Analysis
China PE and mutual funds: Never the twain shall meet
China’s securities regulator has invited domestic PE firms to raise mutual funds, prompting a rival agency to forbid such a move. Regardless, industry participants are uninspired by this opportunity
1Q analysis: Hard times
Mixed fortunes for Asia buyout funds on the road; large-cap deals weaken, but venture capital activity is on the rise; exits one of few bright spots thanks to spurt in trade sales
The Abe effect: Japan's economic reforms
Japanese Prime Minister Shinzo Abe has unveiled aggressive economic reforms, sending the country's stock market up and its currency down. PE can benefit but longer-term change would be even more helpful
Korea buyouts: Young pretender?
South Korea was the only significant PE market in Asia to see an uptick in deal flow last year. Investors have high expectations; uncertainty among local conglomerates – and local GPs – could make or break them
Chaebol cross-shareholding: David and Goliath
Removing cross-shareholding structures that hold Korea’s conglomerates together, and arguably suffocate competition, is key to economic democratization. But will it happen and what would it mean for PE?
Strained relations: Foreign PE and financial services
Global buyout firms have seen less deal flow in South Korea in recent years, with financial services sector activity a shadow of its former self. This doesn’t necessarily mean they are unwelcome
Australia VC: New faces
A new generation of VC firms is emerging in Australia, despite little appetite for the asset class from domestic LPs. Success hinges on leveraging Silicon Valley networks and targeting particular market niches
On rocky ground: PE's Mongolia risk factor
Rich in mining resources, Mongolia has a bright economic future, but vulnerability to commodity price shocks and an uncertain political climate have made many investors wary of taking the risk
Pay to play: Australia's fee debate
The debate over private equity fees in Australia is a hotly contested domestic issue, but its long-term implications say much about how the asset class might evolve at a global level
Indonesia mid-market: It's who you know
Although not overrun with GPs, Indonesia’s mid-market is difficult to penetrate. Access to local networks through which deals can be sourced is a good first step. After that, it’s entrepreneur management
Indonesia fundraising: Reality check
Few Indonesia-focused GPs that sprung up in recent years have made headway. It points to a still immature local market and recognition amongst LPs that they can get exposure to the country in other ways
PE recruitment: New territory, new talent
Indonesia has become a priority for global and regional PE firms looking to source deals in a high-growth market. The first step is finding the right people, and it’s not easy
China secondaries: When push comes to shove
China GPs are under pressure to return cash to investors but IPO exits are challenging. Secondary sales are emerging as an option. Who best placed to deliver on the US dollar and renminbi sides?
Portfolio: Navis Capital and Malaysia's Alliance Cosmetics
Alliance Cosmetics was already the dominant force in Malaysian make-up market when it was acquired by Navis Capital Partners in 2010. The next step was to use this experience to break into Indonesia
Global access: Australian LPs and international PE
Australia's superannuation industry is still embroiled in a costs debate as funds decide whether a private equity strategy makes economic sense. Those sticking with the asset class are looking to go offshore
Going walkabout: Australian outbound investment
Taking portfolio companies from Australia into Asia represents a major opportunity for private equity. Pan-regional funds see it as a key part of their strategy, but can domestic players join the party?
Leveraged finance: New faces, slower processes
The withdrawal of Western banks from Australia's leveraged financing market has created opportunities for others. A general sense of caution means that, while debt is available, it won't necessarily come quickly
Healthy holidays: PE and medical tourism
Asia’s medical tourism sector is growing rapidly as visitors flock east for cheap surgical procedures. How big is the opportunity for private equity and where can it be found?
China e-commerce: End of the line
Burning through cash and with no public market exit in site, many of China’s e-commerce players are losing the confidence of their investors. New rounds of funding come at depressed valuations – if they come at all
Tech crunch: Bridging the Series A gap
On both sides of the Pacific, the venture capital industry is suffering from a dearth in Series A funding. How widespread is the problem and who is most affected?
Asian advocacy: PE associations reach out to regulators
PE practitioners like light-touch regulation and usually prefer to stay at arm's length from government. A combination of global and national pressures has forced industry associations to revisit their strategies
Philippines infrastructure: Hole in the road
Still massively underserved, the Philippines infrastructure sector is finally on private equity investors’ radar. Partnering with a credible local partner could be the first step to success
Portfolio: Lunar Capital and China's Joysun
When Lunar Capital invested in Sichuan Zhiqiang, the company’s Joysun brand was well known but lacked relevance with younger consumers. It is now seeking to redress the balance with a revamped product range
Talent tinkering: Operating partners in Asia
Operational value-add is becoming the new normal in Asia as private equity firms hire professionals with the skills to build portfolio companies. However, methods of recruitment and retention vary hugely