Weekly digest - July 06 2022
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06 July 2022
COVER STORY
With valuation adjustments and down rounds likely to proliferate in Australia’s tech sector, investors are scrutinising business models for vulnerabilities.
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PROFILE
JENNY ZENG OF MSA CAPITAL
 Having participated in Chinese private equity as GP, LP, advisor, and industry association executive, Jenny Zeng has clear ideas as to what makes a good founder. These are being put into practice at MSA Capital.DEAL FOCUS
CDH PLAYS ASIA WELLNESS CARD
 CDH Investments turned The Better Health Company from a New Zealand-only player into a brand with regional recognition. COVID-19 proved a minor obstacle to an ultimately successful trade sale.DEAL FOCUS
INDIA'S SHUBHAM SEES OPENING TO ACCELERATE
 Shubham believes its long-curated datasets and institutional memory differentiate it from a growing pack of low-income housing lenders. Global impact investors appear convinced.DEAL FOCUS
NOVEL ANGLE ON MOBILE ADOPTION GAINS TRACTION
 Cashify is leveraging and propelling India’s mobile penetration narrative at the most fundamental level. Adding tech to the secondhand smart phone space has allowed it to create a first-of-its-kind brand.DEAL FOCUS
CARLYLE TARGETS CONSUMERISM IN CERAMICS
 The Carlyle Group, like many investors, sees premiumisation as a natural outcome of the expansion of India’s middle class. It could be the first to test this thesis in the local building materials industry. |
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By the Numbers
AVCJ RESEARCH
THE SEQUOIA FACTOR
Viewed on a quarter-by-quarter basis, Asia private equity fundraising has proved volatile during the COVID-19 period. It is likely a result of a widening of the gap between popular and less popular managers, leading to intermittent large outliers against a backdrop of general difficulty.
Sequoia Capital China’s USD 8.8bn fundraise will drive up the headline number for the third quarter. As for the second, it was done from an already disappointing first three months of the year. A total of USD 19.4bn was raised, according to provisional data from AVCJ Research. Commitments to China-focused managers fell by more than half on the previous quarter USD 6.9bn, while India and Southeast Asia both posted increases. They were helped by Sequoia’s local franchises announcing final closes. The India team raised USD 2bn and the Southeast Asia operation – secured USD 850m. 
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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