On September 12, 2006, ACGA spoke at the CLSA Capital Partners Forum in Hong Kong on the subject of the contribution private equity could make to improving corporate governance in Asia. In a nutshell, we argued that a higher proportion of listed companies in any market would be better managed and more successful if they had undertaken sound governance development prior to listing. While private equity has a unique role to play in this regard--and certain GPs were taking the lead--the industry's overall participation in CG noticeably diminished between the late 1990s and the mid-2000s. We ascribed this to a flood of liquidity into PE funds at that time and increasing competition for deals.