Private Equity Insiders Guide

7/30/2019 Private Equity Insiders Guide

http://slidepdf.com/reader/full/private-equity-insiders-guide 1/13

www.terrapinn.com/peme

The insider's guide

to private equity inthe Middle East

6 inuential GPs share their outlook or

private equity in 2013 and beyond



www. t e r r a pi nn

. c om / p e m e

Skye Ferguson

Conerence Manager

Private Equity World Middle

East 2013

+971 4 440 2544

[email protected]

What's inside?In the run-up to our Private Equity World Middle East conerence in 2013, I spoke to some o the most inuential GPs working in

the MENA region, to fnd out where they see the biggest opportunities over the next 12 months.

Here you'll fnd interviews with 6 industry experts and learn how they see the changing geo-political landscape aecting the

Middle East and North Arica's private equity industry. You'll discover their hottest sectors and geographies or 2013 and beyond

and fnd out why evolving regulatory processes are making MENA investment more attractive.

This is the frst collection o a number o interviews that we'll be conducting across hedge unds, private equity and asset

allocation, in the run up to the conerences in March 2013. Keep up-to-date with the Total Asset blog to make sure you don't

miss out on any o the upcoming interviews.

There are some interesting responses and I hope you fnd the content inormative and useul!

mailto:[email protected]

http://www.terrapinn.com/meinvest

http://go.terrapinn.com/totalasset



mailto:[email protected]




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We asked...

Fadi AbridAmwal Al Khaleej

Fadi Arbid is the Chie Executive Ocer o Amwal

AlKhaleej, based in the rm’s headquarter in Riyadh.Amwal AlKhaleej is a leading private equity rm in theMiddle East & North Arica region.

Matteo StefanelAbraaj Capital

Matteo Steanel is a Senior Partner at Abraaj Capital andCo-Head o Large Cap Private Equity. The Abraaj Capital

Group has raised over US$ 8 billion and distributedcirca US$ 3.5 billion to investors. The group currently

manages approximately US$ 7.5 billion across 25 sectorand country-specic unds.

Kees F.W. BruggenRitz Banc

Kees Bruggen is Co-Founder o Ritz Banc and a

member o the Investment Committee responsible orAcquisitions. Headquartered in Washington DC, theprivate equity rm has more than $300 million in assets

under management and ocuses on international capital.

Shailesh Dash

Al Masah Capital

Under the leadership o CEO and Founder ShaileshDash, the private equity team at Global InvestmentHouse reached more than US$3 billion in assets under

management in less than 5 years.

Nasr El Hage Jnr

Ritz Banc

Nasr El Hage is Ritz Banc’s Co-Founder and ManagingDirector. Headquartered in Washington DC, the privateequity rm has more than $300 million in assets under

management and ocuses on international capital.

Jens Yahya ZimmermannNew Silk Route Growth Capital

As Partner and Managing Director o New Silk RouteGrowth Capital, Jens has more than 2 decades o

private equity experience and a track record o buildingsuccessul businesses internationally. New Silk Routeis a leading growth capital rm ounded with $1.4 billion

under management




. c om / p e m e

Matteo StefanelSenior Partner and

Co-Head of Large CapPrivate Equity

The Abraaj CapitalGroup

Which sectors will offer the best

returns in 2013?

It’s our rm belie that one o themain actors driving growth in the

Middle East and also Asia and Aricais demographics. You have a young

growing population, many o themunder the age o 25, and consumerbehavior and needs are increasingly

going to shape growth and sectoral

choice.

In particular, we see growth in sectors

like education, healthcare and FMCG. Consumer spending is on the rise,there is a greater velocity o money

in the economy, a greater number ocredit cards, or example, and that

spending maniests itsel in sectors likeeducation and healthcare. However,

this is a trend that is not limited tothe Middle East but is also evidentin the pattern o consumer behavior

in markets such as Arica as well –trends that we have capitalized on and

continue to do so.

A sector that will continue to havedominance in the Middle East is thehydrocarbon sector. We continue to

see exciting opportunities in oil andgas services and in act have made 2

investments in the sector this year. Theadvent o new technologies and greater

emphasis on R&D is characterizing the

opportunities in this sector, which has

been made viable in part by the rise inoil prices.

Which geographies are set to offerpotential in 2013?

This is rather dicult to predict

because the Middle East or examplehas undergone volatility that is not only

high but also unpredictable.

However, i we assume the current

situation stays the same, I thinkMorocco is going to be extremely

interesting given the role that it playsas a large country, with advancedinstitutions and with a very good

regulatory system.

The second role Morocco plays isas a gate-way to sub-Saharan Arica,

especially the French speaking part.In many ways it is a translation deviceand I don’t mean that linguistically,

but rather cultural translation rom theMiddle East and North Arica into the

Sub-Saharan Arican space and way odoing business.

Egypt is another country that isimpossible to ignore. We think that

within Egypt those sectors which aremostly export and US dollar based,

will continue to benet greatly. As youknow we are invested in ertilizers and

construction within Egypt which hasproven to be a very good investment.But we are also present in the

healthcare sector which continues tobe very attractive within Egypt, largely

due to the sheer size o the populationwhich is almost 80 million people. The

Abraaj Group has the largest network

o diagnostic laboratories in Egypt,

which have perormed really wellthroughout the times o recent volatility

and it is easy to understand why.

Ultimately i a service is a basic servicethat people need, they will spend

money on it regardless o the volatility.And the same thing goes or FMCG. So

in Egypt, I would emphasize that theocus on US dollar denominated and/

or macro or demographic dependentsectors will continue to enjoy highlevels o growth.

Turkey in my opinion is an all round

phenomenal perormer today. There isa tiny danger o overheating, but all inall we are very bullish about Turkey and

we see a lot o opportunity. However,

it is important to remember that upuntil today Turkey has meant Istanbul toinvestors, but the ocus is now shiting

to Anatolia which has a population thatis ve times the size o Istanbul.

Saudi Arabia continues to remainan extremely interesting investment

destination. It is one that we havehistorically ocused, and not just

or oil and gas services, but also ordemographically dependent sectors.

The UAE remains the business hubor the Middle East. The UAE is such

a phenomenally successul businessdestination, it is truly a hub or the

region and beyond. So the UAE willremain very interesting but I would saywhen you buy a business base in UAE,

it usually has the potential to grow intoa dominant regional player.

What are your expectations forPrivate Equity fund performance

over the next 12 months?

Compared to the rest o growthmarkets and again I stress this

contextualization o the Middle Eastwithin overall growth markets. I you

take Middle East and North Arica, Ithink especially the Gul and Turkey,

are signicantly more sophisticatedand mature private equity markets.You have business amilies and a

business culture that spans decadesand sometimes centuries, and private

equity players especially in Turkey andDubai, that have invested or a lengtho time. I would say that the private

equity market has gone through a

period o reorganization. Some o theweaker players have disappeared,some o the start ups have been either

absorbed or re-built, so you have quitea narrow market, 2-3 players in theMiddle East, maybe more in Turkey, but

that’s about it.

“Turkey in my opinion is an all round phenomenal perormer”




. c om / p e m e

How are macroeconomic trends setto shape the regional private equityindustry in 2013?

This goes back to what I was saying

about how we select sectors. Theselection o sectors must be based

on macroeconomic and demographic

trends. As a result, sectors that benetrom the young population that isbecoming wealthier and employed,are the sectors o the uture. 50% o

the population o the Middle East iscurrently below the age o 25. That’s

astounding; these young peopleare starting to get jobs and become

increasingly aspirational.

This enables you to see how the choice

o sectors is not really a choice atall, it’s obvious. You have to invest in

those sectors which will benet romproviding this increasing population.

What they want is inrastructure,schools, education, healthcare andconsumption and ultimately, this is

what you need to provide.

How is the changing geo-politicallandscape in the MENA regionaffecting the regional private equity

industry now?

I think we have observed thesechanges rom a very privileged

observatory. As private equity we are

mid to long term investors and whatwe are seeing today are really trendsthat were bound to happen, but theonly uncertainty we had was when they

were going to happen. That uncertaintyhas been removed and we are now

moving into the transormational stageor the region. As a long-term investor

we are quite unazed by the short termvolatility that is a consequence o theseevents.

Key Takeaways

Top MENA picks: Morocco, Egypt, Turkey and the UAE

Hot sectors: Education, healthcare, FMCG and oil and gas services

Outlook: Uncertainty has been removed and we are now moving into

the transormational stage or the region.



www. t e r r a pi nn. c om / p e m e

Fadi AbridCEO

Amwal Al Khaleej

Which geographies and sectors are

set to offer potential in 2013?

From a country perspective, you haveto ocus on the deep economieswithin the Middle East & North Arica.

Looking at the MENA region, deepeconomies are those which have:

a) A strong population

b) Strong growthc) Regulation & reorms

I think that Saudi Arabia ticks allthese boxes. There is very strong

growth, a huge demographic and ayoung population which is growing very

quickly, plus we’ve recently seen a loto reorms.

Secondly, Egypt; the country is lessreliant on petro chemical resources and

more ocused on agricultural resourcesthan KSA. Egypt has the advantage o

being geographically positioned as ahub between Europe and the MiddleEast and the country also has a very

sizable population, with a lot o skilledlabor.

Looking back towards the GCC and

specically the UAE, the specicsectors I believe will oer potential in2013 are retail, oil and gas services,

and hospitality and leisure.

It is important to note however, thatyou cannot consider geography in

isolation, without also looking at thesectors you are targeting.

What’s your outlook for privateequity performance in the MENA

region in 2013?

Generally, my outlook is positive,although I am slightly skeptical about

the volatility o the public markets inEurope and the West which will in turnaect the MENA region.

Eventually, i these markets are hit

strongly, the private equity marketwill reeze, as it did in 2008. Until

now we have still been sueringthe consequences o 2008 and to

an extent the Arab Spring. We’veonly seen 3 or 4 deals happening inprivate equity in past 2 years. I the

markets remain as volatile as they aretoday - i the European bond crisis

remains unsettled, China continuesto go through slowdown and US GDPdoesn’t pick up as ast as people want

it to - then this will create unsettledground or private equity. It will aect

MENA public markets, as well asprivate equity investors’ sentiment.

How is the changing geo-politicallandscape in the MENA region

affecting the regional private equityindustry?

You can expect the uture to be

brighter; rom a mid-long termperspective we are much better o.The changing geo-political landscape

is rewarding in the long term or theinvestment environment and economic

stability, both o which are cardinal orprivate equity.

The Arab spring has been a changingparadigm or everyone, but in the mid-

term it will be very rewarding.

How are evolving regulatoryprocesses making MENA investmentmore attractive?

You cannot look at the regulatory

environment in the Middle East asbeing homogeneous. For example, a

number o countries’ processes areparticularly rudimentary and primitive,whilst countries such as KSA and Egypt

have extremely sophisticated regulatoryenvironments.

In Saudi Arabia or example, regulatory

changes have stimulated investment inthe public market, opening up sectors

and increasing oreign ownership.There is greater regulation o IPOmarkets, which means greater clarity;

the guidelines in place leave less roomor grey areas.

In the UAE, oshore regulation iscomprehensive and very positive. It

osters oreign investment, throughto ownership and legal protection,

whereas the DFM and ADFM onshorecapital market rules and regulations are

slightly more challenging.

Each country has its ups and downs

with regard to legal regulatory fows.The speed is twoold and country

dependent. Saudi capital markets areextremely advanced, but the country’s

legal sophistication is relatively poor.

Will that change? Yes. On the capitalmarkets side there is very little to

improve, Saudi has done a great job,on the legal side there’s still a lot to

improve. Conversely, in the UAE thelegal side is good, but capital marketsare relatively poor.

"You have to ocus on the deep economies"

Key Takeaways

Top MENA picks: Saudi Arabia and Egypt

Hot sectors: Retail, oil and gas services, andhospitality and leisure

Outlook: The changing geo-political landscape

is rewarding in the long term or the investment

environment and economic stability




Shailesh Dash

CEO & FounderAl Masah Capital

Which sectors will offer the bestreturns in 2013?

We are bullish about 3 particular

sectors in the Middle East and NorthArica, as I think is the case in most

parts o the world, depending on whatstage o development the country is at.

I believe education, healthcare andfood are particularly attractive. Not

specically in this order, but theseare my top 3. Al Masah Capital is

particularly ocused on developingthese sectors in the MENA region.

Which geographies are set to offerpotential in 2013?

At this point o time, the Gulf region oers particular potential, as the

margins and the purchasing power aresignicantly higher than in other regions

such as in North Arica and the Levant.However, as time goes by, because o

the sheer number and the size, I would

expand this to include North Aricancountries.

What are your expectations for

private equity fund performanceover the next 12 months?

Firstly, when you look at private equitydata rom the MENA region, and also

internationally, you’ll see that or thelast 4 and a hal years there has been

a signicant increase in activity. This isboth in terms o exits, and in terms onew investments and und raising.

Internationally we have seen the IPO

market revive. In the MENA regionthere have not been so many IPOs,

but more trade deals. We have seenmany more people exiting investmentsto dierent trades. Consequently

there has been an increase in activity inthe education and healthcare spaces.

These 2 sectors in particular haveattracted a lot o attention in the Middle

East and North Arica, resulting inincreased activity.

How are macroeconomic trends setto shape the regional private equity

industry in 2013?

I think on the macro side, primarilybecause o the Arab spring,governments have been very active in

helping to develop SMEs, particularlywhere there are employment

opportunities or local population. As aresult there will be a signicant boom inunds being invested into SMEs.

On the other side, economies have

stabilized to some extent in the UnitedStates, Asia and Europe. Oil prices

have remained high and government

spending has remained at a high level.As a result, there has been some

stabilization and growth, particularlyin the economies o Saudi, the UAE,

Qatar and Oman.

People have started to invest thecapital they have been holding on toover the last 3 or 4 years, when they

didn’t want to invest into r isk capitaland were holding out or bank deposits.

Now, people are slowly starting to puttheir money back into real businesses.Healthcare, education and the food

industry have always taken priority andas a result, this has kick-started private

equity in the Middle East.

How are evolving regulatory

processes making MENA investmentmore attractive?

The primary reasons or the success o

private equity in any region are the lawso the country and the roots o exits,

the secondary market, and liquidity inthe market.

I think both o these things - countrylaw, as people are investing into private

enterprises, and also the secondarymarket - have all been evolving and

changing or the better in the MENAregion.

It’s a continuous process, we are notthere yet, but a lot o protection has

now been introduced or shareholdersin this region, such as the arbitrationcode. Capital markets have also seen

a recovery and as a result we’ve seena number o private transactions and

some listings - in Oman and SaudiArabia or example.

There is a lot o talk about IPOs; I wouldsay the markets are recovering slowly

as the exit routes become clearer. Asliquidity in the market increases, you

will see a greater number o privateequity investments. Also, as laws in

this part o the world become stricterand give increased protection to therights o the shareholders, investments

will rise.

Over the last 12 years, the regulatoryenvironment has become moreavorable to investors rom other parts

o the world. A lot still needs to bedone, but it not a process that you

would expect to happen overnight.

"We're bullish about education, healthcare and ood"

Key Takeaways

Top MENA picks: The gul region

Hot sectors: Education, healthcare and ood

Outlook: People have started to invest the capital they'vebeen holding onto, this has kick started private equity in the

Middle East



Jens YahyaZimmermannPartner & MD

New Silk Route Growth

Capital

Which sectors will offer the bestreturns in 2013?

To set the backdrop to my answer:

we will continue to witness a volatilenancial world as we have seen in the

last 4 years and this will in turn aectevery market. When the nancial

crisis initially hit, a number o countriesand regions believed they would beinsulated rom it, but I think it’s become

very clear that every single region onthis planet has been aected. The

increase in volatility that we’ve seenover the past 4 years is likely to remain,

and possibly even become the newnormal.

Against this background o increasedand possibly permanent volatility, I

would say that more deensive sectorssuch as education and healthcare will

continue to remain attractive.

However, these sectors have been

attractive or some time now and entryvaluations have risen. In education andhealthcare in particularly, we’ve seenincreased investor interest and more

dollars going into the sector.

Education specically is still a veryragmented market and there are very

ew large scale assets. I somebodywanted to deploy $100 million in one

single deal in education, there arevery ew targets where this wouldbe possible. There’s likely to be

meaningul competition around thesetargets and a reasonably high entry

valuation can result.I would reer to these 2 sectors as pureprivate equity.

Infrastructure is also worth

mentioning, and I would almost look atit as a sub-category o private equity.

Whilst it’s a dierent animal, it’s apopular sector in a volatile environment,due to lower risk and easier-to-predict

uture cash fows. Inrastructure isanother sector that could benet rom

this ‘new norm’ o volatility.

Which geographies are set to offer

potential in 2013?

I think it can be misleading to thinkabout MENA as one region, as the

countries within it are so drasticallydierent. They are probably one o the

most diverse groups o countries in oneregion across the world, because o thehuge discrepancies across the MENA

region on two accounts:One is size o the population, with

a mix o very small and very largecountries, and the other one is

obviously the GDP per capita. I wetake a country like Egypt, the GDPper capita is airly low and qualies or

supranational developmental mandatedriven agencies such as the IFC and

others that view it as a region thatneeds urgent support.

On the other hand, i you go tocountries like Qatar and the UAE or

Bahrain or even Saudi Arabia, it’s a verydierent story. So that’s what makes

MENA a very special region and it canbe dangerous to talk about it as oneentity and generalize.

I would say the high growth potential

unsurprisingly lies in countries withlower GDP per capita, which, i thingsgo well, are ready to make it to the

next level in their economies, partiallyacilitated by Arab Spring type o

movements.I would probably pick Egypt as a

country with good prospects orinvesting in 2013. However, I am byno means saying this is a clear go

ahead and that people should invest asmuch as they can. One needs to tread

very careully, but it is a country withthe potential to do well. At the same

time, it has the potential to ace majordiculties in the uture. We may see 5or 10 years o anarchy with outcomes

much worse than we’ve seen up untilnow, but there is denitely signicant

growth potential largely aided bythe airly sizable population and the

potential in many sectors.

What are you expectations for

private equity fund performanceover the next 12 months?

We can look at this in 3 aspects –

1) Fund raising - we will continueto see increased asset allocations toEmerging Markets, globally as wellas in the region, simply because thatis where the growth is and peopleobviously want exposure to growth andopportunities or signicant returns.

In the West, there is very little or zerogrowth, so that makes the EmergingMarkets very attractive. Additionally,there is a time lag. I believe that many

institutional investors like pensionunds, amily oces and high net worthIndividuals will take 5 years or more toreach their Emerging Markets allocationwhich they set now. So i they say, orexample, ‘I want to increase my EMallocation rom 5% to 10%’, it will takea long process to put all the additionalcapital to work. The trend o increasedEmerging Market allocations startedsome time ago and will continue - Idon’t see anything in the Westerneconomies that is negatively aectingthat.

2) Investment making – privateequity as an asset class is still at a

airly early stage in MENA as well asin the Emerging Markets in general.Thereore the maturing process willcontinue. Over the coming years,we should see more money beingallocated to and invested in EmergingMarkets through private equity everyyear, especially in markets withimmature public markets.

3) Exits – exits have been a big issueglobally, including in Emerging Marketsand MENA, and we are likely to seemore over the next 12 months or anumber o reasons. The level has beenvery low in 2012, 2011 and 2010, so it’sat a low base and all the investments

that were made during 2012 and earlier,naturally, need to nd an exit. Sothere’s a large pipeline o investmentslooking or an exit. They will nd an exitone way or another. I’m not arguingthat the IPO markets will be set on rein 2013 but we will probably see moreIPOs and we will see more trade sales,more strategic sales, and more salesrom one nancial investor to another.

"I'd pick Egypt as a country with good prospects"




How are macroeconomic trends setto shape the regional private equity

industry in 2013?

The outlook in economic growthbetween emerging and developed

markets will continue to avor Emerging

Markets. What that means or MENAis that the emerging economies within

the region should benet rom that,subject to them being politically stable.

The high GDP per capita economieswithin the GCC should also benet

rom it because they are surrounded byEmerging Markets.

As we all know, a place like Dubai isa huge beneactor o what goes on in

the region, including being a beneactorrom the Arab spring. People value a

sae and secure place more than theydid beore the chaos broke out, soDubai and the UAE in general have

witnessed a meaningul infux oinvestment just o the back o that.

Another thing that is important as

part o the volatile environment iscurrencies.The respective currencies o the

Emerging Markets in the region aregoing to fuctuate. Most private equity

unds will continue to be raised is USdollars in the region. I you take US

dollars and convert them into Egyptianpounds to invest in a company thatgenerates business in Egypt, and you

then sell that company in Egyptian

pounds and convert it back to dollars,obviously the exchange rate isimportant. I the Egyptian pound halved

against the dollar, you need to doublethe value o your company in localcurrency, just to get your money back.

In a volatile environment, currenciestend to fuctuate more, so currency

fuctuation is oten a very signicanteconomic contributor to the ultimate

absolute return in US dollar.

Thirdly, highlighting the importanceo the interdependence o the global

economies, how the EU and the US, asseparate zones, manage their domestic

problems, is important. The US hasbeen printing billions o dollars without

the dollar depreciating, which is not

what you would expect. What it wouldhave depreciated against are currencies

that have been in trouble themselves.As investors became very risk

adverse, and as the dollar is the onlyworld currency with a long standing

record, people fed into the dollar,strengthening it, when it should havebeen otherwise depreciating. So that’s

an issue that hasn’t been refected inmarkets and obviously the scal decit

in the US also hasn’t been refected inthe dollar exchange rate either.

The EU crisis still isn’t over and due tothe global interdependence between

the markets this will aect MENA aswell. The EU and the US are still, in

absolute dollar and euro terms, thelargest economic blocks, and a lot

o investors and a lot o companieshave exposure to these markets.Traditionally your MENA investors,

your deep pockets o money, haveinvested in Europe and the US. They

are now gradually shiting to othermarkets, be they MENA, Asia or Latin

America etc. The exposure that theyhave in the US and Europe is still verysignicant. So i these zones do poorly,

that creates a lot o stress or their

overall portolio. I they need to pumpmore money into ailing assets in NorthAmerica or the EU just to save existing

exposures, then they can’t invest thatmoney into emerging markets or theirown region. This is a key reason why

what happens in the US and the Eurozone is important in relation to what is

happening in the MENA region.


Key Takeaways

Top MENA picks: Egypt

Hot sectors: Education, healthcare and inrastructure

Outlook: What happens in the US and Euro zone is o

critical importance to what happens in the MENA region



Kees F.W. BruggenCo-Founder

Ritz Banc

Nasr El Hage Jnr

Co-Founder & MDRitz Banc

Which geographies and sectors will

offer potential in 2013?

We believe the United States is stillthe best market to invest globally in

2013, especially in the real estatesector given the attractive market

conditions in terms o undervaluedassets, cheap debt and solid rentalgrowth in major US markets.

On the other hand, Latin America

in particular Brazil has seen steadygrowth recently in the leverage buyout

space in major industries.

Will your private equity allocations

increase or decrease in the nextyear?

Ritz Banc added around $150 million

in assets to its portolio in 2012; weexpect to increase our acquisitionvolume by 20% in 2013 as we continue

take advantage o the avorableinvestment climate surrounding the

US real estate sector. Historic low

leverage rates make it very attractiveto acquire core and value add assets in

major US cities like Washington D.C.,New York, San Francisco and Boston.

How are macroeconomic trends setto shape the MENA private equityindustry in 2013?

In my view, the Euro zone crisis and

the political unrest in the Middle Eastregion are keeping investors on alert in

2013. As we have been successullyadvising our LPs, the best strategy

to mitigate the macroeconomic riskacing the region in 2013 is “PortolioDiversication” by increasing

allocations to more stable marketswhere you can deploy capital in yielding

assets and generate avorable riskadjusted returns. Ritz Banc platorm

created a perect gateway to achieveeconomic and political risk hedging orour LPs.

How is the changing geo-politicallandscape in the MENA region

affecting the regional private equityindustry now?

As eluded to earlier, the MENA region

has been experiencing political unrestthat directly aects investment

decisions. We believe portoliodiversication will be a vital investment

strategy in 2013 and rankly in theshort run. Most LPs we talk to haveplans to increase their asset allocation

internationally moving orward andchase yields in stable markets like the

United States. Ritz Banc is proactively

helping Middle East LPs achievingtheir 2013 assets allocation goals by

successully assuming the role o thelocal experienced sponsor and co-investing with its LPs which provides a

strong alignment o interests.

"The best strategy to mitigate macroeconomic risk is

portolio diversifcation"


Key Takeaways

Top global picks: The United States and Brazil

Hot sectors: Real estate

Outlook: We believe portolio diversifcation will be a vital

investment strategy in 2013




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Private Equity Insiders Guide