Analysis
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
Hong Kong technology IPOs: Size matters
Hong Kong has altered its IPO regime to attract tech companies with unorthodox shareholding structures and biotech start-ups with no revenue. But only certain businesses are welcome to apply
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
Vietnam consumer: Trading up
Vietnam’s consumer economy is attracting a wider range of investors as deal sizes inflate and new openings emerge in a winding value chain. Private equity is positioned to exploit several vantage points
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
South Asia: Indian satellites
India’s economic dominance of South Asia has not translated into a firm leadership role for the region. Private equity strategies therefore vary widely across the country’s immediate geographic orbit
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: Sleeping giant
Bullishness around Indonesia’s young online economy has been encouraged by a handful of VC-backed homeruns and promising demographics. Achieving scale in new business models remains a sticking point
Indonesia PE: The long game
Indonesia is an attractive market for private equity investors thanks to its strong macro fundamentals, but sourcing large-cap deals remains a protracted process as family owners look for partners they can trust