Ankura Joint Venture Index®

What Did We See In 2021?

Ankura Joint Venture Index®: Annual 2021

FEBRUARY 2022 – The Ankura Joint Venture Index® is the one-and-only barometer of joint venture and partnership activity worldwide. It tracks joint venture and partnership deal volumes, stock market announcement effects, trends from 2021 across industries and geographies, and more. So what did we see in 2021? Here’s a preview…

  • Material JV and partnership deal activity in 2021 was up 173% over 2020 – higher than the record-breaking 64% rise in M&A activity during the same period.
  • Sustainability partnerships comprised 58% of material new JV and partnership volumes in 2021 – up from 30% 2020, and merely 8% five years ago.
  • 2021 was a big year for JV IPO activity with several successful large ventures going public or announcing intentions to do so.

Ankura Joint Venture Index: Annual 2021
Ankura Joint Venture Index®: Annual 2021


About the Authors

Lois Fernandes

Lois D’Costa Fernandes is a Senior Director at Ankura, where she leads the firm’s research and analytics on joint ventures and partnerships. Previously, Lois was a founding employee of Water Street Partners and prior to that was a core member of the Joint Venture Practice at McKinsey & Co. She has authored numerous articles on joint ventures and partnerships, including in MIT Sloan Management Review, Harvard Law School Forum on Corporate Governance, and the Journal of World Energy Law & Business.

Saadhika Sivakumar

Saadhika Sivakumar is a Senior Associate at Ankura, where she supports clients and manages the firm’s proprietary databases on joint ventures and partnerships. Leveraging Ankura's proprietary databases, market outlooks and repositories of best practices, Saadhika develops actionable perspectives on joint venture and partnership transactions and governance-related matters across a range of industries.

Tracy Branding Pyle

Tracy Branding Pyle is a Managing Director at Ankura who specializes in helping organizations navigate complex transactions, and, in particular, joint venture-related transactions. She works with a wide array of U.S. and international companies across industries to help them structure, negotiate, approve, and launch joint ventures to set these ventures up for success. She additionally advises on governance of individual joint ventures and portfolios of joint ventures to help companies to minimize risk, increase efficiencies, and find value. Prior to joining Ankura, Tracy practiced law at Hogan Lovells, where she advised clients on joint ventures, public and private mergers and acquisitions, and corporate governance matters. Tracy is based in Washington, DC.

James Bamford

James Bamford is a Senior Advisor at Ankura based in Washington, DC. He joined Ankura with the firm’s 2020 acquisition of Water Street Partners, which he co-founded in 2008. Water Street Partners has been independently ranked as the number one global advisor on joint ventures since 2017. Prior to Water Street, he was global co-lead of the Joint Venture & Alliance Practice at McKinsey & Company.


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