Weekly digest - March 30 2022
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30 March 2022
COVER STORY
Credit-driven e-commerce is coming to developing Asia with an attractive supply-demand equation and a mix of macro and business-level risks.
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GP PROFILE
CHINA-JAPAN-US VC INVESTOR DCM
 Investing in China, Japan, and the US out of a single global fund, DCM sticks to a formula of small funds, concentrated portfolios, early-stage deals, and collaborative cross-border teams.ANALYSIS
EQT AND BARING ASIA: SIZE MATTERS
 The significance of EQT’s acquisition of Baring Private Equity Asia (BPEA) is in the strategic machinations of global GPs as much as in the implications for on-the-ground dealmaking.DEAL FOCUS
JADE INVEST RIDES PEST CONTROL M&A BOOM
 Having offered a blueprint for pest control consolidation globally in Anticimex, EQT wants to repeat the trick in China with Guardian Hygiene Service. It meant into a 3.3x return for previous owner Jade Invest.DEAL FOCUS
INDIA E-SPORTS EARLY-MOVER MAKES WAVES
 Loco is positioned to take a leadership role in India’s up-for-grabs game streaming industry following a sizeable Series A round and promising early traction in community building.DEAL FOCUS
APIS TARGETS MODES OF ENGAGEMENT
 Through investments in Giift and Xoxoday, Apis Partners is betting on the emergence of personalised, data-driven loyalty and incentives programs and Asian corporates doing more to retain staff and customers. |
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By the Numbers
AVCJ RESEARCH
TO THE BOURSE
Plenty of bankers have pitched IPOs to Asian GPs, but few managers in the region meet all the requirements in terms of track record, fee-generating scale, and business line diversity. PAG is one of them, having grown its assets under management (AUM) 6x to more than USD 50bn in the past decade, with exposure to credit, private equity, and real assets. Fee-paying AUM was USD 29.6bn out of USD 47bn as of December 2021. The firm filed for a Hong Kong offering last week.
PAG’s PE business didn’t exist until 2010 but commanded USD 16.9bn in AUM as of year-end 2021. It has also the firm’s best-performing asset class, generating a gross return of 26% since inception. Five funds have been raised – three buyout and two growth – while a fourth buyout vehicle is in the market with a target of up to USD 9bn. 
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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