Analysis
Going green: PE's environmental value-add
The private equity industry's approach to environmental value-add is evolving. The Environmental Defense Fund, KKR and The Carlyle Group discuss the various partnerships that underpin these efforts
Social and governance: A good neighbor
Social and governance issues may not command the same level of attention as environmental factors, but GPs are nevertheless highly aware of their importance - before and after making an investment
Public markets and ESG: The bourse bites back
With regulators toughening their stance on compliance, PE investors in Asia may have to place as much emphasis on environmental, social and governance (ESG) issues for public market exits as they do for trade sales
PE and ESG: More than a box check
Environmental, social and governance (ESG) issues have traditionally featured in pre-deal due diligence to mitigate risk, but GPs are increasingly called upon to weave these considerations into strategic thinking
US tech firms in China: Out of the comfort zone
The likes of Uber and Airbnb are looking for strategic partners to help them enter the China market. Can they do better than eBay and Amazon a decade ago, both of which were swamped by local competition
Asia secondaries: Worth the wait?
A host of pure-play and multi-strategy managers have allocated more resources to Asia in recent years to capture the nascent secondaries opportunity. The region if offering more but has yet to reach full maturity
Korean start-ups: Pursuing critical mass
A handful of Korean start-ups have achieved valuations in excess of $1 billion as investors look to leverage a mobile-centric consumer base. But how many unicorns can this market accommodate?
Korea middle market: Behind the curtain
Korea’s middle market continues to blossom thanks to succession issues, restructuring and ambitions to expand overseas. But deals are struck in strict confidence – and GPs say that is how it should remain
Korea buyouts: Who's selling?
Thanks to a steady stream of large cap deals, Korea accounts for a growing share of Asia buyout activity. But can this trend be sustained?
Korean conglomerates: Governance gridlock
The shareholder spat between Samsung and Elliott Management put Korea’s corporate governance shortfalls under the spotlight, but industry participants don’t expect to see the chaebol brought into line
Portfolio: Morgan Stanley Private Equity Asia and AMTD
Hong Kong-based financial advisor AMTD wants to meet the needs of mainland investors looking to access international markets. Morgan Stanley Private Equity Asia is helping the firm best position itself
Loan or own? Chinese strategics offer debt to start-ups
As Chinese start-ups raise larger, later-stage rounds, strategic investors are looking to participate through structured debt products rather than through equity. This approach presents its own risks
China agriculture: Seeds of hope
Fragmentation and inefficiency have hampered Chinese agriculture for years, but a combination of policy reform and consumer demand may allow the sector to unlock its potential. Does private equity have the key?
China distress: After the boom
China’s slowing growth has created a wave of corporate defaults, and these bad debts should be put up for sale. Not all foreign investors are ready to jump in, though, conscious of the difficulties in extracting value
SoftBank: Venture legacy
SoftBank’s direct investment activity has shifted towards later-stage deals and it is expected to remain there. But the Japanese technology giant has not given up on its VC affiliates and subsidiaries in Asia
China robotics: Rise of the machines
China’s robotics start-ups are riding a wave of innovation and exploring many previously unexpected paths. As the scope of applications broadens, they need to keep up the pace
Chinese celebrities in VC: Profile booster
Chinese celebrities are entering the venture capital space, offering start-ups endorsement as well as financial support. But can a pop star’s cachet translate into long-term sustainable growth?
Worst case scenarios: How GPs recover value
There are various ways for PE investors to seek legal recourse against portfolio companies that have behaved improperly – provided they have structured deals properly and don’t mind getting their hands dirty
Portfolio: Lunar Capital and Guizhou Yonghong
Lunar has spent the last two years building Yonghong’s regional beef jerky brand into a national contender. The firm hopes to show the possibilities for progress that come with control deals.
China angels: Divine intervention
Angel investors, both unsophisticated amateurs and industry-savvy professionals, are flooding into China’s tech sector in search of stellar returns. Everything looks great as long as the market keeps on going up.
India QSR: Hungry for growth
India’s quick service restaurant (QSR) space is poised for massive growth, but translating that into private equity returns is a challenge. Logistics and real estate are the primary obstacles to achieving scale
Southeast Asia fundraising: Gaining a foothold
Southeast Asia continues to be a challenging environment for new fund managers, but many GPs have found ways to market their products. Reaching LPs’ required standard of competence is the key.
2Q analyisis: The bulls hesitate
China's equities wobble is unlikely to discourage companies from local listings, and a rise in renminbi fundraising could result; Asia investment hits record high; public market sales dominate exit activity
Southeast Asia start-ups: Connecting the dots
The start-up scene in Southeast Asia is growing apace but making the most of the region's potential is as much about having cross-border capabilities as it is about targeting the right opportunities