Analysis
India early stage: Sowing seeds
India’s young demographic and growing mobile adoption is an opportunity waiting to be tapped for early-stage investors. Industry incumbents are making the most of it, but there is room for more
India fundraising: Moment of truth
With investor sentiment in India’s public markets on a roll, a host of mid-market private equity firms are either in fundraising mode or about to enter it. For some managers, at least, it will be a difficult process
India control deals: Are you buying it?
The India private equity buyout thesis is gathering momentum, with economic and generational factors swinging in the industry’s favor. GPs must convince LPs that they have the skills to execute this strategy
India exits: Cashing out
Exits have been the bane of Indian private equity, with many GPs struggling to monetize investments made before the global financial crisis. Optimism has returned to the country; so have exits. But will it last?
Private debt: Enforcement issues
Investors see great potential in Asia’s private debt markets, but some GPs and LPs’ attitudes towards downside protection and enforceability keep them out of emerging markets
Asia fundraising: How much is too much?
Ever increasing fund sizes have become a fact of life for some private equity firms in Asia. LPs must distinguish between GPs raising more capital for a valid purpose and GPs doing so simply because they can
Taiwan VC: Captive element
Taiwanese corporations are launching captive VC units to invest in technologies that can update their product offerings. The new source of funding is welcome in the absence of independent VCs, but is it a panacea?
Beyond Beijing: Taiwan's trade dilemma
Taiwan’s future success as a foreign investment – and a private equity – destination largely hinges on the future of its free trade relationships. But the territory must first manage its ties with mainland China
Taiwan LPs: Hare and tortoise
GPs are watching with interest as Taiwan restructures its labor pension fund system, thinking of potential LP commitments. But insurers remain the most active players in the market, and they want to do more
Asian start-up hubs: Global mandates
Innovation hubs have traditionally been defined by the size of their immediately addressable market. But with better access to capital, information and technology, some Asian jurisdictions are going global
Private equity firm names: A brand apart
As private equity becomes more of a mainstream asset class, brand-consciousness kicks in. Finding a suitable name can be a challenge, particularly when operating in multiple markets and languages
Succession-planning deals: A matter of legacy
Long a feature of the developed markets private equity, succession-planning opportunities are beginning to pop up in emerging Asia. Regardless of geography, convincing a founder to sell his business is a challenge
Asia PE performance: Special measures
Asian private equity has, by some accounts, failed to meet LP expectations in terms of risk-adjusted returns. With GPs under pressure to show they can be company builders, is specialization the inevitable end game?
Mobile payments: Breaking down barriers
Driven by strong demand from consumers underserved by traditional payment channels, VC and strategic investors are increasingly active in Southeast Asia mobile payment. It is too early to identify winners.
Infrastructure: Building partners
LPs are seeking to boost their exposure to Asian infrastructure through direct investment, either independently or alongside GPs. In a highly varied regional market, there is no one-size-fits-all approach
Australia education: Study your market
In Study Group, Australian tertiary education has a strong example of how PE can support cross-border expansion. But now the smart money is going into vocational and early learning services
The Philippines: SE Asia's next big thing?
The Philippines has emerged from relative obscurity to become private equity’s latest nascent consumer play in Southeast Asia. Deal flow is slow and uncertain as investors get to grips with the opportunity.
3Q analysis: The IPO genie
Real and paper windfall for PE investors in Alibaba spurs exit environment; the latest round of fundraising for pan-regional mega vehicles draws to a close; growth capital dominates the investment numbers
China online finance: Money to the masses
The rise of peer-to-peer lending businesses in China is good for small companies that can't get bank financing and VC firms looking to ride the next wave. But concerns remain over regulation and reliability
Portfolio: First Reserve and KrisEnergy
In backing oil and gas start-up KrisEnergy, First Reserve put its faith in a rare commodity in Southeast Asia – an independent team that knows where the plumb assets are and how to access them
Family ties: Asian family offices as LPs
As wealth in Asia has grown, so has the number of family offices. As these investors become more institutionalized, what can they do for private equity and what can private equity do for them?
China QFLP funds: Back from the brink?
Moves by Japan’s Nomura Asset Management and Singaporean lender OCBC to enter Chinese private equity through the Qualified Foreign Limited Partnership program are unlikely to spark a broader revival
China downside protection: Parachute play
All PE investors want downside protection in China, but they prefer to use it as leverage in amicable negotiations rather than pursue full enforcement. Knowing the entrepreneur and the business is crucial
China food-ordering platforms: Stand and deliver
Competition is increasing in China's online food delivery market as VC investors back start-ups looking to achieve scale ahead of expected consolidation. How asset-heavy should the business model be?