AVCJ

Weekly digest - March 23 2022

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23 March 2022
LEVFIN: ESG SELLS
COVER STORY
PE firms in Asia are increasingly willing to consider sustainability-linked credit facilities and banks are generally happy to provide them. Speed is currently delaying standardisation.
Q&A
JOHN KIM OF AMASIA
JOHN KIM OF AMASIAMJohn Kim, co-founder of Singapore and US-based Amasia, explains how a climate impact thesis “swallowed up” his generalist VC firm and shifted its focus from technology to behaviour
DEAL FOCUS
MEDLINK CHASES GLOBAL ADC OPPORTUNITY
MEDLINK CHASES GLOBAL ADC OPPORTUNITYThe Medilink Therapeutics team spun out from Kelun-Biotech to develop antibody drug conjugates capable of competing with the world’s best. Its USD 70m Series B will support the pursuit of this goal.
DEAL FOCUS
BAZAAR, ZAYN AND PAKISTAN'S BREAKOUT MOMENT
BAZAAR, ZAYN AND PAKISTAN'S BREAKOUT MOMENTBazaar, a B2B logistics and financial services start-up, is putting Pakistan on the map for brand-name global VC investors for the first time. One of its key local backers, Zayn Capital, is doing the same.
DEAL FOCUS
ZELLER MAKES ITS PRESENCE FELT IN AUSTRALIA
ZELLER MAKES ITS PRESENCE FELT IN AUSTRALIALess than a year after launching its digital payments-led product suite, Australia-based Zeller has accumulated 11,000 merchant customers, raised over USD 100m, and achieved a USD 750m valuation.
By the Numbers
AVCJ RESEARCH
A SHORTCUT TO SCALE
“Our business is all about scale,” Jean Eric Salata, CEO of Baring Private Equity Asia (BPEA) told AVCJ last week. “When you grow in fund size from USD 2.5bn to USD 4bn to USD 6.5bn and now the target for the new fund is USD 8.5bn and we are likely to exceed that, you end up with a very different economic profile to the business. We have also scaled the real estate funds since then.”
EQT's EUR 6.8bn (USD 7.5bn) acquisition of BPEA is driven by a desire for a scaled business in Asia without the protracted heavy lifting of an organic build-out. The valuation represents a 6x increase from 2016 when Affiliated Managers Group bought a 15% stake in BPEA. But since then, the firm's fee-paying assets under management have grown approximately 5x to USD 17.7bn. Here is a snapshot of how and when this expansion was achieved, along with EQT's own Asia fundraising record.
DIVERGING FORTUNES
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.
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UPCOMING EVENTS

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