3 September 2025
View in browser

GPCA EVENTS

GPCA Investors Meeting Program Highlight

Hosted at EBRD and in partnership with GPCA’s DFI Council, members-only programming on 12 November in London will focus on new partnerships between commercial capital and the development community to mobilize investment into Africa, Latin America, Asia and other global regions.

In a featured session led by British International Investment, speakers will include:

Leticia Ferreras Astorqui

Lead, Development Finance & Impact Credit

Allianz Global Investors

Guillaume Le Bris

Head of Infrastructure
& Energy

ILX

Martijn Proos

Co-Head EM Alternative Credit & Managing Director

Emerging Africa & Asia Infrastructure Fund (EAAIF) 

REGISTER NOW

GPCA RESEARCH

The Evolving Role of Secondaries in Private Capital

GPCA’s report focuses on key developments in markets outside of the US and Western Europe and leverages GPCA’s insights and proprietary data on GP-led secondary deals.

Key highlights:

International private markets solutions providers – including HarbourVest and StepStone – have built local teams in Asia and emerged as leading backers of CVs in the region, complemented by a maturing group of Asia regional secondaries specialists, such as TPG NewQuest.
GP-led secondaries in India have reached new heights, with two of the country’s leading private equity GPs raising continuation vehicles: ChrysCapital’s USD700m fundraise for the National Stock Exchange (NSE) in 2024 has been followed by Multiples Alternate Asset Management raising USD430m to extend its hold of Fund II portfolio companies with strong growth trajectories.

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.

VIEW FULL REPORT

DEAL CASES

Lightrock | ComBio Energia

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

data_room___lp_intelligence_nw_banner__1_

Industry News

INVESTMENTS

► Motilal Oswal Alternates led a INR13.6b (~USD156m) investment in Vistaar Financial Services, an India-based lender for SMEs, with participation from ABC Impact and others. #Asia

► Impact46 acquired Saudi Arabia-based gaming studio Kammelna for SAR200m (~USD53m). #MiddleEast

► SPE Capital, Amethis and Proparco agreed to acquire a majority stake in Delta Chemicals, an Egypt-based supplier of industrial and specialty chemicals. #Africa

► Fosun Health Capital led a USD34m Series C for InxMed, a China-based developer of clinical-stage drugs to treat cancer. #Asia

► Singapore-based cross-border payments infrastructure platform Tazapay raised a Series B from Peak XV Partners, GMO VenturePartners, Circle Ventures and others. #Asia

► Alterra invested in Cobra Group, a South Africa-based manufacturer of customized vehicles and heavy-duty hose reels. #Africa

► Square Peg led a USD16.7m Series A for Indonesia-based employment platform Pintarnya, with follow-on from Vertex Ventures Southeast Asia & India and East Ventures. #Asia

► Vynn Capital led a pre-Series A for Indonesia-based EV logistics provider Blitz Electric Mobility, with participation from Iterative Capital, Balaji Srinivasan, Rajesh Venkatesh and Vinner Ventures, as well as follow-on from ADB Ventures, Peak XV Partners and others. #Asia

► China-based AI toy developer Haivivi raised a CNY200m (~USD28m) Series A led by CICC Capital, Sequoia China Seed Fund, WestSummit Capital and Joy Capital, with participation from China Merchants Bank International and others. #Asia

► Maia Capital Partners provided mezzanine debt to Student Living Asset Management (SLAM), a South Africa-based private equity fund focused on student accommodation. #Africa

► Impact46 led a USD22m Series A for UAE-based mortgage platform Holo with participation from Mubadala Investment Company, Rua Growth Fund, anb seed and others. #MiddleEast

► AfricInvest invested USD10.5m in HewaTele, a Kenya-based medical oxygen provider. #Africa

FUNDRAISING

► SeaTown Holdings reached a USD612m+ first close for its third private credit fund focused on opportunities across the Asia Pacific region. #Asia

► Harvest Capital reached a CNY1b (~USD139.8m) first close for its third advanced manufacturing fund focused on investing across China. The vehicle has a CNY2.5b (~USD349.5m) target. #Asia

► BTG Pactual launched FIC FIP Sebrae Germina, the first fund of funds structured by the Sebrae System focused on small businesses in Brazil. #LatinAmerica

EXITS

► TPG fully exited its 14.7% stake in India-based CRDMO Sai Life Sciences for INR26.8b (~USD305m) via a bulk deal. TPG first invested in the organization in 2018. #Asia

► IFC exited a 4.75% stake in Banco Caja Social, a Colombia-based banking network. #LatinAmerica