Date: 05 Jun 2013
From: Venture Capital Journal
Tags: Avcj awards | Avcj events | China
AVCJ China Awards: Morgan Stanley PE Asia’s Homer Sun named PE Professional of the Year; the consortium behind Alibaba Group’sbuyback win top deal honor; Carlyle gets exit award for China Pacific Insurance
FountainVest Partners claimed the Firm of the Year and US dollar fundraising prizes at the 2013 AVCJ China Awards, which were presentedin Beijing last week as part of the AVCJ China Forum.
Homer Sun, CIO of Morgan Stanley Private Equity Asia (MSPEA), was named PE Professional of the Year while the PE consortium thatbacked Alibaba Group’s Yahoo buyback claimed the PE Deal of the Year prize.
In a challenging fundraising environment, FountainVest closed its second fund over target at $1.35 billion after just seven months in themarket. The PE firm has also been at the forefront of the wave of China take-private deals, playing a key role in the $3.7 billion club deal forChina Focus Media and taking the lead as the sole PE backer of a smaller privatization of LJ International.
“We are proud to be one of the lead investors and an active participant the privatization of Focus Media,” said Yancen Lu, a director atFountainVest, who collected the awards. He added that the PE firm will continue to back quality entrepreneurs with growth capital but also look for more buyout opportunities, and ithas been adding to its investment and operations teams in preparation.
MSPEA’s Sun won the PE Professional of the Year award in recognition of a busy year for his team in which one China control deal has beencompleted and a further two are pending. The captive PE unit bought Hi-24, a leading Beijing convenience store chain in a carve-out fromthe company’s parent last November. The other two deals are both take-privates of US-listed Chinese companies.
Private Equity Deal of the Year went to one of the largest ever transactions involving a Chinese company as Alibaba Group repurchased halfof a 40% stake in itself held by Yahoo for $7.6 billion last September. The private equity funding in the deal was led by China InvestmentCorp, with Boyu Capital, CITIC Capital and CDB Capital coming in as new investors. Existing PE investors in Alibaba also increased theirholdings.
Chinese super angel Lei Jun, of Shunwei Capital Partners, was named Venture Capital Professional of the Year. One of the companies hecreated, mobile phone company Xiaomi, took the VC deal prize after being valued at $4 billion in its most recent round of funding.
CDH Investments took the renminbi fundraising award for Tianjin CDH Equity Investment Fund II, while Exit of the Year went to TheCarlyle Group for China Pacific Insurance.
Firm of the Year – FountainVest Partners
Private Equity Professional of the Year – Homer Sun (Morgan Stanley Private Equity Asia)
Venture Capital Professional of the Year – Lei Jun (Shunwei Capital Partners)
Private Equity Deal of the Year – Alibaba Group (Boyu Capital/China Investment Corp/China Development Bank Capital/CITICCapital/DST Advisors/Silver Lake/Temasek Holdings)
Venture Capital Deal of the Year – Xiaomi (Shunwei Capital Partners/IDG Ventures/Morningside Technologies/Qiming VentureAVCJ http://www.avcj.com/avcj/official-record/2272768/fountainvest-scoops…1 of 2 7/2/2013 11:01 AMPartners/Qualcomm Ventures/Temasek Holdings/DST Advisors/GIC)
Exit of the Year – China Pacific Insurance (The Carlyle Group)
Fundraising of the Year, US Dollar – FountainVest China Growth Fund II (FountainVest Partners)
Fundraising of the Year, Renminbi – Tianjin CDH Equity Investment Fund II (CDH Investments)
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