17 September 2025
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GPCA EVENTS

Meet the LPs: LPs Investing in Global Markets

23 October, 8-9 am EDT | Virtual

This Global Member Meetup is for those interested in building relationships with institutional investors active across alternative asset classes and global private markets. During the one-hour session, members will have the opportunity to participate in an interactive Q&A for unscripted sharing on private markets trends.

Featured Speakers

Catherine Cax

Managing Director, Investments

Soros Economic Development Fund (SEDF) / Open Society Foundations

Edward J. Grefenstette

President, CEO and CIO

The Dietrich Foundation

Eric R. Mason

Managing Director,

Global Private Equity

The Church Pension Fund (CPF)

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DEAL CASES

Warburg Pincus | IDFC First Bank

idacapital, WorqCompany Deal Case - NW (4)

In September 2012, Warburg Pincus invested in Capital First, an India-based non-bank financial institution. The firm later facilitated its merger with the banking arm of Infrastructure Development Finance Company (IDFC), leading to the creation of private sector lender IDFC First Bank in December 2018.

warburg_pincus__idfc_first_bank_deal_case-1

With Warburg Pincus’s support, IDFC First Bank grew retail and total customer deposits at a CAGR of 63% and 36%, respectively. By March 2024, its loan book reached USD24b, with 83% allocated to underserved segments including SMEs, retail and rural customers. Nearly 40 million retail customers and small businesses have received loans, including ones focused on education, sanitation and productivity. The bank provided an aggregate of three million loans to small farmers for tractors and livestock purchases, and ~60% of its lending portfolio serves rural women. IDFC First Bank estimates that over 1,000 of them have built self-reliant businesses.

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GPCA RESEARCH

Mid-Year 2025 Industry Data & Analysis

Private capital investment rose in 1H 2025 despite uncertainty around geopolitics, trade relations and global growth, driven by larger transactions even as deal volume fell. Infrastructure remained a key pillar, with nearly USD15b of equity and debt deployed across GPCA markets. Digital infrastructure continued to attract strong interest, while transportation infrastructure saw a notable uptick through deals such as Malaysia Airports and Vertis Infrastructure Trust in India.

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.

VIEW FULL REPORT

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Industry News

INVESTMENTS

► Permira and Blackstone invested USD525m in UAE-based real estate platform Property Finder, facilitating an exit for General Atlantic. #MiddleEast

► Helios Investment Partners agreed to acquire a 75-80% stake in a subsidiary that will hold Telecom Egypt’s Regional Data Hub data center assets for USD230m. #Africa

► Partners Group led a BRL855m (~USD164m) round for Omie, a Brazil-based ERP for SMEs. #LatinAmerica

► Amazon invested in Colombia-based delivery platform Rappi. #LatinAmerica

► ChrysCapital led a INR12b (~USD136m) investment in ILJIN Electronics, an India-based manufacturer and assembler of bare printed circuit boards (PCB), with participation from Incred Growth Partners. #Asia

► Carlyle agreed to acquire an FPSO business in Africa from Altera Infrastructure Group, a leading offshore energy infrastructure company owned by Brookfield Asset Management’s private equity arm. #Africa

► Pollen Street Capital invested USD100m in UAE-based SME lending platform CredibleX. #MiddleEast

► Darby International Capital invested in AVLA Bermuda Holding, a Bermuda-based insurance solutions provider for SMEs. #LatinAmerica

► Mubadala Capital agreed to delist Zamp, the owner of the Burger King brand in Brazil, after finalizing a bid. #LatinAmerica

FUNDRAISING

► L Catterton reached a USD200m first close for its India Fund focused on food and beverage, healthcare and retail businesses across the country. The vehicle has a USD400m target. #Asia

► TVM Capital Healthcare reached a first close for its Southeast Asia Fund focused on underpenetrated market segments, including post-acute and rehabilitation services, women's health, diabetic and oncology care and local manufacturing of essential pharmaceuticals. #Asia

► Accion reached a USD61.6m final close for its second Venture Lab Fund focused on investing in early-stage fintech companies meeting the needs of financially underserved people globally. #Global

► Venturi Partners reached a USD150m first close for its second fund focused on investing in high-growth consumer sectors across India and Southeast Asia. #Asia

► VentureSouq reached a USD50m close for its second FinTech Fund focused on early-stage fintech and SaaS investments across the MENA region. #MiddleEast

► Darby International Capital reached a USD363m final close for its fourth DIC Latin American Fund focused on middle-market companies in Latin America. #LatinAmerica

EXITS

► Advent International fully exited Czech Republic-based generic pharmaceutical company Zentiva via a sale to GTRC for EUR4.1b (~USD4.8b). #CEE

► General Atlantic partially exited its stake in Uruguay-based cross-border payments platform DLocal for USD221m. #LatinAmerica

► Denham Capital-backed Ceiba Energy sold a natural gas-to-power project to Eneva, a Brazil-based integrated energy operator. #LatinAmerica

► Vantage Capital fully exited Equity Invest, a Morocco-based holding company primarily focused on technology sectors like fintech, energy and digital services. #Africa