Carey: The earliest private equity institution that entered China

Sino -US relations do not change more confidence in China.

Speaking of the US dollar funds, Corey is an inexplicable family, because he is one of the earliest private equity institutions that entered China. As early as 2000, Carey began to enter the Chinese market. At that time The hot dollar funds in the investment circle have not yet been established.

Corolia Investment Group was established in 1987 in the Washington Special Administrative Region. It has nearly 1,900 professionals in 26 offices on the five continents, which is one of the world's largest and most diversified investment companies. At present, 498 investment instruments are managed, and the asset scale reaches 325 billion U.S. dollars, covering the three core business areas of global private equity, global credit, and investment solutions. According to the 2021 annual report, the asset management scale of the three major businesses is 162 billion US dollars, respectively. , $ 73.4 billion, $ 65 billion.

According to Crunchbase data, 283 Kaili Global Investment Projects, 1,43 investment, withdrawn 111, and acquired 174 mergers and acquisitions.

Investment in growth industry

As the Internet bubble was shattered near the end, China ushered in a small climax of the Internet entrepreneurship. In those years, a number of Internet companies such as Sohu, Tencent, Sina, Ali, and Ctrip were founded. Compared with the entrepreneurial climax, the newly sprouted Chinese private equity market. During this period, overseas institutions provided the first fund for Chinese Internet companies. For example, South Africa Newspaper invested Tencent, Softbank invested Ali, and Cry chose to Ctrip.

In 2000, Gan Jianping, who had just joined Carey, led the investment in Ctrip. At that time, Gan Jianping inspected the current status of the development of the Chinese hotel market and e -commerce, and compared the US and Japanese markets. The second is that Ctrip's team is very good. "As the leader of Ctrip's third round of financing, Carey invested $ 8 million to Ctrip.

Later, when he got a 3-4 times return, Kaili withdrew from Ctrip, which also became the beginning of Corey's investment in China.

After the successful investment of Ctrip, Cry increased its investment in the field of science and technology in Asia, but the overall rhythm was not fast. As of March 31, 2021, Carey has invested about $ 30 billion globally, of which more than $ 4 billion in Asia. As the earliest private equity institutions to enter China, Kaili has eaten some bonuses for the development of the Internet in the past 20 years. The influence of the circle is far worse than the later US dollar funds.

In the past few years, Carey had not missed the boom in medical investment. As of June 30, 2021, Carey has invested more than 80 projects in the global medical care field, with a total investment of more than $ 14 billion. Carey's investment in medical care covers all aspects of the industrial chain in the medical and health field. Investment in China prefers the post -investment or listed company in China, such as buying minimally invasive medical care and Xinlitai in the secondary market in 2015. Huang Pharmaceutical and Angbo Pharmaceuticals. In addition, Carey also invested in Eddon (established in 2004) in 2018 to invest in third -party independent medical inspection agencies. More mature enterprises.

Compared with the previous investment of 2C, Carey has invested in two 2B companies this year, and strategically invested in the D -round financing of Wen Yuanxing and participating in the Data Analysis Service Provider Shen Ce's data. Last year, at the Harvard China Forum in the 24th Rebellion, Yang Xiangdong, chairman of the Carey Asia Pacific region, said that in recent years, China's new economic enterprises have mainly focused on the business model of consumers (B2C). In the next 5 to 10 years, China will have For more companies (B2B) models, these businesses will continue to promote digitalization. Whether it is a cloud software or a private domain software, the company's willingness to pay is stronger, so Corey is also optimistic about the software industry. Based on this understanding, Corey specially preferd the software industry in investment this year.

M & A prefers the consumer industry

Consumption and retail are one of the earliest areas of Carey in China. Tibu, Perfect Diary, Monster Charging, etc. can see Corolia's figure, but in the consumer sector, Corey's mergers and acquisitions seem to be better. Of course, it is to cooperate with CITIC to acquire McDonald's Chinese business.

In January 2017, McDonald's announced that it had reached a strategic cooperation with CITIC, CITIC Capital, and Carey and established a new company (McDonald's China Management Co., Ltd.). The business in Hong Kong, China has obtained 20 years of franchise. Among them, the Carey Asian Fund holds 28%of McDonald's China. After completing the acquisition transaction, McDonald's plans to open 4,500 stores in 5 years. At that time, McDonald's has nearly 3,000 stores in mainland China and Hong Kong. As of the first half of 2021, McDonald's stores have nearly 4,000 nationwide stores. Market forecasts will be exceeded by the end of 2022, and will complete 5 years of targets.

In April 2019, Corolia lived in Lori, and 726 million yuan purchased 10%of the equity. As of July 25, 2022, Carey held a total market value of 921 million yuan in Roles and held a rate of 26.86%.

This year, Care launched a big merger in China again. On May 26, Carey's acquisition of HCP 100%of the equity of HCP was acquired for $ 1 billion. HCP was one of the largest suppliers in the world's largest cosmetics packaging materials. Manufacturing bases have cooperated with more than 250 global well -known cosmetics, skin care products and perfume brands with Estee Lauder, L'Oreal and Shiseido. Seeking 8.5 billion US dollars financing firmly depends on more China

Carey's US dollar funds have invested in China, including Asian funds, Asian Growth Fund and Asian Real Estate Fund. At present, the total fundraising of these three funds is nearly 30 billion US dollars.

The Asian Fund basically maintained the frequency of raising once once every 4 years, with a fundraising scale of $ 15.65 billion. Among them, the fifth phase of the fund completed in 2018 was as high as US $ 6.55 billion, an increase of 63.75%from the US $ 4 billion in 2014, setting the Asian region in Asia The highest PE financing record.

The Asian Growth Fund fundraising scale reached 2.043 billion US dollars. The fund has a total of 4 phases. The latest phase was established in June 2009. The fund size is 1.04 billion US dollars.

The Asian Real Estate Fund has two periods, and the latest issue was launched in 2008.

On May 27, it was reported that Corolia sought to raise $ 8.5 billion for its largest Asian acquisition fund ever. On the same day, Robinstein's co -founder Robinstein said in an interview with Xinhua News Agency during the World Economic Forum Annual Conference: "We will continue to invest (China)."

Sino -US relations fluctuations once affected the confidence of international funds for investment in China. In the face of the decoupling of China and the United States, Corey was not pessimistic and put forward a strategy of response. Li Yisheng, CEO of Core Group, believes that for local Chinese companies, (foreign goods and services have become difficult to enter the Chinese market) economic decoupling is a good opportunity to seize domestic consumer demand. In the future, Sino -US relations are considered by the local investment team to dig potential companies with potential and strive to achieve growth in China. This is important.

- END -