Research

We conduct highly complex, bespoke research to help investors test their investment hypotheses, acquire strategic market intelligence and understand political risk.

Blackpeak offers superior cross-jurisdictional research that requires on-the-ground inquiries in multiple languages, high-caliber analysis, and discretion.

We help our clients make better business decisions by gathering and assessing strategic business intelligence. To help clients test their investment hypotheses and understand the business and geopolitical environments in which they operate, we design each project with customized investigative methodologies. Our research can focus on verifying specific business operations, understand market potential, or examining the political and regulatory trends. Leveraging our local knowledge, we offer our clients best-in-class insights into market and political risks worldwide.

Listed Company Research

Blackpeak is the clear market leader in investigative research into listed companies for our hedge fund and institutional investor clients.

Our team of researchers works with you throughout the investment cycle, helping you generate ideas, test hypotheses, do your due diligence, and monitor your investments. We provide flexible, interactive service that adjusts as your research questions and strategies evolve. Our research utilizes a variety of creative methodologies to assist our clients in evaluating strategy and performance, leadership decision making, fraud and corruption, and much more. 

We operate strictly within the letter and spirit of laws and regulations relating to information gathering, including MNPI compliance, the US FCPA and the UK Bribery Act.

Political Risk Analysis

Blackpeak conducts bespoke, targeted research of specific geopolitical, regulatory, and security challenges to help our clients assess the exposure of their investments and business transactions to evolving political risks. What differentiates Blackpeak is an unparalleled in-house capacity to use our extensive source network worldwide to conduct discreet inquiries. We have particular experience covering countries included in the Belt and Road Initiative, including the ability to deliver superior research and analysis in English, Chinese and Japanese.

Our services include:

  • Critical stakeholder mapping
  • Political exposure assessments of companies and individuals
  • Political risk and ESG monitoring of companies
  • Regulatory risk scenario analyses
  • Sector and industry analyses
  • Country risk reports

Strategic Intelligence

Blackpeak provides competitor, market entry, and supply chain intelligence to a range of clients, including corporations, private equity firms, hedge funds, and institutional investors. We are able to offer our clients insights into the business and market positions of their competitors and acquisition targets.

Our sophisticated network of business sources around the world and our ability to find and analyze available but undiscovered information mean that we can provide our clients with highly practical, actionable business intelligence.

Case Studies

See some recent examples of how we’ve helped clients understand and evaluate

Listed Equity Research

Competitor Intelligence

Political Risk

Listed Equity Research

Blackpeak was engaged to research special situation investment opportunities amongst overseas-listed Chinese companies for a major international long-only investment fund. As a contrarian investor, our client was seeking significantly undervalued opportunities within a sector discredited by a number of high profile frauds and scandals. Using a combination of detailed market research, including detailed analysis of financial statements and filings, interrogation of public records in multiple jurisdictions, as well as targeted source inquiries, within the capital markets and relevant industry sectors, we provided our client with valuable industry and market intelligence to assist with specific investment selection, analysis and evaluation.

Competitor Intelligence

Concerned by erosion in its market share amidst increased competition, a multinational FMCG manufacturer engaged Blackpeak to analyze the complete manufacturing processes and supply chains of targeted key competitors and to help it understand margin structure and profitability. Employing a combination of market research, field inquiries and data analysis, we provided our client with a comprehensive understanding of the competitors’ regional manufacturing and distribution businesses, enabling the client to identify areas of improvement and competitive advantage for its own business.

Political Risk

One of our clients engaged Blackpeak to give a high-level analysis of an opaque country’s political structures and policies regarding energy and FDI. Our team launched an extensive project that utilized country-specific expertise and source inquiries to illustrate the complex political dynamics within the country and its relations with other countries in the region. Part of the project included a methodical overview of the country’s political institutions, a scenario analysis of the leadership succession plan, and an analysis of the political risks involved in these trajectories.

On The Topic

From our research know how

Tough Calls: South Korea’s Telecommunications Sector Innovates Amid Headwinds

 Tough Calls: South Korea’s Telecommunications Sector Innovates Amid Headwinds 2000 1333 Blackpeak

In May 2022, Yoon Suk-yeol of the People Power Party assumed office as the new president of South Korea. Yoon,…

Blackpeak Tête-à-Tête: The Downward Spiral of the KPK

 Blackpeak Tête-à-Tête: The Downward Spiral of the KPK 1200 675 Blackpeak

In this episode, In this episode, Blackpeak Director Vanessa Capdevielle welcomes Kevin O’Rourke, an expert on Indonesian politics, to discuss the downfall of the long-established and perhaps the best-known anti-corruption agency in Southeast Asia: the KPK.

Blackpeak Tête-à-Tête: Changing Dynamics in APAC

 Blackpeak Tête-à-Tête: Changing Dynamics in APAC 1200 675 Blackpeak

Recent Geopolitical and Economic Trends in the APAC Region

Blackpeak Tête-à-Tête: Partnerships in the Middle East: the Permutations and Pitfalls

 Blackpeak Tête-à-Tête: Partnerships in the Middle East: the Permutations and Pitfalls 1200 675 Blackpeak

Middle East legal expert Christopher Gunson joins us to discuss how companies can go about selecting a local partner in the region, the five main types of partner, and the most common mistakes that companies make when entering into a partnership.

Shifting Tides in the Offshore World

Shifting Tides in the Offshore World

 Shifting Tides in the Offshore World 2121 1414 Blackpeak

Regulators have imposed new disclosure rules for ultimate beneficial ownership on companies in the Cayman Islands and British Virgin Islands (BVI). Now, alternative offshore hubs, such as the United Arab Emirates (UAE), have emerged to provide sought-after alternatives.

Blackpeak Tête-à-Tête: 2020: Armageddon or Opportunity – Zeroing in on Key Markets as Investors Shake Off Pandemic’s Chokehold

 Blackpeak Tête-à-Tête: 2020: Armageddon or Opportunity – Zeroing in on Key Markets as Investors Shake Off Pandemic’s Chokehold 1200 675 Blackpeak

For this episode, recorded just before the end of the year, Alex Nasr welcomes Robin Ganguly, head of content and editor for Inframation, to talk about the investment climate and deal volume in 2020 in APAC and the key ESG trends to look out for in the coming year.

Private Equity and ESG

 Private Equity and ESG 1200 675 Blackpeak

While the world’s largest pension funds and financial services providers have been allocating capital toward tackling environmental, social, and governance (ESG) issues, private equity (PE) firms have largely lagged behind.

Grading on a Curve: How ESG Ratings Can Fall Short in Emerging Markets

 Grading on a Curve: How ESG Ratings Can Fall Short in Emerging Markets 1200 675 Blackpeak

2019 was a banner year in the remarkable rise of ESG investing. Morningstar reported that nearly 500 actively traded funds in the United States added ESG language to their prospectuses, up from 50 in 2018.

Navigating the “Green Recovery” From COVID-19

 Navigating the “Green Recovery” From COVID-19 1200 675 Blackpeak

The global shift to green is likely to accelerate in the post-COVID-19 world, but this is only symptomatic of a broader trend where Environmental, Social, and Governance (ESG) factors are becoming more critical to businesses’ long-term viability and value.

Oil Crash Threatens Security: Nigeria’s Risks Exacerbated by COVID-19 Pandemic

 Oil Crash Threatens Security: Nigeria’s Risks Exacerbated by COVID-19 Pandemic 1200 675 Blackpeak

Oil market volatility caused by the global spread of COVID-19 is expected to push Nigeria into its worst recession in 30 years. As the country suffers from its overreliance on crude exports, a recent surge in tensions in the oil-rich Niger Delta region and its waters in the Gulf of Guinea risks further damaging an already fragile economy.

Different Law, Same Challenges: New Japanese FDI Rules Unlikely to Deter Activist Investors

 Different Law, Same Challenges: New Japanese FDI Rules Unlikely to Deter Activist Investors 1200 675 Blackpeak

In November 2019, Japanese legislators revised the Foreign Exchange and Foreign Trade Act, requiring foreign investors to obtain government approval before purchasing 1% or more of a listed Japanese company in industries considered sensitive to national security.

The EU Implements New Regulatory Framework That May Hinder Chinese Investment

 The EU Implements New Regulatory Framework That May Hinder Chinese Investment 1200 675 Blackpeak

The EU has been tightening regulatory scrutiny of Chinese inbound investment over the last three years. The implementation in April 2019 of a new EU-wide framework for reviewing acquisitions intensifies the trend of already-declining Chinese FDI in the EU and high-profile blockages of deals there since 2016.

Security Risks in Southern Thailand: From Origins to Current Situation

 Security Risks in Southern Thailand: From Origins to Current Situation 1200 675 Blackpeak

In order to extract even more concessions from the Thai government, rebel groups in the southernmost provinces of Thailand may continue instigating violence.

FinanceAsia | Anti-graft Arrests Will Not Stop China’s Financial Liberalisation

 FinanceAsia | Anti-graft Arrests Will Not Stop China’s Financial Liberalisation 1200 675 Blackpeak

Alex Nasr’s opinion on the recent arrest of Liu Shiyu, former chairman of the China Securities Regulatory Commission.

AI Ambitions: Challenges to Innovation as the US and China Drive Global Tech

 AI Ambitions: Challenges to Innovation as the US and China Drive Global Tech 1200 675 Blackpeak

Both despite and because of the US and China competing in AI innovation for geopolitical and economic reasons, the two countries contribute to the industry’s development with their different tech and policy orientations.

Foreign Investment Regulation in the Education Sector in China

 Foreign Investment Regulation in the Education Sector in China 1200 675 Blackpeak

In August 2018, the Chinese Ministry of Justice issued a Circular seeking public comments on the recently updated Promotion of Private Education (Revised Draft) law, which cuts a clear line between government non-profit schools and private education businesses by restricting foreign capital investment in certain education entities in mainland China.

More Than a Trade War: Understanding Political Risk as US Scrutinizes Chinese Investment

 More Than a Trade War: Understanding Political Risk as US Scrutinizes Chinese Investment 1200 675 Blackpeak

In August 2018, President Trump signed a bill expanding the scope and powers of the Committee on Foreign Investment in the United States (CFIUS). The new law has important implications for Chinese…

Navigating Brazil’s 2018 Election: What Investors Can Expect

 Navigating Brazil’s 2018 Election: What Investors Can Expect 1200 675 Blackpeak

If there is anything that Sunday’s electoral results showed us, it is that Brazil’s political landscape in 2018 is as polarizing, unprecedented, and unpredictable as ever.

Financial Times | US Sanctions Companies Linked to Japanese Yakuza

 Financial Times | US Sanctions Companies Linked to Japanese Yakuza 1200 675 Blackpeak

David Suzuki’s opinion on the sanctions that the US government has imposed on companies linked to Japanese anti-social forces.

Reuters | JD.com CEO Returns to China After Arrest in U.S. Sexual Misconduct Case

 Reuters | JD.com CEO Returns to China After Arrest in U.S. Sexual Misconduct Case 1200 675 Blackpeak

Blackpeak founder Chris Leahy is quoted in a Reuters article about the recent sexual misconduct case involving the CEO of JD.com.

Risks in Japanese Infrastructure Investment

 Risks in Japanese Infrastructure Investment 848 477 Blackpeak

Infrastructure development in Japan carries specific risks to investors. In this briefing, we highlight some of the key issues.

Deal Street Asia | Record PE Vehicles Make Fundraising Challenging for Smaller Managers

 Deal Street Asia | Record PE Vehicles Make Fundraising Challenging for Smaller Managers 1200 675 Blackpeak

Read Blackpeak founder Chris Leahy’s interview for Deal Street Asia on private equity market outlook and deals in Southeast Asia, India, and China.

Mint | Some of Modi’s shine has come off, but he has a good scorecard: Chris Leahy

 Mint | Some of Modi’s shine has come off, but he has a good scorecard: Chris Leahy 1200 675 Blackpeak

Read Mint’s interview with Blackpeak founder, Chris Leahy, on India investment outlook.

Corporate Governance Reform: Enhancing Japan’s Power to EARN

 Corporate Governance Reform: Enhancing Japan’s Power to EARN 1200 675 Blackpeak

The implementation of the Corporate Governance Code (“CG Code”) in Japan has been a central pillar of the Abe administration’s Japan Revitalization Strategy.

China Briefing: Trump’s Potential Trade Actions Against China and Their Implications

 China Briefing: Trump’s Potential Trade Actions Against China and Their Implications 1200 675 Blackpeak

In his 2018 State of the Union Address, United States President Donald Trump announced that “the era of economic surrender is…

Small Loans, Big Profits: The Consumer Finance Market in China

 Small Loans, Big Profits: The Consumer Finance Market in China 1200 675 Blackpeak

Since early 2015, consumer finance companies have been some of the hottest investments in China. But competition is harsher than ever, with pioneers and new entrants fighting for their slice of the pie. The industry is now at risk of becoming another investment bubble.

Security Awareness in Japan

 Security Awareness in Japan 1200 675 Blackpeak

Despite being one of the safest countries in the world, Japan lags behind many other economies when it comes to security and safety measures to protect the country against major threats such as terrorism, cyber-attacks or geopolitical tensions.

Forbes | The Odds And Perils Of Gambling Successfully On Japan’s New Casinos

 Forbes | The Odds And Perils Of Gambling Successfully On Japan’s New Casinos 1200 675 Blackpeak

David Suzuki’s opinion on the new casino legislation in Japan in an article for Forbes.

China’s 19th Party Congress: What You Should Know

 China’s 19th Party Congress: What You Should Know 1200 675 Blackpeak

China is at a critical turning point as the 19th Party Congress of the Chinese Communist Party (“CCP”) will be underway next week. The meeting will shape China’s political and economic trajectory over the next five years and beyond with key decisions made on party leadership and policy directions.

Investing in Myanmar: Southeast Asia’s Last Frontier

 Investing in Myanmar: Southeast Asia’s Last Frontier 2508 1672 Blackpeak

Myanmar’s robust economic growth and untapped potential have led many investors to name the country as “Southeast Asia’s last frontier”. Blackpeak shares its views on top foreign direct investment (FDI) sectors, key investors and investment risks and challenges in Myanmar.

Japanese Gaming: From the Bowels of Kabukicho to a Place in the Sun

 Japanese Gaming: From the Bowels of Kabukicho to a Place in the Sun 1200 675 Blackpeak

After years of debate, the Japanese government has legalized casinos in the country. Nothing is expected to be built in time for the 2020 Olympic Games in Tokyo. So what is behind this historic decision? What are the consequences for the economy?

Le Monde | Les Yakuza Font Peau Neuve

 Le Monde | Les Yakuza Font Peau Neuve 1200 674 Blackpeak

Blackpeak’s head of global Japanese business, David Suzuki, quoted in an article from the leading French newspaper, Le Monde, talking…

Investing In The Philippines: Is The Road Still Bumpy?

 Investing In The Philippines: Is The Road Still Bumpy? 1200 675 Blackpeak

It has been nine months since Duterte became president of the Philippines. A shift towards a martial law seems entirely plausible. What can investors expect in the coming months?

RANE | Japan Rolls the Dice on Legalizing Casinos

 RANE | Japan Rolls the Dice on Legalizing Casinos 1200 675 Blackpeak

“Organized crime’s involvement will not be as overt or blatant as some media outlets anticipate, but there are serious concerns that the legalization of casinos…

Indian Family Businesses: Risks for Investors

 Indian Family Businesses: Risks for Investors 1200 675 Blackpeak

India’s rapid economic progress is in large part due to the dominance of successful family-run conglomerates. While these companies have become some of India’s most successful, several have been tainted by corporate governance scandals…

Japan’s Yamaguchi-gumi Split and the Formalities of Gang War

 Japan’s Yamaguchi-gumi Split and the Formalities of Gang War 1200 674 Blackpeak

In the wake of the recent split of the Yamaguchi-gumi, Japan’s largest organized crime group, Blackpeak has insights and an infographic to decipher the yakuza world and its recent events.

Investing In The Philippines: A Bumpy Road Ahead?

 Investing In The Philippines: A Bumpy Road Ahead? 1200 675 Blackpeak

Post the Philippines’ elections, Blackpeak shares its views on the incoming Duterte regime and how it may affect investment risks in the Philippines.

Keeping a Cool Head as China’s Internet Sector Heats Up

 Keeping a Cool Head as China’s Internet Sector Heats Up 1200 675 Blackpeak

China’s Internet sector continued to grow robustly in the first half of 2015: there were 518 investment deals in the Internet sector in the first half of the year with a total value of USD 6.57 billion, the highest point since 2012.

Start Typing