Ankura Joint Venture Index®

JVs and Partnerships Continued on a Tear in the Second Quarter

Ankura Joint Venture Index®: Second Quarter 2022

AUGUST 2022 – In Q2 2022, there was a larger number of new, material joint ventures announced than in any prior quarter, with 14% more JV deals than Q4-2021, the next highest quarter on record. Not only were there a lot of deals, but big deals; a whopping 38% of material JV deals announced in Q2 were valued at over a billion U.S. dollars.  

Many of these ventures target the problems that pepper headlines today: Europe’s reliance on Russian natural gas, climate change, and electric vehicles, just to name a few. For example, Dow took a minority stake in an LNG import terminal in Germany and Qatar selected four partners to help it expand LNG production in its North Field, which LNG it can send to Europe. At the same time, many existing high-profile consortia made significant changes in Q2, with Star Alliance adding non-airlines for the first time and many tech heavyweights like Intel, Micron, and Analog Devices joining MITRE Engenuity’s Semiconductor Alliance.

Ankura Joint Venture Index®: Second Quarter 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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