Private equity's biggest fear in Asia? The BAT

Vinit Bhatia, a partner in Bain & Company's Hong Kong office, says that the growing appetite for mergers and acquisitions by China's three internet giants is worth paying attention to. "What we're seeing is some new types of strategic players. If you look at the growth in the activity by the Chinese strategics – and I think more importantly the BAT – this is something that people need to pay attention to." According to Bain's Asia-Pacific Private Equity Report 2015, 50% of private equity firms surveyed singled out strategic buyers as their biggest competitive concern this year, up from 20% in 2014.