AVCJ

Weekly digest - January 18 2023

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18 January 2023
LABOUR SHORTAGES: FROM NORTH AND SOUTH
COVER STORY
Australian GPs are coping with labour shortages through policy support and emergency manoeuvres. Their peers in Japan need fundamental strategy shifts.
PROFILE
GORDON CHO OF ELEVATION EQUITY PARTNERS
GORDON CHO OF ELEVATION EQUITY PARTNERSNegotiating a spinout while troubled by health issues tested Gordon Cho’s faith and resilience. He feels stronger for the experience and is now looking to make his mark on Korea’s middle market.
ANALYSIS
4Q ANALYSIS: WHO WANTS CHINA?
4Q ANALYSIS: WHO WANTS CHINA?Pan-regional GPs get traction by highlighting their Asia ex-China credentials; buyouts rebound as growth capital – and China – continue to recede; India impresses with bumper exit proceeds.
DEAL FOCUS
VIG SECURES RARE AIRLINE TURNAROUND OPPORTUNITY
VIG SECURES RARE AIRLINE TURNAROUND OPPORTUNITYVIG Partners stepped into the breach when Eastar Jet’s previous white knight bailed. It agreed to recapitalise the airline on obtaining assurances that key licenses and routes remain in place.
DEAL FOCUS
L CATTERTON HITCHES A RIDE WITH TENWAYS
L CATTERTON HITCHES A RIDE WITH TENWAYSElectric bicycle brand Tenways has built its business on European design capabilities and Asian manufacturing smarts. L Catterton is backing the two-year-old company to become a global leader.
ANALYSIS
2023 PREVIEW: FUNDRAISING
2023 PREVIEW: FUNDRAISINGFundraising is difficult for all but the fortunate few private equity managers in Asia. GPs are delaying launches, shaking up strategies, and offering sweeteners; LPs are in no hurry to make commitments.
ANALYSIS
2023 PREVIEW: CHINA MACRO
2023 PREVIEW: CHINA MACROPrivate equity is eager to re-engage with China as a sudden post-pandemic re-opening reminds investors focused on the country to expect the unexpected. A weak global picture could spoil the party.
ANALYSIS
2023 PREVIEW: JAPAN MIDDLE MARKET
2023 PREVIEW: JAPAN MIDDLE MARKETConfidence in Japan’s middle market is whipping up new deal flow, new funds, and new exit channels that will play out in 2023. This includes the possible reanimation of a dormant IPO market.
The AVCJ Weekly Digest will skip an issue next week. It returns on February 01.
By the Numbers
AVCJ RESEARCH
A BUDDING BUYOUT BONANZA?
Pan-regional managers are talking up Asia buyouts. Weijian Shan of PAG, K.Y. Tang of Affinity Equity Partners, and Chin Chou of Morgan Stanley Private Equity Asia have all noted recently that they are seeing more control investments, with the latter specifically highlighting opportunities in a changing China. Buyouts in the country have generally tracked the rise in overall investment, peaking at USD 20.1bn in 2022. This represented a 16% share of China deal flow – fairly consistent in recent years apart from technology growth capital boom in 2018 and 2019. Last year, China investment slumped to USD 60.3bn. Buyouts amounted to a mere USD 4.8bn for an 8% share.
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.
For your calendar
UPCOMING EVENTS

 

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