Analysis >> Funds
Renminbi fundraising: Winter has come
A two-year renminbi fundraising boom in China has ended abruptly due to a combination of controversy, regulatory intervention, and dwindling investor sentiment. But the market may benefit in the long term
Secondary staples: Structural dynamics
GP-led restructurings are going mainstream, including complex transactions that combine primary and secondary commitments. As deal demand grows, so do concerns about risk
Southeast Asia VC: Partner propositions
Strategic investors, particularly from China, are playing a growing role in Southeast Asia’s technology scene. Venture capital investors in the region hope their portfolio companies can benefit from the rising tide
SPACs: Beneficiaries of the bull run
Special purpose acquisition companies, or SPACs, are staging a modest comeback in Asia on the back of a resurgence in the US. These structures offer considerable upside, but they aren’t for everyone
Korean project funds: Lines of sight
The prevalence of project funds in Korea is routinely linked to local institutional investors’ innate discomfort with blind pool vehicles. But is this dynamic holding back middle market managers?
Autonomous vehicles: Driving ambition
Asia’s driverless car space has become an increasingly popular investment destination in recent years, but a number of significant challenges must be resolved for the sector to gain widespread social acceptance
GP profile: Golden Gate Ventures
Golden Gate Ventures was founded in order to bring much-needed support to Southeast Asia’s fledgling start-up community. The firm has found success by promoting an entrepreneurial culture within its team
2Q analysis: Flipping out
Flipkart sets the tone as strategics deliver tech trade sale exits; Chinese internet players and healthcare are the trendsetters in investment; buyouts, venture stand out in Asia fundraising
Outsourced CIO: Secret sauce
Teams spinning out from US endowments are competing in an increasingly competitive market for outsourced investment mandates from institutions. Scale and differentiation are the key selling points
Growth mezzanine: Paying their dues
Growth capital situations can provide a healthy source of deals for established mezzanine investors, but high barriers to entry will pose challenges for newcomers
Vietnam start-ups: A tale of two cities
Hanoi and Ho Chi Minh City provide Vietnam’s nascent start-up scene with a unique double-hub structure. Ecosystem gestation remains slow but it is supported by a nuanced diversity
Vietnam GPs: Five's company
Vietnam’s incumbent domestic private equity firms have all been in operation for more than a decade. Do LPs have enough confidence in the market to support the launch of additional managers?
GP profile: Intermediate Capital Group
In recent years Intermediate Capital Group has branched out beyond traditional mezzanine to embrace deal structures that have no sponsor. It sees ample opportunities in Asia’s developed markets
Indonesia VC: Levels of comfort
For all the fervor about technology opportunities in Indonesia, independent local VC firms are thin on the ground. Traditional LPs want to see more evidence of performance before getting involved
Singapore accelerators: Corporate orientation
The rise of corporate-backed innovation programs in Singapore suggests the emergence of a new model for start-up development. Stakeholders are monitoring the pros and cons of the phenomenon
Valuation standards: Counting their blessings
Asian GPs’ portfolio valuation practices remain largely opaque, despite the value of standard frameworks. LP demand will be key to moving the industry in a more transparent direction
1Q analysis: The inevitable slow start
Traditional buyouts slip into the shade, allowing education and technology to shine; China IPOs and secondary buyouts stay strong in a weak exit market; fundraising suffers an early-year blip
Impact agenda: Attracting institutional capital
Global PE firms are launching impact funds tailored to appeal to institutional investors that have so far largely ignored the space. There will be growing pains, but the benefits should be wide-ranging
Long-term capital: The patient play
Permanent and long-term capital structures are an attractive proposition for a wide range of players in Asia’s PE market, but bringing them from theory into practice presents numerous challenges
Strategic players in China's tech space: The upstarts
A new generation of Chinese technology companies, led by Toutiao, Meituan-Dianping and Didi Chuxing, is challenging the incumbent giants. It is the inevitable consequence of a more complex environment
New Zealand PE: Hidden gem
Private equity is taking a bigger piece of New Zealand’s small economic pie. Investors must act opportunistically to exploit substantial potential in an inconspicuous but engaging middle market
4Q analysis: Riding the wave
Chinese companies return in strength to US bourses as investors leverage public market highs; Australia a bright spot as Asia fundraising slows; 2017 sets new record for PE investment on back of big buyouts, tech deals
AVCJ Awards: Fundraising of the Year - Mid Cap: Kedaara Capital
Having proved an ability to return capital to LPs from its debut fund, Kedaara Capital took just three months to hit the hard cap on its second India vehicle
AVCJ Awards: Fundraising of the Year - Venture Capital: Lilly Asia Ventures
Lilly Asia Ventures’ rapid-fire $450 million fundraise reflects increasing LP interest in the opportunities offered by the Chinese healthcare sector