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.
Jim McGregor: Trump, China INC, and the North Korea Question
Jim McGregor: Trading with China, Inc.
Bill Cornwell: Executive Coaching
Kent Wertime Part I: The Digitalization of Asia
Steve Okun: Impact Investing & Social Enterprise
Clancey Houston: The Evolution of Healthcare in China
Mark Clifford: The Greening of Asia
Adam Schwarz Part II: The State of Democracy in Asia
Adam Schwarz Part I: Indonesia's Experiment in Democracy
Thomas Morgan Part II: The Business of Film Festivals, Film in Asia, and Making Soufra
Thomas Morgan Part I: An Accidental Filmmaker and the Origins of Film-Anthropy
Ken Mandel: The Evolution of Social Media and the Rise of Artificial Intelligence
Peter Wall: Digital Nomads and the Culture of Taksu in Bali
Rosaline Chow Koo: Disrupting Healthcare
David Shin: The Invention and Reinvention of Media in Asia
Eric Rosenkranz Part II: Executive Mentoring
Eric Rosenkranz Part I: Incubating Startups
John Kao: Improv and Innovation
Frank Lavin: Export Now
Jim McGregor - Nationalism, Trade, and China
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