Analysis
China-US trade: Balance of power
A long-smoldering trade dispute between the US and China has begun to reverberate globally across a range of sectors. Private equity must not ignore the potential impacts
Warranty and indemnity insurance: The information barrier
Warranty and indemnity insurance is growing in popularity in Asia, particularly in emerging markets. A lack of understanding is the biggest impediment to its widespread adoption
Growth mezzanine: Paying their dues
Growth capital situations can provide a healthy source of deals for established mezzanine investors, but high barriers to entry will pose challenges for newcomers
Japan robotics: Friendly faces
Japan’s home robotics industry is still in its early stages, and considerable work is required to create devices that can both appeal to everyday consumers and meaningfully contribute to their lives
Japan outbound M&A: Looking for growth
Unable to find growth at home, Japanese companies are looking for it overseas. Private equity investors can be helpful in everything from execution to integration, provided they can prove their credentials
Japan demographics: New normal, new entries
Private equity investors see potential for growth in Japan’s demographic contractions. Countercyclical and tangential consolidation strategies are the preferred gambits in a churning macro environment
Japanese LPs: Stirring giants
Japan’s LP landscape is in a state of flux as several large-scale investors ramp up their alternatives programs. The industry must prepare itself, in terms of personnel, structures, and expectations
Key person clauses: Man overboard
The complexity of a private equity firm’s key person clauses – and the number of people they encompass – says much about its institutionalization. The transition is not always easy, for GPs or LPs
Portfolio: Cathay Capital and Shopal
Shopal’s cross-border marketing ambitions and Cathay Capital’s Sino-French investment history have proven to be a strong match for tackling the expanding Chinese high-end consumer market
ICOs: Normalizing the future
The application of virtual tokens as investment instruments is modernizing the venture capital industry. Stakeholders are discovering a range of pitfalls and possibilities during the transition
Wine in China: Nurturing the vine
Private equity interest in wine is set to increase as its role in the China luxury goods thesis comes further into focus. Culture, character, and copycatting will be at the top of investors’ strategic agenda
India e-commerce: Turning a page
The acquisition of Flipkart by Walmart signals the beginning of a new chapter in India’s e-commerce story. Venture capital investors also hope it represents a model for more exits from technology start-ups
Vietnam start-ups: A tale of two cities
Hanoi and Ho Chi Minh City provide Vietnam’s nascent start-up scene with a unique double-hub structure. Ecosystem gestation remains slow but it is supported by a nuanced diversity
Vietnam GPs: Five's company
Vietnam’s incumbent domestic private equity firms have all been in operation for more than a decade. Do LPs have enough confidence in the market to support the launch of additional managers?
Vietnam IPOs: A bigger bourse
A string of large-cap IPOs has brought international investors and credibility to Vietnam public equities. Despite a few local peculiarities, the market is on a path towards modernization
GP profile: Intermediate Capital Group
In recent years Intermediate Capital Group has branched out beyond traditional mezzanine to embrace deal structures that have no sponsor. It sees ample opportunities in Asia’s developed markets
Indonesia VC: Levels of comfort
For all the fervor about technology opportunities in Indonesia, independent local VC firms are thin on the ground. Traditional LPs want to see more evidence of performance before getting involved
ESG: Policy pitfalls
Environmental, social and governance management must be handled properly to leverage its promised performance improvements. Risks around poor execution cut across all aspects of private equity
Portfolio: CLSA Capital Partners and Japan's Worldtool
By targeting Japan’s amateur car enthusiast community Worldtool created a new distribution channel for automotive tools in the country. CLSA Capital Partners has helped take the company’s model overseas
China online-to-offline: Retail reorientation
As technology brings the buyer closer to the seller, some investors are put off by the uncertainty while others see opportunities in finding ways to digitize – or further disrupt – traditional retailers
Singapore accelerators: Corporate orientation
The rise of corporate-backed innovation programs in Singapore suggests the emergence of a new model for start-up development. Stakeholders are monitoring the pros and cons of the phenomenon
Valuation standards: Counting their blessings
Asian GPs’ portfolio valuation practices remain largely opaque, despite the value of standard frameworks. LP demand will be key to moving the industry in a more transparent direction
Indonesia tech IPOs: Fringe benefits
The Indonesia Stock Exchange has seen the first IPOs of domestic tech start-ups in Kioson and M Cash. The appeal of these listings may lie chiefly on the non-financial side
1Q analysis: The inevitable slow start
Traditional buyouts slip into the shade, allowing education and technology to shine; China IPOs and secondary buyouts stay strong in a weak exit market; fundraising suffers an early-year blip