Ankura Joint Venture Index®

2022 Shattered Records 

Ankura Joint Venture Index®: Annual 2022

MARCH 2023 – The heady days and nights of dealmakers working on joint ventures and partnerships show no signs of relenting. Bucking the year’s massive step-back in M&A, the volume of new joint ventures and partnerships remained strong across the year, with 2022 outpacing 2021 and breaking historic records.

Here are just a few highlights from our recap of 2022 and thoughts about the coming year:

  • Overall, the global volume of material new joint ventures and non-equity partnerships increased by 25% compared to 2021, and enters 2023 with strong momentum
  • Deals focused on preventing or mitigating adverse impacts of climate change comprised 67% of new JV and partnership volumes, up from only 19% three years ago
  • JV and partnership deal activity heated up several industries – financial services, automotive & mobility, telecommunications, and oil & gas – each fueled by major underlying trends
Ankura Joint Venture Index®: Annual 2022


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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