Janeman Latul and Stephen Aldred
JAKARTA/HONG KONG | Tue Oct 27, 2011-11: 07-BST
JAKARTA/HONG KONG (Reuters) - is SIGIT Prasetya elegantly dressed selected mathematics expert, a straight talker, and a man in wealthy circles. Patrick Walujo is a U.S.-trained engineer for political connections, stubborn perseverance and a passion for tennis.
The two are widely as the main reason why private equity firms, CVC capital and TPG Capital far ahead jumped into the race in the large and untapped Indonesia, to invest Southeast of Asia's largest economy.
Since 2005, 18 private equity have offers in Indonesia with $1.8 billion (£ 1.2 billion) of created, according to Thomson Reuters. CVC and TPG are responsible for more than half of this figure dollar investments in companies such as retailer Matahari department store (LPPF.)(JK) and coal group PT Delta Dunia Makmur (DOID.)(JK).
Indonesia is provided by greater China and India in the shade, a small fragment of the Asia buyout market. Still, competition is heating up, global companies are looking for fast growth and overcrowded markets.
"It's definitely hot and we think that it more capital in the chasing deals in Indonesia, be", said Walujo, speaking last week on the return of Super Conference in Hong Kong. "Competition is going to heat up, but so far this has not translated into inflation for the deals that we do."
Indonesia has long tried to investors, their reputation for bureaucracy and corruption often overshadow the promise of 240 million people with a fast-growing young middle class and rich natural resources.
The middle class is smartphones and Motorcyles, for drives in increasing a consumer boom click annual growth close to 7 percent. The country is 2 Facebook users in the world, and the No. 3 on Twitter number, said a recent report by HSBC.
The same report said that Indonesia's per capita GDP-$ 3,000 2010-$ 20,000 of the late 2030s could hit the Indonesians of the same purchasing power as Koreans.
However, there are risks in Indonesia-rampant corruption among them. The growth potential, investors excited is by critics tempered, who believe that the country has still a long way to fixing tax problems and economic success, which puts it on a scale with larger countries.
These risks have been lately, like Indonesia's benchmark index has fallen down 10.7 percent alone last week.
Such risk factors play a role in foreign funds of the country, to keep independent of its economic promises. And so far, gone during private equity money in Indonesia, it is still not clear, how much it is pronounced in the form of profits for the buy-out companies and their investors.
TPG and CVC outweigh the possibilities of the risks.
American TPG, established in 1992, is the only global buyout firm with a local Indonesian group. The company moved its relationship to deepen it this month if it one deal with partner, Northstar Pacific Beat, a silent participation in the firm.
All offers that have made TPG and CVC in Asia's fourth largest economy, industry sources say the transactions are always up to two people: "Sigit" and "Patrick."
SIGIT
CVC, a London company founded in 1981, has 37 investment professionals around Asia, all speak the language of the markets, those which concern you.
"If you want to be successful, you can not only fly and fly," said Maarten Ruijs, managing partner and CIO of the company's Asia. "You look at our activities, I am not from Asia, the only person,", he said, to the super return event.
The CVC Prasetya, the Director of the Singapore, dealmakers is quiet a star with a number of regional services, starting with last year's purchase of a controlling stake in retailer Matahari from the Lippo Group for $790 million in Indonesia's largest ever become private equity business.
The Indonesian born Prasetya now has a portfolio of investments, which include RCBC Bank in the Philippines, gaming asset Magnum in Malaysia and Amtek Engineering (AMEL.)(SI) in Singapore.
With Matahari, he made a mark. It was not only the untested structure-Indonesia's first leveraged-buyout-, but the fact that CVC deserves a line to an Indonesia's most powerful and influential families, the Riyadis, owners of the Lippo Group.
"The Riyadis have hospitals, hotels, REITs, real estate, Department stores, hypermarkets-so the portfolio options, that once you have an investment are massive, open," said a banker, declined to be identified.
Prasetya, a former Morgan Stanley (MS.)(N) banker who since 2007 by Henderson private capital CVC, refused all requests for an interview, but sources know him, including the former colleagues described him as a well connected with a quick mind for mathematics.
He graduated summa cum laude in mathematics prior to the acquisition of a master of business administration from the University of new South Wales, Australia.
"I was once in a meeting with him for a business and its response to a calculation problem was very fast," said a Lippo Group management that identifies by name are rejected. "My boss, James Riady (Lippo CEO) is the only person I, such as white, good as him in mathematics." "Perhaps this makes them together then."
PATRICK
The TPG partnership with Northstar comes from the year 2006 important reforms in the post-Suharto era Indonesia on a growth path, lures foreign investors back into the country after the disastrous economic pressure reduce 1997-98.
Dapper, carefully spoken Walujo founded the company in 2003 after an investment banking career with Goldman Sachs (GS).(N) in London and New York.
It is not as if the two companies are competition. In fact, has the Carlyle Group on many sites in Indonesia, and has still not clinch.
There are also an estimated two dozen home grown companies chase transactions.
TPG and CVC have a long-established presence in Southeast Asia with investments in Viet Nam, the Philippines and Malaysia. Affinity equity has also a strong presence in Southeast Asia.
Private equity and bank sources say that established an enviable network of contacts as a young investment banker Walujo. He is married to the daughter of Theodore Rachmat, run car distributor Astra International ASIL.JK.
The sources say that contractor PT Delta Dunia Makmur and PT Bank Mandiri Negara BTN was involved in creating Walujo investment for TPG in coal.L (BBTN.)(JK), as well as numerous indirect investments through his role as LP investor in Northstar Fund.
TPG of the relationship with Northstar is there access 25 to 30 of investment professionals are on the ground.
"The length of time that it was here, the fact, that they can refer consistently to their companies on the market and draw never been, and then, once you two or three offers printing, you have the advantage of the dynamic, where people can see your name in the press", said an investment banking source. "they know that you are credible, so the dynamic flows."
(Additional reporting by Saeed Azhar in Singapore;) (Editing by Jason Szep and Michael Flaherty)
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