全球私募集基金的发展以及其为中国企业带来的机会

2007-9-21中国北京市 , 商业部培训中心

CCMP 亚洲投资基金曹宸綱 董事总经理Jim Tsao Managing Directorjim@tsao.com

2

Was JP Morgan Partners 原名摩根大通投资基金

CCMPC Chemical 华友银行C Chase 大通银行M Morgan 摩根银行P Partners 合伙人

１９８３１０００＋项目

3

ＣＣＭＰ亚洲投资基金Hong Kong 香港Shanghai 上海Tokyo 东京Seoul 首儿Melbourne 墨尔本

　建于１９９９　规模

一期 １１亿美元二期 １６亿美元三期 25-30

　已投项目 ２４　项目规模 １００ + 亿美元

4

全球企业并购潮另创新高

0

800

1,600

2,400

3,200

4,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006A

0

200

400

600

800

1,000

1,200

Average Transaction Size($MM)

Dollar Volume($Bn)

Average Transaction SizeU.S. European Rest of the World

Source: Thomson Financial2006 annual figure is annualized.

？全球债务危机

Source: Morgan Stanley

346 250 270 345 431

805951

1,444

2,272

3,0433,174

1,521

1,0601,214

1,764

2,547

3,370

0

800

1,600

2,400

3,200

4,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006A

0

200

400

600

800

1,000

1,200

6

私募基金每年的集资额不断升高现存总额已过一万亿美元

亿美元

0

200

400

600

800

1000

1200

1400

1600

1800

亿美元

亿美元 30 150 140 130 120 110 130 160 250 300 350 500 780 700 820 690 490 400 650 1280 1550

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

7

272.5 383.1 711.71,038.5

1,671.4

2,199.7

2004 2005 2006

Financial sponsor involved No financial sponsor involved

Global M&A deal volume 2006 (US$bn) 基金占全球企业并购的比例不断升高

Global M&A deal volume 2006 (US$bn) 基金占全球企业并购的比例不断升高

20.8%

18.6%

24.4%

Source: Dealogic, as of January 16, 2007Deal value > $500mm; Deal status is completed, partially completed or pending

8

Global Top 10 M&A deals by volume 全球十大并购案Global Top 10 M&A deals by volume 全球十大并购案

Target Size (US$bn) Sector Target country

BellSouth Corp 101.9 Telecom United States

Endesa SA 65.5 Infrastructure Spain

Arcelor SA 43.1 General Industry Luxembourg

Gaz de France 43.1 Oil and Gas France

Sanpaolo IMI 37.7 Financial Institution Italy

Equity Office Properties Trust 36 Real Estate United States

HCA Inc 32.7 Healthcare United States

Norsk Hydro ASA 28.9 Oil and Gas Norway

Harrah's Entertainment 27.4 Real Estate United States

Caremark Rx 27.2 Healthcare United States

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8.0 16.0 41.2

144.2 148.6

236.6

2004 2005 2006

Financial sponsor involved No financial sponsor involved

5.3%

Asia Pacific (ex-Japan) M&A deal volume 2006 (US$bn)亚太区并购趋势也逐步追上国际步伐

Asia Pacific (ex-Japan) M&A deal volume 2006 (US$bn)亚太区并购趋势也逐步追上国际步伐

9.7%

14.8%

Source: Dealogic, as of January 16, 2007Deal value > $100mm; Deal status is completed, partially completed or pending

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Source: Dealogic, as of January 16, 2007Highlight: financial sponsor involvement

Asia Pacific (ex-Japan) Top 10 M&A deals by volume in 2006日本以外亚太区 06 年最大的企业并购

Asia Pacific (ex-Japan) Top 10 M&A deals by volume in 2006日本以外亚太区 06 年最大的企业并购

Target Size (US$bn) Sector Target country

Rinker Group 13 General Industry Australia

Qantas Airways 10.5 Transportation Australia

LG Card Co 7.1 Financial Institution South Korea

Daewoo Engineering & Construction 6.8 General Industry South Korea

Advanced Semiconductor Engineering 6.6 Technology Taiwan

Promina Group 5.9 Financial Institution Australia

Australian Gas Light Co 4.8 Oil & Gas Australia

Malakoff Bhd 4.7 Infrastructure Malaysia

China Southern Power Grid 4.5 Infrastructure China

Sime Darby Bhd 4.4 General Industry Malaysia

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97.6

106.4

122

147.7

2003 2004 2005 2006

2003 2004 2005 2006

97.6

106.4

122.0

147.7

2003 2004 2005 2006

Asian private equity overview亚洲私募基金管理的资金亚洲私募基金管理的资金

Source: AVCJ research, Asia Private Equity ReportNote: ¹ Excluding global funds with a focus in Asia; Including funds

investing in Japan² In 2006, US$25.7bn of fresh capital came into the region through 112

funds

私募基金的规模私募基金的规模

Sponsor name Date Targeted fund size (US$mm)

Henderson Private Capital Oct 2005 400

CVC Capital Asia Nov 2005 1,975

Carlyle Group Asia Buyout Dec 2005 1,800

Carlyle Group Asia Growth 2005 668

Carlyle Group Asia Real Estate 2005 410

Carlyle J apan Buyout 2005 ¥215.6bn

CCMP Asia Capital Dec 2005 2,675

Baring Private Equity Partners Mar 2006 400

Bain Capital¹ J an 2007 1,300

KKR¹ J an 2007 4,000

Source: Asia Private Equity ReviewNote: 1 Fund announced

US$bn

3D I 

S C

 U S

 S I 

O N

   M

 A T

 E R

 I A L

12

0

500

1000

1500

2000

2500

3000

3500

4000

Bil

US

D PE

Total M&A

PE 711.7 41.2

Total M&A 2911.4 277.8

Wrold Asia

10%

6%

亚洲企业并购是全球的 10% ， 而亚洲私募基金的并购是全球私募并购总额的 6%

13

私募基金并购占 GDP 的比例亚洲相对欧美相差甚多，还有大的成长空间

0

1

2

3

4

US Europe Asia

Private Equity deal valueas % of GDP (2006)

Private Equity deal valueas % of M&A activity (2006)

GDP 占比 企业并购占比

0

10

20

30

US Europe Asia

Notes: Europe refers to Western Europe only; Asia includes Australia, Japan and India, Greater China (G.C.) includes PRC, HK and Taiwan

3.2

1.8

0.5

26.6

2005

19.3

12.3

2005

~4 - 6xpotential

~1.5 - 2xpotential

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超过一半的投资利用上市退出但是比例在不同的国家有很大的差别

# of deal exits (2006)

Note: Greater China include PRC, HK and Taiwan

0%

20%

40%

60%

80%

100%

Japan GreaterChina

India Australia/NZ Kroea Rest of Asia

Asia average

147 125 60 52 32 45 Total = 461T

rad

e sa

les

IPO

s

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产品生命周期　　公司成长周期

　开发　　起步　　成长　　成熟　　　收缩　

种子基金风险成长收购

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CCMP Capital Asia — Unmatched Geographical Coverage

Australia / New Zealand

Auto Parts

$209m

Jan-05

Retail

$255m

Jun-06 Jan-07

Branded Consumer

$861m

Dec-05

Industrial Services

$802m

Singapore

Jul-03

Yellow Pages

$128m

Metalform Asia

Precision Comp

$257m Jun-04

Korea

Auto parts

$515m

Dec-99

Retail

$190m

Jul-06

Foods

$306m

Sept-01

China / Hong Kong

Manufacturing

$188m

Apr-04

Semiconductors

$452mOct-99

Representative Asian Buyout InvestmentsJapan

Rhythm Corp

Auto Parts

$99m

Aug-02

Telecoms

n.a

Jun-06

Pending

Wuhan KaidiEnvironmental

Services $55m

Retail/Distribution

$430m

Pending

Nagasakiya

Retail

$200m

Pending

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Asia Opportunity Fund II Portfolio AnalysisFund II Geographic Diversification by Value Asian Deal Activity ex-Japan (2006)

South

Korea

2%

Others

2%

Taiwan

23%

Australia

53%

China

4%

India

10%

New

Zealand

6%

Source: Dealogic, as of January 16, 2007Including entry and exit deals

Global

20%

New

Zealand

15%

Australia

40%China

5%

Korea

10%

J apan

10%

Proforma allocation including Repco, Nagasakiya and Kaidi

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Asian Private Equity MarketDeal activity growing in volume and size of transactions

$11bn $11bn$9bn

$17bn $18bn

$29bn

$67bn

0

10

20

30

40

50

60

70

80

2000 2001 2002 2003 2004 2005 2006

Aggregate value ($bn)CAGR

(00-06)

Australia/NZ

Japan

PRC

HK + TW

India

SE Asia

Korea

83%

28%

45%

16%

43%

28%

(3%)

Note: SE Asia includes Indonesia, Malaysia, Philippines, Singapore, Thailand and VietnamSource: AVCJ; Bain Analysis

35%

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环境分析国际资金充裕，逐步流入亚洲

中国是世界成长最快的地方

中国的企业面临百年难遇的成长机会

中国优良公司的成长曲线可以再拉高

我们的策略 与成功的公司与团队一起建立中国的世界级公司

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KD Blue Sky Technologies Ltd. 凯迪环保

Date of Investment Expected April 30, 2007

Industry Focus Environmental services

Headquarters China

Geographic Focus China

Transaction Type Buyout

Anticipated Equity % 55% to 95%

Business Description Kaidi is the leading provider of environmental compliance solutions for air quality control in China, specializing in engineering, procurement and construction (“EPC”) of flue gas desulphurization (“FGD”) units attached to thermal power plants

Transaction Status Vendor: Private/ Entrepreneur

Signed definitive SPA to acquire control of Kaidi at 4.5x EBITDA

Reasons for winning the deal: rapport with management, sector experience

Investment Thesis Large China air pollutant market and growing government focus on environment

Strong partner/ management with shared vision for business

Industry leader with superior project management and

engineering capability

Significant export opportunity – won US$ 200 million

Hong Kong CLP contract

Attractive entry valuation

Summary of Prospective InvestmentSummary of Prospective Investment

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Sensata Technologies Inc

Date of Investment April 2006

Industry Focus Technology / Industrial

Headquarters USA

Geographic Focus Global

Transaction Type Buyout

Business Description Sensata is a leading producer of highly engineered sensors and controls for the auto, commercial and industrial sectors. Headquartered in the US, Sensata has a majority of its manufacturing presence and over a third of its sales in Asia

Transaction Sourcing Seller: Texas Instruments

Process: Auction (Morgan Stanley)

Reasons for winning the deal: Automotive sector knowledge, Asian customer insights, experience in Asian manufacturing, and strong relationship with Bain Capital

Investment Thesis Dominant and sustainable market position

Rapid proliferation of sensors

High and stable cash flow generation

Platform for growth through accretive

bolt-on acquisitions

Summary of InvestmentSummary of Investment

22

BOC Edwards

Date of Investment Expected May 31, 2007

Industry Focus Technology / Industrial

Headquarters UK

Geographic Focus Global (40% Asian sales)

Transaction Type Buyout

Anticipated Equity % 46.25% of common equity and 50% of preferred

Business Description BOC Edwards (“BOCE”), established in 1919, is a leading global manufacturer and service supplier of vacuum pumps and associated equipment for semiconductor manufacturing and other industrial applications. Projected FY07 EBITDA and revenues are GBP61 mm ($118m) and GBP578 mm ($1.1bn), respectively, with 40% of sales coming from J apan, Korea, Singapore, Taiwan and China.

Transaction Status Signed definitive agreement with Linde AG on March 12, 2007

Obtained exclusivity following an auction process by building strong rapport with vendors and management through understanding of the global business and ability to assist with restructuring

Investment Thesis Sustainable, leading market position – 15+ years of relationships with top 10 customers

Opportunity to reduce costs through operational restructuring

Strong prospects with semiconductor growth of 8-10% per year

Experienced and deep management team; most members have

20+ year experience with Edwards

Summary of New InvestmentSummary of New Investment

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产品生命周期　　公司成长周期

　开发　　起步　　成长　　成熟　　　收缩　

种子基金风险成长收购

新的成长曲线

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基金投资兴趣较大的项目特点具行业领导地位的公司

高成长性的行业

公司品牌在市场上认知度高

公司制度透明完善

财务与会计制度严谨而反应实情

公司有好的现金流 EBITDA

诚信

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与私募基金合作的好处

引入一个有附加价值的伙伴，有专业知识而且人数不多

私募基金带来的品牌效应

通常可以保持公司的经营权

国际性的网络与资讯网

私募基金几年後最终会退出，是个过客

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引入私募基金需要考虑到的代价

公司治理的要求

充分的资讯披露

营运状况的透明度

对于法规，法律的遵守

财务调动的参与

对公司业绩的要求

基金需要广范考察才作出投资的决定

在过去 12 个月内见了公司管理层之后项目的进程？

Meetings

见面% 见面後行程投

资建议出价的

% 报价之後可以交割

的项目

Overall close rate

China: 中国

-Percentage

(50)

100%14% X 29% = 4%

US middle 美国

Market (2002)*:

100% 25% X 36% = 9%

US vs. China

difference:1.8x 1.2x

Source: China PE firm surveys (1/07), *Bain Global Experience Center (2002)

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基金投资的基本流程

Expertise-driven, proactive deal sourcing

Deep knowledge of attractive sectors

对相关产业的深入了解 Inbound deal flow through brand and

reputation in the industry

项目资讯流入决定于基金的品牌与声誉

Management teams

Bankers and other advisors

Ability to make the tough calls in due diligence

如果不合适就要提早说“不”

Saying “no” when valuation is not supported by underlying potential

Seeing the potential to generate an extraordinary return

Focusing on evaluation the right deals and the right issues

集中精力看合适的项目，问该问的问题

Ability to add value to portfolio company strategy and operations

要为所投资的公司提供附加价值

Powerful network to ink portfolio companies to the best possible management talent, customers, suppliers, and advisors

为所投资公司与最好的管理模式，客户，供应商与顾问对接

Proprietary deal flow

Analytically rigorous, fact-based decision-making

基于客观而科学的分析之後作决定

Post-acquisition full potential

交割之后能将公司潜力发挥

找项目 审项目 投资公司的升级

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项目前期的过程内容 重点 基金关注

1 初步了解认识 基本业务介绍

认识管理层

基本切入点

获利前景

第一印象

低成功率2 意向性共识 商业结构

时间表

对前景有框架性认同

高层对话，建立互动

3 尽职调查 财务，市场，技术 没有重大意外事项

投资资源

醜话讲在前面

4 商业合同 细化权利义务，财务结构

合法，合理，可行性

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全球私募基金2006 　大奖

亚洲最佳收购基金