Hony, KKR scoop major prizes at AVCJ China Awards
Hony Capital led the way at the 2012 AVCJ Private Equity & Venture Capital Awards China, retaining its title as Firm of the Year and claiming the prize for US dollar fundraising. David Liu, China head of KKR, was named Private Equity Professional of the Year, while DST Advisors, Silver Lake, Temasek Holdings and Yunfeng Capital took the Private Equity Deal of the Year prize for their investment in Alibaba Group.
Hony's awards marked a busy 12 months for the Chinese PE firm. In January, it closed its fifth US-dollar denominated fund at $2.4 billion after barely four months in the market. The vehicle is $1 billion larger than its predecessor, which closed in 2008.
The private equity firm also made a string of stand-out investments, including state-owned Qinhuangdao Yaohua Glass and Japan's Tokai Kanko, and secured a $208 million exit from its holding in New China Life Insurance.
Liu's award paid tribute to KKR's broad portfolio of transactions in the last year. These include water treatment company United Envirotech, luxury car dealership Rundong Auto, clothing retailer China Outfitters, property firm Sino Prosperity and healthcare specialist China Cord Blood. Liu has also been instrumental in building out an investment team recognized as one of the most diversified and stable in the country.
The Alibaba Group deal was to a large extent recognized as a one-off: a $1.6 billion employee liquidity event, with a challenging structure, that allowed private capital to enter one of China's most exciting companies.
By contrast, the Venture Capital Deal of the Year award went to a transaction that has been years in the making. Sequoia Capital has backed restaurant listings and reviews site Dianping.com from its early rounds and in April 2011, participated in a $100 million investment in the company alongside Lightspeed Venture Partners, Qiming Venture Partners and TrustBridge Partners.
Other awards went to Bo Feng of Ceyuan Ventures for Venture Capital Professional of the Year, Cowin Capital's RMB2.5 billion Nanhai Growth Fund V for renminbi fundraising of the year, and Affinity Equity Partners and Unitas Capital for their exit from Beijing Leader & Harvest Electric Technologies.
Lou Jiwei, CEO of China Investment Corporation, won the AVCJ Special Achievement Award for his contribution to the development of private equity and venture capital in the country.
The awards, sponsored by Shearman & Sterling, were presented at a cocktail reception as part of the 2012 AVCJ Private Equity & Venture Forum China (www.avcjchina.com), which continues today in Beijing.
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