As we bid adieu to the week, here’s a quick recap of the stories we did.
Big deals this week
Malaysian conglomerate Hong Leong Group and global alternative asset firm TPG announced their plans to acquire Columbia Asia‘s Southeast Asia business. The transaction, estimated to be $1.2 billion, is expected to be closed by the end of the year.
The current deal does not take into account Columbia Asia’s hospitals in India. Sources tell us that private equity firm General Atlantic has evinced its interest in the India business. If talks fructify, Columbia Asia’s clinic in Kenya could also be part of the deal.
Other big-ticket transactions this week included Singapore’s sovereign wealth fund GIC Pte leading a consortium to invest $500 million in the retail business of Vietnamese behemoth Vingroup. The consortium acquired a minority stake in VCM Services and Trading Development Joint Stock Company, a unit of Vingroup that was recently established to oversee its supermarkets and convenience stores.
In India, Canadian pension fund CPPIB invested $115 million to pick up an 8 per cent stake in logistics unicorn Delhivery to broaden its exposure to the country’s logistics sector.
South Korea’s KB Kookmin Bank is learnt to have initiated talks with Indonesia’s MDI Ventures to forge a partnership. Sources tell us a tie-up could entail a co-GP arrangement wherein the pair can manage a fund together and scout for investment opportunities.
Thai fashion brand Pomelo raised $52 million in a Series C round from investors including retailer Central Group and Provident Growth Fund to fuel its expansion plans across Asia. We had in July reported the company’s bid to raise around $50 million in financing.
In Indonesia, Gobi Partners and co-investor Chinese app maker Cheetah Mobile backed a $24-million funding round for fintech startup SuperAtom, while beauty and wellness startup Base raised a seed funding round co-led by local venture capital firms East Ventures and Skystar Capital.
In Vietnam, venture debt provider Innoven Capital clocked its maiden deals by backing Tiki and UP Co-working. The deals came in after Innoven clinched a slew of similar deals in early-stage companies in other markets such as Indonesian logistics company Kargo and e-scooter sharing company Beam Mobility.
From unicorn land
Grab has reportedly initiated talks to merge Indonesian digital payments firm OVO, in which it owns a stake, with an Ant Financial-backed local peer. The deal, if it fructifies, will see the Singapore-based decacorn buy a majority interest in Ant-backed DANA from Indonesian media conglomerate Emtek and merge it with OVO, according to a Reuters report.
Gojek‘s venture capital arm, Go-Ventures, has led a $3-million financing for Indonesian fintech firm Pluang. The startup plans to use the fresh funding to launch US dollar savings and fixed return products, among others.
Traveloka‘s group operations president Henry Hendrawan told the Nikkei Asian Review in an interview that the unicorn believes a suite of lifestyle services launched this June will reduce its reliance on discounts and set it up for an IPO in “two to three years.”
Monk’s Hill Ventures is said to be mulling a ‘select fund’ for Southeast Asia to continue participating in its existing portfolio companies’ growth on a pro-rata basis. Discussions are understood to be at a preliminary stage.
Vertex Ventures has raised a $290 million growth fund to back high-growth tech firms, including its existing portfolio firms. The fund will pursue global opportunities, including in areas such as cybersecurity in Israel and consumer-related technology in Southeast Asia and China.
US pension fund New York State Common Retirement Fund disclosed a commitment of $185 million to Warburg Pincus‘s latest China-Southeast Asia fund, which closed at over $4.25 billion in June.
A Texas pension fund, meanwhile, committed $100 million to Baring Asia Private Equity Fund VII. Baring PE Asia is said to be raising up to $6 billion for its seventh Asia-focused fund.
New York-based alternative investment manager Angelo Gordon has raised $1.3 billion in equity commitments for its latest Asia real estate fund, AG Asia Realty Fund IV.
Are you ready for the Asia PE-VC Summit 2019?
Our flagship event is here. Well, almost. The Asia PE-VC Summit 2019 will be held Tuesday and Wednesday in Singapore and we couldn’t be more excited.
Top executives from the region’s leading investors (ARA Asset Management, Warburg Pincus, EQT Partners, Northstar Group, Creador, Adams Street Partners and Everstone, among others) and startups, including unicorns (Grab, Gojek, Traveloka, Tokopedia and OVO) will be speaking at the event.
You can expect an action-packed event with a lot of networking opportunities as nearly 700 executives will attend across the two days.
If you haven’t booked your ticket yet, use code ReaderExclusive while checking out to get a flat 30% discount on existing ticket prices. See you there!