At DealStreetAsia, we ensure you’re always a step ahead. Our reporters are constantly on their toes, breaking stories before anyone else. Here are some of our exclusive scoops that were confirmed this week:
India’s Multiples Alternate Asset Management announced the closure of its continuation fund at $430 million. The fundraising, which was significantly oversubscribed, was led by four global investors, including HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest. The development was initially reported by DealStreetAsia in April.
Nestlé SA, the parent of Nestlé India, has picked up a minority stake in India’s Drools Pet Food Pvt Ltd. The development was first reported by DealStreetAsia earlier this month.
Scroll down for the other headlines of the week!
LP-GP news
TPG NewQuest is increasingly engaging with GPs on continuation vehicles as capital-raising tools for the underlying trophy assets. This evolution in the usage of secondaries (mid-fund) reflects the firm’s approach where a sector-driven strategy and disciplined portfolio construction have resulted in a roughly 60% DPI on deployed capital for its fifth Asia-focused secondaries fund to date.
The International Finance Corporation has proposed an equity investment of up to $30 million along with a co-investment envelope of up to another $30 million in L Catterton’s debut India fund, according to a disclosure. The LVMH-backed PE firm is currently on the road to raise about $600 million.
Cathay Innovation, a venture capital fund affiliated with Cathay Capital, has closed a $1-billion fund dedicated to artificial intelligence in Europe, the US, and Asia.
The Vietnamese government has proposed expanding the Vietnam-Oman Investment Fund to $1 billion as the country seeks more capital to finance its economic and strategic development agenda.
Private equity firm ewpartners opened an office in Hong Kong on Thursday to leverage closer Asia-Middle East ties in supporting more cross-border businesses, as geopolitical complexities drive demand for supply-chain diversification.
Deal updates
Graas, a Singapore-based e-commerce solutions provider, has raised $15.1 million in a new funding round from existing backer Integra Partners and new investor Orbit Malaysia.
DEG, the investment arm of German state-owned development bank KfW, has committed to investing $28 million in YOKO, a solar energy platform operating in Thailand and Vietnam.
Otipy, a community group-buying startup based in Delhi-NCR that linked consumers with fresh farm produce and everyday essentials, ceased operations following an unsuccessful attempt to close a vital $10-million funding round.
E-commerce major Lazada is investing $100 million annually into its affiliate programme in Southeast Asia to further drive revenue. Affiliate marketing now accounts for roughly 20% of Southeast Asia’s online sales, or $15 billion in net merchandise value, according to Lazada.
Tiger Global Management is understood to be looking at offloading stakes in several Southeast Asian startups as part of a wider bid to return capital to investors. The New York-based firm, which has invested over $500 million across more than 40 deals in Southeast Asia, has initiated secondary sale talks involving portfolio companies including Wiz.ai, Xendit, and KitaLulus, according to people familiar with the matter.
Snitch, a D2C menswear fashion brand in India, is said to be raising Rs 278.93 crore ($33 million) led by 360 One Asset Management Fund. Existing investors SWC Global and IvyCap Ventures are also likely to participate.
Interviews & analyses
No matter how powerful the algorithms are, without the right infrastructure, AI can’t scale, says Mukaya Panich, chief investment officer and managing partner of AICONIC Ventures, a brand new venture capital fund. “Over the last 20 years, the VC industry has been focusing more on the software side, even in AI investments,” she said.
Hong Kong-based Gold Mountains Asset Management is looking at allowing external and generalist investors to participate in its pipeline of metal streaming deals, from which it expects to generate “attractive risk-adjusted double-digit returns”, its managing director and portfolio manager Lisa Liu told DealStreetAsia.
Recognising the unique cross-border demand for puffed rice, Bangladesh’s biggest full-stack B2B commerce platform ShopUp partnered with Saudi-based B2B marketplace and services platform Sary in 2023 to start exporting the product to the Gulf region, sparking a venture that exceeded expectations and paved the way for a cross-border merger and a $110-million funding round.
Mandiri Capital Indonesia, the corporate venture capital arm of state-owned lender PT Bank Mandiri, is ramping up efforts to attract more local limited partners as it sharpens focus on startups with a clear path to profitability amid growing macroeconomic uncertainties.
The recent buying spree by multinational pharma shows how China’s biopharmaceutical sector has transformed beyond its past as a generic drug maker, according to Simone Song, founder and senior partner of biotech-focused venture capital firm ORI Capital. “The sector is having its DeepSeek moment. China is and forever will be the place for high-quality, cost-effective early-stage [biotech] assets, which every large pharma would dream to have.”
UOB Venture Management, the private equity arm of Singapore-based bank UOB, is looking to double down on Vietnam’s consumption sector after acquiring a 12% stake in Bien Hoa Consumer Joint Stock Company earlier this month.
