Thomas J. Manning : Courses and Seminars
Private Equity in Asia
(WP, BID, SEM, LEC)Private equity is expanding rapidly into new regions around the world. Asia, where profound economic change is taking place in countries such as China, India, Indonesia, and Viet Nam, offers attractive opportunities for Western firms seeking to apply their proven investment models. Leading global firms like Carlyle, KKR, and Bain Capital are bullish on Asia and expect their Asian operations to excel in both rate of growth and rate of return and eventually rival their U.S. and European operations. Such expansion is not without risk, however, and success in Asia requires private equity firms to develop new skills such as partnering with state-owned enterprises, accepting minority investment stakes, dealing with ambiguous legal frameworks, fending off fraud and corruption, and correcting weak corporate governance. Additionally, competition from indigenous firms is threatening to change the landscape - domestic funds are sprouting up in large numbers and increasingly attracting many of the best deals. This seminar will address current developments in private equity across major countries in Asia. We will examine the rise of the industry in the region, the role of private equity in economic development, and the nature of recent Asian private equity deals. Using case examples, we will evaluate deal opportunities and simulate investment decisions in eight different countries. Grading will be determined by class participation during the discussion of cases and readings and by performance across three short papers. The first paper will examine private equity in the macro-context of economic transformation; the second will focus on the evaluation of a recent deal; and the third will address the terms in a prospective deal negotiation.
Thomas J. Manning
The US-China Treaty Project
(BID, LEC, SEM, WP)The United States and China appear to be heading toward an era of confrontation rather than cooperation. China is growing stronger and more influential in every domain worldwide and likely to increasingly threaten the status quo. The U.S., meanwhile, finds itself in the grips of a populist movement led by President Trump, who is openly critical of China. The relationship, which was already mistrustful, has grown even more fragile and anxious in recent weeks with talk of tariffs, Taiwan, and the South China Sea. The accusations and threats suggest that we are likely to witness greater turbulence than what we have experienced in the past forty years. The reality is that both nations need each other; both have significant economic, political, and security interests at stake. If the two nations learn how to collaborate, they could conceivably solve the world’s greatest problems. Alternatively, if they elect to contest each other at every turn, the result will be global instability and crisis. Clearly, a new framework for cooperation and collaboration is needed – quite possibly “a new deal,” in the language of President Trump. What will constitute such a deal? How will it work? How likely is a deal, and, if one does occur, will it survive the volatility of an America First foreign policy? This seminar will advocate that the two nations develop a new, fifty-year treaty in the form of a strategic cooperation agreement. We will define the rationale and the case for action, draft major components of the proposed treaty, outline the pathway required for adoption, and transmit our end-product to foreign policy authorities in Washington and Beijing. Grading will be determined by class participation and by performance across three short papers. The first paper will examine best practices in bilateral treaty development; the second will focus on critical factors in the future United States - China relationship; and, the third will require drafting of key components for the proposed treaty.
Thomas J. Manning