The Differentiation Paradox: Are LPs Missing an Investment Edge?
Featured Article
LPs seek differentiated funds and investment opportunities. They want to invest in GPs with an edge: managers that see opportunities others do not, can anticipate and shape market trends, and can generate returns in ways others cannot.
But establishing differentiation can be challenging. Across private markets, whether it is venture capital, private equity or private credit, managers can appear remarkably similar on paper. Fund structures and economics often converge, investment theses can overlap, and many managers make similar claims around proprietary sourcing or origination, disciplined underwriting and their ability to create value across the portfolio.
So where does genuine differentiation come from, and are LPs always recognising it when they see it?
LP Perspective
Erika Aquino, Founder at Erika Aquino SFO
How can LPs broaden their opportunity set?
“Start by building the right team around you, understanding the markets you invest in and taking the time to build conviction. Diverse perspectives can also widen the opportunities that come into view — I’ve seen women allocators back founders, markets and community-led solutions that may otherwise be overlooked.
But broadening the pipeline should not mean lowering the bar. You still need to understand the business, the founder and the numbers, and be comfortable with the investment before writing the cheque.”
Fund Managers to Watch
Meet the managers that are building durable returns in Southeast Asia
Christopher Botsford, Founding Partner
ADM Capital
ADM Capital is an Asia-Pacific private credit specialist with more than 25 years of experience investing across developed and emerging markets in the region. The firm focuses on secured direct lending to underbanked mid-market companies and manages the Asia Climate-Smart Landscapes Fund (ACLF), a blended-finance private credit strategy providing long-term financing to SMEs across sustainable agriculture, forestry and aquaculture in Indonesia
Hau Ly,
Partner
Ascend Vietnam Ventures
Ascend Vietnam Ventures (“AVV”) is an early-stage venture capital firm backing technology startups in Vietnam. The firm invests from seed stage and works closely with founders on product, people and growth. AVV also integrates a gender lens into its investment approach, including through sourcing and portfolio support to back women founders of early-stage startups.
Tina Di Cicco,
CEO
Kerubin Capital
Kerubin Capital is an investment platform focused on backing women-led and women-owned businesses in the Philippines and across Southeast Asia. Established in 2021, the firm invests in early-stage and growth companies while combining capital with active mentorship, market access and ecosystem support. The firm has recently launched a Gender Smart Map of the Philippines to help strengthen visibility and connectivity across the local gender-smart investment ecosystem.
Insights
Women and Minority-Owned Private Equity and Venture Capital Firms
Fairview, May 2026Fairview’s latest annual review in 2026 tracks a universe approaching 1,200 woman- and minority-owned PE and VC firms globally. Despite continued new firm formation, fundraising has become more challenging and increasingly concentrated among larger managers, reinforcing the importance of manager selection when accessing smaller and emerging firms.
2026 Global Alternatives Survey
Goldman Sachs Asset Management, October 2026Drawing on responses from 225 LPs and institutional investors, Goldman Sachs’s 2026 Global Alternatives Survey: The LP View finds that investors remain committed to private markets but are becoming more selective in how they allocate capital. Manager quality, underwriting discipline, specialist expertise and differentiated investment approaches are increasingly important in determining where capital is deployed.
Upcoming Events
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Nov 16-18 Singapore
Global Alts Asia is hosted by iConnection and is one of Asia-Pacific’s flagship capital introduction events where institutional allocators and fund managers hold pre-scheduled, one-on-one meetings: more than 5,000 across three days, with nearly half initiated by allocators. Registration is complimentary for qualified allocators who commit to taking onsite meetings. Interested participants may find out more and register here.
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Nov 16-19, Hong Kong
Now in its 39th year, the AVCJ Private Equity Forum brings together more than 3,200 senior private markets professionals, including around 900 LPs from 38 geographies. This year’s programme will explore some of the most pressing themes shaping Asian private capital, including evolving LP allocation strategies, liquidity and exit solutions, fundraising, private wealth and AI-driven value creation. For LPs and GPs active in Asia, the Forum remains one of the region’s key platforms for market insights, relationship-building and cross-border dialogue. Save the date and register here .
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This publication has been funded by the Australian Government through the Investing in Women initiative. The views expressed in this publication are the author's alone and are not necessarily the views of the Australian Government.