Dear Reader
This week, the DealStreetAsia team held its inaugural Asia PE Leadership Summit in Hong Kong, its first event in the city. Catch up on the top themes to come out of the conversations, which covered a range of topics from secondaries, to private wealth, and the Chinese PE market’s revival.
Already, there are signs of a structural rebound in Greater China’s venture capital ecosystem, as dealmaking tracked by DealStreetAsia’s team shows a near-record high in April.
One trend we have been tracking is how more global capital is set to flow to more mature markets within Asia Pacific, as some investors look to diversify away from US-correlated assets.
Deals and fundraisings
Venture capital and growth investment firm Peak XV Partners is in early talks to invest in Indian space intelligence company Ulook, which builds autonomous satellite systems that use radio frequency (RF) sensing to monitor and analyse signals in space. The company is understood to be seeking capital to expand its research and development, tech and manufacturing capabilities.
Another Peak XV Partners portfolio company, travel fintech startup Scapia, has raised fresh funding. The $63 million round led by General Catalyst will go towards the Bengaluru-based company’s plans to expand its customer base and drive product development.
Also in India, British International Investment (BII), the UK’s development finance institution, has initiated early talks to invest in Fornax, a business services company backed by mid-market private equity firm Carpediem Capital.
BII is also said to be looking to invest in Pravega Venture’s third early-stage fund. The India-based firm is looking to raise as much as $120 million to back startups in fintech, consumer tech, SaaS, and healthtech.
Jakarta-based Seven Retail Group is understood to be weighing a potential sale of a sizable stake in one of its most popular restaurant brands. The venture builder, founded by Indonesian entrepreneur Edward Djaja, is believed to have held discussions with several strategic investors and private equity firms over the past few months.
Also in Indonesia, wealthtech firm Pluang announced that it has raised $10 million in fresh funding led by MUFG Innovation Partners, the corporate venture arm of Japan’s Mitsubishi UFJ Financial Group, confirming DealStreetAsia’s report in September last year. With the funding, Pluang has added local equities trading to its platform.
Danish biotech startup Alcolase has announced plans to initially enter Singapore after raising 1.5 million euros (around $1.7 million) in its latest funding round, backed by investors including Ada Ventures, Delphinus Venture Capital, Antler, and Manigoff Invest. The startup is developing an enzyme-based technology targeting alcohol intolerance.
International Finance Corporation could commit up to $50 million in a BlackRock-managed infrastructure credit fund targeting low-carbon industrial growth across Southeast Asia. The Emerging Asia Infrastructure Credit Fund, a blended finance vehicle with a target size of $750 million, will provide senior, mezzanine, and subordinated debt to private sector borrowers, including companies in industrial and decarbonisation technology sectors, to support their transition towards low-carbon growth.
Interviews, analyses and more
Canada Pension Plan Investment Board has divested a portfolio of 33 PE fund interests to Blackstone Strategic Partners and Ardian, generating net proceeds of about C$4 billion ($2.9 billion). The portfolio comprises fund interests built over about two decades.
Netherlands-based venture capital investor Orient Growth Ventures is launching its third fund-of-funds, with diversified allocations across India and Southeast Asia, and to global themes such as AI, blockchain, robotics and space tech. It will also allocate more towards venture debt and secondaries, the firm’s founder and managing partner Ricardo Bun said in an interview.
Malaysia is emerging as one of the more advanced markets in Southeast Asia in building an ecosystem for climate adaptation investing, according to executives at Equilibrium Climate Capital (ECC), which invests in the Southeast Asia and MENA regions. The country has created a more structured pipeline of adaptation-related projects, supported by government policies, said Valeria Ramundo Orlando, ECC’s managing partner.
TPG-backed Philippine fintech lender Billease more than doubled its profit in 2025 as its lending business expanded rapidly ahead of the company’s planned rural bank rollout. according to standalone audited financial statements obtained by DealStreetAsia
Also, what have been AI’s contributions to Southeast Asia’s tech giants, in real terms?
And don’t miss our two other newsletters – Beyond The Buyout, and GreenStreet – where we bring you exclusive analyses and insights. This week’s editions feature a take on the healthcare behemoth to emerge from a merger between Global Healthcare Opportunities and CBC Group; and infrastructure investor Actis’ climate adaptation bets.
Other developments
Indonesia-focused venture capital firm Intudo Ventures’s co-founder and general partner, Eddy Chan, is stepping back from day-to-day responsibilities. The firm has confirmed Ashley Suhalim’s appointment as General Partner, while co-founder Patrick Yip will continue serving as general partner alongside Suhalim.
Indonesian prosecutors have sought prison terms ranging from nine to 12 years against former executives of agritech startup TaniHub Group, venture capital firm MDI Ventures, and BRI Ventures (BVI) in a corruption case linked to investments in the startup.
