Weekly digest - August 23 2023
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23 August 2023
COVER STORY
China investors have abandoned their previous high risk-high return approach in favour of proven business models and profitability.
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LP INTERVIEW
INDIA'S CATAMARAN
 Catamaran brings a global, tech-savvy approach to private equity that sets it apart from most Indian family offices. A strong historical focus on digital inclusion is now extending into manufacturing. FUND FOCUS
GROWTHEUM'S SOUTHEAST ASIA BREAKTHROUGH
 Amit Kunal swapped a sovereign wealth fund for an independent shop at a time when fundraising was becoming difficult. Robust early deal flow helped Growtheum Capital Partners to its USD 567m final close.DEAL FOCUS
KKR THINKS GLOBAL WITH KOREA'S MUSINSA
 KKR has made its first tech growth investment in Korea with Musinsa, an online marketplace for a carefully curated selection of streetwear brands with export potential.DEAL FOCUS
LONGREACH HITS HOMERUN WITH QUASAR
 The Longreach Group transitioned Quasar Medical to professional management, took it into new markets, and diversified the company’s manufacturing footprint. A 7x return was its reward. |
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By the Numbers
AVCJ RESEARCH
HONING IN ON HEALTHCARE
Barely a handful of specialist healthcare GPs operate across Southeast Asia and India, and they tend to focus on mid to late-stage transactions. Nevertheless, early-stage healthcare investment in both markets is going from strength to strength.
In 2021 and 2022, VCs deployed nearly USD 1bn in Southeast Asia healthcare, more than twice the total for the prior four years. Investment in India reached USD 850m, up from USD 550m in 2017-2020. Despite the general slowdown, VC healthcare investment in both markets is on track to surpass pre-pandemic levels. This gives some context to Singapore-based Jungle Ventures absorbing local sector specialist HealthXCapital (HXC). Seemant Jauhari, HXC’s managing partner and previously CEO for innovation and research at Apollo Hospitals, will become a partner at Jungle and lead healthcare investments across Southeast Asia and India. Jungle wants to expand coverage of the sector and it is familiar with HXC, having served as an anchor investor in the firm’s debut fund in 2018. At the same time, this is an example of consolidation within the investment management space – something that industry participants have flagged as a trend worth watching. 
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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