PE Monthly Roundup y 20
PE/VC headline trends Monthly US$ mn # Investments,000 0 0 9,000 0 9 2 0 2,000 0 0,000 9,00,2, 92,02,9 9 2,,920,,0, 20-0 - Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- - - - -,00,000 00-000 00 00 00 200 0 Exits 2 2 2 2 22 2 22 2, 9 0 02 0, - Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- - - - - Fund Raise 2 0 0 290 0 9 0 0 200 22 - Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- - - - - 0 0 20 0 0 2 0 Page 2
Key Trends PE/VC investments in y 20, at US$. billion, recorded a sharp increase of % compared to US$9 million in y 20. This was mainly on account of seven large US$00 million and above deals accounting for 0% of aggregate deal value. In terms of volume there was % increase ( deals vs 0 deals in y 20). When compared to the previous month, y 20 investments were almost at par, both in terms of value and volume. Blackstone s buyout of Carnival s Chandigarh property for US$0 million and KKR s US$200 million investment in Radiant Lifecare for a 9% stake were the top deals for the month. Carlyle s purchase of 2% stake in SBI cards was another large deal during the month, though the exact deal value is not available, it is estimated to be over US$20 million. Real Estate (US$ million across deals) and Financial Services (US$ million across deals) were the top sectors for the month. Healthcare recorded its best monthly performance ever with US2 million invested across five deals. In terms of exits, y 20 recorded eight exits totaling US$ million, a decline of 0% and 2% respectively in terms of value and number of exits compared to y 20 (US$ million across 2 exits). In terms of volume, y 20 recorded lowest number of exits in a month since October 20. There was only one prominent exit in y 20, which saw Kedaara, IFC, Warburg and Chryscapital selling their 2% stake in AU Small Finance Bank for US$2 million through an Offer for Sale (OFS) in the IPO. There were three fund raises in y 20 worth US$ million compared to US$0 million raised in y last year, the largest being US$0 million raised by SAIF partners targeting early stage investments. There were announcements of close to US$00 million fund raise plans made in y 20. *** RCP Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP Cement & Building Products Page
Investments US$. bn over deals Value US$ million Volume RHC Financial Services Healthcare Power & Utilities 20 2 Ecommerce Technology Financial Services Healthcare 9 RCP Ecommerce Food and Agriculture Technology 20 0 RHC Power & Utilities RCP Food and Agriculture Media & Ent Logistics 2 Logistics Deal Size US$ mn (Volume) Deal Stage US$ mn (Volume) 9 () (2) 2 (2) 0 (2) 2 () () 9 () () 200 () 2 (2) <$0Mn $0Mn - $20Mn $20Mn - $0Mn $0Mn - $00Mn >$00Mn Expansion/ Growth Start-up/ Early Stage PIPE Buyout Debt ** Deal value not available on out of deals in y 20 *** RCP Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP Cement & Building Products Page
Investments Monthly sector cut Investment by Sector US$mn - 22 2 200 0 0 2 09,9-229 2 0 0 Mar- 9-00,000,00 2,000 2,00,000,00 Investment by Sector No. of Deals 9 2 2 9 Mar - 0-0 20 0 0 0 0 0 0 Ecommerce RHC Financial Services Technology Telecom RCP Automotive Power & Utilities Others Healthcare *** RCP Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP Cement & Building Products Page
Investments Monthly (deal size and type) Deal Size Trend - Value (US$ mn) Deal Type Trend - Value 200 9 22 0 2 02200,09 20 200 2 0 0 2 2,92, 2 0 2,9 9 90 Mar,0 Mar 29 Deal Size Trend - No of Deals Deal Type Trend - No of Deals 2 2 2 2 20 0 2 0 20 2 29 2 2 0 Mar 2 9 Mar 2 <$0Mn $0Mn - $20Mn $20Mn - $0Mn $0Mn - $00Mn >$00Mn NA Expansion/ Growth Capital PIPE Financing Debt investment Start-up/ Early Stage Buyout Page
Top Investments Top Investments in y 20 Company PE Investor Sector Stage US$mn Stake (%) Carnival's Chandigarh Property Blackstone RHC Buyout 9.9 NA RBL Bank Ltd ABG Capital, CDC, Multiples, and others Financial Services PIPE 220. NA Radiant Life Care Pvt. Ltd. KKR Healthcare Expansion/Growth 200.0 9.0 ACME Solar Piramal Finance Power & Utilities Debt Investment 0. NA L&T Infra Finance IFC Financial Services Debt Investment 0.0 NA Clean Max Enviro Energy Solutions Pvt. Ltd. Warburg Pincus Power & Utilities Expansion/Growth 00.0 NA Ryka(Future Group holding ) AION Capital Partners RCP Expansion/Growth 00.0 NA Paras Healthcare Pvt. Ltd. Creador Advisors Healthcare Expansion/Growth 2. 22.0 Future Lifestyle Fashions Ltd. PI Opportunities RCP PIPE 0.. Casa2 Stays Pvt. Ltd.(Fabhotels.com ) SBI Cards Accel, Goldman Sachs Whitehall Real Estate Fund Carlyle RHC Startup/Early Stage 2.0 NA Financial Services Expansion/Growth NA 2.0 Page
Exits US$ bn across deals Exits in y Exits by Sector US$mn (Volume) Exits by Type US$mn (Volume) 2 () Financial Services 2 () Technology () Healthcare (2) () Ecommerce 9 () Industrial Products 2 (2) () NA (0) NA (0) Food and Agriculture () IPO Buyback Strategic Secondary Sale Open Market *** RCP Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP Cement & Building Products Page
Exits Top Exits Top Exits in y 20 Company Sector Sellers Buyer Exit Type US$mn Stake (%) AU Small Finance Bank Ltd. Financial Services Kedaara Capital, IFC, Warburg Pincus, ChrysCapital NA IPO 2. 2.0 KPIT Technologies Ltd. Technology ChrysCapital NA Open Market 0.. Dr. Lal PathLabs Ltd. Healthcare TA Associates NA Open Market 2.. Infibeam Incorporation Ltd. Ecommerce Next Orbit NA Open Market 9. 2. Narayana Hrudayalaya Ltd. Healthcare JP Morgan NA Open Market..2 Rinac India Limited Industrial Products Avigo Capital Rinac India Limited Buyback. 9.0 *** RCP Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP Cement & Building Products Page 9
Fund Raise Top Fund Raise/Announcements in y 20 Status Fund US$m Strategy Remark Raised SAIF 0 Early stage Third Funds Raised Ask Group Real Estate First close of US$0m fund Raised Quarizon Technology Announced Next Orbit Real Estate Hospitality REIT Announced Airbus Ventures 0 Aviation Page 0
Ernst & Young LLP EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. For any queries you can reach out to the undersigned. ank Rastogi Partner Private Equity & Transaction Advisory Services T +9 22 92 00 M +9 990 02 F +9 22 92 000 E mayank.rastogi@in.ey.com Ernst & Young LLP is one of the Indian client serving member firms of EYGM Limited. For more information about our organization, please visit www.ey.com/in. Ernst & Young LLP is a Limited Liability Partnership, registered under the Limited Liability Partnership Act, 200 in India, having its registered office at 22 Camac Street, rd Floor, Block C, Kolkata 000 20 Ernst & Young LLP. Published in India. All Rights Reserved. This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. Page