When the influence of private capital exceeds that of a sovereign state, it raises an important question: Where does real power reside? Increasingly, it seems, money makes the world go round. At a time when stocks are over-valued, bond yields are flat, and property prices are inflated, private equity is where it’s at.
Indeed, since the chaos of the 2008 Global Financial Crises, PE firms have only grown in size and influence. Asia has been a key beneficiary. And China – until recently – has absorbed the lion’s share of private capital. As and when US-China tensions subside, the surge is likely to continue
In this week’s episode of Inside Asia, I speak to one of the PE industry giants - Weijian Shan, Chairman and CEO of PAG Group. Shan’s new book, Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank, is a tale on how deals get done in the convoluted world of big money and big personalities.
It’s been over 20 years since Shan and his colleagues at Newbridge Capital landed in Seoul to rescue Korea First Bank, but he tells it like it happened only yesterday. The transaction is epic in both size and circumstance. But it also speaks to the central importance of developing personal trust and accountability to offset fears of xenophobia and big money exploitation. It also speaks to the enormity of PE as a vehicle for rescuing distressed businesses – a point not lost in these pandemic times.
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Raja Samu Samu VI : The King of Kings
Stephen Langton: Remaking Boards
Parag Khanna : The Future is Asian
Ravi Agrawal: India's Smartphone Revolution
Bob Manning: US-China Relations
Elizabeth Economy: US China Tensions, Huawei, and Xi Jinping's Coming Challenge
Sam Tsui: China's Overseas Investments
Stephanie Dickson: Green is the New Black
Anurag Banerjee: The Social Impact of Artificial Intelligence
Mark Clifford: Hong Kong's Changing Landscape
Clay Chandler: China's Digital Discontinuity and the Efficacy of the Great Firewall
Julien de Salaberry: Innovating HealthTech in Asia
Jim McGregor: A New Paradigm - US China Cold War
Ken Mandel: The Dilemma of Ad Tech
Richard Vevers: Chasing Coral
Suzanne Shugg: Telemedicine Solutions to Sleep Disorders in Asia
Assaad Razzouk: Clean Energy in Asia
Thomas Morgan: Film in Asia
Chris Graves: Behavioral Science in the Age of Trump
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