Analysis
Asia fundraising: Emerging LPs
Led by a clutch of sovereign wealth funds, Asia’s emerging LPs are looking to boost their alternatives exposure. Fund managers in search of allocations must find out what makes these institutions tick
Asia fundraising: A divided market
Global and local players are in the market trying to raise new regional and country vehicles. The former can rely on institutional relationships and IR might to get the job done. The latter face a resources squeeze
Asia buyouts: The privatization play
Take-private transactions have created headlines in a climate of low public market valuations. Companies are being targeted in Australia, Japan and the US, but a bid doesn’t necessarily result in a deal
South Korea VC: State subsidies
South Korea’s venture capital industry is the fourth-largest in the world thanks to generous government support. But is this support helping or hindering the development of self-sustaining investment ecosystem?
Asia's untapped VC market
Southeast Asia has potential as a venture capital market, but fragmentation and the absence of large, self-sustaining entrepreneur communities are obstacles to growth
A slice of the pie: Selling a stake in the GP
PE firms have been selling stakes in themselves for as long as they’ve existed. The invasion of first-time funds into Asia creates extra opportunities for LPs keen to participate in GP economics
Start-up investment: Fallen angels
The scarcity of seed capital in most of Asia has left the region’s entrepreneurs crying out for angel investors. What’s stopping them from flooding in?
Great expectations: Buyout firms in Southeast Asia
Global buyout firms are deploying more resources in Southeast Asia and expect to see stronger deal flow. But are there enough mid- to large-size transactions to go around, and will they come at reasonable prices?
3Q analysis: The bottom falls out of RMB fundraising
China US dollar funds attract more capital than renminbi vehicles; trade sales and secondary buyouts continue to gather pace; positive early signs for China buyouts
Fund-level due diligence: More than ticking boxes
Corrupt deals, agreements with the dishonest and lackluster returns can all be avoided by doing sufficient due diligence on a GP. But advisers say LPs in Asia sill aren’t doing enough
Korea's outbound mandate
Despite numerous government initiatives promoting overseas M&A, Korean conglomerates outside the energy space are still relatively conservative. Can private equity help turn the tide?
Australian infrastructure: Changing tastes
Australia’s superannuation funds are active infrastructure investors, but the size and nature of commitments to the asset class are influenced by past experience, available resources and risk appetite
Private equity taps Indian water
India is thirsty for capital to ease water shortages. The infrastructure investment opportunity is enormous, but the regulatory environment remains uncertain
Indian realty GPs show their distress
India’s real estate industry is facing tough times amid rising debt costs and tighter credit access. But why are the private equity owners more distressed than the assets themselves?
China's fund-of-funds experiment
China has started to witness the emergence of renminbi-denominated fund-of-funds, but only a few institutional and individual investors appreciate their investment philosophy
Japan fundraising: Talk isn't cheap
Japan’s mid-market GPs must overcome perception issues and limited internal resources if they are to raise capital in a challenging market. Effective communication is the key
Star potential: Celebrities turn to VC
Chinese basketball star Yao Ming recently upped his involvement in private equity, prompting speculation that other Asian celebrities will follow suit. Can they be successful?
Chinese courts threaten PE protection
Private equity firms routinely use value adjustment mechanisms to incentivize entrepreneurs and offer down-side protection. Two Chinese court rulings have now called them into question.
Secondaries: Access all areas?
With sophisticated regional players at one end and smaller novices at the other, navigating Asia’s nascent secondaries market requires patience, teaching skills and reliable information channels
Japan GP outlook: Mixed feelings in the middle ground
Japan’s mid-market is opening up as weak public market valuations facilitate take-private deals, corporations divest non-core assets and aging founders seek an exit. GPs have plenty to aim at, provided they can raise funds
Japan outbound investment: Go local to go global
Cash-rich corporates have led the surge in outbound investment from Japan, buoyed by easy access to debt and the strength of the yen. What role are Japanese GPs playing in this buying spree?
Secondaries in Japan: A new wave?
Japan’s megadeals of 2006-2007 need to be exited or refinanced. With IPOs off the agenda due to weak public markets and strategic investors’ appetites uncertain, secondary buyouts are a popular option.
China portfolio management: Accounting on the wild side
As private equity firms pay more attention to financial management and value-add in Chinese portfolio companies, recruiting a CFO with the right blend of skills and experience is vital – but difficult
China growth deals: Of entrepreneurs and egos
The battle between NVC Lighting’s founder and SAIF Partners shows how bad things can get when entrepreneur and investor interests are not aligned. Hostility ultimately helps no one