My top pick this week has to be this insightful article by Marsya Nabila on Indonesia’s new investment powerhouse, Danantara. The sovereign wealth fund claims that it has generated 330 trillion rupiah ($18.62 billion) in net income, which is expected to reach 360 trillion rupiah ($20.32 billion) this year—a figure that potentially puts it ahead of Singapore’s Temasek.
But there’s a catch: Danantara is yet to officially publish its consolidated 2025 financial statements, leaving investors with little detail on what actually sits behind the headline number.
Read the full article here.
Moving onto the other top news of the week:
LP-GP news
Singapore-headquartered private investment firm Granite Asia has surpassed the $500-million fundraising target for its pan-Asia private credit strategy, Libra Hybrid, after securing new commitments from DBS Private Bank, a major insurer, and other institutional investors.
Swiss impact investor responsAbility Investments AG has raised a total of $461 million in the final close of its largest closed-end climate investment vehicle, Asia Climate Fund.
Azalea Investment Management has raised over $1 billion in new capital commitments across three private equity offerings. It has achieved the final close of Altrium Private Equity Fund III at $526 million the first close of Altrium Co-Invest Fund II at $210 million, and the launch of Azalea’s first evergreen private equity fund, Azalea All Access, which exceeded $350 million in initial commitments.
Singapore-headquartered investment firm Aura Group has launched the Aura PE Evergreen Income Fund, opening access to private markets while addressing the liquidity constraints in the traditional closed-end fund structure.
Deal updates
Singapore’s GIC is said to have engaged in talks to buy EQT’s minority stake in Singapore-based healthcare firm HMI Medical. EQT has been exploring options for its holding in HMI, which is held via EQT Mid Market Asia III, sources said.
Air Products, Linde Indonesia, and a few private equity firms are understood to have emerged as potential suitors for CVC Capital Partners’ stake in Indonesia’s largest listed industrial gas company, Samator Indo Gas.
ChrysCapital-backed Krishna Institute of Medical Sciences (KIMS), which operates a network of tertiary and quaternary care hospitals across India, is close to picking up a stake in Renova Hospitals, known for oncology care.
Asian venture debt investor InnoVen Capital is looking to raise $200 million for a dedicated healthcare fund, with the International Finance Corporation considering a commitment of up to $15 million.
Aum Ventures, an early backer of Indian spacetech unicorn Skyroot Aerospace, is targeting the final close of its second fund by March next year, as it looks to double down on investments in India’s emerging deep tech ecosystem.
Temasek Trust’s Catalytic Capital for Climate and Health (C3H) has participated in a £10-million ($13.6 million) Series A funding round in Certain Energy, the British long-duration energy storage company.
Indian coffee retail chain Third Wave Coffee has secured nearly $43 million (Rs 408 crore) in a fresh funding round led by existing backer WestBridge Capital.
Vietnam-based hospitality startup Modern Village Lifestyle (formerly M Village) has raised $26 million in a new funding round, according to regulatory filings accessed by DealStreetAsia’s DATA VANTAGE.
Krungsri Finnovate, the corporate venture capital arm of Thai banking group Krungsri, invested in three overseas startups during the first seven months of this year, including Alpaca, Qoala, and Whale.
Private equity firm Kedaara Capital has invested $200 million in Tynor Orthotics Pvt. Ltd., an Indian manufacturer of orthopaedic supports, mobility aids, and rehabilitation products.
Airbound, an Indian aerospace company that designs and manufactures autonomous delivery aircraft, has raised $37 million in a Series A funding round led by US investment firm Greenoaks.
Global investment firm KKR has agreed to acquire Japanese beauty and lifestyle brand platform Ci FLAVORS from private equity company L Catterton, its founder, and other shareholders.
Software company MioTech’s merger with a unit of the largest credit rating agency in China is setting it up for a public listing in Hong Kong in 2028. The merger will create the largest company in sustainability and analytics in Asia, said MioTech founder Jason Tu.
TILT, the impact-first investment platform of The/Nudge Foundation, has launched its first venture fund with a corpus of $26-million (Rs 250 crore) to back early-stage businesses.
Interviews & deep dives
The traditional way of building a private markets portfolio with a collection of small LP commitments is no longer the only way, Kevin Lu, Partner & Chairman of Asia at Partners Group, said in an interview. “Increasingly, they are looking at building more customised mandates alongside that, which allows them to target exposure—for example, in their home market—at a faster pace,” he said.
Despite growing investment opportunities, the dry powder flooding Japan’s private equity market is making it harder than ever for fund managers to land exclusive, proprietary deals, Megumi Kiyozuka, President and Representative Director at Sunrise Capital, said in an exclusive interview.
In Asia, public markets have been more important for buyout and growth companies, particularly for the latter. But this is not why continuation investments are fewer in number. “The market is still taking time to understand continuation transactions and what they involve, while general partners need to believe these deals make sense and be willing to pursue them,” says Christiaan van der Kam, Head of Secondaries Private Equity at Schroders Capital.
Navegar, a Philippines-based growth equity firm, recently exited its investment in Cloudstaff to Ares Asset Management at “a nice multiple”, Nori Poblador, Managing Partner at Navegar, said in an interview. Notably, the transaction took place regardless of the environment or market volatility. “It’s a tough environment, and the asset that you sell has to be really attractive for it to gain the attention of potentially interested buyers,” Poblador said.
Indonesia’s VC-backed digital brokerage market showed a widening gap in their earnings performance, with Stockbit sharply increasing its profit in the first half of 2026, while rival Ajaib Sekuritas Asia’s revenue growth translated into only marginal bottom-line gains and Pluang Maju Sekuritas remained loss-making.
After nearly a decade of muted activity in state-owned enterprises, Vietnam is once again paving the way for private investors to buy into some of the country’s most important companies and infrastructure assets. While the government will retain controlling stakes in banks, aviation, ports, telecom infrastructure, power generation, water treatment, and mechanical engineering, it will look at significantly reducing or exiting its ownership in businesses outside these categories.
Asian private equity managers are increasingly viewing sustainability through the lens of financial materiality and value creation, rather than simply as a reporting requirement. ESG interventions are, therefore, finding their way directly into investment and portfolio-management playbooks. Affinity’s 2026 Sustainability Report finds that sustainability measures can enhance market reputation for better exits.
