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$52!61/0#FICTHJ#+)*+S*+G*.RLU% @B:A"?;<:>95OKNM347
Characteristics of Private Equity Funds Targeting
Firms in East and Southeast Asia
NOSE Yoshiaki
This paper investigates the characteristics of private equity funds which are investing in targeted firms throughout East and Southeast Asia.
The results show that, in Japan, private equity funds invest in under !per-forming companies at an overvalued price. In other East and Southeast Asian countries, they tend to acquire good firms at fair value.
The results indicate that the roles of private equity funds are different in Japan to other East and Southeast Asian countries. In Japan, their invest-ments seem to be over!payment. On the other hand, dissolution of un-dervaluation is the main motive for private equity funds in other East and Southeast Asian countries.
