Opinion
Corporate carve-outs: Seller's dilemma
Private equity investors expect to see more divestments by Asian conglomerates, but a torrent of new deals is unlikely. Much rests on when the seller is confident enough to pull the trigger
Asia distress: Band-aids for corpses
Many companies are rolling liabilities forward, supported by accommodating government policy intended to maximize liquidity. It can't go on forever, but distress and private debt investors must be careful where they tread
Jio Platforms: India's giant in waiting
From Silver Lake to Vista Equity Partners to Facebook, international investors are flocking to Reliance Industries' internet and telecom platform. But can the business deliver on its undoubted potential?
Virtual realism: Realizing investments remotely
Does Capricorn Capital's recent acquisition of a Hong Kong corporate services business, which was negotiated and transacted via Zoom, represent the future of dealmaking? Only if due diligence processes are uncompromised
Australia superfund withdrawals: Double trouble
Allowing cash-strapped superannuation members early access to their pension savings is seen as an essential COVID-19 relief measure. But it may not be conducive to a long-term investment mindset
After COVID-19: Retail revolution?
Attempts to map out post-coronavirus outbreak developments in retail are complicated by uncertainty over the timing of the rebound and the extent of the role played by technology
Cross-border tech pollination: Mutually assured disruption
Southeast Asia and Latin America are trying to leverage complementary aspects of their start-up ecosystems, much like China and Africa before them. These endeavors are not as straightforward as they might seem
Coronavirus & take-privates: Opportunity knocks
With public equities prices sliding to multi-year lows across the region as a result of coronavirus disruption, GPs willing to take the leap might find value in privatizations
Storm warning: Investors prepare for macro difficulties
The coronavirus outbreak appears to be fast-tracking a long-expected economic downturn. The situation is very different from the aftermath of the global financial crisis, but PE investors may still draw instruction from the events of 2008-2009
Australian LPs and co-investment: Willing partners
The difficulties NZ Super encountered with its now-defunct global direct investment unit offer pointers for Australian LPs looking at how to resource and structure co-investment programs
Take-privates: Going large
Large GPs are screening public companies more carefully so they can get comfortable with elevated valuations for public-to-private deals. At what point does discomfort become the default option?
Australia PE: Mindful entry
The thinking behind EQT’s decision to open a Sydney office sheds some light on the need among investors to bring more than firepower to a pricey and competitive market
Coronavirus: PE impact assessment
Existing analysis of the impact of COVID-19 on PE and VC in Asia is largely based on anecdotes and incomplete datasets. A detailed prognosis must wait - and then the broader implications for consumption habits will take even longer to emerge
AI hype: Primeval posturing
Industry attempts to contextualize the advent of artificial intelligence as a key moment in the history of humanity risk overheating a market already on fire
Private credit: Untapped market
Recent industry feedback suggests middle-market companies across Asia will increasingly look to private credit to support future growth. Europe may offer clues as to how the expected uptake will unfold
China-US tensions: Adapting to malaise
China would suffer the most immediate impact of a technology decoupling with the US, but both sides would be damaged in the long-term in the absence of remedial action
PE industry associations: The advocates
Private equity’s increasing politicization globally and its expanding role in economies across Asia has put pressure on industry networking associations to do more in terms of public engagement
Impact investment: Gray areas
The notion of delivering measurable positive social and environmental impact while simultaneously generating risk-adjusted financial returns has struck a chord with many LPs. But impact strategies can still be a tough sell
Uncertain times: The outlook for Asia
Private equity activity is lagging in Asia across fundraising, investment and exits as a result of political and economic headwinds. But there is still appetite for new managers and strategies
Australia: VC in vogue
A handful of Australian superannuation funds have started investing directly in local start-ups as well as backing VC funds. Is buying a strip off one of these portfolios the next step?
China-US PE: Reverse princeling
When a US presidential candidate’s son with Chinese private equity connections stirs up accusations of impropriety, the questionable merits of princeling funds appear more muddled than ever
Australia IPOs: Best behavior
Public market investors in Australia have fallen out of love with private equity-backed IPOs. It's in the interests of both to get along, but they must find a way to rebuild trust
Family offices: The IT crowd
Asia's family offices have benefited by going big on growth capital and venture, leveraging technology trends in the region. However, not all family money is smart money
Asia fintech: Micro is big
The lowest common denominator is getting lower in financial services as technology reaches deeper into the sector. Investors must keep up to speed on business model evolution
