AVCJ

Weekly digest - December 15 2022

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15 December 2022
2022 YEAR IN REVIEW: END OF THE PARTY?
COVER STORY
Fundraising favours the few; deployment slows as GPs agonise about valuations, macro, and financing costs; PE-to-PE deals prop up exits.
END OF YEAR SPECIAL ISSUE
Q&A
DAVID GROSS-LOH OF BAIN CAPITAL
DAVID GROSS-LOH OF BAIN CAPITALDavid Gross-Loh, a managing director and a founding member of the Asia business at Bain Capital, on expanding into Osaka, targeting large-cap carve-outs in Japan, and the availability of deal financing.
ANALYSIS
2023 PREVIEW: FUNDRAISING
2023 PREVIEW: FUNDRAISINGFundraising is difficult for all but the fortunate few PE managers in Asia. GPs are delaying launches, shaking up strategies, and offering sweeteners; LPs are in no hurry to make commitments.
ANALYSIS
2023 PREVIEW: CHINA MACRO
2023 PREVIEW: CHINA MACROPrivate equity is eager to re-engage with China as a sudden post-pandemic re-opening reminds investors focused on the country to expect the unexpected. A weak global picture could spoil the party.
ANALYSIS
2023 PREVIEW: MASS ACCESS TO PE
2023 PREVIEW: MASS ACCESS TO PEMore individuals will be able to invest in private equity as fund fractionalisation technology matures. But a global downturn, ever-malleable regulations, and blockchain gloom loom large.
ANALYSIS
2023 PREVIEW: BUYOUTS
2023 PREVIEW: BUYOUTSEven though debt is more readily available in Asia than in the US or Europe, financing costs are up, and buyout investors are reluctant to move for assets in an uncertain and overvalued market.
Q&A
MENGYANG YANG OF CICC CAPITAL
MENGYANG YANG OF CICC CAPITALMengyang Yang, an executive director and head of private equity in Hong Kong at CICC Capital, on China’s post-pandemic revival, plans for a flagship US dollar fund, and managing guidance funds.
ANALYSIS
2023 PREVIEW: EXITS
2023 PREVIEW: EXITSIPOs and trade sales have been muted in 2022, but industry participants expect strategic investors to be more active in Asia next year, especially as valuations moderate. Increased secondary deal flow is also likely.
ANALYSIS
2023 PREVIEW: INDIA PE
2023 PREVIEW: INDIA PEIndia’s domestic growth story appears unobstructed, but some international investors could hold their fire. The local PE industry will not graduate to the next level without that foreign capital.
ANALYSIS
2023 PREVIEW: AUSTRALIA MIDDLE MARKET
2023 PREVIEW: AUSTRALIA MIDDLE MARKETMarket pressures on Australian businesses, including an increasingly serious labour shortage, are a challenge and opportunity for domestic private equity. So is China, but in less discernible ways.
ANALYSIS
2023 PREVIEW: JAPAN MIDDLE MARKET
2023 PREVIEW: JAPAN MIDDLE MARKETConfidence in Japan’s middle market is whipping up new deal flow, new funds, and new exit channels that will play out in 2023. This includes the possible reanimation of a dormant IPO market.
ANALYSIS
2023 PREVIEW: SOUTHEAST ASIA VC
2023 PREVIEW: SOUTHEAST ASIA VCSoutheast Asia VC is in fair position to hobble through a global downturn and cooling appetite for all things tech despite controversial politics in the region’s largest market and a dicey IPO outlook.
ANALYSIS
2023 PREVIEW: HARD-TECH
2023 PREVIEW: HARD-TECHAs China’s technology space has shifted toward more advanced domains of R&D, bubbles have formed and geopolitics have complicated investment. There is scope for some turnaround on these points.
ANALYSIS
2023 PREVIEW: PRIVATE DEBT
2023 PREVIEW: PRIVATE DEBTAsia-based private debt managers hope to take advantage of renewed LP appetite for the asset class, while enjoying higher returns driven by rising interest rates and widening spreads.
YEAR IN REVIEW
TO PASTURES NEW: ASIA PE PEOPLE MOVES
TO PASTURES NEW: ASIA PE PEOPLE MOVESA selection of the transfers, promotions, arrivals, and departures in the private equity community in 2022.
The AVCJ Weekly Digest will return on January 11
The rest of the week
FUNDS
LPs
DEALS
For your calendar
UPCOMING EVENTS

 

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