Something special
It wasn't long ago that Chinese GPs would turn their noses up at any suggestion of specialization. Buoyed by a flood of capital into private equity, the growth capital space morphed into a giant deal shop, with private equity firms pursuing several times the number of transactions that would be attempted by a Western outfit with comparable resources. The race to deploy funds took them into dozens of sectors.
The principal defense of sector agnosticism is that deal flow in emerging markets is unpredictable and sticking to specific areas could mean opportunities foregone. A GP's deal log for just one week might...
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