Altos Ventures, an early-stage investor with $2 billion in assets under management across Korea and the US, featured in numerous landmark Korean exits and up-rounds over the past 12 months. In the first quarter alone, Woowa Brothers and Hyperconnect were sold via trade sales of $4 billion and $1.73 billion, respectively, and Coupang completed a $4.55 billion US IPO. A $896 million sale of Zigzag came soon after. Meanwhile, the likes of Dangguen Market, Viva Republica, and Socar continue to raise significant sums. Altos’ global portfolio is said to include 10 unicorns and 14 companies valued above $250 million.

Kedaara Capital’s debut India fund was marked at 3.8x as of March 2021, a matter of weeks before a sixth exit out of nine portfolio companies. Kedaara’s minority position in Parksons Packaging – acquired for INR2 billion ($27 million) in 2015 – was taken out when another private equity firm bought a majority stake for an estimated INR22-23 billion. Investments have been less plentiful, although there was a carve-out of Sanofi’s local nutraceuticals business. Robust Fund I performance set the scene for Kedaara’s third vintage. The firm reached a final close of $1.1 billion in June 2021, edging past the hard cap.

Quadrant Private Equity has closed two funds in the past 12 months, raising A$1.24 billion ($938 million) for its latest flagship buyout strategy and A$530 million for a second growth vehicle. Final closes were reached within eight weeks. New investments continued apace, with Quad Lock, Total Drain Group, My Muscle Chef, Fullerton Health Australia, TSA Management, Affinity Education, and Papinelle added to the portfolio. Meanwhile, Adore Beauty and Peter Warren Group both listed and QScan was exited via a trade sale. Quadrant also became the first Asia-based manager to make the top 10 of the HEC-Dow Jones Private Equity Ranking.

Now seven years old, Source Code Capita’s assets under management have reached RMB35 billion ($5.4 billion) and its headcount has surpassed 100. A fifth US dollar-denominated fund of $1 billion – split between venture and growth vehicles – closed in April 2021. Either side of this, Source Code closed its fourth and fifth renminbi funds with commitments of RMB3.8 billion and RMB7 billion. The firm has led rounds for the likes of Ones, Yuanbao, and Zhongneng United, while several existing investees have raised sizeable follow-on rounds. Liquidity events include an IPO for Relx Technology and a trade sale of Deepmotion.

Lilly Asia Ventures (LAV) has joined a string of $100 million-plus funding rounds in the past 12 months, perhaps explaining the strategic shift in its fundraising that saw an opportunity vehicle feature alongside the core healthcare fund for the first time. The firm raised $1.35 billion in total, up from $750 million in the previous vintage and $450 million in the one before that. Several of these larger rounds were for companies that are thought to be on course for IPOs, such as InventisBio, CARsgen Therapeutics, and Insilico Medicine. Others have already completed the journey, notably Gracell Biotechnologies Abbisko Therapeutics.