Analysis >> Fundraising
2023 preview: India PE
India’s domestic growth story appears unobstructed, but some international investors could hold their fire. The local PE industry will not graduate to the next level without that foreign capital
2023 preview: China macro
Private equity is eager to re-engage with China as a sudden post-pandemic re-opening reminds investors focused on the country to expect the unexpected. A weak global picture could spoil the party
2023 preview: Australia PE
Market pressures on Australian businesses, including an increasingly serious labour shortage, are a challenge and opportunity for domestic private equity. So is China, but in less discernible ways
2023 preview: Southeast Asia VC
Southeast Asia VC is in fair position to hobble through a global downturn and cooling appetite for all things tech despite controversial politics in the region’s largest market and a dicey IPO outlook
2023 preview: Japan middle market
Confidence in Japan’s middle market is whipping up new deal flow, new funds, and new exit channels that will play out in 2023. This includes the possible reanimation of a dormant IPO market
2022 in review: End of the party?
Fundraising favours the few; deployment becomes progressively slower as investors agonise about valuations, macro prospects, and financing costs; sponsor-to-sponsor deals prop up exits
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
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
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
Seed platforms: Fishing minnows from ocean liners
Accelerators and seed investors are increasingly pursuing global mandates and building out large, international teams. The challenges are starting to cast shadows over the benefits, but it’s early days
GP profile: Falcon House Partners
Falcon House Partners is one of the few survivors in Indonesia’s promising but challenging middle-market private equity space. Being hands-on is part of the secret
2Q analysis: Substituting China?
India and Southeast Asia come to the fore as China demonstrates weakness in both growth-stage investment and fundraising; exits continue to struggle amid reluctance from strategic buyers
Southeast Asia tech: Resilient with an asterisk
Southeast Asia’s booming tech space no longer lends itself to an easy narrative. As start-up fever cools globally, the region charges forward. Cracks are beginning to show but so are counterintuitive bright spots
Placement agents: Asian entries
Asia’s sparse placement agent scene is fleshing itself out despite macro headwinds, but the model is being revised to adapt to a changing market. This appears irreversible
China secondaries: Liquidity play
Under pressure to generate returns amid a challenging fundraising environment, Chinese GPs are beginning to revise pricing expectations to get traction with continuation funds
Japan VC: Late-stage crossroads
Japan’s late-stage technology start-ups are finally beginning to attract meaningful attention from global investors. They should not pop open the champagne
Private wealth: Talent war
A shortage of fundraisers familiar with the high-net-worth segment is being keenly felt in Asia as global GPs look to raise more capital through private bank channels
1Q analysis: Monetising managers
Baring Asia and PAG underline the value of their management entities; exits slump amid uncertainty; BGH Capital, renminbi GPs shore up fundraising; investment fails to extend the late 2021 flourish
Permanent capital: A bridge too far?
GPs are increasingly looking for ways to hold assets beyond the traditional fund timeline, but perpetual and long-dated capital largely remain the preserve of global firms and smaller specialists
US regulations: Coming to Asia
Newly proposed rules for private equity fundraising and reporting in the US are set to be applicable to any manager in Asia that raises US capital. Investors should be alert but not alarmed