The private equity industry has sprung back to life in Asia after a period of inactivity had prompted some firms to question whether to remain in the region.
The disappearance of leverage available to fund deals led to a collapse in activity and confidence, as firms such as 3i and Cerberus scrambled to close regional offices.
However, global private equity firms typically raised their Asian mega-funds ahead of the credit market downturn in late 2007, and have struggled to deploy them. Analysts estimate that private equity funds have an unspent warchest of $20bn to spend on buy-outs in Asia – excluding leverage. Billions of dollars more are available for growth capital investments, when funds take a minority stake in a business.
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