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2019年亚太私募股权报告(英文).pdf
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2019年亚太私募股权报告(英文)
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ASIA-PACIFIC PRIVATE EQUITY REPORT 2019
About Bain & Company’s Private Equity business
Bain & Company is the leading consulting partner to the private equity (PE) industry and its stake-
holders. PE consulting at Bain has grown eightfold over the past 15 years and now represents about
one-quarter of the firm’s global business. We maintain a global network of more than 1,000 experienced
professionals serving PE clients. Our practice is more than triple the size of the next-largest consulting
company serving PE firms.
Bain’s work with PE firms spans fund types, including buyout, infrastructure, real estate and debt. We
also work with hedge funds, as well as many of the most prominent institutional investors, including
sovereign wealth funds, pension funds, endowments and family investment offices. We support our
clients across a broad range of objectives:
Deal generation. We help develop differentiated investment theses and enhance deal flow by profiling
industries, screening companies and devising a plan to approach targets.
Due diligence. We help support better deal decisions by performing integrated due diligence to assess
the market dynamics, a target’s competitive position and margin expansion opportunities, and by
providing a post-acquisition agenda.
Immediate post-acquisition. We support the pursuit of rapid returns by developing a strategic value-
creation plan for the acquired company, leading workshops that align management with strategic pri-
orities, and directing focused initiatives or wholesale transformations.
Ongoing value addition. We help increase company value by supporting revenue enhancement and
cost reduction and by refreshing strategy.
Exit. We help ensure that funds maximize returns by identifying the optimal exit strategy, preparing the
selling documents and prequalifying buyers.
Firm strategy and operations. We help PE firms develop distinctive ways to achieve continued excel-
lence by devising differentiated strategies, maximizing investment capabilities, developing sector
specialization and intelligence, enhancing fund-raising, improving organizational design and deci-
sion making, and enlisting top talent.
Institutional investor strategy. We help institutional investors develop best-in-class investment programs
across asset classes, including private equity, infrastructure and real estate. Topics we address cover
asset class allocation, portfolio construction and manager selection, governance and risk management,
and organizational design and decision making. We also help institutional investors expand their par-
ticipation in private equity, including through coinvestment and direct investing opportunities.
Asia-Pacific Private Equity Report 2019
i
Contents
1. Asia-Pacific private equity: A tale of two extremes ................... pg. 1
2. What happened in 2018? .................................... pg. 3
Dealmaking: China and India out in front ......................... pg. 4
Exits: Winners take all—or nearly all ........................... pg. 10
Fund-raising: The flight to quality continues as China closes the tap ...... pg. 13
Returns: Still on track ...................................... pg. 15
Watch for a turning point ................................... pg. 17
Diverse markets; different outlooks ............................. pg. 20
3. Looking forward—key trends in 2019 and beyond ................. pg. 21
Playing smart in China’s new economy ......................... pg. 21
Gaining an edge with advanced analytics ....................... pg. 27
Thinking ahead: Investing for impact ........................... pg. 36
4. Conclusion ............................................. pg. 43
Asia-Pacific Private Equity Report 2019
ii
Asia-Pacific Private Equity Report 2019
1
1. Asia-Pacific private equity: A tale of two extremes
Asia-Pacific private equity (PE) investors kept the party rolling in 2018, setting new highs for the in-
dustry after a record-breaking 2017. Deal value peaked, exit values hit an all-time high and returns
were strong. However, fund-raising declined, and increased competition created tougher market con-
ditions for many PE funds. Investors’ appetite for technology and Internet companies was undimin-
ished, and deal size in these two sectors mushroomed.
But that powerful momentum masked three disconcerting market developments that could affect
investment activity and returns in the coming year. First, US-China trade tensions have increased the
risk of macroeconomic disruption in China and across the region. At the same time, deal prices have
remained high while interest rates are rising steadily after a period of decline, a trend that will increase
the cost of funding and could put a brake on future multiple expansion.
Third, and perhaps most worrying, the region’s private equity market has become sharply polarized
between large funds with strong track records that dominate activity across the region, and smaller,
less experienced funds that are having difficulty raising funds and exiting. The impressive headline
figures for the Asia-Pacific PE market in 2018 mask the emergence of a winner-take-all dynamic.
These economic and market trends could slow the revenue growth and multiple expansion that pro-
pelled Asia-Pacific PE returns in recent years. In past recessions, the PE market has outperformed
other asset classes. But if recession strikes, vulnerable and less differentiated funds are likely to dis-
proportionately bear the brunt of the downturn. In other words, the party could end abruptly in 2019
for some investors.
The risk of a slowdown has fund managers seeking new ways to win in an increasingly selective mar-
ket. Successful companies already have begun developing smart strategies to ensure strong returns
and set themselves apart from the pack.
Looking forward, three important themes are playing an increasing role in the Asia-Pacific private
equity market: the rush to invest in China tech and Internet companies; the use of advanced analytics
as a tool to improve fund performance; and a shift toward environmental, social and governance
(ESG) and impact investing.
China tech and Internet. Many general partners (GPs) have sharpened their focus on China’s bur-
geoning new economy to help maintain strong returns in a highly dynamic market. The Internet and
technology sectors, which make up the new economy, have accounted for almost 85% of the growth
in Greater China private equity since 2010. Alluring as that opportunity is, however, PE funds need
to understand just how different the rules of the game are in China, the number of failures that litter
the landscape, and the risk of betting on a speculative investment bubble that could burst.
Advanced analytics. One powerful strategy is the use of advanced analytics to gain sharper insights
during due diligence and better assess the market opportunities and threats to portfolio companies
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