AVCJ

Weekly digest - July 13 2022

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13 July 2022
SE ASIA TECH: RESILIENT WITH AN ASTERISK
COVER STORY
As start-up fever cools globally, Southeast Asia’s booming technology space no longer lends itself to an easy investment narrative.
LP INTERVIEW
METLIFE INVESTMENT MANAGEMENT
METLIFE INVESTMENT MANAGEMENTA preference for control-oriented strategies has left MetLife Investment Management with an Asia portfolio split equally between developed and emerging markets. There are no plans to upset the balance.
ANALYSIS
2Q ANALYSIS: SUBSTITUTING CHINA?
2Q ANALYSIS: SUBSTITUTING CHINA?India and Southeast Asia come to the fore as China demonstrates weakness in both growth-stage investment and fundraising; exits continue to struggle amid reluctance from strategic buyers.
FUND FOCUS
QIMING PICKS ITS MOMENT
QIMING PICKS ITS MOMENTChina’s Qiming Venture Partners more than doubled its fund size from the previous vintage, having launched the vehicle prior to the recent chaos and leveraged LP demand for the familiar.
DEAL FOCUS
GPs GO BIG ON CHINA BIOSYNTHESIS
GPs GO BIG ON CHINA BIOSYNTHESISAdvances in synthetic biology and China’s carbon-neutral ambitions have prompted investors to re-examine bio-manufacturing plays. Mojia Biotech is among the beneficiaries.
DEAL FOCUS
DAYONE CHAMPIONS LITHIUM-ION ALTERNATIVE
DAYONE CHAMPIONS LITHIUM-ION ALTERNATIVEIn throwing its support behind Enpower Greentech, Dayone Capital hopes the Chinese company can turn solid-state batteries into a commercially viable reality for electric vehicles.
By the Numbers
AVCJ RESEARCH
ON THE FARM
Two deals in a matter of days involving B2B marketplaces targeting the food supply chain highlighted robust investor interest in agriculture. Nearly USD 2.8bn has been deployed in 2022 to date, equal to the 12-month total for 2021, and all the capital has gone into early and growth-stage plays, according to AVCJ Research.
The sector is notoriously broad. Even the two recent B2B marketplace investees are somewhat different. India’s Vegrow is a classic matchmaker, helping farmers sell their crops into formal distribution channels. Indonesia’s AgriAku has a similar tech offering, but targets small-scale retailers who sell agricultural inputs to farmers.
Vegrow secured a USD 25m Series B round led by Prosus Ventures. AgriAku closed a USD 35m Series A with Alpha JWC Ventures assuming the lead investor role.
Roughly half of PE investment in Asian agriculture since 2012 has gone into buyouts. Many of the largest deals have involved forestry and food processing assets in Australia and New Zealand. Meanwhile, in the upper end of the growth space, there are plenty of investments in Chinese dairy farm operators and pet food producers.
The outsized 2022 total is underpinned by the acquisition of a minority stake in Australian pet products and services retailer Greencross. However, the increase in overall deal flow in recent years can be traced to an influx of VC deals involving tech-enabled start-ups in emerging economies – marketplaces, brands, e-commerce.
BEAUTY PARADE
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.
The rest of the week
FUNDS
DEALS
PEOPLE
For your calendar
UPCOMING EVENTS

 

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