Chris Gradel, CEO and Co-Founder of PAG, shared insights with GPCA on the firm’s journey, investment strategy in Asia and the outlook for private markets amid global uncertainty.

GPCA will be offering special members-only programming at the Investors Meeting on 11-12 November in London. As part of day one, experts from Debevoise & Plimpton will host an interactive session titled Setting Expectations for Fund Terms and Conditions Today. The session will examine recent trends in private capital fund formation, including key terms and conditions that sponsors and investors must consider in the current environment.

T R A I N I N G

Setting Expectations for Fund Terms and Conditions Today

Matt Dickman

Partner

Debevoise & Plimpton

Tom Berry

Counsel

Debevoise & Plimpton

Topics to be covered include: 

• The effects of today’s fundraising and macro environment on fund formation and LP-GP alignment
• Trends in terms and conditions specific to GPCA markets, including emerging provisions in LPAs and side letters
• Recent regulatory updates affecting fund structures and terms

Harry Davies

Principal
Ceniarth

Nicolas Muller

Managing Director (Head of Private Equity Partnerships)
Blue Earth Capital

Bhavika Vyas

Managing Director
StepStone Group

Dimple Sahni

Managing Director of Multi Asset Impact
Anthos Fund & Asset Management

GPCA’s recent Member Meetup, Meet the LPs: Thematic Investing in Private Markets, took place on 30 July with allocators from StepStone Group, Blue Earth Capital, Ceniarth and Anthos Fund & Asset Management. 

In addition to sharing portfolio priorities and key impact themes, takeaways included:

• Global markets remain an attractive destination for investing for impact or strategic outcomes in addition to financial returns.
• A fundamental risk reevaluation is taking place — whether between asset classes, currencies or geographies — with many LPs rethinking their portfolio construction.
• While it takes time to shift institutional allocation patterns, private credit in global markets could particularly benefit as LPs reconsider their exposure to the United States.
• Offering co-investment and secondaries opportunities to LPs remains an important way to differentiate yourself from other managers. Overall, building relationships with LPs before you’re in the market with a fund is key.

If you any questions or suggestions regarding upcoming GPCA Member Meetups, please contact Megan Smith at msmith@gpcapital.org. 

INVESTMENTS 

► Value4Capital acquired a majority stake in Poland-based IT solutions provider Univio. 

#CEE

► Helios Climate and InfraCo Asia invested USD60m in SUN Mobility, an India-based battery swapping operator. #Asia

► ADQ agreed to acquire a 10-12% stake in India-based home lender Aadhar Housing Finance from Blackstone for ~USD200-225m. #Asia

► BTG Pactual acquired financial services group HSBC’s operations in Uruguay for USD175m. #LatinAmerica

► SANY Group led a CNY1b (~USD139.3m) investment in Sunrise, a China-based full-stack AI chipmaker, with participation from Fourth Paradigm Technology, Yoozoo Games, Green Pine Capital Partners and HT Capital. #Asia

► China-based robot manufacturer EngineAI raised ~CNY1b (~USD139m) across two investments, a pre-Series A++ led by Rocket Capital and XPeng, as well as participation from JD.com, CATL Capital, Yintai Holdings and others. #Asia

► XP invested in Inove Investimentos, a Brazil-based independent brokerage firm. #LatinAmerica

► Ribbit Capital led a BRL100m (~USD17.9m) Series A for Tako, a Brazil-based payroll processing startup. #LatinAmerica

► Nikko Asset Management led a USD15m Series A+ for Singapore-based digital savings platform Chocolate Finance, with follow-on from Peak XV, Prosus, Saison Capital and Walter de Oude. #Asia

FUNDRAISING 

► Blackstone raised USD8b+ for its third Asia fund focused on buyout opportunities in sectors such as healthcare, technology, consumer, financial services and value-added industries across the region. #Asia

► CAS Star reached a CNY2.6b (~USD360m) first close for its Pioneer VC fund, focused on investing in early-stage hard tech companies across materials, energy, information, life sciences and space sectors across China. #Asia

► LionRock Capital reached a ~USD100m first close for its third consumer fund focused on mid-market control deals across Asia. #Asia

► Foxmont Capital Partners reached a USD30m first close for its third fund focused on early-stage startups in the Philippines. The Dutch Good Growth Fund committed USD170k to the vehicle. #Asia

EXITS

► LeapFrog Investments fully exited Kenya-based pharmaceutical retailer Goodlife Pharmacy via a sale to CFAO Healthcare. #Africa

► Gulf Capital fully exited UAE-based fertility services provider Art Fertility Clinics via a sale to KKR-backed IVI-RMA Global. #MiddleEast

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