Another day, another closure of a multibillion dollar Asian-dedicated private equity fund. On Tuesday it was the turn of Morgan Stanley, whose specialist division has made some smart investments in private Chinese companies.

But firms such as Morgan Stanley, and its specialist global private equity rivals, are going to have to think smarter and smarter to put money to play. By the end of the year, there will be about $50bn worth of Asian-dedicated private equity funds to deploy. That’s without leverage.