Five minutes with Government Pension Fund of Thailand

Private equities director Pitchai Yungtawesak answers our quick-fire LP quiz.

What issues keep you awake at night?

High valuations/price driven up by so much dry powder. I’m sceptical on where we are in the private market cycle.

What surprised you most in 2017?

Not much in 2017 indeed, but a spill-over surprise from 2016: Uber’s successful Series G fundraising.

What’s the biggest challenge this year?

Geopolitics globally.

What are the most promising regions and strategies, and why?

Aside from the North Korea threats, Japan especially in the mid-market seems to be a bright prospect given its market condition improvement. I’m also foreseeing a structural shift toward more accessible dealflows.

What’s your one piece of advice for GPs?

Stay disciplined and focus on your expertise.

The Government Pension Fund of Thailand, a defined contribution fund set up in 1997 for Thai civil servants, manages $20 billion of assets equally split between its reserve fund and member fund, from which it makes its investments. The pension fund has a long-term target for private equity of 3 percent, which could increase to 4 percent by 2020.