Investors hunt for Asia opportunities amid tech stock rout

By BLOOMBERG

SINGAPORE • Investors are looking to Asia to snap up opportunities following the the global technology stock rout.

The downturn hasn’t impacted Qiming Venture Partners’ investment strategy, according to founding partner Gary Rieschel, who spoke on the sidelines of the New Economy Forum organised by Bloomberg. KKR & Co’s Ashish Shastry, speaking ahead of the event, sees a bright spot in South-East Asia, where the investor recently made a string of investments.

“Tech stocks have clearly been affected by recent market volatility,” said Shastry, the head of South-East Asia for KKR. “For us, that spells opportunity.”

The Nasdaq Composite Index fell 9.2% in October, fuelled by weaker than projected earnings among technology companies such as Amazon.com Inc and Alphabet Inc.

They’re among the most visible casualties in a market rout spurred by fears over rising interest rates and a growth slowdown.

Still, Asian funds such as Hillhouse Capital Management Ltd have been looking for deals to invest in Asia. KKR recently invested in Singapore-based PropertyGuru Pte Ltd and Voyager Innovations in the Philippines.

“The tech rout isn’t affecting our tech investment strategy,” Qiming’s Rieschel said .“But it affects how we think about the exits.”