Analysis
Growth capital mezzanine: The third way
Growth capital mezzanine players are still few in number in Asia. Will struggling equity markets and tighter credit conditions open up the market for these alternative capital providers?
Innovative intermediaries: China's boutique advisors
Boutique corporate financial advisors are expanding in China, taking advantage of deals that lie beyond the reach of global investment banks. In the absence of pre-IPO deals, future success relies on differentiation
TPG secures pact with Korea's Vogo
Comparisons between TPG’s tie-ups with Northstar and Vogo are flawed – one is fully formalized, the other is loose. But the private equity firm does appear ready to re-engage with South Korea after a long absence
VCs park their cash in Indian taxi firms
Venture investment in Indian taxi companies is no new phenomenon, but the profile of the firms which are commanding capital appears to be changing
Art and wine funds: The Passion Portfolio
The increase in wealth creation in China has created a generation of HNW individuals intent on investing in art. But can the momentum behind this so-called emotional asset class be sustained?
Chinese outbound strategies bet on home's appeal
Chinese companies have been more ambitious in seeking offshore acquisitions of late, but private equity players remind companies that the best tactic is to act according to ability.
China property firms turn to PE as lender of last resort
Tightening policies imposed on Chinese real estate developers in recent years have accelerated the appetite for alternative financing channels. It represents a massive opportunity for private equity
Indian family offices add to GPs' options
An increasing number of Indian PE firms are tapping local family offices for capital. Will this new wave of investors stick with the asset class in the long term?
Energy investing: Keeping Asia's lights on
North American PE firms have become established oil and gas investors. Asian GPs are only just coming around to the idea, but the long-term potential is huge – provided you hire the right management
Private equity in China: Enemy of the state?
The likes of Hony Capital and CITIC Capital have made a name for themselves by turning around loss-making state-owned enterprises. Although lucrative, this area is not for PE firms that are either too foreign or too faint-hearted
Foreign RMB funds at a crossroads
Apparent confirmation that foreign-invested renminbi funds can’t qualify for local treatment has left the leading overseas private equity firms in a quandary. Life has become harder, but all is not lost
Bridging the gap: China fund T&Cs
Differences between the Chinese and US private equity markets are reflected in fund terms and conditions. LPs that back managers operating US dollar and renminbi funds should look carefully at the small print
Russia builds PE ties with China
Russia and China’s sovereign wealth funds have joined forces to boost cross-border trade. For Moscow, it is a much-needed opportunity to diversify the economy and attract more foreign investment
FX hedging: Know your risk
Private equity firms are hedging the currency risk of their investments in Asia Pacific longer and later in the investment cycle than ever before
Indian infrastructure funds face rocky road ahead
Private equity has been one of the engines for India’s infrastructure growth, but delays in project approvals, inexperienced GPs and the tough fundraising environment remain hurdles to overcome
Asian PE infrastructure evolves with the industry
Everything always seems clearer and easier to understand with the benefit of hindsight. While it seems pretty apparent now that Asian private equity would emerge as a leading asset class for investors around the world, it was actually quite difficult...
RMB partnership funds face tax trouble
The Chinese government is preparing legislation that clarifies how GPs and LPs are taxed on gains derived from local currency partnership funds. Clearer guidelines would help, but it likely means a larger tax bill
Man in the middle: Placement agents in Asia
Placement agents are building up resources in Asia as the region becomes more significant as a fundraising location. Some GPs are keen to build long-term relationships, but others take more convincing
PE's positive role in China
Private equity has a far reaching impact in China’s economic, social and environmental spheres, according to Bain & Company’s Michael Thorneman, Weiwen Han and Hao Zhou
PE firms lag behind VCs in adopting social media
Venture capital firms have long embraced social media for everything from networking with entrepreneurs to sparking dialogue about industry trends. Why are private equity players so slow to join in?
India hospitals: Capital cure
Badly in need of consolidation and infrastructure investment, India’s hospital chains are an attractive target for private equity. But identifying suitable targets and getting them to scale up remains a challenge
Thai hotels retain their charm
Foreign private equity firms are seeking opportunities in Thailand’s hotel industry, looking to leverage rising tourist numbers, an improving investment environment, and attractive entry prices
European GPs seek exits to Asian corporates
The trend for European GPs to set up portfolio teams in Asia helps expand their companies into new geographies. But forming local joint ventures offers significant exit prospects as well
Comply or die? GPs, technology and reporting standards
Fund managers are dealing with the challenges of an increasingly demanding LP base. Asian GPs looking for institutional money must invest in compliance or rely on their track records to carry them through