Investment Focus

Middle Markets

Hidden opportunities exist with Asian middle market companies primarily due to the ongoing disintermediation of companies from sources of capital – most global investment platforms do not address the middle market space on a regional basis.

Approximately 98% of market capitalisation among developed Asian public markets is attributed to companies with an individual market capitalisation greater than US$1 Bn and companies with market capitalisation less than US$500 M.

There are less than 1,000 companies with a market capitalisation greater than US$1 Bn while there are more than 10,000 companies with less than US$1 Bn of market capitalisation and at least an equal number of privately held companies of similar size – all offering a wide range of financing opportunities for middle market focused investment firms.

Public markets are often accessed by large-cap companies, while a large majority of listed middle market companies suffer from discounted valuations, limited research coverage, limited liquidity and the relatively high transaction cost of public market financing.

By Market Cap. Contribution


Middle-Market Targets Defined


Enterprise Value

US$50 M to US$500 M



US$50 M to US$500 M

Strong bias towards recurring revenues  


Profitability & Cash Flows

Positive EBITDA/Cash Flows Manageable Capex


Limited Financing Sources

Limited access to public markets and bank financing