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In Law360, Asset Management Partner Peter Laybourn and Private Equity Transactions Partner Tsuyoshi Imai Discuss Recent Private Equity Trends

Practices: Asset Management, Private Equity, Private Funds, Secondary Transactions

Insights from asset management partner Peter Laybourn (Boston) and private equity transactions partner Tsuyoshi Imai (Tokyo) were featured in a Law360 article published on Oct. 11 reviewing the largest private equity funds that closed in the third quarter of 2019, and what industry trends their focus may exemplify.

The piece highlights that of the top funds, several will focus on technology investments in Asia. Mr. Imai outlines that “technology was always big in Asia — the economies of Japan and Korea were largely built on the backs of technology companies — but funds investing in this region seem to be redeploying some capital from industrial investments to more tech-focused opportunities.” A key reason for the uptick in technology-focused investments, he says, are “home run” opportunities in the tech sector.

Mr. Laybourn discusses the increasing importance of the secondaries market, with two of the top funds focusing on this. “[T]hat’s not too surprising given where we are in the cycle, since secondary fund sponsors want to be well positioned for a downturn and potential sell-down of portfolios,” Mr. Laybourn said, noting that we should expect more secondaries funds to come to market, adding that the size of the funds will likely continue to swell.

The article also notes that among the top funds in Q3, Ropes & Gray advised Welsh Carson Anderson & Stowe on WCAS XIII, L.P., which was oversubscribed and closed at its hard cap of $4.3 billion.

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