New GPCA Global Secondaries Report; KKR To Exit 22.2% Stake in Indonesia’s Nippon Indosari Corpindo

13 August 2025
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Report Launch: Market Update – Unlocking Liquidity Through Global Secondaries

#GPCAResearch

GPCA’s new report examines the evolving role of secondaries in private capital.

Highlights include:

Global secondary deal volume, including both LP stake sales and GP-led deals, increased 45% to reach USD162b in 2024, the highest level on record.
GP-led secondary activity in global growth markets is on pace for a record year of continuation vehicles (CV) in 2025, with USD1.3b raised across eight deals thus far. Asia has accounted for over 80% of CV fundraising since 2020.

GPCA Members can log in to download the report's accompanying Excel file for more data.

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

ACCESS THE REPORT

Last Chance to Register:
GPCA Investor Training in Singapore

19 August | Singapore (Sands Expo & Convention Centre)

Program: 9 am - 5 pm, cocktail reception: 5 - 6:30 pm

#GPCAEvents

GPCA will host an investor training — Gender-Informed Decision Making as a Growth Strategy — next week.

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

Setting Expectations for Fund Terms and Conditions Today

Jessica Huang

Partner

Openspace

Geetali Kumar

Head of Venture Capital and Disruptive Technology Investments

IFC

Bo Liu

Director, APAC Infrastructure

La Caisse

Matthew MacDevette

Senior Sustainable

Finance Officer

FMO

Hemal Mirani

Managing Director

HarbourVest Partners

Helen Wong

Managing Partner

AC Ventures

This event is held in partnership with Investing in Women, an initiative of the Australian Government, and FMO, the Dutch entrepreneurial development bank.

Sign up now to secure your place as only limited slots remain. Once capacity is reached, registration will move to a waitlist.

REGISTER NOW

idacapital | WorqCompany

GPCA Deal Book V: Inclusive & Sustainable Growth

#DealCases

idacapital, WorqCompany Deal Case - NW (4)

In September 2019, idacapital invested in WorqCompany, a Turkey-based revenue-sharing e-commerce services firm that purchases goods on behalf of merchants in exchange for a portion of future revenue.

With idacapital’s support, WorqCompany utilized AI to assess credit risk, offer tailored financing and make purchasing recommendations. Since launching in August 2022 with four clients and making USD38,000 in its first month of sales, the company reached over USD7m in monthly revenue by December 2024, with more than 500 merchants and a projected USD36m in total sales. The idacapital team also helped WorqCompany promote more inclusive entrepreneurship. The company’s merchants, all of which are SMEs, operate across 31 distinct cities and regions. As of October 2024, 35% of WorqCompany’s client portfolio is represented by female entrepreneurs, which is higher than Turkey’s national average of 17.4%.

READ FULL DEAL CASE

READ FULL DEAL BOOK

idacapital, WorqCompany Deal Case - NW (8)

INVESTMENTS

► Prime Label Group, a Poland-based label manufacturer backed by Innova Capital, acquired Arti-Bau, a Poland-based digital label printing company. #CEE

► China Mobile acquired a 14.4% stake in Hong Kong-based broadband service provider HKBN for HKD1.08b (~USD137.58m) from MBK Partners. #Asia

► Tencent and VR Capital led a USD65.5m investment in Uzum, a Uzbekistan-based developer of digital services, with participation from FinSight Ventures. #CEE

► Menlo Ventures and Anthos Capital led a USD60m Series A for Turkey-based mobile gaming company Good Job Games, with participation from Bessemer Venture Partners. #CEE

► IDB Invest provided a BRL295m (~USD50m) financing package for Brazil-based payment solutions provider Stone Instituição de Pagamento to support the expansion of credit offerings for SMEs. #LatinAmerica

► Peak XV Partners led a USD48m Series A for Alaan, a UAE-based spend management platform, with participation from Pioneer Fund, 885 Capital, Y Combinator and others. #MiddleEast

► AlJazira Capital led a SAR146m (~USD39m) Series B for Calo, a Saudi Arabia-based meal planning platform, with participation from Oraseya Capital, as well as follow-on from Nuwa Capital, STV, Khwarizmi Ventures and Al Faisaliah Group. #MiddleEast

► Artal Capital led a USD30m Series B for Salasa, a Saudi Arabia-based e-commerce fulfilment company, with participation from SVC, Wa’ed Ventures, 500 Global and others. #MiddleEast

► Elevation Capital led a USD11m Series A for India-based aerospace manufacturer Jeh Aerospace, with follow-on from General Catalyst. #Asia

► Peak XV’s Surge led a USD8.5m Series A for SixSense, a Singapore-based AI inspection platform for semiconductor manufacturing, with participation from Alpha Intelligence Capital, FEBE and others. #Asia

► Rukam Capital led a USD1m pre-Series A for India-based fragrance brand Fraganote Fragrances. #Asia

FUNDRAISING

► Trustar Capital reached a RMB4.5b+ (~USD626m+) final close for its New RMB Buyout Fund focused on control buyouts in high-growth companies across China. #Asia

► European Investment Bank committed USD80m to RMBV’s North Africa Fund III focused on mid-market companies across Egypt and North Africa to scale sustainably and contribute to inclusive economic growth. #Africa

EXITS

► KKR agreed to exit its 22.2% stake in Indonesia-based bread maker Nippon Indosari Corpindo for ~USD145m. #Asia

► Pearl Capital Partners fully exited Clarke Farm, a Uganda-based farm and coffee estate. #Africa