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Inside This Issue
SVCA SVCA 20/20 Conference
Quarterly VCC Interview with MAS
Reining in the Unicorns
Inaugural SVCA quarterly bulletin In Conversation with Affirma
Capital
Jan 2020, Issue 2
Thoughts from the Industry: From
2019 to 2020
Secondaries Trending: NewQuest
ASEAN Fundraising at a Glance
Foreword
I n the blink of the eye, the 2010s is now behind us, and what
a decade it has been. 2017-2019 has also set new highs on
Content
fundraising,
fundraising,deal
dealvolume,
volume,and
andvaluations
valuationsnot
not seen
seen since
since the
global financial crisis, according to Preqin.
global financial crisis, according to Preqin.
SVCA 20/20 …………………..…3
The 2010s will go down in history as the birth of unicorns in VCC Interview with MAS …..…4
Southeast Asia, which also blurred the lines between VCs and
n the blink of the eye, the 2010s is now
Thebehind
PE-VC us, and what
PEs, particularly in later stage funding. convergence Reining in The Unicorns …..…6
is a decade to
expected it has
growbeen. 2017-2019
with greater has of
numbers also set new
unicorns outhighs on
raising.
Butfundraising,
2019 ended deal
onvolume,
a somberandnote,
valuations
with thenot seen since
WeWork the
debacle In Conversation with Affirma
global financial crisis, according to Preqin.
serving as a cautionary tale for aspiring unicorns and investors
alike on a number of issues: valuations, governance, judgement, Capital …………………………..…8
and perhaps most importantly, values.
We are entering the Year of the Rat, amid global uncertainties
W
Thoughts from the Industry …10
caused by US-China trade tensions many believe will persist
Secondaries Trending:
despite a pending ‘deal’. The US vs China ‘war’ has surfaced an
underlying distrust between the two super powers; in fact, the NewQuest ……………………..…12
2010s will also be remembered as a decade of mistrust - even
as technology made huge leaps transforming our daily lives – Data Snapshot ………………..…13
closing in 2019 with global protests.
News in Brief ..………………..…14
“Trust in either governments or markets to give people a fair
chance in life has faded in many countries. Compounding this, 0000
a sense of togetherness amongst people has given way to one
ASEAN Fundraising at a
of ‘us versus them’.” Singapore’s Senior Minister Tharman Glance ………..………………..…17
Shanmugaratnam was quoted as saying in a speech he gave in
the UK.
We live in challenging times, but the events in the 2010s and
lessons learned will hopefully guide us into the new decade
starting from 2020. The theme of SVCA’s biennial PE and VC
conference is: Developing Hindsight Vision. SVCA 20/20 will be
hosted at Sofitel City Centre on 5th & 6th of May, 2020. This year,
we hope to showcase more entrepreneurs, family businesses
and family offices.
Family businesses undergo succession issues which present
opportunities for private equity. At the same time, the next
generation of business owners are keen to adopt and/or invest
in technology. SVCA 20/20 will provide the platform for
This publication was made possible
meaningful engagement and exchange of ideas.
by:
In addition to professional training and seminars, we also hope
Contributor & Researcher:
to add new social events in 2020 to foster greater community
Dominic Hosea Tan, Research and
togetherness and simply have fun. We hope this second issue
Communications Executive, SVCA
captures key headlines in 4Q. Do send your input for the next
issue to sharon@svca.org.sg.
Advisor
Happy new year, Doris Yee, Director, SVCA
Sharon Lim
Director of Content
Page 2 SVCA Quarterly
SVCA Quarterly Page 3
Variable Capital Company (VCC) Interview with MAS
Briefly, what are the key benefits and features of the Can you tell us how you promote VCC to LPs and whether
VCC? MAS is planning on further promotion efforts in 2020?
The VCC is a new corporate vehicle for use by The VCC has features that are on par with these flexible
investment funds. Incorporating features that are corporate structures in international fund jurisdictions,
aligned with that of other fund jurisdictions, the VCC will such as the ICAV in Ireland and SICAV in Luxembourg.
enhance Singapore’s value proposition as a fund MAS’ objective is to engage fund houses and service
domicile hub. providers, as well as promote investor familiarity and
allow LPs to better understand the benefits when
Firstly, the VCC provides flexibility to structure
investment funds are structured as VCCs.
investment funds; open-ended and closed-end funds,
across different strategies. Shares can be issued and We have conducted several roadshows to promote the
redeemed easily. It can also pay dividends using its VCC framework to LPs and asset owners globally so that
capital. investors are familiar and fund managers can focus
their fundraising efforts on articulating the investment
Secondly, a VCC may be established as a standalone
thesis of the fund. We will continue to engage the
structure, or as an umbrella structure with multiple sub-
industry overseas after the VCC is launched. Local
funds with different investment objectives, investors as
industry engagement and partnership with industry
well as assets and liabilities. Sub-funds within a VCC can
associations like SVCA, is also important to educate
share a board of directors and service providers,
members of the new opportunities that the VCC
consolidate administrative functions and reduce cross-
framework brings to the industry.
border administrative and compliance costs. VCCs can
also make use of Singapore’s competitive tax regime.
The feedback from SVCA members on VCC has been
wide-ranging from “really useful” to “we’ll stick to
Cayman, or Luxembourg.” There is also the “wait-and-
see” camp. What feedback are you getting from GPs?
Over the past two years, we have been engaging both
Singapore-based and overseas GPs as well as service
providers to gather feedback on the VCC framework. In
general, the funds industry has been very receptive of
the new VCC framework. GPs have highlighted the
flexibility of the VCC structure, cost and tax Elean Chin
efficiencies of using a Singapore corporate structure Head, Insurance,
Funds and
as the key factors to consider using the VCC
Infrastructure
framework. Singapore’s strong rule of law was also Finance Division, MAS
cited as a key factor providing greater certainty and
safeguard against any cross-cell contamination in the
event of insolvency. Given that the VCC was created to provide
Elean Chin a viable
alternative to fund structures from the Cayman
Head, Islands,
Insurance,
We are encouraged that some overseas-based fund what advantages does the VCC haveFunds over and
its Cayman or
managers and service providers in Europe and the US Infrastructure
British Virgin Islands (BVI) counterparts?
are aware of the VCC. Some of these are planning to Finance Division, MAS
anchor their investment activities in Singapore and The VCC as a fund structure has features which are on
intending to use the VCC to tap into opportunities in Asia. par with leading available fund structures globally. For
As for Singapore-based managers, the VCC pilot fund managers already located in Singapore, the VCC
programme has received good interest from a variety of will add co-location benefits and tax access to
fund managers, offering both regional and international Singapore’s extensive DTA network. Co-locating the fund
strategies, to incorporate their investment funds, or and fund manager in Singapore will also demonstrate
redomicile their existing funds. additional substance through investment activities
undertaken locally.
Page 4 SVCA Quarterly
Briefly, what are the key benefits and features of the
VCC? Can you tell us how you promote VCC to LPs and whether
MAS is planning on further promotion efforts in 2020?
One of the VCC’s most touted features is the legal MAS embarked on a pilot with several VCCs in 2019.
segregation of the sub-funds under the umbrella What motivated this pilot programme?
structure. A general concern of LPs is that this
segregation may not be “water-tight” or respected in We are encouraged by the overwhelming response from
other jurisdictions. Can you elaborate the steps has MAS fund managers when we called for a VCC pilot in Q4 last
taken to address this concern? year!
We have required the segregation of sub-funds under The pilot programme was intended to allow fund
the Singapore law. Taking the example of two sub-funds managers who are seeking to set up their new
under a single umbrella, in the event of sub-fund 1’s investment funds as VCCs, or redomicile their existing
insolvency, it may be wound up as if it were a separate funds into Singapore as VCCs, to kickstart the process
legal person. Sub-fund 1 will have no right over assets early and time their incorporation of VCCs with the
in sub-fund 2, the VCC itself or any other sub-funds incorporation of the framework. This will also allow MAS
under the VCC, as prescribed in the VCC Act. There are and ACRA to work closely with the pilot managers on the
also penalties hardcoded into the law for breaches of process and resolve any potential issues which may
the requirements to segregate assets and liabilities of arise post implementation.
sub-funds. Also, where there is a breach, the relevant Moving forward, are there further enhancements being
law enforcement agencies will take the necessary action planned for the VCC?
to investigate and enforce this requirement.
The VCC framework is a continuous work-in-progress,
The VCC provides for inward domiciliation of foreign and MAS will continue to solicit feedback to improve the
funds, what about the conversion of existing Singapore- VCC framework for use by Singapore-based fund
domiciled fund structures to the VCC? managers and enhance Singapore’s status as a leading
We note that there is demand from Singapore-based fund management and domiciliation hub. The industry
fund managers to convert their funds to the VCC. can look forward to continued engagement and future
Following the implementation of the VCC framework, updates from MAS.
MAS will consider the conversion of Singapore legal
entities such as investment holding companies to the
VCC.
Can the VCC be used as a master structure to allow for
the use of Cayman or Luxemburg structures to introduce
LPs to the VCC?
As long as the VCC is constituted as a Collective
Investment Scheme (CIS), managed by a permissible
fund manager and satisfies the relevant requirements,
there are no restrictions for use of VCC as master or
feeder funds.
How are economic commitments for the S13X incentive
computed for the VCC umbrella structure with sub-
funds?
For an umbrella VCC structure, economic commitments
required under the S13X tax incentive will be applied at
the umbrella level. Hence, for a VCC with multiple sub- SVCA would be happy to connect interested
funds, it can make a single application for all the existing parties to relevant contacts at MAS or service
sub-funds and only needs to fulfil a combined AUM of providers who are advocates of VCC.
S$50 million and local business spending per year of
S$200,000. However, multiple fold requirements on Contact us at research@svca.org.sg (Dominic
trading entities such as Master-feeder SPVs and Master- Tan)
SPVs will remain the same.
MAS embarked on a pilot with several VCCs in 2019.
What motivated this pilot programme?
We are encouraged by the overwhelming response from
fund managers
SVCA Quarterly when we called for a VCC pilot in Q4 last Page 5
year!
The pilot programme was intended to allow fund
Reining in The Unicorns
F irst Theranos. Then WeWork. The fallen darlings in
the world of unicorn startups were founded by
charismatic, arguably
charismatic, inspiring
arguably inspiringcult
cultleader-types the
Fig 1. Post IPO performance of Unicorns from the Open Price of the first
day of trading to the Close Price of 27 November 2019
150.0%
media loved, people followed, and billionaires like Tim
Draper, Rupert Murdoch and the Waltons (owners of 100.0%
Walmart) to Masayoshi Son invested in.
50.0% 2019
Theranos turned out to be a “massive fraud” and 2018
Elizabeth Holmes who founded the biotech unicorn will 0.0%
stand trial in August. WeWork’s valuations plummeted
-50.0%
84% from $47 billion to $7.5 billion after failing to IPO,
following which founder CEO Adam Neumann was -100.0%
forced to resign with a $1.7 billion pay-out. Masayoshi 1. List of 63 unicorns downloaded from Crunchbase, “Unicorn Startups that Exited in
regrets his misjudgement. 2019” and “Unicorn Startups that Exited in 2018”. Only IPOs on the HKSE, NYSE, and
NASDAQ are considered.
Governance Matters Fig 2. Post IPO performance of non-Unicorns from Open Price of the first
day of trading to the Close Price of 27 November 2019
It is not fair to compare the two, a venture capitalist
700.00%
objected, clarifying: “Theranos is a fraud, WeWork is a
600.00%
case of bad governance.” Financing poor governance
can lead to fraudulent practices, and Softbank’s 500.00%
attempt to improve governance at WeWork suggests 400.00%
they understand the risks of poor governance. How 2019
300.00%
WeWork goes about rectifying poor governance will be 2018
200.00%
closely monitored by many, and hopefully inspire some
100.00%
to adopt and implement good governance.
0.00%
Startup Winter
-100.00%
Nonetheless, WeWork has arguably onset the winter for
2. IPOs between 2018 and November 2019 on the HKSE, NYSE, NASDAQ are
startups and VCs, and lowered tolerance toward cash- considered. IPOs of Unicorns, detected secondary IPOs and IPOs with little data on
date of download are removed from the sample size.
burning startups and IPO stocks. "How investors see
companies to invest into is sometimes seasonal. Yes, “Many unicorns have raised hundreds of millions if not
there is a season of 'winter' here right now," Andre billions in multiple rounds of financing prior to IPO.
Soelistyo, co-CEO of Indonesia's largest unicorn, Gojek, Although most are not yet profitable, they have all
was quoted as saying in late November, after the sharp grown rapidly with significant operations and
valuation mark down of WeWork, and lacklustre public manpower. Post IPO, there can be some pressure on
performance at Uber and Lyft in 2019. share prices as early investors pare down their stakes
Unicorn vs Non-Unicorns to realise returns and founders/employees exercise
their stock options to gain liquidity," Doris Yee,
SVCA compared 631 unicorns that went public with 7092 Director at SVCA explained.
non-unicorn IPOs, from 2018 to November 2019, on the
New York Stock Exchange (NYSE), NASDAQ, and the Unicorns Going Public
Hong Kong Stock Exchange (HKSE); we compared their Most, if not all, unicorns aspire towards an IPO, but as
post IPO performance from the very first open price to funds grow in size, and funding rounds rise with
the last close price on Nov 27 2019. greater amounts of capital going to unicorns, most are
expected to stay private for longer.
Here’s what we found: 28.6 % of unicorns traded above
their first-day open price compared to 38.5% of non- The multiple funding rounds underscoring high private
unicorns. This could be a case of non-unicorns being market valuations prior to an IPO could mean little
underinvested and thus being highly valued by public further upside for retail investors by the time a unicorn
investors when they are made available to the public goes public. This in part explains the widening private
markets. and public market disconnect, and lacklustre stock
performance of Uber and Lyft.
Page 6 SVCA Quarterly
According to CNBC, when Adam Neumann took $3bn Out with moat capital
from Softbank in November 2018, and $2bn in January Grab’s and Gojek’s track record in capital raising
2019, WeWork’s value skyrocketed from $20 billion to suggests the region’s small pool of unicorns have an
$47 billion. By comparison, Grab’s valuation increase, easy time raising from venture investors and
after Softbank injected $1.4 billion, is a modest 27% at corporations which have the capacity to write large
$14bn in March 2019. The Series H round was raised to cheques. However, the “massive experiment in using
intensify its battle with Gojek to become the app for capital as a moat to build startups into sustainable
everything including digital banking. businesses - as popularised by Uber and WeWork -
“With the amount of funding we have raised, and the has failed, and many other experiments using this
support from strategic investors like SoftBank, we are so model are failing, according to venture capitalist, Fred
well-funded to execute on our expansion and investment Wilson on his blog.
plans, so there is really no need to IPO,” Grab’s CEO “What was once a 'grow at all costs' mentality,
Anthony Tan told Reuters after the Softbank investment. stretching not simply from the earliest stages but up
Gojek, valued at $10 billion, meanwhile, raised $920 to the billion-dollar cheque size, has correctly and
million in 2019 from investors which include Google, helpfully shifted to a 'build great businesses' mindset,
Tencent and JD.com. It is nearing a deal to acquire a 5% Oliver Rippel, Co-founder of Asia Partners shared.
stake in Indonesia’s top taxi company, Blue Bird, for a Rippel added “We see a large number of
reported $30 million, valuing the listed taxi company at entrepreneurs ready for, or about to be ready for,
$600 million, a fraction of Gojek’s valuation. growth equity cheques between $20 and $100 million
“It is possible that established listed businesses could in size, supporting clear-eyed, hard-nosed business
be valued lower than the unicorns. Public investors plans that get to profitability in a fairly short and
(especially in the Asian markets) place a higher weight predictable period of time. We call this next
on profitability and dividend paying capacity, while a generation the 'Rhinos' -- companies that will soon
private investor in a unicorn will place a significant become billion-dollar valued companies based on
weight on growth,” Srividya Gopal, Managing Director at their net income and a P/E multiple, not simply on a
Duff & Phelps shared. revenue multiple.”
Closing the Gaps
How are valuations derived for unicorns, and especially
after a late-stage round? Why are established listed SVCA Southeast Asia PE & VC: Investment Activity May
businesses valued under these unicorns? 2018 report found a gap for Series B while Asia
Partners founder Nick Nash sees “a deep shortage of
Gopal explained: "Considering that the investments in equity capital supply in the 'Series C/D' gap in
unicorns typically come from private capital sources, Southeast Asia, which corresponds to round sizes
their valuation is driven by growth in both non-financial between $20 and $100 million.”
and financial parameters. While a key consideration for
the investor is the potential exit price, they also give The elimination of funding gaps in earlier rounds
importance to other rights and preferences in their entry could bring forth a greater number of great
price. Typically, these rights on not available to common technologies and business plans. Closing the gaps,
shareholders in the same company and hence there adopting Environment, Social and Governance (ESG)
could be a significant value difference between different goals at the startup stages could mitigate the risks of
classes of shareholders and even different series of fake unicorns emerging in Southeast Asia.
investors.” Let’s work together as a community to turn 2020s as
“The universe of publicly traded companies is shrinking the ESG decade for VC and PE backed businesses.
almost everywhere, and this makes investing into
private equity and venture capital more compelling than
ever before. Given the paucity of quality assets,
valuations are going up globally across asset classes.
Growth is being rewarded, and since companies are
staying private longer, we see an increase in investors
making bets in venture, for example. Even mutual funds
are getting into late-stage or pre-IPO tech deals, which is
pushing up valuations overall.” Sunil Mishra, partner at
Adam Street Partners offered his view.
SVCA Quarterly Page 7
According to CNBC, when Adam Neumann took $3bn
In Conversation with Affirma Capital
infrastructure and other asset classes as the bank
attempted to grow its assets under management
(AUM). This started to reverse after the global financial
crisis.
“Post GFC, most banks globally were getting out of
proprietary investing at different stages. Standard
Chartered had built the AUM to $5b billion in 2013, and
started to take in third party capital.”
From 2013 to 2015, Standard Chartered was engaged
in a series of secondary transactions to reduce the
bank’s exposure to its balance sheet, and this was
Nainesh Jaisingh further accelerated in 2016 after CEO Bill Winters took
Founding Partner, over the bank. The change at the top of the bank
Chief Executive sparked the unwinding of the principal finance
Officer, business, with real estate business being sold to Actis,
Affirma Capital energy being shut down, and mezzanine being wound
down, and finally, the MBO of Affirma Capital, which is
Poised for debut fundraise in 2020
sticking to SCPE core strategy from the beginning.
2020 will usher the return to a midmarket strategy core
THE MBO
to Standard Chartered Private Equity (SCPE) when it made
its first investment in 2002, except SCPE is no more, and “Taking us out of the bank was a joint decision. And it
in its place is Affirma Capital. was a three-party negotiation involving the team, the
bank and a third party, which was ICG. The key was to
Affirma Capital in 2019 spun out of leading emerging
ensure transparency which would then ensure that a
markets focused Standard Chartered Bank, going back
fair deal was achieved for all parties.”
full circle when it completed a management buyout that
some would say was on the cards in the aftermath of the The total assets under management was $3.5 billion,
global financial crisis. Former head Karam Butalia exited of which $2.4b was held by LPs, and $1.1b was held by
in 2008 and founded KV Asia Capital in 2010 with Vibhav the bank. ICG bought over Standard Chartered’s share
Panandiker, a former SCPE director. Fast forward to of the assets under management, injected a further
2019, Nainesh Jaisingh, who has been at SCPE since $400 million in fresh capital into the newly formed
2002, will lead the new spinout with $700 million of dry Affirma Capital, and $300 million came from other
powder from a management buyout (MBO) financed by existing funds under management. The team also
Intermediate Capital Group (ICG). bought over the asset management business.
The spinout expects to raise its maiden fund for The combined $700m of fresh capital will be deployed
Southeast Asia, China and India by the second half of across three main geographical areas which SCPE has
2020. Going forward, Affirma intends to raise separate traditionally invested into: emerging Asia, Middle East
fund vehicles for emerging Asia, South Korea, and Middle & Africa, and South Korea. There are seven partners
East & Africa, Nainesh Jaisingh, Partner and CEO shares across Singapore, China, South Korea, India, Africa and
with SVCA in an interview. the Middle East.
From 2002 to MBO Funding first generation business and premium assets
In 2002, SCPE made its debut investment in Natsteel, Affirma is looking to back “first generation businesses,
which had been listed in Singapore. SCPE was part of a to institutionalise entrepreneurs, and to propel these
consortium led by local hotel tycoon Ong Beng Seng and mid-cap businesses forward.” Nainesh cites Crystal
backed by Temasek Holdings in a hotly contested take- Jade, which has grown into a well-known Cantonese
private transaction initiated by the company. This deal dining brand across the region from Singapore, Hong
laid the foundation for the mid-cap private equity investor Kong and South China. “Crystal Jade is a brand you can
headquartered in Singapore to invest first in Asia, then count on for consistency in the quality and experience.
Africa and Middle East, followed by real estate,
infrastructure and other asset classes as the bank
attempted
Page 8 to grow its assets under management (AUM). estate, infrastructure and other assetSVCA
classes as the
Quarterly
This started to reverse after the global financial crisis. bank attempted to grow its assets under management
“Post GFC, most banks globally were getting out of (AUM). This started to reverse after the global financial
” The other investment in Singapore is Phoon Huat, a “Until the tech boom, there was no big-ticket deal
baking supplies business, which Nainesh shares “is very around. You see even the bigger funds had shut their
well known across the region. Since we invested, it has offices in Southeast Asia. But the time has come for the
gained great momentum with the new stores.” region, driven in part by technology taking off in
For India, a market where even established managers disparate economies, and many of the geographies
face challenges with exits, Affirma has a “simple having come of age, like Indonesia and Vietnam. For
strategy.” Quality, he explained, is a premium, as there Singapore, Nainesh expects more take-privates as
are very few high quality assets in a very crowded “mid-sized companies are neglected and undervalued.”
market. Last year, Affirma partnered the CEO of Tat Hong, a
crane supplier, to take the Singapore-listed company
“So we back a premium brand, or businesses that have private.
the potential to become quality assets. Here, we have
historically ended up paying a premium of probably 20% Beyond Tech
versus other regions - which we would have more than
“Tech is clearly disrupting traditional businesses, and
made up at exits due to the quality premium - giving us
VCs and PEs are overlapping a lot.” Particularly in
a very good track record in India.” The investments in
financial services, travel and consumer products, tech
India include Varun Beverages, which the fund has
is turbo-charging some sectors which we will focus on,
made multiple particle exits from, to make 2.3 to 2.4X
for instance we invested in Momo, a fintech business in
cash, or mid 20s IRR. In another investment, Sterlite
Vietnam. Nainesh is of the belief that despite the PE/VC
Power, “we doubled our money in three years.”
overlap, “seasoned PE guys are going to back real
While structurally, the India story is very strong, what businesses more than creating unicorns, and all the
happens in between cycles – political and economic – is hype around unicorns.”
what makes planning exits more challenging. In
The shakeout in the industry is still happening, which
Southeast Asia, there are ten markets, five for private
has resulted in a surge in the secondaries market,
equity, but all not very deep, and each unique in its own
Nainesh said, confident that the SCPE track record that
way, and therefore you need coverage.
now resides in Affirma, 100 investments and 55 exits
in the last 17 years will stand the firm in good stead.
The Affirma Team
SVCA Quarterly Page 9
THOUGHTS FROM THE INDUSTRY 0
THOUGHTS FROM THE INDUSTRY
Attribution: pngtree.com
We are thankful to our investors, who led us to achieve a second close on our maiden fund in
2019, and look forward to our final close in 2020. In 2019, Altair also exited frompngtree.com
Attribution: our first
investment, which generated close to 50% IRR for our investors, and made our first Thai
investment.
In 2020, we can expect valuations in the private markets to remain disconnected from the
public markets. Dispersion of valuations between large caps and small caps companies have
Gary Ng
continued to widen, presenting privatization opportunities for Altair.
Partner, Altair
Capital
For 2019: It was a strong year of fundraising for many VC funds and the highlight for us was
increasing our exposure to the tech space in the region which is currently seeing a lot of
opportunities. The challenge is for the VC funds to prove their thesis and showcase exits - this
would need to be evaluated a few years down the road.
We are thankful to our investors, who led us to achieve a second close on our maiden fund in
2019, andMany
For 2020: look forward to ourperforming
of our strong final closefund
in 2020. In 2019,
managers Altair also
will come back exited fromnext
to market our year
first
investment,
and we expectwhich
a biggenerated
part of ourclose to 50%
allocation IRR
to go for ourcontributing
towards investors, toand made
these our firstwhom
managers Thai
investment.
we have supported the last years. There has been a lot of buzz on Vietnam and in general the
Chew Huai Fong Mekong region; we could be exploring more opportunities in that region.
Regional Lead, In 2020, we can expect valuations in the private markets to remain disconnected from the
East Asia & Pacific,
Private Equity public markets. Dispersion of valuations between large caps and small caps companies have
Funds, IFC continued to widen, presenting privatization opportunities for Altair.
The highlight for Jungle is closing our fourth fund at US$240m.
I think the key market challenge is around the macro landscape, which creates uncertainty in
the capital markets (public & private), particularly for later stage investors. Investors will be
more heavily focused on margins in 2020 and not simply growth metrics, which may create
downward pressure on late stage private company valuations.
David Gowdey
Managing
Partner, Jungle
Ventures
Page 10 SVCA QuarterlyWe had a very busy 2019 at Adam Street Partners with
one of the most important macro factors being the
geopolitical tensions that brought about a lot of short-
term volatility. While this volatility might have been
good for some investors, there was a sense of caution
underpinning investment (and exit) activity that could
result in an overall moderation over the next 12
months. Going into 2020, I would expect “slow and
low” to persist (slow growth and low interest rates), as
Sunil Mishra dry powder continues to build. Unless we run into a
Partner, Adam catastrophic event, forcing central banks to act, I
Street Partners believe the private equity industry will continue to see
more inflow of capital and certain managers will raise
larger funds than ever before.
texts
We had a very busy 2019 at Adam Street Partners with
2019
one ofended
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cautionarymacro
note for the Southeast
factors being the
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good for some of the global IPO
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Given theanconditions,
result in valuation over
overall moderation inflation can 12
the next be
expected. Staying disciplined will be
months. Going into 2020, I would expect “slow and our mantra for
2020.
low” toThis year(slow
persist will be another
growth and step in the journey
low interest of
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finding
dry powder continues to build. Unless we run intoina
and funding the best tech founders
Lim Kuo-Yi Southeast
catastrophicAsia. We believe
event, forcingincentral
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banks to progress
act, I
Managing Partner, of technology defining how we live.
believe the private equity industry will continue to see
Monk’s Hill
more inflow of capital and certain managers will raise
Ventures
larger funds than ever before.
texts
2019 ended on a cautionary note for the Southeast
Lim Kuo-Yi Asia
2019region: one that
has been is flushed
pivotal with dry
in several powder
ways for but
the
Managing Partner, with limited historical exits, now coupled
Southeast Asia venture ecosystem. An increasing with the
Monk’s Hill uncertainty
number of of the global
venture fundsIPOhave
markets.
launched new early
Ventures stage vehicles showing institutional investor interest.
Given the conditions,
The ecosystem is gettingvaluation inflation ascan
more competitive be
strong
expected. Staying disciplined will be our mantra
founders have the ability to raise from several top-tier for
2020.
funds. This
Thisyear will be another
is completely step from
different in theonly
journey of
a few
finding and I funding
years back. the bestoptimistic
remain incredibly tech founders
about thein
Southeast Asia. We believe in the relentless
Southeast Asian ecosystem in general although from progress
Michael Lints of technology
2020 onwardsdefining howface
it will also we live.
a few challenges. With
Partner, Golden a growing number of investors allocating funds to the
Gate Ventures region, the pressure for exits will become more Attribution: pngtree.com
prevalent in the coming 2 years.
Michael Lints
Partner, Golden
Attribution: pngtree.com
Gate Ventures
SVCA Quarterly Page 11NewQuest launching in Singapore
name for ourselves in the market, and both GPs and
LPs have gotten to know us better.”
In the first two funds, NewQuest acquired stakes in
(portfolio) companies directly; for Fund III, which was
fully deployed by the end of 2019, the number of GP-
led fund restructurings had grown, and “roughly one
third of Fund III was deployed in fund solution
transactions -- where as we partner GPs to do
something transformational with their portfolios,”
Darren shared, citing Loyal Valley Capital (“LVC”) as a
case in point.
Darren Massara
Managing LVC wanted to launch a USD fund, and considered
Partner (Hong restructuring its RMB fund to do that. But not every
Kong), NewQuest investment in the portfolio can be converted into a USD
Capital Partners deal, or transferred into a US dollar fund. NewQuest
came in, and the investments that could be
NewQuest Capital Partners this year raised $1 billion in restructured were restructured, Darren said.
total commitments for its fourth dedicated Darren Massera
secondary
Managing fund “RMB funds generally have a shorter duration. By
fund, also the largest Asia-focused secondary
raised to date. The final closing number Partner (Hong
surpassed an restructuring investments into a USD fund, we were
initial target of $850m and blew the hard cap of $950m. able to satisfy multiple stakeholders. We were able to
Kong), NewQuest
Capital Partners provide liquidity to the local LPs and the GP was able to
The success of NewQuest’s fundraise comes at a time launch a meaningful USD business.”
when a number of private equity funds across the region
are facing pressures to restructure their portfolios GP-led transactions on the rise
or/and funds, and a number of fund restructurings are As for overall secondary volume, Darren estimates that
underway following the successful completions of high up to $100 billion will happen globally in 2019, almost
profile fund restructurings including TPG Asia V and VI, double the forecast just three to four years ago. The
SVCA understands from our conversations with the rapid growth in fund solution or GP-led transactions in
industry. the last five years points to a continuous rise in
NewQuest attributes this success to “a continued, initiatives by GPs to provide liquidity options to their
robust increase in demand for liquidity solutions for LPs. Three years ago, GP-led deals made up some 20%
private equity investments across Asia. In addition, of the overall volume of transactions. In 2019, it is
complex portfolio transactions, such as fund estimated that 40% of the total secondary volume were
restructurings and spinouts, an area in which NewQuest GP-led transactions.
also specialises, have become more prominent in the GP-led transactions will rise as funds raised are getting
region.” larger and larger, Darren said, pointing to Ardian’s and
Headquartered in Hong Kong, NewQuest has offices in Lexington’s $9b and $10b funds in 2019. Last year,
Beijing and Mumbai, and intends to set up a fourth in Blackstone raised $26b for the largest ever private
Singapore. Darren Massara, managing partner of equity fund, and this year, KKR is looking to raise $15b
NewQuest told SVCA in an interview that “the firm plans just for Asia.
to commence the licensing process to open an office (in In Asia, secondaries is still in nascency, but all signs
Singapore) this year.” point to a surge in activity. According to Darren, for
Secondaries trending every $4 of principal invested, only $1 of principal is
returned, thus creating an overhang of unexited private
Back when Darren Massara and his team started equity transactions that continues to grow each year.
NewQuest in 2011, there was a negative perception of
secondaries, and “we had to describe to people what we As of 2019, Darren estimates that there is over $700b
do, and how we do it,” NewQuest’s managing partner of unexited PE principal overhang that needs to be
told SVCA in an interview. “Over time, we developed a returned to investors, and that presents an opportunity
name for ourselves in the market, and both GPs and LPs for the Asian secondary market. In China and India
have12gotten to know us better.”
Page alone, Darren estimates that there are roughly 35,000
SVCA Quarterly
un-exited deals, and this figure continues to grow each
In the first two funds, NewQuest acquired stakes in year.
(portfolio) companies directly; for Fund III, which wasfor the Asian secondary market. In China and India The evident rise in secondaries can be further
alone, Darren estimates that there are roughly 35,000 supported by NewQuest almost doubling the size of its
un-exited deals, and this figure continues to grow each fourth fund to $1b from $540m for Fund III. “The
year. increase in Fund IV is due to improved sentiment for
secondary transactions overall, larger transaction sizes,
In recent years, Warburg Pincus, TPG and Standard and increased percentage of fund solution
Chartered have completed large secondary transactions.”
transactions, and this has helped to change sentiments
toward secondaries, which is emerging to be a highly In the past, some 5-10% of NewQuest fund was
sought after investment strategy, second after mid- allocated to Southeast Asia, but this may change when
market buyouts , as it has the added advantage of NewQuest plants boots on the ground in Singapore.
mitigating the J-curve compared to a primary fund
Singapore is also the base for Foundation Private
investment strategy. “And secondaries are especially
popular among LPs that are just launching a PE Equity, a new fund being set up by secondaries veteran
investment strategy as it allows them to create vintage Jason Sambanju, former Paul Capital and Axiom Asia
year diversification from day one,” Darren added. Private Capital
Data Snapshot
M&A slowdown not deterring 2020 fundraise
Key 2019 Figures
• In 2019, 1,316 private equity funds closed, securing •5,103 PE-backed buyouts with aggregate value of
$595bn vsM&A
a record $628bn
slowdown in deterring
not 2018 Data Snapshot
$393bn,
2020 fundraise; vs 6,481
deploying deals worth
dry powder $493bn
but not in 2018; “Sky-
overpaying
high valuations” driving up average buyout deal size to a
• Dry powder reached $1.43tn as of December 2019, 10-year high of $490m, says Preqin.
another record high, almost doubled $750bn at the
end of 2015– a symptom of how much the industry has •14,599 venture capital deals worth a combined
expanded in recent years. $224bn, vs 17,431 deals a value of $271bn in 2018
“Make no mistake — deals are getting done, but the • As of Jan 2020, 3,524 funds are in market seeking a
current slowdown is inevitable considering the total of $926bn as of Jan 2020, almost 3 times as many
continuing uncertainty around trade and regulation. funds that closed in 2019; that is equivalent of two years’
We know that around the world, there are many supply at 2019 fundraising levels, suggesting some
investors and companies with capital on the sidelines, funds may struggle to complete their fundraising.
waiting to move forward with domestic and cross-
border deals.” said Wong Ai Ai, Chair of Baker
McKenzie’s Global Transactional Group.
Excerpt from Preqin’s 2019 Private Equity & Venture Capital Fundraising & Deals Update
SVCA Quarterly Page 13News in Brief
Everstone Names New Gary Tiernan Joins Multi- Alpha JWC Ventures
Chairman Family Office Breaks $100m target for
E verstone Group names Alok
Oberoi, a long-time shareholder,
as Executive Chairman from
Singapore-based multi-family office
Golden Equator Wealth adds Gary
Tiernan, as managing partner to
Fund II
Alpha JWC Ventures closes its
second fund at $123m, surpassing
January. Oberoi will transition from a head its team of wealth managers an initial $100m target. LPs include
non-executive role into a full-time and drive expansion and growth. the Tsao family office, Japan’s NS
verstone
leadership Group names Alok
position. Tiernan previously headed
E
Oberoi, a long-time shareholder, Solutions, and NH Absolute Return
investments at CrossInvest Asia
A former Partners.
where he managed asset allocation
Goldman and security selection.
Sachs Vertex Raises $730m for
executive, he
was the Co- Lockton hires from JLT in Master Fund II
Founder and Asia push Vertex has closed Vertex Master
Chairman of Fund II (VMF II) at $730m in
ACPI, a multi- December. VMF II will allocate
family office family
and office
wealth capital directly to the Vertex network
management business and based wealth in funds such as Vertex Ventures
London which he has since
management exited. (China, Israel, Southeast Asia &
He will relocate to Singapore.
business India, and US), Vertex Ventures HC,
based in and Vertex Growth. LPs include the
Motoya Kitamura London joins
which Global insurance and reinsurance Development Bank of Japan,
he has since brokerage Lockton has hired Will Marubeni Corporation, Sumitomo
HQ Capital exited. He will Seccombe as business leader and Mitsui Banking Corporation, and
Mindy Ng as vice-president to Temasek Holdings.
Relocate to
HQ Capital has launch new Asia transactional risk
Singapore
appointed division. The duo joined Lockton Jungle Ventures Closes
Motoya from rival firm JLT. Seccombe was
Kitamura as a most recently managing director of Third Fund at $240m
new managing JLT Mergers and Acquisitions Group
in Asia. Jungle Ventures has raised $240m
director to for Jungle Ventures III to make
expand the series A and B investments in
firm’s activities Go-jek Co-Founder consumer internet, financial
in Asia with a focus in Asia
on with
Japan. a Goes Political technology, and B2B digitalization
Kitamura joins from focusAB Value on Nadiem Makarim, across Singapore, India, Indonesia,
Capital. Prior to AB Value,
Japan.Kitamura CEO and cofounder Australia and other regions on an
was with ROC, Macquarie’s Asia
Kitamura joins of Indonesian opportunistic basis.
fund-of-fund business andABJapan’s
from Value unicorn Gojek, has
Alternative Investment Capital. Prior
Capital. LPs include DEG, IFC, Temasek
been appointed
to AB Value Holdings, and Cisco Investments.
Indonesia’s
Minister of
Education and
HQ Capital has Culture. With thisCulture.
political With
move,this
his
appointed cofounder Kevinpolitical
Aluwi, move
and group
Motoya president Andre Soelistyo have
Kitamura as a taken over as Co-CEOs.
new managing
director to
expand the
firm’s activities
in Asia with a
Page 14 focus on Gary Tiernan Joins Multi- SVCA Quarterly
Japan. Family Office
Kitamura joins
Singapore-based multi-family officeSoftbank backs EV commitment of up to $800m. Azalea raises $650m for
Growth’s First Fund Gaw Capital partnered Allianz Real inaugural fund-of-funds
EV Growth, formed jointly by East Estate to acquire Duo Complex in
Singapore for $1.2bn. This marked Azalea Investment Management, a
Ventures, Yahoo Japan, and SMDV,
a second transaction in Singapore unit of Temasek Holdings, has
raised $250m, surpassing $150m
target. Targeting Indonesia and the by Gaw who bought 77 Robinson raised $650m for Altrium Private
wider Southeast Asian region for Road building in January last year. Equity Fund I, an inaugural fund-of-
startups in the Series B and C funds product that will be deployed
stages, EV Growth has invested in Navis bets on China’s in primary and secondary funds in
57 deals since its inception in 2018. US, Europe and Asia. The fund
Temasek Holdings, Softbank, and
durian craze exceeded target, and was raised in
Pavilion Capital were among the LPs Navis has invested in Malaysian three months, according to the firm.
who supported EV maiden durian exporter Hernan Corporation
fundraise. Prior to Altrium, Azalea launched in
in a move to feed into China’s 2016 the Astrea platform of private
growing appetite for the King of fruit equity bonds to provide retail
Malaysia and Thailand are best investors with exposure to private
L Catterton Asia III known for cultivating. Navis is equity.
Raises $1.45b prepared to invest up to 400m
Malaysian ringgit or $97.8m in ClassPass becomes
L Catterton has closed its third fund Hernan and associated upstream
in October 2019 at $1.45 billion. L and plantation assets to build the 2020’s first unicorn
Catterton Asia 3 seeks healthcare largest integrated industrialised
ClassPass has reportedly joined the
and retail investments across Asia player in Malaysia, and to
unicorn ranks following the close of
and has invested in firms such as professionalise sales in China and
a $285m Series E round led by L
OWNDAYS, a manufacturer and other overseas market. Navis is
Catterton and Apax Digital, with
retailer of eyeglasses, and Welcome looking to acquire and plant up to
additional participation from
Fitness Management, an operator 10,000 acres of durian plantation
of gyms in China. existing investor Temasek.
initially in Pahang.
The fitness class aggregator is now
China alone spent $1b in durian
Apis Partners Closes valued at above $1 billion,
imports in 2018, and this is
according to media reports.
Fund II expected to double in 2023,
according to statistics from Navis. The latest funding round comes
Apis Partners has attracted IFC, Malaysia’s Musang King durian after an international expansion
DEG, and TIAA to close Apis Growth commands a premium price. drive to 28 countries from 4
Fund II at $563m. Apis, which has a eighteen months ago, according to
focus on financial services, has Adams Street Partners Fritz Lanman, ClassPass CEO who
made investments from Fund II into added: "Our goal is to be the brand
two deals so far, Coda Payments, a raises $740m for 2019
of choice and clear leader in every
mobile payment software solution Global Fund country we enter. This investment
startup in Singapore, and Tutuka, an
independent issuer processor. It will allow us to expand more rapidly
Adam Street Partners has raised
has also committed to invest in L&T within existing geographies, add
$740m for its 2019 Partnership
IDF, which focuses on infrastructure Fund, a 10% decline from $824m more countries to our network, and
refinancing in India. raised for 2018 global fund. scale our corporate program
globally. Temasek led the Series D
The latest fund close follows the round in July 2018 with $85m to
Gaw Capital Raises final close of Adam Street global bring the total amount of investment
$2.2b Real Estate Fund secondary fund 6 in June on $1.05 to $255m at that time. With the
billion, as well as an inaugural latest round, ClassPass has raised a
Gaw Capital raises $2.2bn for Asia private credit programme which total of $540m since it was founded
real estate fund VI Gaw Capital has drew $1.1b of investible capital in 2013.
attracted $2.2bn for Asia-focused including leverage.
Gateway Real Estate Fund VI. In
addition, the fund is supplemented
by a side car co-investment
commitment of up to $800m.
SVCA Quarterly Page 15
Azalea raises $650m forE-scooter startup from SIG invests in financial 21 bids vying for 5 digital
Singapore gets Series A compliance bank licenses
funding SIG Asia Investments has joined The Monetary Authority of Singapore
Israel-based Viola Fintech to invest said it has received seven bids for
Singapore’s Neuron Mobility has $11.7m in Singapore-based digital full bank licences, and 14
secured $18.5m in Series A funding Tookitaki Holdings, a financial bids wholesale (non-retail) bank
to scale its e-scooter startup outside compliance technology. licences.
Singapore. Neuron halted the rental
services after the country banned e-
scooters on footpaths. GSR Tiger Global leads Series A consortium led by Osim’s Ron
Sim’s V3 Group and EZ-Link, which
Ventures, Square Peg Capital, A Round includes Heliconia Capital,
SeedPlus and SEEDS Capital, the
Singapore Business Federation and
investment arm of Enterprise Tiger Global has led a Series A round Far East Organisation, has applied
Singapore. to invest $25m in Vietnam’s B2B for a digital full bank license.
commerce platform Telio. Joining
KKR wins Philippines Tiger are GGV Capital, Sequoia The other bids were submitted by
Capital India and RTP Global. Telio, Grab-Singtel, Jack Ma’s Ant
healthcare deal founded in November 2018, was Financial, gaming company, Razer-
one of 17 companies in the consortium which includes Carro, an
KKR and existing shareholder, GIC inaugural cohort of Surge, an
beat a CVC-Temasek consortium automotive marketplace, and
accelerator programme by Sequoia Insignia Ventures.
grouping in auction to invest $685m Capital for startups in India and
in Philippines’ largest hospital Southeast Asia.
group. Metro Pacific Hospital The Singapore government is set to
Holdings operates 14 hospitals and announce in mid-2020 results of
3,200 beds in the Philippines. Indonesian fintech the bid for up to two full digital bank
licenses, and up to three wholesale
Under the agreement, the KKR-led startup secures $90m in digital bank licenses.
consortium will subscribe to $100m
for a 6.25% share of the company, new funding
and $580m for exchangeable bond Vickers co-invests in
to be converted into shares in 10 FinAccel has secured $90m in one
years, or upon an IPO, whichever is of the largest funding rounds for a kidney treatment
sooner. The investment will fund fintech startup in Southeast Asia, Vickers Venture Partners has co-led
expansion plans to grow the number valueing the company at $500m.
in a US$40 million round into AWAK
of hospitals to 30, and beds to FinAccel extends credit to online
5,000, and reduce Metro Pacific’s shoppers in Indonesia under Technologies to ready its wearable
debt. Kredivo brand. and ultra-portable Peritoneal
Dialysis device for late stage clinical
The Series C funding round for the studies, and to accelerate its
Cento leads $52m commercialisation. This funding
three-and-a-half-year-old startup
funding round in 2C2P was jointly led by Asia Growth Fund round brings the total sum raised by
— a JV between Mirae Asset and AWAK to more than $60m since
Payments platform 2C2P which Naver — and Square Peg. inception in 2007.
helps merchants handle payments
from customers in Southeast Asia, Singtel Innov8, TMI (Telkomsel
has raised $52 million from Cento Indonesia), Cathay Innovation,
Ventures, IFC and Arbor Ventures to Kejora-InterVest, Mirae Asset
fund expansion. Securities, Reinventure and DST
Partners participated in the
financing round, the startup said.
Page 16 SVCA QuarterlyASEAN Fundraising at a Glance
Largest ASEAN-Based Private Equity & Venture Capital Funds Closed in H2 2019 (As at January 2020)
Fund Size
Fund Firm Headquarters Fund Type Final Close Date
(mn)
Altrium Private Equity Fund I Azalea Asset Management Singapore Fund of Funds 650 USD Dec-19
Vertex Ventures SEA & India Fund IV Vertex Ventures Southeast Asia & India Singapore Early Stage 305 USD Sep-19
Vertex Growth Fund Vertex Growth Singapore Expansion/Late Stage 290 USD Sep-19
ABC World Asia ABC World Asia Singapore Balanced 385 SGD Oct-19
EV Growth Fund East Ventures Singapore Early Stage: Start-up 250 USD Dec-19
Jungle Ventures III Jungle Ventures Singapore Early Stage 240 USD Oct-19
Insignia Ventures Partners Fund II Insignia Ventures Partners Singapore Early Stage 200 USD Oct-19
Alpha JWC Ventures II Alpha JWC Ventures Indonesia Early Stage 123 USD Sep-19
Monk's Hill Ventures Fund II Monk's Hill Ventures Singapore Early Stage: Seed 120 USD Oct-19
BlueRed Capital Fund BlueRed Partners Singapore Venture (General) 110 SGD Dec-19
Largest ASEAN-Based Private Equity Funds in Market (As at January 2020)
Fund Firm Headquarters Fund Type Target Size (mn)
Sino-Singapore (Chongqing) Connectivity
UOB Venture Management Singapore Growth 20,000 RMB
Private Equity Fund
Navis Asia Fund VIII Navis Capital Partners Malaysia Buyout 1,750 USD
Northstar Equity Partners V Northstar Group Singapore Buyout 800 USD
Makara Innovation Fund Makara Capital Partners Singapore Growth 700 USD
Creador IV Creador Management Company Malaysia Growth 550 USD
Quadria Capital Investment
Quadria Capital Fund III Singapore Growth 400 USD
Management
Foundation Private Equity Fund Foundation Private Equity Singapore Secondaries 300 USD
Jasmine Private Market Fund I JI Capital Partners Singapore Growth 300 USD
KV Asia Capital Fund II KV Asia Capital Singapore Buyout 300 USD
Tembusu Guizhou Baijiu Fund Tembusu Partners Singapore Growth 2,000 RMB
Mekong Enterprise Fund IV Mekong Capital Vietnam Growth 250 USD
Arthit Capital Fund Arthit Capital Management Singapore Growth 150 USD
Capsquare Asia Partners II Capsquare Asia Partners Indonesia Buyout 150 USD
Proventeus Fund II Proventeus Malaysia Buyout 150 USD
Templeton Strategic Emerging Markets Fund
Templeton Asset Management Singapore Growth 150 USD
Shariah
Largest ASEAN-Based Venture Capital Funds in Market (As at January 2020)
Fund Firm Headquarters Fund Type Target Size (mn)
Asia AgriTech Fund Vanda Global Capital Singapore Venture (General) 1,500 USD
Vickers Venture Fund VI Vickers Venture Partners Singapore Venture (General) 500 USD
Provident Growth Fund II Provident Capital Partners Singapore Venture (General) 250 USD
Asian GreenTech Fund Malaysia Venture Capital Management Malaysia Venture (General) 200 USD
Golden Gate Growth Fund I Golden Gate Ventures Singapore Early Stage: Start-up 200 USD
Socialpreneur Growth Fund Gomif Partners Singapore Early Stage 200 USD
Insignia Ventures Partners Strategic
Insignia Ventures Partners Singapore Early Stage 150 USD
Opportunities Fund
Ocean Fund Circulate Capital Singapore Early Stage: Seed 150 USD
Visvires New Protein II New Protein Capital Singapore Early Stage 150 USD
Hatcher+ H2 Fund Hatcher+ Singapore Early Stage: Seed 125 USD
Sistema Asia Fund Sistema Asia Capital Singapore Early Stage: Start-up 120 USD
Based on Blockchain Fund Life.SREDA Singapore Early Stage 100 EUR
BEENEXT Emerging Asia BEENEXT Singapore Early Stage 100 USD
Credera Myanmar Frontier Opportunity Fund The Credera Group Myanmar Early Stage: Seed 100 USD
Qualgro Fund II Qualgro Singapore Early Stage 100 USD
Tin Men Fund I Tin Men Capital Singapore Early Stage 100 USD
iGlobe Platinum Fund III iGlobe Partners Singapore Early Stage 100 USD
Singapore: +65 6305 2200 | Email: asiapress@preqin.com/press@preqin.com
SVCA Quarterly Page 17
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