Analysis
India IPOs: Staying afloat
India’s public markets are at record highs, but IPO activity remains lackluster. Investors want an overhaul of the listings approval process and a regulatory system that is suited to PE and VC-backed companies
Australia mezzanine: Compromise solution
The rise of holdco PIK debt has created Australia-based financing structures in which senior lenders and mezzanine providers can coexist. They also offer GPs greater flexibility at what is, for now, an acceptable price
Indonesia infrastructure: Proceed with caution
Having promised a massive increase in infrastructure spending, Indonesia’s government wants foreign investors to help move projects along. Private equity players see opportunities, but also risks
Portfolio: IMM Private Equity and Korea's Hollys Coffee
IMM Private Equity thinks Hollys Coffee has what it takes to become a homegrown star in Korea’s fiercely competitive coffee house industry. Two years into the investment, rejuvenation efforts appear to be paying off
Indian LPs: Commitment issues
Proposed reforms of investment guidelines for India’s pension system suggest that more domestic capital could flow into the asset class. But is the country’s wider LP community really warming up to PE?
PE and China franchising: Eat what you cook
Franchising is an effective way of establishing Western restaurant brands in China. Private equity firms have picked up on the opportunity, but it is not without risk. Local appeal and strong partners are essential
China crowdfunding: The madding crowd
With established Chinese companies, led by e-commerce giant JD.com, getting involved in equity crowdfunding, will these platforms gain traction as a financing channel for Chinese start-ups?
Leveraged finance: Coming to America?
It has become increasingly costly for private equity firms to access borrower-friendly US financing for leveraged buyouts in Asia. The US markets are fickle and volatile, but Asian banks are also stepping up
First quarter analysis: Slow start
Slower investment in the first quarter is either an historical norm or a worrying sign; fundraising flies by for the few, the majority still struggle; Asia’s exit bonanza comes to a sudden stop as trade sales weaken
Fund-of-funds: Creatures great and small
Global fund-of-funds are looking to scale up and become more diversified, while many of their smaller counterparts are pursuing niche strategies. Is the model in a state of decline or a state of revolution?
China exits: Liquidity lags
Despite the return of domestic listings, many China PE investors are struggling on distributions. Much rests on the success of IPO reforms, the ability to execute trade sales, and an unblocking of the secondary market
India microfinance: Acorns to oaks
Several large funding rounds – plus the birth of a new bank – have shown how far India’s microfinance institutions have come in just four years. But more is to come, and more VC backing will be required
Smart cars: Picking up speed
Internet-capable cars are a novelty now, but as they gain acceptance they could remake the way we drive. What are the most important factors for investors to watch down the road?
Portfolio: CHAMP Private Equity and Accolade
For a long time the UK and Australia operations of US wine giant Constellation Brands had been a drain on the parent company. Nevertheless, CHAMP Private Equity saw the potential for a category leader
Secondaries: A ticking clock
All the talk of a swath of GP restructurings in Asia has yet to become reality. As India and China funds raised during the heady times inch closer to the 10-year mark, are we about to see a breakthrough?
Indonesia private debt: Belt and braces
There is money to be made providing debt-based solutions to growing Indonesian companies that struggle to get financing from other sources. But enter uninformed or unprotected at your peril
Indonesia middle market: Slow-burn story
Indonesia’s middle market is a proxy for the robust services sector, but it is difficult for investors to penetrate and deal flow has been slow in recent years. Are we are about to see more?
Indonesia start-ups: Growth inflection
Indonesia has relatively incubators, angels and entrepreneurs with businesses of investible quality. Does the recent large investment in Tokopedia suggest the start-up ecosystem is now coming of age?
Indonesia reforms: The waiting game
Indonesia’s new president is still carrying goodwill from the investment community and has made some reassuring moves. Now investors are waiting to see if the new direction will pay off
Clarity calls: The PE take on India's budget
The first full budget by Prime Minister Narendra Modi’s government was one of the most eagerly anticipated events for Indian private equity since last year’s election. Did it live up to the hype?
Global ambitions: China targets Israel VC
Chinese corporates and financial investors are gravitating to Israel in their quest for high-end technology. This has buoyed local VC activity and more cross-border expansion is likely to follow
Big data: Number crunchers
Already an established investment trend, big data is becoming increasingly mainstream. From a VC perspective, the money will be made by going specialist and helping clients turn numbers into commercial action
Australia mid-market: Squeezed middle
Several Australian superannuation funds are eschewing commitments to smaller domestic GPs because they have to deploy a larger quantum of capital. If more follow suit, what does it mean for the middle market?
Australia mining: Panning the value stream
In the midst of the commodities downturn GPs are still finding deals in mining services, although volatility can play havoc with execution. Better value might be found upstream, if you know where to look