Preqin Special Report: Asian Private Equity filePlus Special Guest Contributors: PwC, Adams Street...

Plus Special Guest Contributors:PwC, Adams Street Partners and Lazard

Content Includes:

Asian Private Equity Landscape

We take a detailed look at the private equity industry in Asia and how it has changed in recent years.

Asia-Based Private Equity Investors

We examine the investment preferences of Asia-based investors, including the fund types and regions they feel are presenting the best opportunities in the current climate.

Performance Benchmarks

We provide performance benchmarks for Asia-focused private equity funds by vintage year.

Regions in Focus

We analyze key statistics for Greater China, ASEAN, Northeast Asia and South Asia.

Preqin Special Report: Asian Private Equity

September 2014

alternative assets. intelligent data.

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© 2014 Preqin Ltd. / www.preqin.com

Download the data pack:www.preqin.com/PEASIA14

All rights reserved. The entire contents of Preqin Special Report: Asian Private Equity, September 2014 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report: Asian Private Equity, September 2014 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report: Asian Private Equity, September 2014 .

While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warrantythat the information or opinions contained in Preqin Special Report: Asian Private Equity, September 2014 are accurate, reliable, up-to-date or complete.

Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Special Report: Asian Private Equity, September 2014 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.

Contents

CEO’s Foreword - Mark O’Hare 3

Asian Private Equity Universe 4

Bright Spots in Asian Private Equity - PwC Contribution 7

Asia-Based Investor Survey – Views on Private Equity Opportunities 8

What Asian Private Equity Needs to Prosper - Adams Street Partners Contribution 9

Asian Private Equity Benchmarks 10

Region in Focus: Greater China 11

Region in Focus: Northeast Asia 12

Growing Activity in Asian Secondaries - Lazard Contribution 13

Region in Focus: ASEAN 14

Region in Focus: South Asia 15

Key Facts

of Asia-based investors interviewed believe that private equity is of growing importance to their portfolios.

of aggregate capital secured by emerging markets-focused private equity funds closed in 2013 was raised by Asia-focused vehicles.

The vintage year with the best median net IRR for Asia-focused private equity funds in the past decade.

74%of Asia-based investors expect to commit the same amount of capital or more to private equity in the next year compared to last year.

353

129

91%

72%The number of Asia-focused funds currently in market, targeting an aggregate $113bn.

The amount (in $bn) of dry powder available to Asia-based private equity fund managers as of September 2014.

2010

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Download the data pack:www.preqin.com/ASIA14

This year’s Asian Private Equity Report, Preqin’s fourth, documents the continuing growth and maturation of the private equity industry in Asia. The past two to three years have been challenging for emerging fi nancial markets generally, as following the global fi nancial crisis investors have refocused their interests on North America and Europe, but despite the macro headwinds, private equity in Asia is clearly continuing to mature and grow. As the table shows, Asia accounts for approximately 15% of the global private equity industry by most metrics:

Given the inescapable longer-term macro tailwinds behind Asia’s development – urbanization, industrialization and favourable demographics – it is clear that private equity in Asia will continue developing rapidly. In order to highlight areas where Asia’s development is likely to be especially pronounced, it may be instructive to note some of the areas where Asia does not make up 15% of the global total:

• LPs investing in private equity: the Asian LP universe continues to grow, but still comprises only 5-10% of the global investor base. In our report we highlight the growing interest of Asian LPs in private equity, and especially their interest in investing on a global basis, not just in Asia. Conclusion: Asia will become an increasingly signifi cant source of capital for private equity fi rms worldwide.

• Top 20 private equity fi rms globally: according to Preqin’s data, the 20 largest private equity fi rms globally (ranked by available dry powder) currently comprise 16 US-based fi rms and 4 Europe-based fi rms. Conclusion: Asia’s growth will lead to the emergence of Asia-based global leaders: expect an Asian top 20 private equity fi rm within fi ve years.

• Niche strategies and markets: Asian private equity has historically been heavily reliant upon growth funds, with relatively less involvement from niche areas like debt, secondaries, etc. This is bound to change as the industry matures – and indeed the contribution from Lazard to this report highlights the case of secondaries. Conclusion: Asian private equity will continue to mature, and will increasingly refl ect the global industry.

• Global LPs’ appetite for Asia: this has waned in the past two or three years, yet the long-term macroeconomic story remains unchanged. Meanwhile, Preqin’s Asian Private Equity Benchmark (see page 10) shows that the performance of Asia-focused private equity funds has closely matched that of US and European funds over the long term. And private equity remains a necessary component of any portfolio aiming to capture the Asian growth story. Conclusion: expect global LPs to regain their appetite for Asian private equity.

The overall conclusion must be that Asia is a core part of the global private equity story; it has a vital role to play in putting capital to work in the region; it has a vital role to play in diversifying the portfolios of global LPs; and Asian LPs will have an increasingly vital role to play in funding private equity’s global development.

Preqin is committed to growing and developing our business in Asia, and to serving our many customers in the region. We are grateful for their support, and also for the support of our fellow contributors to this report, PwC, Adams Street Partners, and Lazard.

Thank you,

Mark O’Hare

CEO’s Foreword

Number Proportion of Global Total Value Proportion of

Global Total

GPs based in Asia: 1,060 13% $129bn (Dry Powder) 11%Funds in Market focused on Asia: 353 16% $113bn (Aggregate Capital Sought) 15%LPs based in Asia: 544 10% $115bn (PE Allocation) 5%Asian Buyout Deals 2014 YTD: 183 9% $30bn (Aggregate Deal Value) 13%Asian Venture Capital Deals* 2014 YTD: 591 14% $11bn (Aggregate Deal Value) 20%

*Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt

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Asia’s growth story has been an inspiring one, propelled by the interconnecting factors of rapid urbanization, industrialization and positive demographics. Consisting of both developed and emerging countries, Asia continues to be a region to watch closely as it is on track to play an increasingly signifi cant role in global fi nancial markets. Similarly, the private equity industry in Asia is, more and more, on the radar of investors and fund managers alike, given its expanding prominence in the wake of fi nancial turmoil in the West. While challenges and uncertainty remain inevitable, the Asian private equity landscape is certainly evolving and looks to offer many opportunities in the future.

Asia-Based Investor Universe

Preqin’s Investor Intelligence online service currently tracks 544 active investors based in Asia, which comprises 10% of the global active private equity investor universe. As shown in Fig. 1, China and Japan are both key locations, each hosting 24% of the Asian private equity investor universe; collectively they account for almost half of all LPs in the region. The number of Chinese investors has surged in recent years following the Chinese government’s effort to ease barriers to entry for domestic institutions to participate as LPs. In addition to corporate investors and state-owned enterprises, Chinese insurers are an emerging pool of LPs, in response to China Insurance Regulatory Commission’s easing of regulations to allow them to invest in domestic funds in 2010 and offshore funds in 2012. Given Japan’s mature private equity market, it is not surprising that it is home to a large proportion of investors in the Asian region. South Korea hosts the next highest number of LPs at 14%, followed by India (10%), Hong Kong (8%) and Singapore (7%).

Fig. 2 reveals that corporate investors account for 18% of Asia-based investors, while banks and investment banks represent 15% and insurance companies 11%. Though corporate investors comprise the largest proportion of investors by number, they account for just 6% of the $24tn aggregate AUM of the Asian LP universe. In contrast, sovereign wealth funds represent just 2%

of the investor pool, but make up 10% of the $24tn in aggregate AUM of the Asian LP universe.

Historical Fundraising

Backed by substantial investor interest in Asian private equity markets, fund managers around the world are eager to capitalize on the trend of economic growth and tap into the investment opportunities available in Asia. Preqin’s Funds in Market online service provides comprehensive data on Asia-focused fundraising. Fig. 3 shows the number of private equity funds closed between 2008 and 2014 YTD that are primarily focused on investments in Asia.

The aftermath of the 2008 global fi nancial crisis is refl ected in Fig. 3, with fundraising decreasing considerably in 2009, reaching a low of $33bn raised by 181 funds. Asia-focused fundraising bounced back soon after, buoyed by loosening regulation in key markets (primarily China) and rising interest from investors and

18%

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Corporate Investors

Banks and Investment Banks

Insurance Companies

Government Agencies

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Family Offices

Private Equity Fund of FundsManagers

Wealth Managers

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Fig. 2: Breakdown of Asia-Based Investors by Type

Source: Preqin Investor Intelligence

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Fig. 3: Annual Private Equity Fundraising for Primarily Asia-Focused Funds, 2008 - 2014 YTD (As at 1 September 2014)

Source: Preqin Funds in Market Year of Final Close

24%

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14%

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5%2% 5%

China

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South Korea

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Hong Kong

Singapore

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Fig. 1: Breakdown of Asia-Based Investors by Location

Source: Preqin Investor Intelligence

Asian Private Equity Universe

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fund managers as they sought diversifi cation from North America and Europe. Fundraising increased steadily from 2009 to 2011, reaching a record high in 2011 when 273 funds closed, securing an aggregate of $64bn in capital commitments.

Post-2011, fundraising was on a decline due to the rebalancing of capital towards recovering Europe and North America. Despite this downward trend, it is worthwhile to note that for each year, aggregate capital raised in 2012 and 2013 was still higher than the low in 2009, signalling the ability of Asia to retain and rebuild investor interest. In 2014 so far, 87 Asia-focused funds have held a fi nal close and garnered an aggregate $35bn in investor capital. These fi gures signifi cantly surpass those of the same time last year, when 76 Asia-focused private equity funds had reached fi nal close, collecting a total of $26bn, thus indicating the strengthening of investor appetite in the last 12 months. While Asia-focused private equity fundraising in 2014 may not surpass the peak seen in 2011, continued medium-term growth is expected.

Fig. 4 shows how within emerging markets private equity, Asia dominates, with the region consistently accounting for 70% or more of capital raised each year since 2008. Emerging markets

here encompass private equity vehicles targeting Asia, Africa, Latin America, Middle East & Israel, or with a diversifi ed multi-regional focus on economies outside of Europe and North America. In 2014 YTD, Asia-focused vehicles accounted for an all-time high of 79% of total capital raised by private equity funds focused on emerging markets. Asia looks set to continue to be the premier investment destination among emerging markets for private equity investment, especially as ASEAN and South Asia are attracting growing investor interest.

At present, there are 353 Asia-focused private equity funds in market that are seeking to raise $113bn collectively, with nearly half (46%) of these vehicles having already held an interim close. The top fi ve Asia-focused funds by target size currently on the road are shown in Fig. 5.

Favoured Fund Types

A breakdown of fund types for Asia-focused private equity funds closed in 2013-2014 YTD is displayed in Fig. 6. The most prevalent strategy, representing 26% of the pool, is growth. Growth capital plays an important role in Asian private equity; it has risen on the back of thriving private enterprises with a greater need for

3.4

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DistressedPrivate Equity

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No. of FundsClosed

AggregateCapitalRaised ($bn)

Fig. 6: Primarily Asia-Focused Private Equity Fundraising by Fund Type, Funds Closed 2013 - 2014 YTD (As at 1 September 2014)

Source: Preqin Funds in Market

1% 5% 4% 4% 2% 4% 3%

73%76% 72% 74%

70%72% 79%

6%4%

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2008 2009 2010 2011 2012 2013 2014YTD

DiversifiedMulti-Regional

Latin America

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Africa

Fig. 4: Proportion of Aggregate Capital Raised by Emerging Markets-Focused Private Equity Funds by Primary Geographic Focus, 2008 - 2014 YTD (As at 1 September 2014)


Pro

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Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Sep-14

Fig. 7: Total Estimated Dry Powder of Asia-Based Private Equity Fund Managers, December 2008 - September 2014 (As at 1 September 2014)

Source: Preqin Fund Manager Profi les

Estim

ate

d D

ry P

ow

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r ($b

n)

Fig. 5: Top Five Asia-Focused Private Equity Funds Currently in Market (As at 1 September 2014)

Fund Firm Target Size ($bn) Fund Type

Blackstone Real Estate Partners Asia

Blackstone Group 4.0 Real Estate

Mount Kellett Capital Partners III

Mount Kellett Capital Management 4.0 Special

SituationCarlyle Asia Partners IV Carlyle Group 3.5 Buyout

Baring Asia Private Equity Fund VI

Baring Private Equity Asia 3.0 Growth

IL&FS Infrastructure Debt Fund

IL&FS Investment Managers 2.0 Infrastructure


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capital injection. Venture capital follows closely behind, with a mix of 67 funds pursuing multi-stage, early stage, or late stage/expansion strategies. Compared to growth and venture capital funds, buyout pales in terms of the number of funds closed, but it is the strategy that has raised the greatest amount of capital ($28.1bn) during the period.

Asia-Based GPs

Preqin’s Fund Manager Profi les online service currently tracks 1,060 private equity fi rms headquartered in Asia. Fig. 7 depicts an upward trend in terms of the estimated dry powder available to Asia-based GPs. December 2011 records a fi gure of $107bn, representing a signifi cant 43% increase from the $75bn in dry powder available to Asian GPs at the end of the previous year. This steep rise in dry powder can largely be attributed to the buoyant fundraising market seen in 2010 and 2011, which led GPs to amass a substantial amount of capital. However, the growth in dry powder has been comparatively muted in recent years, with only a 4% increase between 2013 and 2014 YTD, and 14% between 2013 and 2012, resulting from a relatively slower pace of Asia-focused fundraising.

Asian Deal Activity

Preqin’s Buyout Deals Analyst product shows that since 2008, 1,896 private equity-backed buyout deals have been announced or completed in Asia. The annual number of deals in the region dipped in 2009, as shown in Fig. 8, but recovered in the years following that and has remained fairly steady between 2011 and

2013. Encouragingly, even though the number of private equity-backed buyout deals transacted in 2014 so far is only half of that in 2013, aggregate deal value is already higher than the previous year.

The average size of a private equity-backed buyout deal has increased from $97mn in 2010 to $120mn in 2013. 2014 looks set to reach a fi ve-year high given that the average buyout deal size stands at $214mn in 2014 YTD.

2014 YTD has already seen a record aggregate venture capital deal value of $10.5bn, surpassing the previous high of $9.6bn in 2011 in period since 2008 (Fig. 9). Venture capital and buyout deal fl ow in ASEAN steadily increased from 2010 to 2013. In Greater China, the resumption of IPOs on China’s stock exchanges has improved investor confi dence in the region as it assures investors of a viable exit route.

Outlook

Over the last decade, Asia has traditionally been looked upon as a region for diversifi cation by institutional investors and a region for attractive opportunities in deal making by fund managers. Despite sluggish Asia-focused fundraising fi gures in the past year, there is a positive outlook for Asian private equity activity. It is crucial to bear in mind the catalysts of accelerated integration of ASEAN nations, the re-opening of China’s IPO market and the recent uptick in deal activity, which drive the Asian economy. Slowly but surely, Asian private equity will continue to grow and mature.

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Fig. 8: Number and Aggregate Value of Private Equity-Backed Buyout Deals in Asia, 2008 – 2014 YTD (As at 1 September 2014)

Source: Preqin Buyout Deals Analyst

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Fig. 9: Number and Aggregate Value of Venture Capital Deals* in Asia, 2008 – 2014 YTD (As at 1 September 2014)

Source: Preqin Venture Deals Analyst

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Preqin’s Asian Private Equity Data: A Vital Tool

Preqin’s Private Equity Online contains detailed information on all aspects of the private equity industry in Asia. Access in-depth data for over 3,700 Asia-focused private equity funds and over 1,000 Asia-based fund managers, as well as detailed profi les for more than 2,000 investors that have a preference for investing in the region.

Examine over 9,400 Asian private equity-backed buyout and venture capital deals. Benchmark Asian private equity funds and view individual performance data for over 880 Asia-focused private equity funds.

For more information, please visit: www.preqin.com/privateequity


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What do you think of the current private equity climate in Asia?

Tok Hong: We can dissect Asia into North Asia, ASEAN and South Asia because the region is not a homogenous market. China, a signifi cant market in North Asia, has slowed down but its sheer size means that capital has continued to fl ow into the country. ASEAN is a bright spot, with population in excess of 500 million, its private equity investors are targeting mid to large sized companies. Valuation expectations in India are high as there are many GPs looking to exit their investments.

Chris: GPs are questioning the effectiveness of the traditional BVI/Cayman Islands fund structure, and increasingly looking to register their vehicles in Singapore and Hong Kong in order to be closer to their investees. Singapore’s more than 70 economic and tax treaties with other countries have added to its attraction to fund managers and advisory fi rms looking to set up shop in Asia.

Sarah: To add on, we are seeing a high level of interest from both LPs and GPs to use Singapore as a springboard to ASEAN.

How have regulations in other parts of the world affected Asia?

Chris: There’s been some buzz in the market surrounding FATCA, but it has not materially affected private equity in Asia yet. But FATCA raises the question of whether governments in other parts of the world, when faced with pressure to derive more income from taxes, will follow the same path.

The Open Ended Investment Company (OEIC) structure that is prevalent in Luxembourg and the UK is something the Singapore government should consider adopting. The nature of private equity is such that there has to be a certain level of opaqueness for fund managers to operate in and OEIC suits this purpose well.

Have there been any key developments in the relationship between LPs and GPs?

Tok Hong: The traditional LP-GP model may be challenged by the increasing willingness of many Asian based LPs to invest directly on their own. We see the debate about management fees, hurdle rates and carry to be symptoms of this development. Some GPs have recognized this issue and their solution is to allow LPs the fl exibility to increase commitments belatedly and participate in co-investments. The GPs that continually invest in building local relationships in the market they operate are likely to be the winners in the long run.

What is your outlook on the Asian private equity industry in the future?

Tok Hong: Although Japan has been exposed to private equity for at least the past two decades, economic stagnation in the last 10 years has caused a number of LPs to reduce their exposure to the country. However, since taking over, prime minister Shinzo Abe has

instilled a sense of hope in the markets, and there may be better times ahead for the land of the rising sun.

We expect India to experience the highest rate of growth in private equity going forward, due to the new Modi-led government. The region in Asia where we think will see the highest increase in private equity activity is ASEAN as it has a growing middle income group. China will remain the driving force in Asia in terms of private equity investments.

Chris: We expect private equity transactions to pick up in Indonesia, especially with a new president in place. And Myanmar has defi nitely generated a lot of interest which we are confi dent will continue in the years ahead. In general, ASEAN looks to be a promising region - as long as peace and stability are maintained.

Any other observations you have seen in Asia?

Tok Hong: In Asia, GPs need to devote time to form relationships with potential investees. The low-hanging fruits of the fl y-in-fl y-out model have been picked, so fund managers have to take a bigger picture perspective since the small start-up of yesterday can become the mover and shaker of tomorrow.

Chris: Foreign investors are sometimes seen as unnecessary competition to the domestic market. Instead of taking a protectionist stand, governments should see private equity, especially the buyout strategy, as benefi cial to their economies. Proper controls that ring fence sectors such as agriculture and land ownership can help governments address political sensitivities, but by and large private equity can help create value in a country.

Sarah: Private funds providing pure debt are not common in Asia - they are predominantly structured as convertibles or coupled with equity. Such funds have limited upside so in a high growth region like Asia there might not be much of an appetite.

Bright Spots in AsianPrivate Equity

- Ling Tok Hong, Partner,- Chris Woo, Partner,

- Sarah Wong, Director, PwC Singapore

PwC helps organizations and individuals create the value they’re looking for. PwC is a network of fi rms in 157 countries with more than 184,000 people who are committed to delivering quality in assurance, tax and advisory services. PwC China, Hong Kong, Singapore and Taiwan work together on a collaborative basis, subject to applicable local laws.

Tok Hong advises PwC’s clients in the area of mergers & acquisitions, and covers the entire gamut of deal origination, corporate fi nance, due diligence, valuation and exit. He graduated from Nanyang Technological University with a BAcc. Chris, together with Sarah, are specialists in taxation in the area of Mergers & Acquisitions. Chris has more than 20 years of professional experience and a Bachelor of Commerce and Administration from Victoria University of Wellington. Sarah holds a MSc in Economics and Finance from Warwick Business School. www.pwc.com

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As the Asian private equity market develops, the number of Asia-based LPs that are interested in the asset class has increased, rising from 469 in January 2013 to 544 in September 2014, according to Preqin’s data. In order to assess Asia-based private equity investors’ level of investment activity and preferences for fund types and geographical regions in the current fi nancial climate, Preqin conducted interviews with 50 LPs based in Asia in June 2014.

Level of Activity

Asia-based investors have remained active in the private equity market this year; 55% of those interviewed said they have made at least one new fund commitment in 2014 so far. Encouragingly, 21% of LPs surveyed expect to commit more capital to the asset class in the next 12 months than they did in the previous 12 months, while 53% plan to maintain the same levels over the coming year when compared to the past year. Over the next three to fi ve years, a considerable 48% of investors stated that they will increase their allocations to private equity. Preqin’s survey results signal a positive picture for the growth of private equity in Asia, reinforced by the fact that a further 45% of LP respondents will look to maintain their current level of commitments and a mere 7% anticipate a decrease in their private equity allocations.

Fund Type Preferences

Fig. 10 reveals that for Asia-based LPs, the fund type seen as presenting the best investment opportunities in the current fi nancial climate is small- to mid-market buyout, with 40% of respondents citing this strategy type. It is worth noting that growth funds have seen a signifi cant decline in appeal; 30% of respondents believed that this strategy presented the best investment opportunities in last year’s survey, while only 15% said the same this year. Conversely, the proportion of investors that viewed mezzanine funds as presenting the best investment opportunities more than doubled, increasing from 6% in June 2013 to 15% in June 2014.

Geographic Preferences

Forty-nine percent of respondents indicated that Asia (with some specifi cally naming South Asia and Southeast Asia) presents the best opportunities in this fi nancial climate, which is unsurprising as investors generally prefer to invest domestically. A signifi cant proportion of LPs (37%) favour North America, and 30% perceive Europe to hold the best investment potential, with a number of respondents specifi cally highlighting Western Europe to be a promising hub for private equity.

It appears that Asia-based LPs are generally optimistic that investment opportunities can be found all over the globe, as indicated by 40% of investors that stated that they will not be avoiding any countries or regions because of the current fi nancial climate where they would have considered investing before. Notably, 20% felt that the regions outside of North America, Europe and Asia (with a number singling out South America and Africa) are unappealing in this investment environment, while a similar percentage of Asia-based investors surveyed indicated

that they will temporarily avoid locations such as China, Japan, India and other emerging markets.

Outlook for Asia-Based LPs

A signifi cant 91% of Asia-based investors we spoke to believe that the asset class is gaining importance as a component of their portfolios. These LPs cited portfolio diversifi cation, greater returns, access to capital for small- and medium-sized enterprises, and economic development as reasons for their participation in private equity. The increased interest in the asset class is bolstered by recent events such as political changes in Indonesia and India, Abenomics and the opening up of Myanmar, which contribute to the positive outlook on the Asian economy. Going forward, Asia-based investors will continue to play an indispensable role in the private equity market worldwide, providing capital to managers for lucrative deals.

Asia-Based Investor Survey – Views on Private Equity Opportunities

Asian Investors: In-Depth Data

Preqin’s Investor Intelligence provides comprehensive information on over 540 Asia-based private equity investors.

Detailed profi les include current and target allocation to private equity, fund type and geographic preferences, future investment plans, previous private equity fund commitments and much more.

Plus, access direct contact information for key decision makers at these institutions.

For more information, or to arrange a demonstration, please visit: www.preqin.com/ii

10%

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26%

44%

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Jul-14

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Fig. 10: Fund Types Asia-Based Investors View as Currently Presenting the Best Private Equity Investment Opportunities, June 2013 - June 2014

Source: Preqin Investor Interviews, June 2013 - June 2014

Proportion of Respondents

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What are your sentiments on the current private equity landscape in Asia?

2013 was a tough year for Asian private equity - capital was fl owing to recovering Europe and the US, and it was challenging for GPs looking for exit opportunities. Sentiment remains weak but we are seeing a positive shift this year.

Japan seems to be heading in the right direction but it is still early days. Abenomics has created an atmosphere of renewed energy and optimism, and policies encouraging restructuring should benefi t fund managers searching for sector-agnostic investment opportunities. China is a mixed bag - it has seen some uncertainty in exits with the change in political leadership, but the recent spate of IPOs in Internet-related sectors has heightened investors’ expectations.

The last few years saw Myanmar, Malaysia, Vietnam and Indonesia attracting plenty of attention before macroeconomic and political setbacks in 2013 dampened investor enthusiasm. Indonesia now has a new government headed by Jokowi, and investors are hopeful he is prepared to make some market friendly calls such as a fuel subsidy to bring back investor confi dence. India is emerging from a tough period of currency depreciation and paralysis of government policy. However, the Modi-led BJP government has secured a very comfortable majority in parliament and has provided indications that it is pro-business.

Are there particular industries which you think present exceptional opportunities?

I cannot say that our investments have a specifi c industry focus, but since our founding, we have had an affi nity for breakout disruptive technologies and innovative business models. I believe China, India and ASEAN continue to be the most vibrant and biggest growth-oriented markets. Other than technology, healthcare is one area which is on the rise in China due to reforms sweeping the country. India has the highest rate of growth in mobile phone users, which has created opportunities regardless of the macro malaise. The fi nancial services and infrastructure arenas are also worth watching as India has an enormous need to address its infrastructure defi cit.

The scrutiny on the activities of South Korean chaebols (family-owned conglomerates) has led to them selling non-core assets, resulting in more M&A opportunities.

Big-name international fund houses with a regional focus versus country-specifi c boutique fi rms. Which do you prefer?

We started exploring Asia in the late 1990s, and made our fi rst investment in 2003 in a regional fund spun out from a global fi nancial institution. The fl exibility to move capital opportunistically across the region was deemed attractive as the private equity industry was relatively new then. LP sentiments swung decisively

towards country-specifi c funds in 2007-2009 as the infl ux of capital accelerated private equity development in larger markets such as China, enabling locally entrenched managers to raise smaller dedicated funds.

The truth is we consider both big-name and boutique funds according to individual investment merits rather than work on a fi xed set of rules. In general, I think boutiques offer better alignment of interest in growth and venture capital strategies where local know-hows and connections are critical success factors, while larger leveraged buyout works better with bigger institutions that have the resources to evaluate and add value in complex multi-geographic situations.

Investor activism: have you sought to have a say in how portfolio companies are run, or are you satisfi ed to leave this in the hands of managers you invest with?

It is important to understand this question in the context of legal obligations. GPs have unlimited liabilities, so are held accountable for all the legal implications that come with that responsibility. In contrast, limited liabilities preclude LPs from playing the role of GP.

At Adams Street Partners, our approach is straightforward - we do our due diligence in identifying good managers and we trust those that have passed our high bar to make good decisions. A governance structure in the Limited Partnership Agreement (LPA) allows LPs to provide guidance and resolve issues when required. The extent of the involvement of an LP in a fund is thus confi ned to what has been agreed upon in the LPA, often involving issues such as valuation guidelines, confl ict resolution or changes in strategy. I have often found building strong relationships with GPs receptive to feedback to be the best form of governance. After all, no legal clauses can save us from picking the wrong managers.

While we are on the topic of the role of an LP, my personal opinion is that for Asian private equity to prosper, we need the participation of more local institutional investors. The quality of the Asian LP community also needs to continue to increase. It is not an easy task being an LP – years of apprenticeship and honing of judgment skills from bottom-up views on people to top-down analysis on markets and economies – and it is discouraging to see peers choosing the LP career for lifestyle reasons or as a stepping stone to becoming a direct investor.

What Asian Private EquityNeeds to Prosper

- Piau-Voon Wang, Partner,Adams Street Partners

Adams Street Partners is a global private equity management fi rm. Established in the 1970s, it is a pioneer in fund of funds investing and specializes in co-investments, primary and secondary fund investments. PV Wang is a 15-year veteran at Adams Street Partners. He has a BAcc from Nanyang Technological University and is a Chartered Financial Analyst.

www.adamsstreetpartners.com

10




Asian Private Equity Benchmarks

How Can Preqin’s Asian Private Equity Performance Data Help?

Preqin’s Performance Analyst is the industry’s most extensive source of net-to-LP private equity fund performance, with full metrics for over 7,000 named vehicles, including over 880 Asia-focused funds. Use Performance Analyst to:

• Benchmark a fund’s performance against its peers• View past performance for specifi c managers and funds• Assess returns by region, fund type and vintage• Gain a further understanding of the latest trends in the industry

For more information, or to register for a demonstration of Performance Analyst, please visit:

www.preqin.com/pa

Fig. 11: Preqin Median Benchmarks: All Private Equity Asia as of September 2014

Vintage No. of Funds

Median Fund DPI Quartiles (%) RVPI Quartiles (%) Net Multiple Quartiles (X) Net IRR Quartiles (%) Net IRR Max/

Min (%)Called

(%)Dist (%)

DPIValue

(%) RVPI Q1 Median Q3 Q1 Median Q3 Q1 Median Q3 Q1 Median Q3 Max Min

2013 28 15.2 0.0 93.0 1.1 0.0 0.0 108.4 93.0 83.5 1.13 0.94 0.85 n/m n/m n/m n/m n/m2012 29 37.3 0.0 97.8 12.4 0.0 0.0 109.3 97.8 80.2 1.17 1.00 0.91 n/m n/m n/m n/m n/m2011 56 55.0 0.1 104.2 12.0 0.1 0.0 120.7 104.2 95.2 1.30 1.13 1.00 18.0 11.7 1.4 61.0 -14.02010 20 79.9 14.4 113.7 31.2 14.4 5.8 120.8 113.7 86.0 1.35 1.28 1.07 20.8 15.1 8.0 73.3 -12.32009 22 78.6 9.8 97.2 31.4 9.8 1.7 101.1 97.2 82.8 1.33 1.12 1.00 14.6 8.5 0.7 24.7 -19.72008 70 87.5 23.2 89.6 52.6 23.2 9.2 106.3 89.6 69.7 1.34 1.13 1.02 15.4 6.8 2.0 44.0 -36.12007 66 93.3 29.6 92.1 47.8 29.6 10.0 120.0 92.1 74.6 1.51 1.30 1.02 11.6 8.8 2.7 22.7 -19.52006 48 94.2 69.8 58.1 100.0 69.8 18.6 93.1 58.1 27.6 1.46 1.30 1.01 13.9 6.9 0.4 50.0 -19.22005 40 100.0 113.1 30.5 156.8 113.1 49.3 62.7 30.5 4.5 1.81 1.41 0.99 21.4 8.5 3.2 105.5 -16.52004 18 99.1 105.9 1.0 182.7 105.9 60.9 14.5 1.0 0.0 1.94 1.30 0.90 25.7 7.3 1.3 29.4 -12.72003 10 100.0 156.5 2.7 238.6 156.5 110.8 18.6 2.7 0.0 2.41 1.64 1.29 29.1 14.7 10.1 59.2 1.92002 8 100.0 193.5 0.0 212.9 193.5 111.7 0.3 0.0 0.0 2.18 1.94 1.13 n/a 11.9 n/a 93.0 -4.02001 10 100.0 234.2 1.0 359.7 234.2 186.0 24.4 1.0 0.0 3.60 2.35 1.87 38.4 26.8 20.3 57.1 16.22000 20 96.0 154.3 0.0 216.1 154.3 104.9 2.0 0.0 0.0 2.16 1.57 1.19 26.2 18.1 7.3 34.0 -4.11999 9 99.0 170.8 0.5 261.2 170.8 114.1 12.8 0.5 0.0 2.62 1.84 1.16 17.6 14.3 4.0 27.0 1.31998 7 100.1 184.2 0.0 n/a 184.2 n/a n/a 0.0 n/a n/a 1.84 n/a n/a 14.0 n/a 16.4 -9.81997 9 94.2 154.8 0.0 220.1 154.8 135.9 6.6 0.0 0.0 2.20 1.55 1.43 24.0 8.6 7.3 63.7 6.2

Source: Preqin Performance Analyst

0%

5%

10%

15%

20%

25%

30%

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

NorthAmerica

Europe

Asia

Fig. 12: Median Net IRRs by Primary Geographic Focus and Vintage Year

Source: Preqin Performance AnalystVintage Year

Ne

t IR

R s

inc

e In

ce

ptio

n

0

100

200

300

400

500

600

31-D

ec

-00

30-S

ep

-01

30-J

un

-02

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ar-

0331

-De

c-0

330

-Se

p-0

430

-Ju

n-0

531

-Ma

r-06

31-D

ec

-06

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ep

-07

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un

-08

31-M

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0931

-De

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930

-Se

p-1

030

-Ju

n-1

131

-Ma

r-12

31-D

ec

-12

30-S

ep

-13

PrEQIn NorthAmerica Index

PrEQIn EuropeIndex

PrEQIn AsiaIndex

Fig. 13: PrEQIn Index by Primary Geographic Focus

Source: Preqin Performance Analyst

Ind

ex

Re

turn

s (R

eb

ase

d t

o 1

00 a

s o

f 31

De

ce

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er 2

000)

11




Region in Focus: Greater ChinaChina, Hong Kong, Macau & Taiwan

73

61

99

148

123

56

3625.1

10.7

24.8

43.6

33.1

19.9 18.8

0

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40

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80

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140

160

2008 2009 2010 2011 2012 2013 2014YTD

No. of FundsClosed


Fig. 14: Annual Greater China-Based Private Equity Fundraising, 2008 - 2014 YTD (As at 1 September 2014)


2017

49

3

10

19

87.32.4

27.9

1.04.3 3.1 2.3

0

10

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Buyo

ut

Fun

d o

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nd

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tura

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eso

urc

es

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sta

te

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ntu

reC

ap

ital

Oth

er

No. of FundsRaising

AggregateTarget Capital($bn)

Fig. 15: Greater China-Based Private Equity Funds in Market by Fund Type (As at 1 September 2014)


0

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2007 2008 2009 2010 2011 2012 2013 2014YTD

No. of Deals Aggregate Deal Value ($bn)

Fig. 18: Number and Aggregate Value of Venture Capital Deals* in Greater China, 2007 - 2014 YTD (As at 1 September 2014)


No

. of

De

als

Ag

gre

ga

te D

ea

l Va

lue

($bn

)

Fig. 16: Top Five Greater China-Based Private Equity GPs by Estimated Dry Powder (As at 1 September 2014)

Firm GP Location Strategy Estimated Dry Powder ($mn)RRJ Capital Hong Kong Buyout 3,532Affi nity Equity Partners Hong Kong Buyout 3,372CDH Investments China Growth 2,797DST Global Hong Kong Venture Capital 2,493CITIC Private Equity Funds Management China Growth 2,044


Fig. 17: Top Five Greater China-Based Private Equity GPs by Total Funds Raised in Last 10 Years (As at 1 September 2014)

Firm GP Location Strategy Total Funds Raised in Last 10 Years ($mn)

CDH Investments China Growth 8,491Affi nity Equity Partners Hong Kong Buyout 7,300Hony Capital China Buyout 6,934RRJ Capital Hong Kong Buyout 5,800Inventis Investment Holdings (China) China Growth 5,227


0

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18

0

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2007 2008 2009 2010 2011 2012 2013 2014YTD


Fig. 19: Number and Aggregate Value of Private Equity-Backed Buyout Deals in Greater China, 2007 - 2014 YTD (As at 1 September 2014)


No

. of

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als

Ag

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ea

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($bn

)


12




Region in Focus: Northeast AsiaJapan & South Korea

4541

55

65

4945

16

4.8 6.6 6.3 6.6 6.18.9

1.60

10

20

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40

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70

2008 2009 2010 2011 2012 2013 2014YTD

No. of FundsClosed


Fig. 20: Annual Northeast Asia-Based Private Equity Fundraising, 2008 - 2014 YTD (As at 1 September 2014)


5

23

4

2

15

3

1.20.5

1.5 1.9

0.3 0.7 0.7

0

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Buyo

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on

da

ries

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No. of FundsRaising


Fig. 21: Northeast Asia-Based Private Equity Funds in Market by Fund Type (As at 1 September 2014)


0

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2007 2008 2009 2010 2011 2012 2013 2014YTD

No. of Deals Aggregate Deal Value ($mn)

Fig. 24: Number and Aggregate Value of Venture Capital Deals* in Northeast Asia, 2007 - 2014 YTD (As at 1 September 2014)


No

. of

De

als

Ag

gre

ga

te D

ea

l Va

lue

($mn

)

Fig. 22: Top Five Northeast Asia-Based Private Equity GPs by Estimated Dry Powder (As at 1 September 2014)

Firm GP Location Strategy Estimated Dry Powder ($mn)MBK Partners South Korea Buyout 2,023JAFCO (Japan) Japan Venture Capital 1,036Vogo Investment South Korea Buyout 598Stonebridge Capital South Korea Balanced 537EQ Partners South Korea Buyout 386


Fig. 23: Top Five Northeast Asia-Based Private Equity GPs by Total Funds Raised in Last 10 Years (As at 1 September 2014)


JAFCO (Japan) Japan Venture Capital 6,149MBK Partners South Korea Buyout 5,830Advantage Partners Japan Buyout 2,679Unison Capital Japan Buyout 2,376Sumitomo Mitsui Trust Capital Japan Mezzanine 2,196


0

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2007 2008 2009 2010 2011 2012 2013 2014YTD


Fig. 25: Number and Aggregate Value of Private Equity-Backed Buyout Deals in Northeast Asia, 2007 - 2014 YTD (As at 1 September 2014)


No

. of

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als

Ag

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ga

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ea

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($bn

)


13




What is the state of fundraising for Asia-focused funds?

We have seen higher fundraising fi gures in H1 2014 compared to the same period in 2013, but generally, fundraising in developing Asia continues to be more challenging than a few years ago and remains below the 2011 peak. LPs based in developed markets have been more cautious about investing in China and India in particular, but also in South East Asia due to the perceived risk-return profi les of these regions relative to the large/established private equity markets of North America and Europe.

Venture capital, notably in China, has had a good 2014 with some quick raises. Generally, however, the bar to secure new LP commitments remains high, especially in the lower part of the growth market by fund size. Nonetheless, many growth-oriented GPs have been successful fundraising, particularly established players managing larger/regional funds. At the moment, for the most part, the market seems to favour regional or pan-Asian vehicles over country-focused funds. Special situations vehicles are also doing well.

What do GPs need to do to stand out from the crowd?

While there seems to be a trend towards specialization (for example by sector) in some markets like China, we do not believe in differentiation for differentiation’s sake. Instead, getting the fundamentals right seems as important to stand out in Asia-Pacifi c at present, which include a demonstrated ability to exit and return capital to LPs (without public market reliance), team stability, and consistency in investment strategy.

Can you tell us some obstacles that Asia-focused GPs face during fundraising?

In terms of funds raising capital from outside Asia-Pacifi c, aside from GP-specifi c items, the perceived relative risk-return of investing in emerging Asia is a current challenge. In the past 18-24 months, Europe and North America have seen good LP liquidity driven in part by the strength of distributions from their existing fund commitments in developed markets. In contrast, diffi cult exit markets in China and India in particular, but in emerging markets in general, have reduced an international CIO’s confi dence to allocate to those regions. Thoughtful fundraising strategy is important to combat this. Before marketing widely outside Asia-Pac, it is helpful to achieve a fi rst close with local LP support, which gives confi dence to an LP based far away that a fund meets the bar of institutions with detailed local market knowledge. We also observe that developed market LPs seem to generally be looking to consolidate their portfolios, which may include reducing the number of GP relationships they hold (not necessarily the dollars allocated); it therefore stands that re-ups are often subject to rigorous re-underwriting so fundraising strategy with existing investors is also key.

With US and Europe showing signs of recovery, is Asia still the growth story it once was?

Structurally, the long term opportunities are not in doubt. There is a plenty of good news in regional economies, be it confi dence following the change of government in India, sector reform in China or the upcoming creation of the ASEAN Economic Community which may boost regional trade and growth opportunities for private equity-backed businesses; the long-term potential of the region is signifi cant and private equity here is still relatively nascent with a bright future to grow from the relatively low percentage of GDP it represents today. Private equity, being a mid- to long-term game with an eight year plus cycle, is able to take advantage of Asia’s continuing growth and the requirement for private capital continues to grow as does cultural acceptance of the asset class by companies and business owners. Most LPs remain committed to the region and will increase exposure as the private equity industry here evolves.

Do you have any other observations on private equity in Asia?

We see strong demand from LPs seeking to access Asian private equity through the purchase of fund interests. This can be an attractive way for LPs to grow their exposure to Asia, given the fl atter J-curve, reduced blind-pool characteristics etc; the secondary market has evolved from being a liquidity or portfolio management tool to an asset class in its own right that LPs want part of. We expect secondary deal fl ow to continue to increase in the next 24 months as there is a sizeable overhang of unrealized portfolio companies particularly in China and India and the pricing environment makes this a good time to be a seller.

Growing Activity in Asian Secondaries

- Nick Miles, Regional Lead,Lazard Private Fund Advisory Group

Lazard is a global fi nancial advisory and asset management fi rm with a presence in 43 cities across 27 countries around the world. Lazard Private Fund Advisory Group advises clients globally on private equity and private equity real estate fundraisings and secondary sales and has 45 dedicated professionals in the US, Europe and Asia.

Based in Lazard’s Singapore offi ce, Nick is responsible for the group’s activities in Asia-Pacifi c.

www.lazard.com

14




Region in Focus: ASEANIndonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Brunei, Cambodia, Myanmar & Laos

27

19

28

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3032

10

6.6

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3.4

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1.00

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2008 2009 2010 2011 2012 2013 2014YTD

No. of FundsClosed


Fig. 26: Annual ASEAN-Based Private Equity Fundraising, 2008 - 2014 YTD (As at 1 September 2014)


2

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2.34.4

3.1 3.01.2 0.9

0

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No. of FundsRaising


Fig. 27: ASEAN-Based Private Equity Funds in Market by Fund Type (As at 1 September 2014)


0

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2007 2008 2009 2010 2011 2012 2013 2014YTD

No. of Deals Aggregate Deal Value ($mn)

Fig. 30: Number and Aggregate Value of Venture Capital Deals* in ASEAN, 2007 - 2014 YTD (As at 1 September 2014)


No

. of

De

als

Ag

gre

ga

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ea

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($mn

)

Fig. 28: Top Five ASEAN-Based Private Equity GPs by Estimated Dry Powder (As at 1 September 2014)

Firm GP Location Strategy Estimated Dry Powder ($mn)Navis Capital Partners Malaysia Buyout 1,665Axiom Asia Private Capital Singapore Fund of Funds 1,103L Capital Asia Singapore Growth 721Northstar Group Singapore Buyout 568TAEL Partners Singapore Growth 374


Fig. 29: Top Five ASEAN-Based Private Equity GPs by Total Funds Raised in Last 10 Years (As at 1 September 2014)


Navis Capital Partners Malaysia Buyout 4,014Axiom Asia Private Capital Singapore Fund of Funds 2,540Northstar Group Singapore Buyout 1,715L Capital Asia Singapore Growth 1,617TAEL Partners Singapore Growth 947


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2007 2008 2009 2010 2011 2012 2013 2014YTD


Fig. 31: Number and Aggregate Value of Private Equity-Backed Buyout Deals in ASEAN, 2007 - 2014 YTD (As at 1 September 2014)


No

. of

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als

Ag

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($bn

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15




Region in Focus: South AsiaBangladesh, India, Pakistan, Nepal & Sri Lanka

32

24

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2726

17

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4.21.9

3.52.7 1.8 2.4

0

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2008 2009 2010 2011 2012 2013 2014YTD

No. of FundsClosed


Fig. 32: Annual South Asia-Based Private Equity Fundraising, 2008 - 2014 YTD (As at 1 September 2014)


4

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4.5 5.23.8

2.60.1

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No. of FundsRaising


Fig. 33: South Asia-Based Private Equity Funds in Market by Fund Type (As at 1 September 2014)


0.0

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Fig. 36: Number and Aggregate Value of Venture Capital Deals* in South Asia, 2007 - 2014 YTD (As at 1 September 2014)


No

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Fig. 34: Top Five South Asia-Based Private Equity GPs by Estimated Dry Powder (As at 1 September 2014)

Firm GP Location Strategy Estimated Dry Powder ($mn)AION Capital Partners India Distressed Private Equity 664ChrysCapital India Growth 464Kedaara Capital Advisors India Growth 418Tata Capital Private Equity India Growth 363Nexus Venture Partners India Venture Capital 207


Fig. 35: Top Five South Asia-Based Private Equity GPs by Total Funds Raised in Last 10 Years (As at 1 September 2014)


ChrysCapital India Growth 2,288ICICI Venture Funds Management India Balanced 1,252India Value Fund Advisors India Buyout 1,150Everstone Capital India Growth 1,005Tata Capital Private Equity India Growth 843


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2007 2008 2009 2010 2011 2012 2013 2014YTD


Fig. 37: Number and Aggregate Value of Private Equity-Backed Buyout Deals in South Asia, 2007 - 2014 YTD (As at 1 September 2014)


No

. of

De

als

Ag

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If you want any further information, or would like to request a demo of

our products, please contact us:

New York:

One Grand Central Place60 E 42nd Street

Suite 630New YorkNY 10165

Tel: +1 212 350 0100Fax: +1 440 445 9595

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Email: [email protected]: www.preqin.com

Preqin Special Report:Asian Private Equity

September 2014

Preqin: Asia-Focused Data and Intelligence

With global coverage and detailed information on all aspects of the private equity asset class, Preqin’s industry-leading Private Equity Online services keep you up to date on all the latest developments in the Asian private equity universe.

Source new investors for funds and co-investments

Find the most relevant investors, with access to detailed profi les for over 2,000 private equity investors which have invested or would consider investing in Asia, including future fund searches and mandates, direct contact information and sample investments.

Identify potential investment opportunities

View in-depth profi les for over 3,700 unlisted Asia-focused private equity funds, including information on investment strategy, geographic focus, key fundraising data, service providers used and sample investors.

Find active fund managers in private equity

Search for fi rms actively targeting private equity investments in Asia. View information on key contacts, fi rm fundraising and performance history, and applied strategies of the fi rm when investing in portfolio companies and assets.

Analyze the latest private equity fundraising activity

See which fi rms are currently on the road raising a private equity fund targeting investments in Asia and which will be coming to market soon. Analyze fundraising over time by fund type, manager location and regional focus.

Benchmark performance

Identify which fund managers have the best track records, with performance benchmarks for private equity funds and performance details for over 7,000 individual named funds, including over 880 Asia-focused funds.

Examine fund terms

Use our unique Fund Terms Calculator to model fee changes and see the typical terms that private equity funds charge. What are the implications of making changes to different fees? How do these fees vary between fund types and geographies?

Find out how Preqin’s range of private equity products and services can help you:

www.preqin.com/privateequity

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