idacapital Deal Case; EQT Acquires India’s Niwas Housing Finance

30 July 2025
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Member Profile: Vinci Compass

Jose Guilherme Souza, Managing Partner and Head of Infrastructure Investments

#MemberProfiles

GPCA spoke with José Guilherme Souza of Vinci Compass about the launch and impact of its Vinci Climate Change (VICC) fund, alongside the firm’s broader approach to infrastructure and climate investing in Brazil.

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idacapital | WorqCompany

GPCA Deal Book V: Inclusive & Sustainable Growth

#DealCases

In September 2019, idacapital invested in WorqCompany, a Turkey-based revenue-sharing e-commerce services firm that purchases goods on behalf of merchants in exchange for a portion of future revenue.

With idacapital’s support, WorqCompany utilized AI to assess credit risk, offer tailored financing and make purchasing recommendations. Since launching in August 2022 with four clients and making USD38,000 in its first month of sales, the company reached over USD7m in monthly revenue by December 2024, with more than 500 merchants and a projected USD36m in total sales. The idacapital team also helped WorqCompany promote more inclusive entrepreneurship. The company’s merchants, all of which are SMEs, operate across 31 distinct cities and regions. As of October 2024, 35% of WorqCompany’s client portfolio is represented by female entrepreneurs, which is higher than Turkey’s national average of 17.4%.

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INVESTMENTS

► EQT fully acquired India-based home lender Niwas Housing Finance. As part of the transaction, EQT agreed to invest INR5b (~USD58m) to support the company’s geographic expansion. #Asia

► Patria Investments and Eaton Vance provided a USD2b syndicated loan to Vaca Muerta Oil Sur, an Argentina-based oil pipeline project. #LatinAmerica

► Shorooq Partners and Cherry Ventures led a USD30m investment in Qlub, a UAE-based payments platform for restaurants, with participation from e&, Mubadala Investments and Legend Capital. #MiddleEast

► NordicNinja led a USD23m Series B for Estonia- and UK-based investment platform Lightyear, with participation from Superangel, SpecialistVC and others. #CEE

► Azur Innovation Fund led a USD7.5m Series A for Morocco-based superapp Ora Technologies. #Africa

FUNDRAISING

► BII, NAPSA and Swedfund launched Growth Investment Partners (GIP) Zambia, a vehicle focused on providing long-term, flexible capital to SMEs across the country, with a USD70m commitment. #Africa

► Northpoint Capital raised USD150m for its debut fund focused on early-stage startups in India. #Asia

► AYMO Ventures reached a EUR52m (~USD61m) first close for its Accelerator Fund, focused on early-stage startups, and its Growth Fund, backing mature startups with established business models across Croatia. #CEE

EXITS

► Brookfield exited its stake in Colombia-based renewable power company Isagen for USD1.4b. #LatinAmerica

► India-based pharmaceutical company Anthem Biosciences raised INR33.95b (~USD396m) through an IPO on the BSE, facilitating partial exits for True North and Faering. #Asia

► Bain Capital exited its 3.7% stake in India-based wealth management platform 360 ONE WAM for INR17.4b (~USD201m). #Asia