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      Regional Reports

      The reports review the year's local private equity and venture capital activity and are filled with up-to-date data and intelligence on fundraising, investments, exits and M&A. The regional reports also feature information on key companies.

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      Industry Review

      Asian Private Equity and Venture Capital Review provides an independent overview of the private equity, venture capital and M&A activities in the Asia region. It delivers insights on investments made, capital raised, sector specific figures and more.

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      AVCJ Database

      AVCJ Database is the ultimate link between Asian dealmakers and those who provide advisory, financial, legal and technological services to the private equity, venture capital and M&A industries. It is packed with facts and figures on more than 153,000 companies and almost 117,000 transactions.

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Weekly digest - November 30 2022

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  • AVCJ
  • 30 November 2022
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30 November 2022
FTX: CRYPTO DISMISSES ANOTHER DEATHBLOW
COVER STORY

FTX: CRYPTO DISMISSES ANOTHER DEATHBLOW
Emerging technology giant implodes. Rules are set to tighten. Investors hit pause but remain confident about the long term. Business as usual in crypto.

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PORTFOLIO

TRUSTAR CAPITAL AND CHINA'S TRUSTLINK
TRUSTAR CAPITAL AND CHINA'S TRUSTLINKThrough Trustlink, Trustar Capital has successfully executed a buy-and-build strategy in China’s facility management space, using scale and standardisation to win contracts from multinationals.
Read more
FUND FOCUS

PANACEA DEFIES BIOTECH DOWNTURN
PANACEA DEFIES BIOTECH DOWNTURNHaving raised its second fund amid weakening investor sentiment for biotech, Panacea Venture expects deployment to be guided by a widening valuation gap between the US and China.
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DEAL FOCUS

LIONROCK FINISHES POLISHING CLARKS
LIONROCK FINISHES POLISHING CLARKSLionRock Capital is exiting Clarks to its majority partner, Li Ning-owned and Hong Kong-listed Viva China, having helped the struggling British shoe brand survive the pandemic.
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DEAL FOCUS

IFM SECURES DEBUT LONG-TERM CAPITAL DEAL
IFM SECURES DEBUT LONG-TERM CAPITAL DEALTargeting PRP Diagnostic Imaging through its long-hold fund meant IFM Investors could offer the company stability and partnership. It expects to generate dividend yield and capital growth.
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Q&A

PATRICK READ OF MORGAN STANLEY INVESTMENT MANAGEMENT
PATRICK READ OF MORGAN STANLEY INVESTMENT MANAGEMENTPatrick Reid, a UK-based managing director for alternatives distribution management at Morgan Stanley, plots future of themes around secondaries, longer holds, and hybrid approaches to PE.
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By the Numbers
AVCJ RESEARCH

GOING ELECTRIC
More than USD 1.6bn has been put to work in India’s electric vehicle (EV) space since 2018. It represents a fraction of the China total, but momentum is building, with a dozen investments announced since the start of the year, according to AVCJ Research. It is the first time that deal count has entered double figures on an annual basis.
Inevitably for a nascent industry, capital is concentrated on a handful of companies. TPG Rise Climate and ADQ’s USD 994m commitment to the EV unit of Tata Motors last October is the ultimate outlier. Dismiss this from consideration and six companies come to the fore: Ather Energy, Hero Elecrtric, Euler Motors, BluSmart, Ultraviolette Automotive, and Lithium Urban Technologies.
They pursue different business models – two-wheeler vs four-wheeler, manufacturer vs fleet operator – but they are the independent vanguard. Together, the six start-ups have raised nearly USD 600m, with more than half of that sum secured in 2022.
Last week, Ultraviolette added USD 24m to an ongoing Series D that now amounts to USD 34m. It follows BluSmart doubling the size of its Series A to USD 50m, Euler securing a USD 60m Series C, Ather raising USD 178m across a two-tranche Series E, and EverSource Capital acquiring a majority stake in Lithium Urban for USD 50m.
Asked about the timing of this surge, Arpit Agarwal, a director at Blume Ventures, told AVCJ that until recently EVs simply were not good enough. The first generation was of Chinese design and based on Chinese, and therefore unsuited to India’s roads. It is only now that vehicles built and made for India by India are becoming widely available.
EV sales reached 520,000 units in the 12 months ended March 2022, a more than twofold increase on the previous year, according to Avendus Capital. Two-wheelers dominate the market, accounting for 322,000 in sales. In the three-wheeler cargo EV segment, sales increased from 800 to 6,400 units. Nevertheless, penetration remains relatively low.h public market selloffs in the sector globally.
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.

Read more on AVCJ Research

The rest of the week
FUNDS
  • Unison Korea targets $680m for Fund III
  • China's Primavera targets $300m for credit fund
  • Proterra raises $200m for Asia food fund
  • India's Multiples targets up to $1b for Fund IV
  • Heliconia, Yanzijiang Financial launch SE Asia SME fund
  • India's Kae Capital closes Fund III on $94m
DEALS
  • China's CMC trims stake in City Football Group
  • Japan's Jafco launches buybacks to thwart activist threat
  • Chaos leads $100m Series B for China's FreeTech
  • ADIA, SC Capital to invest $2bn in Asia data centres
  • ACE Equity-backed SPAC acquires US electronics player
  • Lighthouse seals partial exits from India's Nykaa with 14x return
  • Government investors support Chinese EV player Letin
  • India's Five Star completes $195m IPO, GPs make partial exits
  • Korea laundry start-up gets $36m Series C
  • China's Ruiyun Cold Chain raises $28m
  • Norwest invests $32m in India's Celebal Technologies
For your calendar
UPCOMING EVENTS
  • 6 December 2022 - Mergermarket M&A Forum - Hong Kong
  • 21-22 February 2023 - AVCJ China Forum
  • 7-9 March 2023 - AVCJ Australia & New Zealand Forum
  • 14 March 2023 - Mergermarket M&A Forum - Australia
  • 15 March 2023 - Infralogic Investors Forum - Australia

 

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