AVCJ

Weekly digest - October 05 2022

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05 October 2022
JAPANESE LPs: EXPECTATION vs REALITY
COVER STORY
Japan’s LP community is an alluring target for global GPs, even as currency depreciation and a cultural aversion to risk remain obstacles to participation.
GP PROFILE
SHAWKWEI & PARTNERS
SHAWKWEI & PARTNERSNearly a decade after establishing a foothold in Asia, Partners Capital has acquired a string of local clients and devised a distinct, middle market-oriented approach to deploying capital in the region.
DEAL FOCUS
GPs PILE INTO US-INDIA TECH CORRIDOR
GPs PILE INTO US-INDIA TECH CORRIDORUS and India-based Accion Labs continues to collect private equity backers as it further globalises its IT services offering. Incoming investors don’t want to shake up the winning formula.
Q&A
SOUMITRO MUKERJI OF MAYER BROWN
SOUMITRO MUKERJI OF MAYER BROWNSoumitro Mukerji, a partner in the banking and finance practice at Mayer Brown in Singapore, explores potential drivers of increased fund finance activity in Asian private equity.
By the Numbers
AVCJ RESEARCH
BRAND AWARENESS
Most of Asia's brand agglomeration platforms are barely 18 months old, yet they continue to attract capital, even though the size and frequency of rounds has slowed. A Series B for Una Brands last week took the number of funding events to 16 since the start of 2021. Total accumulated capital now surpasses USD 800m. Two-thirds of it has gone to India-based start-ups, led by Mensa Brands and GlobalBees, which went from zero to unicorn status within six months and eight months, respectively.
The agglomeration template was established by US-based Thrasio, which buys up small but profitable e-commerce businesses that sell through Amazon’s B2B service, Fulfilled By Amazon (FBA). It leverages an understanding of e-commerce marketplace rankings, ratings, and reviews to identify and acquire emerging brands; and then it applies expertise across data science, logistics, and marketing – as well as economies of scale from running a consolidated back-end operation – to accelerate growth.
Some Asian platforms are FBA-focused Amazon clones, while others cover multiple marketplaces within a single geography. Una, on the other hand, is pan-Asia and pan-marketplace. “I think everyone will be multi-channel eventually. But what we’ve seen global platforms do is identify the largest Amazon markets and work their way down the list. Southeast Asia is different because it is dominated by local distribution channels," told AVCJ earlier this year .
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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