How do you see the opportunity in your obstacles? - June 2019
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How do you see the opportunity in your obstacles? To reach operational excellence, private equity firms need the right insights to learn as they go — discovering new ways to overcome obstacles and seize opportunities. The IVCA-EY monthly PE/VC roundup – June 2019 The better the question. The better the answer. The better the world works.
Our Thoughts “While Indian PE/VC investment activity has continued its strong performance in 1H19 (27% higher than 1H18 and 30% higher than 2H18), the sectoral distribution is significantly different this time around. As per EY’s forecast in the beginning of 2019, infrastructure and real estate sectors have taken the lead in attracting PE investments from marquee global investors. 1H19 attracted US$7.3 billion of PE/VC investments in Indian infrastructure sector, which is more than 1.6x recorded in the entire 2018 and is more than the previous two years’ investments put together. Infrastructure investment trusts (InvITs) are finding favor with global investors, pension funds and sovereign wealth funds and with India’s maiden real estate investment trusts (REIT) paving the way for more such REIT offerings, the mood appears to be upbeat for quality commercial real estate assets. Buyouts as a PE investment strategy has become even stronger, with 1H19 recording the highest value and number of buyouts for any half-year period ever (39% more than 1H18 by value). Exits, however, have had a subdued performance in 1H19 with open market exits and IPOs being impacted by the volatility in the capital markets. In our view, notwithstanding headwinds like volatile oil prices, global trade relationships between the US and China, and stress in India’s shadow banking ecosystem, Indian PE/VC investments appear to be well on course to surpass the record highs of 2018.” Page 2 11 July 2019 EY analysis of VCCEdge data
How fluent is your advisor in making global investments? EY can mobilize a world-class team to navigate complex challenges on a global basis Half-yearly trend analysis – 1H2019 The better the question. The better the answer. The better the world works.
Key trends: half yearly
Investments
► On a half yearly basis, investments in 1H19 increased by 27% in terms of value compared to 1H18 and 30% compared to 2H18
(US$23.4 billion in 1H19 vs. US$18.5 billion in 1H18 and US$18 billion in 2H18) and is the best half-yearly performance
ever. In terms of the number of deals, the increase is higher at 43% and 35% compared to 1H18 and 2H18, respectively (536
deals in 1H19 vs. 376 deals in 1H18 and 396 deals in 2H18). Both, the first and the second quarter of 2019 have recorded a
strong growth in deal activity compared to the corresponding quarters in 2018.
► The outperformance of PE/VC investments in 1H19 is mainly attributable to the record level of investments worth US$11.1
billion in the infrastructure and real estate asset classes. While pure play PE/VC investments in 1H19 at US$12.3 billion have
been at investment levels similar to those recorded in 1H18 (US$12.8 billion), investments in the infrastructure and real estate
sectors in 1H19 are 23% higher compared to investments made in entire 2018. As a result, these two asset classes have
together accounted for 48% of all PE/VC investments in 1H19 compared to 30% in 1H18 and 19% in 2H18.
► While investments in real estate in 1H19 (US$3.8 billion) increased by 66% over 1H18 (US$2.3 billion), the PE/VC investments
in the infrastructure sector have moved the needle meaningfully. Investments in the infrastructure sector in 1H19 are at
US$7.3 billion, which are higher than the total infrastructure investments of US$6.5 billion made by the PE/VC funds in the
previous two years combined.
► Like in 2018, large deals (deals of value greater than US$100 million) continue to drive the growth of PE/VC investment. The
1H19 recorded 54 large deals aggregating to US$17.2 billion (compared to 45 large deals aggregating to US$14.5 billion in
1H18), the highest number for large deals in any half-yearly period. In 1H19, 23 out of 54 large deals, were in infrastructure
(13 deals) and real estate (10 deals) and were worth US$9.9 billion. Seven out of the top 10 deals in 1H19 were in
infrastructure (five deals) and real estate (two deals) sectors.
Page 4 11 July 2019 EY analysis of VCCEdge data
Key trends: half yearly
Investments (cont’d)
► The largest deals in 1H19 in the infrastructure sector include Brookfield’s buyout of Reliance Industries Limited’s (RIL’s) East-
West pipeline worth US$1.9 billion, followed by Abu Dhabi Investment Authority (ADIA) and National Investment and
Infrastructure Fund’s (NIIF’s) US$929 million investment in GVK ’s airport subsidiary for a 49% stake. These were also the
largest deals in 1H19. The largest deal in the real estate sector in 1H19 saw Brookfield buying out four hotel assets from Hotel
Leela Ventures Limited for US$572 million. From a pure play PE/VC perspective, the largest deals include Carlyle and Canadian
Pension Plan Investment Board’s (CPPIB’s) US$817 million investment in SBI Life Insurance Company Limited followed by GIC’s
US$726 million investment in Bharti Airtel Limited.
► Buyouts as a strategy for PE/VC investment continues to gain prominence. The first six months of 2019 recorded 31 buyouts
aggregating to US$6.9 billion, the highest value and number for any half-year period ever, which was 39% higher in terms of
value and 29% higher in terms of volume compared to 1H18. Buyouts in infrastructure (six worth US$2.9 billion) and real estate
(eight worth US$1.9 billion) together accounted for 71% of the buyouts by value and 45% by volume in 1H19.
► Four out of the top 10 deals in 1H19 were buyouts, which in addition to the two deals by Brookfield mentioned above, include
Caisse de dépôt et placement du Québec’s (CDPQ’s) buyout of three road assets from Essel Infraprojects for US$500 million and
GIC’s US$420 million investment in a hotel investment platform in a joint venture with The Indian Hotels Company Limited.
► From a sector point of view, in 1H19, infrastructure leads with an investment of US$7.3 billion in 29 deals, more than 1.6x the
value recorded in entire 2018. Financial services sector was next in line with US$4.2 billion invested across 89 deals in 1H19,
which was 17% lower in terms of value compared to 1H18, followed by real estate with US$3.8 billion invested across 43 deals.
Another sector that can be viewed as an extension of the infrastructure investment theme is power and utilities (that includes
renewables) that recorded investments worth US$1.9 billion across 18 deals, almost equal to the value and volume recorded in
entire 2018.
Page 5 11 July 2019 EY analysis of VCCEdge data
Key trends: half yearly
Exits
► On a year-on-year (yoy) basis, exits declined by 26% in terms of value in 1H19 (US$4.1 billion vs. US$5.5 billion in 1H18) and
24% in terms of volume (77 deals vs. 101 deals in 1H18). The decline was mainly due to fewer large deals. Quarterly
comparison shows a relatively better performance in 2Q19 compared to 1Q19 (US$2.9 billion in 2Q19 vs. US$1.8 billion in
1Q19).
► Exits via open market recorded US$1.6 billion (22 deals) in 1H19, 2.3 times the value recorded in 1H18. Exits via strategic sale
recorded US$1.5 billion (32 deals) in 1H19, 10% higher than the value recorded in 1H18. Exits via secondary sale (sale to other
PE funds) recorded US$836 million (17 deals) in 1H19, 61% lower in terms of value compared to 1H18. The IPO market
recorded significantly lower activity compared to 1H18 with four PE-backed IPOs in 1H19 (8 in 1H18). Included in the count of
PE backed IPOs is the landmark REIT IPO of Embassy Office Parks, a JV between Blackstone and Embassy Group (there was no
offer for sale by Blackstone in the REIT’s IPO).
► From a sector perspective, healthcare recorded the highest value of exits in 1H19 (US$856 million across 10 deals) followed by
technology (US$816 million across 10 deals) and financial services (US$801 million across nine deals).
► The largest exit in 1H19 saw Carlyle and Temasek sell their stakes in Medanta to Manipal Hospitals for US$377 million followed
by Bain Capital and GIC paring down their investment in Genpact Limited for US$324 million.
Fund raise
► The first half of 2019 saw US$5.5 billion in fund raise, 85% higher compared to 1H18. The largest fund raise in 2019 saw
Edelweiss Alternative Asset Advisors raise US$1.3 billion for investment into stressed assets followed by Chrys Capital raising
US$850 million for its eighth fund. New fund raise plans announced in 1H19 stood at US$10 billion compared to US$13.6
billion in 1H18.
Page 6 11 July 2019 EY analysis of VCCEdge dataPE/VC half yearly headline trends: investments
US$m #
US$m
Page 7 11 July 2019 EY analysis of VCCEdge dataPE/VC half yearly headline trends: exits
US$m
US$m #
US$m
Page 8 11 July 2019 EY analysis of VCCEdge dataPE/VC half yearly headline trends: fund raise
US$m
US$m #
Page 9 11 July 2019 EY analysis of VCCEdge dataInvestments (excluding infrastructure and real estate) Note: Deal value not available on 89 out of 464 deals in 1H2019 and 38 out of 331 deals in 1H2018 * PIPE: Private investment in public equity Page 10 11 July 2019 EY analysis of VCCEdge data
Investments: infrastructure Note: Deal value not available on one out of 29 deals in 1H2019 and five out of 17 deals in 1H2018 Page 11 11 July 2019 EY analysis of VCCEdge data
Investments: real estate Note: Deal value not available on seven out of 43 deals in 1H2019 and two out of 28 deals in 1H2018 Page 12 11 July 2019 EY analysis of VCCEdge data
1H2019 investments: sector-wise
1H2019 1H2018
Page 13 11 July 2019 EY analysis of VCCEdge dataTop PE/VC investments
Top PE/VC investments excluding infrastructure and real estate in 1H2019
Company PE investors Sector Stage US$m Stake (%)
SBI Life Insurance Company Limited Carlyle, CPPIB Financial services PIPE 817 11
Bharti Airtel Limited GIC Telecommunications PIPE 726 NA
Delhivery Private Limited SoftBank, Carlyle Logistics Growth capital 415 38
BrainBees Solutions Private Limited
SoftBank E-commerce Growth capital 397 NA
(First Cry)
NIIT Technologies Limited Baring Asia Private Equity Technology PIPE 381 30
AGS Health Private Limited Baring Asia Private Equity Healthcare Buyout 339 NA
Essel Propack Limited Blackstone Industrial products Buyout 310 51
Interglobe Technologies Private
AION Technology Buyout 230 NA
Limited
N.I.S. New Investment Solutions
DMI Finance Private Limited Financial services Buyout 230 NA
Liechtenstein Limited
Cholamandalam Investment and
IFC Financial services Credit investment 222 NA
Finance Company
Page 14 11 July 2019 EY analysis of VCCEdge dataTop PE/VC investments
Top infrastructure and real estate investments in 1H2019
Company PE investors Sector Stage US$m Stake (%)
RIL's East West Pipeline Brookfield Infrastructure Buyout 1,888 90
GVK’s airport subsidiary ADIA, NIIF Infrastructure Growth capital 929 49
GMR Airports Limited GIC, SSG Capital Management Infrastructure Growth capital 651 25
Hotel Leela Venture Limited, Four
Brookfield Real estate Buyout 572 100
Hotels
Essel Infraprojects Limited (3 road
CDPQ Infrastructure Buyout 500 100
assets)
Greenko Energy Holdings GIC, ADIA Power and utilities Growth capital 495 NA
JV with The Indian Hotels Company
GIC Real estate Buyout 420 70
Limited
India Grid Trust GIC, KKR Infrastructure Buyout 400 57
DivyaSree Developers Private
ADIA - Kotak Real estate Growth capital 400 NA
Limited, Hub6
Indiabulls Real Estate Limited Blackstone-Embassy JV Real estate PIPE 388 39
Wing A of the One BKC office complex
in Mumbai’s Bandra Kurla Complex Blackstone Real estate Buyout 359 60
(BKC)
ReNew Power OPIC Power and utilities Credit investment 350 NA
Page 15 11 July 2019 EY analysis of VCCEdge dataTop PE/VC investments
Top InvIT investment deals in 1H2019
Company PE investors Sector Stage US$m Stake (%)
Brookfield’s India Infrastructure
RIL’s East-West Pipeline Oil and gas Buyout 1,888 90
Trust
India Grid Trust GIC, KKR Power Buyout 400 57
Asian Infrastructure Investment
Oriental Structural’s Infra Investment Bank (AIIB), DEG, International
Roads and highways Growth capital 331 NA
Trust Finance Corporation
(IFC) and HEG
OMERS Infrastructure
IndInfravit Trust Roads and highways Growth capital 122 22
Management Inc.
Page 16 11 July 2019 EY analysis of VCCEdge data1H2019 exits: analysis Page 17 11 July 2019 EY analysis of VCCEdge data
Top exits
Top exits in 1H2019
Company Sector Sellers Buyer Exit type US$m Stake (%)
Global Health Private
Healthcare Carlyle, Temasek Manipal Hospitals Strategic 377 46
Limited (Medanta)
Genpact Limited Technology Bain Capital, GIC NA Open market 324 5
Cancer Treatment Services Varian Medical
Healthcare TPG Strategic 283 NA
International Inc. Systems Inc.
Housing Development
Finance Corporation Financial services KKR NA Open market 270 1
Limited
Larsen and Toubro
MindTree Limited Technology Nalanda Capital Strategic 247 11
Limited
ICICI Lombard General
Financial services Warburg Pincus NA Open market 226 3
Insurance Company Limited
Reliance Nippon Life Asset Nippon Life Insurance
Financial services Reliance Capital Secondary 208 11
Management Limited Co.
DLF Limited Real estate GIC NA Open market 187 4
TA Associates,
Fractal Analytics Private
Technology Khazanah Nasional Apax Partners LLP Secondary 178 NA
Limited
Berhad
Jubilant Life Sciences Pharmaceuticals IFC NA Open market 135 NA
Page 18 11 July 2019 EY analysis of VCCEdge dataFund raise Top fund raise in 1H2019 Status Fund US$m Strategy Raised Edelweiss Alternative Investment Arm 1,295 Stressed assets Raised Chrys Capital 850 Sector agnostic Raised India Resurgence Fund 750 Structured debt Raised B Capital 400 Structured debt Raised Nexus Venture Partners 354 Early stage Raised A91 Partners 350 Consumer, healthcare, financial services and technology Page 19 11 July 2019 EY analysis of VCCEdge data
How is tax technology re-defining your tax landscape? Monthly trend analysis – June 2019 The better the question. The better the answer. The better the world works.
Key trends
Investments
► PE/VC investments in June 2019 were 92% higher compared to June 2018 and 8% lower compared to May 2019 (US$3.4
billion in June 2019 vs. US$1.8 billion in June 2018 and US$3.7 billion in May 2019). The growth was driven by improvement
in deal value across deals types. In terms of number of deals, June 2019 recorded 67% higher deals compared to June 2018
but 11% lower compared to May 2019 (87 deals in June 2019 vs. 52 deals in June 2018 and 98 deals in May 2019).
► Investments in infrastructure and real estate asset classes accounted for 66% of the total PE/VC investments in June 2019.
► From the point of view of deal type, growth deals recorded the highest value of investments at US$1.6 billion across 18 deals,
60% higher compared to June 2018 followed by private investment in public equity (PIPE) investments at US$583 million
across five deals. There were four buyouts worth US$428 million in June 2019. Start-up investments aggregated to US$503
million across 53 deals, accounting for 61% of the total number of deals in June 2019.
► June 2019 recorded eight large deals (deals of value greater than US$100 million) aggregating US$2.4 billion compared to
seven large deals worth US$1.3 billion in June 2018 and eight large deals worth US$2.7 billion in May 2019. Seven out of the
top 10 largest deals in June 2019 were in infrastructure and real estate. GIC and ADIA’s US$495 million investment in Greenko
Energy Holding was the largest deal in June 2019 followed by Blackstone-Embassy’s JV worth US$388 million as investment in
Indiabulls Real Estate Limited and Blackstone’s buyout of Radius Infra Holdings Private Limited’s One BKC project for US$357
million.
► From a sector point of view, infrastructure was the top sector for June with US$1.4 billion in investments. GIC and ADIA invested
a large sum of US$495 in Greenko Energy Holding and a group of investors including Asian Infrastructure Investment Bank
(AIIB), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), IFC and HEG invested US$331 million in Oriental Structural’s
InvIT. Real estate sector was second in line with an investment of US$809 million that includes large deals by Blackstone.
Page 21 11 July 2019 EY analysis of VCCEdge dataKey trends
Exits
► June 2019 recorded 15 exits worth US$1 billion, more than two times the value of the exits in June 2018 and 38% higher
compared to May 2019. Strategic exits in June 2019 were highest at US$367 million across five deals followed by open market
exits worth US$364 million across four deals and secondary exits worth US$219 million cross five deals.
► The largest exit in June 2019 saw Nalanda Capital sell its 11% stakes in Mindtree Limited to Larsen and Toubro Limited for
US$247 million.
► From the perspective of a sector, financial services recorded the highest value of exits worth US$433 million across three deals.
Fund raise
► June 2019 recorded total fund raises of US$971 million compared to US$863 million raised in June 2018. Fund raise plans
worth US$1.7 billion were announced in June 2019.
Page 22 11 July 2019 EY analysis of VCCEdge dataPE/VC monthly headline trends: investments
US$m #
US$m
Page 23 11 July 2019 EY analysis of VCCEdge dataPE/VC monthly headline trends: exits
US$m 16,029 #
US$m
16,029
Page 24 11 July 2019 EY analysis of VCCEdge dataPE/VC monthly headline trends: fund raise
US$m #
Page 25 11 July 2019 EY analysis of VCCEdge dataPE/VC investments: US$1,156 million over 72 deals (excluding infrastructure and real estate investments) Page 26 11 July 2019 EY analysis of VCCEdge data
Infrastructure and real estate investments: US$2,269 million over 15 deals Page 27 11 July 2019 EY analysis of VCCEdge data
Top PE/VC investments
Top PE/VC investments excluding infrastructure and real estate in June 2019
Company PE Investor Sector Stage US$m Stake (%)
Quebec Deposit and Investment
Mahindra and Mahindra Limited Automotive PIPE 179 1.5
Fund
Tenaya Capital, Nexus,
Druva Inc. Technology Growth capital 130 NA
Riverwood Capital and others
Tiger Global, Ribbit Capital,
Razorpay Software Private Limited Financial services Start-up 75 NA
Sequoia Capital and others
Wickedride Adventure Services Private Sequoia Capital, Accel India, IDG
E-commerce Start-up 72 NA
Limited Ventures and others
Page 28 11 July 2019 EY analysis of VCCEdge dataTop infrastructure and real estate investments
Top infrastructure and real estate investments in June 2019
Company PE Investor Sector Stage US$m Stake (%)
Greenko Energy Holdings GIC, ADIA Power and utilities Growth capital 495 NA
Indiabulls Real Estate Limited Blackstone-Embassy JV Real estate PIPE 388 39
Radius Infra Holdings Private Limited,
Blackstone Real estate Buyout 357 100
One BKC
Oriental Structural’s Infra Investment
AIIB, DEG, IFC and HEG Infrastructure Growth capital 331 NA
Trust
Unitech Suraksha ARC, JM Financial Infrastructure Growth capital 288 NA
GVK Goldman Sachs, others Infrastructure Credit investment 191 NA
ESR-Lodha Industrial Park at Palava
ESR, Warburg Pincus JV Real estate Growth capital 100 50
City
Page 29 11 July 2019 EY analysis of VCCEdge dataExits: US$ 1,019 million across 15 deals in June 2019
Exits in June 2019
Page 30 11 July 2019 EY analysis of VCCEdge dataTop exits
Top exits in June 2019
Company Sector Sellers Buyer Exit type US$m Stake (%)
Larsen and Toubro
Mindtree Limited Technology Nalanda Capital Strategic 247 11
Limited
ICICI Lombard General
Financial services Warburg Pincus NA Open market 226 3
Insurance Company Limited
Reliance Nippon Life Asset Nippon Life
Financial services Reliance Capital Secondary 208 11
Management Limited Insurance Co.
Consul Neowatt Power Fuji Electric Co.
Power and utilities Peepul Capital Fund Strategic 104 84
Solutions Private Limited Limited
Page 31 11 July 2019 EY analysis of VCCEdge dataFund raise
Top fund raise/announcements in June 2019
Status Fund US$m Strategy
Raised India Resurgence Fund 750 Structured debt
Raised Pioneering Ventures 70 Agriculture
Distressed assets fund for micro, small
Announced and medium enterprises (MSMEs) by 719 Stressed assets
Government of India
Announced Piramal, Lone Star 650 Roads and highways
Announced Investcorp 300 Real estate
Page 32 11 July 2019 EY analysis of VCCEdge dataAbout EY Private Equity Services
About EY’s Private Equity Services Practice
EY has been working with the private equity industry for more than 25 years, with approximately
25,000 seasoned professionals worldwide dedicated to the industry and its business issues. EY
serves 74% of the top 300 PE firms included in the Global PEI 300 firms list. Private equity firms,
portfolio companies and investment funds face complex challenges. They are under pressure to
deploy capital amid geopolitical uncertainty, increased competition, higher valuations and rising
stakeholder expectations. Successful deals depend on the ability to move faster, drive rapid and
strategic growth and create greater value throughout the transaction life cycle. EY taps its global
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In India, EY is among the leading providers of advisory, tax, transactions and assurance services.
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► EY’s India Private Equity Services Practice has been among the top advisors for private equity
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Private Equity” award by VC Circle in 2012 and 2017. EY was also the top PE advisor in the
Venture Intelligence league table in 2018.
► EY’s India Private Equity Services Practice provides value to PE funds and their portfolio
companies through its deep sector and service expertise. EY India is organized around key
industry verticals in a matrix structure that enables us to offer an unparalleled blend of
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Page 34 11 July 2019 EY analysis of VCCEdge dataEY services for Private Equity
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