AVCJ

Weekly digest - September 07 2022

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07 September 2022
DEAL FINANCING: HOMEGROWN SOLUTIONS
COVER STORY
GPs are relying on Asia-based debt investors to support leveraged buyouts amid a logjam in the US, highlighting the region’s innovation and durability.
TALKING POINTS
AVCJ AWARDS 2022 - SUBMIT YOUR NOMINATIONS
Industry participants have until September 22 to put forward firms, fundraises, investments, and exits they believe worthy of consideration. For more information, go to www.avcjforum.com/awards.
Q&A
SURYA MANTHA OF UNITUS VENTURES
SURYA MANTHA OF UNITUS VENTURESIndian returns-focused impact investor Unitus Ventures is sharpening its thesis around jobs as it celebrates its 10-year anniversary. Surya Mantha, a managing partner at the firm, traces the evolution.
DEAL FOCUS
PAG GOES BACK TO THE THEME PARK
PAG GOES BACK TO THE THEME PARKPAG returns to a historically fruitful niche with the acquisition of Japanese theme park operator Huis Ten Bosch. COVID-19 made the deal possible but remains a wildcard.
DEAL FOCUS
TURNING DATA INTO OPERATIONAL EFFICIENCIES
TURNING DATA INTO OPERATIONAL EFFICIENCIESChinese data mining start-up Prothentic has managed to turn first-time business into repeat subscription business, which led to valuation increase between funding rounds even as the wider market stagnates.
DEAL FOCUS
REMOTE WORKING DELIVERS FOR GLINTS
REMOTE WORKING DELIVERS FOR GLINTSAn outsourced talent management service that enables companies to recruit in far-flung markets has become the bulwark of Glints’ business on the back of COVID-19, underpinning a USD 50m Series D.
DEAL FOCUS
JAI KISAN'S TAPS INDIA RURAL RESURGENCE
JAI KISAN'S TAPS INDIA RURAL RESURGENCEThe founders of technology-enabled credit platform Jai Kisan went against the grain by forgoing urban customers and targeting India’s rural poor. A USD 50m Series B is an indicator of its progress.
By the Numbers
AVCJ RESEARCH
JAPAN IN SIX TRENDS
To cpincide with the upcoming AVCJ Japan Forum (see here or the full special issue) ...
Carve-outs: Going large Toshiba wouldn’t be a corporate carve-out in the conventional sense, but many of the operational challenges are similar. It demonstrates private equity’s willingness to take on larger and more complex challenges involving corporate Japan.
SoftBank: Blurred vision? SoftBank Group invests globally through its Vision Fund series, but recent sub-par performance may lead to reductions in overheads and a less aggressive approach to deployment. Vision Fund 2 is already writing smaller cheques at earlier stages than its predecessor.
Buyout funds: Keen to deploy With uncertainty looming over China, pan-Asian managers may have to rethink their likely geographical deployment over the next few years. Ramping up investment in mature markets like Japan where meaningful sums can be put to work in leveraged buyouts is one answer.
Middle market: New blood needed? Robust performance by Japan’s middle-market managers hasn’t translated into a glut of new GPs. The dynamics are gradually changing, with a few more spinouts from established firms and a few more captives going independent. It remains to be seen whether attract global LP support.
Technology: Growth-stage agenda Growth-stage technology investment in Japan has not ramped up to the same extent as other markets in the region because a lack of pre-IPO funding means start-ups go public earlier. Global growth investors, local newcomers, and government policy are helping redress the balance.
Renewables: Investing towards net-zero Japan must ease reliance on fossil fuels and decarbonise real estate, transportation, and industrials to achieve its net-zero emissions target. Investors in renewables are bullish on the market, citing the impact of regulations enacted several years ago and the prospects in areas like offshore wind.
CHART
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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