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4Q analysis: Growth spurt

Technology-enabled businesses in China and India are the beneficiaries of a resurgence in growth capital deal flow; Japan is the sole stand-out in fundraising; IPOs continue to shine as overall exits struggle

After the drought came the flood. Asian private equity started 2020 by posting its lowest quarterly investment total in four years. The industry finished it with a record quarterly haul, thanks to a surge in minority and growth-stage activity, chiefly for technology-oriented businesses in China and India.

Investors put $67.2 billion to work between October and December, according to provisional data from AVCJ Research, up from $50.9 billion in the prior quarter. It takes the 2020 total to $198.5 billion, beating the $169.6 billion deployed in 2019. The total could yet surpass $200 billion – as was the case in 2017 and 2018 – as more deal activity comes to light over the coming weeks.

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