Singaporean wealth management platform Endowus will partner HPS Investment Partners to offer its clients access to HPS’ evergreen credit solutions; Warburg Pincus has hit the first close of its continuation fund; Peak XV and HongShan have co-anchored a $10m seed funding in KAST.
Singapore’s Endowus partners HPS Investment
Singapore-based wealth management platform Endowus announced its partnership with HPS Investment Partners, one of the world’s largest private credit firms.
The partnership, one of HPS’ first collaborations in the region, will offer Endowus clients access to HPS’ evergreen credit solutions, targeting professional and accredited investors, including high-net-worth individuals, family offices, and institutions in Hong Kong and Singapore.
Endowus said the partnership will broaden its range of private market and alternative investments, which already includes funds managed by Ares, Carlyle, EQT, HarbourVest, KKR, Oaktree, Partners Group, PIMCO, and UBS Asset management.
“We are seeing strong demand for private credit and it will remain an important asset class for our clients,” said Samuel Rhee, chairman and chief investment officer of Endowus.
Warburg secures $2.2b first close of multi-asset continuation fund
Private equity major Warburg Pincus has made the first close of its debut multi-asset continuation fund at $2.2 billion in commitments, according to an announcement.
The commitments came from lead investors HarbourVest Partners, Ardian, and the Canada Pension Plan Investment Board (CPP Investments). They underwrote the entirety of the raise, per the announcement. The new continuation fund comprises Warburg Pincus portfolio companies spanning various geographies and sectors.
Warburg said existing limited partners were given the choice either to crystallise returns by selling their interests or to roll their stakes into the fund and maintain exposure to future growth potential.
Peak XV, HongShan, invest in KAST
Peak XV, one of the largest venture capital firms in India and Southeast Asia, and HongShan, formerly Sequoia Capital China, have co-anchored the $10-million Seed funding in KAST, a dollar-denominated neobank-like platform.
The round, also backed by DST Global and Goodwater Capital, will support the startup’s initiatives in product development, licensing, international expansion, and hiring, among other things, per the announcement.
KAST is a fintech platform focused on stablecoins. It offers USD-denominated accounts and payment cards to users in over 150 countries, enabling them to receive income, send money, and transact with merchants worldwide. The startup said it will soon launch savings and other remittance products without the need to touch fiat directly.
The funding comes as stablecoins have experienced remarkable growth with over $170 billion supply and $8.5 trillion transaction volume in Q2 2024 by over 125 million users.
Peak XV earlier announced that it is reducing the size of its $2.85-billion fund by 16%, attributing the decision to soaring valuations in a richly priced public market.
HongShan, on the other hand, has closed a new RMB-denominated fund at about 18 billion yuan ($2.5 billion) to continue its investment focus on the technology, healthcare, and consumer sectors.
