A Creative Shift in Joint Ventures Amidst Surging Restructurings and Green Energy Slowdown: H1 2024 in Review

OCTOBER 2024 – A pause in the steady ascent of joint venture and partnership volumes. A chart-topping surge in venture restructurings. A slow-down in green energy dealmaking.

Joint venture and partnership activity in H1 2024 veered off the beaten path over the last three years – but did not make a complete about-face.

Dealmakers are still active, and more creative than ever before. H1 2024’s joint venture and partnership deal volumes declined by around 2% from H1 2023’s high levels. And many of H1 2024’s deals come embedded with novel terms and structures that accommodate the pressure from geopolitical uncertainty, the one-two punch of high interest rates targeting persistent inflation, and ongoing regulatory challenges against efforts by competitors to collaborate.

Read on for our recap of H1 2024.

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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.

Joshua Kwicinski

Joshua Kwicinski is a Managing Director based in Washington, DC. He has more than a decade of experience in advising on all aspects of the partnership lifecycle, including deal strategy, transaction structuring, ongoing governance, and restructuring/exit. He has advised senior executives and dealmakers at both a corporate and individual JV level across a range of industries, including oil and gas, metals and mining, aerospace and defense, financial services, biotechnology, and others.

Ben Pollak

Ben Pollak is a Director at Ankura, where he supports clients across the entire joint venture and partnership lifecycle. Ben specializes in partnerships in the Financial Services sector.

A Creative Shift in Joint Ventures Amidst Surging Restructurings and Green Energy Slowdown: H1 2024 in Review

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About the Authors

Lois Fernandes

James Bamford

Joshua Kwicinski

Ben Pollak

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