Southeast Asia AVCJ private equity and venture capital report. 14 th annual edition

Transcription

1 Southeast 2018 AVCJ private equity and venture capital report 14 th annual edition

2 CONTENTS 1 Introduction 4 A golden year, a golden tripod 2 Assets Under Management and M&A 6 Proportionately powerful 3 Fundraising 11 Fund feast 4 Investments 16 In go the investments 5 The Exit Environment 23 Extraordinary exit year 6 Leading Players 30 The ASEAN A-team 7 Looking Ahead 35 Sea change for? 2

3 Assets under management and M&A Proportionately powerful Private equity capital under management across rose incrementally rather than spectacularly, from just over $55 billion in 2016 to almost $59.6 billion in 2017, an 8.2% increase. On the back of a spectacular year in private equity investments, the asset class also took its largest proportion of total GDP for in 2017, accounting for 0.95% of the total GDP of $2,762 - Capital Under Management in trillion - up from 2016 s 0.39% of $2.568 trillion. Singapore manages the biggest share of this pool, as always, at almost $36.2 billion in Malaysia, meanwhile, has a private equity AUM of just over $9.4 billion. Perhaps surprisingly, Vietnam outstrips Indonesia in terms of private equity capital under management, with just over $5.34 billion under management in 2017 compared to $5.1 billion. 6

4 Fundraising Fund feast Total funds raised for private equity in in 2017 were up 94.1% at just over $5.68 billion, from 2016 s total of almost $2.93 billion compared to an overall 9.3% decline for Pacific as a whole. Admittedly, fund sizes were small, with the majority less than $500 million, but the aggregate effect was spectacular. Most of this leap happened in two markets Singapore, up 102.6% with $3.926 billion raised in 2017 versus 2016 s almost $1.94 billion, and Malaysia, up 490.8%, with just over $1 billion raised in 2017 versus only $175 million in Indonesian fundraising also fared well in 2017, 35.8% up on 2016 with $326 million raised versus $240 million. - New Funds Raised in Sometime frontier market favourite Vietnam, however, did poorly, with only $25 million raised in 2017 versus $326 million in 2016, a 92.3% slump. Myanmar could be taking its place as s frontier market destination of choice, with $262 million raised in 2017 versus $133 million in 2016, a 97% increase. 11

5 Investments In go the investments Private equity investments in soared in 2017 to the highest total in the past five years, up from just over $9.9 billion in 2016 to almost $26.1 billion, a 163.1% y-o-y increase. Proportionately, substantially outperformed the overall 44% increase for Pacific as a whole, although the total amount is still only just over one tenth of the regional total of almost $210.8 billion. Singapore has historically been the prime destination for all this investment money, but that bare statement still fails to capture the 407.1% leap in investment value for the Lion City, from just over $4.2 billion in 2016 to over $21.33 billion in The Philippines, for - New Funds Raised in once, fared well too, with $390 million invested in 2016 rising to over $1.69 billion in 2017, a 333.4% rise. Malaysia, however, saw a 63.9% falloff in 2017, with over $2.14 billion invested in 2016 slumping to $773 million. Indonesia experienced a lesser slide, with over $1.98 billion invested in 2016 down 38.6% to $1.216 billion in