]Yk]af\a[Yl]Yddl`YlYhhdq!
A^Kgml`]Ykl9kaY$hd]Yk]af\a[Yl]o`a[`[gmfljq
gj[gmflja]k
Hd]Yk]jYfcl`]^gddgoaf_j]_agfkafo`a[`qgmjjeak
[mjj]fldqdggcaf_^gjafn]kle]fl%j]dYl]\ghhgjlmfala]k
)5_j]Yl]kl^g[mk3.5d]Ykl^g[mk!
1 2 3 4 5 6 7
Sut Kr
J
ustrs
I
Grtr C
Sutst s 65
61
45
4
37
26
1 2 3 4 5 6 7
Ps
Vt
T
Mys
Is
Sr 63
36
22
13
13
5
1 52 643
Prt rsts Prt rsts
Prt rsts
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
62/64
6 9kaY%HY[a[hjanYl]]imalqgmldggc*()+
rrrt s ur, t rrs
usts M rrtry t t. U y tr
srv ts , rrrt rvs t vrvw
t M rt by r bt rwr- t
tbs str s tbs, v r rvus
r rrrt ts.
Fr r rt s tt:
Nvt MM
Pubsr, Rr s
vt.rrrt.
Jy W
Prut, Rr s
y.wrrrt.
Rr, t vts ubts r T Mrrrt
Gru, rs r ubs, rsr vts srvs
tt b ts t tr w r, t v
w busss rtuts wt tr trt u.
9Zgmle]j_]jeYjc]l
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
63/64
9kaYHY[a[hjanYl]]imalqgmldggc 61
By y
tts
9 a HY[a[hjanYl]]imalqgmldg c
SI-PCIFIC
M Buxt
s-P Prvt Euty Lr
K
852 2846 888
.buxt.y.
B St
s-P Prvt Euty Tx Lr K
852 262 3838
b.st.y.
Sts S
J Prvt Euty Lr
Ty
81 3 4582 666
sts.s.y.
Lu Ps
SEN Prvt Euty Lr
Sr
65 63 84
u.ss.y.
Rbrt Prtr
Grtr C Prvt Euty Lr
K
#0**0/+
rbrt.rtr.y.
My Rst
I Prvt Euty Lr
Mub#)*+//((0
y.rst.y.
K-W Ju
Kr Prvt Euty Lr
Su
#0**+//((0
-w.ur.y.
Bry u
O Prvt Euty Lr
Syy
61 2 248 5833bry.zuu.y.
GOB
Jry Bur
Gb Prvt Euty Lr
Nw r
#)*)*//+*00
ry.bury.
P Bss
Gb Prvt Euty Mrts Lr
Nw r
#)*)*//+)0
.bssy.
S Dt
Eur, M Est, I r
Prvt Euty Lr
L
#*(/)(+
stu.y.
J Ss
rs Prvt Euty LrNw r
#)*)*//+*
t.ssy.
tts
-
7/29/2019 Asia-Pacific Private Equity Outlook 2013
64/64
9Zgml=jfklQgmf_Erst u s b r ssur,
tx, trst vsry srvs.
gjd\oa\]$gmj)/$(((h]ghd]Yj]mfal]\
by ur sr vus uwvr
tt t uty. W r
by ur , ur ts ur
wr uts v tr tt.
Erst u rrs t t b rzt
br rs Erst u Gb
Lt, w s srt tty.
Erst u Gb Lt, UK y
t by urt, s t rv srvs
t ts. Fr r rt but ur
rzt, s vst www.y..
9Zgml=jfklQgmf_k?dgZYdHjanYl]=imalq;]fl]j
Vu rt s by t rvt uty
vstt y t rt y u
v. Erst us Gb Prvt Euty
Ctr rs tr r ss
t uu s rvt uty us, tr
trsts rsss, vstt stwrs
rt s rr, wt
us t rt, ustry rutry
ssus. W t t vv rurts
rvt uty rs tr rt
s r ust t xt tru
`a_`dqafl]_jYl]\_dgZYdj]kgmj[]g^)/$(((
rsss rss ut, tx, trsts vsry srvs. Utty w yu
t yur s t r tvy.
Its w Erst u s r.
213 EGM Lt. Rts Rsrv.
=?fg&>((/
Ts ubt ts rt sury r s
trr t r r u y. It s t t
t b substtut r t rsr r t xrs
rss ut. Ntr EGM Lt r y tr
br t b Erst u rzt t
y rssbty r ss s t y rs t
r rr r t s rsut y tr ts
ubt. O y s ttr, rr su b
t t rrt vsr.
T s tr rts st ut ts ubt r
t ssry t s t b Erst u
rzt r ts br rs. Mrvr, ty su b
vw t txt t t ty wr xrss.
ED N
Erst u
ssur | Tx | Trsts | vsry