Hello again from DealStreetAsia’s newsroom.
I could start this week’s wrap with the familiar headlines — the US government shutdown now dragging into its third week; whispers of an imminent rate cut by the Federal Reserve; or the escalating Sino-US trade war, with Beijing tightening controls on rare earth exports and Washington returning fire with more tariffs on Chinese goods.
But I’ll sum it up in one word: gold.
As central banks accumulate the safe-haven asset and gold ETF inflows swell amid global financial chaos, the price of the yellow metal has broken records, showing no sign of slowing, even after whooshing past the $4,000 per troy ounce mark.
The precious metal had passed $1,000 per ounce during the financial crisis, $2,000 amid COVID-19, and $3,000 earlier this year when Trump’s tariff tantrums rattled markets.
Now, geopolitical tensions, the trade war, easing interest rates and the US government deadlock have sent gold prices up more than 58% so far this year.
I can almost hear my grandmother say, ‘I told you I was right’. Her ancient wisdom, shaped by age and tradition, stands vindicated.
The age-old faith in the safety of gold is turning into a lifeline for millions of lower- and middle-income households in Indonesia, as my colleague Marsya Nabila reported from Jakarta this week.
In the archipelago, where formal credit from banks is hard to come by, pawn services are booming, tracking gold’s rally. Borrowers can now secure higher loan amounts without selling their holdings, making pawn financing more attractive.
New players have entered the market, hoping to chip away at the dominance of state-owned Persero. Case in point: Pintarnya, which began as a job-matching platform before branching into collateralised lending. It is backed by Square Peg, Peak XV, Vertex Ventures SEA & India, and East Ventures, among others.
The report is a fascinating read on how this centuries-old safety net still shines in modern times.
There were other golden moments, too, in private equity, venture capital and public markets this week. Keep scrolling:
Newsletters
This week, we released our monthly newsletter on climate developments: GreenStreet. Some of the biggest global investors—Norfund, Ares, Brookfield, Stonepeak, and M&G—have identified markets and assets in APAC as top destinations for their climate and impact strategies. Also read about how carbon credit markets are the key to financing climate action, ahead of COP30.
Our weekly private equity newsletter Beyond the Buyout discussed how the Asia-Pacific private equity market is entering a renewal phase as investors reaffirm their commitment even as allocations become more selective. The newsletter also highlighted the role of Indian LPs in the country’s healthcare sector.
Be sure to subscribe to both.
A word on IPOs
Underpinned by easing monetary policy and resilience in corporate earnings, global IPO momentum is accelerating. The US, India and Greater China are leading the resurgence.
This week, LG Electronics India surged 50.4% in its trading debut and notched a valuation of $13.07 billion, eclipsing its South Korean parent’s market capitalisation, as investors piled into the $1.3 billion IPO.
Among other Indian IPOs this week, asset manager Canara Robeco’s nearly $150 million share sale and Canara HSBC Life Insurance Company’s $283 million IPO were fully subscribed.
Meanwhile, Reuters reported that PayPay’s valuation could exceed $20 billion as SoftBank prepares for an IPO of the Japanese payments app operator in the US this year.
Thai laundromat chain WashXpress and Vietnam’s VPBank Securities are also preparing to be publicly-traded companies soon.
In Indonesia, capital markets are set for a strong finish to 2025 after a subdued third quarter, with major IPOs lined up in this quarter. Superbank, an Emtek subsidiary, is targeting a $200-300 million raise at a valuation of $1.5–2 billion, while nickel processor Neo Energy is eyeing about 5 trillion rupiah from its listing.
Moving on to the private markets.
Fundraising and corporate news
Investor appetite for Indian quick commerce remains unsatiated. Among the biggest fundraisers this week was IPO-bound quick commerce unicorn Zepto, which secured around $450 million in its latest funding round led by CalPERS and existing investor General Catalyst. The round is said to have boosted Zepto’s valuation to $7 billion.
Meanwhile, Eternal, the food delivery firm previously operating under the name Zomato, announced that its profit for the September quarter dropped 63% year-on-year to Rs 65 crore. The company’s net profit, however, jumped 2.5x from Rs 25 crore recorded in the June quarter.
Among the biggest fundraisers this week was IPO-bound Indian quick commerce unicorn Zepto
Also in India, Singapore’s Granite Asia announced it has led an $85 million Series C funding round for Kuku, a mobile-first vernacular content platform; and cardiac diagnostic company Tricog Health raised fresh funding.
Dr. Agarwal’s Eye Hospitals, a Chennai-based chain backed by PE firms TPG Growth and Temasek, is in talks to acquire a smaller peer in western India as part of its expansion drive.
In China, tech giants are doubling down on next-gen mobility. DiDi Global’s autonomous driving arm raised $281m in a Series D round backed by state-linked funds. Meanwhile, CATL’s intelligent vehicle subsidiary, CAIT-SH, completed its first external funding round of nearly 2 billion yuan.
There was also some bad news for the sector. Singaporean sovereign wealth fund GIC is suing Chinese EV maker Nio and executives in a US court for alleged securities fraud, in a bid to recover “tremendous” investment losses.
Indonesian ice cream maker Campina is back in the market after its sale talks with Bahrain-based Investcorp fell through in the final stages.
Our Indonesia desk also reported this week that The South Jakarta District Prosecutor’s Office has named three companies as suspects in the TaniHub investment fraud case, allegedly perpetrated between 2019 and 2023.
We reported based on ACRA filings that Singaporean insurtech startup Igloo’s losses widened 11% to $21.8 million in 2024, despite revenue rising 49% to $55.46 million; while wealth management platform Endowus and its subsidiaries narrowed losses in 2024 as revenue climbed sharply and cash buffers improved.
Interviews and analyses
This week, we spoke to Hajir Naghdy, Senior Managing Director and Head of Asia & Middle East at Stonepeak, about the growing investment opportunities in Southeast Asia’s commercial and industrial energy infrastructure. Naghdy highlighted that easing restrictions around power wheeling is unlocking new possibilities for private generators.
In another interview, Praveg Patil, Head of Asia Pacific, Impact & Private Equity at British asset manager M&G Investments, said he sees Asia-Pacific as a prime market for scaling impactful investments, targeting a 2.5x return through its Catalyst strategy.
South Korea’s medical aesthetics sector is emerging as a hotspot for PE investment, with LYFE Capital and partners leading the take-private of KOSDAQ-listed Viol in a deal valuing it at $510 million. Growing global investor interest underscores Korea’s rise as a regional hub for beauty and medical technology deals.
M&G Investments sees strong potential for large-scale impact investing in Asia Pacific, said Praveg Patil, Head of Asia Pacific, Impact & Private Equity in an interview. Its £5-billion evergreen platform Catalyst, launched in 2021, is targeting sustainable private assets across climate (planetary health), human health, and access and inclusion.
Manulife Financial’s $925 billion wealth and asset management business is riding a wave of demand for private credit and alternative strategies in Asia. “Credit seems to be the big story here. What we’re hearing from our distributors is that high-net-worth individuals and retail investors are definitely interested in credit,” said the group’s wealth unit CEO, Paul Lorentz.
We also profiled Vietnamese venture capital firm ThinkZone Ventures that has built a multilayered platform at the intersection of local capital, academia, and industry. The firm’s recently introduced its Global Minds Fund I (GMFI), which has only domestic backers, underscores the fact that local capital could be a defining factor in Vietnam’s next wave of tech growth.
The move comes as Vietnam’s government has officially established a national VC fund with $20 million in initial capital.
LP-GP news
Swedish investment giant EQT, while announcing its earnings for the third quarter this week, said it is in exit mode, and Asia has emerged as a major contributor to the firm’s realisation momentum. The region accounted for 29% of EQT’s total exit value of $22 billion in the 12 months ended September 2025.
Singapore-based Quadria Capital plans to deploy over two-thirds of its $1.07 billion healthcare fund in India, betting on the country’s booming medical and wellness sector. For the first time, it has onboarded Indian LPs, reflecting the growing role of domestic capital in private equity. The shift mirrors a broader trend, with local investors now contributing about 40% of India-focused PE-VC fundraising.
Singapore-based multi-family office First Capital Global Management (FCGM) is ramping up allocations to private credit and secondaries to enhance distributions and cash yields amid a volatile market. According to Lili Wang, the firm’s head of alternative investments, FCGM is eyeing two private credit funds in Asia and the US, seeking flexible, cash-generating strategies with high single-digit returns.
Singapore-based, education-focused private equity firm Kaizenvest is launching a joint venture with Bahrain-based investment firm JEO Capital Management, targeting to invest up to $1 billion in education assets across Asia and the Gulf region.
Malaysian pension fund KWAP has launched a $473-million climate initiative, Dana Iklim+, as it accelerates commitments to sustainable development goals.
London-based Lendable is looking to raise $500 million across two new closed-end funds, as the debt financing platform—known for its focus on fintech and climate-linked lending models—seeks to deepen its footprint in Asia, especially India.
Dutch climate-focused investment manager Climate Fund Managers has closed its second blended finance facility, Climate Investor Two, at more than $1 billion, claiming it is the world’s largest emerging market climate adaptation infrastructure fund.
World Bank Group member IFC is considering commitments of up to $200 million to India’s Credila Financial Services, and $50 million to IIFL Home Finance Limited.
See you next week, and until then, may your portfolio shine, with or without the gold.
