AVCJ

Weekly digest - July 19 2023

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19 July 2023
CREATURE COMFORTS: WHY PE LIKES PET CARE
COVER STORY
PE investors have long championed the resilient characteristics of pet care globally. The pandemic helped solidify a similar value proposition in Asia.
GP PROFILE
CHINA CREATION VENTURES
CHINA CREATION VENTURESFormed through a spinout from KPCB, China Creation Ventures claims to distinguish itself through a collaborative culture and a disciplined approach to portfolio construction, valuations, and landing scenarios.
ANALYSIS
2Q ANALYSIS: STILL SCRAMBLING
2Q ANALYSIS: STILL SCRAMBLINGState-supported deals prop up Asia private equity investment; GPs scramble for liquidity in an unforgiving exit landscape; ex-China mid-market players gain some traction in fundraising.
FUND FOCUS
AUSTRALIA'S NEXT THRIVES UNDER THE RADAR
AUSTRALIA'S NEXT THRIVES UNDER THE RADARChina’s Tsinghua Holdings Capital regards eVTOL as the best way to leverage electrification of the skies. Aerofugia became a preferred target by virtue of its Geely ties and commitment to tilt-rotor technology.
DEAL FOCUS
TELEXISTENCE'S ROBOTS TARGET RETAIL, LOGISTICS
TELEXISTENCE'S ROBOTS TARGET RETAIL, LOGISTICSJapan’s Telexistence appears to be on the cusp of a significant milestone in retail automation. Local logistics tech investor Monoful is hoping to take that promise to the warehouse.
By the Numbers
AVCJ RESEARCH
A SWING TO SPECIALITY PLAYERS
Private equity investment in India’s healthcare sector took off in 2020. It hit USD 3.5bn that year, having never previously surpassed USD 2bn, and has remained above USD 2.5bn ever since.
There are various contributing factors: rising household incomes; an increase in US Food & Drug Administration-approved drug facilities helping tip the global active pharmaceutical ingredients market from China towards India; and COVID-19 exposing the need for greater investment in the country’s healthcare infrastructure.
Over half the capital entering the sector since 2022 – including almost everything deployed this year to date – has targeted hospitals. While not a new investment theme, it appears to have regained the initiative from biotech and pharmaceuticals.
Bumper deals like the USD 1.9bn Temasek Holdings pumped into Manipal Health Enterprises in April move the needle. However, there have also been more nuanced plays such as Quadria Capital’s recent USD 155m investment in Maxivision Eye Hospital, which runs 42 eye hospitals and vision clinics.
This points to a maturation in private equity targeting, with single specialty healthcare providers increasingly on the agenda. It is the third India eyecare investment in the past 18 months, following a USD 188m commitment to ASG Eye Hospital and TPG Growth and Temasek pumping USD 136m into Dr. Agarawl’s Eye Hospital.
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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