Weekly digest - October 19 2022
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19 October 2022
COVER STORY
Raising capital for China strategies is difficult, regardless of currency, but is geopolitics enabling the rise of renminbi funds at the expense of US dollar?
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TALKING POINTS
AVCJ AWARDS 2022 - VOTING IS OPEN
Voting for the 2022 AVCJ Private Equity & Venture Capital Awards runs until October 31. To cast your vote, please go to the voting page. Full information on the awards process and the shortlisted nominees is available at the awards website.
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PORTFOLIO
WARBURG PINCUS AND HTDK GROUP
 Warburg Pincus’ investment in Chinese medical devices industry services provider HTDK Group is riding the domestic healthcare wave. Bringing foreigners to the party is the next chapter.FUND FOCUS
LOCAL LPs LIFT FIRESIDE TO NEW HEIGHTS
 India’s Fireside Ventures has soaked up rising domestic investor appetite for start-ups with an outsized third vintage, claiming that its consumer brands thesis is beginning to bear fruit.DEAL FOCUS
FORTITUDE RINGS IN 9x RETURN ON SHOPPER
 Shopping mall-focused digital advertising business Shopper Media Group rode out Australia’s lockdown woes to seal a sale to Woolworths, with Fortitude Investment Partners getting a 9x return.DEAL FOCUS
WELL-LINK AIMS TO MAKE GAMING MORE REAL
 China’s Well-Link Technologies raised a Series B extension to support long-term investment and blue sky thinking around the role of real-time cloud rendering in gaming and metaverse applications. |
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By the Numbers
AVCJ RESEARCH
INDIA'S VENTURE SURGE
Fireside Ventures is responsible for the third final close this year by a firm established by a senior Helion Venture Partners alumnus, following in the footsteps of Akram Ventures and The Fundamentum Partnership. It also extends a rich vein in India venture capital fundraising activity. Approximately USD 8.1bn has been collected so far this year, compared to USD 3.5bn for the full 12 months of 2021. This has propelled overall India fundraising to a record high of USD 9.9bn, surpassing 2018 when venture capital accounted for just 30% of total capital committed to local managers.
A handful of large-cap funds raised by the likes of Sequoia Capital India, Lightspeed India Partners, and Elevation Capital have made outsize contributions. Still, there is increased activity across the market with new managers and captive units of wealth management firms launching vehicles, often in rupee to tap growing interest from the family office and high net worth segment. A surge in India fundraising was widely expected on the back of the string of breakthrough domestic IPOs by pre-profit internet companies last year, which in turn, sent technology investment to new highs. 
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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