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Affirma Capital

Weekly digest - November 01 2023
Weekly digest - November 01 2023

  • Region
  • 01 November 2023
Deal focus: Affirma generates 8x return with India's TBO
Deal focus: Affirma generates 8x return with India's TBO

Affirma Capital makes good on a partial exit from Indian travel agent software provider TBO.com as General Atlantic comes in to help rekindle plans for a domestic IPO

  • South Asia
  • 01 November 2023
General Atlantic backs India travel platform, Affirma exits
General Atlantic backs India travel platform, Affirma exits

General Atlantic has acquired a minority stake in TBO.com, an India-based business-to-agent travel portal that serves a global customer base, for an undisclosed sum. The deal facilitates a partial exit for Affirma Capital.

  • South Asia
  • 24 October 2023
Affirma hits first close on renminbi fund

Emerging markets-focused private equity firm Affirma Capital has reached a first close of approximately CNY 1.5bn (USD 215m) on its debut renminbi-denominated fund.

  • Greater China
  • 08 December 2022
Hong Kong vs Singapore: No zero-sum game
Hong Kong vs Singapore: No zero-sum game

Pandemic-related restrictions have dented confidence in Hong Kong as a private equity hub, while Singapore is on a roll. But gains for one don’t necessarily translate into losses for the other

  • Greater China
  • 08 November 2022
Affirma joins $40m round for India air conditioning supplier
Affirma joins $40m round for India air conditioning supplier

Affirma Capital has joined a USD 40m investment in India’s Epack Durable, a leading domestic designer and manufacturer of air conditioning units among other home appliances.

  • South Asia
  • 14 September 2022
Korea: A good time to be different?
Korea: A good time to be different?

Macroeconomic uncertainty and liquidity risk are pushing Korean private equity firms to think beyond buyouts, double down on operational capabilities, and consider all their exit options

  • North Asia
  • 13 September 2022
Affirma leads $217m investment in Korean digital insurer
Affirma leads $217m investment in Korean digital insurer

Affirma Capital has led a KRW 300bn (USD 217m) funding round – at a valuation of KRW 1trn – for Carrot General Insurance, a South Korea-based digital insurer.

  • North Asia
  • 09 September 2022
Affirma supports Korea's NPX in Terapin Studios deal
Affirma supports Korea's NPX in Terapin Studios deal

Affirma Capital has confirmed a USD 38m investment in Terapin Studios, a US-based media platform controlled by Korea’s NPX Capital focused on bringing Korean digital comics to global markets.

  • North Asia
  • 02 August 2022
SE Asia exits set for near-term turbulence, long-term strength - AVCJ Forum
SE Asia exits set for near-term turbulence, long-term strength - AVCJ Forum

Private equity exits will remain challenging this year as buyers and sellers drift further apart on pricing, investors told the AVCJ Southeast Asia Forum, although their long-term outlook for liquidity in the region remains reasonably bullish.

  • Southeast Asia
  • 29 July 2022
Affirma targets Korea private debt, secondaries

Affirma Capital is expanding its Korean coverage with the launch of dedicated private debt and secondaries businesses following a relaxation in local regulations.

  • North Asia
  • 02 June 2022
Deal focus: Affirma sees promise in Asia e-scooters
Deal focus: Affirma sees promise in Asia e-scooters

Affirma Capital has led a USD 93m Series B round for Singapore-based e-scooter provider Beam, citing its ability to internationalise a locally-focused and increasingly popular business model

  • Southeast Asia
  • 28 February 2022
Affirma buys Singapore preschool chain
Affirma buys Singapore preschool chain

Affirma Capital has acquired Singaporean premium preschool operator Little Paddington for an undisclosed sum.

  • Southeast Asia
  • 08 February 2022
Vietnam's MoMo secures $200m Series E
Vietnam's MoMo secures $200m Series E

Mizuho Bank has led a $200 million Series E round for MoMo, a Vietnam-based mobile wallet provider, at a valuation of more than $2 billion.

  • Southeast Asia
  • 22 December 2021
Affirma achieves $473m final close on fifth Korea fund
Affirma achieves $473m final close on fifth Korea fund

Affirma Capital has closed its fifth Korea-focused fund with KRW543 billion ($473 million) in commitments, marking its first successful fundraise since spinning out from Standard Chartered.

  • North Asia
  • 29 October 2021
Affirma backs India's Belstar Microfinance
Affirma backs India's Belstar Microfinance

Affirma Capital has contributed INR3 billion ($40.8 million) to a INR3.5 billion funding round for India’s Belstar Microfinance, supported by existing investors Muthoot Finance and Maj Invest.

  • South Asia
  • 30 August 2021
Affirma invests $100m in Korea cloud services provider
Affirma invests $100m in Korea cloud services provider

Affirma Capital has secured a third deal for its latest Korea fund, with an agreement to invest $100 million in Metanet T Platform, a local cloud managed service provider (MSP).

  • North Asia
  • 18 August 2021
Affirma invests $77m in Korean steelmakers

Affirma Capital has acquired a majority stake in two steel manufacturing subsidiaries of Korea-based industrial conglomerate SeAH Group for $76.9 million.

  • North Asia
  • 06 August 2021
Vietnam middle market: Room for maneuver
Vietnam middle market: Room for maneuver

There is a perceived sweet spot in Vietnam where check sizes are too big for local GPs and too small for pan-regionals. Taking advantage means addressing structural nuances and strategic competition

  • Southeast Asia
  • 18 May 2021
Affirma hits first close on Korea fund, backs SK mapping spinout
Affirma hits first close on Korea fund, backs SK mapping spinout

Affirma Capital has reached a first close of KRW443 billion ($403 million) on its fifth Korea-focused fund, while simultaneously announcing a $181 million investment in SK Telecom’s mobility business.

  • North Asia
  • 13 April 2021
Q&A: Affirma Capital's Ivo Philipps
Q&A: Affirma Capital's Ivo Philipps

Affirma Capital came into being 18 months ago as Standard Chartered’s private equity team spun out with most of the remaining balance sheet assets. COO Ivo Philipps explains the middle and back office transition

  • GPs
  • 25 February 2021
AVCJ Awards 2020: Exit of the Year - Mid Cap: EMC Holdings
AVCJ Awards 2020: Exit of the Year - Mid Cap: EMC Holdings

Taking full ownership of EMC Holdings wasn’t on Affirma Capital’s agenda, but it performed a successful pivot when the business started moving in the wrong direction

  • North Asia
  • 28 January 2021
Warburg Pincus, Goodwater lead Series D for Vietnam's MoMo

MoMo, a Vietnam-based mobile wallet provider, has closed a Series D round of more than $100 million led by Goodwater Capital and Warburg Pincus.

  • Southeast Asia
  • 14 January 2021
Deal focus: Affirma's decade-long water turnaround
Deal focus: Affirma's decade-long water turnaround

Having assumed full ownership of EMC Holdings in 2016, Affirma Capital rejuvenated the Korean wastewater management business through savvy acquisitions and encouraging management to get creative

  • North Asia
  • 30 September 2020
12
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