New Asia Middle East Cross-Border Private Capital Report; Horizon Capital Reaches USD350m Final Close for Ukraine Fund IV

6 March 2024
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Tracking Cross-Border Private Capital Between Asia and the Middle East

#GPCAResearch

GPCA has released its latest report, Tracking Cross-Border Private Capital: New Links Between Asia and the Middle East. Strengthening diplomatic relations, economic integration and strategic technology transfers are reshaping the private capital investment landscape between the Middle East and Asia. Investors and portfolio companies in Asia are increasingly turning to the Gulf as a burgeoning source of capital. Meanwhile, Asia provides the Middle East with a larger consumer market, diversified supply chain capabilities and strategic technological expertise.

This report analyzes recent cross-border private capital activity between the Middle East and Asia, offering analysis of key sectors, notable transactions and investor insights. Economic and diplomatic ties between these two regions are playing a key role in influencing global capital flows.

GPCA Members may log in to download an Excel workbook of underlying data. For additional questions or feedback, contact research@gpcapital.org

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GPC Conference 2024: New Speakers Announced

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.

O P E N I N G K E Y N O T E

K E Y N O T E I N T E R V I E W

Ruchir Sharma

Chairman, Rockefeller International

Founder and CIO, Breakout Capital

Le Thi Thu Thuy

Chairwoman of the Board & former CEO

VinFast

Join noted commentator and FT columnist Ruchir Sharma for a look at how upcoming elections could shape the geopolitical and economic landscape for global investors.

Join our interview with Le Thi Thu Thuy on EVs Beyond China: Powering the New Age of Mobility.

F E A T U R E D K E Y N O T E S E S S I O N

The Business of Sports in Africa

Join Masai Ujiri of the 2019 Champion Toronto Raptors and Tope Lawani of Helios Investment Partners as they discuss their collaboration around NBA Africa.

Masai Ujiri

Vice-Chairman and President

Toronto Raptors

Tope Lawani

Co-CEO

Helios Investment Partners

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Partnership with Investing in Women

GPCA is pleased to announce a new partnership with Investing in Women (IW) to mainstream gender lens investing (GLI) among capital providers and fund managers investing in Southeast Asia. Investing in Women works with Australian Development Investments (ADI) and impact investors and their networks, as well as international and regional organizations, to address constraints women entrepreneurs face in accessing capital. Read more here.

INVESTMENTS

► Adenia Partners, DEG, Proparco and South Suez Capital fully acquired The Courier Guy, a South Africa-based last-mile delivery and express parcel provider. #Africa

► China-based electric vehicle manufacturer Lotus Technology listed on the Nasdaq through a merger with L Catterton's SPAC, raising ~USD880m at a reported valuation of USD7b. #Asia

► Avataar Ventures led a USD95m Series D+ via secondary transactions for Capillary Technologies, an India-based customer analytics and marketing platform, with participation from Pantheon, 57 Stars, Unigestion and The Evolvence Group. #Asia

► TPG NewQuest led a USD100m Series E for Shadowfax, an India-based logistics and delivery platform, with participation from Mirae Asset Venture Investments, Flipkart, IFC, Nokia Growth Partners and others. The round includes some secondary transactions. #Asia

► Meituan led a USD100m Series A for Zelos, a China-based L4 autonomous driving technology developer, with participation from Baidu Venture, Unicorn, Xianting Fund and Seekdource, as well as follow-on from Blue Lake Capital and C&D Emerging Industry Equity Investment. #Asia

► Creador acquired an 18% stake in Asialink Finance Corporation, a Philippines-based lending platform for SMEs, for PHP4b (~USD71.3m). #Asia

► Advent International acquired a majority stake in Skala Cosméticos, a Brazil-based haircare brand, through LAPEF VII. #LatinAmerica

► Ransa, an Andean- and Central America-focused third-party logistics company backed by H.I.G. Capital, acquired Loginsa, a Chile-based third-party logistics platform specializing in the pharmaceutical industry. #LatinAmerica

► Innova Capital acquired a minority stake in CloudFerro, a Poland-based cloud services provider for the European space sector. #CEE

► Singapore-based equity management platform Qapita raised USD17.2m in new funding, with participation from East Ventures, MassMutual Ventures Southeast Asia, Cercano Management and others. #Asia

► Integra Partners led a USD4.1m pre-seed round for ProCredit, a Philippines-based lending platform for SMEs, with participation from the Menardo Jimenez Family Office, M Venture Partners, Cento Ventures, Gobi Partners and others. #Asia

FUNDRAISING

► Goldman Sachs and Mubadala signed a USD1b partnership to invest in private credit opportunities across the Asia-Pacific region with a focus on India. #Asia

► Qatar Investment Authority (QIA) agreed to launch a USD1b fund of funds focusing on the fintech, edtech and healthcare sectors in Qatar and the Gulf Cooperation Council region. #MiddleEast

► Horizon Capital reached a USD350m final close for its fourth fund focusing on fast-growing tech and export-oriented companies in Ukraine and Moldova. The fund had a USD250m target. #CEE

► Patria Investments reached a BRL1.6b (~USD321m) first close for its infrastructure fund Patria Infra Credito FIDC, with a BRL5b (~USD1b) target. The fund is anchored by BNDES, IFC and CAF. #LatinAmerica

► COTU Ventures raised USD54m for its inaugural fund, which will focus on pre-seed to seed-stage startups in the Middle East. #MiddleEast

EXITS

► EQT Private Capital Asia (formerly BPEA EQT) fully exited its 26.7% stake in India-based cash management platform CMS Info Systems for INR15.47b (~USD187m). #Asia

► Advent International exited a 10% stake in India-based home appliances company Eureka Forbes via an open-market trade for INR9.79b (~USD118m). #Asia

► Ashmore Colombia exited Convias, a Colombia-based highway and tollway manager, through a sale to Spanish infrastructure company Globalvia. #LatinAmerica

► Monk's Hill Ventures, 500 Southeast Asia, Hustle Fund and Teja Ventures exited Doyobi, a Singapore-based education platform for kids ages 8-12, through a strategic sale to ErudiFi. The sellers will swap their shares for a stake in ErudiFi. #Asia

► TPG fully exited Nigera-based record label Mavin Global through a sale to Universal Music Group. #Africa