athamus venture - picthbook-deals
TRANSCRIPT
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ATHAMUS
AthamusVentureManagementFundsPrivateLtd.
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ATHAMUS
ATHAMUS
ATHAMUS is a Bangalore based Venture Fund Manager
Provides investors exposure to proprietary real estate deals
ERF-I offers investors opportunity for true diversification within their overall
portfolios while minimizing risk
Focused on the development and implementation of Real estateprojects in strong and stable markets
Investments in ERF-I underpinned by real assets (inestors have a direct
stake in land and building assets unlike other funds)
Wholly owned development company to develop all the funded projects
Provides clients with access to investments not usually available to the
individual investor
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Introduction to the Team
Investment Opportunity
Investment Strategy Highlights
Excedo Realty Fund I Detail
Current Market Scenario
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Multi-industry experience
Global outlook
Impeccable credentials
Strong corporate &government background
Cross-functional expertise
Real Estate, Realty Funds, InvestmentBanking, Financial Services, Real EstateDevelopers, Hospitality & Construction
Working experience with Domestic as well as offshore funds and developers
Management team has worked together in start ups tomake them successful businesses and have more than
80 years of combined experience in the business
Management team members have been part of largedevelopers, fund like ICICI
Venture, IREO,Ascendas, Unitech Limited, Punj
Lloyd, Emmar MGF, Vatika, M3M etc.
Funds Management, Real estate management andexecution Urban Planning, Land
Acquisition, Investment Management,
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Directors on the Board
Sanjeev Nangia
Mujib Mundewadi
Girish Bhagat
Management Team
Ashok Kinha
Executive Director & CEO
Ashok ChaudharyCOO & Chairman, IC
Gaurav JainExecutive Director-Finance &
Corporate Strategy
Vijay DhulerExecutive Director & CIO
Advisors/RetainedFirms
J.SAGAR/AZB/DUALegal Counsel
IL&FS Trust CompanyLimited
Trusteeship Services
HDFC BankBankers to the offer
One of the Big FourAudit Services
Computer Age Mgmt.Services Pvt. Ltd. (CAMS)
R&T Agent
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G ire e sh Bha g a t
Director
Mr. Gireesh Bhagat has over three decades of experience in areas of InvestmentManagement, capital Markets, Investment Banking and Alternate Investments.
He is the Managing Director of IndiaNivesh Limited, a SEBI reigstered VCF. He has beenserving as honorary secretary to The EuroIndia Centre (EIC), a non profit body founded by
Dr. Manmohan Singh and Former Prime Minister of France to build cooperation betweenIndia and Europe. He is a member of CIIs National Committee on Real Estate & Housingand the International Advisory Council of DevistaIT SA, Spain. Gireesh worked for HSBCsGlobal Technology Centre and was the founding Managing Director of HDFC Securities.He also co-founded lIT InvesTrust a Capital Markets and Corporate Advisory firm. Before, atCitibank, he pioneered the Custody business in India. In Unit Trust of India (UTI) he wasExecutive Assistant to the Chairman and a Member of UTIs Committee of Management.Therein he launched the first ever India Fund. He has also served on Government of Indiaappointed High Powered Committee on Stock Exchange Reforms.
Mr. Bhagat holds a Masters degree in Business Economics and is a Graduate in
Economics from the University of Delhi. Mr. Bhagat is a Fellow of the Royal Institution ofChartered Surveyors (FRICS).
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Mujib Mundewa d i
Director
Mr. Mundewadi has more than 16
years of experience across financial
services and private equity. He has
worked in ICICI Bank
Limited, CarVal Investors, (Private
Equity arm of Cargill, Inc.) and he
has invested USD 200 million across
real estate and structured
finance, Currently promoting Ceres
Capital & Financial Services Pvt., a
boutique investment banking
company
Sa njee v Nang ia
Director
Mr. Nangia is a visionary and serial
Entrepreneur with over 30 years of
experience in marine technology and
infrastructure consulting. He is
successfully mentoring various niche
businesses including IHD Ltd, Design
Matrix, J anus Engineering - Electrical
Design and Contracting
Company, King Network
and mCritical InfrastructureConsulting.
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Asho k Kinha
CEO
Mr. Kinha has been associated with
management of funds and developers
for the last 16 years. He headed
legal, compliance and risk functionswith organizations like Azure
Capital, ICICI Venture Funds and IREO
(US based real estate fund).
Additionally, he has represented
companies like Knight & Marshall
(Singapore), Ascendas and Unitech
Limited. He has contested high valuereal estate litigations before various
courts in India.
Ga ura v Ja in
CFO
Mr. J ain is a Chartered Accountant
with 18 years of experience in
Strategic Financial
Planning, Budgetary control &
Auditing, Business transaction
processes, and systems. He has
been associated with real estate
funds ,NBFC, developers and
construction companies like
IREO, Punj Lloyd, M3M Allianz.
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Ashok Cha udha ryCOO
Mr. Choudhury is a registered
architect with Council of
Architecture with over 13 years of
experience with leading
developers such as IREO, MGF
and Vatika Group. He has been
involved in land
acquisitions, project
approvals, project development
and launching.
Vijay Dhule r
CIO
Mr. Dhuler has been a successful
entrepreneur for the past 20 years.
He founded and sold a telecom
startup in the US. He has been
investing in real estate in Bangalore
and overseas for the past 10 years.
He has thorough knowledge of the
local real estate market. He holds
an MBA with a finance focus from
The Duke University in the USA.
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Develop projectswithproperty
owners, primarilythrough
acquisition
and/or projectfinancing via
Special PurposeVehicles
Attractive returnsexpected with
severaladvantages of
investing in fund
over other assetclasses/directinvestment inreal estate
Residential
projects
sourced as
proprietarydeals
Greaterdiversification
of risk byinvestingacross
cities, and
property types
Purpose Benefits Focus
Launched byATHAMUS, Investment Manager
to Excedo RealtyFund-I
Promoter
Fund cannegotiate
bettercommercial
terms with land
owners
Team ofindustry experts
forsourcing, analy
zing, andstructuring
deals
Dedicatedteam forrigorous
monitoring offunded
projects
+ ++
Higher
returns than
direct
investment
in real
estate by
individuals
=
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Excedo Realty Fund-IAthamus Venture
Management PrivateLimited
Investors
IL&FS Trust CompanyLimited
SPV 2
SPV 1
Investments Returns
Advisory
services
Fee +Carry
Services
Fee
Note: SPV: Spec ial Purpose Vehicle WOS: Wholly Owned Subsidiary
OperationsCost
ProjectExecution
Autus DevelopersPvt. Ltd.
SPV 4
SPV 3
WOS
ReturnsInvestments
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AutusDevelopersPvt. Ltd.*
Inherent team strength toinvest in acquisition ofgreenfield projects through
procurement &consolidation
Efficient projectmanagement forbetter adherence toquality and schedule
In house capability tomanage and develop
projects in eachinvestment of ERF I
Skill & strategy tocapture market upside
by direct selling inmarket
Note: * ATHAMUS to implement appropriate controls and business rules to eliminate any potential conflict of interest
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Proprietary Deals Build Exit model with focus onresidential projects
Capability to develop projectswithout developers
Customized projects for employeeassociations.
Primarily residential projectsAllows to takeout invested capital profits
before project completion.
Direct joint development deals with landowners.
Unique selling approach foraccelerated sales
Professional background of
founders
Established network from past association
and track record
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Business Factor Developers Other Funds ERF - I Advantage of ATHAMUS
Stage of Investment Land buyDevelopment/construction
stageLand buy upto development
stage Returns from land buy stage
Investment Partly by Promoter Investors Investors Return on entire investment
Projects Proprietary
Invest w ith third party
developers Proprietary Return at par with developers
Development Self/ outsourced By investee developers Self No Loss of revenue
Sale & Exit Self/ outsourced Controlled by investors Self
Sale price and timing
controlled by fund
C ontrol on Investment Solely with Promoters With third party investee With investor
Investment decisions entirely
with fund
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Proprietary deals at land buy stage to maximize the returns
Focus on niche segments and leverage innovativeinvestment themes to tap into real demand at prices
reflecting intrinsic value
In house capability to plan-build-develop-exit model for allfunded projects
Adopt robust investment guidelines and allocation targets fora well diversified portfolio
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PunjabUttaranchal
Himachal Pradesh
UttarPradesh
Madhya Pradesh
Rajasthan
DelhiHaryana
Chandigarh
J ammuand Kashmir
Bihar
Meghalaya
Sikkim
Tripura
Manipur
Mizoram
Assam
Arunachal Pradesh
Nagaland
Tamilnadu
Andaman andNicobar Islands
Andhra
PradeshChattisgarh
OrissaJ harkhand
West Bengal
Karnataka
Goa
Maharashtra
Lakshadweep
Kerala
Dadra & Nagar Haveli
Gujarat
Daman & Diu
Pondicherry
MaharashtraMMR
NashikPune
Tamil NaduChennaiSalemCoimbatore
Growth CitiesRanchiDehradunRaipur
Andhra Pradesh
HyderabadVisakapattanamVijayawada
National Capital RegionNew DelhiGurgaonNoida
GujaratAhmedabadSuratVadodara
KarnatakaBangaloreMangaloreMysore
Kerala
KochiThirupuram
Pre identification allows access to attractive projects in more developed states withminimized operational complexity
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TierII
TierIII
TierI
Residential
Retail
Commercial
land dev.
Construction
Land dev.
Construction
Investment
Tier II
(Mid-size)
Tier I
0%
20%
40%
60%
80%
100%
City type Developer
category
Property type Project stage Project type
% target allocation
Target Allocation
Well Balanced and diversified investment portfolio
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Target exposure to one project limited to 25% of fund
Target maximum investment in a single developer limited to 25%
of fund
Target maximum investment in one city limited to 70% of fund
Target investment period of 5 years or less
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Acquisitions under activenegotiations with land ownersand developers for at least five
deals
Tie-ups being executed withconst. cos., architects, regional
project mgmt.cos., brokers, investors
Project financing to commenceafter first closing
Market assessment being donefor projects under advanced
stages of negotiations
Excedo RealtyFund-I
Deal stage Project partners
Project evaluationProject financing plan
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1.Size of the fund: Rs. 450 crores + Green Shoe option of Rs. 150
crores at the discretion of the Investment Manager
2.Fund life:6 years with option of 1 year extension at therecommendation of the Investment Manager
3.Minimum contribution: Rs. 5 crore for banks and financialinstitutions and Rs. 10 lakhs for individuals and other investors
4.Commitment period: 2 years
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5.Hurdle Rate: 12% compounded return on capital (before tax)
6.Carried Interest: 20% and higher compounded return on capital(before tax and carried int.)-20% of net profits (before tax) withcatch up; 12% to 20% compounded return on capital (before taxand carried int.)- 17.5% of net profits (before tax) with catch up
7.Management fee: 2% per annum* (of committed amountduring commitment period, net invested principal for remainingtenure)
8.Indicative drawdown schedule: 100% upfront for individualinvestors below Rs. 1 Crore. For others, 20% upfront with balance in 2-4 quarterly draw downs that may not be equal
Note: *Plus applicable service tax
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Quarterly investment updates
Audited annual/unaudited half yearly statements
Half yearly portfolio valuation & NAV declaration
Investor queries at any point of time
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Promoted by professionals with impeccable credentials and strongexperience in real estate as well as sectors driving the growth of real
estate
Highly differentiated strategy with focus on niche marketsegments, innovative investment themes, small/mid-size
Strong network of real estate developers, property owners and othermarket intermediaries with robust pipeline of attractive proprietarydeals
Supported by leading Indian industrialists and entrepreneurs withsignificant fund commitment
Unwavering commitment to best-in-class corporate governancepractices that include independent committees, robust processes
and complete transparency to investors
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ATHAMUS
ATHAMUSProfit Sharing with Investors
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Fund to invest in Equity/Equity Linked Instruments (convert. debt, pref. shares) in SPVInvestment in Shares
Div id end inco m e
Div id end rec e ived b y fund isexem p t from tax section 10(34) of IT ActHowever, Company distributing dividends is liable to dividend distribution tax @ 16.60875%*
Pro fit from sa le/ tra nsfer of sha re s
If considered as capital gains, Ca p ita l G a ins = sa le c o nsid e ra t io n c o st o f a c q uisit io n e xp e nse s inc urre d in c o nne c t io n w ith suc h tra nsfer
If considered as business income, Ne t Inc om e ta xa b le @ 33.2175%*. Management fees could
constitute an allowable expense in this case.In computation of business income, Securities Transaction Tax (STT) would be allowed as anexpense.
Capital gainsLong-term Capital Gains Short-term Capital gains
Holding period Tax rate* Holding period Tax rate*Listed shares(where STT paid)
More than 12mths
Exempt u/s10(38)**
12 mths or less 16.60875%
Unlisted shares (orSTT not paid)
More than 12mths
22.145% withindex. benefits
12 mths or less 33.2175%***
Note: *Tax rate includes surcharge at 7.5% and education cess at 3% of tax amount; **11.0725% tax rate applicablewithout indexation benefits if shares not subject to STT; ***Max. tax rate assumed
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Investment in Debentures
Intere st inc om e
In tere st re c e ive d b y fund is taxable @ 33.2175%*
Premium receivable on redemption of debentures could be considered interest income Pro fi t from sa le/ tra nsfe r of Deb enture s
If considered as capital gains, Ca p ita l G a ins = sa le c o nsid e ra t io n c o st o f a c q uisit io n e xp e nse s inc urre d in c o nne c t io n w ith suc h tra nsfer
If considered as business income, Ne t Inc om e ta xa b le @ 33.2175%*. Management fees could
constitute an allowable expense in this case.
Capital gainsLong-term Capital Gains Short-term Capital gains
Holding period Tax rate* Holding period Tax rate*
Listed Debentures More than 12
mths
11.0725%*** 12 mths or less 33.2175%**
Unlisted debentures More than 36mths
22.145% withindex. benefits
36 mths or less 33.2175%**
Note: *Tax rate includes surcharge at 7.5% and education cess at 3% of tax amount; **Max. tax rate assumed; ***Incase of listed debentures, it is possible to take a view that concessional tax rate of 11.0725% (without indexation) per
proviso to section 112 should be available [reliance could be placed on the dec ision of Authority for Advance Rulingsin case of McLeod Russel India Ltd (299 ITR 79) & Timken France Sas (212 CTR 349) and Mumbai Tribunal in Alcan Inc.vs DDIT (16 SOT 8)]. However, tax authorities may seek to apply normal tax [email protected]% relying on Mumbai Tribunalsdecision in BASF Aktiengesellschaft vs DDIT (293 ITR 1).
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2 2.6 2.5 2.3
9.4
13
1.1 0.71.3
-0.7
7.3
9
-2.6
-4.2-6.2 -6
5.4
7.5
0.80.2
-0.6
1.7
6.5
8.5
-10
-5
0
5
10
15
USA U
K
Germany
Japan
India
China
Real GDP growth across major economies, %
2007
2008
2009E
2010E
Source: World Economic Outlook, IMF, J uly 2009
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High returns expected from real estate assets in medium/longterm.
Real estate assets have provided superior risk-adjustedreturns compared to other asset classes
Current decline in real estate valuations offers attractive entryopportunities
Companies increasingly considering Tier II/III cities to avoidhigh real estate prices, high labor cost and infrastructureissues
Cities like
Mysore, Coimbatore, Vishakhapatnam, Jaipur, Chandigarhetc. likely to see increased demand for real estate
Nasscom estimates increasing share of growth of IT/ITES sectorfrom Tier II/III cities
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192180
143
1361
128
1 3 10
0%
20%
40%
60%
80%
100%
2005 2015 2025
No. of Indian HHs by inc. levels, Mn
Low inc. Mid inc. High inc.
CAGR
20052025
11%
12%
-2% 0%
20%40%
60%
80%
100%
Denm
arkU
KUSA
Germ
any
Hongk
ong
Taiwan
Singapore
Mala
ysia
Thailand
Korea
China
India
Mortgagesas % of GDP
Rising Income Low Mortgage penetration
Note: Low income: Rs.1000KSource: McKinsey; Multiple sources
India witnessing sharp rise in high/middle income household while having one of the
lowest mortgage penetration rates
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Growing urbanization % of Indian population across cities
0%
10%
20%
30%
40%
50%
0
100200
300
400
500
600
700
% urban populationUrban population, Mn
Urban pop. % urban pop.
0%
5%
10%
15%
20%
25%
30%
35%
40%
% of Indian population
OthercitiesGurgaon
Noida
Hyderaba
dBangalore
Chennai
Kolkata
Note: Figures projected for 2009 onwardsSource: IMF; ABN AMRO analyst report with some adjustments
Tier II/III cities share of urban as well as overall population expected to steadily
increase overtime
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Tier I
Tier ITier I
Tier II
Tier II
Tier II
Tier III Tier III
Tier III
0%
20%
40%
60%
80%
100%
FY07 FY08-10E FY11-17E
% of growth
Source: Nasscom; Other research
Tier II/III cities getting increasing attention from companies looking to expand theiroperations
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0 0.2 0.4 0.6 0.8 1
Mumbai
Chandigarh
Indore, J odhpur, Kochi, Lucknow
Surat, Thiruvananthapuram, Nagpur, J aipur, V
adodara
Bhubaneshwar, Ahmedabad, Mangalore, Nas
hik, Mysore
Vijayawada, Vishakhapatnam, Coimbatore
Commercial affordability vs Mumbai
Source: J ones Lang LaSalle
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Sizeofland: 300,000Sqft TermsofDeal: 100%Purchase Land
cost: 1500/Sqft
FSI: 3 FSIcost: 500/Sqft
Expectedsale
price: 4500/Sqft
ProjectDuration: 4years Salecycle: 4year
Sellablearea: 900,000
Sqft
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Ver2.0fordistributors
InitialInvestment(landpurchase): 45Crores
Approvalsandstartup: 5Crores
Constructioncost: 1500/Sqft
TotalConstructioncost: 135Crores
Total
Revenue: 360
CroresExpectedIRR(pretax): 51%
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InitialRequirementof2000Sitesandupto10,000
Typicalsize
of
1200Sqft
(30x40)
Pricepersite CostofLand
Extentof
Land:
50
acres
first
installment
Expectednumberofsites:1000
Ver2.0fordistributors
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Initialinvestment(about60daysfromsigningLOI): 25CR
20%paymentreceived30daysaftersaledeed: 10CR
40%paymentreceivedafterapprovals: 20CR
40%paymentreceivedatpossession: 20CR
Developmentandmarketingcost: 17CR
Durationof
project:
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InitialInvestment(landpurchase): 46Crores
Approvalsand
startup: 5
Crores
Constructioncost: 2000/Sqft TotalConstructioncost: 28Crores
TotalRevenue: 140
Crores
ExpectedIRR(pretax): 50%
Ver2.0fordistributors
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Sizeofland: 70,000Sqft
Termsof
Deal: 50:50
JD
Landcost: 12000/Sqft FSI: 4
FSIcost: 3000/Sqft
Expectedsaleprice: 10000/Sqft ProjectDuration: 3years
Sale
cycle:
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This presentation is intended only for the benefit of potential investors to whom the presentation is made or deliveredfor the purpose of considering a possible investment in the Excedo Realty Fund-I.
Any reproduction of this presentation in whole or in part, or the disclosure of its contents or the distribution of the
presentation, without the prior written consent of Athamus Venture Management Private Limited is prohibited.
The presentation is not and should not be deemed to constitute an offer to invest or a solicitation of an offer toinvest, to or from the public in general or to or from any person.
The contents of the presentation are provisional and may be subject to change. The presentation is neither aprospec tus nor an offer or invitation to apply for units of fund. The information contained herein is not exhaustive andmust be read in conjunction with the information memorandum and other documents, which would be finalised and
circulated upon receipt of registration as a venture capital fund from SEBI. Some of the information contained in thispresentation is based only on projections made by the management team.
While reasonable care has been taken to ensure that the information included herein is correc tly and fairlyrepresented, ATHAMUS, and other parties involved in the preparation hereof assume no liability for therelevance, accuracy or completeness of the contents herein.
In making an investment decision, potential investors must rely on their own examination of the fund documents and
the terms of the offering, including the merits and risks involved.
Before making an investment, each potential investor should make their independent assessment and inquiries andconsult their own advisors as to legal, business, tax and related matters concerning an investment in fund.
The fund and its portfolio companies (if any) are subject to several risk fac tors that may affect the fund performance.
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ATHAMUS
OfficeAddress:
#208,
Regent
Plaza
WhitefieldMainRoad,WhitefieldBangalore560066Karnataka,India
PhoneNumber:
Office:+918043000111AshokKinha:+919591272000VijayDhuler:+91 9900108825
Website:
www.athamus.inwww.athamus.com
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AthamusVentureManagementFundsPrivateLtd.