AVCJ

Weekly digest - February 08 2023

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08 February 2023
INDIA EXITS: SUSTAINABLE TREND?
COVER STORY
With ChatGPT sending shockwaves through the tech sector, Asian investors are looking for ways to plug into it and China is mulling a standard of its own.
LP INTERVIEW
QUILVEST CAPITAL PARTNERS
QUILVEST CAPITAL PARTNERSFund-of-funds Quilvest Capital Partners was an early-mover in PE globally but has maintained a lean profile that speaks to its family office roots. It is pressing ahead with a China and India-focused Asia strategy.
FUND FOCUS
CHRYSCAPITAL ACCUMULATES $1.4B INDIA WAR CHEST
CHRYSCAPITAL ACCUMULATES $1.4B INDIA WAR CHESTFor ChrysCapital Partners, raising India’s largest private equity fund reflects growth in the economy and in the investment opportunity, with bigger deals across more sectors on the agenda.
DEAL FOCUS
EDENFARM RETHINKS INDONESIAN AGRICULTURE
EDENFARM RETHINKS INDONESIAN AGRICULTUREIndonesia’s EdenFarm is tackling Indonesia’s fragmented agribusiness space with a B2B fresh produce marketplace that not only helps distribute crops, it helps them grow in the first place.
DEAL FOCUS
SERVING THE SOLE TRADER
SERVING THE SOLE TRADERAccounting software provider Hnry has built up a following among freelancers and self-employed tradespeople in New Zealand and Australia. A USD 25m Series B will help it look further afield.
AVCJ AWARDS 2022
FIRM OF THE YEAR - LARGE CAP: BARING PE ASIA
FIRM OF THE YEAR - LARGE CAP: BARING PE ASIABaring Private Equity Asia’s 2022 was punctuated by a high-profile merger with EQT, a bumper fundraise, and USD 10bn in exits. Jean Eric Salata, now head of BPEA EQT, shares his thoughts on the market.
AVCJ AWARDS 2022
RESPONSIBLE INVESTMENT: SIDO MUNCUL
RESPONSIBLE INVESTMENT: SIDO MUNCULAffinity Equity Partners leveraged a minority position to exert significant influence on the growth of Sido Mucul, an Indonesian herbal wellness brand with a complex, fragmented operating model.
AVCJ AWARDS 2022
DEAL OF THE YEAR - LARGE CAP: CROWN RESORTS
DEAL OF THE YEAR - LARGE CAP: CROWN RESORTSCrown Resorts represented a daunting target, given its size and pandemic and regulatory-related challenges. The Blackstone Group drew on its global know-how to make the USD 8.1bn deal work.
By the Numbers
AVCJ RESEARCH
SCALING UP IN SOUTHEAST ASIA
A flurry of fundraising in 2021 saw Southeast Asia-focused VC managers accumulate a record USD 3.5bn. Now Openspace Ventures has hit the road, seeking USD 300m for its fourth venture capital fund and USD 350m for its second growth vehicle.
The firm has been consistent in its fundraising strategy to date. It returns to market every three years and increases the target size by around 50% each time: USD 89m for Fund I, USD 135m for Fund II, and USD 200m for Fund III. Openspace’s debut growth vehicle closed on USD 200m in 2022.
Several of the GPs that hit final closes last year lodged significant increases on their previous vintages: East Ventures went from USD 57m to USD 150m (and raised USD 400m for its second growth fund, up from USD 250m last time), Jungle Ventures from USD 240m to USD 600m, Alpha JWC Ventures from USD 123m to USD 433m, and relative youngster Insignia Venture Partners from USD 200m to USD 388m.
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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