As competition for U.S. investment opportunities and fundraising becomes more intense, many private equity (PE) sponsors are turning to Asian markets in search of committed capital and elusive alpha. This new frontier is rife with possibilities but also steeped in its own idiosyncratic difficulties that PE sponsors must thoughtfully address. To shed light on these matters, Monument Group, a global placement agent, recently hosted a roundtable discussion about the state of the PE industry in Asia and other pertinent PE industry trends. This second article in a two-part series describes insights from several Monument Group partners and managing directors – including Lori Campana, Robert Mast, Molly Diggins and Meredith Gendron – on PE issues in China, Japan and the Philippines, as well as trends in limited partner operational due diligence. This article also details trends in the PE secondary market, including the rising prominence of transactions led by general partners, highlighted by Solomon Owayda and Christine Patrinos, the founding partners of Mozaic Capital Advisors. The first article analyzed factors contributing to the recent increase in PE emerging managers, as well as the latest trends in fees and assets leading the real estate market. For more on fundraising in Asia, see “K&L Gates Program Discusses the Ins and Outs of Global Fundraising for Fund Managers: The Asia-Pacific Region (Part Two of Two)” (Jun. 28, 2018); and “How Can U.S. Private Fund Managers Use Passport and Mutual Recognition Initiatives to Market to Investors in Asia?” (Jul. 18, 2014).