VIDEO: Primus' Robert Morse

Morse launched Primus, an Asia-based private equity fund focused on acquiring financial services companies, in 2009 after relinquishing his role as CEO of Citigroup's Asia Institutional Clients Group. Fundraising began at the height of the financial crisis, and the $1 billion target was met by appealing to LPs with whom Primus' executives had existing relationships.

"We had exquisite timing in terms of our fundraising - I don't think we could have picked a worse time to raise funds," Morse says. "All of our LPs are wealthy, ultra-wealthy individuals and family offices who we've gotten to know over the course of the years and who have come to trust us as stewards of their capital."

In terms of areas of interest within the financial sector, Morse says insurance tops the list. "We think the macro-dynamics of insurance are pretty strong in Asia. There's a growing middle class, there's in many countries a lack of a social safety net so insurance products have a lot of appeal," he says.

Morse also expects areas within asset management to turn into key targets as Asia's financial systems mature. "We think that the broker-dealer space is way too dominated by global firms that do a great job ... but we think that there's a lot of room for smaller firms to fill areas that aren't fully staffed by the bigger firms, and so we're looking at some broker-dealer opportunities as well," he says.

While Morse is optimistic, Primus hasn't had everything its own way. In September, Primus and China Strategic formally ended their pursuit of AIG's Nan Shan Life Insurance following regulators' rejection of the consortium's $2.15 billion bid. That asset instead went to Taiwan's Ruen Chen Investment Holding for $2.16 billion.

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