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      Regional Reports

      The reports review the year's local private equity and venture capital activity and are filled with up-to-date data and intelligence on fundraising, investments, exits and M&A. The regional reports also feature information on key companies.

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      Industry Review

      Asian Private Equity and Venture Capital Review provides an independent overview of the private equity, venture capital and M&A activities in the Asia region. It delivers insights on investments made, capital raised, sector specific figures and more.

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      AVCJ Database

      AVCJ Database is the ultimate link between Asian dealmakers and those who provide advisory, financial, legal and technological services to the private equity, venture capital and M&A industries. It is packed with facts and figures on more than 153,000 companies and almost 117,000 transactions.

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Weekly digest - August 11 2021

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  • AVCJ
  • 11 August 2021
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11 August 2021
China education: Opportunity erased?
COVER STORY

CHINA EDUCATION: OPPORTUNITY ERASED?
A regulatory crackdown has left investors wondering how they can recover the billions committed to Chinese online education platforms.
                                                                 

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TALKING POINTS

MARKETS OF A FEATHER? 
Quietly percolating expectations that Southeast Asia could replicate India’s impending wave of domestic IPOs for tech start-ups were given credence this week by Buklapak’s IDR21.9 trillion ($1.5 billion) float on the Jakarta Stock Exchange. It didn’t hurt that the Indonesian e-commerce platform hit the upper limits of its trading range within minutes of listing on August 6.
But it remains unclear if Southeast Asia will be able to combine all the necessary ingredients to see a chain reaction of unicorn IPOs in the years to come.
For India, the winning formula has two key ingredients. First, a greater understanding of tech business models among a large existing retail investor base. Second, a sense among local institutional investors that they missed out on the digital infrastructure building opportunity that saw Reliance Industries raise $20 billion in 2020 from mostly foreign actors. Similar drivers are harder to identify in the Southeast Asian landscape.
Ultimately, the biggest difficulty in any ASEAN-following-India narrative is the fact that direct comparisons cannot be made between one country and a group of several. This is especially true in terms of regulation – another key driver of the Indian wave. Indonesia, for example, still requires companies to be profitable for at least a year to list on the main board, a potential dampener for the likes of GoTo and Traveloka.
Grab, PropertyGuru, and most recently FinAccel have opted for the US via the special purpose acquisition company (SPAC) route. Expect others to follow.
LP INTERVIEW

ALLIANZ CAPITAL PARTNERS
qingru-li-allianzIn approaching Asian private equity, Allianz Capital Partners combines the classic conservatism of an insurance investor with a seasoned understanding of how to assess – and perhaps not over-respond – to risk.
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ANALYSIS

INDIA FAMILY OFFICES: TECH EXPOSURE
Demand for technology exposure among India’s most affluent is intensifying. Family offices may vary in profile, experience, and mode of access, but they all want a piece of the latest hot start-up.
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DEAL FOCUS

WARBURG PINCUS RETURNS TO ESR
warehouse-logistics-workerThe sale of ARA Asset Management to ESR will create a real estate behemoth primed to go big on e-commerce-driven logistics and data centers – and allow Warburg Pincus to reunite with the platform it seeded.
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DEAL FOCUS

VNLIFE'S TWO-PRONGED FINTECH PLAY
qr-code-2VNLife is not alone in trying to build value-added services onto a payment platform in Vietnam, but it is unusual in being able to rely on a profitable B2B digital banking business while figuring out monetization.
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By the Numbers
AVCJ RESEARCH

BLOOD IN THE STREETS
In the past five years, only six months have seen more than $500 million of private equity and venture capital investment in Asian travel and hospitality businesses. (That's excluding January 2017, when the McDonald's business in mainland China and Hong Kong - hospitality in the broadest sense of the word - was acquired for $2.1 billion.) Of these six standout months, five have been during the lockdowns and grounded flights of the pandemic. Last month was one of the most active, with $735.1 million deployed across six deals, including two hotel groups: Japan’s Fujita Kanko and India’s GoStops Hospitality.
              
All of the trends featured here were sourced from AVCJ's proprietary database, AVCJ Research, featuring comprehensive information on private equity deals, fundraises and exits.
Read more on AVCJ Research
The rest of the week
FUNDRAISING
  • Openspace hits $120m first close on SE Asia growth fund
  • Coller spins out credit fund interests from Ping An subsidiary
  • India's Stride Ventures hits $74m first close on second fund
  • Indonesia’s Arise reaches first close on seed fund
DEALS
  • India's BharatPe achieves $2.8b valuation on $370m Series E
  • GLP, Sequoia commit $800m to China's Harvest Capital
  • Affinity exits Australia healthcare software business
  • China autonomus driving start-up Inceptio raises $270m
  • Tower Capital backs $230m Singapore business services carve-out
  • PE-backed Policybazaar, Nykaa file for India IPOs
  • Activist target Japan Asia Group agrees asset sale to Carlyle
For your calendar
UPCOMING EVENTS
  • September 3 - AVCJ Korea Forum
  • September 7 - Infrastructure Investors Forum - Asia
  • September 8-9 - AVCJ Singapore Forum
  • October 5-6 - AVCJ Australia & New Zealand Forum    
  • October 6 - Australia M&A Forum
  • October 7 - Infrastructure Investors Forum - Australia
  • October 13-14 - AVCJ China Forum
  • October 26 - Infrastructure Investors Forum - Japan
  • October 27-28 - AVCJ Japan Forum
  • October 29 - Japan M&A Forum

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