Andrew Huang

November 17 2024 – 5 Notable Articles To Read 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Altos Ventures, an early backer of Coupang and Roblox, raises $500M fund 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: According to PitchBook, the multistage VC firm oversees over 15 funds across three distinct vehicles. These include the Altos Ventures and Altos Hybrid funds, which invest in companies across the U.S. and globally, as well as the Altos Korea Opportunity Fund, focused on startups in South Korea. With over $7B in AUM, specializes in the enterprise and consumer software sectors - emphasizing SaaS, consumer products, and mobile technology. 𝗦𝗼𝘂𝗿𝗰𝗲: TechCrunch 𝗟𝗶𝗻𝗸: https://lnkd.in/dQ9jdDuG 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Quantum Computing Funding Hits Record High With Apparent AI Boost 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Quantum computing startups have secured $1.5B in venture funding across 50 deals in 2024. This figure nearly doubles the $785M raised in 67 deals last year and exceeds the previous record of nearly $963M raised in 77 deals in 2022. 𝗦𝗼𝘂𝗿𝗰𝗲: Crunchbase 𝗟𝗶𝗻𝗸: https://lnkd.in/drfDsNte 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Private Equity Finds Yet Another Way to Keep the Money Coming In 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Faced with challenges in selling companies amid a tough M&A market, buyout firms have increasingly turned to NAV loans. These loans, secured against a portfolio of their holdings, are sourced from specialist funds or banks and often come with very high interest rates. 𝗦𝗼𝘂𝗿𝗰𝗲: Bloomberg 𝗟𝗶𝗻𝗸: https://lnkd.in/df73AKju 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Thrive Capital in Talks to Invest About $1B in Databricks 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: A tender offer for the software startup is set to value the company at $55B, marking an increase from last year’s valuation of $43B when it raised $500M. Databricks, develops AI software to help businesses organize and analyze vast amounts of data. 𝗦𝗼𝘂𝗿𝗰𝗲: Bloomberg News 𝗟𝗶𝗻𝗸: https://lnkd.in/d2Ax6ZSB 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: US Money-Market Fund Assets Surpass $7T for First Time 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Marking a significant milestone for an industry that has surged in popularity among investors due to its high and consistent yields, more than $700 billion has flowed into these funds, according to Crane Data, which monitors the entire money-market sector. 𝗦𝗼𝘂𝗿𝗰𝗲: Bloomberg 𝗟𝗶𝗻𝗸: https://lnkd.in/dQzeeCRZ #news #ai #investment #research #business

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"China’s economy, like every other victim, subsequently entered into a liquidity trap or balance sheet recession. Private firms and households hunkered down, decreased economic activity, and saved money in order to repair their balance sheets. When credit demand falls amongst households and businesses, the standard-issue Keynesian economic medicine – i.e., running a modest fiscal deficit and lowering the price of money via central bank policy rate cuts – is ineffective. What is needed to forestall the dreaded deflation is a monetary and fiscal bazooka. The time it takes to switch into panic mode depends on a country’s culture. But make no mistake – regardless of the economic “-ism” supposedly practiced, every country always comes around to injecting monetary chemotherapy. I refer to this palliative treatment as chemotherapy because while it might cure the deflationary cancer, it ultimately kills the host. The host is the middle and lower classes, who are ravaged by asset price inflation with no discernible improvement in the real economy. And like modern oncology, this ultimately ineffective monetary chemotherapy is extremely profitable for a small cabal of financial witch doctors whose head offices are in New York, London/Paris/Frankfurt, Tokyo, and now possibly Beijing/Shanghai. Chinese people are some of the most resourceful people on this planet. They will not allow their precious yuan savings to sit idle as Beijing encourages asset price inflation. Bitcoin is not a foreign concept to middle and high income coastal urban dwellers. While the exchanges were barred from offering a visible Bitcoin/CNY trading pair, Bitcoin and crypto still flourishes in China." https://lnkd.in/g_eRxaNk

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As noted in PEI's #infrastructure investor series in #seoul/ #tokyo, Japan's Japan Science and Technology Agency (JST), a ~USD 70 billion entity recently created by the Japanese government as a master public university endowment (public #endowments in Japan have been quite limited on investment capabilities and capital due to limited inbound contributions) will be making more investments in funds/co-investments with fund manager relationships as they continue to build the team and reduce reliance on advisors. Initially heavily dependent upon asset #consultants / #gatekeepers, this group is on pace to becoming a highly sophisticated institutional investor in Japan. Definitely a group to track. Separately, on the endowment topic in Japan, private universities such as Keio University, Waseda University, Tokyo University of Science, Sophia University, Ritsumeikan University, Meiji University, International Christian University all have capabilities (varying degrees of sophistication and capital) to invest in alternatives, often, but not always, using international and local gatekeepers / consultants. Of the nearly 800 public and private universities, I have tracked 15-20, mostly private, universities that invest in alternative assets and private markets. For the public university endowments, the capital is mostly concentrated with Japan Science and Technology Agency (JST). #japanesemarket #japan #asiapacific #universities #capitalmarkets #privatemarkets #alternativeassets #infrastructure

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https://lnkd.in/dAQ_V2Qd "With half the company to be sold, the initial public offering (IPO) could raise 350 billion yen at that valuation, which would exceed the size of Kokusai Electric's (6525.T), opens new tab  IPO last year and become the largest since SoftBank Group (9984.T), opens new tab  listed its wireless unit in 2018. The Tokyo government said the timing of the sale is being discussed with the national government and is not decided. The finance ministry did not respond to requests for comment. Tokyo Metro said it would not comment on progress on the listing. Japan Exchange Group (8697.T), opens new tab , which operates the Tokyo Stock Exchange, said it cannot comment on specific companies. The IPO follows the listing of other railway operators, including Kyushu Railway (JR Kyushu) (9142.T), opens new tab  in 2016. Tokyo Metro runs 195 kilometres (120 miles) of lines carrying 6.5 million passengers daily."

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November 15 2024 – 5 Notable Articles To Read Article: 7-Eleven Owner Considers Going Private in Japan's Biggest $58B Buyout 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Exploring a management buyout to go private, backed by funding from banks, ITOCHU Corporation Corp., and the founding Ito family. 𝗦𝗼𝘂𝗿𝗰𝗲: Bloomberg 𝗟𝗶𝗻𝗸: https://lnkd.in/dNDYznyJ 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: UAE’s Alcazar Energy Partners Energy Sets Sights on Serbia with Major Wind Farm Acquisition 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Highlighting Serbia's potential as a renewable energy hub, UAE-based Alcazar Energy Partners has acquired the 200-megawatt "Celsius 1" wind farm project from Austrian company RP Global. 𝗦𝗼𝘂𝗿𝗰𝗲: The Region 𝗟𝗶𝗻𝗸: https://lnkd.in/dDw5UWzH 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Croatia’s Rimac to Drive Saudi Arabia’s First EV Brand 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Marking a significant step in Saudi Arabia's automotive ambitions, Ceer, the nation's first EV brand, has established a groundbreaking partnership with Croatia's innovative Rimac Technology. 𝗦𝗼𝘂𝗿𝗰𝗲: The Region 𝗟𝗶𝗻𝗸: https://lnkd.in/dp7pNPtZ 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Fintech Klarna files for IPO in US 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: The IPO, potentially valuing Klarna at $15B to $20B, is planned to follow the SEC review, with its timing dependent on market conditions. 𝗦𝗼𝘂𝗿𝗰𝗲: Financial Times 𝗟𝗶𝗻𝗸: https://lnkd.in/dDfEFuMQ 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Volkswagen to Invest $5.8B in EV Startup Rivian Through Joint Venture 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: The companies stated that the joint venture aims to leverage Rivian’s existing electrical architecture and software technology stack, facilitating the launch of Rivian’s R2 model in early 2026 and supporting the anticipated debut of Volkswagen Group’s first models as soon as 2027. 𝗦𝗼𝘂𝗿𝗰𝗲: The Wall Street Journal 𝗟𝗶𝗻𝗸: https://lnkd.in/dE-svBei #business #research #electricvehicle #news #investment

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Elliott Management Bets On Japan Property With 5% Stake In Tokyo Gas US activist investor plans to push Japanese company to offload some of its $9bn real estate portfolio #activistinvesting #shareholdervalue #corporategovernance #governance #boardsofdirectors #capitalism #corebusiness

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*Morning Market Update*: Gift Nifty 24458(+75)+0.33%(PE 23.14) Dow Jones 39754(+32)+0.08% Nikkei 41445(-779)-1.84% Hang Seng 18202(+270)+2.07% Shanghai 2974(+3)+0.11% Brent Crude $85.72 Gold $2408 $/Rs 83.56 FII-1137cr DII+1676cr 10 Yr GSec 6.54-2034 YTM 6.98 *News & Views*: * US mkts closed mixed; tech selloff led nasdaq lower by 2% * Asian mkts trading mixed; await Chinese trade data * Nifty: Support 24200 Resistance 22500 * TCS Q1 results meet estimates:NP rises 9% YoY; rs10 dividend declared * Oil rises on cooling US inflation, strong summer demand ##oilprices #inflation #tcs #tradedata #stockmarkets #Nifty #sensex

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Inshoring & Inbound. “Cheap Japan” needs to be normalized somehow but strong JPY wouldn’t come soon. Japanese companies largely did offshoring around late 1980s to 90s to make the most use of high-valued JPY then, moving production base to overseas. Now reversely to make the best use of weak JPY, in addition to inbound tourists, Japan needs to do inshoring to make more domestic investments, move production base inside Japan, by doing so make more jobs for middle class workers, which would be one of major ways to revitalize confidence in Japan’s economy.

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Adrian Li, Founder and Managing Partner of AC Ventures, will speak at the Asian Venture Capital Journal (AVCJ) Private Equity Forum in Hong Kong. He will join the panel discussion “Ending the Drought: VCs Seek Pathways to Exit” on Tuesday, November 19, 2024, from 15:30 - 16:15 HKT at the Four Seasons Hotel Hong Kong and online. The session will cover key topics such as: • The outlook for distributions from Asia over the next 12 months • The most attractive IPO destinations and preparation strategies • The pros and cons of venture capital secondaries in Asia • How investors balance the need for liquidity with the desire for a ‘perfect’ exit 📎More info: https://lnkd.in/ggWk8nRK #venturecapital #privateequity #vcexits #asiainvesting #avcj2024 #investmentoutlook #startups #ipo #techinvesting #asiatech #businessstrategy

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Puzzling about HK? 🤔 -> Just check it out! Seek to understand > Build trust and relationships > create values > the scale will come Is HK still an international financial center? What are the policies of the HKSAR Government? Will there be increasing regulatory risk of capital movements in HK? How will GBA policy benefit HK? How to communicate these to interested parties around the world? I’m super grateful to be part of this conversation. As a graduate of communications, with over 20yrs experience in transformation management and cross-border business experience, been hands-on of different roles and responsibilities, including the board director, CEO, entrepreneur, investor, advisor, consultant, mentor, etc. We always focus on sender’s messages and receiver’s takes! You may think this is just a generalist skill and knowledge as we talk to everyone on a daily basis at home, at work, and even on transit. What worths to be shared on a LinkedIn post? 1/ Noises in the Communications Yes, we asked questions and had the answers. But is that what you heard and perceived equals to what is intended to be? Knowledge, preferences, familiarities are always guiding our understanding of a subject matter. Yes, it’s a grey colour animal with a super long organ. Sender: a rat 🐀 Receiver: an elephant 🐘 2/ Subconscious Thoughts 💭 We have the animal pictured in minds. But we’re not aware that there are different possibilities of what we have imagined can be different from what the others think. We haven’t even initiated a validation during the communication processes. So the sender and receiver keep talking about their own pictured animal in minds. More confusions stacked up in our conversations. Sender: It’s way too small. 🐀 Receiver: No, it’s too big! 🐘 3/ Implied Meanings Behind Definitions Symbolic meanings adds to complexity. Cultures, values, languages, customs, and perceptions, these elements all play a role in shaping the underlying meanings. Sender: it’s sneaky! 🐀 Receiver: no, it’s friendly!🐘 I just cite a few challenges of our communications today to show deep appreciations to my great friends who are visionary leaders in their subject domain areas, tirelessly fighting and shaping the right definitions, conversations, and communications to bring more people onto the journey in understanding the policies, from appreciating the transformation intentions and be capable of capturing the time windows to creating values and benefits to all stakeholders, so that HK can be a trustworthy and energetic hub for all cross-border businesses, investments, and transactions, etc. Thank you for going above and beyond to shape and bridge our conversations as always. Kudos to Rocky Tung, Stefano Beghi (in the picture) Dr. Raymond Wong President at Tina Mak Personal Real Estate Corporation (behind-the-scenes). This group of experts represent a mini world map :). WOW! Minds working! Love to hearing your stories! Please share :)

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Silicon Valley Ventures supports fast-growing startups in Japan and abroad, as well as large corporations, venture capital firms, CVCs, financial institutions, accelerators, universities, and governments. Japan Market Entry Support: 1) Localization of Marketing Materials 2) Branding Strategy for SNS and Media 3) Marketing: Promoting your services 4) Partnership: Introduction to business partners and employees 5) Investment: Introduction to investors

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[Hasangyong met: John Yang, director of Riverwood Capital] There was a meeting to explore opportunities for local start-up teams to enter the global market. At the Invest Korea Summit 2024 event held at COEX in Seoul, I met John Yang, the director of Riverwood Capital Asia. It could have been awkward, but since I had already met my wife, it was my first smooth meeting. John Yang is in charge of Asia for a large investment company that conducts Series C and D investments in Silicon Valley, and as a Korean investor, he was very interested in Korean companies. Through this meeting, we introduced the current status of artificial intelligence and future mobility industries, which are specialized industries in Gwangju, and promised to discuss more specific cooperation measures in the future. "Efforts to create Gwangju with a high success rate for start-ups will continue." <Riverwood Capital> Riverwood Capital has created a $1.8 billion (W2.33 trillion) fund. Riverwood will invest in high-growth mid-sized technology companies, with most of the new capital going into new investments, not follow-up ones. Riverwood, a growth-stage investor, mainly invests between $25 million and $100 million per company and invests in 20-30 companies per fund cycle. It has so far made more than 75 investments, with GoPro and Nextdoor among its investment companies successfully listed, and Forge Rock recently sold to a private equity fund.

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The world is evolving rapidly, and investor priorities are shifting. While financial performance remains crucial, non-financial factors, particularly corporate governance, are gaining prominence in attracting international investment capital and contributing to the upgrading of the stock market and sustainable market development. Research by McKinsey and the World Bank has shown that companies with strong governance can command 10-20% higher valuations and enjoy 10-15% lower capital costs. I recently had the privilege of discussing this topic with esteemed experts: Ms. Nguyen Thuy Hanh, CEO of Standard Chartered Vietnam, Mr. Tran Ngoc Nguyen, Chairman of PVCFC, Mr. Vu Quang Thinh, CEO of Dynam Capital, Mr. Trinh Hoai Giang, CEO of HSC, and Ms. Ngoc Tran, Deputy CEO of Deloitte Vietnam. We explored how innovation, sustainable development, and risk management are key pillars of effective corporate governance. A diverse Board of Directors is crucial for strong corporate governance. At The PAN Group, our Board encompasses a range of ages, genders, and expertise, fostering robust decision-making and ensuring a comprehensive evaluation of various perspectives. We are proud to have been recognized as a company with strong corporate governance practices for multiple years. The recent launch of the VNCG50 criteria by VIOD is a significant step forward in promoting good governance in Vietnam. By encouraging transparency, accountability, and ethical behavior, this initiative will elevate the Vietnamese stock market and drive sustainable growth. Congratulations on the success of AF7 and VIOD with the recognition of the Minister of Finance and the entire Vietnamese stock market! 💐🎉 Much effort, much prosperity. Let's continue to strive for excellence and make a positive impact on our stakeholders and the broader community. #viod #vncg50 #ESG #corporategovernance #aseanscorecard https://lnkd.in/g_3pCgRk

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[7 out of 10 wealthy Koreans offer grim outlook for 2024] Real estate remains most attractive potential investment for the rich The majority of wealthy South Koreans have a negative outlook on this year's economy, with plans to maintain their current asset portfolios. However, some are considering investing in real estate if the economy improves. These findings are from the "2024 Korean Wealth Report," compiled by a think tank under 하나은행 based on a survey of around 2,600 Koreans conducted in December last year. Of the respondents, 746 with over 1 billion won ($726,000) in financial assets -- including cash, bonds and stocks -- were classified as "wealthy." According to the report, 63 percent of the wealthy anticipate a downturn in the real economy, while 26 percent believe it will remain stable. Only 11 percent expect it to improve. Although this outlook is generally negative, it shows some improvement from last year, when 79 percent foresaw economic decline and only 7 percent expected improvement. The proportion of wealthy individuals taking a wait-and-see approach to their asset portfolios, rather than actively adjusting them, has increased significantly. This year, 7 out of 10 respondents plan to keep their current portfolio status, an increase from last year's 5 in 10. Tap below to read full story. #HanaBank #portfolio #asset #management #individual #report #wealth #capital https://lnkd.in/eF5JKtpH

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E107 In this episode of Fireside with a VC, we discuss scenario planning for China & Asia and the relationship with Silicon Valley. We explore future opportunities with Francis Bassolino, Managing Director of Alaris Consulting, who has been helping companies of all sizes enter, succeed in, and exit China over a span of 30+ years. Francis is also an adjunct professor at The University of Chicago Booth School of Business in Shanghai and Chicago. Having lived in Shanghai for over 21 years and in China since 1988, he brings extensive insights into the region. Watch the full episode on YouTube: https://lnkd.in/gdseyc2d. Find all episodes of Fireside with a VC on your favorite podcast platform: https://lnkd.in/gtzuxjJh. We delve into the history of what has happened and the opening of China up to today. We also look at different scenarios such as an invasion of Taiwan, a blockade of Taiwan, no invasion or blockade, China with no reforms, with reforms, and the potential for a return to high growth in China. We examine how these different scenarios will impact the greater Asia region and the West. Our discussion includes the relationship between China and Russia, particularly days before Russia invaded Ukraine when Chinese President Xi Jinping and Russian President Vladimir Putin announced their partnership has “no limits” and vowed to deepen cooperation on various fronts, including the Russia-Ukraine war. We talk about the bargain between the Chinese people happily giving up civil liberties for a prosperous life and 10% growth consistently over decades. We also cover the impact of recent oppressive COVID-19 lockdowns, the period of low growth, the lack of job opportunities for the youth, and the generation of young Chinese not getting married, having children, or working in post-Jack Ma China. Is the Chinese economy in a freefall now? Furthermore, we discuss the evolving relationship between Silicon Valley and China, what it might look like in the future, and different scenarios and opportunities for Western companies to grow revenues and lower costs with the Chinese partnership. Links and Resources: > Learn more about Francis Bassolino and Alaris Consulting at https://lnkd.in/gfa_zzcS. > Connect with Francis Bassolino: [email protected]. > Follow Andrew Romans on LinkedIn: linkedin.com/in/romans/. > Subscribe to our newsletter to get insights and favorite content from the VC startup ecosystem: subscribe.7bc.vc.

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