In this latest edition of the GPCA Deal Book, eight cases from GPCA Member firms showcase the impact of private capital across GPCA markets, from the second-largest manufacturer of solar modules and cells in India to a combined telecommunications platform providing mobile, fixed-line and TV services in Ukraine and a miller and packaged food manufacturer in Mozambique.
Policy and investment initiatives are successfully attracting global capital to the Middle East, according to GPCA’s Q3 2025 Industry Data & Analysis. Programs like ADGM, DIFC and Saudi Arabia’s Regional Headquarters Program are fueling a wave of activity, highlighted by GIP’s USD11b investment in Jafurah Midstream Gas Company. In addition, Middle East investors are deploying capital internationally to diversify exposure and build strategic sector expertise.
GPCA Members can log in to download the Excel file for more data. GPCA’s Member Portal also includes the interactive Data Room & LP Intelligence platform, with detailed listings of investments, exits, funds and LP commitments.
For questions and feedback or to request custom data cuts from the research team, please contact research@gpcapital.org.
Members of the GPCA Global Tech Council recently met in November. These are some key themes discussed during the meeting that are top of mind for investors:
►Global AI investment and investor focus is split between capital-intensive infrastructure in the US and China and application-layer use cases across Southeast Asia and Latin America, with AI increasingly benefitting traditional industries through efficiency gains.
►Many investors are currently allocating 80–90% of capital to legacy strategies and 10–20% to AI, while navigating portfolio complexity and investment mandate drift.
►In 2026, exits are expected to come mainly from M&A and secondary transactions (a recent example is the ~USD400m sale of a Brazilian software startup to Norway-based Visma), with selective IPOs in markets like India.
►Sub-scale SaaS startups — those with USD10-50m in annual revenues — are seeing an uptick in strategic buyer interest. At the same time, GPs are increasingly willing to accept market-clearing prices to recycle capital and complete fund cycles.
This is the final edition of NewsWatch for 2025. We will resume a weekly frequency in 2026 after a brief break over the new year.
Industry News
INVESTMENTS
► Addition led a USD330m Series G for Airwallex, a Singapore-based payments and financial platform for businesses, with participation from T. Rowe Price, Robinhood Ventures, TIAA Ventures and others. #Asia
► InMobi, an India-based mobile advertising platform backed by SoftBank, raised USD350m from Varde Partners, Elham Credit Partners and SeaTown Holdings. #Asia
► Appian provided a USD150m financing package for Cote d'Ivoire-based holding company Atlantic Group to acquire the Tongon gold mine. #Africa
► SanegeneBio, a China-based developer of clinical-stage RNAi therapeutics, raised a USD110m+ Series B, with participation from Legend Capital, Vivo Capital, Guofa Capital and others. #Asia
► Syneron Bio, a China-based developer of novel macrocyclic peptide drugs, raised a ~USD100m Series A and A+ led by AstraZeneca and the AstraZeneca-CICC Healthcare Investment Fund, with participation from Pfizer Biotech Development Investment Fund, GL Ventures, 5Y Capital and others. #Asia
► Granite Asia led a USD45m investment in ChemLex, a Singapore-based provider of autonomous chemical synthesis services for the pharmaceutical industry. #Asia
► DEG and SPX Capital invested USD45m in Combio Energia, a Brazil-based company specializing in developing sustainable stream generation units for the industrial sector. #LatinAmerica
► INVL Baltic Sea Growth Fund-managed Eco Baltia increased its stake to 98% in DATU, a Latvia-based waste management company. #CEE
► Lightrock invested USD40m in Kenya-based solar energy company Sun King. #Africa
► British International Investment and Standard Chartered invested INR8.009b (~USD92m) in India-based integrated energy solutions provider Apraava Energy. #Asia
► Index Ventures led a USD15m seed round for Duvo, a Czech Republic-based AI-native automation platform for retailers, with participation from Credo Ventures, Northzone and Puzzle Ventures. #CEE
► Impact46 and BNVT Capital led a USD9.2m Series A for Saudi Arabia-based cybersecurity platform COGNNA with participation from Vision Ventures and Tali Ventures. #MiddleEast
FUNDRAISING
► SeaTown reached a USD900m second close for its third private credit fund focused on investing in companies in the Asia-Pacific region. #Asia
► Nexus Venture Partners reached a USD700m close for its eighth fund focused on early-stage startups in AI, enterprise software, consumer and financial technology across India and the US. #Asia
► Granite Asia reached a USD350m first close for its Libra Hybrid Capital Fund focused on private credit investments in the Asia-Pacific region. The vehicle has a USD500m target. #Asia
► IFC agreed to invest USD100m in Brookfield’s Catalytic Transition Fund, focused on investing in business transformation, energy and sustainable solutions across global markets. #Global
► Transition VC reached a INR7b (~USD77m) final close for its debut fund focused on energy transition investments across India. #Asia
► Hashgraph Ventures reached a first close for its VC fund focused on early-stage Web3 and AI investments across the Middle East. #MiddleEast
► IAN Group reached a USD100m final close for its second VC fund focused on investing in early-stage companies and MSMEs across India. #Asia
EXITS
► SoftBank agreed to partially exit its stake in India-based mobile advertising platform InMobi for ~USD250m. #Asia
► Private capital-backed Moore Threads, a China-based manufacturer of graphics processing units, raised ~CNY8b (~USD1.13b) through an IPO on the Shanghai Stock Exchange. #Asia
