AVCJ

Weekly digest - September 21 2022

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21 September 2022
CHINA SEMICONDUCTOR: CASUALTIES OF WAR
COVER STORY
PE activity in China’s semiconductor industry continues unabated despite intensifying US regulatory action. Many start-ups are feeling the heat.
TALKING POINTS
AVCJ AWARDS 2022 - NOMINATIONS CLOSE SEPTEMBER 22
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.
PORTFOLIO
ADVANTAGE PARTNERS AND ELISE FASHION
ADVANTAGE PARTNERS AND ELISE FASHIONAdvantage Partners acquired Vietnamese women’s apparel retailer Elise Fashion with a view to integrating manufacturing, design, and distribution into a leaner operation with a more international profile.
FUND FOCUS
GLENWOOD GAINS TRACTION WITH CARVE-OUT THESIS
GLENWOOD GAINS TRACTION WITH CARVE-OUT THESISKorea-focused Glenwood Private Equity has closed its second fund on KRW 900m (USD 648m) from local LPs, having established itself as a mid-market corporate divestment specialist.
DEAL FOCUS
MORSE MICRO TAKES WI-FI TO THE NEXT LEVEL
MORSE MICRO TAKES WI-FI TO THE NEXT LEVELAustralia’s Main Sequence Ventures plans to make Morse Micro one of the few Wi-Fi chipmakers in an easy-to-imagine future where more reliable, long-range device connectivity surges in demand.
By the Numbers
AVCJ RESEARCH
PEER TO PEER
It was always a matter of when, not if, large institutional investors would pursue PE buyouts in Asia without the aid of third-party managers. Ontario Teachers’ Pension Plan (OTPP) has done it twice in the space of four weeks: India-based Sahyadri Hospitals was the pension plan’s first sole-control deal; and China-headquartered packaging maker GPA Global has become the first co-control transaction.
In each case, OTPP’s entry facilitated an exit for an existing investor – Everstone Group and EQT, respectively. These activities underline the continued appeal of sponsor-to-sponsor transactions even as assorted economic concerns make buyers gun-shy. As of mid-September, deals of this nature amounted to USD 21.8bn, short of the record 12-month figure of USD 35.9bn set last year, but close enough to the 2017 and 2018 totals that second place should be in reach come December.
Nearly half of this deal flow, in US dollar terms, has been in Australia, which accounts for five of the eight largest deals. Some of these involved infrastructure or new infrastructure assets, but there also traditional PE deals like Greencross (TPG Capital to AustralianSuper and Healthcare of Ontario Pension Plan), iNova Pharmaceuticals (The Carlyle Group and Pacific Equity Partners, PEP, to TPG), and La Trobe Financial Services (The Blackstone Group to Brookfield Asset Management).
In the past week, PAG announced the acquisition of two food businesses from local managers – Patties Foods (PEP) and Vesco Foods (Catalyst Investment Managers).
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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