Southeast Asia Beckons - investors are launching funds to target opportunities in SE Asia
16/01/2008. The 1997-1998 Asian Financial Crisis (‘Crisis’) has left a long shadow on the economic prospects of Southeast Asia. Until few years ago, it was a rather far-fetched idea to raise a multimillion dollar fund for any market in Southeast Asia. But investors are responding to the region’s economic boom.

State of the Asian Private Equity Markets
31/10/2007. This seems to be the time to be invested in Asia and Asian private equity proves no exception. To distinguish myth from reality and to identify the opportunities available, SCM has undertaken an extensive study of the private equity markets in the Asian region. Using a wide range of contacts including a host of relationships to GPs active in the region SCM has tried to assess whether love will turn to losses again or whether Asia will meet investors’ expectations this time.

Private equity in Sri Lanka: an exploration of history, need, and opportunity
11/07/2007. Despite having a resilient top-performing global public equities market (in the face of a 24-year war), one of the most favorable legal frameworks in South Asia for conducting business, and with private equity flooding into neighboring India, Sri Lankan private equity is under-developed and near non-existent. At present, says Arvind Navaratnam, there are only three operational domestic corporate private equity firms (in both buyout and venture capital) in Sri Lanka: Aureos Capital, Equity Investments, and Lanka Ventures.

Charmed by the East
04/07/2007. Funds of funds are mushrooming in Asian private equity, says APER. Excitement stirred in the Asian private equity fund management industry when Asia Alternatives Management LLC announced the final closing of its maiden Asian fund of funds. Asia Alternatives Capital Partners LP greeted the industry with a final size at US$515m and took the crown as the largest Asia-focused fund of funds.

Barrels of capital
09/05/2007. Islamic financing is gaining momentum in Southeast Asia, says the Asia Private Equity Review. Rising oil prices have changed the dynamics of global financial markets. Capital from the Islamic nations, principally those in the Arab Gulf States, is fast becoming a third main stream, as investors from these countries venture outside their desert kingdoms. In Southeast Asia, home to the largest population of Islamic advocates, the rising profile of such financing is becoming increasingly conspicuous, with Malaysia being the centre of action.

Asian infrastructure gains investors’ growing interest
11/04/2007. Infrastructure assets are fast assuming a pronounced profile in Asian asset class as investors are showing keen interest to infrastructure financing, says the Asia Private Equity Review.

Private equity in Pakistan: an overview
14/03/2007. Pakistan with its limited institutional private equity activity offers long-term capital appreciation through investment in undervalued companies during its catch-up growth phase, says Moeen Khawaja of Pakistan-focused private equity house JS International.

Big is beautiful
14/02/2007. Big is beautiful? This seems no longer true for private equity, at least for the time being, says the Asia Private Equity Review. With each day bringing a new record for either the size of a fund or a deal, private equity has been capturing headlines in global financial publications. Yet, along with the publicity, is the relentless scrutiny by the press of all aspects of private equity management.

The new breeds
06/12/2006. Two different profiles of private equity managers are emerging in China and Indian, says APER, while, they discover, the Asian private equity party is still in full swing.

Guide to mergers & acquisitions: Indonesia
18/10/2006. Indonesia's jurisprudence is based on the European civil law system, says Baker & McKenzie. This difference, from many other jurisdictions in the region, together with ongoing regulatory changes, requires careful consideration of the issues that arise in mergers and acquisitions.

Guide to mergers & acquisitions: Malaysia
30/08/2006. Although the legal framework for merger and acquisition activity in Malaysia is relatively straightforward, says Baker & McKenzie, administrative processes complicate matters, both for prospective acquirers and vendors. In particular, the regulatory approvals process can often be fairly lengthy and involve several regulatory bodies.

Guide to Mergers & Acquisitions: The Philippines
23/08/2006. Acquisitions are the most common form of mergers and acquisitions transaction in the Philippines, says Baker & McKenzie. These acquisitions are generally done through full or partial acquisition of shares or assets of the target company. The Philippines also recognises the concept of a merger or consolidation.

Vietnam – new investment law
23/08/2006. Vietnam’s new laws on Investment and Enterprises came into effect on 1 July 2006, says Freshfields Bruckhaus Deringer. Both laws represent an attempt to unify the investment landscape in Vietnam for foreign and domestic investors. However, a truly common legal framework has not yet been achieved in all areas.

Guide to Mergers & Acquisitions: Vietnam
02/08/2006. The purchase of a business in Vietnam can take a number of different forms, says Baker & McKenzie. There are two techniques to acquire a business in Vietnam, either through a transfer of legal capital (the rough equivalent of shares) or through a merger, consolidation, division or separation of a business.

Vietnam private sector obstacle status report
19/07/2006. This report from Mekong Capital covers the obstacles that face private companies in Vietnam, as well as general partners backing private companies in Vietnam.

Asia-Pacific M&A
02/05/2006. PricewaterhouseCoopers' Asia-Pacific M&A report presents an optimistic view for M&A activity in 2005. Contributors to the Asian markets' momentum have become more widespread, with countries such as India, Indonesia, Malaysia and Singapore all showing increases in transaction volumes and values.

Asia Pacific VCPE newsletter
25/04/2006. This issue of Baker & McKenzie's Asia Pacific private equity and venture capital newsletter discusses the use of equity swaps in Australia, the procedures for offshore investments by PRC residents in China, the Exchange Control Act in Malaysia, and the proposed amendments to CDP rules and procedures in Singapore.

Return of a Public Affair
07/12/2005. Publicly-listed private equity funds are making a comeback, says APER, although in different Asian markets this time

To control or not to be controlled
19/10/2005. For Asian buy-out investors, taking 'control' has not only breathed life into ailing companies, but it has yielded tremendous returns. The divestment results in the first half of 2005 are a testimony of the bountiful private equity harvest - but there are hurdles, says APER.

M&A in the Philippines
16/08/2005. Both the mining and call centre sectors are likely to be the key drivers of investment and M&A activity in the short to medium term in the Philippines, says PricewaterhouseCoopers.

Energy, utilities & mining - a regional outlook
27/07/2005. In line with global trends, many of the major Asian regional players have indicated their preferences to expand into the contiguous areas and markets, primarily though mergers and acquisitions, says PricewaterhouseCoopers in their Asia-Pacific M&A Bulletin.

When the chips are down
22/06/2005. China's semiconductor industry, especially SMIC, faces more than a cyclical downward trend at a time when global demands for chips slow, says the Asian Private Equity Review.

Developments in tax incentives for Malaysian venture capital companies
31/05/2005. In Malaysia, three legislative Orders were issued recently that amended the tax incentives for venture capital investments introduced in 2001, says Baker & McKenzie.

M&A in Malaysia
25/05/2005. The market for new IPOs in Malaysia has improved, says PricewaterhouseCoopers. The first three quarters of 2004 saw 49 IPOs valued at $534 compared to the 31 IPOs with a value of $143 million which took place during the corresponding period in 2003.

Asian Private Equity in Solid Rebound
12/04/2005. Asian private equity attracted US$6.5 billion in 2004, the highest amount since 2001, according to Centre for Asia Private Equity Research Ltd., which publishes the trade journal, Asia Private Equity Review.

North and South
29/03/2005. Asia's roaring economic growth is providing private equity investors with an array of growth capital opportunities, finds the Asia Private Equity Review. Although companies in China have been keenly courted by private equity investors, Southeast Asian companies are far from trailing behind.

M&A in Indonesia
09/03/2005. The appointment in October 2004 of Mr Susilo Bambang Yudhoyono as Indonesian president has brought optimism for the region's M&A activity, says PriceWaterhouseCoopers. They consider the current environment, deal activity and the outlook for the future.

Focus Point: Asia
11/01/2005. China’s economy has been growing by around seven percent a year for a decade. One thing is certain, says Ernst & Young: such expansion creates many capital hungry companies – and a few issues executives must address and investors must look out for.

Advent of Corporate Investors
14/12/2004. Venture capital in Asia is back in the spotlight as a growing number of global corporate investors commit to Asian funds, says the Asia Private Equity Review.

Asian Fund of Funds Flowering
09/11/2004. The launch of two new Asian funds of funds underscores a groundswell of global institutional interest in Asian private equity, says the APER. They argue the time appears to be ripe for establishing Asian private equity fund of funds.

Liquidity Pursuit
01/11/2004. A long list of private equity-backed companies are planning IPOs that will further define Asian private equity's 2004 performance, says the Asia Private Equity Review.

Das Venture Kapital
27/09/2004. European corporate venture capitalists are taking an increasingly active interest in Asia. Some are even planning on opening offices in the region in the near future, according to the Asia Private Equity Review.

Asian technology venture capital investing: The pan-continental approach
31/08/2004. China has attracted a great deal of attention from both venture capital firms and limited partners in recent months. But given the robust macro tech sector trends that have also emerged elsewhere in the region, the funding gaps that exist and the pricing differential between capital market cycles in the leading Asian markets, it makes sense not have a China-only strategy in Asia venture investing, according to Denis Tse of HSBC Private Equity Asia.

Israeli VC activity in Asia
22/07/2004. The Israel Venture Capital Journal asks five leading Israeli venture capital firms that operate in Asia for a perspective on their activities in the region and how they consider them to contribute to their overall portfolios.

Asian investors target Israel
19/07/2004. Most Asian investments in Israeli venture are made with little fanfare, but are growing in number and importance as these investors strive to gain a foothold in Israel's technology market, according to Nicky Blackburn of the Israel Venture Capital Journal.

Dawn of debt
07/07/2004. For more that 15 years, both the Asia Development Bank and the International Finance Corporation have been the champions of development financing in Asia. In the last two months, these two steadfast supporters of the Asian private equity industry have broadened their focus and assumed the role of anchor investors in two debt funds, according to the Asian Private Equity Review.

Guide to mergers and acquisitions in Asia
27/05/2004. The Asian M&A market, like its global counterpart, has been through a tough three years. There are, however, encouraging signs that these challenging times, coupled with parallel political and economic developments, have left the market superbly positioned for a robust and long-term revival in activity, according to Freshfields Bruckhaus Deringer.

Aligned interest
10/05/2004. The reality of corporate governance and the folly of those who downplay its importance are beginning to be taken seriously by Asian companies that are intending to seek public money, according to the Asia Private Equity Review.

Informality and the playing field in Vietnam's business sector
04/05/2004. Private sector growth will be key to maintaining the dynamism of the Vietnamese economy, according to the International Finance Corporation. Above all, private enterprises need space to grow. Regulations that run counter to the logic of normal market practices, that give entrepreneurs few opportunities to enter into contractual relationships, or that penalise them for market success must be avoided at all costs.

Coda for Consolidation
19/04/2004. The number of fund sponsoring groups withdrawing their Asian private equity programmes, or diluting their exposure to the asset class, has fallen to a handful in the year ending March 2004, compared to 16 in the previous 12 months. But it may be premature to celebrate the conclusion of the industry's consolidation movement in the region, as institutional investors' stance towards Asian private equity is notoriously fickle, according to the Asia Private Equity Review.

Southern horizons
02/03/2004. Southeast Asia and the Indian sub-continent are attracting increasing attention from private equity investors. Significant increases in investment activity and fundraising are heralding a return to the South, according to the Asia Private Equity Review.

Silicon Valley smiles again on Asia
03/12/2003. Silicon Valley private equity professionals are increasingly optimistic about investment opportunities in Asia, according to Rebecca Fannin of the AVCJ. Improved exit conditions, competitive engineering resources and lower cost structures in Asia’s technology market are among the reasons cited for a renewed interest in the region.

Asia’s private equity industry
12/11/2003. European private equity firms are increasingly looking towards investment opportunities in Asia. Hong Kong remains the most popular destination, followed by Australia, Japan, India and China, according to Dan Schwartz of the Asian Venture Capital Journal.

Investing in life
29/10/2003. In the year ending June 2003 there were three substantial biotechnology funds raised in Asia, amounting to $50.5m. Although just a fragment of the industry's colossal $100bn global capital pool, this still represents a near three-fold increase on the previous year, according to the Asia Private Equity Review.

The Asian attraction
22/10/2003. The scaling back of activity in Asia by European private equity firms in recent months has left a wealth of opportunities for those that remain. Western funds should be targeting buy-outs, business process outsourcing and tech investments, argues the Asian Venture Capital Journal.

M&A Review for Asia - 2003
15/10/2003. Mergers and acquisitions activity in Asia (excluding Japan and China) has declined in the 12-month period to the end of September 2003 compared to the previous year. Dealogic provides a detailed analysis of the M&A market in the region during this period.

REITS make the scene in Asia
01/10/2003. There has been a global rise in the number of Real Estate Investment Trusts (REITS), particularly in the Asian markets. Such funds can offer returns of around six or seven per cent. But are private equity firms interested in such investments? Not with those returns, argues Joel McCormick of the AVCJ.

Take West and take East
23/09/2003. The late nineties Asian financial crisis provided Western private equity firms in Asia with an attractive source of deal flow in the form of turnaround transactions. But as the market matures, firms are increasingly looking at acquiring stakes in profit-making Asian businesses, according to the Asia Private equity Review.

The Indian power sector
17/09/2003. India's power sector has undergone a series of fundamental reforms during the last decade. The result, according to Freshfields Bruckhaus Deringer, is that the industry has become increasingly attractive to foreign investors.

Getting nowhere: private equity in China
09/09/2003. The structure of the Chinese venture capital market is very different to its western counterparts. Jonathan Zhou of Fangda Partners examines how the region's market is structured and how this has contributed to its current state.

The Alternative
02/09/2003. The rapidly maturing Malaysian private equity industry may represent a lucrative alternative to the Japanese market for investors in Asian private equity, according to the Asia Private Equity Review. Malaysia raised $211m in the first half of this year, exhibiting considerable growth despite challenging economic conditions.

The power of transparency
27/08/2003. Investors in Asian private equity have persistently misjudged the impact of this emerging market's poor governance and ineffective legal system. Changes must take place at all levels if Asia is to follow the lead of private equity markets in the US and Europe, according to the Asia Private Equity Review.

The state of Asian private equity
12/08/2003. The Asian private equity market is at a critical juncture, where opportunities abound but global issues have forced fund managers to reassess their strategies. Dan Schwartz and David Leidl of the AVCJ discuss what lies ahead for the region's private equity industry.

Structuring private equity deals in Asia
05/08/2003. Investors in the Asia-Pacific region often prefer to operate via offshore funds, which are established under tax concessionary regimes or in countries that impose little or no tax. Here, Guy Ellis and Iris Cheng of PricewaterhouseCoopers discuss some issues that arise when structuring a private equity transaction in the region.

The Asia-Europe Connection
02/07/2003. European venture capitalists find themselves far less visible in the current Asian market than their US counterparts. What accounts for this relative scarcity? David Leidl and Daniel Schwartz of the AVCJ investigate.

Asia-Pacific private equity at the cross roads
18/06/2003. The Asia-Pacific region's private equity industry is gathering momentum as opportunities for investment arise and the industry increases in professionalism. Jim Woods and Tony Mitchell of PricewaterhouseCoopers discuss the findings of a recent private equity survey for the region and assess how the industry might shape up in 2003.

Ringing in the rupees
04/06/2003. The global telecoms industry is characterised by negative news at the moment. Yet the sector in India seems to be bucking the trend. It is growing at an alarming rate and is also attracting foreign investment, according to VG Kulkarni of the AVCJ.

Institutional Investor Perspectives Toward Asia Private Equity
04/06/2003. The volatile Asian private equity industry is experiencing tough times but surveys suggest that institutional investors intend to increase allocation to the asset class in the region nevertheless. Denis Tse of INSEAD provides a qualitative analysis of the market and what it takes to succeed in Asian private equity.

The Asian health crisis: a report from the frontlines
28/05/2003. The private equity industry is not immune to the devastating effects of the SARS (Severe Acute Respiratory Syndrome) virus. Brian McLeod and Allen Lee of the AVCJ discuss how the Asian venture capital industry is managing to cope in its wake.

Investment Funds Chinese Style: China's revised private equity rules
28/05/2003. Initial attempts by the Chinese government to promote China's venture capital industry, made in 2001, fell well short of what was required to encourage large scale international investment. This year the rules have been rewritten. Debevoise & Plimpton provides a detailed overview of the regulatory reform and how it will facilitate access for global private equity firms wishing to invest in China.

The CSRC's ‘No Objection' letter: continuing uncertainty for venture capitalists looking to exit from PRC investments through the Hong Kong capital markets
30/04/2003. One possible exit avenue for investors in Chinese venture capital is the Hong Kong stock exchange. But, say Barbara Mok and Michael Chin of Jones Day, the China Securities Regulatory Commission must provide a ‘no objection' letter before a non-People's Republic of China can list in Hong Kong.

White paper on small and medium enterprises in Japan: The age of the local entrepreneur - birth, growth and revitalization of the national economy
23/04/2003. The importance of entrepreneurialism to the recovery of the Japanese economy is recognised by the Japanese government, which supports the Japan Small Business Research Institute. This report, first published in September 2002, highlights recent trends among small and medium-sized companies in the continuing recession.

Foreign direct investment - a market overview and discussion of opportunities
16/04/2003. The Asian financial crisis of the late 1990s has in the long term had positive effects on the Korean economy, particularly from the point of view of foreign investors, argue Timothy O'Brien and Edward Kim of Coudert Brothers. The government made various legal reforms to encourage direct investment from overseas, some of which are explained here.

Can't hide it no more
16/04/2003. The global transparency debate will continue to reverberate in 2003 as the economic climate looks unlikely to improve. Rebecca Fannin of the AVCJ examines what the issue means for the Asian venture capital industry.

Powering up the power industry
16/04/2003. China's State Council recently approved a structural reform plan for China's power industry. It is expected that this development will open the door to more foreign investment. Petrina Tam and Kai Jiang of PricewaterhouseCoopers discuss the reforms and the potential modes of entry for foreign investors.

China notes January 2003
09/04/2003. It's essential for investors interested in making a commitment to the Chinese market to be aware of the complexities of Chinese tax and regulatory environment. Freshfields Bruckhaus Deringer's China Notes provide a useful background.

The Good Earth
02/04/2003. A swelling pool of Chinese privately owned enterprises may provide an exciting prospect for investors willing to risk the inherent dangers of this rapidly developing emerging market. Asian Private Equity Review balances the positives of an unprecedented level of consumer purchasing power and multi-national trade sale exit opportunities with the negatives of a convoluted regulatory system and underlying corruption.

Finding warmth in the nuclear winter
19/03/2003. In tough times, and with greatly reduced IRR expectations, the Asian venture capital market has witnessed institutional investors concentrating more on top-quartile general partners. David Leidl of the AVCJ discusses what this means for the industry.

Under the microscope
19/03/2003. As with other private equity markets, the information that is publicly available about Asia tends to be quantitative rather than qualitative. This, according to Jim Woods of PricewaterhouseCoopers, has prevented critical discussion about the quality of the deals being done.

The Investors' Relationship
12/03/2003. The importance of the LP-GP partnership has long been recognised by players in the industry. But, as Asia Private Equity Review points out, this relationship has become increasingly strained over recent months as returns have fallen and tempers have shortened. In the Asian arena, fund managers are exploring the options for improving relations and enticing more investors into the region.

Foreign investors on a slow boat to China
26/02/2003. Recent regulations introduced in China have served to promote the venture capital industry to foreign investors. The China Venture Capital Association discusses the current state of the market in the region and assesses the opportunities for overseas investors.

Proposed new merger approval laws for Hong Kong's telecommunications industry
25/02/2003. In 2002, the Hong Kong government released its proposed merger regulatory regime and has shifted a fair way from its original proposals. Peter Waters of Gilbert & Tobin assesses the impact of the new regulation on the region's telecommunications industry and, ultimately, what it will mean to investors.

Enhancing the Value of Japanese Companies: Some Practical Advice for Private Equity Investors
19/02/2003. Japan continues to suffer from slow growth due to the poor domestic economic situation and a world economy that continues to teeter on the brink of recession. As the Japanese economy continues to sputter, many of the companies that were on a worldwide buying spree in the 1980s are now struggling simply to maintain profitability, say Mark A Guidi and Russell J Taylor of PricewaterhouseCoopers. This situation has had a tremendous impact on many Japanese companies' value and their ability to compete in the global economy.

2002: the good, the bad, and the what's next?
19/02/2003. The private equity market in Asia in 2002 was characterised by reluctance on the part of investors to commit capital, demanding instead public disclosure of performance figures. Allen Lee of the AVCJ discusses the market in 2002, arguing that it was not all bad news, and providing an outlook for 2003.

MBO - coming of age in China
04/02/2003. MBO fever is raging in China as Beijing further liberalises its protected economy. The Asia Private Equity Review provides an overview of the current status of the market, as well as future challenges.

Revitalisation pills
14/01/2003. Restructuring funds are becoming more popular in Japan. With loan defaulting on the increase, the Development Bank of Japan is seeking to ensure that the economy is not hit harder than necessary by allocating capital to both local and foreign institutions willing to acquire Japanese assets, points out the Asia Private Equity Review.

Taiwan VC: global force, regional player - or pacing the sidelines?
07/01/2003. The development of the venture capital industry over the last two decades was as apparent in some of the smaller markets as it was in those of the US and Europe. Taiwan, for instance, experienced significant growth in this time. It is now a very different landscape. Daniel M Schwartz of the Asian Venture Capital Journal discusses the rise of Taiwanese venture capital and its future outlook.

China notes (June 2002)
18/12/2002. Freshfields Bruckhaus Deringer's China Notes provide a background for investors interested in moving into a market notorious for its complexity, corruption and – conversely – rich opportunities.

China notes
03/12/2002. China remains a conundrum to many foreign investors. But its vast size and rapid economic growth seem to indicate that China will be a source of rich opportunities for those private equity firms prepared to take the risk. In the July/August edition of China Notes, global law firm Freshfields Bruckhaus Deringer gives an update on legal developments in China.

People's Republic of Capital
26/11/2002. China has been embracing Western-style capitalism with increasing enthusiasm in recent months, as evidenced by the recent formation of the China Venture Capital Association. Julie Landry of Red Herring discusses what the creation of this association will mean for the region.

White paper on small and medium enterprises in Japan: a wake-up call to small business - building a self-sustaining enterprise
26/11/2002. Japan may not strike investors as particularly innovative at first glance. On top of the business culture, which is perceived to be unfriendly to start-ups and new businesses, the stagnant economy and apparent inability of the Japanese government to initiate reforms, have all put off foreign investors for some years. But in January 2001 a new ministry, the Ministry of Economy, Trade and Industry, was set up. This White Paper, the first to be published by the new ministry and written by Japan Small Business Research Institute, finds that conditions for small businesses and start-ups are gradually improving.

Challenges and opportunities in the private equity industry
26/11/2002. Times are tough for venture capitalists, with a continued decline in fundraising and the route to exit all but closed off. Amitava Guharoy of PricewaterhouseCoopers gives an overview of the uphill struggle that faces venture capitalists, particularly in the Asian region, and gives some ideas on how to ride out the storm.

A tune-up for China's auto industry
22/11/2002. Global carmakers can not only manage their costs and capital better by contracting out the manufacture of whole vehicles to Chinese companies but also work their way toward an even more valuable endgame: building Chinese automakers into a global manufacturing resource.

Is Asia exciting European investor interest?
20/11/2002. European investors have been much slower at entering into the Asian venture capital market than their counterparts in the US. Yet their interest is mounting, particularly in China and Japan. David Porter of the AVCJ argues that European investors could miss out on a wealth of opportunities if they don't act soon.

Investing in life sciences - things for VCs to look out for
12/11/2002. Biotechnology has become the hottest topic around for private equity investors. Yet investing in the sector must not be undertaken lightly – especially in emerging markets. CMS McKenna discusses these issues for the Chinese venture capital industry.

Recent Trends in Private Equity
05/11/2002. The Japanese MBO market has grown rapidly in the past 18 months. As many Japanese companies are forced to undergo drastic restructuring and are spinning off non-core businesses, deal flow is extremely robust. Ross Kerley and Russell Taylor of PricewaterhouseCoopers give an overview of recent developments in Japan, which appear positive for the future of the private equity industry.

Bollywood breaks loose
05/11/2002. Until recently, private equity firms have shied away from investing in the Indian media sector – it was heavily restricted by regulations on foreign investment and was an untidy and disorganised sector. VG Kulkarni of the Asian Venture Capital Journal discusses the sector's phenomenal growth and the opportunities now abounding.

Solving PRC legal issues to minimise risks for private equity investors
23/10/2002. China has recently opened its doors to foreign private equity investors but there still remain several hurdles to overcome. Luke Filei of CMS Cameron McKenna discusses some of the legal issues affecting overseas investors, including those in the private equity arena, in their investments in China and suggests some practical solutions for those issues.

The hard road ahead
16/10/2002. The Asian markets have been unable to escape the downturn that is being felt in all other areas of the world, although maybe not to the same extent as larger markets such as the US. It is the first time that venture capitalists in the region have had to stare at negative returns of 32 per cent. David Leidl of the AVCJ discusses the state of the market and concludes that Asia does not look too bad on a relative basis.

Private equity and venture capital
08/10/2002. The number of venture capital firms in Korea has grown rapidly over recent years. In 1999 and 2000 a total of 91 were set up. However, the unsatisfactory performance of these firms, allied with high-profile prosecutions for stock price manipulation and other crimes, has led to restructuring in the venture capital industry, say Wonkyu Han, Je Won Lee and Song Il An of Lee & Ko. This overview of the Korean private equity and venture capital industry details the various laws and regulations that apply for investors looking to invest in venture, such as venture investment partnerships, individual investment partnerships and securities investment trusts.

China is viewed as a source of profits - and frustration
01/10/2002. After China's admission into the WTO this year, and taking into account its economic growth rate of eight per cent a year, China has become a country with real potential for a venture firm willing to brave the administrative problems and widespread corruption, argues Beth Healy of the Boston Globe. There are still problems with entry into such a difficult market, not least of which is the formative capital markets which make the outlook for exit opportunities uncertain. But one or two US firms have opened Chinese offices, including IDG, Vertex Venture Holdings and KLM Capital Group.

On the VC horizon: business opportunities for VC funds in the Asia-Pacific region
17/09/2002. The Asia-Pacific region has enjoyed a surge in interest from investors in recent months as the opportunities in the region become more apparent. Yishai Klein of Giza Venture Capital assesses four countries that are prominent in the industry – China, South Korea, Taiwan and Singapore.

China issues long-awaited rules on foreign investment in fund management companies
10/09/2002. China, long predicted to offer rich venture capital opportunities, has traditionally been a difficult arena for foreign investors. But the China Securities Regulatory Commission has issued rules that clarify what is and is not feasible. Vivienne Bath and Cecily Pang of Coudert Brothers point out the most important issues.

Venture capital firm internationalization and monitoring investees: the case of India
09/09/2002. In this exploratory paper Mike Wright, Sarika Pruthi and Andy Lockett at the Centre for Management Buy-Out Research look at the differences between foreign and domestic venture capital firms in India, and find that they have different ways of adding value to the high-tech firms they are funding.

New map for foreign venture capital investments in China
04/09/2002. China's accession to the World Trade Organisation and recent changes to regulations governing foreign investment have opened up new opportunities for venture capital investors. CMS Cameron McKenna discusses the new regulations that are now in place and how they may affect the region's venture capital landscape.

India shifts gears to IT and outsourcing services
21/08/2002. The Indian venture capital industry is a constantly evolving landscape as investment into the region shifts from sector to sector. The domestic technology market is currently enjoying enormous growth. David Leidl of the AVCJ discusses the trends of the current market and offers a word of caution to those investors who are contemplating jumping on the bandwagon.

‘Informal' entrepreneurship is the key to China's success
19/08/2002. China's economy continues to thrive despite an absence of sound financial and legal systems. This is largely due to the country's dependence on ‘informal' structures and the growth of entrepreneurship in the region. But, warns Knowledge Wharton, entrepreneurship is very different in China from that in the US and Europe and therefore traditional Western models do not always apply.

Overview of foreign investment in Korea
05/08/2002. Lawyers from Korean law firm Kim & Chang discuss the regulatory regimes and considerations for overseas investors in Korea. There are various structures available that should be considered before making any investment.

Asia's Silicon Valley
05/08/2002. Is the Silicon Valley experience transferable to Asia? Many of the panellists in this discussion agree that it is, but that there are plenty of improvements needed first – deregulation, improved education and greater encouraged for entrepreneurs were all cited.

Management buy-outs in Asia
30/07/2002. Management buy-outs are a prominent feature of the global private equity market, especially in the US, the UK and parts of Europe. They have also showed signs of taking hold in Asia but they have not yet fulfilled expectations in the region. CMS Cameron McKenna gives an overview of management buy-outs and assesses the benefits that they could bring to the Asian market.

Global Entrepreneurship Monitor - India
29/07/2002. India's culture, with its social organisation, is often identified as the reason for the country's slow rate of economic development and low level of entrepreneurial activity. This study commissioned by the Global Enterprise Monitor and conducted by the Indian Institute of Management looks at what steps must be taken to foster a spirit of entrepreneurship.

Distressed asset investment in Asia
23/07/2002. In addition to the more glamorous history of venture capital investments in technology-related enterprises, one of the roots of the private equity industry is in the less flashy but often more profitable area of investment in distressed assets. William Hay of Lovells looks at the opportunities available in Asia.

Greater China regional venture capital survey 2002
23/07/2002. China's venture capital industry is undergoing development and is showing some very positive signs. The second Greater China regional venture capital survey from CMS Cameron McKenna reflects some interesting trends in the market and demonstrates the potential that China offers for this year and next.

Regulation of mergers and acquisitions in the Hong Kong telecoms sector
16/07/2002. On 15 May 2002, a bill intended to regulate mergers and acquisitions in the telecommunications market was presented to the legislative council in Hong Kong. Freshfields Bruckhaus Deringer discusses the new regulations and the effects they may have.

Venturing in China's internet market
15/07/2002. The Chinese government now actively promotes the internet, and e-commerce in particular, say Yongfu Li and Aili Zhao of Cameron McKenna. It recognises the technology as a way of improving efficiency and sharpening the competitive edge of companies, particularly state-owned enterprises. In addition to government encouragement, investors can expect rapid expansion in the sector, with turnover increasing from $94.6m to $1.2bn over the coming year.

The China syndrome
10/07/2002. China's entry to the World Trade Organisation will bring about some massive changes – many of them to the overseas investor's benefit. Its private equity pool has grown to over $24bn and its government is eager to promote the industry. However, as David Leidl of the AVCJ discusses, while offering a multitude of benefits, investors must also be cautious of the inevitable pitfalls.

M&A in Japan
10/07/2002. M&A activity in Japan has increased dramatically in recent months. Management buy-outs, the foreign acquisition of ailing Japanese companies and hostile take-overs have all seen their numbers rise although Japanese companies, often backed by private equity firms, show a strong preference for MBOs above hostile take-overs, Freshfields Bruckhaus Deringer discusses.

Tax-free foreign venture capital investment
08/07/2002. Under new rules in India, the entire income of registered VC funds, whether foreign or domestic, is exempt from Indian income tax, subject to certain conditions. But to take advantage of this tax-exempt status, funds must register with the regulator, the Securities and Exchange Board of India. Berjis Desai of Udwadia, Udeshi & Berjis explains further.

Entering the dragon: venture capital investment in China after WTO
01/07/2002. Until recently, China had no specific laws or regulations on venture capital investment, and foreign venture capital investors have therefore had to rely on China's general corporate law and its foreign investment regime when structuring investments in the PRC. This has presented a number of difficulties for investors. Last year saw dramatic changes, say Vivienne Bath and Cecily Pang at Coudert Brothers, considering the impact that the reformed regulations will have on the industry.

Trials
25/06/2002. The 1997 financial crisis and the technology meltdown that commenced in April 2000 were a blessing in disguise for the Asian private equity industry, says Kathleen Ng of Asian Private Equity Review. Paradoxically, these events prepared the industry for the upheaval following 11 September. As the industry faces its most severe downturn since direct equity investment first arrived in Asia nearly two decades ago, it takes the determined and the strong to weather this crisis.

The middle kingdom beckons
25/06/2002. With China's recent accession into the World Trade Organisation, barriers to trade and investment have all but vanished. VG Kulkarni of the Asian Venture Capital Journal discusses the rise of private equity in the country and examines some of the remaining hurdles.

Biotechnology in India
12/06/2002. Despite spanning several decades, the Indian biotechnology sector is limited when compared to the US and Europe. However, the country is making considerable investments in the sector through its government and venture capital funds. Utkarsh Palnitkar of Ernst & Young examines the growth of India's biotechnology sector and assesses what the future holds

Getting nowhere: private equity in China
04/06/2002. Just two years ago private equity was still a new concept in China. Despite this, China still experienced a new economy bubble, along with the rest of the world, before the 2000 Nasdaq crash. During that period entrepreneurs began to raise money for start-ups that presented ambitious but untested business models. By the time the Chinese market had begun to understand private equity, the frenzy was suddenly gone, says Jonathan Zhou of Fangda Partners.

Structuring investments in India
29/05/2002. Investments in India can often be subjected to heavy tax burdens. However, there are ways and means of overcoming this as an obstacle. Fred Greguras of Fenwick & West examines some of these means, including the use of a venture capital fund that is registered with the Securities and Exchange Board of India.

China gives preference to high-tech industries
27/05/2002. China has a stated policy of encouraging investment into high-tech industries and, as a result, a variety of special concessions are on offer to foreign investors. Yunfang Wendy Guo of KPMG seeks to help foreign investors understand and take advantage of these preferential policies.

Pay your dues before, not after
21/05/2002. Until recently, investors in China found that the greatest barrier to the success of its venture capital industry lay in its limited opportunities for exit. However, as Chris Boddington of PricewaterhouseCoopers discusses, exit routes are becoming easier to identify and increased due diligence prior to investment is taking over as the stumbling block.

A better environment for start-ups and venture capital
10/05/2002. Japan is becoming a more inviting place for start-ups and venture capitalists. The reforms currently in progress represent some of the most significant changes in Japanese corporate law in the last 50 years. However, there is still some way to go before many investors feel fully comfortable with committing to Japanese private equity firms. Hajime Tanahashi of Mori Sogo looks at the challenges ahead.

Venture capital in India
08/05/2002. The venture capital industry in India has grown dramatically in the last few years, even boasting its own ‘Silicon Valley' in the form of Bangalore. However, VCs and their investors recently lost a great deal of money when India's stock markets crashed. Michael J Ybarra of Upside argues that the industry is now characterised by massive risk-taking but that there are opportunities for some very substantial returns.

Private equity in Japan
08/05/2002. As the pace of Japan's corporate restructuring gathers momentum, there is a growing awareness of the positive role that foreign private equity funds can play in this process. On 20 March 2002, the Japan External Trade Organisation (JETRO) held a conference in New York to discuss the evolution of the industry in the region. The following is a summary of the presentations given.

China vs Japan: the race to create a market economy
30/04/2002. Japan's deteriorating economy is of great concern. If China stabilises its own economic climate and implements market reform it may well reap the benefits from Japan's current difficulties. Knowledge Wharton speaks to William Overholt, a senior fellow at the Harvard University Asia Centre, to discuss the future for these countries.

Corporate decision-making in private equity transactions
23/04/2002. The traditional corporate decision making model of electing board members does not work so well in private equity investments, especially in Asian family-run businesses. Ian Johnson at Milbank Tweed Hadley & McCloy LLP reviews the most common issues, primarily from the perspective of a financial investor in an Asian company.

Venture business, venture capital and Kosdaq
15/04/2002. The year 1997 saw the Korean government implement legislation to promote venture businesses. The most important statute under this legislative scheme was a law that provides the basic tools necessary for the development of venture-backed companies. Young Cheol Jeong of Yun Kang Jeong & Han, Seoul look at the success of these measures.

Private equity in emerging markets
15/04/2002. As a private equity investor, Asia is a great buying opportunity. The downside is that there are levels of risk, much longer harvest times and many other challenges aside, says Venkat Gopalakrishnan at the Centre for Venture Capital and Private Equity Finance, University of Michigan.

Are limited partners in the US and Europe still interested in pumping money into the Asian private equity market? What's their view on the prospects of the Asian private equity market?
03/04/2002. A: From Kathleen Loonam, Invesco Private Capital. Obviously, I can't speak for all limited partners in this, but as a group Invesco remains very positive about the Asian markets for a number of reasons.

China permits foreign investors to establish venture capital companies in China
27/03/2002. Over the last three years, China has acknowledged that to sustain its high growth rate it must open its doors to foreign investment in venture capital funds. This in turn will allow the country to develop its technology and knowledge-focused industries. Lawyers at Squire, Sanders & Dempsey discuss the opening for foreign investors in China's venture capital market.

International venture capital: Singapore
19/03/2002. Investment in Singapore's VC industry is increasing as the country embraces the global rise of information technology. However, as Eriq Gardner of Upside discusses, the Singaporean VC community remains conservative in its approach and the island has a long way to go before it is seen as the key technology hub of Asia.

China's first national foreign venture capital rules what they do and what needs to be done
12/03/2002. Restrictions on foreign investment in China's private companies have eased since the government established a set of rules on establishing foreign-invested venture capital enterprises. Jeffrey Wood and Richard Xu of Debevoise & Plimpton examine these ground-breaking rules that should attract foreign investors, but also suggest that they do not go far enough.

Implications of a bear market
11/03/2002. The last 18 months have seen some major issues emerge for the private equity industry in the Asian region, say Ron Arculli from Arculli & Associates and Neil Tomlin of Gilbert & Tobin. There have been continuing initiatives to foster the growth of private equity investment across the region, but Asia has not been immune to many of the problems faced by other markets, such as falling valuations and the need to structure follow-on investments.

Tentative rules on establishment of foreign invested venture capital enterprises
05/03/2002. The Chinese market has the potential to offer investors a wealth of opportunities, provided that the regulatory and economic conditions are right. The government is looking at creating those conditions and in September 2001 the ministry of foreign trade and economic cooperation, the ministry of science and technology, and the state administration for industry and commerce brought into effect tentative rules on the establishment of foreign invested venture capital enterprises. The following is an unofficial translation of the rules conducted by law firm Debevoise & Plimpton.

Venture capital investment in China after WTO entry
18/02/2002. Until recently, China had no specific laws or regulations on venture capital investments. Foreign investors have therefore relied on China's general corporate law and its foreign investment regime when structuring investments in the PRC, which has presented them with a range of difficulties. Vivienne Bath from Courdert Brothers looks at how new Chinese regulations aim to define a legal framework for venture capital investment.

Revitalising India's banks
22/01/2002. If India doesn't find the capital to revive its weak public-sector banks and to tackle the mounting problem of non-performing loans, its banking system will founder. To prevent this from happening, India's government must commit itself to reforming and consolidating the sector, says McKinsey Quarterly.

Foreign investment in the PRC
21/01/2002. For most overseas investment, including venture capital, there are procedures that must be followed and specific methods for investing. Here, Deacons provides an overview of the different vehicles available for foreign investment in the People's Republic of China – an untapped venture capital market.

China spurs venture capital investment
09/01/2002. The Chinese authorities are creating a framework that they hope will attract venture capital funds onshore. Lawyers from Morrison & Foerster present the pros and cons of the new regime.

Private equity and sources of funding in Asia
18/12/2001. This panel explored the role of private equity in Asia and how that role has changed over the past several years. Professor Kennedy, the panel moderator, opened discussion by asking panelists to comment on the key differences between private equity in Asia and in the United States. This article is extracted from the Harvard Asia Quarterly.

Dragon equity: thoughts on the role and future of private equity in China
11/12/2001. The boom years for foreign investment in China are over. China will have to offer more than the chimerical dream of accessing the huge market its 1.3 billion people represent. It will have to offer foreigners ease of investment and a variety of forms for that investment, ease of doing business in China and the reality of profits rather than endless promise. Daniel Burstein of Millennium Technology Ventures seeks to explain how this may be achieved.

China's entry into the WTO: What lies ahead?
03/12/2001. After years of negotiation, the World Trade Organization agreed on Nov. 10 to open its doors to the world's most populous country and bring its 1.3 billion consumers more closely into the global economy. The decision will create new sets of business winners and losers for years to come. But perhaps more important, it presents a fresh opportunity for governments, industries and individual companies to reshape the very nature of the global marketplace. In a report prepared in collaboration with Beijing-based People's Daily Online, Knowledge Wharton interviewed experts for their assessment of what lies ahead for China.

Tapping China's venture capital market
03/12/2001. Venture capital, is a relatively new concept in China. Although some claim that venture capital funds have been active in China for more than 20 years, the more modern breed of high-tech venture capital only began to appear in 1993, according to Janine Canham and Catherine Guo of CMS Cameron McKenna

Thailand's chance for no pain gain
27/11/2001. Removing regulatory barriers to higher productivity, with a careful view to their economic and social implications, can spur growth in the gross domestic product of Thailand and bring tremendous benefits to its people, says McKinsey Quarterly. If this opportunity is missed, the country might, like Japan since the early 1990s, lapse into a prolonged period of stagnation.

Venture capital market in Korea
27/11/2001. The growth of KOSDAQ and preferential tax incentives for venture capitalists has contributed to a boom in Korea's venture capital industry. The number of firms has increased in the last year from 63 to 148 so opportunities for investment are on the up. Here, the Korean Venture Capital Association provides an overview of the current market in Korea.

The venture capital industry in Taiwan
20/11/2001. Taiwan's venture capital industry is currently thriving. It has been boosted by an abundance of Taiwanese high-tech companies that are proving an attractive option for investors. The Taiwan Venture Capital Association provides an introduction to VC in Taiwan and looks at the ways in which the Taiwan government can ensure its continuing success in the future.

Singapore gambles big with biotech payouts
15/11/2001. The Singapore Economic Development Board (EDB) wants to turn Singapore into a centre for biomedical sciences, following in the footsteps of Japan and Korea. This article from Red Herring magazine looks at the possibilities for growth.

Venture capital in China
13/11/2001. China's entry to the World Trade Organisation will provide a wealth of opportunities for venture capitalists operating in Asia. A new and open Chinese economy offers investors a huge potential market just waiting to be developed. Lord Sainsbury outlines his vision for the future of venture capital in China.

Japan's economic outlook remains gloomy but opportunities exist for investors
30/10/2001. The outlook for Japan's economy looks dismal, says Knowledge Wharton. Structural reforms are needed if things are to improve. This article considers the problems that need to be addressed if Japan intends to play a dominant role in future markets.

Foreign mergers, acquisitions and investments surge in Japan
29/10/2001. After struggling for the past ten years, Japan has finally succeeded in kick-starting its economy. This has been demonstrated by a rising level of M&A and inward investment, according to this article by Peter Woods OBE for Trade Partners.

Global venture trends - the view from Asia
23/10/2001. This presentation from Marc Staal, chairman of the Hong Kong Venture Capital Association offers an up-to-date overview of the private equity market in Asia.

India - From emerging to surging
10/09/2001. India's economy could be the fastest growing in the world and the country's citizens twice as well off if its policy makers embraced a deeper, faster process of economic reform, says this article from McKinsey Quarterly

Asia's performance challenge
31/08/2001. Asian companies still rely too heavily on shared values to motivate employees, but as this McKinsey Quarterly article explains, barriers to a performance culture are falling.

What the WTO really means for China
24/08/2001. Membership of the World Trade Organisation is expected to have a great impact on the Chinese economy. However, this article from the McKinsey Quarterly explains why the expected transformation will only occur in certain sectors and may not be as widespread as people believe.

Making M&A work in Japan
24/08/2001. Although mergers and acquisitions are on the rise in Japan, they are still fraught with complications. Even so, this article from the McKinsey Quarterly shows how multinationals that master the local business culture can succeed in crafting deals.

Reviving Japan's economy
22/08/2001. Since 1990 Japanese GDP has grown by only 0.6 per cent compared with 1.7 per cent in the United States. This article from McKinsey Quarterly offers a detailed understanding and unique insights into the causes of Japan's decline and offers suggestions as to how to reverse this.

Venture capital funds in India: an overview
17/07/2001. Venture capital funds in India have more than doubled from US$320m in 1999 to US$750m in 2000. Here, Nishith Desai Associates explains how the recent boom in the technology sector has awakened India's venture capital industry.

Tapping China's venture capital market - a legal perspective
29/05/2001. The Chinese venture capital market is still young but, with some government support and foreign investment, it looks very promising. Cameron McKenna identifies some of the legal issues involved in investing in this emerging market.

Riding the dragon's back
29/05/2001. The year 2000 was an exceptional year for venture capital fundraising in Asia, and yet those with hi-tech portfolios suffered a serious case of the jitters as technology stocks fell from grace. Here are the highs, lows and major trends that characterised Asian private equity last year from the AVCJ.

The Private Equity Review: Life after the tech wreck
29/05/2001. A whistle-stop tour through the Asian venture capital market - the regional issues and trends in the year 2000. From the political turmoil in Indonesia, Philippines and Thailand, recovery in Singapore and Hong Kong and the growing markets in Japan and India - all are charted here. And that's not forgetting the dot-com boom euphoria and the sobering effects of its demise.

Venture capital fund formation in China
29/05/2001. Pursuing investment opportunities in China should become far easier in the future. Deacons discusses the emerging legal framework for establishing venture capital funds which promises to change the nature of the industry. As foreign VC firms gain access, so do their institutional investors.

Shareholders agreements
29/05/2001. When co-investing with a private equity fund, institutional investors must have a full understanding of the shareholders' agreement, which outlines the terms and conditions of the deal. Here Cameron McKenna outlines of some of the main features of this type of agreement.

Overview of Indian venture capital
29/05/2001. Indian venture capital is at a take-off stage in India, according to this report from NASSCOM. Changes to the regulatory environment look set to encourage the flow of investment to the Indian high-tech sector.

Asia's second venture wave
29/05/2001. Venture capital is returning to Asia, attracted by the large pool of technical talent and entrepreneurship – but also by more reasonable valuations. Here the Far Eastern Economic Review looks at the reasons behind the return.

Private equity heads for Japan
29/05/2001. Now that corporate restructuring in Japan is underway, there are plenty of opportunities for private equity firms and their investors. This McKinsey article looks at why western firms are moving into the market and how they must learn to understand the prevailing management style to be successful.