Earnings season is in full swing, and here are some highlights from this week.
Global alternative asset manager Ares has secured $31 billion in the third quarter, on track for its best fundraising year as investors pile into its private credit, real estate, and infrastructure strategies.
The firm is eyeing opportunities in physical data centres and associated power generation and transmission infrastructure, its executives said in the earnings call. Ares is targeting data centre investments in the top Japanese cities of Tokyo and Osaka, as well as other global hubs, through pre-leased long-term projects with major hyperscalers.
TPG has raised $1.3 billion for its debut Asia growth equity fund, TPG Emerging Companies Asia. The fund will invest in mid-cap companies in Asia’s developed markets.
In Indonesia, publicly-listed tech giants have released their financials. GoTo Group reported a net profit of about $24.3 million for 3Q2026, its third consecutive profitable quarter, reversing its losses from the same period a year ago. Nearly five years after its public listing, and amid competition and a fast-changing operating environment, how is the group driving sustained earnings?
Bukalapak posted a net loss of about $48.7 million for the nine months ended September 30, 2026, reversing a net profit of some $161 million a year ago. This was attributed to a net investment loss during the period. This is even as revenues rose over 19% to $311.7 million, and adjusted EBITDA turned positive at roughly $0.6 million.
Grab-backed digital bank Superbank reported a tripling of earnings and an expanded loan portfolio for the third quarter of 2026, driven by growth in digital lending and higher interest income. Superbank has expanded into vehicle financing for Grab drivers.
Singapore-listed UltraGreen.ai, backed by Temasek’s 65 Equity Partners, has tempered its outlook for its full year 2026, owing to intensifying competition from the US. The surgical imaging company grew its nine-month revenue by 35% to $131.8 million.
Private equity deals
Japan’s Sumitomo Mitsui Trust Bank has made a strategic equity investment in India-focused private equity firm One Planet Partners, anchoring its debut fund. One Planet Partners focuses on mid market businesses in energy, mobility, and manufacturing.
Meanwhile, investment firm Advent International has raised $30 billion across its global funds, including nearly $27 billion for its 11th flagship fund, and more than $3 billion for a mid-market strategy. Advent’s key markets in Asia Pacific span China, Japan and India, to Australia and New Zealand.
The International Finance Corporation is set to invest up to $250 million in India’s JBM Auto and its electric mobility subsidiaries. The transaction would take the form of non-convertible debt in multiple tranches.
Infrastructure financing firm Indonesia Infrastructure Finance (IIF) has extended $33.1 million for a hyperscale data centre in West Java, and a specialist heart hospital in North Sumatra. The IIF has completed nine new financing transactions worth a combined 3.2 trillion rupiah as of August 2026, covering healthcare, ports and logistics, renewable energy, telecommunications and data centres and waste and water management.
Singapore-based PE firm Affirma Capital is believed to be exploring an exit from Indonesian charter aviation operator Travira Air, with talks taking place with other mid-sized PE firms. Affirma Capital invested in Travira Air in August 2015.
To read what we’re tracking in private equity, including this week’s top developments, don’t miss our newsletter Beyond The Buyout.
Venture capital funds and fundraising
Venture capital firms Peak XV and 137 Ventures have anchored the $100 million funding round in US data analytics startup Hex. Other investors in the round, which values the company at $1.2 billion, include Andreessen Horowitz and Sequoia Capital.
Hong Kong-headquartered HSG has acquired an approximately 80% stake in PeierTech, a Chinese manufacturer of medical-grade nitinol materials and precision components. PeierTech supplies medical device manufacturers in more than 20 countries with a range of products and services that include nitinol wire and tubing, and precision processing and device assembly for applications spanning cardiovascular, neurovascular, gastrointestinal and orthopaedic medicine.
Early-stage VC firm Elevation Capital is understood to be in talks to invest in ASTRM Intelligence Labs, an AI-native defence technology startup in India. The proposed investment could value the Bengaluru-based startup at as much as $15 million.
Australian space power technology startup MP Space has raised about $16 million in a seed round anchored by Blackbird, with other investors Seraphim Space, Systemiq Capital, Speedinvest, and MFV Partners participating.
Singapore-based industrial AI startup Ailytics has raised $7.4 million in a Series A funding round led by Tin Men Capital. The round also saw participation from SEEDS, which is part of SG Growth Capital; Japan-based cloud camera company Safie; a Japanese construction company; and family offices, among other investors.
Overall in Southeast Asia, fewer than one in five startups that raised Series A funding during the boom years between 2021-2022 boom have managed to raise a subsequent round. According to the latest DealStreetAsia report tracking the sector, some 60% of those companies did not record follow-on funding, though the bulk of them remain operational.
Malaysia in focus
Malaysia is leading Southeast Asia in IPOs, in both the number of issues and proceeds, according to the country’s bourse operator. For the first nine months of the year, there were 47 listings that raised some RM6.1 billion ($1.5 billion).
The latest to be coming to market is hospital operator TPG-backed Asia OneHealthcare, which has filed a draft prospectus for a planned listing.
Meanwhile, Malaysia-based pre-owned electronics retailer 3cat expects its Philippine business to outperform its domestic business, as it prepares to venture out, CEO Karl Loo told DealStreetAsia in an interview.
3cat is backed by Philippine venture capital firm Foxmont Capital Partners, with participation from the Asian Development Bank and Golden Gate Ventures.
For more developments and analyses on Malaysia, look out for our new newsletter Vantage Malaysia, launched this week.
