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With dry powder and valuation multiples at record highs, and fund sizes becoming ever larger, concerns about the amount
of capital entering private markets are rife. But fund managers argue that they are no longer wedded to traditional cycles
as evidenced by product offerings becoming more diversified, greater variety in fund terms and time horizons, and more
innovative approaches to returning capital. Our experts contemplate the state of the market and what happens next.
Investment in the region reached a new high in 2017 due to a surge in mega deals, with corporate divestments, publicto-
privates, and late-stage rounds for technology start-ups the major trends. However, intensifying competition in certain
segments means GPs are paying more for assets. They must therefore drive greater transformation during the ownership
period – through aggressive value-creation initiatives and ambitious bolt-on acquisition strategies – to meet return
expectations. Our Asia experts share their secrets for success.
Asia’s middle-market remains an attractive proposition for buyout and growth capital investors. Opportunities, almost
regardless of country, are based on founders and management teams recognizing that third-party capital and expertise
can help them address a challenge: it might be succession planning, cross-border expansion, modernization, or product
line revitalization. Success in this space is contingent on being able to identify the right companies and then forge strong
partnerships with them. Our panel discusses industry best practices.
Venture capital has a loyal following among LPs globally, but the prospect of getting early exposure to technologies that have
the potential to be both lucrative and life-changing is drawing capital from a wider variety of sources. At the same time, deal
sizes and company valuations have increased across all stages, raising questions as to whether managers can match the
performance of previous vintages. Our panel of investors assess the current state of affairs.
Investors anticipate a proliferation of distress and restructuring opportunities in Asia, notably as China and India seek remedies
to their non-performing loan (NPL) problems. It’s not just a developing markets story, with greater interest in the likes of South
Korea, Australia and Japan as well, but the execution challenges are similar wherever one goes. Local knowledge is vital in
navigating the regulatory environment and finding the right partners. Our panel debates how to access opportunities.
As the Chinese economy matures, so does the private equity opportunity set. Technology, consumer, and services – including
hotspots like healthcare and education – are the primary areas of interest, and valuations reflect that. But the real draw for investors
is the greater availability of buyouts as founders retire, corporates divest, and management teams seek third-party assistance. GPs
must demonstrate they have the skills to take advantage of a changing economy. Our panellists offer their insights.
The underlying fundamentals that make China’s healthcare sector attractive are unchanged: rising disposable incomes,
changing demographics, and supportive government policy. As a result, it remains popular among investors, even though
valuations and a limited number of quality assets have made areas such as hospitals more complicated. GPs are also looking
more closely at the pharmaceutical segment, with a handful of drug developers raising sizeable rounds as their products edge
towards commercialisation. Our sector specialists discuss.
The institutional landscape has become distorted in recent years as the size and scope of the investor community has
widened, but the primary consideration for all LPs is still generating returns. They have to decide what is the best fit for their
resources and risk appetite, whether it is small commitments to a range of funds or a concentrated portfolio with a focus on
co-investment. Our panelists offer insights into their decision-making processes.