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7/22/2019 Actis in Review 2013
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Actis
in review2013
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So Paulo, Brazil
The positivepower of capital
Contents
03 Where we are now
08 Portfolio at work
Banque Commerciale du Rwanda
10 Portfolio at work
Garden City
13 Actis at a glance
14 Portfolio at work
Bellagio
17 Portfolio at work
Globeleq Mesoamerica Energy
20 Portfolio at workAsiri Group
23 Portfolio at work
AGS
26 Regions and sectors
28 Investments
29 Investors
30 Portfoliocompanies
34 The team
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This report summarises the events andachievements of Actis in the last twelvemonths. Whether we are sharing the storyof the Rwandan bank in which we investednearly a decade ago, or the ATM chainrolling out across India, the tale we tell isof strong businesses, in attractive sectors,in some of the most populous anddynamic parts of the world.
Our goal is to give you a sense of thebreadth of our work, and the depth ofour expertise. Providing insight into theenergy and promise of those high growthmarkets which have already begun todene this century.
I hope you enjoy reading this yearsannual review.
Paul FletcherSenior Partner
Welcome
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Accra, Ghana
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Where we are now
If the nancial meltdownof August 2008 taughtus anything it is thateverything connects. Thefortunes of a Manhattanheadquartered bank, astring of late night phone
calls, a rumour of lostcondence and the statusquo collapsed.
With it went the assumption of easy growth, ofsoaring revenues, inflation-beating house prices,salary rises and abundance. Growth must now beearned steadily and painstakingly over time.
This is no less true in emerging market private
equity. The heady days of buying cheap and sellinghigh are over. If you cant find growth you mustcreate it. Consultants call this value creation.What it means to us is taking nothing for grantedand engaging a team of diverse professionalsdedicated to generating superior returns.
We begin by identifying, scrupulously and overtime, the right business, in the right sector.We are not generalists. Instead we concentrateour efforts on six industries Consumer, Energy,Financial Services, Healthcare, Industrials and Real
Estate. The businesses are frequently family-owned.We seek fundamentally well-run companies thatneed the capital, experience, global network andcounsel that a professional business partner canbring. When we begin this journey we work hardto ensure alignment with the founder; we strivetowards the same goal and share a commonunderstanding of success. Our partners need tobenefit at least as much as we do.
Ultimately, to be attractive to a globalmultinational (Actiss preferred route for exit)domestic companies, full of energy, innovationand resilience must be polished, rationalisedand reformed to comply with global standards in
corporate governance, health and safety, labourlaw, and environmental and social practices.They must also be highly profitable.Our investment professionals have this in mindfrom the first dollar and day of the investment.Everything they do is focused on creating value.Their work is supplemented by a dedicated teamof in-house consultants who do nothing butimplement best practices, and share what theyknow works from their past experiences in thesame sectors.
We think of the stewardship of Xiabu Xiabu, theimmensely popular Chinese hot pot chain, whichgrew from 60 outlets at the point of our US$52minvestment in 2008, to over 300 in four short years.The strategy was replicable success, the introductionof a central kitchen and higher standards of foodsafety and staff training, resulting in a business thatwas snapped up when we sold it in December 2012.
Or XP, the largest independent securities brokeragefirm in Latin America with US$3.5bn assets under
custody as at October 2012, and a growth rate of150% since Actis invested US$58m in 2010. WithActiss backing XP has more than doubled in value,diversified into new product lines, and made fiveacquisitions; client numbers have increased twofoldto 70,000 active customers. Actis partially exited XPat the end of last year, returning moneyto investors while remaining an active partner inthe business.
When we invest in a business, we see it afresh,aided by assessments made during a thorough
due-diligence process. We often adopt a view froma new angle. In the case of Vlisco Group, ourfashion fabrics company, we could see when weinvested US$151m in 2010 that its distinctiveproduct, tradition with a twist, would appeal to thegrowing community of sophisticated Africanconsumers. Nostalgic for the vivid and distinctivepatterns worn by their mothers and grandmothers,customers liked the contemporary designs comingout of the Dutch design headquarters. By stretchingthe product range to include seasonal designs,bespoke handbags, luxury silk scarves andaccessories, the Vlisco Group brand has evolved.Its development has enchanted the media, as partof a story of urban growth, and the emergence of a
03 Where we are now
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self-confident Africa. This is precisely the sortof opportunity that Actis is able to identify, andto develop, by building a market strategically,rather than simply serving what is already there.
In other instances value creation comes fromefficiency. Actis owns a network of highereducation colleges in China. Rising studentnumbers were growing revenues, but that wasnot necessarily translating to the bottom line.In Chinese culture, where education is culturallythe most important investment, and state
provision cannot keep pace, secondary andcollege education is a high growth sector.But high growth companies in high growthsectors do not always translate into high profit,or high returns, without smart management.
We found that by sharing teaching materials,lectures and expertise between the colleges,introducing a single management board, groupChief Executive, and applying a common set ofstandards across all the colleges, China Post-Secondary Education (PSE) was able to expand
its student numbers to 52,000 and in parallellower its fixed costs. Meanwhile, the expertiseacquired from our management at PSE hasequipped us to do other deals in the Chineseeducation space. Elsewhere in Brazil, our backingof Universidade Cruzeiro do Sul Educacional in2012 led to a subsequent investment in Englishlanguage training provider, CNA.
Take what is there,
review it, refine it, investin it, strengthen it,demand more from it.
No discussion of value creation is complete withoutreference to responsible investment. It is, rightly,impossible to IPO a company without absoluteadherence to world-class environmental and socialresponsibility standards. This is what we did withthe Ugandan electricity distribution company,Umeme, which listed on the Ugandan and Kenyanstock exchanges in 2012. When Actis invested in2005, Umemes physical assets were in a sad stateof disarray: years of underinvestment had created a
rotten network with failing conductors andwooden poles weakened by an unremittinginvasion of termites, vegetation and humidity.The disruption of education during the turbulentyears of 1980-1990 meant that many adults didntunderstand the dangers of touching fallenconductors. The customer database was full ofghost consumers: billing was sporadic and ofteninaccurate. The investment manager, in partnershipwith Actiss Responsible Investment team, set abouta root-and-branch review of the EnvironmentalSocial and Govemance (ESG) systems. The IPO
symbolises the progress they made.
These examples demonstrate an engrained habit:take what is there, review it, refine it, invest in it,strengthen it, demand more from it, and considerevery aspect of its operations. Seek to do what iscreative; a new product line, an updated strategy,while keeping an eye focused on cost, and returns.Engage fully in managing the company, call onin-house consultants, listen attentively, andact decisively.
And so, everything connects. Well run energeticcompanies pump high-quality products into amarket place, bringing with them employment,innovation, and a higher quality of life. Their value isaccretive. One successful company is more likely tospawn another. Standards rise inexorably, and thevalue that has been steadily created transfers fromowner to employees, from founder to investor, fromsuppliers to customers, and back again.
This is what Actis will continue to do. It is what wehave always done.
04 Where we are now
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Beijing, China
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Mumbai, India
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Date of investment2004
LocationRwanda
SectorFinancial Services
Deal typeControl
Investment amountUS$5m
Portfolio at workBanque Commercialedu RwandaThere are some investments that are, intuitively, Actis investments.They may be the first of their kind in their market, in a countrywhere others fear to tread, or demand a level of sustained portfoliomanagement which some fund managers might baulk at. BanqueCommerciale du Rwanda (BCR) is one such investment.
In 2003/4, Rwanda was a post-conflict society with a financial servicessector that was largely undeveloped and in need of capital. The vastmajority of the population was unbanked. Actis took an 80% stake inthe national Rwandan bank, BCR in 2004, with the RwandanGovernment retaining a 20% shareholding.
Established in 1963 and headquartered in Kigali, Actis built on BCRsstrong heritage to grow both its corporate and retail provision;recruiting and training Rwandan professionals to create a centre ofexcellence within the countrys banking sector. Actis broadened BCRsrange of services with a particular focus on SMEs, mortgage finance,and innovative leasing and savings products.
Actis partnered with the BCR management team to improvecorporate governance, develop its staff and improve systems andcontrols. A new Corporate Social Responsibility strategy swung intoaction: supporting seedling small and medium-sized enterprises byproviding grass roots education and accountingskills to local
communities. From due diligence, through portfolio managementto exit, Actiss sector knowledge and ability to source seniormanagement and experienced bankers for the board were criticalto this investment.
Today, BCR is Rwandas second largest commercial bank with amarket share of circa 25% and a reputation for outstanding customerservice. On 18 July 2012, it was bought by Kenyan bank I&M andFrench and German development finance institutions, Proparco andDEG. The degree of interest the sale generated both locally andinternationally is indicative of both Rwandas, and East Africas,growing reputation as an attractive destination for foreign direct
investment. The purchase by I&M represents the natural next stagein BCRs journey to become a leading East African financial institution.
The story of BCR is the story of Rwandas success. There has beenextraordinary progress in the past eight years with the creation of agrowing and competitive financial services industry at the heart of athriving economy. Actis is proud to have played its part.
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Banque Commerciale du Rwanda, Kigali
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Date of investment2011
LocationKenya
SectorReal Estate
Deal typeControl
Investment amountUS$40m
Portfolio at workGarden City
For forty years a visitor to Nairobi mostly didnt need a map.The odd road might roll out across the horizon, or new buildingsappear, but broadly speaking, the street plan stayed the same.
Today, its a different story. Nairobi is a city on the rise. GeneralElectric, IBM and Google have all recently set up their Africanheadquarters in the city. Oil companies are scrambling for officespace. As local businesses expand, and the population grows,demand for quality, well-designed and efficient retail, office andresidential space is at an all time high.
Garden City is a mixed use greenfield development that has the
scale and scope to serve at least some of this demand. The site islocated on a 32-acre plot of land adjacent to the recently upgradedThika Road. It will host the largest retail centre in East Africa withretail stalwarts, Game and Nakumatt recently confirmed as anchortenants. The retail space will also support local food and arts markets,providing a secure and accessible location for trade.
Best practice engineering and construction, innovative architectureand a green-by-design approach incorporating sustainabilitymeasures from the very beginning make Garden City Kenyas premierreal estate development, serving a catchment area of 1.5 millionpeople. Green measures will include water recycling and rainwater
harvesting, solar collectors on the roof, natural ventilation andthermal water heating. Parking at ground level and half basementswill negate the need for excavation and reduce mechanicalventilation requirements.
The development is being tackled in three phases. The retail centrewill open its doors next year. This will be followed by 420 apartmentsand town houses and then up to 10,000 m2 of office space.
One of the most distinctive features will be the inclusion of anextensive central park, landscaped with shade from indigenous treesand a central stage for concerts and community events. Fringed by
dining verandas and terraces, with play areas for children and picnicareas for families, it is hoped Garden City will live up to its name:offering a lush escape from Nairobis hustle and bustle.
In September 2012, Actis announced the close of its second AfricaReal Estate Fund with total commitments of US$278m. The fund isfocused on developing institutional quality assets in cities such asAccra, Lagos, Nairobi and Lusaka; we are confident Garden City willbe one of its most prestigious assets.
10 Portfolio at work Garden City
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Garden City, Kenya
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Mumbai, India
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Actis staff employed inten offices
Actis at a glance
US$
5.2bn
Total funds under management 104,170
Number of employees in Actisportfolio companies
US$
37m
Amount of money Actis staff have investedover the last eight years
160
160Number of Limited Partnersinvested in Actis funds
Number of portfoliocompanies
Total invested since 2004
250
66
4.8bnUS$
Figures as of 31 December 2012
Figures as of 20 February 2013
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Date of investment2012
LocationChina
SectorConsumer
Deal typeControl
Investment amountUS$146m
Portfolio at workBellagio
Smart private equity uses sector insight to spot the value thatothers miss. The investment Actis made in Bellagio in 2012 typifiesthis approach.
Over the past four years, Actiss Beijing based team has workedintensively to understand the Chinese food service sector.As Chinese consumers work longer hours, make more money andseek out relaxing leisure time with friends and family, the appetitefor high quality, good value dining experiences grows. Respondingto this trend, Actis invested in hot pot chain, Xiabu Xiabu in 2008.Actis brought consistency to the Xiabu Xiabu offering; increasingefficiency, improving health and safety and boosting the
customer experience.
The knowledge and contacts built up during the Xiabu Xiabuinvestment led to Actis backing kitchen equipment manufacturerVesta in 2011, and then restaurant chain Bellagio in 2012.
Bellagio was founded in 2001 by the Lin family; it has 23 restaurantslocated in Beijing, Shanghai, Nanjin and Wuhan with three outlets inMacau and the Philippines. Admired for its tasty Taiwanese styledishes and shaved ice desserts, Bellagio is also known for the signaturepixie haircut of its waitresses and its rapid service an average mealtakes just 45 minutes from breaking open your packet of chopsticks,
to settling the bill.
Following Actiss investment, Bellagio has been expanding itsrestaurant network in top-tier Chinese cities such as Beijing andShanghai, and also second-tier cities, including Tianjin, Fuzhou andXiamen, where spending patterns are quickly catching up with thoseof the first tier.
The founding family remains in place as shareholders and Actis hasbacked former Yum! China COO and industry veteran, Joseph Han, asBellagios Chairman and CEO. Actis and the management team haveprioritised employee welfare during the first year of investment.
Centralised training for waiting staff and chefs has been introducedalong with clear career progression plans to minimise staff turnover;Bellagio has purchased commercial insurance for all its workers,believed to be a first in the restaurant industry in China.
14 Portfolio at work Bellagio
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Bellagio, Beijing
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PESRL, Costa Rica
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Date of investment2009
LocationCentral America
SectorEnergy
Deal typeControl
Investment amountUS$76m
Portfolio at workGlobeleq MesoamericaEnergyGlobeleq Mesoamerica Energy (GME) develops, owns and operatesrenewable energy assets in Central America. Actis invested for acontrolling stake in 2009 and GME currently has three powergeneration plants in operation: Eolo in Nicaragua (44MW), Cerrode Hula in Honduras (102MW), and Plantas Elicas SRL (23MW) inCosta Rica.
Honduras sees wind speeds averaging eight metres a second; thefaster the wind blows the more electricity is produced. A single windturbine in Honduras generates up to twice the electricity it wouldwere it spinning in Germany. The windy season in Central America iscomplementary to the rainy season which means when the wind is
blowing the system can save power in hydroelectric plants.
Cerro de Hula is Hondurass first wind farm. Its also one of thelargest in Central America with 51 turbines punctuating the 16,000acre site. Located 17km south of Tegucigalpa, it began producingelectricity in December 2011. With a capacity of 102MW, it generatessome 6% of the countrys power, and does so more cheaply andcleanly than the alternative thermal generation. The authorities haveasked GME to consider an expansion to this plant which is expectedto close financing during 2013.
On the shores of Lake Nicaragua, 125km south of the capital
Managua, stands Eolo, made up of 22 2MW wind turbine generatorswhich began supplying electricity to Nicaraguas national grid in late2012. Nicaragua is reliant on expensive thermal electricity generation,so Eolo is a commercially and environmentally attractive option, awin-win for the authorities, the private off-taker, and GME.
Plantas Elicas SRL (PESRL) is a 23MW operating wind farm in CostaRica. The project was the first utility-scale wind farm built in LatinAmerica starting operations in 1994, and until recently was the largestwind farm in Costa Rica. PESRL sells 100% of its output under a longterm Power Purchase Agreement with the state-owned utility,Instituto Costarricense de Electricidad.
The work being undertaken by GME has the power to make atangible difference to the energy security of this region and a queueof future projects is forming. The team joke is that when it comes toGME, the sky really is the limit.
17 Portfolio at work Globeleq Mesoamerica Energy
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Date of investment2012
LocationSri Lanka
SectorHealthcare
Deal typeMinority
Investment amountUS$32m
Portfolio at workAsiri Group
While you may be willing to compromise on many things when itcomes to value versus quality, the exception is usually healthcare.Securing the best possible treatment for yourself and your loved onesis paramount, with most people paying as much as they can afford.
Unsurprisingly, this impulse is universal and when combined withrising access to insurance, and the growing incidence of lifestylediseases, creates an inexorable demand for high quality healthcarein the emerging markets.
Asiri exemplifies this trend. It is Sri Lankas premium private hospitalchain located across three tertiary hospitals in Colombo and two
secondary care centres in the southern city of Matara. The privatehospital sector in Sri Lanka grew at more than 20% over the last fouryears. The countrys government and private sector healthcare alreadycompares well with its emerging market peers and Asiri is the clearleader with a reputation for best-in-class doctors, staff andinfrastructure.
Actis invested in Asiri in October 2012 and is helping strengthen itsmarket leading position, bolstering its senior management team andfurther improving internal controls and management informationsystems. Asiri currently has 604 beds and is looking at opportunitiesto expand across the island nation. It is also constantly adding and
developing its service offerings in line with the latest advances inmedical treatment and technology.
The South Asia team at work on Asiri is able to draw on significantexperience in the healthcare sphere from work with the largesthospital chain in Gujarat, Sterling Add-Life and clinical researchcompany, Veeda. Healthcare is a growing area of interest for Actis asdemonstrated by our January 2013 investment in Chinas leadingmedical consumables company, Nanjing Micro-Tech. Asiri embodiesthe opportunity the team see in the sector: two Actis investmentprofessionals sit on the Asiri board, helping bring their priorexperiences to this new investment.
Sri Lanka, with increasing FDI, sustained GDP growth of over 7% andgrowing infrastructure, is a tempting investment destination and onewhere Actis hopes to pursue further transactions in the years to come.
20 Portfolio at work Asiri Group
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Asiri Group, Sri Lanka
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Mumbai, India
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Date of investment2012
LocationIndia
SectorFinancial Services
Deal typeMinority
Investment amountUS$40m
Portfolio at workAGS
A plastic card, slim enough to slip into your back pocket, is apassport to participate in todays world of commerce and financialtransaction. Its how you get your cash out of the ATM, and pay foranything, from breakfast to the first instalment on a new motorbike.
In India, access to electronic payment cards lags. Customers needsafe and easy access to their money and that can be difficult whenthe nearest functioning ATM lies many miles away. In the US, theratio of ATMs to population is 1:700, in India it is 1:15,000. Thenumber of ATMs in India is forecast to increase from approximately95,000 in 2012 to at least 200,000 in 2015. The growth in ATMshas coincided with banks moving towards an outsourced model,
as well as a supportive regulatory environment. Today, 85% ofATMs in India are outsourced in some way.
AGS is one of Indias top ATM outsourcing and payments companies.Founded in 1992, AGS manages a network of around 10,000 ATMmachines across India for banking clients. It also supplies specialisedequipment and automated solutions for major retailers, petroleumand paint companies.
In August 2012, Actis backed the AGS founder to help expand theATM outsourcing business and win new contracts. Ensuring that ATMsand debit cards are widely available promotes financial inclusion,
making a positive impact on quality of life and the broader economy.Actis brings significant experience in the payment processing sectorhaving built Emerging Markets Payments Holdings (EMPH) into apan-continental payments processing business operating across 40countries in Africa and the Middle East.
Since Actiss investment AGS has continued to roll out more machines;Actis is also helping AGS to refine its ATM site selection strategy andto enhance its reporting and information systems. AGS customersinclude financial institutions such as Axis Bank, ICICI Bank, HDFC Bankand State Bank of India. With Actiss help, AGS hopes to championnew initiatives in the white labelling and the mobile payments space.
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Accra, Ghana
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Actis dataRegions and sectors
Beijing
Singapore
Mumbai
Lagos
Cairo
London
Johannesburg
Nairobi
SoPaulo
Regions
26 Actis data Regions and sectors
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Consumer
Energy
FinancialServices
Healthcare
Industrials
Real Estate
Power generation (renewables and non-renewables) Distribution
Transmission
Banks Consumer credit Financial services distribution Payments and specialist process outsourcing
Education Healthcare Home and personal care Restaurants Retail including food
Healthcare delivery Pharma Medical services
Power and construction equipment Construction materials Manufacturing
Services
Industrial Office Residential Retail
Principal sectors
27 Actis data Regions and sectors
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Africa
38%
China
14%
SouthEast Asia
4%
Latin America
11%Global EM
10%
South Asia
23%
Value of investmentsby region
Actis dataInvestments
Investments by sector
Average deal size US$
(private equity)
* The year the fund opened
Actis 1
1998*
$13m $25m
Actis 2
2002*
AEM3
2007*
$75m
30%
Consumer
18%
Industrials
17%
FinancialServices
15%
Energy
8%Real Estate
6%Healthcare
6%Other
28 Actis data Investments
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Actis dataInvestors
Investors by region
Investor by type(percentage %)
All data as at 20 February 2013
Investments: includes all current
investments in Actis 4, Actis Emerging
Markets 3, Actis Fund 2s, Actis Africa
Agribusiness Fund, Actis Infrastructure
2, Actis India Real Estate Fund and
Actis Africa Real Estate Fund.
Investors: figures exclude CDC Group
plc. CDC Group plc is the anchor
investor in each of Actiss funds and
represents approximately 37% of
total commitments to those funds.
55%
US, Canada &Latin America
21%
UK & Europe
14%
Asia & Australia
10%
Africa &Middle East
Sove
reign
WealthF
unds
Finan
cialIn
stitutio
ns
andC
orporate
s
Fund
ofFunds
and
Inves
tmen
tManage
rs
Publi
cPensio
n
Family
Offices
and
Priva
teFo
undation
s DFI
Insura
nceC
ompanie
s
Endo
wmentsF
unds
29 Actis data Investors
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Sector
Consumer
Region
China
China
China
China
Latin America
Latin America
China
Latin America
China
South Asia
South Asia
Africa
Latin America
Africa
Latin America
Global EM
South Asia
Africa
South Asia
Africa
Africa
Africa
Africa
Africa
South Asia
South Asia
South Asia
Latin America
South Asia
South Asia
South Asia
South Asia
Actis dataPortfolio companies
Energy
FinancialServices
Healthcare
Investment company
7 Days Inn Group
Ambow
Bellagio
China Post-Secondary Education
CNA
CSD
EIC
Gtex
Nanjing Micro-tech
Nilgiris
Super-Max
Tracker
Universidade Cruzeiro do Sul Educacional
Vlisco Group
Energuate
Globeleq
GVK Energy Limited
Umeme
AGS
Alexander Forbes
CIB
DFCU
Diamond Bank
EMPH
IDFC
Integreon
National Stock Exchange of India
XP Investimentos
Anthelio Healthcare
Asiri Group
Sterling Add-Life
Veeda
30 Actis data Portfolio companies
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Description
Budget hotel chain
Personalised education and training
Casual dining chain
Education service provider
English language training services
Supermarket/retail chain
Education service provider
Cleaning products
Medical equipment
Convenience stores
Manufacturer and marketer of shaving blades and toiletries
Stolen vehicle tracking and recovery
Education service provider
Fashion fabrics
Electricity distribution and transmission
Power generation developer and owner
Power generation
Electricity distribution
ATMs and retail automation solutions
Diversified financial services
Bank
Bank
Bank
Payments processing
Infrastructure finance
Professional services outsourcing
Stock exchange
Retail broker dealer
Hospital operations outsourcing
Multi-specialty tertiary care hospital chain
Hospital owner and operator
Clinical research organisation
Location
China
China
China
China
Brazil
Brazil
China
Brazil
China
India
India
South Africa
Brazil
Sub-Saharan Africa
Guatemala
Global EM
India
Uganda
India
South Africa
Egypt
Uganda
Nigeria
Africa & Middle East
India
India
India
Brazil
India
Sri Lanka
India
India
Dealtype
Expansion
Expansion
Replacement
Expansion
Expansion
Expansion
Replacement
Expansion
Expansion
Buy-in
Replacement
Replacement
Expansion
Buy-in
Replacement
Replacement
Expansion
Replacement
Expansion
Buy-out
Replacement
Replacement
Expansion
Buy-out
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Investmentdate
Oct 2008
Sep 2008
Mar 2012
Jan 2010
Sep 2012
Sep 2010
Aug 2011
Oct 2010
Sep 2012
Oct 2006
Feb 2011
Oct 2011
Feb 2012
Sep 2010
May 2011
Sep 2009
Dec 2010
Nov 2009
Aug 2012
Jul 2007
Jul 2009
Jan 2003
Apr 2007
Jul 2010
Aug 2010
Feb 2010
Apr 2007
Nov 2010
Oct 2010
Aug 2012
Jun 2006
Feb 2007
31 Actis data Portfolio companies
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Sector Region
Africa
South Asia
South Asia
South Asia
South Asia
South East Asia
South Asia
Africa
Africa
Africa
South East Asia
South Asia
China
South East Asia
Africa
Africa
Africa
Africa
Africa
Africa
South Asia
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
South Asia
Africa
Investment company
Actom
AVTEC
Dalmia Cement
Endurance
Halonix
KS Distribution
LMKR
Mouka
RTT Group
Sinai Marble
Teknicast
TEMA
Vesta
APEC
Banro
Candax
Mineral Deposits
Platmin
Seven Energy
Teranga
TRIL Roads Private Limited
Garden City
Heritage Place
Ikeja City Mall
IOREC
Jabi Lake Mall
Laurus Development Partners Limited
Mentor Management
Nairobi Business Park
One Airport Square
The Exchange
Vaishnavi
Waterfalls
Actis dataPortfolio companies
Industrials
Other
Real Estate
32 Actis data Portfolio companies
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Description
Manufacturer and distributor for electrical engineering industry
Engine and transmission manufacturer
Cement plant
Auto components manufacturer
Bulb and lamp manufacturer
Oil and gas
Information management services for oil and gas industry
Foam products manufacturer
Supply chain and logistics services
Commercial marble exporter
Aluminium die casting
Manufacturer of heat exchangers
Catering equipment and manufacturing
Oil and gas exploration
Gold exploration and development
Oil and gas exploration
Mineral sands and gold mining
Mining and resources
Oil and gas production
Gold mining
Toll road developer
Mixed use development
Office development
Retail development
Real estate development company
Retail development
Real estate development company
Real estate development and project management
Office development
Office development
Mixed use development
Residential development
Retail development
Dealtype
Buy-out
Replacement
Expansion
Replacement
Buy-in
Replacement
Expansion
Replacement
Buy-out
Expansion
Buy-out
Expansion
Buy-in
Start-up
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Real estate development
Real estate development
Real estate development
Real estate development
Real estate development
Start-up
Buy-out
Real estate development
Real estate development
Real estate development
Real estate development
Real estate development
Location
South Africa
India
India
India
India
South East Asia
Pakistan
Nigeria
South Africa
Egypt
Malaysia
India
China
South East Asia
DRC
Tunisia
Senegal
South Africa
Nigeria
Senegal
India
Kenya
Nigeria
Nigeria
Mauritius
Nigeria
Mauritius
Kenya
Kenya
Ghana
Ghana
India
Zambia
Investmentdate
Aug 2008
Jun 2005
Mar 2006
Dec 2011
Jun 2006
May 2010
Oct 2007
Jun 2007
Jun 2007
May 2007
Aug 2008
Apr 2005
May 2011
Oct 2007
Oct 2005
Apr 2005
Nov 2004
Oct 2003
Feb 2007
Dec 2004
May 2010
Dec 2011
Sep 2011
Apr 2008
Jan 2009
Nov 2011
Apr 2010
Jul 2011
Nov 2006
Dec 2010
Jul 2012
Jun 2008
Dec 2011
33 Actis data Portfolio companies
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01 0702
14
28
03
15
29
18
3130
33
20
08
3227
17
25
23
34
21
16
19
26
24
35 36
22
09 10
04
11
05 06
12 13
The team
01 Sanjiv AggarwalPartner: Energy
02 Beatriz AmaryDirector: Consumer
03 Lou BaranDirector: Head,
Human Resources
04 Nelson BecharaDirector: Value Creation
05 Ron BellDirector: Head, Operations
06 Jonathon BondPartner: Head,
Investor Development
07 Eduardo BozoDirector: Energy
08 Sergio BrandoDirector: Energy09 Torbjorn Caesar
Partner: Co-head, Energy
10 Mahesh ChhabriaPartner:
Industrials/Healthcare
11 Chris ColesPartner: COO, Head, Banking
12 David CookeDirector: Consumer
13 Louis DeppeDirector: Real Estate
14 Ngozi EdozienDirector: Healthcare,
West Africa
15 Michael Chudi EjekamDirector: Real Estate
16 Sherif ElkholyDirector: Consumer
17 Paul FletcherSenior Partner18 Mark Goldsmith
Director: Responsible
Investment
19 Murray GrantPartner: Africa
20 David GryllsPartner: Energy
21 Simon HarfordPartner: Financial Services
22 Michael HarringtonDirector: Energy
23 Lucy HeintzDirector: Energy
24 Adiba IghodaroPartner: Investor
Development
25 Amanda Jean-BaptisteDirector: Real Estate
26 Mikael Karlsson
Partner: Energy27 Danny Koh
Director: Financial Services
28 Natalie KolbePartner: Consumer
29 Chu KongPartner: Co-Head,
Latin America
30 Ritu KumarDirector: Responsible
Investment
31 Tashi LassalleDirector: Head,
Communications
32 Patrick LedouxPartner: Co-Head, Latin
America
33 Meng Ann LimPartner: Head, SE Asia
34 Max LinDirector: Consumer/
Industrials35 Tanya Lobel
Director: Actis Acts
36 Vincent LowDirector: Value Creation
34 Actis data The team
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63 65
60
41
64
55
69
43
59
73
40
46
53
6766
4847
57
71
38
45 51
56
70
37 44
50
54
68
42
49
72
39
52
58
Denotes Executive
Committee member
37 Nick LuckockPartner: Financial Services
38 Alistair MackintoshPartner: Chief
Investment Officer
39 Alasdair MaclayDirector: Investor
Development
40 Jonathan MatthewsDirector: Industrials
41 David MorleyPartner: Head, Real Estate
42 Hossam Abou MoussaDirector: Financial Services
43 Shomik MukherjeePartner: Consumer
44 Marc NahumDirector: InvestorDevelopment
45 Arjun OberoiDirector: Head, Healthcare
46 Funke OkubadejoDirector: Real Estate
47 Peter OldsDirector: Legal
48 John OpuborDirector: Consumer
49 Angus OrDirector: Value Creation
50 Paul OwersPartner: General Counsel
51 Homer PaneriDirector: Healthcare
52 Denis PedreiraDirector: Financial Services
53 Rick PhillipsPartner: Head, Consumer
54 Gautham RadhakrishnanDirector: Financial Services55 Mark Ransford
Director: Financial Services/
Industrials
56 G RathinamPartner: Industrials
57 Mark RichardsPartner: Head,
Financial Services
58 Asanka RodrigoDirector: Industrials
59 Ivy SantosoDirector: Financial Services
60 Fash SawyerrDirector: Value Creation
61 Peter SchmidPartner: Head,
Private Equity
62 Joe SinyorPartner: Head, Value
Creation & Industrials63 James Smith
Director: Value Creation
64 Prabir TalatiDirector: Consumer
65 Kevin TeeroovengadumDirector: Real Estate
66 Michael TillPartner: Co-Head, Energy
67 JM TrivediPartner: Head, South Asia
68 Michael TurnerDirector: East Africa
69 Jaideep WadhwaDirector: Value Creation
70 Ramon WalshDirector: Debt Financing
71 John van WykPartner: Head of Africa
72 Jason ZhangDirector: Healthcare
73 Dong ZhongPartner: Consumer
61 62
These pages show investment
professionals, from Director level
and above alongside their main
specialism, as well as key
members of the firms global
support services platform.
35 Actis data The team
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So Paulo, Brazil
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Actis invests exclusively in the emerging markets.
With a growing portfolio of investments in Asia, Africaand Latin America; we currently have US$5.2bn fundsunder management.
Through our work in these markets Actis brings financialand social benefits to investors, consumers and communities.We call this the positive power of capital.www.act.is
Actis is a signatory to the United Nations Principles forResponsible Investment (UNPRI), an investor initiativedeveloped by the UNEP FI and the UN Global Compact.www.unpri.org
This annual review forms the basis of Actiss compliancewith the Walker Guidelines for Disclosure and
Transparency in Private Equity. Actis has reported on acomply or explain basis as detailed by the guidelines.walker-gmg.co.uk
Actis LLP is a Limited Liability Partnership registered in England and Wales
(registered number OC305927). A list of the members of Actis LLP is open to
inspection at its registered office, 2 More London Riverside, London SE1 2JT, England.
Actis LLP is regulated by the Financial Conduct Authority.
Copyright 2013 Actis LLP. All rights reserved Reproduction without permission is
prohibited. Trademarks and logos are copyrights of their respective owners.
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