26 November 2025
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GPCA RESEARCH

Q3 Update on Private Capital Markets

GPCA’s Q3 2025 Industry Data & Analysis features in-depth data, commentary and analysis on key trends across global markets.

Highlights:

Overall private capital investment value rose 28% across GPCA markets – including Asia, Latin America, Africa, CEE and the Middle East – to USD110.9b through Q3 2025, despite muted transaction volume.
Private capital exit activity rose to USD72.8b across the first three quarters, driven by a revival in public market listings and a pickup in strategic sales.

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.

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GPCA EVENTS

Asia Members Meeting: Last Chance to Register

4 December | Singapore

Program 4:30 pm, Reception 6 - 8 pm

Asian investors are increasingly shifting capital toward local markets to reduce US policy exposure and capture upside from the region’s expanding middle class. Join us to discuss how this emerging “Asia for Asia” model creates both opportunities and challenges for GPs and LPs.

Chan Wei Hsien

Managing Director

SeaTown

Yee Hean Teo

Principal Investment Specialist

Asian Development Bank

Morgan Stark

Head of Asia, Hong Kong

S-RM

REGISTER NOW

GPCA LEADERSHIP COUNCILS

GPCA CEE Council Meeting: Key Takeaways

The GPCA CEE Council convened last week, with the meeting led by Council Chair Anne Fossemalle of the European Bank for Reconstruction and Development (EBRD). Highlights include:

Family offices and retail investors are emerging as new capital sources, but investor education is crucial to broaden participation while managing expectations on returns and risk.
Having DFIs in a fund’s LP base serves as a key driver of credibility for new LPs considering allocating capital to private funds.
Dual-use technologies are gaining attention but also face complex compliance and regulatory scrutiny from multilateral LPs.
The Innovate Poland program and Slovenia’s increased pension fund allocations to private capital signal a broadening of the local LP base.

VIEW CEE COUNCIL

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Industry News

INVESTMENTS

► KKR agreed to provide a USD750m loan to Chandra Asri Group, an Indonesia-based provider of energy, chemical and infrastructure solutions. #Asia

► General Atlantic agreed to acquire a 7% stake in India-based snacks company Balaji Wafers for INR25b (~USD282m). #Asia

► Creador acquired a minority stake in India-based lender IKF Finance from Accion. #Asia

► Inspired Evolution led a USD60m equity round for Sedgeley Solar Group, a Namibia-based provider of solar and battery storage solutions operating across Southern Africa, with participation from FMO and Swedfund, as well as follow-on from the founders and RMB Corvest. #Africa

► Community Investment Management provided a USD50m credit line to Aviva, a Mexico-based biometrics-driven microcredit platform for communities in city peripheries. #LatinAmerica

► Peak XV Partners led a USD40m investment in Singapore-based global asset manager Lighthouse Canton, with participation from Nextinfinity, as well as follow-on from Qatar Insurance Company. #Asia

► Accial Capital Management provided USD30m in debt financing for Credifom, a Mexico-based payroll loan company for public sector workers. #LatinAmerica

► Integra Partners led a USD5m investment in FeedMe, a Malaysia-based restaurant management platform, with participation from Cento Ventures. #Asia

► Proparco and Meridiam invested in Kipeto Wind Farm, a Kenya-based wind power plant that supplies clean electricity to hundreds of thousands of households. #Africa

► The BFA Asset Management-managed Kimbo Fund invested in Angola-based agri-food processor FoodCare. #Africa

► Radix Ventures led an investment in Proteine Resources, a Poland-based provider of sustainable pet nutrition ingredients. #CEE

FUNDRAISING

► Ascertis Credit (formerly BPEA Credit) reached a USD520m first close for its fourth private credit fund focused on high-growth companies across India and Singapore, as well as Southeast Asia. The vehicle has a USD1b target. #Asia

► IFC agreed to commit USD125m to Advent LatAm PE Fund VIII and a co-investment vehicle focused on opportunities across consumer goods, financial services, healthcare and other key sectors in Latin America. #LatinAmerica

► SIDBI Venture Capital reached a INR10.05b (~USD113.5m) first close for its Antariksh Venture Capital Fund focused on early-stage and growth-stage spacetech companies in India. #Asia

► DEG committed EUR35m (~USD40.7m) to Mediterrania Capital Partners’ fourth fund focused on investing in SMEs and mid-cap businesses across North and West Africa. #Africa

► The Japan International Cooperation Agency committed USD50m to Helios Investment Partners’ fifth fund focused on market-leading companies in digital infrastructure, financial services, technology and tech-enabled services across Africa. #Africa

► Impact Fund Denmark invested USD20m in the SA Impact Forestry Fund II, focused on sustainable forestry in Paraguay. #LatinAmerica

EXITS

► Brookfield sold Brazilian transmission lines to State Grid at a BRL7b (~USD1.3b) enterprise value. #LatinAmerica

► Blackstone agreed to exit a 9.5% stake in Mphasis, an India-based IT services and consulting company, via a block deal for INR46.26b (~USD519m). #Asia

► EQT exited a 16.4% stake in India-based healthcare management platform Sagility for INR36.6b (~USD402m). #Asia

► SAIF Partners exited a 1.86% stake in India-based financial services provider Paytm for INR15.56b (~USD175.5m). #Asia

► Patria Investments sold BRL876.6m (~USD164.5m) in stock for Smartfit, a Brazil-based fitness club operator. #LatinAmerica

► Partners Group-backed Esentia, a Mexico-based fully integrated natural gas pipeline network, held its IPO on the Mexican Stock Exchange. #LatinAmerica