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      2023-china-216x305
      Regional Reports

      The reports review the year's local private equity and venture capital activity and are filled with up-to-date data and intelligence on fundraising, investments, exits and M&A. The regional reports also feature information on key companies.

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      Industry Review

      Asian Private Equity and Venture Capital Review provides an independent overview of the private equity, venture capital and M&A activities in the Asia region. It delivers insights on investments made, capital raised, sector specific figures and more.

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      AVCJ Database

      AVCJ Database is the ultimate link between Asian dealmakers and those who provide advisory, financial, legal and technological services to the private equity, venture capital and M&A industries. It is packed with facts and figures on more than 153,000 companies and almost 117,000 transactions.

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Secondaries

meeting-lpac
LPACs: Conflicts and complexity

The combination of a maturing Asian private equity landscape and a fast-emerging continuation fund opportunity is placing greater emphasis on the role of the LP advisory committee

  • GPs
  • 18 October 2023
avcj-china-2023-private-equity
China GPs seek global angles as domestic deployment slows - AVCJ Forum

Global expansion remains a bright spot in China’s investment landscape as private equity firms slow deployment domestically in favour of supporting China-related entrepreneurs or business concepts in other markets, the AVCJ Private Equity & Venture...

  • Greater China
  • 13 September 2023
mcdonalds-china
Carlyle, Trustar pursue partial exit, rollover of McDonald's China

The Carlyle Group and Trustar Capital, private equity owners of McDonald’s China, are poised to abandon plans for a single asset continuation fund in favour of exiting part of their holdings and rolling over the rest into other funds.

  • Greater China
  • 07 September 2023
liquidity-tap-water-exit
China secondaries: Willing sellers?

Few, if any, LPs are so desperate to divest China exposure that they will sell fund positions at any price. The main sticking point for secondary transactions is a disconnect on valuations

  • Greater China
  • 29 August 2023
shannon-wolfers-pep
PEP raises continuation fund for New Zealand's Up Education

Australia's Pacific Equity Partners (PEP) has raised a single-asset continuation fund of approximately AUD 400m (USD 268m) for Up Education, a vocational education business it has held since 2015.

  • Australasia
  • 31 July 2023
business-handshake-agreement
Monument joins forces with secondaries advisor Mozaic

Placement agent Monument Group has merged with Mozaic Capital Advisors, a US-based boutique advisory firm focused on secondary transactions, following an eight-year strategic partnership.

  • North America
  • 29 June 2023
avcj-japan-2023-global
Global dealmakers highlight private credit, continuation funds – AVCJ Forum

Private credit and secondary continuation funds have emerged as popular themes globally as high interest rates, geopolitical tensions, and macro uncertainty persist, GPs told the AVCJ Private Equity & Venture Forum Japan 2023.

  • North Asia
  • 28 June 2023
zombie
China fundraising: Zombie apocalypse?

A pullback by US investors is exacerbating difficult fundraising conditions in China. Most managers are either delaying their return to the market or pulling every lever to secure commitments

  • Greater China
  • 21 June 2023
liquidity-tap-water-exit
LPs eye secondaries to meet liquidity, rebalancing needs - Coller

Generating liquidity and rebalancing portfolios are the overwhelming priorities for LPs looking to sell in the secondaries market in the next two years, according to Coller Capital’s latest private equity barometer survey.

  • Secondaries
  • 12 June 2023
baton-race-handover-transition-03
NewQuest, GIC back Everbridge's South Asia continuation fund

NewQuest Capital Partners and GIC have supported a USD 267m continuation fund for Capital Group Private Markets spinout Everbridge Partners, two years after a larger deal involving some of the same assets failed to close amid portfolio volatility.

  • South Asia
  • 07 June 2023
hkvca-china-2013-secondaries
Investor caution, bid-ask spreads hold back China secondaries

Secondaries investors see a lot of potential GP-led deal flow coming out of China, but completion rates are being held back by caution among buyers and a reluctance among sellers to compromise on valuations.

  • Secondaries
  • 01 June 2023
greenhill-logo
Japan's Mizuho to buy M&A advisor Greenhill

Boutique investment bank Greenhill, arguably best known in private equity for advising on LP and GP-led secondary transactions, has agreed to an acquisition by Japan’s Mizuho Financial Group.

  • Advisory
  • 24 May 2023
jefferies-logo
Jefferies hires Dennis Kwan to lead Asia secondaries advisory

Dennis Kwan, formerly of Chinese private equity firm Harvest Investments Management and placement agent MVision, has joined boutique investment bank Jefferies to lead secondaries coverage in Asia.

  • Advisory
  • 17 May 2023
secondaries-baton-relay-2
Foundation secures secondary deal with India's Carpediem

Asia secondaries specialist Foundation Private Equity has acquired stakes in three portfolio companies held by India’s Carpediem Capital through the purchase of new and existing shares.

  • South Asia
  • 12 May 2023
bda-partners-logo
BDA recruits Asia secondaries specialist

BDA Partners, a global boutique investment bank that focuses on Asia, has entered the private capital advisory (PCA) space with the appointment of secondaries specialist Dominik Woessner.

  • Advisory
  • 08 May 2023
m-a-2023-pe
Valuation stalemates stall SE Asia exits – M&A Forum

Private equity investors at the Mergermarket M&A Forum Southeast Asia sensed that something has to give in a deadlocked regional exit market, where the bid-ask divide could break in either direction.

  • Southeast Asia
  • 26 April 2023
biotech-lab-healthcare-pharma-02
Coller closes first deal for debut renminbi fund

Coller Capital has completed the first deal from its debut renminbi-denominated secondaries fund, participating in a CNY 315m (USD 46m) GP-led transaction involving healthcare assets held by Chinese VC firm Legend Capital.

  • Greater China
  • 19 April 2023
solo-strategy-money-business-outlook-lonely
Asia fundraising: To the grindstone

As macro uncertainties add red tape to fundraising processes and oblige some managers to operate on a deal-by-deal basis, the improvisational, survivalist nature of Asian private equity is on display

  • Fundraising
  • 19 April 2023
pierre-antoine-de-selancy-17capital
Q&A: 17Capital’s Pierre-Antoine de Selancy

17Capital is a credit provider to the private equity industry, lending against fee streams at the GP level and the fund level. Pierre-Antoine de Selancy, the firm’s managing partner, assesses the market

  • Europe
  • 21 March 2023
Deal focus: Secondary investors support Capital Square, Basil merger

Capital Square Partners and Basil Technology Partners have joined forces, with HarbourVest Partners, NewQuest Capital Partners, and Committed Advisors backing a USD 700m fund comprising Asia IT services investments from both GPs

  • South Asia
  • 19 January 2023
TR exits last China asset acquired through Cassia restructuring

TR Capital has sold China-focused luxury streetwear brand Evisu United – one of two assets it acquired through fund restructuring for Cassia Investments – through a sale to an unnamed financial sponsor. The size of the deal was not disclosed.

  • Greater China
  • 19 January 2023
Deal focus: TR leads $150m multi-asset secondary for India's Samara

TR Capital first worked with Samara Capital on a single-asset continuation fund for Sapphire Foods India – and saw the local Yum Brands franchisor go public about three months after the deal was announced. It has now reunited with Samara for what amounts...

  • Secondaries
  • 09 January 2023
dollar-bill-money
2023 preview: Fundraising

Fundraising is difficult for all but the fortunate few private equity managers in Asia. GPs are delaying launches, shaking up strategies, and offering sweeteners; LPs are in no hurry to make commitments

  • Fundraising
  • 14 December 2022
2023 preview: Exits

IPOs and trade sales have been muted in 2022, but industry participants expect strategic investors to be more active in Asia next year, especially as valuations moderate. Increased secondary deal flow is also likely

  • Greater China
  • 14 December 2022
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