Analysis
Singapore vs. Hong Kong: Shifting sands
Fund administrators are seeing increased demand from GPs for back office services in Singapore. Hong Kong isn’t the definitive loser, but the territory’s lack of tax and regulatory certainty for PE is a factor
ESG: Nice guys finish last?
Responsible investment has is now a priority for many institutional LPs. GPs might recognize the importance of environmental, social and governance principles in this context, but acting on them can be challenging
Portfolio: STIC Investments and Access Bio
STIC Investments backed Access Bio when the Korean-led malaria testing technology player wanted to buy key components and expand output. Now KOSDAQ-listed, the company has its eye on specialty diagnostics
Held to account: The Big Four in China
A legal ruling might ban the Big Four accounting firms’ China affiliates from working on US-listed Chinese companies. VCs aren’t worried about IPO prospects, but there are longer-term concerns
Fund admin: In house or out?
Asian private equity is becoming institutionalized, with increasingly sophisticated and international LPs asking GPs to bulk up their back office capabilities. Third-party administrators sense an opportunity
Tempting offers: Australian IPOs
Following a prolonged drought, Australia has seen a recent spike in private equity-backed IPOs. Is this a flash in the pan or are public market exits on the cusp of a sustained comeback?
Strategic imperative: Chinese corporates embrace PE
Corporate private equity arms are catching on in China as companies beyond the tech space develop an appetite for investment. What does it mean for the industry’s independent incumbents?
China IPOs: Incremental benefits
China’s securities regulator has introduced a registration-based IPO system designed to offer greater transparency. However, this does not mean an end to intervention in public markets processes.
Bitcoin: VC firms eye Asia opportunities
Bitcoin’s emergence as a currency in Asia has attracted mixed reactions from regulators. For VC investors there is a chance to disrupt the exisitng payment hierarchy, but they must also work with it
4Q analysis: IPO awakening
Public market offerings return, or at least expectations of them; pan-regional players shore up weak fundraising market; growth deals to the fore as buyouts recede
Big brother: Japan's government LPs
The government is becoming an increasingly significant LP in Japanese private equity funds. Smaller GPs can’t live without it but there are wider concerns about sustainability and long-term economic impact
Japan IPOs: Rising sun
On the back of a cautious economic recovery Japan witnessed a boom in IPOs in 2013 as a host of venture capital-backed companies went public. How long will the good times last?
Value Creation: Shock and awe?
Asian GPs are building up their operational resources to support portfolio companies, but the true value of expertise is knowing when and where to make influence count
2013 in review: Mixed fortunes
Bifurcation in the fundraising market as LPs play it safe with managers they know; South Korea and India emerge as buyout bright spots; positive signs for IPOs after a difficult 12 months
Portfolio: EQT Partners and Japan Home Centre
In 2010 Japan Home Centre was already a successful domestic brand but to realize its IPO ambitions it needed the right partner to guide it through a period of rapid expansion – EQT Partners
The secondary network: Online platforms
Setter Capital’s Secondary Link is the latest online platform intended to fill the information void in the secondaries market. Industry participants have mixed feelings as to its utility
Adding extra: China bolt-on acquisitions
Private equity firms are exploring various strategies to help Chinese companies expand overseas. Bolt-on acquisitions are a proven approach in some markets, but that doesn’t mean they work for corporate China
India fundraising: Uphill battle
Investor sentiment on India is weak, with LPs wary of re-upping with PE firms that have yet to prove their ability to return capital. But as underperformers drop away, life could be all the sweeter for the survivors
India agritech: Green shoots
India’s agricultural sector is fast-growing but inefficient. Private equity is well positioned to capitalize on the need for better technology, information and distribution
India buyouts: Ceding control
India emerged as and remains a predominantly growth capital PE market, but economic and generational factors have conspired to make domestic companies more open to a buyout proposition
Hong Kong PE regulation: The quest for certainty
Proposals have been released on extending Hong Kong’s offshore funds tax exemption to include PE and setting up open-ended investment companies. Market watchers are encouraged, but know they must be patient
Co-investment: Behind the buzzword
Global institutions have a growing appetite for co-investment in Asia, but not all varieties of LP have the resources or will to establish a local presence and do it properly. GPs must decide who adds value and where
China due diligence: Playing it safe
The catalogue of deals gone bad in China is long and undistinguished. Private equity firms, and the third-party advisors that work with them, are rethinking their approach to due diligence
China online video: Big fish, small fish
As Chinese online video consumers switch to mobile platforms, venture capital investors are looking for ways to ride the wave – but they must do it with one eye on strategic players also entering the space