Mergers & Acquisitions-related developments involving Indonesia’s consumer sector firms dominated the headlines in October.
Our exclusive on shareholders of Indonesia’s top public-listed dairy firm Ultrajaya Milk Industry & Trading initiating stake sale talks with Dutch dairy cooperative FrieslandCampina for a potential minority transaction and broader strategic collaboration was the most-read story of the month.
In other top stories, we featured the sale processes at Indonesian homegrown ice-cream brand Campina and the country’s top traditional oil balm brand that is seeking a valuation of up to $3 billion in its upcoming funding round. We also had exclusive updates from Kopi Kenangan and Thai unicorn LINE MAN in the list of top stories from the month.
From the fundraising side, we carried exclusives on Indonesia’s new private equity firm Sriwijaya Capital and Singapore-headquartered KV Asia Capital.
The LP View column, featuring an interview with a top executive at The Dietrich Foundation, highlighted that China’s VC market is among the least crowded globally, presenting a rare opportunity for institutional investors.
From India, healthcare investments continued to make headline news. Our exclusive on Temasek’s possible investment in an Indian healthcare-focused fund manager was the most-read story.
Southeast Asia
Indonesia-listed dairy firm in early talks with Dutch co for stake sale
The talks come at a time when the sector has become increasingly competitive and sophisticated, prompting the need for consolidation moves.
TPG, GIC predict consolidation, spinouts in private equity
The private equity sector is undergoing a period of significant change as smaller funds exit the market and larger firms scale up to capture more capital.
Indonesia’s Campina scouts for new buyer as Investcorp deal collapses
Campina’s shareholders have since re-engaged with prospective buyers, including Indonesia-focused private equity funds, to explore a full exit.
Indonesia’s popular oil balm brand seeks up to $3b valuation in new funding round
The group’s signature Eagle Brand Medicated Oil has retained its status as one of Southeast Asia’s most enduring consumer health products.
Indonesia’s Sriwijaya Capital debuts PE fund with $200m commitment
Barito Pacific, Indika Energy, and Sinarmas Group are among the anchor limited partners (LPs) backing the inaugural fund.
Kopi Kenangan eyes $200m raise to facilitate partial exits for Peak XV, Alpha JWC
The process is being driven largely by investor liquidity needs rather than the company’s own capital requirements.
KV Asia nears first close of $280m private equity fund for SE Asia
The fundraising momentum was partly driven by distributions from its first fund, which has fully exited its portfolio companies.
eFishery’s asset sale process in limbo amid scrutiny
Despite initial momentum and interest from multiple parties in the first half of this year, discussions have gone dormant since late July.
Two Indonesian consumer startups set to seal funding amid broader VC slowdown
Indonesia’s consumer retail sector is proving to be a rare bright spot amid venture capital tightening across Southeast Asia.
GIC offloads bulk of its shares in IPO-bound Thai unicorn LINE MAN
GIC has sold 94% of its shares in LINE MAN held through Gamnat Pte Ltd and Apfarm Investment Pte Ltd, filings show.
Greater China
China VC gap presents opening for investors: The Dietrich Foundation
“China and India VC are positioned at an interesting juxtaposition of tailwinds and headwinds at the moment,” said Edward J. Grefenstette, CEO/CIO, The Dietrich Foundation.
HongShan, CMC co-lead $130m deal in Chinese startup LiblibAI
Touted as the biggest investment in a Chinese AI application startup this year, the round was backed by Shunwei Capital, Source Code Capital, Future Capital, and INCE Capital.
India
Temasek in advanced talks to back Indian healthcare fund manager
For Temasek, the potential partnership reinforces its long-standing conviction that India’s healthcare industry remains one of its most resilient growth stories.
GIC-backed Asia Healthcare’s entry into India’s diagnostics stalls
Talks between Asia Healthcare, which is backed by TPG Growth and GIC, and Dr. Dangs Lab have fallen through due to a mismatch in expectations on valuation.
