Marcel Erni of Partners Group

Speaking to AVCJ, Erni notes that the landscape for both the variety of GPs and investments is improving from a fund of funds perspective, yet factors including the rise in the number of funds have only added pressure to correctly select the investment vehicles that will deliver returns. "If you look at overall Asia, not that many investment managers' funds have really been doing this successfully, not only on the investing side or the distributing-the-money side, but also returning the money and especially building companies through difficult market cycles," he notes. "Investment-quality processes and company-building skills have improved, but there's still a lot to be done."

In terms of his personal concerns, Erni worries about a lack of investment discipline in the industry, which could force LPs, who still remember the shock of the GFC, out of the market if not corralled.

"What keeps me up is really that I see a fast yield compression through the system again ... people throwing money at anything looking for yields, which almost feels to me like people have forgotten 2008 and 2009."

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