AVCJ

Weekly digest - June 14 2023

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14 June 2023
START-UP BANKING: AN SVB-SHAPED HOLE
COVER STORY
Silicon Valley Bank was one of few institutions serving the unique banking needs of start-ups. In its absence, others are rising to the challenge.
GP PROFILE
500 GLOBAL
500 GLOBAL500 Global’s emergence as a preeminent seed investor in Southeast Asia has played out against the backdrop of a broader transformation from US accelerator into international multi-stage venture capital firm.
DEAL FOCUS
SERVING COFFEE AT SCALE IN CHINA
SERVING COFFEE AT SCALE IN CHINAM Stand has added another twist to China’s coffee chain growth story, rooting its value proposition in offline experience and leveraging online capabilities to achieve speed and efficiency.
DEAL FOCUS
ALLEGRO REHEATS THE PIE
ALLEGRO REHEATS THE PIEAllegro Funds has exited Pizza Hut Australia to a US trade buyer, having won over a franchisee network that had turned on Yum Brands, upgraded the digital offering, and doubled network sales.
By the Numbers
AVCJ RESEARCH
FANS OF PHARMA
PAG has completed its fourth India pharmaceuticals deal in four years, with a USD 200m commitment to generic drug maker RK Pharma. It follows the acquisition of contract drug manufacturer Acme Foundation for USD 145m and investments in Anjan Drug and Optimus Drugs. The latter two transactions were part of a joint India pharmaceuticals platform play with local GPs CX Partners and Samara Capital.
India’s downstream pharmaceuticals industry has attracted more attention from private equity in recent years. Investors cite two key factors: the US Food & Drug Administration (FDA) setting up an Indian office in 2008 and then diving deeper into compliance issues; and the domestic API niche gaining traction as China’s pollution control measures have chipped away at its dominance as a global pharma exporter.
Investment in the space has been relatively slow year to date – consistent with most geographies and sectors in Asia – but USD 4.9bn was put to work in pharmaceuticals and biotech between 2020 and 2022, compared to USD 1.3bn in the three years prior.
Activity has been punctuated by a relatively concentrated number of large-cap deals, typically involving global or pan-regional financial sponsors. Advent International’s USD 1.15bn acquisition of Suven Pharmaceuticals in late 2022 is one example. Others include KKR’s buyout of JB Chemicals & Pharmaceuticals and The Carlyle Group’s commitment to Piramal Healthcare.
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.
The rest of the week
FUNDS
DEALS
LIQUIDITY EVENTS
For your calendar
UPCOMING EVENTS

 

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