Analysis >> Fundraising
China LP defaults: Battle of wills
A protracted legal dispute between a cross-border private equity firm and a Chinese investor is a reminder of the difficulties that can arise over fund defaults. Negotiation is always the preferred course of action
Retail investment in PE: Common stock
Signs are converging that increased retail investor participation in private equity is inevitable. Myriad roadblocks around access, alignment, and infrastructure will inhibit the transition
Coronavirus & fundraising: Caught in a bind
The coronavirus outbreak has implications for PE fundraising well beyond China. Many Asia-based managers are either unable to go and see LPs or LPs are not permitted to visit them
Australia's Business Growth Fund: Policy props
The Australian government has accumulated $365 million for a fund that will support small businesses. Private equity investors are unsure why it’s necessary and how it will be managed
Australia PE spinouts: Into the unknown
Australia has seen plenty of spinouts in recent years, with outcomes ranging from a $2 billion first-time fund to deal-by-deal strategies. Is local LP support essential in getting wider traction?
Poor relations: Endowments and foundations in Asia
With a few exceptions, Asia’s endowments and foundations lack the scale, sophistication and appetite for alternatives of their US brethren. Structural and cultural barriers maintain the status quo
India AIFs: A new phase
Locally domiciled Alternative Investment Funds have emerged as the structure of choice for India-focused private equity firms, but the system is still troubled by some imperfections
4Q analysis: On trend
The last three months of 2019 were consistent with the preceding nine as pan-regional fundraising remained weak and exits continued to disappoint. Only investment rebelled against the status quo
2019 in review: Falling short
Fundraising, investment and exits in Asia are unlikely to match last year as pan-regional funds take a back seat, large-cap buyouts remain in short supply, growth-stage tech loses its edge, and IPOs flounder
India middle market: Polarization point
Increased deal flow towards the top end of India’s private equity market is stretching the capacity of mid-tier local managers. What are the implications for co-investment and fund size?
Asian outposts: LPs see value in a local presence
Few institutional investors have the scale, resources or mandate to establish private markets platforms within Asia. Those that do are looking to make it pay off through co-investment
Japan succession planning: The generation game
By selling a stake in the GP, Advantage Partners has broken new ground in Japanese private equity. The move is designed to facilitate ownership transition, accumulate balance sheet capital
LPs and infrastructure: Custom connections
LPs are mixing up their approaches to infrastructure as shifts in supply-demand dynamics converge with increased specialization requirements in next-generation projects. Asia remains the unproven goldmine
China secondaries: Curious conversions
An exit lag and difficulties raising money for renminbi funds in China has created a novel opening for secondaries investors comfortable moving assets from one currency to another
Placement agents: Perfect partners?
Once a private equity firm selects a placement agent, they might be working hand in glove on a fundraise for the next two years. A strong mutual understanding increases the chances of a favorable outcome
Korea start-ups: The graduates
Korea’s start-ups are internationalizing and becoming more technically advanced as the ecosystem matures. A rapidly multiplying flock of local VCs will have to do the same to keep up with them
Global credit: Speed or scale?
The winners from a widely anticipated shakeout in global credit markets will be defined by different qualities. Direct lenders expect size to be a decisive factor, while distress players prioritize nimbleness
2Q analysis: Mixed fortunes
Second quarter analysis: Spin-outs reflect challenges for China fundraising; weak buyout activity continues to hold back Asia PE investment; Korea heads the exit charts as China falls back
Southeast Asia VC: Waiting for the breakout
Fundraising has accelerated in Southeast Asia’s venture capital space in recent years, but the ecosystem remains fragile. Expansion will be difficult until GPs can prove the viability of the market to LPs
China-US decoupling: Silicon curtain
Evidence is mounting that US and Chinese ecosystems for advanced technologies are careening toward an antagonistic decoupling. Investors are philosophical and pragmatic
China GPs: The Centurium strategy
After more than a decade with Warburg Pincus in China, David Li struck out on his own with Centurium Capital. Applying technology to traditional business models is central to his investment thesis
India secondaries: Mixed signals
India has skirted around an expected boom in secondaries activity for the past couple of years, but investors haven’t lost faith in the narrative’s eventual unfolding. The devil will be in the details
Global GPs and Japanese LPs: Stirring the pot
As Japanese institutional investors seek to initiate or change up their private equity programs, GPs looking to build long-term relationships in the country must find the right way to engage
Japan PE fundraising: Upsizing
Japanese private equity firms are looking to raise larger funds, based on what is described as a blossoming investment opportunity. Do they risk biting off more than they can chew?