APAC countries each have their own path to investing in alternatives and private capital. Most key Malaysian institutions began with private equity, venture capital, and real estate. Favored PE sectors include data centers, which in 2023 represented an astounding 90% of all privately funded deals in that arena.* Others were in the consumer, industrial, and healthcare spaces.
A decade ago, given the limited bucket for alternatives relative to the traditional equities/fixed income model, PE made the most sense given its high double-digit returns. Over the past three years, however, global rate hikes have brought private credit returns up on par with PE. Not to mention the benefits of income distributions at lower risks afforded by the asset class.
As we noted last week, Malaysia’s top institutional investors, including KWAP, EPF, and PNB, manage well over MYR1 trillion among them. While their directives and risk/return goals differ, they are all increasing exposure over time to alternative assets...
“The global economy is being buffeted by a US war on trade, which we believe generates a large enough economic shock to threaten the life of the US and global expansions.” – Bruce Kasman, chief economist, JPMorgan Chase. (Bloomberg)
Featuring Charts
Chart of the Week: Down Decade
Malaysia’s investment growth lags other ASEAN countries but shows signs of recovery. Source: Department of Statistics, Malaysia. Haver and respective national authorities
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Chart of the Week: Ringgit in the New Year
Malaysia’s economy grew 5.1% last year, ahead of 2023; 2025 is tariff-dependent. Source: Department of Economics, Malaysia
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Chart of the Week: Middle Market Breakdown
Despite other views, the middle market has three parts, each with their own features. Source: Churchill Asset Management
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Chart of the Week: Comfort Zone
Australian credit spreads showing signs of bottoming out. Source: The Daily Shot, Topdown Charts, LSEG
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Chart of the Week: Seven Year Switch
Private wealth investors expected to triple allocation to alternatives by 2032. Source: Bain & Company, GlobalData, Preqin, iCapital
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Chart of the Week: Reverse Gear
After seven straight weeks of cash in-flows, high-yield funds showed out-flows. Source: Morningstar/PitchBook
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Bloomberg: Leveraged Lending Insights – 4/28/2025
Lenders offer deep discount on new loans in April To Monitor Upcoming US Institutional Loan Issuance, run PREL <GO> from a Bloomberg Terminal Primary issuance has come at a discount amid a broader selloff in the leveraged loan secondary market, which has led bids to decline to an average of 95.77 on April 30th from…
The Pulse of Private Equity – 4/28/2025
Direct lending versus buyout fund distribution rates Download PitchBook’s Report here. In the 12 months ended Q2 2024, private debt returns outpaced all other private market asset classes…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 4/28/2025
BDCs Face New Headwinds but Limited Direct Exposure to Tariff Sectors Click here to learn more. The recent escalation in the global trade war and resulting uncertainty across the market introduced additional headwinds for business development companies (BDCs) and private credit in the near term…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 4/28/2025
BSL lenders support over US$405bn in new lending activity YTD; Several M&A opportunities bypass BSL market US lenders have been tapped for nearly US$406bn in new loan assets so far this year via the broadly syndicated loan market…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 4/28/2025
Headwinds have not blown Europe off course Fundraising has been challenging for the region but deals soared last year and hopes are high for the remainder of 2025. European private debt activity hit an all-time high in 2024. According to data from Deloitte’s Private Debt Deal Spring Tracker 2025, €68.7 billion was deployed on the…
Middle Market Deal Terms at a Glance
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Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Subscribe to Read MoreAlready a member? Log in here Related posts: 2H 2021 Midyear Outlook Report State of the Capital Markets – Fourth Quarter 2016 Review and
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