With private equity markets in the US slowing down, JP Morgan is the latest major player to look elsewhere for action. The company has set aside $750 million in a new fund focused on asia.

According to Reuters, JPMorgan has brought in Varun Bery and John troy, co-founders of TVG Capital Partners, to head its Asia private equity push. TVG Capital, which invested in telecoms in China, Australia, South Korea and India, is being wound down.

Most Asian countries frown on full-scale buyouts by foreign companies. Even when legally possible, such buy outs are difficult in Asia because so many of the targets are family companies. JP Morgan plans to take minority stakes in companies it targets in Asia.