Analysis
China outbound M&A: Time will tell
Restrictions on outbound investment have China’s investor community scrambling to adapt, but devising a proper response depends on future decisions from notoriously opaque regulatory agencies
China VC spin-outs: Daddy issues
Several managers in the latest generation of China VC spin-outs retain close ties to their former corporate parents. These relationships can deliver great deal flow, but also governance headaches
PE and funeral services: Untapped eternity
Increased urgency around demographic tailwinds in the funeral services space has coincided with a spate of investment activity in recent years. Private equity could be well positioned to play a leading role
India: Draining the PIPEs
PIPE deals remain a significant part of private equity in India, but a slowdown in recent years has prompted investors to evaluate strategies and the place for public market deals in private portfolios
Cost conundrum: Super funds, fees and private equity
Australian regulators want greater consistency in how superannuation funds report costs and fees to members. While sound in principle, the draft measure is problematic in practice, especially for private equity
Australia mining: Desert stirrings
A stronger commodity price environment has spurred some opportunistic private equity investment in Australian mining services, but caution remains the mantra in this industry of capricious value drivers
Australia aged care: The golden years
Australia’s aged care segment continues to appeal to private equity investors. But GPs must be wary of the challenges posed by the government’s unique stake in the market
The hybrids: GPs seek to work with Australian family offices
Australia’s lower middle market is rich in investment opportunities but underpenetrated by private equity. Local family offices are increasingly keen on participating, although in their own way
Impact investors and Asian banks: Developing interest
Despite the rise of non-banking finance companies, traditional banks in emerging markets still appeal to impact investors. Using them to their potential means adapting to each market
Asia value creation: Internal repairs
Private equity investors in Asia are responding to an increasingly competitive deal-sourcing environment with a stronger focus on value-add, but successful implementation will require a cultural commitment
Flipkart: A unicorn unbowed
Despite a series of markdowns over the last 12 months and increased competitive pressure, Indian investors say e-commerce giant Flipkart is still a force to be reckoned with
Renminbi fundraising: Policy power
The launch of several huge government-backed funds has skewed renminbi-denominated fundraising in China. What does their arrival mean for valuations and for the nascent independent LP community?
India consumer: Beyond the box
GPs are finding India’s packaged food and beverage sector increasingly attractive, but only companies with the right mindset are likely to thrive under private equity partnership
Japan succession deals: The long game
Succession planning opportunities are growing in Japan’s middle market as a generation of founders bend to the will of time and commercial pressure. For GPs seeking buyouts, it is all about who you know
Portfolio: EQT Partners and Australia's I-Med
When EQT Partners acquired Australia-based I-Med Radiology Network, the company had spent years in the hands of different creditors. The GP had to restore confidence internally and drive long-term growth
Pakistan PE: Maturing morale
Private equity and venture capital investment activity in Pakistan remains sparse, but early movers are beginning to cut deals with a new sense of confidence as geopolitical and economic issues simmer down
China tech players in SE Asia: Strategic outpost
Chinese internet companies increasingly see Southeast Asia as a market that can help counterbalance slowing growth back home. For certain business models, it is an expensive and time-consuming process
4Q analysis: Big ticket bias
Ausgrid deal obscures weak investment environment; fundraising returns to normal after state-backed blitz; China’s IPO market is on the mend, but public market problems undermine Asia exits
India's university incubators: Learning curve
Campus incubators intended to channel entrepreneurial talent at Indian universities into competitive start-ups have a patchy track record. VC investors must consider what this means for early-stage deal flow
GP-LP: Rules of engagement
Large LPs want to reduce the number of PE managers in their portfolios and generate more value from the outperformers that remain. The GP-LP relationship is becoming closer and more complicated
AVCJ Awards 2016: AVCJ Special Achievement: K.Y. Tang
K.Y. Tang was among the pioneers of leveraged buyouts in Asia while at UBS Capital Asia. He subsequently spun out to form Affinity Equity Partners, where the success continues
AVCJ Awards 2016: Fundraising of the Year - Venture: GGV Capital
GGV Capital won strong investor support for a Sino-US venture strategy that allows it to back start-ups from seed through growth rounds
AVCJ Awards 2016: Exit of the Year - IPO: Focus Media
Moving from a privatization in the US to a re-listing in Shenzhen through a reverse merger – in the space of 30 months – Focus Media blazed a trail that others have sought to follow
AVCJ Awards 2016: Deal of the Year - Mid Cap: Wendy's Japan
Keen to leverage growth in fast-casual dining, The Longreach Group realized a rare inroad into Japan’s chain restaurant space by pairing Wendy’s with local operator First Kitchen