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The role of private equity in growing the ties between India and the Middle East. India Private Equity Summit - Singapore. Jonathan Hall Executive Director. January 23, 2007. Christopher Columbus. The origin of private equity?.

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slide1

The role of private equity in growing the ties between India and the Middle East

India Private Equity Summit - Singapore

Jonathan Hall

Executive Director

January 23, 2007

slide2

Christopher Columbus

The origin of private equity?

  • Conceived of special incentives (carried interest) to take the trip to the “new world”
  • All expenses paid
  • 10% of all profits (no preferred return)
  • 5% of all gold, and title of Admiral for life
  • So the profession is old, perhaps not the oldest, but hopefully at least as lucrative!
slide3

Turkey

Syria

Lebanon

Iraq

Iran

Jordan

Pakistan

Kuwait

Egypt

Bahrain

Qatar

India

UAE

KSA

Oman

Sudan

Private Equity in India and the Middle East

Market characteristics

Middle East

India

  • High liquidity but lack of investment instruments
  • Bank focus on assets and name based lending
  • Need for management talent
  • Limited domestic markets
  • Undiversified economies
  • Extensive family groups / expatriate entrepreneurs / govt. involvement in economies
  • Evolving corporate and investment laws
  • Lack of available risk capital
  • Access to bank finance difficult
  • Management strength
  • Domestic market scale
  • Broad based economy
  • Active business owners
  • Established legal framework
slide4

Turkey

Syria

Lebanon

Iraq

Iran

Jordan

Pakistan

Kuwait

Egypt

Bahrain

Qatar

India

UAE

KSA

Oman

Sudan

Private Equity in India and the Middle East

Predominant nature of private equity deals

Middle East

India

  • Buyout
  • Control positions
  • Active governance
  • Private companies
  • Limited foreign capital and international firm focus
  • Primary exit by trade sale
  • Growth / expansion capital (limited ‘buyout’ activity)
  • Non – controlling stakes
  • Largely passive investor role
  • PIPEs
  • Significant involvement of international GPs and LPs
  • IPO and trade sale exit options
slide5

Turkey

Syria

Lebanon

Iraq

Iran

Jordan

Pakistan

Kuwait

Egypt

Bahrain

Qatar

India

UAE

KSA

Oman

Sudan

Private Equity in India and the Middle East

Current evolution

Middle East

India

  • Growth in capital market depth
  • Influx of management talent
  • Increasing international focus on region
  • Economic and industrial diversification
  • Stock market valuations
  • Sellers seeking greater value add
  • Market growth and competition to drive consolidation
  • Focus on required infrastructure
slide6

Turkey

Syria

Lebanon

Iraq

Iran

Jordan

Pakistan

Kuwait

Egypt

Bahrain

Qatar

India

UAE

KSA

Oman

Sudan

Private Equity in India and the Middle East

Future direction: opportunities and challenges

Market and industry maturity

Greater range of deal types

Expansion of formal private equity into real estate and infrastructure

Ongoing increase in cross – border activity: trade, investment, Islamic finance

Deal sizes increasing

Continuing increase in competition

Fewer easy wins

Returns will reflect value contribution

slide7

ABRAAJ CAPITAL, LEVEL 7, EMIRATES TOWER OFFICES, P.O.BOX 504905, DUBAI, UNITED ARAB EMIRATES,

TELEPHONE +9714 3191500 FACSIMILE +9714 3191600 E-MAIL info@abraaj.com

www.abraaj.com

Middle East Private Equity: Investing in Foresight