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Asian Private Equity Picture Asian Private Equity Picture

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Asian Private Equity Picture Asian Private Equity Picture

  1. 1. Asian Private Equity Picture 135 East 57th Street, 8 Fl, New York, NY 10022 Norris Lam, CFA Tel: (212) 588 0044 Jan 2003 Links Capital Group LCG 1
  2. 2. Part I • Significant hangover of uninvested capital in both US and Europe; much less in Asia • Capital Raised and Invested Global US Europe Asia Links Capital Group 2
  3. 3. Global Private Equity Funds Raised & Invested Global Top 12 Investment & Fund Raised by Country in 2001 ($bn) 120 Fund Raised Investment Amount 100 80 60 40 20 0 USA UK France Germ any Japan Canada Hong China Italy Sweden Is rael Korea Kong Source : PWC Global Private Equity 2002 Links Capital Group
  4. 4. Global Private Equity Funds Raised & Invested, ex US Top 11 Investment & Fund Raised by Country in 2001, ex U.S. 20 18 Fund Raised 16 Investment Amount 14 12 $bn 10 8 6 4 2 0 y ly el g an a K ce n ea da an n n Ita e ra U Ko an p or hi ed a m Is Ja an C K Fr w er g C S on G H Source : PWC Global Private Equity 2002 Links Capital Group
  5. 5. Private Equity Funds Raised & Invested in US U.S. Private Equity Funds Raised & Invested, 1981-2001 250 Raised 200 Invested 150 $bn 100 50 0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source : Venture Economics Links Capital Group
  6. 6. Private Equity Funds Raised & Invested in Europe European Private Equity investment & Fund Raised, 1989 - 2001 50.0 Raised 45.0 Invested 40.0 35.0 30.0 $bn 25.0 20.0 15.0 10.0 5.0 - 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source : EVCJ Links Capital Group
  7. 7. Private Equity Funds Raised & Invested in Asia Priv ate Equity Funds Raise d & Inv e ste d in Asia 20.0 18.0 Raised 16.0 Invested 14.0 12.0 $bn 10.0 8.0 6.0 4.0 2.0 - 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  8. 8. Japan Private Equity 1991-2001 Japan Private Equity Funds Raised & Invested 1991-2001 4,500 4,000 Raised Invested 3,500 3,000 2,500 $mn 2,000 1,500 1,000 500 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  9. 9. Korea Private Equity 1991-2001 Korea Private Equity Funds Raised & Invested 1991-2001 2,500 Raised 2,000 Invested 1,500 $m n 1,000 500 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  10. 10. China Private Equity 1991-2001 China Private Equity Funds Raised & Invested 1991-2001 2,500 Raised 2,000 Invested 1,500 $mn 1,000 500 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  11. 11. Taiwan Private Equity 1991-2001 Taiwan Private Equity Funds Raised & Invested 1991-2001 1,600 1,400 Raised Invested 1,200 1,000 $mn 800 600 400 200 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  12. 12. Singapore Private Equity 1991-2001 Singapore Venture Capital Funds Raised & Invested 1991-2001 4,500 4,000 Raised Invested 3,500 3,000 2,500 $mn 2,000 1,500 1,000 500 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  13. 13. Hong Kong Private Equity 1996-2001 Hong Kong Venture Capital Funds Raised & Invested 1996-2001 6,000 Raised 5,000 Invested 4,000 $mn 3,000 2,000 1,000 0 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  14. 14. Australia Private Equity 1991-2001 Australia Ve nture Capital Funds Raise d & Inv e ste d 1991-2001 3,000 Raised 2,500 Invested 2,000 $m n 1,500 1,000 500 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  15. 15. Part II Expansion capital deals are still the most prevalent in the Asia Pacific region Investment by Financial Stage • Expansion • Start-up • Mezzanine • Buyout • Turnaround • Seed Nov 2002 Links Capital Group LCG 15
  16. 16. Asia Pacific – Stage of Investment 1999-2001 Asia Pacific - Stage of Investments ($bn) 7 6 5 4 1999 2000 3 2001 2 1 - Start-up Expansion Mezzaine Turnaround Buyout Source : Asian Venture Capital Journal Links Capital Group
  17. 17. Asia Pacific – Buyout vs. Venture Capital 1998-2001 Asia Buyout and Venture Capital Investment spend 9.0 Buyout 8.0 VC 7.0 6.0 5.0 $bn 4.0 3.0 2.0 1.0 - 1998 1999 2000 2001 Source : Asian Venture Capital Journal Links Capital Group
  18. 18. Asia – Investments by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - Asia (2001 Total: $46bn) Seed, 5% Turnaround, 7% Start-up, 21% Buyout, 18% Mezzanine, 8% Expansion, 41% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  19. 19. Japan – Investments by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - Japan (2001 Total: $9.1bn) Seed, 3% Start-up, 13% Turnaround, 20% Buyout, 6% Mezzanine, 11% Expans ion, 47% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  20. 20. Korea – Investments by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - Korea (2001 Total: $5.9bn) Seed, 7% Start-up, 19% Turnaround, 25% Buyout, 9% Expansion, 35% Mezzanine, 5% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  21. 21. China – Investments by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - China (2001 Total: $5.7bn) Seed, 8% Turnaround, 6% Buyout, 4% Start-up, 33% Mezzanine, 8% Expans ion, 41% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  22. 22. Taiwan – Investments by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - Taiw an (2001 Total: $3.7bn) Seed, 9% Turnaround, 5% Start-up, 26% Buyout, 3% Mezzanine, 14% Expans ion, 43% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  23. 23. Singapore – Investments by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - Singapore (2001 Total: $9.7bn) Seed, 2% Turnaround, 5% Start-up, 26% Buyout, 17% Mezzanine, 8% Expans ion, 42% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  24. 24. Hong Kong – Investments by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - Hong Kong (2001 Total: $10.3bn) Seed, 4% Turnaround, 5% Start-up, 19% Buyout, 32% Expans ion, 33% Mezzanine, 7% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  25. 25. Australia – Disbursements by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - Australia (2001 Total: $2.8bn) Seed, 2% Turnaround, 0% Start-up, 9% Buyout, 39% Expans ion, 45% Mezzanine, 5% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group
  26. 26. Part III Buyouts are approximately 1/3 of investment spend (ex-Japan). Should Taiwan emerge as a buyout opportunity, we estimate that a significant increase in investment spend could then go into buyout transactions. • Global Buyout Investment in 2001 • Major Asian Buyout Markets, 2000-2002 • Asian Buyout Investments • Asian Buyout Divestments Links Capital Group 26
  27. 27. Global Buyout Investments Global Top 10 Buyout Investments by Countries in 2001 25 23.3 20 15 $m n 10 5 3.5 1.7 1.6 1.5 0.9 0.9 0.9 0.8 0.8 0 ly UK A n a l ia ce en y s pa I ta US re an nd ra an ed Ko Ja m la st Fr Sw er er Au G th Ne Source : PWC Global Private Equity 2002 Links Capital Group
  28. 28. Major Asian Buyout Investments 2000-2002 M ajor Buyout marke ts in Asia (US$mn) 2,500.00 2,000.00 1,500.00 1,000.00 500.00 - Australia Hong Kong Japan S. Korea 2000 39.49 216.00 1,429.20 $1,656.15 2001 1,050.91 - 1,635.81 $1,292.43 2002 874.24 470.27 1,551.95 2,216.30 Source : PWC Global Private Equity 2002 Links Capital Group
  29. 29. Asian Buyout Investments by Country 1998-2002 Buyout Inv e stme nt De stinations (1998 - 2002/June ) 3500 3000 2500 2000 $mn 1500 1000 500 0 South Japan Indonesia Australia Sinagpore Hong Thailand Others Taiw an Korea Kong # of Deal 29 11 8 10 13 9 12 11 2 Source : Asia Private Equity Review Note: Others include Malaysia, India, China, U.K. and Philippines Links Capital Group
  30. 30. Asia Buyout Divestment Profiles 1998-2002 Buyout Divestment Profiles (1998 - June 2002) Number of Companies Invested: 148 Amount Invested: US$11.4bn Number of Companies Divested: 15 M&A , $91, 10% Public Listings, Trade Sale, $508, 55% $322, 35% Source : Asia Private Equity Review, July 2002 Links Capital Group
  31. 31. Part IV • Market Capitalization of Asian Stock Markets • Number of Listed Companies Links Capital Group 31
  32. 32. Market Capitalization Market Capitalization of shares of domestic companies in Asia, Sept. 2002 ($bn) 2177 700 600 523 500 433 400 356 300 236 214 200 99 100 41 31 12 0 Japan-TSE China-A Hong Kong - Australia-ASX Taiw an-TWSE Korea-KSE Singapore- Thailand-SET Korea- China-B share HKExMB SGX-ST KOSDAQ Share Source : Bloomberg, GS Links Capital Group
  33. 33. Number of Listed Companies Number of Listed Companies in Asia Stock Markets, Oct 2002 3000 2800 2500 2141 2000 1662 1473 1500 1215 1000 813 689 671 386 500 0 US - Japan- UK-LSE Australia- China- Hong Korea- Taiwan- Singapor NYSE TSE ASX A&B Kong- KSE TWSE e--SGX Share HKEx Source : Bloomberg, GS Links Capital Group

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