Analysis
FTX: Crypto dismisses another deathblow
An emerging technology giant has imploded. Regulations are set to tighten. Investors hit pause but remain confident about the long-term outlook. Business as usual in crypto
Portfolio: Trustar Capital and Trustlink
Through Trustlink, Trustar Capital has successfully executed a buy-and-build strategy in China’s facility management space, using scale and standardisation to win contracts from multinationals
ESG: The case for convergence
With ISSB pursuing pre-eminence in sustainability-related financial disclosures and TCFD emerging as a preferred climate framework, investors and investees will have to get more serious about reporting
Sport investment: China fading
Once a white-hot investment theme in China, and for Chinese investors looking overseas, sport has slipped into obscurity amid concerns about regulation and monetisation
China to Singapore: A VC invasion
Chinese venture capital firms are establishing and expanding operations in Singapore in response to challenges at home and to address the Southeast Asian market. Do they have staying power?
Hong Kong vs Singapore: New economy IPOs
Hong Kong and Singapore are both keen to attract listings by high-growth technology companies. Some of the targets are the same, but the strategic positioning is different
Hong Kong vs Singapore: No zero-sum game
Pandemic-related restrictions have dented confidence in Hong Kong as a private equity hub, while Singapore is on a roll. But gains for one don’t necessarily translate into losses for the other
Sport investment: Into the value chain
Investors are increasingly drawn to the structural nuances, sticky customer bases, and long tail of ancillary opportunities that exist around professional sports. Asia’s role is small but growing
Taking PE in-house: Less limited partners
Institutional investors continue to pursue more active roles in private equity, even as a souring macro backdrop makes the game harder to play. Talent is always the key variable
Portfolio: Warburg Pincus and HTDK Group
Warburg Pincus’ investment in Chinese medical devices industry services provider HTDK Group is riding the domestic healthcare wave. Bringing foreigners to the party is the next chapter
China fundraising: Onshore vs offshore
Raising capital for China strategies is difficult right now, regardless of currency, but are geopolitical forces enabling the rise of renminbi-denominated funds at the expense of the US dollar?
GP selection: Discriminating customers
Sizeable LPs are hardening their criteria for fund commitments in reaction to a tougher investing environment. But going with fewer, deeper relationships is an uphill climb
3Q analysis: Lean times
A flicker in India fails to disguise a miserable quarter for exits; a handful of fast fundraises snap Asia out of its slump; investment gravitates towards developed markets and manufacturing
Japanese LPs: Expectation vs reality
Japan’s LP community is an alluring target for global private equity managers, even as currency depreciation and a cultural aversion to risk remain obstacles in the short and long term
GP profile: ShawKwei & Partners
Helping Asian manufacturers climb the product value chain and lock in multinational customers is a key part of the ShawKwei & Partners thesis. It sees no reason to change, even amid sector volatility
India mass market: Bharat dreams
A labyrinth of logistical, cultural, competition, and business modelling challenges is curbing private equity appetite for India’s quickly modernising proletariat
China semiconductor: Casualties of war
Private equity investment in China’s semiconductor industry continues unabated despite intensifying US regulatory action. While start-ups are not explicitly targeted, many are feeling the heat
Portfolio: Advantage Partners and Elise Fashion
Advantage Partners acquired Vietnamese women’s apparel retailer Elise Fashion with a view to integrating manufacturing, design, and distribution into a leaner operation with a more international profile
Korea: A good time to be different?
Macroeconomic uncertainty and liquidity risk are pushing Korean private equity firms to think beyond buyouts, double down on operational capabilities, and consider all their exit options
Deal financing: Homegrown solutions
Private equity firms are relying more heavily on Asia-based debt investors to support leveraged buyouts amid a loan logjam in the US, highlighting the region’s innovation and durability
Japan middle market: Crowded field
The expansion of Japan’s middle-market private equity scene has not kept pace with the rise in global investor interest. Spiking competition is inducing GP formation, but impediments are myriad
GP profile: CMC Capital Partners
China-focused CMC Capital Partners’ remit has expanded from media to consumer and technology, but the firm believes its knowledge and discipline as a specialist investor have never been more relevant
