It is time to reflect and look back at some of the most significant events that defined the course of private capital in Asia.
From fundraising milestones, LP perspectives, people moves, business pivots and closures, and startup funding rounds to earnings analyses, the year saw us deliver the most comprehensive coverage of the private capital ecosystem in Asia’s core markets.
If 2024 started with our scoop on the problems ailing Indonesia’s P2P lender Investree, we ended the year by bringing you an exclusive report on the troubles plaguing the country’s unicorn eFishery.
The year also saw us intensify our coverage of the asset allocator community, the private equity exit landscape, and the climate tech and ESG vertical.
Our reporters brought you insider perspectives, scoops, trends, insights, and data-led intelligence from across India, Greater China, and SE Asia.
Join us at the Indonesia PE-VC Summit 2025 on January 16 at The St. Regis, Jakarta. Don’t miss the go-to conference to kickstart 2025 and navigate SE Asia’s top market. Secure your ticket now!
Here are the top stories that our readers and subscribers loved in 2024
eFishery’s board suspends co-founders Gibran Huzaifah, Chrisna Aditya amid probe
Indonesian unicorn eFishery’s board suspended its co-founders Gibran Huzaifah and Chrisna Aditya following an investigation into alleged financial irregularities. The eFishery development has shone the spotlight on governance lapses plaguing startups in the archipelago and may further damage investor confidence, especially in late-stage startups.
Investree CEO Adrian Gunadi resigns, admits wrongdoings to board
Adrian A Gunadi, co-founder and CEO of the Indonesian P2P lender Investree, offered his resignation to the board, amid allegations of misconduct and other challenges faced by the company. Investree, which announced raising a fresh investment of over $200 million, is also grappling with civil lawsuits amid growing bad loans.
TikTok-Tokopedia deal to trigger portfolio reassessment and strategic shifts
Tokopedia made strategic investments in various startups in the archipelago to spruce up its expansion, and in most of the ventures, it holds a minority stake. There’s an opportunity now for startups to collaborate and leverage TikTok’s infrastructure and expansive reach. Bytedance-owned TikTok acquired a 75% stake in Tokopedia, the e-commerce arm of IDX-listed GoTo.
Late-stage funding drought triggers shift in SE Asia’s investment landscape
The current funding dynamics also point to the emergence of a new order in SE Asia’s tech markets. While the erstwhile hottest markets like Singapore, Vietnam, and Indonesia have slipped, Malaysia and the Philippines have seen a recovery.
Will Indonesia’s move to set up mammoth SWF boost its investment appeal?
Factors like operational efficiency and transparency remain top concerns as the government prepares a functional roadmap to give wings to Danantara, which is touted to become the fourth-largest sovereign wealth fund in the world.
Saudi prince-linked VC said to be in talks for MDI Ventures’s startup portfolio
Saudi Arabian venture capitalist Beta Lab is said to be in discussions to buy over 80% of the portfolio in MDI Ventures, the CVC arm of Indonesian state-owned telecom firm Telkom, in what could be one of the largest selloffs in the country’s startup sector. The disposal package may consist of minority stakes in well-performing and distressed assets, including its holdings in in Finaccel, Koiworks, Privy and Sicepat.
Liquidity now or fair valuations later? SE Asian PE faces a dilemma
The region faces a reality check as there is little DPI to return to limited partners (LPs), deterring their faith in the asset class. A backlog of unrealised exits is creating a big dilemma for Southeast Asia’s private equity industry, which, for a lot of global investors, brings déjà vu of the 2008 global financial crisis when performance in the industry had taken a heavy hit.
India’s first-time fund managers hit hardest as LPs worry over low DPIs
Capital raised by first-time fund managers stood at a meagre $346 million in the first nine months of the year, a sharp 60% fall compared with the $849 million raised in 9M 2023. Debut fund managers have been especially vulnerable in today’s investment climate as LPs value experience and consistency more.
Asia’s family-owned businesses put faith in PE as heirs step aside
The pandemic years put a lot of pressure on families to draw up succession plans, with some realizing the need for private investors to either buy out or acquire a minority stake in their businesses.
GPs come up with creative solutions amid bleak exit environment in SE Asia
With the urge to deliver distributions to LPs, asset managers in the region have launched more innovative structures that were not widely used before to bridge the valuation and financing gap.
PE bets rebound in Asia’s private education as pandemic memories fade
But even as the demand for online learning has dramatically waned, edtech still can survive as a supplement to aid teachers and students in K-12 schools, higher education and vocational training institutions.
Foreign funds line up dedicated India vehicles amid global turmoil
PE and VC firms that are currently in the queue to launch their debut India-dedicated vehicles include L Catterton Asia, Affirma Capital, and Tribe Capital, among others.
RMB fund managers face steep learning curve to woo China’s rising state LPs
State capital providers have taken centre stage in bankrolling homegrown startups in the world’s second-biggest economy as global USD investors rein in their allocations to China.
Lured by robust exits, PE firms line up for hospital assets in India; SE Asia to follow
Successful PE exits in India’s hospital space are having a rub-off effect on Southeast Asia’s healthcare space as the regions have common investors and share a similar growth trajectory.
Despite string of recent failures, investors keep faith in Vietnam’s tech startups
In the volatile startup ecosystem, failures are more common than successes. In Vietnam, several tech startups have folded up or suspended operations in the last few years.
SE Asia’s coffee war sees Chinese chains take on native brands
Getting into SE Asia is one thing but building a thriving F&B business is another as the region is a collection of diverse markets that need different approaches.
Not so shiok anymore? Singapore’s cultivated meat startup star fades
In this news analysis, we examine the Shiok Meats-Umami Bioworks merger that comes at a challenging time for the alternative protein sector.
