Analysis >> Funds
Southeast Asia VC: Waiting for the breakout
Fundraising has accelerated in Southeast Asia’s venture capital space in recent years, but the ecosystem remains fragile. Expansion will be difficult until GPs can prove the viability of the market to LPs
China VC and US regulation: Defensive positions
Chinese venture capital firms and strategic investors have found their path to US tech start-ups barred by new regulations. It is possible to find a way around, but it requires compromise
China GPs: The Centurium strategy
After more than a decade with Warburg Pincus in China, David Li struck out on his own with Centurium Capital. Applying technology to traditional business models is central to his investment thesis
Japan PE fundraising: Upsizing
Japanese private equity firms are looking to raise larger funds, based on what is described as a blossoming investment opportunity. Do they risk biting off more than they can chew?
GP profile: Chiratae Ventures
Patient, culture-oriented Chiratae Ventures has grown and diversified in step with India’s gradually blossoming VC market. Its latest expansions suggest this trajectory is set to accelerate
Fund focus: Old heads, new firm
Just over two years after its founders spun out from KKR, DCP Capital has raised China’s joint-largest first-time fund on record. The firm sees opportunities emerging in a changing commercial environment
1Q analysis: China malaise
First quarter analysis: China uncertainty hits PE investment; public market instability holds back IPOs; distress strategies underpin India fundraising as commitments to China-focused managers plummet
Japan VC: Positive energy
Japan’s quiet venture capital space is booming within its own borders. Signs of a stronger exit market and an exuberant influx of corporate involvement are encouraging themes, but they will play out slowly
China distress: Dining on defaults
GPs expect a wave of non-performing loan sales in China as the slowing economy leaves banks with more bad debts to resolve, but could the distress investment opportunity be even broader than they envisage?
Australia VC: Debutantes’ ball
Long timeframes of incremental growth from a shallow base will test the staying power of a new generation of Australian venture capital funds. But confidence is running high
PE holding periods: The optics of exits
Should you take a 3x return today or wait for a potentially larger exit next year? For GPs, this decision is complicated by fears of a downturn, the timing of future fundraises, and conflicting LP feedback
China's sharing economy: Shared dilemma
With Ofo teetering on the brink of bankruptcy, bike-sharing and the broader concept of the sharing economy in China is being called into question. The survivors will be sustainable and suitably differentiated
Venture capital: The battle to be different
VC fundraising has been on a roll in Asia as managers raise larger sums to address fast-growing investment opportunities. GPs must consider what – and how much – makes them stand out from the crowd
AVCJ Awards 2018: Fundraising of the Year - Mid Cap: Japan Industrial Partners
With $1.4 billion in dry powder at its disposal, Japan Industrial Partners has the firepower to target a wider variety of corporate carve-out opportunities
AVCJ Awards 2018: Fundraising of the Year - Venture Capital: Sequoia Capital China
Sequoia Capital China took just two weeks to close its latest VC fund. The firm accumulated $2.5 billion in total across multiple strategies
AVCJ Awards 2018: Fundraising of the Year - Large Cap: Affinity Equity Partners
Communication and discipline helped Affinity Equity Partners complete a first and final close of $6 billion on its latest pan-Asian fund within four months
Family offices: Character actors
Family offices are driven by personalities and ideals that cannot be understood as part of an industry pattern. Relationship building is therefore more intimate than transactional
India PE outlook: Momentary frights
Investors see potential in India as valuation concerns ease, but exits and the macro picture present challenges in the short term
Asia corporate VC: Company towns
Acceleration of development in the technology space is giving rise to a new generation of corporate VC investors. Building an identity separate from their parents is crucial to the success of these emerging firms
Philippines start-ups: Cultural baggage
The Philippines is said to be at a tipping point where growing investor interest is set to culminate in the country’s first global start-up success story. A subtle malaise, however, is offsetting expectations
China PE incentives: End of the party
The once commonplace incentives used by local governments in China to attract PE fund managers are now largely extinct. New GPs struggle even to register in a city, let alone get paid for doing so
3Q analysis: Favoring the few
Brand names dominate Asia fundraising to an unprecedented degree; China IPOs continue despite weakening markets; Taiwan, Australia and Singapore deliver an unlikely investment boost
GP profile: Advantage Partners
Having successfully overcome a series of post-global financial crisis troubles, Advantage Partners now has a multi-strand domestic and international offering intended to give it an edge in investments
Indian NPAs: Solvency strikes
With a series of highly publicized bankruptcy proceedings, government efforts to rein in India’s non-performing assets may finally be paying off. Investors expect a wave of turnaround opportunities