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1Links Capital GroupLinks Capital Group
Asian Private Equity PictureAsian Private Equity Picture
Jan 2003
LCG
135 East 57th Street, 8 Fl,New York, NY 10022
Norris Lam, CFATel: (212) 588 0044
2Links Capital GroupLinks Capital Group
Part IPart I•• Significant hangover of Significant hangover of uninvesteduninvested capital in capital in
both US and Europe; much less in Asia both US and Europe; much less in Asia
•• Capital Raised and InvestedCapital Raised and InvestedGlobalGlobalUSUSEuropeEuropeAsiaAsia
Global Private Equity Funds Raised & Invested Global Private Equity Funds Raised & Invested
Source : PWC Global Private Equity 2002
Links Capital GroupLinks Capital Group
Global Top 12 Investment & Fund Raised by Country in 2001 ($bn)
0
20
40
60
80
100
120
USA UK France Germany Japan Canada HongKong
China Italy Sweden Israel Korea
Fund RaisedInvestment Amount
Global Private Equity Funds Raised & Invested, Global Private Equity Funds Raised & Invested, ex USex US
Source : PWC Global Private Equity 2002
Links Capital GroupLinks Capital Group
Top 11 Investment & Fund Raised by Country in 2001, ex U.S.
0
2
4
6
8
10
12
14
16
18
20
UK
France
German
y
Japa
n
Canad
aHon
g Kon
g
China
Italy
Sweden
Israe
l
Korea
$bn
Fund Raised
Investment Amount
Private Equity Funds Raised & Invested in USPrivate Equity Funds Raised & Invested in US
Links Capital GroupLinks Capital Group
Source : Venture Economics
U.S. Private Equity Funds Raised & Invested, 1981-2001
0
50
100
150
200
250
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
$bn
RaisedInvested
Private Equity Funds Raised & Invested in EuropePrivate Equity Funds Raised & Invested in Europe
Links Capital GroupLinks Capital Group
Source : EVCJ
European Private Equity investment & Fund Raised, 1989 - 2001
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
$bn
RaisedInvested
Private Equity Funds Raised & Invested in Asia Private Equity Funds Raised & Invested in Asia
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Private Equity Funds Raised & Invested in Asia
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
$bn
Raised
Invested
Japan Private Equity Japan Private Equity 19911991--20012001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Japan Private Equity Funds Raised & Invested 1991-2001
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
$mn
RaisedInvested
Korea Private EquityKorea Private Equity19911991--20012001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Korea Private Equity Funds Raised & Invested 1991-2001
0
500
1,000
1,500
2,000
2,500
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
$mn
RaisedInvested
China Private Equity China Private Equity 19911991--20012001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
China Private Equity Funds Raised & Invested 1991-2001
0
500
1,000
1,500
2,000
2,500
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
$mn
RaisedInvested
Taiwan Private Equity Taiwan Private Equity 19911991--20012001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Taiwan Private Equity Funds Raised & Invested 1991-2001
0
200
400
600
800
1,000
1,200
1,400
1,600
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
$mn
RaisedInvested
Singapore Private Equity Singapore Private Equity 19911991--20012001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Singapore Venture Capital Funds Raised & Invested 1991-2001
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
$mn
RaisedInvested
Hong Kong Private Equity Hong Kong Private Equity 19961996--20012001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Hong Kong Venture Capital Funds Raised & Invested 1996-2001
0
1,000
2,000
3,000
4,000
5,000
6,000
1996 1997 1998 1999 2000 2001
$mn
RaisedInvested
Australia Private Equity Australia Private Equity 19911991--20012001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Australia Venture Capital Funds Raised & Invested 1991-2001
0
500
1,000
1,500
2,000
2,500
3,000
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
$mn
Raised
Invested
15Links Capital GroupLinks Capital Group
Part IIPart IIExpansion capital deals are still the most prevalent Expansion capital deals are still the most prevalent
in the Asia Pacific regionin the Asia Pacific region
Investment by Financial Stage Investment by Financial Stage •• ExpansionExpansion•• StartStart--upup•• MezzanineMezzanine•• BuyoutBuyout•• TurnaroundTurnaround•• SeedSeed
Nov 2002
LCG
Asia Pacific Asia Pacific –– Stage of InvestmentStage of Investment19991999--20012001
Source : Asian Venture Capital Journal
Links Capital GroupLinks Capital Group
Asia Pacific - Stage of Investments ($bn)
-
1
2
3
4
5
6
7
Start-up Expansion Mezzaine Turnaround Buyout
199920002001
Asia Pacific Asia Pacific –– Buyout vs. Venture Capital Buyout vs. Venture Capital 19981998--20012001
Source : Asian Venture Capital Journal
Links Capital GroupLinks Capital Group
Asia Buyout and Venture Capital Investment spend
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1998 1999 2000 2001
$bn
BuyoutVC
Asia Asia –– Investments by Financial Stage Investments by Financial Stage Funds Under Management in 2001Funds Under Management in 2001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Investments by Financial Stage - Asia (2001 Total: $46bn)
Start-up, 21%
Expansion, 41%
Mezzanine, 8%
Buyout, 18%
Turnaround, 7%Seed, 5%
Japan Japan –– Investments by Financial Stage Investments by Financial Stage Funds Under Management in 2001Funds Under Management in 2001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Investments by Financial Stage - Japan (2001 Total: $9.1bn)
Start-up, 13%
Expansion, 47%Mezzanine, 11%
Buyout, 6%
Turnaround, 20%
Seed, 3%
Korea Korea –– Investments by Financial Stage Investments by Financial Stage Funds Under Management in 2001Funds Under Management in 2001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Investments by Financial Stage - Korea (2001 Total: $5.9bn)
Start-up, 19%
Expansion, 35%
Mezzanine, 5%
Buyout, 9%
Turnaround, 25%
Seed, 7%
China China –– Investments by Financial Stage Investments by Financial Stage Funds Under Management in 2001Funds Under Management in 2001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Investments by Financial Stage - China (2001 Total: $5.7bn)
Start-up, 33%
Expansion, 41%
Mezzanine, 8%
Buyout, 4%
Turnaround, 6%
Seed, 8%
Taiwan Taiwan –– Investments by Financial Stage Investments by Financial Stage Funds Under Management in 2001Funds Under Management in 2001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Investments by Financial Stage - Taiwan (2001 Total: $3.7bn)
Start-up, 26%
Expansion, 43%
Mezzanine, 14%
Buyout, 3%
Turnaround, 5%
Seed, 9%
Singapore Singapore –– Investments by Financial Stage Investments by Financial Stage Funds Under Management in 2001Funds Under Management in 2001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Investments by Financial Stage - Singapore (2001 Total: $9.7bn)
Start-up, 26%
Expansion, 42%
Mezzanine, 8%
Buyout, 17%
Turnaround, 5%
Seed, 2%
Hong Kong Hong Kong –– Investments by Financial Stage Investments by Financial Stage Funds Under Management in 2001Funds Under Management in 2001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Investments by Financial Stage - Hong Kong (2001 Total: $10.3bn)
Start-up, 19%
Expansion, 33%
Mezzanine, 7%
Buyout, 32%
Turnaround, 5%
Seed, 4%
Australia Australia –– Disbursements by Financial Stage Disbursements by Financial Stage Funds Under Management in 2001Funds Under Management in 2001
Source : The 2003 Guide of Venture Capital in Asia
Links Capital GroupLinks Capital Group
Investments by Financial Stage - Australia (2001 Total: $2.8bn)
Start-up, 9%
Expansion, 45%
Mezzanine, 5%
Buyout, 39%
Turnaround, 0%
Seed, 2%
26Links Capital GroupLinks Capital Group
Part IIIPart IIIBuyouts are approximately 1/3 of investment spend Buyouts are approximately 1/3 of investment spend
(ex(ex--Japan). Should Taiwan emerge as a buyout Japan). Should Taiwan emerge as a buyout opportunity, we estimate that a significant opportunity, we estimate that a significant increase in investment spend could then go into increase in investment spend could then go into buyout transactions. buyout transactions.
•• Global Buyout Investment in 2001Global Buyout Investment in 2001•• Major Asian Buyout Markets, 2000Major Asian Buyout Markets, 2000--20022002•• Asian Buyout InvestmentsAsian Buyout Investments•• Asian Buyout DivestmentsAsian Buyout Divestments
Global Buyout Investments Global Buyout Investments
Source : PWC Global Private Equity 2002
Links Capital GroupLinks Capital Group
Global Top 10 Buyout Investments by Countries in 2001
23.3
3.51.7 1.6 1.5 0.9 0.9 0.9 0.8 0.8
0
5
10
15
20
25
USA UK
France
Japan
Germany
Australia
Sweden Italy
KoreaNetherla
nds
$mn
Major Asian Buyout Investments Major Asian Buyout Investments 20002000--20022002
Source : PWC Global Private Equity 2002
Links Capital GroupLinks Capital Group
Major Buyout markets in Asia (US$mn)
-
500.00
1,000.00
1,500.00
2,000.00
2,500.00
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
Australia Hong Kong Japan S. Korea
Asian Buyout Investments by CountryAsian Buyout Investments by Country19981998--20022002
Source : Asia Private Equity ReviewNote: Others include Malaysia, India, China, U.K. and Philippines
Links Capital GroupLinks Capital Group
Buyout Investment Destinations (1998 - 2002/June)
0
500
1000
1500
2000
2500
3000
3500
SouthKorea
Japan Indonesia Australia Sinagpore HongKong
Thailand Others Taiw an
$mn
29 11 8 10 13 9 12 211# of Deal
Asia Buyout Divestment ProfilesAsia Buyout Divestment Profiles19981998--20022002
Source : Asia Private Equity Review, July 2002
Links Capital GroupLinks Capital Group
Buyout Divestment Profiles (1998 - June 2002)Number of Companies Invested: 148
Amount Invested: US$11.4bnNumber of Companies Divested: 15
M&A , $91, 10%
Public Listings, $508, 55%
Trade Sale, $322, 35%
31Links Capital GroupLinks Capital Group
Part IVPart IV
•• Market Capitalization of Asian Stock MarketsMarket Capitalization of Asian Stock Markets•• Number of Listed CompaniesNumber of Listed Companies
Market CapitalizationMarket Capitalization
Source : Bloomberg, GS
Links Capital GroupLinks Capital Group
Market Capitalization of shares of domestic companies in Asia, Sept. 2002 ($bn)
523
433
356
236 214
9941 31 12
0
100
200
300
400
500
600
700
Japan-TSE China-Ashare
Hong Kong -HKExMB
Australia-ASX Taiw an-TWSE Korea-KSE Singapore-SGX-ST
Thailand-SET Korea-KOSDAQ
China-BShare
2177
Number of Listed CompaniesNumber of Listed Companies
Source : Bloomberg, GS
Links Capital GroupLinks Capital Group
Number of Listed Companies in Asia Stock Markets, Oct 2002
2800
2141
16621473
1215
813 689 671386
0
500
1000
1500
2000
2500
3000
US -NYSE
Japan-TSE
UK-LSE Australia-ASX
China-A&BShare
HongKong-HKEx
Korea-KSE
Taiwan-TWSE
Singapore--SGX
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