Founded in early 2006, Asia Alternatives is an Asia-focused Private Equity Fund of funds. Asia Alternatives recently raised a $950 million second fund (as a successor to its $515 million first fund). Venture Intelligence recently spoke to Rebecca Xu, a Co-Founder and Managing Director who co-leads Asia Alternatives’ Hong Kong office, and Praneet Garg, Investment Associate who is responsible for the firm's fund investments and direct co-investments in India. Extracts from the interview, the full version of which is published in the Q1 '09 V enture Intelligence Roundup report . Q: When do you expect the PE deal making activity to recover? Rebecca Xu: Investing pace has slowed down in every market in Asia. There are currently a lot of uncertainties in the overall economies and the PE markets, causing our GPs to be extremely cautious in deal making. Public market valuations have come down significantly but private market valuation correction is still lagging in some markets. Our G...