Private equity briefing: Southeast Asia – September 2016

1Private equity briefing: SEA

Private equitybriefing:Southeast AsiaSeptember 2016


This quarterly briefing offersyou a roundup of the privateequity deals and capitalactivities across majorsectors in the quarter andtrends that are shapinginvestment decisions today.

It distills the perspectives ofour team of subject-matterprofessionals in the regioninto pertinent insights tokeep you ahead in navigatingthe private equity landscape.


1Outlook

2Investments

3Exits

4Fund-raising

5Country infocus:Indonesia

6Interview:SahalaSitumorang

7Vendorduediligence

8Our services:PE valuecreation

Contents4 6 8 9 191310 16


Outlook1

There has been less private equity (PE) activity in the first half of 2016but levels remain fairly strong. Transactions are taking longer tocomplete as investors undertake full and careful analysis beforeinvesting.

The overall value of PE deals completed in 1H16 was US$1.56b, 17% lower than 2015 with the total number of dealsdown 36% to 56. The primary driver for the fall in deal count is the reduction in investments made into the technologysector.

Consolidation in the marketThe technology sector remains at the forefront of investor focus but it is clear that there has been a change in marketdynamics. In 2016, we have observed that investors take a more tentative approach when assessing investments inthis space, which has resulted in an overall decline in activity.

It is clear that the sector is now entering into a new phase. Valuations have come off with concerns around not onlythe sustainability of business models, but, more importantly, the exit. Alibaba’s acquisition of a controlling stake inLazada provides one of the region’s first major technology exits and sets a positive precedent for future deals in thisspace. We are also seeing increased interest from the mainstream PE (non-technology specific) investors. We areseeing these investors spending increased time looking at and understanding the sector as they begin to “dip theirtoes in the water.”

Overall, PE investors are looking back to fundamental themes and industries that they are familiar with. Consumer,health care and business services all remain active and the short-term volatility that is being seen in the market iscreating opportunities for investors. Liquidity from banks is increasingly scarce for companies, which means they mustexit or seek alternative forms of capital, in order to strengthen the balance sheet and position for growth.


Muted volumes in the global marketThe trend in transactions in Southeast Asia (SEA) is reflective of what is being seenacross the global PE market. Globally the total value of investments has fallen by 14%,compared to 1H15. This in part being caused by PEs adjusting to a tighter financingmarket but it is also reflective of the industry’s continued patience toward investing.As a result, the buy-out dry powder is 11% up from a year earlier, to a recordUS$526.6b.

Just as we are seeing in SEA, the technology sector received the largest proportion ofglobal PE investment in 1H16. It accounted for 23% of deal value, and a-fifth ofoverall PE deal volume. Interestingly PE firms are readying to deploy capital into theglobal oil and gas sector, with 25% planning acquisitions before the end of the yearand 43% by the first half of 2017, according an EY global survey of 100 PE firmsactive in the space.

Globally, 2015 was a big year for divestments. As such, M&A exit value fell 25% in1H15 to just over US$120.0b, as PE firms have a reduced imperative to realizeinvestments and shift their focus from realizations toward deployment.

Lastly, the political environment is impacting the way in which PE firms are looking atinvestments. In particular, the UK’s departure from the European Union means PEfirms are working to understand the implications. The exit could present newopportunities for firms that can successfully navigate the new landscape, particularlyfor US and Asia-based firms that could put dry powder to work if potential targetbusinesses remain uneasy about the ripple effects related to the complexity andtiming of Brexit.

Luke PaisEY Asean LeaderM&A and Private Equity

“We have seen PE firms globally review and assess their existing portfolios with alarge number of exits having taken place. As we emerge from this period ofconsolidation, investments should now begin to ramp back up across the next 12months.”


Investments2

• In 2Q16, a total of US$377m was invested across 25deals, down on the same period in 2015 when 41deals resulted in US$809m being deployed.

• Total capital invested of US$1.2b for the first half ofthe year is consistent with that seen across 1H15(US$1.4b) and 2H15 (US$996m). What is moreapparent is the fall in the number of deals, which, at52, is 38% lower than the same period in 2015.

• The biggest driver behind the fall in the number indeals is the fall in investments into Indonesia whereless than half the number of deals were completedcompared to 1H15. The other driver was theslowdown in investments made into the technologysector. Technology investments have fallen by morethan 40%.

• The largest deal of the quarter saw Baring PrivateEquity Asia take a significant minority stake in TelusInternational, the provider of customer service,information technology, and business processservices, for US$137m.

Figure 1: Investment activity

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Table 1: Top investments in 2Q16

Investmentdate

Company Country Sector Value(US$m)

Acquirer

May 16 Telus International, Inc Philippines Other sectors 137.02 Baring Private Equity Asia Ltd

Jun 16 Japfa Comfeed Indonesia TbkPT Indonesia Consumer products and

retail 81.20 KKR & Co LP

Jun 16 Trax Technology Solutions PteLtd Singapore Technology 40.00 Broad Peak Investment Advisors,

Undisclosed Firms

Jun 16 An Cuong Wood Working JSC Vietnam Consumer products andretail 30.00

Vinacapital Investment Management Ltd,DEG Deutsche Investitions- undEntwicklungsgesellschaft mbH

Apr 16 Ninja Logistics Pte Ltd Singapore Automotive andtransportation 30.00 Abraaj Capital, Ltd., Monk‘s Hill Ventures Pte

Ltd, YJ Capital Inc., undisclosed firm

“The tech sector continues to evolve at a fast pace. Investors are now taking apause to review and understand exactly where growth and the ultimate exit iscoming from.”

Joongshik WangPartnerTransaction Advisory ServicesErnst & Young Solutions LLP


Exits3

Exits• There remains limited disclosure around PE exits in

the region, with a number of deals going unreportedand therefore not captured by the analysis.

• Exit activity in 2Q16 was buoyed by the sale of LazadaGroup to Alibaba Group Holding Ltd, in a US$1b deal.This is one of the first major tech exits that has takenplace in the region.

• The other deal captured saw 3i Group plc exit fromtheir investment in DenseLight Semiconductors PteLtd in a trade sale to US-based POET TechnologiesInc., in a US$11.5m deal.

• Market sentiment appears to indicate that conditionsproviding for an exit are improving. Intelligencesuggests that a number of sale processes haverecently been launched or are set to be launchedacross the second half of the year.

Figure 3: Exit activity

Source: Thomson One, Dealogic and Mergermarket

Vikram ChakravartyEY Asean Managing PartnerTransaction Advisory Services

“Shareholders should start to prepare for exit at least 12 months before running aprocess to deliver improved value. Any issues within the business need to be dealtwith and rectified while clear articulation of an achievable growth plan drivespremium prices to be paid.”

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Fund-raising4

• In 2016, the number and size of the funds closed hasbeen muted compared with 2015. There were a totalof four funds closed in the first two quarters, resultingin US$1.0b being raised.

• The two largest funds that have been raised have areal estate focus. The largest was PGIM Real Estate’sclosure of an Asia-focused US$580m fund.

• In 2015, the data was somewhat skewed by the tworecord funds raised by Baring Private Equity Asia and

RRJ Capital, both raising in excess of US$4b. Thesetwo funds alone accounted for more than half of thetotal raised across the year.

• Despite this, it is clear to see that there has been aslowdown in fund-raising activity. This is no surprise,given the levels of fund-raising across the past 24months, causing staggering levels of dry powder tobuild up. For now, the focus is shifting towardinvestment and the deployment of this capital.

Figure 6: PE fund-raising with Southeast Asia focus

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Country in focus:Indonesia5

• Given subdued global growth and economicslowdown in China, Indonesia’s gross domesticproduct (GDP) grew by 4.9% in Q1 2016, lower thanthe 5.1% median estimate of economists surveyedby Bloomberg.

• The outlook for the full year of 2016 is rosier, withGDP estimated to grow by 5.1%. A mix ofgovernment measures are expected to invigoratethe economy:

• Benchmark rate cut of 100 basis points in 1H16

• Further opening up of the economy to investors

• Tax amnesty bill approved by the parliament inJune 2016, which is expected to boostgovernment tax income and funds marked forinvestment in government and private sectorprojects.

• In May 2016, the Indonesian Governmentintroduced a new Negative Investment List (2016NIL) which replaces previously issued 2014 NIL.This, along with recent abolishment of over 3,000regional regulations, is in line with the Government’spolicy of making it easier for private sector to investin Indonesia.

What is a NIL? NIL lists down business fields that are closed, or open, for investment withrestrictions in Indonesia, making it essential for foreign investors’ investmentplanning in Indonesia.

Are the changes substantial? While it is not as far-reaching as many anticipated, changes introduced in 2016NIL are substantial for many business fields, and prospective investors should takenotice.

Who are affected by thechanges?

► Prior approved (with principle approval) investment plans are not affectedby 2016 NIL.

► In the case of an acquisition, relevant foreign ownership limit stated in thetarget company’s principle or business license applies.

► Foreign companies operating in business fields with relaxed restrictions canapply for the relaxed restrictions to apply to existing investments.

About NIL


Key themes for investors

Sector Changes Opportunities

a. Distribution business withno affiliation to theproduction• Maximum foreign

ownership increasedfrom 33% (2014 NIL)to 67% in 2016 NIL.

b. Warehousing• Maximum foreign

ownership increasedfrom 33% (2014 NIL)to 67% in 2016 NIL.

c. Cold storage• Maximum foreign

ownership was 33% inSumatra, Java, Bali(2014 NIL). Now up to100% foreignownership allowed.

► The Indonesian Logistics Associationestimated the market size of the domesticlogistics industry at US$163.4b, a 19%increase over 2015.

► The sector is expected to continue itsdouble-digit growth on the back of growingmodern trade and e-commerce sector, andinfrastructure investment by Jokowi’sGovernment.

► Rising income is expected to drive demandfor confectionaries, packaged goods andpharmaceutical products, which in turn willlikely increase requirement for cold storageand services from cold chain providers.

► Local players lack sophistication and capitalto provide integrated cold chain services,creating investment opportunity for regionalPE with execution capability.

a. Clinical laboratory

b. Medical check-up clinic

• Maximum foreignownership for (a) and(b) was 67% (2014NIL). Now up to 100%foreign ownershipallowed.

► Indonesia has one of the lowest hospital bed-to-population ratio globally (1.1 per 1,000population), reflecting years of under-investment.

► Jokowi Government supported the UniversalHealth Care (UHC) scheme, with the aim toprovide all Indonesians with access to basichealth care coverage by end 2018.

► Rising income levels, incidences of chronicillnesses, and implementation of UHC aredriving construction of new hospitalfacilities, which is expected to fuel demandfor laboratories and check-up clinics.

► The industry is fragmented. Most labs andmedical clinics are independently owned;very few chains own more than 10 branches.

► Past conversations with top players revealthat they prefer IPO route; bolt-onacquisition is possible, but finding the rightplatform and articulation of value add thatPE brings are essential in facilitatingsuccessful consolidation.

Distribution

Health supportservice


“Further relaxation of the sectors subject to the negative list is a welcome move.This should have a positive impact generally and may reduce the need forcomplicated holding structures which can often lead to unintended taxexposures”.

Darryl KinneallyPartnerTransaction TaxErnst & Young Solutions LLP

Sector Changes Opportunities

Maximum foreign ownershipfor was 49% or 51% dependingon type (2014 NIL).• Now up to 100% foreign

ownership allowed.

► Slowing economy, combined with increasingcost due to foreign currency fluctuation, made2015 a challenging year for restaurantoperators in Indonesia.

► Successful operators offer menu that caters tolocal preference, at the right price point –making operating efficiency essential.

► Challenging situation has led to several exitsby conglomerates and non-operational players;several prominent assets were transacted inthe past year.

► Given the robust long-term growth story inIndonesia, financial players with strong marketunderstanding and operational knowledge areexpected to benefit.

Restaurant, bar,cafe


Interview:Sahala Situmorang6

Sahala Situmorang is Partner, Transaction Advisory Services at PTErnst & Young Indonesia. Based in Jakarta, he leads a team of over20 professionals focusing on M&As. He has been involved in manytransactional-based financial advisory roles, both for acquisitionand divestment transactions. He has assisted clients and PE firmsfrom various industries and has extensive experience in financialservices, infrastructure, fast moving consumer goods and healthcare sectors.

Q: The global financial market saw turbulence in the first two quarters of 2016. How has this impacted PEinvestment in Southeast Asia, particularly Indonesia?

The recent turbulences that global financial markets face have not significantly affected Indonesia’s economy.1Q16, Indonesia’s economy grew 4.9%. In addition, we saw foreign direct investments (FDI) increased to IDR96.1tin 1Q16, compared to IDR82.1t in 1Q15.

Previously, above-target inflation during 2014-15 prevented Bank Indonesia from adopting more expansionarymonetary policy. With lower inflationary pressure in 2016, the Indonesian central bank has been very responsive bypromoting expansionary monetary policy to support further economic growth. Thus, Indonesia’s economy isexpected to grow 5.1% in 2016, up from 4.8% in 2015.

PE interest in Indonesia, particularly in health care and fast moving consumer goods, has increased as investorsremain bullish for mid- to long-term projects. Additionally, global PE firms seeking opportunities beyond China andIndia are drawn toward Indonesia’s large domestic consumption and economy.

Q: President Joko Widodo was elected with much fanfare, and sworn into office in October 2014. How has histerm in office been, thus far?

To date, President Joko Widodo has introduced 12 successive economic stimulus packages to promote FDI, providebusiness certainty to investors and overall increase the ease of doing business in Indonesia.

In promoting FDI, the government, under President Joko Widodo’s leadership, issued a new NIL to accelerateeconomic growth by relaxing foreign ownership restriction in multiple sectors, including distribution, health supportservices and food and beverage.

Initiatives to increase business certainty include introduction of minimum wage increment formula, as well as theone-map policy that simplifies land acquisition for infrastructure and business development. The government hasalso reduced the number of procedures and permits for doing business in Indonesia. For example, previously 94procedures and 9 permits were required to establish a new business; now, only 49 and 6 are required respectively,making the process significantly faster and more cost-effective.


Q: That’s quite a lot of things in 18 months. How do you see these initiatives impact PE investments?

There is far-reaching economic impact from these packages. On infrastructure, the government has allocated thelargest state budget, which was previously lacking. Recent initiatives in infrastructure include upgrading andmodernization of ports and port management, construction of the Trans-Java and Trans-Sumatra toll roads andimprovement in public transportation. On health care, the government introduced full national medical coveragethrough the implementation of Universal Health Care (BPJS) program.

The government’s continuous support to increase nation’s welfare, spending power, and grow the middle class,has certainly increased the appetite of PEs in Indonesia exponentially.

Q: What are the greatest difficulties currently experienced by PE in Indonesia?

One key challenge is business uncertainty arising from unclear and vague rules and regulations, suddenunpredictable changes in regulations and the numerous government approvals required to establish a corporateentity, such as State Treasury, Ministry of Law and Human Rights, Ministry of Manpower, among others.President Joko Widodo’s first economic package is aimed to overcome these challenges by improving lawenforcement and business clarity.

Another challenge for PE is the lack of information related to certain industries in Indonesia. PE can be reluctantto enter such industries as formulating the right strategy is difficult.

Lastly, it is often difficult to get financial information from private enterprises. If provided, questions might arisewith regard to credibility and accuracy of financial and operational data. PE often enlist the help of professionals,such as the EY Transaction Advisory Service team, to find suitable targets, utilizing the extensive network, andto conduct financial due diligence on potential targets to give comfort on quality of financial information and flagpotential risks. In addition, it is recommended that PE seek tax and legal counsels to assist during transactions.

Q: What is the attitude among entrepreneurs toward PE?Many mid and small companies are not familiar with PE firms. Bigger ones are acquainted through previousengagements and mutual associates. While some business owners understand the value that PEs bring, otherscan be hesitant and reluctant to work with outside investors. Entrepreneurs are particularly concerned that thePEs' style does not go well with their deeply ingrained company values. In addition, PEs are viewed as short-terminvestors while some entrepreneurs prefer to partner with long-term investors.

Second generation entrepreneurs educated overseas often understand that PEs can accelerate the business andcreate value. Furthermore, second generation entrepreneurs also see PEs as a possible exit option.

Q: Where do you see opportunities coming from in the next six months?

As the world’s fourth most populous country, Indonesia benefits from domestic consumption as a key driver of itsgross domestic product. Furthermore, Indonesia’s middle class is expanding, and is forecast to increase fromabout 88 million to 140 million people between 2014 and 2020. With such expansion, the consumer sector,specifically fast-moving consumer goods, is projected to benefit from the rising income and standard of living.

In 2014, the government introduced the Universal Health Care coverage, which incentivizes construction ofhospitals and clinics in cities and smaller regions. Such initiative creates opportunities in construction, logisticsand medical healthcare.


Q: What is the growth catalyst for Indonesia?

Government spending on infrastructure, decrease in interest rates and tax amnesties are some of thegrowth catalysts for Indonesia.

Infrastructure development will ease barriers and distances between cities. A new railway to connect capitalcity Jakarta and the third-biggest city Bandung is being built. Additionally, the government is constructingthe Trans-Java and Trans Sumatra toll roads that will dramatically improve connectivity between the eastand west of Java, north and south of Sumatra, drastically cutting logistic cost in the country. Whencompleted, the railways and toll-roads will spur economic growth in second- and third-tier regions and easemovement between cities. Furthermore, in 2013, the government began the Jakarta Mass Rapid Transit(MRT) project. The first phase of the project spans 15.7 km stretching from north-south corridor sectionlinking south Jakarta to central Jakarta. The second phase of the north-south project will be an 8.1 kmsection linking central Jakarta to north Jakarta. The project is planned to be completed in 2020 andthereafter the east-west line to be operational in 2027. These infrastructure initiatives will also create newjobs in construction and train manufacturing facilities.

Secondly, Bank Indonesia has cut interest rates for the fourth time this year to 6.5%, providing stimulus tothe economy. Bank Indonesia has also raised the minimum loan-to-value ratio from 70% to 80%, relaxedrules to purchase property and reduced the minimum deposit to buy homes.

Lastly, the parliament recently approved a tax amnesty program. In addition to providing repatriationinflow, the multiplier effect is expected to play a major role in driving Indonesia’s economy in the next fewyears. The full impact to the economy will depend on the volume of participation and the details of theregulation (which have not been issued as yet).


Vendor duediligence (VDD)7

Demystifying VDD

Divesting a business in today’s market requires detailed preparation and planning in order to improve value on exit.The asset for disposal is unlikely to have been under the scrutiny and depth of analysis that will be required bycompeting bidders and the demands this places on management and vendors cannot be underestimated.

The process flow below shows the steps of a typical process that includes a VDD.

What is a VDD?

VDD is an independent review of the business commissioned by the vendor. It is made available to competing biddersand the lending banks. It is relied upon by the ultimate purchaser of the business and the VDD team signs a duty ofcare letter to the final purchaser at the point of signing.

Planning andpreparation Issue teaser

Issueinformation

memorandum

Data roomand vendor

due diligence

Auctionprocess

Sale andpurchase

agreement

Signing tocompletion

Postcompletion

Figure 7: VDD process


“I’m seeing more VDD reports on transactions in Southeast Asia and I believe thereis an expectation to prepare one as part of an auction process as the buyercommunity becomes more international.”

Geophin GeorgePartnerTransaction Advisory ServicesErnst & Young Solutions LLP

What does a VDD cover?

A VDD report can cover diligence on many different aspects of the business and can include:

• Financial due diligence – diligence of historical and forecast financial results (profit and loss), cash flow,balance sheet), quality of earnings, sensitivity analysis, source of numbers and reconciliations, significantaccounting policies and procedures, quality of financial information, review of the audit and forecastingprocedures

• Commercial due diligence – diligence of the market condition, size and growth drivers, competitiveenvironment, forecast revenues and sensitivity analysis

• Operational due diligence – diligence of the business’ key processes, operational key performanceindicators, forecast operational improvements, operational carve-out and separation issues

• Tax due diligence – diligence of tax compliance (corporation tax, indirect taxes, employer taxes),historical tax issues and quantification of tax exposures

• IT due diligence – diligence of IT systems and controls of the business

• Pensions due diligence – diligence of the pension and other post-retirement benefit schemes, includingpotential exposures, of the business

The typical duration of the VDD process is six to eight weeks but is dependent on the size and complexity ofthe business and the scope of work agreed by the vendor or required by potential bidders.


“The key to a successful sale process is the exit planning and preparation for thewhole sale process with a strong emphasis on the quality of the financials andidentifying the potential value erosions items. A good VDD report is key inprotecting and increasing the value of the sales proposition.”

Purandar RaoSingapore Head,Transaction Advisory ServicesErnst & Young Solutions LLP

Benefits of VDD

► The vendor can use VDD to provide information on the business to different potentialpurchasers at the same time, helping to increase the efficiency of the sale process.

► It also enables vendors to anticipate potential purchaser’s issues and decide how todeal with them at an early stage in the sales process, thus increasing efficiency.

► A VDD report helps the vendor to have more control over the sale process by setting amore detailed timetable.

► VDD can help vendors increase or defend the value of the transaction by providingpotential purchasers with information on the business that has been reviewed by anindependent party.

► VDD helps vendors to maintain credibility by demonstrating that they are meetingpotential purchasers’ expectations by going through this process.

► VDD can minimize disruption to the management’s business operations due as buy-side teams spend less time with the management, helping to increase efficiency.

► VDD can increase efficiency by minimizing closing and post-close issues byhighlighting key issues in the report. Thus there are no surprises for the potentialacquirer and fewer disruptions to the management at this stage of the sales process.

► The VDD team works with the management by providing upfront guidance onrequirements and keeping regular contact during the process. This helps the processrun smoothly and to timetable, giving the management more control over the salesprocess.

► The VDD gives the management more time to demonstrate their knowledge of thebusiness, helping to increase potential purchasers’ confidence, thus increasing value.

► A VDD deals with typical buyer concerns e.g., underlying earnings, risks in theforecast, cash conversion, working capital and robustness of numbers, helpingpotential purchasers to focus on issues that are more particular to them, increasingefficiency in the sales process.

► A VDD gives potential purchasers more control over the sales process by beingprovided with consistent information relatively early in the sales process.

► The VDD team signs a Duty of Care to the final purchaser, transferring liability to theVDD team. This gives the final purchaser additional assurance over the quality ofinformation within the report, and more confidence in the value of the business.

► In addition, the VDD team will have had greater access to the management comparedto most buy-side due diligence processes.

Managementbenefits

Purchaserbenefits

Vendorbenefits


Our services:PE value creation8

► Focus: provide value creationservices across the PE investmentlife cycle

► Dedicated PE experience:dedicated team comprising formerPE operating partners, seasonedoperating executives andmanagement consultants

► Broad functional knowledge:capabilities in strategy, M&A andall core operating functions;experience in revenueenhancement, cost reduction,human capital andchange management

► Deep sector experience: primaryfocus in oil and gas, consumer,industrial, and health care; ability totap into sub-sector professionals

► Accelerated approach: customizedapproach that is highly responsiveand provides accelerated realizationof benefits

► Global capabilities: dedicated teamthat has extensive cross-borderexperience with access to morethan 30,000 consultants operatingin 140 countries with deep industryand functional know-how

Our capabilities

EY PE value creation (PEVC) teamcomprises experienced professionalsfocused on PE and is supported byour deep sector and functionalprofessionals around the world.

PE value creation team

Privateequityfund

► Performanceimprovement

► Sales forceeffectiveness

► Businessintelligence

► Finance► Human resources► Supply chain► IT transformation► Risk

► Lead advisory► Commercial advisory► Financial diligence► Operational diligence► IT diligence► Carve-out► Integration

► Restructuring► Real estate► Divestiture► Valuation and

business modeling► Operational improvement


Contact usService line contactsM&A

Luke [email protected]

+65 6309 8094

Corporate Finance Strategy

Karambir [email protected]

+65 6309 8089

Transaction Support

Seng Leong [email protected]

+62 21 5289 5007

Transaction Tax

Darryl [email protected]

+65 6309 6800

Valuation & Business Modelling

Andre [email protected]

+65 6309 6214

Country contactsIndonesia

David [email protected]

+62 21 5289 5025

Sahala [email protected]

+62 21 5289 5210

Hertanu [email protected]

+62 21 5289 5684

Malaysia

George [email protected]

+60 3 7495 8700

Preman [email protected]

+60 3 7495 7811

Philippines and Guam

Renato [email protected]

+63 2 891 0307

Singapore

Purandar [email protected]

+65 6309 6560

Vikram [email protected]

+65 6309 8809

Thailand

Ratana [email protected]

+66 2 264 0777

Piyanuch [email protected]

+66 2 264 9090

Vietnam

Toan Quoc [email protected]

+84 8 3824 5252

Du Vinh [email protected]

+84 8 3824 5252

Global contactsGlobal

Jeffrey [email protected]

+1 212 773 2889

Michael [email protected]

+1 214 969 0675

Sector contactsConsumer Products Financial Services

Geophin [email protected]

+65 6309 8168

Patrick [email protected]

+65 6309 6720

Health care Infrastructure

Abhay [email protected]

+65 6309 6151

Lynn [email protected]

+65 6309 6688

Oil & Gas Power & Utilities

Sanjeev [email protected]

+65 6309 8688

Gilles [email protected]

+65 6309 6208

Real Estate TMT

Benedict [email protected]

+65 6309 8786

Joongshik [email protected]

+65 6309 8078



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Private equity briefing: Southeast Asia – September 2016