Ankura Joint Venture Index®

JV and Partnership Volume Continues Upward Trajectory

Ankura Joint Venture Index®: First Half 2023

AUGUST 2023 – New JV and partnership activity has been on the ascent since 2021, and that trend continued into H1 2023. While global M&A deals took a record plunge in H1 2023, JV and partnership activity surged with deal volumes 40 percent higher than HI 2022. Green joint ventures and partnerships continued to dominate as companies came together to achieve scale and access complementary capabilities and innovation in green technologies.

Contingent deal terms – underutilized in JVs and partnerships outside pharma and biotech, but valuable in bypassing divergent assumptions about future performance or outcomes – made multiple appearances in the first half of 2023. Trending technologies, including generative AI and sustainable aviation fuel, attracted partnerships with Microsoft, United Airlines, and other companies. In H2 2023, watch for natural resource JV restructurings triggered by host country governments; a boost in US clean hydrogen partnerships encouraged by the H2Hub program; and changes in North American EV charging partnerships.

Ankura Joint Venture Index®: H1 2023

About the Authors

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.

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.


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