Private equity firms keen to diversify their LP bases are looking to establish relations with Asia’s high net worth segment, and the private banks and wealth managers who facilitate access to this community
Gaining an accurate impression of an industry is vital for investors, but this can be difficult in markets where information is patchy or unreliable. Those who hope to prosper must learn to judge data carefully
Succession planning opportunities are growing in Japan’s middle market as a generation of founders bend to the will of time and commercial pressure. For GPs seeking buyouts, it is all about who you know
Hong Kong introduced legislation intended to give private equity investors greater tax certainty, but the implementation guidelines have moved it further from this goal. The implications could be wide-ranging
Hong Kong is the only major international center openly seeking to treat carried interest as income rather than capital gain for tax purposes. The private equity industry wants to know where it stands
The proliferation of side letter provisions submitted by LPs as conditional on their participation in a fundraise is adding to administrative workloads. Private equity firms must negotiate carefully
Fee discounts and co-investment often dominate GP-LP discourse, but longer-term issues surrounding economics and governance are increasingly important to negotiations over some Asian GPs’ fund terms
GPs in Asia are devoting more resources to investor relations in response to increased reporting requirements and a challenging fundraising environment. But finding the right IR formula is not easy
Whether they are US dollar managers upgrading their LP bases or renminbi GPs tapping offshore investors for the first time, China PE firms increasingly see the reputational value of independent administration
As warning signals of a global economic downturn become increasingly convincing, private equity portfolio companies are likely to come under pressure. Investors are advised to prepare carefully
Thorough reputational due diligence can find both potential deal-breakers and opportunities for improvement. Are PE firms taking it to the necessary depth in emerging markets like India?
Growing appetite for co-investment among foreign and local institutions in Asia has given rise to a wider variety of advisors offering customized solutions to those with limited in-house resources
Communication strategies are becoming more important within PE as expectations for transparency grow. GPs must demonstrate an ability to maintain the trust of a range of stakeholders, not just LPs
Ascendent Capital Partners’ China strategy involves advising companies first and raising the prospect of investment second, perhaps with a sizeable gap in between. Does this signal change in the middle market?
The private equity industry's approach to environmental value-add is evolving. The Environmental Defense Fund, KKR and The Carlyle Group discuss the various partnerships that underpin these efforts
Private equity has been put on notice by the US regulators - an alarming notion, yet one that was sufficiently well signposted that GPs could see it coming. How keenly will the rumblings be felt in Asia?
Several online platforms have been launched with a remit to make exchanges between GPs and LPs more transparent and convenient. Do they complement existing processes or is fundraising set for reinvention?
Private equity firms, and the LPs, are placing greater emphasis on adding value to portfolio companies. But what is the best way of developing operational capabilities in Asia, and who should pick up the tab?
A number of accounting scandals involving India-based private equity portfolio companies has contributed to the erosion of investor confidence in the country. Due diligence processes are being tightened in response
Fund administrators are seeing increased demand from GPs for back office services in Singapore. Hong Kong isn’t the definitive loser, but the territory’s lack of tax and regulatory certainty for PE is a factor
A legal ruling might ban the Big Four accounting firms’ China affiliates from working on US-listed Chinese companies. VCs aren’t worried about IPO prospects, but there are longer-term concerns
Asian private equity is becoming institutionalized, with increasingly sophisticated and international LPs asking GPs to bulk up their back office capabilities. Third-party administrators sense an opportunity
The catalogue of deals gone bad in China is long and undistinguished. Private equity firms, and the third-party advisors that work with them, are rethinking their approach to due diligence
While a select group of GPs are able to raise large funds at short order in Asia, the small and mid-cap space is hollowing out. It is in parts cyclical and a function of broader changes in the post-financial crisis LP base