Analysis
China healthcare: The specialists
On the back of reforms and a rising consumer class, China's healthcare sector is expected to see huge growth. Sector specialists have emerged to capitalize on the opportunity. How can they differentiate themselves?
Corporate carve-outs: Slice and dice
A mainstay of private equity in the US and Europe, it is hoped that corporate carve-outs will play a larger role in Asia. Success rests on innovative deal-sourcing and careful management of multiple stakeholders
US infrastructure: Mind the gap
The fact that the US needs to improve much of its public infrastructure is undisputed. But the fragmented nature of the market and politicization of deals still leave private investors frustrated
Late-stage tech: Hedging bets in India
Everyone is trying to get of the piece of tech story in India and US hedge funds are not different, but what will their entry into the early stage rounds mean for the broader venture capital industry
China tech: From Beijing to the Bay Area
Chinese technology companies are becoming more interested in backing US start-ups, with some groups even building local teams in Silicon Valley. What does this mean for the start-up community?
US LPs and Asian GPs: Survival of the fittest
With US LPs refocusing their Asia exposure – reducing the number of commitments if not the aggregate size – smaller funds may be feeling the pinch. But this could benefit the long-term health of the market
Portfolio: Advantage Partners and Riraku
By undercutting its competition, massage salon Riraku was able access a broader segment of the domestic market. But achieving growth on a national scale required support from Advantage Partners
Renminbi secondaries: An underpenetrated market
Plenty of Chinese high net worth individuals want to sell LP interests in renminbi funds. Local and foreign secondaries managers would like to take advantage, but they are held back by an immature market
Onshore IPOs and China VIEs: Replacement capital?
With Chinese entrepreneurs considering domestic IPOs, foreign VCs face the prospect of having to sell off investments in restricted industries. But the trend can only be sustained as long as valuations remain high
VC in Japan's universities: Getting schooled
For the past decade, Japan’s universities have been working with venture capital to commercialize their research. Recent developments in the public and private sectors suggest this relationship is evolving
Banks and deal-sourcing: Information arbitrage
Japan’s banks do not have the power that they once did to source deals, but they are far from irrelevant. GPs say these institutions still have a role to play, though their advice must be considered carefully
Corporate governance: Thin end of the wedge?
Japan’s corporate governance code will not trigger a torrent of non-core divestments, but it may encourage boards to think strategically about how – and with whom – they can improve performance
Japan consumer: Big spenders
Japan’s gradual economic recovery could deliver a wealth of new opportunities in the consumer space. But to realize true value, private equity firms must look deeper, or in certain cases, further
Korea e-commerce: Appetite for disruption
Capital is gravitating to the leaders in Korea’s e-commerce space as consumers swap shopping malls for mobile devices. Efficient logistics and effective payment systems sit at the top of the agenda
India payments: The missing link
India’s payment start-ups hope to shape the way e-commerce companies charge for their goods. The future may lie with approaches tailored to the country’s circumstances
Chinese insurers: GP or LP?
China’s insurance companies are allowed to have more exposure to private equity than ever before. This includes the right to set up their own GPs, but not all market players will plot such a course immediately
Corporate VC: Pleasing the parent
Companies want to keep tabs on technological innovation in order to stay relevant in their industries by nurturing Asia’s tech start-ups. However, there is no uniform approach to corporate venture capital
Portfolio: Navis Capital and Thailand's Golden Foods Siam
Navis Capital Partners wanted to let the management of Golden Foods Siam off the leash. Six years in, initiatives are taking wing and the company has established itself as Thailand's third-largest chicken producer
China operating partners: Control candidates
As the nature of private equity in China has evolved, so have firms' needs in terms of operational talent. The challenge is finding - and then retaining - the right person for the job
Energy: A world beyond funds
A small but growing band of GPs are modifying the conventional PE fund model in favor of solutions that better meet their needs. For those with long-hold, asset-heavy strategies, the future may lie in platforms
China hardware start-ups: Maker's mark
Best known as the go-to location in China for cheap electronics manufacturing, Shenzhen is now emerging as a Silicon Valley for hardware. Can these start-ups get traction with software-focused VCs?
China late-stage tech: Chasing unicorns
Capital is flooding into China-based internet companies, with PE firms, family offices, hedge funds and strategic players all-too-willing to support large, late-stage rounds. Not everyone will emerge a winner
China middle market: Filling the void
A clutch of China GPs now manage funds of $1 billion or more, leaving the traditional middle market space underserved. Those that remain must convince LPs they can deal with a changing opportunity set
India e-commerce: Grocery growth spurt
There has been a proliferation of start-ups in India’s online grocery sector, and investors have taken notice. But the companies that survive in the harsh competition to come will have to be tough