Analysis
Australia technology: Taking care of business
Investors are quietly leveraging subtle advantages in the Australian enterprise software space to create global leaders. The market will not remain an overlooked goldmine for long
Australia PE spinouts: Into the unknown
Australia has seen plenty of spinouts in recent years, with outcomes ranging from a $2 billion first-time fund to deal-by-deal strategies. Is local LP support essential in getting wider traction?
GP profile: DSG Consumer Partners
A relentless curiosity about the Indian consumer’s journey has helped DSG Consumer Partners carve out a niche in the early stage investment space for companies with emerging local brands
First responders: China VCs on a healthcare crisis
The coronavirus outbreak has thrust Chinese healthcare services into the spotlight, prompting investors to identify to sub-segments with potential for significant growth
Poor relations: Endowments and foundations in Asia
With a few exceptions, Asia’s endowments and foundations lack the scale, sophistication and appetite for alternatives of their US brethren. Structural and cultural barriers maintain the status quo
China space tech: Aligning the stars
SpaceX-inspired global fervor about the possibilities of space technology has infiltrated China. Some start-ups appear well set for commercial lift-off, but many others will misfire
Portfolio: Unison Capital and CHCP
Through its Community Healthcare Coordination Platform, Unison Capital wants to bring efficiencies and economies of scale to parts of Japan’s healthcare sector that have been isolated from private markets
VC and age: No industry for old men
The trendy, shape-shifting world of venture capital is broadly seen as a young person’s game, although hard evidence to this effect remains in scarce supply
India AIFs: A new phase
Locally domiciled Alternative Investment Funds have emerged as the structure of choice for India-focused private equity firms, but the system is still troubled by some imperfections
Portfolio level HR: Human traffic
Private equity firms in Asia are paying more attention to recruitment at the portfolio level, in some cases allocating dedicated in-house resources. How is it impacting attitudes towards leadership change?
4Q analysis: On trend
The last three months of 2019 were consistent with the preceding nine as pan-regional fundraising remained weak and exits continued to disappoint. Only investment rebelled against the status quo
India EV: On a roll
India’s electric vehicle space is nascent but growing rapidly on the back of a concerted policy push. Investors see enormous potential, especially in the world’s largest two-wheeler segment
China PE: Tipping point?
Uncertainty continued to weigh on China private equity deal flow last year, leaving plenty of capital sitting on the sidelines waiting to reengage. GPs see diversification as an antidote to competition
GP profile: CPE Capital
CHAMP Private Equity became CPE Capital earlier this year, following a leadership transition. The Australian GP has also refined its middle market investment strategy, emphasizing functional expertise
Taiwan technology: Homeward bound?
Taiwan is encouraging its industrial technology manufacturers to relocate operations from the mainland to the domestic market in response to China-US tensions. This may create openings for PE and VC investors
2019 in review: Falling short
Fundraising, investment and exits in Asia are unlikely to match last year as pan-regional funds take a back seat, large-cap buyouts remain in short supply, growth-stage tech loses its edge, and IPOs flounder
Portfolio: Warburg Pincus and ESR
ESR, an Asia-focused warehousing platform seeded by Warburg Pincus, stole a march on its rivals by tapping into the rise of e-commerce in China. It is now looking to stay ahead of the curve
India PE: Careful carving
Driven by distress and strategic rationale, Indian corporates are more willing to sell off attractive assets. Private equity investors must figure out what might be available before it comes on the market
LPs and secondaries: Subliminal stimulation
Global economic and political themes are exerting an almost invisible undertow on LP participation in the secondaries market. The boom in Asia will be touched but not redirected
India leveraged finance: Debt delivered
The greater availability of control deals in India is creating opportunities for leveraged lenders as they become more comfortable with the complexities of onshore-offshore capital movements
India middle market: Polarization point
Increased deal flow towards the top end of India’s private equity market is stretching the capacity of mid-tier local managers. What are the implications for co-investment and fund size?
India start-ups: Land of the giants
Indian investors are savoring a rapid proliferation in billion-dollar technology start-ups, but as the unicorn heap gets bigger, an almost unrecognizable economy will pose new challenges
PE & QSR: Selling pizza in Japan
From delightfully indulgent pizza toppings to delivery world records, Domino’s Japan has added a splash of color to the food and beverage space. It also served up robust private equity returns
New Frontier Group: Another kind of platform
Led by two former executives with The Blackstone Group in Asia, New Frontier Group has so far looked beyond traditional PE funding channels as it builds large-scale Chinese healthcare platforms
