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LP-GP news
Having scored three exits in 2024 and two last year, Asia has proved competitive in terms of DPI performance for investment manager Federated Hermes. Two of these exits were in Southeast Asia, the firm’s APAC private equity head Sean Yoo told DealStreetAsia.
Warburg Pincus has closed its inaugural Capital Solutions Founders Fund with commitments of over $4 billion, significantly exceeding its initial target of $2 billion. The fund is dedicated to pursuing thesis-based investing opportunities in curated structured transactions.
Catamaran India, which manages over $1 billion across asset classes, may step up investments in listed firms. “The year has been relatively quiet [in terms of growth stage transactions]… But we have been ramping up our allocation in public markets,” its president Deepak Padaki said.
Thailand-based private equity firm 9Basil is betting on three Southeast Asian markets—the Philippines, Indonesia and Vietnam—to grow beyond its home market.
Hades Financial, which claimed to be an asset manager headquartered in Riyadh with a significant focus on India, has come under the radar of fund managers in the country following severe allegations of fraud in the media.
Taiwanese insurers Taiwan Life, Cathay Life, and Fubon Life have made $216 million in new capital commitments to six private funds.
Chinese general partners (GPs) are increasingly offering incentives, including management fee discounts and co-investment opportunities, to lure deep-pocketed local insurance firms at a time when economic headwinds, geopolitical tensions, and a tepid exit landscape continue to affect private capital fundraising.
Singapore’s CapitaLand Investment aims to more than double its funds under management in India by 2028 from S$7.4 billion ($5.66 billion) as of June 30. It plans to explore opportunities to enter the renewable energy and real estate private credit segments in the country.
Sozo Ventures, a cross-border venture capital firm that invests primarily in the US and Japan, is in the market to raise $500 million for a new fund, according to a filing with the US Securities and Exchange Commission (SEC).
US-headquartered single-family investment office GreenBear Group has been assessing secondary markets in Southeast Asia and India, identifying next-generation managers with significant potential in the latter.
India’s VentureSoul Partners, founded by former HSBC executives, has raised nearly half its target corpus for the first close of its $36 million maiden debt fund.
Asia Pacific is predicted to outpace its Western counterparts to become the fastest-growing region for family offices by 2030, according to a report by Deloitte.
Deals and corporate updates
Blackstone will buy Australian data centre group AirTrunk for an implied enterprise value of over A$24 billion ($16.10 billion) in a deal marking its largest investment in the Asia Pacific region. The alternative asset manager, along with the Canada Pension Plan Investment Board, is acquiring AirTrunk from Macquarie Asset Management and the Public Sector Pension Investment Board.
Djarum-backed PT Profesional Telekomunikasi Indonesia (Protelindo), global investment firm I Squared Capital, and Indonesian conglomerate Sinar Mas are said to have shown interest in acquiring a stake in Indonesia-listed internet provider PT Link Net’s fibre optic business, according to several people aware of the development.
Malaysia-listed private hospital operator IHH Healthcare has acquired Island Hospital from PE firm Affinity Equity Partners for a total cash consideration of 3.92 million ringgit ($901 million). We had reported in May that IHH was one of the contenders to express interest in the private hospital chain.
The Indonesia Investment Authority (INA) and Hong Kong-based property firm Swire Pacific have completed an investment in the Indonesian state-owned hospital chain PT Pertamina Bina Medika IHC.
UK-based infrastructure PE investor Actis has entered into a strategic partnership with Manila Electric Company (Meralco) and its subsidiary, Solar Philippines New Energy Corporation, to invest in the Terra Solar Project. According to a Reuters report, Actis is acquiring a 40% stake in Solar Philippines for $600 million.
Indonesia-listed tech giant GoTo will cease its operations in Vietnam on September 16. The departure follows multiple efforts by the firm to expand its operations in the country, where it started in 2018 under the brand GoViet.
The Ho Chi Minh City Police have initiated an investigation into VNG Corporation, Vietnam’s first tech unicorn, the company confirmed in a statement. VNG vice-president Kelly Wong will assume the role of its acting CEO and temporarily replace founder Le Hong Minh in day-to-day operations.
Indonesia-based VC firm AC Ventures is the latest to commit capital to Singapore-based alternative milk brand Oatside, which counts Temasek, Granite Asia (formerly GGV Capital) and TR Capital among its backers.
The Brisbane City Council has revoked the operating licence of Singaporean electric mobility startup Beam amid allegations it defrauded local governments by exceeding the number of e-scooters and bikes it is permitted to deploy. It follows Auckland and Wellington in doing so.
Singapore-based digital financing platform Validus has secured $50 million from HSBC as part of its efforts to support financial inclusion for micro, small, and medium enterprises (MSMEs) in Indonesia.
Beijing Interstellar Glory Space Technology, also known as iSpace, has secured 700 million yuan ($98.8 million) in Series C and C+ rounds co-led by local investment firm Xin Ding Capital.
AI infrastructure developer Infinigence AI has raised almost 500 million yuan ($70.2 million) in a Series A round of financing, bringing its total fundraising to nearly 1 billion yuan ($140.5 million) just 16 months after its inception.
Dispatches from India
Private funding for Indian startups jumped to $1.76 billion in August owing to an uptick in big-ticket transactions. The investment marked an increase of 76% in value from July, when startups collectively garnered $1 billion across 119 deals.
Brookfield-backed Data Infrastructure Trust, an Indian infrastructure investment trust, has raised $941 million via rupee bonds to fund the purchase of American Tower Corp’s (ATC) local assets.
Ride-hailing platform Rapido has raised about $200 million in a Series E round of funding led by WestBridge Capital at a valuation of $1.1 billion, catapulting it into India’s unicorn club.
Carlyle Group-affiliate CA Magnum Holdings plans to sell shares worth 99.5 billion rupees ($1.2 billion) in the upcoming IPO of Hexaware Technologies, which is set to be one of India’s largest IPOs this year.
SoftBank-backed OfBusiness, an Indian shopping website that offers raw materials to businesses, is planning an Indian listing worth up to $1 billion and is close to appointing bankers, a top executive said.
Bajaj Housing Finance is targeting a valuation of 582.97 billion rupees ($6.94 billion) through its $782 million initial public offering, per a term sheet.
Drip Capital, a cross-border trade finance platform, has raised $113 million in equity-cum-debt funding. The $23 million equity funding came from Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), while International Finance Corporation (IFC) and East West Bank led the debt component.
Consumer sector-focused Belgian investment firm Verlinvest has led a $35 million funding round in India’s specialty coffee brand Blue Tokai Coffee at a valuation of about $180 million.
Indian tax authorities are seeking dues of $101 million from edtech company Byju’s, once the country’s biggest startup which is now undergoing an insolvency process.
Indonesian aquatech unicorn eFishery’s Indian operations have turned EBITDA positive after the first commercial year, with revenue exceeding $5 million.
Earnings reports
Southeast Asian property classifieds group PropertyGuru’s losses widened in the second quarter of 2024, compared with a year ago, even as its revenue rose. For the three months ended June 30, the NYSE-listed firm posted a net loss of S$16 million ($12.2 million), compared with a loss of S$6 million in the same period last year.
Singapore-based healthcare startup Doctor Anywhere posted marginally lower losses in 2023 as its revenue jumped around 58% year over year.
Singapore-based e-commerce brand aggregator Rainforest Life recorded significant improvements in its bottom line and top line last year. The company posted $4.6 million in after-tax losses last year, down 54% from the $10.1 million it reported in 2022.
