Private equity

briefing:
Southeast Asia
March 2016

Private equity briefing: SEA 1

This quarterly briefing offers
you a roundup of the private
equity deals and capital
activities across major
sectors in the quarter and
trends that are shaping
investment decisions today.
It distills the perspectives of
our team of subject-matter
professionals in the region
into pertinent insights to
keep you ahead in navigating
the private equity landscape.

Private equity briefing: SEA 2

Contents
01
Outlook
02
Investments
03
Exits
04
Fund-raising
05
Sector in
06
Interview:
07
Our
focus: Jean- services:
health care Christophe PE value
Marti creation

4 6 10 12 14 16 18

Private equity briefing: SEA 3

01 Outlook

We enter 2016 with investor appetite at an all-time high despite seeing

a fall in private equity (PE) transaction activity in 2015.
The overall value of PE deals completed in 2015, at US$5.5b, was 11% lower than 2014. This, driven by the economic
uncertainties experienced regionally and globally, was lower than what many analysts predicted. Overall deal volumes
were up as a result of the Southeast Asia region having a continued increase in early-stage technology deals.

Caution being exercised before investing

A number of events in 2015 saw investors being more cautious when executing deals, impacting both investments and
exits. This was driven by political change and instability in the region, a slowdown in the Chinese economy and a slump
in commodities, resulting in a significant devaluation of a number of Southeast Asia’s strongest currencies.

Our Southeast Asian issue of the EY Global Capital Confidence Barometer, which was released in December 2015,
highlights the impact of these conditions with 61% of respondents stating that the increased volatility in commodities
and currencies has been elevated on the boardroom agenda.

These economic conditions have resulted in deals being put on hold. Deal pipelines remain strong but some investors
are waiting for economies to stabilize before pressing ahead with transactions. We believe that the factors that have
caused a slowdown in PE activity could very well be the stimulant for deal activity in 2016.

Lastly, 2015 was the first in a number of years to not experience a mega deal. These deals, given their size,
disproportionately impact the overall trends experienced across the region. Far from turning their backs on such
opportunities, we have seen that the majority of the largest PE houses increased their focus on the Southeast Asian
market. As a result, we expect to see the return of large PE deals in 2016.

Private equity briefing: SEA 4

 Indications point to a bright outlook for 2016
There are a vast number of indications that suggest we should expect to see a sharp
increase in deal activity in 2016.

First, investor sentiment across the Southeast Asian region is as strong as it has ever
been. This is evidenced by fund-raising that have twice smashed the record for the
largest funds being raised by an Asian-backed PE firm in 2015 (Baring Private Equity
Asia raising US$4.0b in February 2015 only to be eclipsed by RRJ Capital raising
US$4.5b in September 2015). Although both funds have a wider focus than just the
Southeast Asian region, the levels of fund-raising in the year show the appetite for
investment.

In addition, our EY Global Capital Confidence Barometer shows a continued upswing in

corporate confidence in the region compared with 2014 – the bedrock for healthy
M&A activity. Sixty percent of respondents say that they are working on four or more
deals and 54% expect to complete two or three deals in the next 12 months.

The drop in regional currencies presents an opportunity to PE houses, the majority of

which being US-dollar denominated. With currencies devaluing and margins under
pressure shareholders realize the need to raise capital and will be more flexible on
deal terms.

We believe that 2016 will bring an upswing in both PE investments and exits.
Consumer and technology will continue to be the sectors where PE activity is focused,
amid growing interest in sectors such as health care and business services.

Luke Pais
Asean Leader,
M&A and Private Equity

“We are in a period of volatility in Southeast Asia. This creates opportunities

for PE investment as companies will need to raise capital, which may not be
forthcoming from traditional sources.”

Private equity briefing: SEA 5

 02 Investments

• In 4Q15, we saw a disappointing US$263m (2014:
US$1.37b) being invested across 28 deals, the lowest
since 1Q14.
• In 2015, there was an increase in the total number of
deals, with 148 deals attracting PE investment of
US$2.41b (2014 saw 102 deals worth US$3.54b).
The increase was due to a continued focus on the
technology sector in the region, where investments
are typically growth capital (i.e., less than US$5m) or
not disclosed.

Figure 1: Investment activity

4,400 50
4,000
3,600 40
3,200
Deal value (US$m)

2,800
30

Deal count
2,400
2,000
20
1,600
1,200
800 10
400
0 0
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Source: Thomson One, Dealogic and Mergermarket Small Mid Large Deal count

Figure 2: Investment activity excluding large deals

1,600 50

40
1,200
Deal value (US$m)

Deal count

30
800
20
400
10

0 0
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Source: Thomson One, Dealogic and Mergermarket Small Mid Deal count

Private equity briefing: SEA 6

Table 1: Top investments in 2015 (annual)

Investment Company Country Sector Value Acquirer

date (US$m)

Aug 15 GrabTaxi Holdings Pte. Ltd. Singapore Technology 350.00 China Investment Corporation; Didi-Kuaidi

Jan 15 UE E&C Ltd. Singapore Real estate Southern Capital Group Pte. Ltd.
265.3

TPG Capital Management LP, Square Peg

Jul 15 PropertyGuru Pte. Ltd. Singapore Technology 129.50
Capital Pty Ltd.

Consumer products and

Jun 15 Vincom Retail Vietnam 100.00 Warburg Pincus LLC, undisclosed firm
retail

Consumer products and

Dec 15 Myanmar Distillery Company Myanmar 100.00 TPG Capital Management LP
retail
Express Transindo Utama Tbk Automotive and
Apr 15 Indonesia 98.20 Saratoga Investama Sedaya Tbk PT
PT transportation
Feb 15 HydrEq Pte. Ltd. Singapore Power and utilities 87.00 Equis Asia Fund II
Fullerton Healthcare Group
May 15 Singapore Provider care 83.47 Southern Capital Group Pte. Ltd.
Pte. Ltd.

Oak Investment Partners, Saban Capital

Group Inc., Brookside Capital, UVm2 Venture
Jul 15 Giosis Pte. Ltd. Singapore Technology 82.10
Investments LP, Singapore Press Holidngs
Ltd., eBay

Jun 15 MAXpower Group Pte. Ltd. Singapore Power and utilities 60.00 IL & FS Investment Managers Ltd.

Geophin George
Partner,
Transaction Advisory
Services,
Ernst & Young Solutions LLP

“While downside risks to economies still exist, there is an overwhelming confidence

from our clients that conditions are improving.”

Private equity briefing: SEA 7

Mid-market
• It is no surprise that mid-market deals (i.e., investment between
US$20m and US$500m) continued to dominate the agenda in
Southeast Asia. It attracted 55% of the capital invested by PE across
2014 and 2015 and 34% of the deal count.
• Across the mid-market, there were 86 deals, with an average
investment size of US$84m.
• The volume of small deals is promising as it shows that we are in a
growth market. Small businesses have ambitious plans and are
raising capital to fund these plans. There were 165 small deals
recorded over the last two years, with average deal size of US$5m.

Figure 2: 2014-15 investment size (deal value disclosed)

Average
254 US$8,403
100% size
(US$m)

1,617
75%

50%
84

25%

5
0%
Deal count Deal value

Small Mid Large

Source: Thomson One, Dealogic and Mergermarket

Private equity briefing: SEA 8

Mid-market: Sector and geographic focus
• Investments continue to be focused on Singapore,
accounting for 52% of deals (where values have been
disclosed).
• We saw an upturn in PE activity in Indonesia compared
to prior years, following the national elections in
2014.
• Consumer products and retail continue to dominate as
the most active sectors across the majority of
Southeast Asian countries, with the exception of
Singapore and Malaysia.
• What is most noticeable is the continued emergence of
technology deals in Singapore. A number of headline
deals in 2015 include GrabTaxi and PropertyGuru.

Other sectors

Figure 3: Mid-market: Sector and geographic split

Amount invested (US$m) 2,673 800 618 378 304 397
Telecommu-
Others
Others nications
Others Automotive Others
Life sciences Provider care
Diversified industrial products
Provider care Banking and

Diversified
industrial
products
Automotive and transportation Insurance
Others capital markets
Power and utilities Power and utilities Power and
Banking and Real estate utilities
Government and public sector capital markets
Telecommu-
Provider care
nications
Consumer products and retail
Telecommunications

Automotive and
transportation
Insurance

Consumer products and retail

Real estate Automotive and
Consumer products and retail

transportation

Consumer products and retail

Consumer products

Government and
and retail

public sector

Technology

Singapore Indonesia Philippines Malaysia Vietnam Others

Source: Thomson One, Dealogic and Mergermarket

Joongshik Wang
Asean Leader,
Corporate Finance
Strategy

“Unsurprisingly technology has emerged as the hot sector of focus across recent
years, which has seen a large number of pure-play PEs and VCs establishing
themselves in the region. 2016 has seen this wave continue to grow and begin to
move into the next stage of development, with a number of businesses attracting
investment much more than seed capital.”
Private equity briefing: SEA 9
 03 Exits

Exits Figure 4: Exits by country

• There remains limited disclosure around PE exits in

the region, with a number of deals going unreported 1 1
and therefore not captured by the analysis. 2 1
6
1
• There was an increase in the deal values in 2016 with
a total of US$3.076b, compared to US$2.612b in 2014 2015
8
2015. This was principally due to Temasek’s exit from 7
3
STATS ChipPAC Limited in August. 4

• Major deals where deal values were not disclosed 2

include LVMH’s acquisition of Luxola, in what was
believed to be an eight-figure deal. Singapore Malaysia Thailand

• It was another muted year for PE exiting through an Indonesia Vietnam Philippines
IPO, with no players using this method of exit in 2015,
compared to three in 2014.
• Singapore and Malaysia continued to generate the Source: Thomson One, Dealogic and Mergermarket

largest number of exits, whereas Indonesia saw a

marked decrease (one in 2015 and seven in 2014).

Figure 5: Exit activity

2,500 12

2,000
Deal value US$m

8
1,500
Deal count

1,000
4

500

0 0
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Small Mid Large Deal count

Source: Thomson One, Dealogic and Mergermarket

Private equity briefing: SEA 10

Table 2: Top exits in 2015 (annual)

Completion Company Country Sector Value Sponsor Type

date (US$m)

Aug 15 STATS ChipPAC Limited Singapore Technology 1723.6 Temasek Holdings Trade

PT Bank Tabungan Banking and capital

Feb 15 Indonesia 462.9 TPG Capital LP Trade
Pensiunan Nasional Tbk markets

Consumer products
Dec 15 Golden Foods Siam Ltd. Thailand 360.0 Navis Management Sdn. Bhd. Trade
and retail

Classic Fine Foods Group Consumer products

Aug 15 Singapore 328.0 EQT Partners Trade
Limited and retail

ECO Industrial
Government and
Aug 15 Environmental Singapore 183.1 Navis Capital Partners Ltd. Trade
public sector
Engineering Pte. Ltd.

*Note: Majority of value being paid through deferred contingent consideration.

Source: Thomson One, Dealogic and Mergermarket

Vikram Chakravarty
Asia-Pacific Leader,
Capital Transformation

“One of the largest areas of value creation for PE is operational improvement.

Advisors who have proven to deliver value should be involved very early on in the
life cycle of a portfolio investment.”

Private equity briefing: SEA 11

 04 Fund-raising

• In 2015, there was a surge in both the number of • The majority of funds being raised have a sector-
funds closed and the total value of these funds agnostic focus. However, there is an increasing
compared with 2014. A total of 24 funds closed proportion of funds having a single sector focus
(2014: 13) in the year, raising US$16.529b (2014: particularly around real estate and energy.
US$11.005b).
• The record for funds being raised by an Asian-backed
PE firm was broken twice: first when Baring Private
Equity Asia raised US$4.0b in February 2015, and
when RRJ Capital raised US$4.5b in September 2015.

Figure 6: PE fund-raising with Southeast Asia focus

US$m
8,000 9
8

6,000 7
6
5
Count

4,000
4
3
2,000 2
1
0 0
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Series1
Funds raised Series2
Funds count

Private equity briefing: SEA 12

Table 3: Top funds closed with Southeast Asia focus in 2014 (annual)

Fund name Manager Type Commitments Closed Industry focus

(US$m)

RRJ Capital Master Fund III RRJ Capital Buyout 4,500 Sep 15 Diversified

Baring Asia Private Equity Fund VI Baring Private Equity Asia Growth 3,988 Feb 15 Diversified

Bain Capital Asia III Bain Capital Buyout 3,000 Dec 15 Diversified

Energy and
Equis Asia Fund II Equis Funds Group Infrastructure 1,000 Feb 15
infrastructure

Northstar Equity Partners IV Northstar Group Buyout 810 Oct 15 Diversified

Special
ADV Opportunities Fund I ADV Partners 545 Sep 15 Diversified
situations

Pamfleet Real Estate Fund II Pamfleet Group Real estate 400 Jun 15 Property

Baring Private Equity Asia Real Estate

Baring Private Equity Asia Real estate 365 Mar 15 Property
Fund
Special
SSG Capital Partners IV SSG Capital Management 325 Sep 15 Diversified
situations
Quadria Capital Investment
Quadria Capital Fund II Growth 304 Jun 14 Diversified
Management

Source: Preqin

Purandar Rao
Singapore Head,
Transaction Advisory
Services

“2015 was a fantastic year for PE raising new funds. Although we do not expect to
see this massive level of fund-raising to be repeated in 2016, there is now
increasing pressure across all PE houses to start putting their capital to work.”

Private equity briefing: SEA 13

05 Sector in focus:
Health care

• At 14% CAGR between 2009 and 2013, health care
spending has grown at a faster rate than a country’s
gross domestic product (GDP).
• The growth is sustainable as it is underpinned by rising
income levels and increasing coverage.
• Aging population and rise in chronic diseases
• Growing middle class and increasing affordability
• Regional push toward universal health care
• Increase in insurance coverage

Figure 7: Southeast Asian markets are at different stages of maturity, presenting varied opportunities

Nascent Developing Developed Mature

Private
5% 10% 4% 10% 11% 3% expenditure
13% 14% (Others)
13%

53% 35% Private

52% 59% expenditure
71% 46%
(OPP)
62%

76%
55% Public
38% 40% 43% 38% health
24% 25% financing

Myanmar Cambodia Philippines Indonesia Vietnam Malaysia Thailand Singapore

Health care system Most basic health care Wider choice of Private contributions to
largely undeveloped needs met health care services health care financing
encouraged
 Public expenditure  All three countries are  Well-developed health care  A mix of private and public
covers only vaccination currently implementing infrastructure contributions
and a few public clinics universal public health care  Malaysia provides direct health  Government gradually
and hospitals schemes care subsidies disengages from funding,
 Public expenditures on  Public expenditures range  Thailand public health encouraging private
health range between between US$30 and insurance system is financed by contributions
US$2 and US$17 per US$40 per capita per year payments from employers or  Increasing demand for more
capita per year employees sophisticated services

Source: World Health Organisation

Private equity briefing: SEA 14

Key themes for investors

► Large, underpenetrated markets in Indonesia and Philippines: Indonesia’s 250m

people have a health care spend per capita of US$108, while the Philippines’ 100m
population have a health care spend of US$140. Developed countries like Singapore
have health care spend of US$2,500 per capita. As well, the two countries have only
1.1 beds per 1,000 population, compared to the OECD average of 4.8.
► Both markets demonstrate high growth potential in health care expenditure per
Focus on growth capita: This is underpinned by factors including rising income levels, incidences of
markets chronic illness, and implementation of Universal Healthcare (UHC), which is expected to
provide coverage to the entire population in Indonesia and Philippines in the future.

• Tertiary hospitals can be an extremely profitable business: Return on invested capital

of 15 to 25% and earnings before interest, taxes, depreciation and amortization margin
of 20 to 30% for top hospitals in Indonesia, Philippines, Thailand, and Singapore.
• Big players are more profitable: Earnings before interest and taxes margin percentage
of the 10 largest Southeast Asian listed hospital players is approximately 16%,
compared to about 8% for bottom five players.
Hospital platform
offers scale play • Investing in hospital platform and bolting-on has benefits: Margin expansion of up to
25% is possible through medicine or equipment procurement consolidation, shared
services, revenue synergies and medical integration.

• Primary care network: Fragmented market in developed and mature markets offers
opportunities for consolidation.
• Specialty clinics, particularly renal care: High rate of end-stage renal failure in
Southeast Asia. UHC has been supporting growth by making treatment more
affordable. Private chains focused on renal care are viable, because of the chronic
Roll-up opportunities nature of condition. Opportunities for organic roll-up available.
in primary, specialist • Pathology labs: Fragmented market and capex-light business model compared to
care network radiology centers, offering opportunities for consolidation in developing markets.

• Rising need for aged care: By 2025, there will be more than 20% of the population in
Singapore and Malaysia aged 65 and above, demanding for more quality housing with
excellent medical services.
• Opportunities to invest in two business models:
• Care centers or nursing homes model in Singapore: Provides medical and nursing
Aged care play to care, physical therapy and entertainment activities.
capitalize on silver • Retirement village model in Thailand and Philippines: Predominantly operated by
tsunami real estate players as part of their integrated villages with residential areas, health
and wellness centers, recreational areas, and amenities such as game rooms.

Abhay Bangi
Partner,
Corporate Finance Strategy
(Health care)
Ernst & Young Solutions LLP

“The health care sector presents significant opportunities for financial investors
across the region. Growth markets remain fragmented and underpenetrated
against a backdrop of a growing middle class and increasing life expectancy.
Mature markets are seeing increasing levels of innovation and use of technology,
resulting in the emergence of new players in the industry.”
Private equity briefing: SEA 15
06
Interview:
Jean-Christophe
Marti

Jean-Christophe Marti is a Partner of Navis Capital

Partners. He is based in Singapore and is a member of the
firm’s Investment Committee. Marti joined Navis in 2003,
focusing on origination in Singapore and Indonesia. He
leads investment teams in making, monitoring and exiting
investments. He also sits on the boards and executive
committees of several Navis portfolio companies.

Q: 2015 saw a marked slowdown in private equity activity compared to 2014. How have the last 12 months
been for Navis?
2015 was a good year for Navis. We deployed some US$210m in two new investments (Bmed and Imperial
Treasure) as well as a few follow-ons. We also generated about US$730m of liquidity between last year and
February 2016, mostly by successfully selling Eco, Golden Food Siam, Hui Lau Shan and Profab.

Q: What change do you expect to see in 2016 regarding the number of transactions with private equity
involvement?
Overall, we feel 2016 will be a busy year. Our deal pipeline is very full at this point in time; thus we can be picky
who we want to invest in and partner with.

Q: What do you perceive as being the biggest opportunities for private equity in 2016?
There may be a contrarian investment in the oil and gas sector. Valuations have been battered. Some of these
companies will prove to be winners when the cycle comes back and will be extremely good buys this year.

Q: What are the greatest difficulties currently experienced by private equity?

It is not a good time to be doing fund-raising – LP are pretty prudent now. For funds like us with an established track
record and fund commitments available for deployment, we will need to be ready to act fast and transact quickly –
especially for exits.

Private equity briefing: SEA 16

Q: Which areas of the market (country and sector) are Navis finding of greatest interest from an investment
perspective looking forward?
We see Indonesia and Vietnam as two promising geographies this year. Naturally, Singapore is a core investment
geography for us and will remain to be so.

Q: What impact do you think the current volatility across the region will have on private equity?
The current volatility certainly offers buying opportunities for us. Some sellers will have more down-to-earth
valuation expectations, others can even run into distress due to the weakening of local currencies against the US
dollar and rising interest rates. We are very active on the portfolio side to ensure that our companies are best
positioned to gain a market advantage. Having a clear strategic vision, strong management teams and
supporting systems and the ability to act through low balance sheet leverage are even more important when
times are turbulent.

Q: With financial institutions withdrawing the availability of capital, will this present opportunities for private
equity investors to fill the void left?
Certainly, we represent a viable alternative source of funding, albeit not the cheapest. Entrepreneurs, especially
those in Singapore, are now well-aware of the role that private equity can be play as a funding source.

Q: Are you seeing a shift in the pricing expectations of shareholders seeking investment?
Yes, economic uncertainties, financial markets gyrations, weakening local currencies and rising US dollar interest
rates all have an impact on the psyche of shareholders. People feel a bit poorer, a bit less bullish, and it
translates into lowered valuation expectations.

Private equity briefing: SEA 17

07 Our services:
PE value creation

EY’s PE value creation (PEVC) team

comprises specialists focused on PE
and is supported by our deep sector
and functional professionals around
the world.

► Lead advisory ► Restructuring ► Performance ► Finance

► Commercial advisory ► Real estate improvement ► Human resources
► Financial diligence ► Divestiture ► Sales force ► Supply chain
► Operational diligence ► Valuation and effectiveness ► IT transformation
► IT diligence business modeling ► Business ► Risk
► Carve-out ► Operational improvement intelligence
► Integration

PE value creation team

Private
equity
fund

► Focus: Deliver value creation
services across the PE investment
life cycle
► Dedicated PE experience:
Dedicated team comprising former
PE operating partners, seasoned
operating executives and
management consultants
Our capabilities
► Broad functional knowledge:
Capabilities in strategy, M&A and
all core operating functions;
experience in revenue
enhancement, cost reduction,
human capital and
change management
► Deep sector experience: Primary
focus in oil and gas, consumer,
industrial, and health care; ability to
tap into sub-sector professionals
► Accelerated approach: Customized
approach that is highly responsive
and provides accelerated realization
of benefits
► Global capabilities: Dedicated team
that has extensive cross-border
experience with access to more
than 30,000 consultants operating
in 140 countries with deep industry
and functional know-how

Private equity briefing: SEA 18

Contact us
Service line contacts Country contacts
M&A Indonesia

Luke Pais Benedict Lim David Rimbo Sahala Situmorang

luke.pais@sg.ey.com benedict.lim@sg.ey.com david.rimbo@id.ey.com sahala.situmorang@id.ey.com
+65 6309 8094 +65 9113 3718 +62 21 5289 5025 +62 21 5289 5210

Corporate Finance Strategy Malaysia

Vikram Chakravarty Joongshik Wang
George Koshy Preman Menon
vikram.chakravarty@sg.ey.com joongshik.wang@sg.ey.com
george.koshy@my.ey.com preman.menon@my.ey.com
+65 6309 8809 +65 6309 8078
+60 3 7495 8700 +60 3 7495 7811
Transaction Support
Philippines and Guam
Purandar Rao Geophin George
Renato Galve
purandar.rao@sg.ey.com geophin.george@sg.ey.com
renato.j.galve@ph.ey.com
+65 6309 6560 +65 6309 8168
+63 2 891 0307
Transaction Tax
Singapore
Eng Ping Yeo Darryl Kinneally
eng-ping.yeo@my.ey.com darryl.kinneally@sg.ey.com Purandar Rao Vikram Chakravarty
+603 7495 8288 +65 6309 6800 purandar.rao@sg.ey.com vikram.chakravarty@sg.ey.com
+65 6309 6560 +65 6309 8809
Valuation & Business Modelling
Luke Pais Joongshik Wang
Andre Toh Wouter van Groenestijn
luke.pais@sg.ey.com joongshik.wang@sg.ey.com
andre.toh@sg.ey.com wouter.v-groenestijn@sg.ey.com
+65 6309 8094 +65 6309 8078
+65 6309 6214 +65 6309 8878

Geophin George Abhay Bangi

Sector contacts geophin.george@sg.ey.com abhay.bangi@sg.ey.com

Consumer Products Financial Services +65 6309 8168 +65 6309 6151

Geophin George Patrick Hanna Thailand

geophin.george@sg.ey.com patrick.hanna@sg.ey.com
Ratana Jala Piyanuch Nitikasetrsoonthorn
+65 6309 8168 +65 6309 6720
ratana.jala@th.ey.com piyanuch.nitikasetrsoonthorn@th.ey.com
Health care Infrastructure +66 2 264 0777 +66 2 264 9090

Abhay Bangi Lynn Tho Vietnam

abhay.bangi@sg.ey.com lynn.tho@sg.ey.com
+65 6309 6151 +65 6309 6688 Anthony Duong Toan Quoc Nguyen
tony.duong@vn.ey.com toan.quoc.nguyen@vn.ey.com
Oil & Gas Real Estate +84 8 3824 5252 +84 8 3824 5252
Sanjeev Gupta Benedict Lim
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Global contacts
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Global
Technology, Media & Telecommunications
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Joongshik Wang jeffrey.bunder@ey.com michael.rogers@ey.com

joongshik.wang@sg.ey.com +1 212 773 2889 +1 214 969 0675

+65 6309 8078

Private equity briefing: SEA 19

Private equity briefing: SEA 20
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Private equity briefing: SEA 21