New Q1 2025 Report; Leadership Council Recaps; Brookfield To Acquire Singapore Assets for ~USD413m

21 May 2025
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Q1 2025 GPCA Industry Data & Analysis

#GPCAResearch

GPCA’s Q1 2025 Industry Data & Analysis features in-depth data, commentary and analysis on key trends across global markets.

GPCA Q1 2025 Industry Data and Analysis-1

Overall private capital investment value across GPCA’s markets — Asia, Latin America, Africa, CEE and the Middle East — surged to USD46b in Q1 2025, even as the number of disclosed deals fell to 649. Insights include:

Escalating trade tensions and geopolitical uncertainty have contributed to a cautious investor environment, dampening overall deal volume. Select large-scale transactions continue to move forward, providing some buoyancy amid a slowdown in dealmaking.
Sponsor-to-sponsor investments, including cross-fund sales within the same GP, are becoming more prevalent as fund managers search for paths to liquidity.

GPCA Members can log in to download the Excel file for more data.

For questions and feedback or to request custom data cuts from the research team, please contact research@gpcapital.org.

GPCA Asia Council Meeting: Key Takeaways

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The Asia Leadership Council convened last week led by Council Chair Brian Lim of Pantheon. Here are some key takeaways:

Trade disruptions have reinforced the importance of diversifying supply chains and customer bases to reduce reliance on a single market.
Attractive valuations in China are tempered by exit uncertainty, prompting investors to adopt a patient approach. In contrast, India and Japan will continue to absorb more capital in the near term.
Investors expect continued fiscal consolidation in India, with a policy focus on job creation. Growth expectations and dealmaking remain strong.
Asia could witness a huge upswing in secondaries activity around select assets, with many specialists and global players actively pursuing new deals with teams on the ground.

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GPCA Impact Investing Council Meeting:
Key Takeaways

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GPCA's Impact Investing Leadership Council also gathered last week, led by Council Chair Rekha Unnithan of Nuveen. Here are highlights of the discussion:

Large-scale climate investment platforms like GenZero and Decarbonization Partners are accelerating capital deployment and partnering with commercial investors, including Tencent, to meet 2030 net-zero commitments.
European institutional investors are prioritizing local strategies and pausing new commitments to US-based funds amid uncertainty under the Trump administration.
With global PE fundraising slowing, LPs are increasing allocations to private credit, semi-liquid and evergreen funds, which offer structured returns.
As LP- and GP-led secondaries grow, impact investors are evaluating structures that ensure post-exit alignment on impact priorities between buyers and sellers.
Appreciation of currencies such as the Mexican peso, Brazilian real and Ghanaian cedi against the US dollar has contributed to stronger returns for portfolio companies operating in those markets.

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New Report: BII and BCG Release Toolkit to Scale Blended Finance

#GPCAResources

GPCA’s DFI Council met during the GPC Conference to discuss how to mobilize more commercial capital into emerging and growth markets through blended finance. GPCA Member British International Investment (BII), a leader in this area, recently launched the Scaling Blended Finance report report in partnership with BCG.

The report provides fund managers and investors with a practical toolkit, including five fund archetypes and a scorecard, to streamline the design and access to such funds. Developed from an analysis of 65 blended finance vehicles, these tools aim to reduce complexity and unlock significant private capital to support sustainable development goals and meet the challenge of the climate emergency.

INVESTMENTS

► Brookfield agreed to acquire two business parks and an industrial building complex in Singapore from Mapletree Industrial Trust for SGD535.3m (~USD413m). #Asia

► Patria Investments agreed to invest in Spott, a Brazil-based software platform that manages electric vehicle charging networks. #LatinAmerica

► Patria Investments to invest USD1b in Omnia, a new data center platform targeting Brazil, Mexico and Chile. #LatinAmerica

► BlackRock increased its stake in Azul, a Brazil-based airline company. #LatinAmerica

► Partners Group agreed to acquire Singapore-based data center operator Digital Halo. Under the deal, Partners Group will initially commit ~USD400m, alongside ARCH Capital, to support the platform’s pan-Asian expansion. #Asia

► General Catalyst led a USD218m round for India-based hospital network PB Healthcare Services, with participation from PB Fintech, the parent of insurance aggregator PolicyBazaar. PB Healthcare will operate as a separate entity from PB Fintech, with plans to set up five hospitals around New Delhi. #Asia

► Kedaara Capital and Wellington Management led a USD200m Series F for Porter, an India-based intracity logistics platform, with participation from Vitruvian Partners. #Asia

► Partech Africa led a USD52m Series A for Nawy, an Egypt-based proptech platform, with participation from DPI Nclude Fund, Endeavor Catalyst, HOF Capital and others. #Africa

FUNDRAISING

► Synergy Capital reached a USD715m first close for its third credit special situations fund focused on investing in industrial and infrastructure assets across Asia. The vehicle has a USD1b target. #Asia

► Lilly Asia Ventures reached a final close for its seventh USD fund focused on investing in life sciences companies. The vehicle received USD547m+ in commitments. #Asia

► Amethis received EUR20m (~USD22.3m) in commitments from FinDev Canada for its third fund focused on growth equity investments in mid-sized scalable enterprises across Sub-Saharan Africa. #Africa

► Google committed to STV’s AI Fund, which will focus on early-stage ventures building application-layer AI solutions, localized AI models and supporting infrastructure across the Middle East and North Africa. #MiddleEast

► Avendus PE Investment Advisors reached a INR10b (~USD118m) first close for its third structured credit fund, focusing on pharmaceuticals, healthcare, manufacturing, consumer, chemicals, technology and B2B businesses across India. The vehicle has a INR20b target. #Asia

EXITS

►General Atlantic exited a 10% stake in India-based financial services platform KFin Technologies for INR17.9b (~USD209m).

► India-based electric scooter manufacturer Ather Energy raised USD352m through an IPO on the NSE and BSE. #Asia

► Patria exited a 16% stake in Smartfit, a Brazil-based fitness club operator, via a block trade. #LatinAmerica