Analysis
China guidance funds: Money monsters
Government guidance funds are the policy-driven big beasts in China’s renminbi-fundraising landscape. While GPs may have little choice but to engage, they can do so judiciously
3Q analysis: Guarded reengagement
Fundraising focus shifts to China venture, but it’s the same polarization story; upturn in trade and secondary sales suggests the COVID-19 freeze is thawing; healthcare retains its investment appeal
Alternative fund structures: Alternate universe
Irregular fund structures, including single-asset platforms, are often the most appropriate inroad for investors in developing Asia. But it has taken a pandemic to bring them to the fore
ESG & secondaries: Finer filters
Rising sustainability standards pose unique challenges for investors that prefer buying into existing portfolios. Interestingly, increasingly complex deal structures are making it easier
GP profile: Redpoint China Ventures
Redpoint China Ventures spun out from its US parent in 2016, but the knowledge it retained – and the communication that remains – has been key to moving early on enterprise technology
PE & Asian banks: Once-in-a-decade opportunity
GPs like targeting banks during downturns, investing in stronger players at discount valuations and backing them to come out the other side with increased market share. Will it be more of the same with COVID-19?
Portfolio: Pioneer Capital and Natural Pet Food Group
Pet ownership is no longer a hobby – it’s an emotional market in the same vein as mother-and-baby. Pioneer Capital knows that grain-based kibble will not do
China AI: A rude awakening
Two years ago, artificial intelligence start-ups were the bright young things of China’s technology sector. Now these companies are struggling to justify their lofty valuations
Asia exits: Liquidity lags
Private equity exits – outside of the public markets – are gradually emerging from a COVID-19 hibernation. But sellers must be mindful of timing, structure, and which buyers they are targeting
Subscription credit: Fine lines
Increased standardization on disclosure has improved the visibility LPs have into how private equity firms are using subscription credit lines, but they must be mindful of attempts to loosen terms.
Corporate VCs & climate change: Good citizens
Increased climate change awareness on a corporate level is leading to more investment – either direct or through funds – in start-ups that offer mitigation solutions. Asia is a key geography
Coronavirus & infrastructure: Trial by fire
Conservative investors who trust infrastructure for its stability have received a rude awakening with COVID-19. With appetite for the asset class unchanged, it’s time to get smart about risk
China fresh produce retail: Changing channels
From online grocers to group buying platforms, capital is pouring into China’s fresh produce space as e-commerce finally makes it mark. Which business model will prevail?
China autonomous driving: Dimension jump
There are no arguments about the transformational potential of autonomous driving in China, but investors have different ideas about where to find value
China apps going global: Empires on hold
China’s data-driven consumer apps are having a harder time keeping politics out of business as they become increasingly competitive in global markets. Lessons are plentiful; solutions are not
China due diligence: Nightmare scenarios
Luckin Coffee’s precipitous rise and fall is a reminder of longstanding issues around corporate fraud in China. Failing to spot problems before they emerge remains a key concern for PE investors
Korean wave: Killer content
From Oscar-winning films to record-breaking pop bands, Korean content has started to replicate its success in Asia in the West. Venture capital investors are looking for ways to ride the K-wave
China data centers: Real estate plus
Valuations are rising in China’s data center industry as speculative real estate-style investors flood the market. Experienced players are willing to spend more time building scale
GP Profile: Gaja Capital
Gaja Capital has entrenched itself in the Indian private equity firmament by focusing on domestic mid-market businesses often overlooked by those looking to write larger checks
L Catterton Asia: Unhappy families?
The merger of Catterton and L Capital was unique in its size and scope, creating the world’s largest consumer-focused private equity firm. However, perspectives on the experience remain polarized
India venture capital: Local largesse
India’s venture capital industry is entering a new decade with a growing pool of local early-stage managers, a wider variety of funding sources, and a host of new risks and opportunities
India middle-market: Looking for positives
Private equity activity is gradually resuming as India’s economy emerges from lockdown, but investors are wary of paying too much for assets or putting their money behind unsustainable trends
India pharma: The pills are popping
India’s pharmaceuticals industry is thriving on the macro ills of the day. Private equity is well placed to benefit, but the opportunity set is no secret
India-China-US: Byte back
Historically a neutral power, India appears to be siding with the US in a multi-faceted war with China. This could have far-reaching consequences for VC investors and the technology ecosystem
