VCCircle Top Five : Asset managers are driving consolidation. Here's why, and more

Trouble viewing this email? [View in web browser](#) [Vccircle] Sunday, 20 March 2022 [Unlock Premium](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=) Hello readers! Global asset managers are finding value in driving consolidation in the alternatives space. This week, there were two such back-to-back deals. Stockholm-based asset manager EQT said it was acquiring Hong Kong based [Baring Private Equity Asia](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=) in a $7.5 billion stock and cash deal. KKR agreed to acquire Japanese real estate joint venture between Mitsubishi Corp and UBS Group AG for $2 billion. What is driving these transactions? The need to show growth. Both transactions will be immediately accretive to shareholders, the firms said. KKR said the deal will be immediately accretive to KKR on a fee related earnings per share basis. It will expand KKR's $41 billion global real estate business to $55 billion. EQT said the Baring acquisition would help the firm, which has a deeper presence in Europe and the US, establish a presence in Asia. Some of the numbers from this deal are indicative of the kind of growth asset managers are expecting. The deal is immediately “high single digit accretive” to EQT’s earnings per share. EQT also earns the right to a portion of the carried interest in some of [Baring’s existing funds](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=). It will grow EQT’s [assets by 23%](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=). The deal also makes public Baring Private Equity Asia’s growth trajectory over the last few years. The firm’s AUM had grown at a “25% CAGR (2019-2021)” and the firm had reported a "2.6x realized gross MOIC” since inception, EQT said. Both KKR and EQT join other asset managers who have taken to acquisitions in recent times as scale is driving economics in this this space. TPG acquired [NewQuest last year](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=). Earlier in 2020, Ares Management acquired [SSG Capital Holdings](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=). That said, here are some other trends worth watching out for. -- RANJANI RAGHAVAN [Will Quick Commerce sustain the unicorn tag?](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=) [alt_text] We saw 42 unicorns emerge last year but this year sustaining the unicorn tag may pose a challenge despite the 10-odd startups with an over $1 billion valuation we saw emerge from January onwards till date. Here's the reason: Blinkit, formerly Grofers, is likely to get acquired by Zomato at a valuation of $700-800 million. This means the quick commerce company, riding on the 10-minute delivery buzz, will lose its unicorn status that it had achieved less than a year ago. This also raises questions on the sustainability of the quick commerce industry that has seen investors pour millions of dollars into new startups like Zepto even as mature startups like Zomato, Swiggy and Ola are doubling down on the vertical. Quick commerce is not a brand-new concept. Even before the turn of the century, US-based Kozmo.com, founded in 1998, attempted to do that and raised $250 million but it shutdown soon in 2001. For Zomato, too, this is a sort of reentry into the vertical. Will the latest crop of quick commerce be lucky to survive? Elsewhere in the west, some of these models are collapsing. Buyk, a quick commerce grocery delivery startup in the US, [filed for bankruptcy last week](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=). This was an immediate fall out of the Russian war. Buyk is backed by Russian investors and the company could not survive the post-invasion sanctions. But this was not the only one. Rapid grocery delivery startup Fridge-No-More shut down in March after it could not secure investor funding and more specifically, [a failed deal with DoorDash](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=). -- JOSEPH RAI --------------------------------------------------------------- FINANCE --------------------------------------------------------------- [Indian startups for the world: Build products for the globe](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=) [alt_text] Amagi, a media-SaaS startup, turned unicorn this past week. What is a unique feature in Amagi, you ask? It is a profitable venture. Many SaaS ventures out of India have a global business and are also profitable. Is that connected? At the Mint India Investment Summit last week, the founder of India's first unicorn, InMobi, had this advice for domestic entrepreneurs: Build products for the globe, said Naveen Tewari said. The unit economics of the Indian market does not support entrepreneurs to build a profitable, scalable business, he said. The challenge for India is not to create another few hundred unicorns but for India as a market to sustain those businesses, he added. Investors are also taking note and have taken action. Speaking at the same event, Shweta Bhatia, Partner and Head of Technology Investments, Eight Roads Ventures India, said the venture capital firm is bullish on software made in India for the world. “We're finally at a point in the country now where software products built in India are increasingly becoming category leaders globally,” said Bhatia. -- JOSEPH RAI If you want to catch the entire panel, here is the [link](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=) for it: --------------------------------------------------------------- Advertisement 3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0= --------------------------------------------------------------- PEOPLE --------------------------------------------------------------- [Indian product teams need talent](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=) [alt_text] If you are building global businesses out of India, you also end up creating great talent pools that can go global. That’s partly why Raghu Yarlagadda -- the chief executive officer of FalconX, the crypto trading platform – was in India earlier this month. FalconX is looking at geographies outside India to acquire companies which can help it deepen its product offerings in the crypto world -- but it wants to acqui-hire Indian teams. “I think we've seen excellent talent here,” Yarlagadda said. “We are considering one or two companies that we are excited about here in India,” Yarlagadda added. The company has earmarked around $150 million for acquisitions over the next three years. -- RANJANI RAGHAVAN The entire piece is [here](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=) --------------------------------------------------------------- Advertisement 3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0= --------------------------------------------------------------- TMT --------------------------------------------------------------- [Climate tech – What’s new?](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=) [alt_text] Limited Partners want this. Our planet needs this. And VCs are trying to do this. Early-stage venture capital firms in India are working at finding investible opportunities in the realm of climate tech. In an interaction with VCCircle this week, Sheetal Bahl, Partner at GrowX Ventures said the firm is looking at investing in areas like energy, agriculture, food, and allied infrastructure. There are sub spaces within these broader themes that the venture capital firm is looking at, he explained. Just earlier this month, Anjali Bansal, founder of Avaana Capital also said the VC firm is set to launch its second fund that seeks to sharpen its focus to invest in technology driven startups in the climate and sustainability space. -- JOSEPH RAI --------------------------------------------------------------- FINANCE --------------------------------------------------------------- [ICICI Ventures – A return to “venture capital”](3D/eyJzdWJsaXN0aWQiOiIzNDU3NTAiLCJlbWFpbGlkIjoidHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tIiwiZmlyc3RfbmFtZSI6IlRyaXN0cmFtIiwiY29tcGFueSI6IjEwMDE2Iiwiam9idGl0bGUiOiIxMDAxNiIsIm1vYmlsZSI6IjE3OTMxNTE2MjMwIiwicGhvbmUtbW9iaWxlIjoiIiwicGhvbmUtbW9iaWxlMiI6IiIsInBob25lLW90aGVyIjoiIiwicGhvbmUtd29yayI6IiIsInBob25lLXdvcmsyIjoiIiwiY2l0eSI6Ik5ldyBZb3JrIiwiY291bnRyeSI6IlVuaXRlZCBTdGF0ZXMiLCJsYXN0X25hbWUiOiJCYWxkd2luIiwicGhvbmUtaG9tZSI6IjE3OTMxNTE2MjMwIn0=) [alt_text] If there is one thing we do really well at VCCircle, it is writing about various fund strategies. We wrote this week about how ICICI Venture is looking at early-stage startups. ICICI Venture chief executive Puneet Nanda said that the firm is evaluating a return to “venture capital” going forward. “We believe that segment of the industry is now coming of age. More than the number of opportunities, the kind of opportunities that are coming up has evolved significantly for entities like us to be part of it. The governance standards in companies and the marketplace is evolving very rapidly. The digital infrastructure in the country is also growing in a significant manner,” Nanda said. -- RANJANI RAGHAVAN That’s it from us for now. We hope you enjoyed reading this newsletter. 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