Opinion
Institutional investors: China access
Are concerns over trade and the economy causing US LPs to back away from Chinese private equity? The more pertinent question is whether - and how - they already have exposure to the market
Southeast Asia tech: Strategic incursions
Strategic investors are jockeying for position in Southeast Asia's blossoming technology space, hoping to gain a foothold with local start-ups before the market reaches a saturation point
Japan fundraising: Getting bigger
Will the rapid increases in fund size for the likes of Japan Industrial Partners and Polaris Private Equity turn out to be the exception or the rule in Japan's middle market?
China-US tensions: Foggy flashpoints
Rhetoric shaping the debate over China's ambitions to become the prime mover in global technology - and what the US could do in response - reflects the geopolitical significance of the issue. Private equity investors are not immune to its impact
Australia take-privates: Logical targets
Private equity firms will large pools of capital to deploy are finding plenty of targets among listed - and potentially undervalued - companies in Australia and New Zealand
China distress: Second cycle
Investors are looking to capitalize on the China distress opportunity, and recent activity in around non-performing loans suggests there will be enough deal flow to sate their appetites
Asia start-ups: Global reach
Asian start-ups are under increasing pressure to head off competition by pursuing global expansion agendas in their earliest stages of development. They must pay careful attention to social disparities
Macro uncertainty: Mind games
A maze of strategies, philosophies, and preconceptions is underpinning a sense of confidence among alternatives investors as global economic uncertainty mounts. It must be navigated carefully
Testing China: Openings in a downturn?
With the health of China's economy deteriorating, private equity investors have every reason to expect to see plenty of opportunities to deploy capital in 2019
Five trends for 2019
AVCJ looks at how its 2018 predictions turned out and identifies some key themes for the year ahead
PE and SMEs: Southeastern bind
Difficulties connecting private equity investors with small to medium-sized enterprises in traditional industries remain a key barrier to growth in Southeast Asia. Novel approaches will be necessary
Evolving India: Sophistication on demand
India's private equity market has reached a new level of maturity, and GPs must show they can keep pace with increasingly sophisticated entrepreneurs and LPs' expectations for returns
Deal sourcing: Priority access
While proprietary deals are not always possible in Asian private equity, there are many ways for GPs to gain an edge even when competing with multiple bidders for the same asset
Australia take-privates: Super show
AustralianSuper is supporting BGH Capital - a portfolio GP - on privatization bids for two companies in which the superannuation fund is an investor. Is this a new model for GP-LP partnerships in Australia?
Chinese corporate-PE partnerships: Meeting of minds
Collaborative deals between private equity firms and Chinese strategic players reflects the more diverse range of corporates seeking outbound deals - and also a recognition among GPs that they need help growing newly-acquired assets in China
Asia fundraising: The $10b club
Hillhouse Capital has broken the record for Asia private equity fundraising by collecting $10.6 billion for its most recent vehicle. But how will the firm put all this money to work?
China technology: Burnout
Questions about the sustainability of Meituan-Dianping's expansion strategy suggest that even newly listed unicorns are not immune to the changing sentiment in China's technology sector
Korea buyouts: Local edge
Private equity firms must double down on local networking, due diligence, and value-add capacity as competition for deals intensifies in the Korean buyout market
China PE: Exit issues
Chinese GPs appear to be reevaluating their exit options as a shifting landscape for local IPO and trade sale markets suggests economic concerns and increased scrutiny
Trending China: On technology, trade and millennials
A few China-related observations, largely influenced by AVCJ’s recent special issue on how PE is responding to technology, a white paper released by Henry McVey, KKR’s head of global macro and asset allocation, and Sino-US trade rumblings
Technology risk: Big brother
Advanced technologies experiencing rapid commercialization such as artificial intelligence will be subject to a range of social and regulatory risks. Investors must not ignore the debate on ethical deployment
Sovereigns in alternatives: Watch the throne
Sovereign wealth funds are said to be pulling back from unlisted assets, a move motivated by intense competition and high valuations, as well as target allocations being reached
China tech: Speedy returns
The emergence of a younger generation of Chinese consumers willing to pay for online content and services has shortened the path to profitability - and perhaps to IPO as well - for some start-ups
Singapore VC: Filling the gap
Investors are pursuing a number of strategies for addressing Southeast Asia's late-stage VC funding shortfall