Analysis
Frontier market fundraising: Roads less travelled
As fundraising slows globally, GPs in frontier markets are more dependent than ever on multilateral development banks. That’s not a major problem now, but in a long downturn, it could become one
Portfolio: True North and Integrace
True North has spent five years transforming Integrace from a low-margin drug portfolio into a broader, better-performing platform with digital capabilities. The M&A story isn’t finished yet
Japan M&A: Go digital, go global
Panasonic moved from hardware to software with the acquisition of Blue Yonder, a path that other Japanese corporates are expected to follow. PE investors can sell to them or work with them
Advanced computing: Niche or indispensable?
Investors are wary of rising data processing challenges in a rapidly digitising world. They must make do with the imperfect solutions of today without failing to embrace frontier technologies
China fundraising: Zombie apocalypse?
A pullback by US investors is exacerbating difficult fundraising conditions in China. Most managers are either delaying their return to the market or pulling every lever to secure commitments
GP profile: 500 Global
500 Global’s emergence as a preeminent seed investor in Southeast Asia has played out against the backdrop of a broader transformation from US accelerator into international multi-stage venture capital firm
Start-up banking: Filling an SVB-shaped hole
Silicon Valley Bank was arguably the only institution globally to comprehensively service the unique banking needs of start-ups. In its absence, a mix of players are rising to the challenge
Japan buyouts: Bucking the trend
Japan remains a private equity hotspot despite muted buyout activity elsewhere in Asia. Take-private and sponsor-to-sponsor opportunities make for a more textured local market
Asia private credit: Muffled momentum
The conservative virtues of private credit relative to private equity have come into fashion in a risk-off world. But global participation in the Asian side of the story will be limited
Energy transition: An emerging speciality
Kerogen Capital is trying to plot a more nuanced course into energy transition than building renewables. It is one of a growing number of nascent specialists in the space.
South by Southeast: Asia’s next growth engine?
Grouping together markets based on growth and scale is a problematic with South Asia and Southeast Asia as it was with the BRIC economies. But to some extent, investors are buying into the story
Japan VC: Global appetites
The relatively recent advent of sizeable VC funds and high-profile start-ups in Japan has exposed long-simmering ambitions to be more international. This could be a breakout moment
China: Who’s investing?
Private equity investment in China remains in the doldrums yet local investors claim to see green shoots. Where, when, and how they engage with the market is likely to differ from previous cycles
Portfolio: AIG
Advance Intelligence Group has developed a relatively narrow enterprise fintech business into one of the region’s leading digital lending operations with the help of several VC investors
Put a bow on it: India draws funds to GIFT City
India has created an onshore jurisdiction with offshore characteristics to lure country funds currently domiciled in Singapore and Mauritius. Does GIFT City have staying power?
1Q analysis: Barely disguised weakness
Government guidance funds in China and Toshiba Corporation in Japan papered over obvious cracks in Asia private equity fundraising and investment. Nothing could hide the pain around exits
Asia fundraising: To the grindstone
As macro uncertainties add red tape to fundraising processes and oblige some managers to operate on a deal-by-deal basis, the improvisational, survivalist nature of Asian private equity is on display
Gulf gambit: Asia GPs court Middle East LPs
As the Middle East becomes a focal point for private equity fundraising globally, Asia-based managers hope that macro trends work in their favour. Being the right size and the right strategic fit also helps
GP profile: Square Peg Capital
Square Peg Capital came of age at the same time as the Australian and Southeast Asian VC ecosystems, straddling the two with a toehold in Israel. The idea was to think big, not get big. It’s doing both
Fund finance: Filling Asia’s SVB void
Silicon Valley Bank’s collapse has prompted Asia-based GPs to review their relationships with lenders, for fund finance and general banking. Smaller managers may find the process challenging
Southeast Asia VC: Drought survivors
As weaker sentiment for technology risk cools venture capital markets globally, Southeast Asia is lagging in limbo. Investors remain bullish but continue to hold their fire amidst questions around valuations
China IPOs: Back to New York
With regulatory challenges receding, Chinese companies are once again targeting US listings. But the journey to New York – in terms of approvals, locations, and valuations – isn’t necessarily smooth