Analysis >> Funds
Corporate VC in Asia: Moment of truth
Cutting non-core operations is the standard corporate response to an economic downturn. Companies in Asia must decide whether the long-term benefits of exposure to new technologies outweighs short-term pain
Coronavirus dislocation funds: Runway watchers
Southeast Asia has emerged as a hotspot for VC funds targeting COVID-19 dislocation. They are flirting with strategies requiring private equity and short-term value investing skills
Asia secondaries: Waiting for the flood
Secondary investors expect deal flow to rebound strongly once there is more certainty on valuations. In Asia, the opportunity will be larger and more nuanced than the post-global financial crisis frenzy
Coronavirus & fundraising: Comfort levels
Personal contact with the manager remains a prerequisite for LPs when making fund commitments, but to what extent will recent travel restrictions change the parameters for on-site due diligence?
ESG and VC: Deferred dialogue
Institutional LPs are traditionally less engaged with VC versus PE when it comes to responsible investment standards. A multitude of drivers are changing this, but not quickly
China mezzanine: Not the norm
China’s local currency mezzanine capital space is underpenetrated, underpopulated and different to comparable strategies elsewhere. A handful of domestic GPs have begun to get traction. Will others follow?
India-China regulation: Punching bag
Chinese venture capital investors have become an increasingly significant presence in India’s venture capital ecosystem, but a recent regulatory reform calls their participation into question
Asia private debt: Inflection point?
With other pools of capital running dry for many companies, private debt has become a more appealing proposition. Institutional funds have a chance to impose themselves on a bank-driven market
Coronavirus & Australia VC: In SaaS we trust
Enterprise services start-ups with recurring revenue are well positioned, but mid-cap players could become vulnerable
Coronavirus & Southeast Asia VC: Unpleasant surprises
Start-ups in Southeast Asia have few capital sources, so it helps that the region’s VCs are well-funded – assuming they are ready to invest
Coronavirus & North Asia VC: Diverging fortunes
Speed of response to COVID-19 has led to differing outcomes for VC investment in Korea and Japan. But structural issues are also a factor
Coronavirus & India VC: Struggling to work
Investors don’t expect business activity in India to resume until the second half. Many start-ups will be desperate for capital before then
Coronavirus & China VC: Bifurcation point
China might be emerging from the grip of COVID-19, but many start-ups face a long battle. This is when VCs find out who the winners are
Southeast Asia VC: Different strokes
Ahead of an expected increase in LP interest, Southeast Asian VCs vie to stand out from the crowd by fine-tuning strategies to capture the virtues of both generalists and specialists
GP profile: GTJA Investment Group
Having established itself as a leading player in the renminbi space, China healthcare sector specialist GTJA Investment Group now wants to prove its worth to overseas LPs
Australia's Business Growth Fund: Policy props
The Australian government has accumulated $365 million for a fund that will support small businesses. Private equity investors are unsure why it’s necessary and how it will be managed
Australia PE spinouts: Into the unknown
Australia has seen plenty of spinouts in recent years, with outcomes ranging from a $2 billion first-time fund to deal-by-deal strategies. Is local LP support essential in getting wider traction?
VC and age: No industry for old men
The trendy, shape-shifting world of venture capital is broadly seen as a young person’s game, although hard evidence to this effect remains in scarce supply
GP profile: CPE Capital
CHAMP Private Equity became CPE Capital earlier this year, following a leadership transition. The Australian GP has also refined its middle market investment strategy, emphasizing functional expertise
India middle market: Polarization point
Increased deal flow towards the top end of India’s private equity market is stretching the capacity of mid-tier local managers. What are the implications for co-investment and fund size?
Australia leveraged finance: Best blend?
Two years ago, unitranche structures were a novelty in Australia’s leveraged finance market. Now they are an integral part of it. For borrowers and lenders, there might be no turning back
Korean carve-outs: Network effects
Chaebol carve-outs have historically been elusive for global firms operating in Korea. A growing appreciation of their value-add capabilities could be the catalyst needed to direct more deals their way
GP profile: Legend Capital
Legend Capital has absorbed lessons from its corporate sponsor to build a diversified investment business across the US dollar and renminbi spaces. It is now trying to take LP relations to a new level
Global credit: Speed or scale?
The winners from a widely anticipated shakeout in global credit markets will be defined by different qualities. Direct lenders expect size to be a decisive factor, while distress players prioritize nimbleness