Analysis
Asia distress: Playing doctor
Asia appears to be destined for a spate of corporate restructurings. Although they are studying a wealth of potential investments, distress specialists say the obvious targets are not always the most accessible
Investment: Southeast Asia's family footholds
By most measures, Southeast Asia is under-penetrated by private equity. If deal flow expectations are to be met, investors must tap local networks for openings in and around the family conglomerates
Fundraising: The JOBS Act and general solicitation
The removal of restrictions on general solicitation in the US potentially allows private equity firms to tap accredited investors that previously fell beneath their radar. However, managers are reluctant to rush in
VC fundraising: Where angels flock
Venture capital fundraising has become difficult for all but the select few in Asia as LPs concentrate their resources on established names. Where will replacement investors come from?
Fundraising and pension reform: A slow-burn issue
Defined benefit public pension plans are one of PE’s biggest bank rollers, so the rise in defined contribution plans – that tend to favor liquid assets – is a long-term concern. There must be compromise on both sides
Asia fundraising: Size matters?
While a select group of GPs are able to raise large funds at short order in Asia, the small and mid-cap space is hollowing out. It is in parts cyclical and a function of broader changes in the post-financial crisis LP base
Exits: Stuck in China
The weak IPO market has left many China PE firms holding assets for longer than expected. While growth deals will remain dominant, there will be change in how and with whom they are done
Asia real assets: Need returns, will travel
Interest in Asian real assets has surged as investors look to higher growth emerging markets for income and upside. Opportunities run from real estate to infrastructure, and in some cases offer a bit of both
India e-commerce: Sink or swim
India’s e-commerce sector is in the midst of consolidation. VC money continues to flow to the larger players but even they are examining their business models in a climate of higher operating costs
On the shoulders of giants: DFIs and first-time funds
Backing from a development finance institution can be the making of a first-time GP in a far-flung jurisdiction. Working with this kind of LP, however, comes with its own set of challenges
3Q analysis: Haves and have nots
Third quarter analysis: Fundraising fortunes become ever more polarized; Korea continues to be the stand-out buyout market, while India shows growth from a very low base; China IPOs are on the comeback trail
India IPOs: The road less taken
India is launching a pilot scheme that will allow certain companies to list overseas without first going public domestically. VC investors see the positives but they want further clarification on the rules
Acquisition finance: Familiar territory?
Once regarded warily by banks due to the lack of security in providing offshore financing against onshore assets, Asia buyouts that rely on offshore holdco structures are increasingly sought after.
China retail: Asset-heavy to asset-light
Facing competition from e-commerce platforms, China’s traditional offline retailers are moving online – and the ideal combination is a combination of the two. PE investors are seeking opportunity in the disruption
Online tourism: Ticket to ride
Online tourism is on the rise in emerging Asia and numerous venture-backed businesses are looking to hitch a ride on the consumer growth trend. The key is finding the right niche
Portfolio: CVC Capital Partners and Hong Kong Broadband Network
Hong Kong has one of the most saturated and advanced broadband markets in the world. Finding new areas of growth is difficult but not impossible, says Hong Kong Broadband owner CVC Capital Partners
Tech IPOs: An issue of control
Alibaba Group wants the Hong Kong Stock Exchange to permit a bespoke IPO structure that would allow management to retain board control. By refusing, is the bourse going to forgo more China tech business?
CFOs: Hunters, not farmers
The ideal private equity portfolio company CFO is a rare creature in any market. Asia presents its own challenges in terms of recruiting appropriate talent and the issues this person must address
Infrastructure fundraising: A beast with two heads
At one end of the market large institutional investors are looking to access Asian infrastructure through separate accounts or independently; at the other, plenty of LPs are still looking to make fund commitments
Indonesia: Infrastructure gridlock
There is substantial demand for infrastructure investment in Indonesia and plenty of opportunities to participate, yet progress is slow. Does the does the sector still hold promise for private equity?
India real estate: The long game
India's economic slowdown has created opportunities for real estate investors still convinced by the country's long-term fundamentals and with strategies that take capital where it is most needed
China cleantech: Addressing overcapacity
China's cleantech sector was the factory to the world, churning out solar panels and wind turbines for export. After the bottom fell out of the market, domestic demand took center stage - how is PE responding?
India cleantech: Expansion time
PE-backed companies have carved out a sizable share of India's nascent renewable power production sector, particularly in the wind space. The quickest to scale up will gain a competitive advantage
Hong Kong start-ups: The Silicon Harbour
Hong Kong is touting itself as Asia's next great tech start-up hub. It must first address expensive real estate, the role of government as facilitator, and strategic positioning vis-à-vis mainland China