Opinion
Co-investment: Toe in the water
Is co-investment worth it? Absolutely, provided the LP in question has sufficient willingness, experience and resources to conduct due diligence on a deal before the window of opportunity closes.
A tale of two markets
“The IPO market around the world is inherently a cyclical entity and it is unwise and unrealistic to expect it to always be open,” H. Chin Chou, CEO of Morgan Stanley PE Asia, told an AVCJ webinar last year. “At some point the market will come back...
The soft middle
What has become of the mid-market GP in Asia? If there is one area of the fundraising landscape that has hollowed out in the last year or so, this is it, giving credence to the notion of bifurcation.
PE goes to the movies: Part II
As the man who helped launch the careers of Bruce Lee and Jackie Chan, among others, film producer Raymond Chow can claim to have played a leading role in putting Hong Kong martial arts movies on the international map.
Beyond the tapering terror
Limited partners around the globe are now returning to private equity opportunities in developed Western markets, especially those of the US, a number of recent surveys indicate. Asian private equity, and Southeast Asia in particular, has fallen a few...
A story that sells
One of the observation's made in last week's Australia-themed viewpoint was that private equity fundraising tanked in 2013, although there was a caveat.
That was then, this is now
From 2006 or thereabouts, Australia suddenly became the destination in Asia for GPs focused on leveraged buyout deals. In the space of 12 months, private equity investment in the country jumped from $2.5 billion to more than $16 billion.
Of the same mind
So now we know, or at least we are in a position to make an informed guess: Alibaba Group is worth $127.6 billion. Others would puts its value at north of $150 billion, but that’s not the point. More interesting is the process that led to this estimate...
Execution issues
Another week, another divestment by a Japanese conglomerate. This time it was Sony, which agreed to sell its personal computer business to Japan Industrial Partners (JIP) in a deal thought to be worth JPY40-50 billion ($394-493 million).
Battles averted?
No one emerged from the debacle at NVC Lighting Technology looking particularly good.
A new constituency
As one GP now puts it, sovereign wealth funds "are now the 1,000-pound gorilla in the room."
An issue of GP sustainability
Amongst the key issues raised at our AVCJ Forum last November was the fact that many Asian private equity firms lack a long-term business model for both their investments and themselves. This issue will become increasingly important as the industry continues...
Has Asian PE lost its mojo?
Rewind 14 months to the 2012 AVCJ Forum and LPs were lukewarm on Asia. Several institutional investors participating in panels said it was difficult to justify committing more than 10% of their private equity allocation to the region until risk factors...
Finding a voice
“When AIFMD came out in draft form a couple of years ago we engaged the Hong Kong government to participate in the process of seeking comment,” David Pierce, a partner at FLAG Squadron Asia and until recently non-executive chairman of the Hong Kong...
Cautious optimism in Taiwan
“We have prepared a statement if you want it.” Within minutes of a panel concluding at the AVCJ Taiwan Forum in September, a piece of paper landed in my lap from the American Chamber of Commerce In Taipei’s (AmCham) private equity committee, which...
Light at the end of the tunnel
Indian private equity has taken a beating in recent years. As the excesses of the industry’s overcrowded GP population catches up with the realities of a sluggish economy and a weakening currency, it is no surprise that fundraising has been slower in...
The expanding LP universe
Big LPs make all the headlines, whether it is a large commitment to a GP or participation in a mega deal. It is therefore easy to overlook the fact that the institutional investor community is a multi-faceted and expanding creature. This is particularly...
Voting opens for the AVCJ India Awards
Voting has opened for the 2013 AVCJ Indian Private Equity & Venture Capital Awards. The region’s private equity community has until November 22 to pay tribute to the leading fundraising, investments, exits, individuals and firms of the past 12 months.
Five trends worth watching
When we look back at 2013 it will probably be described as a slow year for Asian private equity. Statistics on all major PE activities in the region have fallen substantially.
Malaysia rising
It's been a few years since Southeast Asia, spurred by rising interest in Indonesia, emerged as the hottest region for LPs seeking private equity exposure. While the frenzy has eased recently, the region remains an attractive location, especially for...
All about Korea
More than 10 years and a host of bank turnarounds and corporate restructurings ago, South Korea was Asia’s most active private equity market. According to AVCJ Research, $3.1 billion was deployed in the country in 2000, comfortably ahead of second-placed...
Voting opens for the AVCJ Awards
Voting for the 2013 AVCJ Private Equity & Venture Capital Awards opens on October 16. The region's private equity community has until October 29 to pay tribute to the leading fundraises, investments, exits, individuals and firms of the past 12 months.
Will buyouts boss the 2013 India Awards?
India buyouts have crossed the $1 billion threshold in only two years since private equity first came to the country. Those years were, unsurprisingly, 2006 and 2007, the peak of the pre-global financial crisis boom, when total PE investment reached $7.7...
Burden of compliance
Alternatives fund managers have a mountain to climb, but they are confident of reaching the summit. This, broadly speaking, is the conclusion drawn from State Street's recent global manager survey, in which the regulatory obstacles facing the industry...