ASIAtPACIFIC PRIVATE EQUITy REVIEW - PEI Media

asia-pacific 

private equity 

review 

march 2012

foreword 

With China regularly making headlines in business sections of major news outlets, incredible 

growth rates in India and booming demographics across the region, Asia-Pacific is 

increasingly becoming the centre of attention for many global investors. The region has 

witnessed amazing growth in private equity as the scope for investment increases in almost 

every sector. A larger number of international firms are moving into the region while 

the number of local shops is rising on an exponential level. This is not merely evidence 

of opportunistic companies expanding in the region to take advantage of the unique 

opportunities on offer but a deep-rooted shift in the level of influence Asia-Pacific has 

within global financial markets. 

China and India are not the only markets that are attracting the eyes of investors with 

Asia-Pacific becoming the second largest target region for private equity investment as 

institutional investors look for new markets to deploy their capital. In 2011 alone, the 

total amount of capital raised for the region increased by 23% to approximately $30 

billion. However, China remains the leader of the pack as the country witnessed a 700% 

increase in capital raised from $2 billion to $16 billion between 2009 and 2011. 

Private Equity International’s researchers and analysts have been monitoring the growing 

relevance of Asia-Pacific private equity markets with keen interest and we examine its 

status and prospects in this report. Our exceptional position at the heart of the alternative 

asset class has provided us with unique access to the leading players of the region. 

In order to present this regional report, we have gauged the attitude and opinions of 

the investment community and assessed both investor and fund manager sentiment 

towards Asia-Pacific private equity. Putting our results in the context of ongoing global 

economic uncertainty, we wanted to outline historical trends in the region as well as 

future outlooks and prospects. 

We hope that you find the PEI Asia-Pacific Private Equity Review an informative and 

interesting read. 

asia-pacific 


review 

• 

foreword 

executive summary 

global fundraising 

asia-pacific fundraising 

asia-pacific outlook 

lp snapshot 

lp regional strategies 

Larry Oberfeld 

Senior Analyst 

Private Equity International 

contents 

ASIA-PACIFIC PRIVATE 

EQUITY REVIEW 

Director of Data Products 

Dan Gunner 

Tel: +44 20 7566 5423 

dan.g@peimedia.com 

01 Foreword 

02 Executive Summary 

Contributors 

Chua Sian Howe 

Koh Keling 

Wang Kai Li 

Chia Xin Ying 

Sales 

Adrian Przyborowski 

Tel: +44 20 7566 5476 

adrian.p@peimedia.com 

Chris Magnani 

Tel: +1 212 633 1074 

chris.m@peimedia.com 

Senior Analyst 

Larry Oberfeld 

Tel: +44 20 7566 5467 

larry.o@peimedia.com 

Head of Production 

Tian Mullarkey 

Tel: +44 20 7566 5436 

tian.m@peimedia.com 

Production and Design Manager 

Miriam Vysna 

Tel: +44 20 7566 5433 

miriam.v@peimedia.com 

06 Global Fundraising 

09 Asia-Pacific Fundraising 

17 Asia-Pacific Outlook 

20 LP Snapshot 

23 LP Regional Strategies 

page 1 

www.privateequityconnect.com

EXECUTIVE 

SUMMARY 

asia-pacific 


review 

foreword 


• 


About PEI 



lp snapshot 


page 2 

PEI is the leading financial information group dedicated to the alternative asset classes 

of private equity, real estate and infrastructure globally. It is an independent company 

with over 100 staff based in four regional offices – London, New York, Hong Kong and 

Singapore – and is wholly owned by its management and employees. 

We publish five globally-recognised magazines alongside five news websites, manage 

an extensive set of databases dedicated to alternative assets, run 24 market-leading conferences 

globally, publish a library of over 25 specialist books and directories and have a 

significant training business. 

We have grown into a widely-known and highly-regarded media business that delivers 

detailed coverage of the key alternative asset classes of private equity, real estate and 

infrastructure. We have worked hard to build a reputation for top quality journalism that 

is written by our own staff and is delivered via accomplished print and digital channels. 

The same principles of accuracy, genuine market knowledge and excellence of delivery 

inform our data, events and specialist publication activities also. 

We have members of our award-winning editorial team sat in all four of our offices 

and likewise our conference business runs events based from each of our locations. Our 

multilingual data teams in each office are continually feeding and updating our online 

databases under the supervision of seasoned analysts. We feel strongly that the industries 

we cover are at once global and local – so to cover them effectively we must be able to 

connect with them in every market and in any time zone. We also expect to provide the 

most relevant information via a variety of channels, ensuring always that our clients value 

the insight and knowledge we provide them. 


The total 

amount of 

aggregate 

capital raised 

in Asia-Pacific 

is increasing 

as the region is 

being targeted 

by more GPs 

asia-pacific 


review 

About the Survey 

foreword 

• executive summary 



In generating the report, our team of researchers in Singapore have utilised information 

sourced from the Private Equity International Research Centre together with views collected 

from 64 Asia-based prominent and senior professionals. 

key findings: 

• Even though 2011 witnessed a slight increase in the amount of aggregate capital raised, 

global fundraising has not recovered to its pre-crisis level. 

• Fewer Asian funds closed in 2011 but the total amount of aggregate capital raised in the 

region has increased. Simultaneously, Asia is the second biggest region targeted by GPs. 

• The region continues to be the preferred region for Asian LPs in 2012 but there is a 

decrease in the overall appetite for private equity. 

• Top 3 preferred strategies in Asia are growth/expansion capital, venture capital and 

buyout funds. 

• The majority of Asia GPs spend shorter time fundraising than their global counterparts. 

• The LP-GP relationship is the most important factor affecting fundraising success, 

while LPs are more concerned with GP’s expertise. 

• China and India are the top two preferred markets with Indonesia and Vietnam identified 

by LPs as the next two hotspots. 

• Fund managers and institutional investors have diverse views in terms of what the 

appropriate fund size is. 

• Overall, TMT, manufacturing and energy sectors will be highly sought-after by Asia 

investors. 


lp snapshot 


page 3 


LP Survey Respondents 

Distribution of respondents, by institution 

type 

Distribution of respondents, by location 

asia-pacific 


review 

n 

15.6% Asset Manager 

n 

9.4% 

Australia 

n 

6.3% 

Bank/Financial Services 

n 

9.4% 

China 

n 

6.3% 

Corporate 

n 

15.6% Hong Kong 

n 

3.1% 

Financial Institution 

n 

3.1% 

India 

foreword 


• 




n 

n 

n 

n 

n 

n 

n 

n 

18.8% Fund of Funds Manager 

3.1% Gatekeepers 

6.3% Government Agency 

3.1% Independent Firm 

15.6% Insurance Company 

3.1% Investment Firm 

15.6% Pension Fund 

3.1% Sovereign Wealth Fund 

n 

n 

n 

n 

n 

n 

n 

34.4% Japan 

3.1% Malaysia 

3.1% New Zealand 

3.1% Philippines 

6.3% Singapore 

9.4% South Korea 

3.1% Vietnam 

lp snapshot 


Distribution of respondents, by current role 

Distribution of respondents, by AUM 

n 

6.3% 

Analyst 

n 

7% 

More than $150 billion 

n 

3.1% 

Chief Executive Officer (CEO) 

n 

3% 

$15.1 billion-$18 billion 

n 

3.1% 

Chief Operating Officer (COO) 

n 

7% 


n 

3.1% 

Director 

n 

3% 


n 

9.4% 

Fund Manager 

n 

7% 


n 

31.3% Investment Manager 

n 

10% 


n 

12.5% Investor Relations 

n 

37% 


n 

18.8% Managing Director 

n 

10% 

$501 million-$1 billion 

n 

6.3% 

Partner 

n 17% 

$101 million-$500 million 

page 4 

n 

6.3% 

Vice President (VP) 


GP Survey Respondents 

Distribution of respondents, by institution 

type 

Distribution of respondents, by location 

n 

n 

n 

n 

n 

n 

n 

n 

25.0% Asset Manager 

3.1% Corporate 

3.1% Family Office 

3.1% Financial Institution Subsidiary/Division 

12.5% Independent Firm 

28.1% Investment Firm 

21.9% Private Equity Group Subsidiary 

3.1% Other 

n 

n 

n 

n 

n 

n 

n 

n 

n 

n 

n 

18.8% Australia 

3.1% China 

12.5% Hong Kong 

31.3% India 

6.3% Japan 

3.1% Kazakhstan 

3.1% New Zealand 

3.1% Singapore 

6.3% South Korea 

3.1% Taiwan 

9.4% Vietnam 

asia-pacific 


review 

foreword 

• executive summary 




Distribution of respondents, by current role 

Distribution of respondents, by FUM 

lp snapshot 


n 

n 

n 

n 

n 

n 

n 

n 

n 

n 

3.1% Analyst 

3.1% Associate 

3.1% Senior Associate 

3.1% Vice President 

18.8% Principal 

43.8% Partner 

6.3% Chief Financial Officer 

3.1% Controller 

3.1% Fund Marketing 

12.5% Investor Relations 

n 45.2% Less than 300 million 

n 22.6% 300 million - 750 million 

n 22.6% 750 million - 2 billion 

n 

n 

6.5% 

3.2% 

2 billion - 5 billion 

More than 5 billion 

page 5 


global 

fundraising 

asia-pacific 


review 

Private equity activity has remained relatively stable 

since its peak in 2008 

foreword 


figure 1.1 

Aggregate capital 

raised by year 

$bn 

500 

400 

No 

500 

400 

global fundraising • 

300 

300 


200 

200 


100 

100 

lp snapshot 


0 

2008 2009 2010 2011 

0 

Source: Private Equity 

International Research Centre 

n Capital Raised ($bn) 

n Number of Closed Funds 

page 6 

Private equity activity witnessed a major decline between 2008 and 2009 as the onset 

of the global financial crisis led to a significant reduction in the number of funds closing, 

from 462 funds in 2008 to 305 funds in 2009. The $422 billion of capital raised in 2008 

is almost double that of the $212 billion raised in 2009. 

From 2009 to 2011, the private equity industry was marked by a period of market 

unpredictability and upheaval. Mounting fears over a global economic slowdown (an 

overheated economy in China, the sovereign debt crisis in Europe and debt ceiling debate 

in US) continue to weigh on investors’ minds and hamper growth in PE activity. The 

amount of capital raised by PE funds was significantly below its pre-crisis level and the 

number of funds closed during this period remained relatively stagnant, at an average 

of 315 funds. Globally, many limited partners cut back on re-ups in 2011 in an effort 

to reduce the number of total partnerships. Also, there is a reduction in the number of 

closed funds globally as many GPs were unable to raise new funds following difficulties 

in exiting their previous investments. Only some of the stronger firms have been able to 

come back upon committing 70 to 80 percent of their current funds. 


Buyouts dominate fundraising when analysed by strategy 

figure 1.2 

Breakdown of 

2011 fundraising 

by strategy 

$bn 

100 

90 

80 

70 

60 

50 

40 

No 

100 

80 

60 

40 

asia-pacific 


review 

30 

20 

20 

10 

foreword 

0 

Buyout 

Growth/Expansion Capital 

Turnaround 

Venture Capital 

Mezzanine 

Secondaries 

Fund of Funds 

0 


• global fundraising 







lp snapshot 


A total of 303 private equity funds closed in 2011, raising $186 billion in capital. Of these, 

buyout funds recorded the highest amount of both capital raised and number of funds 

closed. Buyout, growth/expansion capital and distressed/turnaround funds comprised 

the top three strategies favoured by GPs in 2011. 

As seen in Figure 1.2, 94 buyout funds closed in 2011, raising a total of $78 billion. 

When compared to the $76 billion from 91 funds in 2010, the level of fundraising for 

buyouts remains relatively unchanged. One of the biggest buyout funds closed in 2011 

is the $6.4 billion EQT VI, managed by EQT Partners which targets Europe. 

Interestingly, there is an increasing trend in growth/expansion capital funds from 

2010 to 2011. Funds utilising this strategy garnered a total of $32 billion in 2011, which 

is $13 billion more than the amount raised over the previous year. EnCap Energy Capital 

Fund VIII alone makes up approximately 10 percent of the total capital raised in 2011. 

Hence, 2011 witnessed a good jump in aggregate amount raised. 

One reason for this trend is the lack of bank-based financing in many emerging countries. 

As a prominent Asian GP mentioned, private equity is becoming a key provider of 

growth capital for China’s small and medium-sized enterprises. He added that enterprises 

aim to expand but face challenges in raising funds amid fiscal tightening and uncertainty 

in the equity markets. 

page 7 


North America remains the largest region for capital 

raising 

figure 1.3 

asia-pacific 


review 

Regional 

breakdown of 

2011 global 

capital raised 

foreword 

n 

36.2% North America 


n 

n 

12.2% Western Europe 

0.6% Central & Eastern Europe 

global fundraising • 

n 

n 

1.1% Middle East / Africa 

14.7% Asia-Pacific 




n 

n 

5.3% Latin America 

29.9% Funds targeting multiple regions 


lp snapshot 


page 8 

According to Figure 1.3, North America topped the list by securing 36 percent of total 

capital raised in 2011, followed by Asia-Pacific with 15 percent of global capital focused 

on this region. 

From 2010 to 2011, the amount of capital targeting Asia-Pacific experienced a slight 

increase from 14 percent to 15 percent. Private equity investments within Asia have 

become significantly pronounced in recent years as it has become increasingly difficult 

to source and complete deals in other regions, most notably in the US and Europe, due 

to mounting regulatory pressures, financial instability and unpredictable governments. 

According to the 2011 World Economic Forum’s Financial Development Report, Hong 

Kong displaced the US as the world’s top financial centre, scoring the highest ratings 

across seven criteria including institutional and business environment, financial stability, 

financial services and markets and financial access. As a result, Hong Kong and the region 

as a whole have increasingly become more enticing for investors, which is particularly 

helpful for fundraising in the region. 

The ongoing sovereign debt crisis in Europe also boosted private equity investments 

in Asia as many investors sought to minimise the currency risks associated with Eurodenominated 

funds, choosing to invest in USD or RMB-denominated funds instead. 

In addition, with the private equity benchmark showing a 13 percent net return over 

a 10 year period in developing Asia and a net return of 12 percent for the US, one USbased 

gatekeeper felt that Asia will continue to see an increase in capital flow due to the 

better returns that investors can derive from investing in the region. 


asia-pacific 

fundraising 

Asia-Pacific fundraising increased 23% in 2011… 

figure 2.1 

Aggregate capital 

of Asia-focused 

funds by year 

$bn 

50 

40 

No 

80 

70 

asia-pacific 


review 

30 

60 

20 

foreword 

10 

50 




0 

2008 2009 2010 2011 



40 


• asia-pacific fundraising 


Fundraising targeting Asia-Pacific follows the same trend as global fundraising but presents 

a different outlook. Despite tumultuous global markets in recent years, private equity 

continued its pattern of growth across Asia-Pacific with Southeast Asia and China expected 

to see the highest degree of growth. 

Following the 2008 global financial crisis, private equity in Asia-Pacific emerged from 

the sharp contraction and raised a total of $24 billion from 76 funds in 2010. 

Total capital raised for 2011 was approximately $30 billion, amounting to a 23 percent 

increase on 2010. Surprisingly, even though the amount of total capital raised increased, 

the number of closed funds has dropped from 76 to 64 funds. 

An Asia-based fund manager expects to see the launch of bigger private equity funds 

in China, citing that successful GPs will launch funds targeting $2-$3 billion in commitments 

with a predominant focus towards investments in China or Pan-Asia. He also 

mentioned that consolidation is an inevitable process for China, but will not occur as 

quickly as people think. 

The fall in the number of closed funds indicates that fundraising is increasingly challenging 

as GPs compete for market share in a saturated environment. 

Although there is a steady increase in the amount of total aggregate capital raised 

targeting Asia-Pacific between 2009 and 2011, fundraising activity have yet to recover 

to its previous level before the global financial crisis as underlying uncertainties affect 

the investment climate. 

lp snapshot 


page 9 


… as growth/expansion and venture capital are the 

most prevalent strategies 

asia-pacific 


review 

figure 2.2 

Breakdown of 

2011 Asia-focused 

funds by strategy 

$bn 

12 

10 

8 

6 

4 

2 

No 

35 

30 

25 

20 

15 

10 

5 

foreword 



asia-pacific fundraising • 




0 

Growth/ 

Expansion Capital 

Venture Capital 

Buyout/ Laterstage 

Turnaround/ Distressed 



Fund of Funds 

Secondaries 

Mezzanine/ Subordinated Debt 

0 

lp snapshot 


page 10 

According to Figure 2.2, growth/expansion capital, venture capital and buyout funds 

represent the top three strategies adopted by GPs targeting Asia in 2011. A total of 14 

growth/expansion capital funds raised an aggregate amount of $12 billion. Simultaneously, 

32 venture capital funds raised $9 billion, followed by 11 buyout funds that accrued 

$7 billion. 

Globally, GPs generally followed the same strategies but have a preference for turnaround/distressed 

funds over venture capital. In 2011, venture capital funds comprised 

more than half of Asia-focused funds, while only 28 percent of global funds are categorized 

under the same strategy. Compared to other regions of the world, venture capital was a 

more popular strategy in Asia-Pacific. 

During the same period, there was an increase in total capital raised for growth/ 

expansion funds. This was accounted for by the $12 billion raised from 14 funds in 2011 

as opposed to the $8 billion from 24 funds in 2010. 

We are seeing more capital raised from a smaller number of growth/expansion funds 

in 2011 than 2010. This trend indicates that the growth/expansion funds of Asia-Pacific 

are growing in size and becoming more established in the region. Many fund managers 

who successfully raised growth/expansion capital funds are returning to the market 

with larger funds. One example of such a fund manager is Orchid Asia. The GP previously 

raised $420 million for Orchid Asia Fund IV in 2007 and came back to the market 

closing $650 million for their fifth fund in 2011. 


38 percent of 

respondents 

are able to 

raise funds 

within 6 to 12 

months 

asia-pacific 


review 

Asian GPs raise funds quicker than the average global 

fundraising period 

figure 2.3 

Fundraising period 

for Asian GPs 

Less than 6 months 




24 months and above 

foreword 





lp snapshot 


% 

Source: PEI Surveys 

n Percentage of Respondents 

The ability to garner capital commitment from LPs within the shortest period of time 

is a key determinant of a GP’s success in terms of fundraising in a particular region. In 

2011, the average global fundraising period for private equity funds was approximately 

18 months. 

The majority of the Asian GPs are able to raise funds in a shorter amount of time than 

the average fundraising period for their global counterparts. Survey findings indicate that 

38 percent of respondents are able to raise funds within 6 to 12 months while only 16 

percent took 18 months and above. In 2011, China based Hony Capital closed its fifth 

USD-denominated fund on nearly $2.4 billion, with only 4 months of fundraising. In 

addition, WestBridge Capital Partners was also able to close its WestBridge Crossover 

Fund at $500 million in just six months of fundraising. 

However, not all fund managers share the same success in fundraising as about 6 percent 

of the respondents took more than 24 months to reach the final close for their funds. 

page 11 


asia-pacific 


review 

I understand 

management 

fees have to 

be there to 

pay someone 

to manage the 

fund, but the 

fees must be 

flexible, not 

fixed 

The LP-GP relationship remains important 

foreword 





lp snapshot 


figure 2.4 

Factors influencing 

fundraising’s 

success 

Legal and 

regulatory 

environment 

No. of existing 

deals in market 

Availability of 

market capital 

LP–GP relationship 

Macro-environment 


n Average score 

page 12 

As shown in Figure 2.4, the LP-GP relationship, market capital availability and macroenvironment 

were rated as the top three factors affecting fundraising success. 

To maintain and improve relationships between LPs and GPs, it is important that 

communication and transparency exist between both parties. Apart from taking LPs’ 

feedback into consideration, GPs should strive for transparency by making sure that any 

concerns regarding investment performance, management advancement, and strategy 

changes are made known to LPs. Management fees are also an influencing factor of the 

LP-GP relationship. GPs and LPs need to be able to work out an agreeable fee structure 

to align both parties’ interests. 

In order for Asia-based GPs to have better resilience against macro-weaknesses, they 

have to display their capabilities to survive in times of economic downturn. They need 

to show the ability to restructure their businesses quickly and convince LPs to invest 

with them. 


asia-pacific 


review 

China dominates private equity fundraising in the region 

foreword 

figure 2.5 

Breakdown of 

2011 Asia-focused 

fundraising by 

country 

% 

60 

50 

40 

30 

20 





lp snapshot 


10 

0 

Australia 

China 

India 

Indonesia 

Japan 

Malaysia 

Mongolia 

South Korea 

Funds targeting 

multiple Asia countries 


n Percentage of Total Capital Raised 2011 

Figure 2.5 represents a breakdown of the Asia-focused funds targeting different countries 

in 2011. The top two countries that emerged as GP favorites are China and India, with 

57 percent of capital allocated to China and 12 percent to India. 

China experienced a boom in its private equity market between 2009 and 2011 as 

the amount of capital raised significantly increased from $2 billion to $16 billion, a 700 

percent increase on its previous years. 

In contrast, India witnessed slower growth with $2 billion aggregate capital raised in 

2009 and $3 billion raised at the end of 2011, an increase of 50 percent. 

page 13 


Country in Focus: 

China 

asia-pacific 


review 

foreword 





lp snapshot 


While fundraising activities across the world are largely dominated by global firms with 

USD- denominated funds, there has been a dramatic shift in fundraising with the rise of 

RMB-denominated funds in China. Since 2007, the domestic private equity industry has 

grown exponentially with the introduction of the ‘Limited Partnership’ law that enabled 

the formation of RMB-denominated private equity funds. RMB fundraising reached $7 

billion in 2011, representing a 75 percent increase from the $4 billion raised in 2010. 

However, RMB fundraising is still behind USD-denominated funds, which raised $8 

billion in 2011. 

One reason for the increase in RMB fundraising is that the Chinese private equity 

industry is well supported by government related institutions, such as the China Investment 

Corporation (CIC) and National Council for Social Security Fund of China (NSSF), who 

are able to make very sizeable commitments allowing GPs who garner support from them 

to raise large funds. Figure 2.6 samples some of the largest funds targeting the country. 

page 14 


Consolidation is 

inevitable but in 

China the industry 

won’t consolidate as 

fast as people think 

figure 2.6 

Top 5 China RMB funds closed in 2011 

Fund Name Fund Manager Fund Size (m) Fund Strategy 

asia-pacific 


review 

Hony Capital Hony PE RMB Fund II CNY 10,000 Buyout 

Tencent Holdings Limited Software Developers Fund CNY 10,000 Venture Capital 

YunFeng Capital YunFeng Capital Fund CNY 10,000 Venture Capital 

Cowin Capital South Sea Growth Fund V CNY 2,500 Venture Capital 

Shenzhen Oriental Fortune Capital Oriental Fortune Capital III CNY 2,500 Venture Capital 

US$1 = CNY 6.46 

Source: Private Equity International Research Centre 

Another factor leading to the success of RMB funds is the improved regulatory environment 

that makes it easier for foreigners to raise private equity funds, thus attracting 

many new investors into the market. Over half of the 10 biggest Chinese private equity 

deals in 2011 were carried out by overseas GPs which continue to play an active role 

in the market. Franklin Templeton Darby Private Equity, Partners Group and Goldman 

Sachs were among the several global private equity firms who launched RMB funds in 

2011. To these firms, RMB-denominated funds promise a simplified and faster approval 

process for completing deals in China as well as access to Chinese investors. 

Despite breaching regulations in 2011, a record number of private equity funds operate 

in China. However, the Chinese government is reacting proactively by putting best 

practice principles in place so as to remain competitive with developed markets. In late 

2011, the country’s National Development and Reform Commission (NDRC) released 

a measure requiring onshore private equity funds in Beijing, Shanghai, Tianjin, Jiangsu 

Province, Zhejiang Province and Hubei Province with more than RMB 500 million ($79 

million) of assets under management to register and submit fund information for review. 

This measure further adds to the confidence of LPs to invest in China. 

Currently, China occupies the most attractive and unique position in Asia-Pacific fundraising. 

The country is largely able to insulate from currency risks due to the emergence 

of RMB-denominated funds while the market has defied global fundraising trends and 

made significant advancements in the face of a gloomy fundraising climate. The popularity 

of RMB-denominated funds is expected to soar in 2012 due to demand from both 

domestic and global private equity firms. 

foreword 





lp snapshot 


page 15 



india 

asia-pacific 


review 

foreword 





lp snapshot 


India represents the second largest private equity market in Asia-Pacific, behind China. Fundraising 

for India-focused managers has stagnated below its 2008 peak of $8 billion. In 2010, 

23 funds were launched in India raising a total of $3 billion. 2011 was another difficult year 

for GPs raising India-focused funds, with about $2 billion raised by the end of the year from 

28 India-focused private equity funds. There are mixed views when it comes to the current 

state of the country’s private equity markets and one active investor shared his sentiments by 

stating that the global LP community is generally more discriminating when making decisions 

on the kind of Indian GPs and strategies that they will invest in. The perception that India is 

riskier and more challenging than other emerging markets remains a concern for many LPs 

and this could be the reason why the country experienced such growth. 

In addition, the amount of capital raised in the years preceding the global financial crisis has 

resulted in an abundance of capital within the country as the amount of dry powder available 

was more than enough to fund all deal activities for the next few years. As such, the private 

equity industry was saturated with capital that has yet to be deployed and fundraising efforts 

were minimal, having raised only $2 billion in 2009. 

Fundraising in India is also partly affected by a decreasing number of exits in the Indian 

domestic market. The internal rates of return (IRR) in India have also underperformed. For 

every approximate $5 billion of investments made during 1999 to 2010, the average IRR was 

18 percent. This figure is well below the benchmark of most investors, who require a gross 

IRR of 25 percent. LPs are beginning voice concerns about their private equity returns and 

adopting a more cautious behavior with future commitment. 

If the current trend continues into 2012, India’s private equity market may face challenges 

on several fronts, including a crowded playing field of GPs with a slower domestic economy, 

rising inflation and regulatory obstacles. In short, fundraising in India may be difficult for 

managers with short track records due to a high level of competition. 

However, despite market uncertainties, there are still positive signs from the Indian market. 

2011 witnessed a couple of private equity funds being over-subscribed, showing that GPs with 

the right fundamentals are still able to gain investors’ confidence, as seen in the figure below. 

figure 2.7 

Top 3 oversubscribed India funds closed in 2011 

Fund Name Fund Manager Target Fund 

Size ($m) 

Fund Closing 

Amount ($m) 

Fund Strategy 

Everstone Capital 

Partners II 

Everstone 

Capital 

330 580 Growth / 


Edelweiss’ Special 

Opportunities Fund (ESOF) 

Edelweiss 

Capital 

200 230 Turnaround/ 

Distressed 

page 16 

Multiples Private Equity 

Fund 

Multiples 

Alternate Asset 

Management 

400 450 Buyout 

www.privateequityconnect.com 

Source: Private Equity International Research Centre

asia-pacific 

outlook 

Buyout and venture capital/growth equity funds are 

preferred by GPs 

figure 3.1 

% 

Future fund appetite 

50 

40 

30 

20 

asia-pacific 


review 

foreword 



10 

0 

Buyout/Corporate PE 

Venture Capital/Growth Equity 

Mezzanine/Debt 

Fund of Funds/Co-investment 

Distressed/Turnaround 

Secondaries 


• asia-pacific outlook 

lp snapshot 



n 

n 

n 

North America 

Western Europe 

Central & Eastern Europe 

n 

n 

n 

Middle East 

Africa 

Asia-Pacific 

Most GPs will choose to raise buyout (44 percent), venture capital and growth/equity 

(47 percent) funds in 2012, according to Figure 3.1. Simultaneously, about 6 percent of 

respondents indicated that they will utilize either mezzanine, distressed/turnaround or 

secondaries fund strategies. 

GPs’ future appetites are consistent with current fundraising strategy trends in Asia. 

After seeing a spike in venture capital investments in 2011, Asia may continue to see an 

increase in venture capital/growth equity, particularly in China. In the 2012 version of 

‘Catalogue for Guidance of Foreign Investment in Industry’, all foreign investments are 

classified into the “encouraged”, “restricted”, “prohibited” and “permitted” categories. 

Venture capital is specifically listed as one of the encouraged strategies for investors in 

the country. 

page 17 


asia-pacific 


review 

“Funds raised 

in Asia are 

getting too 

large with 

the rapid 

scale up of 

funds moving 

managers out 

of their comfort 

zones.” 

foreword 





• 

lp snapshot 


GPs interested in raising smaller funds… 

figure 3.2 

Future target 

fund size 

Less than $250M 

$250M to $500M 

$500M to $1B 

$1B to $5B 

$5bn and above 

% 


page 18 

When asked about their target size for private equity fundraising over the next 12 months, 

almost half of the GPs surveyed expressed an interest in raising fund/s targeting no more 

than $250 million in fund size. This was followed by 35 percent of GPs who have a target 

fund size of $250 to $500 million. In comparison, only 17 percent of the respondents 

seek to raise bigger funds targeting more than $500 million. 

One investor pointed out that there is a rapid scale up in fund size. This is driving GPs 

out of their comfort zone, where very large funds have to seek limited buyout opportunities 

resulting in GPs’ intention to raise smaller funds. 


… however, LPs expect funds to be larger 

figure 3.3 

LPs’ perceived 

appropriate 

fund size 

n 

n 

n 

n 

n 

9.1% 

40.9% 

36.4% 

9.1% 

4.5% 


$250M to $500M 

$500M to $1B 

$1B to $5B 

$5B and above 


asia-pacific 


review 

A vast majority of institutional investors believe that an appropriate fund size should lie 

within the range of $250 million to $500 million while about one-third feel that it should 

be within the $500 million to $1 billion range. This finding may be alarming to GPs who 

are planning to raise relatively smaller private equity funds as it indicates a divergence 

between the expectations of LPs and GPs. 

foreword 



With fund sizes getting bigger over the years, 40 percent of 

the LPs surveyed felt that Asia private equity funds are getting 

too large. Reasons provided include: 

• There is too much interest in Asia. 

• Asian GPs have a size complex where they think that 

bigger funds are better. 

• Asian investors observing the market are less sophisticated 

than those in North America and Western Europe 

and believe that the size of a fund is an indication of 

success, thus creating a vicious cycle where they do not 

criticise overambitious GPs. 

• There are too many managers in Asia with limited track 

records. 

• There are too many GPs in Asia who are backed by 

relationships and re-ups driven by Western institutions. 


• asia-pacific outlook 

lp snapshot 


As a whole, fundraising has proved to be difficult for global GPs in 2011 as there 

have been no major improvements witnessed over the year. Although fundraising shows 

a steady increase in total aggregate capital raised throughout 2009 to 2011, fundraising 

activities have not yet recovered to their pre-global financial crisis level. Asian fund 

managers will have to continue battling in a crowded market for available capital, manage 

the LP-GP relationship effectively and prepare themselves for any changes in the global 

macro-environment. 

page 19 


LP snapshot 

asia-pacific 


review 

Globally, pension funds and foundations/endowments 

comprise the largest category of institutional investors. 

However, in Asia-Pacific, corporates are the most active 

figure 4.1 

Breakdown of institutional investors 

foreword 





lp snapshot 

• 


Asset Manager 

Bank/Financial Services 

Corporate 

Corporate Pension Fund 

Corporate Subsidiary/Division 

Family Office 

Foundation/Endowment 

Fund of Funds Manager 

Government Agency 

Independent Firm 

Insurance Company 

Investment Firm 

Other 

Pension Fund 

Sovereign Wealth Fund 

% 

n Global LPs 

n Asian LPs 


page 20 

The Private Equity International Research Centre profiles a diverse base of LPs across seven 

regions. Asian LPs make up 15 percent of the 3683 active institutional investors in private 

equity. 

Pension funds, foundation/endowments and investment firms constitute 50 percent 

of global institutional investors. Interestingly, the largest percentage of Asia based LPs are 

comprised of corporate (29 percent), bank/financial services (12 percent) and pension 

funds (12 percent). Corporate investors are far less prevalent in other regions making 

up only 2 percent of all the global LPs. Although global LPs are overwhelmingly foundation/endowments, 

they only constitute to a small portion of Asia institutional investors. 


The increase 

in allocation 

to Asian funds 

is due to the 

higher riskadjusted 

returns 

associated with 

investments in 


asia-pacific 


review 

foreword 

figure 4.2 

Sample of LPs commitments to 2011 closed funds 

Asia based LPs Fund Commitments Fund Strategy Fund Regions 

National Council for Hony PE RMB Fund II (Beijing Buyout 

Asia-Pacific 

Social Security Fund 

of China 

Hony 2010 Private Equity 

Investment Centre) 

Tokio Marine Asset IPV Capital II Venture Capital Asia-Pacific 

Management Co. Ltd 

Indian Overseas Bank Multiples Private Equity Fund Buyout Asia-Pacific 





• lp snapshot 


Ping An Insurance 

Primavera Capital Fund 

Growth / 

Asia-Pacific 

(Group) Co. of China 

(Chunhua Fund) 


National Pension 

Orix Korean Private Equity 

Growth / 

Asia-Pacific 

Service of Korea 

Fund 



Figure 4.2 illustrates some Asian LPs’ commitments to Asia-focused private equity 

funds that have successfully closed in 2011. With private equity on the rise in Asia-Pacific, 

investors are increasingly ramping up activity in the region. 

The attractiveness of business opportunities that Asia offers as an investment destination 

has enticed foreign investors to inject capital into regional funds. One significant 

commitment made to Asia-focused funds closed in 2011 was by the Canada Pension Plan 

Investment Board that committed $100 million to Multiples Private Equity Fund. Qiming 

Venture Partners’ third China focused fund, which held its final close in May 2011, also 

garnered support from several foreign LPs including Siguler Guff, Robert Wood Johnson 

Foundation, Grove Street Advisors, Harvard University Endowment and University of 

Texas Investment Management Company. 

page 21 


asia-pacific 


review 

Allocation 

to private 

equity funds 

will remain 

small due to 

limitations on 

so-called “riskassets” 

based 

upon assetallocation 

policy 

foreword 





lp snapshot 

• 

Majority of LPs plan to commit less than $250 million to 



figure 4.3 

Amount of capital 

to be committed 

in 2012 

n 

n 

n 

70.4% 

25.9% 

3.7% 


$250M to $500M 

$1B to $5B 


page 22 

With 2011 being an active year for Asia private equity, the need to understand LPs’ attitude 

towards future capital commitments in the asset class is inevitably an important factor 

as it is one of the many indicators of investors’ confidence towards the asset class. As 

mentioned earlier, there are diverse views and expectations from both fund managers 

and investors with regards to the appropriate size for a private equity fund to be raised 

in Asia. Figure 4.3 classifies the 32 respondents into 3 main groups with more than 70 

percent of LPs planning to commit less than $250 million to the asset class in 2012 and 

26 percent of them willing to commit between $250 million to $500 million. 


LP Regional 

Strategies 

Asia-Pacific is in demand 

asia-pacific 


review 

figure 5.1 

Asian-based LPs 

current regional 

allocation 

% 

50 

40 

30 

20 

foreword 




10 


0 

North America 



Middle East/Africa 

Asia-Pacific 

Latin America 

No Appetite 

lp snapshot 

• lp regional strategies 



n Current Allocation 

n Future Appetite 

Asia-Pacific remains the most attractive region for both current investments and future 

appetite in the alternative asset class according to Asian-based LPs. However, we see a 

decrease in investors’ appetite for North America and Asia which may be partly caused 

by the increase in investors with no appetite to invest in private equity at all over the 

next 12 months. One reason for the lack of LPs’ appetite is their overexposure to private 

equity investments as some went beyond their target allocation. On the other hand, some 

investors also stated that market instability and illiquidity associated with the asset class 

are contributing factors as to why they have decided to cease making new investments. 

Although there is an increase in investors’ unwillingness to commit further capital 

into private equity, Figure 5.2 illustrates an uptrend in terms of their future appetite 

towards emerging markets according to our survey respondents. 

page 23 


LPs are shifting their preference to emerging markets 

asia-pacific 


review 

figure 5.2 

LPs’ current and 

future regional 

focus 

% 

100 

80 

60 

40 

foreword 

20 





lp snapshot 


• 


0 

North America 



n Current Investment/s 

n Future Investment/s 

Middle East 

Africa 

Asia Pacific 

Latin America 

With investor interest in Asia-Pacific remaining prominent, the trend of shifting appetite 

from developed to emerging markets continues. 

page 24 

Emerging Asian markets 

With China clearly standing out as Asia’s most popular market, there are opportunities 

offered by surrounding economies within the region that are attracting growing amounts 

of investments. In 2011, China-ASEAN Investment Fund announced its plans to raise a 

fund up to three times the size of its current $1 billion Southeast Asia fund, as LPs look 

to increase their exposure to the region. In the same year, Maybank launched its $500 

million clean energy fund with a focus on China, India, Indonesia, Malaysia, Thailand, 

the Philippines, Vietnam, Cambodia and Laos. Countries like the Philippines, Thailand, 

Cambodia and Laos are not typically the most popular destinations for private equity 

investors. However, some firms are finding success in these economies and others identifying 

emerging Asian markets to offer significant growth potential. 


Significant increase in interest for Indonesia and Vietnam 

figure 5.3 

% 

LPs’ current 

and future 

country-specific 

strategies 


30 

25 

20 

15 

10 

5 

0 

Australia 

Cambodia 



China 

Hong Kong 

India 

Indonesia 

Japan 

Laos 

Malaysia 

Philippines 

Singapore 

South Korea 

Taiwan 

Thailand 

Vietnam 

I have not invested 

in any Asia-Pacific fund 

Figure 5.3 illustrates a further breakdown of investor’s investment strategies within the 

Asia-Pacific region. China, India and Australia remain the top 3 preferred markets for 

private equity investments in 2012. However, interest in these 3 countries is declining 

as LPs reduce their appetite for these markets. Simultaneously, LPs’ interest in Japan has 

fallen by 6 percent. Following the Tohoku Earthquake, some LPs are more prudent in 

making investments in Japan as an element of uncertainty remains. Although China and 

India have captured investors’ attention from 2010 to 2011, investments in these two 

countries are diminishing as more Asian LPs are looking to divest their interests and 

seek new opportunities. 

Concurrently, the reduction in appetite for private equity investments in China and 

India contrasted with the increase in interest for Southeast Asia showing that investors’ 

sentiment towards China and India is declining in favour of Southeast Asia. 

Foreign GPs such as Dubai-headquartered private equity firm Abraaj Capital also 

expressed interest in Southeast Asia by setting up an office in Singapore to utilise opportunities 

offered by the region. 

Another trend observed from the survey results is that a significant number of investors 

are willing to explore new opportunities in countries which currently have no 

exposure. Seven out of eight countries highlighted by respondents are in the Southeast 

Asia region, indicating a growing interest for the region. These countries are Cambodia, 

Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam. Vietnam topped the list 

with the largest number of responses among the eight countries. 

asia-pacific 


review 

foreword 





lp snapshot 


page 25 


indonesia 

asia-pacific 


review 

Indonesia is likely to become one of 

the most important emerging markets 

for private equity in the next decade, 

driven by strong and sustainable economic 

fundamentals, favourable demographics and 

significant excess demand for equity capital 

foreword 





lp snapshot 


• 

Out of all the Southeast Asia countries, Indonesia is identified as next hotspot for private 

equity investments over the next 12 months due to Indonesia’s low GDP per capita and 

accelerating growth, which increases the appeal of the country in the eyes of investors. 

As more LPs and GPs look to invest in Indonesia, the list of private equity funds targeting 

the country has consistently grown in recent years. 

figure 5.4 

Sample of Indonesia-focused funds 

that are currently in the market 

Fund Name Fund Manager Fund Strategy Target Fund 

Size ($m) 

Saratoga Asia III Saratoga Asia III Buyout 450 

Falcon House Partners 

Indonesia Fund 1 

Falcon House Partners 

Growth / Expansion 

Capital 

200 

Java Fund Yawadwipa Companies Buyout 1000 


page 26 

Figure 5.4 showcases a few Indonesia-focused funds recently launched in the market. 

Yawadwipa Companies in particular, has garnered attention as it was established by 

former Bank of America executive Christopher Holm, who committed $25 million to 

the fund. Besides the country’s economic factors, the success of Northstar Pacific Capital 

in exceeding its target and close its third fund on $820 million may also send a message 

out to all GPs that raising funds targeting Indonesia is a possible route to embark on. 

Notably, this fund is the largest fund ever raised for Indonesia. 

Hong Kong based CLSA Capital Partners has also been actively closing deals in Indonesia. 

In 2011, it invested $15 million in PT SariWangi AEA, one of Indonesia’s largest 

tea companies. This transaction was made just one week after it bought a minority stake 

in PT Sinar Mitra Depadan Finance (SMS Finance) for $20 million. 


asia-pacific 


review 

foreword 



vietnam 

Vietnam’s economy offers challenges due to corruption, which at one stage was considered 

to be the biggest obstacle towards private equity investments in the country. Now 

macroeconomic problems including a depreciating currency, close to 20 percent inflation, 

plunging property prices, increasing commercial lending rates, a more than 20 percent 

stock market decline and risks in the banking sector adversely affect the investment climate. 

However, valuations are coming down and multinationals are going into the country 

to buy again. 2011 provided some encouraging signs for the country with KKR’s $159 

million stake in Masan Consumer putting Vietnam on the private equity radar once again. 

In the same year, eight Vietnam-targeted funds were launched. The largest was Saigon 

Asset Management growth capital fund targeting $300 million. According to the 2011 

World Bank Ease of Doing Business ranking, Vietnam has improved its overall position 

from 88 to 78, being one of the top ten most improved economies. This is due to several 

reforms introduced by the Vietnamese government which made it easier for investors 

to obtain credit and start a business, therefore creating a more favourable environment. 

However, it is important to note that not all investors find Vietnam focused funds 

appealing. One Singapore based investor shared his views on Vietnam’s private equity 

market. He pointed out that the current existing macroeconomic problems are what 

investors have to look into before making any commitments. 




lp snapshot 


page 27 


“A GP must be 

truly capable” 

GP expertise in the region remains crucial 

There are other factors which investors look into before committing to a private equity 

fund as a wrong judgement may bring about massive losses given the current volatile 

market conditions. 

asia-pacific 


review 

foreword 





figure 5.5 

Factors driving 

LPs to invest in 

a fund 


GP expertise in the region 

Previous fund performance 

Local LP investment 

LP-GP relationship 

Firm governance 

GP commitment to the 

fund 

Team stability (in the GP 

firm) 

n Average Score 

lp snapshot 


• 

page 28 

As seen in Figure 5.5, the majority of the respondents felt that GPs’ expertise in the 

region is the most crucial factor affecting their decision to invest in a fund, showing that 

LPs are concerned about GPs’ track records. According to a member of the private equity 

industry, this is especially crucial in Asia due to the “limited supply of experienced general 

partners”. Ideally, LPs like to see managers who have gone through several business cycles, 

including the 1997 Asian crisis, along with a stable senior team. Also, GPs need to have 

strong local footprints and networks combined with international standard corporate 

governance in order to gain LPs’ trust. 

With no prior track record, GPs raising their debut funds are facing increasing difficulties 

as the current economic outlook is filled with uncertainties and LPs are far 

more careful in their assessment of GPs. It is tough for first-time funds to raise capital 

as many LPs simply do not consider inexperienced fund managers. To succeed, it is 

vital for GPs raising such funds to find ways to differentiate themselves from other new 

entrants in the market. 

Out of the 7 factors given, investors are least concerned with local LP investment and 

instead they are more focused on GPs’ commitment to the fund, previous fund performance 

and firm governance. 

With more than 80 percent of the investors indicating their preference to continue 

their existing relationships with GPs, LPs are more comfortable with investing in GPs 

they have established connections with. However, this is taking into account that GPs’ 

performance and strategies are consistent with their track record. 


Market 

volatility and 

uncertainty 

are the main 

reason for a 

decrease in 

allocation to 


funds 

asia-pacific 


review 

foreword 


Interest in Asia-Pacific to continue 

figure 5.6 

Expected 


allocation over 

the next 12 

months 




lp snapshot 



n 

n 

n 

34.5% 

55.2% 

10.3% 

Increase my allocation to PE funds 

Leave my allocation to PE funds unchanged 

Decrease my allocation to PE funds 

About 90 percent of investors surveyed plan to either keep the level of allocation to 

private equity funds unchanged or have plans to increase their allocation to the asset 

class. One reason for investors to maintain their current allocations to private equity is 

partly due to the need to review their portfolio allocation. In addition, some investors 

perceive private equity as “risky assets” and hence are not keen to increase their allocation. 

About 10 percent of the investors surveyed are seeking to decrease their allocation 

citing market volatility, uncertainties and regulatory reasons. 

page 29 


LPs are shifting their preference to emerging markets 

asia-pacific 


review 

figure 5.7 

LPs’ current and 

future regional 

focus 

% 

n 

n 

n 

n 

n 

n 

North America 



Africa 

Asia-Pacific 

Latin America 

35 

foreword 

30 


25 


20 



lp snapshot 


• 

Source: Private 

Equity International 

Research Centre 

15 

10 

5 

0 

Buyout/Corporate PE 

Distressed/Turnaround 

Fund of funds/Co-investments 

Mezzanine/Debt 

Secondaries 

Venture Capital/Growth Equity 

page 30 

On a global basis, 30 percent of those surveyed prefer to invest in buyout/corporate 

private equity funds followed by 18 percent targeting distressed/turnaround funds in 

2012. Both secondaries and venture capital/growth equity strategies have 17 percent of 

the investors citing an interest in them on a global basis. 

In terms of global fundraising appetite, GPs also listed buyout/corporate private 

equity, venture capital/growth equity and distressed/turnaround as the top three fund 

types they seek to raise in 2012, indicating that LPs’ and GPs’ views on the market are 

generally aligned. 

Narrowing down to Asia, fund of funds/co-investments was highlighted by LPs as a 

strategy they are keen to invest in with a 12 percent allocation. The attraction to fund of 

funds lies in the fact that it is able to provide investors with diversification across different 

strategies and sectors without them having to commit to several funds. 


Biotech/Life sciences and clean tech/renewable sectors 

are perceived as having the best opportunity 

figure 5.8 

Sectors 

Biotech / Life Science 

GPs 

LPs 

asia-pacific 


review 

Clean Tech / Renewable 

Energy / Oil & Gas 

Financial Services 

Leisure / Entertainment 

Manufacturing 

Natural Resources 

foreword 



Retail 


TMT (Telecommunication, Media, 

Technology) 


Transport 

lp snapshot 

Diversified 






% 


Figure 5.8 displays surveyed investors’ sector preferences. On a global basis, most of the 

LPs surveyed currently adopt a diversified approach in terms of sector preferences with 

about the same proportion of investors preferring such a strategy in 2012. 24 percent 

show a preference for biotech/life science and clean tech/renewable sectors which 

are perceived by LPs as offering the best opportunities followed by TMT and financial 

services with 20 percent each. 

Similarly, when the GPs were asked about their preferred sectors to invest in, it aligned 

with LPs’ future appetite with the exception of the manufacturing sector which stood 

out as the most sought after sector in 2012. 

As Asia-Pacific continues to be the most preferred region for investment from both LPs 

and GPs perspectives, the region’s attractiveness plays an important part in influencing 

page 31 


asia-pacific 


review 

Some GPs are 

hired only based 

on their parents’ 

position in the 

government and 

are not capable. 

You need to 

develop talent. 

Find GPs who 

10–20 years from 

now will be the 

backbone of this 

industry 

foreword 





lp snapshot 


• 

page 32 

investors’ sector preferences. The TMT and manufacturing sectors remain the most desired 

sectors for future GP investments. This should not come as a surprise given the huge 

amount of growth opportunities within the region. 

China, the largest exporter of goods in the world, has witnessed an unprecedented 

growth in its manufacturing sector. Demand for the country’s products soared in light of 

the mass development taking place within its domestic economy along with the insatiable 

appetite for imports of Chinese goods by many developed countries. 

The TMT sector also witnessed a similar trend as the Chinese government embarked 

on efforts to improve the living standards of citizens while trying to create an attractive 

and conducive business environment. Moving forward, new guidelines by China’s National 

Development and Reform Commission (NDRC) published in January 2012 also encourage 

foreign investments into manufacturing upgrades and service industry sectors. 

In India, technology sector investments between 2004 and 2009 totaled about $3 

billion. It is estimated that between 2010 and 2015, $8 billion will be directed towards 

technology venture investments. India’s manufacturing sector is also gaining recognition 

for its high value goods. For instance, the export opportunity of Indian auto components 

is expected to reach $25 billion by year 2015. 

The Asian energy industry is growing in importance for many investors as China’s 

burgeoning economy and rapidly increasing population require more power. US headquartered 

energy specialist First Reserve Corporation signaled its commitment to Asia when 

it opened its first regional office in Hong Kong in 2011. Australian group AMP Capital 

made its first energy related investment with its Asian Giants Infrastructure Fund in 

China purchasing a 19 percent stake in Qujing Gas. India has also recorded some recent 

energy related deals with Australian bank Macquarie signing a $130 million deal backing 

a thermal power development project in Central India. 


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