The challenge for Hui is deploying the money at a time when cashed-up rivals are bidding up valuations. Private equity firms must also navigate a Chinese regime increasingly suspicious of U.S. investments in its most-sensitive sectors, closing off once attractive targets, as well as a broad crackdown on large parts of its private sector.
Goldman Sachs Group Inc. is set to plough at least US$30 billion into Asian alternative assets over the next five years after revamping its operations and starting an aggressive campaign to raise outside funds in a bid to overtake investment giants such as KKR & Co. and Blackstone Inc.
In Asia, that means doubling investments to about US$60 billion, betting on technology startups, real estate, consumer and renewable energy, said Stephanie Hui, the bank’s co-head of alternative investing in the region.
