Analysis >> Fundraising
Shariah investors in PE: Tailored exposure
Employees Provident Fund’s $600 million shariah-compliant co-investment mandate suggests increasing institutional appetite for Islamic finance solutions in private equity. Is the industry ready?
SPACs in Asia: Out of the comfort zone
Several Asian stock exchanges will consider allowing SPAC offerings, but implementation may run contrary to their regulatory ethos – and there is no guarantee of a strong market response
GPs & SPACs: Filthy lucre?
The global SPAC craze is percolating into Asia, with private equity firms among the sponsors. LPs aren’t necessarily comfortable with the development, but there’s only so much they can do about it
Fundraising talent: New calls of duty
The trend toward more stringent due diligence in recent years has maximized fundraising complexity at a time when the professionals involved must adapt to unfamiliar virtual forums
AVCJ Awards 2020: Fundraising of the Year - Large Cap: The Carlyle Group
With twice as much dry powder as in its previous Japan vintage, The Carlyle group expects mega-deals and private equity participation to increase
4Q analysis: Growth spurt
Technology-enabled businesses in China and India are the beneficiaries of a resurgence in growth capital deal flow; Japan is the sole stand-out in fundraising; IPOs continue to shine as overall exits struggle
AVCJ Awards 2020: Fundraising of the Year - Mid Cap: Ascendent Capital Partners
A $500 million investment in Wumart is the exception rather than the rule for Ascendent Capital Partners’ third China fund, but the digital transformation theme is a constant
2020 in review: Surprise guest
The coronavirus pandemic has played havoc with Asian private equity, contributing to a resurgence in IPOs, increased bifurcation in fundraising, a rush for healthcare, and a generally staggered revival
Virtual AGMs & IR: Close encounters
The technology is available to facilitate informal discussions at virtual AGMs, but do these solutions present an acceptable substitute for physical interaction, and do GPs and LPs want to use them?
Virtual AGMs & IR: Up in the air
Private equity firms are still finding their feet with annual meetings that no longer take place on the ground. Like it or not, virtual engagement is set to become a larger part of investor relations from now on
Japan fundraising: Middle-market machine
Buoyed by strong macro fundamentals and robust returns, Japan’s buyout managers continue to attract capital while most other strategies across Asia struggle. Will this popularity be sustained?
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
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
Asia VC: Vertex's evolving early-stage network
Vertex Holdings’ Chua Kee-Lock likens his network of VC funds seeded by the Temasek-owned entity as a distributed computer system. It will draw down more power as it grows
2Q analysis: Numbers that deceive
Asia has seen remarkable revivals in private equity investment and fundraising – though not in exits – over the past three months. A handful of large-cap situations mask a weak environment
Hong Kong vs Singapore: Onshore overtures
Hong Kong and Singapore both position themselves as the headquarters of choice for private equity firms in Asia. But the competitive dynamics – from politics to structures – are not straightforward
Cayman fund regulation: Marginal gains
Private equity firms that use the Cayman Islands as a fund domicile are coming to terms with the realities of registration. Is the cumulative weight of increased regulation making them consider other jurisdictions?
Coronavirus dislocation funds: Runway watchers
Southeast Asia has emerged as a hotspot for VC funds targeting COVID-19 dislocation. They are flirting with strategies requiring private equity and short-term value investing skills
Coronavirus & fundraising: Comfort levels
Personal contact with the manager remains a prerequisite for LPs when making fund commitments, but to what extent will recent travel restrictions change the parameters for on-site due diligence?
1Q analysis: Impact winter
As the coronavirus outbreak escalated into a global pandemic, what was a problem for China investors quickly spread into other geographies. Fundraising, investment and exits inevitably took a hit
Coronavirus & capital calls: Time to draw?
With GPs and LPs placing a premium on liquidity, there is more scrutiny of capital call processes. Some managers are pushing for changes to documentation, but will investors relent?
Southeast Asia VC: Different strokes
Ahead of an expected increase in LP interest, Southeast Asian VCs vie to stand out from the crowd by fine-tuning strategies to capture the virtues of both generalists and specialists