Southeast Asia AVCJ private equity and venture capital report. 13 th annual edition

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1 Southeast 2017 AVCJ private equity and venture capital report 13 th annual edition

2 CONTENTS 1 Introduction 4 ASEAN asset class attractions 2 Assets Under Management and M&A 6 Steady growth, solid deals 3 Fundraising 11 Dip then recovery 4 Investments 16 Tech-led triumphs 5 The Exit Environment 24 Trading up, trading out 6 Leading Players 30 The ASEAN A-Team 7 Looking Ahead 35 Where to go, how to grow II

3 ASSETS UNDER MANAGEMENT AND M&A Steady growth, solid deals FIG 2.1 Southeast - Capital Under Management in Private Equity Southeast s private equity assets under management increased steadily but unspectacularly from just over $53.7 billion in 2015 to just over $55 billion in 2016, and by 1H2017, just over $58 billion. This took Southeast down to its lowest share of Pacific s private equity AUM in the last five years, at 7% in 2016, compared to 8.2% in With a regional GDP that has continued to oscillate between around $2.4 trillion and $2.55 trillion over the past five years, private equity at least booked a respectable contribution to the total in 2016, accounting for 0.35% of the year s just under $2.55 trillion the second highest percentage of the past five years. Southeast III

4 FUNDRAISING Dip then recovery FIG 3.1 Southeast -New Funds Raised in Private Equity Southeast overall saw a 53% decline in private equity funds raised between 2015 and 2016, from almost $5.7 billion to just over $2.67 billion. The situation was somewhat remedied in the first half of 2017, though, when over $2.95 billion was raised, as compared to just $509 million in the first half of Southeast The explanation for much of the see-saw fundraising period lies with Singapore. With $3.65 billion raised in 2015, the Lion City saw funds raised drop to just under $1.8 billion in 2016, only to bounce back with $2.64 billion raised in the first half of Malaysia, now sharing the honours with Indonesia for the region s second largest fundraising venue, saw $902 million raised in 2015 slip to $175 million raised in 2016, and no raising at all so far in Indonesia itself saw $755 million raised in 2015 decline to $240 million in 2016, but with $185 million raised in the first half of Vietnam saw $207 million raised in 2015 rise to $326 million in 2016, albeit with none raised so far in And Thailand saw $72 million raised in 2015 increase to $116 million in 2016, with a further $33 million raised in the first half of The three largest fund closings in the period under review were all Singapore-domiciled vehicles. The Farallon Special Situations III fund closed at $1.12 billion. Second largest was the Axiom IV fund of funds, which closed well over its $750 million target at $1.03 billion. And third largest was the Makara Innovation Fund, which closed on target at $715.8 IV

5 INVESTMENTS Tech-led triumphs FIG 4.1 Southeast - Private Equity Investments Made Against a decidedly inconsistent fundraising environment through 2016 and 1H2017, Southeast saw a commanding almost 50% increase in investments during 2016, with just over $6 billion invested in 2015 rising to just over $9 billion, the second highest annual total in the past five years. This was sustained into 2017, with almost $5.62 billion invested in the first half, compared to just over $2.64 billion for the first half of Southeast The Lion City predictably took the lion s share of this investment activity, with Singapore recording almost $3.9 billion invested in 2016, a 23.3% increase on 2015 s just over $3.15 billion. Additionally, Singapore topped its 2016 total in the first half of 2017, with just over $4.3 billion invested, compared to just under $1.24 billion in the first half of Malaysia, however, surged into second place in 2016, with 2015 s perfunctory total of just $100 million invested rising to just over $2.05 billion, an almost 1950% increase; and just $93 million invested in the first half of 2016 rising to a further $295 million in the first half of Investment in Indonesia declined just under 18% year-on-year between 2015 and 2016, with almost $2.23 billion invested declining to just under $1.83 billion in 2016, and $736 million committed in the first half of 2016 slipping to $269 million in 1H2017. Vietnam, in contrast, saw a 363% jump in investment in 2016, from $164 million invested the year before to V

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