Analysis
Energy transition: Getting comfortable
Private equity investors are leaning into energy transition with new funds, strategies, and attitudes about risk as more emerging categories go mainstream. Regulation remains the perennial spoiler
Asia’s LP landscape: North to south
Pools of institutional – and less institutional – capital in Asia are deepening, but it remains a multi-speed market with some investors just beginning their alternatives journey and others achieving maturity
Money train: Raising capital out of Asia
Fundraising difficulties at home are prompting some US and European GPs to target Asian capital pools that they previously overlooked. It requires patience and persistence
Asia distress: Landslides on hold?
Investors are witnessing an uptick in turnaround opportunities based on delayed pandemic effects and a poor macro outlook. The trend remains anecdotal, but some markets could see a surge
LPACs: Conflicts and complexity
The combination of a maturing Asian private equity landscape and a fast-emerging continuation fund opportunity is placing greater emphasis on the role of the LP advisory committee
3Q analysis: Dividing lines
China fundraising stays strong, across US dollar and renminbi, despite regulatory concerns; Australia confounds general slowdown in Asia PE investment; exits demonstrate promise if not results
Emerging LPs: Fingers in every pie
As more institutional investors dip their toes into private equity for the first time, managers must understand their motivations. Frontier sovereign wealth funds are an enticing wildcard
China VC: Amicable divorces
Regulatory pressures are encouraging Chinese VC firms to end longstanding US affiliations, but the impact of impending legislation – even sight unseen – cuts deeper into investor sentiment on China
ESG backlash: Turbulent tailwinds
The strong momentum behind sustainable and responsible investment policies globally has begun to ruffle feathers in the US. Asian private equity should recognise this as a relevant warning
Family offices: A role for Hong Kong?
Hong Kong’s package of incentives for family offices is intended to redress a balance that has swung in favour of Singapore. Geopolitics is dampening its competitive advantages
Cybersecurity: PE urged to go post-quantum
Private equity firms with masses of information, long histories, and long futures will be vulnerable to code-cracking quantum computers perceived as lurking on an inevitable near-term horizon
Portfolio: Gaja Capital and India’s Educational Initiatives
Educational Initiatives was not part of India’s pandemic-driven ed-tech explosion. The PE-owned company emerged from the chaos having reaffirmed its sustainable, school-facing business model
India healthcare: New momentum, new directions
Private equity has become comfortable with niche segments and regional sub-markets in Indian healthcare services. Technology-based business models are next
GP profile: Quona Capital
Financial innovation-focused Quona Capital operates across global developing markets with a compact team and a strict returns-focused impact agenda. Asia dominates the growth narrative
Indonesia VC: Institutional upgrade?
Having won early support from as assortment of local conglomerates, Indonesian venture capital firms must now demonstrate their independence when pitching international LPs
Generative AI in due diligence: Crunching new numbers
Private equity is rediscovering artificial intelligence as a due diligence tool in the wake of ChatGPT. Data security, legal, and technical risks have curbed uptake somewhat, less so for venture
China secondaries: Willing sellers?
Few, if any, LPs are so desperate to divest China exposure that they will sell fund positions at any price. The main sticking point for secondary transactions is a disconnect on valuations
The innovation game: China GPs play safe
China investors have abandoned their previous high-risk-high-return approach in favour of proven business models and profitability. Hotspots like autonomous driving, biotech, and SaaS are no exception
India edtech: Class dismissed
With investment all but evaporated and its champion in a tailspin of bad press, India’s massive online K-12 education space is in an awkward limbo. It’s a welcome correction though
Asia deal financing: A selective market
Regional buyout activity is weak but leveraged loans are available for the right kind of target – in Japan, Korea, Australia, and beyond – and with a suitably customised structure
GP profile: CCV
Formed through a spinout from KPCB, CCV claims to distinguish itself through a collaborative culture and a disciplined approach to portfolio construction, valuations, and landing scenarios
Creature comforts: Why PE likes pet care
Private equity investors have long championed the resilient characteristics of pet care globally. The pandemic helped solidify a similar value proposition in Asia
2Q analysis: Still scrambling
State-supported deals prop up Asia private equity investment; GPs hustle for liquidity in an unforgiving exit landscape; ex-China mid-market players gain some traction in fundraising