asia-pacific private equity outlook 2013

7/29/2019 Asia-Pacific Private Equity Outlook 2013

1/64

9kaY%HY[a[hjanYl]]imalqgmldggc*()+


2/64

tts

Frwr 1

Exutv sury 2

D xtts 3

Ftur rt: Stt Sutst s 8


3/64

9kaY%HY[a[hjanYl]]imalqgmldggc*()+ 1

w

s t b y, t t s-P s tu trs. Dst u tvty Nrt r Eur, s rss

s-P tu t rw, st wt st tt, bs ry rw

ss ry rv strs v.

Prvt uty vstrs, st w r t t stt trs ry vst

t urv, v b tv s-P t st 15 t 2 yrs. Ts,

t wt rw sstt rvt uty vstt t r, s

t sur w u rtuts us s-P, ssr bt by

b rvt uty uss by rs vr rtss xrts

rts.

Furtrr, bt s-P vrts tt srs v b rr wt t rvt uty vstt urst t bts tt ts

sur t br r vt. Nss t sy, y r w rsy

rtv t rvt uty vstt.

wvr, s r, rst t s w t 213 s

tt r strt rrt urrs, y w r t s-

P s t t rv rwt r t rsb utur. t t s t,

ruts s rts ru t r r t rus r

rvt uty vstrs, v u ssrs wry wt s t rt

rts, rtury v urtty t b y.

I t ts vws, w v t u wt rrrt t ssss rt

stt t yr . Rsts t ts yrs survy t strr

tv vwt y rs r wt st yr. Mst r tt s-P

su r rtv brt st t b y. W tt yu ts

yrs rrt , s wys, w w yur b.

Ea[`Y]d:mplgf

HjanYl]=imalqD]Y\]j$9kaY%HY[a^a[=jfklQgmf_


4/64

2 9kaY%HY[a[hjanYl]]imalqgmldggc*()+

=p][mlan]kmeeYjq

Pvt uty tvty tus t s s-P Gt C w t st tv t

Mr t 85 rsts sy rvt uty tvty w

rs vr t xt 12 ts, by st r

rsts bv tt Grtr C w st t rty

tvty 213, rsut sr t st yrs survy. Sutst

s s t rs wt ry rsts xt

tvty t x sty t r. Furtrr,

rsts bv usts, rs w t

rv t rr rt s w rrst

t rty tvty 213.

y, utts su sts xt t s t st tvty 2013 s st

szt bs tt

Rsts xt ry, utts

sur strs t ttrt t st trst rss s-P,

wt u strr vw r 213 r wt 212. Otr

strs rss t r wt xtts r tvty

u ustrs s ty,

tuts TMT. Str szt s b

r rtt, r t t rty rsts.

D szs t s

D szs r xt t b rr 213 t ty wr

212, r t rsts. Wt s r, rsts

xt vuts t tu t rs 213, xts

tr r t rvus yr. t t s t, s

rsts xt tt buyrs w ss wt srs

vr vut, w rty bv t vut w

r r wt rvus yrs, w u r r

s t s. t t s t, st rsts bv

vus w b st t by rv urtts

tt r w.

M ts t uty vts

w sty t w 2013

rss s-P s-Ps subrs,r ts w v r t w

213, r t st rsts. Furtrr, tr

r rt rsts sy t rutry vrt

s-P w t w, wt t strst rs

Grtr C I, tu r t 5 rsts

t t rutry rs Sutst s ustrs

s w.

T us xt tuts s st ss r wt 212, rsts xt wr xt

rtuts v IPO 213, rtury Grtr

C I. t t s t, xts t strt buyrs

r xt t b r rvt vry subr rss

s-P s s-r rrts t x t -

rwt rts. Rsts s xt rs

sttut vstrs t s tr sts wt s-

P rvt uty us t sry rt s LPs

try t ut s tr s s tvty sws

xt rts.

Isttut t s xt t w t s-Pvt uty us t st t 2013

rty rsts bv tt LP vstr ts t

s-P rvt uty us w rs vr t

12 ts. s rsut, us rs t r xt t

t r sty x u-rs trts, r t st

rsts, utry-s us r xt t rr

t st vstr trst, r r st LPs .

W w ts, rsts t rtr

us vr t 12 ts sst-v u

rsss u ssrs.

Ctt ssts s xt t t u

s vstrs rs w t r rvt uty vstt,

rsts xt tt r ssts t b t rst

r rvt uty vstt rss s-P.

s r t wt tr rvt uty

vstrs, rsts xt rrt urrs t rst

t rtst tt. Svr wt us rt

subrs r s xt t rvt uty

vstrs, but t ssus rsts s tt LP

vstrs rt vstt xr t uty

t wt u ssrs.

Vu t bs tv

s t rvt uty ustry s-P tus tvv, t us tr rt rtrs t rv vu

rt rts s rs. rsts

bsrv rw us ts rsurs, y t tt

ts rsss r y rsy rtt r

rv rt s. T ustry w

tr wys t. rty rsts bv rvt uty

rs w vrsy tr rs, wt st us vtur

t rstrutur.


5/64



6/64

Ex rtuts t r, tr rvt uty u ssr sys,

s-P s uu rtuts tt t b t by y tr r.

Prvt uty rs s-P r t wrr but vrs b rt

ts r vt us w strts. Prs x s

Cy Iss-bs rvt uty r, w, r t rrtry

rrrt t, s trt vstrs r ts tr tst rtr rt

us, tw w r us Bs Myr. Exy vtv

w strts, t rs Myr u w vst r stt ty, w t

Bs u trts vt sttuts.

Fr u vstrs rstv, sttut vstr w xts LP tts r s-P rvt uty t rs sty sys, Cts

s-P r rt r rvt uty vstts, rvt uty tvty

t xt 12 ts w utrr t tvty rvus yrs.


7/64


?HkY[jgkk9kaY%HY[a[j]eYafhjaeYjadq^g[mk]\gfeYcaf_usts, but s ttt s b v t st v t s

Sr t 212, usts ts t st rvt uty s r 213,

Y[[gj\af_lg0/g^j]khgf\]flk$[gehYj]\oal`+dYklq]Yj&9ll`]kYe]lae]$

rs t ss r b rty ts yr wt tr-urtrs t t

t u-rs tr s rry r rvt uty, r wt ust 4 st

yr. T rst u r t rsts s rv rts rt

s, w s rr tr-urtrs rst vws, r wt

ust 3 yr .

Su u ts vws, sttut vstr stts, s t uts

r tt bttr, rvt uty rs r r t w usts,

wt t y rv, y rvt uty rs r tttsvs t tr xst rt s r v t try.

tr sttut vstr sys, Prvt uty rs r w try t sz

rty t bussss w ty vst. Ty r us vy

rv t rt rr by rv systs, rsss,

trrurs rs t.

O s vu- strty t st yrs s-P rvt uty

ut rrt s t by GP vstr: Prvt uty rs s-P

r t v rt s t ru tr w. Ty r st rtr

wt rt y t ts, rv t wt w

t xrts wt b tr t rt s su

t trt rt.

O`YloaddZ]l`]egklaehgjlYfl_gYdg^hjanYl]]imalqjekgn]jl`]f]pl

)*egfl`kY[jgkk9kaY%HY[a[7

Prt rsts

1 2 3 4 5 6 7 8 1

Otr

Ext urrtvstts

Rstruturj]fYf[af_\]Zl

Aehjgnaf_gh]jYlagfYdh]j^gjeYf[]g^

hgjl^gdag[gehYfa]k

Yakaf_f]o[YhalYd

Ycaf_Y[imakalagfk 87

75

75

43

42

1

HjanYl]]imalqjekYj]fgoljqaf_lgkh][aYdar]gh]jYlagfYddqafl`]Zmkaf]kk]kafo`a[`l`]qafn]kl


8/64


wv, usts s t t t t t vy t

W t rty rsts us Grtr C, I ustrs sy

usts w b t rry us r rs tr rstv subrs,

gl`]j_gYdklggcl`]lghkhglafgl`]jeYjc]lk&>gj]pYehd]$/)g^Af\aY%^g[mk]\

rsts sy rv rts w b rry . O rs, r t

I-bs GP, u b t rutry vrt. Prvt uty rs r try

r t xt vstts I, ty rty v tt rs

usts I ut t rutry t ss. Crtvy, t rvtuty rs r st tt t tr xst rts r rs t rr

t rs rt rr by strt s, sys. Currty,

I rutrs r sr s s t w ruts rr rvt

uty, tu t ut rs t b s.

T rvt uty vrt Sutst s s bt rt. r t

rvt uty vstt br, T rvt uty rt Sutst s s t

vrrw t vuts r wr r t ts brs, tus rvt

uty rs w y w usts t x tr busss w vuts

r wr. wt t sy, Furtrr, rs C, I ustr w

t y ur w trts but w s t t t rv t rt

rr t rts.

O`YloaddZ]l`]egklaehgjlYfl_gYdg^hjanYl]]imalqjekgn]jl`]f]pl

)*egfl`kafqgmjhjaeYjqj]_agfg^^g[mk7

Prt rsts

M usts Irv rt rr rt s

]kljm[lmjaf_'j]fYf[af_\]ZlRs w t Ext urrt vstts

Otr

1 2 3 4 5 6 7 8 1

Sut Kr

J

ustrs

I

Sutst s

Grtr C


9/64

9kaY%HY[a[hjanYl]]imalqgmldggc*()+/

Gt C w wtss t st tvty, t 70 sts

Dst urtty r t Cs rwt rsts

rs ru ruts C s s 2 31, t rty

rsts, s ty st yr, vrwy xt t rtst ut

rvt uty tvty t t Grtr C rs u t t sr vu

g^ghhgjlmfala]k&Af^Y[l$làkq]Yjkkmjn]q^gmf\l`Yl/(g^j]khgf\]flk]ph][l

Grtr C t xr t st tvty, s s t 6 st yr. I, t

tr , w ws rt t b t s st tv 212, t t tr

st, b Sutst s.

O vstt br sys, C s w t rrty r y b rs,

C w t rvt uty tvty t y s, but v by. T stv

r vrt C ts rwt rt r ut t r.

Cs s r tur b rts by str r r s r

yrs. Tus, rvt vstrs r utty ttrt.

O t tr , by us rvt uty vstr bs ustrs

sys, Rbust rwt Sutst s s t st ttrtv s rw

t trst rvt uty us. Sr s w t tz ts tr

wt ts strt t, ssbty t t rst t r, stbs

rstrutur ttrtv tx r.

Hd]Yk]jYfcl`]^gddgoaf_eYjc]lkZq]ph][l]\hjanYl]]imalq\]Yd

Y[lanalqgn]jl`]f]pl)*egfl`k2)5egklY[lan]3.5d]YklY[lan]!

1 st tv 2 43 5 6 st tv

Prt rsts

1 2 3 4 5 6 7 8 1

Sut Kr

J

ustrs

I

Sutst s

Grtr C 7

16

4

4

4

12 16 3 38

3 1 23 1 41

2 23 18 26

21 3 23 15 7

32 1 17 1 6

22 6

2 2

2

;àfYakfgol`]hjagjalq^gjeYfq_dgZYdjek$Yf\;àfYoaddd]Y\l`]hjanYl]]imalqY[lanalqfglgfdqaf9kaY$Zml]n]f_dgZYddq


10/64


Khglda_`lgfKgml`]Ykl9kaY

Otuts st Sutst ss w w vt uty ys ttt s

To create an overview of private equity activity in Southeast Asia,Brandon Taylor, Editor for Remark Asia at mergermarket, spoke

with Ernst & Youngs Luke Pais, M&A Leader for the ASEAN;

Kelvin Lee, Transactions Leader for Vietnam; Preman Menon,

Director of Transaction Advisory Services in Malaysia; and Renato

Galve, Head of Transactions Advisory Services for the Philippines.

W r b t rr srs r rtrs GPs

y w yrs , Sutst s s st b rry

stt r rvt uty. I, sw rwt

C t rutry trs I tw vrt

utrs r GPs t t rus ttt r

us rvusy s s rss trub Eurz, v

w t stt t st t Sutst s, wt Sr,

Is, Mys, T, Vt t Ps

ut r vrtuy vstt t r.

Es rss t subr r rw t -t-

s ts, tr y t tu. T Wr B sys

tt Mys, t Ps, T Vt urrty

sws rss st rut GDP rwt rts btw

4 6. Is s xt t t 6.5 by yrs .

Grw sur rss Sutst s, surr by

t rs r ut u s 6 ,

s rt s r xs t sur

utur strs.

Nw, r t bt r Sutst ss rw

r, b rs r st u ust tvty,

s w s tr vr rs t r. Lst yr, b

buyut r Kbr Krvs Rbrts KKR rrv Sr,r by rvs Bst Gr tt, r t

Financial Times rrt.

Prvt uty t s b rs ry, sw s

sw, wt u rs t t urrt us r

strt w s.

stry, C I v b t rtrs

LPs rrs, but rsy w r s st vstt

strty rt Sutst s s stt r

tt st, sys Lu Ps, M Lr r t SEN. Cursty

r LPs s u, Sutst s s b vry

xt rt.

But w vb trtv t ts rt-sturt brs,

rt ruts t b bsrv, rst rst

w s t Sutst s utrs r tr vu

wrt t t t r s s tty. s Ps ts ut,

Ts r rt rts t rt sts vt.

But t s xtt, tt s t ttrtvss t rt.

t vt uty

s t twy t t r, Sr s s ut

rvt uty tvty s b rs rus t stbs tr

rs t ty-stt.

Lst Otbr, KKR br Sr, ts

svt t s-P r. S 25, KKR s vst

US1b Sutst s tru tb trsts vv

Sr-urtr s v, Ust MMI.

Otr b buyut us, su s TPG Ct CVC Ct

s v s Sr. CVC ts

af_Yhgj]g^^a[]af*((/Yf\`Yk]klYZdak`]\k][lgjl]Yek

us vstt rss Sutst s.

K us t b rr bs r rvt uty vstrs

trt t r, but w tyr v t Sr

;mjagkalq^jgeDHkakhaimaf_$Yf\Kgml`]Ykl9kaYakZ][geaf_Yn]jq]p[alaf_eYjc]l

Dmc]HYak


11/64

9kaY%HY[a[hjanYl]]imalqgmldggc*()+

s, Ps sys. Its t sy t st K

srv t rt r tr. I yur t t rt,

tvy t t t t, yur t ssry

tt t rst bt w s u.

Sr-bs ubs r uy b t r s

tt r tr rvt uty rs s-r

rrts r ssts usts ts u, r

r rtrs tr rs t t wt st t

rtr rsurs t Sutst s. Srs rutry

vrt, sy, s rvr r tvty. Surs

r vstrs t vr s busss t s

t tvs t rt t ty-stt.

Trs ut szb ut us vb t vst,

Ps sys. Sr struturs r ttrtv t

trt vstrs.

Dsv t s wt tt

Sr y b t usut r ub r rvt uty,

but yr tr s rtuts wt svry t

vu ursts, by Is, T Mys.

S 211, Is s s 13 s wrt s t

US, r t rrrt t. T srw

r ts stbty tt s

r vstrs s y t rw rs us r

r us t r, Ps ts.

D vu T vr t s t r tt y

US114 tw trsts. Ps sys tt s rvt uty

tvty rss tr Sutst s rts, T

s b ss tv.

But wt y rtuts y s. s r


12/64


Khglda_`lgfKgml`]Ykl9kaY

rv rvt uty rs, vstrs ust s v wt s-r

rrts, rtury ts t r J, r

wt ts syrs tt rvt uty rs t

t wt.

wvr, w t s s, rs u rs r

tts b t tz r tr Sutst

s ssts, s vstts t strt buyrs t ty

ru. I 211, Nvs Ct Prtrs s Sr-bs

Ks Stywr Lt, uturr ustr sty

twr rs rttv ut, t US-bs

yw Itrt r US345.8. Nvs urs t

y 28 r US83.5. Tt ws r by

Nvs s Ltxt, Mys-bs r sty

rubbr-bs ruts urs r US31.1, t t Wr

Gru r US2.

Mys, t, sts ut s r stt r rvt

t. Wt v sstt, trsrt

rutry vrt w brrrs t try, Mys s

t sr stts r rvt uty vstrs uts

Sr, sys Pr M, Drtr Trst vsry

Srvs r Mys. t, st ts vs, Myss stry s wr vs rvt uty vstt,

wt ry syst s, tr tt s y t

s bussss uts Myss brrs.

Gw s

Vt y t b vstrs rst t y rsurs

t ts w y t v rt

srb stvs but wt t s ttr

t r t s u r stbty. T ry us

ut stbs t r v rt r

, v t vr br

ursts.

Rt w, Vt s r t, s t str

s ut ry, sys Kv L, Trsts Lr r

Vt. I t Sutst s r, ts s tt

s rvt uty r t ywr s.

E srts s, t rst s

r rvt uty vstrs Vt s trt uty.

Tr r w s, but u Is, Vt s w-ru rvt str, t s t b t t

s ts bussss t t xt v, L ts.

D sz s s t rvt uty rwt, s -sz

us wt uwrs US5 t y stru t

s rt t US1 r. Mst s t

US35US5 r. r t rrrt t,

s r KKRs urs 1 st Ms Csur

Crrt, rut strbutr, r US15 211,

t y tr tb s wr US-bs TPG Cts

hmj[`Yk]g^Y)(klYc]af>H;gjhgjYlagf^gj+/eaf*((

Ts s urs 1 st M Pu

]Y^gg\;gjh&^gj*)eaf*((/&

r rt rvt uty yrs t Vts

rt s st t utry t b trt r

vstt t yrs s vstrs t br

ut r Sr, Is T. Strs urrty

xr y uwr tvty u s strt t s

t w s GPs b br wt ttrs r

ssts, rtury t sur s, srvs

tr -xrtb strs, L sys.

s r Vt, t Ps wts ts sr

vstt. stry, rvt uty rs v t

Oal`Yà_`d]n]dg^kghàkla[Ylagf$YljYfkhYj]flj]_mdYlgjq]fnajgfe]fl$Yf\dgoZYjja]jklg]fljq$EYdYqkaYakgf]g l`]]Yka]j\]klafYlagfk^gjhjanYl]]imalqafn]klgjkgmlka\]g^Kaf_Yhgj]

Hj]eYfE]fgf

L`][mjj]fllj]f\akk]]af_YjYha\kà^lYoYq^jge[gjjmhlagflgljYfkhYj]f[q$^gkl]jaf_Yegj]o]d[geaf_]fnajgfe]fl^gjafl]jfYlagfYdZmkaf]kk]kYf\[j]Ylaf_

[gf\]f[]Yegf_^gj]a_fafn]klgjkJ]fYlg?Ydn]


13/64


trst t utry, s rrsttv

s s . Ts ws ry u t t stbty,

but tt s . T urrt tr s s r st

wy r rrut t trsry, str r

w vrt r trt bussss rt

r vstrs, sys Rt Gv,

Trsts vsry Srvs t Ps.

O rtur str tt u s rv tvty srstrutur r rs rs t rts wr s

w t r t s ts rby .

r t t Wr B, t Ps rs s t

t stts s r rvt vstt, r

ttrs Is Mys. s t, wvr, tt

vstt s b usty t bst, s t by rt

Financial Times rrt, rs r US5.5b 2

t US1.1b 211. Ts rtuts, t wt t

utrys stb t rts t stbty, st t

rs t Ps r r rvt vstrs.

O busss

L t r t r, Myr s tur wy r ts

ty rrssv st br rr. r st

t ry, r by t try- vrts t

rrs ry 212, s s t utry

t t rst t wr. s sts r t Wst r t,

tt vstrs wrw r t t, but brrrs r

t b br br Myr s t rs ts Sutst

s brs.

Rs wr rstrutur r srt suy, L ts,

ut ws rtt vstrs r . Mst

trsts r s st ut s rt r us

s rr.

Rt w ts ry-st stry, Ps ts. Ts s

rtury tru t b syst t s t r u t

trt strs s s trt sttuts

t stbs rs.

Tt st st utts, s trst tt

t tr t ry ut rt rws. rsur-r

utry, Myr w y s xs vstt,

rtury ts s str, Ps sys. ry,

Is s v strt tr rt try: r

t rrrt t, Is-st r

s rvw tt usts Myr,

T, t stt-w Is y, s rr

t vst u t US18 t .

O rrs t t rss r

rz, vstrs w b b t uy utz Myrs uu

r st s btw Sutst s C

I. w-st br r rw utur

bs r s y t rw bussss r vbtrtv rts t C.

W rsts bu rss Sutst s, rvt uty

vstrs bts t t ts w rtrs r rwt w ry

ry tr bty t t t v xbty.

Ts s rtury tru s tw ursts xbt t s

rutry vrts. Rss r but but s t r t

trsurs r r r rvt uty r vstrs.

L`]j]Yj]Y^]o_]ek$Zmlmfdac]Af\gf]kaY$Na]lfYedY[ckYo]dd%jmfhjanYl]k][lgj$Yf\[YhalYdak_gaf_lgZ]f]]\]\lglYc]kge]g^l`]k]Zmkaf]kk]klgl`]f]pld]n]d

C]dnafD]]


14/64



15/64


tr sttut vstr Sutst s s t ts, sy, L t t

ut s utrs t r rrs t r, I t rvt

uty w v rt rtuts t vst t t r str. I y s-

P utrs, s t r us u u u vrt

s, tus vrt s r r rrs vts t

t r syst.

Gv t urrt vrt, w tr strs u bt

r t vut t. s vstt br uts t, I t tr r t

rtuts rt utur, w r stru ts rts

v stry w vuts.


16/64



17/64


St szt s b ttlg9kaY%HY[a[hjanYl]]imalqafn]klgjk

Mrrr rsuts r ur rvus survy, str szt s rtt t

t rty rsts. Sty r rsts ts yr sr str

szt bt vry rtt swt rtt, rs rsut

rw sstt s-P rvt uty.

O sttut vstr sys rvt uty rs tt sz rt str

v t sur s s t tru t t. Str

szt ws ts rs t ty -tt str yrs. Str

szt s s rvt uty rs r strty, w tr r br u t sur ty trt y -y ty

s, sys.

Nt rsts sw r str szt. O s t ws ussry

sr t r bu rtuts t tr ustry xrts

vsrs. Otrs sy szt t s ss urt

wtrs st rs tt. O rst sys, Str szt

s ust t urrt vt busss vrt, t bts r . It

rvs t uty t by b b t ty t rt trts by b

b t rr str u .

@goaehgjlYflakk][lgjkh][aYdarYlagf^gjhjanYl]]imalqafn]klaf_

af9kaY%HY[a[7

Vry rtt Swt rtt Nt rtt

4

38

13

K][lgjkh][aYdarYlagfakYemklafl`][mjj]flngdYlad]Zmkaf]kk]fnajgfe]fl$Yf\l`]Z]f]lkYj]`a_`


18/64



19/64

9kaY%HY[a[hjanYl]]imalqgmldggc*()+)/

Rsts xt w xts tbuyuts t 2012

Mt buyuts r t st sstt ttt r rsts

rss subrs s rvt uty vstrs t rv t r t

ts ry t t vr wrs t s ty ru. Fr x, r

lg0*Yf\/*g^j]khgf\]flkafYhYfYf\?j]Yl]j;`afY$j]kh][lan]dq$l`]Zmdcg^

s r xt t v ts .

W vus r w, trr s r xtts r xts, y rsts

st s rtuts r sry buyuts, w r xt Sut Kr,

ustrs Sutst s by s t tr-urtrs rsts.

O su rt x ws US-bs Kbr Krvs Rbrts C.s Ju 212

ust 63 st Gss Cr Pty Lt., t ustr-bs t r

r rt twr ry r r sts, r vt Prvt

Ct Pty Lt., t ustr-bs rvt uty r, r rxt s

srt US352. r t rsts, tr su s r xt

t w.

Gn]jl`]f]pl)*egfl`k$o`Yllqh]g^hjanYl]]imalq\]Ydk!\gqgm]ph][l

lgeYc]mhl`]Zmdcg^ljYfkY[lagfkafqgmjhjaeYjqj]_agfg^^g[mk7

Prt rsts

Mt buyut Sry buyut

Prvt vstt ub uty PIPE

IBI 214

Pr-IPO vstts

IBI 5Isttut buyut 1 st

Isttut buy- 2

ExtT rvt

1 2 3 4 5 6 7 8 1

Sut Kr

J

ustrs

I

Sutst s

Grtr C


20/64



21/64


22/64



23/64


T s sty t tt v ss9kaY%HY[a[[gehYj]\oal`*()*

I rtur, rsts us Grtr C I xt rtr us

bt t trsts 213. Lst yrs survy u tt 55 6

rsts xt -25 vr rt, rstvy. Ts yr,

rty rsts bv vr w b t 26-5 r, st rtvy

w by b strs. O J-bs rvt uty vstr wt s-P

r sys, Lvr s rs rvt uty trsts but s st wr t

t r-rss vs. tr b rvt uty vstr bs us

ustrs xs, Ds wt ss vr t t b r sussu t y

vr s s ty v ss bur rry rwr bt, vstrs us rv t vu t ur y.

Ts vrs t bt ss t b rtury tru Sut Kr-us rsts,

w tr-urtrs tt bt vs ur s t b t t

wst t r.

@goem[`d]n]jY_]\gqgm]ph][loaddZ]mk]\afhjanYl]]imalqljYfkY[lagfk

gn]jl`]f]pl)*egfl`kafqgmjhjaeYjqj]_agfg^^g[mk7

Prt rsts

-25 26-5 )%/

1 2 3 4 5 6 7 8 1

Sut Kr

J

ustrs

I

Sutst s

Grtr C 1

31

2

26

45

75 12 13

45 1

53 21

53 18

61 8

162

D]n]jY_]`Ykaf[j]Yk]\afhjanYl]]imalqljYfkY[lagfkZmlakkladddgo]jl`Yfl`]hj]%[jakakd]n]dk


24/64



25/64



26/64



27/64


Ds su s tss vsyts st s s tt y ts 2013

y t st yrs rrt ws t ttv vu- rst tt

rvt uty us r t vstrs t xt usstt

rt. W rs rtss wr y rr r sur s,

r t rsts st yr, rsts xt w rtuts t

rty r rrt srs 213, tu st wt ss rs

rtss, rtury Grtr C Sutst s.

O t tr , I Sut Kr, 82 63 rsts, rstvy,

sy vsry trrs r t rry s r sur w rtuts.

sttut vstr I sys, Sur s I C s t ssu.

I I t rss t rvt uty buyrs srs rsy vvs

trrs.

tr sttut vstr ustrs sys, Nw rvt uty rs r ry

rs rtss sur trts tru twrs. T xr

t vstt t s wys t st rb s ty w wr wt s

t rt. But w rvt uty rs vtur t w rt ty

t us vsry trrs r rty r rrt trts.

Afqgmjghafagf$o`YloaddZ]l`]hjaeYjqe]l`g\^gjkgmj[af_9kaYfhjanYl]

]imalq\]Ydkgn]jl`]f]pl)*egfl`kafqgmjhjaeYjqj]_agfg^^g[mk7

Prt rsts

Drt r rrtstrt Prs rtss

Drt r PE

vsry trrs

Pr-IPO Ivstts Mrt vts

Drt rtO rt xs

1 2 3 4 5 6 7 8 1

Sut Kr

J

ustrs

I

Sutst s

Grtr C


28/64



29/64

9kaY%HY[a[hjanYl]]imalqgmldggc*()+*/

;YhalYdgokYf\afn]klgj\]eYf\

Afn]klgjYddg[Ylagflg9kaY%HY[a[hjanYl]]imalqak]ph][l]\t s t st wt 2012

I tt, ry tr-urtrs rsts xt r LP t t tr t

rt 213, r wt 68 212. t t s t, t s rt

t u s ts t s-P rvt uty r xt t rs

sty, r t 3 rsts, r wt ust 1 212. O

s-P-us rvt uty vstr bs Sutst s sys, B vstrs

rvt uty us, su s b s us, uvrsty wts y

s, r rs tr t ts r vstts rvt uty s-

P bus r rwt, rv rrt vr r rturs.I tt str u t t by t LPs t r

ts tur r vrb.

Gn]jl`]f]pl)*egfl`k$o`Yl\gqgm]ph][loadd`Yhh]flgDHafn]klgj

Yddg[YlagfkeY\]lgl`]9kaY%HY[a[hjanYl]]imalq[dYkkYkYo`gd]7

Af[j]Yk]ka_fa[Yfldq Irs sty

Drs sty

Sty t s


30/64



b u sttut t GtC s xt 2013

st tr-urtrs rsts xt sttut t t r Grtr

;`afYgn]jl`][gmjk]g^*()+$YkmZklYflaYdaf[j]Yk]^jgel`]/g^j]khgf\]flkl`Yl

s t s 212. Rst vws rr t ws r Nrt r

Eur r ruy t s s ty wr 212. wvr, ustrs

Sut Kr LP t s xt t w t t rt r t 42 3

g^j]khgf\]flk$[gehYj]\oal`/Yf\0g^j]khgf\]flna]okaf*()*$j]kh][lan]dq&

b sttut vstr Grtr C sys, Eur Nrt r

sttut vstrs r t rs tr vstts rvt uty us

s-P. T rtuts r t tr st rts v sru s

rturs v wtr, tus ty r rs tr vstts wr ty bttr rturs. s ty r tvt by t rutry s s vrts

v urt rtury t ttrt ts r sttut vstrs.

O`]j]\gqgm]ph][legklafgokg^afklalmlagfYd]imalq[YhalYdaflg

9kaY%HY[a[hjanYl]]imalqoadd[ge]^jgegn]jl`]f]pl)*egfl`k7

Prt rsts

1 2 3 4 5 6 7 8

J

Eur

Sut Kr

ustrs

Nrt r

Grtr C 74

47

42

3

28

7


31/64


Sy t t s t s, t 60 sts

T rss 28 t su tur t yrs w rt

LP vstrs t wr vr t sr r uty. T rsut s b rs

tvty t sry rt. I s-P, t tr s b swr t

trz t r v rts t Wst, but tvty t sry

rt w u t r, r t 6 rsts, tu st 53

xt ts t b st.

O rvt uty vstr I sys t r bs tr xt rtuts

r rt s s LPs t tur t t sry rt r s trvusy. tr sttut vstr us Sut Kr sys tt s y

rt s r st ub r uw t xt, LPs r us sry tvty

t s.

O`Yl\gqgm]ph][l^gjl`]hjanYl]]imalqk][gf\Yja]keYjc]la&]&DHk

Zmqaf_Yf\k]ddaf_]paklaf_[geeale]flkYf\afl]j]klkafhjanYl]]imalq

^mf\k!af9kaY%HY[a[gn]jl`]f]pl)*egfl`k7

Af[j]Yk]ka_fa[Yfldq Irs sty Drs styR t s

53

32

8 7


32/64



Fu ss u sss t t sst v b tt Ps w vsttsaf9kaY%HY[a[^mf\k

Cr wt 212, u s b r r rtt r sttut

vstrs vut w u rtuts s-P. W t t

xr rs t ssu, t t st yr, u rsss t t st

^gj/)g^j]khgf\]flkaf*()+$[gehYj]\oal`mkl*af*()*&al`Y`]a_`l]f]\

wrss ru rrut, tru u s b rut,

u rsss ust b rr t t t s-Ps rts,

y w r substty r tr Wstr uvts.

Du s, rst Grtr C ts ut, ts uusuy

t. T rt s yt t br trt strs, u

rsss b utt. Ry str rsuts s t rt urt tur t y. sttut vstr I sys, I s

rts, u tt rs y t u bs s t u. Ist,

u s t b by tr ubs rt r t by

trvw ustrs, surs, ttrs rtrs t t urt

rt but t trt st rtty ts bts.

Prt t t xr t t t, rvt uty vstr

J sys u vstt rsss t rt rsts

rbs, rt vstt ts rts sbty ssus. r t

t rst, s t ustry s tur, rvt uty s b rsy

ttv, suss ty s ss t s, w s y

ssb wt y xr t t.

Gn]jl`]f]pl)*egfl`k$o`YloaddZ]l`]egklaehgjlYflakkm]^gj

^mf\afn]klgjko`]feYcaf_f]oYddg[Ylagfklg9kaY7

Prt rsts

1 2 3 4 5 6 7 8

Itr trs

str rsuts

Gr t t vstt t

>mf\\an]jka[Ylagf

Mt txr

Du rsss 71

57

42

32

32

2


33/64


34/64



Rsts t tt y bs s t^gj9kaY%HY[a[kljYl]_a]k

Wt LP trst s-P rvt uty u rss t br, 44 rsts

]ph][lf]o^mf\klge]]l^mf\%jYakaf_lYj_]lkaf*()+$Yf\/]ph][l^mf\%jYakaf_

t sty x trts. I st yrs survy r t rsts xt

w u rs 212, s ts w us rs t, w xt t t

utr st rbs. Furtrr, wt r t t rt, r

tt s xt 213.

9lfYd[dgk]$9kaY%HY[a[%^g[mk]\^mf\k[mjj]fldqjYakaf_f]o[YhalYd

oadd\go`a[`g^l`]^gddgoaf_[gf[]jfaf_e]]laf_^mf\%jYakaf_lYj_]lk7

a_fa[Yfldq]p[]]\ Sty x

F sty srt

Mt

>Yddka_fa[Yfldqk gjlg

47

44

612


35/64


@Yd^g^j]khgf\]flkY_j]]9kaY%HY[a[oaddj]eYafYZja_`lst t b y, ttt vt utyt t t 2013

Fty rt rsts xt s-P s t t s bs

tr b y, y rs r rs rvt uty vstt t

r. t t s t, 43 xt ttr uty, wt 22 xt ts t

t r strss rtuts tr 21 tt tt uty ssus wrt rtuts r vstt ty s. Fw rsts xt

b urtty t sw s-P rvt uty vstts sty.

O`YloaddZ]l`]_j]Yl]kl]^^][lg^l`]_dgZYd][gfgea[kdgo\gofgfhjanYl]

]imalqY[lanalqaf9kaY%HY[a[7

9kaY%HY[a[oaddj]eYafYj]dYlan]Zja_`lkhglafl`]_dgZYd][gfgeq$Yf\9kaY%HY[a[k_dgZYdk`Yj]

PE tvty w rs substty

Ttr uty w t r strss vstt rtuts

Ttr uty w rt vstt rtuts ty s

Urtty w us w vuts sw tvty

>afYf[af_^gjhjanYl]]imalqafn]kle]flkoaddZ]\a^[mdllgY[[]kk

5

22

21

52


36/64


;`Ydd]f_]klghjanYl]]imalq

Ctt t us ts t st [`Ydd]f_]k^gj9kaY%HY[a[hjanYl]]imalq

9[[gj\af_lg/g^j]khgf\]flk$l`]_j]Yl]kl[`Ydd]f_]lghjanYl]]imalqafn]kle]fl

213 w b tt r strt rrt vstrs w sts

r b t y r rs r ssts w w rt rtr b bsts

r buys t tr rvt uty vstrs, svr wt us r LPs

rt vst. t t s t, r urtty w b ,

Y[[gj\af_lg/)g^j]khgf\]flk$Yf\j]_mdYlgjqakkm]koaddZ]Y[`Ydd]f_]$Y[[gj\af_

t 66 tw y ts t wt r t 12 ts.

rvt uty vstr sys, Crrts rss s-P t sur s u

s rvt r sttut vstrs ur t rss. Crrts v vry str

s st r rssv twr M rtuts. Ts s rt sttt r rvt uty vstrs rv vuts u.

O`Yl\gqgmk]]lgZ]l`]egklka_fa[Yfl[`Ydd]f_]k^Y[af_hjanYl]

]imalqgn]jl`]f]pl)*egfl`kY[jgkk9kaY%HY[a[7

Prt rsts

1 2 3 4 5 6 7 8

T u rvt utyt t rt

Estbs vbxt strty


37/64


Ctt ts s st ut Gt C Sutst s

Ctt w rvt uty vstrs Grtr C Sutst

s, r t r t 8 rsts subr. t t s t,

rutry ssus I Grtr C r xt t rt yrs,

Y[[gj\af_lgYf\/0g^j]khgf\]flk$j]kh][lan]dq&gj]l`Yf`Yd^g^j]khgf\]flk

us ts ts s xt vrvu trts t urb rvt uty tvty.

Sutst s sttut vstr rry us Grtr C sys, T

r tr r rts t ut r t t wr s t vut st

btw buyrs srs u t vt ub uty rts s v

rv urtty. Srs r ut r t ty tr uts r

rs tt wr tr t rt s, but rvt uty buyrs r

rutt t strt tr bs t t srs r xtts.

I Sut Kr, 63 rsts sy uts rs t w b

r rvt uty vstrs tr, rty J ustrs xt

tt r strt buyrs t rst t rtst .

O`Yl\gqgmk]]Ykl`]egklka_fa[Yfl[`Ydd]f_]k^Y[af_hjanYl]]imalqgn]j

l`]f]pl)*egfl`kafqgmjj]_agfg^^g[mk7

Prt rsts

Ctt r s-r rrts Mr urtty

Ovrvu trts

Rutry ssus


38/64



T xtts tt s ss s-HY[a[kkmZj]_agfk

Mst rsts vry subr t t strt buyrs, subrs xt

Sut Kr-bs rsts xt tt r tr rvt uty vstrs.

I C, wr str rvt uty rt s v, tt r

y-bs rs w rtury b yrs. Furtrr, svr

wt us r xt t v rvt uty us tt Grtr

C, ustrs Sut Kr, r t ruy 6 rsts

subr. W ts s sr t st yr Sut Kr, r rsts

xt svr wt us t rvt uty us Grtr C ustrs 213.

O`a[`Za\\]jlqh]oadd[j]Yl]l`]egkl[geh]lalagf^gjhjanYl]]imalq

afn]klgjkafqgmjj]_agfg^^g[mkgn]jl`]f]pl)*egfl`k7

Crrtstrt buyr Otr rvt uty vstrs

Otr LPs rt vstSvr wt us

Prt rsts

1 2 3 4 5 6 7 8 1

Sut Kr

J

ustrs

I

Sutst s

Grtr C


39/64

9kaY%HY[a[hjanYl]]imalqgmldggc*()++/

J, Gt C I t t b t st ts

J, rtvy v rvt uty rt, s rt t b t

tw st ut vstt rts by 2 rsts. r t rvt

uty vstr J, T s bst rvt uty rs

J s t rutry vrt. Ruts J w y s tys

vstt s, w r usutb r y rvt uty rs. J s s

rtuty ry bus ts r y r urtty.

Gv tt r w, t s ubr rsts t t GrtrC s t st ut, I, wt ts rutry urtts

vut xtts, s xt t b st ut by 22 rsts.

Gn]jl`]f]pl)*egfl`k$o`a[`j]_agf\gqgml`afchjanYl]]imalqZmq]jk

oaddf\l`]egkl[`Ydd]f_af_afl]jekg^mf\]jlYcaf_Y[imakalagfk7

J Grtr C Sut KrI

ustrs Sutst s

2

2

22

14

3 3


40/64



Sutst s usts xt t b t st ts

I trst t st yrs survy, w tr ws ssus r t st

rt s-P, 43 rsts sy Sutst s s t rt wt t

wst s r rvt uty vstt vr t xt 12 ts. tr 3

rsts t t ustrs s st .

ustrs-us vstt br srs ts wt

rvs s ubr s t subr. Tu ss t bt

s sy, trst rts r vry ustr, w s bt usb r yvstrs. Ctt r rrt buyrs s t st st

r t rvt uty rs t utry. ustr ry s t

rtuts, s tt r ts rtuts s rs, trt

vuts v rs sry.

Gn]jl`]f]pl)*egfl`k$o`a[`j]_agf\gqgml`afchjanYl]]imalqZmq]jk

oaddf\l`]d]Ykl[`Ydd]f_af_afl]jekg^mf\]jlYcaf_Y[imakalagfk7

Sutst s ustrs

J

Grtr C

I Sut Kr

43

3

12

8

43


41/64


Cs s vut xtts t s tst v

9[[gj\af_lgegj]l`Yf/(g^j]khgf\]flkaf]n]jqkmZj]_agfY[jgkk9kaY%HY[a^a[$

sr vut xtts r t t rs s t s. Itrsty,

srs w r uw t v u t tr wr r r

Sutst s, I, J Sut Kr, wr y wrs r t stt

t s tr vs s. L rutry ssus stru r wt

88 rsts I 6 Grtr C, utur t\a^^]j]f[]kYj]YeYgj[`Ydd]f_]afgml`gj]Y$Y[[gj\af_lg/g^j]khgf\]flk

us tr.

GfYljYfkY[lagfYdd]n]d$o`YlYj]l`]Za__]klgZklY[d]k^gjhjanYl]]imalq

afn]kle]flafqgmjj]_agfg^^g[mk7

Srs vut xtts r t Srs uw t v u t tr

Txt ssusLrutry s

Cutur r t rs Crrut trt

]dd]jk\gfglmf\]jklYf\l`]Z]f]lkg hjanYl]]imalqafn]kle]fl

Prt rsts

1 2 3 4 5 6 7 8 1

Sut Kr

J

ustrs

I

Sutst s

Grtr C


42/64


L`][`Yf_af_^Y[]g^hjanYl]]imalq

T us t t ts tus t s t

Cr wt st yrs survy, w 43 rsts sw rs us

tr rt rtrs, 5 rsts v bsrv sr rs ts

yr. b sttut vstr us Grtr C sys, Nw, rts

rt rsss r rsy y rtt r rv rt

vus r s rvt uty. W t rv t rr tr

rt s, t rty t rvt uty rs wys s u r

tr tr vstt rsss rt rtrs.

@Yn]qgmgZk]jn]\af[j]Yk]\mk]g^Yfqg^l`]^gddgoaf_afgj\]jlg[j]Yl]

af[j]e]flYdnYdm]afYhgjl^gdag7

Prt rsts

1 2 3 4 5 6

N t bv

Extr vsrs

Extr tsutts

Itr rtsurt t

Itr rt rtrs 5

35

2

21

22

Fgo$gh]jYlagfkYf\hgjl^gdaghjg^]kkagfYdkYj]af[j]Ykaf_dqhdYqaf_YfaehgjlYfljgd]afaehjgnaf_hgjl^gdagnYdm]k^gj9kaYfhjanYl]]imalq


43/64


L`]jak]g Yljmdq_dgZYd9kaY%HY[a[hjanYl]]imalq^mf\s t st tw ys wy, t 52 sts

s s-P us rw sz rwss, t ust wtr ty w

tz vstt rtuts uts s-P r ubrs rs

ur. r t 52 rsts, ts rss w t r t tw yrs.

t t s t, 48 bv ts w wt t xt tw yrs tu, st

3 sy ts w t btw 18 24 ts.

rvt uty vstr Sutst s bvs wt t xt yr s-P

rvt uty us w u rtuts swr, sy, s t ur rss

s , rvt uty rs bs s-P w v trst strssssts w vst Eur. My rvt uty rs r s t vst tr

r rs r Lt r.

@godgf_oaddalZ]Z]^gj]hjanYl]]imalqjekZYk]\af9kaY%HY[a[

ka_fa[Yfldqaf[j]Yk]l`]ajafn]kle]flY[lanalqgmlka\]g^9kaY7

-12 ts 12-18 ts 24 ts18-24 ts

16

2

52

3


44/64


L`][`Yf_af_^Y[]g^hjanYl]]imalq

s-bs vt uty us s t s t tb s 2013 t 2012

Wt y LPs t vst wt utry-us us s-P,

vrw rty xt s-P us t b us

rs t xut trsts. Prtury wt rst t u-rs,

rsts xt s-P us t t sty rs t 51

r 38 212. Furtrr, st yrs survy, 18 11 s tt s-bs

us wu t sty stbs b us r u-rs

xut trsts, urs tt v s 213 t 3 5, rstvy.

@goka_fa[Yflakl`][geh]lalagfhgk]\Zq9kaY%ZYk]\hjanYl]]imalq

^mf\klgo]dd%]klYZdak`]\$_dgZYdhjanYl]]imalq^mf\kaf9kaYgn]jl`]

f]pl)*egfl`k7

Prt rsts

]jqka_fa[Yfl ge]o`Ylka_fa[Yfl glka_fa[Yfl

1 2 3 4 5 6 7 8 1

I trs xut

trsts

I trs rs t 51

48 47 5

46 3


45/64


72

28

Egj]j]khgf\]flk]ph][l\an]jka[Ylagfg^hjanYl]]imalqstts 2013 t 2012

Af*()+$/*g^j]khgf\]flk]ph][lhjanYl]]imalq`gmk]klg\an]jka^qg^^]jaf_k$

r wt 62 212. Furtrr, strts xt t ttt u

n]flmj][YhalYdY[[gj\af_lg+)g^j]khgf\]flk$af^jYkljm[lmj]Zq*/g^j]khgf\]flk

us us by 14 rsts.

rvt uty vstr us Grtr C sys, Prvt uty rs s-

P r w t tr xr twr vtur t, us ry-

rwt-st vstts ubr strs. Vtur t s sw

utst tr rr s-P, t xt rturs v truvtur t r ttrt rvt uty rs.

tr rvt uty vstr us Grtr C sys, Prvt uty rs r

rsy tt rtb t rss wt rstrutur vstts, ty

r r t rstrutur rts.


46/64


HYf%j]_agfYdna]og^hjanYl]]imalq]f\]Yngjk

Rvrs wwr tr tvty w t b

rss 28, rvt uty u rs r

rs us buys rss s-P. Gb

vstrs t r t bts t rs rwt tr

v st tr sts s-P, s ss s b t

tr rs. I, s rvt utys trt s

t Ut Stts Eur st ustr stts

r wr rtuts, vstr ttt s tur Est.

Prvt uty buyut tvty rss s-P rs styr 2 t Q3 212, Q2 211 br b

sw v t 212. T vr

ljYfkY[lagfngdme]\mjaf_l`Yllae]oYk/\]Ydkh]jimYjl]j

wt vu rxty US15 r .

O vr, sz ws ur vr t st tr yrs,

wt 68 trsts wrt ss t US25, r

t rrrt t. Tu vst rty s wr

ss t US25, 211 sw urus trsts vu t

w bv t US1b r, u 5.44 st ust

C Cstrut B by Ts s- ru

vstrs r srt US8.2b t Cry Grus

urs Nur-w Tsub Ns, Js

uturr, r US1.13b. Mr rt r- s

u K-bs ty Euty Prtrs ru

vstrs ust 24 st Sut Kr

sur y, Kyb L Isur, r srt

US1.6b uust 212.

Ds wrt US25US5 s 211, ut

^gj/g^\]Ydkl`Ylq]Yj$mh^jgeaf*((Yf\+af*()(&

Lws, t US5US2b r sw rssv rss,

oal`)/\]YdkY[[gmflaf_^gjg^l`]lglYd$Y[gfka\]jYZd]

ut r ss t 1 2 2 21.

ys usts

Rsts st yrs s-P rvt uty ut

s ry, utts wu y t rtst rvt

uty tvty rss s-P, but r t rrrt

t, tt tt ws wr t ustrs s ts yr.

I, t str ws rtury t str by vu, wt

)/ljYfkY[lagfklYcaf_hdY[]gn]jl`]*((lg+*()*h]jag\

64 t 211 , wt 212 s 25 trsts

t rst tr urtrs t yr. T str ut r

18.25 rvt uty s s-P r t t

r.

Sur: rrrt

Sur: rrrt

Ovvw

Value(US$m)

Numberofdeals

9kaY%HY[a[hjanYl]]imalqZmqgmlY[lanalq

9kaY%HY[a[hjanYl]]imalq\]Ydkar]Zj]Yc\gofZqnYdm]

Vu

US25

Vu US

US25US5 US5US2b

US2bUS5b US5b

5,

1,

15,

2,

25,

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q41

Q31

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Q11

Q4

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Q2

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25

5

75

1

1

2

3

4

5

6

7

8

1

TtQ1-Q3 212211212

27 3722

3 28

11

35

14

12

6

64

14

35

12

17

1

1

34

8

3

26


47/64


Ery, utts y 5 s wrt US8.b

s 2. Ntb tvty vv t ust K

Ptru, Mys-bs trt r suts

rvr r t s ustry, by Itr Ky, t rvt

uty r My B, r US1.3b 211. W

tvty s b ustr, r trst t str sws

tt.

T sur, TMT busss srvs strs r w, wt133, 131 111 s, rstvy. Ds t sur

str v b rw sty s 2, wt 2 s tt

yr, w by 38 21, 41 211 25 s Q3 212.

T sur str s rs urty t st

rvt uty rs utt rrts

s subr by bur ss C

rw ut ut Sutst s ss

r sur s t .

Mr rvt uty s v sw ut trst

t str. C-bs rvt uty r y Ct

5.24 ust Su, t Cs r

s tt rts strs rss t utry,

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Mys rvt uty r Nvs Cts buy 45 st

ustr Rt r Gru r US21.

I trst, t srvs str t t t st

trs tvty by vu wt ty US28.33b, ut

r sty r t -t tt vu s 2 t21.83. I t t t rt Ts buy, r

s t ws KKRs ust, wt TPG Ct t

Gvrt Sr Ivstt Crrt, 34.3

st C Itrt Ct Crrt Lt 21

r US.

T sur str s st twrty tvty, wt

ts 133 s y US1.38b.

Fr vut rstv, t rrt ttrbut t t

srvs str sry tr 211 s t ws

stry t by t ssv Ts tt yr. Wt

Sur: rrrt

Sur: rrrt

9kaY%HY[a[hjanYl]]imalqZmqgmlkZqnYdm] 9kaY%HY[a[hjanYl]]imalqZmqgmlkZqngdme]

F srvs

TMT

Lsur Cstrut

Ery, utts

Trsrtt

rutur

Iustrs s Csur

TMT Busss srvs

F srvs Pr bt

Ery, utts Cstrut

Trsrtt Lsur

R stt rutur

Ds

Csur

Iustrs s

Busss srvs

Pr bt

R stt

21.8

14.

12.31.5

7.2

7.2

6.2

5.6

5.3

4.52.3

1

18.3

15.5

15.212.

7.3

7.

6.

4.1

4.

3.62.3

1.51.4


48/64


HYf%j]_agfYdna]og^hjanYl]]imalq]f\]Yngjk

US15.5b wrt s, ustrs s urrty

sts tr , b t sur str. Ts tw strs

Y[[gmfl]\^gjYhhjgpaeYl]dq*/g^lglYdhjanYl]]imalqZmqk$

bry wt rw b trst utur

sur s s utrs rss t r, C

rtur, trsr r utur-bs s t

s bs sut.

Bus-y s-P

Usurrsy, C u K I sw t

st rvt uty tvty 212, wt 24 28 s,

rstvy. Mrrrt t sw tt s t Q3212, I 43 s, Cs 36 r t yr. By

vu, t tw v b vy t, u trs r

rvt uty us us, but by vu, C sw sty

r rvt uty rs US43.3b t Is US1.4b

Y[[gmflaf_^gj++&+/g^hjanYl]]imalqnYdm]kaf[]*((lg

Is 8.3.

Ds C wr rty t srvs

sur strs, wt sty wr s t trty

trt utur r. I t sw r tvty

srvs, tu t t strs vv t

uttv ustry ry, wt r b yrs

Nvs Ct Prtrs, B Ct, KKR Bst tv

rtts t strs.

Surrsy, Sutst s, w rsts st yrs

survy r s t tr st y r r tvty

w s b trty s trtv rt t

sturt rts C I, srt xtts.

E rwt rss t subr s rt yr

rtuts r rvt uty, v Sutst s r r

afn]kle]fl&@go]n]j$gml`]Ykl9kaY`Y\gfdq/ljYfkY[lagfk$

b ustr, J Sut Kr, s 2. By vu

vu, r rt ts trsts s

Q3 211, ry by tvty t ry, utts str srvs.

Mr v rts sy ustr J sw

but rvt uty tvty, wt ustrs 123 s wrt

US22b, bry t Js 121 s t US21.b. I

*()*$l`gk]^a_mj]klglYd]\*\]YdkYl&*/Z^gj9mkljYdaY

18 s r US4.18b r J.

J sw s trt t sur str, wt B

Cts urs Syr, J-bs rsturt

rtr, r Js Nur r US3.3b, UK-bs

Prrs urs Susr, vyr-bt sus

Sur: rrrt

Value(US$m)

9kaY%HY[a[hjanYl]]imalqZmqgmlkZqnYdm]

F srvs Iustrs s

Csur TMT

2,

4,

6,

8,

1,

12,

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q41

Q31

Q21

Q11

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Q3

Q2

Q1

Sur: rrrt

9kaY%HY[a[hjanYl]]imalqZmqgmlkZqngdme]

C K ustr J

Sut Kr Sutst s I Nw

33.4

17.16.

14.

8.

8.8

.6 .4


49/64


Sur: rrrt Sur: rrrt

Sur: rrrt

Value(US$m)

Value(US$m)

Numberofdeals

9kaY%HY[a[hjanYl]]imalqZmqgmlkZq_]g_jYh q 9kaY%HY[a[hjanYl]]imalqZmqgmlkZqnYdm]I)I+*()*

9kaY%HY[a[hjanYl]]imalqZmqgmlkZqngdme]I)I+*()*

C K I J

Sut Kr

C K I J

C K I Sut Kr

ustr Sutst s ustr Sut Kr

Sutst s J ustr

1,

2,

3,

4,

5,

6,

7,

8,

,

1,

Q312

Q212

Q112

Q411

Q311

Q211

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Q31

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5

1,

1,5

2,

2,5

3,

Q3 212Q2 212Q1 212

2

4

6

8

1

12

14

16

Q3 212Q2 212Q1 212

rsturt rtr, r US1b. Ovr, t str sw

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wrt r t US1b.

ustr, usurrsy, sw srb tvty

ry, utts, tu t trsrtt

strs s sw r ut trsts. B

Cts buy MOB, ustr-bs rvr ut

t stwr r s sz bussss,

r US1.25b Bsts urs V Prrty

?jgmh^gj/+eo]j]Yegf_l`]lgh\]Ydkg^*())&

Sut Kr sw s tvty Q4 21, wt tw

st trsts r Kr Dvt Bs rvt

uty r, KDB Prvt Euty, vstts by vur s-P Q3 212 wt sr rys by st rs

t t srvs str. Sut Kr sw vu

t US1.1b 211, w str yr 21 wt

/&/Z&9kg^+*()*$l`YlnYdm]k]]ekgfl`]mhkoaf_$

urrty stt ust sy US4b.

u rvry rvt uty tvty vu t r-

rss vs s uy b rty s vstr

rturs t r rs ts strt, ut t US

Eur rts. Wt r rts rst

w rv rus r u rs r stbs

rts r st tu, t ut r rvt uty

t yr s rw rss stb rwt

rs, t t rs vu urs.


50/64

48 9kaYHY[a[hjanYl]]imalqgmldggc*()+

EYcaf_Yf]pal

HjanYl]]imalqdggcklg\an]klhgjl^gdagYkk]lkYf\j]YhfYf[aYdj]oYj\k

To discuss value creation and exit strategies, Brandon Taylor,

Editor for Remark Asia at mergermarket, spoke with

Ernst & Youngs Luke Pais, PE Leader for the ASEAN; Robert

Partridge, Managing Partner for Transaction Advisory Services

and Private Equity for Greater China; Ringo Choi, Asia-Pacific

IPO and Strategic Growth Markets Leader; and Bryan Zekulich,

Oceania Private Equity Leader.

Prvt uty vstts strt wt t st : txt, w yrs r wr y rturs r vu rt

ur t vstts y. rturs, wvr, r r

r urt. Dst t xrts ty br t

t tb t bty t xut strts wr trs t

t, rvt uty vstrs r t u t t b

r b rt. t rts ru t

wr vry rs, r ts v

ru t rvt uty xt strts s-P.

Exts r t yr u t Q3 212 tt , wrt ust r

t US14.5b, r t rrrt t. W ts

oYkegj]l`Yf*((k/0]palkogjl`)*&**Z$l`]â_mj]

s rs t t 125 xts 211 wrt str

US44.6b.

Eubr by r urtts, xt ubrs

v b sw w tu t b ry u t

sww IPO vr t rts. Prsstt vut

s r s t s s bus, sw rvt uty

vstts xts. s su, rvt uty rs rt

s-P v s tr xt s trw t srry.

T sw IPO rt s rsut ty rs

w t PE uss us rt vu, rtr t xt.

t t s t, w v s PE uss us rstrutur

r rus tr vsts, s r urt

rtzts v strbuts s s t

rt rz rturs, w s bsuty rt r

t rtrs LPs sts, sys Rbrt Prtr, M

Prtr r Trst vsry Srvs Prvt Euty r

Grtr C.

t st urtb b trs, rvt uty

rttrs v rv t t tr tvss

t rt vu t rt vtty, rv tt

t rvt uty s su ts t buy rt,

rv rt rr rtb xt.

Ct t vu

Dvst busss sst s t ut t vstt

y r t t rvt uty . T xt,

wvr, rv t b s trt rsur-tsv

rss s t urs ws ur t ust s yrs

rr. Esur tt t rt sst s s s -

t w rv rut t urt st xt.

I st yrs survy, 3 rsts s ty wu us

rv rt rr rt s t

rs rt vu. T rss ws urt b

usts, rs w t xt urrt vstts.

Ts yr, rv rt rr rs ,

t wt rs w t. I, rvt uty yrs r

y urus tts t sur tt vu s rt

t t xz t xt.

Vu t w r s rv by rt rwt,rtury s t ut xs 3 GDP tr

w b , bt s t ustry str. s su,

PE s us rv rr tru b-

s ry rsurs t rt- tvts.

I t, bt- usts rt t rut

r srv sut s s y. T PE uss t r

bttr t v bttr uts r wr r

brtvy ttr, sys Bry u, O Prvt

Euty Lr.

r t Lu Ps, PE Lr r t SEN, rvt uty

rs r s us strt t

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JgZ]jlHYjlja\_]


51/64

tvz rr, sz str but

, tr tz s w bt vs,

tt tr rrt systs, b st

tzt, y tr r busss rvts,

w w t y rv r EBITD but s rsut

ut xs.

ty, t xz xt vus r vsts, rvt uty

yrs r t b buyr , s w s tr rvtuty buyrs tru sry buyuts, Ps ts ut.

Prvt uty rs r s t rt ts t

ur rt s t v vr

struturs strt vr vr t w vr r

tt vstrs r buyrs, sys R C, s-P IPO

Strt Grwt Mrts Lr.

C s tt wt t b y tru srs

us ws, t xrt tur r C t

rts by, t t y b wr t vst rt

ssts. Fr t t b, t, rvt uty uss r

wt ty v trty s ty wt r buyt

xt rt: us rv rt y

u s t t w rts r rwt rtuts,

Prtr ts.

But r ut t str, v s rbrs, s t wtut ts

rs. Dys t xt rss r t stbs t t

utst t vstt u v tv ts, y

vu rs, w u xt w t .

tr t rt vu s ut st

rvt uty vstt s-P C s r

x: t rty trst vstt.

W PE t Ut Stts r Eur s buyut, ty

v tr st t y u ts

busss rts. Its sy t t s rt

srr vu. But wt rty trst, tr s

t s t ur, Prtr sys. u t st

trst, but yu t t tr r utrty, ts

sts s t rt vu.

Wt IPOs t tuL t vrt xt r rvt uty us t

wvs t ub rts, t IPO s s bttr ys t

s-P r, wt rss rt r s

ww sst wt ts xt strty. W w -

IPOs t rt 212 Mys rur

Fs US2b IPO Ju rvt-uty-b I

trs US2b IPO Juy tr ss v b stry

rrr rty wt rst t rvt uty xts, Ps sys.

I t t r ssus s tt t rts rt

rvr vry uy, ry ts t ub

rts r t u t rst urtr 213,

Prtr s. By t s urtr 213, t y strt

t u, but wr st y t s rt IPO

M t s t yr.

Vrus tr trs u b rssb r xrbt

t t IPO t. Rutry sts rt vts v

rsut v trst Cs IPOs, bw

t rvt uty rs C. Ts rs, Prtr sys,

ry IPOs r xts r s t tr vrss utrrts.

T stut t Eurz s s rv t b

b t rvt ts trsts.

Dv rts, J ustr, r s t .

T IPO rt s s ustr, susts r tt

t w t b ut t s 213 tt w w strt t

s s tvty. Ts s t tt t PE uss v b

t ubr ts JVs wt rrts t

sry rt. W v v rtzt s

w. T s tt trtv u surs w s

t t rt t vt rssur t trt b

surs rv bttr ttv ts t t rss,

u sys.

NYdm]afl`]f]ohYjY\a_eak\jan]fZqhjgl_jgol`&9kkm[`$H=ak^g[mk]\gfaehjgnaf_h]j gjeYf[]l`jgm_`ZY[c%g^[]]^[a]f[a]kYf\j]\]hdgqaf_j]kgmj[]kaflg^jgflg^[]Y[lanala]k

:jqYfR]cmda[`



52/64


EYcaf_Yf]pal

Mr urtts s, ub rt vuts

v s r rvt s, rt btw srs

tt ty r t t tr ssts buyrs sr

b buys t br rs. Ts s w t vut t

rsst bus rvt s r w t wt st

s w, Prtr sys.

Irsy, rvt uty rs r b r rst

wt tr IPO xt xtts t r-28 b yrs r

, t vry xt rsuts sr t ts

br t rss, C sys.

Sts t sy t

T ustr IPO rt t wt rt ssts r

t tr vstt ys s st t st r rs

tvty sry buyuts rss s-P.

r t u, Srs s-P, ustr

rtur, r r rvt u t t rstrt M

s IPO rts. T suss t sry trst

t rtr suss tt t ts v wt

rvt uty s w w tu t s su trstsr rb t r ustr vrss PE.

I, t sry buyut rt s s s tvty,

Prtr sys, but tt s ry b us sr

s, sts bw US5 t ss t US25.

Its ut t rt wtr w s rr srs

213. Utty, PE uss w rbby us vu rt

w wt r vuts r vrb rts t rtur,

Prtr sys.

I r, C sys, sry buyuts r y t b srt-

tr tr, vr rs t b t str t

xt.

Ps s s st IPOs tt b tt rtur

vstt, C sys. But ty s trst

vstr, t rs ty w t tt rut, but ts sty

t b s-by-s r ustry-by-ustry bss.

Utty, vstrs r y t st tt us tr rts

rt t r s, rt

syrs, utt sts rv rts ut t IPO ww

s . r t C, sr wws rtuty

r st truut t yr w rs wt usws t

st rts, rvt uty us t r vt

t xt w t t s rt.

Klj]f_l`]faf_eYfY_]e]flYf\_anaf_l`]eaf[]flan]klgh]j^gje$hdY[af_]eh`YkakgfZm\_]laf_Yf\hdYffaf_$]klYZdak`af_[]fljYdar]\[gfljgdg^[Yk`Yf\\]Zlf]_glaYlagfk&&&oaddfglgfdqaehjgn][gj]=:AL


53/64

@aklgja[Yd\YlY

9kaY%HY[a[hjanYl]]imalqZmqgmlY[lanalq

9kaY%HY[a[hjanYl]]imalq]palY[lanalq

5

1

15

2

25

3

1

2

3

4

5

6

7

8

1

23 24 25Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

26 27 28 2 21 211 212

1

23

4

5

6

7

8

1

11

12

13

5

1

15

2

25

3

35

4


26 27 28 2 21 211 212

Value(US$b)

Value(US$b)

Dealvolume

Dealvolume

D vu

D vu

D vu USb

D vu USb

Sur: rrrt

Sur: rrrt



54/64


9kaY%HY[a[hjanYl]]imalqZmqgmlkZqfgf%9H9;Zmq]jk

9kaY%HY[a[hjanYl]]imalqZmqgmlkZq9H9;Zmq]jk

1

2

3

4

5

6

7

8

25

5


26 27 28 2 21 211 212

5

1

15

2

25

25

5

75


26 27 28 2 21 211 212

Value(US$b)

Value(US$b)

Dealvolume

Dealvolume

D vu

D vu

D vu USb

D vu USb

Sur: rrrt

Sur: rrrt

@aklgja[Yd\YlY


55/64


=pallqh]ZqnYdm]*((-lgI+*()*

=pallqh]Zqngdme]*((-lgI+*()*

1 2 3 4 5 6 7 8 1

212

211

21

2

28

27

26

25 11 15 74

12 11 77

18 41 41

8 83

31 8 61

3 1 6

15 17 68

16 24 6

1 2 3 4 5 6 7 8 1

212

211

21

2

28

27

26

25 18 11 71

16 75

13 14 73

16 13 71

23 1 67

43 12 45

28 15 57

15 22 63

Sur: rrrt

Sur: rrrt

Sry buyut

Sry buyut

IPO

IPO

Tr s

Tr s


56/64


@aklgja[Yd\YlY

9kaY%HY[a[hjanYl]]imalqZmqgmlkZqngdme]*((+lgI+*()*

9kaY%HY[a[hjanYl]]imalqZmqgmlkZqnYdm]*((+lgI+*()*

5

17

6

18

5

6

2

16

41

11

8

13

1

16

13

6

4

2

1

41

4

Sur: rrrt

Sur: rrrt

Busss srvs

Busss srvs

rutur

rutur

Cstrut

Cstrut

Csur

Csur

Ery, utts

Ery, utts

F srvs

F srvs

Iustrs s

Iustrs s

Lsur

Lsur

Pr, bt

Pr, bt

R stt

R stt

TMT

TMT

Trsrtt

Trsrtt


57/64


Sur: rrrt

Sur: rrrt

9kaY%HY[a[hjanYl]]imalqZmqgmlkZqngdme]*((+lgI+*()*

9kaY%HY[a[hjanYl]]imalqZmqgmlkZqnYdm]*((+lgI+*()*

18

18

2

8

3

5

11

16

21

21

7

3

2

3

13

2

1116

ustr

ustr

M C

M C

J

J

I

I

Sutst s

Sut Kr

Sut Kr

K

K

Nw

Nw

Tw

Tw

Otr

Otr

Sutst s


58/64


Lgh\]YdklYZd]

R u t Sttus Tt y Tt t

st

Tt t

uty

1 16 Mr C C C sst Mt

Crrt 16.54 st

F srvs C

2 14 Fb C Extrt Rsurs Lt

/&*klYc]!

M ustr

3 22 Ju P Jutr S C C. Lt.5 st

M J

4 25 Ot C P Fr S Ctr

25 st Mur Ctr

5 st Gr Cty S

Ctr Br 4 st

Csur: rt ustr

5 8 u C Kyb L Isur C. Lt.

24 st

F srvs Sut Kr

6 16 u P W Cwy C. Lt.

3. st

Iustr ruts

srvs

Sut Kr

/ 3 r P Stss Gru Lt Srvs tr ustr

8 16 u P Gt Lt 3.4 st Srvs tr I

24 u C Susr C., Lt. Lsur J

1 12 D P Gu Gru Lt. 25.53 st F srvs K

Ky: C Ct P PSur: rrrt

Lgh)(9kaY%HY[a[hjanYl]]imalq\]Ydk*()*)BYf%)-


59/64


B y B t

uty

S y S t

uty

D vu

US

UBS G Str Crtr P Nt Cu

r S Surty Fu CITIC Ct Prtrs

C Mstry F

C

C 1,63

C r Dvt Fu CGNPC Uru

Rsurs C Lt.

C R Tt Lt

Itu Crrt

ustr 1,25

B Ct LLC US SutCrrt

J 1,24

MP Ct Ivstrs Lt ustr Wst Gru

Wst Rt

Trust

ustr 1,62

Gvrt Sr Ivstt Crrt

Pt. Lt. Br Prvt Euty s ty Euty

Prtrs IMM Prvt Euty I.

K Dw

Itrt

Crrt

Sut Kr 1,62

MBK Prtrs II Sut Kr W s

C., Lt.

Sut Kr 1,55

P Euty Prtrs ustr 1,21

B Ct LLC US Gr tt

LLC O Ct

Prtrs LP

US 1,4

Prr Ut K Us Ct, I. J 1,

L Cy Mys Br Mys 5


60/64


E]l`g\gdg_q

n]jmdqYf\9m_mkl*()*$]eYjc$l`]]n]flkYf\ubts vs rrrt, vss t

s 5 rvt uty vstrs GPs, 3 sttut

vstrs LPs 2 rvt uty vstt brs,

bs s-P, ubr xtt ts rt

t rvt uty tvty. rsss wr t

ty r rrt rt.

>gj[]jlYafkmjn]qim]klagfk$j]khgf\]flkeYq Yn]k]d][l]\

r t swr . I ts ss, t tt

rt rsts w t tt 1 r try.

@aklgja[Yd\YlYaf[dm\]kYdde]j_]jeYjc]l%j][gj\]\trsts r 1 Jury 23 t 3 Stbr 212

uss trws t.

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u. I t srt s uss, s r

u t bss rrt r stt vu vr

US5. I t vu s t ss, s r u t

trts turvr s rtr t US1.

fdq[gehd]l]\Yf\h]f\af_e]j_]jYf\Y[imakalagf\]Ydkr t. Wr t st ur s ss t 3 1

s-P, t s u y ts vu s rtr

t US1.

jYfkY[lagfkkm[`Ykj]kljm[lmjaf_kafo`a[`k Yj]`gd\]jk

trsts tt r t s r t t.

rrrt s t tr rrty s, ttrs tt,

rus urst, s rt r

-b rts.

9[[gj\af_lge]j_]jeYjc]l$Yf\^gjl`]hmjhgk]kg l`ak

rrt, s-P buyut s s wt trt busss s rty t y utry

s-P t st br rts

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61/64


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62/64


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63/64

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64/64

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asia-pacific private equity outlook 2013

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