Analysis
AVCJ Awards 2022: Fundraising of the Year – Mid Cap: Potentia Capital
For Australia’s Potentia Capital, the beauty of its sophomore fundraise was not that it took four months, but that it took two years. Putting out feelers well before the official launch created buzz
Data sovereignty: Compliance complex
Deglobalisation is broadening the concept of cyber risk management from simply preventing attacks to navigating a minefield of data regulations. The pressure on PE spans investment, operations, and exits
AVCJ Awards 2022: Operational Value Add: Sona Comstar
The Blackstone Group built a leader in India’s electric vehicle components space by combining – and then re-orienting – two traditional automotive players. Not even COVID-19 could stymie its progress
AVCJ Awards 2022: Firm of the Year – Mid Cap: Pacific Equity Partners
Reflecting on a 12-month period characterised by a string of bumper exits, Australia’s Pacific Equity Partners sees a clear connection between performance and well-established team and culture
AVCJ Awards 2022: Operational Value-add: Owndays
L Catterton’s investment in Japanese eyewear brand Owndays demonstrated a hands-on approach to sharing commercial networks, expertise in omnichannel scaling, and operating capabilities
Portfolio: KKR and NVC China
KKR is targeting the short-video generation in the traditionally middle-aged world of home lighting fixtures with NVC China. But that hasn’t stopped the brick-and-mortar footprint from mushrooming
Value in adversity: Australia's operational challenge
With Australia poised for a rarely-seen period of economic difficulty, the operational capabilities developed by domestic private equity firms will be put to the test
AVCJ Awards 2022: Exit of the Year – Mid Cap: Probe CX
Five V Capital identified an opportunity in Australia-based outsourced business services and brought in Quadrant Private Equity to help scale the concept. A USD 792m exit to KKR was their reward
AVCJ Awards 2022: Deal of the Year – Small Cap: Well-Link
By taking computing to the cloud, graphics-as-a-service player Well-Link Technologies is looking to broaden access to video games and help power the metaverse. VC investors are keen to get involved
AI: Asia awakens to ChatGPT
ChatGPT has sent shockwaves through the technology sector globally. Asia is no exception as investors look for ways to leverage the platform and China contemplates a standard of its own
AVCJ Awards 2022: Exit of the Year – IPO: GoTo
GoTo’s rocky start on the Indonesia Stock Exchange betrays the pioneering nature of the listing and cements a legacy as an ecosystem lynchpin. Long-time backer Openspace Ventures reflects
AVCJ Awards 2022: Deal of the Year – Large Cap: Crown Resorts
Crown Resorts represented a daunting target, given its size and pandemic and regulatory-related challenges. The Blackstone Group drew on its global know-how to make the USD 8.1bn deal work
AVCJ Awards 2022: Responsible Investment: Sido Muncul
Affinity Equity Partners leveraged a minority position to exert significant influence on the growth of Sido Mucul, an Indonesian herbal wellness brand with a complex, fragmented operating model
AVCJ Awards 2022 special issue available for download
A special issue of AVCJ profiling the winners of the 2022 AVCJ Private Equity & Venture Capital Awards is now available for download.
India exits: Sustainable trend?
GPs saw abundant exits in India in 2021 and the flow continued last year even as other markets stumbled. Investors must assess the merits of various contributing cyclical and structural factors
Asia IPOs gone cold: India edition
A compilation of India-based IPOs - some of them private equity-backed - that have been withdrawn or appear to have fallen behind schedule
4Q analysis: Who wants China?
Pan-regional GPs get traction by highlighting their Asia ex-China credentials; buyouts rebound as growth capital – and China – continue to recede; India impresses with bumper exit proceeds
Labour shortages: Tales from north and south
Australia and Japan are facing extreme labour shortages. In the former, GPs can survive on policy support and emergency manoeuvres. In the latter, fundamental strategy shifts are a more immediate imperative
GP profile: LeapFrog Investments
LeapFrog Investments is broadly recognised as a pioneer of impact investing globally as well as an architect of the industry’s legitimising standards and controls. Asia has always been core
Asia buyouts: The case for control
Investors are looking to minimise external financial and macro risks and emphasise factors they can control – which means more buyouts, careful asset selection, and greater operational intensity
2023 preview: Hard-tech
As China’s technology space has shifted toward more advanced domains of R&D, bubbles have formed and geopolitics have complicated investment. There is scope for some turnaround on these points
2023 preview: Buyouts
Even though debt is more readily available in Asia than in the US or Europe, financing costs are up, and buyout investors are reluctant to move for assets in an uncertain and overvalued market
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
2023 preview: Private debt
Asia-based private debt managers hope to take advantage of renewed LP appetite for the asset class, while enjoying higher returns driven by rising interest rates and widening spreads