We are creatures of circumstance. Yes, we’ve probed the edges of our galaxy and split the atom, yet despite all these triumphs, nature never fails to remind us that we are mere mortals.
This week, Typhoon Kajiki barrelled through Southeast Asia, leaving a trail of destruction and causing fatalities in Vietnam and Thailand. In northern India and Pakistan, too, torrential rains triggered flash floods and landslides that swallowed homes and claimed several lives.
Storms and floods are just one side of the story. Humans remain vulnerable to several forces beyond their control—pandemics that upend economies, earthquakes that flatten cities, and volcanoes that level everything in their wake.
Even in times of calm, the fragility of our lives manifests in the sheer randomness of a medical emergency and the spiralling costs of medical treatment.
I grew up in a part of southern India where a vast network of state-funded Primary Health Centres ensured free and universal access to vaccines and medicines. Back then, healthcare was shielded from profiteering. But that was then, this is now.
Profit-focused private equity players have set their sights on India’s top hospital chains, known for their advanced care and clinical outcomes. Blackstone controls 73% of CARE Hospitals and 80% of KIMS Hospitals. CVC Capital holds a majority stake in Healthcare Global, TPG Growth owns Motherhood Hospitals, and General Atlantic has control of Ujala Cygnus, to name a few.
The concern? This relentless pursuit of profit risks pricing out nearly a third of India’s growing middle class from quality care—a point my colleague Paramita Chatterjee explored in detail this week.
Yes, PE investments usher in cutting-edge technology and specialised care, but they also drive costs northward. India’s medical inflation stood at 14% as of last September—the highest in Asia.
That, perhaps, is the big paradox of our times: We have AI models that can ace a medical exam but still struggle to ensure everyone can see a doctor without breaking the bank.
Speaking of which, we have a dedicated panel discussion titled ‘Private Equity’s prescription for Asia’s healthcare boom’ at the Asia PE-VC Summit 2025 in Singapore on September 10 & 11. Be sure to book your seats for our flagship event.
Now, let’s dive into the other headlines that defined the week.
State funds in the spotlight
It was a big week for state wealth strategies—one focused on restructuring, the other on defending its investment approach.
Temasek is undertaking its biggest restructuring since 2011, creating three wholly owned entities—Temasek Global Investments (TGI), Temasek Singapore (TSG), and Temasek Partnership Solutions (TPS)—to align its portfolio with a shifting global landscape. TGI will handle global direct investments, TSG will manage Singapore-based portfolio companies, and TPS will oversee partnerships, funds, and asset managers.
We also had a story on Khazanah Nasional, which defended its venture capital strategy during a government review after losses from its Fashion Valet investment, stressing that VC involves inherent risks but can deliver “very high returns”. Executives reiterated Khazanah’s dual mandate of commercial returns and national development, which prioritises domestic investments to spur innovation. Khazanah plans to continue its VC investments, albeit with greater caution.
Analyses
Our deep dives this week spanned topics from the evolution of venture debt in India to the shifting dynamics of Indonesia’s coffee market and the IPO of GCash.
India’s venture debt market has come a long way—from having to prove its worth in the early days to now planning its future around exits. What began as a niche experiment by firms like InnoVen, Trifecta, Alteria, BlackSoil, and Stride now commands billions in AUM. Once a mere afterthought to equity, venture debt has evolved into a reliable tool for startups to extend runways without diluting equity.
Indonesia’s P2P lending sector, once a champion of financial inclusion, is grappling with a credibility crisis driven by poor credit standards, opaque borrower screening, lack of insurance, and weak regulatory enforcement. Platform numbers have plunged from a peak of 164 in 2019 to 96 by mid-2025 following mass exits and licence revocations.
Indonesia’s coffee sector, once driven by rapid expansion and VC-fuelled growth, is entering a maturity phase as chains shift focus to profitability, store consolidation, and operational efficiency amid a tougher funding climate. Players like Jiwa Group and Tomoro Coffee are scaling back operations, while Flash Coffee is retrenching to Indonesia. In contrast, Kopi Kenangan is pursuing global expansion, and foreign brands such as Malaysia’s ZUS Coffee and Canada’s Tim Hortons plan market entry.
India’s IPO market is set for a busy second half of 2025, with over 170 firms holding or awaiting approval to raise more than $32.1 billion. The pipeline spans financial giants like Tata Capital, tech and consumer firms such as Lenskart and Meesho, and OYO. What’s behind the confidence? Strong domestic liquidity from retail investors—especially in smaller cities.
In the Philippines, e-wallet GCash, valued at $5 billion, is preparing for an IPO. In a conversation with DealStreetAsia, Tony Isidro shared the company’s growth story.
Funding and corporate news
Nearly all shareholders of Mekari’s Singapore entity, Sleekr—including East Ventures, Mandiri Capital Indonesia, Golden Gate Ventures, and Japan’s Money Forward—exited their stakes on August 21, 2025, regulatory filings show.
HarbourVest Partners has emerged as one of the interested investors in CVC Capital Partners’ attempt to move its stakes in South Korean hotel and travel booking company Good Choice Co. into a continuation fund. The continuation vehicle could raise $500 million to $600 million.
Aloniq, a global private investment firm, is intensifying its focus on Southeast Asia’s deep tech sector, targeting Vietnam and Singapore for their growing potential. The firm, with 31 global investments, is exploring AI software, fintech, and applied tech in manufacturing and agriculture.
Indonesia’s jobs platform Pintarnya has secured $16.7 million in a Series A funding round led by Square Peg, with participation from existing backers Vertex Ventures Southeast Asia & India and East Ventures.
Indonesian e-commerce firm Tokopedia has conducted its second round of layoffs this year, affecting 420 employees, according to local media reports. Including the most recent cuts, an estimated 1,070 employees have been laid off since the Tokopedia–TikTok Shop merger was completed in January 2024.
Mitsubishi Corp has acquired a minority stake in Singapore-based healthcare solutions provider Fullerton Health for an undisclosed amount.
FMO has proposed a $50-million investment in Radiance Renewables, a platform for commercial and industrial renewable energy projects in India.
Atlas Consolidated, a Singapore-based fintech-for-banks startup, has announced raising $18.1 million in a Series B funding round anchored by venture capital investor Tin Men Capital.
Singapore-listed Olam Group announced the closure of Jiva Ag, its agritech venture incubated by Nupo Ventures, part of the Remaining Olam Group, as the company pushes ahead with a restructuring plan to conserve cash and cut debt.
Singapore-headquartered hotel management startup ZUZU Hospitality has raised $5.9 million in a Series B extension round.
Qapita, the Singapore-based equity management platform, has issued new shares to existing shareholders and new investors.
The IFC is proposing to provide Philippines property developer Ayala Land Inc. (ALI) with up to $250 million in sustainability-linked financing to fund the construction of new shopping malls.
LP-GP updates
Asian LP-led secondaries are gaining traction as an exit and liquidity tool, but demand for Asian assets remains muted due to perceived risks, unfamiliarity, and Asia’s small role in global secondary strategies, said experts
Venture secondaries are becoming a default exit route in Asia, especially in markets like Korea and India where strong IPO activity and industry coordination fuel growth, said Jinsoo Lee of Shinhan Venture Investment.
Temasek-backed SeaTown Holdings announced that it completed the first closing of its third private credit fund with more than $612 million in commitments from global investors.
CICC Capital and Abu Dhabi-based BlueFive Capital have launched a fund to back Chinese companies expanding into the GCC markets. The fund will focus on new economy sectors such as technology, digital transformation, green energy, advanced manufacturing, and consumer-driven businesses.
The Swiss Investment Fund for Emerging Markets (SIFEM) said it has committed $20 million to Excelsior Capital Vietnam Partners’ (ECVP) $200 million second fund.
Global logistics builder and investor GLP has secured up to $1.5 billion from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) to support its next phase of growth.
Earnings and results
SirionLabs reduced its losses in FY2024 as it pushed to grow SaaS revenue and leaned more on partners for implementation and delivery. Revenue rose 27% year-on-year, driven entirely by software services. Losses narrowed by nearly 29%, aided by lower employee costs.
Philippines-based B2B e-commerce platform GrowSari narrowed its losses in 2023 on the back of higher revenues and cost discipline. It reported a net loss of $15.26 million for the year ended December 31, 2023, compared with a $20.58 million loss in the previous year.
