Analysis
Data centres: Seeking sustainability
With data driving increasing amounts of business activity, companies are paying more attention to energy sourcing and consumption at the facilities tasked with processing this information
Energy start-ups: Disencumbering incumbents
Digital start-ups play a crucial role in energy transition and therefore represent a significant investment opportunity. The best approaches consider human nature and social themes as well as widgets
Asia agtech: Work in progress
Global food supply issues and local economic realities are driving more capital into Asia’s agricultural technology space, where business models – from marketplaces to deep-tech – are still being proven
Portfolio: CBC Group and Ensem Therapeutics
CBC Group plans to allocate USD 300m from its latest flagship fund to a biotech incubation platform. Artificial intelligence-enabled drug discovery player Ensem Therapeutics is an example of what it wants to achieve.
Seed platforms: Fishing minnows from ocean liners
Accelerators and seed investors are increasingly pursuing global mandates and building out large, international teams. The challenges are starting to cast shadows over the benefits, but it’s early days
ESG in M&A: Eloquent exits
Private equity firms are increasingly presenting portfolio companies’ sustainability credentials in a prepared and formal way in trade sale situations. It appears to be worth the trouble
GP profile: Falcon House Partners
Falcon House Partners is one of the few survivors in Indonesia’s promising but challenging middle-market private equity space. Being hands-on is part of the secret
Asia logistics: Cost and complexity
Investment opportunities are expected to emerge as companies look to technology as a means of easing inflationary pressure on supply chains. Will Asia’s shallow pool of specialist logistics GPs deepen?
2Q analysis: Substituting China?
India and Southeast Asia come to the fore as China demonstrates weakness in both growth-stage investment and fundraising; exits continue to struggle amid reluctance from strategic buyers
Southeast Asia tech: Resilient with an asterisk
Southeast Asia’s booming tech space no longer lends itself to an easy narrative. As start-up fever cools globally, the region charges forward. Cracks are beginning to show but so are counterintuitive bright spots
Australia tech: Valuation conundrum
Valuation adjustments and down rounds are expected to proliferate in Australia’s technology sector in the next 12 months. Investors are busy scrutinising business models for signs of vulnerability
China biotech: End of the boom
PE investment in China biotech has collapsed amid failed IPO processes and disputed valuations. Pockets of activity remain, though questions around commercialisation have yet to be answered
Portfolio: Welkin Capital and Shawya
Shawya is a fast-rising Chinese direct-to-consumer brand that takes a technology-driven approach to skincare. Welkin Capital is helping it address growing pains around talent and omnichannel capabilities
Placement agents: Asian entries
Asia’s sparse placement agent scene is fleshing itself out despite macro headwinds, but the model is being revised to adapt to a changing market. This appears irreversible
GP profile: Future Capital
Chinese venture capital firm Future Capital bases its investments on strong networks and research as well as a fondness for founders who are not afraid to confound accepted wisdom
Crypto: Something for everyone?
Traditional VCs are becoming more active in Asia’s blockchain and web3 space, despite structural and philosophical obstacles to participation. Can they withstand the crypto winter?
China secondaries: Liquidity play
Under pressure to generate returns amid a challenging fundraising environment, Chinese GPs are beginning to revise pricing expectations to get traction with continuation funds
Japan VC: Late-stage crossroads
Japan’s late-stage technology start-ups are finally beginning to attract meaningful attention from global investors. They should not pop open the champagne
Portfolio: Investcorp and Viz Branz
War, climate change, and COVID-19 are twisting the outlook for Investcorp-owned instant food supplier Viz Branz. But an implacable China growth story has underpinned an aggressive expansion agenda
Australia take-privates: Going large
A combination of abundant dry powder and friendly financing conditions are encouraging global GPs to pursue ever-larger listed companies in Australia. For now, macro headwinds are no deterrent
China outbound: Organic options
Tough domestic competition is encouraging Chinese tech start-ups to expand overseas – often organically, earlier in their lifecycles than before, and despite regulatory concerns
GP profile: EmergeVest
Building on unorthodox roots and a highly concentrated portfolio, EmergeVest wants to establish itself as a global-minded Asia specialist in technology-enabled supply chains
