Analysis
Governance standards: A matter of integrity
Traditionally the overlooked, underappreciated or misrepresented facet of ESG, governance is gaining prominence in emerging markets private equity as investors reassess risk exposure
China education: Passing the test?
Capital has poured into China’s online education sector in recent years, but with losses mounting and valuations called into question, investors are finding that not all business models are created equal
Vietnam inbound investment: Regional rivals
Strategic interest in Vietnam is growing, especially among companies within Asia looking to tap growth no longer available at home. PE investors see them as partners – and sometimes as competitors
Vietnam outbound expansion: Brands apart
A booming domestic market and lack of success stories will likely keep outbound expansion a low priority for Vietnam’s investors and entrepreneurs until a suitable market niche can be found
Vietnam banking: Where credit is due
Vietnam’s economic future is tied to an attractive but immature and constrained banking sector. Investors are prodding the edges of a precarious opportunity set
Emerging Asia healthcare: Pilot programs
Buy-and-build strategies, a mainstay of the PE toolkit in developed markets, are gaining exposure in emerging Asia’s healthcare sector. Proving a viable exit path will be the key to widespread adoption
Kyobo Life: The mother of all puts
Put options amount to threats seldom acted upon. By demanding that the chairman of Korea’s third-largest life insurer buy back their shares, a group of investors has taken Asian PE into uncharted territory
Investcorp: Into Asia
Investcorp entered the region last year through a fund commitment in China and the acquisition of an alternative investment platform in India. The firm’s top executives explain the rationale
GP profile: IMM Private Equity
As one of oldest GPs in South Korea, IMM Private Equity has helped to show both domestic and global investors that the PE community can bring major benefits to the country’s corporate sector
China AI: Deep questions
Concerns around valuations, commercialization timelines, deal targeting, and brand perceptions are coming into focus as China’s AI ecosystem catapults to global prominence
Fund focus: Old heads, new firm
Just over two years after its founders spun out from KKR, DCP Capital has raised China’s joint-largest first-time fund on record. The firm sees opportunities emerging in a changing commercial environment
Grab vs Go-Jek: Hitting the gas
As Grab and Go-Jek accumulate war chests to finance their battle for leadership in Indonesia’s online services space, the greatest benefit could go to the next generation of local technology entrepreneurs
China fintech in Indonesia: Uncertainty bites
Indonesia’s fintech space represents an attractive market for Chinese start-ups looking to go cross-border. However, their reputation has been soured by misbehaving P2P lending platforms
Indonesia exits: Unmet expectations?
Indonesia has become a source of frustration for LPs that want to see more exits. A weak currency, slower growth and rising competition aren’t helping GPs as they seek to deliver the required returns
Indonesia infrastructure: Forging frameworks
Indonesia has set the stage for more private sector involvement in a government-dominated and desperately underdeveloped infrastructure space. A range of intangibles could impede the integration
1Q analysis: China malaise
First quarter analysis: China uncertainty hits PE investment; public market instability holds back IPOs; distress strategies underpin India fundraising as commitments to China-focused managers plummet
China tech valuations: Unnatural acts
China’s tech sector is gripped by uncertainty, but some GPs will do anything to avoid marking down their portfolios. LPs are entitled to ask whether unicorns are still worthy of a billion-dollar valuation
China's foreign investment law: A level playing field?
China’s new foreign investment law appears to make life easier for overseas investors in some areas, but uncertainty remains in others. Industry participants are waiting for more details to emerge in 2020
Asia's lower-tier cities: New horizons
PE and VC players are slowly discovering the investment and business expansion opportunities in the lower-tier cities of developing Asia. Risk-reward calculations are becoming more complex in the process
Southeast Asia manufacturing: Back in the game
Contract manufacturers are reconsidering their exposure to China in the light of trade tensions with the US. Southeast Asia stands to benefit, but companies will have to navigate an increasingly complicated landscape
Indian agtech: Technology harvest
Indian investors are excited about a growing wave of agricultural technology start-ups focused on solving practical problems faced by farmers, but achieving scale with a limited scope will be a challenge
GP Profile: Allegro Funds
The first 15 years of Australia’s Allegro Funds have been marked by a series of changes both to the firm and its market. Adapting to meet them has proven to be one of the turnaround specialist’s greatest strengths
Preferred equity: Last in, first out
Issuing preferred equity to secondary investors is a short-cut to liquidity for China VCs with valuable portfolios but few exits. The strategy isn’t universally popular, but what will it take for GPs to make the leap?
Japan VC: Positive energy
Japan’s quiet venture capital space is booming within its own borders. Signs of a stronger exit market and an exuberant influx of corporate involvement are encouraging themes, but they will play out slowly
