Lightrock Deal Case; Warburg Pincus Exits India’s Home First Finance for ~USD149m

20 August 2025
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Asia Members Meeting &

Singapura Sundown Reception

15 September | Singapore
Program: 4:30 - 6 pm, Reception: 6 - 8 pm

#GPCAEvents

GPCA will host the premier Asia Members Meeting of the year in Singapore on 15 September 2025. The meeting will take place at the PwC Office, followed by the Singapura Sundown Reception at the iconic rooftop lounge at CÉ LA VI. This interactive session will feature panel discussions with LPs and GPs and a research presentation with key takeaways from GPCA’s Mid-Year Industry Data & Analysis.

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

GP Panel: Global Private Capital Opportunities Today

Nikhil Srivastava

Partner and Co-Head of Private Equity

PAG

Shu Nyatta

Founder and Managing Partner

Bicycle Capital

Eshwar Karra

Deputy Managing Director

Kotak Alternate Asset Managers

Cate Ambrose

CEO

GPCA

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Lightrock | ComBio Energia

GPCA Deal Book V: Inclusive & Sustainable Growth

#DealCases

idacapital, WorqCompany Deal Case - NW (4)

In July 2023, Lightrock invested in ComBio Energia, a Brazil-based developer and operator of biomass-fired boilers that convert organic materials, such as açaí seed husks, wood chips and sawdust, into thermal energy.

With Lightrock’s support, ComBio expanded its facilities, helping to prevent 280,000 tons of CO₂ emissions annually. By October 2024, the company employed approximately 480 people, with each biomass-powered boiler requiring 10x more operators than fossil fuel alternatives. ComBio now runs 13 boilers nationwide, producing over 750 tons of steam per hour and generating 3.9 million tons in 2024 — a 40% increase year-on-year. These operations cut fossil fuel dependence while creating jobs. Lightrock’s impact team also supports ComBio in meeting sustainability standards, including a new national biomass traceability program to ensure responsible sourcing across its supply chain.

READ FULL DEAL CASE

READ FULL DEAL BOOK

Member Profile: PAG

Chris Gradel, Chief Executive Officer and Co-Founder

#MemberProfiles

GPCA spoke with Chris Gradel, Co-Founder and CEO of PAG, about the firm’s growth, investment themes shaping Asia and how private markets are responding to global volatility.

READ FULL PROFILE

INVESTMENTS

► Saudi Arabia-based oil and gas company Aramco signed a USD11b lease and leaseback deal for its Jafurah gas processing facilities with a consortium led by Global Infrastructure Partners. #MiddleEast

► Macquarie Asset Management-backed Odinsa Vías secured COP1.8b (~USD442m) for Tunel de Oriente, a Colombia-based tunnel concession, with participation from Bancolombia, Grupo Aval, Financiera de Desarrollo Nacional (FDN) and Davivienda. #LatinAmerica

► India-based pharmacy and telehealth platform Truemeds raised a USD85m Series C led by Accel and Peak XV Partners, with follow-on from WestBridge Capital and Info Edge Ventures. #Asia

► Zaria Group, a company focused on developing and managing sports and entertainment infrastructure in Africa, launched its first sports-themed hotel in Rwanda, backed by a USD26m investment from Helios Investment Partners. #Africa

► Kinea increased its stake to 10% in LWSA (formerly Locaweb), a Brazil-based web services hosting platform. #LatinAmerica

► Novastar Ventures led a USD9m Series A for Nigeria-based grocery delivery platform Chowdeck,with participation from Y Combinator, AAIC Investment, Rebel Fund and others. #Africa

► Flourish Ventures led a USD4.9m investment in HoneyCoin, a Kenya-based cross-border payment solutions provider, with participation from Visa Ventures, Lava, TLcom Capital and others. #Africa

FUNDRAISING

► Spire Capital Partners reached a EUR90m (~USD105.3m) close for its first fund focused on technology-driven buyouts and growth capital investments in Central and Eastern Europe. EBRD invested EUR20m (~USD23.4m) in the vehicle. #CEE

► Promecap raised USD35.1m via the Development Capital Certificates (CKD) regime on the Mexican Stock Exchange. #LatinAmerica

EXITS

► Warburg Pincus fully exited its 10.3% stake in India-based housing finance company Home First Finance via a block deal for INR13.07b (~USD149m) to Kotak MF, Fidelity and Tata AIG. #Asia

► Turkven exited its 15% stake in Turkey-based hospital chain MLP Care for EUR206m (~USD241m). #CEE

► IG4 Capital exited its 50% stake in Abastecedora del Comercio (Adelco), a Chile-based wholesale merchandise distributor. #LatinAmerica

► AfricInvest exited MDP, an Egypt-based payments technology infrastructure group. #Africa

► CPP Investments agreed to exit its 49.87% stake in Transportadora de Gas del Peru, a Peru-based natural gas pipeline operator, via sale to EIG. #LatinAmerica

► MAS Equity Partners agreed to exit Mimo's, a Colombia-based ice cream company, via sale to Grupo Nutresa for USD50b. #LatinAmerica