Analysis
Vietnam middle market: Room for maneuver
There is a perceived sweet spot in Vietnam where check sizes are too big for local GPs and too small for pan-regionals. Taking advantage means addressing structural nuances and strategic competition
Vietnam SOEs: Diverted divestments
Murky accounting and politics have rapidly decelerated the privatization of Vietnam’s government-owned companies in recent years. Private equity is biding its time and testing creative inroads
Portfolio: CDH Investments & China Grand Pharma
The contribution CDH Investments has made to China Grand Pharma belies the size of its equity interest in the company. M&A, at home and overseas, has been central to the growth strategy
India retail: Bazaar bedrock
Traditional micro-retailers continue to dominate India’s consumer economy, thriving amid COVID-19, encroaching supermarkets, and the rise of e-commerce. So, why is investing in them so hard?
GP profile: Samena Capital
Conservative yet contrarian, Samena Capital has carved its own path prioritizing patience, trust, and transparency. A younger generation of leadership is guiding entry into a new digital landscape
Asia technology: Anatomy of a rebound
Tech investment has been on a tear in Asia, with private equity joining venture capital at the party. While COVID-19 has contributed to these dynamics, the revival is rooted in deeper structural change
Asia credit fundraising: Middle muddle
Various structural tailwinds are driving the development of Asia’s middle-market private credit space. This doesn’t necessarily make it any easier to raise funds for the strategy
Mobility: Gravitational shift
The automotive industry’s VC overtures might be in retrograde, but traditional carmakers are finding new ways to make a mark in mobility innovation. This creates new dynamics for financial investors
1Q analysis: American dreams
New York makes an unexpected reappearance as the preferred IPO destination for Asian companies; the growth-stage tech investment revival continues; KKR lights up lackluster fundraising environment
Korea retail: Digital or dead?
Coupang’s bumper IPO has underlined the appeal of a Korean e-commerce industry characterized by chaebols playing catch-up and PE and VC investors looking to profit at the margins
Portfolio: GL Capital & SciClone Pharmaceuticals
GL Capital has helped China’s SciClone Pharmaceuticals position itself for the future while continuing to monetize its key legacy drug. A Hong Kong listing was the reward
Asia-Middle East: Bridge builders
Back-and-forth investment and business building between Asia and the Middle East is a fertile theme for private equity. Such activity appears set to steadily increase rather than boom
China direct lending: Creative credit
A combination of improved collateral, rising yields and robust demand is drawing investors to China’s direct lending space. Opportunities abound, but local execution remains critical
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
China regulation: Taming the giants
Recent regulatory reforms suggest that China will not let the growth of large technology companies go unchecked. The implications could be far-reaching, not least for VC investors and start-ups
India direct secondaries: Footprint freefall
A darker mood for Chinese investors in India is stirring expectations for a wave of direct secondary opportunities
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
ESG & operations: Compliance corner
Few mid-market private equity firms in Asia have dedicated ESG personnel and this is not necessarily an obstacle to progress. As compliance and reporting burdens increase, the status quo may change
Private equity & cybersecurity: Dark clouds
From fraudulent drawdown notices to ransomware, private equity firms and their portfolio companies are increasingly vulnerable to cyber-attacks. Training and vigilance are paramount
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
COOs in Asia private equity: Horses for courses
The COO role is gradually becoming more prevalent in Asian private equity, but GPs struggle to find the right combination of financial skills and business acumen. The optimal candidate is often internal
India SaaS: Global first
India’s enterprise software start-ups have traditionally ceded the spotlight to their consumer-facing peers, primarily because of their outlook – and their VC backers – are US-oriented. That is now changing
China robotics: Automation nation
China is a global leader in robot manufacturing, but only in areas characterized by high volumes and low technology value. Can more start-ups climb from medium-tech to hard-tech?