A time of reflection

And then there are glimmers of hope, like a picture of rescue workers taking the time to pray for a body pulled from rubble in a town in northern Japan, or the incredible amount of charity funds the Red Cross has reportedly raised for relief efforts in response to a variety of natural and political disasters. Suddenly, even if fundraising is down or an exit made 2x instead of 3x, these types of stories provide a reality check for an industry that is at times too hell-bent on growth for its own good.

In this issue, we have looked to pair our traditional coverage of large and medium sized transactions and fundraisings with a focus on the often overlooked deals that impact the world on a much smaller but perhaps more important scale.

Our focus piece looks at Japan, still reeling from the earthquake and tsunami, and why in the greater scheme of things, the industry is still positive on opportunities for private equity. Our deals of the week showcase CITIC Capital's close of its second Japan-focused fund and a newly launched outbound RMB fund by A Capital, as well as more benevolent (if bite-sized) deals in Pakistan and India that will help improve the quality of living for average citizens, and potentially produce returns as well.

For an industry that quantifies that which is positive in dollars, cents and net returns, our cover story on China takes a more measured approach, looking at how China is in fact changing the global M&A landscape, and how that is indeed affecting the average Joe around the world.

Without wishing to be too philosophical about capitalism and an industry which at its heart is about making companies better and creating jobs, wealth and a positive outcome for entrepreneurs and founders, times like these offer some breathing room to reflect.

An industry source said that it "put things into perspective" for him, having been in Tokyo away from his family when a disaster struck. At the end of the day, life and even private equity are not just about where the next deal or the next exit might come from, but about what has already been accomplished, what has been achieved, and how the next phase of growth can positively impact the world.

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• Topics
• North Asia
• Investments
• CITIC Capital Partners