Private Equity Landscape India - Rajiv Memani
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Private Equity Landscape India - Rajiv Memani Presentation Transcript

  • 1. Private Equity Landscape in India 13 August 2008
  • 2. Private Equity in India – Growth over the years Source : IVCA ( upto 2002 ) , Venture Intelligence, AVCJ , TSJ Media & Industry Currency = USD million * = YTD (June 30, 2008) Source: An Indispensable Guide to Equity Investment in India, Evalueserve, September 2007
    • Total deals were 170 in H1 of 2008 as against 163 during corresponding period of 2007
    • Excluding PIPE deals the total PE investments amounted to $5.70bn for H1’08 as compared to $4.95bn for H1’07
    • Average deal size was $40m for H1’08, and excluding PIPE deals the average deal size was $34.5m
    • Average deal size was $43m for YTD 2007 as against $25m for 2006
    • Excluding PIPE deals the average deal size was $31m for 2007 as against $25m for 2006
  • 3. PE Investments – Indian Market vs. Other emerging Markets The bullish industry story is also reflected in the heightened interest shown by Global Private Equity majors. Source : AVCJ, * Restated, Currency = USD millions Source: Asian Venture Capital Journal-Asia e-letters 125% 76836.93 61247.25 $ Total (Includes other Asia Pac Countries) 10% 376.61 3879.25 $ Thailand 123% 4932.04 4000.88 $ Taiwan 258% 5347.87 2076.62 $ Singapore 92% 2733.05 2955.52 $ New Zealand 236% 4458.74 1886.13 $ Korea 128% 14708.03 11505.28 $ Japan 72% 517.09 713.95 $ Indonesia 246% 18278.84 7416.46 $ India 106% 10873.67 10305.85 $ China 89% 14610.99 16507.32 $ Australia %Change 2007 2006* $   13 376.61 $ Thailand 8 517.09 $ Indonesia 57 683.50 $ Vietnam 54 2733.05 $ New Zealand 45 2866.32 $ Hong Kong 38 4932.04 $ Taiwan 43 5347.87 $ Singapore 26 5442.74 $ Malaysia 438 10873.67 $ China 148 14610.99 $ Australia 366 14708.03 $ Japan 352 18278.84 $ India No. of Deals Amt invested (USD Million)   Investment Breakdown Country-wise — 2007
  • 4. Highlights of PE Investments in India vs. Other Emerging Markets
    • From occupying the fourth position in terms of deal value in 2006, India became first in the 2007 and also outpaced Australia, which hitherto had garnered maximum PE investments in terms of deal volume
    • In the first quarter of 2008, India continued to remain on the top slot in terms of number of deals
    Source: Asian Venture Capital Journal-Asia and India e-letters 57 7215 $ Japan 70 2966 $ China 20 1313 $ Australia 102 4113 $ India No. of Deals Amt invested (USD million) Investment Breakdown Country-wise in Q108 438 10873.67 $ China 366 14708.03 $ Japan 352 18278.84 $ India 148 14610.99 $ Australia No.of Deals Amt invested Investment Breakdown Country-wise — 2007 321 7416.46 $ India 332 10305.85 $ China 277 11505.28 $ Japan 106 16507.32 $ Australia No. of Deals Amt invested Investment Breakdown Country-wise — 2006
  • 5. PE Investments in India – On a Growth Path
    • Funds raised for India as a percentage of funds raised for Asia has been rising, highlighting increasing attractiveness of India as an investment destination
    • PE Investments in India as a percentage of investments in Asia have also been on the rise. India has been on top among the other Emerging markets in terms of PE investments during 2007
    11.6% 6.8% 11.1% 11.8% 7.8% 5% 8.1% 6.5% 11.7% 20.4% Funds raised in India as a % of Funds raised in Asia Currency: USD million India investments as a % of Asia Investments Currency: USD million Source: An Indispensable Guide to Equity Investment in India, Evalueserve, September 2007; AVCJ 15.3% 20.7%
  • 6. Private Equity Funds Pouring in India Funds Launched or Announced in H1 of 2008 Source: Factiva Infrastructure USD 1.20 billion 3i Capital Real Estate USD 800 million Indiareit Fund Advisors Infrastructure USD 1 billion Vision Global India Fund Infrastructure USD 1 billion Clear Investments & PFC Infrastructure USD 1 billion Kotak Investment Advisor Real Estate USD 1.50 billion Red Fort Capital Power & Infrastructure USD 12 billion Cleartrade Target Sector(s) Fund Size PE Firm
  • 7. Private Equity Funds Pouring in India Funds Launched or Announced in 2007 Source: Factiva Real Estate USD 1 billion IL&FS Investment Managers (IIML) Generic USD 400–500 million Baring Private Equity Partners Real Estate USD 500 million Fire Capital Growth Capital Venture Capital USD 500 million USD 300 million Sequoia Capital India Generic USD 1 billion Actis Advisors Infrastructure USD 1 billion 3i Capital Infrastructure, Technology, Pharmaceuticals, and Financial services USD 1.25 billion Chrys Capital Infrastructure USD 2 billion ICICI Bank Infrastructure USD 5 billion Citigroup and Blackstone Target Sector(s) Fund Size PE Firm
  • 8. Private Equity Funds Pouring in India (Cont’d.) Source: Factiva Funds Launched or Announced in 2007 Asia Fund with special focus on India USD 1.5 billion Parag Saxena (Leading Venture Capitalist) Generic USD 1 billion Sabre Capital Infrastructure, Special Situations and Generic USD 1 billion (consisting of five funds) Baer Capital Indian Securities USD 1 billion Ripplewood Holdings Manufacturing and Logistics USD 215 million Peepul Capital (Formerly iLabs Management) Generic USD 200 million Dawnay Day Generic USD 189 million NEA-Indo US Ventures Life Sciences and Information Technology (IT) USD 150 million Ventureast Funds Venture Capital USD 100 million Nexus India Target Sector(s) Fund Size PE Firm
  • 9. PE Funds Launched by Other Institutions *Wednesday, 28 February 2007 (INR 1 = USD 0.02263) Funds Launched or Announced in 2007 Source: Factiva; Oanda Website This fund raising Indicates heightened PE activity in India Life Science USD 200 million Burill & Company Infrastructure and Real Estate USD 8 billion (3 funds) DLF Infrastructure, Real Estate, Special Situations USD 1.5 billion (4 funds) Yes Bank Infrastructure USD 1 billion Macquarie Bank and IFC Power USD 1 billion Power Finance Corporation Real Estate USD 600 million HSBC Bank Retail USD 500–600 million Louis Vuitton Healthcare USD 200 million Piramal Enterprises Small- and medium-sized companies INR 1 billion (USD 22.6 million*) The Small Industries Development Bank of India (SIDBI) Target Sector(s) Fund Size Institution
  • 10. India – An Attractive Investment Destination
    • Fund management group Schroders is in talks with a number of possible partners about setting up a venture in India. Schroders' Indian operation will offer a range of funds targeting domestic investors, offshore funds and discretionary fund-management accounts
    • Cerberus Capital, a New York-based private equity (PE) fund is entering the Indian market shortly
    • Kohlberg Kravis Roberts, another major PE fund, is looking at investments in India
    • Ripplewood Holdings, a US-based private equity firm is planning to enter India through a USD 1 billion big-ticket fund
    • Private equity firm Berggruen Holdings Inc has plans to invest USD 300 million in India over the next two years
    • US-based Bessemer Venture Partners has earmarked USD 350 million for Indian investments, especially in companies that cash in on the rise of consumer spending, infrastructure development and intellectual property-based opportunities
    Looking at the attractive investment opportunities in India, PE players the world over are planning to enter India and increase their allocations to participate in the growth story Source: Factiva
  • 11. PE Investments in 2006 – Trends in Sectors
    • IT&ITES was the most favored sector by investors, reflected by the highest percentage contribution both in terms of number of deals and value
    • Though Telecom contributed to only 1% to the number of deals its share was 18% in terms of value and this was contributed by only four deals, the biggest being the Idea Cellular Pre- IPO deal of USD 966 million
    Source : AVCJ, Venture Intelligence Percentage Contribution of Sectors to number of deals and Value of deals V-19.7% D-28.8% V-13% D-18.2% V-18% D-1.3% V-8% D-7.6% V-2.9% D-4.6% V-6.9% D-9.6% V-2.8% D-3.3% V-5% D-2.6% V-1.7% D-2% V-3.5% D-4.3% V-4% D-3% V-12.8% D-10.3% V-1.9% D-4.3% Value in USD million
  • 12. PE Investments in 2007 – Trends in Sectors Percentage Contribution of Sectors to number of deals and Value of deals
    • IT & ITES retained the top position in terms of number of deals. BFSI was the top contributor in terms of value led by two major investments: Carlye and Citigroup’s USD 760 million investment in HDFC; and a joint investment of USD 345 million by General Atlantic, Goldman Sachs, and SAIF Partners in National Stock Exchange
    • The share by deals for Manufacturing was slightly higher in 2006 as compared to 2007. This may be due to the fact that there was no deal in this sector in Q207. However the sector caught up and witnessed 38 deals in H2 of 2007
    • Telecom sector’s contribution was low in terms of number of deals but its contribution in terms of value increased significantly from USD 1.3 Bn to USD 3.3 Bn – mainly due to 2 deals of Bharti amounting to USD 3 Bn
    Source: AVCJ, Venture Intelligence V-2.20% D-2.40% V-7.71% D-23.47% V-9.80% D-7.47% V-25.83% D-14.93% V-9.94% D-13.87% V-2.99% D-8.00% V-3.29% D-4.00% V-3.62% D-4.27% V-6.12% D-5.60% V-0.64% D-0.80% V-6.69% D-12.00% V-20.94% D-2.13% V-0.24% D-1.07%
  • 13. PE Investments in H1 2008 – Trends in Sectors
    • Real Estate and Telecommunications emerged as the top sectors in terms of value of deal while IT&ITES continued to top the chart in terms of number of deals.
    • Telecom sector bagged the highest value for the period with Providence investing US$ 640 mn in Aditya Birla Telecom Ltd.
    • Investments in BFSI reduced significantly both in terms of value as well as number of deals. Sector witnessed only one deal above US$ 100 Mn by Stand Chartered & TPG in Mahindra & Mahindra Financial services Ltd.
    • The boost to textile sector was given by Singapore’s GIC Special Investments which committed USD 210 million to Reid and Taylor (India) Ltd. for a 25.4% share.
    Source : AVCJ, Venture Intelligence Percentage Contribution of Sectors to number of deals and Value of deals V-5.70% D-17.65% V-6.73% D-12.94% V-20.92% D-4.12% V-2.68% D-3.53% V-5.25% D-2.94% V-4.09% D-8.24% V-4.87% D-9.41% V-9.20% D-4.12% V-1.27% D-2.35% V-6.0% D-10.0% V-3.22% D-5.29% V-7.10% D-8.24% V-6.90% D-6.47% Value in USD million V-16.08% D-4.71%
  • 14. PE Investments in 2006 –Trends in Stages
    • Late Stage deals remained popular with investors. They made the highest contribution to the number of deals and also value of deals.
    • The share of Buyouts was low in number of deals but their contribution to the value of deals was significant; led especially by KKR’s buyout of Flextronics Software Systems for USD 765 million.
    • There were 59 Early stage deals in 2006 thus contributing significantly to the number of deals, but their contribution to value of deals was a mere 3%.
    Percentage Contribution of Sectors to number of deals and Value of deals Source: AVCJ, Venture Intelligence V-3.2% D-19.5% V-6.8% D-15.2% V-48.7% D-35.8% V-21.1% D-21.9% V-15.2% D-4.6% V-5% D-3% USD million
  • 15. PE Investments in 2007 – Trends in Stages
    • Late Stage deals continued to attract investments throughout 2007 and were the highest contributor to the number of deals. PIPE deals contributed highest to the total value of deals led by major investment of $2 bn by Temasek in Bharti Airtel
    • The share of buyouts decreased from 2006—more substantially in terms of value as there were not many big ticket deals in this space. The biggest buyout was Blackstone picking 70% stake in apparel exporter Gokaldas Exports, a major player in ready made garment industry for $165m
    • Early stage deals contributed substantially to the number of deals, but their contribution to the total value of deals remained low. The trend of venture capital is yet to develop, as most of the money is chasing big deals
    Source : AVCJ, Venture Intelligence V-32.35% D-36.80% V-9.87% D-12.00% V-39.98% D-21.87% V-2.61% D-20.27% V-4.31% D-2.67% V-2.30% D-3.47% V-8.58% D-2.93% Percentage Contribution of Sectors to number of deals and Value of deals
  • 16. PE Investments in H1 2008 – Trends in Stages
    • Investments in Growth stage companies accounted for nearly 60% of the number as well as the value of total deals during the H1 2008. The share of PIPE deals in terms of number of deals decline to 14.12%. Value of deals also declined to 15.28% as compared to 40% in year 2007
    • The share of buyouts also decreased during the first half of 2008
    • Investments in Early stage deals increased as compared to 2007. Its contribution in terms of value increased to almost 17%, however its contribution in terms of number of deals has decreased as compared to last year. This primarily reflects increase in average deal size in this stage
    Source : AVCJ, Venture Intelligence V-15.28% D-14.12% V-16.95% D-18.24% V-60.15% D-60.00% V-1.04% D-1.18% V-6.58% D-5.88% V-0.0% D-0.59% Percentage Contribution of Sectors to number of deals and Value of deals
  • 17. Buyout Deals in India Source : Venture Intelligence ( USD mn )     2005 & before N/A ITES Warburg Pincus WNS N/A Auto Actis Punjab Tractors 20 Fast Foods Navis Capital Nirula’s 33 Surface Transport Reliance Capital Patel Roadways 37 Packaging Navis Capital Oriental Containers 37 Textiles WL Ross OCM India 44 Textiles Avenue Capital GPI Textiles 65 Supermarkets Actis Nilgiri Dairy Farm 765 IT Services KKR Flextronics Software Systems ( USD mn )     2006  63 IT&ITES Infinity Capital Sify 127 Travel Dubai Investment Group Thomas Cook India N/A Media ICICI Ventures Infomedia 60 Manufacturing ICICI Ventures Associated Cement Companies – Refractories Division 23 Engg. & Construction ICICI Ventures VA Tech WABAG India Deal Value Industry PE / VC FIRM Company
  • 18. Buyout Deals in India (Cont’d.) Source : Venture Intelligence, AVCJ 23 Shipyard ICICI Ventures Tebma Shipyard 81.4 Medical One Equity Partners LLC. Apollo Hospitals Enterprise Ltd.-Western Hospital Corp. 41 Financial services Baring Private Equity Partners India Pvt. Ltd. JRG Securities Ltd. 57 Telecom Infrastructure New Silk Route Aster Infrastructure 118.2 Financial Services Citigroup Sharekhan 165 Textile & Garments Blackstone Gokaldas Exports 200 ITES Blackstone Intelenet Global Services 24 Aircraft Maintenance Global Technology Investments Airworks India 24 Auto Components Actis Phoenix Lamps ( USD mn )     2007 Deal Value Industry PE / VC FIRM Company
  • 19. Buyout Deals – Trends
    • In the year 2007, nine buyout deals have accounted for an amount of USD 977 million
    • The share of buy outs in number of deals and in terms of value has remained low as compared to 2006
    • However, there were 3 buyouts that involved transactions worth over $100 Mn in 2007 compared to just one mega buyout in last year
    • Blackstone was involved in 2 mega buyouts while Citi’s CVC unit made 1 buyout deal of retail broking arm of Sharekhan
    6 Deals 14 Deals 9 Deals 14 Deals Source : Venture Intelligence, AVCJ
  • 20. Source : AVCJ No. of Deals – USD 25 & USD 50 million plus investments No. Of Deals with Investments Above $50 Mn No. of Deals with Investments Above $ 25 Mn 2007 2006 2007 2006   PE Firm 2 - 3 4 Warburg 3 - 5 - Temasek - - 1 2 Spinnaker 1 - 2 2 SCB PE 2 2 3 2 Morgan Stanley 2 2 2 - JP Morgan 3 - 7 - IL&FS 2 2 7 3 ICICI Ventures 3 - 3 2 General Atlantic 9 - 15 - Citigroup 1 2 2 - ChrysCapital 6 - 8 - Blackstone - - 2 - Baring Private Equity 2 - 3 - Avenue Capital Group 4 - 4 4 3i
  • 21. No. of Deals – USD 100 million plus investments Source : AVCJ No. of Deals with Investments Above $100 Mn 2007 2006 PE Firm 2 1 Temasek - 1 Providence Partners 2 - Morgan Stanley 2 - Lehman - 1 KKR - 1 JP Morgan 4 - Goldman Sachs - 1 Farallon 5 - Citigroup 1 - Carlyle 5 - Blackstone 2 - Avenue Capital Group 1 - Apax Partners
  • 22. H1-2008 – Some USD 100 million plus investments Source : Venture Intelligence, AVCJ 209 (25.4%) Textiles and clothing GIC Special Investments Pte Ltd. Reid & Taylor (India) Ltd. 200 (20% stake)) Consumer Products/Services D.E. Shaw India Advisory Services Pvt. Ltd.; Deutsche Bank; JPMorgan Private Capital Asia; Sequoia Capital India Amalgamated Bean Coffee Trading Co., Ltd. (Coffee Day) 180 (15.6% stake) Infrastructure IDFC Private Equity Co. Ltd. Ashoka Buildcon Ltd. 450 Financial Services Symphony Capital DLF Assets Pvt Ltd. 640 (20% stake) Telecommunications Providence Equity Partners Aditya Birla Telecom Ltd. 250 (2.5% stake) Telecommunications KKR Asia Ltd. Bharti Infratel Ltd. 404 (37.5% stake) Utilities Farallon Capital Management, LLC.; LNM Internet Ventures Sophia Power Co. Ltd. 250 Financial Services D.E. Shaw India Advisory Services Pvt. Ltd. Mack Star Marketing Pvt Ltd. 300 Infrastructure Morgan Stanley Private Equity Asia Limited TowerVision India Pvt Ltd. Deal Value ( USD million ) Industry PE / VC FIRM Company
  • 23. 2007 – Some USD 100 million plus investments Source : Venture Intelligence, AVCJ 815 Construction ICICI Venture Funds Management Company Ltd. Jaypee Infratech 2,013 (5% stake) Telecommunications Temasek Holdings Advisors India Pvt. Ltd. Bharti Airtel Ltd. 275 (26% stake) Media Blackstone Advisors India Pvt. Ltd. Ushodaya Enterprises Ltd. 346 (5% stake) Telecommunications DA Capital; Fortress Capital; Galleon Partners; GLG Partners LP; HSBC Principal Investments; New Silk Route Advisors Ltd.; Soros Fund Management LLC Reliance Telecom Infrastructure Ltd. 500 (26% stake) Infrastructure Avenue Capital SKIL Infrastructure 598 (2.9%) Financial services Dubai International Capital ICICI Bank Ltd. 760 (7.1% stake) Banking and Financial Services Carlyle Group and Citigroup Housing Development Finance Corporation (HDFC) 1.000 (10% stake) Telecommunications Temasek Holdings Advisor, CVC International - India, Goldman Sachs Asia Ltd. Bharti Infratel Ltd. 188 Financial Services Khazanah Nasional IDFC 525 (21%) Financial Services General Atlantic Partners, SAIF Partners, Goldman Sachs, Morgan Stanley, Citigroup, Actis National Stock Exchange (NSE) Deal Value ( USD million ) Industry PE / VC FIRM Company
  • 24. 2006 – Some USD 75 million plus investments Source : Venture Intelligence, AVCJ 65.2 (for 51%) Supermarkets Actis Nilgiri Dairy Farm 80 Banking ChrysCapital UTI Bank 82 Auto Components New Vernon , DE Shaw , IREO , Oasis Capital, Ritchie Capital , Kingdon Capital , Minivet Capital Amtek India 91 Banking Bank Muscat , ICICI Ventures Centurion Bank 99.3 (for 13.3%) Infrastructure Finance  Karrick , Farallon Capital Indiabulls Infrastructure  100 BPO Olympus Capital Quatrro BPO Solutions 143 Financial Services Farallon Capital Management Indiabulls Financial Services 124 (for 21.6%) Infrastructure JP Morgan Chase, IDFC PE-led consortium L&T-Infrastructure Development Projects 360 (for 9.9%) Telecom Services Temasek Tata Teleservices 765 (for 85%) IT Services KKR, Sequoia Flextronics Software Systems 966 (for 34.5 %) Mobile Services Providence Equity, Citigroup, ChrysCapital, NSS Ventures, Sequoia Capital, Spinnaker, Macquarie Bank, 2i Capital Idea Cellular Deal Value ( USD million ) Industry PE / VC FIRM Company
  • 25. Large PE Exits – 2006 These big ticket deals clearly indicate a trend in the deal valuations in India… Source : Venture Intelligence, AVCJ 250 IT & ITES RR Donnelley Francisco Partners Office Tiger 185 IT & ITES Jabil Circuit Westbridge, Baring PE , NEA, Golden Gate Capital, Charterhouse Group Intnl, Alta Partners Celetronix Intrenational 115 IT & ITES Infosys Technologies Citigroup Progeon 380 ( for 52% ) IT & ITES EDS Baring PE Mphasis 736 ( for 71.5 % ) Healthcare & Lifesciences Mylan Laboratories Temasek Holdings, Newbridge Capital, Spandana Foundation Matrix laboratories Deal Value (USD million) Industry Acquirer PE / VC FIRM Company
  • 26. Large PE Exits – 2007 These big ticket deals clearly indicate a trend in the deal valuations in India… Source : Venture Intelligence, AVCJ 104.6 (for 20%) Transportation/ Distribution Kingfisher Radio Ltd. (India); United Breweries Group (UB Group) (India) Deccan Aviation Ltd. (India); ICICI Venture Funds Management Company Ltd. (India) Deccan Aviation Ltd. 73 (for 20%) Services - Non-Financial Metavante Corporation, Galleon Partners ICICI Venture Funds Management Company Ltd. Firstsource Solutions Ltd. 136 (for 99%) Manufacturing - Heavy Calderys (France) ICICI Venture Funds Management Company Ltd. (India) ACE Refractories Ltd 256.4 (for 25%) Manufacturing - Heavy Undisclosed Investor(s) (India) Warburg Pincus India Pvt. Ltd. Sintex Industries Ltd. 53.9 (for 51%) Consumer products/services The Hershey Company IL&FS Investment Managers Ltd. Godrej Beverages and Foods Ltd. 48.5 (for 5%) Financial services Khazanah Nasional Bhd. ChrysCapital Management Co., Citigroup Venture Capital International YES Bank Ltd. 100 Consumer products/services Orkla ASA JP Morgan Partners Advisers Pte Ltd., MTR Foods Ltd., Aquarius Investment Advisors (India) Pvt. Ltd. MTR Foods Ltd. 215 ( for 43.5 % ) Transportation/ Distribution Mahindra & Mahindra Ltd. Actis Capital LLP. Punjab Tractors Ltd. Deal Value (USD million) Industry Acquirer PE / VC FIRM Company
  • 27. PE Exits – Trends 1 2 3 Source : Venture Intelligence, AVCJ PE backed companies raised about USD 802 million via IPO’s in H1 2008 as compared to USD 1.2 billion for the year 2007 Total value of M&A transactions providing exits to PE investors during H1 2008 was approx USD 937 million as compared to USD 1.7 billion during the year 2007 PE and VC firms obtained exit routes in 19 companies including 6 through IPOs during H1 2008 as compared to exits in 55 companies during 2007 PE funds obtained exit in 37 companies during 2006 including 19 IPO’s
  • 28. Thank you