In today's frenetic world, how does private equity set the pace?
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In today’s frenetic world, how does private equity set the pace? Learn how EY helps private equity professionals thrive in the Transformative Age The IVCA-EY monthly PE/VC roundup – December 2019 The better the question. The better the answer. The better the world works.
Our thoughts “ “2019 was third consecutive record-breaking year for PE/VC investments in India. At ~US$48 billion, PE/VC investments equated to approx. 1.7% of the GDP, which is similar to the Chinese benchmark in 2018. Private capital investments in India have grown at a CAGR of almost 44% over the past three years, and this asset class now appears to have come of age in India. The headline trends of 2019 include infrastructure sector emerging as a stand out sector in 2019, accounting for ~30% of all PE/VC investments. Also, for the first- time, buyouts emerged as the largest deal type, accounting for over one-third of PE/VC investments. Going forward, while our outlook for 2020 is positive, we expect investment growth to slow down to about 15%-20% in 2020. We expect most PE/VC investors to continue investing in financial services, IT, e-commerce, retail consumer finance and healthcare. Infrastructure and real estate should continue to attract strong interest from real asset economy investors. We expect 2020 to be a good year for exits because a huge stock of small and mid- cap companies has built up over the past 18 months where PE/VC investors have a substantial stake. Whether or not an IPO window opens, we expect to see more secondary deals in 2020. By our estimates, with close to US$50 billion in dry powder waiting to be deployed in India, the long-term growth story of Indian PE/VC market remains positive.” Page 2 23 January 2020 EY analysis of VCCEdge data
How can you cut cost and still accelerate growth? Find out how EY’s insights can help companies grow from cash poor to cash rich Yearly trend analysis – 2019 The better the question. The better the answer. The better the world works.
Key trends: yearly
Investments
► PE/VC investments in 2019 were at an all-time high in terms of both value and volume. In terms of value, at US$48 billion, PE/VC
investments in 2019 grew by 28% over last year (US$37.4 billion in 2018), mainly on account of significant investments in the
infrastructure sector which alone accounted for 30% of all investments by value in 2019 compared to 12% in 2018.
► In terms of volume, 2019 recorded 1,037 deals, ~35% increase over last year (769 deals in 2018), 60% of which were in the start-up
space. In terms of number of deals, start-ups recorded a 61% increase in deal activity in 2019 compared to last year (378 deals in
2018).
► From an asset class perspective, pure play PE/VC investments recorded a decline of 3% while there was a significant increase in
investments in the infrastructure and real estate asset classes which recorded an increase of 225% and 33%, respectively, on a y-o-y
basis. 2019 recorded the highest ever value of PE/VC investments in the infrastructure (US$14.5 billion vs. US$4.5 billion in 2018) and
real estate (US$6.1 billion vs. US$4.6 billion in 2018) sectors.
► 2019 has been a record year for investments across all deal types, the most prominent being buyouts. For the first time, buyout have
emerged as the primary PE/VC deal type, overtaking growth capital deals and accounting for 34% of all PE/VC investments by value in
2019.
► Buyout activity in Indian PE/VC industry has grown from strength-to-strength as India moves towards global norms where buyouts are
usually the largest deal type of PE/VC investment. When compared across deal types, buyouts have recorded the largest increase of 56%
in terms of value (US$16.2 billion in 2019 vs. US$10.4 billion in 2018). In the past two years, buyouts clocked US$26.7 billion in deal
value, which is more than the value of buyouts in the preceding 12 years combined. Also, number of buyouts in 2019 (58 deals) are the
highest ever. Once again, this has been driven by significant increase in the value (180% increase y-o-y) and number (123% increase y-o-
y) of buyouts in the infrastructure and real estate sectors. Buyouts in the traditional PE/VC space however recorded declines in both
value (26% decline y-o-y) and volume (19% decline y-o-y) in 2019.
Note: The data includes deals that are announced but are awaiting closure like Abu Dhabi Investment Authority (ADIA), Public Sector Pension Investment Board (PSP), Caisse de dépôt et
placement du Québec (CDPQ) and National Investment and Infrastructure Fund’s (NIIF’s) investment in GVK
Page 4 23 January 2020 EY analysis of VCCEdge data
Key trends: yearly
Investments (cont’d.)
► Growth capital investments, at US$14.5 billion, recorded modest increase of 9% in 2019 (US$14.2 billion in 2018). This too was
primarily on account of increase in growth investments in infrastructure and real estate sectors which rose by 136% (US$7.3 billion in
2019 vs. US$3.1 billion in 2018) in terms of value and 97% in terms of volume (59 deals in 2019 vs. 30 deals in 2018). Pure play PE/VC
growth capital investments recorded a decline of 26% in terms of value and 13% in terms of volume.
► Start-up investments in 2019 were the highest ever in terms of value and volume. 2019 recorded start-up investments worth US$7.9
billion, 22% higher compared to 2018 (US$6.5 billion). Softbank’s investment of US$810 million in OYO was the largest start-up
investment in 2019.
► At US$5.3 billion, PIPE investments increased by 40% on a y-o-y basis while credit investments at US$3 billion increased by 20%.
► As the Indian market matures, PE/VC deals are becoming larger and more complex. There were 111 large deals (value greater than
US$100 million) in 2019, aggregating to US$35.2 billion and accounting for 73% of total PE/VC investments made in 2019 compared to
81 large deals aggregating US$27.9 billion in 2018. The value and volume of large deals have been progressively increasing over the
past four to five years.
► The largest deals during the year saw Brookfield buyout Reliance Jio’s tower arm for US$3.7 billion and Reliance Industries Limited’s
East-West pipeline for US$1.9 billion. Brookfield-Reliance Jio’s tower deal was also the largest ever deal in the Indian PE/VC industry.
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 5 23 January 2020 EY analysis of VCCEdge data
Key trends: yearly
Investments (cont’d.)
► From a sector point of view, most of the sectors recorded significant increase in PE/VC investments. In 2019, 10 sectors recorded over
US$1 billion in PE/VC investments compared to nine in 2018. In 2019, infrastructure sector recorded the highest value of investments
at US$14.5 billion (US$4.5 billion in 2018). Five of the top 10 deals in 2019 were in the infrastructure sector.
► Notwithstanding recent headwinds faced by the Non-Banking Financial Company (NBFC) sector, PE/VC investment activity in the
financial services sector has recorded healthy growth. In 2019, at US$9.1 billion, PE/VC investments in the financial services sector are
up by 20% compared to last year. 2019 also recorded the highest ever number of deals in the sector. Further, the number of PE/VC
deals in the financial services sector (188 deals) in 2019 is the highest number of deals recorded by any sector, topping the previous
high of 184 deals recorded by the e-commerce sector in 2015. This was followed by real estate (US$6.1 billion across 71 deals), a 33%
y-o-y increase and e-commerce (US$4.3 billion across 134 deals), which declined by 13% y-o-y.
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 6 23 January 2020 EY analysis of VCCEdge dataKey trends: yearly
Exits
► 2019 recorded 156 PE/VC exits worth US$11.5 billion, a decline of ~58% from 2018 (US$27 billion). PE/VC exits in 2018 included the US$16
billion Walmart-Flipkart deal, India’s largest ever PE/VC exit. Adjusting for this one-off deal, PE/VC exits in 2019 have increased by 4%.
► With the rebound in capital markets, open market exits have recorded an increase of 171% in 2019 compared to last year. In terms of mode of
exit, open market exits were the highest in 2019, at US$4.6 billion, accounting for 41% of all exits by value and the second highest value of
open market exits over the past 10 years. Secondary and strategic exits were next in line with deals worth US$2.5 billion and US$2.3 billion,
respectively. These are however significantly lower compared to secondary and strategic exits worth US$5 billion and US$18.4 billion,
respectively, recorded in 2018.
► PE-backed IPOs recorded significant decline with eight IPOs worth US$247 million in 2019 compared to 13 IPOs worth US$876 million in 2019.
► The largest exit in 2019 saw OYO’s founder undertake partial buyback of stakes worth around US$1.5 billion from Sequoia and Lightspeed
followed by Fairfax selling its 10% stake in ICICI Lombard General Insurance Company Limited for US$732 million.
► From a sector perspective, financial services (US$2.9 billion across 24 exits), e-commerce (US$1.9 billion across 10 exits), technology (US$1.7
billion across 19 exits) were the top sectors for PE/VC exits in 2019.
Fund raise
► 2019 saw US$11.7 billion being raised across 56 fund raises by India focussed PE/VC funds, a 45% increase over 2018 and the highest ever
annual raise by India dedicated funds. The fund raise plans announced stood at US$18.3 billion. This further reiterates India’s improving
attractiveness for global Limited Partners’ (LP’s) and bullishness of India focused funds as the domestic PE/VC ecosystem flourishes.
► The largest fund raise during the year saw Government of India sponsor a US$1.5 billion fund for providing last-mile funding to enable
completion of construction of stalled housing projects, followed by Edelweiss Alternative Asset Advisors and Kotak Special Situations Fund
raising US$1.3 billion and US$1 billion, respectively, to invest in stressed assets.
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 7 23 January 2020 EY analysis of VCCEdge dataPE/VC yearly headline trends: investments
US$b Total PE/VC investments #
1,037 1200
45
767 769
595 800
30 588
446 416 469
372 392
15 226 400
4 8 10 8 9 12 20 16 26 37 48
- 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Value (US$b) # of deals
US$b PE/VC investments: split across asset classes
45.0
14.5
4.5
30.0 4.6 6.1
1.8 3.0
2.8 5.0
15.0 0.9 0.8 3.2
2.3 28.3 27.4
0.7 2.1 3.2
2.5 1.5 14.7 18.2
0.8 1.1 1.0 1.1 10.3
4.8 5.8 5.9 7.1 8.8
- 2.8
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
PE/VC investments (other sectors) (US$b) Real estate (US$b) Infrastructure (US$b)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 8 23 January 2020 EY analysis of VCCEdge dataPE/VC yearly headline trends: exits
US$b Total PE/VC exits #
254 260 300
16.0
211 250
12.0 166 177
160 200
115 125 156
8.0 97 150
91
100
4.0
50
1.0 3.4 2.3 3.4 3.6 3.4 6.6 6.7 13.1 27.0 11.5
- 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Value (US$b) # of exits
US$m PE/VC exits split across asset classes
1,088
16,000 711
544
12,000 807 243
925
8,000 263 126
77 279 763
242 42 120
4,000 185
918 216
110
2,289 267 3,320 81 3,207 3,106 6,056 5,795 11,702 25,249 10,316
821 20 1,888
-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 9 23 January 2020 EY analysis of VCCEdge dataPE/VC yearly headline trends: fund raise
US$b Fund raise #
56
12.0 51 60
41 44 50
36
8.0 32 40
26 29
23 30
4.0 20
10
3.9 3.9 2.2 3.6 6.4 4.3 5.8 8.1 11.7
- 0
2011 2012 2013 2014 2015 2016 2017 2018 2019
Total funds raised (US$b) Total # of funds raised
Page 10 23 January 2020 EY analysis of VCCEdge dataPE/VC investments (excluding infrastructure and real estate)
Total investments (US$b) # of deals
2019 27.4 2019 915
2018 28.3 2018 691
Deal type US$m Deal type #
2.2 Credit investment 67
Credit investment 1.2 51
4.6 Buyout 29
Buyout 6.3 36
4.8 PIPE* 56
PIPE* 3.4 43
7.6 Start-up/Early stage 590
Start-up/Early stage 6.4 362
8.2 Expansion/Growth 173
Expansion/Growth 11.1 199
Deal size US$b Deal size #
16.8 >US$100m 68
>US$100m 20.0 54
3.7 US$50m-US$100m 49
US$50m-US$100m 3.3 40
3.7 US$20m-US$50m 105
US$20m-US$50m 2.7 83
1.6 US$10m-US$20m 111
US$10m-US$20m 1.1 75
1.6PE/VC investments: infrastructure
Total investments (US$b) # of deals
2019 14.5 2019 51
2018 4.5 2018 25
Deal type US$b Deal type #
Credit investment 3
Credit investment 0.01 1
8.0 Buyout 13
Buyout 2.2 4
0.2 PIPE* 1
PIPE* 0.1 1
0.2 Start-up/Early stage 5
Start-up/Early stage 0.0 6
5.6 Expansion/Growth 29
Expansion/Growth 2.1 13
Deal size US$b Deal size #
13.59 >US$100m 23
>US$100m 4.26 10
0.54 US$50m-US$100m 7
US$50m-US$100m 0.14 2
0.25 US$20m-US$50m 6
US$20m-US$50m 0.02 1
0.06 US$10m-US$20m 4
US$10m-US$20m 0.02 1PE/VC investments: real estate
Total investments (US$b) # of deals
2019 6.1 2019 71
2018 4.6 2018 53
Deal type US$b Deal type #
0.2 Credit investment 6
Credit investment 1.4 15
3.6 Buyout 16
Buyout 2.0 9
0.3 PIPE* 4
PIPE* 0.2 2
0.1 Start-up/Early stage 15
Start-up/Early stage 0.1 10
1.8 Expansion/Growth 30
Expansion/Growth 1.0 17
Deal size US$b Deal size #
4.8 >US$100m 19
>US$100m 3.7 17
0.8 US$50m-US$100m 11
US$50m-US$100m 0.6 7
US$20m-US$50m 9
US$20m-US$50m 0.3 6
0.2
US$10m-US$20m 8
US$10m-US$20m 0.1 11
0.22019 investments: sector-wise
Top sectors by value (US$m) Top sectors by # of deals
14,489
Infrastructure 4,467 Financial services 188
143
9,103 Technology 147
Financial services 7,598 125
E-commerce 134
6,144 96
Real estate 4,628
Food and agriculture 83
4,329 42
E-commerce 4,995
Real estate 71
53
3,945
Technology 69
3,765 Life sciences 60
2,527 63
Life sciences 1,725 Retail and consumer products 36
1,286 Media and entertainment 60
Logistics 906
41
Infrastructure 51
1,054 25
Industrial products 1,587
Education 40
39
1,009
Retail and consumer 1,770 36
Logistics 32
2,197
Others 3,141 Others 95
77
2019 2018
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 14 23 January 2020 EY analysis of VCCEdge dataTop PE/VC investments
Top PE/VC investments excluding infrastructure and real estate in 2019
Company/Project Investors Sector Stage US$m Stake (%)
One 97 Communications Limited (Paytm) Alibaba Group, Softbank Financial services Growth capital 1,000 NA
SBI Life Insurance Company Limited Carlyle, CPPIB* Financial services PIPE 817 11
Oravel Stays Private Limited (OYO) SoftBank E-commerce Early stage 810 NA
CitiusTech Healthcare Technology Private Limited Baring PE Asia Technology Buyout 800 80
Bharti Airtel Limited GIC Telecommunications PIPE 726 NA
GGV Capital, Altimeter Capital,
Hiveloop Technology Private Limited Hillhouse Capital, Lightspeed E-commerce Early stage 585 NA
and others
Essel Propack Limited Blackstone Industrial products Buyout 540 75
Kyowa Pharmaceutical Industry Co. Limited Unison Capital Partners Pharmaceuticals Buyout 525 100
SBI General Insurance Co. Limited PremjiInvest, Warburg Pincus Financial services Growth capital 433 26
Delhivery Private Limited SoftBank, Carlyle and others Financial services Growth capital 415 38
BrainBees Solutions Private Limited (First Cry) SoftBank E-commerce Growth capital 397 48
NIIT Technologies Limited Baring PE Asia Technology PIPE 381 30
AGS Health Private Limited Baring PE Asia Technology Buyout 339 >50
Bajaj Finance Limited GIC Financial services PIPE 339 1
Lenskart Solutions Private Limited SoftBank and others E-commerce Growth capital 275 NA
*CPPIB: Canada Pension Plan Investment Board
Page 15 23 January 2020 EY analysis of VCCEdge dataTop PE/VC investments
Top infrastructure and real estate investments in 2019
Company/Project Investors Sector Stage US$m Stake (%)
GVK Airport Holdings Limited ADIA, PSP, NIIF* Infrastructure Growth capital 1,076 49
Greenko Energy Holdings GIC, ADIA* Infrastructure Growth capital 887 NA
Nine TOT projects of NHAI Cube Highways Infrastructure Buyout 716 100
GMR Airports Limited GIC, SSG Capital Infrastructure Growth capital 651 25
IRB Infrastructure Developers Limited, Road Platform GIC Infrastructure Growth capital 631 NA
Commercial properties of Indiabulls Real Estate Blackstone Real estate Buyout 624 50
Four hotels of Hotel Leela Venture Limited Brookfield Real estate Buyout 572 100
Two existing malls and an upcoming retail development Virtuous Retail, a APG
Real estate Buyout 550 NA
project Management - Xander JV
Essel Infraprojects Ltd (three road assets) CDPQ* Infrastructure Buyout 500 100
Adani Electricity Mumbai Limited Qatar Investment Authority Infrastructure Growth capital 450 25
*ADIA: Abu Dhabi Investment Authority, PSP: Public Sector Pension Investment Board, CDPQ: Caisse de dépôt et placement du Québec
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 16 23 January 2020 EY analysis of VCCEdge dataTop PE/VC investments
Top InvIT investment deals in 2019
Company/Project Investors Stage US$m Stake (%)
Reliance Jio Infocomm Limited, Tower Arm Brookfield Buyout 3,660 >50
RIL's East West Pipeline Brookfield Buyout 1,888 90
IRB Infrastructure Developers Limited, Road Platform InvIT GIC Growth capital 631 NA
India Grid Trust GIC, KKR Buyout 400 57
Asia Infrastructure Investment
Oriental Structure’s Infra Investment Trust Bank(AIIB), DEG, International Growth capital 331 NA
Finance Corporation(IFC) & HEG
L&T IndInfravit Trust -Sadbhav Infrastructure Project Limited CPPIB* Growth capital 200 NA
Reliance Jio Infocomm Limited, Tower Arm Brookfield Buyout 3,660 >50
RIL's East West Pipeline Brookfield Buyout 1,888 90
IRB Infrastructure Developers Limited, Road Platform InvIT GIC Growth capital 631 NA
*CPPIB: Canada Pension Plan Investment Board
InvIT: Infrastructure Investment Trusts
Page 17 23 January 2020 EY analysis of VCCEdge data2019 exits: analysis
Total exits (US$b) # of deals
2019 11.5 2019 156
2018 27.0 2018 177
Exit type US$b Exit type #
Open market 4.6 49
1.7 Open market
56
Secondary 2.5 33
5.0 Secondary
42
Strategic 2.3 55
Strategic
50
16.1
Buyback 1.9 11
1.1 Buyback
16
IPO 0.2 8
0.9 IPO
13
Top sectors US$b
Top sectors #
Financial services 2.9
1.5 Financial services 24
2.1 16.4 34
E-commerce 23
Life sciences 17
Technology 1.7
2.7 Technology 19
1.7 25
Healthcare 1.6 15
Real estate 12
Real estate 0.9
0.7 E-commerce 10
0.4 10
Food and agriculture 0.4 10
Retail and consumer 11
Others 2.0
4.0 Others 16
15
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 18 23 January 2020 EY analysis of VCCEdge dataTop exits
Top exits in 2019
Company/Project Sector Sellers Buyer Exit type US$m Stake (%)
Oravel Stays Private Limited (OYO) E-commerce Lightspeed, Sequoia Ritesh Agarwal Buyback 1,500 23.7
ICICI Lombard General Insurance
Financial services Fairfax NA Open market 732 10
Company Limited
Genpact Limited Technology Bain Capital, GIC NA Open market 625 15
SBI Life Insurance Financial services Carlyle NA Open market 393 3
CitiusTech Healthcare Technology
Healthcare General Atlantic Baring PE Asia Secondary 389 32
Private Limited
ICICI Lombard General Insurance
Financial services Fairfax NA Open market 362 5
Company Limited
Genpact Limited Technology Bain Capital, GIC NA Open market 324 5
Cancer Treatment Services Private
Healthcare TPG Varian Medical Systems Inc. Strategic 283 NA
Limited
International Finance
Lenskart Solutions Private Limited E-commerce Corporation (IFC), TPG and Softbank Secondary 275 NA
PremjiInvest
Housing Development Finance
Financial services KKR NA Open market 270 1
Corporation Limited
2.5 million sq ft IT SEZ property
Real estate GIC, Tishman Speyer Allianz-Shapoorji JV Strategic 250 100
“Waverock”
Page 19 23 January 2020 EY analysis of VCCEdge dataFund raise
Top fund raise in 2019
Status Fund US$m Strategy
Special Window for Affordable and Mid-Income Housing Fund
Raised 1,465 Mid-income housing stalled projects
(SWAMIH) Investment Fund I
Raised Edelweiss Group’s alternative investment arm 1,295 Stressed assets
Raised Kotak Special Situations Fund 1000 Non-performing assets
Raised ChrysCapital 850 Sector agnostic
Raised India Resurgence Fund 750 Structured debt
Raised Multiples Fund III 560 Financial services, consumer, healthcare and IT services
Raised Accel 550 Early stage
Raised B Capital 406 Sector agnostic
Raised Nexus Venture Partners 354 Early stage
Raised
A91 Partners 350 Consumer, healthcare, financial services and technology
Page 20 23 January 2020 EY analysis of VCCEdge dataWhat will you invest in as investing changes? Quarterly trend analysis – 4Q2019 The better the question. The better the answer. The better the world works.
Key trends: quarterly
Investments
► On a quarterly basis, investments in 4Q19 increased by 32% in terms of value compared to 4Q18 but declined 32% compared to 3Q19
(US$10.9 billion in 4Q19 vs. US$8.3 billion in 4Q18 and US$16.1 billion in 3Q19). 3Q19 was the best quarterly performance ever for
PE/VC investments. In terms of volume, deals increased by 31% compared to 4Q18 and were at par compared to 3Q19 (266 deals in
4Q19 vs. 203 deals in 4Q18 and 267 deals in 3Q19). All the quarters of 2019 have recorded a strong growth in deal activity compared
to the corresponding quarters in 2018.
► The growth in PE/VC investments in 4Q19 is mainly due to increase in investments in the infrastructure and real estate sectors that
accounted for 35% of total investments compared to 20% in 4Q18. At US$3.9 billion, investments in infrastructure and real estate
increased by 131%.
► From a sector point of view, in 4Q19, infrastructure sector was at the top with US$3.1 billion invested across 13 deals, 14 times the
value recorded in 4Q18. Financial services sector was next in line with US$3 billion invested across 44 deals in 4Q19, which was three
times the value recorded in 4Q18, followed by e-commerce with US$890 million invested across 47 deals.
► In terms of deal type, growth capital recorded highest value of PE/VC investments in 4Q19 of US$4.7 billion (US$3.3 billion in 4Q18)
followed by buyouts that recorded US$2.5 billion in investments (US$1.9 billion in 4Q18).
► Large deals (value greater than US$100 million) continue to drive the growth of PE/VC investments. 4Q19 recorded 26 large deals
aggregating to US$7.6 billion (compared to 18 large deals aggregating to US$5.9 billion in 4Q18 and 37 large deals worth US$12.8
billion in 3Q19).
► Abu Dhabi Investment Authority (ADIA), Public Sector Pension Investment Board (PSP) and National Investment and Infrastructure
Fund’s (NIIF) US$1.1 billion investment in GVK Airport Holdings Limited followed by Softbank and Alibaba’s US$1 billion investment in
Paytm were the largest deals in 4Q19.
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 22 23 January 2020 EY analysis of VCCEdge dataKey trends: quarterly
Exits
► On a year-on-year (y-o-y) basis, exits increased by 37% in terms of value in 4Q19 (US$3.3 billion vs. US$2.4 billion in 4Q18) and 28% in
volume (41 deals vs. 32 deals in 4Q18). Compared to 3Q19 (US$3.7 billion across 37 deals), exits declined by 12% in terms of value and
10% in terms of volume.
► Exits via open market were the highest in 4Q19 at US$2.2 billion, accounting for 66% of exits by value followed by exits via secondary
and strategic sales at US$619 million and US$468 million, respectively.
► From a sector perspective, financial services (US$1.4 billion across 10 deals) recorded the highest value of exits in 4Q19 followed by
technology (US$642 million across three deals) and e-commerce (US$425 million across four deals).
Fund raise
► 4Q19 saw US$3.8 billion in fund raise, 54% higher compared to 4Q18. The largest fund raise in 4Q19 saw Government of India sponsor a
US$1.5 billion fund for providing last-mile funding to enable completion of construction of stalled housing projects. New fund raise plans
announced in 4Q19 stood at US$5.5 billion compared to US$4.9 billion in 4Q18.
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 23 23 January 2020 EY analysis of VCCEdge dataPE/VC quarterly headline trends: investments
US$m Total PE/VC investments #
269 267 266 300
235
15,000 194 203 250
182 190
165 138 163 200
10,000 129
150
100
5,000
50
4,179 6,096 8,693 7,205 8,307 11,146 9,702 8,261 11,746 9,304 16,052 10,917
- -
1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019
Value (US$m) # of deals
US$m US$m
PE/VC investments split across asset classes
15,000
5,258
12,000 1,695
846 895 3,507 2,511 3,090
9,000 1,659 840 863 218
523 1,450 1,490 2,657 765
617 2,242
6,000 1,440 1,474 1,378
1,010 1,053 8,610 7,943 8,283 7,063
3,000 253 4,427 5,606 5,242 6,593 6,749 5,268
5,174
2,915
-
1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019
PE/VC investment (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 24 23 January 2020 EY analysis of VCCEdge dataPE/VC quarterly headline trends: exits
US$m
US$m Total PE/VC exits #
7,000 70 80
65 64
6,000 61 70
52 52 60
5,000 43
41 41 50
4,000 36 36
32 40
3,000
30
2,000 20
1,000 10
2,033 2,681 4,550 3,789 1,857 4,755 18,016 2,420 1,192 3,035 3,945 3,313
- -
1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019
Value (US$m) # of exits
US$m US$m PE/VC exits split across asset classes
9
7,000 13
6,000
5,000 327
844 284
4,000 276 161 82 7
236 104
3,000 111
- 354 348
56 201
2,000 234 133
184
1,000 262 92
1,793 2,570 3,947 3,392 1,361 3,829 17,994 2,066 967 2,730 3,661 2,958
-
1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019
Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 25 23 January 2020 EY analysis of VCCEdge dataPE/VC quarterly headline trends: fund raise
US$m
US$m
Fund raise #
3,000 17 20
15 15
14
13 15
12 12
2,000 11 11 11 11
9
10
1,000
5
1,287 719 2,234 1,533 1,304 1,701 2,607 2,479 2,794 2,749 2,335 3,809
- -
1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019
Total funds raised (US$m) Total # of funds raised
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 26 23 January 2020 EY analysis of VCCEdge dataPE/VC investments (excluding infrastructure and real estate)
4Q2019
Total investments (US$m) # of deals
4Q2019 7,063 3Q2019 240
4Q2018 6,593 3Q2018 185
Deal type US$m Deal type #
Credit investment 470 Credit investment 17
151 17
Buyout 936 Buyout 5
952 10
PIPE* 1,147 PIPE* 17
635 11
1,634 Start-up/Early stage 156
Start-up/Early stage 111
1,813
2,875 Expansion/Growth 45
Expansion/Growth 36
3,041
Deal size US$m Deal size #
>US$100m 4,288 >US$100m 17
4,482 12
714 US$50m-US$100m 10
US$50m-US$100m 609 7
1,229 US$20m-US$50m 34
US$20m-US$50m 973 29
458 US$10m-US$20m 33
US$10m-US$20m 246 17
374PE/VC investments: infrastructure
4Q2019
Total investments (US$m) # of deals
4Q2019 3,090 4Q2019 13
4Q2018 218 4Q2018 5
Deal type US$m Deal type #
Credit investment Credit investment 1
Buyout 1,215 Buyout 4
PIPE* - PIPE* -
- -
140 Start-up/Early stage 2
Start-up/Early stage 2
4
1,630 Expansion/Growth 6
Expansion/Growth 3
214
Deal size US$m Deal size #
2,935 >US$100m 7
>US$100m 1
185
75 US$50m-US$100m 1
US$50m-US$100m
36 US$20m-US$50m 1
US$20m-US$50m 1
21
43 US$10m-US$20m 3
US$10m-US$20m
1PE/VC investments: real estate
4Q2019
Total investments (US$m) # of deals
4Q2019 765 4Q2019 13
4Q2018 1,450 4Q2018 13
Deal type US$m Deal type #
Credit investment 76 Credit investment 2
391 5
Buyout 347 Buyout 3
995 3
PIPE* 174 PIPE* 2
Start-up/Early stage 2 Start-up/Early stage 1
21 2
Expansion/Growth 166 Expansion/Growth 5
43 3
Deal size US$m Deal size #
363 >US$100m 2
>US$100m 1,277 5
326 US$50m-US$100m 4
US$50m-US$100m 81 1
US$20m-US$50m 1
US$20m-US$50m 35 1
43
US$10m-US$20m 2
US$10m-US$20m 24 3
434Q2019 PE/VC investments: sector-wise
Top sectors by value (US$m) Top sectors by # of deals
3,090 47
Infrastructure E-commerce 25
218
Financial services 44
2,990 35
Financial services
968 31
Technology 25
1,264
Life sciences 21
161 Food and agri 6
890 Life sciences 20
E-commerce 17
1,403
Retail and consumer 18
765 12
Real estate
1,450 Media and entertainment 14
14
640 13
Technology Real estate
332 13
Infrastructure 13
336 5
Retail and consumer
491
Logistics 11
11
943
Others 34
3,237 Others 40
4Q2019 4Q2018
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Note: The data includes deals that are announced but are awaiting closure like ADIA, PSP and NIIF’s investment in GVK
Page 30 23 January 2020 EY analysis of VCCEdge dataTop PE/VC investments
Top PE/VC investments excluding infrastructure and real estate in 4Q2019
Company/Project Investors Sector Stage US$m Stake (%)
One 97 Communications Limited (Paytm) Alibaba Group and Softbank Financial services Growth capital 1,000 NA
Kyowa Pharmaceutical Industry Co. Limited Unison Capital Pharmaceuticals Buyout 525 100
PremjiInvest and Warburg
SBI General Insurance Co. Limited Financial services Growth capital 433 26
Pincus
Bajaj Finance Limited GIC Financial services PIPE 339 1
Lenskart Solutions Private Limited SoftBank and others E-commerce Growth capital 275 NA
Bharat Serums and Vaccines Limited Advent International Pharmaceuticals Buyout 250 60
Piramal Enterprises Limited CDPQ* Financial services PIPE 247 2
Temasek, Bessemer Venture
91Streets Media Technologies Private Limited Partners, Orios Venture
Healthcare Early stage 226 NA
(Pharmeasy) Partners, Eight Roads and
others
Retail and consumer
Ryka Commercial Ventures Blackstone Credit investment 160 NA
products
ETechAces Marketing and Consulting Private Limited
Tencent Financial services Growth capital 150 10
(Policy Bazaar)
*CDPQ: Caisse de dépôt et placement du Québec
Page 31 23 January 2020 EY analysis of VCCEdge dataTop PE/VC investments
Top infrastructure and real estate investments in 4Q2019
Company/Project Investors Sector Stage US$m Stake (%)
GVK Airport Holdings Limited ADIA, PSP, NIIF Infrastructure Growth capital 1,076 49
Nine TOT projects of National Highway Authority of
Cube Highways Infrastructure Buyout 716 100
India (NHAI)
The Qatar Investment
Adani Electricity Mumbai Limited Infrastructure Growth capital 450 25
Authority
7 road assets (Expressways in Tamil Nadu, Nirmal BOT,
Telangana, Dewas Bhopal Corridor, Bangalore Elevated
Tollway, Godhra Expressway, Jodhpur Pali Expressway CDPQ Infrastructure Buyout 339 >50
and Shillong Expressway)
TSI Business Parks Hyderabad Private Limited,
SPREF II Real estate Buyout 250 100
WaveRock Hyderabad Office Complex
EPC Constructions India Limited Royale Partners Infrastructure Buyout 125 100
International Finance
Hero Future Energies Private Limited Infrastructure Early stage 125 NA
Corporation (IFC)
Top InvIT investment deals in 4Q2019
Company/Project Investors Sector Stage US$m Stake (%)
IRB Infrastructure Developers Limited,
GIC Infrastructure Growth capital 631 NA
Road Platform InvIT
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 32 23 January 2020 EY analysis of VCCEdge data4Q2019 exits: analysis
Total exits (US$m) # of deals
4Q2019 3,313 4Q2019 41
4Q2018 2,420 4Q2018 32
Exit type US$m Exit type #
Open market 2,188 Open market 17
356 8
Secondary 619 Secondary 7
790 8
Strategic 468 Strategic 13
1,020 12
Buyback 37 Buyback 3
71 3
IPO - IPO 1
183 1
Top sectors US$m Top sectors #
Financial services 1,390 E-commerce 47
549 25
Technology 642 44
1,019 Financial services 35
E-commerce 425
Technology 31
348 25
Real estate 354
Life sciences 20
Retail and consumer 186 17
109 Retail and consumer products 18
Life sciences 12
100
Others 213 Others 105
398 89
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 33 23 January 2020 EY analysis of VCCEdge dataTop exits
Top exits in 4Q2019
Company/Project Sector Sellers Buyer Exit type US$m Stake (%)
ICICI Lombard General Insurance
Financial services Fairfax NA Open market 732 10
Company Limited
Genpact Limited Technology Bain Capital, GIC NA Open market 625 15
SBI Life Insurance Company Limited Financial services Carlyle NA Open market 393 3
International Finance
Corporation (IFC),
Lenskart Solutions Private Limited E-commerce SoftBank and Others Secondary 275 NA
PremjiInvest, TPG and
others
2.5 million sq ft IT SEZ property
Real estate GIC, Tishman Speyer Allianz-Shapoorji JV Strategic 250 100
“Waverock”
Crompton Greaves Consumer Retail and consumer Temasek, Advent
NA Open market 178 8
Electricals Limited products International
PolicyBazaar E-commerce Tiger Global Tencent Secondary 150 10
Credit Access Grameen
Madura Micro Finance Limited Financial services Elevar Advisors and others Strategic 123 NA
Limited
Tata Realty and Infrastructure Xander Group’s retail arm,
Real estate Tata Realty Secondary 97 100
Limited’s (TRIL) retail malls Virtuous Retail
Media and True North, Zodius Capital
Born Group Inc. Tech Mahindra Limited Strategic 95 NA
entertainment Advisors
Page 34 23 January 2020 EY analysis of VCCEdge dataFund raise
Top fund raise in 4Q2019
Status Fund US$m Strategy
Special Window for Affordable and Mid-Income Housing Fund
Raised 1,465 Mid-income housing stalled projects
(SWAMIH) Investment Fund I
Raised Multiples Fund III 560 Financial services, consumer, healthcare and IT services
Raised Accel 550 Early stage
Raised 3one4 Capital Continuum-I fund 350 Early stage
Raised Piramal Group, IIFL Wealth Management 278 Realty projects
Raised Xander Investment Management 250 Industrial realty (logistics and e-commerce)
Page 35 23 January 2020 EY analysis of VCCEdge dataHow do you see the
opportunity in your
obstacles?
To reach operational excellence, private equity
firms need the right insights to learn as they go —
discovering new ways to overcome obstacles and
seize opportunities.
Monthly trend analysis – December 2019
The better the question. The better the answer.
The better the world works.Key trends: monthly
Investments
► PE/VC investments in December 2019 (US$2.4 billion) were 25% lower compared to December 2018 (US$3.2 billion) and 55% lower
compared to November 2019 (US$5.3 billion). The decline was mainly due to lower value of pure play PE/VC investments (US$1.2 billion
in December 2019 compared to US$2.8 billion in December 2018 and US$4.1 billion in November 2019). Investments in infrastructure
and real estate sectors in December 2019 were three times the value recorded in December 2018 and at par with the value recorded in
November 2018.
► December recorded six large deals (value greater than US$100 million) worth US$1.2 billion compared to six large deals worth US$2.3
billion in December 2018 and 15 large deals worth US$4.2 billion in November 2019. The largest deals announced in December 2019
include the Qatar Investment Authority’s US$450 million investment in Adani Electricity Mumbai Limited followed by Softbank’s US$275
million investment in Lenskart Solutions Private Limited.
► From a sector point of view, real estate (US$625 million) was the top sector in December 2019 followed by infrastructure (US$556
million) and e-commerce (US$403 million).
► In deal type, growth deals recorded the highest value of investments in December 2019 at US$1.1 billion across 16 deals, compared to
15 deals worth US$1.1 billion in December 2018 followed by start-up investments worth US$406 million across 47 deals (US$1.3 billion
across 44 deals in December 2018) and buyouts at US$347 million across two deals (US$556 million across five deals in December
2018).
Page 37 23 January 2020 EY analysis of VCCEdge dataKey trends: monthly
Exits
► December 2019 recorded eight exits worth US$864 million, 2.3 times the value of exits recorded in December 2018 (US$381 million)
and 42% lower than November 2019 (US$1.5 billion).
► The largest exit in December 2019 saw a group of investors including TPG, International Finance Corporation (IFC) and others sell their
stake in Lenskart Solutions Private Limited to Softbank for US$275 million.
► In December 2019, exits via secondary sale were highest at US$424 million across three deals, accounting for 49% of total exits by
value.
► Real estate sector (US$348 million across two deals) was the top sector in December 2019 followed by e-commerce with one deal worth
US$275 million.
Fund raise
► December 2019 recorded total fund raises of US$3.2 billion compared to US$1.4 billion raised in December 2018 with the largest fund
raise being a Government of India sponsored US$1.5 billion fund for providing last-mile funding to enable completion of construction of
stalled housing projects.
Page 38 23 January 2020 EY analysis of VCCEdge dataPE/VC monthly headline trends: investments
US$m Total PE/VC investments #
9,000 100 101 100 120
93 89
87 87 82 87 100
72 73 77
6,000 61 80
60
3,000 40
20
3,187 1,862 2,814 7,070 3,324 2,856 3,124 8,378 4,267 3,408 3,242 5,288 2,387
- 0
Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Value (US$m) # of deals
US$m PE/VC investments split across asset classes
8,000
6,000 4,258
2,651
1,120
4,000 995 10 26
21 297 803
98 1,415
363 1,076 764 556
259 1,323 1,450
856 4,142
2,000 131 364 3,424 3,723 114
2,804 3,055 687 682 2,700 625
1,731 1,593 1,859 1,714
1,094 1,119 1,207
-
Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
PE/VC investments (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Investment data for previous months have been restated to account for some deals that didn’t conclude post announcement and exclusion of a few deals where the target’s primary
region of operation was outside India
Page 39 23 January 2020 EY analysis of VCCEdge dataPE/VC monthly headline trends: exits
US$m Total PE/VC exits #
17
3,000 16 18
15
14 16
13 13
11 11 14
2,000 10 15 12
9
8 8 10
8
1,000 6
4
472 1,263 753 1,019 616 680 2,649 960 1,355 864 2
381 331 389
- 0
Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Value (US$m) # of exits
US$m PE/VC exits - split across asset classes
3,000
29
2,000
104 2,620 7
1,000
187
68 1,355 348
92 133 1,062 916 953
- 753 548 516
381 331 381 256 493
-
Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 40 23 January 2020 EY analysis of VCCEdge dataPE/VC monthly headline trends: fund raise
US$m Fund raise #
4,000 18
16
3,000 14
10 12
10
2,000 7
6 8
5 5
4 4 4 4 6
1,000 3 3 3
4
1
1,440 2,469 285 40 682 1,096 971 545 1,136 654 172 3,233 2
403
- 0
Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Total funds raised (US$m) Total # of funds raised
Page 41 23 January 2020 EY analysis of VCCEdge dataDecember 2019 PE/VC investments: US$1,207 million over 68
deals (excluding infrastructure and real estate investments)
Top sectors by value US$m Top sectors by volume
E-commerce 402 E-commerce 13
Financial services 274 Financial services 12
Technology 142 Technology 8
Logistics 120 Healthcare 5
Healthcare 97 Logistics 4
Others 172 Others 26
Deal value US$m (volume) Deal type US$m (volume)
363 (11)
330 (5) 579 (13)
275 (2)
406 (47)
116 (32) 123 (8)
130 (5)
92 (3)
US$100m Credit Buyout PIPE Start-up/ Growth
US$20m US$50m US$100m investment Early stage capital
Note: Deal value was not disclosed in 10 out of 65 deals in December 2019
PIPE: private investment in public equity
Page 42 23 January 2020 EY analysis of VCCEdge dataDecember 2019 infrastructure and real estate investments:
US$1,180 million over 9 deals
By value US$m By volume
Real estate 625 Real estate 6
Infrastructure 556 Infrastructure 3
Deal value US$m (volume) Deal type US$m (volume)
917 (4) 549 (3)
347 (2)
256 (3 ) 174 (2)
110 (2)
7 (2 ) NA NA
US$100m Credit Buyout PIPE Start-up/ Growth
US$20m US$50m US$100m investment Early stage capital
PIPE: private investment in public equity
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 43 23 January 2020 EY analysis of VCCEdge dataTop PE/VC investments
Top PE/VC investments excluding infrastructure and real estate in December 2019
Company/Project PE Investors Sector Stage US$m Stake (%)
Lenskart Solutions Private Limited Softbank and others E-commerce Growth capital 275 NA
International Finance Corporation
Mahindra Finance Financial services Credit investment 75 NA
(IFC)
AU Small Finance Bank Limited Temasek Financial services PIPE 73 NA
Advent International, Hillhouse
Girnar Software Private Limited (Cardekho) Technology Growth capital 70 NA
Capital, Sequoia Capital and others
Eight Roads, Qualcomm Ventures,
Shadowfax Technologies Private Limited NGP Advisors, International Finance Logistics Early stage 60 NA
Corporation(IFC) and others
Asian Institute of Gastroenterology Private
Quadria Capital HealthCare Growth capital 52 14
Limited
Page 44 23 January 2020 EY analysis of VCCEdge dataTop infrastructure and real estate investments
Top infrastructure and real estate investments in December 2019
Company/Project PE Investors Sector Stage US$m Stake (%)
Adani Electricity Mumbai Limited The Qatar Investment Authority Infrastructure Growth capital 450 25
TSI Business Parks Hyderabad Private Limited,
SPREF II Real estate Buyout 250 100
WaveRock Hyderabad Office Complex
Mariana Infrastructure Limited (commercial
Blackstone Real estate Growth capital 113 50
projects of Indiabulls Real Estate Ltd.)
Top InvITs in December 2019
Company/Project PE Investors Sector Stage US$m Stake (%)
IRB Infrastructure Developers Limited,
GIC Infrastructure Growth capital 104 NA
Road Platform InvIT
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 45 23 January 2020 EY analysis of VCCEdge dataExits: US$863 million across 8 deals in December 2019
Exits in December 2019
Deal value US$m (volume) Deal type US$m (volume)
424 (3)
Real estate 348 (2)
E-commerce 275 (1)
250 (2)
Retail and consumer
178 (1) 189 (2)
products
Healthcare 52 (1)
0 (1)
Food and agri 49 (2)
IPO Buyback Strategic Secondary Open market
Page 46 23 January 2020 EY analysis of VCCEdge dataTop exits
Top exits in December 2019
Company/Project Sector Sellers Buyer Exit type US$m Stake (%)
International Finance
Corporation (IFC),
Lenskart Solutions Private Limited E-commerce SoftBank and Others Secondary 275 NA
PremjiInvest, TPG and
others
2.5 million sq ft IT SEZ property
Real estate GIC, Tishman Speyer Allianz-Shapoorji JV Strategic 250 100
“Waverock”
Crompton Greaves Consumer Retail and Temasek, Advent
NA Open market 178 8
Electricals Ltd. consumer products International
Tata Realty and Infrastructure Xander Group’ retail arm,
Real estate Tata Realty Initiatives Fund I Secondary 97 100
Limited’s (TRIL) retail malls Virtuous Retail
Page 47 23 January 2020 EY analysis of VCCEdge dataFund raise
Top fund raises/announcements in December 2019
Status Fund US$m Strategy
Special Window for Affordable and Mid-Income Housing Fund
Raised 1,465 Mid-income housing stalled projects
(SWAMIH) Investment Fund I
Raised Multiples Fund III 560 Financial services, consumer, healthcare and IT services
Raised Accel 550 Early stage
Raised 3one4 Capital Continuum-I fund 350 Early stage
Raised Piramal Group, IIFL Wealth Management 278 Realty projects
Page 48 23 January 2020 EY analysis of VCCEdge dataAbout EY Private Equity Services
About EY’s Private Equity Services Practice
EY has been working with the private equity industry for more than 25 years, with approximately
25,000 seasoned professionals worldwide dedicated to the industry and its business issues. EY
serves 74% of the top 300 PE firms included in the Global PEI 300 firms list. Private equity firms,
portfolio companies and investment funds face complex challenges. They are under pressure to
deploy capital amid geopolitical uncertainty, increased competition, higher valuations and rising
stakeholder expectations. Successful deals depend on the ability to move faster, drive rapid and
strategic growth and create greater value throughout the transaction life cycle. EY taps its global
network to help source deal opportunities and combines deep sector insights with the proven,
innovative strategies that have guided the world’s fastest growing companies.
In India, EY is among the leading providers of advisory, tax, transactions and assurance services.
The organization is also the number one professional services brand* in India, which is a
testimony to our relentless commitment to deliver exceptional client service and create a better
working world. EY has 16 offices spread across 10 cities in India. Worldwide, our 247,570 people
across 150+ countries and 700+ cities are united by our shared values and their unwavering
commitment to quality.
► EY’s India Private Equity Services Practice has been among the top advisors for private equity
deals over the past ten years. EY has been awarded the “Most Active Transaction Advisor”
award by Venture Intelligence for 2009-2013 and also the “Investment Bank of the Year,
Private Equity” award by VC Circle in 2012 and 2017. EY was also the top PE advisor in the
Venture Intelligence league table in 2018.
► EY’s India Private Equity Services Practice provides value to PE funds and their portfolio
companies through its deep sector and service expertise. EY India is organized around key
industry verticals in a matrix structure that enables us to offer an unparalleled blend of
industry expertise and functional skills. We actively track about 15 sectors with sector leads
driving our penetration in each of those sectors.
Page 50 23 January 2020 EY analysis of VCCEdge dataEY services for Private Equity
We offer an array of services to Private Equity funds and their portfolio/investee companies through our various service lines.
Partners
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Fund Raising
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Page 51 23 January 2020 EY analysis of VCCEdge dataContacts
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