Actis_Inreview_2014_.pdf

Actis in review 2014

Viewed through the prism of the 24-hour news cycle, emerging markets can sometimes seem volatile and unpredictable places. In reality, they represent some of the world’s fastest growing economies, where dreams and ideas are being turned into business opportunities at breakneck speed. At Actis, we are experts in assessing the risks and spotting the great investment narratives. This report, produced annually, outlines some of Actis’s investments and the extraordinary people behind them; from a wind and solar farm in Chile to the first waterfront shopping centre in Nigeria. I hope you find the stories as inspiring as we do.

Paul Fletcher Executive Chairman

Welcome The positive power of capital

Contents

03 Where we are now

08 Portfolio at work Vesta

10 Portfolio at work Edita Food Industries

13 Actis at a glance

14 Portfolio at work Aela Energía

16 Portfolio at work Jabi Lake Mall

20 Portfolio at work Symbiotec

22 Portfolio at work Paycorp

26 Regions and sectors

28 Investments

29 Investors

30 Portfolio companies

34 The team

Cape Town, South Africa

3 Where are we now Image caption

‘Every era seems unique’ could be interpreted as an overly simplistic statement of fact. Yet as we look back at the ten years since the founding of Actis in 2004, this change has, and continues to be a constant in our markets.

Little did we know, as we began developing our emerging markets expertise and portfolio, that we were a few years away from the biggest global financial crash for a century. It was one of those generation-changing moments. For those of us involved in the developing economies, we saw investments drop from US$62 billion in 2007 to US$22 billion a year later. Yet emerging market investment soon started recovering, increasing to US$36 billion by 2013. And when we compare this to the 2004 investment level - US$6.5 billion - we see how quickly this asset class has developed in emerging markets and how robust it remains, despite the dip.

Clearly, the financial crash did not change the fundamentals: there are bound to be significant investment opportunities in regions of the world where demographic shifts and economic growth combine to lift hundreds of millions of people out of poverty each year. These markets are fast moving, the people are young and energetic and each market is bursting with opportunity. This has remained a constant. So too has the fact that it is not, and never will be, an easy task to understand these markets and to develop the networks and expertise required to make sound, long-term investments there. But the crash did re-focus minds in the more sluggish developed economies on the business opportunities in the part of the world that was still growing at an impressive rate.

At Actis, we have continued to build our investment portfolio and our sectoral knowledge and expertise on these new markets. It is only with this deep knowledge, combined with our networking capabilities and management expertise that we can begin to deliver strong risk-adjusted returns on our investments. Without that expertise, we and our investors run the danger of being exposed to unexpected and unmanaged risks.

What is our perspective of investing in the emerging markets a decade on? We are certain that combining our knowledge of sectors with local knowledge provides the best route to solid investment and portfolio management decisions. Take the banking industry as an example. If one has a track record and deep knowledge of the sector across the cycle of economic development, then one understands better the new opportunities that emerge as each country develops; from traditional banking services to payment processing, ATMs, credit bureaus and brokerage firms, and on to mobile payments.

Another example is a deep understanding of how consumers behave in these markets. In 2004, 10 million Chinese travelled abroad. By 2014, the number will be eight times that figure, at 80 million. That’s not just great for the tourist industry. It means business opportunities emerge when travelers return home filled with new tastes and interests from their visits abroad. Capitalising on this trend, one of our investments was in a local family business, Vesta, which built on the new demand for Western-style food by providing the kitchen equipment needed to cook it.

The environment today’s emerging market leaders operate in may be more ordered and professionalised than in the past. These leaders can see that there have been ups and there have been downs. They can see that the emerging markets are not a dream, but equally not a certainty. Emerging markets do present a very good opportunity if one approaches them with solid, well-thought through investment planning – indeed the opportunity we see is still a once in a lifetime shift as the middle class grows six-fold in these markets.

Where we are now

3 Where we are nowSão Paulo, Brazil

Organisations like ours must differentiate themselves based on specialist knowledge and networks, brand and track record and proprietary deal flow with all the specific insights that brings. It’s important also to think about the people in organisations like ours: are their aspirations being considered? You need to offer investors the confidence that investment teams are stable and that they have succession planning in place.

It is impossible not to feel that we are living through a moment of history where forces of change have come together in a particular way to create extraordinary economic and social shifts.We also strongly believe, and have always done so, that investment decisions must take into account our responsibility to people and planet. We need to consider the rising populations and the disparities in wealth. It is not just about investing and reaping good financial returns. In our own way, we have influence. In all things we adhere to the Environmental, Social and Governance (ESG) guidelines of responsible investment – it is part of our DNA. As custodians of capital we must play our part in supporting business development that has a positive impact on the environment, local communities and people’s lives. It is for this reason, we like sectors such as healthcare, education and electricity generation and distribution, where large numbers of people stand to benefit.

The seismic economic shift of world business to the emerging markets in the early 21st century is one of the most exciting phenomena of modern times. The speed of change and the challenges faced in these markets, whether you are talking about the environmental impacts or social changes, are immense. Ultimately we are seeing wealth being

dispersed more widely for the first time. There is still great poverty and the contradictions between rich and poor remain stark. There is though great optimism and energy that is palpable whenever you set foot in Delhi, Nairobi, Shanghai or any other city in the fast-changing regions of the world. Our job is to secure the best returns on our investments and support positive change in the markets in which we invest.

Seeing people’s hopes and dreams being realised is exhilarating. There are disappointments of course, and the investment euphoria of the early years has faded. But there is still much to play for. We are now also armed with experience and knowledge. Together that makes for a powerful combination.

4 Where we are now Accra, Ghana

São Paulo, Brazil

Portfolio at work Vesta

The wok is the workhorse of Chinese cuisine – from stir-frying to steaming, boiling and deep-frying, it is king of the kitchen. By contrast, Western-style cuisine relies on ovens, fryers and griddles. As the Chinese travel further and more frequently abroad the demand for non-chinese food in China has soared, increasing the need for local businesses to invest in new equipment. Vesta is China’s leading provider of Western-style appliances for ‘cooking and warming’. Its equipment is used at different price points across the food and beverage industry: from quick-service casual chains, to gourmet cuisine in the kitchens of luxury hotels. Actis became aware of commercial kitchen equipment as a fast growing niche sector when it invested in popular hot-pot chain Xiabu Xiabu in 2008. Given China’s growing appetite for eating out, Actis saw the potential of Vesta. After 18 years at the helm of the company, the founder was ready to move on: in May 2011, Actis bought a 70% stake in the company. Actis was immediately able to improve the business on a number of levels. Firstly, as a family business, Vesta found it hard to attract senior executives from multinationals. By leveraging Actis’s network and specialisation in the food and beverage industry, Vesta soon recruited a new senior management team, including a dedicated safety manager, all with backgrounds at multinational companies. Actis also appointed a new board, with a strong independent director who could provide customer insight. Secondly, spotting the potential of the home market and knowing Vesta had begun to build an impressive track record in China, including winning the catering equipment contract for the Beijing Olympics, Actis decided to turn its attention away from the European export business to focus Vesta’s efforts on the buoyant domestic market. The leadership team identified an untapped market for Western-style equipment amongst Chinese restaurant chains, which needed standardisation to scale operations. Vesta’s R&D team tailored the products to cater to those needs and built strong client relationships, also acting as distribution channels. Actis also introduced Vesta to Beijing restaurant chain Bellagio, another company in the Actis portfolio. Vesta now supplies Bellagio’s restaurants with ovens and fryers. Actis was approached by several potential buyers only months after investing in Vesta. One prospect was Illinois Tool Works Inc. (ITW), a leader in the premium segment of the catering market keen to expand its share of the mid-market in China. With a strong pitch came a high bid, and Actis sold its stake in July 2013, just two years after its initial investment.

Date of investment 2011

LocationChina

Sector Industrials

Deal type Management buy-in

Investment amount US$48m

9 Portfolio at work Vesta, Guangzhou8 Portfolio at work — Vesta

Twenty years ago, a typical snack for a busy Egyptian might have been Ful Medames – broad beans mashed with olive oil and cumin, served with a chunk of bread from a street cart. Today, Egyptians on-the-go are more likely to grab a pre-packaged croissant or a packet of biscuits from a corner shop. Egyptian tastes are changing. As consumers adapt to urban lifestyles, and more women join the work place, convenience foods, especially packaged snacks with higher hygiene standards and recognised brands, are becoming more popular. The success of Edita Food Industries (Edita), Egypt’s leading snack food business, reflects this social transformation. Its Molto, TODO, HoHos and Twinkies brands are some of the best-known in the country, with sales of around 2.5 billion croissants, cakes and treats a year. The company has a 70% market share in cakes and croissants; and its snacks, which cost as little as 10 US cents, are sold across the country, mostly through small, independent kiosks. In June 2013, Actis invested US$102m in Edita. The Berzi family, who founded the company in 1996, was keen to bring a new investor on board to back its expansion plans. Before Actis invested in Edita, sales were split 50/50 across owned brands and brands licensed from the USA. Actis helped Edita acquire the iconic US Hostess brands, Twinkies and HoHos in Egypt. With full ownership, Edita can create more distinctive brand personalities at different price points, in particular developing premium products with higher margins. Actis has prior experience in snack foods in Egypt, having backed a smaller Egyptian sesame-based snack company called El Rashidi El Mizan, which proved the value of this high growth sector. It convinced Actis that this was a resilient market able to withstand political upheaval. Edita had already proved its resilience and agility in the wake of the Arab Spring, working around daily disruptions, curfews and road blocks to distribute its products. Cash generation remains high since the kiosks pay for products on delivery; and demand for snacks in Egypt remains buoyant. Edita has also benefited from Actis’s six decades of experience of professionalising family owned businesses. Edita has taken the first steps to modernise its governance structure and update its corporate culture. The management team agreed to expand the factory, rapidly increasing the capacity of the business to meet growing demand. Actis and Edita’s shared goal of achieving an IPO in three to five years’ time looks more achievable than ever.

Portfolio at work Edita Food Industries


LocationEgypt

Sector Consumer

Deal type Replacement


10 Portfolio at work — Edita Food Industries 11 Portfolio at work Cairo, Egypt

Actis staff employed in ten offices 1

US$

6.5bn

Total funds under management 2

114,444

Number of employees in Actis portfolio companies 1

US$

84m

Amount of money Actis staff have invested in Actis funds over the last nine years 1

212

160Number of Limited Partners invested in Actis funds 1

Number of portfolio companies 1

Total invested since 2004 1

224

68

5.4bn

US$

1. Figures as of 30 April 20142. Figures as of 31 March 2014

Actis at a glance

13 Actis at a glance 12 Actis at a glance Ahmedabad, India

Portfolio at work Aela Energía

Amidst the farmlands of central Chile, the new windmills of Negrete Cuel are turning. Since the Chilean government committed to generating 20% of the nation’s energy from renewable sources by 2025 the alternative energy industry has matured dramatically, improving the efficiency of sustainable technologies and reducing costs. Consequently, for the first time, wind and solar power has become a competitive industry, in which Actis is actively involved. For decades, Chile’s solution to its lack of fossil fuels was to use hydropower but the country’s unusual land configuration – 4,300km long but just 350km wide – makes it challenging to transmit hydropower energy efficiently across the countryside. Periodic droughts also hamper production which depends on a long-term, high-volume water supply. Fortunately, Chile is rich in natural resources. The Atacama Desert in the north has the best solar radiance in the world, there is plenty of wind, and land is abundant. Today, Chile has 200MW worth of solar and wind power in operation, and an additional 500MW in construction, but it is still a long way from the government’s 4GW target. This shortfall is the reason that Negrete Cuel’s turbines matter. While Negrete’s total electricity production is modest at 33MW, it is just the first of a 600MW energy portfolio to be developed by Aela Energía – a platform Actis created with Mainstream Renewable Power, investing US$290m for a 60% stake in 2013. With Negrete fully commissioned, Aela Energía is now planning to start construction on the neighbouring wind plants of Alena and San Manuel (70MW). The management team also plans to develop the 100MW Pedernales solar project on the barren plateau of the Atacama Desert in the heartland of Chile’s mining sector. A further three wind projects (435MW) will follow by 2016. The high quality of Aela Energía’s projects, and its fully funded long-term business plan represent a tremendous boost for Chile’s alternative energy efforts, and the country. When the wind blows and the sun shines, Chile’s power generation costs fall. A sunny result all round.


LocationChile

Sector Energy

Deal type Buy-and-build

Amount committed US$290m

14 Portfolio at work — Aela Energía 15 Portfolio at work Aela Energía, Chile

Portfolio at work Jabi Lake Mall

Abuja, Nigeria’s capital, is a city on the rise. While bustling Lagos may be the best-known metropolis in the country, Abuja is catching up fast. With one of the most rapidly growing urban populations in Nigeria it contains a mix of government professionals, business people, diplomats and expats – people with money to spend and increasingly sophisticated shopping tastes to match. The shores of Jabi Lake – a scenic spot west of Abuja’s business district make a good spot for a new real estate project – Jabi Lake Mall, in progress since 2006. In 2011, Actis and its partner, Duval Properties stepped in to invest US$120m to move this 25,000 square metres project forward to completion. Built to the highest standards and at least 25% more energy efficient than other buildings in the area, Jabi Lake Mall is expected to become Nigeria’s premier destination for shopping and leisure when it opens in September 2015. Continuing the approach that has made its other malls in Lagos and Accra so successful, Actis has brought together its West African and international advisers to create a top destination with a distinctly local feel. With a five-screen cinema, a children’s play area, waterfront dining and water sports on the lake, Jabi Lake Mall will provide a leisure experience for couples, families and friends to relax and have fun. Actis expects Jabi Lake Mall to create over 2,000 jobs whilst attracting more than 300,000 shoppers every month. It will significantly boost businesses in the local supply chain and offer more affordable goods currently unavailable in Nigeria. Jabi Lake Mall also promises be a good place for international retailers to launch their products to the African market. Recognising this opportunity, Shoprite, the South African supermarket chain, and popular appliances store Game, secured their positions as anchor tenants before construction began in November 2013. Whereas stylish Abujians might once have travelled to Lagos for their weekend shopping and relaxation, they will soon be able to find urban buzz and glamour closer to home. Thanks to Jabi Lake Mall the planes flying from Abuja to Lagos on a Friday night may soon be a little emptier.


LocationNigeria

Sector Real Estate

Deal type Expansion


16 Portfolio at work — Jabi Lake Mall 17 Portfolio at work Jabi Lake Mall, Abuja

Ahmedabad, India

Increasing numbers of chronic and debilitating conditions are now routinely treated with steroid and hormone medications. Yet, for the drugs to be effective they depend on active pharmaceutical ingredients (APIs), the components responsible for the therapeutic effect. Without them, a pill is nothing more than a placebo. As you would expect, API manufacturing is a sophisticated and complex process, traditionally the preserve of large pharmaceutical companies. However, as API patents began to expire in the 1990s, big pharma companies started to focus their attention on more profitable manufacturing for branded and patented products. This development created a gap in the market for alternative specialist API manufacturers, especially in cost effective China and India, to step in. In 1995, spotting the opportunity for new challengers, the Indian entrepreneur Anil Satwani set up a small API production lab to meet the needs of domestic and multinational pharma companies. Today, Symbiotec Pharmalab Ltd (Symbiotec) is India’s largest player in this highly specialised field, and among the top three in Asia. It is also USDA approved. In 2013, Actis invested US$48m in Symbiotec. Building on its prior investments in the pharmaceutical industry with Paras, an over-the-counter drugs and personal care products company, and the emerging markets pharma business, Glenmark, Actis was able to bring not just capital but healthcare knowledge. From identifying technical experts to introducing well connected advisers able to approach major target clients, Actis has forged a true partnership with the management team. Founder Anil Satwani remains actively involved in Symbiotec and in charge of day-to-day operations. His track record and vision combined with the dynamism of his leadership team were key factors in Actis’s decision to invest. Looking ahead, Actis plans to build Symbiotec’s management capabilities and push forward the transformation of the company, keeping Symbiotec in excellent health.

Portfolio at work Symbiotec


LocationIndia

Sector Healthcare

Deal type Replacement


20 Portfolio at work — Symbiotec 21 Portfolio at work Symbiotec, Madhya, Pradesh

Portfolio at work Paycorp


LocationAfrica

Sector Financial services

Deal type Buy-out


Bank account penetration is growing in sub-Saharan Africa but many regions still lack access to even the most basic payment infrastructure. In South Africa, where the government pays benefits electronically, that can mean having to walk many miles to the nearest ATM and once there, standing in a long queue. Paycorp, Africa’s largest independent ATM provider is looking to change this. Founded in 1999, Paycorp owns and manages the entire value chain of ATMs, from securing sites to cash-in-transit and transaction processing. The company has more than 5,000 cash points across South Africa, Nambia and Zambia. Paycorp’s cash machines are predominantly installed in peri-urban rural areas and townships, areas historically underserved by the banks due to the low volume of transactions and the logistics and security challenges. The ATMs are bank-branded and can be located in secure booths, shops or ‘holes-in-the-wall’. In many areas, Paycorp ATMs are the only formal banking infrastructure available. Collectively, Paycorp ATMs dispense R38 billion annually (US$3.6 billion). Its banking clients include Absa, Standard Bank, Nedbank and Bank Windhoek. Paycorp also offers other payment services, including prepaid cards, merchant aquiring and bill payment services for retailers. In August 2013, Actis bought Paycorp, in partnership with its management team, from Transaction Capital. Actis, which took a 77% share, backed Paycorp founder Steven Kark, who remains in charge of driving business strategy and revenue growth. In addition to consolidating its market leadership of the business in South Africa, Paycorp’s management team is keen to expand the product across Southern and Eastern Africa through a combination of organic expansion and acquisition. The Paycorp transaction was Actis’s fifth investment in the high-growth payments industry in three years. Given the success of this portion of the financial services portfolio to date, and the irresistible momentum of the trend for banking provision, it is unlikely to be the last.

23 Portfolio at work Paycorp ATM cash points, South Africa 22 Portfolio at work — Paycorp

Beijing, China

Regions Principal sectors

Actis data Regions and sectors

Consumer

Energy

Financial Services

Healthcare

Industrials

Real Estate

— Power generation (renewables and non-renewables)— Distribution

— Banks— Consumer credit— Financial services distribution— Payments and financial services infrastructure

— Education— Food and beverage— Home and personal care — Restaurants— Retail

— Pharmaceuticals — Medical devices and diagnostics— Healthcare delivery and diagnostic services

— Auto and transportation aftermarket— Building and construction products and services— Industrial services— Mechanical and Electrical Engineered Products— Speciality chemicals— Testing, inspection and certification

— Industrial— Office— Residential— Retail

Beijing

Singapore

Mumbai

Lagos

Cairo

London

Johannesburg

Nairobi

São Paulo

26 Actis data — Regions and sectors 27 Actis data — Regions and sectors

Africa

41% China

13%

South East Asia

3%

Latin America

10%Global EM

9%

South Asia

24%

Value of investments by region

Investments by sector

Average deal size US$

Minimum deal size US$50m * The year the fund opened

31%

Consumer

18%

Financial Services

17%

Industrials

13%

Energy

9%

Healthcare

7%

Real Estate

5%

Other

Actis data Investments

Investors by region

Investor by type (percentage %)

All data as at 30 April 2014 Investments: includes all current investments in Actis 4, Actis Emerging Markets 3, Actis Fund 2s, Actis Africa Agribusiness Fund, Actis Infrastructure 2, Actis India Real Estate Fund and Actis Africa Real Estate Fund. Investors: figures exclude CDC Group plc. CDC Group plc is the anchor investor in each of Actis’s funds and represents approximately 31% of total commitments to those funds.

58%

US, Canada & Latin America

16%

UK & Europe

16%

Asia & Australia

10%

Africa & Middle East

Actis data Investors

Actis 1 1998*

$13m$25m

Actis 2 2002*

AEM3 2007*

Actis 4 2014*

$65m$70m

Sove

reign

Wea

lth Fu

nds

Finan

cial In

stitu

tions

and

Corpo

rate

s

Fund

of F

unds

and

Inves

tmen

t Man

ager

s

Publi

c Pen

sion

Fam

ily O

ffice

s and

Priva

te Fo

unda

tions

Insur

ance

Com

panie

s

Develo

pmen

t Fina

nce

Instit

ution

Endo

wmen

ts Fu

nds

29 Actis data — Investors 28 Actis data — Investments

Region

China

Latin America

Latin America

Africa

China

South Asia

China

Latin America

South Asia

Africa

Latin America

Africa

Latin America

Latin America

Africa

Latin America

South Asia

Africa

Latin America

South Asia

Africa

Africa

Africa

Africa

South Asia

South Asia

South Asia

Africa

Global EM

Latin America

South Asia

South Asia

China

South Asia

South Asia

China

Energy

Consumer

31 Actis data — Portfolio companies 30 Actis data — Portfolio companies

Sector

Actis dataPortfolio companies

Healthcare

Financial Services

Location

China

Brazil

Brazil

Egypt

China

India

China

Brazil

India

South Africa

Brazil

Sub-Saharan Africa

Brazil

Guatemala

Africa

Latin America

India

Uganda

Chile

India

South Africa

Africa

Nigeria

Africa & Middle East

India

India

India

South Africa

Global EM

Brazil

India

Sri Lanka

China

India

India

China

Deal type

Replacement

Expansion

Expansion

Expansion

Expansion

Buy-in

Expansion

Expansion

Replacement

Replacement

Expansion

Buy-in

Buy-and-build

Replacement

Buy-and-build

Buy-and-build

Expansion

Replacement

Buy-and-build

Expansion

Buy-out

Buy-and-build

Expansion

Buy-out

Expansion

Expansion

Expansion

Acquisition

Replacement

Expansion

Expansion

Expansion

Replacement

Expansion

Expansion

Expansion

Investment date

Mar 2012

Sep 2012

Sep 2010

Jun 2013

Apr 2014

Oct 2006

Oct 2008

Oct 2010

Feb 2011

Oct 2011

Feb 2012

Sep 2010

Nov 2013

May 2011

Sep 2009

Sep 2009

Dec 2010

Nov 2009

Jul 2013

Aug 2012

Jul 2007

Jun 2014

Apr 2007

Jul 2010

Aug 2010

Feb 2010

Apr 2007

Aug 2013

April 2014

Nov 2010

Oct 2010

Aug 2012

Oct 2013

Oct 2013

Feb 2007

Sep 2012

Description

Casual dining chain

English language training services

Supermarket/retail chain

Snack food business

Biscuit manufacturer

Convenience stores

Budget hotel chain

Cleaning products

Manufacturer and marketer of shaving blades and toiletries

Stolen vehicle tracking and recovery

Education service provider

Fashion fabrics

Power generation developer and owner

Electricity distribution and transmission



Power generation

Electricity distribution

Wind and solar power

ATMs and retail automation solutions

Diversified financial services

Independent credit bureau

Bank

Payments processing

Infrastructure finance

Professional services outsourcing

Stock exchange

Payments business

Mobile marketing business

Retail broker dealer

Hospital operations outsourcing

Multi-specialty tertiary care hospital chain

Diagnostics company

Steroid-hormone active pharmaceutical ingredients producer

Clinical research organisation

Medical equipment

Investment company

Bellagio

CNA

CSD

Edita Food Industries

Jiashili Food Group

Nilgiri’s

Plateno Hotel Group (formerly 7 Days Inn Group)

Scarlat (formerly Gtex)

Super-Max

Tracker

Universidade Cruzeiro do Sul Educacional

Vlisco Group

Atlantic

Energuate

Globeleq Africa

Globeleq Mesoamerica

GVK Energy Limited

Umeme

Aela Energía

AGS

Alexander Forbes

Compuscan

Diamond Bank

EMPH

IDFC

Integreon

National Stock Exchange of India

Paycorp

Upstream

XP Investimentos

Anthelio Healthcare

Asiri Group

Chemclin

Symbiotec

Veeda

Nanjing Micro-tech

Real Estate

Sector Region

Africa

Africa

South Asia

South Asia

South East Asia

South Asia

Africa

South East Asia

South Asia

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

Africa

South Asia

Africa

Africa

Investment company

Actom

AutoXpress

Endurance

Halonix

KS Distribution

LMKR

Mouka

Teknicast

TEMA

Banro

Candax

Mineral Deposits

Platmin

Seven Energy

Teranga

Garden City Commercial

Garden City Residential

Heritage Place

Ikeja City Mall

BlueLife

Jabi Lake Mall

Laurus Development Partners Limited

Mentor Management

Nairobi Business Park

One Airport Square

The Exchange

Vaishnavi

Waterfalls

York Commercial Park

Description

Manufacturer and distributor for electrical engineering industry

Tyre wholesaler and retailer

Auto components manufacturer

Bulb and lamp manufacturer

Oil and gas

Information management services for oil and gas industry

Foam products manufacturer

Aluminium die casting

Manufacturer of heat exchangers

Gold exploration and development

Oil and gas exploration

Mineral sands and gold mining

Mining and resources

Oil and gas production

Gold mining

Retail and leisure development

Residential development

Office development

Retail development

Real estate development company

Retail development

Real estate development company

Real estate development and project management

Office development

Office development

Mixed use development

Residential development

Retail development

Logistics

Deal type

Buy-out

Expansion

Replacement

Buy-in

Replacement

Expansion

Replacement

Buy-out

Expansion

Expansion

Expansion

Expansion

Expansion

Expansion

Expansion

Real estate development






Start-up

Buy-out







Location

South Africa

East Africa

India

India

South East Asia

Pakistan

Nigeria

Malaysia

India

DRC

Tunisia

Senegal

South Africa

Nigeria

Senegal

Kenya

Kenya

Nigeria

Nigeria

Mauritius

Nigeria

Mauritius

Kenya

Kenya

Ghana

Ghana

India

Zambia

Zambia

Investment date

Aug 2008

Jan 2014

Dec 2011

Jun 2006

May 2010

Oct 2007

Jun 2007

Aug 2008

Apr 2005

Oct 2005

Apr 2005

Nov 2004

Oct 2003

Feb 2007

Dec 2004

Dec 2011

Dec 2011

Sep 2011

Apr 2008

Jan 2009

Nov 2011

Apr 2010

Jul 2011

Nov 2006

Dec 2010

Jul 2012

Jun 2008

Dec 2011

Sep 2013

Industrials

33 Actis data — Portfolio companies continued 32 Actis data — Portfolio companies continued

Actis dataPortfolio companies

Other

The team These pages show investment professionals, from Director level and above, as well as key members of the firm’s global support services platform.

35 Actis — The team 34 Actis — The team

01 34

44

52

26

02 35

45

19 53

27 61

04

12 46

20 54

28

62

05

47

4821

55

29 63

06

14

22 56

30 64

07

15 49

23

31 65

08

16 50

24

32

09

17 51

25

33

03

11 13

37

42

60

41

59

10

Denotes Executive Committee member

01 Hossam Abou Moussa Director: Financial Services

02 Sanjiv Aggarwal Partner: Energy

03 Carlos Aguiar Director: Financial Services / Industrials04 Beatriz Amary

Director: Consumer05 Lou Baran

Director: Head, Human Resources

06 Nelson Bechara Director: Value Creation

07 Ron Bell Director: Head, Operations

08 Eduardo Bozo Director: Energy

09 Sergio Brandão Director: Energy

10 Neil Brown Partner: Head, Investor Development

11 Torbjorn Caesar Partner: Co-Head, Energy

12 Mahesh Chhabria Partner: Industrials / healthcare

13 Chris Coles Partner: COO

14 David Cooke Director: Consumer

15 Louis Deppe Director: Real Estate

16 Michael Chu’di Ejekam Director: Real Estate

17 Sherif ElKholy Director: Consumer

18 Paul Fletcher Executive Chairman

19 Mark Goldsmith Director: Responsible Investment

20 Murray Grant Partner: Africa

21 David Grylls Partner: Energy

22 Michael Harrington Director: Energy

23 Lucy Heintz Director: Energy

24 Adiba Ighodaro Partner: Investor Development

25 Amanda Jean-Baptiste Director: Real Estate

26 Mikael Karlsson Partner: Energy

27 Danny Koh Director: Consumer / Financial Services

28 Natalie Kolbe Partner: Consumer

29 Chu Kong Partner: Co-Head, Latin America

30 Sachin Korantak Director: Head, Industrials

31 Patrick Ledoux Partner: Co-Head, Latin America

32 Max Lin Director: Consumer /Industrials

33 Tanya Lobel Director: Actis Acts

18

36 403938

34 Vincent Low Director: Value Creation

35 Nick Luckock Partner: Head, Financial Services

36 Alistair Mackintosh Partner: Chair of Investment Committee

37 Viraj Mahadevia Director: Healthcare

38 Ali Mazanderani Director: Financial Services39 David Morley

Partner: Head, Real Estate40 Adrian Mucalov

Director: Energy41 Shomik Mukherjee

Partner: Value Creation

42 Marc Nahum Director: Investor Development

43 Shami Nissan Director: Responsible Investment

44 Arjun Oberoi Director: Head, Healthcare

45 Funke Okubadejo Director: Real Estate

46 Peter Olds Director: Legal

47 John Opubor Director: Consumer / Industrials

48 Paul Owers Partner: General Counsel

49 Homer Paneri Director: Healthcare

50 Rick Phillips Partner: Consumer

51 G Rathinam Partner: South Asia

52 Mark Richards Partner: Financial Services

53 Asanka Rodrigo Director: Financial Services / Industrials

54 Fash Sawyerr Director: Value Creation

55 Leonardo Scanavino Director: Portfolio Management

56 Peter Schmid Partner: Head, Private Equity

57 Prabir Talati Director: Consumer

58 Mike Till Partner: Co-Head, Energy

59 JM Trivedi Partner: Head, South Asia

60 Michael Turner Director: East Africa

61 John van Wyk Partner: Head, Africa

62 Andreas von Paleske Director: Head, Consumer

63 Ramon Walsh Director: Banking

64 Jason Zhang Director: Healthcare

65 Dong Zhong Partner: Head, China

55 5857

43

Actis invests exclusively in the emerging markets.

With a growing portfolio of investments in Asia, Africaand Latin America, we currently have US$6.5bn fundsunder management.

Through our work in these markets, Actis brings financial and social benefits to investors, consumers and communities. We call this the positive power of capital.www.act.is

Actis is a signatory to the United Nations Principles forResponsible Investment (UNPRI), an investor initiativedeveloped by the UNEP FI and the UN Global Compact.www.unpri.org

Our work in Africa, Asia and Latin America brings financial and social

benefits to our investee companies, investors and broader civic society.

We call this ethos the positive power of capital.

The Actis group parent, Actis LLP, is a limited liability partnership registered

in England and Wales (registered no. OC305927).Actis GP LLP, is a limited

liability partnership registered in England and Wales (registered no. OC370074).

Both Actis LLP and Actis GP LLP are authorised and regulated by the Financial

Conduct Authority in the UK. A list of the members of Actis LLP and Actis GP LLP

is open to inspection at their registered office: 2 More London Riverside,

London SE1 2JT, England.

Copyright ©2014 Actis LLP. All rights reserved. Reproduction without

permission is prohibited. Trademarks and logos are copyrights of their

respective owners.

Beijing+86 10 6535 4800

Cairo+202 2792 9220

Delhi – Operations+91 11 6615 7200

Johannesburg+27 11 778 5900

Lagos+234 1 448 5700

London+44 20 7234 5000

Mumbai+91 22 6146 7900

Nairobi+254 20 3743 534

São Paulo+55 11 3844 6300

Singapore+65 6416 6400

Front cover: Accra, Ghana | Back Cover: Ahmedabad, IndiaCape Town, South Africa

Documents

Actis_Inreview_2014_.pdf