FDI 관점재무적투자가유치전략 6 Jan 2016 글로벌 M&A 지원단
Contents I. II. III. IV. V. 재무적투자가 (PEF) 의개요 PEF의기본구조및운용국내외 PEF 시장현황 FDI 측면지원전략국내외주요재무적투자가행사및투자가
I. 재무적투자가 (PEF) 의개요
대체투자 (Alternative Investment) 대체투자 vs 전통투자자산 * 별도의자산군이아닌기존자산군 ( 주식, 채권 ) 의 subset( 부분집합 ) * 기존자산군의헷징기능이아니라투자기회의확장을꾀한다 * 기존자산군에다른투자전략을구사 ( 공매도, 차입, 인수합병등 ) * 주로비상장주식에투자 * 부동산, 헤지펀드, 상품선물, 사모투자펀드 (PE, VC), 신용파생등 4
Private vs Public 의사전적의미 pri vate [ praɪvət] * NOT PUBLIC 사유의, ( 특정 ) 개인소유의, ( 특정개인 집단 ) 전용의 * CONVERSATION/MEETING ( 대중적으로알릴내용이아닌 ) 사적인 [ 사사로운 / 비공개의 ] * FEELINGS/INFORMATION ( 개인의 ) 은밀한 * NOT OWNED/RUN BY STATE ( 공기업이아닌 ) 민간 [ 민영 ] 의, 사립의 * NOT OWNED/RUN BY STATE ( 단체 국가를위한것이아닌 ) 개인을위한 [ 개인적인 ] * NOT WORK QUIET 이등병 pub lic [ pʌblɪk] * OF ORDINARY PEOPLE 일반인 [ 대중 ] 의 * FOR EVERYONE ( 특히정부에서제공하는것으로 ) 대중을위한, 공공의 * SEEN/HEARD BY PEOPLE 대중적으로알려진 [ 공개된 ] * SEEN/HEARD BY PEOPLE ( 일반인들이보거나듣도록 ) 공개되는 [ 공개적인 ] * PLACE ( 장소가 ) 많은사람들이있는 * ORDINARY PEOPLE the public 일반사람들, 대중 5
투자 / 금융에있어서 Private 과 Public의비교 Private - 사적인투자자금모집 ( 사모, private placement) - 전문투자자 (3억원이상 ) : 금융감독원에서비보호 - 비상장회사 ( 상장사의 squeeze out) - 자율적인투자판단, 정보비공개, 장기투자 - 경영권참여 (BoD 1석이상필수 ) : 경영참여형 (PEF), 전문투자형 ( 헤지펀드 ) Public - 공개적인자금모집 ( 공모, public offering) - 일반투자자 : 금융감독기관의보호 - 상장회사 ( 포트폴리오투자 ) - 투자규제 ( 거래소, 금융감독기관, 정보공개 ), 단기투자 - 비경영참여 6
재무적투자가의역할 PE 참가자와 M&A 시장 M&A 중개업자 : 증권회사, 회계법인, 부띡등 자문기관 인수기업 매도기업 자문기관 회계법인법무법인기타자문기관 자문 일반기업 자문 회계법인법무법인기타자문기관 자금공급자 MBO M&A 경영진 연기금공제회은행국부펀드 자금조달 EBO PEF 주주채권자 보험사 PEF (FoF) 외부이해관계자 정부기관 세무서 재무적투자자 채권자기타 7
II. PEF 의기본구조및운용 8
Private Fund(PEF, VCF) 의기본구조 기본구조 : Partnership ( 합자회사 ) 형태 The fund (PEF, VCF) is the corporate entity by itself GP(General Partner) Fund 운용 ( 무한책임사원 ) 투자은행, 컨설팅사 자문제공 Private Fund 투자대상기업 ( 유한책임사원 ) LP(Limited Partner) 출자자 SPC 9
Private Equity Fund(PEF) 의설립및운용 설립, 운용, 청산흐름도 장기자금조달 (Fund Raising) 투자 Process (Investment) 기업가치제고 (Value-up) 투자회수 (Exit) 청산 운용목표설정 기업인수, 지분투자 모니터링 투자회수전략 수익금분배 - 자금조성방식결정 - 경제변수분석 - 경영컨설팅 - Exit / 투자금회수 - 청산후사전약정에 - LP 모집 - 산업, 기업분석 - 경영성과분석 따라수익금분배 - PEF 설립 - 조건협의 - 필요시인력파견 - PEF 등록 - 투자집행 10
VC Fund 투자절차 Venture Capital firms may invest in the early, mid, or late stage of a company s lifecycle Active VCs serve on the board of directors, and assist with strategy, hiring mgmt, follow on investment, marketing and financing Investment Decisions Liquidity Event ($ returned to investors) Deal Sourcing & Due Diligence Seed Stage Funding First & Second VC Round Later Stage VC & Mezzanine Rounds IPO M&A* $ Very early development Founder-run Management team incomplete Hi risk Product / service d evelopment and te sting No revenues Reducing risk with milestones Typically 4-6 years Product / service d elivery Revenues but maybe n o profit Professional manage ment * M&A may occur at any stage of lifecycle 11
30,000 Business Plans per Year Investment Funnel of a global VC fund Review Every Plan 750 First Meetings(2.5%) 150 Follow-on Meetings(20%) 15 Investments (10%) *0.05% Due diligence process 12
III. 국내외 PEF 시장현황 13
PE 침투율 PE 시장성장의척도 PE Penetration Ratio by Country 1.80 1.60 1.40 1.20 1.35 1.58 1.14 1.44 Sources: Emerging Markets EMPEA United Kingdom PitchBook United States PitchBook Israel PitchBook Japan Asia Private Equity Review All GDP data International Monetary Fund, October 2015 1.00 0.80 0.60 0.720.73 2013 2014 0.40 0.20 0.00 United Kingdom United States 0.24 0.22 0.22 0.19 0.15 0.14 0.13 0.13 0.12 0.12 0.08 0.10 0.12 0.09 0.04 0.05 0.05 0.03 0.02 0.02 0.010.004 Israel India South Korea China Brazil Japan SSA* South Africa Poland Turkey MENA** Russia 14
국내사모펀드성장추이 PEF Commitment and Number of PEFs 350 300 250 200 150 100 50 0 Number of PEF Committed Capital (Unit: USD bn) 29.3 24.6 18.5 13.5 8.3 76 44 181 148 110 48.6 45.2 40.7 37.0 303 277 226 237 2007 2008 2009 2010 2011 2012 2013 2014 2015.11 60 50 40 30 20 10 0 Source: Financial Supervisory Service (FSS), as of November 2015 15
한국의주요출자자 (LP) 자산규모 16
국민연금의대체투자비중추이 국민연금은 1988 년 5,300 억원규모로시작 => 2015 년 9 월말에규모 500 조원돌파 03 년 100 조, 07 년 200 조, 10 년 300 조, 13 년 2 월 400 조원규모로성장 => 23 년 1,000 조원돌파할것으로예상 Alternative Investments of Korea's National Pension Service (Unit: %, USD bn) 9.9% 10.3% 9.4% 8.4% 7.8% 5.8% 17.9 25.6 31.1 37.7 43.5 47.5 2010 2011 2012 2013 2014 2015. 3Q 17
한국의주요 PEF 운용사들 Ranking General Partner (GP) Commitment (USD billion) Number of PEFs 01 Korea Development Bank 6.4 14 02 MBK Partners 6.3 16 03 Hahn & Company Korea 2.1 3 04 Macquarie Korea Opportunities Manag ement Limited ( MKOM ) 2.1 3 05 Mirae Asset Financial Group 2.0 5 06 Vogo Investment Group 1.9 6 07 IMM Private Equity 1.6 10 08 STIC Investments 1.5 5 09 Industrial Bank of Korea 1.4 12 10 SkyLake Incuvest 1.3 9 11 Shinhan Private Equity 1.2 2 12 Q Capital Partners 1.2 8 13 KTB Private Equity 1.1 6 14 EQ Partners 1.1 4 18
Foreign PEs closely involved in Korean mega deals 19
Over 70 mega deals within the past 10 years in Korea 20
외국펀드의국내마케팅규제 Offshore fund managers with investment discretion over a fund with Korean investors must acquire a cross-border discretionary investment manager ( CBDIM ) license from the FSS. 한국투자자들을상대로해외펀드를마케팅하려면반드시사전에판매증권사와함께펀드별로금융감독원에등록하여야함 21
글로벌연기금의자산배분추이 Global Pension Assets Study 2015 22
글로벌대체투자운용규모 Assets under Management 23
글로벌대체투자자산별배분 Destination of assets by asset class 24
글로벌 AI 투자자금공급원 Source of assets 25
Global PEF 시장현황 전세계 50 대 PE 운용사들 (data as of May 2015) 2014 Rank Fund Manager Headquarters Five-Year Fundraising ($m) 2014 Rank Fund Manager Headquarters Five-Year Fundraising ($m) 1 The Carlyle Group Washington DC $30,650.33 26 EQT Partners Stockholm $8,204.75 2 Kohlberg Kravis Roberts New York $27,182.33 27 Cinven London $8,099.60 3 The Blackstone Group New York $24,639.84 28 Mount Kellett Capital New York $7,902.00 4 Apollo Global Management New York $22,298.02 29 Apax Partners London $7,701.26 5 TPG Fort Worth (Texas) $18,782.59 30 Triton Partners Frankfurt $7,673.51 6 CVC Capital Partners London $18,082.35 31 Cerberus Capital Management New York $7,240.00 7 General Atlantic Greenwich $16,600.00 32 Russian Direct Inv. Fund (RDIF) Moscow $7,155.61 8 Ares Management Los Angeles $14,113.58 33 GTCR Golder Rauner Chicago $7,124.23 9 Clayton Dubilier & Rice New York $13,505.00 34 Welsh Carson Anderson & Stowe New York $6,772.00 10 Advent International Boston $13,228.09 35 HgCapital London $6,655.02 11 EnCap Investments Houston $12,400.20 36 Permira London $6,575.50 12 Goldman Sachs PIA New York $12,343.32 37 Energy Capital Partners Short Hills $6,465.00 13 EIG Global Energy Partners Washington DC $11,345.18 38 Nordic Capital Stockholm $6,257.52 14 Warburg Pincus New York $11,213.00 39 Leonard Green & Partners Los Angeles $6,250.00 15 Silver Lake Menlo Park $10,986.40 40 Georgian Co-inv. Fund (GCF) Tbilisi (Georgia) $6,000.00 16 Riverstone Holdings New York $10,384.26 41 TA Associates Boston $5,925.00 17 Oaktree Capital Management Los Angeles $10,147.28 42 American Capital Bethesda (Maryland) $5,875.00 18 Onex Toronto $10,097.21 43 RRJ Capital Hong Kong $5,800.00 19 Ardian (formerly AXA PE) Paris $9,805.25 44 Pine Brook Road Partners New York $5,668.51 20 Lone Star Funds Dallas $9,731.81 45 Charterhouse Capital Partners London $5,562.12 21 Bain Capital Boston $9,066.90 46 CDH Investments Hong Kong $5,561.84 22 Hellman & Friedman San Francisco $8,900.00 47 Sequoia Capital Menlo Park $5,477.98 23 Stone Point Capital Greenwich $8,842.06 48 Vista Equity Partners San Francisco $5,430.10 24 BC Partners London $8,590.11 49 AlpInvest Partners Amsterdam $5,277.87 25 JP Morgan Asset Mgmt New York $8,207.87 50 MBK Partners Seoul $5,207.00 * 전세계 50대사모펀드의본사소재지는북미지역이 33개로압도적인 1위를차지했고, 영국과유럽이뒤를이음 (Source: PEI) * 특히뉴욕과런던을본사로둔사모펀드가 19개에달해뉴욕과런던이전세계금융시장의양대산맥임을입증 * 한국계 PE인 MBK가처음으로 50위권에올라오면서, 후속주자들의약진이기대됨 26
Global PEF 시장현황 전세계 30 대 Limited Partners (data as of May 2015) to PEF 2014 Fund Manager Rank CANADA PENSION PLAN 1 INVESTMENT BOARD Headquarters Five-Year Commitment ($bn) Toronto 26.2 2 ALPINVEST New York 19.5 3 HAMILTON LANE Philadelphia 14.6 4 HARBOURVEST PARTNERS Boston 13.7 5 WASHINGTON STATE INVESTMENT BOARD Washington State, U.S. 11.2 6 LA CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC Quebec 10.3 7 CALIFORNIA PUBLIC EMPLOYEES RETIREMENT Sacramento, U.S. 9.9 SYSTEM 8 PATHWAY CAPITAL MANAGEMENT Irvine, U.S. 9.6 9 TEACHERS RETIREMENT SYSTEM OF TEXAS Texas State, U.S. 9.6 10 OREGON PUBLIC EMPLOYEES RETIREMENT Oregon State, U.S. 9.1 SYSTEM 11 HONG KONG MONETARY AUTHORITY Hong Kong 8.02 12 FLORIDA STATE BOARD OF ADMINISTRATION Florida State, U.S. 7.77 13 LGT CAPITAL PARTNERS Pfaeffikon, Switzerland 7.53 14 APG ASSET MANAGEMENT Heerlen, Netherlands 7.47 EUROPEAN INVESTMENT 15 FUND (EIF) Luxembourg 7.47 2014 Five-Year Fund Manager Headquarters Rank Commitment ($bn) THE UNIVERSITY OF TEXAS 16 INVESTMENT MANAGEMENT Austin, U.S. 6.93 COMPANY 17 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM California State, U.S. 6.71 18 PANTHEON London 6.66 19 NEW YORK STATE COMMON RETIREMENT FUND New York 6.57 20 NEW YORK CITY RETIREMENT SYSTEMS New York 6.5 21 SIGULER GUFF New York 5 22 EUROPEAN BANK OF RECONSTRUCTION AND London 4.76 DEVELOPMENT 23 KOREA INVESTMENT CORPORATION Seoul 4.7 24 PENNSYLVANIA PUBLIC SCHOOL EMPLOYEES Pennsylvania, U.S. 4.69 RETIREMENT SYSTEM 25 UNIVERSITY OF CALIFORNIA Oakland, U.S. 4.56 26 TEACHERS RETIREMENT SYSTEM OF ILLINOIS Springfield, U.S. 4.56 27 GOLDPOINT PARTNERS New York 4.33 28 NEW YORK STATE TEACHERS RETIREMENT SYSTEM New York 4.2 29 UNIVERSITIES SUPERANNUATION SCHEME Liverpool, England 4.17 30 NEUBERGER BERMAN New York 4.1 * 지난 5 년간 PEF 에출자한전세계 30 대출자자의본사소재지는북미지역이 22 개로압도적인 1 위를차지 * 1, 3, 4, 5, 6, 7, 9, 16, 18, 26 등은 MBK, Affinity, Hahn & Co, Anchor Partners 등을통해한국에투자하고있는것으로파악됨 * 한국국부펀드인 KIC 가 23 위에랭크되어있으며, 자산규모가더큰 NPS 는최근에 PEF 출자비중을늘리고있는상황임 (Source: PEI) 27
IV. FDI 측면지원전략
펀드 (PE) 레벨지원 1. Limited Partners 지원 관할지역내주요출자자 ( 연기금, 국부펀드, endowment fund, family office, fund of funds 등 ) 대상한국간접투자시장홍보및한국투자펀드출자지원 한국투자펀드의 fund formation 지원 샘플투자사례 2. Co-Investment( 공동투자 ) 지원 관할지역내주요글로벌 GP 들의한국계 GP 들과의공동투자지원 단독투자가어려운대형딜진행시한국공동투자초대 3. 투자처발굴지원 Corporate Access 제공 ( 국내외 GP 들의한국내투자처발굴지원, 투자자발굴투자처연결지원 ) 국내외 GP 들의포트폴리오기업성장지원 Established company, cash cow 29
Private Investment Strategies by Stage Stage Buyout SkyLake Investment Renewable energy, Nanotech, Auto parts, Mechatronics, ICT & Convergence Global Champion Silicon Valley, KDB backed, High-growth mid-cap, Target IRR 25% Venture Investment Silicon Valley, KVIC backed, Technology Mid-market Growth HK based, KDB backed, Cross-border growth, Target IRR 25% Size 30
투자가군별투자전략 투자대상에따른투자가군분류 구분세분류내용 Buyout Fund Turnaround LBO, MBO Replacement Capital 재무또는영업측면에서부실한기업을회생시키기위한투자 ( 구조조정펀드 ) 제 3 자혹은현임직원들의회사인수를위한투자 Leverage 를이용 구주를기존주주로부터대량매입하는형식 Growth Growth Capital 기업성장지원 Venture Fund Seed Capital Start-up and Early Stage Mezzanine 회사설립전에연구, 개발단계에투자 회사설립초기단계의벤처기업에투자 주식과채권사이성격의 CB, BW, RCPS 등투자 기타 Distressed Fund 부실채권및담보부동산에저가투자한후주식 / 지분전환하여수익을추구하는펀드 Fund of Funds 다른사모펀드에투자 ( 출자 ) 31
PE / VC 투자가성향파악 Venture capitalists are professional investors who invest in young, privately-owned companies and work with them to help them succeed" Venture capital is equity, not debt The companies are private, not public The companies are young, but usually have more than just an idea The companies are growing exponentially, not arithmetically The companies are usually technology-related, but not always VCs are willing to lose but look for unlimited upside 32
연도별벤처기업수변화추이 33
국내벤처기업현황 국내벤처기업수 3 만개돌파 전체매출 214.6 조원 (GDP 의 14.5%) - 매출 1 천억초과 460 개, 1 조원초과 6 개기업 고용인원 71 만 7 천명 ( 전산업체근로자수의 4.7%) 70% Manufacturing sector 17% IT software 31,197 Venture companies 758 Companies sponsored by venture capital funds 37% 1 to 5- year-old companies 26% 5 to 10-year-old companies 26% 10 to 20-year-old companies 34
한국의주요 VCF 운용사들 (Unit: KRW bn., %) VC Investment Company Funds Raised (A) Invested Amount (B) Invested Ratio (B/A, %) Dry Powder (A-B) 01 Korean Investment Partners 682 495 72.6 187 02 STIC Investments 567 357 63 210 03 LB Investments 555 366 66 188 04 Atinum Investment 438 291 66.5 147 05 INTER VEST 398 322 80.9 75 06 Hanwha Investment 327 259 79.3 67 07 SBI Investment 327 157 48.1 169 08 M Venture Investment 320 281 88.1 38 09 IMM Investment 309 213 69 95 10 Daesung Private Equity 308 172 56 135 Total 4,234 2,917 68.9 1,316 35
투자희망업체지원 분석및전략수립 자금조달시일반적인순서및절차 회사내부상황분석 자금조달목적확정 시장상황분석및이해 상품분석 및선정 자금조달 집행 자금조달시고려사항 시장상황고려 조달상품선정 최적의 Solution 도출 향후의실적및주가 경영권방어 36
투자희망업체지원 - 상품선택 자금조달방법 구 분 대 상 예상효과 유상증자 모든기업가능 자본증가 RCPS 전환사채신주인수권부사채교환사채회사채발행 (SB, FRN) 모든기업가능 모든기업가능 모든기업가능 요건內가능 ( 상장사보유주식대상 ) 국내신용등급 BBB- 이상 자본증가 (IFRS 기준부채로인식 ) 부채증가전환시부채소멸, 자본증가 부채증가인수권행사시자본증가 부채증가교환시부채소멸, 자산감소 부채증가 직접금융 ( 대출 ) 모든기업가능부채증가 37
투자희망업체지원 회수전략제시 사전적인 Exit 전략수립을통한성공적인투자유치 Cash Flow 배당, 유상감자등 조기상환청구권 ( 안전장치 ) Put Option IPO 기업공개를통한매각 동반매도청구권 (FI 의권리 ) Tag Along Trade Sale 전략적투자자에게 M&A 방식으로매각 공개시장매각 Block Sale Secondary Sale 타재무적투자자에게매각 38
투자상품별 FDI 효과 자금조달방법비교 구 분 유상증자 ( 제 3 자배정 ) RCPS CB BW 발행조건 기준가격에 10% 이내디스카운트 보통주와의괴리율 시가 /premium, 전환 / 행사가조정 발행효과 자본증가 자본증가 (IFRS 기준부채증가 ) 최초부채증가, 전환 / 행사후자본증가 재무구조개선효과 즉시개선 즉시개선 (IFRS 기준개선효과없음 ) 전환청구 / 신주인수권행사시점진적으로개선 추가자금부담액 자금부담없음 자금부담없음 자금부담없음 대주주지분율 하락 전환시하락 주식전환 / 행사시하락 신주발행가액 할인율은 10% 이내 ( 상장회사기준 ) 시장가 ( 괴리율반영 ) 시장가혹은할증발행으로더큰규모조달가능 발행주식수 발행시점에확정 전환비율에따라변동 전환가격조정조건에따라변동가능 발행소요기간 약 1~2 주 약 2~3 주 약 3 주 FDI 효과즉시즉시전환권, 신주인수권행사로주식전환시 39
V. 국내외주요재무적투자가 행사및투자가
PE/VC 관련국내외행사 Date & Place: 2016. 11.9~11 / Hong Kong AVCJ PE & Venture Forum 2016 To Do: Co-host or co-part in internationally reputable PE event Type - Delegation w/ major LPs and GPs - Country Panel / Country Night - Separate Country Specific Event - Simple Participation and Networking Super Return Asia Date & Place: 2016. 9.21~23/ Hong Kong 한경, 매경, 더벨 Date & Place: 2016. 5 / Seoul AVCJ Seoul Forum / DowJones LP Summit / BVCA Summit / ILPA / PEI 41
공사주요투자가고객 (GP 중심 ) PE VC Investor Country Investor Country JP Morgan US DFJ Athena US Carlyle Group US JAFCO Japan CPPIB Canada Walden International US Excelsior Capital Hong Kong Vertex Management Singapore Partners Group Swiss New Enterprise Assoc. US Standard Chartered UK Summit Partners US Apollo Management US BlueRun Ventures US Baring Private Equity Asia UK BASF VC Germany Robeco Netherlands Founder s Fund US CVC US IDG US Temasek Singapore JAIC Japan GE Capital US Altos Venture US Crescendo Equity Partners US Lilly Ventures US Macquarie Australia Oxford Bioscience US TPG US Sequoia US APG Asset Management Netherlands 360ip Singapore Corsair Capital US Formation 8 US 42
2016 글로벌투자유치전략설명회 Michael DC Choi ( 최동철 ) 글로벌 M&A 지원단 T 3497 1102 E dcchoi@kotra.or.kr 43