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 [转帖]Carlyle Group Pads Asian War Chest--(News that is not new) |
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youhighness
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作者：youhighness 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Carlyle Group Pads Asian War Chest
With $1.8 Billion
By HENNY SENDER
July 17, 2006; Page C4
U.S. private-equity firms say they prefer to tread quietly when doing
business in Asia. But with ever-larger investment war chests at their
disposal, they are anything but invisible.
Carlyle Group L.P. yesterday said it had raised $1.8 billion for
investments in Asia outside Japan, bringing its total funds for all of
Asia to $4.8 billion. Carlyle's move comes after Texas Pacific Group's
Newbridge unit raised a $1.5 billion Asia fund. That is in addition to
access to several billion dollars from its parent's closed $15.2 billion
global fund.
Putting the money to work promises to be more difficult than raising it.
It isn't clear whether companies in any of the most significant Asian
markets, including Japan, China, Korea and India, have much enthusiasm for
surrendering control to financial investors. That has left partners on the
ground trying to come up with a model of private equity in a world where
minority stakes are easier to capture than majority stakes. Local
economies are flooded with capital and have little need for foreign funds.
The task is further complicated by an increasing backlash against
Western-style capitalism, whether with a local or a foreign face. In North
Asia, there is confusion about the difference between the value-added
long-term investing that private-equity firms claim they practice and the
activism of shareholders and greenmailers, who buy up large stakes and
threaten a takeover unless the company buys back the stake at a premium.
That makes it imperative for buyout firms to differentiate themselves from
one another and from other sorts of funds.
"Some managements don't understand the difference between buyout funds and
hedge funds that don't support companies to increase their real value,"
said Tamotsu Adachi, who runs Carlyle's Japanese fund.
The image problem is especially sharp in Japan. Some Japanese managements
"still see us as black ships, seeking huge hostile deals," said Taketo
Yamakawa, chief executive of Kohlberg Kravis Roberts Japan.
Carlyle has been successful in reducing hostility in Japan, partly because
60% of the investors in its latest $1.9 billion Japanese fund are
Japanese. Similarly, Advantage Partners Inc. is raising money for a fund
and will limit non-Japanese investors to no more than 30% of the total,
according to Taisuke Sasanuma, one of its two founding partners.
A big challenge for private-equity firms will be to tone down expectations
of their head offices.
As the private-equity firms deepen their presence in Asia, they are
becoming more enmeshed in local politics. The strong objection from
Beijing at the prospect of a foreign stake in Hong Kong's PCCW Ltd. is the
latest example of the minefields. Carlyle's 85% stake in Xugong Group
Construction Machinery Co. has been awaiting approval for months, held up
by skirmishes between local interests. Despite its majority stake, Carlyle
won't be able to make major decisions without the approval of regulators.
The irony is that often, private equity is more value-added in Asia than
at home.
For example, X.D. Yang, co-head of Carlyle's Asia Buyout Group, is
spending most of his time on a 25% stake in China Pacific Life Insurance
Co., for which Carlyle paid $410 million. Because China Pacific has relied
on agents who are often poorly trained and generally leave after less than
a year, Mr. Yang is striving for a better retention rate and training.
Carlyle is working with China Pacific to improve its investment
capabilities because regulators have liberalized investment rules for
insurance companies, making it possible for them to invest the premiums
they collect in foreign securities as well as Chinese government bonds.
"They know they are all on probation here," says the head of investment
banking for one major U.S. securities firm in Tokyo. "If one firm engages
in slash-and-burn tactics in Asia, all of them will be in trouble."
Write to Henny Sender at [email protected]
作者：youhighness 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [转帖]Carlyle Group Pads Asian War Chest--(News that is not new) -- youhighness - (4574 Byte) 2006-11-01 周三, 05:17 (1397 reads)
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