AVCJ

Weekly digest -March 02 2022

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02 March 2022
CHINA: FUNDING PUZZLES
COVER STORY
Late-stage investors are appearing in earlier funding rounds in China, offering premium valuations but potentially leaving start-ups in situations where they have too much too soon
Q&A
GERALD LEONG OF SYLVAN GROUP
GERALD LEONG OF SYLVAN GROUPGerald Leong, a 25-year veteran of Asian private equity, believes returns-focused impact investment is the future of the industry. His new firm, Singapore-based Sylvan Group, will attempt to prove it.
ANALYSIS
AUSTRALIA VC: AN IDEAL MATCH?
AUSTRALIA VC: AN IDEAL MATCH?Having backed Australian VCs for Hostplus, Neil Stanford is now raising a fund-of-funds with a view to catalysing a state-wide start-up ecosystem. A preferred return structure is being used to lure LPs.
DEAL FOCUS
ADV'S ASIA HYGIENE PLATFORM PLAY
ADV'S ASIA HYGIENE PLATFORM PLAYISS Environmental Services is well-positioned as Hong Kong’s preferred provider of portable toilets. But ADV Partners has acquired the business with a view to executing a regional roll-up strategy.
DEAL FOCUS
QUADRIA GOES SHOPPING IN VIETNAM
QUADRIA GOES SHOPPING IN VIETNAMSingapore’s healthcare-focused Quadria Capital has made its most overtly consumer retail-oriented investment with Vietnam’s Con Cung. But the endgame is considered squarely on-strategy.
DEAL FOCUS
AFFIRMA SEES PROMISE IN ASIA E-SCOOTERS
AFFIRMA SEES PROMISE IN ASIA E-SCOOTERSAffirma Capital has led a USD 93m Series B round for Singapore-based e-scooter provider Beam, citing its ability to internationalise a locally-focused and increasingly popular business model.
AVCJ AWARDS 2021
EXIT OF THE YEAR - SMALL CAP: INTEGREON
EXIT OF THE YEAR - SMALL CAP: INTEGREONNHelping Integreon re-focus and renew management was all part of the plan; delaying the exit as COVID-19 amplifed demand was the unexpected coup. NewQuest Capital Partners also received the Operational Value Add Award for its work.
AVCJ AWARDS 2021
FUNDRAISING OF THE YEAR - LARGE CAP: KKR
FUNDRAISING OF THE YEAR - LARGE CAP: KKRWorking around travel restrictions and reaching into the high-net-worth segment were key themes as KKR raised USD 15bn for its fourth pan-Asia fund, the largest vehicle of its kind to date.
AVCJ AWARDS 2021
EXIT OF THE YEAR - IPO: ZOMATO
EXIT OF THE YEAR - IPO: ZOMATOFor Centurium Capital, China Biologic was no ordinary take-private. It was the culmination of a multi-year effort to tighten the company’s shareholding structure and root out management inefficiencies.
The rest of the week
FUNDS
DEALS
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