The week that was – September 27 to October 1

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We just wrapped up the sixth edition of our flagship annual Asia PE-VC Summit, an immersive conference that brought together over 80 leaders from the region’s investor community who shared their perspectives and perspectives for 2022 and beyond.

From LP shifts, we’ve learned that allocations to Asia-Pacific may be on a northward trend. “Asia is reaching a stage in terms of size, skills, depth and maturity where it is likely to attract more capital as it has more experienced managers, more exit opportunities and mature private markets to take on. this capital, ”said Sunil Mishra. , a partner responsible for major investments at Adams Street Partners.

Hemal Mirani, managing director of HarbourVest Partners, noted that the global pandemic has broadened the participation of many investors who may not have the budgets to travel to the region. The downside, however, is that new LP-GP relationships are more difficult to form online in the current situation.

Institutional investors are also keeping a close watch on recent events related to tighter scrutiny and regulatory crackdown in various industries in China, the second-largest market outside the United States for limited partners. Developments may have accentuated the focus on ESG as a key investment theme.

In other highlights, two major sponsors have predicted that the PSPC frenzy isn’t about to end anytime soon. “I generally think the US market will be in play again by the first quarter of next year,” said Ravi Thakran, Managing Partner of Turmeric Capital and Chairman and CEO of Aspirational Consumer Lifestyle Corp. Thakran oversees two listed PSPCs in the United States.

Vickers Venture Partners Founder and Chairman Finian Tan agrees, adding that there is “no shortage of good quality assets,” although many SPACs are still looking for targets. . Vickers is also considering a SPAC listing in Singapore.

Northstar Group is evaluating a SPAC listing in Singapore, said co-founder and managing partner Patrick Walujo. Unlike US-listed PSPCs, Singapore PSPCs are attractive because they allow small businesses to participate, which qualifies them as a potential “game changer”.

And, PropertyGuru CEO and Managing Director Hari V. Krishnan also expressed confidence that the Southeast Asia online real estate company’s US listing will take place in the first quarter of 2022. amid waning global interest in PSPCs.

In a market track focused on the Philippines, participants observed that there are a lot of catalysts at play that represent a great opportunity, especially for fintech investors and startups. Additionally, US-based investors are particularly optimistic about Southeast Asia’s potential for integrated financing and plan to borrow lessons from Southeast Asia from fintech ecosystems in the United States. United, China and India.

On the regulatory side, Indonesian authorities are discussing new guidelines on dual classes of shares for companies, the measures to be rolled out this year, IDX commissioner Pandu Sjahrir said at our summit.

As the week goes on, we’ll bring you more updates and highlights from our four-day virtual summit.

Fundraising Trail

Health-focused private equity firm Quadria Capital is looking to launch a separate venture capital fund to invest exclusively in Southeast Asia. The company could raise around $ 100 million for the venture capital fund, managing partner Amit Varma said at our summit. Quadria invests in the VC space through HealthQuad.

Vertex Ventures plans to raise at least $ 400 million next year for a new fund focused on Southeast Asia and India. He raised $ 305 million in his fourth fund.

Impact investor Elevar Equity has so far raised $ 33 million for its fifth India-focused fund. Elevar Equity aims to raise $ 300 million for said fund. Elevar has supported the American Favo, the Indian SarvaGram and the Mexican Justo, among others.

The Louisiana State Employee Retirement System has committed $ 100 million to Baring Private Equity Asia’s eighth buyout fund, which aims to raise $ 8.5 billion.

Chinese PE FountainVest Partners has raised $ 595.9 million from US investors for its fourth fund. FountainVest is reportedly aiming to raise $ 2.8 billion, with a cap set at $ 3.2 billion.

Cathay Life Insurance has agreed to commit $ 50 million to the fifth PE fund of the American company Linden Capital Partners.

Alaska Permanent Fund Corporation has committed $ 75 million to the third guaranteed loan fund of Hong Kong-based asset manager Ares SSG. Ares SSG’s Secured Lending Opportunities Fund III closed at over $ 1.6 billion in July.

US-based venture capital firm Goodwater Capital, an active investor in Asia, has raised $ 1 billion in new funds to invest in early stage and growing global tech startups.

IFC has proposed a base investment of up to $ 110 million in the sustainability bond to be issued by Sembcorp Financial Services of Singapore. SLB’s total issue is expected to be around S $ 800 million.

Singapore-based Heritas Capital, part of the diversified IMC group, secured the first close of its second venture capital vehicle at just over $ 10 million.

Singapore-based Forge Ventures closed the first close of its first venture capital fund, which will support start-ups, at $ 21.88 million.

Alteria Capital permanently closed its second debt fund at $ 242 million. Meanwhile, InnoVen Capital India Fund, sponsored by venture debt provider InnoVen Capital, hit the first close of $ 100 million.

Unicorn quarters

Indian hospitality unicorn Oyo has joined a string of startups looking to go public this year by filing a $ 1.1 billion IPO. The offer will see some of its investors, including Softbank Group, book a partial exit. Oyo founder Ritesh Aggarwal, Sequoia Capital and Lightspeed Ventures are not selling any shares in this IPO, however. Ahead of the IPO, Oyo faces a legal battle with rival Zostel over a deal between the two Indian hospitality startups that collapsed six years ago.

Online tutoring platform Vedantu is now the fifth Indian edtech to achieve unicorn status, with the company raising $ 100 million in a Series E funding led by Singapore-based ABC World Asia. Vedantu joins the newly created edtech Eruditus and upGrad unicorns.

Social commerce platform Meesho has raised $ 570 million under the leadership of Fidelity Management & Research Company and B Capital Group. In April, Meesho became a unicorn after raising $ 300 million led by SoftBank.

Ola Electric raised more than $ 200 million in a funding round led by Falcon Edge, Softbank and others. The latest round of funding raised the company’s valuation to $ 3 billion.

Thai digital payments company Ascend Money has become Southeast Asia’s latest unicorn with a new $ 150 million funding round from Bow Wave Capital and existing investors CP Group and Ant Group. The investment values ​​Ascend Money at $ 1.5 billion, making the company Thailand’s first fintech unicorn.

In Indonesian fintech unicorn OVO news, Jason Thompson, CEO of the company, filed his papers to join Partior, a blockchain company based in Singapore. COO Jaygan Fu Ponnudurai will take over.

Offers news

Vietnamese e-commerce company Tiki expects to close an oversized Series E round of funding shortly after garnering strong investor interest, Group Chairman and CFO Richard Trieu Pham said at our summit. In July, the company reportedly got the first close of its Series E tour at around $ 100 million.

Sunstone Eduversity, headquartered at Gurugram, an edtech start-up that offers a ‘pay-after-placement’ fee structure for higher education programs, is set to raise $ 25 million in fundraising round. private equity firm Westbridge Capital. The company increases the sum to a pre-monetary valuation of $ 75 million. Sunstone Eduversity has increased its Series A round led by Saama Capital.

Singapore Telecom has sold a 70% stake in its Australian tower network to the AustralianSuper pension fund for $ 1.37 billion and said it will use the proceeds to fund a 5G and data center deployment.

Pakistani BNPL top player QisstPay has raised $ 15 million in seed and pre-seed rounds with a mix of equity and debt. MSA Capital led the round with participation from Global Founders Capital, Fox Ventures and First Check Ventures.

Indonesian online P2P lending company Investree is reportedly in talks to raise funds for its D-series cycle. The company is looking to raise up to $ 100 million and plans to close the funding by the end of this year.

Indonesian aquaculture start-up eFishery is in talks to secure Series C funding from investors such as Sequoia Capital, Temasek and SoftBank. eFishery currently counts Northstar Group and Go-Ventures among its investors.

State lender PT Bank Rakyat Indonesia raised $ 6.73 billion through a rights issue this month, the largest such deal in Southeast Asia.

Analysis and deepening

Armed with $ 578 million in new funding in an Alibaba-backed cycle, Singapore-based logistics startup Ninja Van is stepping up business units beyond last mile delivery. Ninja Van recently built its B2B branch offering merchants cross-border shipping, escrow and inventory sourcing services. Providing supply chain finance solutions would likely be next on the cards, Ninja Van co-founder and CEO Chang Wen Lai said in an interview.

Southeast Asian giant Grab is seeking potential partnerships with Indonesian banks, following competitors such as Gojek and Sea Ltd., which have increased their financial services by acquiring stakes in local lenders.

The management of Indonesian edtech startup HarukaEDU is injecting new blood into the company to accelerate its growth plans in the region. The eight-year-old startup, which is backed by SIG and Taiwanese VC AppWorks, has hired new CXOs, is renaming itself “Pintar” and is preparing to launch an eponymous platform that will host its various offerings.


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