STRICTLY CONFIDENTIAL

Asia private equity market overview UBS Private Funds Group

March 2011

Table of contents
SECTION 1 SECTION 2 SECTION 3

Market overview Trends and developments by major country GP landscape

2 18 25

1

SECTION 1

Market overview

Asia—A region comprised of diverse economies and cultures…
Asia represents approximately 56% of the world’s total population and approximately 29% of the world’s total GDP
China (PRC) Population: 1,343 million GDP: US$5.8 trillion GDP per capita: US$4,351 GDP growth 2: 8.9% Languages: Mandarin, Others Hong Kong Population: 7 million GDP: US$228 billion GDP per capita: US$32,178 GDP growth 2: 4.9% Languages: English, Cantonese Japan Population: 127 million GDP: US$5.5 trillion GDP per capita: US$42,969 1 GDP growth 2: 1.7% Language: Japanese

South Korea Population: 49 million GDP: US$1.0 trillion GDP per capita: US$20,791 GDP growth 2: 4.0% Language: Korean Philippines Population: 94 million 1 GDP: US$186 billion GDP per capita: US$1,991 1 GDP growth 2: 4.7% Languages: Filipino, English

By 2025, whilst Asia’s share of the world’s population is projected to remain steady, the region’s GDP is projected to account for over 40% of the world’s total GDP

Taiwan Population: 23 million GDP: US$430 billion GDP per capita: US$18,676 GDP growth 2: 4.9% Language: Mandarin

Vietnam Population: 89 million 1 GDP: US$97 billion GDP per capita: US$1,088 1 GDP growth 2: 7.1% Language: Vietnamese

India Population: 1,215 million 1 GDP: US$1.6 trillion GDP per capita: US$1,304 1 GDP growth 2: 8.6% Languages: Hindi, English Indonesia Population: 233 million 1 GDP: US$701 billion GDP per capita: US$3,014 1 GDP growth 2: 6.0% Language: Bahasa Indonesia

Singapore Population: 5 million 1 GDP: US$225 billion GDP per capita: US$46,525 1 GDP growth 2: 4.7% Languages: English, Mandarin

Thailand Population: 68 million 1 GDP: US$319 billion GDP per capita: US$4,677 1 GDP growth 2: 4.6% Language: Thai

Malaysia Population: 28 million 1 GDP: US$235 billion GDP per capita: US$8,431 1 GDP growth 2: 4.8% Language: Malay

Source: Notes: 1 2

Global Insight, January 2011 2010 estimates; based on 2009 statistics, unless otherwise noted Based on 2008 statistics Forecast real GDP growth over 2011-2015

Australia Population: 22 million 1 GDP: US$1.2 trillion GDP per capita: US$57,279 1 GDP growth 2: 3.1% Language: English

New Zealand Population: 4 million 1 GDP: US$139 billion GDP per capita: US$32,336 1 GDP growth 2: 2.8% Language: English 3

with Emerging Asia expected to account for over 30% by 2020. with market capitalization levels more than doubling over the past five years Breakdown of global market capitalization 30 Market Cap (US$ trillion) 25 Asia ex Japan 8% Asia ex Japan 21% Japan 8% Emerging economies' share of global GDP 100% 80% 60% 40% 20% 0% 20 15 10 5 0 Japan 10% US 44% US 31% Dec-05 Dec-10 1990 1995 2000 2005 2010 2015 2020 Emerging economies will soon account for a greater share of global GDP than the developed economies.500 1.500 3.500 2.000 2.…And rapidly becoming a prominent component of the global economy Emerging Asia has become increasingly integrated and influential within the global economy.000 500 0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 22% 20% 26% 24% 30% 28% Asia's Share of Global Trade (%) Intra-Asian Trade Levels Source: IMF Directions of Trade Statistics Asia's Share of Global Trade 4 . January 2011 Emerging economies Growth in intra-Asian trade Intra-Asian Trade Levels (US$bn) 3. which experienced growth of nearly 11 times from 1990 to 2008 Advanced economies Emerging Asia Source: FactSet Source: Global Insight. A key driver of this is the increase in intra-Asian trade.000 1.

down 17% from 2009 and more than 75% from its peak in 2007   For the first time in five years. further evidence of the region’s robust recovery following the global financial crisis US$48.5 billion raised in Asia was still well below 2006-08 levels.8 billion and US$6.0 billion.3 billion in 2010. accounting for nearly 45% of the region’s activity and representing a 53% increase from 2009 Australia and India were the second and third largest private equity markets in the region with total investments of US$8. Zero2IPO. but approximately 50% less than peak levels seen in 2007 – – – Greater China was again the largest private equity market with total investments of US$21. the US$26.6 billion. respectively PE activity in Japan declined for the fourth consecutive year. representing a 27% increase from 2009   Despite a marked shift towards RMB-denominated funds in China. USD-denominated funds actually attracted more capital in 2010.9 billion. representing a 67% increase from 2009 SE Asia-based funds raised US$2.9 billion in 2010. However. private equity exits in the region exceeded new investments. Preqin database. private equity activity levels in 2010 were higher.3 billion per year The increase in fundraising from 2009 levels was most pronounced in Greater China and SE Asia – – China-based funds raised US$16. Market intelligence Source: 5 . Greater China’s public markets were particularly heated towards the latter half of 2010. compared to 158 in 2008 and 92 in 2009. The 71 RMB-denominated funds raised in 2010 (vs. excluding Japan. EMPEA. 11 USD funds) accounted for approximately 40% of total capital raised In China. respectively.The Asia Private Equity Market—A look back at 2010 Investments and divestments   In aggregate. accounting for over 95% of the region’s private equity-backed IPO activity – – Greater China saw 211 PE-backed IPOs in 2010. Japan and South Korea  Divestment through trade sales increased significantly in 2010 to US$29. fundraising activity increased 23% from 2009 to 2010. were PE-backed in 2010 Trade sales continue to be a more common exit method in more developed markets such as Australia. up 75% year-on-year and approaching levels not seen since 2007/08 – Fundraising   In aggregate. with 85 PE-backed IPOs in the last quarter alone Approximately 30% of all IPOs in Asia. a period where private equity fundraising averaged US$53. approximately 5% more than in 2009. with total investments up 17% and 60%. Both countries experienced a significant increase in activity. driven by unprecedented exit activity in the last quarter of 2010 Divestment through public markets rose to euphoric levels in Greater China.5 billion of private equity capital was invested in 2010. about a quarter of the funds raised went towards funds with fund sizes of more than US$200 million – a drop from 2009 where about one third of the funds raised were above the US$200 million mark AVCJ.

However. especially in a market like China where foreign investment and foreign exchange are tightly controlled. underpinned by rapidly rising middle class populations.The Asia Private Equity Market—2011 and beyond Key market trends and developments Continued positive macroeconomic outlook   Securing acquisition finance generally remains a challenge in Asia. a trend that is expected to continue into 2011 In 2010. the level of private equity investment into Asia has significantly exceeded the value of realizations returned to investors. the total value of private equity-backed IPOs and trade sales (including secondary sales) was $113 billion. domestic-oriented companies are looking to expand their businesses regionally. particularly in Emerging Asia where public equity and debt capital markets are not as deep as those in the more developed parts of the world In addition. particularly in markets such as China and India. Private equity will continue to play an important role in facilitating these transactions For a number of years. urbanisation. particularly as the industry becomes increasingly focused on operational value-add expertise and initiatives A growing number of successful. 2010 saw a marked increase in the level of exit activity. GDP across Asia is forecast to grow at a blended average annual rate of approximately 6% Private equity is quickly becoming a more recognised source of funding. high savings and cost-effective labour forces For 2011 to 2015. In 2009-10. a function of gradual market maturity. with limited but increasing number of buyout opportunities  Intra-Asian trade and cross-border transactions to be more prominent  Increasing exit activity    6 . entrepreneurs and other independent business owners are increasingly recognising the additional forms of value-add that private equity firms can offer Given ongoing challenges in securing scalable buyout investments. a number of large-cap global and pan-Asian funds are seeking to execute minority growth equity investments Increasing prevalence of “active minority” investments with control-like rights and protections. compared with $48 billion in new investments Secondary buyouts are becoming more common. secondary buyouts represented approximately 20% of all private equity-backed M&A transactions Continued evolution of Asia as a growth  equity market. coupled with the global credit squeeze. providing opportunities for the private equity industry   Fundamentals for growth continue to look stronger in Asia than elsewhere in the developed world. as evidenced by the 48% increase in intra-Asian M&A transactions since 2005. low interest rates.

GP clawback obligations and fund dissolution provisions Most international LPs continue to be relatively underweight Asia. as well as pilot programs relating to Qualified Foreign Limited Partners (“QFLP”) Regulatory changes being enacted in North America at both a federal and state level are starting to impact Asian-based private equity groups. international firms are increasingly investing in Asia from dedicated Asia-focused funds as opposed to global funds with an investment remit that encompasses Asia An increasing number of RMB funds are being raised as GPs look to tap into China’s domestic investor base and take advantage of certain deal execution advantages from having access to RMB capital Chinese state governments have become increasingly active with initiatives designed to support the ongoing development of the country’s private equity industry. it remains to be seen how many of these will ultimately be successful given the challenging fundraising environment and increasingly competitive market Many global and international private equity firms have established offices in Asia to make investments and/or assist in the management of their portfolio companies. LPs have become far more scrutinizing. including providing GPs with incentives to establish funds in select jurisdictions. including significantly oversubscribed fundraises In general. However.The Asia Private Equity Market—2011 and beyond Key market trends and developments New fundraising was on the whole challenging in 2009 and 2010. fund terms have shifted moderately in favour of LPs. several funds have had to reduce their target fund sizes. funds with top quartile returns have continued to experience marked fundraising success. and this trend is set to continue as investors look to increase portfolio exposure to the region There are now in excess of 55 fund of funds active in Asia. This trend is set to continue throughout 2011 In addition. many of which are investing from a dedicated Asia-focused pool of capital. extend fundraising timetables and in some cases postpone fund launches. both in terms of re-ups and establishing new GP relationships On the whole. investment limitations. with a divergence of outcomes between firms  Following the financial crisis. notably in markets such as China and Australia 7   International and Asia-based investors continue to increase their activity and presence in Asia   International private equity firms have increased their presence in Asia   Increased focus and attention on RMB funds   Rapidly evolving regulatory landscape affecting the private equity industry globally   . particularly those with investors based abroad. particularly terms relating to fees (management and transaction). Additionally. However. this should provide ongoing support for Asia fundraising activity. Increasing numbers of international investors and advisors are establishing investment offices in Asia. European regulatory changes will come into effect throughout 2011 and 2012 Heightened scrutiny surrounding taxation and private equity looks set to remain a key area of focus for 2011.

55% and 28%. respectively Performance of public equity market indices 225% Indonesia (+102%) Global buyout activity. Economic recovery in Asia has been faster and more pronounced.. by value 100% 90% 80% 200% 175% India (+55%) 70% 60% 50% 40% 30% 23% 20% 14% 6% 8% 8% 150% HK (+28%) 125% UK (+19%) US (+8%) 100% 75% 10% Asia’s share of global buyout activity has grown from 6% in 2005 to 23% in 2009 – further evidence of the region’s resilience over the past few years 50% Oct-08 Mar-09 Aug-09 Jan-10 Jul-10 US (S&P 500) India (S&P CNX) Indonesia (JCI) Dec-10 0% 2005 2006 Asia 2007 2008 RoW 2009 UK (FTSE 100) Hong Kong (Hang Seng) Source: Note: Bloomberg Market data as of 31 December 2010 Source: Thomson Reuters 8 .Asia continues to fare better than the West following the global downturn. market indices in Indonesia.. compared to more modest increases of 19% and 8% in the UK and US. respectively. From Q4 2008 through Q4 2010. as evidenced by the strong performance of public equity markets in the region. India and Hong Kong are up 102%.

0 3.3x (US$bn) 150 100 50 0 2005 2008 2011 2014 2017 2020 2.0 1.6 7.3x China and India have historically been the major growth engines in the region.7 3. Indonesia 800 (US$bn) 600 400 200 0 2005 2008 2011 2014 2017 2020 2.500 0 2005 2008 2011 2014 2017 2020 3.000 2.1 2.0 4. India 3.…And this relative trend is set to continue Forecast Average Real GDP Growth (2011-2015) Real GDP growth across the key markets in Asia is forecast to significantly outpace that of the US and Europe.0 10. urbanisation.1 1.9 8. other markets – such as Indonesia and Vietnam – are now showing similar growth dynamics Real GDP.500 5. Vietnam 3. China 10.000 0 2005 2008 2011 2014 2017 2020 Source: Global Insight.0 (%) 6.0 7.000 (US$bn) 2.0 9.7x 9 .9 4.000 (US$bn) 7. Key elements that support this growth include an expanding middle class.0 3.0 4.0 2.1 6. Whilst this is likely to continue.0 8. high savings rates and costeffective work forces China India Vietnam Indonesia Taiwan Singapore South Korea Australia Japan US Europe 0.0 8.000 1.0 Real GDP.0 5. January 2011 Real GDP.7 4.8x Real GDP.

0 15.4 20.9 13.Despite rapid growth.6 0.2 0.8 0.2 0.4 Vietnam South Korea Source: AVCJ.5 0.4 245.3 422.0 10.0 5. January 2011 10 Indonesia China India .3 0. Dealogic.7 8.2 343.7 13.2 13.9 313.2 1.5 2004 251.2 0.4 0.4 528.1 Japan 0.8 17.0 Europe North America 0.8 15.8 0.02 Thailand 0.0 0.1 0.4 2005 372. Global Insight.0 2006 2007 2008 2009 2010 (%) (US$bn) M&A transaction value—Asia Source: Note: AVCJ Figures represent M&A transactions with targets located in Asia PE's share in M&A—Asia (%) However. private equity penetration in Asian countries remains comparatively low Private equity investment as a % of GDP 1.0 0. the Asia PE market remains under-penetrated Private equity in Asia continues to be a relatively steady share of the region’s overall M&A activity M&A market trend 600 500 400 300 200 100 0 17.

driven by activity in China. SE Asia 10 0 2004 2005 2006 2007 2008 2009 2010 Australia/NZ Japan Greater China SE Asia India South Korea 0% 2004 2005 2006 2007 2008 2009 2010 Buy-outs (MBO/MBI/LBO) Mezzanine/Pre-IPO Expansion/Growth Capital PIPE Financing Source: AVCJ Source: AVCJ 11 . respectively PE investments. both buyout and growth capital strategies represented the majority of private equity activity (US$bn) 50 40 30 21 20 40% 20% Going forward. India and. by country 100 90 80 70 60 66 56 46 34 49 60% PE investments. with Australia and India a distant second and third. we expect growth capital transactions to continue to rise. increasingly.PE investment activity levels continue to trend positively Greater China continues to represent the single largest market for private equity investments in the region. by strategy 95 04–10 CAGR: 15% 100% 80% In 2010.

Affinity existing CICC Private Equity Equity shareholders Partners 1 (34% stake) China Dec-10 Indonesia Dec-10 Japan Dec-10 Australia Jan-11 New Zealand Feb-11 Carlyle Asia. GIC Country Date Australia Jul-10 China Jul-10 China Aug-10 India Aug-10 Japan Aug-10 Singapore Oct-10 S.340 2. GIC.500 1. KKR.500 2. market intelligence. PEI Asia. Private Equity Analyst. CIC MBK Partners CHAMP TPG. TPG SAIF Partners Silver Lake (23% stake) Blackstone Group Wise Partners Hony Capital (29% stake) Vogo Fund Hopu and Temasek-led consortium TPG.Recent “notable” PE investments 2. Macquarie Group Carlyle Japan Bain Capital. Private Equity Review. Korea Nov-10 China Nov-10 Australia Feb-11 Japan Mar-11 India Mar-11 Source: Notes: 1 AVCJ.000 1. and other publicly available information. may differ from actual data Acquired from Pacific Equity Partners 12 .000 800 807 852 500 260 182 300 176 400 220 200 212 293 466 304 0 Deal Sponsor(s) Carlyle Asia.000 Investment size (US$m) 1.

there has been a meaningful increase in exit activity In China. As such. PE-backed IPO volume has surged. similar to the more developed markets Private equity-backed IPOs1 90 80 70 60 (US$bn) 50 40 30 30 20 10 0 2004 2005 2006 2007 2008 2009 2010 Australia / NZ India SE Asia Source: Note: 1 AVCJ Note that in many cases. aggregate IPO data can be misleading Private equity-backed M&A trade sale exits 40 83 35 66 30 25 (US$bn) 20 17 15 10 5 0 2004 2005 2006 2007 2008 2009 2010 Australia / NZ India SE Asia Greater China Japan South Korea 34 34 29 55 24 17 15 18 14 16 Greater China Japan South Korea 13 . private equity will represent a minority ownership stake. secondary buyouts are also expected to become a more meaningful exit route. surpassing 2006 and 2007 levels Trade sales are expected to increase as international corporates continue to look to the East to fuel their future growth and manage costs As the market matures.As the Asia PE market matures. exit activity continues to increase As the Asia PE market continues to mature.

400 1. Morgan Stanley AIP. Private Equity Review.000 1. Pacific CITIC Capital Archer Capital 860 425 211 445 573 258 724 367 255 540 345 Country Date Australia Sep-10 Japan Sep-10 Australia Oct-10 China Oct-10 Taiwan Oct-10 Taiwan Nov-10 S.Recent “notable” PE divestments 4.190 1.000 570 318 0 Deal Sponsor(s) Palamon CHAMP Private Equity 1 Capital Partners.000 2.100 4.000 Investment size (US$m) 3. Capital Polaris Partners Capital Lunar Capital MBK Partners Carlyle Asia Lone Star Carlyle Asia Ironbridge Capital Actis. market intelligence. Private Equity Analyst. AlpInvest Australia Jun-10 Australia Jul-10 Lazard Carnegie Wylie PE Daiwa SMBC Crescent Capital. PEI Asia. Morgan Stanley Advantage CVC Asia Partners. and other publicly available information. Korea Nov-10 China Dec-10 Australia Dec-10 India Dec-10 Japan Jan-11 Japan Feb-11 Malaysia Feb-11 Australia Feb-11 Source: Notes: 1 AVCJ. may differ from actual data Sold to Providence Equity Partners 14 . Sequoia Capital KKR Asia.

7 20 15 10.460 Pan-Asia US$1. November 2010 Selected funds recently closed (2010 / Q1 2011) Selected funds currently in the market Fund Target Size (m) Geography The emergence of RMBdenominated funds in China has dramatically shifted the fundraising landscape Fund Size (m) Geography Carlyle Asia Partners III Baring Private Equity Asia Fund V SAIF Partners Fund IV CDH China Fund IV KKR China Growth Fund I CITIC Capital China Partners II New Horizon Capital III CX Partners Fund I Quadrant Private Equity No.275 Pan-Asia US$1.6 11.000 China US$925 China US$750 China US$515 India A$750 Australia US$600 Japan Pacific Alliance Pan-Asia Fund I AIF Capital Asia IV Orchid Asia V Blackstone Zhonghua Development Investment Fund Carlyle Beijing RMB Fund CDH RMB Fund II Hony Capital RMB Fund II Saratoga Asia III (pre-marketing) Hahn & Company Korea Fund I US$2.PE fundraising activity has increased over recent years Asia has rapidly become a core part of an LP’s overall PE portfolio.1 2004 2005 2006 2007 2008 2009 2010 Raising Greater China SE Asia Source: Preqin.450 China US$1. AVCJ.4 13.000 China RMB5.3 10 5 0 6.100 Pan-Asia US$2.500 Pan-Asia US$750 Pan-Asia US$650 Pan-Asia RMB5. This trend has helped fuel a major increase in fundraising activity over recent years PE fundraising.6 27 Pan-Asian funds continue to dominate the league tables in terms of fund size 0 2004 2005 2006 2007 2008 2009 India South Korea 2010 Australia / NZ Japan Source: AVCJ (%) 12.000 China TBD Indonesia US$750 S. The Rise of Asian Private Equity. 3 Japan Industrial Partners Fund III Source: US$4. PEI Asia.000 China RMB10. Korea Preqin Database. market intelligence 15 .7 9. by country 70 60 50 (US$bn) 40 30 20 10 16 29 22 47 60 53 Asia’s share of global PE fundraising 25 20.000 China RMB10.4 12.

0 2004 2005 2006 2007 2008 Asia PE & VC US PE Source: Note: Performance benchmarks.0 (10.0 -5.0 10. Europe PE and VC US VC W.0 -10.0 -10. Asia PE and VC data only available combined Performance benchmarks.0 0.0 -15. Asia PE and VC data only available combined 16 .0 -20. median net IRR (%) 15.0 2004 2005 2006 2007 2008 Asia PE & VC US PE W. Europe PE & VC Index Three Year Period US PE Index US VC Index DJIA Index Five Year Period MSCI EM Index Source: Note: Cambridge Associates Index and Benchmark Statistics.0 5.0 Median Net IRR (%) 10. as well as key public market indices Performance benchmarks.0) One Year Period Asia PE & VC Index W. September 2010 US PE and VC data only available separately. Europe PE and VC US VC Cambridge Associates Index and Benchmark Statistics.0 0.Performance in Asia continues to outperform other regions Over the past several years. upper quartile net IRR (%) 30. September 2010 US PE and VC data only available separately.0 10.0 Upper Quartile Net IRR (%) 20. PE and VC fund managers in Asia have consistently outperformed their US and European counterparts.0 0. key indices 30.0 (Index level) 20.0 -20.

driven by higher expected returns Allocations to Asian private equity funds are expected to continue to increase. and more experienced investors increasing their allocations to the region % of PE portfolio targeted at the Asia-Pacific region 100 Respondents (%) 80 60 40 20 0 Now In 3 years time Now In 3 years time Now In 3 years time North American LPs Source: European LPs Asia-Pacific LPs Coller Capital. while 26% will look to expand their attention to Indonesia. 2010 Expand investment Begin investing 17 . and other emerging economies in Asia China India Brazil Other Emerging Asia Latin America (ex Brazil) Sub-Saharan Africa (ex S. Vietnam. Emerging Markets Private Equity Survey. Africa) South Africa Middle East Central & Eastern Europe (inc Turkey) Russia/CIS -20% -10% 0% 10% 20% 30% 40% 50% 60% Decrease or stop investing Source: Coller Capital and EMPEA. fuelled by first time Asian investors. respectively. “Global Private Equity Barometer” Summer 2010. estimates LP’s planned changes to their emerging markets PE investment strategy over the next 2 years Approximately 44% and 28% of LPs surveyed expect to increase their allocations to China and India.LP interest in Asia has increased.

SECTION 2 Trends and developments by major country .

Australia private equity Overview  Represents one of the most active and developed private equity markets in Asia.8 5. and increasingly secondary buyouts. 2010 Sentient Group—Sentient Global Resources Fund III.000 million. for A$575 million National Hearing Care (Sep-10)—Crescent Capital Partners sold the audiology business to Amplifon.0 5. 2010 saw banks once again open their doors to Australian GPs. Market intelligence.3 2006 2007 2008 2009 2010 2.9 Key sponsor-related transactions July 2010—YTD  Redflex (Feb-11)—A consortium consisting of Carlyle Asia and Macquarie Group have acquired the global traffic safety company for A$300 million Constellation Brands (Jan-11)—CHAMP Private Equity completed the A$290 million acquisition and subsequent rebranding of the Australian and European wine businesses of Constellation Brands – now dubbed Accolade Wines Easternwell (Dec-10)—Ironbridge Capital sold well drilling and servicing group Easternwell to Transfield Services.3 2. UBS estimates Source: Note: 1 Bloomberg. the largest private equity transaction to take place in Australia in two years Source: Select Australia-focused funds        Long-Term Interest Rate (%) 0. 3.0 7. Singapore and Hong Kong    4. However.0 2005 250 2006 2007 2008 2009 2010  Index Performance (%)1 200 150 100 50 2005 2006 2007 S&P/ASX 200 2008 2009 MSCI AC Asia 2010 2011   AVCJ. A$1.000 500 0 2005 6. Preqin Database. rather than as capital gains.0 2.5 1. 2009 The Australian tax authorities have upheld their 2010 decision to tax profits from private equity deals as income. PEI Asia. Global Insight.6 1. for A$460 million in an all-cash deal Healthscope (Jul-10)—TPG and Carlyle Asia have de-listed the hospital chain in a A$2.0 5.8 3. A developed local GP community. in the market CHAMP—Champ Buyout III.7 billion deal.2 2. A$1. January 2011 Market data as of 3 January 2011 19 . A$500.0 4.0 billion. Following a few years of caution.0 2005 6. 2007  5.0 2005 8.500 1.4 5. an Italian hearing aid retailer. trade sales. US$815 million.6 2006 2007 2008 2009 2010 784 952 1.0 2. A$750 million.5 2.0 5.500 million. Key differentiators include: Nominal GDP (US$bn) Macroeconomic indicators 1. As a result. Some worry that the imposition of uncompetitive corporate taxation could work against the government’s policy goal of making Australian cities (like Sydney) financial hubs to rival Tokyo.0 4. in the market Crescent Capital Partners—Crescent Capital Partners IV.0 CPI Inflation (%) 4. 2010 Quadrant Private Equity—Quadrant Private Equity No. coupled with both global and Pan-Asian PE Managers underpin this. A$1.232 736 – – – mature and transparent market stable growth no language barrier – – – established legal system low political/country risk established credit providers   Emerged relatively unscathed from the global economic crisis and well positioned to continue to benefit from robust commodity links to the growth engines of China and India A strong and relatively stable base of lenders with LBO experience providing debt finance with increasing levels of sophistication is a clear advantage over most other Asian markets. an Australian engineering and maintenance services provider. A$4.036 974 1.4 2.7 3. have been the preferred method of exit. 2008 Archer Capital—Archer Capital Fund 4.3 2006 2007 2008 2009 2010 Ironbridge Capital—Ironbridge Fund III.0 0. There were twice the number of secondary buyouts in 2010 vs.6 6.360 million. leverage multiples remain significantly below the levels seen in 2006-07 High profile successful exits have encouraged vendors and management teams to consider private equity as an exit route and have also attracted new market entrants Australia’s IPO markets have continued to struggle over the past few years.0 2. 2009 Pacific Equity Partners—Pacific Equity Partners Fund IV.0 6.6 Real GDP Growth (%) 4.

0 2005 8.0 5. TPG) have also started to raise RMB-denominated funds following the government’s adoption of more supportive measures The emergence of RMB-denominated funds is underpinned by a rapidly expanding and liquid domestic LP base. both in Asia. in the market KKR Asia—KKR China Growth Fund I.g.7 2007 14. US$750 million. US$1.000 2. As a result.3 10.7 2006 2007 7. RMB 9.000 million.China private equity Overview   Regarded as one of the most prominent private equity markets. UBS estimates Source: Note: 1 Bloomberg. More recently. Hony. we are witnessing the emergence of some control transactions in more established companies Publicly-traded companies continue to exhibit high entry valuations relative to other countries. are among eight investors that have committed US$200 million to the orange plantation owner Allyes Online Media (Aug-10)—Silver Lake.6 5. in the market Hony Capital—Hony Capital RMB Fund II. and globally Nominal GDP (US$bn) Macroeconomic indicators 6. Chinese GPs have generally invested at significant discounts to public trading multiples.3% stake from Morgan Stanley for approximately US$1 billion Asian Citrus Holdings (Nov-10)—Hopu Investment Management.000 0 2005 15. particularly in certain sectors such as real estate The regulatory landscape in China has also become increasingly supportive of private equity.450 million.000 million.0 2009 2010 1.—CDH China Fund IV. the USheadquartered technology-focused firm. 2011 CITIC Private Equity Funds Management—CITIC Mianyang Private Equity Fund.9 4. China’s insurance Regulatory Commission finally allowed domestic insurance companies to invest in private equity. January 2011 Market data as of 3 January 2011 20 . which may translate to as much as RMB225 billion of new funds entering the local private equity market      2006 2007 2008 2009 2010  Key sponsor-related transactions July 2010—YTD  China Pacific Insurance (Dec-10)—Carlyle Asia divested approximately US$860 million on the HKSE.0 CPI Inflation (%) 6.0 -3. Preqin Database.2 2008 2009 2010 2. US$1.519 4.257 2. A general lack of bank financing for growth businesses and in particular POE’s makes PE an attractive source of capital The majority of deals continue to be non-control pre-IPO plays. 2010 CDH China Management Co.985 Sponsor activity continues to increase as SOE’s (State Owned Enterprises) become privatised and POE’s (Privately Owned Enterprises) continue to seek capital to fuel growth and expansion.8 5. Carlyle.8 1.1 2006 12.000 million.0 Long-Term Interest Rate (%) 6. PEI Asia.0 0.4 2008 7. KKR. RMB 5.495 5.0 3.5 4.713 3.0 Real GDP Growth (%) 11. international GPs (e. and existing CICC shareholders acquired the 34. acquired a majority stake in the digital marketing solutions provider for US$182 million Select Greater China-focused funds  Blackstone Group—Blackstone Zhonghua Development Investment Fund.5 -0.1 6. with GPs looking to capitalize on China’s booming capital markets.000 4. In August 2010.5 6. Market intelligence. CDH. That said.0 2005 500 Index Performance (%)1 400 300 200 100 0 2005 2006 2007 2008 2009 2010 2011 6.0 9.4 9. KKR. and the government (at both the national as well as provincial level) has recently announced various measures that selectively encourage both foreign and domestic LPs to invest in Chinese private equity through RMB-denominated funds Competition amongst various local jurisdictions (such as Beijing and Shanghai) to attract capital is expected to continue to drive further policy developments in favor of both foreign GPs and foreign LPs There has been a marked increase in onshore RMB-denominated funds managed by Chinese GPs also investing offshore USD-denominated funds (e.g.844 4. 2010     2006 2007 2008 2009 2010     Shanghai SE Composite MSCI AC Asia Source: AVCJ. New Horizon).9 3. 2010 New Horizon Capital—New Horizon Capital III. and in many cases have been able to generate value upon exit via the buoyant domestic public markets.1 10. along with Temasek.0 2005 9. Global Insight. The private equity firm is expected to keep selling down its stake in the insurer over the next several months China International Capital Corporation (Dec-10)—TPG. RMB 10. Note however the building concern surrounding a potential bubble.000.

a rapidly growing middle class population provides a favourable backdrop to PE investment opportunities Over recent years.0 6. which operates a panIndia chain of clinical diagnostic centers GVK Energy (Dec-10)—Actis has teamed up with GIC to invest US$77 million each in the energy company. translating to an anticipated investment opportunity of US$1 trillion over the next five years. Like China.0 4. PEI Asia.5bn (US$300 million) from Blackstone Group Source: Select India-focused funds  Multiples Alternate Asset Management— Multiples Private Equity Fund I. regulatory restrictions and leverage constraints. in the market Everstone Capital—Everstone Capital Partners II.000 1.0 5. Much of this is expected to come from the private sector 2006 2007 2008 2009 2010 12. Indian PE firms divested over 120 companies in 2010.1 4. make LBOs challenging Population and economic growth has outpaced the development of India’s infrastructure system. 2011 Ascent Capital—Ascent India Fund III. almost double the number in the preceding twelve month period Whilst buyout investments are increasing. an outsourced engineering services company Thyrocare Technologies (Dec-10)—CX Partners invested US$42 million for a 30% interest in the company. Accordingly.0 7. This follows 3i Infrastructure’s US$182 million investment a month earlier Moser Baer (Aug-10)—The developer of power generation facilities attracted an investment of INR 13.0 Real GDP Growth (%) 9.6 8. US$450 million. US$350 million. Market intelligence.0 8.9 7.0 4.0 2005 15.000 500 0 2005 12.3 8. the number of PE firms focused on India has increased dramatically. US$550.8 Key sponsor-related transactions July 2010—YTD  Hero Honda (Mar-11)—Bain Capital and GIC have invested US$852 million in India’s Hero Investments to help it finance the buyout of a 26% stake in Hero Honda. However.4 10. more recently.4 6.281 1. many of which are effectively family owned and controlled and continue to be managed as such.197 1. as well as the growth profile and family ownership of many companies. 2009 IDFC Private Equity—IDFC Private Equity Fund III. Global Insight.273 1. 2008 2006 2007 2008 2009 2010        2006 2007 2008 2009 2010    AVCJ.0 2005 300 Index Performance (%)1 250 200 150 100 50 2005 2006 2007 S&P CNX 2008 2009 MSCI AC Asia 2010 2011 7.9 6. 2010 India Value Fund Advisors—India Value Fund IV.7 7. UBS estimates Source: Note: 1 Bloomberg.0 5.4 9. high valuations continue to be a key challenge Indian capital markets remain relatively dominated by listed companies. US$440 million. the JV between the Japanese automaker and India’s Hero Group QuEST (Dec-10)—Warburg Pincus India invested US$75 million in Quality Engineering & Software Technologies (“QuEST”).9 8.8 9. Preqin Database.India private equity Overview   Together with China.500 1. a number of PE firms have been actively focused on PIPEs Growth equity remains the most common form of PE in India.5 2006 2007 2008 2009 2010 840 946 1. January 2011 Market data as of 3 January 2011 21 .0 Long-Term Interest Rate (%) 8.2 0. India is widely recognised as one of the two key growth engines of Asia. 2009 Jacob Ballas Capital India—NYLIM Jacob Ballas India Fund III.0 CPI Inflation (%) 10. 2010 CX Partners—CX Partners Fund I US$515 million. representing over 75% of the total value of PE investments in India in 2010 India has historically been criticised for having low levels of PE realizations. US$725 million.0 7.583 several large global PE firms have established local offices there are a large number of private equity teams and individuals “spinning out” of institutional or established platforms to establish new. independent PE firms       As the GP landscape has become more crowded and Indian promotors more savvy.0 5. including both domestic and international participants: – – Nominal GDP (US$bn) Macroeconomic indicators 2. US$700 million.0 2005 10.

Market intelligence. natural gas. iron.000 750 500 250 0 2005 8.0 4. US$350 million.0 2005 15.1 5.0 2.1 2007 2008 2009 2010  10. providing buoyant exit opportunities for private equity managers Sovereign credit rating is expected to be upgraded to investment grade by 2011-12. GIC and CIC invested US$400 million in Delta Dunia Makmur. after China and India Nominal GDP (US$bn) Macroeconomic indicators 1. which represents the largest foreign GP-led investment in Indonesia Select Indonesia-focused funds     Saratoga Capital—Saratoga Asia III. Global Insight. January 2011 Market data as of 3 January 2011 22 .0 Real GDP Growth (%) 6.0 CPI Inflation (%) 10.4 5. US$300 million. geothermal resources and forest products    Indonesia together with China and India are the only G20 members that posted growth during the global financial crisis. nickel. fund size TBD.0 8. Preqin Database. UBS estimates Source: Note: 1 Bloomberg. They will be significant shareholders of the company.1 6.Indonesia private equity Overview    Represents one of the most attractive and swiftly developing private equity markets in Asia. which is the world’s third largest by trade volume (after the European Economic Area and the NAFTA) Apart from a select group of country-focused GPs. PEI Asia. Also a significant beneficiary of the ASEAN-China Free Trade Area.7 5.0  6. in the market Quvat Management—Quvat Capital Partners III.0 2005 500 2006 2007 2008 2009 2010 Index Performance (%)1 400 300 200 100 0 2005 2006 2007 2008 2009 2010 2011  Jakarta Composite Index MSCI AC Asia Source: AVCJ.0 8.0 0..5 6.0 4. which previously acquired a 40% stake in the company in Nov-09 Tower Bersama Group (Mar-10)—Saratoga Capital acquired an additional 5% of Tower Bersama Group for US$15 million.3 8.5 6.1 10. and fourth most populous in the world including the U. an increasing number of international and pan-Asian fund managers have established offices in Indonesia 2006 13. together with Northstar.4 2007 2008 2009 2010 Key sponsor-related transactions Jan 2010—YTD  Delta Dunia Makmur (Dec-10)—TPG. with 233 million people and a median age of under 30 years Rich in natural resources and a major producer of commodities globally – – – 2nd largest coal exporter after Australia Largest palm oil producer globally Also a major producer of cocoa.0 Short-Term Interest Rate (%) 10. and has been steadily improving since 2002. in parallel with strong commodity exports.0 5.5 7. Saratoga had previously acquired a 39% stake in 2005 Matahari Department Store (Jan-10)—CVC Asia Pacific acquired over 90% of the company for US$770 million.0 2005 12. and have already exceeded pre-crisis levels Indonesia was one of the best performing equity markets in Asia in 2009-10. Foreign exchange reserves increased by more than 45% in 2010 Strong manufacturing base supports sustained and balanced economic development. Consumer Confidence and Retail Sales Indices are near an all-time high.0 8. in the market 9. in the market Ancora Capital Management—Ancora Fund II. which owns Indonesia’s second biggest coal mining contractor.5  2006 11. US$500 million. copper. Indonesia’s credit rating was investment grade before the Asian crisis in 1997-98 and the country has on average run a current account surplus over the last decade since then. tin.S. pre-marketing Northstar Pacific—Northstar Equity Partners Fund III.1 2006 2007 2008 2009 2010 286 365 432 511 701 540 Third most populous nation in Asia after China and India.3 6.3 6.

including fiscal imbalances and demographics marked by a declining birth rate and aging population As some domestic LPs decrease their allocations to private equity.4 billion recorded in 2010 Three of the more common types of private equity transactions in Japan currently are: – – – Macroeconomic indicators 8.0 2005 2. delisted the consolidated billing service provider alongside management Q’Sai (Sep-10)—Japan’s Coca Cola West.0 Real GDP Growth (%) 4.3 0. Nomura Principal Finance. Mizuho Capital Partners)    Key sponsor-related transactions July 2010—YTD  Tsubaki Nakashima (Mar-11)—Carlyle Japan acquired a 97% stake in the Japanese bearings components maker from Nomura Principal Finance in a US$807 million buyout transaction Enoteca (Feb-11)—Unison Capital delisted the wine importer via an MBO alongside HCBC Enterprises. corporations have become bigger.000 0 2005 8.0 -1.0 CPI Inflation (%) 1.45 billion).0 0. PEI Asia.6 -1. in the market Iwakaze Capital.5 1.3) 2006 2007 2008 1. January 2011 Market data as of 3 January 2011 23 . ¥20 billion (US$240 million).475   acquiring companies with business succession issues. 2010 Unison Capital—Unison Capital Partners III.4 1. in the market Japan Industrial Partners—Japan Industrial No. in a US$212 million deal.0 -4. US$500 million. Tokio Marine Capital.1 (1.378 4.365 4. ¥30 billion (US$340 million). ¥140 billion (US$1. Further. Market intelligence.3 1. Global Insight.0 -8.0 -0. many managers.000 4. UBS estimates Source: Note: 1 Bloomberg. and an increase in private equity deal flow. Preqin Database.557 4. Daiwa Securities. with deal flow light relative to other key markets.000 2. an investment firm headed by one of the company’s directors.0 2005 2. a Coca Cola bottler.7 1. the success of private equity groups in Japan has been mixed.5   1. However.0    Ant Capital Partners—Ant Catalyzer Fund #4. instead.Japan private equity Overview  Japan is widely regarded as one of Asia’s more mature private equity buyout markets. foreign LPs have generally been disappointed with the performance of Japanese-focused funds The mega deals that defined the PE environment in the last decade have not been repeated in recent years. more diversified. Iwakaze Fund II. To date. and consequently less competitive. in the market New Horizon Capital—New Horizon Capital Fund II. public to private transactions. particularly in the middle market Japan represents one of the largest economies globally. which has led to an increase in divestitures of noncore businesses. Polaris Capital and Japan Industrial Partners for US$425 million Source: Select Japan-focused funds Long-Term Interest Rate (%) -2.3 4.4 -0. over recent years. Business culture and language differences are often cited as barriers in this regard. acquired the vegetable juice producer from Daiwa SMBC.880 5.4 2009 2010 1. however. 2009 1.0 2005 250 2006 2007 2008 2009 2010 Index Performance (%)1     200 150 100 50 2005 2006 2007 NIKKEI 225 2008 2009 MSCI AC Asia 2010 2011   AVCJ. Japan has declined in the region’s private equity rankings.000 Nominal GDP (US$bn) 6. in the market CITIC Japan—CITIC Japan Partners II.7 1.034 5.7 2006 2007 2008 2009 2010 0.3 2006 2007 2008 2009 2010 4. for about US$75 million Orient Corporation (Jan-11)—KKR and Morgan Stanley have sold US$367 million of preferred shares of the consumer credit firm to Mizuho Financial Group Invoice (Dec-10)—MBK Partners. ¥30 billion (US$340 million).2) (6. US$600 million. are looking abroad for international capital for the first time A large number of GPs are held 'captive' by large Japanese financial institutions looking to generate deal flow from their private equity affiliates (i. in the market Tokio Marine Capital—TMCAP2010. with high GDP per capita and a large population.1 1. particularly in the middle market. small and medium sized investments have dominated the market with 26 buyouts worth US$1.0 0. ¥50 billion (US$560 million). as well as the country’s structural challenges. and corporate carve-outs of non-core businesses  Over the last few decades.e.0 2. 3 Investment Enterprise.9 2. These corporations are now making more of an effort to become more focused.

This dynamic tends to favour the PE firms with a strong local presence   Key sponsor-related transactions July 2010—YTD  Hankook Jungsoo Industries (Dec-10)—KDB Capital.0 2005 250 Index Performance (%)1 200 150 100 50 2005 2006 2007 KOSPI 2008 2009 MSCI AC Asia 2010 2011 4.008    The uncertainty in the regulatory and tax environments. the business culture in South Korea is highly relationship-driven. January 2011 Market data as of 3 January 2011 24 . buyout deals accounted for approximately half of PE activity since 2008 and approximately 67% in 2010 The higher level of sponsor activity in South Korea compared with some other Asian economies can be partly credited to the overall sophistication of the domestic market and the degree of involvement of overseas investors in both capital markets and corporate activity Real GDP Growth (%) Macroeconomic indicators 1. Vogo Capital Advisors. Hi-mart).1 4.8 2.6 2.5 5. agreed to sell an additional 46% stake in Tong Yang Life Insurance for US$800 million to a consortium led by Vogo Capital Advisors.049 Nominal GDP (US$bn) 1.3 0. in the market TStone Corp—TStone Private Equity Fund III. the private equity arm of Korean Development Bank.6 2006 2007 2008 5. finally exited its 51% stake in the company for US$4. well-publicized distressed deals in recent years (e.g. in fact. UBS estimates Source: Note: 1 Bloomberg.0 4. for example.000 844 800 600 2005 8. US$330 million. US$300 million. which has been overshadowed by some of the larger. H&Q Korea) as well as some of the more well-established pan-Asia buyout funds with a strong local track record (e.0 2005 6. in the market STIC Investments—STIC Asia Mid-market PE Fund II.0 2.8 3. Global Insight.0 6.5 million North East Chemicals (Dec-10)—Macquarie Korea Opportunities Management acquired the chemical storage company for Won 100 billion (US$88 million) Korea Exchange Bank (Nov-10)—Lone Star. South Korea remains an active private equity market with participation from both local players (e.4 5. which already held a 17% stake Select Korea-focused funds      Hahn & Company Korea—Hahn & Company Korea Fund I. US$670 million.5 4.8 2009 2010 5.0 0. after two failed attempts. Market intelligence. PEI Asia.0 Long-Term Interest Rate (%) 5.0 2. automobiles and steel Like Japan. Preqin Database.1 5. combined with attractive asset values.0 2005 6.2 0. US$750 million.0 2009 2010 2006 2007 2008 2009 2010 6.—Woori-Blackstone Korea Opportunities Fund.200 1. US$500 million. has resulted in a dichotomy for PE investors—some have appetite for value while others are cautious about execution risk.2 2006 2007 2008 4. Unitas Capital.g.g. (Noting.1 billion to the Hana Financial Group Tong Yang Life Insurance (Nov-10)—Tong Yang Group. a South Korean conglomerate.1 951 934 833 1. Hahn & Company. acquired a 72% stake in the water treatment equipment manufacturer for US$52. KEB.South Korea private equity Overview  Despite political tensions. displays. 2006   2006 2007 2008 2009 2010   Source: AVCJ.6 2.0 CPI Inflation (%) 4. the challenges Lone Star encountered with their eventual exit of KEB) The country’s manufacturing-driven global competitiveness has resulted in the emergence of world-class multinational companies and brands with highly advanced technologies and R&D capabilities across multiple industries such as semiconductors. Affinity Equity Partners) The increasing availability of local debt has led to an increase in buyout activity. 2009 Vogo Fund—Vogo Fund I.2 5. 2008 Woori Private Equity Corp.1 2. 2010 H&Q Asia Pacific—H&Q Korea Private Equity Fund II.0 4.0 2.7 5. Won 600 billion. where personal reputation and trust is built over extended periods of time.0 4.

SECTION 3 GP landscape .

(buyout) CDH China Management Co.000* RMB 5.000* RMB 9.000 TBD* $350 $500* $550 $750 $500* TBD* $300 $1.000* RMB 10.000 TBD* RMB 1.000* RMB 1.000* $500* ¥10.500 RMB 1.000* ¥140.275 $300 S$300* $4.400 $360 $200* $450* $250 $300 $725 $300* $300* Greater China USD Funds Capital Today CDH China Management Co.500 $300* $1.000* RMB 5.000 $500 Won 359.154 ¥60.000 ¥50.000 ¥31.000 ¥20.000* RMB 10.000* RMB 5.000 $2.450 $500 $600 $300* $430 $925 $800* $500* $355 $540 $940 $380 $500 $1.000* Notes: 1 2 3 4 $ * Red Generally excludes funds less than US$300 million Generally excludes pure venture Size of the last closed fund Based on market intelligence and UBS estimates Denotes US$ Target size Fund in the market 26 .000 $300 $500* $670 Won 600.500 A$450* A$440 A$500* NZ$325 $300* A$420 TBD* A$1.000 ¥107.000* $330 $750* Won 400.500* $500* $1.500 $1.000* A$400* A$285 A$4.360 A$250* A$200 A$1.000* RMB 5.000* RMB 20.400 $2.500 $600 $300 $250* $1.600 $350* $1. (venture) China Renaissance Capital CICC Private Equity CID Group CITIC Capital Partners CITIC Private Equity Funds Management Clarity China Partners DT Capital Partners EQT Partners Asia FountainVest Partners GSR Ventures Hao Capital Hony Capital Hope Investments IDGVC Partners Infinity Equity Keytone Ventures KKR China Kleiner Perkins Caufield & Byers (KPCB) Legend Capital Milestone Capital Partners New China Investment Management New Horizon Capital NewMargin Ventures Northern Light Venture Capital Prax Capital Primavera Capital Group Qiming Venture Partners RRJ Capital SAIF Partners SB China Venture Capital Sequoia Capital (USD Fund) Spring Capital Asia Themes Investment Partners Tripod Capital Trust Bridge Partners Zana Capital (fka CMIA Capital Partners) RMB Funds Bank of Communications Blackstone Group BOCI Private Equity Carlyle Group China Bridge Capital CCB International (clean technology fund) CCB International (healthcare fund) CDH China Management Co.000* ¥15.000 RMB 5.200 India Actis Capital Asset Reconstruction Company of India Ascent Capital Avigo Capital Partners Baer Capital Partners Baring Private Equity Partners India Blue River Capital ChrysCapital Management CX Partners Everstone Capital Exponentia Capital Gaja Capital ICICI Venture Funds Management IL&FS Investment Managers IndiaCo Ventures India Equity Partners India Value Fund Advisors Jacob Ballas Capital India Kotak Private Equity Group Kubera Partners KV Asia MCap Fund Advisors Multiples Alternate Asset Management Nalanda Capital New Silk Route Advisors Peepul Capital Pravi Capital Reliance Equity Advisors Samara Capital Sequoia Capital India Sequoia Capital India (growth) South Asia Clean Energy Fund Tata Capital $500 $500* $350 $240 $300* $560 $200* $950 $515 $550 $400* $200 $500* $350* $500* $500* $725 $440 $520 $400* $500* $300* $450* $400 $1.550 $1.500 South Korea Actium Corporation H&Q Asia Pacific Hahn & Company Korea Korean Development Bank KTB Ventures Mirae Asset MAPS Global Investments Shinhan Private Equity STIC Investments TStone Corp Vogo Fund Woori Private Equity Corp.040 $1. $1.250 $1.000* RMB 6.000* RMB 20.000 $1.000* $500* ¥30.200 $580 $750 $250 $650* $2.000 ¥30.000 RMB 2.600 ¥30.000 RMB 1.Asian market map Pan-Asia/regional funds ADM Capital Affinity Equity Partners AIF Capital Ares Management Asia Mezzanine Capital Group Avenue Capital Group/ Avenue Asia Capital Management Bain Capital Asia Baring Private Equity Asia Carlyle Asia Carlyle Asia (growth) Clearwater Capital Partners CLSA Capital Partners CVC Asia Pacific Daiwa Quantum Capital Darby Asia Investors Equis Funds Group Excelsior Capital Asia Greater Pacific Capital Harmony Capital Partners Headland Capital Partners (FKA HSBC Private Equity) Intermediate Capital Group KKR Asia L-Capital Asia The Longreach Group MBK Partners Morgan Stanley Private Equity Asia Myo Capital Advisors Navis Capital Partners Oaktree Capital (Hong Kong) Olympus Capital (OCA) Olympus Capital (AEP) Orchid Asia Group Management Pacific Alliance Group PineBridge Investments SAIF Partners Southern Capital Group Tembusu Partners TPG Capital Unitas Capital $420 $2.500 $600 ¥55.000* RMB 2.000* $1.000 $500* A$750 $815 A$350* Southeast Asia Ancora Capital Management Aureos Capital BankInvest Dragon Capital IDG Ventures Kendall Court Capital Partners Lombard Investments Mekong Capital Northstar Pacific Quvat Management Saratoga Capital (pre-marketing) SEAVI Advent Vietnam Investments Group VinaCapital $300* $250* $150* $250* $150* $150 $300* $150* $500* $350* TBD* $180 $160* $250* RMB 5.000* $400* $2.000 Won 460.000 $250 $500* $260 $410 $300 Japan Advantage Partners Advent International Ant Capital Partners Carlyle Japan CITIC Japan CLSA Capital Partners DRC Capital Iwakaze Capital JAFCO Japan Industrial Partners J-Will Partners Mitsubishi Corp / Mitsubishi UFJ (Marunouchi Capital) Mitzuho Capital Partners New Horizon Capital Nippon Mirai Capital Nomura Principal Finance Polaris Principal Finance SBI Capital Tokio Marine Capital Try Hard Investments Unison Capital Valiant Partners ¥171.470 $1.000 RMB 5.000 $4. (RMB) Chengdu Investment Holdings Group China Everbright China Mining United Fund CITIC Private Equity Funds Management Delta International Capital / Tianjin Dohold Capital DT Capital Etech Securities First Eastern Financial Investment Group Hony Capital Huarong Yufu Capital GP Capital / CICC Legend Capital (RMB) Morgan Stanley / Hangzhou RMB Fund New Horizon Capital (RMB) Sequoia Capital (RMB Fund) TPG China (Shanghai) TPG China (Chongqing) Yun Feng Capital (RMB and USD fund) $400 $1.000* ¥148.000 ¥100.000* RMB 10.000* RMB 10.000 ¥17.800 $750* $500* $300* $3.000 $620 $750* $1.000* RMB 5.000 Australia/New Zealand Advent Private Capital AMP Capital Investors Archer Capital Archer Capital (growth) Anchorage Capital CHAMP CHAMP Ventures Catalyst Investment Managers Crescent Capital Partners Direct Capital Endeavour Capital Goldman Sachs JBWere Principal Investments Area Gresham Investment House (TBD) Ironbridge Capital Lazard Carnegie Wylie Private Equity Next Capital Pacific Equity Partners Pacific Road Capital Quadrant Private Equity Sentient Group Tasman Capital Partners TBD* A$160 A$1.000* ¥215.000 ¥41.900 ¥30.000* RMB 10.000* $330 $4.000 RMB 3.000* RMB 3.100 $300* $260 TBD* TBD* $345 $500* $1.460 $2.

550 Buyout US$620 Growth US$1.200 Buyout and growth US$1.500 Buyout and growth US$250 Growth US$300 Buyout US$420 Distressed and special situations US$4.100 Buyout US$1.Selected GPs—Pan-Asia/regional Manager Last fund Vintage Size (m) Type AIF Capital Ares Management Asia Mezzanine Capital Group Clearwater Capital Partners Daiwa Quantum Capital Equis Funds Group Excelsior Capital Asia The Longreach Group Myo Capital Advisors Orchid Asia Group Management Pacific Alliance Group PineBridge Investments Tembusu Partners Baring Private Equity Asia Carlyle Asia L-Capital Asia Navis Capital Partners SAIF Partners Carlyle Asia MBK Partners Olympus Capital Southern Capital Group Pvt ADM Capital CVC Asia Pacific Headland Capital Partners (FKA HSBC Private Equity Asia) AIF Capital Asia IV Asia Growth Equity Fund I Asia Strategic Capital Fund Clearwater Capital Partners IV Daiwa Quantum Capital Partners I Equis Fund I Excelsior Capital Asia Partners IV Longreach Capital Partners II Myo Capital Special Situations Fund I Orchid Asia V Pacific Alliance Pan-Asia Fund I PineBridge Asia Partners III Tembusu Asian Capital Fund Baring Asia Private Equity Fund V Carlyle Asia Partners III L-Capital Asia Fund I Navis Asia Fund VI SAIF Partners Fund IV Carlyle Asia Growth Partners IV MBK Partners II Asia Environmental Partners Fund I Mulberry Asia Fund II ADM Maculus Fund V CVC Capital Partners Asia Pacific III Headland Private Equity Fund 6 In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market 2011 2010 2010 2010 2010 2009 2009 2009 2009 2008 2008 2008 US$750 Growth US$500 Growth US$300 Mezzanine US$1.470 Buyout 27 .275 Buyout and growth US$1.040 Growth US$1.000 Growth and special situations US$300 Growth TBD Buyout and growth TBD Buyout and growth US$750 Buyout US$300 Special situations US$650 Growth and buyout US$2.460 Buyout and growth US$2.500 Buyout US$500 Growth and buyout S$300 Buyout and growth US$2.

000 US$260 US$345 US$500 US$4.200 US$2.000 US$330 US$580 Mezzanine Buyout Buyout Buyout Buyout Mezzanine Growth Special situations Buyout Buyout and growth Growth Turnaround and restructuring Growth Buyout and growth 28 .800 US$1.000 US$1.Selected GPs—Pan-Asia/regional Manager Last fund Vintage Size (m) Type Intermediate Capital Group TPG Capital Unitas Capital Affinity Equity Partners Bain Capital Asia Darby Asia Investors Greater Pacific Capital Harmony Capital Partners KKR Asia Morgan Stanley Private Equity Asia Olympus Capital Avenue Capital Group/Avenue Asia Capital Management CLSA Capital Partners Oaktree Capital (Hong Kong) Intermediate Capital Asia Pacific Fund 2008 (Fund II) TPG Asia V Asia Opportunity Fund III Affinity Asia Pacific Fund III Bain Capital Asia Fund Darby Asia Mezzanine Fund II Greater Pacific Capital Fund I Harmony Fund I KKR Asian Fund Morgan Stanley Private Equity Asia III Olympus Capital Asia III Avenue Asia Special Situations Fund IV ARIA Investment Partners III OCM Asia Principal Opportunities Fund 2008 2008 2008 2007 2007 2007 2007 2007 2007 2007 2007 2006 2006 2006 US$1.500 US$750 US$3.000 US$4.250 US$1.

000 Buyout A$400 Buyout and growth US$500 Natural Resources A$350 Buyout TBD Buyout A$200 Buyout and growth A$1.Selected GPs—Australia/New Zealand Manager Last fund Vintage Size (m) Type Advent Private Capital Archer Capital CHAMP Ventures Crescent Capital Partners Endeavour Capital Ironbridge Capital Lazard Carnegie Wylie Private Equity Pacific Road Capital Tasman Capital Partners Gresham Investment House Anchorage Capital CHAMP Direct Capital Quadrant Private Equity Catalyst Investment Managers Next Capital Sentient Group Pacific Equity Partners Archer Capital Goldman Sachs JBWere Principal Investments Area Advent Private Equity Fund VI Archer Growth Fund II CHAMP Ventures Investment Trust No. 3 Catalyst Buyout Fund 2 Next Capital II Sentient Global Resources Fund III Pacific Equity Partners Fund IV Archer Capital Fund 4 GSJB Were Trans-Tasman Private Equity Fund 07 In the market In the market In the market In the market In the market In the market In the market In the market In the market TBD 2010 2010 2010 2010 2009 2009 2009 2008 2007 2007 TBD Buyout and growth A$250 Buyout and growth A$450 Buyout A$500 Buyout US$300 Buyout and growth A$1.500 Buyout NZ$325 Buyout and growth A$750 Buyout A$440 Buyout A$285 Buyout and growth US$815 Natural Resources A$4. 7 Crescent Capital Partners IV Endeavour Growth Capital I Ironbridge Fund III LCW Corporate Opportunities Fund Pacific Road Capital Fund II Tasman Capital Partners Gresham Private Equity Fund 3 Anchorage Capital Fund CHAMP Buyout III Direct Capital IV Quadrant Private Equity No.000 Buyout A$1.360 Buyout A$420 Buyout and growth 29 .

DT Capital Partners FountainVest Partners GSR Ventures Hao Capital Clarity China Partners II Keytone Ventures II NewMargin Partners II Northern Light Venture III Chunhua Fund Qiming Venture Partners III RRJ Capital Fund I SB China Venture Capital Fund IV Themes Investment Partners Fund KKR China Growth Fund I Prax Capital China Growth Fund III Capital Today China Growth Fund II CDH China Fund IV China Harvest Fund II CITIC Capital China Partners II New Horizon Capital III China Fund III (across two funds) Spring Capital China Fund Trust Bridge Partners III Tripod Capital China Fund II CDH Venture Partners II DT Capital China Growth Fund FountainVest Partners Fund GSR Ventures III Hao Capital China Fund II In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market 2011 2011 2010 2010 2010 2010 2010 2010 2010 2010 2009 2008 2008 2008 2008 2008 US$300 Growth US$800 Buyout and growth US$500 Buyout US$250 Venture TBD Venture and growth US$500 Growth TBD Venture US$1.000 Venture and growth US$250 Growth US$410 Growth US$260 Growth US$500 Venture US$355 Growth US$940 Growth US$380 Venture US$500 Growth Kleiner Perkins Caufield & Byers (KPCB) KPCB China Fund II CID Greater China Venture Capital Fund III 2010 30 .000 Buyout and growth US$350 Venture and growth US$500 Special situations US$1.000 Growth US$300 Growth US$400 Growth US$1.450 Growth US$600 Buyout US$430 Growth and venture US$925 Buyout US$750 Growth US$1.Selected GPs—Greater China (USD Funds) Manager Last fund Vintage Size (m) Type China International Capital Corporation CICC Growth Capital Fund I Private Equity CITIC Private Equity Funds Management CITIC China Fund Clarity China Partners Keytone Ventures NewMargin Ventures Northern Light Venture Capital Primavera Capital Group Qiming Venture Partners RRJ Capital SB China Venture Capital Themes Investment Partners KKR Asia Prax Capital Capital Today CDH China Management Co.000 Buyout US$400 Venture and growth US$2. China Renaissance Capital CID Group CITIC Capital Partners New Horizon Capital Sequoia Capital Spring Capital Asia Trust Bridge Partners Tripod Capital CDH China Management Co.

Milestone Capital Partners EQT Partners Asia Hony Capital 2008 (Fund IV) Hopu Fund I IDG-Accel China Capital Fund Infinity I-China Fund LC Fund IV Cathay Capital Holdings II Milestone China Opportunities Fund II EQT Greater China II 2008 2008 2008 2008 2008 2007 2007 2007 2006 US$1.Selected GPs—Greater China (USD Funds) Manager Last fund Vintage Size (m) Type Hony Capital Hope Investments IDGVC Partners Infinity Equity Legend Capital Cathay Capital Group/New China Management Corp.500 Buyout and growth US$600 Venture US$300 Venture US$350 Venture and growth US$550 Growth US$310 Growth US$300 Growth US$540 Growth Zana Capital (fka CMIA Capital Partners) Zana China Fund 31 .400 Buyout and growth US$2.

000 Growth RMB10.000 Growth RMB3.000 Buyout and growth RMB5. raised RMB6.000 Growth RMB5.000 Growth RMB10.500 Growth TBD Growth RMB5.000 Buyout and growth RMB5.500 Growth RMB1.000 Growth RMB5.000 Growth RMB3.000 Growth RMB10.000 Growth RMB6.000 Growth RMB9.000 Buyout and growth RMB20.000 Growth CCB International Clean Technology Fund I In the market China Everbright Jiangyin New Energy Fund In the market Hsiang-Ching Tseng China Mining United In the market Fund (CMU) Chongqing Etech Private Equity Fund Shanghai Financial Industry Investment Fund (SFIIF) Hony Capital RMB Fund II Huarong Yufu Capital Fund I The Harmony Growth Fund In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market 2010 2010 2010 First Eastern Financial Investment Group First Eastern China RMB Fund Morgan Stanley / Hangzhou Municipal Morgan Stanley / Hangzhou RMB Fund Goverment TPG China TPG China Yun Feng Capital TPG China Partners I (Chongqing) TPG China Partners I (Shanghai) Yun Feng Capital funds (across RMB and USD fund) DT Capital RMB Fund Legend Capital RMB Fund CITIC Private Equity Funds Management CITIC Mianyang Private Equity Fund DT Capital Legend Capital 32 .Selected GPs—Greater China (RMB Funds) Manager Last fund Vintage Size (m) Type Bank of Communications Co.000 in 2006) Carlyle Beijing RMB Fund CBC CQ Private Equity Investment Fund CCB International Healthcare Fund I CDH RMB Fund II In the market In the market In the market In the market In the market In the market In the market RMB5.000 Buyout and growth RMB20. China Everbright China Mining United Fund Etech Securities GP Capital / CICC Hony Capital Huarong Yufu Capital IDG Capital Partners Bank of Communications RMB Fund Blackstone Zhonghua Development Investment Fund Bohai Industrial Investment Fund (second round.000 Growth RMB2.000 Growth RMB10.000 Buyout RMB1. Blackstone Group BOCI Private Equity The Carlyle Group China Bridge Capital CCB International CCB International CDH China Management Co.000 Buyout and growth RMB10.000 Growth RMB5.000 Natural resources RMB5.

000 Expansion and growth RMB2.000 Growth 33 .500 Venture and growth RMB1.Selected GPs—Greater China (RMB Funds) Manager Last fund Vintage Size (m) Type New Horizon Capital Chengdu Investment Holdings Group Delta International Capital / Tianjin Dohold Capital SAIF Partners Sequoia Capital New Horizon Capital RMB Fund Chengdu Investment Holdings Group Delta International China Fund Binhai Growth Fund Sequoia RMB Fund I 2010 2008 2008 2008 2008 RMB1.000 Growth RMB3.600 Buyout RMB1.

000 Growth 34 .Selected GPs—India Manager Last fund Vintage Size (m) Type Arka Capital Advisors Asia Growth Capital Advisors Baer Capital Partners Blue River Capital Exponentia Capital ICICI Venture Funds Management IL&FS Investment Managers India Equity Partners Kubera Partners KV Asia Capital MCap Fund Advisors Pravi Capital Reliance Equity Advisors Tata Capital Everstone Capital Ascent Capital Avigo Capital Partners CX Partners Kotak Group Peepul Capital India Value Fund Advisors Jacob Ballas Capital India Actis Capital Baring Private Equity Partners India Gaja Capital New Silk Route Advisors Sequoia Capital India ChrysCapital Management Samara Capital Arka Capital Fund I Unnati Opportunities Fund Baer Capital Partners Fund II Blue River Capital Fund II Exponentia Capital Fund I India Advantage Fund III Tara India Fund IV India Equity Partners Fund II TBD KV Asia Capital Fund I MCap Fund I Pravi Capital Fund I Reliance Private Equity Fund I Tata Capital Growth Fund Everstone Capital Partners Fund II Ascent India Fund III Avigo SME Fund III CX Partners I Kotak Growth Fund II Peepul Capital Fund III India Value Fund IV NYLIM Jacob Ballas India Fund III Actis India Fund 3 Baring India Private Equity Fund III Gaja Capital Fund I New Silk Route PE Asia Fund Sequoia Capital Growth Fund II ChrysCapital V Samara Capital Fund I In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market 2011 2010 2010 2010 2010 2010 2009 2009 2008 2008 2008 2008 2008 2007 2007 TBD Growth US$400 Growth US$300 Growth US$200 Growth US$400 Growth US$500 Buyout and growth US$350 Growth US$500 Buyout and growth US$400 Venture US$500 Buyout and growth US$300 Growth US$450 Growth US$200 Growth US$300 Growth US$550 Buyout and growth US$350 Growth US$240 Growth US$515 Growth US$520 Growth US$360 Growth US$725 Buyout US$440 Growth US$500 Growth US$560 Buyout and growth US$200 Growth US$1.400 Growth US$725 Growth US$900 Buyout and growth US$250 Venture and growth Multiples Alternate Asset Management Multiples Private Equity Fund In the market Rp20.

500 Growth ¥41.900 Buyout and growth ¥148.000 Buyout US$500 Buyout ¥30.000 Buyout US$500 Buyout ¥20.000 Buyout and growth ¥31.000 Buyout and restructuring ¥140.Selected GPs—Japan Manager Last fund Vintage Size (m) Type Ant Capital Partners CITIC Japan CLSA Capital Partners Iwakaze Capital New Horizon Capital SBI Capital Tokio Marine Capital Try Hard Investments DRC Capital Japan Industrial Partners Nippon Mirai Capital Unison Capital Advent International J-Will Partners Mitsubishi Corp.000 Buyout ¥60.000 Buyout ¥100.600 Buyout ¥107.000 Buyout and restructuring ¥17.3 Investment Enterprise 2010 35 .000 Buyout ¥50.500 Buyout Japan Industrial No.000 Buyout ¥10.000 Buyout US$600 Buyout ¥15.154 Buyout ¥215.000 Buyout ¥30.000 Buyout ¥30. / Mitsubishi UFJ Polaris Principal Finance JAFCO Mizuho Capital Partners Advantage Partners Carlyle Japan Nomura Principal Finance Valiant Partners Ant Catalyzer Fund #4 CITIC Japan Partners II Sunrise Capital Partners II Iwakaze Fund II New Horizon Capital Fund II SBI Value Up Fund II TMCAP2010 Try Hard Investments Fund II DRC Fund II NMC 2007 Toshi Jigyo Yugen Sekinin Kumiai Unison Capital Partners III Advent Japan Private Equity Fund J-Will Partners Fund IV Marunouchi Capital Fund I Polaris Private Equity Fund II JAFCO Super V-3 Series MCP III Investment Enterprise Advantage Partners IV Carlyle Japan Partners II NPF-Harmony Toshi Jigyou Yugen Sekinin Kumiai Valiant Fund I In the market In the market In the market In the market In the market In the market In the market In the market 2010 2010 2009 2008 2008 2008 2008 2007 2007 2006 2006 2006 2006 ¥30.000 Buyout ¥171.000 Buyout ¥55.

Selected GPs—South Korea Manager Last fund Vintage Size (m) Type Actium Corporation Hahn & Company Korea TStone Corp STIC Investments Woori Private Equity Corp. H&Q Asia Pacific Mirae Asset MAPS Global Investments Shinhan Private Equity KTB Ventures Korean Development Bank Vogo Fund Actium Korea Partners Fund I Hahn & Company Korea Fund I TStone Private Equity Fund III STIC Asia Mid-market PE Fund II H&Q Korea Private Equity Fund II Mirae Asset Partners Private Equity Fund V Shinhan Private Equity Fund II Korea Private Equity Fund KDB Value Private Equity Fund II Vogo Fund I In the market In the market In the market 2010 2008 2008 2008 2007 2006 2006 US$1.000 Buyout US$670 Buyout Woori-Blackstone Korea Opportunities Fund 2009 36 .000 Buyout Won 460.000 Buyout US$330 Buyout Won 359.000 Buyout US$500 Buyout Won 400.000 Buyout US$750 Buyout US$500 Buyout US$300 Buyout and growth Won 600.

Selected GPs—Southeast Asia Manager Last fund Geographic focus Vintage Size (m) Type Ancora Capital Management Aureos Capital BankInvest Dragon Capital IDG Ventures Lombard Investments Mekong Capital Northstar Pacific Quvat Management Vietnam Investments Group VinaCapital Saratoga Capital Ancora Fund II Aureos Southeast Asia Fund II BankInvest Private Equity New Markets III Dragon Capital Vietnam Third Wave PE Fund IDG Ventures Vietnam Fund II Lombard Asia IV Mekong Enterprise Fund III Northstar Equity Partners Fund III Quvat Capital Partners III Vietnam Investments Fund II Indonesia Southeast Asia Vietnam Vietnam Vietnam Southeast Asia Vietnam Indonesia Indonesia Vietnam In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market Pre-marketing 2010 2009 US$300 US$250 US$150 US$250 US$150 US$300 US$150 US$500 US$350 US$160 US$250 TBD US$150 US$180 Growth Growth Growth Growth Venture Growth Growth Growth Growth Buyout and growth Growth Growth Mezzanine Growth VinaCapital Vietnam Opportunity Vietnam Fund II Saratoga Asia III Indonesia Southeast Asia Southeast Asia Kendall Court Capital Partners Kendall Court Mezzanine (Asia) Bristol Fund SEAVI Advent SEAVI Advent Equity Fund V 37 .

200 The Export-Import Bank of China (EXIM) China-ASEAN Investment Cooperation Fund ICICI Venture Funds Management L&T Infrastructure Finance Macquarie Capital Funds Macquarie Group Macquarie / State Bank of India / IFC Middle East & Asia Capital Partners PTC India / Ashmore Srei Infrastructure Swiss-Asia Financial Services India Infrastructure Fund I TBD Macquarie Everbright Greater China Infrastructure Fund Macquarie Korea Opportunities Fund II Macquarie-SBI Infrastructure Fund MAP Clean Energy Fund Asia Energy Infrastructure Fund I TBD China District Energy Fund UTI Asset Management/ HSH Nordbank/ India Infrastructure Development Fund Noor Financial Investment Company AMP Capital Investors Challenger Financial Services Group/ Mitsui JP Morgan Asset Management Asian Giants Infrastructure Fund Challenger-Mitsui Emerging Markets Infrastructure Fund JPMorgan Asian Infrastructure & Related Pan-Asia/ regional Resources Opportunity Fund Pan-Asia/ regional India India IL&FS Infrastructure Managers/ Standard Standard Chartered IL&FS Asia Chartered Bank Infrastructure Growth Fund IDFC Private Equity 3i Infrastructure IDFC Private Equity Fund III 3i India Infrastructure Fund 38 .000 US$2.Selected GPs—Infrastructure Manager Last fund Geography Vintage Size (m) CapAsia CIMB Standard Enam Holdings Southeast Asia Strategic Assets Fund II Islamic Infrastructure Fund Enam Infrastructure Fund SE Asia Pan-Asia/ regional India SE Asia India India China South Korea India SE Asia India India China India Pan-Asia/ regional Pan-Asia/ regional In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market In the market 2010 2010 2010 2010 2008 2007 US$300 US$500 US$750 US$1.000 US$500 US$250 US$1.000 US$500 US$750 US$500 €500 US$500 US$180 US$273 US$860 US$660 US$700 US$1.500 US$1.

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