Ankura Joint Venture Index®

2023 In Review – And What Lies Ahead

Ankura Joint Venture Index®: 2023 In Review

FEBRUARY 2024 – We draw the curtain on 2023 – the year that joint ventures and partnerships thrived in the face of unprecedented turmoil. The same geopolitical, economic, and regulatory pressures that dragged M&A deal volumes down to their lowest in a decade also helped spur joint venture and partnership activity to record levels.

There were bold, billion-dollar bets on new businesses, forays into cutting-edge technologies, and strategic retreats. Joint ventures and partnerships were at the center of it all.

Read on for our recap of joint venture and partnership activity in 2023, and a peek at what lies ahead.

Ankura Joint Venture Index: 2023 In Review
Ankura Joint Venture Index®: 2023 In Review


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.

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.

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.


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