8 May 2024
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2024 Trends in Global Tech

GPCA launched the 2024 Trends in Global Tech report as part of its dedicated VC/Tech platform. This edition traces VC investment trends in 2023 across Africa, India, China, Southeast Asia, Latin America, CEE and the Middle East, amidst continued market adjustments and a shifting geopolitical landscape.

Access the report for more in-depth data and analysis covering:

The resilient and maturing venture ecosystems in Africa and the Middle East
Breakdowns of venture investments by stage and sector
Strong public market exit activity in India
Notable fundraising activity

GPCA Members can log in to download the accompanying 2024 Trends in Global Tech Data Pack.

Access Report

Adenia Partners | Herholdt's Group

#DealCase

In June 2021, Adenia Partners invested in Herholdt's Group, a provider of electrical, lighting and renewable energy solutions to customers in South Africa and bordering countries.

With Adenia’s support, Herholdt’s solar business has become the company’s primary business line (up from 40% at the time of acquisition). The company has enabled the generation of approximately one terawatt hour (TWh) of renewable electricity since 2018, resulting in roughly one million tons of carbon dioxide equivalent emissions avoided (MTCO2e). Customers have also benefitted from lower electricity costs that are, on average, 30% to 50% cheaper than using grid power. In addition, approximately 42% of Herholdt’s Executive Committee are women, following the nomination of six female managers in 2022.

Read the full deal case

GPCA Training Email Header (1200 x 310 px)

Training on Trends in Fundraising
and Secondaries

21 May | Hong Kong

#GPCAEvents

GPCA and HKVCA will be hosting an Investor Training on Tuesday, 21 May at Debevoise & Plimpton in Hong Kong from 9:30am-12pm, after the HKVCA China Private Equity Summit, a GPCA partner event in Hong Kong.

The training will comprise the following sessions:

Session 1: Trends in the Current Fundraising Environment with Nick Thorn (Managing Director, EQT Group), Joe Chang (Principal, AlpInvest) and Shawn Yang (Partner, Debevoise & Plimpton)
Session 2: GP-Led Secondaries with Timothy Huang (Partner, Lexington Partners), Jude Wong (Director, Lazard), Martin Yung (Principal, HarbourVest Partners) and Shawn Yang (Partner, Debevoise & Plimpton)

The training is complimentary for GPCA and HKVCA Members. A USD130 fee applies for non-member firms. Register now as space is limited.

If you have any questions about the program details, please contact Felicia Chia at fchia@gpcapital.org.

Register now

INVESTMENTS

► Janus Henderson agreed to acquire NBK Capital Partners, the private investments arm of the National Bank of Kuwait Group. #MiddleEast

► Advent International agreed to invest INR24.75b (~USD297m) in Apollo HealthCo, a subsidiary of India-based healthcare group Apollo Hospitals. #Asia

► Manipal Education and Medical Group led a INR18b (~USD216m) investment in PharmEasy, an India-based online pharmacy platform, with participation from Temasek, Prosus, 360 One and others. #Asia

► Bahrain-based Investcorp agreed to acquire the digital technology unit of India's National Stock Exchange for USD120m. #Asia

► Colombia Capital led a USD40m Series A for Indicium, a Brazilian data solutions startup. #LatinAmerica

► Higala, a Philippines-based inclusive instant payment system provider, raised a seed round from Chemonics International and Talino Venture Studios. #Asia

► Vy Capital led a USD35m Series A for Pomelo, a Phillippines-based international money transfer platform, with participation from Founders Fund and A* Capital. #Asia

► Patria Investments acquired the private equity solutions platform of abrdn. #LatinAmerica

► Saudi Technology Ventures led a USD18m Series A for Abyan Capital, a Saudi Arabia-based robo-advisory company, with participation from Wa'ed Ventures and RZM Investment. #MiddleEast

► Kubik, a Kenya-based plastic upcycling platform, raised a USD1.9m seed extension from African Renaissance Partners, Endgame Capital and King Philanthropies. #Africa

FUNDRAISING

► Decarbonization Partners, a partnership between BlackRock and Temasek, reached a USD1.4b final close for its inaugural fund focused on investing in private companies that support the acceleration of decarbonization and the transition to a net-zero economy.

► Wells Fargo-backed Norwest Venture Partners raised USD3b for its 17th fund focused on early- to late-stage venture and growth equity investments across North America, India and Israel. #Asia

► BTG Pactual Timberland Investment Group (TIG) reached a USD1.24b close for its BTF II fund focused on mature timberland assets in Chile, Uruguay and Brazil. #LatinAmerica

► ChrysCapital reached a USD700m close for its continuation fund to retain a stake in India’s National Stock Exchange (NSE). ChrysCapital acquired a 5% stake in the NSE in 2016 through its sixth fund. #Asia

► Innova Capital reached a EUR407m (~USD439m) final close for Innova/7, above the initial EUR350m (~USD377m) target. The fund is focused on financial services, industrials, consumer and healthcare services. #CEE

► Tor Investment Management raised USD310m for its third Asia opportunistic private credit fund. #Asia

► BII and Citi launched a USD100m risk-sharing facility focused on economically productive goods, transport, essential equipment and machinery that strengthen food security in African markets such as Benin, Cameroon, Côte d’Ivoire, Rwanda, Tanzania, Uganda and Zambia. #Africa

EXITS

► Genesis Capital exited Czech Republic-based electronics retailer HP TRONIC Group through a share buyback. #CEE