Teleport, the logistics arm of Malaysia’s Capital A Berhad, has raised $50 million in pre-IPO financing from BlackRock-owned HPS Investment Partners, as the Kuala Lumpur-based company expedites plans to scale its cross-border e-commerce model globally.
Teleport said in a statement that it signed a subscription agreement with funds managed by HPS for the issuance of redeemable convertible perpetual securities (RCPS).
The transaction—HPS’s first private credit deal in Asia since being acquired by BlackRock in December 2024 for $12 billion—values Teleport at $500 million on a pre-money basis and is intended to strengthen its balance sheet and fund network expansion ahead of a future listing.
The investment brings Teleport’s total capital raised since its founding in 2018 to about $109 million.
Teleport operates an asset-light air logistics model that leverages belly cargo capacity across partner airlines rather than owning aircraft. The company said its network now connects more than 290 capital and secondary cities across 80 countries, working with over 50 airline partners. By volume, Teleport ranks first in Southeast Asia, ninth in Asia and 13th globally, according to the company.
Chief Executive Officer Pete Chareonwongsak said the fresh capital would be used to scale Teleport’s cross-border e-commerce offering into key global markets, particularly high-growth trade corridors linking China with the rest of Asia and the Middle East. “This investment supports our journey toward an IPO and allows us to extend our unique asset-light model further into global markets,” he said.
Teleport estimates that it has captured only about 1% of a $28 billion total addressable market for air cargo and cross-border e-commerce between China and Southeast Asia, underscoring the growth runway it sees for its platform.
For Capital A, the deal represents a major validation of a business it has incubated within the broader AirAsia ecosystem.
“This updated valuation represents an unrealised return of over 100-fold for Capital A, and positions Teleport well for a future IPO. This is a clear win for our shareholders, delivering significant returns, and this strategy will continue as we actively look for growth capital for other Capital A companies,” said Tony Fernandes, Chief Executive Officer, Capital A Berhad.
Fernandes added that the investment strengthens the strategic partnership between the logistics unit and AirAsia’s airlines, which benefit from higher belly-space utilisation.
BNP Paribas advised Teleport on the transaction, with Milbank acting as legal counsel, while Latham & Watkins advised HPS.
HPS started life in 2007 as a division under Highbridge Capital Management, the hedge fund unit of JPMorgan’s asset management arm. In 2016, HPS was acquired by its top executives from JPMorgan. Since then, the New York-based company has become a massive private credit player with Assets Under Management vaulting to $179 billion from $34 billion in 2016.
Following its acquisition by BlackRock, HPS was put in charge of the combined group’s private-credit strategy.
