EXCLUSIVE-Wen's son eyes $1 bln fund for China deals -sources
HONG KONG, Jan 25 (Reuters) - New Horizon Capital, whose co-founders include Wen Yunsong, son of Chinese Premier Wen Jiabao, aims to raise a $1 billion private equity fund for investment in domestic industry leaders ready to make initial public share offerings.
This would be the third and largest private equity fund for New Horizon Capital, which had about $500 million under management since it was established in 2007, according to sources with direct knowledge of the matter.
New Horizon Capital recently completed raising between $600 million and $700 million by the so-called "first-closing" period, with capital committments from Asian investors including Japan's Softbank Corp <9984.T> and Singapore's state investor Temasek Holdings [TEM.UL], said the sources.
The sources declined to be identified because of the sensitive nature of Wen's family background. A representative for New Horizon Capital could not be immediately reached for comment.
Source: Reuters
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Private Equities
Re: Private Equities
by winston » Mon Jan 25, 2010 11:48 am
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Private Equities
by Cheng » Mon Jan 25, 2010 1:16 pm
winston wrote:EXCLUSIVE-Wen's son eyes $1 bln fund for China deals -sources
HONG KONG, Jan 25 (Reuters) - New Horizon Capital, whose co-founders include Wen Yunsong, son of Chinese Premier Wen Jiabao, aims to raise a $1 billion private equity fund for investment in domestic industry leaders ready to make initial public share offerings.
This would be the third and largest private equity fund for New Horizon Capital, which had about $500 million under management since it was established in 2007, according to sources with direct knowledge of the matter.
New Horizon Capital recently completed raising between $600 million and $700 million by the so-called "first-closing" period, with capital committments from Asian investors including Japan's Softbank Corp <9984.T> and Singapore's state investor Temasek Holdings [TEM.UL], said the sources.
The sources declined to be identified because of the sensitive nature of Wen's family background. A representative for New Horizon Capital could not be immediately reached for comment.
Source: Reuters
I think it's possible for him to raise $2 Billion too, judging from his contacts. Most IPOs(Initial Private Offerings), are offered at deep discounts. Note that I'm not talking about public offerings. When the firm becomes listed, it is a multi-bagger already.
"The really big money tends to be made by investors who are right on qualitative decisions." Warren Buffett
"Risk no more than you can afford to lose, and also risk enough so that a win is meaningful." Ed Seykota
Scan with FA, Time with TA, Volatility is my Friend.
"Risk no more than you can afford to lose, and also risk enough so that a win is meaningful." Ed Seykota
Scan with FA, Time with TA, Volatility is my Friend.
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Re: Private Equities
by winston » Sat Jul 10, 2010 5:15 am
Lots of dry powder, but too few targets
Private equity funds sitting on billions of dollars in cash find that there are too few good companies on the market; others find it hard to sell outfits bought in boom times
By CHEW XIANG
ASIA-FOCUSED private equity funds are sitting on some US$76 billion in "dry powder" - money raised but not invested - and are struggling to find good investment targets.
And worldwide, according to data from Preqin, an industry information provider, PE firms ended 2009 with some US$500 billion in dry powder. Funds are still awash in cash raised four years ago, and although new fund-raising has slowed since last year, cash hoards are still substantial.
A partner of a Singapore-based private equity outfit admits that "there's some pressure from our LPs (limited partners, ie investors)" to deploy their funds, "but it's not so easy to find a good company nowadays. There's too much money after too few targets."
"There's no longer a rising tide in this industry," says Suvir Varma, head of Bain & Company's private equity practice in Asia. In the past decade, rising price multiples meant it was a cinch to buy a company cheaply, extract cash and load it with debt, then exit at a higher price, often through an initial public offering.
But the economic crisis has put paid to that particular strategy. "Now, the IPO market is close to flat," notes Eugene Wong, chairman of the Singapore Venture Capital and Private Equity Association. That has hobbled divestitures, a key way for funds, particularly in Asia, to recycle capital, and is forcing private equity funds to pay more attention to boosting the performance of their portfolio companies. "If you want to create value, it's now more about management, efficiency, productivity and industry knowledge," says Mr Wong.
Says Mr Varma: "Private equity funds are focusing far more on portfolio companies than they were historically. Today the skill set that is greatest in demand is people who can improve the performance of the company, not necessarily people who can get the deal done." Private equity outfits are hunting for people with extensive corporate experience - some of whom used to run businesses before being bought out and starting a second career in private equity, says Mr Wong.
In fact, corporates are increasingly competing with private equity outfits for deals, says John Harley, global private equity leader at Ernst & Young. "In China, domestic companies are now becoming buyers. The range of options (for targets) has increased," he says.
Those companies that emerged from one of the deepest global recessions on record have been raising and stockpiling cash. That reduces their need to tap private equity for capital and also gives them ammunition for acquisitions.
According to Standard & Poor's, aggregate cash and short-term investments in non-financial S&P 500 companies hit almost US$1 trillion in the first quarter of 2010, up 42.6 per cent in just two years.
Deals are still getting done, just not in the numbers one would expect given the recovery in most stock markets. Globally, PE firms made 1,612 acquisitions in 2009, 36 per cent down from 2008. This year had been shaping up very strongly in recent months, but the debt crisis in the eurozone and worries over a double-dip recession have brought uncertainty back to markets. Few believe the next two or three years will be prosperous across all markets.
One consequence is that some firms are having to hold on to companies they bought out in the boom years and are now having trouble selling. Globally, PE firms exited 461 investments worth US$81 billion in 2009, almost half the value in 2008, according to data from Dealogic.
Mr Harley says some private equity firms are now being squeezed on both ends - the crisis delayed or put off many divestiture plans but funds now need to sell so that they can recycle their capital and show a track record. At the same time, 'there's a pressure to invest now that people think it's the start of an upturn,' he says. That is driving prices up - in May, Silver Lake and Warburg Pincus paid US$3.4 billion for a 61 per cent stake in Interactive Data Corp at a 33 per cent premium over the previous market price - and sending returns lower, to the high teens and low twenties in percentage terms.
There is particularly keen attention paid to Asia as the only part of the world still with a convincing growth story. According to Preqin data, emerging market focused funds attracted 21.4 per cent of money raised worldwide in the first half of this year, up from a 12.6 per cent share last year.
Mr Varma notes that while within Asia, China and India have traditionally gotten the most attention, he sees good potential in South-east Asia in the next few years, particularly in Indonesia. Companies in the energy, healthcare and consumer-related sectors are especially attractive, he says. 'Asia and South-east Asia is still going to be the growth area for the next decade. Consumerism will grow and there's still a lot of room left.'
But some challenges will take a longer time to solve. One promising target group is family-run businesses whose patriarchs are looking to cash out, but remain wary of swanky private equity types messing up their lives' work.
'A lot of entrepreneurs are still wary of private equity because when they come to lunch they all wear suits, while towkays eat in the kopitiams,' Mr Wong jokes. 'But the second and third generation leaders will know them, so that will change in the next few years.'
Source: Business Times
Private equity funds sitting on billions of dollars in cash find that there are too few good companies on the market; others find it hard to sell outfits bought in boom times
By CHEW XIANG
ASIA-FOCUSED private equity funds are sitting on some US$76 billion in "dry powder" - money raised but not invested - and are struggling to find good investment targets.
And worldwide, according to data from Preqin, an industry information provider, PE firms ended 2009 with some US$500 billion in dry powder. Funds are still awash in cash raised four years ago, and although new fund-raising has slowed since last year, cash hoards are still substantial.
A partner of a Singapore-based private equity outfit admits that "there's some pressure from our LPs (limited partners, ie investors)" to deploy their funds, "but it's not so easy to find a good company nowadays. There's too much money after too few targets."
"There's no longer a rising tide in this industry," says Suvir Varma, head of Bain & Company's private equity practice in Asia. In the past decade, rising price multiples meant it was a cinch to buy a company cheaply, extract cash and load it with debt, then exit at a higher price, often through an initial public offering.
But the economic crisis has put paid to that particular strategy. "Now, the IPO market is close to flat," notes Eugene Wong, chairman of the Singapore Venture Capital and Private Equity Association. That has hobbled divestitures, a key way for funds, particularly in Asia, to recycle capital, and is forcing private equity funds to pay more attention to boosting the performance of their portfolio companies. "If you want to create value, it's now more about management, efficiency, productivity and industry knowledge," says Mr Wong.
Says Mr Varma: "Private equity funds are focusing far more on portfolio companies than they were historically. Today the skill set that is greatest in demand is people who can improve the performance of the company, not necessarily people who can get the deal done." Private equity outfits are hunting for people with extensive corporate experience - some of whom used to run businesses before being bought out and starting a second career in private equity, says Mr Wong.
In fact, corporates are increasingly competing with private equity outfits for deals, says John Harley, global private equity leader at Ernst & Young. "In China, domestic companies are now becoming buyers. The range of options (for targets) has increased," he says.
Those companies that emerged from one of the deepest global recessions on record have been raising and stockpiling cash. That reduces their need to tap private equity for capital and also gives them ammunition for acquisitions.
According to Standard & Poor's, aggregate cash and short-term investments in non-financial S&P 500 companies hit almost US$1 trillion in the first quarter of 2010, up 42.6 per cent in just two years.
Deals are still getting done, just not in the numbers one would expect given the recovery in most stock markets. Globally, PE firms made 1,612 acquisitions in 2009, 36 per cent down from 2008. This year had been shaping up very strongly in recent months, but the debt crisis in the eurozone and worries over a double-dip recession have brought uncertainty back to markets. Few believe the next two or three years will be prosperous across all markets.
One consequence is that some firms are having to hold on to companies they bought out in the boom years and are now having trouble selling. Globally, PE firms exited 461 investments worth US$81 billion in 2009, almost half the value in 2008, according to data from Dealogic.
Mr Harley says some private equity firms are now being squeezed on both ends - the crisis delayed or put off many divestiture plans but funds now need to sell so that they can recycle their capital and show a track record. At the same time, 'there's a pressure to invest now that people think it's the start of an upturn,' he says. That is driving prices up - in May, Silver Lake and Warburg Pincus paid US$3.4 billion for a 61 per cent stake in Interactive Data Corp at a 33 per cent premium over the previous market price - and sending returns lower, to the high teens and low twenties in percentage terms.
There is particularly keen attention paid to Asia as the only part of the world still with a convincing growth story. According to Preqin data, emerging market focused funds attracted 21.4 per cent of money raised worldwide in the first half of this year, up from a 12.6 per cent share last year.
Mr Varma notes that while within Asia, China and India have traditionally gotten the most attention, he sees good potential in South-east Asia in the next few years, particularly in Indonesia. Companies in the energy, healthcare and consumer-related sectors are especially attractive, he says. 'Asia and South-east Asia is still going to be the growth area for the next decade. Consumerism will grow and there's still a lot of room left.'
But some challenges will take a longer time to solve. One promising target group is family-run businesses whose patriarchs are looking to cash out, but remain wary of swanky private equity types messing up their lives' work.
'A lot of entrepreneurs are still wary of private equity because when they come to lunch they all wear suits, while towkays eat in the kopitiams,' Mr Wong jokes. 'But the second and third generation leaders will know them, so that will change in the next few years.'
Source: Business Times
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Private Equities
by winston » Sun Feb 27, 2011 6:26 pm
CMIA Capital Looks to Invest in S'pore SMEs
Singapore, Singapore, February 27, 2011 --(PR.com)-- After years of cherry-picking China growth companies, private equity firm CMIA Capital Partners is now hoping to add Singapore companies into its basket.
The fund manager is expanding its geographical mandate to sniff out opportunities in Singapore's SME (small and medium enterprise) space.
Lee Chong Min, managing partner of CMIA Capital Partners told BT that he is looking for opportunities to co-invest with the government under the latter's Budget initiative this year to match private sector investments in SMEs. On his radar screen are local companies in the food and property sectors.
"We have investors who asked us to seek opportunities in Singapore," Mr Lee said in an interview. "In China, we might see volatility while in Singapore, we are expecting a fairly stable environment, so there has been investor interest to find assets."
Undaunted by a failed investment in FerroChina, CMIA is still on the lookout for new targets in China, where it perceives upside in the agriculture, healthcare and consumer sectors.
The fund manager plans to launch a China agricultural fund within a year and invest US$30 million into projects it has studied in the past six months.
Since 2003, CMIA has invested some US$600 million into more than 20 growth companies in China, delivering a gross internal rate of return (IRR) of above 54 per cent on invested capital.
Mr Lee told BT that over the next two years, CMIA hopes to list three portfolio companies ' two in China and one in Hong Kong' and fully exit from two other private companies.
The latest company it brought to listing is China Minzhong, a Fujian vegetable producer that made a debut on the Singapore mainboard last week, paring CMIA's stake from 23.3 per cent to 15.5 per cent.
Four other S-chips it has invested in have yielded strong positive returns. CMIA has fully exited from Longcheer and now-privatised Midsouth, while keeping its stakes in C&O Pharmaceutical and Ying Li.
But tainting its report card are troubled S-chips Sino-Environment and FerroChina.
Though CMIA divested its stake in Sino-Environment way before troubles in the company set in, return on the capital was negative. The FerroChina shares that it obtained via a share swop became worthless when the company went into insolvency in late 2008.
However, Mr Lee attributed these missteps to 'a matter of timing'.
"If you ask me if FerroChina was a good investment when we bought in, I would tell you 'yes it was'," Mr Lee said. "We made a big return on equity, especially at the early stage when the local banks were lending them money to build a big facility and to become a leading player in the galvanised steel industry.
"But from August 2008, it was no longer a good investment because the tide was changing and it was the time to get out of companies that were highly geared. Then the question is how much time do you know you have to get out 'Did we know we only have one month.'"
FerroChina collapsed in October 2008 when its creditors refused to roll over its debts. The failed investment has also become a bone of contention between CMIA and CMIA China Fund II that was holding some of the shares.
Directors of Fund II are suing Mr Lee and CMIA in Singapore for alleged breach of fiduciary duties. CMIA and Mr Lee are counter-suing the directors for defamation and breach of investment management agreement, among other things.
Though the aggregate loss of US$10-15 million in FerroChina shares did not significantly impact CMIA or Fund II, which is still achieving an annualised return of over 30 per cent, the legal tussle has made a dent in CMIA's deal-making.
CMIA had missed the window to raise a US$600 million China fund when the directors of Fund II started making broad allegations against Mr Lee to other CMIA investors.
"We have put in a lot of effort to clarify issues pertaining to the litigation with investors," Mr Lee said. "We have actually been very transparent.
"But as long as investors read newspapers or articles on the Internet that are sensational or speculative, they get worried," he added. "Instead of having a fair opportunity to present ourselves, now we have a group of investors who have closed their minds when they read the Internet or the newspapers. That's the reality.
"Thankfully, there are still 'serious investors' who are willing to scrutinise the merits of the lawsuit and continue to engage us," Mr Lee said.
He is also taking the lawsuit and allegations levelled against him in stride.
"What doesn't kill you makes you stronger," he said. "As we work on the litigation issues, some of my partners take on bigger roles to alleviate the pressure which is good. I actually have more time for family and charity work," he chuckled.
http://www.pr.com/press-release/301406
Singapore, Singapore, February 27, 2011 --(PR.com)-- After years of cherry-picking China growth companies, private equity firm CMIA Capital Partners is now hoping to add Singapore companies into its basket.
The fund manager is expanding its geographical mandate to sniff out opportunities in Singapore's SME (small and medium enterprise) space.
Lee Chong Min, managing partner of CMIA Capital Partners told BT that he is looking for opportunities to co-invest with the government under the latter's Budget initiative this year to match private sector investments in SMEs. On his radar screen are local companies in the food and property sectors.
"We have investors who asked us to seek opportunities in Singapore," Mr Lee said in an interview. "In China, we might see volatility while in Singapore, we are expecting a fairly stable environment, so there has been investor interest to find assets."
Undaunted by a failed investment in FerroChina, CMIA is still on the lookout for new targets in China, where it perceives upside in the agriculture, healthcare and consumer sectors.
The fund manager plans to launch a China agricultural fund within a year and invest US$30 million into projects it has studied in the past six months.
Since 2003, CMIA has invested some US$600 million into more than 20 growth companies in China, delivering a gross internal rate of return (IRR) of above 54 per cent on invested capital.
Mr Lee told BT that over the next two years, CMIA hopes to list three portfolio companies ' two in China and one in Hong Kong' and fully exit from two other private companies.
The latest company it brought to listing is China Minzhong, a Fujian vegetable producer that made a debut on the Singapore mainboard last week, paring CMIA's stake from 23.3 per cent to 15.5 per cent.
Four other S-chips it has invested in have yielded strong positive returns. CMIA has fully exited from Longcheer and now-privatised Midsouth, while keeping its stakes in C&O Pharmaceutical and Ying Li.
But tainting its report card are troubled S-chips Sino-Environment and FerroChina.
Though CMIA divested its stake in Sino-Environment way before troubles in the company set in, return on the capital was negative. The FerroChina shares that it obtained via a share swop became worthless when the company went into insolvency in late 2008.
However, Mr Lee attributed these missteps to 'a matter of timing'.
"If you ask me if FerroChina was a good investment when we bought in, I would tell you 'yes it was'," Mr Lee said. "We made a big return on equity, especially at the early stage when the local banks were lending them money to build a big facility and to become a leading player in the galvanised steel industry.
"But from August 2008, it was no longer a good investment because the tide was changing and it was the time to get out of companies that were highly geared. Then the question is how much time do you know you have to get out 'Did we know we only have one month.'"
FerroChina collapsed in October 2008 when its creditors refused to roll over its debts. The failed investment has also become a bone of contention between CMIA and CMIA China Fund II that was holding some of the shares.
Directors of Fund II are suing Mr Lee and CMIA in Singapore for alleged breach of fiduciary duties. CMIA and Mr Lee are counter-suing the directors for defamation and breach of investment management agreement, among other things.
Though the aggregate loss of US$10-15 million in FerroChina shares did not significantly impact CMIA or Fund II, which is still achieving an annualised return of over 30 per cent, the legal tussle has made a dent in CMIA's deal-making.
CMIA had missed the window to raise a US$600 million China fund when the directors of Fund II started making broad allegations against Mr Lee to other CMIA investors.
"We have put in a lot of effort to clarify issues pertaining to the litigation with investors," Mr Lee said. "We have actually been very transparent.
"But as long as investors read newspapers or articles on the Internet that are sensational or speculative, they get worried," he added. "Instead of having a fair opportunity to present ourselves, now we have a group of investors who have closed their minds when they read the Internet or the newspapers. That's the reality.
"Thankfully, there are still 'serious investors' who are willing to scrutinise the merits of the lawsuit and continue to engage us," Mr Lee said.
He is also taking the lawsuit and allegations levelled against him in stride.
"What doesn't kill you makes you stronger," he said. "As we work on the litigation issues, some of my partners take on bigger roles to alleviate the pressure which is good. I actually have more time for family and charity work," he chuckled.
http://www.pr.com/press-release/301406
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Private Equities
by winston » Fri Apr 12, 2013 8:15 pm
Private-equity companies Blackstone and Fortress Investment Group soar to new highs… both are up 67%-plus in nine months.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Private Equities
by winston » Fri Mar 07, 2014 8:44 pm
10 Things An Investor Must Do Before Investing
Investing in private companies is not easy.
These are risky, illiquid, long-term investments, so you need to do a lot of work upfront to increase your odds of success.
I’ve spent my entire career either investing into private companies or helping investors and companies connect through an online investing platform.
In my experience, here are 10 things investors must to before investing:
http://www.forbes.com/sites/ryancaldbec ... investing/
Investing in private companies is not easy.
These are risky, illiquid, long-term investments, so you need to do a lot of work upfront to increase your odds of success.
I’ve spent my entire career either investing into private companies or helping investors and companies connect through an online investing platform.
In my experience, here are 10 things investors must to before investing:
http://www.forbes.com/sites/ryancaldbec ... investing/
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 112694
- Joined: Wed May 07, 2008 9:28 am
Re: Private Equities
by winston » Sun Aug 24, 2014 6:45 am
Blackstone said to be in talks to back new distressed fund
Mr. Brown’s Arkkan Capital Management will focus on Asian opportunities with the flexibility to invest globally, said the people, who asked not to be identified as the information is private. It would be the second time Blackstone backs an Asia- based hedge fund since the 2008 global financial crisis.
Arkkan is seeking the support of the world’s largest manager of alternative investments to stocks and bonds to help it attract other big institutional investors. Blackstone’s backing of Hong Kong-based Senrigan Capital Group allowed it to grow assets to more than $1 billion in less than two years.
Peter Rose, a New York-based Blackstone spokesman, declined to comment.
New funds in Asia raised an average $20 million each in the first half, according to Singapore-based data provider Eurekahedge.
Mr. Brown ran Goldman Sachs’s global special situations group, which invests in distressed debt and companies using the bank’s own capital, between 2011 and his departure last year.
Arkkan received a license from Hong Kong’s Securities and Futures Commission in December, according to information posted on the regulator’s website.
Blackstone in 2009 committed $150 million to Senrigan, a Hong Kong-based event-driven hedge fund manager headed by Nick Taylor, a former Citadel executive. A seeder typically provides startup capital to new hedge funds in exchange for an equity stake in the manager or a cut of its fee revenue.
Source: Bloomberg
Mr. Brown’s Arkkan Capital Management will focus on Asian opportunities with the flexibility to invest globally, said the people, who asked not to be identified as the information is private. It would be the second time Blackstone backs an Asia- based hedge fund since the 2008 global financial crisis.
Arkkan is seeking the support of the world’s largest manager of alternative investments to stocks and bonds to help it attract other big institutional investors. Blackstone’s backing of Hong Kong-based Senrigan Capital Group allowed it to grow assets to more than $1 billion in less than two years.
Peter Rose, a New York-based Blackstone spokesman, declined to comment.
New funds in Asia raised an average $20 million each in the first half, according to Singapore-based data provider Eurekahedge.
Mr. Brown ran Goldman Sachs’s global special situations group, which invests in distressed debt and companies using the bank’s own capital, between 2011 and his departure last year.
Arkkan received a license from Hong Kong’s Securities and Futures Commission in December, according to information posted on the regulator’s website.
Blackstone in 2009 committed $150 million to Senrigan, a Hong Kong-based event-driven hedge fund manager headed by Nick Taylor, a former Citadel executive. A seeder typically provides startup capital to new hedge funds in exchange for an equity stake in the manager or a cut of its fee revenue.
Source: Bloomberg
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Private Equities
by winston » Tue Dec 23, 2014 6:55 am
Oil Crash Wipes $11.7 Billion From Buyout Firms’ Holdings
http://www.bloomberg.com/news/2014-12-2 ... id=markets
http://www.bloomberg.com/news/2014-12-2 ... id=markets
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Private Equities
by winston » Thu Feb 11, 2016 4:58 pm
5 Battered Private Equity Stocks to Buy for a Big Bounce
One of the best opportunities in the public equity market right now is in in private equity stocks
By Ryan Fuhrmann
Source: Investor Place
http://investorplace.com/2016/02/5-batt ... rxMP_J96M8
One of the best opportunities in the public equity market right now is in in private equity stocks
By Ryan Fuhrmann
Source: Investor Place
http://investorplace.com/2016/02/5-batt ... rxMP_J96M8
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 112694
- Joined: Wed May 07, 2008 9:28 am
Re: Private Equities
by winston » Sat Sep 24, 2016 9:08 am
Private equity in focus
BY RISEN JAYASEELAN and INTAN FARHANA ZAINUL
Source: The Star
http://www.thestar.com.my/business/busi ... -in-focus/
BY RISEN JAYASEELAN and INTAN FARHANA ZAINUL
In 2015, the total amount of PE deals in Asia-Pacific, soared to a record high of US$125bil (RM518bil).
Source: The Star
http://www.thestar.com.my/business/busi ... -in-focus/
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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