Why ECM buoyancy is a double-edged sword for Asian PE

The chance to turn paper profits into hard cash is a boon for the region's private equity funds. But the opportunity for major investors to make money elsewhere weighs against them.

For Asia's private equity fund managers, buoyant global markets should offer an ideal opportunity to cash out and turn paper profits into the real thing.

But life's never simple. After all, markets are equally attractive in the West, and many global institutional investors are less likely to venture into Asia at a time when they can enjoy healthy returns at home.

“One of the challenges in some parts of private equity market in Asia is value realisation there are many funds that have shown very substantial mark-ups in their portfolios but are not necessarily in a position of realising them,” Brian Lim, Hong Kong-based partner of Pantheon...

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