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Devonshire Capital Devonshire Capital joins with New World Development to Launch US$350 Million New World Telemedia Fund Devonshire Capital Management has played a central role over 2005 in the ongoing development of the New World Telemedia Fund (the "Fund"). This exciting project seeks to raise capital of up to US$350 million, of which US$200 million is sought from qualified corporate and institutional investors from around the world. The Fund closely aligns the interests of global investors with the telemedia businesses of New World Development ("NWD").
"The telemedia markets are one of the last untouched frontiers for foreign investors in China and are growing at a phenomenal pace," remarks Andrew Affleck, the senior partner of Devonshire Capital responsible for the project. "We have co-sponsored the Fund as a means to reach out to the world's leading telemedia private equity investors, both on the corporate and institutional front. We will work hand-in-hand with strategic investors to develop opportunities in this marketplace."
NWD joins with Devonshire Capital to co-Sponsor the project. The Fund's objective is to establish the foremost private equity fund within the Greater China telemedia sphere and become one of the largest investment vehicles of its type. Target investment sectors include advanced integrated Information Communications Technology (ICT) services, content aggregators, the advertising industry and digital media distributors. All these sectors benefit from robust growth at the moment.
David Lake, Managing Director of Devonshire Capital Hong Kong, remarked, "The New World-Devonshire Capital nexus provides the expertise and track record required to manage investments in the Greater China telemedia sector as well as to deal with issues such as technology choice, product rollout, market demand, government relations and the complexities of the regulatory environment. This is exactly what is required for the Fund to achieve the above average income and capital returns global investors desire."
The Fund presents a solid platform from which New World can expand telemedia interests in China in conjunction with international strategic partners and institutional investors. Wong believes that the synergies and opportunities evident in a private equity fund format suit this objective. New World will retain a significant investment in the Fund and telemedia affiliates, such as NWTMT and NWT, will play a lead role in the roll-out.
The Fund is a unique investment opportunity due to its focus on an attractive sector buoyed by demand. The opportunity for investors to be involved in a vehicle linked to the New World corporate infrastructure reduces operational risk and allows for the leverage of relationships. The financial commitment of NWD and the ability for global investors to assess the quality of the Fund through a review of an initial portfolio of companies is another clear benefit.
"The Fund development process is ongoing, as we head into the telemedia private equity segment in full force," concludes Wong. "There is no doubt that the world is ready and eager to make telemedia investments in China and we have designed an investment tool to suit this purpose." |
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