Analysis
Australian superannuation reform: Efficiency drive
With proposed changes to Australia’s superannuation system emphasizing performance rather than just cost, more money could be directed into expensive yet high-performing asset classes like private equity
China fintech: Follow the consumer
A crackdown on cash loans has undermined investor confidence in China’s fast-growing online consumer-lending market. However, VC players are confident that start-ups can find other angles
Fund placement in Asia: Beyond beta
Not all PE firms in Asia are benefiting from the fundraising boom. Placement agents must sift through a bifurcated market and identify managers with potential and mandates that are economically viable
Australia agriculture: Fruitful endeavors
Despite their strong growth potential, Australian food crops have attracted little activity from the private equity community. Investors’ interest is restrained by the high hurdles to managing these assets
Space technology: Starship enterprises
Space technology is being democratized outside its historical geographic and institutional spheres of development. As private investors get on board, a new range of risks and rewards is coming into focus
4Q analysis: Riding the wave
Chinese companies return in strength to US bourses as investors leverage public market highs; Australia a bright spot as Asia fundraising slows; 2017 sets new record for PE investment on back of big buyouts, tech deals
Technology: The unavoidable angle
Technology is directly or indirectly redefining business models across Asia. Private equity investors must embrace change or risk seeing returns damaged as portfolio companies are disrupted
AVCJ Awards 2017: Operational Value Add: Great Southern Rail
Allegro Funds secured a 25x return on Great Southern Rail by helping the formerly no-frills Australian transport company find a new life as a stylized high-end tourism attraction
AVCJ Awards 2017: Exit of the Year - Large Cap: Universal Studios Japan
Goldman Sachs, MBK Partners, Owl Creek Asset Management and PAG Asia Capital have profited handsomely from their efforts to bring more families to Universal Studios Japan
AVCJ Awards 2017: Exit of the Year - Mid Cap: Riraku
Over the course of four years, Advantage Partners doubled Japanese massage chain operator Riraku’s store count and tripled EBITDA. A 12x money multiple on exit was its reward
AVCJ Awards 2017: Exit of the Year - IPO: Au Small Finance Bank
India’s small finance bank reforms allowed Au Financiers to tackle an entirely new business opportunity, ultimately leading to a successful IPO for the company’s private equity backers
AVCJ Awards 2017: Deal of the Year - Large Cap: Yingde Gases
PAG Asia Capital stole a march on the competition to secure a $2.7 billion take-private of China’s Yingde Gases, dealing with feuding shareholders and complex financing along the way
AVCJ Awards 2017: Deal of the Year - Mid Cap: Press & Converting
With Korean cosmetics brands trading at high valuations, VIG Partners thinks it got a bargain by moving upstream and buying a niche supplier to the skincare industry
AVCJ Awards 2017: Deal of the Year - Late Stage Technology: Ofo
Ofo and Mobike dominate China’s bike-sharing industry, having raised billions in funding. Investors in Ofo believe they are backing the more sustainable model
AVCJ Awards 2017: Deal of the Year - Early Stage Technology: SenseTime
A university spin-out focusing on technology commercialization, SenseTime has become popular among investors seeking artificial intelligence exposure
AVCJ Awards: Fundraising of the Year - Mid Cap: Kedaara Capital
Having proved an ability to return capital to LPs from its debut fund, Kedaara Capital took just three months to hit the hard cap on its second India vehicle
AVCJ Awards: Fundraising of the Year - Venture Capital: Lilly Asia Ventures
Lilly Asia Ventures’ rapid-fire $450 million fundraise reflects increasing LP interest in the opportunities offered by the Chinese healthcare sector
AVCJ Awards 2017: Firm of the Year & Fundraising of the Year - Large Cap: KKR
From raising the largest pan-regional fund ever seen in Asia to concluding Japan’s biggest PE buyout, KKR has enjoyed an eventful 12 months
2017 in review: Peak of the cycle?
Large-cap buyouts take private equity investment to record high; KKR leads the way in fundraising, but renminbi vehicles still distort the market; IPOs flourish amid global public markets boom
China autos: Wheeling and dealing
A nascent, fragmented and digitally savvy industry of traditional car services is set for expansion as China’s booming car market matures. Private equity investors are piling in enthusiastically
Secondaries: Back in the game
After several years of uncertainty, secondaries investments have returned to growth again, particularly in Asia. Strong pricing and healthy deal flow on the primary side could help maintain this upward trajectory
ESG: Quantifiable benefits
Finding ways to implement environment, social and governance (ESG) policies and track performance with greater consistency has become a priority for some – but by no means all – Asian GPs
India NBFCs: The next level
India’s NBFCs remain an attractive entry to an underserved finance market, but the growing maturity of the segment means returns may be more modest going forward
Indian family offices: Family matters
The shift from blind pool funds to direct investments doesn’t reflect the preferences of all Indian family offices, but exposure to fast-growing technology start-ups is an increasingly powerful draw