Analysis
Secondaries: GPs for hire
Many first-time fund managers in Asia are expected to have trouble raising successor vehicles. Secondary investors sense the opportunity to tide over GPs by acquiring their existing portfolios
Chinese PE players eye overseas deals
Demand for outbound investments is growing , but there are still hurdles that must be overcome.
Indian VC's social imperative
Social venture capital funds have sprung up in India under the notion that they can support marginalized communities and achieve financial returns. Time will tell if this is possible.
Leveraged lenders seek common ground
Australia’s banks have proposed a standard set of rules on who can do what in the event of a default. They say it will stimulate the mezzanine market but junior lenders claim the measures are too restrictive
Australian venture capitalists face commercialization obstacles
Entrepreneurs are brimming with ideas but Australia’s venture capital firms don’t have the capital to convert innovation into products. Government support has so far been piecemeal
PE bets on Asia's growing food demand
Food assets – notably fresh produce – are increasingly attractive to private equity firms as they potential trade sale exits to Asian corporates looking to satisfy rising domestic demand
Australian fundraisers feel the strain
Are changes in superannuation laws the cause or the scapegoat? Either way, Australia’s fundraising landscape is undergoing substantial change. Local GPs must choose between going offshore or going out of business
Korea's LP problem
Both the GP and LP bases in South Korea are relatively narrow. Once fund managers have more to show for themselves in terms of track records, it will be easier to distinguish wheat from chaff
High India pharma valuations price PE firms out of the market
With strategic investors drawn to India’s rapidly growing pharma sector, private equity players must either go niche or get out
Operating partners: The social network
Operating partners now form the backbone of most private equity firms, in a variety of different guises. Samena Capital’s take on this concept recognizes the importance of relationships in Asia
Private equity goes to the movies
The economic argument for co-producing films with Chinese partners is compelling, but does the private equity industry have enough local and Hollywood savvy to take advantage of it?
Foreign RMB funds suffer from LP access troubles
With state-backed firms hesitant to commit and wealthy individuals unreliable, overseas private equity firms face a long slog to raise their renminbi funds
Frontier markets: Investing around Asia's edges
Private equity deal flow in Mongolia, Cambodia and Laos has gone from zero to a steady trickle. When can the region’s frontier markets turn this potential into real momentum?
PE financing: Lagging leverage
Spooked by wider economic issues, European banks are pulling back from the leveraged buyout market. This presents a further challenge to private equity firms already adjusting to tighter financing conditions
Ownership issues trouble state-backed PE firms
Chinese private equity firms that count government-related entities among their shareholders face uncertainty over their financial obligations to the state
Political risk tempers LP appetite for Southeast Asia
Insurgent groups and corrupt governments are every investor’s worst nightmare. For those private equity firms operating in the Philippines and Indonesia, they’re also a reality.
Unitas takes a bite out of Babela's
Everyone loves pizza and chicken wings, and none more so than Unitas Capital. The regional buyout firm, which paid $40 million for a majority stake in Chinese restaurant chain Babela’s last week, plans to kick off its list of operational improvements...
Indian realty valuations to take a hit
The time is ripe for an exit for private equity funds focused on Indian real estate. But can investors keep up the pace without affecting returns?
Asian fund-of-funds: In the balance
Do Asian fund-of-funds have the scale and selling points to survive in an increasingly complex and competitive market?
Hony's bumper raise sparks concerns about China fund sizes
How much is too much? Hony Capital set the benchmark for the string of large China-focused funds expected to launch in the next year or so as it closed its fifth vehicle at $2.4 billion. Hony Capital Fund V took barely four months to complete its fundraising,...
China targets illicit PE fundraising
Horror stories of individual investors being talked into committing capital to suspect private equity funds have prompted regulatory intervention in China. But progress is slow and the road is long.
IPO woes: Looking for an exit
With the public markets all but closed for IPOs, what other exit routes are available to investors?
Fourth quarter analysis: The end of multiples arbitrage?
Fourth-quarter analysis: Growth capital investments flounder; established GPs thrive in difficult markets; trade and secondary sales fail to pick up the capital markets slack.
The changing face of Asia cleantech
New energy investment is becoming more specialized and service-oriented. Are venture capital firms moving fast enough, and far enough, to stay ahead of the game?