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Weekly digest - October 12 2022

Weekly digest - October 12 2022
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12 October 2022
GP SELECTION: GETTING INTO THE WEEDS
COVER STORY
Large LPs are hardening their criteria for fund commitments amid a tougher investment environment. But going with fewer, deeper relationships isn't easy.
Q&A
TONY HAN OF WERIDE
TONY HAN OF WERIDETony Han, founder and CEO of China's WeRide, on commercialising fully autonomous passenger vehicles, surviving a capital winter, and why universities are vital to the hard-tech revolution.
ANALYSIS
3Q ANALYSIS: LEAN TIMES
3Q ANALYSIS: LEAN TIMESA flicker in India fails to disguise a miserable quarter for exits; a handful of fast fundraises snap Asia out of its slump; investment gravitates towards developed markets and manufacturing.
FUND FOCUS
DYMON ASIA COMPLETES QUICKFIRE FUNDRAISE
DYMON ASIA COMPLETES QUICKFIRE FUNDRAISECareful – and protracted – cultivation of prospective LPs and relatively strong performance for Southeast Asia helped Dymon Asia Private Equity secure USD 650m for its third fund.
DEAL FOCUS
FOOD APP TARGETS THAILAND'S FIRST INTERNET IPO
FOOD APP TARGETS THAILAND'S FIRST INTERNET IPOThai restaurant delivery app Line Man Wongnai has leveraged the massive messaging service penetration of its parent company to position itself for what is hoped to be a breakthrough IPO.
DEAL FOCUS
EULER FINDS FAVOUR WITH INDIA-ORIENTED EVs
EULER FINDS FAVOUR WITH INDIA-ORIENTED EVsEuler Motors is one of several India-based electric vehicle manufacturers attracting significant private capital, but the company believes its customised offering for commercial users is truly differentiated.
By the Numbers
AVCJ RESEARCH
GROWTH GAP
Growth-stage investment in Asia's technology sector has seen two peaks. The first, in 2018, was all about China. The country accounted for 84% of the USD 65.6bn deployed and 76% of the approximately 390 deals announced. The second came last year, when investors put USD 69.6bn to work across about 500 deals against a backdrop of regulatory uncertainty in China. Its contribution to the Asia total was roughly the same as 2020, but its share dropped to 32% of capital invested and 51% of deals announced. India and Southeast Asia made up the shortfall, posting totals of USD 25bn and USD 10.1bn, respectively. Korea also weighed in to some extent.
Right now, investment is experiencing a trough, with USD 26.5bn deployed in the region as of early October. A valuation correction of listed technology stocks globally - which is beginning to filter through to private markets, although not consistently across all geographies and stages - is largely responsible. The running totals for China, India, and Southeast Asia are USD 11.3bn, USD 9.1bn, and USD 3.7bn. Approximately 265 deals have been announced, of which only about 100 are in China.ate growth.
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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UPCOMING EVENTS

 

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