Asia Alternatives, Approaching the Frontier

This case describes the co-founders and leadership team of Asia Alternatives Management (“Asia Alt”), a private equity fund-of-funds focused on Asia, as they consider whether or not to invest in Vietnam. The case recounts the history of Asia Alt and its founding by Melissa Ma, Rebecca Xu, and Laure Wang. Currently investing its 3rd fund, Asia Alt had successfully backed several dozen private equity funds located in Asia – primarily in China, Japan, and Korea, but also in less developed countries such as India and Indonesia. Vietnam, a populous country that has been growing rabidly, is another possible target for investment by Asia Alt, however the founders have concerns over the country’s economic and political risks. The case outlines Asia Alt’s approach to operating a fund-of-funds, and their methodology regarding the evaluation of a country’s economy and private equity market.