23
Sep
Private equity in China: Durable opportunities
The Chinese investment landscape is currently facing significant headwinds due to both cyclical and structural factors, compounded by geopolitics. Despite these challenges, long-term investors remain optimistic, showing a keen interest in acquiring undervalued assets focused on technological innovation and energy transition—sectors that present resilient opportunities in the world’s second-largest economy. Our panel of seasoned private equity investors will highlight the path for private equity in China.
- How have private market investors adjusted their strategies in China over the past year? Where does China fit within a global portfolio?
- Which sectors are expected to remain lucrative and profitable amid the economic pivot?
- How attractive are current valuations, and is now the right time to invest?
- How are Chinese fund managers balancing and restructuring their RMB-USD funds?
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SpeakersYiqing Wang Global Origination Editor; Managing Editor, APAC Mergermarket
Drew Chen Partner Bain Capital
Charles Ren Managing Partner, Private Equity CDH Investments
David Wong Partner & Co-Head of Private Equity PAG
Rebecca Xu Co-Founder and Managing Director Asia Alternatives
Duncan Zheng Managing Director, Deputy Head of Emerging Markets Group Investcorp
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Yiqing Wang is Managing Editor of Mergermarket’s Asia-Pacific M&A and ECM editorial team, which specializes in breaking news on private and public M&A transactions and delivering forward-looking intelligence on corporate strategy. Yiqing spearheads the editorial strategy and oversees day-to-day operations, to deliver timely, actionable insights and analysis to help clients make better deal-making and investment decisions. Additionally, she frequently moderates panels and chairs conferences at ION Analytics events, bringing industry insights to the forefront.
She has been an investigative M&A reporter and editor since 2009, writing news ranging from healthcare, renewable energy and financial service, etc.
Yiqing achieved her master's degree of multilingual multicultural studies from New York University.
Mr. Chen joined Bain Capital in 2005. He is a Partner in the Technology, Media & Telecommunications Vertical and a founding member of the Asian Pacific Private Equity team. Mr. Chen has worked in both the Boston and Hong Kong offices and focuses on growth capital and buyouts in the technology, media and business services sectors.
Prior to joining Bain Capital Private Equity, Mr. Chen was a consultant with Bain & Company in Boston.
Charles joined CDH in 2018 and leads an investment team focused on Advanced Manufacturing & Technology. He is now a member of investment committee of CDH Private Equity. Prior to joining CDH, Charles was a Founding Partner with KYI Capital , a private equity firm focusing on core technology investments, and a Managing Partner with Beijing Semi Fund, a private equity firm focusing on semiconductor investments. Prior to that, Charles was a Director with CVCi and a Senior Engagement Manager with McKinsey & Company. He received his M.B.A. from IMD Business School in Switzerland and his B.E. in Electrical Engineering & Computer Science from Shanghai Jiaotong University.
David Wong is a partner and Co-Head of Private Equity of PAG. He is responsible for supervising the operations and management of the Private Equity strategy. He is a member of the firm’s Management Committee. Prior to joining PAG, Mr. Wong was a vice president at TPG Capital (formerly known as Newbridge Capital). He worked in the investment banking division of Morgan Stanley before that.
Mr. Wong received bachelor’s degrees in business administration and Asian studies from the University of California, Berkeley.
Rebecca Xu is a Co-Founder and Managing Director of Asia Alternatives. Ms. Xu splits her time between Asia Alternatives’ Beijing, Shanghai and Hong Kong offices. Ms. Xu is on the Firm’s Investment Committee and co-leads Asia Alternatives’ investments in growth and venture capital funds, focusing most of her time on Asia Alternatives’ China investments.
Prior to starting Asia Alternatives, Ms. Xu was a Senior Investment Officer at the Funds Group of the International Finance Corporation (“IFC”), the private sector investment arm of the World Bank Group. There, she had the primary responsibility of leading IFC’s fund investing and portfolio supervision in Asia for over six years. Previously, Ms. Xu also worked at McKinsey & Co, Inc. (Washington D.C.) and HSBC (Hong Kong).
Ms. Xu received an M.B.A. from Harvard Business School and holds a Bachelor’s degree in International Relations from the Foreign Affairs College in Beijing, China. Ms. Xu is fluent in Mandarin Chinese.
Ms. Xu currently serves on the Advisory Boards for a number of Asia Alternatives’ China and India private equity funds. In addition, she serves as the Chairwoman of the Hong Kong Venture Capital and Private Equity Association (HKVCA) and on the Board of the Chun Hui Bo’ai Children’s Foundation.
Mr. Zheng joined Investcorp in January 2020 and is the Deputy Head of the Emerging Markets Group covering the GCC, Southeast Asia and Greater China. Notable investments under his tenure include VizBrands cereals, Lu Daopei blood oncology, Linkedcare dental SaaS and Jianuo high-end manufacturing, among others.
Previously, Mr. Zheng was with one of the leading German private equity firms Triton in Frankfurt, and the U.S. PE firm Hicks Muse Tate & Furst in Dallas, conducting control buyouts in Europe and North America in the business services, industrial and consumer sectors. Mr. Zheng started his career in investment banking at Salomon Smith Barney in New York and holds a Bachelor of Science degree from Boston College, as well as an Executive Diploma in Industry & Finance from Tsinghua University – Wudaokou.