2016年-数据局_贝恩：Bain_and_Company_Asia-Pacific_Private_Equity_Report_2016_38页_2mb

报告摘要

2016 Asia-Pacific Private Equity Report Summary

Core Content of the Report

The 2016 Asia-Pacific Private Equity Report by Bain & Company provides an in-depth analysis of the performance and challenges faced by the private equity (PE) industry in the Asia-Pacific region during 2015. It outlines the key trends, opportunities and risks that shaped the industry, emphasizing the shift from a period of rapid growth to a more mature and competitive landscape.

Main Points and Key Insights

1. Asia-Pacific PE Industry Performance in 2015

Record Investment Value: The Asia-Pacific PE deal value reached a new high of $125 billion, a 44% increase from the previous year. This was driven by a surge in megadeals (deals over $1 billion) and a high number of transactions.
Deal Count: The number of individual deals increased by 34%, reaching 955, with Greater China leading in both value and volume.
Exit Activity: Despite macroeconomic headwinds, exit value remained robust at $88 billion, slightly below 2014's peak but still above the five-year average.
Fund-Raising: Fund-raising was in line with the historical average at $50 billion, indicating continued investor confidence in the region.

2. Market Dynamics and Investor Behavior

Public-to-Private Deals: These were a major driver of investment activity, accounting for $17 billion in value and 14% of total PE deal value. Notable examples include the $7.1 billion Qihoo 360 buyout and the $3.1 billion WuXi PharmaTech acquisition.
Internet Sector Focus: The Internet sector saw significant investment, with $36 billion poured into 371 deals, and another $15 billion into 141 technology companies. This trend reflects the growing importance of digital innovation in the region.
Investor Confidence: Limited partners (LPs) remained cash positive, with returns from past investments growing. The flight to quality continued, with LPs favoring top-performing funds.
Growth in Unspent Capital: The Asia-Pacific PE market held $128 billion in unspent capital in 2015, equivalent to about two years of investment, highlighting the industry's resilience.

3. Challenges and New Normal

Slower Growth and Uncertainty: The region is entering a new normal marked by slower economic growth, increased regulatory uncertainty, and higher competition for deals.
Higher Valuation Multiples: Despite market volatility, PE-backed transactions in the Asia-Pacific region saw 17.8x EV/EBITDA multiples, significantly higher than the 10.1x in the US. This increased pressure on GPs to deliver value through active management.
Portfolio Clean-Up: GPs have been actively selling or restructuring pre-2008 investments, reducing the proportion of unrealized capital from 64% to 36%. The average holding period for PE assets in the region dropped to 4.4 years from 4.8 years.
Focus on Control and Activism: Path-to-control provisions became more common, allowing GPs to exert more influence over portfolio companies. Over 30% of deals involved GPs with a stake of over 50%.

4. Strategic Shifts for PE Firms

Enhanced Due Diligence and Strategy: Successful GPs are focusing on resilient sectors, sharpening due diligence, and developing robust exit strategies from the outset.
Internal Reorganization: Many PE firms are reorganizing to devote more resources to value creation, particularly in turnaround and margin improvement.
Talent and Capabilities: Building a battle-ready organization is essential. Firms are investing in specialists, improving decision-making processes, and enhancing fund-raising capabilities.

Key Trends for the Future

Diversification: Asset class and geographic diversification are becoming more critical as the industry moves toward a new normal.
Coinvestment and Direct Investing: Large institutional investors, including sovereign wealth funds (SWFs), are increasingly coinvesting with traditional PE firms, opening up access to larger and more complex deals.
Sustainability of Returns: While returns were strong in 2015, the report warns that pressure on returns is likely to increase in 2016 due to slower growth, high multiples, and rising interest rates.
Investor Selectivity: LPs are becoming more selective, focusing on top-performing funds with proven track records, which has helped filter out underperformers.

Conclusion

The Asia-Pacific PE industry experienced record-breaking investment and robust exits in 2015, but the new normal presents greater challenges. The industry is becoming more mature, more competitive, and more selective. For PE firms to thrive, they must focus on value creation, exert more control, and build resilient portfolios. The report underscores that execution at every stage—from entry to exit—is key to success in this evolving landscape.