Kotak Alternate Asset Managers Invests ~USD173m in India’s Matrix Pharma; Community Investment Management Member Profile

19 June 2024
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Community Investment Management (CIM)

Jacob Haar, Co-Founder and Managing Partner

GPCA recently spoke with Jacob Haar, Co-Founder and Managing Partner at Community Investment Management, about the firm's investment evolution, financing approach and opportunities in fintech.

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Beacon Fund | MindX

#DealCases

In November 2021, the Beacon Fund invested in MindX Technology School, a Vietnam-based institution that offers online and in-person courses to advance technology education for children and adults. The company’s classes focus on computer science, software development and data analytics from beginner to advanced levels.

With Beacon's support, MindX launched 18 new centers in 2022 and grew revenue by 88% while remaining cash-flow positive. The company also implemented a gender-focused due diligence process and hired more women on the product development team. As a result, female enrollment increased from 13% in the fourth quarter of 2021 to 51% in the fourth quarter of 2022, and this parity has continued into 2023.

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INVESTMENTS

► Kotak Alternate Asset Managers invested INR14.5b (~USD173m) in India-based pharmaceutical company Matrix Pharma. #Asia

► CX Partners acquired a controlling stake in Sabine Hospital and Research Centre, an India-based fertility clinic chain, for INR4.2b (~USD50.2m). #Asia

► A.P. Moller Holding led a USD30m Series A for Tenderd, a UAE-based analytics platform for sustainable fleet operations, with participation from Quadri Ventures and Saurya Prakash, as well as follow-on from Wa’ed Ventures, Nakhla Ventures, Soma Capital and Liquid 2 Ventures. #MiddleEast

► Middle East Venture Partners led a USD14m Series A for Stake, a UAE-based real estate investment platform, with participation from Wa'ed Ventures, Mubadala Investment Company and Republic. #MiddleEast

► CVI provided USD12.3m in debt financing for Wealthon, a Poland-based lending platform for SMEs. #CEE

FUNDRAISING

► StepStone Group raised USD3.3b for its sixth VC Secondaries Fund, which will focus on opportunities in the venture capital asset class. #Global

► Accession Capital Partners reached a EUR336m (~USD361.4m) final close for its fifth fund focused on structured growth capital for established mid-market businesses in Central Europe. The vehicle exceeded its EUR300m target. #CEE

► Leo Capital reached a ~USD75m final close for its third fund focused on early-stage tech investments across India and Southeast Asia. #Asia

EXITS

► BII exited its 10.1% stake in I&M Group, a Kenya-based banking group focused on Eastern Africa, via a sale to AfricInvest. #Africa

► DPI fully exited International Facilities Services, a South Africa-based provider of facilities management services in remote locations, via a sale to ES-KO and Phatisa. #Africa

► Blackstone exited its 15.1% stake in India-based IT services company Mphasis via an open-market block trade on the NSE for INR67b (~USD806m). #Asia

► Bain Capital and BNP Paribas exited their 3.5% stake in India-based non-bank financial company L&T Finance via an open-market block trade on the BSE for INR150.4m (~USD180m). #Asia