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二八杠生死门:2017年东南亚VC/PE的钱,90%都投向了新加坡和印尼公司

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2017年东南亚VC/PE的钱,90%都投向了新加坡和印尼公司

2017年,东南亚以235亿美元的金额创下私募股票机构(PE)和风险投资(VC)的最高交易纪录。投资主要集中在新加坡和印尼。

新加坡风险投资与私募股权协会(SVCA)最近发布的一份报告显示,在2017年该地区所有的交易金额中,新加坡和印尼的公司超过90%。

报告表明,新加坡完善的生态系统持续吸引有志进入东南亚市场的企业。不论是支持商业的政策、税收协定,还是透明的监管机制,都吸引着基金经理和企业在新加坡设立地区分部,确保不会错失东南亚的大量机会。另一方面,印尼正成为给企业营造良好成长环境的国家,拥有如 Go-Jek 和 PT Tokopedia 的独角兽企业。

大型 PE 布局东南亚

关于 PE 在东南亚的投资,SVCA 的报告显示,2014到2017年的 PE 交易金额从92亿美元增长到155亿美元。尤其是 PE 在上市公司私有化的投入呈指数级增长,从2014年到2017年,年增长率为113%。2017年,新加坡物流地产巨头普洛斯的私有化规模高达120亿美元,受此影响,上市公司私有化的投资同比增长了5.8倍。

2017年,整个亚太地区的PE交易金额飙升至1590亿美元,较2016年增长41%,较2015年历史最高的1330亿美元高出19%。此外,另一份报告显示,由于交易机会多,亚太地区的融资规模也增长了6%,达660亿美元,好于五年历史最高水平。

事实上,亚洲强有力的基础、不断增长的经济和先进的科技能力,对追求收益的全球基金越来越有吸引力。2017年,亚洲获得的投资显著增长37.6% ,达1584亿美元,占全球投资的27.8%,首次超过欧洲。

企业对东南亚的风险投资照单全收

2017年,创业公司获得的投资增加了一倍多,达到80亿美元,主要推动力是企业投资。其中包括增长了2.5倍以上的联合投资,以及几笔大交易。根据报告,2017年东南亚规模最大的10笔交易中,企业参与的就有7笔。

引人注目的交易有:滴滴出行和软银控股的打车平台,KKR、华平、Google、淡马锡、美团点评、腾讯、京东等投资的 Go-Jek,以及阿里巴巴投资的 PT Tokopedia(印尼电商平台)。

2017年,寻求在东南亚扩张的海外公司也显著增加。事实证明,对大型企业来说,那些拥有大规模渗透率、多样且在东南亚地区不断发展的公司,是他们投资的目标。

同时,贝恩咨询公司在最近的一份报告中指出,私募股权投资也认为竞争明显加剧。亚太地区竞争的最大威胁是当地或区域的PE公司(63%),其次是策略或企业合作者(47%)。

B轮投资依然关键

报告同时强调了东南亚B轮以上公司筹资时面临的挑战。2008年到2014年,东南亚处于种子阶段融资的公司中,有36%成功获得A轮融资,比英国这样的成熟市场表现还好。

所以,东南亚并不缺A轮融资的公司。政府的努力可能起了推动作用,包括采取激励措施,联合投早期的VC一起投资等。

然而,可以成功获得B轮融资的A轮初创公司只有不到三分之一,远低于美国加州和英国。在这些地方,大概有50%的A轮创业公司在2017年底获得了B轮融资。

报告显示,“这可能暗示了B轮融资中可能存在的‘缺口’,从而进入众所周知的‘死亡谷’观察期。相反,也可能是过度繁荣的后果?!?/p>

从2014年的17亿美元到2017年的80亿美元,风险投资总额增长了4.8倍。2014年,早期的种子和A轮投资额为395亿美元,2017年增长到831亿美元,其中最大的投资增长来自C+轮后期。2017 年,C+轮后期的投资从7.38亿美元暴涨至63亿美元,占2017年风险投资总额的79%。

交易的增长势头和融资轮数的规模消解了传统的界限,吸引着企业风投、对冲基金和私募股权投资等积极参与。

此外,种子轮、A轮、B轮的平均规模也有增长的趋势,从2014年起,以每年12%的速度上升。2017年,各轮次的投资额分别增至:种子轮80万美元,A轮640万美元,B轮1940万美元。C轮融资的平均额相对稳定,约为3400万美元。

As Southeast Asia records its highest level of Private Equity (PE) and Venture Capital (VC)-backed investments in 2017 at $23.5 billion riding on growing economies, the deals were not spread throughout the 630-million-people region but concentrated around two nations Singapore and Indonesia.

Singapore and Indonesia accounted for more than 90 per cent of all deal value in the region, according to a recent report from Singapore Venture Capital & Private Equity Association (SVCA).

“Singapore’s comprehensive eco-system continues to be a strong magnet for businesses with ambitions to penetrate the Southeast Asian markets. Pro-business policies, tax treaties and a transparent regulatory regime continue to attract the setup of regional controlling centres for both fund managers and businesses overseeing diverse opportunities in Southeast Asia. Indonesia, on the other hand, is emerging as a strong breeding ground with several startups reaching “unicorn” status such as Go-Jek and PT Tokopedia,” said the report.

Bigger PE play in SEA

With regard to PE investments in the region, the SVCA said from 2014 to 2017, PE deal value increased from $9.2 billion to $15.5 billion. In particular, PE involvement in public to private transactions grew exponentially at 113 per cent annually from 2014 to 2017. In 2017, public to private transactions grew 5.8x year-on-year dominated by the $12 billion privatisation of Global Logistic Properties.

The trend has been seen in the whole of Asia-Pacific as PE deal value soared to $159 billion in 2017, up 41 per cent over 2016 and 19 per cent higher than the previous all-time high of $133 billion in 2015. Moreover, encouraged by the deal opportunities, fundraising also rose 6 per cent to $66 billion, above the five-year historical high, according to another report.

In fact, Asia’s strong fundamentals, growing economies, and advancing technological capabilities are becoming increasingly attractive to global sources of funds chasing yield. Investments into Asia grew a remarkable 37.6 per cent to reach $158.4 billion constituting 27.8 per cent of global investments surpassing Europe for the first time.

Corporates lap up SEA venture investments

Investments into startups during 2017 more than doubled to $8 billion with the main driver being corporate investments that grew more than 2.5 times co-investing or even leading investments into several notable deals. According to the report, corporates participated in seven of the top 10 deals by size in the region in 2017.

Among the notable deals were Grab Holdings by Didi Chuxing and Softbank, the Go-Jek deal by investors including KKR, Warburg Pincus, Google, Temasek Holdings, Meituan-Dianping, Tencent and JD.com, and the investment into PT Tokopedia by Alibaba.

2017 also marked a significant step-up in investments by overseas corporates looking to expand into SEA. Companies with sizable penetration into the diverse but growing SEA region are proving to be attractive targets for large corporates.

Meanwhile, a recent report from Bain & Co had also pointed that increased competition was seen as something palpable by private equity players as well. The biggest threat for Asia-Pacific GPs is local or regional PE firms (63 per cent), followed by strategic or corporate players (47 per cent).

Series B funding still a tight spot

The report also underscored the challenges that plague fundraising at the Series B and above levels in the region. It said that 36 per cent of companies in Southeast Asia that raised seed financing over the period 2008-2014 successfully raised Series-A financing, outperforming companies in more mature markets like the UK.

So, there is no evident lack of Series-A financing in Southeast Asia. This may have been bolstered by various government developmental efforts through incentives and co-investments with early stage venture funds.

However, less than a third of Series-A funded startups successfully raised Series-B funding, well below US, California and UK where about 50% of Series-A funded startups secured Series-B financing by the end of 2017.

“This could indicate a possible ‘gap’ in Series-B financing, giving rise to the proverbial ‘Valley of Death’ observation. Conversely, this could also be the result of an overly exuberant Series-A financing trend,” it said.

Overall venture financing grew 4.8x from $1.7 billion in 2014 to $8 billion in 2017. While early stage Seed and Series-A investments have grown from $39.5 million in 2014 to $83.1 million in 2017, the largest increase has come from later Series-C+ investments which have ballooned from $738 million to $6.3 billion accounting for 79 per cent of total venture investment in 2017.

The growth momentum of these deals and size of these rounds have attracted strong participation from corporate venture, hedge funds and private equity blurring traditional boundaries.

Further, the average round sizes of Seed, Series-A and Series-B have been trending upwards, growing around 12 per cent per annum since 2014 to reach $0.8 million for Seed, $6.4 million for Series-A and $19.4 million for Series-B in 2017. Average round sizes for Series-C have remained relatively steady at around $34 million.


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