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ASIA-PACIFIC PRIVATE EQUITY REPORT 2019About Bain 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 Chinas 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 Asia-Pacific Private Equity Report 2019nullin the new economy and traditional sectors. Some PE funds in Asia-Pacific already have internal or external partners helping them deploy advanced analytics tools to increase their competitive edge, and the trend is now accelerating.Environment, social and governance investing. To respond to increasing public concern, comply with new demands from limited partners (LPs), and reduce their risks, more global GPs are investing with an eye to environmental, social and governance issues and committing a larger share of capital to im-pact investing. Until recently, most investors assumed that investing for social and environmental impact compromised returns. But a decade of experience has disproven that myth. As a result, ESG investing is gaining traction, allowing PE funds to further differentiate themselves from competitors and create value beyond financial returns.In section 2 of this report, we will examine in greater detail how the Asia-Pacific PE industry performed in 2018 and highlight key trends that will shape the private equity landscape in the coming years. We have also included a snapshot review of each market in the region. In section 3, we will discuss three key trends affecting the Asia-Pacific market.The good times may continue rolling in 2019 for many Asia-Pacific funds, particularly the best- performing ones. The regions private equity industry has developed a strong momentum over the past few years and now represents a significant share of the global PE market. However, the sharp and growing divide between winners and losers that became more evident in 2018 means a significant number of funds may face hard times in the coming year. To win even in a tougher market, many already are working to raise their game. Asia-Pacific Private Equity Report 201932. What happened in 2nullnullLifted by strong momentum, the Asia-Pacific private equity industry set new records in deal value and exit value and achieved heavyweight status in the global PE arena. With $883 billion in total assets under management, Asia-Pacific now represents 26% of the global PE market, up from only 9% just a decade ago (see Figure 2.1). As GPs compete for deals against corporate players, increasingly they are winning. Private equitys share of the Asia-Pacific M the width of the bars signifies the relative size of assets Source: Preqinnullnullre 2.1: .nullianullanullnull.nonull.makes.up.a.nullarter.of.the.glonulll.null.marketAsia-Pacific Private Equity Report 20194nullalmanullnnull nullina and nulldia out in frontAsia-Pacific deal value rose to $165 billion in 2018, exceeding the all-time high of $159 billion of a year earlier and 48% greater than the 201317 average (see Figure 2.3). Dealmaking in China and India dominated investments in the region, making up almost 75% of total deal value (see Figure 2.4). Total private equity investment value in China rose to $94 billion in 2018, up 64% over the previous five-year average (see Figure 2.5). However, its important to recognize that Chinas private equity market consists of two markets with very different dynamics: The market for transactions in renminbi, which is hardly accessible to nondomestic PE funds, and one in foreign currencies.Investment activity in the regions other markets was significantly higher than the 201317 average, except for Japan, where private equity deal value declined by 64% from the five-year average. LPs remain keenly interested in Japan, and the volume of deals in 2018 was slightly higher than the five-year average. But in Japan, large deals can skew the numbers. Corporate divestitures make up most of the large-deal segment of $200 million or more, and the number of large deals in Japan fell to three in 2018 from eight a year earlier. Fewer deals caused the average deal value to drop to $67 million last year from $344 million in 2017. The trend highlights a lack of pressure on sellers to dispose of quality assets. Japans hands-on shareholders tend to focus on other actions to im-prove the balance sheet.050100150$200B02505007501,0001,2502013 14 15 16 17 18Asia-Pacific PE investment market0100$200BAsia-Pacific-focused closed funds(by close year)2013 14 15 16 17 18050100150$200B0200400600800Asia-Pacific exit PE marketDeal value broke another record Fund-raising slowedExit value reached a new high2013 14 15 16 17 18Value CountNote: Excludes real estate and infrastructureSources: AVCJ; Preqin201317 averagenullnullre 2.2: .nulle.nullianullanullnull.null.market.rose.to.nenull.highs.in.null1null.nullt.fundnullaising.slonulldAsia-Pacific Private Equity Report 2019null020406080100%200812Greater ChinaIndiaAustralia/New ZealandSouth KoreaSoutheast AsiaJapan562013171112018165Annual average Asia-Pacific PE deal value ($ billion)Notes: Other countries accounted for less than 2% of deal value; excludes real estate and infrastructureSource: AVCJnullnullre 2.null .nulleater.China.and.India.dominated.the.gronullh.in.deal.nulllue2006 07 08 09 10 11 12 13 14 15 16 17 180100$200B05001,0001,25007 08 09 10 11 12 13 14 15 16 17 182006Asia-PacificPE investment deal countAsia-PacificPE investmentdeal valueBeforecrisisGlobalfinancialcrisisAftercrisisInternet/ChinaliftNewhighsNote: Real estate and infrastructure funds are excludedSource: AVCJnullnullre 2.null .Innullstment.momentum.has.nullen.on.an.upnullrd.trend.sinnull.null13Asia-Pacific Private Equity Report 2019nullnullronnull demand for nullternet and techInternet and technology investments continued to dominate the market, making up 50% of deal count in 2018. Consumption-related sectors such as healthcare and services also represented a large proportion of total PE activity (see Figure 2.6). As the middle class in China and India continues to expand, businesses in these sectors are growing rapidly and seeking capital. With the risk of a reces-sion looming, demand for technology, healthcare and consumer servicessectors that tend to thrive even in a downturnmay increase in the coming year.Thirty-two megadeals ($1 billion or more in value) pushed the average deal size to $151 million, on par with last year and up 27% over the previous five-year average of $119 million. These megadeals made up 39% of deal value, compared with an average 33% over the last five years. Global and domestic GPs were the most active last year, and accounted for more than half of the deals by value. Government-linked investors increased their momentum, representing more than a quarter of the deal value in 2018 (see Figure 2.7).As we noted in previous years, a growing number of deals are giving private equity investors control. However, in 2018, this trend slowed. GPs we surveyed are still expecting that more minority deals will have a path to controlincluding board seats or decision rights for most important investments. But buyouts declined overall and as a percentage of total deal value. Growth equity deals, which are 0255075$100BAsia-Pacific PE investment value by countryGreater China India Australia/New ZealandSouth Korea Southeast Asia Japan21%64%39%79%61%68%5%20%19%38%85%201317 average 2017 201864%Note: Excludes real estate and infrastructureSource: AVCJnullnullre 2.null .nullinullte.enullity.innullstment.in.most.nulluntries.nulls.higher.than.the.renullnt.anullrage
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