- Avanz Manara — Avanz Capital’s Egyptian subsidiary launched a fund of funds to support the growth of SMEs and the development of the private capital industry in the country. It appears somewhat akin to a private sector Fondo de Fondos. I’m excited to see how this develops. If you missed our podcast episode on Egypt’s venture landscape, listen here.
- Weijian Shan — In the run-up to PAG’s IPO, Weijian Shan made some bold comments about the mismanagement of China’s economy (see here and here). They are obviously correct. That doesn’t make them any less brave. Listen to my conversation with Shan here.
- Jean Eric Salata — Consolidation amongst asset managers is proceeding apace. Baring Private Equity Asia reached an agreement with EQT for a total consideration of €6.8B (€1.5B in cash plus €5.3B in ordinary EQT shares). I think Jean Eric Salata goes down as one of the greatest market timers of his generation: saw the private equity opportunity in Asia, developed diversified products for LPs seeking Asia exposure, sells near the top.
- Sequoia & Corporate Governance — Interesting blog post from “Team Sequoia India & Southeast Asia” following some governance messes in their portfolio. Notable for its framing and what’s not said.
- Apollo Embraces Digital Assets (& Life Sciences) — Apollo is making moves into the crypto world (see here and here). Says Marc Rowan, “Many of the rails or the technology or the platforms or the systems that support what’s happening in [non-fungible tokens] are actually the precursor to changes in our financial system and we ignore them at our peril.” Apollo also formed a strategic partnership with Sofinnova Partners.
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From the Bookshelf
The years 1945-89 are thus coming to seem more and more like a parenthesis. This does not mean that we are about to return to bad old ways. The past, having once happened, leaves a record and a memory, and that memory is one of the reasons why the things it recalls will not simply be repeated. But it is also true that people can forget to remember—or, perhaps, forget to forget—and that as we move further away from 1945 the reasons why it seemed so important to build something different will be less pressing. That is why we must remind ourselves not just that real gains have been made, but that the European community which helped to make them was a means, not an end.
— Tony Judt, A Grand Illusion?
(Hill & Wang: 1996)
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