Analysis
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
Asia PE investment: Korea makes a splash
With four deals of $350m or more in the last few weeks, South Korea has made its mark on Asia’s private equity investment league table. Why is it happening and can it continue?
Qianhai offers RMB funds fast track
Renminbi-denominated private equity funds will get special dispensation to raise capital in Hong Kong through a new pilot project in Shenzhen. As ever, the devil is in the detail, which has yet to be fully explained
PE firms hedge their bets
Numerous private equity and hedge funds are pursuing alliances with one another in Asia. Could a multi-strategy approach be the golden strategy for the region’s investment environment?
China grants private equity an A-share investment platform
China’s securities regulator has loosened restrictions on participation in the Qualified Foreign Institutional Investor (QFII) program and opened the door to private equity firms. Do they want to go through it?
Offshore investors: Leap into the unknown
With commitments from domestic LPs easing off, Australian, Japanese and Korean GPs are looking to raise capital from overseas investors. They are entering new territory and some are better prepared than others
Australian advertising: Private equity goes outdoors
Australia’s outdoor advertising industry has seen three large investments from private equity firms in recent months. Is wider sector consolidation imminent?
China biotech: Elusive innovation?
PE and VC investors want to leverage China’s rapidly growing biotech industry, but few firms have a proven ability to commercialize their innovations in drug development. Change will come, gradually.
Australia's lower mid-market retains its appeal
Successful fundraises by CHAMP Ventures and Archer Capital Growth Funds suggest that foreign LPs are willing to fill the gap left by Australian institutions. Performance and consistency remain the key factors
The US invasion: Competition rises among Asia PE legal counsel
A host of US law firms are boosting their Asian operations with a view to offering private equity clients a full suite of services, from fund formation to capital markets. Is there enough business to go around?
India ATMs: Banking on convenience
Recognizing the need for more ATMs, a consortium of Indian banks has opened up the business to independent contractors. Numerous private equity-backed enterprises are waiting to swoop
China secondaries: Fresh start or false start?
China’s PE Secondary Market Development Alliance is meant to facilitate the trading of LP interests in renminbi funds. The absence of local expertise, portfolio transparency and mature LPs are obstacles to this.
Cornerstone investors: Public market props
Weak investor sentiment means that many Asian IPOs need cornerstone investors to cover part of the offering and provide momentum. Why are private equity firms getting in on the action?
Q2 analysis: Private equity goes public
Second-quarter analysis: Low public market valuations create investment opportunities; China fundraising slows; private equity firms perform cornerstone role in Asia IPOs.
Bain & Co: Harnessing Southeast Asia's PE potential
Southeast Asia is ever more popular among PE investors. Identifying strong management teams, adding value and cultivating local networks are crucial to making deals work, according to Bain & Company’s Suvir Varma And Hugh MacArthur (pictured).