Analysis
China distress: Dining on defaults
GPs expect a wave of non-performing loan sales in China as the slowing economy leaves banks with more bad debts to resolve, but could the distress investment opportunity be even broader than they envisage?
Chinese e-commerce: Community counts
A host of Chinese community e-commerce start-ups want to replicate the group-buying might of Meituan-Dianping and the social media savvy of Pinduoduo. They are getting capital, but can they achieve scale?
Development finance: The great game
As the US overhauls its development finance institution in response to China’s growing infrastructure investment, the PE industry is preparing for a world in which politics goes hand-in-hand with capital
Australia cross-border: Fool me once
Asian markets continue to represent an attractive destination for Australian PE-backed companies, but investors will need to show increasingly skeptical buyers that their cross-border plans have borne fruit
Australia financial regulation: Compliance conundrum
Proposed reforms could redraw Australia’s financial services landscape as tougher regulatory requirements see banks back away from certain areas. PE investors want to pick up the pieces
Australia VC: Debutantes' ball
Long timeframes of incremental growth from a shallow base will test the staying power of a new generation of Australian venture capital funds. But confidence is running high
Australia co-investment: Too close for comfort?
Most Australian institutional investors want to participate in deals alongside private equity managers, but few have the bandwidth to do it effectively. Recruitment and risk controls are the key obstacles
China coffee shops: Out of Luckin?
Luckin Coffee has won substantial private equity funding for an expansion strategy that involves taking the fight to Starbucks. But is the Chinese coffee shop chain’s business model sustainable?
Hong Kong tax: Playing catch-up
Hong Kong is introducing various initiatives intended to encourage private equity firms to bring more of their operations onshore. A failure to act may see Singapore emerge as Asia’s jurisdiction of choice
GP profile: ChrysCapital Partners
Over the last 20 years ChrysCapital Partners has become one of India’s most prominent private equity firms. The GP cites an internal culture of free and open discussion as the key to its sustained success
VC documentation: Standardizing small print
The rapid growth of venture capital in Southeast Asia has fostered the emergence of varied working practices. Singapore’s model investment agreements are intended to help bring order to chaos
PE holding periods: The optics of exits
Should you take a 3x return today or wait for a potentially larger exit next year? For GPs, this decision is complicated by fears of a downturn, the timing of future fundraises, and conflicting LP feedback
Portfolio: QIC and North Australian Pastoral
Addressing Chinese demand was central to QIC’s acquisition of cattle breeder North Australian Pastoral, but the company has repositioned itself in response to changing patterns of consumption in global beef markets
Internal affairs: China VCs and relationship management
Recent troubles in China’s autonomous driving space highlight the challenges venture capital investors face in picking the right founders to back and then managing those relationships in a productive way
GP due diligence: Stones unturned
The expansion of private equity activity in developing markets is translating into greater due diligence pressure on LPs seeking reliable fund managers. Solutions are intuitive but difficult
China's sharing economy: Shared dilemma
With Ofo teetering on the brink of bankruptcy, bike-sharing and the broader concept of the sharing economy in China is being called into question. The survivors will be sustainable and suitably differentiated
Co-investment: Partners in time
The decision to commit due diligence resources to a potential co-investment balances complex factors around timing, strategy, and relational comfort. Efficiency and patience are indispensable virtues
India NBFCs: Stemming the flow
India’s NBFC sector has pulled through its recent liquidity issues, but questions remain about the weaknesses that led to the crisis. Investors remain confident but must learn from the experience
AVCJ Awards 2018: Exit of the Year - Mid Cap: Novotech
Mercury Capital secured a 15.7x return by helping Australian clinical trials specialist Novotech upgrade its marketing and personnel as well as pursue Asian expansion
AVCJ Awards 2018: Firm of the Year - Large Cap: Bain Capital
Bain Capital’s recent investment and exit activity underlines the importance of cross-border competencies. The GP also won the awards for Deal of the Year - Large Cap and Exit of the Year - Large Cap
AVCJ Awards 2018: AVCJ Special Achievement: Daniel Carroll
Having been one of the early movers in Asian private equity with H&Q Asia Pacific, Dan Carroll played a key role in the development of TPG Capital’s business in the region
Venture capital: The battle to be different
VC fundraising has been on a roll in Asia as managers raise larger sums to address fast-growing investment opportunities. GPs must consider what – and how much – makes them stand out from the crowd
AVCJ Awards 2018: Operational Value Add: Qingdao Haier
KKR backed in Qingdao Haier at a time when the Chinese white goods giant wanted to expand overseas and address competitive pressure at home. The GP helped it deliver on both fronts
AVCJ Awards 2018: Deal of the Year - Mid Cap: Joy Rent a Car
Joy Rent a Car was a small-ticket acquisition by Hahn & Company’s standards, but the GP has big plans to turn the company into a change agent in Korean used car financing