ChinaVenture Announced the PE List of the Year 2010

2011-04-14

ChinaVenture Investment Consulting Group (“Chinaventure”) recently released its CVAwards China’s Top 30 Best PE Firms of the Year 2010, in which New Horizon Capital, CCB International and The Carlyle Group ranked the top three. Jiuding Capital, Goldman Sachs, Legend Holdings, Tiger Fund, CITIC PE, Haitong-Fortis PE Fund and Hony Capital were enlisted in the top 10. 

In 2010, China’s venture market presented explosive growth. The investment activity of PE firms reached a historical high. Thanks to the active capital market, some PE firms also exited successfully from projects at home and aboard with rich rewards. According to the statistics of CVSource, a database under ChinaVenture, there were altogether 375 disclosed PE investment cases across the year of 2010 with a total investment value of 19,613 million US dollars, both reaching historical high. In the aspect of exit, IPO was still the main exit option for venture institutions. In 2010, there were all together 490 Chinese enterprise IPO cases fulfilled in the global capital market, with a financing scale of 106,875 million US dollars, both hit the highest in history. Among these, 220 Chinese enterprises fulfilling domestic or overseas IPO were with VC/PE background, of which 269 VC/PE firms achieved 480 successful exits with an average book ROI of 806%. 

To finalize the list of CVAwards China’s Top 30 Best PE Firms of the Year 2010, ChinaVenture applied a scientific and and rigorous methodology system, developed a standard of candidate enlisting with a review committee constituted by LP and PE partners and conducted comprehensive performance assessment in aspect of fundraising, investment, exit and results based on the statistics of CVSource. As the most professional and authoritative list series of China’s VC/PE industry, CVAwards annual investment institution appraisal has come to the fifth session since its first launch. 

Due to the increased activity of PE investment market, the individual rating standards of this year’s list has been largely raised compared to that of 2009. In the amount of investment and exit, the full-mark standards are both raised to above 500 million US dollars compared to above 200 million US dollars last year. In fund raising, the full mark standard is above 800 million US dollars, much higher than the above 400 million US dollars standard last year. 

With regards to the attribute of the institutions on the list, foreign institutions are still the mainstream in China’s PE market. With the explosive growth of domestic capital market and sustained high earnings from the IPO of A-share enterprises,foreign institutions set off an upsurge of launching RMB funds. New Vision Growth Fund, the RMB fund under New Horizon Capital has completed its fundraising. The Carlyle Group set up a RMB fund in Beijing and has completed the first-round of fund raising. The second RMB fund of Hony Capital with a scale of over 7 billion yuan also completed fundraising in 2010. RMB fund management institutions were setting up new funds. CCB International launched the cultural industry fund following the establishment of medical industry fund, while Jiuding Capital has launched RMB funds in Suzhou, and Nanjing. 

In this boom of RMB funds, local PE firms also achieved rapid development. Four Chinese-funded institutions, namely Jiuding Capital, Legend Holdings, Haitong-Fortis PE Fund and CITIC PE were enlisted in the top 10 of the current list, of which only Haitong Haitong-Fortis PE Fund was enlisted last year. Moreover, the rapid development of securities companies’ direct investment was also shown in the list. Three securities brokers, namly Goldstone Investment, Ping’an Stock Fund and Huatai Zijin Investment, were enlisted in the Top 30, while Guosen Hongsheng, who excelled in exit, failed to enter as its investment cases in 2010 were not disclosed. 

Appedix: CVAwards China’s Top 30 Best PE Firms of the Year 2010

CVAwards China’s Top 30 Best PE Firms of the Year 2010

Ranking

Firm Name



1

New Horizon Capital


2

CCB International


3

Carlyle Group


4

Jiuding Capital


5

Goldman Sachs


6

Legend Holdings


7

Tiger Fund


8

CITIC PE


9

Haitong-Fortis Private Equity Fund Management


10

Hony Capital


11

Morgan Stanley


12

Goldstone Investment


13

Warburg Pincus


14

Trustbridge Partners


15

KKR


16

Pingan Bright Fortune


17

Bain Capital


18

CDH Investments


19

TPG


20

Hope Investments 


21

Sunbridge Capital


22

VSTONE Capital


23

Blackstone


24

FOSUN Capital


25

Ping'an Innovation Capital


26

ICBC International


27

Huatai Zijin


28

Milestone Capit


29

CITIC Capital


30

BOC Investment



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