A ten-year promise, read clause by clause.
Private equity is a partnership with a clock. These pages follow it from the partnership agreement to the rule, the fee and the exit, with every figure tied to the document it came from.
Start with how a fund works18pages published
5topics
191sources cited, each with the day it was read
112of them from regulators or standards bodies
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How private equity works
Start here. A fund is a partnership with a ten-year clock, two kinds of partner and a fee structure that decides who is paid when. These pages explain each part in the order you meet it in a fund document.
6 pagesStrategies and investment approach
Private equity is a family of strategies, not one. They differ in how much of a company is bought, how much debt is used and where the value is meant to come from.
6 pagesAsia markets
Asia is several markets under one label. Founder-owned companies, state-linked groups, RMB and US-dollar funds and different exit routes mean the same fund term can work differently from one city to the next.
3 pagesRegulation and fund structures
Rules decide who may run a fund, who may invest and which structure the fund sits in. This section reads the rule texts directly.
2 pagesDeals, valuation and exits
Most deals a firm looks at never close. This section covers due diligence, the step where a firm tests a deal before it commits money.
1 pageSame partnership, three Asian wrappers
| Wrapper | In one line | Read |
|---|---|---|
| Hong Kong LPF | A limited partnership under its own Ordinance, with a statutory list of what a limited partner may do without losing limited liability. | See the three side by side |
| Singapore VCC | A company built for funds, as a single fund or an umbrella of sub-funds kept apart from one another, run by a permissible fund manager. | Manager and sub-fund rules |
| Cayman ELP | A partnership where the limited partner's exposure turns on dealings with outsiders, registered with the Monetary Authority as a private fund. | Where liability stops |
All pages
| Page | Topic | Format | Checked |
|---|---|---|---|
| What is private equity? How it works, with Asia dataPrivate equity explained: what it is, who the players are, how funds make money, the main strategies, who can invest, and where Hong Kong and Asia fit. | How private equity works | Guide | 21 October 2026 |
| Buyout vs growth equity: key differencesBuyout, growth equity and venture capital differ in stake, leverage, company stage and exit. A side-by-side reference with the Asia-Pacific deal mix for 2024. | Strategies and investment approach | Reference | 21 October 2026 |
| How a private equity fund works in AsiaA private equity fund is a ten-year limited partnership. Who the partners are, where liability stops, and how Hong Kong, Singapore and Cayman funds differ | How private equity works | Guide | 21 October 2026 |
| Private equity investment approach, step by stepHow a private equity firm turns a strategy into a deal: filter, committee, diligence, financing, ownership and exit, with Hong Kong rules and Asia's exit queue. | Strategies and investment approach | Story | 21 October 2026 |
| GP vs LP in private equity: roles and liabilityThe general partner runs a private equity fund and answers for its debts. Limited partners fund it and stay passive. Roles, liability and pay explained. | How private equity works | Guide | 21 October 2026 |
| The private equity J-curve: why returns start negativeWhy private equity funds show losses before gains: fees on commitments, slow deployment and late exits, with cash flow data and Asia's exit queue. | How private equity works | Story | 21 October 2026 |
| Hong Kong limited partnership fund (LPF) explainedThe Hong Kong limited partnership fund is a registered private fund structure. Who qualifies, how registration works, duties after it and what it leaves out. | Regulation and fund structures | Guide | 21 October 2026 |
| IRR, MOIC, DPI and TVPI explained with worked examplesWhat IRR, MOIC, TVPI, DPI and RVPI measure in private equity, how they relate and how to read them, with worked examples and GIPS and ILPA definitions. | How private equity works | Reference | 21 October 2026 |
| SFC Type 9 licence: who needs it, requirements, feesThe SFC Type 9 licence covers asset management in Hong Kong. Who needs it, how private equity firms are treated, capital, people, fees and timelines. | Regulation and fund structures | Reference | 21 October 2026 |
| How a leveraged buyout works: debt, equity, returnsA leveraged buyout buys a company mostly with borrowed money. How the debt and equity are layered, a worked return example, the risks, and the 2024 Asia data. | Strategies and investment approach | Guide | 21 October 2026 |
| Private equity fees: management fee and carryPrivate equity charges a 1 to 2% management fee and about 20% carried interest. Each charge explained with worked examples, Asian fund rates and Hong Kong tax. | How private equity works | Reference | 21 October 2026 |
| Private equity in Asia: market size, hubs and 2024 dealsAsia-Pacific buyouts reached US$138 billion in 2024. Which markets lead, how Hong Kong, Singapore and Cayman funds are set up, and where exits are stuck. | Asia markets | Guide | 21 October 2026 |
| What is growth equity? Structure, risk, buyout vs VCGrowth equity is a minority investment in an established, fast-growing company. How it differs from buyouts and venture, how deals are built, and the risks. | Strategies and investment approach | Guide | 21 October 2026 |
| Hong Kong private equity market: size, funds, exitsHong Kong ranks second in Asia for private equity, with US$229 billion under management in 2024. Funds, licences, tax rules and exits explained. | Asia markets | Guide | 21 October 2026 |
| Venture capital fund vs private equity fund: how each worksHow a venture capital fund differs from a private equity fund: stages, fees, what returns data show, and fund rules in Singapore, India, China and Hong Kong. | Strategies and investment approach | Guide | 21 October 2026 |
| Private equity due diligence: process and checklistHow private equity due diligence works: the deal funnel from 100 opportunities to 6 closings, the checks run, who does the work and who pays. | Deals, valuation and exits | Guide | 21 October 2026 |
| How to read a private equity portfolio company listWhat a private equity portfolio list shows and hides, what SEC, SFC and GIPS rules say about selected investments, and how to read a track record. | Strategies and investment approach | Guide | 21 October 2026 |
| China private equity market: RMB funds, QFLP and exitsHow private equity works in China: USD and RMB funds, QFLP access for foreign investors, the 2023 fund regulation, state guidance funds and STAR Market exits. | Asia markets | Guide | 21 October 2026 |
How to read the figures here
Dated
Every page shows the day it was checked and, at the foot, each source with the day it was read.
Quoted from the rule
Rules and fees are taken from the regulator, the legislation or the standards body.
No advice
Nothing here recommends a fund or forecasts a return.