Navis Capital Partners Deal Case; Temasek Exits India’s PolicyBazaar for ~USD300m

14 February 2024
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Navis Capital Partners | IGC Group

GPCA Deal Book: Inclusive & Sustainable Growth

#DealCases

In May 2019, Navis Capital Partners invested in IGC Group, an integrated education platform located throughout six provinces in southern Vietnam. IGC operates campuses focused on preschool, K-12 education and one college, providing a range of national and bilingual education programs.

With Navis' support, the platform has acquired a school in Hanoi, expanded its presence in several Tier 2 cities and entered new markets such as Tay Ninh. Several of the platform’s existing facilities were upgraded to incorporate amenities, such as swimming pools, soccer fields and additional rest areas. IGC's expansion in campuses offers local teachers increased job security and flexibility, resulting in a notable drop in employee turnover from 20% at the time of Navis' investment to 12% as of September 2023.

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GPC Conference 2024

25-27 March | Conrad New York Downtown

#GPCAEvents

GPCA's  Global Private Capital Conference in partnership with IFC will convene on 25-27 March at the Conrad New York Downtown.

In partnership with the Indian Venture Capital Association (IVCA), GPCA’s flagship event will feature a deep dive on the private capital opportunity in India, with participation and insights from some of the country’s most active managers:

Private equity insights from Multiples Alternate Assets, Tata Capital Growth Fund and Gaja Capital
Multi-asset manager Kotak Alternate Asset Managers on the growth of private credit
Avaana Capital, GEF Capital Partners and Omnivore on the latest in climate innovation
Tata Healthcare and HealthQuad on opportunities in the health sector
Leading tech investors Blume Ventures and Apis on the latest fintech deals
Consumer trends with Lighthouse Funds
Market insights and analysis from GPCA’s India analyst, Darsh Parekh, and our proprietary data

Other participating speakers and firms include:

Selin Kurnaz, CEO, Massive Bio
Frank Su, Managing Director, Head of Private Equity Asia, CPP Investments  
Noor Sweid, Managing Partner, Global Ventures
Tope Lawani, Managing Partner and Co-Founder, Helios Investment Partners
Torbjorn Caesar, Senior Partner, Actis

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INVESTMENTS

► GIC increased its stake in Data Infrastructure Trust, an India-based infrastructure investment trust backed by Brookfield Asset Management, for INR9.33b (~USD112.3m). GIC acquired the shares from Axis Bank and now holds a 9.4% stake. #Asia

► Inspired Evolution acquired a significant minority stake in Kenya-based solar energy provider Equator Energy. #Africa

► Fibra Orion acquired San Matias, a Mexico-based onshore wind farm. #LatinAmerica

► VMS Group and Wuxi Capital Group led a CNY200m (~USD28m) Series B+ for Hope Medicine, a China-based biotechnology firm focused on endocrine, cardiovascular and metabolic diseases, with participation from Ennovation Ventures and Zhongyin Investment, as well as follow-on from Qiming Venture Partners, Sinovation Ventures and others. #Asia

► CommerzVentures led a EUR25m (~USD26.8m) Series B for Tuum, an Estonia-based modular banking platform for SMEs, with participation from Speedinvest and others. #CEE

► Banco do Brasil led a USD20m round for Traive, a Brazil-based lending platform for agricultural producers. #LatinAmerica

► Mosaic Ventures led a USD13.5m Series A for Podcastle, an Armenia-based podcasting platform specializing in generative AI-driven features, with participation from Anthony Casalena (Squarespace) and René Rechtman (Moonbug Media), as well as follow-on from RTP Global, Point Nine Capital, Sierra Ventures and AI Fund. #LatinAmerica

► Phage Labs, a Chile-based biotech developing alternative disease treatments to control cattle sickness, raised a USD11m round from NAZCA, Collaborative Fund, Water Lemon Ventures and Kevin Efrusy (Accel). #LatinAmerica

► Target Global and Zalando led a USD8m seed round extension for Saleor, a Poland-based open-source headless e-commerce platform, with participation from Kevin Mahaffey’s SNR VC, Cherry Ventures and TQ Ventures. #CEE

► Bradesco led a ~USD7m round for Tenchi, a Brazil-based cloud computing platform, with participation from L4 Venture Builder and Accenture, as well as follow-on from ONEVC, MAYA Capital and Kinea Investimentos. #LatinAmerica

► Silicon Badia led a USD3m round for Roboost, an Egypt-based AI-powered logistics platform, with participation from RZM Investment, Flat6Labs and Saudi Arabian angel investors. #Africa

► Thryve.Earth, a Singapore-based cloud platform that develops and manages climate solution projects, raised a USD2.6m seed round, with USD2m from Openspace Ventures and USD500k from Capital Code. #Asia

FUNDRAISING

► Edelweiss reached a INR80b (~USD964m) interim close for its Alternatives Infrastructure Yield Plus II fund. The vehicle will focus on electricity transmission, renewable energy generation, highway, digital infrastructure and water treatment assets in India. #Asia

► NIO Capital reached a CNY3b (~USD420m) final close for its second RMB fund focused on mobility & logistics, new energy and frontier technology sectors in China. #Asia

EXITS

► Temasek fully exited its 5.4% stake in India-based insurance aggregator PolicyBazaar for INR24.25b (~USD300m). #Asia

► Temasek exited an 8% stake in India-based hospital chain Manipal Hospitals via a sale to Mubadala Investment Company, Novo Holdings and the California Public Employees' Retirement System. #Asia