Articles by Allen Lee
PE adapts to China's new normal
China's economy grew at its slowest pace in 24 years in 2014 with GDP expanding by 7.3%. Most economists regard the current situation as a symptom of a “new normal” as China continues its transition from the world’s factory to the world’s most attractive...
TPG's Japan team spins out as NSSK
Several members of TPG Capital's Japan team, led by former country head Jun Tsusaka, have launched a new private equity firm called Nippon Sangyo Suishin Kiko (NSSK).
Emerald Hill North Asia head to set up China fund-of-funds
Tommy Yip, partner and head of North Asia at Emerald Hill Capital Partners, has resigned from his position. He is expected to form a new China-focused fund-of-funds.
India PE: Reasons to be cheerful
Indian private equity is, gradually, regaining favor with institutional investors. Further proof of this came at our recently concluded AVCJ Forum in Hong Kong, widely regarded as a bellwether for the Asian private equity industry. The usually – as of...
Ex-AVCJ chairman elected Nevada state treasurer
Dan Schwartz, former chairman of AVCJ, has been elected Nevada state treasurer, defeating Kim Wallin, the current Democratic state controller.
Onwards and upwards: Asia's PE growth trajectory
One of the hottest topics of last year's AVCJ Forum was whether the Asian private equity and venture capital industry can remain on its growth trajectory. The region’s assets under management have expanded 12-fold in the last 20 years. While there is...
AVCJ Awards: Explaining the changes for 2014
It’s that time again. Each Autumn, competition between Asia’s PE and VC firms expands beyond deal-making and fundraising as they vie for top honors in the AVCJ Private Equity & Venture Capital Awards. Public voting is currently underway and closes on...
Asia energy: Oil angle
The continued growth of the Asia economies means increased demand for energy. Major Asian countries and corporations are rising to the challenge and paying top dollar for almost every oil and gas interest they can lay their hands on - not to mention extraction...
Oil angle: PE finds a route in Asia
The continued growth of the Asian economies means increased demand for energy. Major Asian countries and corporations are rising to the challenge and paying top dollar for almost every oil and gas interest they can lay their hands on – not to mention...
Asian Venture Capital: Not yet bubble territory
Is Asian venture capital back in favor? Based on what has been happening in the last year or so, the answer would be a resounding yes. Like their peers in Silicon Valley, the Asian VC community is certainly seeing more activity than say three years ago....
Red heat: China PE on the rebound?
Investors have not been chasing as hard as they used to on opportunities in Chinese private equity these past few years. It’s not hard to understand why: the combination of slowing economic conditions, frequently unrealistic valuations, the temporary...
Beyond the tapering terror
Limited partners around the globe are now returning to private equity opportunities in developed Western markets, especially those of the US, a number of recent surveys indicate. Asian private equity, and Southeast Asia in particular, has fallen a few...
That was then, this is now
From 2006 or thereabouts, Australia suddenly became the destination in Asia for GPs focused on leveraged buyout deals. In the space of 12 months, private equity investment in the country jumped from $2.5 billion to more than $16 billion.
An issue of GP sustainability
Amongst the key issues raised at our AVCJ Forum last November was the fact that many Asian private equity firms lack a long-term business model for both their investments and themselves. This issue will become increasingly important as the industry continues...
Light at the end of the tunnel
Indian private equity has taken a beating in recent years. As the excesses of the industry’s overcrowded GP population catches up with the realities of a sluggish economy and a weakening currency, it is no surprise that fundraising has been slower in...
Five trends worth watching
When we look back at 2013 it will probably be described as a slow year for Asian private equity. Statistics on all major PE activities in the region have fallen substantially.
Malaysia rising
It's been a few years since Southeast Asia, spurred by rising interest in Indonesia, emerged as the hottest region for LPs seeking private equity exposure. While the frenzy has eased recently, the region remains an attractive location, especially for...
Forbidden fruit?
There used to be a time when a private equity fund buying the portfolio company of another private equity fund was a serious faux pas. Nowadays, GPs have become less shy about buying from peers, who in many cases might be selling good but un-exited assets...
Taiwan returns to the private equity map
I may have said this many times before but Taiwan, with its large number of world-class managers, manufacturing prowess and geographic proximity and cultural similarities to China, has the potential to be a leading investment destination for private equity...
Regional update: A time to invest?
Is now the time to invest in Asia? This is a question that keeps popping up in my conversations with limited partners. Obviously, the simple answer can always be “yes.” That is if these LPs are able to locate and gain access to the fund managers that...
Positive signs from India
The last few years haven't been kind to Indian private equity. After a period of strong fundraising and bumper investment – a large portion of it into publicly-listed entities – the industry has largely been unable to deliver on the promise. Non-performers...
Haves and have nots
It probably comes as no surprise to most readers that Asia Pacific fundraising in the first quarter of 2013 was much slower than in the past. When I covered the tough fundraising conditions in the March 18 viewpoint, I observed that the market is divided...
A multi-faceted market
Of readers who have been following Asia’s private equity markets for some years, few would contest South Korea’s place as one of the more important locations for international investors. After all, apart from maybe Australia, it has been the region’s...
Transition time
China has now completed the second smooth leadership transition in its modern history, with Xi Jinping assuming the role of president - he had already been named to the arguably more important posts of chairman of the Central Military Commission and general...