AVCJ

Weekly digest - July 05 2023

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05 July 2023
JAPAN M&A: GO DIGITAL, GO GLOBAL
COVER STORY
Panasonic moved from hardware to software with the acquisition of Blue Yonder, a path that other Japanese corporates are expected to follow.
LP INTERVIEW
DIETRICH FOUNDATION
DIETRICH FOUNDATIONThe Dietrich Foundation, which has one of the highest China PE and VC allocations of any US LP, is cautious on the market but not disengaged. Meanwhile, India and Southeast Asia are becoming more interesting.
DEAL FOCUS
NOTHING'S SWIFT EVOLUTION INTO SOMETHING
NOTHING'S SWIFT EVOLUTION INTO SOMETHINGA global brand developed by a European-Chinese founder, Nothing has made its presence felt on the idiosyncratic edges of the smart phone market. Investors have responded positively.
FUND FOCUS
EPIQ RENEWS BRUTE FORCE INDIA TECH STRATEGY
EPIQ RENEWS BRUTE FORCE INDIA TECH STRATEGYEpiq Capital has closed its second VC fund aimed at identifying India’s future tech unicorns early and buying in when the path to a large IPO comes into focus. Access and selection are the secret sauce.
DEAL FOCUS
GITEE ASPIRES TO BE MORE THAN CHINA'S GITHUB
GITEE ASPIRES TO BE MORE THAN CHINA'S GITHUBFutureX Capital got onto Gitee’s shareholder register by suggesting a separation from Baidu. Now, FutureX is backing the company to leverage its status as China’s dominant open-source software player.
By the Numbers
AVCJ RESEARCH
SLIM PICKINGS
Is an aversion to China prompting LPs to transfer allocations to other Asian markets? Do investors instinctively revert to the region’s more developed markets at times of uncertainty? Both could feasibly be cited as contributing factors to Hahn & Company achieving a first close of USD 1.9bn on its fourth Korean fund within seven months of the official launch. The overall target is USD 3.25bn.
Hahn & Company is one of only a dozen GPs to reach an incremental or final close of more than USD 500m in 2023 to date (excluding renminbi-denominated funds). Nearly twice as many passed this threshold in the first half of 2022, and 10 eight of those cleared USD 1bn. Four managers have got there in 2023.
Just three of this year’s dozen are pursuing China strategies and one of those – Primavera Capital Group – collected most of its USD 4bn prior to the outbreak of war in Ukraine. Hahn & Company is the sole Korean representative and it is joined by four from India and two apiece from Australia and Japan.
Commitments to all Asia funds (again, excluding renminbi vehicles) amounted to USD 21.5bn in the first half of 2023, according to provisional data from AVCJ Research. Around USD 106bn was raised across the full 12 months of 2022.
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
OTHER
For your calendar
UPCOMING EVENTS

 

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