Asia Members Meeting Recap; Kedaara Capital Reaches USD1.73b Close for Fund IV

1 May 2024
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GPCA in Asia

Recap: Asia Members Meeting

GPCA hosted over 50 members and industry players at the Asia Members Quarterly Meeting on 25 April 2024 in Singapore for an interactive discussion on sustainability accelerators in 2024, including Responsible AI, the year of elections, reporting and LP expectations.

Key takeaways include:

LPs are looking for ways to tie carried interest to both financial returns and impact outcomes.
Regulators such as those in Singapore are increasing demands for sustainability and transparency reporting.
While blended finance can play an important role in achieving sustainability goals, financial outcomes are still important in order to demonstrate the growth potential of the climate sector beyond renewables.

A huge thank you to our speakers David Katz of KKR, Jaclyn Seow of Openspace Ventures, Michael Tang of SGX RegCo and Jingyi Zhang of Asian Infrastructure Investment Bank for leading the discussion.

Upcoming: Hong Kong Investor Training
21 May | Hong Kong

#GPCAEvents

GPCA Members are invited to an Investor Training on 21 May 2024, co-hosted by GPCA and HKVCA in Hong Kong.

The training is complimentary for GPCA and HKVCA Members. A USD130 fee applies for non-member firms.

The training will be held at Debevoise & Plimpton from 9:30 am - 12 pm, comprising two 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)

Please register early, as space is limited. The training will take place after the HKVCA China Private Equity Summit, a GPCA partner event in Hong Kong.

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

REGISTER NOW

Call for Participation: 2024 GPCA Deal Book and Awards

#DealAwards #DealBook

GPCA is pleased to invite GPCA Member firms to participate in the 2024 GPCA Deal Awards and GPCA Deal Book. Both initiatives highlight fund managers who have achieved extraordinary investment outcomes in Asia, Africa, Latin America, Central & Eastern Europe and the Middle East.

The GPCA Deal Awards program recognizes investments across five categories:

2024 GPCA Environmental Sustainability Award (an exit is not mandatory)
2024 GPCA Social Impact Award (an exit is not mandatory)
2024 GPCA Gender/Diversity Award (an exit is not mandatory)
2024 GPCA Innovation Award (an exit is not mandatory)
2024 GPCA Deal of the Year Award (requires a partial or full exit)

Member firms have the option to submit one deal for consideration for the Deal Awards, Deal Book or both.

To request a submission form and submit a deal, please contact Toluwani Adedeji at tadedeji@gpcapital.org. All submission forms must be completed and received by 14 June 2024. Please visit the GPCA website for more information on the GPCA Deal Awards program, including the 2023 winners, as well as previous editions of the GPCA Deal Book.

Winners will be chosen by an independent panel of LP judges and announced at the GPCA Investors Meeting in London on 19 November 2024.

INVESTMENTS

► India-based NBFC Northern Arc raised a USD80m debt and equity round from IFC. #Asia

► Vinci Partners acquired MAV Capital, a Brazil-based alternative asset manager focused on agribusiness. #LatinAmerica

► JP Morgan provided a USD80m loan to Merama, a Mexico- and Brazil-based e-commerce brand aggregator. #LatinAmerica

► ChrysCapital invested USD70m in India-based pharmaceutical company La Renon Healthcare. #Asia

► General Atlantic and XP invested in LiveMode, a Brazil-based sports and entertainment company. #LatinAmerica

► GTJA Investment Group led a CNY400m (~USD55.2m) Series D+ for IMPACT Therapeutics, a China-based biopharmaceutical company focused on anti-cancer therapeutics, with participation from Yangzhou Guojin Group, as well as follow-on from Xiamen C&D Emerging Industry Equity Investment and Lilly Asia Ventures. #Asia

► General Atlantic led a Series B+ for QI Tech, a Brazil-based API-based credit issuance platform. #LatinAmerica

► Portage led a USD45m Series A for Midas, a Turkey-based retail investing platform, with participation from IFC, as well as follow-on from Earlybird Digital East, Spark Capital and Revo Capital. #CEE

► Haomo.AI, a China-based autonomous driving company, raised a CNY300m (~USD41.4m) Series B2 from JZ Capital and the Changxing government.

► GA Drilling, a Slovakia-based geothermal energy company, raised USD15m from Neulogy Ventures, Nabors, alfa8 and others. #CEE

► Northstar Group and Cercano Management led a USD7m Series A for Prep, a Vietnam-based online learning platform specializing in standardized language test preparation. #Asia

► Illuminate Financial led a USD6.5m pre-Series A for Accacia, a Singapore-based decarbonization platform focusing on the real estate and infrastructure sectors, with participation from AC Ventures, as well as follow-on from Accel and B Capital. #Asia

► IFC, IDB Invest and CAF invested COP4.3b (~USD1.14b) in debt financing for Colombian highways Magdalena 1 and Magdalena 2. #LatinAmerica

FUNDRAISING

► Kedaara Capital reached a USD1.73b close for its fourth fund focused on control investment opportunities in financial services, consumer services and healthcare sectors across India. #Asia

► Next Billion Capital Partners reached a first close for its first Digital Growth fund focused on digital investments in Southeast Asia, the Middle East, Africa and Latin America. The vehicle expects to make a final close by June 2025. #Asia

► TLcom Capital reached a USD154m final close for its second TIDE Africa Fund focused on early-stage startups across the region. #Africa

► Shorooq Partners reached a USD160m final close for its second Bedaya Fund focused on early-stage startups operating in fintech, software, platform verticals and digital assets in the Middle East, North Africa and Pakistan. #MiddleEast