South Asia
AVCJ Awards 2022: Firm of the Year – Large Cap: Baring Private Equity Asia
Baring Private Equity Asia’s 2022 was punctuated by a high-profile merger with EQT, a bumper fundraise, and USD 10bn in exits. Jean Eric Salata, now head of BPEA EQT, shares his thoughts on the market
India exits: Sustainable trend?
GPs saw abundant exits in India in 2021 and the flow continued last year even as other markets stumbled. Investors must assess the merits of various contributing cyclical and structural factors
Q&A: Bertelsmann India Investments’ Pankaj Makkar
Pankaj Makkar has headed Bertelsmann India Investments since its inception in 2012. He reflects on a period of rapid market development with a new war chest that betrays confidence in more to come
India's Enzene Biosciences raises $50m
Indian biotech company Enzene Biosciences has raised a USD 50m round featuring Eight Roads Ventures and F-Prime Capital.
Asia IPOs gone cold: India edition
A compilation of India-based IPOs - some of them private equity-backed - that have been withdrawn or appear to have fallen behind schedule
Bain exits India maritime logistics business to German strategic
Bain Capital has sold its stake in J.M. Baxi Ports & Logistics, an India-based provider of maritime logistics, to Germany-headquartered shipping and container transportation company Hapag-Lloyd for an undisclosed sum.
ResponsAbility hits $173m first close on Asia food fund
Swiss impact investor ResponsAbility has reached a first close of USD 173m for a South and Southeast Asia-focused sustainable food private equity fund. The target is USD 400m.
India's PhonePe raises $350m at $12b valuation
General Atlantic has invested USD 350m – at a pre-money valuation of USD 12bn – in PhonePe, a digital payments platform that spun out from Indian e-commerce marketplace Flipkart.
India's 360 One buys Mumbai Angels, launches two funds
Bain Capital-backed 360 One, which rebranded from IIFL Wealth & Asset Management last November, has acquired a 91% stake in Mumbai Angels as the seed investor launches two new funds.
Deal focus: Secondary investors support Capital Square, Basil merger
Capital Square Partners and Basil Technology Partners have joined forces, with HarbourVest Partners, NewQuest Capital Partners, and Committed Advisors backing a USD 700m fund comprising Asia IT services investments from both GPs
Avatar Growth leads Series C for India's Mad Street Den
Avatar Growth Capital, a private equity firm specialising in bringing Indian tech to global markets, has led a USD 30m Series C round for US and India-based retail services player Mad Street Den.
India's Lighthouse seeks $425m for Fund IV, gets NIIF commitment
Lighthouse Funds is targeting INR 35bn (USD 425m) for its fourth India fund and has signed up the country’s National Investment & Infrastructure Fund (NIIF) as an anchor LP.
Singapore's Lighthouse Canton hits first close on venture debt fund
Singapore Lighthouse Canton has reached a first close of USD 20m on its first venture debt fund, which will target Southeast Asia and India. The target is USD 100m.
4Q analysis: Who wants China?
Pan-regional GPs get traction by highlighting their Asia ex-China credentials; buyouts rebound as growth capital – and China – continue to recede; India impresses with bumper exit proceeds
Norwegian climate fund backs India waste-to-energy player
A climate fund set up by Norwegian development finance institution Norfund has invested NOK 600m (USD 60.5m) in Indian solar and waste-to-energy company SEAL.
Investcorp leads $39m Series D for India's Wakefit
Investcorp has led a INR 3.2bn (USD 39.4m) Series D round for India’s Wakefit, which claims to be the largest D2C retailer of mattresses and bedding accessories.
India's IIFL Asset Management merges with Truscale
India-based alternative investment manager IIFL Asset Management (IIFL AM) has agreed to take ownership of TrueScale Capital, a venture growth firm established by Sameer Nath, formerly of Iron Pillar.
PAG's Shan emphasizes diversity, control in Asia private equity
Momentum has shifted towards geographically diversified pan-regional investors, control deals, and private markets following a decade dominated by China-centric funds, growth-stage technology plays, and public equities, Weijian Shan, chairman and CEO...
Accel backs India home construction start-up
Accel and fellow US venture firm Celesta Capital have led a USD 10m round for India’s Brick&Bolt, a consumer-facing end-to-end home construction platform.
India's Avataar hires partner from Alpha Wave Global
Avataar Venture Partners, an India-based investor in growth-stage B2B technology and software-as-a-service (SaaS) companies, has recruited Anirudh Singh from Alpha Wave Global as a partner.
Everstone, Goldman buy IT consulting player Cprime
India and Southeast Asia-focused private equity firm Everstone Capital has teamed up with Goldman Sachs Asset Management to acquire US-headquartered IT consulting business Cprime. The size of the transaction was not disclosed.
Carlyle buys India skincare, beauty platform
The Carlyle Group has acquired a majority stake in VLCC, an Indian skincare and beauty platform backed by Everstone Capital, for an undisclosed sum.
GP profile: LeapFrog Investments
LeapFrog Investments is broadly recognised as a pioneer of impact investing globally as well as an architect of the industry’s legitimising standards and controls. Asia has always been core
Deal focus: TR leads $150m multi-asset secondary for India's Samara
TR Capital first worked with Samara Capital on a single-asset continuation fund for Sapphire Foods India – and saw the local Yum Brands franchisor go public about three months after the deal was announced. It has now reunited with Samara for what amounts...