30 September 2026
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DEAL CASE

Horizon Capital | Datagroup-Volia

Horizon Capita Datagroup-Volia NewsWatch

Ukrainian private equity firm Horizon Capital acquired a minority stake in local fixed telecommunications operator Datagroup in August 2010. Believing in Datagroup’s potential to become a national champion, Horizon bought out the company in September 2016. It then executed a successful turnaround through management changes and an acquisition strategy that included purchasing Volia in 2021.

Between 2016 and 2020, Datagroup’s EBITDA grew at a compound annual growth rate of 30% while its net-debt-to-EBITDA ratio declined from 7x to 0.3x. As Ukraine went to war, Datagroup-Volia became a critical part of the country’s digital infrastructure, ensuring networks remained operational and protected against cyberattacks. The company's subsequent Lifecell merger in September 2024 resulted in nearly 10 million people benefiting from improved, modernized mobile connectivity and approximately four million homes gaining access to faster, more reliable internet services across more than 100 Ukrainian cities.

READ THE DEAL CASE

GLOBAL TECH BRIEF

Insights from on the ground in Brazil

In the latest edition of Talking Shop in GPCA’s Global Tech Brief, Managing Director, Global Strategy Carlos Ramos de la Vega shares takeaways from a week of conversations with investors and founders in São Paulo. He explores three themes shaping venture in Latin America: growth benchmarks, the rising opportunity cost of capital and why founders may need to use M&A more aggressively.

READ MORE

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INVESTMENTS

► Macquarie Asset Management and La Caisse committed USD450m and USD150m, respectively, to Maple Infrastructure Trust, an India-based toll road platform, following Macquarie’s acquisition of units in Maple from La Caisse. #Asia

► Mirae Asset led a USD400m Series C for D-Robotics, a China-based robotics development infrastructure provider, with participation from Meituan Strategic Investment, Cathay Capital and others, as well as follow-on from GL Ventures, 5Y Capital, Vertex Growth, Prosperity7 and others. #Asia

► Advent International agreed to invest INR31.5b (~USD328.5m) for a 24.9% stake in Yatharth Hospital & Trauma Care Services, an India-based hospital operator. #Asia

► HSG, IDG Capital, Hillhouse Investment and 5Y Capital led a USD290m investment in Anew Labs, a China-based AI drug discovery company spun off from ByteDance, at a reported USD1.5b valuation, with participation from Gaorong Ventures, Primavera Venture Partners, Boyu Capital and others. #Asia

► Victory Park Capital renewed a USD100m credit facility for Nelo, a Mexico-based fintech, to finance its consumer credit portfolio. #LatinAmerica

► Morgan Stanley, Goldman Sachs and KASZEK led a BRL360m (~USD69.4m) Series D for A5X, a Brazil-based fintech, at a reported BRL2.7b (~USD520.2m) valuation, with participation from IMC, Jump Trading, Optiver and others. #LatinAmerica

► Jadwa Investment provided SAR187.5m (USD50m) in asset-backed Murabaha financing for Rize, a Saudi Arabia-based residential rental platform. #MiddleEast

► L Catterton agreed to invest USD30m for a minority stake in Nandhana Foods, an India-based restaurant group. #Asia

► Global Ventures and Stride Ventures invested in a USD18.2m equity and venture debt financing round for Enhance, a UAE-based fitness tech company. #MiddleEast

► Blockchain Capital led a USD15m investment in NG.Cash, a Brazil-based fintech company. #LatinAmerica

► Mirova Gigaton Fund provided USD10m in senior secured financing for SunCulture, a Kenya-based solar irrigation company, through a securitization of customer receivables. #Africa

► Foxmont Capital led a USD4m investment in 3cat, a Malaysia-based pre-owned electronics platform, with participation from Golden Gate Ventures, Asian Development Bank and others. #Asia

► Middle East Venture Partners led a USD3.5m seed round for OCTA, a UAE-based fintech platform, with participation from Wa’ed Ventures, Plug and Play and A-typical Ventures, as well as follow-on from Sukna Ventures and Sadu Capital. #MiddleEast

► Enko Capital invested in EV.Tech, a Côte d’Ivoire-based electric vehicle charging infrastructure provider, through hybrid financing. #Africa

EXITS

► Kotak Alternate Asset Managers fully exited India-based toll road operator HKR Roadways via a sale to Cube Highways, realizing INR16.5b (~USD173.8m) through distributions and the sale of its stake. #Asia

► Accel India, EAAA India Alternatives, Chiratae Ventures, ValueQuest and Madison India Capital partially exited Rentomojo, an India-based furniture and appliance rental platform, through its INR12.56b (~USD131m) IPO. The investors received INR8.3b (~USD86.6m) in aggregate distributions through the offering. #Asia

► Five35 Ventures fully exited Complete Farmer, a Ghana-based agritech company, generating a 3.5x multiple on invested capital and a 38% IRR. #Africa

► Ashmore Colombia and Patria Investments agreed to sell 100% of Parque Solar Puerta de Oro, a Colombia-based 360 MWp solar photovoltaic project, to ISAGEN. The transaction remains subject to regulatory approvals. #LatinAmerica

FUNDRAISING

► Kotak Alternate Asset Managers reached a INR50b (~USD522m) final close for the Kotak Yield & Growth Fund, focused on private credit, real assets and selective growth opportunities across India. #Asia

► Lakeshore Capital reached a USD305m final close for its third fund focused on growth and buyout investments in mid-market companies across Thailand and the Greater Mekong region. #Asia

► Airnergize Capital reached a ZAR3.89b (~USD238.7m) final close for its first fund focused on energy, water and gas infrastructure across Southern Africa and other African markets. #Africa

► Mombak reached a first close for The Amazon Reforestation Fund II, a vehicle targeting USD150m to finance restoration projects in the Brazilian Amazon. #LatinAmerica