Analysis
China semiconductor: Casualties of war
Private equity investment in China’s semiconductor industry continues unabated despite intensifying US regulatory action. While start-ups are not explicitly targeted, many are feeling the heat
Portfolio: Advantage Partners and Elise Fashion
Advantage Partners acquired Vietnamese women’s apparel retailer Elise Fashion with a view to integrating manufacturing, design, and distribution into a leaner operation with a more international profile
Korea: A good time to be different?
Macroeconomic uncertainty and liquidity risk are pushing Korean private equity firms to think beyond buyouts, double down on operational capabilities, and consider all their exit options
Deal financing: Homegrown solutions
Private equity firms are relying more heavily on Asia-based debt investors to support leveraged buyouts amid a loan logjam in the US, highlighting the region’s innovation and durability
Mobility: Batteries and beyond
The electrification of transportation has created a wealth of opportunities in energy saving and storage. Investors across Asia – led by China – are looking at batteries and other technologies
Energy transition case study: Hermina and AIG
Healthcare is not a particularly energy-intensive industry, but specialists such as Quadria Capital are tightening up operations where possible at hospitals
Energy transition case study: The Arnott's Group
Having acquired Australian snacks producer The Arnott’s Group under its long-dated strategy, KKR hopes to make an enduring impact on sustainable sourcing and energy conservation
Energy transition case study: Beyonics
Precision manufacturer Beyonics has cut back on truck journeys, switched to gas-fired power, and automated its factories – in the pursuit of efficiencies rather than as part of a specific energy agenda
Energy transition case study: Towngas Smart Energy
Towngas Smart Energy wants to offer solar and energy management solutions to its existing piped gas customers across China’s industrial parks. Affinity Equity Partners is supporting the rollout
Energy transition case study: GLP
GLP’s sprawling warehousing and transport interests offer a unique view of the myriad energy issues that permeate the logistics value chain. Tech and common sense are the primary maintenance tools
Alternative fuels: Burning questions
From the landfill to the inside of atoms, the alternative fuels angle on energy transition gives investors a range of risk profiles to consider. Developed economies are the primary playgrounds
Asia renewables: Building out
A surge in renewable energy development is expected in the wake of most Asian jurisdictions making net-zero commitments. Investors are bullish on the macro picture but cautious on the detail
Energy transition case study: Ekta
Indonesia’s Ekta, a blockchain ecosystem operator with an eponymous cryptocurrency, has made a mission of curbing electricity usage in a notoriously power-hungry industry
Energy transition case study: Axilone
Energy accounts for a relatively small portion of cosmetics packaging producer Axilone’s overall costs, but rising prices in Europe prompted owner Trustar Capital to accelerate transition efforts
Data centres: Seeking sustainability
With data driving increasing amounts of business activity, companies are paying more attention to energy sourcing and consumption at the facilities tasked with processing this information
Energy start-ups: Disencumbering incumbents
Digital start-ups play a crucial role in energy transition and therefore represent a significant investment opportunity. The best approaches consider human nature and social themes as well as widgets
Asia agtech: Work in progress
Global food supply issues and local economic realities are driving more capital into Asia’s agricultural technology space, where business models – from marketplaces to deep-tech – are still being proven
Portfolio: CBC Group and Ensem Therapeutics
CBC Group plans to allocate USD 300m from its latest flagship fund to a biotech incubation platform. Artificial intelligence-enabled drug discovery player Ensem Therapeutics is an example of what it wants to achieve.
Seed platforms: Fishing minnows from ocean liners
Accelerators and seed investors are increasingly pursuing global mandates and building out large, international teams. The challenges are starting to cast shadows over the benefits, but it’s early days
ESG in M&A: Eloquent exits
Private equity firms are increasingly presenting portfolio companies’ sustainability credentials in a prepared and formal way in trade sale situations. It appears to be worth the trouble
GP profile: Falcon House Partners
Falcon House Partners is one of the few survivors in Indonesia’s promising but challenging middle-market private equity space. Being hands-on is part of the secret
Asia logistics: Cost and complexity
Investment opportunities are expected to emerge as companies look to technology as a means of easing inflationary pressure on supply chains. Will Asia’s shallow pool of specialist logistics GPs deepen?