Page 35 - investor presentation
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Seed Asset Candidates (for discussion)
Seed Assets will be selected primarily based on prospective LPs’ preferences,
and transferred at Fair Market Value appraised by an independent third party
Region / Investment % FMV
Description Target Sector Date Stake (U$M) Rationale
• Downside protection (Q-IPO/Put)
1 In ’18, SK set up its inaugural overseas investment Vietnam / • Latest financing round valuation up 20% with prestigious
vehicle in Singapore with $1.5bn capital from its Retail Sep ’21 4.5% 365 investors (TPG, Warburg Pincus, Alibaba, TPG)
affiliates and $0.7bn from external investors • Private deal sourced by SK’s co-investment rights
• In less than 3 years (from ‘18~’21), SK deployed entire
capital to invest in 7 portfolio companies, mainly in Vietnam / • Conversion right to CrownX stake with downside
protection (Q-IPO/Put)
Vietnam Retail Jun ’21 15.9% 480
• Dominant market share in mini-mart format nationwide
• Strong upside potential with high quality pipeline
Vietnam / (only local player with EU-GMP certified)
2 As a continuation fund, SK intends to put crown Pharma Jun ’20 29.4% 200 • Highly regulated industry with entry barriers and
jewels to Seed Asset Vehicle under newly formed foreign investment restrictions
Fund to leverage our quality portfolio
• Vietnam’s #1 modern format pharma chain with strong
Vietnam / Jun ‘21 36.0% 100 brand reputation
Pharma • Strong synergy creation opportunities across the value
3 Proceeds from Seed Asset transfer shall be chain (retail, remote diagnosis, pharmaceuticals, etc)
re-invested by SK into Blind Capital Vehicle as a
Seed Capital, to continue its Fund investments • Vietnam’s #1 retail and consumer group
• Strategic rights
Vietnam / - ROFO/ROFR for the Group’s major investments and
Conglomerate Oct ’18 9.5% 380 divestures, IPO of subsidiaries and affiliates at
discounted price
- Downside protection (Put option)
4 External LPs can choose either Seed Asset Vehicle
or Blind Pool, or combination thereof, at their own • Vietnam’s #1 private conglomerate
preferred allocation ratio • Strategic rights
Vietnam / - ROFO/ROFR for the Group’s major investments and
• Seed Vehicle + Blind Pool = Hybrid Fund Conglomerate Mar ’19 6.1% 500 divestures, IPO of subsidiaries and affiliates at
discounted price (e.g., Vinfast – EV car marker)
- Downside protection (Put option)
* More details on Seed Assets will be shared during the discussion process (e.g., Investment Memorandum)
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