Analysis
Australia's mid-market: The middlemen
Pure proprietary deals are a rarity in Australia’s mid-market. Most opportunities pass through a fragmented network of advisors, which means private equity firms must get noticed to stay relevant
Coronavirus & MAC clauses: Devil in the details
Business breakdowns caused by COVID-19 have spurred investors to re-examine their legal options with deals in pre-close limbo. That could spark a major evolution in M&A contracting
Portfolio: Navis Capital Partners and Hanoi French Hospital
Navis Capital Partners has taken a boutique private hospital to a new level of competence and professionalism just in time for the biggest healthcare emergency in living memory
Coronavirus & Australia VC: In SaaS we trust
Enterprise services start-ups with recurring revenue are well positioned, but mid-cap players could become vulnerable
Coronavirus & Southeast Asia VC: Unpleasant surprises
Start-ups in Southeast Asia have few capital sources, so it helps that the region’s VCs are well-funded – assuming they are ready to invest
Coronavirus & North Asia VC: Diverging fortunes
Speed of response to COVID-19 has led to differing outcomes for VC investment in Korea and Japan. But structural issues are also a factor
Coronavirus & India VC: Struggling to work
Investors don’t expect business activity in India to resume until the second half. Many start-ups will be desperate for capital before then
Coronavirus & China VC: Bifurcation point
China might be emerging from the grip of COVID-19, but many start-ups face a long battle. This is when VCs find out who the winners are
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
Jumpstarted: Investors target China's EV charging networks
Telaidian’s recent Series A round underlines the opportunities in China’s electric vehicle charging space. While growth seems certain, some industry dynamics have yet to play out
Portfolio: Capital Square Partners and Aegis/StarTek
Capital Square Partners’ acquisition of Indian business processing outsourcing (BPO) player Aegis ultimately helped two different companies find global relevance after a turbulent and disruptive decade
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
Coronavirus & secondaries: Niche dilemmas
Anecdotal feedback from secondaries professionals reveals a quick onset of stagnation in the market due to COVID-19. Creative workarounds are not impossible, but almost
GP profile: GTJA Investment Group
Having established itself as a leading player in the renminbi space, China healthcare sector specialist GTJA Investment Group now wants to prove its worth to overseas LPs
Coronavirus & leverage: Room to maneuver?
Economic disruption caused by the coronavirus outbreak is likely to leave many private equity portfolio companies in breach of their leverage covenants. Borrowers and lenders are looking for a fix
PE targets sensual wellness: Good vibrations
A recent commitment by China’s CDH Investments to Wow Tech underlines how sensual health products such as vibrators are moving from the margins to the mainstream, globally and in Asia
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
Coronavirus in Asia: Ongoing analysis
Coronavirus concerns among GPs not solely focused on China vary based on their direct or indirect exposure to China, but gauging private equity responses to the crisis is like chasing a moving target
Coronavirus in China: Back from the brink
China GPs are trying to navigate the coronavirus uncertainty and help portfolio companies pick up the pieces, whether that means cutting costs or realizing new revenue streams
Mongolia start-ups: Steppe forward
Unlike most frontiers, Mongolia is more talent hub than consumer market. There is no systemic hindrance to start-up investment but few mechanisms to sufficiently organize it
India technology: The Jio effect
Nearly three months have passed since Reliance Industries launched Jio Platforms as a holding company for its digital and telecom businesses. Is it poised to reshape India’s technology landscape?