Analysis
Portfolio: Advent International and King Koil China
Looking to apply its US mattress retail expertise in China’s fragmented market, Advent International bought King Koil China two years ago. It is now in the process of boosting online and offline sales growth
Asia corporate VC: Company towns
Acceleration of development in the technology space is giving rise to a new generation of corporate VC investors. Building an identity separate from their parents is crucial to the success of these emerging firms
Philippines start-ups: Cultural baggage
The Philippines is said to be at a tipping point where growing investor interest is set to culminate in the country’s first global start-up success story. A subtle malaise, however, is offsetting expectations
Separately managed accounts: Bespoke buyouts
Co-investment alongside a single strategy is the most common function of separate accounts in Asia, but establishing parameters that meet the needs and rights of all stakeholders can still be challenging
China PE incentives: End of the party
The once commonplace incentives used by local governments in China to attract PE fund managers are now largely extinct. New GPs struggle even to register in a city, let alone get paid for doing so
3Q analysis: Favoring the few
Brand names dominate Asia fundraising to an unprecedented degree; China IPOs continue despite weakening markets; Taiwan, Australia and Singapore deliver an unlikely investment boost
Asia fintech: Follow the leader
China has set a compelling example for establishing a diversified and deeply penetrated digital banking industry in a developing economy. India and Southeast Asia are taking notes
China outbound deal structure: Risk factors
Many Chinese A-share companies have wholeheartedly pursued outbound acquisitions, sometimes bringing in local PE funds for support. But integrating the target into the listed vehicle can be problematic
China-Europe: A sense of uncertainty
Chinese interest in European assets – from industrial technology to consumer brands – is undimmed, but certain governments, as well as the EU itself, are taking steps to protect their crown jewels
US-China biotech: Troubled transfers
Chinese investment in US biotech – and its ability to import intellectual property for domestic drug development – looks set to be a casualty of worsening relations between the two nations
US regulation: Cold shoulder
New trade legislation in the US is set to have important ramifications for Chinese private equity deal making in a range of data-related technology segments. Macro effects, however, may be muted
GP profile: Advantage Partners
Having successfully overcome a series of post-global financial crisis troubles, Advantage Partners now has a multi-strand domestic and international offering intended to give it an edge in investments
Emerging markets ESG: Alliances of convenience
Portfolio companies in Asia’s emerging markets are increasingly enthusiastic about implementing environment, social and governance (ESG) policies, but only when they see clear benefits for their business
China sports streaming: Match of the day
Private capital entering China’s sports streaming space is gravitating to platforms backed by the incumbent internet giants. But how long will it be before the big content bets pay off?
Portfolio: Quadria Capital & Indonesia's Soho Global Health
Quadria Capital has brought the clarity and energy that venerable Indonesian pharmaceutical firm Soho Global Health needs as it addresses pent-up demand in Southeast Asia’s healthcare market
Asia leveraged finance: Institutional aspirations
PE firms can obtain financing for leveraged buyouts in Asia on increasingly favorable terms, but this doesn’t necessarily point to institutionalization – or at least, not yet. For now, banks still lead the way
Indian NPAs: Solvency strikes
With a series of highly publicized bankruptcy proceedings, government efforts to rein in India’s non-performing assets may finally be paying off. Investors expect a wave of turnaround opportunities
Renminbi fundraising: Winter has come
A two-year renminbi fundraising boom in China has ended abruptly due to a combination of controversy, regulatory intervention, and dwindling investor sentiment. But the market may benefit in the long term
Secondary staples: Structural dynamics
GP-led restructurings are going mainstream, including complex transactions that combine primary and secondary commitments. As deal demand grows, so do concerns about risk
Southeast Asia VC: Partner propositions
Strategic investors, particularly from China, are playing a growing role in Southeast Asia’s technology scene. Venture capital investors in the region hope their portfolio companies can benefit from the rising tide
SPACs: Beneficiaries of the bull run
Special purpose acquisition companies, or SPACs, are staging a modest comeback in Asia on the back of a resurgence in the US. These structures offer considerable upside, but they aren’t for everyone
Venture debt: The loan rangers
Venture debt providers are confident that the asset class is set for growth in Asia, though momentum is slow in most markets. Lenders must adapt their strategies to meet local needs if they are to be successful
Korea tender offers: Bidding on winners
Tender offers have long been overlooked in South Korea’s PE toolbox, where their traditional use in privatization deals seems to have little value. Local GPs may be able to adapt them to the market’s needs
Korea macro: Tempered tiger
Korea’s economic momentum has simmered down as demographic, political and industrial evolutions suggest a structural decline. Investors are monitoring the transition with a conditional sense of optimism